Urban Outfitters Inc (URBN) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Urban Outfitters Inc. first-quarter fiscal 2025 earnings call. (Operator Instructions)

女士們、先生們，美好的一天，歡迎參加 Urban Outfitters Inc. 2025 財年第一季財報電話會議。 （操作員說明）

I would now like to turn the call over to Oona McCullough, Executive Director of Investor Relations. You may begin.

我現在想將電話轉給投資者關係執行董事 Oona McCullough。你可以開始了。

Good afternoon, and welcome to the URBN First Quarter Fiscal 2025 conference call. Earlier this afternoon, the company issued a press release outlining the financial and operating results for the three-month period ending April 30, 2024. The following discussions may include forward-looking statements. Please note that actual results may differ materially from those statements. 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 2025 財年第一季電話會議。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 4 月 30 日的三個月期間的財務和經營業績。請注意，實際結果可能與這些陳述有重大差異。有關可能導致實際結果與預期結果有重大差異的因素的更多資​​訊包含在公司向美國證券交易委員會提交的文件中。

On today's call, you will hear from Richard Hayne, Chief Executive Officer of URBN; Frank Conforti, Co-President and COO, URBN; and Melanie Marein-Efron, CFO, URBN. Following that we will be pleased to address your questions. Please note today we will be speaking to our financial results on an adjusted basis, which does not include nonrecurring adjustments for one-time store closure and impairment charges. The effect of these items is detailed in our press release as well as the investor presentation that is posted to our URBN Investor Relations website at www.URBN.com.

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 聯合總裁兼營運長；以及 URBN 財務長 Melanie Marein-Efron。接下來，我們將很樂意解答您的問題。請注意，今天我們將在調整後的基礎上談論我們的財務業績，其中不包括一次性商店關閉和減值費用的非經常性調整。我們的新聞稿以及發佈在 URBN 投資者關係網站 www.URBN.com 上的投資者介紹中詳細介紹了這些項目的影響。

I will now turn the call over to Dick.

我現在將把電話轉給迪克。

Thank you, Oona. Good afternoon, everyone, and thank you all for joining our call today. In my introduction, I'll make some quick remarks regarding our results, give some updates on the Urban brand and then discuss the mood of our customers. After that, I'll turn the call over to Frank and Mel for a more in-depth review of our results and our thoughts on the remainder of the year.

謝謝你，烏娜。大家下午好，感謝大家今天加入我們的電話會議。在我的介紹中，我將對我們的結果做一些簡短的評論，提供有關 Urban 品牌的一些最新信息，然後討論我們客戶的情緒。之後，我會將電話轉給弗蘭克和梅爾，讓他們更深入地審查我們的結果以及我們對今年剩餘時間的想法。

Put simply, URBN's first quarter results were outstanding and topped our expectations. Four of our five brands posted record first quarter revenues and three posted record operating income. The Anthropologie, Free People, FP Movement and Nuuly brands all produce double digit revenue growth. These brands are delighting their customers, capturing additional market share and executing a best in class level. Combined before brands more than offset continued softness at the Urban Outfitters brand.

簡而言之，URBN 第一季業績非常出色，超出了我們的預期。我們的五個品牌中有四個第一季營收創歷史新高，三個品牌營業收入創歷史新高。 Anthropologie、Free People、FP Movement 和 Nuuly 品牌都實現了兩位數的營收成長。這些品牌正在取悅他們的客戶，佔領額外的市場份額並執行一流的水平。先前品牌的合併足以抵銷 Urban Outfitters 品牌持續疲軟的影響力。

At the Urban brand in North America. The new senior team has begun to make changes in how the brand operates. This includes initiating a more robust read and react process to take advantage of our speed-to-market capabilities, lowering some prices in several product categories, including women's accessories and home goods and changing the marketing strategy by investing more and differently in social media.

北美的Urban品牌。新的高級團隊已經開始對品牌的運作方式做出改變。這包括啟動更強大的閱讀和回應流程，以利用我們的快速上市能力，降低多個產品類別（包括女性配件和家居用品）的部分價格，以及透過在社交媒體上進行更多和不同的投資來改變行銷策略。

At the same time, the team began to fashion a strain strategy based on information gleaned from surveys, focus groups and brand history.

同時，團隊開始根據從調查、焦點小組和品牌歷史中收集的資訊制定應變策略。

Toward the end of the quarter and into May, customer reaction to these changes has been encouraging. Both the women's accessory and home categories have delivered positive comps, and we've registered more new digital customers in last few weeks. Small wins for sure but trending in the right direction.

到季末和五月份，客戶對這些變化的反應令人鼓舞。女士配件和家居類別都取得了積極的業績，過去幾週我們註冊了更多新的數位客戶。肯定是小勝利，但趨勢是正確的。

Frank will speak more about the Urban brand in his commentary, and Sheila and Shea will share more about the strategic review on our call in August. Rest assured their return in the Urban brand to profitability and growing their customer base remains our number one priority.

Frank 將在他的評論中更多地談論 Urban 品牌，Sheila 和 Shea 將在我們 8 月的電話會議上分享更多有關策略審查的資訊。請放心，他們的 Urban 品牌恢復盈利並擴大客戶群仍然是我們的首要任務。

Starting now to the health of the customers at all brands. As a group we believe they are currently in good shape, enjoying both solid job security and incomes that are rising slightly faster than inflation. They are still excited by our new fashion offerings and traffic in stores and online remains strongly positive, but their purchases are slightly more considerate than last year. Overall, I would classify the customer mood this versus last year as enthusiastic rather than exuberant. We believe this new mood, it's healthier because it's more sustainable.

從現在開始，為了所有品牌客戶的健康。作為一個群體，我們相信他們目前狀況良好，享有穩定的工作保障和略高於通膨的收入成長。他們仍然對我們的新時尚產品感到興奮，商店和網路上的客流量仍然強勁，但他們的購買比去年稍微更周到。總體而言，與去年相比，我將今年的客戶情緒歸類為熱情而不是旺盛。我們相信這種新情緒更健康，因為它更永續。

Now with that, I'll turn the call over Frank.

現在，我將把電話轉給弗蘭克。

Thank you, Dick. And good afternoon, everyone. Today, I will discuss our total company first quarter results versus the prior year, followed by some more detailed notes by brand. As Dick noted, the first quarter performed ahead of our expectations as discussed on the fourth quarter call. Total URBN sales grew by 8% to a Q1 record of $1.2 billion, and four of our five brands continued to perform exceptionally well, posting record first quarter sales.

謝謝你，迪克。大家下午好。今天，我將討論我們公司第一季的整體業績與去年同期相比，然後按品牌列出一些更詳細的註釋。正如迪克指出的那樣，第一季的表現超出了我們在第四季度電話會議上討論的預期。 URBN 總銷售額成長 8%，達到第一季創紀錄的 12 億美元，我們的五個品牌中有四個繼續表現出色，創下第一季銷售額紀錄。

Our sales growth was driven in part by retail segment comp of 5%. The Anthropologie, Free People and FP Movement brands all produced double digit Retail segment comp growth more than offsetting the negative double digit comp at the Urban Outfitters brand. Nuuly also delivered robust double digit revenue growth due to a 56% increase in subscribers versus the prior year.

我們的銷售成長部分是由零售部門 5% 的成長率所推動的。 Anthropologie、Free People 和 FP Movement 品牌都實現了零售部門兩位數的業績成長，抵銷了 Urban Outfitters 品牌兩位數的負面表現成長。 Nuuly 的營收也實現了強勁的兩位數成長，原因是訂閱者數量較上一年增加了 56%。

Additionally, the wholesale segment increased revenue by 3%, driven by an increase in the regular price sales at Free People. So far in May trends have remained solidly positive for total company and four of our five brands.

此外，在 Free People 正常價格銷售成長的推動下，批發部門的收入成長了 3%。到目前為止，五月的趨勢對整個公司和我們五個品牌中的四個來說仍然保持積極樂觀。

Although the second quarter comparison from the prior year is difficult, we believe retail segment comps could grow in the low single digit range. Positive Retail segment comps combined with robust revenue growth from Nuuly and single digit revenue growth in the wholesale segment could result in a mid-single digit increase in total Q2 URBN sales.

