The Gap, Inc. (GAP) 2025 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. I would like to welcome everyone to the Gap, Inc., fourth-quarter 2025 earnings conference call.

女士們、先生們，午安。歡迎各位參加 Gap 公司 2025 年第四季財報電話會議。

(Operator Instructions)

（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 fourth-quarter fiscal 2025 earnings conference call.

大家下午好。歡迎參加 Gap 公司 2025 財年第四季財報電話會議。

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.

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; quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission on May 30, 2025, August 29, 2025, and November 26, 2025; and other 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；公司於 2025 年 5 月 30 日、2025 年 2025 年和 2025 年 2025 月 30 日、2025 年 2025 年和 2025 年 2025 月 30 日、2025 年 2025 年和 2025 年 2025 年日向美國證券交易委員會提交的 10-Q 表格季度報告；以及向美國證券交易委員會提交的其他文件，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, March 5, 2026. We assume no obligation to publicly update or revise our forward-looking statements.

這些前瞻性陳述是基於截至 2026 年 3 月 5 日的資訊。我們不承擔公開更新或修改前瞻性聲明的義務。

Our latest earnings release and the accompanying materials available on gapinc.com also include descriptions and, where available, reconciliations of financial measures not consistent with Generally Accepted Accounting Principles.

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對不符合公認會計原則的財務指標的描述，以及（如有）對財務指標的調節。

All market share data referenced today will be from Circana's US Apparel Consumer Service for the 12 months ending January 2026, unless otherwise stated.

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，時間跨度為截至 2026 年 1 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. Good afternoon, everyone.

謝謝你，惠特尼。大家下午好。

I am pleased to report that we delivered another successful fourth quarter, in line with our expectations and marking another year of meaningful progress for Gap, Inc.

我很高興地報告，我們又一個成功的第四季業績符合預期，標誌著 Gap 公司又一年取得了實質進展。

In the quarter, we achieved comparable sales of 3%, our eighth consecutive quarter of positive comps; while, once again, winning across all income cohorts. We continue to do what we said we were going to do, underscoring the growing resilience, durability, and potential of our portfolio.

本季度，我們的同店銷售額成長了 3%，連續第八個季度實現正成長；同時，我們再次在所有收入群體中都取得了勝利。我們繼續履行我們先前承諾要做的事情，這凸顯了我們投資組合日益增強的韌性、持久性和潛力。

Reflecting on the full year, 2025 continued to demonstrate our ability to perform while we transform, even in a highly dynamic environment, as we execute our strategic priorities and deliver consistent performance, while fixing the fundamentals.

回顧2025年全年，我們持續展現出在轉型過程中保持業績的能力，即使在高度動態的環境中，我們也能執行策略重點並取得持續的業績，同時夯實基礎。

Through the disciplined execution of our brand reinvigoration playbook, we are building a clear track record of reliable growth, proving our three largest brands can deliver, quarter after quarter.

透過嚴格執行我們的品牌復興計劃，我們正在建立可靠的成長記錄，證明我們三大品牌能夠連續幾季實現業績成長。

Gap, Inc., achieved its second consecutive year of top-line growth. Full-year net sales grew 2%, at the high end of our outlook, fueled by comparable sales of 3%, building on last year's 1% net sales growth and 3% comp.

Gap公司連續第二年實現了營收成長。全年淨銷售額成長 2%，達到我們預期的高端水平，這主要得益於 3% 的同店銷售額成長，而去年淨銷售額成長 1%，同店銷售額成長 3%。

Our playbook continues to fuel our portfolio, with Gap brand delivering its third consecutive year of positive comp sales; and both Old Navy and Banana Republic reporting their second consecutive year of positive comp sales.

我們的策略持續推動我們的產品組合，Gap 品牌連續第三年實現了正向同店銷售；Old Navy 和 Banana Republic 也連續第二年實現了正向同店銷售。

We delivered one of our highest gross margins in the last 25 years and generated $1.1 billion in full-year operating income, a clear reflection of the strength of our platform; and the financial and operational rigor embedded across the organization.

我們實現了近 25 年來最高的毛利率之一，全年營業收入達到 11 億美元，這清楚地反映了我們平台的實力，以及整個組織內部嚴謹的財務和營運。

Disciplined execution throughout the year further strengthened our balance sheet, enabling us to end 2025 with a cash balance of $3 billion, our highest in nearly two decades.

全年嚴謹的執行進一步增強了我們的資產負債表，使我們在 2025 年底擁有 30 億美元的現金餘額，這是近二十年來的最高水準。

Based on our strong financial position and confidence in our continued progress, the Board recently approved an increase in our first-quarter dividend and a new $1 billion share repurchase authorization.

鑑於我們強勁的財務狀況和對持續發展的信心，董事會最近批准了提高第一季股息和新的 10 億美元股票回購授權。

I am proud of the resilience this team has shown and what we have achieved together. This performance gives me confidence, as we continue to move forward. That confidence is rooted in something deeper than any single quarter or year.

我為這支隊伍展現出的韌性以及我們共同達成的成就感到自豪。這次表現讓我信心倍增，我們將繼續前進。這種自信並非源自於某個季度或年份的單一因素，而是源自於更深層的東西。

Since 1969, when the Fishers opened a single store to bridge a generation gap, Gap, Inc., has proven that purpose and profit can coexist, taking pride in doing what's right for our company, our customers, and our communities; and building brands that matter.

自 1969 年 Fishers 開設第一家門市以彌合代溝以來，Gap 公司就證明了目標和利潤可以並存，我們以對公司、客戶和社區做出正確的事情而自豪；並致力於打造重要的品牌。

It's that legacy of bridging gaps and leading with purpose that brings us to today. We have a unique opportunity with the legal settlement received to pledge a $50 million charitable donation to a combination of the Gap Foundation and our donor advised on. This marks a true legacy moment, honoring a heritage rooted in shared humanity and ensuring that our commitment to create a better world endures for generations to come.

正是這種彌合差距、以目標為導向的傳統，才使我們走到今天。我們利用收到的法律和解金，有機會向 Gap 基金會和我們捐贈者建議的機構捐贈 5000 萬美元。這標誌著一個真正的傳承時刻，是對植根於人類共同傳統的致敬，並確保我們創造更美好世界的承諾能夠代代相傳。

On today's call, I'll discuss our fourth-quarter performance by brand and share how we're thinking about 2026 in the context of our strategy. Then, Katrina will walk you through our detailed financial results and outlook. After which, we will open the call for questions.

在今天的電話會議上，我將討論我們第四季度各品牌的業績，並分享我們在策略背景下對 2026 年的展望。接下來，卡特里娜將帶您詳細了解我們的財務表現和展望。之後，我們將開放提問環節。

Starting with Old Navy, as we execute on our reinvigoration playbook, Old Navy is becoming a proven growth engine, with consistency and scale that drives meaningful value.

從 Old Navy 開始，隨著我們執行復興計劃，Old Navy 正在成為一個經過驗證的成長引擎，其穩定性和規模帶來了有意義的價值。

Fourth-quarter comp sales grew 3%, building on last year's 3% comp growth and reflecting the brand's fifth consecutive quarter of positive comps. Old Navy ranks as a top 3 brand in 9 of the 10 largest apparel categories and gained share in all five of the largest categories on a rolling 12 basis.

第四季同店銷售額成長 3%，延續了去年 3% 的同店銷售額成長，這也是該品牌連續第五個季度實現同店銷售額正成長。Old Navy 在十大服裝類別中的九個類別中位列前三，並且在前五大類別中，連續 12 個月的市場份額均有所增長。

Old Navy continues to win at the intersection of great product, quality, and price. The brand's focused pursuit of leadership in active, denim, and Kids & Baby drove strong performance across each of these categories, as the brand continued to innovate and excite our customers.

Old Navy 在產品、品質和價格的平衡方面繼續保持領先地位。該品牌專注於在運動服、牛仔服和童裝及嬰兒服領域追求領先地位，推動了這些類別的強勁業績，因為該品牌不斷創新，為我們的客戶帶來驚喜。

Both active and denim continued to grow share. The strong execution of our Disney partnership has positioned Old Navy as Disney's number 1 apparel brand direct-to-consumer partner in the United States.

運動服和牛仔裝的市佔率均持續成長。我們與迪士尼的合作取得了巨大成功，使 Old Navy 成為迪士尼在美國排名第一的服裝品牌直接面向消費者的合作夥伴。

The brand has also continued to evolve its media-mix model to meet consumers where they are, growing its presence on social media platforms; and significantly increasing creator volume, with over 15,000 creators in the fourth quarter, almost 3 times the number of creators, last year.

該品牌也不斷改進其媒體組合模式，以滿足消費者的需求，擴大其在社群媒體平台上的影響力；並大幅增加創作者數量，第四季度創作者數量超過 15,000 人，幾乎是去年同期的 3 倍。

Looking ahead, we believe Old Navy is well positioned. We're confident in the brand's ability to deliver consistently, largely in line with its performance over the past two years.

展望未來，我們認為 Old Navy 已經做好了充分的準備。我們對該品牌持續保持良好業績的能力充滿信心，預計其表現將與過去兩年基本保持一致。

Now, let's turn to Gap. Gap's momentum accelerated meaningfully in the fourth quarter, delivering comp sales up 7%, on top of last year's 7% comp growth, marking its ninth consecutive quarter of positive comps.

現在，讓我們來看看 Gap。Gap 第四季的成長動能顯著加快，同店銷售額成長 7%，在去年 7% 的同店銷售額成長基礎上，連續第九個季度實現正成長。

Returning to its powerful heritage, the brand is, once again, bridging the generation gap, continuing to attract Gen Z, while growing its core customer. That multigenerational appeal is showing up in the results.

該品牌回歸其強大的傳統，再次彌合代溝，繼續吸引 Z 世代，同時擴大其核心客戶群。這種跨世代的吸引力在結果中有所體現。

Gap, at its best, is a true original, a pop culture brand that celebrates individuality, united through music, genres, and collaborations that bridge generations and cultures.

Gap 的最佳狀態是真正的原創品牌，一個崇尚個性的流行文化品牌，它透過音樂、流派和合作將不同世代和文化的人們聯繫在一起。

We're leaning into that heritage with intention, from red-carpet moments -- most recently addressing Leon Thomas for the Grammys and Claire Danes for the Golden Globes; to co-hosting a star-studded Super Bowl event in San Francisco; to spotlighting emerging artists from Tyla and Troye Sivan Sevan to KATSEYE and Sienna Spiro.

我們有意傳承這項傳統，從紅毯時刻——最近在葛萊美獎上邀請 Leon Thomas，在金球獎上邀請 Claire Danes；到在舊金山聯合主持星光熠熠的超級碗活動；再到聚焦從 Tyla 和 Troye Sivan Sevan 到 KATSEYE 和 Sienna Spiro 等新興藝術家。

Gap is showing up in culture in ways that are authentic and relevant.

