蓋璞 (GPS) 2021 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. My name is Jenny, and I will be your conference operator today. At this time, I would like to welcome everyone to The Gap, Inc. Fourth Quarter 2021 Earnings Conference Call. Today's call is being recorded. (Operator Instructions)

下午好，女士們，先生們。我的名字是珍妮，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 The Gap, Inc. 2021 年第四季度收益電話會議。今天的電話正在錄音。 （操作員說明）

I would now like to introduce your host, Joe Scheeline, Head of Corporate Finance and Investor Relations. Please go ahead, sir.

現在，我想介紹一下您的主持人，企業財務和投資者關係主管喬·舍林 (Joe Scheeline)。請繼續，先生。

Good afternoon, everyone. Welcome to Gap Inc.'s Fourth Quarter 2021 Earnings Conference Call.

大家下午好。歡迎來到 Gap Inc. 的 2021 年第四季度收益電話會議。

Before we begin, I'd like to remind you that the information made available on this webcast and conference call contains forward-looking statements. For information on factors that could cause our actual results to differ materially from any forward-looking statements as well as the description and reconciliation of any financial measures not consistent with generally accepted accounting principles, please refer to Page 2 of the slides shown on the Investors section of our website, gapinc.com, which supplement today's remarks as well as today's earnings release, the company's annual report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2021, and any subsequent filings with the Securities and Exchange Commission, all of which are available on gapinc.com.

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。有關可能導致我們的實際結果與任何前瞻性陳述存在重大差異的因素的信息，以及任何不符合公認會計原則的財務措施的描述和調節，請參閱投資者幻燈片中的第 2 頁我們網站 gapinc.com 的部分，該部分補充了今天的評論以及今天的收益發布、公司於 2021 年 3 月 16 日向美國證券交易委員會提交的 10-K 表格年度報告，以及隨後向美國證券交易委員會提交的任何文件。交易委員會，所有這些都可以在 gapinc.com 上找到。

These forward-looking statements are based on information as of today, March 3, 2022, 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 2022 年 3 月 3 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 Chief Executive Officer, Sonia Syngal; and Chief Financial Officer, Katrina O'Connell.

今天和我一起參加電話會議的是首席執行官 Sonia Syngal；和首席財務官，卡特里娜奧康奈爾。

With that, I'll turn the call over to Sonia.

有了這個，我會把電話轉給索尼婭。

Good afternoon, everyone, and thank you for joining us. I would like to start by reflecting on where we are in executing our Power Plan strategy, and then I'll address how we are set up to compete in 2022.

大家下午好，感謝您加入我們。我想首先回顧一下我們在執行電源計劃戰略時所處的位置，然後我將討論我們如何為 2022 年的競爭做好準備。

Looking back on 2021, I'm proud of the progress we've made on our long-term strategies to drive profitable growth. While navigating another year of volatility, we delivered record sales of $16.7 billion. This is a 21% revenue growth versus last year and up 2% versus 2019, inclusive of shedding an estimated $1.1 billion of unprofitable sales through store closures and divestitures. And we achieved a reported operating margin of 4.9% and adjusted operating margin of 5.5%, while absorbing approximately 2.4 points of estimated unexpected air cost as we navigated the supply chain disruption in the second half.

回顧 2021 年，我為我們在推動盈利增長的長期戰略方面取得的進展感到自豪。在度過又一年的波動中，我們實現了創紀錄的 167 億美元的銷售額。與去年相比，收入增長了 21%，與 2019 年相比增長了 2%，其中包括通過商店關閉和資產剝離減少了約 11 億美元的無利可圖銷售額。我們實現了 4.9% 的報告營業利潤率和 5.5% 的調整後營業利潤率，同時在我們應對下半年供應鏈中斷的過程中吸收了大約 2.4 個估計的意外空運成本。

Over the last 2 years, we have undertaken significant restructuring necessary to become a more nimble and focused company. With that, we've completed over 70% of our North American fleet rationalization with 250 store closures, transitioned our European business through capital-efficient partnerships and divested smaller nonstrategic brands. All while we leaned into a digital-first mindset. This has resulted in reductions in fixed costs in both ROD and store expenses.

在過去的兩年中，我們進行了必要的重大重組，以成為一家更加靈活和專注的公司。至此，我們已經完成了 70% 以上的北美車隊合理化，關閉了 250 家門店，通過資本高效的合作夥伴關係轉變了我們的歐洲業務，並剝離了較小的非戰略品牌。一直以來，我們都傾向於數字優先的心態。這導致 ROD 和商店費用的固定成本降低。

Importantly, our 4 brands have healthy core businesses. With Old Navy crossing $9 billion in sales for the year, a revived and relevant Gap North America, delivering 12 percentage comp sales growth versus 2019. Banana Republic's new elevated brand positioning taking hold and that led a demonstrating standout comparable sales growth of 48% versus 2019, well on its way to $2 billion in revenue. Collectively, our brand improved AUR to last year through lower discount rates driven by relevant product and marketing and enabled by the customer health we saw in 2021.

重要的是，我們的 4 個品牌擁有健康的核心業務。隨著 Old Navy 全年銷售額突破 90 億美元，Gap North America 重新煥發活力，與 2019 年相比，銷售額增長了 12%。Banana Republic 新提升的品牌定位站穩腳跟，並導致了 48% 的出色可比銷售額增長2019 年，收入將達到 20 億美元。總的來說，我們的品牌通過相關產品和營銷推動的較低折扣率以及我們在 2021 年看到的客戶健康狀況將 AUR 提高到去年。

I'm particularly pleased with the partnerships we've launched, such as Gap Home with Walmart and Yeezy Gap, Simone Biles and Alicia Keys' Athleta, and NEXT joint venture in Europe. We expect these partnerships to drive brand awareness, attract new customers to our brands, enable asset-light category and market expansion and ultimately, grow our revenue. It's also important to note that we have intentionally leaned into demand-generating investments in marketing and technology by redeploying much of the fixed cost reduction.

我對我們推出的合作夥伴關係特別滿意，例如 Gap Home 與沃爾瑪和 Yeezy Gap、Simone Biles 和 Alicia Keys 的 Athleta，以及 NEXT 在歐洲的合資企業。我們希望這些合作夥伴關係能夠提高品牌知名度，吸引新客戶加入我們的品牌，實現輕資產類別和市場擴張，並最終增加我們的收入。同樣重要的是要注意，我們通過重新部署大部分固定成本削減，有意地傾向於在營銷和技術方面產生需求的投資。

These investments have driven brand health, customer acquisition and revenue growth, especially in our important $6.4 billion online business, which contributed 39% of sales in 2021 versus 25% in 2019. In 2021, we grew our active customer file to 64 million. And in Q4, our loyalty customers accounted for roughly 80% of our U.S. sales, setting us up to deepen customer relationships and drive long-term value.

這些投資推動了品牌健康、客戶獲取和收入增長，特別是在我們重要的 64 億美元在線業務中，該業務在 2021 年佔銷售額的 39%，而在 2019 年為 25%。2021 年，我們的活躍客戶檔案增加到 6400 萬。在第四季度，我們的忠誠客戶約占我們美國銷售額的 80%，這為我們深化客戶關係和推動長期價值奠定了基礎。

With customers returning to pre-COVID purchasing behaviors, we are pivoting to a more versatile fashion, offering on-trend product across a range of used occasions while playing to our market leadership in Denim, Active and Kids and Baby. We saw these trends play out in the rise of Old Navy's classic workhorse staple, the pixie pants and Athleta's best-selling elation tight, both now in flare leg shape.

隨著客戶恢復到 COVID 之前的購買行為，我們正在轉向更多樣化的時尚，在各種使用場合提供流行的產品，同時發揮我們在牛仔布、運動和兒童和嬰兒方面的市場領導地位。我們看到這些趨勢在 Old Navy 的經典主打單品、精靈褲和 Athleta 最暢銷的得意緊身褲的崛起中發揮了作用，兩者現在都採用喇叭褲形狀。

At Gap and Banana Republic, we're seeing return to fashion essentials with sales of Gap's modern khaki pants, climbing 33% over 2019 in January alone. And while Banana Republic's women's blazers outperformed expectations, specifically in novelty and high-emotion colors. And as kids return to in-person school and sports, we expect our Kids and Baby business with a market share of 9% to perform well.

在 Gap 和 Banana Republic，我們看到時尚必需品回歸，Gap 的現代卡其褲銷量僅在 1 月份就比 2019 年增長了 33%。雖然 Banana Republic 的女式西裝外套超出預期，特別是在新穎和高情調的色彩方面。隨著孩子們重返校園和體育運動，我們預計市場份額為 9% 的兒童和嬰兒業務表現良好。

In the face of a dynamic consumer landscape, our teams continue to drive deeper connections with our customers and the communities we are proud to serve. Throughout, our employees have navigated 2 years of pandemic-related disruption with ingenuity and an unwavering focus on doing what's right, all while advancing our ESG goals. I look forward to sharing our progress on that front in next month's sustainability report. Today, we are a company positioned for balanced growth through our 4 purpose-led brands that reach a wide range of customers across all ages, sizes, use occasions and price points from value through to premium.

面對充滿活力的消費者環境，我們的團隊繼續與我們的客戶和我們自豪地服務的社區建立更深層次的聯繫。在整個過程中，我們的員工以獨創性和堅定不移的專注於做正確的事，度過了與大流行相關的 2 年中斷，同時推進我們的 ESG 目標。我期待在下個月的可持續發展報告中分享我們在這方面的進展。今天，我們是一家通過 4 個以目標為導向的品牌實現平衡增長的公司，這些品牌覆蓋了所有年齡、規模、使用場合和價位的廣泛客戶，從價值到高端。

In 2021, we also faced headwinds with supply chain issues weighing heavily on our performance, especially in the back half. In the face of longer transit times from the West Coast port delays and a sudden and prolonged closure of factories in Vietnam, we experienced 8 to 10-week delays in seasonal categories. In order to meet demand, we utilize significant air freight to deliver as much of holiday product as we could. As a result, sales were muted and profits pressured.

2021 年，我們還面臨供應鏈問題嚴重影響我們業績的逆風，尤其是在後半部分。面對來自西海岸港口延誤的較長運輸時間以及越南工廠突然長時間關閉，我們在季節性類別中經歷了 8 到 10 週的延誤。為了滿足需求，我們利用大量空運運送盡可能多的假日產品。結果，銷售低迷，利潤承壓。

We studied the levers we have to more profitably improve on-time delivery in 2022, and I'd like to share a few of those strategies with you: first, we accelerated booking deadlines for a portion of our spring 2022 product and booked summer even earlier. As we saw delays worsen, we accounted for elongated transit times and believe we have built in enough buffer for the current full delays.

