蓋璞 (GPS) 2019 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen.

下午好，女士們，先生們。

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

我叫 Vicky，今天我將成為您的會議接線員。

At this time, I would like to welcome everyone to The Gap, Inc.

在這個時候，我想歡迎大家加入 The Gap, Inc.。

First Quarter 2019 Conference Call.

2019 年第一季度電話會議。

(Operator Instructions) Today's call is being recorded.

（操作員說明）今天的電話正在錄音。

I would now like to introduce your host, Tina Romani, Senior Director of Investor Relations.

我現在想介紹一下您的主持人，投資者關係高級總監 Tina Romani。

Good afternoon, everyone.

大家下午好。

Welcome to Gap, Inc.'s First Quarter 2019 Earnings Conference Call.

歡迎來到 Gap, Inc. 的 2019 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 the description and reconciliation of the non-GAAP financial measures, as noted on Page 2 of the slides 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描述和調節，如補充 Teri 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 30, 2019, 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 2019 年 5 月 30 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, we will be using slides to supplement our remarks, which you can view by going to the Investors section at gapinc.com.

如前所述，我們將使用幻燈片來補充我們的評論，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。

Good afternoon, everyone, and thanks for joining us.

大家下午好，感謝您加入我們。

I'll begin the call with a discussion of some of the macro industry-wide influences on the quarter and the performance of each of our brands, then I'll ask Teri to walk us through detailed financials, and we'll finish with an update on our previously announced plans to launch 2 independent, publicly traded companies.

我將首先討論整個行業對本季度的一些宏觀影響以及我們每個品牌的表現，然後我會請 Teri 向我們介紹詳細的財務數據，最後我們會給出一個更新我們之前宣布的啟動 2 家獨立上市公司的計劃。

You've seen our press release, and obviously, we're disappointed in our Q1 results.

您已經看過我們的新聞稿，顯然，我們對第一季度的業績感到失望。

Not unlike others in the industry, our results highlight some of the macro challenges we all faced.

與業內其他公司不同，我們的結果突出了我們都面臨的一些宏觀挑戰。

As you know, this was one of the coldest, wettest quarters in memory.

如你所知，這是記憶中最冷、最潮濕的地方之一。

And while traffic and sales trends improved as we moved through March and April, it was difficult to overcome the extremely slow business that we and others encountered in February.

儘管隨著 3 月和 4 月的到來，客流量和銷售趨勢有所改善，但我們和其他人在 2 月遇到的極其緩慢的業務卻難以克服。

In addition to the poor weather, we had late spring breaks, a late Easter and delayed and lower tax refunds thrown into the mix as well.

除了惡劣的天氣，我們還有春假晚、復活節晚、退稅延遲和較低的退稅。

We also missed opportunities on our own, and we could have executed as always better across places in our brands.

我們自己也錯過了機會，我們本可以在我們品牌的各個地方一如既往地執行得更好。

We recognize that the needs of our customers are changing, and we're not waiting around hoping that we muddle through.

我們認識到我們客戶的需求正在發生變化，我們不會坐以待斃，希望自己能得過且過。

We're running towards what we see as an exciting next step in our evolution.

我們正朝著我們認為令人興奮的下一步發展邁進。

As you remember last quarter, we announced our intent to launch 2 new companies that will be uniquely positioned to compete in the evolving retail environment, Old Navy and the NewCo, comprised of our specialty brands.

您還記得上個季度，我們宣布打算推出兩家新公司，它們將在不斷變化的零售環境中具有獨特的競爭優勢，即 Old Navy 和 NewCo，它們由我們的專業品牌組成。

The rationale behind the separation is simple, and we will continue to reiterate it: the needs of our specialty and our value customers are diverging, and the pace of change in retail continues to accelerate.

分離背後的理由很簡單，我們將繼續重申：我們的專業和價值客戶的需求正在分化，零售業變革的步伐不斷加快。

Our planned separation will enable each brand to move more quickly and efficiently to maximize focus and flexibility, to align investments to meet unique business needs and to optimize cost structures to deliver profitable growth.

我們計劃中的分離將使每個品牌能夠更快、更有效地行動，以最大限度地提高重點和靈活性，調整投資以滿足獨特的業務需求，並優化成本結構以實現盈利增長。

We'll come back to the separation in a moment and give an update on our progress later in the call.

我們稍後會回到分離問題，並在稍後的電話會議中更新我們的進展。

Now let's turn to results specific to the quarter.

現在讓我們轉向特定於該季度的結果。

Beginning with Old Navy, our results not -- were not what we expect from this powerhouse brand, though we did see improvement during the Easter season.

從 Old Navy 開始，我們的結果並非——不是我們對這個強大品牌的期望，儘管我們確實在復活節期間看到了改善。

When I look to Old Navy, I see a brand with a strong track record and a long, clear runway for growth ahead.

當我查看 Old Navy 時，我看到了一個擁有良好業績記錄和漫長而清晰的未來增長跑道的品牌。

The underlying fundamentals that made the brand so successful over the years have fundamentally not changed.

多年來使該品牌如此成功的基本面並沒有從根本上改變。

Old Navy has a powerful, almost unique 4-wall model, a highly valued value proposition for our customers and strong brand health.

Old Navy 擁有強大、幾乎獨特的 4 壁模型，為我們的客戶提供高度重視的價值主張和強大的品牌健康度。

Even with macro headwinds and some product misses, Old Navy's traffic was flat to the industry for the quarter, and we modestly gained market share in the brand.

即使存在宏觀逆風和一些產品缺失，Old Navy 本季度的流量與行業持平，我們在該品牌中適度獲得了市場份額。

Part of the growth plan for Old Navy is simple store penetration.

Old Navy 的部分增長計劃是簡單的商店滲透。

We expanded our retail footprint with 6 new stores in Q1 and with plans to open 20 in Q2 and a total of 70 forecast for the year.

我們在第一季度開設了 6 家新店，併計劃在第二季度開設 20 家門店，全年預計總共開設 70 家門店，從而擴大了我們的零售足跡。

While new stores offer a clear path to growth for Old Navy, e-commerce also continues to expand with impressive double-digit comps online in both traffic and conversion, reinforcing our view that stores and online are complementary channels when paired thoughtfully.

雖然新店為 Old Navy 提供了一條清晰的增長之路，但電子商務也在繼續擴張，在線流量和轉化率都達到了令人印象深刻的兩位數，這強化了我們的觀點，即商店和在線是互補的渠道，如果經過深思熟慮的話。

The Buy Online Pickup in Store program continues to help us better understand the intersection of off-line and online shopping behavior for the Old Navy customer.

Buy Online Pickup in Store 計劃繼續幫助我們更好地了解 Old Navy 客戶的線下和在線購物行為的交集。

Turning to Gap brand.

轉向 Gap 品牌。

While the comps for the quarter were disappointing, the story at Gap brand, as we have continued to say, is that of a brand focused on regaining profitability.

儘管本季度的業績令人失望，但正如我們繼續說的那樣，Gap 品牌的故事是一個專注於恢復盈利能力的品牌。

The brand has made significant operational improvements in inventory, product assortment and expense reduction.

該品牌在庫存、產品分類和降低費用方面取得了顯著的運營改進。

Our aggressive store closure plan to rationalize the specialty fleet is on track, and we remain committed to quickly, thoughtfully and decisively eliminating stores that are underperforming.

我們旨在合理化專業車隊的積極關店計劃正在步入正軌，我們將繼續致力於快速、深思熟慮和果斷地淘汰表現不佳的商店。

It's through these tough actions that we set the stage for additional progress and for the rejuvenation of this brand.

正是通過這些艱難的行動，我們為進一步的進步和品牌的複興奠定了基礎。

Let me then turn obviously to traffic, which was a major challenge at Gap quarter -- Gap brand for the quarter, though some of that weakness was expected.

然後讓我明顯地轉向流量，這是 Gap 季度的一個主要挑戰 - Gap 季度的品牌，儘管其中一些弱點是預料之中的。

We intentionally shifted marketing resources out of the first quarter and into late Q2 and Q3, and this was aligned with revamping our marketing efforts to match the continuing improvements in product and importantly a strong denim presentation.

我們有意將營銷資源從第一季度轉移到第二季度末和第三季度，這與改進我們的營銷工作相一致，以匹配產品的持續改進和重要的牛仔展示。

You'll also see Gap brand reinvest in marketing at kids and baby business with a strong back-to-school push later this year.

您還將看到 Gap 品牌在今年晚些時候大力推動返校，重新投資於兒童和嬰兒業務的營銷。

This is especially important given that market share is now up for grabs, and this is a clear opportunity for Gap brand given its strong equity in kids and baby.

鑑於市場份額現在可以爭奪，這一點尤其重要，鑑於 Gap 品牌在兒童和嬰兒領域的強大資產，這顯然是一個機會。

Banana Republic also experienced the impact of the unseasonably cold weather in February and March.

香蕉共和國在 2 月和 3 月也經歷了異常寒冷天氣的影響。

Customers wanted more wear-now items, such as outerwear, at a time when we were offering spring fashion.

在我們提供春季時裝的時候，客戶想要更多的現成商品，例如外套。

As weather improved in April, so did performance.

隨著四月天氣好轉，業績也有所改善。

Despite the weak quarter, I'm pleased with our progress at Banana.

儘管本季度表現不佳，但我對 Banana 取得的進展感到滿意。

Just a few years ago, there were questions about the core viability of the brand.

就在幾年前，人們對品牌的核心生存能力存在疑問。

We moved in a new management team, got back to the fundamentals of delivering high-quality, reliable products, and today Banana Republic is earning its place in the Gap, Inc.

我們搬進了一個新的管理團隊，回到了提供高質量、可靠產品的基礎上，今天 Banana Republic 正在 Gap, Inc. 中贏得一席之地。

portfolio.

文件夾。

Athleta continues to be north -- one of North America's fastest-growing athletic brands and is positioned to capture share.

Athleta 繼續向北——北美增長最快的運動品牌之一，並定位於搶占市場份額。

Despite unseasonable weather, growth continued to outpace the market by a factor of 2. We're obviously all committed on Athleta.

儘管天氣不合時宜，但增長繼續以 2 倍的速度超過市場。顯然，我們都致力於 Athleta。

And in 2019, we are accelerating store growth with approximately 25 new stores versus our historical average of 15 to 20 openings per year.

在 2019 年，我們正在加速門店增長，新增門店約 25 家，而我們的歷史平均水平為每年 15 至 20 家。

Part of the Athleta magic is its clear brand identity and its commitment to sustainability.

Athleta 的部分魅力在於其清晰的品牌標識和對可持續發展的承諾。

Athleta just celebrated its first year as a B Corp by announcing progress against its sustainability goals, including 60% of materials now being made from sustainable fibers.

Athleta 剛剛慶祝了其作為共益企業的第一年，宣布實現其可持續發展目標，包括現在 60% 的材料由可持續纖維製成。

Customers connect with the fundamental ethos of the brand in a way that is difficult to duplicate or replace, and that connection is part of why we're so bullish on the Athleta opportunity moving forward.

客戶以一種難以復製或替代的方式與品牌的基本精神建立聯繫，這種聯繫是我們如此看好 Athleta 發展機會的部分原因。

We have tended over time to focus our calls on the larger brands as they have the greatest impact on our economics, but we're also seeing significant and interesting progress in our smaller properties.

隨著時間的推移，我們傾向於將我們的電話重點放在大品牌上，因為它們對我們的經濟影響最大，但我們也看到我們的小酒店取得了重大而有趣的進展。

We're seeing positive trends at Intermix, where fresh inventory, on-trend product assortment and an improved e-commerce platform and stronger digital marketing strategies led to both growth online and in-store.

