Aritzia Inc.(ATZAF) 首席执行官 Brian Hill 在 2020年 第一季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年07月12日 · 19 次阅读

Aritzia Inc. (OTC:ATZAF) Q1 2020 Results Conference Call July 11, 2019 4:30 PM ET

Aritzia Inc.([场外交易市场代码:ATZAF])2020年第一季度业绩电话会议2019年7月11日美国东部时间下午4:30

公司参与者

Helen Kelly - Vice President of Investor Relations
Brian Hill - Founder, CEO and Chairman
Jennifer Wong - President and COO
Todd Ingledew - CFO

  • Helen Kelly - 投资者关系副总裁
  • Brian Hill - 创始人,首席执行官兼董事长
  • Jennifer Wong - 总裁兼首席运营官
  • Todd Ingledew - 首席财务官

电话会议参与者

Mark Petrie - CIBC
Irene Nattel - RBC Capital Markets
Mark Altschwager - Baird
Lorraine Hutchinson - Bank of America Merrill Lynch
Patricia Baker - Scotiabank
Stephen MacLeod - BMO Capital Markets

  • Mark Petrie - CIBC
  • Irene Nattel - 加拿大皇家银行资本市场
  • Mark Altschwager - 贝尔德
  • Lorraine Hutchinson - 美国银行美林证券
  • Patricia Baker - Scotiabank
  • Stephen MacLeod - BMO资本市场

会议主持员

Thank you for standing by. This is the conference operator. Welcome to Aritzia's First Quarter 2020 Earnings Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. [Operator Instructions]
I will now like to turn the conference over to Helen Kelly, Vice President of Investor Relations. Please go ahead.

谢谢你的支持。 这是会议运营商。 欢迎来到Aritzia 2020年第一季度的收益电话会议。 提醒一下,所有参与者都处于只听模式,正在录制会议。 演讲结束后,将有机会提问。 [操作说明]

我现在想把会议转交给投资者关系副总裁海伦凯利。 请继续。

海伦凯利

Thank you, Carl. And thank you all of you for joining us for Aritzia's first quarter 2020 earnings conference call. My name is Helen Kelly/ and I recently joined Aritzia as Vice President of Investor Relations. I look forward to working with all of you.
Joining me today are Brian Hill, our Founder, CEO and Chairman; Jennifer Wong, President and COO; and Todd Ingledew, our CFO. We will begin today's call with management's discussion followed by a question-and-answer period open to analysts and investors.
Please note that remarks on this conference call may provide certain information regarding our expectations, future plans and intentions that may constitute forward-looking statements. We would refer you to our most recently filed management's discussion and analysis, which includes a summary of the material assumptions, as well as certain material risks and factors that could affect our future performance and our ability to deliver on these forward-looking statements.
The first quarter 2020 conference call, the earnings release, the related financial statements and the MD&A are available on SEDAR, as well as the Investor Relations section of our website at aritzia.com.
Finally, all figures discussed on this conference call are in Canadian dollars unless otherwise noted.
I will now turn the call over to our Founder, CEO and Chairman, Brian Hill.

谢谢你,卡尔。感谢大家参加Aritzia 2020年第一季度收益电话会议。我的名字是Helen Kelly /我最近加入Aritzia担任投资者关系副总裁。我期待着与大家一起工作。

今天加入我的是我们的创始人,首席执行官兼董事长Brian Hill; Jennifer Wong,总裁兼首席运营官;和我们的首席财务官Todd Ingledew。我们将从管理层的讨论开始今天的电话会议,然后向分析师和投资者开放一个问答环节。

请注意,本次电话会议的评论可能会提供有关我们的期望,未来计划和可能构成前瞻性陈述的意图的某些信息。我们将向您介绍我们最近提交的管理层的讨论和分析,其中包括重要假设的摘要,以及可能影响我们未来业绩的某些重大风险和因素以及我们履行这些前瞻性陈述的能力。

2020年第一季度电话会议,收益发布,相关财务报表和MD&A可在SEDAR上获得,以及我们网站aritzia.com上的投资者关系部分。

最后,除非另有说明,否则本次电话会议上讨论的所有数字均以加元计算。

我现在将把这个电话转给我们的创始人,首席执行官兼董事长Brian Hill。

Brian Hill

Thank you, Helen, and thank you everyone for joining us today. On behalf of the entire Aritzia team, we'd want to give a warm welcome to Helen Kelly, our new VP of Investor Relations.
I would also like to take this opportunity to welcome, John Montalbano, as our newest member of our Board of Directors. He has an impressive background with over 30 years extensive experience in capital markets, international commerce and corporate affairs. We look forward to drawing on his broad range of knowledge and expertise. With the addition of John, Aritzia's Board of Directors now has eight of 10 of its directors who are independent members.
Turning to business, we're extremely pleased to have started the fiscal year with an exceptional first quarter. We delivered 17.8% growth in revenue and 24.8% increase in adjusted EBITDA, reflecting the sustained strength in our incredible business. This was our 19th consecutive quarter of comparable sales growth. Comparable sales increased 7.9%, following an increase of 10.9% in the first quarter of last year. The increase in comparable sales was driven by meaningful growth in our e-commerce business and consistently positive performance in our boutiques.
Our growth continues to be fueled by increased affinity to our unique brand of everyday luxury, beautiful high quality products, exceptional client service and an aspirational omni-channel shopping experience. Our balanced spring and summer product assortment was well received by our clients and drove revenue in the quarter despite unseasonably weather across most of North America. However, a strategically aggressive initial buy for our spring and summer merchandise, combined with the inclement weather, resulted in higher inventory levels at the end of the first quarter.
We expect the additional inventory to drive revenue during the quarter. Although, coupled with ongoing higher raw material costs will put some pressure on our gross profit margin. The new expanded repositioned boutiques that we've opened since the end of the first quarter last year contributed to revenue growth in this quarter. We're extremely pleased with the performance of these boutiques, which continue to meet or exceed our expectations.
In the first quarter, we opened a new boutique in Hudson Yards in Manhattan and repositioned our Mapleview boutique in Greater Toronto. Overall, we continue to see robust incremental client acquisition through our boutiques and our online channel. This success was reflected in our U.S. business with revenues growing by 38%. The sustained momentum in the U.S. reflects accelerating brand awareness, driven largely by our new boutiques and the ongoing benefits of our influencer strategy and social media efforts.
Aritzia celebrities and fashion influencers wearing Aritzia product continues to expand. This led to an increase in highly visible organic placements this quarter. We've also seen increased product exposure in a wide range of publications, including Vogue, InStyle and the Wall Street Journal. In summary, we're very pleased with the strong start to the fiscal 2020.

谢谢海伦,谢谢大家今天加入我们。我们代表整个Aritzia团队,热烈欢迎新任投资者关系副总裁Helen Kelly。

我还想借此机会欢迎John Montalbano成为我们董事会的最新成员。他拥有令人印象深刻的背景,在资本市场,国际商务和公司事务方面拥有30多年的丰富经验。我们期待借鉴他广泛的知识和专业知识。随着John的加入,Aritzia的董事会现在有10名董事中有8名是独立成员。

谈到业务,我们非常高兴能够以特殊的第一季度开始本财年。我们的收入增长了17.8%,调整后的EBITDA增长了24.8%,这反映了我们令人难以置信的业务持续增长。这是我们连续第19个季度的可比销售增长。可比销售额增长7.9%,继去年第一季度增长10.9%之后。可比销售额的增长主要得益于我们电子商务业务的有意义增长以及我们精品店的持续积极表现。

我们的独特品牌日常奢华,美丽的高品质产品,卓越的客户服务和理想的全渠道购物体验将继续推动我们的增长。我们平衡的春季和夏季产品种类受到了客户的欢迎,并在本季度推动了收入,尽管北美大部分地区出现了不合时宜的天气。然而,对于我们的春季和夏季商品进行战略性的初步购买,再加上恶劣的天气,导致第一季度末的库存水平提高。

我们预计额外的库存将推动本季度的收入增长。虽然加上持续较高的原材料成本将对我们的毛利率造成一定压力。我们自去年第一季度末开业的新扩建的重新定位精品店为本季度的收入增长做出了贡献。我们对这些精品店的表现非常满意,这些精品店继续达到或超过我们的期望。

