Urban Outfitters Inc (URBN) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Urban Outfitters Inc. fourth-quarter fiscal '25 earnings call. (Operator Instructions)

女士、先生們，大家好，歡迎參加 Urban Outfitters Inc. 25 財年第四季財報電話會議。（操作員指令）

I would now like to introduce Oona McCullough, Executive Director of Investor Relations. Ms. McCullough, you may begin.

現在，我想介紹投資者關係執行董事 Oona McCullough。麥卡洛女士，您可以開始啦。

Good afternoon, and welcome to the URBN fourth-quarter fiscal 2025 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, 2025.

下午好，歡迎參加 URBN 2025 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 2025 年 1 月 31 日的 3 個月和 12 個月的財務和經營業績。

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. 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.

以下討論可能包含前瞻性陳述。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測結果存在重大差異的因素的更多信息，請參閱公司提交給美國證券交易委員會的文件中。有關我們季度業績的更詳細評論以及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.

現在我將電話轉給迪克。

Thank you, Oona, and good afternoon, everyone. We're pleased to announce record fourth quarter sales and full year profits, both of which surpassed our expectations. Speaking of those results on today's call, you will first hear from Frank Conforti, our Co-President and COO. Following Frank, Melanie Marein-Efron, our CFO, will talk about our current expectations for fiscal '26. Then after my brief closing remarks, we will be pleased to address your questions.

謝謝你，烏娜，大家下午好。我們很高興地宣布第四季度的銷售額和全年利潤均創下了紀錄，超出了我們的預期。在今天的電話會議上談到這些結果，您首先會聽到我們的聯合總裁兼首席營運長弗蘭克·康福蒂（Frank Conforti）的演講。繼弗蘭克之後，我們的財務長梅蘭妮·馬林·埃夫隆 (Melanie Marein-Efron) 將談論我們對 26 財年的當前預期。在我的簡短結束語之後，我們將很高興回答你們的問題。

I will now turn the call over to Frank.

現在我將電話轉給弗蘭克。

Thank you, Dick, and good afternoon, everyone. Today, I will discuss 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 do not include prior year noncore adjustments for asset impairments, lease abandonments, a release of income tax reserves, 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. Now on to our results.

謝謝你，迪克，大家下午好。今天，我將討論我們公司第四季的整體業績與去年同期相比的情況，然後對各個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，其中不包括上一年資產減損、租賃放棄、所得稅準備金釋放和 Nuuly 收入確認方法變化的非核心調整。我們的新聞稿以及發佈到 URBN 投資者關係網站的投資者介紹中對這些項目進行了詳細說明。現在來看看我們的結果。

Overall, the teams delivered another exceptional quarter, surpassing our plans as discussed during the third quarter conference call. Total URBN sales grew by 9%, reaching a Q4 record of $1.6 billion. Four of our five brands performed remarkably well, posting record fourth quarter sales. Additionally, the Urban Outfitters brand made significant progress in reducing the brand's operating loss versus the prior year and improving their sales trend.

總體而言，各團隊又一個季度表現出色，超出了我們在第三季電話會議上討論的計劃。URBN 總銷售額成長 9%，達到第四季創紀錄的 16 億美元。我們五個品牌中有四個表現優異，創下了第四季銷售額的新高。此外，Urban Outfitters品牌在減少品牌經營虧損與去年同期相比以及改善銷售趨勢方面取得了重大進展。

URBN sales growth was partly driven by a 5% increase in the Retail segment's comp due to a high single-digit DTC channel comp and a low single store comp. Both Anthropologie and Free People achieved a high single-digit positive retail segment comp slightly offset by a low single-digit comp decline at the Urban Outfitters brand.

URBN 銷售額的成長部分得益於零售部門同店銷售額成長 5%，這歸因於 DTC 通路同店銷售額高個位數成長和單店同店銷售額低。Anthropologie 和 Free People 零售分部都取得了高個位數的正收益，但被 Urban Outfitters 品牌低個位數的收益下滑略微抵消。

Nuuly delivered roust double-digit revenue growth, thanks to a 53% increase in average active subscribers compared to the prior year. Additionally, the Wholesale segment saw a 26% revenue increase, driven by a healthy rise in full-price sales at Free People.

Nuuly 實現了兩位數的收入成長，這得益於平均活躍訂閱用戶數與上年相比增加了 53%。此外，由於 Free People 全價商品銷售額的健康成長，批發部門的收入成長了 26%。

Now turning to gross profit. URBN saw a 17% increase in gross profit dollars, reaching a record $528 million. The gross profit rate also improved nicely by 200 basis points rising to 32.3%. This is on top of a 290 basis point improvement in gross profit rate in the fourth quarter last year. The current year's increase was due to better gross margins across all segments.

現在來談談毛利。URBN 的毛利成長了 17%，達到創紀錄的 5.28 億美元。毛利率也大幅提升，上升了200個基點，達到32.3%。這是在去年第四季毛利率提高 290 個基點的基礎上實現的。本年度的成長是由於所有部門的毛利率都有所提高。

The improvement in the retail segment, primarily driven by a reduction in markdowns with Urban Outfitters leading the way with significantly lower markdowns versus the prior year, followed by an improvement at Anthropologie. Additionally, the Retail segment gross margin benefited from increases in initial margins at both Anthropologie and Free People.

零售部門的改善，主要得益於降價幅度的減少，其中 Urban Outfitters 的降價幅度與上年相比大幅降低，其次是 Anthropologie 的改善。此外，零售部門的毛利率受益於 Anthropologie 和 Free People 的初始利潤率的成長。

In the fourth quarter, SG&A increased by 9%, leveraging by 18 basis points as a rate to sales. The growth in SG&A dollars was primarily driven by increased marketing spend, fueling sales growth for the Anthropologie, Free People, FP Movement, and Nuuly brands. The marketing efforts of Anthropologie, Free People, and FP Movement boosted traffic to both the store and digital channels, while Nuuly's campaigns resulted in a healthy double-digit growth in average active subscribers.

第四季度，銷售、一般及行政支出增加了 9%，銷售額的槓桿率上升了 18 個基點。銷售、一般及行政費用的成長主要得益於行銷支出的增加，推動了 Anthropologie、Free People、FP Movement 和 Nuuly 品牌的銷售成長。Anthropologie、Free People 和 FP Movement 的行銷努力提升了商店和數位管道的流量，而 Nuuly 的行銷活動則使平均活躍訂閱者數量實現了健康的兩位數成長。

Total URBN operating income rose by 54% compared to last year, reaching $125 million, while the operating profit rate improved by over 220 basis points to 7.7%. Net income saw a 49% increase to $98 million or $1.04 per diluted share.

URBN 總營業收入較去年同期成長 54%，達到 1.25 億美元，營業利潤率提高 220 多個基點，達到 7.7%。淨收入成長 49%，達到 9,800 萬美元，即每股 1.04 美元。

I will now provide more details by brand, starting with Anthropologie. The Anthropologie team delivered another exceptional quarter with an 8% Retail segment comp and their ninth straight quarter of year-on-year double-digit operating income growth. Positive comps were driven by a double-digit increase in the digital channel and a mid-single-digit increase in the store channel. All categories delivered positive regular price and total sales comp during the quarter with broad-based strength across apparel categories.

現在我將按品牌提供更多詳細信息，從 Anthropologie 開始。Anthropologie 團隊又一個季度表現出色，零售部門年增 8%，連續第九個季度實現兩位數的營業收入年增。同店銷售額的正面成長得益於數位通路的兩位數成長和商店通​​路的中等個位數成長。本季度，所有類別的正常價格和總銷售額均實現了積極的成長，服裝類別普遍表現強勁。

I know Tricia and team are also very proud to report that the Anthropologie Home category posted its first positive regular price and total sales comp for the year. The Anthropologie team continues to execute on their strategic initiative of expanding the end-use-offering of products to serve their customers' full lifestyle. In January, Anthropologie launched Celandine, an exclusive in-house resort wear label offering year-round vacation-ready styles, which can be found in select locations seasonally and online all year round. Celandine, Daily Practice, and the brand's expanded assortment of intimates and lounge continue to experience outsized growth and we believe could be meaningful growth categories moving forward.

我知道 Tricia 和團隊也非常自豪地報告 Anthropologie Home 類別今年首次公佈了積極的正常價格和總銷售額同比漲幅。Anthropologie 團隊繼續執行其策略計劃，擴大產品的最終用途供應，以滿足客戶的完整生活方式。今年 1 月，Anthropologie 推出了獨家自營度假服裝品牌 Celandine，提供全年度假風格的服裝，可在特定季節在指定地點購買，也可全年在網上購買。Celandine、Daily Practice 以及品牌擴大的貼身衣物和休閒服系列繼續經歷超高速的成長，我們相信這些類別未來可能會有顯著的成長。

Additionally, Anthropologie continues to succeed on their goal of attracting new, younger customers while deepening engagement with existing ones. The brand continues to make strategic marketing investments supported by outstanding creative content, which drove positive increases in store and digital traffic as well as an 11% increase in total customers for the quarter. Impressive sales growth and healthy margin expansion coupled with well-managed expenses, drove record operating profit dollars for the brand in the fourth quarter. Based on our current plans, we believe Anthropologie could deliver a mid-single-digit positive Retail segment comp for the first quarter and full year of fiscal '26.

