諾德斯特龍百貨 (JWN) 2024 Q1 法說會逐字稿

Greetings, and welcome to the Nordstrom first-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Nordstrom 2024 年第一季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

At this time, I'll turn the call over to Jamie Duies, Head of Investor Relations for Nordstrom. Thank you. You may begin.

此時，我會將電話轉給 Nordstrom 投資人關係主管 Jamie Duies。謝謝。你可以開始了。

Good afternoon, and thank you for joining us. Before I begin, I want to mention that we will be referring to slides which can be viewed in the Investor Relations section on nordstrom.com. Any 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。在開始之前，我想提一下，我們將參考投影片，這些投影片可以在nordstrom.com 的投資者關係部分中查看。任何討論都可能包含前瞻性陳述，因此請參閱使用我們的安全港語言的幻燈片。

Participating in today's call are Erik Nordstrom, Chief Executive Officer; Pete Nordstrom, President; and Cathy Smith, Chief Financial Officer, who will provide a business update and discuss the company's first-quarter performance.

執行長 Erik Nordstrom 參加了今天的電話會議；皮特·諾德斯特龍，總裁；財務長 Cathy Smith 將提供業務最新情況並討論公司第一季的業績。

Please note that when discussing our results and outlook, we will be referring to them on an adjusted basis for EBIT, EBIT margin, and earnings per share. Reconciliations to the most directly comparable GAAP measures can be found in our Q1 2024 earnings press release, which is available on our website.

請注意，在討論我們的業績和前景時，我們將參考調整後的息稅前利潤、息稅前利潤率和每股收益。與最直接可比較的 GAAP 衡量標準的調整可以在我們的 2024 年第一季財報新聞稿中找到，該新聞稿可在我們的網站上找到。

As we begin, I want to acknowledge the company's April 18 announcement of the Board of Directors' exploration of potential avenues to enhance shareholder value and formation of a special committee to buy Erik and Pete Nordstrom to take the private. The special committee will carefully evaluate any proposal that may be received and consider whether it is in the best interest of Nordstrom and all shareholders. We do not have an update to share on this topic and will not be speaking to it during our call today.

在我們開始之前，我要感謝公司於 4 月 18 日宣布，董事會正在探索提高股東價值的潛在途徑，並成立了一個特別委員會來收購 Erik 和 Pete Nordstrom 進行私有化。特別委員會將仔細評估可能收到的任何提案，並考慮其是否符合 Nordstrom 和所有股東的最佳利益。我們沒有關於此主題的最新消息可供分享，並且不會在今天的電話會議中討論該主題。

I'll now turn the call over to Erik.

我現在將把電話轉給埃里克。

Thank you, Jamie, and good afternoon, everyone.

謝謝傑米，大家下午好。

For the first quarter, we delivered net sales of $3.2 billion and loss per share of $0.24. We are pleased with the strength of our top-line growth across both Nordstrom and Nordstrom Rack. Our business is performing well as we delivered net sales growth in excess of 5%, with double-digit growth at the Rack, a positive top-line contribution from our Nordstrom banner stores, and continued sequential improvement in our digital business.

第一季度，我們實現淨銷售額 32 億美元，每股虧損 0.24 美元。我們對 Nordstrom 和 Nordstrom Rack 的營收成長動能感到滿意。我們的業務表現良好，淨銷售額成長超過 5%，Rack 實現兩位數成長，我們的 Nordstrom 旗艦店帶來了積極的營收貢獻，並且我們的數位業務持續改善。

Due to a host of factors that Cathy will discuss in a moment, our profitability was below our expectations, with roughly half of the first quarter impact related to timing. Although our earnings were held back, we remain confident in our outlook for the year. We are reaffirming guidance, building on the revenue stream that we have delivered in Q1, benefits of timing reversals, and actions already taken.

由於凱西稍後將討論的一系列因素，我們的獲利能力低於我們的預期，其中大約一半的第一季影響與時機有關。儘管我們的獲利受到抑制，但我們對今年的前景仍然充滿信心。我們正在重申指導方針，以我們在第一季交付的收入流、時間逆轉的好處以及已經採取的行動為基礎。

In the first quarter, we delivered year-over-year increases in customers and purchase trips. We managed inventory effectively, ending the quarter with double-digit positive inventory spread. At both banners, our customers responded to the inspiration and relevance of our customer strategy.

第一季度，我們的客戶和購買行程年增。我們有效管理庫存，本季末庫存價差達到兩位數的正值。在這兩個橫幅上，我們的客戶對我們客戶策略的靈感和相關性做出了回應。

Regular price sales, as well as sell-through, also improved against the first quarter of last year. Our Nordy Club loyalty program events and offerings have been well received by customers. During the first quarter, sales to Nordy Club members grew at both banners, with loyalty sales reaching nearly 70% of our total sales.

正常價格銷售以及銷售量也比去年第一季有所改善。我們的 Nordy Club 忠誠度計劃活動和產品受到了客戶的好評。第一季度，Nordy Club 會員的銷售額在兩面旗幟上都有所成長，其中忠誠度銷售額達到了我們總銷售額的近 70%。

Our digital business continues to trend in the right direction with its fourth consecutive quarter of sequential improvement. The primary drivers of the results included an improved balance across the spectrum of price points, faster shipping, as well as a clear focus in our offering of the brands that matter most to our customers.

我們的數位業務繼續朝著正確的方向發展，連續第四個季度實現環比改善。業績的主要驅動因素包括價格點範圍內平衡的改善、運輸速度的加快以及我們明確關注提供對客戶最重要的品牌的服務。

Turning now to the three priorities that we set out for 2024, we are driving Nordstrom banner growth, operational optimization, and building upon the momentum at the Rack. I'll discuss the progress we made in the first quarter.

現在轉向我們為 2024 年制定的三個優先事項，我們正在推動 Nordstrom 旗幟成長、營運優化以及鞏固 Rack 的勢頭。我將討論我們在第一季取得的進展。

The first priority is to drive Nordstrom banner growth. Our strategy is rooted in enhancing the customer experience by offering high-quality service, as well as a compelling selection. Our teams work diligently to offer inspiration, as well as relevance, with an emphasis on breadth and depth of the brands that matter most to our customers. We are working to ensure this consistent and premium offering is not just at our largest stores but across our entire full-line store fleet.

首要任務是推動 Nordstrom 品牌的成長。我們的策略植根於透過提供高品質的服務以及令人信服的選擇來增強客戶體驗。我們的團隊努力工作，提供靈感和相關性，並專注於對客戶最重要的品牌的廣度和深度。我們正在努力確保這種一致和優質的產品不僅在我們最大的商店中，而且在我們整個全線商店中。

While we still have more work to do, the return to growth for the Nordstrom banner provides evidence that our efforts are resonating with customers. As we outlined last quarter, we are focusing our Nordstrom banner efforts on digital-led growth supported by stores, aiming to further enable our customers to shop when and where they want.

雖然我們還有更多工作要做，但 Nordstrom 旗幟的恢復成長證明我們的努力正在引起客戶的共鳴。正如我們在上季度概述的那樣，我們將諾德斯特龍 (Nordstrom) 的旗幟工作重點放在商店支援的數位主導成長上，旨在進一步讓我們的客戶隨時隨地購物。

In our digital business, nordstrom.com, we implemented improvements around the search and discovery experience and worked to optimize the balance of our price points across our merchandise selection while focusing on in-stock rates. We also launched our digital marketplace at the end of April, taking a measured approach in order to ensure a seamless customer experience, one that feels uniquely Nordstrom.

在我們的數位業務 Nordstrom.com 中，我們圍繞搜尋和發現體驗進行了改進，並努力優化商品選擇中的價格點平衡，同時關注庫存率。我們還在四月底推出了數位市場，採取了謹慎的方法，以確保無縫的客戶體驗，這是諾德斯特龍 (Nordstrom) 獨有的感覺。

Marketplace allows customers to shop more products and sizes from their favorite brands while providing more access to new and emerging labels. As marketplace scales, we will grow our online assortment to serve more customers on more occasions through unowned inventory over time.

Marketplace 讓顧客可以從他們喜愛的品牌購買更多產品和尺碼，同時提供更多接觸新興品牌的機會。隨著市場規模的擴大，我們將擴大線上產品種類，以便隨著時間的推移，透過無主庫存在更多場合為更多客戶提供服務。

Our next priority for 2024 operational optimization is intended to further build upon the success we've had the last couple of years and optimizing our supply chain capabilities. Efforts in this area resulted in an over 5% faster click-to-delivery speed and an improvement in variable fulfillment costs in the first quarter.