我們研究了在 2022 年提高準時交貨率所需的槓桿，我想與您分享其中的一些策略：首先，我們加快了部分 2022 年春季產品的預訂截止日期，甚至在夏季預訂了早些時候。由於我們看到延誤惡化，我們考慮了延長的運輸時間，並相信我們已經為當前的全面延誤建立了足夠的緩衝。

Second, we are diversifying port exposure. Beginning with our summer assortment, we are moving the vast majority of our products through Eastern and Southern ports, where delays are materially better than on the West Coast.

其次，我們正在多元化港口敞口。從我們的夏季產品開始，我們將絕大多數產品通過東部和南部港口運輸，那裡的延誤比西海岸要好得多。

Third, we are beginning to optimize manufacturing, including proximate sourcing to enable flexibility and increase speed. Specifically, we are growing our Mexico and Central America sourcing in 2022.

第三，我們開始優化製造，包括就近採購以實現靈活性和提高速度。具體來說，我們將在 2022 年增加對墨西哥和中美洲的採購。

And fourth, we accelerated the adoption of digital product creation capabilities at Old Navy. In doing so, our teams are able to innovate more rapidly with suppliers and significantly reduce product design and development time lines. For our fall 2022 season, Old Navy led the way in creating its assortment with a 75% year-over-year reduction in total development samples and a 40% reduction in total development time versus fall 2021. We will continue to build on this, both at Old Navy and across our brands.

第四，我們加快了 Old Navy 數字產品創建能力的採用。這樣做，我們的團隊能夠與供應商更快地進行創新，並顯著縮短產品設計和開發時間。對於我們的 2022 年秋季季節，Old Navy 率先創建了其產品系列，與 2021 年秋季相比，總開發樣本同比減少了 75%，總開發時間減少了 40%。我們將繼續以此為基礎，無論是在 Old Navy 還是在我們的品牌中。

While Q1 will have moderate product delays that necessitated air freight as a result of the aforementioned actions, our summer and go-forward deliveries are expected to be more on time and require only modest more normalized air. By the end of the first half, we expect the transitory air costs will have mostly flowed through the P&L. Looking forward, Katrina will share more on our outlook for the year and what we're seeing in the first quarter as we are keenly watching the dynamics of the macro environment.

雖然由於上述行動，第一季度的產品延遲將適度，因此需要空運，但我們的夏季和未來交付預計將更加準時，並且只需要適度的標準化空運。到上半年末，我們預計暫時的空運成本將主要流經損益表。展望未來，卡特里娜颶風將更多地分享我們對今年的展望以及我們在第一季度看到的情況，因為我們正在密切關注宏觀環境的動態。

Let me speak to our strategies for 2022 across our portfolio. Old Navy is expecting tougher first half compares as we look to anniversary the brand's disproportionate benefit from last year's stimulus, and the fact that the consumer has quickly pivoted to fashion, such as dresses and tops, which are underrepresented in Old Navy's women's product mix. Teams have chased into more versatile categories with better balance showing up in Q2. I remain confident in the overall health of Old Navy and in its position as a value brand, offering the Democracy of Style for the whole family at jaw-dropping prices.

讓我談談我們在 2022 年的投資組合戰略。 Old Navy 預計上半年會更加艱難，因為我們期待該品牌從去年的刺激措施中獲得不成比例的收益，以及消費者迅速轉向時尚的事實，例如連衣裙和上衣，這些在 Old Navy 的女裝產品組合中的代表性不足。團隊已經進入更通用的類別，第二季度出現了更好的平衡。我仍然對 Old Navy 的整體健康狀況及其作為價值品牌的地位充滿信心，以令人瞠目結舌的價格為全家人提供時尚的民主。

Gap is building on its momentum fueled by great product and strong pricing authorities. On the base of a healthier core and rightsized fleet, the brand is leaning into its Gap Home, Yeezy Gap and now Yeezy Gap engineered by Balenciaga partnerships to further extend its reach and relevance around the globe. Now that Gap has landed these big partnerships, the year ahead will be about scaling them to drive sales. The brand is commencing the year with new channels for growth adding 125 points of distribution in 2022 through partnerships, licensing and franchise.

Gap 正在憑藉出色的產品和強大的定價機構推動其發展勢頭。在更健康的核心和適當規模的機隊的基礎上，該品牌正向其 Gap Home、Yeezy Gap 和現在由 Balenciaga 合作夥伴設計的 Yeezy Gap 傾斜，以進一步擴大其在全球的影響力和相關性。既然 Gap 已經建立了這些大型合作夥伴關係，未來一年將是擴大它們以推動銷售。該品牌以新的增長渠道開始了這一年，通過合作夥伴關係、許可和特許經營，到 2022 年增加了 125 個分銷點。

Banana Republic's new premium positioning now claiming a stake in the accessible luxury space is enabling significantly higher AURs, basket size and price authority. The rebrand is giving us confidence that we can capture resilient premium customers while attracting new ones by entering adjacent categories like BR Baby, which was announced earlier this week.

Banana Republic 的新高端定位現在聲稱在無障礙豪華空間中佔有一席之地，這使得 AUR、籃子大小和價格權威性顯著提高。品牌重塑讓我們相信，我們可以通過進入本週早些時候宣布的 BR Baby 等相鄰類別來吸引有彈性的優質客戶，同時吸引新客戶。

And Athleta is on track to hit $2 billion in sales by 2023, led by its digital dominance, including growth in the wellness space, now 6 months into the launch of AthletaWell. The brand's world-class partnerships and inspiring marketing are helping reach new customers. Take, for example, its announcement of its Simone Biles partnership last summer. Supported by TV, which generated a significant pickup in traffic in stores and online from that investment. This helped drive a 5-point increase in brand awareness for Athleta in fiscal year '21 Q3 alone. And for the full year of '21, Athleta grew its customer file in the double digits, with nearly half of new customers driven by marketing investments.

到 2023 年，Athleta 的銷售額有望達到 20 億美元，這得益於其在數字領域的主導地位，包括健康領域的增長，現在 AthletaWell 推出 6 個月後。該品牌的世界級合作夥伴關係和鼓舞人心的營銷正在幫助吸引新客戶。以去年夏天宣布與 Simone Biles 建立合作夥伴關係為例。在電視的支持下，該投資使商店和在線流量顯著增加。僅在 21 財年第三季度，這有助於將 Athleta 的品牌知名度提高 5 個百分點。在 21 年全年，Athleta 的客戶檔案以兩位數增長，近一半的新客戶受到營銷投資的推動。

After significant investments in marketing and technology while we restructured, we are focused on extracting maximum value in 2022 from those investments as well as optimizing the core. Specifically, we're looking at 3 key areas: first, growing our loyalty program and using first-party data to better monetize our customer relationships. We are rigorously focused on increasing the lifetime value of our over 50 million loyalty members, particularly growing our tier members who spend on average more than 2x that of our core level members in Q4.

在重組期間對營銷和技術進行了大量投資後，我們專注於在 2022 年從這些投資中獲取最大價值並優化核心。具體來說，我們正在關注 3 個關鍵領域：首先，發展我們的忠誠度計劃並使用第一方數據更好地通過我們的客戶關係獲利。我們嚴格專注於提高超過 5000 萬忠誠會員的終身價值，特別是增加第四季度平均花費超過核心級別會員 2 倍以上的級別會員。

We will do this through greater personalization at scale, enabled by the rich first-party data we acquired from marketing investments we made last year, coupled with the customer insights we've gained from our fully integrated loyalty program. This is particularly important with the changes happening across the media landscape and in customers' media consumption habits.

我們將通過更大規模的個性化來實現這一目標，這得益於我們從去年進行的營銷投資中獲得的豐富的第一方數據，以及我們從完全集成的忠誠度計劃中獲得的客戶洞察力。這對於媒體領域和客戶媒體消費習慣發生的變化尤為重要。

Second, end-to-end supply chain transformation, where we are improving processes to drive efficiency and eliminate waste. This includes digital product creation that trims time from the development cycle and saves on overhead and sample costs, optimize shipping logic that reduces split shipments and implementing automated returns in our distribution centers that get product back to inventory in under an hour. We are working on derisking our supply chain by rebalancing our sourcing to rely less on single countries of origin and building deeper relationships with near-shore vendors.

其次，端到端的供應鏈轉型，我們正在改進流程以提高效率並消除浪費。這包括創建數字產品以縮短開發週期並節省間接費用和样品成本、優化運輸邏輯以減少分批運輸以及在我們的配送中心實施自動退貨，從而在一小時內將產品送回庫存。我們正在努力通過重新平衡我們的採購以減少對單一原產國的依賴並與近岸供應商建立更深層次的關係，從而降低我們的供應鏈風險。

And third, we're building inventory management capabilities in addition to balancing category mix, which we believe will improve our ability to hold on to average unit retail even in the face of potentially higher promotional environment. New digital tools are unlocking inventory allocation accuracy using predictive analytics and data to better forecast and making us more agile and precise about where we place product across our 2,800 company-operated stores and creating assortments by location to meet customer demand, in turn, reducing markdown and helping maintain AUR.

第三，除了平衡品類組合外，我們正在建立庫存管理能力，我們相信這將提高我們保持平均單位零售的能力，即使面對潛在的更高促銷環境。新的數字工具正在使用預測分析和數據來解鎖庫存分配的準確性，從而更好地預測，使我們更加靈活和準確地了解我們在 2,800 家公司經營的商店中放置產品的位置，並按位置創建分類以滿足客戶需求，從而減少降價並幫助維護 AUR。

From a category mix perspective, we're leaning into higher AUR products, such as Banana Republic's new silk, leather, cashmere and suede style. And at Old Navy, fashion essentials like dresses, pants and woven tops.

從品類組合的角度來看，我們傾向於更高 AUR 的產品，例如 Banana Republic 的新絲綢、皮革、羊絨和絨面革款式。在 Old Navy，連衣裙、褲子和梭織上衣等時尚必備品。

As I look ahead to an environment where style, price and quality are top of mind for consumers. We're leaning into the power of our portfolio. Versatility and our ability to offer a range from value to premium, particularly as some customers tighten budgets, while others seek out luxury statement pieces is our competitive advantage.

