諾德斯特龍百貨 (JWN) 2024 Q2 法說會逐字稿

Welcome to the Nordstrom second-quarter 2024 earnings conference call. (Operator Instructions)

歡迎參加 Nordstrom 2024 年第二季財報電話會議。 （操作員說明）

As a reminder, this conference is being recorded. At this time, I'll turn the call over to Jamie Duies, Head of Investor Relations for Nordstrom. Jamie?

提醒一下，本次會議正在錄製中。此時，我會將電話轉給 Nordstrom 投資人關係主管 Jamie Duies。傑米？

Good afternoon and thank you for joining us today. 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，感謝您今天加入我們。在開始之前，我想提一下，我們將參考投影片，您可以在nordstrom.com 的投資者關係部分查看投影片。我們的討論可能包括前瞻性陳述，因此請參閱包含我們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 second-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二季的業績。

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 Q2 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 年第二季收益新聞稿中找到，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 evaluate any proposal that might be presented by Erik and Pete Nordstrom to take the company private.

在我們開始之前，我要感謝公司於 4 月 18 日宣布的董事會將探索提高股東價值的潛在途徑，並成立一個特別委員會來評估 Erik 和 Pete Nordstrom 可能提出的接管公司的任何提案私人的。

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.

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. Thank you for joining us today. I'll begin with our second-quarter performance. We delivered solid results in the second quarter with net sales of $3.8 billion and earnings per share of $0.96. We grew net sales as well as comparable sales and expanded margins.

謝謝傑米，大家下午好。感謝您今天加入我們。我將從第二季的業績開始。我們在第二季度取得了穩健的業績，淨銷售額為 38 億美元，每股收益為 0.96 美元。我們實現了淨銷售額和可比較銷售額的成長，並擴大了利潤率。

At both Nordstrom and the Rack, customers responded positively to newness and their favorite brands. The momentum in our digital business continued with net sales growth of 6%. Our teams executed well throughout the quarter and delivered a successful anniversary sale. We are pleased that our efforts are resonating with customers.

在 Nordstrom 和 the Rack，顧客對新事物和他們喜愛的品牌反應積極。我們的數位業務持續保持強勁勢頭，淨銷售額成長 6%。我們的團隊在整個季度表現良好，並成功舉辦了周年紀念銷售活動。我們很高興我們的努力得到了客戶的共鳴。

During the second quarter, we made progress on our three key priorities of driving Nordstrom banner growth, optimizing our operations, and building upon the momentum at the Rack. Driving Nordstrom banner growth is a key area of focus. For us, it all begins with helping our customers feel good and look their best.

第二季度，我們在推動 Nordstrom 品牌成長、優化營運以及鞏固 Rack 勢頭這三個關鍵優先事項上取得了進展。推動諾德斯特龍 (Nordstrom) 旗幟的成長是一個關鍵的關注領域。對我們來說，一切都始於幫助我們的客戶感覺良好並展現出最好的狀態。

We do this by offering a compelling selection of great merchandise supported by our commitment to service and experience. In our Nordstrom stores, we continued our efforts to provide a more consistent offering of the brands that matter most to our customers across our entire fleet.

為此，我們提供一系列引人注目的優質商品，並以我們對服務和體驗的承諾為支持。在我們的 Nordstrom 商店中，我們繼續努力為我們整個車隊的客戶提供更一致的品牌產品。

This includes ensuring that we have the newness, relevance, and depth of merchandise that our customers value, including our Nordstrom private brands, which were relaunched earlier this year. As we have shared previously, growing the digital customer journey is a key part of our strategy to drive Nordstrom banner growth.

這包括確保我們擁有客戶所重視的商品的新穎性、相關性和深度，包括我們今年稍早重新推出的 Nordstrom 自有品牌。正如我們之前所分享的，發展數位客戶旅程是我們推動 Nordstrom 橫幅成長策略的關鍵部分。

In the second quarter, solid sales growth at nordstrom.com was driven by an increase in our assortment across a balance of price points, improvements to search and discovery, as well as high in-stock rates of our fastest-turning items.

第二季度，nordstrom.com 的銷售額實現穩健成長，這得益於我們的價格點平衡品種的增加、搜尋和發現的改進以及我們週轉最快的商品的高庫存率。

In April, we successfully launched our marketplace and have since added over 15,000 items to our digital offering in nearly 100 new brands. While we're pleased with the initial response from our customers, Marketplace is not yet a material driver, and we will continue to scale it in the months ahead.

4 月份，我們成功推出了我們的市場，此後已在我們的數位產品中添加了近 100 個新品牌的 15,000 多種商品。雖然我們對客戶的初步反應感到滿意，但 Marketplace 還不是物質驅動因素，我們將在未來幾個月繼續擴大規模。

Operational optimization is another key priority for 2024, which is intended to further build upon the success we've had in optimizing our supply chain operations to serve customers with increased speed and reliability while lowering costs.

營運優化是 2024 年的另一個關鍵優先事項，旨在進一步鞏固我們在優化供應鏈營運方面的成功，以提高速度和可靠性為客戶提供服務，同時降低成本。

Our business is driven by newness. Consistent inventory flow ensures we have the right product at the right time for our customers. Our teams have made a lot of progress in this area, which helped drive the success at both banners in the second quarter.

我們的業務由創新驅動。一致的庫存流程確保我們在正確的時間為客戶提供正確的產品。我們的團隊在這方面取得了很大進展，這有助於推動第二季兩面旗幟的成功。

At the Nordstrom banner, consistent flows drove regular price sales, including during the anniversary sale. We also processed inbound merchandise and returns faster, enabling freshness in all channels. And even with the volume of the anniversary sale, the Rack had a steady flow of fresh merchandise throughout the quarter, which contributed to its high single-digit sales growth.

在諾德斯特龍 (Nordstrom) 旗下，持續的客流推動了正常價格銷售，包括週年紀念銷售期間。我們也更快地處理入庫商品和退貨，確保所有通路的新鮮度。儘管週年紀念促銷的數量很大，但整個季度，Rack 仍然有穩定的新鮮商品供應，這促成了其高個位數的銷售額成長。

We have also made progress on implementing RFID technology across our locations. RFID enables faster, real-time inventory data helping us to improve the accuracy of our inventory. Not only does this technology provide us with new insights to improve product flow and reduce shrink, inventory accuracy enhances the customer experience, allowing us to fulfill the items our customers are looking for.

我們在各地點實施 RFID 技術方面也取得了進展。 RFID 可提供更快、即時的庫存數據，幫助我們提高庫存的準確性。這項技術不僅為我們提供了改善產品流程和減少損耗的新見解，庫存準確性還增強了客戶體驗，使我們能夠滿足客戶正在尋找的商品。

During the second quarter, we made the strategic decision to cease build-out and planning of a leased omnichannel center intended for future use in the Pacific Northwest. Logistics networks have recovered from the supply chain challenges that began during the pandemic, and we've improved our supply chain operations over the last few years.

在第二季度，我們做出了策略決定，停止擴大和規劃未來在太平洋西北地區使用的租賃全通路中心。物流網路已經從疫情期間開始的供應鏈挑戰中恢復過來，我們在過去幾年中改善了我們的供應鏈營運。

We found that we can serve West Coast customers more efficiently from our existing supply chain network while avoiding additional cost to build out the facility. Therefore, we have taken an asset impairment charge that is reflected in our results.

我們發現，我們可以透過現有的供應鏈網路更有效地為西海岸客戶提供服務，同時避免建造設施的額外成本。因此，我們提列了資產減損費用，並反映在我們的業績上。

Turning now to our priority to build on our momentum at the Rack. During the second quarter, we opened five new Rack stores, bringing our year-to-date total to 11. We're planning to open 12 more new Rack stores this year ahead of the holiday season.

現在我們的首要任務是鞏固我們在機架上的勢頭。第二季度，我們新開了 5 家 Rack 商店，使年初至今的 Rack 商店總數達到 11 家。

Financial results continue to be strong at the Rack banner. Rack stores that were opened last year are performing well delivering a solid return on investment while attracting new customers.

