Gap Inc (GAP) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. I would like to welcome everyone to The Gap, Inc. second quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，午安。歡迎各位參加 Gap 公司 2025 年第二季財報電話會議。（操作說明）

I would now like to introduce your host, Whitney Notaro, Head of Investor Relations.

現在我謹向大家介紹主持人，投資人關係主管惠特尼‧諾塔羅。

Good afternoon, everyone. Welcome to Gap Inc.'s second quarter fiscal 2025 earnings conference call. Before we begin, I'd like to remind you that the information made available on this conference call contains forward-looking statements that are subject to risks that could cause our actual results to be materially different.

大家下午好。歡迎參加 Gap 公司 2025 財年第二季財報電話會議。在開始之前，我想提醒各位，本次電話會議中提供的資訊包含前瞻性陳述，這些陳述存在風險，可能導致我們的實際結果與預期結果有重大差異。

For information on factors that could cause our actual results to differ materially from any forward-looking statements, please refer to the cautionary statements contained in our latest earnings release, the risk factors described in the company's annual report on Form 10-K filed with the Securities and Exchange Commission on March 18, 2025, and any subsequent filings with the Securities and Exchange Commission, all of which are available on gapinc.com.

有關可能導致我們的實際業績與任何前瞻性聲明存在重大差異的因素的信息，請參閱我們最新收益報告中的警示性聲明、公司於 2025 年 3 月 18 日向美國證券交易委員會提交的 10-K 表格年度報告中描述的風險因素，以及隨後向美國證券交易委員會提交的任何文件，所有這些文件都可以在 gapinc.com 上查閱。

These forward-looking statements are based on information as of today, August 28, 2025, and we have no obligation to publicly update or revise our forward-looking statements.

這些前瞻性聲明是基於截至 2025 年 8 月 28 日的信息，我們沒有義務公開更新或修改我們的前瞻性聲明。

Our latest earnings release and the accompanying materials available on gapinc.com also include descriptions and reconciliations of financial measures not consistent with Generally Accepted Accounting Principles. Joining me on the call today are Chief Executive Officer, Richard Dickson; and Chief Financial Officer, Katrina O'Connell.

我們最新的收益報告以及在 gapinc.com 上提供的相關資料還包括與公認會計原則不一致的財務指標的說明和調節表。今天與我一起參加電話會議的有執行長理查德·迪克森和財務長卡特里娜·奧康奈爾。

With that, I'll turn the call over to Richard.

接下來，我將把電話交給理查。

Thanks, Whitney, and good afternoon, everyone. We are pleased to report second quarter results that over-delivered on our profit expectations and achieved our top line goals, once again demonstrating our ability to do what we said we were going to do.

謝謝你，惠特尼，大家下午好。我們很高興地宣布第二季度業績，該業績超出了我們的利潤預期，並實現了我們的營收目標，再次證明了我們有能力做到我們所說的話。

In my first remarks to you as CEO two years ago, I shared my vision for leading Gap Inc. into an exciting new chapter, one that honors our legacy while boldly shaping an extraordinary future. From the start, I saw the immense potential of our brand portfolio and recognized the need to reposition the company for sustainable profitable growth.

兩年前，我作為執行長首次向各位發表演說時，我分享了我對帶領 Gap 公司進入激動人心的新篇章的願景，這個篇章既要尊重我們的傳統，又要大膽地塑造一個非凡的未來。從一開始，我就看到了我們品牌組合的巨大潛力，並意識到需要重新定位公司，以實現可持續的獲利成長。

Over the past two years, we've sharpened our strategic priorities, brought greater clarity to our organization and empowered our people in ways that are attracting world-class talent and partners. We've made meaningful financial progress, laying the groundwork for long-term success. We still have plenty of work to do because transformation of this scale takes time.

過去兩年，我們明確了策略重點，提高了組織架構的清晰度，並賦予員工更多權力，從而吸引了世界一流的人才和合作夥伴。我們在財務方面取得了實質進展，為長期成功奠定了基礎。我們還有很多工作要做，因為如此大規模的轉型需要時間。

However, it's clear we are now operating from a position of strength, one that's proving essential as we navigate an increasingly dynamic and complex environment. Our strategic priorities define the framework that has enabled us to perform while we've been transforming over the last two years.

然而，很顯然，我們現在處於優勢地位，這在我們應對日益動態和複雜的環境時至關重要。我們的策略重點定義了我們在過去兩年轉型過程中能夠取得成功的框架。

First, maintaining financial and operational rigor. This has become fundamental to how we operate and has driven significant gross margin expansion of 360 basis points to 41.2% in the second quarter versus the same period two years ago. In fiscal 2024, we delivered EPS of $2.20, our strongest performance in six years, and ended the year with cash balances of $2.6 billion, the highest in 15 years.

首先，保持財務和營運的嚴謹性。這已成為我們營運方式的根本，並推動了第二季毛利率較兩年前同期大幅成長 360 個基點，達到 41.2%。在 2024 財年，我們實現了每股收益 2.20 美元，這是六年來最強勁的業績，並且年底現金餘額為 26 億美元，這是 15 年來的最高水平。

Second, reinvigorating our brands. Our playbook continues to deliver, strengthening the foundation of our brands and proving they can matter more. With the sixth consecutive quarter of positive comp sales for Gap Inc., we're seeing clear, consistent signals that our playbook is working and that our brands are winning where it counts with the consumer.

第二，重振我們的品牌。我們的策略持續奏效，鞏固了我們品牌的基礎，並證明它們可以發揮更大的作用。Gap Inc. 連續第六個季度實現正成長，這表明我們的策略正在奏效，我們的品牌在消費者心中贏得了認可。

Third, strengthening our platform. We've restructured our fixed cost base, strengthened our supply chain, modernized our media mix model and are investing in technology, driving both efficiency and effectiveness. And fourth, energizing our culture, we've been building a more united, focused and energized organization, one that's rooted in purpose, driven by talent and inspired by the belief that great brands can shape culture and connect deeply with consumers.

第三，加強我們的平台。我們重組了固定成本基礎，加強了供應鏈，實現了媒體組合模式的現代化，並投資於技術，從而提高了效率和效益。第四，為了激發我們的文化活力，我們一直在建立一個更團結、專注和充滿活力的組織，一個以目標為根基、以人才為驅動、並秉持著「偉大的品牌可以塑造文化並與消費者建立深厚聯繫」這一信念的組織。

It's been an exciting two years, and our success is a testament to the talent and dedication of the people of Gap Inc. Together, we have emerged as a more resilient company, one that turns challenges into opportunities, moves with speed, operates with bold ambition and creativity and delivers with consistency.

過去的兩年令人振奮，我們的成功證明了 Gap Inc. 員工的才華和奉獻精神。我們齊心協力，成長為一家更具韌性的公司，一家能夠將挑戰轉化為機會、快速行動、以大膽的雄心和創造力運營並始終如一地交付成果的公司。

The foundational rigor we have established, combined with the proven relevance of our brands, is enabling us to build momentum within our core while at the same time, exploring new opportunities that will help to fuel profitable growth over the long term.

我們已經建立的嚴謹基礎，加上我們品牌的成熟相關性，使我們能夠在核心業務的基礎上積蓄力量，同時探索新的機遇，從而在長期內推動盈利增長。

On today's call, as usual, I'll provide an update on our second quarter performance and progress in the context of our four strategic priorities. Then Katrina will walk you through our detailed financial results and our financial outlook, after which we will open the call for questions. Let's start with financial and operational rigor.

在今天的電話會議上，我將照例介紹我們第二季的業績以及在四大策略重點方面的進展。接下來，卡特里娜將向大家詳細介紹我們的財務表現和財務展望，之後我們將開放提問環節。讓我們先從財務和營運的嚴謹性談起。

Gap Inc. comparable sales were up 1% in the quarter versus last year. We were pleased to see our three largest brands, Old Navy, Gap and Banana Republic, posting positive comps in the second quarter, allowing us to leverage the strength of our portfolio despite the challenging quarter for Athleta and deliver another solid comp gain for Gap Inc.

Gap Inc. 同店銷售額本季較去年同期成長 1%。我們很高興看到三大品牌 Old Navy、Gap 和 Banana Republic 在第二季度實現了正增長，這使我們能夠利用自身產品組合的優勢，儘管 Athleta 在第二季度面臨挑戰，並為 Gap Inc. 帶來了又一次穩健的同店銷售增長。

We delivered operating margin of 7.8%, EPS of $0.57, up 6% versus last year, and ended the quarter with strong cash balances of approximately $2.4 billion, allowing us to make targeted investments in capabilities, infrastructure and our brands to drive shareholder value creation over time. Turning to our next strategic priority, driving relevance and revenue by executing on our brand reinvigoration playbook.

我們實現了 7.8% 的營業利潤率，每股收益為 0.57 美元，比去年同期增長 6%，並且本季末現金餘額強勁，約為 24 億美元，這使我們能夠對能力、基礎設施和品牌進行有針對性的投資，從而隨著時間的推移推動股東價值的創造。接下來，我們將著手製定下一個策略重點，即透過執行品牌重塑計畫來提升品牌相關性和收入。

We are building stronger brand identities, supported by trend-right products that are amplified with more compelling storytelling that is translating to greater cultural relevance. Our portfolio consists of iconic trusted brands, each in a different stage of the brand reinvigoration journey.

我們正在打造更強大的品牌形象，以符合潮流的產品為支撐，並透過更引人入勝的故事來強化品牌形象，從而提升品牌的文化相關性。我們的產品組合包含眾多標誌性的、值得信賴的品牌，每個品牌都處於品牌重塑之旅的不同階段。

And today, the playbook is driving growth in three of our four brands. Let's begin with Old Navy. Old Navy, our largest brand and the number one specialty apparel brand and retailer in the US, delivered another strong quarter with a 2% comp on top of last year's 5% comp.

如今，這套策略正在推動我們四個品牌中的三個實現成長。我們先從 Old Navy 開始。Old Navy 是我們最大的品牌，也是美國排名第一的專業服飾品牌和零售商，本季業績強勁，在去年 5% 的同店銷售額基礎上又成長了 2%。

These results reflect a brand that is operating with greater discipline as it delivers sustainable growth quarter after quarter. We're seeing the impact of Old Navy's brand reinvigoration take hold with continued strength in key customer metrics, including increased brand consideration versus last year, growing organic brand search and strong Net Promoter Scores at our stores.

