Gap Inc (GAP) 2025 Q3 法說會逐字稿

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

女士們、先生們，午安。歡迎各位參加 Gap Inc. 2025 年第三季財報電話會議。（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惠特尼·諾塔羅，她是投資者關係主管。

Good afternoon, everyone. Welcome to Gap Inc.'s third-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. . 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.

大家下午好。歡迎參加 Gap 公司 2025 財年第三季財報電話會議。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。。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，請參閱我們最新盈利報告中的警示性聲明。

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, quarterly reports on Form 10-Q filed with the Securities and Exchange Commission on May 30, 2025, and August 2025 and other filings with the Securities and Exchange Commission. All of which are available on gapinc.com. These forward-looking statements are based on information as of today, November 20, 2025, and we assume no obligation to publicly update or revise our forward-looking statements.

本公司於2025年3月18日向美國證券交易委員會提交的10-K表年度報告、2025年5月30日和2025年8月向美國證券交易委員會提交的10-Q表季度報告以及其他向美國證券交易委員會提交的文件中描述的風險因素。所有這些資訊都可以在 gapinc.com 上找到。這些前瞻性陳述是基於截至 2025 年 11 月 20 日的信息，我們不承擔公開更新或修訂這些前瞻性陳述的義務。

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. All market share data referenced today will be from Circana's US apparel Consumer Service for the 12 months ending October 2025, unless otherwise stated.

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描述和調節。除非另有說明，本文引用的所有市場份額數據均來自 Circana 的美國服裝消費者服務部門，時間跨度為截至 2025 年 10 月的 12 個月。

Joining me on the call today are Chief Executive Officer, Richard Dickson; and Chief Financial Officer, Katrina O'Connell.

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 very pleased to report third-quarter results for Gap Inc. that exceeded our expectations across multiple measures, including net sales, gross margin, and operating margin. We've done this by executing our strategic priorities with precision and consistency.

謝謝你，惠特尼，大家下午好。我們非常高興地宣布 Gap Inc. 第三季業績，該業績在淨銷售額、毛利率和營業利潤率等多個指標上均超出了我們的預期。我們透過精準、始終如一地執行策略重點實現了這一目標。

The reinvigoration of our iconic brands continues to gain strength. Our playbook rooted in purpose, powered by creativity and executed with excellence is working, and it's bringing consistency to how we operate and clarity to how we win. The momentum in the business is clear from product design to storytelling from store execution to digital engagement. The result is a company that's becoming more agile and performing with increasing confidence.

我們標誌性品牌的復興動能持續增強。我們以目標為根基，以創造力為動力，以卓越執行為目標的行動方案正在奏效，它為我們的運營方式帶來了一致性，也為我們的製勝之道帶來了清晰的思路。從產品設計到品牌故事，從門市營運到數位互動，公司的業務發展動能十分強勁。最終，公司變得更加靈活，營運也越來越有信心。

On today's call, as usual, I'll provide an update on our third-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.

在今天的電話會議上，我將照例介紹我們第三季的業績以及在四大策略重點方面取得的進展。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。

Let's start with financial and operational rigor. Gap Inc. comparable sales were up 5% versus last year. the highest quarterly comp in over four years. We were pleased to see our three largest brands called Old Navy, Gap and Banana Republic, posting strong positive comps in the third quarter, demonstrating the resilience of our portfolio despite a challenging quarter for Athleta. We delivered operating margin of 8.5% which benefited from growth in AUR as customers responded well to our brand offerings. We continue to strengthen our balance sheet, ending the quarter with strong cash balances of approximately $2.5 billion.

讓我們先從財務和營運的嚴謹性談起。Gap公司同店銷售額較去年同期成長5%，創四年多來最高季度同店銷售額。我們很高興地看到，我們旗下三大品牌 Old Navy、Gap 和 Banana Republic 在第三季度均實現了強勁的同店銷售額增長，這表明儘管 Athleta 在本季度面臨挑戰，但我們的產品組合依然具有韌性。我們實現了 8.5% 的營業利潤率，這得益於 AUR 的成長，因為客戶對我們的品牌產品反應良好。我們持續加強資產負債表，本季末現金餘額強勁，約 25 億美元。

Turning to our next strategic priority, driving relevance and revenue by executing on our brand reinvigoration playbook. This playbook, when applied with relentless repetition, creates a powerful flywheel, which has resulted in seven consecutive quarters of comp growth for our portfolio. Our largest brand, Old Navy, had an incredibly strong quarter, reflecting the brand's strength, consistency, and continued momentum.

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。這套策略，如果堅持不懈地重複運用，就能產生強大的飛輪效應，從而使我們的投資組合連續七個季度實現同業增長。我們最大的品牌 Old Navy 在本季表現非常強勁，反映了品牌的實力、穩定性和持續發展勢頭。

Comparable sales were up 6%, with the brand consistently gaining market share over the last two years. Customers responded to the compelling value proposition, resulting in healthy growth in average unit retail and notably across all income cohorts, which is encouraging despite widely reported macroeconomic pressure on the low-income consumer. Old Navy's consistent performance is being delivered by trend-right products, our strategic pursuit of category leadership, and compelling storytelling.

同店銷售額成長了 6%，該品牌在過去兩年中市佔率持續成長。顧客對極具吸引力的價值主張做出了積極響應，導致平均單位零售額健康增長，尤其是在所有收入群體中，這令人鼓舞，儘管有報道稱低收入消費者面臨宏觀經濟壓力。Old Navy 業績持續成長的秘訣在於：緊跟潮流的產品、對品類領導地位的策略性追求以及引人入勝的故事敘述。

The quarter began with a robust back-to-school season, reinforcing its leadership position in kids and baby in the US. Denim posted its highest third quarter volume in years with growth across the family. Women's and Girls showed particular strength driven by trend-right styles like barrel, wide-leg and baggy fits. Active delivered impressive double-digit growth in the quarter with strength across the family.

本季伊始便迎來了強勁的返校季，鞏固了其在美國兒童和嬰兒市場的領先地位。牛仔布第三季銷售量創多年來新高，全線產品銷售量均成長。女裝和童裝表現特別強勁，這得益於緊跟潮流的款式，如筒裙、闊腿褲和寬鬆版型。Active 業務在本季實現了令人矚目的兩位數成長，旗下所有產品線均表現強勁。

This demonstrates the strong customer response to the brand's distinctive value proposition in the active market and innovation, including new franchises like Bounce Fleece. Today, Old Navy is the number five active apparel brand in the US and the number four brand in the women's active space.

這表明，在活躍的市場中，消費者對該品牌獨特的價值主張和創新（包括像 Bounce Fleece 這樣的新特許經營品牌）做出了強烈的反應。如今，Old Navy 是美國排名第五的運動服飾品牌，也是女性運動服飾領域排名第四的品牌。

As we begin to drive more growth through strategic partnerships that amplify our brand relevance, our latest Disney collaboration kicked off the holiday season with our Jingle Jammies Collection, which is exceeding our expectations, driving excitement across the family, and fueling strong performance in the broader sleep category.

隨著我們開始透過策略合作夥伴關係來推動更多成長，從而增強我們的品牌相關性，我們最新的迪士尼合作推出了我們的「Jingle Jammies」系列，為假日季拉開了序幕。該系列超出了我們的預期，激發了全家人的熱情，並推動了整個睡眠類別的強勁表現。

Another great example is our first designer collaboration with American design legend, Anna Sui. The collection brought high fashion design to a broader audience staying true to Old Navy's democratic and accessible brand promise. The campaign featured rising Gen Z artist, PinkPantheress, and resonated across platforms.

另一個很好的例子是我們與美國設計界傳奇人物安娜蘇的首次設計師合作。該系列產品將高級時裝設計帶給了更廣泛的受眾，忠實地秉持了 Old Navy 民主且平易近人的品牌承諾。這場活動以冉冉升起的 Z 世代藝術家 PinkPantheress 為主角，並在各個平台上引起了共鳴。

In September, we announced plans for a strategic expansion into the beauty category with a phased launch starting with Old Navy. As one of the fastest growing, most resilient retail categories in the US and customer insights that reinforce strong interest in the category, we see a clear and meaningful opportunity to grow in beauty. We recently expanded Old Navy's Beauty Collection in 150 stores, with selectors offering dedicated shop-in-shops and beauty associates. We intend to use this pilot to inform a thoughtful, scaling strategy that will take us from seeding in 2026 to accelerating growth in the years that follow.

9 月，我們宣布了進軍美容類別的戰略擴張計劃，並將分階段推出，首先從 Old Navy 開始。作為美國成長最快、最具韌性的零售類別之一，以及消費者洞察也強化了人們對該類別的濃厚興趣，我們看到了在美容領域實現成長的清晰而有意義的機會。我們最近在 150 家 Old Navy 門市擴展了美妝系列，並配備了專業的店中店和美妝顧問。我們打算利用這個試點計畫來制定一個深思熟慮的規模化策略，使我們從 2026 年的種子階段開始，在接下來的幾年裡加速成長。

Old Navy's third-quarter performance reflects the strength of the team's work, which is clearly resonating. This brand continues to delight consumers and consistently deliver positive comps, while reinforcing Old Navy's position as a brand that defines value, style, and accessibility in American fashion. This gives us confidence as we move into Q4 and beyond.

Old Navy 第三季的表現反映了團隊工作的實力，這顯然引起了共鳴。該品牌持續贏得消費者的喜愛，並不斷取得積極的銷售業績，同時鞏固了 Old Navy 作為美國時尚界價值、風格和親民品牌的地位。這讓我們對進入第四季及以後的發展充滿信心。

Now let's turn to Gap. Gap delivered another standout quarter, reinforcing the reliability of its execution and the compounded strength of our namesake brand. Comparable sales were up 7% on top of 3% comp last year, marking the eighth consecutive quarter of positive comps with growth in average unit retail, consideration, organic impressions, and new customers, a clear signal that Gap's momentum is real, repeatable, and resonating.

