Chico's FAS Inc (CHS) 2022 Q4 法說會逐字稿

Welcome to Chico's FAS Fourth Quarter and Fiscal Year-End 2022 Conference Call and Webcast. (Operator Instructions) Please note this call is being recorded.

歡迎來到 Chico 的 FAS 第四季度和 2022 財年末電話會議和網絡直播。 （操作員說明）請注意，此通話正在錄音中。

I would now like to turn the call over to Corporate Controller, David Oliver. Mr. Oliver, please go ahead.

我現在想把電話轉給公司財務總監大衛奧利弗。奧利弗先生，請繼續。

Good morning, and welcome to the Chico's FAS Fourth Quarter and Fiscal Year-End '22 Conference Call and Webcast. For reference, our earnings release can be found on our website at www.chicosfas.com, under Press Releases on the Investor Relations page.

早上好，歡迎來到 Chico 的 FAS 第四季度和財政年終 '22 電話會議和網絡廣播。作為參考，我們的收益發布可以在我們的網站 www.chicosfas.com 上的投資者關係頁面上的新聞發布下找到。

Today's comments will include forward-looking statements regarding our current expectations, assumptions, plans, estimates, judgments and projections about our business and our industry, which speak only as of today's date. You should not unduly rely on these statements.

今天的評論將包括關於我們當前對我們的業務和我們的行業的預期、假設、計劃、估計、判斷和預測的前瞻性陳述，這些陳述僅在今天發表。您不應過分依賴這些陳述。

Important factors that could cause actual results or events to differ materially from those projected or implied by our forward-looking statements are included in today's earnings release, our SEC filings and the comments made on this call. We disclaim any obligation to update or revise any information discussed on this call, except as may be otherwise required by law. Certain non-GAAP measures may be referenced in today's call. A GAAP and non-GAAP reconciliation schedule is included in our earnings presentation posted this morning on the Chico's FAS Investor Relations page.

可能導致實際結果或事件與我們的前瞻性陳述中預測或暗示的結果或事件產生重大差異的重要因素包含在今天的收益發布、我們向美國證券交易委員會提交的文件以及在本次電話會議上發表的評論中。除非法律另有要求，否則我們不承擔任何更新或修改本次電話會議上討論的任何信息的義務。今天的電話會議可能會提到某些非 GAAP 措施。我們今天上午在 Chico 的 FAS 投資者關係頁面上發布的收益報告中包含 GAAP 和非 GAAP 對賬時間表。

Now I'll turn the call over to our CEO and President, Molly Langenstein.

現在我將把電話轉給我們的首席執行官兼總裁 Molly Langenstein。

Thank you, David, and good morning, everyone. We achieved strong results across all key financial metrics in fiscal 2022. We delivered strong store and digital sales growth, meaningful gross margin expansion and solid expense leverage, which produced outstanding operating income, cash flow and earnings per share. These results demonstrate the power of our 3 brands and our product performance and reflects our team's steadfast commitment to our 4 strategic pillars of being customer-led, product obsessed, digital first and operationally excellent.

謝謝你，大衛，大家早上好。我們在 2022 財年的所有關鍵財務指標上都取得了強勁的業績。我們實現了強勁的門店和數字銷售增長、有意義的毛利率增長和穩固的費用槓桿，從而產生了出色的營業收入、現金流和每股收益。這些結果展示了我們 3 個品牌的力量和我們的產品性能，並反映了我們團隊對我們的 4 大戰略支柱的堅定承諾，即以客戶為導向、產品至上、數字優先和卓越運營。

Q4 finished strong. Revenue and EPS exceeded the expectations that we provided in early January after the 9-week holiday selling season. Actual fourth quarter sales came in $9 million higher than the high end of our projected range and EPS exceeded the high end of our expectations due to strong January performance. Across all 3 brands, customers responded to new spring product offerings, which drove full-price selling in the quarter.

第四季度表現強勁。在為期 9 週的假期銷售旺季過後，收入和每股收益超出了我們在 1 月初提供的預期。第四季度的實際銷售額比我們預計範圍的上限高出 900 萬美元，並且由於 1 月份的強勁表現，每股收益超出了我們預期的上限。在所有 3 個品牌中，客戶對新推出的春季產品做出了反應，這推動了本季度的全價銷售。

Now I'll cover some highlights for the fiscal year. We posted another year of very strong bottom line results with diluted EPS of $0.88 and nearly a 140% increase over last year. This performance was driven by total sales growth of 18%, meaningful gross margin expansion and solid expense leverage. We also delivered operating income of $142 million or 6.6% of sales, more than double last year.

現在我將介紹本財年的一些亮點。我們公佈了又一年非常強勁的底線結果，稀釋後每股收益為 0.88 美元，比去年增長近 140%。這一業績是由 18% 的總銷售額增長、有意義的毛利率擴張和穩固的費用槓桿推動的。我們還實現了 1.42 億美元的營業收入，佔銷售額的 6.6%，是去年的兩倍多。

Our apparel brands continued to deliver exceptional revenue increases, with Chico posting comparable sales growth of 31% and White House Black Market generated a 26% comparable sales gain. Chico's customers overwhelmingly responded to our elevated product and fashion newness, building complete outfit with solution-oriented products. White House Black Market customers responded to our versatile dressing, seasonal fabric and product innovation to meet for work from anywhere needs and special occasion wear.

