蓋璞 (GPS) 2013 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen.

下午好，女士們，先生們。

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

我叫凱文，今天我將擔任您的會議接線員。

At this time I would like to welcome everyone to the Gap Incorporated Fourth-Quarter 2013 Conference Call.

在此，我想歡迎大家參加 Gap Incorporated 2013 年第四季度電話會議。

(Operator Instructions)

（操作員說明）

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）。

Good afternoon, everyone.

大家下午好。

Welcome to Gap Inc.'s Fourth-Quarter 2013 Earnings Conference Call.

歡迎參加 Gap Inc. 的 2013 年第四季度收益電話會議。

I'd 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 10K and our subsequent filings with the SEC, 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 財務措施相協調的措施的對賬或描述，請參閱今天的新聞稿以及我們的最新的 10K 表格年度報告以及我們隨後向 SEC 提交的文件，所有這些都可以在 GapInc.com 上找到。

These forward-looking statements are based on information as of February 27, 2014, 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 2014 年 2 月 27 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。

Before we begin, I also want to mention that Sabrina will be using slides to supplement her remarks, which you can view by going to the Investor Relations section at GapInc.com.

在我們開始之前，我還想提一下，Sabrina 將使用幻燈片來補充她的評論，您可以前往 GapInc.com 的投資者關係部分查看。

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

今天加入我們的電話會議是董事長兼首席執行官格倫墨菲和執行副總裁兼首席財務官薩布麗娜西蒙斯。

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.

謝謝卡特里娜颶風，大家下午好。

The February call is traditionally one that is pretty heavily skewed towards financial information, so Sabrina will be coming on in a minute to talk about Q4 2013 results, full-year results, and to give guidance for 2014.

2 月份的電話會議傳統上非常偏向於財務信息，因此 Sabrina 將在稍後討論 2013 年第四季度的業績、全年業績，並為 2014 年提供指導。

So with that as our backdrop, what I want to do is two things.

因此，以此為背景，我想做兩件事。

I want to take you through what I believe were the accomplishments that Gap Inc.

我想帶你了解我認為 Gap Inc. 所取得的成就。

had in 2013, and then speak to our four global strategic priorities for this current fiscal year.

2013 年，然後談談我們本財年的四個全球戰略重點。

In 2013 we had a number of accomplishments that contributed to our performance of an increase of 18% in earnings per share and some are more culturally-based.

2013 年，我們取得了多項成就，使我們的每股收益增長了 18%，其中一些成就更加基於文化。

The fact that we comped in every quarter we felt good about.

我們在每個季度都參加比賽的事實讓我們感覺很好。

It was a very consistent year, the numbers had a little bit of variability into them, but we comped every single quarter.

這是非常穩定的一年，這些數字有一些變化，但我們每個季度都進行了比較。

While the market numbers are not available just yet, we're pretty confident we can say we gained share again for the second year in a row, gained share, especially in our domestic market of North America.

雖然目前還沒有市場數據，但我們很有信心可以說我們連續第二年再次獲得份額，獲得了份額，尤其是在我們的北美國內市場。

One of the things I feel good about when I think back on 2013 is culturally, the business pivoted towards digital.

當我回想起 2013 年時，我感覺良好的一件事是在文化上，業務轉向數字化。

This business is building a bridge between its physical stores and the digital world in which we operate.

該業務正在其實體店和我們經營的數字世界之間架起一座橋樑。

We know that's the winning strategy for us.

我們知道這對我們來說是製勝法寶。

Look, I've been in retail 25 years.

看，我從事零售業已有 25 年了。

I grew up for the bricks and mortar side of the business.

我是為實體業務而長大的。

We have 3,600 stores if you include our franchise business.

如果包括我們的特許經營業務，我們有 3,600 家商店。

It takes a company like ours a long time to make that mindset shift but in 2013 we made it.

像我們這樣的公司需要很長時間才能轉變這種心態，但在 2013 年我們做到了。

We made it through some of the exciting investments we've made on the digital side of the business, we've made it through the new team we've put into place.

我們通過在業務數字方面進行的一些令人興奮的投資實現了這一目標，我們通過我們組建的新團隊實現了這一目標。

And that was something so important to the future of our business to get the right balance between our digital and physical messaging to consumers and offerings in those two channels.

這對於我們業務的未來非常重要，以在我們向消費者發送的數字和物理消息以及這兩個渠道中的產品之間取得適當的平衡。

We launched Reserve in Store and Find in Store in 2013; now in 2014 we have to market that strongly and make sure that all customers, especially Millenials, are really aware of this service that we have that nobody else has.

我們於 2013 年推出了 Reserve in Store 和 Find in Store；現在在 2014 年，我們必須大力推廣這一點，並確保所有客戶，尤其是千禧一代，真正了解我們擁有的這項服務，而其他人卻沒有。

We also demonstrated in 2013 that we continue to have a very flexible economic model.

我們還在 2013 年展示了我們繼續擁有非常靈活的經濟模式。

We saw that in the fourth quarter, where when the gross margin dollars in our business are not to the level we'd like them, we have the ability through multiple levers in the business to reduce cost and still achieve a very strong performance on operating margin and on earnings per share.

我們看到，在第四季度，當我們的業務毛利率沒有達到我們想要的水平時，我們有能力通過業務中的多個槓桿來降低成本，並且仍然取得非常強勁的運營業績利潤率和每股收益。

I would actually say in 2013, we found new avenues of cost reduction.

實際上，我想說的是，在 2013 年，我們找到了降低成本的新途徑。

It was a combination between the flexibility in the model and constantly pushing ourselves to find new savings and new ways to get efficiency and productivity in our business.

它結合了模型的靈活性和不斷推動我們自己尋找新的節省和新的方法來提高我們的業務效率和生產力。

Our international online business had another very strong year and I mention this for a strategic reason.

我們的國際在線業務又經歷了一個非常強勁的一年，我出於戰略原因提到這一點。

We continue to look at what the right balance is of our bricks and mortar business to our growing digital business, internationally to have this growth in Europe and Japan, in China.

我們繼續關注我們的實體業務與我們不斷增長的數字業務之間的正確平衡，在國際上實現這種增長在歐洲和日本，在中國。

There's always going to be a need for a customer to go into a store.

顧客總是需要進入商店。

Philosophically and strategically Gap Inc.

哲學上和戰略上的 Gap Inc.

believes that, but finding the balance in our international markets is going to be important where the fleet's not as large as here domestically.

相信這一點，但在我們的國際市場上找到平衡點將很重要，因為船隊不像國內那麼大。

In the China market we opened over 30 stores, or more importantly, we opened in four new cities, we ended the year in 21 cities, which is good coverage for us.

在中國市場，我們開了 30 多家店，更重要的是，我們在 4 個新城市開張，年底我們在 21 個城市，這對我們來說是一個很好的覆蓋範圍。

I'm sure everybody knows this stat, but it's always worth repeating because it's so striking.

我相信每個人都知道這個統計數據，但它總是值得重複，因為它是如此驚人。

There are 50 cities in China with more than 5 million people.

中國有50個城市人口超過500萬。

So we're not even halfway there yet.

所以我們甚至還沒有完成一半。

What's important, because most people know we've been making a big investment in marketing and brand awareness; long-term that's how you're going to win in China, by having a real brand that people know what it stands for and what it represents.

重要的是，因為大多數人都知道我們一直在對營銷和品牌知名度進行大量投資；從長遠來看，這就是你在中國取勝的方式，通過擁有一個人們知道它代表什麼以及它代表什麼的真正品牌。

Our awareness in 2013 hit 70%, and that's equal to or above a lot of our international competitors who've been there many years before us.

我們在 2013 年的認知度達到了 70%，這等於或高於我們許多比我們早多年的國際競爭對手。

2013 will be remembered as the year that Old Navy went international.

2013年將被銘記為Old Navy走向國際的一年。

While we tested a single store in Tokyo in 2012, we now have almost 20 stores in Japan.

雖然我們在 2012 年測試了東京的一家商店，但我們現在在日本擁有近 20 家商店。

And that's opening the door.

這就是打開大門。

Because what happens now is we built the structure and we put the processes in place to have an international business.

因為現在發生的事情是我們建立了結構，並將流程落實到位以開展國際業務。

Now you've just got to layer on countries, and that's a big part of what Stefan put in place.

現在您只需對國家/地區進行分層，這是 Stefan 實施的重要組成部分。

But we are really prepared now, in 2014, to take our biggest brand outside of its traditional two markets of the United States and Canada.

但我們現在真的做好了準備，在 2014 年，將我們最大的品牌帶到美國和加拿大這兩個傳統市場之外。

We opened up our 500th global outlet store in 2013; actually finished at 525 plus.

2013 年，我們開設了全球第 500 家直銷店；實際上以525+結束。

But we opened our 500th store and this is a key tenant to the Company strategy, multiple channels.

但我們開設了第 500 家門店，這是公司戰略的關鍵租戶，多渠道。

Strong in specialty, branded business, complemented by this derivative of our specialty business, which is our value outlet business, and our online business.

強大的專業品牌業務，輔之以我們的專業業務的衍生品，即我們的價值奧特萊斯業務和我們的在線業務。

But that 500 stores globally really speaks to the opportunity for us in more international markets to come.

但全球 500 家門店確實為我們在更多國際市場提供了機會。

And finally, 2013, from the Company's perspective, as well as my own, was the breakout year for Athleta.

最後，從公司和我自己的角度來看，2013 年是 Athleta 突破的一年。

It opened 30 stores, we have 65 stores now, but by every metric we look at, whether that's comp, traffic, penetration in key markets, what the brand stands for, the new customer acquisitions, it was really a breakout year for Athleta.

它開了 30 家店，我們現在有 65 家店，但是從我們所看到的每一個指標來看，無論是競爭、流量、關鍵市場的滲透率、品牌代表什麼、新客戶的獲取，這對 Athleta 來說確實是一個突破性的一年。

That's something to celebrate in the business that has six brands, three that are iconic, and it looks like Athleta is on its path to becoming the fourth iconic brand within Gap Inc.'s portfolio.

在擁有六個品牌、三個標誌性品牌的企業中，這是值得慶祝的事情，而且看起來 Athleta 正在成為 Gap Inc. 產品組合中的第四個標誌性品牌。

As we look at 2014 at Gap Inc., we're very focused on our four global strategic priorities.

回顧 Gap Inc. 的 2014 年，我們非常關注我們的四個全球戰略重點。

Let me talk about our global growth, and that starts with our international markets, and our international markets start with China.

讓我談談我們的全球增長，從我們的國際市場開始，我們的國際市場從中國開始。

We'll have 30 new stores in the Chinese market, four new cities in 2014.

2014年我們將在中國市場開設30家新店，四個新城市。

That's made up of both specialty stores and outlet stores.

這由專賣店和直銷店組成。

We're looking at making some real investments beyond what we've done the last couple years in our online business, we're lining ourselves up with some strategic partners, we do see the online market and mobile business, everything we're doing here domestically is, we're seeing it in spades in China, which lines up so nicely with how we see our business and winning both in digital and physical.

我們正在考慮在過去幾年在線業務之外進行一些真正的投資，我們正在與一些戰略合作夥伴合作，我們確實看到了在線市場和移動業務，我們正在做的一切在國內，我們在中國看到了它，這與我們如何看待我們的業務以及在數字和實體方面的勝利非常吻合。

Old Navy opens up in China, first store opens on March 1, which is next week, and we will do another five stores on top of that store opens in Shanghai next week in 2014.

Old Navy 在中國開張，第一家店在 3 月 1 日開業，也就是下週，我們將在 2014 年下週在上海開店的基礎上再開 5 家店。

And you have Old Navy International outside of China.

而且你在中國以外有老海軍國際。

We'll open about 25 stores in Japan, and we will go to our first franchise market this year in the Philippines.

我們將在日本開設約 25 家門店，今年我們將進軍菲律賓的第一個特許經營市場。

Our online business will deliver growth to us, because day 1, when Old Navy China opens, we will open an Old Navy site on that exact same day on March 1. Same goes for Taiwan.

