Abercrombie & Fitch Co. (ANF) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Abercrombie & Fitch first quarter fiscal year 2026 earnings conference call. (Operator Instructions) Please be advised today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 Abercrombie & Fitch 2026 會計年度第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Mo Gupta, VP of Investor Relations. Please go ahead.

現在我想把會議交給今天的發言人——投資人關係副總裁 Mo Gupta。請開始。

Thank you. Good morning, and welcome to our first quarter 2026 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. . Earlier this morning, we issued our first quarter earnings release, which is available on our website at corporate.abercrombie.com under the Investors section.

謝謝。各位早安，歡迎參加我們 2026 年第一季財報電話會議。今天與我一同出席的有：執行長 Fran Horowitz；營運長 Scott Lipesky；以及財務長 Robert Ball。.今天稍早，我們已發布第一季財報新聞稿，可於 corporate.abercrombie.com 網站的 Investors（投資人）專區查閱。

Also available on our website is an investor presentation. 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 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. In addition, we will be referring to certain non-GAAP financial measures during the call.

我們的網站上也提供投資人簡報。請記得，我們將在本次電話會議中提出若干前瞻性陳述。這些陳述受 1995 年《私人證券訴訟改革法案》的安全港條款保護，並且存在風險與不確定性，可能導致實際結果與我們今天提及的預期與假設有重大差異。相關因素與不確定性已在我們向美國證券交易委員會提交的報告與申報文件中討論。此外，我們在本次會議中也將引用若干非 GAAP 財務衡量指標。

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.

關於 GAAP 與調整後非 GAAP 財務衡量指標之間的更多細節與調節表，已包含在今天稍早發布的新聞稿與投資人簡報中。

With that, I'll hand it over to Fran.

接下來，我把時間交給 Fran。

Thanks, Mo, and thanks, everyone, for joining. I'm happy to report that, once again, we delivered against our commitments, growing net sales for the 14th consecutive quarter setting a record Q1 despite headwinds in the Middle East and other select countries in EMEA. On the bottom line, our first quarter results exceeded expectations on both operating income and earnings per share. We're seeing good progress against our company priorities so far in 2026, led by net sales growth across brands in the Americas and other key markets like the UK.

謝謝你，Mo，也謝謝各位參與。我很高興再次向各位報告，我們再度兌現承諾，淨銷售額連續第 14 個季度成長；儘管中東及 EMEA 其他部分國家面臨逆風，我們仍創下第一季（Q1）淨銷售額新高紀錄。在獲利方面，我們第一季的營業利益與每股盈餘皆優於預期。截至目前，我們在 2026 年公司優先事項上取得良好進展，主要動能來自美洲地區及英國等其他關鍵市場的各品牌淨銷售成長。

We successfully launched our upgraded merchandising ERP, which will enable long-term channel and category expansion, and we continue to make strategic investments in marketing, digital and stores to drive profitable growth. One quarter end, the team continues to stay agile in a dynamic global environment, and 2026 is shaping up to be another year of consistent progress as we maintain our full year outlook on net sales, operating margin and earnings per share.

我們成功上線升級後的商品管理 ERP，將支持長期的通路與品類擴張；同時，我們持續在行銷、數位與門市方面進行策略性投資，以推動獲利性成長。第一季結束後，團隊在動態的全球環境中仍保持敏捷；在我們維持全年淨銷售、營業利益率與每股盈餘展望不變的情況下，2026 年正逐步成為又一個穩健進展的一年。

Recapping the first quarter. We delivered record net sales of $1.1 billion on growth of 2% to last year, in line with our expectations. Operating margin of 8% exceeded our plan, reflecting slightly lower tariff rates. Earnings per share of $1.47 was above our expected range, and we used our strong balance sheet to return $105 million to shareholders through share repurchases totaling 3% of shares outstanding as of the beginning of the year.

回顧第一季。我們創下 11 億美元的淨銷售額新高，較去年成長 2%，符合我們的預期。8% 的營業利益率高於我們的計畫，主要反映關稅稅率略低。每股盈餘 1.47 美元高於我們預期區間；同時，我們運用強勁的資產負債表，透過庫藏股回購向股東返還 1.05 億美元，回購規模相當於年初流通在外股數的 3%。

Regionally, the Americas grew 3% with growth across brands and good traffic levels in both stores and digital. In EMEA, continued growth in the UK was more than offset by declines in the Middle East and other European markets as the regional conflict ramped up, driving EMEA sales down 10% for the quarter. The team has taken act by controlling receipts and dialing in promotions to align to the trend. In APAC, we grew 24% on top of 5% growth last year, and our strategic evaluation of the region is underway to ensure we fully capitalize on the large addressable market there.

以區域來看，美洲地區成長 3%，各品牌皆成長，且門市與數位通路的客流表現良好。在 EMEA，英國持續成長，但被中東與其他歐洲市場的下滑所抵銷；隨著區域衝突升溫，EMEA 本季銷售額下滑 10%。團隊已採取行動，透過控管進貨並調整促銷力度，以貼合趨勢。在 APAC，我們在去年成長 5% 的基礎上再成長 24%；我們也正對該區域進行策略性評估，以確保充分把握當地龐大的可服務市場。

From a brand perspective, Abercrombie Brands delivered net sales growth of 3% for the quarter on flat comparable sales. We delivered positive AURs in the quarter on solid customer response to our spring assortment, along with consistent traffic and conversion levels to last year. In the Americas and the U., we saw balanced growth across genders with fleece denim and woven performing well. We continue to find excellent collaboration partners to highlight Abercrombie's elevated lifestyle brand positioning.

從品牌角度來看，Abercrombie Brands 本季淨銷售額成長 3%，同店銷售持平。本季在春季商品組合獲得顧客良好回應的帶動下，我們實現正向的平均單價（AUR）；同時，客流與轉換率水準與去年一致。在美洲與英國，我們看到男女裝成長均衡，其中刷毛、丹寧與梭織品類表現良好。我們持續尋找優秀的合作夥伴，以凸顯 Abercrombie 更高端的生活風格品牌定位。

Most recently, we teamed up with Sperry to renew a relationship that was first established in the 1930s and the collection of footwear and apparel across both men's and women's product. The initial launch, which reflected the rich heritage of our brand that continues to connect with today's customers. It exceeded internal expectations, and we're seeing higher-than-average conversion. We're in our fifth year of net store expansion for Abercrombie, and we're developing our local experiences directly on scaled customer feedback.

最近，我們與 Sperry 攜手合作，延續一段最早可追溯至 1930 年代的合作關係，推出涵蓋男女鞋履與服飾的系列商品。此次首波上市展現了我們品牌深厚的傳承，並持續與當代顧客產生連結。表現超出內部預期，我們也看到高於平均的轉換率。Abercrombie 正進入門市淨擴張的第 5 年，我們也正依據大量顧客回饋，打造在地化體驗。

A great example is our new expanded Abercrombie & Fitch store opening in SoHo next week. We've operated a smaller format location on Broadway for the past three years, and it was clear from our traffic and sales data that our customer was looking for a broader assortment. This new store will be our best expression of the Abercrombie Brands to date, and we're continuing to invest in other new stores across key markets to support long-term growth.

一個很好的例子是，我們將於下週在 SoHo 開幕全新擴大版的 Abercrombie & Fitch 門市。過去三年，我們在 Broadway 經營較小型態的店點；從客流與銷售數據可清楚看出，顧客希望有更完整的商品選擇。這家新店將是迄今對 Abercrombie Brands 最完整的呈現；同時，我們也持續在其他關鍵市場投資新店，以支持長期成長。

At Hollister brands, we continue to find opportunities to further our connection with teen customers growing nicely in the Americas and APAC. This was offset by the Middle East and European demand trend, resulting in flat net sales to last year's first quarter record and growth of 22%. In the Americas and APAC, we saw positive traffic across both stores and digital direct channels along with slight AUR improvement. Graphic tees, shorts, swim and other warm weather categories grew nicely as we transitioned to spring.

在 Hollister brands，我們持續找到機會加深與青少年顧客的連結，在美洲與 APAC 的成長表現不錯。但中東與歐洲的需求趨勢抵銷了這些成長，使淨銷售額與去年創紀錄的第一季持平，去年第一季的成長率為 22%。在美洲與 APAC，我們看到門市與數位直營通路的客流皆為正向，且 AUR 略有改善。隨著季節轉入春季，圖案 T 恤、短褲、泳裝及其他暖季品類成長良好。

With graduation season well underway here in the US, Hollister was excited to showcase Gigi Perez and our upper version of the iconic Green Day song time of your life. We featured the song and highlighted our Grad assortment across our digital marketing channels celebrating this important milestone in our customers' lives. And with the upcoming World Cup, teens are looking for authentic fits to represent their team. Hollister has partnered with Kappa, the Italian sportswear brand with a deep connection to international football on a collection of men's and women's pieces. We believe we have exactly what the Hollister customer needs for match days and watch parties in addition to the casual wear we're known for.

