Bed Bath & Beyond Inc (BBBY) 2019 Q4 法說會逐字稿

Welcome to the Bed Bath & Beyond's Fourth Quarter Fiscal 2019 Earnings Call.

歡迎來到 Bed Bath & Beyond 2019 財年第四季度財報電話會議。

(Operator Instructions) Today's conference call is being recorded.

（操作員說明）正在錄製今天的電話會議。

A rebroadcast of the conference call will be available beginning on Wednesday, April 15, 2020, at 8 p.m.

將於 2020 年 4 月 15 日星期三晚上 8 點開始重播電話會議。

Eastern Time through 8:00 p.m.

東部時間晚上 8:00

Eastern Time on Friday, April 17, 2020.

東部時間 2020 年 4 月 17 日星期五。

To access the rebroadcast, you may dial 1 (888) 843-7419 and enter passcode ID number 6105417#.

要觀看轉播，您可以撥打 1 (888) 843-7419 並輸入密碼 ID 號 6105417#。

At this time, I'd like to turn the conference call over to Janet Barth, Vice President, Investor Relations.

此時，我想將電話會議轉交給投資者關係副總裁 Janet Barth。

Please go ahead.

請繼續。

Thank you, and good afternoon, everyone.

謝謝，大家下午好。

Welcome to our fiscal 2019 fourth quarter earnings call.

歡迎來到我們的 2019 財年第四季度財報電話會議。

Today, we are coming to you from different locations as we are strictly adhering to the recommended social distancing guidelines.

今天，我們嚴格遵守建議的社交距離準則，因此從不同地點前來與您聯繫。

Please bear with us if you experience any minor delays or mixed audio quality on the call.

如果您在通話中遇到任何輕微的延遲或混雜的音頻質量，請多多包涵。

On the line with me today is President and CEO, Mark Tritton; and Chief Financial Officer and Treasurer, Robyn D'Elia.

今天與我通話的是總裁兼首席執行官馬克·特里頓 (Mark Tritton)；首席財務官兼財務主管 Robyn D'Elia。

Before I hand you over to Mark for opening remarks, I will, as usual, take you through the legal safe harbor and cautionary declarations.

在我將您交給 Mark 發表開場白之前，我將像往常一樣帶您了解法律安全港和警告聲明。

I want to remind you that our fiscal 2019 fourth quarter earnings release and slide presentation can be found in the Investor Relations section of our website at www.bedbathandbeyond.com and as exhibits to the Form 8-K we filed just ahead of the call.

我想提醒您，我們的 2019 財年第四季度收益發布和幻燈片演示可以在我們網站 www.bedbathandbeyond.com 的投資者關係部分找到，並且作為我們在電話會議之前提交的 8-K 表格的展品。

This conference call and the slides we refer to may contain forward-looking statements, including statements about or references to our outlook regarding the company's performance, our internal models and our long-term objectives.

本次電話會議和我們參考的幻燈片可能包含前瞻性陳述，包括關於我們對公司業績、我們的內部模型和我們的長期目標的展望的陳述或參考。

All such statements are subject to risks and uncertainties that could cause actual results to differ materially from what we say during the call today.

所有此類陳述都受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們今天在電話會議上所說的大相徑庭。

Please refer to our most recent periodic SEC filings for more detail on these risks and uncertainties, including the Risk Factors section in our annual report on Form 10-K.

有關這些風險和不確定性的更多詳細信息，請參閱我們最近定期向美國證券交易委員會提交的文件，包括我們 10-K 表格年度報告中的風險因素部分。

The company undertakes no obligation to update or revise any forward-looking statements.

公司不承擔更新或修改任何前瞻性陳述的義務。

Additionally, the information we will discuss today contains certain financial measures that exclude amounts or subject to adjustments that have the effect of excluding amounts that are included in the most directly comparable measure prepared in accordance with generally accepted accounting principles.

此外，我們今天將討論的信息包含某些財務措施，這些措施排除了根據公認會計原則編制的最直接可比措施中包含的金額或進行了調整，這些調整具有排除金額的效果。

For a reconciliation to the most comparable measures presented in accordance with GAAP, please refer to the table at the end of our earnings release available on our website and included as an exhibit to our Form 8-K filed today.

如需與根據 GAAP 提出的最可比措施的對賬，請參閱我們網站上發布的收益發布末尾的表格，該表格作為附件包含在我們今天提交的 8-K 表格中。

I will now turn the call over to Mark.

我現在將把電話轉給馬克。

Thank you, Janet, and good afternoon, everyone.

謝謝你，珍妮特，大家下午好。

As Janet said, we are coming together tonight from remote locations, and I'd like to thank all of you for joining us under these unprecedented circumstances.

正如珍妮特所說，今晚我們從遙遠的地方聚在一起，我要感謝大家在這種前所未有的情況下加入我們。

Frankly, it seems like a different place and time.

坦率地說，這似乎是一個不同的地點和時間。

Life as we knew it before March is a distant memory.

我們在三月之前所了解的生活已成為遙遠的記憶。

We are in the moment now, and I'd like to start by discussing our response to the COVID-19 pandemic.

我們正處於當下，我想首先討論我們對 COVID-19 大流行的反應。

Then I'll talk about the strategic actions we are taking in this moment to build momentum around our transformation plans.

然後我將談談我們此刻正在採取的戰略行動，以圍繞我們的轉型計劃建立勢頭。

Then Robyn will review our fourth quarter financial results and provide some further context around the potential impacts from the pandemic.

然後 Robyn 將回顧我們第四季度的財務業績，並提供有關大流行病潛在影響的更多背景信息。

Our top priority is the health and safety of our customers and our teams.

我們的首要任務是確保客戶和團隊的健康和安全。

We are providing essential infant, health and personal care items to local communities through our buybuy BABY and Harmon stores as well as serving the rest of our loyal customers online through our digital channels.

我們通過我們的 buybuy BABY 和 Harmon 商店向當地社區提供基本的嬰兒、保健和個人護理用品，並通過我們的數字渠道在線為我們的其他忠實客戶提供服務。

Our teams are working around the clock to provide these essential products to our customers and to ensure the supply chain is operating as efficiently as possible.

我們的團隊全天候工作，為我們的客戶提供這些基本產品，並確保供應鏈盡可能高效地運作。

I would like to take a minute to personally thank our associate teams on behalf of management and the Board.

我想花一點時間代表管理層和董事會親自感謝我們的同事團隊。

We thank you for your above and beyond service, attitude and dedication to our company and our loyal customers despite this extremely challenging situation.

我們感謝您在這種極具挑戰性的情況下為我們公司和我們的忠實客戶提供的超越服務、態度和奉獻精神。

Making it easy to feel at home means different things to different people, and our teams have been working incredibly hard to support our customers.

讓賓至如歸的感覺對不同的人來說意味著不同的事情，我們的團隊一直在非常努力地為我們的客戶提供支持。

I also want to say thank you to our loyal customers and assure you that we will continue to work hard to help you access the essential products we sell as you manage through these very difficult times.

我還要向我們忠實的客戶表示感謝，並向您保證，在您度過這些非常困難的時期時，我們將繼續努力幫助您獲得我們銷售的基本產品。

In this moment, we are focused on facilitating and coordinating our ongoing response to the current pandemic.

此時此刻，我們專注於促進和協調我們對當前大流行病的持續反應。

There is no historical playbook for this situation.

沒有針對這種情況的歷史劇本。

But we have a remarkable team, robust contingency plans and a very strong balance sheet, allowing us to navigate this unprecedented challenge with confidence.

但我們擁有一支卓越的團隊、穩健的應急計劃和非常強大的資產負債表，使我們能夠自信地應對這一前所未有的挑戰。

We quickly initiated our contingency plan, creating an essential response unit with emergency task force groups to focus on several priority areas, including our people, operations, customers, technology and our finances.

我們迅速啟動了應急計劃，創建了一個由應急工作組組成的基本響應部門，專注於幾個優先領域，包括我們的人員、運營、客戶、技術和我們的財務。

While this situation is like nothing we've seen before, we are adapting as necessary and taking decisive actions to keep our people safe, deliver for our customers and strengthen our liquidity and financial flexibility.

雖然這種情況是我們以前從未見過的，但我們正在根據需要進行調整併採取果斷行動，以確保我們的人員安全、為我們的客戶提供服務並增強我們的流動性和財務靈活性。

This is an important time for us now and moving forward.

對於我們現在和前進來說，這是一個重要的時刻。

Bed Bath & Beyond can play an important role in supporting customers and their families in making it easy to feel at home.

Bed Bath & Beyond 可以在支持客戶及其家人營造賓至如歸的感覺方面發揮重要作用。

All but approximately 170 of our buybuy BABY and Harmon stores are now temporarily closed at least until May 2. We continue to provide essential products such as infant, health and personal care items in store, subject to state and local regulations, and online through our various digital channels.

除了大約 170 家 buybuy BABY 和 Harmon 商店現在至少在 5 月 2 日之前暫時關閉。我們繼續在商店提供基本產品，例如嬰兒、健康和個人護理用品，但要遵守州和地方法規，並通過我們的網站在線提供各種數字頻道。

We are rapidly evolving to meet the changing needs of our customers.

我們正在迅速發展以滿足客戶不斷變化的需求。

They are relying on us more than ever to deliver essential products directly to their home.

他們比以往任何時候都更加依賴我們將必需品直接運送到他們家中。

All 4 of our e-commerce fulfillment centers are currently operating.

我們所有 4 個電子商務運營中心目前都在運營。

And by the end of this week, we will have converted approximately 25% of our Bed Bath & Beyond and buybuy BABY stores in the U.S. and Canada into regional fulfillment centers to use our vast inventory resources to assign orders locally and deliver quickly.

到本週末，我們將把美國和加拿大大約 25% 的 Bed Bath & Beyond 和 buybuy BABY 商店轉變為區域履行中心，以利用我們龐大的庫存資源在本地分配訂單并快速交付。

With these conversions, we expanded our fulfillment capacity significantly.

通過這些轉換，我們顯著擴大了履行能力。

The regional fulfillment stores have doubled the capacity of our entire fulfillment network, facilitating approximately 44% of our overall daily orders with almost 40% of these orders being fulfilled within 50 miles of the customers' home.

區域履行商店使我們整個履行網絡的容量翻了一番，促進了我們每日總訂單量的大約 44%，其中近 40% 的訂單在距客戶家 50 英里的範圍內完成。

This has been an incredible learning curve for us, and we continue to optimize our regional fulfillment capabilities to deliver faster and at lower cost.

這對我們來說是一個令人難以置信的學習曲線，我們將繼續優化我們的區域履行能力，以更快、更低成本地交付。

While our supply chain is moving quickly to support our digital business in real time, rerouting products from the chain to DCs and regional fulfillment stores, our technology team has stood up a 24-hour group to continuously refine the order allocation logic between the fulfillment stores and DCs.

當我們的供應鏈快速移動以實時支持我們的數字業務，將產品從鏈條重新路由到 DC 和區域履行商店時，我們的技術團隊已經成立了一個 24 小時小組，不斷完善履行商店之間的訂單分配邏輯和DC。

Our buying team is rerouting store orders to the regional fulfillment locations and DCs, while at the same time canceling purchase orders and modifying receipt forecasts to reduce store inventory levels.

我們的採購團隊正在將商店訂單重新路由到區域履行地點和配送中心，同時取消採購訂單並修改收貨預測以降低商店庫存水平。

On the consumer-facing side, our teams are closely monitoring top sellers and adjusting quickly to get products that our customers need and partnering with our vendors to help keep us in stock and well positioned.

在面向消費者的方面，我們的團隊正在密切關注最暢銷的產品並迅速調整以獲得客戶需要的產品，並與我們的供應商合作以幫助我們保持庫存和定位。

I want to thank all of our business partners for their efforts and collaboration during this time.

我要感謝我們所有的業務合作夥伴在這段時間裡所做的努力和協作。

This kind of strategic action and innovation has allowed us to quickly implement curbside pickup, which was launched April 1 at buybuy BABY.

這種戰略行動和創新使我們能夠快速實施路邊取貨，該項目已於 4 月 1 日在 buybuy BABY 推出。

In the first full week alone, we completed more than 11,000 curbside orders.

僅在第一個完整週內，我們就完成了 11,000 多個路邊訂單。

We're also introducing curbside pickup at our Harmon stores later this week.

本週晚些時候，我們還將在我們的 Harmon 商店推出路邊取貨服務。

Also this week, we are rolling our Buy Online, Pick up In-Store at our BABY stores.

同樣在本週，我們推出了“在線購買，在我們的嬰兒用品店店內提貨”。

We are quickly learning how our customers want to shop with us, and we will continue to evolve the process digitally to create a best-in-class experience.

我們正在快速了解客戶希望如何與我們一起購物，我們將繼續以數字方式改進流程，以創造一流的體驗。

Both BOPIS and curbside pickup will be rolled out to our Bed Bath & Beyond stores as a new service offering for our customers when we can safely reopen.

當我們可以安全地重新開放時，BOPIS 和路邊取貨服務將作為一項新服務推廣到我們的 Bed Bath & Beyond 商店。

These new services were fast tracked during this period and will significantly enhance our fulfillment capabilities to meet the growing needs of our customers.

這些新服務在此期間得到快速跟踪，將顯著增強我們的履行能力，以滿足客戶不斷增長的需求。

With the vast majority of our stores temporarily closed, our customer-facing digital channels continue to service our customers, and we are seeing online demand grow significantly.

由於我們的絕大多數商店暫時關閉，我們面向客戶的數字渠道繼續為我們的客戶提供服務，我們看到在線需求顯著增長。

For example, the Bed Bath & Beyond digital business is seeing net sales growth of more than 90% for the month of April to date, further strengthening our omnichannel strategic direction.

例如，Bed Bath & Beyond 數字業務 4 月份至今的淨銷售額增長超過 90%，進一步加強了我們的全渠道戰略方向。

This demand is being facilitated by our agile digital and marketing teams who are working together, responding to consumer data, creating newness and freshness across our sites, highlighting items customers need to make it easy to feel at home and communicating important information about changes in store hours and closures as well as safety measures so that our customers are clear on how we are operating and how they can shop with us.

我們敏捷的數字和營銷團隊正在促進這種需求，他們共同努力，響應消費者數據，在我們的網站上創造新鮮感，突出客戶需要的商品，讓他們有賓至如歸的感覺，並傳達有關商店變化的重要信息小時和關閉以及安全措施，以便我們的客戶清楚我們的運營方式以及他們如何在我們這裡購物。

As the quarantine phase of this pandemic has taken hold, we are seeing consumer purchasing demand focus on categories such as water filtration, air purifiers, vaporizers and humidifiers as well as kitchen electrics, cleaning and coffee needs.

隨著這一大流行病的檢疫階段已經開始，我們看到消費者的購買需求集中在水過濾、空氣淨化器、汽化器和加濕器等類別，以及廚房電器、清潔和咖啡需求上。

Now over the past month, we sold the equivalent of 10 million cups of coffee and 400% bread makers over the last year.

