諾德斯特龍百貨 (JWN) 2022 Q3 法說會逐字稿

Greetings, and welcome to the Nordstrom Third Quarter 2022 Earnings Conference Call. (Operator Instructions)

您好，歡迎來到 Nordstrom 2022 年第三季度收益電話會議。 （操作員說明）

As a reminder, this conference is being recorded. At this time, I'd like to turn the call over to Heather Hollander, Head of Investor Relations for Nordstrom. You may now begin.

提醒一下，這次會議正在錄製中。此時，我想將電話轉給 Nordstrom 投資者關係主管 Heather Hollander。你現在可以開始了。

Good afternoon, and thank you for joining us. 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.

下午好，感謝您加入我們。在我們開始之前，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這些幻燈片。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; Anne Bramman, Chief Financial Officer; and Michael Maher, Chief Accounting Officer, who will provide a business update and discuss the company's third 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；安妮布拉曼，首席財務官；和首席會計官 Michael Maher，他將提供業務更新並討論公司第三季度的業績。

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

現在我會把電話轉給埃里克。

Thank you, Heather, and good afternoon, everyone. Thank you for joining us today. For the third quarter, we delivered results in line with our expectations with quarterly net sales of $3.4 billion, a loss per share of $0.13 and adjusted earnings per share of $0.20.

謝謝你，希瑟，大家下午好。感謝您今天加入我們。第三季度，我們的業績符合預期，季度淨銷售額為 34 億美元，每股虧損 0.13 美元，調整後每股收益為 0.20 美元。

As we discussed, while reporting our second quarter results, we saw customer demand begin to soften in late June, mostly in Nordstrom Rack. 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 cohorts.

正如我們所討論的，在報告第二季度業績時，我們看到客戶需求在 6 月下旬開始減弱，主要是在 Nordstrom Rack。在兩個橫幅中，軟化趨勢在收入最低的客戶群中更為顯著，而我們在高收入群體中看到了更大的彈性。

As customer trends shifted, we took action to manage through the short-term macroeconomic uncertainty and position our business for success. This included managing expenses to align with sales expectations and clearing through excess inventory to exit the year with healthy inventory levels and mix. These actions prepared us well for the third quarter as macroeconomic pressures impacted all customer segments with outsized impact in the lowest income groups.

隨著客戶趨勢的轉變，我們採取行動應對短期宏觀經濟的不確定性，並為我們的業務取得成功做好準備。這包括管理費用以符合銷售預期，以及清理過剩庫存以在今年以健康的庫存水平和組合結束。這些行動讓我們為第三季度做好了準備，因為宏觀經濟壓力影響了所有客戶群，對最低收入群體產生了巨大影響。

Additionally, sales decelerated in late October and early November, particularly in geographies with unseasonably warm weather. In the last 2 weeks, however, sales trends have improved. Our teams have executed well in a challenging environment this quarter and continued to advance our Closer to You strategy. Given ongoing inflationary pressures in supply chain and fulfillment, we are particularly pleased that we decreased our variable supply chain cost this quarter. Our supply chain optimization workstreams drove efficiency and lowered the per unit cost of moving product through our system, while also delivering an improved customer experience and faster order fulfillment. We're also on track with our plans to clear through excess inventory and optimize our product mix.

此外，銷售在 10 月底和 11 月初放緩，尤其是在天氣反常溫暖的地區。然而，在過去兩週內，銷售趨勢有所改善。本季度，我們的團隊在充滿挑戰的環境中表現出色，並繼續推進我們的 Closer to You 戰略。鑑於供應鍊和履行方面持續存在的通脹壓力，我們特別高興的是我們在本季度降低了可變供應鏈成本。我們的供應鏈優化工作流提高了效率並降低了通過我們的系統移動產品的單位成本，同時還提供了更好的客戶體驗和更快的訂單履行。我們也正在按計劃清理過剩庫存並優化我們的產品組合。

Net sales decreased 3% versus last year, which includes a negative impact of approximately 200 basis points from 1 week of the anniversary sales shifting into the second quarter. Nordstrom banner sales and gross merchandise value, or GMV, each decreased 3% versus last year. The timing shift of the anniversary sale had a negative impact on Nordstrom banner net sales of approximately 300 basis points.

淨銷售額與去年同期相比下降了 3%，其中包括從周年紀念銷售額轉移到第二季度的一周以來約 200 個基點的負面影響。 Nordstrom 橫幅銷售額和商品總價值 (GMV) 與去年相比分別下降了 3%。週年紀念銷售的時間轉移對 Nordstrom 旗幟淨銷售額產生了約 300 個基點的負面影響。

In the third quarter, customers continued to refresh their wardrobes and shop for occasions such as social events, travel, work and holidays, which drove demand for our core categories and services. Consistent with the second quarter, items with lower AURs underperformed higher AUR items. Customers continued to respond very positively to newness and fashion in our seasonal assortment.

第三季度，客戶繼續為社交活動、旅行、工作和假期等場合更新衣櫥和購物，這推動了對我們核心品類和服務的需求。與第二季度一致，AUR 較低的項目表現不及 AUR 較高的項目。客戶繼續對我們季節性產品系列的新穎和時尚反應非常積極。

Turning now to our strategic initiatives. Our team remains focused on improving Rack performance, increasing profitability and optimizing our supply chain and inventory flow. We're making progress in these initiatives and we expect them to benefit our top line and bottom line performance in the fourth quarter of this year in 2023 and beyond.

現在轉向我們的戰略舉措。我們的團隊仍然專注於提高機架性能、提高盈利能力以及優化我們的供應鍊和庫存流程。我們正在這些舉措中取得進展，我們預計它們將有利於我們在 2023 年及以後的今年第四季度的收入和利潤表現。

While we take actions to address a shifting consumer backdrop, we are also building capabilities to better serve customers and deliver increased profitability as we focus on improving Nordstrom Rack performance, winning in our most important markets and leveraging our digital capabilities.

在我們採取行動應對不斷變化的消費者背景的同時，我們也在建設能力以更好地為客戶服務並提高盈利能力，因為我們專注於提高 Nordstrom Rack 的績效，贏得我們最重要的市場並利用我們的數字能力。

Starting with Nordstrom Rack. Sales declined 2% versus last year as we continued to see softening demand, especially within our lower income customer groups. We remain focused on delivering profitable growth while improving the customer experience. To that end, this quarter, we made the decision to reduce Rack store-based order fulfillment and raise the minimum order amount to receive free ship-to-store delivery on Rack.com. These actions reduced our order cancellations, simplified Rack operations and improved profitability, but negatively impacted top line growth at the Rack by approximately 200 basis points.

從 Nordstrom Rack 開始。由於我們繼續看到需求疲軟，尤其是在我們的低收入客戶群中，銷售額與去年相比下降了 2%。我們仍然專注於實現盈利增長，同時改善客戶體驗。為此，本季度，我們決定減少基於 Rack 商店的訂單履行，並提高最低訂單金額，以便在 Rack.com 上獲得免費送貨上門服務。這些行動減少了我們的訂單取消，簡化了機架操作並提高了盈利能力，但對機架的收入增長產生了大約 200 個基點的負面影響。

We continue to focus on increasing our supply of premium brands at Rack, improving our assortment and growing brand awareness to fuel future growth. Premium brands are a differentiator for the Rack, and we are dedicated to having great brands at great prices at each of our locations. The linkage to the Nordstrom banner gives Nordstrom Rack unique access to premium brands that are not broadly available in the off-price space.

我們繼續專注於增加我們在 Rack 的優質品牌供應，改善我們的品類並提高品牌知名度，以推動未來的增長。優質品牌是 Rack 的差異化因素，我們致力於在我們的每個地點都以優惠的價格提供優質的品牌。與 Nordstrom 橫幅的鏈接使 Nordstrom Rack 能夠獨特地接觸到在折扣空間中無法廣泛使用的優質品牌。

For example, 90% of the top brands at Nordstrom are sold at Nordstrom Rack.

例如，Nordstrom 90% 的頂級品牌都在 Nordstrom Rack 銷售。

This quarter, sales of our top 100 brands at the Rack increased 9%, which underscores the growth opportunity from increasing our supply of premium brands. We are also continuing to shift away from the lower price point items that have not resonated with Rack customers. We expect to clear through this inventory by the end of the fiscal year, which opens more space and buying capacity for premium brands.

本季度，我們前 100 大品牌在 Rack 的銷售額增長了 9%，這凸顯了我們增加優質品牌供應帶來的增長機會。我們還繼續放棄那些沒有引起 Rack 客戶共鳴的低價商品。我們預計在本財年結束前清理庫存，為高端品牌打開更多空間和購買能力。

With the work underway, we expect to optimize Rack product mix by mid-2023. We believe that improving our assortment and increasing penetration of top brands will differentiate the Rack experience for customers and drive profitable sales growth.