隨著美國畢業季正如火如荼展開，Hollister 很高興呈現 Gigi Perez，以及我們對 Green Day 經典歌曲《Time of Your Life》的升級版本演繹。我們在數位行銷通路中使用這首歌，並重點推廣我們的畢業季商品組合，一同慶祝顧客人生中的重要里程碑。此外，隨著世界盃即將到來，青少年正在尋找能代表其支持球隊的正宗穿搭。Hollister 與義大利運動服飾品牌 Kappa 合作；Kappa 與國際足球有深厚連結，我們共同推出男女裝系列。我們相信，除了我們一向擅長的休閒服飾外，我們也能提供 Hollister 顧客在比賽日與觀賽聚會所需的完整穿搭。

Now turning to our 2026 priorities. In March, we outlined our focus areas for the year: first, to grow sales across brands with continued investments in owned and operated stores and digital businesses while adding growth in partnerships and new product categories; second, to stabilize gross margins by mitigating external cost pressures, including tariffs; third, to continue to invest in tools and technologies, including AI to improve our speed and efficiency across the product and customer journeys; and finally, to maintain our strong profitability by delivering double-digit operating margins and expansion in earnings per share which will fuel excess cash return to shareholders through share repurchases.

接著談我們 2026 年的優先事項。在 3 月，我們說明了今年的重點領域：第一，透過持續投資自營門市與數位業務，並在合作夥伴關係與新產品品類上增加成長動能，以推動各品牌銷售成長；第二，透過緩解包含關稅在內的外部成本壓力，來穩定毛利率；第三，持續投資工具與技術（包含 AI），以提升我們在產品與顧客旅程各環節的速度與效率；最後，透過實現雙位數營業利益率與每股盈餘擴張來維持強勁獲利能力，並藉此產生多餘現金，透過股票回購回饋股東。

We made solid progress on each of these in the first quarter. We're using our playbook in growth markets like the US and the UK, and we're there for our customers every day in all the places they want to shop. With investments in marketing, new stores and digital, we're seeing the customer respond leading to our record first quarter. As we shared in our March call, the team is closely monitoring developments in the Middle East, using our playbook and global operating model to remain agile.

我們在第一季於上述各項目標上都取得扎實進展。我們在美國與英國等成長市場運用既有作戰手冊，並在顧客每天想要購物的所有場域與他們相伴。透過在行銷、新店與數位方面的投資，我們看到顧客的正向回應，帶動我們創下第一季新高紀錄。如同我們在 3 月電話會議中分享的，團隊正密切關注中東局勢發展，並運用我們的作戰手冊與全球營運模式以保持敏捷。

Sticking with our playbook, we're focused on what we can control, including our inventory levels and marketing investments. ensuring we can respond to what's happening in real time.

我們持續遵循既定策略，專注於我們可控的事項，包括庫存水位與行銷投資，確保我們能即時回應當前情勢。

Despite these EMEA headwinds, we expect total sales growth for second quarter along with full year 2026, which would be our fourth consecutive year of net sales growth. Beyond net sales, we delivered modest year-over-year gross margin expansion in the first quarter as lower tariff rates and our mitigation efforts took hold. Our customers have responded positively to spring assortments continuing to look to both Abercrombie and Hollister as leaders in the intersection of fashion and value for their respective demographics. We expect the team's extensive efforts to maintain our customer relationships while balancing costs will support gross margin stability.

儘管EMEA面臨這些逆風，我們仍預期第二季以及2026財年全年總銷售將成長，這將是我們連續第四年淨銷售成長。除淨銷售外，第一季在較低關稅稅率與我們的緩解措施開始發揮效果下，我們實現了溫和的年增毛利率擴張。客戶對春季商品組合反應正面，並持續將Abercrombie與Hollister視為其各自客群在「時尚與價值」交會點上的領導品牌。我們預期團隊在維繫客戶關係並兼顧成本平衡方面所做的大量努力，將有助於支持毛利率的穩定。

Our 2026 priorities are also about evolving our model. We're finding new ways to grow, adding new chapters to our playbook and strengthening our foundation. We're excited to find new categories to serve our customers like we are with Abercrombie Baby and Toddler. We're also looking beyond our owned and operated channels, developing new franchise, wholesale and licensing relationships that will allow us to reach even more customers.

我們2026年的優先事項也包括推動營運模式的演進。我們正在尋找新的成長方式，為既定策略增添新篇章並強化基礎。我們很期待開拓新類別以服務客戶，例如我們在Abercrombie Baby and Toddler所做的嘗試。我們也將視野延伸至自營通路之外，發展新的加盟、批發與授權合作關係，讓我們能觸及更多客戶。

I have to commend our team on a successful ERP implementation in March. Sitting here on the other side, this incredible multiyear effort, we're all excited to see how our new technology will accelerate our abilities to onboard and support new global partners, channels and geographies. Of course, we're also looking at how the buying process is evolving, particularly as AI advances, and we're testing new ways to bring our brands to those new chats, apps and devices. Supported by our upgraded ERP, we have a modern digital foundation that will give us an advantage in leveraging data and insights with greater speed and impact. We're focused on continuing to develop these new capabilities to increase both quantity and quality of our customer relationships around the world.

我必須稱讚團隊在3月成功完成ERP導入。如今已走過這項令人驚嘆的多年努力，我們都很期待新技術將如何加速我們導入並支援新的全球合作夥伴、通路與地理市場的能力。當然，我們也在觀察採購流程如何演進，特別是在AI持續進步之際，並測試以新方式將我們的品牌帶到那些新的聊天介面、App與裝置上。在升級後的ERP支援下，我們擁有現代化的數位基礎，將使我們在更快速且更具影響力地運用數據與洞察方面取得優勢。我們專注於持續發展這些新能力，以提升全球客戶關係的數量與品質。

In summary, we started the year from a position of strength, delivering progress on both top and bottom lines. We remain confident in our plans and the growth opportunities ahead as we continue executing through 2026. We're tracking to another year of top line growth, double-digit operating margin, expansion in earnings per share and strong cash flow, enabling us to target returning $450 million to shareholders this year via share repurchases.

總結而言，我們在年初即處於有利位置，並在營收與獲利兩端都取得進展。隨著我們持續執行至2026年，我們對計畫與前方的成長機會仍充滿信心。我們正朝向再一年營收成長、雙位數營業利益率、每股盈餘擴張以及強勁現金流的目標前進，使我們得以在今年透過庫藏股回購，目標向股東返還4.5億美元。

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

接下來，我把時間交給Robert。

Thanks, Fran, and good morning, everyone. Recapping the quarter, we delivered record Q1 net sales of $1.1 billion, up 2% to last year on a reported basis within the range of up 1% to 3% we provided in March. Comparable sales for the quarter were down 1%. By region, first quarter net sales increased 3% in the Americas, 24% in APAC and declined 10% in EMEA. On a comparable sales basis, Americas was up 1%, APAC was up 15% and EMEA declined 11%.

謝謝你，Fran，各位早安。回顧本季，我們第一季淨銷售創下11億美元的紀錄，按申報口徑較去年成長2%，落在我們3月提供的1%至3%成長區間內。本季同店銷售下滑1%。按地區來看，第一季淨銷售在美洲成長3%、在APAC成長24%，在EMEA則下滑10%。以同店銷售口徑，美洲成長1%、APAC成長15%，EMEA下滑11%。

Demand in EMEA was directly impacted as the conflict in the Middle East ramped up, reducing first quarter total company net sales growth by more than 50 basis points relative to our outlook. As discussed in March, we proactively limited certain third-party orders during the implementation of our merchandising ERP, negatively impacting top line growth by approximately 100 basis points. With the implementation complete, we resumed normal operations in April and moving forward.

EMEA需求受到中東衝突升級的直接影響，使第一季全公司淨銷售成長相較我們的展望減少超過50個基點。如同3月所討論，在導入我們的商品管理ERP期間，我們主動限制部分第三方訂單，對營收成長造成約100個基點的負面影響。隨著導入完成，我們已於4月恢復正常營運，並將在未來持續推進。

On the brands, Abercrombie Brands posted a second consecutive quarter of net sales growth, up 3% over last year on flat comparable sales. Hollister Brands' net sales were flat to last year's record on comparable sales decline of 2%. As expected, across brands, we saw low single-digit AUR growth and low single-digit unit growth. Our brands both grew in the Americas and APAC, offset by softer demand trends that emerged in the Middle East and select European markets with particular impact to the Hollister Brands business.

