蓋璞 (GPS) 2014 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen.

下午好，女士們，先生們。

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

我叫 Amber，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 Inc Third-Quarter 2014 conference call.

在這個時候，我想歡迎大家參加 Gap Inc 2014 年第三季度電話會議。

(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 third-quarter 2014 earnings conference call.

歡迎參加 Gap Inc 2014 年第三季度財報電話會議。

Today's call is intended to cover both our third-quarter earnings results and the Company's organizational announcements issued today in separate press releases.

今天的電話會議旨在涵蓋我們的第三季度收益結果和公司今天在單獨的新聞稿中發布的組織公告。

Before we begin, I'd like to remind you that the information made available on this webcast and conference call contains certain forward-looking statements.

在我們開始之前，我想提醒您，本次網絡廣播和電話會議上提供的信息包含某些前瞻性陳述。

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 earnings press release, as well as our more recent annual report on Form 10-K and our subsequent filings with the SEC, all of which are available on www.gapinc.com.

有關可能導致我們的實際結果與前瞻性陳述存在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，請參閱今天的收益新聞稿，以及我們最近的 10-K 表格年度報告以及我們隨後向美國證券交易委員會提交的文件，所有這些都可以在 www.gapinc.com 上找到。

These forward-looking statements are based on information as of November 20, 2014.

這些前瞻性陳述基於截至 2014 年 11 月 20 日的信息。

And we assume no obligation to publicly update or revise our forward-looking statements.

我們不承擔公開更新或修改我們的前瞻性陳述的義務。

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 www.gapinc.com.

我還想提一下，Sabrina 將使用幻燈片來補充她的評論，您可以通過訪問 www.gapinc.com 的投資者關係部分查看。

Joining us on the call today are current Chairman and CEO Glenn Murphy; Art Peck, current President Growth, Innovation, and Digital, and future CEO; and Executive Vice President and CFO, Sabrina Simmons.

今天加入我們電話會議的是現任董事長兼首席執行官格倫·墨菲（Glenn Murphy）； Art Peck，現任增長、創新和數字總裁兼未來首席執行官；執行副總裁兼首席財務官 Sabrina Simmons。

As usual, Glenn and Sabrina will share the earnings results for the quarter.

像往常一樣，格倫和薩布麗娜將分享本季度的收益結果。

In addition, both Glenn and Art will also share their respective views on the announced leadership transition.

此外，格倫和阿特還將就宣布的領導層交接分享各自的看法。

Please note that Art is joining us on the call from New York today, so he will make his comments and then turn his attention to the teams in New York.

請注意，Art 今天從紐約參加我們的電話會議，因此他將發表評論，然後將注意力轉向紐約的團隊。

Therefore, he will not join for Q&A.

因此，他不會參加問答環節。

However, after our prepared remarks, we will open up the call, and Glenn and Sabrina will be available for questions.

但是，在我們準備好的發言之後，我們將打開電話，格倫和薩布麗娜將可以提問。

Now I'd like to turn the call over to Sabrina.

現在我想把電話轉給薩布麗娜。

Thank you, Katrina.

謝謝你，卡特里娜颶風。

Good afternoon, everyone.

大家下午好。

As usual, I'll begin today by reviewing third-quarter performance, and then provide an update on our full-year guidance.

像往常一樣，我將在今天開始回顧第三季度的業績，然後提供我們全年指導的最新信息。

While we're not proud of our third-quarter sales performance, driven by a particularly tough result at Gap brand, we are pleased that the teams demonstrated strong discipline on both expense and inventory.

雖然我們對第三季度的銷售業績並不感到自豪，但受到 Gap 品牌特別艱難的業績的推動，我們很高興這些團隊在費用和庫存方面表現出嚴格的紀律。

Net income for the third quarter was $351 million, and we delivered earnings per share of $0.80, up 11% to last year.

第三季度淨收入為 3.51 億美元，每股收益為 0.80 美元，比去年增長 11%。

As a reminder, our Q3 earnings per share of $0.80 includes a non-recurring benefit of about $0.06 from a lower effective tax rate of 34.5% in the quarter.

提醒一下，我們的第三季度每股收益為 0.80 美元，其中包括本季度 34.5% 的較低有效稅率帶來的約 0.06 美元的非經常性收益。

Regarding sales for the third quarter, total net sales were flat at $4 billion, and comp sales were down 2%.

關於第三季度的銷售額，總淨銷售額持平於 40 億美元，複合銷售額下降 2%。

For the quarter, the translation of foreign revenues into dollars negatively impacted our reported sales by $31 million, primarily due to the weakening yen and Canadian dollar.

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 3100 萬美元的負面影響，主要是由於日元和加元疲軟。

On a constant currency basis, therefore, our revenues were up 1%.

因此，按固定匯率計算，我們的收入增長了 1%。

Moving to gross margins.

轉向毛利率。

Third-quarter gross margins were up 20 basis points to 40.2%, with a favorability versus our prior outlook being driven by non-merchandise items like shrink and shipping.

第三季度毛利率上升 20 個基點至 40.2%，與我們之前的前景相比，受到收縮和運輸等非商品項目的推動。

Merchandise margins were up 90 basis points for the quarter, with Old Navy delivering the strongest margin performance.

本季度商品利潤率上升了 90 個基點，其中 Old Navy 的利潤率表現最為強勁。

Rent and occupancy deleveraged 70 basis points.

租金和入住率降低了 70 個基點。

Regarding SG&A, third-quarter total operating expenses were $1 billion, up $29 million from the prior year.

在 SG&A 方面，第三季度總運營費用為 10 億美元，比上年增加 2900 萬美元。

Marketing expenses were up $14 million to last year at $176 million.

營銷費用比去年增加了 1400 萬美元，達到 1.76 億美元。

Excluding the credit card income reclass of about $40 million, operating expense dollars would actually have been below last year.

不包括大約 4000 萬美元的信用卡收入重新分類，運營費用美元實際上會低於去年。

Regarding the balance sheet.

關於資產負債表。

At the end of the third quarter, we're pleased that inventory ended down 2% per store, below our previous guidance.

在第三季度末，我們很高興每家商店的庫存下降了 2%，低於我們之前的指導。

We ended the quarter with about $1 billion in cash.

我們在本季度結束時擁有約 10 億美元的現金。

Given our opportunistic approach to share buybacks, we're pleased we repurchased 11.4 million shares in the quarter, with the vast majority of those shares bought at a price of about $36.50.

鑑於我們對股票回購的機會主義做法，我們很高興我們在本季度回購了 1140 萬股股票，其中絕大多數股票的價格約為 36.50 美元。

Year to date, we've used over $1 billion to repurchase 26 million shares.

年初至今，我們已使用超過 10 億美元回購了 2600 萬股股票。

We've also distributed nearly $300 million in dividends, resulting in total cash distributions through October of more than $1.3 billion.

我們還派發了近 3 億美元的股息，截至 10 月的現金分配總額超過 13 億美元。

We ended the quarter with 424 million shares outstanding.

我們在本季度末發行了 4.24 億股流通股。

Regarding capital expenditures and store count, year to date CapEx was $508 million.

關於資本支出和門店數量，年初至今的資本支出為 5.08 億美元。

We ended the quarter with 3,266 company operated stores, and square footage was up about 2% compared with Q3 2013.

我們在本季度末擁有 3,266 家公司經營的商店，與 2013 年第三季度相比，面積增加了約 2%。

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

我們的新聞稿中列出了商店數量和平方英尺的詳細信息。

And now I'd like to share our outlook for the rest of the year.

現在我想分享我們對今年剩餘時間的展望。

Overall, our expectation is that the holiday season will remain highly promotional and competitive.

總體而言，我們預計假日季將保持高度促銷和競爭。

We're revising our full-year earnings-per-share outlook to $2.73 to $2.78, which includes the Q2 gain on asset sale of about $39 million.

我們將全年每股收益展望修正為 2.73 美元至 2.78 美元，其中包括第二季度約 3900 萬美元的資產出售收益。

The new range also includes a lower full-year effective tax rate of about 38%, reflecting the third-quarter tax benefit.

新範圍還包括較低的全年有效稅率，約為 38%，反映了第三季度的稅收優惠。

In addition, we now expect operating margins to be about 12.5%.

此外，我們現在預計營業利潤率約為 12.5%。

Our guidance range assumes current foreign exchange rates hold for the remainder of Q4.

我們的指導範圍假設當前匯率在第四季度剩餘時間內保持不變。

Given that some major currencies weakened meaningfully against the dollar in October, foreign exchange is likely to have a bigger negative impact on our Q4 earnings than we experienced in Q3.

鑑於 10 月份一些主要貨幣兌美元大幅走弱，外匯對我們第四季度收益的負面影響可能比第三季度更大。

For the full year, we continue to estimate that foreign exchange will negatively impact our EPS growth rate by about 5 percentage points.

對於全年，我們繼續估計外匯將對我們的每股收益增長率產生約 5 個百分點的負面影響。

Regarding other full-year guidance metrics, we've reduced our expected capital expenditures in response to a more challenging operating performance.

關於其他全年指導指標，我們降低了預期資本支出，以應對更具挑戰性的運營業績。

We now expect CapEx to be about $700 million, down from our previous guidance of about $750 million, and we now expect depreciation and amortization to be about $500 million.

我們現在預計資本支出約為 7 億美元，低於我們之前指導的約 7.5 億美元，我們現在預計折舊和攤銷約為 5 億美元。

Our net square footage guidance is unchanged at up about 2.5%.

我們的淨平方英尺指引保持不變，增長約 2.5%。

To be helpful, here are some other things to keep in mind.