Gap正以真實且相關的方式出現在文化領域。

In the fourth quarter, the team executed our playbook with fluency, which was demonstrated through their Give Your Gift holiday campaign and culturally relevant collaborations, supported by a highly evolved media mix.

第四季度，團隊流暢地執行了我們的策略，這體現在他們的「贈予禮物」節日活動和與文化相關的合作中，並得到了高度成熟的媒體組合的支持。

We saw particular strength in key categories like fleece, including logo, denim, and sleepwear.

我們看到一些重點品類表現特別強勁，例如抓絨衫（含logo）、牛仔服和睡衣。

As brand relevance has increased, we're also proving elasticity. This was our second quarter of meaningfully pulling back discounting, driven by on-trend product and strong brand heat.

隨著品牌相關性的提高，我們也證明了自身的彈性。這是我們在產品流行趨勢和品牌熱度高漲的推動下，大幅減少折扣的第二季。

With a focus on elevating the customer shopping experience, new store models continue to outperform the fleet, giving us confidence in the opportunity to accelerate these formats in 2026.

我們專注於提升顧客的購物體驗，新的門市模式持續超越現有門市，這讓我們有信心在 2026 年加速推廣這些模式。

I'm proud to say that Gap, our namesake brand of 56 years, is firmly back in growth mode.

我很自豪地宣布，我們擁有 56 年歷史的同名品牌 Gap 已穩步重回成長軌道。

Banana Republic delivered a 4% comp, building on a 4% comp last year, with sharper merchandising and execution. Banana Republic has returned to its roots as a storytelling brand, expressed through the lens of the modern explorer.

Banana Republic 實現了 4% 的同店銷售額成長，在去年 4% 同店銷售額成長的基礎上，透過更精準的商品陳列和執行，實現了更高的銷售額。Banana Republic 回歸了作為說故事品牌的初心，透過現代探險家的視角來表達品牌理念。

You can see that story coming to life more cohesively and comprehensively through our assortments, merchandising; and how we show up in culture. Consumers have taken notice. There's greater synergy between Men's and Women's, with head-to-toe wardrobing, guided by a clear style guide and design language that's informing design, presentation, and storytelling.

你可以透過我們的產品系列、商品陳列以及我們在文化中的形象，更連貫、更全面地看到這個故事鮮活地呈現出來。消費者已經注意到了這一點。男裝和女裝之間有了更大的協同效應，從頭到腳的服裝搭配都遵循清晰的風格指南和設計語言，從而指導設計、展示和故事講述。

Leather, suede, cashmere, and textured -- all synonymous with Banana Republic's design language -- are reinforcing the brand's distinctive point of view. This is a great example of the differentiation of our portfolio coming alive. We look forward to getting even sharper, with more precision, more narrative-led merchandising, and a dialed-up fashion quotient that underscores Banana Republic's unique brand DNA.

皮革、絨面革、羊絨和紋理面料——這些都是 Banana Republic 設計語言的代名詞——它們都在強化品牌獨特的觀點。這是我們產品組合差異化優勢得以充分體現的絕佳範例。我們期待變得更加敏銳、更加精準，以更具敘事性的商品銷售方式，以及提升時尚指數，從而凸顯 Banana Republic 獨特的品牌 DNA。

Shifting to Athleta, while Athleta remains a work in progress, we took decisive action in the second half of 2025, appointing Maggie Gauger to lead its reinvigoration.

轉向 Athleta，雖然 Athleta 仍在發展中，但我們在 2025 年下半年採取了果斷行動，任命 Maggie Gauger 領導其復興。

The Active category remains strategically important and resilient. Even amid disruption, customers continue to make fashion choices that are Active-oriented. Within that landscape, Athleta holds a meaningful position as the number 5 Women's Active brand, with distinction as a women's-only brand rooted in quality, performance, and design intent exclusively for her.

活躍人群類別仍然具有重要的策略意義和強大的韌性。即使在動盪時期，消費者仍會選擇以運動為導向的時尚服飾。在這樣的市場環境下，Athleta 作為排名第五的女性運動品牌佔據著重要的地位，它作為一個專為女性打造的品牌，以品質、性能和專為女性設計為核心，獨樹一幟。

While Athleta sales trend has been disappointing, we've accumulated critical learnings and are acting on them with intention. We are rearchitecting the assortment, building key items into enduring franchises and reorganizing the brand around consumer insights.

雖然 Athleta 的銷售趨勢令人失望，但我們已經累積了重要的經驗教訓，並正在有意識地採取行動。我們正在重新建構產品組合，將重點產品打造為持久的品牌，並圍繞消費者洞察重整品牌。

Maggie is going deep with the team, even meeting with Athleta's founder, to reconnect the brand to its original purpose and establish clarity and alignment around the brand's identity.

Maggie 與團隊深入合作，甚至與 Athleta 的創始人會面，以重新將品牌與其最初的宗旨聯繫起來，並圍繞品牌的身份建立清晰的認識和一致性。

With the strength of our portfolio and our proven playbook, 2026 will be about positioning the brand for sustainable growth in the years ahead. Progress will take time. But I am confident we are attracting the right talent to rebuild Athleta.

憑藉我們強大的產品組合和行之有效的策略，2026 年將是為品牌在未來幾年實現永續成長奠定基礎的一年。進步需要時間。但我相信我們正在吸引合適的人才來重建 Athleta。

In 2025, the power of our portfolio became clear, as our playbook successfully delivered consistent growth across our three largest brands. This was reflected in the metrics that matter, the strength of our product, and in the cultural narratives that are resonating with consumers.

2025年，我們產品組合的實力顯露無疑，因為我們的成功策略成功地實現了旗下三大品牌的持續成長。這一點體現在重要的指標、我們產品的實力以及能夠引起消費者共鳴的文化敘事中。

Moving at the speed of culture takes focus and discipline. We're working together, with clarity and conviction, to continue to advance our strategy.

跟上文化發展的腳步需要專注和自律。我們正齊心協力，以清晰的思路和堅定的信念，繼續推進我們的策略。

As we've shared, we've been very purposeful in the sequential order of our transformation. Over the last two years, we have focused on fixing the fundamentals: maintaining financial and operational rigor, reinvigorating our brands, strengthening our platform, and energizing our culture.

正如我們之前分享的，我們在轉型過程中一直非常注重循序漸進。過去兩年，我們專注於夯實基礎：維持財務和營運的嚴謹性，重振品牌，加強平台建設，並激發企業文化活力。

The meaningful progress we've made across these strategic priorities has enabled us to consistently perform while we transform, strengthening our financial model and driving shareholder value.

我們在這些策略重點領域的實質進展，使我們能夠在轉型的同時保持穩定的業績，從而加強我們的財務模式並提升股東價值。

As we move into the next phase of our transformation, building momentum, our primary focus will be growing our core Apparel business through continuous improvement, driven by disciplined execution with better product, marketing, and storytelling.

隨著我們進入轉型的下一階段，並積蓄力量，我們的首要重點將是透過持續改進來發展我們的核心服裝業務，並透過更優質的產品、行銷和故事敘述來推動嚴格的執行。

In parallel, we will be building on the strength of our Apparel business by thoughtfully seeding growth accelerators and new capabilities.

同時，我們將透過精心培育成長加速器和新能力，鞏固服裝業務的優勢。

We are beginning with expansions into adjacent lifestyle categories, such as beauty and accessories, two categories that are underdeveloped in our portfolio but are meaningful to our consumers and sizable in the industry.

我們首先將業務拓展到相鄰的生活方式類別，例如美容和配飾，這兩個類別在我們產品組合中發展不足，但對我們的消費者來說意義重大，而且在行業中規模龐大。

We will also continue advancing our fashiontainment platform and technology capabilities, all with the intent to build scale, relevance, and revenue, over time.

我們將繼續推進我們的時尚娛樂平台和技術能力，所有這些都是為了隨著時間的推移，實現規模化、提升相關性和增加收入。

Let me take a moment to share more about each of these:

讓我花點時間詳細介紹一下這些內容：

Starting with beauty, as discussed in the past, beauty is one of the fastest-growing, most-resilient retail categories in the US. Our customer insights reinforce strong engagement.

先從美容說起，正如之前討論過的，美容是美國成長最快、最具韌性的零售類別之一。我們的客戶洞察強化了我們與客戶的緊密聯繫。

Our research suggests that, for other fashion apparel businesses that have entered the beauty space, beauty makes up anywhere from 5% to 20% of their business. We believe this is a good indicator of the category's potential in our business over the longer term.

我們的研究表明，對於其他已涉足美容領域的時尚服裝企業而言，美容業務在其業務中所佔比例為 5% 至 20%。我們認為這很好地顯示了該品類在我們業務中長期發展的潛在價值。

In 2025, we introduced the consumer to our expanded beauty assortment at Old Navy and are making refinements, based on our customer feedback. In 2026, we'll be deepening this engagement with consumers and look forward to reintroducing a fragrance assortment at Gap this summer.

2025年，我們在Old Navy推出了擴大的美容產品系列，並根據顧客的回饋進行改進。2026年，我們將加深與消費者的互動，並期待今年夏天在Gap重新推出香水系列。

Turning to accessories, our accessory category performed well in 2025, reinforcing our confidence in this expansion. According to Euromonitor, this category has a $15 billion total addressable market. Today, Gap, Inc., represents just 1% of the market share.

再來看配件，我們的配件類別在 2025 年表現良好，增強了我們對這一擴張的信心。據歐睿國際（Euromonitor）稱，該類別潛在市場總額達 150 億美元。如今，蓋璞公司僅佔市佔率的1%。

Consumers are looking for us to be more pronounced in accessories. We see an exciting opportunity to become a destination for wardrobing. We look forward to launching an expanded accessory line for holiday.

消費者希望我們在配件上能更加突出。我們看到了一個令人興奮的機會，那就是成為服裝訂製目的地。我們期待在節日期間推出更豐富的配件系列。

We believe the beauty and accessory categories have the added benefit of serving as margin and traffic drivers that strengthen our brands, deepen customer connection, and build lasting loyalty.

我們相信，美容和配件類別還有額外的好處，那就是可以作為利潤和客流量的驅動力，從而增強我們的品牌，加深與客戶的聯繫，並建立持久的忠誠度。

We have appointed proven industry experts to lead each of these areas with focus and discipline.

我們已委任經驗豐富的業界專家，以專注和嚴謹的態度領導各個領域。

Our fashiontainment platform is another area we will be focusing on in 2026. Today's customers aren't just buying apparel. They're buying brands that tell stories and drive cultural conversations.

