Urban Outfitters Inc (URBN) 2024 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Urban Outfitters Inc. fourth quarter fiscal 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to introduce Oona McCullough, Executive Director of Investor Relations. Ms. McCullough, you may begin.

女士們、先生們，美好的一天，歡迎參加 Urban Outfitters Inc. 2024 財年第四季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我想介紹投資者關係執行董事 Oona McCullough。麥卡洛女士，您可以開始了。

Good afternoon, and welcome to the URBN fourth quarter fiscal 2024 conference call. Earlier this afternoon, the company issued a press release outlining the financial and operating results for the 3- and 12-month period ending January 31, 2024. Following discussions may include forward-looking statements. Please note that actual results may differ materially from those stated. Additional information concerning factors that could cause actual results to differ materially from projected results is contained in the company's filings with the Securities and Exchange Commission.

下午好，歡迎參加 URBN 2024 財年第四季電話會議。今天下午早些時候，該公司發布了一份新聞稿，概述了截至 2024 年 1 月 31 日的 3 個月和 12 個月期間的財務和營運表現。請注意，實際結果可能與所述結果有重大差異。有關可能導致實際結果與預測結果有重大差異的因素的更多資​​訊包含在該公司向美國證券交易委員會提交的文件中。

On today's call, you'll hear from Richard Hayne, Chief Executive Officer, URBN; Frank Conforti, Co-President and CEO, URBN; and Melanie Marein-Efron, Chief Financial Officer, URBN.

在今天的電話會議上，您將聽到 URBN 執行長 Richard Hayne 的演講； Frank Conforti，URBN 聯合總裁兼執行長；以及 URBN 財務長 Melanie Marein-Efron。

Following that, we will be pleased to address your questions. For more detailed commentary on our quarterly performance and the text of today's conference call, please refer to our Investor Relations website at www.urbn.com.

接下來，我們將很樂意回答您的問題。有關我們季度業績的更詳細評論和今天電話會議的文本，請參閱我們的投資者關係網站 www.urbn.com。

I will now turn the call over to Dick.

我現在將把電話轉給迪克。

Thank you, Oona, and good afternoon, everyone. Before we begin our prepared remarks, it's my pleasure to welcome Shea Jensen to today's call. As you know, Shea is our new President of Urban Outfitters North America. She comes with deep experience in the apparel and accessory categories, having spent many years at Nordstrom’s and more recently, as president of Good American. Shea has been in her new role here at URBN for three weeks, so she will not be answering any questions today, but will be happy to respond to your questions on future calls.

謝謝你，Oona，大家下午好。在我們開始準備好的發言之前，我很高興歡迎謝伊詹森參加今天的電話會議。如您所知，Shea 是 Urban Outfitters 北美公司的新總裁。她在服裝和配件類別方面擁有豐富的經驗，並在 Nordstrom 工作多年，最近擔任 Good American 總裁。 Shea 已經在 URBN 擔任新職位三週了，因此她今天不會回答任何問題，但很樂意在以後的電話中回答您的問題。

With that, I'll turn the call over to Frank to begin our discussion.

這樣，我會將電話轉給弗蘭克以開始我們的討論。

Frank?

坦率？

Thank you, Dick, and good afternoon, everyone. Today I will begin the call discussing our total company fourth quarter results versus the prior year, followed by some more detailed notes by brand. Please note today I will be speaking to our financial results on an adjusted basis, which does not include non-recurring adjustments for asset impairments, lease abandonments, and a change in the revenue recognition method at Nuuly. Each of these items is detailed in our press release as well as the investor presentation that is posted to our URBN Investor Relations website.

謝謝迪克，大家下午好。今天，我將在電話會議開始時討論我們公司第四季度的整體業績與前一年相比，然後按品牌進行一些更詳細的說明。請注意，今天我將談論我們調整後的財務業績，其中不包括資產減值、租賃放棄以及 Nuuly 收入確認方法變更的非經常性調整。我們的新聞稿以及發佈在 URBN 投資者關係網站上的投資者簡報中詳細介紹了每項內容。

Now onto our results.

現在來看我們的結果。

The fourth quarter performed largely in line with our thoughts as discussed on the third quarter call. Total Company sales grew by 8% to a fourth quarter record of $1.5 billion, driven by a total retail segment comp increase of 5%, and Nuuly lease segment revenue increase of 69%, and wholesale segment revenue increase of 3%.

第四季的表現與我們在第三季電話會議上討論的想法基本一致。公司總銷售額成長 8%，達到第四季創紀錄的 15 億美元，主要得益於零售部門總銷售額成長 5%、Nuuly 租賃部門營收成長 69%、批發部門營收成長 3%。

The retail segment comp was driven by high single digit positive digital comp and a low single digit store comp. Comps in both channels were primarily the result of higher traffic and transactions. January and in particular, the second and third weeks of the month were the weakest of the quarter, as we saw a negative impact on store traffic and sales comp trends due to the winter storms and below average temperatures across the country. It was nice to see sales trends bounce back when the weather became more favorable.

零售部門的競爭是由高個位數正數字競爭和低個位數商店競爭推動的。兩個管道的競爭主要是流量和交易量增加的結果。一月份，特別是該月的第二週和第三週是本季最疲軟的，因為我們看到由於冬季風暴和全國低於平均氣溫，對商店客流量和銷售比較趨勢產生了負面影響。當天氣變得有利時，很高興看到銷售趨勢反彈。

For the quarter, the Anthropologie, Free People and FP Movement brands, all produced double-digit retail segment comp sales, with FP Movement leading the way with a 45% increase. Nuuly also delivered robust double-digit revenue growth due to a significant increase in subscribers versus the prior year. All four of these brands achieved record fourth quarter revenue, which was partially offset by negative comp at the Urban Outfitters brand.

本季度，Anthropologie、Free People 和 FP Movement 品牌的零售部門銷售額均實現了兩位數，其中 FP Movement 以 45% 的增幅領先。由於訂閱者數量較上年大幅增加，Nuuly 的營收也實現了強勁的兩位數成長。所有四個品牌第四季度收入均創歷史新高，但 Urban Outfitters 品牌的負面業績部分抵消了這一收入。

The growth in wholesale segment revenue was due to an increase in regular-priced channel sales at Free People, which was partially offset by a decline in sales at Urban Outfitters. Gross profit dollars increased 20% to $452 million, while our gross profit rate increased by 293 basis points to 30.2%. The improvement in the gross profit rate was primarily due to increased initial margins at Free People and Anthropologie. In fiscal year '24, all three brands made significant progress towards our 500 basis points IMU improvement goal and now have their sights set on completing the goal by Q4 of fiscal '25.

批發部門收入的成長歸因於 Free People 正價通路銷售額的成長，但 Urban Outfitters 銷售額的下降部分抵消了這一增長。毛利成長 20%，達到 4.52 億美元，毛利率成長 293 個基點，達到 30.2%。毛利率的改善主要是由於 Free People 和 Anthropologie 的初始利潤率增加。在 24 財年，所有三個品牌都在實現 500 個基點 IMU 改進目標方面取得了重大進展，現在的目標是在 25 財年第四季之前完成該目標。

Markdowns were flat for the quarter versus last year but were higher than planned in the month of January as Urban Outfitters needed to promote more aggressively than planned to clear through excess inventory. As a result of the additional clearance at Urban Outfitters, their comp inventory is now down 3% on a year-over-year basis and in a better position heading into the spring selling season.

本季降價幅度與去年持平，但 1 月的降價幅度高於計劃，因為 Urban Outfitters 需要比計劃更積極地促銷，以清理多餘的庫存。由於 Urban Outfitters 進行了額外的清倉，他們的庫存目前同比下降了 3%，並且在進入春季銷售季節時處於更好的位置。

Now moving on to SG&A expenses. For the quarter, SG&A increased 11% versus the prior comparable quarter and deleveraged by 58 basis points. The increase in expense and deleverage was primarily related to an increase in marketing and creative expense to support increased sales and continued customer growth, as well as higher incentive-based compensation costs due to the improved company performance.

現在轉向 SG&A 費用。本季度，SG&A 較上一季成長 11%，去槓桿化幅度達 58 個基點。費用和去槓桿化的增加主要與行銷和創意費用的增加有關，以支持銷售增加和客戶持續成長，以及由於公司業績改善而導致的基於激勵的薪酬成本增加。

URBN profit results were even more impressive than our strong sales growth. Total URBN operating income soared 90% above the prior year to $81 million and earnings jumped 84% to $66 million or $0.69 per diluted share.

