Abercrombie & Fitch Co. (ANF) 2026 Q2 法說會逐字稿

Good day and welcome to the Abercrombie & Fitch second-quarter fiscal year 2026 earnings conference call. Today's call is being recorded. (Operator Instructions)

大家好，歡迎參加 Abercrombie & Fitch 2026 會計年度第二季財報電話會議。今天的電話會議將被錄音。(接線員指示)

At this time, I would like to turn the conference over to Mo Gupta. Please go ahead.

此時，我想將會議交給 Mo Gupta。請開始。

Thank you. Good morning and welcome to our second-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.

謝謝。各位早安，歡迎參加我們 2026 年第二季財報電話會議。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。

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

今天稍早我們已發布第二季財報新聞稿，可於我們網站 corporate.abercrombie.com 的「投資人」專區查閱。我們網站上也提供投資人簡報。

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 the risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions we mentioned today. These factors and uncertainties are discussed in our reports and filings with the Securities and Exchange Commission.

請注意，我們在本次電話會議中將發表若干前瞻性陳述。這些陳述受 1995 年《私人證券訴訟改革法案》的「安全港」條款所保障，並受各項風險與不確定性影響，可能導致實際結果與我們今天提及的預期與假設出現重大差異。相關因素與不確定性已於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。

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，我們在本次電話會議中也會提及若干非 GAAP 財務衡量指標。GAAP 與調整後非 GAAP 財務衡量指標之間的更多細節與調節表，已包含於今天稍早發布的新聞稿與投資人簡報中。

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

接下來，我把電話交給 Fran。

Thanks, Mo, and thanks, everyone, for joining. I'm excited to report we delivered our 15th consecutive quarter of top-line growth on record second-quarter net sales. Sales growth was above the expectation we set in May and was balanced across regions and brands, with both Abercrombie and Hollister brands achieving record second-quarter net sales.

謝謝你，Mo，也謝謝各位參與。我很高興向各位報告，我們在創紀錄的第二季淨銷售額帶動下，達成連續第 15 個季度的營收（top-line）成長。銷售成長高於我們 5 月所設定的預期，且在各地區與品牌之間均衡分布；Abercrombie 與 Hollister 兩個品牌皆創下第二季淨銷售額新高。

While we benefited from tariff refunds in the quarter, we beat our outlook by more than the refund on both operating margin and earnings per share. Year-to-date, we've repurchased approximately 7% of shares outstanding at the beginning of the year.

雖然本季受惠於關稅退稅，但我們在營業利益率與每股盈餘兩方面的表現，均較展望高出且超過退稅帶來的貢獻。年初至今，我們已回購約相當於年初流通在外股數 7% 的股份。

With the first half complete and a strong start to August, we're updating our full-year net sales outlook to the high end of our prior range and increasing our expectations on the bottom line, setting us up for another year of consistent profitable growth in 2026. Importantly, we're making meaningful progress across key strategic priorities, which we believe will further strengthen our foundation and set us up for long term success.

隨著上半年結束且 8 月開局強勁，我們將全年淨銷售額展望更新至先前區間的高端，並上調對獲利端的預期，使我們在 2026 年有望再度實現穩健且具獲利性的成長。更重要的是，我們在多項關鍵策略優先事項上取得實質進展；我們相信這將進一步強化基礎，並為長期成功做好準備。

Diving into the results for the second quarter, we delivered record net sales of $1.27 billion (sic - see press release, "$1.3 billion"), growing 5% from last year, a nice acceleration from the first quarter. While we benefited from $100 million in tariff refunds, we beat our outlook by more than that on the bottom line, delivering an operating margin of 19.9% and net income per diluted share of $4.17 for the quarter.

深入看第二季表現，我們達成創紀錄的淨銷售額 12.7 億美元（原文誤植，請見新聞稿「13 億美元」），較去年成長 5%，相較第一季有不錯的加速。雖然本季受惠於 1 億美元的關稅退稅，但我們在獲利端的表現仍較展望高出且超過該金額，第二季營業利益率達 19.9%，稀釋後每股淨利為 4.17 美元。

We continue to leverage our strong cash flow and balance sheet, returning $177 million to shareholders in the quarter through our 10th consecutive quarter of share repurchases. We grew in the second quarter across our regions. The Americas grew 5% in the quarter with growth across our direct channels, EMEA saw return to net sales growth of 2%.

我們持續運用強勁的現金流與資產負債表，本季透過連續第 10 個季度的股票回購向股東返還 1.77 億美元。第二季我們在各地區皆有成長。美洲地區本季成長 5%，成長動能來自我們各項直營通路；EMEA 則恢復淨銷售額成長 2%。

The UK remains a strong growth market for us, and we saw a good sequential improvement in Germany as well as in the Middle East as the team has managed inventory and receipts well across the region. Our APAC business remains strong, growing 19% on comparable sales growth of 13%.

英國仍是我們強勁的成長市場；隨著團隊在整個區域內良好管理庫存與到貨（receipts），我們也看到德國以及中東市場有不錯的連續改善。我們的亞太（APAC）業務維持強勁，在同店銷售成長 13% 的帶動下，整體成長 19%。

Both our brands achieved record second-quarter net sales, led by Abercrombie brand's growth of 8%, an acceleration from 3% in Q1. The brand also returned to comparable sales growth of 4% on improvements in conversion and AUR and full price selling, particularly in the Americas. Growth was balanced by gender and category with knits and woven contributing along with the solid bottoms business across pants and shorts.

兩個品牌皆創下第二季淨銷售額新高，其中以 Abercrombie 品牌成長 8% 領先，較第一季的 3% 進一步加速。該品牌也在轉換率、平均單價（AUR）與正價銷售改善的帶動下，重回同店銷售成長 4%，尤其在美洲地區表現突出。成長在性別與品類間分布均衡，針織與梭織品類有所貢獻，褲裝與短褲等下身品類業務亦表現穩健。

Outside the strong financial results, it was an exciting quarter for the Abercrombie & Fitch brand. The brand is rooted in 130 years of New York City heritage, and we're so excited to bring that authenticity to life in our new SOHO store.

除了亮眼的財務成果之外，對 Abercrombie & Fitch 品牌而言，這也是令人振奮的一季。品牌根植於紐約市 130 年的傳承，我們非常期待在全新的 SOHO 門市將這份真實性具體呈現。

The new location represents the modern expression of the brand and it's been very well received by customers. We're continuing to lean into our New York roots with the city serving as the backdrop for a recent fall denim campaign featuring the variety of styles and fits we're known for.

新據點展現了品牌的現代詮釋，並獲得顧客非常正面的回饋。我們也持續深化紐約根源，近期秋季丹寧行銷活動以紐約市作為背景，呈現我們引以為傲的多樣風格與版型。

We also continue to build on our connection to sport. We're entering our second year as the NFL's official fashion partner with an expanded collection across several categories, serving fans of all 32 teams with styles for men, women, kids, babies, and toddlers. We're bringing the partnership to life through both players and fans, reflecting the personal style at the center of Abercrombie today.

我們也持續深化與運動的連結。我們將進入作為 NFL 官方時尚合作夥伴的第二年，並擴大多個品類的系列，為 32 支球隊的球迷提供男裝、女裝、童裝、嬰兒與幼兒等多種風格。我們透過球員與球迷共同呈現這項合作，反映 Abercrombie 今日以個人風格為核心的定位。

We featured Jaxson Dart and Malik Nabers of the New York Giants in our recent campaign along with several other players, we'll continue to highlight throughout the season. We're just getting started on Back to Fall for Abercrombie with more to come as we build to holiday.

我們在近期行銷活動中邀請紐約巨人隊的 Jaxson Dart 與 Malik Nabers 以及其他多位球員亮相，並將在整個賽季持續聚焦。Abercrombie 的「Back to Fall」才正要開始；隨著我們邁向假期檔期，後續還會有更多內容推出。

Turning to the record second quarter for Hollister. The brand grew 2% on top of a 19% increase in the second quarter last year and also sequentially accelerated from a flat first quarter. We grew across regions and genders led by strength and knits, shorts, and non-denim bottoms.