這些業績反映出該品牌在營運中更加自律，並實現了持續成長，每個季度都保持了這一成長勢頭。我們看到 Old Navy 品牌重振計劃的影響正在顯現，關鍵客戶指標持續走強，包括品牌考慮度較去年有所提高、自然品牌搜尋量增長以及門市淨推薦值 (NPS) 強勁增長。

Strong execution, combined with consistent storytelling and product focus, is helping Old Navy show up in a way that's more relevant to today's consumer, and the results are showing up in the numbers. We are seeing the benefits of our strategic pursuit of key categories, particularly in denim and active, where we focused on leading at scale with great products, clear value and amplified by compelling storytelling.

強大的執行力，加上一致的故事敘述和產品專注，幫助 Old Navy 以更貼近當今消費者的方式亮相，而這些成果也體現在了數據上。我們正在看到策略性地追求關鍵品類所帶來的好處，尤其是在牛仔服和運動服領域，我們專注於以優質的產品、清晰的價值和引人入勝的故事來引領規模化發展。

Old Navy's denim posted the highest-volume second quarter in 10 years, driving a strong comp and positioning itself as the number four brand in adult denim. This growth was fueled by the strength of our WOW denim and on-trend baggy and wide-leg fits.

Old Navy 的牛仔服裝第二季度銷量創下 10 年來新高，實現了強勁的同店銷售增長，並鞏固了其在成人牛仔服裝領域第四大品牌的地位。這一增長得益於我們 WOW 牛仔布的強勁表現以及流行的寬鬆闊腿版型。

Our dedicated denim shops and clear merchandising point of view signal that we are leaning into the denim category with conviction. The momentum has extended into the third quarter with early back-to-school denim performing very well. Old Navy's active business continued to grow in the second quarter and is positioned as the number five brand in the active category.

我們專門開設的牛仔專賣店和清晰的商品陳列理念表明，我們正堅定地進軍牛仔品類。這股勢頭延續到了第三季度，開學季初期的牛仔服裝表現非常出色。Old Navy 的運動服飾業務在第二季度持續成長，目前在運動服飾類別中排名第五。

The growth was fueled by our first major active campaign in years, Old Navy, New Moves, featuring Lindsay Lohan, with women's product really resonating. We are continuing to unlock growth through strategic partnerships that amplify our brand relevance.

成長的動力來自於我們多​​年來的第一個大型積極行銷活動“Old Navy，新動向”，該活動由林賽·羅翰 (Lindsay Lohan) 代言，女性產品引起了強烈共鳴。我們正透過策略合作不斷釋放成長潛力，從而提升我們的品牌影響力。

This quarter marked the launch of our Disney Summer Americana collection for the family, which excited customers with must-have product. We amplified this campaign across digital channels, generating more than 100 pieces of creator-led social content, extending our reach and driving engagement.

本季我們推出了迪士尼夏季美式家庭系列，其中的必備產品令顧客興奮不已。我們在數位管道上擴大了此次活動的影響力，製作了 100 多條由創作者主導的社交內容，擴大了我們的覆蓋範圍並提高了參與度。

We look forward to providing updates on more exciting brand activations in the second half. Our strategic pursuit of key categories is driving results, and our storytelling is coming to life with more compelling narratives, clearer expression of value and a growing connection with the customer.

我們期待在下半年為大家帶來更多令人興奮的品牌推廣活動訊息。我們對關鍵品類的策略性追求正在推動績效成長，我們的故事敘述也變得更加生動，更具說服力，價值表達更加清晰，與客戶的聯繫也日益緊密。

It's exciting to see the reinvigoration playbook now coming to life more comprehensively at Old Navy as we reassert this iconic brand. Now let's turn to Gap. Our efforts to reignite Gap are showing up on the leaderboard. The brand continues to deliver strong and consistent results with a 4% comp in Q2 on top of a 3% comp last year. This is the brand's seventh consecutive quarter of positive comps.

令人興奮的是，隨著我們重新確立這個標誌性品牌的地位，Old Navy 的復興計劃正在更加全面地付諸實施。現在我們來看看蓋璞公司。我們重振 Gap 的努力正在排行榜上顯現出來。該品牌持續保持強勁穩定的業績，第二季同店銷售額成長 4%，而去年同期同店銷售額成長 3%。這是該品牌連續第七個季度實現同店銷售額成長。

It's particularly satisfying to see our namesake brand leading the execution of our playbook and reentering the cultural conversation in such a pronounced way. This momentum is fueled by big product ideas, culturally relevant storytelling and consistent execution.

看到我們的同名品牌引領著我們策略的執行，並以如此鮮明的方式重新進入文化對話，我感到格外欣慰。這種發展勢頭得益於宏大的產品創意、與文化相關的敘事方式以及持續不斷的執行。

Performance in the quarter was led by ongoing strength in women's and improving trends in men's. Our strategic pursuit of denim continues to propel the brand with more pronounced fashion and trend-right products. Gap denim had a standout quarter with broad-based strength across the family, fueled by demand across baggy, horseshoe, barrel and easy pull-on styles.

本季業績主要得益於女性市場的持續強勁表現和男性市場的改善趨勢。我們對牛仔布的策略性追求，持續推動品牌發展，推出更多時尚潮流產品。Gap牛仔系列本季表現出色，全系列產品均表現強勁，主要得益於寬鬆款、馬蹄形款、桶形款和易穿套頭款的需求。

Building on that strength, last week, we launched our fall release, Better in Denim, featuring the return of low-rise styles and the iconic long and lean jean. This is another example of consistent execution of our brand reinvigoration playbook for Gap, led by a big product idea brought to life through music, dance and self-expression, this time, starring Katta.

憑藉這一優勢，上週我們推出了秋季新品“Better in Denim”，其中包括低腰款式和標誌性的修身長牛仔褲的回歸。這是 Gap 品牌重塑策略持續執行的又一個例子，該策略以一個宏大的產品理念為核心，並透過音樂、舞蹈和自我表達將其變為現實，而這一次，主角是 Katta。

As the playbook advances and becomes more pronounced, we're seeing sequential progress with each release. Better in Denim has generated the strongest response to date with 20 million views in the first three days, more views than the full length of our last four releases combined, reinforcing the cultural relevance of the brand. Linen remained a key seasonal success story in the second quarter with our versatile on-trend essentials.

隨著策略手冊的推進和完善，我們看到每次發布都帶來了循序漸進的進步。Better in Denim 獲得了迄今為止最強烈的反響，在短短三天內就獲得了 2000 萬次觀看，比我們最近四部作品的總觀看次數還要多，這進一步鞏固了該品牌的文化相關性。亞麻製品在第二季仍是當季主打產品，我們推出的百搭時尚單品仍是本季的成功之選。

Our strong results are a testament to the strength of the product and its relevance to our customers. We continue to elevate our storytelling, working with 400 creators to build connection through culturally relevant products like the horseshoe jean and the NAP hoodie. These products are not just performing well, they are becoming viral trends, driven by content and social-first marketing.

我們所取得的優異成績證明了產品的實力及其對顧客的重要性。我們不斷提升我們的故事講述能力，與 400 位創作者合作，透過馬蹄形牛仔褲和 NAP 連帽衫等具有文化相關性的產品來建立聯繫。這些產品不僅表現出色，而且在內容行銷和社群行銷的推動下，正在成為病毒式傳播的潮流。

These are examples of how we are continuing to evolve the way we engage with our customers. Our collaborations continue to drive excitement with Malvern and BACE representing the 11th and 12th collaborations in the last two years.

這些例子說明了我們如何不斷改進與客戶的互動方式。我們的合作持續令人興奮，馬爾文和BACE代表了過去兩年中的第11次和第12次合作。

This is fueling momentum. These collabs, along with our latest Gap studio collection, have driven relevance and revenue at higher price points while driving new customer growth. As a result of the team's hard work, we're seeing improving brand health and growing customer engagement with average unit retails up, greater spend per customer and increasing brand search.

這會助長發展動能。這些合作，以及我們最新的 Gap 工作室系列，在高價位上提高了產品的相關性和收入，同時推動了新客戶的成長。由於團隊的辛勤工作，我們看到品牌健康狀況有所改善，客戶參與度有所提高，平均單位零售額上升，每位客戶的消費額增加，品牌搜尋量也增加。

Gap brand is building momentum, reclaiming its place in the cultural conversation with credibility. We see a clear path forward for this brand and are confident in our ability to build on this position of strength, fueling sustained growth for the brand over time.

Gap品牌正在積蓄力量，並憑藉其信譽重新奪回在文化對話中的地位。我們看到了這個品牌清晰的發展方向，並且有信心鞏固這一優勢地位，從而推動品牌隨著時間的推移實現持續成長。

At Banana Republic, we set out to reestablish this brand to thrive in the premium lifestyle space, and our 4% comp in the quarter reflects the steady progress against that ambition. We've remained focused on tightening our assortment, refining our product aesthetic, enhancing our marketing and improving service levels, and it's starting to show up in the metrics that matter.

在 Banana Republic，我們致力於重塑品牌，使其在高端生活方式領域蓬勃發展，而本季度 4% 的同店銷售額增長反映了我們朝著這一目標穩步邁進。我們一直專注於精簡產品種類、改進產品外觀、加強行銷和提高服務水平，這些努力已經開始在重要的指標上得到體現。

Consideration reached its highest level in two years, a key signal of our growing brand differentiation, and we saw encouraging growth in new and reactivated customers. This quarter, we made meaningful progress harmonizing the look and feel of the brand across men's and women's.

品牌考慮度達到了兩年來的最高水平，這是我們品牌差異化日益增強的一個重要信號，同時我們也看到了新客戶和重新激活客戶的令人鼓舞的增長。本季度，我們在統一男裝和女裝的品牌外觀和感覺方面取得了實質進展。

I'm particularly encouraged by the improvement we've seen in women's performance, which is now more closely aligned with the strength we've consistently delivered in men's, a testament to the team's focused execution.

我對女子隊的表現所取得的進步感到特別鼓舞，她們現在的表現與我們一直以來在男子隊中展現出的實力更加接近，這證明了團隊專注的執行力。

Importantly, we're seeing notable traction in women's bottoms, a category that's foundational to wardrobe building and central to our strategy. Our strategic shift toward travel-oriented lifestyle storytelling delivered through dynamic, destination-rich content is effectively reinforcing the brand's distinctive positioning as the modern explorer brand.

