蓋璞 (GPS) 2017 Q1 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 First Quarter 2017 Conference Call.

在這個時候，我想歡迎大家參加 Gap Incorporated 2017 年第一季度電話會議。

(Operator Instructions)

（操作員說明）

I would now like to introduce your host, Jen Fall, Senior Vice President of Corporate Finance and Investor Relations.

我現在想介紹一下您的主持人，企業財務和投資者關係高級副總裁 Jen Fall。

Good afternoon, everyone.

大家下午好。

Welcome to Gap Inc.'s First Quarter 2017 Earnings Conference Call.

歡迎參加 Gap Inc. 2017 年第一季度收益電話會議。

Before we begin, I'd like to remind you that the information made available on this webcast and conference call contains 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 reconciliation of the non-GAAP financial measures, as noted on Page 2 of the slide supplementing Teri's remarks, please refer to today's earnings press release as well as our most recent annual report on Form 10-K 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非公認會計原則財務指標的調節，如補充泰瑞評論的幻燈片第 2 頁所述，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 gapinc.com 上獲得。

These forward looking statements are based on information as of May 18, 2017, 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 2017 年 5 月 18 日的信息，我們不承擔公開更新或修改我們的前瞻性陳述的義務。

Joining me on the call today are President and CEO, Art Peck; and Executive Vice President and CFO, Teri List-Stoll.

今天和我一起參加電話會議的是總裁兼首席執行官 Art Peck； Teri List-Stoll 執行副總裁兼首席財務官。

As mentioned, Teri will be using slides to supplement her remarks, which you can view by going to the Investors section at gapinc.com.

如前所述，Teri 將使用幻燈片來補充她的評論，您可以前往 gapinc.com 的“投資者”部分查看。

With that, I'd like to turn the call over to Art.

有了這個，我想把電話轉給 Art。

Thanks, Jen, and hello to everybody on the call, and thanks for joining us today.

謝謝 Jen，向電話中的每個人問好，感謝您今天加入我們。

So I'm sure you're all observing what's going on in the sector right now.

所以我相信你們都在觀察這個行業現在正在發生的事情。

We are as well.

我們也是。

And obviously, we're continuing to see downsizing, bankruptcies, commentary about store traffic being soft and consumer spending really lagging the overall consumer sentiment in the marketplace.

顯然，我們繼續看到裁員、破產、關於商店客流量疲軟的評論以及消費者支出確實落後於市場上的整體消費者情緒。

We're going to say it as we go through the dialogue today that we, of course, are not immune to any of these challenges that are facing the industry and the sector.

我們將在今天進行對話時說，當然，我們不能倖免於行業和部門面臨的任何這些挑戰。

But we also believe, quite strongly, and we feel that the results of Q1 are continuing to validate that belief, that we are uniquely positioned to turn these challenges into opportunities, to pick up market share, to grow and to really continue to serve our customers with the iconic brands that we have.

但我們也非常堅信，我們認為第一季度的業績繼續驗證這一信念，即我們具有獨特的優勢，可以將這些挑戰轉化為機遇，提升市場份額，實現增長並真正繼續為我們的擁有我們擁有的標誌性品牌的客戶。

The sector faces challenges, but underlying that, apparel continues to grow.

該行業面臨挑戰，但在此基礎上，服裝繼續增長。

It is, as you know, a remarkably constant growth, and that's a good thing.

如您所知，這是一個非常穩定的增長，這是一件好事。

Additionally, with everything that's happening in the sector, there was an unprecedented amount of market share coming fluidly into play, and we're playing, not just to survive the changes that are taking place but to win in that environment.

此外，隨著該行業正在發生的一切，空前的市場份額正在不斷發揮作用，我們正在發揮作用，不僅是為了在正在發生的變化中生存下來，而且是為了在那種環境中取勝。

Our brands are iconic and they are legitimately and objectively loved by our consumers and we continue to invest behind the plan that I've been talking to you about now for many quarters to strengthen our relevance, to rebuild and enhance our product capabilities and to deliver an exceptional customer experience through both our stores and our digital assets.

我們的品牌是標誌性的，它們受到消費者的合法和客觀的喜愛，我們將繼續投資支持我已經與您討論了多個季度的計劃，以加強我們的相關性，重建和增強我們的產品能力並交付通過我們的商店和我們的數字資產提供卓越的客戶體驗。

We'll turn to the quarter in a moment, and Teri will share more on our financials and the specifics around guidance.

我們稍後將轉向本季度，Teri 將分享更多關於我們的財務和指導細節的信息。

But again, we're very pleased that our results in this quarter demonstrate the progress that we're making, the progress against the plan that we have been consistently executing against now for, really, since the time and somewhat before I stepped into this role.

但同樣，我們很高興我們在本季度的業績證明了我們正在取得的進展，以及我們一直在執行的計劃的進展，實際上，從那時起，在我介入之前角色。

We know we have important foundational work to continue to do, but the strong results in Old Navy and the strength that we're seeing in Athleta confirm our confidence in our strategy, that we're taking the right actions to be well positioned, to differentiate, starting with product and our brands and our experiences and profitably and continuously capture market share.

我們知道我們有重要的基礎工作需要繼續做，但是 Old Navy 的強勁成果和我們在 Athleta 看到的實力證實了我們對我們的戰略的信心，我們正在採取正確的行動來做好準備，差異化，從產品、我們的品牌和我們的經驗開始，以盈利的方式持續佔領市場份額。

Our priorities remain the same.

我們的優先事項保持不變。

Product.

產品。

It foundationally sits on product that our customers love, and we're well on the way and well into the journey of enhancing and evolving our product capabilities.

它從根本上說是基於我們客戶喜愛的產品，而我們正在順利推進和發展我們的產品能力的旅程。

Customer experience remains tantamount, brand health, talent and, importantly, leveraging scale and operating discipline.

客戶體驗仍然等同於品牌健康、人才，更重要的是，利用規模和運營紀律。

They were our priorities when we spoke several quarters ago.

當我們幾個季度前發言時，它們是我們的優先事項。

They are priorities today.

它們是今天的優先事項。

They will remain the priorities that the entire organization is executing against.

它們將仍然是整個組織正在執行的優先事項。

Just for a moment on product.

只是關於產品的片刻。

We have continued to do work to solidify the fit, to enhance the quality, to improve the value relationship of our products and to use responsive capabilities to ensure that our products are on trend and that we can deliver units into the market share opportunities that we see.

我們繼續努力鞏固適合性，提高質量，改善我們產品的價值關係，並利用響應能力來確保我們的產品緊跟潮流，並且我們可以將單位交付給我們的市場份額機會看。

In February, I went into some more detail on the work that we're doing and we continue to make progress.

2 月，我更詳細地介紹了我們正在進行的工作，我們將繼續取得進展。

In Q1, we tested significantly more product versus a year ago, which allows us to then inform larger buys that we're making, many times based upon the demand signals that we're seeing in those tests.

在第一季度，與一年前相比，我們測試了更多的產品，這使我們能夠根據我們在這些測試中看到的需求信號多次通知我們正在進行的更大購買。

We also use responsive capabilities in our product process in almost 60% more of our assortment.

我們還在我們的產品流程中使用響應能力，幾乎 60% 的產品種類。

And we have some categories now where they are 100% on responsive and demand-based buying and we're seeing the results that we expected to see associated with that.

我們現在有一些類別，它們是 100% 響應式和基於需求的購買，我們看到了我們預期會看到的結果。

We're also leveraging fabric platforming.

我們還利用了結構平台。

And importantly, we are working with fewer vendors more deeply.

重要的是，我們正在與更少的供應商進行更深入的合作。

Just a couple of weeks ago, we held our Global Supplier Summit where we hosted our top vendors and really continued to push into relationships with those vendors.

就在幾週前，我們舉辦了全球供應商峰會，在那裡我們接待了我們的頂級供應商，並真正繼續推動與這些供應商的關係。

And again, far fewer of them, where we work much deeply, pushing the relationships where we are strategically connected, where we're leveraging their capabilities, where we're working together season over season to enhance our cost and to drive innovation.

再一次，他們中的少得多，在我們深入工作的地方，推動我們在戰略上聯繫在一起的關係，在我們利用他們的能力的地方，我們在每個季節一起工作以提高我們的成本和推動創新的地方。

These partnerships have been key to enabling us to work faster, to change faster and to also respond to demand.

這些合作夥伴關係是使我們能夠更快地工作、更快地改變以及響應需求的關鍵。

On the customer side, we see a continuing opportunity to improve engagement and build loyalty, really, by continuing to be focused on the customer experiences.

在客戶方面，我們看到了通過繼續關注客戶體驗來提高參與度和建立忠誠度的持續機會。

And it's in experience in our stores, where we have a responsibility to deliver a compelling experience that our customers can't get any place else, and it's the digital experience and it's how those 2 things are connected together.

它體現在我們商店的體驗中，我們有責任提供我們的客戶在其他任何地方都無法獲得的引人入勝的體驗，這是數字體驗，這就是這兩個東西是如何联系在一起的。

We are relentlessly focused on mobile as traffic continues to move to a mobile device.

隨著流量繼續轉移到移動設備，我們一直專注於移動設備。

We launched our native mobile apps, starting with Old Navy very recently to improve the customer experience.

我們推出了我們的原生移動應用程序，最近從 Old Navy 開始，以改善客戶體驗。

We've already seen customers rate those apps as materially better than the experience that we were delivering on a web-based app just several weeks ago.

我們已經看到客戶對這些應用的評價比幾週前我們在基於 Web 的應用上提供的體驗要好得多。

And I've talked about operating discipline and, in particular, about what we call our best-in-class, best-in-cost operating model.

我已經談到了運營紀律，特別是我們所說的同類最佳、成本最低的運營模式。

There's leverage available out of that, some of which we have gotten, some of which remains in front of us, all of which we are committed to going after.

從中可以利用槓桿，其中一些我們已經獲得，其中一些仍然擺在我們面前，所有這些我們都致力於追求。

I'm pleased with the progress that we're making, but we have plenty of work to do and I cannot discount the macro environment that we're operating in.