此外，Anthropologie 繼續成功實現其吸引新的年輕客戶並深化與現有客戶的互動的目標。該品牌繼續進行策略行銷投資，並以出色的創意內容為支撐，推動門市和數位流量實現積極成長，本季總客流量成長 11%。令人印象深刻的銷售成長、健康的利潤率擴張，加上管理良好的費用，推動品牌第四季的營業利潤創下歷史新高。根據我們目前的計劃，我們相信 Anthropologie 可以在 26 財年第一季和全年實現零售部門中等個位數的正成長。

Next, the Free People team produced another outstanding quarter with total retail and wholesale segment sales increasing 13%. The double-digit increase in sales was driven by an 8% Retail segment comp, a 27% increase in Free People Wholesale segments, and a 194% increase in 'non-comp' sales, driven by continued successful new store openings. The positive Retail segment comp was driven by a low double-digit DTC comp and a mid-single-digit store comp.

接下來，Free People 團隊又取得了一個出色的季度業績，零售和批發部門總銷售額成長了 13%。銷售額達到兩位數成長的主要原因是零售部門銷售額年增 8%，Free People 批發部門銷售額年增 27%，以及新店開設持續成功帶來的「非同店」銷售額年增 194%。零售部門的積極成長是由低兩位數的 DTC 成長和中等個位數的門市成長所推動的。

During the quarter, the Free People brand achieved positive comp sales growth across all major categories. The FP Movement brand delivered robust total growth of 34% driven by a 19% Retail segment comp. A 66% increase in FP Movement store base, while the FP Movement Wholesale segment exploded in the quarter, achieving over 90% growth versus last year. Non-comp sales growth was driven by 32 new stores, 7 Free People, and 25 FP Movement locations opened over the 12 months.

本季度，Free People品牌所有主要類別的同店銷售額均實現了正成長。FP Movement 品牌整體強勁成長 34%，主要得益於零售部門 19% 的年成長。FP Movement 商店數量增加了 66%，而 FP Movement 批發部門在本季度呈爆炸式增長，與去年相比實現了 90% 以上的增長。非同店銷售額的成長得益於 12 個月內新開設的 32 家店、7 家 Free People 店和 25 家 FP Movement 店。

The brand continues to have outsized new opportunities, driven in part by continued expansion in FP Movement, which will open an additional 20 locations in fiscal '26. Based on our current plans, we believe the Free People Group could deliver a positive retail segment comp in the low to mid-single-digit range for the first quarter and full year of fiscal '26.

該品牌繼續擁有巨大的新機遇，部分原因是 FP Movement 的持續擴張，該公司將在 26 財年再開設 20 家門市。根據我們目前的計劃，我們相信 Free People Group 可以在 26 財年第一季和全年實現低至中等個位數範圍內的零售分部獲利。

Free People Wholesale revenues increased 27% during the quarter, driven by full price sales gains in specialty and department stores. Free People Wholesale profitability improved significantly from the prior year when the brand utilized close-out channels sales to reduce aging products. We believe Free People Wholesale could deliver mid-single-digit growth for the full year, while the first quarter could exceed that growth for fiscal year '26.

受專賣店和百貨公司全價銷售成長的推動，Free People 批發收入在本季成長了 27%。由於 Free People Wholesale 利用清倉通路銷售來減少老化產品，其獲利能力較上年同期顯著提高。我們相信 Free People Wholesale 全年可實現中等個位數的成長，而第一季的增幅可能超過 26 財年的增幅。

Now I'm moving on to the Urban Outfitters brand. Urban Outfitters recorded a 3% decline in the Retail segment comp for the quarter. This healthy improvement in the current year sales comp trend was driven by a high single-digit positive comp in Europe, offset by a high single-digit negative comp in North America. In addition to the improved comp sales performance, we are pleased with the growth in the merchandise margin rate, driven by significantly lower markdowns and an improvement in regular price selling. This led to a continued reduction in the brands operating loss compared to last year.

現在我要談 Urban Outfitters 品牌。Urban Outfitters 本季零售部門營收下滑 3%。本年度銷售額同比趨勢的健康改善是由歐洲高個位數正成長所推動的，而北美高個位數負成長則抵消了這一影響。除了同店銷售業績改善之外，我們也對商品利潤率的成長感到滿意，這得益於降價幅度大幅下降和正常價格銷售的改善。這使得該品牌的經營虧損較去年同期相比持續減少。

In North America, the improved sales trend and meaningful maintained margin growth was due to positive regular price comp. This marks the first time the brand has delivered positive price comp in North America in over two years. The positive comp were the result of strong performance in key categories such as home, women's accessories as well as denim and loungewear within women's apparel. Last year, the North American team focused on stabilizing the business, realigning strategic priorities and rightsizing inventories which led to improved profitability in the third and fourth quarters of fiscal '25.

在北美，銷售趨勢改善和利潤率保持有意義的成長得益於積極的平均價格同比上漲。這是該品牌兩年多來首次在北美實現價格上漲。年比銷售成長主要得益於家居、女士配件以及女裝中的牛仔布和家居服等主要類別的強勁表現。去年，北美團隊致力於穩定業務、重新調整策略重點和適當調整庫存，從而提高了 25 財年第三季和第四季的獲利能力。

As we start the new year, the team is pivoting to a renewed focus on growth, beginning with regular price growth. Within women's apparel, team is building upon the solid growth of denim and lounge while applying learnings into other bottoms categories as well as introducing athleisure. We have full confidence in the brand team and their strategies, it is encouraging to see the progress they are making.

隨著新的一年的開始，團隊將重新關注成長，首先是常規價格成長。在女裝領域，團隊在牛仔布和休閒服穩定成長的基礎上，將學習經驗應用到其他下裝類別並推出運動休閒服。我們對品牌團隊和他們的策略充滿信心，看到他們所取得的進步令人鼓舞。

Turning to Urban Outfitters based in Europe. Our European business delivered a positive high single-digit comp, driven by a double-digit comp increase in the digital channel and a mid-single-digit comp increase in the store channel. During the quarter, the brand drove positive comps across apparel, home, and accessories. Strong sales comp and improved maintained margins fueled a healthy increase in operating profit for the European team. Based on our current plans, we believe the global Urban Outfitters brand could deliver a low single-digit negative to flat comp for the first quarter and flat to low single-digit positive comp for the full year fiscal '26.

轉向總部位於歐洲的 Urban Outfitters。我們的歐洲業務實現了高個位數的正成長，這得益於數位通路的兩位數成長和商店通​​路的中等個位數成長。在本季度，該品牌在服裝、家居和配件方面均取得了積極的業績。強勁的銷售額和不斷提升的利潤率推動了歐洲團隊的營業利潤健康成長。根據我們目前的計劃，我們相信全球 Urban Outfitters 品牌在第一季的同比銷售額將達到低個位數的負增長至持平，26 財年全年的同比銷售額將達到持平至低個位數的正增長。

Finally, I will touch on the Nuuly business, which delivered another exceptional quarter. Nuuly added over 20,000 average active subscribers versus the third quarter, ending the quarter with 300,000 average active subscribers for the full quarter. The solid growth in average subscribers led in part to a 56% increase in brand revenue. The strong revenue growth in the fourth quarter resulted in expense rate leverage in almost every expense line item, which helped deliver a record fourth quarter operating profit and another Nuuly first. Its first full year of profitability.

最後，我將談談 Nuuly 業務，該業務又一個季度表現出色。與第三季相比，Nuuly 平均增加了 20,000 多名活躍用戶，季末整個季度的平均活躍用戶數為 30 萬名。平均訂閱用戶的穩定成長在一定程度上推動了品牌收入成長 56%。第四季強勁的營收成長使得幾乎每個費用項目的費用率都實現了槓桿作用，這有助於實現創紀錄的第四季度營業利潤和 Nuuly 的另一個第一。實現全年獲利的第一年。

Nuuly recorded full year operating profit of $13 million and mid-single-digit operating profit rate for the year. As we have noted, historically, Nuuly experiences the most significant growth in subscribers during the seasonally strong first and third quarters. An already strong start in February bodes well for the Nuuly brand to continue to deliver healthy revenue and profit growth in the first quarter and full year of fiscal '26.

Nuuly 全年營業利潤為 1,300 萬美元，全年營業利潤率達到中等個位數。正如我們所注意到的，從歷史上看，Nuuly 在季節性強勁的第一季和第三季經歷了最顯著的用戶成長。2 月的強勁開局預示著 Nuuly 品牌將在 26 財年第一季和全年繼續實現健康的收入和利潤成長。

I will now turn the call over to Melanie.

現在我將電話轉給梅蘭妮。

Thank you, Frank, and good afternoon, everyone. On today's call, I will discuss our thoughts on the first quarter and full year fiscal '26. The following forward-looking statements reflect comparison to first quarter and full year '25 results adjusted for certain one-time items.

謝謝你，弗蘭克，大家下午好。在今天的電話會議上，我將討論我們對 26 財年第一季和全年的想法。以下前瞻性陳述反映了 2025 年第一季和全年業績進行某些一次性項目調整後的比較。

As we begin FY26 we believe we could deliver mid-single-digit sales growth first quarter and full year. This growth could be driven with single-digit retail segment comp for the first quarter and full year, driven by low to mid-single digit positive Retail segment comp at the Free People brand and mid-single-digit positive Retail segment comp at Anthropologie.

