Urban Outfitters Inc (URBN) 2026 Q3 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the Urban Outfitters, Inc., third-quarter fiscal '26 earnings call.

女士們、先生們，大家好。歡迎參加 Urban Outfitters, Inc. 2026 財政年度第三季財報電話會議。

(Operator Instructions)

（操作說明）

I'd now like to turn the conference over to Oona McCullough, Executive Director, Investor Relations. Ma'am, you may begin.

現在我將把會議交給投資者關係執行董事奧娜·麥卡洛。女士，您可以開始了。

Good afternoon and welcome to the URBN third-quarter fiscal 2026 conference call.

下午好，歡迎參加 URBN 2026 財年第三季電話會議。

Earlier this afternoon, the company issued a press release outlining the financial and operating results for the three- and nine-month period ending October 31, 2025.

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 10 月 31 日的三個月和九個月期間的財務和營運表現。

The following discussions may include forward-looking statements. Please note that actual results may differ materially from those statements.

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說法有重大差異。

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.

有關可能導致實際結果與預期結果存在重大差異的因素的更多信息，請參閱公司向美國證券交易委員會提交的文件。

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.

有關我們季度業績的更詳細評論和今天電話會議的文本，請訪問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. Good afternoon, everyone.

謝謝你，奧娜。大家下午好。

The URBN team delivered another outstanding quarter. Total revenues grew by 12% and net income increased by 13%, both new third-quarter records. We are especially pleased to report that all brands produced positive comps across all geographies this quarter. This includes the powerful double-digit comps the Urban brand generated in both North America and Europe; and the exceptional growth in subscribers and revenue from the Nuuly brand.

URBN團隊又完成了一個出色的季度。總營收成長了 12%，淨利潤成長了 13%，均創下第三季新紀錄。我們尤其高興地報告，本季所有品牌在所有地區均實現了正成長。這其中包括 Urban 品牌在北美和歐洲取得的強勁的兩位數同店銷售額增長；以及 Nuuly 品牌在用戶數量和收入方面的卓越增長。

The agenda for today's call includes comments from Frank Conforti, our Co-President and COO, who will elaborate on Q3 performance by brand and business segment. After Frank, Tricia Smith, CEO of the Anthropologie Group, will speak to the performance of that brand and their newly launched Maeve concept. Melanie Maran-Efron, our CFO, will then walk you through our outlook for the fourth quarter. I'll wrap things up with a few closing thoughts before we open the call for your questions.

今天的電話會議議程包括我們的聯席總裁兼首席營運長弗蘭克·康福蒂的發言，他將詳細說明第三季度各品牌和業務部門的業績。在弗蘭克之後，Anthropologie 集團首席執行官特里西亞·史密斯將談到該品牌的表現及其新推出的 Maeve 概念。接下來，我們的財務長梅蘭妮·馬蘭-埃夫隆將向大家介紹我們對第四季的展望。在正式開始接受大家提問之前，我先補充幾點總結意見。

Frank, the floor is all yours.

法蘭克，現在輪到你發言了。

Thank you, Dick. Good afternoon, everyone.

謝謝你，迪克。大家下午好。

Today, I'm excited to share our company's third-quarter record results compared to last year; and then, I will dive into some detailed notes by brand.

今天，我很高興與大家分享我們公司第三季創紀錄的業績，與去年同期相比；然後，我將按品牌深入探討一些細節。

Overall, our teams delivered another outstanding quarter, exceeding our plans and setting new sales and profit records. Total URBN sales grew by over 12%, reaching a Q3 record of $1.5 billion. All our Retail segment brands delivered positive Retail segment comps, while four of our five brands posted record third-quarter sales and Nuuly continued its impressive double-digit revenue growth.

總體而言，我們的團隊又完成了一個出色的季度，不僅超額完成了計劃，還創造了新的銷售額和利潤記錄。URBN 總銷售額成長超過 12%，第三季創下 15 億美元的紀錄。我們所有零售部門品牌均實現了零售部門同店銷售額的成長，其中五個品牌中有四個品牌創下了第三季銷售紀錄，而 Nuuly 則繼續保持了令人矚目的兩位數營收成長。

Our total URBN sales growth was partly driven by an 8% increase in the Retail segment comp, with digital comps slightly exceeding store comps. Nuuly delivered strong 49% revenue growth, driven primarily by an increase of 118,000 average active subscribers compared to the prior year. Additionally, the Wholesale segment delivered an 8% increase in revenue, driven by growth in the specialty store accounts, which was largely fueled by healthy increases in FP movement.

URBN 總銷售額的成長部分得益於零售業務同店銷售額成長 8%，其中數位業務同店銷售額略高於實體店同店銷售額。Nuuly 實現了強勁的 49% 營收成長，主要得益於平均活躍用戶數比上一年增加了 118,000 人。此外，批發業務的收入成長了 8%，這主要得益於專賣店客戶的成長，而專賣店客戶的成長又主要得益於 FP 銷量的健康成長。

Next, I will turn your attention to gross profit. URBN saw a 13% increase in gross profit dollars, reaching a record $563 million. The gross profit rate improved nicely by 31 basis points, rising to 36.8%.

接下來，我將帶您了解毛利。URBN 的毛利成長了 13%，達到創紀錄的 5.63 億美元。毛利率穩定提升了 31 個基點，達到 36.8%。

Please note that this includes a $2 million impairment charge in the current quarter, which is worth 13 basis points.

請注意，這包括本季 200 萬美元的減損費用，相當於 13 個基點。

The improvement in gross margin was primarily driven by lower markdowns at the Urban Outfitters and Free People brands, as well as occupancy leverage driven by strong sales growth across all our brands. These gains more than offset lower initial product margins at all our brands due to increased tariffs versus the prior year.

毛利率的增加主要得益於 Urban Outfitters 和 Free People 品牌的降價幅度降低，以及所有品牌強勁的銷售成長帶來的租金收益提升。由於關稅較前一年增加，導致我們所有品牌的初始產品利潤率下降，但這些收益足以彌補這一損失。

In the quarter, SG&A increased by 14%, deleveraging by 32 basis points. The growth in SG&A dollars was primarily driven by increased marketing spend, which fueled sales and customer growth for all brands.

本季度，銷售、一般及行政費用增加了 14%，槓桿率下降了 32 個基點。銷售、一般及行政費用的成長主要由行銷支出增加所推動，促進了所有品牌的銷售和客戶成長。

The marketing efforts drove increases in traffic and transactions, both in stores and online, for total URBN Retail segment, while new lease campaigns resulted in healthy double-digit growth in average active subscribers.

行銷活動推動了 URBN 零售業務整體客流量和交易量（包括實體店和線上）的成長，而新的租賃活動則帶來了平均活躍用戶數兩位數的健康成長。

Overall, total URBN operating income rose by over 12% compared to last year, reaching $144 million; while the operating profit rate was consistent with the prior year.

整體而言，URBN 的總營業收入比去年成長超過 12%，達到 1.44 億美元；而營業利潤率與上年持平。

Net income saw a 13% increase to a new Q3 record of $116 million or $1.28 per diluted share.

淨利潤成長 13%，創下第三季新紀錄，達到 1.16 億美元，即每股攤薄收益 1.28 美元。

Now, moving to brand performance, starting with the Free People brand. The team delivered a 9% increase in total revenue. Their sales growth was driven by a 9% increase in Retail segment sales, including a 4% retail segment comp, significant non-comp sales growth, and an 8% increase in Wholesale segment revenues.

接下來，我們來談談品牌表現，先從 Free People 品牌說起。團隊實現了總收入9%的成長。他們的銷售成長主要得益於零售部門銷售額成長 9%（包括零售部門同店銷售額成長 4%）、非同店銷售額顯著成長以及批發部門營收成長 8%。

The Retail segment comp was driven by positive comps in both the store and digital channels across all geographies, with outperformance in accessory product sales. Non-comp sales grew by over 200%, driven by new Free People and Free People Movement store openings over the past 12 months. The brand is planning to open 43 new stores for the year, including 18 Free People and 25 FP Movement stores.

零售業務部門的同店銷售額在所有地區的實體店和數位通路均實現了正增長，其中配件產品銷售表現尤為突出。在過去 12 個月中，受 Free People 和 Free People Movement 新店開幕的推動，非同店銷售額成長超過 200%。該品牌計劃今年開設 43 家新店，其中包括 18 家 Free People 門市和 25 家 FP Movement 門市。

The brand is also encouraged by the strong results in Europe. While European operations are small, relative to the total brand, new store openings continue to perform well. The region drove a double-digit Retail segment comp in the quarter, building on double-digit Retail segment comps last year.

該品牌也因在歐洲取得的強勁成績而備受鼓舞。雖然歐洲業務規模相對於整個品牌而言較小，但新店開幕業績依然良好。該地區本季零售業務同店銷售額實現了兩位數成長，延續了去年零售業務同店銷售額兩位數成長的動能。

I know Sheila and team are excited to capture more of European market potential in the future.

我知道Sheila和她的團隊對未來開拓歐洲市場充滿熱情。

Within the Free People brand, the FP Movement business delivered strong total growth of 18%, driven by a 4% Retail segment comp, strong Wholesale segment sales growth of 29%, and robust non-comp growth driven by new store openings.

在 Free People 品牌下，FP Movement 業務實現了 18% 的強勁總增長，這主要得益於零售部門 4% 的同店銷售額增長、批發部門 29% 的強勁銷售增長以及新店開業帶來的強勁非同店銷售額增長。

Continued strength in performance-related products is driving healthy new customer acquisition growth. The FP Movement brand saw 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 low- to mid-single-digit positive comp in Q4.

性能相關產品的持續強勁表現正在推動新客戶獲取的健康成長。本季度，FP Movement 品牌的新客戶、重新啟動的客戶和留存的客戶數量均有所增加。根據我們目前的計劃，我們認為 Free People 零售部門在第四季度可能會實現個位數低到中等的同店銷售成長。

Free People Wholesale revenues increased by 8% during the quarter, driven by sales gains in all geographies, while specialty store accounts led the way versus other accounts.

本季 Free People 批發收入成長了 8%，這得益於所有地區的銷售成長，其中專賣店客戶的成長速度超過了其他客戶。

As noted on our last call, as we move through the back half of the year, the Wholesale segment faces more difficult year-on-year comparisons versus the prior year. Based on our current plans, we believe the wholesale segment could deliver mid-single-digit comps in the fourth quarter.