我們的時尚娛樂平台是我們2026年將重點關注的另一個領域。如今的顧客不只是購買服裝。他們購買的是那些能夠說故事、引領文化對話的品牌。

As we continue to build our brands, we see entertainment as a powerful growth lever. Last month, Pam Kaufman joined Gap, Inc., as Chief Entertainment Officer, adding focused leadership, expertise, and relationships across entertainment and licensing.

隨著我們不斷打造品牌，我們認為娛樂是一種強大的成長槓桿。上個月，帕姆·考夫曼加入 Gap 公司，擔任首席娛樂官，為公司在娛樂和授權領域帶來了專注的領導、專業知識和人脈關係。

The fashiontainment platform we're building is about amplifying and scaling what is already working, expanding licensing, strengthening strategic partnerships, and aligning our assortments more intentionally with the entertainment calendar.

我們正在打造的時尚娛樂平台旨在放大和擴大現有成功模式，拓展授權，加強策略合作，並更有意識地使我們的產品系列與娛樂日程保持一致。

One capability we believe can be better monetized is our loyalty program. Gap, Inc., has one of the largest programs in US apparel retail, with nearly 40 million active members.

我們認為，我們的會員忠誠度計劃是一項可以更好地實現盈利的能力。Gap 公司擁有美國服飾零售業規模最大的會員計畫之一，擁有近 4,000 萬名活躍會員。

Last week, we launched Encore, our newly reimagined loyalty program, setting a new standard for loyalty in the apparel space. Encore brings our fashiontainmnet platform to life by turning purchases into experiences that give members access to fashion, entertainment, and the moments they care about across our portfolio of brands.

上週，我們推出了全新升級的會員忠誠度計畫 Encore，為服飾業的會員忠誠度樹立了新的標準。Encore 將我們的時尚娛樂平台變為現實，將購買轉化為體驗，讓會員能夠透過我們旗下的品牌組合，獲得時尚、娛樂以及他們所關心的時刻。

It represents a shift from a traditional points-based loyalty program to a broader engagement platform. By bringing fashion, entertainment, and access, together, we are building momentum, deepening relationships, and creating long-term value across our portfolio.

它標誌著從傳統的積分制忠誠度計劃轉向更廣泛的互動平台。透過將時尚、娛樂和資源整合在一起，我們正在積蓄力量，加深關係，並在我們的投資組合中創造長期價值。

Technology is another platform capability where we see opportunity, especially with AI. Our AI strategy is focused on three areas: enable, optimize, and reinvent.

科技是另一個我們看到機會的平台能力，尤其是在人工智慧領域。我們的人工智慧策略專注於三個方面：賦能、優化和重塑。

Enable is about enterprise-wide adoption, equipping our teams with AI tools that improve day-to-day productivity, streamline workflows, and build AI fluency across the organization.

Enable 的目標是實現企業範圍內的全面採用，為我們的團隊配備 AI 工具，從而提高日常生產力、簡化工作流程並在整個組織內建立 AI 素養。

Optimize focuses on high-impact process improvements to drive efficiency, accuracy, and speed.

Optimize 專注於高影響力流程改進，以提高效率、準確性和速度。

Reinvent is about reimagining our customer, product, and enterprise journeys, end to end.

重塑是指從頭到尾重新構想我們的客戶、產品和企業旅程。

We are focusing on areas where AI can meaningfully reduce customer friction, increase predictability across product to market, and unlock productivity within the enterprise.

我們專注於人工智慧能夠大幅減少客戶摩擦、提高產品上市可預測性以及釋放企業生產力的領域。

As we close the first chapter of our transformation and step into the next, we do so with a brand portfolio that is consistently growing: healthy gross margins, disciplined expense management, sustained bottom line performance, and strong cash on hand.

在我們結束轉型的第一篇章並邁入下一篇章之際，我們擁有一個持續增長的品牌組合：健康的毛利率、嚴格的費用管理、持續的盈利能力和強勁的現金儲備。

Looking ahead, we have a focused, energized team that believes in the future we're building. Our aspirations remain high. We're positioned to deliver.

展望未來，我們擁有一支目標明確、充滿活力的團隊，他們對我們正在建立的未來充滿信心。我們依然抱負遠大。我們已做好交付準備。

I'm excited about the opportunity ahead and confident in our ability to capture it.

我為即將到來的機會感到興奮，並對我們抓住機會的能力充滿信心。

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. Thanks, everyone, for joining us this afternoon.

謝謝你，理查。感謝各位今天下午蒞臨。

Execution of our strategic priorities continues to drive results. 2025 was a strong year of financial performance.

策略重點的持續有效執行推動了業績成長。 2025年是財務業績表現強勁的一年。

We grew net sales 2%, gaining market share for the year, as we demonstrated relevance to customers of all income levels. It's exciting to see our playbook driving the second consecutive year of top-line growth, fueled by positive comp sales across our largest brands: Old Navy, Gap, and Banana Republic.

我們實現了 2% 的淨銷售額成長，並在本年度獲得了市場份額，因為我們證明了我們的產品和服務對所有收入水平的客戶都具有相關性。令人興奮的是，我們的策略規劃連續第二年推動了營收成長，這得益於我們旗下三大品牌 Old Navy、Gap 和 Banana Republic 的同店銷售額成長。

The rigor we've developed is delivering reliable profit performance, with another historically high gross margin of 40.8%, operating profit of $1.1 billion, and an operating margin of 7.3%. These results reflect improved AURs, as we capitalize on the growing strength of our brands, combined with SG&A leverage, as we continue to optimize our cost structure.

我們所建立的嚴謹作風帶來了可靠的獲利業績，毛利率再次創歷史新高，達到 40.8%，營業利潤達到 11 億美元，營業利潤率為 7.3%。這些結果反映了平均營業額的提高，因為我們充分利用了品牌日益增長的實力，並結合銷售、一般及行政費用槓桿作用，繼續優化我們的成本結構。

Tariff impacts were significant. However, our mitigation strategies have effectively managed these pressures.

關稅影響顯著。然而，我們的緩解策略有效地應對了這些壓力。

Our focus on cost optimization and inventory management drove robust cash generation, ending the year with $3 billion in cash, cash equivalents, and short-term investments.

我們專注於成本優化和庫存管理，從而實現了強勁的現金流，到年底時，我們擁有 30 億美元的現金、現金等價物和短期投資。

In 2025, we generated $1.3 billion in net operating cash and $823 million in free cash flow.

2025年，我們產生了13億美元的淨營業現金流和8.23億美元的自由現金流。

Our strong balance sheet allowed us to invest in high-returning projects, while returning over $400 million to our shareholders through dividends and share repurchases.

我們強勁的資產負債表使我們能夠投資高回報項目，同時透過股息和股票回購向股東返還超過 4 億美元。

I'm incredibly proud of what this team has accomplished. Our performance gives us confidence in the 2026 outlook we provided today, which reflects another year of sales growth, in addition to operating margin expansion.

我為這支團隊所取得的成就感到無比自豪。我們的業績讓我們對今天發布的 2026 年展望充滿信心，這反映了銷售額連續第二年成長，以及營業利潤率的擴大。

Before discussing the detailed results for the quarter and the year, it's important to note that changes in global tariff rates in 2025 had a substantial impact on our profits. Specifically, tariffs influenced our fiscal year's gross and operating margins by approximately 120 basis points and affected our fourth-quarter gross and operating margins by approximately 200 basis points.

在討論本季和本年度的詳細業績之前，需要指出的是，2025 年全球關稅稅率的變化對我們的利潤產生了重大影響。具體而言，關稅對我們本財年的毛利率和營業利率產生了約 120 個基點的影響，並對我們第四季的毛利率和營業利率產生了約 200 個基點的影響。

Despite these pressures, our reported results today include these factors, showcasing our strong underlying performance, thanks to the effective execution of our strategic priorities.

儘管面臨這些壓力，但我們今天公佈的業績已將這些因素考慮在內，展現了我們強勁的基本面，這得益於我們戰略重點的有效執行。

Now, let's turn to our fourth-quarter results. I'm pleased with our performance, which included a solid holiday season, underscoring the increasing resonance of our brands with consumers.

現在，讓我們來看看第四季的業績。我對我們的業績感到滿意，其中包括一個穩健的假期季，這凸顯了我們的品牌在消費者中日益增強的影響力。

Fourth-quarter net sales of $4.2 billion increased 2% year over year, with comparable sales up 3%, marking our eighth consecutive quarter of positive comps. Results were in line with our plans despite disruption from expansive store closures due to extreme weather at the end of January.

第四季淨銷售額為 42 億美元，較去年同期成長 2%，同店銷售額成長 3%，連續第八個季度實現同店銷售額正成長。儘管1月底極端天氣導致大範圍門市關閉，造成了一定的干擾，但最終結果仍符合我們的計劃。

By brand, Old Navy net sales were $2.3 billion, up 3% versus last year, with comparable sales up 3%, building on last year's 3% comp growth. The brand's price value equation is resonating with consumers, as Old Navy continues to win with strategic categories and across a wide range of income levels.

按品牌劃分，Old Navy 的淨銷售額為 23 億美元，比去年增長 3%，同店銷售額增長 3%，延續了去年 3% 的同店增長。Old Navy 的性價比理念引起了消費者的共鳴，該品牌憑藉其戰略品類和廣泛的收入水平，持續贏得消費者的青睞。

Turning to Gap brand, net sales of $1.1 billion were up an impressive 8% versus last year. Comparable sales were up 7%. This was on top of last year's 7% comp growth, demonstrating Gap's momentum, as it continues to expand its customer base across generations.

再來看 Gap 品牌，淨銷售額達到 11 億美元，比去年成長了令人矚目的 8%。同店銷售額成長7%。在去年 7% 的同店銷售成長基礎上，Gap 持續保持成長勢頭，不斷擴大其跨世代的客戶群。

Banana Republic net sales of $549 million were up 1% year over year, with comparable sales up 4%. The brand delivered its third consecutive quarter of comp growth, reflecting progress in product elevation and sharper marketing and merchandising.

Banana Republic 淨銷售額為 5.49 億美元，較去年同期成長 1%，同店銷售額成長 4%。該品牌連續第三個季度實現同店銷售成長，反映出產品提升以及行銷和銷售策略的改進。

Athleta net sales of $354 million decreased 11% versus last year. Comparable sales were down 10%. We remain focused on rebuilding the brand for the long term.

Athleta 的淨銷售額為 3.54 億美元，比去年下降了 11%。同店銷售額下降了10%。我們將繼續專注於品牌的長期重建。

Let's continue to the balance of the P&L:

我們繼續分析損益表：

Gross margin of 38.1% declined 80 basis points.