現在我們來看看蓋璞。Gap 又取得了令人矚目的季度業績，鞏固了其執行的可靠性以及我們同名品牌的複合實力。同店銷售額在去年同期增長 3% 的基礎上又增長了 7%，連續第八個季度實現正增長，平均單價、考慮度、自然曝光量和新客戶數量均有所增長，這清楚地表明 Gap 的發展勢頭是真實存在的、可複製的，並且具有影響力。

The quarter was fueled by broad-based strength in denim, the centerpiece of our viral campaign, Better In Denim, featuring global group, Katseye. This campaign demonstrated the power of the playbook in action featuring trend-right product amplified by culturally relevant storytelling.

本季業績主要得益於牛仔布料的強勁表現，這是我們病毒式行銷活動「Better In Denim」（牛仔布料更佳）的核心，該活動由全球品牌 Katseye 領銜。這項行銷活動充分展現了該策略的威力，其特色在於以符合潮流的產品和與文化相關的敘事方式來強化產品效果。

With more than 8 billion impressions and 500 million views, Better in Denim culminated in a global cultural takeover and has become one of the brand's most successful campaigns to date, generating significant traffic and double-digit growth in denim. The results speak for themselves. Gap continues to accelerate, attracting a younger, highly engaged consumer, particularly Gen Z, who is discovering us while reinforcing loyalty with our core consumer.

「Better in Denim」活動獲得了超過 80 億次的曝光和 5 億次的觀看，最終席捲全球文化，成為該品牌迄今為止最成功的營銷活動之一，為牛仔產品帶來了顯著的流量和兩位數的增長。結果不言而喻。Gap 持續加速發展，吸引了更多年輕、高度活躍的消費者，尤其是 Z 世代，他們正在發現我們，同時也鞏固了我們核心消費者的忠誠度。

As Gap brand equity and relevance continues to build, the iconic Gap Arch Logo Hoodie is a great example of the brand reclaiming its place in the cultural conversation. During the quarter, we marked the 30th anniversary of the Gap Hoodie with our first-ever Hoodie Day. It was a moment that energized our teams, drove connection with consumers, and contributed to the notable strength in fleece during the quarter.

隨著 Gap 品牌資產和影響力的不斷提升，標誌性的 Gap Arch Logo 連帽衫就是該品牌在文化對話中重新奪回一席之地的絕佳例證。本季度，我們舉辦了第一屆“蓋璞帽衫日”，以紀念蓋璞帽衫誕生 30 週年。這一刻激發了我們團隊的活力，加強了與消費者的聯繫，並促成了本季抓絨布料的顯著強勁銷售。

Our recent collaboration with Sandy Liang was another highlight, delivering strong results and continuing to position Gap as a platform for creative partnerships that drive relevance and new customer acquisition. For holiday, the brand is leaning into CashSoft, where you'll see continued innovation with extensions into new silhouettes, on-trend sets, and vibrant colorways.

我們最近與 Sandy Liang 的合作是另一個亮點，取得了顯著成果，並繼續將 Gap 定位為推動相關性和新客戶獲取的創意合作平台。為了迎接節慶季，品牌將主打 CashSoft 系列，你會看到該系列不斷創新，推出新的輪廓、潮流套裝和充滿活力的配色方案。

Earlier this month, we launched our highly anticipated Give Your gift holiday campaign, a continuation of our effort to bridge the Gap across generations through music, creativity, and culture featuring emerging artist, Sienna Spiro. Gap's execution of the playbook has been fantastic, and it's been exciting to see the brand building on their success quarter after quarter while continuing to drive distinction and relevance. It's a brand that knows who it is, where it's going and how to win. And we're looking forward to carrying that momentum into the holiday season.

本月初，我們推出了備受期待的「贈予你的禮物」假日活動，這是我們透過音樂、創意和文化彌合代溝的努力的延續，該活動以新興藝術家 Sienna Spiro 為特色。Gap 對策略的執行非常出色，令人興奮的是，品牌每季都在鞏固成功，同時不斷提升自身特色和相關性。這是一個清楚自身定位、發展方向、如何獲勝的品牌。我們期待將這種勢頭延續到假日季。

At Banana Republic, we continue to make steady progress. The work to strengthen its positioning leaning into its heritage is paying off. Comparable sales were up 4% in the quarter, reflecting meaningful traction as the brand's reinvigoration takes hold.

在 Banana Republic，我們持續穩步前進。透過強化自身傳統優勢來鞏固市場地位的努力正在發揮成效。本季同店銷售額成長 4%，反映出品牌重振旗鼓後取得了顯著成效。

Growth was driven by continued progress in the harmonization between men's and women's. Men's elevated fashion designs featuring distinctive textures and fabrications continue to perform well. And we've seen notable improvement in women's as fit and product refinement are resonating, particularly in dresses and wovens.

成長的驅動力是男女協調方面所取得的持續進展。男士高級時裝設計，以其獨特的紋理和布料為特色，持續表現良好。我們看到，隨著服裝合身度和產品改良的改進，女裝領域取得了顯著進步，尤其是在洋裝和梭織布料方面。

Building on the success of the brand's prior campaigns, the response to Banana Republic's fall campaign with David Corenswet was strong, breaking brand engagement records and fueling growth while expanding cultural reach and resonance. For the holiday season, Banana Republic is leaning into its distinctive position as the modern explorer brand.

憑藉品牌先前的成功行銷活動，Banana Republic 與 David Corenswet 合作的秋季行銷活動反應熱烈，打破了品牌互動記錄，推動了成長，同時擴大了文化影響力和共鳴。在假日季，Banana Republic 正努力鞏固其作為現代探險家品牌的獨特地位。

Our new campaign shot in a stunning landscape of Ireland captures this essence well, with our beautiful product featured in our travel-oriented storytelling, brought to life through dynamic, destination-rich content. This approach is driving stronger brand affinity and proving to be highly impactful with our customers.

我們在愛爾蘭壯麗的風景中拍攝的全新宣傳活動很好地捕捉到了這種精髓，我們精美的產品融入到以旅行為主題的故事敘述中，並通過充滿活力、目的地豐富的素材將其生動地呈現出來。這種方法正在增強品牌親和力，並已被證明對我們的客戶具有很高的影響。

Overall, Banana Republic's third-quarter results reflect meaningful progress and continued momentum. I'm optimistic the brand is well positioned as we head into the holiday season.

總體而言，Banana Republic 第三季的業績反映了實質的進展和持續的成長勢頭。我對品牌在即將到來的假期季節中佔據有利地位持樂觀態度。

Shifting to Athleta, Maggie Gauger, Brand President, has begun to make an impact in her first 90 days. She's taking quick and thoughtful action to begin to re-orient the brand. This includes reorganizing the talent structure to align with her vision. The team is doing the right work, acting with speed and urgency to drive progress, but this reset will take time. Our focus is on positioning Athleta for long-term success and we're turning it to its rightful place as a premium aspirational brand.

加入 Athleta 後，品牌總裁 Maggie Gauger 在上任的頭 90 天內就開始產生影響。她正在採取迅速而周全的行動，開始重新調整品牌方向。這包括重組人才結構，使其與她的願景保持一致。團隊正在做正確的工作，以迅速而緊迫的行動推動進展，但這種重置需要時間。我們的目標是讓 Athleta 取得長期的成功，並將其打造成為高端、令人嚮往的品牌，使其佔據應有的地位。

The brand is at the beginning of its reinvigoration journey. We aren't chasing quick fixes, we are taking a deliberate approach to position the brand for the long term. We're confident that the consistent application of our brand reinvigoration playbook anchored in purpose and heritage will guide Athleta forward.

該品牌正處於復興之旅的開端。我們不追求速效方案，而是採取深思熟慮的方法，為品牌的長期發展奠定基礎。我們相信，持續運用以宗旨和傳承為核心的品牌重塑策略，將引領 Athleta 邁向未來。

This is about returning to what made the brand great to begin with, while reestablishing our clear and distinctive position in the active market. We're encouraged by the steps Maggie and the team have already taken, and we look forward to the continued impact of their leadership as Athleta's reinvigoration take shape.

這關乎回歸品牌最初的輝煌，同時在活躍的市場中重新確立我們清晰而獨特的地位。我們對 Maggie 和團隊已經採取的措施感到鼓舞，並期待隨著 Athleta 重振旗鼓，他們的領導力能夠繼續產生影響。

As we head into the holiday season, our supply chain continues to power strategic advantages, the scale of our global network across sourcing, logistics, and fulfillment gives us the flexibility and resilience to operate with confidence. Our long-standing vendor partnerships and diversified sourcing footprint are enabling us to move with speed and deliver newness at the pace of demand.

隨著假期季節的臨近，我們的供應鏈繼續為我們提供戰略優勢，我們遍布全球的採購、物流和履行網絡規模，使我們擁有足夠的靈活性和韌性，從而充滿信心地運營。我們與供應商建立了長期合作關係，並擁有多元化的採購管道，這使我們能夠快速行動，並以滿足市場需求的速度推出新產品。

We've introduced new automation and AI capabilities across our omni fulfillment network from robotic unloaders to advanced storage and retrieval systems, which have increased productivity by nearly 30% compared to just a few years ago. This enables us to meet peak demand with greater speed, agility, and precision. With a fleet of about 2,500 stores globally and the largest specialty apparel e-commerce business in the US, we're positioned to serve our customers wherever and however they choose to shop this holiday season.

