蓋璞 (GPS) 2013 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen.

下午好，女士們，先生們。

My name is Rebecca, and I will be your conference operator today.

我的名字是 Rebecca，今天我將成為您的會議接線員。

At this time, I would like to welcome everyone to the Gap Inc third-quarter 2013 conference call.

在此，我想歡迎大家參加 Gap Inc 2013 年第三季度電話會議。

(Operator Instructions)

（操作員說明）

Today's call is being recorded.

今天的電話正在錄音。

I would now like to introduce your host, Katrina O'Connell, Vice President of Investor Relations.

我現在想介紹一下您的主持人，投資者關係副總裁卡特里娜·奧康奈爾（Katrina O'Connell）。

Please go ahead, ma'am.

請繼續，女士。

Good afternoon, everyone.

大家下午好。

Welcome to Gap Inc's third-quarter 2013 earnings conference call.

歡迎參加 Gap Inc 2013 年第三季度財報電話會議。

For those of you participating in the webcast, please turn to slide 2.

對於那些參加網絡直播的人，請轉到幻燈片 2。

I would like to remind you that the information made available on this webcast and conference call contains forward-looking statements.

我想提醒您，本次網絡廣播和電話會議上提供的信息包含前瞻性陳述。

For information on factors that could cause our actual results to differ materially from the forward-looking statements, as well as reconciliations or descriptions of measures we're required to reconcile to GAAP financial measures, please refer to today's press release, as well as our most recent annual report on Form 10-K and our most recent quarterly report on Form 10-Q, all of which are available on gapinc.com.

有關可能導致我們的實際結果與前瞻性陳述產生重大差異的因素的信息，以及我們需要與 GAAP 財務措施進行核對的措施的對賬或描述，請參閱今天的新聞稿以及我們的表格 10-K 的最新年度報告和表格 10-Q 的最新季度報告，所有這些都可在 gapinc.com 上獲得。

These forward-looking statements are based on information as of November 21, 2013, and we assume no obligation to publicly update or revise our forward-looking statements.

這些前瞻性陳述基於截至 2013 年 11 月 21 日的信息，我們不承擔公開更新或修改我們的前瞻性陳述的義務。

Joining us on the call today are Chairman and CEO, Glenn Murphy; and Executive Vice President and CFO, Sabrina Simmons.

今天加入我們電話會議的是董事長兼首席執行官格倫·墨菲（Glenn Murphy）；執行副總裁兼首席財務官 Sabrina Simmons。

Now, I'd like to turn the call over to Glenn.

現在，我想把電話轉給格倫。

Thank you, Katrina; and good afternoon, everybody.

謝謝你，卡特里娜颶風；大家下午好。

Before I hand the call over to Sabrina, who will take you through the key metrics in our third quarter, I just want to give you a couple of opening comments.

在我將電話交給薩布麗娜（Sabrina）之前，他將帶您了解我們第三季度的關鍵指標，我只想給您一些開場白。

This was our seventh quarter of positive comps, and we feel good about that.

這是我們第七個季度的積極比賽，我們對此感覺很好。

A very important part of what we have been talking about, mostly internally, is the momentum in our business, gaining market share, and that's been important for us.

我們一直在談論的一個非常重要的部分，主要是在內部，是我們業務的發展勢頭，獲得市場份額，這對我們來說很重要。

This was a two-year comp of seven.

這是一個為期兩年的七人組合。

I think it was a good performance for Gap Inc.

我認為這對 Gap Inc 來說是一個很好的表現。

The difference between good and great in this quarter was that in Q3 of 2012, we had a very strong quarter in colored denim at Old Navy and Gap.

本季度的好與好之間的區別在於，在 2012 年第三季度，我們在 Old Navy 和 Gap 的彩色牛仔布季度表現非常強勁。

It was kind of the peak of color.

這是一種顏色的高峰。

It started in February 2012, and kind of peaked in August, September and October, and I think the team did a very good job last year.

它從 2012 年 2 月開始，在 8 月、9 月和 10 月達到頂峰，我認為團隊去年做得非常好。

So, it was a good quarter.

所以，這是一個很好的季度。

I expect great every single quarter, and I have to look at it now and go -- in hindsight, could we have built a better assortment, commercially, that could have allowed us to gain share and growth in other categories, besides denim, that when you put it all together, could have produced a performance of better than a plus one?

我期望每個季度都很棒，我現在必須看看它然後走——事後看來，我們是否可以在商業上建立一個更好的分類，這可以讓我們在除牛仔布之外的其他類別中獲得份額和增長，當你把它們放在一起時，會產生比加一更好的表現嗎？

My answer to that is yes.

我對此的回答是肯定的。

And, the merchant teams and design teams and marketing teams know that our expectations always are, when you're up against that kind of very strong performance in denim last year, then what are we doing strategically on our assortment?

而且，商家團隊、設計團隊和營銷團隊都知道，我們的期望始終是，當您在去年遇到如此強勁的牛仔布表現時，那麼我們在品類上的戰略性做法是什麼？

And, how are we building an assortment to be as commercially strong as possible to achieve better growth and better market share than the year before?

而且，我們如何建立一個盡可能強大的商業品種，以實現比前一年更好的增長和更好的市場份額？

Now, I've been here 25 quarters, and every quarter has its own unique circumstances.

現在，我已經在這里呆了 25 個季度，每個季度都有自己獨特的情況。

I've been here for two quarters where we were announcing an acquisition, whether that was Athleta or Intermix.

我已經在這裡待了兩個季度，我們宣布收購，無論是 Athleta 還是 Intermix。

I've been here in some quarters where we talked about, we're going to go into a new country.

我曾在我們談論過的某些地方來過這裡，我們將進入一個新的國家。

An example of that was when we announced we were going into China for the first time.

一個例子是當我們宣布我們第一次進入中國時。

I've been here where we've talked about the fact that we had to make adjustments to the Company's operating model in order to be successful.

我在這裡討論過我們必須對公司的運營模式進行調整才能取得成功。

But, in order to get a 14% increase in earnings per share, we did manage the SG&A line without doing -- this is very important to me -- without doing any long-term or mid-term damage to the business, to our prospects, to our brands.

但是，為了使每股收益增加 14%，我們確實管理了 SG&A 線，但沒有這樣做——這對我來說非常重要——沒有對業務造成任何長期或中期損害，對我們的前景，我們的品牌。

This is the model we have, and when we can sense that maybe you see a little bit of a consumer slowdown; or in this case, a combination of the consumer not reacting the same way they did in the first half of the year, and us not building the kind of assortment that I hoped we could build, we were able to make the adjustments in our economic model to still produce the earnings we produced.

這就是我們擁有的模型，當我們能感覺到你可能會看到一點點消費放緩時；或者在這種情況下，消費者的反應與上半年不同，而我們沒有建立我希望我們能夠建立的那種分類，我們能夠對我們的經濟做出調整模型仍然產生我們產生的收益。

I think that speaks to the experience of the management team, the commitment of us at Gap Inc to be successful and to win and produce results that we expect of ourselves, that we'll make those adjustments.

我認為這說明了管理團隊的經驗，以及我們 Gap Inc 對成功並贏得併產生我們期望自己的結果的承諾，我們將做出這些調整。

I do want to be clear on one point, and this is very important to me, we will never make any reductions in a SG&A plan that damages the business, short term, mid term or long term.

我確實想明確一點，這對我來說非常重要，我們永遠不會對短期、中期或長期損害業務的 SG&A 計劃進行任何削減。

We still had strong investments in the third quarter to deliver on our growth plan, to introduce omni-channel, to get the Company ready next year for responsive supply chain, and just the beginning of what seamless inventory will be for us in 2015.

我們在第三季度仍有大量投資，以實現我們的增長計劃，引入全渠道，讓公司為明年的響應式供應鏈做好準備，這只是我們 2015 年無縫庫存的開始。

Those don't get touched.

那些不被觸動。

That's all part of the Company's long-term plan.

這都是公司長期計劃的一部分。

So, this was just one of those quarters.

所以，這只是其中一個。

Now, looking forward, we're just at the beginning of this very important quarter.

現在，展望未來，我們才剛剛開始這個非常重要的季度。

It's not only important because it's Q4 and it involves a big holiday season, it's important because it's the last quarter of the year.

這不僅很重要，因為它是第四季度並且涉及一個重要的假期，而且很重要，因為它是今年的最後一個季度。

And, in order to maintain the momentum I talked about earlier on the comp side of the business, we like to finish every year strong, and this is what this fourth quarter is about.

而且，為了保持我之前在業務方面談到的勢頭，我們希望每年都以強勁的勢頭結束，這就是第四季度的主題。

I think the teams have done a great job getting ready for this holiday season.

我認為球隊在為這個假期做準備方面做得很好。

We're as ready as we've ever been to compete in the marketplace, and that's in Europe, in Japan, in China, in our franchise businesses, Athleta, Intermix, our three iconic brands.

我們已經做好了在市場上競爭的準備，在歐洲、日本、中國、我們的特許經營業務、Athleta、Intermix，我們的三個標誌性品牌。

Now, it's interesting, there's been a lot of conversation about late Thanksgiving and all of the holiday shifts.

現在，有趣的是，有很多關於感恩節晚和所有假期班次的討論。

Our view is there's always been these mini holidays within the larger context of the quarter.

我們的觀點是，在本季度的大背景下，這些迷你假期一直存在。

You've got this run-up before Thanksgiving, which is -- again, this is true of the US marketplace.

在感恩節之前你已經有了這個準備，這就是——再一次，這對美國市場來說是真的。

You have the actual event of Black Friday and the two days that follow it.

你有黑色星期五的實際事件以及隨後的兩天。

You have these two or three weeks after Thanksgiving.

感恩節後有兩三個星期。

Then, you have the week of Christmas.

然後，你有聖誕節的一周。

And then, what's become really important, is the week after Christmas.

然後，真正重要的是聖誕節後的一周。

So we, more than any year, have really planned and said, well, look, there's really five holidays inside the holiday.

所以我們比任何一年都真正計劃並說，好吧，看，假期裡真的有五個假期。

Let me just leave you with this one thought.

讓我把這個想法留給你。

Every year, all companies, come into the holiday season with a pretty good list of what we're going to do differently to make sure that our business is better than the year before.