為了有所幫助，這裡還有一些其他的事情要記住。

Clearly, we plan to remain diligent in our expense management.

顯然，我們計劃繼續努力進行費用管理。

As a reminder, we delivered a full point of leverage in the first half of the year.

提醒一下，我們在今年上半年提供了一個完整的槓桿點。

However, similar to the third quarter, we expect expenses to deleverage in the fourth quarter.

然而，與第三季度類似，我們預計第四季度費用將去槓桿化。

At the end of the fourth quarter, we expect year-over-year inventory dollars per store to be down slightly.

在第四季度末，我們預計每家商店的同比庫存美元將略有下降。

It's important to note that this guidance on inventory excludes any impact from the West Coast port issues.

需要注意的是，這份關於庫存的指導不包括西海岸港口問題的任何影響。

If we trigger any contingency plans that could impact inventory levels, such as pulling forward receipts, we'll give you an update on our monthly sales call.

如果我們觸發任何可能影響庫存水平的應急計劃，例如提前收據，我們將向您提供每月銷售電話的最新信息。

Finally, the guidance assumes that we see no meaningful improvement in the trend for Gap brand.

最後，該指南假設我們認為 Gap 品牌的趨勢沒有明顯改善。

Speaking of which, as Katrina mentioned, today we also announced some important organizational changes at both Gap and Banana Republic.

說到這一點，正如卡特里娜颶風所提到的，今天我們還宣布了 Gap 和 Banana Republic 的一些重要組織變革。

So now that I've taken you through earnings, I'll turn it over to Glenn to discuss those announcements in greater detail.

所以現在我已經帶你了解了收益，我會把它交給格倫來更詳細地討論這些公告。

Thank you, Sabrina.

謝謝你，薩布麗娜。

And good afternoon, everybody.

大家下午好。

Earlier today, we put out two press releases.

今天早些時候，我們發布了兩份新聞稿。

The first one that Sabrina just covered off, are Gap Inc's financial results for third quarter 2014.

Sabrina 剛剛掩蓋的第一個是 Gap Inc 2014 年第三季度的財務業績。

And the second press release that we put out is about two Presidents who will be leaving our business, so Art Peck, our new CEO who will be taking over from me on February 1, can put the team he wants to put together going forward that gives Gap Inc the best chance to have innovation, to win more customers, to grow internationally, and to be a top global retail apparel company around the world.

我們發布的第二份新聞稿是關於兩位將離開我們公司的總裁，因此將於 2 月 1 日接替我的新任首席執行官 Art Peck 可以組建他想要組建的團隊為 Gap Inc 提供創新、贏得更多客戶、國際化發展以及成為全球頂級零售服裝公司的最佳機會。

So at the end of the day, I'm very supportive of what Art is doing.

所以說到底，我非常支持Art正在做的事情。

The conversations I've had with him have always been around, look, you have to put together the winning combination of existing executives, new executives that you think are right in order for Gap Inc to achieve what I just said earlier.

我和他的談話一直圍繞著，看，你必須將現有高管和你認為正確的新高管組合在一起，才能讓 Gap Inc 實現我剛才所說的。

To be the leading global retail apparel company around the world.

成為全球領先的全球零售服裝公司。

Steve Sunnucks will be leaving us before the end of the calendar year.

Steve Sunnucks 將在日曆年年底前離開我們。

I've known Steve now for eight years.

我認識史蒂夫已經八年了。

He's worked for me that whole time.

他一直為我工作。

He's gone from running Europe, to running franchise, to running Asia.

他已經從經營歐洲，到經營特許經營權，再到經營亞洲。

Then we put Gap Global together in New York City, and Steve has overseen that now for two years.

然後我們將 Gap Global 放在紐約市，史蒂夫已經監督了兩年。

A lot of the structural work to bring Gap together have been done under Steve's leadership, but there's more work to do.

在史蒂夫的領導下，許多將 Gap 整合在一起的結構性工作已經完成，但還有更多工作要做。

It's not quite complete.

它還不是很完整。

And certainly as Art and Jeff Kirwan, our new President for Gap Global start working together, there's work to be done again.

當然，隨著 Art 和 Gap Global 新任總裁 Jeff Kirwan 開始合作，我們還有工作要做。

Our performance has been a little less consistent than we want it to be, and there's definitely room for improvement.

我們的表現沒有我們希望的那麼穩定，而且肯定還有改進的空間。

Under Art's leadership, with Jeff at the helm, I believe Gap brand have a very strong opportunity to drive their business forward in 2015 and beyond.

在 Art 的領導下，在 Jeff 的掌舵下，我相信 Gap 品牌在 2015 年及以後有非常好的機會推動他們的業務向前發展。

Jack Calhoun, who I appointed to become President of Banana Republic the few months after I started in 2007, has really done a very good job for the Company.

Jack Calhoun，在我 2007 年上任幾個月後，我任命他為 Banana Republic 的總裁，他確實為公司做了非常好的工作。

I think Jack did a great job integrating outlet into the specialty business, integrating online to create this new Banana Republic global team and have one view of the brand across all customer touch points.

我認為 Jack 在將奧特萊斯整合到專業業務中做得很好，整合在線以創建這個新的 Banana Republic 全球團隊，並在所有客戶接觸點上對品牌有統一的看法。

And recently the addition of Marissa Webb, who Jack recruited and hired [through] my creative director, I really feel strongly that's going to position Banana Republic very well for the future.

最近，Jack 招募並聘用了我的創意總監的 Marissa Webb 的加入，我真的強烈認為這將為 Banana Republic 的未來定位非常好。

Now Art made two very good decisions in appointing Andi Owen and Jeff Kirwan to become future Presidents.

現在，阿特做出了兩個非常好的決定，任命安迪歐文和傑夫柯萬成為未來的總裁。

And I've known both these executives for the better part of eight years.

我認識這兩位高管已經八年了。

I've worked side by side with them, I've seen them grow, I've seen them tested.

我與他們並肩工作，我見證了他們的成長，我見證了他們的考驗。

Andi has great experience between -- grew up in the field, but has always had this incredible merchant skill and eye for product.

Andi 擁有豐富的經驗——在該領域長大，但始終擁有令人難以置信的商人技能和對產品的洞察力。

And Jeff, who was running Canada for Old Navy when I started in 2007, but the last three years has worked directly for me.

還有傑夫，當我在 2007 年開始工作時，他正在為老海軍管理加拿大，但過去三年直接為我工作。

In driving the China business forward, the future of the Company in terms of growth is really going to be very much focused on the China business.

在推動中國業務向前發展的過程中，公司未來的增長將非常關注中國業務。

So from my perspective, Art has made two very good decisions.

所以從我的角度來看，阿特做出了兩個非常好的決定。

He's putting the team together he wants to move forward with.

他正在組建他想要前進的團隊。

So with that said, why don't I pass it over to Art and give him a couple minutes to talk about the choices of Andi Owen and Jeff Kirwan.

話雖如此，我為什麼不把它交給阿特，給他幾分鐘時間來談談安迪歐文和傑夫柯萬的選擇。

Art?

藝術？

Thanks, Glenn.

謝謝，格倫。

I really appreciate it.

對此，我真的非常感激。

And let me echo Glenn's comments and his thanks to both Jack and Steve for their time with the Company, and service and commitment to the Company.

讓我回應 Glenn 的評論以及他對 Jack 和 Steve 在公司工作以及對公司的服務和承諾的感謝。

I want to spend a moment just talking about really why now.

我想花點時間談談為什麼現在。

Why I initiated these changes now.

為什麼我現在開始進行這些更改。

The first I would point out that, while I've had the benefit now of several weeks since we announced the transition, to get to know more about parts of the Company and the situation in the Company that I've not been close to and familiar with.

首先我要指出的是，雖然自從我們宣布過渡以來，我已經享受了幾個星期的好處，但我可以更多地了解公司的某些部分以及我沒有接觸過的公司情況，以及熟悉。

Being at the Company for the last 10 years and having multiple roles around the Company, has really given me very broad and oftentimes very deep exposure to the executives in our senior roles.

過去 10 年在公司工作並在公司擔任多個職務，確實讓我非常廣泛地接觸到擔任我們高級職務的高管。

And that applies obviously to both Jeff in his role in China, and to Andi in multiple roles where we've worked closely together.

這顯然適用於傑夫在中國的角色，也適用於安迪在我們密切合作的多個角色中。

So I've really appreciated the time to get to know things.

所以我真的很感激有時間去了解事情。

But this is a change that is really based upon my deeper experience and knowledge of the Company, as well as knowledge of the talent that we have across the Company.

但這是一個真正基於我對公司更深層次的經驗和知識以及對我們整個公司人才的了解的變化。

I also will just communicate to you that I have inherited an extraordinarily strong and deep bench.

我也會告訴你我繼承了一個非常強大和深的替補席。

And it's something I'm proud of for us as an organization, and it's a reason why I have confidence that, even with two changes like this, we will not miss our stride as an organization as we go into next year with this senior team in place.

作為一個組織，這是我為我們感到自豪的事情，這也是我有信心的原因，即使有這樣的兩次變化，我們也不會錯過我們作為一個組織的步伐，因為我們將在明年與這個高級團隊一起進入到位。

The why now is very simple, which is, I'm impatient to get the team in place for 2015, and ready to drive business results as we go into the new fiscal year.

為什麼現在很簡單，即我迫不及待地想讓團隊在 2015 年就位，並準備好在我們進入新的財政年度時推動業務成果。

Let me spend a moment first then about Jeff.

