The Gap, Inc. (GAP) 2026 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. I would like to welcome everyone to the Gap Inc. second quarter 2026 earnings conference call. (Operator Instructions) I would now like to introduce your host, Shirley Martin, Senior Director of Investor Relations.

各位女士、先生，下午好。歡迎各位參加 Gap Inc. 2026 年第二季財報電話會議。(接線員指示) 現在我想介紹今天的主持人，投資人關係資深總監 Shirley Martin。

Good afternoon, everyone. Welcome to Gap Inc.'s second quarter fiscal 2026 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.

各位下午好。歡迎參加 Gap Inc. 2026 會計年度第二季財報電話會議。在開始之前，我想提醒各位，本次電話會議所提供的資訊包含前瞻性陳述，相關風險可能導致我們的實際結果與前瞻性陳述存在重大差異。

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 17, 2026, and other filings with the Securities and Exchange Commission all of which are available on gapinc.com.

關於可能導致我們的實際結果與任何前瞻性陳述出現重大差異的因素，請參閱我們最新財報新聞稿中的警示性聲明。亦請參閱公司於 2026 年 3 月 17 日向美國證券交易委員會提交的 Form 10-K 年報所載之風險因素，以及其他向美國證券交易委員會提交的文件；上述資料皆可於 gapinc.com 查閱。

These forward-looking statements are based on information as of today, August 27, 2026, and we assume no obligation to publicly update or revise our forward-looking statements. Our latest earnings release and the accompanying materials available on gapinc.com also include descriptions and were available reconciliations of financial measures not consistent with generally accepted accounting principles. All mark share data referenced today will be from Sircana's US apparel consumer service for the 12 months ending July 2026, unless otherwise stated. Joining me on the call today are our Chief Executive Officer, Richard Dickson; and Chief Financial Officer, Katrina O'Connell.

這些前瞻性陳述係基於截至今日（2026 年 8 月 27 日）的資訊，我們不承擔公開更新或修訂前瞻性陳述的任何義務。我們最新的財報新聞稿及 gapinc.com 上提供的隨附資料亦包含對不符合一般公認會計原則之財務衡量指標的說明及可得之調節表。除非另有說明，今日提及的所有市占率資料均來自 Sircana 的美國服飾消費者服務，涵蓋截至 2026 年 7 月止的 12 個月。今天與我一同出席電話會議的有執行長 Richard Dickson，以及財務長 Katrina O'Connell。

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

接下來，我把電話交給 Richard。

Thanks, Shirley, and good afternoon, everyone. In the second quarter, while the company exceeded our profit expectations, we delivered a net sales decline of 2% with mixed performance on the top line across the portfolio. While not the revenue outcome we wanted continued operational and financial rigor contributed to gross margin strength.

謝謝你，Shirley，各位下午好。第二季，公司雖然超出我們對獲利的預期，但淨銷售額下滑 2%，整體投資組合在營收端表現分歧。雖然營收結果不如我們所願，但持續的營運與財務紀律帶動了毛利率的強勁表現。

We also maintained market share, reflecting the continued resonance of our brand portfolio. The Gap brand delivered another exceptional quarter with comparable sales increasing 10% and Banana Republic continued to build momentum, posting its fifth consecutive quarter of positive comps. Athleta's top line remained pressured, though we saw encouraging improvements in inventory productivity.

我們也維持了市占率，反映我們品牌組合持續受到消費者青睞。Gap 品牌再度交出亮眼的一季，同店銷售成長 10%；Banana Republic 也持續累積動能，連續第五季同店銷售為正成長。Athleta 的營收端仍承壓，但我們在庫存生產力方面看到了令人鼓舞的改善。

At Old Navy, as we previewed on last quarter's call, seasonal categories continued to weigh on performance. While we took actions to address this as the quarter progressed, we also experienced a slowdown in traffic, which led to a modest miss versus our expectations.

至於 Old Navy，正如我們在上季電話會議中預告的，季節性品類持續拖累表現。雖然我們在本季進行過程中採取行動加以因應，但我們也經歷了來客數放緩，導致表現較我們預期略有落差。

While this is disappointing, I have confidence in our plans to improve performance in the second half. Over the past quarter, Katrina and I have been deeply involved with the Old Navy team in conducting a thorough review of the business. We have a clear understanding of where our execution fell short and have moved quickly to strengthen our plans, the details of which I will get into in a few minutes. Based on August trends, we are also encouraged by the improvement we are seeing, and we're focused on delivering for the second half.

雖然令人失望，但我對我們在下半年改善表現的計畫充滿信心。過去一季，Katrina 和我與 Old Navy 團隊密切合作，對業務進行全面檢視。我們已清楚了解執行上不足之處，並迅速強化我們的計畫；相關細節我會在幾分鐘後說明。根據 8 月的趨勢，我們也對目前看到的改善感到鼓舞，並專注於在下半年交出成果。

Beyond our near-term priorities, we continue to make long-term investments to advance our next phase of growth. We continue to expand beauty and accessories while building our fashiontaiment and technology platforms to deepen customer engagement, strengthen our brands and enhance our operations.

除了短期優先事項之外，我們也持續進行長期投資，以推進下一階段的成長。我們持續擴展美妝與配件，同時打造我們的 fashiontaiment 與科技平台，以深化顧客互動、強化品牌並提升營運效能。

We also demonstrated our commitment to shareholder returns through our dividend and meaningful share repurchases in the quarter, reflecting both the strength of our balance sheet and our confidence in the long-term opportunity.

我們也透過股利發放以及本季具規模的庫藏股回購，展現對股東報酬的承諾，這反映了我們資產負債表的強勁，以及我們對長期機會的信心。

As we factor in our second quarter performance, we are narrowing our full year revenue outlook. At the same time, we are raising our margin and EPS outlook, as Katrina will share shortly. We are confident in the road map we have put in place for the second half and remain focused on disciplined execution and delivering further improvement.

在納入第二季表現後，我們正在縮窄全年營收展望區間。同時，我們上調毛利率與每股盈餘（EPS）展望，Katrina 稍後將進一步說明。我們對下半年所建立的路線圖充滿信心，並將持續專注於有紀律的執行與帶來進一步改善。

Turning now to our detailed second quarter results by brand, starting with Old Navy. In the second quarter, Old Navy's comparable sales declined 4%. As we previewed last quarter, we expected the women's summer seasonal assortment to pressure performance, and that played out largely as anticipated, accounting for approximately 3 points of the comp pressure in the quarter. In particular, we experienced declines in dresses, shorts and swim, where we made some assortment and pricing decisions that impacted our value equation. What we did not anticipate was the degree to which our marketing would fall short in driving traffic.

接下來按品牌說明第二季的詳細結果，先從 Old Navy 開始。第二季 Old Navy 的同店銷售下滑 4%。如同我們上季所預告，我們預期女裝夏季季節性商品組合會對表現造成壓力，而實際情況大致符合預期，約占本季同店壓力的 3 個百分點。尤其是在洋裝、短褲與泳裝方面出現下滑，我們在商品組合與定價上的一些決策影響了我們的價值主張。我們未預期的是，我們的行銷在帶動來客數方面未達到應有的效果。

We are not satisfied with this result and have responded quickly. As we move into the third quarter the headwind from summer categories becomes much less significant. This gives us a clear runway for improvement as key categories like denim, active, sweaters and knits drive the business. Additionally, as we sharpen fashion content and pricing, we believe our fall assortment will provide an improved value equation.

我們對此結果並不滿意，並已迅速做出回應。進入第三季後，夏季品類帶來的逆風將顯著減弱。這為我們帶來明確的改善跑道，因為牛仔、運動、毛衣與針織等關鍵品類將帶動業務。此外，隨著我們強化時尚內容與定價策略，我們相信秋季商品組合將提供更佳的價值主張。

In denim, we are solidly positioned as the third largest denim brand in the country with great quality denim for the whole family at highly attractive price points, we are building Old Navy as a denim destination. Following strong first half performance, denim will grow in importance during the second half as we build on the momentum we are seeing in newer silhouettes like low rise and baggy while introducing more fashion and choice, all at great value. In knits, legacy franchises remain healthy while we chase into untapped growth in newer franchises like Hug and Heavy Weight.

在牛仔品類方面，我們穩居全美第三大牛仔品牌，為全家提供高品質牛仔商品且價格極具吸引力；我們正將 Old Navy 打造成牛仔首選目的地。在上半年強勁表現之後，牛仔在下半年將更為重要；我們將延續低腰、寬鬆等較新輪廓所帶來的動能，同時導入更多時尚元素與選擇，且一如既往提供超值價格。在針織品類方面，既有主力系列維持健康，同時我們也加速投入如 Hug 與 Heavy Weight 等較新系列尚未充分開發的成長機會。

In active, Old Navy is the fifth largest brand in the country. With the success we've had and continued innovation, this fall, we are amplifying our presence in the category with the introduction of Old Navy Sport, beginning with an elevated merchandising experience, including approximately 40 shop-in-shops in select stores and storytelling centered on technical innovation and style at an incredible value. Old Navy Sport will become Old Navy's active brand.

在運動品類方面，Old Navy 是全美第五大品牌。憑藉我們既有的成功與持續創新，今年秋季我們將透過推出 Old Navy Sport 來強化在該品類的能見度；首先將提供更升級的陳列與銷售體驗，包括在部分門市設置約 40 個店中店，並以技術創新與風格、且具驚人價值為核心進行故事化溝通。Old Navy Sport 將成為 Old Navy 的運動品牌。

In beauty, building on our successful pilot last fall, this week, we launched our Old Navy Beauty Co collection nationwide expanding Old Navy into a destination for everyday essentials from style to beauty. And next month, we are expanding our partnership with Fanatics bringing our first exclusive collection of licensed sports merchandise to customers at Old Navy's Signature value, enabling us to capitalize on key moments in the sports calendar beginning with football season.