毛利率為38.1%，下降了80個基點。

Lower discounting resulted in another quarter of AUR growth. driven by the consumers' response to our relevant product and storytelling.

折扣力度降低促使平均售價連續第二季成長，這主要得益於消費者對我們相關產品和故事的正面回饋。

Compared to last year, merchandise margins were down 90 basis points due to the net impact of tariffs.

由於關稅的淨影響，商品毛利率較去年下降了90個基點。

ROD leveraged 10 basis points in the quarter.

本季 ROD 槓桿率為 10 個基點。

SG&A increased to $1.4 billion, primarily due to the quarterly timing of incentive compensation, in addition to strategic investments. SG&A as a percentage of net sales was 32.7%, deleveraging 10 basis points versus last year.

銷售、一般及行政費用增加至 14 億美元，主要原因是激勵性薪酬按季度發放，以及戰略投資。銷售、一般及行政費用佔淨銷售額的百分比為 32.7%，比去年下降了 10 個基點。

Fourth-quarter operating margin of 5.4% was down 80 basis points compared to last year, primarily due to the approximately 200 basis points headwind from tariffs.

第四季營業利益率為 5.4%，比去年同期下降 80 個基點，主要原因是關稅帶來的約 200 個基點的不利影響。

Earnings per share in the quarter were $0.45 versus last year's earnings per share of $0.54.

本季每股收益為 0.45 美元，而去年同期每股收益為 0.54 美元。

Now, let's turn to our full-year 2025 results:

現在，讓我們來看看2025年全年業績：

Net sales of $15.4 billion increased 2% year over year at the high end of the guidance range we provided, with comparable sales up 3%.

淨銷售額達 154 億美元，年增 2%，達到我們給出的預期範圍的上限，同店銷售額增長 3%。

Our playbook is working and drove strong results across our three largest brands, with Old Navy comp sales up 3%, Gap up 6%; and Banana Republic, up 3%. Comp sales for Athleta were down 9%.

我們的策略行之有效，並為我們三大品牌帶來了強勁的業績成長，Old Navy 同店銷售額成長 3%，Gap 成長 6%，Banana Republic 成長 3%。Athleta的同店銷售額下降了9%。

Gross margin of 40.8% declined 50 basis points versus last year.

毛利率為 40.8%，較去年下降 50 個基點。

Merchandise margin was down 80 basis points due to the impact of tariffs.

受關稅影響，商品毛利率下降了 80 個基點。

ROD leveraged 30 basis points.

ROD槓桿率為30個基點。

SG&A was $5.2 billion. As a percentage of net sales, SG&A was 33.5%, leveraging 40 basis points versus last year.

銷售、管理及行政費用為52億美元。銷售、一般及行政費用佔淨銷售額的 33.5%，比去年提高了 40 個基點。

We achieved our targeted cost efficiencies in 2025, as we rigorously managed our core expenses to fund inflation and begin our investments in growth accelerators.

我們實現了 2025 年的預期成本效益目標，因為我們嚴格控制了核心支出，以應對通貨膨脹並開始投資成長加速器。

Fiscal 2025 operating income was $1.1 billion, resulting in an operating margin of 7.3%. The 10 basis points decline in operating margin versus last year was due to the estimated 120 basis points impact of tariffs, implying roughly 110 basis points of underlying margin expansion versus last year's 7.4%.

2025 財年營業收入為 11 億美元，營業利益率為 7.3%。與去年相比，營業利潤率下降了 10 個基點，這是由於關稅預計造成 120 個基點的影響，這意味著基本利潤率較去年的 7.4% 增長了約 110 個基點。

Earnings per share for the year were $2.13, down 3% versus last year's EPS of $2.20.

本年度每股收益為 2.13 美元，比上年的每股收益 2.20 美元下降了 3%。

Now, turning to the balance sheet and cash flow:

現在，我們來看看資產負債表和現金流量表：

End-of-quarter inventory levels were up 7% year over year, primarily attributable to increases in tariff-related costs.

季度末庫存水準年增 7%，主要原因是關稅相關成本增加。

Our disciplined inventory management resulted in units down, year over year. We believe we ended the year with the right inventory composition, going into fiscal 2026. We expect our inventory buys in the year ahead to be in line with our principle of unit purchases, positioned modestly below sales.

我們嚴格的庫存管理使得銷量較去年同期下降。我們相信，進入 2026 財年時，我們擁有了合適的庫存結構。我們預計未來一年的庫存採購將符合我們的單位採購原則，略低於銷售量。

As I highlighted earlier, we ended the year with cash, cash equivalents, and short-term investments of $3 billion, an increase of over $400 million compared to last year.

正如我之前強調的那樣，到年底，我們的現金、現金等價物和短期投資為 30 億美元，比去年增加了 4 億美元以上。

Full-year net cash from operating activities was $1.3 billion. We generated free cash flow of $823 million for the year.

全年經營活動產生的淨現金流為13億美元。我們今年創造了 8.23 億美元的自由現金流。

Capital expenditures were $470 million.

資本支出為4.7億美元。

With regard to returning cash to shareholders during the year, we paid $247 million to shareholders in the form of dividends. Additionally, we repurchased 7 million shares for $155 million, achieving our 2025 goal of offsetting dilution.

關於本年度向股東返還現金，我們以股息的形式向股東支付了 2.47 億美元。此外，我們斥資 1.55 億美元回購了 700 萬股股票，並實現了 2025 年抵銷股權稀釋的目標。

Before I move on, I want to thank our teams for their hard work and diligence this past year. Our 2025 results reflect significant progress in our transformation journey, with the execution of our strategic priorities, driving two years of impressive results.

在繼續之前，我要感謝我們的團隊在過去一年中的辛勤工作和辛勤付出。我們的 2025 年業績反映了我們在轉型過程中取得的重大進展，策略重點的執行推動了兩年令人矚目的表現。

We are moving forward from a position of strength. We'll continue to operate with the same rigor in 2026.

我們正從優勢地位出發向前邁進。2026年，我們將繼續以同樣嚴謹的態度進行工作。

Looking ahead, we are energized by our strong business results, which underpin a confident outlook for 2026. Our strong performance at Old Navy, Gap, and Banana Republic is expected to drive another year of net sales growth. At the same time, we are committed to rebuilding Athleta for sustainable long-term success.

展望未來，我們強勁的業績讓我們倍感振奮，也讓我們對 2026 年充滿信心。我們在 Old Navy、Gap 和 Banana Republic 的強勁表​​現預計將推動淨銷售額在另一年實現成長。同時，我們致力於重建 Athleta，以實現可持續的長期成功。

With our brands becoming increasingly relevant to consumers and our stringent inventory management practices, we anticipate continuous improvement in average unit retails, supporting robust gross margins aligned with historically high levels.

隨著我們的品牌與消費者的相關性日益增強，以及我們嚴格的庫存管理措施，我們預計平均單位零售額將持續提高，從而支持強勁的毛利率，並保持歷史高點。

Successfully navigating the challenges of a second year of tariff dynamics, we are poised to not only maintain but improve our financial health.

成功應對第二年關稅動態帶來的挑戰，我們不僅能夠維持，而且能夠改善我們的財務狀況。

Our strategy for 2026 includes generating further cost savings by increasing efficiencies in our core operations, enabling us to combat inflationary pressures, while reallocating resources into strategic growth investments. This approach is designed to deliver a third consecutive year of profitable sales growth and robust cash flow generation, enabling us to continue capital investments and enhance shareholder returns.

我們2026年的策略包括透過提高核心營運效率來進一步節省成本，使我們能夠應對通膨壓力，同時將資源重新分配到策略性成長投資中。這項措施旨在實現連續第三年獲利性銷售成長和強勁的現金流，使我們能夠繼續進行資本投資並提高股東回報。

I want to note that our guidance today reflects tariff rates under the IEEPA regime and, therefore, does not contemplate the recently announced Supreme Court ruling and subsequent Section 122 announcement.

我想指出，我們今天的指導意見反映的是 IEEPA 制度下的關稅稅率，因此並未考慮最近宣布的最高法院裁決和隨後的第 122 條公告。

These recent events were not contemplated in our original plans for fiscal year 2026. If the Section 122 tariffs stay in place for the year or expire in July, we do believe there could be an incremental benefit to our current plans.

這些近期發生的事件並未在我們最初的 2026 財政年度計劃中考慮到。如果第 122 條款關稅在今年內繼續有效或在 7 月到期，我們相信這可能會為我們的現有計劃帶來額外的好處。

With many scenarios still being debated, we are awaiting more clarity before changing our plans. At this time, we expect any benefit to Q1 to be minimal, based on the timing of receipts.

由於目前仍有許多方案尚待討論，我們需要等待更清晰的資訊後再改變計劃。根據收款時間來看，我們預期第一季的收益將微乎其微。

In the meantime, our teams are continuing to leverage the extensive tariff mitigation strategies we've built out over the past year, which sets us up for the annualization of last year's tariffs to be net-neutral to 2026 full -year operating income, as previously disclosed.

同時，我們的團隊將繼續利用過去一年中建立的廣泛的關稅緩解策略，這將使我們去年關稅的年度化對 2026 年全年營業收入產生淨中性影響，正如之前披露的那樣。

As noted in today's earnings press release, our outlook excludes the net estimated gain related to a legal settlement in the first quarter, as well as the pledge charitable donation of approximately $50 million to a combination of the Gap Foundation and our donor-advised fund, which we are pleased to make, as we look to advance our purpose. Both are included in our reported EPS guidance for fiscal year 2026.

正如今天發布的獲利新聞稿中所述，我們的展望不包括第一季與法律和解相關的預期淨收益，以及向 Gap 基金會和我們的捐贈者建議基金捐贈約 5000 萬美元的承諾慈善捐款。我們很高興做出這項捐贈，因為我們希望推進我們的目標。兩項指標均已包含在我們公佈的 2026 財年每股收益預期中。

As I take you through the details of our 2026 outlook, I'll spend some time unpacking the factors that shape the year, as there is some nuance to the quarterly cadence related to the timing of tariffs and investments.

在向您詳細介紹我們的 2026 年展望時，我將花一些時間來分析影響這一年的因素，因為與關稅和投資時間相關的季度節奏存在一些細微差別。

Let's jump into the full year:

讓我們直接進入全年回顧：

Starting with revenue, we expect net sales growth of approximately 2% to 3%, year over year. While there are a range of outcomes for each of our brands, we expect continued comp sales growth across our three largest brands and negative mid- to high-single-digit sales declines for Athleta in the first half of the year. The team is hard at work on the second half.