在第一季度,我们在曼哈顿的Hudson Yards开设了一家新的精品店,并重新定位了位于大多伦多的Mapleview精品店。总体而言,我们继续通过我们的精品店和在线渠道获得强劲的客户增量收购。这一成功反映在我们的美国业务中,收入增长了38%。美国的持续发展势头反映了品牌知名度的提升,这主要得益于我们的新精品店以及我们影响者策略和社交媒体工作的持续效益。

Aritzia名人和穿着Aritzia产品的时尚影响者继续扩大。这导致本季度高度可见的有机配置增加。我们还看到了各种出版物中产品曝光率的提高,包括Vogue,InStyle和华尔街日报。总之,我们对2020财年的强劲开局感到非常满意。

Looking forward, our boutique network remains a key component of our growth strategy. Our boutiques drive sales and meaningful profits, build brand awareness, drive significant client acquisition, and fuels our e-commerce sales. All six of our new boutiques planned for fiscal 2020 are located in the United States. Two of these locations are in existing markets, including Hudson's Yards Manhattan, which we opened in the first quarter and American Dream in East Rutherford that will open in the second half of the year.
Four other locations will be new markets for us, including Cherry Creek in Denver, Mall of America in Minneapolis, The Galleria in Houston and The Domain in Austin. All six of these new boutiques are located in AAA locations with top-tier shopping in top-tier shopping destinations. Our growing brand awareness and strong sales performance allows us to obtain premier locations and negotiate terms to deliver highly attractive returns. Our real estate pipeline remains strong and we're making great progress in our lease negotiations for fiscal 2021 boutiques.
Our consistent financial performance illustrates our commitment to executing our powerful business model, and our ability to drive both top and bottom line growth. We are incredibly well positioned within the fashion industry and we remain committed to driving forward with our strategic investments as we continue to capitalize on the opportunities ahead.
Before I turn the call over to Jennifer, I want to share some exciting news about our enhanced partnership with SAP to execute on an integrated and expansive digital platform. This new initiative will enhance our omni-channel capabilities and elevate our client experience to a world class level across all channels with the potential to drive significant revenue growth. Through our partnership with SAP, we will leverage client data and increase personalizations to drive accelerated retail and e-commerce growth over the next several years.
With that, I'll turn the call over to Jennifer, who will provide more details around some of these initiatives. Thank you.

展望未来,我们的精品网络仍然是我们发展战略的重要组成部分。我们的精品店推动销售和有意义的利润,建立品牌知名度,推动重要的客户收购,并推动我们的电子商务销售。我们计划在2020财年开设的所有六家新精品店都位于美国。其中两个位于现有市场,包括我们在第一季度开业的Hudson's Yards Manhattan和将在下半年开业的East Rutherford的American Dream。

其他四个地方将成为我们的新市场,包括丹佛的Cherry Creek,明尼阿波利斯的美国购物中心,休斯顿的Galleria和奥斯汀的The Domain。所有这六家新精品店均位于AAA级,在顶级购物目的地进行顶级购物。我们不断提升的品牌知名度和强大的销售业绩使我们能够获得优越的地理位置并协商条款,以提供极具吸引力我们的房地产管道依然强劲,我们在2021财年精品店的租赁谈判中取得了很大进展。

我们始终如一的财务表现体现了我们对执行强大业务模式的承诺,以及我们推动收入和利润增长的能力。我们在时尚行业中处于非常有利的位置,我们将继续致力于推动我们的战略投资,因为我们将继续抓住未来的机遇。

在我将调用转交给Jennifer之前,我想分享一些有关我们与SAP加强合作关系的令人兴奋的消息,以便在集成和扩展的数字平台上执行。这一新举措将增强我们的全渠道能力,并将我们的客户体验提升到所有渠道的世界级水平,并有可能带来显着的收入增长。通过与SAP的合作,我们将利用客户数据并增加个性化,以在未来几年内推动零售和电子商务的快速增长。

有了这个,我将把这个电话转给詹妮弗,詹妮弗将提供有关这些举措的更多细节。谢谢。

Jennifer Wong

Thank you, Brian, and good afternoon everyone. As Brian just mentioned, let me give you further details on the investments we're making to advance two of our e-commerce and omni-channel initiatives.
To grow our clienteling program and develop our omni-channel capabilities, we recently entered into an expanded strategic partnership with SAP to develop a comprehensive customer program, which we believe will be transformative for Aritzia. This is the first time Aritzia has invested in this way on front of house systems and processes. The program is designed to provide a seamless, consistent and personalized approach towards how we engage and service our clients to deliver an unparalleled experience when engaging with our brands.
Through advanced business intelligence and behavior analytics, we will be able to tailor unique shopping experiences, both in our boutiques and online while driving higher sales and client loyalty. The program is comprised of four projects; customer 360, marketing communications platform, digital sales tools and concierge. I'll discuss each in turn. The customer 360 project builds on our new enhanced data and analytics platform. It will enable us to store, view and edit client information from all of our front end systems in real time. We'll be able to gather an enhanced view of our clients and their preferences to help us create more personalized communications and recommendations across all channels.
Second, we are updating our marketing communications platform. While the project is primarily focused on replacing our existing e-mail service providers, it will deliver so much more for our clients. Once it's up and running, it will allow us to personalize communications with our clients by creating campaigns targeting specific segments based on their attributes and preferences.
Third, we will be launching a new and exciting app for our 3,000 style advisors. The digital sales tool will equip them with real time enriched client information and product data. Our style advisors will be able to curate looks based on client characteristics, build recommendations and set up and manage personal shopping appointment. The tool will allow us to maximize each and every client interaction.
Our style advisors will be able to access our e-commerce site, add items to our clients' baskets on their behalf and receive credit for the sale when the client checks out. This powerful tool is expected to generate significant revenue opportunities across all of our channels and elevate the overall shopping experience for our clients.
And lastly, we will be implementing concierge to replace the case management system for our contact center. This newer integrated solution will take our client experience to a new level. The concierge's team will know who is calling or emailing and route it based on client type, language, or other characteristics we set in place. This project aims to connect to the hearts of our clients, providing them with the personalized and efficient experience through the life cycle of their concerns or questions.

谢谢Brian,大家下午好。正如Brian刚刚提到的那样,让我向您详细介绍我们为推进两项电子商务和全渠道计划所做的投资。

为了发展我们的客户计划并发展我们的全渠道能力,我们最近与SAP建立了扩展的战略合作伙伴关系,以制定全面的客户计划,我们相信这将为Aritzia带来变革。这是Aritzia首次以这种方式在房屋系统和流程方面进行投资。该计划旨在为我们如何吸引和服务客户​​提供无缝,一致和个性化的方法,以便在与我们的品牌互动时提供无与伦比的体验。

通过先进的商业智能和行为分析,我们将能够在我们的精品店和在线定制独特的购物体验,同时提高销售额和客户忠诚度。该计划由四个项目组成;客户360,营销传播平台,数字销售工具和礼宾服务。我将依次讨论每个问题。客户360项目建立在我们新的增强型数据和分析平台之上。它使我们能够实时存储,查看和编辑来自所有前端系统的客户信息。我们将能够收集客户及其偏好的增强视图,以帮助我们在所有渠道中创建更加个性化的通信和推荐。

其次,我们正在更新我们的营销传播平台。虽然该项目主要侧重于取代现有的电子邮件服务提供商,但它将为我们的客户提供更多的服务。一旦启动并运行,它将允许我们根据客户的属性和偏好创建针对特定细分的广告系列,从而个性化与客户的通信。

第三,我们将为我们的3,000名风格顾问推出一款全新且令人兴奋的应用程序。数字销售工具将为他们提供实时丰富的客户信息和产品数据。我们的风格顾问将能够根据客户特征策划外观,建立建议并设置和管理个人购物预约。该工具将使我们能够最大化每个客户端的互动。

我们的风格顾问将能够访问我们的电子商务网站,代表他们向客户的篮子添加商品,并在客户结账时获得销售信用。这一强大的工具有望为我们所有渠道带来巨大的收入机会,并为我们的客户提升整体购物体验。

最后,我们将实施礼宾服务,以替换我们联络中心的案件管理系统。这种新的集成解决方案将把我们的客户体验提升到一个新的水平。礼宾部的团队将根据客户类型,语言或我们设置的其他特征知道谁在呼叫或发送电子邮件并进行路由。该项目旨在与客户的心灵联系,通过他们的关注或问题的生命周期为他们提供个性化和高效的体验。

Next, we have also embarked on an omni-foundations project with SAP. To support omni-channel growth and capture existing synergies, we are creating a platform to provide our clients a seamless experience, whether they shop online or in our boutiques. Building on the foundation of our new points of sales system, this SAP platform will allow for a centralized view of inventory availability to improve cost channel activity, such as buy online, pick-up in store and buy online to sale from store. Together, we are confident these tools will continue to set Aritzia apart and keep us on the forefront of providing exceptional client service and an aspirational shopping experience for which we are well known.
I'll now turn the call over to Todd to discuss our financial results and outlook.