我們的在線業務將為我們帶來增長，因為第一天，當 Old Navy 中國開業時，我們將在 3 月 1 日的同一天開設一個 Old Navy 網站。台灣也是如此。

The Gap Taiwan online will open up the first day our store opens.

The Gap Taiwan online 將在我們商店開業的第一天開放。

From a growth perspective we'll open up 60 global outlets in 2014, and lastly, we will open somewhere around 30 Athleta stores and get just close to the 100 store mark by the end of the year.

從增長的角度來看，我們將在 2014 年開設 60 家全球門店，最後，我們將開設大約 30 家 Athleta 門店，到年底將接近 100 家門店。

Second big priority for us is on OmniChannel.

我們的第二大優先事項是全渠道。

And it starts with, from my perspective, it starts with marketing and driving awareness of Reserve in Store and Find in Store.

從我的角度來看，它始於營銷和提高 Reserve in Store 和 Find in Store 的意識。

As a matter of fact, Reserve in Store will be in all Gap stores and it was only in half the Gap stores at the end of Q4.

事實上，Reserve in Store 將出現在所有 Gap 門店中，而在第四季度末只有一半的 Gap 門店。

Domestically one of the investments we're making, we're making lots of investments; it's always about our site, how could our images look better, how could it be faster?

國內是我們正在進行的投資之一，我們正在進行大量投資；它總是關於我們的網站，我們的圖像怎麼能看起來更好，怎麼能更快？

Everything's important to us in online, but one area we're focusing on is on responsive design, and making sure regardless of the device you're on, because not all devices are the same, how does the messaging and the images to get to the highest level of engagement possible based on how personalized each person's device is?

在線上的一切對我們來說都很重要，但我們關注的一個領域是響應式設計，並確保無論您使用哪種設備，因為並非所有設備都相同，消息傳遞和圖像如何到達根據每個人的設備的個性化程度，可能達到的最高參與度是多少？

That's a big investment we're making.

這是我們正在進行的一項重大投資。

One new investment we're making as part of our OmniChannel Roadmap is to get into Order in Store, and we'll be doing some pilots in the first half of this year, whether that's on a self service kiosk in our stores or service component inside, which fits to the announcement we made last week about wages.

作為我們全渠道路線圖的一部分，我們正在進行的一項新投資是進入商店訂單，我們將在今年上半年進行一些試點，無論是在我們商店的自助服務亭還是服務組件上裡面，這符合我們上週關於工資的公告。

More and more our store associates, full-time, part-time, managers, are being asked to do so much more.

越來越多的店員、全職、兼職、經理被要求做更多的事情。

Lots of opportunity on the OmniChannel, some of the ideas in the US will migrate to Canada.

OmniChannel 上有很多機會，美國的一些想法將遷移到加拿大。

We're looking at Click and Collect in the UK, which is something that's more appropriate in that market than Reserve in Store is in North America, and lastly you'll see a lot more personalization in our business.

我們正在研究英國的 Click and Collect，這在該市場中比在北美的 Reserve in Store 更合適，最後您會在我們的業務中看到更多的個性化。

We're going to operationalize it in this current fiscal year.

我們將在本財政年度實施它。

That just starts with serving up home pages that matter to people, based on their buying decisions historically, we're trying to make sure that if somebody is more interested certain categories, certain messaging, that personalized home page happens.

這只是從提供對人們重要的主頁開始，根據他們過去的購買決定，我們試圖確保如果有人對某些類別、某些消息更感興趣，那麼個性化主頁就會出現。

This business is all about engagement.

這項業務全都與參與有關。

You're not getting click-through, you're not maximizing engagement.

您沒有獲得點擊率，也沒有最大限度地提高參與度。

And that's what personalization is about.

這就是個性化的意義所在。

Third strategic priority is to build a responsive Supply Chain model.

第三個戰略重點是構建響應式供應鏈模型。

2013, that started with the consolidation of our fabrics, eliminating lots of fabrics we didn't need.

2013 年，我們開始整合我們的面料，淘汰了許多我們不需要的面料。

Now that we have a fabric library that's a lot less than it was the previous year, now you can platform those fabrics, and we're making huge progress on that.

現在我們的面料庫比前一年少了很多，現在您可以將這些面料放在平台上，我們在這方面取得了巨大進展。

We went from almost having no fabrics platformed, and it's going to be a big difference in our business, how much product by the end of the year came off at fabric that was platformed in the business, it's sitting at the vendor ready to go, it introduces flexibility and speed to an operating model which we didn't have before.

我們從幾乎沒有平台化的面料開始，這將對我們的業務產生很大的影響，到今年年底有多少產品在業務平台化的面料上脫落，它正坐在供應商那裡準備好了，它為我們以前沒有的運營模式引入了靈活性和速度。

VMI, vendor manage inventory, made big strides in 2013.

VMI，供應商管理庫存，在 2013 年取得了長足的進步。

We're doing a lot more testing of products, test and respond, and you'll see a lot of that that's happening right now in our business for fall, and in the back half we're going to finally introduce Rapid Response, that's just having a model in which you can react in season.

我們正在對產品進行更多測試、測試和響應，您會看到我們秋季業務中正在發生的很多事情，在後半部分，我們將最終引入快速響應，那就是只是有一個模型，你可以在季節做出反應。

All of those will come together and we're feeling pretty good about the progress we've made.

所有這些都將結合在一起，我們對我們取得的進展感到非常滿意。

And lastly, we are working to develop a seamless inventory model at Gap Inc., responsive Supply Chain is a change in our Supply Chain model; this is a change in how we manage inventory.

最後，我們正在 Gap Inc. 開發無縫庫存模型，響應式供應鍊是我們供應鏈模型的一個變化；這是我們管理庫存方式的改變。

And one example is both in China and Athleta, in 2014, we will have inventory sitting on the same shelf that can be shipped to a direct customer to their home or to a store.

一個例子是在中國和 Athleta，在 2014 年，我們將把庫存放在同一個貨架上，可以將其運送給直接客戶到他們家或商店。

To me that's the Holy Grail of seamless inventory, and that's where we really can maximize our gross margin dollars.

對我來說，這是無縫庫存的聖杯，這就是我們真正可以最大化我們的毛利率的地方。

So we'll be hearing a lot more updates about our vision of this for 2015, but I do want to inform everybody that we accomplish what we said we're going to accomplish last year.

因此，我們將聽到更多關於我們 2015 年願景的更新，但我確實想告訴大家，我們完成了我們去年所說的要完成的事情。

We have a global label now in all of our businesses, we have global assortment for each one of our brands, and we'll have a global fit by fall.

我們現在在所有業務中都有一個全球標籤，我們的每個品牌都有全球分類，到秋天我們將有一個全球適合。

And that's the foundational tenants of any seamless inventory model, are gaining those three components in place.

這是任何無縫庫存模型的基本租戶，正在獲得這三個組件。

Before I hand the call over to Sabrina to take you through the numbers, the team here in San Francisco and New York and our offices around the world feel good about our performance in 2013.

在我將電話交給薩布麗娜（Sabrina）帶您了解數字之前，舊金山和紐約的團隊以及我們在世界各地的辦事處對我們 2013 年的表現感到滿意。

It was a good year on top of our performance in 2012.

在我們 2012 年的表現之上，這是一個好年頭。

We are very focused to begin in this year on winning, on building this bridge between digital and physical, on executing these four global priorities flawlessly, and retaining and attracting the best talent in the industry.

從今年開始，我們非常專注於贏得勝利，在數字和實體之間架起一座橋樑，完美地執行這四個全球優先事項，以及留住和吸引業內最優秀的人才。

With all that said, Sabrina, over to you.

說了這麼多，薩布麗娜，交給你了。

Thank you, Glenn.

謝謝你，格倫。

Good afternoon, everyone.

大家下午好。

Overall, we're pleased with our performance in 2013.

總體而言，我們對 2013 年的表現感到滿意。

We achieved our stated objectives, mainly growing sales, delivering operating margin expansion, growing earnings per share, and returning excess cash to shareholders, and we met our goals despite facing significant headwinds from foreign exchange and a shorter fiscal year.

我們實現了既定目標，主要是增加銷售額、擴大營業利潤率、增加每股收益以及向股東返還多餘現金，儘管面臨來自外彙的重大阻力和較短的財政年度，我們仍實現了我們的目標。

Here are some full-year highlights.

以下是一些全年的亮點。

Net sales grew 5% on a constant currency basis as we continued to gain momentum in growing globally through all of our channels, especially online, which grew 21% for the year.

以固定匯率計算，淨銷售額增長 5%，因為我們通過所有渠道，尤其是在線渠道，在全球範圍內繼續保持增長勢頭，全年增長 21%。

In line with our strategy, our revenue mix shifted to our higher return channels, with online penetration growing two percentage points to 14%.

根據我們的戰略，我們的收入組合轉向了更高回報的渠道，在線滲透率增長了兩個百分點，達到 14%。

Full-year comp sales were positive two, driven by Gap at positive three, and Old Navy at positive two.

全年comp銷售額為正2，由正3的Gap和正2的Old Navy推動。

Operating margin expanded 90 basis points to 13.3%.

營業利潤率擴大 90 個基點至 13.3%。

Earnings per share grew 18% to $2.74 on top of last year's strong 49% growth, and finally, we distributed $1.3 billion of cash to shareholders through share repurchases and dividends.

在去年強勁增長 49% 的基礎上，每股收益增長了 18% 至 2.74 美元，最後，我們通過股票回購和股息向股東分配了 13 億美元的現金。

Moving to fourth-quarter and full-year financial results.

轉到第四季度和全年的財務業績。

As a reminder, both fourth-quarter and full-year results are negatively impacted by the loss of the 53rd week.

提醒一下，第四季度和全年業績都受到第 53 週虧損的負面影響。

Sales for the fourth quarter were $4.6 billion with comp sales up 1%.

第四季度銷售額為 46 億美元，銷售額增長 1%。

For the full year, reported sales were up 3% to $16.1 billion, despite the negative translation impact from foreign exchange of about $240 million.

全年報告的銷售額增長 3% 至 161 億美元，儘管外匯帶來的負面轉換影響約為 2.4 億美元。

Moving to gross margin, fourth quarter gross margin was down 280 basis points to 34.8%.

轉向毛利率，第四季度毛利率下降 280 個基點至 34.8%。

Merchandise margins were down 220 basis points for the quarter, driven by the unusually promotional holiday season.

由於異常促銷的假日季節，本季度商品利潤率下降了 220 個基點。

And as we expected, rent and occupancy deleveraged 60 basis points driven by the lack of the 53rd week.

正如我們預期的那樣，由於缺乏第 53 週，租金和入住率降低了 60 個基點。

For the full year, gross profit dollars grew by 2% to $6.3 billion and gross margin was down 40 basis points to 39%.

全年毛利潤增長 2% 至 63 億美元，毛利率下降 40 個基點至 39%。

Our merchandise margins were down 50 basis points and rent and occupancy leveraged by 10 basis points.

我們的商品利潤率下降了 50 個基點，租金和入住率下降了 10 個基點。

Regarding SG&A, our discipline around expense management resulted in fourth quarter total operating expenses of $1.1 billion, a reduction of $103 million from the prior year, driven by savings in store expenses and overhead, as well as the positive impact to expenses from foreign exchange translation and the lack of the 53rd week.

在 SG&A 方面，我們圍繞費用管理的紀律導致第四季度總運營費用為 11 億美元，比上年減少 1.03 億美元，這主要得益於商店費用和管理費用的節省，以及外匯翻譯對費用的積極影響和缺乏第 53 週。

As a percent of sales, total operating expenses leveraged by 140 basis points.

作為銷售額的百分比，總運營費用增加了 140 個基點。

For the full year, total operating expenses were $4.1 billion, down $85 million from last year, with the majority of the decline driven by translation of foreign currency.

全年總運營費用為 41 億美元，比去年減少 8,500 萬美元，其中大部分下降是由於外幣折算所致。

As a rate to sale, SG&A leveraged 130 basis points.