隨著工作的進行，我們預計到 2023 年年中優化 Rack 產品組合。我們相信，改善我們的品類並提高頂級品牌的滲透率將為客戶提供差異化的 Rack 體驗並推動盈利性銷售增長。

Next, our market capabilities help us engage with customers by delivering convenience, connection and greater access to product no matter how they choose to shop. Customers clearly value our interconnected model with a strong store fleet, 2 unique banners and omnichannel capabilities linked at the market level.

接下來，我們的市場能力幫助我們通過提供便利、連接和更方便的產品訪問方式與客戶互動，無論他們選擇如何購物。客戶顯然看重我們的互聯模式，擁有強大的門店隊伍、2 個獨特的橫幅和在市場層面相關聯的全渠道功能。

Order pickup represented 12% of Nordstrom.com demand this quarter, an increase of 200 basis points versus last year. We are also leveraging our digital capabilities to extend our unmatched one-to-one store experience to a digital world.

本季度取貨佔 Nordstrom.com 需求的 12%，比去年增加 200 個基點。我們還利用我們的數字能力將我們無與倫比的一對一商店體驗擴展到數字世界。

Our goal is to personalize the digital experience with discovery supported by a broad product assortment, convenience powered by our market strategy and connection via our people and experiences. We are evolving digital discovery and driving higher engagement with enhanced content a refreshed shopping experience that includes redesigned product pages and smarter product search capabilities.

我們的目標是通過廣泛的產品種類支持發現，通過我們的市場戰略提供便利以及通過我們的人員和經驗建立聯繫，從而實現數字體驗的個性化。我們正在發展數字發現，並通過增強的內容推動更高的參與度，以及更新的購物體驗，包括重新設計的產品頁面和更智能的產品搜索功能。

We are also improving the digital purchase journey with better imagery and product descriptions to help customers make more informed purchase decisions and minimize returns.

我們還通過更好的圖像和產品描述來改善數字購買之旅，以幫助客戶做出更明智的購買決定並最大限度地減少退貨。

Total digital sales declined 16% this quarter, which includes a negative impact of approximately 300 basis points from the anniversary sales shift. Additionally, reducing store-based fulfillment for Rack.com orders and sunsetting Trunk Club negatively impacted digital sales by approximately 700 basis points, with the change to Rack.com store fulfillment accounting for the majority of the impact. Our digital sales were also affected by channel shift as customers returned to pre-pandemic shopping behavior and increasingly chose to shop in-store this quarter. Digital sales represented 34% of total sales during the quarter.

本季度數字銷售總額下降了 16%，其中包括週年銷售轉移帶來的約 300 個基點的負面影響。此外，減少基於商店的 Rack.com 訂單履行和停用 Trunk Club 對數字銷售額產生了大約 700 個基點的負面影響，其中 Rack.com 商店履行的變化佔了大部分影響。我們的數字銷售也受到渠道轉移的影響，因為本季度客戶恢復了大流行前的購物行為並越來越多地選擇在店內購物。數字銷售額佔本季度總銷售額的 34%。

Before I turn it over to Pete, we'd like to thank our employees, customers and partners for helping kids start off the school year on the right foot. For the 12th year, we partnered with Nike and Shoes That Fit to donate more than 40,000 pairs of brand-new shoes to kids in need for back-to-school. This program leverages our heritage in shoes and engages our teams and customers to make a difference in their communities. We're very proud of the incredible support our team and customers put behind this important cause.

在我把它交給皮特之前，我們要感謝我們的員工、客戶和合作夥伴幫助孩子們以正確的方式開始新學年。第 12 年，我們與 Nike 和 Shoes That Fit 合作，向需要返校的孩子們捐贈了 40,000 多雙全新鞋子。該計劃利用我們在鞋子方面的傳統，並讓我們的團隊和客戶參與進來，為他們的社區帶來改變。我們為我們的團隊和客戶對這一重要事業的大力支持感到自豪。

In closing, though there is continued macro uncertainty, we are pleased with the actions we've taken to prepare for this environment and the progress we've made in improving our agility. The capabilities we've built with our closer-to-use strategy, digital assets and supply chain optimization prepare us to manage short-term pressures. With our strong balance sheet and cash position, we also have the flexibility to respond to shifting demand.

最後，儘管宏觀不確定性持續存在，但我們對為應對這種環境所採取的行動以及我們在提高敏捷性方面取得的進展感到高興。我們通過更貼近使用的戰略、數字資產和供應鏈優化建立的能力使我們能夠應對短期壓力。憑藉我們強大的資產負債表和現金狀況，我們還可以靈活應對不斷變化的需求。

We're navigating short-term headwinds while also continuing to build capabilities to better serve our customers drive profitable growth and increase shareholder value. We are focused on remaining nimble to navigate this environment and look forward to realizing additional benefits in the fourth quarter and into 2023.

我們正在應對短期逆風，同時繼續建設能力以更好地為我們的客戶服務，推動盈利增長並增加股東價值。我們專注於保持靈活應對這種環境，並期待在第四季度和 2023 年實現更多收益。

I'll now turn the call over to Pete.

我現在將電話轉給皮特。

Thanks, Erik. I'll begin by talking about our category performance, then I'll discuss the actions we're taking to ensure healthy inventory levels and mix going into next year. Finally, I'll update you on the progress we are making to improve supply chain and inventory flow and increase gross margin. Starting with the category performance.

謝謝，埃里克。我將首先談論我們的類別表現，然後我將討論我們為確保健康的庫存水平和明年的組合而採取的行動。最後，我將向您介紹我們在改善供應鍊和庫存流程以及提高毛利率方面取得的進展。從品類表現開始。

Men's and women's apparel, shoes and designer had the strongest growth in the quarter versus last year. Customers continue to shop for occasions and return to the office and update their closets. We continue to see softness versus last year in categories previously accelerated by the pandemic, including home and active.

男裝和女裝、鞋履和設計師品牌在本季度與去年相比增長最為強勁。顧客會繼續購物，然後回到辦公室更新衣櫥。我們繼續看到與去年相比，之前因大流行而加速的類別（包括家庭和活動）出現疲軟。

Turning now to inventory. As you know, we have been taking aggressive action to align inventory with softening demand and category shifts. We have been focusing on improving our assortment by clearing through product that customers weren't responding to and showcasing the fashion, newness and categories they want.

現在轉向庫存。如您所知，我們一直在採取積極行動，使庫存與需求疲軟和品類轉變保持一致。我們一直專注於通過清除客戶沒有響應的產品並展示他們想要的時尚、新穎和類別來改進我們的分類。

While this clearance activity pressures margins in the near term, the impact is in line with our expectations and consistent with the outlook we shared with you last quarter. Importantly, we expect to have healthy and current inventory by the end of the year, setting us up for longer-term growth and profitability. In addition to healthy inventory levels, we are also focused on having the right composition of inventory. We are maintaining a strong inflow of exciting brands to deliver the newness customers expect from us.

雖然這種清倉活動在短期內對利潤率造成壓力，但其影響符合我們的預期，並且與我們上個季度與您分享的前景一致。重要的是，我們預計到今年年底將擁有健康的當前庫存，為我們的長期增長和盈利能力做好準備。除了健康的庫存水平，我們還專注於擁有正確的庫存構成。我們正在保持大量令人興奮的品牌流入，以提供客戶對我們的期望。

We continue to partner with new limited distribution brands to grow their businesses and offer our customers increased selection. For example, our partnerships with On running, SKIMS, and Fear of God illustrate our strategy and effectiveness in amplifying exciting new brands. These partnerships only began a few years ago, and now they're among Nordstrom's top 5 fastest-growing brands and ranked in our top brands overall.

我們繼續與新的有限分銷品牌合作，以發展他們的業務並為我們的客戶提供更多選擇。例如，我們與 On running、SKIMS 和 Fear of God 的合作夥伴關係說明了我們在擴大令人興奮的新品牌方面的戰略和有效性。這些合作夥伴關係僅在幾年前才開始，現在它們已躋身 Nordstrom 增長最快的前 5 大品牌之列，並且在我們的整體頂級品牌中名列前茅。

We also continue to focus on improving our supply chain and inventory flow. Last year, in response to our growing digital business and increasing inflationary cost pressure, we launched a series of work streams to drive efficiency and reduce supply chain costs while also elevating the customer experience. Improved inventory flow is a key component of this work and an integral part of our closer-to-you strategy.

