<p>城市生活用品连锁（Urban Outfitters (URBN)）已举行其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<p>城市生活用品连锁最新的财报电话会议传达了乐观的语气，管理层强调了创纪录的销售额、扩大的利润率以及品牌在整个产品组合中的强劲表现。领导者承认关税、SG&amp;A 上升和天气影响门店的逆风，但将其视为可控的投资，认为这是盈利能力和规模的重大转变之年。</p>
<h2>创纪录的收入和盈利激增</h2>
<p>第四季度总收入增长 10%，达到创纪录的 18 亿美元，得益于品牌和渠道的广泛强劲表现。调整后的每股收益在本季度跃升 38%，净收入增长 33%，达到 1.31 亿美元，或每稀释股 1.43 美元。</p>
<h2>全年增长和盈利能力扩展</h2>
<p>在 2026 财年，总销售额增长 11%，公司将收入增长转化为更强的利润增长。毛利润增长约 15%，营业利润激增 28%，每股收益增长 35%，突显出业务盈利能力的改善。</p>
<h2>毛利率和运营杠杆</h2>
<p>第四季度毛利润增长 14%，接近 6 亿美元，毛利率提高 101 个基点，达到 33.3%。全年毛利率扩大 126 个基点，营业利润率改善 128 个基点，使第四季度营业收入增长 27%，达到 1.59 亿美元。</p>
<h2>零售品牌实现广泛的可比销售增长</h2>
<p>所有零售品牌在第四季度均实现了正的可比销售，总体零售可比销售超过 5%。数字渠道略微超过门店，表明在线需求健康，即使实体店仍继续对增长做出重要贡献。</p>
<h2>Nuuly 快速扩张，盈利能力改善</h2>
<p>订阅租赁平台 Nuuly 在第四季度的收入增长约 43%，活跃订阅者增长超过 40%，比去年增加了超过 12 万。全年收入超过 5 亿美元，营业利润率改善超过 260 个基点，使 Nuuly 的盈利能力提升超过 2100 万美元。</p>
<h2>FP Movement 和批发表现优异</h2>
<p>FP Movement 表现突出，第四季度收入增长 29%，零售部门可比销售增长 21%，该运动休闲品牌获得了良好的市场反响。批发收入在本季度增长 9%，在 Free People 批发中增长 10%，得益于 FP Movement 和在专业店合作伙伴中的持续势头。</p>
<h2>城市生活用品品牌的转型</h2>
<p>全球城市生活用品在第四季度实现了 10% 的零售部门可比销售，其中北美增长 8%，欧洲增长 12%，标志着显著的转变。该品牌恢复了适度的全年盈利能力，得益于欧洲业绩的强劲和北美损失的缩小，尽管管理层表示仍需进一步进展。</p>
<h2>资本支出和门店扩张策略</h2>
<p>管理层制定了约 3.85 亿美元的 2027 财年资本计划，约 40% 用于新零售门店，40% 用于物流，20% 用于技术和总部。公司计划开设约 57 家新门店，关闭约 14 家，净增长重点集中在 FP Movement、Free People 和 Anthropologie 门店。</p>
<h2>关税、利润压力和 SG&amp;A 投资</h2>
<p>关税大约削减了第四季度毛利率和营业利润率的 75 个基点，全年约 35 个基点，即使在减轻措施之后。展望未来，由于关税上升导致的初始标价降低和 SG&amp;A 增长超过销售，包括对市场营销和代理 AI 技术的投资，预计将对近期利润率施加压力。</p>
<h2>天气和 Anthropologie 门店疲软</h2>
<p>极端的二月份天气，特别是在美国东海岸，影响了多个品牌的门店流量，导致 2027 财年初期的业绩受挫。Anthropologie 在第四季度的总零售可比销售增长 4%，得益于数字渠道，而门店可比销售持平，季度初的风暴使门店业绩落后于计划，促使计划的折扣略有增加。</p>
<h2>北美城市生活用品仍在恢复中</h2>
<p>尽管全球城市生活用品品牌已恢复盈利，管理层强调北美仍在持续改进中。目标是通过更好的产品组合、更严格的执行和持续的成本控制，逐步将该地区的营业利润率提升至中高个位数范围。</p>
<h2>非运营捐赠影响业绩</h2>
<p>报告的结果还反映了一次性 4600 万美元的捐赠，计入运营线以下。该非运营支出影响了季度收益，但并未改变销售增长或核心运营表现的基本轨迹。</p>
<h2>2027 财年的指导和展望</h2>
<p>管理层预计 2027 财年总销售增长将达到高个位数，零售可比销售中个位数增长，Nuuly 中双位数增长，批发中个位数增长，第一季度也将实现类似的高个位数增长。他们预计全年毛利率将扩张约 25 个基点，SG&amp;A 增长将超过销售，库存增长与销售持平或低于销售，同时继续回购股票，关税结果可能带来一些上行空间。</p>
<p>城市生活用品的电话会议描绘了一家零售商在经历过渡年后，品牌更强、利润率更好以及清晰的数字和物流投资路线图。尽管关税、较高的 SG&amp;A 和多变的天气可能限制近期利润率的上行空间，但管理层的自信指导和广泛的增长表明，投资者可能会将当前的支出视为下一轮盈利扩张的动力。</p>