每年，所有公司都會帶著一份很好的清單進入假期，列出我們將採取不同的措施，以確保我們的業務比前一年更好。

That's a long list, and none of us have enough time to go through it chapter and verse today.

那是一個很長的清單，我們今天沒有足夠的時間來閱讀它的章節和經文。

I just want to mention a couple of them to you.

我只想向您提及其中的幾個。

One is, on Tuesday this week, we launched reserve in store, which we were piloting in Chicago and San Francisco, into every single one of our Banana Republic stores and close to half of The Gap brand fleet.

一個是，在本週二，我們在 Banana Republic 的每一家門店和近一半的 The Gap 品牌車隊中推出了我們在芝加哥和舊金山試行的店內儲備。

Secondly, we've made gift cards a much bigger part of our business.

其次，我們已經讓禮品卡成為我們業務中更大的一部分。

There's been some great work done by all of our teams to make that really a driver of success for us from now through the end of the year.

從現在到年底，我們所有的團隊都完成了一些偉大的工作，以使其真正成為我們成功的驅動力。

And lastly, we are very coordinated between our online and store business.

最後，我們的在線和商店業務之間非常協調。

The reason behind that is the structural change we announced last year.

這背後的原因是我們去年宣布的結構性變化。

And then, looking at the brand across all channels, you'll notice they're much more coordinated.

然後，查看所有渠道的品牌，您會發現它們更加協調。

I think that's going to be good for us to make sure that we can come together with the marketing power and the promotional and event power behind those two channels to win the season.

我認為這對我們有好處，可以確保我們能夠與這兩個渠道背後的營銷力量以及促銷和活動力量一起贏得賽季。

Thank you for your time.

感謝您的時間。

Let me now pass over to Sabrina.

現在讓我轉到薩布麗娜。

Thank you, Glenn.

謝謝你，格倫。

Good afternoon, everyone.

大家下午好。

We are pleased that we continued to meet our goals of growing sales and increasing earnings per share in the third quarter.

我們很高興我們在第三季度繼續實現銷售增長和每股收益增長的目標。

Our earnings per share were $0.72, versus $0.63 last year.

我們的每股收益為 0.72 美元，而去年為 0.63 美元。

This represents an increase of 14% on top of last year's 66% growth.

這比去年的 66% 增長了 14%。

Here are some additional highlights for the quarter.

以下是本季度的一些額外亮點。

Net sales were up 3%, with comparable sales up 1%, on last year's 6% comp increase.

淨銷售額增長 3%，可比銷售額增長 1%，而去年同期增長了 6%。

We leveraged operating expenses by 230 basis points.

我們將運營費用槓桿率提高了 230 個基點。

Operating margin expanded by 100 basis points to 14.5%.

營業利潤率擴大 100 個基點至 14.5%。

And, we distributed nearly $900 million of cash in the quarter, including the repurchase of 20 million shares at an average price of $38.77.

而且，我們在本季度分配了近 9 億美元的現金，包括以 38.77 美元的平均價格回購 2000 萬股股票。

Turning to sales performance, third quarter total sales were $3.98 billion.

談到銷售業績，第三季度總銷售額為 39.8 億美元。

For the quarter, the translation of foreign revenues into dollars negatively impacted our reported sales by $61 million, primarily due to the weakening of the yen.

本季度，將外國收入轉換為美元對我們報告的銷售額產生了 6100 萬美元的負面影響，主要是由於日元貶值。

On a constant currency basis, our revenues were up 5%.

按固定匯率計算，我們的收入增長了 5%。

Total sales and comps by division are listed in our press release.

我們的新聞稿中列出了按部門劃分的總銷售額和收入。

Now, turning to slide 6, gross margins declined 120 basis points to 40%.

現在，轉向幻燈片 6，毛利率下降 120 個基點至 40%。

Merchandise margins were down 140 basis points, driven by our promotional activity in the quarter.

由於我們在本季度的促銷活動，商品利潤率下降了 140 個基點。

This was partially offset by rent and occupancy leverage of 20 basis points.

這被 20 個基點的租金和入住率槓桿部分抵消。

Gross profit for the quarter was about flat to last year at $1.59 billion.

該季度的毛利潤與去年持平，為 15.9 億美元。

Regarding inventory, we're pleased that we finished Q3 with inventory dollars per store up 4%, in line with the guidance we provided at the beginning of the quarter.

關於庫存，我們很高興第三季度結束時每家商店的庫存美元增長了 4%，這與我們在本季度初提供的指導一致。

Moving to expenses, we managed our expenses in a disciplined manner and leveraged operating expenses by 230 basis points.

轉向開支，我們以嚴格的方式管理開支，並將運營開支槓桿化了 230 個基點。

Total operating expenses declined by $60 million, versus last year, to about $1 billion.

與去年相比，總運營費用減少了 6000 萬美元，降至約 10 億美元。

Marketing expenses were down $16 million to last year at $162 million, primarily due to lower spending at Gap and Old Navy.

營銷費用比去年減少了 1600 萬美元，為 1.62 億美元，主要是由於 Gap 和 Old Navy 的支出減少。

Delivering on our goals of sales growth and expense leverage resulted in net earnings of $337 million, up 9.4% to last year.

實現我們的銷售增長和費用槓桿目標，淨收益為 3.37 億美元，比去年增長 9.4%。

Moving on to cash distribution, true to our commitment to distribute excess cash to shareholders, we repurchased 20 million shares in the quarter.

繼續現金分配，兌現我們向股東分配超額現金的承諾，我們在本季度回購了 2000 萬股股票。

Our ending share count was 449 million.

我們的期末股票數量為 4.49 億股。

Year to date, we have distributed over $1.1 billion, and we are pleased to have announced, today, a new $1 billion share repurchase authorization.

年初至今，我們已經分配了超過 11 億美元，我們很高興今天宣布了一項新的 10 億美元股票回購授權。

Year-to-date capital expenditures were $487 million, focused on our growth in China, Old Navy Japan, global outlets and Athleta.

年初至今的資本支出為 4.87 億美元，主要用於我們在中國、Old Navy Japan、全球門店和 Athleta 的增長。

We ended the quarter with 3,160 company-operated stores.

我們在本季度結束時擁有 3,160 家公司經營的商店。

Square footage was up about 1% versus the third quarter of 2012.

與 2012 年第三季度相比，建築面積增加了約 1%。

Store count and square footage by division are listed in our press release.

我們的新聞稿中列出了按部門劃分的商店數量和平方英尺。

Now, I would like to share our outlook for the remainder of the year.

現在，我想分享我們對今年剩餘時間的展望。

We are reaffirming our full-year earnings per share guidance of $2.57 to $2.65.

我們重申我們的全年每股收益指引為 2.57 美元至 2.65 美元。

The range encompasses a reasonable set of outcomes for a holiday season that we anticipate will remain promotional.

該範圍包括我們預計將保持促銷活動的假日季節的一組合理結果。

As a reminder, at its midpoint, this guidance implies a growth rate of 12% for the full year, on top of last year's 49% increase.

提醒一下，在中點，該指引意味著全年增長率為 12%，而去年的增長率為 49%。

And, this is even after absorbing the impacts of both foreign exchange and the loss of the 53rd week.

而且，這甚至是在吸收了外彙的影響和第 53 週的損失之後。

The following full-year guidance metrics remain unchanged: operating margin, about 13%; square footage, up about 1%.

以下全年指導指標保持不變：營業利潤率，約 13%；平方英尺，增長約 1%。

Regarding company-operated stores, net of repositions, we plan to open about 160 and close about 80.

關於自營店，扣除重新定位後，我們計劃開設約 160 家，關閉約 80 家。

Store openings are weighted toward Asia, while store closures are weighted toward Gap North America.

新店開張側重於亞洲，而關店則側重於 Gap 北美。

We expect capital expenditures to be about $675 million and depreciation and amortization to be about $475 million.

我們預計資本支出約為 6.75 億美元，折舊和攤銷約為 4.75 億美元。

Full-year effective tax rate guidance remains at about 39%.

全年有效稅率指引保持在 39% 左右。

For the fourth quarter, specifically, there are a few important call-outs.

具體來說，對於第四季度，有一些重要的呼籲。

First, it's important to note that Chinese New Year shifts from February 10, last year, to January 31, this year.

首先，需要注意的是，中國農曆新年從去年的 2 月 10 日改為今年的 1 月 31 日。

This shift in timing will likely increase our in-transit inventory at the end of the fourth quarter.

這種時間上的轉變可能會在第四季度末增加我們的在途庫存。

Therefore, we expect our inventories at the end of the quarter to be somewhat higher than the Q3 increase, though certainly still in the single digits.

因此，我們預計本季度末的庫存將略高於第三季度的增幅，但肯定仍為個位數。

Second, regarding foreign exchange, keep in mind that our year-to-date sales have been negatively impacted by $162 million, or an average of $54 million per quarter.

其次，關於外匯，請記住，我們年初至今的銷售額受到了 1.62 億美元的負面影響，即平均每季度 5400 萬美元。

We expect this translation impact to continue into the fourth quarter.

我們預計這種翻譯影響將持續到第四季度。

Naturally, this currency depreciation also negatively impacts our earnings in addition to our sales.

自然，這種貨幣貶值也會對我們的收入和銷售額產生負面影響。

And finally, the 53rd week.

最後，第 53 週。

As we have noted since the end of the first quarter, just as the first quarter benefited from the calendar shift, the fourth quarter is expected to be negatively impacted by more than the $0.08 that benefited Q1.

正如我們自第一季度末以來所指出的那樣，正如第一季度受益於日曆變化一樣，第四季度的負面影響預計將超過第一季度受益的 0.08 美元。

This is because the volume of sales for holiday is larger than the volume during spring.

這是因為假期的銷售量大於春季的銷售量。

As a result of having one less week, and the calendar shift, it is unlikely that we will leverage expenses in the fourth quarter, especially rent and occupancy.

由於減少了一周和日曆變化，我們不太可能在第四季度利用費用，尤其是租金和入住率。

Additionally, driven by the loss of the 53rd week, we expect the spread between comp and total sales in the fourth quarter to be negative.

