Urban Outfitters Inc (URBN) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Urban Outfitters Inc's first quarter fiscal 2026 earnings call. (Operator Instructions) As a reminder, today's program is being recorded. I would now like to introduce your host for today's program, Oona McCullough, Executive Director of Investor Relations. Ms. McCullough, you may begin.

女士、先生們，大家好，歡迎參加 Urban Outfitters Inc 2026 財年第一季財報電話會議。（操作員指示）提醒一下，今天的節目正在錄製。現在，我想介紹今天節目的主持人、投資者關係執行董事 Oona McCullough。麥卡洛女士，您可以開始。

Good afternoon, and welcome to the URBN first quarter fiscal 2026 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, 2025.

下午好，歡迎參加 URBN 2026 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 2025 年 4 月 30 日的三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.

以下討論可能包括前瞻性陳述。請注意，實際結果可能與這些聲明有重大差異。有關可能導致實際結果與預期結果大不相同的因素的更多信息，包含在公司向美國證券交易委員會提交的文件中。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.

現在我將把電話轉給迪克。

Thanks, Oona, and good afternoon, everyone. We're excited to share that Q1 was another record-breaking quarter for URBN. Both sales and profits exceeded our expectations and easily outpaced last year's Q1 results. You'll hear more about these strong results from Frank Conforti, our Co-President and COO. Then Melanie Marein-Efron, our CFO, will walk you through our outlook for Q2 and beyond. I'll wrap things up with a few closing thoughts before we open it up for your questions.

謝謝，Oona，大家下午好。我們很高興地告訴大家，第一季是 URBN 又一個破紀錄的季度。銷售額和利潤都超出了我們的預期，並輕鬆超過了去年第一季的業績。您將從我們的聯合總裁兼營運長 Frank Conforti 那裡了解到有關這些強勁業績的更多資訊。然後，我們的財務長 Melanie Marein-Efron 將向您介紹我們對第二季及以後的展望。在我們開始回答你們的問題之前，我將用一些結束語來結束本次會議。

Now over to Frank.

現在輪到法蘭克了。

Thank you, Dick, and good afternoon, everyone. Today, I'm excited to share our company's first quarter results compared to last year, and then I'll dive into some detailed notes by brand. Overall, our teams delivered another outstanding quarter. exceeding our plans as we discussed on the recent fourth quarter conference call.

謝謝你，迪克，大家下午好。今天，我很高興與大家分享我們公司第一季與去年同期的業績，然後我將深入了解各品牌的詳細情況。總體而言，我們的團隊又一個季度表現出色。正如我們在最近的第四季度電話會議上討論的那樣，這超出了我們的計劃。

Total URBN sales grew by 11%, hitting a Q1 record of $1.3 billion. All of our brands delivered positive sales comps and four of our five brands performed exceptionally well, posting record first quarter sales. Urban Outfitters also continued to make significant strides as the brand posted the first positive sales comp in quite some time and delivered continued progress in reducing its operating loss compared to last year.

URBN 總銷售額成長 11%，創下第一季 13 億美元的紀錄。我們所有品牌的銷售額均實現正成長，其中五個品牌中有四個表現尤為出色，創下了第一季銷售額的新高。Urban Outfitters 也繼續取得重大進展，該品牌在相當長一段時間內首次實現了正銷售額增長，並且與去年相比，在減少經營虧損方面取得了持續進展。

Our sales growth was partly driven by a 5% increase in the Retail segment comp. URBN comps were positive in both channels with stores outperforming digital. Newly delivered impressive 60% revenue growth with a 53% increase in average active subscribers. Additionally, the wholesale segment saw a 24% revenue increase driven by a healthy rise in full-price sales at Free People.

我們的銷售額成長部分得益於零售部門 5% 的成長。URBN 在兩個通路的表現均表現良好，其中實體店表現優於數位通路。最新實現令人印象深刻的 60% 收入成長，平均活躍用戶數量增加 53%。此外，由於 Free People 全價銷售的健康成長，批發部門的收入增加了 24%。

Now let's talk about gross profit. URBN saw a 20% increase in gross profit dollars reaching a record $489 million. The gross profit rate also improved nicely by 278 basis points, which includes nonrecurring benefits of 74 basis points rising to 36.8%. The remaining 204 basis point increase was due to better gross margins across all segments. The improvement in gross margins was due to leverage on occupancy and delivery expenses and lower markdowns, largely driven by the Urban Outfitters brand.

現在我們來談談毛利。URBN 的毛利成長了 20%，達到創紀錄的 4.89 億美元。毛利率也大幅提升了278個基點，其中非經常性收益提升了74個基點，達到36.8%。其餘 204 個基點的成長是由於所有部門的毛利率提高。毛利率的提高是由於佔用率和配送費用的槓桿作用以及降價幅度的降低，這主要得益於 Urban Outfitters 品牌。

In the quarter, SG&A increased by 8.1%, leveraging by 65 basis points. The growth in SG&A dollars was primarily driven by increased marketing spend which fueled sales growth for all brands. The marketing efforts drove increases in traffic and transactions both in stores and online for total URBN while new lease campaigns resulted in healthy double-digit growth in average active subscribers.

本季度，銷售、一般及行政費用增加 8.1%，槓桿率上升 65 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，這推動了所有品牌的銷售成長。行銷工作推動了 URBN 整體店內和線上流量和交易量的增加，而新的租賃活動則使平均活躍用戶數量實現了健康的兩位數增長。

Overall, total URBN operating income rose by 72% compared to last year, reaching $128 million, while the operating profit rate improved by over 340 basis points to 9.6%. Net income saw a 75% increase to $108 million or $1.16 per diluted share.

整體而言，URBN 總營業收入較去年同期成長 72%，達到 1.28 億美元，營業利潤率提高 340 多個基點，達到 9.6%。淨收入成長 75%，達到 1.08 億美元，即每股 1.16 美元。

Moving on to brand performance, starting with Anthropologie. The Anthropologie team had another fantastic quarter, achieving a 7% increase in their retail segment comp, which marks four years of consecutive quarterly positive comps. This success was fueled by equal strength in the digital and store channels, both of which benefited from increased traffic. Every category saw positive regular price and total sales comps with strong performance across all apparel categories in addition to shoes, accessories, beauty and home accessories.

繼續討論品牌表現，首先從 Anthropologie 開始。Anthropologie 團隊又度過了一個出色的季度，其零售部門的業績增長了 7%，這標誌著其連續四年實現季度正增長。這項成功得益於數位通路和實體店通路的同等實力，這兩個通路都受益於流量的成長。每個類別的正常價格和總銷售額均出現正面成長，除鞋類、配件、美容和家居飾品外，所有服裝類別均表現強勁。

The team at Anthropologie continues to do an excellent job with their strategy to expand their product offerings to fit their customers' full lifestyle. As mentioned on the last call, the brand recently launched Celandine, an exclusive in resort wear label that offers year-round vacation-ready styles. This category's growth has exceeded our expectations. Onsite Celandine, daily practice, and the expanded assortments of intimates and loungewear are also seeing impressive growth, and we believe these could become significant categories in the future.

Anthropologie 團隊繼續出色地執行其擴大產品供應以適應客戶全方位生活方式的策略。正如上次通話中所提到的，該品牌最近推出了 Celandine，這是一個專門的度假服裝品牌，提供全年度假風格的服裝。這一類別的成長超出了我們的預期。現場白屈菜、日常穿著以及貼身衣物和家居服的擴大種類也出現了令人矚目的增長，我們相信這些在未來可能會成為重要的類別。

Turning to the home category. The brand saw impressive growth driven by the increase in home accessories and textiles, both of which are benefiting from consumers' desire to refresh their homes. The team is focused on incorporating more newness into these categories, catering to consumers' desire for more frequent updates for their homes.

轉向家庭類別。該品牌在家居飾品和紡織品銷售成長的推動下實現了令人矚目的成長，而這兩者都受益於消費者對家居進行翻新的願望。該團隊致力於在這些類別中融入更多新鮮事物，以滿足消費者對家居更頻繁更新的需求。

The brand's ability to create compelling product assortments in conjunction with strategic marketing investments and exceptional creative content have enabled them to succeed in their goal of attracting new, younger customers, while deepening engagement with their existing ones. The brand drove growth across new retained and reactivated customers in the quarter. These efforts led to strong traffic increases in both stores and digital during the first quarter.

該品牌能夠結合策略行銷投資和卓越的創意內容來打造引人注目的產品組合，從而成功實現吸引新的年輕客戶的目標，同時加深與現有客戶的互動。該品牌在本季度推動了新保留客戶和重新激活客戶的成長。這些努力使得第一季實體店和數位通路的客流量都大幅成長。

The Anthropologie brand delivered exceptional top line growth and the tenth straight quarter of double-digit operating profit growth, resulting in a record first quarter operating income. Based on our current plans, we believe the Anthropologie Group could deliver a mid-single-digit positive Retail segment comp in Q2.

