諾德斯特龍百貨 (JWN) 2022 Q2 法說會逐字稿

Greetings, and welcome to the Nordstrom Second Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Nordstrom 2022 年第二季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

At this time, I'll turn the call over to Heather Hollander, Head of Investor Relations for Nordstrom. You may begin.

此時，我將把電話轉給 Nordstrom 投資者關係主管 Heather Hollander。你可以開始了。

Good afternoon, and thank you for joining us.

下午好，感謝您加入我們。

Before we begin, I want to mention that we'll be referring to slides, which can be viewed in the Investor Relations section on nordstrom.com. Our discussion may include forward-looking statements, so please refer to the slide with our safe harbor language.

在開始之前，我想提一下，我們將參考幻燈片，可以在 nordstrom.com 的“投資者關係”部分查看。我們的討論可能包括前瞻性陳述，因此請使用我們的安全港語言參考幻燈片。

Participating in today's call are Erik Nordstrom, Chief Executive Officer; Pete Nordstrom, President and Chief Brand Officer; and Anne Bramman, Chief Financial Officer, who will provide a business update and discuss the company's second quarter performance.

參加今天電話會議的有首席執行官 Erik Nordstrom； Pete Nordstrom，總裁兼首席品牌官；和首席財務官 Anne Bramman，她將提供業務更新並討論公司第二季度的業績。

And now I'll turn the call over to Erik.

現在我將把電話轉給 Erik。

Thank you, Heather, and good afternoon, everyone. Thank you for joining us today.

謝謝你，Heather，大家下午好。感謝您今天加入我們。

We delivered solid results in the second quarter with topline growth, increased profitability and continued progress toward our long-term strategic and financial goals. We delivered these results despite customer demand decelerating significantly in late June, predominantly at Nordstrom Rack and in our lowest income customer cohorts. Though our second quarter was consistent with our previous guidance, we are updating our outlook for the balance of the year to reflect the softening trends and actions we are taking to reduce our inventory levels.

我們在第二季度取得了穩健的業績，收入增長，盈利能力提高，並在實現我們的長期戰略和財務目標方面繼續取得進展。儘管客戶需求在 6 月下旬顯著下降，但我們仍交付了這些結果，主要是在 Nordstrom Rack 和我們收入最低的客戶群體中。儘管我們的第二季度與我們之前的指導一致，但我們正在更新我們對今年剩餘時間的展望，以反映疲軟的趨勢和我們為降低庫存水平而採取的行動。

In the second quarter, customers continued to shop for occasions while also refreshing their wardrobes, which drove demand for our core categories and services. We know customers look to us for the occasions that matter most, and we are well-positioned to serve them with our differentiated product offering, the convenience of our interconnected model and our commitment to customer service.

第二季度，客戶繼續為場合購物，同時也更新了他們的衣櫥，這推動了對我們核心品類和服務的需求。我們知道客戶會在最重要的場合期待我們，我們有能力通過差異化的產品、互聯模式的便利性和對客戶服務的承諾為他們服務。

Total sales increased 12% over last year, which includes a benefit of approximately 200 basis points from 1 week of the Anniversary Sale shifting into the second quarter. Total digital sales grew 6%. Nordstrom banner sales and gross merchandise value, or GMV, each increased 15% over last year, and sales showed sequential improvement over pre-pandemic levels. Rack sales grew 6%.

總銷售額比去年增長了 12%，其中包括從周年慶銷售的第一周到第二季度的大約 200 個基點的收益。數字銷售總額增長了 6%。 Nordstrom 橫幅銷售額和商品總價值 (GMV) 均比去年增長 15%，銷售額比大流行前水平連續改善。機架銷售額增長了 6%。

Before I discuss the second half of the year, I'll share our perspective on spending and behavior within our customer base. As we discussed while reporting our first quarter results, at the time, we did not see macroeconomic pressures adversely impact customer spending, which we attributed to the higher income profile of our customer base. This continued through most of the second quarter until late June, when demand began to soften, mostly in Nordstrom Rack. Compared to the first 2 months of the quarter, July sales decelerated 9 percentage points in the Rack banner.

在討論下半年之前，我將分享我們對客戶群中的支出和行為的看法。正如我們在報告第一季度業績時所討論的那樣，當時我們沒有看到宏觀經濟壓力對客戶支出產生不利影響，我們將其歸因於我們客戶群的較高收入狀況。這種情況一直持續到第二季度的大部分時間，直到 6 月下旬，需求開始疲軟，主要是在 Nordstrom Rack。與本季度前 2 個月相比，7 月份 Rack 橫幅的銷售額下降了 9 個百分點。

Across both banners, the softening trend was more significant in customer segments with the lowest income profiles, while we saw greater resilience in the higher income segments. For example, in the Nordstrom banner, items with lower AURs underperformed higher AURs. Within our Designer business, higher-priced luxury product significantly outperformed lower-priced product. Customers sought newness and responded very positively to the fall assortment overall, but were less responsive to our private label product and clearance items.

在這兩個橫幅中，收入最低的客戶群體的疲軟趨勢更為顯著，而高收入群體的彈性更大。例如，在 Nordstrom 橫幅中，AUR 較低的項目表現不如 AUR 較高的項目。在我們的設計師業務中，價格較高的奢侈品明顯優於價格較低的產品。客戶尋求新鮮感，並且對秋季產品的整體反應非常積極，但對我們的自有品牌產品和清倉商品的反應較差。

Taking all this into account, we are updating our 2022 financial outlook to reflect the deceleration at the end of the quarter as well as anticipated margin pressure from clearing through excess inventory. Anne will provide more detail on those updates.

考慮到所有這些，我們正在更新我們的 2022 年財務展望，以反映本季度末的減速以及因庫存過剩而產生的預期利潤壓力。 Anne 將提供有關這些更新的更多詳細信息。

We are prioritizing actions in the short term to position our business for success in a rapidly evolving environment. This means adjusting our plans for the second half, aligning our expenses to those plans, reducing inventory levels and exiting the year in a clean and current inventory position. At the same time, we continue to focus on improving Rack performance, increasing profitability and optimizing our supply chain and inventory flow. We are making progress in these initiatives. And while they will not fully offset the gross margin impact of our inventory reductions this year, we expect them to benefit our performance in 2023 and beyond.

我們正在優先考慮短期內的行動，以使我們的業務在快速發展的環境中取得成功。這意味著調整我們下半年的計劃，使我們的費用與這些計劃保持一致，降低庫存水平，並以清潔和當前的庫存狀態結束這一年。與此同時，我們繼續專注於提高貨架性能、提高盈利能力以及優化我們的供應鍊和庫存流。我們正在這些舉措中取得進展。雖然它們不會完全抵消我們今年庫存減少對毛利率的影響，但我們預計它們將有利於我們在 2023 年及以後的表現。

While we take action to address these short-term headwinds, we will continue to build additional capabilities to better serve customers and drive profitable long-term growth with a focus on winning in our most important markets, advancing our digital capabilities and improving Nordstrom Rack performance.

在採取行動應對這些短期不利因素的同時，我們將繼續建立更多能力，以更好地為客戶服務並推動盈利的長期增長，重點是贏得我們最重要的市場、提升我們的數字能力和提高 Nordstrom Rack 性能.

A fundamental component of our Closer to You strategy is winning in our most important markets. Our strategy provides customers convenience, connection and access to the best product selection through a strong store fleet, 2 unique banners and omnichannel capabilities linked at the market level. For example, during this year's Anniversary Sale, as customers utilized the convenience of our integrated touch points, order pickup in stores increased 9% compared to last year's event.

我們更接近您戰略的一個基本組成部分是在我們最重要的市場中獲勝。我們的戰略通過強大的商店車隊、2 個獨特的橫幅和在市場層面鏈接的全渠道能力，為客戶提供便利、聯繫和獲得最佳產品選擇的途徑。例如，在今年的周年慶促銷活動中，由於客戶利用了我們集成接觸點的便利性，門店取貨量比去年增加了 9%。

Building on our progress, this quarter, we scaled our Closer to You strategy by expanding next-day order pickup capabilities to more than 60 additional Rack stores in our top 20 markets. And our top 20 markets outperformed our other markets by 7 percentage points.