在美妝方面，延續去年秋季成功的試點，本週我們已在全美推出 Old Navy Beauty Co 系列，將 Old Navy 擴展為從穿搭到美妝、滿足日常必需品的一站式目的地。此外，下個月我們將擴大與 Fanatics 的合作，為顧客帶來首個 Old Navy 獨家授權運動商品系列，延續 Old Navy 標誌性的超值定位，讓我們能自美式足球賽季起把握運動行事曆中的關鍵時點。

In addition to product, we have rewired our marketing strategy to improve traffic trends. Our fall denim campaign featuring music artists and television personality Cardi B, launched earlier this month and is off to a good start, driving improvement in traffic, building on its success this week, we launched Carty's Carty, extending the reach and relevance of the campaign into knits. In addition, as we build excitement and momentum for back-to-school, we have partnered with leading digital creator, Mr. Beast, on a multipart content series highlighting the incredible style, expression and value in Old Navy's back-to-school collection.

除了產品之外，我們也重新調整行銷策略，以改善來客趨勢。我們於本月稍早推出由音樂藝人與電視名人 Cardi B 主演的秋季牛仔行銷活動，開局良好並帶動來客改善；在其成功基礎上，本週我們推出 Carty's Carty，將活動的觸及與相關性延伸至針織品類。此外，為了在返校季建立話題與動能，我們與頂尖數位創作者 Mr. Beast 合作推出多段式內容系列，凸顯 Old Navy 返校系列所提供的出色風格、個人表達與超值。

With improved execution in August, we have seen the business pick up reinforcing our confidence in the actions we are taking. We are clear on the path forward, and we believe we can drive stronger results from here.

隨著 8 月執行改善，我們看到業務回升，進一步強化我們對所採取行動的信心。我們清楚前進的路徑，並相信我們能從此刻起推動更強勁的成果。

As we execute on our fall plans, we are separately announcing this afternoon that we are advancing a planned leadership transition with the appointment of Michael Francis as Old Navy's new Brand President and CEO, succeeding Io Barbado, effective Monday, November 2. Io is working closely with Michael in an advisory capacity to ensure a smooth transition.

在我們推進秋季計畫的同時，我們也在今天下午另行宣布，我們正推動一項既定的領導階層交接計畫，任命 Michael Francis 為 Old Navy 新任品牌總裁兼執行長，接替 Io Barbado，自 11 月 2 日（週一）起生效。Io 正以顧問身分與 Michael 密切合作，以確保交接順利。

I want to thank Io for his leadership and contributions to Old Navy in strengthening the foundation of the brand, scaling our strategic categories and positioning the business for a new phase of growth. Since the beginning of our transformation, Old Navy has grown its annual revenue by nearly $0.5 billion, further strengthening its position as the number one specialty apparel brand and retailer in the US.

我要感謝 Io 對 Old Navy 的領導與貢獻，他強化了品牌根基、擴大了我們的策略品類規模，並讓業務為新的成長階段做好定位。自我們轉型開始以來，Old Navy 的年營收已成長近 5 億美元，進一步鞏固其作為美國第一大專業服飾品牌與零售商的地位。

As we look ahead to the brand's next phase, Michael's deep experience in customer-centric brand building and track record of strong commercial execution will be instrumental in unlocking the brand's full potential and I am confident that now is the right time for him to step into this role. Michael has a proven ability to connect creativity, culture and commerce in ways that will energize the business. I've seen this firsthand as we have worked closely together to develop our plans for the second half and position Old Navy to capture the significant opportunity we see ahead.

展望品牌下一階段，Michael 在以顧客為中心的品牌打造方面擁有深厚經驗，且具備強勁的商業執行實績，這將是釋放品牌全部潛力的關鍵；我也有信心，現在正是他接任此職的適當時機。Michael 已證明他能以連結創意、文化與商業的方式為業務注入活力。在我們密切合作制定下半年計畫、並讓 Old Navy 把握我們所見的重大機會之際，我已親眼見證這一點。

Now moving on to Gap. Gap delivered another excellent quarter. Comparable sales increased 10%, marking its 11th consecutive quarter of positive comps. As we continue to strengthen product and storytelling through big ideas and culturally relevant narratives, we are deepening customer engagement and further strengthening the brand. That momentum is reflected in the continued expansion of our customer file and yet another quarter of lower discounting. We also posted another quarter of market share gains. Importantly, GAP's momentum continues to be broad-based. Women's led performance in the quarter, while men's also delivered solid results.

接下來談 Gap。Gap 再次交出一個非常出色的季度。同店銷售成長 10%，為連續第 11 個季度同店銷售為正。隨著我們透過重大創意與具文化相關性的敘事持續強化產品與故事表達，我們正加深顧客互動並進一步強化品牌。這股動能反映在顧客名單持續擴大，以及折扣力度再度降低的一個季度。我們也再度實現市占率提升。重要的是，GAP 的動能仍呈現廣泛分布。本季由女裝帶動表現，而男裝也交出穩健成果。

Kids and baby also accelerated as customers continue to respond positively to our more elevated product aesthetic. By category, denim and fleece once again drove the business, underscoring the continued strength of our destination categories.

童裝與嬰幼兒品類也加速成長，因顧客持續對我們更為精緻提升的產品美學給予正面回應。以品類來看，丹寧與刷毛（fleece）再次帶動業務，凸顯我們目的地品類（destination categories）持續強勁的實力。

Gap continues to solidify its cultural relevance with customers, connecting fashion and creativity through compelling collaborations and partnerships. In the second quarter, we teamed up with Hailey Bieber, one of fashion's most influential tastemakers, to reimagine two of GAP's signature denim silhouettes for a new generation. The Hailey Jean sold out quickly while driving strong traffic and a meaningful halo across the broader business. This was a great start, and there's more to come.

Gap 持續鞏固其在顧客心中的文化相關性，透過引人入勝的聯名合作與夥伴關係，連結時尚與創意。在第二季，我們與 Hailey Bieber（時尚界最具影響力的品味引領者之一）合作，為新世代重新演繹 GAP 兩款標誌性的丹寧版型。Hailey Jean 很快售罄，同時帶動強勁流量，並對更廣泛的業務產生顯著的光環效應（halo）。這是很好的開始，後續還有更多精彩。

As we look ahead, we are building on our success in elevating core categories while also now investing in growth accelerators to expand Gap's relevance across more aspects of consumers' lifestyles. We ended the second quarter relaunching our iconic Gap fragrance line. Early customer response has been encouraging, reinforcing both our heritage and our confidence in the long-term opportunity in beauty. And we are expanding into Gap accessories, beginning with bags, launching with Fashion Week in September.

展望未來，我們將在提升核心品類的成功基礎上，進一步投資成長加速器，以擴大 Gap 在消費者生活型態更多面向中的相關性。我們在第二季末重新推出經典的 Gap 香氛系列。早期顧客反應令人鼓舞，既強化了我們的品牌傳承，也提升了我們對美妝長期機會的信心。我們也將擴展至 Gap 配件品類，先從包款開始，並配合 9 月時裝週推出。

Marketing continues to resonate playing into Gap's heritage and music with the latest release of Denim On My Own, featuring musical artist, Malcolm Todd in Gap denim in a reinterpretation of Robin's iconic Dancing On My Own.

行銷持續引發共鳴，結合 Gap 的品牌傳承與音樂元素，最新推出《Denim On My Own》，由音樂人 Malcolm Todd 穿著 Gap 丹寧演出，重新詮釋 Robin 經典的《Dancing On My Own》。

In addition, we continue to elevate the customer experience. Our store remodel program remains on track with upgraded stores outperforming the rest of the fleet. We expect to complete approximately 35 remodels this year bringing roughly one quarter of our North America specialty fleet into our latest concept by year-end.

此外，我們持續提升顧客體驗。門市翻新計畫仍按進度推進，升級門市的表現優於其他門市。我們預期今年將完成約 35 家翻新，至年底使北美專業門市約四分之一導入我們最新的門市概念。

I'm incredibly proud of the Gap team and what they continue to accomplish. Quarter after quarter, they have demonstrated that when great product is paired with compelling storytelling and disciplined execution, it creates a powerful flywheel of customer engagement and brand momentum. As we enter the third quarter, we have an exciting pipeline of product innovation, culturally relevant collaborations and brand activations that position Gap to continue its momentum.

我為 Gap 團隊以及他們持續達成的成果感到無比自豪。一季又一季，他們證明了當優秀產品搭配引人入勝的故事表達與嚴謹的執行時，將形成強大的飛輪效應，推動顧客互動與品牌動能。進入第三季，我們擁有令人振奮的產品創新管線、具文化相關性的聯名合作與品牌活動，讓 Gap 得以延續其動能。

Moving on to Banana Republic. Banana Republic delivered another quarter of progress with comparable sales increasing 3%, marking the brand's fifth consecutive quarter of positive comparable sales growth. The quarter reflected broad-based strength across both the men's and women's businesses as customers responded positively with categories like outerwear, sweaters and denim as well as our linen fabrications performing well.

接下來談 Banana Republic。Banana Republic 再次交出進展的一季，同店銷售成長 3%，為品牌連續第 5 個季度同店銷售正成長。本季在男裝與女裝業務皆展現廣泛的強勁表現，顧客對外套、毛衣與丹寧等品類反應正面，我們的亞麻材質系列也表現良好。

Throughout the quarter, Banana Republic continued to celebrate its heritage as a brand for the modern explorer through elevated product and travel inspired storytelling. Through our Portugal series and partnership with National Geographic host, Anthony Perowski, we reinforced linen as the season's hero fabric and our curated archive drop successfully introduced Banana Republic's heritage to a younger customer through iconic styles.