Anthropologie 品牌實現了出色的營收成長，並連續第十個季度實現兩位數的營業利潤成長，從而創下了第一季營業收入的新高。根據我們目前的計劃，我們相信 Anthropologie 集團可以在第二季度實現中等個位數的零售部門正在成長。

Next, I want to highlight the fantastic performance of the Free People team this quarter. They delivered an 11% increase in total retail and wholesale segment sales and double-digit operating profit growth for the brand. Their double-digit sales growth was driven by a 3% retail segment comp, a 26% rise in Free People Wholesale segment revenues and over 200% increase in noncomp sales. The positive Retail segment comp was driven by low single-digit comp in both the stores and digital channel. Throughout the quarter, Free People saw positive comp sales growth across all major categories.

接下來，我想重點介紹 Free People 團隊本季的出色表現。他們為該品牌帶來了零售和批發部門總銷售額 11% 的成長以及兩位數的營業利潤成長。他們的兩位數銷售額成長得益於零售部門 3% 的年成長、Free People Wholesale 部門收入的 26% 的成長以及非同部門銷售額的 200% 以上的成長。零售部門的積極成長得益於門市和數位通路的低個位數成長。在整個季度，Free People 所有主要類別的銷售額均實現正成長。

The FP Movement brand also delivered robust total retail and wholesale segment sales growth of 29%, driven by total retail segment growth of 16%, a 6% retail segment comp and explosive 78% growth in FP Movement wholesale segment revenue. Non-comp sales growth was boosted by the opening of 43 new stores, including 14 Free People brand and 29 FP Movement brand locations over the past 12 months. Based on our current plans, we believe the Free People Group's Retail segment could deliver a mid-single-digit positive comp in Q2.

FP Movement 品牌的零售和批發部門總銷售額也實現了強勁增長，增長了 29%，其中，零售部門總銷售額增長了 16%，零售部門同比增長了 6%，FP Movement 批發部門收入則實現了爆炸式的 78% 增長。在過去 12 個月內，該公司新開了 43 家門市，其中包括 14 家 Free People 品牌店和 29 家 FP Movement 品牌店，推動了非同店銷售額的成長。根據我們目前的計劃，我們相信 Free People Group 的零售部門在第二季度可以實現中等個位數的正成長。

Free People Wholesale revenues increased by 26% during the quarter, driven by full price sales gains in specialty and department stores. The profitability of Free People Wholesale improved significantly from the prior year.

本季度，Free People 批發收入成長了 26%，這主要得益於專賣店和百貨公司的全價銷售成長。Free People Wholesale 的獲利能力較前一年有顯著提升。

Now let's move on to the Urban Outfitters brand. Urban Outfitters recorded a positive 2% global Retail segment comp for the quarter. Congratulations to the team on much improved business and the first positive comp in some time. North America recorded a negative 4% Retail segment comp an exceptionally strong positive 14% retail segment comp. The total global comp was driven by positive store comps, partially offset by negative digital comp in North America.

現在讓我們來談談 Urban Outfitters 品牌。Urban Outfitters 本季全球零售業務年增 2%。恭喜團隊業務取得顯著進步，並在一段時間內首次取得正成長。北美零售業年減 4%，而同期零售業較去年則出現異常強勁的 14% 成長。全球整體業績成長主要由門市業績成長推動，但被北美數位業務的業績下降部分抵銷。

The digital business in North America continues to anniversary heavy promotional activity from the prior year, which will begin to abate after the second quarter of this year. Positive global comps were a result of strong regular price business in most categories in both channels, which to a significant reduction in markdowns versus last year and an improvement in profitability levels for the brand.

北美數位業務延續了去年的大力促銷活動，但今年第二季後促銷活動將開始減弱。全球同店銷售額呈正成長，這得益於兩個通路中大多數品類的正常價格業務強勁成長，與去年相比降價幅度大幅減少，品牌獲利水準提高。

In North America, the teams continue to focus on the pillars of transformation strategy Chase spoke to last year. Focus on the customer, evolving the product assortment, rebuild our customer base, adapt our channels to offer a more relevant experience and deliver profitable growth. The teams have evolved the product assortment to be more relevant for the customer. Denim, lounge, accessories and home sales were all comp positive in the quarter. Notable market brands have been added to the assortment, including a successful Bague collaboration and the recent addition of the NIKE brand currently available online and in 40 stores.

在北美，團隊繼續專注於蔡斯去年談到的轉型策略支柱。以客戶為中心，不斷改進產品種類，重建我們的客戶群，調整我們的管道以提供更相關的體驗並實現盈利增長。團隊已經改進了產品組合，使其更適合客戶。本季度，牛仔布、休閒服、配件和家居銷售均呈現成長動能。該系列還增加了一些知名市場品牌，包括與 Bague 的成功合作以及最近新增的 NIKE 品牌，目前 NIKE 品牌可在線上和 40 家商店購買。

Regular priced sales for the brand were positive for the second consecutive quarter and accelerated from Q4 last year, showing continued improvement in the product offering, inventory management and marketing campaigns. Marketing and creative efforts have improved significantly. Our focus on acquiring new customers has been successful with positive growth in new customers entering the brand in the right demographic. Lastly, as mentioned before, the brand showed an improvement in profitability versus last year, largely due to a lower markdown rate.

該品牌的常規價格銷售連續第二季呈現正成長，且較去年第四季有所加速，顯示產品供應、庫存管理和行銷活動持續改善。行銷和創意工作有了顯著改善。我們專注於吸引新客戶，並取得了成功，在合適的人口統計中進入該品牌的新客戶數量呈積極增長。最後，如前所述，該品牌的獲利能力與去年相比有所提高，這主要歸功於較低的降價率。

Now turning to Europe. Our European business delivered a 14% comp driven by double-digit comp increases in the digital and store channels. During the quarter, the brand achieved positive comps across apparel, home and accessories. Strong sales comps 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 positive comp for the second quarter.

現在轉向歐洲。我們的歐洲業務實現了 14% 的同比增長，這得益於數位和商店通路兩位數的同比增長。本季度，該品牌在服裝、家居和配件領域均取得了積極的業績。強勁的銷售額和不斷提高的維持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 品牌在第二季度可以實現低個位數的正成長。

Finally, let's touch on the Nuuly business, which delivered another exceptional quarter. Nuuly added over 40,000 average active subscribers since the end of the fourth quarter and has grown average active subscribers by over 110,000 compared to the prior year. This beat even our most optimistic expectations. This growth in average subscribers contributed to a 60% increase in brand revenue and added nearly 400 basis points of revenue growth to total URBN top line. The strong revenue growth in the first quarter resulted in leverage in almost every expense line item, helping to deliver a record first quarter operating profit of over 5%.

最後，讓我們來談談 Nuuly 業務，該業務又一個季度表現出色。自第四季末以來，Nuuly 平均活躍用戶增加了 4 萬多人，與去年相比，平均活躍用戶增加了 11 萬多人。這甚至超出了我們最樂觀的預期。平均訂閱用戶數量的成長推動品牌營收成長 60%，並為 URBN 總營收帶來近 400 個基點的營收成長。第一季強勁的營收成長使得幾乎每項支出項目都產生了槓桿，幫助公司實現了創紀錄的第一季營業利潤，超過 5%。

The current momentum in the Nuuly business has continued into May, where we now sit above 380,000 active subscribers. The performance at Nuuly over the past year has fortified our confidence that our business model is strong and the rental market opportunity is very large. We are thrilled that Nuuly now appears to be a leading industry with an opportunity to continue to see significant growth. Based on our current plans, we believe Nuuly could deliver a healthy double-digit revenue and profit growth in the second quarter.

Nuuly 業務的當前動能持續到 5 月份，目前我們的活躍用戶數量已超過 38 萬人。Nuuly 過去一年的表現增強了我們的信心，讓我們相信我們的商業模式非常強大，租賃市場機會非常大。我們很高興看到 Nuuly 現在已成為行業領先企業，並有機會繼續實現顯著成長。根據我們目前的計劃，我們相信 Nuuly 可以在第二季度實現健康的兩位數收入和利潤成長。

Now moving on to tariffs. We would like to give you as much clarity as possible, but unfortunately, you all know this is not possible given the continued uncertainty with news on tariffs changing daily. We can only offer our perspective based on what we know today. Our current assumptions are based on a 10% global tariff on all items entering US except for items from China, where we are assuming a 30% tariff.