當我展望一個風格、價格和質量是消費者首要考慮的環境時。我們正在依靠我們的投資組合的力量。多功能性和我們提供從價值到優質的範圍的能力，特別是當一些客戶收緊預算，而另一些客戶則尋求奢華的宣言單品時，這是我們的競爭優勢。

The 2022 outlook we provided today represents a continued step forward of our strategy with profitable sales growth and a path to get through Q1 disruption and deliver on our priorities for the year. While we are entering the year focused on executing against our strategy, building on our progress and with a firm grasp on the levers we have to compete, I would be remiss to not acknowledge the fluidity of the macro challenges impacting the speed with which we can unlock value in the portfolio.

我們今天提供的 2022 年展望代表著我們的戰略繼續向前邁進，實現了可盈利的銷售增長，並且是度過第一季度中斷並實現我們今年優先事項的途徑。當我們進入這一年專注於執行我們的戰略、鞏固我們的進步並牢牢把握我們必須競爭的槓桿時，我將不承認宏觀挑戰的流動性會影響我們的速度釋放投資組合中的價值。

As always, we remain balanced, taking a comprehensive view of all strategic options that account for and address the evolving macro environment and ultimately deliver the best outcomes for our customers, our employees and our shareholders.

與往常一樣，我們保持平衡，全面審視所有戰略選擇，這些選擇能夠解釋和應對不斷變化的宏觀環境，並最終為我們的客戶、員工和股東帶來最佳成果。

With that, I'll hand it to Katrina.

有了這個，我會把它交給卡特里娜颶風。

Thank you, Sonia, and good afternoon, everyone. I'll begin with some highlights from the year, then cover Q4 and fiscal year 2021 annual results before moving on to our 2022 outlook.

謝謝索尼婭，大家下午好。我將從今年的一些亮點開始，然後介紹第四季度和 2021 財年的年度業績，然後再談 2022 年的展望。

Fiscal year 2021 net sales reached $16.7 billion and grew 21% versus last year and 2% versus 2019. Comparable sales improved 6% versus last year and 8% on a 2-year basis. We achieved these strong sales results while making significant progress towards our North America fleet restructuring, divestitures and international partnerships, walking away from approximately $1.1 billion or 7 percentage points of unproductive sales since 2019. We generated considerable gross margin expansion through ROD leverage as well as better product margins with average unit retail growth driven by less discounting offsetting higher air freight costs.

2021 財年淨銷售額達到 167 億美元，比去年增長 21%，比 2019 年增長 2%。可比銷售額比去年增長 6%，兩年增長 8%。我們取得了這些強勁的銷售業績，同時在北美機隊重組、資產剝離和國際合作方面取得了重大進展，自 2019 年以來已擺脫了大約 11 億美元或 7 個百分點的非生產性銷售。我們通過 ROD 槓桿以及由於折扣減少抵消了較高的空運成本，產品利潤率提高，平均單位零售增長。

Finally, we returned over $400 million to shareholders during the year through our dividend program and share repurchase plan, and we're able to reduce and restructure our long-term debt saving approximately $140 million annually in interest expense beginning in 2022.

最後，我們在年內通過股息計劃和股票回購計劃向股東返還了超過 4 億美元，從 2022 年開始，我們能夠減少和重組我們的長期債務，每年節省約 1.4 億美元的利息費用。

A note before moving to Q4 and full year results. Our adjusted fiscal year 2021 results exclude pretax charges of $59 million related to divestitures, $41 million in charges related to the transition of our European business to a partnership model and $325 million in fees associated with the restructuring of our long-term debt.

在轉到第四季度和全年業績之前的說明。我們調整後的 2021 財年業績不包括與資產剝離相關的 5900 萬美元稅前費用、與我們的歐洲業務向合夥模式過渡相關的 4100 萬美元費用以及與長期債務重組相關的 3.25 億美元費用。

Moving on to Q4 results. Net sales of $4.5 billion were down 3% versus 2019, which included about 9 percentage points of impact from divestitures, permanent store closures and our European partnership transition. 2-year comparable sales were up 3%. 2-year comparable sales by brand were as follows: Old Navy, flat; Gap Global, up 3%; Banana Republic, down 2%; and Athleta, up 42%. We continue to be pleased with the strength of the core at Gap with Gap North America 2-year comparable sales of plus 12%, the turnaround of Banana Republic and the momentum at Athleta. Old Navy results were disproportionately impacted by supply disruption in the quarter.

繼續第四季度的結果。淨銷售額為 45 億美元，與 2019 年相比下降了 3%，其中包括資產剝離、永久關閉商店和我們的歐洲合作夥伴關係過渡帶來的約 9 個百分點的影響。 2 年可比銷售額增長了 3%。按品牌劃分的 2 年可比銷售額如下：Old Navy，持平； Gap Global，上漲 3%；香蕉共和國，下跌 2%；和 Athleta，增長 42%。我們繼續對 Gap 的核心實力感到滿意，Gap North America 的 2 年可比銷售額增長了 12%，Banana Republic 的好轉以及 Athleta 的發展勢頭。 Old Navy 的業績受到本季度供應中斷的嚴重影響。

Moving to gross margin for the quarter. Reported gross margin of 33.7% deleveraged 210 basis points versus 2019 reported gross margin. On an adjusted basis, gross margin deleveraged 260 basis points versus 2019, due to nearly 600 basis points in estimated air costs. Excluding air, gross margin expanded as we realized continued ROD leverage and product margin expansion from higher average unit retail through lower discounting.

轉向本季度的毛利率。報告的毛利率為 33.7%，與 2019 年報告的毛利率相比，去槓桿化了 210 個基點。經調整後，毛利率與 2019 年相比降低了 260 個基點，原因是估計的航空成本下降了近 600 個基點。不包括航空，毛利率擴大，因為我們通過較低的折扣實現了持續的 ROD 槓桿和產品利潤率擴張。

Reported SG&A of 33.5% leveraged 760 basis points versus 2019. On an adjusted basis, SG&A at 33.3% of sales deleveraged 300 basis points versus 2019 adjusted SG&A due to higher marketing, technology and incentive compensation expense.

與 2019 年相比，報告的 33.5% 的 SG&A 槓桿率提高了 760 個基點。在調整後的基礎上，佔銷售額的 33.3% 的 SG&A 與 2019 年調整後的 SG&A 相比降低了 300 個基點，原因是營銷、技術和激勵補償費用增加。

The reported fourth quarter loss per share was $0.04, with operating margin of 0.2%. On an adjusted basis, operating margin was 0.4% with a loss per share of $0.02. Fourth quarter ending inventory was up 23% versus 2020. About 15 points of the increase was driven by longer in-transit times as port delays and longer air and ocean schedules continued. The remaining increase is driven by higher AUC resulting from air costs that we expect to sell through as we move through the first half and from product mix shift into higher cost items like BR's new elevated product, multipack offerings and the shift out of mass. Units ended down single digits versus LY in line with the trends seen throughout the year.

報告的第四季度每股虧損為 0.04 美元，營業利潤率為 0.2%。經調整後，營業利潤率為 0.4%，每股虧損 0.02 美元。與 2020 年相比，第四季度期末庫存增加了 23%。大約 15 個百分點的增長是由於港口延誤以及更長的空運和海運計劃繼續導致運輸時間延長。剩餘的增長是由較高的 AUC 推動的，這是由於我們預計在上半年銷售時會通過的空運成本，以及產品組合轉向成本更高的項目，如 BR 的新提升產品、多件裝產品和質量轉移。與全年看到的趨勢一致，單位與 LY 相比下降了個位數。

Moving to full year 2021 results. For the full year, earnings per share was $0.67 on a reported basis. Adjusted EPS for fiscal year '21 was $1.44 with sales of $16.7 billion, growing 2% versus 2019. Comparable sales for full year '21 were up 8% on a 2-year basis. 2-year comparable sales by brand are as follows: Old Navy, plus 12%; Gap Global, plus 2%; with North America, plus 12%; BR, down 9%, but up 24% year-over-year; and Athleta up 39%.

轉向 2021 年全年業績。根據報告，全年每股收益為 0.67 美元。 21 財年的調整後每股收益為 1.44 美元，銷售額為 167 億美元，比 2019 年增長 2%。21 財年的可比銷售額在 2 年內增長了 8%。按品牌劃分的 2 年可比銷售額如下：Old Navy，加 12%； Gap Global，加 2%；與北美，加 12%； BR，下降 9%，但同比增長 24%；和 Athleta 增長了 39%。

Gross margin was 39.8% for the year and improved 220 basis points versus 2019 adjusted gross margin. ROD accounted for 320 basis points of the improvement. Merchandise margin deleveraged 100 basis points versus 2019 on an adjusted basis with an estimated 240 basis points of higher air freight offsetting higher AUR and lower discounting.

全年毛利率為 39.8%，與 2019 年調整後的毛利率相比提高了 220 個基點。 ROD 佔改善的 320 個基點。在調整後的基礎上，與 2019 年相比，商品利潤率去槓桿化 100 個基點，估計空運運費上漲 240 個基點抵消了較高的 AUR 和較低的折扣。

Reported SG&A was 35% of sales for the full year. Adjusted SG&A of $5.7 billion was 34.3%, up 310 basis points versus 2019 adjusted SG&A reflecting investments in growth primarily through marketing and technology as well as higher incentive compensation costs.

報告的 SG&A 佔全年銷售額的 35%。調整後的 SG&A 為 57 億美元，為 34.3%，比 2019 年調整後的 SG&A 增長 310 個基點，反映了主要通過營銷和技術以及更高的激勵薪酬成本對增長的投資。

Operating margin was 4.9% on a reported basis. Adjusted operating margin ended at 5.5%, inclusive of an estimated 240 basis points of incremental air expense due to supply chain constraints.

根據報告，營業利潤率為 4.9%。調整後的營業利潤率為 5.5%，其中包括因供應鏈限製而增加的 240 個基點的航空費用。

Regarding store counts, we opened 32 Old Navy and 28 Athleta stores in the year net of closures, in line with the expectations as part of our Power Plan strategy to expand the footprint of our growth brands. The North America store closure plan for Gap and Banana Republic progressed well during the year with our 350 store closure plan now over 70% complete.

關於商店數量，我們在不關閉關閉的當年開設了 32 家 Old Navy 和 28 家 Athleta 商店，這符合我們擴大增長品牌足蹟的 Power Plan 戰略的一部分的預期。 Gap 和 Banana Republic 的北美門店關閉計劃在這一年進展順利，我們的 350 家門店關閉計劃現已完成超過 70%。

We ended the year with nearly $900 million in cash and cash equivalents. During the year, we returned over $400 million in cash to shareholders, repurchasing $201 million in shares to offset dilution and through our reinstated dividend program.