我們在 Intermix 看到了積極的趨勢，新鮮的庫存、流行的產品分類、改進的電子商務平台和更強大的數字營銷策略導致在線和店內增長。

We also have our new digitally native men's active brand, Hill City.

我們還擁有全新的數字本土男士活躍品牌 Hill City。

Again there, we're only a few months in, but as the brand develops, we look forward to sharing more on the progress of what we believe is a very exciting opportunity.

同樣，我們只有幾個月的時間，但隨著品牌的發展，我們期待更多地分享我們認為是一個非常令人興奮的機會的進展。

And last, I'd like to formally welcome and discuss for a moment the latest addition to the portfolio, Janie and Jack.

最後，我想正式歡迎並討論一下投資組合中的最新成員珍妮和傑克。

Janie and Jack is a high-end children clothing brand with about 140 locations across the U.S. and an attractive, profitable online channel.

Janie and Jack 是一家高端童裝品牌，在美國擁有約 140 家門店，並且是一個有吸引力且盈利的在線渠道。

The brand sits at a premium, higher price point for kids and baby than the offerings currently found at Gap and Old Navy and was a great tuck-in and we believe significant potential acquisition for us going forward.

與 Gap 和 Old Navy 目前的產品相比，該品牌對兒童和嬰兒的價格更高，而且是一個很好的整合，我們相信未來對我們來說具有重大的潛在收購潛力。

Finally, I'd be remiss to not address the topic that impacts the entire industry, recently announced intent on tariffs on clothing manufactured in China, which largely translates into a tax on American consumers.

最後，我沒有提到影響整個行業的話題，最近宣布有意對中國製造的服裝徵收關稅，這在很大程度上轉化為對美國消費者徵稅。

As you're hearing on many of these calls, there is significant uncertainty around what goods the tariffs may apply to and at what level they may be applied.

正如您在許多此類電話中聽到的那樣，關稅可能適用於哪些商品以及可能適用的水平存在很大的不確定性。

But we've been migrating sourcing out of China for the last several years, and we'll continue to do this responsibly going forward.

但在過去的幾年裡，我們一直在將採購從中國轉移出去，我們將繼續負責任地向前推進。

As recently as 3 years ago, about 25% of our product was manufactured in China.

就在 3 年前，我們大約 25% 的產品是在中國製造的。

In our most recent disclosure, that number was down to 21%.

在我們最近的披露中，這個數字下降到了 21%。

And if you include only apparel, our penetration is approximately 16%, which is significantly lower than the relevant portions of the industry.

如果僅包括服裝，我們的滲透率約為 16%，明顯低於行業相關部分。

Our current guidance incorporates the impact of List 3 goods but does not include the proposed List 4 changes.

我們當前的指南包含了清單 3 商品的影響，但不包括擬議的清單 4 更改。

We're actively monitoring the issue.

我們正在積極監控這個問題。

We're actually actively engaged in the conversation, and we're managing our sourcing operations accordingly.

我們實際上正在積極參與對話，並且我們正在相應地管理我們的採購業務。

I do want to speak for a moment on the separation, but I think it's important that Teri take us through financial results for the quarter and our outlook for the year.

我確實想就分拆談一談，但我認為 Teri 帶領我們了解本季度的財務業績和今年的展望很重要。

Teri, over to you.

泰瑞，交給你了。

Thanks, Art.

謝謝，藝術。

Good afternoon, everyone.

大家下午好。

As Art said, we're not pleased with our results this quarter.

正如阿特所說，我們對本季度的業績並不滿意。

Similar to the complexion of our fourth quarter results, there were several industry-wide macro factors contributing to our performance as well as areas of opportunity within our control where we could and must execute better.

與我們第四季度業績的複雜性相似，有幾個全行業的宏觀因素有助於我們的業績以及我們可以而且必須更好地執行的我們控制的機會領域。

As we previewed on our last call, the historically cold start to the year negatively impacted all of our businesses, particularly Old Navy, which tends to see outsized impacts from unseasonable weather patterns.

正如我們在上次電話會議中所預測的那樣，今年曆來寒冷的開局對我們所有的業務產生了負面影響，尤其是 Old Navy，它往往會受到不合時宜的天氣模式的巨大影響。

While we did see an improvement from February into the combined March and April period across all of our brands, the improvement was below plan and was not enough to offset February softness.

雖然我們確實看到我們所有品牌從 2 月到 3 月和 4 月合併期間都有所改善，但改善低於計劃，不足以抵消 2 月的疲軟。

Let me take a moment to walk through some of the drivers of brand performance before going to the specific results, beginning with Old Navy.

在談到具體結果之前，讓我花點時間了解一下品牌表現的一些驅動因素，從 Old Navy 開始。

As we talked in the back half of last year, we had identified product softness in certain areas of our women's assortment, which have been addressed with leadership and process changes that will show up in the assortment as we move through the year.

正如我們在去年下半年討論的那樣，我們已經確定了我們女裝系列的某些領域的產品柔軟度，這些問題已經通過領導層和流程變化得到解決，這些變化將在我們今年的分類中出現。

During the quarter, these challenges were exacerbated by a generally soft apparel retail environment, which we attribute primarily to a much cooler weather pattern than a year ago.

在本季度，總體疲軟的服裝零售環境加劇了這些挑戰，我們主要將其歸因於比一年前涼爽得多的天氣模式。

We saw the weather impacts most acutely in looking at the spread between wear-now and wear-forward category comps, which were about 7 points different.

在觀察磨損類別和前磨損類別組合之間的差異時，我們看到天氣影響最為敏銳，它們相差約 7 個點。

While online delivered a high-teens comp with growth in both traffic and conversion, store performance was much more challenged driven by negative traffic trends, which we also partially attribute to weather.

雖然在線提供了高青少年的流量和轉化率的增長，但商店業績在負面流量趨勢的推動下面臨更大的挑戰，我們也將其部分歸因於天氣。

As you know, the specific diagnosis and quantification of weather impacts in our business can be tough, particularly with the variability we have seen across the competitive sets.

如您所知，對我們業務中天氣影響的具體診斷和量化可能很困難，尤其是在我們在競爭環境中看到的可變性的情況下。

From a product perspective, the team identified that our product offering was too narrow and lacked diversity in silhouette, prints and pattern and color.

從產品的角度來看，該團隊發現我們的產品範圍太窄，在輪廓、印花、圖案和顏色方面缺乏多樣性。

Our Old Navy customer responds to a broad assortment.

我們的老海軍客戶響應廣泛的分類。

And overall, we did not provide her with enough choice.

總的來說，我們沒有為她提供足夠的選擇。

With these key insights derived from customer response to holiday and spring product, the design and merchandising teams were able to significantly redesign the fall season with even more ability to influence holiday.

憑藉從客戶對假期和春季產品的反應中得出的這些關鍵見解，設計和銷售團隊能夠顯著重新設計秋季季節，從而更有能力影響假期。

Additionally, while we entered the year clean from a liable perspective, we were heavier in inventory than we would have liked coming into the quarter, especially given lower-than-expected traffic trends.

此外，雖然我們從負責任的角度進入了乾淨的一年，但我們的庫存比我們希望進入本季度的要重，特別是考慮到低於預期的交通趨勢。

As a result, we were significantly more promotional in the quarter to move through units, resulting in meaningful product margin compression in the quarter.

結果，我們在本季度進行了更多促銷活動，從而在本季度顯著壓縮了產品利潤率。

We've adjusted Old Navy's inventory buys for the balance of the year, and they now are much tighter to match industry trends and drive inventory productivity.

我們已經調整了 Old Navy 在今年餘下時間的庫存採購，現在它們更加緊密，以適應行業趨勢並提高庫存生產力。

For perspective, unit inventory comps were up mid-single digits in Q1 and are planned to be flat and down mid-singles for Q2 and the back half, respectively.

從長遠來看，第一季度的單位庫存比較上升了中個位數，併計劃在第二季度和後半段分別持平和下降中單。

As a result, we do expect sequential merchandise margin improvement as we move through the year.

因此，我們確實預計隨著我們全年的發展，商品利潤率會連續提高。

One of the key strengths of the Old Navy model is the robust and repeatable product-to-market process.

Old Navy 模型的主要優勢之一是穩健且可重複的產品上市流程。

The leadership team has taken the learnings from these last 2 quarters to infuse more rigor around their established processes that drive the business.

領導團隊吸取了過去兩個季度的經驗教訓，圍繞推動業務的既定流程注入了更多的嚴謹性。

Importantly, the Old Navy brand fundamentally remains strong as it continued to build share on a rolling 12-month basis with consistently strong NPS and YouGov indicators.

重要的是，Old Navy 品牌從根本上保持強勁，因為它在連續 12 個月的基礎上繼續建立份額，並具有持續強勁的 NPS 和 YouGov 指標。

Old Navy continues to leverage its unique positioning in this sector at this intersection of value, speed and curation.

Old Navy 在價值、速度和策劃的交叉點上繼續利用其在該領域的獨特定位。

The brand remains grounded in creating affordable, on trend, high-quality fashion for the whole family while ensuring the customer feels fun at every touch point this $8 billion brand provides.

該品牌始終立足於為全家人創造負擔得起的、流行的、高品質的時尚，同時確保客戶在這個價值 80 億美元的品牌提供的每一個接觸點上都能感受到樂趣。

We continue to see a long runway for growth with share growth opportunity through improved comps, new store openings and continued online strength.

通過改進組合、新店開張和持續的在線實力，我們繼續看到一個漫長的增長之路，分享增長機會。

Turning to the Gap brand.

轉向 Gap 品牌。

While top line was negatively impacted by weather and traffic trends, we were able to improve the brand's overall profitability through gross margin expansion and continued expense reduction.

雖然頂線受到天氣和交通趨勢的負面影響，但我們能夠通過毛利率擴張和持續削減開支來提高品牌的整體盈利能力。

The team has been focused on improving inventory composition and product assortment.

該團隊一直專注於改善庫存構成和產品分類。

During the quarter, we had particular focus on yield management despite the tougher traffic trends.

在本季度，儘管客流量趨勢更加嚴峻，我們仍特別關注收益管理。

As we move throughout the year, we have particular focus on reestablishing our strength in denim with improved quality, fit and silhouettes.

隨著我們全年的行動，我們特別關注通過改進質量、合身性和輪廓來重建我們在牛仔布領域的實力。

We remain focused on driving improvement in the brand with cleaner inventory positions, better product assortment, leaner inventory buys and continued cost discipline.

我們仍然專注於通過更清潔的庫存位置、更好的產品分類、更精簡的庫存採購和持續的成本紀律來推動品牌的改進。

Moving to Banana.

搬到香蕉。

Similar to Old Navy and Gap, unseasonably cold weather negatively impacted spring product sales for much of the quarter.

與 Old Navy 和 Gap 類似，異常寒冷的天氣對本季度大部分時間的春季產品銷售產生了負面影響。

As weather improved, we saw an inflection in trends but recognize there are still opportunities for improvement in terms of product, assortment and marketing.

隨著天氣好轉，我們看到了趨勢的變化，但我們認識到在產品、分類和營銷方面仍有改進的機會。

As our fashion product acceptance continues to improve, the team is focused on balancing our inventory mix and offering more of the fashion she wants by increasing the depth across key fashion buys and marketed styles while driving overall inventory productivity.

隨著我們對時尚產品的接受度不斷提高，該團隊專注於平衡我們的庫存組合，並通過增加關鍵時尚購買和營銷款式的深度來提供更多她想要的時尚，同時提高整體庫存生產力。

Lastly, with regards to Athleta.

最後，關於Athleta。

While February was tough, we saw a sequential improvement in comp trends as we moved through the quarter with a 12-point comp improvement from February to the combined March-April period.