作為銷售利率，SG&A 使用了 130 個基點。

Marketing expenses for the full year were $637 million, down $16 million to last year.

全年營銷費用為 6.37 億美元，比去年減少 1600 萬美元。

The result?

結果？

We're pleased that we grew full-year operating income by $207 million and net income by $145 million to nearly $1.3 billion.

我們很高興全年營業收入增長 2.07 億美元，淨收入增長 1.45 億美元，達到近 13 億美元。

Supporting our long-term growth strategies, we opened 190 new Company-operated stores in 2013 with store growth focused primarily in Asia.

為支持我們的長期增長戰略，我們在 2013 年開設了 190 家新的公司自營門店，門店增長主要集中在亞洲。

In North America store growth was driven by Athleta.

在北美，商店的增長是由 Athleta 推動的。

Our square footage grew by 1%.

我們的面積增加了 1%。

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

新聞稿中列出了按部門劃分的商店數量和平方英尺。

Capital expenditures for the full year were $670 million.

全年資本支出為 6.7 億美元。

Though over half of our capital expenditures was on stores, importantly, we also continued to invest significantly in strategic areas like OmniChannel and Supply Chain.

儘管我們一半以上的資本支出用於商店，但重要的是，我們還繼續在全渠道和供應鍊等戰略領域進行大量投資。

Regarding the balance sheet and cash flow, inventory dollars per store were up 7% at the end of the fourth quarter, in line with our guidance, and we expect a similar increase in inventory dollars per store at the end of Q1.

關於資產負債表和現金流，第四季度末每家商店的庫存美元增長了 7%，符合我們的預期，我們預計第一季度末每家商店的庫存美元也將出現類似的增長。

For the full year, free cash flow was an inflow of over $1 billion, and we ended the year with about $1.5 billion in cash.

全年，自由現金流流入超過 10 億美元，我們在年底擁有約 15 億美元的現金。

We distributed $1.3 billion of cash to shareholders through share repurchases and dividends, including $134 million on share repurchases in the fourth quarter.

我們通過股票回購和股息向股東分配了 13 億美元的現金，其中包括第四季度的股票回購 1.34 億美元。

We ended the year with 446 million shares outstanding.

我們在年底發行了 4.46 億股流通股。

And now I'd like to share our outlook for 2014.

現在我想分享我們對 2014 年的展望。

This year we'll continue to pursue a balanced approach to deliver on our goals.

今年，我們將繼續追求平衡的方法來實現我們的目標。

Specifically, we'll focus on growing sales with healthy merchandise margins, managing our expenses, delivering earnings per share growth, and as always, returning excess cash to shareholders; however, it's important to discuss the impact foreign exchange will have in 2014.

具體來說，我們將專注於以健康的商品利潤率增長銷售額，管理我們的開支，實現每股收益增長，並一如既往地向股東返還多餘的現金；然而，重要的是要討論外匯對 2014 年的影響。

Let's begin with the impact to our goal of growing sales with healthy merchandise margins.

讓我們從對我們以健康的商品利潤增長銷售額的目標的影響開始。

Our objective overall is to deliver modest positive comps on a full-year basis.

我們的總體目標是全年提供適度的積極補償。

In addition to our comp base, we plan to drive increased revenue through our multiple channels, newer brands and geographies.

除了我們的薪酬基礎之外，我們還計劃通過我們的多個渠道、更新的品牌和地區來增加收入。

While comp is reported on a currency-neutral basis, our revenues and margins are subject to currency fluctuations.

雖然薪酬是在貨幣中性的基礎上報告的，但我們的收入和利潤率會受到貨幣波動的影響。

As a reminder, our largest foreign subsidiaries are in Canada and Japan, with combined sales in these two countries of over $2 billion.

提醒一下，我們最大的外國子公司位於加拿大和日本，在這兩個國家的總銷售額超過 20 億美元。

With the continuing depreciation of both those currencies, our reported results will be negatively impacted.

隨著這兩種貨幣的持續貶值，我們報告的結果將受到負面影響。

There are really two separate impacts of foreign exchange.

外匯實際上有兩種不同的影響。

The first is translation and the second is the economic impact to our merchandise margins.

第一個是翻譯，第二個是對我們商品利潤率的經濟影響。

Because we hedge inventory purchases for our foreign subsidiaries 12 to 18 months in advance, we were largely shielded from the merchandise margin impact of the depreciating yen in 2013; however, as the old hedge rates lapse and new less favorable hedge rates come on, the cost of goods in local currencies will increase for our largest foreign subsidiaries.

因為我們提前 12 到 18 個月對我們的外國子公司的庫存採購進行對沖，所以我們在很大程度上不受 2013 年日元貶值的商品利潤率影響；然而，隨著舊對沖利率的失效和新的不利對沖利率的出現，我們最大的外國子公司以當地貨幣計算的商品成本將增加。

As a result, though we expect merchandise margins to remain healthy on a constant currency basis, on an actual basis, merchandise margin expansion will be challenging.

因此，儘管我們預計商品利潤率在固定貨幣基礎上保持健康，但在實際基礎上，商品利潤率擴張將具有挑戰性。

Further, based on today's spot rates, translation will likely continue to impact us, as well.

此外，根據今天的即期匯率，翻譯也可能會繼續影響我們。

Having now explained this important dynamic to our merchandise margins and revenues, I would now like to turn to earnings per share growth.

現在已經解釋了這一對我們商品利潤率和收入的重要影響，我現在想談談每股收益的增長。

We expect reported earnings per share for FY14 to be in the range of $2.90 to $2.95.

我們預計 2014 財年報告的每股收益將在 2.90 美元至 2.95 美元之間。

Our guidance contemplates some of the foreign currency headwinds I just discussed.

我們的指導考慮了我剛才討論的一些外匯不利因素。

At today's spot rates, we estimate that the impact from foreign currencies reduces our reported EPS growth rate by five full percentage points.

按照今天的即期匯率，我們估計外幣的影響使我們報告的每股收益增長率降低了五個百分點。

So to be clear, at its midpoint our guidance of $2.90 to $2.95 represents EPS growth of 7% on a reported basis, which on a constant currency basis would be five percentage points higher than that, or a solid double-digit growth rate.

因此，需要明確的是，在中點，我們 2.90 美元至 2.95 美元的指引代表每股盈利增長 7%，按固定匯率計算，這將比這高出 5 個百分點，或穩定的兩位數增長率。

Driven primarily by the foreign currency impact to our merchandise margin, we expect operating margins to remain flattish on a reported basis.

主要受外匯對我們商品利潤率的影響，我們預計營業利潤率在報告的基礎上將保持平穩。

Regarding the balance sheet and cash flow, we remain very committed to our principle of returning excess cash to shareholders.

關於資產負債表和現金流，我們仍然非常致力於將多餘現金返還給股東的原則。

Since the inception of our buyback program in 2004, we have repurchased about 630 million shares, representing over half of our shares outstanding at an average price of under $21.

自 2004 年我們的回購計劃啟動以來，我們以低於 21 美元的平均價格回購了約 6.3 億股股票，占我們流通股的一半以上。

Over that same period, our free cash flow generation has averaged over $1.1 billion per year and we very consistently distributed that free cash flow to shareholders with distributions averaging over $1.5 billion per year over the same period.

在同一時期，我們產生的自由現金流平均每年超過 11 億美元，我們非常一致地將自由現金流分配給股東，同期平均每年分配超過 15 億美元。

As a reminder, we announced a new $1 billion share repurchase authorization in November, and we have $966 million remaining on that authorization.

提醒一下，我們在 11 月宣布了一項新的 10 億美元股票回購授權，我們還有 9.66 億美元的授權剩餘。

Finally, today we announced our intention to increase our dividend by 10% to $0.88 per share.

最後，今天我們宣布打算將股息提高 10% 至每股 0.88 美元。

This represents an increase to our annual dividend per share of more than 75% in just two years.

這意味著我們在短短兩年內的每股年度股息增加了 75% 以上。

Here are some additional full-year guidance metrics.

以下是一些額外的全年指導指標。

Regarding Company-operated stores, we plan to open about 185 and close about 70.

關於自營店，我們計劃開設約 185 家，關閉約 70 家。

We expect to increase net square footage in 2014 by about 2.5%, our largest increase since 2007.

我們預計 2014 年淨平方英尺將增加約 2.5%，這是自 2007 年以來的最大增幅。

We expect capital expenditures to be about $750 million, reflecting continued investment in our strategic goals, and we expect depreciation and amortization to be about $520 million.

我們預計資本支出約為 7.5 億美元，反映了對我們戰略目標的持續投資，我們預計折舊和攤銷約為 5.2 億美元。

And finally, we expect our full-year effective tax rate to be about 38.5%.

最後，我們預計全年有效稅率約為 38.5%。

In conclusion, we're pleased that we continued to deliver strong financial performance while also making progress against our strategic objectives.

總之，我們很高興我們繼續提供強勁的財務業績，同時也在實現我們的戰略目標方面取得進展。

As we enter 2014, we remain focused on a balanced approach to achieving our goals and driving further value for our shareholders.

進入 2014 年，我們將繼續專注於平衡的方法來實現我們的目標並為我們的股東進一步創造價值。

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

謝謝你，現在我會把它交給卡特里娜颶風。

Thanks, Sabrina.

謝謝，薩布麗娜。

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.

我們現在將打開問題電話，我們希望將您的問題限制為每人一個。

Oliver Chen, Citi.

花旗銀行的奧利弗·陳。

Regarding the guidance going forward and the look-forward to the healthy merchandise margin rate, what are the main drivers for you to achieve that in your view, and given that we've come off of a mixed and challenging kind of holiday environment and you guys sailed through it with flying colors?

關於未來的指導和對健康商品利潤率的展望，您認為實現這一目標的主要驅動力是什麼，並且考慮到我們已經擺脫了混合和充滿挑戰的假期環境，而您伙計們以優異的成績航行通過它？

And if you could spend a little just time talking about your assortment planning, and your biggest opportunities there in terms of what you see in the marketplace and how you're executing by banner.

如果你能花一點時間談談你的分類計劃，以及你在市場上看到的最大機會以及你如何通過橫幅執行。

Thank you.

謝謝你。

Okay, great.

好，太棒了。

I'll start off, Oliver.

我要開始了，奧利弗。

I would say that our goal as the year progresses is certainly to bring our inventories even more in line with our total sales growth, so that's number one.

我想說，隨著時間的推移，我們的目標肯定是使我們的庫存更加符合我們的總銷售額增長，所以這是第一名。

Number two is in the back half, we should begin to realize some benefits, albeit modest, but we definitely should begin to realize some benefits from our supply chain initiatives that we've been talking about for some time, like fabric platforming, as well as vendor-managed inventory.

第二是在後半部分，我們應該開始實現一些好處，儘管是適度的，但我們絕對應該開始從我們已經討論了一段時間的供應鏈計劃中實現一些好處，比如織物平台，以及作為供應商管理的庫存。

So that together with what we believe will be solid assortments is why we feel that delivering underlying healthy merchandise margins is certainly realistic for us, and I'll turn it over to Glenn.

因此，再加上我們認為將是可靠的分類，這就是為什麼我們認為提供潛在的健康商品利潤率對我們來說肯定是現實的，我將把它交給格倫。

On the assortment planning I'd say there's two, without going brand by brand, there's two changes, one that applies to Gap and Banana Republic.

關於品類規劃，我想說有兩個，不用逐個品牌，有兩個變化，一個適用於 Gap 和 Banana Republic。

You'll see our assortment become much more global, so this is the balance the business has to strike if you're going to have a global label and a global fit, and what follows that is more global assortment.

你會看到我們的產品組合變得更加全球化，所以如果你要擁有一個全球標籤和全球適合度，那麼這就是企業必須達到的平衡，接下來就是更全球化的產品組合。

So the change there is that our local teams will be more involved in buying depth of differentiation as opposed to breadth of assortment.

因此，變化是我們的本地團隊將更多地參與購買差異化的深度，而不是分類的廣度。

That's a pretty big change for us and actually from my perspective, it simplifies the business, it makes it faster and it provides more continuity across all of our stores of Gap in our 50-odd countries and Banana Republic in close to 30 countries.