讓我先花點時間談談傑夫。

Obviously, Jeff until now, has been building our China business.

顯然，傑夫直到現在，一直在建立我們的中國業務。

I would describe Jeff as, number one, a great leader.

我會將傑夫描述為第一，一位偉大的領導者。

Number two, a very balanced executive.

第二，一個非常平衡的執行官。

Number three, somebody who really gets our brands, and really gets brand building.

第三，真正獲得我們的品牌，真正獲得品牌建設的人。

There is a word that I will use with both Andi and Jeff, which is consistency.

我將在 Andi 和 Jeff 中使用一個詞，那就是一致性。

Jeff has been a consistent deliverer of exceptional performance across all of the assignments that he's been in.

Jeff 在他參與的所有任務中始終表現出色。

I'll say the same thing about Andi, but I just want you to note that consistency for me in both of these executives and their track records is a critical issue.

我會對安迪說同樣的話，但我只是想讓你注意，對我來說，這兩位高管的一致性和他們的業績記錄是一個關鍵問題。

Jeff and I have a high degree of urgency about the situation at Gap.

Jeff 和我對 Gap 的情況非常緊迫。

And I'm very anxious to get him in there with the team, working with me to get the business back on track.

而且我非常渴望讓他與團隊一起工作，與我一起讓業務重回正軌。

We owe that, to our customers to our employees, and certainly to our investors.

我們應該為我們的客戶，我們的員工，當然也為我們的投資者。

We need to get the aesthetic righted for the brand.

我們需要讓品牌的審美正確。

And I would note that, this is something that I've done before.

我要指出，這是我以前做過的事情。

So when I went to Gap in 2011, we also had an aesthetic issue there.

所以當我在 2011 年去 Gap 時，我們在那裡也遇到了審美問題。

And it was highest priority in terms of righting the business.

在糾正業務方面，這是最高優先級的。

We worked on it during the course of that year, and we made some improvements in the product during the year, and in 2012 we delivered with the team an exceptional performance.

我們在那一年進行了研究，在這一年中我們對產品進行了一些改進，並且在 2012 年我們與團隊一起交付了出色的表現。

And so I've been there, worked on these issues before, and I have a high degree of confidence that Jeff, with my partnership, working with the team, can lead that team to getting the brand righted quickly.

因此，我曾經去過那裡，以前曾處理過這些問題，並且我非常相信 Jeff 和我的伙伴關係，與團隊合作，可以帶領該團隊迅速糾正品牌。

With Andi, again, I would say a very balanced executive.

對於安迪，我想說的是一位非常平衡的高管。

She's been in a number of different functions in the Company.

她在公司擔任過許多不同的職務。

She's worked across many of our brands.

她曾在我們的許多品牌工作過。

She's been in the online space.

她一直在網絡空間。

She's been in the specialty space.

她一直在專業領域。

She's been in the outlet space.

她一直在出口空間。

So she's really seen the bulk of what we do as a Company.

所以她真的看到了我們作為一家公司所做的大部分工作。

And again, delivered consistent performance across all of the key roles that we've put her in.

再一次，在我們安排她擔任的所有關鍵角色中表現一致。

She is really an unusual executive for us.

對我們來說，她真的是一位不同尋常的高管。

She grew up in the field organization, then transitioned into merchandising.

她在現場組織中長大，然後過渡到商品銷售。

She's demonstrated that she has an exceptional taste level, but she's also an exceptional leader.

她證明了她具有非凡的品味水平，但她也是一位非凡的領導者。

And that's why I get excited about with Andi as well.

這也是我對 Andi 感到興奮的原因。

She is balanced, she's fluent across multiple disciplines in the business, she has great taste.

她是平衡的，她在業務的多個學科流利，她有很好的品味。

And I think she will do very well in building on the work that Jack and Marissa and the team have done in terms of delivering more consistent performance, and realizing the potential of Banana Republic.

我認為她會在 Jack 和 Marissa 以及團隊所做的工作的基礎上做得非常好，以提供更一致的表現，並實現 Banana Republic 的潛力。

So I've talked about both Jeff and Andi, and I've used the word consistency.

所以我談到了 Jeff 和 Andi，我使用了一致性這個詞。

It's a very important word for me, and it starts with exceptional product that we deliver consistently season after season.

這對我來說是一個非常重要的詞，它始於我們一季又一季始終如一地提供的卓越產品。

This is the focus that I have right now.

這是我現在的重點。

It's the focus that Jeff will have going into that building with the team, and I know it's the focus that Andi has building on Jack's work as well.

這是 Jeff 與團隊一起進入大樓的重點，我知道 Andi 也將重點放在 Jack 的工作上。

Let me just wrap up then.

讓我結束吧。

I could talk about this for a long time.

我可以談論這個很長一段時間。

Hopefully, you can hear in my comments the confidence that I have in both Jeff and Andi and the teams that they will be leading in these new roles.

希望您能在我的評論中聽到我對 Jeff 和 Andi 以及他們將在這些新角色中領導的團隊的信心。

I also want to say that I am extraordinarily confident in the broader team here, the individuals running our P&Ls across Old Navy and Piperlime, Athleta and Intermix, as well as my functional partners.

我還想說，我對這裡更廣泛的團隊、在 Old Navy 和 Piperlime、Athleta 和 Intermix 運營我們損益表的個人以及我的職能合作夥伴非常有信心。

I think it's a very strong team.

我認為這是一支非常強大的球隊。

We're going to use December and January to really align in our priorities, and be ready to stand up in front of the Company and in front of you with very clear priorities and a renewed focus as we go into next year.

我們將利用 12 月和 1 月來真正調整我們的優先事項，並準備好在我們進入明年時以非常明確的優先事項和新的重點站在公司和您面前。

With that, let me hand it back to Glenn.

有了這個，讓我把它還給格倫。

Thank you, Art.

謝謝你，藝術。

Art has to leave the call now, because he has to attend to a number of other matters.

Art現在必須掛斷電話，因為他必須處理許多其他事情。

But Sabrina and I will be here to answer any questions related to the changes with our brand Presidents.

但薩布麗娜和我將在這裡與我們的品牌總裁一起回答與變化有關的任何問題。

But before we get to that, I'd like to talk a little bit about Q3 and Q4, and then for sure we look forward to answering any questions you have.

但在我們開始之前，我想談談 Q3 和 Q4，然後我們當然期待回答您的任何問題。

When I think about the third quarter, my observation is we weren't as successful commercially as I wanted the business to be.

當我想到第三季度時，我的觀察是我們在商業上並不像我希望的那樣成功。

We had a minus 2% comp on a two-year basis that was minus 1%.

在兩年的基礎上，我們有負 2% 的補償，即負 1%。

Now inside of that, Old Navy certainly was stronger than the other brands.

現在在這裡面，老海軍肯定比其他品牌強。

And I think Stefan is doing some very good work at Old Navy that hopefully can build every single quarter as we go forward.

而且我認為 Stefan 在 Old Navy 做了一些非常好的工作，希望可以在我們前進的過程中建立每一個季度。

So commercially, we learned a lot of lessons.

所以在商業上，我們學到了很多教訓。

The team continues to commit to making our business stronger and stronger every single season.

團隊繼續致力於使我們的業務在每個賽季都變得越來越強大。

But a company like Gap Inc with our six brands inside of our portfolio, I don't think anybody here ever thinks that we should negative comp.

但是像 Gap Inc 這樣的公司，我們的投資組合中有六個品牌，我認為這裡沒有人認為我們應該負競爭。

It just makes no sense.

這沒有任何意義。

So when it does happen to us, I think the team gets more invigorated, more focused.

所以當它真的發生在我們身上時，我認為團隊會變得更有活力，更專注。

Tenacity, which is such an important part of being a successful retailer, comes through.

堅韌是成為成功零售商的重要組成部分。

And I think we're turning that tenacity into positive energy as we look at the fourth quarter.

我認為當我們看第四季度時，我們正在將這種堅韌轉化為正能量。

But I would then look at that and say we had a much better quarter when it comes to the work done by our finance team.

但然後我會說，就我們的財務團隊所做的工作而言，我們有一個更好的季度。

The one-time tax benefit and the cash that we now have inside the Company to buy back more shares or to give us flexibility to buy back more shares.

一次性稅收優惠和我們現在在公司內部擁有的現金可以回購更多股份或讓我們靈活地回購更多股份。

And also the work that was done, the share buyback in the quarter, buying over $400 million of shares.

還有已經完成的工作，即本季度的股票回購，購買了超過 4 億美元的股票。

So I definitely tip my hat to Sabrina and her team, and have told everybody else on the commercial revenue side of the business we need to do better.

因此，我絕對要向 Sabrina 和她的團隊致敬，並告訴其他所有人在業務的商業收入方面我們需要做得更好。

Now we had some accomplishments in the quarter.

現在我們在本季度取得了一些成就。

In China, we opened our 100th store for Gap brand.

在中國，我們為 Gap 品牌開設了第 100 家門店。

I think that's exciting, that's great progress.

我認為這很令人興奮，這是很大的進步。

You heard me talk about Jeff Kirwan earlier.

你之前聽我談論過 Jeff Kirwan。

And Old Navy continues to do very well inside of China.

老海軍在中國繼續做得很好。

So with that combination, we feel very good about as we look at China becoming the second most important country to Gap Inc as we go forward.

因此，通過這種組合，當我們看到中國成為 Gap Inc 的第二重要國家時，我們感到非常高興。

We did a lot of good work on OmniChannel, and how is the Company going to differentiate itself, what are our competitive advantages.