在我們取得進展的基礎上，本季度，我們通過將次日取貨能力擴展到我們前 20 個市場的 60 多家額外 Rack 商店，擴大了 Closer to You 戰略。我們的前 20 個市場的表現比其他市場高出 7 個百分點。

We also continue to advance our digital capabilities, working to further extend our heritage of customer service and personalization to a digital world. We are scaling our styling program and offering a range of digital services, including stylist-inspired looks, virtual styleboards and online styling appointments. While we still see the highest number of customers engaged with our in-person styling, we are seeing rapid growth within these digital services. Digital styling customers are also highly engaged, spending 5x more than an average Nordstrom customer.

我們還繼續提升我們的數字能力，努力將我們的客戶服務和個性化傳統擴展到數字世界。我們正在擴展我們的造型計劃並提供一系列數字服務，包括造型師靈感造型、虛擬造型板和在線造型預約。雖然我們仍然看到最多的客戶參與我們的面對面造型，但我們看到這些數字服務的快速增長。數字造型客戶的參與度也很高，他們的支出是普通 Nordstrom 客戶的 5 倍。

Finally, we continue to focus on improving Nordstrom Rack performance by increasing our supply of premium brands, improving our assortment and growing brand awareness. We are making progress and have driven sequential improvement in sales growth versus pre-pandemic levels the last 3 quarters since initiating these workstreams. We're also encouraged by the positive customer response to our growth initiatives. For example, we are seeing strong early results from our Rack Beauty program expansion.

最後，我們將繼續專注於通過增加優質品牌的供應、改善產品種類和提高品牌知名度來提高 Nordstrom Rack 的性能。自啟動這些工作流程以來，我們正在取得進展，並推動銷售增長與大流行前水平相比連續改善。客戶對我們的增長計劃的積極反應也讓我們感到鼓舞。例如，我們從 Rack Beauty 計劃擴展中看到了強勁的早期成果。

Despite this progress at Rack in the first half of the year, demand trends decelerated significantly in late June. The deceleration was more pronounced in the lowest income customer segments, which represent a greater proportion of Rack's customer base than at Nordstrom.

儘管今年上半年 Rack 取得了進展，但需求趨勢在 6 月下旬顯著放緩。這種減速在收入最低的客戶群中更為明顯，與 Nordstrom 相比，這些客戶群在 Rack 的客戶群中所佔的比例更大。

We also have more work ahead to fully optimize our Rack assortment. As we've said before, 90% of the top brands at Nordstrom are sold at Nordstrom Rack. Premium brands are a differentiator for the Rack, and we are focusing on having the best brands at the best prices at each of our locations. This quarter, sales of our top 100 brands at the Rack increased 17%, which underscores the opportunity from increasing our supply of premium brands.

我們還有更多工作要做，以充分優化我們的機架分類。正如我們之前所說，Nordstrom 90% 的頂級品牌都在 Nordstrom Rack 出售。優質品牌是 Rack 的一個差異化因素，我們專注於在每個地點以最優惠的價格擁有最好的品牌。本季度，我們在貨架上排名前 100 的品牌的銷售額增長了 17%，這凸顯了我們增加優質品牌供應的機會。

In addition to improving penetration of premium brands, we are shifting away from the lower price point items that have not resonated with Rack customers. As Pete will describe later, we are taking aggressive action to clear through this inventory in the second half of the year. We believe that increasing the penetration of top brands at the Rack will differentiate our offer and fuel our growth.

除了提高高端品牌的滲透率外，我們正在遠離那些沒有引起 Rack 客戶共鳴的低價產品。正如皮特稍後將描述的那樣，我們正在採取積極行動，在下半年清理這些庫存。我們相信，提高貨架上頂級品牌的滲透率將使我們的產品與眾不同並推動我們的增長。

In closing, though we face uncertainty as the consumer shifts, we have a seasoned team that has successfully managed through a range of business cycles. We have continued to build on our legacy of being a market leader in customer service, that is always a result of our teams putting the customer at the center of everything we do. We are fortunate to have so many people with us who truly care about the customer. We have a strong balance sheet and cash position. And through investments in our Closer to You strategy and digital assets, we are well-positioned to capture pockets of demand. We are taking the necessary steps to navigate the short term while also continuing to invest in capabilities to better serve our customers, drive long-term profitable growth and increase shareholder value.

最後，儘管隨著消費者的轉變，我們面臨著不確定性，但我們擁有一支經驗豐富的團隊，成功地度過了一系列商業周期。我們繼續鞏固我們作為客戶服務市場領導者的傳統，這始終是我們團隊將客戶置於我們所做一切的中心的結果。我們很幸運有這麼多真正關心客戶的人與我們在一起。我們擁有強大的資產負債表和現金狀況。通過對我們的 Closer to You 戰略和數字資產的投資，我們可以很好地捕捉需求。我們正在採取必要的措施來應對短期問題，同時繼續投資能力以更好地為我們的客戶服務、推動長期盈利增長並增加股東價值。

With that, I'll turn it over to Pete.

有了這個，我會把它交給皮特。

Thanks, Erik.

謝謝，埃里克。

I'll begin by talking about our category performance and the Anniversary Sale. Then I'll discuss the actions we're taking to clear through excess inventory in the second half of the year. Finally, I'll update you on our work to improve supply chain and inventory flow and increase gross margin.

我將首先談談我們的類別表現和周年特賣。然後我將討論我們在下半年採取的清理過剩庫存的行動。最後，我將向您介紹我們在改善供應鍊和庫存流以及提高毛利率方面所做的工作。

Starting with the category performance. We were pleased to see customers shopping for events and updating their closets this quarter, driving double-digit growth over last year in both Men's and Women's Apparel. Sales of occasion-based items such as suiting and dresses were particularly strong.

從品類表現開始。我們很高興看到客戶在本季度購買活動並更新他們的衣櫥，推動男裝和女裝比去年實現兩位數的增長。西裝和連衣裙等基於場合的商品的銷售尤其強勁。

Both our Shoes and Beauty categories also had double-digit growth this quarter with Shoes performing well across dressy and casual styles. Beauty's results were supported by our expanded offering at the Rack. Designer also posted double-digit growth, although growth trends decelerated. As Erik indicated, higher-priced premium product significantly outperformed lower-priced product.

本季度，我們的鞋履和美妝品類也實現了兩位數的增長，鞋履在正裝和休閒風格中的表現都不錯。 Beauty 的業績得到了我們在 Rack 上擴展產品的支持。設計師也實現了兩位數的增長，儘管增長趨勢有所放緩。正如 Erik 所指出的，價格較高的優質產品明顯優於價格較低的產品。

Turning now to our Anniversary Sale. As always, the Anniversary Sale rewards and engages our loyal customers as we offer new product from the best brands at reduced prices for a limited time. Each year, we use a data-driven process to evolve and improve event performance. This quarter, total Anniversary event sales increased 5% over last year, including 1 day that fell in the third quarter, despite softening customer trends that began in late June. We were pleased to see customers responding positively overall to new fall product during the event. However, private label product underperformed, leaving us with a portion of that inventory to clear in the third quarter.

現在轉向我們的周年紀念特賣。與往常一樣，週年特賣會獎勵並吸引我們的忠實客戶，因為我們在有限的時間內以優惠價格提供來自最佳品牌的新產品。每年，我們都使用數據驅動的流程來發展和提高活動績效。本季度，週年慶活動總銷售額比去年增長 5%，其中包括第三季度下降的 1 天，儘管從 6 月底開始的客戶趨勢開始疲軟。我們很高興看到客戶在活動期間對秋季新產品的整體反應積極。然而，自有品牌產品表現不佳，使我們在第三季度有一部分庫存需要清理。

While our sales to inventory spread improved in the second quarter, we are reducing our sales plans and inventory levels in the second half of the year. We are taking action to align our inventory with current demand trends and improve the balance of our offering by clearing through product that customers are not responding to and focusing on the fashion and newness they want.