正如我們在上次電話會議中提到的，隨著我們進入下半年，批發業務部門與前一年相比，面臨著更艱難的同比比較。根據我們目前的計劃，我們認為批發業務在第四季度可以實現中等個位數的同店銷售額成長。

Now, let's move on to the Urban Outfitters brand. Urban Outfitters recorded a strong 13% global Retail segment comp for the third quarter. Congratulations to the team on delivering the first double-digit comp in some time.

現在，讓我們來看看 Urban Outfitters 這個品牌。Urban Outfitters 第三季全球零售業務同店銷售額強勁成長 13%。祝賀團隊實現了近段時間以來的首次兩位數成長。

UO North America recorded a 10% Retail segment comp; and UO Europe, an exceptional 17% Retail segment comp. The total global comp was driven by strong store and digital comps, with positive traffic in both channels and positive conversion in stores.

UO北美零售業務同店銷售額成長10%；UO歐洲零售業務同店銷售額成長17%，表現特別優異。全球整體同店銷售額成長主要得益於實體店和數位通路的強勁成長，這兩個通路的客流量和實體店的轉換率均有所提高。

In North America, the UO team continued their focus on their customer and delivered a solid comp in both channels for the quarter, building on a strong start to the back-to-school season in Q2. In the third quarter, the business grew nicely across all major categories, anchored in strong regular price sales, new customer growth, and continued success in focused growth categories.

在北美，UO 團隊繼續專注於客戶，並在兩個管道都實現了本季穩健的業績，延續了第二季返校季的強勁開局。第三季度，該公司在所有主要類別中均實現了良好成長，這得益於強勁的常規價格銷售、新客戶成長以及重點成長類別的持續成功。

Within Women's, the denim business continued to be strong, complemented by pants, lounge, sweaters, and accessories. The brand is also encouraged by the progress in the Men's apparel category, which delivered double-digit regular price comps in the month of October.

在女裝方面，牛仔服裝業務依然強勁，褲裝、家居服、毛衣和配件也表現不俗。該品牌也對男裝品類的進展感到鼓舞，該品類在 10 月實現了兩位數的常規價格同比增長。

In North America, from a marketing perspective, the team is focused on meeting customers in the moments and places that matter most, whether that is across social channels, digitally, in our stores, or by hosting culturally relevant events.

在北美，從行銷的角度來看，團隊專注於在最重要的時刻和地點與客戶見面，無論是透過社群管道、數位管道、我們的門市，或是透過舉辦與文化相關的活動。

In the third quarter, the brand celebrated back-to-campus by hosting gameday events at college campuses across the country, introducing and welcoming more customers into the brand. The brand also celebrated partnerships with some of Gen Z's most loved brands through On Rotation, a 360-degree brand spotlight, showcasing discovery, product engagement, and curated assortment. These engaging brand marketing events have been successful, driving an increase in unaided awareness and new customer growth.

第三季度，該品牌透過在全國各地的大學校園舉辦比賽日活動來慶祝返校季，並向更多顧客介紹和歡迎該品牌。該品牌還透過「On Rotation」活動慶祝與 Z 世代一些最喜歡的品牌建立合作關係。 「On Rotation」是一個 360 度品牌聚焦活動，展示了品牌發現、產品互動和精選產​​品系列。這些引人入勝的品牌行銷活動取得了成功，有效提高了品牌知名度並帶來了新客戶成長。

In Europe, the Urban Outfitters brand delivered an outstanding 17% Retail segment comp, driven by double-digit comp increases in both the store and digital channels. During the quarter, the business achieved positive double-digit comps across all major product categories. With these exceptional results, it is clear the European team is winning market share through amazing product execution and compelling marketing events and strategies.

在歐洲，Urban Outfitters 品牌零售業務同店銷售額實現了 17% 的出色成長，這主要得益於實體店和數位通路兩位數的同店銷售額成長。本季度，公司所有主要產品類別均實現了兩位數的正成長。憑藉這些卓越的成果，很明顯，歐洲團隊透過出色的產品執行和引人注目的行銷活動及策略贏得了市場份額。

Moving back to the Urban Outfitters brand, globally, we are proud to note that the brand delivered low-single-digit operating profit margin in the third quarter. This significant improvement was driven by a remarkable year-on-year profit increase in Europe, followed by a meaningful reduction in operating loss in North America. Based on our current plans, we believe the global Urban Outfitters brand could deliver a high-single-digit positive Retail segment comp for the fourth quarter.

回到 Urban Outfitters 品牌，在全球範圍內，我們很自豪地註意到該品牌在第三季度實現了低個位數的營業利潤率。這項顯著改善主要得益於歐洲地區利潤的顯著同比增長，以及北美地區營業虧損的大幅減少。根據我們目前的計劃，我們相信 Urban Outfitters 全球品牌第四季零售業務同店銷售額預計將實現高個位數成長。

Now, turning to the Nuuly brand, which delivered another exceptional quarter, total Q3 revenue grew by 49%. The impressive growth was primarily driven by an increase of over 40% in average active subscribers, reaching just shy of 400,000 average active [sells] versus the prior comparable quarter. Nuuly's growth added 3.5 percentage points of revenue growth to total URBN sales.

現在來看 Nuuly 品牌，該品牌又迎來了一個表現卓越的季度，第三季度總收入成長了 49%。這一令人矚目的成長主要得益於平均活躍用戶數成長超過 40%，與上一季相比，平均活躍用戶數接近 40 萬。Nuuly 的成長為 URBN 總銷售額帶來了 3.5 個百分點的收入成長。

Our primary focus remains on scaling the Nuuly business and building brand awareness, which we are doing through investments in logistics and strategic marketing. We are pleased to report that our planned logistics expansion in Kansas City, Missouri, including increased storage capacity and the implementation of new sortation automation, remains on track. Our latest marketing campaign was successful in driving new customers and continues the positive momentum of the brand.

我們的主要重點仍然是擴大 Nuuly 業務規模和提升品牌知名度，我們正在透過對物流和策略行銷的投資來實現這一目標。我們很高興地報告，我們在密蘇裡州堪薩斯城的物流擴建計劃（包括增加儲存容量和實施新的分類自動化）仍在按計劃進行。我們最新的行銷活動成功地吸引了新客戶，並延續了品牌的良好發展勢頭。

Overall, Nuuly's continued strong performance highlights the large growing opportunity for apparel rental in the US. We believe we are making the appropriate investments to enable Nuuly to continue winning market share. Based on our current plans, we believe Nuuly could deliver healthy double-digit revenue growth in the fourth quarter.

總體而言，Nuuly 的持續強勁表現凸顯了美國服裝租賃市場巨大的成長潛力。我們相信，我們正在進行適當的投資，以使 Nuuly 能夠繼續贏得市場份額。根據我們目前的計劃，我們相信 Nuuly 第四季度可以實現兩位數的健康營收成長。

Now, moving on to tariffs, the macro landscape remains consistent with what we discussed on our last call. We estimate that tariffs negatively impacted our third-quarter gross margin rate by approximately 60 basis points. We currently believe they will have an impact of approximately 75 basis points in the fourth quarter. Despite these headwinds, we still believe we can achieve approximately 100 basis points of gross margin improvement for the full fiscal year 2026.

現在，我們來談談關稅問題，宏觀情況與我們上次電話會議討論的情況基本一致。我們估計關稅對我們第三季的毛利率產生了約 60 個基點的負面影響。我們目前認為，它們將在第四季度產生約 75 個基點的影響。儘管面臨這些不利因素，我們仍然相信，到 2026 財年，我們可以將毛利率提高約 100 個基點。

Our teams continue to work diligently on tariff mitigation efforts, including negotiating vendor terms, modifying our countries of origin, adjusting transportation modes, and strategically managing pricing. I want to emphasize that this plan reflects our current knowledge. There is still a lot of uncertainty into this environment. This uncertainty, in addition to our ongoing mitigation efforts, makes it challenging to predict the impact of tariffs beyond the fourth quarter.

我們的團隊持續努力進行關稅緩解工作，包括與供應商談判條款、修改原產國、調整運輸方式以及策略性地管理定價。我想強調的是，這個計劃反映了我們目前的認知層次。目前該環境仍存在諸多不確定因素。除我們正在進行的緩解措施外，這種不確定性使得預測關稅對第四季以後的影響變得困難。

In summary, it was an exceptional quarter. All brands delivered positive Retail segment sales comps, Wholesale produced healthy revenue gains, and the Subscription segment drove double-digit revenue growth.

總之，這是一個非常出色的季度。所有品牌的零售業務銷售額均實現正成長，批發業務收入也實現了健康成長，訂閱業務的收入實現了兩位數成長。

We believe we are on track to deliver record sales and operating profit for the year, including approximately 100 basis points of gross and operating profit margin improvement, despite tariff headwinds.

儘管面臨關稅方面的不利因素，但我們相信我們預計將實現今年創紀錄的銷售額和營業利潤，其中包括毛利率和營業利潤率提高約 100 個基點。

We could not be prouder of the teams and their amazing execution.

我們為團隊及其出色的表現感到無比自豪。

On that note, I will now turn the call over to Tricia Smith, Global CEO of the Anthropologie Group.

接下來，我將把電話交給 Anthropologie 集團全球執行長 Tricia Smith。

Thank you, Frank. Good afternoon, everyone.

謝謝你，弗蘭克。大家下午好。

In the third quarter, the Anthropologie Group delivered an 8% Retail segment comparable sales increase, driving 8% growth in total brand revenue. This achievement marks the 19th consecutive quarter of positive comparable sales for the Anthropologie Group. Importantly, we were able to maintain strong double-digit profit rates through improved gross profit margins despite ongoing tariff headwinds.

第三季度，Anthropologie 集團零售部門同店銷售額成長 8%，帶動品牌總營收成長 8%。這項成就標誌著 Anthropologie 集團連續第 19 個季度實現同店銷售額正成長。重要的是，儘管面臨持續的關稅阻力，我們仍透過提高毛利率維持了兩位數的強勁利潤率。

The Retail segment's comparable sales growth was robust, driven by strong comps in both digital and stores across all regions. Category strength remained consistent across Apparel, Accessories, and Weddings, complemented by an acceleration in sales trends within the Home category.