URBN 的利潤結果甚至比我們強勁的銷售成長更令人印象深刻。 URBN 總營業收入比前一年飆升 90%，達到 8,100 萬美元，獲利成長 84%，達到 6,600 萬美元，攤薄後每股收益 0.69 美元。

I will now provide more details by brand, starting with Anthropologie. The Anthropologie team delivered a strong 12% retail segment comp in Q4. This increase was driven by high single-digit positive store comps and low double-digit digital comps. By category, apparel and accessories delivered nicely positive retail segment comps in the quarter, while home was flat. The strong fourth quarter completing an impressive full year of low double-digit sales comps for the brand. The impressive sales growth and healthy margin expansion drove record operating profit dollars for the fourth quarter and full-year.

我現在將按品牌提供更多詳細信息，從 Anthropologie 開始。 Anthropologie 團隊在第四季度實現了零售部門 12% 的強勁成長。這一增長是由高個位數正商店比較和低兩位數數字比較推動的。按類別劃分，服裝和配件在本季度的零售細分市場表現良好，而家居則持平。強勁的第四季度為該品牌帶來了令人印象深刻的全年低兩位數銷售業績。令人印象深刻的銷售成長和健康的利潤率擴張推動了第四季度和全年創紀錄的營業利潤。

As we enter fiscal year 2025, the Anthropologie consumer remains optimistic and continues to respond positively to a broad range of occasion and casual categories. The teams transitioned into spring early in January and the customers responding well to the fashion newness. The home category continued to see strength in the gift and entertainment category, which was partially offset by decline in furniture and decor.

隨著我們進入 2025 財年，Anthropologie 消費者仍然保持樂觀態度，並繼續對各種場合和休閒類別做出積極反應。團隊在一月初就進入了春季，顧客對時尚新品反應良好。家居品類中禮品和娛樂品類繼續保持強勢，但部分被家具和裝飾品的下滑所抵消。

During the quarter, the team's execution of the brand strategy to target a slightly younger customer continued to gain traction. New customers in the quarter in North America increased by a remarkable 26%. The strength in apparel, accessories, and gift entertainment along with the new customer acquisition, has us optimistic that the Anthropologie brand can continue to drive nicely positive comps in fiscal year '25.

本季度，該團隊以稍微年輕的客戶為目標的品牌策略的執行繼續獲得關注。本季北美地區的新客戶顯著增加了 26%。服裝、配件和禮品娛樂領域的實力以及新客戶的獲取，讓我們樂觀地認為 Anthropologie 品牌可以在 25 財年繼續推動良好的積極業績。

Now I will call your attention to Free People. Once again, the Free People team produced an outstanding quarter, with retail segment comps achieving an impressive 19% gain versus last year. Retail segment comp was driven by double-digit comp growth in both the digital and store channels. During the quarter, the brand achieved strong double-digit growth across apparel, accessories, and movement.

現在我要請你們注意自由人民。 Free People 團隊再次創造了一個出色的季度業績，零售部門的業績較去年增長了 19%，令人印象深刻。零售部門的業績受到數位通路和商店通路兩位數業績成長的推動。本季度，該品牌在服裝、配件和運動領域實現了兩位數的強勁成長。

The FP Movement brand delivered another remarkable quarter, achieving 45% retail segment growth. Record sales and improved margins helped Free People delivered record fourth quarter and full year operating profit dollars. Early customer response to the brand's spring trends has been strong, and new and total customer counts continue to grow at a double-digit rate. We believe the brand's retail segment performance could be nicely positive in fiscal year 2025.

FP Movement 品牌又迎來了一個出色的季度，零售部門實現了 45% 的成長。創紀錄的銷售額和提高的利潤率幫助 Free People 實現了創紀錄的第四季和全年營業利潤。早期顧客對該品牌春季趨勢的反應強烈，新顧客數量和總顧客數量繼續以兩位數的速度增長。我們相信品牌的零售部門業績在 2025 財年可能會非常樂觀。

The Free People wholesale segment sales increased 8% during the quarter, driven by sales gains in department stores. Segment profitability improved significantly from the prior year when the brand had elevated closeout channel sales to reduce inventory levels. We believe wholesale segment sales could be near flat in fiscal year 2025, while delivering improved profitability.

在百貨公司銷售成長的推動下，Free People 批發部門的銷售額在本季成長了 8%。與前一年相比，該品牌提高了清倉渠道銷售額以降低庫存水平，該部門的盈利能力顯著提高。我們認為 2025 財年批發部門的銷售額可能接近持平，同時獲利能力也有所提升。

Now moving on to the Urban Outfitters brand. Urban recorded a 14% retail segment comp decline in the quarter. UO's negative comp was the result of disappointing performance in both North America and Europe. Global retail segment comp declines were driven by double-digit declines in both the digital and store channels, and all product categories were negative.

現在轉向 Urban Outfitters 品牌。 Urban 本季零售業務年減 14%。 UO 的表現不佳是由於其在北美和歐洲的表現令人失望。全球零售部門的業績下滑是由數位和商店通路的兩位數下滑所推動的，所有產品類別均為負值。

When we last spoke, we noted the UO brand had excess inventory entering into the holiday season. This led to significantly higher markdowns during the fourth quarter. The brand made significant improvement on these inventory levels and is entering fiscal year 2025 with leaner inventories than the prior year. With new leadership in place and better inventory control, we believe the brand could deliver gradual comp sales improvements as the year progresses, with the first quarter of fiscal 2025 likely looking similar to the fourth quarter of fiscal year 2024.

當我們上次談話時，我們注意到 UO 品牌在進入假期季節時庫存過剩。這導致第四季的降價幅度大幅上升。該品牌在這些庫存水準上取得了顯著改善，進入 2025 財年時庫存比上一年有所減少。隨著新領導層的到位和更好的庫存控制，我們相信隨著時間的推移，該品牌的銷售業績將逐步改善，2025 財年第一季可能與 2024 財年第四季相似。

Finally, I will touch on the Nuuly business. Revenue and subscriber growth continue to outperform our expectations. For our rental business, we see the most significant growth in subscribers during the seasonally strong first and third quarters. During the fourth quarter, average subscribers ended at 195,000, growing 56% versus the prior year and 6% versus the third quarter.

最後，我要談談Nuuly的業務。收入和用戶成長持續超出我們的預期。對於我們的租賃業務，我們看到在季節性強勁的第一季和第三季訂戶成長最為顯著。第四季平均訂戶數為 195,000 人，比上一年增長 56%，比第三季增長 6%。

As you know, we have reached full capacity in our Pennsylvania fulfillment center. The team began the process of transitioning to our second facility in Raymore, Missouri, in the fourth quarter. This transition led to incremental and some nonrecurring costs in logistics, which will continue into the first quarter and abate in the second quarter. This facility will support future subscriber growth by tripling the brand's capacity. We are pleased to announce the first totes have now shipped out of Raymore, and the brand will continue to ramp up capacity as the first quarter progresses.

如您所知，我們賓州的配送中心已達到滿載運作。該團隊於第四季度開始過渡到位於密蘇裡州雷莫爾的第二個工廠。這一轉變導致物流成本增加和一些非經常性成本，這些成本將持續到第一季並在第二季減弱。該設施將透過將品牌容量增加兩倍來支持未來用戶的成長。我們很高興地宣布第一批手提袋現已從 Raymore 發貨，隨著第一季的進展，該品牌將繼續增加產能。

Let me now review the many milestones we achieved in fiscal year 2024. We delivered 8% sales growth, resulting in a new record of $5.2 billion in sales. Gross profit margin expanded by 370 basis points, culminating in operating profit growth of 70% or $162 million, which drove 86% growth in earnings per diluted share.

現在讓我回顧一下我們在 2024 財年實現的許多里程碑。毛利率擴大了 370 個基點，營業利潤最終成長 70%，即 1.62 億美元，帶動稀釋後每股收益成長 86%。

Four of our five brands delivered double-digit sales gains as well as customer growth, and our newest brand and concept, Nuuly, delivered its first ever profitable quarter. We know there's always more work to be done and improvements to be made. But I would be remiss if I didn't congratulate and thank all of our employees for their extraordinary performance in fiscal year 2024.

我們的五個品牌中有四個實現了兩位數的銷售成長和客戶成長，而我們最新的品牌和概念 Nuuly 實現了有史以來第一個盈利的季度。我們知道總是有更多的工作要做、需要改進。但如果我不對所有員工在 2024 財年的出色表現表示祝賀和感謝，那就是我的失職了。

Thank you for your time. I will now turn the call over to Melanie Marein-Efron, our Chief Financial Officer.

感謝您的時間。我現在將把電話轉給我們的財務長 Melanie Marein-Efron。

Thank you, Frank, and good afternoon, everyone. On today's call, I will discuss our thoughts on the first quarter and full fiscal year 25.