值得注意的是，我們看到女式下裝市場出現了明顯的成長勢頭，這一品類是衣櫥建構的基礎，也是我們策略的核心。我們策略性地轉向以旅行為導向的生活方式故事敘述，並透過動態的、目的地豐富的素材來呈現，這有效地鞏固了該品牌作為現代探險家品牌的獨特定位。

This approach is not only driving stronger brand heat, but is also proving to be efficient and highly impactful with our customers. From stores to service to storytelling to product, the brand is really coming together. Banana's second quarter results reflect meaningful traction as its reinvigoration takes hold, and I'm optimistic about the activations we have coming in the second half.

這種方法不僅能提升品牌熱度，而且已被證明對我們的客戶來說高效且影響巨大。從門市到服務，從品牌故事到產品，這個品牌正在真正地融合在一起。Banana 第二季的業績反映出其復興計畫取得了顯著成效，我對下半年即將開展的活動充滿信心。

Shifting to Athleta. At Athleta, we're disappointed in the second quarter performance. As we shared last quarter, we're approaching 2025 as a purposeful reset year. Although we saw bright spots in key items like sports bras and shorts in the quarter, the broader assortment simply isn't aligned with what the Athleta customer expects. As part of our vision for the brand's future, we appointed Maggie Gauger as the new President and CEO of Athleta.

轉投 Athleta。Athleta 對第二季的表現感到失望。正如我們上個季度所分享的，我們將 2025 年視為一個有目的的重置之年。雖然本季我們在運動胸罩和短褲等重點商品方面看到了亮點，但更廣泛的商品種類與 Athleta 顧客的期望並不一致。作為我們對品牌未來願景的一部分，我們任命 Maggie Gauger 為 Athleta 的新總裁兼執行長。

As a proven leader in women's active sport and style, Maggie joins with over two decades of key leadership roles at Nike, where she most recently led the North America women's business. Her extensive background across retail, strategy, merchandising and product creation, in addition to her experience reinvigorating underperforming segments at Nike and her deep alignment with Athleta's purpose are all qualities that will help us stabilize the brand and ultimately put it on a path to growth.

Maggie 是一位在女性運動和時尚領域久經考驗的領導者，她在耐吉擔任二十多年的重要領導職務，最近領導了耐吉北美女性業務。她在零售、策略、商品銷售和產品創造方面擁有豐富的經驗，此外，她還曾在耐吉重振業績不佳的業務部門，並且與 Athleta 的宗旨高度契合，這些特質都將幫助我們穩定品牌，並最終使其走上增長之路。

Headed into the back half, we are maintaining a disciplined approach, lowering inventory and tightening our mix to products that are resonating. As we shared last quarter, the brand's reset will take time, but we're approaching it with intention and focus. We believe in Athleta's potential in the women's active category and are confident that under Maggie's leadership, Athleta can reemerge as a purpose-led brand, poised to matter even more through product, trend and narratives that women deeply connect with.

進入下半年，我們將繼續保持嚴謹的態度，降低庫存，並調整產品組合，只推出那些能引起市場共鳴的產品。正如我們上個季度所分享的，品牌重塑需要時間，但我們正在有意識、有重點地推進這項工作。我們相信 Athleta 在女性運動服飾領域擁有巨大的潛力，並堅信在 Maggie 的領導下，Athleta 可以重新成為一個以目標為導向的品牌，透過與女性產生深刻共鳴的產品、潮流和故事，變得更加重要。

Moving to our third strategic priority, strengthening the platform. It's clear that our scale continues to power strategic advantages, especially across our supply chain. From product sourcing to our diversified global sourcing network and our strong partner relationship, our scale enables agility, innovation and resilience.

接下來是我們的第三個策略重點，即加強平台建置。很明顯，我們的規模繼續為我們提供策略優勢，尤其是在我們的供應鏈方面。從產品採購到我們多元化的全球採購網絡以及我們強大的合作夥伴關係，我們的規模使我們能夠保持敏捷性、創新性和韌性。

Our deep, long-standing relationships with our sourcing partners have enabled investments in advanced facilities and joint innovation. Today, this collaboration with our global supply chain partners is even more important as we navigate increased global trade headwinds.

我們與採購合作夥伴之間建立了深厚、長期的合作關係，這使我們能夠投資建造先進的設施並進行聯合創新。今天，隨著全球貿易逆風日益加劇，與全球供應鏈合作夥伴的合作顯得尤為重要。

As we shared on our last earnings call, we continue to prioritize technology investments as a key lever to drive efficiency, elevate the customer experience and position us for long-term growth. These investments focus on two primary areas.

正如我們在上次財報電話會議上所分享的那樣，我們將繼續優先考慮技術投資，將其視為提高效率、提升客戶體驗和實現長期成長的關鍵槓桿。這些投資主要集中在兩個領域。

First, reinventing how we bring product to market. We're leveraging technology to reengineer how we imagine, design, develop and assort with a model that's more responsive, dynamic and data-driven. And second, we're investing in technology to optimize processes and create a digitally enabled workforce, unlocking productivity, sharpening accuracy and empowering our teams to do their best work.

首先，我們要徹底革新產品上市方式。我們正在利用技術來重新設計我們構思、設計、開發和分類的方式，採用更具響應性、動態性和數據驅動的模式。其次，我們正在投資技術，以優化流程並打造一支數位化員工隊伍，從而提高生產力、提高準確性，並賦予我們的團隊，讓他們能夠做到最好。

This includes leveraging AI in demand planning, supply chain and everyday workflows, giving teams more time to focus on innovation, storytelling and strategy. These investments are designed to keep us on offense, strengthening the capabilities and infrastructure that fuel our brands and position us to drive sustained value over time.

這包括在需求規劃、供應鏈和日常工作流程中利用人工智慧，讓團隊有更多時間專注於創新、故事敘述和策略。這些投資旨在讓我們保持進攻態勢，加強推動我們品牌發展的能力和基礎設施，並使我們能夠隨著時間的推移創造持續價值。

Moving on to our fourth strategic priority. As we work to energize our culture, we are taking a more intentional approach to employee feedback with the goal of creating the best employee experience and differentiating ourselves as a great place to work.

接下來，我們來談談第四個策略重點。為了激發企業文化活力，我們更加重視員工回饋，目標是創造最佳員工體驗，並將自己打造成為一個理想的工作場所。

To this end, we recently conducted a global engagement survey that underscores the progress we are making, optimism for the future and industry-leading employee Net Promoter Scores. We have many strengths to celebrate and also see opportunities for further improvement as we continue to lean into building our culture into a superpower and an enabler of our long-term success.

為此，我們最近進行了一項全球員工敬業度調查，該調查突顯了我們正在取得的進展、對未來的樂觀態度以及行業領先的員工淨推薦值。我們有很多值得慶祝的優勢，同時也看到了進一步改進的機會，我們將繼續努力，把我們的企業文化打造成為一種強大的力量，並以此推動我們的長期成功。

In closing, we're advancing our transformation with discipline, clarity and momentum and are focused on executing with excellence in the second half.

最後，我們將以嚴謹、清晰和強勁的勢頭推進轉型，並將在下半年專注於卓越執行。

I'll now turn the call to Katrina for a closer look at our financials.

現在我將把電話轉給卡特里娜，讓她更詳細地看一下我們的財務狀況。

Thank you, Richard, and thanks, everyone, for joining us this afternoon. Our rigorous execution in the second quarter delivered solid results, surpassing our profit expectations and achieving our top line goals. The meaningful progress we're making across our strategic priorities continues to drive the business forward.

謝謝你，理查德，也謝謝各位今天下午的到來。第二季我們嚴格的執行取得了穩健的業績，利潤超出預期，營收目標也得以實現。我們在各項策略重點領域的顯著進展，將持續推動業務向前發展。

The revitalization of our brands, coupled with our unwavering financial and operational discipline, is enabling us to perform while we transform, consistently delivering on our commitments and fortifying the foundation of our business. These results reinforce our confidence in the core strengths of our reinvigoration playbook, allowing us to reaffirm our net sales outlook for fiscal 2025.

品牌的復興，加上我們堅定不移的財務和營運紀律，使我們能夠在轉型的同時保持業績，持續履行我們的承諾，並鞏固我們業務的基礎。這些結果增強了我們對振興策略核心優勢的信心，使我們能夠重申對 2025 財年的淨銷售額預期。

That said, as trade policy evolves, we remain mindful of the impact of tariffs on our financial outlook for the remainder of the year. In a moment, I'll share more details on our guidance, which reflects both the strength of our execution and continued brand momentum as well as our view on the headwinds from the latest trade policy.

儘管如此，隨著貿易政策的演變，我們仍將密切關注關稅對今年剩餘時間財務前景的影響。稍後，我將分享更多關於我們業績指引的細節，這不僅反映了我們強大的執行力和持續的品牌發展勢頭，也反映了我們對最新貿易政策帶來的不利影響的看法。

In the second quarter, we continued to do what we said we were going to do, delivering flat net sales as we lap last year's credit card benefit, with comparable sales up 1% as our reinvigoration efforts drive results. It was exciting to see continued strength at Old Navy and Gap with emerging growth at Banana Republic, all of which helped us navigate the quarter despite choppiness at Athleta, where we welcome new leadership.

第二季度，我們繼續按照我們所說的去做，淨銷售額與去年持平，因為我們受益於去年的信用卡收益，而同店銷售額增長了 1%，這得益於我們重振旗鼓的努力推動了業績增長。令人振奮的是，Old Navy 和 Gap 繼續保持強勁勢頭，Banana Republic 也展現出成長潛力，所有這些都幫助我們度過了本季度，儘管 Athleta 經歷了一些波動，我們也迎來了新的領導層。

As expected, gross margin contracted versus last year due to the lapping of last year's credit card benefit. And while we had some weakness at Athleta in support of the brand's reset, we utilized rigorous cost management to successfully deliver our profit expectations.

正如預期的那樣，由於去年信用卡優惠的到期，毛利率比去年有所下降。雖然我們在支持 Athleta 品牌重塑方面存在一些不足，但我們透過嚴格的成本管理，成功實現了我們的利潤預期。

This resulted in an operating margin of 7.8% for the quarter and earnings per share of $0.57, up 6% versus last year, highlighting the earnings power of our business. During the quarter, we continued to demonstrate our commitment to our balanced capital deployment framework, returning approximately $144 million to shareholders through share repurchases and dividends.