雖然第二季度我們的銷售與庫存利差有所改善，但我們正在減少下半年的銷售計劃和庫存水平。我們正在採取行動，使我們的庫存與當前的需求趨勢保持一致，並通過清除客戶沒有響應的產品並專注於他們想要的時尚和新穎性來改善我們產品的平衡。

Our rightsizing efforts are focused in the following areas: First, customers have been less responsive to clearance product. In the second quarter, we had to take deeper markdowns than anticipated to move clearance inventory, and we expect that dynamic to continue in the second half of the year.

我們的規模調整工作集中在以下幾個方面：首先，客戶對清倉產品的反應較慢。在第二季度，為了移動清倉庫存，我們不得不採取比預期更深的降價幅度，我們預計這種動態將在下半年繼續。

Second, we are disappointed in the performance of our private label product. We have brought in new leadership and are resetting our strategy to deliver more compelling product to our customers.

其次，我們對自有品牌產品的表現感到失望。我們引入了新的領導層，並正在重新制定我們的戰略，以向我們的客戶提供更具吸引力的產品。

Third, though Designer category sales are still posting double-digit growth, trends have decelerated. We are anticipating increased markdown pressure based on current sales trends.

第三，儘管設計師類別的銷售額仍保持兩位數增長，但趨勢已經放緩。根據當前的銷售趨勢，我們預計降價壓力會增加。

And finally, we are clearing through lower price point items at Nordstrom Rack to make room for the premium brands at great prices that drive the Rack business.

最後，我們正在清理 Nordstrom Rack 的低價商品，以便以優惠的價格為推動 Rack 業務的高端品牌騰出空間。

We expect that this clearance activity and associated markdown pressure will reduce second half gross profit by approximately $200 million, which we're reflecting in our updated outlook. We estimate that approximately half of this additional markdown pressure reflects actions we are taking to improve our assortment. The other half is related to external factors such as softening demand and our expectation that the promotional environment in retail will become more competitive in the second half of the year.

我們預計這一清倉活動和相關的降價壓力將使下半年的毛利潤減少約 2 億美元，我們在更新的展望中有所反映。我們估計，這種額外的降價壓力中大約有一半反映了我們為改善產品種類而採取的行動。另一半與需求疲軟等外部因素有關，以及我們預計下半年零售的促銷環境將變得更具競爭力。

We are taking aggressive action to clear through excess inventory and plan to have inventory clean and current by the end of the year. While this clearance activity exerts pressure on gross profit in the near term, it is necessary to align with consumer shifts and implement strategies that will drive our longer-term growth and profitability.

我們正在採取積極的行動來清理多餘的庫存，併計劃在年底前使庫存保持清潔和最新狀態。雖然這種清倉活動在短期內對毛利潤造成壓力，但有必要與消費者的轉變保持一致並實施能夠推動我們長期增長和盈利能力的戰略。

We are also taking action to deliver operational efficiencies through our supply chain optimization work and we are making good progress. We realized initial benefits from our improved supply chain capabilities in this year's Anniversary Sale. With better inventory flow, we delivered product to our customers 3 days faster on average, reduced order cancellation rates and decreased handling cost per unit.

我們還採取行動，通過我們的供應鏈優化工作來提高運營效率，我們正在取得良好進展。在今年的周年特賣中，我們從改進的供應鏈能力中獲得了初步收益。通過更好的庫存流，我們將產品交付給客戶的平均速度提高了 3 天，降低了訂單取消率並降低了單位處理成本。

In the second half of the year, we expect to deliver more significant customer benefits and operational efficiencies by accelerating our work on the following 4 initiatives: First, improving the consistency and predictability of unit flow through our network; second, increasing productivity in our distribution and fulfillment centers; third, accelerating delivery speed; and finally, expanding the market level selection for in-store shopping as well as same day and next day pickup.

下半年，我們希望通過加快以下 4 項舉措的工作，為客戶帶來更顯著的收益和運營效率：首先，提高通過我們網絡的單位流量的一致性和可預測性；其次，提高我們的配送和履行中心的生產力；第三，加快交貨速度；最後，擴大了店內購物以及當日和次日取貨的市場層次選擇。

Beyond supply chain improvements, we remain focused on expanding our merchandise margins over the long term using advanced analytics to better understand customer needs, identify opportunities to improve assortment, increase promotional effectiveness and optimize markdowns. Most importantly, we know that managing our inventory levels conservatively will allow us to be more agile in responding to a rapidly changing business environment.

除了供應鏈改進之外，我們仍然專注於使用高級分析來長期擴大我們的商品利潤，以更好地了解客戶需求、發現改進分類的機會、提高促銷效果和優化降價促銷。最重要的是，我們知道保守地管理我們的庫存水平將使我們能夠更加靈活地應對快速變化的商業環境。

In closing, we're taking action to rightsize our inventory, improve our sales to inventory spread and enter 2023 in a clean inventory position. We're confident in our ability to deliver long-term benefits from our supply chain optimization work and improved merchandising capabilities.

最後，我們正在採取行動調整我們的庫存規模，改善我們的銷售與庫存價差，並以乾淨的庫存狀況進入 2023 年。我們有信心從我們的供應鏈優化工作和改進的銷售能力中提供長期利益。

I'll now turn it over to Anne to discuss our financial results.

我現在將把它交給安妮來討論我們的財務結果。

Thank you, Pete.

謝謝你，皮特。

I'd like to start with a review of our results then take you through our outlook for the remainder of the year.

我想先回顧一下我們的業績，然後再帶您了解我們對今年剩餘時間的展望。

Earnings for the second quarter were $0.77 per diluted share. After excluding charges related to the wind down of Trunk Club, adjusted EPS was $0.81.

第二季度每股攤薄收益為 0.77 美元。剔除與關閉 Trunk Club 相關的費用後，調整後每股收益為 0.81 美元。

Overall, net sales increased 12%, which includes a benefit of approximately 200 basis points from 1 week of the Anniversary Sale shifting into the second quarter.

總體而言，淨銷售額增長了 12%，其中包括從周年慶銷售的第一周到第二季度的大約 200 個基點的收益。

Nordstrom banner sales and GMV grew 15% with sales exceeding pre-pandemic levels. Nordstrom Rack sales increased 6% in the second quarter. Digital sales increased 6% and represented 38% of total sales during the quarter.

Nordstrom 橫幅銷售額和 GMV 增長了 15%，銷售額超過了大流行前的水平。第二季度 Nordstrom Rack 的銷售額增長了 6%。數字銷售額增長 6%，佔本季度總銷售額的 38%。

Gross profit as a percentage of net sales increased 65 basis points, primarily due to leverage on buying and occupancy costs, partially offset by higher markdown rates on clearance product. Ending inventory increased 10% versus a 12% increase in sales.

毛利潤占淨銷售額的百分比增加了 65 個基點，主要是由於購買和占用成本的槓桿作用，部分被清倉產品的更高降價率所抵消。期末庫存增加了 10%，而銷售額增加了 12%。

Total SG&A as a percentage of net sales decreased 15 basis points due to leverage on higher sales partially offset by higher labor expense. Inflationary cost pressures were consistent with our expectations. Since last year, we've been making progress on our supply chain optimization initiatives to provide offsets to labor and fulfillment cost pressure. We expect that these initiatives will deliver more significant benefits in the second half of the year.

SG&A 總額占淨銷售額的百分比下降了 15 個基點，原因是銷售額增加的槓桿作用部分被人工費用增加所抵消。通脹成本壓力符合我們的預期。自去年以來，我們一直在我們的供應鏈優化計劃上取得進展，以抵消勞動力和履行成本壓力。我們預計這些舉措將在下半年帶來更顯著的收益。

EBIT margin was 5.1% of sales for the second quarter. After excluding charges related to the wind down of Trunk Club, adjusted EBIT margin was 5.3%.