隨著 26 財年伊始，我們相信第一季和全年銷售額將實現中等個位數成長。這一成長可能受到第一季和全年個位數零售分部成長的推動，其中，Free People 品牌零售分部低至中個位數正成長以及 Anthropologie 零售分部中個位數正成長推動。

We believe that Urban Outfitters brands first quarter retail segment comp could be low single-digit negative to flat comp with gradual improvement as the year progresses. Nuuly could deliver revenue growth for the year, driven primarily by continued subscriber growth. Finally, our wholesale segment is planned to achieve mid-single-digit growth for the year, while the first quarter could deliver low double-digit revenue growth.

我們相信，Urban Outfitters 品牌第一季零售部門的銷售額年比可能會從低個位數下降到持平，並隨著時間的推移逐漸改善。Nuuly 今年的營收可望成長，主要得益於用戶數量的持續成長。最後，我們的批發部門計劃全年實現中等個位數成長，而第一季可能實現低兩位數的收入成長。

Based on the current sales performance and plans, we believe our gross profit margins could improve by approximately 50 to 100 basis points versus last year for the first quarter and full year FY26. The increase in gross profit rate could be primarily due to lower merchandise markdowns at the Urban Outfitters brand, followed occupancy and delivery expense leverage.

根據目前的銷售業績和計劃，我們相信，2026 財年第一季和全年的毛利率將比去年提高約 50 至 100 個基點。毛利率的上升可能主要由於 Urban Outfitters 品牌的商品降價幅度降低，其次是佔用率和運輸費用槓桿。

Based on our current sales performance and financial plan, we believe total growth in SG&A could grow in line with sales growth for the first quarter and year. The growth in SG&A dollars primarily relates to higher marketing expense to drive growth in customers and sales, as well as increased store labor costs related to new store openings and investment in technology support the needs of our business. 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.

根據我們目前的銷售業績和財務計劃，我們相信銷售、一般及行政開支的總成長可能與第一季和全年的銷售額成長一致。銷售、一般及行政費用的成長主要與為推動客戶和銷售成長而增加的行銷費用，以及與新店開業和對技術支援我們業務需求的投資相關的商店勞動力成本增加有關。與往常一樣，如果銷售業績出現波動，我們會將銷售、一般及行政開支維持在一定水平，該水平的變動幅度可根據業務表現而上下波動。

Our annual effective tax rate is planned to be approximately 24% for the year and 23% for the first quarter.

我們計劃全年有效稅率約為24%，第一季有效稅率約為23%。

Now moving on to inventory. We ended FY25 with slightly elevated inventory level as we intentionally brought in product early to avoid the impact of a potential East Coast port strike. 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 at or below sales growth.

現在轉到庫存。我們在 25 財年結束時庫存水準略有上升，因為我們有意提前引進產品以避免潛在東海岸港口罷工的影響。在未來的一年裡，我們將繼續致力於提高產品週轉率。我們相信我們的庫存水準可能會以等於或低於銷售額成長率的速度成長。

For FY26 capital expenditures are planned at approximately $240 million, the FY26 capital project spend is broken down as follows: approximately 50% is related to retail store expansion and support, approximately 25% is related to supporting technology and logistics investments, and the remaining 25% is for home office expansion to support our growing businesses.

26 財年的資本支出計畫約為 2.4 億美元，26 財年的資本項目支出細分如下：約 50% 與零售店擴張和支援有關，約 25% 與支援技術和物流投資有關，剩餘 25% 用於總部擴張，以支持我們不斷增長的業務。

We will be opening approximately 58 new stores and closing approximately 19 stores during fiscal year '26. Our net new store growth is primarily being driven by growth in FP Movement, Free People, and Anthropologie stores. During FY26, we plan on opening 20 FP Movement stores, 16 Free People stores, and 15 Anthropologie stores.

我們將在26財年開設約58家新店並關閉約19家店。我們的淨新店成長主要得益於 FP Movement、Free People 和 Anthropologie 商店的成長。在 26 財年，我們計劃開設 20 家 FP Movement 商店、16 家 Free People 商店和 15 家 Anthropologie 商店。

Based on our current plans, we plan to repurchase shares to at least offset any dilution that may occur in FY26. Of course, share repurchase activity will be contingent on market conditions and Board of Director authorization.

根據我們目前的計劃，我們計劃回購股票以至少抵消 26 財年可能出現的任何稀釋。當然，股票回購活動將取決於市場條件和董事會的授權。

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，而僅僅反映了我們當前的觀點。該公司不承擔更新前瞻性陳述的任何義務。

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

現在我很高興將電話轉回給 URBN 執行長 Dick Hayne。

Thank you, Melanie, and congratulations to our team for an outstanding fourth quarter. The holiday season was exceptional, with consumers eager for fresh fashion and distinctive gifts. Our brand teams created well-executed assortments, captivating in-store experiences, and inspiring marketing campaigns. Customers responded and drove strong revenue gains across all our business segments.

謝謝你，梅蘭妮，恭喜我們團隊在第四季度取得了出色的成績。這個假日季節非常特別，消費者渴望獲得新穎的時尚和獨特的禮物。我們的品牌團隊創造了精心設計的商品組合、令人著迷的店內體驗和鼓舞人心的行銷活動。客戶做出了積極的反應，推動了我們所有業務部門的收入強勁成長。

I will now discuss our performance for fiscal year '25 versus prior year results. For the year, we delivered impressive 8% revenue growth, adding nearly $400 million, to reach a record of $5.6 billion. At the same time, our gross profit margin grew by 122 basis points, which drove a 22% increase in operating profit. This, in turn, lifted earnings by 26% to $4.06 per share and easily made FY25 the most profitable year in URBN history.

現在我將討論我們25財年的表現與去年同期的表現。今年，我們的收入實現了令人印象深刻的 8% 成長，增加了近 4 億美元，達到創紀錄的 56 億美元。同時，我們的毛利率成長了122個基點，推動營業利潤成長了22%。這反過來又使每股收益上漲 26% 至 4.06 美元，並使 25 財年輕鬆成為 URBN 歷史上利潤最高的一年。

Last year, I described our customers' mood as enthusiastic rather than exuberant. I believe this remains an accurate description today. Customer demand has remained remarkably consistent. They're hungry for the latest fashions and our designers and merchants continue to create product and assortment that please them. In short, we're gaining new customers and increasing market share across all segments.

去年，我將客戶的心情描述為熱情而非興高采烈。我相信今天這仍然是一個準確的描述。客戶需求一直保持高度一致。他們渴望獲得最新的時尚，而我們的設計師和商家則不斷創造出令他們滿意的產品和品種。簡而言之，我們正在獲得新客戶並增加各個領域的市場份額。

For the Retail segment, this translates to more traffic to our stores and websites. In FY25, web sessions grew by high single digits. For Nuuly, our subscription rental segment it means capturing more active subscribers. And at year's end, average active subscribers had increased by more than 50%. The wholesale segment added over 300 new accounts and total sales increased by 15% for the year. With the sales of spring products off to a good start and subscriber counts continuing to grow, we are optimistic that fiscal '26 will produce even more record results.

對於零售部門來說，這意味著我們的商店和網站的流量會增加。在 25 財年，網路會話數成長了個位數。對 Nuuly 來說，我們的訂閱租賃部門意味著吸引更多的活躍訂閱者。截至年底，平均活躍訂閱用戶數量增加了 50% 以上。批發部門增加了 300 多個新客戶，全年總銷售額成長了 15%。隨著春季產品銷售開局良好且訂閱用戶數量持續成長，我們樂觀地認為 26 財年將創造更多創紀錄的業績。

All brands are adding value to the total URBN portfolio. Our two biggest brands, Anthropologie and Free People have shown consistent revenue growth and produced healthy mid-teen operating profit margins. Nuuly and FP Movement are two of the most exciting high-growth concepts in the market today. Both are nicely profitable and both continue to expand brand awareness and demonstrate the potential scale further. Lastly, the Urban Outfitter brand has stabilized in North America and is showing recent improvement in profitability. The team is now focused on acquiring new customers and driving profitable full-price sales.

所有品牌都為 URBN 整體產品組合增添價值。我們最大的兩個品牌 Anthropologie 和 Free People 的營收持續成長，並產生了健康的中等水準的營業利潤率。Nuuly 和 FP Movement 是當今市場上最令人興奮的兩個高成長概念。兩家公司都實現了良好的獲利，並不斷擴大品牌知名度，進一步展現出潛在的規模。最後，Urban Outfitter 品牌在北美已經穩定下來，並且盈利能力近期有所改善。該團隊目前專注於吸引新客戶和推動有利可圖的全價銷售。

In Europe, Urban has once again posting strong comp sales after a brief hiatus in the first half of FY25. I'm excited by our entire portfolio of brands. We see opportunity to drive solid revenue growth while expanding margins. FY26 and beyond. We're confident that URBN is poised for continued success.