我們還繼續專注於改善我們的供應鍊和庫存流程。去年，為了應對我們不斷增長的數字業務和不斷增加的通脹成本壓力，我們推出了一系列工作流來提高效率和降低供應鏈成本，同時提升客戶體驗。改善庫存流是這項工作的一個關鍵組成部分，也是我們更貼近您的戰略的一個組成部分。

By optimizing our supply chain, we are able to provide our customers with greater selection and faster delivery speeds. We're reducing the number of product touch points through our network, which decreases our cost and gets the product in a sellable position faster, which improves our regular price sell-through. As part of our supply chain optimization efforts, we are also continuing to increase productivity in our distribution and fulfillment centers and improving the consistency of unit flow through our network.

通過優化我們的供應鏈，我們能夠為我們的客戶提供更多的選擇和更快的交付速度。我們正在通過我們的網絡減少產品接觸點的數量，這降低了我們的成本並使產品更快地處於可銷售位置，從而提高了我們的正常價格銷售率。作為我們供應鏈優化工作的一部分，我們還在繼續提高我們的配送和履行中心的生產力，並提高通過我們網絡的單位流的一致性。

We are very pleased with the early results we're seeing from this work. While we evaluate many supply chain metrics for our customer, we believe the most important metric is click-to-deliver speed. This quarter, we improved click-to-deliver speed by 15%. As we improved unit flow through our network, we increased fulfillment center flow-through by 28% versus last year and reduced our variable handling cost per unit by 3%.

我們對從這項工作中看到的早期結果感到非常滿意。雖然我們為客戶評估了許多供應鏈指標，但我們認為最重要的指標是點擊交付速度。本季度，我們將點擊交付速度提高了 15%。隨著我們改善網絡中的單位流量，我們將履行中心的流量比去年增加了 28%，並將每單位的可變處理成本降低了 3%。

In fact, despite inflationary pressures this quarter, we decreased our variable supply chain costs as a percent of sales by approximately 100 basis points compared to last year. As we advance our supply chain capabilities, we are also aligning our network accordingly. To that end, we closed a smaller omnichannel fulfillment center in Los Angeles that is no longer needed and retired the third-party technology tested in that center as we have scaled our West Coast omnichannel center to support the demand in that region.

事實上，儘管本季度存在通脹壓力，但與去年相比，我們將可變供應鏈成本佔銷售額的百分比降低了約 100 個基點。隨著我們提升供應鏈能力，我們也在相應地調整我們的網絡。為此，我們在洛杉磯關閉了一個不再需要的較小的全渠道履行中心，並淘汰了在該中心測試的第三方技術，因為我們已經擴展了我們的西海岸全渠道中心以支持該地區的需求。

In addition to supply chain optimization, we continue to focus on expanding our merchandise margins over the long term. One of the most important levers in improving merchandise margin is faster inventory turns. We are committed to delivering a double-digit percentage increase in inventory turns in 2023.

除了供應鏈優化，我們還繼續專注於擴大我們的長期商品利潤率。提高商品利潤率的最重要手段之一是加快庫存周轉速度。我們致力於在 2023 年實現庫存周轉率兩位數的增長。

In addition to faster inventory turns, we are also working to improve merchandise margins by leveraging advanced analytics to identify customer needs, improve our assortment, increase promotional effectiveness and optimize markdowns. We saw the benefits of this work in the first half of the year and expect to deliver additional merchandise margin improvements once we are past the clearance markdown pressure this year.

除了加快庫存周轉速度外，我們還致力於通過利用高級分析來確定客戶需求、改善我們的產品種類、提高促銷效果和優化降價促銷來提高商品利潤率。我們在今年上半年看到了這項工作的好處，並預計一旦我們度過了今年的清倉降價壓力，就會帶來額外的商品利潤率改善。

Turning now to holiday. Our customers are excited for the season, and we are well positioned with a fresh, relevant assortment to help them get ready for their celebration. We've used our learnings from past holiday events to improve our offering with the goal of being the go-to destination for gifting and preparing for the moments that matter to our customers.

現在轉到假期。我們的客戶對這個季節感到興奮，我們已經做好準備，提供新鮮、相關的分類，幫助他們為慶祝活動做好準備。我們利用從過去的節日活動中吸取的教訓來改進我們的產品，目標是成為送禮的首選目的地，並為客戶重要的時刻做準備。

In closing, we're taking actions to clear through excess inventory improve our mix and assortment, increase agility and enter 2023 in a healthy inventory position. We're confident in our ability to build on our progress in driving supply chain efficiencies and the additional benefits we expect in the fourth quarter and in 2023.

最後，我們正在採取行動清理過剩庫存，改善我們的組合和分類，提高靈活性，並以健康的庫存狀況進入 2023 年。我們有信心在第四季度和 2023 年推動供應鏈效率以及我們預期的額外收益方面取得進展。

Now I'll turn it back to Erik.

現在我會把它轉回給埃里克。

As we announced last month, Anne Bramman will be stepping down from her role as CFO on December 2. We'd like to take a moment to recognize Anne for her dedication to our customers, our employees, our shareholders and our values and made significant contributions to our business over the last 5 years including helping to successfully guide the company through the pandemic, sponsoring multiple strategic initiatives to improve profitability and elevating the finance organization.

正如我們上個月宣布的那樣，Anne Bramman 將於 12 月 2 日辭去首席財務官一職。我們想花點時間表彰 Anne 對我們的客戶、我們的員工、我們的股東和我們的價值觀所做的奉獻，並做出了重大貢獻在過去 5 年中為我們的業務做出的貢獻包括幫助成功引導公司渡過大流行病、贊助多項戰略計劃以提高盈利能力和提升財務組織。

So Anne, we thank you for your partnership and leadership. We wish you all the best in your next step.

安妮，我們感謝您的合作和領導。祝您下一步一切順利。

Thank you, Erik. It's been a privilege to work alongside you, our executive leadership team, our Board of Directors and all of the incredible people who make Nordstrom such a special place. It has been an honor to be part of this company.

謝謝你，埃里克。很榮幸能與您、我們的執行領導團隊、我們的董事會以及所有讓 Nordstrom 成為如此特別的地方的了不起的人一起工作。很榮幸成為這家公司的一員。

I'll now review our third quarter results and then turn it over to Michael Maher, who will serve as our interim CFO beginning December 5, to address our outlook for the remainder of the year.

我現在將回顧我們的第三季度業績，然後將其轉交給 Michael Maher，他將從 12 月 5 日開始擔任我們的臨時首席財務官，以解決我們對今年剩餘時間的展望。

For the third quarter, we reported a loss per share of $0.13. After excluding charges related to a supply chain technology and related asset impairment, adjusted earnings per share was $0.20. Overall, net sales decreased 3%, in line with our expectations. This includes a negative impact of approximately 200 basis points due to 1 week of the anniversary sales shifting into the second quarter. GMV decreased 2%. Nordstrom banner sales and GMV each decreased 3% versus last year. anniversary sale timing negatively impacted the Nordstrom banner by approximately 300 basis points. Nordstrom Rack sales decreased 2% in the third quarter.

第三季度，我們報告每股虧損 0.13 美元。剔除與供應鏈技術和相關資產減值相關的費用後，調整後的每股收益為 0.20 美元。總體而言，淨銷售額下降 3%，符合我們的預期。這包括由於一周年銷售轉移到第二季度而產生的大約 200 個基點的負面影響。 GMV 下降了 2%。 Nordstrom 橫幅銷售額和 GMV 與去年相比分別下降了 3%。週年紀念銷售時機對 Nordstrom 的旗幟產生了大約 300 個基點的負面影響。 Nordstrom Rack 的銷售額在第三季度下降了 2%。

Digital sales decreased 16% this quarter. Digital sales include a 1,000 basis point impact from anniversary sale timing shift, reducing Rack store fulfill and sunsetting Trunk Club. Gross profit as a percentage of net sales decreased 190 basis points, primarily due to higher markdown rates on clearance product. Consistent with our expectations from the end of the second quarter, we realized approximately $100 million of incremental markdowns during the third quarter.

本季度數字銷售額下降了 16%。數字銷售包括 1,000 個基點的影響，這些影響來自周年紀念銷售時間變化、減少貨架商店履行和停用 Trunk Club。毛利潤占淨銷售額的百分比下降了 190 個基點，這主要是由於清倉產品的降價率較高。與我們對第二季度末的預期一致，我們在第三季度實現了約 1 億美元的增量減價。

As Erik and Pete described, we have taken actions to rightsize our inventory and as such, ending inventory increased 1% this quarter versus a 3% decrease in sales. As a result of reduced supply chain backlogs, we had a higher percentage of our inventory on hand this year versus in transit last year. We continue to expect that we will end the year in a healthy inventory position and are committed to a disciplined approach to inventory management in 2023.