該季度營業利潤率為 7.8%，每股收益為 0.57 美元，比去年同期增長 6%，凸顯了我們業務的獲利能力。本季度，我們繼續實踐平衡資本部署框架的承諾，透過股票回購和分紅向股東返還了約 1.44 億美元。

Our $2.4 billion of cash, cash equivalents and short-term investments on the balance sheet gives us the financial flexibility to continue executing with confidence. Today, we are reiterating our fiscal 2025 outlook of net sales up 1% to 2% and are updating our expectations for an operating margin of 6.7% to 7%, which includes our estimated net tariff impact of approximately 100 basis points to 110 basis points. I'll take you through the details of our outlook shortly.

我們在資產負債表上擁有 24 億美元的現金、現金等價物和短期投資，這使我們擁有足夠的財務靈活性，可以繼續充滿信心地執行各項任務。今天，我們重申 2025 財年淨銷售額成長 1% 至 2% 的預期，並將營業利潤率預期更新為 6.7% 至 7%，其中包括我們估計的淨關稅影響約為 100 至 110 個基點。稍後我會詳細介紹我們的展望。

Now turning to second quarter results. Net sales of $3.7 billion were flat year-over-year as expected, with comparable sales up 1%. By brand, starting with Old Navy, net sales were $2.2 billion, up 1% versus last year, with comparable sales up 2%. The brand continues to demonstrate consistency in their execution, and we look forward to seeing their reinvigoration efforts continue.

現在來看第二季業績。淨銷售額為 37 億美元，與去年同期持平，符合預期，可比銷售額成長 1%。以品牌劃分，以 Old Navy 為例，淨銷售額為 22 億美元，比去年增長 1%，同店銷售額增長 2%。品牌在執行方面持續展現一致性，我們期待看到他們繼續努力重振旗鼓。

Turning to Gap brand. Net sales of $772 million were up 1% versus last year, and comparable sales were up 4%. With its continued momentum, Gap has become the case study of our reinvigoration playbook in action. The brand's relentless repetition of the framework is driving momentum with sustained comp growth. Banana Republic net sales of $475 million were down 1% year-over-year with comparable sales up 4%.

轉而選擇 Gap 品牌。淨銷售額為 7.72 億美元，比去年成長 1%，同店銷售額成長 4%。憑藉著持續的發展勢頭，Gap 已成為我們重振旗鼓策略的成功案例。品牌不斷重複運用這個框架，推動了持續的同店銷售成長動能。Banana Republic 淨銷售額為 4.75 億美元，年減 1%，但同店銷售額成長 4%。

We are encouraged to see the foundational work to reestablish the brand resonating with consumers and showing up in the results. Athleta net sales of $300 million decreased 11% versus last year, and comparable sales were down 9%.

我們很高興看到，為重塑品牌形象所做的基礎工作已經引起了消費者的共鳴，並在結果中得到了體現。Athleta 的淨銷售額為 3 億美元，比去年下降了 11%，同店銷售額下降了 9%。

As Richard mentioned, we remain focused on resetting the brand for the long term and have work to do to improve product and marketing, which will take some time. Let's continue to the balance of the P&L. Gross margin of 41.2% decreased 140 basis points versus last year primarily due to the lapping of last year's credit card benefit.

正如理查德所提到的，我們仍然專注於長期重塑品牌，並且需要在產品和行銷方面做出改進，這需要一些時間。我們繼續分析損益表。毛利率為 41.2%，比去年下降了 140 個基點，主要原因是去年的信用卡優惠到期。

More specifically, merchandise margin decreased 150 basis points with the majority, due to the lapping of last year's credit card benefit, offsetting 10 basis points of ROD leverage. Gross margin was below our expectations due to incremental actions taken in support of the reset at Athleta.

更具體地說，由於去年信用卡優惠的到期，商品毛利率下降了 150 個基點，抵消了 ROD 槓桿的 10 個基點。由於為支持 Athleta 的重組而採取的漸進式措施，毛利率低於我們的預期。

SG&A was $1.2 billion in the quarter, a decrease to last year, driven by differences in the quarterly impact of incentive compensation accruals year-over-year. SG&A as a percentage of net sales was 33.4%, leveraging 130 basis points versus last year. This was ahead of our expectations, primarily due to the timing of spending related to technology investments, which have largely shifted into the third quarter.

本季銷售、一般及行政費用為 12 億美元，較去年同期有所下降，主要原因是與去年同期相比，季度激勵性薪酬提列的影響有所不同。銷售、一般及行政費用佔淨銷售額的33.4%，比去年下降了130個基點。這超出了我們的預期，主要是因為與技術投資相關的支出時間基本上已經轉移到了第三季。

Second quarter operating margin of 7.8% was down 10 basis points compared to last year. Earnings per share in the quarter were $0.57, an increase of 6% versus last year's earnings per share of $0.54. Now turning to the balance sheet and cash flow.

第二季營業利益率為7.8%，較去年同期下降10個基點。本季每股收益為0.57美元，較去年同期的每股收益0.54美元成長6%。接下來我們來看資產負債表和現金流量表。

End of quarter inventory levels were up 9% year-over-year primarily as a result of accelerated receipts and higher costs due to tariffs. We remain committed to our disciplined inventory management principles, and we believe we ended the quarter with the right inventory composition.

由於收貨加速和關稅導致成本上升，季度末庫存水準年增 9%。我們始終堅持嚴格的庫存管理原則，並相信本季末的庫存組成是合理的。

We ended the quarter with cash, cash equivalents and short-term investments of $2.4 billion, an increase of 13% from last year. Net cash from operating activities was $308 million year-to-date. And our free cash flow of $127 million year-to-date demonstrates the rigor we put into managing the business.

本季末，我們持有現金、現金等價物和短期投資24億美元，比去年同期成長13%。今年迄今為止，經營活動產生的淨現金流量為 3.08 億美元。今年迄今為止，我們的自由現金流已達 1.27 億美元，這充分體現了我們在業務管理方面的嚴謹態度。

Capital expenditures in the quarter were $181 million. With regard to returning cash to shareholders, we paid $62 million to shareholders in the form of dividends and the Board recently approved a third quarter dividend of $0.165 per share.

本季資本支出為 1.81 億美元。關於向股東返還現金，我們以股息的形式向股東支付了 6,200 萬美元，董事會最近批准了第三季每股 0.165 美元的股息。

We also repurchased 3 million shares during the quarter for approximately $82 million. Year-to-date, we have repurchased 7 million shares for approximately $152 million, achieving our goal of offsetting dilution. Our strong balance sheet gives us the foundation to focus on capital allocation with the goal of enhancing long-term shareholder value and allows us to stay the course with our long-term objectives, including investing for growth.

本季我們也回購了300萬股股票，耗資約8,200萬美元。年初至今，我們已回購了 700 萬股股票，耗資約 1.52 億美元，實現了抵銷股權稀釋的目標。我們強勁的資產負債表為我們提供了基礎，使我們能夠專注於資本配置，以提高股東的長期價值，並使我們能夠堅持實現長期目標，包括投資成長。

Now turning to our outlook for fiscal 2025. We've been operating in a highly dynamic backdrop for the last few years, and we're expecting the same for the second half of fiscal 2025. Our outlook assumes a relatively consistent macroeconomic environment, but acknowledges the potential for increasing uncertainties related to consumer behavior and global economic and geopolitical conditions.

現在讓我們展望一下2025財年。過去幾年，我們一直在高度動態的環境中運營，我們預計 2025 財年下半年也將如此。我們的展望假設宏觀經濟環境相對穩定，但也承認與消費者行為以及全球經濟和地緣政治狀況相關的不確定性可能會增加。

As a result, we continue to take a balanced view with our guidance and remain focused on controlling the controllables. Today, we are providing a fiscal 2025 outlook that includes an estimated net tariff impact. Last quarter, we previewed an estimated net tariff impact to fiscal 2025 of approximately $100 million to $150 million from the April trade policy. I am proud that the teams have since mitigated the majority of that impact.

因此，我們將繼續採取平衡的指導方針，並繼續專注於控制可控因素。今天，我們將提供 2025 財年的展望，其中包括預期的淨關稅影響。上個季度，我們預測 4 月的貿易政策將對 2025 財年造成約 1 億美元至 1.5 億美元的淨關稅影響。我感到自豪的是，各團隊此後已經減輕了大部分影響。

Reflected in our outlook today is the estimated incremental impact related to the latest trade policies effective August 7. Starting with full year 2025 net sales, we continue to expect net sales to be up 1% to 2% year-over-year.

我們今天的展望反映了8月7日生效的最新貿易政策所帶來的預期增量影響。從 2025 年全年淨銷售額開始，我們繼續預期淨銷售額將年增 1% 至 2%。

Our outlook assumes ongoing strength at Old Navy, Gap and Banana Republic and a longer recovery at Athleta. Moving to gross margin. We expect gross margin to deleverage by approximately 70 basis points to 90 basis points year-over-year driven by an estimated annual net tariff impact of approximately 100 basis points to 110 basis points.

我們的展望假設 Old Navy、Gap 和 Banana Republic 將持續保持強勁勢頭，而 Athleta 的復甦過程將較為漫長。接下來討論毛利率。我們預計，受預計年度淨關稅影響約 100 至 110 個基點的影響，毛利率將年減約 70 至 90 個基點。

As a reminder, we use the weighted average cost accounting method, and we will start to see those higher cost units flow through our margins in the third quarter. Turning to SG&A. We continue to expect SG&A to leverage slightly for the full year.

再次提醒大家，我們採用加權平均成本會計方法，我們將在第三季開始看到這些較高成本的單位反映在我們的利潤率中。接下來是銷售、一般及行政費用。我們仍預計全年銷售、一般及行政費用將略有成長。

As we discussed on last quarter's call, we are driving continuous improvement in the cost structure of the company this year as we rigorously drive $150 million in cost savings in our core operations through efficiency and effectiveness. We remain committed to reinvesting a portion of the $150 million into future growth projects as we pursue the long-term success of the company.