我們在 OmniChannel 上做了很多很好的工作，公司將如何區分自己，我們的競爭優勢是什麼。

We have over 1,000 stores with Wi-Fi.

我們有超過 1,000 家提供 Wi-Fi 的商店。

We will have a lot more of those done in the first quarter of next year.

我們將在明年第一季度完成更多此類工作。

We have 1,000 stores that can do order in store.

我們有 1,000 家可以在店內訂購的商店。

And so I think I see the OmniChannel part of our business, the unique parts of that, really drive sales for us in the fourth quarter.

所以我認為我看到了我們業務的全渠道部分，其中獨特的部分，真正推動了我們在第四季度的銷售。

I think the work on the margin rate, while I wasn't happy, and really nobody in this Company is happy with a minus 2% comp.

我認為關於保證金率的工作，雖然我不開心，但在這家公司裡真的沒有人對負 2% 的補償感到滿意。

The work done on the margin rate was actually pretty strong, so I'm pleased with that.

在保證金率上所做的工作實際上非常強大，所以我很高興。

One change we've made which we haven't talked about a lot is now our biggest distribution center, which is in New York state.

我們所做的一項改變是我們沒有經常談論的，現在是我們最大的配送中心，它位於紐約州。

We've now put an on-line pop-up inside of a store distribution center.

我們現在在商店配送中心內放置了一個在線彈出窗口。

So that's the beginning of our vision of seamless inventory.

這就是我們無縫庫存願景的開始。

But what does it mean for 2014 holiday, is we can extend the last date to ship to customers.

但是對於 2014 年的假期意味著什麼，我們可以延長最後一次發貨給客戶的日期。

And it gives us a lot of flexibility on the East Coast, which is our biggest market.

它為我們在東海岸提供了很大的靈活性，這是我們最大的市場。

And allows us to save a little bit of money when it comes to shipping expense.

並且讓我們在運輸費用方面節省一點錢。

So I think that's a very good step that will help us in the P&L in the fourth quarter, but is a cornerstone of what seamless inventory will look like in Gap Inc.

所以我認為這是一個非常好的步驟，將有助於我們在第四季度的損益，但它是 Gap Inc. 無縫庫存的基石。

And of course, the quarter was about succession.

當然，這個季度是關於繼任的。

Less than the announcements we made today, but a lot about month ago when I announced that I'd be leaving the Company as Chairman and CEO on January 31.

比我們今天宣布的要少，但大約一個月前，當我宣布我將於 1 月 31 日離開公司擔任董事長兼首席執行官時。

And we had this incredible internal executive who was going to step up in Art Peck.

我們有一位令人難以置信的內部高管，他將在 Art Peck 中站出來。

That's probably the biggest news inside of the quarter.

這可能是本季度最大的新聞。

Right now, we're a couple of weeks inside of Q4.

現在，我們距離第四季度還有幾週的時間。

We're very excited about our opportunity to compete and to win.

我們對有機會競爭和獲勝感到非常興奮。

You heard in our recent sales announcement I put out, I do believe we have improved assortment in terms of the mix of our assortment.

您在我最近發布的銷售公告中聽說過，我確實相信我們在分類組合方面已經改進了分類。

I think the team has done a very good job on product for the fourth quarter.

我認為團隊在第四季度的產品方面做得非常好。

Our customer communications are the best I've seen from us put forward in the holiday season.

我們的客戶溝通是我在假期期間從我們那裡看到的最好的溝通方式。

We've been planning this for the last nine months, putting them in place, and now it's up to the teams in our mobile business, our e-commerce business, our store teams, and everybody around the world to go out and execute.

在過去的九個月裡，我們一直在計劃這一點，並將它們落實到位，現在由我們的移動業務、電子商務業務、商店團隊以及世界各地的每個人來執行。

This is all about execution.

這都是關於執行的。

I'm here right until till the end of the fourth quarter working with the teams in stores pushing execution aggressively, because we are committed to one another to finish the year strong.

我一直在這裡直到第四季度末，與商店中的團隊一起積極推動執行，因為我們致力於彼此以強勁的勢頭結束這一年。

So with that said, I'm going to hand it over now back to Katrina, and we'll take any questions we have from the analysts.

話雖如此，我現在將把它交給卡特里娜颶風，我們將回答分析師提出的任何問題。

Thank you, everybody.

謝謝大家。

Great.

偉大的。

That concludes our prepared remarks, and we'll now open up the call to questions.

我們準備好的發言到此結束，我們現在開始提問。

As reminder, I have Glenn and Sabrina here to take Q&A.

提醒一下，我請 Glenn 和 Sabrina 來參加問答。

And we'd appreciate limiting your questions to one per person.

我們希望將您的問題限制在每人一個。

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

We will go first to Ed Yruma with KeyBanc Capital Markets.

我們將首先與 KeyBanc Capital Markets 聯繫 Ed Yruma。

Thanks very much for taking my question.

非常感謝您提出我的問題。

And, Glenn, congratulations on a very successful tenure.

並且，格倫，祝賀你的任期非常成功。

I think when you last spoke, you were looking for some signs of hope within product within Gap banner.

我認為當您上次發言時，您正在 Gap 橫幅中的產品中尋找一些希望的跡象。

Obviously, you're not guiding to any financial improvement.

顯然，您並沒有指導任何財務改善。

But are you starting to see either signs of greater customer acceptance?

但是您是否開始看到客戶接受度更高的跡象？

Are you seeing some of this more optimistic color pallet work?

您是否看到了一些更樂觀的調色板工作？

Any insight there would be helpful.

那裡的任何見解都會有所幫助。

Thank you.

謝謝你。

First of all, thank you about the kind comment.

首先，感謝您的友好評論。

We're not going to talk about -- because the optimistic color you're referring to is the collection and the flow we just dropped about two weeks ago.

我們不打算談論——因為你所指的樂觀顏色是大約兩週前我們剛剛刪除的集合和流程。

Which is anchored in crazy stripes, which is something we did seven years ago with fresh marketing.

它以瘋狂的條紋為基礎，這是我們七年前通過新鮮營銷所做的事情。

Look, we were pretty honest I think recently on the sales call that we really thought that we would see some signs of improvement in our September and October flow from Gap.

看，我們非常誠實，我認為最近在銷售電話會議上，我們真的認為我們會看到 Gap 的 9 月和 10 月流量有一些改善的跡象。

There's a few green shoots here and there in certain categories.

在某些類別中到處都有一些綠芽。

Which, when you look at where we're going to be investing inventory going forward, they're in categories that showed a little bit of improvement in the third quarter, so I think that's a good sign.

其中，當您查看我們未來將在哪裡投資庫存時，它們屬於在第三季度顯示出一些改善的類別，所以我認為這是一個好兆頭。

I think now, it's a combination of the aesthetic, we know, has to continue to evolve, and evolve quickly.

我認為現在，它是美學的結合，我們知道，必須繼續發展，並迅速發展。

And I believe some of that improvement will be in place, either in the store today or in separate flows we have coming on the Monday after Thanksgiving, on December 15th, and again in the first week of January.

我相信其中一些改進將會到位，無論是在今天的商店中，還是在感恩節後的星期一、12 月 15 日和 1 月的第一周再次出現的單獨流程中。

We have an extra flow this year for Gap, which will provide more newness to the business.

今年我們為 Gap 提供了額外的流量，這將為業務提供更多新鮮感。

I think that that improvement is in place on the flows I just talked about.

我認為我剛才談到的流程已經有了改進。

But it's not enough to take us to a place where we're even satisfied.

但僅僅把我們帶到一個我們甚至滿意的地方是不夠的。

There has been some better work done, similar to Old Navy, on the actual assortment and the investment of inventory, in the parts of the business which we do feel good.

在實際分類和庫存投資方面，在我們感覺良好的部分業務方面，已經完成了一些更好的工作，類似於 Old Navy。

So Gap brand, we feel good about our baby business.

所以 Gap 品牌，我們對我們的嬰兒業務感覺良好。

We feel good about our fit, the Gap fit business.

我們對我們的健康感覺良好，Gap fit 業務。

We feel good about our outerwear business.

我們對我們的外套業務感覺良好。

There's certain parts we have put the inventory to match where we had evidence that we were starting to get the product to resonate much better than you've seen the first nine months of this year.

我們已經將某些部分的庫存與我們有證據表明我們開始讓產品產生比今年前九個月更好的共鳴的地方相匹配。

So a little early on in Q4.

所以在第四季度有點早。

I think the extra flow is going to help.

我認為額外的流量會有所幫助。

But we look forward to talking to people every single month.

但我們期待每個月都與人們交談。

Because that's our commitment, and giving you updates on our performance.

因為這是我們的承諾，並為您提供我們業績的最新信息。

And trying to answer more specifically the question about signs of positive acceptance by customers at Gap brand.

並試圖更具體地回答有關 Gap 品牌客戶積極接受跡象的問題。

Great, thanks so much.

太好了，非常感謝。

We will go next to Anna Andreeva with Oppenheimer and Company.

我們將與 Oppenheimer and Company 一起前往 Anna Andreeva。

Good afternoon, and thank you for taking my question.

下午好，感謝您提出我的問題。

On guidance for implied down earnings for the fourth quarter.

關於第四季度隱含下調收益的指引。

Can you talk about if this is based on what you're seeing so far in November, or is this a more conservative stance ahead of the holiday?

您能否談談這是基於您在 11 月迄今為止所看到的情況，還是在假期前採取更保守的立場？

And on the gross margin, the implied decline I guess in the range of 100 basis points give or take.

而在毛利率方面，我猜測在 100 個基點的範圍內的隱含下降是有或有的。

You have the easier comparison.