謝謝弗蘭克，大家下午好。在今天的電話會議上，我將討論我們對第一季和第 25 財年整個財年的想法。

As we begin FY 25, we believe we could deliver low single-digit comps for the full year and first quarter, driven by nicely positive comps at Anthropologie and Free People and mid double-digit revenue growth at Nuuly. We believe that the UO brand fourth quarter comp will look similar to the fourth quarter, with gradual improvement as the year progresses.

在 25 財年開始之際，我們相信，在 Anthropologie 和 Free People 良好的積極業績以及 Nuuly 中兩位數收入增長的推動下，我們可以在全年和第一季度實現低個位數的業績。我們認為，UO 品牌第四季的業績將與第四季相似，並隨著時間的推移而逐步改善。

We believe that first quarter total company sales growth could be mid single-digits. Sales growth in Q1 could result from mid double-digit growth of Nuuly segment sales versus last year, and retail segment comp sales growing in the low single digits. Our growth in the retail segment and Nuuly segments is likely to be partially offset by a slight sales decline in our wholesale segment.

我們認為第一季公司總銷售額成長可能為中等個位數。第一季的銷售成長可能是由於 Nuuly 部門的銷售額較去年實現中兩位數成長，而零售部門的銷售額成長較低的個位數。我們零售部門和 Nuuly 部門的成長可能會被批發部門銷售額的小幅下降所部分抵消。

Based on the current sales performance and plan, we believe our gross profit margins for the first quarter could improve by approximately 25 basis points versus first quarter fiscal year '24. The increase in gross profit rate could be primarily due to higher initial product margins from cross-functional initiatives, which will favorably impact initial product margins.

根據目前的銷售業績和計劃，我們認為第一季的毛利率可能比 2024 財年第一季提高約 25 個基點。毛利率的成長可能主要是由於跨職能措施提高了初始產品利潤率，這將對初始產品利潤率產生有利影響。

We believe that improvements in the initial product margin could be largely offset by higher logistics costs in the first quarter. The planned increase in logistics costs is primarily driven by the transition and start-up of the new Nuuly rental fulfillment facility in Missouri. As Frank mentioned, this transition began at the end of fiscal year '24 and will continue into the second quarter, albeit to a lesser extent.

我們認為，初始產品利潤率的提高可能會在很大程度上被第一季較高的物流成本所抵消。物流成本的計畫成長主要是由密蘇裡州新的 Nuuly 租賃履行設施的過渡和啟動所推動的。正如 Frank 所提到的，這種轉變從 24 財年末開始，並將持續到第二季​​度，儘管程度較小。

When thinking about gross profit margins for the full year, it is important to remember our three-year plan to recapture 500 basis points of initial product margin from the base established in the fourth quarter of fiscal year '22. This plan was announced two years ago on this call. This year, FY25, is the third year of our initiatives. In FY23 and FY24. We made tremendous progress as a result of lower inbound freight costs and our cross-functional initiatives to improve initial product margins. And there still is more product margin opportunity to be realized.

在考慮全年毛利率時，重要的是要記住我們的三年計劃，即在 22 財年第四季度建立的基礎上重新獲得 500 個基點的初始產品利潤率。該計劃是兩年前在這次電話會議上宣布的。今年，也就是 2025 財年，是我們採取措施的第三年。 2023 財年及 24 財年。由於入境貨運成本的降低以及提高初始產品利潤的跨職能舉措，我們取得了巨大的進步。而且還有更多的產品利潤機會可以實現。

We believe that gross profit margins in FY25 could improve by approximately 50 to 100 basis points versus the full-year fiscal '24. In FY25, improved gross profit margins could be driven by higher initial product margins at all brands and the opportunity for lower markdowns at the Urban Outfitters brand, as a result of more tightly controlled inventory in the second half of the year.

我們認為，25 財年的毛利率可能比 24 財年全年提高約 50 至 100 個基點。 25 財年，毛利率的提高可能是由於所有品牌的初始產品利潤率提高以及 Urban Outfitters 品牌由於下半年庫存控制更加嚴格而有機會降低降價，從而推動毛利率的提高。

Based on our current sales performance and financial plan, we believe total growth in SG&A could outpace sales growth for the quarter and year. The deleverage of SG&A primarily relates to the Urban Outfitters brand. While we have reduced expenses at the Urban Outfitters brand, we do not believe it is prudent to reduce expenses at the rate of negative sales performance, I believe, could occur in FY25. The growth in SG&A primarily relates to increases in marketing expenses to support growth in customers and sales in the Free People, FP Movement, Anthropologie, and Nuuly brands.

根據我們目前的銷售業績和財務計劃，我們認為銷售及管理費用的總成長可能會超過本季和年度的銷售成長。 SG&A 的去槓桿化主要與 Urban Outfitters 品牌有關。雖然我們減少了 Urban Outfitters 品牌的開支，但我認為，以 2025 財年可能出現的負銷售業績的速度減少開支並不明智。 SG&A 的成長主要與行銷費用的增加有關，以支持 Free People、FP Movement、Anthropologie 和 Nuuly 品牌的客戶和銷售成長。

In Q1, SG&A could grow in the low double digits, while the year will be much closer to our sales growth. We believe the delta between SG&A and sales growth rates will be larger in the first half of the year than the second half of the year. As always, if sales performance fluctuates, we maintain a certain level of variable SG&A spending that we can fluctuate up and down depending on how our business is performing. Our annual effective tax rate is planned to be approximately 24% for the year and 25% for the first quarter.

第一季度，SG&A 可能會以較低的兩位數成長，而這一年將更接近我們的銷售成長。我們認為上半年的銷售成長率和銷售成長率之間的差異將比下半年更大。與往常一樣，如果銷售業績出現波動，我們會維持一定程度的可變 SG&A 支出，並根據我們的業務表現進行上下波動。我們的年度有效稅率計劃全年約為 24%，第一季約為 25%。

Now moving on to inventory. As a result of the more reliable supply chain with faster speed and increased reliability, we've been able to bring product in closer to demand in the past year. This has allowed us to speed up our product turned in FY.24 and manage to a lower weeks of supply. In the coming year, we will continue to be focused on increasing our product turns. We believe that our inventory levels could grow at a rate below sales growth.

現在轉向庫存。由於供應鏈更可靠、速度更快、可靠性更高，我們在過去的一年裡能夠讓產品更接近需求。這使我們能夠加快 24 財年的產品交付速度，並減少供應週數。來年，我們將持續致力於提高產品週轉率。我們相信我們的庫存水準成長速度可能低於銷售成長速度。

As you may have noticed, our FY24 capital expenditure came in approximately $35 million lower than planned spend. FY24 capital spend was lower than plan due to timing of FY24 project cash flows, which have shifted into FY25. For FY25, capital expenditure is planned at approximately $210 million, including $35 million of timing shift of capital spend from FY24.

您可能已經注意到，我們 2024 財年的資本支出比計畫支出低了約 3,500 萬美元。由於 2024 財年專案現金流量的時間安排已轉移至 2025 財年，2024 財年資本支出低於計劃。 2025 財年的資本支出計畫約為 2.1 億美元，其中包括自 2024 財年起資本支出時間調整的 3,500 萬美元。

The FY25 capital project spend is broken down as follows. Approximately, 50% is related to retail store expansion and support. Approximately, 25% is related to logistics capacity investments, including the Nuuly rental fulfillment center in Raymore, Missouri, which Frank referenced. And the remaining 25% would be our normal capital investments supporting IT, home office, and logistics operations.

25 財年資本項目支出細分如下。大約 50% 與零售店擴張和支持有關。大約 25% 與物流能力投資有關，包括 Frank 提到的位於密蘇裡州雷莫爾的 Nuuly 租賃履行中心。剩下的 25% 將是我們支援 IT、家庭辦公室和物流營運的正常資本投資。

We will be opening approximately 58 new stores and closing approximately 21 stores during fiscal year '25. Our net new store growth is being driven by growth in FP Movement, Free People, and Anthropologie stores. During FY25, we plan on opening 25 FP Movement stores, 13 Free People stores, and 14 Anthropologie stores.

我們將在 25 財年開設約 58 家新店並關閉約 21 家店。我們的新店淨成長是由 FP Movement、Free People 和 Anthropologie 商店的成長所推動的。 25 財年期間，我們計劃開設 25 家 FP Movement 商店、13 家 Free People 商店和 14 家 Anthropologie 商店。

Based on our current plans, we plan to repurchase shares to at a minimum offset the dilution in FY25. Of course, share repurchase activity will be contingent on market conditions and Board of Director approval. As a reminder, the foregoing does not constitute a forecast but is simply a reflection of our current views. The company disclaims any obligation to update forward looking statements.