在歐洲，Urban 在 25 財年上半年短暫落後後再次取得了強勁的同店銷售額。我對我們的整個品牌組合感到非常興奮。我們看到了在擴大利潤率的同時推動收入穩健成長的機會。FY26 及以後。我們堅信 URBN 將繼續取得成功。

In closing, I congratulate and thank our Co-presidents, Meg and Frank, our brand leaders, Tricia, Sheila, and Dave; their merchant, creative and operating teams, our Shared Service teams, and our 28,000 associates worldwide. Their collective efforts produced another record year, and I thank them. I also recognize and thank our many partners in the globe. And finally, I thank our shareholders for their continued support.

最後，我要祝賀並感謝我們的聯合總裁 Meg 和 Frank、我們的品牌領導者 Tricia、Sheila 和 Dave；他們的商家、創意和營運團隊、我們的共享服務團隊以及我們全球的 28,000 名員工。他們的共同努力創造了另一個創紀錄的一年，我向他們表示感謝。我也認可並感謝我們在全球的眾多合作夥伴。最後，我感謝股東們的持續支持。

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

我們的準備好的演講到此結束。現在我將電話轉交給你們來回答你們的問題。

(Operator Instructions) Lorraine Hutchinson, Bank of America.

（操作員指示）美國銀行洛林·哈欽森（Lorraine Hutchinson）。

You had set a goal to improve IMU by 500 basis points by the end of last year. Did you hit that goal? And what should we think about next for your opportunities around the IMU line?

您已設定了目標，要到去年年底將 IMU 提高 500 個基點。你達到那個目標了嗎？那麼，我們接下來應該考慮您在 IMU 系列方面的哪些機會？

Hi, Lorraine. This is Frank. So as you mentioned, we just completed our final year of that initiative. And obviously, we feel great about the progress we made. Each brand supported by our sourcing and logistics teams honestly delivered really meaningful IMU growth over the past three years. We did fall just short of our goal, but we still are going to continue to work driving additional improvements in the coming years, and we still think that there's opportunity there.

你好，洛林。這是弗蘭克。正如您所說，我們剛剛完成了該計劃的最後一年。顯然，我們對所取得的進展感到非常高興。過去三年來，我們的採購和物流團隊支持的每個品牌都實現了真正有意義的 IMU 成長。我們確實沒有達到目標，但我們仍將在未來幾年繼續努力推動進一步的改進，我們仍然認為這裡還有機會。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Can you maybe talk about the mix of branded product versus own brand or private brands within the Urban Outfitters and Anthro businesses? Just curious where penetration is for each? And what is the strategy going forward? Whether -- just curious if we should expect any changes this year on that mix?

您能否談談 Urban Outfitters 和 Anthro 業務中品牌產品與自有品牌或私人品牌的組合？只是好奇每個滲透率是多少？未來的戰略是什麼？是否——只是好奇我們今年是否會期待這種組合會發生任何變化？

Okay. Paul, I'm going to ask Shea to take the Urban side of the question and then pass along to Tricia to talk about the Anthropologie.

好的。保羅，我要請謝伊來回答城市方面的問題，然後再請特里西亞來談談人類學的問題。

Hi, Paul, thanks for the question. We're excited about the brand growth that we're seeing in Q4. Brand growth actually outpaced total Urban Outfitter's growth. That did come from mostly non-apparel brands just because of the lead times that we see in the apparel categories. But as we look to this year per your question, growing national brands is a part of our strategies. We know it's important to our customers, and we're excited about what's to come.

你好，保羅，謝謝你的提問。我們對第四季度看到的品牌成長感到非常興奮。品牌成長實際上超過了 Urban Outfitter 的整體成長。這確實主要來自非服裝品牌，因為我們在服裝類別中看到的交貨時間。但根據您的問題，展望今年，發展國家品牌是我們策略的一部分。我們知道這對我們的客戶很重要，我們對未來感到興奮。

We don't necessarily have target in terms of penetration. I think we're going to let the customer guide us. But we're excited about some of the big brands that we have lined up, and we're excited about the progress we made in Q4.

我們不一定有滲透方面的目標。我認為我們應該讓顧客來指導我們。但我們對我們合作的一些大品牌感到興奮，我們對第四季度的進展感到興奮。

Hi Paul, this is Tricia. Growing our own brand penetration at Anthropologie has been a strategic growth driver for us for quite some time. We have hit 70% own brand penetration now in women's apparel and feel like there's continued growth opportunity. We're looking at the continued outsized growth that we've seen from our -- Pilcro, our denim brand. Maeve, our number one brand and a customer favorite, we've got significant growth plans for.

你好，保羅，我是特里西亞。長期以來，擴大 Anthropologie 自體品牌的滲透率一直是我們策略成長的動力。目前，我們在女裝領域的自有品牌滲透率已達到 70%，並且感覺還有持續的成長機會。我們正在關注我們的牛仔品牌 Pilcro 持續的超高速成長。Maeve 是我們的頭號品牌，也是顧客最愛的品牌，我們對其製定了重大的成長計劃。

So I don't know that the penetration will increase remarkably more than it is currently because we still see opportunities around it with great market brands. But overall, it's continued to be a growth driver for us, and we believe it will continue to.

因此，我不知道滲透率是否會比現在有顯著成長，因為我們仍然看到優秀市場品牌帶來的機會。但總體而言，它仍然是我們的成長動力，而且我們相信它會繼續下去。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯（Matthew Boss）。

So Dick, could you speak to any notable trends across categories that you see emerging this year and how do you see this position to capitalize? And maybe just more near term, if you could elaborate on spring sales off to a good start, maybe just looking through weather.

那麼迪克，您能否談談您認為今年各個類別中出現的任何顯著趨勢，以及您認為應該如何利用這一趨勢？也許只是近期的情況，如果您可以詳細說明春季銷售如何開個好頭，也許只是看看天氣。

Okay. Matt, I'll try to do that. Fashion, really, there's one word for it. We're in a bottom cycle, and all of our brands are selling bottoms very briskly and the baggier, the better. Now the fuller bottoms that are selling so well also require slimmer tops in order to complete the little over big silhouette.

好的。馬特，我會嘗試這麼做。時尚，確實，用一個詞來形容它。我們正處於底部週期，我們所有品牌的下裝都賣得非常火爆，而且越寬鬆越好。現在，暢銷的寬鬆下裝也需要更修身的上裝，以完善略大一點的輪廓。

So we're selling a number of tops well, but nowhere near as briskly as the bottom. Also performing for us are outerwear, that shouldn't be a big surprise given how cold it's been in the Northern climes. Sneakers continue to dominate our shoe sales. That's been going on now for a number of years. I don't see any change on the horizon for that.

因此，我們的一些上衣銷量不錯，但遠不及底衣的銷量好。我們同樣展示的是外套，考慮到北方的氣候有多冷，這並不奇怪。運動鞋繼續佔據我們鞋類銷售的主導地位。這種情況已經持續好幾年了。我看不到這種情況會有什麼改變。

And then, of course, FP Movement and Anthropologie's activewear concept of Daily Practice are both performing very well. And Anthro's new resort concept called Celandine is also performing very well.

當然，FP Movement 和 Anthropologie 的運動服概念 Daily Practice 都表現非常出色。Anthro 的新度假村概念 Celandine 也表現不俗。

And finally, as Frank mentioned, excluding furniture, home and gift categories at both Anthropologie and Urban Outfitters are experiencing strong full price selling. So that gives you an idea about the selling, and I will just now repeat mostly of what Frank said, which is our plan for Q1 comps are to be in the low to mid-single-digit range. And if I can do it by brand, for Anthropologie, we believe it will be a mid-single-digit comp, for Free People, a low to mid-single-digit comp.

最後，正如弗蘭克所提到的，除了家具之外，Anthropologie 和 Urban Outfitters 的家居和禮品類別均呈現強勁的全價銷售勢頭。這讓您對銷售情況有一個了解，我現在將主要重複弗蘭克所說的內容，即我們計劃第一季的銷售額將處於低至中等個位數的範圍內。如果我可以按品牌來做的話，對於 Anthropologie 來說，我們相信它將是一個中等個位數的營收，對於 Free People 來說，它將是一個低至中等個位數的營收。

And there, I want to remind everyone that Free People is up against a plus 17% comp from Q1 of last year, and this is their most difficult quarter. And then finally, we think there will be a flattish comp for the Urban brand. It can be a little bit on the negative side, a little bit on the positive side. but it's too difficult to call. So if we combine all of those in the retail segment, with forecast for our whole sales and subscription segments, We believe that total URBN Q1 revenues could increase in the mid- to high single-digit range, very similar to where we were this past quarter.

在這裡，我想提醒大家，Free People 的營收比去年第一季成長了 17%，這是他們最困難的季度。最後，我們認為 Urban 品牌的業績將會持平。它可能有點消極，也可能有點積極。但打電話太難了。因此，如果我們將零售領域的所有內容與整個銷售和訂閱領域的預測結合起來，我們相信 URBN 第一季的總收入可能會在中高個位數範圍內成長，與上一季的水平非常相似。

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團 (Telsey Advisory Group)。

With the improvement in the Urban Outfitters division, Shea, I think you gave out the five pillars of the transformation strategy. Where are we on each one now? And is there any shift in how you see it progressing as we go through the year? And then just on the Anthro business, the customer profile is changing. And obviously, the new collection that just came out, Celandine, what should we be expecting there in terms of product innovation moving through '25? Thank you.