零售業務的同店銷售成長強勁，這主要得益於所有地區線上和線下門市的強勁成長。服飾、配件和婚禮用品類別表現保持穩定，同時家居用品類別的銷售趨勢也加速成長。

Turning specifically to Apparel, our strength continues to be driven by the brand's multiyear focus on modernizing the assortment and elevating our own brands. These offerings remain our customers' most coveted selections and continue to drive substantial growth. This success is tangible.

具體到服裝領域，我們的優勢繼續源自於品牌多年來對產品系列現代化和提升自有品牌的重視。這些產品仍然是我們客戶最渴望的選擇，並繼續推動大幅成長。這種成功是實實在在的。

Own-brand penetration achieved a historical high, increasing by over 100 basis points versus last year. We're strategically investing in these unique brands, including Maeve, Celandine, LyreBird, and Pilcro, which are supported by a strong design team and a distinctive creative point of view. We believe this customer affinity for our own brands positions them for continued outsized growth opportunities.

自有品牌滲透率達到歷史新高，比去年增長超過 100 個基點。我們正在對這些獨特的品牌進行策略性投資，包括 Maeve、Celandine、LyreBird 和 Pilcro，這些品牌都擁有強大的設計團隊和獨特的創意視角。我們相信，顧客對我們自有品牌的這種喜愛，將使我們品牌擁有持續的超大成長機會。

Highlighting the power of our own brands, this quarter saw the launch of Maeve as a standalone brand, transitioning it from a beloved in-house label to a dedicated boutique concept. Our first Maeve boutique opened in Raleigh, North Carolina. The results have exceeded our expectations, with a high-double-digit beat of our forecast.

本季度，為了凸顯我們自有品牌的實力，我們推出了 Maeve 這個獨立品牌，將其從備受喜愛的內部品牌轉型為專屬精品概念。我們的第一家 Maeve 精品店在北卡羅來納州羅利市開業。結果超出了我們的預期，比我們的預測高出兩位數。

This launch has proven accretive to our business in the Raleigh-Durham area, driving increases in total store sales across the region, inclusive of existing Anthropologie stores. Furthermore, digital demand for both Maeve and Anthropologie in the trade area has outpaced brand-wide demand growth since the store opening.

事實證明，此次新品上市對我們在羅利-達勒姆地區的業務成長起到了促進作用，推動了該地區（包括現有 Anthropologie 門市）的總銷售額成長。此外，自門市開業以來，Maeve 和 Anthropologie 在該地區的線上需求成長速度均超過了品牌整體需求成長速度。

Building on this success, our next Maeve boutique is scheduled to open at the end of fiscal Q4 in Atlanta's Buckhead Village District, with an additional location to be announced in the first quarter of fiscal 2027.

繼此成功之後，我們的下一家 Maeve 精品店計劃於本財年第四季末在亞特蘭大的巴克海德村區開業，另一個地點將於 2027 財年第一季公佈。

Moving now to the Home business, where we saw an acceleration in sales trends during the quarter, Anthropologie Home achieved high-single-digit comparable sales, which was in line with total brand comparable sales, driven largely by the strength of our full-price business.

現在來看家居業務，本季銷售趨勢有所加速，Anthropologie Home 的同店銷售額實現了接近兩位數的增長，與品牌整體同店銷售額基本持平，這主要得益於我們全價業務的強勁表現。

Growth was concentrated in home accessories and textiles. Notably, regular price furniture sales turned positive during the quarter. Home accessories, a key point of entry for new customers, delivered double-digit comps and double-digit new customer growth. We're excited about the current trajectory and growth potential of our Home business.

成長主要集中在家居飾品和紡織品領域。值得注意的是，本季正價家具銷售轉正。家居飾品是吸引新客戶的關鍵切入點，實現了兩位數的同店銷售額成長和兩位數的新客戶成長。我們對家居業務目前的發展軌跡和成長潛力感到興奮。

Our brand-wide growth continues to be fueled by strong positive comparable sales across both digital and retail channels. In our digital channel, we drove double-digit session growth, while holding conversion flat. We are continuously investing in our customer digital experience to reduce friction in the online purchase process and drive conversion.

品牌整體成長持續得益於數位通路和零售通路強勁的同店銷售成長。在我們的數位管道中，我們實現了兩位數的會話成長，同時保持了轉換率不變。我們不斷投資於客戶數位化體驗，以減少線上購買過程中的摩擦並提高轉換率。

In our stores, the focus on service and experience is yielding results. Our in-store styling services grew double digits this quarter. The high-touch appointment-driven Anthro Weddings business significantly outpaced total brand comp. These strong channel performances validate our strategic investments in both our physical store footprint and our digital capabilities.

在我們的門市中，注重服務和體驗正在發揮成效。本季我們的店內造型服務實現了兩位數的成長。以預約制為主的高觸感婚禮業務顯著超過了整個品牌的競爭對手。通路的強勁表現驗證了我們在實體店佈局和數位化能力方面的策略性投資是正確的。

Building on the success in stores, we're executing a robust plan for new Anthropologie stores, in addition to the Maeve boutique launches. Year to date, in FY26, we have opened eight new stores in North America and plan to open an additional three before the end of the fiscal year.

繼實體店取得成功之後，我們正在執行一項強有力的計劃，開設新的 Anthropologie 門市，同時也將推出 Maeve 精品店。截至目前，在 2026 財年，我們在北美開設了八家新店，並計劃在本財年結束前再開設三家。

Internationally, we also have three new stores opening in the UK, with Liverpool and Glasgow opening earlier this month and Manchester opening later this week.

在國際方面，我們在英國也有三家新店開業，利物浦和格拉斯哥的門市已於本月初開業，曼徹斯特的門市將於本週晚些時候開業。

Importantly, our new Anthropologie stores are not only exceeding our expectations but are also driving outsized digital demand in their local markets. By the end of fiscal '26, we will have 250 Anthropologie Group stores, globally.

重要的是，我們新開的 Anthropologie 門市不僅超出了我們的預期，而且還在當地市場推動了龐大的數位化需求。到 2026 財年末，Anthropologie 集團在全球將擁有 250 家門市。

Underpinning our growth strategy is exceptional marketing that drives customer acquisition and retention. Our messaging this quarter was anchored by two high-impact campaigns: our Maeve launch campaign, [More You, More Maeve], which generated over 1 billion impressions; and our Anthro Always Fall campaign, a cinematic cross-category story.

我們成長策略的基礎是卓越的行銷，它能夠有效地獲取和留住客戶。本季我們的宣傳重點是兩項高影響力活動：Maeve 的上市活動“[More You, More Maeve]”，該活動產生了超過 10 億次的曝光量；以及 Anthro Always Fall 活動，這是一個跨類別的電影化故事。

This approach successfully balances data-led discipline with emotionally resonant storytelling that speaks to new and existing customers. As a result, our total customer count grew high-single digits this quarter. Over 30% of new customers have returned to make a purchase with our own brands driving the majority of this new customer growth.

這種方法成功地將數據驅動的嚴謹性和能夠引起新舊客戶共鳴的情感故事敘述方式結合起來。因此，本季我們的客戶總數實現了接近兩位數的成長。超過 30% 的新客戶再次光顧，購買了我們自有品牌的產品，這推動了新客戶成長的大部分。

Looking ahead, we're expecting mid-single-digit comps for Q4. We are committed to our strategy and focused on our North Star of product modernization, customer growth, and leveraging creatives, as we enhance our selling environments with exceptional experiences for our customers.

展望未來，我們預期第四季同店銷售額將實現個位數中段的成長。我們致力於我們的策略，專注於產品現代化、客戶成長和創意利用這三大核心目標，透過為客戶創造卓越的體驗來改善我們的銷售環境。

I would like to take this moment to thank our incredible teams and global partners. The thoughtful customer-obsessed way in which you work continues to delight our customers and supports the growth of our business.

我謹藉此機會感謝我們傑出的團隊和全球合作夥伴。您體貼周到、以客戶為中心的工作方式，不斷讓我們的客戶感到滿意，並支持我們業務的成長。

With that, I will now hand the call over to Mel.

接下來，我將把電話交給梅爾。

Thanks, Tricia. Good afternoon, everyone.

謝謝你，特里西亞。大家下午好。

Let me walk you through how we're thinking about our fourth-quarter financial performance. Based, in part, on our start of the quarter, we are planning for total company sales to grow in the high-single digits for the quarter.

讓我來為您詳細介紹一下我們是如何看待第四季的財務表現。部分基於本季初的業績，我們預期本季公司總銷售額將達到高個位數成長。

In our Retail segment, comp sales could grow mid-single-digit-positive, with high-single-digit-positive retail segment costs at the Urban Outfitter brand; mid-single-digit-positive Retail segment (inaudible) Anthropologie; and low- to mid-single-digit-positive Retail segment comp at Free People.

在我們的零售業務部門，Urban Outfitter 品牌的同店銷售額可能實現中等個位數增長，零售業務成本可能實現高個位數增長；Anthropologie 的零售業務成本可能實現中等個位數增長；Free People 的零售業務同店銷售額可能實現低至中等個位數增長。

At Nuuly, the brand could deliver mid-double-digit revenue growth, driven by continued subscriber momentum.

Nuuly品牌預計將實現兩位數中段的營收成長，這得益於用戶持續成長的勢頭。

Finally, our Wholesale segment could produce mid-single-digit growth.

最後，我們的批發業務部門可望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 the second half growing by approximately 50 basis points versus last year.

根據我們目前的銷售業績和計劃，我們認為 URBN 全年毛利率可能會提高約 100 個基點，其中下半年毛利率將比去年增長約 50 個基點。

Within the remaining second half, fourth-quarter gross profit margins could increase by approximately 25 basis points to 50 basis points as lower product markdowns, particularly the Urban Outfitters brand, are partly offset by lower initial merchandise margins due to increased tariffs.

在下半年剩餘的時間裡，由於關稅增加導致初始商品毛利率下降，部分抵消了產品降價幅度（尤其是 Urban Outfitters 品牌）的影響，第四季度毛利率可能會提高約 25 至 50 個基點。

Our current assumptions on tariffs are based on the announced tariff rates as of November 24, which includes 50% tariff rate on goods from India.

我們目前對關稅的假設是基於 11 月 24 日公佈的關稅稅率，其中包括對來自印度的商品徵收 50% 的關稅。

Turning to SG&A, we expect expenses to grow roughly in line with sales for the full year and fourth quarter, based on current sales performance and plans. The planned growth in fourth-quarter 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.