你有更容易的比較。

Just trying to understand what's driving that degradation, given inventories are clean, and, Glenn, you sound more encouraged about the product at the Gap division.

只是想了解是什麼導致了這種退化，因為庫存很乾淨，而且，格倫，你聽起來對 Gap 部門的產品更受鼓舞。

Thanks so much.

非常感謝。

With regard to guidance, I would say we just thought it prudent given performance year-to-date to be grounded in that performance.

關於指導，我想說，鑑於年初至今的表現，我們只是認為以該表現為基礎是謹慎的。

So the basis for the guidance is really our year-to-date performance in sales and comp.

因此，指導的基礎實際上是我們今年迄今為止在銷售和薪酬方面的表現。

And then as I said, it also assumes Gap brand doesn't have any meaningful change in trend from what we've seen year to date.

然後正如我所說，它還假設 Gap 品牌從我們今年迄今為止看到的趨勢沒有任何有意義的變化。

I would add to that comment, as I said in my remarks, the fact that in Q4 we really expect more foreign exchange headwinds than we did in Q3 as well.

正如我在講話中所說，我要補充這一評論，即我們確實預計第四季度的外匯逆風也比第三季度更多。

If you think about the yen alone, the average rate was about 105 in Q3, and as of today it's about 118 which is a 12% depreciation.

如果僅考慮日元，第三季度的平均匯率約為 105，而截至今天約為 118，即貶值 12%。

So that's an important piece to keep in mind, as well.

因此，這也是要記住的重要部分。

And we will go next to Betty Chen with Mizuho Securities.

我們將與瑞穗證券一起去貝蒂陳旁邊。

Thank you.

謝謝你。

I was wondering if you can talk a little bit more about the potential shipping benefit, Glenn, I think you alluded to earlier.

我想知道你是否可以多談談潛在的運輸好處，格倫，我想你之前提到過。

We've also noticed that the brand started to test a lot more of the two-day shipping, which we expect shoppers to probably welcome.

我們還注意到，該品牌開始測試更多的兩天發貨，我們希望購物者可能會歡迎。

Can you talk to us about any initial learnings on the receptivity of the two-day shipping program, and any quantification on what the potential savings could be for 2015?

您能否與我們談談對兩天運輸計劃的接受度的初步了解，以及對 2015 年可能節省的潛在成本的量化？

Thanks.

謝謝。

I think this is all part of a, what I would call a longer term plan under this definition.

我認為這都是一個，在這個定義下我稱之為長期計劃的一部分。

It's not a well marketed theme, but it's called seamless inventory for us.

這不是一個營銷良好的主題，但它對我們來說被稱為無縫庫存。

So how we've learned to get to this point, to the decision we've made in our New York store distribution facility, is China today runs in a seamless inventory way where the inventory for online customers and for stores are in the same building.

因此，我們是如何學會走到這一步的，我們在紐約商店配送中心做出的決定是，今天的中國以無縫庫存方式運行，在線客戶和商店的庫存在同一棟樓裡.

As a matter of fact, the real step to purity on this trend is on the same shelf, in the same building.

事實上，在這一趨勢中走向純淨的真正步驟是在同一個架子上，在同一棟樓裡。

Athleta runs this way.

運動員就是這樣跑的。

Japan runs right now not on the same shelf, but in the same building.

日本現在不在同一個架子上，而是在同一棟樓裡。

And we just changed our situation in Europe about six months ago, where we had a separate on-line building, and we consolidated into the store distribution center.

大約六個月前，我們剛剛改變了我們在歐洲的情況，在那裡我們有一個單獨的在線大樓，我們併入了商店配送中心。

So I think we've been thoughtful about going around the US and trying to get some learnings.

所以我認為我們一直在考慮周遊美國並嘗試學習一些東西。

And all so far, it's what you want to get from this.

到目前為止，這就是你想從中得到的。

Can you save money over time, the answer should be yes.

你能隨著時間的推移省錢嗎，答案應該是肯定的。

But the real benefit here is the benefit on gross margin dollars of basically sending a unit to, let's call it for now, the highest bidder, who will pay the highest AUR.

但這裡真正的好處是毛利美元的好處，即基本上將一個單位發送給，讓我們暫時稱其為出價最高的人，誰將支付最高的 AUR。

That could be an online customer, or it could be a store that's exhibiting stronger AUR performance.

這可能是在線客戶，也可能是表現出更強 AUR 性能的商店。

And I think that's what seamless inventory eventually gets at.

我認為這就是無縫庫存最終得到的結果。

What we did in the distribution center in New York, we had some excess capacity.

我們在紐約的配送中心所做的，我們有一些過剩的產能。

Right now, we ship to our online customers from Columbus and from Phoenix.

現在，我們從哥倫布和鳳凰城向我們的在線客戶發貨。

As delivery time has become more of a table stakes, we decided to use some of that capacity in New York, but it's all part of the strategic direction on seamless.

隨著交付時間變得越來越重要，我們決定在紐約使用部分產能，但這都是無縫戰略方向的一部分。

And we popped up about 300,000 square feet of online inventory in that physical distribution building.

我們在那個物流大樓裡彈出了大約 300,000 平方英尺的在線庫存。

We own the land, so it's an easy -- it wasn't that costly.

我們擁有這片土地，所以這很容易——成本並不高。

Just had to put the IT system in.

只需要安裝 IT 系統。

And now starting last week, we're actually shipping to eastern -- on the eastern side of the country from New York, down to Florida.

現在從上週開始，我們實際上是在向東部運送——在該國東部，從紐約到佛羅里達。

We're shipping out of the New York DC.

我們從紐約特區發貨。

So could we get some benefit in terms of expense?

那麼我們能否在費用方面獲得一些好處？

We hope so.

我們希望如此。

Is it really more about expediting and trying to do some of the two-day events you're talking about?

真的更多的是關於加快和嘗試做一些你所說的為期兩天的活動嗎？

That's the answer because coming into Q4, we're trying to find a better balance between our value proposition, also known as promotions.

這就是答案，因為進入第四季度，我們正試圖在我們的價值主張（也稱為促銷）之間找到更好的平衡。

And our service proposition, driven by delivery opportunities, and also driven by OmniChannel.

我們的服務主張，由交付機會驅動，也由全渠道驅動。

So how has the two-day free gone?

那麼兩天的免費時間是怎麼過去的呢？

I think we're pleased with it.

我想我們對此很滿意。

I think we're pleased with it as long as the incremental cost of the expense of doing that is more than made up by the benefit of gross margin.

我認為我們對此感到滿意，只要這樣做的費用的增量成本超過毛利率的好處。

Because if we're going to continue the same depth of discount and then go to two days, well that's not a smart decision.

因為如果我們要繼續相同深度的折扣，然後再持續兩天，那不是一個明智的決定。

So far, I think customers, and we're obviously excited about it.

到目前為止，我認為客戶，我們顯然對此感到興奮。

We'd rather, as a Company that owns brands, we'd rather have a better balance of our value proposition to our service offering, and you're seeing us putting some of that forward and even more of that will happen in Q4.

作為一家擁有品牌的公司，我們寧願在我們的價值主張與我們的服務產品之間取得更好的平衡，你會看到我們將其中的一些向前推進，甚至更多將在第四季度發生。

Thank you.

謝謝你。

We will go next to Kimberly Greenberger with Morgan Stanley.

我們將與摩根士丹利一起去金伯利格林伯格旁邊。

Great, thank you.

太好了謝謝。

My question is on eCommerce, but Sabrina I just wanted to clarify.

我的問題是關於電子商務的，但我只是想澄清一下 Sabrina。

Does your guidance imply that the negative 1% comp that we saw here in the third quarter continues into Q2, or were you not that specific?

您的指導是否意味著我們在第三季度看到的負 1% 補償將持續到第二季度，還是您沒有那麼具體？

That's the clarification.

這就是澄清。

And, Glenn, I just wanted to ask about eCommerce.

而且，格倫，我只是想問一下電子商務。

The eCommerce strategies and the digital strategies of this Company have been really compelling here for a number of years.

多年來，這家公司的電子商務戰略和數字戰略在這裡一直非常引人注目。

We're seeing a pretty big slowdown in eCommerce sales growth here in 2014, and I think the growth rate here in the third quarter was only about 5%.

我們看到 2014 年電子商務銷售增長大幅放緩，我認為第三季度的增長率僅為 5% 左右。

So is it simply product that is holding back the growth rate in eCommerce, or is there something else going on that's making it more difficult to grow that business over time?

那麼，僅僅是產品阻礙了電子商務的增長，還是有其他因素導致該業務隨著時間的推移變得更加困難？

I'll just start with the clarification, Kimberly.

我將首先澄清一下，金伯利。

It is a range.

這是一個範圍。

So I would say that the range is kind of grounded on this year-to-date trend that, yes, we have seen a negative 1% year-to-date comp and a plus 1% sales.

所以我想說，這個範圍有點基於今年迄今為止的趨勢，是的，我們看到了今年迄今為止的負 1% 和正 1% 的銷售額。

But you can get to numbers within that range with different configurations.

但是您可以使用不同的配置獲得該範圍內的數字。

But I would say, yes, it's grounded in that notion.

但我會說，是的，它基於這個概念。

And on the 5% growth in the third quarter.

第三季度增長5%。

Look, part of my opening comments was we had some accomplishments in the quarter, we had some areas where we were disappointed.

看，我的開場評論的一部分是我們在本季度取得了一些成就，我們在一些領域感到失望。

That was clearly a disappointment.

這顯然令人失望。

It's a little bit about product.