先來看營收，我們預期淨銷售額將年增約 2% 至 3%。雖然我們旗下每個品牌的業績結果各不相同，但我們預計旗下三大品牌的同店銷售額將持續成長，而 Athleta 品牌在今年上半年的銷售額將出現中高個位數的負成長。球隊正全力備戰下半場。

Turning to gross margin, we are proud of the underlying gross margin performance achieved in 2025 and expect gross margins to be flat to up slightly year over year in 2026 compared to 40.8%, last year. This includes a balanced plan of realizing higher AURs through better sell-throughs and lower discounting, as well as implementing adjusted sourcing strategies, as we offset the tariff impact that annualizes in the base, this year.

就毛利率而言，我們對 2025 年取得的基礎毛利率表現感到自豪，並預計 2026 年毛利率將與去年的 40.8% 持平或略有增長。這包括制定一項平衡計劃，透過提高銷售額和降低折扣來實現更高的平均使用率，以及實施調整後的採購策略，以抵消今年計入基準的關稅影響。

Regarding tariffs, specifically, the net tariff impact is expected to be neutral on the full year. Our sourcing strategies build sequentially through the year, resulting in an approximately 150 basis points headwind to the first-half gross margin that turns to an approximately 150 basis points tailwind in the second half of the year.

就關稅而言，具體而言，預計全年淨關稅影響將保持中性。我們的採購策略在一年中逐步推進，導致上半年毛利率面臨約 150 個基點的逆風，而下半年則轉變為約 150 個基點的順風。

Specific to the first half, we expect a 200 basis points headwind to Q1, which improves to approximately a 100 basis points headwind in Q2.

具體到上半年，我們預計第一季將面臨 200 個基點的不利影響，第二季不利影響將改善至約 100 個基點。

Separately, as we conclude our multi-year program of rationalizing our store footprint and begin to reaccelerate our capital expenditures, we expect ROD as a percentage to sales to deleverage slightly.

另外，隨著我們結束多年來的門市佈局合理化計劃並開始重新加快資本支出，我們預計 ROD 佔銷售額的百分比將略有下降。

Moving on to SG&A, we expect adjusted SG&A as a percentage of sales to be roughly flat, year over year. Our focus is on further improving our cost structure, aiming to achieve around $150 million in incremental savings by enhancing efficiency and effectiveness in 2026. These savings will help us manage inflation and reinvest in more valuable initiatives, such as expanding into new categories and capabilities, like beauty, accessories, fashiontainment, and technology, as Richard mentioned.

接下來是銷售、一般及行政費用，我們預期調整後的銷售、一般及行政費用佔銷售額的百分比將與去年同期基本持平。我們的重點是進一步改善成本結構，目標是在 2026 年透過提高效率和效益來實現約 1.5 億美元的增量節省。正如理查德所提到的那樣，這些節省下來的資金將幫助我們應對通貨膨脹，並重新投資於更有價值的項目，例如拓展到新的類別和能力，如美容、配件、時尚娛樂和科技。

We initiated our growth accelerator investments in 2025, particularly in the latter half of the year. These will continue into 2026, initially causing some SG&A deleverage in the first half. However, we anticipate SG&A to leverage in the second half, as we lap the higher spend in the back half of last year.

我們在 2025 年啟動了成長加速器投資，尤其是在下半年。這些因素將持續到 2026 年，最初會導致上半年銷售、一般及行政費用槓桿率下降。不過，我們預計下半年銷售、一般及行政費用將會下降，因為我們將彌補去年下半年較高的支出。

Taking this all into consideration, we expect an adjusted operating margin of about 7.3% to 7.5% for the full year.

綜合考慮以上因素，我們預計全年調整後的營業利潤率約為 7.3% 至 7.5%。

Interest income is expected to be approximately $10 million to $15 million.

預計利息收入約1000萬美元至1500萬美元。

We expect a tax rate of approximately 27%.

我們預計稅率約為27%。

Reported EPS is expected to be $2.71 to $2.86, which includes an estimated $0.51 benefit related to a legal settlement in the first quarter, net of the $50 million charitable donation. We expect an adjusted EPS of $2.20 to $2.35 representing growth of 4% to 10%, year over year.

預計公佈的每股收益為 2.71 美元至 2.86 美元，其中包括第一季因法律和解而獲得的約 0.51 美元收益，扣除 5,000 萬美元的慈善捐款。我們預計調整後每股收益為 2.20 美元至 2.35 美元，年增 4% 至 10%。

Our healthy balance sheet supports our balanced capital allocation framework, with the primary goal of enhancing long-term shareholder value. The framework remains as follows:

我們健康的資產負債表為我們均衡的資本配置架構提供了支持，其主要目標是提高股東的長期價值。框架保持不變，如下所示：

Our first priority is investing in the business through high-returning capital investments. In 2026, we expect to invest approximately $650 million, which relates primarily to our investments in stores, technology, and supply chain.

我們的首要任務是透過高回報的資本投資來發展業務。預計到 2026 年，我們將投資約 6.5 億美元，主要用於門市、技術和供應鏈的投資。

Second, we believe in paying an attractive dividend that grows with net income growth. In alignment with that principle, we recently announced that the Board raised the first-quarter dividend by approximately 6% to $0.175 per share.

其次，我們相信應該支付與淨利潤成長同步成長的、具有吸引力的股息。秉持這項原則，我們最近宣布董事會將第一季股息提高了約 6%，至每股 0.175 美元。

Our third priority is focused on share repurchases. Previously, we aimed to simply offset dilution. We are now committed to executing a repurchase program, with a goal of driving slight accretion.

我們的第三項重點工作是股票回購。以前，我們的目標只是抵銷稀釋效應。我們現在致力於執行回購計劃，目標是實現小幅增值。

On that note, the Board has approved a new $1 billion share repurchase authorization that we expect to utilize to meet this goal.

為此，董事會已批准一項新的 10 億美元股票回購授權，我們預計將利用這筆資金來實現這一目標。

Now, let me turn to our outlook for first quarter of fiscal 2026. The quarter is off to a good start. Our outlook contemplates our quarter-to-date performance.

現在，讓我來談談我們對 2026 財年第一季的展望。本季開局良好。我們的展望考慮了我們本季迄今為止的業績。

We expect net sales in Q1 to be up 1% to 2%, year over year. This includes an approximately 150 basis points spread, where comp outpaces net sales, largely related to lapping last year's benefit from our credit card agreement, which continues into Q2 but does not impact the back half of the year.

我們預計第一季淨銷售額將年增 1% 至 2%。這其中包括約 150 個基點的價差，其中同店銷售額超過淨銷售額，這主要與去年信用卡協議帶來的收益到期有關，該協議將持續到第二季​​度，但不會影響下半年。

We expect first-quarter gross margin to be down about 150 basis points to 200 basis points compared to last year's gross margin of 41.8%, including an estimated 200 basis points of net tariff impact. This implies an underlying gross margin of flat to up 50 basis points.

我們預計第一季毛利率將比去年同期的 41.8% 下降約 150 至 200 個基點，其中包括預計 200 個基點的淨關稅影響。這意味著基本毛利率將持平或上升 50 個基點。

We are planning for adjusted SG&A as a percentage of net sales to be about 35%, which reflects the timing of the growth investments I spoke to earlier.

我們計劃將調整後的銷售、一般及行政費用佔淨銷售額的比例控制在 35% 左右，這反映了我之前提到的成長投資的時間安排。

Reflecting on 2025, I'm proud of our accomplishments. Our consistent execution over the past two years has laid a solid foundation, driving our confidence, as we advance in our transformative journey.

展望2025年，我為我們所取得的成就感到自豪。過去兩年我們始終如一的執行力為我們奠定了堅實的基礎，增強了我們的信心，使我們能夠繼續推進轉型之旅。

As we transition into 2026, we're excited to amplify our core strengths, while fostering new opportunities through strategic growth accelerators and innovative capabilities.

隨著我們邁入 2026 年，我們很高興能夠增強我們的核心優勢，同時透過策略成長加速器和創新能力來創造新的機會。

Our balance sheet is giving us the ability to invest purposefully in our business and accelerate cash returns to shareholders.

我們的資產負債表使我們能夠有目的地投資於我們的業務，並加快向股東返還現金。

With demonstrated progress and an exciting roadmap ahead, we are building a high-performing company that stays focused on delivering sustainable, profitable growth and long-term value for our shareholders.

憑藉已取得的進展和令人振奮的未來發展藍圖，我們正在打造一家業績卓越的公司，專注於為股東帶來可持續的獲利成長和長期價值。

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）

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Richard, you outlined several growth accelerators, with beauty, accessories, fashiontainment, technology. Can you talk about how you're balancing investments to maintain momentum in the core, while also seeing growth in these new areas? How much can these accelerators move the needle in 2026, from a revenue perspective?

理查德，你概述了幾個成長加速器，包括美容、配件、時尚娛樂和科技。您能否談談您是如何平衡投資，以保持核心業務的發展勢頭，同時又能在這些新領域實現成長的？從收入角度來看，這些加速器能在 2026 年帶來多大的改變？

Thank you for that question. Thanks for the question, Mark.

謝謝你的提問。謝謝你的提問，馬克。

First off, it's important to note, we delivered a successful fourth quarter, marking another year of meaningful progress for the company. We achieved our second consecutive year of top-line growth. That's the eighth consecutive quarter of positive comparable sales.

首先，值得一提的是，我們在第四季度取得了成功，標誌著公司又一年取得了實質進展。我們實現了連續第二年的營收成長。這是連續第八個季度實現同店銷售成長。

Now, these are really important to acknowledge, as we zoom out and look at our transformation roadmap, which has three phases:

現在，當我們從宏觀角度審視我們的轉型路線圖時，這些都非常重要，該路線圖分為三個階段：

The first phase was fixing the fundamentals. We're now moving into building momentum. The third phase is accelerating growth.

第一階段是夯實基礎。我們現在正進入積蓄力量的階段。第三階段是加速成長。

Over the past two years, during our fixing the fundamentals phase, the meaningful progress that we've made across our strategic priorities has really enabled us to consistently perform, while we've been transforming, strengthening our financial model and essentially driving shareholder value.

過去兩年，在我們整頓基本面的階段，我們在各項策略重點方面取得的實質進展，真正使我們能夠持續取得業績，同時我們也在不斷轉型，加強財務模式，並從根本上提升股東價值。

It's this performance that's giving me the confidence, as we continue to move forward; that means moving forward into the next phase of our transformation that we call, building momentum.

正是這樣的表現給了我信心，讓我們能夠繼續前進；這意味著我們將進入轉型的下一個階段，我們稱之為「積蓄力量」。

Now, in this next phase, our primary focus is going to be growing our core Apparel business. We've got to do it through continuous improvement; that means driven by disciplined execution, better product better marketing, better storytelling, better in-store execution.