我們在年底擁有近 9 億美元的現金和現金等價物。在這一年中，我們向股東返還了超過 4 億美元的現金，回購了 2.01 億美元的股票以抵消稀釋，並通過我們恢復的股息計劃。

As we transition to 2022, we are focused on delivering value to shareholders through our economic model presented as part of our 2020 Investor Day. At the time, we noted that navigating the uncertainty of the pandemic was the priority for 2020 and that we had a goal of returning to profitable growth in 2021, which we have achieved. The ongoing long-term economic model, which will take hold in 2022 is centered on delivering total shareholder return through low single-digit sales growth and operating margin leverage yielding low double-digit EPS growth, combined with a competitive dividend. The progress we've made against our strategy, especially our repositioning unprofitable areas of the portfolio and building relevance across all our brands is enabling the economic model to come to fruition in 2022.

隨著我們過渡到 2022 年，我們專注於通過作為 2020 年投資者日的一部分展示的經濟模型為股東創造價值。當時，我們指出，應對大流行的不確定性是 2020 年的首要任務，我們的目標是在 2021 年恢復盈利增長，我們已經實現了這一目標。持續的長期經濟模式將在 2022 年生效，其核心是通過低個位數的銷售增長和營業利潤率槓桿（產生低兩位數的每股收益增長）以及具有競爭力的股息來實現股東總回報。我們在戰略方面取得的進展，尤其是我們重新定位投資組合中無利可圖的領域並在我們所有品牌之間建立相關性，使經濟模式能夠在 2022 年取得成果。

Moving to our 2022 financial outlook. We expect full year reported EPS to be in the range of $1.95 to $2.15, with adjusted EPS in the range of $1.85 to $2.05. Of note, our reported guidance metrics include a net benefit of approximately $100 million from the planned sale of our U.K. DC now that our European partnership model transition is complete. In addition, we expect approximately $50 million in charges related to our Old Navy Mexico business, where we have successfully reached a partnership agreement and are proceeding through required regulatory approvals.

轉向我們的 2022 年財務展望。我們預計全年報告的每股收益將在 1.95 美元至 2.15 美元之間，調整後的每股收益在 1.85 美元至 2.05 美元之間。值得注意的是，由於我們的歐洲合作夥伴模式過渡已經完成，我們報告的指導指標包括計劃出售我們的英國 DC 帶來的約 1 億美元的淨收益。此外，我們預計與我們的 Old Navy 墨西哥業務相關的費用約為 5000 萬美元，我們已成功達成合作協議，並正在通過所需的監管批准。

Here are a few other thoughts about 2022 financial expectations. We expect sales growth for the year to be in the low single-digit range. We are planning for gross margins to be relatively flat on a year-over-year basis with a slight decline in merchandise margins to be offset by continued improvement in ROD. Within merchandise margin, we are expecting mid-single-digit commodity price increases to be largely offset by favorability in air freight.

以下是關於 2022 年財務預期的其他一些想法。我們預計今年的銷售增長將在低個位數範圍內。我們計劃毛利率與去年同期相比相對持平，商品利潤率略有下降，將被 ROD 的持續改善所抵消。在商品利潤率方面，我們預計中個位數的商品價格上漲將在很大程度上被空運的有利因素所抵消。

While we spent an estimated $430 million in air freight in fiscal 2021, we plan to spend about 20% to 25% less in 2022. A little more than half of the full year 2022 air expense is expected to be realized in Q1 as we sell through product we expedited for fourth and first quarter flows. Improvements we've made to our planning cycle, which we expect to fully come to bear in summer should reduce air usage beginning in Q2 and through the back half of the year. We aspire to maintain average unit retails to be roughly in line with 2021 levels.

雖然我們在 2021 財年估計在空運上花費了 4.3 億美元，但我們計劃在 2022 年減少約 20% 到 25% 的支出。預計 2022 年全年航空費用的一半多一點將在我們銷售時在第一季度實現通過產品，我們加快了第四季度和第一季度的流量。我們對計劃週期進行了改進，我們預計將在夏季全面實施，這應該會減少從第二季度開始到今年下半年的空氣使用量。我們希望將平均單位零售量保持在 2021 年的水平。

As we manage through the current macroeconomic uncertainty regarding inflation and consumer spending, we are planning to experience some discount rate reversion, but we'll be able to keep AURs about flat with shifts into higher AUR product mix as well as by leveraging efficiencies resulting from our ongoing inventory management transformation work. Over the last 2 years, we've been transforming the company and making investments in service of our growth strategy.

在我們應對當前有關通脹和消費者支出的宏觀經濟不確定性時，我們計劃經歷一些貼現率回歸，但我們將能夠通過轉向更高的 AUR 產品組合以及利用來自我們正在進行的庫存管理轉型工作。在過去的 2 年中，我們一直在對公司進行轉型，並為服務我們的增長戰略進行投資。

Moving into 2022 and the next phase of the strategy, we plan to leverage SG&A. We are pleased with the spend levels we have set in demand-generating areas, specifically in marketing and our focus on driving the effectiveness of that spend, but we also drive efficiencies within our operations.

進入 2022 年和戰略的下一階段，我們計劃利用 SG&A。我們對我們在需求產生領域設定的支出水平感到滿意，特別是在營銷方面，我們專注於提高支出的有效性，但我們也提高了運營效率。

Operating margin is expected to improve to 6.3% to 6.8% on a reported basis and 6% to 6.5% on an adjusted basis. Q1 ending inventory is expected to be up in the mid-20% range versus last year due to early bookings to offset longer transit times. For the full year, we anticipate net interest expense of approximately $70 million. As a reminder, we restructured our long-term debt in 2021, bringing down our overall debt balance and realizing significant interest savings.

營業利潤率預計將在報告的基礎上提高至 6.3% 至 6.8%，在調整後的基礎上提高至 6% 至 6.5%。由於提前預訂以抵消較長的運輸時間，預計第一季度期末庫存將比去年增加 20% 左右。全年，我們預計淨利息支出約為 7000 萬美元。提醒一下，我們在 2021 年重組了我們的長期債務，降低了我們的整體債務餘額並實現了顯著的利息節省。

A note on cash. Q1 is usually a quarter where natural seasonality leads to a low point in cash balances for the year. This year, we have a unique dynamic where higher merchandise payments in Q4 related to air freight and expected earlier payment timing in Q1 related to early bookings to navigate longer transit times have impacted near-term working capital. And in early Q1 2022, we drew $350 million from our ABL to bridge our normal mid-quarter cash trough. We expect material cash inflows in the first half of the year related to full year '20 tax refunds from the CARES Act legislation. We expect a full year effective tax rate of about 27%. Regarding store count, we're planning approximately 25 net closures during the year.

關於現金的說明。第一季度通常是自然季節性導致全年現金餘額低點的季度。今年，我們有一個獨特的動態，第四季度與空運相關的更高商品付款以及與提前預訂相關的預計第一季度更早付款時間以適應更長的運輸時間已經影響了近期營運資金。在 2022 年第一季度初，我們從 ABL 中提取了 3.5 億美元，以彌補我們正常的季度中期現金低谷。我們預計今年上半年的大量現金流入與 CARES 法案立法的 20 年全年退稅有關。我們預計全年有效稅率約為 27%。關於門店數量，我們計劃在年內關閉大約 25 家門店。

Our principles related to capital remain intact. Our first priority is to invest in the business to the degree we feel we can drive strong returns on our invested capital. Next, we believe an important part of total shareholder return is paying a competitive dividend that we look to grow annually as we see growth in net income. And last, we plan to return cash to shareholders with share buybacks intended to offset dilution.

我們與資本相關的原則保持不變。我們的首要任務是對業務進行投資，使其達到我們認為可以為投資資本帶來強勁回報的程度。接下來，我們認為股東總回報的一個重要部分是支付具有競爭力的股息，隨著我們看到淨收入的增長，我們希望每年增長。最後，我們計劃通過旨在抵消稀釋的股票回購向股東返還現金。

With these principles in mind, we're planning full year CapEx investments of approximately $700 million. Investments will be largely slated against supply chain and technology projects focused on driving automation, speed and efficiency within our fulfillment network, along with enhanced digital loyalty and personalization capabilities across the portfolio.

考慮到這些原則，我們計劃全年資本支出投資約 7 億美元。投資將主要針對供應鍊和技術項目，重點是在我們的履行網絡中推動自動化、速度和效率，以及整個投資組合中增強的數字忠誠度和個性化能力。

In fiscal 2022, we expect to repurchase approximately 200 million of shares to offset dilution. Dividends remain a key component in our strategy to maximize total shareholder return and we were pleased to announce a 25% increase to our Q1 2022 dividend versus Q4 2021.

在 2022 財年，我們預計將回購約 2 億股股票以抵消稀釋。股息仍然是我們最大化股東總回報戰略的關鍵組成部分，我們很高興地宣布，與 2021 年第四季度相比，我們的 2022 年第一季度股息增加了 25%。

Before I close out the call, I'd like to provide some additional color on the cadence for sales with particular focus in Q1 that's contemplated in our sales guide for 2022. Year-over-year sales growth comparisons will likely be uneven throughout the year with some headwinds as we lap the stimulus benefit with continued supply disruption in the first half, particularly in Q1 and then tailwinds as we lap supply challenges that constrained demand in the second half of fiscal year 2021.

在結束電話會議之前，我想為銷售節奏提供一些額外的顏色，特別是在我們的 2022 年銷售指南中考慮的第一季度。全年銷售增長比較可能不均衡上半年，尤其是在第一季度，隨著供應中斷的持續，我們在刺激收益中遇到了一些不利因素，然後隨著我們在 2021 財年下半年遇到限制需求的供應挑戰，我們遇到了一些不利因素。

We expect total company sales in Q1 to be down mid- to high single-digit negative versus 2021 with an estimated 5 points of the decline coming from lapping last year's strong sales generated by the benefit of stimulus, 2 points from lapping divestitures, store closures and our EU partnership. And the balance largely related to short-term softness at Old Navy related to category imbalances.

我們預計第一季度公司總銷售額將與 2021 年相比下降中至高個位數負數，估計下降 5 個百分點來自去年刺激措施帶來的強勁銷售，2 個百分點來自剝離剝離、商店關閉和我們的歐盟夥伴關係。而這種平衡主要與 Old Navy 與類別不平衡有關的短期疲軟有關。

As Sonia described, Old Navy is adjusting their category mix beginning in Q2 and beyond to be more balanced between cozy and fashion. Old Navy has built strong responsive capabilities that allow the brand to chase into fashion trends, but the ability to chase has been adversely impacted by supply chain bottlenecks.