此外，由於第 53 週的虧損，我們預計第四季度的薪酬與總銷售額之間的差距為負數。

Having explained the unique considerations around the fourth quarter, let me close by saying that we're pleased with our solid year-to-date performance.

在解釋了第四季度的獨特考慮之後，讓我最後說我們對我們年初至今的穩健表現感到滿意。

We have achieved top-line growth of 6%, with comps up 3%, and we have delivered year-to-date earnings per share growth of 29%, on top of last year's 43%.

我們實現了 6% 的收入增長，複合增長了 3%，而且我們今年迄今的每股收益增長了 29%，高於去年的 43%。

As we look forward, we're focused on delivering solid performance in the fourth quarter across our brands, while pursuing our long-term strategies.

展望未來，我們專注於在第四季度為我們的品牌提供穩健的業績，同時追求我們的長期戰略。

Thank you, and now, I'll turn it back over to Katrina.

謝謝，現在，我會把它交給卡特里娜颶風。

That concludes our prepared remarks.

我們準備好的發言到此結束。

We'll now open up the call to questions, and we'd appreciate limiting your questions to one per person.

我們現在將開放提問電話，我們希望將您的問題限制為每人一個。

Your first question will come from Edward Yruma with KeyBanc Capital Markets.

您的第一個問題將來自 KeyBanc Capital Markets 的 Edward Yruma。

Thanks very much for taking my question.

非常感謝您提出我的問題。

It seems like you pulled back a little bit on marketing in 3Q, and I know you were doing television or were going to.

看起來你在 3Q 的市場營銷方面有所退縮，我知道你正在做電視或打算做電視。

How do we think about marketing expense in the fourth quarter?

我們如何看待第四季度的營銷費用？

And, I guess, how much flexibility do you have based on how the holiday shapes up?

而且，我想，根據假期的形成，你有多少靈活性？

Thank you.

謝謝你。

Sure.

當然。

Most of the marketing was just as planned, Ed.

大部分營銷都按計劃進行，Ed。

You're right, in the third quarter, once we decided not to do television in the fourth quarter, the production cost that would have gone into the third quarter didn't occur.

你是對的，在第三季度，一旦我們決定在第四季度不做電視，本應進入第三季度的製作成本就沒有發生。

For the most part, that reduction was as planned.

在大多數情況下，這種減少是按計劃進行的。

What I'll tell you to be helpful, we expect marketing spend, overall, for the full year to be probably flattish.

我要告訴你的是，我們預計全年的營銷支出可能會持平。

So, implies it might tick up a little bit in the fourth quarter, but overall, no dramatic change.

因此，這意味著它可能會在第四季度略有上升，但總體而言，沒有顯著變化。

As a reminder, because marketing is so important, we are holding sort of flattish, as I said, on a full year, on top of 2012, very large investment in marketing of over $100 million.

提醒一下，由於營銷如此重要，正如我所說，在 2012 年的全年，我們在營銷方面的巨額投資超過 1 億美元。

Got it.

知道了。

Thanks so much.

非常感謝。

Sure.

當然。

From Citi, we'll go to Oliver Chen.

從花旗，我們會去奧利弗陳。

Thanks a lot.

非常感謝。

Congratulations on all the great consistency.

祝賀所有偉大的一致性。

Our question is about the assortment and the opportunity for betterment there.

我們的問題是關於那裡的分類和改善的機會。

Could you just clarify where you may see the most opportunities?

您能否澄清一下您在哪裡可以看到最多的機會？

The merchandise margin and the marketplace has been tough on everyone given the promotional nature.

鑑於促銷性質，商品利潤和市場對每個人來說都很艱難。

Are we to expect a continuation of the down merchandise margin?

我們是否期望商品利潤率繼續下降？

If you could comment on how you see that proceeding, that would be great.

如果您可以評論您如何看待該程序，那就太好了。

Let me take the first part of that.

讓我來談談第一部分。

What I was trying to say on the assortment, in my opening comments, was a little bit that there's uniqueness to every quarter.

在我的開場評論中，我試圖對分類說一點，每個季度都有其獨特性。

One of the unique attributes about Q3 for us was, it was anniversarying some very strong positive performance by us on denim, especially in August and September, and denim was really driven by the color trend that was going on in 2012.

對我們而言，第三季度的獨特之處之一是，我們在牛仔布方面取得了非常強勁的積極表現，尤其是在 8 月和 9 月，而牛仔布真正受到 2012 年流行色彩趨勢的推動。

So, the criticism of myself and of our teams is that we knew that trend was coming.

因此，對我自己和我們團隊的批評是，我們知道這種趨勢即將到來。

I think we tried to match indigo, with treatments on indigo denim, up against a color denim trend, when in hindsight, every now and then, you're going to get a trend, especially in a category that's as strong as denim for Old Navy and for Gap, where trying to match that dollar for dollar in our assortment is just not possible.

我認為我們試圖將靛藍與靛藍牛仔布的處理相匹配，以對抗彩色牛仔布趨勢，事後看來，你會時不時地獲得一種趨勢，尤其是在與舊款牛仔布一樣強大的類別中Navy 和 Gap，試圖在我們的產品組合中將美元與美元相匹配是不可能的。

I think I've told people before on the phone that, over 12 months, indigo denim with any kind of treatments and whatever the trend is on indigo will beat, over 12 months, will beat a color trend.

我想我之前在電話裡告訴過人們，在 12 個月內，經過任何處理的靛藍牛仔布，無論靛藍的趨勢如何，12 個月後，都會擊敗顏色趨勢。

But on any given month or any given quarter, when the trend is that strong on color, it's tough to really match that.

但是在任何給定的月份或任何給定的季度，當色彩趨勢如此強烈時，很難真正與之匹配。

In hindsight, this is what we get paid to do and I get paid to do is to make sure the assortment opportunities outside of dominant categories like that, we make the right investments, put in the right product, market them accordingly, so we can gain share across our total business, and maybe take a slight pass for one given quarter on such a big category as denim.

事後看來，這就是我們得到報酬要做的事情，而我得到報酬要做的就是確保像這樣的主導類別之外的分類機會，我們做出正確的投資，投入正確的產品，相應地營銷它們，這樣我們就可以在我們的整個業務中獲得份額，並且可能會在牛仔布這樣一個大類別上稍微通過一個特定的季度。

And then, with regard to the merch margins, we don't guide specifically to that.

然後，關於商品利潤，我們沒有具體指導。

But to be helpful, as I said in my remarks, we are assuming the continuation of the promotional environment.

但是，正如我在講話中所說，為了有所幫助，我們假設促銷環境繼續存在。

And then, with regard to gross margin, combine that with the fact that it's unlikely that we're going to leverage rent and occupancy due to that lack of the sales and the 53rd week.

然後，關於毛利率，再加上由於缺乏銷售和第 53 週，我們不太可能利用租金和入住率這一事實。

And Sabrina, just as a follow-up, when we think about next year and inventory as a major theme, how should we think about the modeling in terms of all the opportunities you guys have with untrapping and other more efficient inventory management?

薩布麗娜（Sabrina），作為後續行動，當我們考慮明年和庫存作為主要主題時，我們應該如何根據你們在解除陷阱和其他更有效的庫存管理方面擁有的所有機會來考慮建模？

Yes, we'll have more to say about that when we get into next year, and really, most of that starts to take hold not until the back half of next year and into 2015.

是的，當我們進入明年時，我們將有更多的發言權，而且實際上，其中大部分要到明年下半年和 2015 年才開始生效。

But, more commentary on that next year, Oliver.

但是，關於明年的更多評論，奧利弗。

Thank you very much.

非常感謝。

Best regards for the holiday.

最好的節日問候。

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

Your next question comes from the line of Betty Chen with Mizuho Securities.

您的下一個問題來自瑞穗證券的 Betty Chen。

Good afternoon, everyone.

大家下午好。

I was wondering, Glenn or Sabrina, certainly, I think we all know that it's been very promotional out there.

我想知道，格倫還是薩布麗娜，當然，我想我們都知道那裡的宣傳非常好。

How do you think it's impacted each of the brands differently, if any?

如果有的話，您認為它對每個品牌的影響如何？

And, do you feel like, given the learnings we've seen so far, that they have sort of the right tactics going to holiday?

而且，鑑於我們迄今為止所看到的經驗，您是否覺得他們有某種正確的假期策略？

Related to that, I was wondering if you can comment on the GapCash event and sort of any early learnings you can share with us regarding that?

與此相關，我想知道您是否可以評論 GapCash 活動以及您可以與我們分享的任何早期學習？

Thanks.

謝謝。

Here's what I'll say about it.

這就是我要說的。

I'll say about the promotional environment that I'm sure that there's been a lot of commentary on it over the last week, as people ahead of us have had their calls and spoken to investors and shareholders.

關於促銷環境，我確信上周有很多評論，因為我們前面的人已經接到了他們的電話並與投資者和股東進行了交談。

My view is there's a little bit of fatigue out there when it comes to consumers.

我的觀點是，在消費者方面存在一些疲勞。

So, the question is, are we disappointed in the consumer sentiment, or as we -- and I'm just being honest, as an industry, have we really not been that innovative in order to give the consumers a value proposition that doesn't look like wallpaper, day in, day out?

所以，問題是，我們是對消費者的情緒感到失望，還是像我們一樣——老實說，作為一個行業，我們真的沒有那麼創新，以便為消費者提供一個不存在的價值主張。 t 看起來像壁紙，日復一日，日復一日？

Now, we've tried to break out of that.

現在，我們試圖打破這種局面。

I think we've done a good job at Gap Inc.

我認為我們在 Gap Inc. 做得很好。

I think we can do a better job going forward.

我認為我們可以在未來做得更好。

If the definition of winning is having a similar promotion on a similar category, week in, week out, I think people are going to do that.

如果獲勝的定義是在類似的類別上進行類似的促銷，一周又一周，我認為人們會這樣做。

I think they're going to struggle going forward.

我認為他們將在前進中掙扎。

There's a point where the consumer's looking for an event, they're looking for something exciting.

有一點是消費者正在尋找一個事件，他們正在尋找令人興奮的東西。

At the end of the day, we're in the fashion business.

歸根結底，我們從事時尚行業。

It might be my past life, purely playing a discounter price card might have been effective, but not in this business.