正如我們在上個季度電話會議上討論的那樣，今年我們將持續改進公司的成本結構，透過提高效率和效益，在核心營運中嚴格實現 1.5 億美元的成本節約。我們將繼續致力於把1.5億美元中的一部分再投資於未來的成長項目，以追求公司的長期成功。

A portion of these savings will also offset continued inflation. Now I'll turn to fiscal 2025 operating margin. We expect operating margin of approximately 6.7% to 7% for the full year, which includes an estimated net impact of approximately $150 million to $175 million or approximately 100 basis points to 110 basis points to operating margin.

這些節省下來的部分資金還可以抵消持續的通貨膨脹。現在我將討論 2025 財年的營業利益率。我們預計全年營業利潤率約為 6.7% 至 7%，其中包括預計淨影響約為 1.5 億美元至 1.75 億美元，或對營業利潤率產生約 100 至 110 個基點的影響。

Excluding the impact of tariffs, this would imply underlying operating margin expansion versus last year. We do not currently expect the annualization of tariffs in 2026 to cause further operating income declines next year.

剔除關稅的影響，這意味著與去年相比，基本營業利潤率將會提高。我們目前預計，2026 年關稅的年度化不會導致明年營業收入進一步下降。

And we expect to mitigate the full impact of tariffs over time, which we believe represents opportunity for operating margin improvement longer term. As a global leader with the benefit of scale and brand momentum, we are moving swiftly with our mitigation plans, which include adjustments to our sourcing, manufacturing, assortments and targeted pricing.

我們預計隨著時間的推移，關稅的全部影響將會減輕，我們認為這代表著長期營業利潤率提升的機會。作為一家擁有規模優勢和品牌發展勢頭的全球領導企業，我們正在迅速推進緩解計劃，其中包括調整採購、生產、產品種類和目標定價。

We remain focused on sustaining the momentum and market share gains that our reinvigoration playbook is driving as we pursue these plans. As it relates to pricing, as we said on our last call, we are approaching our pricing strategy as we always do, considering the various inputs while maintaining the overall value proposition for our consumers. And while pricing is a lever to manage AUR, it's one of many we've been using to manage margin over time.

我們將繼續專注於維持我們振興策略所帶來的發展勢頭和市場份額成長，並繼續推進這些計劃。關於定價，正如我們在上次電話會議中所說，我們將一如既往地制定定價策略，在考慮各種因素的同時，保持對消費者的整體價值主張。雖然定價是管理 AUR 的手段，但它只是我們長期以來用來管理利潤率的眾多手段之一。

Other levers include assortment mix, full price sell-through, promotions and inventory management. As we've said, our playbook is working, resulting in significant gross margin expansion over the last two years and meaningful AUR growth compared to 2019.

其他手段包括商品組合、全價銷售、促銷和庫存管理。正如我們所說，我們的策略行之有效，在過去兩年中實現了毛利率的顯著增長，並且與 2019 年相比，平均可用率也實現了顯著增長。

We saw AUR growth in the second quarter with customers responding well to our style, quality and value, which we continue to advance. This gives us confidence that we can continue to drive AUR growth as we enter the second half, particularly at Gap and Old Navy. We are being even more rigorous in our approach to inventory for the balance of the year.

第二季度，我們的 AUR 實現了成長，客戶對我們的款式、品質和價值給予了正面回饋，我們將繼續提升這些方面。這讓我們有信心在下半年繼續推動平均用戶訪問量成長，尤其是在 Gap 和 Old Navy 這兩個品牌。今年剩餘時間裡，我們將採取更嚴格的庫存管理方法。

We further tightened the way we purchase unit inventory for the second half to ensure maximum flexibility for various demand scenarios and to enable us to be more responsive to consumer demand. We expect to operate in line with our inventory principle of unit purchases positioned below sales.

我們進一步收緊了下半年的庫存採購方式，以確保在各種需求情況下擁有最大的靈活性，並使我們能夠更好地回應消費者需求。我們預計將按照庫存原則進行運營，即採購量低於銷售量。

We are continuing to utilize our strong balance sheet to invest in organic opportunities for value creation that we see in our business. Given project timing, we now expect capital expenditures of $500 million to $550 million for the year. Now let me share some color on our outlook for the third quarter of fiscal 2025.

我們將繼續利用我們強勁的資產負債表，投資於我們在業務中看到的創造價值的有機機會。鑑於專案進度安排，我們現在預計今年的資本支出為 5 億至 5.5 億美元。現在讓我來分享我們對 2025 財年第三季的展望。

We expect third quarter net sales to be up 1.5% to 2.5% year-over-year. This contemplates our strong quarter-to-date performance, especially at Old Navy and Gap, where back-to-school is resonating well with consumers. We expect third quarter gross margin to deleverage by approximately 150 basis points to 170 basis points year-over-year with the estimated net tariff impact of approximately 200 basis points, more than offsetting the underlying gross margin expansion in the business.

我們預計第三季淨銷售額將年增 1.5% 至 2.5%。這體現了我們本季迄今的強勁業績，尤其是在 Old Navy 和 Gap，返校季產品受到了消費者的熱烈追捧。我們預計第三季毛利率將年減約 150 至 170 個基點，預計淨關稅影響約為 200 個基點，這將超過業務中毛利率的潛在成長。

And finally, due to the timing shift of investments from Q2 to Q3, we expect slight SG&A deleverage year-over-year in the quarter. In closing, our consistent execution continues to strengthen the foundation of our business while demonstrating the agility necessary to successfully navigate this dynamic environment.

最後，由於投資時間從第二季轉移到第三季度，我們預期本季銷售、管理及行政費用將比去年同期略有下降。總之，我們始終如一的執行力不斷鞏固我們業務的基礎，同時也展現了成功駕馭這個瞬息萬變的環境所必需的敏捷性。

I'm proud of the team's focus and discipline as we continued to deliver on our commitments. We are performing while we transform, remaining anchored in operational excellence as we work to become a high-performing company that delivers sustainable, profitable growth and long-term value for our shareholders.

我為團隊的專注和自律感到自豪，我們始終履行我們的承諾。我們在轉型的同時保持業績，堅持卓越運營，努力成為一家能夠為股東帶來可持續盈利增長和長期價值的高績效公司。

With that, we'll open the line for questions. Operator?

接下來，我們將開放提問環節。操作員？

(Operator Instructions)

（操作說明）

Alex Straton, Morgan Stanley.

Alex Straton，摩根士丹利。

Perfect. Congrats on a nice quarter. Maybe for Katrina, you're lowering the full year EBIT and EPS guidance despite the 2Q outperformance, obviously implying a worse back half outlook. Is that just mostly worse tariffs? Or has anything else really changed for you all?

完美的。恭喜你本季業績出色。或許是因為卡崔娜颶風的影響，儘管第二季業績超出預期，你們還是下調了全年息稅前利潤和每股盈餘預期，這顯然意味著下半年前景更加黯淡。是不是主要是關稅漲了？或者說，你們還有其他變化嗎？

And then related to that, many peers seem pretty optimistic on their ability to offset incremental tariffs with very few actually trimming guidance. I'm just wondering if there's anything different for you all as you think about the tariff dynamics.

此外，許多同業似乎對抵銷新增關稅的能力相當樂觀，很少有同業下調業績預期。我只是想知道，當你們思考關稅動態時，有沒有什麼不同的見解。

Thanks, Alex. I really appreciate the question. I think as you say, we did deliver a very solid second quarter. We surpassed our profit expectations, as you said, and we achieved our top line goals. So we really see that our strategy is working, and it's showing up in our results.

謝謝你，亞歷克斯。非常感謝你的提問。我認為正如你所說，我們第二季度的表現非常穩健。正如您所說，我們的利潤超出了預期，並且實現了營收目標。所以我們確實看到我們的策略是有效的，而這一點也反映在我們的結果中。

The outlook we provided today reflects that strength of execution and our brand momentum, but it also updates based on the headwinds from the latest trade policies you just said. So because our playbook is working, our brands are resonating, really gives us the confidence to reaffirm the net sales outlook of up 1% to 2% year-over-year. So that has not changed.

我們今天提供的展望反映了我們強大的執行力和品牌發展勢頭，但也根據您剛才提到的最新貿易政策帶來的不利因素進行了更新。因此，由於我們的策略行之有效，我們的品牌引起了共鳴，這確實讓我們有信心重申淨銷售額同比增長 1% 至 2% 的預期。所以這一點並沒有改變。

We also remain committed to the cost discipline that we've been demonstrating, and that's also reflected in the outlook of slight leverage in SG&A, which is also not different. As you say, the biggest update today is that we are now putting in $150 million to $175 million worth of tariff impact, which equates to about 100 to 110 basis points of operating margin.

我們也將繼續堅持我們一直以來所展現的成本控制原則，這一點也體現在銷售、一般及行政費用略微增加的預期上，這一點也並無不同。正如你所說，今天最大的更新是，我們現在將 1.5 億美元至 1.75 億美元的關稅影響納入考量，這相當於約 100 至 110 個基點的營業利潤率。

I noted on the call that without the tariffs, we would actually be expanding both gross margin and operating margin for the full year, in line with our original expectations, which I think is notable. I'm proud that the team has made really good progress in their mitigation efforts to date.

我在電話會議上指出，如果沒有關稅，我們全年的毛利率和營業利潤率實際上都會成長，這與我們最初的預期一致，我認為這很值得關注。我為團隊迄今為止在緩解措施方面取得的良好進展感到自豪。

We're remaining focused on sustaining the momentum and the market share gains that we've gotten through our reinvigoration playbook while we pursue our mitigation plans. I'd also say what's notable is that we don't currently expect that the annualization of tariffs in 2026 will cause further operating income declines year-over-year.

我們將繼續專注於維持透過振興計畫所取得的動能和市佔率成長，同時推進我們的緩解計畫。我還想指出，值得注意的是，我們目前預計 2026 年關稅的年度化不會導致營業收入比去年同期進一步下降。

And we expect to mitigate the full impact of tariffs over time, which we believe represents actual opportunity for operating margin improvement over the longer term.

我們預計隨著時間的推移，關稅的全部影響將會減輕，我們認為這代表著從長遠來看，營業利潤率真正提高的機會。

Thanks so much, and maybe just (technical difficulty)

非常感謝，也許只是（技術難題）

Go ahead (inaudible)

前進（聽不清楚）

Oh thank you. I just had one quick follow-up. Just maybe bridging it to the long term, Katrina or maybe even for Richard. Is double-digit margin kind of still potentially in the cards over time? Or how do you think about that considering it's so strong underlying.