我們 2024 年營運優化的下一個優先事項旨在進一步鞏固我們過去幾年的成功並優化我們的供應鏈能力。第一季度，該領域的努力使點擊交付速度提高了 5% 以上，並改善了可變履行成本。

We continue to see meaningful improvements in the movement of product throughout our network. We are getting merchandise through our network to our stores and our customers faster at a lower cost. This helps to drive better outcomes like higher conversion and lower return rates.

我們繼續看到整個網路中產品運輸的有意義的改進。我們正在透過我們的網路以更低的成本更快地將商品運送到我們的商店和客戶。這有助於帶來更好的結果，例如更高的轉換率和更低的退貨率。

Additionally, as we mentioned on the last call, the transition of operations from our San Bernardino fulfillment center to our West Coast omnichannel center is underway and expected to be complete in the second quarter. The West Coast omnichannel center is our newest, most automated, and lowest-cost fulfillment center. It has been scaled to serve our customers across the Nordstrom and Nordstrom Rack banners.

此外，正如我們在上次電話會議中提到的，從聖貝納迪諾履行中心到西海岸全通路中心的營運過渡正在進行中，預計將在第二季完成。西岸全通路中心是我們最新、自動化程度最高且成本最低的履行中心。它已進行擴展，可以為 Nordstrom 和 Nordstrom Rack 旗下的客戶提供服務。

Our final priority for 2024 is to build upon the momentum at the Rack. With first-quarter net sales growth of 14% and comparable sales growth of 8%, we are pleased that our efforts to continue its trajectory. Driving the Rack's growth in the first quarter were increases in trips, conversion, and customers as we invested in merchandise to support the business. Customers responded well to our product offerings of great brands at great prices in the first quarter, resulting in continued regular price sales strength with the year-over-year improvement in sell through.

我們 2024 年的最後一個優先事項是鞏固 Rack 的勢頭。第一季淨銷售額成長 14%，可比銷售額成長 8%，我們很高興我們繼續努力保持這一勢頭。隨著我們投資商品來支持業務，旅行次數、轉換率和客戶數量的增加推動了 Rack 第一季的成長。第一季度，顧客對我們以優惠價格提供的優質品牌產品反應良好，導致正常價格銷售持續強勁，銷售量較去年同期改善。

We've opened nine new Rack stores since the beginning of this fiscal year, which places us on track to open a total of 22 new Racks this year. Our new stores are performing well as we've improved our planning with better data and insights, as well as a team fully dedicated to new store openings. New Rack stores continue to be a growth driver and excellent investment for us as we deliver well in excess of their cost of capital within a relatively short payback period.

自本財年年初以來，我們已經新開了 9 家 Rack 商店，這使我們今年有望新開 22 家 Rack 商店。我們的新店表現良好，因為我們透過更好的數據和見解以及完全致力於新店開業的團隊改進了我們的規劃。新的 Rack 商店仍然是我們的成長動力和出色的投資，因為我們在相對較短的投資回收期內交付的產品遠遠超出了他們的資本成本。

Before I turn it over to Pete, I want to recognize and thank our team across the organization for their dedication and hard work. I also want to make a few comments about the passing of our dad, Bruce Nordstrom. Many people have reached out to us to share their memories of our dad, likely including some of the folks on this call today. Much of what you've shared has been quite moving, especially stories from employees who spent time working and interacting with them throughout the years.

在將其交給皮特之前，我想對整個組織的團隊的奉獻精神和辛勤工作表示認可和感謝。我還想就我們父親布魯斯諾德斯特龍的去世發表一些評論。許多人與我們聯繫，分享他們對父親的回憶，可能包括今天參加電話會議的一些人。您分享的大部分內容都非常感人，尤其是多年來與他們一起工作和互動的員工的故事。

A few teams have jumped out to me from what folks have shared. The lasting impact of his genuine kindness, how quick he was to smile, his humility, and his servant leadership. Thank you to everyone who has taken the time to share a memory or impression from their time spent with him.

從人們分享的內容中，我突然想到了一些團隊。他的真誠善良、他微笑的速度、他的謙遜和他的僕人式領導力所產生的持久影響。感謝所有花時間分享與他共度時光的記憶或印象的人。

Our dad was a values-driven person his whole life, and his values played a big role in defining what our company is today. There's no doubt that he was a great retailer and leader. And I will tell you that he was an even better dad, and we'll miss him.

我們的父親一生都是一個價值觀驅動的人，他的價值觀在定義我們今天的公司方面發揮了重要作用。毫無疑問，他是一位偉大的零售商和領導者。我會告訴你，他是一個更好的父親，我們會想念他的。

And with that, I'll hand it off to Pete.

這樣，我就把它交給皮特了。

Thanks, Erik, and good afternoon, everyone. I'll focus my remarks on our category performance, discuss a few in-store events, and provide some commentary on our upcoming anniversary sale.

謝謝埃里克，大家下午好。我將重點討論我們的品類表現，討論一些店內活動，並對即將到來的周年紀念促銷提供一些評論。

Starting with category performance, in the first quarter, our team sustained momentum from Q4 with a year-over-year improvement in regular price sales. Our top-performing categories were active, kids' and women's apparel, and beauty. The active category, which includes apparel and shoes, led the growth with sustained strong momentum across both banners, led by recognizable brands. At the Nordstrom banner, the growth was led by Vuori, HOKA, and adidas.

從品類表現開始，第一季度，我們的團隊延續了第四季度的勢頭，正常價格銷售同比有所改善。我們表現最好的類別是運動服裝、童裝和女裝以及美容品。包括服裝和鞋類在內的活躍品類在知名品牌的帶領下，以持續強勁的勢頭引領了成長。 Nordstrom 旗下的成長由 Vuori、HOKA 和 adidas 引領。

Kids' apparel continued its year-over-year improvement as we increased the depth of merchandise selection while improving sell through. nordstromrack.com digital sales of kids' apparel grew notably in the first quarter. Sales of women's apparel grew in the mid-teens, representing its fourth quarter of sequential improvement.

由於我們增加了商品選擇的深度，同時提高了銷量，童裝繼續實現同比增長。 Nordstromrack.com 童裝數位銷售在第一季顯著成長。女裝銷售額成長了十幾歲，第四季較上季成長。

Our focus on the brands that matter most to our customers is driving momentum across both by banners. In the first quarter, our customers responded to more casual offerings, driving a strong regular price business, led by tops and dresses. At the Nordstrom banner, contemporary brands such as Veronica Beard, mother, and Vince were the top performers.

我們專注於對客戶最重要的品牌，這透過橫幅推動了雙方的發展勢頭。第一季度，我們的客戶對更休閒的產品做出了反應，推動了以上衣和連身裙為主的常規價格業務的強勁成長。在 Nordstrom 旗下，Veronica Beard、mother 和 Vince 等當代品牌表現最為出色。

We relaunched the Nordstrom private brand for women in the first quarter with a focus on modern, high-quality, and on-trend products. The Nordstrom brand is our most popular private brand, and customers have responded positively to the relaunch, driving improvement in sales, sell through, and margin in our women's apparel category.

我們在第一季重新推出了 Nordstrom 女性自有品牌，重點是現代、高品質和流行的產品。 Nordstrom 品牌是我們最受歡迎的自有品牌，客戶對重新推出做出了積極反應，推動了我們女裝類別的銷售額、銷售率和利潤率的改善。

At the Rack, our strategy and focus on the brands that matter most to our customers continued to deliver results, particularly in women's apparel. Our merchandise offering is differentiated and unique in the off-price space, as we aim to provide our customers access to great brands at great prices every day.

在 Rack，我們的策略和對對客戶最重要的品牌的關注繼續取得成果，特別是在女裝領域。我們的商品在折扣領域具有差異化和獨特性，因為我們的目標是讓客戶每天都能以優惠的價格接觸到優質品牌。

The strength of the beauty category continued in the first quarter across both banners, driven by new brand launches and engaging customer experiences. At the Nordstrom banner, we introduced 30-plus new brands in the first quarter, most notably Prada Beauty, Pat McGrath Labs, and Pattern Beauty. At the Rack, beauty sales were supported by prestige and new brands.