我對我們正在取得的進展感到高興，但我們還有很多工作要做，我不能低估我們所處的宏觀環境。

So let me spend a moment and shift to talking about the brands.

所以讓我花點時間談談品牌。

I'll start with Old Navy, a record quarter.

我將從 Old Navy 開始，這是一個創紀錄的季度。

I'm proud of the business, I'm proud of the brand, and I'm proud of the team.

我為企業感到自豪，我為品牌感到自豪，我為團隊感到自豪。

The 8% comp was up against a tough quarter last year, and the compares for the rest of the year do get harder.

8% 的薪酬與去年一個艱難的季度相比有所上升，而今年剩餘時間的比較確實變得更難了。

But an 8% comp is an 8% comp.

但是 8% 的補償就是 8% 的補償。

Clearly, out in front, the rest of the sector, clearly gaining market share.

顯然，領先於該行業的其他公司，顯然獲得了市場份額。

It's a family brand.

這是一個家族品牌。

We did well at Easter and the team did a great job gaining share in multiple categories.

我們在復活節做得很好，團隊在多個類別中取得了很好的份額。

I'm probably most pleased by the fact that the strength of the business is very diversified.

我可能最高興的是業務實力非常多元化。

This wasn't being driven -- while we had great successful categories like dresses, where we remain #1, the success of the business was diversified across gender and across the family.

這不是被驅動的——雖然我們有非常成功的類別，比如連衣裙，我們仍然是第一名，但業務的成功在性別和家庭方面是多樣化的。

And that, to me, signifies sustainable strength.

對我來說，這意味著可持續的力量。

We've also talked for a while about the fact that Old Navy has been leading the company in some of the responsive capabilities, and we're using these today to target the competition and, importantly, to put units into the business to support growth.

我們還談了一段時間，Old Navy 在一些響應能力方面一直領先公司，我們今天正在使用這些來瞄準競爭，更重要的是，將單位投入業務以支持增長.

It's a really good lesson as you look at the sector right now and you look at us.

當您現在查看該行業並查看我們時，這是一個非常好的教訓。

When you're buying responsibly in a tough traffic environment, you buy units tight.

當您在惡劣的交通環境中負責任地購買時，您會買緊單位。

And if traffic is negative, you will often buy units negative.

如果流量為負數，您通常會購買負數的單位。

In any given season, on a traditional pipeline, this really constrains you to yield improvement to get growth, AUR, if you want to call it that way.

在任何給定的季節，在傳統的管道上，如果你想這樣稱呼它，這確實會限制你通過改進來獲得增長，AUR。

And as we've continued to develop responsive capabilities, category by category, brand by brand, it allows us to fuel growth, both with AUR and yield improvement and in selectively putting units in the business to chase market share.

隨著我們繼續開發響應能力，逐個類別，逐個品牌，它使我們能夠通過 AUR 和產量提高來推動增長，並有選擇地投入業務以追逐市場份額。

And that 8% comp sits on a platform of both of those things, and we're pretty confident about our ability to continue to exploit that to our benefit.

而這 8% 的補償位於這兩件事的平台上，我們對繼續利用這一點為我們謀利的能力充滿信心。

Another thing that characterizes Old Navy's success is their storytelling.

Old Navy 成功的另一個特點是他們的故事講述。

The high-fashion campaign is resonating with customers.

高級時裝活動引起了顧客的共鳴。

It's continuing to enhance brand health, and we are seeing better traffic trends in the industry, again, due to everything, but not insignificantly due to the fact that we have a compelling story to tell about the brand and are telling it in a compelling way.

它繼續增強品牌健康度，我們再次看到行業中更好的流量趨勢，這要歸功於一切，但並非微不足道，因為我們有一個引人入勝的品牌故事要講述，並以引人入勝的方式講述.

On a side note, we also continue to see real estate opportunity in front of us and we opened our first holistic, small-store format for the brand in Walnut Creek at Broadway Plaza just a few weeks ago.

另一方面，我們也繼續看到擺在我們面前的房地產機會，幾週前，我們在百老匯廣場的核桃溪為該品牌開設了第一家整體小店形式。

It's very early days and we are figuring out how to operationalize 8,000 square feet that really has a holistic expression of the brand, but we're pleased by what we've seen so far, and we really do feel like this is going to open up some interesting opportunities.

現在還處於早期階段，我們正在研究如何運營 8,000 平方英尺的真正全面表達品牌的空間，但我們對迄今為止所看到的情況感到高興，我們真的覺得這將要開業了一些有趣的機會。

And importantly, it's a store design that is supported by foundational aspects of operating discipline, fixtures, replenishment, service models but also by leveraging technology selectively to serve the customer.

重要的是，它是一種商店設計，它受到運營紀律、固定裝置、補貨、服務模式等基礎方面的支持，而且還通過有選擇地利用技術為客戶服務。

I'll turn to Gap.

我會轉向蓋普。

Transformational work continues and we're continuing to see signs under the covers that show progress and, in particular, how it's showing up in margins.

轉型工作仍在繼續，我們繼續在幕後看到顯示進展的跡象，特別是它在利潤中的表現。

They are driving elements of the operating model work that we are going to deploy in the rest of the company, particularly as it relates to continuing to define our demand-based buying strengths.

它們正在推動我們將在公司其他部門部署的運營模式工作的要素，特別是因為它與繼續定義我們基於需求的購買優勢有關。

I'm confident it will continue to strengthen Gap and it will position it well for the future, but obviously, we continue to have more work to do there.

我相信它將繼續加強 Gap，並將為未來做好準備，但顯然，我們還有更多工作要做。

On marketing, which I've spoken to you about, during this period, we had the '90s archive reissue, which was really a small campaign supported by some product.

關於營銷，我和你談過，在此期間，我們進行了 90 年代檔案的重新發行，這實際上是一個由某些產品支持的小型活動。

In terms of showing the relevance of the brand, that generated over 2 billion impressions for the brand.

在展示品牌的相關性方面，這為品牌帶來了超過 20 億次的印象。

And it shows you when we use the voice right, without spending a lot of money, how much consumer resonance there is out there for the message and the story that the brand can tell.

它向您展示了當我們正確使用聲音而不花費大量資金時，對於品牌可以講述的信息和故事有多少消費者共鳴。

Inside the brand, active remains a success story, delivering double-digit comps on the quarter.

在品牌內部，active 仍然是一個成功的故事，在本季度實現了兩位數的業績。

And as you know, we are very bullish about the active category across much of the company.

如您所知，我們非常看好公司大部分業務的活躍類別。

We're also continuing to see successful product innovation by launching our Sculpt denim across active and in denim for Gap brand and strong consumer resonance for that innovation.

我們還繼續看到成功的產品創新，通過為 Gap 品牌推出我們的 Sculpt 牛仔佈在活動和牛仔布中以及對該創新的強烈消費者共鳴。

Let me turn then for a moment and talk about Banana.

讓我轉身談談香蕉。

I'm pleased with where Gap is, I'm impatient for its progress, but I'm confident about what we're going to continue to see.

我對 Gap 的現狀感到滿意，我對它的進展感到不耐煩，但我對我們將繼續看到的東西充滿信心。

Moving to Banana.

搬到香蕉。

You would've seen that we have a new leader in Banana with Mark Breitbard returning to the company.

你會看到我們在 Banana 有了一位新的領導者，Mark Breitbard 回到了公司。

As you know, Mark has been a CEO in a multi-brand company over the last 4 years.

如您所知，Mark 在過去 4 年中一直擔任多品牌公司的首席執行官。

I know Mark well.

我很了解馬克。

And probably the most important thing right now, Mark knows the brand.

也許現在最重要的事情是，馬克知道這個品牌。

Mark knows the company, and Mark is hitting the ground running.

Mark 了解這家公司，而且 Mark 正在全力以赴。

So I'm not going to promise when we're going to see the progress that will come from Mark's and the team's leadership, but I'm very confident that he's got his arms around the key issues in that business and that there are tremendous opportunities to make quick progress.

所以我不會承諾我們什麼時候會看到馬克和團隊領導層帶來的進展，但我非常有信心，他已經掌握了該業務的關鍵問題，並且有巨大的快速進步的機會。

On our marketing and our store environment, I'm particularly passionate.

對於我們的營銷和商店環境，我特別感興趣。

We've been very quiet in our voice, and the team knows that I am not happy with the consistency of execution and how we are presenting in our stores much-improved product, and I expect to see very rapid progress there.

我們的聲音一直很安靜，團隊知道我對執行的一致性以及我們如何在商店中展示大大改進的產品不滿意，我希望在那裡看到非常快速的進展。

Athleta, which we don't break out, is continuing to be an exceptional performer.

我們沒有爆發的 Athleta 將繼續成為出色的表演者。

One of our key growth brands.

我們的主要增長品牌之一。

It's positioned in a growing segment.

它位於一個不斷增長的細分市場。

It has strength across the vectors of brand equity, product, experience and talent.

它在品牌資產、產品、經驗和人才等方面都具有實力。

And it's not just store growth but growing categories.

這不僅僅是商店的增長，而是不斷增長的品類。

60% of their bottoms platform are on responsive and they could put units into the business against demand signals very, very quickly and that is part of what is fueling their growth.

他們 60% 的底部平台處於響應狀態，他們可以根據需求信號非常、非常迅速地將單位投入業務，這是推動他們增長的一部分。

They're also a reg-price business, and so the bulk of their growth is not going to come out of yield, it is going to come out of feeding units into the business.

他們也是一個正規價格業務，因此他們的大部分增長不會來自收益，而是來自向業務提供單位。

And it's one of the reasons that we are so confident that it's the right place to have pushed aggressively ahead with the responsive capabilities in a significant part of the business.

這也是我們如此自信的原因之一，它是在業務的重要部分積極推進響應能力的正確地方。

They continue to rollout Athleta Girl, and we're seeing good signals from that.

他們繼續推出 Athleta Girl，我們從中看到了良好的信號。

And we're pleased with the incremental business, as we've expressed that concept exclusively in existing real estate.

我們對增量業務感到滿意，因為我們僅在現有房地產中表達了這一概念。

We're also doing something on the side, which we're committed to as a company, but Athleta models it well, which is a sustainability commitment.