現在來談談關稅。我們希望盡可能地向您提供清晰的信息，但不幸的是，由於關稅消息每天都在變化，不確定性持續存在，所以大家都知道這是不可能的。我們只能根據目前所知提供我們的觀點。我們目前的假設是基於對進入美國的所有商品徵收 10% 的全球關稅，但對來自中國的商品則假設徵收 30% 的關稅。

First, I want to acknowledge the amazing work our sourcing, brand and logistics teams have done. Over the last several years, the teams have worked hard to diversify of origin as well as dual source most of our own brand products. This means many of our products are made in two different origins, enabling us to shift production from one country to another if needed. We currently have no single country that accounts for more than 25% of our production. India, Vietnam and Turkey are our three largest countries of origin, while China represents less than 5%.

首先，我要感謝我們的採購、品牌和物流團隊所做的出色工作。在過去的幾年中，我們的團隊一直努力實現產地多元化以及我們大多數自有品牌產品的雙重來源。這意味著我們的許多產品都是在兩個不同的產地生產的，使我們能夠在需要時將生產從一個國家轉移到另一個國家。目前，沒有一個國家占到我們總產量的25%以上。印度、越南和土耳其是我們最大的三個來源國，而中國比例不到5%。

Quickly, after the announcement of tariffs, our team started working on how to mitigate the impacts with a primary focus on the customers' experience. We are working hard towards minimizing the impact on the consumer. We have several mitigation tactics that we've been working on. First, negotiating better terms with our vendors. Second, shifting our countries of origin where possible. Third, shifting our mode of transportation from air to boat. And lastly, gently and sparingly raising some prices. Please note that any price increases will be very strategic, protecting opening price points and only targeting areas where we believe we could raise prices without affecting the overall customer experience.

關稅公佈後，我們的團隊迅速開始研究如何減輕影響，主要專注於客戶體驗。我們正在努力將對消費者的影響降至最低。我們正在研究幾種緩解策略。首先，與我們的供應商協商更好的條款。第二，盡可能轉移我們的原籍國。第三，交通方式由空運轉為船運。最後，溫和而有節制地提高部分價格。請注意，任何價格上漲都將是非常有策略性的，保護起始價格點，並且只針對我們認為可以在不影響整體客戶體驗的情況下提高價格的領域。

As of today, based on the previously stated assumptions, we believe that tariffs could have a minimal negative impact on gross margins in the second quarter and potentially a negative 20 basis points impact in the back half of the year. Although tariffs present a temporary headwind to our business, we are confident in our ability to manage through this environment and still achieve 50 to 100 basis points of gross margin improvement for fiscal year 2026. Again, I want to stress that this plan is based on what we know today.

截至今天，基於先前提出的假設，我們認為關稅對第二季毛利率的負面影響可能很小，但對下半年的毛利率可能產生 20 個基點的負面衝擊。儘管關稅對我們的業務構成了暫時的阻力，但我們有信心能夠克服這種環境，並在 2026 財年實現 50 至 100 個基點的毛利率提升。我想再次強調，該計劃是基於我們今天所了解的情況而製定的。

In summary, it was an exceptional quarter. All brands delivered positive sales comps. Both the wholesale and subscription segments drove double-digit sales growth and all brands and geographies recorded healthy operating income improvement. We could not be prouder of the teams and their amazing execution.

總而言之，這是一個非凡的季度。所有品牌的銷售額均有所成長。批發和訂閱部門均實現了兩位數的銷售成長，所有品牌和地區的營業收入均實現了健康的成長。我們對這些團隊及其出色的表現感到無比自豪。

I will now turn the call over to Melanie.

現在我將把電話轉給梅蘭妮。

Thanks, Frank, and good afternoon, everyone. Let me walk you through how we're thinking about our second quarter financial performance. We're off to a solid start this quarter. And based on what we're seeing so far, we're planning for total company sales to grow in the high single digits. In our Retail segment, comp sales could grow mid-single digit driven by mid-single-digit positive Retail segment comps at Anthropologie and Free People brands while Urban Outfitters brand could be low single-digit positive comp. At Nuuly, the brand could deliver mid-double-digit revenue growth driven by continued subscriber momentum. Finally, our wholesale segment could produce low double-digit growth.

謝謝，弗蘭克，大家下午好。讓我向您介紹我們對第二季財務表現的看法。本季我們開局良好。根據我們目前看到的情況，我們計劃公司總銷售額將實現高個位數成長。在我們的零售部門，受 Anthropologie 和 Free People 品牌零售部門中位數個位數正成長的推動，同店銷售額可能成長中等個位數，而 Urban Outfitters 品牌可能實現低個位數正成長。在 Nuuly，該品牌在持續的用戶成長動能的推動下，可以實現中兩位數的營收成長。最後，我們的批發部門可能會實現低兩位數的成長。

As Frank mentioned, we believe gross profit margins could improve by about 50 to 100 basis points compared to last year, both for the second quarter and the full fiscal year. This improvement could come from lower markdowns at Urban Outfitters and occupancy leverage, partially offset by lower initial product margins due to higher US tariffs. Our current assumptions on tariffs are based on 10% global tariff on all items entering the US, except for items from China where we are assuming a 30% tariff.

正如弗蘭克所提到的，我們認為第二季和整個財年的毛利率可能比去年提高約 50 至 100 個基點。這種改善可能來自於 Urban Outfitters 的降價和入住率槓桿的降低，但部分被美國關稅上調導致的初始產品利潤率下降所抵消。我們目前對關稅的假設是基於對進入美國的所有商品徵收 10% 的全球關稅，但對來自中國的商品，我們假設徵收 30% 的關稅。

Turning to SG&A. We expect expenses to grow roughly in line with sales based on current sales performance and plans. The planned growth in SG&A is mainly driven by higher marketing spend to support customer and sales growth along with increased store labor costs related to new store locations. 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're planning for an effective tax rate of about 23.5% for Q2 and the full year.

談到銷售、一般及行政費用 (SG&A)。根據目前的銷售業績和計劃，我們預計費用將與銷售額大致同步成長。銷售、一般及行政費用的計劃增長主要由於為支持客戶和銷售增長而增加的營銷支出以及與新店選址相關的店鋪勞動力成本增加。像往常一樣，如果銷售業績出現波動，我們會維持一定程度的可變銷售、一般和行政費用 (SG&A) 支出，並根據業務表現進行上下調整。我們計劃第二季和全年的有效稅率約為 23.5%。

Now on to inventory. While our teams continue to focus on increasing inventory turns, the uncertainty around tariffs means we are likely to bring in fall products a bit earlier. Because of that, inventory growth in Q2 may grow at a rate above sales growth.

現在開始盤點。雖然我們的團隊繼續專注於提高庫存週轉率，但關稅的不確定性意味著我們可能會更早推出秋季產品。因此，第二季庫存成長速度可能高於銷售成長速度。

For FY26 capital expenditures are planned at approximately $240 million, the FY26 capital project spend is broken down as follow 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，其餘 25% 用於總部擴張以支持我們不斷增長的業務。

Lastly, we're planning to open approximately 64 new stores and close approximately 17 this fiscal year. Most of our net new store growth will come from FP Movement, Free People and Anthropologie. Specifically, we're planning 25 new FP Movement stores, 15 new Free People stores and 16 new Anthropologie stores. 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.

最後，我們計劃在本財年開設約 64 家新店，並關閉約 17 家店。我們的大部分新店淨成長將來自 FP Movement、Free People 和 Anthropologie。具體來說，我們計劃開設 25 家新的 FP Movement 商店、15 家新的 Free People 商店和 16 家新的 Anthropologie 商店。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。該公司不承擔更新前瞻性聲明的任何義務。

With that, I'll hand it back over to Dick.

說完這些，我就把它交還給迪克。

Thanks, Melanie. What a fantastic start to the year. Operating profit came in just shy of our ambitious 10% goal, an incredible achievement. Huge congratulations to all URBN teams for delivering such impressive results. Despite the noise in the headlines and the broader economic uncertainty, our customers continue to show resilience in Q1. We haven't seen any signs of a demand slowdown. In fact, customers were eager for fresh spring fashion and our teams delivered from compelling assortments to standout store experiences and inspiring marketing. We exceeded their expectations. The result, positive comps across every brand and every segment.