在新品牌推出和引人入勝的客戶體驗的推動下，美容類別在第一季度繼續保持強勁勢頭。在 Nordstrom 旗下，我們在第一季推出了 30 多個新品牌，其中最著名的是 Prada Beauty、Pat McGrath Labs 和 Pattern Beauty。在 Rack 上，美容品銷售得到了知名品牌和新品牌的支持。

Before I move on to what's planned for our anniversary sale, I'd like to provide a bit of perspective on some in-store events that are inspiring customers and driving sales. Our Make Room for Shoes campaign that began in February is delivering results in our Nordstrom banner. This campaign features exclusive merchandise from one of our customers' favorite brands each month. Featured brands in the first quarter included On Running, Sam Edelman, and Birkenstock. On the heels of the campaign launch, we delivered year-over-year and sequential improvements in shoes.

在開始討論我們的周年紀念促銷計劃之前，我想就一些激勵顧客和推動銷售的店內活動提供一些看法。我們從二月開始的「為鞋子騰出空間」活動在 Nordstrom 橫幅上取得了成果。該活動每月都會推出客戶最喜愛的品牌之一的獨家商品。第一季的特色品牌包括 On Running、Sam Edelman 和 Birkenstock。活動推出後，我們對鞋子進行了同比和連續的改進。

We also amplified in-store events around the beauty category in the first quarter, driving incremental trips and sales. From Happy Hour beauty parties to Fragrance Week to trend show programs that provide customers with an educational and entertaining experience around beauty products, our teams brought fresh ideas that resonated with our customers. These personalized events helped invigorate customers' excitement to shop in store and have a positive impact on sales.

我們還在第一季擴大了圍繞美容品類的店內活動，推動了增量旅行和銷售。從歡樂時光美容派對到香水週，再到為客戶提供有關美容產品的教育和娛樂體驗的趨勢秀節目，我們的團隊帶來了引起客戶共鳴的新鮮創意。這些個人化活動有助於激發顧客到店購物的熱情，並對銷售產生正面影響。

With the positive sales to inventory spread in the first quarter, our inventory position is healthy heading into our anniversary sale. Building upon the success of last year's event, we are increasing the depth of our offerings and grounding our assortment and highly coveted brands. We're excited about the expanded catalog this year that highlights our assortment. Every year, we work hard to include the best brands that people expect as well as new ones, too. This year's anniversary sale is shaping up to be a great event.

隨著第一季銷售與庫存的積極增長，我們的庫存狀況在周年銷售之前保持健康。在去年活動成功的基礎上，我們正​​在增加產品的深度，並鞏固我們的品種和備受追捧的品牌。我們對今年擴大的目錄感到興奮，它突出了我們的產品種類。每年，我們都會努力納入人們期望的最佳品牌以及新品牌。今年的周年紀念特賣將會是一場盛大的活動。

In closing, our merchandise performance was solid, and we ended the quarter with healthy inventory levels. We are focused on providing an exceptional anniversary sale this year, led by the brands that matter most to our customers.

最後，我們的商品表現穩健，本季結束時庫存水位良好。今年，我們致力於提供一場由對我們客戶最重要的品牌主導的非凡週年紀念促銷活動。

Before I turn it over to Cathy, I'd like to say a few words about the recent passing of our father as well. I want to start by saying how much we appreciate all the client feedback and the condolences we've received. The memories of our dad remind us of the impact he made as a business leader and reaffirm what we know to be true about him.

在我把它交給凱西之前，我還想就我們父親最近去世的事說幾句話。首先我想說我們非常感謝所有客戶的回饋和我們收到的哀悼。我們父親的記憶讓我們想起他作為商業領袖所產生的影響，並重申了我們所知道的關於他的真實情況。

Our dad was a person of action, someone who focus on walking the talk. When it came to the business, he was serious. He was driven by firmly held and consistently referenced values, and he saw the company's reputation as an extension of his own reputation. He taught us that successful retailing required humility.

我們的父親是個行動派，一個注重言行一致的人。說到生意，他是認真的。他受到堅定不移和始終如一的價值觀的驅動，他將公司的聲譽視為他自己聲譽的延伸。他告訴我們，成功的零售業需要謙遜。

While he was a merchant and a retail legend, he probably saw himself as a shoe dog at his core. He earned respect because he was respectful of others. He believed at others so that they would believe in themselves. He had high expectations for himself, and in turn, he had high expectations of others. We carry on both grateful too and inspired by our dad in the company he was so proud of.

雖然他是一名商人和零售界的傳奇人物，但他可能將自己視為本質上的「鞋狗」。他贏得尊重是因為他尊重別人。他相信別人，這樣他們才會相信自己。他對自己抱有很高的期望，反過來，他對別人也抱有很高的期望。我們也繼續對父親在他引以為傲的公司感到感激和鼓舞。

And with that, I'll turn it over to Cathy to discuss our financial performance.

接下來，我會將其交給凱西討論我們的財務表現。

Thanks, Pete, and thank you all for joining us today. I'll begin by covering our first-quarter results, then discuss our outlook and close with our capital allocation priorities.

謝謝皮特，也謝謝大家今天加入我們。我將首先介紹我們第一季的業績，然後討論我們的前景，最後討論我們的資本配置優先事項。

As Erik mentioned, our first-quarter net sales growth exceeded our expectations in both banners, reflecting strength in our business. Regular price sales were strong and showed an improvement from Q1 of last year. These factors provide us with confidence in our outlook and reaffirmed guidance today.

正如艾瑞克所提到的，我們第一季的淨銷售額成長超出了我們對這兩面旗幟的預期，反映了我們業務的實力。正常價格銷售強勁，較去年第一季有所改善。這些因素使我們對我們的前景充滿信心，並重申了今天的指導。

Our outside sales came with strong sell through supporting our gross margin. Relative to our expectations for Q1, volume-related expansion was more than overshadowed by pressure on our gross margin, roughly one-half being timing related and the other half from operational factors. Both drove profitability below our expectations.

我們的外部銷售透過支持我們的毛利率而實現了強勁的銷售。相對於我們對第一季的預期，與銷售量相關的擴張被毛利率的壓力所掩蓋，大約一半與時間相關，另一半與營運因素有關。兩者都導致盈利能力低於我們的預期。

The timing-related impacts were largely due to a higher-than-expected increase in our reserves as we grew our inventory throughout the first quarter off the seasonal low at the end of Q4, ahead of our anniversary sale. We expect this first-quarter headwind to moderate and partially reverse in future periods as inventory levels and corresponding reserve change. With this being our first-quarter operating and cost accounting, we are learning to better plan and forecast these elements.

與時間相關的影響主要是由於我們的儲備增長高於預期，因為我們在周年銷售之前，在第四季度末的季節性低點基礎上增加了整個第一季的庫存。我們預計，隨著庫存水準和相應準備金的變化，第一季的不利因素將在未來一段時間內減弱並部分逆轉。這是我們第一季的營運和成本核算，我們正在學習更好地規劃和預測這些要素。

The other timing-related impact is due to our better-than-expected growth in sales to our loyalty-related deferred revenue that will drive sales profit in future periods.

另一個與時間相關的影響是由於我們與忠誠度相關的遞延收入的銷售成長優於預期，這將推動未來時期的銷售利潤。

Operational factors also impacted our gross margin in the first quarter. The primary drivers were external theft in our transportation network and inventory cleanup in our supply chain. We have taken swift actions on these factors to mitigate risks going forward. The timing-related and operational factors that held back our profitability in the first quarter masked the underlying strength that we are driving in the business.

營運因素也影響了我們第一季的毛利率。主要驅動因素是我們的運輸網路中的外部盜竊和我們供應鏈中的庫存清理。我們已針對這些因素迅速採取行動，以降低未來的風險。阻礙我們第一季獲利能力的時間相關因素和營運因素掩蓋了我們在業務中推動的潛在優勢。

Moving on to other elements of our first-quarter performance, total company net sales increased 5% in the first quarter, which includes a 75-basis-point unfavorable impact from the wind down of Canadian operations in a year ago quarter. Comparable sales increased 4%. GMV increased 5% in the first quarter.

轉向我們第一季業績的其他要素，第一季公司總淨銷售額成長了 5%，其中包括去年同期加拿大業務縮減帶來的 75 個基點的不利影響。可比銷售額成長 4%。第一季GMV成長5%。

Nordstrom banner net sales increased 1%, inclusive of a 110-basis-point negative impact from the wind down of Canadian operations in a year ago quarter. Comparable sales increased 2%. And Nordstrom banner GMV was flat in the first quarter.