接下来,我们还与SAP开展了一个全方位的项目。 为了支持全渠道增长并捕捉现有的协同效应,我们正在创建一个平台,为我们的客户提供无缝体验,无论他们是在线购物还是在我们的精品店购物。 在我们新的销售点系统的基础上,该SAP平台将允许集中查看库存可用性,以改善成本渠道活动,例如在线购买,在商店取货以及在线购买以从商店销售。 总之,我们相信这些工具将继续将Aritzia与众不同,让我们始终站在提供卓越客户服务和我们众所周知的理想购物体验的最前沿。

我现在将电话转交给托德,讨论我们的财务业绩和前景。

Todd Ingledew

Thank you, Jennifer, and good afternoon everyone. This is our first quarter reporting under IFRS-16, the new leasing standard. The net impact of IFRS-16 adoption to our net income in the first quarter of fiscal 2020 was a reduction of only $77,000. We do not expect the standard to have a material impact on net income for the remainder of the year.
So here's on a reported basis include the adoption of IFRS-16. However, we have also provided certain metrics for fiscal 2020, excluding the impacts of the new standards. We'll provide these comparable figures each quarter as we report our results during the fiscal year. In my review of our financial results, I will focus my commentary on the comparative figures, which exclude the impact of IFRS-16.
Turning to our results for the first quarter. We saw continued momentum in our business and are pleased with the strong start to fiscal 2020. Net revenue grew 17.8% to $196.7 million compared to $167 million in the first quarter last year. This growth was driven by both e-commerce, as well as our boutiques, particularly in the United States where we saw sustained momentum.
Comparable sales increased 7.9% on top of the 10.9% increase in the first quarter last year. Net revenue also benefited from the addition of six new boutiques and three expanded or repositioned boutiques since the end of the first quarter last year.
Gross profit margin, excluding the impact of IFRS-16, was 40.6% as compared to 40.4% in the first quarter last year. The 20 basis point increase in gross profit margin was primarily due to leverage on occupancy cost and benefits from our ongoing sourcing initiatives. This increase was largely offset by a 130 basis point impact related to the weakening of the Canadian dollar compared to the first quarter last year.
SG&A expenses, excluding the impact of IFRS-16, as a percent of net revenue were 27.7%. This was a 40 basis point improvement from 28.1% in the first quarter last year. The improvement was primarily due to leverage on fixed costs, partially offset by continued investments in people, technology and infrastructure.
Adjusted EBITDA, excluding the impact of IFRS-16, increased by 24.8% to $35.4 million, or 18% of net revenue compared to $28.4 million or 17% of net revenue in the first quarter last year. Adjusted net income grew 21.3% to $18.5 million compared to $15.2 million in the first quarter last year. Adjusted net income per diluted share grew 30.8% to $0.17 compared to 13% in the first quarter last year.
Our cash balance totaled $35.8 million at the end of the quarter as compared to $122.3 million at the end of the first quarter last year. Over the past year, we used free cash flow to repurchase $107 million of subordinate voting shares concurrent with the March 2019 secondary offering, repaid $43.7 million in long-term debt and repurchased $9.4 million of subordinate voting shares under our previous NCIB.
As you saw in our press release, we announced the intention to renew our normal course issuer bid through the facilities of the TSX to repurchase and cancel up to 5% or $3.6 million of our subordinate voting shares. Having an NCIB facility in place allows us to buy shares opportunistically as market conditions warrant and in the short-term, offset the dilution of option exercises. As our cash balance grows in the second half of the year, we will reevaluate our options for the use of excess cash.

谢谢Jennifer,大家下午好。这是我们根据新租赁标准IFRS-16报告的第一季度报告。 IFRS-16采用对2020财年第一季度净收入的净影响仅减少了77,000美元。我们预计该标准不会对今年剩余时间的净收入产生重大影响。

所以报告的基础包括采用IFRS-16。但是,我们还为2020财年提供了一些指标,不包括新标准的影响。我们将在每个季度提供这些可比数据,因为我们在本财年报告了我们的结果。在我对财务业绩的回顾中,我将把我的评论集中在比较数据上,这些数据排除了IFRS-16的影响。

转向我们第一季度的结果。我们看到了我们业务的持续增长势头,并对2020财年的强劲开局感到高兴。净收入增长17.8%至1.967亿美元,而去年第一季度为1.67亿美元。这种增长是由电子商务以及我们的精品店推动的,特别是在我们看到持续发展势头的美国。

除去年第一季度增长10.9%之外,可比销售额增长7.9%。自去年第一季度末以来,净收入也受益于新增六家精品店和三家扩建或重新定位的精品店。

不包括IFRS-16影响的毛利率为40.6%,而去年第一季度为40.4%。毛利率增加20个基点主要是由于占用成本的杠杆作用以及我们持续采购计划的好处。这一增长在很大程度上抵消了与去年第一季度加元疲软相关的130个基点的影响。

SG&A费用(不包括IFRS-16的影响)占净收入的百分比为27.7%。这比去年第一季度的28.1%提高了40个基点。改善主要是由于固定成本的杠杆作用,部分被对人员,技术和基础设施的持续投资所抵消。

扣除IFRS-16影响的经调整EBITDA增加24.8%至3,540万美元,或净收入的18%,而去年第一季的净收入为2840万美元或17%。调整后净收入增长21.3%至1,850万美元,而去年第一季度为1520万美元。调整后每股摊薄净收益增长30.8%至0.17美元,而去年第一季度为13%。

截至本季度末,我们的现金余额总计为3580万美元,而去年第一季度末为1.223亿美元。在过去一年中,我们使用自由现金流与2019年3月的二次发行同时回购了1.07亿美元的次级投票权股票,偿还了4370万美元的长期债务,并在我们之前的NCIB下回购了940万美元的次级投票权股份。

正如您在我们的新闻稿中看到的那样,我们宣布有意通过多伦多证券交易所的设施续签我们的正常发行人投标,以回购和取消最多5%或360万美元的下属投票权股份。拥有NCIB设施使我们能够在市场条件允许的情况下机会性地购买股票,并在短期内抵消期权活动的稀释。随着我们的现金余额在下半年增长,我们将重新评估我们使用超额现金的选择。

Turning to our outlook. We expect positive comparable sales growth in the second quarter, driven by our strong brand momentum and the sell-through of the aforementioned spring summer purchases. We expect the flow-through of positive comparable sales will be impacted by higher markdowns and ongoing higher raw material costs, resulting in lower gross profit margin percentage for the second quarter compared to the same period last year.
For the full year in fiscal 2020, we continue to expect to deliver low double-digit revenue growth. We're moving revenue from the additional week in fiscal 2019. Net revenue in fiscal 2020 is expected to grow in the low to mid teens.
Gross margin expectations for the second half of the year have not changed. We continue to expect gross margin in the second half of the year to be lower than last year due to ongoing higher raw material costs. This, combined with the gross margin pressure in the second quarter, will translate into a moderately lower gross profit margin for fiscal 2020 compared to 2019.
We continue to expect SG&A to grow faster than revenue in fiscal 2020 as we make strategic investments in technology and infrastructure. These investments will predominantly be cloud-based and are now expensed where they previously would've been capitalized.
Incremental SG&A expenses related to these initiatives in fiscal 2020 are expected to be approximately $7 million to $8 million, and occur primarily in the second and third quarters. We continue to plan net capital expenditures of $45 million to $50 million, which include costs related to new and expanded, or repositioned stores in addition to infrastructure investments.
In conclusion, we're pleased with the strong quarter and the continued momentum in our business. We are confident our strategic investments we are making to advance our growth strategies will enable us to continue to deliver consistent revenue and profitable growth as we remain on track to achieve or exceed our fiscal 2021 financial targets.
With that, we will now welcome questions. Operator?

