Urban Outfitters Inc (URBN) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Urban Outfitters, Inc. second-quarter fiscal 2026 earnings call. (Operator Instructions) As a reminder, today's program is being recorded.

女士、先生們，大家好，歡迎參加 Urban Outfitters, Inc. 2026 財年第二季財報電話會議。（操作員指示）提醒一下，今天的節目正在錄製中。

And now I'd like to introduce your host for today's program, Oona McCullough, Executive Director of Investor Relations. Please go ahead, Ms. McCullough.

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。請繼續，麥卡洛女士。

Good afternoon, and welcome to the URBN second-quarter fiscal 2026 conference call. Earlier this afternoon, the company issued a press release outlining the financial and operating results for the three- and six-month period ending July 31, 2025. The following discussions may include forward-looking statements. Please note that actual results may differ materially from those statements.

下午好，歡迎參加 URBN 2026 財年第二季電話會議。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 7 月 31 日的三個月和六個月的財務和經營業績。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。

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.

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，請參閱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. The URBN teams delivered another outstanding quarter. Total sales grew by 11% and net income increased by 22%, both new second-quarter records. We are especially pleased to report that all brands produced positive comps across all geographies, including the Urban brand in North America.

謝謝，Oona，大家下午好。URBN 團隊又一個季度表現出色。總銷售額成長11%，淨收入成長22%，均創下第二季新高。我們特別高興地報告，所有品牌在所有地區都取得了積極的業績，包括北美的 Urban 品牌。

The agenda for today's call includes comments from Frank Conforti, our Co-President and COO, who will elaborate on Q2 performance by brand and business segment and address the tariff situation. After Frank, we will spend some time talking about the exciting second-quarter successes at the Urban Outfitters brand. Speaking to this will be Sheila Harrington, Global CEO of Urban Outfitters; Emma Wisden, Urban's European President; and Shea Jensen, North American President. After that, Melanie Marein-Efron, our CFO, will walk you through our outlook for the second half. I will then wrap things up with a few closing thoughts before we open the call up for your questions.

今天電話會議的議程包括我們的聯席總裁兼首席營運官弗蘭克·康福蒂 (Frank Conforti) 的評論，他將詳細闡述品牌和業務部門的第二季度業績並討論關稅情況。在弗蘭克之後，我們將花一些時間談論 Urban Outfitters 品牌第二季度令人興奮的成功。出席會議的有 Urban Outfitters 全球執行長 Sheila Harrington、Urban 歐洲總裁 Emma Wisden 和北美總裁 Shea Jensen。之後，我們的財務長 Melanie Marein-Efron 將向您介紹我們對下半年的展望。在我們開始回答大家的提問之前，我將用一些結語來總結一下。

I'd now turn the call over to Frank.

我現在把電話轉給弗蘭克。

Thank you, Dick, and good afternoon, everyone. Today, I'm excited to share our company's second-quarter results compared to last year. And then I will dive into some detailed notes by brand.

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二季與去年同期相比的業績。然後我將深入探討一些按品牌劃分的詳細說明。

Overall, our teams delivered another outstanding quarter, exceeding our plans and setting new sales and profit records. Total URBN sales grew by over 11% and reaching a Q2 record of $1.5 billion. All of our Retail segment brands delivered positive Retail segment comps, and four of our five brands posted record second-quarter sales. Nuuly continued to deliver exceptional performance as the brand posted-record revenue and operating income, driven by an increase of 120,000 average active subscribers compared to the prior year.

總體而言，我們的團隊又一個季度表現出色，超出了我們的計劃並創下了新的銷售和利潤記錄。URBN 總銷售額成長超過 11%，達到第二季創紀錄的 15 億美元。我們所有的零售部門品牌都實現了積極的零售部門業績，並且我們的五個品牌中有四個創下了第二季度的銷售額紀錄。Nuuly 繼續保持出色的表現，品牌收入和營業收入均創歷史新高，這得益於平均活躍用戶較上年增加了 12 萬人。

Our total sales growth was partly driven by a 6% increase in the Retail segment comp with URBN comps being similar in both channels. Nuuly delivered impressive 53% revenue growth with a 48% increase in average active subscribers. Additionally, the Wholesale segment delivered an 18% increase in revenue driven by growth in all channels of distribution.

我們的總銷售額成長部分得益於零售部門 6% 的成長，而 URBN 在兩個通路的銷售額都相似。Nuuly 的營收成長令人印象深刻，達到 53%，平均活躍用戶數量增加了 48%。此外，受所有分銷管道成長的推動，批發部門的收入成長了 18%。

Next, I will turn your attention to gross profit. URBN saw a 15% increase in gross profit dollars reaching a record $566 million. The gross profit rate also improved nicely by 113 basis points rising to 37.6%. The improvement in gross margin was primarily driven by lower markdowns, largely driven by the Urban Outfitters brand as well as occupancy leverage driven by the strong top line growth.

接下來，我將把注意力轉向毛利。URBN 的毛利成長了 15%，達到創紀錄的 5.66 億美元。毛利率也大幅提升113個基點，達到37.6%。毛利率的提高主要得益於較低的降價幅度（這在很大程度上得益於 Urban Outfitters 品牌）以及強勁的營收成長帶來的入住率槓桿。

In the quarter, SG&A increased by 13%, deleveraging by 28 basis points. The growth in SG&A dollars was primarily driven by increased marketing spend, which fueled sales and customer growth for all brands. The marketing efforts drove increases in traffic and transactions both in stores and online for total URBN while Nuuly's campaign resulted in healthy double-digit growth in average active subscribers.

本季度，銷售、一般及行政費用增加 13%，去槓桿率降低 28 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和客戶成長。行銷工作推動了 URBN 整體實體店和線上流量和交易量的增加，而 Nuuly 的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 20% compared to last year, reaching $174 million, while the operating profit rate improved by 85 basis points to 11.6%. Net income saw a 22% increase to a new Q2 record of $144 million or $1.58 per diluted share.

整體而言，URBN 總營業收入較去年同期成長 20%，達到 1.74 億美元，營業利潤率提高 85 個基點，達到 11.6%。淨收入成長 22%，達到第二季的新紀錄 1.44 億美元或每股 1.58 美元。

Now moving on to brand performance, starting with Anthropologie. The Anthropologie team had another fantastic quarter, achieving a 6% increase in the Retail segment comp, which marks over 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 and transactions.

現在讓我們來談談品牌表現，首先從 Anthropologie 開始。Anthropologie 團隊又度過了一個精彩的季度，零售部門的銷售額增長了 6%，這標誌著該部門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均衡發展，這兩個通路都受益於流量和交易量的增加。

Every product category saw a positive regular price and total sales comps with strong performance across shoes and accessories in addition to apparel and home. Strength in apparel was driven by the team's continued success in expanding their product offering to fit their customers' full lifestyle.

每個產品類別的常規價格和總銷售額均出現積極增長，除了服裝和家居產品外，鞋類和配件也表現強勁。服裝領域的優勢源自於團隊不斷成功擴大其產品範圍以適應客戶的各種生活方式。

In addition to Celandine, an Anthro owned-brand offering year-round vacation-ready styles and daily practice Anthro successfully launched another owned brand, LyreBird, providing an expanded assortment of intimates and lounge. All three Anthropologie owned brands showed strong growth within the second quarter and continued to expand the customer share of wallet with Anthropologie.

除了 Celandine（Anthro 旗下提供全年度假風格和日常穿著的品牌）之外，Anthro 還成功推出了另一個自有品牌 LyreBird，提供更廣泛的貼身衣物和休閒服種類。Anthropologie 旗下的三個品牌都在第二季呈現強勁成長，並持續擴大 Anthropologie 的顧客份額。

Within the home category, home accessories led the growth driven by fashion newness. As part of Anthropologie's ongoing strategy to serve a multigenerational customer across all aspects of our lifestyle, the brand recently marked a major milestone with the launch of their in-house Maeve label as a stand-alone brand. This launch reflects meaningful progress on the strategic priorities Tricia outlined last August, to focus on investment in own brand development, enhancing selling environments, delivering inspirational creative content and expanding the customer base across each demographics.

在家居類別中，家居飾品在時尚新鮮感的推動下引領了成長。作為 Anthropologie 持續為各個生活方式領域的多代客戶提供服務的策略的一部分，該品牌最近推出了其自有品牌 Maeve 作為獨立品牌，標誌著一個重要的里程碑。此次發布反映了 Tricia 去年 8 月概述的戰略重點取得了重大進展，重點是投資自有品牌開發、改善銷售環境、提供鼓舞人心的創意內容以及擴大各個人群的客戶群。

In August, the brand implemented a robust full-funnel marketing strategy, and we are planning to open the brand's first stand-alone store this fall in Raleigh, North Carolina. So far, the marketing campaign has exceeded our expectations, and we are excited to open our first store. We believe this evolution of Maeve reinforces Anthropologie's commitment to brand-led growth, lifestyle expansion and unlocks further opportunity to build on the momentum already underway while strengthening relevance with high-value customers across generations and ushering in a new era of customer engagement. Based on our current plans, we believe the Anthropologie Group could deliver a mid-single-digit positive Retail segment comp in Q3.

8月份，該品牌實施了強有力的全通路行銷策略，我們計劃今年秋天在北卡羅來納州羅利開設該品牌的第一家獨立商店。到目前為止，行銷活動已經超出了我們的預期，我們很高興開設了第一家商店。我們相信，Maeve 的這一演變將加強 Anthropologie 對品牌主導型成長和生活方式擴展的承諾，並釋放更多機會，鞏固已有的勢頭，同時加強與各代高價值客戶的相關性，並開創客戶參與的新時代。根據我們目前的計劃，我們相信 Anthropologie 集團可以在第三季度實現中等個位數的零售分部正成長。

Next, let's turn our attention to another impressive performance by the Free People team. They delivered a 14% increase in total revenue and double-digit operating income growth. Their sales growth was driven by a 7% Retail segment comp and a 19% increase in Free People Wholesale segment revenues. The positive Retail segment comp was driven by similar comps in both the store and digital channels and positive comps across all major product categories.

接下來，讓我們把目光轉向Free People團隊的另一場令人印象深刻的表演。他們的總收入成長了 14%，營業收入也實現了兩位數的成長。他們的銷售成長得益於零售部門 7% 的年成長和 Free People 批發部門收入 19% 的成長。零售部門的積極成長得益於商店和數位通路的類似成長以及所有主要產品類別的積極成長。

Non-comp sales grew by over 200% and boosted by the opening of new Free People and FP Movement stores. The brand successfully opened an additional 10 stores in the second quarter, including five Free People and five FP Movement stores. The FP Movement brand delivered robust total growth of 30%, driven by a 14% Retail segment comp and Wholesale segment sales growth of 52%.