整個季度中，Banana Republic 持續以更高端的產品與旅行靈感的故事表達，慶祝其作為「現代探險家」品牌的傳承。透過我們的葡萄牙系列以及與《國家地理》主持人 Anthony Perowski 的合作，我們強化亞麻作為本季主打面料；而我們精選的典藏檔案系列（archive drop）也以經典款式成功向更年輕的顧客介紹 Banana Republic 的品牌傳承。

Banana Republic is demonstrating continued progress while becoming increasingly distinctive in the marketplace, upgraded stores like Century City and Tyson's Corner are delivering a better shopping experience, resulting in customers spending more when they shop with us.

Banana Republic 在持續展現進展的同時，也在市場上變得愈發鮮明；像 Century City 與 Tyson's Corner 等升級門市提供更好的購物體驗，使顧客在我們這裡購物時的消費金額更高。

As Banana Republic enters its next chapter, we were excited to welcome Donald Kohler as the brand's new President and CEO in July. Since joining, Donald has hit the ground running and is a combination of operational excellence, merchandising expertise and brand building instincts gives me great confidence and opportunities ahead. Under his leadership, we believe Banana Republic is well positioned to build on its progress.

隨著 Banana Republic 進入下一篇章，我們很高興在 7 月迎接 Donald Kohler 出任品牌新任總裁兼執行長。自加入以來，Donald 迅速上手；他兼具卓越的營運能力、商品企劃專業與品牌打造直覺，讓我對未來的機會充滿信心。在他的領導下，我們相信 Banana Republic 已具備良好條件在既有進展上再接再厲。

Now turning to Athleta. Athleta's performance in the second quarter remained challenged with comparable sales declining 12%. During the quarter, we proactively managed inventory tightly while testing and learning selectively with new product launches. This resulted in better inventory productivity with early signs of customer acceptance of newer products like the Journey Travel collection launched last quarter.

接著談 Athleta。Athleta 在第二季的表現仍面臨挑戰，同店銷售下滑 12%。本季我們主動以嚴格方式管理庫存，同時針對新產品上市進行選擇性的測試與學習。這帶來更佳的庫存生產力，並出現顧客對較新產品（如上季推出的 Journey Travel 系列）接受度提升的早期跡象。

As we continue to evolve our assortment, our priorities are clear. We are increasing newness, reducing reliance on promotions and seeking to rebuild customer engagement through better product and stronger storytelling. We have also strengthened the organization with new talent across digital and merchandising to improve execution over time.

在我們持續調整商品組合之際，我們的優先事項很明確。我們將提高新品比例、降低對促銷的依賴，並透過更好的產品與更強的故事表達來重建顧客互動。我們也在數位與商品領域引進新人才以強化組織，隨時間提升執行力。

With our turnaround efforts still in the early stages, we are continuing to take a measured and disciplined approach to inventory and marketing investments as we continue to assess customer response in the second half. While this approach may limit top line improvement in the near term, we believe it is important to rebuild the business on a stronger foundation for sustainable growth.

由於我們的扭轉計畫仍處於早期階段，我們將在庫存與行銷投資上持續採取審慎且有紀律的方法，同時在下半年持續評估顧客反應。雖然此作法在短期內可能限制營收端的改善幅度，但我們相信，為了可持續成長，在更強健的基礎上重建業務至關重要。

Before I turn the call over to Katrina, with August marking three years since I took on the role of CEO at Gap Inc., I want to take a moment to reflect on our transformation journey so far. We are pleased with the progress we've made, while recognizing there is more work ahead. We made a choice to perform while we transform. And the metrics that matter reinforce that we have made fundamental improvements in the business. We are on track to deliver our third year of positive sales growth, led by our focus on strategic categories.

在我把電話會議交給 Katrina 之前，8 月也標誌著我擔任 Gap Inc. 執行長滿三年，我想花點時間回顧我們迄今的轉型旅程。我們對已取得的進展感到欣慰，同時也認知到前方仍有更多工作要做。我們選擇在轉型的同時也要交出表現。而關鍵指標也再次證明，我們已在業務上做出根本性的改善。我們正朝著實現連續第三年銷售正成長的目標邁進，並由我們對策略品類的聚焦所帶動。

As a portfolio, we have gained meaningful market share. We are delivering some of our strongest gross margins in 25 years, and we have significantly improved the strength of our balance sheet while returning meaningful cash to our shareholders.

就整體品牌組合而言，我們取得了具意義的市占率提升。我們正交出 25 年來最強勁的部分毛利率表現，同時也顯著改善資產負債表的健全度，並向股東回饋可觀的現金。

I want to thank our team for the progress we made and their commitment to becoming a high-performing company. We built a stronger foundation with greater financial and operational rigor, but we know there is more to unlock. And we have conviction in our ability to do so by executing with greater consistency, agility and discipline as we continue our transformation journey.

我要感謝我們的團隊在所取得的進展，以及他們致力於成為高績效公司的承諾。我們以更高的財務與營運嚴謹度建立了更強的基礎，但我們知道仍有更多潛力可釋放。而我們也堅信，隨著轉型旅程持續推進，只要以更一致、更敏捷且更有紀律的方式執行，我們就有能力做到。

With that, I'll turn the call over to Katrina to walk you through our financial results and updated outlook for fiscal 2026.

接下來，我把電話交給 Katrina，請她帶大家回顧我們的財務結果，並說明 2026 會計年度更新後的展望。

Thank you, Richard, and thanks, everyone, for joining us this afternoon. In the second quarter, we remained focused on performing while we transform. While revenue results were mixed across brands, at the company level, we continue to deliver across several other key metrics.

謝謝你，Richard，也謝謝各位今天下午加入我們。在第二季，我們在推動轉型的同時，仍專注於把營運表現做好。雖然各品牌的營收表現好壞不一，但在公司層面，我們在其他幾項關鍵指標上仍持續交出成果。

We achieved a strong gross margin result led by disciplined pricing and inventory management. We maintained SG&A rigor while balancing investments in growth accelerators and capabilities to fuel our future. And with the strength of our balance sheet, we opportunistically accelerated share repurchases while maintaining a healthy dividend and continuing to invest capital to support our business.

在嚴謹的定價與庫存管理帶動下，我們達成強勁的毛利率表現。我們在維持 SG&A 紀律的同時，也平衡投入於成長加速器與能力建置，以驅動未來成長。此外，憑藉資產負債表的強勁，我們把握時機加速回購股票，同時維持健康的股利水準，並持續投入資本以支持業務發展。

While Old Navy underperformed, we've clearly identified the drivers and have taken targeted action to strengthen execution in the second half. Quarter-to-date, we are encouraged by the improvement we're seeing in the business, which reinforces that we are on the right track. At the same time, we remain highly confident in Gap's momentum in Banana Republic's consistency, while we continue rebuilding Athleta.

雖然 Old Navy 表現不如預期，但我們已清楚辨識造成影響的因素，並採取具針對性的行動，以強化下半年執行力。就本季迄今的表現而言，我們對業務改善的跡象感到鼓舞，這也再次印證我們走在正確的軌道上。同時，我們對 Gap 的動能以及 Banana Republic 的穩定性仍高度有信心，而 Athleta 也持續在重建中。

As we factor in our second quarter performance, we are narrowing our full year revenue outlook, with net sales growth now expected in the range of 1% to 1.5%. At the same time, we are raising our outlook for adjusted operating margin and earnings per share, the details of which I will share shortly.

在納入第二季表現後，我們縮窄全年營收展望區間，淨銷售成長目前預期落在 1% 至 1.5%。同時，我們上調調整後營業利益率與每股盈餘的展望，相關細節我稍後會說明。

As outlined in this afternoon's earnings release, our second quarter results and full year 2026 outlook for adjusted gross margin and operating margin exclude a cost of goods sold adjustment tied to an expected net recovery of tariffs previously paid under the International Emergency Economic Powers Act. Our adjusted earnings per share outlook also excludes the related interest impact.

如同今天下午的財報新聞稿所述，我們第二季結果以及 2026 全年調整後毛利率與營業利益率展望，均排除一項銷貨成本調整；該調整與依《國際緊急經濟權力法》（International Emergency Economic Powers Act）先前已支付關稅的預期淨回收相關。我們的調整後每股盈餘展望亦排除相關的利息影響。

Separately, as previously discussed, our full year adjusted SG&A, operating profit and earnings per share outlook exclude the net gain from a legal settlement and the offsetting charitable donation made in the first quarter.

另外，如先前所討論，我們全年調整後 SG&A、營業利益與每股盈餘展望，排除第一季法律和解所帶來的淨收益，以及相應的慈善捐款抵銷項目。

Now on to our results. Net sales of $3.7 billion decreased 2% year-over-year with comparable sales down 1%. As I previewed last quarter, the spread between net sales and comparable sales included the impact of lapping revenue recognized last year related to the structure of our credit card agreement.

接著說明本季業績。淨銷售額為 37 億美元，年減 2%，同店銷售下滑 1%。如我在上季預告，淨銷售與同店銷售之間的差異，包含去年因信用卡協議結構而認列之營收在今年形成的比較基期影響。

By brand, Gap delivered another outstanding quarter. Net sales up 9%, comparable sales up 10%, driven by culturally relevant storytelling in destination categories like denim, fleece and kids and baby. Old Navy net sales and comparable sales declined 4%. As expected softness in the women's seasonal assortment was compounded by traffic slowing as the quarter progressed.