转向我们的观点。由于我们强劲的品牌动力和上述春夏季购买的销售,我们预计第二季度的销售增长将出现正增长。我们预计正面可比销售的流通将受到降价幅度较高和原材料成本持续上升的影响,导致第二季度毛利率较去年同期下降。

在2020财年全年,我们继续预计将实现两位数的低收入增长。我们的收入来自2019财年的额外一周。预计2020财年的净收入将在十几岁左右的中期增长。

今年下半年的毛利率预期没有改变。由于原材料成本持续上升,我们继续预计下半年毛利率将低于去年。与2019年相比,这与第二季度的毛利率压力相结合,将转化为2020财年适度降低的毛利率。

随着我们对技术和基础设施进行战略投资,我们继续预计SG&A的增长速度将超过2020财年的收入。这些投资将主要以云为基础,现在已在以前已资本化的地方进行支出。

2020财年与这些举措相关的增量SG&A费用预计约为700万美元至800万美元,主要发生在第二和第三季度。我们继续计划净资本支出4500万美元至5000万美元,其中包括与基础设施投资相关的新增和扩建或重新定位商店的相关成本。

总而言之,我们对强劲的季度以及我们业务的持续发展势头感到满意。我们相信,我们为推进增长战略而进行的战略投资将使我们能够继续提供稳定的收入和盈利增长,因为我们仍有望实现或超过2021财年的财务目标。

有了这个,我们现在欢迎提问。操作?

问答环节

Thank you. We will now begin the question-and-answer session. [Operator Instructions] The first question comes from Mark Petrie of CIBC. Please go ahead, sir.

谢谢。 我们现在开始问答环节。 [操作员说明]第一个问题来自CIBC的Mark Petrie。 请继续,先生。

Mark Petrie

Good afternoon. Just regarding the higher inventory and the change to the gross margin outlook. How much of that inventory overhang have you progressed through to-date in the second quarter? And Brian, you noted that the inventory overhang was obviously somewhat weather driven, but also driven by an aggressive approach to buying for spring summer. Would you have any reason to take a different stance in terms of your approach in buying for fall winter?

下午好。 只是考虑到更高的库存和毛利率前景的变化。 到目前为止,第二季度你有多少库存积压? 而Brian,你注意到库存过剩显然是天气驱动的,但也受到春夏购买积极方法的推动。 你有什么理由采取不同的立场来购买秋冬的方法吗?

Brian Hill

I'll be able to tell you that after the quarter, because although it puts pressure on our gross margin percent, we've yet to determine if that actually adds gross margin dollars. We think it might be adding gross margin dollars. We don't want to sustain this over a long period of time. But we went into the spring/summer season, understandably bullish with our product offerings, business being great and continues to be. And so we're quite aggressive with our initial buy.
Despite strong regular price season, which we had in the quarter, we ended the quarter obviously with the elevated inventory levels. And it was partially resulting from the unseasonable weather. But we've been selling through the spring summer product extremely well so far this quarter, and expect this will contribute to our top line revenue growth as we mentioned.
Correspondingly, we're going to put pressure on our gross margin, but we're pretty confident in about another two to three weeks, we're going to be exactly the same position we were last year. So, we're going to be looking to see in hindsight. I mean, if you have inventory because you had a bad early season, that's the problem. That means you had a bad season. We didn't have a bad season, we had a fabulous season.
So, we just have a bit of an overbuy. And therefore, we're going to work through that stock. And as I mentioned, I think we're going to be through most of it in the next two to three weeks. And then at that point in time, we'll be able to reflect back on our next call how that went. But I'm not losing any sleep over it at this point in time.

我可以告诉你,在本季度之后,因为虽然它对我们的毛利率造成压力,但我们尚未确定这是否真的会增加毛利率。我们认为这可能会增加毛利率。我们不想在很长一段时间内维持这一点。但是我们进入了春夏季节,可以理解的是我们的产品很好看,业务很好并且仍在继续。所以我们对最初的购买非常积极。

尽管我们在本季度的常规价格季节很强劲,但随着库存水平的提高,我们明显结束了本季度。而这部分是由于天气不合时宜造成的。但是,本季度到目前为止,我们一直在春夏产品销售非常好,并且预计这将有助于我们提到的收入增长。

相应地,我们将对我们的毛利率施加压力,但我们对另外两到三周的信心非常有信心,我们将与去年的情况完全相同。所以,我们将会事后看到。我的意思是,如果因为你的赛季初有糟糕而有库存,那就是问题所在。这意味着你有一个糟糕的赛季。我们没有糟糕的赛季,我们有一个美妙的赛季。

所以,我们只是有点过度购买。因此,我们将通过该股票进行工作。正如我所提到的,我认为我们将在接下来的两到三周内完成大部分工作。然后在那个时间点,我们将能够反思我们的下一次电话会话。但此时此刻,我并没有失去任何睡眠。

Mark Petrie

Okay, thanks. And in the past, you've given a sense of how the current quarter was tracking relative to the previous quarter on comps. This time you just said your outlook is for positive. How should investors interpret that?

好的谢谢。 在过去,您已经了解了当前季度相对于上一季度的比较情况。 这次你刚才说你的前景是积极的。 投资者应如何解读?

Todd Ingledew

Mark, it's Todd. We're pleased with the current performance of our business, but we're only five weeks into the quarter. So as Brian said, we still have a couple months ahead of us here. So, we do expect the momentum we've seen to continue, but too early in the quarter to put a stake in the ground.

马克,这是托德。 我们对目前的业务表现感到满意,但我们距离本季度只有五周。 正如布莱恩所说,我们在这里还有几个月的时间。 因此,我们确实预计我们看到的势头将持续下去,但在本季度过早的时候才能获得利润。

Mark Petrie

And then just last. Brian, thanks for the color on the store opening plans for the rest of this year. But wondering if you could just give us a bit of an update in terms of how the negotiations are progressing for fiscal 2021? And what your expectations would be in terms of store opening pace?

然后就是最后一次。 布莱恩,感谢今年剩余时间商店开业计划的颜色。 但是想知道你是否可以就2021财年的谈判进展情况给我们一些更新? 您对商店开业步伐的期望是什么?

Brian Hill

So things are rolling on pretty good, both on new stores and repositioned stores. And I just want to clarify something, so thanks for bringing this up. I want to make sure everybody understands why we're opening boutiques and continuing to open boutiques, because there is a lot of -- obviously, everybody's talking about online sales. And our boutiques drive meaningful profits for us. Every single store we've been opening, certainly, since we've gone public and almost every single store we have drives meaningful profits for us.
It helps us build brand awareness in our new markets. It drives significant client acquisition. Quite frankly, we get more client acquisition from our stores than we do our e-commerce channels. And it fuels our e-commerce sales. And so the net benefit of opening the stores is incredible. So we're going to continue open stores. And we think it's a core competency of ours, obviously, and how much profit they drive. And we think it's a strategic advantage we have over a lot of pure plays out there. So we're continuing to open stores.
In the following year, our pipeline looks super healthy, as I mentioned, both on new stores and repositioned stores, primarily new stores in the United States, repositioning stores in Canada. But we have a long way to go in the United States and the landlord's -- there's no shortage of landlords and locations clamoring to have an Aritzia store in their market. So our pipeline looks super healthy for next year. And some of them are finalized. I don't wish to share them at this point. And some of them are still in negotiations. But we're not going to have any problem fulfilling our objectives next year.