現在在過去的一個月裡，我們銷售了相當於去年 1000 萬杯咖啡和 400% 的麵包機。

And last week, we sold over 100% more vacuums compared to the same period of time last year.

上週，與去年同期相比，我們的吸塵器銷量增加了 100% 以上。

This action to temporary close our stores has, of course, fundamentally changed the nature of our business in the short to midterm.

當然，這種暫時關閉我們商店的行動從根本上改變了我們短期到中期的業務性質。

The impact on our stores is obvious, but this decision affects the entire company.

對我們商店的影響是顯而易見的，但這個決定會影響整個公司。

From IT to merchandising, finance to HR, the shape and structure of our business is radically different in this new environment across concepts and across the country.

從 IT 到營銷，從財務到人力資源，我們業務的形態和結構在這個跨概念和跨國家的新環境中截然不同。

So in this moment, we are taking a holistic approach to managing our financial position, including larger efforts to reduce operating costs and strengthen our liquidity.

因此，此時此刻，我們正在採取整體方法來管理我們的財務狀況，包括加大力度降低運營成本和增強我們的流動性。

In conjunction with the recent decision to extend the temporary store closures, we implemented several additional cost reductions, including a furlough of the majority of our store associates and a percentage of our corporate associates until at least May 2. Salaries will also reduce for myself and the executive team as well as the Board.

結合最近延長臨時關閉商店的決定，我們實施了幾項額外的成本削減措施，包括讓我們的大多數商店員工和一定比例的公司員工休假至少到 5 月 2 日。我和我的薪水也將減少執行團隊以及董事會。

We put an immediate stop to $150 million in CapEx spend and put a hold on share repurchases and future dividends.

我們立即停止了 1.5 億美元的資本支出，並暫停了股票回購和未來的股息。

Robyn will provide further detail on our proactive measures in a minute.

Robyn 將在一分鐘內提供有關我們主動措施的更多詳細信息。

We are balancing our ability to provide jobs and financial support for our associates in the short, medium and long term as well as prioritizing investments designed to strengthen our business.

我們正在平衡我們在短期、中期和長期為我們的員工提供工作和財務支持的能力，以及優先考慮旨在加強我們業務的投資。

We believe these actions will help us further weather the storm and preserve our financial health for the good of our associates, customers and shareholders.

我們相信，這些行動將幫助我們進一步渡過難關，並為我們的員工、客戶和股東的利益維護我們的財務健康。

If there is a silver lining, I would say that given the monumental changes we've made to our business over the past 4 weeks, our ability to act decisively, partner up and move with speed and agility has been greatly enhanced.

如果有一線希望的話，我想說的是，鑑於我們在過去 4 週內對我們的業務做出了巨大的改變，我們果斷行動、合作和快速敏捷行動的能力得到了極大增強。

I'm very proud of the ideas, inspiration and commitment that all our associates have made to serve our customers and our business.

我為我們所有員工為服務我們的客戶和我們的業務而做出的想法、靈感和承諾感到非常自豪。

It's been incredible to come together as one united virtual team across the company to work together in ways perhaps that would have not been possible or even thought of in the past.

整個公司作為一個統一的虛擬團隊聚集在一起，以過去不可能甚至想不到的方式一起工作，這真是令人難以置信。

We are leveraging this learning opportunity to be more collaborative and flexible in our focused priorities and then move more quickly so that we are ready to welcome our customers back when we can safely reopen our stores.

我們正在利用這個學習機會，在我們重點關注的優先事項上更加協作和靈活，然後更快地採取行動，以便我們準備好在我們可以安全地重新開放我們的商店時歡迎我們的客戶回來。

We have also provided much-needed support for local communities, serving food and care packages to seniors, military personnel and their families plus children in need from our Christmas Tree Shops stores across the country.

我們還為當地社區提供了急需的支持，從我們遍布全國的聖誕樹商店向老年人、軍人及其家人以及有需要的兒童提供食品和護理包。

And we've donated more than 0.5 million Easter chocolates, candies, cookies, baskets and toys to dozens of local charities, shelters, schools and community organizations nationwide from over 250 of our Cost Plus World Market stores.

我們從 Cost Plus World Market 的 250 多家商店向全國數十家當地慈善機構、庇護所、學校和社區組織捐贈了超過 50 萬塊復活節巧克力、糖果、餅乾、籃子和玩具。

Now turning to the fourth quarter, which just seem like a lifetime ago.

現在轉向第四季度，這似乎是很久以前的事了。

In short, the pressures of store traffic trends and heavy promotional activity, coupled with the inventory management issues around the holiday selling period, hampered our efforts to stabilize the business in the fourth quarter.

簡而言之，商店客流量趨勢和大量促銷活動的壓力，加上假期銷售期間的庫存管理問題，阻礙了我們在第四季度穩定業務的努力。

These trends are consistent with the information we provided on February 11 when we issued preliminary financial data for the first 2 months of the fourth quarter.

這些趨勢與我們在 2 月 11 日發布第四季度前 2 個月初步財務數據時提供的信息一致。

Product availability with certain key promotional categories, such as kitchen electrics, leading into the holiday period were either too low or just out of stock.

某些關鍵促銷品類（例如廚房電器）在假期前的產品供應量太低或剛好缺貨。

We just didn't have enough of the right stuff, which hurt us.

我們只是沒有足夠的合適的東西，這傷害了我們。

We are confident this is fully rectifiable in terms of our learning plan and implementation from now until the back half of fiscal 2020.

我們相信，從現在到 2020 財年下半年，就我們的學習計劃和實施而言，這是完全可以糾正的。

Our fourth quarter results were also pressured by heavier clearance activity during the quarter as we rapidly actioned on our strategic inventory reduction program.

由於我們迅速採取戰略庫存削減計劃，我們第四季度的業績也受到本季度更頻繁的清關活動的壓力。

Now we surpassed the halfway mark of this initiative and are pleased with our progress.

現在我們已經完成了這項倡議的一半，並對我們的進展感到滿意。

It's important to note that prior to this current business environment, we were sharpening our focus on inventory, ending the fourth quarter with approximately 16% less retail inventory at cost on an adjusted basis versus a year ago, so operating leaner and on a lower SKU base.

重要的是要注意，在當前的商業環境之前，我們更加關注庫存，在第四季度結束時，與一年前相比，調整後的成本零售庫存減少了約 16%，因此運營更精簡，SKU 更低根據。

We are now focusing our attention on optimizing our merchandising mix, which of course is a key focus for our new Chief Merchant, Joe Hartsig.

我們現在將注意力集中在優化我們的商品組合上，這當然是我們新任首席商人 Joe Hartsig 的主要關注點。

For the full fourth quarter, we also reported a positive shift in sales across our digital channel with a return to strong growth of about 16%.

在整個第四季度，我們還報告了數字渠道銷售額的積極轉變，恢復了約 16% 的強勁增長。

Sales in our mobile channels for both Bed Bath & Beyond and buybuy BABY each grew more than 30% year-over-year in the fourth quarter, and orders taken through our mobile app were up over 75%.

Bed Bath & Beyond 和 buybuy BABY 的移動渠道銷售額在第四季度均同比增長超過 30%，通過我們的移動應用程序獲得的訂單增長超過 75%。

These quarterly results strengthened our resolve to continue to make necessary bold and broad-based changes needed to modernize our business and gives us confidence about our ability to improve upon this quarterly performance.

這些季度業績堅定了我們繼續進行必要的大膽和基礎廣泛的變革以實現業務現代化的決心，並使我們對我們改善本季度業績的能力充滿信心。

This includes the strategic restructuring program we implemented in late February to reduce annual SG&A expense by approximately $85 million and reset our cost structure.

這包括我們在 2 月下旬實施的戰略重組計劃，旨在將年度 SG&A 費用減少約 8500 萬美元，並重置我們的成本結構。

Prior to COVID-19, we had solid strategic plans for fiscal 2020.

在 COVID-19 之前，我們為 2020 財年制定了可靠的戰略計劃。

In this moment, we need to be agile and focused on simplifying and strengthening our business where it matters most to our customers and reestablish our authority in the home space.

在這一刻，我們需要保持敏捷，專注於簡化和加強我們對客戶最重要的業務，並重建我們在家居領域的權威。

Let me now address the issues at hand and what we are working on.

現在讓我談談手頭的問題和我們正在做的事情。

First, recruiting talent remains a top priority.

第一，招賢納士仍然是重中之重。

We have an extensive interview process underway for the open roles.

我們正在對空缺職位進行廣泛的面試。

We have made bold moves.

我們做出了大膽的舉動。

We have a robust process and have identified key candidates, with Joe Hartsig being the first major appointment as our new Chief Merchandising Officer.

我們有一個穩健的流程並確定了關鍵候選人，Joe Hartsig 是我們新任首席營銷官的第一個重要任命。

There will be more news on other great talent to come in the coming weeks.

在接下來的幾週內，將會有更多關於其他優秀人才的消息。

I'm excited to welcome Joe to the team.

我很高興歡迎喬加入團隊。

He has more than 30 years of experience in consumer brand development and retail merchandising with well-known consumer businesses like Walgreens, Walmart, Motorola and SC Johnson.

他在 Walgreens、Walmart、Motorola 和 SC Johnson 等知名消費品企業的消費品牌開發和零售營銷方面擁有 30 多年的經驗。

To me, Joe is a merchant's merchant.

對我來說，喬是商人中的商人。

And I'm looking to him to be a leader and a teacher as we rebuild our business, including improving key items in stocks and improving curation and further differentiation of our assortment, which is our #1 priority.

在我們重建業務的過程中，我希望他成為領導者和老師，包括改進庫存中的關鍵項目以及改進我們分類的管理和進一步差異化，這是我們的第一要務。

Second, we remain focused on generating funds from the sale of assets and simplifying our business.

其次，我們仍然專注於通過出售資產籌集資金並簡化我們的業務。

In addition to the previously announced sale-leaseback transaction, we recently sold the One Kings Lane business to a third-party for an undisclosed amount.

除了先前宣布的售後回租交易外，我們最近還以未披露的金額將 One Kings Lane 業務出售給了第三方。

As previously disclosed, we ended into a definitive agreement to sell our PersonalizationMall.com business to 1-800-FLOWERS for $252 million.

如前所述，我們最終達成了一項最終協議，以 2.52 億美元的價格將我們的 PersonalizationMall.com 業務出售給 1-800-FLOWERS。

1-800 was required to close the transaction on March 30 but breached its obligation to do so.

1-800 被要求在 3 月 30 日完成交易，但它違反了這樣做的義務。

Accordingly, we filed an action to require them to close and intend to vigorously enforce our rights.

因此，我們提起訴訟要求他們關閉並打算大力執行我們的權利。

While we can make no assurances, we will continue to pursue other portfolio adjustments and evaluate the remaining owned real estate in an effort to create a stronger and more focused portfolio.

雖然我們不能做出任何保證，但我們將繼續進行其他投資組合調整併評估剩餘的自有房地產，以努力創建更強大、更專注的投資組合。

Lastly and most importantly, we are driving our strategic growth plan.

最後也是最重要的是，我們正在推動我們的戰略增長計劃。

Under the current business environment, we have modified our capital investments, but will continue to invest with confidence where it matters most.

在當前的商業環境下，我們改變了我們的資本投資，但將繼續充滿信心地投資於最重要的領域。

We now plan to invest about $250 million focusing on our core business and key projects that support the omnichannel future of our company in 2020 and beyond, which are more relevant than ever, such as our digital and omni fulfillment capabilities, including BOPIS and curbside pickup, omni inventory management as well as digital marketing and personalization.

我們現在計劃投資約 2.5 億美元，專注於支持我們公司在 2020 年及以後的全渠道未來的核心業務和關鍵項目，這些項目比以往任何時候都更加相關，例如我們的數字和全方位履行能力，包括 BOPIS 和路邊取貨、全方位庫存管理以及數字營銷和個性化。

At a high level, we are reengineering our supply chain and our vendor relationships as well as further strengthening our owned brand strategy.

在高層，我們正在重新設計我們的供應鍊和供應商關係，並進一步加強我們的自有品牌戰略。

We are postponing store remodels due to the coronavirus situation and the timing issues it's created as we don't want to interfere with the critical third and fourth quarter holiday period in 2020.

由于冠狀病毒的情況及其造成的時間問題，我們推遲了商店改造，因為我們不想干擾 2020 年關鍵的第三和第四季度假期。

We will also continue to review our store footprint as we have nearly 250 leases that are up for renewal in 2020 alone, which gives us added financial flexibility.

我們還將繼續審查我們的門店足跡，因為僅在 2020 年，我們就有近 250 份租約需要續約，這為我們提供了更大的財務靈活性。

In technology, we'll continue to invest in order allocation logic to better leverage our stores and fulfillment centers and improve our site speed and checkout experience in addition to simplifying the process.

在技術方面，我們繼續投資於訂單分配邏輯，以更好地利用我們的商店和履行中心，並在簡化流程的同時提高我們的網站速度和結賬體驗。

Now we have postponed our plans for share repurchases, future dividends and debt reduction to preserve our financial position and retain financial flexibility.

現在我們已經推遲了股票回購、未來股息和債務減少的計劃，以保持我們的財務狀況和財務靈活性。

The company remains committed to its capital return program over the mid to longer term, and we will reevaluate when appropriate.

公司在中長期內仍致力於其資本回報計劃，我們將在適當的時候重新評估。

Now is the time to stay liquid until we have more clarity on the global situation surrounding COVID-19.

現在是保持流動性的時候了，直到我們對圍繞 COVID-19 的全球形勢有更清晰的了解。

All the steps we've taken since I arrived at the company 5 short months ago, including this COVID-19 moment, reinforce our preliminary strategic plan focused on a singular purpose, to make it easy to feel at home.

自從我 5 個月前來到公司以來，我們採取的所有步驟，包括這次 COVID-19 時刻，都強化了我們專注於單一目標的初步戰略計劃，讓人們有賓至如歸的感覺。

Our strategy will deliver against 5 key pillars, namely product, price, promise, place and people.

我們的戰略將針對 5 個關鍵支柱，即產品、價格、承諾、地點和人員。

We believe this strategy is more relevant today than ever and will support significant improvement in our financial performance and a deeper connection with our loyal customers.

我們相信這一戰略在今天比以往任何時候都更重要，並將支持我們顯著改善財務業績並加深與忠實客戶的聯繫。

In this time, when home is even more central to our lives and being safe at home with family is essential, Bed Bath & Beyond takes on an even more important role, supporting customers and their families by making it easy to feel at home.

在這個時代，當家在我們的生活中變得更加重要並且與家人在家中安全是必不可少的時候，Bed Bath & Beyond 扮演著更加重要的角色，通過營造賓至如歸的感覺來支持客戶及其家人。

We will provide inspiration and a curated, affordable assortment so that our customers can create a home they love.