第二季度息稅前利潤率為銷售額的 5.1%。剔除 Trunk Club 倒閉相關費用後，調整後息稅前利潤率為 5.3%。

We maintained a strong financial position, ending the second quarter with $1.3 billion in available liquidity, including $494 million in cash and the full $800 million available on our revolving line of credit.

我們保持了強勁的財務狀況，在第二季度結束時擁有 13 億美元的可用流動資金，其中包括 4.94 億美元的現金和我們循環信貸額度的全部 8 億美元。

Now turning to our updated outlook for fiscal 2022. In the first quarter, we were encouraged by the momentum in our business as customers updated their wardrobes and prepared for occasions. As we described on our Q1 call, we had not seen an adverse impact on customer spending from inflationary pressures. That continued until late June when demand began to soften, predominantly at Nordstrom Rack and in our lowest income customer segments. We reacted quickly to the shift by managing expenses and aligning staffing schedules.

現在轉向我們對 2022 財年的最新展望。在第一季度，我們對我們的業務發展勢頭感到鼓舞，因為客戶更新了他們的衣櫥並為各種場合做準備。正如我們在第一季度電話會議中所述，我們沒有看到通脹壓力對客戶支出產生不利影響。這種情況一直持續到 6 月下旬，當時需求開始減弱，主要是在 Nordstrom Rack 和我們收入最低的客戶群。我們通過管理費用和調整人員配備計劃對轉變做出了快速反應。

As Pete described, we are rightsizing and rebalancing our inventory in the second half of the year to address customer demand shifts and improve our assortment.

正如皮特所描述的，我們將在下半年調整和重新平衡我們的庫存，以應對客戶需求的變化並改善我們的產品種類。

Taking all these factors into consideration, we are updating our 2022 financial outlook to reflect deceleration at the end of the second quarter, reduced topline growth expectations for Nordstrom Rack and increased markdown pressure.

考慮到所有這些因素，我們正在更新我們的 2022 年財務展望，以反映第二季度末的減速、降低 Nordstrom Rack 的收入增長預期以及增加的降價壓力。

For fiscal year 2022, we now expect revenue growth of 5% to 7% versus 2021, supported by high single-digit sales growth in the Nordstrom banner.

對於 2022 財年，我們現在預計收入將比 2021 年增長 5% 至 7%，這得益於 Nordstrom 旗幟的高個位數銷售增長。

We expect adjusted EBIT margin of approximately 4.3% to 4.7% for the full year, up from 3.4% in 2021. Our forecast assumes that EBIT margin improvement for the year will be driven by SG&A leverage. Though first half gross profit margin improved by 115 basis points over last year, we expect gross profit to be roughly flat for the full year. Our revised outlook reflects approximately $200 million of incremental markdown impacts in the second half relative to our previous outlook.

我們預計全年調整後的息稅前利潤率約為 4.3% 至 4.7%，高於 2021 年的 3.4%。我們的預測假設今年息稅前利潤率的改善將受到 SG&A 槓桿的推動。雖然上半年毛利率比去年提高了 115 個基點，但我們預計全年毛利率基本持平。與我們之前的展望相比，我們修訂後的展望反映了下半年約 2 億美元的增量降價影響。

Despite our lower sales outlook, our SG&A leverage assumptions for the year remain unchanged. Though we are facing inflationary expense pressures, we contemplated that pressure in our outlook at the beginning of the year along with the offsetting benefits of our supply chain optimization initiatives.

儘管我們的銷售前景較低，但我們對本年度的 SG&A 槓桿假設保持不變。儘管我們面臨通脹費用壓力，但我們在年初的展望中考慮到了這種壓力，以及我們的供應鏈優化計劃的抵消收益。

Our effective tax rate is expected to be approximately 27% for the fiscal year. We now expect adjusted EPS of $2.30 to $2.60. Our outlook excludes the impact of any future share repurchases.

我們本財年的有效稅率預計約為 27%。我們現在預計調整後的每股收益為 2.30 美元至 2.60 美元。我們的展望不包括任何未來股票回購的影響。

I'd also like to provide some additional detail on our forecast for the third quarter. At the beginning of the year, we expected that third quarter year-over-year sales growth would decelerate versus the second quarter, given tougher prior year comparisons and the Anniversary Sale shift. Due to the demand deceleration we saw in the latter part of the second quarter, we now expect a mid-single-digit decrease in revenue in the third quarter versus the prior year. Our projections include the impact of 1 week of our Anniversary Sale shifting out of the third quarter, which reduces revenue growth by approximately 200 basis points.

我還想就我們對第三季度的預測提供一些額外的細節。在今年年初，我們預計第三季度的同比銷售額增長將比第二季度放緩，因為與去年同期相比更加艱難，而且週年慶銷售發生了變化。由於我們在第二季度後期看到的需求減速，我們現在預計第三季度的收入將比去年同期下降中個位數。我們的預測包括我們的周年慶促銷活動從第三季度移出 1 週的影響，這會使收入增長減少約 200 個基點。

We anticipate that third quarter EBIT margin will be approximately 200 basis points below last year's third quarter. Our forecast assumes that the $200 million of incremental markdown pressure in the second half of the year will be split relatively evenly between the third and fourth quarters.

我們預計第三季度息稅前利潤率將比去年第三季度低約 200 個基點。我們的預測假設下半年 2 億美元的增量降價壓力將在第三季度和第四季度相對平均分配。

Turning to capital allocation. Our first priority is to invest in the business to better serve our customers and support long-term growth. We're planning capital expenditures at normalized levels of 3% to 4% as we continue to invest in supply chain and technology capabilities.

轉向資本配置。我們的首要任務是投資業務，以更好地為客戶服務並支持長期增長。隨著我們繼續投資於供應鍊和技術能力，我們計劃將資本支出保持在 3% 至 4% 的正常水平。

Our second priority is reducing our leverage. We are committed to an investment-grade credit rating and expect to decrease our leverage ratio below 2.9x by the end of 2022. We continue to target a leverage ratio below 2.5x.

我們的第二個優先事項是降低我們的槓桿率。我們致力於投資級信用評級，並預計到 2022 年底將我們的槓桿率降至 2.9 倍以下。我們繼續將槓桿率設定為低於 2.5 倍。

Our third priority is returning cash to shareholders. Last week, our Board of Directors declared a quarterly cash dividend of $0.19 per share. In the second quarter, we also repurchased approximately $35 million of our stock at an average price of $23 per share. We have approximately $465 million remaining on our share repurchase authorization. We will continue to take a measured approach to share repurchases this year, aligning with our cash flow and market conditions.

我們的第三個優先事項是向股東返還現金。上週，我們的董事會宣布了每股 0.19 美元的季度現金股息。在第二季度，我們還以每股 23 美元的平均價格回購了大約 3500 萬美元的股票。我們的股票回購授權剩餘約 4.65 億美元。今年，我們將繼續採取審慎的方式進行股票回購，以符合我們的現金流和市場狀況。

In closing, though customer demand decelerated at the end of the quarter, we are encouraged by continued demand for occasion-based apparel and wardrobe refreshes as well as big ticket items. Within Nordstrom Rack, despite a recent softening of demand, customers are responding well to our growth initiatives and we are actively working to improve our supply of premium brands. Though clearance activity in the second half of the year will pressure gross profit, we still expect to drive SG&A benefits from our supply chain optimization work and expense management, and we still plan to increase our year-over-year profitability. We remain confident in our ability to navigate the current environment and deliver on our long-term strategic and financial goals.