就品牌而言，Abercrombie Brands連續第二季實現淨銷售成長，在同店銷售持平的情況下，較去年成長3%。Hollister Brands的淨銷售與去年創紀錄水準持平，但同店銷售下滑2%。如預期所示，跨品牌而言，我們看到AUR（平均單價）呈現低個位數成長，銷售件數亦為低個位數成長。兩個品牌在美洲與APAC皆成長，但中東與部分歐洲市場出現較疲弱的需求趨勢而抵銷，對Hollister Brands業務的影響尤為明顯。

Across regions and brands, the 3-percentage-point spread from net sales to comparable sales was driven by net new store openings and favorable foreign currency, partially offset by third-party channel performance, including the temporary pause for the ERP upgrade. Operating margin was 8% of sales, coming in above our outlook of around 7%. We delivered operating income of $89 million compared to $102 million last year. Adjusted EBITDA margin for the quarter was 12% of sales on adjusted EBITDA of $131 million compared to $140 million last year. The 130 basis point year-over-year decline in operating margin was primarily driven by 90 basis points of increased marketing investment and around 90 basis points of ERP implementation costs.

跨地區與品牌來看，淨銷售與同店銷售之間3個百分點的差距，主要由新開門市與有利的外匯帶動，部分被第三方通路表現所抵銷，其中包括因ERP升級而短暫暫停的影響。營業利益率為銷售額的8%，高於我們約7%的展望。我們實現營業利益8,900萬美元，去年為1.02億美元。本季調整後EBITDA利潤率為銷售額的12%，調整後EBITDA為1.31億美元，去年為1.40億美元。營業利益率年減130個基點，主要由行銷投資增加90個基點以及約90個基點的ERP導入成本所致。

Year-over-year expense investment was partially offset by AUR and foreign currency gross margin favorability as 180 basis points of year-over-year tariff pressure was fully offset by favorable freight costs. Tariff expense was lower than anticipated given the timing and level of tariff rates in the quarter. The tax rate for the quarter was 28%, higher than our outlook primarily due to the jurisdictional mix of income. Net income per diluted share was above our outlook at $1.47 compared to $1.59 last year.

年增費用投資部分被AUR與外匯帶來的毛利率有利因素所抵銷；其中，年增180個基點的關稅壓力已被有利的運費成本完全抵銷。由於本季關稅稅率的時點與水準，關稅費用低於預期。本季稅率為28%，高於我們的展望，主要因所得的司法管轄區組合所致。稀釋後每股淨利為1.47美元，高於我們的展望，去年為1.59美元。

We're managing inventory tightly, ending Q1 with inventory at cost down 2%. Within that, inventory units are up low single digits, reflecting planned investments to support growth while remaining disciplined in adjusting receipts in regions where trends are softer, particularly in the Middle East. Product cost favorability was primarily driven by lower freight costs.

我們嚴格控管庫存，第一季末以成本計的庫存較去年下降2%。其中，庫存件數呈低個位數成長，反映為支援成長而進行的計畫性投資，同時我們也保持紀律，在趨勢較疲弱的地區（特別是中東）調整到貨。產品成本的有利因素主要來自較低的運費成本。

Moving to the balance sheet. We exited the quarter with cash and cash equivalents of $594 million and liquidity of approximately $1 billion. We also ended the quarter with marketable securities of $25 million. For the quarter, we repurchased $105 million worth of shares or 3% of shares outstanding at the beginning of the year. We ended the quarter with $745 million remaining on our current share repurchase authorization.

接著看資產負債表。本季末我們的現金及約當現金為5.94億美元，流動性約為10億美元。本季末我們亦持有2,500萬美元的有價證券。本季我們回購1.05億美元的股票，約占年初流通在外股數的3%。本季末，我們在現行股票回購授權下尚餘7.45億美元可用額度。

Shifting to the outlook. We remain on our path to a fourth consecutive year of total company growth and we've incorporated both the Q1 outperformance and the current environment into our full year outlook. On tariffs, our 2026 outlook assumes a 15% tariff on all global imports into the U.S. effective for the second half of the year. Combined with a 10% effective tariff rate for the second quarter, the updated tariff rate assumptions drive around 20 basis points of gross margin pressure for the full year, an improvement from 70 basis points in our March outlook.

轉向展望。我們仍在邁向全公司連續第四年成長的軌道上，並已將第一季優於預期的表現與當前環境納入全年展望。關於關稅，我們對2026年的展望假設：自下半年起，所有進口至美國的全球商品適用15%的關稅。再加上第二季10%的有效關稅稅率，更新後的關稅假設使全年毛利率承壓約20個基點，較我們3月展望中的70個基點壓力有所改善。

However, we expect that relief to be offset by elevated freight costs and continued investments in marketing and stores. As a result, our full year outlook for sales and operating margin remains unchanged. We have applied for around $100 million in IEEPA tariff refunds. However, we have not assumed any benefit from these in our outlook.

然而，我們預期這項緩解將被較高的運費成本以及持續在行銷與門市上的投資所抵銷。因此，我們對全年銷售與營業利益率的展望維持不變。我們已申請約1億美元的IEEPA關稅退稅。不過，我們的展望中尚未假設可從中獲得任何利益。

Consistent with our prior 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 anticipate growth in the Americas with EMEA currently expected to be slightly behind 2025 sales given the current trend in the Middle East and parts of Europe. In APAC, work continues on our review of strategic alternatives for the region. Our focus continues to be on how to best scale the region with strong returns, and we're encouraged by the first quarter performance as it underlines the region's potential.

與我們先前的展望一致，針對全年，我們預期淨銷售額將較 2025 年的 52.7 億美元成長 3% 至 5%，且預期各品牌全年淨銷售額皆將成長。我們預期美洲地區將成長；而鑑於中東及歐洲部分地區的目前趨勢，EMEA 目前預期將略低於 2025 年的銷售水準。在 APAC，我們仍持續進行該區域策略替代方案的評估。我們仍聚焦於如何以強勁報酬最佳化擴大該區域規模；第一季表現也讓我們備受鼓舞，因其凸顯了該區域的潛力。

We continue to assume modest AUR improvement for the full year as well as an anticipated 40 basis points of favorable impact to net sales from foreign currency. We continue to expect full year operating margin in the range of 12% to 12.5%. We're forecasting a tax rate around 30%. For earnings per share, we expect diluted weighted average shares of around $44 million. We expect earnings per diluted share in the range of $10.20 to $11.

我們仍假設全年 AUR（平均單價）將小幅改善，並預期外匯將對淨銷售額帶來 40 個基點的有利影響。我們仍預期全年營業利益率將落在 12% 至 12.5% 的區間。我們預測稅率約為 30%。就每股盈餘而言，我們預期稀釋加權平均股數約為 4,400 萬股。我們預期稀釋後每股盈餘介於 10.20 美元至 11 美元。

For capital allocation, we expect capital expenditures around $225 million. On stores, we expect to deliver around 130 new experiences, including 50 new stores and 80 remodels and right sizes. We also expect to be net store openers with our 50 new stores outpacing around 20 anticipated closures. We expect net store openings to be relatively balanced across brands but tilted to the Americas.

在資本配置方面，我們預期資本支出約為 2.25 億美元。在門市方面，我們預期將推出約 130 項全新體驗，包括 50 家新店以及 80 項翻新與調整店型/縮編（right sizes）。我們也預期將為淨開店者，因為 50 家新店將超過約 20 家預期關閉的門市。我們預期各品牌的淨開店數將相對均衡，但會偏向美洲地區。

We continue to expect share repurchases of around $450 million for 2026. For the second quarter of 2026, we expect net sales to be up 2% to 4% to the Q2 2025 level of $1.2 billion, consistent with how we exited the first quarter with continued strength in the Americas and APAC and ongoing pressure in parts of EMEA. We expect operating margin to be around 10%, including around $20 million or around 120 basis points of unfavorable tariff impact net of mitigation efforts. We also anticipate a slightly favorable impact from freight on gross margin and modest AUR growth. The remaining operating expense deleverage coming from incremental marketing, stores and incentive compensation.

我們仍預期 2026 年的庫藏股回購約為 4.5 億美元。針對 2026 年第二季，我們預期淨銷售額將較 2025 年第二季的 12 億美元成長 2% 至 4%，這與我們第一季結束時的態勢一致：美洲與 APAC 持續強勁，而 EMEA 部分地區仍面臨壓力。我們預期營業利益率約為 10%，其中包含約 2,000 萬美元、或約 120 個基點的關稅不利影響（已扣除緩解措施）。我們也預期運費對毛利率將有些微有利影響，且 AUR 將溫和成長。其餘營業費用的槓桿不利主要來自額外的行銷、門市以及獎酬支出。

We expect a Q2 tax rate around 32%. We expect net income per diluted share in the range of $1.80 to $2 a with diluted weighted average shares expected to be around $45 million, including the anticipated impact of at least $150 million in share repurchases for the quarter.