正如 Erik 和 Pete 所描述的，我們已採取行動調整我們的庫存，因此，本季度期末庫存增加了 1%，而銷售額下降了 3%。由於供應鏈積壓訂單減少，與去年相比，我們今年手頭庫存的百分比更高。我們繼續預計我們將在年底保持健康的庫存狀況，並致力於在 2023 年對庫存管理採取嚴格的方法。

Total SG&A as a percentage of net sales increased 200 basis points due to a supply chain technology and related asset impairment charge, partially offset by leverage driven by fulfillment expense efficiencies. Excluding the impact of the impairment, total SG&A as a percentage of net sales remained flat with the prior year. Since last year, we've been making progress on our supply chain optimization initiatives to offset anticipated labor and fulfillment cost pressure, and we're pleased with the results we're seeing.

由於供應鏈技術和相關資產減值費用，SG&A 總額占淨銷售額的百分比增加了 200 個基點，部分被履行費用效率驅動的槓桿所抵消。排除減值的影響，SG&A 總額占淨銷售額的百分比與上一年持平。自去年以來，我們在供應鏈優化計劃方面一直取得進展，以抵消預期的勞動力和履行成本壓力，我們對所看到的結果感到滿意。

We continue to expect that these initiatives will deliver more significant benefits in the fourth quarter and in 2023. EBIT margin was 0.1% of sales for the third quarter. After excluding charges related to the impairment, adjusted EBIT margin was 2.1%. We maintained a solid financial position, ending the third quarter with $993 million in available liquidity, including $293 million in cash.

我們繼續預計這些舉措將在第四季度和 2023 年帶來更顯著的收益。第三季度息稅前利潤率為銷售額的 0.1%。剔除與減值相關的費用後，調整後的息稅前利潤率為 2.1%。我們保持穩健的財務狀況，在第三季度結束時擁有 9.93 億美元的可用流動資金，其中包括 2.93 億美元的現金。

Subsequent to quarter end, we paid off the $100 million we had borrowed on our revolving line of credit and once again have the entire balance available to us. Finally, we are pleased to announce the extension of our credit card program agreement with TD Bank as the exclusive issuer of our proprietary Nordstrom branded credit card. TD has been a strong partner, and we look forward to working with them to further enhance the card member experience.

季度末後，我們還清了借入循環信貸額度的 1 億美元，再次獲得了全部餘額。最後，我們很高興地宣布與道明銀行延長我們的信用卡計劃協議，道明銀行是我們專有的 Nordstrom 品牌信用卡的獨家發行商。 TD一直是強大的合作夥伴，我們期待與他們合作，進一步提升持卡人的體驗。

I'll now hand it over to Michael to talk through our outlook for the remainder of fiscal 2022.

我現在將其交給邁克爾，談談我們對 2022 財年剩餘時間的展望。

Thanks, Anne. And before I discuss our outlook, I just want to briefly add a word of appreciation on behalf of the finance team here at Nordstrom. We've all benefited from your leadership in coaching over the past few years. Thank you for everything and all the best in your next chapter.

謝謝，安妮。在我討論我們的前景之前，我只想代表 Nordstrom 的財務團隊簡單說幾句感謝的話。在過去的幾年裡，我們都受益於你在教練方面的領導能力。謝謝你所做的一切，祝你下一章一切順利。

Now I'll describe the macroeconomic backdrop contemplated in our guidance for the balance of the year. As Erik indicated, macroeconomic pressures impacted demand across all customer segments in the third quarter, with the most significant impact in the lowest income groups. However, customers continue to refresh their wardrobes, shop for occasions and respond to fashion and newness in our assortment.

現在，我將描述我們對今年餘下時間的指導意見中考慮的宏觀經濟背景。正如 Erik 所指出的，宏觀經濟壓力在第三季度影響了所有客戶群的需求，其中對最低收入群體的影響最為顯著。然而，客戶會繼續更新他們的衣櫥，根據場合購物，並對我們的產品系列中的時尚和新穎做出回應。

With regard to recent trends, sales softened in late October and early November, but improved in the last 2 weeks. We believe that unseasonably warm temperatures in certain geographies contributed to the decelerating trends along with delayed holiday shopping. As weather normalized and we get closer to the holidays, we've seen sales trends improve and gifting activity accelerate.

就近期趨勢而言，10 月下旬和 11 月初的銷售疲軟，但在過去 2 周有所改善。我們認為，某些地區異常溫暖的氣溫導致了減速趨勢以及假日購物的延遲。隨著天氣恢復正常，假期越來越近，我們看到銷售趨勢有所改善，送禮活動也在加速。

As for holiday shopping expectations, we believe that this year's calendar, which has an extra Saturday between Thanksgiving and Christmas, we'll lead some customers to wait until closer to Christmas to make their purchases. We continue to expect an elevated promotional environment across retail in the fourth quarter.

至於假日購物預期，我們認為今年的日曆在感恩節和聖誕節之間多了一個星期六，我們將導致一些顧客等到臨近聖誕節才進行購買。我們繼續預計第四季度零售業的促銷環境會有所改善。

Taking these factors into consideration, we are reaffirming our 2022 financial outlook. For fiscal year 2022, we continue to expect revenue growth of 5% to 7% versus 2021. We expect adjusted EBIT margin of approximately 4.3% to 4.7% for the full year. Our forecast assumes that EBIT margin improvement for the year will be driven by SG&A leverage, with gross profit roughly flat for the full year.

考慮到這些因素，我們重申 2022 年的財務展望。對於 2022 財年，我們繼續預計收入將比 2021 年增長 5% 至 7%。我們預計全年調整後的息稅前利潤率約為 4.3% 至 4.7%。我們的預測假設今年的息稅前利潤率改善將由 SG&A 槓桿驅動，全年毛利潤大致持平。

Our effective tax rate is expected to be approximately 27% for the fiscal year. We expect adjusted EPS of $2.30 to $2.60. Our outlook excludes the impact of any future share repurchases. We continue to expect approximately $100 million of incremental markdown impacts from clearance activity in the fourth quarter. Though we are facing inflationary expense pressures, we contemplated that pressure in our outlook along with the increasing benefits of our supply chain optimization initiatives.

我們本財年的實際稅率預計約為 27%。我們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。我們繼續預計第四季度清倉活動將產生約 1 億美元的增量減價影響。儘管我們面臨通貨膨脹的費用壓力，但我們在展望中考慮了這種壓力以及我們供應鏈優化計劃的收益越來越大。

With regard to the assumptions embedded in our guidance range, the low end of our guidance assumes that the softer sales trends from late October and early November return, and promotional activity in the sector increases above what we've seen to date. The high end of our guidance assumes that holiday sales will accelerate year-over-year as we approach Christmas, in line with pre-pandemic shopping behavior, and that promotional levels in the sector are consistent with what we've seen to date.

關於我們指導範圍內的假設，我們指導的低端假設 10 月下旬和 11 月初的疲軟銷售趨勢回歸，並且該行業的促銷活動增加到我們迄今為止看到的水平以上。我們指引的高端假設隨著聖誕節的臨近，假日銷售將同比加速增長，與大流行前的購物行為一致，並且該行業的促銷水平與我們迄今為止所看到的一致。

Shifting to capital allocation, our priorities remain unchanged. Our first priority is investing 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% of net sales as we continue to invest in supply chain and technology capabilities.

轉向資本配置，我們的優先事項保持不變。我們的首要任務是投資業務，以更好地服務我們的客戶並支持長期增長。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按淨銷售額的 3% 至 4% 的正常水平進行。

Our second priority is reducing our leverage. We remain 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作用。我們仍然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。我們繼續將槓桿率目標定在 2.5 倍以下。

Our third priority is returning cash to shareholders. Last week, our Board of Directors declared a quarterly cash dividend of $0.19 per share. Year-to-date, we also repurchased approximately $53 million of our stock at an average price of $23 per share. We have approximately $447 million remaining on our share repurchase authorization. We will continue to take a measured approach to share repurchases through the remainder of 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，我們的董事會宣布派發每股 0.19 美元的季度現金股息。年初至今，我們還以每股 23 美元的平均價格回購了大約 5300 萬美元的股票。我們的股票回購授權剩餘約 4.47 億美元。在今年剩餘時間裡，我們將繼續採取審慎的方式回購股票，並與我們的現金流和市場狀況保持一致。

In closing, we've been taking the necessary steps to prepare for a softening macroeconomic backdrop and are confident that we have the financial strength and strategic capabilities to manage through a rapidly evolving environment. We have a strong balance sheet and a favorable debt maturity schedule.

最後，我們一直在採取必要措施為疲軟的宏觀經濟背景做準備，並相信我們有財務實力和戰略能力來應對快速變化的環境。我們擁有強大的資產負債表和有利的債務到期時間表。

We're reducing our inventory levels to enter 2023 in a healthy and current position and improve our flexibility and agility. Despite markdown and inflationary pressures, we still expect to deliver SG&A benefits from our supply chain optimization work and disciplined expense management and significantly increase our year-over-year profitability in the fourth quarter.