就銷售、一般及行政費用而言，根據目前的銷售業績和計劃，我們預計全年和第四季度的費用將與銷售額大致持平增長。第四季銷售、一般及行政費用的計畫成長主要受行銷支出增加（以支援客戶和銷售成長）以及與新店選址相關的門市人工成本增加所驅動。

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.

與往常一樣，如果銷售業績出現波動，我們會保持一定程度的可變銷售、管理及行政費用，並可根據業務表現進行上下調整。

We are currently planning for an effective tax rate of about 23.5% for the fourth quarter and 22.5% for the full year.

我們目前計劃第四季的有效稅率約為 23.5%，全年的有效稅率約為 22.5%。

Now, on to inventory, in Q4, we expect inventory could grow at a rate similar to fourth-quarter sales, as our teams continue to focus on increasing our product [churns]. For FY26, capital expenditures are planned at approximately $300 million.

接下來談談庫存。預計第四季度庫存成長速度將與第四季度銷售額成長速度相近，因為我們的團隊將繼續專注於提高產品產量。[攪拌]。2026財年，資本支出計畫約為3億美元。

The FY26 capital project spend is broken down as follows: approximately 45% is related to Retail store expansion and [support]; approximately 35% is related to supporting technology and logistics investments; and the remaining 20% is for home office expansion to support our growing business.

2026 財年資本項目支出細分如下：約 45% 與零售店擴張和[支援]有關；約 35% 與支援技術和物流投資有關；其餘 20% 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] new stores and close approximately 17 this year. Most of our net new store growth will come from the FP Movement, Free People, and Anthropologie. Specifically, we're planning 25 new FP Movement stores, 18 new Free People stores, and 60 new Anthropologie stores.

最後，我們計劃今年開設約 [69] 家新店，並關閉約 17 家門市。我們新增門市的淨成長大多將來自 FP Movement、Free People 和 Anthropologie。具體來說，我們計劃開設 25 家新的 FP Movement 門市、18 家新的 Free People 門市和 60 家新的 Anthropologie 門市。

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.

再次提醒，以上內容並非預測，而僅反映了我們目前的觀點。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.

就這樣，我把它還給迪克。

Thanks, Melanie.

謝謝你，梅蘭妮。

As you've heard, our teams produced another great performance, with every brand contributing meaningfully to our outstanding results. Robust comparable sales across our brand portfolio demonstrated their power and the rigor of our execution.

正如你們所聽到的，我們的團隊再次取得了優異的成績，每個品牌都為我們所取得的卓越成果做出了重要貢獻。我們旗下各品牌的強勁同店銷售額證明了它們的實力和我們執行的嚴謹性。

The Anthropologie, Free People, and FP Movement brands achieved record sales, while successfully maintaining double-digit operating profitability. The Urban Outfitters brand posted strong double-digit comparable sales in both geographies, driven by better product, improved marketing, and more full-price customers. As a result, the Urban brand delivered significant profit improvement versus last year.

Anthropologie、Free People 和 FP Movement 品牌實現了創紀錄的銷售額，同時成功維持了兩位數的營業利潤率。Urban Outfitters 品牌在兩個地區均實現了強勁的兩位數同店銷售額增長，這得益於更好的產品、改進的營銷以及更多的全價顧客。因此，Urban品牌的利潤較去年有了顯著提高。

Complementing the Retail results, Nuuly, our Subscription rental concept, continued its impressive trajectory of strong subscriber and revenue growth, while delivering healthy operating profits.

與零售業務的業績相輔相成，我們的訂閱租賃概念 Nuuly 繼續保持著強勁的用戶成長和營收成長勢頭，同時實現了健康的營業利潤。

During the quarter, customer engagement was lively, with both store traffic and online session growth up sharply. Our customers responded enthusiastically to our compelling product offerings and distinct brand experiences and drove record third-quarter results. This sustained performance is a direct testament to the strength and resilience of our diversified business model.

本季客戶互動活躍，實體店客流量和線上會話量均大幅成長。我們的客戶對我們極具吸引力的產品和獨特的品牌體驗給予了熱烈的反響，並推動了第三季業績創下歷史新高。這一持續的良好業績直接證明了我們多元化商業模式的實力和韌性。

We have built a strategic model that is sturdy across multiple dimensions. Our diversification by channel, spanning stores, digital, Wholesale, and Subscription services; and by brand, with a portfolio catering to different customer segments, provides inherent stability. Furthermore, our broad category offering, including Apparel, Accessories, Shoes, Home, and Beauty ensures that as customer preferences shift, we will remain relevant.

我們建構了一個在多個維度上都穩健的戰略模型。我們在通路（包括實體店、數位通路、批發和訂閱服務）和品牌（產品組合滿足不同客戶群的需求）方面的多元化，為我們提供了內在的穩定性。此外，我們廣泛的產品類別，包括服裝、配件、鞋履、家居和美容產品，確保隨著顧客偏好的變化，我們始終保持競爭力。

This powerful multifaceted approach to diversification gives us high confidence that with smart execution, we can continue you to grow our market share, regardless of the operating environment.

這種強而有力的多元化方法讓我們充滿信心，只要執行得當，無論經營環境如何，我們都能繼續擴大市場份額。

Looking ahead, November traffic and sales remain robust. Our Retail segment comp sales are currently running slightly ahead of our stated Q4 plan to deliver mid-single-digit comp growth.

展望未來，11月份的客流量和銷售額依然強勁。我們零售部門的同店銷售額目前略高於我們先前公佈的第四季度計劃，即實現個位數中段的同店銷售額增長。

We anticipate the holiday season will, as always, be highly competitive and promotional. We have observed a slight shift in consumers' behavior. We believe customers were waiting a bit longer this year to make their purchases until seasonal promotions began. We successfully met this shift with strong results in our early holiday events.

我們預計，今年的假期季節將一如既往地充滿競爭和促銷活動。我們觀察到消費者的行為略有改變。我們認為，今年顧客們都等到季節性促銷活動開始後才進行購買。我們成功應對了這一轉變，並在假日季初期活動中取得了顯著成效。

As Frank noted earlier, despite the expected promotional landscape, we believe the power of our model allows us to achieve improved operating margins in Q4 versus the prior year. For now, we are focused on closing the year successfully by delivering another quarter and year of record-setting results and continuing to deliver shareholder value.

正如弗蘭克之前指出的那樣，儘管促銷環境預計會受到影響，但我們相信，我們模式的力量使我們能夠在第四季度實現比上年同期更高的營業利潤率。目前，我們專注於以創紀錄的季度和年度業績為今年畫下圓滿的句號，並繼續為股東創造價值。

Finally, my thanks to our entire URBN family, brands, and shared services for producing another superior quarter.

最後，我要感謝我們整個 URBN 大家庭、旗下品牌和共享服務部門，感謝你們又一次創造了卓越的季度業績。

I want to acknowledge the phenomenal job each of our brand leaders; their teams; and our co-presidents, [Marg] and Frank, have done. I understand the hard work and long hours you all devote to making our brands amongst the best in retail today and I'm deeply appreciative. Our results are a testament to your effort and your talent.

我要感謝我們每一位品牌領導者、他們的團隊以及我們的兩位聯合總裁瑪格和弗蘭克所做出的傑出貢獻。我理解大家為了使我們的品牌成為當今零售業最好的品牌之一所付出的辛勤努力和長時間工作，我對此深表感激。我們的成績證明了你的努力和才華。

I also thank our partners around the globe for your cooperation, as we work together to solve the problems imposed by tariffs.

我還要感謝全球各地的合作夥伴，感謝你們的合作，讓我們共同努力解決關稅帶來的問題。

Finally, I thank our shareholders for your ongoing support.

最後，我感謝各位股東一直以來的支持。

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

我們的發言稿到此結束。現在請各位提問。

(Operator Instructions)

（操作說明）

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

I wanted to follow up on the commentary around pricing. I think the words you used last quarter were, gently and sparingly. I wanted to see, a, how much of a customer reaction you've been able to realized from these price increases; and b, if the expectation was that you would continue to protect opening price points, especially at the Urban brand.

我想就定價方面的評論做進一步說明。我認為你上個季度使用的詞語是「溫和而節制」。我想了解，a，這些價格上漲給顧客帶來了多大的反應；b，顧客是否期望你們繼續保持初始價格點，尤其是在 Urban 品牌方面。

Hi, Lorraine. I'm going to ask Tricia to take that question.

你好，洛琳。我打算請特里西亞來回答這個問題。

Hi, Lorraine.

你好，洛琳。

We're being highly strategic and thoughtful about taking price because they're definitely not across-the-board price increases. We've taken small price increases where we felt the price value equation was appropriate; and have seen, really, little to no price resistance where we did so.

我們在定價方面採取了非常謹慎的策略，因為這絕對不是全面提價。我們在認為價格價值等式合適的時候進行了小幅漲價；而且，我們這樣做的時候，幾乎沒有遇到任何價格阻力。

We also want to stress that we remain committed to maintaining our opening price points and our pricing architecture; and protecting those items that our customers count on to have great price value.

我們也要強調，我們將繼續致力於維持我們的起價和定價體系；並保護那些我們的客戶認為物有所值的商品。

Next, we're really planning very little incremental price increases over and above what we've already implemented this fall and holiday. We really don't anticipate price resistance.

接下來，我們計劃在今年秋季和假日期間，在已經實施的價格上漲基礎上，再進行非常小幅度的價格調整。我們預計不會有價格阻力。

Our focus remains on protecting the integrity and the value of our product, while we managed our cost structure appropriately.

我們始終致力於保護產品的完整性和價值，同時合理控製成本結構。

Yes. Lorraine, I want to emphasize that all the brands are protecting their opening price points. Furthermore, as we think ahead, we think that most of the price increases are behind us and that we'll have little need to raise prices next year.

是的。洛林，我想強調的是，所有品牌都在保護它們的初始價格點。此外，展望未來，我們認為大部分價格上漲已經過去，明年我們幾乎沒有提價的必要。

Adrienne Yih, Barclays.

艾德琳伊，巴克萊銀行。

I have to say, congratulations, every aspect, every geo, every brand, it's pretty amazing. So congrats to everybody.