我們預期第二季稅率約為 32%。我們預期稀釋後每股淨利介於 1.80 美元至 2 美元，稀釋加權平均股數預期約為 4,500 萬股，其中包含本季至少 1.5 億美元庫藏股回購的預期影響。

To close things out, we're entering the middle of 2026 with clear priorities, healthy brands and a strong playbook. We're operating with discipline and flexibility in a mixed environment, and we're monitoring our markets, particularly in the Middle East, and we're remaining nimble and tight with inventory. This is the same model we've consistently used to successfully manage through a wide range of environments, and we're confident in our ability to deliver another year of growth and profitability.

最後總結一下，我們在邁入 2026 年年中之際，具備明確的優先事項、健康的品牌，以及強而有力的作戰手冊。在多空交錯的環境中，我們以紀律與彈性營運，並持續監控各市場，特別是中東；同時我們也保持敏捷，並嚴控庫存。這正是我們一貫採用、並成功因應各種環境的同一套模式；我們有信心再度交出一年成長與獲利的表現。

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

接下來，接線員，我們準備開始提問。

(Operator Instructions)

（接線員指示）

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey Advisory Group。

And nice to see the progress. A couple of questions. First, Middle East, how much of an impact was that? How are you planning that go forward, whether in the second quarter or how you're incorporating it for the balance of the year, what percent of sales is it? Second, on ERP.

很高興看到進展。我有幾個問題。第一，中東的影響有多大？你們接下來如何規劃，無論是第二季或是你們如何把它納入全年剩餘期間的考量？它占銷售額的百分比是多少？第二，關於 ERP。

Is that all complete now? And is that in the rear view? And then just lastly, Fran, how would you frame the consumer, both on Hollister and in Abercrombie, which certainly seems like the collaborations have done nicely. Anything to note on consumer sentiment and and strength of product categories of what you're seeing?

現在都已經全部完成了嗎？是否已經成為過去式了？最後，Fran，你會如何描述消費者狀況，無論是在 Hollister 或 Abercrombie（看起來聯名合作表現相當不錯）？就你們所見，消費者情緒、以及產品品類的強弱，有沒有什麼值得注意的？

Dana, I think we're actually going to start in reverse here. So I'm going to start with your third question regarding the consumer. So just really proud of another quarter of growth. Really, we did exactly what we said we were going to do again. We have a strong relationship, as you well know, with our customer.

Dana，我想我們會倒過來回答。所以我先從你第三個關於消費者的問題開始。我們對又一季的成長感到非常自豪。確實，我們再次做到了我們說要做的事。如你所知，我們與顧客之間有很強的連結。

The team is hard at work every day, aligning that product and experience. And with that customer is willing to spend and you get it right, they choose us, that's the magic in it, right? . Both brands are strong. We are expecting to see growth in both brands through the year.

團隊每天都努力讓產品與體驗保持一致。而當顧客願意消費、且你把事情做對時，他們就會選擇我們；這就是其中的魔力，對吧？.兩個品牌都很強勁。我們預期今年兩個品牌都將持續成長。

As far as customer sentiment goes, I can speak to our business, right? They keep, they're showing up. They're, we're positioned well with 2 healthy brands. We're not seeing any change in performance across cohorts. Abercrombie, again, second consecutive quarter of growth.

至於顧客情緒，我可以就我們的業務來談，對吧？他們持續出現、持續消費。我們以兩個健康的品牌處於良好位置。我們沒有看到不同客群（cohorts）之間的表現有任何變化。Abercrombie 再次連續第二季成長。

Hollister strong in Americas, which I think is an important point to notice, significantly affected more by the EMEA, which Robert is going to go into next.

Hollister 在美洲表現強勁；我認為這點很重要，但它受到 EMEA 的影響更為顯著，Robert 接下來會進一步說明。

Yeah. So Dana, this is Robert. So impact on the quarter was about 50 basis points to the total versus the outlook that we put out there in March. Really expecting more of the same as we move throughout the balance of the season. So no change in the trend expectations there.

是的。Dana，我是 Robert。就本季而言，相較於我們 3 月提出的展望，對整體的影響約為 50 個基點。隨著我們進入本季剩餘期間，基本上預期情況大致相同。因此對趨勢的預期沒有改變。

So continue to expect a bit of an impact here on the Q2 and full year.

所以我們仍預期第二季與全年會受到一些影響。

In terms of how we're managing that, doing what we always do, we're adjusting inventory, we're aligning the promos. We'll stay close to the demand in that region, do what we can to mitigate as much as we can. In terms of the ERP, really great to have that one in the rearview mirror here. Team did an amazing job with that cutover. Really excited about how that strengthens our foundation for this business and allows us to to lean more into some of these new channels that we're developing, some of these new categories.

至於我們如何管理，我們會做我們一向在做的事：調整庫存、對齊促銷。我們會緊貼該區域需求，盡可能降低影響。關於 ERP，能把這件事拋在腦後真的很好。團隊在切換（cutover）上做得非常出色。我們對它如何強化公司基礎、並讓我們能更深入投入正在開發的新通路與新類別感到非常振奮。

So really excited to have that one cut over and be kind of back to normal operations here.

所以我們很高興已完成切換，並且在營運上大致回到正常狀態。

Corey Tarlowe, Jefferies.

Corey Tarlowe，Jefferies。

Great. So I guess, maybe if we could just start to talk about kind of trends that you saw throughout the quarter, maybe by month? And then any color on what you're seeing quarter-to-date and kind of what the expectation is for go-forward comp performance as you think about Hollister specifically, where you were lapping some pretty tough comps in the quarter? And how we should think about just kind of the shape of that performance throughout the remainder of the year within the current guide? And then secondarily, could you talk a little bit about the promotional cadence as well and what you're seeing there?

很好。我想先請你們談談本季期間看到的趨勢，或許可以按月份說明？另外，能否分享一下你們截至目前（quarter-to-date）看到的情況，以及對未來同店（comp）表現的預期，特別是針對 Hollister，因為你們本季面臨相當艱難的同店比較基期？在目前指引之下，我們應該如何看待今年剩餘期間該表現的走勢形狀？其次，也請談談促銷節奏（promotional cadence），以及你們目前看到的狀況？

Good morning. So let's break down this lengthy question here. Okay. Starting with the fact that we just had a strong Q1 and our 14th consecutive quarter of growth. The Q1 trends have continued, and it's really built into our outlook of plus 2% to 4%.

早安。我們來拆解一下這個很長的問題。好的。先從我們剛交出強勁的第一季、以及連續第 14 季成長談起。第一季的趨勢延續至今，並且已反映在我們 +2% 至 +4% 的展望之中。

We were straight down the fairway for Q1, and we're excited to see some potential acceleration expecting 2% to 4% for the quarter. The inventory is well controlled in a great place. As Robert has mentioned, we are excited about our assortments. The consumer is responding positively to them.

第一季我們一路順風順水，我們也很期待看到一些潛在的加速，預期本季成長2%到4%。庫存控管得很好，處於非常理想的水位。如Robert提到的，我們對我們的商品組合感到振奮。消費者對此反應正面。

Regarding promotions and pricing, our strategy worked in the first quarter. There is no change to our strategy. We saw nice AUR growth in the first quarter, which obviously is a sign of product acceptance and the customer seeing value in what they're purchasing. Controlling that inventory and aligning promotions is how we run the business, and that's how we will continue to run it for the balance of the year.

就促銷與定價而言，我們的策略在第一季奏效。我們的策略沒有改變。第一季我們看到不錯的AUR成長，這顯然代表產品被接受，且顧客在所購買的商品中看到了價值。控管庫存並使促銷與之對齊是我們經營業務的方式，我們也將在今年剩餘時間持續如此。

Just on the I guess on the promotions, I was curious if they've been elevated recently that the response to that and then how you think about that shape throughout the remainder of the year? And then on the, just on the Hollister performance as well. Like are you looking at it on a 2-year stack? How should we be thinking about that performance go forward? .

就促銷方面，我想問最近是否有提高？市場對此的反應如何？以及你們如何看待今年剩餘時間促銷的走勢？另外也想問Hollister的表現。你們是用兩年疊加（2-year stack）的角度來看嗎？我們應該如何看待未來的表現？.

Yes. So, so the expectation for hosts to grow for the year. Yes, I mean, it was a 22% 2-year stack for the first quarter. Good category is happening in there, Corey, like graphic tea, short swim, other warm weather categories. staying connected to that teen consumer, those categories get more important as we head into the quarter.

是的。所以，我們預期Hollister全年會成長。是的，我的意思是，第一季兩年疊加成長是22%。Corey，裡面有一些品類表現很好，例如圖案T恤、短褲、泳裝，以及其他暖季品類。持續與青少年消費者保持連結，隨著我們進入本季，這些品類會變得更重要。

So expecting full year growth. .

因此預期全年成長。.

Okay. Great. And then just lastly, go ahead, Robert, sorry. .

好的。很好。最後一個問題，Robert你先，抱歉。.