我們將提供靈感和精心挑選的價格實惠的產品組合，以便我們的客戶能夠打造他們喜愛的家。

Now before turning the call over to Robyn, I just wanted to mention that we have previously planned to host an investor event this spring.

現在，在將電話轉給 Robyn 之前，我只想提一下，我們之前計劃在今年春天舉辦一場投資者活動。

And now under these circumstances, we are exploring other options, including potentially a virtual event, to take place at a more suitable time.

現在，在這種情況下，我們正在探索其他選擇，包括可能在更合適的時間舉行的虛擬活動。

We'll want to introduce you to the new team, showcase some of our new capabilities and early results and lay out our longer-term strategic growth objectives for the business.

我們想向您介紹新團隊，展示我們的一些新功能和早期成果，並製定我們的業務長期戰略增長目標。

We'll keep you updated on our plans.

我們會及時通知您我們的計劃。

While we deal with the immediate priorities, we continue our work to drive the company forward.

在我們處理眼前的優先事項時，我們會繼續努力推動公司向前發展。

We have robust contingency plans, and I am confident that we are able to navigate this crisis.

我們有健全的應急計劃，我相信我們能夠度過這場危機。

We have an iconic brand with great consumer brand loyalty, and we're taking this opportunity to deepen our connection with our customers as we strengthen our omni-always approach.

我們擁有一個具有很高消費者品牌忠誠度的標誌性品牌，我們正在藉此機會加深與客戶的聯繫，因為我們加強了全方位的方法。

I believe that Bed Bath & Beyond will emerge from this even stronger, given the strength of our brand, our people and our balance sheet.

我相信，鑑於我們的品牌、我們的員工和我們的資產負債表的實力，Bed Bath & Beyond 將從中變得更加強大。

Robyn will now review our fourth quarter results and then provide some context around the potential impacts from the COVID-19 pandemic and the measures we have taken to date to protect our financial position and maintain flexibility.

Robyn 現在將回顧我們的第四季度業績，然後提供有關 COVID-19 大流行的潛在影響以及我們迄今為止為保護我們的財務狀況和保持靈活性而採取的措施的一些背景信息。

I will then come back for some closing remarks.

然後我會回來做一些結束語。

Robyn?

羅賓？

Thank you, Mark, and good afternoon, everyone.

謝謝馬克，大家下午好。

I hope you are all faring well under these very unusual circumstances.

我希望你們在這些非常不尋常的情況下都過得很好。

On a GAAP basis, we reported a net loss per diluted share of $0.53 for the fourth quarter of fiscal 2019 compared to a net loss per diluted share of $1.92 in the prior year period.

根據 GAAP，我們報告 2019 財年第四季度攤薄後每股淨虧損為 0.53 美元，而去年同期為攤薄後每股淨虧損 1.92 美元。

Our reported net loss in the fiscal 2019 fourth quarter includes an unfavorable impact of $0.91 per diluted share for special items, including $41 million in severance costs related to the strategic restructuring program initiated in February 2020 and the extensive leadership changes announced in December 2019; a noncash charge of approximately $35 million for the impairment of certain store level assets; a noncash charge of approximately $33 million for the impairment of certain trade names and other assets; and an expense of $33 million related to the loss on the sale-leaseback transaction announced in January 2020.

我們報告的 2019 財年第四季度淨虧損包括特殊項目攤薄後每股收益 0.91 美元的不利影響，包括與 2020 年 2 月啟動的戰略重組計劃和 2019 年 12 月宣布的廣泛領導層變動相關的 4100 萬美元遣散費；約 3500 萬美元的非現金費用用於某些商店級資產的減值；約 3300 萬美元的非現金費用用於某些商號和其他資產的減值；以及與 2020 年 1 月宣布的售後回租交易損失相關的 3300 萬美元費用。

On an adjusted basis, our fourth quarter non-GAAP earnings per diluted share was $0.38.

在調整後的基礎上，我們第四季度的非 GAAP 每股攤薄收益為 0.38 美元。

The remainder of my review of our quarterly results will be on a non-GAAP basis, as applicable, consistent with our prior disclosures to better represent year-over-year performance of the business during the comparative period.

我對我們季度業績的其餘審查將基於非 GAAP 基礎（如適用）與我們之前的披露一致，以更好地代表比較期間業務的同比業績。

From this year's fourth quarter, we exclude the items I just mentioned, along with the related impact on the provision for income taxes.

從今年第四季度開始，我們排除了我剛才提到的項目，以及對所得稅撥備的相關影響。

And from last year's fourth quarter, we exclude the $510 million pretax goodwill impairment charge and the related impact on the provision for income taxes.

從去年第四季度開始，我們排除了 5.1 億美元的稅前商譽減值費用以及對所得稅撥備的相關影響。

As a reminder, our fourth quarter this year consisted of the 13 weeks ending February 29 and included the Cyber Monday holiday week, while our fourth quarter last year consisted of the 13 weeks ending March 2 and did not include the Cyber Monday holiday week.

提醒一下，我們今年第四季度包括截至 2 月 29 日的 13 週，包括網絡星期一假期週，而去年第四季度包括截至 3 月 2 日的 13 週，不包括網絡星期一假期週。

On February 11, we reported preliminary unaudited financial performance data for the first 2 months of the fiscal 2019 fourth quarter.

2 月 11 日，我們公佈了 2019 財年第四季度前兩個月未經審計的初步財務業績數據。

We shared this update to provide visibility into the then current pressures on our business, including store traffic declines, combined with inventory management issues and the impact on revenue and margin resulting from increased promotional activity and markdowns.

我們分享這一更新是為了讓人們了解當時我們業務面臨的當前壓力，包括商店客流量下降、庫存管理問題以及促銷活動和降價活動增加對收入和利潤的影響。

Net sales in the quarter were $3.1 billion, a decrease of 6.1% from the fourth quarter of last year.

本季度淨銷售額為 31 億美元，比去年第四季度下降 6.1%。

Comp sales for the quarter decreased 5.6%, reflecting a high single-digit decline in the number of transactions, partially offset by a low single-digit increase in the average transaction amount.

本季度 Comp 銷售額下降 5.6%，反映交易數量出現高個位數下降，部分被平均交易金額低個位數增長所抵消。

On a directional basis, comp sales from our stores declined about 10%, while comp sales from our digital channels increased by approximately 16%.

從方向上看，我們商店的贈品銷售額下降了約 10%，而我們數字渠道的贈品銷售額增長了約 16%。

Similar to last quarter, our sales in the fourth quarter were positively modified by the calendar shift of the Cyber Monday holiday week.

與上一季度類似，我們第四季度的銷售額因網絡星期一假期週的日曆變化而得到積極修改。

Adjusting for this calendar shift to exclude the Cyber Monday holiday week in both periods, our comp sales for the quarter declined 11%, with a decline in store sales of 13.6% and growth in digital sales of 1.1%.

調整這一日曆轉變以排除兩個時期的網絡星期一假期週，我們本季度的銷售額下降了 11%，其中商店銷售額下降了 13.6%，數字銷售額增長了 1.1%。

Moving to gross margin.

轉向毛利率。

Our gross margin for the quarter was 32.6% of net sales as compared to 34.7% in the fourth quarter of last year.

我們本季度的毛利率為淨銷售額的 32.6%，而去年第四季度為 34.7%。

The 210 basis point decline was primarily due to an unfavorable impact on merchandise margins from promotional activity and markdowns.

210 個基點的下降主要是由於促銷活動和降價對商品利潤率的不利影響。

In addition, we had an increase in net direct-to-customer shipping expense due to the higher penetration of digital sales within the total mix of quarterly sales.

此外，由於數字銷售在季度銷售總組合中的滲透率較高，我們的直接面向客戶的淨運費有所增加。

Moving to SG&A.

搬到 SG&A。

Adjusted SG&A expense for the quarter was 30.7% of net sales as compared to 28.2% of net sales in the prior year period.

本季度調整後的 SG&A 費用占淨銷售額的 30.7%，而去年同期占淨銷售額的 28.2%。

This 250 basis point increase in SG&A, in order of magnitude, was primarily due to about 100 basis points of consulting expense associated with our efforts to expedite the ongoing transformation initiatives and review of assets and an increase in advertising expense, including digital marketing, related to the heavy promotional activity in the quarter and, to a lesser extent, the effect of fixed costs such as occupancy and technology-related expenses, including depreciation on a lower sales base.

SG&A 增加 250 個基點，按數量級排序，主要是由於與我們努力加快正在進行的轉型計劃和資產審查相關的諮詢費用增加了約 100 個基點，以及廣告費用增加，包括數字營銷、相關對本季度大量促銷活動的影響，以及較小程度上固定成本的影響，如佔用和技術相關費用，包括較低銷售基礎的折舊。

Our quarterly effective tax rate was a benefit of 3.3% on an adjusted basis and included $8.3 million of net after-tax benefits due to distinct events occurring during the quarter.

在調整後的基礎上，我們的季度有效稅率為 3.3%，其中包括因本季度發生的不同事件而產生的 830 萬美元稅後淨收益。

As a result of the lower pretax earnings base in the fourth quarter, these net after-tax benefits have a greater impact on the effective tax rate.

由於第四季度稅前收益基數較低，這些稅後淨收益對有效稅率的影響更大。

Our effective tax rate in the fourth quarter last year on an adjusted basis was 19.7% and included approximately $8.9 million of net after-tax benefits due to distinct events occurring in that quarter.

我們在去年第四季度調整後的有效稅率為 19.7%，其中包括由於該季度發生的不同事件而產生的約 890 萬美元的稅後淨收益。

Now looking to our balance sheet.

現在看看我們的資產負債表。

We ended the year in a strong cash position with about $1.4 billion in cash and investments, including over $250 million in net proceeds from the sale-leaseback transaction that was completed during the quarter.

我們以約 14 億美元的現金和投資結束了這一年，現金狀況良好，其中包括本季度完成的售後回租交易的超過 2.5 億美元的淨收益。

Adjusted retail inventories of $2.1 billion at cost, excluding a charge for markdowns associated with our inventory reduction initiative, reflected a significant reduction of about 16% or over $400 million at cost at the end of the quarter compared to the end of the prior year period.

按成本計算的調整後零售庫存為 21 億美元，不包括與我們的庫存減少計劃相關的減價費用，反映出與去年同期末相比，本季度末的成本顯著減少了約 16% 或超過 4 億美元.

We continue to action against our previously communicated $1 billion inventory reduction program at retail, and we are now about halfway through the program and plan to continue to work down the remaining inventory in fiscal 2020.

我們將繼續針對我們之前公佈的 10 億美元零售庫存削減計劃採取行動，我們現在該計劃已完成一半，併計劃在 2020 財年繼續削減剩餘庫存。

Moving to CapEx.

轉向資本支出。

Our capital expenditures for the year were $277 million, with nearly 50% of the expense related to technology projects, primarily focused on logistics, digital capabilities and analytics.

我們當年的資本支出為 2.77 億美元，其中近 50% 的支出與技術項目相關，主要集中在物流、數字能力和分析方面。

The remaining CapEx expense was primarily related to investments in stores, including remodels and new store openings.

剩餘的資本支出主要與門店投資有關，包括改造和新店開張。

We closed 26 stores and opened 2 stores during the quarter.

我們在本季度關閉了 26 家門店並開設了 2 家門店。

Regarding share repurchase activity, there were no open market repurchases during the fourth quarter.

關於股票回購活動，第四季度沒有公開市場回購。

As a reminder, we have suspended repurchasing of our shares while conducting the review of our retail portfolio and real estate assets.

提醒一下，我們已暫停回購我們的股票，同時對我們的零售投資組合和房地產資產進行審查。

The company currently remains committed to its capital return program over the mid to long term and will reevaluate when appropriate.

公司目前仍致力於中長期的資本回報計劃，並將在適當的時候重新評估。

To clarify, our previously announced first quarter dividend was paid on April 14 and was not impacted by the temporary suspension.

需要澄清的是，我們之前宣布的第一季度股息已於 4 月 14 日支付，並未受到臨時停牌的影響。

Moving on to fiscal 2020.

進入 2020 財年。

Our first quarter and full year 2020 results will of course be unfavorably impacted by the COVID-19 pandemic.

我們 2020 年第一季度和全年的業績當然會受到 COVID-19 大流行的不利影響。

The duration and extent of the pandemic is highly uncertain, and our results could be impacted in ways we are not able to predict today.

大流行的持續時間和範圍非常不確定，我們的結果可能會以我們今天無法預測的方式受到影響。

We're monitoring the situation closely regarding our associates, customers, business partners and supply chain.

我們正在密切關注我們的員工、客戶、業務合作夥伴和供應鏈的情況。

We ended fiscal 2019 with cash and investments of $1.4 billion.

我們以 14 億美元的現金和投資結束了 2019 財年。

And while we feel we are well positioned to manage through these uncertain times, subsequent to the end of the fiscal year, we plan to take or are taking proactive steps to preserve liquidity and financial flexibility, such as drawing down the additional $236 million of available funds remaining from our revolving credit facility; suspended our plans to spend up to $600 million in fiscal 2020 for share repurchases, future dividends and debt reduction; postponed $150 million in planned capital expenditures out of fiscal 2020, including some store remodels; furloughed a majority of our workforce, including store and corporate associates, until at least May 2; temporarily reduce the salaries of our executive team, including myself and Mark, by 30%; temporarily reduced the quarterly cash compensation of our independent Board of Directors by 30%; reducing discretionary spend, such as business travel, advertising and expense associated with maintenance of stores that are temporarily closed; renegotiating extensions of payment terms for goods and services and rents; managing to lower inventory levels; and implementing applicable benefits of the CARES Act, such as deferring employer payroll taxes and utilizing the ability to carry back and deduct losses to offset prior income in previously filed tax returns.

雖然我們認為我們有能力度過這些不確定的時期，但在本財年結束後，我們計劃或正在採取積極措施來保持流動性和財務靈活性，例如提取額外的 2.36 億美元可用資金我們的循環信貸額度中剩餘的資金；暫停我們在 2020 財年花費高達 6 億美元用於股票回購、未來股息和債務減少的計劃；推遲了 2020 財年計劃中的 1.5 億美元資本支出，包括一些商店改造；至少在 5 月 2 日之前讓我們的大部分員工休假，包括商店和公司員工；暫時將包括我和馬克在內的我們執行團隊的薪水降低 30%；暫時將我們獨立董事會的季度現金薪酬減少 30%；減少可自由支配的支出，例如商務旅行、廣告和與暫時關閉的商店維護相關的費用；重新協商延長商品和服務以及租金的付款條件；設法降低庫存水平；實施 CARES 法案的適用福利，例如推遲雇主工資稅以及利用結轉和扣除損失的能力來抵消先前提交的納稅申報表中的先前收入。

Considering these circumstances, while we have trimmed CapEx by $150 million, we are now prioritizing approximately $250 million in essential capital expenditures to drive our strategic growth plans, as Mark described a few minutes ago.