我們正在降低庫存水平，以健康和當前的狀態進入 2023 年，並提高我們的靈活性和敏捷性。儘管存在降價和通脹壓力，我們仍然希望通過我們的供應鏈優化工作和嚴格的費用管理來提供 SG&A 收益，並在第四季度顯著提高我們的同比盈利能力。

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

有了這個，希瑟，我們準備好提問了。

Thank you, Michael. (Operator Instructions) We'll now move to the Q&A session.

謝謝你，邁克爾。 （操作員說明）我們現在將進入問答環節。

(Operator Instructions) Our first question is from Ashley Helgans with Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Ashley Helgans。

It's Blake on for Ashley. Just wanted to ask on the sales guide. A couple of headwinds. I guess, you called out you're seeing from the Rack decisions about store-based fulfillment in the shipping minimum. You also talked about kind of weakness in the lower AUR interest a general macro. What are the positive offsets you're seeing on the top line to help you maintain the guide here? .

布萊克替阿什莉上場。只是想問一下銷售指南。幾個逆風。我想，您大聲疾呼，您從貨架決定中看到了關於最低運輸量的基於商店的履行。您還談到了一般宏對 AUR 興趣較低的弱點。您在頂行看到的幫助您維持指南的積極抵消是什麼？ .

Yes, Blake, this is Michael. I'll take that. So that's right. Those headwinds that you talked about are contemplated in the guide. They're pretty consistent with what we saw in the third quarter, though. So the assumption is that the choices we've made around Rack store fulfillment are consistent impacts to our business in the fourth quarter relative to what we've seen in the third.

是的，布萊克，這是邁克爾。我會接受的。所以這是對的。指南中考慮了您談到的那些逆風。不過，它們與我們在第三季度看到的情況非常一致。因此，假設我們圍繞 Rack store fulfillment 做出的選擇與我們在第三季度看到的情況相比，第四季度對我們業務的影響是一致的。

So generally speaking, I'd just kind of bring it up a level. As we think about going forward, I think you can expect to see something similar in the fourth quarter in terms of the banner breakout as well as the channels. We continue to expect that customers are voting for shopping in stores, and that we'll see some mix shift to that.

所以一般來說，我只是把它提高了一個水平。當我們考慮前進時，我認為你可以期待在第四季度在橫幅突破和渠道方面看到類似的情況。我們繼續期望客戶投票支持在商店購物，並且我們會看到一些混合轉變。

Next is Matthew Boss with JPMorgan.

接下來是摩根大通的 Matthew Boss。

So a couple of questions. First, how are you planning full-line inventory by category as we think about anniversarying some of the shift toward occasion and dress up apparel next year. And then at Rack, could you just speak to the time line you think is reasonable to return the Rack to positive sales growth and some of the initiatives behind that? .

所以有幾個問題。首先，你如何按類別規劃全線庫存，因為我們考慮在明年紀念一些向場合和盛裝服裝的轉變。然後在 Rack，你能不能談談你認為合理的時間表，讓 Rack 恢復正銷售增長以及背後的一些舉措？ .

Yes, this is Pete. I'll start with the category inventory. As we mentioned in our comments, we feel really good about the content of what we have available here for the fourth quarter and coming into holiday. And that's because things have stabilized a little bit in terms of what [cuts of] demand as we talked about categories that were really over-indexing in the early days of the pandemic, and we were part of that as well with home and active in categories like that doing very well.

是的，這是皮特。我將從類別庫存開始。正如我們在評論中提到的那樣，我們對第四季度和即將到來的假期在這裡提供的內容感到非常滿意。那是因為當我們談到在大流行初期確實過度指數化的類別時，需求 [削減] 方面的情況已經穩定了一點，我們也是其中的一部分，在家庭中也很活躍這樣的類別做得很好。

But in the last, gosh, probably 8, 9 months or so, in particular, the return to occasions and people just moving around more and just being out there, it's lend itself well to what we've traditionally always done pretty well at, and we can talk about that in terms of the moments that matter. And so we've done well in apparel and shoes in the categories that really reflect people just out and about engaged more activities and events. And so I think that, that's really where we've focused our inventories going forward. And I think the only other thing about that is just coming at this time of year is the best you can to try to figure out whether and what cold weather and the impact that, that has, and we feel really good about our assortment in cold weather, too.

但在過去，天啊，大概 8、9 個月左右，特別是回到場合，人們只是四處走動，只是在那裡，這很適合我們傳統上一直做得很好的事情，我們可以根據重要的時刻來討論這一點。因此，我們在服裝和鞋類方面做得很好，這些類別真正反映了人們剛剛出去參加更多活動和活動的情況。所以我認為，這確實是我們將庫存集中在未來的地方。而且我認為唯一的另一件事就是在每年的這個時候到來，你可以盡最大努力弄清楚是否以及寒冷的天氣以及它的影響，那有，我們對我們在寒冷中的分類感覺非常好天氣也是。

Do you want to take that. Hey, Matthew, this is Erik. For the Rack, a couple of things we'd emphasize and we do continue to see traction in our strategies. It's a third quarter in a row of sequential improvement versus pre-pandemic. And really, since we've focused on our North Star of great brands at great prices. And as we called out, we had some actions most notably stopping store fulfill for Rack.com orders that hit our top line, but made it a more profitable business. And better customer experience. So overall, our business is about flat if you back that out. And we continue to see traction from these best brands. Last quarter, our top 100 brands in Rack grew 9%. We continue to see growth there.

你想接受嗎？嘿，馬修，這是埃里克。對於機架，我們會強調一些事情，我們確實會繼續看到我們戰略的吸引力。與大流行前相比，這是連續第三個季度出現連續改善。真的，因為我們以優惠的價格專注於我們偉大品牌的北極星。正如我們呼籲的那樣，我們採取了一些行動，最顯著的是停止對達到我們收入的 Rack.com 訂單進行商店履行，但使其成為一項更有利可圖的業務。以及更好的客戶體驗。所以總的來說，如果你支持的話，我們的業務將持平。我們繼續看到這些最佳品牌的吸引力。上個季度，我們在 Rack 中排名前 100 的品牌增長了 9%。我們繼續看到那裡的增長。

As for the timing, there's 2 things that are reasons we have to address to get at the timing. One is certainly getting access and ordering a greater percentage of our inventory in these great brands. And that is happening.

至於時間安排，有兩件事是我們必須解決的原因。一個當然是獲得併訂購我們在這些偉大品牌中更大比例的庫存。這正在發生。

The second piece, as we talked about coming out of last quarter is clearing through the less productive inventory we have. And as I'm sure you know, Rack is part of our total ecosystem. And coming out of Q2 as we revised our guidance, we saw that it would take through half 2 to clear out and open up the inventory dollars to get us in the balance that we want going forward. So for Rack, we need to certainly get more of these great brands in, but we also have to through the rest of Q4 clear out the inventory that hasn't been as productive, and that sets us up well for 2023 to have continued improvement.

第二部分，正如我們談到上個季度結束時，正在清理我們擁有的生產率較低的庫存。我相信您知道，Rack 是我們整個生態系統的一部分。當我們修改我們的指導時，從第二季度開始，我們看到需要通過第二個半月才能清理並打開庫存美元，讓我們達到我們想要前進的平衡。因此，對於 Rack，我們當然需要引入更多這些偉大的品牌，但我們還必須在第四季度的剩餘時間裡清理掉生產效率不高的庫存，這為我們在 2023 年的持續改進做好了準備.

Next is Chuck Grom with Gordon Haskett.

接下來是查克格羅姆和戈登哈斯克特。

Just to follow-up on Matt's question a little bit. Just on the Rack. If you look at it on a 3-year basis, it really decelerated and all of your off-price peers have reported over the past week or so and really haven't shown that level of softness. So I was just wondering if you could maybe just go a layer deeper to the factors of the underperformance. And then as we look to 2023, how are you planning the entire enterprise business from a category perspective? Are you expecting some of the recent areas of strength to continue? Or are you expecting a shift back to some of the pandemic areas to resume their strength? .

只是稍微跟進一下 Matt 的問題。就在機架上。如果你在 3 年的基礎上看它，它真的減速了，你所有的低價同行在過去一周左右都報告了並且真的沒有表現出那種程度的疲軟。所以我只是想知道你是否可以更深入地了解表現不佳的因素。然後展望2023年，你如何從品類角度規劃整個企業業務？您是否預計最近的一些強勢領域會持續下去？還是您希望回到一些大流行地區以恢復實力？ .

So Erik, do you want to talk a little about the Rack?