雖然 2 月很艱難，但隨著我們在整個季度中的推移，我們看到了薪酬趨勢的連續改善，從 2 月到 3 月至 4 月的綜合期間，薪酬提高了 12 個百分點。

The swim category was soft largely related to fit and coverage product challenges.

游泳類別主要與合身和覆蓋產品挑戰有關。

The team is evaluating how we can best serve our customers in this challenging category with several in-store test programs that will help us inform strategy for next year.

該團隊正在評估我們如何通過幾個店內測試計劃在這個具有挑戰性的類別中最好地為我們的客戶提供服務，這將有助於我們為明年的戰略提供信息。

Fundamental brand health remains strong as evidenced by market share gains, continued customer file growth and strength in other key health metrics such as average spend per customer and frequency.

市場份額增長、客戶檔案持續增長以及其他關鍵健康指標（例如每位客戶的平均支出和頻率）的實力證明了基本的品牌健康狀況。

Let me move to overall performance.

讓我談談整體表現。

Just as a reminder, you saw in our disclosures, during the quarter, we completed the sale of a headquarters building we owned but did not occupy as part of a tax-efficient exchange for the Old Navy headquarters building we purchased at the start of the year.

提醒一下，您在我們的披露中看到，在本季度，我們完成了對我們擁有但沒有佔用的總部大樓的出售，這是我們在本季度開始時購買的舊海軍總部大樓的節稅交換的一部分。年。

We completed the sale for $220 million, which resulted in a gain on sale of $191 million and is included as an offset to operating expenses within our reported results.

我們以 2.2 億美元的價格完成了出售，產生了 1.91 億美元的銷售收益，並在我們報告的業績中作為運營費用的抵消。

So starting with sales.

所以從銷售開始。

Our net sales for the quarter were $3.7 billion, down about 2% to last year.

我們本季度的淨銷售額為 37 億美元，比去年下降約 2%。

Comp sales were down 4% compared with a positive 1% last year.

與去年的正增長 1% 相比，Comp 銷售額下降了 4%。

Spread for the quarter was largely driven by new store openings at Old Navy and Athleta as well as noncomp Janie and Jack sales, partially offset by the Gap store closures.

本季度的價差主要是由 Old Navy 和 Athleta 的新店開業以及非競爭性 Janie 和 Jack 的銷售推動的，部分被 Gap 商店關閉所抵消。

The by-brand comps clearly were below our initial expectations, and we're working aggressively to adjust our plans to respond to the macro trends and strengthen our product and marketing plans for the remainder of the year.

副品牌組合顯然低於我們最初的預期，我們正在積極調整我們的計劃以應對宏觀趨勢並加強我們今年剩餘時間的產品和營銷計劃。

Moving to gross margin.

轉向毛利率。

Our first quarter gross margin was down 140 basis points to 36.3%.

我們第一季度的毛利率下降了 140 個基點至 36.3%。

Merch margin was down 120 basis points primarily driven by Old Navy, partially offset by Gap brand margin expansion.

商品利潤率下降 120 個基點，主要受 Old Navy 推動，部分被 Gap 品牌利潤率擴張所抵消。

Rents and occupancy deleveraged 20 basis points primarily driven by the lower sales.

租金和入住率降低了 20 個基點，主要是由於銷售額下降。

On SG&A.

關於SG&A。

On a reported basis, first quarter total operating expenses were $1 billion, which included the $191 million benefit from the building sale gain.

根據報告，第一季度總運營費用為 10 億美元，其中包括從建築物銷售收益中獲得的 1.91 億美元收益。

You will see that we have separately called out the costs associated with separation as well as specialty fleet restructuring costs.

您會看到我們已經分別列出了與分離相關的成本以及專業車隊重組成本。

Together, these were only $5 million on the quarter, but we wanted to provide visibility as we move through these important transformational steps.

本季度總共只有 500 萬美元，但我們希望在我們完成這些重要的轉型步驟時提供可見性。

Excluding those items, our adjusted SG&A as a percentage of sales deleveraged 110 basis points, reflecting the lower sales and increased expenses related to technology investments, the addition of Janie and Jack and a modest increase in Old Navy store labor, which we are rightsizing to match business needs.

不包括這些項目，我們調整後的 SG&A 佔銷售額的百分比降低了 110 個基點，反映了與技術投資、Janie 和 Jack 的加入以及 Old Navy 商店勞動力的適度增加相關的銷售額下降和費用增加，我們正在調整規模匹配業務需求。

Two additional points on this.

對此還有兩點補充。

First, we continue to believe that marketing is a key element of our business model, and investment there is required to keep our brands healthy and traffic strong.

首先，我們仍然認為營銷是我們商業模式的關鍵要素，需要投資以保持我們的品牌健康和流量強勁。

Clearly, to yield the best return, those investments need to be matched to strong product and customer experience.

顯然，為了獲得最佳回報，這些投資需要與強大的產品和客戶體驗相匹配。

During the first quarter, that wasn't true for Old Navy and Gap.

在第一季度，Old Navy 和 Gap 的情況並非如此。

So we held back on marketing and will reinvest as the product fundamentals improve.

因此，我們停止了營銷，並將隨著產品基本面的改善進行再投資。

Second and importantly, our productivity efforts remain a key priority with savings goals in place for the year.

其次，也是重要的，我們的生產力努力仍然是今年節約目標的關鍵優先事項。

Inevitably, there will be some inefficiencies as we move toward the launch of Old Navy and the NewCo as stand-alone entities, but we are looking at that as a catalyst for even more dramatic changes to the operating models that will optimize the unique strengths and respective scale of 2 more focused companies.

隨著我們將 Old Navy 和 NewCo 作為獨立實體推出，不可避免地會出現一些效率低下的問題，但我們正在將其視為對運營模式進行更劇烈變化的催化劑，以優化獨特的優勢和2個更專注的公司各自的規模。

On taxes.

關於稅收。

Our effective tax rate was 24.8% on the first quarter.

我們第一季度的有效稅率為 24.8%。

The lower rate versus our original guidance was primarily driven by the jurisdictional mix of pretax earnings.

與我們最初的指導相比，較低的利率主要是由稅前收益的司法管轄區組合推動的。

We expect our full year reported effective tax rate to be about 27%.

我們預計全年報告的有效稅率約為 27%。

When we exclude certain noncash tax impacts related to expected restructuring charges, we continue to expect our full year adjusted effective tax rate to be about 26%.

當我們排除與預期重組費用相關的某些非現金稅收影響時，我們繼續預計全年調整後的有效稅率約為 26%。

On earnings.

關於收益。

On a reported basis, our earnings per share were $0.60.

根據報告，我們的每股收益為 0.60 美元。

Excluding the building sale as well as costs associated with separation and fleet restructuring, our adjusted earnings per share were $0.24.

不包括建築物銷售以及與分離和車隊重組相關的成本，我們調整後的每股收益為 0.24 美元。

Foreign exchange was a benefit of about $0.01 for the quarter but is not expected to be meaningful for the year.

外匯對本季度的收益約為 0.01 美元，但預計對今年沒有意義。

Our free cash flow was negative $136 million but an improvement of $68 million over last year.

我們的自由現金流為負 1.36 億美元，但比去年增加了 6800 萬美元。

This reflects the lower bonus payout, partially offset by an increase in capital spending primarily due to earlier planned store openings and timing of technology and supply chain projects.

這反映了較低的獎金支出，部分被資本支出的增加所抵消，主要是由於較早的計劃開店以及技術和供應鏈項目的時間安排。

We ended the quarter with $1.2 billion of cash, cash equivalents and short-term investments, comfortably within our target cash threshold.

我們在本季度結束時擁有 12 億美元的現金、現金等價物和短期投資，完全在我們的目標現金門檻之內。

Consistent with our commitment to returning cash to shareholders, we completed $50 million of share repurchases in Q1 and paid dividends of $92 million.

根據我們向股東返還現金的承諾，我們在第一季度完成了 5000 萬美元的股票回購，並支付了 9200 萬美元的股息。

We continue to expect to repurchase approximately $50 million per quarter.

我們繼續預計每季度回購約 5000 萬美元。

We ended the quarter with 378 million shares outstanding.

我們在本季度末發行了 3.78 億股流通股。

Regarding inventory.

關於庫存。

We ended the quarter with inventory up 10% compared to last year.

與去年相比，我們在本季度末的庫存增加了 10%。

There are a couple of drivers behind the increase, including about 1-point impact from store openings net of closures; about a 2-point impact from the Janie and Jack acquisition; about a 2-point impact driven by an increase in in-transit times.

增長的背後有幾個驅動因素，包括商店開業淨關閉約 1 個百分點的影響；關於 Janie 和 Jack 收購的 2 點影響；運輸時間增加導致約 2 點影響。

As others have noted, ocean freight carrier bankruptcies have resulted in carrier consolidation and larger vessels used for transport.

正如其他人所指出的那樣，海運承運人破產導致承運人合併和用於運輸的更大船隻。

These larger vessels generally take longer to load and off-load, resulting in an overall increase in in-transit time of about 3 to 4 days.

這些較大的船隻通常需要更長的裝卸時間，導致運輸時間總體增加約 3 至 4 天。

While we have not seen an increase in ocean freight costs, we did begin to see the longer in-transit times beginning in Q4 of last year.

雖然我們沒有看到海運成本增加，但從去年第四季度開始，我們確實開始看到更長的運輸時間。

While this normalized 5% increase is better than the reported, it still is too high against our near-term expectations for growth given the current dynamics in the market.

雖然這個正常化的 5% 增長好於報告的增長，但鑑於當前的市場動態，與我們對增長的近期預期相比，它仍然太高了。

As we mentioned for several brands, we are buying inventory tighter over the remainder of the year.

正如我們為幾個品牌所提到的，我們在今年剩餘時間裡購買庫存更加緊張。

Our inventory productivity has slipped for a number of years, and we must get back to best-in-class levels.

我們的庫存生產力多年來一直下滑，我們必須回到一流的水平。

We have invested in the necessary responsive tools to improve productivity.

我們已經投資了必要的響應工具來提高生產力。

We have designed improved operating processes and put in place controls to deliver improved operating discipline.

我們設計了改進的運營流程並實施了控制措施，以提供改進的運營紀律。

And now we are focused on rightsizing our inventory levels to the appropriate channel demand to improve yield and return.

現在，我們專注於根據適當的渠道需求調整庫存水平，以提高產量和回報。

Regarding capital and store count.

關於資本和商店數量。

Our year-to-date capital expenditures were $165 million.

我們年初至今的資本支出為 1.65 億美元。

At the start of the year, we guided to fiscal 2019 capital expenditures of about $750 million, which includes about $650 million of base capital and $100 million of nonroutine expansion costs related to one of our headquarters buildings and a build-out of our Ohio DC.

今年年初，我們指導的 2019 財年資本支出約為 7.5 億美元，其中包括約 6.5 億美元的基礎資本和 1 億美元與我們的總部大樓之一和俄亥俄州特區擴建相關的非常規擴張成本.

Excluding the $100 million of nonroutine costs, we have reduced our base capital to be about $575 million.

不計 1 億美元的非常規成本，我們已將基本資本減少至約 5.75 億美元。

The reduction in capital spend is primarily driven by changes in our key priorities and timing of Old Navy remodels.

資本支出的減少主要是由於我們的關鍵優先事項和舊海軍改造時間的變化。

We remain focused on 2 key priorities: continuing to tap the profitable growth opportunities for Old Navy and Athleta retail footprint and investing prudently in technology and supply chain initiatives that position all of our brands well for competitive differentiation.