我們的服裝品牌繼續實現出色的收入增長，Chico 的可比銷售額增長了 31%，White House Black Market 的可比銷售額增長了 26%。 Chico 的客戶對我們提升的產品和時尚的新穎性做出了壓倒性的反應，他們用面向解決方案的產品打造了完整的服裝。白宮黑市客戶對我們的多功能著裝、季節性面料和產品創新做出了回應，以滿足隨時隨地工作和特殊場合穿著的需求。

According to NPD, during the last 12 months, Chico's and White House Black Market grew 4x faster than the market average for apparel customers over 45 years of age with household income of over $100,000.

根據 NPD 的數據，在過去 12 個月中，對於 45 歲以上家庭收入超過 100,000 美元的服裝客戶，Chico's 和白宮黑市的增長速度比市場平均水平快 4 倍。

Soma performance improved throughout the second half of the year, with particular strength in our foundations business. We continue to innovate and have best-in-class bra and panty offerings. Both categories continue to outperform to last year, indicating the overall long-term power and strength of the brand.

Soma 的業績在整個下半年都有所改善，尤其是我們的地基業務。我們不斷創新並提供一流的文胸和內褲產品。這兩個類別的表現均優於去年，表明該品牌的整體長期實力和實力。

Customer behavior remained healthy and innovative products, strategic marketing and our relaunched loyalty program drove more customers to our brands. In fiscal 2022, customer count was up 5%, spend per customer increased 12%, and the average age of new customers continues to trend younger.

客戶行為保持健康，創新產品、戰略營銷和我們重新啟動的忠誠度計劃吸引了更多客戶到我們的品牌。在 2022 財年，客戶數量增長了 5%，每位客戶的支出增長了 12%，新客戶的平均年齡繼續呈年輕化趨勢。

Our main inventories fueled faster sell-through rates, higher average unit retail and more full-price sales throughout the year for all 3 brands. Fiscal year-end on-hand inventories were down 6% from the prior year. We strengthened our balance sheet ending the fiscal year with $178 million in cash after repaying $50 million of debt in 2022.

我們的主要庫存推動了所有 3 個品牌全年更快的銷售率、更高的平均單位零售量和更多的全價銷售。財年末現有庫存比上年下降 6%。在 2022 年償還了 5000 萬美元的債務後，我們以 1.78 億美元的現金加強了本財政年度結束時的資產負債表。

Let me give you a brief update on how each of our strategic pillars drove performance last year. We are customer-led, focused on community engagement and creating extraordinary and memorable customer experiences, forming lasting relationships and increasing customer lifetime value.

讓我簡要介紹一下去年我們的每個戰略支柱如何推動績效。我們以客戶為導向，專注於社區參與，創造非凡而難忘的客戶體驗，建立持久的關係並提高客戶的生命週期價值。

The power of our 3 unique brands is driving growth through 3 powerful platforms, creating long-term connections and enabling our customers to interact with us in a seamless manner. Our physical stores are community centers, where our customers experience our product in the most exciting way possible. And the knowledge and enthusiasm of our stylists and bra experts drive sales and brand devotion.

我們 3 個獨特品牌的力量正在通過 3 個強大的平台推動增長，建立長期聯繫並使我們的客戶能夠以無縫方式與我們互動。我們的實體店是社區中心，我們的客戶可以在這里以最激動人心的方式體驗我們的產品。我們的造型師和文胸專家的知識和熱情推動了銷售和品牌忠誠度。

Digital is often the first impression of our brand and is a community hub for content and a great way to teach, share information and inspire. Finally, our social stylists can expertly connect customers to our brand and drive growth within both of these avenues. Store sales grew by 20% and digital sales grew 16% for the year.

數字化通常是我們品牌的第一印象，是內容的社區中心，也是教授、分享信息和激發靈感的好方法。最後，我們的社交造型師可以熟練地將客戶與我們的品牌聯繫起來，並在這兩種途徑中推動增長。全年實體店銷售額增長 20%，數字銷售額增長 16%。

Chico's FAS has a uniquely strong foundation with some of the most loyal and dedicated customers in retail. Our loyalty program relaunched in 2022 are continuing to exceed expectations in customer sentiment and redemption rates. We are strengthening our already strong customer relationships and adding new customers through these elevated programs.

Chico's FAS 擁有獨一無二的強大基礎，擁有一些零售業中最忠誠和忠誠的客戶。我們於 2022 年重新啟動的忠誠度計劃在客戶情緒和兌換率方面繼續超出預期。我們正在加強我們已經很牢固的客戶關係，並通過這些升級計劃增加新客戶。

We are product obsessed, focused on delivering best-in-class merchandise to our Chico's, White House Black Market and Soma customers, offering beautiful solutions that inspire confidence and joy. At each brand, we are focused on elevating AUR and driving full price sales growth.

我們痴迷於產品，專注於為我們的 Chico's、White House Black Market 和 Soma 客戶提供一流的商品，提供激發信心和快樂的精美解決方案。在每個品牌，我們都專注於提升 AUR 並推動全價銷售增長。

At both apparel brands, customers continue to respond to our elevated fashion and product offerings in nearly every apparel category demonstrating that product enhancements and innovation are moving the brands forward and that customers appreciate higher quality and are receptive to paying for value and solutions.