Erik，你想談談 Rack 嗎？

Sure. Yes, I'll take a start with that, Chuck. Yes, actually I have a lot more to add there. It's -- as we talked about coming out of Q2, we did see a pullback in our customer cohorts or lower income segments for us. And that is most pronounced in our Rack business. And we certainly see signs of customers being restrained from economic conditions. And we've seen evidence of some pullback across all customer cohorts, but most pronounced at lower customer -- lower income customer cohorts. And again, that hits us more in the Rack business.

當然。是的，查克，我會從那開始。是的，實際上我還有很多要補充的。這是——當我們談到第二季度結束時，我們確實看到我們的客戶群體或收入較低的群體出現了回落。這在我們的機架業務中最為明顯。我們當然看到客戶受到經濟狀況限制的跡象。我們已經看到所有客戶群都有一些回落的證據，但在低收入客戶群中最為明顯。再一次，這在機架業務中對我們的打擊更大。

And then -- so there's some macro issues, but internally, again, I'd pull you back to getting our mix right. We're very confident in that of how why customers respond strongly to the rack, why they choose us and getting that mix right. Again, we have some cleanup to do still here in Q4, but we see that entering 2023 in a real healthy and clean inventory position to where we'll get the mix that we want.

然後 - 所以有一些宏觀問題，但在內部，我會再次讓你回到正確的組合。我們對客戶為何對機架反應強烈、為何選擇我們以及如何正確組合充滿信心。同樣，我們在第四季度仍有一些清理工作要做，但我們看到，進入 2023 年，我們將以真正健康和乾淨的庫存狀況進入我們想要的組合。

So Chuck, this is Anne. I would add a couple of things to that. Just to remind you, when we talk about the change in Rack.com store fulfill program for the last quarter, that was worth about 200 basis points top line impact to the Rack banner itself. So when you adjust for that, it's actually a pretty -- it's a flat business overall for the quarter. Having said that, just to remind you, if you look at the history of the Rack, we typically have not had a big category in home and certainly not a lot in athletic apparel, which was certainly high COVID pandemic categories.

查克，這是安妮。我想補充幾件事。提醒您，當我們談論上個季度 Rack.com 商店履行計劃的變化時，這對 Rack 橫幅本身產生了大約 200 個基點的頂線影響。因此，當你對此進行調整時，它實際上是一個漂亮的 - 本季度整體業務持平。話雖如此，只是想提醒您，如果您回顧一下 Rack 的歷史，我們通常在國內沒有大的類別，當然在運動服裝方面也不多，這肯定是 COVID 大流行的高類別。

As we've come through, we've also reshifted the focus on the best brands at the best prices. And that has also been a piece of getting out of some of the older inventory that's a lower price inventory and moving into the categories and the brands that people really seem to respond to, and we're seeing -- the result of that was positive increases in those areas, and we'll continue to drive that, both balancing getting out of the current inventory that's not working, but also really leaning heavy into next year as far as these better brands.

隨著我們的成功，我們也將重點重新轉移到以最優惠的價格提供最好的品牌。這也是擺脫一些價格較低的舊庫存並進入人們似乎真正響應的類別和品牌的一部分，我們正在看到 - 結果是積極的這些領域的增長，我們將繼續推動這一點，既要平衡擺脫當前不起作用的庫存，又要真正向明年傾斜這些更好的品牌。

Yes, on the '23 question, I think the thing I would add to that is we -- as Pete talked about, we're really focusing on the categories they're responding with the customers. I think for us, we're also focusing on being pretty conservative agile as well. So it's giving us the capability to chase more than what we've seen in the last couple of years coming out of the pandemic. Certainly, supply chain has gotten much better access to goods has gotten much better. And so this is giving us the ability to be more being able to chase where the customer is going as well. So we're trying to keep powder dry as we go into '23, but also really focusing on seeing early trends and responding to the customer.

是的，關於 23 世紀的問題，我想我要補充的是，正如皮特所說，我們真正關注的是他們對客戶做出回應的類別。我認為對我們來說，我們也專注於非常保守的敏捷。因此，它使我們有能力追逐比我們在過去幾年中從大流行中看到的更多的東西。當然，供應鏈已經更好地獲取商品了。因此，這使我們能夠更好地追踪客戶的去向。因此，我們在進入 23 年時試圖保持粉末乾燥，但也真正專注於看到早期趨勢和響應客戶。

Next is Oliver Chen with Cowen.

接下來是 Oliver Chen 和 Cowen。

This is Katie on for Oliver. First was on the variable costs. Are those permanent improvements? Or is that just sort of more flexing with the sales performance. And then our second question is more on the excess inventory. How much is left to sort of clear through in Q4?

這是奧利弗的凱蒂。首先是可變成本。這些是永久性的改進嗎？或者這只是在某種程度上隨著銷售業績的變化而變化。然後我們的第二個問題更多是關於庫存過剩。第四季度還剩下多少需要清理？

Yes. So I'll take the variable cost piece and then Mike and Pete, if you want to take the inventory component, that would be great. So on the variable costs, those are actually permanent. As we talked about the last couple of quarters, coming out as I would even rewind a little bit at the end of last year, we saw inflationary costs and headwinds.

是的。所以我將採用可變成本部分，然後是 Mike 和 Pete，如果你想採用庫存部分，那就太好了。因此，就可變成本而言，這些實際上是永久性的。當我們談論過去幾個季度時，我什至會在去年年底稍微回顧一下，我們看到了通脹成本和逆風。

We determined that we thought those were going to be pretty permanent out there. So we started taking into doing initiatives around really driving improvement. And we talked about in the last couple of quarters that we thought we were going to get leverage in our overhead in the first half based on top line, just your fixed overhead getting leverage on the sales side.

我們確定我們認為那些將在那里永久存在。因此，我們開始著手圍繞真正推動改進採取舉措。我們在過去幾個季度中談到，我們認為我們將在上半年根據頂線獲得間接費用的槓桿作用，只是您的固定間接費用在銷售方面獲得槓桿作用。

On the second half, we -- as we've indicated, we really -- we're continuing to get momentum in our supply chain cost per unit initiatives and efficiencies. And so for that, you saw that coming through in Q3, and that's continuing to build in Q4 and beyond.

在下半年，我們——正如我們所指出的，我們真的——我們將繼續在我們的供應鏈單位成本和效率方面獲得動力。因此，您看到第三季度出現了這種情況，並且在第四季度及以後繼續建立。

Katie, with respect to the inventories, we said at the end of last quarter that we expected to take approximately $200 million of incremental markdowns in the back half of the year, roughly evenly split between the third and fourth quarters, and we're on track for that. So we still expect to exit the year in a healthy and current inventory position.

凱蒂，關於庫存，我們在上個季度末表示，我們預計今年下半年將進行大約 2 億美元的增量減價，大致平均分配在第三季度和第四季度之間，我們正在跟踪那個。因此，我們仍然希望以健康和當前的庫存狀況退出今年。

Next is Kimberly Greenberger with Morgan Stanley.

接下來是摩根士丹利的 Kimberly Greenberger。

I wanted to ask about, just some of the puts and takes in your operating margin as we head into next year, it would seem that the inventory cleanup and potentially lower markdown rate in 2023 could be a tailwind for gross margin? Are there any headwinds that might be noteworthy?

我想問的是，在我們進入明年時，您的營業利潤率中的一些看跌期權和收益，似乎 2023 年的庫存清理和可能較低的降價率可能會成為毛利率的順風？是否有任何值得注意的逆風？

And then -- and specific to your comments on SG&A, I would assume that SG&A dollars are likely to grow next year. There's still ongoing inflation out there, and I would imagine that you're experiencing some of the same. But do you have any -- do you or Michael have any sort of preliminary thoughts on how we should think about the growth in SG&A in 2023 compared to this year?

然後——具體到您對 SG&A 的評論，我認為明年 SG&A 美元可能會增長。那裡仍然存在持續的通貨膨脹，我想你正在經歷一些相同的事情。但是你有什麼 - 你或邁克爾對我們應該如何考慮與今年相比 2023 年 SG&A 的增長有任何初步想法嗎？

Yes. Erik is going to give some broader context and then Michael can give specifics with the question.

是的。 Erik 將提供一些更廣泛的背景，然後 Michael 可以給出問題的具體細節。

Yes. Thanks for the question, Kimberly. Let me start with -- there's certainly a lot of uncertainty out there. Macroeconomic conditions and customer behavior is moving rapidly, and we feel really well prepared for that uncertainty. And I take you back to our last quarter call, we start to see a little softness in the end of June.

是的。謝謝你的問題，金伯利。讓我先說——那里肯定有很多不確定性。宏觀經濟狀況和客戶行為正在迅速變化，我們為這種不確定性做好了充分準備。我帶你回到我們上個季度的電話會議，我們在 6 月底開始看到一些疲軟。

And we made the call pretty early in hindsight to take what we thought were the prudent steps and in particular, reducing inventory managing our expenses and overall improving our agility to navigate these uncertain times. And those actions have served us well.