受新 Free People 和 FP Movement 商店開業的推動，非同店銷售額增長了 200% 以上。該品牌在第二季度成功增設了 10 家門市，其中包括 5 家 Free People 門市和 5 家 FP Movement 門市。FP Movement 品牌實現了 30% 的強勁整體成長，其中零售部門銷售額成長 14%，批發部門銷售額成長 52%。

The brand continues to make significant progress on our long-term strategic focus to build our performance apparel business. The brand had a strong 360-degree marketing campaign focused on sports bras and bottoms with both categories delivering healthy double-digit comps. The brand saw double-digit increases in new, reactivated, and retained customers during the quarter. Based on our current plans, we believe the Free People Retail segment could deliver a mid-single-digit positive comp in Q3.

該品牌繼續在我們打造高性能服裝業務的長期策略重點上取得重大進展。該品牌開展了強有力的 360 度行銷活動，重點關注運動胸罩和運動褲，兩個類別都實現了健康的兩位數銷售額。該品牌在本季的新客戶、重新啟動的客戶和留存的客戶數量均實現了兩位數的成長。根據我們目前的計劃，我們相信 Free People 零售部門在第三季可以實現中等個位數的正成長。

Free People Wholesale revenues increased by 19% during the quarter driven by sales gains in all channels and geographies. As we move into the back half of the year, the wholesale channel faces more difficult year-on-year comparisons versus the prior year. Based on our plans, we believe the Wholesale channel could deliver mid-single-digit growth in the third quarter.

本季度，Free People 批發收入成長了 19%，這得益於所有通路和地區的銷售成長。隨著我們進入下半年，批發通路面臨的年比比較與前一年相比更加困難。根據我們的計劃，我們相信批發通路在第三季可以實現中等個位數的成長。

Finally, let's touch on the Nuuly business, which delivered another exceptional quarter. achieving its most profitable quarter ever and beating our previous best operating profit rate from last year's second quarter by over 300 basis points. The brand continues to outperform our most optimistic expectations. The 48% growth in average subscribers contributed to a 53% increase in brand revenue and added 4 percentage points of revenue growth to total URBN sales. The strong revenue growth in the second quarter resulted in leverage in almost every expense line item, helping to deliver a record second-quarter operating profit of 9%.

最後，讓我們來談談 Nuuly 業務，該業務又一個季度表現出色，實現了有史以來最賺錢的一個季度，比去年第二季度的最佳營業利潤率高出 300 多個基點。品牌的表現持續超越我們最樂觀的預期。平均訂閱用戶數量成長 48%，帶動品牌營收成長 53%，並為 URBN 總銷售額帶來 4 個百分點的營收成長。第二季強勁的營收成長使得幾乎所有支出項目都產生了槓桿，從而幫助公司實現了創紀錄的第二季 9% 的營業利潤。

As we scale the Nuuly business, we see further opportunity for growth and are primarily focused on building brand awareness. That is why we are investing in more upper funnel marketing efforts, most notably our latest campaign, which launched in August. This campaign builds on strong momentum from the successful first-quarter marketing campaign.

隨著 Nuuly 業務的擴大，我們看到了進一步的成長機會，並且主要專注於建立品牌知名度。這就是為什麼我們要投資更多的上層漏斗行銷工作，最引人注目的是我們在 8 月推出的最新活動。此次活動建立在第一季成功的行銷活動的強勁勢頭之上。

With the first-quarter campaign focused on broad education around the value of clothing rental, the new campaign speaks specifically to our target audience. It positions Nuuly as the solution to common more do challenges faced by our core demographic, like feeling overwhelmed with clothing options yet still having nothing to wear. Our first-quarter campaign was instrumental in expanding awareness with 66% of new subscribers indicating they had never rented closing before.

第一季的活動重點是圍繞服裝租賃的價值進行廣泛的教育，而新的活動則專門針對我們的目標受眾。它將 Nuuly 定位為我們的核心人群所面臨的常見挑戰的解決方案，例如感覺衣服選擇太多卻仍然沒有衣服可穿。我們第一季的活動在擴大知名度方面發揮了重要作用，66% 的新訂戶表示他們以前從未租過房子。

Our First brand awareness campaign launched last year in the third quarter, followed by a first-quarter campaign this year, both contributed to significant new customer growth and drove a measurable increase in market awareness. We believe that due to Nuuly's predictable recurring revenue model as well as the strong retention profile, we can make thoughtful marketing investments that yield returns over multiple future quarters. We look forward to continuing to increase brand awareness and drive new subscription adoption now and in future quarters.

我們在去年第三季啟動的首個品牌知名度活動，以及今年第一季的後續活動，都促進了新客戶的顯著成長，並推動了市場知名度的顯著提升。我們相信，由於 Nuuly 可預測的經常性收入模式以及強大的保留率，我們可以進行深思熟慮的行銷投資，並在未來多個季度產生回報。我們期待現在和未來幾季繼續提高品牌知名度並推動新的訂閱採用。

To support Nuuly's growth, we are expanding our logistics operations in Kansas City, Missouri, from 600,000 square feet to 1 million square feet. The brand is currently adding storage capacity in this additional space to hold more rental products. We believe this expansion will be complete by mid next year. We are also adding new sortation automation in Kansas City to drive a more efficient operation that should be delivered in the back half of next year. These investments will continue to support Nuuly's robust growth, which we believe could provide further operational leverage.

為了支持 Nuuly 的發展，我們正在將位於密蘇裡州堪薩斯城的物流業務從 60 萬平方英尺擴大到 100 萬平方英尺。該品牌目前正在增加這個額外空間的儲存容量，以容納更多的租賃產品。我們相信此次擴建將於明年年中完成。我們還將為堪薩斯城增加新的分類自動化系統，以推動更有效率的運營，預計在明年下半年交付。這些投資將繼續支持 Nuuly 的強勁成長，我們相信這可以提供進一步的營運槓桿。

Nuuly's performance on top and bottom line continues to strengthen our confidence in the business model. We believe that we are leading the industry and that there is a very large and growing opportunity in the US for apparel rental. The performance at Nuuly over the past year has fortified our confidence to push the business forward with further investments and expansions. Based on our current plans, we believe Nuuly could deliver healthy double-digit revenue growth in the third quarter.

Nuuly 的營收和利潤表現繼續增強了我們對該商業模式的信心。我們相信，我們處於行業領先地位，並且美國的服裝租賃市場有著巨大且不斷增長的機會。Nuuly 過去一年的業績增強了我們的信心，讓我們有信心透過進一步的投資和擴張來推動業務向前發展。根據我們目前的計劃，我們相信 Nuuly 可以在第三季度實現健康的兩位數收入成長。

Now moving on to tariffs. Since our previous call, the landscape continues to change as tariff rates have increased from many countries. As of today, and based on new assumptions, we believe the impact for the second half of the year could be approximately 75 basis points to gross margins.

現在來談談關稅。自我們上次呼籲以來，情況不斷發生變化，許多國家的關稅稅率均有所提高。截至今天，根據新的假設，我們認為下半年的影響可能會對毛利率造成約 75 個基點的影響。

Our teams continue to work on mitigation strategies including negotiating better terms with our vendors, diversifying our countries of origin, changing our mode of transportation from air to ocean, and strategically adjusting pricing to minimize the impact on our customers. Although tariffs present a temporary challenge to our business, we are confident in our ability to manage through this environment and still achieve approximately 100 basis points of gross margin improvement for the full fiscal year 2026. I want to stress that this plan is based on what we know today.

我們的團隊持續致力於緩解策略，包括與供應商協商更好的條款、使我們的原產國多樣化、將運輸方式從空運改為海運，以及策略性地調整價格以盡量減少對客戶的影響。儘管關稅對我們的業務構成了暫時的挑戰，但我們有信心能夠應對這種環境，並在 2026 年全年實現約 100 個基點的毛利率提升。我想強調的是，這個計劃是基於我們今天所知道的情況而製定的。

In summary, it was an exceptional quarter. All brands delivered positive Retail segment sales comp, both the Wholesale and Subscription segments drove double-digit revenue growth, and all brands recorded healthy operating income improvement. We could not be prouder of the teams and their amazing execution. I want to take a moment to especially congratulate the Urban Outfitters team for their significant progress in returning the brand to growth and improving profitability.

總而言之，這是一個非凡的季度。所有品牌的零售部門銷售額均實現正成長，批發和訂閱部門的收入均達到兩位數成長，所有品牌的營業收入均實現健康的成長。我們對這些團隊及其出色的表現感到無比自豪。我想藉此機會特別祝賀 Urban Outfitters 團隊在恢復品牌成長和提高獲利能力方面取得的重大進展。

On that note, I will now turn the call over to Sheila Herington.

關於這一點，我現在將電話轉給 Sheila Herington。

Thank you, Frank, and good afternoon. I'm very pleased to report that global Urban Outfitters delivered 5% revenue growth this quarter, with a 4% comparable sales increase in our Retail segment. This represents the second consecutive quarter of positive comparable growth across our global business, highlighted by double-digit comp growth in Europe and positive comp growth in North America. Notably, this quarter saw year-over-year double-digit growth in gross profit and strong improvement in operating income.

謝謝你，弗蘭克，下午好。我很高興地報告，本季全球 Urban Outfitters 的營收成長了 5%，零售部門的可比銷售額成長了 4%。這是我們全球業務連續第二個季度實現可比增長，其中歐洲實現了兩位數的可比增長，北美實現了可比增長。值得注意的是，本季毛利年增，營業收入強勁提升。

Based on the strong back-to-school sales rates, we believe that the brand can achieve mid-single-digit Retail segment comparable sales growth in the second half, while continuing to build on its profitability. I want to congratulate and thank Shea, Emma, Meg, and their teams for delivering these strong results. Their strategic leadership, operational discipline, and consistent focus on the customer, with creativity and passion have been instrumental in driving this change.

基於強勁的返校銷售率，我們相信該品牌下半年零售部門可比銷售額可實現中等個位數成長，同時持續提高獲利能力。我要祝賀並感謝 Shea、Emma、Meg 和他們的團隊取得這些出色的成果。他們的策略領導力、營運紀律、對客戶的持續關注以及創造力和熱情在推動這項變革方面發揮了重要作用。

Starting with our EU business. we delivered an 11% comparable sales increase in the Retail segment with strong performance across both channels led by stores. Over the past five years, Urban Outfitters Europe has achieved a 15% compounded annual growth rate. This quarter's results were driven by solid growth in both the UK and Continental Europe with strength across both channels in Europe. Emma will share further details on our long-term plans for continued European expansion.