以品牌來看，Gap 再度交出亮眼的一季。淨銷售成長 9%，同店銷售成長 10%，主要受惠於在牛仔、刷毛以及童裝與嬰幼兒等目的地品類上，以具文化相關性的敘事行銷帶動。Old Navy 的淨銷售與同店銷售下滑 4%。如預期，女裝季節性商品組合走弱，再加上隨著季度推進來客數放緩，使影響加劇。

Banana Republic had a solid quarter. Net sales up 1%, comparable sales up 3%, with balanced performance across men's and women's, supported by stronger marketing and brand storytelling. Athleta net sales and comparable sales declined 12%, and we remain focused on disciplined execution as we rebuild the brand profitably. AUR again grew across our brands with Gap brand also delivering positive traffic and unit growth, providing a clear example of the broad-based strength the reinvigoration playbook can deliver.

Banana Republic 本季表現穩健。淨銷售成長 1%，同店銷售成長 3%，男女裝表現均衡，並受更強的行銷與品牌敘事支持。Athleta 的淨銷售與同店銷售下滑 12%，我們仍專注於以嚴謹的執行，在可獲利的前提下重建品牌。各品牌的平均單價（AUR）再度成長，其中 Gap 品牌亦帶來正向的來客數與銷量成長，清楚展現「再振興」作戰手冊可帶來的廣泛性強勁動能。

Let's continue to the balance of the P&L. Reported gross margin for the quarter was 52.8%, adjusted gross margin of 41.4% increased 20 basis points versus last year. Adjusted merchandise margin expanded 80 basis points, driven primarily by the Gap brand with a partial offset from Old Navy where we were more promotional. As previewed merchandise margins included approximately 30 basis points of benefit associated with our tariff mitigation actions.

接著看損益表其餘項目。本季報告毛利率為 52.8%；調整後毛利率為 41.4%，較去年提升 20 個基點。調整後商品毛利率擴張 80 個基點，主要由 Gap 品牌帶動，但 Old Navy 因促銷力度較高而部分抵銷。如先前預告，商品毛利率包含約 30 個基點的效益，來自我們的關稅緩解措施。

We also experienced a slight headwind from the credit card dynamic and higher fuel costs. ROD deleveraged 60 basis points better than expected with timing of certain occupancy expenses shifting into the third quarter. SG&A for the quarter was $1.3 billion or 34.3% of net sales, deleveraging 90 basis points. As previewed, the deleverage to last year was driven by the timing of investments in growth accelerators and capabilities.

我們也受到信用卡相關因素與燃料成本上升帶來的些微逆風影響。ROD 的去槓桿幅度為 60 個基點，且優於預期，主要因部分店舖占用成本費用的認列時點延後至第三季。本季 SG&A 為 13 億美元，占淨銷售 34.3%，去槓桿 90 個基點。如先前預告，相較去年出現去槓桿，主要是因投入成長加速器與能力建置的投資時點所致。

Second quarter reported operating margin was 18.5%. The adjusted operating margin was 7.1%, down 70 basis points compared to last year as gross margin expansion was primarily offset by the timing of investments, as I just outlined. Reported earnings per share were $1.38. Adjusted earnings per share were $0.52 versus last year's earnings per share of $0.57.

第二季報告營業利益率為 18.5%。調整後營業利益率為 7.1%，較去年下降 70 個基點，因毛利率擴張主要被我剛才提到的投資時點所抵銷。報告每股盈餘為 1.38 美元；調整後每股盈餘為 0.52 美元，去年同期每股盈餘為 0.57 美元。

Before I move on to the details of our cash flow and balance sheet, I would like to reiterate our capital allocation framework. Our approach remains disciplined, leveraging the strength of our balance sheet and robust cash profile to enhance long-term shareholder value.

在我進一步說明現金流與資產負債表細節之前，我想再次重申我們的資本配置框架。我們的做法仍維持紀律，運用強健的資產負債表與充沛的現金狀況，以提升股東長期價值。

Our first priority remains investing in the business through high returning capital investments. Second quarter capital expenditures were $154 million, bringing year-to-date investments to $289 million. We continue to expect approximately $650 million for the full year, primarily for new stores and remodels at Gap and Old Navy along with technology and supply chain investments. Our second priority is to pay a growing dividend. We paid $62 million in dividends in the second quarter and the Board has approved a third quarter dividend of $0.175 per share.

我們的第一優先事項仍是透過高報酬的資本投資來投資於業務。第二季資本支出為 1.54 億美元，使年初至今投資達到 2.89 億美元。我們仍預期全年約 6.5 億美元，主要用於 Gap 與 Old Navy 的新店與改裝，以及科技與供應鏈投資。第二優先事項是支付並逐步提高股利。我們在第二季支付 6,200 萬美元股利，董事會也已核准第三季每股 0.175 美元的股利。

And our third priority is share repurchases to drive earnings accretion. In addition to completing the previously announced accelerated share repurchase program, we repurchased an additional $200 million of stock in the open market in the quarter, bringing year-to-date repurchases to over $600 million or 26 million shares. Approximately $400 million remains under our current authorization.

第三優先事項是透過股票回購來提升每股盈餘。除完成先前宣布的加速股票回購計畫外，我們本季亦在公開市場額外回購 2 億美元股票，使年初至今回購總額超過 6 億美元、約 2,600 萬股。在目前的授權額度下，尚餘約 4 億美元可供回購。

We ended the quarter with $2.5 billion of cash, cash equivalents and short-term investments on our balance sheet, up slightly to last year. Year-to-date net cash from operating activities was $550 million, and year-to-date free cash flow was $261 million. Inventory discipline remains a priority. Quarter end inventory at cost was flat year-over-year. On a unit basis, inventory was up 4%, reflecting higher in-transit inventory largely tied to geopolitical disruptions.

本季末，我們資產負債表上的現金、約當現金與短期投資為 25 億美元，較去年略增。年初至今營業活動淨現金流入為 5.5 億美元，年初至今自由現金流為 2.61 億美元。庫存紀律仍是優先事項。以成本計算的季末庫存與去年同期持平。以件數計，庫存增加 4%，反映在途庫存較高，主要與地緣政治干擾有關。

Now let me turn to our outlook. Our outlook reflects continued disciplined execution as we work towards a third consecutive year of profitable sales growth. As always, we're taking a balanced view factoring in what we currently see in the consumer and macro environment, which is largely unchanged. And while remaining mindful of potential volatility ahead in energy prices and US tariffs.

接著談展望。我們的展望反映在持續維持紀律執行下，朝連續第三年實現可獲利的銷售成長邁進。一如既往，我們採取平衡的觀點，納入目前所見的消費者與總體環境因素，而整體情勢大致未變。同時也會留意未來能源價格與美國關稅可能出現的波動。

Before I get into the details, I want to provide an update on our tariff assumptions. Let me unpack the moving pieces around tariff rates, and then I will walk you through how we are factoring this into our gross margin outlook for the year, which remains largely unchanged.

在進入細節之前，我想先更新我們對關稅的假設。我先拆解關稅稅率變動的幾個關鍵因素，接著說明我們如何將其納入今年的毛利率展望；整體而言，我們的毛利率展望大致維持不變。

Our prior outlook in May assumed 10% tariff rate from February 24 through July 24, under Section 122 before returning to a high-teens tariff rate for the balance of the year. Following the Section 301 announcement on July 23, 2026, we are now extending that 10% assumption through the end of August, which provides approximately $15 million of incremental net tariff relief to the year, which will be realized primarily in the fourth quarter. If the current rate of 10% holds through the end of the third quarter, we estimate it would provide an additional $35 million benefit to the year.

我們在 5 月的先前展望假設：依第 122 條（Section 122），自 2 月 24 日至 7 月 24 日適用 10% 的關稅稅率，之後在全年剩餘期間回到十幾個百分點的較高關稅稅率。在 2026 年 7 月 23 日發布第 301 條（Section 301）公告後，我們目前將 10% 的假設延長至 8 月底，這將為全年帶來約 1,500 萬美元的額外淨關稅減免，主要會在第四季實現。若目前 10% 的稅率維持至第三季末，我們估計全年可再增加 3,500 萬美元的效益。

Turning to the specifics of our outlook for fiscal 2026. Starting with revenue. As noted earlier, we now expect full year net sales growth of 1% to 1.5% and with comparable sales roughly in line. By brand, at Old Navy as a result of a slightly more challenging second quarter, we now assume comparable sales are flat to down 1%. And with sequential improvement in the second half as our targeted actions take hold.

接著談談我們對2026會計年度展望的具體內容。先從營收開始。如先前所述，我們目前預期全年淨銷售成長1%至1.5%，同店銷售大致持平。以品牌來看，Old Navy 因第二季稍具挑戰性，我們現在假設同店銷售持平至下滑1%。並且隨著我們的重點行動開始發揮效果，下半年將逐季改善。

With the momentum we are seeing at Gap brand, we now expect comp growth in the high single to low double-digit range. Banana Republic is expected to post another year of growth with comps in the low single digits. And at Athleta, we are taking a measured approach to inventory buys as we introduce more newness in the back half, allowing us the flexibility to read and react to new product receptivity. While the teams are striving to do better, our outlook for Athleta assumes full year trends remain similar to the first half.

鑑於我們在 Gap 品牌看到的動能，我們目前預期同店成長落在高個位數到低雙位數區間。Banana Republic 預期將再度繳出成長的一年，同店成長為低個位數。至於 Athleta，隨著我們在下半年導入更多新品，我們對庫存採購採取審慎作法，以保有彈性來觀察並快速回應新產品的市場接受度。雖然團隊正努力做得更好，我們對 Athleta 的展望假設全年趨勢與上半年大致相近。

Turning to gross margin. We are raising our adjusted gross margin outlook as we incorporate incremental tariff relief from Section 301 as referenced earlier. We now assume our adjusted gross margin will be up slightly versus the prior year. Tariffs are now expected to be a slight benefit incorporating our largely unchanged view of the net impact of IEEFA tariffs, the Section 122 benefit that we have reserved and the more recent Section 301 benefit of approximately 10 basis points that we are flowing through.