接下來，我們將重點放在發展核心服裝業務。我們必須透過持續改進來實現這一目標；這意味著要以嚴謹的執行、更好的產品、更好的行銷、更好的故事敘述和更好的店內執行為驅動力。

Now, in parallel to that, we're going to be thoughtfully seeding our growth accelerators, which you mentioned -- and, by the way, new capabilities.

同時，我們將精心培育您所提到的成長加速器，以及新的能力。

The first, which we've talked about, is expanding our presence in lifestyle categories, such as beauty and accessories. Now, these are two underdeveloped categories in our portfolio that are meaningful to our consumers but are also sizable in the industry.

第一個方面，我們已經討論過了，就是擴大我們在生活方式領域的業務，例如美容和配件。目前，這兩類產品在我們產品組合中尚不成熟，但它們對我們的消費者來說意義重大，而且在業界也佔有相當大的份額。

Second, we're rebuilding our fashiontainment platform and we're advancing our technology capabilities.

其次，我們正在重建我們的時尚娛樂平台，並提升我們的技術能力。

Now, when you combine the context of continuous improvement of our core business, delivering low to mid-single-digit growth, with the accelerators, which begin to scale in 2027 and beyond, it really creates an exciting growth proposition.

現在，當我們把核心業務的持續改進（實現個位數低到中等的成長）與加速器（將於 2027 年及以後開始擴大規模）結合起來時，就真的創造了一個令人興奮的成長前景。

We are obviously very excited about where we are, right now. We'll look to provide updates on how this will evolve, not only from our business perspective but the economic model, in the long term. But, overall, the aspirations remain very high. I'm looking forward to all we can accomplish.

顯然，我們對目前所處的位置感到非常興奮。我們將持續關注事態發展，不僅從我們的業務角度，而且從長遠來看，還會從經濟模式的角度進行分析。但總的來說，人們的期望仍然很高。我期待著我們能夠取得的所有成就。

Maybe Katrina has more to say on the balance of the question.

或許卡特里娜對這個問題的平衡還有更多看法。

Yeah. Mark, I'm happy to talk about how we're thinking about the investments.

是的。馬克，我很樂意和你談談我們對投資的看法。

This is really an exciting time for the company, as we're balancing the rigor that we put into the business that's driving real value with the growth opportunities that are really important to the long-term success of the company.

對公司而言，這確實是一個令人興奮的時刻，因為我們既要保持業務的嚴謹性以創造真正的價值，又要抓住對公司長期成功至關重要的成長機會。

Our guidance today reflect what we think is a very balanced approach, where we're continuously improving the cost structure of the company. As I said, we're aiming to drive an incremental $150 million in savings.

我們今天的指導意見反映了我們認為非常平衡的方法，即不斷改善公司的成本結構。正如我所說，我們的目標是額外節省 1.5 億美元。

And then, we're looking to really repurpose those into making investments in these seed categories that Richard just talked about, like beauty, fashiontainment, accessories, and technology.

然後，我們希望真正將這些資金重新用於投資理查德剛才提到的這些種子類別，例如美容、時尚娛樂、配件和科技。

As a result, we think our outlook that we presented today has SG&A as a rate of sales flat, year over year. I would say this is what it means to be a high-performing company that strives for continuous improvement.

因此，我們認為今天提出的展望是，銷售、一般及行政費用佔銷售額的比例將與前一年持平。我認為，這才是追求持續改善的高績效公司該有的樣子。

Maybe the last thing I'll add, Richard said, this is really early days. We're seeding. We're doing a lot of work to get teams in place and begin to get these in front of customers.

理查德說：“我最後要補充一點，現在還為時過早。”我們正在播種。我們正在做大量工作來組建團隊，並開始將這些團隊介紹給客戶。

But I think the bigger portion of these will start to deliver in '27 and beyond.

但我認為其中大部分將在 2027 年及以後開始顯現成效。

A quick follow-up for Katrina on gross margin. Just, with respect to the Q1 guide, you don't seem to be incorporating much, in terms of offsets to the 200 basis points tariff headwinds; whereas, you have been able to offset much of that headwind through the back half of 2025.

關於毛利率，我快速跟進 Katrina 的問題。就第一季指引而言，你們似乎沒有採取太多措施來抵消 200 個基點的關稅逆風；然而，你們已經能夠在 2025 年下半年抵消大部分逆風。

I was hoping you could just walk us through some of the other gross margin puts-and-takes there.

我希望您能為我們解釋一下其他一些毛利率的變動情況。

Sure. Sure. Yeah. Thanks, Mark.

當然。當然。是的。謝謝你，馬克。

For gross margin, as you say, in Q4, margin decreased 80 basis points, year over year. That was inclusive of a 200 basis points tariff impact, which implies that the underlying gross margin was much stronger.

正如你所說，第四季毛利率年減了80個基點。這其中包含了 200 個基點的關稅影響，這意味著實際毛利率要高得多。

That was driven by AUR growth and our customer really responding to our product and our storytelling, which led to lower discounting and ultimately contributed to very strong underlying gross margin expansion.

這主要得益於 AUR 的成長，以及客戶對我們的產品和故事的正面回饋，從而降低了折扣，並最終促成了非常強勁的基礎毛利率成長。

In addition to that, we saw ROD leverage in the quarter of about 10 basis points as a result of higher sales.

除此之外，由於銷售額成長，本季 ROD 槓桿率提高了約 10 個基點。

As we move into Q1, I would say there's two things:

進入第一季度，我認為有兩件事值得關注：

We gave a guide of margin down 150 basis points to 200 basis points. The outlook does include the net tariff impact of about 200 basis points so very similar to Q4.

我們給出的指導意見是利潤率下調 150 至 200 個基點。該展望確實包含了約 200 個基點的淨關稅影響，與第四季度非常相似。

I think you heard me say on the call -- and we previewed this last time -- our sourcing strategies are going to build sequentially throughout the year. The 200 basis points impact in Q1 becomes about 100 basis points in Q2 and actually flips to a tailwind, all net-neutral on the full year. There's a little bit of a cadencing of the tariff.

我想你們在電話會議上都聽到我說了——我們上次也預告過——我們的採購策略將在一年中逐步推進。第一季 200 個基點的影響在第二季度變為約 100 個基點，實際上變成了順風，全年淨影響為中性。關稅政策有一定的規律性。

And then, maybe the two other things I'll call attention to in Q1 are that, promotions, right now, are assumed to be relatively flat year over year; whereas, we did see improvement in Q4.

然後，我可能還要提一下第一季的另外兩點：一是目前的促銷活動預計與去年同期相比基本持平；而我們在第四季度確實看到了改善。

We'll see. We're taking a balanced approach.

我們拭目以待。我們採取的是平衡的方法。

And then, maybe lastly, we saw leverage on ROD in Q4. I think you heard, in my prepared remarks, we'll see slight deleverage in Q1 on ROD.

最後，或許也是最後一點，我們在第四季看到了 ROD 的槓桿作用。我想你們已經聽到了，在我事先準備好的演講稿中，我們將看到第一季 ROD 的槓桿率略有下降。

Matthew Boss, JP Morgan.

馬修‧博斯，摩根大通。

Richard, on the inflection of the Gap brand to growth mode that you cited, what do you see as the next leg or opportunity to accelerate market share in the next strategic phase?

Richard，關於你提到的 Gap 品牌向成長模式的轉變，你認為在下一個策略階段，加速市場佔有率成長的下一步或機會是什麼？

And then, Katrina, just to confirm: Your 1% to 2% revenue growth forecast for the first quarter, that embeds a 150 basis points headwind from the credit card adjustment, so underlying revenue growth would be 2.5% to 3.5% -- it's actually an acceleration from 2.1% in the fourth quarter.

然後，卡特里娜，再確認一下：你對第一季 1% 到 2% 的收入成長預測，包含了信用卡調整帶來的 150 個基點的不利影響，因此實際收入成長將為 2.5% 到 3.5%——實際上比第四季的 2.1% 有所加速。

Can you just break down the areas of underlying sequential acceleration that you're seeing in embedding? Maybe elaborate on the strong start to the quarter at the Gap and Old Navy.

能否詳細分析一下你在嵌入過程中觀察到的底層序列加速的各個面向？或許可以詳細說說 Gap 和 Old Navy 在本季開局的強勁表現。

Okay. Matthew, thanks for the question. I'll take the first part. And then, Katrina will take the second.

好的。馬修，謝謝你的提問。我來回答第一部分。然後，卡特里娜將獲得第二個席位。

First off, thank you for calling out the Gap brand. It has been really exciting to see Gap, of course, our namesake brand, building on the success, quarter after quarter.

首先，感謝您指出 Gap 品牌的問題。看到 Gap（當然，是我們同名品牌）一個接一個季度地取得成功，真的令人興奮。

To your point, we've already begun to comp the comp, achieving an impressive 7% comp, on top of last year's 7%. The fourth quarter also marked the brand's ninth consecutive quarter of positive comps.

正如您所說，我們已經開始進行薪酬調整，在去年的 7% 的基礎上，實現了令人矚目的 7% 的薪酬調整。第四季也是該品牌連續第九個季度實現同店銷售額正成長。

When you look at the last two years, Gap has consistently gained market share. Now, it's through compelling product assortments, better marketing, and in-store execution. It's results like these that also increase our multigenerational appeal.

從過去兩年來看，Gap 的市佔率持續成長。現在，這要歸功於極具吸引力的產品組合、更好的行銷和店內執行。正是這樣的成果也提升了我們產品對不同年齡層消費者的吸引力。

We've seen growth across all income cohorts, with more high-income customers choosing Gap. We've had strength in key categories like fleece, including logo; denim has been outstanding. Of course, sleepwear drove the performance in the fourth quarter.

我們看到所有收入群體都實現了成長，其中選擇 Gap 的高收入客戶越來越多。我們在抓絨衫等重點類別中表現強勁，包括帶有logo的款式；牛仔布的表現尤為出色。當然，睡衣是第四季業績成長的主要驅動力。

As brand relevance has increased, we've also meaningfully pulled back on discounting.

隨著品牌相關性的提高，我們也大幅減少了折扣力道。

I also want to add, it was really exciting to see the brand gain share in denim in 2025. We've increased our ranking to number 6. Now, that's up from number 10, just two years ago.

我還想補充一點，看到該品牌在 2025 年牛仔服飾領域獲得市場份額，真的令人興奮。我們的排名上升到了第6名。現在，這個排名比兩年前的第10名上升了。

Overall, the brand's momentum is giving us the confidence to also accelerate the roll-outs of our new store formats in the years ahead, which will also continue to just excite consumers.

總的來說，該品牌的發展勢頭讓我們有信心在未來幾年加快推出新的門市形式，這也將繼續激發消費者的熱情。

All in all, Gap is firmly back in the cultural conversation as a true pop-culture brand. Its product resonance is showing up on the red carpets to surprising collaborations. I can guarantee you there's a lot more exciting moments to come in 2026.