謝謝，梅蘭妮。今年的開始真是太棒了。營業利潤略低於我們雄心勃勃的 10% 目標，這是一項了不起的成就。熱烈祝賀所有 URBN 團隊取得如此令人印象深刻的成績。儘管新聞頭條充斥著噪音，而且整體經濟存在不確定性，但我們的客戶在第一季仍然表現出韌性。我們尚未看到任何需求放緩的跡象。事實上，顧客渴望新鮮的春季時尚，我們的團隊提供了引人注目的商品組合、出色的商店體驗和鼓舞人心的行銷。我們超出了他們的預期。結果是，每個品牌和每個細分市場都取得了積極的成長。

This performance speaks volumes about the strength of our strategies, the quality of our execution and the appeal of our brands. Most of all, it affirms the talent of our leaders and their teams. We're attracting new customers, keeping our loyal ones and growing our market share across the board. Each brand is playing a valuable role in the URBN portfolio. Anthropologie and Free People are two larger brands continue to grow revenue and deliver healthy mid-teen operating margins. FP Movement is growing faster than the sister brand and thanks to new store openings and strong wholesale demand.

這項業績充分說明了我們策略的實力、執行的品質以及品牌的吸引力。最重要的是，它肯定了我們領導人及其團隊的才華。我們正在吸引新客戶，留住老客戶，並全面擴大我們的市場份額。每個品牌在 URBN 產品組合中都發揮著重要作用。Anthropologie 和 Free People 是兩個較大的品牌，收入持續成長，並實現了健康的中青少年營業利潤率。由於新店開業和強勁的批發需求，FP Movement 的成長速度比姊妹品牌更快。

And Nuuly, our women's apparel rental business is one of the most exciting high-growth concepts in the market today. Both FP Movement and Nuuly are nicely profitable, gaining brand awareness and showing real potential to scale. Urban Outfitters North America is making steady progress. Stores were comp positive for the quarter, and the number of new full-price customers grew nicely. In Europe, after a solar started in Q1 last year, Urban delivered powerful comp sales gains that led to a jump in profitability.

Nuuly，我們的女裝租賃業務是當今市場上最令人興奮的高成長概念之一。FP Movement 和 Nuuly 都獲得了豐厚的利潤，獲得了品牌知名度並展現出真正的規模潛力。Urban Outfitters North America 正在穩步發展。本季各門市的業績表現良好，新全價顧客的數量也大幅成長。在歐洲，自去年第一季開始生產太陽能產品以來，Urban 的銷售額取得了強勁成長，推動了獲利能力的躍升。

All in all, I'm delighted with how our brands are performing. Yes, we're keeping a close eye on supply chain risk and global uncertainty. But as Frank said, based on what we know today, we believe we can continue to grow revenue and expand margins, not just in Q2, but for the full year and beyond. We're confident URBN is well positioned for continued success.

總而言之，我對我們的品牌表現感到滿意。是的，我們密切關注供應鏈風險和全球不確定性。但正如弗蘭克所說，根據我們今天所了解的情況，我們相信我們可以繼續增加收入並擴大利潤率，不僅在第二季度，而且在全年及以後。我們相信 URBN 已做好準備，繼續取得成功。

Before we move to Q&A, I want to thank our co-presidents, Meghan Frank, our brand leaders, Tricia Sheila, and Dave and their incredible teams across merchandising, creative and operations. I also want to recognize our shared service teams and our 28,000 associates around the world. Your hard work made this record quarter possible. So thank you. To our global partners, thank you for your cooperation as we work together to navigate the new trade rules. And to our shareholders, thank you for your continued support.

在進入問答環節之前，我想感謝我們的聯合總裁 Meghan Frank、我們的品牌負責人 Tricia Sheila 和 Dave，以及他們在商品銷售、創意和營運方面的優秀團隊。我還要表彰我們的共享服務團隊和遍布全球的 28,000 名員工。你們的辛勤工作使得這個創紀錄的季度成為可能。所以謝謝你。對於我們的全球合作夥伴，感謝你們的合作，我們將共同努力適應新的貿易規則。感謝我們的股東一直以來的支持。

That wraps up our prepared remarks. Now let's take your questions.

我們的準備好的演講到此結束。現在我們來回答你們的問題。

(Operator Instructions)

（操作員指示）

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

I was hoping you could talk about some of the key drivers of success at UO Europe. Was it branded products, different label products? And which of these learnings can you apply to help bolster the US UO business?

我希望您能談談 UO Europe 成功的一些關鍵驅動因素。它是品牌產品還是不同標籤的產品？您可以運用哪些經驗來幫助促進美國 UO 業務？

Okay. Lorraine, I'll provide that and then ask Sheila to back me up. I'm going to ascribe much of the progress to -- They have a number of really strong bottoms that are propelling their business in that area. And now they have added great tops to that. To your question, the Urban brand in North America, is also sharing in a number of those items, and it's helping them very much as well. So product is number one. Number two, I think they have a very strong marketing group and some of their marketing initiatives have proven to be very successful in growing the customers. And I think that about does it. Sheila, anything you want to add?

好的。洛林，我會提供這些，然後請希拉支持我。我認為大部分的進步都歸功於——他們擁有大量真正強大的基礎，推動著他們在該領域的業務發展。現在他們又添加了出色的上衣。對於您的問題，北美的 Urban 品牌也分享了許多此類產品，這對他們也有很大幫助。所以產品是第一位的。第二，我認為他們擁有非常強大的行銷團隊，而且他們的一些行銷舉措已被證明在增加客戶方面非常成功。我想，事情就是這樣的。希拉，你還有什麼要補充的嗎？

Yes. I would add just that the women's wear in Europe has continued to find momentum over the quarter. Starting in Q3 last year, they had tremendous growth Q4 and that accelerated in Q1 very nicely. Do you think the strong partnership between Europe and North America that I'm quite excited about with Shay and Emma's leadership. So I think we're only at the beginning.

是的。我想補充的是，歐洲女裝在本季持續保持強勁成長勢頭。從去年第三季開始，他們在第四季度取得了巨大的成長，並且在第一季加速成長。您是否認為在 Shay 和 Emma 的領導下，歐洲和北美之間建立了強有力的夥伴關係，對此我感到非常興奮？所以我認為我們才剛開始。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

I have to say, I don't think I've seen all of the brands look is spot on at the same time in years. So really take, like you said, congrats to like all the brand leads. You're welcome. So a couple of quick ones. Urban Outfitters. The I know at one point, you were talking about kind of a different format, perhaps making them smaller, to be more productive. Has that actually happened yet?

我不得不說，多年來我從未見過所有品牌的外觀都如此完美。所以真的，就像你說的，恭喜所有的品牌領導。不客氣。簡單說幾個。城市服飾店。我知道，您曾經討論過一種不同的格式，也許可以把它們做得更小，以提高效率。這真的發生了嗎？

And then on -- Melanie, on the early inventory, is that to avoid tariffs because I know you're on a shorter cycle than most? Or is it to kind of anticipate congestion? So just curious about that. And my final one would be you're always on air and to try to kind of cut some costs by going to boat increases sort of some uncertainty. So I'm wondering if that is consistent with the speed model?

然後——梅蘭妮，關於早期庫存，是為了避免關稅，因為我知道你的週期比大多數人都短？還是為了預測壅塞？所以只是對此感到好奇。我的最後一個意見是，你總是在廣播中，並試圖透過乘船來削減一些成本，這會增加一些不確定性。所以我想知道這是否與速度模型一致？

I can answer the inventory question, and then we can answer the other ones that you have, Adrienne. So our inventory position at the end of the first quarter really reflects the fact that inventory transit times were faster than planned. We also probably had some early receipts to bring in inventory ahead of the uncertain tariff outlook, but a lot of it had to do with the inventory arriving earlier than planned.

我可以回答庫存問題，然後我們可以回答你的其他問題，艾德麗安。因此，我們第一季末的庫存狀況確實反映了庫存運輸時間比計劃的要快的事實。在關稅前景不明朗之前，我們可能還提前收到了一些庫存，但這在很大程度上與庫存比計劃提前到達有關。

In the second quarter, this changes a little bit. I think -- while there is some fashion risk of bringing product in early, we believe that -- it is prudent planning to bring in fall inventory, which is less sensitive to fashion early, given the uncertain tariff outlook and any potential fine disruptions that could occur in the future. So those are our current plans for Q2, again, that we would likely have inventory ahead of our sales growth.