從我們的歐盟業務開始，我們在零售領域的可比較銷售額成長了 11%，在以商店為主導的兩個管道中均表現強勁。過去五年，Urban Outfitters Europe 實現了 15% 的複合年增長率。本季的業績得益於英國和歐洲大陸的穩健成長，歐洲兩個通路均表現強勁。艾瑪將分享有關我們繼續向歐洲擴張的長期計劃的更多細節。

Our positive Urban Outfitters North America business reflects sequential improvement across both channels, with stores delivering positive results and DTC driving strong regular price comps, it is clear Shea's strategic growth initiatives introduced last year are yielding positive results. We look forward to seeing continued progress in this region.

我們積極的 Urban Outfitters 北美業務反映了兩個管道的連續改善，商店取得了積極的成果，DTC 推動了強勁的常規價格增長，很明顯 Shea 去年推出的戰略增長計劃正在產生積極的成果。我們期待看到該地區繼續取得進展。

This momentum across regions, including the acquisition of new customers globally, reduced reliance on promotions, and growth in regular price sales gives us confidence in the significant growth potential for the brand in both North America and Europe. The strength and positive reception of our proprietary product globally, combined with our ability to tailor products to local consumer preferences remains key drivers of our success. We are positioning Urban Outfitters globally not only to recover, but return as a growth brand for URBN. Our teams are well prepared for this growth in both regions.

這種跨地區的勢頭，包括在全球範圍內獲得新客戶、減少對促銷的依賴以及正常價格銷售的增長，使我們對該品牌在北美和歐洲的巨大增長潛力充滿信心。我們的專有產品在全球的實力和正面反響，加上我們根據當地消費者喜好客製化產品的能力，仍然是我們成功的關鍵驅動力。我們在全球定位 Urban Outfitters，不僅要使其復甦，還要使其作為 URBN 的成長品牌重新回歸。我們的團隊已經為這兩個地區的成長做好了充分的準備。

Now Emma Wisden will share more on the Urban Outfitters EU business and growth opportunities, followed by Shea Jensen, who will speak about the North America business. I will now turn the call over to Emma.

現在，Emma Wisden 將分享更多有關 Urban Outfitters 歐盟業務和成長機會的信息，隨後 Shea Jensen 將談論北美業務。現在我將把電話轉給艾瑪。

Thank you, Sheila, and good afternoon. I'm pleased to report another strong quarter for the Urban Outfitters brand in Europe with performance coming in ahead of our expectations. Building on the momentum from the first quarter, our EU business delivered double-digit growth in the second quarter across several key categories supported by stellar product execution, disciplined inventory management, and a continued focus on the customer experience.

謝謝你，希拉，下午好。我很高興地報告，Urban Outfitters 品牌在歐洲度過了另一個強勁的季度，業績超出了我們的預期。在第一季的良好勢頭的基礎上，我們的歐盟業務在第二季度在多個關鍵類別中實現了兩位數增長，這得益於出色的產品執行、嚴格的庫存管理以及對客戶體驗的持續關注。

Women's apparel and accessories were clear standouts with strong double-digit growth driven by an exceptional bottom cycle and viral items that resonated with customers. Men's and home also performed well while our proprietary brands continue to gain market share. Stronger, more localized inventory management lifted conversion both in stores and online, and led to a markdown rate close to historical lows.

女裝和配件表現突出，在出色的底部週期和引起顧客共鳴的熱門商品的推動下，實現了強勁的兩位數增長。男士和家居用品也表現良好，同時我們的自有品牌繼續獲得市場份額。更強大、更本地化的庫存管理提高了商店和網路上的轉換率，並導致降價率接近歷史低點。

From a marketing perspective, our strategy of authentic community-driven activations is paying off. We've seen a significant increase in both reach and engagement outpacing industry benchmarks. Collaborations with emerging artists and cultural communities are reinforcing our brand relevance and our digital campaigns are delivering strong results.

從行銷角度來看，我們以真實社群為主導的活化策略正在發揮成效。我們看到覆蓋率和參與度都顯著提高，超過了行業基準。與新興藝術家和文化社群的合作正在加強我們的品牌相關性，我們的數位行銷活動也取得了顯著成果。

Recently, the UK remains a highly established business with over a decade of strong customer connection. And our primary focus now is on Mainland Europe, where we are still in the early stages of growth, but gaining momentum. Germany is our second largest market with 18 stores and a growing digital business and we're building momentum quickly in France, Spain, and Italy.

最近，英國仍然是一家高度成熟的企業，擁有十多年的強大客戶關係。我們現在的主要關注點是歐洲大陸，我們在那裡仍處於成長的早期階段，但發展勢頭強勁。德國是我們的第二大市場，擁有 18 家門市和不斷增長的數位業務，我們在法國、西班牙和義大利的發展勢頭迅速。

Our consistent growth over the past several years gives us confidence to open more stores across both Northern and Southern Europe and continue to expand our marketing efforts. All of this has been possible because of the strength of our leadership team, their stability and experience have been crucial to delivering consistent divisional growth year after year.

過去幾年的持續成長使我們有信心在北歐和南歐開設更多門市，並繼續擴大我們的行銷。所有這一切都歸功於我們領導團隊的強大，他們的穩定性和經驗對於年復一年實現部門的持續成長至關重要。

Looking ahead, our plan is not just about near-term wins. It's a long-term strategy that we believe in, one that's delivering results today and setting us up for future success.

展望未來，我們的計劃不僅關乎短期勝利。我們相信這是一個長期策略，它不僅能為我們帶來成果，也能為我們未來的成功奠定基礎。

I will now turn the call over to Shea to speak to the North American business. Shea.

現在我將把電話轉給 Shea，讓他談談北美業務。乳木果。

Thank you, Emma, and good afternoon. This time last year, we laid out our strategy to recover the North American business Today, I'm happy to report on the significant progress we've made. We are not only executing the plan we outlined, but we're also building incredible momentum, and I'm excited to share the details with you.

謝謝你，艾瑪，下午好。去年這個時候，我們制定了恢復北美業務的策略。今天，我很高興地報告我們的重大進展。我們不僅正在執行我們概述的計劃，而且還正在建立令人難以置信的勢頭，我很高興與你們分享細節。

Over the past year, our team has passionately focused on our customers. We've evolved our product assortment to appeal to a broader target audience, build and apply new marketing strategies to acquire more customers, and adopted our channels to offer a more relevant experience. We're also operating with greater discipline, especially in inventory management and expense control. Because of these efforts, our business continues to stabilize.

在過去的一年裡，我們的團隊一直熱情地關注我們的客戶。我們改進了產品組合，以吸引更廣泛的目標受眾，建立並應用新的行銷策略來吸引更多的客戶，並採用我們的管道來提供更相關的體驗。我們的營運也更加規範，特別是在庫存管理和費用控制方面。由於這些努力，我們的業務持續穩定。

We delivered a strong single-digit comp in the month of July with growth in both channels and a positive month for the second quarter. With inventory more aligned to sales and disciplined expense management, we made incredible progress on our bottom line. We reduced markdowns by hundreds of basis points and leveraged almost all areas of expense, considerably reducing our loss compared to last year's second quarter and year to date.

7 月份，我們的銷售額實現了強勁的個位數成長，兩個通路均實現了成長，第二季也取得了積極的進展。隨著庫存與銷售額更加一致以及費用管理更加規範，我們的獲利能力取得了令人難以置信的進步。我們將降價幅度減少了數百個基點，並利用了幾乎所有的支出領域，與去年第二季和今年迄今為止相比，我們的損失大大減少。

From a product perspective, we continue to apply customer insights and research to evolve our assortment aiming to appeal to a broader range of our target customers. Our strategy is anchored in denim and lounge, where our customers told us we were winning with great fit, exceptional comfort, and value.

從產品角度來看，我們繼續運用客戶洞察和研究來改進我們的產品組合，旨在吸引更廣泛的目標客戶。我們的策略以牛仔和休閒服為主，我們的客戶告訴我們，我們憑藉著極佳的合身度、卓越的舒適度和價值贏得了勝利。

We've deliberately invested in and grown these businesses with our foundation built in our two hero home brand, BDG Denim and Out From Under Lounge and At Leisure. These brands have grown by more than 30% year to date and now represents a considerable portion of our overall women's better business.

我們以我們的兩大主打家居品牌 BDG Denim 和 Out From Under Lounge and At Leisure 為基礎，對這些業務進行了刻意投資和發展。這些品牌今年迄今已成長了 30% 以上，目前佔據了我們整體女性服裝業務的相當大一部分。

As a lifestyle retailer, we recognize the opportunity to differentiate ourselves in the market by amplifying our accessories, novelties, and gifting categories. These categories offer our customers moments of discovery, experience, and price accessibility, uniquely positioning Urban Outfitters as a destination. They drive trips and build engagement. Over the past year, these categories have grown exponentially and delivered some of the most exciting and exclusive products in our offer from fun collaborations to limited edition items.

作為一家生活方式零售商，我們認識到透過擴大我們的配件、新奇物品和禮品類別來在市場中脫穎而出的機會。這些類別為我們的客戶提供了發現、體驗和價格可及性的時刻，將 Urban Outfitters 定位為獨特的目的地。他們推動出行並建立參與度。在過去的一年裡，這些類別呈指數級增長，並提供了我們提供的一些最令人興奮和獨特的產品，從有趣的合作到限量版產品。

In addition to our category distortions and growth, we have recalibrated our pricing architecture. We now have a better balance of opening, mid, and better price points with the goal of offering the best price-to-value combination on every item we sell.

除了我們的類別扭曲和成長之外，我們還重新調整了我們的定價架構。現在，我們在起始價、中間價和更優價位之間實現了更好的平衡，目標是為我們銷售的每件商品提供最佳的性價比組合。

Opening price points now represent approximately 15% of our total assortment and the customer continues to respond to these products. We've also broadened the range of occasions and categories we serve and offer to ensure our assortment is more relevant to our target customers. Our assortment has evolved to include occasions such as Game Day and Sorority Rush and we broadened our size range. Overall, our women's business is healthy, driving strong comps, and we're confident that our focus on offering relevant products at the right price and on time to the occasion she attended is a winning recipe.

目前，開盤價位約占我們總產品種類的 15%，且顧客繼續對這些產品做出反應。我們也擴大了我們提供服務和供應的場合和類別的範圍，以確保我們的產品種類更符合我們的目標客戶。我們的產品系列已擴展到包括比賽日和姐妹會衝刺等場合，並且我們擴大了尺寸範圍。總體而言，我們的女性業務狀況良好，業績強勁，我們相信，專注於以合適的價格準時為她參加的活動提供相關產品是一個成功的秘訣。

From a marketing perspective, we're extremely excited about the progress the team is making. Second-quarter new customer growth was up 17% and with an increasing number of these customers aligning with our target demographics. Our team has been working to engage these new customers to drive brand loyalty and repeat trips with a reactivation rate in the quarter up double digits. These new customers are shopping full price, spending more than tire cohorts and shopping more frequently.