我們在事後很早就做出了決定，採取了我們認為是謹慎的步驟，特別是減少了庫存來管理我們的開支，並全面提高了我們應對這些不確定時期的敏捷性。這些行動對我們很有幫助。

We really feel good about our execution through Q3 of that plan. We exceeded our plan last quarter. And probably more importantly, it sets us up well for the uncertainty going forward. We're not just starting right now of looking at kind of the volatile economic times out there and making adjustments. These adjustments were put in place at the end of last quarter and again, have served us well through Q3 and have prepared as well going forward.

我們對該計劃的第三季度執行情況感到非常滿意。我們上個季度超出了我們的計劃。可能更重要的是，它為我們應對未來的不確定性做好了準備。我們不只是現在開始著眼於動蕩的經濟時代並做出調整。這些調整在上個季度末再次實施，在第三季度為我們提供了良好的服務，並為未來做好了準備。

Yes. So Kimberly, more specifically than about 2023 is, we're not giving '23 guidance today. But given the uncertainty that Erik just talked about in the macro environment, we're really focused on preserving and protecting that agility and that flexibility as we go forward into the fourth quarter and into next year. So that means managing inventory more conservatively to not only increase agility but also improved gross margin.

是的。所以 Kimberly，比 2023 年更具體，我們今天不會給出 23 年的指導。但考慮到埃里克剛剛談到的宏觀環境的不確定性，我們真正專注於在我們進入第四季度和明年時保持和保護這種敏捷性和靈活性。因此，這意味著更保守地管理庫存，不僅可以提高靈活性，還可以提高毛利率。

We'd rather be chasing the business in clearing. You heard Pete talk earlier about a double-digit improvement target for our 2023 inventory turn. It also means disciplined expense management and continuing to hold the line on that. And then just continuing to build on the strategic initiatives that we've talked about with a special focus on supply chain, given the size of our digital business that helps us, that improves our capability to serve our customers. But it also helps mitigate some of that inflationary cost pressure that you alluded to and improve our profitability. So not ready to give specific guidance yet, but those are sort of the guiding principles as we think about planning for next year.

我們寧願追逐清算業務。你聽過皮特早些時候談到我們 2023 年庫存周轉率的兩位數改進目標。這也意味著嚴格的費用管理並繼續堅持這一點。然後繼續建立我們已經討論過的戰略計劃，特別關注供應鏈，考慮到我們幫助我們的數字業務的規模，這提高了我們為客戶服務的能力。但它也有助於減輕您提到的一些通脹成本壓力並提高我們的盈利能力。所以還沒有準備好給出具體的指導，但這些是我們考慮明年計劃時的指導原則。

Next is Ed Yruma with Piper Sandler.

接下來是 Ed Yruma 和 Piper Sandler。

I guess, first, a bigger picture question. Gosh, it might have been a couple of analyst days ago, but you once said that online and stores had roughly equivalent contribution margin. Just given the new dynamic of kind of growth outpacing in the store fleet versus e-com, can you kind of refresh us on that and how we should view contribution margin now that you're tipping back to stores?

我想，首先，一個更大的問題。天哪，這可能是幾天前的分析師，但你曾經說過在線和商店的貢獻率大致相當。鑑於商店車隊與電子商務的增長速度超過了新的動態，你能不能讓我們重新認識一下，既然你要回到商店，我們應該如何看待邊際貢獻？

And then as a follow-up, the traffic trends seem to have lagged historically or recent history at the urban stores ex New York, kind of give us a quick update as to performance of urban versus suburban.

然後作為後續行動，交通趨勢似乎在紐約以外的城市商店的歷史或近期歷史上有所滯後，這讓我們可以快速了解城市與郊區的表現。

Yes. Let me start and then everyone else can jump in there. So the contribution margin between online and stores, for the Nordstrom banner, they remain pretty darn close. And I guess I've called out 2 variables, just to shed a little more light on it. Certainly, there's been increased expenses in supply chain, particularly transportation that hits the digital business a little more.

是的。讓我開始，然後其他人都可以跳進去。因此，對於 Nordstrom 的旗幟，在線和商店之間的貢獻率仍然非常接近。我想我已經調出了 2 個變量，只是為了更清楚地說明它。當然，供應鏈的支出有所增加，尤其是對數字業務影響更大的運輸。

But offsetting that is our digital business has been leveraging really well. As we grow sales there, there's a big fixed cost base there that gives us a lot of leverage as we add sales. So overall, we're really pleased with our online profitability in Nordstrom.com. The Nordstrom stores, that model has a lot of variable expense to us, which allows us to manage it well as sales trend up or down.

但抵消了我們的數字業務一直很好地利用。隨著我們在那裡的銷售額增長，那裡有一個很大的固定成本基礎，在我們增加銷售額時給了我們很大的影響力。總的來說，我們對 Nordstrom.com 的在線盈利能力感到非常滿意。 Nordstrom 商店，該模型對我們來說有很多可變費用，這使我們能夠在銷售趨勢上升或下降時很好地管理它。

The other thing I'd call out is we're not at parity at Rack.com and Rack stores. And in particular, I'd go back to our decisions last quarter to stop doing store fulfillment and Rack stores for Rack.com. And there are really 2 reasons that -- and these are 2 things that Nordstrom, we ask ourselves all the time. One, how do we provide a great customer experience; and two, how do we get profitable growth and store fulfillment at our Rack stores was not providing the level of customer experience that we hold ourselves to. We had higher cancellation rates there because it's a little more difficult finding the product in a treasure hunt environment in the stores.

我要指出的另一件事是，我們在 Rack.com 和 Rack 商店的價格並不相同。特別是，我會回到我們上個季度的決定，停止為 Rack.com 提供商店履行和 Rack 商店。確實有兩個原因 - 這些是 Nordstrom 的兩件事，我們一直在問自己。第一，我們如何提供出色的客戶體驗；第二，我們如何在我們的 Rack 商店獲得利潤增長和商店履行並沒有提供我們堅持的客戶體驗水平。我們在那裡的取消率更高，因為在商店的尋寶環境中找到產品有點困難。

But secondly, kind of to your contribution margin point, the economics get tougher with the lower price points we have in the Rack versus our Nordstrom banner. So didn't meet our standards of profitable growth. So I use that as an example of -- there are levers that we are actively pulling to address contribution margin in our off-price digital business.

但其次，關於你的邊際貢獻點，我們在 Rack 和 Nordstrom 旗幟上的價格更低，經濟變得更加艱難。所以沒有達到我們的盈利增長標準。因此，我以此為例——我們正在積極拉動一些槓桿來解決我們的低價數字業務的邊際貢獻。

Do you want me to take urban or do you want to comment? Okay. As far as urban and suburban, there's not -- that's leveled out a bit. We still -- our urban stores got hit harder during the pandemic. So they are growing faster in general versus our nonurban stores. And New York, as we've called out kind of all year, it continues to be one of our very top stores in sales growth over last year.

你想讓我帶城市還是你想發表評論？好的。就城市和郊區而言，沒有 - 這有點趨於平穩。我們仍然——我們的城市商店在大流行期間受到了更大的打擊。因此，與我們的非城市商店相比，它們總體上增長更快。而紐約，正如我們全年都在呼籲的那樣，它仍然是我們去年銷售額增長最快的商店之一。

Next is Noah Zatzkin with KeyBanc.

接下來是 KeyBanc 的 Noah Zatzkin。

Just on the Rack on the opportunity at the rack to kind of accelerate improvement in brand mix, given excess inventory in the channel, could you just provide an update on what you're kind of seeing in the channel there? And any progress on that opportunity? And then second, just on the decision to reduce store base fulfillment at the Rack. Is that a permanent change? Or would you expect to revert back to the prior minimum for free ship to store at some point in the future?

鑑於渠道中的庫存過剩，就在貨架上有機會加速品牌組合的改進，你能否提供有關你在渠道中看到的內容的最新信息？在這個機會上有什麼進展嗎？其次，只是關於減少貨架商店基礎履行的決定。那是永久性的改變嗎？或者您是否希望在未來的某個時候恢復到之前的最低免費船舶存儲？

Yes. So Pete, do you want to take the -- what you're seeing in the market? And then do you want to finish Erik with (inaudible) question on that.

是的。那麼皮特，你想接受——你在市場上看到的嗎？然後你想結束 Erik 的（聽不清）問題嗎？

Yes. I think as everyone has noticed, in the last few months, pretty much everyone in retailing is over inventory at some level. And as a result of that, that plays right into our hands. I think, in terms of being able to be selective about pursuing great brands, the great prices and hear us talk about premium brands.