這可能是我的前世，純粹打折扣價卡可能有效，但在這個行業中沒有。

When I think about the fourth quarter, again, I think our team, every single year since promotions became a little more prominent in the industry, have worked hard to become a little more innovative.

當我再次想到第四季度時，我認為我們的團隊，自從促銷活動在行業中變得更加突出以來，每一年都在努力變得更具創新性。

And, you mentioned, Betty, GapCash.

而且，你提到了貝蒂，GapCash。

There's GapCash.

有GapCash。

Banana Republic are doing the Eight Days of Giving.

香蕉共和國正在做八天的奉獻。

We've got L'Wren Scott coming out in a couple weeks, a big launch partnership with Banana Republic.

我們將在幾週後推出 L'Wren Scott，這是與 Banana Republic 的大型發布合作夥伴關係。

We've got Overnight Millionaire for Old Navy that's going to start at 7 o'clock on Thursday.

我們有舊海軍的過夜百萬富翁將於週四 7 點開始。

Little bit of public service announcement here, 7 PM, Thanksgiving day, $1 million, so overnight millionaire.

這裡有一點公共服務公告，感恩節晚上 7 點，100 萬美元，一夜之間成為百萬富翁。

We have reserve in store, which we launched on Tuesday.

我們有儲備，我們於週二推出。

So, we're really working hard.

所以，我們真的很努力。

This business is all about product and it's about service, but we're really trying to make sure that we don't become predictable.

這項業務全都與產品和服務有關，但我們確實在努力確保我們不會變得可預測。

That's really an acronym you do not want have stuck on your brand.

這確實是您不希望停留在您的品牌上的首字母縮略詞。

We are trying to be a little more provocative, find different ways to express value, and I think the team's done a good job.

我們正試圖更具挑釁性，尋找不同的方式來表達價值，我認為團隊做得很好。

But, my belief is they've done a really much better job in the fourth quarter.

但是，我相信他們在第四季度的表現要好得多。

It is at the end of the day the job of the marketers to speak to customers in a way that doesn't cause them fatigue.

歸根結底，營銷人員的工作是以一種不會導致他們疲勞的方式與客戶交談。

Glenn, related to that, can you share with us what your thoughts are so far regarding the GapCash event?

Glenn，與此相關，您能否與我們分享您迄今為止對 GapCash 事件的想法？

It's a little early, Betty, it doesn't actually get -- there's the earn period, which takes about 30 days, then we give customers a break.

有點早了，貝蒂，它實際上並沒有得到 - 有賺錢期，大約需要 30 天，然後我們讓客戶休息一下。

Then, there's the redemption period.

然後是贖回期。

The redemptions not starting officially until the day after Cyber Monday.

直到網絡星期一之後的第二天才正式開始兌換。

So, not that we'd ever comment on it, but I have been pleased with how SuperCash, as a tool, has worked for Old Navy.

所以，並不是說我們會對此發表評論，但我對 SuperCash 作為一種工具如何為 Old Navy 工作感到滿意。

This is a different spin because Old Navy and Gap are different brands.

這是一個不同的版本，因為 Old Navy 和 Gap 是不同的品牌。

But, at least we have learned how to actually do that the first time around, made some mistakes with SuperCash when it first was introduced a couple years ago, but that's true of any program.

但是，至少我們第一次就學會瞭如何真正做到這一點，在幾年前首次推出 SuperCash 時犯了一些錯誤，但任何程序都是如此。

That's been incorporated in GapCash.

這已被納入 GapCash。

I think that our first time out, we have high expectations, but we won't know much for another 4 weeks.

我認為我們第一次出去，我們有很高的期望，但我們不會知道再過 4 週。

Again, we'll never give specifics, but I'm hoping it will be, as I just finished saying, something that's different and something that's provocative and not predictable, that can help Gap brand gain market share.

同樣，我們永遠不會提供細節，但我希望它會是，正如我剛剛說完的，一些不同的、具有挑釁性且不可預測的東西，可以幫助 Gap 品牌獲得市場份額。

Thank you so much, and best of luck for the holidays.

非常感謝你，祝你假期好運。

Just a reminder to all on the phone, if you could limit your questions to just one.

如果您可以將問題限制在一個範圍內，請通過電話提醒所有人。

Thank you.

謝謝你。

From Janney Capital Markets, we'll hear from Adrienne Tennant.

從 Janney Capital Markets，我們將聽到 Adrienne Tennant 的消息。

Good afternoon, everybody.

大家下午好。

Let me add my congratulations.

讓我補充一下我的祝賀。

My question is, again, on the highly promotional nature, obviously, Target this morning had talked about this new test in the California market, I guess, for this Black Friday, 40% off all apparel and accessories.

我的問題是，同樣，關於高度促銷的性質，顯然，Target 今天早上已經談到了加州市場的這項新測試，我猜，對於這個黑色星期五，所有服裝和配飾都有 40% 的折扣。

It kind of begged the question, as an industry leader -- can you hear me?

作為行業領導者，這有點像乞求問題——你能聽到我的聲音嗎？

Yes.

是的。

How can you sort of change the nature of the competitive deflationary pressure, generate that customer loyalty back to the brands that is not solely tied to price?

您如何才能改變競爭性通縮壓力的性質，使客戶忠誠度重新回到不僅僅與價格掛鉤的品牌？

Well, I think I gave a little bit of that earlier when Betty had her question.

好吧，當貝蒂有她的問題時，我想我早些時候給出了一點。

Another part of this, Adrienne, is that one of the advantages we have is that we're not a one-dimensional business.

另一部分，Adrienne，是我們擁有的優勢之一是我們不是一維業務。

In the malls, we have to compete for that business, hopefully using some of the tactics I said earlier, to be able to speak to customers in a much more provocative way and not be not all relying on a discount, (inaudible) this task.

在商場裡，我們必須競爭這項業務，希望使用我之前說的一些策略，以便能夠以更具挑釁性的方式與客戶交談，而不是全部依賴折扣，（聽不清）這項任務.

But, just being a 40% off, an easel on the outside of your door, anybody can do that.

但是，只需 40% 的折扣，門外的畫架，任何人都可以做到。

We're in malls.

我們在商場。

We have outlet stores.

我們有直銷店。

We have a very strong online business.

我們擁有非常強大的在線業務。

We're in strip centers with Old Navy.

我們在舊海軍的脫衣舞中心。

We have international business.

我們有國際業務。

When it's all said and done, we said this about 5 or 6 years ago, but one of the reasons we entered into the strategy we did on multiple brands through multiple geographies into multiple channels, we didn't want all our eggs in one basket.

總而言之，我們大約在 5 或 6 年前說過，但我們進入多個品牌的戰略的原因之一是通過多個地域和多個渠道，我們不希望我們所有的雞蛋都放在一個籃子裡.

Is there deflation in the apparel business?

服裝行業是否存在通貨緊縮？

If you look at NPD, they'd say no.

如果您查看 NPD，他們會說不。

Is it a business that has heavy inflation, the answer is also no.

是否是一個通貨膨脹嚴重的企業，答案也是否定的。

And, we are trying, and the best you can do, when it's all said and done, is have amazing brands.

而且，我們正在努力，你能做的最好的事情就是擁有令人驚嘆的品牌。

If you own a store, like the company you mentioned earlier, they own a store.

如果您擁有一家商店，就像您之前提到的公司一樣，他們也擁有一家商店。

But if you own brands, and you put marketing behind them and you create excitement about the brand, and ultimately, in our business, you create some passion about what that brand stands for, then that's what's supposed to sustain you or we're working towards over a period of time where there may be some deflation.

但是，如果您擁有品牌，並且您將營銷置於品牌背後，並為品牌創造了興奮感，最終，在我們的業務中，您對品牌所代表的東西產生了一些熱情，那麼這就是應該支持您的東西，或者我們正在努力在一段時間內可能會出現通貨緊縮。

Great.

偉大的。

Thank you.

謝謝你。

Next, we'll hear from Lorraine Hutchinson with Bank of America Merrill Lynch.

接下來，我們將聽取美銀美林的 Lorraine Hutchinson 的來信。

Thank you.

謝謝你。

Good afternoon.

下午好。

Glenn, you talked about not cutting anything that would damage the long term or short term for the brand on SG&A.

格倫，你談到不要削減任何會損害 SG&A 品牌長期或短期的東西。

What did you cut?

你剪了什麼？

Are some of those buckets available to offset the deleverage from the lower sales in the fourth quarter?

其中一些桶是否可以抵消第四季度銷售額下降帶來的去槓桿化？

Well, Lorraine, I think you know us well enough, and I may have said in my opening comments that, what [Sabrina] and I did when we started working together about 6 years ago is we committed to ourselves we'd run -- we would put together a new economic model.

好吧，Lorraine，我想你已經足夠了解我們了，我可能在我的開場評論中說過，[Sabrina] 和我在大約 6 年前開始合作時所做的是我們致力於我們將要經營的自己——我們將建立一個新的經濟模式。

We'd build an economic model that had flexibility to it.

我們將建立一個具有靈活性的經濟模型。

And as I said earlier, every quarter has its own unique circumstances or nuances, and Sabrina and I have really trusted our brand presidents to do this structure.

正如我之前所說，每個季度都有其獨特的環境或細微差別，我和薩布麗娜真的信任我們的品牌總裁來做這個結構。

We give them a chance to actually be successful in the quarter, put their plan in place, and stick to the plan and execute it.

我們給他們一個在本季度真正取得成功的機會，制定他們的計劃，並堅持並執行計劃。

But like anything in business, if you can't adjust to that, then you're going to have a failed quarter or a failed success in a full-year performance.

但就像商業中的任何事情一樣，如果你不能適應這一點，那麼你將在一個季度失敗或在全年業績中取得失敗的成功。

What we've been doing with them is we give them a chance to really deliver on their plan, and when we see the plan may not be delivering, like in Q3, to the level we expect it, we have a flexible model, we can make adjustments.

我們一直在與他們一起做的是，我們讓他們有機會真正實現他們的計劃，當我們看到計劃可能沒有像第三季度那樣交付到我們預期的水平時，我們有一個靈活的模型，我們可以進行調整。

I should say that last week the clock started again, and we now have a plan that we agreed on with them many months ago.