哦，謝謝。我還有一個簡短的後續問題。或許只是為了長遠著想，卡特里娜，甚至是理查德。隨著時間的推移，兩位數的利潤率是否仍有可能實現？或者，考慮到它如此強大的潛在影響，你對此有何看法？

Yeah, I think as we think about the long-term operating margin, we're really proud that we are successfully delivering on our profit expectations. And as you say, while we have an impact this year based on tariffs and since we don't expect the annualization of tariffs in 2026 to cause further declines, we think it gives us the confidence that we can drive towards becoming a high-performing company that generates sustainable profitable growth.

是的，我認為，從長期營業利潤率的角度來看，我們非常自豪能夠成功實現我們的利潤預期。正如您所說，雖然今年關稅對我們造成了影響，而且我們預計 2026 年關稅的年度化不會導致進一步下降，但這讓我們有信心，我們可以朝著成為一家業績卓越、能夠實現可持續盈利增長的公司邁進。

And as I said, we do expect to mitigate the full tariff impact over time. So that does -- combined with our strategies in our playbook, which are working, provide, we believe, operating margin improvement opportunities over the long term.

正如我所說，我們預計隨著時間的推移，關稅的全部影響將會得到緩解。因此，結合我們策略手冊中行之有效的策略，我們相信，從長遠來看，這將帶來營業利潤率提升的機會。

Marni Shapiro, The Retail Tracker.

Marni Shapiro，《零售追蹤》

Hey guys, congratulations on some really great improvements. I have two questions for you, one quicker, one a bigger question. On Old Navy, the stores have never looked better. And I know the product has improved, but really, a lot of it to me feels like the merchandising and the marketing has changed. I guess have you been spending in stores?

嘿，夥計們，恭喜你們取得了非常大的進步。我有兩個問題想問你，一個比較簡單，一個比較複雜。Old Navy的店家從未如此煥然一新。我知道產品本身有所改進，但實際上，我覺得主要是商品銷售和行銷方式發生了變化。我猜你最近有在商店消費吧？

And I'm assuming that's assumed in the guidance in the back half. But is it more costly what you're doing in the stores these days? Or is it really just the merchandising? And then I have a quick Gap question after that.

我假設後半部的指導意見中已經包含了這一點。但如今在商店購物的成本更高了嗎？或者，這真的只是商品銷售的問題？接下來我還有一個關於 Gap 的簡短問題。

Okay. Yeah. Thank you, Marni. And we agree. Look, Old Navy delivered another strong quarter, comps up 2%, and that's on top of last year's 5% comp.

好的。是的。謝謝你，瑪尼。我們同意。你看，Old Navy 又迎來了一個強勁的季度，同店銷售額增長了 2%，而且這還是在去年 5% 的同店銷售額增長基礎上實現的。

And these results are really reflecting that our operating teams are just functioning with greater discipline and delivering sustainable growth, and this is quarter after quarter. As you've seen in our stores, which we appreciate you going into and recognizing the progress, what you'll also see is category shops and emphasis on categories like denim and active where we've been strategically focused and are executing really well, and it's clearly showing up in the results.

這些結果確實反映出我們的營運團隊正在以更高的紀律性運作，並實現永續成長，而且這種情況每季都在持續。正如您在我們的門市中所看到的（我們感謝您光臨並認可我們的進步），您還會看到我們設立了品類專賣店，並重點關注牛仔服和運動服等品類，我們在這些品類上進行了戰略性佈局，並且執行得非常出色，這一點在結果中也得到了充分體現。

As you see in the denim shops, it's been a standout category for us. We posted the highest-volume second quarter in brand history. In active, it continues to be fueled by our marketing campaign that we initiated with Lindsay Lohan, the first one we've done in years, driving innovation in product with Studio smooth and bounce fleece.

正如你在牛仔服飾店裡看到的那樣，牛仔服飾一直是我們店裡非常突出的類別。我們第二季的銷售量創下了品牌歷史新高。在活躍方面，它繼續受到我們與 Lindsay Lohan 發起的行銷活動的推動，這是我們多年來的第一個行銷活動，透過 Studio 的平滑和彈性羊毛推動產品創新。

And so overall, what you see is our playbook is being executed incredibly well. We are not spending more in stores or in marketing. In fact, we're getting much more efficient and effective. So the merchandising and the edit and the way that we've executed our playbook is really starting to show up in multiple places in stores, online and in our storytelling. And as we continue to execute, we continue to believe there's great value creation ahead.

總而言之，我們的策略執行得非常出色。我們並沒有增加在門市或行銷方面的支出。事實上，我們的效率和效果都大大提高了。因此，我們的商品陳列、編輯以及執行策略的方式，真的開始在商店、線上和我們的故事講述等多個方面顯現出來。隨著我們不斷推進各項工作，我們仍然相信未來將創造巨大的價值。

That's great. And then just on Gap, first of all, I appreciate and thank you so much to the IR team for putting us on hold to Milkshake. The AUR at Gap being up. Listen, you guys have had some unbelievable collaborations from Melbourne. We can go through the list, and they tend to carry a higher AUR.

那太棒了。然後，就 Gap 而言，首先，我非常感謝 IR 團隊讓我們暫停與 Milkshake 的合作。Gap 的 AUR 上漲了。聽著，你們在墨爾本有過一些非常棒的合作。我們可以逐一查看列表，它們往往具有更高的 AUR 值。

If I pull that product out, is your AUR up in the balance of Gap? Is it causing a halo so that when somebody comes in and they see something like the Melbon collaboration, does it halo the rest of the store so that the customer comes in and feels like, okay. Well, yeah, I'm going to send full price at Gap now, and yes, it is the right place at Gap. Can you just walk me through that? Or is it these are what's driving it? And otherwise, AUR is flat?

如果我把那款產品撤出，你的 AUR 在 Gap 的資產負債表中會上升嗎？它是否會產生光環效應，以至於當有人進來看到像 Melbon 合作款這樣的產品時，是否會給商店的其他部分帶來光環效應，從而讓顧客進來後感覺“好吧”。嗯，是的，我現在打算在 Gap 上以全價購買，而且沒錯，在 Gap 上購買是正確的選擇。你能給我詳細講解一下嗎？或者，這才是驅動因素？否則，AUR 就是扁平化的嗎？

Yeah. Well, first off, to be very direct, the AUR is up, and it would be up without the collaborations. So what's really driving Gap's momentum is the execution against our playbook. As you see it, we're continuing to deliver strong and consistent results. This is building momentum, and it's getting bigger and better every time.

是的。首先，直截了當地說，AUR 已經上線了，即使沒有這些合作，它也會上線。所以真正推動 Gap 發展勢頭的是他們執行了我們制定的策略。如您所見，我們持續取得強勁且穩定的業績。這股勢頭越來越強勁，而且每次都變得更大更好。

And it is regaining its place in the cultural conversation. This quarter, delivering another comp increase of 4% on top of last year's 3% comp. That's the seventh consecutive quarter of positive comps. And the consistency is setting new records for the brand, and it's also reinforcing our confidence that there is great value creation and growth trajectory ahead.

它正在重新獲得文化對話中的地位。本季度，在去年3%的薪資成長基礎上，又實現了4%的薪資成長。這是連續第七個季度實現正成長。這種持續性正在為該品牌創造新的紀錄，同時也增強了我們對未來巨大價值創造和成長前景的信心。

The performance is really, Marni, driven by great product, big product ideas exemplified by great relevant storytelling and consistent execution. It is our playbook. The latest example is Better in Denim. This campaign, which launched last week, starring Katie has driven record breaking response for the brand.

瑪尼，真正的成功在於優秀的產品和宏大的產品理念，並透過引人入勝的故事和一致的執行來體現。這是我們的行動方案。最新的例子是 Better in Denim。這項由凱蒂主演、上週推出的宣傳活動為該品牌帶來了破紀錄的迴響。

Early reads, this is striking range and probably being one of the most iconic brand campaigns certainly that we've done, but that is out there. People aren't just watching, but they're actively joining and suggesting that this is actually a cultural takeover.

初步來看，這確實是一個引人注目的品牌活動，而且很可能是我們做過的最具標誌性的品牌活動之一，但事實並非如此。人們不僅在旁觀，而且還在積極參與，並認為這實際上是一場文化接管。

These are great proof points and elements that, again, the playbook is working. As you mentioned, the collaborations that we've done, Malbon-based, this is the 11th and 12th collaboration that we've done in the last couple of years. They continue to drive engagement and excitement for the brand.

這些都是很好的證明點和要素，再次證明這套策略是有效的。正如您所提到的，我們與馬爾本的合作，這是我們近年來的第 11 和第 12 次合作。他們持續提升用戶對品牌的參與和熱情。

And so in relation to how the brand is doing, it's a multiple component execution that's driving great product, great execution and ultimately, the great results that you start to see. So we're very confident there's a lot more exciting news to come on Gap.

因此，就品牌的發展而言，這是一個多面向因素共同作用的結果，它推動了優秀的產品、出色的執行，並最終帶來了你所看到的良好效果。因此我們非常有信心，Gap 未來還會有更多令人興奮的消息公佈。

But ultimately, with the consistency that we're able to deliver, the value creation for the brand ahead is very exciting.

但最終，憑藉我們能夠維持的穩定性，未來品牌所創造的價值令人非常興奮。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

Good afternoon, and thank you for taking our question, Richard, what gives you confidence in cycling tougher compares into the holiday season for Gap brand? And are there any specific actions that you're taking to drive and improve two-year stack trend in the back half?

下午好，理查德，感謝您回答我們的問題。是什麼讓您對 Gap 品牌在假期季節面臨的更嚴峻的挑戰充滿信心？為了推動改善後半年的技術堆疊發展趨勢，你們採取了哪些具體措施？

Thank you, Brooke, for the question. I mean, look, I think what gives me confidence going to the holiday for Gap is, as I mentioned just before with Marni's question, we are delivering consistently. We continue to do what we say we're going to do. This is the seventh consecutive quarter of positive comps for the brand. And it's not just little hurdles, up 4% on top of last year's 3% for this brand is really impressive.