在這兩個服裝品牌中，客戶繼續對我們幾乎每個服裝類別中提升的時尚和產品供應做出反應，這表明產品改進和創新正在推動品牌向前發展，並且客戶欣賞更高的質量並願意為價值和解決方案付費。

At both Chico's and White House Black Market, customers bought complete outfits and accessories instead of single items, increasing AUR and basket size. At Chico, style, fit, comfort and solutions drove revenue increases throughout the year. Customers responded to our product innovation and fashion, including knits, sweaters and woven tops, pants, denim and dresses.

在 Chico's 和 White House 黑市，顧客購買的是整套服裝和配飾，而不是單件商品，增加了 AUR 和購物籃尺寸。在 Chico，風格、合身、舒適和解決方案推動了全年的收入增長。客戶對我們的產品創新和時尚做出了回應，包括針織品、毛衣和梭織上衣、褲子、牛仔布和連衣裙。

Sales of our Travelers, Zenergy and Black Label collections also continued to grow. She responded to novelty and focused on completing her head-to-toe look with easy care, wrinkle-free climate-right fabrics.

我們的 Travelers、Zenergy 和 Black Label 系列的銷售額也繼續增長。她對新奇事物做出了回應，並專注於使用易於護理、不起皺且適合氣候的面料來打造從頭到腳的造型。

At White House Black Market throughout the year, versatile tailoring with feminine details in seasonal fabrics drove the business in key categories, but the she was looking for casual or dressy pieces. Customers responded to our newness in pants, denim, jackets, woven tops and dresses. We are fabric first and continually innovating and adding new fabrics to our assortment. We added 4 new White House Black Market fabrications last year, which has further expanded our customers' options for even more versatile dressing.

在 White House Black Market 全年，多功能剪裁和季節性面料的女性化細節推動了關鍵類別的業務，但她正在尋找休閒或正裝單品。客戶對我們在褲子、牛仔布、夾克、梭織上衣和連衣裙方面的新穎性做出了回應。我們以面料為先，不斷創新並在我們的產品系列中添加新面料。去年我們增加了 4 種新的 White House Black Market 面料，這進一步擴大了我們客戶的選擇範圍，以獲得更多功能的著裝。

At Soma, we continue to make investments in cutting-edge products and innovations and comfort solutions in panties, sleep, active and especially bras. We are the destination for all her bra needs, and we have had remarkable success with last year's launch of our game-changing smart bra, Bodify, that includes proprietary technology that adjusts to a woman's individual body measurement as they fluctuate throughout the month.

在 Soma，我們繼續投資內褲、睡衣、運動服，尤其是文胸的尖端產品和創新以及舒適解決方案。我們是滿足她所有文胸需求的目的地，我們在去年推出了我們改變遊戲規則的智能文胸 Bodify 時取得了非凡的成功，其中包括專有技術，可以根據女性在整個月內波動的個人身體尺寸進行調整。

We are digital first, leveraging technology to engage and deliver to our customers across channels and brands. Last year, digital sales represented 41% of total company revenues. Over the trailing 12 months, we grew our total customer count by over 5%, Chico's grew 10%, White House Black Market was up 12% and Soma was flat.

我們以數字為先，利用技術跨渠道和品牌吸引並交付給我們的客戶。去年，數字銷售額占公司總收入的 41%。在過去的 12 個月裡，我們的客戶總數增長了 5% 以上，Chico's 增長了 10%，White House Black Market 增長了 12%，而 Soma 則持平。

Spend per customer rose 12% over the last 12 months. The new customers we are attracting to our brands are younger than existing customers by 10 years at Chico's, 3 years at White House Black Market and 4 years at Soma. Each digital touch point inspires the customer to find solutions and build for wardrobe across brands. And we are driving frequency of visits online and in-store. Our customized digital styling tools, MyCloset and StyleConnect continue to drive sales and engagement is growing. These tools further nurture and grow the multichannel customers, who is so valuable to us, spending more than 3x the single-channel customer.

在過去 12 個月中，每位客戶的支出增長了 12%。我們吸引到我們品牌的新客戶比現有客戶年輕 10 歲，在 Chico's，在 White House Black Market 年輕 3 年，在 Soma 年輕 4 年。每個數字接觸點都會激發客戶尋找解決方案並打造跨品牌的衣櫥。我們正在提高在線和實體店的訪問頻率。我們定制的數字造型工具 MyCloset 和 StyleConnect 繼續推動銷售，參與度也在增長。這些工具進一步培養和發展多渠道客戶，他們對我們非常有價值，他們的支出是單渠道客戶的 3 倍多。

Our mobile apps continue to exceed our expectations with downloads and engagement growing month-over-month and driving higher average order value and conversion than the site average. Apps are becoming the hub for our loyalty program and early indicators are that our most loyal customers are highly engaged with the app. We are constantly investing in technology and talent, enhancing AI-driven customer engagement and client-based marketing. Our digital evolution continues.

我們的移動應用程序繼續超出我們的預期，下載量和參與度逐月增長，平均訂單價值和轉化率高於網站平均水平。應用程序正在成為我們忠誠度計劃的中心，早期跡象表明我們最忠誠的客戶與該應用程序的互動度很高。我們不斷投資於技術和人才，加強人工智能驅動的客戶參與和基於客戶的營銷。我們的數字化發展仍在繼續。

And last, we are operationally excellent. We are continually focused on diligently managing our inventory. Cost of sales, supply chain, expenses and real estate, generating healthy cash flow and delivering a strong bottom line. During the year, we had exceptional gross margin performance, a 240 basis point improvement driven by strength in full price sales, higher AURs and improved leverage of inbound freight and occupancy costs, despite increases in raw materials. We constantly strive to improve our sourcing, logistics and operational processes to drive efficiencies and reduce expense. We have carefully managed our calendar and inventory flow to assure product will be available to our customers in a timely manner.