接著談 Hollister 創紀錄的第二季。在去年第二季成長 19% 的高基期之上，本季品牌再成長 2%，且相較第一季持平的表現呈現連續加速。我們在各地區與性別客群皆有成長，主要由上衣與針織、短褲以及非丹寧下身品類的強勁表現帶動。

Hollister's collaboration with Target is the brand's first meaningful wholesale and category expansion in the US has performed very well against expectations and added nicely to top-line growth this quarter. Having our product in over 1,500 Target locations has also given us access to new Hollister customers across the country, while providing our existing customers new categories available on our own digital app and web experiences to outfit their dorms. We're very encouraged by this partnership and underlies the potential for our brands to expand their reach to new distribution channels and categories.

Hollister 與 Target 的合作，是該品牌在美國首次具規模的批發（wholesale）與品類擴張；其表現優於預期，並在本季為營收成長帶來可觀貢獻。我們的產品進駐超過 1,500 家 Target 門市，也讓我們得以接觸全美新的 Hollister 顧客；同時也為既有顧客提供可在我們自有數位 App 與網站體驗中購買的新類別商品，用於布置宿舍。我們對這項合作感到非常振奮，這也凸顯我們品牌有潛力拓展至新的分銷通路與品類。

Hollister's back-to-school season continued to build as we exited the second quarter, and we've seen growth accelerate off of Q2 levels so far in August. We started the season with our Lollapalooza festival launch, which includes an exclusive collection with Y2K nostalgic styles expressed through a modern lens for the young adult customer, as well as on the ground activations at the festival.

隨著第二季結束，Hollister 的返校季持續升溫；截至 8 月目前為止，我們看到成長速度較第二季水準進一步加快。我們以 Lollapalooza 音樂節的上市活動揭開本季序幕，其中包含一個獨家系列：以現代視角詮釋 Y2K 懷舊風格，面向年輕成人客群，並在音樂節現場進行多項實體互動活動。

Additionally, we teamed up with rising star, Freya Skye, on our fall denim launch, featuring limited edition product and a broad range of denim styles. We're excited by back to school, keeping Hollister on track to make 2026 the best ever sales result in the history of the brand.

此外，我們在秋季丹寧上市活動中與新銳明星 Freya Skye 合作，推出限量版商品並涵蓋多元的丹寧風格。我們對返校季感到振奮，並讓 Hollister 持續走在正軌上，力拚在 2026 年創下該品牌史上最佳銷售成績。

Halfway into 2026, we're diligently executing to the ambitious goals we set across the business. As a reminder, our four priorities for the year are: first, to grow sales across brands with continued investment 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; third, to continue to invest in tools and technologies including AI to improve speed and efficiency across the product and customer journeys; and finally, to maintain our strong profitability and fuel excess cash return to shareholders.

進入 2026 年的下半年，我們正以高度紀律執行，朝著全公司所設定的宏大目標邁進。提醒一下，我們今年的四大優先事項為：第一，持續投資自營門市與數位業務以推動各品牌銷售成長，同時透過合作夥伴與新產品類別增加成長動能；第二，透過緩解外部成本壓力來穩定毛利率；第三，持續投資工具與技術（包括 AI），以提升產品與顧客旅程各環節的速度與效率；最後，維持我們強勁的獲利能力，並推動多餘現金回饋股東。

We've made meaningful progress across all four of these objectives in the first half of 2026. One area to highlight is the work we're doing to expand our reach through new distribution channels and product categories. We continue to be pleased with Abercrombie Kids' licensing performance, as well as the target partnership I mentioned earlier, and we're very excited to build in a couple of areas this fall.

在 2026 年上半年，我們在上述四項目標上都取得了實質進展。其中一個值得強調的領域，是我們透過新的通路與產品類別來擴大觸及範圍的工作。我們持續對 Abercrombie Kids 的授權表現感到滿意，也對我先前提到的 Target 合作夥伴關係感到欣喜，並且非常期待今年秋季在幾個領域進一步擴展。

First, we've seen good initial reads in our footwear and accessories business across brands as we bring new categories to support head to toe dressing. And second, we look forward to expanding the distribution of our NFL products, which will now be sold on http://nflshop.com and NFL stadium stores and an official team e-commerce site and fanatics.com.

第一，隨著我們導入新類別以支援從頭到腳的穿搭需求，我們在各品牌的鞋履與配件業務上看到了良好的初期反應。第二，我們期待擴大 NFL 產品的銷售通路，未來將在 http://nflshop.com、NFL 球場門市、官方球隊電商網站以及 fanatics.com 上販售。

I'm so proud of this team as we continue to set sales records, improve gross margins, and control expenses while making important long-term investments. We remain on offense and our updated full-year outlook reflects increasing confidence that we can deliver balanced growth across brands and regions.

我為這個團隊感到非常自豪：我們持續創下銷售紀錄、改善毛利率並控管費用，同時也進行重要的長期投資。我們仍採取積極進攻的策略，而更新後的全年展望反映出我們對於能在各品牌與各區域實現均衡成長的信心正在提升。

We're also on the path to deliver industry leading margins again this year, demonstrating the sustainability and overall quality of our business, powered by a culture of financial discipline. We see the quality in our cash flow as well.

我們也正朝著今年再次達成業界領先的利潤率邁進，展現出在財務紀律文化驅動下，我們業務的可持續性與整體品質。我們同樣也看到了現金流的品質。

Coupled with a strong balance sheet, we now expect to return at least $500 million to shareholders through share purchases for the year. While we've made meaningful progress so far in 2026, I'm most excited about how much opportunity is ahead, and the proof points we're seeing show how uniquely positioned we are to capitalize on it. We remain on track to deliver strong results this year while staying focused on what will be the next great chapter of our journey.

在強健的資產負債表支撐下，我們目前預期今年將透過股票回購至少回饋股東 5 億美元。儘管我們在 2026 年迄今已取得實質進展，但我更期待前方仍有大量機會，而我們所看到的各項佐證也顯示，我們具備獨特優勢可把握這些機會。我們仍按計畫在今年交出強勁成果，同時聚焦於我們旅程的下一個精彩篇章。

Thank you to the entire team, the best in retail, for making it all happen. And with that, I'll hand it over to Robert.

感謝整個團隊——零售業最優秀的團隊——讓這一切成真。接下來我把時間交給 Robert。

Thanks, Fran, and good morning, everyone. We delivered record second-quarter net sales of $1.27 billion (sic - see press release, "$1.3 billion"), up 5% and above the 2% to 4% growth range we provided in May. Comparable sales were flat and AUR increased mid-single-digits for the quarter, with lower promotions driving better-than-expected results to our outlook.

謝謝你，Fran，各位早安。我們第二季淨銷售額創下紀錄，達 12.7 億美元（原文如此——請參見新聞稿，「13 億美元」），年增 5%，且高於我們在 5 月提供的 2% 至 4% 成長區間。本季同店銷售持平，AUR（平均單價）呈中個位數成長；較低的促銷力度帶動表現優於我們的展望。

By region, net sales increased 5% in the Americas, 19% in APAC, and 2% in EMEA. Comparable sales increased 1% in the Americas, 13% in APAC, and declined 4% in EMEA. In EMEA, the UK remained strong, and Germany returned to growth.

按區域來看，美洲淨銷售額成長 5%，亞太（APAC）成長 19%，歐洲、中東及非洲（EMEA）成長 2%。同店銷售方面，美洲成長 1%，亞太成長 13%，EMEA 下滑 4%。在 EMEA，英國維持強勁，德國也重回成長。

By brand, Abercrombie brand's net sales increased 8%, with comparable sales up 4%. Hollister net sales increased 2% against last year's record with comparable sales down 3%. Both brands grew net sales in the Americas; Abercrombie led to growth in EMEA; and Hollister led to growth in APAC. Across regions and brands, the spread between net sales growth and comparable sales was driven by net new store and third-party channel performance.

按品牌來看，Abercrombie 品牌淨銷售額成長 8%，同店銷售成長 4%。Hollister 淨銷售額在去年創紀錄的基期上成長 2%，同店銷售下滑 3%。兩個品牌在美洲皆實現淨銷售成長；Abercrombie 帶動 EMEA 成長；Hollister 帶動亞太成長。跨區域與品牌來看，淨銷售成長與同店銷售之間的差距，主要來自淨新增門市以及第三方通路的表現。

I'll cover the rest of our results on an adjusted non-GAAP basis, which excludes the $39 million net benefit from a favorable litigation settlement in the second quarter of 2025. Reconciliations are included in this morning's earnings release and investor presentation.