最後，儘管客戶需求在本季度末有所下降，但我們對基於場合的服裝和衣櫥更新以及大件商品的持續需求感到鼓舞。在 Nordstrom Rack 內部，儘管最近需求疲軟，但客戶對我們的增長計劃反應良好，我們正在積極努力改善優質品牌的供應。儘管下半年的清關活動將給毛利潤帶來壓力，但我們仍希望通過我們的供應鏈優化工作和費用管理來推動 SG&A 收益，並且我們仍計劃增加我們的同比盈利能力。我們仍然對我們駕馭當前環境並實現我們的長期戰略和財務目標的能力充滿信心。

With that, Heather, we're now ready for questions.

有了這個，Heather，我們現在可以提問了。

Thank you, Anne. Before we get started with Q&A, (Operator Instructions) We'll now move to the Q&A session.

謝謝你，安妮。在我們開始問答之前，（操作員說明）我們現在將進入問答環節。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Edward Yruma with Piper Sandler.

我們的第一個問題來自 Edward Yruma 和 Piper Sandler。

Two for me. I guess first, you guys had kind of opened up the aperture on Rack price points, particularly at the lower end a couple of years ago really indicated that you thought you could gain an incremental consumer. I guess is the commentary on reducing some of the lower price offering backing away from that strategy? Are there doors that are now probably not productive given that? And then as a follow-up, I just want to -- not to draw too fine a point it, a lot of companies indicated that the end of July got better. I guess, did you see any kind of stabilization of trend in either Rack or full line?

兩個給我。我想首先，你們已經打開了機架價格點的範圍，特別是幾年前的低端確實表明你認為你可以獲得更多的消費者。我想關於減少一些低價產品的評論是不是背離了該策略？鑑於此，是否有現在可能沒有生產力的門？然後作為後續行動，我只想--不要畫得太細，很多公司表示7月底有所好轉。我想，你有沒有看到 Rack 或全線的趨勢穩定？

Yes. Erik, do you want to take the first couple of questions there?

是的。 Erik，你想回答前幾個問題嗎？

Sure. So yes, our Rack price points, we piloted having some lower price points, and as we talked about last year, our Rack inventory got a little out of balance from adding some of that product and the difficulty in obtaining the level of premium brands that we'd like. So we really entered this year with a singular focus of having great brands at great prices. That is what differentiates us. The brands we carry in Rack are unique in the off-price environment. And it's what customers come to Rack for. So that is our strength.

當然。所以是的，我們的機架價格點，我們試行了一些較低的價格點，正如我們去年談到的那樣，我們的機架庫存由於添加了一些產品而有點失衡，而且難以獲得優質品牌的水平我們願意。因此，我們今年真正進入了一個單一的重點，即以優惠的價格擁有偉大的品牌。這就是我們的不同之處。我們在 Rack 中攜帶的品牌在低價環境中是獨一無二的。這就是客戶來 Rack 的目的。所以這就是我們的力量。

And to your question, the lower price point product we brought in, some of it performed well. But in general, we're looking to rebalance our inventory to have a greater proportion of those premium brands in our inventory and lessen the amount that's in those lower price points.

對於您的問題，我們引入的價格較低的產品，其中一些表現良好。但總的來說，我們正在尋求重新平衡我們的庫存，以在我們的庫存中增加這些優質品牌的比例，並減少那些較低價格點的數量。

As for the end of July, we did, as we mentioned, saw a clear deceleration at the end of June. It bounced around a bit from end of June to the end of the quarter. And I think it's quite not a shock to say that it's a volatile environment. So I don't think it's appropriate to make too much out of a week or 2 one way or the other. We saw a change in particularly lower income customer segments. And we think the prudent thing is to change our plans accordingly.

至於 7 月底，正如我們所提到的，我們確實在 6 月底看到了明顯的減速。從 6 月底到本季度末，它略有反彈。而且我認為說這是一個不穩定的環境並不令人震驚。所以我認為以一種或另一種方式在一周或兩週內賺太多錢是不合適的。我們看到了特別低收入客戶群的變化。我們認為謹慎的做法是相應地改變我們的計劃。

Yes. And I would just add on to that, that we did see June, July, particularly in Rack with the meaningful deceleration of trend. In the Nordstrom banner, we had a plus 5% in the Anniversary Sale. And really where we saw some softness within our private label that Pete talked about in his comments, as well.

是的。我想補充一點，我們確實看到了 6 月、7 月，特別是在 Rack 中，趨勢明顯減速。在 Nordstrom 的旗幟下，我們在周年紀念特賣中獲得了 5% 的額外收益。實際上，我們在自有品牌中看到了 Pete 在他的評論中談到的一些軟弱。

So in general, the core categories for the Nordstrom banner are performing well. We just -- we had a pocket with the private label that wasn't performing well, particularly in Anniversary Sale in July, but really the deceleration we saw within the Rack customer.

所以總的來說，Nordstrom 旗幟的核心類別表現良好。我們只是 - 我們有一個表現不佳的自有品牌的口袋，特別是在 7 月的周年紀念特賣中，但實際上我們在 Rack 客戶中看到的減速。

Next is Omar Saad with Evercore.

接下來是 Evercore 的 Omar Saad。

A couple of quick questions. Overall, maybe your learnings and satisfaction level with the Anniversary Sale. You guys were pretty optimistic going in. And then maybe talk a little bit about private label. I know you've got some initiatives underway to get that back on the right course. So maybe talk a little bit more detail what went wrong with the offering in private label. Was it too much, too little, too much fashion, wrong type of inventory? A little color there would be great.

幾個快速的問題。總體而言，也許您對周年特賣的了解和滿意度。你們很樂觀。然後也許談談自有品牌。我知道你已經採取了一些舉措來讓這一點回到正確的軌道上。因此，也許可以更詳細地談談自有品牌產品出了什麼問題。是太多、太少、太多時尚、錯誤的庫存類型嗎？有一點顏色會很棒。

Great. So Erik, do you want to take the Anniversary Sale? And Pete, maybe follow up on the private label?

偉大的。那麼埃里克，你想參加週年紀念特賣嗎？皮特，也許會跟進自有品牌？

Yes. So our Anniversary Sale turned in a 5% increase overall. And that was lower than our plans and off our trend year-to-date at that point. It's kind of a mixed bag. Say we saw strong sell-throughs in a number of products. In general, it was higher AUR products that did better. Our branded products did better. The softness call-out -- I'd make 2 call-outs. One is our private label business, which will set up your second question.

是的。因此，我們的周年特賣總體上增加了 5%。這低於我們的計劃，並且偏離了我們年初至今的趨勢。這是一個混合包。假設我們在許多產品中看到了強勁的銷售量。一般來說，AUR 越高的產品表現越好。我們的品牌產品表現更好。柔軟度呼喚——我會做 2 個呼喚。一個是我們的自有品牌業務，它將設置您的第二個問題。

And also, we've seen a softness in clearance business. And while Anniversary is not a clearance event, clearance is always a portion of our inventory and an important portion. And we've seen that there is a softness in demand for clearance product. The customers are more interested in newness than they are in reduced prices on clearance merchandise. So for the private label and clearance both were drivers of some of the softness that we saw in Anniversary.

而且，我們已經看到清關業務疲軟。雖然週年紀念不是清倉活動，但清倉始終是我們庫存的一部分，也是重要的一部分。我們已經看到對清倉產品的需求疲軟。與清倉商品的降價相比，顧客對新鮮感更感興趣。因此，對於自有品牌和清倉來說，兩者都是我們在周年紀念中看到的一些柔軟度的驅動因素。

Yes. This is Pete. The double-click into private label. I think the biggest challenge there is the fact that it's the longest lead time of anything that we do. And if you think about the last couple of years in the way customer demand has shifted and changed given the macro environment has put added pressure and stress on just our ability to be able to execute well. And I think that's probably not unique to us, but it's -- I think it also has revealed some of the vulnerability that we have in that part of our business and that when you talk about what's working, what's not, I mean, largely what it is, it's a bit of a glass ceiling in terms of the levels that we achieved over the years. And as we've tried to buy into more private label, you've heard us talk about the importance of that, we've not been able to execute that successfully.