Nordstrom 旗下淨銷售額成長 1%，其中包括去年同期加拿大業務縮減造成的 110 個基點的負面影響。可比銷售額成長 2%。而 Nordstrom 旗下的 GMV 第一季持平。

Nordstrom Rack net sales increased 14%, with comparable sales increasing 8%. Digital sales in the first quarter were flat compared to the same period last year, with Q1 representing the fourth consecutive quarter of sequential improvement. Digital sales represented 34% of our total sales during the quarter.

Nordstrom Rack 淨銷售額成長 14%，可比銷售額成長 8%。第一季的數位銷售額與去年同期持平，第一季代表連續第四個季度環比成長。數位銷售額佔本季總銷售額的 34%。

Gross profit as a percentage of net sales of 31.6% decreased 225 basis points compared with the same period last year, as discussed previously. We are pleased with our continued inventory health and management.

如前所述，毛利佔淨銷售額的比例為31.6%，與去年同期相比下降了225個基點。我們對持續的庫存健康和管理感到滿意。

Ending inventory decreased 6% versus Q1 of last year, resulting in a positive sales to inventory spread.

期末庫存較去年第一季下降 6%，導致銷售與庫存利差呈正值。

SG&A expenses as a percentage of net sales improved 20 basis points in the first quarter, as leverage on higher sales and improvements in variable costs across the business were partially offset by higher labor costs.

第一季度，SG&A 費用佔淨銷售額的百分比提高了 20 個基點，因為銷售額的增加和整個業務可變成本的改善被勞動力成本的上升部分抵消了。

Loss before interest and taxes was $21 million in the first quarter. We ended the first quarter with $1.2 billion in available liquidity, including over $400 million in cash after retiring $250 million in notes in April. Our balance sheet and financial position remains solid.

第一季息稅前虧損為 2,100 萬美元。第一季結束時，我們的可用流動資金為 12 億美元，其中包括 4 月註銷 2.5 億美元票據後的超過 4 億美元現金。我們的資產負債表和財務狀況依然穩健。

Turning to our outlook for the year, the macroeconomic environment continues to be uncertain. Even with higher interest rates, inflationary pressures, and overall concern about the economy, the consumer continues to be resilient and selective. We are reaffirming our full-year guidance based upon the revenue strength that we delivered in Q1 and the gross margin-related timing issues that I discussed, as well as actions already taken to mitigate further risks from the operational factors.

談到今年的展望，宏觀經濟環境仍存在不確定性。即使利率上升、通膨壓力加大以及對經濟的整體擔憂，消費者仍保持彈性和選擇性。我們根據第一季的收入實力和我討論過的與毛利率相關的時間問題，以及為減輕營運因素帶來的進一步風險而已經採取的行動，重申了我們的全年指引。

Our guidance includes full-year revenue in the range of a decline of 2% to an increase of 1%, which includes a headwind of approximately 135 basis points from the 53rd week in 2023's results. We continue to expect revenue to follow a typical quarterly cadence.

我們的指引包括全年營收下降 2% 至成長 1% 的範圍，其中包括與 2023 年第 53 週業績相比約 135 個基點的逆風。我們繼續預期收入將遵循典型的季度節奏。

As a reminder, the timing shift of our anniversary sale, with one day falling into the third quarter this year versus eight days in 2023, is expected to have a positive impact of approximately 200 basis points in our second-quarter net sales this year. We also continue to expect total company comparable sales in a range of a decrease of 1% to an increase of 2% in 2024 versus 52 weeks in 2023. As our full year 2023 included a 53rd week, we calculate our 2024 comparable sales using a realigned 52 week to 2023 period for comparability.

提醒一下，我們的周年紀念促銷時間表從今年第三季度的一天推遲到 2023 年的八天，預計將對我們今年第二季度的淨銷售額產生約 200 個基點的積極影響。我們也繼續預計，與2023 年的52 週相比，2024 年公司總可比銷售額將下降1% 至成長2%。 ：為了可比較性，將 52 週調整為 2023 年期間。

Turning to profitability, we expect a full-year EBIT margin in the range of 3.5% to 4%. We continue to expect our effective tax rate to be approximately 27% for the full year. From an earnings per share perspective, we continue to expect full year results in the range of $1.65 to $2.05, excluding the impact of any share repurchases.

談到獲利能力，我們預計全年息稅前利潤率將在 3.5% 至 4% 之間。我們仍然預計全年有效稅率約為 27%。從每股盈餘的角度來看，我們繼續預期全年業績在 1.65 美元至 2.05 美元之間，不包括任何股票回購的影響。

Turning to our capital allocation, our priorities remain the same. The first is investing in the business to better serve our customers and support long-term growth. We continue to plan for capital expenditures of 3% to 4% of net sales. Our second priority is reducing our leverage. As I mentioned, we paid off the $250 million bond that matured in April with cash on hand. Our third priority is returning cash to shareholders. Last week, our Board of Directors declared a quarterly cash dividend of $0.19 per share.

談到我們的資本配置，我們的優先事項保持不變。首先是投資業務，以更好地服務客戶並支持長期成長。我們繼續計劃將資本支出佔淨銷售額的 3% 至 4%。我們的第二要務是減少槓桿。正如我所提到的，我們用手頭現金償還了 4 月到期的 2.5 億美元債券。我們的第三個優先事項是向股東返還現金。上週，我們的董事會宣布季度現金股利為每股 0.19 美元。

In closing, we are encouraged that our focus and priorities are resonating with customers and driving top line strength. We remain optimistic. The momentum in our top line provides us with confidence in our full year guidance. I continue to look forward to the progress that we'll make this year with the growth opportunities we have both at the Nordstrom banner and the Rack.

最後，我們感到鼓舞的是，我們的重點和優先事項是與客戶產生共鳴並推動營收實力。我們保持樂觀。我們收入的成長動能使我們對全年指導充滿信心。我繼續期待今年我們將透過 Nordstrom 旗幟和 Rack 所擁有的成長機會取得進展。

We thank you for your interest in Nordstrom. And with that, Jamie, we are ready for questions.

我們感謝您對 Nordstrom 的興趣。傑米，我們準備好回答問題了。

Thank you, Cathy. Before we get started with Q&A, we ask participants please limit themselves to one question and one follow-up. We'll now move to the Q&A session.

謝謝你，凱西。在開始問答之前，我們要求參與者將自己限制在一個問題和一個後續行動上。我們現在進入問答環節。

(Operator Instructions) Brooke Roach, Goldman Sachs.

（操作員指令）布魯克·羅奇，高盛。

Good afternoon and thank you for taking our question. Erik, can you speak to the sustainability of the stronger comp momentum you saw across both banners this quarter? How did the trend sequence by month throughout the quarter? And are you seeing comparable trends quarter to date?

下午好，感謝您提出我們的問題。艾瑞克（Erik），您能談談本季度您在兩個旗幟上看到的更強勁的競爭勢頭的可持續性嗎？整個季度按月的趨勢順序如何？迄今為止，您是否看到了類似的趨勢？

Sure. Sales were positive in each month during Q1 at the JWN level. There were some timing changes with Easter that caused some change throughout the quarter.

當然。第一季 JWN 等級的每個月銷售額均呈正值。復活節的一些時間變化導致整個季度發生了一些變化。

Quarter-to-date or positive trends continue. They are -- they have softened a bit. I would point out, but for our second quarter -- but the first three weeks of May aren't much an indication. Our second quarter is really driven by our performance during anniversary, which comes at the end.

本季至今的正面趨勢仍在持續。他們是——他們已經軟化了一點。我想指出的是，但對於我們的第二季來說，五月的前三週並沒有太大跡象。我們的第二季度實際上是由我們在周年紀念期間的表現所驅動的，週年紀念日是在最後。

That's really helpful. And then for Cathy, given the strong start to the year, can you provide some color on the drivers that led you to reaffirm the full-year sales and comp guide rather than passing this through to the full-year outlook? What factors in your cost and margin outlook are helping to offset some of that gross margin headwind from timing headwinds that you're seeing this year? Thank you.

這真的很有幫助。然後，對於凱西來說，考慮到今年的強勁開局，您能否提供一些驅動因素，使您重申全年銷售和比較指南，而不是將其傳遞到全年展望？您的成本和利潤前景中的哪些因素有助於抵消今年看到的時間逆風帶來的毛利率逆風？謝謝。

Thanks, Brooke. So first, I'm going to reiterate the strength of the top line gives us a lot of confidence first just to see the sequential improvement we've been seeing across those banners and then obviously, in the Q1, it gives us a lot of confidence that our strategy is resonating with our customer. So that's the first basis that we start that with.