這對我們來說是一個相當大的變化，實際上從我的角度來看，它簡化了業務，加快了速度，並為我們在 50 多個國家的 Gap 和近 30 個國家的 Banana Republic 的所有商店提供了更多的連續性。

And the reason I don't mention Old Navy is that Old Navy just added Japan just about 18 months ago, and Old Navy started off with a global assortment, a global label, and a global fit.

我沒有提到 Old Navy 的原因是，Old Navy 大約在 18 個月前剛剛加入了日本，而 Old Navy 開始時擁有全球分類、全球標籤和全球合身。

And second thing I'd add is that in order to really get the full value out of a responsive supply chain, the assortment mix has to shift somewhat.

我要補充的第二件事是，為了真正從響應式供應鏈中獲得全部價值，分類組合必須有所改變。

When we do our assortment mix, what's right for customers, and how do we make sure it supports the brand and what the brand stands for, and how do we gain share?

當我們進行分類組合時，什麼是適合客戶的，我們如何確保它支持品牌和品牌代表什麼，以及我們如何獲得份額？

But also the mix can change a little bit towards longer-living styles, so more styles that last 52 weeks.

但這種組合也可能會向更長壽的風格轉變，所以更多的風格可以持續 52 週。

Now within that style you could have a change in color, you could have a change in print, you can have -- even have a small change in the style itself, but in general, using the fabric platforming, more longer-living styles, 52-week styles, more styles will last 24 weeks.

現在在那種風格中，你可以改變顏色，你可以改變印花，你可以 - 甚至對風格本身有一點改變，但總的來說，使用織物平台，更長壽的風格， 52 週款式，更多款式將持續 24 週。

And then you'd have a few -- percentage-wise a little less on the 12 week or less.

然後你會有一些——在第 12 週或更短的時間內，百分比會少一些。

These are nuances; we're not talking about 10 full percentage point changes, but nuances that fit with the responsive supply chain needs the Company has.

這些是細微差別；我們不是在談論 10 個完整百分點的變化，而是與公司響應的供應鏈需求相適應的細微差別。

Lorraine Hutchinson, Bank of America Merrill Lynch.

Lorraine Hutchinson，美國銀行美林證券。

Hi, thanks, it's [Paul Alexander] for Lorraine.

嗨，謝謝，我是洛林的 [Paul Alexander]。

Guys, can you just tell us a little bit about how you're thinking about the environment in 2014?

伙計們，你能告訴我們一些關於你在 2014 年對環境的看法嗎？

As Oliver just said, we're coming off of a very promotional holiday and fall, but do you feel like things are getting better in that regard, and do you think recent weakness in the mall is temporary like that, or perhaps something more secular, and how does that impact how you're planning inventory and promotions for 2014?

正如奧利弗剛剛所說，我們即將迎來一個非常促銷的假期和秋季，但您是否覺得這方面的情況正在好轉，您是否認為商場最近的疲軟是暫時的，或者可能是更世俗的事情，這對您計劃 2014 年的庫存和促銷活動有何影響？

I would definitely say the mall traffic, for a number of years, has been slowing down.

我肯定會說，多年來，購物中心的客流量一直在放緩。

If that's the definition of secular, then we're definitely preparing for mall traffic to non-robustly turn back upwards all of a sudden, and so whether it continues to decline somewhat over time, I think that's realistic to assume, and that's part of our thinking of the OmniChannel work we're doing.

如果這就是世俗的定義，那麼我們肯定是在為商場流量突然非強勁回升做準備，所以無論它是否隨著時間的推移繼續有所下降，我認為這是現實的假設，這是部分原因我們對正在做的全渠道工作的思考。

And the question for us we don't have just yet, was early indications but they're not worth commenting on until we have more and more evidence.

對我們來說，我們還沒有得到的問題是早期跡象，但在我們有越來越多的證據之前，它們不值得評論。

But as I said in my opening comments, this notion of getting peoples' eyeballs, which is greater than 50% of the engagement our brands right now start on a smartphone or an iPad or a desktop, how do you get that customer, getting them into the physical store?

但正如我在開場評論中所說，這種吸引人們眼球的概念，超過 50% 的我們品牌現在的參與度是從智能手機、iPad 或台式機開始的，你如何獲得客戶，獲得他們進實體店？

And that's that bridge between digital and physical, and Reserve in Store is one of the tools to make that happen.

這就是數字和實體之間的橋樑，而“店內預訂”是實現這一目標的工具之一。

Now we're only one player in the mall, so one set of brands or portfolio brands with one tool called Reserve in Store is not necessarily strong enough to change the overall shift that's going on in frequency of visits or mall traffic, but for us personally, we're doing it because we're the category that people, at the end of the day, they want to buy it in the store.

現在我們只是商場中的一個參與者，所以一組品牌或組合品牌和一個名為 Reserve in Store 的工具不一定足以改變訪問頻率或商場流量的整體轉變，但對我們來說就個人而言，我們這樣做是因為我們是人們最終想要在商店購買的類別。

And absolutely people buy our category and our brands online, but the vast majority of that number really hasn't changed in five years.

絕對是人們在網上購買我們的品類和品牌，但這個數字中的絕大多數在五年內確實沒有改變。

Would prefer to get engaged online, and even bring their smartphone into the store so they can get into social media while shopping our store, but they want to buy the product, they want to have the shopping experience inside the store that involves fitting room, service, looking at different choices, so this digital bridge of the digital environment in which we continue to invest in and our physical stores is critical for us.

更願意在網上訂婚，甚至將他們的智能手機帶入商店，以便他們在購物時進入社交媒體，但他們想購買產品，他們想在店內獲得包括試衣間的購物體驗，服務，著眼於不同的選擇，因此我們繼續投資的數字環境和實體店之間的數字橋樑對我們來說至關重要。

The promotional environment, I think I kind of answered this the same time for the last five or six years, the environment has been promotional since 2008.

促銷環境，我想我在過去五六年的時間裡同時回答了這個問題，自 2008 年以來，環境一直在促銷。

There was promotions in 2007 but it picked up in 2008.

2007 年有促銷活動，但在 2008 年有所回升。

Our way of dealing with that is we have a very strong outlet business.

我們的處理方式是我們擁有非常強大的直銷業務。

We have a very strong brand in Old Navy that are, really, are value brands, and we've got to continue as a business to be innovative and creative, and bring reasons for people to engage in our brands, either online or in our stores, that are not rooted in promotions and discounts with a frequency in which they're rooted in today.

我們在 Old Navy 擁有一個非常強大的品牌，它們確實是價值品牌，我們必須繼續作為一家具有創新和創造力的企業，並為人們提供參與我們品牌的理由，無論是在線還是我們的那些不以今天的頻率植根於促銷和折扣的商店。

And sometimes we do that very well, but in general, I think that's a huge opportunity for us, and one that our brand presidents are very focused on in 2014.

有時我們做得很好，但總的來說，我認為這對我們來說是一個巨大的機會，也是我們的品牌總裁在 2014 年非常關注的一個機會。

Kimberly Greenberger, Morgan Stanley.

金佰利格林伯格，摩根士丹利。

I'm wondering, Sabrina, you mentioned that you found some, let's say an unlock, and additional SG&A savings opportunities in the back half of the year.

我想知道，薩布麗娜，你提到你在下半年找到了一些，比如說解鎖，以及額外的 SG&A 儲蓄機會。

Can you just help us understand where those came from?

你能不能幫我們理解這些是從哪裡來的？

And I'm not expecting the same challenges necessarily to persist in the second half of the year here in 2014, but if they did, do you have incremental opportunities beyond the SG&A savings we secured last year?

而且我預計 2014 年下半年同樣的挑戰不一定會持續存在，但如果確實如此，除了我們去年獲得的 SG&A 節省之外，您是否還有更多機會？

Thanks.

謝謝。

Yes, sure, Kimberly.

是的，當然，金伯利。

For the most part I think you've seen us pretty consistently show a lot of discipline and flexibility around our expense structure, and that's because over 50% of our expenses are store-related, and then over 50% of that is variable.

在大多數情況下，我認為您已經看到我們在費用結構方面始終表現出很多紀律和靈活性，這是因為我們超過 50% 的費用與商店相關，然後超過 50% 是可變的。

So we know how to, sort of, flex our expense structure quite nimbly, I'm proud to say.

所以我們知道如何相當靈活地調整我們的費用結構，我可以自豪地說。

With regard to the end of this year, I mean for the back half in total, of course, we benefited from the lack of the 53rd week, so expenses would naturally -- some portion of them would just be down.

關於今年年底，我的意思是整個後半部分，當然，我們受益於缺乏第 53 週，所以費用自然會 - 其中一部分會下降。

We also benefited from the translation of expenses from foreign currencies coming in less, but we did, in fact, for sure, have old-fashioned discipline around -- store expenses were a big lever in that because again, they're largely variable.

我們還受益於外幣收入減少的費用折算，但事實上，我們確實有過時的紀律——商店費用是其中的一個重要槓桿，因為它們在很大程度上是可變的。

And then secondly, our overheads, in total, we also experienced quite a bit of good discipline around that.

其次，我們的管理費用，總的來說，我們也經歷了相當多的良好紀律。

Looking forward into 2014, it is always our goal to remain disciplined and try and leverage expenses.

展望 2014 年，我們的目標始終是保持紀律並嘗試利用費用。

If we achieve our goal, of course, of increasing revenues and delivering modest positive comps, we would expect our expenses to increase on a nominal basis, but always leveraged.

當然，如果我們實現了增加收入和提供適度的正收益的目標，我們預計我們的費用會在名義上增加，但始終是槓桿化的。

And we'll use, you know, many levers within that large expense area in order to deliver that.

你知道，我們將在這個龐大的支出領域內使用許多槓桿來實現這一目標。

What I will say is that it's likely, given that we just delivered 130 basis points of leverage in 2013, it's likely that our 2014 leverage won't be quite as large.

我要說的是，鑑於我們在 2013 年剛剛提供了 130 個基點的槓桿率，我們 2014 年的槓桿率很可能不會那麼大。

We guided to reported operating margins being about flattish, and so that's why you probably wouldn't expect quite as much leverage, and, but yet, we will still be very, very focused on it.

我們指導報告的營業利潤率基本持平，這就是為什麼你可能不會期望有那麼多的槓桿，但是，我們仍然會非常非常關注它。

Adrienne Tennant, Janney Capital Markets.

Adrienne Tennant，珍妮資本市場。

Glenn, I was wondering if you can give us some more color on the analysis that went behind the decision to raise minimum wage to $9.00 this year, and then $10.00 in the out year, and is that in effect right as we speak, or is that going to be in effect, and if so, at what point in time?

格倫，我想知道你是否能給我們提供更多關於今年將最低工資提高到 9.00 美元，然後是 10.00 美元的決定背後的分析，這在我們所說的實際上是正確的，還是這將生效，如果是這樣，在什麼時間點？

And along with that is there additional training or responsibilities that accompany those higher wages?

除此之外，伴隨著更高的工資還有額外的培訓或責任嗎？

Thank you very much.

非常感謝。

Well, the analysis was -- it was fairly extensive.

嗯，分析是 - 它相當廣泛。

It was more what we said on our releases on Wednesday, was a strategic decision that we've been looking at for a period of time, and it was a little bit grounded in the launch of Reserve in Store back in November of last year.

這更像是我們在周三發布的版本中所說的，是我們已經考慮了一段時間的戰略決策，並且在去年 11 月推出 Reserve in Store 時有點基礎。

And staring at our road map, and I just mentioned on the call that we're looking at Order in Store, we're looking at other initiatives that are going to support the OmniChannel road map for the Company.

盯著我們的路線圖，我剛剛在電話會議上提到我們正在研究“店內訂單”，我們正在研究將支持公司全渠道路線圖的其他舉措。

So as we look at all those initiatives, start off with Ship From Store, Find in Store is really dependent on store associates explaining that to customers, selling that, telling them it's a benefit, and Reserve in Store is a step above that, Order in Store is another step.