我們仍然專注於兩個關鍵優先事項：繼續利用 Old Navy 和 Athleta 零售業務的盈利增長機會，以及謹慎投資於技術和供應鏈計劃，以使我們所有品牌都處於競爭差異化的有利位置。

It's important to note we expect the separation to affect capital requirements, which we are currently assessing and which could impact future spending levels.

重要的是要注意，我們預計分離會影響資本要求，我們目前正在評估這可能會影響未來的支出水平。

As we have better visibility into these potential costs, we will provide more information as relevant.

由於我們對這些潛在成本有了更好的了解，我們將提供更多相關信息。

On a net basis, we added 9 Old Navy, Athleta and Banana Republic stores during the quarter, and we acquired 140 Janie and Jack locations.

在淨額基礎上，我們在本季度增加了 9 家 Old Navy、Athleta 和 Banana Republic 商店，我們收購了 140 家 Janie 和 Jack 門店。

At Gap brand, we closed 8 stores primarily in North America, net of openings, primarily in Asia.

在 Gap 品牌，我們主要在亞洲關閉了 8 家門店（扣除新店後）。

We ended the quarter with 3,335 company-operated stores.

我們在本季度結束時擁有 3,335 家公司經營的商店。

We've added about 10 new store openings for the year at Old Navy and Athleta and now expect 30 net store closures for the year.

我們今年在 Old Navy 和 Athleta 增加了大約 10 家新店開業，現在預計今年將有 30 家網店關閉。

With regard to our earnings outlook for the remainder of the year, given the disappointing start and with unseasonable weather trends continuing through May, we are reducing our full year earnings per share guidance.

關於我們今年剩餘時間的盈利前景，鑑於令人失望的開局以及不合時宜的天氣趨勢持續到 5 月，我們正在降低全年每股收益指引。

On a reported basis, we now expect earnings per share to be in the range of $2.04 to $2.14 for the full year.

根據報告，我們現在預計全年每股收益在 2.04 美元至 2.14 美元之間。

Excluding the gain on building sale, the restructuring costs and any costs associated with preparing for and executing the separation, we now expect adjusted earnings per share to be in the range of $2.05 to $2.15.

不計建築銷售收益、重組成本以及與準備和執行分離相關的任何成本，我們現在預計調整後的每股收益將在 2.05 美元至 2.15 美元之間。

We now expect net sales to be about flat for the year with comp sales for the full year to be down low single digits and spread up low single digits driven by new store openings.

我們現在預計今年的淨銷售額將基本持平，全年的複合銷售額將下降個位數，並在新店開業的推動下呈低個位數擴散。

We now expect adjusted first half earnings per share to decrease approximately 35% relative to EPS for the same period last year, and we continue to expect an improvement in second half comp and margin trends compared to the first half of the year largely for the reasons I described at the start of my remarks.

我們現在預計調整後的上半年每股收益相對於去年同期的每股收益將下降約 35%，我們繼續預計下半年的薪酬和利潤率趨勢與上半年相比會有所改善，主要原因是我在發言的開頭描述了這一點。

In closing, as we said, this was a difficult quarter.

最後，正如我們所說，這是一個艱難的季度。

However, we have clear line of sight to the actions that we need to take both to strengthen our operating performance and respond to the retail environment we currently are facing.

但是，我們清楚地看到了我們需要採取的行動，以加強我們的經營業績和應對我們目前面臨的零售環境。

Importantly, we remain focused on the actions that we believe will set all of our brands up for long-term value creation.

重要的是，我們仍然專注於我們認為將為我們所有品牌建立長期價值創造的行動。

What we are seeing in the industry today supports our view that to position our current brands for sustained growth, they are best served by launching Old Navy as a stand-alone company with a single-minded focus on winning with its unique value proposition and strategies in a growing retail segment.

我們今天在行業中看到的情況支持了我們的觀點，即為使我們當前的品牌定位以實現持續增長，最好將 Old Navy 推出為一家獨立的公司，專注於以其獨特的價值主張和戰略取勝在不斷增長的零售領域。

And the NewCo is a portfolio of brands with a scaled operating platform that can leverage an attractive customer base and pursue enhanced margin opportunities.

NewCo 是一個擁有規模化運營平台的品牌組合，可以利用有吸引力的客戶群並追求更高的利潤機會。

So with that, I'll turn it back over to Art for an update.

因此，我將把它交給 Art 進行更新。

Thanks a lot, Teri.

非常感謝，泰瑞。

Obviously, we are not pleased with this quarter, but I do want to spend a moment on the separation, which we announced during our last call and we've made quite a bit of progress on over the course of the last couple of months.

顯然，我們對本季度並不滿意，但我確實想花一點時間來討論分離問題，這是我們在上次電話會議中宣布的，在過去幾個月中我們取得了相當大的進展。

This decision to launch Old Navy as a stand-alone public company is not, and I repeat not, a reaction to short-term trends.

將 Old Navy 作為一家獨立的上市公司推出的決定不是，我重複一遍，不是對短期趨勢的反應。

And we believe what we are seeing in the industry today validates our view that to win in apparel retail, you need to be focused on unique competitive differentiation against a targeted customer base.

我們相信，我們今天在行業中看到的情況證實了我們的觀點，即要在服裝零售業獲勝，您需要專注於針對目標客戶群的獨特競爭差異化。

This is the logic that we have used, it's the analysis that we have done, and we're doubly committed to making this happen.

這是我們使用的邏輯，是我們所做的分析，我們加倍致力於實現這一目標。

Importantly, we remain on track as we work towards executing the separation into 2 independent companies in 2020.

重要的是，我們將繼續努力在 2020 年將其拆分為 2 家獨立公司。

As part of the separation work, we formed a project management office with a dedicated team to minimize distraction to the current business operations.

作為分離工作的一部分，我們成立了一個項目管理辦公室，配備了一個專門的團隊，以盡量減少對當前業務運營的干擾。

The team's charter is clear and simple: plan the separation efficiently and set up each company for success.

團隊的章程清晰而簡單：有效地規劃分離並為成功建立每家公司。

We look forward to sharing additional updates on progress over the coming months.

我們期待在未來幾個月分享更多關於進展的更新。

And Sonia Syngal, who will lead the independent Old Navy, and I will host an investor event in mid-September to continue the conversation.

Sonia Syngal 將領導獨立的 Old Navy，我將在 9 月中旬舉辦一次投資者活動以繼續對話。

With that, let's open the line for questions and answers.

有了這個，讓我們打開問題和答案的線路。

(Operator Instructions) Our first question will come from Kate Fitzsimons with RBC Capital Markets.

（操作員說明）我們的第一個問題將來自 RBC 資本市場的 Kate Fitzsimons。

Just given the reduction in guidance, could you just speak a little bit to maybe some of the trends you're seeing here in May?

鑑於指導意見的減少，您能否談談您在 5 月在這裡看到的一些趨勢？

And then, Teri, just as we're thinking about the inventory x transit and Janie and Jack upside, can you speak to where it maybe is concentrated by the brands and how we should think about 2Q gross margins relative here to what we saw in Q1?

然後，Teri，正如我們正在考慮庫存 x 運輸以及 Janie 和 Jack 的上行空間一樣，您能否談談品牌可能集中在哪裡，以及我們應該如何考慮相對於我們所看到的第二季度毛利率Q1？

Sure.

當然。

So with regard to the start of May, we are seeing kind of a repeat of some of the macro factors of Q1 with the colder, wetter weather, and it has been very much unseasonably so.

因此，就 5 月初而言，我們看到第一季度的一些宏觀因素正在重演，天氣更冷、更潮濕，而且非常不合時宜。

And so that's basically the story as we sit here today.

這就是我們今天坐在這裡的故事。

We do see bright spots when the weather turns.

當天氣轉折時，我們確實看到了亮點。

So we remain convinced that it is primarily weather related, but we need to ride that out.

所以我們仍然堅信這主要與天氣有關，但我們需要克服它。

Obviously, on the inventory [plus 5], going into the quarter with those kinds of trends, we do find ourselves in a bit of the same cycle where we're probably going to end up having to be a little more promotional than we would like to continue to move through the units and make sure that we're getting into the second half, again, both clean from a liable perspective but also more rightsized against the expectations for growth in the second half.

顯然，在庫存 [plus 5] 上，進入具有這些趨勢的季度，我們確實發現自己處於相同的周期中，我們可能最終不得不比我們做更多的促銷活動喜歡繼續通過這些單位，並確保我們再次進入下半年，從負責任的角度來看，既乾淨又不符合下半年增長的預期。

And so my expectation is we'll continue to see some of that margin pressure.

所以我的期望是我們將繼續看到一些利潤率壓力。

I definitely think we can do it in a more targeted manner than we might have done in Q1.

我絕對認為我們可以比第一季度更有針對性地做到這一點。

We certainly learn as we go.

我們當然會邊走邊學。

And as we think about our commercial plan for Q2, we're definitely taking all of our learnings from Q1 and making sure that we optimize yield as we continue to move through those units.

當我們考慮第二季度的商業計劃時，我們肯定會吸取第一季度的所有經驗教訓，並確保我們在繼續通過這些單位時優化產量。

(Operator Instructions) We'll go next to Dana Telsey with Telsey Advisory Group.

（操作員說明）我們將與 Telsey 諮詢小組一起前往 Dana Telsey。

As you think about the Old Navy business and the changes in trend over the past 2 quarters or so, how much of it do you feel is due either to the distraction with the separation, internal product issues in the consumer or is it external factors?

當您考慮 Old Navy 業務以及過去兩個季度左右的趨勢變化時，您認為其中有多少是由於分離的干擾、消費者的內部產品問題還是外部因素？

How do you unpack it in order to say, here's how it gets back on track?

你如何打開它以便說，它是如何回到正軌的？

Thanks, Dana.

謝謝，達娜。

And Teri, you can jump in here, too.

泰瑞，你也可以跳進去。

To point number one, which is distraction, minimal to de minimis.

第一點，即分心，最小到最低限度。

I mean really, truly, it's why, Dana, that I highlighted the fact that we've followed best practices.

我的意思是真的，真的，這就是為什麼，Dana，我強調了我們遵循最佳實踐的事實。

We've talked to a number of other companies that have gone through this process as well as outside advisers and really set up a project management office that is with a specific intent to isolate the separation work from the operations of the business.

我們已經與經歷過這一過程的許多其他公司以及外部顧問進行了交談，並真正建立了一個項目管理辦公室，其特定意圖是將分離工作與業務運營隔離開來。

We were acutely aware of the fact that there's a ton of work here that needs to happen and that it is not allowable to let it bleed over into the operations of the business.

我們敏銳地意識到，這裡有大量的工作需要完成，不允許讓它滲入業務運營。

And so, so far, I'm pretty confident that we have a structure that has really protected the operations of the business and that the team is really focused on not just the in-season management but obviously making corrections in out seasons for the business.

因此，到目前為止，我非常有信心，我們擁有一個真正保護業務運營的結構，並且團隊真的不僅專注於季節管理，而且顯然在業務的淡季進行更正.

I never like to play the macro factor, but it's a legitimate play in this case.

我從不喜歡玩宏觀因素，但在這種情況下這是一個合法的遊戲。

Whatever article you read on weather, we saw unprecedented levels.

無論您閱讀有關天氣的任何文章，我們都看到了前所未有的水平。

And I won't go into it because, Dana and all the rest of you, you've seen it and you've tracked it here, of moisture, of temperature, obviously the violent weather we're seeing in parts of the country, et cetera.

我不會深入探討，因為，Dana 和你們其他人，你們已經看到了，你們已經在這裡追踪到了，濕度，溫度，顯然是我們在該國部分地區看到的惡劣天氣，等等。

It's clearly an issue.

這顯然是個問題。

And Old Navy, given its locational strategy, which is you have to work to get there; number two, the fact that the kids/baby business, which is an important part of the Old Navy business, tends to be more of a wear-now business, both of those factors kicked in at Old Navy.