接下來我將以調整後的非 GAAP 基礎說明其餘業績，該口徑排除 2025 年第二季因有利的訴訟和解所帶來的 3,900 萬美元淨收益。對帳表已包含於今早的財報新聞稿與投資人簡報中。

Second-quarter operating income was $253 million and operating margin was 19.9% of sales. That compares with adjusted operating income of $168 million and adjusted operating margin of 13.9% of sales last year. Given the size and unique nature of the IEEPA tariff refund, we believe it's important to walk through the individual components and impact on our results this quarter, and we've included a schedule at the bottom of the first page of today's press release with the details.

第二季營業利益為 2.53 億美元，營業利益率為銷售額的 19.9%。相較之下，去年調整後營業利益為 1.68 億美元，調整後營業利益率為銷售額的 13.9%。鑑於 IEEPA 關稅退稅的金額規模與其特殊性，我們認為有必要逐一說明各項組成與其對本季業績的影響；我們已在今日新聞稿第一頁底部附上明細表。

We received and recognized approximately $100 million of refunds related to IEEPA tariffs in the quarter. The full amount is included as a reduction of cost of sales and contributed approximately 790 basis points to second-quarter operating margin and approximately $1.75 to diluted earnings per share.

本季我們收到並認列約 1 億美元、與 IEEPA 關稅相關的退稅。全額皆以銷貨成本的減項入帳，對第二季營業利益率貢獻約 790 個基點，並對稀釋後每股盈餘貢獻約 1.75 美元。

Our operating margin was roughly 990 basis points above the around 10% outlook we provided in May. About 790 basis points of that outperformance came from the IEEPA tariff refund. The remaining approximately 200 basis points came primarily from favorable gross margin and operating leverage on stronger sales.

我們的營業利益率約比 5 月提供的約 10% 展望高出 990 個基點。其中約 790 個基點的超出表現來自 IEEPA 關稅退稅。其餘約 200 個基點主要來自較佳的毛利率，以及在更強勁銷售帶動下的營運槓桿。

While the refund was meaningful, the underlying business performed above our expectations. Year over year, operating margin increased 600 basis points from 13.9% in the second quarter of 2025. The tariff refund benefit was partially offset by higher year-over-year tariff expenses of 100 basis points, store occupancy and fulfillment costs and selling expense, as well as higher incentive compensation in general and administrative expense.

雖然退稅影響顯著，但基本面業務表現仍優於我們的預期。與去年同期相比，營業利益率自 2025 年第二季的 13.9% 提升 600 個基點。關稅退稅的效益部分被以下因素抵銷：年增關稅費用增加 100 個基點、門市占用與履約成本及銷售費用上升，以及一般與行政費用中較高的激勵性薪酬。

We've included a table in the investor presentation with additional detail on the timing of tariff refunds and ongoing tariff expense. Tax rate for the quarter was 29%, better than our outlook due to higher earnings from the IEEPA tariff refund and overall international outperformance.

我們在投資人簡報中加入了一張表格，提供關稅退稅入帳時點與持續性關稅費用的更多細節。本季有效稅率為 29%，優於我們的展望，主要因 IEEPA 關稅退稅帶來較高獲利，以及整體國際業務表現優於預期。

Net income per diluted share was $4.17 compared with adjusted diluted earnings per share of $2.32 last year. That was above our outlook of $1.80 to $2 even when taking into account the approximate $1.75 benefit from the IEEPA tariff refund.

稀釋後每股淨利為 4.17 美元，去年則為調整後稀釋後每股盈餘 2.32 美元。即使將 IEEPA 關稅退稅約 1.75 美元的效益納入考量，該結果仍高於我們 1.80 至 2.00 美元的展望區間。

Inventory remains tightly managed, and both brands are chasing. Ending inventory at cost was approximately flat to last year with units up low single-digits and aligned with our expected unit sales growth. On the balance sheet, we ended the quarter with $628 million cash and cash equivalents, approximately $1.1 billion of liquidity, and $10 million of marketable securities.

庫存仍維持嚴格管理，兩個品牌都在追加追單。期末庫存（以成本計）與去年大致持平，件數呈低個位數成長，並與我們預期的銷售件數成長一致。在資產負債表方面，本季末我們持有 6.28 億美元的現金及約當現金、約 11 億美元的流動性，以及 1,000 萬美元的有價證券。

We repurchased $177 million worth of shares during the quarter and $282 million year to date. Repurchases for the quarter and year-to-date periods represented approximately 4% and 7%, respectively, of shares outstanding at the beginning of the year, and we ended the quarter with $568 million remaining on our current repurchase authorization.

我們在本季回購了價值1.77億美元的股票，年初至今累計回購2.82億美元。本季及年初至今的回購，分別約占年初流通在外股數的4%與7%；本季結束時，我們在現行回購授權下尚餘5.68億美元可用額度。

Turning to the outlook, our first-half execution and strong start to August support a higher full-year sales expectation and an increase to our operating margin and EPS outlook. Our underlying second-half operating margin assumptions have also improved from our May expectations.

展望未來，我們上半年執行到位且8月開局強勁，支持我們上調全年銷售預期，並提高營業利益率與每股盈餘（EPS）展望。我們對下半年營業利益率的基本假設也較5月的預期有所改善。

Updating our tariff refund assumptions, we now expect to recognize a total of approximately $120 million of refunds related to IEEPA tariffs, excluding accrued interest. We recognize $100 million in the second quarter and expect to recognize the remaining $20 million in the third quarter.

更新我們對關稅退稅的假設後，我們目前預期將認列與IEEPA關稅相關的退稅總額約1.20億美元（不含應計利息）。我們已於第二季認列1.00億美元，並預期於第三季認列剩餘的2,000萬美元。

The full-year outlook includes the entire $120 million dollar refund. We estimate that the refund will contribute approximately 220 basis points to full-year operating margin and approximately $2.10 to full-year diluted earnings per share.

全年展望已包含全部1.20億美元的退稅。我們估計該退稅將使全年營業利益率增加約220個基點，並使全年稀釋後每股盈餘增加約2.10美元。

The remaining expected $20 million refund is included in our third-quarter outlook. We estimate it will contribute approximately 160 basis points to third-quarter operating margin and approximately $0.35 third-quarter diluted earnings per share.

預期剩餘的2,000萬美元退稅已納入我們第三季展望。我們估計其將使第三季營業利益率增加約160個基點，並使第三季稀釋後每股盈餘增加約0.35美元。

Separate from the IEEPA tariff refunds, for 2026 tariff expense, our outlook for the second half reflects the current Section 301 tariff rates of 10% to 12.5%, effective on global imports into the US. On that basis, our updated tariff assumptions provide approximately 10 basis points of full-year gross margin favorability year over year.

除IEEPA關稅退稅之外，就2026年關稅費用而言，我們對下半年的展望反映目前《301條款》關稅稅率為10%至12.5%，適用於全球進口至美國的商品。在此基礎上，我們更新後的關稅假設，使全年毛利率較去年同期約有10個基點的有利影響。

We expect that benefit to be largely offset by higher freight costs. We've included a schedule in today's release and our investor presentation to provide further detail on our tariff expense and refund history.

我們預期該項利益將大致被較高的運費成本所抵銷。我們已在今日新聞稿與投資人簡報中納入一份明細表，以提供關於我們關稅費用與退稅歷史的更多細節。

For the full year, we now expect net sales growth around 5% from $5.27 billion in 2025, with growth across regions and brands. Our first-half APAC performance reinforces the region's growth potential, and our strategic review remains focused on the best path to capture that opportunity.

就全年而言，我們目前預期淨銷售額將較2025年的52.7億美元成長約5%，且各區域與各品牌皆有成長。我們上半年在亞太（APAC）的表現強化了該區的成長潛力，而我們的策略檢視仍聚焦於把握該機會的最佳路徑。

We continue to expect modest AUR improvement and approximately 30 basis points of benefit to net sales from foreign currency. We now expect full-year operating margin in the range of 14.5% to 15%, including approximately 220 basis points of benefit from the IEEPA tariff refunds.