Rack 的財務表現持續強勁。去年開幕的貨架店表現良好，在吸引新客戶的同時帶來了豐厚的投資回報。

The Rack banner's digital business is a differentiator in off-price retail, enabling our customers to shop when and how they want. We've built and refined industry-leading digital capabilities at nordstromrack.com, which delivered strong results in Q2, an expanded merchandise offering of great brands at great prices combined with a focus on in-stock rates drove the results.

Rack Banner 的數位業務是折扣零售的一個差異化因素，使我們的客戶能夠隨時隨地以他們想要的方式購物。我們在Nordstromrack.com 上建立並完善了行業領先的數位功能，該功能在第二季度取得了強勁的業績，以優惠的價格提供優質品牌的商品，加上對庫存率的關注，推動了業績的增長。

In summary, we are pleased with our second-quarter results and the direction we are heading. In the quarter, we grew sales and expanded margins. Our teams executed a successful anniversary sale, and we made progress on our key priorities. This progress, along with our results, provide us with confidence in our full year guidance.

總而言之，我們對第二季的業績和前進的方向感到滿意。本季度，我們實現了銷售額成長並擴大了利潤率。我們的團隊成功舉辦了周年紀念促銷活動，我們在關鍵優先事項上取得了進展。這項進展以及我們的成果使我們對全年指導充滿信心。

And with that, I'll turn it over to Pete.

有了這個，我會把它交給皮特。

Thank you, Erik, and good afternoon, everyone. I'll focus my remarks on our anniversary sale, touch on category performance in the second quarter, and offer some commentary on our inventory health. Our anniversary sale is a unique event that rewards and engages our customers with brand-new product from the best brands, marked down for a limited time. The sale is meaningful to our best customers who look forward to the event each year.

謝謝你，埃里克，大家下午好。我的評論將集中在我們的周年紀念銷售上，涉及第二季度的品類表現，並對我們的庫存健康狀況提供一些評論。我們的周年紀念特賣是一項獨特的活動，透過限時降價的最佳品牌的全新產品來獎勵和吸引我們的客戶。此次促銷對我們每年都期待活動的最佳客戶來說意義重大。

We are always humbled by the stories we hear from customers every year. We have learned about generations of shoppers that make the sale an annual family event, planning their summer activities around it. . This year, we had great participation in the anniversary sale, especially by our most loyal customers with 75% of our Icon and Ambassador Nordy Club members shopping the sale.

每年從客戶那裡聽到的故事總是讓我們感到謙卑。我們了解到，一代又一代的購物者將特賣變成了一年一度的家庭活動，並圍繞著它來規劃夏季活動。 。今年，我們在周年紀念促銷活動中的參與度很高，尤其是我們最忠實的客戶，75% 的 Icon 和大使 Nordy Club 會員都參與了此次促銷活動。

Anniversary sales were driven by newness and fall fashion from the brands that matter most to our customers, including our Nordstrom private brands. Growth in beauty sales provided support to anniversary success and the active category, which includes shoes and apparel, continued to show strength throughout the event, registering double-digit growth.

週年紀念銷售是由對我們的客戶最重要的品牌（包括我們的 Nordstrom 自有品牌）的新穎性和秋季時尚推動的。美妝產品銷售的成長為週年紀念日的成功提供了支持，而包括鞋履和服裝在內的活躍品類在整個活動期間繼續表現強勁，實現了兩位數的成長。

As Erik mentioned, our Nordstrom private brands are gaining traction, especially in women's apparel. Our private brands delivered mid-single-digit growth during the anniversary sale with the Nordstrom brand and Zella as the top two volume brands of the event.

正如 Erik 所提到的，我們的 Nordstrom 自有品牌正在獲得越來越多的關注，尤其是在女裝領域。我們的自有品牌在周年紀念促銷期間實現了中個位數成長，其中 Nordstrom 品牌和 Zella 成為活動中銷量最高的兩個品牌。

Since the refresh of our namesake Nordstrom brand, it's become the most reviewed on our site and customer sentiment about it has grown impressively. Our private brands helped improve the balance of price points in our selection.

自從我們的同名 Nordstrom 品牌更新以來，它已成為我們網站上評論最多的品牌，客戶對其的看法也顯著增長。我們的自有品牌有助於改善我們選擇的價格點的平衡。

Customers are finding that the merchandise is high quality and offers a great combination of value and style. Although we still have a way to go, we're encouraged by the progress our private brands are making.

客戶發現這些商品品質上乘，價值與風格完美結合。儘管我們還有很長的路要走，但我們對自有品牌所取得的進步感到鼓舞。

Our anniversary sale provides us with a special opportunity to engage our customers, and one way we do so is through in-store and online events. We strive to make our Nordstrom stores not only a compelling place to shop, but an interesting, fun, and engaging environment.

我們的周年紀念促銷為我們提供了一個吸引客戶的特殊機會，我們這樣做的一種方式是透過店內和線上活動。我們努力使 Nordstrom 商店不僅成為一個引人注目的購物場所，而且成為一個有趣、有趣且引人入勝的環境。

This year, our teams rolled out new events and offers to serve and engage customers which drove incremental purchase trips throughout the sale from refresh and expanded private shopping events to truck shows featuring notable brands, our teams hosted over 900 in-store events, roughly 20% more than last year, with nearly 500 of those events exclusive to our Nordy Club members.

今年，我們的團隊推出了新的活動和優惠，以服務和吸引客戶，這推動了整個銷售過程中增量購買行程，從刷新和擴大私人購物活動到以知名品牌為特色的卡車展，我們的團隊舉辦了900 多場店內活動，其中約20比去年增加 %，其中近 500 場活動專為 Nordy Club 會員舉辦。

Customers responded positively as event attendance tripled compared to last year. We continue to focus on growing our New York City store, for all the obvious reasons, our New York flagship store is important to us. Year-to-date, it is the top sales store in our fleet and amongst our fastest growing.

客戶反應積極，活動出席人數比去年增加了兩倍。我們繼續專注於發展我們的紐約市商店，出於所有顯而易見的原因，我們的紐約旗艦店對我們來說很重要。今年迄今為止，它是我們車隊中銷量最高的商店，也是我們成長最快的商店之一。

In advance of our anniversary sale, we opened our first ever Icon Lounge in that store. It is a place where our highest tier Nordy Club members can enjoy a private lounge experience, complete with complementary food and drink, as well as dedicated services to enhance their in-store shopping experience.

在周年紀念促銷之前，我們在那家商店開設了第一家 Icon Lounge。在這裡，我們最高級的 Nordy Club 會員可以享受私人休息室體驗，包括免費食物和飲料，以及提升店內購物體驗的專門服務。

Turning to category performance in the second quarter. Our top-performing categories were active, women's apparel, beauty, and kids. The active category was our top performer for the sixth consecutive quarter. Active sustained growth across both banners in the second quarter with sales increasing by double digits. This growth was supported by brands that include, On, New Balance, and vuori.

轉向第二季的品類表現。我們表現最好的類別是運動、女裝、美容和童裝。活躍類別連續第六個季度表現最佳。第二季度，Active 兩大品牌的銷售額均實現了兩位數的持續成長。這一增長得到了 On、New Balance 和 vuori 等品牌的支持。

Sales growth in women's apparel continued in the second quarter, driven by contemporary styles with notable strength in dresses and knit tops. In the Nordstrom banner, well-known brands such as Vince, Syncoset, and Free People were strong.

第二季女裝銷售量持續成長，受到現代風格的推動，其中洋裝和針織上衣表現強勁。 Nordstrom旗下，Vince、Syncoset、Free People等知名品牌強勢。

At the Rack, a key driver of the growth is a high degree of overlap with the brands customers find at our Nordstrom stores. We continue to focus the rack selection on these brands, which drove notable growth in women's apparel for the Rack in the second quarter.

在 Rack，成長的一個關鍵驅動力是與顧客在 Nordstrom 商店找到的品牌高度重疊。我們繼續將貨架選擇的重點放在這些品牌上，這推動了第二季貨架女裝的顯著成長。

The beauty category continued to be a top performer for us at both banners. Its second quarter sales growth was supported by the strength of fragrances and hair care essentials throughout the anniversary sale. The kids category sustained its momentum in Q2 as well. Baby gear has been a solid contributor to growth and has become a more sizable business for us.