從行銷角度來看，我們對團隊所取得的進展感到非常興奮。第二季新客戶成長了 17%，越來越多的客戶符合我們的目標族群。我們的團隊一直致力於吸引這些新客戶，以提高品牌忠誠度和重複旅行，本季的重新激活率上升了兩位數。這些新顧客購買的是全額商品，花費比輪胎同齡人更多，而且購物頻率更高。

Our marketing progress reflects our team's clear strategy, to engage customers authentically not just in more places, but in right places on the right platform and in more intentional and coordinated ways across creative, brand, and performance media. In addition to acquiring and activating new customers, we saw increased brand affinity as our unaided brand awareness grew in the quarter. More young customers are being welcomed into the brand through the team's compelling, creative, culturally relevant conversations and exciting collaborations with brands our customers know and won.

我們的行銷進展反映了我們團隊的明確策略，即不僅在更多的地方，而且在正確的平台上的正確位置，以更有目的性和協調的方式在創意、品牌和績效媒體上真誠地吸引客戶。除了吸引和激活新客戶之外，隨著本季度我們獨立的品牌知名度不斷提高，我們的品牌親和力也得到了增強。透過團隊引人入勝、富有創意、具有文化相關性的對話以及與客戶熟知和喜愛的品牌的激動人心的合作，更多的年輕客戶受到了品牌的歡迎。

We're also excited about the progress we've made in adapting our selling experiences to be more relevant for our customers. We know our stores are a valuable asset and a place our customers love to shop. In our stores, we've evolved our selling model, repositioning our staff to reflect a more welcoming environment. We've also updated our in-store merchandising to support our new product strategy, allowing for ease of shopping, while still offering the inspirational styling Urban Outfitters is known for.

我們也對我們在調整銷售體驗以使其更貼近客戶方面所取得的進展感到興奮。我們知道我們的商店是寶貴的資產，也是顧客喜愛購物的地方。在我們的商店中，我們改進了銷售模式，重新定位了員工，以創造更溫馨的環境。我們也更新了店內商品銷售，以支持我們的新產品策略，讓購物更加方便，同時仍然提供 Urban Outfitters 聞名的鼓舞人心的風格。

On our website, our new creative take center stage and reflects the occasions our customers shop for and attend. In both channels, our net promoter scores are up meaningfully, indicating customers are pleased with our efforts.

在我們的網站上，我們的新創意佔據中心位置並反映了我們的客戶購物和參加的場合。在這兩個管道中，我們的淨推薦值都顯著上升，顯示客戶對我們的努力感到滿意。

While much progress has been made, we recognize this as a journey, and we have more work to do. The back-to-school season is underway, and our Q2 strength continues. Our college stores are a buzz, welcoming students back to campus and the spirit of Game Day, reconnecting and meeting new friends in the year.

雖然已經取得了很大進展，但我們認識到這是一個旅程，我們還有更多的工作要做。返校季已經到來，我們第二季的強勁勢頭仍在持續。我們的大學商店熱鬧非凡，歡迎學生們重返校園，感受比賽日的氣氛，重新聯繫並結識新朋友。

Looking ahead, we're excited about the work underway to rebuild our men's apparel business, the opening this fall of a remodeled store featuring a newly defined store environment, and the continuation of our current strategy. With solid momentum, continued sequential improvement in our top line sales, and disciplined control of expenses and inventory, we believe we will continue to deliver progress on our path to profitability.

展望未來，我們對正在進行的重建男裝業務的工作、今年秋天開設的具有全新店鋪環境的改造後的店鋪以及繼續執行當前戰略感到興奮。憑藉強勁的發展勢頭、持續的銷售額連續增長以及對費用和庫存的嚴格控制，我們相信我們將繼續在盈利的道路上取得進展。

Finally, I would like to congratulate and thank our team on the results of ability. The planning, collaboration, and commitment they brought to the brand has been incredible, and I'm grateful. I especially want to thank and recognize our leadership team who I have the opportunity to work with day in and day out. I know I speak on their behalf when I say we feel optimistic and that the best is yet to come.

最後，我要祝賀並感謝我們團隊所取得的能力成果。他們為品牌帶來的規劃、合作和承諾令人難以置信，我對此心存感激。我特別要感謝並表彰我們的領導團隊，我有機會與他們日復一日地合作。我知道，當我說我們感到樂觀並且最好的事情尚未到來時，我代表了他們。

I will now turn the call over to Melanie.

現在我將把電話轉給梅蘭妮。

Thanks, Shea, and good afternoon, everyone. Let me walk you through how we're thinking about our third-quarter financial performance. We are excited to announce that we are off to a solid start this quarter. Based in part on our strong start to the quarter, we're planning for total company sales to grow in the high-single digits for the quarter.

謝謝，Shea，大家下午好。讓我向您介紹我們對第三季財務業績的看法。我們很高興地宣布，本季我們取得了良好的開端。部分基於本季的強勁開局，我們計劃本季公司總銷售額實現高個位數成長。

In our Retail segment, comp sales could grow mid-single digit, driven by mid-single-digit positive Retail segment comps at Anthropologie, Free People brands, and the Urban Outfitters brand. At Nuuly, the brand could deliver mid-double-digit revenue growth driven by continued subscriber moment. Finally, our Wholesale segment could produce mid-single-digit growth.

在我們的零售部門，受 Anthropologie、Free People 品牌和 Urban Outfitters 品牌零售部門中位數個位數正成長的推動，同店銷售額可能會成長中等個位數。在 Nuuly，該品牌在持續的用戶成長的推動下，可以實現中等兩位數的收入成長。最後，我們的批發部門可能會實現中等個位數的成長。

Based on our current sales performance and plan, we believe URBN's full-year gross profit margins could increase by approximately 100 basis points with second half growing by approximately 50 bps versus last year. Within the second half, third quarter gross margins could be flat versus last year and lower initial project margins from increased tariffs offset improvements in occupancy leverage and lower product markdowns.

根據我們目前的銷售業績和計劃，我們認為 URBN 全年毛利率可能比去年增長約 100 個基點，下半年將比去年增長約 50 個基點。下半年，第三季的毛利率可能與去年持平，而關稅上調導致的初始專案利潤率下降抵消了入住率槓桿的提高和產品降價幅度的降低。

Fourth-quarter gross profit margins could increase by approximately 75 to 100 basis points as lower product markdowns, particularly the Urban Outfitters brand, offset lower initial product margins from increased tariffs. Our current assumptions on tariffs are based on the announced tariff rates as of August 27, which includes 50% tariff rates and goods from India.

由於產品降價幅度降低（尤其是 Urban Outfitters 品牌），抵消了關稅上調導致的初始產品利潤率下降，第四季度毛利率可能增加約 75 至 100 個基點。我們目前對關稅的假設是基於8月27日公佈的關稅稅率，其中包括50%的關稅稅率和來自印度的商品。

Turning to SG&A. For the second half of the year, we expect expenses to grow approximately in line with sales based on current sales performance and plans. The planned growth in SG&A is mainly driven by higher marketing experience to support customer and sales growth, along with increased store labor costs related to new store locations.

轉向銷售、一般及行政費用 (SG&A)。根據目前的銷售業績和計劃，我們預計下半年支出將與銷售額大致同步成長。銷售、一般及行政費用 (SG&A) 的計畫成長主要得益於更高的行銷經驗以支持客戶和銷售成長，以及與新店選址相關的店鋪勞動力成本的增加。

For the third quarter, our brands are planning outsized marketing investments driven by brand campaigns at the Nuuly and Anthropologie brands, along with pre-holiday push to drive customer acquisition ahead of the fourth quarter holiday season. As a result, we believe market expenses could deleverage in the third quarter while leveraging in the fourth quarter. As always, if sales performance fluctuates, we maintain a certain level of variable SG&A spending that we can adjust up and down depending on how our business is performing. We are currently planning for an effective tax rate of about 23.7% for the quarter and 23% for the full year.

在第三季度，我們的品牌計劃進行大規模的營銷投資，以 Nuuly 和 Anthropologie 品牌的品牌活動為動力，同時進行節前推廣，以在第四季度假期前推動客戶獲取。因此，我們認為市場費用可能在第三季去槓桿，而在第四季加槓桿。與往常一樣，如果銷售業績出現波動，我們會維持一定程度的可變銷售、一般和行政費用，並根據業務表現進行上下調整。我們目前計劃本季的有效稅率約為 23.7%，全年的有效稅率約為 23%。

Now on to inventory. We ended Q2 with slightly elevated inventory levels as we intentionally brought in product early to reduce the impact of the tariff increases. In Q3, we expect inventory could grow at a rate similar to third-quarter sales as our teams continue to focus on increasing our product terms.

現在開始盤點。由於我們特意提前引進產品以減少關稅上調的影響，因此第二季末我們的庫存水準略有上升。在第三季度，我們預計庫存的成長速度可能與第三季度的銷售額相似，因為我們的團隊將繼續專注於提高我們的產品條款。

For FY26, capital expenditures are planned at approximately $270 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 2.7 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，以支援我們不斷成長的業務。

Lastly, we're planning to open approximately 69 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, 18 new Free People stores, and 6 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 69 家門市，關閉約 17 家門市。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、18 家新的 Free People 商店和 6 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陳述的任何義務。

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 an incredible quarter. Each brand has caused to celebrate. Our two larger brands continue to attract more new customers and take additional market share. This while generating mid-teen profitability.

謝謝，梅蘭妮。這是一個令人難以置信的季度。每個品牌都引發了慶祝。我們的兩個較大的品牌繼續吸引更多新客戶並佔據更多市場份額。同時也能產生中等水準的獲利能力。

As you heard earlier, the Urban brand smash sales expectations in Europe and broke into positive comp territory in North America due to a very strong back-to-school season. Both newer brands, FP Movement and Nuuly, drove outstanding double-digit revenue comparisons and posted record profitability. In total, our portfolio of brands is a fantastic collection of consumer favorites; each one successful on its own.

正如您之前所聽到的，由於返校季的強勁銷售勢頭，Urban 品牌在歐洲的銷售超出預期，並在北美地區實現了正增長。兩個新品牌 FP Movement 和 Nuuly 都實現了出色的兩位數收入增長，並創下了創紀錄的盈利能力。整體而言，我們的品牌組合是消費者最喜愛的品牌集合；每個品牌都取得了成功。

The foundation of this success is a healthy consumer, combined with excellent brand execution. During the quarter, customers remained enthusiastic about fashion newness, and we delivered compelling products and distinctive experiences. Together, this produced a record second quarter performance.