正如 Sonia 所描述的，Old Navy 正在從第二季度及以後開始調整他們的品類組合，以在舒適和時尚之間更加平衡。 Old Navy 打造了強大的響應能力，讓品牌能夠追趕時尚潮流，但追趕能力卻受到供應鏈瓶頸的不利影響。

In closing, the progress we've made this year against our strategy sets us up to deliver our long-term ongoing economic model. We still have a firm conviction in our ability to grow our core brands and achieve a 10% operating margin over time. While this goal is still very much on our minds as we look forward, in light of recent headwinds, it is possible that this time line may extend modestly beyond the original time line.

最後，我們今年在戰略方面取得的進展使我們能夠提供長期持續的經濟模式。我們仍然堅信我們有能力發展我們的核心品牌並隨著時間的推移實現 10% 的營業利潤率。雖然在我們期待的過程中，這個目標仍然非常重要，但鑑於最近的不利因素，這條時間線可能會略微超出最初的時間線。

Our primary focus is on the long-term health of the business and delivering value to shareholders through consistent profitable growth year after year. We are clear on our 2022 priorities and are acutely focused on realizing increased operational efficiency and most importantly, driving sustainable, profitable growth.

我們的主要關注點是業務的長期健康，並通過年復一年的持續盈利增長為股東創造價值。我們明確了 2022 年的優先事項，並專注於提高運營效率，最重要的是推動可持續的盈利增長。

With that, I'll turn the call back over to the operator to begin Q&A.

有了這個，我將把電話轉回給接線員開始問答。

(Operator Instructions) We will go to our first question from Matthew Boss of 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。

Sonia, so how do you see inventory levels positioned at Old Navy today? How best to think about the opportunity across categories as the year progresses? And then, Katrina, with the outlook for '22 guided 6% to 6.5% operating margin, I think what would be really helpful is just any way to split the opportunity that you see remaining between gross margin and SG&A from here?

索尼婭，那麼您如何看待今天 Old Navy 的庫存水平？隨著時間的推移，如何最好地考慮跨類別的機會？然後，卡特里娜颶風，以 22 年指導的 6% 至 6.5% 的營業利潤率展望，我認為真正有幫助的是將您看到的毛利率和 SG&A 之間剩餘的機會從這里分開？

Matt, thank you. So the inventory composition at Old Navy is changing dramatically along with customer preferences. They're leaning into the categories like dresses or new silhouettes and pants for back-to-work that are working for them as well as denim with new leg shapes. It's a pretty radical change from last year, which was driven by cozy and active and fleece. And so the team is working to chase that trend and rebalance the composition of the inventory. And we're confident that as we progress in the first half, we will see that balance intact. And as you know, the Old Navy has dominance in Kids and Baby with market share as #1 in the kids space as well as denim, very high market share, as well as in dresses. So they have the authority, and we're working on shifting the balance.

馬特，謝謝。因此，Old Navy 的庫存構成隨著客戶偏好而發生巨大變化。他們傾向於選擇適合他們的連衣裙或新款式和褲子等類別，以及新腿型的牛仔布。與去年相比，這是一個非常激進的變化，這是由舒適、活躍和羊毛驅動的。因此，團隊正在努力追趕這一趨勢並重新平衡庫存的構成。我們相信，隨著我們在上半年取得進展，我們將看到這種平衡完好無損。如您所知，Old Navy 在兒童和嬰兒領域佔據主導地位，在兒童領域和牛仔布領域的市場份額排名第一，市場份額非常高，在連衣裙領域也是如此。所以他們有權力，我們正在努力改變平衡。

And then the inventory amount, I'll let Katrina perhaps comment on the actual overall levels. But it really is a composition shift as well as an opportunity to chase into a very dynamic consumer preference.

然後是庫存量，我會讓卡特里娜颶風來評論實際的整體水平。但這確實是一個構成轉變，也是一個追逐非常動態的消費者偏好的機會。

Yes. And Matt, as it relates to the operating margin, are you talking about beyond 2022, how that splits out?

是的。而馬特，因為它與營業利潤率有關，你說的是 2022 年以後，它是如何分裂的？

Exactly. I was thinking 6% to 6.5%, where do we go from here and how best to split it between gross and SG&A?

確切地。我在想 6% 到 6.5%，我們從這裡開始，如何最好地在總收入和 SG&A 之間分配？

Yes. So as we look forward, I think there's incremental opportunity in the margin expansion that will come from finally being able to shed the last of the air freight. So in 2022, we talked about how we are getting some benefit from having about 20%, 25% less air than the prior year. But really, starting in 2023 and beyond, we should not need that air freight. And so I think that's a meaningful benefit that we should see. And we talked about how air freight overall has been about 240 basis points of drag on the operating margin. So some of that comes into play this year, but the majority in the out year. So that's a big portion of the opportunity.

是的。因此，正如我們所期待的那樣，我認為最終能夠擺脫最後的空運，從而增加利潤增長的機會。因此，在 2022 年，我們談到了我們如何從比前一年減少約 20%、25% 的空氣中獲得一些好處。但實際上，從 2023 年及以後開始，我們不應該需要空運。所以我認為這是我們應該看到的有意義的好處。我們還談到了整體空運如何拖累營業利潤率約 240 個基點。因此，其中一些在今年開始發揮作用，但大部分在接下來的一年中發揮作用。所以這是機會的很大一部分。

And then beyond that, I think it's going to be split between margin and SG&A. But when I talk about margin, it's really more about getting after the big cost in margin like returns or split shipments or the places where we actually have costs that flow through cost of sales spread combined with really figuring out new ways of operating. An example of that is this digital product creation. Breakthrough ways of using digital tools to be able to work really differently and finally get a lot of the fixed cost out of the business.

然後除此之外，我認為它將在保證金和 SG&A 之間進行分配。但是，當我談到利潤時，實際上更多的是要在利潤中獲得巨額成本，例如退貨或拆分發貨，或者我們實際上有成本通過銷售成本價差流動的地方，以及真正找出新的運營方式。這方面的一個例子就是這種數字產品的創造。使用數字工具的突破性方法能夠以真正不同的方式工作，並最終從業務中獲得大量固定成本。

So we have lots of opportunities to really be refining the way we operate. And I think beginning this year, you heard us say, we've made a lot of investments. Now it's time to really start getting leverage off of those investments and then begin to really lean into how do we pull out more cost in the business through digital capabilities and new ways of working.

因此，我們有很多機會真正改進我們的運營方式。我認為從今年開始，你聽到我們說，我們進行了很多投資。現在是時候真正開始利用這些投資，然後開始真正了解我們如何通過數字能力和新的工作方式來降低業務成本。

And we'll move to our next question from Mark Altschwager of Baird.

我們將轉到 Baird 的 Mark Altschwager 提出的下一個問題。

I wanted to dig into the gross margin just a little bit more. Lots of moving pieces there for the year. It sounds like margin overall down slightly but you'll be seeing some of the incremental air in Q1 in the first half, maybe some promotional reversion, I would think, concentrated in the first half as well. But then you're starting to lap some of the pressures in the back half. So I think I have that right, but just any more color you can provide on the quarterly cadence to get to the flat overall for the year would be very helpful.

我想進一步挖掘毛利率。一年中有很多動人的作品。聽起來整體利潤率略有下降，但您會在上半年看到第一季度的一些增量空氣，我認為也許一些促銷回歸也集中在上半年。但隨後你開始在後半區承受一些壓力。所以我認為我有這個權利，但是你可以在季度節奏中提供更多的顏色來達到今年的整體水平，這將非常有幫助。

Yes. Sure, Mark. I mean it is complicated. And as you noted, there's a lot of puts and takes. I think if I start with the year, simplistically, you're exactly right. We're hoping to keep margin overall flat, really with continued benefit in rent and occupancy. So we continue to get real benefit from the restructuring we've been doing. And then when it comes to merchandise margins, as you say, we're trying to take a prudent outlook for the year that while we saw great average unit retail improvements last year through much lower discounting, there is the possibility that the consumer could revert, and we would need to be more promotional. So we're proactively planning for that.

是的。當然，馬克。我的意思是它很複雜。正如你所指出的，有很多看跌期權。我想如果我從一年開始，簡單地說，你是對的。我們希望保持整體利潤率持平，真正受益於租金和入住率。因此，我們繼續從我們一直在做的重組中獲得真正的好處。然後談到商品利潤率，正如你所說，我們正試圖對今年的前景持謹慎態度，儘管去年通過大幅降低折扣，我們看到了平均單位零售量的顯著改善，但消費者有可能恢復，我們需要更多的宣傳。因此，我們正在為此積極規劃。

Of course, we're going to do everything we can to hold on to the gains we got. But for the purposes of guidance, we are not assuming that we have to hold on to all of that. And instead, we are using the tools that we have at our disposal, like the inventory management optimization, combined with some of the inventory mix changes that we're making to try and buoy the AUR even if discount were to revert.

當然，我們將盡我們所能來保持我們所獲得的收益。但出於指導的目的，我們並不假設我們必須堅持所有這些。相反，我們正在使用我們可以使用的工具，例如庫存管理優化，並結合我們正在嘗試提升 AUR 的一些庫存組合更改，即使折扣恢復。

And then in addition to that, we know that we have commodity increases primarily in the face of cotton prices escalating and yet really matching off against that is some benefit we have from air freight. So it's complicated, but all of that to say that we do think we can still hold gross margins relatively flat.

除此之外，我們知道我們的商品價格上漲主要是在棉花價格上漲的情況下，但真正與之相匹配的是我們從空運中獲得的一些好處。所以這很複雜，但所有這一切都表明我們確實認為我們仍然可以保持相對平穩的毛利率。

Now Q1, in particular, and potentially the first half, a little bit of a different story and as you say, tale of 2 halves, where we did still have to use air freight coming into Q1 in order to navigate what is still fairly acute. We do plan to sell through that air freight mostly in the first quarter. And then as Sonia said, we've used a lot of new levers to really get back to navigating the supply challenges, which we think will remain long, but with other tools that don't necessitate air freight. So that should make for more normalized margins in Q2. And then a real benefit in the back half as we lap the significant air that we experienced. So hopefully, that's helpful, but I know it's a lot to digest, and we'll keep talking to you guys about it as we learn more.

現在特別是第一季度，可能是上半年，有點不同的故事，正如你所說，兩半的故事，我們仍然不得不使用空運進入第一季度，以應對仍然相當嚴重的情況.我們確實計劃主要在第一季度通過空運進行銷售。然後正如索尼婭所說，我們已經使用了很多新的槓桿來真正回到應對供應挑戰的過程中，我們認為這將持續很長時間，但使用其他不需要空運的工具。因此，這應該會使第二季度的利潤率更加正常化。然後在我們體驗到的重要空氣時，在後半部獲得真正的好處。所以希望這會有所幫助，但我知道要消化的內容很多，隨著我們了解更多信息，我們將繼續與你們討論。

That is helpful. And if I could just follow up with maybe an SG&A-focused question, but curious on your takeaways from the marketing initiatives over holiday and how you're planning overall marketing spend into 2022?