美容類別在這兩個類別中仍然是我們表現最好的類別。第二季銷售額的成長得益於週年慶促銷期間香水和護髮必需品的強勁表現。兒童類別在第二季也保持了成長動能。嬰兒用品一直是我們成長的堅實貢獻者，並且已成為我們規模更大的業務。

The growth is a direct reflection of customer interest in this type of product as we've leaned into car seats and strollers with great brands like Nuna. Overall, customers responded well to our curated assortment, which helped to drive an increase in regular price sales and margin expansion in the second quarter.

這種增長直接反映了客戶對此類產品的興趣，因為我們傾向於購買 Nuna 等知名品牌的汽車座椅和嬰兒車。總體而言，客戶對我們精心策劃的產品系列反應良好，這有助於推動第二季正常價格銷售的成長和利潤率的擴大。

Moving on to our inventory health. In the second quarter, our increase in inventory exceeded our sales growth for the first time in several quarters as we invested in inventory primarily to support our existing Rack stores, our new Rack stores, and our digital channel, nordstromrack.com.

繼續我們的庫存健康狀況。第二季度，我們的庫存成長在幾個季度中首次超過了銷售成長，因為我們投資庫存主要是為了支援我們現有的 Rack 商店、新的 Rack 商店以及我們的數位管道 Nordstromrack.com。

While the growth was higher than we typically like, we feel good about the content of our inventory. We closed the quarter with an increase in newness and a commensurate decline in clearance and age inventory at both banners. In the future, we do expect our sales to inventory spread to improve.

雖然成長速度高於我們通常的預期，但我們對庫存內容感到滿意。本季結束時，兩個品牌的新貨數量均有所增加，清倉庫存和舊庫存也相應下降。未來，我們確實預期我們的銷售與庫存之差將會改善。

In closing, I'd like to echo Erik's comments. We're pleased with our second-quarter results and confident that we are heading in the right direction.

最後，我想回應艾瑞克的評論。我們對第二季的業績感到滿意，並相信我們正朝著正確的方向前進。

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

接下來，我將把它交給凱西討論我們的財務表現和前景。

Thanks, Pete. And thank you, all, for joining us today. I'll begin by covering our second-quarter results, then discuss our outlook and close with our capital allocation priorities. In the second quarter, we delivered solid results with growth in net sales and EBIT as well as margin expansion. Total company net sales increased 3.4% in the second quarter, driven by strength in both banners.

謝謝，皮特。感謝大家今天加入我們。我將首先介紹我們的第二季業績，然後討論我們的前景，最後討論我們的資本配置優先事項。第二季度，我們取得了穩健的業績，淨銷售額和息稅前利潤成長以及利潤率擴大。在兩大品牌實力的推動下，第二季公司總淨銷售額成長了 3.4%。

The timing shift of the anniversary sale with one day falling in the third quarter this year versus eight days last year, benefited net sales by approximately 100 basis points. Comparable sales increased 1.9%, with positive comps in both banners and particular strength in digital channels and GMV increased 3.5% in the second quarter.

今年第三季週年紀念銷售的時間從去年減少了 1 天，而去年為 8 天，使淨銷售受益約 100 個基點。可比銷售額成長 1.9%，兩個橫幅的銷售額均實現正面成長，尤其是數位管道的強勢，第二季 GMV 成長 3.5%。

Nordstrom banner net sales and comparable sales each increased 0.9% and GMV increased 1.1% in the second quarter. The timing shift of the anniversary sale had a positive impact on Nordstrom banner net sales of approximately 200 basis points.

Nordstrom 第二季淨銷售額和可比銷售額分別成長 0.9%，GMV 成長 1.1%。週年紀念促銷的時間轉變對 Nordstrom 橫幅淨銷售額產生了約 200 個基點的正面影響。

Nordstrom Rack net sales increased 8.8%, with comparable sales increasing 4.1%. On a two-year stack basis, we are pleased to see the quarter-over-quarter sales increases.

Nordstrom Rack 淨銷售額成長 8.8%，可比銷售額成長 4.1%。在兩年堆疊的基礎上，我們很高興看到季度環比銷售額的成長。

Digital sales grew by 6.2% in Q2, representing the fifth consecutive quarter of sequential improvement. The timing shift of the anniversary sale had a positive impact on digital sales of approximately 100 basis points. Digital sales represented 37% of total sales during the quarter.

第二季數位銷售額成長 6.2%，連續第五個季度實現環比成長。週年紀念銷售的時間轉變對數位銷售產生了約 100 個基點的正面影響。數位銷售額佔該季度總銷售額的 37%。

Gross profit as a percentage of net sales expanded 155 basis points to 36.6% on strong regular price sales, leverage on higher sales, and slight improvements in shrink. Ending inventory increased 8.3% versus a year ago. As Pete said, while the quality of inventory is good and largely supporting the Rack momentum, we aim to bring the inventory growth more in line with sales demand.

毛利佔淨銷售額的百分比擴大了 155 個基點，達到 36.6%，這得益於強勁的正常價格銷售、較高銷售額的槓桿作用以及損耗率的輕微改善。期末庫存較上年同期成長 8.3%。正如 Pete 所說，雖然庫存品質良好並在很大程度上支撐了 Rack 的勢頭，但我們的目標是使庫存成長更符合銷售需求。

SG&A expenses as a percentage of net sales increased 160 basis points to 34.4%, largely due to the supply chain asset impairment charge that Erik discussed. When excluding the $54 million charge, SG&A expenses increased 20 basis points to 33% as last year's second-quarter results included a gain on sale of a real estate asset.

SG&A 費用佔淨銷售額的百分比增加了 160 個基點，達到 34.4%，這主要是由於 Erik 討論的供應鏈資產減損費用。在排除 5,400 萬美元費用後，SG&A 費用增加了 20 個基點，達到 33%，因為去年第二季的業績包括房地產資產銷售收益。

Our EBIT margin expanded by 115 basis points to 6.4% in the second quarter. Income tax expense of $42 million, or 25.7% of pretax earnings, was higher than the 17.2% recorded in the year-ago quarter. Last year's second-quarter income tax benefited from the favorable resolution of certain tax matters.

第二季我們的息稅前利潤率擴大了 115 個基點，達到 6.4%。所得稅費用為 4,200 萬美元，佔稅前盈餘的 25.7%，高於去年同期的 17.2%。去年第二季所得稅受益於某些稅務問題的有利解決。

Second-quarter earnings per share of $0.96 is favorable to last year's $0.84, largely driven by the expansion of our gross margin and to a lesser extent, expense management. We ended the second quarter with $1.5 billion in available liquidity, including over $650 million in cash. Our balance sheet and financial position remains solid.

第二季每股收益為 0.96 美元，優於去年的 0.84 美元，這主要是由於我們毛利率的擴大以及較小程度的費用管理的推動。第二季末，我們擁有 15 億美元的可用流動資金，其中包括超過 6.5 億美元的現金。我們的資產負債表和財務狀況依然穩健。

Before moving to our outlook, I'd like to offer some additional commentary on our second-quarter results. First, our efforts to improve the customer experience are taking hold, as evidenced by the strength of our top line. In the second quarter, we grew our customer count, recorded an increase in customer trips, and expanded margins.

在展望我們的前景之前，我想對我們第二季的業績進行一些補充評論。首先，我們改善客戶體驗的努力正在取得成效，我們的營收實力證明了這一點。第二季度，我們的客戶數量增加，客戶出行量增加，利潤率擴大。

Second, our credit card revenues as a percent of total revenue declined modestly versus Q2 of last year. The decline was driven by higher losses, partially offset by higher balances and yield on the portfolio. This was consistent with our expectations, continuing the general trend over the last few years as the consumer has faced increased budgetary pressures.

其次，我們的信用卡收入佔總收入的百分比與去年第二季相比略有下降。下跌是由於損失增加造成的，但部分被投資組合餘額和收益率增加所抵消。這符合我們的預期，延續了過去幾年的整體趨勢，因為消費者面臨越來越大的預算壓力。

Turning to our outlook for the year. While we are pleased with our first-half results, the external environment remains uncertain. When considering the puts and takes and appreciating that there is still a lot of this fiscal year left, we believe it is prudent to be appropriately cautious with our outlook.