最後，我們的運營非常出色。我們一直專注於努力管理我們的庫存。銷售成本、供應鏈、費用和房地產，產生健康的現金流並提供強大的底線。在這一年中，我們的毛利率表現出色，儘管原材料增加，但由於全價銷售強勁、AUR 提高以及入境運費和占用成本的槓桿率提高，毛利率提高了 240 個基點。我們不斷努力改進我們的採購、物流和運營流程，以提高效率並降低開支。我們仔細管理我們的日曆和庫存流程，以確保產品及時提供給我們的客戶。

Now I'll turn the call over to PJ to update you on our financial performance. PJ?

現在我會把電話轉給 PJ，向您介紹我們的財務業績。睡衣？

Thank you, Molly, and good morning, everyone. We posted diluted fourth quarter EPS of $0.06 compared to $0.09 in the prior year. Fourth quarter total sales of $524 million were up 5.6% over last year and 6% on a comparable sales basis, driven by higher full-price selling, AUR and average dollar sale, complemented by both higher in-store and online traffic.

謝謝你，莫莉，大家早上好。我們公佈的第四季度攤薄後每股收益為 0.06 美元，而去年同期為 0.09 美元。第四季度總銷售額為 5.24 億美元，比去年同期增長 5.6%，按可比銷售額計算增長 6%，這主要是由於全價銷售額、AUR 和平均美元銷售額的增加，以及店內和在線流量的增加。

Looking at the brand, apparel was once again the leading performer for the quarter, with Chico's posting a 16% comparable sales increase and White House Black Market generating a 2% comparable sales gain. Soma posted a fourth quarter comparable sales decline of 5% with the brand showing improvement from prior quarters as we closed out fiscal 2022. Continued innovation and active inventory management resulted in higher AUR and much stronger gross margin than last year. Fourth quarter gross margin was 34.9% compared to 34.5% last year. The 40 basis point improvement reflected occupancy leverage, higher AUR and less air freight partially offset by higher raw material costs.

從品牌來看，服裝再次成為本季度表現最好的品牌，Chico 的可比銷售額增長了 16%，White House Black Market 的可比銷售額增長了 2%。 Soma 公佈第四季度可比銷售額下降 5%，隨著我們結束 2022 財年，該品牌與前幾個季度相比有所改善。持續的創新和積極的庫存管理導致更高的 AUR 和比去年更高的毛利率。第四季度毛利率為 34.9%，而去年同期為 34.5%。 40 個基點的改善反映了佔用率、較高的 AUR 和較低的空運費，部分被較高的原材料成本所抵消。

SG&A expenses for the quarter totaled $176 million or 33.6% of sales compared to 31.2% in the prior year. The 240 basis points of deleverage reflected the impact of higher store expense, marketing spend and other investments needed to drive traffic, customer growth and top line revenues. For the full year, we posted EPS of $0.88 per share, a nearly 140% increase over the prior year. Sales for the full year totaled $2.142 billion, an 18% increase over $1.81 billion in the prior year. Comparable sales rose nearly 20% for the year.

本季度的 SG&A 費用總計 1.76 億美元，佔銷售額的 33.6%，而去年同期為 31.2%。去槓桿化的 240 個基點反映了更高的門店費用、營銷支出和其他推動客流量、客戶增長和收入增長所需的投資的影響。全年，我們公佈的每股收益為 0.88 美元，比上年增長近 140%。全年銷售額總計 21.42 億美元，比上年的 18.1 億美元增長 18%。可比銷售額全年增長近 20%。

Our year-over-year operating income more than doubled to $142 million or 6.6% of sales for the fiscal year resulting from our strong sales performance, 240 basis points of gross margin expansion and 50 basis points of SG&A expense leverage. We also generated just over $185 million of EBITDA in fiscal 2022, an increase of over 50% from last year, a clear indication of the continued strengthening of our operating model, which focuses on both sales and earnings growth. In addition to giving us much more flexibility, higher cash flow generation is providing us with the fuel to invest in strategies that are working.

由於我們強勁的銷售業績、240 個基點的毛利率擴張和 50 個基點的 SG&A 費用槓桿，我們的營業收入同比增長了一倍以上，達到 1.42 億美元，佔本財年銷售額的 6.6%。我們還在 2022 財年產生了超過 1.85 億美元的 EBITDA，比去年增長了 50% 以上，這清楚地表明我們的運營模式在持續加強，該模式側重於銷售和盈利增長。除了為我們提供更大的靈活性外，更高的現金流生成還為我們提供了投資於有效戰略的動力。

Now let's turn to our balance sheet and overall financial strength. Our cash position, total liquidity and operating cash flow remains strong, providing us with the flexibility to manage the business and make investments to further propel our growth. After repaying $50 million of debt last year, $20 million of which was repaid in the fourth quarter, we ended the fiscal year with $178 million of cash and total liquidity of approximately $370 million, inclusive of capacity on our credit facility.