我們已在全通路履行網路中引入了新的自動化和人工智慧功能，從機器人卸貨機到先進的儲存和檢索系統，與幾年前相比，生產力提高了近 30%。這使我們能夠以更快的速度、更靈活、更精準的方式滿足高峰需求。我們在全球擁有約 2500 家門市，並且是美國最大的專業服飾電子商務企業，因此無論顧客在這個假期季節選擇在哪裡購物、以何種方式購物，我們都能為他們提供服務。

Across Gap Inc., our teams are inspired and energized by the work we're doing, and you can feel it. The work we're doing together to drive the business continues to ignite real energy inside the company, creating a culture that's united, motivated, and focused on execution. This is the culture that is carrying us into the holiday season, where our collective focus is clear, win with the consumer, deliver with excellence, and keep building on the progress we've made together.

在 Gap 公司，我們的團隊都因我們正在做的工作而充滿熱情和活力，您也能感受到這一點。我們共同努力推動業務發展，不斷激發公司內部的真正活力，創造了團結、積極、注重執行的企業文化。正是這種文化引領我們進入假日季，我們共同的目標很明確：贏得消費者的青睞，提供卓越的服務，並不斷鞏固我們共同的進步。

In the fourth quarter, we remain focused on executing with excellence. Our Q3 and quarter-to-date performance positions us well for the holiday selling season and gives us the confidence to update our full-year outlook, increasing net sales growth to the high end of our prior range and raising our operating margin. We look forward to finishing the year strong and creating a clear runway to the next phase of our transformation as we move into 2026 building momentum.

第四季度，我們將繼續專注於卓越執行。第三季及本季至今的業績表現使我們為假日銷售季做好了充分準備，也讓我們有信心更新全年展望，將淨銷售成長提高到先前預期範圍的高端，並提高營業利潤率。我們期待以強勁的勢頭結束今年，並為邁向 2026 年的下一階段轉型奠定清晰的基礎，同時保持發展勢頭。

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. We delivered exceptional third-quarter results, surpassing our expectations across multiple key metrics. Our strategy is working, growing brand relevance, combined with operational and financial discipline, drove our highest quarterly comparable sales performance in over four years, up 5%.

謝謝你，理查德，也謝謝各位今天下午的到來。我們第三季業績表現出色，在多個關鍵指標上都超出了預期。我們的策略正在奏效，不斷提升品牌相關性，再加上營運和財務紀律，推動我們實現了四年多來最高的季度同店銷售業績，成長了 5%。

We saw strong performance across the back-to-school and early holiday periods, underscoring the increasing resonance of our brands with consumers. With the playbook now in its second year, we're beginning to see a flywheel of growth take hold at Old Navy and Gap, with Banana Republic gaining traction. We exceeded our gross margin expectations with strong flow-through to our operating margin in the quarter, driven by rigor in the fundamentals.

我們在返校季和假期初期都取得了強勁的業績，這凸顯了我們的品牌與消費者之間日益增強的共鳴。該策略實施至今已進入第二年，我們開始看到 Old Navy 和 Gap 的成長勢頭強勁，而 Banana Republic 也獲得了發展動力。本季，由於基本面穩健，我們的營業利潤率強勁成長，毛利率超出預期。

Average unit retail, or AUR, grew again this quarter, reflecting our compelling product offering and the disciplined execution across our teams. Our brand momentum, combined with our strategic supply chain actions, enabled a significant portion of the tariff impact on our margins to be mitigated.

本季平均單位零售額（AUR）再次成長，這反映了我們極具吸引力的產品供應和我們團隊嚴謹的執行力。我們的品牌發展勢頭，加上我們的策略性供應鏈措施，使得關稅對我們利潤率的大部分影響得以減輕。

With the strength of our third-quarter results and our quarter-to-date performance in mind, we are raising our full-year 2025 gross margin and operating margin outlook, with full-year 2025 net sales growth now expected to be at the high end of our prior guidance range. I'll take you through the details of our outlook shortly.

鑑於我們第三季業績強勁以及本季迄今的表現，我們提高了 2025 年全年毛利率和營業利潤率預期，預計 2025 年全年淨銷售額增長將達到我們之前預期範圍的高端。稍後我會詳細介紹我們的展望。

We are entering the final stages of fixing the fundamentals. Consistent progress on our strategic priorities has strengthened our position as we move into 2026. We where we will focus on building momentum and creating new growth opportunities.

我們正進入解決根本性問題的最後階段。我們在策略重點方面取得的持續進展，鞏固了我們在邁向 2026 年的地位。我們將專注於積蓄力量，創造新的成長機會。

Now turning to third-quarter results. Net sales of $3.9 billion were up 3% year over year, exceeding our expectations with comparable sales up 5%. By brand, starting with Old Navy, net sales were $2.3 billion, up 5% versus last year, with comparable sales up 6%. It's exciting to see the brand winning in strategic categories like denim, active, and kids and baby, supported by strong execution of culturally relevant marketing and partnerships.

現在來看第三季業績。淨銷售額達 39 億美元，年增 3%，超過我們的預期，同店銷售額成長 5%。以品牌劃分，以 Old Navy 為例，淨銷售額為 23 億美元，比去年增長 5%，同店銷售額增長 6%。令人興奮的是，該品牌在牛仔服、運動服、童裝和嬰兒服等策略類別中取得了成功，這得益於其強有力的文化相關行銷和合作關係的執行。

Turning to Gap brand. Net sales of $951 million were up 6% versus last year and comparable sales were up 7%. Relentless consistent execution of the reinvigoration playbook is fueling sustained momentum for the brand, clearly reflected in the better and denim campaign.

轉而選擇 Gap 品牌。淨銷售額為 9.51 億美元，比去年成長 6%，同店銷售額成長 7%。品牌復興計畫的持續有效執行，為品牌注入了強勁的發展勢頭，這一點在「更好」和「牛仔」系列廣告活動中得到了充分體現。

Banana Republic net sales of $464 million were down 1% year over year with comparable sales up 4%. Our foundational work on the brand from elevated product to culturally relevant storytelling is resonating with consumers and drove the second consecutive quarter of solid performance.

Banana Republic 淨銷售額為 4.64 億美元，年減 1%，但同店銷售額成長 4%。從高端產品到具有文化相關性的故事敘述，我們在品牌建立方面所做的基礎性工作引起了消費者的共鳴，並推動了連續第二季的穩健業績。

Athleta net sales of $257 million decreased 11% versus last year and comparable sales were down 11%. We're focused on applying the playbook with rigor, beginning with the fundamentals as we work to reset the brand for the long term. And while we're eager for results, we are executing a phased plan that will take time.

Athleta 的淨銷售額為 2.57 億美元，比去年下降了 11%，同店銷售額也下降了 11%。我們專注於嚴格執行既定策略，從基本要素著手，努力重塑品牌，以實現長期發展。雖然我們渴望看到成果，但我們正在執行一個分階段的計劃，這需要時間。

Let's continue to the balance of the P&L. Gross margin of 42.4% declined 30 basis points from last year but exceeded our expectations. As anticipated, tariffs pressured overall margin levels. However, lower discounting resulted in increased AUR growth driven by the consumers' response to our relevant product and storytelling. Compared to last year, merchandise margins were down 70 basis points due to the estimated 190 basis point impact of tariffs. This implies roughly 120 basis points of underlying margin expansion.

我們繼續分析損益表。毛利率為 42.4%，比去年下降了 30 個基點，但超出了我們的預期。正如預期的那樣，關稅對整體利潤率造成了壓力。然而，較低的折扣率帶來了平均售價的成長，這得益於消費者對我們相關產品和故事的正面回饋。與去年相比，商品毛利率下降了 70 個基點，原因是關稅預計會產生 190 個基點的影響。這意味著基礎利潤率將擴張約 120 個基點。

ROD leveraged 40 basis points in the quarter. SG&A increased to $1.3 billion, primarily due to the quarterly timing of incentive compensation and continued strategic investments. SG&A as a percentage of net sales was 33.9%, deleveraging 50 basis points versus last year. Third-quarter operating margin of 8.5% was down 80 basis points compared to last year, which includes an estimated 190 basis points of tariff impact. This implies roughly 110 basis points of underlying margin expansion. Earnings per share in the quarter were $0.62, a decrease of 14% versus last year's earnings per share of $0.72, primarily due to the impact of tariffs.

本季 ROD 槓桿率為 40 個基點。銷售、一般及行政費用增加至 13 億美元，主要原因是按季度發放激勵性薪酬以及持續的策略性投資。銷售、一般及行政費用佔淨銷售額的33.9%，比去年下降了50個基點。第三季營業利潤率為 8.5%，比去年同期下降了 80 個基點，其中包括估計 190 個基點的關稅影響。這意味著基礎利潤率將擴張約 110 個基點。本季每股收益為 0.62 美元，較去年同期的每股收益 0.72 美元下降了 14%，主要原因是關稅的影響。

Now turning to the balance sheet and cash flow. End of quarter inventory levels were up 5% year over year, primarily attributable to higher costs due to tariffs. Our disciplined inventory management resulted in slightly negative unit inventories, and we believe we ended the quarter with the right inventory composition.

現在來看資產負債表和現金流量表。季度末庫存水準年增 5%，主要原因是關稅導致成本上升。我們嚴格的庫存管理使得單位庫存略微為負，我們相信本季末的庫存組成是正確的。

We continue to be rigorous in our approach to inventory for the balance of the year. As we shared on our second quarter call, we've tightened the way we purchase unit inventory 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.

今年剩餘時間裡，我們將繼續採取嚴格的庫存管理方法。正如我們在第二季電話會議上分享的那樣，我們收緊了採購單位庫存的方式，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響應消費者需求。我們預計將按照庫存原則進行運營，即採購量低於銷售量。

The last two years have been about fixing the fundamentals, which includes strengthening the balance sheet. We ended Q3 with cash, cash equivalents and short-term investments of $2.5 billion, an increase of 13% from last year. Net cash from operating activities was $607 million year to date. And our free cash flow of $280 million year to date demonstrates the rigor we have put into managing the business. Capital expenditures were $327 million year to date.