根據我們目前的計劃，我們計劃回購股票，以至少抵消 2025 財年的稀釋。當然，股票回購活動將取決於市場狀況和董事會的批准。提醒一下，上述內容並不構成預測，而只是我們當下觀點的反映。該公司不承擔任何更新前瞻性陳述的義務。

Now it is my pleasure to turn the call over to Dick Hayne, Chief Executive Officer of URBN.

現在我很高興將電話轉接給 URBN 執行長 Dick Hayne。

Thank you, Mel. As you heard from Frank and Mel, four of our brands, Anthropologie, Free People, FP Movement, and Nuuly, all delivered strong Q4 performances. And given their current trends, I'm optimistic about their prospects for this year. We believe each of these brands can continue to post healthy comps, albeit at a somewhat lower rate than last year. Our fifth brand Urban Outfitters continued to fall short of our expectations with double-digit negative comps in Q4, and they remain negative so far in February.

謝謝你，梅爾。正如您從 Frank 和 Mel 那裡聽到的，我們的四個品牌 Anthropologie、Free People、FP Movement 和 Nuuly 在第四季度均表現強勁。鑑於他們目前的趨勢，我對他們今年的前景感到樂觀。我們相信這些品牌都可以繼續發布健康的業績，儘管成長略低於去年。我們的第五個品牌 Urban Outfitters 繼續低於我們的預期，第四季的業績為兩位數負值，並且 2 月迄今仍為負值。

Today, I'll discuss the opportunities we see for sales growth this year and say a few words about our current view of the consumer. Entering our fiscal year 2025, we enjoy two young, fast-growing brands, plus two larger brands that posted excellent comps and gained market share last year. For FY25, we are planning a similar outcome for these four brands, but expect comp sales to moderate slightly. In Q1, we are planning total retail segment comps to be around 3% and total URBN revenues to increase by mid-single digits.

今天，我將討論我們今年看到的銷售成長機會，並談論我們目前對消費者的看法。進入 2025 財年，我們擁有兩個年輕且快速成長的品牌，以及兩個去年發佈出色業績並獲得市場份額的較大品牌。對於 25 財年，我們計劃為這四個品牌帶來類似的結果，但預計比較銷售額將略有放緩。第一季度，我們計劃零售部門總收入成長 3% 左右，URBN 總營收成長中個位數。

I'll now discuss each brand, starting with Anthropologie. The focus at Anthro has been on modernizing the product assortment, enhancing the store and digital selling environments, and providing inspirational creative content. This has allowed the brand to grow its customer base across multiple age demographics, with a particular emphasis on capturing additional customers under 40.

我現在將討論每個品牌，從 Anthropologie 開始。 Anthro 的重點是產品種類的現代化、改善商店和數位銷售環境以及提供鼓舞人心的創意內容。這使得該品牌能夠擴大其跨多個年齡層的客戶群，特別注重吸引 40 歲以下的更多客戶。

To reach that younger customer, the team modernized core categories like denim and dresses, elevated the market brands offered, and accentuated product categories that resonate especially well with younger customers, like intimate apparel, accessories, and shoes. These efforts saw great success in fiscal '24 and helped to drive a 12% comp increase and a 26% increase in new customers in Q4.

為了吸引年輕客戶，團隊對牛仔布和連身裙等核心類別進行了現代化改造，提升了所提供的市場品牌，並強調了特別能與年輕客戶產生共鳴的產品類別，例如貼身服裝、配件和鞋子。這些努力在 24 財年取得了巨大成功，並幫助推動第四季度公司業績成長 12%，新客戶數量成長 26%。

Building on this success, for spring, the team has expanded to new product concepts with dedicated shop-in-shops inside 50 Anthropologie stores and featured these concepts on Anthropologie.com. The first shop consist of vacation-ready fashion essentials like sun dresses, cover ups, sandals, shorts, accessories, and skin care.

在此成功的基礎上，團隊在春季推出了新產品概念，在 50 家 Anthropologie 商店內設立了專門的店中店，並在 Anthropologie.com 上展示了這些概念。第一家商店出售度假時尚必需品，如太陽裙、罩衫、涼鞋、短褲、配件和護膚品。

The second shop features an expanded range of intimates, lounge wear, sleep and beauty essentials. These two concepts are enjoying outsized comp gains on helping to drive nicely positive retail segment comp increases in February. Overall, we believe the Anthropologie Group can deliver mid-single digit comps for the year and the first half.

第二家商店提供更多的內衣、家居服、睡眠和美容必需品。這兩個概念正在享受巨大的利潤，有助於推動 2 月零售部門的利潤大幅成長。總體而言，我們相信 Anthropologie Group 能夠在今年和上半年實現中個位數的業績。

Moving to the Free People brand where FP Movement continues to lead this brand's remarkable growth. Last year, Movement achieved retail segment growth of 53% and has continued to deliver powerful double-digit retail segment comp growth in February this year. Movement continues to focus on growing its brand recognition and broadening its reach across all three channels of distribution.

轉向 Free People 品牌，FP Movement 繼續引領品牌的顯著成長。去年，Movement 零售業務實現了 53% 的成長，並在今年 2 月繼續實現強勁的兩位數零售業務成長。 Movement 繼續致力於提高其品牌知名度並擴大其在所有三個分銷管道的影響力。

Last year, Movements' 38 standalone stores far surpassed our performance expectations, with average sales per square foot exceeding those at the average Free People locations. We believe this provides an opportunity to open many additional stores and increase the size of new stores to approximately 2,600 gross square feet or 30% larger than the current fleet average.

去年，Movements 的 38 家獨立店遠遠超出了我們的業績預期，每平方英尺的平均銷售額超過了 Free People 門市的平均銷售額。我們相信，這提供了開設更多商店並將新商店面積增加到約 2,600 總平方英尺或比目前平均水平大 30% 的機會。

Our data confirms that opening new brick and mortar location not only augments brand recognition, but also list digital sales in the surrounding ZIP codes. In FY25, the team plans to open an additional 25 movement stores, a 66% increase over the current base. We believe that Movement has the highest store count opportunity of all URBN brands, both in North America and globally. The wholesale channel provides Movement with an additional method of building name and recognition. Partnering with premier activity base specialty accounts gives the brand additional credibility within the active wear space and helps to drive engagement.

我們的數據證實，開設新的實體店不僅可以增強品牌認知度，還可以在周圍的郵遞區號中列出數位銷售。 2025 財年，團隊計劃再開設 25 家機芯專賣店，比目前基數增加 66%。我們相信，Movement 在所有 URBN 品牌中擁有最多的門市數量機會，無論是在北美還是全球。批發管道為Movementation 提供了另一種建立知名度和知名度的方法。與一流的活動基礎專業客戶合作可以提高品牌在運動服裝領域的可信度，並有助於提高參與度。

The Free People collection business also plans to deliver solid growth. This year, the team will execute a growth strategy centered on attracting additional digital customers through more robust marketing efforts, while expanding the product offering in areas like footwear and accessories. The brand is also expanding its sub-brand Free-est, which concentrates on effortless attire with a beach sensibility. T

Free People 系列業務也計劃穩健成長。今年，該團隊將執行一項成長策略，重點是透過更強有力的行銷努力吸引更多數位客戶，同時擴大鞋類和配件等領域的產品供應。該品牌還在擴展其子品牌 Free-est，該品牌專注於具有海灘風格的休閒服裝。時間

o that end in mid-February, the brand opened a 28 hundred square foot Free-est pop-up shop in Palm Beach, Florida, that is generating sales significantly above our very optimistic plan. While still early days for this sub brand, expanding the Free-est concept might provide yet another growth opportunity for the Free People brand and the future stay tuned.

2 月底，該品牌在佛羅裡達州棕櫚灘開設了一家 2800 平方英尺的 Free-est 快閃店，其銷售額遠遠超出了我們非常樂觀的計劃。雖然該子品牌仍處於早期階段，但擴展 Free-est 概念可能會為 Free People 品牌提供另一個成長機會，未來敬請期待。

I now turn your attention to Nuuly, URBN fast-growing apparel rental business. Nuuly delivered an exceptionally strong fiscal year, outpacing expectations for both top and bottom line performance and recording its first profitable quarter in Q3. Faster than planned subscriber growth during the year accelerated the brand's need to invest in a second fulfillment center. That center located outside Kansas City is now operational and will slowly ramp up fulfillment in the first quarter.