儘管第二季與去年同期的比較很困難，但我們相信零售部門的比較可能會在較低的個位數範圍內成長。零售部門的積極業績，加上 Nuuly 的強勁收入成長以及批發部門的個位數收入成長，可能會導致第二季 URBN 總銷售額出現中個位數成長。

Moving on to URBN gross profit. Adjusted gross profit dollars, excluding the one-time store closure and impairment charges totaling $4.6 million, increased 11% to $413 million, while our adjusted gross profit rate increased by 106 basis points at 34.4%. The improvement in adjusted gross profit rate was primarily due to increased initial margins at all brands.

接下來是 URBN 毛利。調整後的毛利（不包括一次性商店關閉和總計 460 萬美元的減損費用）增加了 11%，達到 4.13 億美元，而調整後的毛利率增加了 106 個基點，達到 34.4%。調整後毛利率的改善主要是由於所有品牌的初始利潤率增加。

These improvements were partially offset by a higher markdown rate at Urban Outfitters as the brand continues to need incremental discounts to move through inventory. We also experienced deleverage in logistics due in part to one-time expenses related to the opening and transition of subscribers and inventory into our second, Nuuly Fulfilmen center.

這些改進被 Urban Outfitters 較高的降價率部分抵消，因為該品牌繼續需要增量折扣來清理庫存。我們也經歷了物流去槓桿化，部分原因是與訂戶和庫存轉移到我們的第二個 Nuuly Fulfilmen 中心相關的一次性費用。

Now moving on to SG&A expenses for the quarter, SG&A increased 11% versus the prior comparable quarter and deleveraged by 87 basis points. The deleverage was primarily due to the Urban Outfitters brand not being able to reduce SG&A at the same rate as sales declines.

現在轉向本季的 SG&A 支出，SG&A 與上一季相比成長了 11%，去槓桿化了 87 個基點。去槓桿化的主要原因是 Urban Outfitters 品牌無法以與銷售額下降相同的速度減少銷售及管理費用。

As we noted on our previous call, while we did reduce our SG&A spending at the Urban Outfitters brand in Q1, we did not believe it was prudent to reduce expenses at the same rate as sales. The increase in total company SG&A expense was largely due to increased marketing spend, supporting the double digit sales growth at Anthropologie, Free People, FP Movement and Nuuly brands.

正如我們在先前的電話會議中指出的那樣，雖然我們確實在第一季減少了 Urban Outfitters 品牌的 SG&A 支出，但我們認為以與銷售額相同的速度減少支出並不明智。公司銷售、管理及行政費用總額的增加主要是由於行銷支出的增加，支持了 Anthropologie、Free People、FP Movement 和 Nuuly 品牌銷售的兩位數成長。

It's important to note not only did these brands deliver double digit sales growth. Each of these brands also delivered double digit customer growth. Total adjusted URBN operating income, excluding the one-time store closure and impairment charges, increased 11% versus last year to $79 million and adjusted earnings jumped 23% to $66 million or $0.69 per diluted share.

值得注意的是，這些品牌不僅實現了兩位數的銷售額成長。這些品牌中的每一個都實現了兩位數的客戶成長。調整後的URBN 營業收入總額（不包括一次性商店關閉和減損費用）比去年增長11%，達到7,900 萬美元，調整後收益躍升23%，達到6,600 萬美元，即稀釋後每股收益0.69 美元。

I will now provide more details by brand starting with Anthropologie. The Anthropologie team delivered a strong 10% Retail segment comp in Q1 and total revenue growth of 11%, recording the fifth consecutive quarter of double digit comp growth. Positive comps were driven by double digit growth in both the store and digital channels.

我現在將從 Anthropologie 開始按品牌提供更多詳細資訊。 Anthropologie 團隊在第一季實現了零售部門 10% 的強勁成長，總營收成長 11%，連續第五個季度實現兩位數的成長。商店和數位通路的兩位數成長推動了積極的業績成長。

By category, apparel, shoes and accessories delivered nicely positive double digit Retail segment comps in the quarter. Within apparel, there is broad-based strength across categories with outsized growth in some of the more casual categories. Strength in these categories was partially offset by decline in home, where furniture remains negative. Within home the gift and entertaining category is nicely positive, driven by consumers investing in decorative categories to refresh their homes.

按類別劃分，服裝、鞋類和配件本季零售部門的業績實現了兩位數的正成長。在服裝領域，各個類別都有廣泛的優勢，一些休閒類別的成長速度驚人。這些類別的強勢被家居行業的下滑所部分抵消，其中家具仍然處於負值。在家居領域，禮品和娛樂品類表現非常積極，原因是消費者投資裝飾品類以煥然一新的家居。

The Anthropologie team continues to execute exceptionally well on their strategic initiative of acquiring new customers and further engaging existing customers. During the quarter, both new and active customers increased by over 18% versus the prior year.

Anthropologie 團隊持續出色地執行其獲取新客戶和進一步吸引現有客戶的策略性舉措。本季度，新客戶和活躍客戶均比上年增長了 18% 以上。

The brand continues to make strategic marketing investments supported by outstanding creative content, which drove double digit traffic increases in North American stores and double digit digital traffic increase during the quarter. Impressive sales growth and healthy margin expansion coupled with well-managed expenses drove record brand operating profit dollars for the first quarter.

該品牌繼續在出色的創意內容的支持下進行策略行銷投資，這推動了本季北美商店的兩位數流量成長和數位流量的兩位數成長。令人印象深刻的銷售成長和健康的利潤率擴張，加上管理良好的費用，推動第一季品牌營運利潤創下新紀錄。

As we enter the second quarter, the Anthropologie consumer remains optimistic and continues to respond positively to a broad range of categories. We continue to believe the brand can deliver mid-single digit comp growth for fiscal year 2025.

當我們進入第二季時，Anthropologie 消費者仍然保持樂觀態度，並繼續對廣泛的類別做出積極反應。我們仍然相信該品牌能夠在 2025 財年實現中個位數的複合成長。

Next, 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 17% gain. The retail segment comp was driven by double digit comp growth in both the digital and store channels.

接下來，我將提請您注意自由人民。 Free People 團隊再次創造了一個出色的季度業績，零售部門的業績成長了 17%，令人印象深刻。零售部門的業績成長受到數位通路和商店通路兩位數業績成長的推動。

During the quarter, the brand achieved strong double digit growth across apparel and movement. The FP Movement brand delivered another strong quarter, achieving 25% retail segment comp growth. Record sales and improved margins helped Free People delivered record first quarter operating profit dollars.

本季度，該品牌在服裝和運動領域實現了兩位數的強勁成長。 FP Movement 品牌在本季再次表現強勁，零售業務較去年同期成長 25%。創紀錄的銷售額和提高的利潤率幫助 Free People 實現了創紀錄的第一季營業利潤。

Customer response to the brand's summer trends has been strong and the brand continues to gain market share. We believe the brand could deliver a high single digit comp on top of the unbelievably strong 27% Q2 comp from last year.

顧客對該品牌夏季流行趨勢的反應強烈，該品牌不斷獲得市場份額。我們相信，除了去年第二季令人難以置信的 27% 的強勁業績外，該品牌還能帶來高個位數的業績。

The Free People Wholesale segment sales increased 6% during the quarter, driven by full-price sales gains in department and specialty stores, partially offset by an intentional decline in sales to the closeout channel. The FP Movement brand led the way with strong sales growth in the quarter.

Free People Wholesale 部門的銷售額在本季成長了 6%，這得益於百貨公司和專賣店全價銷售成長，但部分被清倉通路銷售額的有意下降所抵銷。 FP Movement 品牌在本季的銷售成長強勁，一馬當先。

Segment profitability improved significantly from the prior year when the brand had elevated closeout channel sales to reduce inventory levels. We believe the wholesale segment could continue to deliver improved profitability versus last year, while Q2 sales could be slightly positive.

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，批發部門的獲利能力可能會繼續比去年有所改善，而第二季的銷售額可能會略有成長。

Now moving on to the Urban Outfitters brand. Urban Outfitters recorded a 14% Retail segment comp decline in the quarter. This was largely in line with our expectations when we spoke with you in February. UO's negative comp was a result of disappointing performance in both North America and Europe.