我們也在做一些事情，作為一家公司，我們致力於這一點，但 Athleta 很好地模仿了它，這是一項可持續發展的承諾。

It's part of our storytelling, it's part of how we do business and, importantly, it's also part of what customers are responding to and are resonant to as we tell the story to them about the brand.

這是我們講故事的一部分，是我們開展業務的一部分，更重要的是，它也是客戶在我們向他們講述品牌故事時所做出的回應和共鳴的一部分。

We see an opportunity to continue to build Athleta, to continue to build brand awareness, to continue to acquire customers and to continue to run what is inherently an omni-channel business.

我們看到了繼續打造 Athleta、繼續建立品牌知名度、繼續獲取客戶並繼續經營本質上是全渠道業務的機會。

And speaking of omni-channel, we have continued to make progress in our back-end capabilities as well.

說到全渠道，我們的後端能力也在不斷進步。

We converted 1 DC in Q1 to a fully omni DC.

我們在第一季度將 1 個 DC 轉換為完全全向的 DC。

It is on our roadmap to convert 2 of those DCs into the second quarter and the second half of the year.

我們的路線圖是將其中兩個 DC 轉換為第二季度和下半年。

And to be clear, what that allows us to do is leverage 1 pool of inventory and pick to triple-9 accuracy for individual direct orders or case lot fulfillment into our stores out of the same pool of inventory.

需要明確的是，這使我們能夠做的是利用 1 個庫存池並從同一個庫存池中為單個直接訂單或案例批次履行到我們的商店中選擇三倍 9 的準確性。

Now traffic remains an issue, we all know that.

現在交通仍然是一個問題，我們都知道。

You see the industry traffic numbers.

您會看到行業流量數字。

As an industry, in total, everybody will report conversion numbers somewhere between the mid- to low 20s and the high 30s or low 40s, depending upon the business.

作為一個行業，總的來說，每個人都會報告轉化率介於 20 多歲到 30 多歲或 40 多歲之間，具體取決於業務。

Clearly, the industry has a traffic issue, but I'm inclined to turn this around, just as I'm inclined to say that headwinds are only headwinds if you're facing in the wrong direction.

顯然，該行業存在交通問題，但我傾向於扭轉這一局面，就像我傾向於說逆風只有在你面向錯誤方向時才會出現逆風一樣。

And the way we're really approaching this issue of conversion is turning it on its head and saying that we have a conversion opportunity, not a traffic problem.

我們真正處理這個轉換問題的方式是把它顛倒過來，說我們有一個轉換的機會，而不是交通問題。

And we're beginning work right now -- frankly, we're accelerating work to push forward in a subset of our stores and really configure what I'm calling a high-touch and frictionless experience.

我們現在正在開始工作——坦率地說，我們正在加快工作，在我們的部分商店中推進工作，並真正配置我所說的高接觸和無摩擦體驗。

And I have a strong philosophy that we need to run our stores to enable 100% conversion.

我有一個強烈的理念，即我們需要經營我們的商店以實現 100% 的轉化。

And I'll be the first to say that's not going to happen on the back of shoveling mass quantities of inventories into our stores, and it starts with the fundamentals: it starts with staffing, it starts with replenishment models, it starts with respectfully displaying our product.

我會第一個說，在我們的商店大量存貨的情況下不會發生這種情況，它從基本面開始：從人員配備開始，從補貨模式開始，從恭敬地展示開始我們的產品。

But it also means layering in and continuing to layer in digital capabilities that allow our customers to frictionlessly purchase at our stores even if the style, color combination isn't there on the shelf.

但這也意味著分層並繼續分層數字功能，即使貨架上沒有款式、顏色組合，我們的客戶也可以在我們的商店輕鬆購買。

I'm a big believer in stores, but I'm also a big believer in digital.

我非常相信商店，但我也非常相信數字化。

We will continue, as we always have, to manage square footage to where our customers are, to support them on digital, to support them in our stores and to meet them wherever they are.

我們將一如既往地繼續管理客戶所在位置的平方英尺，在數字方面為他們提供支持，在我們的商店中為他們提供支持，並在任何地方與他們會面。

Last, we continue to do what I call foundational work on our digital experience.

最後，我們繼續做我所說的關於我們的數字體驗的基礎工作。

And there is money to be made by improving your page load speeds, by modest personalization, by enhancing your search capabilities.

通過提高您的頁面加載速度、適度的個性化、增強您的搜索能力，可以賺到錢。

And as much as we talk about many of those other things, we're proud of the experience that we offer on digital.

儘管我們談論許多其他事情，但我們為我們提供的數字體驗感到自豪。

We have an exceptional digital business, and every day, we're committed to making it better.

我們擁有卓越的數字業務，每天，我們都致力於讓它變得更好。

So in summary, our focus on product and working upstream with our vendors is unrelenting.

因此，總而言之，我們對產品的關注以及與供應商的上游合作是不懈的。

We will never take our eye off it.

我們永遠不會把目光從它身上移開。

I've been asked, "When are you done?" And the answer is never.

有人問我：“你什麼時候做的？”答案是永遠不會。

We will continue to work on: improving fit; improving quality; ensuring that our product is on trend; we deliver a superior, differentiated value proposition.

我們將繼續努力：提高合身度；提高質量；確保我們的產品緊跟潮流；我們提供卓越的差異化價值主張。

We're focused on meeting our customers where they are, on evaluating and evolving the experience across our stores and online and we will always be focused on operating discipline and cost control.

我們專注於滿足我們的客戶，評估和改進我們商店和在線的體驗，我們將始終專注於運營紀律和成本控制。

This discipline will help us fund the investments in marketing, fund the investments in technology and, in turn, will strengthen our brands and our business.

這門學科將幫助我們為營銷投資提供資金，為技術投資提供資金，進而加強我們的品牌和業務。

We view Q1 as continued progress, but to be clear, not as a victory.

我們將第一季度視為持續的進步，但需要明確的是，不是勝利。

And I have to underline one more time the current macro environment is unpredictable.

我必須再強調一次，當前的宏觀環境是不可預測的。

So progress, validation, the same plan we've talked to you about before, we're heads-down focused on that.

因此，進展、驗證以及我們之前與您討論過的相同計劃，我們正專注於這一點。

We're confident it's going to continue to yield results.

我們相信它將繼續產生結果。

And with that, let me turn it over to Teri.

有了這個，讓我把它交給泰瑞。

Thanks, Art, and good afternoon, everyone.

謝謝，Art，大家下午好。

As we outlined last quarter, in 2017, we're focused on a few things: capitalizing on our initiatives to improve product quality to grow sales with healthy merchandise margins; investing strategically in the business to strengthen our brand equities and to support growth; maintaining operating discipline to drive efficiencies and leverage scale; and returning excess cash to shareholders.

正如我們在上個季度概述的那樣，在 2017 年，我們專注於幾件事：利用我們提高產品質量的舉措，以健康的商品利潤率增加銷售額；對業務進行戰略性投資，以加強我們的品牌資產並支持增長；維持運營紀律以提高效率和利用規模；並將多餘的現金返還給股東。

We're pleased to report progress against each of these in the first quarter.

我們很高興在第一季度報告這些方面的進展。

Starting with sales.

從銷售開始。

Comp sales were up 2% compared to a decline of 5% last year.

與去年下降 5% 相比，Comp 銷售額增長了 2%。

Total company net sales for the quarter were $3.4 billion, flat to last year.

本季度公司總淨銷售額為 34 億美元，與去年持平。

With respect to global brand comps.

關於全球品牌組合。

Old Navy, as Art said, had a record quarter, delivering 8% comp against a negative 6% last year.

正如 Art 所說，Old Navy 有一個創紀錄的季度，實現了 8% 的收益，而去年則為負 6%。

While showing progress throughout the quarter, Gap did end the quarter down 4% against a negative 3% last year.

雖然在整個季度都取得了進展，但 Gap 確實在本季度末下降了 4%，而去年為負 3%。

Banana Republic also was down 4% on a base of down 11%.

Banana Republic 在下跌 11% 的基礎上也下跌了 4%。

As you've heard from other retailers, the quarter started out slow with traffic and spending down.

正如您從其他零售商那裡聽到的那樣，本季度開始時客流量和支出下降緩慢。

Following that, we were pleased to see all of our brands execute well over the important Easter selling season, particularly at Old Navy, which tends to realize outsized impacts over key holiday periods.

在那之後，我們很高興看到我們所有的品牌在重要的複活節銷售季節都表現良好，尤其是在 Old Navy，它往往會在關鍵的假期期間產生巨大的影響。

Moving to gross margin.

轉向毛利率。

Our first quarter gross margin was up 270 basis points to 37.9%.

我們第一季度的毛利率上升了 270 個基點，達到 37.9%。

Merchandise margin was up 220 basis points, with positive AUR at all of our global brands.

商品利潤率上升 220 個基點，我們所有全球品牌的 AUR 均為正。

Despite the pre-opening costs associated with our Times Square flagship location scheduled to open in the back half of 2017, rent and occupancy leveraged 50 basis points.

儘管與我們的時代廣場旗艦店計劃於 2017 年下半年開業相關的開業前成本，租金和入住率仍上漲了 50 個基點。

It was primarily driven by lower rent and occupancy expenses as a result of our international store closures last year.

這主要是由於我們去年關閉國際商店導致租金和入住費用降低。

Regarding SG&A.

關於SG&A。

As anticipated, total operating expenses were $1.05 billion, up about $60 million from last year.

正如預期的那樣，總運營費用為 10.5 億美元，比去年增加了約 6000 萬美元。

This is driven primarily by an increase in payroll largely due to bonus accruals as well as increased marketing.

這主要是由於工資增長主要是由於獎金應計以及營銷增加所致。

Marketing represented about 1/4 of the overall increase in SG&A.

營銷佔 SG&A 總體增長的 1/4 左右。

As we've said previously, we consider these marketing investments important to the long-term health of the brands as we seek to leverage the incredible brand awareness we have across our portfolio and translate it into top-of-mind purchase intent.

正如我們之前所說，我們認為這些營銷投資對品牌的長期健康很重要，因為我們尋求利用我們在我們的產品組合中擁有的令人難以置信的品牌知名度並將其轉化為最重要的購買意圖。

Regarding taxes.