隨著 Urban Outfitters 部門的改進，Shea，我認為您已經給出了轉型策略的五大支柱。我們現在各自處於什麼位置？隨著時間的推移，您認為它的進展有什麼變化嗎？就 Anthro 業務而言，客戶資料正在發生變化。顯然，對於剛推出的新系列 Celandine，我們應該對 25 年的產品創新有何期待？謝謝。

Hi Dana, thanks for the question. I think that we're making good progress. We feel really proud about the pace that we're on. We're excited to be entering this new year pillar one, as you might remember, was that we wanted to remain acutely focused on our customer. And I think the team is doing a really nice job continuing to let the customer guide all of our decisions.

嗨，Dana，謝謝你的提問。我認為我們正在取得良好進展。我們對於我們目前的步伐感到非常自豪。我們很高興進入新的一年，第一大支柱是我們希望繼續高度關注我們的客戶。我認為團隊做得很好，繼續讓客戶指導我們的所有決策。

I don't think we'll ever be done evolving our product assortment with that in mind, but we've made great progress. You've heard that we had the first regular priced sales comp in a few years. And I think that came in both of our channels. that feels really good. We had nice comp increases in several of our categories, notably in denim, in lounge and accessories and in our gifting categories, and that came at a really relevant time as we were in holidays and those categories were important to customers.

我認為，我們永遠不會停止改進我們的產品組合，但我們已經取得了巨大的進步。您已經聽說我們幾年來首次獲得了正常價格的銷售補償。我認為這在我們兩個管道都有體現。感覺真好。我們的多個品類的銷售額都取得了不錯的成長，尤其是牛仔布、休閒服飾和配件以及禮品類，而且這發生在一個非常重要的時期，因為我們正處於假期，而這些品類對顧客來說非常重要。

As we turned quarter into the new year, we have eyes on really building and sort of fortifying women's apparel more holistically, and we're excited about that. From a marketing perspective and acquiring new customers, the team is very hard at work, particularly as we think about showcasing our evolved creative, where the team has evolved our creative to be much more upbeat and more welcoming as we think about welcoming a much more broad audience into our brand. Hopefully, you've had a chance to check it out. We're very proud of it. And we love seeing it out there in the wild.

隨著新的一年的到來，我們著眼於真正全面地打造和強化女裝，我們對此感到非常興奮。從行銷角度和獲取新客戶的角度來看，團隊非常努力地工作，特別是當我們考慮展示我們不斷發展的創意時，團隊已經將我們的創意發展得更加樂觀和更受歡迎，因為我們考慮歡迎更廣泛的受眾關注我們的品牌。希望您有機會檢查一下。我們對此感到非常自豪。我們喜歡在野外看到它。

And socially, you may have seen us show up on a number of different platforms. And the team has been working really to show up in unique ways depending on the platform. And that's really by way of not just posting but engaging, in new forms and new mediums on those platforms. Really proud of the efforts in terms of operating with more discipline. As you've heard that we have cleaned up our inventories and delivered really solid (inaudible) improvement and profit margins, and that will continue as we enter into this next year.

在社交方面，您可能已經看到我們出現在許多不同的平台上。該團隊一直致力於根據平台以獨特的方式展示自己。這實際上不僅僅是透過發布，而是透過在這些平台上採用新形式和新媒介來參與。真的為我們在更規範地運作方面的努力感到自豪。正如您所聽到的，我們已經清理了庫存，並實現了真正穩固的（聽不清楚）改善和利潤率，而且這種勢頭還將繼續持續到明年。

The last pillar was evolving the channel experience, and that's something that we're really turning to as we enter this year. So overall, I couldn't be more proud of the team's progress. This is a process, and it is going to take some time, but I think we're really proud of the pace and particularly as we think about turning the tide on regular price selling.

最後一個支柱是發展通路體驗，這是我們今年真正要關注的事情。總的來說，我對於球隊的進步感到無比自豪。這是一個過程，需要一些時間，但我認為我們對這個速度感到非常自豪，特別是當我們想到扭轉正常價格銷售的趨勢時。

Okay. Tricia, do you want to talk about Celandine?

好的。特里西婭，你想談談白屈菜嗎？

Hi Dana, thanks for the question about Celandine. We couldn't be more thrilled about the results. As you know, we launched the brand in January at 120 stores, and it's exceeding our expectations by quite a bit. Our goal with Celandine was to have a strong, differentiated view for resort wear for our customer, and that spans cover-ups, accessories, shoes, beauty products, and swim and kind of broad-based across all categories, they're performing very well.

嗨，Dana，謝謝你關於白屈菜的問題。我們對結果感到非常興奮。如您所知，我們於一月份在 120 家商店推出了該品牌，其表現遠遠超出了我們的預期。我們對 Celandine 的目標是為我們的客戶提供強大而差異化的度假裝理念，涵蓋罩衫、配件、鞋子、美容產品和泳裝等所有類別，它們的表現都非常出色。

Also excited we've tested a very small edit of swimwear in a handful of stores and have seen a quite bit of success there. So we'll go slowly in terms of what that assortment looks like. But so far, it's performing well. The customer is responding really positively and really enjoying the ability to be able to shop kind of that broad base across all of those needs for resort wear and it's been additive and nicely positive to this 120 stores that we've launched Celandine. So we'll see how many of the stores that can expand into. But overall, we're happy with the results so far.

同樣令人興奮的是，我們在少數幾家商店測試了少量泳裝，並取得了相當大的成功。因此，我們將慢慢地了解該分類的外觀。但到目前為止，它的表現良好。顧客的反應非常積極，並且非常享受能夠在如此廣泛的範圍內購買滿足所有度假裝需求的商品，這對於我們推出的 120 家 Celandine 商店來說，具有附加價值，而且非常積極。因此我們將看看可以擴展到多少家商店。但總體而言，我們對目前的結果感到滿意。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Congrats on the strong year. I wanted to ask about just the real estate plans here. I guess, just first on Anthropologie, it looks like you're planning to really ramp the store growth for the first time in a few years. The brand has seen nice momentum for a while. So I guess the question is, sort of why now in terms of ramping the store growth at Anthro? And just any detail you can share on unit economics as we look to model that out.

祝賀這豐收的一年。我只想詢問這裡的房地產計劃。我想，首先就 Anthropologie 而言，看起來您正計劃在幾年內首次真正實現門市成長。一段時間以來，該品牌發展勢頭良好。所以我想問題是，為什麼現在要加速 Anthro 的門市成長？當我們試圖建立模型時，您可以分享有關單位經濟學的任何細節。

And then conversely, Urban Outfitters North America, you're guiding to a reduction there, similar to what we saw last year. Just update us on the overall thoughts on where the size of that footprint will shake out and how that rationalization this year should affect the brand level profitability? Thank you.

相反，Urban Outfitters North America 預計會減少，類似於我們去年看到的情況。請您向我們介紹整體想法，即足跡的規模將會如何變化，以及今年的合理化將如何影響品牌層面的獲利能力？謝謝。

Mark, I'll call the same two people, but in opposite order. Tricia, do you want to start off?

馬克，我會給同樣的兩個人打電話，但順序相反。特里西婭，你想開始嗎？

Sure. Hi Mark, we have really been focusing on our store performance really for the last few years. And that started with prioritizing a full-price business, which allowed us to deliver nice growth in our store operating profit model. As well as some top line comp as the teams have done really a fantastic job at looking at our store edit, the product assortment that we put in the size and the different stores that we support.

當然。嗨，馬克，過去幾年我們一直關注我們商店的業績。首先我們優先考慮全價業務，這讓我們的門市營運利潤模式實現了良好的成長。除了一些頂級競爭對手之外，團隊在查看我們的商店編輯、我們按尺寸擺放的產品組合以及我們支持的不同商店方面做得非常出色。

We have said a year ago, we believe that we can get 270 stores globally with Anthropologie. And with the 15 stores that we've announced now for fiscal year '26, we're nicely on our way there. We'll be up 250 stores. So I think kind of why now would be -- we've seen nice growth in the brand. Our teams have done a really nice job in getting to profitability and intend some nice store operating profit. And we believe that we've got a good model and formula that we feel like we can accelerate and expand and we're excited about it.

我們一年前就說過，我們相信 Anthropologie 能夠在全球開設 270 家門市。現在，我們已經宣布了 26 財年將開設 15 家門市，我們正在順利地朝著這個目標邁進。我們的商店數量將增加 250 家。所以我想為什麼現在會這樣——我們看到了品牌的良好成長。我們的團隊在實現盈利方面做得非常出色，並有望實現不錯的商店營運利潤。我們相信我們已經有一個很好的模型和公式，我們覺得我們可以加速和擴展，我們對此感到興奮。

Okay. Thank you. Shea, do you want to talk about Urban?

好的。謝謝。謝伊，你想談談 Urban 嗎？

Yeah. For us, you may have -- you may recall that our real estate strategy right now is really about making sure that our locations position us close to customers. And over time, we had really seen some population shifts of young folks. And so we either are closing stores where we find ourselves not adjacent to customers and/or we are overspaced.

是的。對我們來說，您可能還記得，我們​​現在的房地產策略實際上是確保我們的位置靠近客戶。隨著時間的推移，我們確實看到了一些年輕人口的轉變。因此，我們要麼關閉那些距離顧客較遠的商店，要麼關閉那些空間過大的商店。

Average size of store today is roughly 10,000, and we think we should be more in the 6,000 to 8,000 range. And so we're closing stores either where the location is wrong, or we need to rightsize the location. So you'll see that roughly equates to the stores this year. So ultimately, we think that should equate to an improvement in our productivity as well over the course of the next couple of years.