因此，當我們查看所有這些舉措時，從“從商店發貨”開始，“在商店中查找”實際上依賴於商店員工向客戶解釋、銷售、告訴他們這是一種好處，而“在商店中預訂”是一個步驟，訂單在 Store 中是另一個步驟。

So the management team, we sat back, talked to the brand presidents, and we just came to realize that in spite of what other people may be thinking about stores and their future, we're actually looking at the role of the store is going to incrementally increase as more and more of these initiatives and these ideas, and these convenient services, get provided to customers.

所以管理團隊，我們坐下來，與品牌總裁交談，我們才意識到，儘管其他人可能對商店和他們的未來有什麼看法，但我們實際上是在關注商店的角色正在發生的變化隨著越來越多的這些舉措、這些想法以及這些便捷的服務被提供給客戶，它們會逐漸增加。

In terms of the economics, we have always changed our rate of pay in June of every year, so the $9.00 for 2014 is going to start in June of 2014 and the $10.00 will be effective in June of 2015.

在經濟方面，我們總是在每年 6 月更改工資率，因此 2014 年的 9.00 美元將於 2014 年 6 月開始，10.00 美元將於 2015 年 6 月生效。

Simeon Siegel, Nomura.

西蒙·西格爾，野村。

I was just wondering if you could parse out the strength of the online business.

我只是想知道您是否可以分析出在線業務的實力。

Were particular areas of strength there by geography or concept?

是地理還是概念上的特定優勢領域？

And then just out of curiosity, when you report the online sales does that include the OmniChannel purchases?

然後出於好奇，當您報告在線銷售時，是否包括全渠道購買？

I'll answer the -- well, I know the answer to both, but yes to the second one.

我會回答——嗯，我知道這兩個問題的答案，但第二個答案是肯定的。

But the first part, I mentioned in the opening comments, we've been very pleased with our international growth when it comes to online.

但第一部分，我在開場評論中提到，我們對在線業務的國際增長感到非常滿意。

And now that we're into multiple years, it's really not only the growth, but it's the penetration to our total store sales.

現在我們已經進入多年，這不僅是增長，而且是對我們商店總銷售額的滲透。

Aand so good -- very good numbers in the UK, although we have the service in France and Italy as well, for our other European stores, so very strong in the UK, continuing to be strong in Canada for three and a half years now since we've launched it.

非常好——英國的數字非常好，雖然我們在法國和意大利也有服務，但對於我們的其他歐洲商店來說，在英國非常強大，現在在加拿大繼續保持強勁三年半自從我們推出了它。

We're in Japan just about a year now, which is a Ship From Store model which we're going to move to ship from distribution center, but penetration is really beyond what we thought it was going to be and we've opened in China day one in November of 2010 with our stores.

我們現在在日本大約一年了，這是一種從商店發貨的模式，我們打算從配送中心發貨，但滲透率確實超出了我們的預期，我們已經在2010 年 11 月與我們的商店在中國的第一天。

We did a test, which I'd like to see us roll out, but I'll be talking to our Head of Franchise for Gap this weekend, but we did a test in our Turkey franchise market, where again that was a ship from their distribution center, it's a turnkey online that we brought to them.

我們做了一個測試，我希望看到我們推出，但我將在本週末與我們的 Gap 特許經營負責人交談，但我們在土耳其特許經營市場進行了測試，那艘船又來自他們的配送中心，這是我們帶給他們的在線交鑰匙工程。

We feel very good about the results so far, so I'm sure all of our franchisees, knowing that the corporate market strategy for us is this multi-channel, multi-brand approach, and I've talked to a lot of our franchisees and they're also interested in the specialty stores which they all have now.

到目前為止，我們對結果感覺非常好，所以我確信我們所有的加盟商都知道我們的企業市場戰略是這種多渠道、多品牌的方法，而且我已經與我們的很多加盟商談過他們也對他們現在擁有的專賣店感興趣。

Moving quickly, if this Turkey test continues to go where it's going right now, moving that to the franchise market and then looking at our outlet stores.

快速行動，如果這個土耳其測試繼續朝著現在的方向發展，那就把它轉移到特許經營市場，然後看看我們的直銷店。

So international market is very strong and no real need to report anything by brand.

所以國際市場非常強勁，沒有真正需要按品牌報告任何內容。

I think we've been pleased with all business performance by brand, except for maybe a little bit stronger than we thought it was going to be in 2013 with Athleta.

我認為我們對品牌的所有業務表現都很滿意，除了可能比我們認為在 2013 年 Athleta 的表現要強一些。

And the reason behind that is when you take a fleet from 35 to 65, even though our strategy is to not have a level of cannibalization in our online business, we've been pleased with how strong our online business continues to be with Athleta, as we add the physical presence to that brand.

這背後的原因是，當您將機隊從 35 人增加到 65 人時，即使我們的策略是在我們的在線業務中不存在一定程度的蠶食，我們對我們的在線業務與 Athleta 的持續強勁程度感到高興，當我們將實體存在添加到該品牌時。

And just to underscore what Glenn said, the revenues are booked where the transaction takes place.

只是為了強調格倫所說的，收入是在交易發生的地方登記的。

So our Ship From Store sales, because they're made online, they're all booked as part of the online sales, and those have been robust especially as we brought more of our fleet onto Ship From Store, and has certainly helped our growth rate online this year as well.

所以我們的從商店發貨的銷售，因為它們是在線製作的，它們都是作為在線銷售的一部分進行預訂的，而且這些都非常強勁，尤其是當我們將更多的船隊帶到商店發貨時，並且肯定有助於我們的增長今年也在網上評分。

Got it, and then just quickly, Glenn, to your point about the opportunity to improve the promotional dependence, do you see opportunity on the AUR front this year, or to your point with the health of the merch margin, is that more sourcing, I guess, Sabrina?

明白了，然後很快，格倫，談到你關於改善促銷依賴的機會的觀點，你是否看到今年 AUR 方面的機會，或者就你的觀點而言，商品利潤率的健康狀況是更多的採購，我猜，薩布麗娜？

I think we look at it this way.

我想我們是這樣看的。

We look at -- there's a number of initiatives I talked about in the opening call.

我們看看 - 我在開幕式上談到了一些倡議。

One of the ones worth highlighting is responsive supply chain.

其中一個值得強調的是響應式供應鏈。

And the purpose behind that is customer first, so we'll be talking about AURs, it's really about top-line growth.

其背後的目的是客戶至上，所以我們將討論 AUR，它實際上是關於收入增長。

And that could be driven by AUR, but what we're really looking for is through a responsive supply chain.

這可能由 AUR 驅動，但我們真正在尋找的是通過響應式供應鏈。

And I covered off the beginning, and Sabrina added some color behind it in her comments, I think that is a path to get better top-line growth which is, then, better market share growth, and we believe that one of the metrics that will drive that top-line in the back half when responsive supply chain starts to kick in, should be some improvement in AUR.

我從一開始就掩蓋了，Sabrina 在她的評論中添加了一些色彩，我認為這是獲得更好的收入增長的途徑，然後是更好的市場份額增長，我們相信其中一個指標當響應式供應鏈開始啟動時，將推動後半部分的收入增長，這應該是 AUR 的一些改進。

That's what our brand presidents are accountable for, and that's what they're executing towards for the back half of 2014.

這就是我們的品牌總裁要負責的事情，也是他們在 2014 年下半年的目標。

(Operator Instructions)

（操作員說明）

Matt McClintock, Barclays.

馬特麥克林托克，巴克萊。

Glenn, I was wondering if you could focus a little bit more on your earlier comments on personalization.

Glenn，我想知道您是否可以更關注您之前關於個性化的評論。

It seems like that has been an idea that's been talked about in the industry for several years now but always seemed longer-term in nature, and I was just wondering if now with -- 2014 might be the year that we start to see meaningful impact on your business from personalization, and how should we think about the growth and the development of that capability relative to other OmniChannel capabilities that you have such as Ship From Store, Reserve in Store, which you rolled out pretty quickly?

似乎這個想法已經在業界討論了好幾年了，但在本質上似乎總是長期的，我只是想知道現在 - 2014 年可能是我們開始看到有意義影響的一年從個性化到您的業務，我們應該如何考慮該功能相對於您擁有的其他全渠道功能的增長和發展，例如您很快推出的從商店發貨、在商店中預訂？

Thank you.

謝謝你。

Let's say, Matt, that it's on the road map that we have.

假設，馬特，它在我們的路線圖上。

2012 was really big into Ship From Store, and as I said we're now looking at -- in Q2 to start to put into our stores the capability of Order From Store, and that could be a do-it-on-your-own, so that could be Self-Order From Store, whether that's through some kind of kiosk we're going to put in but we've been testing a lot of different tools or whether that's actually with the aid of the service, that's the reason why the wage strategy is so important.

2012 年從商店發貨真的很重要，正如我所說，我們現在正在考慮——在第二季度開始在我們的商店中加入從商店訂購的能力，這可能是你自己動手做的——自己的，所以這可能是從商店自助訂購，無論是通過我們要放入的某種信息亭，但我們已經測試了很多不同的工具，或者實際上是在服務的幫助下，這就是工資策略之所以如此重要。

Personalization we've really only been working on for the last three months, and there isn't a day that goes by that we're not testing a personalization idea on the web.

個性化我們實際上只是在過去三個月裡一直在努力，而且我們沒有一天不在網絡上測試個性化想法。

Now we've been big fans for a long, long time, getting away from this macro approach to consumer communication and getting into person-casting.

現在我們已經成為了很長很長一段時間的忠實粉絲，擺脫了這種與消費者溝通的宏觀方法並進入了人物選角。

And we have the data and we've been fortunate, given our geographical location, to really put investments that were in our P&L in 2012, were in our P&L in 2013, to build the big data environment we need in order for personalization to begin on the web, first and foremost.

我們擁有數據，而且我們很幸運，考慮到我們的地理位置，真正投入了 2012 年損益表中的投資，以及 2013 年損益表中的投資，以構建我們需要的大數據環境，以便開始個性化在網絡上，首先。

That's serving up web pages with the goal of getting a higher click-through, and that could be by category, that could be by certain promotions; customers historically have reacted better than other customers, and I think it's -- not to use the bridge analogy again, I think it's a stepping stone to loyalty, and that's what everybody wants again.

那是為了獲得更高的點擊率而提供網頁，可以是按類別，也可以是通過某些促銷活動；從歷史上看，客戶的反應比其他客戶更好，我認為這是 - 不再使用橋樑類比，我認為這是忠誠度的墊腳石，這也是每個人都想要的。

It's our definition of loyalty.

這是我們對忠誠的定義。

This is not loyalty you sometimes see in different sectors, where for you, you pay $0.99 and if you have a card you pay $0.79, I think that's a historical loyalty program.

這不是你有時在不同行業看到的忠誠度，對你來說，你支付 0.99 美元，如果你有一張卡，你支付 0.79 美元，我認為這是一個歷史性的忠誠度計劃。

But it's really looking at how personalization could then help unlock how we truly get to a loyalty play by customers and to this goal of person-casting.

但它真正著眼於個性化如何幫助解鎖我們如何真正獲得客戶的忠誠度以及實現人選的目標。

Testing has been going well.

測試進展順利。

We've been impressed with the numbers, I mean it's -- when you think about it, how many eyeballs we see per week on our home pages and we're serving up, excluding the tests we do on a daily basis, the same home page to completely different people.

這些數字給我們留下了深刻的印象，我的意思是——當你想一想時，我們每週在主頁上看到多少眼球，我們正在提供服務，不包括我們每天進行的測試，同樣主頁給完全不同的人。

To different -- I mean, we have to look at it differently for new customers versus lapsed customers versus existing customers, versus people with high frequency, low frequency, and we have all that information.

不同——我的意思是，我們必須以不同的方式看待新客戶、老客戶、現有客戶、高頻、低頻的人，我們擁有所有這些信息。

So we have an amazing team downstairs.