而老海軍，考慮到它的區位戰略，你必須努力到達那裡；第二，作為 Old Navy 業務重要組成部分的兒童/嬰兒業務，往往更像是一種服裝業務，這兩個因素都在 Old Navy 中發揮了作用。

I'm not going to say it was entirely, as I've said all along the way, and I will continue to say, we are never going to be perfect.

我不會說它是完全的，正如我一直說的那樣，我會繼續說，我們永遠不會完美。

There are a couple of trends that we probably went with a little bit too long, especially in terms of the dress business.

有一些趨勢我們可能會走得太久，尤其是在服裝業務方面。

That all said, we're playing well in the bottoms business right now across all of our brands where we're seeing the proper silhouettes in denim, the proper rise, et cetera.

總而言之，我們現在在所有品牌的打底褲業務中都表現良好，我們看到了牛仔布的適當輪廓，適當的上升等等。

So to me, I'm not going to give you a split.

所以對我來說，我不會給你一個分裂。

But the great majority of this, I think, as we've seen again with other people reporting, was really a factor that the -- it was just a very tough environment for apparel.

但是，我認為，正如我們在其他人的報導中再次看到的那樣，其中絕大多數確實是一個因素——這只是一個非常艱難的服裝環境。

The independent data shows that, that was the case.

獨立數據表明，情況確實如此。

And we planned for a better month and to move the units.

我們計劃了一個更好的月份並搬遷這些單位。

We obviously, in Old Navy in particular, put some pressure on margins to move the units through the business.

我們顯然，尤其是在 Old Navy 中，對利潤率施加了一些壓力，以使這些單位通過業務。

Teri, do you want to add any more than that?

泰瑞，你想添加更多嗎？

No, I think you said it well.

不，我認為你說得很好。

And we'll go next to Susan Anderson with B. Riley FBR.

我們將與 B. Riley FBR 一起前往 Susan Anderson。

You talked about, I guess, the baby business being a little weak at Old Navy.

你談到，我猜，老海軍的嬰兒業務有點弱。

I guess I was kind of curious, and maybe it's more kids related too across your format, did you see any impact potentially from the Gymboree liquidation?

我想我有點好奇，也許在你的格式中也有更多的孩子相關，你看到金寶貝清算可能帶來的任何影響嗎？

Absolutely.

絕對地。

Hard to quantify it, but there was a ton of inventory that got pushed through the system in a short period of time.

很難量化它，但有大量庫存在短時間內通過系統推送。

And if you were in those stores, what you would have seen is that it was kind of 3 seasons that moved through simultaneously.

如果你在那些商店裡，你會看到這是同時進行的 3 個季節。

There was some fall and certainly holiday merchandise.

有一些秋季商品，當然還有假日商品。

There was spring merchandise, and then there were the longer lead-time buys that they already had in the pipeline in terms of some summer product as well.

有春季商品，然後還有一些夏季產品的提前期較長的採購。

I can't tell you what the exact quantification of it is.

我不能告訴你它的確切量化是什麼。

But as we looked at it when it was happening acutely, we saw it clearly in the business, and we saw it in the traffic numbers as well.

但是當我們看到它發生時，我們在業務中清楚地看到了它，我們也從流量數據中看到了它。

There was a distortion, we believe, in industry traffic associated with that liquidation.

我們認為，與清算相關的行業流量存在扭曲。

So the good news is that's behind us.

所以好消息是這已經過去了。

We don't know if the consumer's going to sit on the sidelines having just eaten a big meal, if you will, in participating in the liquidation.

我們不知道消費者是否會在剛吃完一頓大餐後袖手旁觀，如果你願意，參與清算。

We're not really seeing evidence of that right now.

我們現在還沒有真正看到這方面的證據。

But if you have somebody like that with that many stores and that much product in the system pushing it out at very, very deep discounts in a short period of time, it is going to have an impact on anybody playing in the same space.

但是，如果你有這樣的人，擁有這麼多商店和系統中的這麼多產品，在短時間內以非常非常大的折扣推出，這將對任何在同一空間玩的人產生影響。

Great.

偉大的。

That's helpful.

這很有幫助。

And maybe just one follow-up, if I could.

如果可以的話，也許只是一個後續行動。

If you could maybe just give some color, I was curious how the active wear category performed both at Gap and Old Navy versus fashion apparel.

如果您可以提供一些顏色，我很好奇 Gap 和 Old Navy 與時尚服裝相比，運動服類別的表現如何。

Yes.

是的。

I don't want -- I'm not going to go into specific numbers.

我不想——我不打算談具體數字。

We don't obviously give those out.

我們顯然不會給出這些。

I would say that what we really saw in active is the same proportional performance that we've been seeing there, which is active as a category has for a while been growing above the rate of the overall ready-to-wear category.

我想說的是，我們在活躍中真正看到的是與我們在那裡看到的相同的比例表現，這是活躍的一個類別已經有一段時間增長超過了整體成衣類別的速度。

We have experienced pretty consistently performance that has matched that.

我們經歷了與之相匹配的相當一致的表現。

And while even active, as you know, looking at us and others, has come down over that quarter because of it, we did see positive comps in Old Navy in that category, and we are continuing to be bullish across the entire space where we play in active.

正如你所知，即使是活躍的，看著我們和其他人，因為它在那個季度已經下降了，我們確實看到老海軍在該類別中的積極組合，我們繼續看好我們所在的整個領域積極發揮。

It's a segment that is lifestyle-based.

這是一個基於生活方式的細分市場。

It has above average growth, and we're going to continue to put our shoulder against it.

它的增長高於平均水平，我們將繼續反對它。

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。

I know there's only so much commentary at this juncture to share around the split, but just curious around why we are waiting to the split to maybe take some of the more aggressive and dramatic actions around structural -- or around the structure of the business and some of the operational changes.

我知道在這個關鍵時刻只有這麼多關於拆分的評論可以分享，但只是好奇我們為什麼要等待拆分可能會圍繞結構或圍繞業務結構採取一些更具侵略性和戲劇性的行動一些操作上的變化。

That seem to be coming once you all actually get to that point.

一旦你們都真正達到了這一點，那似乎就要到來了。

Well, let me just highlight where we are on the split is maybe the best way to do this because it's actually -- Teri is sitting here with a smile on her face because we're pushing, in many respects, harder than the comfort level is of the organization to move forward.

好吧，讓我強調一下我們在分裂中的位置可能是最好的方法，因為它實際上是 - Teri 坐在這裡，臉上帶著微笑，因為我們在很多方面都比舒適水平更努力是前進的組織。

And I want to post as many points as I can as we're going through the split.

我想發布盡可能多的積分，因為我們正在經歷分裂。

We're only a matter of a couple of months into it right now, since we announced it.

自從我們宣布它以來，我們現在只有幾個月的時間。

We did make it clear that we needed to announce before we could begin the real work.

我們確實明確表示我們需要在開始真正的工作之前宣布。

We have what I describe as a bit of a luxury that you rarely get to really think deeply and do the analysis in the face of this catalytic event to drive very, very aggressive change, and that is the work that is underway right now.

我們有我所說的有點奢侈，面對這一催化事件，你很少能真正深入思考並進行分析，以推動非常、非常激進的變革，這就是目前正在進行的工作。

I am concerned around obviously delivering performance quarter over quarter over quarter, but I am at least equally concerned about making sure that we're making the right structural decisions for both of these businesses in light of the environment that we're in, the evolving environment, the changing customers, to set these companies up for success.

我很擔心顯然會按季度交付業績，但我至少同樣擔心確保我們根據我們所處的環境為這兩個業務做出正確的結構性決策，不斷變化的環境，不斷變化的客戶，為這些公司的成功奠定了基礎。

And everything that we have heard and seen and talked with companies that have been through this is the caution to make sure that we are keeping our eye on the long game here that is going to be played out after both of these companies separate and become 2 separate operating companies.

我們所聽到、看到和與經歷過這種情況的公司交談的一切都是謹慎的，以確保我們密切關注在這兩家公司分離並成為 2 後將要上演的長期遊戲獨立的運營公司。

So I would then -- also then caution you, which is just because it isn't necessarily public right now, don't assume that we're not doing very, very aggressive work under the covers.

所以我會 - 然後提醒你，這只是因為它現在不一定是公開的，不要假設我們沒有在幕後做非常非常積極的工作。

And then the last thing I would say is respect the fact obviously that this has this kind of a split.

然後我要說的最後一件事是尊重這個事實，顯然這是有這種分裂的。

And the work that we're intending to do with respect to the operating model and the overhead structure, it has pretty -- a pretty profound impact on lots of people in this organization, and we are going to manage our way through that respectfully in terms of communication and making sure that the impact is managed appropriately as we work our way through this.

我們打算在運營模式和間接費用結構方面進行的工作，它對這個組織中的很多人產生了相當深遠的影響，我們將在溝通條款，並確保在我們努力解決這一問題時對影響進行適當的管理。

So we are certainly not throttling our ambition or throttling our work, but I want to manage through this in a -- yes, it's a very complicated thing, and I want to make sure that we get through it in a way where all the parts work when we come out the other side.

因此，我們當然不會限制我們的雄心壯誌或限制我們的工作，但我想以一種方式來解決這個問題——是的，這是一件非常複雜的事情，我想確保我們以一種所有部分都可以通過的方式完成它當我們從另一邊出來時工作。

Absolutely.

絕對地。

And then just a follow-up, maybe just quickly update us on the store closures and what you're seeing from new store productivity with Old Navy.

然後只是跟進，也許只是快速向我們介紹商店關閉的情況以及您從 Old Navy 的新商店生產力中看到的情況。

Yes.

是的。

So on the Gap fleet restructuring, we said we expect to close about 230 specialty stores over the next 2 years.

所以在 Gap 車隊重組時，我們說我們預計在未來 2 年內關閉約 230 家專賣店。

Most of those -- many of those, 150 or so, will occur with natural lease expiration, and the remainder will be ones that we actively negotiate to close.

其中大多數——其中許多，大約 150 個，將在自然租約到期時發生，其餘的將是我們積極協商關閉的。

The closures for 2019 will largely happen in the fourth quarter.

2019 年的關閉主要發生在第四季度。

So I would overall just call the program on track to deliver what we said that it would, and we definitely will keep you posted as we move through the year.

因此，我總體上只是將該計劃稱為按計劃進行，以實現我們所說的，並且我們一定會在我們度過這一年的過程中隨時通知您。

On the Old Navy new store productivity, as Art referred to earlier, they have a very attractive 4-wall model.

關於 Old Navy 新店的生產力，正如 Art 之前提到的，他們有一個非常有吸引力的 4 壁模型。

And that shows in the new stores we are opening, which is a part of what gives us such great confidence as we think about the growth prospects ahead for the brand.

這體現在我們正在開設的新店中，這是我們在考慮品牌未來增長前景時給予我們極大信心的一部分。

So we are seeing the new stores perform at or above our pro forma expectations.

因此，我們看到新店的表現達到或高於我們的預估預期。

We're also seeing that as we invest in remodeling, which we've done initially quite thoughtfully as we tested the power of the remodels but then did in a larger scale last year and are continuing this year, and even there, we're seeing a meaningful lift in the sales as we invest in those stores.

我們還看到，當我們投資改造時，我們最初在測試改造的力量時已經非常周到地做了，但後來在去年更大規模地進行了，今年還在繼續，即使在那裡，我們也在隨著我們對這些商店的投資，銷售額顯著提升。

So it just confirms that stores remain a very important part of the overall operating model not just for Old Navy but for all of our brands.

所以它只是證實了商店仍然是整個運營模式中非常重要的一部分，不僅對 Old Navy 來說，對我們所有的品牌來說都是如此。

And so we're really pleased with what we're seeing there.