現在讓我們來看看我們的資產負債表和整體財務實力。我們的現金狀況、總流動資金和經營現金流保持強勁，為我們提供了管理業務和進行投資的靈活性，以進一步推動我們的增長。在去年償還了 5000 萬美元的債務（其中 2000 萬美元在第四季度償還）之後，我們在本財年結束時擁有 1.78 億美元的現金和大約 3.7 億美元的流動資金總額，其中包括我們的信貸額度。

At fiscal year-end, inventories totaled $277 million compared to $323 million last year. The $47 million or 14% decline reflects a $34 million decrease in in-transit inventories related to extended delays in the global supply chain last year as well as our disciplined management of inventories to align with consumer demand. At the end of the fourth quarter, on-hand inventories were down 6%, while full year sales were up 18%, a clear indicator that our inventory is working hard for us with strong turns and full price sell-throughs.

截至財年末，存貨總額為 2.77 億美元，而去年為 3.23 億美元。 4,700 萬美元或 14% 的下降反映了與去年全球供應鏈延期延長相關的在途庫存減少 3,400 萬美元，以及我們為滿足消費者需求而嚴格管理庫存。第四季度末，現有庫存下降了 6%，而全年銷售額增長了 18%，這清楚地表明我們的庫存正在為我們努力工作，強勁的周轉率和全價銷售。

Now let's shift to capital spending. Fiscal 2022 capital spending totaled $60 million, which included building our e-commerce capabilities and digital marketing platforms as well as investment in new stores and store upgrades. We believe we are good stewards of capital and investment. And in fiscal 2022, we generated a return on investment well above our cost of capital. Our digital investments in 2022 included upgrading our order management system, improving our data analytical capabilities and enhancing the overall user experience of our brand websites and mobile applications.

現在讓我們轉向資本支出。 2022 財年的資本支出總計 6000 萬美元，其中包括建立我們的電子商務能力和數字營銷平台，以及對新店和店面升級的投資。我們相信我們是資本和投資的好管家。在 2022 財年，我們產生的投資回報率遠高於我們的資本成本。我們在 2022 年的數字投資包括升級我們的訂單管理系統、提高我們的數據分析能力以及提升我們品牌網站和移動應用程序的整體用戶體驗。

In regard to real estate, we opened 27 stand-alone Soma stores and refreshed 43 of our most productive Chico's, White House Black Market and Soma boutiques. We closed 24 stores last year, down from our original target of 40 due to improving productivity and profitability of our store base. We ended the year with 1,269 boutiques.

在房地產方面，我們開設了 27 家獨立的 Soma 商店，並更新了 43 家最俱生產力的 Chico's、White House Black Market 和 Soma 精品店。去年我們關閉了 24 家門店，低於我們原定的 40 家目標，原因是提高了我們門店基礎的生產力和盈利能力。我們在年底擁有 1,269 家精品店。

Since 2018, we have closed 230 underperforming locations, and we may close up to 20 additional locations this year. Closing these locations has been highly accretive to our P&L, and due to our strengthened financial position, we have been able to negotiate new and renewed leases with much more favorable lease terms. We believe our fleet is rightsized and well positioned to deliver incremental growth and profitability going forward.

自 2018 年以來，我們關閉了 230 個表現不佳的門店，今年我們可能還會關閉多達 20 個門店。關閉這些地點極大地增加了我們的損益，並且由於我們的財務狀況得到加強，我們能夠以更優惠的租賃條款談判新的和續籤的租約。我們相信我們的機隊規模合適並且處於有利地位，可以在未來實現增量增長和盈利。

We will continue to actively manage our real estate portfolio to enhance overall store and company profitability. It is important to note that our customers love to engage with our brands in the communities where they live, and our digital sales trend much higher in markets where we have a physical presence. We believe our elevated investments in both digital and stores will continue to deliver strong returns for the company. Our overall capital investment strategy is geared toward directly driving incremental traffic, conversion and customer growth across channels, which ultimately translates into strong top line growth both now and over the long term.

我們將繼續積極管理我們的房地產投資組合，以提高整體商店和公司的盈利能力。重要的是要注意，我們的客戶喜歡在他們居住的社區中與我們的品牌互動，而我們的數字銷售趨勢在我們有實體存在的市場上要高得多。我們相信，我們在數字和商店方面增加的投資將繼續為公司帶來豐厚的回報。我們的整體資本投資戰略旨在直接推動跨渠道的增量流量、轉化率和客戶增長，最終轉化為現在和長期的強勁收入增長。

Now let me give some color on our outlook for fiscal 2023. On top of our 18% sales increase last year, we are planning for continued top line growth for fiscal 2023, with sales growth in all 3 brands. We are confident that both existing and new customers will show up for us because we are delivering the style, innovation, uniqueness and quality that our customers expect.

現在讓我談談我們對 2023 財年的展望。除了去年 18% 的銷售額增長之外，我們還計劃在 2023 財年繼續實現收入增長，所有 3 個品牌的銷售額都將增長。我們相信現有客戶和新客戶都會光顧我們，因為我們正在提供客戶期望的風格、創新、獨特性和質量。

For the first quarter of 2023, we are forecasting more modest sales growth than for the full year. This is driven by inventory purchase decisions made a year ago that were based on a lower store count. Recall, we closed 16 fewer stores than originally planned last year due to improving store productivity, mostly White House Black Market locations.