所以我們在樓下有一個了不起的團隊。

I've been very impressed with the results I see every month on the testing they've been doing.

我每個月看到的他們一直在做的測試的結果給我留下了深刻的印象。

I'm not looking for much in the first half, but I think as the testing continues to grow and we can figure out exactly what the driver's click-through, which gets the conversion, which gets to higher sales, which therefore leads to market share; I think in the second half, it's something we're not talking about right now, maybe a little bit more in our analyst meeting, hearing from Art Peck and members of his team, and I think there's something there in the back half that could provide real value to the Company.

上半年我並沒有期待太多，但我認為隨著測試的持續增長，我們可以準確地弄清楚驅動程序的點擊量，從而獲得了轉化，從而獲得了更高的銷售額，從而導致了市場分享;我認為在下半場，這是我們現在沒有談論的事情，可能會在我們的分析師會議上討論更多，聽取 Art Peck 和他的團隊成員的意見，我認為後半場有一些東西可以為公司提供真正的價值。

Paul Lejuez, Wells Fargo.

Paul Lejuez，富國銀行。

Glenn, as you think about all the ways that you're growing the business these days, what are your current hurdle rates that you set for the Company from a returns perspective?

格倫，當您考慮這些天來發展業務的所有方式時，您從回報的角度為公司設定的當前門檻是多少？

And then I'm just wondering, can you rank which projects you believe will be generating the highest returns, whether it be Gap China, Old Navy Japan or China, Athleta in the US, just wondering how you're thinking about where the real high return projects are?

然後我只是想知道，您能否對您認為將產生最高回報的項目進行排名，無論是 Gap 中國、Old Navy Japan 還是中國、美國的 Athleta，只是想知道您是如何考慮真正的高回報項目是什麼？

Thanks.

謝謝。

Yes, I'll start, Paul, with that.

是的，保羅，我會從這個開始。

So Glenn and I obviously work very closely and spend a lot of time on capital allocation.

所以格倫和我顯然非常密切地合作，並在資本配置上花費了大量時間。

Our starting point is to sort of look at our long-term weighted average cost of capital, and our hurdle rates are going to be several points above our weighted average cost of capital because projects we approve, we want to make sure, even if they have some variability to their pro formas, that they're going to deliver for us.

我們的出發點是看看我們的長期加權平均資本成本，我們的最低迴報率將比我們的加權平均資本成本高幾個點，因為我們批准的項目，我們想要確保，即使他們他們的備考有一些可變性，他們將為我們提供。

So we have pretty high bars with regard to returns.

所以我們在回報方面有相當高的標準。

And then with regard to our priorities, that's precisely how we set them, is we look at the ranking of the various business cases and geographies that comes to us.

然後關於我們的優先事項，這正是我們設置它們的方式，我們查看各種業務案例和地理區域的排名。

But importantly we take a long-term view, or certainly we would never have launched something like China, which is going to provide us with an enormous runway in the long-term, especially in terms of revenue, it already is contributing significantly to revenue, but takes a longer time to return because of the uniqueness of the market and the infrastructure needs.

但重要的是，我們有長遠的眼光，否則我們肯定不會推出像中國這樣的東西，從長遠來看，這將為我們提供巨大的跑道，特別是在收入方面，它已經對收入做出了重大貢獻，但由於市場的獨特性和基礎設施的需求，需要更長的時間才能返回。

So there is a lot of discipline internally around prioritizing our initiatives around them.

因此，內部有很多關於優先考慮我們圍繞它們的舉措的紀律。

And I'd say in some kind of order, and I think this is being repetitive, Paul, from maybe a few calls ago, our franchise business has the highest return and will continue, and that's why we see Old Navy are going to do five to six stores in the Philippines in 2014, and that's the beginning of the Old Navy franchise rollout.

而且我會以某種順序說，我認為這是重複的，保羅，也許從幾個電話前開始，我們的特許經營業務具有最高的回報並將繼續下去，這就是為什麼我們看到老海軍會這樣做2014 年在菲律賓有 5 到 6 家門店，這就是 Old Navy 特許經營權推出的開始。

Takes almost no capital from us, a very small amount, but the returns have been phenomenal and it's a -- we always try -- to build on what Sabrina said, we always try to look at capital holistically, and we try to look at every year as a pool of capital, like this year, what are the right decisions for the Company strategically, but then how do we make those calls to get a good blended capital?

幾乎不從我們這裡拿走任何資本，數額非常小，但回報是驚人的，而且它是——我們總是試圖——以薩布麗娜所說的為基礎，我們總是試圖從整體上看待資本，我們試圖看待每年作為一個資本池，就像今年一樣，公司在戰略上的正確決策是什麼，但是我們如何做出這些決定以獲得良好的混合資本呢？

Franchise, global outlet and factory stores, global online; that's why our opening comments talking about these very strong growth rates in the UK, in Canada, in Japan and China, with not a lot of investment, but yes, an investment that's returning multiple times over.

特許經營，全球直銷店和工廠店，全球在線；這就是為什麼我們的開場評論談到英國、加拿大、日本和中國的這些非常強勁的增長率，雖然投資不多，但是是的，投資回報率會高出很多倍。

Then I'd say from a brand perspective, yet to be proven, but if you're just asking me, sitting here today, what do I think we're going to feel really good about in the next two, three, four, five years to come, it's going to Old Navy international.

然後我會從品牌的角度說，尚未得到證實，但如果你只是問我，今天坐在這裡，我認為接下來的兩、三、四期我們會感覺非常好，五年後，它將進入老海軍國際。

I think that that business, if we go into the right countries, as we have in Japan, as we will in China, and in the franchise business, the real estate opportunity in those countries, where you can get, really, a percentage rent that's super attractive, and get sales per foot better than we get in North America, and get an economic model that I really think we can have where the percent of business on promo and the depth of discount is not as large.

我認為這項業務，如果我們進入正確的國家，就像我們在日本，我們將在中國，在特許經營業務中，在那些國家的房地產機會，你可以獲得，真的，百分比租金這非常有吸引力，每英尺的銷售額比我們在北美的要好，並且獲得了一種我真的認為我們可以擁有的經濟模型，其中促銷業務的百分比和折扣深度沒有那麼大。

I think that business has the potential, assuming we execute it, and it's the [founder's] international team, stay on that business and its true potential, I think that really has a great return for us.

我認為該業務具有潛力，假設我們執行它，並且它是[創始人的]國際團隊，繼續從事該業務及其真正的潛力，我認為這對我們來說確實有很大的回報。

Two other projects I mentioned up front that are not growth-based, OmniChannel should have a very good return on capital for us, and seamless inventory, when it gets going in the latter part of 2015.

我前面提到的另外兩個不是基於增長的項目，全渠道在 2015 年下半年開始時應該為我們帶來非常好的資本回報和無縫庫存。

John Morris, BMO Capital Markets.

約翰莫里斯，BMO 資本市場。

Glenn, can you give us a quick holiday post-mortem, ex-weather and mall traffic, what could you have done better, so we can set our sights on opportunities for next year?

格倫，你能不能給我們一個快速的假期事後分析，前天氣和商場交通，你有什麼可以做得更好的，所以我們可以把目光投向明年的機會？

And then also just a quick follow-up on Athleta, the growth there meaningful now, approaching 100 stores by the end of the year, so beyond your previous remarks, share with us the performance there.

然後也只是對 Athleta 的快速跟進，現在那裡的增長很有意義，到今年年底接近 100 家商店，所以除了你之前的言論之外，與我們分享那裡的表現。

Is it balanced regionally, what are the strengths and challenges?

區域是否平衡，優勢和挑戰是什麼？

Thanks.

謝謝。

Well, John, the holiday question, we could be on here for a long time.

好吧，約翰，假期問題，我們可以在這裡待很長時間。

I mean there isn't a holiday, or actually, any month that goes by where I don't think the Company is trying to learn: what could we have done better?

我的意思是沒有假期，或者實際上，任何一個月過去了，我認為公司都不會嘗試學習：我們可以做得更好嗎？

We came out of Thanksgiving and realized that December was not likely going to play out as we had planned many, many months ahead of time, so it became a little bit more with some traditional ways of communicating and engaging customers, and trying to get them either in stores, online, and get the conversion in our business to produce the one comp we had.

我們從感恩節走出來，意識到 12 月不太可能像我們提前很多很多個月的計劃那樣結束，所以它變得有點多了一些傳統的溝通和吸引客戶的方式，並試圖吸引他們無論是在商店還是在線，並在我們的業務中進行轉換以生產我們擁有的一個組合。

Look, I think holidays have changed, and we need to look at it differently, so we've had -- to say we've had multiple meetings would be an understatement since the first of January for all of our businesses.

看，我認為假期已經改變，我們需要以不同的方式看待它，所以我們不得不 - 說自 1 月 1 日以來我們所有的企業已經舉行了多次會議是輕描淡寫的。

This is the benefit of having a portfolio is how does Old Navy approach it, how does outlet, how does online, Banana Republic, and Gap in particular, how do they approach the holiday business for the benefit of Gap Inc.?

擁有投資組合的好處是 Old Navy 如何處理它，outlet 如何，在線，香蕉共和國，尤其是 Gap，他們如何為 Gap Inc. 的利益處理假日業務？

So there's some lessons where it starts earlier.

所以有一些教訓是從更早開始的。

There's lots of ways in which we looked at it and said if we could do it again what would we do differently?

我們有很多方法來看待它並說如果我們可以再做一次，我們會做些什麼不同的事情？

It all starts with product, and I think that -- I would just say from my perspective, just to give you one lesson, it wasn't the top of my list but it's probably one I can say on the phone, is that as you move into December, and more and more people are looking at gifting as opposed to self-purchasing, that our industry, and us in particular, really don't offer as much gifting choice as we should.

這一切都從產品開始，我認為——我只想從我的角度說，只是為了給你上一課，它不是我的首要任務，但它可能是我可以在電話中說的一個，是不是進入 12 月，越來越多的人開始關注送禮而不是自購，我們的行業，尤其是我們，確實沒有提供應有的送禮選擇。

And I think that's a design issue, that's a merchant issue, that's a marketing issue.

我認為這是一個設計問題，這是一個商家問題，這是一個營銷問題。

And that was a clear lesson that the whole business looked at as we were all in stores, all looking at our online, whether it's on an iPad every night, and putting ourselves in the shoes of customers coming in on December 12th.

這是一個明確的教訓，整個企業都在看，因為我們都在商店裡，都在看我們的在線產品，無論是每晚都在 iPad 上，還是讓自己站在 12 月 12 日進來的顧客的角度。

But again, whether you're on your smartphone or in our store, what are you looking for, did we offer that, did we sell it, did we market it; and personally, I was disappointed.

但同樣，無論您是在智能手機上還是在我們的商店中，您在尋找什麼，我們是否提供了它，我們是否出售了它，我們是否推銷了它？就個人而言，我很失望。

We had a one comp and I'm sure that gained share relative to everybody else.

我們有一個單一的組合，我相信相對於其他人來說，它獲得了份額。

We should have done a lot better, and that's one of a number of lessons.

我們應該做得更好，這是許多教訓之一。

We're very happy with Athleta.

我們對 Athleta 感到非常滿意。

It's not often we single it out, and maybe it's a little optimistic of us, or me in this case, to call it the fourth iconic brand within our portfolio sooner rather than later, but I was very impressed with our performance in 2013.

我們並不經常將其單獨挑出來，也許對我們或在這種情況下的我有點樂觀，遲早稱它為我們投資組合中的第四個標誌性品牌，但我對我們在 2013 年的表現印象深刻。

We have some new leadership, and they made some very good decisions.

我們有一些新的領導，他們做出了一些非常好的決定。

I think the trends in the marketplace when it comes to women, and when it comes to performance and fashion, and how they're dressing in general, and the products in which we offer and the changes in which we are making, they just seem to fit hand and glove.

我認為市場趨勢涉及女性、性能和時尚、她們的整體著裝方式、我們提供的產品和我們正在做出的改變，它們只是看起來適合手和手套。

And this is a brand that's resonating for a lot of different reasons.