現在轉向 Urban Outfitters 品牌。 Urban Outfitters 本季零售業務年減 14%。這在很大程度上符合我們二月份與您交談時的預期。 UO 的表現不佳是由於其在北美和歐洲的表現令人失望。

Global Retail segment comp declines were driven by double digit declines in both the digital and store channels and all product categories were negative. As you know, new leadership joined the brand in North America in February. This team spent much of the first quarter assessing the health of the business and aligning on their strategic priorities going forward. You will hear more from this team on the August call.

全球零售部門的業績下降是由數位和商店通路的兩位數下降所推動的，並且所有產品類別均為負值。如您所知，新的領導層於二月加入了品牌在北美的業務。該團隊在第一季的大部分時間裡評估了業務的健康狀況並調整了未來的策略重點。您將在八月份的電話會議上聽到該團隊的更多資訊。

Month-to-date, the brand's sales trends in North America have shown early signs of improvement, more so in the digital channel than the store channel. This improvement has been fueled in part by women's accessories and home categories, which both delivered positive sales on a regular price and total comp basis in North America in the month of April and have continued that trend in May.

本月迄今，該品牌在北美的銷售趨勢已顯示出早期改善的跡象，數位通路的情況比實體店通路的情況更為明顯。這種改善在一定程度上是由女士配件和家居品類推動的，這兩個品類在 4 月份的北美地區均實現了正常價格和總銷售額的正增長，並且在 5 月份延續了這一趨勢。

Women's and men's apparel have not shown the same improvement. Therefore, during the second-quarter, the brand plans on cleaning out slower moving inventory in these categories, clearing the way for fresh looks and updated pricing architecture for the important back-to-school season. These adjustments will likely result in elevated markdown levels in the second quarter. But we believe will give the brand an opportunity to show improved regular-priced sales and product margins in the back half of the current year.

女裝和男裝並沒有表現出同樣的改善。因此，在第二季度，該品牌計劃清理這些類別中流動較慢的庫存，為重要的返校季節推出新的外觀和更新的定價架構掃清道路。這些調整可能會導致第二季降價水準上升。但我們相信，該品牌將有機會在今年下半年展示正常價格銷售和產品利潤率的改善。

Marketing strategies have also been a huge focus for the brand. The brand is encouraged that some of their recent adjustments to distribution channels, content and community conversations have resulted in growth in new and total customers on the digital channel for the first time in quite some time.

行銷策略也是品牌的一大關注點。該品牌感到鼓舞的是，他們最近對分銷管道、內容和社群對話進行的一些調整導致數位管道上的新客戶和總客戶在相當長一段時間內首次出現成長。

These results are very early, representing improvements only seen over the past few weeks but are encouraging that the brand and teams are heading in the right direction. We believe the brand could deliver gradual comp sales improvements as the year progresses, with improvements in comp sales for the second quarter, followed by further improvement in sales and product margin in the back half of the year.

這些結果還為時過早，代表了過去幾週才出現的改進，但令人鼓舞的是，品牌和團隊正朝著正確的方向前進。我們相信，隨著時間的推移，該品牌可以逐步實現同品銷售改善，第二季同品銷售有所改善，下半年銷售額和產品利潤率將進一步改善。

Finally, I will touch on the Nuuly business, which delivered another exceptional quarter. Nuuly added over 50,000 active subscribers versus the fourth quarter ending the quarter with over 244,000 active subscribers and over 224,000 average active subscribers for the quarter.

最後，我將談談 Nuuly 業務，這項業務又實現了出色的季度業績。與第四季末的 244,000 名活躍用戶相比，Nuuly 增加了超過 50,000 名活躍用戶，本季平均活躍用戶超過 224,000 名。

As we have noted, historically Nuuly experiences, the most significant growth in subscribers during the seasonally strong first and third quarters. Strong growth in subscriber counts continued in early May, and the active subscriber count today is now over the quarter of $1 million milestone.

正如我們所指出的，從歷史上看，Nuuly 的訂閱用戶成長最顯著是在季節性強勁的第一和第三季。 5 月初，訂閱者數量持續強勁成長，如今的活躍訂閱者數量現已超過 100 萬美元的里程碑。

During the first quarter, the team began transitioning to our second facility in Raymore, Missouri. This facility will support future subscriber growth by tripling the brand's total capacity. As of today, over 60,000 subscribers are being served from the facility, which we plan to ramp to 50% of total subscribers in the back half of the year. The new facility supports the outsized growth of the brand and enable us to deliver our Nuulies faster with a lower delivery cost to certain customers based on geographical proximity.

在第一季度，團隊開始過渡到位於密蘇裡州雷莫爾的第二個工廠。該設施將使該品牌的總容量增加兩倍，並支持未來用戶的成長。截至目前，該設施已為超過 60,000 名訂戶提供服務，我們計劃在今年下半年將數量增加至訂戶總數的 50%。新設施支持品牌的大幅成長，並使我們能夠根據地理位置更快地以更低的交付成本向某些客戶交付 Nuulies。

As discussed on the fourth quarter call, this transition led to incremental and some nonrecurring costs in logistics, which will continue but abate in the second quarter. Excluding these expenses, the Nuuly brand would have been profitable in the first quarter. We believe the brand could deliver a small profit for the second quarter and will be profitable on a full year basis for fiscal year 2025.

正如第四季度電話會議所討論的那樣，這種轉變導致物流成本增加和一些非經常性成本，這種成本將繼續存在，但在第二季度將有所減弱。除去這些費用，Nuuly 品牌在第一季就已經獲利。我們認為該品牌第二季可實現小幅獲利，2025 財年將全年實現獲利。

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. Now I will discuss our thoughts on the second quarter financial performance.

謝謝弗蘭克，大家下午好。現在我將討論我們對第二季財務表現的看法。

We are pleased that overall consumer demand has remained strong start the quarter, and we're planning for this strength to continue throughout the second quarter. Right now, we believe that second quarter total company sales growth could be mid-single digits. Sales growth in Q2 could from low single digit growth in Retail segment comp and wholesale sales. In addition, we believe that Nuuly lease segment sales growth could be mid-double digits.

我們很高興看到本季開始的整體消費者需求仍然強勁，我們計劃在整個第二季度繼續保持這種強勁勢頭。目前，我們認為第二季公司總銷售額成長可能為中個位數。第二季的銷售成長可能來自零售部門和批發銷售的低個位數成長。此外，我們認為 Nuuly 租賃部門的銷售成長可能達到中兩位數。

Now onto gross profit margin, we believe URBN's gross margin rate for the second quarter could decline by approximately 75 basis points compared to the prior year second quarter. While we believe we can continue to see improved initial product margins at Anthropologie and Free People those improvements are unable to offset the continued weakness at the Urban Outfitters brands.

現在談到毛利率，我們認為URBN第二季的毛利率可能比去年第二季下降約75個基點。雖然我們相信我們可以繼續看到 Anthropologie 和 Free People 的初始產品利潤率有所提高，但這些改進無法抵消 Urban Outfitters 品牌的持續疲軟。

The reduction in gross profit margin at the Urban Outfitters brand could be primarily due to depressed product margins and occupancy deleverage because of negative sales performance. We do believe URBN can return to delivering gross profit margin growth in the back half of the year, as well as our full year plan of approximately 50 basis points to 100 basis points of gross margin improvement compared to the prior year.

Urban Outfitters 品牌毛利率下降的主要原因可能是產品利潤率下降以及銷售業績不佳導致的入住率去槓桿化。我們確實相信 URBN 可以在今年下半年恢復毛利率增長，並且我們的全年計劃是毛利率較上年提高約 50 個基點至 100 個基點。

Now moving on to SG&A expenses. Based on our current sales performance and plan, we believe SG&A growth for the second quarter will increase in the high single digits. Our planned growth in SG&A could be primarily driven by higher marketing expenses to support growth in customers and sales at Anthropologie, Free People, FP Movement and Nuuly. The deleverage in SG&A primarily relates the Urban Outfitters brand where we have reduced expenses, but not at the rate of sales declines.