我應該說，上週時鐘又開始了，我們現在有了一個幾個月前就與他們達成一致的計劃。

And, they're working their way through that plan, right now, that has the right balance of sales, gross margin dollars, and leveraging expenses to produce the earnings we expect.

而且，他們現在正在通過該計劃進行工作，該計劃在銷售、毛利率和槓桿費用之間取得了適當的平衡，以產生我們預期的收益。

But, at the end of the day, let's take this from a glass half full.

但是，在一天結束的時候，讓我們從半滿的玻璃杯中拿走這個。

At the end of the day, the sales -- let's assume the sales were better than we expected, assumption, therefore, the margin is better than we expected, like it was for seven quarters before this recent quarter.

歸根結底，銷售額——讓我們假設銷售額比我們預期的要好，因此假設利潤率比我們預期的要好，就像最近一個季度之前的七個季度一樣。

Then, we can let them continue their plan, or even in some cases, maybe make some deeper investments to maintain the momentum.

然後，我們可以讓他們繼續他們的計劃，甚至在某些情況下，可能會進行一些更深入的投資以保持勢頭。

These are choices we have as a business, and what we like about it is we're not stuck and we can make that all the way through the end of Thanksgiving, into Cyber Monday, then run to Christmas, the run after Christmas.

這些是我們作為企業的選擇，我們喜歡它的是我們沒有被困住，我們可以一直做到這一點，直到感恩節結束，進入網絡星期一，然後運行到聖誕節，聖誕節後運行。

So, I think the brand presidents understand that.

所以，我認為品牌總裁理解這一點。

We trust them that they're making the right decisions, but if we see a business that looks a little weaker than we expected, then we know how to make the adjustments.

我們相信他們做出了正確的決定，但如果我們看到一家業務看起來比我們預期的要弱一些，那麼我們就知道如何進行調整。

I would say, Lorraine, the only thing I'd add is for the fourth quarter, you can certainly count on us to continue to be disciplined.

我想說，洛林，我唯一要補充的是第四節，你當然可以指望我們繼續遵守紀律。

As I mentioned in my remarks, given the sales from that extra week fall off, it's unlikely we leverage, especially on rent and occupancy.

正如我在講話中提到的，鑑於額外一周的銷售額下降，我們不太可能利用槓桿，尤其是在租金和入住率方面。

With regard to expenses, if we do get some leverage, it's likely to be very modest.

關於費用，如果我們確實獲得了一些影響力，它可能會非常適中。

Thank you.

謝謝你。

From BMO Capital, we'll hear from John Morris.

來自 BMO Capital，我們將聽取 John Morris 的意見。

Thanks.

謝謝。

To the team, congratulations on doing well in such a tough environment.

對團隊來說，祝賀你們在如此艱難的環境中表現出色。

Glenn, I know you talked about the TV marketing already.

格倫，我知道你已經談到了電視營銷。

I'm curious about the timing of the decision.

我很好奇做出決定的時間。

It's relatively new, right, to pull back on the fourth-quarter marketing?

撤回第四季度的營銷是相對較新的，對吧？

I'm just wondering your thoughts behind that, why, and your thoughts about that as it relates maybe into next year as well?

我只是想知道你在這背後的想法，為什麼，以及你對這件事的想法，因為它可能也涉及到明年？

Thanks.

謝謝。

Well, John, it really wasn't a pull back.

好吧，約翰，這真的不是退縮。

I think that we, if I did say this in the last quarter, what the intent behind it was that if the third-quarter television investment for Gap was outstanding on a number of different metrics, we had the ability, because we have television buy we can always exercise or let go and open up to the market, then Stephen Sunnucks and the team at Gap Global would have chosen to come out this holiday and put the money in place.

我認為，如果我在上個季度確實這麼說，其背後的意圖是，如果 Gap 的第三季度電視投資在許多不同的指標上都很出色，我們就有能力，因為我們有電視購買我們總是可以鍛煉或放手向市場開放，那麼 Stephen Sunnucks 和 Gap Global 的團隊會選擇在這個假期出來並把錢到位。

And, I actually thought the television was quite good.

而且，我實際上認為電視非常好。

We received a lot of positive comments.

我們收到了很多積極的評論。

It was especially strong on social media.

它在社交媒體上尤其強烈。

But as we looked at it, we just felt that we had a good plan in place, we had a better media mix, and the need for television, while a consideration, wasn't necessary.

但是當我們看到它時，我們只是覺得我們有一個很好的計劃，我們有更好的媒體組合，電視的需求雖然是一個考慮因素，但並不是必需的。

If we look at next year, what I can tell you is that all of our businesses are constantly looking at their media mix.

如果我們看看明年，我可以告訴你的是，我們所有的企業都在不斷地關注他們的媒體組合。

I can't think of a single company you guys are talking to who isn't doing the exact same thing.

我想不出你們正在與之交談的一家公司沒有做完全相同的事情。

What that means with Old Navy is Old Navy is a strong television advertiser, but they're seriously looking, going forward, at their media mix.

這對 Old Navy 意味著什麼是 Old Navy 是一個強大的電視廣告商，但他們正在認真地展望未來，他們的媒體組合。

Gap is not a regular user, from a medium perspective, of television, but it's an option for them.

從媒體的角度來看，Gap 不是電視的普通用戶，但它是他們的一個選擇。

I think I've said before, even if Banana Republic had such a great idea and TV was part of the mix that could make that idea come true and give voice to it and drive traffic and market share and gross margin dollars, we're not against it.

我想我之前說過，即使香蕉共和國有這麼好的想法，而且電視是組合的一部分，可以使這個想法成為現實並表達它並推動流量、市場份額和毛利率，我們不反對。

It's not part of the repertoire,\ today, but we're not against it.

這不是保留曲目的一部分，\今天，但我們並不反對它。

So, when it's all said and done, I think that you can count on Old Navy to have the broadest of media mixes.

所以，總而言之，我認為你可以指望 Old Navy 擁有最廣泛的媒體組合。

Gap has flexibility to always consider an additional medium, which is television.

Gap 可以靈活地考慮另一種媒體，即電視。

We play it sort of -- we have a plan, strategic plan full year, we look at the media mix, and then we make choices as we come into a quarter.

我們玩它有點——我們有一個計劃，全年的戰略計劃，我們看看媒體組合，然後我們在進入一個季度時做出選擇。

Very helpful.

非常有幫助。

Good luck for holiday.

祝你假期好運。

Thanks.

謝謝。

Next, we'll go to Matt McClintock with Barclays.

接下來，我們將與巴克萊一起去馬特麥克林托克。

Yes, good afternoon.

是的，下午好。

Glenn, so you're expanding reserve in store but only to half of the Gaps.

格倫，所以你正在擴大商店的儲備，但只擴大到一半的差距。

I was just wondering if you could provide some of your thoughts on how you think about the opportunity for reserve in store between Gap and Banana Republic?

我只是想知道您是否可以就您如何看待 Gap 和 Banana Republic 之間的儲備機會提供一些想法？

And then, you earlier talked about gaining market share through innovative ways and methods.

然後，您之前談到通過創新的方式和方法獲得市場份額。

I was wondering, how do you think about reserve in store as one of those innovative methods as you look to the holiday season?

我想知道，當您期待假期時，您如何看待商店中的儲備作為一種創新方法？

Thank you.

謝謝你。

It's a little soon to tell in the second part of your question.

在你問題的第二部分中說出來有點快。

I know I've said before that to me this is -- it could, executed properly, I think it could be a bit of a game changer for us.

我知道我之前曾對我說過，這是 - 它可以正確執行，我認為它可能會改變我們的遊戲規則。

We're going to get a really good read -- the whole premise behind reserve in store was let's test it before the holiday, and let's learn.

我們會讀到一本非常好的書——儲備庫背後的整個前提是讓我們在假期前測試它，讓我們學習。

Because, if there ever was a time, the notion of at 12 o'clock at night, somebody's on their tablet or their desktop or their smartphone going onto the Gap or Banana Republic site, seeing something they love, reserving it, getting a confirmation first thing in the morning, and then coming in -- because again, it's a reservation.

因為，如果有時間，晚上 12 點的概念，有人在他們的平板電腦、台式機或智能手機上訪問 Gap 或 Banana Republic 網站，看到他們喜歡的東西，保留它，得到確認早上第一件事，然後進來——因為這又是一個預訂。

It's not pick up.

不是撿的

Reservation is, we believe, most appropriate for our business, and then come in, and hopefully, our team can expand on their selection by adding different items and products to it, and then completing the purchase.

我們相信，預訂最適合我們的業務，然後進來，希望我們的團隊可以通過添加不同的項目和產品來擴大他們的選擇範圍，然後完成購買。

People are time starved this time of year.

每年的這個時候，人們都缺乏時間。

It's a unique service.

這是一項獨特的服務。

It's only been broadly available in 650 stores since Tuesday morning, so it's a little early to tell.

自周二早上以來，它只在 650 家商店廣泛銷售，所以現在說還為時過早。

I really believe that if we can get a good read, execute it flawlessly, and get the marketing that tells customers the story I just told you, which is, we're open 24 hours and don't think we're not.

我真的相信，如果我們能夠獲得良好的閱讀，完美地執行它，並獲得向客戶講述我剛剛告訴您的故事的營銷方式，也就是說，我們 24 小時營業，不要認為我們不是。

You can actually -- it's amazing how many people are actually placing orders after 10 PM and before 8 AM.

實際上，您可以 - 晚上 10 點之後和早上 8 點之前實際下訂單的人數之多令人驚訝。

And, that's really the message this time of year.

而且，這確實是每年這個時候的信息。

Place the order.

下訂單。

We'll reserve it for you.

我們會為您保留。

It's sitting there.

它坐在那裡。

We'll tell you when we have it.

當我們擁有它時，我們會告訴你的。

So, I think it could be a great foundational component of unique messaging in our category for those two brands, maybe even for Old Navy one day, definitely for Athleta.

所以，我認為這可能是我們類別中這兩個品牌的獨特信息的重要基礎組成部分，甚至有一天對於 Old Navy 來說，絕對是對於 Athleta 來說。

As we look at unique marketing ideas to try to drive our business, as I was saying to Betty earlier, that are not dependent on promotional activity that we think is inappropriate when you have brands like we have.

