Research Reports

Prepared Highlights

Q4 2025 total net revenue rose 1% to $3.6 billion; excluding the 53rd week, revenue rose 6% (4% constant currency), comparable sales +2% (prepared).
North America revenue flat (ex-53rd week, constant currency), comparable sales –2%; U.S. revenue –1%, Canada +3% (prepared).
China Mainland revenue +28% (ex-53rd week, constant currency), comparable sales +26%; Rest of World revenue +12%, comparable sales +5% (prepared).
Gross margin 54.9% vs 60.4% in Q4 2024 (–550 bps); driven by 560 bps decline in product margin (tariffs –520 bps, markdowns –130 bps, efficiency offsets +110 bps) (CFO).
SG&A $1.2bn, 32.5% of revenue vs 31.5% last year (+100 bps) (CFO).
Operating income $812mm, 22.3% of revenue vs 28.9% last year (CFO).
Net income $587mm, EPS $5.01 vs $6.14 last year (CFO).
CapEx $183mm in Q4; full-year CapEx guidance $725–$745mm (~6% of revenue) (CFO).
Inventory $1.7bn (+18% dollar, +6% units); below high-single-digit unit guidance (CFO).
Share repurchases ~1.4mm shares at avg $188 in Q4; $1.2bn full-year; $1.2bn remaining (CFO).
Full-year 2026 guidance: revenue $11.35bn–$11.5bn (+2%–4%); EPS $12.10–$12.30 vs $13.26 in 2025; gross margin –120 bps; SG&A deleverage ~130 bps; operating margin –250 bps (CFO).
Q1 2026 guidance: revenue $2.4bn–$2.43bn (+1%–3%); EPS $1.63–$1.68 vs $2.60 last year; gross margin –380 bps; SG&A deleverage 330 bps; operating margin –710 bps (CFO).
Tariffs: 2025 gross cost $275mm, offset $62mm; 2026 anticipated gross ~$380mm, offset ~$160mm within gross margin (CFO).
New store openings: 40–45 net company-operated stores in 2026 (~15 in North America including 8 in Mexico, 25–30 international); square footage growth low double digits (CFO).

Mgmt quotes:

“We are actively making the changes needed to increase newness, enhance the guest experience in stores and online and improve our performance.” (Andre Maestrini, interim Co-CEO)
“We are returning to full-price sales growth in North America… through the inflection of product newness and reducing the level of markdowns, SKU reduction and the rebalancing of inventory levels.” (Meghan Frank, interim Co-CEO/CFO)
“We have increased our new style penetration to approximately 35% in North America with our new spring merchandise.” (Andre Maestrini)
“We are already seeing better full-price sell-through in Q1 relative to Q4, and we are targeting further improvement as we move through the year.” (Andre Maestrini)
“We recognize that it will take some time to see the benefits of these actions, but we are confident that these are the right moves.” (Meghan Frank)

Prepared Metrics

Metric	Value	Speaker/Context
Total net revenue (Q4)	$3.6bn (+1% reported; +6% ex-53rd week; +4% constant currency)	CFO, prepared
North America revenue (Q4)	Flat ex-53rd wk/CC; comparable sales –2%	CFO, prepared
China Mainland revenue (Q4)	+28% ex-53rd wk/CC; comparable sales +26%	CFO, prepared
Rest of World revenue (Q4)	+12% ex-53rd wk/CC; comparable sales +5%	CFO, prepared
Gross margin (Q4)	54.9% (–550 bps YoY)	CFO, prepared
Operating income (Q4)	$812mm (22.3% of revenue)	CFO, prepared
EPS (Q4)	$5.01 (vs $6.14 last year)	CFO, prepared
Inventory (Q4 end)	$1.7bn (+18% dollar; +6% units)	CFO, prepared
Full-year 2026 revenue guidance	$11.35bn–$11.5bn (+2%–4%)	CFO, prepared
Full-year 2026 EPS guidance	$12.10–$12.30	CFO, prepared
Q1 2026 revenue guidance	$2.4bn–$2.43bn (+1%–3%)	CFO, prepared
Q1 2026 EPS guidance	$1.63–$1.68	CFO, prepared
CapEx (full-year 2026)	$725mm–$745mm (~6% of revenue)	CFO, prepared
New company-operated stores (2026)	40–45 net new; ~35 optimizations	CFO, prepared

Q&A Batch (1-5 of 8)

Q1 — Brooke Roach

Topic: 北美全价销售改善时间线与降价影响
Key points:
- Q1 全价趋势较 Q4 出现有意义拐点；Q2 预计基本持平；下半年转为正增长。
- 2025 年 Q4 降价率同比上升 130 个基点，全年上升 60 个基点；2026 年全年降价率预计小幅改善，主要集中在下半年，Q1 仅小幅上升。
- 新创新产品（Unrestricted Power、ThermoZen、ShowZero）及本月早期的跑鞋胶囊已推动全价改善，员工销售在过去几周也有所回升。
Mgmt stance: 中性偏积极；看到早期积极信号，但完全转正需时间，下半年才可期待。