這是一個因許多不同原因而引起共鳴的品牌。

But as you suggested, getting to 100 stores, it starts becoming a more serious business for us.

但正如你所建議的，進入 100 家商店，這對我們來說開始變得更加嚴肅。

And we haven't had conversations yet about international businesses, just we have 100-store plan coming out, it's very strong online, it's gaining in terms of consumer awareness and acceptability, and I think the profile of the age of our customers has changed in 2013.

而且我們還沒有就國際業務進行過對話，只是我們推出了 100 家門店計劃，它在網上非常強大，它在消費者意識和接受度方面正在增加，我認為我們客戶的年齡特徵已經改變2013 年。

So very good team, very focused, it's a great brand, and the business is -- we couldn't be any happier with the acquisition and looking forward to 2014.

非常好的團隊，非常專注，這是一個偉大的品牌，而且業務是——我們對收購感到非常高興，並期待著 2014 年。

Omar Saad, ISI Group.

Omar Saad，ISI 集團。

You guys talked about, I think, 2.5% square footage growth, I think you mentioned the highest rates since 2007.

我認為你們談到了 2.5% 的平方英尺增長，我認為你們提到了自 2007 年以來的最高增長率。

I know a lot is coming internationally.

我知道很多東西都來自國際。

What's really giving you the confidence overseas, is there an inflection in the brand awareness?

是什麼真正讓您在海外充滿信心，品牌知名度是否有變化？

I know you threw some numbers out on China, are you going to require greater levels of marketing to enhance the brand awareness in some of these new markets?

我知道您在中國發布了一些數據，您是否需要更高水平的營銷來提高其中一些新市場的品牌知名度？

It seems like a pretty big inflection.

這似乎是一個很大的轉折點。

Thanks.

謝謝。

Well, look, I would look at it in a number of different ways.

好吧，看，我會以多種不同的方式看待它。

If you just look at international markets, we'll open at least between 70 and 80 franchise stores in 2014.

如果只看國際市場，我們將在 2014 年開設至少 70 至 80 家特許經營店。

So that's a little bit of Old Navy coming in, but filling into existing countries, introducing new countries.

所以這就是舊海軍的一點點進來，但要填補現有國家，引入新國家。

We understand the franchise market really well and that's leading with Gap, followed by Banana Republic, and Gap has very strong awareness around the world, and we only put disproportionate amount of capital when the awareness is below a certain threshold we find acceptable.

我們非常了解特許經營市場，領先的是 Gap，其次是 Banana Republic，Gap 在全球範圍內擁有非常強大的知名度，只有當知名度低於我們認為可以接受的某個閾值時，我們才會投入不成比例的資本。

Then if you start in some kind of order, our global outlet business continues to be really strong, a little bit domestically but really filling in in international markets.

然後，如果您按某種順序開始，我們的全球奧特萊斯業務將繼續非常強勁，在國內有點兒，但確實在國際市場上佔有一席之地。

It's the only investments we're really making in Europe right now.

這是我們目前在歐洲真正進行的唯一投資。

We're happy with our specialty fleet, we've closed when we needed to close in the UK, we have the right store fleet in France, we're just on hold in Italy, waiting to make sure we get clarity on the economy and marketplace, but we continue to fill in with a global outlet.

我們對我們的專業車隊感到滿意，當我們需要在英國關閉時，我們已經關閉，我們在法國擁有合適的商店車隊，我們只是在意大利擱置，等待確保我們了解經濟狀況和市場，但我們繼續填補全球出口。

So there in Japan and China, I think that's sort of the first area we're putting money, and then here comes China for Gap specialty.

所以在日本和中國，我認為這是我們投入資金的第一個領域，然後是中國的 Gap 專業。

And look, Sabrina said earlier we have treated China in a different way than we've treated any other country.

看，薩布麗娜早些時候說，我們對待中國的方式與對待任何其他國家的方式都不同。

And we continue to make investments in marketing that are appropriate, because the long-term benefit to anybody going to China is to really establish a strong brand and a bond with the Chinese consumer.

我們繼續在適當的市場營銷上進行投資，因為任何去中國的人的長期利益是真正建立一個強大的品牌並與中國消費者建立聯繫。

And communication and standing for something, that's important everywhere in the world, but it's particularly important to newer brands, and we've only been there three years, in a country like China.

溝通和代表某種東西，這在世界任何地方都很重要，但對於新品牌來說尤其重要，而我們在中國這樣的國家只有三年時間。

So there's some capital going there and then Old Navy international.

所以有一些資本去那裡，然後是老海軍國際。

And Athleta, I just finished answering John's question about the extra 30 to 35 stores for Athleta in the US.

還有 Athleta，我剛剛回答了 John 關於 Athleta 在美國增加 30 到 35 家商店的問題。

So that is an easy decision, Athleta, and Asia is, for us, at least, with our brands and the introduction of Old Navy also easy decisions.

所以這是一個簡單的決定，Athleta 和亞洲，至少對我們來說，我們的品牌和 Old Navy 的引入也是簡單的決定。

Some people we compete against open 400 to 450 stores in countries, and that's their decision.

我們與一些人競爭，在國家/地區開設 400 到 450 家商店，這是他們的決定。

We are much more thoughtful, we have a different approach, there's 190 corporate stores plus the 70 to 80 franchise stores, call it 260 to 270 total stores; that's a very good year, that's almost a store a day.

我們更周到，我們有不同的做法，有 190 家企業店加上 70 到 80 家特許經營店，總共有 260 到 270 家店；那是非常好的一年，幾乎每天都有一家商店。

So we're really happy with that amount of presence and investment, but don't forget, this is a business that has a two-dimensional strategy, and the other part of that is online.

所以我們對這麼多的存在和投資非常滿意，但不要忘記，這是一個有二維戰略的企業，另一部分是在線的。

So while the store fleet investment that I just described makes sense, we're also not going to end up having the number of stores in any of those markets into the popular -- on a per capita basis like we have in the US.

因此，雖然我剛剛描述的商店車隊投資是有道理的，但我們也不會最終讓這些市場中的商店數量變得受歡迎——按人均計算，就像我們在美國那樣。

The online day one opening up, and it's a different customer in 2014 in China than it was in 1994 in the US, that two-prong approach is so important to us, and allows us to do the number of stores I described and we don't have the need to do 400, 450 stores, because we can get the volume and the return, and be current with our digital strategy.

在線開放的第一天，2014 年在中國的客戶與 1994 年在美國的客戶不同，這種雙管齊下的方法對我們來說非常重要，並且允許我們做我描述的商店數量，而我們沒有不需要做 400 家、450 家店，因為我們可以獲得數量和回報，並與我們的數字戰略保持同步。

And then briefly, on the marketing side, we haven't said anything explicitly about 2014, but I think 2013 is good evidence that we were growing internationally while we held our marketing dollars; we actually brought them down slightly from 2012.

然後簡單地說，在營銷方面，我們沒有明確說明 2014 年，但我認為 2013 年很好地證明了我們在保持營銷資金的同時在國際上實現增長；實際上，我們將它們從 2012 年略微降低了。

So I think that we're holding to the discipline that our marketing levels are very healthy, and we can look to reallocate and reinvest in those areas that are going to support our future growth the most.

所以我認為我們堅持我們的營銷水平非常健康的紀律，我們可以尋求重新分配和再投資那些最能支持我們未來增長的領域。

Brian Tunick with JPMorgan.

摩根大通的布萊恩·圖尼克。

I guess, Glenn, we haven't really talked about merchandising at all, and you guys are still an apparel retailer, so just wondering as you have a cohesive team now, maybe for Gap and Old Navy, can you talk about which categories you see as opportunities to drive the business in 2014?

我想，格倫，我們根本沒有真正談論過商品推銷，你們仍然是服裝零售商，所以想知道你們現在有一個有凝聚力的團隊，也許是 Gap 和 Old Navy，你能談談你的哪些類別將其視為 2014 年推動業務發展的機會？

Are there any big businesses out there you're excited about to rebuild productivity at both Gap and Old Navy?

Gap 和 Old Navy 有沒有什麼大企業讓你對重建生產力感到興奮？

And for Sabrina, 2013, I guess you ended the real estate clean-up process, so wondering what kind of store comp you need domestically to get ROD leverage going forward?

對於 Sabrina，2013 年，我猜你結束了房地產清理過程，所以想知道你在國內需要什麼樣的商店補償來獲得 ROD 的影響力？

Thanks very much.

非常感謝。

Thanks, Brian.

謝謝，布賴恩。

Look, we'll answer any question; if somebody wants to ask about product or merchandising, we're only as good as the questions we're asked.

看，我們會回答任何問題；如果有人想詢問有關產品或商品的問題，我們只會和我們被問到的問題一樣好。

So from a category perspective on Gap, not a big change, but I would say that the team is focused in a couple areas.

因此，從 Gap 的類別角度來看，變化不大，但我會說團隊專注於幾個領域。

One, we've seen a change and a shift in our baby business, not at the expense of kids, but more powerful baby business than kids, and I think you're seeing that team that we have in New York under Rebecca's leadership putting some investments, whether that's in new categories or that's just in the inventory going.

一，我們看到我們的嬰兒業務發生了變化和轉變，不是以犧牲孩子為代價，而是比孩子更強大的嬰兒業務，我認為你看到我們在紐約的團隊在麗貝卡的領導下投入一些投資，無論是在新類別中還是僅在庫存中。

I think the baby business is going to play a much more prominent role in Gap brand going forward, so that's a merchandising change for sure.

我認為嬰兒業務將在 Gap 品牌中發揮更加突出的作用，所以這肯定是一個銷售變化。

And the other one, and this has nothing to do with Athleta, I'm sure the Gap team would have landed there themselves, but as we -- as more and more trends start to push women in particular towards street attire, we start looking at the balance between the athletic part of our business, and the going out part of the business, and sort of the -- a lot of people been talking about, this is the new denim.

另一個，這與 Athleta 無關，我相信 Gap 團隊自己會在那裡登陸，但是隨著我們 - 隨著越來越多的趨勢開始將女性特別推向街頭服裝，我們開始尋找在我們業務的運動部分和業務的外出部分之間取得平衡，以及很多人一直在談論的，這就是新的牛仔布。

Well, Gap is very well-situated with its Gap Fit product, as the foundational product to building to this new trend that's going on in the marketplace, so if you go to any of our stores you'll see that business being pulled out of Gap Body's traditional space in the store and brought more and more closer to the front of the store.

好吧，Gap 的 Gap Fit 產品非常適合，作為構建市場上正在發生的這種新趨勢的基礎產品，所以如果你去我們的任何一家商店，你會看到該業務被撤出Gap Body在店內的傳統空間也越來越靠近店面。

And I think that trend that's going on that fits with Gap, and its American casual style, and how women are dressing, especially Millenials, I think you'll see some merchandising changes in that part of the business when it comes to Gap.

而且我認為正在發生的趨勢與 Gap 及其美式休閒風格以及女性的穿著方式，尤其是千禧一代相吻合，我認為當談到 Gap 時，你會看到這部分業務的一些銷售變化。

At Old Navy, it's tough to sort of choose one over the other.

在 Old Navy，很難選擇其中之一。

I'd say that they've been a little less pleased with their men's business the last little bit, and realizing that they're making some changes in that area, not only in merchandising, but I'd say in marketing, in-store visuals; that's something that our customers should be looking for very clearly.

我想說他們最近對男裝業務不太滿意，他們意識到他們正在這方面做出一些改變，不僅是在銷售方面，我想說的是在營銷方面，在——存儲視覺效果；這是我們的客戶應該非常清楚地尋找的東西。

And the other part in that business is they do so well in denim, and the Rockstar was a big launch for them a couple years ago,, and really elevated their overall positioning on denim.

該業務的另一部分是他們在牛仔布方面做得很好，而 Rockstar 幾年前對他們來說是一次重大發布，並且確實提升了他們在牛仔布上的整體定位。

You'll see something next week, and that's just a start, but you'll see Old Navy getting in -- trying to establish their pant business for women's, which is, we're in the bottoms business as a total company, and that's true of all brands, Banana Republic, Gap, and Old Navy; but from a merchandising perspective, I think the second complimentary investment of marketing and product and inventory and location store and space on the website for pants, casual pants, is going to be a really big play for Old Navy in 2014.