對於 2023 年第一季度，我們預測銷售增長將比全年更為溫和。這是由一年前基於較低商店數量做出的庫存購買決定推動的。回想一下，由於商店生產力的提高，我們去年關閉的商店比原計劃少了 16 家，主要是白宮黑市地點。

As we move into the second quarter and balance of the year, we expect sales trends to improve as we have secured additional inventory receipts that align with our store count. We are currently forecasting continued gross margin expansion through lean inventories, supply chain cost management, full price selling, strategic price adjustments, product mix and occupancy leverage. We remain highly disciplined on expense control and had a lean cost structure. We will still make the necessary investments in store labor, marketing and other expenses in fiscal 2023 to further support sales and customer growth.

隨著我們進入第二季度和今年餘下的時間，我們預計銷售趨勢會有所改善，因為我們已經獲得了與我們的商店數量相符的額外庫存收據。我們目前預測，通過精益庫存、供應鏈成本管理、全價銷售、戰略價格調整、產品組合和占用槓桿，毛利率將持續擴大。我們在費用控制方面保持高度紀律，並擁有精簡的成本結構。我們仍將在 2023 財年對門店勞動力、營銷和其他支出進行必要的投資，以進一步支持銷售和客戶增長。

We continue to make prudent investments in our business that will drive traffic, conversion, customer growth and revenue across all channels. Our planned capital expenditures for fiscal 2023 are expected to total between $80 million and $90 million, inclusive of cloud-based investment. The majority of our investment this year will be used to strengthen our digital-first positioning, further augmenting our digital and marketing systems and building out our connected commerce platform to seamlessly drive traffic and conversion across channels. This investment will create digital tailwinds for years to come.

我們繼續對我們的業務進行審慎投資，以推動所有渠道的流量、轉化率、客戶增長和收入。我們計劃在 2023 財年的資本支出總額預計在 8000 萬至 9000 萬美元之間，其中包括基於雲的投資。我們今年的大部分投資將用於加強我們的數字優先定位，進一步增強我們的數字和營銷系統，並構建我們的互聯商務平台，以無縫推動跨渠道的流量和轉化。這項投資將在未來幾年創造數字順風。

We also expect to upgrade approximately 60 Chico's in the White House Black Market boutiques this year. In addition, we are targeting up to 50 new Soma boutiques this year. The real estate market has tightened, and we are focused on opening stores in locations, where we believe we can generate the highest returns.

我們還預計今年將升級白宮黑市精品店中的大約 60 家 Chico's。此外，我們今年的目標是開設多達 50 家新的 Soma 精品店。房地產市場已經收緊，我們專注於在我們認為可以產生最高回報的地點開設商店。

As our cash flow and EBITDA base continue to grow, we expect our financial position to strengthen. In addition to funding strategic investments, strong cash flow will allow us to navigate the ongoing uncertain macroeconomic environment. Growing our EBITDA and cash flow base is permitting us to invest in our long-term strategic plan and although we are seeing some pressure on SG&A, we expect ongoing investment to support profitable future growth.

隨著我們的現金流和 EBITDA 基礎繼續增長，我們預計我們的財務狀況將得到加強。除了為戰略投資提供資金外，強勁的現金流將使我們能夠應對持續不確定的宏觀經濟環境。擴大我們的 EBITDA 和現金流基礎使我們能夠投資於我們的長期戰略計劃，儘管我們看到 SG&A 存在一些壓力，但我們預計持續的投資將支持盈利的未來增長。

So with that, for the first quarter, we expect total sales of $535 million to $550 million. Gross margin rate as a percent of sales to be in the 41.3% to 41.8% range. SG&A as a percent of sales to be in the 32.8% to 33.3% range, an effective tax rate of approximately 25% and diluted EPS of $0.26 to $0.30 per share. For the full year, which is a 53-week year for 2023, we expect total sales of $2.22 billion to $2.25 billion. Gross margin rate as a percent of sales to be in the 39.4% to 39.8% range. SG&A as a percent of sales to be in the 33% to 33.4% range, and effective tax rate of approximately 26% and diluted EPS of $0.79 to $0.91 per share.

因此，對於第一季度，我們預計總銷售額為 5.35 億美元至 5.5 億美元。毛利率佔銷售額的百分比在 41.3% 至 41.8% 之間。 SG&A 佔銷售額的百分比在 32.8% 至 33.3% 之間，有效稅率約為 25%，攤薄每股收益為 0.26 美元至 0.30 美元。對於全年，也就是 2023 年有 53 週的一年，我們預計總銷售額為 22.2 億美元至 22.5 億美元。毛利率佔銷售額的百分比在 39.4% 至 39.8% 之間。 SG&A 佔銷售額的百分比在 33% 至 33.4% 之間，有效稅率約為 26%，攤薄每股收益為 0.79 美元至 0.91 美元。

In closing, we continue to work towards achieving our growth plans and are confident in our ability to create shareholder value, both now and over the long term. We look forward to keeping you posted on our progress.

最後，我們將繼續努力實現我們的增長計劃，並對我們現在和長期創造股東價值的能力充滿信心。我們期待讓您了解我們的進展。

Now I'll turn the call over back to the operator. Operator?

現在我將把電話轉回給接線員。操作員？

(Operator Instructions) My first question comes from Dana Telsey from the Telsey Group.