成功的基礎是健康的消費者，加上優秀的品牌執行。本季度，顧客對時尚新品依然充滿熱情，我們提供了引人注目的產品和獨特的體驗。總體而言，這創造了第二季的業績紀錄。

I do want to take a moment to recognize and thank the Urban brand teams on both sides of the Atlantic for their results. The turnaround in North America is real, with the brand recording nicely positive comp sales during the crucial back-to-school season. Both North America and Europe registered strong growth in new customers and better full-price selling. The Urban Outfitters brand is now clearly trending up globally and regaining this mental as a preferred destination for young adults. Congratulations to both teams.

我確實想花點時間來認可並感謝大西洋兩岸的 Urban 品牌團隊所取得的成果。北美市場的改善是真實的，該品牌在關鍵的返校季取得了良好的銷售。北美和歐洲的新客戶數量均出現強勁成長，全價銷售也呈現成長動能。Urban Outfitters 品牌目前在全球呈現明顯上升趨勢，並重新成為年輕人的首選目的地。祝賀兩支球隊。

Looking forward, success for all brands has continued August to date, and we are planning to deliver high single-digit growth in total sales for Q3. Both consumer demand and our execution remains strong. The only major headwind we currently face is the uncertainty surrounding tariff rates. We're confident that the product sourcing diversification URBN adopted post-COVID will serve us well as we navigate this lack of clarity. Overall, the future for our brands appears bright, and we believe there are many more record quarters to come.

展望未來，所有品牌的成功都延續了 8 月至今的成功，我們計劃在第三季實現總銷售額的高個位數成長。消費者需求和我們的執行力都依然強勁。我們目前面臨的唯一重大阻力是關稅稅率的不確定性。我們相信，URBN 在疫情後採取的產品採購多樣化策略將有助於我們有效應對這種不明確的局面。整體而言，我們品牌的前景一片光明，我們相信未來還會有更多創紀錄的季度。

Finally, my thanks to our entire URBN family, brands and shared services, for producing another outstanding quarter. I want to acknowledge the phenomenal job each of our brand leaders and [their team] have done. I understand the amazing amount of hard work and long hours you and your teams devote to making our brands among the best in retail today. Our results are a testament to your efforts and your talent. Lastly, I thank our partners around the globe and our shareholders for your ongoing support.

最後，我要感謝整個 URBN 大家庭、品牌和共享服務，感謝你們創造了另一個出色的季度。我要對我們每位品牌領導者及其團隊所做的出色工作表示感謝。我了解您和您的團隊為使我們的品牌成為當今零售業的佼佼者而付出的大量辛勤工作和長時間工作。我們的成果證明了您的努力和才華。最後，我感謝我們全球的合作夥伴和股東的持續支持。

That concludes our prepared remarks. We now invite your questions.

我們的準備好的演講到此結束。現在我們歡迎您提問。

to acknowledge the phenomenal job I've done. I understand the amazing amount of hard work and long hours, you and your teams devote to making our brands among the best in retail today. Our results are a testament to your efforts and your talent. Lastly, I thank our partners around the globe And our shareholders for your ongoing support. That concludes our prepared remarks. We now invite your questions.

以表彰我所做的傑出工作。我知道您和您的團隊付出了多少辛勤的努力和長時間的工作，才使我們的品牌成為當今零售業的佼佼者。我們的成果證明了您的努力和才華。最後，我感謝我們全球的合作夥伴和股東的持續支持。我們的準備好的演講到此結束。現在我們歡迎您提問。

(Operator Instructions)

（操作員指示）

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Hey. Thanks, guys. I think you gave the tariff impact on a net basis. I'm curious if maybe you could talk about what the gross impact is? And how much of the mitigation you are driving with pricing actions, looking to take prices higher, reduce promotions. And then also, just curious if you could just talk about at a very high level performance of your own brands, which came up several times during the call, performance of own brands versus national brands at Urban and Anthro.

嘿。謝謝大家。我認為您給的是淨關稅影響。我很好奇，您是否可以談談整體影響是什麼？以及您透過定價行動推動了多少緩解措施，希望提高價格，減少促銷。另外，我很好奇您是否可以談談您自有品牌的高層表現，這個問題在電話會議中多次被提及，例如 Urban 和 Anthro 的自有品牌與國家品牌的表現。

Paul, it's Frank. I can take the first part of your question. Yes, you're correct that we're focused on the net here versus the gross as we're focused on our mitigation strategies. As it relates to pricing, honestly, we have a sort of four-pronged approach and pricing is really the last piece, and that's intentional. We're focused on protecting that customer experience as much as we possibly can.

保羅，我是法蘭克。我可以回答你問題的第一部分。是的，您說得對，我們關注的是淨值而不是總額，因為我們關注的是緩解策略。至於定價，說實話，我們採取了一種四管齊下的方法，定價實際上是最後一部分，這是有意為之。我們致力於盡可能地保護客戶體驗。

So first -- our first piece there is negotiating better terms with our vendors. Second is going to be shifting our countries of origin where possible. Third is going to be adjusting our mode of transportation from air to ocean. And lastly, it's going to be gently raising prices. And what I want to stress there is that the teams are being very thoughtful about the final step. We're looking to protect opening price points and only targeting areas where we believe we could generally raise some prices without significantly affecting the overall customer experience.

因此，首先－我們的首要任務是與我們的供應商協商更好的條款。第二，我們將盡可能轉移我們的原籍國。第三是調整運輸方式，由空運改為海運。最後，價格將會緩慢上漲。我想強調的是，團隊對最後一步非常認真。我們希望保護起始價格點，並且只針對那些我們認為可以普遍提高一些價格而不會顯著影響整體客戶體驗的領域。

I think to the credit to the sourcing to the brand teams to the logistics teams, despite the tariff headwinds, which we discussed would be about 75 basis points over the back half of the year, and that does include India we did hold our gross profit margin goal of hitting 100 basis points of improvement this year. So that feels really good given the tariff headwinds and the mitigation efforts that we put into play.

我認為，儘管面臨關稅阻力（我們討論過，下半年關稅阻力將達到約 75 個基點，其中包括印度），但採購、品牌團隊和物流團隊都取得了成功，我們確實保持了今年毛利率提高 100 個基點的目標。考慮到關稅阻力和我們採取的緩解措施，這感覺真的很好。

Okay. Let's talk about own brand penetration, starting with you, Tricia, and the Anthropologie.

好的。讓我們來談談自有品牌的滲透，首先從您、Tricia 和 Anthropologie 開始。

Yeah. Hi, Paul, I can speak a little bit to Anthropologie. We've been focused on growing our own brands for the last several years and are really pleased with the results that are buying, design, creative teams have been putting in our own brand total portfolio is growing at double digits. And that's not to say that our market brand partners are not growing. They're just growing at a faster rate.

是的。你好，保羅，我可以和 Anthropologie 聊一聊。過去幾年來，我們一直專注於發展自己的品牌，我們對採購、設計、創意團隊所取得的成果感到非常滿意，我們的自有品牌整體投資組合正在以兩位數的速度成長。這並不是說我們的市場品牌合作夥伴沒有成長。它們只是以更快的速度成長。

So our penetration of owned brands currently sits at about a bit of a record high at about 71% of our total business. So very pleased with not only the new brands that we've launched across Celandine, Daily Practice, and [Meyerberg] but really thrilled with the results that we're seeing with May. Been excited about the new plans that we have to expand that further.

因此，我們自有品牌的滲透率目前達到了歷史最高水平，約占我們總業務的 71%。我們對推出的 Celandine、Daily Practice 和 [Meyerberg] 新品牌感到非常高興，並且對 May 的成果感到非常興奮。我們對進一步擴展這一目標的新計劃感到非常興奮。

Thanks, Tricia.

謝謝，特里西亞。

I can jump in for global Urban and then Emma or Shea -- and or Shea can jump in and support. We're thrilled with the proprietary brand growth in both Europe and North America. I feel like as Shea spoke too, BDG and Out From Under have been particularly strong brands and with high levels of growth this year, supported by both the product and the marketing efforts on both.

我可以加入全球 Urban，然後 Emma 或 Shea 可以加入並提供支援。我們對專有品牌在歐洲和北美的成長感到非常興奮。我覺得正如 Shea 所說的那樣，BDG 和 Out From Under 是特別強大的品牌，今年實現了高水準的成長，這得益於產品和行銷努力的共同推動。

And then over in Europe, the same thing is happening. BDG and [its front], both extremely strong resonating really well with their consumer. That being said, I think the North America team, in particular, has done an amazing job with some of its national brand support, whether it's a Owala or Baggu, the reintroduction of Nike have supported just the total customer interest

在歐洲，同樣的事情也正在發生。BDG 及其 [前端] 都非常強大，與消費者產生了良好的共鳴。話雖如此，我認為北美團隊尤其在國家品牌支援方面做得非常出色，無論是 Owala 還是 Baggu，Nike的重新推出都支持了整體客戶的興趣

Thank you, Sheila. Emma, do you have anything to add?

謝謝你，希拉。艾瑪，你還有什麼要補充的嗎？

Thanks, Dick. Yes. Yeah, no, I think just sort of reiterate really what Tricia and Sheila said. The proprietary brands in Europe have been very key to our success across sensibilities. Talking to mostly the casual brands, if you like, where we are distorting. BDG was mentioned, but also our streetwear brand, [be it France], has been exceptional in driving exclusivity and hype and foot traffic. So yes, it's been great.

謝謝，迪克。是的。是的，不，我認為只是重申 Tricia 和 Sheila 所說的話。歐洲的專有品牌對於我們在各個領域的成功至關重要。如果你願意的話，我們主要談論的是休閒品牌，我們正在扭曲這些品牌。提到了 BDG，但我們的街頭服飾品牌（法國）在推動獨家、炒作和客流量方面也表現出色。是的，這很棒。

Thanks, Emma And our next question then.

謝謝，艾瑪，那麼我們下一個問題。

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

Thanks. Good afternoon. I wanted to follow up on the pricing conversation. Frank, I know you said you'd be pricing gently. Are you pricing at all major brands? Will you focus on the higher price points. If you could just help us out a little bit strategically with how you'll be executing this.

謝謝。午安.我想跟進有關定價的討論。法蘭克，我知道你說過你會溫和地定價。你們對所有主要品牌都進行定價嗎？您會關注更高的價格點嗎？如果您能從策略上幫助我們了解如何執行這項任務，請告訴我們。

It is a lot of tariff pressure to offset. So I think there are a lot of questions on how much of this will be passed to the consumer.