所以我們對在那裡看到的東西感到非常滿意。

Yes, I would just pile on this one because it's super important.

是的，我會選擇這個，因為它非常重要。

And obviously, as we get to the September meeting that Sonia and I will host and then go into spring of next year as we're talking in more detail about both companies, one of the most important foundational cornerstones of Old Navy as a business is an exceptional 4-wall model.

顯然，當我們到達索尼和我將主持的 9 月會議，然後進入明年春天，我們正在更詳細地討論兩家公司時，作為一家企業，Old Navy 最重要的基石之一是一個特殊的 4 壁模型。

And I'm a big believer that we are still a bricks-and-mortar retail -- retailer with an incredibly successful, fast-growing, complementary online business, but it all starts inside the 4 walls.

我堅信我們仍然是一家實體零售店——擁有令人難以置信的成功、快速增長、互補的在線業務的零售商，但這一切都始於四面牆之內。

And nothing, and I would just underline nothing, has done anything other than give us confidence about the growth opportunity as we've continued to roll out stores in smaller markets and infill opportunities.

沒有什麼，我只想強調什麼，除了讓我們對增長機會充滿信心，因為我們繼續在較小的市場推出商店並填補機會。

And as Teri mentioned, even very low scope remodels, which are largely a can of paint and a paintbrush, have yielded really good returns in terms of the lift in the business and the return on investment that we're making.

正如 Teri 所提到的，即使是非常小的改造，主要是一罐油漆和一把畫筆，在業務提升和我們正在進行的投資回報方面也產生了非常好的回報。

So -- and this is pretty foundational obviously to the growth thesis in front of the business.

所以 - 這顯然是業務增長論點的基礎。

We'll go next to Simeon Siegel with Nomura Instinet.

我們將與 Nomura Instinet 一起前往 Simeon Siegel。

This is Dan Stroller on for Simeon.

這是 Simeon 的 Dan Stroller。

On the DTC channel, I guess is there anything you can parse out with trends within that channel or expectations for the year?

在 DTC 頻道上，我想您是否可以根據該頻道內的趨勢或對該年度的預期分析出什麼？

And how should we think about margin dynamics in store versus online?

我們應該如何看待實體店與線上的利潤動態？

Yes, so no meaningful change there.

是的，所以那裡沒有有意義的變化。

We did -- we continued to post strong results in online.

我們做到了——我們繼續在網上發布強勁的業績。

We -- the margin dynamics there are -- as we've said before, it's a profitable business and incrementally profitable.

正如我們之前所說，我們 - 那裡的利潤率動態 - 這是一項有利可圖的業務，並且正在逐步盈利。

An incremental sale in the online channel is accretive to us so really nothing new to report there in general, it just is a large attractive business and, as Art said, very complementary to how we think of our overall approach to the customer, which is she is using the online channel even if she's not shopping in the online channel.

在線渠道的增量銷售對我們來說是增值的，所以總的來說，沒有什麼新鮮事可以報告，它只是一個有吸引力的大業務，正如 Art 所說，與我們對客戶整體方法的看法非常互補，即即使她不在在線渠道購物，她也在使用在線渠道。

And so we continue to learn from the customer journey to be able to tailor our response and provide an experience that is satisfying for her as she makes her final purchase.

因此，我們繼續從客戶旅程中學習，以便能夠定制我們的響應，並在她進行最終購買時提供令她滿意的體驗。

And I would just add to that and say we're -- we are where she wants us to be, which is if she's moving and shopping more on her phone, we're definitely there with her.

我只想補充一點，說我們 - 我們在她希望我們成為的地方，也就是說，如果她更多地在手機上移動和購物，我們肯定會和她在一起。

We're seeing pretty encouraging metrics coming out of that mobile customer.

我們看到來自該移動客戶的非常令人鼓舞的指標。

BOPIS, which, as you know, we lit up in Old Navy first, we're continuing to see the penetration go up there.

BOPIS，如你所知，我們首先在 Old Navy 中點亮，我們將繼續看到滲透率上升。

As you know again, and I'll just reiterate it right now, Old Navy is kind of -- BOPIS in Old Navy and BOPIS in any of our brands is a win-win-win-win.

正如你再次知道的那樣，我現在就重申一下，Old Navy 有點——Old Navy 中的 BOPIS 和我們任何品牌中的 BOPIS 都是雙贏的。

It's getting a customer into our store who's highly qualified.

它讓一位高素質的客戶進入我們的商店。

It's eliminating the below-the-line expense.

它消除了線下費用。

It gives us an opportunity to sell to the customer immediate gratification.

它使我們有機會立即向客戶銷售產品。

And as we continue to increase penetration there, we're really seeing how to tailor that capability for her, how to market it to her, et cetera.

隨著我們繼續增加在那裡的滲透率，我們真的看到瞭如何為她量身定制這種能力，如何向她推銷，等等。

So we're nothing but bullish on the continuing progress and stay the course aggressively on the DTC overall business that we have for all of our brands.

因此，我們只看好持續的進步，並積極推進我們所有品牌的 DTC 整體業務。

Okay.

好的。

Awesome.

驚人的。

And if I could just get one more, given the Gap brand marketing shift, how should we think about SG&A growth for the year?

如果我能再買一個，考慮到 Gap 品牌營銷的轉變，我們應該如何看待今年的 SG&A 增長？

Yes.

是的。

So we deleveraged this quarter.

所以我們在本季度去槓桿。

As we look forward over the remainder of the year, obviously, we'll be continuing to drive operating cost discipline.

隨著我們對今年剩餘時間的展望，顯然，我們將繼續推動運營成本紀律。

But inevitably, we will probably see some deleverage on the year, which is contrary to the trends we had been driving and really the objective of our productivity program.

但不可避免的是，今年我們可能會看到一些去槓桿化，這與我們一直在推動的趨勢以及我們生產力計劃的目標背道而馳。

So we'll be doing everything we can to bring that number down.

因此，我們將盡一切努力降低這個數字。

But at the moment, I think it's safest to expect some amount of deleverage as we really continue to invest in the marketing that we do think is important particularly as the product assortment strengthens in Old Navy and Gap.

但目前，我認為期待一定程度的去槓桿化是最安全的，因為我們確實會繼續投資於我們認為很重要的營銷，特別是隨著 Old Navy 和 Gap 的產品種類增加。

And we'll go next to Ike Boruchow with Wells Fargo.

我們將與富國銀行一起前往 Ike Boruchow。

This is Lauren Frasch on for Ike.

這是 Ike 的 Lauren Frasch。

I wanted to ask about Athleta.

我想問一下Athleta。

Sales growth in the other segment slowed pretty precipitously to mid-single digits in the quarter.

其他部門的銷售增長在本季度急劇放緩至中個位數。

Could you provide a little more color around Athleta's performance and how that reconciles with the accelerated openings this year?

你能否為運動員的表現提供更多的色彩，以及它如何與今年的加速開放相協調？

Well, the accelerated openings are in front of us.

好吧，加速的開口就在我們面前。

We did note the fact that this quarter, and the weather trends in the quarter, has broadly impacted the apparel sector.

我們確實注意到本季度以及本季度的天氣趨勢對服裝行業產生了廣泛影響。

I have 0 concerns about the health of Athleta, 0 concerns about the health of the brand, 0 concerns about customer engagement.

我對 Athleta 健康的擔憂為 0，對品牌健康的擔憂為 0，對客戶參與度的擔憂為 0。

If I had to call something negative out other than macro factors is swim, partly also by weather, but swim was a tougher category this year, and it's something that we'll continue to look at.

如果我不得不說除了宏觀因素之外的負面因素是游泳，部分也是由於天氣，但今年游泳是一個更難的類別，我們將繼續關注它。

I made some changes to the swim business when I was running Gap brand, and it can be challenging.

我在經營 Gap 品牌時對游泳業務進行了一些改變，這可能具有挑戰性。

But that's really the place where I'd have to put my finger.

但這確實是我必須伸出手指的地方。

I think overall, again, we think Athleta is well positioned in the space that it's in.

我認為總的來說，我們認為 Athleta 在它所處的空間中處於有利地位。

It's got an incredibly loyal customer.

它有一個非常忠誠的客戶。

It is truly omni.

它是真正的全能。

When you're dealing with some unprecedented unusual weather and she is standing on the sidelines for a moment, it is going to impact people, and I think you've seen that more broadly.

當你處理一些前所未有的異常天氣時，她暫時站在場邊，這會影響到人們，我認為你已經看到了更廣泛的情況。

But 0 concerns about Athleta and nothing but absolutely bullish in the same way we had been about what that brand has in front of us.

但是對 Athleta 的擔憂是 0，而且絕對看好，就像我們對這個品牌擺在我們面前的東西一樣。

And we'll go next to Randy Konik with Jefferies.

我們將和 Jefferies 一起去 Randy Konik 旁邊。

Teri, real quick, can you just reclarify the gross margin impacts from Old Navy versus Gap in the quarter?

Teri，真的很快，您能否再次澄清 Old Navy 與 Gap 在本季度的毛利率影響？

And then as we think about the annual guide change, are we expecting most of the disruption in the earnings per share for the year to come out of -- mostly the second quarter or with gross margin the primary culprit and deleverage from lower sales?

然後，當我們考慮年度指導變化時，我們是否預計今年每股收益的大部分中斷都會出現——主要是第二季度，還是毛利率是罪魁禍首和銷售額下降的去槓桿？

I just want to kind of think through Old Navy versus Gap on the margin impact and then how we should think about the flow of the year on an earnings front to the annual.

我只是想通過 Old Navy 與 Gap 對利潤率的影響進行思考，然後我們應該如何考慮年度收益方面的年度流量。

That's a pretty complicated question, Randy.

這是一個相當複雜的問題，蘭迪。

Do you want me to just send my model over for you?

你想讓我把我的模型寄給你嗎？

Well, it's a little bit of a complicated quarter.

嗯，這是一個有點複雜的季度。

It sure is.

確實是。

It is indeed.

這的確是。

So let me kind of walk through how we see the quarter.

所以讓我來看看我們如何看待這個季度。

I -- we didn't get down to the specific margin delineation between the brands.

我 - 我們沒有深入了解品牌之間的具體利潤劃分。

But as I said, the Old Navy inventory situation did drive a level of promotion that significantly affected the margin.

但正如我所說，Old Navy 的庫存狀況確實推動了一定程度的促銷活動，顯著影響了利潤率。

And as we've said before in this -- given the size and mix of the portfolio, as goes Old Navy, so goes the company.

正如我們之前所說的那樣——考慮到投資組合的規模和組合，就像老海軍一樣，公司也是如此。

And in this case, if you excluded Old Navy, we probably actually would have had some gross margin progress on the quarter.

在這種情況下，如果你排除老海軍，我們實際上可能會在本季度取得一些毛利率進展。

So you can sort of take that for what it is.

所以你可以把它當作它是什麼。

As we move through, I see Q2 being our next most challenging quarter given the start to May coming in with a little bit heavier inventory and still having some of the lingering product challenges in some of those key brands.

隨著我們前進，我認為第二季度是我們下一個最具挑戰性的季度，因為從 5 月份開始，庫存會增加一些，並且在一些關鍵品牌中仍然存在一些揮之不去的產品挑戰。

Then as we move through the second half, and I realize the second half definitely looks like a bit of a hockey stick, but you have to keep in mind we're comping a second half of 2018 that was not our strongest.

然後當我們進入下半場時，我意識到下半場看起來肯定有點像曲棍球棒，但你必須記住，我們正在準備 2018 年下半年，這並不是我們最強的。

And so we're effectively -- when you model all the way through it, saying we're going to do about the same as last year in the back half, so not a particularly aspirational goal at this point.