轉向我們對今年的展望。儘管我們對上半年業績感到滿意，但外部環境仍存在不確定性。當考慮看跌期權和看跌期權並認識到本財年還剩很多時間時，我們認為對我們的前景保持適當謹慎是謹慎的做法。

We are updating our guidance for the year slightly. Our updated guidance includes full-year revenue in the range of a decline of 1% 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.

我們正在稍微更新今年的指導。我們更新後的指引包括全年營收下降 1% 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。我們仍然預計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 in the third quarter this year versus eight days in 2023, is expected to have a negative impact of approximately 100 basis points in our third quarter net sales this year.

提醒一下，我們的周年紀念促銷時間從今年第三季度減少了一天，而 2023 年為八天，預計將對我們今年第三季度的淨銷售額產生約 100 個基點的負面影響。

We now expect the total company comparable sales in a range of flat to an increase of 2% in 2024, versus 52 weeks in 2023. As our fiscal 2023 included a 53rd week, we calculate our 2024 comparable sales using a realigned 52-week 2023 period for comparability.

我們現在預計2024 年公司總可比銷售額將持平至成長2%，而2023 年為52 週。銷售額具有可比性的時期。

Turning to profitability. We expect a full-year EBIT margin in the range of 3.6% 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 now expect full-year results in the range of $1.75 to $2.05 excluding the impact of any share repurchases.

轉向盈利能力。我們預計全年息稅前利潤率在 3.6% 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，我們現在預計全年業績在 1.75 美元至 2.05 美元之間，不包括任何股票回購的影響。

Another note regarding expected reported results. During the second quarter, we made the strategic decision to change how we store and access data. This transformational change will enable us to improve data access and analysis capabilities and enhance our ability to leverage generative AI solutions and services at a faster pace.

關於預期報告結果的另一條說明。在第二季度，我們做出了改變儲存和存取資料方式的策略決策。這項變革將使我們能夠提高數據存取和分析能力，並增強我們更快地利用生成式人工智慧解決方案和服務的能力。

We expect to complete this change by the end of the year, and as a result, plan to accelerate the depreciation of the IT assets that we will stop using. This is expected to result in charges approximating 10 basis points to our reported SG&A expense as a percentage of net sales in Q3 as well as Q4.

我們預計在今年年底前完成這項變更，因此計劃加速我們將停止使用的 IT 資產的折舊。預計這將導致我們報告的 SG&A 費用佔第三季和第四季淨銷售額的百分比增加約 10 個基點。

Our capital allocation priorities remain unchanged. We'll invest in the business to better serve our customers with high ROI projects, reduce our leverage, and return cash to shareholders. Last week, our Board of Directors declared a quarterly cash dividend of $0.19 per share.

我們的資本配置重點維持不變。我們將投資該業務，以便透過高投資回報率項目更好地為客戶服務，降低槓桿率，並向股東返還現金。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, driving top-line strength, and expanding margins. I continue to look forward to the progress that we'll make this year with the growth opportunities we have both in the Nordstrom banner and the Rack. We thank you for your interest in Nordstrom.

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，推動營收並擴大利潤。我繼續期待今年我們將透過 Nordstrom 旗幟和 Rack 中的成長機會取得進展。我們感謝您對 Nordstrom 的關注。

And with that, Jamie, we are ready for questions.

傑米，我們準備好回答問題了。

Thank you, Cathy. Before we get started with Q&A, we will 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，我們會要求參與者僅限於一個問題和一個後續行動。我們現在進入問答環節。

(Operator Instructions) Dana Telsey, Telsey Advisory Group.

（操作員指示）Dana Telsey，Telsey 諮詢小組。

Hi, good afternoon, everyone. As you went through the anniversary sale, any cadence to the anniversary sale that you saw that gives an indicator of consumer health for the balance of the year? And also with your private brand launch versus the brands and the good reception on womenswear, how are you thinking about the women's category overall.

嗨，大家下午好。當您進行週年紀念促銷時，您看到週年紀念促銷的節奏是否可以作為今年剩餘時間消費者健康狀況的指標？另外，鑑於您推出的自有品牌與其他品牌的對比以及女裝的良好反響，您對女裝類別的整體看法如何。

And then just lastly, on credit, Cathy, the debt levels and what you're seeing there, how did that differ from the first quarter? And how are you planning for the balance of the year? Thank you.

最後，在信貸方面，凱茜，債務水平以及您所看到的情況，與第一季有何不同？今年剩下的時間有什麼計畫？謝謝。

Hi, Dana. It's Pete. With regards to anniversary, I mean you were essentially on plan. I think there's really nothing there relative to the cadence specifically, but we do have -- one thing that's great about the sale, we get an early read on fall categories. Because as you know, the sales as new product in there and so getting marked up. And we had good performance in both outerwear and sweaters, which I think bodes well for the fall for us.

嗨，達納。是皮特。關於週年紀念日，我的意思是你基本上是按計劃進行的。我認為確實沒有什麼與節奏相關的具體內容，但我們確實有——這次促銷的一大好處是，我們可以儘早閱讀秋季類別的信息。因為如您所知，那裡的銷售是新產品，因此會被加價。我們在外套和毛衣方面都有良好的表現，我認為這對我們來說是秋天的好兆頭。

But over the years that it's become a bit of a balance on people buying with anticipation of fall, those of buying out wear now. So we're always trying to find that balance. So I don't think they have any super impactful information for you about how it's going to relate to future sales. But we were happy with how anniversary went.

但多年來，人們在秋季購買服裝和現在購買服裝的人之間已經形成了一種平衡。所以我們一直在努力尋找這種平衡。因此，我認為他們沒有為您提供任何關於它將如何與未來銷售相關的超級有影響力的信息。但我們對週年紀念日的進展感到滿意。

With regards to private brands, we've had strength really across all categories, which is super encouraging because as you know, we've been talking about for a while that we have a lot of headroom there to grow that business. But the most important part is when we have success in women's apparel because.

至於自有品牌，我們在所有類別上都有實力，這是非常令人鼓舞的，因為正如你所知，我們已經談論了一段時間，我們有很大的空間來發展該業務。但最重要的是我們何時在女裝領域取得成功，因為。

It's such a big category, and we had a lot of success in women's apparel. The anniversary sale in private brands. So again, that gives us a lot of confidence going forward.

這是一個很大的類別，我們在女裝方面取得了巨大的成功。自有品牌週年慶特賣。這再次給了我們前進的信心。

Good afternoon, Dana. I'll take the last two parts of your question. with regards to customer insights, possibly, we saw good growth across all income cohorts at the Rack. And then at Nordstrom stores, our higher income consumers or customers, we saw spending improve the most out of that -- in that banner.

下午好，達納。我將回答你問題的最後兩部分。就客戶洞察而言，我們可能在 Rack 的所有收入群體中看到了良好的成長。然後，在諾德斯特龍 (Nordstrom) 商店，我們的高收入消費者或顧客，我們看到支出改善最多——在那條橫幅上。

And then on credit losses, we shared early in the year that we expect to see losses tick up modestly this year. That's, I think, consistent with what the industry has been seeing and that's no different, but it's within our plan and our guidance. So nothing that's unforeseen there, but we are seeing credit losses tick up a little bit.

關於信貸損失，我們在今年稍早表示，預計今年損失將小幅上升。我認為，這與業界所看到的情況一致，也沒有什麼不同，但它在我們的計劃和指導範圍內。因此，沒有什麼是不可預見的，但我們看到信貸損失略有增加。

Oliver Chen, TD Cowen.

奧利佛·陳，TD·考恩。

Hi, Erik, Pete, and Cathy. You had strong regular price sales on the gross margin. which was quite nice. How did that triangulate with the inventory position that you're in now? Which parts of the inventory might you be a little bit over inventoried.