謝謝，布魯克。因此，首先，我要重申頂線的實力給了我們很大的信心，首先只是看到我們在這些橫幅上看到的連續改善，然後顯然，在第一季度，它給了我們很多信心相信我們的策略能引起客戶的共鳴。這是我們開始的第一個基礎。

With regards to the rest of the flow-through, though, to profitability, you already noted some of the impact we saw or the headwind we saw in gross margin in the first quarter is timing related. A couple of factors, first, strength in our loyalty or Nordy Club sales is a good thing. It just will a little bit of a reserve this quarter, but we'll see that strength continue to come back. The strength we're seeing across our loyalty sales was great this quarter. So that's a positive kind of in disguise. It will impact us this quarter, but it will come back to the remainder of the year.

不過，就獲利能力而言，您已經注意到我們看到的一些影響或我們在第一季毛利率方面看到的阻力與時間相關。有幾個因素，首先，我們的忠誠度或 Nordy Club 銷售的實力是一件好事。本季它只會有一點儲備，但我們會看到這種力量繼續回歸。本季我們的忠誠度銷售表現強勁。所以這是一種變相的積極態度。這將在本季度影響我們，但會在今年剩餘時間再次出現。

And then the other impact was timing related is just as we're learning, it's our first quarter in cost accounting, our first year in cost accounting. And frankly, we had a planning this. We didn't appreciate the need for the inventory reserves as you sequentially move coming out of a low in Q4 into a build quarter into Q1. We'll learn. We'll take those learnings into the remainder of the forecast. But all of that basically, it will cycle through in an inventory turn. Think about that for timing.

然後另一個影響是與時間相關的，正如我們所知，這是我們成本會計的第一季度，也是我們成本會計的第一年。坦白說，我們對此有一個計劃。當您從第四季度的低點進入第一季的建設季度時，我們沒有意識到對庫存儲備的需求。我們會學習的。我們將把這些經驗教訓應用到預測的其餘部分。但基本上，所有這些都會在庫存週轉中循環。考慮一下時機。

So that gives us confidence around the timing factors. The non-timing factors, the operational ones we talked about for gross margin impacts. We've already taken swift action. So we did a quick deep dive on root cause corrective action, and we're committed to offsetting that given that Q1 is our smallest quarter, and we've got a lot of the year in front of us.

這讓我們對時間因素充滿信心。非時間因素，我們談到的對毛利率影響的營運因素。我們已經迅速採取行動。因此，我們對根本原因的糾正措施進行了快速深入的研究，考慮到第一季是我們最小的季度，而且今年還有很多時間，我們致力於抵消這一影響。

Great. Thanks so much. I'll pass it on.

偉大的。非常感謝。我會把它傳遞下去。

Simeon Siegel, BMO Capital Markets.

西蒙‧西格爾 (Simeon Siegel)，BMO 資本市場。

Thanks. Good afternoon, everyone. I first just want to extend my condolences as part of the long list of those directly and directly impacted by your debt, I mean what an amazing legacy and the impact you left as a retailer in a person. So I just wanted to extend that.

謝謝。大家下午好。首先，我想對那些直接受到你們債務影響的一長串人表示哀悼，我的意思是你們作為零售商留下了多麼驚人的遺產和影響。所以我只是想延長這一點。

Would you guys speak to the margins at Nordstrom versus Rack? How do you think about the opportunity there? Maybe how should we think about the current, but also the future P&L impacts of Rack growth versus Nordstrom? Thank you.

你們能談談 Nordstrom 與 Rack 的差距嗎？您如何看待那裡的機會？也許我們應該如何考慮 Rack 成長與 Nordstrom 相比對當前以及未來損益的影響？謝謝。

Yes. So Simeon, I'll start. First off, I should let Eric and Pet acknowledge the condolence.

是的。西蒙，我開始吧。首先，我應該讓艾瑞克和佩特表達哀悼。

Yes. I think, Simeon, I appreciate your condolences.

是的。西蒙，我想我很感激你的哀悼。

On the margin impact between Rack and Nordstrom banner, we don't typically talk to those there's not as big a difference as one might do just, but we use the exact same supply chain. We use the same technology. So there's so much that we leverage in our business.

關於 Rack 和 Nordstrom 旗幟之間的利潤影響，我們通常不會與那些沒有那麼大差異的公司交談，但我們使用完全相同的供應鏈。我們使用相同的技術。因此，我們在業務中可以利用的東西非常多。

We love the uniqueness of our strategy and offerings of two banners and poor channels to allow a customer to interact with us any way they want to. And so the way we think about that business, not necessarily individually.

我們喜歡我們的策略的獨特性，以及提供兩個橫幅和糟糕的管道，以允許客戶以任何他們想要的方式與我們互動。因此，我們思考該業務的方式，不一定是單獨的。

Great. Thanks a lot.

偉大的。多謝。

Oliver Chen, TD Cowen.

奧利佛·陳，TD·考恩。

Hi there. This is Katy on for Oliver Chen. Thank you so much for taking our questions. And of course, our deepest condolences to the Nordstrom family and team. Just first on inventory availability at the rack. You've made a lot of effort around the selection, the offering the top brands. How are you feeling about that selection now versus your target? Is there a lot more investment to be made around the brands in the section? And then I have one more follow-up. Thank you.

你好呀。我是凱蒂（Katy）為奧利佛·陳（Oliver Chen）代言。非常感謝您接受我們的提問。當然，我們向 Nordstrom 家族和團隊表示最深切的哀悼。首先是貨架上的庫存可用性。你們在選擇和提供頂級品牌方面做了很多努力。與你的目標相比，你現在對這個選擇感覺如何？圍繞該領域的品牌是否需要進行更多投資？然後我還有一個後續行動。謝謝。

Pete, take that. He's actually had a Rack store opening in (inaudible), California. So do you want to take that, Pete?

皮特，拿著那個。他實際上在加州（聽不清楚）開了一家 Rack 商店。那你想接受這個嗎，皮特？

Yes. We typically have not had much challenge getting the best brands to be represented in the Rack. There's product out there to be had and a lot of that stems from the relationship that we have with these brands in the full price channel and the access that provides us.

是的。我們通常沒有遇到太大的挑戰，讓最好的品牌出現在貨架上。有許多產品可供選擇，其中很大一部分源自於我們與這些品牌在全價通路中的關係以及為我們提供的管道。

I mean I think our biggest issue in the Rack is you can rationalize selling a little bit of almost anything. And for us to be successful there requires a degree of focus and the more that we've created focus there around our top brands and (inaudible), that has helped us. So that's really more of what it's about. I think it's the discipline about all the different ways that we can source goods for the Rack and make sure that we're being we're creating a level of priority for what's most important.

我的意思是，我認為我們在貨架上最大的問題是你可以合理地銷售幾乎任何東西。我們要取得成功，需要一定程度的關注，而我們對頂級品牌的關注越多（聽不清楚），這對我們有幫助。所以這確實是更多的內容。我認為這是關於我們為貨架採購商品的所有不同方式的紀律，並確保我們正在為最重要的事情創建一定的優先事項。

And you can really see it show up. I mean I thought this morning just being at this new store opening and talking to a lot of customers all set of versions of the same thing as what they like about the Rack as they love the brands that we have and the great prices. And it feels like just an amazing deal for them. And you can tell we have (inaudible) 700 customers in line for a new store opening, and it certainly reaffirms, I think, the path we've been on and gives us confidence for the future.

你真的可以看到它的出現。我的意思是，我想今天早上剛在這家新店開業時，與許多顧客談論了與他們喜歡的 Rack 相同的所有版本，因為他們喜歡我們擁有的品牌和優惠的價格。對他們來說，這感覺就像是一筆了不起的交易。你可以看出，我們有 700 名顧客（聽不清楚）正在排隊等候新店開業，我認為，這無疑重申了我們一直以來所走的道路，並讓我們對未來充滿信心。

Thank you so much. And just a real quick follow-up is on some of the events that you've been planning around. Is that incremental to the marketing budget? Are you sort of reprioritizing the market marketing budget? Just how is that flowing through? Thank you.