因此,无论是在新店还是重新定位的商店,情况都非常好。我只想澄清一些事情,所以感谢你提出这个问题。我想确保每个人都明白为什么我们要开设精品店并继续开设精品店,因为有很多 - 显然,每个人都在谈论在线销售。我们的精品店为我们带来了可观的利润。当然,我们开业的每一家商店,因为我们已经上市,几乎每家商店都为我们带来了可观的利润。

它有助于我们在新市场中树立品牌知名度。它推动了重要的客户获取。坦白地说,我们从我们的商店获得的客户比我们的电子商务渠道更多。它推动了我们的电子商务销售。因此,开设商店的净收益令人难以置信。所以我们要继续开店。我们认为这是我们的核心竞争力,显然,它们带来了多少利润。而且我们认为这是我们在很多纯粹游戏中的战略优势。所以我们继续开店。

在接下来的一年里,正如我所提到的,我们的管道看起来非常健康,无论是在新店和重新定位的商店,主要是在美国的新店,在加拿大重新定位商店。但我们在美国和房东方面还有很长的路要走 - 不乏地主和地点,要求在他们的市场上设立Aritzia商店。因此,明年我们的管道看起来非常健康。其中一些已经完成。我不想在此时分享它们。其中一些人仍在谈判中。但是明年我们的目标不会有任何问题。

会议主持员

The next question comes from Irene Nattel of RBC Capital Markets. Please go ahead.

接下来的问题来自RBC Capital Markets的Irene Nattel。 请继续。

Irene Nattel

Thanks, and good afternoon everyone. First of all, really impressed to see that same-store sales number notwithstanding the weather. But I really was intrigued by the partnership that you guys were talking about and the investments you're making around customer experience and e-commerce and this 360 view. And I was just wondering if you could elaborate a little bit, walk us through how that actually plays out from the perspective of the customer? And over what time period we're going to see you roll out these initiatives?

谢谢,大家下午好。 首先,尽管有天气,但同样的店铺销售数字仍然令人印象深刻。 但我真的很感兴趣的是你们所谈论的伙伴关系,以及你们围绕客户体验和电子商务以及360度观点所做的投资。 我只是想知道你是否可以详细说明一下,从我们客户的角度来看看它实际上是如何发挥作用的? 我们将在什么时间段看到你推出这些举措?

Jennifer Wong

Irene, its Jennifer. And we are very excited about the customer program, because we do think it has the ability to transform the way we do business and ultimately, set us apart from our competitors. And so, I would say of all of the -- for work streams in the overall program, we are not disclosing a hard date but we do expect to see some of that up and running in the next fiscal year. And so, I think what you'll see on the front end is you'll see the aspirational shopping experience and it will crossover on to online.

艾琳,它的珍妮弗。 我们对客户计划感到非常兴奋,因为我们认为它有能力改变我们的业务方式并最终使我们与竞争对手区别开来。 所以,我会说所有的 - 对于整个计划中的工作流程,我们并没有透露一个艰难的日期,但我们确实希望在下一个财政年度中看到其中的一些。 所以,我认为你会在前端看到的是你会看到有抱负的购物体验,它会在网上交叉。

Irene Nattel

And, if I am a customer going into your store with what you're going to do in the next year? How am I going to see experience this and I guess is what I'm really getting at?

而且,如果我是一名顾客带着您明年要做的事情进入您的商店? 我怎么会看到这种体验,我想我真正得到的是什么?

Brian Hill

Well, Jennifer, Irene hi, It's Brian.

嗯,珍妮弗,艾琳,嗨,这是布莱恩。

Jennifer Wong

This is we trying to get, because I think this is really cool.

这是我们想要的,因为我认为这真的很酷。

Brian Hill

Yes, and we think it's really cool too. And actually on a side note, not only we're mentioning SAP and I don't know, if they'll mention in their earnings call, but they phoned us this week and asked us in the SAP earnings call next week if they can talk about Aritzia and the partnership with Aritzia, which is pretty specialized, because SAP is a pretty big organization and the CEO wants to talk about us in their calls. So we'll see if it manifests itself in that.
But so the way we looked at it is we have between 3,000 and 4,000 frontline style advisors. And we need to empower them and give them the data and the tools to be able to really excel at their job and fulfill that everyday luxury goal that we have as an organization. So what we're giving them is data and that data will start off with just knowing exactly who their customer is, when they've communicated with those customers, what that customer has purchased, all the data necessary around them having all the facts at their disposal.
As we start to develop those, it allow us to do product recommendations, communicate with them on product recommendations, communicate them on events and things that are happening at Aritzia, as well as then the next tier would probably be more artificial intelligence around recommendations on product based on their past purchase history and other items that they have in their wardrobes and how we can wardrobe and bring in the whole AI thing.
So we're looking -- this as a multi-phased approach. And we just think that, from a customer perspective, it'll allow them through our style advisors to be able to have a whole different level of experience in our stores, because it'll be cognizant of their time to give recommendations that we think will resonate with them more. It'll allow us to track communications. So they're getting communicated at the appropriate times. And just allow us to make better informed decisions when we're communicating them. Whether it'd be offline and they're outside of the store, whether when they come into the store.
And if somebody such as yourself walks in the store and you see your preferred style advisor, and they will know all about what you purchase, not just in the store but online as well. And this will allow us to help things online and eventually personalize online and allow us to have personalized online experiences as well. So, we're super excited. It's not going to happen overnight. It's a big commitment on our part. And quite frankly, it's a big commitment on SAP's part. And it's obviously an important -- we're an important client for SAP, because we've done such a great job of implementing all the previous work streams we've done with them. So they’re super excited and confident and partnering with us on this.
And I think they're really excited as well, because of who we are and what we do and what we mean in the fashion business. I think that's important to them, too. So, we've created a great partnership. I know, I went -- few weeks ago I met with Bill McDermott in New York, the CEO and made a big effort to come see us. So, we're excited about everything, it's going to really propel both our retail and bricks and mortar business, but also e-commerce business for many years to come.

是的,我们认为这也很酷。实际上,在附注中,不仅我们提到SAP而且我不知道,如果他们在他们的财报电话会议中提及,但他们本周打电话给我们并在下周的SAP财报电话会议中询问他们是否可以谈论Ar​​itzia以及与Aritzia的合作关系,这是非常专业的,因为SAP是一个非常大的组织,CEO希望在他们的电话中谈论我们。因此,我们将看到它是否在其中表现出来。

但是我们看待它的方式是我们有3,000到4,000名前线风格的顾问。我们需要赋予他们权力,并为他们提供数据和工具,使他们能够真正擅长自己的工作,并实现我们作为一个组织所拥有的日常奢侈品目标。因此,我们给予他们的是数据,数据将从确切知道他们的客户是谁,何时与这些客户沟通,客户购买了什么,他们周围所需的所有数据以及所有相关事实开始。他们的处置。

当我们开始开发这些产品时,它允许我们提供产品推荐,与他们就产品推荐进行沟通,就Aritzia发生的事件和事情进行沟通,以及下一层可能是关于推荐的更多人工智能产品基于他们过去的购买历史和他们在衣橱里的其他物品,以及我们如何装箱和引入整个人工智能的东西。

所以我们正在寻找 - 这是一个多阶段的方法。我们只是认为,从客户的角度来看,它将允许他们通过我们的风格顾问能够在我们的商店中获得完全不同的经验水平,因为它会认识到他们提供我们认为的建议的时间会更多地与他们产生共鸣。它将允许我们跟踪通信。所以他们在适当的时候得到了沟通。只需让我们在沟通时做出更明智的决策。无论是否离线,他们都在商店之外,无论他们何时进入商店。

如果像你这样的人走进店里,你会看到你喜欢的风格顾问,他们会知道你所购买的东西,不仅仅是在商店,还有在线商店。这将使我们能够在线帮助并最终在线个性化,并允许我们提供个性化的在线体验。所以,我们非常兴奋。这不会在一夜之间发生。这是我们的重大承诺。坦率地说,这是对SAP的重大承诺。这显然很重要 - 我们是SAP的重要客户,因为我们在实施我们之前使用过的所有工作流方面做得非常出色。因此,他们非常兴奋,充满自信,并与我们合作。

而且我认为他们也非常兴奋,因为我们是谁,我们做什么以及我们在时尚界的意义。我认为这对他们也很重要。所以,我们建立了良好的合作伙伴关系。我知道,我去了 - 几个星期前,我在纽约会见了比尔麦克德莫特,首席执行官,并努力来看我们。因此,我们对所有事情感到兴奋,它将真正推动我们的零售和实体业务,以及未来许多年的电子商务业务。

Irene Nattel

And so it sounds as though, Brian, this is if I think of a three-year process. Is that reasonable?