接著談毛利率。我們上調調整後毛利率展望，因為我們納入了先前提到的《301條款》帶來的額外關稅減免。我們現在假設調整後毛利率將較去年小幅上升。目前預期關稅將帶來小幅利多，這反映了我們對 IEEFA 關稅淨影響的看法大致不變、我們已預留的《122條款》利益，以及較近期《301條款》約10個基點的利益並已反映在內。

Outside of this, our margin outlook is unchanged. Merchandise margins are expected to expand year-over-year, reflecting a balanced plan of higher AURs through better sell-throughs and lower discounting, while ROD is expected to deleverage approximately 50 basis points.

除此之外，我們的毛利率展望維持不變。商品毛利率預期將年增，反映我們在更佳售罄率與較低折扣之下，提高平均單價（AUR）的均衡規劃；同時，ROD 預期將約去槓桿50個基點。

Moving on to SG&A. We remain committed to delivering $150 million in cost savings this year as part of our ongoing push for efficiency. Part of that will offset inflation with the remainder funding growth initiatives. Consistent with prior guidance, we expect full year adjusted SG&A as a percentage of sales to be roughly flat year-over-year with leverage in the second half as we lap last year's spending on strategic initiatives and elevated incentive compensation, which was weighted toward the third and more heavily fourth quarters last year.

接著談 SG&A。我們仍致力於今年實現1.5億美元的成本節省，作為我們持續提升效率的一部分。其中一部分將用以抵銷通膨，其餘則用於支持成長計畫。與先前指引一致，我們預期全年調整後 SG&A 佔銷售比重將與去年大致持平；下半年將出現槓桿效益，因為我們將與去年在策略性計畫支出及較高獎酬費用（去年偏重第三季且更偏重第四季）形成比較基期。

Taking this all together, we're pleased to be raising our adjusted operating margin outlook slightly to 7.4% to 7.6% for the full year versus 7.3% last year, reflecting continued rigor and discipline across the P&L in addition to tariff benefits related to Section 301. Adjusted interest income is now expected to be approximately $20 million skewed to the fourth quarter, given the expected tariff refund, and we expect a tax rate in the range of 25% to 26%.

綜合以上，我們很高興將全年調整後營業利益率展望小幅上調至7.4%至7.6%，相較去年為7.3%；這反映了除《301條款》相關關稅利益外，我們在損益表各項目持續展現嚴謹與紀律。調整後利息收入目前預期約為2,000萬美元，且偏向第四季，因為預期將收到關稅退稅；我們預期稅率落在25%至26%區間。

Adjusted EPS is now expected to be $2.35 to $2.45, up 10% to 15% versus last year, an increase from our prior outlook, reflecting our improved gross margin outlook and a lower weighted average share count of 367 million shares following second quarter repurchase activity.

調整後 EPS 目前預期為2.35至2.45美元，較去年成長10%至15%，高於我們先前的展望；這反映我們改善的毛利率展望，以及在第二季回購活動後，加權平均股數降至3.67億股。

Now let me turn to our outlook for the third quarter of fiscal 2026. The quarter is off to a good start, supported by a sequential improvement at Old Navy. With this in mind, we expect net sales in the third quarter to increase 1.5% to 2.5% year-over-year with comparable sales underpacing net sales by approximately 50 basis points. Our current trend supports the low end of our outlook, but with a range of outcomes by brand that could deliver better. This assumes continued strength at Gap and growth at Banana Republic with Athleta trending similar to our first half performance.

接著談我們對2026會計年度第三季的展望。本季開局良好，Old Navy 的逐季改善提供支撐。基於此，我們預期第三季淨銷售將年增1.5%至2.5%，同店銷售將較淨銷售落後約50個基點。我們目前的趨勢支持展望區間的低端，但各品牌的結果可能有所不同，亦可能帶來更佳表現。此假設 Gap 持續強勁、Banana Republic 持續成長，而 Athleta 的趨勢與上半年表現相近。

For Old Navy, we expect a comp range of roughly flat to down 1%. Current trends are in line with the range, reflecting meaningful sequential improvement to our second quarter performance as the impact of the challenged summer seasonal product abates and new fall marketing and product resonates more strongly.

就 Old Navy 而言，我們預期同店區間約為持平至下滑1%。目前趨勢符合該區間，反映相較第二季表現有顯著逐季改善，因為夏季季節性商品的挑戰性影響逐步消退，而新的秋季行銷與產品更能引起共鳴。

With peak selling periods still ahead and as newer initiatives like Old Navy Sport, beauty and Fanatics launch and build through the quarter, we see the potential for further improvement. We expect the third quarter gross margin to be up 25 to 75 basis points compared to last year's gross margin of 42.4%. Tariffs are expected to be an approximately 150 basis point benefit with 50 basis points related to lower tariff rates under Section 122 and the balance driven by our mitigation strategies. Consistent with prior expectations, half of the relief from Section 122 is expected to fund higher fuel costs.

由於銷售高峰期仍在前方，且 Old Navy Sport、美妝以及 Fanatics 等較新的計畫在本季推出並逐步擴大，我們看到進一步改善的潛力。我們預期第三季毛利率將較去年42.4%上升25至75個基點。關稅預期將帶來約150個基點的利多，其中50個基點來自《122條款》下較低的關稅稅率，其餘則由我們的因應策略所驅動。與先前預期一致，《122條款》減免的一半預期將用於支應較高的燃料成本。

With regards to the balance of our merchandise margin profile, we expect the margin to be flat to down modestly as we leverage margin strength in Gap brand in addition to the remaining half of the Section 122 benefit to make assortment and pricing adjustments at Old Navy to strengthen second half performance.

至於商品毛利結構的其餘部分，我們預期毛利率將持平至小幅下滑，因為我們將運用 Gap 品牌的毛利優勢，以及《122條款》利益的另一半，來在 Old Navy 進行商品組合與定價調整，以強化下半年表現。

We believe the brand's fall assortment now better reflects the category mix, fashion balance and value proposition that our customers look to us for which is supporting our confidence in a sequential recovery in the second half. ROD is expected to deleverage approximately 60 basis points. Last, we are planning for SG&A as a percentage of net sales to leverage slightly as we continue to exercise expense discipline while lapping slightly higher third quarter incentive compensation last year.

我們認為該品牌的秋季商品組合如今更能反映品類配置、時尚平衡與價值主張，這也支撐我們對下半年逐季復甦的信心。ROD 預期將約去槓桿60個基點。最後，我們規劃 SG&A 佔淨銷售比重將小幅槓桿改善，因為我們持續維持費用紀律，同時去年第三季的獎酬費用略高，形成比較基期。

In closing, our outlook reflects our best assessment of the business today, and we are focused on disciplined execution. With peak selling periods still ahead and exciting new initiatives building, we're driving for continued improvement in the second half. Across the organization, our teams are operating with urgency and a clear determination to win. I remain confident in our strategy and in our ability to deliver sustainable value for our shareholders.

總結來說，我們的展望反映了我們對當前業務狀況的最佳評估，而我們將專注於有紀律的執行。在銷售高峰期仍在前方、且令人振奮的新計畫持續推進之際，我們正推動下半年持續改善。在整個組織中，我們的團隊以緊迫感運作，並以清晰的決心爭取勝利。我對我們的策略以及為股東創造可持續價值的能力仍充滿信心。

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

接下來，我們開放提問。接線員？

(Operator Instructions)

(接線員指示)

Dana Telsey, Telsey Group.

Dana Telsey，Telsey Group。

Certainly good to hear about the continued double-digit increase at the Gap brand. On the Old Navy brand where it seems like you've been speedily making enhancements to drive the business, what are the markers that you're looking for to show improvement? Is the women's seasonal? When will you -- when will that category? Are you out of the inventory? Is there still more? And with the lower traffic that you mentioned in the stores, marketing activations, given what you do with the Gap brand, how are you seeing it differently than in the past?

很高興聽到 Gap 品牌持續維持雙位數成長。關於 Old Navy 品牌，看起來你們一直在迅速做出改善以帶動業務，你們用來判斷改善的指標是什麼？是女裝的季節性因素嗎？你們何時會——何時那個品類會改善？你們是否已經把庫存清掉了？還有更多需要處理的嗎？另外，針對你們提到門市客流較低的情況，行銷活動方面，考量你們在 Gap 品牌的作法，你們現在看到的情況與過去有何不同？

Thank you, Dana, and good to hear you. First of all, we were excited, as you can imagine, with another standout quarter at Gap, delivering double-digit comps as well as the 11th consecutive quarter of positive comp growth is a really great indication that the playbook is being executed incredibly well, and we're gaining momentum.

謝謝你，Dana，也很高興聽到你的聲音。首先，如你所想像，我們對 Gap 再度交出亮眼的一季感到振奮，不僅同店達到雙位數成長，且連續第11季同店正成長，這是非常好的跡象，顯示我們的作戰手冊執行得非常到位，而且我們正在累積動能。

As it relates to Old Navy, we just didn't execute well on our seasonal assortment. Sales have improved in August as we've set fall product and the seasonal categories are behind us. So it is reinforcing that we're on the right track. When we double-click into Old Navy, we're entering into the third quarter with seasonal product behind us. And the impact that we have in that context, denim, active, sweaters and knits become much more meaningful contributors, denim was an area of continued strength in the second quarter, and we've been building on this with more fits and fashion at great value.