到了第二季度，這種情況發生了一些變化。我認為——儘管提前引入產品存在一些時尚風險，但我們認為——考慮到不確定的關稅前景以及未來可能發生的任何潛在罰款中斷，提前引入秋季庫存是謹慎的計劃，因為秋季庫存對時尚的敏感度較低。因此，這些是我們目前針對第二季度的計劃，我們可能會在銷售成長之前擁有庫存。

Adrienne, to your last question, going from air to boat definitely adds about 30 days to delivery time. And you're right, there is always a risk as you go out in time that the fashion might not be as accurate as we would like it to be. So to offset that, we are working very hard to use some of the advanced technologies to shorten that time period. And Shea, I think, Adrienne, you wanted to know about the smaller

阿德里安，關於你的最後一個問題，從空運到海運肯定會增加大約 30 天的運輸時間。你說得對，隨著時間的流逝，總是存在著風險，時尚可能不像我們希望的那樣準確。因此，為了彌補這一點，我們正在努力使用一些先進技術來縮短這一時間。Shea，我想，Adrienne，你想知道關於較小的

Adrienne, we have not per se, made any adjustments yet, but we have a ton of flexibility over the next couple of years with our fleet as leases become available. And so even as soon as a couple of this year. And so as we look at we'll be looking either to relocate and downsize where we think we're over spaced are potentially downsize in place. Our goal is to make sure that we are positioned close to our customers. And so as we have the flexibility, I think we'll be looking to do that where, again, we feel like we're over spaced.

阿德里安，我們本身還沒有做出任何調整，但隨著租賃的開放，未來幾年我們的車隊將擁有很大的靈活性。今年甚至可能就幾年了。因此，當我們考慮時，我們會考慮重新安置或縮小我們認為空間過大的地方的規模，並有可能就地縮小規模。我們的目標是確保我們的位置貼近客戶。因此，由於我們有靈活性，我認為我們會尋求這樣做，但我們再次感覺到我們的空間太大。

You may want to talk a little bit about the Houston store -- size of.

您可能想談談休士頓商店的規模。

Yes. One of those examples is -- one of our Houston stores where we'll be downsizing a couple of thousand square feet and also applying our new store concept. We're really excited about that, and that will open later this fall.

是的。其中一個例子是——我們將把休斯頓的一家商店縮小幾千平方英尺，並採用我們的新商店理念。我們對此感到非常興奮，它將於今年秋季晚些時候開放。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

Congrats on the nice quarter. So Dick, could you elaborate on performance by brand, what you've seen in May, maybe your larger picture view on consumer spending on apparel in the back half of the year, just all of the moving parts right now? And then Melanie, on sustainable top line growth at the Urban brand, what's a reasonable operating margin you think for the Urban brands multiyear?

恭喜本季取得良好成績。那麼，迪克，您能否詳細說明一下各品牌的表現、您在五月看到的情況，也許您對今年下半年服裝消費者支出的總體看法，以及目前所有變動的部分？然後，梅蘭妮，關於 Urban 品牌的可持續營收成長，您認為 Urban 品牌多年的合理營業利潤率是多少？

I'll take your first question. May to date, we see the comp sales being very similar to the Q1 print. When we look at comparison to same period last year, we believe total Retail segment comps could register in the mid-single digits for Q2. I think that went over that, but I'll reiterate it. We think it might include mid-single-digit comps for both Anthropologie and Free People brands a low single-digit positive comp for the Urban brand and strong double growth in average active subscribers and revenues from Nuuly. And double-digit sales growth for the wholesale segment. When you combine all of those, we believe that total URBN Q2 sales could increase in the high single-digit range.

我來回答你的第一個問題。截至目前，我們發現同店銷售額與第一季的銷售額非常相似。與去年同期相比，我們認為第二季零售部門整體銷售額可能達到中等個位數。我認為那已經超出範圍了，但我仍要重申這一點。我們認為這可能包括 Anthropologie 和 Free People 品牌的中位數同比增長、Urban 品牌的低個位數正同比增長以及 Nuuly 平均活躍用戶和收入的強勁雙增長。批發部門的銷售額實現了兩位數成長。將所有這些因素結合起來，我們相信 URBN 第二季度的總銷售額可能會實現高個位數成長。

And then, Matt, I'll take your question on us return to profit. And first, I just want to give Irvine more congratulations in airtime here. We're just really excited the continued progress that the team is making. First positive comp in some time, first positive store comp in North America and sometimes continued reduction in their markdown rate based on improved product performance, marketing and inventory management. the creative execution and marketing continues to improve, which has seen a new customer acquisition, just a ton of boxes being checked there, which is great to see. I don't know that we've landed exactly on a number to where Urban should operate from an operating profit, just yet.

然後，馬特，我將回答你關於我們利潤回報的問題。首先，我要對歐文在此播出的時間表示更多的祝賀。我們對團隊不斷取得的進步感到非常興奮。一段時間以來的首次積極對比，北美首次積極的商店對比，有時基於產品性能、行銷和庫存管理的改進而繼續降低降價率。創意執行和行銷不斷改進，獲得了新客戶，有很多事情要做，這是令人高興的。我還不知道我們是否已經確定了 Urban 的營業利潤的準確數字。

I think we're over focused on turning the business back to profitability. We know that, that won't happen this year. I think in order to do it right, it's about slow and steady progress, capturing that right customer and really improving all those different metrics that I talked about. I think when you think about mid- to high singles being a reasonable opportunity for the brand. But again, that's going to take some time, and it's not going to happen this year. We're just focused on continuing to make the progress continue to flow back on that loss and doing it right.

我認為我們過於注重讓業務恢復獲利。我們知道，今年不會發生這種情況。我認為，為了做好這件事，就需要緩慢而穩定地進步，抓住合適的客戶，並真​​正改善我談到的所有不同指標。我認為中高端單曲對於品牌來說是一個合理的機會。但同樣，這需要一些時間，而且今年不會發生。我們只是專注於繼續取得進展，彌補損失，並做好這件事。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Maybe just to go back to margins for a second. deframe for us where rents and occupancy is today for the UO brand versus where it was, let's say, pre-pandemic, '18, '19, whatever is a good year you think to you same question for SG&A in that net brand. Just want to get an idea of how much recapture opportunity there is on the margin as sales increase?

也許只是暫時回到邊緣。為我們展示 UO 品牌目前的租金和入住率與疫情前（例如 18、19 年）的對比情況，無論是哪個年份都是好年份，您覺得對於該淨品牌的 SG&A 來說，您也有同樣的疑問。只是想了解隨著銷售量的增加，利潤中有多少回收機會？

Yes. Those with rates, Paul, changed a lot as it relates to the mix of the business between stores and digital. As you know, we're going to follow the customer wherever they are. As Shea talked about, store formats are going to be shrinking from a square footage perspective, that's going to affect your occupancy leverage. So I don't think those rates are as important from a focus right now. I think the important focus is on maintained margin improvement, which the brand is seeing driven by lower markdowns.

是的。保羅 (Paul)，那些有費率的人發生了很大變化，因為這與商店和數位業務的組合有關。如您所知，無論客戶身在何處，我們都會跟隨他們。正如 Shea 所說，從面積的角度來看，商店規模將會縮小，這將影響您的入住率。因此我認為從目前的焦點來看這些利率並不是那麼重要。我認為重點是保持利潤率的提高，而品牌的利潤率提高是由於降價幅度降低。

And where we are is we've made a ton of progress, but we're not at historical averages just yet. We've bought back a lot, but there is still remaining opportunities this year, and there will still be opportunity next year. I think the next leg after maintained is that they've now started to as a total brand had positive comps and Urban North America is its positive store comps and is inching even closer to positive total comps. And so leveraging that occupancy and those fixed expenses. I think we think we have opportunity to do that in the back half of this year and then continue that progress next year, which would be the next leg in calling back that operating profit loss and turning the brand back into profit.

我們現在取得了巨大的進步，但還沒有達到歷史平均值。我們回購了很多，但今年還有機​​會，明年還有機會。我認為，在維持之後的下一個階段是，他們現在已經開始作為一個整體品牌擁有積極的可比性，而 Urban North America 是其積極的門市可比性，並且正在逐漸接近積極的總體可比性。因此，可以利用入住率和固定費用。我認為我們有機會在今年下半年做到這一點，然後在明年繼續取得進展，這將是收回營業利潤損失並使品牌重新盈利的下一步。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

Perfect. Just a couple for me. One just on guidance. You outperformed our gross margin quite a bit, but maintaining the full year guidance. So just curious kind of what's holding you back from flowing that through and the puts and takes as you see it on that line item for the rest of the year. And then just on the tariff mitigation tactic of very selectively taking price. I'm just curious what types of categories you see as having the biggest opportunity? And also how quickly you can implement that?

完美的。對我來說只有一對。僅提供指導。您的業績遠超我們的毛利率，但仍保持了全年預期。所以我只是好奇是什麼阻礙了您實現這一目標，以及您在今年剩餘時間內在該專案上看到的投入和產出。然後只是採取選擇性定價的關稅減免策略。我只是好奇，您認為哪些類型的類別擁有最大的機會？還有你能多快實現這一點？

I can take those, Alex. I just want to stress on price. You're right, it is different from one category to the next. But I want to stress that we're being extremely thoughtful and careful about protecting things like opening price points targeting areas where we believe we could gently and sparingly raised some price points, but we're extremely focused on protecting that consumer experience. You're right, it's different from one category to the next, but it is not the biggest piece of our mitigation strategies by any means. And I just want to stress that with a high level of importance.