所以听起来好像,Brian,如果我想到一个为期三年的过程。 这合理吗?

Brian Hill

Well, I think it's going to be ongoing. We look at this as very many phases. And I think I'll go back to Jen as far as the phases go.

好吧,我认为这将是持续的。 我们将这看作很多阶段。 而且我认为,就阶段而言,我会回到Jen身边。

Jennifer Wong

We do know with the digital selling tools that right now we're planning it to be launched in three phases. And so not unlike many of the other systems that we implement, we do it over a period of time to make sure that the change is absorbed appropriately, because it will introduce a lot of change, particularly with the style advisors in the store. So, yes, I would say its multi-year. I don't know if I could say three, or two, or four or what, but I think -- with any system that we implement we're always optimizing it once it's in.

我们确实知道数字销售工具,现在我们计划分三个阶段推出。 因此,与我们实施的许多其他系统不同,我们会在一段时间内完成,以确保适当地吸收更改,因为它会引入很多变化,特别是对于商店中的样式顾问。 所以,是的,我会说它多年。 我不知道我是否可以说三个,两个,四个或者什么,但我认为 - 对于我们实施的任何系统,我们总是会优化它。

Brian Hill

And then I'll add a bit, for the next several years, I think SAP will have more capabilities and have more tools at our disposals, they continue to develop too. So, there's probably going to be some implementation of -- further implementation of products and tools from SAP that they haven't completed even -- that we don't even have on our menu yet. So we think that's going to continue to evolve over long period of time. And we have a great relationship with SAP. They're an incredible company and they fueled our growth up to this point in time and backstopped it. And we like to think they're going to continue to do so for us for many years to come.

然后我会补充一点,在接下来的几年里,我认为SAP将拥有更多的功能,并且在我们的处理中拥有更多的工具,他们也会继续发展。 因此,可能会有一些实施 - 来自SAP的产品和工具的进一步实施甚至还没有完成 - 我们甚至没有在我们的菜单上。 所以我们认为这将在很长一段时间内继续发展。 我们与SAP有着良好的关系。 他们是一家令人难以置信的公司,他们将我们的成长推向了这个时间点,并为此提供了支持。 而且我们认为他们将在未来的许多年里继续为我们这样做。

会议主持员

The next question comes from Mark Altschwager of Baird. Please go ahead.

接下来的问题来自Baird的Mark Altschwager。 请继续。

Mark Altschwager

Good afternoon. Thanks for taking my question and nice start to the year. Just circling back on the Q2 outlook just with respect to the gross margin commentary. Any further color on the magnitude or pressure you'd expect? And given that plan pressure, are there any offsets on SG&A we should be thinking of as we adjust our models?

下午好。 感谢您提出我的问题和一年的美好开始。 就毛利率评论而言,只是围绕第二季度展望回调。 您期望的幅度或压力有任何进一步的颜色吗? 考虑到计划压力,在我们调整模型时,我们应该考虑SG&A的任何抵消吗?

Brian Hill

As far as further commentary, I think we provided some specifics around the year. And we expect the gross profit pressure from Q2. We haven't changed our outlook for Q3 and Q4. But we do expect the growth profit decline for the year to be moderately down. We are providing specifics on Q2. And we're always ensuring that we're spending appropriately. But as we've discussed we do have these initiatives that are being spent in Q2. So there aren't any offsets beyond where we've already forecasted SG&A.

至于进一步的评论,我认为我们在一年中提供了一些细节。 我们预计第二季度的毛利润压力很大。 我们没有改变对第三季度和第四季度的展望。 但我们确实预计今年的增长利润将适度下降。 我们正在提供有关Q2的细节。 而且我们始终确保我们的支出适当。 但正如我们所讨论的那样,我们确实在第二季度开展了这些举措。 因此,除了我们已经预测过SG&A之外,没有任何抵消。

Mark Altschwager

And then the SAP project sound very exciting. Also sounds like a lot of change from a systems' perspective. So maybe talk about what you're doing from a risk management perspective to protect against disruption in the business and the momentum in the business as these tools are implemented?

然后SAP项目听起来非常令人兴奋。 从系统的角度来看,听起来也有很多变化。 那么,或许可以从风险管理的角度谈谈您正在做些什么来防止业务中断以及这些工具实施时业务的发展势头?

Jennifer Wong

That's going back in 2008, we've had I would to say, tremendous track record of putting in large scale systems. So, if you just go back. starting with the SAP implementation, our first WMS implementation launching e-commerce, putting in two points of sales, the last point of sales being probably the most impactful and one might say highest risk, which affected all of our stores we have done very successfully.
There's one thing that we have honed it's our project management methodology. We have a fantastic project management team and broader business team that knows how to do these things. And so whenever we're going about putting in these projects, we apply our project methodology and we take into account all of the different business impacts and we have a running tally of how to mitigate that. And we apply basically the what, when and how much philosophy that we do with our entire business and making sure that what we do is right and when we do it is right, and how much it cost is appropriate. And if we stick to our guiding business principles, we usually achieve success.

这可以追溯到2008年,我们曾经说过,我们有很多关于投入大规模系统的记录。所以,如果你回去。从SAP实施开始,我们的第一个WMS实施启动电子商务,投入两个销售点,最后一个销售点可能是最有影响力的,也可能是最高风险,这影响了我们已经成功完成的所有商店。

我们已经磨练了一件事是我们的项目管理方法。我们拥有一支出色的项目管理团队和更广泛的业务团队,他们知道如何做这些事情。因此,每当我们开始投入这些项目时,我们都会应用我们的项目方法,并且我们会考虑所有不同的业务影响,并且我们有一个如何减轻这种影响的运行记录。我们基本上应用了我们对整个业务所做的事情,时间和理念,并确保我们所做的是正确的,当我们做的时候是正确的,以及它的成本是多少是合适的。如果我们坚持我们的指导性商业原则,我们通常会取得成功。

Mark Altschwager

And then finally just a bigger picture, the earnings outlook this year calls for slower growth given some of the heavier investment spend on systems and infrastructure. How should we be thinking about the key drivers to earnings re-acceleration in fiscal 2021? I guess back to the rates implied by your 2021 plan, it is between top line gross margin, SG&A leverage. How would you characterize the big drivers there?

然后最后只是一个更大的图景,今年的盈利前景要求增长放缓,因为系统和基础设施的投资支出较多。 我们应该如何考虑2021财年盈利再次加速的关键驱动因素? 我想回到你2021计划隐含的利率,它是在顶线毛利率,SG&A杠杆之间。 你如何描述那里的大司机?

Brian Hill

Well, the big drivers will continue to be what they have been and frankly what they were in Q1. Our new stores are expanded and re-positioned boutique, as well as our e-commerce continues to show significant strength. We also have our ongoing influencer program that we have been spending or are planning to spend increasing dollars in. And then the Phase 1 of these investments that we're making this year will benefit us from a revenue growth perspective in fiscal '21, as well as beyond.
And then from a COGS and SG&A perspective, we have been seeing raw material pressures. This year and last year, the Canadian dollar had been working against us. It's starting to strength a little bit right now. So depending on how that moves, we could see some positive benefits even in the second half of this year from that. And SG&A, well, we have the incremental $7 million to $8 million of investments. And we'll likely continue to have investments going forward. I'm not anticipating they would be at that level, because of the significance of what we're implementing this year.