至於 Old Navy，我們在季節性商品組合的執行上確實不夠理想。隨著我們上架秋季商品且季節性品類已告一段落，8月的銷售已有所改善。因此這也再次印證我們走在正確的軌道上。當我們更深入檢視 Old Navy，我們是在季節性商品已過的情況下進入第三季。在這樣的背景下，丹寧、運動、毛衣與針織品將成為更重要的貢獻來源；丹寧在第二季仍是持續強勢的領域，我們也在此基礎上推出更多版型與更具時尚感、且具高性價比的產品。

Now in the context of marketing, as the second quarter progressed, the summer marketing was not generating the traffic that we expected. And ultimately, with those learnings, we've rewired our fall marketing campaigns to ensure that we're more connected to our top product ideas. August is already demonstrating really significant improvement. You could see our Cardi B. campaign right now is our most viewed campaign in Old Navy's history.

就行銷而言，隨著第二季推進，我們的夏季行銷並未帶來我們預期的客流量。最終，基於這些學習，我們已重新調整秋季行銷活動，以確保能更緊密連結到我們最重要的產品主題。8月已經展現出非常顯著的改善。你現在可以看到我們的 Cardi B. 活動，是 Old Navy 史上觀看次數最高的活動。

But more importantly, we're seeing this translate into improved traffic, strong conversion in women's denim. And we're excited with the results. We've also, in relation to traffic, built a parallel campaign with Mr. Beast. He is the number one YouTuber in the world, over 500 million subscribers for our back-to-school campaign, which is resonating. So in sum, I'm very encouraged with the improvement that we're seeing in the business in August. And with the strong products and programs in place moving forward, I feel really good about our plans.

但更重要的是，我們看到這正轉化為客流改善、女裝丹寧的強勁轉換率。我們對這些結果感到振奮。此外，就客流而言，我們也與 Mr. Beast 打造了一個並行的活動。他是全球第一的 YouTuber，擁有超過5億訂閱者，為我們的返校季活動助陣，且反應熱烈。總之，我對8月我們在業務上看到的改善感到非常鼓舞。在未來已具備強勁的產品與方案之下，我對我們的計畫感到非常有信心。

Alex Straton, Morgan Stanley.

Alex Straton，摩根士丹利。

Congrats on a nice quarter. I wanted to focus on profitability. It's very strong even with Old Navy doing that more challenged comp. So can you just talk about how you're able to maintain such strong profitability levels despite this more challenging quarter for Old Navy? Maybe just some detail by brand would be helpful.

恭喜交出不錯的一季。我想聚焦在獲利能力。即使 Old Navy 的同店表現較具挑戰，獲利仍然非常強勁。所以你們能否談談，為何在 Old Navy 面臨較具挑戰的季度下，仍能維持如此強的獲利水準？如果能按品牌提供一些細節會很有幫助。

Alex, this is Katrina. I'm happy to take that. So as you noted, we were very pleased to deliver gross margin up 20 basis points year-over-year, and that was higher than the expectation that we had previewed Merchandise margins were up 80 basis points.

Alex，我是 Katrina。我很樂意回答。如你所提，我們很高興毛利率年增20個基點，且高於我們先前預告的預期；商品毛利率提升了80個基點。

Now 30 basis points of that was tariff, and that was largely utilized to fund the fuel headwinds we had in the quarter. But as you say, we were able to really balance the strength of our portfolio, really broad-based strength in gross margin, particularly at Gap, but also at Banana Republic and Athleta to give us the room to do the promotions we needed to do at Old Navy to be able to really successfully clear through the seasonal product. And we've largely gotten that seasonal product behind us. And all of that allowed us to still deliver merch margins up. Within the total margin, as we talked about, ROD deleveraged about 60 basis points. Some of that's timing and some of that is the dynamic we have previewed. So all in all, strong margins.

其中有30個基點來自關稅，這部分主要用來支應本季燃料成本的不利因素。但如你所說，我們能夠充分平衡投資組合的強勢表現，毛利率呈現相當廣泛的強勁，特別是在 Gap，同時 Banana Republic 與 Athleta 也表現強勁，讓我們有空間在 Old Navy 進行必要的促銷，以便成功清理季節性商品。而我們基本上已把這些季節性商品處理完畢。這一切也讓我們仍能交出商品毛利率上升的成績。在整體利潤中，如我們所談到的，ROD 去槓桿約60個基點。其中一部分是時點因素，另一部分則是我們先前預告的動態。總體而言，利潤率表現強勁。

Now as I think about what gives me confidence heading on as we go. As Richard just previewed, Old Navy is off to a good start. That three-point headwind from seasonal product is already behind us and showing up in the results, which is showing us that our strategies are starting to take hold, and we're seeing much more improved performance as we head into the third quarter.

接著談談是什麼讓我對後續更有信心。如 Richard 剛才預告的，Old Navy 開局良好。那個來自季節性商品的3個百分點逆風已經過去，並已反映在結果中，這也顯示我們的策略開始奏效，隨著進入第三季，我們看到表現明顯改善。

Matthew Boss, JPMorgan.

Matthew Boss，摩根大通。

So Richard, could you speak to the tale of two brands between the Gap and Old Navy in the second quarter? And then if you could just elaborate on August. Any change in double-digit strength at the Gap? And maybe just a little more on the time line for stabilization and reacceleration in your view at Old Navy?

Richard，你能否談談第二季 Gap 與 Old Navy 兩個品牌呈現的「兩樣情」？另外也請你再多談談8月的情況。Gap 的兩位數強勁表現有沒有任何變化？以及就你的看法，Old Navy 何時能穩定並重新加速，時間表大概如何？

Sure, Matt. So first, Gap's execution of the playbook just continues to drive exceptional results. And this has really been through compelling product with distinctive cultural relevance storytelling. It's notable. This is our 11th consecutive quarter of positive comps.

當然可以，Matt。首先，Gap 對作戰手冊的執行持續帶來卓越成果。這主要來自具吸引力的產品，以及具有鮮明文化相關性的敘事行銷。這點很值得注意。這是我們連續第11季同店成長為正。

And as you mentioned, it's our second quarter of double-digit comp growth. We've seen great strength across women's, men's, kids and baby. In particular, we strengthened our market position in kids and baby. We rose to the number four rank from the number six rank. We've also gained share and rank in fleece, where we're also now the number six brand.

如你所提，這也是我們第二季同店成長達到兩位數。我們在女裝、男裝、童裝與嬰幼兒品類都看到很強的動能。尤其是我們在童裝與嬰幼兒品類強化了市場地位。我們的排名從第六上升到第四。我們在刷毛（fleece）品類也提升了市占與排名，目前也成為第六大品牌。

Even more importantly, our customer file continues to grow. And we've been particularly doing a great job attracting the Gen Z customer, while preserving what we'll call the multi-generational appeal that Gap has. We're gaining strength across categories. I think the partnerships that we're bringing, particularly the one with Hailey Bieber most recently was a really strong success. And so as we enter the third quarter, we've got a robust pipeline of product and marketing and we plan on continuing the momentum that the brand has delivered and on track for the rest of the year.

更重要的是，我們的客戶資料庫持續成長。我們在吸引 Z 世代客群方面做得特別好，同時也保留了 Gap 所具備的、我們稱之為跨世代的吸引力。我們在各品類的動能都在增強。我認為我們帶來的合作企劃，尤其是最近與 Hailey Bieber 的合作，非常成功。因此，進入第三季，我們有強健的產品與行銷管線，計畫延續品牌所帶來的動能，並在今年剩餘時間維持在正軌上。

Now Tale of Two Cities, to some extent, but I think it's important recognizing maybe had six consecutive quarters of positive comps leading up to this quarter. Certainly, the quarter wasn't necessarily where we wanted it to be. But as I've shared and we've diagnosed, we missed the mark on our summer seasonal assortment, which we also previewed last quarter.

至於某種程度上的「兩樣情」，但我認為重要的是要認知到，Old Navy 在本季之前其實已連續六季同店成長為正。當然，這一季的表現不一定達到我們想要的水準。但如我所分享、也如我們診斷的，我們在夏季季節性商品組合上沒有達標，這點我們在上一季也已預告。

In addition, we've also mentioned that our marketing fell short driving traffic. The good news, as we look in terms of entering the third quarter, we're in a much better place from a product point of view. The impact that we've had on our seasonal categories reduces significantly categories like denim, active sweaters, knits where we have strength become even more meaningful contributors. You could see our current campaign right now if Cardi B. is driving not only the most viewed campaign in Old Navy's history, but we're also seeing it translate again into improved traffic and strong conversion in women's denim.

此外，我們也提到行銷在帶動客流方面未達預期。好消息是，從進入第三季的角度來看，我們在產品面已處於更好的位置。我們在季節性品類所受到的影響顯著降低；像丹寧、運動類、毛衣、針織等我們具優勢的品類，將成為更有意義的貢獻來源。你現在可以看到我們的 Cardi B. 活動，不僅是 Old Navy 史上觀看次數最高的活動，我們也再次看到它轉化為客流改善以及女裝丹寧的強勁轉換率。

I mentioned the back-to-school campaign. We were off to a great start. We have a great partnership with Mr. Beast, as mentioned as well, it's resonating. So I've been really encouraged with the improvement that I'm seeing in the business into August. And with the strong products and programs that we have in place, I really do feel very good about our plans for the back half.

我也提到返校季活動。我們開局非常好。我們與 Mr. Beast 有很棒的合作夥伴關係，如前所述，反應熱烈。因此，我對8月業務所呈現的改善感到非常鼓舞。在我們已具備強勁的產品與方案之下，我確實對下半年（後半段）的計畫感到非常有信心。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛。

Richard, one of the items you outlined as a contributor to the Old Navy softness was the need to sharpen pricing. Can you tell us a little bit more about what you've learned here for this customer and the changes that you're making? Is that customer more price elastic or price-sensitive than before?