關於稅收。

Our first quarter effective tax rate was 39.9%, which includes a negative impact from the adoption of new stock-based compensation guidance.

我們第一季度的有效稅率為 39.9%，其中包括採用新的基於股票的薪酬指導的負面影響。

We continue to expect a full-year effective tax rate of about 39%.

我們繼續預計全年有效稅率約為 39%。

Turning to earnings.

轉向收益。

First quarter earnings per share were $0.36.

第一季度每股收益為 0.36 美元。

FX negatively impacted first quarter EPS by an estimated $0.03.

外匯對第一季度每股收益產生了約 0.03 美元的負面影響。

Cash flow.

現金周轉。

Our year-to-date cash flow was negative $5 million, driven primarily by timing of lease payments and the increase in inventory from the end of the fiscal year.

我們年初至今的現金流為負 500 萬美元，主要受租賃付款時間和本財年末庫存增加的推動。

As a reminder, we ended the first quarter with inventory about flat to last year.

提醒一下，我們在第一季度結束時庫存與去年持平。

Free cash flow also includes approximately $14 million of insurance proceeds related to the fire at our Fishkill DC.

自由現金流還包括與我們的 Fishkill DC 火災相關的大約 1400 萬美元的保險收益。

We ended the quarter with $1.6 billion in cash and cash equivalents.

我們在本季度結束時擁有 16 億美元的現金和現金等價物。

During the quarter, we completed about $100 million of share repurchases.

本季度，我們完成了約 1 億美元的股票回購。

Based on the strength of the current quarter, we now are planning to repurchase an additional $100 million of shares in the second quarter, consistent with our commitment to return cash to shareholders.

基於本季度的實力，我們現在計劃在第二季度再回購 1 億美元的股票，這與我們向股東返還現金的承諾相一致。

We ended the quarter with 396 million shares outstanding.

我們在本季度末發行了 3.96 億股流通股。

Additionally, during the quarter, we paid dividends of $92 million and currently have a dividend yield approaching 4%.

此外，在本季度，我們支付了 9200 萬美元的股息，目前的股息收益率接近 4%。

On inventory.

在庫存上。

We ended the first quarter with inventory about flat to last year.

我們在第一季度結束時庫存與去年持平。

We now expect inventory to be about flat at the end of the second half, recognizing this measure has some volatility, given the magnitude of expected in transit, particularly at Old Navy.

我們現在預計下半年庫存將基本持平，因為考慮到預計在運輸中的數量，特別是在 Old Navy，這一措施存在一定的波動性。

While this is a point-in-time measure, it's important to note that we look at several metrics internally to ensure we're comfortable with the amount, quality and productivity of our inventory.

雖然這是一個時間點衡量標準，但需要注意的是，我們會在內部查看多個指標，以確保我們對庫存的數量、質量和生產力感到滿意。

With the strength of Old Navy [starts had] a unit-driven business, we're working on finding the right balance to support the business opportunity we see while continuing to focus on inventory productivity and discipline.

憑藉 Old Navy [starts had] 以單位為導向的業務的實力，我們正在努力尋找適當的平衡，以支持我們看到的商業機會，同時繼續關注庫存生產力和紀律。

Turning to capital.

轉向資本。

Our year-to-date capital expenditures were $110 million.

我們年初至今的資本支出為 1.1 億美元。

Excluding the costs associated with rebuilding of our Fishkill DC and related supply chain, we continue to expect capital expenditures to be about $625 million on the year.

不包括與重建 Fishkill DC 和相關供應鏈相關的成本，我們繼續預計今年的資本支出約為 6.25 億美元。

Just as a reminder, about half of this spend will go towards store investments, with the remainder largely related to IT and supply chain, to support our omni and digital strategies.

提醒一下，大約一半的支出將用於商店投資，其餘主要與 IT 和供應鏈相關，以支持我們的全方位和數字化戰略。

As we've said previously, it's our priority to invest adequately but responsibly in the business to support long-term growth.

正如我們之前所說，我們的首要任務是對業務進行充分但負責任的投資，以支持長期增長。

We'll continue to be prudent around these investments and adjust as needed depending on our performance and expected returns.

我們將繼續謹慎對待這些投資，並根據我們的表現和預期回報進行必要的調整。

On store count.

在商店計數。

Year-to-date, we closed 14 company-operated stores on a net basis and ended the quarter with 3,186 stores.

年初至今，我們淨關閉了 14 家公司自營門店，並在本季度結束時擁有 3,186 家門店。

As we continue to refine our store plan, we now expect our store count to be about flat at the end of the year, down from previous guidance of about 40 net new stores.

隨著我們繼續完善我們的門店計劃，我們現在預計我們的門店數量在今年年底將基本持平，低於之前約 40 家淨新店的指導。

We continue to be disciplined around opening new stores with a focus on white space for Athleta and Old Navy.

我們繼續遵守開設新店的紀律，重點關注 Athleta 和 Old Navy 的空白區域。

Looking forward.

期待。

As Art noted, the current environment is unpredictable.

正如阿特所說，當前的環境是不可預測的。

While Q1 was volatile, we're cautiously optimistic given the strength we saw later in the quarter.

雖然第一季度波動很大，但鑑於我們在本季度晚些時候看到的強勁勢頭，我們持謹慎樂觀的態度。

Based on this, we now expect a mid-single-digit decrease of first half earnings per share relative to adjusted EPS for the same period last year, an improvement from our previous guidance of a high single-digit decrease.

基於此，我們現在預計上半年每股收益相對於去年同期調整後的每股收益將出現中個位數的下降，這比我們之前的高個位數下降指導有所改善。

For the full year, we continue to expect earnings per share for fiscal 2017, which includes the 53rd week, to be in the range of $1.95 to $2.05.

對於全年，我們繼續預計 2017 財年（包括第 53 週）的每股收益將在 1.95 美元至 2.05 美元之間。

Included in our original and current guidance is about $0.08 to $0.09 of insurance recovery for the fire at our Fishkill DC.

我們最初和當前的指導中包括大約 0.08 美元到 0.09 美元的 Fishkill DC 火災保險賠償。

This largely offsets elevated logistics costs resulting from the fire.

這在很大程度上抵消了火災導致的物流成本增加。

We expect to get about half of that in the second quarter.

我們預計第二季度將獲得其中的一半左右。

While we still expect the insurance recovery to fully offset elevated logistics costs, the timing of the recovery could have some variability, both in the quarter and for the fiscal year.

雖然我們仍然預計保險復甦將完全抵消物流成本的上漲，但復甦的時間可能會在本季度和本財年出現一些變化。

For the full year, all of our other guidance metrics remain unchanged.

全年，我們所有其他指導指標保持不變。

Thank you.

謝謝你。

And with that, I'll turn it back over to Jen.

有了這個，我會把它交還給 Jen。

Thanks, Teri.

謝謝，泰瑞。

That concludes our prepared remarks.

我們準備好的發言到此結束。

We will now open up the call to questions.

我們現在將打開提問電話。

(Operator Instructions)

（操作員說明）

(Operator Instructions) We will take our first question from Matthew Boss with JPMorgan.

（操作員說明）我們將回答摩根大通的 Matthew Boss 提出的第一個問題。

On the gross margin, can you speak to merchandise margin performance between the Gap brand and Old Navy in the first quarter?

關於毛利率，您能談談第一季度 Gap 品牌和 Old Navy 之間的商品毛利率表現嗎？

And then just how best to think about the second quarter and the back half of the year.

然後是如何最好地考慮第二季度和下半年。

Yes, we're not going to get down to margin by brand.

是的，我們不會按品牌計算利潤率。

But just going back to the overall, we're very pleased with the progress we saw on merch margin.

但回到整體來看，我們對我們在商品利潤率上看到的進步感到非常滿意。

And it's not just the numbers, but really, when you look at the underlying health.

當您查看潛在的健康狀況時，不僅僅是數字，而是真的。

So we had positive AUR on all of the brands, and that merch margin is actually the highest it's been since I think around 2013 was the last time we were above the levels we are in the first quarter -- on a first quarter basis.

因此，我們對所有品牌都有積極的 AUR，而且該商品利潤率實際上是自我認為 2013 年左右是我們最後一次高於第一季度水平以來的最高水平——在第一季度的基礎上。

We had a higher percentage of sales at reg price, which is another healthy indicator.

我們以註冊價格銷售的百分比更高，這是另一個健康指標。

And our markdown margin was actually improved as well.

我們的降價幅度實際上也得到了改善。

So as we look across, we are very comfortable and pleased with the trends we're seeing in merch margin across the company and even within the brands.

因此，當我們縱觀全局時，我們對我們在整個公司甚至品牌內部看到的商品利潤率趨勢感到非常滿意和滿意。

As we look forward, there's a couple of things.

展望未來，有幾件事。

One is obviously, the compares were easier this quarter than we're going to see over the remainder of the year.

一個很明顯，本季度的比較比我們在今年剩餘時間裡看到的要容易。

And so while we continue to focus on the same basic elements in terms of driving the AUR, remain disciplined on the AUC, really thinking through our promotional strategies to make sure we can continue the margin expansion, it's just a matter of a combination of tougher comps as we move through the year and then the uncertainty of what the macro environment may bring us.

因此，雖然我們在推動 AUR 方面繼續關注相同的基本要素，在 AUC 上保持自律，認真考慮我們的促銷策略以確保我們能夠繼續擴大利潤率，但這只是一個更嚴格的組合問題隨著我們度過這一年，以及宏觀環境可能給我們帶來的不確定性。

Great.

偉大的。

And then just a follow up.

然後只是跟進。

At the Gap brand, can you just elaborate on the underlying signs of improvement by category that you're seeing?

在 Gap 品牌中，您能否詳細說明您所看到的類別改進的潛在跡象？

I guess what do you think is the biggest second half opportunity?

我猜你認為下半年最大的機會是什麼？

And just larger picture, how do you see the Gap concept differentiating itself longer term from the competition?

從更大的角度來看，您如何看待 Gap 概念在長期內與競爭對手的差異化？

Yes.

是的。

Let me spend a little bit of time on that.