如今，商店的平均規模約為 10,000 人，我們認為規模應該在 6,000 到 8,000 人之間。因此，我們會關閉位置不合適的商店，或需要調整位置規模。因此您會發現這大致相當於今年的商店數量。因此，最終我們認為這也將等同於未來幾年我們生產力的提升。

Okay. And Mark, I'm going to call on Sheila talk about FP Movement because I want everybody to get a full picture of the real estate.

好的。馬克，我將請希拉來談論 FP 運動，因為我想讓每個人都全面了解房地產的情況。

Okay. So yeah, FP Movement, we opened our first store just five years ago. We are -- ended this past year, just over 60 standalone stores. Really excited about what the stores are doing in terms of introducing the brands to different consumers. We will open another 20 stores this year, at least. And we think we're going to keep pace to that as long as the stores continue as profitable as they are for the next foreseeable future. We think the brand has about 300-plus stores in it in North America.

好的。是的，FP Movement 我們五年前開了第一家店。截至去年年底，我們擁有的獨立商店數量已超過 60 家。我對商店向不同消費者介紹品牌的做法感到非常興奮。我們今年至少會再開20家店。我們認為，只要商店在可預見的未來繼續保持獲利，我們就會保持這一步伐。我們認為該品牌在北美擁有約 300 多家門市。

I just want to emphasize how good the store economics are. And the fact that you can open them this rapidly, congratulations. Okay, next question?

我只是想強調一下商店經濟狀況有多好。而且你可以如此迅速地打開它們，恭喜你。好的，下一個問題？

Ike Boruchow, Wells Fargo.

富國銀行的艾克·博魯喬（Ike Boruchow）。

Congrats on the results. Two questions from me. Number one, based on the holiday comp you guys reported specifically to Anthro and Free People and the reported comp, there must have been some January slowdown. It doesn't sound like anything at all is wrong because of the outlook you guys have given. But can you maybe just walk us through what's kind of transpired over the past month or so? There's been a lot of volatility in the space. So I would love to hear your perspective.

恭喜你所取得的成果。我有兩個問題。首先，根據你們向 Anthro 和 Free People 報告的假期業績以及所報告的業績，一月份的銷售肯定有所放緩。從你們給的觀點來看，聽起來一切都沒有問題。但您能否向我們介紹一下過去一個月左右發生的事情？該領域出現了很多波動。所以我很想聽聽你的看法。

And then if I could, on the year, just is there any chance on the Nuuly guide you could actually guide us the number of active subs that you're baking into your plan?

然後，如果可以的話，在一年的時間裡，您是否有機會在 Nuuly 指南上實際指導我們您計劃中的活躍訂閱者數量？

Okay. I'll take a shot at the first one. I think a lot of the, as you call it, softening is not -- it's delayed demand, and a lot of that delayed demand is because of weather. We see across all three brands, stores and warmer weather markets are nicely, and I mean nicely, outperforming their northern counterparts on a comp basis. This gives us a lot of confidence that our spring assortments are correct and they are being well received.

好的。我會嘗試第一個。我認為，很多所謂的疲軟並不是──而是需求延遲，而許多需求延遲是因為天氣原因。我們看到，在所有三個品牌中，商店和溫暖天氣市場的表現都很好，我的意思是，在可比基礎上優於北方同行。這給了我們很大的信心，我們的春季產品系列是正確的，並且受到了好評。

So I think that almost all of that is due to weather. Now there is some, probably lag, of people spending a little bit more money on the holiday time and wanting to a bit of a breather, and we've seen this, I think, for the last three or four years. So that may be a factor, but I think it's much more about weather.

所以我認為幾乎所有這一切都是由於天氣造成的。現在，人們在假期花費稍多一些，想要稍事休息，這種現象可能有些滯後，我想，我們在過去三四年裡已經看到了這種情況。所以這可能是一個因素，但我認為更多的是與天氣有關。

Dave, do you want to talk about Nuuly?

戴夫，你想談談 Nuuly 嗎？

Yeah, sure. Thanks for the question, Ike. Look, we are very excited about where the Nuuly business is headed. We see a lot of opportunity. We've come through this past year with well over $350 million in sales, our first profitable year, over 50% growth.

是的，當然。謝謝你的提問，艾克。看，我們對 Nuuly 業務的發展方向感到非常興奮。我們看到了很多機會。去年，我們的銷售額超過 3.5 億美元，這是我們第一個獲利的年份，成長率超過 50%。

And we, as mentioned in the commentary, have seen that trend continue into the first quarter, and we've actually been very excited about the momentum that we've seen so far in February. So we're very bullish on the year and we're looking for some exciting growth this year as well.

正如評論中所提到的，我們看到這種趨勢持續到了第一季度，而且我們對二月份迄今為止所看到的勢頭感到非常興奮。因此，我們對今年非常樂觀，並期待今年也能實現令人興奮的成長。

We are -- have an internal goal, which I recognize will no longer be internal, the minute I mentioned it to you. But we have an internal goal to get this business $0.5 billion this year, and that's what we're shooting for. That's what the team has lined up for.

我們有一個內在目標，當我向你提及這個目標時，我意識到它將不再是內在的。但我們的內部目標是今年讓這項業務達到 5 億美元，這就是我們正在努力實現的目標。這正是團隊所期待的。

And we think that it's an achievable goal. Something that we're very excited and proud of having done in five or six years of this business getting off the ground. So that's what we're shooting for and that's where we think we're headed.

我們認為這是一個可以實現的目標。我們為這項業務在五、六年內的進展感到非常興奮和自豪。這就是我們的目標，也是我們的前進方向。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

Just a couple for me. Maybe for Frank, just can you walk me through the toggles that get you to that 50 to 100 basis points of gross margin expansion range. And then I'm not sure who mentioned that Anthro and Free People were at, I think, a healthy kind of mid-teens operating margin level. So I'm just wondering is there a difference really between the two? And then kind of how do you think about the profitability opportunity at those two banners going forward? Thanks a lot.

對我來說只有一對。也許對於弗蘭克來說，您能否向我介紹如何將毛利率擴大到 50 到 100 個基點。然後我不確定是誰提到過，我認為 Anthro 和 Free People 的營業利潤率處於健康的十幾歲的水平。所以我只是想知道這兩者之間真的有差別嗎？那麼您如何看待這兩個品牌未來的獲利機會呢？多謝。

Sure, Alex. Happy to take your question. On gross profit margin, as we said, we feel like we could deliver 50 to 100 basis points for the first quarter and the full fiscal year. That improvement could largely be driven by lower markdowns at Urban Outfitters, as they're up against a higher rate from the prior year and higher than historical averages. Despite leveraging nice improvements over the previous two quarters, they still have a long way to go and a lot more to give there.

當然，亞歷克斯。很高興回答您的問題。就毛利率而言，正如我們所說，我們預計第一季和整個財年可以實現 50 到 100 個基點的增幅。這種改善很大程度上是由於 Urban Outfitters 的降價幅度較低，因為他們面臨的降價幅度比去年同期更高，也高於歷史平均值。儘管與前兩個季度相比取得了不錯的進步，但他們還有很長的路要走，還有很多需要付出。

Additionally, it's not just UO. As I said, although they relate -- remain the biggest opportunity. There is opportunity for leverage and occupancy expense as our stores continue to perform well. The mix of having rental subscription subsegment, which doesn't have store occupancy. Also benefit's occupancy and adds (technical difficulty) gross profit margin opportunity. We also have opportunities in delivery expense, leveraging our existing rates and continuing just to be better about inventory placement, which also provides for opportunity around delivery expense leverage.

此外，不僅僅是 UO。正如我所說的，儘管它們相關但仍然是最大的機會。由於我們的門市繼續表現良好，因此存在利用槓桿和占用費用的機會。包含租賃訂閱子部分，但不包含商店入住率。還可受益於入住率並增加（技術難度）毛利率機會。我們還有機會在運輸費用方面利用我們現有的費率，並繼續改善庫存配置，這也為運輸費用槓桿提供了機會。

I don't think that there's a notable difference, to be honest with you, between Free People and Anthropologie mid-teens operating profit. I think both of those brands would tell you that there's still some more margin opportunity. But to be honest with you, that's not really baked into URBN's growth and opportunity from an overall profit rate. I think what's exciting about both of those brands is the top line growth opportunity. So they just continue to acquire customers at a really healthy rate as well as expand the share of wallet within the customers, right?

老實說，我認為 Free People 和 Anthropologie 的青少年營業利潤之間並沒有明顯差異。我認為這兩個品牌都會告訴您，還有更多的獲利機會。但老實說，從整體利潤率來看，這實際上並沒有體現在 URBN 的成長和機會中。我認為這兩個品牌令人興奮的地方在於其營收成長機會。因此，他們只是繼續以非常健康的速度吸引客戶並擴大客戶的錢包份額，對嗎？

You've heard from Tricia talking about Celandine and Daily Practice, you've heard from Sheila talking about Free - est and We The Free and some of their other category expansions. And you're able to see that in the expanding -- not just the share of wallet, but the additional customer growth. So I think their growth and their addition to our bottom line is going to be more about the top line growth and it will be margin opportunity, although there's still some there, but not nearly as much as Urban.