考慮到這些情況，雖然我們已經將資本支出削減了 1.5 億美元，但我們現在正在優先考慮大約 2.5 億美元的基本資本支出，以推動我們的戰略增長計劃，正如馬克幾分鐘前所描述的那樣。

In addition, our capital structure provides further flexibility, including the potential to utilize significant balance sheet assets to generate incremental liquidity if needed.

此外，我們的資本結構提供了更大的靈活性，包括在需要時利用大量資產負債表資產產生增量流動性的潛力。

As of the end of the fiscal fourth quarter, we had approximately $2 billion of quality, primarily nonseasonal inventory on our balance sheet, which has not been pledged as collateral under our existing debt arrangements.

截至第四財季末，我們的資產負債表上有大約 20 億美元的優質庫存，主要是非季節性庫存，根據我們現有的債務安排，這些庫存尚未作為抵押品。

These actions, together with our strategic efforts to reset the organization's cost structure including the recent restructuring program and our strong balance sheet, put us in a better position to manage through this period of uncertainty.

這些行動，連同我們重新調整組織成本結構的戰略努力，包括最近的重組計劃和我們強大的資產負債表，使我們能夠更好地管理這段不確定時期。

We remain committed to keeping our shareholders informed about the business and our strategy to reestablish our authority in the home space.

我們仍然致力於讓我們的股東了解我們的業務和我們重建我們在家居領域權威的戰略。

Now I would like to provide some context around the potential impacts from the COVID-19 pandemic.

現在，我想提供一些有關 COVID-19 大流行的潛在影響的背景信息。

Clearly, the full impact of this situation won't be known for months.

顯然，這種情況的全部影響要幾個月後才能知道。

However, what's important right now is that we are proactively managing the immediate challenges and playing an important role for our customers.

然而，現在重要的是我們正在積極應對眼前的挑戰，並為我們的客戶發揮重要作用。

As of Friday, March 20, we had temporarily closed over 50% of our stores across all banners until April 3. The approximately 700 stores that remained open in operation were stores that sell essential items such as health care, personal care, infant care, cleaning supplies or food and beverages.

截至 3 月 20 日星期五，我們暫時關閉了所有橫幅中超過 50% 的商店，直到 4 月 3 日。仍在營業的大約 700 家商店是銷售必需品的商店，例如醫療保健、個人護理、嬰兒護理、清潔用品或食品和飲料。

The following week, the company announced that it was temporarily closing all retail banners across the U.S. and Canada other than buybuy BABY and Harmon stores, subject to state and local regulations.

接下來的一周，該公司宣布根據州和地方法規，暫時關閉美國和加拿大的所有零售橫幅，buybuy BABY 和 Harmon 商店除外。

This left about 170 of our 1,500 stores in operation to provide the essential items we sell to customers.

這使我們的 1,500 家門店中約有 170 家仍在運營，以向客戶提供我們銷售的必需品。

On April 2, we extended the temporary store closures until May 2.

4 月 2 日，我們將臨時關閉商店的時間延長至 5 月 2 日。

For the month of March, while we have not yet finalized our monthly results, we do have visibility to our sales performance.

對於 3 月份，雖然我們尚未最終確定月度結果，但我們確實可以看到我們的銷售業績。

For the March period, we are able to share preliminary unaudited financial performance data.

對於 3 月份，我們可以分享未經審計的初步財務業績數據。

Overall, net sales across all banners were down approximately 31% versus the prior year March period.

總體而言，所有橫幅廣告的淨銷售額與去年同期相比下降了約 31%。

This was led by a decline of about 41% in store sales, as expected, due to less customer in-store shopping, resulting from self-quarantine guidelines and the initiation of temporary store closures and limited store hours.

正如預期的那樣，這是由於商店銷售額下降了約 41%，這是由於自我隔離準則以及臨時關閉商店和限制營業時間導致的顧客店內購物減少。

Net sales from our digital channels, however, were strong in March, up about 16%, benefiting from an increase in digital shopping due to COVID-19 and further enhancements we have made in our fulfillment capabilities, including converting about 25% of our temporary closed stores to regional fulfillment stores, as Mark spoke about earlier.

然而，我們數字渠道的淨銷售額在 3 月份表現強勁，增長了約 16%，這得益於 COVID-19 導致的數字購物增加以及我們在履行能力方面的進一步增強，包括將約 25% 的臨時訂單轉化為正如馬克之前所說，將商店關閉到區域履行商店。

The sales performance for both buybuy BABY and Harmon Face Values stores, which remain open to provide essential items, was better than the overall company for the March period.

buybuy BABY 和 Harmon Face Values 商店的銷售業績在 3 月份期間都好於整個公司，這些商店仍然開放以提供必需品。

Through the first 2 weeks of April, the fiscal quarter-to-date overall decline in our total net sales is around 42%, primarily due to the additional temporary store closures.

在 4 月的前 2 週，本財季迄今我們的總淨銷售額總體下降了 42% 左右，這主要是由於額外的臨時商店關閉。

However, net sales from our digital channels have further strengthened with year-over-year growth of more than 35%.

然而，我們數字渠道的淨銷售額進一步增強，同比增長超過 35%。

Due to the level of market uncertainty, we will not provide further financial guidance for fiscal year 2020 at this time.

由於市場的不確定性程度，我們目前不會為 2020 財年提供進一步的財務指導。

As we work through 2020, we believe our financial discipline will help us take advantage of the opportunities available to us to withstand the current pressures on our business and emerge from the crisis well positioned to build and manage a modern, durable business model to capture long-term sustainable growth.

在我們工作到 2020 年的過程中，我們相信我們的財務紀律將幫助我們利用可用的機會來承受我們當前的業務壓力，並從危機中脫穎而出，以建立和管理現代、持久的商業模式，以長期佔據優勢-長期可持續增長。

Our strong cash position, along with our near-term actions, provide the company with continued financial resilience and ample short and midterm liquidity to fund the operations of the business.

我們強大的現金狀況以及我們的近期行動為公司提供了持續的財務彈性和充足的短期和中期流動性，為業務運營提供資金。

To reiterate what Mark said earlier, we do believe that Bed Bath & Beyond will emerge from this even stronger, given the strength of our brand, our people and our balance sheet.

重申馬克之前所說的話，我們確實相信，鑑於我們的品牌、我們的員工和我們的資產負債表的實力，Bed Bath & Beyond 將會變得更加強大。

I'll now turn the call back over to Mark for some closing remarks.

我現在將把電話轉回給馬克，聽取一些結束語。

Thank you, Robyn.

謝謝你，羅賓。

As Robyn shared, we have tremendous opportunities to build and manage a modern, durable business model to capture long-term sustainable growth.

正如 Robyn 所說，我們有巨大的機會來建立和管理現代、持久的商業模式，以實現長期的可持續增長。

We'll be driving meaningful and inspiring engagements with our customers, refining and amplifying an exciting omnichannel assortment, providing compelling value through price and differentiation and delivering an omni-always shopping experience that serves our customers' needs.

我們將推動與客戶的有意義和鼓舞人心的互動，完善和擴大令人興奮的全渠道分類，通過價格和差異化提供引人注目的價值，並提供滿足客戶需求的全方位購物體驗。

And we will continually look for ways to optimize our business model, whether through the supply chain or through other operating efficiencies across the business.

我們將不斷尋找方法來優化我們的商業模式，無論是通過供應鏈還是通過整個企業的其他運營效率。

We'll also take advantage of the market dislocation that has already occurred and that will likely to continue, resulting in changes in the competitive landscape and opportunities for us to grow market share in the home, baby and personal care spaces.

我們還將利用已經發生並且可能會繼續存在的市場錯位，從而改變競爭格局，並為我們增加在家庭、嬰兒和個人護理領域的市場份額提供機會。

This time has been a test for all retailers.

這一次是對所有零售商的考驗。

We believe Bed Bath & Beyond is positioned to come out stronger as we have the cash, the talent, the right plans and great, loyal customers.

我們相信 Bed Bath & Beyond 有能力變得更強大，因為我們擁有現金、人才、正確的計劃和優秀、忠誠的客戶。

I would like to finish where I started: by giving my heartfelt thanks to our teams who are going above and beyond to serve our company and our loyal customer base during this critical moment.

我想在我開始的地方結束：衷心感謝我們的團隊，他們在這個關鍵時刻竭盡全力為我們的公司和我們忠實的客戶群提供服務。

I also wish all of you listening today continued safety and good health.

我也祝愿今天聆聽的所有人繼續安全和身體健康。

Janet, we are now ready for questions.

珍妮特，我們現在準備好提問了。

(Operator Instructions) And our first question comes from Bobby Griffin with Raymond James.

（操作員說明）我們的第一個問題來自 Bobby Griffin 和 Raymond James。

Can you hear me all right?

你能聽到我說話嗎？

Yes.

是的。

Yes.

是的。

I appreciate the update on March and April sales.

感謝 3 月和 4 月銷售的更新。

Can we maybe get a little commentary or an update on where the cash balance and liquidity stands today and maybe the debt balance?

我們能否就今天的現金餘額和流動性以及債務餘額發表一些評論或更新？

Good cash flow in the fourth quarter, but that was as of the end of February.

第四季度的現金流良好，但那是截至 2 月底的情況。

So any updated figures around that would be helpful.

因此，任何更新的數據都會有所幫助。

Yes.

是的。

I think, Bobby, this is a really fluid moment, and we are really pleased with the work we've done to date.

Bobby，我認為這是一個非常不穩定的時刻，我們對迄今為止所做的工作感到非常滿意。

What Robyn's outlined earlier is in terms of the compensation decisions, the renegotiation on terms, managing receipt flow, postponing CapEx and the suspension on shares and repurchases.

Robyn 之前概述的是薪酬決定、條款重新談判、管理收據流、推遲資本支出以及暫停股票和回購。

I mean we've got hundreds of millions of dollars that we've saved.

我的意思是我們已經節省了數億美元。

So our cash burn to date has been controlled, and we're really happy with that.

所以我們迄今為止的現金消耗得到了控制，我們對此非常滿意。

But we see even further activity in the subsequent weeks that we're able to action as we're now on full furlough.

但我們看到在接下來的幾週內我們能夠採取進一步的行動，因為我們現在處於全面休假狀態。

And this is before we've even drawn down on any other potential facilities.

這是在我們動用任何其他潛在設施之前。

So we're liquid to start with.

所以我們一開始就是流動的。

We have further liquidity available, and our cash burn has been really controlled.

我們有更多的可用流動性，我們的現金消耗得到了真正的控制。

One of the things we did do early on was bringing in a third-party consultant to really help us with a scenario plannings of short-, mid- and long-term closures due to COVID and to manage our cash flow proposition by day, by week.

我們早期所做的其中一件事是聘請了第三方顧問來真正幫助我們制定因 COVID 導致的短期、中期和長期關閉的情景規劃，並按天管理我們的現金流量提議，通過星期。

So it's been a significant focus very early on in this moment.

所以在這一刻很早就成為了一個重要的焦點。

We feel really good about where we stand.

我們對自己的立場感覺非常好。

Okay.

好的。

I appreciate that, Mark.

我很感激，馬克。

And I guess, Robyn, I just want to make sure I heard your comments correctly.

我想，Robyn，我只是想確保我正確地聽到了你的意見。

So the consulting fee for the quarter, it was -- you're talking about 1% of total sales, so about $30 million was the increase in consulting fees, in the SG&A for the fourth quarter?

那麼本季度的諮詢費是——你說的是總銷售額的 1%，那麼第四季度 SG&A 的諮詢費增加了大約 3000 萬美元？

Yes.

是的。

Okay.

好的。

And by 1% roughly what the -- go ahead.

大約減少 1% - 繼續。

I'm sorry, Mark.

對不起，馬克。

I didn't mean to cut you off.

我不是故意要打斷你的。

No.

不。

Yes.

是的。

I mean what we want to outline is that we had some very unique fees that we're focusing on our transformation efforts and that was really centered around fourth quarter expenditure.

我的意思是，我們想要概述的是，我們有一些非常獨特的費用，我們專注於我們的轉型工作，並且真正以第四季度支出為中心。

So we don't see them being heavily repeated in subsequent quarters.

因此，我們沒有看到它們在隨後的幾個季度中被大量重複。

Okay.

好的。

And then if I could sneak one in, it's more on your comments of exiting a better, better performing company.

然後，如果我能偷偷說一句，那更多的是關於你退出一家更好、表現更好的公司的評論。

Can you maybe just expand on that?

你能不能就此展開？

Is there an opportunity to exit more streamlined from a labor organization model or from a store model where you can accelerate some closures?

是否有機會從勞工組織模型或可以加速關閉的商店模型中更精簡地退出？

What could you do during this kind of shutdown period from either renegotiating leases or not coming back with the same level of labor that could really benefit the company on the rebound once we get stores back open again?

在這種停工期間，你能做些什麼，要么重新談判租約，要么不帶同樣水平的勞動力回來，一旦我們讓商店重新開張，這對公司在反彈中真正有利？

Yes.

是的。

I think every retailer with this hold is looking at that, Bobby.

Bobby，我認為每個持有這種產品的零售商都在關注這一點。

I think we're going to anticipate a tougher environment moving forward.

我認為我們將預見到一個更加艱難的環境。

And we were really fortunate to put in place some major SG&A announcements and changes in late February, which has really set us up further to win.

我們真的很幸運能夠在 2 月下旬發布一些主要的 SG&A 公告和變更，這確實讓我們進一步贏得勝利。

And we took those costs in '19, which Robyn outlined.

我們在 19 年承擔了這些成本，羅賓概述了這些成本。

So we're already under that way.

所以我們已經在那種方式下了。

But we'd already begun and continue to deepen our commitment to a real estate portfolio review.

但我們已經開始並將繼續深化我們對房地產投資組合審查的承諾。

And I think four-wall profitability and location and needs really do change going forward, and we'll have ongoing data to look at that more deeply.

而且我認為四牆的盈利能力和位置以及未來的需求確實會發生變化，我們將有持續的數據來更深入地研究它。

So that's work in flight.

這就是飛行中的工作。

We're not ready to share that yet.

我們還沒有準備好分享它。

We're still doing an assessment, and the situation is very fluid.

我們仍在進行評估，情況非常不穩定。

I think labor is something that we also had taken a hard look at and made big adjustments in that February period in anticipation of better SG&A management.

我認為勞動力是我們在 2 月期間也認真研究並做出重大調整的東西，以期待更好的 SG&A 管理。

Again, continuing to look at it, but we feel like we made good preliminary strides.

再一次，繼續看它，但我們覺得我們已經取得了很好的初步進展。

And I would just add, on the occupancy front, we do have over 250 leases coming up for renewal in the next year.

我只想補充一點，在入住率方面，明年我們確實有超過 250 份租約需要續簽。

And our next question comes from Michael Lasser from UBS.

我們的下一個問題來自瑞銀集團的 Michael Lasser。

So your sales, down 31% in March and quarter-to-date, 42%.