現在轉向 SG&A 費用。根據我們目前的銷售業績和計劃，我們相信第二季的SG&A 成長將以較高的個位數成長。我們計劃的 SG&A 成長主要是由行銷費用的增加所推動的，以支持 Anthropologie、Free People、FP Movement 和 Nuuly 的客戶和銷售成長。 SG&A 的去槓桿化主要與 Urban Outfitters 品牌相關，我們減少了開支，但與銷售額下降的速度無關。

While we believe SG&A growth could outpace sales growth in Q2. We also believe that SG&A expense growth in the second half of the year will be more closely aligned with sales growth. As always, if sales performance fluctuates. We maintain a certain level of variable SG&A spending that we can adjust up and down depending on how our business is performing. We are currently planning our effective tax rate to be approximately 24% for the second quarter and 24.5% for the full year.

雖然我們認為第二季的銷售成長和行政管理費用成長可能超過銷售成長。我們也認為，下半年的銷售、管理及行政費用成長將與銷售成長更加緊密地結合。一如既往，如果銷售業績出現波動。我們維持一定程度的可變SG&A支出，我們可以根據我們的業務表現進行上下調整。我們目前計劃第二季的有效稅率約為 24%，全年的有效稅率約為 24.5%。

Now moving on to inventory, we believe that inventory levels in the second quarter could grow at a rate below sales growth. The teams continue to be focused on speeding up inventory turns and managing to fewer weeks of supply.

現在轉向庫存，我們認為第二季庫存水準的成長速度可能低於銷售成長速度。這些團隊繼續專注於加快庫存週轉並減少供應週數。

Capital expenditures for the fiscal year are planned at approximately $210 million. 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 opened in the first quarter and the remaining 25% would be our normal capital investments supporting IT, home office and logistics operations.

本財年的資本支出計畫約為 2.1 億美元。 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。約 25% 與物流能力投資有關，包括第一季開業的位於密蘇裡州雷莫爾的 Nuuly 租賃履行中心，其餘 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。

Lastly, we'll be opening approximately 57 new stores and closing approximately 21 stores during fiscal year 2025. Our net new store growth is being driven by growth in FP Movement, Free People and Anthropologie stores. During fiscal year 2025, we plan on opening 25 FP Movement stores, 13 Free People stores and 13 Anthropologie stores.

最後，我們將在 2025 財年開設約 57 家新店，並關閉約 21 家店。 2025 財年，我們計劃開設 25 家 FP Movement 商店、13 家 Free People 商店和 13 家 Anthropologie 商店。

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.

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 I'm pleased to turn the call back over to Dick.

現在我很高興將電話轉回給迪克。

Thank you, Mel. Before turning the call over for your questions, I wish to thank our Co-Presidents, the brand, design and shared service leaders and their teams and all our associates worldwide. Our outstanding Q1 results are a direct product of your creativity, determination and hard work. So thank you. Thanks also to our many partners around the world. We appreciate your significant contributions to our success. And finally, thanks to our shareholders for your continued support.

謝謝你，梅爾。在轉接電話詢問您的問題之前，我要感謝我們的聯合總裁、品牌、設計和共享服務領導者及其團隊以及我們在全球的所有員工。我們出色的第一季業績是您的創造力、決心和辛勤工作的直接成果。所以謝謝。也要感謝我們在世界各地的眾多合作夥伴。我們感謝您對我們的成功的重大貢獻。最後，感謝我們的股東一直以來的支持。

That concludes our prepared remarks. Now for your questions.

我們準備好的演講到此結束。現在回答你的問題。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Adrienne Yih, Barclays.

艾德麗安‧易 (Adrienne Yih)，巴克萊銀行。

Good afternoon and congratulations. So, Dick, this question is directed for you. I think you're uniquely qualified to speak about kind of the -- what I call the silhouette shift, sort of going from the big over little to the little over big trend. I want to know where are you seeing sort of the biggest confidence in uptake at the different brands. And I guess it just seems such a trend for Urban Outfitters. So what categories are you exiting? And have you clearly identified some of the key trends that you're going to chase in June, July?

下午好，恭喜你。所以，迪克，這個問題是針對你的。我認為你是唯一有資格談論一種——我所說的輪廓轉變，即從大到小到小到大的趨勢。我想知道您對不同品牌的接受度最有信心的地方在哪裡。我想這對 Urban Outfitters 來說似乎是一種趨勢。那麼您要退出哪些類別？您是否清楚地確定了六月、七月要追逐的一些關鍵趨勢？

Thank you.

謝謝。

Well, let the urban group talk about that. But I would tell you, overall, I would say, from a silhouette point of view, I think we started talking about this, what in 2018 or 2019 that there was a switch in the silhouettes to a little over big, I would say we're about mid-point in that adoption of that right now. And I would say it's from firmly established in not only our customer group, but in the mass. And I think that you might start in the next few years, seeing a little hints of a reversal. But let me -- see if Free People oriented or entered people want to talk about what they're seeing in silhouette in their brands.

好吧，讓城市組來談談。但我會告訴你，總的來說，我想說，從輪廓的角度來看，我認為我們開始討論這個，在2018 年或2019 年，輪廓發生了轉變，變得有點過大，我想說我們現在正處於採用的中點。我想說的是，它不僅在我們的客戶群中牢固確立，而且在大眾中也牢固確立。我認為你可能會在未來幾年開始看到一些逆轉的跡象。但讓我看看，以自由人為導向的人或進入的人是否想談論他們在自己的品牌中看到的輪廓。

Hi Adrienne. It's Shea. I can start. I think as I would describe it. One of the biggest things happening is proportionality in silhouette. And I think we're definitely seeing that and being new to the brand, your question was whether we're chasing into. I would just say, it's been really exciting to see the opportunity that we have here to leverage speed to market, which is a real guest as we're able to actually chase into stuff. And we're really focused on the proportionality, whether that big on big or little on little or the mix of both.

嗨艾德麗安。是謝伊。我可以開始了。我認為正如我所描述的那樣。最重要的事情之一就是輪廓的比例。我認為我們肯定看到了這一點，而且作為這個品牌的新手，你的問題是我們是否正在追趕。我只想說，看到我們在這裡有機會利用上市速度真是令人興奮，這是一個真正的客人，因為我們能夠真正追逐東西。我們真正關注的是比例，無論是大對大還是小對小或兩者的混合。

Yes, I think, Adrienne, it's Tricia. The full adoption of a wide range of bottoms is really driving some pretty significant results for Anthropologie. The range of silhouettes and bottoms, but also that proportion, I think within Anthropologie has changed pretty significantly in a really exciting way, and we're continuing to chase down those trends as we go forward.

是的，我想，艾德麗安娜，是崔西亞。各種下裝的全面採用確實為 Anthropologie 帶來了一些相當重要的成果。我認為 Anthropologie 內部的輪廓和下裝的範圍以及比例已經以一種非常令人興奮的方式發生了相當大的變化，我們在前進的過程中將繼續追隨這些趨勢。

Thank you. You want to say anything about Free People?

謝謝。你想對自由人說些什麼嗎？

Yeah, I don't want Free People to be left out.

是的，我不想讓自由人民被排除在外。

No, we're not going to leave Free People out, believe me.

不，我們不會把自由人民排除在外，相信我。

Yes, I think the Free People brand has been embracing this trend. They quite like it. And it's been fun to sort of see them maximize this over the past several months. We are excited to start testing it to what's next. So to stay ahead of the game.

是的，我認為 Free People 品牌一直在擁抱這一趨勢。他們非常喜歡。在過去的幾個月裡看到他們最大限度地發揮這一點是很有趣的。我們很高興開始測試它的下一步。所以要保持領先地位。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great. So Dick, you cited robust demand for spring summer fashion supporting the second quarter. Could you just elaborate on more recent trends you've seen in May across banners maybe relative to the first quarter?

偉大的。迪克，您提到了支持第二季春夏時裝的強勁需求。您能否詳細說明您在 5 月看到的橫幅廣告相對於第一季的最新趨勢？

And then Melanie, just on inventory at the Urban Outfitters brand, as you look across categories and what are you seeing? What are the actions that you've put into place and just your confidence in back half merchandise margin expansion?