總而言之，Gap 已穩穩地回歸文化討論，成為真正的流行文化品牌。它的產品影響力體現在紅毯上的亮相以及令人意想不到的合作。我可以向你保證，2026年還有更多令人興奮的時刻即將到來。

And then, Matt, as it relates to Q1 revenue, yes, the guide was 1% to 2% revenue growth. And then, as you say, we have about 150 basis points headwind that makes comps outpaced total revenue. And so the implied comp guide is 2.5% to 3.5% for the quarter.

還有，Matt，關於第一季營收，是的，預期是營收成長1%到2%。正如你所說，我們面臨約 150 個基點的不利因素，導致同店銷售額增速超過總收入增速。因此，本季的隱含同業拆借指引值為 2.5% 至 3.5%。

The way I think about it is, the midpoint of that, at 3%, is roughly in line with the 3% we just delivered in Q4 so largely a continuation of the trends in the business.

我的看法是，其中點值 3% 與我們第四季剛剛實現的 3% 大致一致，因此很大程度上是業務趨勢的延續。

As it relates to Q1, quarter to date, as I shared, the quarter-to-date comp is off to a good start. That's built into the outlook that we provided today.

就第一季至今的情況而言，正如我之前所說，本季至今的業績開局良好。這一點已經融入我們今天提出的觀點。

This time of year, there's always weather dynamics at play in all of this stuff. But we're largely trending in line with the guidance we just gave.

每年的這個時候，所有這些事情總是會受到天氣因素的影響。但我們目前的趨勢基本上符合我們剛才給出的指導意見。

And then, as I think about the brands in the quarter, to be helpful, I would say this, Old Navy, as Richard said, is proving to be a reliable growth brand (inaudible) two years of delivering positive three comps. We'll see where the quarters land. But I see them as a very consistent driver of value.

然後，當我思考本季的品牌時，為了有所幫助，我想說，正如理查德所說，Old Navy 正在證明自己是一個可靠的成長品牌（聽不清楚），連續兩年實現了三個同店銷售額的正增長。我們拭目以待，看看硬幣最終會落在哪裡。但我認為它們是價值持續成長的驅動力。

Gap is firmly in growth mode.

Gap公司正處於穩定成長階段。

Banana has three quarters of comp. We're really excited to see BR deliver.

Banana 擁有四分之三的競爭對手。我們非常期待看到BR的表現。

And then, as I said in my remarks, Athleta, we are expecting negative mid- to high-single-digit sales declines in the first half of the year. The team is really working on the second half.

正如我在演講中所說，Athleta 預計今年上半年銷售額將出現中高個位數的負成長。球隊正全力備戰下半場。

Simeon Siegel, Guggenheim.

西蒙西格爾，古根漢美術館。

Richard, any color you can share on store sales by brand? How you're thinking about that, going forward?

Richard，可以分享一下各品牌門市的銷售情況嗎？接下來你對此有何打算？

Basically, I'm curious if you think the culturally powerful campaigns you guys are running should bring more people into the stores next year, whether that's even something you're targeting or whether you're channel-agnostic.

我主要是想知道，你們是否認為你們正在進行的這些具有文化影響力的行銷活動應該會在明年吸引更多的人到店消費，無論這是否是你們的目標，或者你們是否對通路沒有限制。

And then, I'd be curious to hear -- the beauty sounds really exciting -- the learnings and the refinements that you were mentioning about Old Navy Beauty, given that comment and whether you think this becomes a visitation driver or more of a [UPT] add-on?

然後，我很想聽聽——聽起來真的很棒——你提到的 Old Navy Beauty 的經驗和改進，考慮到你剛才的評論，你認為這會成為吸引顧客的因素，還是更像是 [UPT] 的附加服務？

Sure. Simeon, thanks for the question.

當然。西蒙，謝謝你的提問。

Let me start by saying fashion is entertainment. Today's customers are not just buying apparel -- although, of course, our product has to meet and exceed their expectations -- but they're buying into brands that tell compelling stories and drive cultural conversation.

首先我想說，時尚是一種娛樂。如今的顧客不僅僅是在購買服裝——當然，我們的產品必須達到甚至超越他們的期望——他們購買的是能夠講述引人入勝的故事並推動文化對話的品牌。

As we continue to build our brands, we see this intersection of fashion and entertainment, our fashiontainment platform, as a powerful growth lever.

隨著我們不斷打造品牌，我們認為時尚與娛樂的交匯點，也就是我們的時尚娛樂平台，是一個強大的成長槓桿。

The creative assets that you've been seeing and that we've been developing across our brands have evolved to specifically drive relevance and increase engagement.

您看到的以及我們一直在各個品牌中開發的創意素材，都是為了提高相關性和增強參與度而不斷演變的。

We've been leveraging music, art, dance, film. These are all forms of entertainment. Whether it's a music video with KATSEYE or a fashion show during the NBA All-Star weekend, these are great examples of fashiontainment.

我們一直在利用音樂、藝術、舞蹈和電影。這些都是娛樂形式。無論是 KATSEYE 的音樂視頻，還是 NBA 全明星週末期間的時裝秀，這些都是時尚娛樂的絕佳例子。

We're serious about it. We appointed Pam Kaufman as our Chief Entertainment Officer to lead our fashiontainment platform, as we take it to the next level.

我們是認真的。我們任命 Pam Kaufman 為首席娛樂官，領導我們的時尚娛樂平台，將其提升到一個新的水平。

We're going to be adding incredible expertise, essentially extending our iconic IP into more experiences and product opportunities that drive relevance and revenue.

我們將注入強大的專業知識，從本質上將我們標誌性的智慧財產權擴展到更多能夠提升相關性和增加收入的體驗和產品機會。

These campaigns, as you call out, they're designed to drive interest. The more interesting we become, the more exciting it becomes for consumers and the more traffic we drive each year to our omnichannel experiences.

正如你所指出的，這些活動旨在引起人們的興趣。我們越有趣，消費者就越興奮，每年就能為我們的全通路體驗帶來更多流量。

As we look at some of the ways that we think about stores, this is a really important way for consumers to experience our brands. They bring product and storytelling and service to life in ways that digital can't.

當我們審視我們對商店的一些思考方式時，會發現這是消費者體驗我們品牌的一種非常重要的方式。它們以數位科技無法企及的方式，將產品、故事和服務生動地呈現出來。

I would say we're now at a very pivotal point. The fleet is well positioned. We've been testing new formats and experiences: Gap Flatiron; Chestnut Street here in San Francisco; Banana Republic Soho.

我認為我們現在正處於一個非常關鍵的時刻。艦隊部署得當。我們一直在測試新的模式和體驗：Gap Flatiron；舊金山的 Chestnut Street；Banana Republic Soho。

Given Gap's brand momentum, we have the confidence to start to accelerate the roll-outs of our new store formats in the year ahead, which we believe will also really excite consumers.

鑑於 Gap 的品牌發展勢頭，我們有信心在未來一年加快推出新的門市模式，我們相信這將真正讓消費者感到興奮。

You asked about beauty. This is also a really exciting extension. Beauty is one of the fastest-growing, most-resilient retail categories in the US. Our consumer insights reinforce strong demand across other fashion apparel retailers with a beauty offering.

你問的是關於美的問題。這也是一個非常棒的擴充功能。在美國，美容產品是成長最快、最具韌性的零售類別之一。我們的消費者洞察進一步證實了其他提供美妝產品的時尚服飾零售商的強勁需求。

The category represents anywhere between 5% to 20% of their sales, highlighting the meaningful potential that this category can represent within our core business, over time.

該品類佔其銷售額的 5% 到 20%，凸顯了該品類在我們核心業務中隨著時間的推移所蘊含的巨大潛力。

It's also important to recognize, we have been in this category. We just have an underdeveloped beauty business. Based on the insights that we've learned, we have a lot of potential in this category.

同樣重要的是要認識到，我們曾經也屬於這一類。我們的美容產業還不夠發達。根據我們所了解的情況，我們在這個領域擁有很大的潛力。

In 2025, we announced our plans for a strategic expansion into the category with a phased approach, starting with Old Navy in the fourth quarter. Gap will be relaunching its fragrance later this year.

2025年，我們宣布了分階段策略性拓展該品類的計劃，首先從第四季的 Old Navy 開始。Gap將於今年稍後重新推出其香水。

The beauty collection was piloted in 150 stores in the fourth quarter. We had some select offering in dedicated shop-in-shops.

該美妝系列產品於第四季度在 150 家門市進行了試點。我們在店中店提供了一些精選商品。

The pilot validated strong consumer interest, confirmed that beauty really enhances the engagement. It's basket-building. It's exciting our customers.

試點計畫驗證了消費者的濃厚興趣，並證實了美妝確實能提升用戶參與度。這是編籃子。這讓我們的顧客感到興奮。

You'll hear a lot more about it, as we move forward.

隨著我們工作的推進，你會聽到更多相關的消息。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

Richard, Katrina, can you speak to the AUR versus unit growth trends that you're seeing in the Old Navy banner in fourth quarter; and your expectations for net pricing growth at Old Navy for 2026?

Richard、Katrina，你們能否談談Old Navy品牌在第四季度的平均用戶回報率（AUR）與單位增長趨勢；以及你們對Old Navy在2026年淨價格增長的預期？

Additionally, Richard, I would be very curious to see if there's any apparel category initiatives that you have in place at that brand that could shift the Old Navy brand further into growth mode in 2026?

此外，理查德，我很想知道您在該品牌是否有任何服裝品類方面的舉措，能夠推動 Old Navy 品牌在 2026 年進一步進入增長模式？

Brooke, maybe I'll start off. I would not speak probably, specifically, to Old Navy. But I'll certainly talk at the corporate level.

布魯克，或許我先來吧。我可能不會具體談論 Old Navy。但我肯定會在公司層級進行討論。

For both fourth-quarter and fiscal year 2025, we saw average unit retail growth, which reflected the consumers continuing to respond to our product and our value and our storytelling.

2025 財年第四季和全年平均零售銷售量均有所成長，反映出消費者對我們的產品、價值和品牌故事的持續認可。

In addition to that, both for fourth quarter and the full year, units were flat to up, slightly. We also saw traffic positive so exciting to see winning on all of those metrics.

除此之外，第四季和全年銷量均持平或略有成長。我們也看到流量呈上升趨勢，所以看到所有這些指標都取得勝利，真是令人興奮。

Maybe, as I talk a little bit more broadly about pricing, we approach pricing as we always do. We consider all the various inputs, while maintaining, most importantly, the overall value proposition for our consumers.