謝謝布魯克的提問。我的意思是，你看，我認為讓我對 Gap 的假期充滿信心的原因，正如我之前回答 Marni 的問題時提到的那樣，是我們一直保持著穩定的交付水平。我們始終言出必行。這是該品牌連續第七個季度實現同店銷售額正成長。而且這不僅僅是小小的進步，該品牌在去年 3% 的基礎上成長了 4%，這確實令人印象深刻。

And so again, as we execute against our playbook, taking big product ideas, culturally relevant storytelling and consistent execution, relentlessly repeated, is a methodology that we're getting stronger and better at. I mentioned Better in Denim as a campaign that's obviously been delivering for us. But just to give you some stats, 20 million views in the first three days. 400 million total views and 8 billion total impressions. Better in Denim is the number one search on TikTok.

因此，當我們按照既定策略執行時，我們會不斷重複運用宏大的產品理念、與文化相關的敘事手法以及持續的執行，而這種方法也讓我們變得越來越強大、越來越熟練。我之前提到過「Better in Denim」這個活動，它顯然為我們帶來了不錯的效果。但為了提供一些數據，我們先來看看：前三天觀看量達到2000萬，總觀看量達到4億，總曝光量達到80億。「Better in Denim」是TikTok上搜尋量最高的關鍵字。

These aren't small facts or small sats. This is proving that Gap is a powerful pop culture brand. So when I look at the back half with the continuation of the execution of the playbook and the team that's delivering, I get more confident that not only is the back half going to deliver, but we've got great value creation and growth over time. The improved two-year stack and the trend is literally just reinforcing that this brand has great continuation and potential as we move forward.

這些並非無關緊要的事實或小衛星。這證明 Gap 是一個強大的流行文化品牌。所以，當我看到下半季繼續執行既定戰術，並且團隊表現出色時，我更加確信，下半季不僅會取得成功，而且隨著時間的推移，我們還能創造巨大的價值並實現成長。兩年來不斷改進的產品組合和發展趨勢，恰恰印證了品牌在未來發展中具有巨大的延續性和潛力。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great, thanks. So Richard, if you break down the portfolio, could you elaborate on drivers of the revenue acceleration to 2% growth that's embedded in the third quarter forecast relative to flat this quarter? Maybe just speak to trends that you've seen in August for early back-to-school.

太好了，謝謝。理查德，如果你分析一下投資組合，能否詳細說明第三季營收成長加速至 2%（與本季持平相比）的驅動因素是什麼？或許可以談談你在八月觀察到的提前返校趨勢。

And then Katrina, just to clarify your comments on tariffs not causing further operating income declines next year. So relative to the roughly 7% operating margin outlook this year, are there any constraints to annual operating margin expansion at low single-digit revenues as we think about next year?

還有，關於卡特里娜，我想澄清一下你關於關稅不會導致明年營業收入進一步下降的評論。因此，相對於今年約 7% 的營業利潤率預期，當我們展望明年，在收入僅為個位數的情況下，年度營業利潤率擴張是否有任何限制？

Okay. Thanks, Matthew. I'll address the first one and then Katrina can come back and address the second one. So we really rooted our brands with a singular focus. And so if I look at each brand, the objective of Gap has been to reignite Gap.

好的。謝謝你，馬修。我先處理第一個問題，然後卡特里娜可以回來處理第二個問題。因此，我們真正將品牌根基紮根於單一的焦點。因此，如果我審視每個品牌，Gap 的目標是重振 Gap。

And Gap is furthest along in our playbook, but I think everybody could agree Gap is getting its vibe back. There was a moment in time a couple of years ago where we were looking at it more as a clothing retailer, highly promotional, lost, to some extent, it's merchandising conviction.

在我們的策略中，Gap 走得最遠，但我認為大家都會同意 Gap 正在重拾昔日的輝煌。幾年前，我們曾經一度把它看作是一家服裝零售商，過度注重促銷，在某種程度上失去了商品銷售的信念。

And today, you're looking at a very different platform brand that is much more of a pop culture brand that tells relevant stories with trend-right product and is shaping culture. And the performance, again, fourth quarter comp in Q2 -- sorry, 4% comp in Q2 is another proof point that this is actually working in our favor. And again, seven consecutive quarters of growth.

而如今，你看到的是一個截然不同的平台品牌，它更像是一個流行文化品牌，透過緊跟潮流的產品講述相關故事，並塑造文化。再次強調，第四季業績與第二季持平——抱歉，是 4% 的業績與第二季持平——這再次證明，這實際上對我們有利。再次實現連續七個季度成長。

As we move forward, it gives me the confidence that we can continue that. On Old Navy, we talk about reasserting. This brand has delivered, again, consistently in terms of its productivity. But we've been refreshing the way we show up in everything that we do from product to experience, online and in our stores. We've shared that we've been pursuing category leadership in categories such as denim, active, kids and baby.

展望未來，這讓我相信我們能夠繼續保持這種勢頭。在 Old Navy，我們談論的是重申立場。這個品牌在生產力方面一如既往地表現出色。但從產品到體驗，從線上到線下門市，我們一直在不斷改進我們展現自我的方式。我們曾表示，我們一直在努力爭取在牛仔服、運動服、童裝和嬰兒服等品類中佔據領先地位。

And you see the continued accelerated growth in those categories, resulting in plus 2% comp in the second quarter. And that also is consistent in the context of its deliverable. So moving into the back half, knowing that, that playbook is starting to really show up, I'm very confident in the Old Navy's team to execute against that plan. Banana Republic. We used the word reestablish.

你可以看到這些類別持續加速成長，導致第二季同店銷售額成長 2%。而且，這與其交付成果也相符。所以進入下半場，我知道那套戰術手冊開始真正發揮作用了，我對 Old Navy 隊執行這套計劃非常有信心。香蕉共和國。我們使用了「重建」這個詞。

And I think this quarter, reporting a 4% comp really proves that we're starting to find our footing in the next chapter of what we believe is growth for Banana Republic. It's been a big undertaking to reinterpret the brand for today and make it newly relevant.

我認為本季 4% 的同店銷售額成長真正證明，我們正在為 Banana Republic 的下一個成長篇章找到立足之地。重新詮釋品牌，使其適應當今時代並煥發新的活力，是一項巨大的工程。

But again, you look at the product, the storytelling, our stores, the way that we're navigating the omnichannel experience, and you get really excited about the potential that this brand has. And of course, with the comp performance, you could see the progress being made. The last brand, of course, is Athleta.

但是，當你審視我們的產品、品牌故事、門市以及我們打造全通路體驗的方式時，你就會對這個品牌的潛力感到非常興奮。當然，從比賽表現中，也可以看出我們已經取得了進步。最後一個品牌當然是 Athleta。

Athleta is a powerful brand in the active space, B Corp, the number five women's active brand in the market. That said, we've talked about the brand being in reset mode. And we continue to believe that this brand has great potential. We moved away, if you will, from distinctive performance roots, which the brand was sort of known for. We're now going to get back into that spirit with Maggie Gauger, who we hired from Nike, 20-year veteran.

Athleta 是運動服飾領域的一個強大品牌，是一家 B 型企業，也是市場上排名第五的女性運動服飾品牌。也就是說，我們已經討論過該品牌正處於重置模式。我們依然相信這個品牌擁有巨大的潛力。我們逐漸偏離了品牌賴以成名的獨特性能根基。現在，我們將與從耐吉公司聘請的、擁有 20 年經驗的資深員工 Maggie Gauger 一起重拾這種精神。

She has hit the ground running, only been there for three weeks, but I can tell you the energy is palatable. And as we look to the future, we really believe that these four brands, iconic American brands that shape culture, have enormous opportunity for growth.

她一到崗就火力全開，雖然才來了三個星期，但我可以告訴你，她的活力顯而易見。展望未來，我們堅信這四個塑造文化的標誌性美國品牌擁有巨大的發展機會。

And then I think, Matt, as it relates to back-to-school, third quarter is off to a strong start. In Q2, May and June were sort of slow because of the weather being so cool. But we really did start to see July accelerate with more seasonal weather and the drop of our back-to-school product.

然後我覺得，馬特，就返校季而言，第三季開局良好。第二季度，由於天氣涼爽，五月和六月的業績比較低迷。但隨著七月天氣轉暖和返校季產品的上市，我們確實開始看到銷售加速成長。

And August has really continued that momentum as we head into third quarter with customers responding well to our back-to-school assortments, I would say, especially at Gap and Old Navy. So that's the back-to-school piece.

進入第三季度，8 月份的銷售勢頭依然強勁，顧客對我們的返校季商品反應良好，尤其是在 Gap 和 Old Navy 這兩個品牌。這就是返校季的部分。

As it relates to any constraints on operating margin for 2026, I think the simple answer is we'll give you a more holistic view of 2026 when we provide guidance. But for tariffs, while we did have an impact this year that we're previewing of 100 basis points to 110 basis points that, as you say, sets us up for about a 6.7% to 7% operating margin this year.

至於 2026 年的營業利潤率是否會受到限制，我認為簡單的答案是，我們將在提供業績指引時，為您呈現 2026 年的更全面展望。但就關稅而言，雖然我們今年確實受到了影響，預計會有 100 到 110 個基點的影響，正如你所說，這將使我們今年的營業利潤率達到 6.7% 到 7%。

The teams have worked quickly and aggressively to come up with mitigation efforts that we think are balanced across the variety of things that we've previewed that now will keep us from seeing further degradation related to tariffs next year.

各團隊迅速而積極地制定了緩解措施，我們認為這些措施在我們已經預見的各種因素之間取得了平衡，這將防止明年出現與關稅相關的進一步惡化。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

Thank you. Good afternoon, Katrina, how has your assumptions changed on pricing specifically? Is that allowing mitigate the tariff pressure well better than you originally expected? (technical difficulty) in the second half pressure (technical difficulty) next year.

謝謝。下午好，卡特里娜，你對定價的具體看法有哪些改變？這樣是否比您原先預期的更能有效緩解關稅壓力？（技術難題）下半場壓力（技術難題）明年。

Lorraine, you're breaking up. So I heard the first question. I'm going to answer that, and then I might have you restate the second question. So as it relates to pricing, we approach pricing as we always do. We consider the various inputs while we really maintain the overall value proposition for our consumers.

洛琳，你們要分手了。我聽到了第一個問題。我會回答這個問題，然後我可能會讓你重述第二個問題。所以，在定價方面，我們採取的定價方式與以往相同。我們在考慮各種因素的同時，始終堅持為消費者提供整體價值主張。

Targeted pricing is one of the levers that we're using to mitigate tariffs. We take a portfolio approach to pricing, and we're really focused on maintaining the overall value proposition. We're using discipline. We've got insights. And we've got a clear view of elasticity across our geographies, brands down to the category level.