我必須說，恭喜！各個方面、每個地區、每個品牌，都非常出色。所以，恭喜大家。

Thanks, Adrienne.

謝謝你，艾德琳。

You're very welcome.

不客氣。

Trish, just on-- you talked about the own-brand penetration. Can you talk about where you are in the journey of own brand; where it could go; and what the global footprint for Anthropologie may look like Europe versus North America?

Trish，剛才你談到了自有品牌滲透率。您能否談談您自有品牌的發展歷程；未來的發展方向；以及 Anthropologie 在歐洲和北美的全球佈局可能會是什麼樣子？

And then, for Frank and or Melanie, just on UO -- so we have a, I think you said, positive low-single-digit segment margin in the quarter. Where does that bring us year to date?

然後，對於 Frank 和/或 Melanie 來說，就 UO 而言——所以，我想您說過，我們本季度的部門利潤率是正的低個位數。那今年迄今的情況如何呢？

I think, earlier, you had said that you didn't think that this year, you could break that profit barrier, right, to become positive. There's so much opportunity after this. Just a little color on kind of how you think about that for the year.

我想，你之前說過，你認為今年你無法突破獲利瓶頸，獲利，對吧。此後還有很多機會。簡單說說你對這一年的看法。

Hi, Adrienne.

你好，艾德琳。

Our own-brand growth, as I mentioned in our opening remarks, has really been a source of strength for us at the brand. We're really leveraging the talent and strength of our design teams; our buying teams.

正如我在開場白中提到的，我們自有品牌的成長確實是我們品牌實力的來源。我們正在充分發揮我們設計團隊和採購團隊的才能和實力。

As I've mentioned, the penetration grew by almost 100 basis points versus last year. We continue to plan and execute against our own-brand growth outpacing that of just our total.

正如我之前提到的，滲透率比去年增長了近 100 個基點。我們持續推進自有品牌成長計劃，並努力使其成長速度超過整體成長速度。

We have successfully launched Celandine, LyreBird, leveraging daily practice; and then, really proud of the results the team has delivered with our Maeve expansion as a standalone brand and in our concept store.

我們利用日常實踐，成功推出了 Celandine 和 LyreBird；然後，我們為團隊在 Maeve 作為獨立品牌和概念店的擴張中所取得的成果感到非常自豪。

So continued growth -- we believe it will continue to outpace the total of our brand; and expecting that to continue.

因此，我們相信，持續成長的速度將繼續超過我們品牌的整體成長速度；並且預計這種情況會持續下去。

I would say, from a global footprint for our brand, really proud of the team successfully opening two stores in the UK in the past several weeks and excited about the Manchester opening that will be opening at the end of this week.

從我們品牌的全球佈局來看，我為團隊在過去幾週內成功在英國開設兩家門市感到非常自豪，並對本週末即將開業的曼徹斯特門市感到興奮。

So we're in a place where I think we'll continue, as we mentioned, to open stores in North America. We'll continue to gauge the results of the stores that we're opening abroad in the UK and see an opportunity for us to continue to do so.

所以，正如我們之前提到的，我認為我們將繼續在北美開設門市。我們將繼續評估我們在英國開設的海外門市的經營成果，並認為我們有機會繼續這樣做。

(inaudible) Frank mentioning Pilcro.

（聽不清楚）弗蘭克提到了 Pilcro。

Pilcro, yeah, definitely.

Pilcro，沒錯，絕對是。

(inaudible) had really good season at Pilcro.

（聽不清楚）在 Pilcro 度過了一個非常精彩的賽季。

Yeah. Pilcro has been a brand that has expanded significantly. I would say, several several years ago, from a penetration standpoint in denim, that's grown significantly. Now, it's our number-1 performing denim lifestyle brand for Anthropologie. It has been significant.

是的。Pilcro是一個發展迅速的品牌。我認為，從幾年前牛仔布的滲透率來看，這種情況已經顯著增長了。現在，它是 Anthropologie 旗下表現最佳的牛仔生活風格品牌。這意義重大。

This is Frank. Hey, Adrienne. Thanks for your question.

這是弗蘭克。嗨，艾德琳。謝謝你的提問。

I just want to give an update on Urban. First and foremost, I just want to say it again: Honestly, a huge congratulations to the entire team on the turn and the overall results. It's just really great to see the progress the teams are making, delivering such strong sales growth and great profit improvement.

我只想報告Urban的最新情況。首先，我只想再次說：真心祝賀整個團隊在轉捩點和最終成績上取得的巨大進步。看到團隊取得如此強勁的進步，實現瞭如此顯著的銷售成長和利潤提升，真是令人振奮。

As you noted, the brand was profitable, on a global basis, in the third quarter. This was driven by exceptional profit growth in Europe and a healthy reduction in the loss on North America.

正如您所指出的，該品牌在第三季度實現了全球盈利。這主要得益於歐洲市場的卓越利潤成長和北美市場虧損的顯著減少。

We're not ready to give a forecast for exactly what next year could look like. Our business in Europe is already profitable and certainly was boosted by the extraordinary comp results, so far, this year.

我們目前還無法對明年的具體情況做出預測。我們在歐洲的業務已經實現盈利，而且今年迄今為止，非凡的同店銷售業績無疑也促進了業務成長。

While North America has delivered a meaningful reduction to their losses, they still have a healthy opportunity to continue progress into next year. I would say, given the size of the opportunity in North America, it is possible that the brand turns, globally, to be profitable next year on an annual basis.

雖然北美地區的損失已大幅減少，但他們仍有很大的機會在明年繼續取得進展。我認為，考慮到北美市場的巨大機遇，該品牌明年在全球範圍內實現年度盈利是有可能的。

But we'd like to see exactly where this year lands before we commit to exactly what next year will look like.

但我們希望先看看今年的具體情況，然後再決定明年的計畫。

Matthew Boss, J.P. Morgan.

馬修‧博斯，摩根大通。

Congrats on another nice quarter.

恭喜又一個季度業績出色。

Thanks, Matthew.

謝謝你，馬修。

Dick, could you speak to drivers of the further acceleration in business that you saw during the third quarter; notably, at the Urban brand. Maybe elaborate on early holiday selling trends that you mentioned. Just how you see the setup for your brands through holiday.

迪克，您能否談談您在第三季度看到的業務進一步加速成長的驅動因素，特別是 Urban 品牌？或許可以詳細闡述你提到的早期假期銷售趨勢。您如何看待您的品牌在假日期間的佈置？

Frank, I think -- so with 100 basis points of operating margin expansion anticipated this year for the company, how best to think about margin drivers or levers beyond this year, if we think multiyear?

弗蘭克，我想——鑑於公司今年預計營業利潤率將增長 100 個基點，如果我們著眼於多年發展，那麼如何最好地思考今年以後的利潤率驅動因素或槓桿呢？

Okay. Matthew, the drivers of the business across all the brands was the traffic. Traffic in stores and traffic online. Sales was almost exactly congruent with the increase in traffic. So I think that that's what did it.

好的。馬修，所有品牌的業務驅動力都是交通流量。實體店客流量和線上流量。銷售額的成長幾乎與交通流量的成長完全一致。所以我認為就是這件事造成的。

As we look into holiday, we think that the same thing is occurring. We believe that the holiday season is likely to be very nice, from a sales perspective. But we do expect it to be slightly more promotional than we saw last year.

當我們展望假期時，我們認為同樣的事情正在發生。我們認為，從銷售角度來看，假期期間的銷售情況可能會非常好。但我們預計今年的宣傳力道會比去年略大。

So let's say our customers aren't responding well to the new fashion, they are; and they are particularly responding to their gift-giving favorites. But they're waiting more patiently for anticipated promotions.

假設我們的顧客對新時尚的反應不好，其實不然；而且他們對送禮佳品的反應尤其熱烈。但他們更有耐心等待期待已久的晉升。

The events we've run, so far, have been very successful. So judging by the strength of those promotional events and the strong back-to-school season and the surge in customer spending on holiday decorations, I anticipate a very good holiday season.

到目前為止，我們舉辦的活動都非常成功。因此，從這些促銷活動的強勁勢頭、強勁的返校季以及顧客在節日裝飾品上的支出激增來看，我預計今年的假期會非常不錯。

Matt, I can touch on operating profit. Obviously, we're extremely proud of what we produced last year, delivering 100 basis points of improvement, getting to 8.6%. Based on our current plans, we believe we can deliver approximately 100 basis points of improvement in fiscal '26, which would certainly put us very close to our 10% goal.

馬特，我可以談談營業利潤。顯然，我們對去年取得的成績感到非常自豪，提高了 100 個基點，達到了 8.6%。根據我們目前的計劃，我們相信在 2026 財年可以實現大約 100 個基點的改進，這將使我們非常接近 10% 的目標。

As it relates to next year, I would just say it's a little early for us to commit to a rate. Obviously, as Melanie said; or as we target as a company, we're certainly going to target to keep SG&A at -- to below sales. So then that leaves gross profit margins.

至於明年，我覺得現在確定價格還為時過早。顯然，正如梅蘭妮所說；或正如我們公司所設定的目標，我們肯定會努力將銷售、一般及行政費用控制在銷售額以下。那麼，剩下的就是毛利率了。

I just think there's a ton of uncertainty as to where tariffs are going to shake out. Given potential deals, supreme court rulings, our tariff mitigation efforts are ongoing. We'll have a better picture of this at the close of the year.

我認為關稅最終走向存在著很大的不確定性。鑑於可能達成的協議和最高法院的裁決，我們的關稅緩解工作仍在繼續。到年底我們就能更清楚了解狀況了。

But the one thing I do want to say is with all that said around tariff impacts, if you were to ignore that for a minute, where our opportunities could land in gross profit would be driven by continued markdown improvement largely from the Urban Outfitters brand.

但我想說的是，儘管談到了關稅的影響，但如果你暫時忽略這一點，我們毛利的機會將主要取決於 Urban Outfitters 品牌持續的降價促銷活動。

We still think there's opportunity to leverage store occupancy, if, knock on wood, the brands continue to drive healthy comp sales. When you're excluding tariffs, we actually still think there's IMU opportunity, which is great to see at all brands.

我們仍然認為，如果品牌能夠繼續保持健康的同店銷售成長勢頭，那麼就有機會利用門市入住率。即使不考慮關稅，我們仍然認為IMU存在機會，這對所有品牌來說都是一個好消息。

Paul Lejuez, Citi.