是的。這是皮特。雙擊進入私有標籤。我認為最大的挑戰是它是我們所做的任何事情中最長的交貨時間。如果您考慮過去幾年客戶需求發生變化的方式，因為宏觀環境給我們的良好執行能力帶來了額外的壓力和壓力。而且我認為這可能不是我們獨有的，但它 - 我認為它也揭示了我們在這部分業務中存在的一些脆弱性，當你談論什麼有效時，我的意思是，主要是什麼就我們多年來達到的水平而言，這有點像玻璃天花板。當我們試圖購買更多的自有品牌時，你已經聽到我們談論它的重要性，我們無法成功地執行它。

So we're really taking a scrub of all of it. We changed our leadership there and we're looking at design, we're looking at pursuing, we look at field to play, the categories where we think we have the chance to be successful. I mean all that is really on the table to consider it, and we're working on that right now. So it's still something -- it's a category that we want to get better at. It's important to our future. We're investing in it. We have every reason to believe we will do better at it. But we've got to clear out some of the underperforming inventories that we get ourselves in a position probably a year from now, really kind of midpoint in '23, where you'll see us bending the curve of private label.

所以我們真的對所有這些都進行了磨砂。我們在那裡改變了我們的領導地位，我們正在關注設計，我們正在尋找追求，我們關注比賽場地，我們認為我們有機會成功的類別。我的意思是所有這些都擺在桌面上以供考慮，我們現在正在努力解決這個問題。所以它仍然是一些東西——這是一個我們想要做得更好的類別。這對我們的未來很重要。我們正在投資它。我們有充分的理由相信我們會做得更好。但是我們必須清除一些表現不佳的庫存，我們可能會在一年後讓自己處於一個位置，這實際上是 23 年的中點，在那裡你會看到我們彎曲自有品牌的曲線。

Yes. Omar, the other thing I would add is, from an execution perspective on Anniversary Sale, we, across the board, our team did a phenomenal job. We had great site traffic and volume on the site and great service on that. Our inventory flow was really well. We shortened the number of days to deliver to customers from our supply chain. And of course, our selling teams were fantastic and engaging our customers. So from an execution perspective, we couldn't be prouder of our team in delivering a great event to our customers.

是的。奧馬爾，我要補充的另一件事是，從周年特賣的執行角度來看，我們的團隊全面完成了出色的工作。我們的網站流量和流量都很大，而且服務也很好。我們的庫存流動非常好。我們縮短了從供應鏈交付給客戶的天數。當然，我們的銷售團隊非常棒，並且吸引了我們的客戶。因此，從執行的角度來看，我們為我們的團隊為客戶提供了一場盛大的活動而感到無比自豪。

Next is Matthew Boss with JPMorgan.

接下來是摩根大通的 Matthew Boss。

So Erik, on the 900 basis points of sequential softening that you cited at the Rack, how much of the trend change do you attribute to larger picture macro pressure versus more company-specific product assortments or inventory? And then at full-line, are there any merchandising initiatives in place to stabilize spending at the lower income customer cohorts that you cited?

因此，Erik，根據您在 Rack 中引用的 900 個連續軟化基點，您將多大程度上的趨勢變化歸因於宏觀宏觀壓力，而不是更多特定於公司的產品分類或庫存？然後在全線，是否有任何銷售計劃來穩定您提到的低收入客戶群體的支出？

Thanks, Matthew. We've -- what does stand out with the softness that we've seen has been looking at customer segments by household income. And our customer household income is higher than average. But within the range of our customer segments, the lower income customer segments saw significantly more pullback versus the higher income. Rack is more exposed to that customer. That customer makes up a bigger portion of our Rack customer base than it does the Nordstrom banner. So there is a pretty clear correlation there, which leads us to believe that a significant part of the pullback is macro.

謝謝，馬修。我們已經 - 我們看到的柔軟度中脫穎而出的是按家庭收入查看客戶群。我們的客戶家庭收入高於平均水平。但在我們的客戶群範圍內，收入較低的客戶群與收入較高的客戶群相比，回落幅度明顯更大。機架更容易接觸到該客戶。與 Nordstrom 橫幅相比，該客戶在我們的 Rack 客戶群中所佔的比例更大。所以那裡有一個非常明顯的相關性，這使我們相信回調的很大一部分是宏觀的。

As far as the full-line stores focusing on stabilizing at lower income customer segment, what we think we're best served at, what really cuts across and I want you to take away from what you're hearing here, is we're in volatile times. And that it seemed that way for a while. But the uncertainty moving forward is significant. And there's cases to be made that things could get better pretty quickly. And then there's credible cases to be made that it's going to be tough. We think we're well served by having plans that give us flexibility and allow us to be agile and responsive.

至於專注於穩定低收入客戶群的全線商店，我們認為我們最擅長的服務，真正跨越的地方，我希望你能從你在這裡聽到的內容中解脫出來，我們是在動蕩的時代。有一段時間似乎是這樣。但前進的不確定性是巨大的。並且有一些案例可以讓情況很快好轉。然後有可信的案例表明這將是艱難的。我們認為，通過制定能夠賦予我們靈活性並讓我們變得敏捷和響應迅速的計劃，我們會得到很好的服務。

And I see the case for responding to customers, we need to be able to respond not only customer income segments, but category to category, you've seen a significant shift in demand by category over the last 2 years. And we think we need to be able to be super responsive to that.

我看到了響應客戶的案例，我們不僅需要能夠響應客戶收入細分，而且還需要能夠響應類別，在過去 2 年中，您已經看到不同類別的需求發生了顯著變化。我們認為我們需要能夠對此做出超級響應。

So what do we do about that? First thing we do is bring inventory levels down. And while they're not super high right now, we really want to give ourselves that flexibility. And we have segments of our inventory that are less productive, which there always is, but that gap, and I mentioned clearance earlier, the softness there. That gap between that less productive part of the inventory and the more productive part is unusually high, which the nice part about that is there is -- the customer is spending. There's product that customer is responding to. The pressure that puts on us is we have segments of our inventory that are preventing us from being as responsive to the customer as we want to be.

那麼我們該怎麼做呢？我們要做的第一件事就是降低庫存水平。雖然他們現在不是超級高，但我們真的想給自己這種靈活性。而且我們的庫存部分生產力較低，這一直存在，但這種差距，我之前提到過，那裡的軟弱。庫存中生產力較低的部分和生產力較高的部分之間的差距異常高，這其中的好處是——客戶正在消費。有客戶正在響應的產品。施加在我們身上的壓力是我們的庫存部分阻礙了我們對客戶的響應速度。

So that's our message here is get our inventories down to where we can be really responsive no matter where it goes because regardless of what I say here today, how it plays out the rest of the year, more likely it's going to be a little different than I think anyone would say. So that's what we're looking to really address those less productive parts of our inventory, clean that up, get us in a position where we're flexible and can be agile to respond to whatever the customer demands are.

所以這就是我們在這裡的信息是讓我們的庫存下降到我們可以真正響應的地方，無論它去哪裡，因為不管我今天在這裡說什麼，它在今年剩下的時間裡如何發揮作用，更有可能會有點不同比我想任何人都會說的。因此，這就是我們希望真正解決庫存中那些生產力較低的部分的問題，清理它們，讓我們處於靈活的位置，並且可以靈活地響應客戶的任何需求。

Next is Noah Zatzkin with KeyBanc.

接下來是 KeyBanc 的 Noah Zatzkin。

I think last quarter, you mentioned that you're about 80% of the way there in terms of brand mix at the Rack. Where do you think you were ending this quarter? And how should we think about kind of the righting of the brand mix moving forward? You mentioned using the Rack as kind of a clearance channel. I think for some of the private label items that didn't sell through well in full-line. So just trying to think about the time frame for the brand mix to be righted at the Rack.