正如我之前對貝蒂所說，當我們研究獨特的營銷理念以試圖推動我們的業務時，這些理念不依賴於我們認為當您擁有像我們這樣的品牌時不合適的促銷活動。

Why 200 stores?

為什麼要開200家店？

The Gap team looked at it.

Gap 團隊看著它。

They got great regional coverage.

他們得到了很好的區域覆蓋。

The Banana Republic team were the first to actually test it.

Banana Republic 團隊是第一個對其進行實際測試的團隊。

They were the ones who were further along, so they were more comfortable going almost chain wide.

他們是那些走得更遠的人，所以他們更願意走近鍊式。

I would be surprised if the Gap team didn't add more stores in the new year.

如果 Gap 團隊沒有在新的一年增加更多的商店，我會感到驚訝。

Thanks a lot, and count on me being there at 7 PM on Thursday.

非常感謝，相信我會在星期四晚上 7 點到場。

Next, we'll hear from Lindsay Drucker Mann with Goldman Sachs.

接下來，我們將聽取高盛集團的 Lindsay Drucker Mann 的來信。

Good evening, everyone.

各位晚上好。

I wanted to ask, Glenn, you talked about the fact that you -- not to the detriment of your long-term investments when you pulled back on some OpEx this quarter, you still were able to invest in a number of things, including dynamic supply chain.

我想問一下，格倫，你談到了這樣一個事實，即當你在本季度縮減一些運營支出時，在不損害你的長期投資的情況下，你仍然能夠投資很多東西，包括動態供應鏈。

I was just curious, can you give us some specifics on what your investments -- what areas you were investing in and what we should expect from dynamic supply chain for next year?

我只是好奇，您能否詳細介紹一下您的投資——您投資的領域以及我們對明年動態供應鏈的期望？

Sure.

當然。

I think what we're trying to communicate, there's certain investments and certain strategic plans the Company has that are, regardless of any given signs of ourselves or consumer weakness, we're just going to continue to stick with them because they're part of the Company's long-range plan.

我認為我們試圖傳達的內容是，公司有某些投資和某些戰略計劃，無論我們有任何給定跡像或消費者弱點，我們都會繼續堅持下去，因為它們是其中的一部分公司的長期計劃。

In that bucket, you'd have investments, like in China, Old Navy International, Athleta growth, some recent growth with Intermix, global outlet -- there's a list of investments we continue to make.

在那個桶裡，你會有投資，比如在中國、Old Navy International、Athleta 的增長、最近在 Intermix 的一些增長、全球出口——我們將繼續進行一系列投資。

To your point, we went forward, whenever it was, sometime earlier this year, and said, besides our growth initiatives, we have seamless inventory, so that's just getting going now, but will not be delayed because of one single quarter, and we are just getting ramped up now to make the investments in 2014 to get the benefit of a seamless inventory operating model in 2015.

就您而言，我們在今年早些時候的某個時候繼續前進，並表示，除了我們的增長計劃外，我們還有無縫庫存，所以現在才剛剛開始，但不會因為一個季度而延遲，我們現在剛剛開始在 2014 年進行投資，以便在 2015 年從無縫庫存運營模式中受益。

Omni-channel, that Matt just asked about, would have been easy for Sabrina and I to cancel, delay reserve in store, but we'd never do that because that comes with an investment.

馬特剛剛問到的全渠道，我和薩布麗娜很容易取消，延遲店內預訂，但我們永遠不會這樣做，因為這需要投資。

It's a very important part of all the omni-channel plays we have.

這是我們擁有的所有全渠道遊戲中非常重要的一部分。

I just met with the omni-channel team the other day -- roadmap is in place, really excited about some of the ideas they have for 2014.

前幾天我剛剛與全渠道團隊會面——路線圖已經到位，他們對 2014 年的一些想法感到非常興奮。

And, the last one is, what we call, responsive supply chain, and again, those don't come with a lot of investment.

而且，最後一個是我們所說的響應式供應鏈，同樣，這些並沒有大量投資。

That's more of a process change than investments.

這更像是一個流程的改變，而不是投資。

So, from that perspective, we are continuing to push ahead.

因此，從這個角度來看，我們將繼續推進。

We made some good progress.

我們取得了一些不錯的進展。

It's never enough for me.

對我來說永遠不夠。

I would really like to see us go faster on that front, but the team is moving at a pace they're comfortable with.

我真的很希望看到我們在這方面走得更快，但是團隊正在以他們感到舒服的速度前進。

As Sabrina said earlier, maybe a little teeny bit of benefit in the early part of 2014, but the majority of a responsive supply chain model we're going to operate will more be in the back half of 2014.

正如 Sabrina 之前所說，在 2014 年初可能會有一點點好處，但我們將要運營的響應式供應鏈模式的大部分將在 2014 年下半年出現。

Certainly, you never hear from us or our presidents any reason to delay the Company's top four strategic initiatives.

當然，您從未從我們或我們的總裁那裡聽到任何推遲公司四大戰略計劃的理由。

How specifically should we expect the supply chain to be more responsive in the back half, then, because of these investments?

那麼，由於這些投資，我們應該如何期望供應鏈在後半部分更具響應性？

I'd say it's multifaceted we talked about.

我會說這是我們談論的多方面的。

First and foremost, it started with fabric.

首先，它從面料開始。

We've done fabric consolidation.

我們已經完成了織物整合。

That, for the most part, is done.

在大多數情況下，這已經完成。

We are now completing fabric platforming.

我們現在正在完成織物平台。

And then, we have -- don't get into too much details, as probably other people want to call in.

然後，我們有 - 不要進入太多細節，因為其他人可能想打電話。

We have three other components which we put out publicly, VMI test and respond and rapid response.

我們還公開發布了其他三個組件，即 VMI 測試和響應以及快速響應。

Those are all ways for the supply chain we have today and the decisions and assortment strategy be made much later in the process.

這些都是我們今天擁有的供應鏈的所有方式，決策和分類策略是在這個過程的後期制定的。

So, when I was talking earlier about the assortment strategy missed opportunity, as far as I'm concerned, when it came to denim in August and September of this year, if we had, in place, an operating model that is based on what I just said, we could have made adjustments to the assortment strategy in early to mid-spring to correct if we -- as we looked at our assortments, said you know what, we probably need to maybe adjust it slightly, we could have made those with a responsive supply chain.

所以，當我早些時候談到品類策略錯過了機會時，就我而言，當談到今年 8 月和 9 月的牛仔佈時，如果我們有一個基於我剛剛說過，如果我們在查看我們的分類時說，我們可能需要稍微調整一下，我們本可以在早春到中旬對分類策略進行調整以糾正那些具有響應能力的供應鏈。

There's a long list, Lindsay, of all the benefits we're going to go get.

Lindsay 有一長串我們將要獲得的好處。

But, number one is getting closer to the market.

但是，排名第一的是越來越接近市場。

Secondly is dealing directly with mills, as opposed to vendors, by having fabric platforming and being able to make decisions later in the process and keeping your powder dry.

其次是直接與工廠打交道，而不是與供應商打交道，通過使用織物平台並能夠在流程後期做出決策並保持粉末乾燥。

And, we are all set up to get some initial benefit from that in the back half of 2014.

而且，我們都準備好在 2014 年下半年從中獲得一些初步收益。

It's not a one-time win.

這不是一次性的勝利。

It's something that continues to evolve and we continue to get better at.

這是不斷發展的事情，我們會繼續做得更好。

Thanks very much.

非常感謝。

Next, we'll go to Barbara Wyckoff with CLSA.

接下來，我們將與 CLSA 一起前往 Barbara Wyckoff。

Couple questions about China.

關於中國的幾個問題。

Could you talk about the year-to-date results of Gap in China?

您能談談 Gap 在中國的年初至今業績嗎？

How are the stores comping?

商店如何競爭？

How many do have you at the end of third quarter?

第三季度末你有多少？

And, how many of the 160 new stores will be Gap in China versus Old Navy?

而且，在中國的 160 家新店中，有多少家是 Gap 和 Old Navy？

I think -- did you say 160?

我想——你說的是160嗎？

You said 160 new stores and 80 closures.

你說 160 家新店和 80 家關閉。

So, the 160 would be more international and the closures would be more Gap.

因此，160 會更加國際化，而關閉會更加 Gap。

I'll let Sabrina answer that.

我會讓薩布麗娜回答這個問題。

Here's what I can say about China, I was just there 2 weeks ago.

以下是我對中國的看法，我兩週前剛去過那裡。

Again, we feel very good, we're going to end this year with 82 stores, which will be, give or take, 10 outlet stores and the remaining being Gap specialty stores.

同樣，我們感覺非常好，今年年底我們將擁有 82 家門店，其中包括 10 家直銷店和 Gap 專賣店。

I was walking our first Old Navy, which is going to open on March 1 in Shanghai, that was under construction with the team.

我正在走我們的第一個 Old Navy，它將於 3 月 1 日在上海開業，它正在與團隊一起建設。

We'll be telling you, in February, how many Old Navys we are going to open in 2014.

我們將在 2 月份告訴您，我們將在 2014 年開設多少家 Old Navy。

What you're looking at now is the expansion of the strategy from four specialty stores initially and an online site, to now I'm saying, ended the year at 82.

你現在看到的是從最初的四家專賣店和一個在線網站擴展戰略，到現在我說的是，今年年底達到 82 家。

Outlet now becomes part of the picture, and here comes Old Navy.

奧特萊斯現在成為了圖片的一部分，老海軍來了。

We were really excited, recently, with what is the -- I'm sure it hit all the news wires here, what is the Black Friday of China, which is 11/11, the big T-mall event, and we've been online in China now for over 3 years.

最近，我們真的很興奮——我敢肯定，這裡所有的新聞都知道了，什麼是中國的黑色星期五，即 11/11，天貓的大型活動，我們已經現在在中國上網3年多了。

That was just another example to us that the mix in that country of physical stores to online business is going to be much different than it is in the US when the dust settles, say 5 years from now.

這對我們來說只是另一個例子，當塵埃落定時，比如 5 年後，那個國家的實體店與在線業務的組合將與美國大不相同。

So, that's why we're -- we were so passionate on getting our online site open and making the big investments.