讓我花一點時間在這上面。

And again, I don't want to peel the whole business apart, given the time that we have here, et cetera, so let me focus a little bit on the differentiation.

再說一次，考慮到我們在這裡的時間等等，我不想把整個業務分開，所以讓我稍微關註一下差異化。

But what I will say on what gives me confidence, is you know that I always look at the women's business first and the women's business in North America and I'm really pleased with the progress there.

但我要說的是什麼讓我有信心，你知道我總是首先關注女性業務和北美的女性業務，我對那裡的進展感到非常滿意。

Again, not perfect, but that's the hardest business and it often is a bellwether for the business, and I'm pleased with what we're seeing there.

同樣，並不完美，但這是最難的業務，它通常是業務的領頭羊，我對我們在那裡看到的情況感到滿意。

And again, it's reflected in the financial outcomes, as Teri noted.

正如 Teri 所指出的，它再次反映在財務結果中。

If I think about what differentiates Gap, Gap as a concept, I'd start with brand.

如果我考慮 Gap 和 Gap 作為一個概念的區別，我會從品牌開始。

And again, we -- I love the brand, so I'm completely unobjective about it, but we do have objective data.

再說一次，我們——我喜歡這個品牌，所以我對此完全不客觀，但我們確實有客觀的數據。

And the objective data that we measure of brand health indicates that Gap is viewed as an iconic brand and a relevant brand.

我們衡量品牌健康的客觀數據表明，Gap 被視為標誌性品牌和相關品牌。

We have work to do because, obviously, the business isn't performing up to that standard, but it's not that the brand is dead in any way, shape or form.

我們有工作要做，因為很明顯，業務的表現沒有達到那個標準，但這並不是說這個品牌以任何方式、形狀或形式都已經死了。

And I go down more to the category level.

我更深入到類別級別。

We've got a fit business inside of that business across the family that I think is a real opportunity to continue to drive growth.

我們在整個家族的業務中都有一個合適的業務，我認為這是一個繼續推動增長的真正機會。

We have a latent body business in women's, where we feel like, particularly today, with some of the fabrications and silhouettes that we have in the body business, super on trend with what she's looking for.

我們在女裝領域有一個潛在的身體業務，我們覺得，尤其是今天，我們在身體業務中擁有的一些製造和輪廓，與她正在尋找的東西超級流行。

Denim is always important, and especially with innovation in denim across the entire family.

牛仔布始終很重要，尤其是在整個家庭的牛仔布創新中。

I'm very pleased with what I'm seeing there.

我對在那裡看到的東西感到非常滿意。

And we have some early oars in the water where we bought small quantities of some technical and other innovation denim that are giving us some interesting indications.

我們在水中有一些早期的槳，我們購買了少量的一些技術和其他創新牛仔布，這些牛仔布給了我們一些有趣的跡象。

The introduction of Sculpt has been positively received.

Sculpt 的推出受到了好評。

And then again, across our responsive capabilities, they're continuing to penetrate inside the business.

再說一次，通過我們的響應能力，他們繼續滲透到業務內部。

And where we have them up and running, we're seeing -- like graphics, as an example, where we have a super-short pipeline.

在我們啟動並運行它們的地方，我們看到 - 例如圖形，我們有一個超短的管道。

It's all on-demand buying right now, and we're seeing very significant comps coming out of that sector.

現在都是按需購買，我們看到該行業出現了非常重要的補償。

And that's where we're also building proximate manufacturing capacity as well so that we can put it on boat -- make it, put on a boat, be back in the stores, and we're seeing excellent product performance there.

這就是我們也在建立近似製造能力的地方，以便我們可以把它放在船上——製造它，放在船上，回到商店，我們在那裡看到了出色的產品性能。

So again, Gap is a brand that's relevant.

再說一次，Gap 是一個相關的品牌。

It's always going to be a composite of the underlying categories, and we feel like we continue to have differentiated opportunities in those categories.

它始終是基礎類別的組合，我們覺得我們繼續在這些類別中擁有差異化的機會。

(Operator Instructions) Your next question will come from Lorraine Hutchinson with Bank of America.

（操作員說明）您的下一個問題將來自美國銀行的 Lorraine Hutchinson。

I just wanted to follow-up on the SG&A growth rate this quarter.

我只是想跟進本季度的 SG&A 增長率。

Is this similar to what we should expect throughout the year as the marketing expense continues to grow?

隨著營銷費用的持續增長，這是否與我們全年應有的預期相似？

Yes, there could be a little variability quarter-to-quarter, but as I said, it's really driven by a couple of things, bonus accruals and marketing.

是的，每個季度可能會有一些變化，但正如我所說，這實際上是由幾件事驅動的，獎金應計和營銷。

And those will fall pretty ratably throughout the year.

而這些將在全年大幅下降。

And we'll go next to Paul Trussell with Deutsche Bank.

我們將與德意志銀行一起前往 Paul Trussell。

Could you just talk a little bit more about the profitability and what you're seeing from a trend standpoint on margins per the various banners?

您能否多談談盈利能力以及從趨勢的角度來看各種橫幅的利潤率？

And also, if you can just give a little bit more detail on what you're seeing in Athleta.

而且，如果你能提供更多關於你在 Athleta 中看到的細節。

It seems like you're having a lot of success there.

看起來你在那裡取得了很大的成功。

Yes, so in terms of the profitability, I'd go back to the gross margin commentary that we saw.

是的，所以就盈利能力而言，我會回到我們看到的毛利率評論。

We are seeing positive AUR across the brands and we're seeing positive sales over traffic trends as well.

我們看到各個品牌的 AUR 積極，我們也看到流量趨勢的積極銷售。

These are indicators of increasing product acceptance across the brands, and that obviously, then gives us the right starting point to be able to drive the growth of the business and the profitability of the business.

這些是提高品牌產品接受度的指標，顯然，這為我們提供了一個正確的起點，能夠推動業務增長和業務盈利能力。

So I'm not going to, as I said, break it down brand by brand, but other than to say that I think we are learning a lot from the experience we had at the end of last year with the Fishkill fire, operating with leaner inventories, maintaining that discipline and driving the AUR throughout the year.

所以我不會像我說的那樣逐個品牌地分解它，但除了要說的是，我認為我們從去年年底的 Fishkill 大火中學到了很多東西，與精簡庫存，保持紀律並全年推動 AUR。

Art, do you have anything to add?

藝術，你有什麼要補充的嗎？

Yes -- no, I'll jump in, in the Athleta question.

是的 - 不，我會在運動員問題中加入。

And again, I'm not going to go into specifics here.

再說一次，我不打算在這裡詳細說明。

But if you just look at the things that define Athleta, first of all, the active space and, particularly, the intersection of performance and lifestyle, which is where Athleta is kind of uniquely positioned.

但如果你只看定義 Athleta 的東西，首先是活躍的空間，特別是表演和生活方式的交匯點，這就是 Athleta 的獨特定位。

It continues to be an above-average growth segment for the market.

它仍然是市場高於平均水平的增長部分。

In that space, many of our competitors are largely dependent upon wholesale.

在那個領域，我們的許多競爭對手在很大程度上依賴於批發。

The wholesale buying calendar is much longer than we now have in many parts of the business.

在許多業務領域，批發採購日曆比我們現在擁有的要長得多。

So -- especially in performance lifestyle, it allows us to be active -- reactive to fashion trend which matters in that segment.

所以——尤其是在表演生活方式中，它讓我們變得活躍——對在該領域很重要的時尚趨勢做出反應。

It is an omni business.

這是一個全方位的業務。

It has been from the get-go.

從一開始就是這樣。

And so we're seeing strong store performance and strong online performance, and many customers who inhabit both of those are our most loyal customers.

因此，我們看到了強勁的商店業績和強勁的在線業績，而這兩者的許多客戶都是我們最忠實的客戶。

So it's just a space that we're pleased with and we feel like the team is executing.

所以這只是一個我們很滿意的空間，我們覺得團隊正在執行。

And the last thing is, is that the voice that they have, the storytelling that they're doing, all based on the power of she and a very integrated message that we have there.

最後一件事是，他們的聲音，他們正在講的故事，都是基於她的力量和我們在那裡擁有的非常綜合的信息。

We're just getting fantastic engagement and seeing fantastic loyalty.

我們剛剛獲得了出色的參與度並看到了出色的忠誠度。

So we're continuing to be bullish about the business and about the sector.

因此，我們繼續看好該業務和該行業。

And we will go next to Paul Lejuez with Citi.

我們將與花旗一起前往 Paul Lejuez。

Can you talk about AUC during the quarter, if you could quantify that for us?

如果您可以為我們量化，您能否談談本季度的 AUC？

And also curious, what sort of benefit you're already seeing from working with fewer vendors more deeply.

並且很好奇，您已經從與更少的供應商更深入地合作中看到了什麼樣的好處。

How far along are you in that work?

你在這項工作中走了多遠？

And how do you expect that to impact your AUC over the next couple of quarters and into '18?

您預計這將如何影響您在接下來的幾個季度和 18 年的 AUC？

Yes, so we don't actually get down to the AUC level.

是的，所以我們實際上並沒有降低到 AUC 水平。

Although I did reference when I was talking about kind of what we look at in terms of profitability that we do have a focus on that.

儘管我在談論我們在盈利能力方面所看到的東西時確實提到過，但我們確實關注這一點。

And excluding FX effects, our -- we try to find that right balance between maintaining AUC, but also making the right investments in the quality of the product.

排除 FX 影響，我們試圖在保持 AUC 和對產品質量進行正確投資之間找到適當的平衡。

And so it's part of a number of metrics we are constantly looking at to get the right balance of product and customer experience in the store.

因此，它是我們不斷關注的許多指標的一部分，以在商店中獲得產品和客戶體驗的正確平衡。

On the vendor piece, I wouldn't say -- I'm not going to call out a quantified impact next quarter and the next quarter because it really is a journey.

在供應商方面，我不會說 - 我不會在下個季度和下個季度提出量化的影響，因為這確實是一個旅程。

It starts with fewer vendors that we do business more deeply with.

它始於與我們進行更深入業務往來的供應商數量減少。

It will manifest itself over time in terms of our economics.