Richard，你提到造成 Old Navy 走弱的因素之一，是需要更精準地調整定價。你能否多談一些你們對這位顧客的學習，以及你們正在做的改變？這位顧客是否比以前更具價格彈性或更價格敏感？

And then as a follow-up, Katrina, you had talked about $40 million in reserve for pricing last quarter. It sounds like that's getting deployed at the Old Navy brand. How much of that is being used in 3Q versus 4Q? And do you have additional reserve to take further markdown actions should the competitive environment intensify?

另外追問一下，Katrina，你上季提到有4,000萬美元的定價準備金。聽起來這筆資金正在 Old Navy 品牌端投入使用。其中有多少會用在第三季（3Q）相較於第四季（4Q）？若競爭環境加劇、需要進一步採取降價（markdown）行動，你們是否還有額外的準備金？

Okay. Thanks, Brooke. I'll start, and then Katrina can continue. We see value as a perception based on product and pricing. When we deliver the right product at the right price, the customer responds. And we see that in various different places in our business. For example, in denim, the price value equation is extraordinary, and it's showing up in the results. We also see it with Gap as well as Banana Republic in terms of their performance. But in this case with Old Navy, the seasonal categories in the quarter just didn't really deliver the right combination of style, quality and price.

好的。謝謝你，Brooke。我先開始，接著Katrina可以繼續。我們認為「價值」是一種基於產品與定價的感知。當我們以正確的價格提供正確的產品時，顧客就會有回應。而我們在業務的各個不同面向都看得到這一點。例如在丹寧品類，價格與價值的方程式非常出色，並且已反映在業績結果上。我們也看到Gap以及Banana Republic在表現上同樣如此。但就Old Navy這個案例而言，本季的季節性品類並沒有真正交出風格、品質與價格的正確組合。

Moving forward, we've made those adjustments. We feel very good about our fall assortment. We see it already resonating and we believe it represents the great value that we're known for and that the customer is reacting to. So overall, again, consumers are resilient, granted discerning. But when you get the right product at the right price, they show up and it converts.

展望未來，我們已做出這些調整。我們對秋季商品組合感到非常有信心。我們已看到它開始引起共鳴，並且我們相信這代表了我們一向以之聞名、且顧客正在回應的高性價比。所以整體而言，再次強調，消費者很有韌性，當然也更挑剔。但當你以正確的價格提供正確的產品時，他們就會出現，並且會轉化為購買。

And then, Brooke, to answer the balance of your question. So you're absolutely right. We had previewed on the last call that we were holding that $40 million or half the 122 benefit for promotional environment. We are now using that for Old Navy. We went back and looked at the Old Navy assortment for the second half, both looking at the consumer, but also really looking at what we've learned from the front half.

另外，Brooke，來回答你問題的其餘部分。你說得完全正確。我們在上一次電話會議中曾預告，我們保留了4,000萬美元、也就是122項效益的一半，用於促銷環境。我們現在正把這部分用在Old Navy上。我們回頭重新檢視了Old Navy下半年的商品組合，一方面看消費者，另一方面也真正檢視我們從上半年學到的內容。

And we feel very good that we've made the right changes to the assortment, the category mix, the fashion quotient and the value quotient to allow us to compete well at Old Navy. We've utilized the 122 pretty equally between quarters. But in addition to that, similar to what we just delivered in second quarter, we're also using the strength in lower discounting and better sell-throughs from Gap to be able to use a little bit of that to also deploy towards value at Old Navy. So those two levers, the power of our portfolio as well as the 122 benefit are giving us the opportunity to really make sure we have the right assortment at the right value for Old Navy in the second half of the year.

我們非常有信心，我們已在商品組合、品類配置、時尚含量以及價值含量上做出正確的改變，讓我們能在Old Navy具備良好的競爭力。我們在兩個季度之間相當平均地運用了這項122效益。但除此之外，類似於我們在第二季剛交出的成果，我們也運用Gap端較低折扣與更佳售罄率所帶來的強勁表現，挪出一小部分同樣投入到Old Navy的價值主張上。因此，這兩個槓桿——我們品牌組合的力量以及122效益——讓我們有機會確保在下半年，Old Navy能以正確的價值提供正確的商品組合。

Jay Sole, UBS.

Jay Sole，瑞銀（UBS）。

I want to ask about capital allocation. I think you said you bought back $600 million of stock, somewhat surprising in a good way. But you still have $400 million remaining, 2.5 billion on the balance sheet. Might you continue to buy more stock over the course of this fiscal year, how much -- I mean, would there be opportunities to increase the authorization? You talked to the board about that. And just tell us about the timing of when that might play out.

我想問一下資本配置。我想你們說今年迄今已回購了6億美元的股票，這在正面意義上有點出乎意料。但你們仍有4億美元的剩餘額度，資產負債表上還有25億美元。你們是否可能在本財年剩餘期間繼續回購更多股票、回購多少——我的意思是，是否有機會提高回購授權額度？你們有和董事會談過嗎？也請談談這可能會在什麼時間點發生。

Yes. Thanks, Jay. As you said, we did repurchase year-to-date $600 million or 26 million shares. Our stated goal was to drive slight earnings accretion. And with our year-to-date repurchases, we've actually driven mid-single-digit accretion, which we think does demonstrate real shareholder value.

是的。謝謝你，Jay。如你所說，我們今年迄今已回購6億美元、或2,600萬股。我們既定的目標是帶來些微的每股盈餘增厚。而透過今年迄今的回購，我們實際上帶來了中個位數百分比的增厚，我們認為這確實展現了實質的股東價值。

In the EPS raise that we did, $0.05 of that raise was attributable to the share repurchase we did in second quarter. As you say, we have $400 million outstanding on our current authorization. And as always, we and the Board will continue to evaluate the return of capital to our shareholders just to make sure we're maximizing value.

在我們這次上調EPS的幅度中，其中0.05美元可歸因於我們在第二季進行的股票回購。如你所說，我們目前的授權額度尚有4億美元未用。一如既往，我們與董事會將持續評估對股東的資本回饋，以確保我們把價值最大化。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

I was just wondering if you could spend some more time on what you've learned so far with beauty and accessories and just sort of what we should be looking for over the next few quarters with both of those categories and into '27?

我想請你們再多談一些，到目前為止在美妝與配件方面學到了什麼，以及未來幾個季度在這兩個品類、一直到2027年，我們應該關注哪些重點？

Yes. Sure, Bob. I mentioned driving our continuous improvement in our core apparel business because that is the basis for how we're able to enable and accelerate long-term accelerators like beauty and accessories. So we're just getting started across these emerging growth categories. Specifically in beauty, we did relaunch our Heritage Gap fragrance collection in July. We had a really strong customer response very familiar fragrances in some cases and introducing them to a new generation.

是的。當然可以，Bob。我提到我們會推動核心服飾業務的持續改善，因為這是我們能夠啟動並加速像美妝與配件這類長期成長加速器的基礎。所以我們在這些新興成長品類上才剛起步。就美妝而言，我們在7月重新推出了Heritage Gap香氛系列。顧客反應非常強烈——在某些情況下是非常熟悉的香味，同時也把它們介紹給新一代。

Looking ahead, we've got some really great, robust marketing and pipeline with other exciting product drops for Gap that we believe will maintain momentum in the category and continue to grow as we move forward. This week, we also rolled out Old Navy Beauty Co nationwide which we also believe will be a traffic driver for Old Navy. It will also create a more engaging experience for customers. We've started with a great private label collection as well as over 30 third-party brands that will create great excitement and again, long-term proposition for growth for the brand.

展望未來，我們為Gap準備了非常出色且扎實的行銷規劃與產品管線，還會有其他令人興奮的新品上市，我們相信這將維持該品類的動能，並在未來持續成長。本週我們也在全美推出Old Navy Beauty Co，我們同樣相信這將成為Old Navy的帶客流驅動因素。它也會為顧客創造更具互動性的體驗。我們先以一個很棒的自有品牌系列起步，同時引進超過30個第三方品牌，將帶來高度話題與興奮感，並再次為品牌提供長期的成長主張。

In accessories, we're starting with Gap bags this fall, which will be unveiled during Fashion Week. We could not be more excited about it. Reed Krakoff, who oversees our accessory creative has done an absolutely terrific job translating Gap's brand ethos into a really distinctive collection. The collection itself features silhouettes that really draw the inspiration from iconic gap products I will reserve more detail on it because we're really excited to unveil it, but it is going to be fresh and very unexpected.

在配件方面，我們將於今年秋季先推出Gap包款，並會在時裝週期間揭曉。我們對此感到無比興奮。負責我們配件創意的Reed Krakoff，在把Gap的品牌精神轉化為一個非常有辨識度的系列方面做得極其出色。這個系列本身的輪廓設計，確實汲取自Gap經典產品的靈感；我會先保留更多細節，因為我們非常期待揭曉，但它會很新鮮、也非常出乎意料。

It's early days for both of these categories. So we're not necessarily anticipating any meaningful financial contribution this year, but each represents a meaningful opportunity to drive incremental long-term growth for the company.

這兩個品類都還在早期階段。因此我們不一定預期今年會有任何顯著的財務貢獻，但它們各自都代表著推動公司長期增量成長的重要機會。

Lorraine Hutchinson, Bank of America.

Lorraine Hutchinson，美國銀行（Bank of America）。

I wanted to follow up on inventory. It sounds like in total, you're happy with level. But I wanted to see if you could drill down for us on Old Navy if you've been able to alter the receipts in the way you wanted. Same question on Athleta. And then on the flip side, if at Gap, you're able to chase into the strong demand?