我們仍預期平均單價（AUR）將小幅改善，且外匯將為淨銷售額帶來約30個基點的助益。我們目前預期全年營業利益率介於14.5%至15%，其中包含IEEPA關稅退稅帶來約220個基點的助益。

We're forecasting a tax rate around 29%, diluted weighted average shares of around $44 million, and net income per diluted share in the range of $13.10 to $13.60. The EPS outlook includes an estimated $2.10 benefit from an IEEPA tariff refunds.

我們預測稅率約為29%，稀釋加權平均股數約為4,400萬股，稀釋後每股淨利介於13.10至13.60美元。每股盈餘（EPS）展望包含IEEPA關稅退稅帶來的估計約2.10美元助益。

For capital allocation, we now expect capital expenditures around $250 million. We plan to deliver approximately 130 net new store experiences, including 50 new stores and 80 remodels and right sizes against approximately 20 closures. New stores are expected to be relatively balanced across brands and weighted towards the Americas.

在資本配置方面，我們目前預期資本支出約2.50億美元。我們計畫交付約130個淨新增門市體驗，包括50家新店，以及80家改裝與調整店型，並對應約20家關店。新店預期在各品牌間相對均衡，且將偏重於美洲地區。

We now expect at least $500 million of share purchases for 2026. For the third quarter of 2026, we expect net sales growth of 5% to 6% to the Q3 2025 level of $1.3 billion with growth across regions and brands. We expect third-quarter operating margin in the range of 13% to 14%, including the expected $20 million or approximately 160-basis-point IEEPA tariff refund benefit.

我們目前預期2026年股票回購至少5.00億美元。就2026年第三季而言，我們預期淨銷售額將較2025年第三季的13億美元成長5%至6%，且各區域與各品牌皆有成長。我們預期第三季營業利益率介於13%至14%，其中包含預期2,000萬美元、或約160個基點的IEEPA關稅退稅助益。

We also expect modest AUR growth and slight year-over-year favorability from tariff expense to more than offset modest freight pressure on gross margin. We expect slight operating expense deleverage from incremental payroll and amortization related to the ERP implementation completed in the first quarter.

我們亦預期平均單價（AUR）將溫和成長，且關稅費用較去年同期略為有利，足以抵銷毛利率面臨的溫和運費壓力。我們預期營業費用將因第一季完成的ERP導入所帶來的新增薪資與攤銷，而出現些許去槓桿。

We expect the third-quarter tax rate of around 29%, and net income for a diluted share in the range of $2.90 to $3.20 including an estimated benefit of $0.35 from the IEEPA tariff refund. Diluted weighted average shares are expected to be around $43 million, including the anticipated impact of at least $100 million of third-quarter share purchases.

我們預期第三季稅率約為29%，稀釋後每股淨利介於2.90至3.20美元，其中包含IEEPA關稅退稅帶來的估計0.35美元助益。稀釋加權平均股數預期約為4,300萬股，包含第三季至少1.00億美元股票回購的預期影響。

To close, the first half demonstrated the strength and balance of our business. We've continued to do what we said we would do: deliver profitable growth while investing for the future. We're strengthening our brands, expanding our capabilities, and building the infrastructure needed to support the next phase of growth.

最後，上半年展現了我們業務的韌性與均衡性。我們持續做到我們所承諾的：在為未來投資的同時，實現獲利性成長。我們正在強化品牌、擴展能力，並建置支持下一階段成長所需的基礎設施。

At the same time, we've maintained healthy double-digit operating margins, generated strong cash flow and returned significant capital to shareholders through consistent share repurchases. Our updated outlook includes the benefit of IEEPA tariff refunds. More importantly, it reflects the underlying strength of the business and our confidence in our ability to continue delivering sustainable, profitable growth.

同時，我們維持健康的兩位數營業利益率，創造強勁現金流，並透過持續的股票回購向股東返還可觀資本。我們更新後的展望包含IEEPA關稅退稅的助益。更重要的是，它反映了業務的內在強勁，以及我們對持續交付可持續、具獲利性的成長能力的信心。

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) Dana Telsey, Telsey Advisory Group.

(接線員指示) Dana Telsey，Telsey Advisory Group。

Hi. Congratulations, everyone. So nice to see the progress. Fran, as you think of the product acceptance and what you've been seeing in Hollister and Abercrombie, when you think of new product trends or fashion versus core, what are you seeing in each and how do you see the denim cycle?

嗨。恭喜各位。很高興看到進展。Fran，當你思考產品接受度，以及你在Hollister與Abercrombie所看到的情況時，談到新品趨勢或時尚款相對於核心款，你在各品牌分別看到了什麼？你又如何看待牛仔褲的循環？

And then Robert, as you think about inventory AUR versus units, how do you think of that progress as we go through the year? Thank you.

另外，Robert，當你思考庫存的平均單價（AUR）相對於件數（units）時，你如何看待我們在今年推進過程中的進展？謝謝。

Hey, Dana. Good morning. Yes, exciting quarter for us, exceeded expectations, 15th consecutive quarter of growth, went across both Abercrombie and Hollister brands and regions, so super excited about what we reported this morning.

嗨，Dana。早安。是的，對我們而言這是一個令人振奮的季度，表現超出預期，連續第15個季度成長，涵蓋Abercrombie與Hollister兩個品牌及各區域，因此對我們今天早上公布的結果感到非常興奮。

Regarding fashion, we're seeing lots of different things in the brands. It's exciting to see the customer really showing up. We're seeing a balance between casual and dressed up. Second quarter was really driven through some incredible key knit opportunities and items that we had and woven.

關於時尚面向，我們在各品牌看到許多不同的趨勢。很令人振奮的是看到顧客真的有回流。我們看到休閒與較正式穿搭之間的平衡。第二季的成長主要由一些非常出色的針織重點機會與單品所帶動，另外也包括梭織品。

And denim specifically is important to both brands. We're heading into the back -- obviously, we're in the middle of the back-to-school season for Hollister. It's part of the assortment. We learned years ago, we've got to stay balanced and make sure it doesn't become too dominant in the assortment, but exciting that the Hollister team is absolutely loving low rise.

至於牛仔褲，對兩個品牌都很重要。我們正進入返校季——顯然，我們正處於Hollister返校季的中段。牛仔褲是商品組合的一部分。我們多年前就學到，我們必須保持均衡，確保它不會在商品組合中變得過於主導；但令人興奮的是，Hollister團隊確實非常喜歡低腰款。

The Abercrombie consumer is loving actually the styles we have across brands because theirs really depends on their wearing occasion and what they're doing for the day. So lots of exciting things happening and thrilled to have momentum heading into the back half.

Abercrombie 的消費者其實很喜歡我們各品牌的整體風格，因為他們的選擇很大程度取決於穿著場合以及當天要做什麼。所以有很多令人振奮的事情正在發生，我們也很高興在進入下半年時能延續這股動能。

Yeah. Hey, Dana, as it relates to AUR versus units, so not assuming anything different than what we've been talking about all year here, outlook continues to expect modest AUR improvement in the back half, that's consistent with what we shared back in May. We're happy with this being a demand story.

是的。Dana，關於 AUR 相較於銷量（units），我們的看法並沒有偏離今年以來一直在談的內容；展望仍預期下半年 AUR 會有溫和改善，這也與我們在 5 月分享的一致。我們很高興這是一個需求帶動的故事。

In Q2, AUR came in stronger than expected on reduced promotional activity. The consumers are responding really well to the assortments and that came with unit sales growth so it's balanced, which is what we like to see.

在第二季，因促銷活動減少，AUR 的表現比預期更強。消費者對商品組合的反應非常好，同時也帶動了單位銷量成長，因此是均衡的，這正是我們希望看到的。

So as we think about -- like going forward, inventory is in good shape, up mid-single -- up 3% across the company here with both brands positioned well to chase into the back half. And all that gives us the best chance to grow our AURs here in the in the back half of the year.

因此當我們往前看——庫存狀況良好，公司整體庫存年增中個位數——年增 3%，兩個品牌都已做好準備，可在下半年視需求追加（chase）。而這些都讓我們在今年下半年最有機會推升 AUR。

Corey Tarlowe, Jeffries.

Corey Tarlowe，Jefferies。

I guess what I'm wondering is on the third-quarter sales outlook, which is quite healthy, curious how that breaks down by brand if you could share any color? And really would just be curious to understand kind of the sequential trends at Hollister as well, and maybe the regional differentials if there's been any impact based on exposures to various regions. Thanks so much.