然後梅蘭妮，就在 Urban Outfitters 品牌的庫存中，當你跨類別查看時，你看到了什麼？您已採取哪些行動以及您對後半部商品利潤率擴張的信心？

Okay, Matt. The Retail segment comp performance for Q2 so far in May, it's just slightly softer than our Q1 print with the biggest difference in the Free People brand. Free People is currently posting mid-single digit positive comps. And this is because we are anniversarying what I would call an ultra-positive 27% comp from Q2 last year.

好吧，馬特。 5 月到目前為止，第二季零售部門的業績表現僅比第一季稍軟，其中 Free People 品牌差異最大。 Free People 目前正在發布中個位數的積極競爭。這是因為我們正在慶祝去年第二季我所說的超正 27% 的業績。

But if you look at it on a two year stack, Free People comps remain very consistent across the two quarters. Now at the Urban brand, we're experiencing somewhat better retail segment comps, as both I and Frank alluded to, with brand comps improving to high single digit negative from where they were in Q1 at a time and at a teen-related negatively. Overall, we think that the overall Urban Retail segment comp for Q2 should be about 3%. That's our best guess.

但如果你從兩年的數據來看，Free People 的表現在這兩季保持非常一致。現在，在Urban 品牌，我們正在經歷更好的零售細分市場比較，正如我和弗蘭克都提到的那樣，品牌比較從第一季的水平和與青少年相關的負面水平改善到高個位數的負值。整體而言，我們認為第二季城市零售細分市場的整體成長率應為 3% 左右。這是我們最好的猜測。

And then, hi Matt, this is Melanie Marein. Just to cover your inventory question. So at a URBN basis, we're really in a much improved position with total inventory down 2% versus last year. And in total and by business segment, our inventories in line or below our sales growth with retail segment inventory down 5% and retail segment growth of 5%. Sales and wholesale inventory levels are up just 2% on sales growth of 3%.

然後，嗨馬特，我是梅蘭妮馬林。只是為了解決您的庫存問題。因此，以 URBN 為基礎，我們的狀況確實有了很大改善，總庫存比去年下降了 2%。總體而言，按業務部門劃分，我們的庫存與銷售成長持平或低於銷售成長，其中零售部門庫存下降 5%，零售部門成長 5%。銷售額成長 3%，而銷售額和批發庫存水準僅成長 2%。

Your question about Urban Outfitters, the inventories down 10% on a negative 14% Retail segment comp. And as Frank mentioned, we are planning to take additional markdowns in the quarter at Urban in order to sure ensure that the inventory is clean as we exit spring and summer, and we entered the all-important back-to-school fall selling season. We believe that at this point that cleaner inventory will allow us to produce improved margins in the back half of the year.

你關於 Urban Outfitters 的問題，其庫存下降了 10%，零售部門的表現為負 14%。正如弗蘭克所提到的，我們計劃在本季度在 Urban 進行額外的降價，以確保在春季和夏季結束時庫存乾淨，我們進入了最重要的返校秋季銷售季節。我們相信，目前更乾淨的庫存將使我們能夠在今年下半年提高利潤率。

And just to add to that, Matt, I think, all brands still have continued IMU opportunity as it relates to the back half of the year and then as we get into that back-to-school and holiday selling season for the Urban Outfitters brand, they have significant opportunity as it relates to being able to lower their markdown rate due to better inventory to sales ratio.

除此之外，馬特，我認為所有品牌仍然有繼續 IMU 的機會，因為它與今年下半年有關，然後當我們進入 Urban Outfitters 品牌的返校和假期銷售季節時，他們有很大的機會，因為這與由於更好的庫存與銷售比率而能夠降低降價率有關。

And I think some of the work that we're going to do in the second quarter is only going to enhance that. So which is why we still feel very confident today, obviously May 21, but very confident today on what we're guiding to or what we're thinking about for the full year, gross profit margin expansion of 50 basis points to 100 basis points.

我認為我們在第二季度要做的一些工作只會增強這一點。因此，這就是為什麼我們今天仍然感到非常有信心，顯然是 5 月 21 日，但今天對我們全年的指導目標或我們的想法非常有信心，毛利率擴大 50 個基點到 100 個基點。

Paul Lejuez, Citi.

保羅‧勒胡埃斯，花旗銀行。

Hi, this is Kelly on for Paul. Thanks for taking our question.

大家好，我是保羅的凱利。感謝您提出我們的問題。

And I guess if we could just elaborate on some of your thoughts on how you present the UO brands to the Gen Z customer, how that's different than your prior playbook. Any initial thoughts there? And you mentioned some changing of pricing architecture. If you could just elaborate on that a bit.

我想我們能否詳細說明您對如何向 Z 世代客戶展示 UO 品牌的一些想法，這與您之前的策略有何不同。有什麼初步想法嗎？您提到了定價架構的一些變化。如果您能詳細說明一下的話。

And then just on the gross margin guidance, well, first in 1Q, what drove the upside versus plan in on how much of an impact should we expect the markdowns and evoke to be offsetting some of the other drivers of gross margin in 2Q? Thanks.

然後就毛利率指導而言，首先是在第一季度，是什麼推動了與計劃相比的上漲，我們預計降價和喚起的影響有多大，將抵消第二季度毛利率的其他一些驅動因素？謝謝。

KelIy, I can take the gross profit margin and then let the Urban brand respond to the Gen-Z customer. So in the first quarter, obviously, we exceeded top line a little bit more than what we thought we were going to deliver. So that helped gross profit margin. I would also say some of the transitory logistics expenses at Nuuly came in a little bit lower than what we were anticipating. So all of that contributing to better gross profit margin in the first quarter.

Kelly，我可以拿毛利率，然後讓Urban品牌回應Z世代客戶。因此，很明顯，在第一季度，我們超出了營收，比我們想像的要交付的要多一些。這有助於提高毛利率。我還想說，Nuuly 的一些臨時物流費用比我們的預期要低一些。所有這些都有助於第一季更好的毛利率。

As it relates to the second quarter, we still think your IMU is going to be a positive. But please keep in mind that we're now really starting to anniversary multiple years of really strong IMU growth. So the IMU improvement will start to abate as the year progresses each quarter from now on and then the overall gross profit margin decline that we're currently believing that we're going to deliver in the second quarter is really just being driven by the Urban Outfitters brand, having those elevated markdowns in order to clear through some of that aging out women's and men's inventory and just leaving them much cleaner heading into the important back-to-school and then holiday season for the back half of the year.

由於與第二季相關，我們仍然認為 IMU 將是積極的。但請記住，我們現在真正開始慶祝 IMU 多年強勁增長的周年紀念日。因此，從現在開始，隨著每一季的進展，IMU 的改進將開始減弱，然後我們目前認為我們將在第二季度實現的整體毛利率下降實際上只是由城市驅動的服裝品牌進行大幅降價是為了清理一些過時的女裝和男裝庫存，讓它們在進入下半年重要的返校季和假期時更加乾淨。

Shea, you want to take the urban question.

謝伊，你想回答城市問題。

Sure. Hi, Kelly. If I understand your question correctly, you're asking about the brand positioning and some of the efforts that have been underway as we've been reviewing that position. First and foremost, everything that we do needs to start with a firm understanding of who our customers are. So we have been conducting pretty extensive research, both with our current customers, but also with those customers who aren't shopping with us.

當然。嗨，凱利。如果我正確理解您的問題，您是在詢問品牌定位以及我們在審查該定位時正在進行的一些努力。首先也是最重要的，我們所做的一切都需要從對我們的客戶是誰的深入了解開始。因此，我們一直在對我們現有的客戶以及那些未在我們這裡購物的客戶進行相當廣泛的研究。

And we've learned a lot. We've looked at things like purchase drivers and detractors, lifestyle attributes and occasions. And I think one thing stands out, particularly clear and that is the pace of change for these customers is pretty rapid, and we have to keep pace and evolve fairly quickly.

我們學到了很多。我們研究了購買驅動因素和批評者、生活方式特徵和場合等因素。我認為有一點很突出，特別明顯，那就是這些客戶的變化速度非常快，我們必須跟上步伐並相當快地發展。

And so as you heard Dick mentioned earlier, there's two primary goals for us right now. First, we need to rebuild that customer base, we need to rebuild our customer base. And second, restoring profitability. And so it's really in that spirit that we have identified two areas that we've already started to attack and see some early indicators.