定向定價是我們用來緩解關稅影響的手段之一。我們採用投資組合定價策略，並且非常注重維持整體價值主張。我們正在運用紀律。我們掌握了一些資訊。我們對各個地區、各個品牌甚至各個品類的彈性都有了清楚的了解。

I think importantly, I don't know that anything has changed in our approach to pricing. We tend to try and use it strategically while trying to maintain the momentum that our playbook has been driving. I'm hoping you can repeat the second one. I didn't hear it with the connection. We may have lost Lorraine.

我認為重要的是，我不知道我們的定價策略是否有任何改變。我們傾向於在保持現有策略帶來的動力的同時，有策略地運用它。我希望你能再做到第二點。我沒聽到。我們可能失去了洛林。

I was just wondering why (technical difficulty) would the second half pressure not next year.

我只是想知道為什麼（技術難題）會導致下半場壓力明年不會出現。

Oh, why are we not offsetting the second half pressure next year? Is that your question?

哦，為什麼我們不採取措施來緩解明年下半年的壓力？這就是你的問題嗎？

Why wouldn't that pressure continue in the first half of next year?

為什麼這種壓力不會持續到明年上半年？

Sorry. Because we have taken the opportunity now that we have much more clarity on the timing and on the scale. The teams have been able to take a pretty balanced approach to really figuring out how to mitigate more fully the pressures next year. I think this year, when you think about the timing of the August tariff announcement, we made really good progress on the April tranche. But then August came and that was very difficult to get after given the timing.

對不起。因為我們現在對時間和規模有了更清晰的認識，所以我們抓住了這個機會。各隊都採取了相當平衡的方法來真正弄清楚如何更充分地緩解明年的壓力。我認為今年，考慮到 8 月關稅公告的時機，我們在 4 月的關稅減讓工作中取得了非常好的進展。但到了八月，考慮到時間安排，之後就很難再買到合適的了。

So now as we look at 2026, we're just really sitting down and being very proactive in how we can pull all the levers at our disposal to offset the tariffs going forward.

所以現在展望 2026 年，我們正在認真思考如何利用一切可用的手段來抵消未來的關稅影響。

Dana Telsey, Telsey Group.

Dana Telsey，Telsey集團。

Hi, good afternoon, everyone. Can you go through the comp drivers by brand with the traffic and ticket and what you saw? And the marketing spend certainly is very effective. Richard, I've seen the initiatives in denim and the callouts that you guys have had, and it's very impressive. How are you thinking about the marketing spend for 3Q and 4Q this year? And what's different versus last year as we go through the back half?

大家好，下午好。你能按品牌列出競爭對手的駕駛名單，並附上交通違規記錄以及你所觀察到的情況嗎？行銷投入確實非常有效。理查德，我看到了你們在牛仔布領域的舉措和你們發起的聲援活動，這非常令人印象深刻。您如何考慮今年第三季和第四季的行銷支出？與去年相比，下半季有哪些不同？

And the improvements in Banana, also nice to see. Any thoughts there on a new leader of Banana? Or how do you see the progress there? Thank you.

很高興看到 Banana 也有所改進。對於Banana的新領導人，大家有什麼想法嗎？或者，您如何看待那裡的進展？謝謝。

Dana, I'll start with the drivers. So traffic was really healthy in the quarter, reflecting the progress we're making in brand relevance. And sales were driven primarily by average unit retails up, showing strength in our big brands, Old Navy and Gap in particular, which reflected improved discounting and also where our playbook is really gaining traction.

達娜，我先從司機說起。因此，本季的流量非常健康，反映了我們在品牌相關性方面的進展。銷售額主要由平均單價上漲推動，尤其體現在我們旗下大品牌 Old Navy 和 Gap 的強勁表​​現上，這反映出折扣力度的加大，也反映了我們策略的有效性正在逐步提高。

Overall, for the company, AUR was up. And that was despite the fact that Athleta needed higher discounts to clear through product given the poor customer acceptance.

總體而言，公司平均使用率 (AUR) 上升了。儘管由於顧客反應不佳，Athleta 需要更高的折扣才能清理產品，但這種情況仍然發生。

So then I think I'll pass it to you, Richard, on marketing.

那麼，我想把行銷方面的工作交給你，理查。

Sure. First, I think, Dana, you can see our marketing is working. And that's a reflection of the playbook that we've been driving, which really the teams have been doing incredibly well. As you know, we've been spending less and driving more effective results. Our media mix model has been changing over time to be more reflective of where our consumers are.

當然。首先，達娜，我想你可以看出我們的行銷是有效的。這反映了我們一直以來所推行的戰術體系，而各隊也確實執行得非常出色。如您所知，我們一直在減少支出，並取得更佳的成效。隨著時間的推移，我們的媒體組合模式一直在變化，以更好地反映我們消費者的所在之處。

And our creative and assets have vastly improved and changed in the context of the past year or 1.5 years that has much more direct dialogue with the consumers in relation to our brand proposition. So I think what you're seeing is a much more robust dialogue with consumers, stronger brand creative that's much more precise, a media mix model that is engaging our consumers in a very different way and with all of that, driving revenue as you see our core brand assets improving.

在過去一年到一年半的時間裡，我們的創意和資產得到了極大的改進和改變，這使得我們能夠與消費者就我們的品牌主張進行更直接的對話。所以我認為，你現在看到的是與消費者之間更加深入的對話，更加精準的品牌創意，以及一種以截然不同的方式吸引消費者的媒體組合模式，所有這些都在推動收入成長，因為你可以看到我們的核心品牌資產得到了改善。

But what's most terrific about the execution is that we're actually spending less and being more effective. So I'm not quite sure that there isn't -- there is a silver bullet in what's different. But I can tell you in the context of our playbook and how we're executing against it with our media mix methodology and new creative assets, it's clearly making a big difference.

但執行中最棒的地方在於，我們實際上花的錢更少，效率更高。所以我不太確定是否有靈丹妙藥──或許差異中就蘊藏某種制勝法寶。但我可以告訴你，就我們的策略以及我們如何運用媒體組合方法和新的創意資產來執行該策略而言，它顯然產生了很大的影響。

On Banana, first off, we're really encouraged on the Banana progress -- Banana Republic progress that we've made. This quarter, a 4% comp really reflects the significant progress that the team has been driving with tighter assortments, refined product aesthetic, of course, the enhanced marketing, great storytelling and most improved service levels.

首先，關於 Banana，我們對 Banana Republic 的進展感到非常鼓舞。本季 4% 的同店銷售額成長真正反映了團隊在產品種類更加精簡、產品美學更加精緻、當然還有行銷、精彩的故事講述以及最重要的服務水準提升方面所取得的顯著進展。

I think this quarter, we made really meaningful progress in harmonizing the look and feel of both men's and women's, and we're creating greater alignment in design and merchandising. So as we move quarter out to quarter, we're seeing more clear signs that the brand is really coming together. And certainly, the performance this quarter demonstrates that.

我認為本季我們在協調男裝和女裝的外觀和感覺方面取得了真正有意義的進展，我們在設計和商品銷售方面也實現了更大的協調一致。隨著季度推進，我們看到越來越多的跡象表明，該品牌正在真正成熟。當然，本季的業績也證明了這一點。

There has been a lot of work to reestablish this brand, and we continue to look for and meet some very qualified and exciting people that could ultimately lead this brand. And as soon as we have that announced, we will obviously share that with the marketplace.

為了重塑這個品牌，我們做了很多工作，我們也繼續尋找和認識一些非常優秀、令人興奮的人才，他們最終可能會領導這個品牌。一旦有相關消息公佈，我們當然會與市場分享。

But big kudos to the team for executing with such discipline, delivering to that expectation. And obviously, the performance of the brand demonstrates meaningful traction as we continue that.

但要特別讚揚團隊，他們執行力很強，紀律嚴明，達到了預期目標。顯然，隨著我們繼續推進，品牌的表現也展現出了顯著的成長動能。

Ike Boruchow, Wells Fargo.

艾克·博魯喬夫，富國銀行。

Hey, thanks for taking my question. Just a couple on margin. First, on the gross margin. I guess, Katrina, I just wanted to unpack the down 150 margin in 2Q. If you go back to the last call, I thought you had said that you were expecting a 60 bps decline and that was largely credit card. So now it's down 150, and you're saying that's largely credit cards.

嘿，謝謝你回答我的問題。只差幾個。首先，我們來看毛利率。卡特里娜，我想分析一下第二季下跌 150 個百分點的原因。如果你回顧上次通話，我記得你說過你預計會下降 60 個基點，這主要是信用卡造成的。所以現在下降了150，你說這主要是信用卡造成的。

So -- you also mentioned Athleta. Can you just parse out how much of the 150 is credit card versus organic margin decline maybe from Athleta or something else?

所以——你還提到了Athleta。你能具體分析這 150 中有多少是信用卡扣款造成的，又有多少是自然利潤率下降造成的（例如來自 Athleta 或其他方面）嗎？

Sure. So as you say, we did preview that we would be down about 80 basis points year-over-year. And at the time, we had said that was mostly credit card. So credit card is somewhere in that 80 to 90 basis point range. The decline year-over-year, that is primarily that, but we also then missed our expectations based on the piece of the margin that was attributable to Athleta.

當然。正如你所說，我們之前預測年比會下降約 80 個基點。當時我們說過，那主要是信用卡支付的。所以信用卡利率大概是 80 到 90 個基點之間。年比下降是主要原因，但我們也沒有達到預期，因為 Athleta 貢獻的利潤部分也超出了我們的預期。

The rest of our brands performed quite well in the quarter. But Athleta, we had to go pretty deep in discounting given the challenging sales performance as we really had to clear the product that didn't resonate with consumers. So that is what weighed on the overall gross margin when it comes to missing our expectations.

本季我們其他品牌的表現都相當不錯。但是，由於銷售業績不佳，Athleta 不得不大幅降價，因為我們必須清理那些沒有引起消費者共鳴的產品。所以，這就是導致整體毛利率未能達到預期目標的原因。

And everyone, that does conclude our question-and-answer session for today. That does also conclude the conference. We would like to thank you all for your participation today. You may now disconnect.

各位，今天的問答環節到此結束。會議至此結束。感謝各位今天的參與。您現在可以斷開連線了。