No, no. So our approach to promos hasn't changed here, Cory. We're staying disciplined obviously showing up in the quality of the results that we're putting out there. Q1 AUR was positive. Promotional levels were consistent with our plan coming into the quarter.

不，不。所以Cory，我們對促銷的做法沒有改變。我們保持紀律，這也明顯反映在我們交出的成果品質上。第一季AUR為正成長。促銷水準與我們進入本季前的計畫一致。

And again, we're thrilled about the product that we're putting out there and the customer response to that product.

再者，我們對推出的產品以及顧客對這些產品的反應感到非常振奮。

So that's really the story here. You know how we think about promos on an ongoing basis. As long as we keep our inventory in tight control put that great value out there for the consumer. It gives us the chance to continue to grow that AUR, and that's our expectation here with modest AUR growth here as we think about the full year.

所以這就是重點。你知道我們如何持續性地看待促銷。只要我們把庫存緊密控管，並為消費者提供很好的價值。就能讓我們有機會持續推升AUR；而我們對全年展望的預期是AUR溫和成長。

Marni Shapiro, The Retail Tracker.

Marni Shapiro，《The Retail Tracker》。

Congratulations. I'm curious, Hollister the inventory is moving very quickly through your stores. So I'm curious if you've been in chase mode. And are there, is there any impact being in chase mode these days, given fuel costs? And just the cost of doing business in general, is there any additional cost to being in chase versus in the past?

恭喜。我想了解，Hollister的庫存在門市周轉非常快。所以我想問你們是否一直在追單（chase mode）。另外，考量到燃油成本，現在處於追單模式是否會有任何影響？以及整體營運成本而言，現在追單相較過去是否有任何額外成本？

And then if you could just give us a quick update on YPB. There's been a couple of sets that have looked very good. I'm curious what that looks like today and what you're thinking about it?

另外，能否請你們快速更新一下YPB？有幾個系列看起來表現很好。我想了解目前的狀況，以及你們對它的看法？

Marni, so yes, it's exciting. We run the business in chase mode and Hollister is definitely in chase mode. We've had some exciting things happening in that business, and the team is going after them. On a weekly basis, we meet with them see what's working, and we have the opportunity to set up with our supply chain, producing in 16 countries around the world that enables us to do that. The fuel costs, Robert mentioned earlier, really are affecting us more in the back half, but we will continue to chase.

Marni，是的，這很令人振奮。我們的經營方式就是追單模式，而Hollister確實是在追單模式。那個業務有一些令人興奮的進展，團隊正在積極把握。我們每週都會和他們開會看哪些有效；而我們的供應鏈在全球16個國家生產，讓我們有能力這麼做。燃油成本如Robert先前提到，對我們的影響主要會在下半年更明顯，但我們仍會持續追單。

It's an important part of our business and you know well, those are usually better purchases, right, than buying ahead and not having as much confidence in what you're doing. And as far as YPB goes, yes, we've seen nice business is YPB nice acceleration this year so far.

這是我們業務的重要一環，而且你也很清楚，這些通常是更好的採購決策，對吧？比起提前大量採買、卻對自己在做什麼沒有那麼大把握。至於YPB，是的，今年迄今我們看到YPB業務表現不錯，且有良好的加速。

That's exciting. Congratulations. And then if you could just touch on one more thing. On the men's side online, there are a few, say, dressed items like that pleated trouser that is amazing. Is there a shift happening in men's a little?

這很令人振奮。恭喜。另外如果可以再談一點。在男裝線上端，有一些偏正式的單品，例如那件打褶長褲非常棒。男裝是否正在出現一些轉變？

I'm not seeing it quite in the stores yet as I am online, and I like what I'm seeing online.

我在門市端還沒有像在線上看到的那麼明顯，但我很喜歡我在線上看到的內容。

Well, balance is my favorite word. Everybody knows that. So yes, the team is working on a balanced assortment that is an opportunity for our customer. Overall, casual as well as more dress up consumer has been shopping with us.

嗯，「平衡」是我最喜歡的詞。大家都知道。所以是的，團隊正在打造一個更均衡的商品組合，這對我們的顧客而言是一個機會。整體來看，偏休閒以及更偏正式的消費者都在我們這裡購物。

Great. Congratulations. Best of luck for summer. .

很好。恭喜。祝你們夏季業績順利。.

Mauricio Serna, UBS.

Mauricio Serna，瑞銀（UBS）。

Just curious on the shape of the guidance for the year since you're maintaining 3% to 5% and then second quarter implies a little bit below that coming after Q1 that will also be low. So just trying to understand like what drives the acceleration to get to the full year guide. And then you mentioned for the EBIT margin outlook, which you maintained, you're getting a positive from lower tariffs, which I think it's a 50 basis point benefit, and that's offset by freight and and marketing. Could you just break that down like how much incremental do you expect from freight and marketing as the offset? .

我想了解一下全年指引的走勢形狀（shape）。你們維持3%到5%，但第二季的隱含值似乎略低於該區間，而第一季也偏低。所以想了解，推動加速以達到全年指引的因素是什麼？另外你們提到維持EBIT利潤率展望，你們會受惠於較低的關稅，我想大約是50個基點的利多，但會被運費與行銷抵銷。能否拆解一下：運費與行銷預期會增加多少、作為抵銷？.

Yes. So thanks, Mauricio. So again, 14th consecutive quarter of growth here for the first quarter. So we're excited about that track record. We're adding to it every quarter here.

是的。謝謝你，Mauricio。所以再一次，第一季是我們連續第14季成長。我們對這個紀錄感到很振奮。我們每一季都在延續這個表現。

And we've got the confidence here to keep that going. We've got the confidence in the underlying business here. saw growth across the brands in Americas and APAC and within EMEA. We also saw growth in the UK, which is great to see, and that's our largest market in that region.

而且我們有信心讓這個趨勢持續下去。我們對基本面業務有信心；我們看到美洲與亞太（APAC）各品牌都有成長，在歐洲、中東與非洲（EMEA）區域內也有成長。我們也看到英國成長，這很令人高興，而英國是該區域我們最大的市場。

So sitting here today, as we think about some of the headwinds that that we were facing in Q1. We've got the 50 basis points of the Middle East. We've got that kind of continuing through in terms of of magnitude on the business. We had the 100 basis points of ERP impact that will come back to us. So we've got the building blocks to kind of keep us right in that range of that 3% to 5% on the full year.

所以以今天的情況來看，當我們思考第一季面臨的一些逆風。我們有來自中東的50個基點影響。就影響幅度而言，這會持續反映在業務上。我們有ERP影響的100個基點，之後會回到我們這邊。因此我們具備一些支撐要素，讓我們全年仍可維持在3%到5%的區間。

And as long as we keep inventory in good shape, we're seeing that AUR growth, that's a great thing. When you think about the EBIT margin and some of the big boulders here, for the full year, it is a balanced story here. Tariffs and freight, by the time we get to year-end, we'll be just slight headwinds year-over-year. So think like tens of basis points each, we've got this modest AUR growth that is largely funding the investments that we're making in the brand. So that all keeps us in line with this 12% and 12.5% despite those headwinds that we're seeing in the Middle East and broader EMEA.

只要我們把庫存維持在良好狀態，我們就看到 AUR 成長，這是件很棒的事。當你思考 EBIT 利潤率以及這裡的一些重大因素時，就全年而言，這是一個相對均衡的故事。關稅與運費，到年底時，年對年將只是些微逆風。所以可以想成各自是數十個基點；我們有這種溫和的 AUR 成長，基本上在為我們對品牌所做的投資提供資金。因此，儘管我們在中東及更廣泛的 EMEA 地區看到這些逆風，整體仍能讓我們維持在 12% 到 12.5% 的水準。

We're continuing to invest in this business, all while returning a bunch of cash, $450 million to shareholders through share repurchases. And I guess, when it gets to some of the big boulders and pieces and parts, so tariffs 180 basis points of headwind here in Q1. We talked about $20 million for Q2. So that's about 120 basis points at the midpoint of our guide. And that will, when we move to that 15% tariff in the back half of the year, that will still flip to a tailwind as we're up against the full EBA tariffs from last year.

我們持續投資這項業務，同時也回饋大量現金，透過股票回購向股東返還 4.5 億美元。我想，談到一些重大因素與各個組成部分，第一季關稅帶來 180 個基點的逆風。我們也談到第二季是 2,000 萬美元。所以以我們指引的中位數來看，大約是 120 個基點。而當我們在下半年轉為 15% 的關稅時，因為我們將面對去年完整的 EBA 關稅基期，這仍會轉為順風。

So that all kind of washes out to a full year of like tens of basis points of headwind for us.

所以整體攤平下來，全年對我們而言大概就是數十個基點的逆風。

On the freight side of the house, nice to see in Q1 as expected. It was 180 basis points tailwind to gross margins. So that fully offset tariffs. That's expected. That's really what keeps up against and lapping the higher freight rates that we saw in Q1 of 2025.