太感謝了。對您一直在計劃的一些活動進行真正的快速跟進。這會增加行銷預算嗎？您是否正在重新調整行銷預算的優先順序？它是如何流動的？謝謝。

Erik and I talked a bit about -- commenting about events. And a lot of it is just stuff that we do all the time. It's not necessarily things that are built in as a big marketing push. It's just the activities that we do that some might be rather small, but they're just consistent way of how we approach the business.

埃里克和我談論了一些關於事件的評論。其中很多只是我們一直在做的事情。這不一定是作為大規模行銷推動而內建的東西。這只是我們所做的活動，有些可能相當小，但它們只是我們處理業務的一致方式。

And that's encouraging and empowering people at the store level, in particular, to create reasons for customers to come in to do something new, a lot of that revolves around our styling efforts and the one-to-one relationship and connection we have with customers. That engagement really helps us a lot.

這鼓勵並賦予商店層面的人員權力，特別是為顧客進來做一些新的事情創造理由，其中許多都圍繞著我們的造型工作以及我們與顧客之間的一對一關係和聯繫。這種參與確實對我們有很大幫助。

So yes, I wouldn't look at it as much as some kind of over top-down action around marketing spend. It's really more about the initiative and the empowerment of our people closest to the customer.

所以，是的，我不會將其視為圍繞行銷支出的某種自上而下的行動。這實際上更多的是我們最接近客戶的員工的主動性和授權。

Thank you so much.

太感謝了。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Hey, good evening. It's Warren Cheng on for Michael. Thanks for taking our question, and condolences to you, Pete and Erik and to the whole Nordstrom family. I wanted to ask a question on the contribution of the new stores at Rack. You almost got 6 points of sales from new stores in the quarter. I think that's a pretty big step up from what you've been seeing. So maybe just comments on the reason for the step up there? And looking forward, is that 1Q level? Is that a fair way to think about the contribution going forward?

嘿，晚上好。由沃倫·鄭（Warren Cheng）代替邁克爾。感謝您提出我們的問題，並向您、Pete 和 Erik 以及整個 Nordstrom 家族表示哀悼。我想問一個關於 Rack 新店的貢獻的問題。本季您幾乎從新店獲得了 6 個銷售點。我認為這與您所看到的相比是一個很大的進步。那麼也許只是評論一下升級的原因？展望未來，這是 1Q 水準嗎？這是考慮未來貢獻的公平方式嗎？

So thanks, Warren. The new stores for the Rack continue, and you'll peak share today that he's out on open and the strength of the customers' excitement for it. the new stores continue to perform according to or better than our plans. And so I'll start there. They continue to be a great return on investment for us and bring us to a great source of customer acquisition and giving us roughly 20,000 new customers to every new store.

謝謝，沃倫。 Rack 的新店仍在繼續，今天您將與大家分享他的開業以及顧客對它的興奮程度。新店的表現持續符合或好於我們的計劃。我將從這裡開始。它們對我們來說仍然是巨大的投資回報，為我們帶來了巨大的客戶獲取來源，並為我們的每家新店帶來了約 20,000 名新客戶。

So I'll start there that we -- our enthusiasm for the Rack banner continues. So you'll see that. With regards to the strength you're seeing this quarter, remember coming off of Q4, we saw some strength as well. So we've been building momentum for gosh, five quarters or so now in Rack. And this quarter was yet another quarter.

所以我將從這裡開始，我們對 Rack 旗幟的熱情仍在繼續。所以你會看到這一點。關於您在本季看到的實力，請記住第四季度結束後，我們也看到了一些實力。所以，天哪，我們已經在 Rack 上建立了大約五個季度的勢頭。這個季度又是一個季度。

What you're seeing right now, though, are the benefits of the Rack stores we opened at the end of last year and the Rack stores we're opening in the first part of this year, they're still not in comp stores because they haven't cycled 12 months. We moved the comp when they're in their 13th month. So you're getting a little bit of that, the back end of the 22 -- or the 19 stores we opened last year in the front end of the 22 this year.

不過，你現在看到的是我們去年年底開設的 Rack 商店和今年上半年開設的 Rack 商店的好處，它們仍然不在競爭商店中，因為他們還沒有騎自行車12個月。當他們在第 13 個月時，我們改變了他們的陣容。所以你會看到一點點，22 家的後端——或者我們去年在今年 22 家的前端開設的 19 家商店。

Got it. That's really helpful. And then for my follow-up, I just want to make sure I understood the gross margin headwinds in the first quarter. So when you say the first -- when you say half from timing, half from operational issues, do you mean half of the year-over-year compression? And in other words, ex these issues, the underlying performance is flattish.

知道了。這真的很有幫助。然後，對於我的後續行動，我只想確保我了解第一季的毛利率不利因素。因此，當你說第一個問題時——當你說一半來自時間安排、一半來自營運問題時，你的意思是一半的同比壓縮嗎？換句話說，除去這些問題，基本表現平平。

So we saw about 200 basis points of gross margin pressure versus what we had expected there was 225 basis points versus last year. So we had expected a little bit, which we had talked about previously with the timing of moving to cost accounting. So there are about 200 basis points, think about it that way versus last year, and about half of that was due to timing and half of that was due to operational factors.

因此，我們看到毛利率壓力約為 200 個基點，而我們預期的毛利率壓力為 225 個基點。所以我們有一點預期，我們之前已經討論過轉向成本會計的時機。因此，與去年相比，大約有 200 個基點，其中大約一半是由於時機，一半是由於營運因素。

Carla Casella, JPMorgan.

卡拉‧卡塞拉，摩根大通。

Hi. I was wondering if you could just give us a little more color on the credit card expectations for the year and if you've changed your view, how much -- do you expect the delay in the ruling? Does that change your view in your credit card income for the year? And how much of it's built into your forecast?

你好。我想知道您是否可以給我們更多關於今年信用卡預期的信息，如果您改變了您的觀點，那麼您預計裁決會延遲多少？這會改變您對今年信用卡收入的看法嗎？您的預測包含了多少內容？

Thanks, Carla. So first off, as you know, which we've shared before, the credit quality of our credit cardholder tends to be a little higher than maybe other department stores or other retailers. So that helps us with lesser impact on potential late fee changes, so I'll start there. You are, I'm sure, aware too, that the CFPB regulation still on hold. We continue to watch it, monitor it like everyone else.

謝謝，卡拉。首先，如您所知，我們之前已經分享過，我們信用卡持卡人的信用品質往往比其他百貨公司或其他零售商稍高。這有助於我們減少對潛在滯納金變化的影響，所以我將從這裡開始。我相信您也知道 CFPB 監管仍處於擱置狀態。我們像其他人一樣繼續觀察、監控它。

But that was contemplated in our guidance. So we'll see how it unfolds. Right now, it's -- we're on probably a month's delay so far, but we'll see how it continues to move forward. In aggregate, our credit revenue will be about 3% plus or minus for the year, which is what we have shared. It will be a little bit lower than previous than 2023.

但這是我們的指導中考慮到的。所以我們將看看它如何展開。目前，到目前為止，我們可能會延遲一個月，但我們將看看它如何繼續向前發展。總的來說，我們今年的信貸收入將在正負3%左右，這是我們分享的。 2023 年會比之前稍微低一些。

Okay. Great. And then I had one question follow-up on the gross margin on the factors. How big was the inventory reserve portion of it related to the cost accounting like could you give us a basis point or a dollar amount. And then does that roll through as that merchandise sales, meaning will it be done in 2Q, 3Q, 4Q? Like how should we think about that roll through?

好的。偉大的。然後我有一個關於毛利率的後續問題。與成本核算相關的庫存儲備部分有多大，例如您能給我們一個基點或美元金額嗎？然後，這是否會隨著商品銷售而滾動，這意味著它會在第二季、第三季、第四季完成嗎？例如我們應該如何考慮滾動？

So I would say, first off, to try to dimensionalize it, roughly 200 basis points of gross margin pressure we saw in the quarter versus our expectations, about half of that was due to timing. That's really split between that loyalty sales and that inventory reserve.

因此，我想說，首先，嘗試將其維度化，我們在本季度看到的毛利率壓力與我們的預期相比大約為 200 個基點，其中大約一半是由於時間安排造成的。這實際上是在忠誠度銷售和庫存儲備之間分配的。

The way to think about both of those, though, is those come back through the next couple of quarters. The inventory reserves would be -- you would typically get that through a turn of inventory. But you'll be always setting up additional new ones and then relieving -- then that's how cost accounting will work for us.