這有點關於產品。

It's a little bit about last year we had a 20% comp, which I think is a pretty strong growth.

有點像去年我們有 20% 的補償，我認為這是一個相當強勁的增長。

But market leading, but something we should be doing given the investments we're making.

但市場領先，但鑑於我們正在進行的投資，我們應該做的事情。

So a two-year 25%, we were not happy with that at all.

所以兩年 25%，我們對此一點也不滿意。

And the team is very focused, and OmniChannel initiatives are not all about driving online sales.

並且團隊非常專注，全渠道計劃並不僅僅是為了推動在線銷售。

As a matter of fact, in some cases, reserve in store and order in store to drive more productivity inside our physical assets.

事實上，在某些情況下，通過店內預訂和店內訂單來提高我們實物資產的生產力。

But I completely agree with you, Kimberly.

但我完全同意你的看法，金伯利。

And I know that the brand Presidents supported by Art have had lots of conversations about that particular 5% growth.

而且我知道，由 Art 支持的品牌總裁已經就 5% 的特定增長進行了很多對話。

We gained share in Q3 of 2013, and we gave up some of it in Q3 of 2014.

我們在 2013 年第三季度獲得了份額，並在 2014 年第三季度放棄了部分份額。

And we're not into the borrowing share business, we're into the gaining share and keeping it.

而且我們不參與借貸股份業務，我們參與的是獲得份額並保持它。

So I think that we're not happy about it.

所以我認為我們對此並不滿意。

But I'm not -- I think it's a quarter.

但我不是——我認為這是四分之一。

I agree with you, this year has kind of slowed down as well.

我同意你的看法，今年也有所放緩。

But this was a particular quarter where we're not happy.

但這是一個我們不開心的特定季度。

And I think we're on it, and some changes will be made to make sure we get back to gaining share online.

而且我認為我們正在努力，並且將進行一些更改以確保我們重新獲得在線份額。

Great, thank you.

太好了謝謝。

We'll go next to Matt McClintock with Barclays.

我們將與巴克萊一起去馬特麥克林托克旁邊。

Good afternoon, everyone.

大家下午好。

One quick clarification question, Sabrina.

一個快速澄清的問題，薩布麗娜。

Is the one-time tax benefit and the asset sale in the second quarter both included in guidance for the full year?

第二季度的一次性稅收優惠和資產出售是否都包含在全年的指導中？

Yes, they absolutely are.

是的，他們絕對是。

That's GAAP guidance.

這是公認會計原則的指導。

And the full-year tax rate, as I said, Matt, has come down slightly from 38.5% to 38% to reflect the benefit of the Q3 non-recurring issue.

正如我所說，全年稅率從 38.5% 小幅下降到 38%，以反映第三季度非經常性問題的好處。

Okay.

好的。

And then if I may ask a longer term question, Glenn, as we look into the holiday season, it sounds like there's optimism for some of the eCommerce initiatives, order in store, et cetera to potentially benefit and drive holiday sales.

然後，如果我可以問一個更長期的問題，格倫，當我們展望假期時，聽起來對一些電子商務舉措、店內訂單等可能會受益並推動假期銷售持樂觀態度。

Are you planning for any benefit from these initiatives as you set your plans for holiday?

在製定假期計劃時，您是否計劃從這些舉措中獲益？

And then now that you're rolling out order in store to over 1,000 locations, could you maybe give us some update on what you're seeing in terms of what you've seen in the benefit, how that's impacting sales in those stores?

然後，既然您正在向 1,000 多個地點推出商店訂單，您能否就您在收益中看到的內容向我們提供一些最新信息，這對這些商店的銷售有何影響？

I'd say, Matt, that we didn't plan for any of it.

我會說，馬特，我們沒有為此做任何計劃。

Because we just turned the switch on to the 1,000 stores on the -- I guess it was in the first day of the new quarter.

因為我們剛剛打開了 1,000 家商店的開關——我猜那是在新季度的第一天。

So, we've worked our way from 10 stores to 50, stores to a couple hundred.

所以，我們已經從 10 家商店增加到 50 家，商店增加到幾百家。

And then we made the big leap, Art's team did, from around 250 to 1,000 almost overnight because we had everything set up, and the technology was working.

然後我們實現了巨大的飛躍，Art 的團隊幾乎在一夜之間從大約 250 個增加到 1,000 個，因為我們已經完成了所有設置，並且技術正在發揮作用。

So our stores are actually -- have been trained well before that.

所以我們的商店實際上 - 在此之前已經接受過很好的培訓。

They were ready to go.

他們準備出發了。

They're excited about it.

他們對此很興奮。

Here are the benefits as far as I can tell.

據我所知，這是好處。

Numbers that I've given internally, and I think externally before is, are something like this.

我在內部給出的數字，我之前在外部認為是這樣的。

On average, in the apparel business, conversion is around 30%, which means that's 70% of your customers that do not convert.

平均而言，在服裝業務中，轉化率約為 30%，這意味著 70% 的客戶沒有轉化。

In that 70%, there's about 10 points of people who come in and can't find what they want.

在這 70% 中，大約有 10 個點的人進來卻找不到他們想要的東西。

Purchase intent high, but unable to find it.

購買意向很高，但找不到。

Now that could be in somebody else's hands, it could be in the fitting room, it could be in something in the retail business called the go-backs.

現在它可能在其他人的手中，它可能在試衣間，它可能在零售業中被稱為 go-backs 的東西中。

Product that people did not decide to go with in the fitting room, but had put back onto the shelf.

人們沒有決定在試衣間使用的產品，而是放回了架子上。

Or it could be, and the highest percent of that is that we just don't have that item in that size or color in the store.

或者它可能是，其中最高的百分比是我們在商店中沒有那種尺寸或顏色的商品。

So order in store is intended to change the paradigm of the conversation that's been going on for multiple generations, which is, can I get in this a size 8, and our natural answer is I'm sorry.

因此，店內訂購旨在改變幾代人一直在進行的對話範式，也就是說，我可以穿 8 碼，我們自然的回答是對不起。

Or we could go to the phone, and that takes about eight minutes to do a charge send from another store.

或者我們可以去電話，這需要大約八分鐘才能從另一家商店發送費用。

So what's been developed by Art's team is this amazing way to instantaneously change the conversation from we don't have it, but I can get it for you.

因此，Art 的團隊開發的是一種神奇的方式，可以立即改變我們沒有的對話，但我可以為你得到它。

And our teams really, you'll see through the holiday season, have been retrained and thinking about that is the conversation.

我們的團隊真的，你會看到整個假期，已經接受了再培訓，思考這就是對話。

Close the sale.

關閉銷售。

So I'm actually -- I'm pretty excited about it.

所以我實際上 - 我對此感到非常興奮。

I'm still excited about reserve in store, but I think order in store has always on our roadmap looked like it had more potential than reserve in store.

我仍然對店內儲備感到興奮，但我認為我們的路線圖上的店內訂單看起來比店內儲備更有潛力。

So I think going forward, not for this holiday season, but in the new year, the real opportunity of that also is, if you look at a fleet of Old Navy of 1,000 stores, there's about 25 what I would call flagship and signature stores.

所以我認為未來，不是為了這個假期，而是在新的一年裡，真正的機會也是，如果你看看擁有 1,000 家門店的 Old Navy 車隊，大約有 25 家我稱之為旗艦店和簽名店.

They have the full assortment.

他們有齊全的品種。

Well now the other 1,000 stores can actually -- customers in those locations can see the full assortment.

現在其他 1,000 家商店實際上可以——這些地點的顧客可以看到完整的分類。

Because our team will continue to be trained to say, I know you saw that, or you read about it.

因為我們的團隊將繼續接受培訓，說，我知道你看到了，或者你讀到了。

It's not available in this store, but I can get it for you.

這家商店沒有，但我可以幫你買到。

The first order comes to the DC.

第一個訂單來到了 DC。

90% of the product is going to come from our online distribution channel, but some could come from another store.

90% 的產品將來自我們的在線分銷渠道，但有些可能來自另一家商店。

But exposing the full assortment to a customer at a physical location, I think is a huge opportunity for this business in the new year.

但是，在實體店向客戶展示全部商品，我認為在新的一年裡，這對這項業務來說是一個巨大的機會。

And I know Art believes in that fully, seeing as how the innovation, the development came from his team that he runs now the digital area.

我知道阿特完全相信這一點，看到創新和發展如何來自他現在管理數字領域的團隊。

Thank you very much, Glenn.

非常感謝，格倫。

We will go next to Neely Tamminga with Piper Jaffray.

我們將與 Piper Jaffray 一起前往 Neely Tamminga。

Great, good afternoon.

太好了，下午好。

Sabrina, could we get a little bit more color on the reduction in CapEx?

薩布麗娜，我們能否對減少資本支出有更多的了解？

Either in terms of what the projects that might be canceled and or delayed or reevaluated.

就可能被取消和/或延遲或重新評估的項目而言。

And are these delayed, would you say, if there are delays, that they delayed more indefinitely?

這些是否延遲了，你會說，如果有延遲，他們會無限期地延遲嗎？

Or just will we see another bump-up in next year's CapEx to make for that reduction?

還是我們會看到明年資本支出的另一個增長來實現這種減少？

Thanks.

謝謝。

That's a great question.

這是一個很好的問題。

I think zooming out philosophically, it's just important to say because we're strong believers in managing to ROIC.

我認為從哲學上縮小，重要的是要說，因為我們堅信管理投資回報率。

We just feel it's very important that if our outlook in earnings is coming down, that we should be revisiting the amount of capital spend we have in any year.