我想上個季度，你提到你在 Rack 的品牌組合方面已經完成了 80% 的工作。你認為你在本季度結束時會在哪裡結束？我們應該如何考慮品牌組合的正確性？你提到使用機架作為一種清除通道。我認為對於一些全線銷售不佳的自有品牌商品而言。所以只是想想想品牌組合在貨架上得到糾正的時間框架。

Erik, can you take that?

埃里克，你能接受嗎？

Yes. Thanks, Noah.

是的。謝謝，諾亞。

Yes, we -- the share of premium brands to our total mix has steadily grown this year. We still have a ways to go. We're not at 100%, but the availability of that product has improved, and we expect that that will continue. And we have more confidence than ever that that's the right direction. The data point we shared with you for last quarter, if you take the top 100 brands in our Rack business, those brands grew 17% over last year. So significantly outperformed the business overall. So we're not there. It's where we need to be. We still have some pockets of our inventory that are pulling us down a bit. We have clearance in both banners that we need to clean up.

是的，我們——高端品牌在我們總組合中的份額今年穩步增長。我們還有很長的路要走。我們還沒有達到 100%，但該產品的可用性已經提高，我們預計這種情況將繼續下去。我們比以往任何時候都更有信心，這是正確的方向。我們與您分享上個季度的數據點，如果您選擇我們機架業務中的前 100 個品牌，這些品牌比去年增長了 17%。因此，整體表現明顯優於業務。所以我們不在那裡。這是我們需要的地方。我們仍然有一些庫存讓我們有點失望。我們需要清理這兩個橫幅。

And for Rack in particular, it's particularly important, and it's a particularly opportune time, to have open to buy dollars in our inventory to be able to get the great buys that are out there, and we think are going to be out there as there is excess inventory in the industry. So still a ways to go, and we would expect that portion of premium brands to continue to grow as a proportion of our inventory.

特別是對於 Rack 來說，這是一個特別重要的時刻，也是一個特別合適的時機，可以在我們的庫存中購買美元，以便能夠獲得大量的商品，我們認為將會在那裡是行業的過剩庫存。所以還有很長的路要走，我們預計這部分高端品牌將繼續增長，占我們庫存的比例。

Next is Chuck Grom with Gordon Haskett.

接下來是 Chuck Grom 和 Gordon Haskett。

On the third quarter guide for a mid-single-digit decline, should we think about that pace at both banners? And then as we look ahead to the fourth quarter, it looks like you're expecting a big improvement on a 1- and 3-year basis in order to hit the new full year sales range. So I guess what's driving that assumption for the improvement in the fourth quarter?

在第三季度中個位數下降的指南中，我們是否應該考慮兩個橫幅的速度？然後，當我們展望第四季度時，您似乎預計在 1 年和 3 年的基礎上會有很大的改善，以達到新的全年銷售範圍。所以我猜是什麼推動了第四季度改善的假設？

Yes. Chuck, so a couple of things. We gave the guide for the second half. We talked about the fact that a shift in Anniversary Sale on a year-over-year basis, which will impact the Nordstrom banner -- it's a couple of hundred basis points. And so for the full year, we expect the Nordstrom banner to be mid-single-digit growth. And so we do believe that that will continue.

是的。查克，有幾件事。我們給了下半場的指南。我們談到了這樣一個事實，即周年特賣的逐年變化，這將影響 Nordstrom 的旗幟——它是幾百個基點。因此，對於全年，我們預計 Nordstrom 的橫幅將實現中個位數的增長。所以我們相信這種情況會繼續下去。

So what I would also say is in the Rack, we did see deceleration as we've talked about. We are anticipating some continuing trends in that in the second half. So when we look at the total year sales, we do -- and we're still seeing the customer respond really, really well to our core categories in the Nordstrom banner. So it is a bifurcated approach to the sales component to it.

所以我還要說的是在機架上，我們確實看到了我們所說的減速。我們預計下半年會出現一些持續的趨勢。因此，當我們查看全年總銷售額時，我們確實做到了——而且我們仍然看到客戶對 Nordstrom 橫幅中的核心類別的反應非常非常好。因此，它是對銷售組件的一種分叉方法。

And I think for the Q4 piece to it as we anniversary last year, what I would say there's a couple of things in Q4 to think about: one, supply chain. We had a lot of supply chain issues in Q4 last year. We got late deliveries for holiday, which we have pulled forward, actually we'll start receiving quite a bit of that in Q3 as we prepare for Q4.

我認為對於去年我們週年紀念的第四季度，我想說的是第四季度有幾件事需要考慮：第一，供應鏈。去年第四季度，我們遇到了很多供應鏈問題。我們已經推遲了假期交貨，實際上我們將在第三季度開始收到相當多的交貨，因為我們正在為第四季度做準備。

And then the second component is particularly as it impacts our store business. Last year, as you guys all may recall, we had -- I think we all felt the impact of the Omicron variant particularly in the December time frame. So I would say it's a little bit of an easier lap as you think about year-over-year.

然後第二個組成部分尤其影響我們的商店業務。去年，你們可能還記得，我們有 - 我想我們都感受到了 Omicron 變體的影響，特別是在 12 月的時間範圍內。所以我想說，當你考慮年復一年的時候，這會更容易一點。

Okay. That's helpful. And then the pace of credit revenue really slowed in the quarter, Macy's and Kohl's had similar developments over the past couple of days. Can you help us think about that line item in the second half of the year?

好的。這很有幫助。然後本季度信貸收入的步伐確實放緩，梅西百貨和科爾百貨在過去幾天也有類似的發展。你能幫我們想想下半年的那個行嗎？

Yes. So from a credit perspective, overall, would say it's absolutely in line with what we were expecting to see. Throughout the quarter, we had a gradual decrease in customer payment rates. But overall, the payment rates remained elevated above what we saw pre-pandemic. So we saw a very different shift in the last few years. We're seeing a little bit of a different trend, but it's still much better than we saw in 2019.

是的。因此，從信用的角度來看，總體而言，會說這絕對符合我們的預期。在整個季度，我們的客戶付款率逐漸下降。但總體而言，支付率仍然高於我們在大流行前看到的水平。所以我們在過去幾年看到了一個非常不同的轉變。我們看到了一些不同的趨勢，但它仍然比我們在 2019 年看到的要好得多。

I think the other thing I would just say is, in general, we have -- this has not translated to losses impacting our credit card revenue in the quarter, and we're continuing to see very healthy portfolio. We're very pleased with our portfolio.

我想我想說的另一件事是，總的來說，我們有 - 這並沒有轉化為影響我們本季度信用卡收入的損失，我們繼續看到非常健康的投資組合。我們對我們的產品組合非常滿意。

Next is Katy Hallberg with Cowen.

接下來是凱蒂·哈爾伯格和考恩。

The first one is sort of if you're seeing any sort of sign of trade down either in the Rack or the Nordstrom businesses, just in terms of maybe more towards clearance or other basic items?

第一個是如果您在 Rack 或 Nordstrom 業務中看到任何形式的貿易下降跡象，就可能更多地傾向於清關或其他基本項目？

And then second is just on the sort of different channels and how did the channels perform versus your expectations, specifically the digital performance, that would be great.

其次是關於不同渠道的類型，以及渠道的表現與您的期望相比如何，特別是數字表現，那會很棒。

Erik, do you want to take the first piece on the trade down compared to Rack?

Erik，與 Rack 相比，你想在交易中拿下第一塊嗎？

Sure. Quick answer is we have not seen a lot of evidence of trade down. As I mentioned earlier, clearance is actually been a real soft part of our inventory. So it's, I think, an example that we're not seeing customers looking really driven by price as the main driver. What we're seeing from our customers is they want what they want. They want newness. And lowering prices on what didn't sell at regular price is tougher. It's taking more markdowns to clear out older products. So no signs of trade down.