這需要抵消很大的關稅壓力。所以我認為有很多問題在於其中有多少會轉嫁給消費者。

Let's let Tricia answer that about Anthropologie, and then Sheila, if you'd like to answer about Urban and Free People.

如果你想回答關於 Urban 和 Free People 的問題，就讓 Tricia 來回答吧，然後 Sheila 來回答。

Yeah. I think, Lorraine, our pricing strategy, as Frank mentioned, is really to look at some gentle price increases where we feel like there's the value that can contribute to that. So making sure that we're protecting some of the opening price points with the customer count on in some programs that we know drive a lot of volume.

是的。我認為，洛林，正如弗蘭克所提到的那樣，我們的定價策略實際上是考慮一些溫和的價格上漲，我們認為這可以帶來價值。因此，我們要確保在某些我們知道可以帶來大量銷售的項目中，透過客戶信賴來保護一些起始價格點。

But I think the combination of really gentle price increases really maintain our AURs and the growth of that at a rate that feels comfortable to the business and then offsetting the rest of tariffs around negotiations with our factories and trying to understand how to hold that line without making any significant price increases, and we don't think that will have any impact on our sales ability.

但我認為，溫和的價格上漲確實能夠維持我們的 AUR，並以企業感到舒適的速度增長，然後透過與工廠談判抵消其餘關稅，並試圖了解如何在不大幅提價的情況下保持這一水平，我們認為這不會對我們的銷售能力產生任何影響。

I feel like for Free People and Urban, definitely acting exactly the same strategy. Recognizing the value equation is really important to all of our consumers, and we want to maintain our opening price point, our welcoming price point for our consumers. They can participate in the brand and then where possible, asking the customer to join in the value equation and raising our high AUR, a little bit more gently than not touching opening. So.

我覺得對於 Free People 和 Urban 來說，肯定採取了完全相同的策略。認識到價值等式對我們所有的消費者來說都非常重要，我們希望保持我們的起始價格點，也就是我們為消費者提供的歡迎價格點。他們可以參與品牌建設，然後在可能的情況下，要求客戶加入價值方程，並提高我們的高 AUR，比不接觸開幕式要溫和一些。所以。

Great. Thank you. Next question.

偉大的。謝謝。下一個問題。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

Great. Thank you. A huge congratulations and shout out to everybody in all brands, all the -- so congrats. I guess, I'm going to have -- my first one is for anybody who wants to chime in on this.

偉大的。謝謝。向所有品牌的所有人致以熱烈祝賀，所有的人——恭喜。我想，我將會——我的第一個問題是針對任何想要對此發表意見的人。

As we're looking at kind of back-to-school and sort of the denim cycle, we've seen kind of the wide silhouette everywhere. But it seems like there's a new wave of the premium over $100 denim that seems to be taking hold a little bit of an elevation. Can somebody by brand or if somebody wants to take that on hold?

當我們看到返校季和牛仔季的到來時，我們隨處可見寬大的輪廓。但似乎出現了一股新的浪潮，即 100 美元以上的高檔牛仔服裝，似乎正在逐漸佔據主導地位。有人可以按品牌或有人想暫停一下嗎？

And then Frank, I'm still stuck on the tariff thing. You're really mitigating it extremely well. The fourth quarter, in particular, Frank or Melanie, up 75 to 100 basis points. Can you help us kind of shape the 8.7% tariffs and now India as of today. Based on your turns, would those necessarily be impactful to the holiday in the back half of the year? Or is there some hangover effect that kind of bleeds out into spring of next year? Thank you.

然後弗蘭克，我仍然對關稅問題感到困惑。您確實很好地緩解了這個問題。第四季度，特別是弗蘭克或梅蘭妮，上漲了75至100個基點。您能否幫助我們制定目前印度的 8.7% 關稅政策？根據您的轉變，這些必然會對下半年的假期產生影響嗎？或者是否存在某種後遺症，會延續到明年春天？謝謝。

I can certainly take the tariff and I don't think the brand want me touching any fashion trends. So yes, our plan does include the 50% all-in tariff on India right now. I think I do want to stress, when we talk about shifting countries of origin, which is an impactful mitigation strategy, we talked about doing that where possible. Obviously, the ability for a factory in a country to execute our product is critically important.

我當然可以承擔關稅，而且我認為品牌不希望我觸及任何時尚潮流。是的，我們的計劃確實包括目前對印度徵收 50% 的全包關稅。我想我確實想強調的是，當我們談論轉移原籍國時，這是一個有效的緩解策略，我們談論的是盡可能地做到這一點。顯然，一個國家的工廠生產我們產品的能力至關重要。

And we also talk about when appropriate. And what I mean by this is the tariff landscape is changing day-to-day right now. And we want to protect our customer experience, and that means protecting our products. So we're not going to make extensive changes that are going to impact our product right now for our customers. I think we're going to try and do the best that we can, waiting for the dust to settle before we start to make extensive changes.

我們也會討論何時合適。我的意思是，目前的關稅格局每天都在改變。我們希望保護客戶體驗，這意味著保護我們的產品。因此，我們目前不會對產品做出會影響客戶體驗的大規模改變。我認為我們會盡力而為，等待塵埃落定後再開始進行大規模變革。

That being said, we've got great relationships with our vendors. We have a very flexible sourcing network. So I think the first two strategies of working back with our vendors to help negotiate better terms to mitigate some of the impact as well as some of the things that we've been able to do in adjusting countries of origin has certainly led the way in helping offset the tariff.

話雖如此，我們與供應商的關係仍然很好。我們擁有非常靈活的採購網絡。因此，我認為前兩種策略，即與我們的供應商合作，幫助協商更好的條款以減輕一些影響，以及我們在調整原產國方面所做的一些事情，無疑在幫助抵消關稅方面發揮了重要作用。

Yes, the impact that's hitting today, right, for India I think it hits for air -- any air receipts after today and in the next couple of weeks, will absolutely have an impact on our fourth quarter. We turn our business here pretty quickly and that is baked into our plans. And absolutely, that will have some carryover into the first half of next year as well.

是的，今天對印度的影響，我認為它對航空產生了影響——今天之後以及未來幾週的任何航空收入絕對會對我們的第四季度產生影響。我們在這裡的業務發展非常迅速，這已經納入我們的計劃中。當然，這種影響也會延續到明年上半年。

And Adrienne, I will take a shot at talking about denim for all three brands. And ladies, if I make mistakes, please feel free to correct me. But I think what we see is an opportunity to offer a number of different silhouettes in leg openings, rises, and colors. And so that's exactly what we're doing. But I want to stress that the full-legged bottoms are still, by far, the number one silhouette that customer is voting for.

艾德麗安，我將嘗試談論這三個品牌的牛仔布。女士們，如果我犯了錯誤，請隨時糾正我。但我認為我們看到的是一個機會，可以提供多種褲管開口、褲腰和顏色不同的款式。這正是我們正在做的事情。但我想強調的是，到目前為止，全腿褲仍然是顧客投票的首選款式。

And I hope you all remember and Adrienne, I'm sure you will, you've been with us for a long time that we've been talking about the full-legged silhouette since before COVID. So this is nothing new to us, but I think there are varied silhouettes from straight to flare to full leg.

我希望你們都記得，艾德麗安，我相信你會記得的，你和我們在一起很長時間了，從 COVID 之前我們就一直在談論全腿輪廓。所以這對我們來說並不新鮮，但我認為有各種各樣的輪廓，從直筒到喇叭褲到長腿褲。

Next.

下一個。

Matthew Boss, JP Morgan.

摩根大通的馬修·博斯。

Thanks and congrats on a nice quarter.

謝謝並恭喜本季取得良好業績。

Thank you, Matt.

謝謝你，馬特。

Dick, I guess, how would you characterize health of the global consumer into the back half today? And can you speak to trends that you've seen across concepts in August? And then for Shea, at the Urban brand, I guess, could you just elaborate on the best is yet to come, maybe as it relates to additional opportunities that you see from here.

迪克，我想，您如何描述當今下半年全球消費者的健康狀況？您能談談您在八月看到的概念趨勢嗎？那麼對於 Urban 品牌的 Shea 來說，我想，您能否詳細說明一下未來最好的事情是什麼，也許這與您從這裡看到的更多機會有關。

Sure. Matt, let me try the consumer. We think the consumers are feeling very optimistic, and we have noticed that they're behaving accordingly. From our customer purchasing data, Q2 shows that, well, we told you the comp sales were up very nicely in mid-digits, but traffic was very positive, both in the stores and online. Transactions were up, conversion improved and new PT was up as well.

當然。馬特，讓我試試消費者。我們認為消費者的情緒非常樂觀，我們注意到他們的行為也十分正面。從我們的客戶購買數據來看，第二季度顯示，嗯，我們告訴過您，同店銷售額在中位數上增長非常好，但無論是在商店還是在線，流量都非常積極。交易量上升，轉換率提高，新 PT 也上升。

So the only decrease we saw was in AOV, and this was largely driven by the shift in mix by category. So lower-price areas like as leisure and lounge and accessories outperformed some of the more expensive categories. And that's what drove the lower AOV. So I guess our conclusion from this data is that our customers remain very enthusiastic about acquiring the latest fashion and they're finding our assortment is very compelling.

因此，我們看到的唯一下降是 AOV，這主要是由於類別組合的變化所致。因此，休閒、休息室和配件等低價領域的表現優於一些較昂貴的類別。這就是導致 AOV 較低的原因。因此，我想我們從這些數據中得出的結論是，我們的客戶仍然非常熱衷於購買最新時尚，他們發現我們的產品系列非常引人注目。

Hi, Matthew. It's Shea. First of all, I think I just want to amplify our enthusiasm about our results. And I think just to clarify what we meant by the best is yet to come, we have a lot of momentum in the business. And I think our results reflect that our plan is working. Our strategies are definitely paying off. I think we see a continuation of those results in back to school and as we're heading into the third quarter, and that gives us a lot of confidence as we look ahead into even the holiday season.

你好，馬修。是謝伊。首先，我想我只是想增強我們對結果的熱情。我想澄清一下我們所說的「最好的事情尚未到來」的意思，我們的業務發展勢頭強勁。我認為我們的結果表明我們的計劃正在發揮作用。我們的策略確實取得了成效。我認為，在開學季和進入第三季時，我們會看到這些業績的延續，這讓我們對展望假期充滿信心。

So we intend to continue to deliver sequential improvement. We believe that will result in continued growth on the top line. We intend to manage with continued discipline on the bottom line. And we certainly hope that doing those two things and staying focused on our plan will drive us towards the path to profitability.