因此，您的銷售額在 3 月份下降了 31%，本季度至今下降了 42%。

So that implies that April, for the last 2 weeks of April, sales are running down 60%.

所以這意味著 4 月份，在 4 月份的最後兩週，銷售額下降了 60%。

A, is that right?

A，是嗎？

And b, should we use that as a run rate number for how to think about your sales moving forward over the next few weeks as you close -- as you keep your stores closed?

b，我們是否應該將其用作運行率數字，以便在您關閉商店時如何考慮未來幾週的銷售情況？

Yes.

是的。

Michael, look, I mean, we're not going to comment further on Q1 results.

邁克爾，聽著，我的意思是，我們不會對第一季度的結果做進一步評論。

And I think it's a very fluid moment.

我認為這是一個非常不穩定的時刻。

What we're seeing is our stores are closed, except for Harmon and buybuy BABY stores, where we're able to open.

我們看到的是我們的商店都關門了，除了 Harmon 和 buybuy BABY 商店，我們可以在這些商店開業。

Our digital business in April is flying.

我們四月份的數字業務飛速發展。

And so the run rate that you see for March is not necessarily applicable because we've seen some significant shifts in consumer behavior with digital.

因此，您在 3 月份看到的運行率不一定適用，因為我們已經看到消費者行為在數字方面發生了一些重大變化。

But working into coming back at the end of Q1, we'll outline the outcome there.

但努力在第一季度末回歸，我們將在那裡概述結果。

Very fluid moment at the moment, so we'll put pressboards on that.

目前非常流暢，所以我們會在上面放紙板。

And Mark, what is your plan for reopening your stores?

馬克，你重新開店的計劃是什麼？

Do you have an expectation when you'll be able to do that?

當你能夠做到這一點時，你有期望嗎？

It seems like in the most likely case is it's going to be state by state.

似乎在最有可能的情況下，它將由各州決定。

When do you think you'll be able to open your first one?

你認為你什麼時候可以打開你的第一個？

And when will that process be completed?

這個過程什麼時候完成？

And what is a realistic cash burn number as your stores are closed at this point, just so we can calibrate our models properly?

當您的商店此時關閉時，實際的現金消耗數字是多少，以便我們可以正確校准我們的模型？

Yes.

是的。

Look, I mean, Michael, on the opening, no crystal ball here for Mark Tritton.

看，我的意思是，邁克爾，在開幕式上，馬克特里頓沒有水晶球。

But here's what I would say to you.

但這就是我要對你說的話。

We are -- we've moved from a now to a next to a future proposition in terms of our strategic planning.

就我們的戰略規劃而言，我們是——我們已經從現在轉向未來。

And while we are securing our current scenario and managing our teams, we are working on the reemergence and the reentry into the market and how that plays out.

在我們確保當前情況並管理我們的團隊的同時，我們正在努力重新出現和重新進入市場以及如何發揮作用。

We don't have that time down, but we have multiple scenarios.

我們沒有那個時間，但我們有多種情況。

We really tapped into major groups like RILA, who are doing a fantastic job in terms of sharing data and working with government to establish what reentry looks like.

我們確實接觸了像 RILA 這樣的主要團體，他們在共享數據和與政府合作確定重返大氣層方面做得非常出色。

And to your point, Michael, I do think that it will be a region-by-region-based response.

就你的觀點而言，邁克爾，我確實認為這將是一個基於區域的響應。

We'll be part of a bevy of retailers that follow the guidelines of government and come back into the market only when it's safe for our teams and our customers, and we'll be following those guidelines strictly.

我們將成為一群遵循政府指導方針的零售商的一員，只有在對我們的團隊和客戶安全的情況下才會重返市場，我們將嚴格遵守這些指導方針。

Now when that is, we factored in our financial models on multiple scenarios, including a very elongated period.

現在，我們在多種情況下考慮了我們的財務模型，包括一個非常長的時期。

We feel really comfortable in terms of our cash burn and our liquidity as a result without touching any further available funds.

因此，在不觸及任何進一步可用資金的情況下，我們對現金消耗和流動性感到非常滿意。

And so we've looked at the math, and we've looked at the time frame.

所以我們研究了數學，我們研究了時間框架。

The actual date we will be ready -- and as we've talked about, we've already accelerated a number of capabilities during this downtime like BOPIS, like curbside pickup and like store fulfill that we think are actually going to really sustain and benefit our total business, including the digital -- great digital growth we've been seeing through the fourth quarter and now into Q1.

我們將準備好的實際日期——正如我們所討論的，我們已經在這次停機期間加速了一些功能，比如 BOPIS，比如路邊取貨和我們認為實際上會真正維持和受益的商店履行我們的整體業務，包括數字業務——我們在第四季度和現在進入第一季度都看到了巨大的數字增長。

So our model will begin and ready to go.

因此，我們的模型將開始並準備就緒。

But we are watching this by week, by month, by moment so that we can play it out.

但我們每週、每月、每時每刻都在關注這一點，以便我們能夠完成。

And your next question comes from Curt Nagle from Bank of America.

你的下一個問題來自美國銀行的 Curt Nagle。

So I kind of hate to belabor a point here, but I think it is important in terms of the cash balance.

所以我有點討厭在這裡強調一點，但我認為這在現金餘額方面很重要。

I know you just said that, look, you obviously do have a lot of cash on the books, additional liquidity.

我知道你剛才說過，看，你的賬面上顯然有很多現金，額外的流動性。

You said you've taken through multiple scenarios where even on a long-dated basis, you're pretty comfortable.

你說你已經經歷了多種情況，即使在長期的基礎上，你也很舒服。

But could you give a little more detail in terms of what the time line is?

但是你能否就時間表是什麼提供更多細節？

And given the things that you've done like probably getting concessions on the rents, furloughing 80% of the labor force, halting some CapEx, all those things, it's got to put you in at least a reasonable position to manage.

考慮到你所做的事情，比如可能在租金上做出讓步，讓 80% 的勞動力休假，停止一些資本支出，所有這些事情，它必須讓你至少處於一個合理的位置來管理。

So any more detail on that is important.

因此，關於這方面的任何更多細節都很重要。

And again, I just kind of stress that given -- just looking at where the enterprise value of the company is it at the moment, it implies the market doesn't think that maybe liquidity or the management of that liquidity is there.

再一次，我只是有點強調——只要看看公司目前的企業價值在哪裡，這意味著市場並不認為可能存在流動性或流動性的管理。

So that's why I'm pressing.

所以這就是我施壓的原因。

Yes.

是的。

Look, I mean, that's why we're sharing a lot of these points.

看，我的意思是，這就是為什麼我們要分享很多這些觀點。

Liquidity is definitely there, and we took really early steps to control our costs and move forward.

流動性肯定是存在的，我們很早就採取了措施來控製成本並向前邁進。

I mean to kind of lean into a little bit more, Curt, I would tell you that while we've been still working on the exit towards furlough and the negotiations, we're immediately able to cap off more than 40% of our weekly cash burn rate immediately.

柯特，我的意思是稍微多一點，我會告訴你，雖然我們仍在努力退出休假和談判，但我們可以立即完成每週 40% 以上的工作立即燒錢。

And we're implementing further plans through based on what Robyn and I shared.

我們正在根據 Robyn 和我分享的內容實施進一步的計劃。

So we've got strong controls there.

所以我們在那裡有強有力的控制。

Our modeling, we, like everybody, and I mean we've been talking to our financial advisers as well as RILA and the people I shared with, we've looked at an April scenario and a May scenario and an August scenario and an indefinite scenario.

我們的建模，我們，像每個人一樣，我的意思是我們一直在與我們的財務顧問以及 RILA 和我分享的人交談，我們已經研究了 4 月的情景和 5 月的情景以及 8 月的情景和不確定的設想。

And in all of those, we've got really clear math about our sustainability and liquidity plus the availability to draw down on other facilities.

在所有這些方面，我們對我們的可持續性和流動性以及利用其他設施的可用性有了非常清楚的數學計算。

So we've got control of cash burn, we have cash, and we have a plan.

所以我們已經控制了現金消耗，我們有現金，我們有一個計劃。

Now this is not something that is years and years and years in the making.

現在，這不是多年在醞釀中的事情。

I think everyone is looking at this in these very short synapses but also looking at the worst-case scenarios.

我認為每個人都在關注這些非常短的突觸，但也在關注最壞的情況。

When we sat down with our Board and shared our worst-case scenarios, we have good liquidity, and we have stability in our business with the right actions taken to take us through.

當我們與董事會坐下來分享我們最壞的情況時，我們擁有良好的流動性，並且我們的業務穩定，並採取了正確的行動來幫助我們渡過難關。

And I think we're in a really unusual position, Curt, in that we don't have rotting fruit in terms of our merchandise.

我認為我們處於一個非常不尋常的位置，柯特，因為我們的商品沒有腐爛的水果。

We're primarily seasonless.

我們主要是無季節的。

We're not an apparel business, and we have sustainable product that we can leverage upon reentry, and we're not going to be in a blood bath in terms of cost.

我們不是服裝企業，我們有可持續的產品，我們可以在重新進入時利用這些產品，而且我們不會在成本方面陷入困境。

So there are some real benefits to this space.

所以這個空間有一些真正的好處。

And there's no doubt that the home business has become very fruitful in this period.

毫無疑問，家庭業務在這一時期取得了豐碩的成果。

We just need the customers to be able to access us and other retailers and products in a more fluid way, which is an omnichannel environment of true digital and physical stores.

我們只需要客戶能夠以更流暢的方式訪問我們和其他零售商和產品，這是真正的數字和實體商店的全渠道環境。

So we're looking forward to reopening, but we won't be doing anything until it's safe and appropriate.

所以我們期待著重新開放，但在安全和適當之前我們不會做任何事情。

Understood.

明白了。

And then just as a quick follow-up.

然後作為快速跟進。

As you said, February and 4Q are very much in the rear view.

正如您所說，2 月和第 4 季度非常重要。

But I just wanted to -- if you could possibly hash out some of the math in terms of what was implied for the February comp.

但我只是想——如果你能根據 2 月份的比賽所暗示的內容來計算一些數學。

And I think it improved relative to what was going on in the 2 prior months, but anything you could comment on that would be great.

而且我認為它相對於前 2 個月發生的事情有所改善，但是您可以對此發表任何評論都很棒。

Yes.

是的。

I think for us, it was tough to hit the COVID moment when we just saw some pivots happening in February.

我認為對我們來說，當我們剛剛在 2 月份看到一些關鍵點發生時，很難抓住 COVID 時刻。

We knew we were plagued by issues in December and January, would be transparent around that.

我們知道我們在 12 月和 1 月受到問題的困擾，對此將保持透明。

Some of it was self-inflicted.

其中一些是自己造成的。

I mean when we don't have best sellers in stock, we've got discounting and we don't have our inventory.

我的意思是當我們沒有庫存的暢銷書時，我們有折扣而且我們沒有庫存。

I mean some of the sales decline we saw in our stores wasn't necessarily traffic.

我的意思是我們在商店中看到的一些銷售下降不一定是客流量。

We did some intel work on that, saw the customers were coming in, and they just couldn't find the product in stock.

我們在這方面做了一些英特爾工作，看到顧客進來了，但他們就是找不到庫存產品。

So we were shooting ourselves in the foot.

所以我們搬起石頭砸自己的腳。

That is easily rectifiable, and we started to do that straight at the end of January.

這很容易糾正，我們在 1 月底就開始直接這樣做。

We saw positive comps coming through or more positive comps in terms of churn rate in February.

就 2 月份的流失率而言，我們看到了積極的競爭或更積極的競爭。

And as we stated, we saw an acceleration of our digital business.

正如我們所說，我們看到了數字業務的加速發展。

It was doing well during the period, but that accelerated even further.

它在此期間表現良好，但進一步加速。

So we've been seeing our full year '19 business, we were about 19% penetration in digital in total.

因此，我們看到了 19 年全年的業務，我們在數字領域的總滲透率約為 19%。

For the fourth quarter alone, that was up to 21.3%, and we had double-digit comps there.

僅第四季度，這一比例就高達 21.3%，而且我們的收入達到了兩位數。

Now we've seen that digital business even more deeply accelerate with a lot of new customers, about 31%, 33% of our customers in this Q1 period being new to the Bed Bath & Beyond websites, buybuy BABY websites, et cetera.

現在我們已經看到，數字業務隨著許多新客戶的出現而更加深入地加速發展，在第一季度，大約 31%、33% 的客戶是 Bed Bath & Beyond 網站、buybuy BABY 網站等的新客戶。

So we're garnering new business, and we're building plans with BOPIS, curbside and personalization to sustain those relationships.

因此，我們正在獲得新業務，我們正在製定 BOPIS、路邊和個性化計劃，以維持這些關係。

So we're excited, if that's a word I can even use in this moment, about what lies ahead.

所以我們很興奮，如果這是我此刻甚至可以使用的詞，關於未來的事情。

But it definitely was some gentle momentum coming our way that was positive in February that belied the December-January trends.

但肯定是一些溫和的勢頭在 2 月份向我們襲來，這與 12 月至 1 月的趨勢相悖。

And then we hit this pause moment.

然後我們暫停了片刻。

So more to follow as we reopen up.

隨著我們重新開放，還有更多要跟進。

And our next question comes from Simeon Gutman from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Simeon Gutman。

I wanted to ask first on the e-commerce business.

我想先問電子商務業務。

Can you tell us the size of, I guess, the ongoing business at the end of '19?

你能告訴我們 19 年底正在進行的業務的規模嗎？

And then I thought I caught in the prepared remarks a 90% digital -- and I think, Mark, you said the business was flying.

然後我想我在準備好的評論中發現了 90% 的數字——我想，馬克，你說生意在飛速發展。

I heard a 90% and a 35%, and I just wanted to reconcile those numbers.

我聽到了 90% 和 35%，我只是想調和這些數字。

Yes.

是的。

So I'm not going to provide the total number, but I just shared, Simeon, like Q4, we're at 21.3% of total sales.

所以我不打算提供總數，但我只是分享，Simeon，就像第四季度一樣，我們佔總銷售額的 21.3%。

And so we're getting that digital engagement and follow through with the customer.

因此，我們正在獲得數字參與並與客戶保持一致。

What we've seen is these very sharp synapses.

我們看到的是這些非常尖銳的突觸。

And one of the things that Robyn was outlining is the periods in which we were partially open then closed and then -- particularly in Bed Bath and then relying heavily on the digital business.

Robyn 概述的其中一件事是我們部分開放然後關閉然後 - 特別是在 Bed Bath 然後嚴重依賴數字業務的時期。

We've seen strong conversion.

我們看到了強勁的轉變。

It's never going to map out to be full coverage of our stores-based business.

它永遠不會映射到我們基於商店的業務的全面覆蓋。

But we are seeing both demand and total sales in the 70%, 80% and 90% mark when we move into the April period.