我想問的是，第三季的銷售展望相當健康，想請問若方便能否分享一下按品牌拆分的大致情況？也很想了解 Hollister 的環比趨勢，以及若因各地區曝險不同，是否對各區域表現造成任何影響。非常感謝。

Hi, Corey. So on the outlook for sales for Q3, again, expecting 5% to 6% growth, with growth across regions and brands. Haven't given specific color on individual brand performance, but we've been happy with what we've seen on the ANF side delivering plus [8%] for Q2. Happy to see that trend, and we've had a nice start to the month of August, and we've got new things coming down the pipeline with the NFL drop and different supplements to the assortment.

嗨，Corey。關於第三季的銷售展望，我們再次重申，預期成長 5% 到 6%，且各地區與各品牌皆有成長。我們尚未就單一品牌表現提供具體細節，但我們對 ANF 端第二季繳出約 +[8%] 的表現感到滿意。很高興看到這個趨勢，8 月開局也不錯，且我們還有一些新品正在推出，包括 NFL 系列上架，以及對商品組合的不同補強。

On the Hollister side of the business, we're kind of in the middle of back to school here. It's been a nice acceleration here into August, so happy with what we're seeing there. And that's kind of where we are today, that the EMEA business has been strong. It's been -- we saw nice sequential improvements.

至於 Hollister 這邊，我們正處於返校季的中段。進入 8 月後出現不錯的加速，因此我們對目前看到的情況感到滿意。另外，EMEA 業務表現強勁。我們看到不錯的環比改善。

APAC business continues to be strong, and both brands are growing in the Americas. So nice balanced business that gives us confidence here and going into the back half.

APAC 業務持續強勁，且兩個品牌在美洲地區都在成長。因此整體業務相當均衡，讓我們對當前以及進入下半年更有信心。

That's very helpful. And then just as a follow-up, I think Fran mentioned it in her remarks, but curious if you can unpack that for us a little bit on the margin commentary. Full-year margin outlook raised and by more than the amount of the tariff benefits.

這很有幫助。接著追問一下，我想 Fran 在發言中有提到，但想請你們再多拆解一些關於毛利率的評論。全年毛利率展望上調，而且上調幅度大於關稅利益的幅度。

So seemingly there's some embedded improvement in the margin profile based on where you were versus prior expectations. So could you kind of highlight what the main differentials are or the puts and takes? That'd be really helpful thank you.

所以看起來，相較於先前預期，你們的毛利結構中似乎內含一些改善。能否請你們說明主要差異點或正負因素（puts and takes）是什麼？這會非常有幫助，謝謝。

Yeah, I mean if you think about full year, it's a pretty straightforward story. Underlying tariff rates and freight rates are kind of going in different directions and those are largely offsetting one another. We've talked all year about modest AUR growth as we move through the year here. That's still in play. We still continue to expect that.

是的，如果你看全年，其實是個相當直接的故事。基礎關稅稅率與運費費率的走勢方向不同，兩者在很大程度上彼此抵銷。我們今年一直在談，隨著年度推進，AUR 會有溫和成長。這點仍然成立。我們仍持續預期如此。

We did have the outperformance in margins in Q2 that we are -- are rolling us through. So that all keeps us kind of in line when you do the -- add them up. We've got a modest AUR growth offsetting some investments that keeps us kind of in that 12.5%-ish range around last year.

第二季毛利率表現優於預期，而我們——會把這個表現延續反映到後續期間。因此把這些因素加總起來後，我們大致仍維持在同一軌道上。我們有溫和的 AUR 成長來抵銷部分投資，使我們大致維持在約 12.5% 的區間，與去年相近。

And then on top of that, you've got this 220-basis point benefit from the tariff refunds and that gets us to our or 14.5% to 15% range for the full year. So we feel good about where we are. The business is executing. We've got some outperformance in Q2 that we're rolling through. Now, we're just focused on executing for the back half.

此外，還有來自關稅退稅的 220 個基點利益，讓我們把全年帶到 14.5% 到 15% 的區間。所以我們對目前的位置感到良好。業務執行到位。第二季有一些超預期表現，我們會把它延續反映到後續。現在我們只是專注於下半年的執行。

Matthew Boss, JPMorgan.

Matthew Boss，JPMorgan。

So Fran, could you speak to structural drivers, which you think have been built that support the return to positive comps at the Abercrombie brand? And specifically, any key categories which you saw inflect this quarter and just drivers of opportunity that you see in the back half of that nameplate.

Fran，你能否談談你認為有哪些結構性驅動因素已經建立起來，支撐 Abercrombie 品牌同店銷售（comps）回到正成長？另外，這一季有哪些關鍵品類出現拐點？以及你在下半年於該品牌上看到的機會驅動因素是什麼？

Thanks, Matt. So yeah, we've been on quite a journey here and really have rebuilt this entire company from bottom to top and top to bottom. And the fundamentals that we've built to do that are rooted in our operating model and in all the technology investments that we've been making.

謝謝，Matt。是的，我們走過了一段很長的旅程，基本上已經把整家公司從下到上、從上到下都重新打造了一遍。而我們為此建立的基本功，根植於我們的營運模式，以及我們持續投入的各項科技投資。

We paid back a lot of tech debt. We talked a lot about our ERP system that's just come to fruition in March. So lots of exciting things happening, to your point, from a fundamental perspective. What we see in the business is the opportunity to get really close to that customer. Both the teams in Abercrombie and Hollister are excellent at doing that. And that's shown in our results for the second quarter and momentum that we have heading into the third quarter.

我們償還了大量的技術債。我們也多次談到 ERP 系統，並在 3 月正式落地。因此從基本面來看，正如你所說，有很多令人振奮的事情正在發生。我們在業務上看到的機會，是能夠非常貼近客戶。Abercrombie 與 Hollister 的團隊都非常擅長做到這點。這也反映在我們第二季的成果，以及我們進入第三季所具備的動能。

Abercrombie specifically, knits, wovens, really strong throughout the second quarter, swim. Hollister also, strong knit business, strong bottoms business. So what I'd like to see in the business is a balance, and that's what we're seeing right now. So balance across categories that we're winning in lots of categories, we're winning across genders and brands and regions. So all around, super excited about the back half.

就 Abercrombie 而言，針織、梭織在第二季全程都非常強勁，泳裝也是如此。Hollister 方面，針織品類強勁、下身（bottoms）品類也很強。因此我希望看到的是一種均衡，而我們現在正看到這種均衡。也就是在品類之間的均衡：我們在許多品類都在勝出；同時也在性別、品牌與地區之間都在勝出。總之，我們對下半年非常期待。

It's great. And then Robert, could you just help break down expectations for AUR freight and marketing as we think about the third-quarter operating margin forecast, excluding the benefits from tax refund?

很好。接著 Robert，你能否協助拆解一下，當我們思考第三季營業利益率預測（排除退稅利益）時，對 AUR、運費與行銷的預期？

Yeah. So on the AUR side, no change to our thinking here. We're expecting modest AUR growth in the back half of the year. When you think about the tariff side of things and then the freight side of things, so freight has been a bit of a headwind for us here. The rates have remained elevated.

好的。就 AUR 而言，我們的看法沒有改變。我們預期今年下半年 AUR 會溫和成長。至於關稅與運費方面，運費對我們來說一直是些許逆風。運價仍維持在高檔。

So that is largely offsetting the benefit that we would be seeing from outlook to outlook related to the 10% to 12.5% tariff rates that are in place today for the 301 versus that 15% that we had assumed back in our last guide. So you can think about freight and tariffs largely offsetting one another and then getting that benefit in AUR kind of rolling through, excluding all of the tariff refund components, but obviously, you've got that $20 million on the Q3 side. And then we should be relatively clean here for Q4.

因此，這在很大程度上抵銷了我們原本預期會看到的效益：也就是相較於我們在上一次指引中假設的 15% 關稅，目前針對 301 條款所適用的 10% 至 12.5% 關稅稅率所帶來的利多。所以你可以把運費與關稅視為大致互相抵銷，而 AUR 的那項效益則會逐步反映出來（不包含所有關稅退稅的組成），但很明顯地，第三季那邊有 2,000 萬美元。接著第四季我們這邊應該會相對乾淨。

And then on the marketing side, I really like where our marketing has been. It's been a deleverage point for us in the front half of the year, and we've talked quite a bit about that as we've lapped some of the investments that we made last year. We're lapping that in the back half. We kind of like this a little north of 5% range. So we wouldn't expect to see any sort of meaningful leverage or deleverage on the marketing side for the back half of the year.