過去兩年主要致力於夯實基本面，包括強化資產負債表。第三季末，我們持有現金、現金等價物和短期投資25億美元，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 6.07 億美元。今年迄今為止，我們的自由現金流已達 2.8 億美元，這充分體現了我們在業務管理方面所投入的嚴謹態度。今年迄今的資本支出為 3.27 億美元。

With regard to returning cash to shareholders, in the third quarter, we paid $62 million to shareholders in the form of dividends, and the Board recently approved a fourth-quarter dividend of $0.165 per share. Year to date, we have repurchased 7 million shares for approximately $152 million, achieving our goal of offsetting dilution. And while we've achieved our goal, as always, we remain opportunistic.

關於向股東返還現金，第三季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四季度每股 0.165 美元的股息。今年迄今為止，我們已回購了 700 萬股股票，總額約 1.52 億美元，實現了抵銷股權稀釋的目標。雖然我們已經實現了目標，但我們一如既往地保持著機會主義精神。

Now turning to our outlook for fiscal 2025. I am pleased with the strength of our Q3 results and solid quarter-to-date performance, which are giving us the confidence to update our fiscal 2025 outlook. We've been operating against a dynamic backdrop for the last few years, and we're expecting the same for the fourth quarter.

現在讓我們展望一下2025財年。我對我們第三季強勁的業績和本季迄今的穩健表現感到滿意，這讓我們有信心更新 2025 財年的展望。過去幾年，我們一直在瞬息萬變的市場環境下運營，預計第四季也將如此。

Our outlook assumes a relatively consistent macroeconomic environment, but acknowledges the potential for increasing uncertainties related to consumer behavior in global economic and geopolitical conditions. As a result, we continue to take a balanced view with our guidance and remain focused on controlling the controllables.

我們的展望假設宏觀經濟環境相對穩定，但也承認在全球經濟和地緣政治情勢下，消費者行為方面存在日益增加的不確定性。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。

Starting with full-year 2025 net sales. We are increasing our outlook to the high end of our prior guidance range, and now expect net sales growth of 1.7% to 2% year over year. Our outlook assumes ongoing strength at Old Navy, Gap, and Banana Republic and a longer recovery at Athleta.

從 2025 年全年淨銷售額開始。我們將業績預期上調至先前預期範圍的高端，目前預期淨銷售額年增1.7%至2%。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。

Moving to gross margin. With our strong Q3 performance, we are raising our full year gross margin outlook. We now expect deleverage of about 50 basis points year over year driven by an unchanged estimated annual net tariff impact of approximately 100 to 110 basis points. Excluding the impact of tariffs, this would imply underlying gross margin expansion of approximately 50 to 60 basis points versus last year.

接下來討論毛利率。鑑於第三季強勁的業績表現，我們上調了全年毛利率預期。我們現在預計，由於預計年度淨關稅影響約為 100 至 110 個基點，槓桿率將年減約 50 個基點。不計關稅的影響，這意味著毛利率較去年同期將成長約 50 至 60 個基點。

Turning to SG&A. We continue to expect SG&A to leverage slightly for the full year. As 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, including beauty and accessories as we pursue the long-term success of the company. A portion of these savings will also offset continued inflation.

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。正如上個季度電話會議所討論的，今年我們將持續改善公司的成本結構，並在核心營運中大力節省 1.5 億美元的成本。透過提高效率和效益，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，包括美容和配件，以追求公司的長期成功。這些節省下來的部分資金還可以抵消持續的通貨膨脹。

Now I'll turn to fiscal 2025 operating margin. We now expect an operating margin of about 7.2% for the full year, an increase from our prior guidance range of 6.7% to 7%. This continues to include the estimated net tariff impact of approximately 100 to 110 basis points. Excluding the impact of tariffs, this would imply meaningful underlying operating margin expansion of 80 to 90 basis points versus last year.

現在我將討論 2025 財年的營業利益率。我們現在預計全年營業利潤率約為 7.2%，高於我們先前 6.7% 至 7% 的預期範圍。這仍然包括預計淨關稅影響約為 100 至 110 個基點。不計關稅的影響，這意味著與去年相比，基本營業利潤率將顯著提高 80 至 90 個基點。

Our income tax rate outlook for the year has increased to approximately 28% and primarily reflects the impact of changes in the amount and mix of our geographic earnings. This increase of 1 point versus our prior outlook of 27% represents an approximate $0.03 headwind to EPS.

我們預計今年的所得稅率將上升至約 28%，這主要反映了我們地域收益金額和組成變化的影響。與我們之前 27% 的預期相比，這一成長 1 個百分點意味著每股盈餘將面臨約 0.03 美元的不利影響。

Looking to 2026, as we shared on our second quarter call, we do not expect the annualization of tariffs in 2026 to cause further operating income declines. And we now expect the majority of the mitigation to come from adjustments to our sourcing, manufacturing, and assortments with the balance driven by targeted pricing. We continue to be mindful of price elasticity and remain focused on maintaining the overall value proposition for our customers. And while pricing is a lever to manage AUR, it's one of many we've been using to manage margin over time.

展望 2026 年，正如我們在第二季電話會議上所分享的，我們預期 2026 年關稅的年度化不會導致營業收入進一步下降。我們現在預計，大部分緩解措施將來自採購、生產和產品組合的調整，其餘部分則透過有針對性的定價來實現。我們將繼續關注價格彈性，並繼續專注於為客戶保持整體價值主張。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. Our third-quarter AUR performance and the momentum of our brands gives me confidence that our AUR growth plans are achievable.

其他手段包括商品組合、全價銷售、促銷和庫存管理。第三季平均營業額 (AUR) 的表現以及我們品牌的成長勢頭讓我相信，我們的 AUR 成長計畫是可以實現的。

There will be a timing dynamic to the tariff impact on gross margin in 2026. We estimate a Q1 net tariff impact similar to Q4, followed by meaningful benefits from our mitigation efforts in Q2. The back half of 2026 should turn to a tailwind as our actions build and we lap most of this year's tariff impact.

關稅對 2026 年毛利率的影響將具有時間動態性。我們預計第一季淨關稅影響與第四季類似，隨後第二季我們將從緩解措施中獲得顯著收益。2026 年下半年應該會轉為順風，因為我們的行動會不斷推進，我們將基本上消除今年關稅的影響。

In closing, our Q3 results reflect strong execution at our reinvigoration playbook, driving consistency and growth across our largest brands. Continued cost discipline is enabling reinvestment in strategic growth opportunities, while our scale and supply chain strength support ongoing tariff mitigation.

總之，我們第三季的業績反映了我們振興計畫的強大執行，推動了我們旗下各大品牌的持續成長。持續的成本控制使我們能夠對策略性成長機會進行再投資，而我們的規模和供應鏈實力則支持持續的關稅緩解措施。

When we perform with excellence, it builds confidence, confidence fuels execution, execution drives growth. This flywheel is the engine of our momentum. As we look to deliver this holiday season, we remain focused on operational excellence and advancing our ambition to become a high-performing company that delivers sustainable, profitable growth and long-term value for our shareholders.

當我們表現出色時，就能建立自信；自信能激發執行力；執行力能推動成長。這個飛輪是我們前進的引擎。展望即將到來的假期季，我們將繼續專注於卓越運營，並努力成為一家業績卓越、為股東帶來可持續盈利增長和長期價值的公司。

I'd like to thank the team for their commitment to excellence and delivering results in support of our transformation journey.

我要感謝團隊對卓越的不懈追求和為支持我們的轉型之旅所取得的成果。

With that, we'll open up 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。

Great. Congrats on a nice quarter. Maybe for Richard or Katrina, can you just dig in a little bit more on what drove such a strong comp acceleration at the Gap banner. And also how you think about sustainable comp level for that business over time?

偉大的。恭喜你本季業績出色。或許理查德或卡特里娜，你們能否更深入地探討一下是什麼推動了 Gap 品牌如此強勁的競爭加速？另外，您如何看待該企業長期可持續的薪資水準？

And then maybe for Katrina, just what surprised the upside versus your initial expectations on gross margin? Curious if tariffs played a role and how you think about steady state on that line item from here?

那麼，對卡特里娜來說，究竟是什麼因素導致毛利率超出了您最初的預期？很好奇關稅是否發揮了作用，以及您如何看待該項目目前的穩定狀態？

Alex, thank you. First off, I think it's clear our strategy is working, and it is showing up in the momentum that we're seeing in our results. All three of our largest brands exceeding expectations, Old Navy up 6%, Banana Republic up 4%, and Gap delivered another standout quarter with a strong comp of 7%. And that's on top of 3% last year, and it represents the eighth consecutive quarter of positive comps for us.

Alex，謝謝你。首先，我認為很明顯我們的策略是有效的，這點從我們目前的業績動能就能看出來。我們三大品牌都超乎預期，Old Navy 成長 6%，Banana Republic 成長 4%，Gap 也取得了又一個出色的季度業績，同店銷售額成長 7%。而且這還是在去年 3% 的成長基礎上實現的，也是我們連續第八個季度實現正成長。

This consistency is setting new records for the brand, and it's reinforcing our confidence in its long-term growth trajectory, driven by compelling product assortments, partnerships, and marketing have really resulted in growth across all income cohorts. We have seen more high-income consumers choosing Gap, and we really do believe that with the strong competitive position that we've taken between premium and value and the fact that we're bridging the generation gap, it's a really exciting time to see Gap continuing to accelerate.