現在我將你們的注意力轉向 Nuuly，URBN 快速成長的服裝租賃業務。 Nuuly 交付了異常強勁的財年，其營收和利潤表現都超出了預期，並在第三季度實現了首個盈利季度。年內用戶成長快於計劃，加速了該品牌投資第二個營運中心的需求。該中心位於堪薩斯城外，現已投入運營，並將在第一季緩慢提高履行量。

Opening this facility has created additional one-time expenses, thus in Q4, Nuuly incurred a small operating loss, and we expect a slightly larger loss in Q1. However, we plan for the brand to return to profitability in Q2 and be profitable for the full year. At full capacity, the new facility will allow the total number of subscribers to more than triple from current levels.

開設該設施產生了額外的一次性費用，因此在第四季度，Nuuly 出現了小幅營運虧損，我們預計第一季的虧損會稍大。不過，我們計劃該品牌在第二季度恢復盈利，並全年實現盈利。新設施滿載運轉後，用戶總數將比目前水準增加三倍以上。

We are acutely aware that our single largest opportunity to improve URBN's bottom line is turning around the Urban brand in North America. To that end, we are highly focused on building the team, improving the product offering, and strengthening our marketing efforts.

我們敏銳地意識到，提高 URBN 利潤的最大機會是扭轉北美的 Urban 品牌。為此，我們高度重視團隊建立、改善產品供應和加強行銷工作。

As I announced earlier, Shea Jensen has joined the UO team as President of North America. Additionally, Dmitri Siegel has rejoined the team as Chief Creative and Digital Officer. I believe these two leaders working with their teams and Sheila will spearhead the brands renaissance in North America. Our plan calls for the brand to deliver slow but steady progress over the course of this year and reach flat comps in Q4.

正如我之前宣布的，Shea Jensen 已加入 UO 團隊，擔任北美區總裁。此外，德米特里·西格爾 (Dmitri Siegel) 已重新加入團隊，擔任首席創意和數位長。我相信這兩位領導者與他們的團隊以及希拉將引領北美品牌的復興。我們的計劃要求該品牌在今年取得緩慢但穩定的進展，並在第四季度實現持平。

Turning now to the health of our customers. We believe, they as a group, are in good shape. They're not as exuberant as they were when first coming out of the pandemic. They don't have as many weddings and events to attend. They are less apt to move and have recently refurbished their living spaces. So demand for categories like dressy or footwear and home furnishings are trending softer.

現在轉向我們客戶的健康。我們相信，他們作為一個整體，狀態良好。他們不再像剛走出疫情時那樣充滿活力。他們沒有那麼多的婚禮和活動可以參加。他們不太願意搬家，最近翻新了他們的生活空間。因此，對服裝、鞋類和家居用品等品類的需求趨於疲軟。

But they do enjoy a secure job and are earning more money than ever. They tend to be optimistic, want the latest fashion, and are willing to spend some of those extra earnings to enjoy them. Their mood and financial condition create an environment conducive to our brand success. Our job, as always, is to ensure that we give them the products and experiences that exceed their expectations. We believe we are poised to do just that.

但他們確實享有一份有保障的工作，而且賺的錢比以往任何時候都多。他們往往很樂觀，想要最新的時尚，並且願意花一些額外的收入來享受它們。他們的情緒和財務狀況創造了有利於我們品牌成功的環境。一如既往，我們的工作是確保為他們提供超越他們期望的產品和體驗。我們相信我們已經準備好做到這一點。

In closing, I thank our brand and shared service leaders, their merchant creative and operating teams, and our 27,000 associates worldwide. They delivered an outstanding record-setting performance in FY24. I also recognize and thank our many partners around the globe. Finally, I thank our shareholders for their continued support.

最後，我感謝我們的品牌和共享服務領導者、他們的商家創意和營運團隊，以及我們在全球的 27,000 名員工。他們在 2024 財年取得了創紀錄的出色表現。我還認可並感謝我們在全球的眾多合作夥伴。最後，我感謝我們的股東一直以來的支持。

That concludes our prepared remarks, and I now turn the call over for your questions.

我們準備好的發言就到此結束，現在我將電話轉交詢問你們的問題。

(Operator Instructions) Lorraine Hutchinson, Bank of America.

（操作員指示）Lorraine Hutchinson，美國銀行。

Thank you, good afternoon. My question is on the Urban Outfitters brand. Now that Shae and Dimitri are on board, how quickly can they impact the product and then the marketing message?

謝謝你，下午好。我的問題是關於 Urban Outfitters 品牌。既然 Shae 和 Dimitri 加入了，他們能多快地影響產品以及行銷訊息？

Lorraine, I can take that. I feel like jumping in, Shae and Dmitry are highly focused on our back-to-school timeframe and been such a point for the Urban Outfitters brand. And so their focus is really on a larger impact in Q3. Although, I can say they're dissecting all parts of the business as much as they can immediately.

洛林，我可以接受。我想插話一下，Shae 和 Dmitry 高度關注我們的返校時間表，這也是 Urban Outfitters 品牌的一個重點。因此，他們的重點實際上是在第三季產生更大的影響。儘管如此，我可以說他們正在立即盡可能地剖析業務的各個部分。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great, thanks. So Dick, could you elaborate on the positive response that you cited to early spring offering? And then larger picture, you spoke to the successful customer base expansion at Anthropologie, I guess, what do you see as key to the turnaround at the Urban brand from here?

萬分感謝。迪克，您能詳細說明一下您對早春產品的積極反應嗎？然後從更大的角度來看，您談到了 Anthropologie 成功的客戶群擴張，我想，您認為 Urban 品牌從這裡開始扭轉局面的關鍵是什麼？

Okay, Matthew. I will try to do both of those things. The key to the Urban brand, as we said, all along is having leadership in place. And secondarily, I'm happy to announce that we have undertaken a comprehensive brand review and we're looking at all areas of the business. So I can't tell you what is going to come out of that review. But I will say having the leadership in place is the number one element that will help the brand turnaround.

好吧，馬修。我會嘗試做這兩件事。正如我們所說，Urban 品牌的關鍵始終是領導力到位。其次，我很高興地宣布，我們已經進行了全面的品牌審查，並且正在考慮業務的所有領域。所以我無法告訴你該評論會得出什麼結果。但我想說的是，領導到位是幫助品牌轉虧為盈的首要因素。

And sorry, the -- spring. Well, the way I judge that is by sales, and sales are trending reasonably in line with Q4 sales. And so I would say that she and in Urban's case, he are responding are very much in line with what they were responding to prior year, which was very good. So we're seeing good comps, and that's a tribute to the selection and the assortment that the brand leaders have done.

對不起，春天。嗯，我判斷的方式是透過銷售，銷售趨勢與第四季的銷售相當一致。所以我想說，她和厄本的情況，他的回應與他們去年的回應非常一致，這非常好。所以我們看到了很好的比較，這是對品牌領導者所做的選擇和分類的致敬。

Adrienne Yih, Barclays.

艾德麗安‧易 (Adrienne Yih)，巴克萊銀行。

Great, thank you very much, good afternoon. Dick, my question is for you is on, obviously, Urban Outfitters. Wondering if there's any thought that perhaps the new formats are coming down in a drain on Anthropologie, maybe impacting sort of those at the higher end of Urban? And then, what would make you kind of consider maybe rationalizing the store base at Urban Outfitters?

太好了，非常感謝，下午好。迪克，我的問題顯然是在 Urban Outfitters 上問你的。想知道是否有人認為新的格式可能會耗盡人類學的資源，也許會影響城市高端的一些人？那麼，什麼會讓您考慮合理化 Urban Outfitters 的商店基地呢？

And then for Melanie, on the gross margin, can you just help us understand on Anthro, Free People. there seem to be at peak operating margins profitability, so how much further do you think that's sustainable and how much further can the overall URBN gross margins go if you get a turn at UL? Thank you.

然後，梅蘭妮，關於毛利率，你能幫助我們了解 Anthro、Free People 嗎？營業利潤率似乎達到了峰值，那麼您認為這種情況還能持續多久？謝謝。

Okay, Adrienne, even though there's more than one question there, we will try to answer them. On Urban Outfitters overlap with Anthropologie, we have explored that a number of times through focus groups, and we have found that there's actually very little. Now there are some categories of product like bedding that we sometimes see some overlap, but I think that's fairly minor. I think there's more overlap between Urban and Free People. And given the current fashion proclivity for femininity, I think Free People has always been known for that femininity, and we could see some bleed from Urban customers into the Free People brand. But Anthropologie, probably not.