然後在行銷方面，我非常喜歡我們行銷目前的狀態。今年上半年它對我們來說是一個去槓桿的項目，我們也談了不少，因為我們正在與去年所做的一些投資形成比較基期。下半年我們就會跨過那個比較基期。我們大致喜歡略高於 5% 的區間。因此，我們不預期今年下半年行銷端會出現任何顯著的槓桿或去槓桿。

And Matt, yeah, let me add one more piece also. As we head forward, we've been talking quite a bit about this opportunity for us to diversify our operating model. So we had two really nice proof points this quarter, one from Abercrombie and one from Hollister, and that is expanding into new channels and new categories for us.

另外，Matt，是的，我再補充一點。往前看，我們一直談到一個機會：讓我們的營運模式更加多元化。所以本季我們有兩個很好的驗證點，一個來自 Abercrombie，一個來自 Hollister，也就是拓展到對我們而言的新通路與新類別。

So the great example was this Target partnership where we've introduced dorm. We got proof points now that Hollister can certainly expand way beyond apparel and there's significant opportunity there. And we just recently mentioned the fact that we're expanding our NFL partnership, and we're going to be selling in the venues and nflshop.com and other channels as well. So that's been a big piece that we've been working on behind the scenes and we're excited about what that can bring for the future.

一個很好的例子就是與 Target 的合作，我們推出了宿舍用品。我們現在已經有驗證點，Hollister 確實可以大幅超越服飾品類，且那裡有很大的機會。而我們最近也提到，我們正在擴大與 NFL 的合作，並將在場館、nflshop.com 以及其他通路銷售。所以這一直是我們在幕後努力推進的一大部分，我們也很期待它未來能帶來的成果。

Marni Shapiro, The Retail Tracker

Marni Shapiro，《The Retail Tracker》

Congratulations. The stores have looked incredible. So I have a quick question on Hollister. At times during the quarter, the inventory was very clean. And I'm curious if you had any delivery issues at Hollister or if it was just selling out at store in stores that quickly?

恭喜。門市看起來非常棒。我有一個關於 Hollister 的快速問題。在本季某些時段，庫存非常乾淨。我想了解 Hollister 是否有任何到貨／交付問題，還是只是門市賣得太快、很快就售罄？

And then I do have one quick follow-up just on Abercrombie.

另外我還有一個關於 Abercrombie 的簡短追問。

Sure, I'll take that first one. So yes, we had an incredible demand for the brand, and it really, honestly, exceeded our inventory at many points during the quarter. The team was absolutely chasing, chasing, chasing, which is what our model can help us do.

好的，我先回答第一個。是的，品牌需求非常強勁，坦白說，在本季的許多時點，需求確實超過了我們的庫存。團隊一直在追貨、追貨、再追貨，而這正是我們的模式能夠幫助我們做到的。

Now that our inventory has caught up. We're excited to see the acceleration and have nice momentum heading into the balance of back-to-school in the back half.

現在庫存已經追上來了。我們很期待看到加速成長，並在下半年返校季剩餘期間持續保持良好動能。

That's a great problem to have. Actually, the stores was very empty again yesterday. And then I'm curious on Abercrombie, other than social media have you got -- are you activating new customers? And are you planning any activations in the back half of the year? Is it going to be a balance of sort of activations and online? How are you thinking about that for Abercrombie brand?

這是個很好的問題。其實昨天門市又非常空。另外我想問 Abercrombie，除了社群媒體之外，你們是否也在啟動新客？你們是否計畫在今年下半年做任何行銷活動／啟動？會是在活動與線上之間取得平衡嗎？你們對 Abercrombie 品牌是怎麼思考的？

Thanks. I'll take that one, too. So our goal, obviously, is always to bring new customers into the brand as well as to retain our active customers, which we're working on. We talked a bit about some new opportunities. So yeah, as we head into the back half with Abercrombie, the NFL is a great example of that.

謝謝。這題我也來回答。我們的目標很明確：一方面把新客帶進品牌，另一方面也要留住我們的活躍客群，這也是我們正在努力的方向。我們也談到了一些新的機會。所以是的，當我們進入 Abercrombie 的下半年，NFL 就是一個很好的例子。

Our second year as the official fashion partner, and now we're going into stadiums, nflshop.com. We have an opportunity, again, for example, with Target reaching new customers to new categories exciting, exciting with the opening up of SOHO. That has been really a terrific opportunity for Abercrombie, that bringing our heritage to where the brand is today, the customer feedback has been terrific, and the businesses really exceeded our expectations.

我們作為官方時尚合作夥伴已進入第二年，現在也會進入球場、nflshop.com。再者，例如與 Target 的合作，讓我們有機會在新類別中觸及新客，另外 SOHO 開幕也令人非常興奮。這對 Abercrombie 來說真的是一個極佳的機會，把我們的品牌傳承帶到品牌今日的樣貌；顧客回饋非常好，業務表現也大幅超出我們的預期。

Congrats. Best luck with the rest of the back-to-school.

恭喜。祝你們接下來的返校季一切順利。

Alex Straton, Morgan Stanley

Alex Straton，Morgan Stanley

his is Katie Delahunt on for Alex. Maybe just -- you mentioned Hollister demand being constrained by inventory at some point during the second quarter. Can you maybe frame like how meaningful that was to the second quarter? And what kind of the acceleration that you're seeing as you kind of catch up on inventory quarter-to-date?

我是代替 Alex 的 Katie Delahunt。你們提到第二季某些時點 Hollister 的需求受到庫存限制。你們能否說明一下，這對第二季的影響有多大？以及在你們逐步補齊庫存後，截至目前本季（quarter-to-date）你們看到的加速情況如何？

Yeah. Katie, we had a great second quarter, Hollister sequential improvement, up too, and we're squarely focused on carrying that demand and that momentum here into the third quarter. What we can say is we've seen that Hollister growth accelerate from its Q2 level so far in August, and we feel good about the product across -- and the assortment across that brand.

是的。Katie，我們第二季表現很強，Hollister 也較前一季改善、也有成長；我們非常專注於把這股需求與動能延續到第三季。我們可以說的是，到目前為止在 8 月，我們看到 Hollister 的成長已經較第二季水準進一步加速；而且我們對該品牌在各方面的產品與商品組合都很有信心。

Mauricio Serna, UBS.

Mauricio Serna，UBS。

I wanted to ask about Abercrombie. I think you talked about better conversion. Could you elaborate on that? Is that across both online and stores and what in your view has led to that improvement?

我想問 Abercrombie。我記得你們提到轉換率更好。可以再多說一些嗎？這是同時發生在線上與門市嗎？你們認為是什麼因素帶來這樣的改善？

And then on Hollister, maybe could you talk about what kind of comp sales cadence you've seen throughout Q2? And is it fair to assume like it's -- the comp is near inflection like to positive and in Q3? And yeah, just on those two things to start, that would be super helpful. Thank you.

另外關於 Hollister，你們能否談談第二季期間你們看到的同店銷售（comp sales）走勢節奏？是否可以合理假設同店銷售接近轉折、在第三季轉為正成長？先從這兩點開始就好，會非常有幫助。謝謝。

Yeah, I mean, so we've been on this journey with ANF, Mauricio, with conversion. We've continued to see nice traction within the brands and that speaks a lot to the quality of the traffic that we're bringing into the brands.

是的，我的意思是，Mauricio，我們在 ANF 的轉換率這件事上一直走在一段旅程中。我們持續看到品牌端有不錯的進展，而這很大程度反映了我們導入品牌的流量品質。

When you see conversion improve on reduced discounts and still selling more units that's a really nice sign, and it shows that the assortments are resonating with the customers. And we're actually seeing that across both brands which is great to see and that's really showing up in a nice back to school and a nice start to the month of August.