我可以接受這些，亞歷克斯。我只是想強調價格。你說得對，不同類別之間確實存在差異。但我想強調的是，我們在保護某些事情方面非常周到和謹慎，例如開放針對我們認為可以溫和而謹慎地提高一些價格點的地區的價位，但我們非常注重保護消費者體驗。你說得對，不同類別的情況有所不同，但無論如何，這不是我們緩解策略中最重要的部分。我只是想強調這一點的重要性。

And let me add to that, Frank, before you go to the rest of it. We are definitely consider this raising of prices as the last item that we will try in our portfolio of tricks to try to offset this tax. I think that what you'll see, Alex, is that a product that has a little bit more make in it, has a little bit more embellishment and it's a little bit -- probably a little bit higher priced would be where we would try to get, a little bit extra if we need to. If we don't need to, we won't make the change.

弗蘭克，在你繼續討論其餘部分之前，請允許我補充一點。我們肯定會將提高價格視為我們為抵消這項稅收而採取的一系列措施中的最後一項。亞歷克斯，我想你會看到，如果一款產品的製作更精細，裝飾更精緻，而且價格稍微高一點，那麼我們就會嘗試獲得這種產品，如果需要的話，我們會提供一些額外的服務。如果不需要，我們就不會做出改變。

And Alex, to your first part of your question, as it relates to the plans for the year, certainly, we're really proud of the Q1 execution and how the business continues to perform. It seems like the customer has held up. And certainly, our brands are likely gaining some market share and performing at a high level. I think planning the business right now in total at high single digits given the continued uncertainty all over the news and all over the media, feels like an appropriate place to be and a conservative, hopefully -- a conservative place to be. The lion's share of the beat in Q1 was because we did exceed our top line performance and deliver almost 11% top line growth. I hope that opportunity continues to persist. But I think just given the constant news around the uncertainty on the consumer, we feel like it makes sense to play it conservative, and I hope that our plans are conservative.

亞歷克斯，關於你問題的第一部分，因為它與今年的計劃有關，當然，我們對第一季的執行情況以及業務的持續表現感到非常自豪。看起來顧客已經等了。當然，我們的品牌可能會獲得一些市場份額並達到較高的水平。我認為，考慮到新聞和媒體上持續存在的不確定性，目前將業務總體規劃定為高個位數，感覺是一個合適的做法，也是一個保守的做法，希望是一個保守的做法。第一季業績超出預期的主要原因是我們的營收表現確實超出預期，實現了近 11% 的營收成長。我希望這個機會能夠繼續存在。但我認為，鑑於有關消費者不確定性的新聞不斷出現，我們覺得採取保守的做法是有道理的，我希望我們的計劃是保守的。

Dana Telsey, Telsey Advisory Group.

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

And I echo the fact that seeing all three brands do such positive results. So nice to see with the path. Nuuly is very exciting. And would love to hear how you're thinking about the profitability profile of Nuuly compared to the base business and how you're thinking of pricing on Nuuly in regard to tariffs versus the other brands business? Is there a difference? And are you seeing anything different in the customer in this environment with Nuuly and attracting new customers? And also, is there any carryover any cannibalization? Or are they the same customers in the brands?

我贊同這一事實，看到這三個品牌都取得瞭如此積極的成果。很高興看到這條路。Nuuly 非常令人興奮。我很想聽聽您如何看待 Nuuly 與基礎業務相比的獲利狀況，以及您如何看待 Nuuly 與其他品牌業務相比的關稅定價？有差別嗎？在這種環境下，您是否看到 Nuuly 的客戶有什麼不同，並吸引了新客戶？此外，是否有任何結轉或蠶食？還是他們是同一品牌的顧客？

Great. Thanks, Dana. I will try and hit each of those, if I can call them. The -- yes, the business has been very exciting. We've been very, very encouraged with the first quarter to grow active subscribers, almost 23% within the quarter. It was just a really amazing feat for the team. We're feeling very good about it. From a pricing standpoint, we are aware, obviously, of all the tariff motion that is occurring. We have not seen any sort of impact at this moment yet. In terms of taking price, it's a different proposition, obviously, for a subscription business to take price versus retail brands. We don't have any intentions to take price at the moment. And we're going to be navigating the cost pressures and the cost prices that may occur the same way the other brands are here at the business.

偉大的。謝謝，達娜。如果我能叫出這些名字，我會盡力打中它們。是的，業務非常令人興奮。我們對第一季活躍用戶的成長感到非常鼓舞，本季成長了近 23%。對於球隊來說，這確實是一個了不起的成就。我們對此感覺非常好。從定價的角度來看，我們顯然知道正在發生的所有關稅動議。目前我們還沒有看到任何影響。就定價而言，訂閱業務與零售品牌的定價顯然是不同的。我們目前沒有任何定價的意向。我們將像其他品牌一樣應對可能出現的成本壓力和成本價格。

Dana, I just wanted to jump in on the Nuuly profitability at I think three of your four to gave. What we said from the start, obviously, we felt like we could get this business to profitability and congratulations to Dave and team doing it so quickly hitting their first full year profitability last year, hitting above 5% in Q1 this year. We've also said that we didn't feel like it would be dilutive to our 10% URBN goal. And what that implies is that we think that business can run at 10% operating profit. I don't think we've set a goal beyond that, but I don't think that's appropriate for a brand that's still so young. And still has so much growth opportunity ahead of it and so much for us to learn. But we don't think that Nuuly would be dilutive to URBN going forward, and we feel like 10% is an achievable target for ore down the road. And continued congratulations to Dave and team at [60%] growth is pretty damn aggressive.

達娜，我只是想談談 Nuuly 的盈利能力，我認為你給出的四個中的三個。我們從一開始就說過，顯然，我們覺得我們可以讓這項業務實現盈利，並祝賀戴夫和他的團隊如此迅速地實現去年的第一個全年盈利，今年第一季的盈利率達到 5% 以上。我們也表示，我們認為這不會削弱我們 10% URBN 的目標。這意味著我們認為該業務可以實現 10% 的營業利潤。我認為我們沒有設定超出這個目標，但我認為這對一個還很年輕的品牌來說並不合適。未來仍有很大的發展機會，還有很多東西需要我們學習。但我們不認為 Nuuly 未來會稀釋 URBN 的股權，而且我們認為 10% 是未來礦石可以實現的目標。繼續祝賀戴夫和他的團隊取得 [60%] 的成長，這是相當積極的進展。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Congrats on the great results here. For Melanie and or Frank, I guess, first, could you quantify the markdown benefit in Q1, just of the 200 basis point kind of core gross margin improvement more than half roughly have any help there and how to think about that for the rest of the year? And then just bigger picture. Q1, as you mentioned, you're nearing the 10% operating margin goal. I think it would be unusual for the fiscal year to not exceed the Q1 rate, just looking at historical trends.

恭喜您取得的優異成績。對於 Melanie 和 Frank，我想，首先，您能否量化第一季的降價收益，僅 200 個基點的核心毛利率提高大約有一半以上對此有任何幫助，以及如何看待今年剩餘時間的降價收益？然後就是更大的圖景。Q1，如您所提到的，您已接近 10% 的營業利潤率目標。我認為，從歷史趨勢來看，財政年度的成長率不超過第一季的成長率是不尋常的。

And yet it seems like there are some big levers ahead still on margin with UO profitability increasing over time, Nuuly scaling. So maybe you can just speak bigger picture to how you're thinking about the long-term algo. Do you think you can take EBIT margins higher than the 10% rate? Or do you choose to reinvest the upside and drive a faster top line through increased marketing spend as you approach that 10% goal? Just be great to hear how you're thinking about that.

然而，隨著 UO 獲利能力隨著時間的推移而增加，Nuuly 規模不斷擴大，似乎仍存在一些巨大的利潤槓桿。因此，也許您可以從更大角度談談您對長期演算法的看法。您認為您的息稅前利潤率能高於 10% 嗎？或者，當您接近 10% 的目標時，您是否選擇重新投資並透過增加行銷支出來推動更快的營業收入成長？很高興聽到您對此的看法。

So Mark, taking here giggling a little bit because we know once we get near our target, we know the expectations always the bar gets raised and The Street wants more. So certainly, we are still targeting a 10% operating profit rate and confident we can achieve it. We delivered 100 basis points of improvement last year, reaching 8.6% in fiscal '25 based on our plans of $500 this year that would put us at 9.6%. And certainly, we have the opportunity to beat that.