嗨，艾瑞克、皮特和凱西。您的正常價格銷售毛利率強勁。這非常好。這些數據與您現在所處的庫存狀況如何進行三角測量？庫存的哪些部分可能庫存過多。

And you mentioned operational optimization. Just would love details on that -- that headline. Rack continues to see great progress as well. It's a difficult business and that the inventory flows are so important.

您提到了營運優化。只是想了解有關該標題的詳細資訊。 Rack 也持續取得巨大進步。這是一項困難的業務，庫存流動非常重要。

Do you see continued positive comps in great momentum there. Are you in the right place for where you want to be there? Thank you.

您是否看到那裡持續的積極競爭勢頭強勁？您是否處於您想去的地方？謝謝。

Oliver, it's Pete. With our inventory levels, as Cathy mentioned in terms of the quality of what those are, I think that's probably the most important point. We were a little over in that inventory grew faster than the sales. But if you look at where it is and what the content of inventory is that helps, I think, bring some clarity. So most of that really showed up in the Rack business.

奧利佛，是皮特。就我們的庫存水平而言，正如凱西在品質方面提到的那樣，我認為這可能是最重要的一點。我們的庫存成長速度快於銷售成長速度，這有點超出了我們的預期。但如果你看看它在哪裡以及庫存的內容是什麼，我認為這有助於帶來一些清晰度。所以大部分確實出現在機架業務中。

And to your point that we have this Rack momentum, I think particularly the new stores we're opening and then the rack.com business, that's really solid. If you look at where we have the quantities that are over last year, it's largely there.

就你的觀點而言，我們擁有 Rack 的勢頭，我認為特別是我們正在開設的新店以及隨後的rack.com 業務，這確實非常強勁。如果你看看我們哪些地方的數量比去年多，你會發現大部分都在那裡。

And I think that's a pretty good sign. Also what you would see in terms of being able to forecast how this impacts our profitability going forward is -- if you look at aging, primarily and our aging is really good across both banners, both Rack and Nordstrom.

我認為這是一個非常好的跡象。此外，您會看到，如果您能夠預測這將如何影響我們未來的盈利能力，那麼您會看到，如果您主要關注老化，我們的老化在 Rack 和 Nordstrom 兩個品牌中都非常好。

So I think we feel pretty good about it. It's -- obviously, we pay really close attention to inventory levels, and we want to bring it down some, but we're not particularly concerned. And certainly, it doesn't create any overhang for us that we're anticipating for the second half.

所以我認為我們對此感覺很好。顯然，我們非常密切關注庫存水平，我們希望將其降低一些，但我們並不特別擔心。當然，它不會給我們帶來任何我們預計下半年會出現的問題。

And Oliver, I'll pick up on operational optimization and then throw it to Erik on the Rack. On operational optimization. It's been, as you know, a priority of ours all year and we'll continue to focus on it. Our team makes -- is making really good progress. And I think you hit on the one that's really encouraging, which is that consistent flow of merchandise is so important to continue that thread of newness for our customers in both banners.

奧利佛（Oliver），我將學習營運優化，然後將其交給機架上的艾瑞克（Erik）。關於營運優化。如您所知，這是我們全年的首要任務，我們將繼續關注它。我們的團隊正在取得非常好的進展。我認為您說到了真正令人鼓舞的一點，那就是持續的商品流通對於在兩個橫幅中為我們的客戶繼續提供新鮮感非常重要。

It helps to drive those regular price sales, and we saw the increase in regular price sales again this quarter, which is great. But underneath that, we're seeing us process inbound merchandise faster, which gets us and returns faster, which enables us to refresh, too, and again, a better customer experience.

它有助於推動正常價格銷售，本季我們再次看到正常價格銷售的成長，這很棒。但在此之下，我們看到我們更快地處理入庫商品，這讓我們更快地獲得和退貨，這也使我們能夠一次又一次地刷新更好的客戶體驗。

And RFID, we continue to roll it out across our fleet. But more importantly is we're now starting to get the benefits that, that insight gives us. And again, it enhances the customer experience as we're able to fill their orders.

我們繼續在我們的車隊中推廣 RFID。但更重要的是，我們現在開始獲得這種洞察力帶給我們的好處。再次，它增強了客戶體驗，因為我們能夠滿足他們的訂單。

And then lastly, we'll continue to look to leverage our existing supply chain network, always balancing the best customer experience, we can with speed and cost. So just good progress across the board.

最後，我們將繼續尋求利用我們現有的供應鏈網絡，並始終在速度和成本方面平衡最佳的客戶體驗。所以，整體上取得了良好的進展。

Hey, Oliver, this is Erik. On Rack, yeah, we feel good about our results. Our team is executing well on the plan. Rack is a, of course, a growth vehicle for us. And that's new stores. We continue to see opportunities to add new stores at the pace we're currently adding.

嘿，奧利佛，這是艾瑞克。在 Rack 上，是的，我們對我們的結果感到滿意。我們的團隊很好地執行了計劃。當然，Rack 是我們的成長工具。那是新店。我們繼續看到以目前的速度增加新店的機會。

And certainly, the comp store business, as well as our digital business. You mentioned flow. Yeah, customers come to Rack in constant flow of newness from the brands that they associate with us. So our focus on great brands at great prices continue to serve us well. And we feel really great about that.

當然，還有贈品商店業務以及我們的數位業務。你提到了流量。是的，客戶不斷地從與我們相關的品牌中獲得新鮮事物來到 Rack。因此，我們對優質品牌和優惠價格的關注繼續為我們提供良好的服務。我們對此感覺非常好。

The digital piece -- it is a point of differentiation. There's not many online off-price retailers out there. It works for us because it's part of our bigger ecosystem.

數字部分——這是一個差異化點。那裡沒有很多在線折扣零售商。它對我們有用，因為它是我們更大生態系統的一部分。

And we see more opportunities there to leverage on the capabilities to engage with customers more and get a bigger share of wallet. So we're delivering on our plans and have plans going forward to continue that growth.

我們看到了更多機會利用這些能力與客戶進行更多互動並獲得更大的錢包份額。因此，我們正在實施我們的計劃，並製定了繼續成長的計劃。

Simeon Siegel, BMO Capital Markets.

西蒙‧西格爾 (Simeon Siegel)，BMO 資本市場。

Thanks afternoon, everyone. Hope you all have a nice summer. Cathy, what's the margin impact from anniversary sale timing shift in 2Q? You guys a nice gross margin, called out strong full price sales. So just curious about how to think about anniversary sale gross margins versus the non-sale and just that impact of the timing shift to margins on top of the revenue that you mentioned?

下午謝謝大家。希望大家有個愉快的夏天。 Cathy，第二季週年紀念銷售時間變動對利潤率有何影響？你們的毛利率不錯，全價銷售強勁。因此，我只是想知道如何考慮週年紀念銷售毛利率與非銷售毛利率，以及時間轉移到利潤率對您提到的收入的影響？

And then just appreciating -- appreciate the color and appreciate the commentary you gave us for the tech that you're not going to be using any more, any costs we should be thinking about for the new approach to storing data ahead? Thanks.

然後只是欣賞 - 欣賞顏色並欣賞您為我們提供的關於您將不再使用的技術的評論，我們應該考慮提前存儲數據的新方法的任何成本嗎？謝謝。

Yeah. Thank you. Good afternoon, Simeon. so gross margin, I'm smiling on your comment around impact anniversary sale and Pete should weigh in here, too. But the great news is our team does a good job of negotiating with our vendors and we get good new merchandise for our customers. So I wouldn't have called out a specific margin impact specifically for anniversary.

是的。謝謝。下午好，西蒙。所以毛利率，我對你關於影響週年紀念銷售的評論感到微笑，皮特也應該在這裡發表評論。但好消息是我們的團隊與供應商的談判做得很好，我們為客戶提供了優質的新商品。因此，我不會專門針對週年紀念日提出具體的利潤影響。

And we also noted strong rig price sales. So I think in total, I would have necessarily called anything special out for anniversary impact on margin. We did share in the prepared remarks rate price sales up, just more volume, which helps on margin on that gross margin year over year you're seeing and then slight improvement in shrink, all of those favorably impacting our gross margin.