好的，艾德麗安，儘管問題不只一個，我們也會盡力回答。關於 Urban Outfitters 與 Anthropologie 的重疊，我們已經透過焦點小組多次探討過，但我們發現實際上很少。現在有一些產品類別，例如床上用品，我們有時會看到一些重疊，但我認為這是相當小的。我認為都市人和自由人之間有更多的重疊。考慮到當前時尚界對女性氣質的偏好，我認為 Free People 一直以女性氣質而聞名，我們可以看到一些 Urban 消費者融入 Free People 品牌。但人類學可能不會。

Hi, this is Frank, Adrienne. As it relates to gross profit, I think we did say on our prepared remarks, we think all brands have continued IMU opportunity. So obviously, that would add to gross profit. And I think there's always markdown rate opportunity as it relates to just better inventory control and speed, which can happen at all brands. But obviously, the biggest impact that we're looking for this year is for that to come from the Urban Outfitters brand. But yes, we still think that there's still opportunity for all brands to improve upon their rates.

嗨，這是弗蘭克，艾德麗安。由於它與毛利有關，我認為我們在準備好的演講中確實說過，我們認為所有品牌都有繼續 IMU 的機會。顯然，這會增加毛利。我認為降價機會總是存在的，因為它與更好的庫存控制和速度有關，這可能發生在所有品牌上。但顯然，我們今年期待的最大影響來自 Urban Outfitters 品牌。但是，是的，我們仍然認為所有品牌仍有機會提高其價格。

Paul Lejuez. Citi.

保羅·勒胡埃斯.花旗。

Hi. Thank you for taking my question. Just a follow-up on the IMU opportunity as always. Could you just dig in there a little bit about what exactly will be some of those initiatives that are kind of improve the IMU this year outside of new? Just trying to understand that kind of product costs related, is there anything you could dig in on the specific initiatives?

你好。感謝您回答我的問題。一如既往，只是 IMU 機會的後續行動。您能否深入了解今年除了新舉措之外，還有哪些舉措能夠改進 IMU？只是想了解與此類產品成本相關的內容，您是否可以深入了解具體措施？

And then secondly, on the Free People Movement business, I know you recently entered -- just wondering how the business is performing there? How many doors are you in? And whether there's opportunity to expand into some other national retailers? Thank you.

其次，關於自由人民運動業務，我知道您最近進入了——只是想知道那裡的業務表現如何？你在幾扇門？是否有機會擴展到其他一些全國性零售商？謝謝。

Okay. I will try to start that with IMU improvement. Our initiative has had a majority of success due to a reduced transportation costs. Now that reduced transportation costs was partially due to reduced rates in ocean and airfreight over the last two years, so that drove a lot. But we have also driven a lot of our airfreight that we used to do and converted that to ocean freight, which as you know, is much less expensive.

好的。我將嘗試從改進 IMU 開始。由於運輸成本降低，我們的措施取得了大部分成功。現在，運輸成本的降低部分是由於過去兩年海運和空運費率的降低，因此推動了很多。但我們也將過去的大量空運轉變為海運，正如你所知，海運要便宜得多。

And in addition to that, we've increased our internal brand penetration which has a greater IMU than what we can get in the market. We have concentrated on the fill rates in our containers, trying to get more product into each container. We've looked at purchasing or we are doing a purchase of more fabric and yarn and other raw materials directly from the mills. And in addition to that, we have leveraged have multiple styles across the same fabric, so that the fabric expense is less.

除此之外，我們還提高了內部品牌滲透率，其 IMU 比我們在市場上獲得的產品更高。我們專注於容器的填充率，試圖將更多的產品放入每個容器中。我們已經考慮過採購，或正在直接從工廠購買更多的布料、紗線和其他原料。除此之外，我們也利用同一布料的多種款式，從而減少布料費用。

Going forward, we have additional process improvements that are or will be a result of better use of technology and automation. So those are the things that we have done and are continuing to do. But like Frank and Mel both said, we believe that the 500 basis points that we're delivering in the three years is a great start, but there's more to come.

展望未來，我們將進行更多流程改進，這些改進是或將是更好地利用技術和自動化的結果。這些就是我們已經做過並且正在繼續做的事情。但正如弗蘭克和梅爾所說，我們相信我們在三年內實現的 500 個基點是一個很好的開端，但未來還會有更多。

Thank you --

謝謝 -

She was --

她 -

I can hop on regards to movement. We've been really pleased with our partnership with Sporting Goods. I feel like it giving us a lot of credibility in this active lifestyle space, along with very strong other brands in the market. So we feel really proud of we love how they take care of the brand and the product within the store space. And I think that partnership hopefully will continue to be very positive go forward.

我可以繼續關注運動。我們對與體育用品公司的合作感到非常滿意。我覺得它為我們在這個積極的生活方式領域以及市場上非常強大的其他品牌帶來了巨大的可信度。因此，我們為我們喜歡他們在商店空間內照顧品牌和產品的方式感到非常自豪。我認為這種夥伴關係有望繼續非常積極地向前發展。

As far as the rest of our wholesale intention with FP Movement. they focus around three areas that the active lifestyle focused on: outdoor special -- outdoor run and studio space. And we believe each of these has a huge opportunity within the wholesale channel to thrive and to represent the brand very strongly.

至於我們與 FP Movement 的批發意圖的其餘部分。他們專注於積極生活方式所關注的三個領域：戶外特色——戶外跑步和工作室空間。我們相信，每一個在批發管道中都有巨大的機會蓬勃發展並強有力地代表品牌。

Dana Telsey, Telsey Advisory Group.

達納‧特爾西，特爾西諮詢小組。

Hi, good afternoon, everyone. Dick, as you talked about the study that the Urban Outfitters division is undergoing, are you using an external firm to do that strategic study with you? What's the time frame of when you expect to have the results of that study, and that holistic and examining every part of the business?

嗨，大家下午好。迪克，當您談到 Urban Outfitters 部門正在進行的研究時，您是否正在使用外部公司與您一起進行策略研究？您期望在什麼時間範圍內獲得該研究的結果以及對業務各個部分的整體檢查？

And then just lastly, on the margins and inventory levels, what are you seeing from any issues in the Red Sea? Is that delayed? Is it particularly home or how you're thinking about it? Thank you.

最後，關於利潤和庫存水平，您從紅海的任何問題中看到了什麼？這樣有延遲嗎？它特別像家嗎？謝謝。

Okay, Dana. The Urban Outfitters brand, as I said, we've begun a comprehensive brand review. We're looking at all aspects of the business from who the target customer is, to the store footprint, and fleet size, and all aspects of brand marketing. There's a number of other topics that we're doing under the review. I think we've listed about 9 or 10 so far. And we think this study will take better part of a few months, and we are more than happy to update you on our progress in future calls.

好的，達納。 Urban Outfitters 品牌，正如我所說，我們已經開始進行全面的品牌審查。我們正在關注業務的各個方面，從目標客戶是誰，到商店佔地面積、車隊規模，以及品牌行銷的各個方面。我們正在審查許多其他主題。我想到目前為止我們已經列出了大約 9 或 10 個。我們認為這項研究將花費幾個月的時間，我們非常樂意在未來的電話會議中向您通報我們的最新進展。

Dana, this is Frank. As it relates to the Red Sea, just want to note that we have included the estimated impact of the Red Sea and our planned expenses for fiscal '25. So and that does impact our baked into our plan for the 50 to 100 basis points of gross profit margin improvement.

達納，這是法蘭克。由於它與紅海有關，我只想指出，我們已經包括了紅海的估計影響和我們 25 財年的計劃支出。因此，這確實影響了我們將毛利率提高 50 到 100 個基點的計畫。

I think right now, what we're seeing is reliability in the region, which is good. And what that means is that we know where our ships are and what our costs are. That wasn't the case to when things first went down over there. What I would say, unfortunately, though, is the ships are obviously taking extra time and costing a bit more as most are currently taking a long way around the southern tip of Africa.

我認為現在我們看到的是該地區的可靠性，這很好。這意味著我們知道我們的船隻在哪裡以及我們的成本是多少。當那裡的事情第一次發生時，情況並非如此。但不幸的是，我想說的是，這些船隻顯然需要額外的時間和成本，因為大多數船隻目前都在非洲南端航行很長一段路。

Marni Shapiro, The Retail Tracker.

Marni Shapiro，零售追蹤者。

Hey, guys, thanks so much. I do have a couple of quick Nuuly questions. I guess, how quickly, you talked about the new fulfillment center -- I'm curious how quickly you think it will come up to speed, so that it's really kind of chugging along? And then could you talk a little bit about the Nuuly shopper? Are you seeing a lot of cross between the shopper Free People, Anthro, guessing a little bit less Urban, or are they new to the company? If you could just talk a little bit about that. Are they driving? Is it easier to kind of grab them from the other brands? Are these new people coming to you that have not shopped with you before?