线上零售 ETF - Amplify

城市生活用品连锁

在线零售 ETF - ProShares

零售业 ETF - VanEck Vectors

电子商务 ETF - GlobalX

标普零售指数 ETF - SPDR

<p>城市生活用品连锁（URBN）公布了强劲的第四季度财报，总收入增长 10%，达到 18 亿美元，调整后的每股收益增长 38%。公司在各品牌之间实现了广泛的销售增长，数字渠道的表现略优于实体店。其订阅平台 Nuuly 的收入增长显著，达到 43%。尽管面临关税和天气带来的挑战，管理层依然保持乐观，预计 2027 财年的销售增长将达到高个位数。公司计划投入 3.85 亿美元用于门店扩张和物流改善</p>

<p>Urban Outfitters ((URBN)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>城市生活用品连锁（Urban Outfitters (URBN)）已举行其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<li>通过最新的新闻和分析保持市场领先，最大化您的投资组合潜力</li>
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</div><p>Urban Outfitters’ latest earnings call struck an upbeat tone as management highlighted record sales, expanding margins and robust brand performance across the portfolio. Leaders acknowledged headwinds from tariffs, rising SG&amp;A and weather‑hit stores, but framed them as manageable investments on top of what they called a step‑change year in profitability and scale.</p>
<div class="lb-trans"><p>城市生活用品连锁最新的财报电话会议传达了乐观的语气，管理层强调了创纪录的销售额、扩大的利润率以及品牌在整个产品组合中的强劲表现。领导者承认关税、SG&amp;A 上升和天气影响门店的逆风，但将其视为可控的投资，认为这是盈利能力和规模的重大转变之年。</p>
</div><h2>Record Revenue and Earnings Surge</h2>
<div class="lb-trans"><h2>创纪录的收入和盈利激增</h2>
</div><p>Total revenue climbed 10% in the fourth quarter to a record $1.8 billion, fueled by broad‑based strength across brands and channels. Adjusted earnings per share jumped 38% in the quarter, while net income rose 33% to $131 million, or $1.43 per diluted share.</p>
<div class="lb-trans"><p>第四季度总收入增长 10%，达到创纪录的 18 亿美元，得益于品牌和渠道的广泛强劲表现。调整后的每股收益在本季度跃升 38%，净收入增长 33%，达到 1.31 亿美元，或每稀释股 1.43 美元。</p>
</div><h2>Full-Year Growth and Profitability Expansion</h2>
<div class="lb-trans"><h2>全年增长和盈利能力扩展</h2>
</div><p>For fiscal 2026, total sales advanced 11% as the company translated top‑line gains into even stronger profit growth. Gross profit dollars increased about 15%, operating profit surged 28% and earnings per share rose 35%, underscoring improved profitability across the business.</p>
<div class="lb-trans"><p>在 2026 财年，总销售额增长 11%，公司将收入增长转化为更强的利润增长。毛利润增长约 15%，营业利润激增 28%，每股收益增长 35%，突显出业务盈利能力的改善。</p>
</div><h2>Gross Margin and Operating Leverage</h2>
<div class="lb-trans"><h2>毛利率和运营杠杆</h2>
</div><p>Fourth‑quarter gross profit dollars grew 14% to nearly $600 million, lifting the gross margin rate by 101 basis points to 33.3%. For the year, gross margin expanded 126 basis points and operating margin improved by 128 basis points, pushing Q4 operating income up 27% to $159 million.</p>
<div class="lb-trans"><p>第四季度毛利润增长 14%，接近 6 亿美元，毛利率提高 101 个基点，达到 33.3%。全年毛利率扩大 126 个基点，营业利润率改善 128 个基点，使第四季度营业收入增长 27%，达到 1.59 亿美元。</p>
</div><h2>Retail Brands Deliver Broad-Based Comp Gains</h2>
<div class="lb-trans"><h2>零售品牌实现广泛的可比销售增长</h2>
</div><p>All retail banners posted positive comparable sales in the fourth quarter, with overall retail comps exceeding 5%. Digital channels slightly outpaced stores, signaling healthy online demand even as brick‑and‑mortar continued to contribute meaningfully to growth.</p>