我們也注意到鑽孔機價格銷售強勁。因此，我認為總的來說，我有必要針對週年紀念日對利潤率的影響提出任何特別的要求。我們確實分享了準備好的評論，價格銷售上漲，銷量增加，這有助於提高您所看到的毛利率，然後收縮率略有改善，所有這些都對我們的毛利率產生有利影響。

And then I'll answer on tech and then if Pete wants to add anything more on anniversary specifically to margin. On the technology, I would say, generally, we'll always think about total technology spend within a budget or a level that we're wanting to afford.

然後我會回答技術問題，然後皮特是否想在周年紀念日特別是利潤方面添加任何內容。關於技術，我想說，一般來說，我們總是會在預算或我們想要負擔的水平內考慮總技術支出。

So we'll fit our expenses inside that envelope going forward. The specific call out was to help with a little bit of a reported guidance we're giving. So you can see there's going to be a small impact in the next few quarters.

因此，我們將把我們的開支裝進這個信封裡。具體的呼籲是為了幫助我們提供一些報告的指導。所以你可以看到在接下來的幾個季度中將會產生很小的影響。

Yeah, this is Pete. Just real quickly on the anniversary thing. If you're looking for how that impacts margin has a lot more do it going forward than it does with looking backwards. If we sell through according to plan, then we don't have any kind of overhead that creates markdowns if we don't and potentially that does.

是的，這是皮特。週年紀念日的事情很快。如果你想了解這對利潤率有何影響，那麼向前看比向後看要多得多。如果我們按計劃銷售，那麼我們就不會產生任何會造成降價的管理費用（如果我們不這樣做的話，也可能會造成降價）。

As I mentioned, we were just right about on plan there with our sell-throughs. And so I think we feel good about how that impacts our margins and profitability going forward.

正如我所提到的，我們的銷售計劃完全符合計劃。因此，我認為我們對這對我們未來的利潤和盈利能力的影響感到滿意。

That's really great. Maybe just quickly a follow-up on that then. What would the gross -- what you expected gross margin trajectory built into the full-year EBIT guidance? How should we think about that?

那真是太棒了。也許很快就會跟進。全年息稅前利潤指引中的毛利率軌跡是多少？我們該如何思考這個問題？

Yeah, I can help there. So what's included in our full-year guidance little bit of change between Q3 and Q4, but all in for the full year, taking in the first half, we'll see a small amount of margin expansion in gross margin for the year.

是的，我可以幫忙。因此，我們的全年指導中包含的內容在第三季和第四季之間略有變化，但就全年而言，考慮到上半年，我們將看到今年毛利率的小幅擴張。

Great. Thanks so much, guys. Best of luck for the rest of year.

偉大的。非常感謝，夥計們。祝你今年剩下的時間一切順利。

Thank you.

謝謝。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

Thank you. Good afternoon. I wanted to follow up on the Rack rollout. What's the payback on a typical new Rack store? Have the new stores that hitting your plan? And what's the runway for the number of reps you expect to open over time?

謝謝。午安.我想跟進 Rack 的推出。典型的新 Rack 商店的回報是多少？有符合您計畫的新店嗎？隨著時間的推移，您期望開設的代表數量是多少？

Hey, Lorraine, this is Erik. I'll start, and Cathy can chime in and shed some more color. We've opened a lot of Rack stores and our return on investment is pretty darn consistent. We get mid- to high-teens IRR and again, we see lots of opportunity to continue to add stores there.

嘿，洛林，這是艾瑞克。我先開始，凱西可以插話並提供更多的色彩。我們開設了很多 Rack 商店，而且我們的投資回報率非常穩定。我們獲得了中高雙位數的內部收益率，並且我們再次看到有很多機會繼續在那裡增加商店。

We shared in the prepared remarks, too. We've opened 11 year-to-date, we intend to open 12 more this year. So that's 23. That's pretty consistent with last year. So it seems reasonable that we would expect it to be in the same range going forward next year.

我們也分享了準備好的發言。到目前為止，我們已經開設了 11 家，今年我們計劃再開設 12 家。所以是 23。因此，我們預計明年它會處於相同的範圍內似乎是合理的。

Alex Straton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

Perfect. Thanks a lot for taking the questions. Just on -- to follow up on the inventory question. I think you said that Rack was where some of that excess was concentrated -- was that intentional like I built into holiday? Or if you can just give us some more color there.

完美的。非常感謝您提出問題。就在——跟進庫存問題。我想你說過 Rack 是一些多餘的東西集中的地方——這是像我故意融入假期的嗎？或者你能給我們更多的顏色嗎？

And then just on the full-year guidance, given you beat the second quarter EPS by a lot, but you're only increasing the full year by a little. Does that mean you have a worse back half outlook than you did three months ago? Or how should I contextualize that? Thanks a lot.

然後就全年指導而言，考慮到您的每股收益超出了第二季度很多，但您只增加了全年的一點點。這是否意味著您的後半部前景比三個月前更差？或者我應該如何結合上下文？多謝。

It's Pete. I'll start with the Rack inventory levels. I don't want to overstate this. I mean, we're slightly over there. And as you mentioned, it really is concentrated mostly in the Rack.

是皮特。我將從機架庫存水準開始。我不想誇大這一點。我的意思是，我們稍微有點過了。正如您所提到的，它實際上主要集中在機架中。

And I think both of that -- there are some timing issues when you're receiving inventory like this. We want to be opportunistic about that. Sometimes we have the opportunity to buy something and bring it in, in anticipation of stores opening.

我認為，當你收到這樣的庫存時，會存在一些時間問題。我們希望對此採取機會主義態度。有時我們有機會購買一些東西並將其帶入，以期待商店開業。

So I think when you look at it in a month-by-month way, that doesn't really paint the whole picture. So we're always concerned about inventory levels, and we appreciate being lean, but we are not particularly concerned about being a little bit over in this moment Rack particularly given the fact that we've got the positive momentum in our comp Rack stores, we have new Rack stores coming on, and the rack.com business is growing, too.

所以我認為，當你以每月的方式看待它時，這並不能真正描繪出全貌。因此，我們總是擔心庫存水平，我們讚賞精益，但我們並不特別擔心此時 Rack 有點過度，特別是考慮到我們的 comp Rack 商店擁有積極的勢頭，我們即將開設新的Rack 商店，rack.com業務也在成長。

And Alex, I'll take the guidance question. So I appreciate your question. We are encouraged, obviously, by the performance through the first half. We're really pleased to see the continued strength on the top line at those banners. But the environment does remain uncertain, and we've got a really big part of the back half of the year as with all retailers.

亞歷克斯，我將回答指導問題。所以我很欣賞你的問題。顯然，我們對上半場的表現感到鼓舞。我們非常高興看到這些橫幅的營收持續強勁。但環境確實仍然存在不確定性，與所有零售商一樣，我們在今年下半年的大部分時間都處於困境。

Two-thirds of our profits typically come in the second half, and we're just being thoughtful around that. So we're being prudent and hopefully a little appropriately cautious with our outlook. And we'll see how the next two quarters play out.

我們三分之二的利潤通常來自下半年，我們只是對此深思熟慮。因此，我們持謹慎態度，並希望對我們的前景保持適當的謹慎。我們將看看接下來的兩個季度的表現如何。

Chuck Grom, Gordon Haskett.

查克·格羅姆，戈登·哈斯克特。

Hey, thanks for much and congrats on the success at the Rack, Curious, the traffic ticket composition of the 4.1% comp, how the comp phased throughout the quarter? And any thoughts on the first few weeks of August, specifically at the Rack.

嘿，非常感謝並祝賀 Rack 的成功，好奇，4.1% 補償的交通罰單構成，整個季度的補償是如何分階段的？以及關於八月前幾週的任何想法，特別是在 Rack 上。

Yeah. I'm happy to start. So throughout the quarter, I wouldn't say there was any specific pattern for the Rack in particular. The quarter generally played out stronger toward the end in July, but I wouldn't have picked out any particular pattern there. And then total Rack banner, 8.8% sales, comp was [4.01%].