這種持續成長為該品牌創造了新的紀錄，也增強了我們對該品牌長期成長軌蹟的信心。在極具吸引力的產品組合、合作夥伴關係和行銷的推動下，該品牌在所有收入群體中都實現了成長。我們看到越來越多的高收入消費者選擇 Gap，我們真心相信，憑藉我們在高端和實惠之間佔據的強大競爭地位，以及我們正在彌合代溝的事實，現在正是 Gap 繼續加速發展的絕佳時機。

We have been attracting a younger, highly engaged consumer, particularly with Gen Z, as they discover the brand and it's reinforcing loyalty with our core consumer. So the performance in the quarter, which, as you know, was fueled by our broad-based strength in denim, the centerpiece of our viral campaign, Better in Denim featuring the global group, Katseye, did incredibly well.

我們吸引了更多年輕、高度參與的消費者，尤其是 Z 世代，他們發現了我們的品牌，這增強了我們核心消費者的忠誠度。如您所知，本季業績得益於我們在牛仔布領域的廣泛優勢，而牛仔布正是我們病毒式行銷活動「Better in Denim」（與全球集團 Katseye 合作）的核心，該活動取得了令人難以置信的成功。

I mean we generated more than 8 billion impressions. I think we had over 500 million views. It was the denim story everybody wanted to be part of. We increased our ranking in the denim category. Gap is now the number six adult denim brand in the US, up from eight last year.

我的意思是，我們獲得了超過80億次的曝光量。我想我們的觀看次數超過了5億。這是每個人都想參與其中的牛仔故事。我們在牛仔服裝類別中的排名提高了。Gap 目前是美國第六大成人牛仔品牌，比去年的第八名有所上升。

Collaborations are continuing to drive relevance and revenue with our latest collaboration this quarter with Sandy Liang, which was incredibly successful, again, attracting new younger customers to the brand. And it's exciting to see the brand just continuing to build on their success quarter after quarter, and we're looking forward to carrying that momentum into the holiday season and beyond.

合作持續推動品牌相關性和營收成長，本季我們與 Sandy Liang 的最新合作取得了巨大的成功，再次為品牌吸引了更多年輕客戶。令人興奮的是，該品牌每季都在不斷取得成功，我們期待將這種勢頭延續到假期季節及以後。

As it relates to -- sorry, I'm going to finish up, Alex, for you on gross margin. So for gross margin in the quarter, we did exceed our expectations in gross margin by over 100 basis points, and that was actually driven by an in-line expectation as it relates to tariffs. So tariffs of 190 basis points were as expected.

關於毛利率的問題——抱歉，Alex，我這就替你把話說完。因此，本季毛利率超出預期 100 多個基點，這實際上是由於關稅方面符合預期所致。因此，190個基點的關稅符合預期。

But the outperformance in the quarter really came from standout performance, particularly at Old Navy and Gap and better-than-expected AURs as consumers really responded to our product and storytelling, which enabled us to have lower discounting in the quarter.

但本季業績的超額完成主要得益於 Old Navy 和 Gap 的出色表現，以及高於預期的平均營業收入 (AUR)，因為消費者對我們的產品和品牌故事給予了積極反饋，這使我們能夠在本季度降低折扣力度。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

I was just wondering if you could expand a bit more on AUR trends, how you're managing AUR trends. And I guess just the growth plans that you've spoken about as you look forward maybe Q4 but even into '26.

我只是想問一下，您能否再詳細介紹一下 AUR 的發展趨勢，以及您是如何管理 AUR 發展趨勢的。我想，正如你所談到的，展望未來，你們的成長計畫可能會在第四季甚至到 2026 年實現。

Thanks, Bob. We approach pricing as we always have. I mean, we consider all the various inputs while maintaining our overall value proposition for consumers. And in Q3, as our brands continue to gain more relevance and the rigor that we put around inventory management, as that becomes more foundational, we are increasing our price elasticity, and we've been driving our sell-through at full price.

謝謝你，鮑伯。我們的定價策略與以往相同。我的意思是，我們在考慮所有不同因素的同時，也保持了我們為消費者提供的整體價值主張。第三季度，隨著我們的品牌影響力不斷增強，以及我們對庫存管理的嚴格把控（這已成為基礎性措施），我們提高了價格彈性，並一直在全價銷售。

We did take select pricing in Q3 in select categories, denim, which saw double-digit growth and the strength of our execution is really resonating with customers, and we saw growth, as I mentioned, across all income cohorts. The sales were driven by both units and AUR.

第三季度，我們對部分品類（例如牛仔布）採取了選擇性定價策略，牛仔布的銷售量實現了兩位數的成長。我們強大的執行力確實引起了顧客的共鳴，而且正如我之前提到的，所有收入群體都實現了成長。銷售額由銷量和平均使用率共同推動。

We had overall AUR improving versus last year. We saw particularly strength in Old Navy and Gap with customers that were really responding well to our style, the quality, and the value which we continue to advance. Banana Republic AURs also were strong. This is resulting in less discounting, better regular price sell-through and it's giving us confidence that we can continue to drive AUR growth as we enter the fourth quarter.

與去年相比，我們的整體平均使用率有所提高。我們發現 Old Navy 和 Gap 的銷售表現特別強勁，顧客對我們的款式、品質和價值給予了很高的評價，我們也將繼續提升這些方面。Banana Republic 的 AUR 也表現強勁。這使得折扣減少，常規價格銷售情況更好，也讓我們有信心在進入第四季度後繼續推動平均使用率成長。

Matthew Boss, JP Morgan.

馬修‧博斯，摩根大通。

Congrats on a really nice quarter. So Richard, could you speak to drivers of the top-line inflection that you saw at Old Navy this quarter, any change in momentum, early holiday and relative to the consistency that you've now clearly shown at the Gap concept, I guess how do you see Old Navy differentiated as it relates to the market share opportunity for that brand?

恭喜你本季業績出色。理查德，你能談談本季 Old Navy 營收成長的驅動因素嗎？成長動能是否有所改變？是否與提前到來的假期有關？相對於你目前在 Gap 品牌所展現出的穩定性，你認為 Old Navy 在市佔率上有哪些差異化優勢？

And then, Katrina, just given actions that you've taken to the cost structure, how best to think about annual operating income dollar growth is low single-digit top line was the baseline multiyear moving forward?

卡特里娜，鑑於你對成本結構採取的措施，如何最好地看待年度營業收入美元成長？目前，年營業收入成長率僅為個位數，而未來幾年的基準線就是這個成長率。

Matthew, thank you for the question. And thrilled to talk about Old Navy. We had an incredibly strong quarter. Comps up were 6% with the brand consistently gaining market share over the last two years. It is the number one specialty apparel brand in the US. And the performance this quarter really speaks to the brand's strength, consistency, and continued momentum.

馬修，謝謝你的提問。很高興能和大家聊聊 Old Navy。我們本季業績非常出色。同店銷售額成長了 6%，該品牌在過去兩年中持續擴大市場份額。它是美國排名第一的專業服飾品牌。本季的業績充分體現了品牌的實力、穩定性和持續發展勢頭。

Customers are responding to what Old Navy does best. We give great style at great value. We saw healthy growth across all income cohorts. In AUR, it was driven by trend-right product, which, again, was amplified by compelling, creative, and better storytelling for our brands. we've been winning in the categories that we've been strategically pursuing with intent. And we've shared those along the way, kids and baby, denim and active have all been driving the momentum.

顧客們對 Old Navy 的優勢給予了正面的回饋。我們提供物超所值的時尚單品。我們看到所有收入群體都實現了健康成長。在AUR，我們以符合潮流的產品取得成功，而引人入勝、創意十足且更勝一籌的品牌故事又進一步強化了這一點。我們在那些我們精心策劃、有針對性地進軍的領域中，一直都取得了成功。一路走來，我們分享了這些內容，兒童和嬰兒、牛仔和運動服飾都推動了這一趨勢。

Active in particular was a standout in the quarter. We delivered double-digit growth, and I believe it's underscoring the power of our value proposition and innovation. Differentiation as it relates to the market share opportunities that we see, we look at partnerships, Disney's partnership with us. We just presented Jingle Jammies, which was an incredible presentation across the family. It exceeded expectations.

尤其值得一提的是，Active品牌在本季表現突出。我們實現了兩位數的成長，我認為這凸顯了我們的價值主張和創新能力。就我們所看到的市場份額機會而言，差異化意味著合作夥伴關係，例如迪士尼與我們的合作關係。我們剛剛展示了《Jingle Jammies》，這是一場全家人都非常喜歡的精彩演出。超出預期。

We just also introduced Anna Sui's collaboration with us, which was particularly meaningful as the first designer collaboration where we're bringing high fashion to a broader audience. All of this, while we're just beginning to expand the brand into beauty, which, of course, is early days, but we see incredibly high potential opportunity for Old Navy for that category and the broader portfolio over time.

我們最近也推出了 Anna Sui 與我們合作的系列，這意義非凡，因為這是我們首次與設計師合作，將高級時裝帶給更廣泛的受眾。這一切都發生在我們剛開始將品牌拓展到美妝領域之際，當然，這還處於早期階段，但我們看到 Old Navy 在這個品類以及更廣泛的產品組合中擁有巨大的發展潛力。

So look, I'm thrilled with Old Navy's consistency in the quarter performance. And I actually am particularly excited about our holiday offering at giftable price points, and we are ready to execute with excellence.

所以，我對 Old Navy 本季的穩定表現感到非常滿意。我其實對我們推出的節日特惠產品感到特別興奮，這些產品價格實惠，非常適合作為禮物，我們已經準備好以卓越的品質來執行它們。

And then, Matt, as it relates to your other question, I would say as you called out, we've done a lot of restructuring over the last few years. And then this year, we previewed that we're saving about $150 million in our cost structure. We are reinvesting a portion of that into future growth opportunities because we want to be able to see this next phase, which we're saying is building momentum that we hope over time leads to accelerated growth. So balancing the savings with what we think are important investments for the long term.