因此，我們打算繼續實現連續的改進。我們相信這將帶來收入的持續成長。我們打算繼續嚴格管理底線。我們當然希望，做好這兩件事並專注於我們的計劃將推動我們走向盈利之路。

Thank you. Next question, please?

謝謝。請問下一個問題？

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

Perfect. Just a couple for me. Maybe for whoever is that's suited, just any thoughts on what the end of the de minimis exemption means for the competitive landscape? And any comments on if you use that at all?

完美的。對我來說只有一對。也許對於任何適合的人來說，對於最低限度豁免的結束對競爭格局意味著什麼有什麼看法？如果您使用它，您有什麼評論嗎？

And then maybe for Frank or Mel, it seems like the spread between total sales growth and comp should narrow in the back half compared to the front half. I got to make sure that's right. And if you can comment on what exactly drives that change? Thanks so much.

那麼對於弗蘭克或梅爾來說，與前半部分相比，後半部分的總銷售額增長和銷售額之間的差距似乎應該縮小。我必須確保這是正確的。您能否評論一下究竟是什麼推動了這項改變？非常感謝。

Hey, Frank, do you want to take it?

嘿，弗蘭克，你想拿走它嗎？

Yeah. Thanks, Dick, and thanks, Alex. The de minimis for us is honestly is really immaterial impact for us. We have just a very small amount of sales that we utilize and receive that benefit on. So it's obviously just not something that we're worried about that's going to impact our business.

是的。謝謝，迪克，謝謝，亞歷克斯。對我們來說，最低限度的影響確實對我們來說不是實質的。我們僅利用極少量的銷售額並從中獲益。因此，我們顯然並不擔心這會影響我們的業務。

As it relates to the spread between total and the Retail segment comp shrinking a little bit, I think that's probably largely about wholesale. Wholesale had really strong double-digit gains in the first half of the year. They start to anniversary those strong double-digit gains in the back half of the year. So as we say, they're up against a more difficult comparison.

由於它與總體和零售部門之間的差距略有縮小有關，我認為這可能主要與批發有關。今年上半年批發業務實現了強勁的兩位數成長。他們開始慶祝下半年強勁的兩位數成長。所以正如我們所說，他們面臨著更困難的比較。

And I think as Melanie said on the call, we're planning sort of mid-single digits in the third quarter and back half. So that's probably the biggest piece.

我認為，正如梅蘭妮在電話中所說的那樣，我們計劃在第三季和下半年實現中等個位數的成長。這可能是最大的部分。

Alex, I will say about de minimis as far as the Urban brand is concerned, it can only help. I mean some of the folks who were big into this and some others are obviously having a little bit harder time hoping with some of the new regulations. So to the degree that they're shipping less, it should help us.

亞歷克斯，就 Urban 品牌而言，我想說的是，最低限度的幫助只能是有幫助的。我的意思是，一些對此很感興趣的人和其他一些人顯然對一些新規定的期望有點困難。因此，他們減少運輸量應該對我們有幫助。

Okay. Next question?

好的。下一個問題？

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Great. Thank you for taking my question. Definitely sound more bullish on the momentum you're seeing at UO. So I was hoping you could update us on how you're thinking about the progress for profitability at that brand and whether breakeven could be in the cards this year with top line that you're seeing?

偉大的。感謝您回答我的問題。您對 UO 所見的勢頭肯定更加樂觀。所以我希望您能告訴我們您對該品牌獲利進展的看法，以及根據您所看到的營收情況，今年是否可以實現收支平衡？

Sorry. Thanks, Mark. This is Frank. So we are definitely more bullish. And again, congratulations to Sheila, Shea, and Emma on just the incredible performance I think the strategy they put in the teams that they've built, we were just excited to see the turnaround and the significant progress in the second quarter building on what started last year.

對不起。謝謝，馬克。這是弗蘭克。所以我們肯定更加樂觀。再次恭喜 Sheila、Shea 和 Emma 的出色表現，我認為她們在組建團隊時制定的策略，我們很高興看到第二季度的轉變和在去年基礎上取得的重大進展。

We are not, sort of, giving a time line on return to profitability. That will not be this year. I feel comfortable saying that. I want to say that we -- and stress here that we are planning for and believe we can drive consistent steady progress to achieve profitability. But to do this right, it's going to take some time.

我們並沒有給出恢復獲利的時間表。今年不會發生這種情況。我可以很舒服地說這句話。我想說的是，我們——並在此強調，我們正在計劃並相信我們可以持續穩步地取得進展，實現盈利。但要做好這件事，還需要一些時間。

And I think the brand is doing it right, focusing on MMU, you're seeing that from the reg price sales gain sort of leading the way. Now you're seeing total comps come into play. So you started to see that no recapture. And then as the comps grow, you'll start to see things like occupancy and other fixed expenses leverage, which will start to benefit the bottom line.

我認為該品牌做得對，專注於 MMU，從常規價格銷售額的成長可以看出，它處於領先地位。現在您看到整體比較開始發揮作用。所以你開始看到沒有重新奪回。然後，隨著可比較銷售額的成長，您將開始看到入住率和其他固定費用槓桿等因素，這些因素將開始有利於獲利。

So I think the brand is going about it the right way, focusing on the consumer, focusing on that reg price sale. And we're certainly on the right track.

所以我認為該品牌正在以正確的方式做這件事，專注於消費者，並專注於正價銷售。我們肯定走在正確的道路上。

Thank you. Next question, please.

謝謝。請問下一個問題。

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團。

Hi, good afternoon. Two quick ones. When you think about the framework for the third and fourth quarter, I just want to make sure I heard it right. I think you said SG&A up in line with sales for the second half with marketing deleverage in the third quarter and leverage in the fourth. Any clarification on that, the magnitude of marketing spend? And just lastly, on the real estate portfolio, how are you thinking about some of the remodels and new stores, and now with Maeve, what is the opportunity there? Thank you.

嗨，下午好。兩個簡單的。當你考慮第三季和第四季的框架時，我只是想確保我聽得正確。我認為您說的是下半年銷售、一般及行政費用與銷售額同步上漲，而第三季行銷槓桿率下降，第四季行銷槓桿率上升。能否澄清一下行銷支出的金額？最後，關於房地產投資組合，您如何看待一些改造和新店？現在有了 Maeve，那裡有什麼機會？謝謝。

Thanks, Dana. I'll start with your question about SG&A for the second half. So I just wanted to highlight, we did leverage in the first half, and we think that we can grow sales and expenses in line with that sales growth. But by quarter, there is a little bit uneven miss as a result of the marketing campaigns. So you will see in the third quarter, we have a bit of deleverage and then in the fourth quarter, it comes back with leverage.

謝謝，達娜。我先從您關於下半年銷售、一般及行政費用 (SG&A) 的問題開始。所以我只想強調，我們在上半年確實發揮了槓桿作用，我們認為我們可以隨著銷售成長而增加銷售和支出。但到了季度末，由於行銷活動的影響，出現了一些不均衡的差距。因此，你會看到，在第三季度，我們有一些去槓桿，然後在第四季度，槓桿又回來了。

And do you want -- Tricia, you want to talk about the real estate, Maeve?

你想——特里西婭，你想談談房地產嗎，梅芙？

Sure. Dana. We're really excited to launch our first stand-alone Maeve store this fall and looking at a three to four store test through the course of spring. And then we're planning to really read and react to those results, determine what the longer-term growth plans could be.

當然。達娜。我們非常高興今年秋天能推出我們的第一家獨立 Maeve 商店，並計劃在春季進行三到四家商店的測試。然後我們計劃真正閱讀並對這些結果做出反應，確定長期成長計劃。

But I'm very excited to get the first store open. Lots to learn. Very excited to be able to share more of the Maeve brand with our customers and excited to see what happens.

但我很高興第一家店開業了。有很多東西要學。非常高興能夠與我們的客戶分享更多 Maeve 品牌，並期待看到未來會發生什麼。

And that's -- the store is in Raleigh, correct?

那是——商店在羅利，對嗎？

Yes, Raleigh, North Carolina.

是的，北卡羅來納州羅利市。

Okay. Thank you. Next question.

好的。謝謝。下一個問題。

Marni Shapiro, The Retail Tracker.

Marni Shapiro，零售追蹤者。

Hey, guys. Congratulations to everyone. Stores have been fantastic. So I'm also going to stay away from denim in that conversation and a shift. Could we get an update on what's going on with the home assortment, specifically at Anthropologie? And then Shea at Urban Outfitters, where you launched some -- a great dorm assortment followed by the Chipotle assortment, which I thought was fabulous.

嘿，大家好。恭喜大家。商店非常棒。因此，在這次談話中我也不會提及牛仔褲和直筒褲。我們能否了解一下家居用品系列的最新動態，特別是 Anthropologie 的最新動態？然後是 Urban Outfitters 的 Shea，你在那裡推出了一些產品——很棒的宿舍系列，隨後是 Chipotle 系列，我認為這非常棒。

And then can we also get an update on, I guess, what the timing for the improvement on men's at Urban Outfitters looks like? And are you seeing a different trend in Europe that makes you hopeful about how that will come to pass in the US.

那麼，我們能否了解一下 Urban Outfitters 男裝改進的時機是怎麼樣的呢？您是否看到歐洲出現了不同的趨勢，讓您對美國的情況充滿希望？

Tricia, you want to talk about Anthro?

特里西婭，你想談談《人類學》嗎？

Yeah. Happy to. Marni. Our teams have been working incredibly hard on our home assortment. And as I've mentioned before, really focused on driving profit and making some really nice gains. But we're proud of the fact that we've now delivered our third consecutive quarter of comp increases in the home business.

是的。很開心。瑪尼。我們的團隊一直非常努力地致力於家居系列的打造。正如我之前提到的，真正專注於提高利潤並實現一些真正可觀的收益。但我們為家庭業務連續第三個季度實現同店銷售額成長而感到自豪。

That's largely been driven by really fantastic growth in categories like home accessories and textiles. The furniture business continues to be challenging, but the comps are lessening as we head into Q3. But overall, we believe that we can still continue to deliver low single-digit comp increases in home and just really proud of the team's progress that we've made there and feeling like we're in a really great place.

這主要是由於家居飾品和紡織品等類別的驚人增長所致。家具業務仍充滿挑戰，但隨著進入第三季度，同店銷售額正在減少。但總體而言，我們相信我們仍然可以繼續在國內實現低個位數的薪資成長，並且對我們團隊在那裡的進步感到非常自豪，感覺我們處於一個非常好的位置。

Shea, would you like to talk about men's and Urban?