在運費方面，第一季如預期般表現不錯。它為毛利率帶來 180 個基點的順風。因此完全抵消了關稅。這是預期之內。這主要是因為我們正在對比並消化 2025 年第一季所看到的較高運費率。

And that will start to normalize here as we get into Q2. So again, handfuls of tens of basis points here of benefit in Q2. And with rates up, fuel prices up, we are seeing some pressure on freight. So that will actually flip to a headwind for us in the back half of the year and kind of washes back out to just a slight headwind, again, tens of basis points on the full year.

而當我們進入第二季時，這將開始正常化。所以同樣地，第二季仍會有數十個基點的好處。但隨著運價上升、燃油價格上升，我們確實看到運費有一些壓力。因此在下半年它實際上會轉為逆風，最後攤回來，全年也只是些微逆風，同樣是數十個基點。

So that's kind of the cadence there. From a marketing standpoint, we talked in March about front-loading a little bit of the marketing. So we're pulling some of that forward. So we did show some deleverage here in Q1. We're going to continue to invest in the marketing.

所以大致的節奏就是這樣。從行銷角度來看，我們在三月談到會把部分行銷支出前置。所以我們把其中一些拉到前面。因此第一季確實出現了一些槓桿下降。我們會持續投資行銷。

We've got great brands. We've got a lot of great opportunities. So we're leaning in there for Q2. And then we'll kind of get back to kind of status quo or more normalized or flattish levels year-over-year in the back half of the year.

我們擁有很棒的品牌。我們也有很多很好的機會。所以第二季我們會加大投入。然後在下半年，我們會回到大致維持現狀、較正常化或年對年持平的水準。

Got it. Very helpful. Just a quick follow-up on the comps. On Q1, I saw Americas comps were up 1%. Could you talk about like both brands comp positive in the Americas?

了解。非常有幫助。關於同店銷售（comps）我想快速追問一下。第一季我看到美洲地區的同店成長 1%。你能談談在美洲地區是否兩個品牌的同店都為正嗎？

And then one other detail. You mentioned, you touched upon AI investments that you've done. Could you maybe share any benefits that you've gotten so far from your AI investments in the business?

另外還有一個細節。你提到、也稍微談到你們做的 AI 投資。你能否分享一下，到目前為止你們從這些 AI 投資在業務上獲得了哪些效益？

I'll take the second part of that one, Mauricio. So we're very excited about AI's potential for the business. The past couple of calls, we've mentioned a few things, right? We launched on perplexity during Black Friday to learn a little bit more about agentic commerce. Our customer care function is a good example of rapid improvement helping out our customers.

Mauricio，我來回答第二部分。我們對 AI 對業務的潛力感到非常興奮。過去幾次電話會議，我們提到了一些事情，對吧？我們在黑色星期五期間於 Perplexity 上線，以更深入了解代理式商務（agentic commerce）。我們的客戶服務職能就是一個快速改善、協助客戶的好例子。

The entire team is going through what we call basically an AI Academy and they all have access to copilot premium. We're excited about that. We're using it in our business models, being embedded into things like forecasting and inventory, we're using it for our customers to create a more seamless experience. So it's really becoming integrated in the entire business, and we're very excited about the opportunity.

整個團隊正在進行我們所稱的 AI Academy（AI 學院），而且每個人都能使用 Copilot Premium。我們對此感到很興奮。我們把它用在商業模型中，並嵌入到像是預測與庫存等工作；我們也用它為客戶打造更無縫的體驗。所以它真的正在整個業務中整合，我們對這個機會非常興奮。

Yeah. And just real quick on the Americas, again, proud to be delivering another quarter of growth here, both brands growing in the Americas, that's really the right place to start. We're seeing a healthy business there. We've got positive AURs and unit growth, both contributing in the quarter there, along with positive traffic, driving both a one-year and on a multiyear basis growth, which is great to see. So still seeing stable conversion, good product acceptance, which is why we feel good about the trajectory of the brands in that core market.

是的。再很快補充一下美洲地區：我們很自豪能在這裡再交出一季成長，兩個品牌在美洲都在成長，這是最重要的起點。我們看到那裡的業務很健康。本季 AUR 與銷量（units）都呈正成長，兩者共同貢獻；同時客流也為正，推動一年期與多年期的成長，這點很棒。因此我們仍看到轉換率穩定、產品接受度良好，這也是為什麼我們對品牌在核心市場的走勢感到樂觀。

Jonathan Keypour, Goldman Sachs.

Jonathan Keypour，高盛。

I just wanted to drill into the EMEA impact at Hollister. I just want to make sure I understand it. So it's 50 bps to the total company that implies it was about 100 basis points drag to Hollister. So that's correct. We can go off that.

我想深入了解 Hollister 在 EMEA 的影響。我只是想確認我理解正確。所以對整體公司是 50 個基點，這意味著對 Hollister 大約是 100 個基點的拖累。所以這是正確的。我們可以以此為基礎來推算。

But then that seems, if that's correct, that seems to imply that Hollister still comped down one. Just wondering what the, like if we cancel out the Middle East stuff, what exactly drove the negative comp? I understand that the comp was very high last year. But I think a lot of us walked into the quarter expecting modest growth to see that even in adjusted number is still down. Just wondering what drove that down one on an adjusted basis?

但如果這是正確的，那似乎意味著 Hollister 的同店仍然下滑 1%。想請問如果把中東的因素扣除掉，究竟是什麼驅動了同店為負？我理解去年同店基期非常高。但我想我們很多人在進入本季時預期會有溫和成長，結果看到即使在調整後的數字仍然下滑。想請問在調整後的基礎上，究竟是什麼造成下滑 1%？

Yeah. I would say, like generally, your thought process is right, but I would correct you on one specific thing. So on the EMEA side, that's primarily a Hollister business. So applying a 50%, assuming that it's about 50% of the business is probably a little low. You definitely have to increase that total impact on the Hollister business.

是的。我會說，你的思路大致是對的，但我會在一個具體點上更正你。在 EMEA 這邊，主要是 Hollister 的業務。所以用 50% 來套用、假設它大約占業務的 50%，可能有點偏低。你確實需要把對 Hollister 業務的總影響提高一些。

So much of that EMEA impact is coming from the Hollister brand. So that's what I would say, as you're thinking about modeling out the region.

因此，EMEA 的影響很大一部分來自 Hollister 品牌。所以當你在思考如何建模該地區時，我會這樣說。

Again, Middle East was 50 in total. I'd skew that more towards the Hollister brand, obviously, actively managing this and still seeing strength in places like the U.K. So it is concentrated. It is focused. We've got very specific areas that we have to work on, and we're controlling what we can control.

再說一次，中東對總體是 50 個基點。我會把這個影響更偏向 Hollister 品牌，當然我們也在積極管理，同時在像英國這樣的地方仍看到強勁表現，所以影響是集中且聚焦的。它是集中化的。我們有非常具體的區域需要努力，而我們也在掌控我們能掌控的部分。

We're going to stay close to that consumer. We're going to adjust inventory and promos. We're going to use that playbook that's been effective to navigate a lot of different scenarios in the past and apply that to the EMEA region here and work to improve that trend as we move through the year.

我們會緊貼消費者。我們會調整庫存與促銷。我們會運用過去在多種情境下都有效的作戰手冊，將其套用到 EMEA 地區，並在今年推進的過程中努力改善這個趨勢。

Got it. And then I guess just on that last piece, you mentioned the promo cadence and things like that. I mean we track promos, like I'm sure everybody does. We've seen looks like an elevated promotional cadence in Hollister, at least online. Can you just explain, I mean, first of all, maybe I have that wrong, but if that is true that it is kind of elevated at least online, how does that wash out so that you're still getting the positive AUR?

了解。然後我想就最後那一點，你提到促銷節奏之類的。我的意思是，我們會追蹤促銷，就像我相信大家都會做的一樣。我們看到 Hollister 的促銷節奏似乎有所提高，至少在線上是這樣。你能否解釋一下，我是說，首先也許我看錯了，但如果這是真的、至少在線上確實偏高，那麼在這種情況下你們仍然能取得正向的 AUR，這是怎麼反映出來的？

And like how should we think about what looks like elevated promotional cadence into this quarter through the rest of the year?

另外，對於看起來在本季延續到今年其餘時間的較高促銷節奏，我們應該如何看待？

Yes. I mean it's a, Q1 is a messy quarter with promo cadences as Easter shifts around on you. So I'd just say be cautious there. From our vantage point, we executed against our promo plans that were built into our outlook in March. We were thrilled to see the product acceptance that we saw.