正如您之前聽到迪克提到的那樣，我們現在有兩個主要目標。首先，我們需要重建客戶群，我們需要重建我們的客戶群。其次，恢復獲利能力。因此，正是本著這種精神，我們確定了我們已經開始攻擊的兩個領域，並看到了一些早期跡象。

First, as you mentioned, is the pricing architecture and really that's about leveraging great price elasticity, but being very mindful of the price value that we want to offer our customers, particularly in certain categories where price accessibility and opening price matters and we've seen some early wins in the accessory area and even in some of our apparel areas like [Nully], for example.

首先，正如您所提到的，是定價架構，實際上是利用巨大的價格彈性，但要非常注意我們希望為客戶提供的價格價值，特別是在價格可及性和開盤價很重要的某些類別中，我們已經例如，我們在配件領域甚至在我們的一些服裝領域（例如 [Nully]）看到了一些早期的勝利。

And then secondly, is really how we reach and serve these customers. And to that, we've really just been amplifying our efforts across social platforms where we know these customers are really living their lives, and it's been exciting to see, again, some very early indicators there that have led to some good wins on customers.

其次，我們如何接觸和服務這些客戶。為此，我們實際上只是在社交平台上加大了我們的努力，我們知道這些客戶確實過著自己的生活，並且很高興再次看到那裡的一些非常早期的指標，這些指標已經為客戶帶來了一些良好的勝利。

Mark Altschwager, Baird.

馬克·阿爾茨瓦格，貝爾德。

Thank you. Good afternoon. A follow-up on gross margin. You're reiterating the 50 basis points-plus to 100 basis points for the year. Q1 seemed to come in a bit better than plan. Sounds like Q2, perhaps a bit lower than you initially thought, given the more aggressive markdowns. So I guess putting that together maybe speak to your level of confidence and the high end versus the low end of that 50 basis points to 100 basis points.

謝謝。午安.毛利率的後續行動。您重申今年升息 50 個基點至 100 個基點。第一季的情況似乎比計劃好一些。聽起來像第二季度，考慮到更激進的降價，可能比你最初想像的要低。所以我想把這些放在一起可能會說明你的信心水平以及 50 個基點到 100 個基點的高端與低端。

And then separately, I think overall margins were negative mid-single digit last year. Can you speak, the path back to breakeven? Cycling some of those heavier markdowns get you there? Or do you need to return to some level of revenue growth to get back to breakeven? Thank you.

另外，我認為去年的整體利潤率為負中個位數。您能談談恢復損益平衡的途徑嗎？騎自行車參加一些較大幅度的降價活動可以讓你到達那裡嗎？或者您需要恢復一定水準的收入成長才能恢復損益平衡？謝謝。

Sure, I can take that. So Mark, I think we feel, right now, obviously, the second half is far way. It feels like we feel very comfortable with the 50 basis points to 100 basis points. I think with the continued IMU improvement, which we have a pretty healthy amount of visibility to followed by really significant markdown rate opportunity for the Urban Outfitters brand.

當然，我可以接受。所以馬克，我想我們現在顯然感覺下半場還很遙遠。感覺我們對 50 個基點到 100 個基點感到非常滿意。我認為，隨著 IMU 的持續改進，我們擁有相當健康的知名度，隨之而來的是 Urban Outfitters 品牌真正顯著的降價機會。

I think we feel very comfortable with that plan today. And I think we feel comfortable on the high end of that. Obviously, a lot can change between now and holiday, but that's where we sit today. I think we feel pretty comfortable with where those numbers are.

我認為我們今天對這個計劃感到非常滿意。我認為我們對高端感到滿意。顯然，從現在到假期可能會發生很多變化，但這就是我們今天所處的情況。我認為我們對這些數字感到非常滿意。

The biggest opportunity for Urban Outfitters certainly is to improve that markdown rate focus on reg price and then get the top line going. But they're really up against significantly elevated markdown rates in Q3 and Q4 of last year that we think just solely based on having the inventory to sales ratio improved should provide for a nice healthy improvement there.

對 Urban Outfitters 來說，最大的機會當然是提高以標準價格為重點的降價率，然後提高收入。但他們確實面臨去年第三季和第四季大幅提高的降價率，我們認為僅基於庫存與銷售比率的改善應該會帶來良好的健康改善。

Alex Preston, Morgan Stanley.

亞歷克斯普雷斯頓，摩根士丹利。

I think you this is Katie Delahunt on for Alex. I just wanted to circle back on the comment you made about the urban brands to date comps trending, I think it was negative high single digits. Would you attribute that improvement to? Is it because of the promotions that you're taking in select categories and then should we expect further improvement throughout the year? I think you had previously said back-to-school could be a time when we could see a further infection at Urban. Thank you.

我想你這是凱蒂·德拉亨特為亞歷克斯代言的。我只是想回顧一下您對迄今為止的城市品牌比較趨勢的評論，我認為這是負的高個位數。您會將這種改進歸因於嗎？是因為您在特定類別中進行了促銷活動嗎？我想你之前說過，返校後我們可能會在厄本看到進一步的感染。謝謝。

Yeah, I'm not sure we understood it very well, Katie. Urban Outfitters, did you say, they were positive double digit.

是的，我不確定我們是否理解得很好，凱蒂。 Urban Outfitters，你說過嗎，他們的表現是兩位數。

We said we were having a positive additional growth on consumers, new consumers to the brand, which felt like a momentum forward from our Q1 execution. So that, us getting back our customer. Katie is what it's all about. So that's that early what we're experiencing currently in the OU digital business. And I think it's a combination of strategic promotions along with some of the social efforts that Shea's team is making in the US.

我們表示，我們在消費者、新消費者方面取得了積極的額外成長，這感覺像是我們第一季執行的動力。這樣，我們就找回了我們的客戶。凱蒂就是一切。這就是我們目前在 OU 數位業務中所經歷的早期情況。我認為這是戰略促銷與謝伊團隊在美國所做的一些社會努力的結合。

We also are seeing some nice momentum within our European business, and we feel like they might accelerate their growth recovery throughout the quarter based on their reaction to spring and summer being quite strong. So we have some strong momentum in the EU business as we stand today.

我們也看到我們的歐洲業務出現了一些良好的勢頭，我們認為，由於他們對春季和夏季的反應相當強勁，他們可能會在整個季度加速成長復甦。因此，從目前的情況來看，我們在歐盟業務方面擁有強勁的勢頭。

Marni Shapiro, The Retail Tracker.

Marni Shapiro，零售追蹤者。

Congrats on the consistency as well. I'm Tricia, I would like to talk to you a little bit just digging in at, Anthro, you've had some quite a while of success and specifically with your own brands, which have had some really nice growth. And I think in all the years I've been following Anthropologie could be two of the most successful owned brands I've seen there. And I, like what I see coming out of daily practice. If you could talk a little bit about how you're using own brands? Are they allowing you to have sort of a base in the stores that you could kind of pickup on the other trends a little more quickly in the market.

也祝賀一致性。我是 Tricia，我想和你談談，Anthro，你已經取得了相當長一段時間的成功，特別是在你自己的品牌方面，這些品牌取得了一些非常好的成長。我認為，多年來我一直關注的 Anthropologie 可能是我在那裡見過的最成功的兩個自有品牌。我喜歡我在日常練習中看到的結果。能談談您如何使用自有品牌嗎？它們是否允許您在商店中擁有一定的基礎，以便您可以更快地了解市場上的其他趨勢。

And then just one quick question about some of the customers you're bringing in there. Your TikTok situation is unhinged, it's so good. And there's so many younger influencers and affiliate people that are on there that are killing it. And I'm curious if this is helping to bring in a younger customer base. And if it's having an impact on your business?