嗯,重要的驱动因素将继续保持原样,坦率地说,他们在第一季度的表现如何。我们的新店扩建并重新定位精品店,以及我们的电子商务继续显示出强大的实力。我们还有持续的影响者计划,我们一直在花费或计划增加美元。然后我们今年进行的这些投资的第一阶段将从21财年的收入增长角度中受益。以及更远。

然后从COGS和SG&A的角度来看,我们一直看到原材料压力。今年和去年,加元一直在反对我们。它现在开始变得有点强了。因此,根据这种情况的变化,我们甚至可以从今年下半年看到一些积极的好处。而SG&A,我们有700万到800万美元的增量投资。而且我们可能会继续进行投资。我并不期待他们会达到那个水平,因为我们今年的实施意义重大。

会议主持员

The next question comes from Lorraine Hutchinson of Bank of America Merrill Lynch. Please go ahead.

接下来的问题来自美国银行美林的Lorraine Hutchinson。 请继续。

Lorraine Hutchinson

Thank you. Good afternoon. As you look to your fall and winter receipts, are you happy with the level and contents of those? Once you get through this spring inventory, do you feel like you're back on track to match that inventory with sales?

谢谢。 下午好。 当你查看你的秋冬收据时,你对这些的水平和内容感到满意吗? 一旦您完成了这个春季库存,您是否觉得自己重新回到了将库存与销售相匹配的轨道上?

Brian Hill

Yes, I mean we got to keep in mind that we were on track. We plan for some meaningful increases and we've gotten. We've received meaningful increases. We may be got a little ahead of skis and maybe if the weather was a little cooperative, little bit better, we would have done even better. But I don't want to use weather as an excuse. We always try to avoid it. And we had a great quarter. So, I'm not -- you don't win a championship and then start making excuses on why you won the championship. So, we had a great quarter.
And for fall, we're once again making strategic decisions on our inventory and buying some areas in depths. And we would like to think that we're going to be incredibly successful in those areas and hopeful that we'll continue to fuel our same-store, positive same-store sales growth. So, we have a very systemic, organized systemic inventory system that's being in place for a long time and how we go operate it. And we don't really make oversights or expose ourselves to risk nor the amount of risk, and we've talked about that from the get-go. And so, I don't see that changing. We don't see our systems changing.
We're obviously developed, continue to fine-tune and hone every system, not just inventory systems and purchasing decisions but throughout every decision throughout our organization. So we're always improving these things. But the only way and I learned a long, long time ago decades ago that the only way you're ever going to get an increase is if you are going to get an increase, you have to buy for an increase, because you're never going to get an increase if you buy for a decrease. So we're going to continue to buy for increases, because our business is really great and the momentum is incredible.
So, we're going to continue to buy for these increases and we have a great system of liquidating any excess purchases through our stores and through our e-commerce channels that doesn't cause us enormous amount of problems. But we just thought we'd identify and call out that we were sitting on more inventory than traditionally we have, but that was strategic in nature. And we're going to continue to make strategically positive inventory decisions, going forward.

是的,我的意思是我们必须牢记我们正在走上正轨。我们计划进行一些有意义的增加,我们已经得到了。我们收到了有意义的增长。我们可能比滑雪板领先一点,也许如果天气有点合作,好一点,我们会做得更好。但我不想以天气为借口。我们总是试图避免它。我们有一个很棒的季度。所以,我不是 - 你没有赢得冠军,然后开始为你赢得冠军的原因找借口。所以,我们有一个很棒的季度。

秋季,我们将再次对我们的库存做出战略决策,并深入购买一些领域。我们希望我们在这些领域取得令人难以置信的成功,并希望我们能够继续推动同店同店销售增长。因此,我们有一个非常系统化,有组织的系统库存系统,该系统已经存在很长时间以及我们如何运营它。我们并没有真正进行监督,也没有承担风险和风险,我们从一开始就谈到了这一点。所以,我没有看到改变。我们看不到我们的系统在变化。

我们显然已经开发,继续微调和磨练每个系统,不仅仅是库存系统和采购决策,而是整个组织的每个决策。所以我们总是在改进这些东西。但是,很久很久以前几十年前我学到的唯一方法就是你要增加的唯一方法就是如果你要增加,你必须购买增加,因为你是如果你买减价,永远不会增加。所以我们将继续购买增加,因为我们的业务非常好,而且势头令人难以置信。

因此,我们将继续购买这些增加,我们有一个很好的系统,通过我们的商店和我们的电子商务渠道清算任何多余的购买,这不会给我们带来大量的问题。但我们只是认为我们已经确定并且呼吁我们所拥有的库存比传统库存更多,但这本质上是战略性的。我们将继续做出具有战略意义的积极的库存决策。

会议主持员

The next question comes from Patricia Baker of Scotiabank. Please go ahead.

接下来的问题来自丰业银行的Patricia Baker。 请继续。

Patricia Baker

I had some key questions around the projects that Jennifer was talking about, but you've provided enough of an overview there and I also wanted to ask about the inventory, but that's been covered. But if I may, Brian, you had 7.9% same-store sale comp against up, quite a nice showing against a very strong comp last year. Can you talk to us about what items or what products might have been particularly successful in the first quarter?

我有一些关于Jennifer谈论的项目的关键问题,但是你已经提供了足够的概述,我也想询问库存,但这已被覆盖。 但是,如果我可以,Brian,你有7.9%的同店销售额反对,去年非常强劲的表现相当不错。 您能否与我们讨论第一季度哪些产品或哪些产品可能特别成功?

Brian Hill

Yes, I think, I wouldn't say we had any items or products that were success -- particularly successful in the first quarter. We have certain fabrications that we continue to develop fabrications in partnership with mills in Italy and Japan and places like that. And we've seen the fruits of some of those partnerships and the development of some of those fabrics, pay dividends for us. We're seeing some growth in some of our collections.
And specifically some of our collections that are professional collections and are little bit more structured and more finely constructive products have been trending extremely well for us, which is great because those are a lot harder to duplicate for other organizations that look to us. And so, I think that we didn't necessarily have any products or items. And so that we just go to add some categories of fabrications that are doing extremely well in certain direction of clothing and more constructive clothing that's actually performing extremely well for us.

是的,我想,我不会说我们有任何成功的产品或产品 - 在第一季度特别成功。我们有一些捏造,我们将继续与意大利和日本的工厂以及类似的地方合作开发制造。我们已经看到了其中一些合作伙伴关系的成果以及其中一些面料的开发,为我们带来了红利。我们看到一些收藏品有所增长。

特别是我们的一些专业系列,更具结构性和更精细的建设性产品,对我们来说非常好,这很好,因为对于那些关注我们的其他组织而言,这些更难以复制。所以,我认为我们不一定有任何产品或物品。因此,我们只是添加一些在服装的某个方向上做得非常好的制作类别以及对我们来说实际上表现非常好的更有建设性的服装。

Patricia Baker

Would you say that that performance is indicative that we would see those fabrications and that structures be in collections going forward for the rest of the year?

您是否会说这种表现表明我们会在今年剩余时间里看到那些捏造和结构在收藏中?

Brian Hill

Some of them for sure but other ones are specific to spring and summer. So, the various linens and things like that, rayon's are specific to spring and summer. And we'll see a whole new assortment of fabrications and rules and various silks and things like that for fall winter. So, that changes obviously as the seasons change. And what's great about our business is that we're not seasonal per se. I mean, we have great spring and summer fabrics and styles. And we have great fall and winter styles and fabrics. And as you know, we don't, unlike a lot of organizations that excel in one season or into the other, we'd like to approach it with a balanced view and make sure that we are balanced throughout the course of the year.

其中一些肯定,但其他一些是春季和夏季特有的。 因此,各种亚麻布和类似的东西,人造丝是特定的春季和夏季。 我们将看到全新的各种各样的制作和规则以及各种丝绸和类似秋冬的东西。 因此,随着季节的变化,这种变化显而易见。 我们的业务有什么好处,我们本身不是季节性的。 我的意思是,我们有很棒的春夏面料和款式。 我们有很棒的秋冬款式和面料。 如你所知,我们不会像许多在一个季节或另一个季节中表现优异的组织那样,我们希望以平衡的观点来看待它,并确保我们在一年中保持平衡。

会议主持员

Next question comes from Stephen MacLeod of BMO Capital Markets. Please go ahead.