但當我們進入 4 月期間時，我們看到需求和總銷售額都處於 70%、80% 和 90% 的水平。

And as we mentioned, really ramping up and flexing with agility our capability to fulfill those orders, both in the stores that we're using as regional fulfillment centers as well as our DCs, have been tremendous.

正如我們所提到的，無論是在我們用作區域履行中心的商店還是我們的配送中心，真正提高和靈活地履行這些訂單的能力都是巨大的。

So we're meeting guest needs.

所以我們正在滿足客人的需求。

We're working with them.

我們正在與他們合作。

We're fulfilling orders.

我們正在履行訂單。

We're working through our inventory, and we're building equity in our omni-always business.

我們正在清點庫存，並在我們的全方位業務中建立股權。

So some strong growth there.

所以那裡有一些強勁的增長。

What you were hearing in the 35% is just the aggregate of the total business beforehand, but it's definitely these kind of 2-week synapses as the world changed and the amount of stores that we had open was changing as well.

你在 35% 中聽到的只是事先總業務的總和，但隨著世界的變化以及我們開設的商店數量的變化，這絕對是這種為期兩週的突觸。

Got it.

知道了。

My follow-up in this temporary period until we restart, can you talk about anything surprising you about the complexion of what's being sold online and, I guess if you can, about the margin mix, if there's a wide difference in margin among your product categories?

我在這個臨時時期的後續行動，直到我們重新開始，你能談談任何讓你驚訝的關於在線銷售的情況嗎？我想如果可以的話，關於利潤率組合，如果你們的產品之間的利潤率差異很大類別？

And then if online becomes more normal for the foreseeable future, I think you suggested there's all these different scenarios you're planning for, what does that mean for the margin, I guess, complexion of the overall business?

然後，如果在可預見的未來在線變得更加正常，我想你建議你正在計劃所有這些不同的場景，這對利潤率意味著什麼，我想，整體業務的膚色？

Yes.

是的。

I think our mix is very fluid at the moment.

我認為目前我們的組合非常流暢。

I'm -- clearly, people are leaning into cleaning, into kitchen, into baking, into home care.

我——很明顯，人們傾向於清潔、廚房、烘焙和家庭護理。

And so this is a great time for us.

所以這對我們來說是個好時機。

Our textile business is not as strong, and that's something that we see coming forward as people look to refresh their home.

我們的紡織品業務沒有那麼強大，但隨著人們希望讓他們的家煥然一新，我們看到了這一點。

We think this is going to be -- if people have been staring at the same 4 walls for a month or 2 now, Simeon, I think the idea of refreshing your bathroom, your bedroom, your kitchen, that's going to be pivotal in terms of some of the engagement of customers and how they return into the market more than maybe an apparel purchase or definitely a travel purchase.

我們認為這將是——如果人們現在一兩個月一直盯著同樣的 4 面牆看，Simeon，我認為讓你的浴室、臥室、廚房煥然一新的想法，這將是關鍵的一些客戶的參與以及他們如何回到市場，而不是購買服裝或絕對是旅遊購買。

So discretionary spending, I think, will be focused, and we may be a strong beneficiary there.

因此，我認為可自由支配的支出將成為重點，我們可能會在那裡成為一個強大的受益者。

So margin is balanced.

所以保證金是平衡的。

And what we see is that our digital business always performs at a much lower coupon rate.

我們看到的是，我們的數字業務總是以低得多的息票率進行。

And therefore, at this point, we're getting a really balanced response there.

因此，在這一點上，我們在那裡得到了非常平衡的回應。

I think that the -- we see online acceleration.

我認為——我們看到了在線加速。

I think there are a lot of people who are talking around that.

我認為有很多人在談論這個問題。

And I think the great thing about that is that -- some of the changes we've most recently made in terms of fulfillment and support.

我認為最棒的是——我們最近在履行和支持方面做出的一些改變。

I mean not having BOPIS versus the rest of the industry has been an Achilles' heel.

我的意思是，與業內其他公司相比，沒有 BOPIS 一直是阿喀琉斯之踵。

We were set to launch that in full in May in stores, and we've maintained that spend and commitment to be ready when our doors do open.

我們原定於 5 月在商店全面推出該產品，並且我們一直保持著支出和承諾，以便在我們開門時做好準備。

And then have also added in curbside.

然後還添加了路邊。

And now we've stood up store fulfill, which was something that we had on our agenda, but we wanted to get through the other pieces first.

現在我們已經開始商店履行，這是我們議程上的事情，但我們想先完成其他部分。

We've accelerated those.

我們已經加速了這些。

And as you talked about that in terms of the impact, I'm no stranger with previous employers on the margin mix that a store fulfill via order or BOPIS can do in terms of the math and the margin on digital.

當你談到影響時，我對以前的雇主對商店通過訂單或 BOPIS 可以在數學和數字利潤方面做的利潤組合併不陌生。

So we'll start to model that out.

因此，我們將開始對其進行建模。

Now is not the time to get accurate about that, but we believe that's positive things that lie ahead for us.

現在不是對此做出準確判斷的時候，但我們相信這是擺在我們面前的積極事情。

And then we've already begun to convert some discretionary merchandise into more of an owned brand platform ahead of a major relaunch in 2021 at the start.

然後我們已經開始在 2021 年開始的重大重新啟動之前將一些可自由支配的商品轉換為更多的自有品牌平台。

So we'll see some margin benefits for those products in the back end, the digital fulfill benefits in the back end.

因此，我們將在後端看到這些產品的一些利潤收益，即後端的數字實現收益。

But it will be a new journey.

但這將是一個新的旅程。

And our next question comes from Seth Sigman from Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 Seth Sigman。

Just wanted to start with pricing.

只想從定價開始。

Mark, it seems like you were pleased with some of the results as you sharpen price over the holiday period.

馬克，當你在假期期間提高價格時，你似乎對一些結果感到滿意。

What are you learning about in terms of Bed Bath's pricing today?

您今天對 Bed Bath 的定價有何了解？

What changes should we expect in the current environment and, I guess, beyond that?

在當前環境中，我們應該期待哪些變化，我想，除此之外還有哪些變化？

Yes.

是的。

Look, I mean I think that we entered into promotional activity in a way that we hadn't ever before, Seth.

看，我的意思是我認為我們以前所未有的方式開展了促銷活動，Seth。

I think that if we go back to the end of the third quarter, start of the fourth quarter, it was the first time we'd ever really been truly promotional outside of coupon.

我認為，如果我們回到第三季度末，第四季度開始，那是我們第一次真正在優惠券之外進行真正的促銷。

And we really didn't lay down the plans to get there in the right way.

而且我們確實沒有製定以正確的方式到達那裡的計劃。

So we burn the margin and we burn a lot of inventory and weren't prepared to get back into stock.

所以我們燒掉了利潤，燒掉了很多存貨，而且不准備重新進貨。

So they're kind of tough learnings.

所以他們是一種艱難的學習。

But they're also redeemable moments that we can translate into new actions.

但它們也是可挽回的時刻，我們可以將其轉化為新的行動。

I think that the one thing that I've noticed coming into the business and have been working with the team on is the role of value and price/value equation.

我認為我注意到進入業務並一直與團隊合作的一件事是價值和價格/價值方程式的作用。

I think that we know that customers don't want to do the math, and they want to have simple, readable affordability.

我認為我們知道客戶不想做數學計算，他們希望擁有簡單、可讀的可負擔性。

And I think that's what we're missing from our equation.

我認為這就是我們的等式中所缺少的。

Both in-store and online, we haven't been making value.

無論是在店內還是在網上，我們都沒有創造價值。

And I don't mean just sharp price.

我指的不僅僅是銳利的價格。

I mean the -- resonating true value to the customer has been a little bit difficult in places than how we've operated.

我的意思是 - 與我們的運營方式相比，在某些地方對客戶產生共鳴的真正價值有點困難。

And so we've learned a ton of what not to do.

因此，我們學到了很多不該做的事情。

And as a result, you're going to see coming through in our digital channel a refresh of how we're presenting value and talking to our guests with clarity and simplicity.

因此，您將在我們的數字渠道中看到我們如何以清晰和簡單的方式呈現價值和與客人交談的更新。

You'll see that roll through circulars.

你會看到它在通告中滾動。

And then when we open up, you'll start to see it manifest in things like end caps and price point presentation, a real clear, understandable everyday value.

然後當我們開放時，您會開始看到它體現在諸如最終上限和價格點展示等方面，這是一種真正清晰、易於理解的日常價值。

So we -- there's no doubt that as we come out of this COVID-19 moment and with unemployment and some tough times ahead, customers want to be able to get value, see value, understand value and have it resonate with them quickly.

所以我們 - 毫無疑問，當我們走出 COVID-19 時刻並面臨失業和未來的艱難時期時，客戶希望能夠獲得價值、看到價值、理解價值並迅速與他們產生共鳴。

And we think we've got some great plans in place to really step into that.

我們認為我們已經制定了一些偉大的計劃來真正涉足這一領域。

And that doesn't mean giving away the margin farm.

這並不意味著放棄利潤農場。

It just means being really clear on our intent upfront.

這只是意味著要真正清楚我們的意圖。

So a ton of learnings from our strengths and opportunities that we've already begun to channel through to our plans moving forward.

因此，我們已經開始將我們從我們的優勢和機會中學到的大量知識用於我們未來的計劃。

Got it.

知道了。

Okay.

好的。

That's helpful.

這很有幫助。

And then just in terms of the need to pair back on spending this year, can you just elaborate on the programs that are getting pushed out?

然後就今年需要重新配對支出而言，您能否詳細說明即將推出的計劃？

And how important were those to the stability that I guess you were expecting as we move through this year?

我猜你在我們今年度過的過程中所期待的穩定性有多重要？

Yes.

是的。

Look, I mean I think it's less about the stability and more about the long-term benefits.

聽著，我的意思是我認為這與穩定性無關，而與長期利益有關。

And really, we were just talking about postponing.

實際上，我們只是在談論推遲。

We're not talking about canceling.

我們不是在談論取消。

The major one really there, Seth, is around the store remodel programs.

真正重要的，Seth，是關於商店改造計劃的。

I've been working on -- since I joined on a program with the team, we've got 3 test stores that are showing really positive signs of growth from the core model, and that was without any assortment changes.

我一直在努力——自從我加入團隊的一個項目以來，我們有 3 家測試商店顯示出核心模型真正積極的增長跡象，而且沒有任何分類變化。

Just -- and any of the price point changes and clarity that we talked about.

只是 - 我們談到的任何價格點變化和清晰度。

So refreshment of the stores is something we then fast tracked.

因此，商店的更新是我們隨後快速追踪的事情。

And we're ready to roll out 25, 26 stores to really give us a model to accelerate our spend in subsequent years.

我們準備推出 25、26 家商店，真正為我們提供一個模型，以加快我們在隨後幾年的支出。

Now that was going to take place and be ready all before the beginning of the Back to College period so we didn't interrupt with our key selling period.

現在這一切都將在“重返大學”時期開始之前發生並準備就緒，因此我們沒有打斷我們的關鍵銷售時期。

And then in Q3, Q4, we would have been done.

然後在第 3 季度、第 4 季度，我們就已經完成了。

Having to ice those at the moment was really tough because we had some good work that we wanted to put into play.

此刻不得不凍結那些真的很難，因為我們有一些我們想要投入使用的好工作。

But it would have been crazy to spend that money, disrupt Q3 and Q4 and wanting to preserve some CapEx.

但如果花這筆錢、擾亂第三季度和第四季度並希望保留一些資本支出，那就太瘋狂了。

So we've got the plans.

所以我們已經有了計劃。

We've got the info, and we've got the dream.

我們有信息，我們有夢想。

We're just going to finesse that further as we get ready to implement that in early 2021.

當我們準備在 2021 年初實施時，我們將進一步完善它。

So it's postponed, not canceled.

所以它被推遲了，而不是被取消了。

But it really helps us with liquidity, and it helps us to be focused on the right things in this interim position.

但它確實幫助我們提高了流動性，並幫助我們在這個臨時職位上專注於正確的事情。

And your next question comes from Steve Forbes from Guggenheim.

你的下一個問題來自古根海姆的史蒂夫福布斯。

So I wanted to focus maybe on, to start, the 250 leases that are up for renewal this year.

因此，我想首先關註今年即將續籤的 250 份租約。

So if you can maybe discuss how many of those are the core Bed Bath & Beyond brand and then provide some color right around the discussion with those landlords, given the leverage situation that you're in.

因此，如果您可以討論其中有多少是核心 Bed Bath & Beyond 品牌，然後在與這些房東的討論中提供一些顏色，考慮到您所處的槓桿情況。

Is there a particular quarter that is heavy with expirations and/or, right, has digital strength in the business sort of impacted your perception, right, as you enter these discussions?

當您進入這些討論時，是否有一個特定的季度到期和/或，對，在業務中具有數字優勢影響了您的看法，對嗎？

Yes.

是的。

Look, I would say to you, Steve, that we're still mid-flight in really getting the clarity on the perception change.

聽著，我要告訴你，史蒂夫，我們仍然在飛行途中真正弄清楚感知變化。

We believe there will be some.

我們相信會有一些。

We'd already had a preliminary view of it.

我們已經有了初步的看法。

Look, I think this is -- I'm not going to get heavy on detail here because I would say to you it's a work in flight.

看，我認為這是——我不會在這裡過多地討論細節，因為我會告訴你這是一項正在進行的工作。

And this is where we really work out who our great partners are and how we can work together.

這是我們真正確定誰是我們的好夥伴以及我們如何合作的地方。

We have a staged event across the portfolio.

我們在整個產品組合中舉辦了一場活動。

Clearly, we have more weight in Bed Bath because we have more stores.

顯然，我們在 Bed Bath 的權重更大，因為我們有更多的商店。

But we're going to be looking at each region, each concept and each time frame to really map out what is the best sustainable pathway and portfolio moving forward.

但我們將審視每個地區、每個概念和每個時間框架，以真正規劃出什麼是最佳的可持續發展途徑和向前發展的投資組合。

And we're going to be working really closely with our real estate partners.

我們將與我們的房地產合作夥伴密切合作。

A lot of pressure on them at the moment as well as us.

現在他們和我們都面臨著很大的壓力。

We're all in it together.

我們都在一起。

So we're going to sit with them.

所以我們要和他們坐在一起。

And I don't want to kind of break out and disclose anything ahead of time because we need to do our analysis and then work on those very plans.

而且我不想提前透露任何事情，因為我們需要進行分析，然後製定這些計劃。

And it won't be a one-size-fits-all.

而且它不會是一刀切的。

We're really looking at the menu of options.

我們真的在看選項菜單。

But it's clear that this is pressuring the moment for what really does generate profitability.

但很明顯，這是真正產生盈利能力的時刻。

But we will also take into consideration, as we think about store fulfillment from those stores, how it changes the benefit and model of each of the locations.

但是，當我們考慮這些商店的商店履行時，我們也會考慮它如何改變每個地點的利益和模式。

And then maybe just a quick follow-up on inventory management.