然後簡單問一個關於您在那裡引入的一些客戶的問題。你的 TikTok 情況很混亂，太好了。那裡有很多年輕的影響者和附屬人士正在扼殺牠。我很好奇這是否有助於吸引更年輕的客戶群。它是否對您的業務產生影響？

Marni, thank you for the question. I'll start with the customer piece. As Frank mentioned, our teams are doing a really great job at acquiring new customers, but also younger customers. The first quarter new customers grew by 19% and that really has come from a really concerted effort and acquiring new younger customers in the average age, where customers come down pretty significantly and are definitely engaging on our social platforms, as you referenced, particularly TikTok.

瑪尼，謝謝你的提問。我將從客戶部分開始。正如弗蘭克所提到的，我們的團隊在獲取新客戶和年輕客戶方面做得非常出色。第一季新客戶成長了19%，這確實來自於共同努力，並獲得了平均年齡的新年輕客戶，其中客戶數量大幅下降，並且肯定會參與我們的社交平台，正如您所提到的，尤其是TikTok 。

And I think most exciting to me, and that is our active customers are growing, as Frank mentioned, by 18% as our team really are focused on improving retention rates and repeat purchases. And that's working very well. From a product perspective, thank you for your comments about our own brands. Our team has been working really hard on modernizing and expanding our product assortment and really apparel has been the driver within that.

我認為最讓我興奮的是，正如 Frank 所提到的，我們的活躍客戶成長了 18%，因為我們的團隊確實專注於提高保留率和重複購買。這非常有效。從產品角度，感謝您對我們自有品牌的評價。我們的團隊一直在努力實現產品種類的現代化和擴大，而服裝確實是其中的推動力。

Most particularly, I would say in the denim category, the PILCRO brand has grown really significantly, and there's been a ton of effort put into the design, the way we think about, the way we display the brand in stores and PILCRO and Maeve and our Anthropologie brands are our top search brands and month after month. So the customer knows them and they seek them out.

最特別的是，我想說的是，在牛仔布類別中，PILCRO 品牌發展非常顯著，我們在設計、我們的思考方式、我們在商店中展示品牌的方式以及PILCRO 和Maeve 上投入了大量的精力，我們的 Anthropologie 品牌連續一個月都是我們的熱門搜尋品牌。所以客戶了解他們並且他們會尋找他們。

Daily practice is active lifestyle brand that we've introduced. And really, I think is, as Dick had mentioned in the stores in particular, we're thinking about how do we expand the footprint of the daily practice brand as well as some other new emerging categories, and that's going incredibly well.

Daily Practice是我們推出的積極生活風格品牌。事實上，我認為，正如迪克在商店中特別提到的那樣，我們正在考慮如何擴大日常實踐品牌以及其他一些新興類別的足跡，而且進展非常順利。

So we increased the footprint of at those brands by almost 50% in six stores that we tested in the month of February, and it's proving remarkably well. So we have 50 stores lined up to be able to expand that footprint. So overall, our own brand penetration at our total mix has never been higher. And the profit that those brands are producing is incredible, but mostly proud of the fashion that the teams are serving up in our own brand offer and just glad that you're recognize that. Thank you.

因此，我們在 2 月測試的六家商店中將這些品牌的足跡增加了近 50%，事實證明效果非常好。因此，我們準備了 50 家商店，以便能夠擴大足跡。因此，總體而言，我們自己的品牌在整個產品組合中的滲透率從未如此之高。這些品牌產生的利潤令人難以置信，但最令我們自豪的是這些團隊在我們自己的品牌產品中提供的時尚，並且很高興您認識到這一點。謝謝。

Dana Telsey, Telsey Advisory Group.

達納‧特爾西，特爾西諮詢小組。

Good afternoon, everyone. As you think about the marketing spend, which obviously is helping to drive some of the top line. What's your expectation for marketing spend as we go through the remainder of the year? And how are you allocating versus brand? And how does it differ?

大家下午好。當你想到行銷支出時，這顯然有助於推動一些收入。在今年剩下的時間裡，您對行銷支出有何期望？您如何分配品牌？它有何不同？

And then just on Europe, what did you see there? How is that performing relative to expectations? And lastly, the wholesale operating income was up significantly. What are you noting there in term of order trends and self-through promotionally versus full-price? Thank you.

然後就歐洲而言，您在那裡看到了什麼？與預期相比表現如何？最後，批發營業收入大幅成長。您在訂單趨勢以及自助促銷與全價方面注意到了什麼？謝謝。

Thanks Dana. Let me talk about Europe first and then maybe Frank or Mel will talk about the marketing spend. As I think we've mentioned the Urban brand in Europe both posted negative high single digit in Q1 is showing signs of revival. Up until very recently they were flat and now they're down a couple of percentage points and versus last year. When we look at the other brands that Anthropologie and Free People sales in Europe are quite strong. They were strong in Q1 and they contribute to comp gains in Q2. We're very excited because actually, we're not as optimistic going into this year about Urban given all the problems that had, but we've been very pleasantly surprised. Mel, would you like to?

謝謝達納。讓我先談談歐洲，然後弗蘭克或梅爾可能會談談行銷支出。正如我認為我們已經提到的，歐洲的 Urban 品牌在第一季均錄得負數高個位數，顯示出復甦的跡象。直到最近，它們還持平，現在與去年相比下降了幾個百分點。當我們看看其他品牌時，Anthropologie 和 Free People 在歐洲的銷售相當強勁。他們在第一季表現強勁，並為第二季的業績成長做出了貢獻。我們非常興奮，因為實際上，考慮到今年出現的所有問題，我們對今年的厄本並不那麼樂觀，但我們感到非常驚訝。梅爾，你願意嗎？

So marketing spend is generally allocated, based on where the growing brands are. So, that's why we've talked about the fact that in the first quarter, the growth in marketing has really come from Nuuly, Anthropologie, FP Movement and the Free People brand. So our allocation will continue to work toward where the toward the growing brands. As we go through the year, though, I do think that the rate of growth may be closer to sales growth in the back half of the year versus the first half of the year, but our allocation is similar.

因此，行銷支出通常是根據成長型品牌所在的位置來分配的。因此，這就是為什麼我們談到第一季行銷成長確實來自 Nuuly、Anthropologie、FP Movement 和 Free People 品牌。因此，我們的配置將繼續致力於不斷發展的品牌。不過，隨著我們度過這一年，我確實認為下半年的成長率可能比上半年更接近銷售成長率，但我們的分配是相似的。

Ike Boruchow, Wells Fargo.

艾克·博魯喬（Ike Boruchow），富國銀行。

Hey, everyone. Just to go back to OU, so the Mark's point earlier margins negative -- negative mid-single digits last year. It's still having no issues on the promo and the comp side.

嘿大家。回到 OU，所以馬克早些時候的利潤率為負——去年為負中個位數。在促銷和補償方面仍然沒有問題。

I guess my question is just at a higher level. How long of a leash Do you guys have on the brand in the sense that when would you look to maybe make more material changes to either the store base, the geography just suggest something to kind of rightsize the margin structure of the business. Just going to understand, like what are the goalposts you guys are kind of looking at?

我想我的問題只是在一個更高的層次。你們對這個品牌的束縛有多長，因為你們什麼時候會考慮對商店基地進行更多實質性改變，地理位置只是建議採取一些措施來調整業務的利潤結構。只是想了解一下，例如你們在看什麼球門柱？

I think, we've said over the last quarter or two that we were engaged with in a strategic review that is fairly broad and making some decisions about that as we speak. But I think when we're not ready to talk about it in depth. We are, as been mentioned on the call now a couple of times, we've seen positive signs. And our thoughts are that we will be able to turn that ship around.

我認為，我們在過去一兩個季度說過，我們正在進行相當廣泛的策略審查，並在我們發言時就此做出了一些決定。但我認為當我們還沒有準備好深入討論它時。正如我們在電話會議中多次提到的那樣，我們已經看到了積極的跡象。我們的想法是我們將能夠扭轉這艘船。

There are definitely some issues. Some of the stores are too large. We know that. As we said earlier, we have to change some of the spend on our social media to reflect more accurately where the customer is showing up. So those are the types of things that we're engaged in right now.

肯定存在一些問題。有些商店太大了。我們知道。正如我們之前所說，我們必須改變社群媒體上的一些支出，以更準確地反映客戶出現的地點。這些就是我們現在正在從事的事情。

Shea, would you like to say anything more about it other than we're going to give a more thorough review of this in August, on the call.