不過，考慮這兩個問題的方法是在接下來的幾個季度中回歸。庫存儲備通常是透過庫存週轉獲得的。但你總是會設定額外的新的，然後進行緩解——這就是成本會計對我們的作用。

But that one in particular comes back and then within an inventory turn. The loyalty deferred revenue that we saw in the quarter will take a couple of quarters usually.

但那個特別是在庫存週轉內又回來了。我們在本季看到的忠誠度遞延收入通常需要幾個季度。

Okay. Great. And then any comments on just underlying merchandise margins and how that trended?

好的。偉大的。然後對基本商品利潤及其趨勢有何評論？

We saw really good strength and it really goes to what Pete and Erik have already shared that we saw a year-over-year regular price sales that were increased. And so we're seeing some really good strength in the fundamentals, which is why we're so, I think, optimistic is the strength in sales across both banners and then the strength in rate price or regular price sales and good sell-throughs give us the optimism and confidence that you're hearing.

我們看到了非常好的實力，這確實符合皮特和艾瑞克已經分享的內容，我們看到正常價格銷售額比去年同期成長。因此，我們看到了基本面的一些非常好的實力，這就是為什麼我們如此樂觀，我認為是兩個旗幟的銷售實力，然後是價格或常規價格銷售的實力以及良好的銷售量給我們您所聽到的樂觀和信心。

Great. Thank you.

偉大的。謝謝。

Tracy Kogan, five.

崔西‧科根，五歲。

Thank you, everyone. I was hoping you could comment on your view of the current promotional environment and what you're expecting for the remainder of the year. And then my follow-up is just on what you're seeing in the design or category and some of the other category that have been weaker in recent quarters and if you've seen any improvement. Thanks.

謝謝大家。我希望您能評論一下您對當前促銷環境的看法以及您對今年剩餘時間的期望。然後我的後續行動只是關於您在設計或類別以及最近幾個季度表現較弱的其他一些類別中看到的情況以及您是否看到任何改進。謝謝。

Tracy, I'll take the first part, and Pete can take the designer part. It's a shortage the promotional environment seems pretty normal to us and we don't anticipate it changing much.

特雷西，我將承擔第一部分，皮特可以承擔設計師部分。這是一個短缺，促銷環境對我們來說似乎很正常，我們預計它不會有太大變化。

Pete, do you want to take a designer question?

皮特，你想回答設計師問題嗎？

I want to make sure I got the last part of the designer part of the question there. What was the last part of that?

我想確保我得到了問題的設計師部分的最後一部分。最後一部分是什麼？

I was just asking about the designer and some of the other categories that have been weaker in recent quarters and if you've seen any improvements in either design or other categories that have been weak?

我只是問設計師和最近幾個季度表現較弱的其他一些類別，您是否看到設計或其他較弱的類別有任何改進？

I think the designer part of that is pretty well documented out there of what's happening from the designer brands and the competitors and what have you. And it's certainly been more challenged on the top line. What's good for us, though, is that we've got our inventory levels in the right position to be commensurate with that demand. And so you're going to see a lot healthier margins from us as we go forward.

我認為其中的設計師部分已經得到了很好的記錄，包括設計師品牌和競爭對手所發生的事情以及你所擁有的。當然，它在營收方面面臨更大的挑戰。不過，對我們來說有好處的是，我們的庫存水準處於與需求相稱的正確位置。因此，隨著我們的前進，您將看到我們的利潤率更加健康。

Now there has been a sales off there. But to put that in context, I mean, we're still up over about 20% from where we were in 2019 in sales. So it's really more of a normalization, I would say, in terms of what's happened in designer categories. We went through a very robust couple of years there that were unusual. Great in a lot of ways, but it's normalized a bit.

現在那裡已經有銷售了。但綜合考慮，我的意思是，與 2019 年相比，我們的銷售額仍成長了約 20%。所以我想說，就設計師類別中發生的事情而言，這實際上更像是一種常態化。我們在那裡度過了非常強勁、不尋常的幾年。在很多方面都很棒，但它有點標準化了。

And we're where we want to be, I think, with our inventory levels and prepared to chase into it as improves again, these things are somewhat cyclical, but it's still a very big and important part of our business. And as I mentioned, it will be a healthier part of our business this year than what you've seen in the last couple of years in terms of the flow-through.

我認為，我們已經達到了我們想要的水平，並準備好再次改善庫存水平，這些事情在某種程度上是週期性的，但它仍然是我們業務的一個非常大和重要的部分。正如我所提到的，就流量而言，與過去幾年相比，今年我們的業務將更加健康。

Great, thank you. And are there any other categories that have been weaker that a (inaudible) call out?

太好了謝謝。是否還有其他類別較弱（聽不清楚）？

No, not really. I mean that's the one that stands out. I mean there's a relative difference between the very best and the others, and you heard us talk about it. But I think probably the biggest thing for us is getting some growth in women's apparel and having some consistency around that is a big lever for us.

不，不是真的。我的意思是那是最突出的。我的意思是，最好的人和其他人之間存在相對差異，你聽到我們談論過這一點。但我認為對我們來說最重要的事情可能是在女裝方面取得一些成長，並且在這方面保持一定的一致性對我們來說是一個很大的槓桿。

And it should be a good signal to you when we talk about women's apparel as being one of our best growth categories. So that's something we've worked pretty hard at create a lot of focus around best brands and what have you. We're in a healthy place there, and we think there's still a lot of headroom.

當我們談論女裝是我們成長最快的類別之一時，這對您來說應該是一個很好的訊號。因此，我們非常努力地專注於最好的品牌和您擁有的東西。我們處於一個健康的位置，我們認為還有很大的發展空間。

Great. Thanks very much.

偉大的。非常感謝。

Bob Drbul, Guggenheim Securities.

鮑勃‧德布爾，古根漢證券公司。

Hi. Good afternoon. This is (inaudible) for Bob. We stand our condolences to the Nordstrom team as well. Nice seeing sequential improvement in digital trends. Could you please spend a couple of minutes on the marketplace? I know months, but can you share early read to the customer acceptance what's the Rack going forward on this initiative? And how significant will the contribution be to digital sales overall? Thank you.

你好。午安.這是鮑伯的（聽不清楚）。我們也向 Nordstrom 團隊表示哀悼。很高興看到數字趨勢的連續改善。您能在市場上花幾分鐘嗎？我知道幾個月了，但是您能否與客戶分享早期閱讀內容，以了解 Rack 在該計劃方面的進展？對整體數位銷售的貢獻有多大？謝謝。

Sure. We launched Marketplace late April, and that's of to a good start. It's a successful launch. We're getting good feedback from customers and from brands. It's a relatively small launch at this point. And we're going to learn and grow it and really position for growth for next year. We don't see it as having a big material effect on 24 results. We see scaling it in '25.

當然。我們四月底推出了 Marketplace，這是一個好的開始。這是一次成功的發射。我們從客戶和品牌那裡得到了良好的回饋。目前這是一個相對較小的發布。我們將學習和發展它，並真正為明年的成長做好準備。我們認為它不會對 24 個結果產生重大的實質影響。我們預計將在 25 年擴大規模。

I would just add, the bigger story to marketplace is really a key part of two objectives we have. One is to bring more customer choice to our digital shoppers. When we do that over the years that we've had our e-commerce business we've seen a positive impact from that.

我想補充一點，市場的更大故事實際上是我們兩個目標的關鍵部分。一是為我們的數位購物者帶來更多客戶選擇。多年來，當我們在電子商務業務中這樣做時，我們已經看到了積極的影響。

But the second piece is as important, which is the discovery piece, so customers not only have more choice but be able to discover brands and items that really resonate with them. So we've made investments in the customer choice part with Marketplace. We've also made a lot of investments in the discovery piece and the navigation piece. We made improvements in search and browse that we're seeing good response to.

但第二部分同樣重要，即發現部分，因此顧客不僅有更多選擇，而且能夠發現真正與他們產生共鳴的品牌和商品。因此，我們透過 Marketplace 在客戶選擇部分進行了投資。我們也發現部分和導航部分進行了大量投資。我們對搜尋和瀏覽進行了改進，並得到了良好的反響。

So we're -- we've missed a lot in both those areas. Again, for material impact, I wouldn't say you're going to see it in '24, but we are optimistic for its impact to '25.