然後可能只是對庫存管理的快速跟進。

It's sort of interesting here given your comments around not having enough inventory this holiday, right, holiday 2019, about all the uncertainty that exists today.

考慮到您關於這個假期沒有足夠庫存的評論，對，2019 年假期，關於今天存在的所有不確定性，這裡有點有趣。

So maybe just give us an update or discuss how you're planning your inventory buys this year, and particularly for holiday 2020, what's sort of the typical time frame when you have to make those decisions and commit to those POs?

因此，也許只是給我們更新或討論您如何計劃今年的庫存購買，特別是 2020 年假期，當您必須做出這些決定並致力於這些 PO 時，典型的時間框架是什麼？

And how important, right, is it that you're open by the time those commitments occur?

在這些承諾發生時，您是開放的，對吧，這有多重要？

Yes.

是的。

Look, I mean, a couple of things there.

看，我的意思是，那裡有幾件事。

I think that we've been -- Joe has been leading the charge here and having deep conversation with all our majors and our general vendor bases about flow.

我認為我們一直 - 喬一直在這裡帶頭，並與我們所有的專業和我們的一般供應商基地就流程進行深入對話。

If you go back to the inventory position that we had, there's kind of 2 things going there.

如果你回到我們的庫存位置，那裡有兩件事。

The good news was that overall, we reduced our inventory by about 16% at the close of the quarter.

好消息是，總體而言，我們在本季度末將庫存減少了約 16%。

And so we were working leaner on that.

所以我們在這方面做得更精簡。

But inside of that, we did have big misses.

但在那裡面，我們確實有很大的失誤。

Not by having more inventory.

不是通過擁有更多庫存。

We think that's a good level that we can come down to.

我們認為這是一個很好的水平，我們可以降到這個水平。

But we could have traded some of our mix to be more in stock of our key items and generated more sales and gross margin by having the right merchandise.

但我們本可以通過交易我們的一些組合來增加我們關鍵項目的庫存，並通過擁有合適的商品來產生更多的銷售額和毛利率。

So again, the level coming down is a positive, the curation within the level becomes critical.

因此，再次下降的級別是積極的，級別內的策展變得至關重要。

Joe has really lent into that charge, getting it back in stock about top 100, 250, 500 items and making sure that we can draw that down.

Joe 確實借給了這筆費用，將其重新存入大約前 100、250、500 件商品，並確保我們可以將其提取出來。

I think also getting the flexibility to draw the stock from different places helps us to kind of speed up sales and get clarity and delivery to the customer on time.

我認為還可以靈活地從不同地方提取庫存，這有助於我們加快銷售速度並及時向客戶提供清晰度和交付。

In terms of the point around the commitments, we quickly moved into an evaluation of high-risk merchandise, seasonal merchandise and anything that kind of -- if we looked at our long-term plan of what could have been a close at hold, really looking at minimizing our quantification of risk and adjusting flow.

就圍繞承諾的要點而言，我們很快就開始評估高風險商品、季節性商品和任何類似的東西——如果我們看看我們的長期計劃可能會被擱置，真的著眼於最小化我們的風險量化和調整流量。

So that's a very fluid discussion, a very real discussion.

所以這是一個非常流暢的討論，一個非常真實的討論。

And that began on day 1 when we started to see the problem emerge.

這從我們開始看到問題出現的第一天開始。

So it's a real strength in having Joe on board, focusing on this.

因此，讓喬加入並專注於此是真正的優勢。

And our overall inventory plans are really highlighted by being in stock with best sellers, getting our preplan with our vendors in place so that we could get that in stock and we play out the third and fourth quarter in a different way and then keeping a close eye on seasonality and flow of merchandise from offshore vendors.

我們的整體庫存計劃確實突出了與暢銷書的庫存，與我們的供應商一起制定了我們的預先計劃，以便我們可以將其存貨，我們以不同的方式完成第三和第四季度，然後保持密切聯繫關注離岸供應商的季節性和商品流動。

And our next question comes from Jonathan Matuszewski from Jefferies.

我們的下一個問題來自 Jefferies 的 Jonathan Matuszewski。

Just a follow-up question on reopenings, clearly dependent on state and local laws and obviously your own discretion.

只是關於重新開放的後續問題，顯然取決於州和地方法律，顯然取決於您自己的判斷力。

Should we expect some type of throughput constraints to be in the cards when stores reopen?

當商店重新開放時，我們是否應該期待某種類型的吞吐量限制？

You mean in terms of inventory or...

你的意思是在庫存或...

In terms of customer traffic and things like that.

在客戶流量等方面。

Just trying to get a sense of how quickly these stores could ramp to normalized levels considering maybe some health and safety concerns?

考慮到一些健康和安全問題，只是想了解這些商店能夠以多快的速度達到正常水平？

Yes.

是的。

I think in general, in the industry, the consensus that I've been seeing, Jonathan, is that everyone is planning for -- I mean this is not going to be a light switch moment where everything goes back to the immediate moment.

我認為，總的來說，在行業中，喬納森，我一直看到的共識是，每個人都在計劃——我的意思是，這不會是一切都回到當下的電燈開關時刻。

We have got -- our financial plans are very conservative when I talked about the modeling in terms of an expectation of a highly reduced sales level so that we can work out our financial plan to be as liquid as possible no matter what.

我們已經 - 當我談到模型時，我們的財務計劃非常保守，預計銷售水平會大幅降低，這樣我們就可以製定出盡可能流動的財務計劃，無論如何。

And so there's a number of percentages being bandied around there.

因此，那裡有很多百分比。

I'm not going to contribute to the dialogue other than to say we have multiple scenarios, and some of them quite deep, to ensure that we've got our liquidity in place even if the return is there.

除了說我們有多種情景之外，我不會為對話做出貢獻，其中一些情景非常深刻，以確保即使有回報我們也有流動性。

Our general -- I think there's going to be different rules here.

我們的將軍——我認為這裡會有不同的規則。

I think you've got to remember that -- I think that this is -- we're looking at a lot of the recessionary moments from the past as models.

我認為你必須記住這一點——我認為這是——我們正在研究過去的許多經濟衰退時刻作為模型。

But you also have the fear factor of safety inside piece.

但你也有內件的安全恐懼因素。

And So large gatherings, shopping at the mall, those things become more questionable maybe for others.

如此大的聚會，在商場購物，這些事情可能對其他人來說變得更加可疑。

So less than 10% of our fleet is mall-based.

因此，我們車隊中只有不到 10% 是基於購物中心的。

We're big box, and we're independent.

我們是大盒子，我們是獨立的。

We think that will work in our favor, and that helps us to do things like curbside pickup and the fluidity of BOPIS much faster than maybe a mall-based retailer.

我們認為這將對我們有利，這有助於我們比基於購物中心的零售商更快地完成路邊取貨和 BOPIS 的流動性等事情。

And we think there'll be a gradual turn on, but we also think there will be categories that come back faster.

我們認為會逐漸打開，但我們也認為會有更快恢復的類別。

And I think that home will be a beneficiary much faster than apparel.

而且我認為家居將比服裝更快地成為受益者。

And we think that there's some positive upside to establishing relationships and transactions with customers early, but we know it's going to be graded.

我們認為儘早與客戶建立關係和交易有一些積極的好處，但我們知道它會被分級。

And a lot of that, as you mentioned and I mentioned earlier, will be a phased approach based on safety and regional return to full business.

正如你和我之前提到的，其中很多將是基於安全和區域恢復全面業務的分階段方法。

Yes.

是的。

That's super helpful.

這非常有幫助。

And then just a quick follow-up.

然後只是快速跟進。

You alluded to continuing to take a look at the portfolio in terms of banner divestitures potentially and evaluating options for owned real estate.

你提到繼續從潛在的橫幅資產剝離和評估自有房地產的選擇權的角度來審視投資組合。

Just give us your thoughts on how does this COVID-19 backdrop inform your view on a sense of timing and urgency for banner disposals.

請告訴我們您對這個 COVID-19 背景如何影響您對橫幅處理的時間感和緊迫性的看法。

And if you could just remind us of how much owned real estate there is left to monetize.

如果你能提醒我們還有多少自有房地產可以貨幣化。

Well, I'm not going to disclose that number specifically, Jonathan.

好吧，喬納森，我不會具體透露這個數字。

But what I would say to you is that, look, clearly, the tougher moment to think about transacting with individuals -- although we do have some good dialogue that continues on because we've got good businesses, I think the good thing for us is that there is an opportunity to work on other concepts.

但我要告訴你的是，很明顯，現在是考慮與個人交易的艱難時刻——儘管我們確實有一些良好的對話仍在繼續，因為我們有好的業務，我認為這對我們來說是件好事是有機會研究其他概念。

We don't have to do that to maintain the strong level of liquidity.

我們不必這樣做來維持強勁的流動性水平。

We've built our plans with these things in place, and all of that just remains potential positive upside.

我們已經制定了這些事情的計劃，所有這些仍然是潛在的積極上行空間。

So there's no pain, pressure or push to have to complete these within a time frame.

所以沒有痛苦、壓力或推動必須在一個時間範圍內完成這些。

They're all just future opportunities.

都是未來的機會。

So time will tell.

所以時間會證明一切。

And as I said, we've just completed 1 deal right in the middle of this.

正如我所說，我們剛剛在這中間完成了一筆交易。

We're still negotiating with others.

我們仍在與其他人談判。

So it's a fluid moment.

所以這是一個流暢的時刻。

And our next question comes from Christopher Horvers from JPMorgan.

我們的下一個問題來自摩根大通的克里斯托弗霍弗斯。

So a couple of just clarification questions.

所以有幾個只是澄清的問題。

So first, jumping back to that 90% e-commerce growth number.

首先，回到電子商務增長 90% 的數字。

You're saying that's the core Bed Bath comp once all the stores had closed, is that right?

你是說一旦所有商店都關門了，這就是 Bed Bath 的核心產品，對嗎？

Yes.

是的。

And that's in the month -- that's what we're seeing accelerating in the month of April.

那是在這個月——這就是我們在 4 月份看到的加速增長。

Right.

正確的。

That's...

那是...

Right.

正確的。

The 90% relates to Bed Bath for the month of April, April to date.

90% 與 4 月份的 Bed Bath 相關，4 月份至今。

Got it.

知道了。

And then in terms of -- you mentioned improving the cash burn rate, 40%.

然後就您提到的提高現金消耗率而言，40%。

It sounds like, obviously, your biggest costs are inventory, payroll and rent.

聽起來，顯然，您最大的成本是存貨、工資和租金。

So is that 40% a good proxy in terms of the -- sort of what the benefit of the furloughing was that you did recently?

那麼，就您最近所做的休假的好處而言，40% 是否是一個很好的代理？

No.

不。

I think what I was expressing there and both Robyn and I were sharing is to date, that has been -- we've still had payroll and we still have rent in those numbers.

我想我在那裡表達的以及 Robyn 和我分享的是迄今為止，那是——我們仍然有工資單，我們仍然有這些數字的租金。

Subsequent to that, we've taken these additional actions.

之後，我們採取了這些額外的行動。

So we were able to control some of our outgoings, and we're in a transition for -- during the period.

因此，我們能夠控制我們的一些支出，並且我們正在過渡 - 在此期間。

That's kind of an all-in moment where we were still in transition.

那是我們仍處於過渡階段的全押時刻。

We see further benefits to controlling the burn rate.

我們看到控制燃燒率的更多好處。

And clearly, being on furlough, looking at our payment terms and looking at our rent status is only going to add hundreds of millions of dollars' worth of benefit by month to how we can operate.

很明顯，休假、查看我們的付款條件和租金狀況只會為我們的運營方式增加每月價值數億美元的收益。

Yes.

是的。

And so just the 2 follow-ups to that is as you think about the total SG&A dollars, we have rent that's disclosed is -- I've always thought a rule of thumb that 40% of SG&A or so is payroll within the SG&A reporting.

因此，當您考慮 SG&A 總金額時，這只是 2 個後續行動，我們披露的租金是——我一直認為一個經驗法則，SG&A 報告中大約有 40% 的 SG&A 是工資單.

Is that fair?

這公平嗎？

And then related to the rents, one of the questions that we're asking is have you paid all of your April rents?

然後關於租金，我們要問的問題之一是您支付了所有四月份的租金嗎？

And how are you thinking about May?

你怎麼看待梅？

I mean you've seen other retailers talk about declaring force majeure.

我的意思是你已經看到其他零售商談論宣布不可抗力。

There's an article in the Wall Street Journal today about retailers not paying rent.

今天《華爾街日報》上有一篇關於零售商不支付租金的文章。

So how are you thinking about, overall, your need to pay rent on closed stores from a contractual perspective?

那麼，總體而言，您如何從合同的角度考慮您需要為關閉的商店支付租金？

Yes.

是的。

Look, I just -- I think it's prudent not to comment on that, Christopher, as that discussion's in flight.

看，我只是 - 我認為謹慎的做法是不要對此發表評論，克里斯托弗，因為討論正在進行中。

And as I mentioned earlier, we want to be respectful with our partners to work through solutions together.

正如我之前提到的，我們希望尊重我們的合作夥伴，共同解決問題。

We're all taking a look at this, and we know that this is painful on both sides.

我們都在關注這一點，我們知道這對雙方來說都是痛苦的。

And so we're seeing multiple scenarios that we're negotiating with different partners on how to manage rent, both in the April period immediately but also go forward.

因此，我們看到了多種情況，我們正在與不同的合作夥伴就如何管理租金進行談判，無論是在 4 月份還是未來。

So I'm not -- we're not going to be commenting on that today other than to say we are robustly engaged in this process and working with our partners to resolve multiple scenarios that we can both support.

所以我不是——我們今天不會對此發表評論，只是說我們正在積極參與這個過程，並與我們的合作夥伴一起解決我們都可以支持的多種情況。

And then the SG&A payroll portion?

然後是 SG&A 工資單部分？

In terms of the SG&A, we haven't broken those component pieces out.

就 SG&A 而言，我們還沒有分解這些組件。

But in terms of sizing them in order, payroll is the most significant, followed by occupancy.

但就按順序排列它們而言，工資是最重要的，其次是入住率。

And our next question comes from Peter Benedict from Baird.

我們的下一個問題來自 Baird 的 Peter Benedict。

Most of mine have been answered, but I just -- I wanted to -- Mark, I just wanted to ask you about the status of this PMall transaction.

我的大部分問題都得到了答复，但我只是——我想——馬克，我只是想問問你關於這個 PMall 交易的狀態。

I mean, first of all, is PMall operating right now?

我的意思是，首先，PMall 現在在運營嗎？

I don't know what their status is in this environment.

不知道他們在這種環境下是什麼身份。

And then just how do you expect that to play out?

然後你希望它如何發揮作用？

I mean is this something that's just kind of more of a question of when, not if?

我的意思是，這更像是什麼時候的問題，而不是如果？

Or is it more serious than that?

還是比這更嚴重？

Well, Peter, I think that we filed based on the lack of completion.