Paul Lejuez，花旗銀行。

You mentioned pressure on IMU a couple times but also, lower markdowns. Just curious, maybe you could talk a little bit about how out-the-door merch margins and what you saw by brand?

你曾多次提到IMU上的壓力，但也提到了較低的標記。我只是好奇，您能否談談商品出店利潤率以及您觀察到的各個品牌的具體情況？

And then, second, on Nuuly, I'm curious if you've seen any change in the demographics in terms of age, income, regional, of the new customers that you're attracting into that business versus what you've seen maybe several quarters ago.

其次，關於 Nuuly，我很好奇您是否注意到，與您幾個季度前相比，您吸引到該業務的新客戶的年齡、收入、地理等人口統計數據有任何變化。

Paul, this is Frank.

保羅，這位是法蘭克。

I can take the out-the-door and you -- which was favorable, given the markdown reduction for URBN. As we noted, all brands were impacted by the tariffs. The lion's share of the markdown improvement was driven by Urban Outfitters.

我可以帶你出門——考慮到 URBN 的降價促銷，這很有利。正如我們所指出的，所有品牌都受到了關稅的影響。降價幅度大幅提升主要歸功於 Urban Outfitters。

But Free People also had a favorable markdown rate in the quarter.

但Free People在本季的降價幅度也相當可觀。

Anthropologie was just slightly up but also did a really good job at offsetting their IMU and had gross profit gains overall, as a brand, for the quarter.

Anthropologie 的業績僅略有增長，但它在抵消其 IMU 方面做得非常好，並且作為一個品牌，該季度整體毛利實現了增長。

So all three brands contributed, within the Retail segment, to the gross profit gains for the quarter.

因此，這三個品牌在零售業務領域都為本季的毛利成長做出了貢獻。

And then, Dave, I don't know if you want to touch on Nuuly.

然後，戴夫，我不知道你是否想談談努利。

Yeah. Paul, thanks for the question on Nuuly.

是的。Paul，謝謝你提出關於Nuuly的問題。

I would say that, largely, we are seeing our customer base remain relatively stable, in terms of the curve across age, subscribers, demographic, geography.

我認為，從年齡、訂閱用戶、人口統計、地理位置等各方面來看，我們的客戶群整體上保持相對穩定。

If anything, I would say, we have seen a slight shift, ever so slight, towards a slightly younger subscriber, in terms of our new customer acquisition. We've seen penetration from a subscriber standpoint -- a slightly heavier penetration into the southern region of the country, more so than other geographies, mainly from a new customer standpoint.

如果有什麼變化的話，那就是我們在新客戶獲取方面，用戶群略微年輕化了一些，雖然變化幅度很小。從使用者數量的角度來看，我們已經看到了滲透率——南部地區的滲透率略高於其他地區，主要體現在新用戶數量上。

But those are just slight changes. There has not been a big transition or a big change in the composition of our subscribers.

但這些只是細微的變化。我們的訂閱用戶組成沒有發生重大轉變或變化。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Congrats on the strong results. I wanted to follow up on gross margins.

恭喜你們取得優異成績。我想了解一下毛利率的情況。

First, where was the upside versus your plan for the third quarter? Any surprises there by brand or on the markdown front?

首先，與你的第三季計畫相比，有哪些潛在優勢？品牌方面或降價方面有沒有什麼意料之外的情況？

And then, just for Q4, you're commenting on expectations for higher promotions over holiday, given the shift in behavior. But you are maintaining your guidance for the full year. So just curious what the offsets are there that are allowing you to hold that plan?

然後，就第四季度而言，鑑於消費者行為的轉變，您對假期期間更高的促銷預期發表了評論。但您全年都將維持這項指導方針。所以我很好奇，是什麼因素讓你能夠維持這個計畫？

Sure, Mark. This is Frank. I can take that.

當然可以，馬克。這是弗蘭克。我可以接受。

I think the outperformance in the third quarter was largely just -- top line came in really healthy. So you got some better leverage, as it related to store occupancy, which was great to see, with all brands contributing to that.

我認為第三季的出色表現主要歸功於——營收數據非常健康。因此，你們在門市入住率方面獲得了更大的優勢，這非常好，所有品牌都為此做出了貢獻。

As it relates to the fourth quarter, you hit the nail on the head. We are maintaining our annual plan and expectation to a hope of delivering [100] -- approximately 100 basis points of gross profit margin improvement.

至於第四季度，你說的完全正確。我們維持年度計劃，並期望實現[100]—毛利率提高約100個基點。

I would like to say I hope we're being conservative. But we do expect, as Dick noted, the holiday to be promotional. If those promotional events are bigger than last year, that could have an impact on margins. We're hoping that we're being conservative there.

我想說，我希望我們採取保守的做法。但正如迪克指出的那樣，我們預計這個假期將具有促銷性質。如果這些促銷活動的規模比去年更大，可能會對利潤率產生影響。我們希望在這方面採取保守的做法。

This does not mean -- and I just want to be clear about this -- that we're planning on more or deeper promotions because we're not. It just means, over the past several years, we've seen this concept of highers being high -- the highs being higher and the lows being lower, as it raises the sales impact -- sales events, I should say.

這並不意味著——我只想澄清這一點——我們計劃推出更多或更深入的促銷活動，因為我們沒有這個計劃。這意味著，在過去的幾年裡，我們看到了「高點更高，低點更低」的概念，因為它提高了銷售影響——應該說是銷售活動的影響。

Again, I hope we're being conservative with the level of improvement we're planning. We're really excited and pleased to hopefully be able to deliver that 100 basis points on an annual basis.

我再次希望我們計劃的改進幅度是保守的。我們非常興奮和高興，希望能夠每年實現這 100 個基點的成長。

Alex Straton, Morgan Stanley.

Alex Straton，摩根士丹利。

Congrats on a great quarter.

恭喜你本季表現出色。

Maybe Frank or Melanie to start,. I think you've put a 10% long-term EBIT margin target out there but you'll be very close, if not there, this year. So just curious how you think about that, longer term; and maybe what pushes you beyond it.

或許先從弗蘭克或梅蘭妮開始吧。我認為你們設定的長期息稅前利潤率目標為 10%，但即使今年達不到這個目標，你們也應該非常接近。所以，我很好奇你對這個問題的長期看法；以及是什麼促使你超越這種想法。

And then, while we have Tricia on the call, I just wanted to take a step back on Anthro, feels like there's just been a structural change in the growth that that business delivers versus where it was at, pre-pandemic. So I'm just curious, like what's changed? How do you think about the durable growth rate for that business, over time?

然後，趁著 Tricia 也在電話裡，我想回顧一下 Anthropologie 的情況，感覺這家公司的成長方式與疫情前相比發生了結構性變化。所以我很好奇，究竟發生了什麼事？您如何看待該企業長期可持續的成長率？

Thank you for the congratulations. This is Frank.

謝謝您的祝賀。這是弗蘭克。

As I said, we are still targeting 10% and, knock on wood, we're hopeful we get very, very close to that this year. Honestly, before we set a new goal, I'd like to hit the first [goal].

正如我所說，我們仍然以 10% 為目標，希望今年能夠非常非常接近這個目標，但願如此。說實話，在設定新目標之前，我希望先達成第一個目標。[目標]。

As you know -- and I think everyone knows -- there's still plenty of opportunity for us to drive improvement.

正如你所知——我想大家都知道——我們仍然有很多機會去推動進步。

You've got things like the UO turnaround, which is certainly in play, right now, that that brand, as we said, will still have healthy opportunity to drive operating dollars and profit rate gains into next year.

像 UO 這樣的品牌正在經歷轉型，正如我們所說，這個品牌明年仍然有很大的機會推動營業收入和利潤率的成長。

You've got Nuuly growing at a really healthy rate. That gives us opportunity from a profit rate perspective, as well.

Nuuly 的成長速度非常健康。從利潤率的角度來看，這也為我們帶來了機會。

As I mentioned, I think, with all the brands delivering positive comp, (inaudible), occupancy, leverage and excluding what's going on with tariffs -- which, hopefully, some of that changes in the future -- I think all brands have IMU opportunity, as well.

正如我之前提到的，我認為，所有品牌都實現了積極的同店銷售額、（聽不清楚）、入住率和槓桿效應，並且不考慮關稅的影響——希望未來關稅方面會有所改變——我認為所有品牌都有提升 IMU 的機會。

So there's several levers out there that I think we can pull and hopefully deliver to exceed. But for right now, we're not setting a new target. I'd like to hit the first target first and hit that 10% and operate at it; and, then, we'll reset the goal.

所以我認為我們可以利用多種手段，並且有望達到超出預期的效果。但就目前而言，我們不打算設定新的目標。我希望先達成第一個目標，達到 10% 的目標，並以此為基礎繼續努力；然後，我們再重新設定目標。

Hi, Alex, I'll speak to Anthropolgie. Thank you for the question.

嗨，Alex，我會聯絡Anthropologie。謝謝你的提問。

Our team set out, a little over four-and-a-half years ago, with, really, three strategic priorities. But, really, I would say, first and foremost, it was getting or delivering on our ability to drive full-price sales, which was really focused on newness. A lot of that came from really focusing and investing in our own brands, as I had mentioned.

四年半前，我們的團隊制定了三個策略重點。但說真的，我認為，首先也是最重要的是，我們要確保能夠推動全價銷售，而這主要體現在新品方面。正如我之前提到的，這很大程度上源於我們真正專注並投資於我們自己的品牌。

But I would say, as we've worked on modernizing our product assortment, diversifying the categories that we're able to deliver, and ensuring that we have a broad-based appeal for the multigenerational customer base that we serve have really been the bigger driver of that.

但我想說，我們一直在努力實現產品組合的現代化，使我們能夠提供的類別多樣化，並確保我們對所服務的多代客戶群體具有廣泛的吸引力，這才是真正推動這一目標實現的更大因素。

Our customer base, as we focused on growth and acquisition but also, retaining our existing customers, has delivered over 50% increase in the last four years in our total customer count.

過去四年，我們專注於發展和客戶拓展，同時也注重留住現有客戶，因此我們的客戶總數增加了 50% 以上。

I think, as we leverage that and think about how we execute and we deliver experiences, both in stores -- and our teams have been very, very focused on ensuring that those experiences in the service delivers and exceed our customer expectations; but also, investing, I would say, in our digital capabilities -- multiple factors contributing to our ability to be able to deliver improved conversion; and then, I would say, just lastly, making sure that we really deliver on those exceptional experiences and leverage our team's capabilities of design and creative and buying.