下週你會看到一些東西，這只是一個開始，但你會看到 Old Navy 進入 - 試圖建立他們的女裝褲業務，也就是說，我們作為一家整體公司從事底部業務，並且所有品牌都是如此，Banana Republic、Gap 和 Old Navy；但從商品銷售的角度來看，我認為第二次免費投資營銷和產品、庫存和位置商店和網站上的褲子、休閒褲空間，將在 2014 年成為 Old Navy 的一大亮點。

And a bunch of other puts and takes, and I could say the same thing with Banana Republic; but all of them come into every season and every year based on, strategically, where they want to gain share, where they see an opportunity, does that fit with the position of the brand, and those are just a couple of examples for Gap and Old Navy.

還有一堆其他的選擇，我可以對香蕉共和國說同樣的話；但他們每一季和每一年都基於戰略上他們想要獲得份額的地方，他們看到機會的地方，是否符合品牌的地位，這些只是 Gap 和老海軍。

Yes, and then with regards to rent and occupancy, it's a great question, Brian.

是的，然後關於租金和入住率，這是一個很好的問題，Brian。

To leverage rent and occupancy, we definitely need positive comps, and I think for one of the reasons you mentioned, the leverage in our future will probably be more modest than it was in the past.

為了利用租金和入住率，我們肯定需要積極的補償，我認為出於你提到的原因之一，我們未來的槓桿率可能會比過去更溫和。

And there's really two reasons.

實際上有兩個原因。

One is what you mentioned, that we have a lot of the clean up of the North America optimization behind us.

一個是你提到的，我們對北美優化做了很多清理工作。

And that, in past years, really while we were closing a lot of unproductive square footage, helped us leverage quite a bit ROD per point of positive comp.

而且，在過去的幾年裡，當我們關閉大量非生產性的平方英尺時，這幫助我們在每點正補償中利用了相當多的 ROD。

Secondly, while we remained focused on leveraging ROD within every country, as we enter some of these international markets, the rent per square foot generally is higher than it is in North America.

其次，雖然我們仍然專注於在每個國家/地區利用 ROD，但隨著我們進入其中一些國際市場，每平方英尺的租金普遍高於北美。

So when you look at the mix growing that way, all-in, it's a little bit of a headwind to leveraging ROD; so we still feel good about leveraging on a positive comp, but the amount of leverage for each positive comp point will likely be more modest in the future.

因此，當您看到以這種方式增長的組合時，全力以赴，利用 ROD 有點逆風。所以我們仍然對利用正補償感到滿意，但每個正補償點的槓桿量在未來可能會更加適中。

Lindsay Drucker Mann, Goldman Sachs.

林賽德魯克曼，高盛。

I just wanted to follow-up on, Sabrina, the discussion about underlying ex some of the currency issues, some healthy merch margin behavior.

我只是想跟進，Sabrina，關於潛在的前一些貨幣問題的討論，一些健康的商品保證金行為。

Can you talk about how much of that is AUC based on some of the fabric platforming and other initiatives versus less markdown focus, and where you think that's really going to come from, and maybe just give us an explicit AUC outlook for the full year?

您能否談談基於一些架構平台和其他舉措而不是較少的降價重點的 AUC 有多少，以及您認為這將來自哪裡，也許只是給我們一個明確的全年 AUC 前景？

Yes, it's a good question.

是的，這是個好問題。

I think that the broad answer, Lindsay, is we're looking to get improvement in both areas, AUC and AUR, as the year progresses, so we're not giving any explicit guidance on AUC.

我認為，Lindsay 的廣泛答案是，隨著時間的推移，我們希望在 AUC 和 AUR 這兩個領域都得到改進，因此我們沒有就 AUC 提供任何明確的指導。

It hasn't been a headline either way in 2013, nor do we expect it to be -- any dramatic swings that would have it be featuring as a headline in 2014.

無論哪種方式，它都不是 2013 年的頭條新聞，我們也不期望它會成為 2014 年的頭條新聞。

But as I said, as the year progresses and we start to see benefits from tools like fabric platforming, that as we consolidate fabrics and continue to negotiate with our vendors, that certainly is rational to believe that that should bring us some costing benefit, more in the back half as we implement that to a higher degree than in the front half.

但正如我所說，隨著時間的推移，我們開始看到像面料平台這樣的工具帶來的好處，隨著我們整合面料並繼續與我們的供應商談判，相信這會給我們帶來一些成本效益，當然是合理的，更多在後半部分，因為我們比前半部分實施得更高。

And then I think as Glenn explained in an earlier Q&A, because of these supply chain tools, we should actually be able to do better in terms of assorting what we put into the stores and get a higher probability, whether it comes from true Reg or less of a markdown margin, any combination of those we'll take, but certainly we believe the tools and plays are increasing our probability of getting better yield on the product we assort to.

然後我認為正如 Glenn 在之前的問答中解釋的那樣，由於這些供應鏈工具，我們實際上應該能夠在分類我們放入商店的東西方面做得更好，並獲得更高的概率，無論是來自真正的 Reg 還是更少的降價利潤，我們將採取的任何組合，但我們當然相信這些工具和遊戲正在增加我們在我們分類的產品上獲得更好收益的可能性。

Okay and maybe just to -- thank you, just to follow-up on the seamless inventory comment, Glenn, I think you talked about seamless inventory being in place for FY15, but I know you have Ship From Store capability in the US and have already -- or in North America, have already started to prosecute that.

好的，也許只是為了 -- 謝謝你，只是為了跟進無縫庫存評論，Glenn，我想你談到了 FY15 的無縫庫存，但我知道你在美國有從商店發貨的能力，並且有已經 - 或者在北美，已經開始起訴。

Where are you in how nimble you are with your inventories in-store and the ability to service, adeptly, online demand versus in-store demand, how much more of an unlock is there from an inventory turn and efficiency perspective?

您在店內庫存方面的靈活程度以及熟練地服務在線需求與店內需求的能力在哪裡，從庫存周轉和效率的角度來看，還有多少解鎖？

Lindsay, I'd say that we're Ship From Store-enabled in every store.

Lindsay，我想說我們在每家商店都支持從商店發貨。

And the issue is that -- is how many orders does each store receive on Ship From Store, so we've gone from thinking of it -- and let me just step up for a second.

問題是 - 每個商店在從商店發貨時收到多少訂單，所以我們已經不再考慮它了 - 讓我稍等一下。

You're right, the Ship from Store was the precursor that opened up the thinking and strategic decision to go with seamless inventory, now back to where we are on from Ship From Store.

你是對的，從商店發貨是開啟無縫庫存的思維和戰略決策的先驅，現在回到我們從商店發貨的地方。

Started off by satisfying customer unmet demand online that we thought was the higher service level than it turned out to be, based on the fact we operated only two DCs for our online business versus the stores that serve our customers in our stores, that's how it started.

從滿足客戶未滿足的在線需求開始，我們認為服務水平比實際情況要高，基於我們的在線業務只運營兩個 DC 與在我們的商店中為我們的客戶服務的商店這一事實，就是這樣開始了。

And then we got benefit from achieving a higher service level for our online customers by exposing all of our store inventory to that unmet demand online.

然後，通過將我們所有的商店庫存暴露於在線未滿足的需求，我們從為在線客戶實現更高的服務水平中受益。

Then its graduated, now, to: what is the yield management benefit of Ship From Store?

然後它現在畢業了：從商店發貨的收益管理優勢是什麼？

So right now when there's demand that comes online, could that be directed -- even if the inventory is available in the distribution center, could that be directed to less productive markets or less productive stores where we have a history or we currently know that that ultimate AUR is going to be below, significantly below, where the consumer is demanding and willing to pay on an online order?

因此，現在當有在線需求時，是否可以直接使用——即使配送中心有庫存，是否可以將其引導到生產力較低的市場或生產力較低的商店，我們有歷史或我們目前知道最終的 AUR 將低於，顯著低於消費者要求並願意為在線訂單付款的地方？

So the sophistication has changed and that's a little bit in place in Q1, but more will be rolled out, and it's just our view of going, let's just expose our inventory in a seamless way and let it go to the highest AUR we can get, and if that that's online and it's in the store, net of a shipping cost, is that better gross margin for the business?

所以復雜性已經改變，在第一季度有點到位，但會推出更多，這只是我們的看法，讓我們以無縫的方式公開我們的庫存，讓它達到我們可以獲得的最高 AUR ，如果那是在線的並且在商店裡，扣除運費，這對企業來說是不是更好的毛利率？

And the reason that is is that markets can perform differently, as some people are experiencing in December and January, that can happen.

原因是市場表現可能會有所不同，正如一些人在 12 月和 1 月所經歷的那樣，這種情況可能會發生。

It can also happen that stores, because of their physical size, have an assortment that is a little different for that store because, you know, our stores have been right-sized, they're still not all perfect, and there's a history where that store has a lower gross margin than another store, so that's just turn that demand to where the biggest opportunity is and pull that inventory out.

也可能發生這樣的情況，因為商店的實際規模，商店的分類與該商店略有不同，因為，你知道，我們的商店規模合適，它們仍然不是完美的，而且有一段歷史那家商店的毛利率低於另一家商店，所以這只是將需求轉移到最大機會所在的地方，並將庫存撤出。

And the second thing we're doing is on seasonal changes, like when you go from outerwear in December to an assortment change in January, the liquidation of inventory in January in certain stores can be very expensive.

我們正在做的第二件事是季節性變化，比如當你從 12 月份的外套換到 1 月份的分類變化時，1 月份某些商店的庫存清算可能會非常昂貴。

People -- our business have units below cost.

人員——我們的業務有低於成本的單位。

But the demand online is a lot less seasonal; it's amazing how much outerwear we sell online in January, February, March, for what we sell in the store.

但是在線需求的季節性要少得多；令人驚訝的是，我們在一月、二月、三月在網上銷售的外套數量與我們在商店中銷售的相比。

So keeping that item alive online at a very attractive price, and then using that demand, let's say, in the third week in January but direct it to a store before that inventory goes to a price below cost, which can happen in the apparel business, then you can -- as they say, you can pull an arbitrage on the gross margin and sell it for a much higher AUR online.

因此，以非常有吸引力的價格保持該商品在網上存活，然後在 1 月的第三週使用該需求，但在庫存降到低於成本的價格之前將其引導到商店，這可能發生在服裝業務中，然後你可以 - 正如他們所說，你可以在毛利率上套利並在網上以更高的 AUR 出售。

So it's this constant evolution of how we're thinking about Ship From Store, and the reason that seamless inventory is such a big priority for us, it is opening up our perspective of inventory and let it go to the highest gross margin dollar per unit in the country, in a distribution center geographically, and in a store; and when you open that all up, the opportunity for us in 2015, Ship From Store is one small component of the eventual strategy on seamless inventory.

因此，這是我們對從商店發貨的思考方式的不斷演變，以及無縫庫存對我們來說如此重要的原因，它打開了我們對庫存的看法，讓它達到每單位最高毛利率在國內、地理上的配送中心和商店；當你打開這一切時，我們在 2015 年的機會，從商店發貨是無縫庫存最終戰略的一小部分。

Great.

偉大的。

I'd like to thank everyone for joining us on the call today, and as a reminder, our earnings press release, which is available on GapInc.com, contains a full recap of our fourth quarter results as well as the forward-looking guidance included in our prepared remarks.

我要感謝大家今天加入我們的電話會議，並提醒一下，我們的收益新聞稿可在 GapInc.com 上獲得，其中包含我們第四季度業績的完整回顧以及前瞻性指導包括在我們準備好的評論中。

And 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。

Ladies and gentlemen, this does conclude today's conference.

女士們，先生們，今天的會議到此結束。

We thank you for your participation.

我們感謝您的參與。

You may now disconnect.

您現在可以斷開連接。