所以我們很有效 - 當你一直建模時，說我們將在後半場做與去年大致相同的事情，所以在這一點上不是一個特別有抱負的目標。

Certainly, what we're sitting here doing is figuring out how we can do better than that.

當然，我們坐在這裡所做的是弄清楚我們如何才能做得更好。

But that is kind of the construct that we see, with the back half showing the benefits of improved product, tighter inventory, better marketing plans, some specific programs in Gap, for example, as we really drive changes we've been making in the denim program there, so really driving those loyalty categories that have higher margin potential.

但這是我們看到的一種結構，後半部分顯示了改進產品、更緊庫存、更好的營銷計劃、Gap 中的一些特定計劃的好處，例如，因為我們真正推動了我們在牛仔布計劃，因此真正推動了那些具有更高利潤率潛力的忠誠度類別。

So the back half should be us getting back to better operation of the business model we know can win, and that's really sort of how the construct comes together on the year.

因此，後半部分應該是我們回到更好地運營我們知道可以獲勝的商業模式，而這實際上就是今年構建的方式。

Understood.

明白了。

Any other nuances just that we should be knowing about regarding the annual outlook?

關於年度展望，我們應該了解的任何其他細微差別？

Or is it just plainly the $0.40 reduction or whatever it is, is purely just a lower sales and just a mostly gross margin impact item?

還是只是簡單地減少 0.40 美元或其他原因，純粹是銷售額下降，主要是毛利率影響項目？

I think that's largely what you're seeing.

我認為這主要是你所看到的。

We'll continue to work on the expense discipline of it.

我們將繼續致力於它的費用紀律。

But it's always a challenge, right, how aggressive do you want to be on short-term decisions that hurt long-term health.

但這始終是一個挑戰，對，你想在損害長期健康的短期決定上採取多積極的態度。

And we just fundamentally believe, particularly as we go into the separation and we want these brands to be strong and healthy, that we're going to cut back but not do things that hurt the long-term health of the brands.

我們只是從根本上相信，特別是當我們進入分離階段並且我們希望這些品牌變得強大和健康時，我們將減少但不會做損害品牌長期健康的事情。

And we'll go next to Jay Sole with UBS.

我們將與瑞銀一起去傑伊索爾旁邊。

I just want to follow up on the margin question.

我只想跟進保證金問題。

So for the full year EBIT margin, it sounds like that the -- what was implied in the guidance before was around like an EBIT margin in the low 8% range, maybe now we're talking about something in the high 6% range.

因此，對於全年息稅前利潤率，聽起來 - 之前指導中暗示的息稅前利潤率大約在 8% 的低位，也許現在我們談論的是 6% 的高位。

If we look at the impact by brand, based on the commentary you're making about Old Navy, is it fair to say that, that brand will have a bigger EBIT margin decline for the year than the other brands?

如果我們按品牌來看影響，根據您對 Old Navy 的評論，是否可以公平地說，該品牌今年的息稅前利潤率下降幅度將大於其他品牌？

Well, I mean, you're asking me to get down to a level of detail we wouldn't normally do.

嗯，我的意思是，你要求我深入到我們通常不會做的細節水平。

What I would say is that given what we saw in the first quarter for Old Navy and how we would expect with the start of the second quarter for that to transpire, even though we will continue to get sharper on how we handle the inventory movement, we'll continue to have that pressure.

我要說的是，鑑於我們在第一季度看到的 Old Navy 以及我們對第二季度開始時的預期如何發生，即使我們將繼續更加敏銳地處理庫存變動，我們將繼續承受這種壓力。

And just given the size of the business as we do that, you're likely to have a disproportionate impact on Old Navy versus what we expect to see in the other brands.

鑑於我們這樣做的業務規模，與我們期望在其他品牌中看到的相比，您可能會對 Old Navy 產生不成比例的影響。

Got it.

知道了。

And then maybe, Art, if I could follow up on just some of the opportunities created by the separation.

然後也許，阿特，如果我能跟進分離所創造的一些機會。

What will it mean for the type of opportunities and things you could do with real estate by having Gap sort of -- and Banana unencumbered from Old Navy and vice versa to give you some flexibility to maybe drive profitability or different improvements?

通過讓 Gap 和 Banana 不受 Old Navy 的影響，你可以利用房地產做的機會和事情的類型意味著什麼，反之亦然，從而為你提供一些靈活性來推動盈利能力或不同的改進？

Yes.

是的。

I mean I would go less to real estate because I think we're pursuing the real estate objective quite aggressively right now.

我的意思是我不會去房地產，因為我認為我們現在正在非常積極地追求房地產目標。

And again, a big part of that is reducing our exposure to specialty while continuing to grow the channels that we believe are the future, obviously, including the direct-to-consumer, our franchise business, et cetera.

同樣，其中很大一部分是減少我們對專業的接觸，同時繼續發展我們認為是未來的渠道，顯然，包括直接面向消費者、我們的特許經營業務等。

I would go a little bit farther upstream and just talk about our tech and logistics investment portfolio where we see pretty significant divergent needs between the business.

我會向上游走得更遠一點，只談談我們的技術和物流投資組合，我們看到業務之間存在相當大的不同需求。

And we're already looking at those decisions that we're making right now whether it's systems or capabilities and thinking about how do we start mapping those decisions against the needs of the business as we separate the 2 companies.

我們已經在考慮我們現在正在做出的決策，無論是系統還是能力，並考慮在我們將兩家公司分開時，我們如何開始根據業務需求映射這些決策。

Another place that again we'll talk about, and I don't want to get out ahead of where we are right now, is to really rebase the operating structure of what will be the remainder of Gap, Inc.

我們將再次討論的另一個地方，我不想超越我們現在的位置，是真正改變 Gap, Inc. 剩餘部分的運營結構。

And this is something that I know Teri is passionate, and I'm passionate about it.

我知道 Teri 對此充滿熱情，我對此充滿熱情。

We've put it out there before.

我們之前已經把它放在那裡了。

There will be, as we communicated, some level of dissynergies, but at the same time, we're really going to use this as an opportunity to run the portfolio of brands differently to lighten up on corporate overhead and brand overhead as much as possible, as quickly as possible.

正如我們所傳達的，將會有一定程度的不協同效應，但與此同時，我們真的會利用這個機會以不同的方式經營品牌組合，以盡可能減少企業管理費用和品牌管理費用, 盡快。

So stay tuned on this one, we'll obviously have more specifics.

所以請繼續關注這個，我們顯然會有更多的細節。

Again, I would caution everybody that as impatient as you are, we're a couple of months into the work.

再一次，我要提醒大家，像你一樣不耐煩，我們還有幾個月的工作要做。

We want to do this work thoughtfully.

我們想深思熟慮地完成這項工作。

We want to do this work well.

我們想把這項工作做好。

But I can assure you that we're also doing this work very, very aggressively.

但我可以向你保證，我們也在非常非常積極地開展這項工作。

And I've used internally the expression that we're going to break some things, and I feel really strongly about that.

我在內部使用了我們將破壞一些東西的表達，我對此感覺非常強烈。

I do think when you're 50 years old as we are this year, that there are some things that you accumulate over time that become very comfortable, and if you don't break some things, therefore, that the organization can't go back to, you aren't going to achieve the kind of enduring change that we need and that this opportunity of the separation presents to us.

我確實認為，當您像我們今年一樣 50 歲時，隨著時間的流逝，您會積累一些東西變得非常舒服，如果您不破壞某些東西，那麼組織就無法走回過頭來，你不會實現我們需要的那種持久的改變，也不會像這種分離的機會給我們帶來的那樣。

And we'll go next to Matthew Boss with JPMorgan.

我們將與摩根大通一起去馬修博斯旁邊。

This is Steve Zaccone on for Matt today.

這是史蒂夫扎科內今天為馬特做的。

So we just had a follow-up on gross margin.

所以我們只是對毛利率進行了跟進。

Is your expectation for similar merchandise margin performance in 2Q relative to the first quarter?

相對於第一季度，您對第二季度類似商品利潤率表現的預期是什麼？

And are you embedding merchandise margin expansion in the back half, once Old Navy is on better inventory footing?

一旦 Old Navy 有更好的庫存基礎，你是否在後半部分嵌入商品利潤率擴張？

And then outside of your own inventory actions, what is your view on the current promotional activity in the mall right now?

那麼除了你自己的庫存行動之外，你對目前商場的促銷活動有什麼看法？

Yes, I'll start with that one.

是的，我將從那個開始。

Nobody is in a different position, quite honestly, than we are.

老實說，沒有人與我們處於不同的位置。

Maybe somebody got lucky and bought the quarter tighter or happened to have extraordinary marketing, but we've clearly seen promotional pressure as people have worked hard to get through the units that they had for Q1 against a lower consumer demand.

也許有人很幸運，在本季度買得更緊，或者碰巧有非凡的營銷，但我們已經清楚地看到了促銷壓力，因為人們努力通過他們在第一季度擁有的單位來應對較低的消費者需求。

And then on top of that, the Gymboree liquidation and other liquidations that are going on.

最重要的是，金寶貝清算和其他正在進行的清算。

So promotional pressure is going to be out there.

因此，促銷壓力將在那裡。

We've been watching very carefully as people have come out with their numbers to see where they are in inventory levels to get calibrated on Q2.

我們一直在非常仔細地觀察，因為人們已經拿出他們的數字來查看他們在庫存水平上的位置，以便在第二季度進行校準。

And then as Teri had said, we're taking a pretty aggressive approach towards our inventory levels in Q3 and Q4.

然後正如 Teri 所說，我們對第三季度和第四季度的庫存水平採取了非常積極的態度。

I would expect that other people would be doing that as well.

我希望其他人也會這樣做。

The good news from our standpoint is that we can take those units out but again, as we've referenced before, leverage our responsive capabilities if we start to see places in the business where we can put units profitably back in closer to the time that those units need to be in the store.

從我們的角度來看，好消息是我們可以取出這些單位，但同樣，正如我們之前提到的，如果我們開始看到業務中有哪些地方可以在更接近於這些單位需要在商店裡。

But it's -- it was clearly a promotional environment.

但它 - 這顯然是一個促銷環境。

And that is, if you really wanted to wrap a bow around Q1, you would say depressed demand due to weather and aggressive promotions to move units through the system.

也就是說，如果你真的想在第一季度結束，你會說由於天氣和積極的促銷活動導致需求低迷，以通過系統移動單位。

And that's really the story of where Q1 came in at.

這就是 Q1 出現的真正故事。

Yes.

是的。

And unfortunately, that is kind of how Q2 starts as well.

不幸的是，這也是第二季度的開始方式。

So to your direct question of do we expect Q2 margins to look like Q1, no.

因此，對於您的直接問題，我們是否期望第二季度的利潤率看起來像第一季度，不。

We do get smarter with each iteration of this, and so we would expect to be able to handle it with building on the learnings from Q1 in terms of how best to optimize margin while we move through those units.

我們確實在每次迭代中變得更聰明，因此我們希望能夠在第一季度的學習基礎上處理它，即在我們通過這些單元時如何最好地優化利潤率。

So that's really what we're very much focused on, and we'll take that through the whole year.

所以這真的是我們非常關注的事情，我們將在整個一年中堅持下去。

As I said, we're very much focused on rightsizing our inventory buy, and we were able to effect that to some degree for Q3 and certainly for Q4 to reflect the revised expectations we're seeing in the market.

正如我所說，我們非常專注於調整我們的庫存購買規模，並且我們能夠在一定程度上在第三季度以及第四季度實現這一點，以反映我們在市場上看到的修改後的預期。

And so that should play through on the margin delivery as we move through the year.