這很有幫助。如果我可以跟進一個可能以 SG&A 為重點的問題，但對您從假期營銷計劃中獲得的收穫以及您如何計劃到 2022 年的整體營銷支出感到好奇？

Yes. I think we're pleased with the investments we've made. In Q4, we saw really good SG&A discipline in many lines. And the marketing investments helped us build sales growth at Q4 over Q3 for 3 of our 4 brands. So our share of voice and the investments we're making, we think, are paying off. We don't expect to increase the rate of investment this year. It's really as Katrina said earlier, extracting the maximum value, the marketing effectiveness, right? And one of the big benefits we have is all the rich first-party data we have. We're in direct communication with our customers. We know lots about them. And we're increasingly personalized in our communication with them based on understanding their shopping patterns, their category patterns, their brand preferences. And we think that, that's going to continue to give us advantage coupled with a sustained marketing investment that's more effective. So no growth expected, more effectiveness expected.

是的。我認為我們對我們所做的投資感到滿意。在第四季度，我們在許多方面看到了非常好的 SG&A 紀律。營銷投資幫助我們在第四季度為我們的 4 個品牌中的 3 個建立了超過第三季度的銷售增長。因此，我們認為，我們的發言權份額和我們所做的投資正在獲得回報。我們預計今年的投資率不會增加。真的就像卡特里娜颶風之前說的，榨取最大的價值，營銷效果，對吧？我們擁有的一大優勢是我們擁有的所有豐富的第一方數據。我們與客戶直接溝通。我們對他們了解很多。基於了解他們的購物模式、類別模式和品牌偏好，我們與他們的交流越來越個性化。我們認為，這將繼續為我們帶來優勢，再加上更有效的持續營銷投資。因此，預計不會增長，預計會有更多的成效。

Yes. And I think to just put a point on that, we did say that we had historically, as a company, really underspent in the demand generation of the company, and that has resulted in our brands being sort of lackluster in their relevance and performance. And so we really purposely invested even while we were restructuring the company because we didn't want to lose the opportunity to build the relevance of our brands. To Sonia's point, I think we've done that successfully. And now we really are focused on getting leverage out of those investments we've made as we grow sales. So it's definitely a year of pivoting to leveraging SG&A and getting more optimal in our spend.

是的。我想就這一點說一下，我們確實說過，作為一家公司，從歷史上看，我們在公司需求生成方面的支出確實不足，這導致我們的品牌在相關性和表現方面表現不佳。因此，即使在重組公司時，我們也確實有意識地進行了投資，因為我們不想失去建立品牌相關性的機會。就索尼婭而言，我認為我們已經成功地做到了。現在，我們真正專注於從我們在銷售增長時所做的投資中獲得槓桿作用。因此，這絕對是轉向利用 SG&A 並在我們的支出中獲得更優化的一年。

And we'll move on to our next question from Adrienne Yih of Barclays.

我們將繼續討論來自巴克萊的 Adrienne Yih 的下一個問題。

Sonia, I wanted to focus on the inventory optimization processes that are being implemented this year. What exactly -- can you give us some more details? Is it distribution at the edge that we've heard from other retailers? And what is the sort of net benefit that is in the P&L? So how did that in basis points impact the overall merchandise margins. So I'll start there.

Sonia，我想專注於今年正在實施的庫存優化流程。究竟是什麼——你能告訴我們更多細節嗎？是我們從其他零售商那裡聽到的邊緣分銷嗎？損益表中的淨收益是什麼？那麼，基點如何影響整體商品利潤率。所以我將從那裡開始。

Yes. No, that's great. Listen, we buy a lot of units to distribute to 2,800 stores. And so what we're doing is applying more and more advanced analytics and AI to optimize our distribution from our DCs to our stores. So we get better, more even sell-through, less markdowns whether that's size optimization or assortment optimization for seasonality or whether it's just replenishing sell-throughs. And so that, we're expecting some nice benefits on that front as well as on forecasting -- fashion forecasting. And so we have a multiyear plan on inventory management transformation and the big wins this year will be around allocation.

是的。不，那太好了。聽著，我們購買了很多單位分發給 2,800 家商店。所以我們正在做的是應用越來越先進的分析和人工智能來優化我們從配送中心到商店的配送。因此，無論是針對季節性的尺寸優化或分類優化，還是只是補充銷售量，我們都能獲得更好、更均勻的銷售量、更少的降價。因此，我們期待在這方面以及預測方面有一些不錯的好處 - 時尚預測。所以我們有一個關於庫存管理轉型的多年計劃，今年的重大勝利將圍繞分配。

Okay. And then, Katrina, just to finish up on the inventory. So units are down low single digit, at the in transit, the inventory is up 8%. So it sounds like inflation is about 10% but you're talking about AUR flat. So I'm just wondering how -- what's the impact? I mean that would sort of imply pressure on merchandise margins throughout the year, and I guess that's being offset by leverage. Just trying to understand without price increases that we're hearing from many others, it doesn't sound like you're taking broad scale price -- initial retail price increases. Is that a correct assumption?

好的。然後，卡特里娜颶風，只是為了完成庫存。因此，單位數量下降了個位數，在途庫存增加了 8%。所以聽起來通貨膨脹率約為 10%，但你說的是 AUR 持平。所以我只是想知道如何 - 有什麼影響？我的意思是，這在某種程度上意味著全年商品利潤率的壓力，我想這被槓桿抵消了。只是想了解我們從許多其他人那裡聽到的沒有價格上漲的情況，這聽起來不像您正在採取廣泛的價格 - 初始零售價格上漲。這是一個正確的假設嗎？

Yes. So Adrienne, I think when you think about the inventory heading into Q1, what's sitting in that AUC is not just the product cost inflation, which we did say was mid-single digits. But also the air cost that we said we were carrying in. And that air cost, if you do the math, is about $150 million to $200 million, and that is in the AUC. So that will potentially pressure the gross margin in Q1 not to the -- not quite to the level we saw in Q4 but certainly will have an impact on the first quarter margin as we sell through the air cost.

是的。所以 Adrienne，我認為當你考慮進入第一季度的庫存時，AUC 中的不僅僅是產品成本通脹，我們確實說過是中個位數。還有我們所說的航空成本。如果你算一下，航空成本大約是 1.5 億美元到 2 億美元，這在 AUC 中。因此，這可能會使第一季度的毛利率不會達到我們在第四季度看到的水平，但肯定會對第一季度的利潤率產生影響，因為我們通過空運成本進行銷售。

Now since we don't expect that to continue, that's where we should see that margin pressure get alleviated. And then we will get back to what I described for the year, which is benefit in air offsetting commodities and then potentially a reversion on discount being offset by some of these inventory management capabilities that we're using to get better yield.

現在，由於我們預計這種情況不會繼續下去，因此我們應該看到利潤率壓力得到緩解。然後我們將回到我今年所描述的內容，這有利於空氣抵消商品，然後可能會通過我們用來獲得更高收益的一些庫存管理功能來抵消折扣的回歸。

Okay. Any early color that you want to provide to us, given all those pieces, what the GM rate should be in the first quarter? It sounds like flat for the year, but a lot of pressure in Q1. So how should you -- how do you think we should model kind of all those moving pieces for Q1 in the gross margin line?

好的。考慮到所有這些，您想提供給我們的任何早期顏色，第一季度的 GM 率應該是多少？今年聽起來平淡，但第一季度壓力很大。那麼你應該如何 - 你認為我們應該如何為第一季度的毛利率線中的所有移動部件建模？

I mean there's a lot of different outcomes for gross margin depending on the range of sales. But what I can tell you is if you do the math on the air impact, it's about 400 basis points of air impact in the quarter. And so hopefully, that's helpful. That subsides. And I'll let you guys do the math on what you think the sales outcome is and what would play through on the rest of it.

我的意思是，根據銷售範圍的不同，毛利率會有很多不同的結果。但我可以告訴你的是，如果你對空氣影響進行數學計算，那麼本季度的空氣影響約為 400 個基點。所以希望這會有所幫助。那消退了。我會讓你們計算一下你認為的銷售結果是什麼，以及其他方面會發生什麼。

(Operator Instructions) Your next question comes from the line of Kimberly Greenberger of Morgan Stanley.

（操作員說明）您的下一個問題來自摩根士丹利的 Kimberly Greenberger。

I wanted to ask about just the cost inflation that you're seeing. It sounds like it's primarily product cost inflation, Katrina? I'm wondering, and I understand that the mix between air and ocean got really out of whack because of the Vietnam factory closures and just trying to expedite product in. But if you set aside that mix shift between ocean and air, are you seeing inflation costs in your freight expense in general outside of the mix shift? And are you -- I'm just asking about inflation and your general cost, whether -- if you could help us understand what you're seeing in product costs, freight costs and wage costs.

我想問一下你所看到的成本膨脹。聽起來主要是產品成本膨脹，卡特里娜颶風？我想知道，而且我知道由於越南工廠關閉並試圖加快產品進入，空氣和海洋之間的混合變得非常不正常。但是如果你把海洋和空氣之間的混合轉變放在一邊，你看到了嗎通貨膨脹成本在您的運費費用之外的組合轉移？你是不是 - 我只是在詢問通貨膨脹和你的一般成本，是否 - 如果你能幫助我們了解你在產品成本、運費成本和工資成本方面看到的情況。

Sure. Yes. There are so many vectors of inflation that we're all navigating right now, right? So there is this air-ocean mix that we talked about. I think we've talked about that dynamic. We are also seeing product cost increases in the mid-single digits. I think that's what we said to you, and that's primarily the cotton price escalation that we had seen. And then as you say, there are freight costs that are higher and then wage costs that are higher. All of that is contemplated in the guidance that we just gave. I think we've talked a lot about the use of our various AUR levers to be able to navigate the product cost mix. And then on the freight side of things, look, we're watching it carefully, and certainly, the Russia, Ukraine thing doesn't help things. But so far, we've been able to navigate that relatively well with the long-term contracts we have with our suppliers.