然後，馬特，關於你的另一個問題，我想說，正如你所指出的，我們在過去幾年裡進行了許多重組。今年，我們預告稱，我們的成本結構將節省約 1.5 億美元。我們將把其中一部分資金再投資於未來的成長機會，因為我們希望能夠看到下一個階段，我們認為這個階段正在積蓄力量，我們希望隨著時間的推移，這將帶來加速成長。因此，我們需要在儲蓄和我們認為對長期發展至關重要的投資之間取得平衡。

What I would say is this year, the operating margin that we've guided to of about 7.2% is really only modest deleverage compared to last year, and that's while absorbing $100 million to $110 million basis points of operating -- excuse me, of tariff impact, which does show the way we are managing the business with rigor, both through cost and margin improvements.

我想說的是，今年我們預計的營業利潤率約為 7.2%，與去年相比，這實際上只是略微降低了槓桿率，而且這還是在吸收了 1 億至 1.1 億美元營業——抱歉，是關稅影響——的情況下實現的，這確實表明了我們通過成本和利潤率的改善，以嚴格的方式管理業務。

As we look forward, we've also said that in 2026, we don't expect the annualization of tariffs to cause further operating income declines as we work hard to mitigate those costs. Once tariffs are fully reflected in the base, we do believe the consistency in our core combined with top-line benefit related to the high potential growth opportunities that we're seeding in '26 should provide sales growth that benefits operating income over time. So more to come on what that algorithm turns out to be, but we feel good about the work we've been doing, and we're certainly pleased with our results.

展望未來，我們也曾表示，到 2026 年，我們預期關稅的年度化不會導致營業收入進一步下降，因為我們將努力降低這些成本。一旦關稅完全反映在基數中，我們相信，我們核心業務的穩定性，加上我們在 2026 年播下的高潛力成長機會帶來的營收成長，應該能夠帶來銷售成長，從而隨著時間的推移提高營業收入。關於演算法的最終成果，我們稍後會詳細介紹，但我們對我們所做的工作感到滿意，並且對我們的成果感到非常高興。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

Richard, how do you feel about the store fleet today across brands and banners? Are there any investments that need to be made to fuel the momentum from a shopping experience perspective? And what does that mean regarding store fleet transformation, whether that's remodels or changes in store count as you look ahead into 2026?

理查德，你對目前各個品牌和連鎖店的門市網路有何看法？從購物體驗的角度來看，是否需要進行任何投資來推動這項發展動能？那麼，展望 2026 年，對於門市轉型（無論是門市改造還是門市數量變化）而言，這意味著什麼？

Brooke, thanks for that question. Stores are a really important way for customers to experience our brand. I mean they bring our product, storytelling and service to life in a way that digital just can't. With a company operating a fleet of about 2,500 stores, we are always optimizing our retail footprint. We're closing underperforming stores. We're repositioning some locations that are more relevant to our customers, and we evaluate new store openings.

布魯克，謝謝你的提問。實體店是顧客體驗我們品牌的重要途徑。我的意思是，它們以數位科技無法企及的方式，將我們的產品、故事和服務生動地展現出來。公司旗下擁有約 2500 家門市，我們一直在優化零售版面。我們正在關閉業績不佳的門市。我們正在重新調整一些門市位置，使其更貼近我們的客戶，並且我們會評估新店開幕的可能性。

As you know, over the last several years, we've closed about 350 stores that were unprofitable. Last year, we closed about 56 stores across our portfolio. We expect to close approximately another 35 in fiscal '25 with the majority of those closures being specific to Banana Republic.

如您所知，在過去的幾年裡，我們關閉了大約 350 家不盈利的門市。去年，我們關閉了旗下約 56 家門市。我們預計在 2025 財年還將關閉約 35 家門市，其中大部分關閉的門市都與 Banana Republic 有關。

I believe we're at a pivotal point right now where the fleet is really well positioned, and we've been testing new formats and experiences. Gap Flatiron in New York has been functioning for about a year with great learnings that we've started to expand across our Gap fleet with denim shops, new refresh shop here in San Francisco and a variety of others that are on plan. Banana Republic, specifically in Soho and other locations that we've been refreshing with some great results, and of course, Old Navy and Athleta up [at that].

我認為我們現在正處於一個關鍵時刻，我們的車隊已經做好了充分的準備，並且我們一直在測試新的形式和體驗。紐約的 Gap Flatiron 已經運營了大約一年，我們從中獲得了寶貴的經驗，並開始在我們的 Gap 門市網絡中擴展業務，包括牛仔服裝店、舊金山的新裝修店以及其他正在計劃中的各種門市。Banana Republic，尤其是在Soho和其他我們翻新過的門市，都取得了不錯的成效；當然還有Old Navy和Athleta。[就此]。

We continue to evaluate these tests and their performance and are getting more and more confidence in the revenue and relevance and the strong returns that they've been driving. We've begun to invest rationally and selectively in the areas that we think will drive the return that we're looking for. And we will continue to keep everybody posted as we look to the combination of repositioning our stores, refreshing must-win stores and again, looking to start to open up new stores where it makes sense strategically

我們持續評估這些測驗及其表現，並且對它們帶來的收入、相關性和強勁回報越來越有信心。我們已開始理性地、有選擇地投資於我們認為能夠帶來我們所期望回報的領域。我們將繼續向大家通報最新進展，包括重新定位門市、翻新重點門市，以及在策略上合理的情況下開設新店。

Adrienne Yih, Barclays.

艾德琳伊，巴克萊銀行。

Congratulations. Great to see the progress at the right time. Richard, my question for you is sort of a little bit higher level since you've come, there's such a focus on product and marketing, like the combination of the flywheel effect of those. How is the appointment of design and creative, specifically Zac Posen can change the complexion accretive thinking throughout the organization? And then the marketing piece of it, how has that kind of -- how does that complement kind of the product and creating that flywheel?

恭喜。很高興看到在適當的時機取得了進展。理查德，我的問題可能有點高層次，因為你來了之後，大家都很關注產品和行銷，以及這兩者之間的飛輪效應。聘請設計和創意人才，特別是 Zac Posen，如何能夠改變整個組織的形象塑造思維？然後是行銷方面，它如何與產品相輔相成，並創造飛輪效應？

Thank you, Adrienne, for the question. First off, let's just mention Zac. He's been an incredible addition to our leadership team. It's been almost two years ago now that he's joined and has brought significant impact on many creative aspects, I would say, both inside the company and beyond.

謝謝你的提問，艾德琳。首先，我們先來談談札克。他的加入對我們的領導團隊來說是一件非常了不起的事。他加入公司至今已近兩年，可以說，他對公司內外的許多創意方面都產生了重大影響。

Our objective collectively with Zac and by elevating the creative conversation across our brands, highlighting design and product is an incredibly important attribute to all of our brands has been working. I mean we've been culturally creating moments, curated moments where our brands and our products have taken center stage not only to some extent on the runway, but on Main Street, and we're attracting talent as well to our portfolio that might not have considered a place like Gap, Inc. or our brands prior.

我們與 Zac 共同的目標是透過提升我們旗下所有品牌的創意對話，強調設計和產品是我們所有品牌極其重要的屬性，而這一目標也一直行之有效。我的意思是，我們一直在文化上創造時刻，精心策劃的時刻，讓我們的品牌和產品不僅在T台上，而且在大街小巷都佔據了中心位置，我們也吸引了一些人才加入我們的投資組合，這些人以前可能從未考慮過像Gap公司或我們的品牌。

When we talk about marketing, which I also -- I'm pleased to talk about, we know marketing is a much more complex function today than it was in the past. And as you know, we've been working really hard at driving new narratives that put our brands back into the cultural conversation, and it's our job to be everywhere that our consumer is with the right creative messaging.

當我們談論行銷時（我也很樂意談論這個話題），我們知道，如今的行銷比過去複雜得多。如你所知，我們一直在努力推動新的敘事方式，使我們的品牌重新回到文化對話中，而我們的工作就是用正確的創意訊息出現在消費者所在的任何地方。

I think it's obvious we're performing while we transform. We're driving digital dialogue messages with social media as the number one platform for our consumers, influencer content is among the most common product discovery methods amongst Gen Z and millennials, which we've been performing incredibly well with.

我認為很明顯，我們是在轉型的同時進行表演。我們正在利用社群媒體這個消費者首選平台來推動數位化對話訊息傳播，而影響者內容是 Z 世代和千禧世代最常用的產品發現方式之一，我們在這方面取得了非常好的成績。

We actually recently launched a cross-brand content creator and social media advocacy program last month, which you might have seen. We now also have a presence on TikTok as a shop and many more, and these methodologies are proving really impactful, but they also require higher-quality accelerated amounts of creative.

事實上，我們上個月剛剛啟動了一個跨品牌內容創作者和社交媒體宣傳計劃，您可能已經看到了。我們現在也在 TikTok 上開設了店鋪，以及其他許多平台，這些方法都取得了顯著成效，但它們也需要更高品質、更快速的創意。

And lastly, we can't help it, but mention again, Katseye is a great example of that. I mean, 8 billion impressions, 500 million views. This was a true cultural takeover. And I think it's another proof point in our playbook. And we believe we've got the means and the experiences and the brands to continue to be more effective and be more efficient in our spend as we've proven this methodology is working and it will continue to propel us into the future.

最後，我們忍不住要再次提及，Katseye 就是一個很好的例子。我的意思是，80億次曝光，5億次觀看。這是一場真正的文化入侵。我認為這再次證明了我們策略的成功。我們相信，我們擁有足夠的資源、經驗和品牌，能夠繼續提高支出效率，因為我們已經證明這種方法是有效的，它將繼續推動我們走向未來。

Dana Telsey, Telsey Group.