是的。我的意思是，第一季是一個比較混亂的季度，因為復活節日期前後移動會影響促銷節奏。所以我只想說，這部分要謹慎解讀。從我們的角度來看，我們是依照 3 月納入我們展望的促銷計畫來執行的。我們很高興看到產品獲得的接受度。

The customer continues to find value in the assortments that we're putting out there. and it's ultimately driving another positive AUR result for us. So that's all part of the model. It's not the only driver of the outlook that this continues to be this demand-led story.

顧客持續在我們推出的商品組合中找到價值，而這最終也為我們帶來了另一個正向的 AUR 結果。所以這都是商業模式的一部分。這並不是展望的唯一驅動因素；整體仍然是一個由需求帶動的故事。

We're seeing unit growth and AUR growth, which is an awesome place to be. So, so far in 2026, we're seeing that customer react really, really well. and inventory is well controlled and that gives us, that puts us in the best position here to continue to deliver AUR growth as we move through the balance of the year.

我們同時看到銷量（unit）成長與 AUR 成長，這是非常理想的位置。所以截至 2026 年目前為止，我們看到顧客反應非常、非常好。庫存也控制得很好，這讓我們處於最佳位置，能在今年剩餘時間持續交付 AUR 成長。

Rick Patel, Raymond James.

Rick Patel，Raymond James。

This is [ Suraj Malhotra ] on for Rick Patel. Can you just help us understand demand in the denim category. Is it holding up at full price? Are you seeing customers being thrown to promotions there? And what are your expectations for denims that you moved ahead, and just a follow-up on how to think about SG&A leverage from here, given the slower demand in the Middle East, do you see an opportunity to cut back on spending in EMEA to curve margins, or will you lean into more spend to drive better demand elsewhere?

我是代替 Rick Patel 的 [ Suraj Malhotra ]。你能否幫我們理解一下牛仔品類的需求？全價銷售是否仍然穩健？你們是否看到顧客在那裡被導向促銷？另外，你們對於提前推進的牛仔商品有什麼預期？再追問一下，考量中東需求較慢，從現在起我們應該如何看待 SG&A 的槓桿效應？你們是否看到在 EMEA 有機會縮減支出以改善利潤率，還是會加大投入以在其他地方帶動更好的需求？

Just some color on the puts and takes takes would be great. .

如果能補充一些利多與不利因素的說明會很有幫助。.

So we'll start with the denim question. So we are not seeing any change in the demand for denim. We're actually excited about what we're seeing. There's some exciting trends happening within denim.

那我們先從牛仔的問題開始。我們沒有看到牛仔需求有任何變化。事實上，我們對目前看到的情況感到興奮。牛仔品類內部正在出現一些令人振奮的趨勢。

Promos Pricing of promo search. When we look at pricing, this is 1 of those categories that we're protecting from a price point standpoint. So thrilled with with the customer response there. We're seeing success in denim across the brands, which is a great place to be in the bottoms business has been good for us. .

促銷、定價、促銷搜尋。當我們看定價時，這是我們在價格帶角度會加以保護的品類之一。所以對顧客的反應非常滿意。我們看到牛仔在各品牌都有成功表現，這是很好的狀態；下身（bottoms）業務對我們一直表現不錯。.

Yes. Sorry, that Yes. Anyway, that's actually true for both brands for both genders. So heading into back-to-school, obviously usually a big time for denim. So we're well positioned for that as well.

是的。抱歉，那個「是的」。總之，這其實對兩個品牌、兩個性別都成立。所以進入返校季，顯然通常是牛仔的大檔期。我們在那方面也準備得很充分。

But we're excited about what we're seeing and continue to expect that for the balance of the year.

但我們對目前看到的情況感到興奮，並且預期今年剩餘時間也會延續。

Yes. And, on the SG&A side and the expense side of the house, our model hasn't changed here. we expect balanced flow-through at the midpoint of our guide here, and we're choosing to invest in a growing business. Investments are focused on places like marketing stores, expanding capabilities, ultimately, things that drive long-term growth. It's great to be in a position where on that 3% to 5% sales guide, we're holding margins year-over-year with that 12% to 12.5% guide.

是的。至於 SG&A 與費用端，我們的模式在這裡沒有改變。我們預期在指引中位數會有均衡的流轉（flow-through），而我們選擇投資於一個正在成長的業務。投資重點放在行銷、門市、擴充能力等領域，最終都是推動長期成長的事情。在銷售指引 3% 到 5% 的情況下，我們仍能以 12% 到 12.5% 的指引維持年對年利潤率不變，這是很好的狀態。

So as you move above that range, that sales range, the model does what it's always done, you'll start to see some leverage kind of roll through the model. But sitting here today, whether EMEA or elsewhere, we're investing in 2 very strong brands for the long term. And that's what positions us to deliver consistent growth over time.

所以當銷售表現高於那個區間、也就是高於那個銷售範圍時，模型會像以往一樣運作，你會開始看到一些槓桿效應在模型中逐步顯現。但就今天而言，不論是 EMEA 或其他地區，我們都在為兩個非常強的品牌做長期投資。而這正是讓我們能隨時間交付一致成長的基礎。

Tom Nikic, Needham.

Tom Nikic，Needham。

I wanted to ask about the international business, specifically about the strategic review of Asia. Given how strong the growth was in the quarter and some of the issues that have popped up geopolitically in EMEA, does it change the calculus at all on the strategic review? Or is it kind of full steam ahead there?

我想問一下國際業務，特別是關於亞洲的策略性檢視。考量本季成長很強，以及 EMEA 出現的一些地緣政治問題，這會改變你們對策略性檢視的判斷嗎？還是說那邊仍然是全速推進？

Tom, yes, great quarter for the APAC region. Both brands growing. Ultimately, what that tells us and it reinforces our belief in the long-term opportunity there. focus right now is making sure that it scales in the right way. So to that end, we're we're being thoughtful.

Tom，是的，APAC 地區本季表現很棒。兩個品牌都在成長。最終，這告訴我們並強化了我們對當地長期機會的信心。眼下的重點是確保以正確的方式擴張規模。因此，我們會審慎推進。

We're reviewing how we can optimize that go-to-market model, whether it's partnerships or other capital-light approaches. So no change there. reviews underway. We'll have more to share later this year. .

我們正在檢視如何優化 go-to-market 模式，不論是合作夥伴關係或其他輕資本（capital-light）的方式。所以沒有改變；檢視正在進行中。我們會在今年稍晚分享更多資訊。.

And similar story on the EMEA side of the house, we're navigating some near-term choppiness here in the region., happy to see growth in our biggest market there in the U.K. We'll obviously navigate the Middle East dynamic here as we move through in the near term, but nothing changing in terms of our long-term belief and opportunity in the region for our brands.

EMEA 方面也是類似的情況：我們正在因應該地區短期的波動。很高興看到我們在當地最大市場英國仍有成長。當然，短期內我們會持續處理中東的動態，但就我們對該地區以及我們品牌的長期信念與機會而言，沒有任何改變。

Understood. And if I could just follow up on Mauricio's question earlier about margins. I just kind of want to make sure I understand the puts and takes, I guess, for Q2 specifically. And, the guidance implies that the EBIT margin is down close to 400 basis points, roughly speaking. I know tariffs are 120 basis points.

了解。如果我可以再追問一下你先前對 Mauricio 關於利潤率問題的回答。我想確認我理解第二季（Q2）具體的利多與不利因素。而指引暗示 EBIT 利潤率大約下降接近 400 個基點。我知道關稅是 120 個基點。

It sounds like there's some marketing that's front-loaded to the first half of this year. Any other kind of key puts and takes for EBIT margin in Q2? .

聽起來有一些行銷費用是前置到今年上半年。第二季 EBIT 利潤率還有其他關鍵的利多與不利因素嗎？.

Yes. So really 3 big drivers here for Q2. Again, you called out the tariffs, and we talked about that $20 million. So that's 120 basis points that will come off the top. Again, freight is, it will be a slight tailwind, but again, tens of basis points instead of that 180 basis point benefit that we saw in Q1 we're continuing to invest in this business.

是的。第二季主要有三大驅動因素。如你所提到的關稅，我們也談到那 2,000 萬美元。所以會先扣掉 120 個基點。另外，運費會是小幅順風，但同樣只是幾十個基點，而不是我們在第一季看到的 180 個基點的利多；我們也會持續投資這項業務。

So when you think about the marketing investments, when you think about continuing to invest in new stores, and the overall store experience. You put that together and combine that with some modest AUR growth, and that's what ultimately walks you down to that 10% operating margin. .

所以當你考量行銷投資、持續投資新店，以及整體門市體驗。把這些加總起來，再結合一些溫和的 AUR 成長，最終就會推導到 10% 的營業利益率。.

Understood. Best of luck for the rest of the year.

了解。祝你們今年剩餘時間一切順利。

Janine Sector, BTIG.