是的。我很高興開始。因此，在整個季度中，我不會說 Rack 有任何特定的模式。該季度在 7 月底總體上表現強勁，但我不會在那裡指出任何特定的模式。然後，Rack 橫幅總數為 8.8%，銷售額為 [4.01%]。

New stores are largely the difference. We have, I think, one or two small closures in there. Other than that, that's pretty much what's making of the balance of it.

新店的差異很大。我想，我們那裡有一兩個小封閉物。除此之外，這幾乎就是它的平衡的原因。

Okay. Just anything on traffic and (inaudible) composition?

好的。只是關於流量和（聽不清楚）成分的任何資訊嗎？

Traffic was strong across the digital channels, in particular. It is what I would have said the stores channels were both on a comp basis, fairly flat. New store is obviously strong. And then the digital was a particular standout in both banners for us.

數位通路的流量尤其強勁。我想說的是，商店通路都是基於補償的，而且相當平坦。新店顯然實力雄厚。然後，數字在我們的兩個橫幅中都特別突出。

Okay, great. Thanks. And then my follow-up is just on the gross margin, 36.6%. If it's not your best ever, it's probably one of your best quarters ever. I'm curious the impact across the two banners on that success?

好的，太好了。謝謝。然後我的後續只是毛利率，36.6%。如果這不是你有史以來最好的季度，那麼它可能是你有史以來最好的季度之一。我很好奇這兩個橫幅對成功有何影響？

How much -- and in particular, how much is being driven by the Rack in particular? And I guess, the sustainability of that 36.6% going forward. It sounds like you're guiding to a little bit of compression relative to that number in the back half. But just any color there would be helpful. Thanks.

有多少——特別是有多少是由機架驅動的？我猜想，這 36.6% 的未來是否可持續。聽起來您正在指導相對於後半部分的數字進行一點壓縮。但任何顏色都會有幫助。謝謝。

Yeah. We don't typically break out the P&Ls for the banners just yet. Maybe we'll get there eventually. So in total, to your point, though, we're pleased with the gross margin expansion over 155 -- or about 155 basis points year over year, strong rate price sales, that's in both banners. That comment is definitely both banners, leveraging the volume continuing.

是的。我們通常不會列出橫幅的損益表。也許我們最終會到達那裡。因此，總的來說，就您的觀點而言，我們對毛利率增長超過 155 個基點（或同比約 155 個基點）感到滿意，這兩個旗幟中的價格銷售強勁。該評論絕對是兩個橫幅，利用持續的成交量。

And in the shrink comment, the improvement off of our historical highs on shrink is both banners as well. So those are our comments for both. To your point, I think it is at least in recent history, a high that we're seeing. So good progress there. But as we provided in our guidance, we're cautiously planning for the back half of the year.

在收縮評論中，收縮歷史高點的改善也是旗幟。這是我們對兩者的評論。就你的觀點而言，我認為至少在最近的歷史中，這是我們所看到的一個高點。那裡進展順利。但正如我們在指導中提供的那樣，我們正在謹慎規劃今年下半年。

Blake Anderson, Jefferies.

布萊克·安德森，傑弗瑞斯。

Hi, thanks for taking the question. I wanted to ask on -- on designer in particular, how is the performance there during the quarter? And then can you comment on the full price sell-through you're seeing in that category? And then how is that inventory position for the back half? I know you mentioned most of the increase was Rack, but just curious how designer was faring in terms as well?

您好，感謝您提出問題。我想問一下——特別是設計師，這個季度的表現如何？然後您能評論一下您在該類別中看到的全價銷售情況嗎？那麼下半年的庫存狀況如何？我知道你提到增加的大部分是 Rack，但只是好奇設計師的表現如何？

And then just wanted to ask on Nordstrom Banner more broadly. I think you guys mentioned a few initiatives such as broadening assortment and price points. I was wondering if you could comment a little bit more on what you did there, that would be great. Thanks so much.

然後只想更廣泛地詢問 Nordstrom Banner 的情況。我想你們提到了一些舉措，例如擴大品種和價格點。我想知道您是否可以對您在那裡所做的事情發表更多評論，那就太好了。非常感謝。

Hi, this is Pete. With the designer, I mean, it feels like it's been kind of a consistent theme here for a while. And certainly, you're seeing it with other retailers in that space as well. It's been challenging. There was a lot of growth for a couple of years, and now it's we've been articulating that's kind of rightsizing.

嗨，這是皮特。我的意思是，對於設計師來說，感覺這已經是一段時間以來的一致主題了。當然，您在該領域的其他零售商中也看到了這種情況。這很有挑戰性。幾年來出現了很大的成長，現在我們一直在闡明這就是規模調整。

So we're looking at '19 numbers, and we're pretty close to what '19 was. It's hard for us to predict if that has leveled out entirely or not. As Cathy just said, I guess we'll see what the next couple of quarters bring. So what we've just tried to put ourselves in an advantageous place with inventory levels. So we're not caught in a tough spot.

所以我們正在研究 19 年的數字，我們非常接近 19 年的數字。我們很難預測這種情況是否已經完全趨於平穩。正如凱茜剛才所說，我想我們會看看接下來的幾季會帶來什麼。所以我們只是試著讓自己在庫存水準上處於有利地位。所以我們並沒有陷入困境。

And our team worked really hard on that, and we've had a lot of good collaboration with our vendor partners. So not a lot to report other than it's still relatively challenging in that space.

我們的團隊在這方面非常努力，我們與供應商合作夥伴進行了許多良好的合作。因此，除了在該領域仍然相對具有挑戰性之外，沒有太多可報告的內容。

This is Erik. So the merchant banner as call out, let me start with stores. I only starts with customer service, and I think our team there as a lot of the blocking and tackling and taking care of customers have a great focus there.

這是埃里克。因此，商家的旗幟呼喚著，讓我從商店開始。我只從客戶服務開始，我認為我們的團隊在許多阻礙、解決和照顧客戶方面都非常關注。

Secondly, as Pete mentioned, we've got a lot of events just making our stores interesting places to come to events particularly leveraging our Nordy Club, our loyalty program. We've seen some good traction there.

其次，正如皮特所提到的，我們舉辦了許多活動，讓我們的商店成為參加活動的有趣場所，特別是利用我們的 Nordy 俱樂部和我們的忠誠度計劃。我們在那裡看到了一些良好的牽引力。

And last, I'd call for stores, the merch mix there, that includes the balance of price points. We have a broad offer, and we need to manage that well to have everything from Vans to Valentino, and our team had a good job on that. And also really being -- having authority around our best brands to make sure let's talk with that.

最後，我會呼籲商店，那裡的商品組合，包括價格點的平衡。我們有廣泛的產品，我們需要很好地管理，才能擁有從 Vans 到 Valentino 的一切產品，我們的團隊在這方面做得很好。而且確實是——對我們最好的品牌擁有權威，以確保我們能夠談論這一點。

On the digital business, we as Cathy mentioned, we had a strong digital business over the quarter. Some of it's -- again, I think just the execution, the enhancements to search and discovery has been helpful.

在數位業務方面，正如凱西所提到的，我們在本季擁有強勁的數位業務。其中一些——我再次認為，執行、搜尋和發現的增強都是有幫助的。

That balance of price points is particularly important online. And we had a real strong focus on in-stock rates of our fastest-turning items. That was a big part of it. Choice count is always important. That played out a little more in rack.com and nordstrom.com.

價格點的平衡在網路上尤其重要。我們非常關注週轉最快的商品的庫存率。這是其中很大一部分。選擇計數始終很重要。這種情況在rack.com 和nordstrom.com 上表現得更明顯。

And then lastly, as we mentioned, we did launch our marketplace earlier this year. It's still small, but the feedback -- one of the numbers have been a little ahead of our plan. While not material yet, that's also encouraging. And more qualitatively, we've got good feedback from our vendors on that. So we feel like we're on track with our marketplace.

最後，正如我們所提到的，我們確實在今年早些時候推出了我們的市場。它仍然很小，但反饋——其中一個數字已經比我們的計劃提前了一點。雖然還不是實質的，但這也令人鼓舞。從品質上來說，我們從供應商那裡得到了很好的回饋。所以我們覺得我們的市場正在步入正軌。

Dylan Carden, William Blair.