（操作員說明）我的第一個問題來自 Telsey Group 的 Dana Telsey。

Congratulations on the nice progress. As you mentioned in the call and in the release, it sounds like January was very strong. What did you see in January by brand? Was there any improvement in the White House Black Market, which I think had a little bit of a tougher holiday season? And how are you thinking about the level of promotions going forward?

祝賀你取得了不錯的進步。正如您在電話會議和新聞稿中提到的，聽起來 1 月份非常強勁。你在一月份看到了什麼品牌？白宮黑市有什麼改善嗎，我認為它的假期有點艱難？您如何看待未來的晉升水平？

And then just on the SG&A investments, PJ, can you just highlight how you think it breaks out the investments this year, whether marketing or others and some of those tech investments you were talking about? And how you're planning for marketing spend?

然後就 SG&A 投資而言，PJ，你能否強調你認為今年的投資是如何突破的，無論是營銷還是其他，以及你正在談論的一些技術投資？您如何計劃營銷支出？

Thank you, Dana, and good morning. We did see strength in January across the 3 brands. Specifically, you asked about White House Black Market, and we did see a pop in the business in January. We took care of what we needed to in December. As we shared, we went into January with inventories clean. And the customer came back responding to categories in jackets, in tops, including mitts and wovens, and we also saw her responding to career and dresses. So we believe that, that was a point in time, and we're very pleased with the results.

謝謝你，達娜，早上好。我們確實在 1 月份看到了 3 個品牌的實力。具體來說，您詢問了白宮黑市，我們確實在 1 月份看到了該業務的流行。我們在 12 月處理了我們需要處理的事情。正如我們分享的那樣，我們進入 1 月份時庫存很乾淨。顧客回來後對夾克、上衣（包括連指手套和梭織面料）的類別做出了回應，我們還看到她對職業和連衣裙做出了回應。所以我們相信，那是一個時間點，我們對結果非常滿意。

We continue to see strength in Chico's as we delivered our spring deliveries with customers responding to our solution-based categories. And then in Soma as well, as we moved out of the holiday time period, we continue to invest in newness in the categories of bras. We had some new categories like a new Vanishing Tummy Thong and some shapewear launches. So we're really excited about the start that we have to the spring season and how we saw the customer respond to regular price, higher AUR and product with more innovation.

隨著客戶響應我們基於解決方案的類別，我們繼續看到 Chico's 的優勢。然後在 Soma，隨著我們離開假期，我們繼續投資文胸類別的新品。我們推出了一些新類別，例如新的 Vanishing Tummy 丁字褲和一些塑身衣。因此，我們對春季的開始以及我們看到客戶如何響應正常價格、更高的 AUR 和更多創新的產品感到非常興奮。

As it relates directly to the question about level of promotion, we continue to be steadfast on not going backwards in terms of promotion. Our strategy is to leverage our loyalty program and to entice consumers at their tier level based upon their spend, and we're going to continue on that front as we move forward throughout the year.

因為這直接關係到晉級的問題，所以我們在晉級上還是堅定不移的。我們的戰略是利用我們的忠誠度計劃，並根據他們的支出在他們的級別吸引消費者，我們將在全年向前推進的過程中繼續在這方面努力。

And then, Dana, on SG&A for 2023, and as we've mentioned, we're continuing to invest in the business pursuant to our long-term plan. The majority of the SG&A deleverage we're showing, which is modest, is due to the marketing investment to continue to build our customer file and drive new customer growth. Store labor and DC labor do remain an elevated cost due to inflation and us needing to be competitive. And then the balance will be our investment in IT-related projects that ultimately will drive incremental traffic and conversion as we move through 2023 and into 2024.

然後，Dana，關於 2023 年的 SG&A，正如我們所提到的，我們將根據我們的長期計劃繼續投資於該業務。我們顯示的大部分 SG&A 去槓桿化是適度的，這是由於營銷投資繼續建立我們的客戶檔案並推動新客戶增長。由於通貨膨脹，商店勞動力和 DC 勞動力確實仍然是一個高成本，我們需要具有競爭力。然後平衡將是我們對 IT 相關項目的投資，這些項目最終將在我們通過 2023 年進入 2024 年時推動增量流量和轉換。

Got it. And then just with the moderating freight costs, how much of -- what's the benefit of that as you go through the year? And is there any offset in terms of raw material costs, how you're looking at that as we go through the year?

知道了。然後，隨著運費的降低，這一年中有多少——它的好處是什麼？在原材料成本方面是否有任何抵消，你如何看待這一年？

Yes, the net supply chain impact will be positive this year, at least that's what is in our forecast. So inbound freight costs are coming down, as you said, but outbound freight costs, so shipping to customers, that's a slight increase. There's an offset there. And then we invest in innovative fabrics. So we want to keep that pipeline full. So raw material costs will remain slightly elevated for the balance of the year. But we believe that is an investment that ultimately allows for us to price for innovation and drive AUR higher.

是的，今年淨供應鏈影響將是積極的，至少我們的預測是這樣。正如你所說，入站運費正在下降，但出站運費，即運送給客戶的運費，略有增加。那裡有一個偏移量。然後我們投資於創新面料。所以我們想讓這條管道保持完整。因此，在今年餘下的時間裡，原材料成本仍將略有上升。但我們相信，這是一項最終使我們能夠為創新定價並推動 AUR 更高的投資。

Got it. And just one last thing on your outlook that you gave for 2024, I would assume that no change to that outlook given the 2023 guide?