我們只是覺得非常重要的是，如果我們的收益前景正在下降，我們應該重新審視我們在任何一年的資本支出數額。

And so at the highest level, we felt like with the earnings guidance coming down it was important to relook at capital.

因此，在最高級別，我們覺得隨著收益指引的下降，重新審視資本很重要。

And that's why we're cropping it back a bit.

這就是為什麼我們將它剪掉一點。

With regard to where it's coming from, it is primarily coming from GAAP.

至於它的來源，它主要來自 GAAP。

Because we also want to reward the businesses that are delivering return, and we look to crop back those where we are not getting return in the short run.

因為我們還想獎勵那些帶來回報的企業，我們希望在短期內收回那些我們沒有獲得回報的企業。

Obviously, we never want to do anything that damages our long-term strategies.

顯然，我們永遠不想做任何損害我們長期戰略的事情。

So all of our growth areas, our growth initiatives, growth in China, our OmniChannel, all of that is moving forward and as planned.

所以我們所有的增長領域，我們的增長計劃，在中國的增長，我們的全渠道，所有這一切都在按計劃向前發展。

But we did crop back primarily Gap brand, and primarily in the area of stores, store remodels is where we've cropped it back.

但我們確實主要對 Gap 品牌進行了裁剪，主要是在商店區域，商店改造是我們將其裁剪回來的地方。

And we'll be revisiting the importance of that in 2015 in terms of whether it becomes any incremental spend, or whether it's just out.

我們將在 2015 年重新審視它的重要性，看它是否會成為任何增量支出，或者是否剛剛結束。

Thank you.

謝謝你。

We'll go next to Dorothy Lakner with Topeka Capital Markets.

我們將與 Topeka Capital Markets 一起討論 Dorothy Lakner。

Thanks, and good afternoon, everyone.

謝謝，大家下午好。

I wondered, Glenn, you gave some thoughts, I think, about what categories in a larger sense are working at Gap brand.

我想知道，格倫，我認為，您對 Gap 品牌在更大意義上的哪些類別起作用提出了一些想法。

I wondered if you could drill down a little bit in terms of third quarter tops and bottoms, men's and women's?

我想知道您是否可以深入了解第三季度的上衣和下裝，男裝和女裝？

Are there things within those categories that are working outside of the big buckets that you mentioned earlier?

這些類別中是否有在您之前提到的大桶之外起作用的東西？

I'd say the theme is pretty much the same as we've said in the first half of the year as we went into the third quarter.

我想說這個主題與我們在今年上半年進入第三季度時所說的幾乎相同。

Still not happy with our women's business, and that's the work that we continue to try to improve upon, especially when it comes to the aesthetic.

仍然對我們的女性業務不滿意，這是我們繼續努力改進的工作，尤其是在美學方面。

But the point I was making earlier is, even though everything starts with design aesthetic.

但我之前提出的觀點是，即使一切都始於設計美學。

If the product is assorted properly in categories that have natural growth, then that's also the job of a great merchant team beyond just what the design team provides for them.

如果產品在自然增長的類別中得到適當的分類，那麼這也是一個偉大的商業團隊的工作，而不僅僅是設計團隊為他們提供的。

But we've add tough year, like so many others on just indigo five-pocket denim.

但我們增加了艱難的一年，就像其他許多只穿靛藍色五袋牛仔布的人一樣。

So back to we reward people quite a bit here on the merchant side and the inventory management side that turn that inventory down, and to change the assortment we have.

因此，回到我們在商家方面和庫存管理方面給予人們相當多的獎勵，以減少庫存，並改變我們擁有的分類。

So thank God we went to one tool in our tool set that helps us with responsive supply chain, and that's vendor-managed inventory.

所以感謝上帝，我們使用了工具集中的一個工具來幫助我們響應供應鏈，那就是供應商管理的庫存。

If we didn't have that, which we should have had to be honest with you a number of years ago, but we've had it fully working for 12 months.

如果我們沒有那個，我們應該在幾年前對你說實話，但我們已經讓它完全工作了 12 個月。

That allowed us very quickly to turn off the tap of inventory on five pocket denim and switch into not other denim, although we are seeing some performance across the total business on some of our fashion denim, especially in distressed.

這使我們能夠很快關閉五袋牛仔布的庫存，轉而使用其他牛仔布，儘管我們看到我們的一些時尚牛仔佈在整個業務中都有一些表現，尤其是在苦惱的情況下。

But we just switched that into pants.

但我們只是把它換成了褲子。

So I think that when you're invested in bottoms the way we are across our entire businesses, when you're particularly invested in Gap, in denim and indigo denim.

所以我認為，當你像我們在整個業務中那樣投資底褲時，當你特別投資於 Gap、牛仔布和靛藍牛仔佈時。

The ability to be faster, and we've been before, and we're not going to set any land speed records today.

更快的能力，我們以前一直在，而且我們今天不會創造任何陸地速度記錄。

Although we are getting faster, and I know under Art's leadership the plan is to get even faster in 2015.

儘管我們的速度越來越快，而且我知道在 Art 的領導下，我們的計劃是在 2015 年變得更快。

But you can use some of these tools to adjust your assortment.

但是您可以使用其中一些工具來調整您的分類。

What I was trying to say, it's a Gap brand for sure, but definitely there's a Gap brand component to this and a Gap Inc.

我想說的是，它肯定是一個 Gap 品牌，但肯定有一個 Gap 品牌組件和 Gap Inc.。

I think we've done some much better work this year beyond the aesthetic, to really understand where the growth is.

我認為今年我們在美學之外做了一些更好的工作，以真正了解增長在哪裡。

And a lot of this, Dorothy, gets validated when we look at the department store results, which we always study about what's working.

當我們查看百貨商店的結果時，其中很多都得到了驗證，我們總是研究什麼是有效的。

Because that's our best chance besides our market data we have, and the customer research we do.

因為除了我們擁有的市場數據和我們所做的客戶研究之外，這是我們最好的機會。

Is to get a sense of what's working at Macy's, what's working at Nordstrom's.

是要了解梅西百貨的運作方式，諾德斯特龍百貨的運作方式。

So the fact that we have put more inventory to active, outerwear, accessories, at Gap and Old Navy and baby.

因此，我們在 Gap、Old Navy 和 baby 的運動服、外套、配飾上增加了庫存。

And we find a better balance between our definition of fashion product, or what I could call unexpected styles, at Gap in particular.

我們在我們對時尚產品的定義之間找到了更好的平衡，或者我可以稱之為意想不到的風格，特別是在 Gap。

You'll see that the December flow versus what people just expect from us year in year out, I think all of those shifts have been well executed.

你會看到 12 月的流量與人們年復一年對我們的期望相比，我認為所有這些轉變都得到了很好的執行。

We have a ton of work to do at Gap brand in particular.

尤其是 Gap 品牌，我們還有很多工作要做。

But I think Old Navy has further had the curve, and Banana Republic has further had a curve.

但我認為 Old Navy 的曲線更進一步，而 Banana Republic 的曲線更進一步。

And some of these categories that in the macro environment are doing better.

其中一些在宏觀環境中表現更好的類別。

I'm glad that we've shifted some inventory, especially starting next week with some of the flow we get in before black Friday.

我很高興我們已經轉移了一些庫存，尤其是從下週開始，我們在黑色星期五之前獲得了一些流量。

Shifting some of the inventory to what we know is actually growing in the total market.

將一些庫存轉移到我們所知道的市場實際上正在整個市場中增長。

Great.

偉大的。

Thanks so much for all that color.

非常感謝所有的顏色。

And we will go next to John Morris of BMO Capital Markets.

我們將在 BMO Capital Markets 的 John Morris 旁邊進行討論。

Thanks.

謝謝。

Glenn, first of all, thank you for all your hard work and congratulations.

格倫，首先，感謝您的辛勤工作和祝賀。

And we look forward to working with Art if he's still listening in.

如果他仍在傾聽，我們期待與 Art 合作。

My question for Sabrina.

我對薩布麗娜的問題。

Just rewinding on SG&A, I know -- we know that you had walked that increase down a little bit part way through the quarter.

我知道，只是回顧一下 SG&A——我們知道你在本季度的中途部分已經把增長幅度降低了一點。

Quite a big move.

相當大的動作。

Just refresh for us why it was going from about an 8% increase down to where you came in nicely at 3%.

只需為我們刷新一下，為什麼它會從大約 8% 的增長下降到 3% 的增長。

But more so the implications for fourth quarter.

但對第四季度的影響更是如此。

Could there be also a little bit of wiggle room there as well beyond what you had implied with the guidance?

除了您在指導中暗示的內容之外，是否還有一點迴旋餘地？

I'm wondering if it has to do with maybe pulling back on marketing spend, and maybe if Glenn can talk a little bit about whether or not this was a decision to pull back evenly across the brands.

我想知道這是否與縮減營銷支出有關，也許格倫能否談談這是否是一個在品牌之間平均縮減的決定。

Thank you.

謝謝你。

Sure.

當然。

No, that's a great question.

不，這是一個很好的問題。

You might recall, we've often said that a large part of our expense base, so about 50% of our expense base, is related to stores.

您可能還記得，我們經常說我們的大部分費用基數，即大約 50% 的費用基數與商店有關。

And over half of that is variable to sales.

其中超過一半是可變的。

So part of the reason the expense came down, John, is one that we're not happy about.

因此，約翰，費用下降的部分原因是我們不滿意。

Which is just as sales came down to flat, we actually gained more expense savings given we have a variable chunk of expense to sales.