<div class="lb-trans"><p>所有零售品牌在第四季度均实现了正的可比销售，总体零售可比销售超过 5%。数字渠道略微超过门店，表明在线需求健康，即使实体店仍继续对增长做出重要贡献。</p>
</div><h2>Nuuly Scales Rapidly With Improving Profitability</h2>
<div class="lb-trans"><h2>Nuuly 快速扩张，盈利能力改善</h2>
</div><p>Subscription rental platform Nuuly saw revenue jump about 43% in Q4, driven by more than 40% growth in active subscribers, adding over 120,000 versus a year earlier. Full‑year revenue topped $500 million and operating margin improved by more than 260 basis points, lifting Nuuly’s profitability by over $21 million.</p>
<div class="lb-trans"><p>订阅租赁平台 Nuuly 在第四季度的收入增长约 43%，活跃订阅者增长超过 40%，比去年增加了超过 12 万。全年收入超过 5 亿美元，营业利润率改善超过 260 个基点，使 Nuuly 的盈利能力提升超过 2100 万美元。</p>
</div><h2>FP Movement and Wholesale Outperformance</h2>
<div class="lb-trans"><h2>FP Movement 和批发表现优异</h2>
</div><p>FP Movement remained a standout, with Q4 revenue up 29% and a 21% retail segment comp as the athleisure‑driven brand gains traction. Wholesale revenue grew 9% in the quarter and 10% at Free People wholesale, powered by FP Movement and continued momentum in specialty store partners.</p>
<div class="lb-trans"><p>FP Movement 表现突出，第四季度收入增长 29%，零售部门可比销售增长 21%，该运动休闲品牌获得了良好的市场反响。批发收入在本季度增长 9%，在 Free People 批发中增长 10%，得益于 FP Movement 和在专业店合作伙伴中的持续势头。</p>
</div><h2>Urban Outfitters Brand Turnaround</h2>
<div class="lb-trans"><h2>城市生活用品品牌的转型</h2>
</div><p>Global Urban Outfitters posted a 10% retail segment comp in Q4, including 8% in North America and 12% in Europe, marking a sharp turnaround. The brand returned to modest full‑year profitability, helped by stronger European results and narrowing losses in North America, though management said further progress is still needed.</p>
<div class="lb-trans"><p>全球城市生活用品在第四季度实现了 10% 的零售部门可比销售，其中北美增长 8%，欧洲增长 12%，标志着显著的转变。该品牌恢复了适度的全年盈利能力，得益于欧洲业绩的强劲和北美损失的缩小，尽管管理层表示仍需进一步进展。</p>
</div><h2>CapEx and Store Expansion Strategy</h2>
<div class="lb-trans"><h2>资本支出和门店扩张策略</h2>
</div><p>Management laid out a sizable fiscal 2027 capital plan of about $385 million, with roughly 40% directed to new retail stores, 40% to logistics and 20% to technology and home office. The company plans to open around 57 stores and close about 14, with net growth focused on FP Movement, Free People and Anthropologie locations.</p>
<div class="lb-trans"><p>管理层制定了约 3.85 亿美元的 2027 财年资本计划，约 40% 用于新零售门店，40% 用于物流，20% 用于技术和总部。公司计划开设约 57 家新门店，关闭约 14 家，净增长重点集中在 FP Movement、Free People 和 Anthropologie 门店。</p>
</div><h2>Tariffs, Margin Pressure and SG&amp;A Investments</h2>
<div class="lb-trans"><h2>关税、利润压力和 SG&amp;A 投资</h2>
</div><p>Tariffs shaved roughly 75 basis points from Q4 gross and operating margin rates and about 35 basis points for the year, even after mitigation efforts. Looking ahead, lower initial markups from higher tariffs and SG&amp;A growth outpacing sales, including investments in marketing and agentic AI technology, are expected to pressure near‑term margins.</p>
<div class="lb-trans"><p>关税大约削减了第四季度毛利率和营业利润率的 75 个基点，全年约 35 个基点，即使在减轻措施之后。展望未来，由于关税上升导致的初始标价降低和 SG&amp;A 增长超过销售，包括对市场营销和代理 AI 技术的投资，预计将对近期利润率施加压力。</p>