當然。是的。有太多的通貨膨脹向量，我們現在都在導航，對吧？因此，我們談到了這種海氣混合物。我想我們已經討論過這種動態。我們還看到產品成本以中個位數增長。我認為這就是我們對你說的，這主要是我們看到的棉花價格上漲。然後正如您所說，運費成本更高，然後工資成本更高。所有這些都在我們剛剛提供的指導中進行了考慮。我認為我們已經討論了很多關於使用我們的各種 AUR 槓桿來控制產品成本組合的問題。然後在貨運方面，看，我們正在仔細觀察，當然，俄羅斯、烏克蘭的事情對事情沒有幫助。但到目前為止，我們已經能夠通過與供應商簽訂的長期合同相對較好地駕馭這一點。

And then on the wage side of things, we've been working hard to find ways to overall make the employee value proposition better by working on scheduling and a bunch of other tools that we have to make all that work out as we can, and we're finding efficiencies in other places to pay for that. So not an easy time to navigate, but those have all been on our radar and then contemplated in the outlook we just provided today.

然後在工資方面，我們一直在努力尋找方法，通過制定日程安排和一系列其他工具，讓員工的價值主張總體上變得更好，我們必須盡可能地完成所有這些工作，並且我們正在尋找其他地方的效率來為此付出代價。所以不是一個容易導航的時間，但這些都已經在我們的雷達上，然後在我們今天剛剛提供的前景中進行了考慮。

I'll just add, I think to Katrina's point, while we are seeing those mid-single-digit product cost increases, and we are planning to hold AURs. We do see some areas where we have opportunity to increase select ticket prices in categories such as Athleta stretching into premium or the elasticity we're seeing in Gap or Banana Republic's new premium positioning. And so that helps to select areas. That being said, we're not planning on it at a holistic level, but we do have those levers in addition to the yield management levers around inventory transformation that we spoke of. So we'll use all the levers at our disposal to continue to manage the margins to the outlook that Katrina provided.

我想補充一點，我認為卡特里娜颶風的觀點是，雖然我們看到那些中個位數的產品成本增加，我們正計劃持有 AUR。我們確實看到一些領域我們有機會提高特定票價的類別，例如 Athleta 延伸到溢價或我們在 Gap 或 Banana Republic 的新溢價定位中看到的彈性。這有助於選擇區域。話雖如此，我們並沒有在整體層面上進行計劃，但除了我們談到的庫存轉型的收益管理槓桿之外，我們確實擁有這些槓桿。因此，我們將利用我們掌握的所有槓桿來繼續管理卡特里娜颶風提供的前景的利潤。

And we'll go next to Lorraine Hutchinson of Bank of America.

我們將在美國銀行的 Lorraine Hutchinson 旁邊。

Katrina, you've made a lot of progress on the ROD leverage with the fleet transformation. As you think through the past your long-term targets, is the bulk of that behind us and the rest of the gross margin opportunity on the merch margin line? Or are there further gains to be had from here?

卡特里娜颶風，您在船隊轉型的 ROD 槓桿方面取得了很大進展。當你回顧過去你的長期目標時，大部分目標是在我們身後，其餘的毛利率機會在商品利潤率線上嗎？還是從這裡有進一步的收穫？

Yes. No, thank you, Lorraine. It's a great question. As I think about the bridge that we gave at the Investor Day and where the value creation would come from, we are really definitely getting the value we expected to from the ROD line, both through the store closures in North America as well as the Europe partnership. We'll see if there's more opportunity there in some of our other international markets as we assess. But for the most part, I think that value is largely done.

是的。不，謝謝你，洛林。這是一個很好的問題。當我想到我們在投資者日提供的橋樑以及價值創造的來源時，我們確實從 ROD 產品線獲得了我們期望的價值，無論是通過北美還是歐洲的商店關閉合夥。我們將看看我們評估的其他一些國際市場是否有更多機會。但在大多數情況下，我認為價值在很大程度上已經完成。

The second piece that we had talked about was being able to invest in demand generation to grow our average unit retails and to let that gross margin expansion help offset the digital shift that we expected in the business. And again, I think that's largely played out as we expected. In fact, we've probably made more progress on the gross margin side than we expected through average unit retails offsetting digital. And really, before the supply chain pressures. That was largely offsetting, if not adding value.

我們談到的第二部分是能夠投資於需求產生，以增加我們的平均單位零售量，並讓毛利率的擴大有助於抵消我們預期的業務數字化轉變。再一次，我認為這在很大程度上正如我們預期的那樣發揮了作用。事實上，通過平均單位零售額抵消數字化，我們在毛利率方面取得的進展可能比我們預期的要多。真的，在供應鏈壓力之前。這在很大程度上抵消了，如果沒有增加價值的話。

And then the last leg was very much this operating efficiency. At the time, I think we thought it was just SG&A leverage. Now we see it more as really digitizing operations and going after these big value creation levers. And honestly, what we hadn't contemplated was the significant disruption and macroeconomic changes. So all to say, the ROD leverage is probably mostly behind us. But with sales growth, we should continue to leverage that line modestly, but the material benefits behind us, most likely.

最後一站就是這個運營效率。當時，我認為我們認為這只是 SG&A 槓桿作用。現在，我們更多地將其視為真正的數字化運營並追求這些巨大的價值創造槓桿。老實說，我們沒有想到的是重大的破壞和宏觀經濟變化。總而言之，ROD 槓桿可能主要落後於我們。但隨著銷售額的增長，我們應該繼續適度利用這條線，但最有可能的是我們背後的物質利益。

Yes. And what I will add is, I think, we have a renewed emphasis and focus on SG&A with the leverage that we're expecting this coming year, the focus on fixed cost coming out of the business, stronger transformation and core operations like inventory management, like returns, like splits, et cetera. We are really leading into that. And we saw good progress and discipline in Q4 that benefited us, and we expect to lean -- continue to lean into that as a very important lever in dynamic times in 2022.

是的。我要補充的是，我認為，我們將重新強調並專注於 SG&A，並利用我們預計來年的影響力，專注於業務的固定成本、更強大的轉型和庫存管理等核心運營，如回報，如分裂等。我們真的正在引領這一點。我們在第四季度看到了良好的進展和紀律，這使我們受益，我們希望繼續——在 2022 年的動態時期繼續將其作為一個非常重要的槓桿。

And we'll move to our next question from Paul Lejuez of Citi.

我們將轉到花旗的 Paul Lejuez 提出的下一個問題。

You gave the sales guidance for the year overall. I'm curious if you could talk about which brands you expect to grow in '22? I assume I thought of, but curious if you are looking for growth at the other brands. And then second, can you just talk about the competitive landscape at Old Navy? Any signs of increased promotion amongst the competitive set there?

你給出了全年的銷售指導。我很好奇您能否談談您希望在 22 年發展哪些品牌？我想我想過，但好奇你是否正在尋找其他品牌的增長。其次，你能談談 Old Navy 的競爭格局嗎？那裡的競爭者中有任何增加晉升的跡象嗎？

Listen, it's a great question. I was hoping someone would ask them these questions. Because as I said in my speech, Paul, this is a year of balanced growth. We're expecting all 4 of our brands to contribute to the sales growth as well as to the profit of the company. And that's been years coming and we're expecting. And really, that's the value of the portfolio. So I think different brands will have different proportionality. We're expecting big growth from Athleta, continuing with their trend, et cetera. But all of our brands will be contributing to top line growth.

聽著，這是一個很好的問題。我希望有人會問他們這些問題。因為正如我在演講中所說，保羅，這是平衡增長的一年。我們預計我們的所有 4 個品牌都將為銷售增長和公司利潤做出貢獻。這已經是幾年了，我們期待著。真的，這就是投資組合的價值。所以我認為不同的品牌會有不同的比例。我們期待 Athleta 的大幅增長，繼續他們的趨勢，等等。但我們所有的品牌都將為營收增長做出貢獻。

And your second question, I'm sorry, was around competitive pressures in margins for Old Navy. Is that what your question was?

抱歉，您的第二個問題是圍繞 Old Navy 利潤率的競爭壓力。那是你的問題嗎？

Yes, just curious what you're seeing on the competitive landscape front, for any signs of increasing promotions amongst the competitive set.

是的，只是好奇你在競爭格局方面看到了什麼，是否有任何跡象表明競爭群體中促銷活動增加。

Yes. I mean we are expecting it to be a more promotional environment than last year, right? Last year was a big stimulus. I think a very happy consumer, particularly in the first half. So as we lap that, and as the consumers are becoming more price conscious, a lot of pressures with inflation, I think the retailers will benefit to drive conversion. And we are seeing some of that in our own business as well. That being said, I think it is manageable, and we will continue to see different levers to compensate for that. And the value space is really important to hold on to the value equation and compete there.

是的。我的意思是，我們預計它會比去年更具促銷環境，對吧？去年是一個很大的刺激。我覺得消費者很高興，尤其是上半年。因此，當我們討論這一點時，隨著消費者對價格的意識越來越強，通脹壓力很大，我認為零售商將受益於推動轉換。我們在自己的業務中也看到了其中的一些。話雖如此，我認為這是可以管理的，我們將繼續看到不同的槓桿來彌補這一點。價值空間對於堅持價值方程式並在那裡競爭非常重要。

And in times like this of inflation, a brand like Old Navy can compete very well because the overall apparel contribution to value typically grows. So we're expecting the value proposition of fashion essentials at jaw-dropping prices for the family to continue. And we're expecting that we'll see trade-down customers that will benefit Old Navy as well for this year. So we'll see how it all plays out, but it should be a good environment and particularly our Kids and Baby business, where we have almost 10% market share across our brands quite resilient in this kind of environment.

在這樣的通貨膨脹時期，像 Old Navy 這樣的品牌可以很好地競爭，因為整體服裝對價值的貢獻通常會增長。因此，我們期待以令人瞠目結舌的價格為家庭提供時尚必需品的價值主張。我們預計今年我們會看到有利於老海軍的折價客戶。因此，我們將看到這一切如何發展，但這應該是一個良好的環境，尤其是我們的兒童和嬰兒業務，在這種環境下，我們在我們的品牌中擁有近 10% 的市場份額。

Do you plan to take a leadership role in going after market share, maybe investing in price a little bit to do that?

您是否打算在追求市場份額方面發揮領導作用，也許會在價格上進行一些投資來做到這一點？

Any market share is really, really important, and our investments have been in the area of marketing to drive brand health and conversion as well as in technology to have more profitable sales flow-through. So we're happy with those areas. And we think our prices are very competitive. We benchmark all of our brands against their competitive sets. And I feel good about where our price is positioned.

任何市場份額都非常非常重要，我們的投資一直在營銷領域以推動品牌健康和轉化，以及在技術方面獲得更多利潤的銷售流。所以我們對這些領域感到滿意。我們認為我們的價格非常有競爭力。我們將我們所有的品牌與他們的競爭產品進行對比。我對我們的價格定位感到滿意。

And we'll go to our next question from Brooke Roach of Goldman Sachs.