隨著時間的推移，它將在我們的經濟方面表現出來。

We believe that that's the case.

我們相信情況就是如此。

It also means that we can leverage vendor capabilities.

這也意味著我們可以利用供應商的能力。

We had, as an example, a continuing thing that we're doing is a denim summit when we invited our most important vendors in.

例如，當我們邀請最重要的供應商參加時，我們正在做的一件持續的事情是牛仔峰會。

And we're very focused on making sure that we have sort of proactive engagement with innovation.

我們非常專注於確保我們積極參與創新。

Whereas in the past, oftentimes, we were slow, we're now starting to see innovation that's coming at the fiber yard and fabric level right at the beginning or, in fact, earlier than others are and that will show up in terms of product innovation.

而在過去，我們通常很慢，現在我們開始看到創新出現在纖維堆場和織物層面，就在開始時，或者事實上，比其他人更早，這將出現在產品方面創新。

We've pretty radically consolidated our vendor footprint over the last couple of years, but again, this is a journey.

在過去的幾年裡，我們已經從根本上鞏固了我們的供應商足跡，但同樣，這是一段旅程。

I've worked a lot in my past life where people were building a strategic vendor footprint, and it's a multiyear journey where you get really tightly integrated with strategic relationships.

在我過去的生活中，我做了很多工作，人們正在建立戰略供應商足跡，這是一個多年的旅程，您可以真正與戰略關係緊密結合。

And we're, I would say, really just scratching the surface of the potential impact broadly on the business.

我想說，我們實際上只是觸及了對業務的廣泛潛在影響的表面。

We'll go next to Mark Altschwager with Robert W. Baird.

我們將和羅伯特·W·貝爾德一起去馬克·阿爾茨瓦格旁邊。

You talked a lot about gaining market share.

你談了很多關於獲得市場份額的問題。

Obviously, we can all see the disruption that's out there, but are there particular segments of the market where you see the most ripe opportunity near term?

顯然，我們都可以看到那裡的顛覆，但是在市場的某些特定領域，您是否看到了近期最成熟的機會？

And anything you're doing, either from a marketing perspective or a strategic inventory investment, in these areas to really go aggressively after the opportunity?

無論是從營銷角度還是戰略庫存投資，您在這些領域所做的任何事情都是為了真正積極地抓住機會？

Yes.

是的。

Here's what I would say is, given the sort of market chaos, if you want to describe it that way, and the announcements that seem to be coming at us pretty relentlessly, we feel like we've got a pretty broad-based opportunity.

我想說的是，考慮到市場混亂，如果你想這樣描述它，而且似乎無情地向我們發佈公告，我們覺得我們有一個非常廣泛的機會。

What I -- so it's less about, is it in denim or kids and baby or dresses or something like that, we feel we need to be prepared.

我 - 所以它不是關於牛仔布、兒童、嬰兒或連衣裙或類似的東西，我們覺得我們需要做好準備。

And if it's a department store that's closing a store in a center that we do business in, that's obviously market share that's released across a whole bunch of different categories.

如果是一家百貨公司在我們開展業務的中心關閉一家商店，那顯然是在一大堆不同類別中釋放的市場份額。

And so what it reflects inside of what we're doing right now is just really being very intentional about how we're competing for those customers.

因此，它反映在我們現在所做的事情中，我們真的非常有意地為這些客戶競爭。

Some of that is really blocking and tackling, which is being present in a center, making sure that customers are aware, whether it's through center marketing, whether it's through putting leaflets under windshield wiper blades, really basic stuff that our customers -- their customers are invited to come into our stores.

其中一些確實是阻止和解決，這是存在於中心的，確保客戶知道，無論是通過中心營銷，還是通過將傳單放在擋風玻璃雨刷片下，我們的客戶 - 他們的客戶真正基本的東西被邀請進入我們的商店。

Of course, we're looking at things like honoring loyalty programs, outstanding coupons, sort of the traditional mechanisms that were used.

當然，我們正在研究諸如兌現忠誠度計劃、優秀的優惠券以及所使用的傳統機制之類的東西。

But that's really a competitor, oftentimes, a center-by-center sort of situation.

但這確實是一個競爭對手，通常是一個中心對中心的情況。

At the higher level, from a customer acquisition, from a marketing standpoint, et cetera, we're also really in the midway right now of what I would describe as being sort of competitively intentional in a way that we haven't been before.

在更高的層次上，從客戶獲取、營銷的角度等等，我們現在也確實處於我所說的以一種我們以前沒有過的方式進行競爭的意圖的中間。

As we get an announcement of a block of closures or a whole chain folds itself up, we're doing the analysis kind of real time to say where do we think we have an opportunity by brand and how are we going to go after that?

當我們宣布關閉一個區塊或整個鏈條折疊起來時，我們正在實時進行分析，以說明我們認為我們在哪裡有品牌機會以及我們將如何去追求？

So this isn't the future, but we do feel like there's an unprecedented amount of opportunity being made fluid right now and we want more than our fair share.

所以這不是未來，但我們確實覺得現在有前所未有的機會正在流動，我們想要的不僅僅是我們應得的份額。

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。

Art, you talked about the confidence the foundational work you're doing is the right foundational work.

Art，你談到了你正在做的基礎工作是正確的基礎工作的信心。

And correct me if I heard this incorrectly, but it sounded like you're saying that the progress at Old Navy and Athleta are sort of evidence that the foundational work is the right work.

如果我聽錯了，請糾正我，但聽起來你是在說 Old Navy 和 Athleta 的進展有點證明基礎工作是正確的工作。

I'm wondering, is it possible that the great results coming out of Old Navy and Athleta relate more to being positioned well in a value segment with an off-mall presence, in the case of Old Navy, and in the case of Athleta, being positioned well in the athletic apparel space, which is a sort of better space?

我想知道，Old Navy 和 Athleta 的出色成果是否可能更多地與在具有非商場存在的價值細分市場中定位良好有關，就 Old Navy 和 Athleta 而言，在運動服裝領域定位良好，哪個是更好的空間？

I'm just wondering, how do you come to the conclusion that it's the foundational work that's driving the results there and not rather better positioning with consumers and more in line with consumer wants and desires?

我只是想知道，您如何得出結論是基礎工作推動了那裡的結果，而不是更好地定位於消費者，更符合消費者的需求和願望？

And how do you then draw the conclusion from that, that the foundational work is going to turn around the results at Gap and Banana?

那麼您如何得出結論，即基礎性工作將扭轉 Gap 和 Banana 的結果？

Yes.

是的。

No, I think it's a really good question.

不，我認為這是一個非常好的問題。

Just to be clear, we're fully cognizant of the fact that we may have some incremental tailwind for the reasons that you mentioned and others.

需要明確的是，我們完全認識到，由於您提到的原因和其他原因，我們可能會有一些增量順風。

That said, the traffic is the same -- pretty much the same across strips and malls that we're seeing right now.

也就是說，交通是一樣的——我們現在看到的街道和購物中心的流量幾乎是一樣的。

And so we can see -- and I'm very much about, not about the averages, frankly, but about de-averaging those businesses.

所以我們可以看到——坦率地說，我非常關注，而不是平均水平，而是對這些業務進行去平均化。

And getting down into the business at the category level, looking for consistent patterns across similar real estate and those kinds of things.

並在類別級別深入業務，在類似的房地產和此類事物中尋找一致的模式。

And so I will always be pretty relentlessly objective and try to disaggregate the fact that certainly, value has some tailwind right now and the active sector has some tailwind.

因此，我將始終保持非常客觀的態度，並嘗試分解這樣一個事實，即價值現在有一些順風，而活躍的行業也有一些順風。

To be clear, a big part of Athleta's business is lifestyle rather than hard-core active and that's the business that we're competing in, in Banana and Gap as well.

需要明確的是，Athleta 業務的很大一部分是生活方式，而不是核心活動，這也是我們在 Banana 和 Gap 競爭的業務。

So to say that there's probably a little bit of incremental tailwind from some of that positioning is probably fair.

所以說某些定位可能會帶來一點增量順風可能是公平的。

Inside the business, to see where we're winning and how we're winning, it's based upon capabilities that we haven't had in these businesses historically.

在業務內部，要了解我們在哪裡獲勝以及我們如何獲勝，這是基於我們歷史上在這些業務中沒有的能力。

And it's -- and that and marketing, again, which, to me, is distinguishing that, and that's why we're putting our shoulder in those other businesses against the storytelling component as well.

而且它 - 和營銷，再次，對我來說，這是區分這一點的，這就是為什麼我們也將我們的肩膀放在其他業務中，反對講故事的部分。

We will go next to Oliver Chen with Cowen and Company.

我們將與 Cowen and Company 一起前往 Oliver Chen。

Art, I had a question.

藝術，我有一個問題。

As we think about millennials and generation Z, there is this movement also towards authenticity and acceleration, and thinking about on the increasing fragmentation that's happening in the marketplace.

當我們想到千禧一代和 Z 一代時，這種運動也朝著真實性和加速發展，並考慮到市場上正在發生的日益分散的現象。

So what are your thoughts about how you'll prepare your company just to be well thought of by the younger generations and -- as you evolve the brand portfolio?

那麼，您對如何讓您的公司做好準備，以便為年輕一代所熟知以及 - 隨著您不斷發展品牌組合，您有什麼想法？

And the other thing we were just curious about is like could you just articulate the -- your framework for thinking about the store base, and just the strategic guardrails.

我們只是好奇的另一件事是，您能否闡明-您考慮商店基礎的框架，以及戰略護欄。

As we do observe what's happening and there's a lot of things that are going to happen that are out of your control which may affect you, whether that be specialty or department store closings and the rise of Amazon.

當我們觀察正在發生的事情時，將會發生很多超出您控制範圍的事情，這些事情可能會影響您，無論是專賣店還是百貨公司的關閉以及亞馬遜的崛起。

Yes.

是的。

That was a lot, bundled into that one sentence, Oliver.

那是很多，捆綁在一句話中，奧利弗。

So I'll see -- I'll try to get to some of it.

所以我會看到 - 我會嘗試解決其中的一些問題。

Let's -- let me go to your first statement, which is there are a lot of smaller companies that crop up.