下一个问题来自BMO Capital Markets的Stephen MacLeod。 请继续。

Stephen MacLeod

I just want to follow up on two things. Brian, you gave a lot of good color around the excess inventory level that you're currently sitting on. And I just wanted to clarify, and I know part of it is related to a higher initial buy. But did you also see a slowdown in traffic, in foot traffic? And if so, have you seen that rebound quarter-to-date, or subsequent to when you saw it -- if you saw traffic weakness peak as it rebounded?

我只是想跟进两件事。 Brian,你在目前所处的过剩库存水平上给出了很多好的颜色。 我只想澄清一下,我知道其中一部分与更高的初始购买有关。 但你是否也看到交通量减少,步行交通? 如果是这样,你是否看到过那个季度至今的反弹,或者在你看到它之后 - 如果你看到交通疲软的高峰反弹?

Brian Hill

No, we've actually haven't seen a slowdown in traffic. Our stores continue to see the same traffic in Canada. And we actually are seeing somewhat anecdotal but basically, we're seeing increased traffic in our stores in United States. And our e-commerce channels continue, both Canada, the U.S. and international, we're seeing increased traffic. So we're not seeing any decrease in traffic whatsoever anywhere in our stores or in our ecommerce channels at this point in time.
I think the weather did affect, perhaps maybe we would have seen even more traffic in certain areas and regions if the weather cooperated a little bit more. But at the end of the day, we're seeing increases already across in that in our business and traffic.

不,我们实际上没有看到流量放缓。 我们的商店继续在加拿大看到相同的流量。 我们实际上看到了一些轶事,但基本上,我们看到我们在美国的商店增加了流量。 我们的电子商务渠道仍在继续,包括加拿大,美国和国际,我们看到流量增加。 因此,我们目前在我们的商店或电子商务渠道的任何地方都没有看到任何流量减少。

我认为天气确实会影响,如果天气合作多一点,也许我们会在某些地区和地区看到更多的交通。 但在一天结束时,我们的业务和流量已经出现增长。

Stephen MacLeod

And when you think about wherever our excess inventory lies. Are there specific categories that that are causing it, or is it just broad based, I guess?

当你想到我们的多余库存在哪里时。 我猜是否存在导致它的特定类别,或者它是否只是广泛的?

Brian Hill

Its broad based. Truthfully, we're spending quite a bit of time talking about the inventory on this call. We suspected we would. We were discussing earlier today that if we had this call and released our financial numbers to-date two to three weeks from now, we won't even be in a position of being over inventory. So, this situation of having a little too much inventory, ironically, was a perfect storm of when it was peaking right around the end of the first quarter. And as I mentioned, if we by the end of July, we don't expect that we're going to have any more excess, we're going to be in exact same inventory position as we were the same time last year in two weeks, two to three weeks.

它的基础广泛。 说实话,我们花了很多时间谈论这次电话会议的广告资源。 我们怀疑我们会的。 我们今天早些时候讨论过,如果我们接到这个电话,并且从现在起两到三周内发布我们的财务数据,我们甚至不会处于过度库存状态。 因此,具有过多库存的具有讽刺意味的情况是在第一季度结束时达到峰值的完美风暴。 正如我所提到的,如果我们到7月底,我们不会期望我们会有更多的过剩,我们将与去年同期的两个完全相同的库存位置 几周,两到三周。

Stephen MacLeod

Well, that's an interesting way to think about it, and thank you. And then just finally in terms of the SAP partnership and some of the investments you're making around customer loyalty. Is there some loyalty program that you expected to launch?

它的基础广泛。 说实话,我们花了很多时间谈论这次电话会议的广告资源。 我们怀疑我们会的。 我们今天早些时候讨论过,如果我们接到这个电话,并且从现在起两到三周内发布我们的财务数据,我们甚至不会处于过度库存状态。 因此,具有过多库存的具有讽刺意味的情况是在第一季度结束时达到峰值的完美风暴。 正如我所提到的,如果我们到7月底,我们不会期望我们会有更多的过剩,我们将与去年同期的两个完全相同的库存位置 几周,两到三周。...

Brian Hill

Yes. I mean, we've discussed loyalty programs. We've discussed also which seem somewhat unrelated but are related is Aritzia app and things like that. And so, that will be all part of this digital selling tool as a loyalty program. I mean, are we going to have a traditional, you know, buy two get a third one free loyalty program? No, that's not how we do things, we're everyday luxury. But we're going to define what that loyalty and what a loyalty program looks like at Aritzia. And I'd like to be sitting here, I don't know, if it's maybe a year from now is certainly a little aggressive, but maybe couple years from now, two, three years from now and discussing the strength and the performance of this loyalty program putting in.
However, regardless, it will reflect whatever that loyalty program is. It will reflect what beyond brand and the everyday luxury that we want to do, it will reflect that. That said we already do have some forms of loyalty program in our stores. We have client events and gifting and things like that with clients existing. So, we've had a loyalty program and forms of loyalty program in Aritzia for over a decade now. It just isn't fueled by the sales tools that SAP can help us with. And so we're going to up the ante, so to speak, on the loyalty program at some point in time here, but we already do have one in place right now.

是。我的意思是,我们讨论过忠诚度计划。我们也讨论过看起来有些不相关但是相关的是Aritzia应用程序和类似的东西。因此,作为忠诚度计划,这将成为这种数字销售工具的一部分。我的意思是,我们是否会有一个传统的,你知道,购买两个获得第三个免费忠诚度计划吗?不,这不是我们做事的方式,我们每天都是奢侈品。但我们将在Aritzia中定义忠诚度和忠诚度计划的含义。而且我想坐在这里,我不知道,如果可能是一年之后肯定是有点激进,但也许几年后,从现在起两三年后讨论力量和性能这个忠诚度计划投入使用。

但是,无论如何,它都会反映忠诚度计划的内容。它将反映出我们想要做的超越品牌和日常奢侈品的东西,它将反映出这一点。这就是说我们已经在我们的商店里有一些形式的忠诚度计划。我们有客户活动和礼物以及与客户现有的类似的东西。所以,我们在Aritzia有十多年的忠诚度计划和忠诚度计划。 SAP可以帮助我们的销售工具并没有推动它。因此,我们可以在这里的某个时间点对忠诚度计划进行赌注,但我们现在已经有了一个。

会议主持员

There are no more questions at this time. This includes the question-and-answer session. I would now like to turn the conference back over to CEO, Brian Hill, for any closing remarks.

目前没有其他问题了。 这包括问答环节。 我现在想把会议重新交给首席执行官Brian Hill,以便发表任何结束语。

Brian Hill

Thank you. And thank you everybody for joining us today. In closing, our business continues to be incredible, and we're well positioned to capitalize on this next phase of growth we've discussed here today. We're extremely excited about the year ahead as we continue to grow our e-commerce to expand our new boutiques, particularly in the United States and drive our exclusive brands and product innovation. And finally, further grow our brand awareness and enhance our long-term profitability. So, I'd like to thank everybody for participating on our call today. We look forward to speaking with you again soon. Thank you.

谢谢。 谢谢大家今天加入我们。 最后,我们的业务继续令人难以置信,我们已准备好利用我们今天在此讨论的下一阶段增长。 随着我们不断发展电子商务以扩展我们的新精品店,特别是在美国,推动我们的独家品牌和产品创新,我们对未来一年感到非常兴奋。 最后,进一步提升我们的品牌知名度,提升我们的长期盈利能力。 所以,我要感谢大家今天参加我们的电话会议。 我们期待很快再次与您交谈。 谢谢。

会议主持员

This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天的电话会议结束了。 你可以断开你的线路。 感谢您的参与,祝您度过愉快的一天。

互联网券商的港股、美股开户教程

如果您对美股 或者 港股也感兴趣, 或者想要了解如何开户, 可以加我wechat: xiaobei006006, 同时也可以拉您进美股交流群哦。
最后的最后 祝大家都有一个美好的投资生活哦。

大家也可以关注【美股指南】公众号, 即可获得《小白投资美股指南(雪球「岛」系列)》电子书

写在最后

友情提示 转载请注明出处: https://investguider.com/topics/10846
暂无回复。
需要 登录 后方可回复, 如果你还没有账号请点击这里 注册