我們將回答高盛的布魯克·羅奇的下一個問題。

Sonia, I'd be curious to hear what you're seeing across the consumer landscape today, how is demand trending across each consumer income cohort across your portfolio of brands? And I think you mentioned potential benefits of trade down in the Old Navy banner in a prior question. Are you already seeing the benefits of that trade down today? Or is that something that you're anticipating to happen over the course of the next few quarters?

索尼婭，我很想知道你今天在消費領域看到了什麼，你的品牌組合中每個消費者收入群體的需求趨勢如何？而且我認為您在之前的問題中提到了舊海軍旗幟貿易的潛在好處。您今天是否已經看到這種交易的好處？還是您預計在接下來的幾個季度中會發生這種情況？

So I'll start with the premium sector. We're seeing a lot of resiliency in the premium space in Athleta, in Banana Republic or both, I think, achieving strong price realization and customer opportunity there. Income levels are high and Banana Republic are growing in terms of the percentage of their customers in higher income brackets. So that is good.

所以我將從高端領域開始。我認為，我們在 Athleta、Banana Republic 或兩者的高端空間看到了很大的彈性，在那裡實現了強勁的價格實現和客戶機會。收入水平很高，香蕉共和國在較高收入階層的客戶比例方面正在增長。所以這很好。

I think Gap working through their comp growth, they're seeing really strong average unit retail growth, so attracting, I think, a balance of customers value through premium. And Old Navy there's many shoppers in the value space, they do making over $75,000 a year. So they spent quite a range of customers because of their Kids and Baby business.

我認為 Gap 通過他們的複合增長工作，他們看到了非常強勁的平均單位零售增長，所以我認為通過溢價吸引了客戶價值的平衡。而 Old Navy 在價值空間中有很多購物者，他們每年的收入超過 75,000 美元。因此，由於他們的兒童和嬰兒業務，他們花費了相當多的客戶。

What I would say is we think there's opportunity to win across all those segments. It's really about having the right assortment and the right [audible] brand management and that's where we're focus. So certainly, the headwind of anniversary-ing the stimulus is a factor, as Katrina said, in the first half. And so we do think the consumer typically in the lowest income bracket is hard-hit of inflationary prices. So we'll be watching that carefully, and we do expect some headwind in that space in the short term.

我想說的是，我們認為有機會在所有這些細分市場中獲勝。這真的是關於擁有正確的分類和正確的[可聽]品牌管理，這就是我們關注的地方。因此，正如卡特里娜颶風所說，上半年刺激計劃的逆風是一個因素。因此，我們確實認為通常處於最低收入階層的消費者受到通脹價格的沉重打擊。因此，我們將密切關注這一點，我們確實預計短期內該領域會出現一些逆風。

And then for Katrina, in the prepared remarks, you talked about several initiatives in the organization to increase the speed and agility of merchandise planning and sourcing. And that's one of the big opportunities for margin as you go forward. Can you talk to the time line of this process and maybe the quantitative impact of that aspect of the plan has in the long-term plan?

然後對於卡特里娜颶風，在準備好的評論中，您談到了組織中的幾項舉措，以提高商品規劃和採購的速度和敏捷性。這是您前進的最大利潤機會之一。您能否談談這個過程的時間線，以及該計劃的這方面的定量影響可能對長期計劃產生的影響？

Sure. I think that the main value creation that we see happening this year is very much in those inventory management capabilities that Sonia spoke to, primarily the allocation data science that we're putting in. Also with the purchase of CB4, the first deployment that we have is leveraging the math that they have to better inform our stores on where they're performing in product versus other stores and giving them more data on how to better sell the product they have.

當然。我認為我們今年看到的主要價值創造在很大程度上在於 Sonia 談到的那些庫存管理能力，主要是我們正在投入的分配數據科學。此外，隨著購買 CB4，我們的第一次部署have 正在利用他們必須更好地告知我們的商店他們在產品中的表現與其他商店相比的數學，並為他們提供更多關於如何更好地銷售他們擁有的產品的數據。

So I would say that's the first leg. And then in addition, the value creation this year in our guide is coming from the operating leverage coming from sales growth in the SG&A line. So those are those. The future really is getting after the data science that gets to what Sonia talked about, the returns optimization, the split shipments and many of those other levers that are big cost items. I would say, Brooke, those are -- we're going to lay those foundations this year. We're going to work as fast as we can to get value this year if we can. But most likely, those will be big value creators for 2023 and beyond. So that's how I would think about it.

所以我會說這是第一站。此外，在我們的指南中，今年的價值創造來自 SG&A 線銷售增長帶來的經營槓桿。所以那些就是那些。未來真的是在追求 Sonia 所說的數據科學、退貨優化、拆分發貨以及許多其他成本高昂的槓桿。我會說，布魯克，那些是 - 我們將在今年奠定這些基礎。如果可以的話，我們將在今年盡可能快地獲得價值。但最有可能的是，這些將成為 2023 年及以後的巨大價值創造者。所以我會這麼想。

Yes. I would just say, look, the logistics lead times will be long for this year. That is just the fact of the industry. And so the way we're looking to compensate for it is by driving digital product creation as we mentioned, which is taking weeks out of the product development cycle as well as moving into more proximate manufacturing. And so we're expanding our manufacturing in Latin America and Mexico this year. And so that will start to down some of those longer lead times and create some speed as we build some responsive capabilities back into our supply chain this year as well.

是的。我只想說，你看，今年的物流交貨時間會很長。這只是行業的事實。因此，我們希望通過推動數字產品創建來彌補它，這將花費數週的產品開發週期以及更接近的製造。因此，我們今年將擴大在拉丁美洲和墨西哥的生產。因此，隨著我們今年將一些響應能力重新構建到我們的供應鏈中，這將開始縮短一些較長的交貨時間並創造一些速度。

And our last question will come from the line of Ike Boruchow with Wells Fargo.

我們的最後一個問題將來自富國銀行的 Ike Boruchow。

So I guess 2 questions, maybe Katrina, first. On the margins, so the air freight math you're laying out kind of suggests you have another 200 basis points beginning back next year. So that kind of would get you to 8% to 8.5% margin. Are you still comfortable with the 10% margin goal for next year? Or given all the cost pressures in the business, has that become too much of a stretch at this point?

所以我想首先有兩個問題，也許是卡特里娜颶風。在邊際上，所以你列出的空運數學表明你從明年開始還有 200 個基點。所以這種方式會讓你獲得 8% 到 8.5% 的利潤率。你對明年 10% 的利潤目標還滿意嗎？或者考慮到業務中的所有成本壓力，此時這是否變得太過分了？

And then just a second follow-up for, I guess, both of you. Athleta, another quarter of 40% to your comp, really strong growth. I guess anything you could tell us about the margins in the business, the EBITDA generation of the business? And I guess my point is the market is clearly not giving you full value for that asset right now when you look at your market cap. Are these conversations that you guys have internally when you think about trying to extract value for your shareholders?

然後，我想，你們兩個都需要進行第二次跟進。 Athleta，另外四分之一的 40% 給你的 comp，真的很強勁的增長。我想您能告訴我們有關業務利潤率、業務的 EBITDA 一代的任何事情嗎？而且我想我的觀點是，當您查看您的市值時，市場顯然沒有立即為您提供該資產的全部價值。當您考慮嘗試為股東提取價值時，這些對話是你們內部進行的嗎？

Ike, so yes. So I know I said in my prepared remarks, there's no reason why we don't still have the 10% operating margin fully in our sites. As you say, we achieved -- the operating margin we achieved in 2021 even with 240 basis points of headwinds from air. We think we can get to 6% or 6.5% this year with significant disruption still in the business. And while we're not pleased with the speed with which we're getting there, given the new macro headwinds, we are navigating them as best we can while still pushing forward on the plan, which we think makes sense. We still have the 10% operating margin in our goals.

艾克，所以是的。所以我知道我在準備好的評論中說過，我們沒有理由在我們的網站上仍然沒有完全擁有 10% 的營業利潤率。正如你所說，我們實現了——即使在空中逆風 240 個基點的情況下，我們在 2021 年實現的營業利潤率也是如此。我們認為今年我們可以達到 6% 或 6.5%，但業務仍會受到重大干擾。雖然我們對實現目標的速度並不滿意，但考慮到新的宏觀逆風，我們正在盡最大努力駕馭它們，同時仍在推進計劃，我們認為這是有道理的。我們的目標仍然有 10% 的營業利潤率。

As I said, it might be modestly delayed from 2023, a little bit maybe more into 2024. If the current macro environment stays as challenging, given that the new headwinds are just material that we're navigating, but it doesn't mean we have given up on that goal. We actually still fundamentally believe and will challenge ourselves to get there, if not in 2023, then definitely by 2024. Maybe, Sonia, do you want to speak to Athleta?

正如我所說，它可能會從 2023 年適度推遲，可能會稍微推遲到 2024 年。如果當前的宏觀環境仍然具有挑戰性，鑑於新的逆風只是我們正在應對的物質，但這並不意味著我們已經放棄了這個目標。實際上，我們仍然從根本上相信並將挑戰自己實現目標，如果不是在 2023 年，那麼肯定是在 2024 年。也許，索尼婭，你想和運動員談談嗎？

Yes. I think that we've been pleased with Athleta's growth, right, and has seen the growth within the portfolio. And we believe in our strategy. We believe we're doing the right work to grow our operating margins and to enable Athleta's growth. They have healthy margins. And they're also enabled by the power of the company, whether it was launch into Canada, the leverage of the e-comm site, the first-party customer data, et cetera. So we're happy with our strategy. We're focused on executing it and growing all of our brands. That being said, Katrina, and my job is always in parallel to be looking at options around value creation and your point is well taken and well understood. And we'll -- as we do always, continue to look at options.

是的。我認為我們對 Athleta 的增長感到滿意，對，並且看到了投資組合的增長。我們相信我們的戰略。我們相信我們正在做正確的工作來增加我們的營業利潤並促進 Athleta 的增長。他們有健康的利潤。他們也受到公司的力量的支持，無論是在加拿大推出、電子商務網站的槓桿作用、第一方客戶數據等等。所以我們對我們的策略感到滿意。我們專注於執行它並發展我們所有的品牌。話雖如此，卡特里娜颶風和我的工作總是同時關注價值創造的選擇，你的觀點得到了很好的理解和理解。我們將像往常一樣繼續研究選項。

That ends today's question-and-answer session, and that does conclude the Gap Inc. earnings call. You may now disconnect.

今天的問答環節到此結束，Gap Inc. 財報電話會議也就此結束。您現在可以斷開連接。