就像銷售額下降一樣，我們實際上節省了更多的費用，因為我們有大量的銷售費用。

So, that's one component.

所以，這是一個組成部分。

The second component was really, or the rest of the components were really a combination of old fashioned belt tightening.

第二個組件確實是，或者其餘組件實際上是老式皮帶收緊的組合。

Including savings in areas like bonus, and areas like favorability in credit card income.

包括獎金等領域的儲蓄，以及信用卡收入的優惠等領域。

And additionally we got a little bit of foreign exchange favorability.

此外，我們還獲得了一點外匯優惠。

So just as foreign exchange hurts your sales and hurts your earnings, it actually, when you translate the SG&A dollars it helps your SG&A.

因此，正如外匯會損害您的銷售並損害您的收入一樣，實際上，當您轉換 SG&A 美元時，它會幫助您的 SG&A。

So, I'd say those were the biggest reasons that Q3 came in better.

所以，我想說這些是第三季度表現更好的最大原因。

We have many of the same factors at work in Q4, we're going to continue to manage expenses tightly.

我們在第四季度有許多相同的因素在起作用，我們將繼續嚴格管理費用。

But I think the important thing to remember about Q4 is it is our toughest quarter in terms of comparison, because now we are lapping the fact that we saved over $100 million in Q4 of 2013 versus Q4 of 2012.

但我認為關於第四季度要記住的重要一點是，就比較而言，這是我們最艱難的一個季度，因為現在我們正在考慮這樣一個事實，即我們在 2013 年第四季度與 2012 年第四季度相比節省了超過 1 億美元。

And we leveraged 150 basis points.

我們利用了 150 個基點。

It actually was our lowest percent to sales clearly in the last five years, and maybe even beyond that.

實際上，這顯然是我們在過去五年中的最低銷售額百分比，甚至可能超出此範圍。

So it's an extremely low base we're lapping on, which is why, again, we say clearly we expect to did deleverage even as we do our best to manage expenses as we always do, very disciplined.

因此，這是一個極低的基數，這就是為什麼我們再次明確表示，即使我們像往常一樣盡最大努力管理開支，也非常自律。

And I didn't know if Glenn wanted to comment on the marketing, if there was a pull-back there?

而且我不知道格倫是否想對營銷發表評論，是否有回調？

Well, John, I would say that some of our marketing is booked and planned, and some -- it's not like our store expenses, has a variable component to it.

好吧，約翰，我想說我們的一些營銷活動是預定和計劃的，還有一些 - 它不像我們的商店費用，它有一個可變的組成部分。

But, no, I think we're coming into the year thinking flat to last year as a starting point.

但是，不，我認為我們將進入這一年，以與去年持平作為起點。

And the way Sabrina categorized return on invested capital and the decision to reconsider remodels for Gap, I think we look at marketing the same way.

Sabrina 對投資資本回報的分類方式以及重新考慮 Gap 改造的決定，我認為我們以同樣的方式看待營銷。

We have to invest where we think we're going to get the best return.

我們必須在我們認為可以獲得最佳回報的地方進行投資。

So Gap is going to have marketing.

因此，Gap 將進行營銷。

I think that the new gift guide out, which is doing really well, and we feel very good about that.

我認為新的禮物引導出來，它做得非常好，我們對此感覺很好。

But it's electronic.

但它是電子的。

So those are trade-offs we do.

所以這些是我們所做的權衡。

We could have had a gift guide distributed to our best customers, call it 3 million, 4 million people, and that would have cost X per copy.

我們本可以將一份禮物指南分發給我們最好的客戶，稱其為 300 萬、400 萬人，而這將花費每份 X。

So thoughtfully, we actually put a little bit more money into the digital side of it.

如此深思熟慮，我們實際上在它的數字方面投入了更多的錢。

It's so far, so good.

到目前為止，很好。

The money we put into it, when you're on the digital gift guide which changes every day on Gap, you can actually click on to something you love.

我們投入的資金，當你在 Gap 上每天都在變化的數字禮物指南上時，你實際上可以點擊你喜歡的東西。

It will take you right to our site.

它將帶您直接訪問我們的網站。

So we felt it was more prudent to put a little bit of money behind that choice, as opposed to mailing out 4 million copies.

所以我們覺得在這個選擇上投入一點錢比郵寄 400 萬份更謹慎。

So it's those kinds of choices we're making.

所以這是我們正在做出的那些選擇。

We're especially bullish on the marketing quality we're seeing coming out of Old Navy.

我們特別看好 Old Navy 的營銷質量。

I think that I'm not translating that to commercial success for anybody on the phone.

我認為我不會將其轉化為電話中任何人的商業成功。

I'm just saying we're really feeling good about the work that they're doing, and the quality of the content they're putting together which you'll see some of the new content coming out next Wednesday before Thanksgiving.

我只是說我們對他們正在做的工作以及他們正在整合的內容的質量感到非常滿意，您將在下週三感恩節前看到一些新內容。

I was lucky enough to spend time with Stefan last night, and saw the full December slate of content.

昨晚我很幸運能與 Stefan 共度時光，並看到了 12 月的完整內容。

He was excited, I was excited.

他很興奮，我很興奮。

So they're going to get their fair share of investment, because their business is stronger and their content is very good.

因此，他們將獲得公平的投資份額，因為他們的業務更強大，內容也非常好。

Thanks.

謝謝。

Very helpful.

非常有幫助。

We will take our final question from Jennifer Davis with Buckingham Research Group.

我們將向白金漢研究小組的詹妮弗戴維斯提出最後一個問題。

Hello, and congratulations in navigating through a tough third quarter.

您好，祝賀您度過了艱難的第三季度。

Sabrina, I was hoping maybe for a little more color, I guess or clarification around fourth quarter guidance.

薩布麗娜，我希望可能會有更多的色彩，我猜想或澄清第四季度的指導。

Can you at least maybe help us in terms of how much gross margin pressure you expect versus SG&A?

您至少可以幫助我們了解您對 SG&A 的預期毛利率壓力嗎？

And then on the third quarter gross margin or merchandise margins, is the credit card income in merchandise margins?

然後在第三季度毛利率或商品利潤率上，信用卡收入是商品利潤率嗎？

And how much did that impact merchandise margins, please?

請問這對商品利潤率有多大影響？

Thanks.

謝謝。

Just a remainder, Jennifer, we do have that reclass going on all year in credit card income.

只是剩下的，詹妮弗，我們確實在信用卡收入方面全年都在進行重新分類。

right.

正確的。

So just like previous quarters, we have about $40 million that last year had all been in SG&A of credit card income going up into margin.

因此，就像前幾個季度一樣，我們有大約 4000 萬美元去年全部用於信用卡收入的 SG&A 並上升到利潤率。

So, that's definitely happened in the third quarter.

所以，這肯定發生在第三季度。

Will happen again in the fourth quarter.

將在第四季度再次發生。

I would say most of the favorability I talked about previously was really that hit mostly SG&A.

我會說我之前談到的大部分好感度實際上主要是針對 SG&A。

A small amount, also of favorability went into margin.

少量，也有好感進入保證金。

But mostly SG&A.

但主要是SG&A。

And then with regard to guidance, we really are trying to keep it high level.

然後在指導方面，我們確實在努力保持高水平。

I gave you some points on my prepared remarks to be helpful about some of the underlying assumptions.

我在我準備好的評論中給了你一些觀點，以幫助了解一些潛在的假設。

But again, we just believe in this environment that we've been operating in all year, that it's important to be prudent and grounded in what we've experienced year to date.

但同樣，我們只是相信我們全年都在運營的這種環境，重要的是要謹慎並立足於我們今年迄今為止所經歷的一切。

So just to refresh a little bit on what I've said, because I don't want to get into every single line item of the P&L.

因此，我只是想刷新一下我所說的內容，因為我不想深入了解損益表的每一個項目。

But we've definitely -- that range is grounded in year-to-date trends and sales and comps.

但我們肯定 - 該範圍基於年初至今的趨勢以及銷售和比較。

And no meaningful improvement in Gap.

並且 Gap 沒有任何有意義的改進。

And I think the big change versus previous quarters, especially as compared to Q3, is the foreign exchange.

我認為與前幾個季度相比，特別是與第三季度相比，最大的變化是外匯。

Because the dollar has strengthened considerably against currencies that matter to us, not only the yen, but also the pound and also the Canadian dollar.

因為美元兌我們重要的貨幣大幅走強，不僅是日元，還有英鎊和加元。

So I think that those factors taken together against the backdrop this year that's been not a bullish backdrop for our Company, or apparel retailing, we thought that was an appropriate range to set for now.

因此，我認為這些因素在今年對我們公司或服裝零售業並不樂觀的背景下綜合起來，我們認為這是目前設定的合適範圍。

All right.

好的。

Thanks, and best of luck.

感謝和好運。

Thank you.

謝謝你。

Great.

偉大的。

I'd 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。

And as a reminder, both press releases, which are available on www.gapinc.com, one contains a full recap of our third quarter result, and the other contains a recap of today's leadership announcements, as well as the forward-looking guidance included in our prepared remarks.

提醒一下，兩份新聞稿均可在 www.gapinc.com 上獲得，一份包含對我們第三季度業績的完整回顧，另一份包含對今天的領導公告以及前瞻性指導的回顧在我們準備好的評論中。

And as always, the Investor Relations team is available after the call for further questions.

與往常一樣，投資者關係團隊會在電話諮詢後提供進一步的問題。

Thank you.

謝謝你。

Thank you.

謝謝你。

That does conclude our conference, you may now disconnect.

這確實結束了我們的會議，您現在可以斷開連接。