也許，當我更廣泛地談論定價時，我們會像往常一樣對待定價。我們綜合考慮各種因素，同時最重要的是，保持對消費者的整體價值主張。

I think we know that we're doing this well, as we evaluate the consumers' response to our value equation, which is showing up in eight consecutive quarters of positive comp sales, continuing to gain share and winning across all income cohorts.

我認為我們知道我們在這方面做得很好，因為我們正在評估消費者對我們價值等式的反饋，這體現在連續八個季度的同店銷售額增長、市場份額持續擴大以及在所有收入群體中都取得了成功。

Our ability to grow AUR in Q4 and for the full year really gives us confidence that our strategies are working.

我們在第四季度和全年實現平均使用率成長的能力，真正讓我們相信我們的策略是有效的。

As I look into 2026, the AUR growth that's embedded in our 2026 plan is roughly in line with how we've been delivering in 2025. It reflects a balanced plan of realizing higher AURs through better sell-throughs and lower discounting.

展望 2026 年，我們 2026 年計畫中設定的 AUR 成長目標與我們 2025 年的實現情況大致一致。它體現了透過提高銷售率和降低折扣來實現更高平均使用率的平衡計劃。

Brooke, I'll talk a little bit about the question related to the categories and potential growth accelerators.

Brooke，我來談談與類別和潛在成長加速器相關的問題。

But, first, I just want to reiterate, we delivered another strong quarter for Old Navy. Importantly, this has been consistent share gains over the last two years. It's a great reflection of the brand's strength and reliability.

但首先，我想重申一下，Old Navy 又迎來了一個強勁的季度業績。重要的是，在過去兩年裡，市場份額一直持續成長。這充分體現了品牌的實力和可靠性。

We continue to win at the intersection of great product, quality, and price. We're winning across all income cohorts.

我們在產品、品質和價格的完美結合方面持續取得成功。我們在所有收入群體中都取得了勝利。

Now, even more specifically, we called out a couple of years ago that we were going to focus on category leadership in certain categories: denim, active, and Kids & Baby. These have really been driving the strength of the brand.

更具體地說，我們幾年前就宣布，我們將專注於某些類別的品類領導地位：牛仔服、運動服和兒童及嬰兒服。這些因素確實大大增強了品牌實力。

In both denim and active, Old Navy gained share for the second year in a row. We rank as the number 3 denim player in the country and the number 5 in active.

在牛仔服和運動服領域，Old Navy 連續第二年擴大了市場份額。我們在全國牛仔服裝領域排名第三，在活躍用戶領域排名第五。

The broad-based selection and relevant denim offerings are really establishing Old Navy as a denim destination. We believe that we've got a lot more room to grow.

Old Navy 豐富的商品種類和相關的牛仔服飾正逐漸使其成為牛仔服飾的首選之地。我們相信我們還有很大的發展空間。

Our innovation and price value are really enabling Old Navy to win in the active space, which is already an enormous business, the number 5 player in the space; growing share; and outpacing the rest of the brand. You're going to see a lot more excitement from us in this category, going forward.

我們的創新和價格優勢確實幫助 Old Navy 在運動服飾領域取得了成功，而這本身就是一個龐大的市場，Old Navy 在該領域排名第五；市場份額不斷增長；並且超越了其他品牌。接下來，你們將會看到我們在這領域推出更多令人興奮的產品。

Kids & Baby, Old Navy continues to be the brand leader in Kids & Baby. We rank as the number 2 brand in the country.

在童裝和嬰兒用品領域，Old Navy 仍然是品牌領導者。我們在全國品牌排名中排名第二。

I think I've shared our partnership with Disney is such a great partnership. But we recently became Disney's number 1 apparel direct-to-consumer partner in the US.

我認為我已經表達清楚了，我們與迪士尼的合作是多麼棒的合作。但我們最近成為了迪士尼在美國排名第一的服裝直銷合作夥伴。

From a licensing and strategic partnership perspective, there is enormous opportunity for us to continue to go after, in relation to the Kids & Baby market, using entertainment and entertainment properties as a lever.

從授權和策略合作的角度來看，我們有很大的機會繼續進入兒童和嬰兒市場，並利用娛樂和娛樂資產作為槓桿。

We are very well positioned to deliver the consistent performance that you've been seeing, building on the strength demonstrated over the past two years. I think it's a very reliable brand, with an aspiration to accelerate our growth, longer term.

我們完全有能力繼續保持你們一直以來所看到的穩定表現，並在過去兩年所展現出的實力基礎上更進一步。我認為這是一個非常可靠的品牌，並且有志於加速我們的長期發展。

We'll focus on these categories that I mentioned but by no means are those the only categories that we intend on growing.

我們將重點放在我提到的這些類別，但這絕不是我們打算發展的唯一類別。

Dana Telsey, Telsey Group.

Dana Telsey，Telsey集團。

One of the interesting things is that, with the return to growth this year, the commentary that (inaudible) will be flat net store closures versus last year, I believe, is just over 30%. How you -- and you mentioned in the CapEx investments, technology seem to be more front and center than stores.

有趣的是，隨著今年經濟恢復成長，有評論（聽不清楚）淨關店數量將與去年持平，我認為，這一數字略高於 30%。正如您所提到的，在資本支出投資中，科技似乎比實體店更重要。

How are you thinking of the store portfolio, growth, and the CapEx investments? How does it differ by brand?

您如何看待門市組合、成長和資本支出投資？不同品牌有何不同？

Dana, I'll start. And then, Katrina can fill in a little bit.

達娜，我先來。然後，卡特里娜可以稍微補充。

As I mentioned before, stores are such an important way for our customers to experience our brands. Obviously, they bring great product storytelling and service to life. It is an omnichannel experience, as we connect the digital dialogue with our in-store dialogue.

正如我之前提到的，實體店是我們顧客體驗我們品牌的重要途徑。顯然，他們將優秀的產品故事和服務生動地展現了出來。這是一個全通路體驗，因為我們將數位對話與店內對話聯繫起來。

With a company like ours operating a fleet of nearly 2,500 stores, we are always optimizing our retail footprint. We're closing underperforming stores, as you know. We're repositioning some locations that are more relevant to our customers. We're always evaluating new store openings.

像我們這樣擁有近 2500 家門市的公司，一直在不斷優化我們的零售佈局。如您所知，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。我們一直在評估新店開業的可能性。

To your point, you know this well, we've closed over 350 stores that were unprofitable over the last few years. Last year and full-year '25, we had approximately 35 net closures across our portfolio. We expect net closures to be flat in fiscal '26.

你說得對，你也很清楚，過去幾年我們已經關閉了 350 多家不盈利的門市。去年和 2025 年全年，我們的投資組合中淨關閉了約 35 個項目。我們預計 2026 財年淨關閉數量將與上年持平。

The majority, by the way, of those closures were at Banana Republic.

順便一提，這些關店事件中大部分都發生在 Banana Republic。

Again, as I mentioned before, we're really at a pivotal moment now. Our fleet is really well positioned. We've been experiencing new formats and new experiences with our brands, particularly Gap in Flatiron, in Chestnut, and in a variety of other locations; great success that is giving us the confidence that, now, we could accelerate these roll-outs of new store formats in the year ahead, which we believe will continue to excite our customers and also, essentially, grow our business.

正如我之前提到的，我們現在真的處於一個關鍵時刻。我們的船隊部署非常有利。我們一直在嘗試新的品牌形式和新的體驗，特別是 Gap 在 Flatiron、Chestnut 以及其他各種地點的門市；這些巨大的成功讓我們有信心，在未來一年裡，我們可以加快推出這些新的門市形式，我們相信這將繼續讓我們的顧客感到興奮，並且從根本上促進我們的業務增長。

As we've evaluated the store performances that we have tested new formats, we've really got confidence in the revenue and relevance and the strong returns they're driving.

在評估我們測試過的新模式的門市業績後，我們對它們帶來的收入、相關性和強勁回報充滿信心。

We're very much focused on the experience for our customers. I do believe we're at a really exciting point, again, in our transformation of fixing a lot of the fundamentals and, now, moving into continuous improvement to build momentum and celebrate these stores and new store formats.

我們非常注重客戶體驗。我相信我們又一次來到了一個令人興奮的轉型階段，我們正在解決許多根本性問題，現在正朝著持續改進的方向邁進，以積蓄力量，慶祝這些門市和新的門市模式的推出。

I'll turn it over to Katrina for the rest.

剩下的就交給卡特里娜了。

Yeah. Dana, as it relates to capital, we are looking to increase capital expenditures, this year. We're expecting to spend about $650 million, this year.

是的。達納，就資本而言，我們今年計劃增加資本支出。我們預計今年將花費約 6.5 億美元。

As you say, the big areas where we are spending capital are around technology on our stores, as Richard just said; and then, also, on our supply chain.

正如你所說，我們投入資金的主要領域是門市的技術（正如理查剛才所說）；以及供應鏈。

The increase in capital year over year, really, is much more related to our stores and technology increases.

實際上，資本逐年增長更多地與我們的門市和技術發展有關。

The store increases are very much related to a lot of these experiential things that we're starting to accelerate; where the tech investments are really ratcheting up in some of these new capabilities that are, AI-driven, as well as RFID.

門市數量的成長與我們正在加速的許多體驗式活動密切相關；在這些活動中，我們在人工智慧和無線射頻識別等新技術方面的技術投資正在迅速增加。

Hopefully, that helps, as we think about capital this year.

希望這對我們今年的資金籌措有所幫助。

That concludes our question-and-answer session.

我們的問答環節到此結束。

I will now turn the call back over to Richard Dickson for closing remarks.

現在我將把電話轉回給理查德·迪克森，請他作總結發言。

Thank you, operator.

謝謝接線生。

As we close the first chapter of our transformation and step into the next, we do so with a brand portfolio that is consistently growing: healthy gross margins, disciplined expense management, sustained bottom line performance, and strong cash on hand.

在我們結束轉型的第一篇章並邁入下一篇章之際，我們擁有一個持續增長的品牌組合：健康的毛利率、嚴格的費用管理、持續的盈利能力和強勁的現金儲備。

Looking ahead, we have a focused, energized team that believes in the future that we're building.

展望未來，我們擁有一支目標明確、充滿活力的團隊，他們對我們正在建立的未來充滿信心。

Our aspirations remain high. We're positioned to deliver.

我們依然抱負遠大。我們已做好交付準備。

I'm excited about the opportunity ahead and confident in our ability to capture it.

我為即將到來的機會感到興奮，並對我們抓住機會的能力充滿信心。

I want to thank our entire organization and all our partners for all of their efforts this quarter and throughout the year.

我要感謝我們整個組織和所有合作夥伴在本季度以及全年所做的一切努力。

We look forward to our next call.

我們期待下次通話。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you, all, for joining. You may now disconnect.

謝謝各位的參與。您現在可以斷開連線了。