當你在折扣降低的情況下仍看到轉換率提升、而且賣出更多件數，這是一個非常好的訊號，顯示商品組合正與顧客產生共鳴。而我們其實在兩個品牌上都看到這點，這很令人振奮，也確實反映在返校季的良好表現，以及 8 月開局的良好表現上。

So we're attracting the right consumer, we're bringing them into the stores. Based on what we see in the first half, we're -- the investments that we're making are great and we're excited to see that continue into the back half.

因此我們正在吸引對的消費者，並把他們帶進門市。根據我們在上半年看到的情況，我們——正在進行的投資成效很好，我們也很期待這股動能能延續到下半年。

In terms of comp sales cadence again for Q2, again, not talking comps here. We're focused on driving the total here we've got plus 2% sales on the Hollister side. We've got momentum headed into and through back to school, and that's carrying us into August in Q3.

再談到第二季的同店銷售節奏，同樣地，這裡不談同店。我們專注於推動整體表現；Hollister 端的銷售成長是 +2%。我們在開學季前後都保持動能，並且把這股動能帶進第三季的 8 月。

And so we're excited to be positioned to drive another quarter here, 5% to 6% growth on the top-line and double-digit operating margins. So that's what we're squarely focused on executing here in the back half.

因此我們很高興能以這樣的態勢再推進一個季度：營收端成長 5% 到 6%，以及兩位數的營業利益率。這就是我們在下半年堅定聚焦、要落實執行的重點。

Got it. And then just quick follow-up on like the guidance for the year. I think if you do the math like for 5% total sales growth full year, it implies an acceleration in Q4 to roughly 7%. So just wondering what in your views is driving that acceleration?

了解。那再快速追問一下關於全年指引。我想如果用數學推算，全年總銷售成長 5% 意味著第四季要加速到大約 7%。所以想請教你們認為是什麼因素在推動這個加速？

And then on the collaborations and partnerships that you're doing with Target, NFL, could you elaborate maybe on what are like the gross margin and operating margin implications of those businesses as they continue to scale? Thank you.

另外，關於你們與 Target、NFL 的聯名與合作夥伴關係，能否請你們多談一些：隨著這些業務持續擴大規模，對毛利率與營業利益率會有哪些影響？謝謝。

Yeah, so on the fourth quarter, right, we've got Q3, giving you the full-year implications would be that we got a nice healthy business here headed into the back half. We've just got to execute, we're going to keep inventories tight, make sure that we're continuing to lean into the places that we're seeing the marketing be effective.

好的，關於第四季，對，我們有第三季；如果把全年含意一起看，代表我們在進入下半年時，這裡有一個相當健康的業務基礎。我們只需要把執行做好；我們會維持緊控庫存，並確保持續加碼在我們看到行銷有效的領域。

So that's what we're focused on. Obviously a lot of business to do here as we get through the balance of Q3 and then head into the holiday season.

所以這就是我們的重點。顯然，當我們走完第三季剩餘時間並進入假期旺季時，還有很多業務要完成。

As it relates to the gross margin impact on 3P, I'd say like sitting here today, the short answer is there's nothing meaningful to -- there's not a meaningful impact here today. We like these opportunities. We like the incrementality of what they give us.

至於第三方（3P）對毛利率的影響，我會說以我們今天坐在這裡的觀點，簡短答案是：目前沒有任何實質性的——也就是目前沒有實質性的影響。我們喜歡這些機會。我們喜歡它們帶來的增量效益。

They allow us to reach new customers. It's a nice opportunity for us to participate in new categories and extend that brand reach without requiring a ton of capital deployment. So we're excited about where that looks like. We're evaluating the right mix, obviously, of distribution channels for us. And -- but sitting here today, I don't see any sort of meaningful impact to gross margins.

它們讓我們能觸及新的客群。這也讓我們有機會參與新的品類、擴大品牌觸及，而不需要投入大量資本。所以我們對其前景感到興奮。我們也在評估對我們而言合適的通路組合，當然。但是——以目前來看，我不認為毛利率會有任何實質性的影響。

It's very early innings, Mauricio, so stay tuned, more to come, but excited to see the beginning of this happening.

Mauricio，現在還非常早期，所以敬請期待，後續還會有更多進展，但很高興看到這件事已經開始發生。

John Keypour, Goldman Sachs.

高盛（Goldman Sachs）的 John Keypour。

Just a very quick one and then a follow-up. I noticed you raised buybacks $50 million for the year, and you've got $120 million incoming from the total tariff refunds. Just wondering what the $70 million remaining will be used for?

先一個很快的問題，然後再追問一個。我注意到你們把今年的庫藏股回購提高了 5,000 萬美元，而且你們將收到總計 1.2 億美元的關稅退稅。想請教剩下的 7,000 萬美元會用在什麼地方？

Yeah. So John, this is Robert. I think it's pretty straightforward here. The refunds don't change how we allocate capital in our business. Balance sheet has been strong for years now, and we've been able to invest in the brands, invest in future growth and at the same time, consistently return cash to shareholders.

好的。John，我是 Robert。我想這裡相當直接。退稅不會改變我們在業務中的資本配置方式。我們的資產負債表多年來一直很強健，我們也一直能夠投資品牌、投資未來成長，同時穩定地把現金回饋給股東。

We got 10 consecutive quarters of share repurchases here now, and we continue -- and we expect to see that continue. So we'll work the refunds through that same framework as we go forward, but nothing else to report today.

我們現在已經連續 10 個季度進行股票回購，而且我們也會持續——並且預期會繼續下去。因此我們會在同樣的框架下處理這些退稅並往前推進，但今天沒有其他要補充的。

Got it. Okay. And then just in terms of the Target partnership, I'm not sure if you guys are willing to give the size of the impact to the quarter. But just curious about if you guys have seen anything in terms of like a positive feedback loop where it's growing the customer book on the apparel side of things at Hollister as well.

了解。好。那再談 Target 的合作夥伴關係，我不確定你們是否願意提供對本季影響的規模。但我想了解的是：你們是否看到任何正向的回饋循環，例如它也在擴大 Hollister 服飾端的客戶名單？

Yeah. I mean it's early, John. And we're not sizing the opportunity today. We're seeing evidence that we're reaching new customers, which is great. That's one of the primary objectives of the partnership. So we're focused right now on making sure that we have that strong customer response, healthy sell-through of the product and ultimately, trying to evaluate the long-term opportunity that we have here.

是的。我是說，John，現在還早。我們今天不會量化這個機會的規模。我們看到一些證據顯示我們正在觸及新的客群，這很棒。這也是這項合作的主要目標之一。所以我們目前的重點是確保客戶反應強勁、產品有健康的售罄/銷售速度，並最終評估我們在這裡的長期機會。

I mean the reaction to the products has been absolutely terrific. I mean, the virality of it was incredible. I mean, from the plushies to the comforters. I mean we learned a lot, John. It was really exciting to be able to see the opportunity to sell Hollister outside of apparel. So again, we're at early stages, but we're learning and testing and more to come in the future.

我是說，市場對產品的反應非常非常好。我是說，它的爆紅擴散性（virality）令人難以置信。從絨毛玩偶到棉被。我是說，我們學到了很多，John。能看到在服飾之外銷售 Hollister 的機會，真的很令人興奮。所以再說一次，我們還在早期階段，但我們正在學習、測試，未來還會有更多。

Janine Stichter, BTIG.

BTIG 的 Janine Stichter。

I was hoping you could comment a little bit on the promotional environment. I think you said promotions were down better than your plan. Was that across all brands? And just curious what you're seeing broadly in the environment.

我希望你們能稍微評論一下促銷環境。我想你們提到促銷比你們的計畫下降得更好。這是涵蓋所有品牌嗎？也想了解你們對整體環境的觀察。

And then for Robert, just as we think about long-term operating margins, we're sitting here this year, shipping out the tariff benefits kind of in the 12% to 13% range. Is there anything structurally changing that you would see from here to prevent that from being a sustainable operating margin?

另外給 Robert：當我們思考長期營業利益率時，今年我們把關稅利益剔除後大概落在 12% 到 13% 的區間。從現在往後，有沒有任何結構性的改變會讓你認為這樣的營業利益率無法持續？

Janine, yeah. So I would say our results from Q2 are really proof that our model is working. Outperforming our outlook was primarily driven from lower discount levels and that was across both brands, delivering this 5% growth that we have. This Read and React model is really working for us. The team was chasing and tightly managing the inventory.