所以馬克，在這裡笑了一下，因為我們知道，一旦我們接近目標，我們知道期望總是會提高，而華爾街想要更多。因此，我們當然仍以 10% 的營業利潤率為目標，並且有信心實現這一目標。去年，我們實現了 100 個基點的改善，根據我們今年 500 美元的計劃，25 財年達到了 8.6%，這將使我們達到 9.6%。當然，我們有機會戰勝它。

What I would say is, before we set a new goal, let's hit the first one. And then let's prove we can operate at that. I think you're absolutely correct in that with Urban's turnaround and then once that business turns into profitability, with Nuuly having opportunity to continue to grow that rate. Yes, there is upside. But for us right now, before we set any new targets, I'd like to hit the first target. And then we can get back to you with what we think the upside is. As it relates to markdowns for the first quarter, it was about half of the 204 basis points that you mentioned.

我想說的是，在設定新目標之前，讓我們先達成第一個目標。然後讓我們證明我們可以做到這一點。我認為您說得完全正確，隨著 Urban 的轉型以及業務實現盈利，Nuuly 就有機會繼續保持這一成長速度。是的，有好處。但對我們目前來說，在設定任何新目標之前，我想先實現第一個目標。然後，我們就可以向您報告我們認為的好處。就第一季的降價而言，它大約是您提到的 204 個基點的一半。

Marni Shapiro, The Retail Tracker.

Marni Shapiro，零售追蹤者。

Congrats to all the teams and say, congrats to you on the Urban improvements. The site looks amazing that Georgia like everyone looks like they want to hook up, it's amazing. I wonder if you can touch on the changes you've made in marketing, specifically social media because the brand has suddenly been in my feed very regularly with halls and in a very positive light, which is fantastic to see. And then if you could also just talk a little bit about on rotation, I guess, like what was the thinking behind this? Why NIKE is a partner, though I love it. I'm just kind of curious what you're thinking was behind all of that.

祝賀所有團隊，並祝賀你們在城市改善方面所取得的成就。這個網站看起來很棒，喬治亞就像每個人一樣，看起來都想聯繫，這太神奇了。我想知道您是否可以談談您在行銷方面所做的改變，特別是在社交媒體方面，因為這個品牌突然非常頻繁地出現在我的推播中，而且評價非常積極，這真是太棒了。然後，如果您也可以稍微談論一下輪換，我想，這背後的想法是什麼？為什麼 NIKE 是合作夥伴，儘管我很喜歡它。我只是有點好奇你認為這一切背後是什麼。

Yes. First of all, thank you for the compliment. Great to hear. To your first question on social, it's a very keen observation, and I'll answer that really in two parts. Our team has been really working hard, and I would describe it as -- it's not really enough to just post on social anymore. And we've really taken a multi-platform approach. It's not just about Instagram. It's not just about Pinterest. And the team is really trying to get the right content, the right platform, the right product and showing up in a truly authentic way and really optimizing for the algorithm. And that really means trying to get into the feed. So in your case, it sounds like we're being successful at this year.

是的。首先謝謝你的誇獎。很高興聽到這個消息。對於您關於社交的第一個問題，這是一個非常敏銳的觀察，我將分成兩部分來回答。我們的團隊一直在努力工作，我想說的是——僅僅在社群媒體上發文已經不夠了。我們確實採取了多平台方法。這不僅與 Instagram 有關。這不僅與 Pinterest 有關。團隊確實在努力獲取正確的內容、正確的平台、正確的產品，並以真正真實的方式展示並真正針對演算法進行最佳化。這實際上意味著嘗試進入資訊流。所以就您而言，聽起來我們今年是成功的。

And secondly, I think we're really trying to engage with customers, be an authentic part of the conversation. Sometimes that means jumping into the conversation. Sometimes that means clapping back, really talking about a lot of user-generating content and allowing our customers voice to be amplified. And so I think it's great to hear that it seems to be working. We're really proud of the creative assets that are showing up out there. You mentioned the site. That's great to hear as well.

其次，我認為我們確實在努力與客戶互動，成為對話中真實的一部分。有時這意味著加入談話。有時這意味著回擊，真正談論大量用戶生成的內容並允許我們的客戶發出聲音。所以我認為聽到它似乎正在發揮作用真是太好了。我們對於出現的創意資產感到非常自豪。您提到了該網站。我也很高興聽到這個消息。

Secondly, you talked about on rotation. Obviously, the NIKE launch that happened last week. We're excited to have launched with NIKE, of course, a peek brand out there, one of the most popular brands with our customer. I would take this concept really back to our strategy. And a great example of our teams really focusing on the customer. We know that brands matter a lot to our customer. And essentially, brands are really how they identify themselves. It's also how they sort of create community. And so the idea that brands are important is really what drives us to partner with great brands.

其次，您談到了輪換。顯然，這是上週發生的 NIKE 發表會。我們非常高興能與 NIKE 合作推出這款產品，NIKE 是一個備受矚目的品牌，也是最受我們客戶歡迎的品牌之一。我會將這個概念真正帶回我們的策略。這是我們的團隊真正專注於客戶的一個很好的例子。我們知道品牌對我們的客戶來說非常重要。從本質上來說，品牌就是企業如何自我認同。這也是他們創造社群的方式。因此，「品牌很重要」這個理念才是真正促使我們與優秀品牌合作的動力。

Secondly, we've talked about this before. These customers did not grow up as mall rats. They didn't grow up discovering retailers in the mall. And they grew up or intend in their house. And in many cases, brands found them on their phone, and they were targeted. And so they really value in real-life discovery. And so on rotation is really about taking those two things and bringing it to life in the platform of our store. And so we're really excited to have launched on rotation with NIKE, think you can expect another brands to show up and on rotation in different stores and different ways. And just a great example of our team really focusing on giving the customer what they want.

其次，我們之前已經討論過這個問題。這些顧客並不是從小就喜歡逛商場的。他們成長過程中並沒有在商場裡發現零售商。他們在自己的家長大或打算長大。在許多情況下，品牌透過他們的手機發現了他們，並把他們作為目標。因此他們非常重視現實生活中的發現。因此，輪換實際上是將這兩件事在我們商店的平台上變為現實。因此，我們非常高興能夠與 NIKE 合作推出輪換產品，相信您也可以期待其他品牌在不同的商店以不同的方式輪換出現。這只是我們的團隊真正致力於滿足客戶需求的一個很好的例子。

Ike Boruchow, Wells Fargo.

富國銀行的艾克·博魯喬（Ike Boruchow）。

Let me add my congrats. Two from me. First, maybe Frank or Melanie. On the SG&A rate, I believe three months ago, you said you expected flat for the year. Is that reiterated? Core you going to reinvest more? Or should you expect a little scale given the momentum on the top line? And then just on UO, the turnaround is working. I guess the question is, do you expect this to be linear? Would you expect the comp to take a step back because you battled for margin in a certain quarter. Just kind of curious how you kind of envision this term playing out over the next 12 months?

讓我也表達我的祝賀。我有兩個。首先，可能是弗蘭克或梅蘭妮。關於銷售、一般及行政費用率，我相信三個月前您就說過預計全年將持平。這是重申嗎？核心是您要再投資更多嗎？或者，考慮到營收的成長勢頭，您是否應該期待出現小規模成長？僅在 UO 上，轉變就已開始發揮作用。我想問題是，你認為這是線性的嗎？您是否預計公司業績會因您在某個季度爭奪利潤而下滑？我只是有點好奇，您對這個任期在未來 12 個月內的發展有何設想？

So I'll take the first part of your question, Ike. As it relates to SG&A for the full year, I would say I am reiterating our guidance that we believe that full year rate of sales could be in line with sales rate of sales would grow in line with sales growth. Now by quarter, then the relationship between sales and expense growth could be uneven as a result of marketing campaigns and other SG&A expense timing shift.

所以我來回答你問題的第一部分，艾克。由於它與全年的銷售、一般及行政費用有關，我想說我重申我們的指導，我們相信全年銷售率可能與銷售額一致，銷售率將與銷售額增長一致。現在按季度來看，由於行銷活動和其他銷售、一般及行政費用時間的變化，銷售額和費用成長之間的關係可能​​會不均衡。

Yes. And it's Shea, I can take that answer. I would say that we certainly hope that this is a sequential build. I think what you see in retail is an example of the inflection point coming a bit sooner because of the nature of the price type in that business. In retail, it's a much larger penetration of regular full price. And so as the full-price business and the health of that business returned a bit sooner because there's a larger penetration of full price.