Janine Sector，BTIG。

I want to follow up on the operating margin this year 12% to 12.5%. And, how do you think about that structurally being the right level? I think you mentioned that if sales were above the 3% to 5%, you would get some additional leverage, would you let that flow through? Or would you reinvest just how you're thinking about it? .

我想追問一下今年的營業利益率 12% 到 12.5%。另外，從結構性角度來看，您如何判斷這是合適的水準？我想您提到過，如果銷售成長高於 3% 到 5%，您會獲得一些額外的營運槓桿，您會讓它直接反映在利潤上嗎？還是會再投資？想請教您是如何思考的？。

Yes. I mean, our model has delivered a really strong double-digit operating margins for multiple years now. It's great to be positioned to continue that this year. flow-through is really strong, and this is all about balance. We're obviously staying on offense here and focused on building a sustainable, profitable long-term business here.

是的。我的意思是，我們的模式已經連續多年交出非常強勁的雙位數營業利益率。很高興我們今年也處於能夠延續這個表現的位置。穿透（flow-through）非常強，而這一切都關乎平衡。我們顯然會持續積極進攻，並專注於打造一個可持續、具獲利能力的長期事業。

We're not managing quarter-by-quarter. . So we are navigating external headwinds like tariffs, like freight and these geopolitical conflicts. We're making deliberate investments at the same time in marketing, digital and new stores. and new channels of business.

我們不是以逐季的方式在管理。。因此，我們正在因應外部逆風，例如關稅、運費，以及這些地緣政治衝突。同時，我們也在行銷、數位以及新店與新業務通路上進行有計畫的投資。

And we're also going to have to make some investments on the supply chain to support the brands and set us up to drive growth. So ultimately, that's the plan, right? We're going to set our goals. We're going to deliver against those goals. This business generates a ton of cash, and we're going to make sure that we're supporting this business for the long term.

而且我們也必須在供應鏈上做一些投資，以支持各品牌並讓我們具備推動成長的條件。所以最終，這就是計畫，對吧？我們會設定目標。我們會依目標交付成果。這個事業產生大量現金，我們會確保長期支持這個事業。

To your point around where we see leverage points above that kind of 3% to 5% range, you'll start to see some leverage flow through, and you might get some margin expansion there. But again, we're going to be diligent about how we repurpose or flow those dollars either through or reinvest back into this business for the long term.

就您提到的、當我們高於約 3% 到 5% 的區間時會看到哪些槓桿點，您會開始看到一些槓桿效益的穿透，並可能帶來一些利潤率擴張。但再次強調，我們會審慎評估如何運用或讓這些資金穿透到損益表，或是再投資回到這個事業，以支持長期發展。

Great. And then just maybe on raw materials. I know you mentioned higher freight costs from the higher fuel costs. Anything that we should be aware of on raw materials or when we would start to see any impact from the higher fuel cost flow through there? .

很好。接著可能談一下原物料。我知道您提到因燃料成本上升而導致更高的運費成本。原物料方面還有什麼我們需要留意的嗎？或是燃料成本上升何時會開始在那裡反映出影響？。

Yes. So on the fuel cost side, specifically, we talked about freight flipping to a headwind here in the back half of the year. So that's really a result of just the timing of selling through that product. So you'll start to see that kind of flow through the back half of the year. Input costs, we've got a great sourcing team.

是的。就燃料成本而言，具體來說，我們談到運費在今年下半年會轉為逆風。這主要是因為產品銷售消化（sell-through）的時點所致。因此，您會在下半年開始看到那種穿透影響。至於投入成本，我們有一支很棒的採購團隊。

They've navigated a lot of different dynamics over the years. So we've got confidence in that team on a go-forward basis. sitting here today, raw material costs relatively stable. You got a little bit of an uptick on the synthetics here, but all of that's already reflected in how we're planning the business in that guide.

他們多年來因應過許多不同的情勢變化。因此，我們對這個團隊未來的表現有信心。以目前來看，原物料成本相對穩定。合成材料這邊有些微上升，但這些都已經反映在我們對業務規劃以及該指引中。

Great. And then last one for me. I know the footwear collaboration with Sperry went really well. How should we just think about that category as a whole? Is there an opportunity to expand that just given what you saw with that collaboration?

很好。最後一題。我知道與 Sperry 的鞋類聯名合作表現非常好。我們應該如何看待整個鞋類品類？鑑於您從那次合作看到的成果，是否有機會擴大？

Janine, it's Fran. So yes, we have been talking a bit about footwear in the past couple of calls. We were excited about seeing the customers' acceptance on it. One of the biggest things that we hear from our customer when we show them any of the social media areas on our website is to complete the outfit. So we were curious to learn a bit more about it.

Janine，我是 Fran。所以是的，我們在過去幾次電話會議中確實談到一些鞋類。我們很高興看到顧客對此的接受度。我們從顧客那裡聽到的最大訴求之一是，當我們在網站上展示任何社群媒體相關內容時，他們希望能把整套穿搭完成。因此我們也想更深入了解這一塊。

We've got some nice success, and we're continuing to explore. .

我們取得了一些不錯的成功，並且會持續探索。。

Janet Joseph with JJK Research Associates. .

JJK Research Associates 的 Janet Joseph。。

Every I want to you we view what happened in EMEA. I think you said the UK was okay, but the rest of the region was challenged. So can you account for that? Like why the UK.

我想請您談談我們如何看待 EMEA 發生的情況。我記得您說英國還可以，但該區域其他地方面臨挑戰。所以您能解釋一下原因嗎？例如為什麼英國

would be okay. And also, if there's any other fundamental issues going on in EMEA besides a challenge the region is I would just love to understand that. And should we see promotional levels pick up in this region just because you had a pretty tough result. And last question on EMEA. Do you think that as comparisons ease that EMEA could improve for Hollister as you go through the year?

會還可以。另外，除了該區域本身的挑戰之外，EMEA 是否還有其他基本面問題？我很想了解。而且，因為你們的結果相當艱難，我們是否會看到該區域的促銷水準上升？最後一個關於 EMEA 的問題。您認為隨著比較基期趨於容易，Hollister 在 EMEA 是否會在今年進行過程中改善？

Well, so starting with the UK. The UK is where we export our playbook to start. So we do have our strongest in our largest business in the region there. With our base office based in London and the closeness to the customer, that has been a successful export of our playbook.

好，那先從英國開始。英國是我們首先輸出我們作戰手冊（playbook）的地方。因此，我們在那裡擁有該區域最強、也是最大的業務。由於我們的區域辦公室設在倫敦，且更貼近顧客，這讓我們成功地輸出並落地我們的作戰手冊。

So we're excited to continue to see the growth there. Regarding promotional levels in EMEA, Janet, really, we have a model where we can control our inventory. And so we're working very closely with that team to make sure that we keep things tight and in line and are reacting very quickly to the business. So we feel we have that under control.

所以我們很期待持續看到那裡的成長。關於 EMEA 的促銷水準，Janet，基本上我們的模式讓我們能夠控管庫存。因此我們與當地團隊非常緊密合作，確保一切維持緊湊、符合節奏，並且能非常快速地對業務狀況做出反應。所以我們覺得這部分在掌控之中。

And then what was the third part. So as we mentioned, what our Q2 outlook and our full year outlook, which we held Q2 at 2 to 4 sees a bit of an acceleration in the business. So that's all built into our outlook. .

然後第三個部分是什麼？如同我們提到的，我們對第二季以及全年展望（第二季維持在 2% 到 4%）顯示業務會有些加速。所以這些都已經納入我們的展望之中。。

Okay. In EMEA, you see an acceleration for the Hollister brand in the second quarter?

好的。在 EMEA，你們看到 Hollister 品牌在第二季會加速？

Haven't given any sort of specifics around brands, by regions. We're seeing, our outlook for the second quarter is pretty consistent to how we saw things roll through coming out of Q1, continued strength in the Americas and APAC. We'll see some pockets of challenges here within the EMEA market that, to Fran's point, we're navigating. We're going to do everything we can to adjust our inventory levels and make sure that we're keeping things tight there and aligning things with demand. And that ultimately what gives us the best opportunity to try and drive a trend improvement there.

我們沒有就品牌在各區域提供任何具體細節。我們對第二季的展望，大致與第一季結束後的走勢一致：美洲與 APAC 持續強勁。在 EMEA 市場內，我們會看到一些挑戰的區塊，正如 Fran 所說，我們正在因應。我們會盡一切努力調整庫存水位，確保那邊維持緊凑，並讓供給與需求對齊。而這最終會給我們最佳機會，嘗試推動那邊的趨勢改善。

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

目前我這邊沒有看到其他問題。我想把電話交回給 Fran，請他做進一步的結語。。

Just want to thank everyone this morning, and we look forward to updating you after the second quarter. .

今天早上感謝各位，我們期待在第二季之後再向各位更新。。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

各位女士、先生，今天的簡報到此結束。您現在可以掛線，祝您有美好的一天。