Q2 — Lorraine Maikis

Topic: 市场营销策略调整
Key points:
- 正在重新审视营销策略：增加品牌合适的 KOL 与大使使用，强化线下活动激活（BNP Paribas 网球公开赛、米兰奥运会、洛杉矶 Studio Yet、中国新年活动）。
- 强调让新品在客人面前更突出、更可见。
Mgmt stance: 中性；策略正在调整，但未给出具体金额或目标变化。

Q3 — Adrienne Yih-Tennant

Topic: 35% 新意构成、SKU 淘汰、组织架构与 AI 相关的资本支出
Key points:
- 新意渗透率从 2025 年的 23% 提升至 2026 年的 35%，定义为“客人从未见过的新产品”，非仅新配色。
- 正在进行 SKU 缩减，使新意更突出。
- Jonathan Cheung（创意总监）与 Liz Binder（首席商人）均向 CFO Meghan Frank 汇报。
- 部分资本支出投入 AI 领域，主要用于客人界面、上市日历提速及数据基础建设。
Mgmt stance: 中性；描述现有安排与计划，未给出具体金额或效果评估。

Q4 — Laurent Vasilescu

Topic: 北美全价实现率细节、2026 年门店扩张计划与营销支出
Key points:
- 2025 年降价偏高（Q4 同比+130bps，全年+60bps）；2026 年 Q1 全价改善显著但仍为负，Q2 左右持平，下半年转正。
- 2026 年计划净开 40–45 家新店（北美约 15 家，多数在墨西哥；国际 25–30 家，主要在中国大陆），对应低双位数平方英尺增长；新店投资回报率 >100%，每平方英尺销售额超 1,400 美元。
- 营销支出占收入比例预计相对平稳，但结构向活动激活及 KOL 转移。
Mgmt stance: 中性；对门店扩张有信心（ROI 高），但新 CEO 上任后可能重新审视；营销策略调整但规模不变。

Q5 — Matthew Boss

Topic: 营收增长指引桥梁（Q4 4% → Q1 1–3% → 全年 2–4%）与运营利润率下降原因
Key points:
- Q4 剔除第 53 周后营收增长 6%；Q1 指引 1–3%，全年 2–4%。核心是全价销售恢复节奏：Q1 仍为负，Q2 持平，下半年加速。
- 运营利润率下降约 250 个基点，主要源于 2025 年削减的激励薪酬

Q&A Batch (6-8 of 8)

Q6 — Paul Lejuez

Topic: 国际市场全价销售表现及新货占比
Key points:
- 国际市场未出现北美全价销售的逆风，管理层对当前国际全价水平满意。
- 国际业务采用品牌优先、全价专注、多样化产品组合、高规格门店体验和社区活动（如中国Summer Sweat Games）的模型。
- 全球层面的新产品开发和激活计划将惠及所有市场，支撑全价实现。
Mgmt stance: 中性偏乐观，认为国际全价销售稳定，同时全球产品创新可进一步巩固趋势。

Q7 — Michael Binetti

Topic: 加拿大销售放缓及设计周期缩短进展
Key points:
- 加拿大消费者对折扣更敏感，导致全价提升效果较美国更明显，但公司预计通过品类调整和活动刺激可恢复。
- 设计到上市周期目标从18–24个月缩短至12–14个月，重点依赖工具、流程、系统及AI自动化。
- 新上任的技术负责人有AI背景，团队对简化流程充满动力。
Mgmt stance: 中性，加拿大短期有压力但长期有改善机会；设计周期缩短有明确目标且已获内部支持。

（补充问题）：高端客户（high-value guest）恢复情况

Key points:
- 季度初期尚早，需更多时间观察高端客户趋势。
- 已看到新品发布带来的积极信号，预计高端客户也将受益。
Mgmt stance: 谨慎乐观，等待更多数据确认。

Q8 — Dana Telsey

Topic: 市场份额、产品表现及新品反馈
Key points:
- 在整体服装市场份额持平，运动服市场丢失不到1个百分点，仍保持美国女装运动服#1品牌地位。
- 上下装均表现良好：Unrestricted Power创新覆盖女装紧身裤、男装短裤及上衣；ThermoZen外套创新；Easy Five和Groove Wide-Leg裤装；跑装胶囊系列涵盖上下装。
- 团队正基于成功经验持续追单，并指导未来季节创意方向。
Mgmt stance: 中性偏乐观，份额稳定且新品有积极反馈，学习成果将用于后续季度。