好吧，彼得，我認為我們是根據未完成的情況提交的。

So you have to respect my tentativeness in terms of saying too much.

所以你必須尊重我說太多的試探性。

I think that they are still operational.

我認為他們仍在運作。

It's a highly profitable business, and it does really well.

這是一項高利潤的業務，而且做得非常好。

It's a great asset, and we had a good deal.

這是一筆巨大的財富，我們達成了一筆划算的交易。

And so the date and gate got passed.

所以日期和門都通過了。

We tried to negotiate through that, and we found that we were forced into the situation.

我們試圖通過它進行談判，但我們發現我們是被迫陷入困境的。

We're going to vigorously pursue the completion.

我們將大力追求完成。

It's a great business, and it's operating well.

這是一項偉大的業務，而且運作良好。

And that's all I can really say about at this point.

在這一點上，這就是我真正能說的。

Okay.

好的。

That's fair.

這還算公平。

Understood.

明白了。

And then just back to the -- in the fourth quarter, can you give us a sense how much of that -- of the 210 basis point hit to gross margin, how much of that was from the digital fulfillment headwinds?

然後回到——在第四季度，你能告訴我們有多少——毛利率下降了 210 個基點，其中有多少來自數字實現逆風？

The majority was really on -- related to markdowns and promotional activity.

大多數人真的在 - 與降價和促銷活動有關。

So more heavily weighted there, with just a lesser extent was the shift in the mix to digital.

因此，那裡的權重更大，混合向數字化的轉變程度較小。

Yes.

是的。

We really saw some pain points there based on the promotional activity and how we managed it.

根據促銷活動以及我們的管理方式，我們確實看到了一些痛點。

And that, as I said earlier, Peter, has been a tight learning.

而且，正如我之前所說，彼得，這是一個嚴格的學習。

There was some impact of the digital sale, but it was outweighed by the margin impact that we took with markdowns and promos.

數字銷售產生了一些影響，但它被我們通過降價和促銷所帶來的利潤影響所抵消。

And our next question comes from Brad Thomas from KeyBanc.

我們的下一個問題來自 KeyBanc 的 Brad Thomas。

Most of mine have been answered, but I guess, Mark, I want to just follow up on the opportunity in merchandising and your vision ahead here.

我的大部分問題都得到了回答，但我想，馬克，我只想跟進商品銷售的機會和你未來的願景。

I know your background is merchandising, and you just brought Joe on board.

我知道你的背景是推銷，你剛剛把喬帶上了船。

I guess could you talk about how much you think that the assortment in the store needs to change as you think about the next few years?

我想你能談談你認為在未來幾年你認為商店的分類需要改變多少嗎？

And what areas you think you can most quickly address here potentially even this year?

您認為即使在今年也可以在這裡最快解決哪些領域？

Yes.

是的。

Look, I mean we've already identified and are moving forward on those strategies.

看，我的意思是我們已經確定並正在推進這些戰略。

So that remains unchanged with this moment, and I want to be really clear around that.

所以這一刻保持不變，我想非常清楚這一點。

A couple of things there, Brad.

有幾件事，布拉德。

I think the first thing that we noticed, and we just talked about value earlier on the call, is that we have some real gaps in opening price point and the clarity of communication around value to our customers.

我認為我們注意到的第一件事，我們剛剛在電話會議上剛剛談到了價值，是我們在開盤價和圍繞價值與客戶的清晰溝通方面存在一些真正的差距。

So we're leaning into that space.

所以我們傾向於那個空間。

I think the second piece is around really reducing a high level of duplication in items.

我認為第二部分是關於真正減少項目中的高度重複。

And we really want to focus on a curation of differentiation and relevance to our customer.

我們真的想專注於差異化和與客戶相關的策劃。

And where we've done that, we've seen real wins.

在我們這樣做的地方，我們看到了真正的勝利。

In some of these stores that I was talking about earlier that I was playing with the models on, we've reduced the SKU count by 20% to 30%, and we were seeing double-digit comps at the same time.

在我之前談到的一些商店中，我正在玩模型，我們已經將 SKU 數量減少了 20% 到 30%，同時我們看到了兩位數的補償。

So when we curate, we make our assortment more focused and understandable.

因此，當我們策劃時，我們會讓我們的分類更加集中和易於理解。

And then I've just been working even today on -- with Joe on a number of really great owned brands that we're cultivating and getting ready to launch at the start of next fiscal year because these things take time, and we're developing newness there, which will help reframe out each of the key rooms and categories and occasions that we are currently dominant in and have strong market share but also ones where we want to cultivate.

然後直到今天，我才一直在努力——和 Joe 一起研究一些我們正在培養並準備在下個財政年度開始時推出的真正偉大的自有品牌，因為這些事情需要時間，而且我們正在在那裡開發新事物，這將有助於重新構建我們目前佔據主導地位並擁有強大市場份額以及我們想要培養的每個關鍵房間、類別和場合。

So I think that there's a modernity and a freshness and a relevance and an affordability in that home and personal care space as well as our efforts inside BABY, which were well underway.

因此，我認為家庭和個人護理空間以及我們在 BABY 內部的努力正在進行中，具有現代感、新鮮感、相關性和可承受性。

That can really create more relevant merchandise assortment.

這確實可以創建更多相關的商品分類。

So we're upturning a lot of rocks there.

所以我們在那裡翻動了很多岩石。

We're renegotiating costs across the board, which had already been done and worked on.

我們正在全面重新談判成本，這已經完成並正在努力。

So there's a margin upside.

所以有一定的上升空間。

There's a mix upside, and then there's a perception upside, including value, that we see coming.

有一個混合的好處，然後是我們看到的感知上的好處，包括價值。

And that will be evolutionary throughout the rest of 2020, and you're really going to see some strong green shoots in late 2020, early 2021.

這將在 2020 年剩餘時間裡不斷演變，你真的會在 2020 年底、2021 年初看到一些強勁的萌芽。

And our next question comes from Seth Basham of Wedbush.

我們的下一個問題來自 Wedbush 的 Seth Basham。

My question is first on the e-commerce business for Bed Bath & Beyond on the current environment.

我的問題首先是關於 Bed Bath & Beyond 在當前環境下的電子商務業務。

You noted the really strong growth there, 9% in April.

你注意到那裡的增長非常強勁，4 月份增長了 9%。

What do you think the potential is for growth in that business if you had been able to meet all of the demand that you're seeing?

如果您能夠滿足您所看到的所有需求，您認為該業務的增長潛力是什麼？

Yes.

是的。

It's a great question.

這是一個很好的問題。

I mean, look, I mean I think we really would have been hitting on some high double-digit comps.

我的意思是，看，我的意思是我認為我們真的會擊中一些高兩位數的組合。

And I think that we had to restrain some demand based on availability of inventory, especially in key items.

而且我認為我們必鬚根據庫存的可用性來限制一些需求，尤其是在關鍵項目上。

And so those items are strong.

所以這些項目很強大。

They're not markdown-driven.

他們不是降價驅動的。

That would have been a real boom for us, Seth.

對我們來說，那將是一個真正的繁榮，賽斯。

And I think that bodes well for where we can cut and paste those experiences into benefits in third and fourth quarter in 2020.

我認為這預示著我們可以將這些經驗剪切並粘貼到 2020 年第三和第四季度的收益中。

The upside of it, I think, is also going to be distorted by the current behavior in COVID-19.

我認為，它的好處也將被 COVID-19 的當前行為所扭曲。

And that's why I'm really excited about the fact that we've built background capabilities very quickly to sustain that as the total market opens back up.

這就是為什麼我對我們已經非常迅速地建立了後台功能以在整個市場重新開放時維持這一事實感到非常興奮。

And then we've been seeing where we have really changed the cadence of our communication dialogue and the way we've set up our digital website to be more relevant to weekly guest needs.

然後我們一直在看到我們真正改變了溝通對話的節奏以及我們建立數字網站的方式，使其與每週客人的需求更加相關。

We're really connecting with customers and driving high double-digit comps in those categories that we're leaning into and building real engagement and data with these customers.

我們真的在與客戶建立聯繫，並在我們所關注的那些類別中推動高兩位數的競爭，並與這些客戶建立真正的互動和數據。

So I think it's too early to say how high is high.

所以我認為現在說多高是高還為時過早。

I think the industry in total believes that penetration rates will be increased.

我認為整個行業都認為滲透率將會提高。

We're already on that pathway.

我們已經在這條路上了。

And when I'm saying 21% of our business in Q4 was already digital, we see a lot of upside in that, but we also want to balance out that with growth in our stores.

當我說我們第四季度 21% 的業務已經數字化時，我們看到了很多好處，但我們也希望通過商店的增長來平衡這一點。

Got it.

知道了。

And then as a follow-up, of course, we've only been in the stay-at-home scenario for a few weeks now, but have you started to see a material change in the mix of products being demanded, for example, a shift away from demand for cleaning products or anything like that, that would be notable or surprising?

然後作為後續行動，當然，我們只在家里呆了幾個星期，但是您是否開始看到需求產品組合發生重大變化，例如，從對清潔產品或類似產品的需求轉變，這將是值得注意的或令人驚訝的嗎？

No.

不。

I mean I mentioned a little earlier in my comments, Seth, I mean we've definitely seen the stay-at-home moments in terms of cooking and cleaning and supporting the family in this early piece have been really exceptional.

我的意思是我之前在評論中提到過，Seth，我的意思是我們肯定已經看到在這個早期作品中做飯和清潔以及支持家人的待在家裡的時刻真的很特別。

I mean bread makers, blenders and vacuums and cleaning products, water filtration, coffee, coffee, coffee, like -- people like, hell, just going to make the best of it at home.

我的意思是麵包機、攪拌機、吸塵器和清潔產品、濾水器、咖啡、咖啡、咖啡，就像——人們喜歡，該死的，只是想在家裡充分利用它。

Now that's a boom for us.

現在這對我們來說是一個繁榮。

And we think -- we actually think that as people come out at this moment, we think that some of the data that we're seeing very early, and it's preliminary, there's going to be some discretionary spend move away from specific categories.

我們認為 - 我們實際上認為，隨著人們此時的出來，我們認為我們很早就看到的一些數據，而且是初步的，將會有一些可自由支配的支出從特定類別中轉移出來。

But we believe that people will want to celebrate their home, reinforce it, refresh it, invite friends for smaller moments and build equity in entertaining and start to celebrate the home.

但我們相信，人們會想要慶祝他們的家，加強它，更新它，邀請朋友度過更小的時刻，建立娛樂公平，並開始慶祝家。

And then leading into a Back to College moment, which we're really primed, which is your home away from home, we're really ready to take on that.

然後進入回到大學的時刻，我們真的準備好了，這是你的家外之家，我們真的準備好迎接它了。

So I think this kind of new cocooning, new nesting, new love for home and valuing the environment -- while we all want to step outside, clearly, I think there's going to be safety as a consideration.

所以我認為這種新的繭、新的築巢、對家的新愛和對環境的重視——雖然我們都想走出去，但很明顯，我認為安全是一個考慮因素。

And I think there's going to be a love and respect for the home that we're ready to take advantage of.

而且我認為我們準備好利用的家庭將會受到愛和尊重。

So we see different categories rolling through, and we're watching that really closely.

所以我們看到不同的類別不斷湧現，我們正在密切關注。

And our last question comes from Carla Casella from JPMorgan.

我們的最後一個問題來自摩根大通的 Carla Casella。

Just a couple that weren't addressed.

只是一對未解決的問題。

One, you're making a lot of changes, you mentioned, with the merchandising and working with your vendors on that.

第一，你提到了很多改變，包括商品銷售和與供應商的合作。

Have you changed any of your terms with your vendors during COVID or been able to extend terms, something that might help you from the working capital front in the near term?

在 COVID 期間，您是否更改了與供應商的任何條款或能夠延長條款，這可能會在短期內幫助您從營運資金方面獲得幫助？

Absolutely, Carla.

當然，卡拉。

I think that was one of the first things that Joe and team and Robyn really worked on, was like, hey, great partners, this is going to be tough when we all know we're in a situation we know we're going to be in for the long term.

我認為這是 Joe 和團隊以及 Robyn 真正努力的第一件事，就像，嘿，偉大的合作夥伴，當我們都知道我們處於我們知道我們將要面對的情況時，這將是艱難的長期參與。

We know we're liquid.

我們知道我們是流動的。

We know we're strong, and we have a plan, and just let everybody work together on what we can do here.

我們知道我們很強大，我們有一個計劃，讓每個人一起努力，做我們能做的事。

And so without going into great detail, know that those conversations were very robust, and we've asked for a level of support.

因此，無需詳細說明，就知道這些對話非常有力，我們已經要求一定程度的支持。

It's just short to midterm.

這只是短期到中期。

It's not the standard way we'll operate.

這不是我們運作的標準方式。

And we'll all work on it together.

我們將共同努力。

And we've seen some really good lean-ins there to change that liquidity.

我們已經看到了一些非常好的精益方法來改變這種流動性。

And as I said, some of the burn rates we talked about earlier were not inclusive of those actions taking hold yet.

正如我所說，我們之前談到的一些燒錢率還沒有包括那些尚未生效的行動。

So that's a further benefit to cash flow.

因此，這對現金流有進一步的好處。

But yes, look, it was on our to-do list very early on, and we began in earnest to sit with our partners and renegotiate just in the short to mid how we can play with terms and how we can work.

但是，是的，看，它很早就在我們的待辦事項清單上，我們開始認真地與我們的合作夥伴坐在一起，並在短期到中期重新談判我們如何處理條款以及我們如何工作。

And that goes for both our product vendors as well as our key supply partners.

這適用於我們的產品供應商以及我們的主要供應合作夥伴。

Okay.

好的。

Great.

偉大的。

And then you've talked in the past about using your strong balance sheet and asset base.

然後你過去曾談到使用你強大的資產負債表和資產基礎。

But I just want to clarify, the way I calculate it, it doesn't look like you have any additional stores or distribution assets that you could use for sale-leasebacks.

但我只想澄清一下，按照我的計算方式，你似乎沒有任何額外的商店或分銷資產可用於售後回租。

Is that right, you've pretty much sold everything that you owned?

是嗎，你幾乎賣掉了你擁有的所有東西？

No.

不。

We still have DC facilities, offices, et cetera, that are in the mix.

我們仍然有 DC 設施、辦公室等。

We're not focused on the stores piece.

我們不專注於商店。

There are still assets that we have to review and play with.

我們仍然需要審查和使用一些資產。

And that concludes our question-and-answer session.

我們的問答環節到此結束。

I'll turn the call back over to Janet Barth for closing remarks.

我會將電話轉回給珍妮特·巴特 (Janet Barth) 以作結束語。

Thank you all for participating on our call today.

感謝大家今天參加我們的電話會議。

Feel free to contact me with any additional questions or comments.

如有任何其他問題或意見，請隨時與我聯繫。

Have a good night and stay safe, everyone.

祝大家晚安，注意安全。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。