是的。這是 Shea，我可以接受這個答案。我想說，我們當然希望這是一個連續的建構。我認為零售業的情況就是一個例子，由於該行業價格類型的性質，拐點來得稍早。在零售業中，常規全價商品的滲透率要大得多。由於全價商品的滲透率較高，全價業務及其健康狀況恢復得更快一些。

In the digital channel, we have had a larger penetration of discounting and promotional business. And as we face those headwinds, going to take a bit longer for us to see that inflection point. We think as we get through the second quarter and through the back half of this year, we should see those trends play forward as we have seen in the retail channel.

在數位管道，我們的折扣和促銷業務滲透率更高。當我們面臨這些逆風時，我們需要更長的時間才能看到轉折點。我們認為，隨著我們度過第二季和今年下半年，我們應該會看到這些趨勢向前發展，就像我們在零售通路看到的那樣。

Janet Kloppenburg, JJK Research.

珍妮特·克洛彭堡，JJK 研究中心。

Congratulations. It's remarkable. Frank or Dick, I think if you reach the high end of the gross margin guidance, you'll be pretty much near historic levels on gross margin. So maybe you could talk a little bit about the opportunity for the historical levels to move higher. And I also wanted to talk about the new occasion businesses at Anthropologie. Feels very much like what happened at Movement where the products perform well in the Free People stores and then it was spun out. And I'm just wondering, is there an opportunity for that to happen at Anthropologie as well.

恭喜。這真是太了不起了。弗蘭克或迪克，我認為，如果達到毛利率指導值的高端，那麼毛利率將非常接近歷史水平。所以也許您可以稍微談談歷史水準走高的機會。我還想談談 Anthropologie 的新業務。感覺很像 Movement 發生的事情，其產品在 Free People 商店中表現良好，然後就被剝離了。我只是想知道，在 Anthropologie 是否也有機會實現這一點。

Janet, I think on the gross profit margin, the historical levels is probably not the right bar for us. I think we have had the Urban Outfitters brand sort of masking a little bit of what the great improvement and consistent improvement has been going on in Anthropologie and Free People for some time now. We've done a great job as a company sort of lowering what our historical averages have been in markdown rates. And it's seen by the consistent mid- to high-teens operating profit that Anthropologie and Free People have been running at for the last several years. So I do think, yes, you're right. We're close to eclipsing that. But I do think that there's a new bar that is being said. And it's been a little hard to see that over the last couple of years, which where Urban has been. And you're starting to see that come to fruition as that brand is starting to really -- that turnaround is really starting to take hold.

珍妮特，我認為就毛利率而言，歷史水準可能不適合我們。我認為 Urban Outfitters 品牌在某種程度上掩蓋了 Anthropologie 和 Free People 一段時間以來的巨大進步和持續改進。作為一家公司，我們在降低歷史平均降價率方面做得很好。從過去幾年中 Anthropologie 和 Free People 的營業利潤一直保持在中高水準就可以看出這一點。所以我確實認為，是的，你是對的。我們即將超越這一層次。但我確實認為有一個新的標準正在被提出。但在過去幾年中，我們很難看到 Urban 的這種表現。隨著品牌開始真正地——轉變真正地開始生效，你開始看到它取得成果。

Tricia?

特里西亞？

Janet, this is Tricia. Thanks. We're super excited about our new businesses, selling and daily practice as well as our lingerie. And sleeper businesses are all significantly outperforming the total. We don't really have any plans currently to spin off stand-alone stores. But I think as we continue to grow those brands over time. We'll continue to assess the opportunity. We've had tremendous success with some pop-up location experiences with our Celandine brand. So we'll continue to monitor that over time. But no plans currently. But yes, very pleased with the growth of those brands and what they're contributing to the overall growth of Anthropologie.

珍妮特，這是特里西亞。謝謝。我們對我們的新業務、銷售和日常實踐以及內衣感到非常興奮。所有潛在企業的表現都遠優於整體企業。我們目前確實沒有任何分拆獨立商店的計劃。但我認為隨著時間的推移，這些品牌會不斷發展。我們將繼續評估這個機會。我們的 Celandine 品牌在一些彈出式地點的體驗中獲得了巨大的成功。因此，我們會持續監控這種情況。但目前沒有計劃。但是，是的，我們對這些品牌的成長以及它們對 Anthropologie 整體成長的貢獻感到非常高興。

Simeon Siegel, BMO Capital Markets.

西蒙‧西格爾 (Simeon Siegel)，BMO 資本市場。

Great job, everyone. So the wholesale EBIT margin looks more and more attractive like each quarter. Any thoughts to how large the wholesale business can become and how high is high for the margins for the channel? And then just two quick ones. What's the right way to think about the impact from carrier costs and broader delivery expense going forward? And then I think there was a comment about reduction in packages per order helping gross margin. Could you just elaborate on what that was as well.

大家幹得好。因此，批發息稅前利潤率每季看起來都越來越有吸引力。您認為批發業務可以發展到多大以及通路利潤率有多高？接下來是兩個簡短的問題。如何正確看待未來承運商成本和更廣泛的運輸費用的影響？然後我認為有一則評論說減少每個訂單的包裹數量有助於提高毛利率。能否詳細說明一下那是什麼？

I'll take the one first and then let Sheila talk about wholesale. Packages per order, yes, we've done a good job at reducing those I think there's a lot that goes into planning inventory and having it in the right place. So certainly, thanks to the logistics team. Thanks to Dave and the tech team for supporting that effort. A lot of moving pieces behind that and trying to get that right and can have a meaningful impact and improvement from a delivery expense perspective. So we've seen some of those benefits and hope that they will continue, and I think there's still opportunity to come there.

我先拿一個，然後讓希拉談談批發。是的，我們在減少每個訂單的包裹數量方面做得很好，我認為規劃庫存並將其放置在正確的位置需要做很多工作。所以當然要感謝物流團隊。感謝 Dave 和技術團隊對此努力的支持。這背後有許多活動部件，試圖做到這一點，可以從交付費用的角度產生有意義的影響和改進。因此，我們已經看到了其中的一些好處，並希望它們能夠繼續下去，而且我認為仍然有機會。

As it relates to carriers, we haven't seen really any challenges right now, as Melanie mentioned. We've been faster. I think inbound has been faster than the brands anticipated, which you've seen in their inventory numbers and has not been a challenge. What happens in the back half of the year as it relates to congestion and maybe a lot of companies bringing stuff in earlier. Your guess is as good as mine is something that we'll continue to monitor, but we're not experiencing any cost or speed pressures right now, but it's something we'll continue to monitor closely.

正如梅蘭妮所提到的，就運營商而言，我們目前還沒有看到任何真正的挑戰。我們的速度更快了。我認為入站速度比品牌預期的要快，您可以從他們的庫存數量中看到這一點，這並不是什麼挑戰。下半年會發生什麼情況，因為這與壅塞有關，也許很多公司會提前進貨。您的猜測和我的一樣好，我們會繼續監控，但目前我們沒有遇到任何成本或速度壓力，但我們會繼續密切監控。

And I can jump in with wholesale. Yes, we are very pleased with our wholesale, both sales as well as profit. And I think we're committed to our profit. I think that was a goal coming out of the pandemic of how to get this channel to be consistently profitable with the right partners. And that is continues to be our strategy in wholesale is to work and align with brands with -- to have the same value proposition as us in terms of care of product and brand.

我也可以從事批發業務。是的，我們對我們的批發非常滿意，包括銷售和利潤。我認為我們致力於實現利潤。我認為這是疫情期間提出的目標：如何透過合適的合作夥伴讓這個管道持續獲利。我們在批發領域的策略仍然是與品牌合作並保持一致——在產品和品牌關懷方面擁有與我們相同的價值主張。

And with that, we're seeing nice growth with those brands and continue to see a really good outlook. What I would also say is, without saying how big the wholesale business for Free People and FP Movement could be is on top of that partnership, we've been able to see some of our new labels with some wholesalers that we're really proud of. Whether that's our freest label or we the free denim brand, and that's allowing us to grow into new account base, which we're quite excited about for the future.

由此，我們看到這些品牌取得了良好的成長，並且前景繼續看好。我還想說的是，無需多言，Free People 和 FP Movement 的批發業務規模有多大，但基於這種合作關係，我們已經能夠與一些令我們感到自豪的批發商合作推出一些新品牌。無論是我們的自由品牌還是自由牛仔品牌，這都使我們能夠發展新的客戶群，我們對未來感到非常興奮。

Okay. Well, I think that concludes the session for today. I thank you very much for joining, and I hope to see you in a few months.

好的。好吧，我想今天的會議就到此結束了。非常感謝您的加入，希望幾個月後能見到您。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝各位參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。再會。