迪倫卡登，威廉布萊爾。

Really appreciate it. Just curious on Rack, particularly as it relates to guidance, did you feel like you had the inventory in that banner from a price point standpoint and just access and availability and flow in a place where that could be a continued source of upside or it barely comping more in line with the peer set there? Go forward back half?

真的很感激。只是對Rack 感到好奇，特別是與指導相關的內容，您是否覺得從價格點的角度來看，您在該橫幅中擁有庫存，並且在一個可能成為持續上漲來源或幾乎沒有上漲空間的地方的訪問、可用性和流動性與那裡的同行更加一致嗎？前進後半段？

Yeah, this is Pete. We're definitely on the right track there. You've heard us talk about great brands at great prices and what makes our offer different in the off-price space is access to some of these premium brands that we carry in the Nordstrom banner.

是的，這是皮特。我們絕對走在正確的軌道上。您已經聽過我們談論偉大的品牌和優惠的價格，而我們的產品在折扣空間中的不同之處在於可以使用我們在 Nordstrom 旗幟下提供的一些優質品牌。

And the more we lean into that, the better we do, we've got a lot of confidence around the proof point of that strategy. Our teams are well connected to the opportunity to be able to procure that merchandise.

我們越傾向於這一點，我們就會做得越好，我們對該策略的證明點充滿信心。我們的團隊與採購該商品的機會有著良好的連結。

And so at least so far, we've seen no reason to believe we can't keep going even as we add new stores there. There's a good opportunity for us to buy great merchandise out there, and we pursue that every day.

因此，至少到目前為止，我們沒有理由相信我們不能繼續前進，即使我們在那裡增加了新商店。我們有很好的機會購買優質商品，我們每天都在追求這個機會。

And just on the beauty side of things, you're calling that out as sort of a bright spot, which bucks the industry right now. Do you feel like you're doing a better job defending share in that channel? Is that just a comparison? How should we think about why you might be outside some of the broader trends in that space? Thanks.

就事物美麗的一面而言，你稱之為某種亮點，這與目前的行業背道而馳。您是否覺得自己在捍衛該通路份額方面做得更好？這只是比較嗎？我們應該如何思考為什麼您可能不在該領域的一些更廣泛的趨勢之外？謝謝。

Yeah, it's Pete again. That's a great question. I think relative to our offer, the low single-digit growth we've had there, it's been solid, been pretty good. But as you're remarking on there, it's the whole industry has done pretty well. So market share is an important thing that we look at.

是的，又是皮特。這是一個很好的問題。我認為相對於我們的報價，我們在那裡的低個位數增長是穩定的，相當不錯。但正如您所說，整個行業都做得很好。因此，市場佔有率是我們關注的重要因素。

And I think it's important that we don't get complacent because we've had pretty good business relative to the rest of our categories. We do pay a lot of attention to what's going on out there relative to market share and we're always really looking for doing better ways to serve customers in that space and thinking about newness and innovation with products.

我認為重要的是我們不要自滿，因為相對於我們的其他類別，我們的業務相當不錯。我們確實非常關注市場份額方面的情況，並且我們一直在尋求更好的方法來服務該領域的客戶，並考慮產品的新穎性和創新性。

So yeah, I don't want to say the signal that we've got it all figured out there and raising it. We know we can do better, and it's a competitive market.

所以，是的，我不想說我們已經解決了所有問題並提出了這個訊號。我們知道我們可以做得更好，而且這是一個競爭激烈的市場。

Thanks. Appreciate it. Thanks a lot.

謝謝。欣賞它。多謝。

Paul Lejuez, Citigroup.

保羅‧勒胡埃斯，花旗集團。

Hey. Thanks, guys. Curious, I don't know if I missed it, but did you say what the performance was during the anniversary sale like numerically outperformed versus the rest of the business during the quarter. And then second, curious if just with the switch to the cost method of accounting, was there any impact on gross margin and/or inventory from that switch in the second quarter? And then if there's anything you should be thinking about in the third quarter related to that switch?

嘿。謝謝，夥計們。很好奇，我不知道我是否錯過了它，但是您是否說過週年銷售期間的表現如何，例如在數字上優於本季度其他業務的表現。其次，好奇如果只是轉向成本會計方法，第二季的這種轉變會對毛利率和/或庫存產生任何影響嗎？那麼，您在第三季是否應該考慮與該轉變相關的任何事情？

Hi, Paul. I'll take the cost accounting. I think the first part of your question was just the performance of anniversary sale, if that's not it and come back at us and Pete can finish up there. Accounting. No, no particular impact, I would call out in the quarter. Remembering when we went we talked about our full year guide at the beginning of the year, we said there's probably about 10 basis points that we are going to see this year.

嗨，保羅。我來進行成本核算。我認為你問題的第一部分只是周年紀念銷售的表現，如果不是這樣，回到我們這裡，皮特可以在那裡完成。會計。不，沒有特別的影響，我會在本季指出。記得我們年初時討論了全年指南，我們說今年可能會看到大約 10 個基點。

And that's it's purely a timing impact as we move between periods from period to period, it's possible that I would say, generally, I would think of cost accounting as the move to cost accounting from retail as a driver of the performance, it really is just a timing conversation at times.

這純粹是時間影響，因為我們在不同時期之間移動，我可能會說，一般來說，我會認為成本會計是從零售轉向成本會計作為績效的驅動因素，它確實是有時只是一次定時談話。

And Pete will finish up if there's anything. I think your question was anniversary performance?

如果有什麼事情的話，皮特會完成的。我想你的問題是周年紀念表演？

Yeah, exactly. Just like how -- was it up or down versus last year during the anniversary sale period.

是的，完全正確。就像週年紀念銷售期間與去年相比是上升還是下降。

Yeah. As we mentioned, we were essentially right on plan and with the sell-throughs and the sales and everything. Yes, it's not remarkable necessarily one way or the other. It was solid. It was good.

是的。正如我們所提到的，我們的計劃、銷售量、銷售額以及一切方面基本上都是正確的。是的，無論從哪一方面來看，這並不一定是引人注目的。它很堅固。很好。

But yes, some categories performed better than others. I think we talked about in women's apparel in particular was the strength there. And we got a lot of good read on newness and fall stuff. So we feel good about that.

但是，是的，某些類別的表現比其他類別更好。我認為我們特別談論的是女裝領域的優勢。我們讀到了很多關於新鮮事物和秋季事物的好書。所以我們對此感覺良好。

Yeah. Good sell-through and good regular price sales year over year, too.

是的。銷售也逐年良好，正常價格銷售也良好。

Yeah.

是的。

Is it above the rest of the quarter or below you think you could talk directionally?

它是高於本季度剩餘時間還是低於您認為可以進行定向討論的價格？

I'm sorry, Paul, can you say that again, we're having a difficult time hearing you.

對不起，保羅，你能再說一次嗎，我們很難聽清楚你的話。

Sorry, just curious if you could say how that period performed versus the rest of the quarter?

抱歉，我只是好奇您是否能說出該時期與本季其餘時間的表現如何？

Now, that period performed, sorry. I understood what you said there, yeah. Yeah. So we didn't call out, obviously, the anniversary sale is in July. And so that impacts and we talked about the impact on the full year versus last year on a year-over-year comparison of the 100 basis points for the full quarter for the total company.

現在，抱歉，那段時期已經完成了。我明白你在那裡說的，是的。是的。所以我們顯然沒有喊出，週年紀念促銷是在七月。因此，我們討論了整個公司整個季度 100 個基點的同比比較對全年與去年的影響。

So there is -- you do see some strength, obviously, in July because of anniversary sale. But I wouldn't have called out -- if you pull that out when they called out, I think, we saw good strength across all months in the quarter.

因此，由於週年紀念促銷，您確實在 7 月看到了一些強勁的勢頭。但我不會喊出來——如果你在他們喊出來的時候把它拿出來，我想，我們在本季度的所有月份都看到了良好的實力。

Thanks so much.

非常感謝。

All right. 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.

好的。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 conference. You may now disconnect your lines at this time. Enjoy the rest of your day.

今天的會議到此結束。此時您可以斷開線路。享受你一天剩下的時間。