是的。我想正如每個人都注意到的那樣，在過去的幾個月裡，幾乎每個零售業的人都在某種程度上存在過剩庫存。因此，這正好在我們手中。我認為，就能夠有選擇性地追求偉大的品牌、優惠的價格和聽我們談論高端品牌而言。

And these are really the brands that you would typically find in a Nordstrom store that are not ubiquitously distributed amongst typical off-price retailers. We've got great relationships with all these brands. And what we try to do is we first call for them when they have inventory to clear. And like I said, this there's inventory out there to be had. And I think it puts us in a great position of being able to be selective. So we feel very good about what would be possible for us in '23.

這些確實是您通常會在 Nordstrom 商店中找到的品牌，這些品牌並沒有在典型的折扣零售商中隨處可見。我們與所有這些品牌都建立了良好的關係。我們試圖做的是，當他們有庫存需要清理時，我們首先會打電話給他們。就像我說的，這裡有庫存。而且我認為這使我們處於能夠選擇性的有利位置。因此，我們對 23 年的可能性感到非常滿意。

Yes, and take the store fulfillment and Rack. Certainly, we would [revisit] that. Just to be clear, there was 2 actions we took last quarter. One was doing store fulfill of Rack.com orders. The other was having free -- the threshold for free shipping to a Rack store of Rack.com or order the store fulfillment is the bigger impact of those 2. But that threshold is something we've consistently look at. And yes, again, we look at the business model there and we look at the customer experience.

是的，並採取商店履行和貨架。當然，我們會 [重新審視] 那個。需要說明的是，上個季度我們採取了 2 項行動。一個是在商店完成 Rack.com 訂單。另一個是免費——免費送貨到 Rack.com 的 Rack 商店或訂購商店履行的門檻是這兩個中更大的影響。但這個門檻是我們一直關注的。是的，我們再次關注那裡的商業模式，我們關注客戶體驗。

So we have a lot of initiatives underway to continue to improve the inventory accuracy that we have that helps with the customer experience side by reducing our cancellations. So we do think that will get better going forward. And then the costs for the supply chain cost of moving that product around. There's obviously a lot of external factors there, but there's plenty of internal levers for us to pull.

因此，我們正在進行許多舉措，以繼續提高我們擁有的庫存準確性，通過減少我們的取消訂單來幫助改善客戶體驗。所以我們確實認為未來會變得更好。然後是移動該產品的供應鏈成本。那裡顯然有很多外部因素，但也有很多內部槓桿可供我們使用。

And last quarter is a good example. I feel really good about our supply chain performance this last quarter and the traction we're getting on some initiatives. So a long way of answering your question that, yes, we would revisit that as conditions change.

上個季度就是一個很好的例子。我對上個季度的供應鍊錶現以及我們在某些計劃中獲得的吸引力感到非常滿意。回答你的問題還有很長的路要走，是的，我們會隨著情況的變化重新審視它。

Now we'll take one more question.

現在我們再回答一個問題。

Our last question comes from Dana Telsey with Telsey Advisory Group.

我們的最後一個問題來自 Telsey Advisory Group 的 Dana Telsey。

As you've seen the season unfold and the difference between the lower income and the higher income customer cohort, how you're positioning the brands at the core -- at the full-line Nordstrom stores between the higher end and the lower end and the positioning for Rack. And as we see this going through into 2023, is there a cadence of what the assortment should look like at Rack that you've identified given the more premium brands that works well there, of how you're transitioning the full-line stores to in order to better balance the lower income versus the higher income consumer. Given that typically, we think of Nordstrom is a little bit more higher end than lower income with the headwinds that are rising today. .

正如您所看到的季節展開以及低收入和高收入客戶群之間的差異，您如何將品牌定位在核心位置——在高端和低端之間的全線 Nordstrom 商店和Rack 的定位。當我們看到這種情況持續到 2023 年時，考慮到在那裡運作良好的更多優質品牌，您是否已經確定了 Rack 的分類應該是什麼樣子的節奏，以及您如何將全線商店過渡到為了更好地平衡低收入消費者和高收入消費者。鑑於通常情況下，我們認為 Nordstrom 在今天逆風上升的情況下比低收入更高端。 .

Dana, it's Pete. It's interesting you would intuitively think that when customer demographics are showing different spending patterns related to what's happening out there inflation that you would see us over-inducting and selling a lot more lower-priced goods.

達娜，是皮特。有趣的是，你會直覺地認為，當客戶人口統計數據顯示出與通貨膨脹相關的不同消費模式時，你會看到我們過度誘導並銷售更多低價商品。

And that's not necessarily true. I mean, the broken record for us, almost regardless of what macro times are going through is newness and flow and great brands and just giving people compelling reasons to buy new things, that's what really works for us. And it works in the Rack banner, and it works in the Nordstrom banner as well.

這不一定是真的。我的意思是，對我們來說，打破記錄，幾乎不管宏觀時代正在經歷什麼，都是新鮮事物、流動性和偉大的品牌，只是給人們令人信服的理由來購買新東西，這才是對我們真正有用的。它適用於 Rack 橫幅，也適用於 Nordstrom 橫幅。

So the fact that we called out that we're still having good growth in designer, I think is even the fact that it's not so much about a specific price point or offer we pay close attention what's going with our customers and close attention to what's going on there in the macro environment.

所以我們說我們在設計師方面仍然有良好的增長，我認為這甚至不是關於特定的價格點或提供的事實，我們密切關注我們的客戶發生了什麼，並密切關注什麼是在宏觀環境中進行。

But I think getting our inventory levels in a position where we can have that kind of consistent flow and the large majority of what we have to offer is new. That's the most important thing for us. And I think in terms of what's happening in the Rack, again, it's really about those great brands. It's not about us just out pursuing the cheapest goods. It's great brands at great prices. And that formula has worked for us in the past, at all times, really, again, regardless of what's happening in the macro environment.

但我認為讓我們的庫存水平處於我們可以擁有那種一致流動的位置，並且我們必須提供的大部分是新的。這對我們來說是最重要的事情。而且我認為就機架中發生的事情而言，這真的與那些偉大的品牌有關。這不是關於我們只是追求最便宜的商品。這是偉大的品牌，價格實惠。這個公式在過去一直對我們有用，真的，再一次，不管宏觀環境中發生了什麼。

And we anticipate that will continue to work for us again. So we feel good about it. We've got access to the greatest brands in the world. We're going to continue to bring them in. We do have a difference. We have having the 2 banners. We've got that full price proposition. And then we've got that bargain hunter proposition as well. And so we feel like it's a big net where we can serve a lot of customers.

我們預計這將再次為我們工作。所以我們對此感覺很好。我們接觸到了世界上最偉大的品牌。我們將繼續把他們帶進來。我們確實有所不同。我們有 2 個橫幅。我們有完整的價格建議。然後我們也有討價還價的建議。所以我們覺得這是一個可以為很多客戶提供服務的大網。

And what is -- how are you thinking about store openings for Rack going forward?

什麼是 - 你如何考慮 Rack 未來的商店開張？

Dana, it's Erik. We started now I think some more Rack openings. As we've mentioned before, we think there's opportunity for new stores in the Rack banner. Our Rack stores are profitable and the IRR opportunities are really compelling. And I met for the off-price space, convenience store locations is even more important than in the Nordstrom banner space.

達娜，是埃里克。我們現在開始了，我想還有更多的機架開口。正如我們之前提到的，我們認為 Rack 橫幅中有新商店的機會。我們的貨架商店是有利可圖的，而且 IRR 機會真的很有吸引力。而我遇到的打折空間，便利店的選址甚至比在諾德斯特龍的旗幟空間還要重要。

We know you get outside of about a 20-minute drive to a Rack store, we start to lose customers. And you've seen a lot of the leading off-price players had a lot of store count over the last handful of years, and has helped drive their growth.

我們知道如果你開車到 Rack 商店大約需要 20 分鐘，我們就會開始失去顧客。在過去的幾年裡，你已經看到很多領先的低價玩家擁有大量的商店數量，並幫助推動了他們的增長。

And one of the things we know is when we share a location, we share a parking on with other off-price competitors in the vast, vast majority of cases, we have the highest sales per square foot. So we share a parking lot, more often than not, customers choose us. So given our store count compared to what else is out there, some competitors, we think there's a lot of attractive opportunities to add some stores.

我們知道的一件事是，當我們共享一個位置時，我們與其他低價競爭對手共享一個停車場，在絕大多數情況下，我們的每平方英尺銷售額最高。所以我們共用一個停車場，很多時候，客戶選擇我們。因此，考慮到我們的商店數量與其他一些競爭對手相比，我們認為增加一些商店有很多有吸引力的機會。

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 teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。