讓我們 - 讓我談談你的第一個陳述，即有很多小公司突然出現。

Barriers-to-entry in terms of entering this business are pretty low.

進入這個行業的門檻很低。

You have to actually objectively look at the facts and look at the doors that are being shuttered, et cetera.

你必須客觀地看待事實，看看正在關閉的門，等等。

The reality is, quantitatively, the consolidation is taking place.

現實情況是，從數量上看，整合正在發生。

So it's perhaps fragmenting from the standpoint of the noise that's out there, but consolidating, as some of the share comes up and available.

因此，從存在的噪音的角度來看，它可能是支離破碎的，但隨著一些份額的出現和可用，它正在整合。

And we've seen that happen in other geographies as well where the lead apparel companies in those geographies have been consolidating market share over the last several years.

我們在其他地區也看到了這種情況，這些地區的領先服裝公司在過去幾年裡一直在鞏固市場份額。

It is a big part of our thesis that, because of our size and our scale, our operating platform, our multiple brands targeted at different parts of the market, that we have an opportunity to accelerate that share consolidation.

我們論文的一個重要部分是，由於我們的規模和規模、我們的運營平台、我們針對不同市場領域的多個品牌，我們有機會加速份額整合。

And that's not new news, it's what we've been executing against.

這不是新消息，這是我們一直在執行的。

As to millennials, I might turn, again, that on its head, which is there are a lot of brands out there today against the backdrop of millennials wanting to engage with brands that have a story and have authenticity that, in fact, are entirely synthetic.

至於千禧一代，我可能會再一次轉而思考，在千禧一代想要與有故事和真實性的品牌互動的背景下，今天有很多品牌，事實上，完全是合成的。

When we do the research and we talk to customers or non-customers, what we find is that when we tell the story, people are super engaged in the depth, the history, the legacy, the sustainability story that we have, many aspects of the story that we haven't told, which is why I am very big on really getting the holistic storytelling out there in front of customers and non-customers.

當我們進行研究並與客戶或非客戶交談時，我們發現當我們講述這個故事時，人們非常熱衷於我們所擁有的深度、歷史、遺產、可持續發展故事，以及許多方面我們還沒有講述的故事，這就是為什麼我非常重視真正在客戶和非客戶面前講述整體故事。

I've been spending a lot of time on this one because, as I look at it now, I see the product work that we've done and the quality of the product that we have in our stores and I feel like our business is lagging the product that we have in our stores and part of it is due to storytelling.

我在這個上花了很多時間，因為當我現在看它時，我看到了我們所做的產品工作以及我們商店中產品的質量，我覺得我們的業務是落後於我們商店中的產品，部分原因是講故事。

And as I've been meeting people, I am met consistently with a question of, "Why aren't you guys telling the story?" So it's really high on my list right now.

當我與人會面時，我總是會遇到一個問題，“你們為什麼不講故事？”所以它現在在我的名單上真的很高。

And that doesn't mean, boom, boom, boom, a national TV campaign.

這並不意味著，繁榮、繁榮、繁榮，一場全國性的電視宣傳活動。

We might use TV in some cases.

在某些情況下，我們可能會使用電視。

It means really getting what is a rich, deep, authentic story in front of our customers and allowing them to engage on that.

這意味著真正將豐富、深刻、真實的故事呈現在我們的客戶面前，並讓他們參與其中。

So I'm probably less concerned about that.

所以我可能不太關心這個。

And I actually would turn that one less to a liability than more of an asset that I think we have because of our brands and because of their relevance.

實際上，我認為由於我們的品牌及其相關性，我認為我們擁有的資產與其說是一種負債，不如說是一種負債。

Oh, store base.

哦，商店基地。

Sorry, yes, I got that one.

對不起，是的，我得到了那個。

Yes.

是的。

I was so enthralled with my own voice that I -- go into the second part.

我被自己的聲音迷住了，以至於我——進入第二部分。

And that's just a 2-part question, right, not 2 questions.

這只是一個兩部分的問題，對，不是兩個問題。

The store base, the answer is really the same, Oliver, that we've been telling you for a while, which is we're going to be always on looking at our store base.

商店基地，奧利弗，答案真的是一樣的，我們已經告訴過你一段時間了，那就是我們將一直關注我們的商店基地。

You saw Teri indicated that we're bringing our net store increase down as a function of continuing to be prudent and trimming.

您看到 Teri 表示我們正在降低我們的淨商店增長，因為我們繼續保持謹慎和精簡。

Again, the averages hide the true story, which is, we feel like we have a real estate opportunity in front of us with Old Navy.

再一次，平均值隱藏了真實的故事，也就是說，我們覺得我們面前有一個與 Old Navy 合作的房地產機會。

I highlighted in my comments opening an 8,000 square-foot format for Old Navy with the very early returns being positive.

我在評論中強調了為 Old Navy 開闢了一個 8,000 平方英尺的格式，早期的回報是積極的。

And 8,000 square feet opens up a bunch of in-fill opportunities that we feel can be highly productive.

8,000 平方英尺開闢了一堆我們認為可以高產的填充機會。

But again, early days on that.

但同樣，早期的。

On the more mature businesses, with Banana and Gap, we've trimmed some stores, we've trimmed a lot of stores under my tenure out of the Gap brand and we will continue to do that.

對於更成熟的業務，比如 Banana 和 Gap，我們已經削減了一些門店，在我任職期間，我們已經削減了很多 Gap 品牌的門店，我們將繼續這樣做。

While at the same time, like we are in Times Square and others, we'll selectively open stores if we feel like there's a place where we're not serving the market appropriately.

同時，就像我們在時代廣場和其他地方一樣，如果我們覺得有一個地方我們沒有為市場提供適當的服務，我們會選擇性地開設商店。

And then you got to break the outlet fleet out of that as well, where as a new outlet center opens, that continues to be a strong business for us, we'll embrace that.

然後你也必須打破奧特萊斯車隊，隨著一個新的奧特萊斯中心開業，這對我們來說仍然是一項強大的業務，我們將接受這一點。

And we've had some pretty good success like we have, as an example, on Fulton Street in Brooklyn or 125th Street in Harlem, where we have opened factory stores out of outlet locations and have seen those stores perform very, very well for us.

我們已經取得了一些相當不錯的成功，例如，在布魯克林的富爾頓街或哈林區的第 125 街，我們在奧特萊斯開設了工廠店，並且看到這些商店對我們來說表現非常非常好.

And we'll go next to Simeon Siegel with Nomura Instinet.

我們將與 Nomura Instinet 一起討論 Simeon Siegel。

Teri, can you provide any color on the 2Q sales or margins implied within your first half EPS guide?

Teri，您能否提供關於您上半年 EPS 指南中隱含的第二季度銷售額或利潤率的任何顏色？

And then, Art, sorry if I missed it, but have you sized the Athleta top line opportunity at all?

然後，Art，如果我錯過了，很抱歉，但是你有沒有考慮過 Athleta 頂線機會的大小？

How large do you think the concept can grow?

你認為這個概念可以發展到多大？

I feel like every question I get asked I start by saying I'm not going to tell you that, but we -- I'm not going to tell you that.

我覺得我被問到的每一個問題都是從說我不會告訴你的開始的，但是我們——我不會告訴你那個。

Just don't get frustrated, Teri, and blurt something out, okay?

只是不要沮喪，泰瑞，然後脫口而出，好嗎？

But the only guidance -- with our new convention, the guidance we've provided is on the EPS for the first half and inventory for the first half.

但唯一的指導——根據我們的新慣例，我們提供的指導是關於上半年的每股收益和上半年的庫存。

And then for the full year, we've said we expect the comp to be flat to up slightly.

然後對於全年，我們已經說過我們預計薪酬將持平或略有上升。

And we're holding to that at this stage, given I don't feel good about the first quarter, but that's early days and we need to see what plays out throughout the year.

我們在這個階段堅持這一點，因為我對第一季度感覺不太好，但那還為時過早，我們需要看看全年會發生什麼。

And on sizing Athleta, we haven't sized it, so you didn't miss it.

在調整 Athleta 的尺寸時，我們沒有調整它的尺寸，所以你不會錯過它。

What I would say is, I see a very long runway of growth in front of us.

我想說的是，我看到我們面前有一條很長的增長跑道。

Part of it is store count.

其中一部分是商店數量。

Part of it is just continuing, overall, to be an attractive segment of the market that is growing faster than the whole.

總體而言，其中一部分只是繼續成為市場中一個比整體增長速度更快的有吸引力的部分。

And frankly, part of it is the fact that Athleta's business is not insignificantly, really, in the core of lifestyle and ready-to-wear, despite the fact that every piece of clothing in an Athleta store has some aspect of performance associated with it.

坦率地說，部分原因在於 Athleta 的業務在生活方式和成衣的核心方面並非微不足道，儘管事實上 Athleta 商店中的每件衣服都與它相關的某些性能方面.

So it is a differentiated, innovative offer that has a very large market that it can tap into, really, into the whole of her closet.

所以這是一個差異化的、創新的產品，有一個非常大的市場，它可以進入，真的，進入她的整個衣櫥。

So we're very bullish on the growth opportunity in front of us.

因此，我們非常看好擺在我們面前的增長機會。

We'll go next to Adrienne Yih with Wolfe Research.

我們將與 Wolfe Research 一起前往 Adrienne Yih。

Art, my question is on e-comm.

藝術，我的問題是關於電子商務。

I know it's near and dear to your heart, having led GID.

我知道這對你來說很重要，因為領導了 GID。

And I'm wondering -- you have one of the lower penetrations in that piece of the business relative to some of your competition.

而且我想知道-相對於您的某些競爭對手，您在該業務中的滲透率較低。

I'm wondering if you can talk about kind of where you think that could go and incorporating sort of big data and an analysis to drive e-com and personalization.

我想知道你是否可以談談你認為可以去的地方，並結合大數據和分析來推動電子商務和個性化。

Yes, I'm actually pretty pleased with our penetration, to be honest, and feel like we continue to have a market share opportunity there.

是的，老實說，我實際上對我們的滲透率感到非常滿意，並且覺得我們在那裡繼續擁有市場份額機會。

It varies pretty widely across the brands, as you might expect.