Janine，是的。所以我會說，我們第二季的結果確實證明我們的模式正在奏效。我們優於原先展望，主要是因為折扣水準更低，而且這是兩個品牌都如此，帶動我們達成 5% 的成長。這個「Read and React（讀取並快速反應）」模式對我們來說真的很有效。團隊一方面追貨補貨，一方面嚴格管理庫存。

So exciting to see how that's working for us. We don't view our promotions on what's happening on a competitive basis. We sit down with the team literally week by week, see what's working in our business, what's working, what's not working and we take action. So again, focused on what we can control within our world.

所以很高興看到它對我們的運作成效。我們不會用競爭對手的角度來看待我們的促銷。我們會和團隊真的逐週坐下來，看看我們的業務中什麼有效、什麼無效，然後採取行動。所以再一次，聚焦在我們在自身範圍內能控制的事情。

Yeah. And on the long term, Janine, not providing any sort of specific guidance beyond 2026 today. As we've been talking about, we are excited about new growth levers that we're building that are available to these brands on a go-forward basis, category expansion, channel diversification, new partnerships.

是的。而從長期來看，Janine，我們今天不會提供任何超過 2026 年的具體指引。正如我們一直在談的，我們對正在打造、未來可供這些品牌運用的新成長槓桿感到興奮，包括品類擴張、通路多元化、新合作夥伴關係。

All of those can work to complement what is effectively a very healthy and profitable owned and operated business over time, but nothing structural that I would say that would stop us from maintaining these healthy double-digit operating margins as we have for a number of years now.

這些都能在時間推移中，補強我們本質上非常健康且獲利的自營業務，但我不認為有任何結構性的因素會阻止我們像過去多年一樣，維持健康的雙位數營業利益率。

(Operator Instructions) Adrienne Yih, Barclays.

(接線員指示) Adrienne Yih，Barclays。

This is Angus Kelleher on for Adrienne Yih. I wanted to ask a question on category expansion. Footwear and accessories are getting good initial reads across both brands. How big can head to toe be as a percent of the assortment? What is the margin structure there? And then if you could just remind us if that is an owned or a licensed category.

我是代替 Adrienne Yih 出席的 Angus Kelleher。我想就品類擴張問一個問題。鞋類和配件在兩個品牌上初期反應都不錯。從頭到腳（head to toe）可以占整體商品組合的比例有多大？那裡的毛利結構如何？另外也請提醒我們，那是自營品類還是授權品類。

Yeah, I mean we like these opportunities, Angus, because they expand our addressable market, and they diversify our growth drivers whether it's NFL, Target, footwear, accessories, home goods, licensing, wholesale, right, those all help us reach customers in different ways.

是的，我們喜歡這些機會，Angus，因為它們擴大了我們的可觸及市場，也讓我們的成長動能更多元——不論是 NFL、Target、鞋類、配件、家居用品、授權、批發，對吧，這些都能幫助我們以不同方式觸及客戶。

It's early days. We're learning a ton. We're not sizing them today because quite honestly, they are still relatively small in the grand scheme, but we're excited about the longer-term growth potential that we see across these buckets.

目前還在早期階段。我們學到很多。我們今天不會去量化規模，坦白說，因為就整體而言它們仍相對較小，但我們對於在這些領域看到的長期成長潛力感到興奮。

Great. And then just I have -- I'll ask a follow-up. On the stores, you're at 130 new experiences this year with 80 of those remodels and rightsizes, so I guess the mix has kind of shifted from new stores towards modernizing the existing fleet. How much runway is left on new stores in the Americas? And then how much is left on modernizing the existing fleet?

很好。我再追問一題。關於門市，你們今年有 130 個新的體驗，其中 80 個是翻新與調整店型，所以我想組合似乎從新開店轉向現有店群的現代化。在美洲地區，新開店還有多少空間？而現有店群現代化還剩多少？

Actually, that -- we have been very -- sorry, we've been very consistent in the balance between our new stores and our store experiences over the past several years, fifth year of being a net store opener continuing with this strategy as we move forward.

其實——我們一直非常——抱歉，我們在新開店與門市體驗之間的平衡，過去幾年一直非常一致；我們已連續第五年淨增門市，並將在未來持續推進這項策略。

And to answer the question on how many new stores are left, there is no finish line. In retailers, there’s always new opportunities for us to explore just like we've been doing with these street locations for Abercrombie recently. This new SOHO experience has really been so well received by our consumer. We're so excited to continue to implement that in some stores going forward. So again, no finish line but exciting strategy that we've had on retail real estate.

至於還剩多少新店可開，沒有終點線。在零售業，總是有新的機會可供我們探索，就像我們最近為 Abercrombie 所做的街邊店址一樣。這個新的 SOHO 體驗確實非常受到消費者歡迎。我們也非常期待未來在更多門市持續導入。所以再次強調，沒有終點線，但我們在零售不動產上的策略令人振奮。

Janet Joseph, JJK Research Associates.

Janet Joseph，JJK Research Associates。

Congratulations on a nice quarter. I wondered if you could talk a little bit more about the AUR improvement and the unit improvement. On AUR, are you seeing that that's coming from less promotions and you did speak to that, and also price increases and what the outlook looks like for that going forward?

恭喜這是一個不錯的季度。我想請你們再多談一點 AUR 的改善以及銷量（unit）的改善。在 AUR 方面，你們是否看到主要來自較少的促銷——你們確實提到過——以及漲價？未來展望如何？

And then on units, I was just wondering if that's a mix issue or just overall units are improving? And then lastly, when you think about EMEA, do you have confidence that Hollister will continue to accelerate as we go through the second half?

另外在銷量方面，我想知道這是組合因素，還是整體銷量都在改善？最後，談到 EMEA，你們是否有信心 Hollister 在下半年會持續加速？

Janet, I'll take a couple of these. So on the AUR improvement, yes, we're seeing nice AUR improvement. The outperformance to our outlook in the second quarter was primarily driven through better-than-expected AURs, and that really came from reducing our overall promotional or overall discount levels from our expectations.

Janet，我先回答其中幾個。關於 AUR 的改善，是的，我們看到不錯的 AUR 提升。第二季表現優於我們展望，主要是由優於預期的 AUR 所帶動，而這主要來自我們將整體促銷或折扣水準降到低於原先預期。

So nice to see the progress there that shows that the product is resonating. We are selling more units coming along with that. That is not just a mix dynamic that is true sales units out the door. So again, nice signs that the consumer is responding to what we're putting out there for them.

很高興看到這樣的進展，這顯示產品正在引起共鳴。同時我們也賣出更多件數。這不只是組合變化，而是真正的銷售件數走出店門。所以再次說明，這是消費者對我們所提供商品的正向回應。

We have taken any sort of additional price increases and none of that versus what we've been talking about, that is all baked into our outlook. So we continue to expect modest AUR growth in the back half of the year. On the EMEA side of the house --

我們沒有再進行任何額外的漲價；相較於我們一直在談的內容，這些都已反映在我們的展望中。因此我們仍預期今年下半年 AUR 將溫和成長。至於 EMEA 這一塊--

On the EMEA side of the house, yes, we are confident. We certainly believe in the long-term potential of that region, Janet. The local team is really busy at work staying close to that customer. Our playbook that we've exported is working. It's exciting to see that the UK has continued to be positive and that Germany flipped positive. All of that is obviously in our outlook for the back half, but yes, I believe in the long-term opportunity and have the confidence to see that business continue.

在 EMEA 這一塊，是的，我們有信心。Janet，我們確實相信該區域的長期潛力。當地團隊正非常積極地貼近客戶。我們輸出的作戰手冊正在奏效。很令人振奮的是，英國持續維持正成長，而德國也轉為正成長。這些當然都已納入我們對下半年的展望；但沒錯，我相信長期機會，也有信心看到該業務持續發展。

Okay. Lots of luck.

好的。祝你好運。

Thank you, and there are no further questions in the queue at this time. I will now turn the call back over to Fran for any closing remarks.

謝謝，目前隊列中沒有其他問題。我現在把電話交回給 Fran，請她做結語。

Yeah, I just want to thank everyone for participating, and we look forward to updating you after the third quarter.

是的，我只想感謝各位的參與，我們期待在第三季之後再向各位更新。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation, and you may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與，現在可以掛線。