所以，這就是為什麼我們——我們非常熱衷於開放我們的在線網站並進行大筆投資。

As we were saying earlier to Lindsay, making investments behind our online site in China because we do believe the proportionality is going to be different in China, and we need to be ready for that.

正如我們之前對 Lindsay 所說，在中國對我們的在線網站進行投資，因為我們確實相信中國的比例會有所不同，我們需要為此做好準備。

We feel good about it.

我們對此感覺良好。

As I said, the team's great.

正如我所說，團隊很棒。

They're excited.

他們很興奮。

They're making good decisions.

他們正在做出正確的決定。

We're looking forward to -- we'll announce in February how many stores we're going to have Gap specialty, but that's going to continue.

我們期待著——我們將在 2 月份宣布我們將擁有多少家 Gap 專賣店，但這將繼續下去。

How many more outlets, that's going to continue, and then give you an update on online, and most importantly, an update on the launch at Old Navy.

還有多少網點，這將繼續，然後給你一個在線更新，最重要的是，關於舊海軍發射的更新。

Within the opening number, Barbara, there's 35 of those openings are for Gap China.

在開幕人數中，芭芭拉，其中有 35 個空缺是針對 Gap 中國的。

There's no Old Navy China this year.

今年沒有老海軍中國。

That's going to happen in 2014, and we'll give you that number.

這將在 2014 年發生，我們會給你這個數字。

There's 15 to 20 Old Navy Japan in the opening store counts as well.

開店數量也有 15 到 20 家 Old Navy Japan。

Okay.

好的。

Thank you so much.

太感謝了。

Sure.

當然。

From Wells Fargo, we'll go to Paul Lejuez.

從富國銀行，我們將前往 Paul Lejuez。

Just looking at the fourth quarter, just wondering how you think about the comp drivers for each brand now that it seems like we're probably looking at lower AURs.

只看第四季度，只是想知道您如何看待每個品牌的補償驅動程序，因為看起來我們可能正在尋找較低的 AUR。

Just wondering how of confident you feel, Glenn, that you can hit eight quarters in a row?

只是想知道格倫，你有多大的信心，你可以連續打八節？

Thanks.

謝謝。

I'll just start, Paul, by giving a little bit of color on Q3.

保羅，我將首先在第三季度提供一點顏色。

Given that gross margin ticked down, clearly, our average unit retails were down.

鑑於毛利率下降，顯然，我們的平均單位零售額下降了。

And our traffic, largely driven by that stronger dip in September, especially at the end of September, because traffic improved in October, but traffic was also negative for the quarter.

而我們的流量，主要是由於 9 月份的大幅下滑，尤其是在 9 月底，因為 10 月份的流量有所改善，但本季度的流量也為負數。

So, the two levers that supported our positive comp were conversion and units per transaction.

因此，支持我們積極補償的兩個槓桿是轉化率和每筆交易的單位數。

Because we're assuming the promotional environment continues into Q4, I would say that we'd love to see traffic stronger.

因為我們假設促銷環境持續到第四季度，我想說我們希望看到流量更強勁。

Of course, we'll be working on that, and we'd love to do -- we will be doing everything we can to improve our AUR.

當然，我們會為此努力，而且我們很樂意這樣做——我們將盡我們所能來改進我們的 AUR。

But again, with the assumption that the promotional environment continues, I would say the two drivers will continue to be conversion and UPT.

但同樣，假設促銷環境仍在繼續，我想說這兩個驅動因素將繼續是轉換和 UPT。

Is that across all brands, Sabrina, or can you maybe separate each one?

是所有品牌都這樣嗎，Sabrina，或者你能把每個品牌分開嗎？

I would say, in general, yes.

我會說，一般來說，是的。

There's obviously going to be some differences, but in general, for the three big brands.

顯然會有一些差異，但總的來說，對於三大品牌來說。

Obviously, Athleta is in an entirely different camp, given its size and it's a very different brand, but the three other brands I'd say, generally, yes.

顯然，Athleta 處於一個完全不同的陣營，考慮到它的規模和非常不同的品牌，但我會說其他三個品牌，一般來說，是的。

Part of this too, Paul, will be when the quarter is done is, what percent of our business did we actually do on Black Friday, and what percent of our business did we do from December 26 to, say, January 10?

保羅，這個季度結束後的一部分也是，我們在黑色星期五實際做了多少業務，從 12 月 26 日到 1 月 10 日我們做了多少業務？

It's our -- we know we're going to do big business on Black Friday and Black Friday weekend.

這是我們的 - 我們知道我們將在黑色星期五和黑色星期五週末做大生意。

We know there's big business to be had post Christmas.

我們知道聖誕節後會有大生意。

Based on the sort of general theme that's been going on, can our product and branding and marketing messages that are less focused on discount, can they resonate enough to drive the traffic we need in the conversion side of the business, which lessens the dependency on those more discounted times of the quarter.

基於一直在進行的那種一般主題，我們的產品、品牌和營銷信息是否能較少關注折扣，它們能否引起足夠的共鳴，以推動我們在業務轉換方面所需的流量，從而減少對本季度那些打折的時間。

We're, as I'm sure people have figured out, maybe a long time ago, maybe people spoke a lot less strategically about retail in general, and maybe fashion and apparel.

我們，我敢肯定人們已經知道，也許很久以前，也許人們對一般零售的戰略性談論要少得多，也許是時尚和服裝。

But, anybody else you're talking to the last couple years, you've really got to be thoughtful and strategic when it comes to your gross margin management and traffic management.

但是，過去幾年與您交談的任何其他人，在您的毛利率管理和流量管理方面，您都必須考慮周全並具有戰略意義。

Here we are the weekend before Thanksgiving, that's a very important time to think through this first weekend.

這是感恩節前的周末，這是一個非常重要的時間來思考這個第一個週末。

Then, you have a run from Monday to Wednesday, in the season within a season.

然後，你有一個從周一到週三的跑步，在一個賽季中的一個賽季。

Thursday, now, is its own day.

星期四，現在，是它自己的一天。

Friday is its own day.

星期五是它自己的一天。

Saturday and Sunday is a unique pairing.

週六和周日是一個獨特的配對。

Then, you have this run of 2 or 3 weeks before the weekend before Christmas.

然後，你在聖誕節前的周末前 2 或 3 週進行此運行。

It's its own unique time of year.

這是一年中獨一無二的時間。

Then, you have December 26.

然後，你有 12 月 26 日。

So, to say that we don't spend -- I would probably say, maybe too much time overthinking and doing our analysis and talking to customers and trying to figure out trends, is what we're spending more time than -- 5 years ago we never spent this kind of time trying to really figure out day by day and weekend by weekend, and if we figure it out right and make the right decisions, then I think Sabrina is right, then we'll have a probably have a quarter that has less pressure on AUR.

所以，要說我們不花 - 我可能會說，也許有太多時間過度思考和做我們的分析，與客戶交談並試圖找出趨勢，是我們花費的時間超過 - 5 年以前我們從來沒有花這種時間去真正地每天和周末去弄清楚，如果我們弄清楚並做出正確的決定，那麼我認為薩布麗娜是對的，那麼我們可能會有一個對 AUR 壓力較小的季度。

But, that's to be determined still.

但是，這還有待確定。

We are in that first weekend of the run that I just talked about.

我們正處於我剛剛談到的跑步的第一個週末。

If we planned it right, thought through it properly, hopefully it will produce the results that Sabrina said -- results, as Sabrina said, we're working towards, which is getting improvement in our AUR.

如果我們計劃正確，經過適當考慮，希望它會產生 Sabrina 所說的結果——正如 Sabrina 所說，我們正在努力實現結果，這正在我們的 AUR 中得到改進。

That's what everybody here is trying to accomplish.

這就是這裡的每個人都在努力實現的目標。

Great.

偉大的。

Thanks, and good luck.

謝謝，祝你好運。

Next, we'll hear from Brian Tunick with JPMorgan.

接下來，我們將聽取摩根大通的 Brian Tunick 的來信。

I guess, as we try to parse through the prior six quarters to this, there's been questions of how much the color bottom cycle, in particular, has been such a big driver, I guess especially the Gap division.

我想，當我們試圖分析前六個季度時，一直存在問題，特別是顏色底部周期有多少是一個如此大的驅動因素，我想尤其是 Gap 部門。

So, just wondering if you guys had any comments you could share, from an internal perspective, of how sticky you think your market share gains might be going forward?

所以，只是想知道你們是否有任何意見可以分享，從內部角度來看，你認為你的市場份額增長可能會有多大的粘性？

And, are we going to expect to see ongoing 30% to 40% off the entire store into next year, if need be, to protect those market share wins?

而且，如果需要的話，我們是否會期望看到整個商店持續 30% 到 40% 的折扣到明年，以保護這些市場份額的勝利？

Thanks very much.

非常感謝。

Brian, what I was saying a few calls ago was that I thought we did, actually, a really good job in the first 8 months of the year, when we were up against the anniversary of the trend you just referenced.

布賴恩，我在幾個電話前所說的是，我認為我們在今年的前 8 個月裡做得非常好，當時我們正面臨你剛才提到的趨勢的周年紀念日。

And, I know I've said before, that trend kind of peaked in September, October of LY.

而且，我知道我之前說過，這種趨勢在 LY 的 9 月、10 月達到頂峰。

So, we've been through this assortment opportunity multiple times, I just think that's the miss we probably had.

所以，我們已經多次經歷過這個分類機會，我只是認為這可能是我們錯過的機會。

As for market share, given the fact that we had the performance we had from February until August, especially in those categories, I think we didn't only hold our market share, we built it.

至於市場份額，鑑於我們從 2 月到 8 月的表現，尤其是在這些類別中，我認為我們不僅保持了市場份額，而且還建立了它。

And, there have been some people, recently, that put out their numbers who are pretty dominant in the denim business.

而且，最近有一些人公佈了他們在牛仔布行業中相當占主導地位的數據。

So, I would say that we've continued to gain share, based on the performances we've seen, and our own internal numbers and the external numbers we stare at would indicate that.

所以，我想說，根據我們所看到的表現，我們繼續獲得份額，我們自己的內部數據和我們盯著的外部數據都表明了這一點。

While the anniversary has been a challenge, we have not only held our share, but gained on top of what we were able to achieve in 2012.