正如您所料，它在各個品牌中差異很大。

Old Navy has a very significant penetration of millennial customers that are engaged in that brand.

Old Navy 在從事該品牌的千禧一代客戶中佔有非常重要的地位。

Yet Old Navy has the highest penetration of cash customers, which obviously, precludes online sales.

然而，Old Navy 的現金客戶滲透率最高，這顯然排除了在線銷售。

So I am pleased with where we are, and I think we continue to see a significant opportunity in front of us.

所以我對我們所處的位置感到滿意，我認為我們繼續看到擺在我們面前的重大機遇。

And I sort of think about our digital business, our digital store in the same way that I think about our physical stores in terms of every day, there's an opportunity to improve the quality of execution, whether it's page load times; whether it's navigation; whether it's personalization, which, as you know, we have continued to put energy and effort again.

我想我們的數字業務，我們的數字商店，就像我每天考慮我們的實體店一樣，有機會提高執行質量，無論是頁面加載時間；是否是導航；無論是個性化，如您所知，我們再次繼續投入精力和努力。

And where we even modestly personalize the experience, we see positive engagement from the customers and the financial metrics all move in the right direction.

在我們甚至適度個性化體驗的地方，我們看到客戶的積極參與和財務指標都朝著正確的方向發展。

Data and analytics is very much on my mind right now in a number of areas of the business, not the least of which is certainly, in e-comm.

數據和分析現在在我的許多業務領域中非常重要，其中最重要的當然是電子商務。

And you may have noted that just about a year ago, we brought in somebody who's -- significant part of their responsibilities is to really pull all the data that we have about our customers across the physical experience and the digital experience, the card program, et cetera, together in a way to really provide that foundation for continuing to advance personalization going forward.

你可能已經註意到，就在大約一年前，我們引入了一個人——他們的主要職責是真正從物理體驗和數字體驗、卡片計劃中提取我們擁有的關於客戶的所有數據，等等，以某種方式真正為繼續推進個性化提供基礎。

So it's a -- it's certainly an opportunity that we have.

所以這是一個 - 這當然是我們擁有的一個機會。

I believe data analytics and AI are going to continue to play an increasing role, but it's out in the future right now.

我相信數據分析和人工智能將繼續發揮越來越大的作用，但它現在已經在未來出現了。

And right now, we have a lot of opportunity just by executing against the basics, but it's certainly in our future that we'll continue to see incremental opportunity there.

現在，我們有很多機會通過執行基礎來實現，但在我們的未來，我們肯定會繼續看到增量機會。

Our last question will come from the line of Lindsay Drucker Mann with Goldman Sachs.

我們的最後一個問題將來自高盛的 Lindsay Drucker Mann。

I wanted to ask on stores.

我想去商店問問。

Art, you talked about how you've closed a number of stores in the past.

Art，你談到了你過去是如何關閉許多商店的。

What can you tell us about sales transfer, first of all?

首先，關於銷售轉移，您能告訴我們什麼？

Second, can you talk about how your performance was in the quarter in stores that were in close proximity to some department stores that closed?

其次，您能否談談您在本季度在靠近一些已關閉的百貨公司的商店中的表現？

And also, I notice that you changed your -- or you mentioned that you changed your store target for the year.

而且，我注意到你改變了你的 - 或者你提到你改變了今年的商店目標。

What was the driver of that change?

這種變化的驅動力是什麼？

Yes, so on -- I'm sorry, what was the first...

是的，等等——對不起，第一個是什麼……

Sales transfer.

銷售轉移。

Sales transfer.

銷售轉移。

Yes, and we've talked about this before, Lindsay.

是的，我們之前已經討論過這個問題，Lindsay。

I'd love to tell you that we close a store and magically, that moves into a nearby location and online and et cetera and our other brands.

我很想告訴你，我們關閉了一家商店，並且神奇地搬到了附近的位置和在線等等以及我們的其他品牌。

It isn't that easy.

這並不容易。

We work really, really hard when we close a store to transfer those customers, whether it's into, it's a Gap store into a Gap factory store to an Old Navy into the online business.

當我們關閉一家商店以轉移這些客戶時，我們真的非常非常努力地工作，無論是從 Gap 商店到 Gap 工廠商店，還是從 Old Navy 到在線業務。

But it isn't nearly as high as I'd like it to be, and it represents -- continues to represent an opportunity.

但它並沒有我希望的那麼高，它代表 - 繼續代表一個機會。

And we do the basic things that you would recommend, push extra hard as we're closing a store to get our customers in that store up on our card program, e-mail capture, all those kinds of things.

我們會做你推薦的基本事情，在我們關閉一家商店時加倍努力，以便讓我們的客戶在我們的卡片計劃、電子郵件捕獲等所有這些事情上在該商店獲得我們的客戶。

But I generally believe that when you close a store, in the short term, you're probably giving up some market share.

但我普遍認為，當你關閉一家商店時，在短期內，你可能會放棄一些市場份額。

And we've been, I think, pretty clear about that historically.

我認為，從歷史上看，我們一直很清楚這一點。

On the store guidance, we pushed some openings out and then we had some additional closures in Gap and BR.

在商店指南中，我們推出了一些開口，然後我們在 Gap 和 BR 又關閉了一些。

There's no drama inside of that at all as opposed to the fact that I think we've demonstrated and will continue to demonstrate that we're pretty relentless about grinding away and tuning and tweaking the number of store locations that we have, and we're going to continue to do that.

與我認為我們已經證明並將繼續證明我們非常無情地磨掉、調整和調整我們擁有的商店位置數量的事實相反，這裡面根本沒有什麼戲劇性，而且我們'將繼續這樣做。

It was something that Sabrina was very passionate about, and I know Teri and I continue to share exactly that same passion.

這是薩布麗娜非常熱衷的事情，我知道泰瑞和我繼續分享同樣的熱情。

And again, it's on both sides of the equation right now.

再說一次，它現在在等式的兩邊。

We're going to get out of stores that we don't feel the brands belong in or where we feel like there's an economic issue, and then we're going to open locations where we believe we have a selective opportunity to increase market share at the same time.

我們將離開那些我們認為品牌不屬於或我們認為存在經濟問題的商店，然後我們將開設我們認為有選擇性機會增加市場份額的地點同時。

And so what I don't want to do is imply that somehow, there was a strategic implication to the adjustment.

所以我不想做的是暗示，不知何故，調整有戰略意義。

It's really just a matter of course of business that we made that adjustment and communicated it right now.

我們現在進行調整併傳達它實際上只是一個業務過程。

I guess, the only thing I would add to that is when you think about those changes, we have largely held our capital budget -- our capital spending guidance and that's because we are allocating some funding to remodels.

我想，我唯一要補充的是，當您考慮這些變化時，我們在很大程度上保留了我們的資本預算——我們的資本支出指導，這是因為我們正在分配一些資金進行改造。

One of the things Art talked about is the customer experience is very important and stores remain important to those customers, and frankly, we had gotten a little behind in some places.

Art 談到的一件事是客戶體驗非常重要，商店對這些客戶仍然很重要，坦率地說，我們在某些地方有點落後。

And so we're doing a very thoughtful job of going through our inventory of stores and making sure that they live up to the brand statement that we want to make to our customers.

因此，我們正在做一項非常周到的工作，檢查我們的商店庫存，並確保它們符合我們希望對客戶做出的品牌聲明。

And so it's certainly nothing crazy, but a very intentional decision to continue to invest in our stores.

所以這當然不是什麼瘋狂的事情，而是一個非常有意識的決定，繼續投資我們的商店。

And just on how the stores that you have in close proximity to a competitor that closes or to a big department that closes, how those perform relative to the balance of fleet.

僅就您在關閉的競爭對手或關閉的大部門附近擁有的商店而言，這些商店相對於車隊平衡的表現如何。

Yes, I would say that, pick any answer you want, quite honestly.

是的，我會這麼說，老實說，選擇你想要的任何答案。

There are some stores -- well, some stores will close, and you look and say, "Okay, there was no overlap to our business because of the segment that they serve." Some stores will close and you suck the life out of a center if it's a major department store.

有一些商店——嗯，有些商店會關門，你看著然後說，“好吧，因為他們服務的細分市場，我們的業務沒有重疊。”有些商店會關門，如果它是一家大型百貨公司，你會從中心吸走生命。

But a lot of these stores that are closing, just to be clear, they're closing for a reason.

但是很多這些商店正在關閉，只是為了清楚，他們正在關閉是有原因的。

And it's not like they were necessarily the strong horse pulling the cart in these places.

在這些地方，他們不一定是拉車的強馬。

So our view is very simple about this, that when the store closes, there's a certain number of jeans -- pairs of jeans and denim and onesies, et cetera, et cetera that aren't going to out the door of that store.

所以我們對此的看法很簡單，當商店關門時，有一定數量的牛仔褲——牛仔褲、牛仔布和連體衣，等等等等，不會走出那家商店的門。

And to the extent that we play in those categories and that our brands are positioned relevantly from the standpoint of quality and price, that is market share that is now in play.

就我們在這些類別中的表現以及我們的品牌在質量和價格方面的相關定位而言，這就是現在正在發揮作用的市場份額。

And we intend to compete very intentionally across all of our brands and all of our channels to get more than our fair share.

我們打算在我們所有的品牌和所有渠道中進行非常有意識的競爭，以獲得超過我們應得的份額。

But there isn't a simple, easy answer because it's such a mixed bag right now of who's shuttering a store, who's going out of business, that some of it's highly relevant and some of it is pretty orthogonal to our brands and how they're positioned.

但沒有一個簡單易行的答案，因為現在情況好壞參半，誰在關閉商店，誰在倒閉，其中一些與我們的品牌高度相關，而其中一些與我們的品牌以及它們的方式非常正交重新定位。

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。

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

提醒一下，可在 gapinc.com 上獲得的新聞稿包含對我們第一季度業績的完整回顧以及我們準備好的評論中包含的前瞻性指導。

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

與往常一樣，投資者關係團隊將在電話會議後提供進一步的問題。

Thank you.

謝謝你。

That does conclude our conference.

這確實結束了我們的會議。

You may now disconnect.

您現在可以斷開連接。