當然。快速回答是，我們還沒有看到很多貿易下跌的證據。正如我之前提到的，清關實際上是我們庫存中真正的軟部分。所以，我認為，這是一個例子，我們沒有看到客戶真正將價格作為主要驅動因素。我們從客戶那裡看到的是他們想要他們想要的東西。他們想要新鮮感。降低沒有以正常價格出售的產品的價格更加困難。需要更多的降價來清除舊產品。所以沒有貿易下降的跡象。

Yes. I would just add on the pricing piece as Erik mentioned, it's kind of the opposite. I think it's reflected in the fact that we're having to take deeper marks on clearance than we normally would. It's a little bit different pattern and the sell-through on our higher-priced items is actually quite strong. So I think it's freshness, the newness, the fashion components to is what customers are really responding to.

是的。正如 Erik 提到的那樣，我只想添加定價部分，這是相反的。我認為這反映在我們必須比通常情況下更深的清除標記。這是一個有點不同的模式，我們高價商品的銷售實際上相當強勁。所以我認為新鮮、新穎、時尚元素才是客戶真正的反應。

On your question on channel, I would just say in general, the channels performed in line with our expectations.

關於你關於頻道的問題，我只想說一般來說，頻道的表現符合我們的預期。

Next is Tracy Kogan with Citi.

接下來是花旗的 Tracy Kogan。

I was wondering if you guys could give any more color on the slowdown you mentioned in Designer? I was wondering if it was across all Designer categories? And did the slowdown correspond with the slowdown in the Rack business at the end of June? And just was wondering any more color you can give there.

我想知道你們是否可以對您在 Designer 中提到的減速提供更多顏色？我想知道它是否涵蓋所有設計師類別？這種放緩是否與 6 月底機架業務的放緩相對應？只是想知道你可以在那裡提供更多顏色。

Yes, this is Pete. This is kind of a nuanced deal because we've been talking about, gosh, for quite some time that the Designer part of our business is the fastest growing and the strongest part of our business. And we're still having really good growth there, having double-digit growth. But fact is there has been some deceleration. So our -- what we bought into our plans that were generated were those plans happened before we saw the deceleration. So we were buying into an elevated plan compared to what the actual consumer demand trend is. So that's what that's about.

是的，這是皮特。這是一項微妙的交易，因為我們一直在談論，天哪，我們業務中的設計師部分是我們業務中增長最快和最強大的部分。而且我們在那裡仍然有很好的增長，有兩位數的增長。但事實是出現了一些減速。所以我們 - 我們在我們的計劃中購買的是那些在我們看到減速之前發生的計劃。因此，與實際消費者需求趨勢相比，我們購買了一個更高的計劃。這就是它的意義所在。

I think if you want to parse it and see exactly what's happening, what we're tending to see is in the range of what happens is Designer some of the lower-priced more item-oriented parts of those businesses has slowed down, some compared to what would really be the higher end of the luxury part, that's super durable.

我認為，如果您想解析它並確切了解正在發生的事情，我們傾向於看到的範圍是 Designer，這些業務中一些價格較低、更面向項目的部分已經放緩，一些比較真正的高端奢侈品，超級耐用。

So we're continuing to work through that and look at it. As we get flow and newness, that's always good, but it's really just a quantity issue here that I think in certain parts of the business, we're taking a cautious approach on and just being prepared that if we don't see a change in that customer sentiment, we should be prepared for perhaps promotional activity that would happen later on this year, and we're preparing for the possibility of that.

因此，我們將繼續努力並研究它。當我們獲得流動性和新鮮感時，這總是好的，但這實際上只是一個數量問題，我認為在業務的某些部分，我們正在採取謹慎的態度並做好準備，如果我們沒有看到變化在這種客戶情緒中，我們應該為今年晚些時候可能發生的促銷活動做好準備，我們正在為這種可能性做準備。

So would you say when you noted that kind of the lower price points, I guess the entry price points of some of these Designer brands are slowing. Is it -- is it more that that maybe aspirational customer is kind of trading out of the true luxury brand? Or is there not enough evidence of that?

所以你會說當你注意到那種較低的價格點時，我猜這些設計師品牌的入門價格點正在放緩。是不是 - 是否更可能是那些有抱負的客戶正在放棄真正的奢侈品牌？還是沒有足夠的證據證明這一點？

No, I think that could be. I don't know that we know that specifically, but I think that's a reasonable assumption to make. I mean if you look at the breadth of our customer base, that very well could be what we're seeing. We're learning more all the time and try to stay close to that.

不，我認為可能是這樣。我不知道我們具體知道這一點，但我認為這是一個合理的假設。我的意思是，如果你看看我們客戶群的廣度，那很可能就是我們所看到的。我們一直在學習更多，並努力接近這一點。

And we have time for one more question.

我們還有時間再問一個問題。

Our last question comes from Simeon Siegel with BMO Capital Markets.

我們的最後一個問題來自 BMO Capital Markets 的 Simeon Siegel。

Within that 17%, if I heard correctly, the top 100 brands, any way to think through what that is between AUR and units -- and then -- Anne, if I can just ask 3 quick ones on inventory. Inventory, how has the inventory changed between Rack and full price and then maybe the change in units versus dollars? And then just any update on how you're thinking about inventory in packaway. Sorry, I know there was a bunch in there.

在這 17% 中，如果我沒聽錯的話，前 100 個品牌，任何方式來思考 AUR 和單位之間的關係——然後——安妮，如果我可以問 3 個關於庫存的快速品牌。庫存，貨架和全價之間的庫存如何變化，然後可能是單位與美元的變化？然後是關於您如何考慮打包庫存的任何更新。抱歉，我知道裡面有一堆。

So Erik, do you want to start with the 17% brand?

那麼埃里克，你想從 17% 的品牌開始嗎？

Yes. It's sum of both. And we're not going to break it out specifically. It's sum of both. But we are -- what we're encouraged about is as we increase proportion of our inventory in these premium brands. So adding units, the proportion of our inventory and dollars, we're seeing increased sales. So the 17% would be both AUR and units increased.

是的。這是兩者的總和。我們不打算具體分解它。這是兩者的總和。但我們是——我們感到鼓舞的是，我們增加了這些優質品牌的庫存比例。因此，增加單位，我們的庫存和美元的比例，我們看到銷售增加。所以 17% 將是 AUR 和單位增加。

Yes. So on the inventory piece, we really don't split out the inventory components to it. What I would say is that we're working to get through. We saw inventory increase in both banners, and we're taking markdowns in both banners as well. And our intent is to be very clean, really on the current inventory that we own by the end of Q3. And I think what you see in the guide is the fact that 50-50 of the markdown between Q3, Q4. Q4 really contemplates what we anticipate to be a continued highly promotional environment in Q4. So it's really baking in what we think it could be a more -- continued pressure on the promotional environment inventory at that point.

是的。因此，在庫存部分，我們真的不會將庫存組件拆分為它。我想說的是，我們正在努力度過難關。我們看到兩個橫幅的庫存都增加了，我們也對這兩個橫幅進行了降價促銷。我們的意圖是非常乾淨，真的是在第三季度末我們擁有的當前庫存上。而且我認為您在指南中看到的是第三季度和第四季度之間降價 50-50 的事實。第四季度確實考慮了我們預期的第四季度持續高度促銷的環境。所以它真的在我們認為它可能是一個更大的烘烤 - 那時對促銷環境庫存的持續壓力。

So the plan, the intent is to be out of -- to reduce the current inventory to plan and be thoughtful and have powder dry in Q4 and exit into '23 very, very clean as we continue to be responding to the customer in a volatile environment.

因此，該計劃的目的是減少當前的庫存，以計劃和周到並在第四季度使粉末乾燥並非常非常乾淨地退出到 23 年，因為我們將繼續在波動中響應客戶環境。

We want to thank you for joining today's call. A replay, along with the slide presentation and prepared remarks, will be available for 1 year on our website. Thank you for your interest in Nordstrom.

我們要感謝您參加今天的電話會議。重播，連同幻燈片演示和準備好的評論，將在我們的網站上提供 1 年。感謝您對 Nordstrom 的關注。

This concludes today's conference. You may disconnect your lines at this time. We thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。我們感謝您的參與。