我認為，當我們利用這些優勢，思考如何執行和提供體驗時，無論是在實體店——我們的團隊一直非常專注於確保這些服務體驗能夠達到甚至超越客戶的期望；同時，我也要投資於我們的數位化能力——多種因素共同促成了我們提高轉換率的能力；最後，我想說的是，確保我們真正提供這些卓越團隊的體驗，並充分利用我們團隊的體驗，並充分利用我們團隊的設計能力。

We believe that we've really built a sustainable model for growth coming out of, I'd say, pre-pandemic that we've been able to deliver on; and are proud of our team's ability to execute on those.

我們相信，我們已經真正建立了一個可持續的成長模式，這個模式可以說是在疫情爆發前就已建立，並且我們已經能夠實現這一目標；我們為團隊執行這些目標的能力感到自豪。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey顧問集團。

Congratulations on the progress.

恭喜你取得進展。

As you know about the product (multiple speakers) that's all I'm thinking about. As you think about the consumer -- and Dick you mentioned it -- some of them waiting closer for deals. Any framework for that? Is that across all brands, all demos, all regions? Or anything you're seeing, in terms of the promotions that you need to drive?

您對這款產品（多揚聲器）有所了解，所以我只考慮這一點。當你考慮到消費者時——迪克，你也提到了這一點——他們中的一些人都在等待更接近的優惠。有什麼框架可以參考嗎？這種情況適用於所有品牌、所有使用者群體、所有地區嗎？或者，就你需要推動的促銷活動而言，你有什麼其他想法嗎？

And then, it was interesting on Nuuly, with the continuing average active subscriber growth, over 42% or whatever, it sounded like on the gross margin commentary, some of them are buying more of the rental product now. Are you seeing that shift? Is it from all ages; all income levels? How does that impact the margin?

然後，Nuuly 的情況很有意思，隨著平均活躍用戶持續成長（超過 42% 或其他數字），從毛利率評論來看，似乎有些用戶現在正在購買更多的租賃產品。你注意到這種轉變了嗎？是否涵蓋所有年齡層、所有收入水平？這會對利潤率產生什麼影響？

Thanks, Dana. The consumer pausing to wait for promotions, I would chalk it up to intellect. They know the promotions are coming. As I said to you, we saw a very rapid process in mid- to late October in people putting items in their carts.

謝謝你，達娜。消費者停下來等待促銷活動，我認為這是一種智慧的表現。他們知道晉昇機會即將到來。正如我之前對你說的，我們在十月中下旬看到了人們將商品放入購物車的快速過程。

That signaled to us that this was the beginning of, okay, we know what we want. We know there are promotions coming. So why not wait?

這向我們表明，好吧，我們知道我們想要什麼了。我們知道會有促銷活動。那為什麼不等等呢？

If you think back maybe two or three years ago, when everybody was so worried about, oh, there's not -- it's because the transportation was difficult out of the Far East with COVID. Everybody thought, oh, there's not going to be enough to go around and people started buying earlier and earlier.

如果你回想一下兩三年前，當時每個人都非常擔心，哦，沒有——那是因為受新冠疫情影響，從遠東地區出境的交通很困難。大家都覺得，哦，肯定不夠大家用，所以人們開始越來越早購買。

I think what we're really seeing is just a reversion to what we saw before COVID, when people did wait. And they did, (inaudible) more in promotions.

我認為我們現在看到的，其實只是回到了新冠疫情之前的狀態，那時人們都會等待。他們確實在促銷活動中做了更多（聽不清楚）。

So I don't think there's any particular magic to it. I don't think it says much about the consumer, other than they're smart.

所以我覺得它沒有什麼特別的魔力。我認為這並不能說明消費者的太多問題，只能說明他們很聰明。

Dave, do you want to take Nuuly?

戴夫，你想帶努利去嗎？

Frank? Yeah, sure. I'm happy to touch on it.

坦率？當然可以。我很樂意談談這個話題。

Dana, you're absolutely correct. We did see a higher rate sales to the customer in this quarter. That has a lower gross profit in the Subscription sales to the customer.

達娜，你說得完全正確。本季我們看到客戶的銷售額有所成長。這意味著訂閱銷售的毛利較低。

There's been a lot of ways in that we can sell product to the customers in the box through a marketplace; through the direct website.

我們有很多方法可以透過市場、透過直接網站等方式將產品以盒裝形式銷售給客戶。

We're not really seeing anything different from the demographic, from an age or a geography perspective, as to where those things are coming from. I think it will just be variable from one quarter to the next.

從人口統計、年齡或地理位置的角度來看，我們並沒有看到這些東西的來源有什麼不同。我認為每季都會有所不同。

Marni Shapiro, The Retail Tracker.

Marni Shapiro，《零售追蹤》

Congrats to everybody.

恭喜大家。

Thank you.

謝謝。

Shea, oh my God, that cardigan with the flowers. That is like rich thrift store vibes. So good.

Shea，我的天哪，那件帶花的開襟衫。那感覺就像逛高檔二手店一樣。超好的。

My questions are for you. I hate baseball metaphors. I understand Europe is on solid ground. But where do you feel like UO is in this recovery process.

我的問題想問你。我討厭用棒球用語來比喻。我認為歐洲根基穩固。但你覺得UO目前處於復甦進程的哪個階段？

Could we also just touch on Men's? I feel like we guided by past. You had sounds like some stabilization and slight improvement in Men's. I'm curious if the Men's business is a smaller part of Urban's business at this point, given it's been a little tougher, even than Women's? Is it still putting pressure on margins or is it neutral, at this point?

我們能否也簡單談談男士方面？我覺得我們一直受到過去的影響。聽起來你的男性病情有所穩定，而且略有改善。我很好奇，鑑於男裝業務目前在 Urban 的業務中所佔比例是否較小，畢竟男裝業務的經營狀況甚至比女裝業務還要艱難一些？目前來看，它仍在對利潤率構成壓力，還是影響中性？

Hi, Marni. Thank you for the nice comments. You're talking about the Rachel Cardigan, one of our biggest and most beloved items. So I'm glad that you love it and lots of customers do too. I'm really, really proud of that item.

你好，瑪尼。謝謝你的好評。您說的是瑞秋開襟衫，這是我們最暢銷、最受歡迎的產品之一。很高興你喜歡它，很多顧客也都喜歡。我真的非常非常自豪能做出這個作品。

I think your first question, where do we sit in the recovery?

我認為你的第一個問題是，我們在復甦進程中處於什麼階段？

First, we recognize that this is a journey. We're incredibly proud of the team. I think the team is executing really well on our plan. They are saying acutely focused on the customer.

首先，我們認識到這是一段旅程。我們為這支團隊感到無比自豪。我認為團隊在執行計劃方面做得非常出色。他們表示，他們高度重視客戶。

In Q3, really, that was about occasions of getting back-to-campus. [Gameday] was a big occasion in re-entering campus life.

第三季度，重點其實是返校活動。 [比賽日]是重返校園生活的一個重要時刻。

From a product perspective, I think we continue to be excited about the categories that customers see us as a destination for. That would be denim and lounge; and, really, anchored in our own brands, BDG and Out From Under.

從產品角度來看，我認為我們仍然對顧客認為我們是值得信賴的商品類別感到興奮。那將是牛仔服和休閒服；而且，實際上，是以我們自己的品牌 BDG 和 Out From Under 為基礎的。

In Marketing, the team continues to really delight customers, meeting them in places and moments that matter; some exciting partnerships and activations in the third quarter, whether that was celebrating On Rotation, which is our newest partnership, and On Rotation experience; or the partnership with Canada, which was a really exciting, proud moment.

在行銷方面，團隊繼續努力讓客戶感到滿意，在重要的地點和時刻與他們互動；第三季度有一些令人興奮的合作和活動，無論是慶祝我們最新的合作夥伴 On Rotation 和 On Rotation 體驗；還是與加拿大的合作，那真是一個令人興奮和自豪的時刻。

Our team, through insights with customers, heard that 54% of young customers make wishlists for their holiday-gets list. And so we partnered with Canva and had three unique formats that our creative team developed, with 100 products and drop-down menus, just from Urban Outfitters. That experience is live today, with lots of customers participating in it. It's something that we're really excited about.

我們的團隊透過與客戶的交流了解到，54%的年輕客戶會列出他們的節日願望清單。因此，我們與 Canva 合作，我們的創意團隊開發了三種獨特的格式，其中包含 100 種產品和下拉式選單，這些產品均來自 Urban Outfitters。體驗活動現已上線，許多顧客參與其中。我們對此感到非常興奮。

From a channel or touchpoint perspective, feeling excited about the progress that teams are making there, seeing our creatives really showing up in our stores, on our digital channels, across social -- really evolved to be much more upbeat, really inclusive, and I think representing our product in a really, really delighting way.

從管道或接觸點的角度來看，看到團隊的進展令人興奮，看到我們的創意人員真正出現在我們的商店、數位管道和社交媒體上——真的變得更加積極向上、更具包容性，而且我認為他們以一種非常令人愉悅的方式展現了我們的產品。

We're excited to have opened two new stores, representing our new store environment. I think we're hearing great things from our customers. Certainly, the environment is bright. I think, more modern and flexible, from our perspective, allowing us to ebb and flow with categorical performance. We're really excited about the early reads we're seeing, from a productivity perspective, in those two stores, as well.

我們很高興開設了兩家新店，代表了我們全新的門市環境。我認為我們從客戶那裡得到的回饋都非常好。環境確實明亮。我認為，從我們的角度來看，這更加現代化和靈活，使我們能夠根據類別表現進行起伏變化。從生產力角度來看，我們對這兩家店的早期表現感到非常興奮。

Your next question on Men's, we are real excited about what we're seeing in Men's. You heard us mention that, perhaps, from the last call. Real proud of the Men's team and the progress that they're making.

關於男士用品的下一個問題，我們對男士用品領域目前的發展趨勢感到非常興奮。或許您在上次通話中已經聽過我們提到這一點。為男子隊及其所取得的進步感到非常自豪。

This started with their focus on the customer, as well. They identified an opportunity to really broaden the assortment, as they broaden the range of customers that they were serving to for them. That really meant being reversible and focusing on young college side.