嘿，夥計們，非常感謝。我確實有幾個 Nuuly 問題。我想，你談到新的履行中心的速度有多快——我很好奇你認為它會以多快的速度加快速度，所以它真的是一種緩慢發展的方式？那麼您能談談 Nuuly 購物者嗎？您是否看到 Free People、Anthro 等購物者之間存在很大的交叉，而 Urban 的猜測則少一些，還是他們是公司的新人？如果你能談談這一點就好了。他們在開車嗎？從其他品牌獲取它們是否更容易？這些新來的人是不是以前沒有和您一起購物過？

Yeah, Marni. Thanks for the Nuuy questions. I'll start with the customer first. We do see some overlap with customers that come into Nuuly from our sister brands. A reasonably healthy overlap, but we do see a fair amount of customers that come into URBN for the first time, which has been a really nice surprise. So it's a little bit of both. It's a good, healthy mix of customers that come in from the brands as well as come in due to URBN.

是的，瑪尼。感謝您提出問題。我先從客戶開始。我們確實看到與我們姐妹品牌進入 Nuuly 的客戶有一些重疊。這是一個相當健康的重疊，但我們確實看到相當多的客戶是第一次進入 URBN，這真是一個驚喜。所以兩者兼而有之。這是一個良好、健康的客戶組合，既有來自品牌的客戶，也有來自 URBN 的客戶。

In regards to the Missouri building, it's actually up and operational now. The building has been operating for the better part of the last four, five weeks, in terms of actually processing inventory, getting units out the door, and actually shipping a new lease to customers. It's a tricky process in that we have to move a fair amount of inventory ahead of the subscribers that are being moved to that building. But now that that has occurred, we're in the process of migrating subscribers to the Missouri building and actually shipping customer orders out from there.

至於密蘇里大樓，它實際上已經建成並投入使用。在過去四、五週的大部分時間裡，該大樓一直在運營，包括實際處理庫存、將單位出貨以及向客戶實際運送新的租賃合約。這是一個棘手的過程，因為我們必須先於將訂戶轉移到大樓之前轉移相當數量的庫存。但既然已經發生了，我們正在將訂戶遷移到密蘇裡州大樓，並實際上從那裡運送客戶訂單。

So that transition will happen through the better part of Q1. By the end of Q1, we anticipate we'll be operating about a quarter of our subscriber base out of that building. We think we'll see some of the incremental costs that we saw in Q4 carried through into Q1 and slightly into Q2, as we ramp up that building.

因此，這種轉變將在第一季的大部分時間發生。到第一季末，我們預計大約四分之一的用戶群將在該大樓外運作。我們認為，隨著我們加強建設力度，我們將看到第四季度的一些增量成本將延續到第一季度，並略有進入第二季度。

But I do want to reiterate that we feel very excited about this growth opportunity at Nuuly. The building is a big milestone for the brand. We feel even more encouraged about the opportunity at Nuuly to be a very sizable business. We think there is a large and growing market for rental apparel in the United States that we are tapping into. And we do think, as we've said before, that this could be the next URBN billion-dollar brand.

但我確實想重申，我們對 Nuuly 的這個成長機會感到非常興奮。該建築是該品牌的一個重要里程碑。對於 Nuuly 有機會成為規模非常大的企業，我們感到更加鼓舞。我們認為美國有一個巨大且不斷成長的服裝租賃市場，我們正在開發這個市場。正如我們之前所說，我們確實認為這可能是下一個 URBN 價值數十億美元的品牌。

And this building is really a testament -- the investment in this building is really a testament to that resolve and that excitement. So as we've said before, we're going to be tripling our network capacity up to 600,000 subscribers. Our new building will be much more automated than our existing building, which should lead to efficiencies. And we think we'll see some delivery expense improvements as we operate more out of this building, as well as a faster delivery experience for customers. So it should result in a much-improved situation and a lot of headroom for the brand.

這座建築確實是一個證明——對這座建築的投資確實證明了這種決心和興奮。正如我們之前所說，我們將把網路容量增加兩倍，達到 60 萬個用戶。我們的新建築將比現有建築更加自動化，這應該會提高效率。我們認為，隨著我們在這棟大樓內開展更多業務，我們將看到一些送貨費用的改善，以及為客戶帶來更快的送貨體驗。因此，這應該會帶來很大的改善，並為品牌帶來很大的發展空間。

Alex Straton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

Perfect. Thanks so much for taking my questions. I just have two for you. One is on Free People Movement. Can you just elaborate on the positioning of that brand from a competitive standpoint, and who you think of the peers? And what you think about the size of that business over time? And then my second question is just on gross margin and that 500 bps of opportunity over time. What is the ceiling? So should Urban be going to 35% gross margin over time? I'm just trying to understand where we're at exactly make sure that's all tied up. Thanks a lot again.

完美的。非常感謝您回答我的問題。我只有兩個給你。一是關於自由人民運動。您能否從競爭的角度詳細說明一下品牌的定位以及您對同行的看法？隨著時間的推移，您對該業務的規模有何看法？然後我的第二個問題是關於毛利率和隨著時間的推移 500 個基點的機會。什麼是天花板？那麼隨著時間的推移，Urban 的毛利率應該達到 35% 嗎？我只是想了解我們現在所處的位置，確保一切都緊密相連。再次非常感謝。

Okay, I'll take the first question. Around FP Movement, we believe, as Dick alluded to that this brand has the opportunity to be one of the largest -- certainly larger than our Free People brand. And we think it will help a great deal of consumers with being true to its roots, which is an active lifestyle, the merge of fashion along with performance.

好的，我來回答第一個問題。關於 FP Movement，我們相信，正如迪克所提到的，這個品牌有機會成為最大的品牌之一——當然比我們的 Free People 品牌還要大。我們認為它將幫助大量消費者忠於其根源，即積極的生活方式，時尚與性能的融合。

And I think how it differentiates itself is just that the idea that you can be fashionable and have a performance point of view, as well as being highly female centric brand. I think there are other brands that I think we would say we're sharing our wallet share with. But for our focus, it's around the female athlete, female consumer, and that's where we plan to stay focused to win.

我認為它的與眾不同之處在於它的理念是你可以時尚、有性能觀點，以及高度以女性為中心的品牌。我認為還有其他品牌我們會說我們正在與之分享我們的錢包份額。但就我們而言，我們的重點是女性運動員、女性消費者，這就是我們計劃保持專注以贏得勝利的地方。

And Alex, this is Frank, sorry to interrupt. Sheila. On gross profit margin, as we said, we think we have about 50 to 100 basis points of opportunity this year. As Dick noted, we do think we'll hit that 500 basis point mark by Q4 of this year. But we don't think we're done at IMU. We still think that there are some other cross-functional initiatives to unlock and we do think technology is going to play a big role in that.

亞歷克斯，我是弗蘭克，很抱歉打擾。希拉。關於毛利率，正如我們所說，我們認為今年我們有大約 50 到 100 個基點的機會。正如迪克所指出的那樣，我們確實認為到今年第四季我們將達到 500 個基點大關。但我們認為 IMU 的工作還沒結束。我們仍然認為還有一些其他跨職能舉措需要解鎖，並且我們確實認為科技將在其中發揮重要作用。

I would also say, relative to the company, we don't think the Urban brand will be fully there yet from a markdown rate perspective, and we'll probably still have for the full year, elevated markdown rates and opportunity for continued improvement there.

我還想說，相對於該公司，從降價率的角度來看，我們認為 Urban 品牌還不會完全實現這一目標，而且全年我們可能仍會擁有較高的降價率和持續改進的機會。

I do think it's important also just to take a pause. We've been talking a lot about getting to 10% operating profit and hitting that double digit mark. Here as a company, obviously, fiscal '24, hitting 270 basis points improvement in rate and operating profit and 70% growth in operating profit dollars, leaves us confident. And then we talked about the gains and opportunities to come yet here in fiscal '25.

我確實認為暫停一下也很重要。我們一直在談論如何實現 10% 的營業利潤並達到兩位數的目標。顯然，作為一家公司，24 財年，利率和營業利潤提高了 270 個基點，營業利潤增加了 70%，這讓我們充滿信心。然後我們討論了 25 財年的收穫和機會。

But speaking to long term, obviously, turning UO is our biggest opportunity. When that business recovers, it's going to contribute significantly to our increased profitability. But UO is not the only opportunity, right? FP Movement, which delivered 53% retail segment growth this past year is running a very nice double-digit operating profit rate. So as that brand continues to grow and as Sheila just mentioned, we think the ceiling is pretty high on that brand, that's going to contribute nicely to URBN.