</div><h2>Weather and Anthropologie Store Softness</h2>
<div class="lb-trans"><h2>天气和 Anthropologie 门店疲软</h2>
</div><p>Extreme February weather, particularly on the U.S. East Coast, weighed on in‑store traffic across multiple banners early in fiscal 2027. Anthropologie saw a 4% total retail comp in Q4 driven by digital while store comps were flat, and early‑quarter storms pushed stores behind plan, prompting slightly higher planned markdowns.</p>
<div class="lb-trans"><p>极端的二月份天气，特别是在美国东海岸，影响了多个品牌的门店流量，导致 2027 财年初期的业绩受挫。Anthropologie 在第四季度的总零售可比销售增长 4%，得益于数字渠道，而门店可比销售持平，季度初的风暴使门店业绩落后于计划，促使计划的折扣略有增加。</p>
</div><h2>Urban North America Still in Recovery</h2>
<div class="lb-trans"><h2>北美城市生活用品仍在恢复中</h2>
</div><p>While the global Urban Outfitters brand is back in the black, management stressed that North America remains a work in progress. The goal is to lift the region’s operating margin into the mid‑ to high‑single‑digit range over time through better assortments, tighter execution and ongoing cost discipline.</p>
<div class="lb-trans"><p>尽管全球城市生活用品品牌已恢复盈利，管理层强调北美仍在持续改进中。目标是通过更好的产品组合、更严格的执行和持续的成本控制，逐步将该地区的营业利润率提升至中高个位数范围。</p>
</div><h2>Non-Operational Donation Impacts Results</h2>
<div class="lb-trans"><h2>非运营捐赠影响业绩</h2>
</div><p>Reported results also reflected a one‑time $46 million contribution to a donor‑advised fund that was booked below the operating line. The non‑operational expense affected quarterly earnings but did not alter the underlying trajectory of sales growth or core operating performance.</p>
<div class="lb-trans"><p>报告的结果还反映了一次性 4600 万美元的捐赠，计入运营线以下。该非运营支出影响了季度收益，但并未改变销售增长或核心运营表现的基本轨迹。</p>
</div><h2>Guidance and Outlook for FY 2027</h2>
<div class="lb-trans"><h2>2027 财年的指导和展望</h2>
</div><p>Management guided to high‑single‑digit total sales growth in fiscal 2027, with mid‑single‑digit retail comps, mid‑double‑digit Nuuly gains and mid‑single‑digit wholesale growth, and similar high‑single‑digit growth in Q1. They expect about 25 basis points of full‑year gross margin expansion, SG&amp;A growth ahead of sales, inventory growing at or below sales and continued buybacks, while tariff outcomes could provide some upside.</p>
<div class="lb-trans"><p>管理层预计 2027 财年总销售增长将达到高个位数，零售可比销售中个位数增长，Nuuly 中双位数增长，批发中个位数增长，第一季度也将实现类似的高个位数增长。他们预计全年毛利率将扩张约 25 个基点，SG&amp;A 增长将超过销售，库存增长与销售持平或低于销售，同时继续回购股票，关税结果可能带来一些上行空间。</p>
</div><p>Urban Outfitters’ call painted a picture of a retailer emerging from a transition year with stronger brands, better margins and a clear digital and logistics investment roadmap. While tariffs, heavier SG&amp;A and volatile weather may constrain near‑term margin upside, management’s confident guidance and broad‑based growth suggest investors may see the current spending as fuel for the next leg of earnings expansion.</p>
<div class="lb-trans"><p>城市生活用品的电话会议描绘了一家零售商在经历过渡年后，品牌更强、利润率更好以及清晰的数字和物流投资路线图。尽管关税、较高的 SG&amp;A 和多变的天气可能限制近期利润率的上行空间，但管理层的自信指导和广泛的增长表明，投资者可能会将当前的支出视为下一轮盈利扩张的动力。</p>
</div>

城市生活用品连锁的财报电话会议显示出盈利的良好势头