Shea，你想談談男士和 Urban 嗎？

Yeah. Marni, first, let me just talk briefly about -- you mentioned the Chipotle collab, which was really, really exciting. Obviously, Chipotle is a brand that's really well known by our customer. We were really excited to partner with them as a part of our strategy to partner with some of the best and most well-known brands. We -- last week launched a collab and -- with some door, furniture, accessories. It was really well received, brought in a lot of new customers for us, really exciting had great well-received product acceptance by the customer. And just overall, it was really exciting.

是的。Marni，首先，請容許我簡單談談——您提到了與 Chipotle 的合作，這真的非常令人興奮。顯然，Chipotle 是我們客戶非常熟悉的品牌。我們非常高興與他們合作，這是我們與一些最優秀、最知名的品牌合作策略的一部分。我們上週推出了一項合作，包括一些門、家具和配件。它確實受到了熱烈歡迎，為我們帶來了許多新客戶，產品受到客戶的廣泛認可，這真的令人興奮。總的來說，這真的很令人興奮。

A great example of what we want to do more of, which is partnering with great brands that the customer loves and bring some great product to market. So we were really excited. We think -- Chipolte was really excited, and thanks for noticing and asking the question.

一個很好的例子就是我們想要做更多的事情，那就是與客戶喜愛的優秀品牌合作，並將一些優秀的產品推向市場。所以我們真的很興奮。我們認為—Chipolte 真的很興奮，感謝您的關注和提出這個問題。

As far as the men's assortment goes, we're really excited to be in the progress of rebuilding the men's assortment with a great new leader in place. We think that the timing on that is forthcoming, I would expect largely sort of probably by spring that you'll really see a noticeable difference in that assortment with some evolution between now and then as we build towards that.

就男裝系列而言，我們非常高興能夠在一位出色的新領導的帶領下重建男裝系列。我們認為這個時機即將到來，我預計大概在春季，隨著我們朝著這個目標努力，你將真正看到該品種的明顯變化，從現在到那時，將會發生一些演變。

Your question about working with Emma and team, we do work really close with them and share a lot of conversation. And with that, maybe I'll flip it over to Emma to talk about some things that are working in her men's business.

您關於與 Emma 和團隊合作的問題，我們確實與他們密切合作並進行了大量的交流。說到這裡，也許我會把話題轉到艾瑪身上，讓她談談她在男裝生意中做得好的一些事情。

Okay. So I can jump in for Emma feel like just like with everything, the Zoom phenomenon, less just a little challenged. Emma and her team have driven tremendous year-over-year growth in men's. They've been able to learn about their men's business in the UK, in Germany and the proprietary brands that they have really made an impact.

好的。因此，我可以為艾瑪 (Emma) 感到的一切感到高興，Zoom 現象並不那麼具有挑戰性。艾瑪和她的團隊推動了男裝業務的逐年大幅成長。他們能夠了解他們在英國、德國的男裝業務以及他們真正產生影響力的專有品牌。

And now she's up and running, so I'm going to her us say in her own words.

現在她已經開始行動了，所以我要用她自己的話來告訴我們。

Yes, huge apologies there. I don't what's happening today. Yes, just to add, I think men's wear in Europe is particularly strong. There are certain regions, particularly in Northern Europe, that distorts in menswear. But essentially, the casual brand, BDG, are extremely strong men's with as they own womenswear. So those streetwear brands and denim brands really driving great performance.

是的，我深表歉意。我不知道今天發生了什麼事。是的，補充一下，我認為歐洲的男裝特別強。某些地區，特別是北歐，男裝有變形現象。但本質上，休閒品牌 BDG 的男裝業務非常強勁，同時也擁有女裝業務。因此，這些街頭服飾品牌和牛仔品牌確實帶來了出色的表現。

Okay. Thank you, Marni. I hope you've got your leave it here, Chipotle doormat. Everybody wants one.

好的。謝謝你，瑪尼。我希望你已經把它留在了 Chipotle 門墊上。每個人都想要一個。

Okay, next question, please.

好的，請問下一個問題。

Sole Jay, UBS.

瑞銀的 Sole Jay。

Thanks so much. My question is about Nuuly. I think you mentioned in the prepared remarks that it surpassed even your highest expectations. If you just take a step back and think about what you saw over the last 90 days, can you just reframe what the big picture opportunity is in Nuuly today from a total sales and margin perspective if you look out, say, three or five years?

非常感謝。我的問題是關於 Nuuly 的。我想您在準備好的發言中提到過，它甚至超出了您的最高期望。如果您退一步思考過去 90 天所看到的情況，您能否從總銷售額和利潤率的角度重新審視 Nuuly 目前的整體機遇，如果您展望未來三年或五年的話？

Okay, Dave, take away.

好的，戴夫，拿走吧。

Thanks for the question, Jay. I appreciate it. I would reiterate a lot of the excitement you've already heard on the call and just say that we have a similar amount of excitement for Nuuly. It's kind of steady growth and steady progress. We continue to add new subscribers. Awareness continues to grow as we do more and more marketing campaigns and more -- receive more word-of-mouth from our subscribers, telling their friends and their family about what Nuuly is.

謝謝你的提問，傑伊。我很感激。我想重申您在電話中已經聽到的許多興奮之情，並說我們對 Nuuly 也有同樣的興奮之情。這是一種穩定成長和穩定進步。我們繼續增加新的訂閱者。隨著我們進行越來越多的行銷活動，以及從我們的訂閱者那裡獲得更多的口碑，讓他們向朋友和家人介紹 Nuuly 是什麼，我們的知名度也不斷提高。

We think there's an incredible amount of awareness still to be had out in the market. We're seeing a lot of our new subscribers that have never rented before, so they're really new to the rental model. As we said in the prepared remarks, that's about 66% we saw in the second quarter.

我們認為，市場對此仍有大量的認識需要提高。我們發現很多新用戶以前從未租過，所以他們對租賃模式還很陌生。正如我們在準備好的發言中所說，這相當於第二季的 66% 左右。

So we think that there's a really sizable opportunity here, and we think the market is actually a lot bigger than a lot of people may believe at the moment. So I think rental apparel is a very viable business and a very viable market. And we think we're leading now in that market and very excited about that opportunity.

因此，我們認為這裡確實存在著巨大的機會，而且我們認為這個市場實際上比許多人目前認為的要大得多。所以我認為租賃服裝是一項非常可行的業務，也是一個非常可行的市場。我們認為我們現在在該市場處於領先地位，並對這一機會感到非常興奮。

We continue to see sizable growth and we're excited about where we are in August. Currently, at the moment, we're about 370,000 active subscribers for where we are currently. And we think the third quarter is going to continue with a lot of growth. So very excited about it.

我們繼續看到可觀的成長，我們對八月的狀況感到興奮。目前，我們擁有約 37 萬名活躍訂閱者。我們認為第三季將繼續保持大幅成長。我對此感到非常興奮。

Thank you. Next question, please.

謝謝。請問下一個問題。

Janet Joseph Kloppenburg, JJK Research Associates.

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

Hi everybody, and congratulations. A couple of quick ones. Have you, in fact, executed some price increases and? I was wondering the elasticity that you are experiencing (technical difficulty) what was that acceleration, particularly FP People Movement. And I wanted to ask Dick, given the success of the marketing program, if he thought that marketing as a percentage of sales could continue to check higher? Thank you.

大家好，恭喜。幾個簡單的。事實上，你們是否確實實施了一些價格上漲？我想知道您所經歷的彈性（技術難度）加速度是多​​少，特別是 FP 人員運動。我想問迪克，鑑於行銷計畫的成功，他是否認為行銷佔銷售額的百分比可以繼續走高？謝謝。

Okay. Sheila, do you want to talk about price increases. I think you have had some, but not many.

好的。希拉，你想談談價格上漲的問題嗎？我認為你已經有一些了，但不是很多。

Yeah. I'll take the first two questions. I think there was something about Movement as well. But we've been very thoughtful about where to do our price increases, really leading opening as it is and really focusing on where we could gently raise prices according to the value of the product, some higher price jackets and select pieces in our assortment and we're feeling very good about it. Our customer has been very, very receptive to where we've made those changes.

是的。我將回答前兩個問題。我認為其中也有一些與運動有關的事情。但是，我們對於在哪裡漲價進行了深思熟慮，真正引領了開局，真正專注於根據產品的價值溫和地提高價格，一些價格較高的夾克和我們產品系列中的精選產品，我們對此感覺非常好。我們的客戶非常樂意接受我們所做的這些改變。

I think the merchants have studied very hard where they're asking the customer to pay a small amount more. But like Dick mentioned, we are seeing lower price point categories, certainly penetrate deeper, whether it be accessories or intimate classes, et cetera.

我認為商家已經非常努力地研究過如何要求顧客多支付少量費用。但正如迪克所提到的，我們看到價格較低的類別肯定會滲透得更深，無論是配件還是私密課程等等。

And Janet, I'll talk a little bit about the marketing. We do have two -- as Frank talked about, two projects going right now. One is in Nuuly and the other is to introduce Maeve and the Anthropologie brand. So marketing expenses were up a little bit in the third quarter. We expect it then to come back down in the fourth quarter.

珍妮特，我將稍微談談行銷。正如弗蘭克所說，我們確實有兩個項目目前正在進行中。一個是在Nuuly，另一個是介紹Maeve和Anthropologie品牌。因此第三季的行銷費用略有增加。我們預計第四季該數字將會回落。

As far as next year is concerned, we think it's a little too early to start talking about what we're going to do next year. And so we will save that for the November call. Okay. Thank you very much.

就明年而言，我們認為現在談論明年要做什麼還為時過早。因此，我們將把這個問題留到 11 月的電話會議上討論。好的。非常感謝。

I would answer the other your question about movement that movement worked relative with the performance of our FP move across the three channels of business, Wholesale, Retail, and Direct. Where the team is thrilled with the impact of performance. It's been a long road to really focus on making sure we're delivering on the promise of performance as well as fashion and we're making significant inroads on that front. And I think with that momentum, I think there will be a very sticky customer as we continue to build.

我會回答您關於運動的另一個問題，該運動與我們的 FP 在批發、零售和直銷三個業務渠道上的表現有關。團隊對性能的影響感到非常興奮。我們花了很長的時間來真正專注於確保我們兌現性能和時尚的承諾，並且我們在這方面取得了重大進展。我認為，憑藉著這種勢頭，隨著我們繼續建設，將會擁有非常忠實的客戶。

Okay. I'm with you 100%. Sheila. We are in love with FP Movement. So thank you, all, very much for joining the call, and we hope to see you back in a few months.

好的。我百分之百同意你。希拉。我們熱愛 FP Movement。非常感謝大家參加這次電話會議，我們希望幾個月後能再見到你們。

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。