因此，隨著我們全年的發展，這應該會在保證金交付中發揮作用。

We'll go next to Paul Lejuez with Citi.

我們將與花旗一起前往 Paul Lejuez。

Your guidance already assumes some declines in EBIT margin, I think operating cash flow as well.

您的指導已經假設息稅前利潤率有所下降，我認為運營現金流也是如此。

And so I guess I'm curious, as you think about the synergies that are yet to come or if you don't see that hockey stick in the second half, does it make you rethink the ability of the organization with declining EBIT margins to -- the ability to absorb the dissynergies that might come with splitting things up?

所以我想我很好奇，當你想到尚未到來的協同效應時，或者如果你在下半年看不到曲棍球棒，它是否會讓你重新思考該組織在息稅前利潤率下降的情況下的能力- 吸收分裂可能帶來的不協同作用的能力？

Do you rethink things a little bit if the second half doesn't work out as planned?

如果下半年沒有按計劃進行，你會重新考慮一下嗎？

Yes.

是的。

So maybe a couple of ways to think about that -- and Art, feel free to chime in -- is as we thought about the separation and we modeled the likely implications of dissynergies and the cost to actually effect the execution vis-à-vis the value-creation opportunity that it presented, nothing has changed with respect to our assumptions there because we've started the planning work.

因此，也許有幾種方法可以考慮這一點——藝術，請隨意插話——就像我們考慮分離一樣，我們模擬了不協同作用的可能影響以及實際影響執行的成本。它所呈現的價值創造機會，因為我們已經開始了規劃工作，所以我們的假設沒有任何改變。

There's nothing to indicate that what we thought we could achieve by virtue of launching these 2 companies with the ability to more effectively compete in their respective spaces within the industry.

沒有任何跡象表明我們認為通過推出這兩家能夠更有效地在各自行業內競爭的公司可以實現什麼。

That all remains intact, so I don't see anything about our performance over the course of this year that indicates that fundamentally, the decision we've taken should be changed or reconsidered.

這一切都保持不變，所以我看不出我們今年的表現有任何跡象表明，從根本上說，我們做出的決定應該改變或重新考慮。

We do have, obviously, the luxury of a very strong balance sheet.

顯然，我們確實擁有非常強大的資產負債表。

The choices we've been making to invest are all investments that we feel good about the ability to deliver a return on over time, and that's exactly how we view the cost to execute the separation as well.

我們一直在做出的投資選擇都是我們對隨著時間的推移產生回報的能力感到滿意的投資，這正是我們如何看待執行分離的成本的方式。

If we moved forward, and for some reason something changed with regard to our expectation for value creation or the cost to separate, we obviously would be responsible and look at that and reconsider.

如果我們繼續前進，由於某種原因，我們對價值創造的期望或分離成本發生了一些變化，我們顯然會對此負責並重新考慮。

But we're just nowhere near that at this stage with everything we know about the potential for the business on a combined basis and on a stand-alone basis and the ability that -- or the expectation for cost to separate.

但是，在現階段，我們還遠遠沒有達到我們所知道的關於業務在合併和獨立基礎上的潛力以及這種能力 - 或對成本分離的預期。

Yes.

是的。

I would just -- I would actually start this with looking at the consumer.

我只是——我實際上會從觀察消費者開始。

And I think that you can largely explain what happened both to us and to others in Q1 by the consumer rationally slowing down her apparel purchases because of volatile and unusual weather.

我認為你可以在很大程度上解釋第一季度發生在我們和其他人身上的事情，因為消費者由於天氣不穩定和異常而理性地放慢了她的服裝購買速度。

There are some other factors out there as well, which is we are in an environment that's a bit of a flat spot relative to a compelling trend, especially in bottoms, that is causing her to get out and go shop with urgency.

還有一些其他因素，那就是我們所處的環境相對於引人注目的趨勢來說有點平淡，尤其是在底部，這導致她緊急出去購物。

We've seen those things before.

我們以前見過這些東西。

They come along once in a while.

他們偶爾來一次。

Inevitably, they're overtaken by the fact that a compelling trend does come along and she wants to refresh her wardrobe.

不可避免地，他們被一個引人注目的趨勢所取代，她想要刷新她的衣櫥。

I think it would be profoundly shortsighted to question the wisdom of the separation of the company, which we've looked at from upside down and center and every place else around the business logic of doing this on the basis of a very, very unusual quarter.

我認為質疑公司分離的智慧是非常短視的，我們已經從顛倒和中心以及在一個非常非常不尋常的季度的基礎上這樣做的商業邏輯的其他地方觀察了它.

If I thought that somehow that quarter represented a fundamental overnight step-function change in the structural profitability of this industry, that would be a different consideration.

如果我認為該季度以某種方式代表了該行業結構性盈利能力的基本一夜階梯函數變化，那將是一個不同的考慮。

But consumers don't change their spending patterns overnight.

但消費者不會在一夜之間改變他們的消費模式。

This is imminently explainable, and we are staying the course because we are absolutely convinced that this is the right thing to do for long-term value creation.

這是迫在眉睫的解釋，我們堅持到底，因為我們絕對相信這是為長期價值創造做的正確事情。

I guess, Art, the context is that -- it's like -- I think this will be the sixth year of EBIT margin contraction.

我想，藝術，背景是 - 就像 - 我認為這將是息稅前利潤率收縮的第六年。

And so I guess is there anything that you're seeing if things were to accelerate in the back half that would make you take that longer-term view of what's happened to the business and think that you just don't have the cushion to absorb the dissynergies to take margins down further?

因此，我想如果後半部分的情況加速發展，您是否會看到任何事情，這會讓您對業務發生的事情採取更長遠的看法，並認為您只是沒有緩衝能力來吸收進一步降低利潤率的協同作用？

We're not going to do something that imperils the company.

我們不會做任何危及公司的事情。

That would be irresponsible.

那將是不負責任的。

And Teri will nod her head when I say that people have been hearing the words cash flow coming out of my mouth a lot right now because that is my starting point for looking at the launch point for these 2 companies and to make sure that we have strong cash flow and forward-looking cash flow out of both organizations.

當我說人們現在經常聽到我嘴裡說現金流量這個詞時，Teri 會點頭，因為這是我查看這兩家公司的啟動點並確保我們有兩個組織的強勁現金流和前瞻性現金流。

Of course, if there was something that caused significant deterioration that imperiled the viability, the cash flow production, the operating profit of these businesses, we would take a second look at that.

當然，如果有什麼事情導致嚴重惡化，危及這些業務的生存能力、現金流量、營業利潤，我們會再考慮一下。

I don't anticipate it.

我沒有預料到。

To me, in a way, again, as I said in my comments, that you're noting of the continued divergence and the impacts on operating profit, which, as we've indicated over time, has been significantly driven not out of Old Navy, which has been largely healthy, but out of Gap brand, increases the urgency to get this done because it allows us to maneuver differently and to operate differently.

對我來說，在某種程度上，正如我在評論中所說，你注意到持續的分歧和對營業利潤的影響，正如我們隨著時間的推移所表明的那樣，這已經被顯著推動而不是淘汰海軍在很大程度上是健康的，但沒有 Gap 品牌，它增加了完成這項工作的緊迫性，因為它允許我們以不同的方式進行機動和以不同的方式運作。

And if anything, it's overdue.

如果有的話，它已經過期了。

Our last question will come from the line of Janet Kloppenburg with JJK Research.

我們的最後一個問題來自 JJK Research 的 Janet Kloppenburg。

Teri and Art, I heard a different strategy about the Gap brand in the first quarter, maybe profitability improved, comps fully depressed.

Teri 和 Art，我聽說第一季度 Gap 品牌有不同的策略，也許盈利能力提高了，comps 完全沮喪。

I'm wondering if this is something we should expect going forward that you want to lower the promotional profile of the brand?

我想知道這是否是我們應該期待的事情，你想降低品牌的促銷形象？

Or if we should expect a pivot in comps as we move forward?

或者我們是否應該期待在我們前進的過程中出現一個支點？

Perhaps you could talk a little bit about the strategy that you engaged in, in the first quarter and what we should expect for the brand as we go through the remainder of the year.

也許你可以談談你在第一季度參與的戰略，以及我們在今年剩餘時間裡對該品牌的期望。

Yes, I don't -- thanks for asking the question.

是的，我沒有——感謝您提出這個問題。

I actually don't think it's a different strategy at all.

我實際上根本不認為這是一個不同的策略。

I mean taking the decision to close stores, stores that were unprofitable.

我的意思是決定關閉那些無利可圖的商店。

And in many cases, stores, the reason that they were unprofitable was a combination of the productivity of the store but also the promotional intensity of the store.

而在很多情況下，商店之所以沒有盈利，是因為商店的生產力以及商店的促銷力度。

A lot of these stores are in places where the center that they're in has become more of a value-oriented customer, more of a promotional customer.

很多這樣的商店都位於他們所在的中心已經成為更多以價值為導向的客戶，更像是促銷客戶的地方。

So our willingness to take unprofitable top line out of the business to restore the health of the brand, that is what we're committed to right now.

因此，我們願意將無利可圖的收入從業務中剔除，以恢復品牌的健康，這就是我們現在所承諾的。

We do need to lower the promotional intensity of the business.

我們確實需要降低業務的促銷強度。

I don't know that, that necessarily means that we have to take the kind of negative comps that we've been looking at over time.

我不知道，這必然意味著我們必須採取我們一直在研究的那種負面補償。

But we are going to continue to push to restore profitability in the business partly because we want the brand to be profitable and partly because profitability of the business and seeing a positive margin comp relative to the sales comp is an extraordinarily important, leading-edge indicator of the health of the business.

但我們將繼續推動恢復業務的盈利能力，部分原因是我們希望品牌盈利，部分原因是業務盈利能力和看到相對於銷售收入的正利潤率是一個非常重要的領先指標企業的健康。

So I'm not going to signal what our comp objectives are going forward.

所以我不會說明我們的薪酬目標是什麼。

Obviously, I'll be the first one to say I want positive comp.

顯然，我會是第一個說我想要正向補償的人。

But more importantly, I want a positive foundational core to the business where we're establishing pricing authority and customers are paying us for what our product is worth.

但更重要的是，我希望在我們建立定價權威和客戶為我們的產品價值支付我們費用的業務中建立一個積極的基礎核心。

So are you confident that the new team that's operating Gap will be able to make progress on the merchandising front so that the brand resonates better at a full price level going forward?

那麼，您是否有信心運營 Gap 的新團隊將能夠在銷售方面取得進展，從而使品牌在未來的全價水平上產生更好的共鳴？

Yes.

是的。

You used a bit of a loaded word there, which is full price.

你在那裡用了一個加載詞，這是全價。

The great majority of the industry is what they call blended, which is a combination of full price and promotional.

該行業的絕大多數是他們所謂的混合，這是全價和促銷的結合。

Do I think we're going back to a -- what somebody tells me existed somewhere back in the dawn of time, a full price business?

我認為我們會回到——有人告訴我早在某個地方就存在的東西，一個全價業務嗎？

I don't think that's the reality of these categories that we play in right now given the competitive environment that we're in.

鑑於我們所處的競爭環境，我認為這不是我們現在所從事的這些類別的現實。

And I'm confident that the team in New York through the merchandising strategies that they have, through the tools we've put in place, through the operating discipline, the marketing, store presentation, all the pieces that have to come together, that we can increase our yields.

我相信紐約的團隊通過他們擁有的營銷策略，通過我們已經到位的工具，通過運營紀律，營銷，商店展示，所有必須結合在一起的部分，我們可以提高產量。

I am absolutely confident, and you saw proof of that happening while we were moving through units in Q1.

我絕對有信心，當我們在第一季度通過單位時，你看到了這種情況的證據。

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。