所以我們在這兩個領域都錯過了很多。再說一次，對於實質影響，我不會說你會在 24 年看到它，但我們對其對 25 年的影響持樂觀態度。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Chuck Grom, Gordon Haskett.

查克·格羅姆，戈登·哈斯克特。

Hey, guys. This is Ryan Bulger on for Chuck here. I just wanted to ask on the long-term margin equation for the company. Is there anything structural that would prevent Nordson getting back to double-digit EBIT margins. And if you were to kind of ramp this as you get there towards like a high single-digit margin, what would the biggest factors for that be?

大家好。我是瑞安·巴爾傑 (Ryan Bulger) 為查克 (Chuck) 發言。我只是想問一下公司的長期利潤率方程式。是否有任何結構性因素會阻止諾信恢復兩位數的息稅前利潤率？如果你要在達到高個位數利潤率時加大這個力度，那麼最大的因素是什麼？

Thanks, Ryan. So before we get to double-digit margin, I would say we have to pass our way through probably our next way plant, which is we're kind of focused in 2019, we were at 6% EBIT margin. That seems like a reasonable next target, which is what we've been working on. And so structurally, I would say the businesses are very, very different today than they were 10 years ago or something. And that's the work we have to do as most omnichannel retailers have.

謝謝，瑞安。因此，在我們達到兩位數的利潤率之前，我想說我們必須通過我們的下一個工廠，這就是我們在 2019 年的重點，我們的息稅前利潤率為 6%。這似乎是一個合理的下一個目標，也是我們一直在努力的目標。因此，從結構上來說，我想說今天的業務與 10 年前或其他時候有非常非常不同。這就是我們必須做的工作，就像大多數全通路零售商所做的那樣。

So we've invested significantly like we should and have in supply chain capabilities and technology to continue to serve our customers. And those are where we need to continue to see some improvements or productivity, which we are.

因此，我們在供應鏈能力和技術方面進行了應有的大量投資，以繼續為我們的客戶提供服務。這些都是我們需要繼續看到一些改進或生產力的地方，而我們確實如此。

So before I say are we going towards double digit, I don't know that answer. We're kind of focused on driving EBIT margin growth over the next couple of years. and kind of focused on where we were in 2019 to 6%, and then we'll go north of that.

因此，在我說我們是否會走向兩位數之前，我不知道答案。我們的重點是在未來幾年推動息稅前利潤率的成長。我們的重點是 2019 年的 6%，然後我們會繼續前進。

Thanks very much.

非常感謝。

Blake Anderson, Jefferies.

布萊克·安德森，傑弗瑞斯。

Thanks for taking our question. So I wanted to start off with Rack. That's really accelerated. Can you talk broadly about just how much that customer is seeking value versus the newness? And then are you seeing any kind of change or growth in this last couple of quarters, how much growth you might be seeing from new customers?

感謝您提出我們的問題。所以我想從 Rack 開始。這確實是加速了。您能否廣泛地談談客戶在多大程度上尋求價值與新鮮感？然後，在過去的幾個季度中，您是否看到任何形式的變化或成長？

It's really hard to separate out value versus newness. It's really essential for us that both. And as you've heard us talk a lot about, in particular, it's the really coveted brands, brands that customers associate with our Nordstrom brand. And as we've leaned into those brands more has been more purposeful in allocating more open to buy to those brands as well as the treatment or in our stores, our stores showcase these brands more and we really do lead with brand first on there.

很難區分價值和新穎性。這對我們來說都非常重要。正如您所聽到的，我們特別談論了那些真正令人垂涎的品牌，即客戶將其與我們的 Nordstrom 品牌聯繫在一起的品牌。隨著我們越來越傾向於這些品牌，我們更有目的性地為這些品牌以及治療或在我們的商店中分配更多的開放購買權，我們的商店更多地展示這些品牌，我們確實在那裡以品牌為先。

Now the price is super important. But having that mix of brands that does separate us. Our mix is unique in off-price space having the depth of these coveted brands is a point of difference and having it in off-price environment is really our secret sauce, and that's where we've been focused on. And as we've executed on that, we continue to see better business. And we think there's still some runway there to improve our mix there and to improve the shopping experience to where these brands really jump out to customers.

現在價格非常重要。但品牌的混合確實讓我們與眾不同。我們的組合在折扣空間中是獨一無二的，這些令人垂涎的品牌的深度是一個差異點，在折扣環境中擁有它確實是我們的秘密武器，這就是我們一直關注的地方。當我們執行這一點時，我們繼續看到更好的業務。我們認為仍有一些空間可以改善我們的組合併改善購物體驗，讓這些品牌真正吸引顧客。

And then maybe I'll finish Blake on the new customer acquisition. Yes, we're seeing what we would expect and more with each of the new store openings.

然後也許我會完成布萊克關於新客戶獲取的問題。是的，每家新店的開業，我們都看到了我們所期望的以及更多的東西。

Got it. And then just lastly, can you quantify at all how much full price sales you have and how that's changed over the last few quarters? And maybe if you could point to one or two things, what would you attribute that to and how much room left you have to go there for a more full price sales?

知道了。最後，您能否量化一下您的全價銷售量以及過去幾季的變化？也許如果您能指出一兩件事，您會將其歸因於什麼以及您還需要去那裡進行更全價銷售還有多少空間？

Without getting into much detail about that, I think what you can see when you look at the health of the margin, you have to draw a straight line to full price sales. I mean I think we're at our best when we're selling things at first price. Obviously, the clearance is part of the business, but particularly in the Nordson banner. That is not typically where we tend to shine as much as where we have a bunch of distressed clearance merchandise.

在不詳細討論這一點的情況下，我認為當您查看利潤的健康狀況時，您可以看到，您必須與全價銷售畫一條直線。我的意思是，我認為當我們以第一價格出售商品時，我們處於最佳狀態。顯然，清關是業務的一部分，尤其是在諾信旗下。這通常不是我們往往會像擁有一堆廉價清倉商品那樣大放異彩的地方。

The flow of new merchandise and the sell-through of that is what really drives the margin, and it's how we look at it. When we look at the different levers of margin, we tend to focus a lot more on that than for example, the market or something. Let's get the first price right, let's sell it through at a regular price. And that's philosophically how we approach it.

新商品的流通及其銷售量才是真正推動利潤的因素，這也是我們看待它的方式。當我們研究不同的保證金槓桿時，我們傾向於更專注於這一點，而不是市場或其他什麼。讓我們先確定好第一個價格，然後以正常價格出售。這就是我們在哲學上的處理方式。

And it works that way in the Rack too. And I would put a finer point on one of the things that Erik said about brands versus value in the Rack. The reason we get recognized for great value is because we have great brands. The brands create an obvious benchmark because people know what the value is of a brand they recognize. Out of something they've never heard of. So you can tell that, that's really a terrific value.

在機架中也是如此。我想對艾瑞克所說的有關品牌與貨架價值的一件事進行更詳細的闡述。我們之所以獲得巨大價值的認可，是因為我們擁有偉大的品牌。這些品牌創造了一個明顯的基準，因為人們知道他們認可的品牌的價值是什麼。來自他們從未聽說過的東西。所以你可以說，這確實是一個了不起的價值。

And again, just being there today and seeing in person at that opening was just I mean it was really uplifting for all of us that were there, not that we don't know this, but it's reaffirming because it's -- you can see it really play out, and it's why people show up before the stores even hope, we had a woman there was at 5:00 AM with a mother waiting to get inside and she talked about the brands. So yes, it's hard to separate what those are, but I think they are, to Erik's point, they're really linked the price in the brands.

再說一次，今天來到現場並親眼目睹了開幕式，我的意思是，這對我們在場的所有人來說確實令人振奮，並不是說我們不知道這一點，而是它再次證實了這一點，因為它是——你可以看到它真正發揮作用，這就是為什麼人們甚至希望在商店之前就出現的原因，早上5:00 我們有一位女士和一位母親在等著進去，她談論了這些品牌。所以，是的，很難區分它們是什麼，但我認為，就艾瑞克的觀點而言，它們確實與品牌的價格相關。

Great to hear about all the progress. Thanks again, and best of luck for the rest of the year.

很高興聽到所有進展。再次感謝，祝您今年餘下時間一切順利。

We want to thank you for joining today's call. A replay, along with the slide presentation and prepared remarks, will be available for one 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。我們的網站將提供為期一年的重播以及幻燈片演示和準備好的評論。感謝您對諾德斯特龍的興趣。

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。