Dana Telsey，Telsey集團。

Congratulations on the nice progress. Katrina, one for you, one for Richard. As you think about the tariff mitigation strategies, which seem to be effective, the pricing adjustments have seemed to become less and less. Is that the right impression and how you're thinking about pricing going forward?

恭喜取得如此佳績。卡特里娜，一杯給你，一杯給理查。當你思考那些似乎有效的關稅緩解策略時，你會發現價格調整的幅度越來越小。這種印像是否正確？您未來是如何考慮定價的？

And then Richard, the acceleration in store sales is impressive. In your view of the consumer overall, how are you thinking about the consumer? Does it differ by brand, lower and higher income customer whether it's Gen Z, millennial or baby boomer? How do you think the current feeling and in attitudes towards merchandising? How do you think of consumer demand?

還有，理查德，門市銷售額的成長速度令人印象深刻。從整體來看，您對消費者有何看法？品牌、低收入和高收入客戶、Z世代、千禧世代或嬰兒潮世代，這些情況是否有所不同？您認為目前人們對商品銷售的感受與態度如何？您如何看待消費者需求？

Dana, thanks for the question. I think I'm going to jump in here and take consumer first, and then Katrina can follow up with tariff mitigation answers. First, I think it's really important to share, we're seeing consistency and strength in our customer behavior. As I mentioned, I'm really proud that we're winning with all income cohorts, and you could see it with the strong differentiation within our portfolio.

達娜，謝謝你的提問。我認為我應該先從消費者的角度出發，然後卡特里娜可以跟進討論關稅緩解措施。首先，我認為非常重要的一點是，我們看到客戶行為呈現一致性和強勁勢頭。正如我之前提到的，我非常自豪我們贏得了所有收入群體的青睞，這一點從我們投資組合的顯著差異化中也可以看出。

Together, we see equal growth across low, middle and high, and it's evidenced by our two largest brands, Old Navy and Gap. Now there is external data that points to, of course, the macro pressure on the low-income consumer, but our customers are finding our price value, our product, our styles, it's breaking through the competitive landscape, and we're winning.

我們看到低端、中端和高端市場都實現了均衡成長，我們最大的兩個品牌 Old Navy 和 Gap 證明了這一點。當然，外部數據顯示低收入消費者面臨宏觀壓力，但我們的客戶發現我們的價格、產品和款式具有價值，正在突破競爭格局，我們正在贏得市場。

We're also doing this data with less discounting. We've got better regular price sell-through increased AUR, which is really indicating that our product is resonating. I think you can see it when you go into our stores, we're just telling better merchant-driven stories and it is supported by incredibly relevant marketing. We're also excited to see that the high-income consumer is discovering our fashion, quality, and value. And we think that is also being driven by the relevant narrative that we've been creating in the marketplace.

我們也以較低的折扣率處理這些數據。我們獲得了更好的常規價格銷售，平均用戶活躍度 (AUR) 也提高了，這確實表明我們的產品引起了共鳴。我想你走進我們的門市就能感受到，我們只是在講述更精彩的商家故事，而且這得到了極具針對性的行銷支持。我們也欣喜地看到，高收入消費者正在發現我們的時尚、品質和價值。我們認為，這也要歸功於我們在市場上營造的相關氛圍。

So when I step back and I look at our portfolio competitively, I think our portfolio appeals to a wide range of consumers. It gives us greater flexibility in today's environment. When we look at our portfolio today versus even a few years ago, we are a much stronger portfolio of brands today. We're resonating with consumers, and it's our job on a day-to-day basis to create great product with great style and quality, exceptional value. And I think we will prevail in any marketplace if we stay consistent and true to that narrative.

所以，當我退後一步，從競爭角度審視我們的產品組合時，我認為我們的產品組合能夠吸引廣泛的消費者群體。它使我們在當今環境下擁有更大的靈活性。與幾年前相比，我們今天擁有更強大的品牌組合。我們與消費者產生了共鳴，而我們日常的工作就是創造款式新穎、品質優良、物超所值的產品。我認為，如果我們始終如一地堅持這個理念，我們就能在任何市場中取得成功。

Over to you, Katrina, on tariffs?

卡特里娜，接下來該你談談關稅問題了？

Sure. So as it relates to tariffs, we did do a slight amount of pricing in the quarter, but we really honestly, Dana, approach pricing as we always do. We look at all the various inputs really with an eye to maintaining the overall value proposition for our consumers. So we did take select pricing in select categories.

當然。所以，就關稅而言，我們本季確實進行了一些定價調整，但說實話，達納，我們的定價方式和以往一樣。我們認真考慮所有各種因素，旨在為消費者保持整體價值主張。所以我們確實在特定類別中採取了選擇性定價策略。

I think denim is a really good example at Gap, where given the strength we were able to take slight pricing and see double-digit growth in sales in spite of that. The strength of our execution, as Richard said, really is resonating with our consumers. And as Richard said, we saw sales come from both units and AUR in the quarter.

我認為 Gap 的牛仔產品就是一個很好的例子，鑑於其強勁的市場表現，我們能夠略微提高價格，並實現兩位數的銷售成長。正如理查德所說，我們執行力的強大確實引起了消費者的共鳴。正如理查德所說，本季我們看到銷售額既來自銷量，也來自平均使用率。

I would say the bigger driver of the outperformance in the quarter and what we're seeing is less discounting and better regular price sell-through. And I think as Richard said earlier, that really gives us the confidence that we can keep driving AU growth as we enter the holiday season.

我認為本季業績超預期，以及我們所看到的現象，主要驅動因素是折扣減少和常規價格銷售情況更好。正如理查德之前所說，這確實讓我們有信心在假期季節到來之際繼續推動澳洲市場的成長。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

Just switching gears to Athleta for a minute. How do you feel about the level and content of the inventory there? And do you have a time line for where you think that sales could begin to stabilize?

暫時換個話題聊聊Athleta。你覺得那裡的庫存水準和內容如何？您認為銷售何時才能開始趨於穩定？

Lorraine, thank you for that question. We're not hiding from Athleta. It's a very important brand in our portfolio. We have been disappointed in the trend. But Maggie, our brand President, has hit the ground running in our first 90 days, and she's balancing near-term priorities with, of course, the longer-term reinvigoration objectives that we have for the brand.

洛林，謝謝你的提問。我們並沒有躲避 Athleta。它是我們產品組合中非常重要的品牌。我們對這種趨勢感到失望。但是，我們的品牌總裁 Maggie 在上任後的前 90 天裡就迅速進入狀態，她既要兼顧近期的優先事項，又要兼顧我們為該品牌制定的長期振興目標。

As I mentioned, she's been building her leadership team to align with her vision, and she is truly setting the foundation for the brand's next chapter. A lot of work happening, editing the assortment, studying the consumer, evaluating our retail footprint and of course, the overall customer experience.

正如我之前提到的，她一直在組建自己的領導團隊，以契合她的願景，她正在為品牌的下一個篇章奠定基礎。我們正在進行大量工作，包括編輯產品系列、研究消費者、評估我們的零售佈局，當然還有整體的客戶體驗。

This is a reset year for Athleta, and our focus is going to be on positioning the brand for long-term success and returning it to a rightful place as a premium purpose-driven aspirational brand. We do believe Maggie and the team are taking the right steps, and we remain confident that Athleta will emerge as a brand that really does matter even more to women through product, trend and storytelling.

今年是 Athleta 的重置之年，我們的重點是為品牌的長期成功進行定位，並使其重回高端、目標驅動、令人嚮往的品牌地位。我們相信 Maggie 和她的團隊正在採取正確的措施，我們仍然相信 Athleta 將透過產品、趨勢和故事講述，成為一個對女性更重要的品牌。

We understand there's a lot of work to do, but we believe we've got the right leader in place to do it, and we look forward to continuing to update you as more news unfolds.

我們明白還有很多工作要做，但我們相信我們已經找到了合適的領導者來完成這項工作，我們期待著隨著更多消息的出現繼續向您通報最新情況。

And maybe what I'd add, Lorraine, on inventory is as we assessed Athleta in second quarter, given sort of the trend in the business, we did make some choices to lower inventory levels overall. And so we have aligned inventory for Athleta to this lower sales trend as we head -- for Q3 and as we head into Q4. So we feel good about the levels and quality of inventory at Athleta, and will remain pretty prudent as it relates to Athleta, until we start to see the product and the marketing get back to where we would expect it to be for this brand.

洛林，關於庫存，我可能還要補充一點：我們在第二季度評估 Athleta 時，考慮到業務發展趨勢，我們確實做出了一些選擇，降低了整體庫存水準。因此，隨著第三季和第四季銷售趨勢的下降，我們調整了 Athleta 的庫存。因此，我們對 Athleta 的庫存水準和品質感到滿意，並且在產品和行銷恢復到我們對品牌的預期水準之前，我們將對 Athleta 保持相當謹慎的態度。

Paul Lejuez, Citigroup.

Paul Lejuez，花旗集團。

Just to go back to the unit comments. Curious which brand you saw the greatest increases in units. And then I'm also curious on the inventory [for unit] gap that you mentioned, what will that look like at the end of the year as we finish up fourth quarter and then into the first half of '26?

再回到單元評論部分。很好奇哪個品牌的銷售量增幅最大。另外，我還想了解您提到的庫存（單位）缺口，到年底，也就是第四季結束，進入 2026 年上半年時，庫存缺口會是什麼樣子？

Paul, I'm going to take the first one, but we had a lot of trouble hearing your second question. So apologies on that one, we're going to ask you to repeat it. As it relates to units, we were really pleased to see that as our brands are gaining relevance combined with the rigor that we're putting into the business that we're seeing our elasticity improve, and we're getting higher sell-throughs at regular price.