您已經聽過 Tricia 談論 Celandine 和 Daily Practice，您也聽過 Sheila 談論 Free - est 和 We The Free 以及他們的一些其他類別擴充。您可以從中看到，不僅僅是錢包份額在擴大，而且還有額外客戶的成長。因此，我認為他們的成長和對我們底線的增加將更多地關係到頂線成長，也將帶來利潤機會，儘管那裡仍然存在一些機會，但遠不及 Urban 那麼多。

Marni Shapiro, The Retail Tracker.

Marni Shapiro，零售追蹤者。

Congratulations. Frank, can you walk us -- you had mentioned a 10% operating margin. Can you walk us from today to there. And I'm curious if that's all on Shea's head.

恭喜。弗蘭克，你能帶我們去了解一下嗎——你提到過 10% 的營業利潤率。你能從今天陪我們走到那裡嗎？我很好奇這是否都是 Shea 的責任。

And also as a follow-up to that, Shea. I'm curious, when Urban is good -- and you've had some really good products. When Urban's good, your shopper is less concerned about price. They're more interested in the right fashion. So as the customer has been price sensitive lately, as you've seen improved products, are you seeing a reversion back to that behavior that was more typical of the Urban customer? And any insight going on the men's side, and -- I mean, God, that market's so boring right now, but any insight would be great.

另外，作為對此的後續報導，Shea。我很好奇，當 Urban 表現良好時——而且你們確實有一些不錯的產品。當 Urban 表現良好時，您的購物者就不會太在意價格。他們對正確的時尚更感興趣。那麼，由於客戶最近對價格很敏感，並且您也看到了改進的產品，您是否看到客戶的行為又回到了 Urban 客戶的典型行為？還有什麼關於男裝的見解嗎？我的意思是，天哪，現在這個市場太無聊了，但任何見解都很好。

Marni, thanks for the question. I'll start off and let Shea have a minute there. And yes, getting that 10% is all about Urban. No, I'm just kidding. We are still targeting a 10% operating profit rate. And honestly, we're very confident that we can achieve it. We just delivered almost 100 basis points of improvement, reaching 8.6% this year. And as we've noted here today, we believe we can achieve another 50 to 100 basis points of gross profit margin improvement in fiscal '26, which gets us that much closer.

Marni，謝謝你的提問。我先開始，讓 Shea 在那裡待一會兒。是的，獲得那 10% 完全歸功於 Urban。不，我只是在開玩笑。我們的目標仍然是10%的營業利益率。說實話，我們非常有信心能夠實現這個目標。我們剛剛實現了近 100 個基點的改善，今年達到了 8.6%。正如我們今天在這裡指出的那樣，我們相信我們可以在 26 財年再實現 50 到 100 個基點的毛利率提高，這使我們更接近目標。

As you said, UO is certainly our biggest opportunity. It's great to see that stability and the turning starting to take hold there. But UO is not the only opportunity. FP Movement, which is running at a mid- to high-teens operating profit margin and growing at a rate faster than total URBN could contribute nicely to our profit growth and rate expansion, especially when considering the long runway of growth that, that brand has. Anthropologie delivered another record operating profit year in fiscal '25, and I know the Anthro team believes that the brand can continue to deliver more and is planning to do so for years to come.

正如您所說，UO 無疑是我們最大的機會。很高興看到那裡開始出現穩定和轉變。但 UO 並不是唯一的機會。FP Movement 的營業利潤率處於中高水平，且成長速度快於 URBN 整體，這將為我們的利潤成長和利率擴張做出良好貢獻，尤其是考慮到該品牌的長期成長空間。Anthropologie 在 25 財年再次創下了營業利潤的新高，我知道 Anthro 團隊相信該品牌可以繼續創造更多佳績，併計劃在未來幾年繼續這樣做。

Nuuly just delivered their first year of operating profit. A big congratulations to Dave and the team for delivering that. And as Dave just mentioned, reaching $500 million this year is now, I guess, a public goal. But continued -- given their continued growth and leverage opportunities with that top line growth, we're confident that they're going to continue to build on this past year's performance from profit dollars and from rate growth.

Nuuly 剛剛實現了第一年營業利潤。熱烈祝賀 Dave 和他的團隊完成這一目標。正如戴夫剛才提到的，我想，今年達到 5 億美元現在已經成為一個公共目標。但考慮到他們的持續成長和利用營收成長的機會，我們相信他們將繼續在過去一年的利潤和利率成長的基礎上再創佳績。

And lastly, Free People. It's been honestly one of the most consistent and profitable brands in our industry for over a decade now and continues to have growth opportunities in all sales channels through continued category expansion and customer acquisition. So I think what you're hearing from us is we have a lot of different drivers across all of URBN that gives us a real opportunity to hit and run a 10% operating profit rate I can tell you that this is definitely something that we have targeted, and we talk about a ton as a leadership team.

最後，自由人民。說實話，十多年來，它一直是我們行業中最穩定、最賺錢的品牌之一，並且透過持續的品類擴張和客戶獲取，在所有銷售管道中繼續擁有成長機會。所以我想你從我們這裡聽到的是，我們在整個 URBN 中有很多不同的驅動因素，這為我們提供了實現 10% 營業利潤率的真正機會。我可以告訴你，這絕對是我們所追求的目標，作為領導團隊，我們討論了很多。

Okay. I'll take your question. First on price. Price is probably the most dynamic thing that we deal with. And just to remind you that our ambition is to price everything at the best price value that we can.

好的。我來回答你的問題。首先是價格。價格可能是我們處理的最具活力的事情。只是想提醒您，我們的目標是盡可能為所有產品定價。

And that's across a range of good, better and best. When we talk to customers, what we heard from them is that we were missing a more accessible price point. And really, that's what we have been hard at work addressing. And so we have expanded and -- our opening price to be roughly 12% of our offer today. but we also know that customers do turn to us for more inspiring sort of that best price point.

這涵蓋了好、更好和最好等各個方面。當我們與客戶交談時，他們告訴我們，我們缺少一個更容易接受的價格點。事實上，這正是我們一直努力解決的問題。因此，我們已將開盤價擴大至今天報價的約 12%。但我們也知道，客戶確實會向我們尋求更具啟發性的最佳價格。

And we do have things across our assortments that are selling really well at that price point today. So I think, just to be clear, we do want to offer that range, but the work we've done lately was really to meet the need we heard from customers in that more opening price point.

如今，我們的產品系列中確實有一些產品以這個價格賣得很好。因此，我認為，需要明確的是，我們確實希望提供該範圍的產品，但我們最近所做的工作實際上是為了滿足我們在更高的起始價位上從客戶那裡聽到的需求。

As far as men's, I actually think that's one of the areas that we uniquely can differentiate in the market today. There is work to do in terms of the men's assortment. I think we're really excited about getting to that point, have not really conquered that yet. I think it's something that we're looking to turn to, but I definitely think it's an area that we are uniquely positioned to differentiate in and really, really excited to get there.

就男裝而言，我實際上認為這是我們在當今市場上能夠獨特地脫穎而出的領域之一。在男裝系列方面還有很多工作要做。我想我們對達到這一點感到非常興奮，但尚未真正征服它。我認為這是我們希望涉足的領域，但我確實認為這是我們具有獨特優勢可以脫穎而出的領域，而且我們真的非常高興能夠實現這一目標。

And Marni, I just want to emphasize, I guess, on the historian here. The Urban customer has always been one that is what we call high-low, they want a price point that is low, except for the things that mean an awful lot to them. And when we carry those kinds of products, price is not an issue. It doesn't matter how much they cost, they find a way to get it. And so I think that that's what Shea's talking about, and that's the kind of assortment that Urban has to carry.

瑪尼，我猜我只是想強調這裡的歷史學家。Urban 的客戶一直都是我們所謂的高低檔客戶，他們想要低價位，但對於他們來說非常重要的東西除外。當我們銷售這些類型的產品時，價格不是問題。無論花多少錢，他們都會找到辦法得到它。所以我認為這就是 Shea 所說的，這也是 Urban 必須具備的特質。

Janet Kloppenburg, JJK Research Associates.

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

Congratulations on a wonderful quarter and a great year. A couple of questions. I have a million questions, but I'm only going to ask two of those questions (technical difficulty). But anyway -- when you say that you expect kind of flattish comp at UO in the first quarter and for the year. And I might be off on the first quarter. Are you saying that Europe will be up, and North America will be down, but down less than it has been?

恭喜您度過了一個精彩的季度和輝煌的一年。幾個問題。我有一百萬個問題，但我只問其中兩個問題（技術難度）。但無論如何 - 當您說您預計 UO 在第一季和全年的業績將持平時。我可能在第一季就休息了。您是說歐洲將會上升，而北美將會下降，但下降幅度會比以前小嗎？

Is that what you're saying, Dick, and Frank given -- Okay. Go ahead. I want to come back to Frank anyway. Go ahead, yes.

這就是你們所說的嗎，迪克和弗蘭克？好的。前進。無論如何我都想回到法蘭克身邊。是的，繼續吧。

Let's just answer that. That's exactly what we mean, is that we can't tell exactly how high up the European business will be and we can't tell how much improvement North America is going to get. And that's why it's difficult for us. And unlike the other ones where I said might be mid -- low to mid-single-digit comp. It's very difficult to say the low single up or down.