但從長遠來看，顯然，轉向 UO 是我們最大的機會。當該業務復甦時，它將為我們提高盈利能力做出重大貢獻。但UO並不是唯一的機會，對吧？ FP Movement 去年零售業務成長了 53%，營運利潤率非常不錯，達到了兩位數。因此，隨著該品牌的不斷發展，正如 Sheila 剛才提到的，我們認為該品牌的上限相當高，這將為 URBN 做出很好的貢獻。

The Free People brand in total is our most profitable brand on a rate basis, and continues to grow at an exceptional pace. If they continue to gain larger penetration of URBN, they'll also going to contribute to rate growth as well as dollars growth. And then Anthropologie delivered record operating profit dollars this year in fiscal '24. And I know Anthro believes that they can -- the brand can continue to deliver more and is planning to do so in fiscal '25.

以費率計算，Free People 品牌整體上是我們最賺錢的品牌，並且持續以驚人的速度成長。如果他們繼續獲得更大的 URBN 滲透率，他們也將為利率成長和美元成長做出貢獻。 Anthropologie 今年 24 財年的營業利潤創歷史新高。我知道 Anthro 相信他們可以——該品牌可以繼續提供更多服務，並計劃在 25 財年實現這一目標。

And certainly Lastly, as Dave mentioned, we believe Nuuly could deliver their first year of operating profit this year, and could continue to build from there and helping to URBN to grow our operating profit for years. So we think there's gross profit margin opportunity, and then I think what I'm just trying to stress here is there's not a lot of levers here where we think we can continue to grow our operating profit dollars and rate for several years to come.

當然最後，正如 Dave 所提到的，我們相信 Nuuly 可以在今年實現第一年的營業利潤，並可以在此基礎上繼續發展，幫助 URBN 多年來增加我們的營業利潤。因此，我們認為存在毛利率機會，然後我想我在這裡想強調的是，我們認為我們可以在未來幾年繼續增加營業利潤和利率的槓桿並不多。

Ike Boruchow. Wells Fargo.

艾克·博魯喬.富國銀行。

Thanks so much. Just wanted to -- Dick, just I wanted to go back to the comp guidance. I don't mean to nitpick. But you had said 3% comp guide for 1Q, but I think in the answer you said spring was trending reasonably in line with 4Q. I am just trying to understand, are you running at three? Are you running above that and expecting a deceleration? I just want to make sure I understood what the quarter-to-date look like.

非常感謝。我只是想——迪克，我只是想回到比較指南。我並不是故意要吹毛求疵。但您曾說過第一季的補償指南為 3%，但我認為在答案中您說春季的趨勢與第四季相當一致。我只是想了解一下，你三點鐘跑步嗎？您是否在高於該值的情況下運行並期待減速？我只是想確保我了解季度至今的情況。

okay, Ike, good catch. Our February sales results right now remain strong and they're very similar to the fourth quarter results. But as I said before, it is a touch softer than Q4 results, both by total and by brand. We're currently running slightly ahead of our Q1 plan, which calls for a total retail segment comp sales of 3%. So is it going to come down a bit and hit the 3% or be slightly above. I can't tell you that, Ike. if I could, I'd probably be wrong in the investment world not here.

好吧，艾克，幹得好。我們二月份的銷售結果目前仍然強勁，與第四季的結果非常相似。但正如我之前所說，無論是總體還是品牌，這都比第四季的業績要軟一些。目前，我們的進度略超前於第一季的計劃，該計劃要求零售部門的總銷售額達到 3%。那麼它會稍微下降並達到 3% 還是略高一些呢？我不能告訴你，艾克。如果可以的話，我可能在投資界而不是在這裡犯了錯誤。

Janet Kloppenburg, JJK Research Associates.

珍妮特‧克洛彭堡 (Janet Kloppenburg)，JJK 研究助理。

Hi, everybody. Congratulations on a great year. Can you hear me?

大家好。恭喜您度過了美好的一年。你聽得到我嗎？

We can hear you. We can hear you all day long.

我們能聽到你的聲音。我們整天都能聽到你的聲音。

My question is a little bit different than Adrienne. She worried about cannibalization from the high end for you all. And sometimes, Dick and Sheila, I worry about it from the low end, like from Shein and some of these other players out there. So I wanted to get your thoughts there. I don't know what direction the Urban Outfitters price points are going on, but I'd love a view on that.

我的問題與艾德麗安有點不同。她擔心你們所有人都會被高端市場蠶食。有時，迪克和希拉，我會從低端角度擔心這個問題，例如謝因和其他一些球員。所以我想了解你們的想法。我不知道 Urban Outfitters 的價格走向如何，但我很想知道這一點。

And then, for Melanie and Frank, I know you said gross profit above 50 to 100 and some SG&A leverage. So are we talking about operating margins up 30 to 40 or something higher than that for fiscal 2025? Thank you.

然後，對於 Melanie 和 Frank，我知道你們說過毛利超過 50 到 100 以及一些 SG&A 槓桿。那麼，我們談論的營運利潤率是比 2025 財年提高 30 到 40 還是更高？謝謝。

Okay, again, and I'll talk about the Shein versus Anthropologie, as a direction for you. As I said, I think that while there is a little bit of a bleed from your customer into Anthropologie, I don't think it's great. I do think there's bleed from the Urban Outfitters customer into Free people, and Free People price points are reasonably in line with Anthropologie. So from a price point perspective, yes, I think some of our customers are trading up or let me say, are spending a reasonable amount of money. But they're also buying on places like Shein and other lower price point companies.

好吧，我再談談 Shein 與 Anthropologie，作為你的方向。正如我所說，我認為雖然你的客戶對 Anthropologie 產生了一點影響，但我認為這並不好。我確實認為 Urban Outfitters 的客戶已經向 Free People 轉移，而且 Free People 的價格點與 Anthropologie 相當一致。因此，從價格角度來看，是的，我認為我們的一些客戶正在升級，或者讓我說，正在花費合理的金額。但他們也會在 Shein 和其他價格較低的公司等地方購買產品。

To that end, we are beginning an initiative, just a test, very small tests, how we can perhaps rearrange some of our concept to design, to production, to customer, not direct to customer, but how we can speed that up. And even though we think that we are one of the fastest production-to-customer in our space, we think that we can be faster. And faster, I always, as I say, time equals money. So we think we can be more efficient and bring down at least the costs.

為此，我們正在開始一項舉措，只是一個測試，非常小的測試，我們如何重新安排我們的一些概念來設計、生產、客戶，而不是直接面向客戶，但我們如何加快這一速度。儘管我們認為我們是業內最快的向客戶生產的企業之一，但我們認為我們可以更快。而且更快，正如我所說，時間等於金錢。所以我們認為我們可以提高效率並至少降低成本。

Now having said that, we don't know exactly where the retail costs are going to go. And that's part of our study that we're ever undertaken to determine where we want to be with Urban. But I think that you're right to point out that the lower cost people are taking some market share. and I think some of the higher price people are taking market share. So I think that we have to just decide what we want to be and fix that, and then deliver the product and the marketing that will keep our market share intact.

話雖如此，我們並不確切知道零售成本將前往何處。這是我們研究的一部分，我們一直在進行研究，以確定我們希望與厄本一起做什麼。但我認為你指出成本較低的人正在佔據一些市場份額是正確的。我認為一些價格較高的人正在搶佔市場份額。因此，我認為我們必須決定我們想要成為什麼並解決這個問題，然後提供能夠保持我們市場份額完整的產品和行銷。

Janet, on the gross profit margin, so we think -- excuse me, overall operating profit margin. So we think gross profit could be about 50 to 100 basis points for the year, with a slight deleverage in SG&A, that would eat into that number just a little bit. I think what Melanie said was right now we are -- based on how our plans are built, SG&A could be about 1% above what were our sales plans are for the year. So still just a little bit of deleverage eating into that 50 to 100 basis points. Where that all shakes out will depend on where the 50 to 100 shake out for the year.

珍妮特，關於毛利率，所以我們認為——對不起，整體營業利潤率。因此，我們認為今年的毛利可能約為 50 至 100 個基點，SG&A 略有去槓桿化，這只會稍微侵蝕這個數字。我認為 Melanie 所說的就是我們現在的情況——根據我們計劃的製定方式，SG&A 可能比我們今年的銷售計劃高出 1% 左右。因此，去槓桿化仍然會影響 50 到 100 個基點。這一切的結果將取決於今年 50 到 100 名的結果。

Okay. I think that that completes the call. I thank you all very much for joining, and I look forward to talking to you in a few months.

好的。我認為這就完成了通話。非常感謝大家的加入，我期待幾個月後與你們交談。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝大家的參與。您現在可以斷開連線。