這一切也始於他們對客戶的關注。他們發現，隨著服務客戶範圍的擴大，他們也迎來了真正擴大產品種類的機會。這意味著要靈活變通，並專注於年輕的大學生群體。

These are simple people. We have an opportunity to really be more virtual and focus on more outfitting and more driven for this customer. So the team had prioritized really redesigning and rebuilding our core items and anchoring in core categories.

他們都是很普通的人。我們有機會真正實現更虛擬化，更專注於為客戶提供更多裝備和更積極的服務。因此，團隊優先考慮重新設計和重建我們的核心產品，並紮根於核心類別。

That bottom -- pants, jeans, and sweat -- go figure; and some of their top (inaudible) [programs] and woven tops. That is resonating really well. And so with some new customers in the business, really proud to see that we are now a destination where they have more to buy from us than ever.

下身——褲子、牛仔褲和運動衫——真是難以理解；還有一些上身（聽不清楚）[節目]和編織上衣。這引起了很好的共鳴。因此，隨著一些新客戶的加入，我們非常自豪地看到，我們現在成為了他們比以往任何時候都更願意購買的商品目的地。

Men's is an important part of our business. I think that we really have an opportunity to differentiate in the marketplace and be a destination, not just for our own branded products -- but be a place where we can have some of the best national and discoverable brands for men. That's something the team is working on, as well.

男裝是我們業務的重要組成部分。我認為我們真的有機會在市場上脫穎而出，成為一個目的地，不僅僅是我們自有品牌的產品，而是成為一個可以匯集一些最好的、全國性的、易於發現的男士品牌的地方。這也是團隊正在努力的方向。

Marnie, if I may, I'd like to say a word about Urban. As an ex-simple college guy, who hasn't gotten much more complex as the year has gone by, I want to give Sheila a big shot-out and also, the boat team leader, Shea, in North America and Europe. They both delivered an outstanding quarter.

瑪妮，如果可以的話，我想說幾句關於厄本的事。作為一個曾經單純的大學生，隨著時間的推移，我的思想並沒有變得更複雜，我想向 Sheila 以及北美和歐洲的賽艇隊隊長 Shea 致以崇高的敬意。他們倆本季都表現出色。

Shea and her team produced the double-digit comp sales that you've heard about and very strong double-digit full-price sales. It shows that the turnaround strategy is working very well.

Shea 和她的團隊實現了你聽說過的兩位數同店銷售額增長，以及非常強勁的兩位數全價銷售額增長。這顯示扭虧為盈的策略非常有效。

In Europe, Emma and her team accomplished something I've really never seen in my many years in this business. They delivered a 17% comp sales gain with single-digit (inaudible) [less] comp inventory and very strong positive double-digit full price sales.

在歐洲，艾瑪和她的團隊取得了一項我從事這個行業這麼多年從未見過的成就。他們實現了 17% 的同店銷售額成長，而同店庫存卻只有個位數（聽不清楚）[減少]，並且全價商品的銷售額實現了非常強勁的兩位數增長。

Clearly, the momentum for both geographies is strong, going into the holidays. I just want to give my congratulations to all global Urban brand employees.

顯然，這兩個地區的成長勢頭都很強勁，即將迎來假期。我謹向Urban品牌全球所有員工表示祝賀。

Janet Joseph Kloppenberg, JJK Research Associates.

珍妮特·約瑟夫·克洛彭伯格 (Janet Joseph Kloppenberg)，JJK 研究助理。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Yes, we can.

是的，我們可以。

I don't have to tell you how excited I am about such a strong quarter. But I wanted to talk to Shea about Urban.

無需贅言，你們也知道我對如此強勁的季度業績有多麼興奮。但我很想和謝伊談談厄本。

When I look at it, Shea -- and I followed the company a long time -- it looks like you are working to broaden the assortment and the customer that you're targeting. I'm wondering if you could talk a little bit about that: if your pricing strategy has changed and if what they're doing in Europe is similar to what you're doing here.

Shea，我觀察了一下——我關注這家公司很久了——看起來你們正在努力擴大產品種類和目標客戶群。我想請您談談這方面：您的定價策略是否有所改變，以及他們在歐洲的做法是否與您在這裡的做法類似。

Hi, I'll take that (inaudible) for Shae.

嗨，我替莎伊接下這個（聽不清楚）。

Yeah. One of the first things that we did was a lot of customer research. I think that we had identified that we had become unintentionally niche or narrow, as it related to our product assortment. We had been focused on a bit of grungy, a bit of a narrow assortment. I think we recognized an opportunity to be a bit more broad and welcoming, in terms of our assortment; and listening to our customers.

是的。我們做的第一件事就是進行大量的客戶調查。我認為我們已經意識到，就產品種類而言，我們無意中變得過於小眾或狹窄了。我們之前一直專注於略帶頹廢感、種類也比較單一的產品。我認為我們意識到，在產品種類方面，我們有機會做得更豐富、更受歡迎；並且要傾聽客戶的意見。

They told us very clearly. We love your denim. We love your lounge. We love those two brands: BDG and Out From Under. But we weren't giving our customers enough of those brands and enough of those categories. So that is what we've been focusing on. The customer has been responding in -- like, a lot.

他們說得很清楚。我們很喜歡你的牛仔服。我們很喜歡你們的休息室。我們非常喜歡這兩個品牌：BDG 和 Out From Under。但我們沒有提供顧客足夠的這類品牌和品類。所以這就是我們一直以來的重點。客戶的反饋非常正面。

In sales.

銷售方面。

Yeah. In sales. We're going to keep giving it to them, as long as they keep responding.

是的。銷售方面。只要他們繼續回應，我們就會繼續給他們。

Janet, I'm going to ask Sheila to talk about similarities with Europe.

珍妮特，我打算請希拉談談它與歐洲的相似之處。

I think the similarities of the consumer focus is very strong between Shea and Emma. Obviously, the customer is slightly different on what they want at any given time, knowing that Emma (inaudible) touching on Europe, Germany, Netherlands, Spain, et cetera, in the countries that she's touching; and just, like, similarities in North America, wherein New York and the South respond differently to products.

我認為Shea和Emma在消費者關注方面非常相似。顯然，顧客在任何特定時間想要的東西都會略有不同，要知道艾瑪（聽不清楚）談到了歐洲、德國、荷蘭、西班牙等她所到訪的國家；而北美的情況則有所不同，紐約和南部對產品的反應也不同。

I think both leaderships are concentrating on their consumer. That feels really, really good.

我認為雙方領導階層都非常關心消費者。感覺真的太好了。

It's a great collaboration, hearing a product between both countries, to find the best results for the consumer.

這是一項偉大的合作，兩國共同研發產品，旨在為消費者找到最佳方案。

I'm proud of Emma's growth because it's not only just coming from the UK now, there's double-digit growth coming from multiple countries that she's continuing to build on and will, in the foreseeable future, as our continued store growth happens in Europe.

我為 Emma 的成長感到自豪，因為她的成長不僅來自英國，而且來自多個國家的兩位數增長也正在持續，並且隨著我們在歐洲的門店不斷擴張，在可預見的未來，她將繼續保持這種增長勢頭。

Jay Sole, UBS.

Jay Sole，瑞銀集團。

I have two questions.

我有兩個問題。

First, just curious about your Wholesale business. As you look into next year, I'm curious about the orders that you're getting from your Wholesale partners, given it's possible they might have a different view of what 2026 might look like.

首先，我對您的批發業務很感興趣。展望明年，我很好奇你們從批發合作夥伴那裡獲得的訂單情況，因為他們對 2026 年的情況可能有不同的看法。

And then, there's some speculation today that Red Sea shipping lines might open up. If that does happen, how might that impact your margins next year, if shipping rates go back down to where they were?

目前有傳言稱，紅海航線可能會重新開放。如果這種情況真的發生，如果運費回落到之前的水平，這會對你們明年的利潤率產生什麼影響？

Jay, I could take the Red Sea shipping range.

傑伊，我可以承接紅海航線。

I would just say, obviously, if that happens, the more lanes and more opportunities, the better the opportunity is for us. But it's a little early for us to speculate exactly what rates are going to look like and what the impact could be.

我只想說，很顯然，如果這種情況發生，管道越多、機會越多，對我們來說機會就越好。但現在就推測利率究竟會是什麼樣子以及可能產生什麼影響還為時過早。

But yes, that would be a positive. Supply and demand are good things. A greater supply of transportation opportunities is a good thing for us.

是的，那將是一件好事。供需關係是好事。更多的交通運輸機會對我們來說是件好事。

I'll ask Sheila to take the Wholesale question.

我請Sheila回答批發方面的問題。

I'm going to answer: Wholesale, it's exciting time for Wholesale because we're seeing the brand, both Free People and FP Movement (inaudible)performed extraordinarily well. We've seen our Wholesale account base.

我將回答：批發業務，現在是批發業務激動人心的時刻，因為我們看到 Free People 和 FP Movement 這兩個品牌（聽不清楚）都表現得非常出色。我們已經了解了我們的批發客戶群。

So we do believe that as we continue to react and learn from our customer, from our [C2C] perspective, we have the only opportunity to continue to fuel our Wholesale channel with the partners that we've built.

因此我們相信，從我們的[C2C]角度來看，只有不斷回應客戶需求並不斷學習，我們才能繼續與已建立的合作夥伴一起推動我們的批發管道發展。

I think FP Movement had a spectacular quarter at Wholesale this year. We don't necessarily see that slowing down. We see our specialty store business thriving as we specialize our product into the outdoor space, our studio space, and the international opportunity we have with both brands. So we're really excited.

我認為 FP Movement 今年在批發市場取得了非常出色的季度業績。我們並不認為這種趨勢會放緩。隨著我們將產品專注於戶外空間、工作室空間以及我們兩個品牌所擁有的國際機遇，我們看到我們的專賣店業務蓬勃發展。所以我們真的很興奮。

I believe that finishes the call. I thank you all very much.

我認為通話到此結束。非常感謝大家。

I wish you a very, very happy Thanksgiving. I know we've got a lot of work to do. There was a backlog of companies reporting today.

祝你感恩節快樂！我知道我們還有很多工作要做。今天積壓了很多公司發布財報。

So I appreciate it. We will talk to you soon.

所以我很感激。我們將盡快與您聯繫。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。