保羅，我來回答第一個問題，但是我們很難聽清楚你的第二個問題。對此我們深表歉意，請您再說一次。就銷量而言，我們非常高興地看到，隨著我們的品牌知名度不斷提高，加上我們對業務的嚴格把控，我們的彈性正在改善，而且我們以正常價格獲得了更高的銷量。

When we look at the units in the quarter, I would say units were aligned with where we see outperformance in the business, particularly at Old Navy and Gap. And we also saw AURs there as well.

當我們審視本季的銷售業績時，我認為銷售業績與我們認為業務表現優異的領域相符，尤其是 Old Navy 和 Gap。我們也看到了那裡的AUR。

But I'm going to ask you to repeat again the second part because we couldn't hear you.

但我請你再重複一次第二部分，因為我們沒聽清楚。

Sure. Sorry, Katrina. So the inventory dollars versus unit gap that you spoke of this quarter, curious what that looks like at the end of 4Q and then into the first half of next year.

當然。對不起，卡特里娜。所以，您在本季度提到的庫存金額與單位數量之間的差距，我很想知道第四季度末以及明年上半年的情況會如何。

Sorry about that. So we continue to keep our units below sales as we try to keep within our principles of keeping inventory tight. We want to keep maximum flexibility so that we can respond in season to various demand scenarios and be responsive to consumer demand. So as we think about end of quarter inventory, I would expect it to be similar to how we just ended Q3.

抱歉。因此，我們繼續保持銷售低於銷量，並努力遵守我們嚴格控制庫存的原則。我們希望保持最大的靈活性，以便能夠根據不同的需求情況隨時做出反應，並回應消費者的需求。因此，當我們考慮季度末庫存時，我預計情況會與我們剛結束的第三季類似。

Corey Tarlowe, Jefferies.

科里·塔洛，傑富瑞。

Richard, I wanted to ask about the power of partnerships. And the reason being is I don't think that there's a retailer in the mall today that has done more partnerships in the time spend that you've been at Gap to expand the aperture for the brand and to build, as you say, relevance in revenue. And I was curious about what you think strategically, this means for the business ahead.

理查德，我想問關於夥伴關係的力量。原因在於，我認為如今商場裡沒有哪家零售商像 Gap 一樣，在你在 Gap 任職的這段時間裡，建立瞭如此多的合作關係，從而擴大了品牌的影響力，並如你所說，提高了收入。我很好奇，從策略角度來看，這對公司未來的業務意味著什麼。

And then the follow-up to this is how have the consumers responded to these improvements in the brand in the way that you've been able to, say, remove promos on categories like denim at Gap?

接下來要探討的是，消費者對品牌的這些改進有何反應？例如，您已經能夠取消 Gap 牛仔服等品類的促銷活動。

Okay. Cory, thank you for the question. First off, I think it has been a credit to the brands and teams that have followed the methodology that we shared with our playbook. And as part of the playbook and when we look at cultural relevance, collaborations help a brand drive relevance. It broadens its customer base, and continues the drumbeat between its larger partnerships and releases. So it keeps topical in the context of the amount that we do and the timing that we do them.

好的。科里，謝謝你的提問。首先，我認為這要歸功於那些遵循我們分享的策略手冊中的方法論的品牌和團隊。作為策略的一部分，當我們審視文化相關性時，合作有助於品牌提升相關性。它擴大了客戶群，並繼續保持與其大型合作關係和產品發布之間的節奏。所以，就我們進行工作的數量和時間安排而言，它始終保持著時效性。

Now you have to really be authentic. It's not just a collaboration. It's a well-thought-out strategic partnership. To date, Gap brand, as you mentioned, we've launched over 13 collaborations. It continues to drive enormous excitement and attract new audiences to us. And they're very precise and they need to be. They need to be win-win. And most importantly, they need to be authentic to the consumer.

現在你必須真正做到真誠。這不僅僅是一次合作。這是一項經過深思熟慮的策略夥伴關係。正如您所提到的，迄今為止，Gap 品牌已經推出了超過 13 個合作項目。它持續引發巨大的熱情，並為我們吸引新的觀眾。它們非常精確，而且必須如此。他們需要達成雙贏。最重要的是，它們必須對消費者來說是真實的。

The collaborations that we've been doing, as I mentioned, are attracting new generations to Gap, but it's also, at the same time, reinforcing the brand to those who love us for years. This is, to some extent, a balance of art and science.

正如我之前提到的，我們一直在進行的合作不僅吸引了新一代消費者加入 Gap，同時也鞏固了多年來一直喜愛我們的消費者對品牌的忠誠度。這在某種程度上是藝術與科學的平衡。

The latest collaboration this quarter with Gap brand with Sandy Liang in the third quarter, it drove incredible engagement and overall basket. You asked about consumers responding in relation to it and how it affects our business. I mean, more than 25% of the customers who shop these collaborations were new to Gap. And of those who shop the collaborations, 20% shop beyond the collab.

本季與 Gap 品牌和 Sandy Liang 在第三季的最新合作，帶來了令人難以置信的互動和整體客單價提升。您詢問了消費者對此的反應以及這對我們業務的影響。我的意思是，超過 25% 的購買這些聯名系列產品的顧客都是 Gap 的新顧客。在購買聯名系列產品的顧客中，有 20% 的人會購買聯名系列以外的產品。

So we see the attraction that these collaborations when done right are generating for the brand. And then we -- by offering and showing other product, we're now establishing broader, bigger house files and more exciting relationships with our consumers. We just launched the Anna Sui collection with Old Navy, which is the first designer collaboration in Old Navy, incredible success, similar engagement, a really well-thought out precise partnership and we believe a sign of things to come.

由此可見，如果合作得當，這些合作能為品牌帶來巨大的吸引力。然後，透過提供和展示其他產品，我們正在與消費者建立更廣泛、更大的客戶檔案和更令人興奮的關係。我們剛剛與 Old Navy 合作推出了 Anna Sui 系列，這是 Old Navy 的首次設計師合作，取得了巨大的成功，雙方的參與度也很高，這是一次經過深思熟慮的精準合作，我們相信這是一個好兆頭。

So again, laddering up, it's great credit to the teams across the brands for driving the playbook, executing it with excellence and really creating win-win collaborations for the consumer and our business.

所以，再次向上追溯，要特別感謝各個品牌的團隊，他們推動了策略規劃，出色地執行了策略規劃，真正為消費者和我們的業務創造了雙贏的合作。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

It's Carson on for Michael. Katrina, probably a question for you. I appreciate the color on the wraparound effect of tariffs into 2026. But if we set tariffs aside, we had really nice underlying gross margin expansion in the third quarter. The guidance implied it's pretty similar for fourth quarter. How much of that underlying expansions from AUR versus other drivers?

卡森替麥可上場。卡特里娜，或許我該問你一個問題。我欣賞這種將關稅的連鎖反應延續到 2026 年的表述。但撇開關稅不談，我們第三季的基本毛利率成長非常可觀。該指引暗示第四季的情況也大致相同。其中有多少成長是由 AUR 驅動的，又有多少是由其他因素驅動的？

Because I think I've heard several times today confidence in the AUR plan. So if that's the leading driver, it is safe to carry those impacts over into the next few quarters?

因為我覺得今天我已經好幾次聽到人們對 AUR 計畫充滿信心了。如果這是主要驅動因素，那麼將這些影響延續到接下來的幾季是否安全？

Thanks for the question. So the way I would answer that is our margin strength in Q3 came from a combination of favorability in commodities, aided by some supply chain leverage that we got as well as strength in AUR. As we look to Q4, what you'll see is that the tariff impact to Q4 is similar to what we just experienced in Q3. And we're also still seeing the commodity benefits.

謝謝你的提問。因此，我的回答是，我們第三季的利潤率優勢來自於大宗商品價格的有利因素，以及我們獲得的供應鏈槓桿作用和AUR的強勁表現。展望第四季度，你會發現關稅對第四季的影響與第三季的情況類似。而我們仍然能從大宗商品中獲益。

But in Q4, we're trying to sort of stay balanced in our outlook. And so right now, what we have in is roughly similar promotions year over year so that we have room to compete in any environment. And so we'll obviously aspire to do better. But the upside that we saw in AUR from Q3 is not currently assumed in Q4.

但到了第四季度，我們正努力保持平衡的展望。因此，目前我們採取的促銷措施與往年大致相同，這樣我們就有空間在任何環境下競爭。因此，我們當然會力爭做得更好。但我們在第三季看到的 AUR 成長勢頭，目前預計在第四季不會出現。

And ladies and gentlemen, that concludes our question-and-answer session. I will now turn the conference back over to Mr. Richard Dickson for closing remarks.

女士們、先生們，我們的問答環節到此結束。現在我將把會議交還給理查德·迪克森先生，請他作閉幕致詞。

Thank you, operator. This was an exceptional quarter, and I'm really proud of this talented team that continues to deliver quarter after quarter. As we look to finish the year strong, our team is fired up and our focus is clear: continue to execute with excellence and win with the customer this holiday.

謝謝接線生。這是一個非常出色的季度，我為這支才華橫溢的團隊感到非常自豪，他們每個季度都能持續取得優異的成績。為了在年底前取得佳績，我們的團隊士氣高昂，目標明確：繼續保持卓越的執行力，在這個假期季節贏得客戶的青睞。

Thank you for joining us today. For those of you who celebrate wishing you a Happy Thanksgiving, and we look forward to seeing you in our stores this holiday season. Thanks, all.

感謝您今天蒞臨。祝所有慶祝感恩節的朋友們節日快樂，我們期待在這個假期期間在我們的門市見到你們。謝謝大家。

And ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，感謝各位的參與。您現在可以斷開連線了。