我們就來回答一下吧。這正是我們的意思，我們無法準確預測歐洲業務將會達到怎樣的高度，也無法預測北美將會取得多大的進步。這就是我們覺得困難的原因。與我之前說過的其他公司不同的是，它們的營收可能是中低到中等個位數。很難說低位是上升還是下降。

So that's we mean. I think we are right on the cusp. And I would -- if I had to place bets, and boy, I'm getting icy looks from all -- they're looking down at the table, like don't do it, don't do it.

這就是我們的意思。我認為我們正處於轉折點。如果我必須下注，那我就會這樣做，天哪，所有人都用冷漠的目光看著我，他們低頭看著桌子，好像在說不要這樣做，不要這樣做。

They're like, let's not jinx it, let's not jinx it. Go ahead

他們就像，我們不要帶來厄運，我們不要帶來厄運。前進

Okay, I won't jinx it. But I think you know what I mean.

好吧，我不會帶來厄運的。但我想你知道我的意思。

Yeah. You're making progress is what I'm hearing. And Shea, I think these look a lot better. I have to tell you. I know the website, too, but when I go to the stores and see the storytelling it's just significantly better than it's been in a long time.

是的。我聽到的是，你正在取得進步。而且 Shea，我認為這些看起來好多了。我必須告訴你。我也知道這個網站，但是當我去商店看到故事情節時，我發現它比很長一段時間以來的版本要好得多。

And then for my friend, Frank, so let's say that the US business for Free People gets to be flat to up low-single-digits, the US business. What does that mean about the profitability outlook for this year? Because at ICR, we talked about it not really going back to profitability, rebounding until '26 for you, you guys call '27.

然後對我的朋友弗蘭克來說，我們可以假設 Free People 的美國業務持平至低個位數成長。這對今年的獲利前景意味著什麼？因為在 ICR，我們談論的是它實際上並沒有恢復盈利，直到 26 年才會反彈，你們稱之為 27 年。

Yes. And I think just for everyone, I think you were talking about Urban there.

是的。我認為對於每個人來說，你都在談論 Urban。

Yes.

是的。

And as we talked about at ICR, we felt like for the year, Urban could be flat to low single-digit comp positive. As Shea talked about the pillars and sort of we talked about the stages of Urban's improvement, and we sort of talked about it as like two stages. One, was recovering margin and -- due to better inventory control and honestly, just better product and better product assortment. You starting to see that take hold now over the last two quarters and into the first quarter of this year, you're starting to see that margin recapture. But that's not going to be enough.

正如我們在 ICR 上所討論的那樣，我們感覺今年 Urban 的營收可能會持平至低個位數。正如 Shea 談到支柱一樣，我們也談到了 Urban 改進的各個階段，我們將其分為兩個階段。一是利潤率正在恢復，而且由於庫存控制得更好，老實說，還有更好的產品和更好的產品組合。您現在開始看到這種情況在過去兩個季度中持續下去，並且在今年第一季度，您開始看到利潤率重新回升。但這還不夠。

The brand has to return to positive comp in order to leverage off on things like occupancy. As Shea mentioned, obviously, having the ability to transform our fleet into being more productive into slightly smaller stores will have improvement over time. But we know that we need to drive top line improvement to get there. So I think the brand has the opportunity to drive meaningful improvement this year, but will not reach breakeven this year, that's going to be a longer-term horizon that will rely on not just the margin recapture, which we believe we started and you're starting to see in the results, but it's going to take the top line sales to hit comp positive, which we also believe that the brand has the opportunity to do this year as well.

品牌必須恢復正向競爭才能從入住率等發揮作用。正如 Shea 所提到的，顯然，隨著時間的推移，我們將能夠將車隊轉變為生產力更高的略小一些的商店，這將帶來改善。但我們知道，要達到這個目標，我們需要推動營收成長。因此，我認為該品牌今年有機會實現有意義的改善，但今年不會達到收支平衡，這將是一個長期目標，不僅取決於利潤率的重新奪回（我們相信我們已經開始了，您也開始在結果中看到這一點），而且還需要頂線銷售額達到正值，我們也相信該品牌今年也有機會做到這一點。

Simeon Siegel, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的西緬·西格爾 (Simeon Siegel)。

Nice end of the year. Just to follow up on the last two actually. It's just interesting that this year, Urban did drive the smallest revenues of your big three. So maybe taking a step back, how are you thinking about how large the Urban Outfitters revenues division should and could be over the mid to long term? And then just Frank, the margin expansion is great to see the confidence in the 10% is great to hear, the mid- to high teens for the brand's great to hear. Just curious where you see that also in the long-term company level the margin opportunity going? Thanks.

美好的一年結束了。實際上只是為了跟進最後兩個。有趣的是，今年 Urban 的收入確實是三大品牌中最小的。那麼退一步來說，您認為 Urban Outfitters 的收入部門在中長期內應該或能夠達到多大的規模？然後就像弗蘭克一樣，利潤率擴大了，很高興看到對 10％ 的信心，很高興聽到該品牌的中高水平的利潤率。我只是好奇，您認為長期來看公司層面的利潤機會如何？謝謝。

Okay, Simeon. First up about the Urban brand, there is no way that the Urban brand can't be $1 billion to $2 billion brand. And we will get there, it's just how long is that going to take? So that gives you an idea. Can it be bigger than Free People? I'll let the customers decide that.

好的，西緬。首先談談 Urban 品牌，Urban 品牌不可能不成為價值 10 億到 20 億美元的品牌。我們一定會到達那裡，只是需要多長時間？這給了你一個想法。它能比自由人更大嗎？我會讓顧客決定這一點。

And I think a good example of that is in stores, right? We're going through this time right now that we're transitioning to some smaller footprint stores and we're transitioning to where some of that younger consumer has moved. But we don't think the quantity of stores that we can have in North America is any different than it ever was. So there will be a transition period here where you'll see some of that going on.

我認為商店就是一個很好的例子，對吧？我們現在正處於向一些規模較小的商店轉型的時期，我們正在向一些年輕消費者所嚮往的地方轉型。但我們認為，我們在北美擁有的商店數量與以前沒有什麼不同。因此這裡將會有一個過渡期，在此期間你會看到一些情況發生。

And then additionally, as Dick talked about $1 billion to $2 billion here in North America. Europe continues to have a significant opportunity. And that business is probably largely penetrated from a store perspective in the UK, but it's still very well underpenetrated Europe, and we've seen some really nice results there and have laid some investments there to continue to support growth in the European market. So -- then you have to think about the size of that opportunity for that brand across growth continents. Still really has meaningful growth opportunities ahead of it from a top and from a bottom line perspective --

此外，正如迪克所說，北美地區的銷售額約為 10 億到 20 億美元。歐洲仍然擁有重大機會。從英國商店的角度來看，這項業務可能已經滲透到了很大程度，但在歐洲的滲透率仍然很低，我們在那裡看到了一些非常好的業績，並在那裡進行了一些投資，以繼續支持歐洲市場的成長。那麼——你必須考慮該品牌在各個成長大陸上的機會規模。從營收和利潤的角度來看，未來仍有有意義的成長機會--

And so nobody gets -- misunderstand so does Free People. Enormous opportunity in Europe. And their European stores are doing quite well, and they're profitable. So we're bullish on Europe, and we're bullish on both Urban and Free People.

因此沒有人會誤解，自由人民也是如此。歐洲存在巨大機會。他們歐洲的門市經營狀況很好，而且獲利。因此，我們看好歐洲，也看好 Urban 和 Free People。

And Simeon, I appreciate the question. And I think what you're hinting at is could we get better than 10%. And I think there's always that opportunity. I think we set that 10% margin goal as an opportunity for us, but as you know, right, with Urban being challenged right now, if they could get to flat, it would be meaningful. You've already got Free People and Anthropology operating in the mid-teens.

西緬，我很感謝你提出這個問題。我認為您暗示的是我們能否取得比 10% 更好的成績。我認為總是有這樣的機會的。我認為我們設定 10% 的利潤率目標是為我們自己創造的一個機會，但正如你所知，在 Urban 目前面臨挑戰的情況下，如果他們能夠實現持平，那將是有意義的。您已經讓自由人民和人類學在十幾歲時就開始運作了。

I don't think we know what the ceiling is for Nuuly, but we've talked about -- we felt like it absolutely could get to at least 10%. When you add those things up, yes, it's north of that number. I'm not going to give a time horizon or exactly what that number is. But I think what you're hinting at is absolutely true. I think that opportunity does certainly present itself, and it's certainly something we're excited about.

我認為我們不知道 Nuuly 的上限是多少，但我們已經討論過了——我們覺得它絕對可以達到至少 10%。如果將這些東西加起來，是的，它確實超過了這個數字。我不會給出時間範圍或具體的數字。但我認為你暗示的絕對是正確的。我認為這個機會確實存在，這確實是一件讓我們興奮的事情。

And that concludes our call. I thank you all very much for participating. And I certainly thank all the folks sitting around the table for giving and delivering a tremendously good fourth quarter. So thank you.

我們的通話到此結束。非常感謝大家的參與。我當然要感謝在座的所有人，感謝你們在第四季的出色表現。所以謝謝你。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。