我想追問一下庫存。聽起來整體而言，你們對庫存水位感到滿意。但我想請你們針對Old Navy再深入說明，是否已能如你們所希望的方式調整到貨（收貨）節奏？Athleta也是同樣的問題。另外反過來，在Gap方面，你們是否能因應強勁需求而追加採購？

Yes. Thanks, Lorraine. So we did end inventory levels flat. Units were up four. But as I said, that's really in transit, and that's as a result of what's going on in the world. So overall, we really do remain disciplined. On Old Navy, we were very purposeful about ensuring that we were clearing through the seasonal product to make sure that we were clean as we headed into the third quarter. And we've also, as I said, really relooked at our fall and holiday assortments to make sure that we feel very good about how we're positioned categorically and with the right quality of fashion and value to compete.

是的。謝謝你，Lorraine。我們期末庫存水位持平。件數增加了4%。但如我所說，那主要是在途庫存，這是全球情勢所致。因此整體而言，我們確實仍維持嚴謹的紀律。在Old Navy方面，我們非常有目的地確保清理季節性商品，以確保在進入第三季時庫存是乾淨的。同時，如我所說，我們也重新檢視了秋季與假期的商品組合，以確保我們在品類配置上、以及以正確的時尚與價值品質來競爭的定位上，都感到非常有信心。

As it relates to Athleta, we're largely taking a very conservative approach on inventory at Athleta. What's interesting is that while that's constraining the top line, it's actually really helping us continue to build on their profitability in the near term, while we really read and react, how the customer is reacting to the new fashion product. And so far, that's been quite good. It's just -- we're being very careful about how we buy it in the near term.

至於Athleta，我們在Athleta的庫存上大致採取非常保守的策略。有趣的是，雖然這會限制營收端的表現，但它其實在短期內非常有助於我們持續提升其獲利能力，同時我們也在「讀取並回應」顧客對新時尚產品的反應。到目前為止，反應相當不錯。只是——我們在短期內對採購節奏非常謹慎。

And then maybe lastly, at Gap, yes. We are chasing inventory. The team has developed real nimbleness and agility. And I would say a lot of their success is based on their demonstrated ability to really chase into things that are working and drive these double-digit comps that we've been seeing. So we're pleased overall with the way the portfolio has been managing inventory.

然後也許最後談到 Gap，是的。我們正在追趕庫存。團隊已經培養出真正的靈活性與敏捷度。我會說，他們許多成功都建立在其已證明的能力上：能夠真正加碼追進那些表現良好的品類，並推動我們所看到的這些兩位數同店成長。因此，整體而言，我們對投資組合在庫存管理上的表現感到滿意。

Mark Altschwager, Baird.

Mark Altschwager，Baird。

I just wanted to ask a bigger picture on Old Navy. You've given us the seasonal diagnosis and talked about the fixes and you've talked about how Michael helped build the plan for fall. So I take it that the second half doesn't change much here. I guess my question is, if he formally steps in, in November. I guess what changes that?

我想從更宏觀的角度問一下 Old Navy。你們已經給了我們季節性的診斷、談到修正措施，也談到 Michael 如何協助制定秋季計畫。所以我理解下半年在這裡不會有太大變化。我想我的問題是，如果他在 11 月正式接任。那麼會改變什麼？

And I guess, what level of confidence do you have that Old Navy is back to a consistent low single-digit comp as we move beyond the fall rather than kind of a flat to down one that you're now guiding for this year?

另外，我想問的是，對於 Old Navy 在秋季之後能回到穩定的低個位數同店成長（comp），而不是你們今年指引所暗示的那種持平到下滑，你們有多大的信心？

Yes. So first off, speaking about the transition. This was a planned and thoughtful transition. Michael's experience aligns really well with the phase that we're entering for Old Navy. He brings incredible vast experience with some of the largest consumer and retail organizations in the world, Target, Walmart, entertainment companies like DreamWorks, operating in highly complex environments.

是的。首先談交接。這是一個有規劃且深思熟慮的交接。Michael 的經驗與我們即將進入的 Old Navy 階段非常契合。他在全球一些最大的消費與零售組織擁有極其豐富的經驗，例如 Target、Walmart，以及像 DreamWorks 這樣的娛樂公司，並且能在高度複雜的環境中運作。

Michael joined us in May, and I've been working very closely with him on our fall plans. He's already had meaningful impact, including sharpening our product storytelling. The marketing execution you see happening right now. He's had a handprint on and obviously, as he gets more and more versed for the second half. He's going to assume the role officially in November, after which Io will move into an advisory role.

Michael 在 5 月加入我們，我一直與他非常緊密地合作制定秋季計畫。他已經帶來了實質性的影響，包括強化我們的產品敘事。你們現在看到的行銷執行。他都有參與其中；而且顯然，隨著他對下半年越來越熟悉。他將在 11 月正式接任該職務，之後 Io 將轉為顧問角色。

They're working very closely together to ensure a continuous and smooth transition. And I think in relation to the Old Navy back on track, we're maintaining our approach and our strategy going forward. We have the right playbook, which we've got proven points on. This is the first negative quarter for Old Navy and 11 quarters. And we've diagnosed it.

他們正非常緊密地合作，以確保交接連續且順暢。至於 Old Navy 重回正軌，我們將維持既有的方法與策略向前推進。我們有正確的作戰手冊，而且已經有被驗證的成果。這是 Old Navy 連續 11 個季度以來的第一個負成長季度。而我們已經完成診斷。

It's a very specific execution issue in relation to our seasonal challenges. So we believe that we've got the right product and programs in the back half, a smooth leadership transition and the right playbook and team, and we will execute with an expectation to win in the back half and excited about our future.

這是一個非常具體的執行問題，與我們的季節性挑戰相關。因此，我們相信下半年我們有正確的產品與方案、順暢的領導交接，以及正確的作戰手冊與團隊；我們將以在下半年取勝為目標來執行，並對未來感到振奮。

Ike Boruchow, Wells Fargo.

Ike Boruchow，Wells Fargo。

Katrina, a question about the model. When you look at the raw deleverage in the second quarter and then the guide for the back half to deliver 60 basis points in 3Q while you're growing revenue, too, it kind of implies the occupancy dollars per foot are up high single digits. I'm just kind of curious because the store base isn't changing what are these investments? It just looks like there's more fixed cost in the COGS line than there typically has been. So I'm just curious if you could explain what investments are going on, on why that's happening exactly?

Katrina，我有一個關於模型的問題。當你看第二季的原始去槓桿（deleverage），以及你們對下半年的指引：在營收也成長的同時，第三季要帶來 60 個基點，這似乎暗示每平方英尺的店舖占用成本（occupancy dollars per foot）上升到高個位數。我只是好奇，因為店舖基礎並沒有變化，這些投資是什麼？看起來 COGS 這一行的固定成本比以往通常更高。所以我想請你解釋一下，究竟在進行哪些投資，為什麼會出現這種情況？

Yes, sure. We have previewed that ROD deleverages this year. It is a new dynamic for us. I think it represents two things. First of all, we've largely concluded closing our underperforming stores. The pace of the closures that we were doing when we were closing 350 stores had provided meaningful benefit to ROD. And now we're modestly opening stores. So that does impact the rod line as the closures abate, and we end up with not that road favorability.

好的，當然。我們先前已經預告，今年 ROD 會去槓桿。這對我們來說是一個新的動態。我認為它反映了兩件事。首先，我們基本上已經完成關閉表現不佳的店舖。當我們關閉 350 家店時，那段期間的關店速度為 ROD 帶來了顯著的效益。而現在我們在小幅開店。因此，隨著關店趨緩，ROD 這一行會受到影響，我們也就不再有那樣的 ROD 有利因素。

Now it does help us on the sales line. I think you're seeing that this quarter, we have a 50 basis point spread. And by the end of the year, there's no spread. And then hopefully, we'll get to an opening, which starts to benefit sales. So that's one thing.

不過這確實有助於銷售端。我想你在本季已經看到，我們有 50 個基點的差距（spread）。到年底，這個差距會消失。然後希望我們能進入開店開始對銷售帶來助益的階段。這是第一點。

The second thing is we've been slowly taking up our capital. And this year, capital is expected to grow $650 million. So there is a step-up in depreciation. These are, honestly, both short-term and long-term investments, openings, remodels, a lot of the technology work that we're doing around AI to be able to build capability and somewhat in our supply chain. So both of those things come together this year to create the deleverage. The model right now for the year is that ROD will leverage on a mid-single-digit sales growth.

第二點是，我們一直在逐步提高資本支出。而今年資本支出預期將增加到 6.5 億美元。因此折舊會上升一個台階。坦白說，這些同時包含短期與長期投資：開店、改裝，以及我們在 AI 相關技術工作上的大量投入，以建立能力，並在某種程度上也投入於供應鏈。因此，這兩件事在今年共同造成了去槓桿。目前今年的模型是假設 ROD 會在銷售中個位數成長時實現槓桿化（leverage）。

That concludes our question-and-answer session. I will now turn the call back over to Richard Dickson for closing remarks.

問答環節到此結束。我現在把電話交回給 Richard Dickson 作結語。

Thank you, operator. As we look ahead, our conviction in the long-term opportunity across our portfolio remains unchanged. Our teams are focused on disciplined execution to strengthen our performance. We remain committed to building a high-performing house of iconic American brands while delivering long-term value for our shareholders. Thank you for joining us today.

謝謝你，接線員。展望未來，我們對整個投資組合長期機會的信念依然不變。我們的團隊專注於以嚴謹的執行來強化表現。我們仍致力於打造一個由具代表性的美國品牌所組成的高績效品牌組合，同時為股東創造長期價值。感謝各位今天參與。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。