知道了。關於您對 2024 年展望的最後一件事，我認為鑑於 2023 年指南，該展望沒有改變？

No change, correct.

沒有變化，正確。

Our next question comes from Marni Shapiro of Retail Tracker.

我們的下一個問題來自 Retail Tracker 的 Marni Shapiro。

Congratulations on the great end of the year and an outstanding start to the new year. The stores have really looked fantastic. Could you -- PJ, I'm sorry, you ran through the store openings and closings so quickly. I think you said you were going to upgrade 60 Chico's and White House, is that 60 each or 60 total? And how many Soma stores did you say you would open this year?

祝賀您度過了美好的一年，並祝賀您在新的一年取得了出色的開端。這些商店看起來真的很棒。你能不能——PJ，對不起，你這麼快就跑完了商店的開張和關門。我想你說你要升級 60 Chico's 和 White House，是每個 60 還是總共 60？你說今年要開多少家Soma店？

So the upgrade, there's 60 total. And we are targeting up to 15 new Soma's. And we had originally expected 30 annually. The reason for the slowdown is it's just a function of us being more disciplined in our approach to generating returns in our stores. And the real estate market is getting more competitive and rent, there is pressure on rents. So there's -- we want to make sure what we're doing is prudent on the real estate front.

所以升級，總共有60個。我們的目標是多達 15 個新的 Soma's。我們原先預計每年 30 個。放緩的原因是我們在商店產生回報的方法上更加自律。而且房地產市場和租金競爭越來越激烈，租金存在壓力。所以有 - 我們想確保我們在房地產方面所做的事情是謹慎的。

Great. And then just a follow-up on that. The upgrades that, I think I'm seeing your upgrades out there already on the White House, the new -- the outside of the store, the new White House Black Market. As you're doing some of these upgrades and modernizing the look, are you doing anything else branding wise? Are you changing hangtags or anything else in store to go along with it? Or is this really just a physical space upgrade?

偉大的。然後只是跟進。升級，我想我已經在白宮看到你的升級，新的 - 在商店外面，新的白宮黑市。當您進行其中一些升級並使外觀現代化時，您是否在做其他品牌明智的事情？您是否正在更改吊牌或商店中的其他任何東西以配合它？或者這真的只是物理空間升級？

Yes. Thank you, Marni. It's a rolling change. We have actually been making changes to hangtags, in inner beauty branding across the brands over the last 2 years. So you'll continue to see the evolution effect as we move forward and not only on the product, but all the way through to the store environment. So we're excited about what to come.

是的。謝謝你，瑪妮。這是一個滾動的變化。在過去的兩年裡，我們實際上一直在改變吊牌，在品牌的內在美品牌中。因此，隨著我們向前發展，您將繼續看到進化效應，不僅在產品上，而且一直到商店環境。所以我們對即將發生的事情感到興奮。

It looks great. And then can I just ask one quick question on this cut, your younger customer that you're getting into the brand? It's a pretty significant jump down in Chico's. Is there anything markedly different about this customer? Is she fashion first? Is she coming in and buying full price? Just a little bit more on that customer.

看起來不錯。然後我可以就這個剪裁問一個簡短的問題，你的年輕客戶你正在進入這個品牌嗎？在 Chico's 中，這是一個非常重要的跳躍。這個客戶有什麼明顯的不同嗎？她是時尚第一？她是進來買全價的嗎？關於那個客戶的更多信息。

Yes. First of all, in terms of our new customers, we find that it's our solutions across the 3 brands is our entry point. And so we really use that as our marquee to be able to communicate to new customers. Second, what we are finding is that this customer is buying head to toe as our other customers have. And that's primarily based upon the unbelievable service that we have in our stores and how she is catered to and how we can really build out her wardrobe. So we're just really talking to this customer as we do others and sharing with her how amazing our brands are when she discovers us.

是的。首先，就我們的新客戶而言，我們發現我們跨三個品牌的解決方案是我們的切入點。因此，我們真的將其用作我們的字幕，以便能夠與新客戶進行交流。其次，我們發現該客戶正在像我們其他客戶一樣從頭到腳購買。這主要基於我們在商店中提供的令人難以置信的服務以及如何迎合她以及我們如何真正打造她的衣櫥。所以我們只是像對待其他人一樣真正地與這位客戶交談，並與她分享當她發現我們時我們的品牌是多麼令人驚奇。

This concludes our question-and-answer session. I would like to turn the call back over to Molly Langenstein for closing comments.

我們的問答環節到此結束。我想將電話轉回 Molly Langenstein 以徵求意見。

Thank you. I want to thank our entire team for another terrific year. Our results demonstrate that our pillars are fueling our strategy and our strategy is working. In 2023, we will build on our standout fiscal 2022 results. And based on January, we believe we're off to a great start.

謝謝。我要感謝我們的整個團隊又度過了美好的一年。我們的結果表明，我們的支柱正在推動我們的戰略，我們的戰略正在發揮作用。 2023 年，我們將在出色的 2022 財年業績的基礎上再接再厲。基於一月份，我們相信我們有了一個良好的開端。

Thank you for your interest and time. We look forward to speaking with you again during our first quarter conference call in June.

感謝您的關注和時間。我們期待在 6 月的第一季度電話會議期間再次與您交談。

Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。