雖然週年紀念是一個挑戰，但我們不僅保住了自己的份額，而且在 2012 年取得的成就之上獲得了成就。

Moving on, from Topeka Capital Markets, we'll hear from Dorothy Lakner.

繼續，從 Topeka Capital Markets，我們將聽到 Dorothy Lakner 的消息。

Just switching gears a minute, just wanted to go back to Athleta.

只是換檔一分鐘，只是想回到Athleta。

You have opened lots of stores this year, kind of getting up towards that 100-store mark, hopefully sometime next year.

你今年開了很多店，有點接近 100 家的大關，希望明年的某個時候。

And, you've also made some adjustments to the assortments there.

而且，您還對那裡的分類進行了一些調整。

I'm just wondering if you could share with us anything you're learning as you've moved some of the assortment towards more, I guess what I'd call, street wear, in addition to the great performance wear that you're offering.

我只是想知道您是否可以與我們分享您正在學習的任何東西，因為您已經將一些分類移向了更多，我想我會稱之為街頭服裝，除了您所穿的出色性能服裝提供。

How are you thinking about Athleta as you continue to grow the store base?

隨著您繼續擴大商店基礎，您如何看待 Athleta？

Good for you, Dorothy.

對你有好處，多蘿西。

That's actually a really good observation.

這實際上是一個非常好的觀察。

My challenge with this all the time is not to swing it too quickly.

我一直面臨的挑戰是不要太快揮動它。

But yes, I would say that part of what you have observed, which is absolutely correct, was driven as we opened our first stores in New York, and realizing that maybe the Northern California aesthetic of Athleta was a little too much for New Yorkers and some other urban markets we went to.

但是，是的，我會說你所觀察到的部分，這是絕對正確的，是在我們在紐約開設第一家商店時推動的，並且意識到也許北加州的 Athleta 美學對紐約人和我們去的其他一些城市市場。

The challenge for us is not to give up on that.

我們面臨的挑戰是不要放棄這一點。

We bought the business.

我們買下了這家公司。

We love Athleta, and part of that is, it has a unique aesthetic, and it is what it is.

我們喜歡 Athleta，部分原因在於它具有獨特的美學，而且它就是這樣。

It's in Northern California.

它在北加州。

We can't just eradicate that, but finding a better balance is what you're observing right now.

我們不能只是根除它，但找到更好的平衡是你現在正在觀察的。

I'd say that's really worked out well for us.

我會說這對我們來說真的很有效。

I think the team, led by Art Peck and Nancy Green, have done a great job of opening up, let's say, the brand aperture a little bit and get people who maybe the previous aesthetic, which is not for everybody, were willing to accept it and mix and match that with a wardrobe.

我認為由 Art Peck 和 Nancy Green 領導的團隊在開放方面做得很好，比方說，品牌開孔一點點，讓那些可能以前不適合所有人的審美願意接受的人將它與衣櫃混合搭配。

But, just buying exclusively, that aesthetic, wasn't something that was attractive to as large a customer base as we'd like.

但是，僅僅購買這種審美，對於我們想要的龐大客戶群來說並沒有什麼吸引力。

When you expand as many stores as we do, also, the observation we had to make is if we want to have -- you referenced 100 stores.

同樣，當您像我們一樣擴展商店時，我們必須做出的觀察是如果我們想要擁有 - 您引用了 100 家商店。

If we want to have a business at that level or greater, we're going to have to get a bigger tent for customers.

如果我們想在那個級別或更高級別開展業務，我們將不得不為客戶準備一個更大的帳篷。

So, that's been happening, now, for about 3 months.

所以，這已經發生了，現在，大約 3 個月。

I think the marketing has now followed with it, and so has the website.

我認為營銷已經隨之而來，網站也是如此。

There's more changes coming, nothing dramatic, just to keep broadening the brand's appeal, as you referenced.

正如您所提到的，為了不斷擴大品牌的吸引力，將會有更多的變化，沒有什麼戲劇性的變化。

How do I feel about it?

我感覺如何？

I feel great.

我感覺好極了。

I really think the team's done a great -- they've done a really strong job of presenting the brand in a different way without moving too quickly, and so far, the customer response has been very positive.

我真的認為這個團隊做得很好——他們在以不同的方式展示品牌方面做得非常出色，而且動作也沒有太快，到目前為止，客戶的反應非常積極。

That's great.

那太棒了。

Those stores look terrific.

那些商店看起來棒極了。

Good luck for holiday.

祝你假期好運。

From Sterne Agee, we'll hear from Ike Boruchow.

來自 Sterne Agee，我們將聽到 Ike Boruchow 的消息。

Thanks for taking my question.

感謝您提出我的問題。

I guess, Glenn, high-level question for you on sourcing.

我猜，Glenn，關於採購的高級問題。

When we start to think about 2014 input costs, can you talk about wage inflation in areas like Malaysia, and how that could potentially spread to other countries in Asia?

當我們開始考慮 2014 年的投入成本時，您能否談談馬來西亞等地區的工資通脹，以及這可能如何蔓延到亞洲其他國家？

And, just any high-level thought you have there would be great.

而且，只要你有任何高層次的想法都會很棒。

Thanks.

謝謝。

Well, it's a little early to tell about one of the larger components of our costing, which is the raw materials.

好吧，現在談論我們成本核算的較大組成部分之一，即原材料還為時過早。

So far, cotton and oil are behaving decently well, so I think we feel good about that and the team that's working upstream.

到目前為止，棉花和石油的表現都不錯，所以我認為我們對此以及在上游工作的團隊感覺良好。

Part of it is, are the raw materials going to be at a place that allow us to hold our current costing or even better it?

部分原因是，原材料是否會出現在一個可以讓我們保持當前成本甚至更好的地方？

Too soon to tell, but I like the direction it has been in the last 3 months.

說得太早了，但我喜歡過去 3 個月的發展方向。

As I was answering a question earlier, some of the changes in our supply chain strategies that have been initiated the last 6 months, which is working directly with mills and less with vendors, and consolidating fabrics and fabric platforming, that should also give us an opportunity to leverage that change with the vendor community.

正如我之前回答的一個問題，我們在過去 6 個月中開始的供應鏈戰略的一些變化是直接與工廠合作，而不是與供應商合作，以及整合面料和麵料平台，這也應該給我們一個有機會與供應商社區一起利用這種變化。

And, you're absolutely right on labor cost, it's some increases in Cambodia, in Vietnam, in Indonesia, you referenced Malaysia -- we don't do a lot in Malaysia -- Bangladesh.

而且，你在勞動力成本方面是絕對正確的，柬埔寨、越南、印度尼西亞都有一些增加，你提到了馬來西亞——我們在馬來西亞做的不多——孟加拉國。

It's a smaller component of our total cost, but it's a component, and that's been going on.

這是我們總成本中較小的組成部分，但它是一個組成部分，並且一直在進行。

And, we're making the adjustments, whether that's by taking more capacity of factories or having fewer vendors, we're doing everything we can to manage around it.

而且，我們正在進行調整，無論是通過增加工廠產能還是減少供應商，我們都在盡我們所能來管理它。

But, the big win for us is the change in our supply chain.

但是，對我們來說最大的勝利是我們供應鏈的變化。

I think that's going to bring some benefits to us.

我認為這會給我們帶來一些好處。

The team's working on that.

團隊正在為此努力。

And, something we can't control and we know how to manage one way or the other is if commodity costs behave, and so far, so good.

而且，我們無法控制的事情，我們知道如何管理一種或另一種方式是商品成本是否表現良好，到目前為止，一切都很好。

Thanks very much.

非常感謝。

Our last question will come from the line of Richard Jaffe with Stifel.

我們的最後一個問題將來自 Richard Jaffe 和 Stifel 的台詞。

Glenn, a question for you.

格倫，問你一個問題。

As CEO, that is to say, professionally, what would you ask Santa for this year?

作為CEO，也就是說，從專業上講，今年你會問聖誕老人甚麼？

Well, you know, I don't -- I'm a very tough person to buy for.

嗯，你知道，我不——我是一個很難接受的人。

I will tell you that on a number of different fronts.

我會在許多不同的方面告訴你這一點。

If we could -- if on a personal note, if everybody in the office here could have a very happy holiday and get a chance to relax after all the hard work they've done, I'd feel good about that.

如果我們可以——如果就個人而言，如果這里辦公室的每個人都可以度過一個非常愉快的假期，並且在他們所做的所有辛勤工作之後有機會放鬆一下，我會對此感覺很好。

And of course, we always want to make sure that -- I've always had faith in the consumer.

當然，我們總是想確保——我一直對消費者充滿信心。

I'm a glass half-full person.

我是一個玻璃杯半滿的人。

I just believe the consumer is -- there's more tailwinds than there are headwinds, and I think they're going to come out and buy.

我只是相信消費者是——順風比逆風多，我認為他們會出來購買。

If we execute properly, then I would consider that to be a very positive Christmas.

如果我們執行得當，那麼我會認為這是一個非常積極的聖誕節。

Okay.

好的。

I was really thinking professionally.

我真的是在專業地思考。

That's a kind thought for your workers and coworkers, and I share that.

這對你的員工和同事來說是一種善意的想法，我同意這一點。

So, happy holidays, let's all get out there and shop early and shop hard.

所以，節日快樂，讓我們都出去，早點購物，努力購物。

Thanks very much.

非常感謝。

Thank you.

謝謝你。

Thank you.

謝謝你。

I would like to thank everyone for joining us on the call today.

我要感謝大家今天加入我們的電話會議。

As a reminder, our earnings press release, which is available on gapinc.com, contains a full recap of our third-quarter results, as well as the forward-looking guidance included in Sabrina's remarks.

提醒一下，我們的收益新聞稿可在 gapinc.com 上獲得，其中包含對我們第三季度業績的全面回顧，以及 Sabrina 言論中包含的前瞻性指導。

As always, the Investor Relations team will be available after the call for further questions.

與往常一樣，投資者關係團隊將在電話會議後提供進一步的問題。

Thank you.

謝謝你。

Thank you.

謝謝你。

That does conclude our conference.

這確實結束了我們的會議。

You may now disconnect.

您現在可以斷開連接。