Shea，除了我們將在 8 月的電話會議上對此進行更徹底的審查之外，您還想對此說更多嗎？

I think I would acknowledge though, that we do anticipate a more appropriate sale to inventory perspective as we enter into the back half of the year and the second quarter markdown adjustments will allow us to first and foremost clean our inventories, but that will just perpetuate, hopefully, more educated and better buying decisions as we bring those decisions closer to customer.

不過，我想我會承認，隨著我們進入今年下半年，我們確實預計會有更合適的庫存銷售角度，第二季度降價調整將使我們首先能夠清理庫存，但這只會永久存在希望當我們讓這些決策更貼近客戶時，我們可以做出更多明智的、更好的購買決策。

But the first step is really cleaning up the inventory. We think that is a big unlock in terms of the profitability. And then as Dick said, as we're working through the research and insights. Now we definitely will come back in August with more detail on those things. But right now, we're entirely focused on first and foremost, our customer and understanding them. And secondly, getting our inventory in a position that we can react closer to them.

但第一步是真正清理庫存。我們認為這對盈利能力來說是一個巨大的釋放。然後正如迪克所說，我們正在進行研究和見解。現在我們肯定會在八月回來提供有關這些事情的更多細節。但現在，我們首先完全專注於我們的客戶並了解他們。其次，讓我們的庫存處於能夠更接近它們做出反應的位置。

Janet Kloppenburg, JJK Research.

珍妮特·克洛彭堡，JJK 研究中心。

Hi, everybody, and congrats. -- I wanted to just touch base. It sounds like trends in Europe for OU have turned. And I'm wondering, Shea, if the plan is to, -- is it feasible that the apparel trends in Europe come can transition to the US? And is that what's giving you the confidence in the brand's comps churning? I think you said turning positive, but I could be wrong on that for the second half of the year.

大家好，恭喜。 ——我只是想接觸基礎。聽起來歐洲 OU 的趨勢已經改變了。我想知道，謝伊，如果計劃是——歐洲的服裝趨勢是否可以轉移到美國？這就是讓您對該品牌的競爭充滿信心的原因嗎？我想你說的是轉正，但下半年我的說法可能是錯的。

And then just a point of clarification on the info on current comps at Anthropologie, are you suggesting that they were up mid-single digits right now and that adds to the outlook for the second quarter? I may have misinterpreted that. And if I did, I apologize. Thank you.

然後，請澄清一下 Anthropologie 當前的比較信息，您是否認為它們目前的漲幅為中個位數，這增加了第二季度的前景？我可能誤解了這一點。如果我這樣做了，我會道歉。謝謝。

Hi, Janet. This is Tricia. I'll start with Anthropologie. We're cautiously optimistic as we enter Q2. At Anthropologie, I think, as Dick mentioned the first two weeks of May are very important weeks for Anthropologie as a the brand as we prepare for Mother's Day and our comps are fairly aligned with where our Q1 performance was. With, I think some fun headlines we that week leading into Mother's Day, we delivered our brands record high dress sales as -- (multiple speakers)

嗨，珍妮特。這是特里西亞。我將從人類學開始。進入第二季度，我們持謹慎樂觀的態度。在Anthropologie，我認為，正如迪克提到的那樣，五月的前兩週對於Anthropologie 作為一個品牌來說是非常重要的幾週，因為我們正在為母親節做準備，而且我們的比較與我們第一季度的表現相當一致。我認為在母親節前夕的那一周，我們看到了一些有趣的頭條新聞，我們的品牌創下了創紀錄的高服裝銷量——（多個演講者）

We did more dress volume and the week leading up to Mother's Day than we ever had in a week as a brand. So really optimistic about as weather informed as we are leaning into events like Mother's Day and we're cautiously optimistic that we've got some nice trends going in the business.

我們在母親節前一周製作的服裝數量比我們作為一個品牌一周內的數量還要多。因此，隨著天氣狀況的變化，我們非常樂觀，因為我們正在關注母親節等活動，並且我們對行業中出現的一些良好趨勢持謹慎樂觀的態度。

So this is Sheila. I'm going to take that Urban question. And just to reiterate, the brand believes it's going to be a gradual change in comp sales. So because we're really focused on the profitability of the sales. So we want to get our inventory clean and be able to continue to react to the consumer. We are seeing probably more speed on that happening in Europe, more so than the US because we think our customers are positioned slightly differently than our US consumer. But we work very closely with them hand-in-hand and are constantly sharing information. So I just want to reiterate, it's a slow and gradual sales change, not aggressive.

這就是希拉。我將回答厄本的問題。重申一下，該品牌相信競爭銷售將逐漸改變。因為我們真正關注的是銷售的獲利能力。因此，我們希望清理庫存並能夠繼續對消費者做出反應。我們看到歐洲發生這種情況的速度可能比美國更快，因為我​​們認為我們的客戶的定位與美國消費者略有不同。但我們與他們密切合作，並不斷分享資訊。所以我想重申一下，這是一個緩慢而漸進的銷售變化，而不是激進的變化。

Yes. And I think, Janet, if I could about Urban Outfitters in Europe, they have been probably borrowing more of the fashion from the North American group than they ever have in the past. And particularly, I think the major difference or the major change that they've experience is they've gone more into what I would call the feminine look and that seems to be working very well for them right now.

是的。我想，珍妮特，如果我能了解歐洲的 Urban Outfitters，他們可能比過去更多地從北美集團借用了時尚。特別是，我認為他們所經歷的主要區別或主要變化是他們更多地融入了我所說的女性化外觀，這似乎對他們來說非常有效。

We in North America have those same looks and they are performing well. But I think that there's probably a higher penetration of those looks in the European business right now. Then there is the North American business.

我們北美的人也有同樣的外表，而且表現也很好。但我認為目前這些造型在歐洲商業的滲透率可能更高。然後是北美業務。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

Great. Thank you so much. I'm just wondering if you could elaborate a little bit on Nuuly. Just maybe talk to us about the sales trend, what you've learned in the last 90 days profitability, how you see that trending versus where you were 90 days ago. That would be super helpful. Thank you.

偉大的。太感謝了。我只是想知道你是否可以詳細說明一下 Nuuly。也許只是和我們談談銷售趨勢、您在過去 90 天的盈利能力中學到了什麼、您如何看待該趨勢與 90 天前的情況。那將非常有幫助。謝謝。

Dave, you want to take that?

戴夫，你想要那個嗎？

Sure. Thanks for the question, Jay. I guess, I would just start by saying that the first quarter was just a fantastic quarter for us. We saw a tremendous amount of growth, a lot of subscribers that joined the platform for the first time, more new subscribers than we've ever had in our history.

當然。謝謝你的提問，傑伊。我想，我首先要說的是，第一季對我們來說是一個美妙的季度。我們看到了巨大的成長，有很多訂閱者首次加入該平台，新訂閱者數量比我們歷史上任何時候都多。

From a profitability standpoint, we did call out already, Frank mentioned that we were not profitable in the first quarter. We probably would have been, if not for the transition to our Kansas City facility. I think longer term, we're expecting to be profitable through the rest of this year and just very excited about the growth we saw in the first quarter and actually what we've seen continue in May in the second quarter. So it's just very, very exciting time for Nuuly.

從獲利能力的角度來看，我們確實已經指出，弗蘭克提到我們第一季沒有獲利。如果不是過渡到堪薩斯城工廠，我們可能會這麼做。我認為從長遠來看，我們預計今年剩餘時間將實現盈利，並且對我們在第一季度看到的增長以及實際上我們在第二季度看到的五月份的增長感到非常興奮。所以對於 Nuuly 來說，這是非常非常令人興奮的時刻。

Okay. I think that that wraps up all the questions. I thank you all very much for joining and look forward to talking to you again in August.

好的。我認為這涵蓋了所有問題。我非常感謝大家的加入，並期待在八月再次與你們交談。

Ladies and gentlemen, that concludes the conference call. Thank you for your participation. You may now disconnect. Everyone have a wonderful day.

女士們、先生們，電話會議到此結束。感謝您的參與。您現在可以斷開連線。每個人都度過了美好的一天。