諾德斯特龍百貨 (JWN) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Nordstrom third-quarter 2024 earnings conference call.

您好，歡迎參加 Nordstrom 2024 年第三季財報電話會議。

(Operator Instructions) And as a reminder, this conference is being recorded.

（操作員說明）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.

此時，我會將電話轉給 Nordstrom 投資人關係主管 Jamie Duies。

Thank you. You may begin.

謝謝。你可以開始了。

Good afternoon and thank you for joining us.

下午好，感謝您加入我們。

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

在開始之前，我想提一下，我們將參考投影片，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 third-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三季的業績。

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.

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。

Reconciliations to the most directly comparable GAAP measures can be found in our Q3 2024 earnings press release, which is available on our website.

與最直接可比較的 GAAP 衡量標準的調整可以在我們的 2024 年第三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 prior announcements regarding the Board of Directors' exploration of potential avenues to enhance shareholder value, the formation of a special committee to evaluate any proposal that might be presented by members of the Nordstrom family to take the company private, and the receipt of such proposal on September 3.

在我們開始之前，我想感謝公司先前宣布的有關董事會探索提高股東價值的潛在途徑、成立特別委員會來評估 Nordstrom 家族成員可能提出的任何提案的公告。類提案。

We will not be commenting on this topic or speaking to this matter during our call today.

在今天的電話會議中，我們不會評論這個主題或談論此事。

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。

Thanks for joining us today.

感謝您今天加入我們。

I'll start with our third quarter performance and discuss the progress we have made against our three priorities and finish with some comments on the current retail environment.

我將從第三季的業績開始，討論我們在三個優先事項方面的進展，最後對當前零售環境發表一些評論。

In the third quarter, our efforts to enhance the customer experience continue to resonate, enabling growth in net and comparable sales, margin expansion, and an increase in our customer base.

第三季度，我們增強客戶體驗的努力繼續產生共鳴，實現了淨銷售額和可比銷售額的成長、利潤率的擴大以及客戶群的增加。

We delivered solid results with net sales reaching over $3.3 billion, along with earnings per share of $0.33.

我們取得了穩健的業績，淨銷售額超過 33 億美元，每股收益為 0.33 美元。

Both Nordstrom and Nordstrom Rack delivered 4% comparable sales growth.

Nordstrom 和 Nordstrom Rack 的可比銷售額成長了 4%。

We're particularly encouraged that our online business sustained its momentum with digital sales growth of over 6%.

我們尤其感到鼓舞的是，我們的線上業務保持了強勁的勢頭，數位銷售成長超過 6%。

Customers responded to newness and our selection of the brands that matter most to them, driving positive total company net sales growth for the fourth consecutive quarter.

客戶對新鮮事物以及我們選擇對他們來說最重要的品牌做出了反應，推動公司總淨銷售額連續第四個季度實現正成長。

Moving on to our three priorities for the year of driving Nordstrom banner growth, operational optimization, and building on the momentum at the Rack.

接下來是我們今年的三個優先事項：推動 Nordstrom 橫幅成長、營運優化以及鞏固 Rack 的勢頭。

Driving Nordstrom banner growth is a key part of our strategy, and we continue to make progress during the third quarter.

推動 Nordstrom 橫幅成長是我們策略的關鍵部分，我們在第三季度繼續取得進展。

A curated selection of merchandise with greater depth in our customers' favorite brands across our fleet, and not just in our largest stores, helped drive the results.

我們在整個車隊（而不僅僅是在我們最大的商店）中精心挑選了更深入的客戶最喜愛的品牌商品，這有助於推動業績成長。

As an omnichannel retailer, we have to be prepared to serve customers when, where, and how they want to shop and service is always our number one priority.

作為全通路零售商，我們必須做好準備，在客戶希望的時間、地點和方式購物時為他們提供服務，而服務始終是我們的首要任務。

Our customers define what good service is, not us, and our teams are very focused on taking care of each and every customer who shop with us.

什麼是優質服務是由我們的客戶定義的，而不是我們，我們的團隊非常專注於照顧每位在我們這裡購物的客戶。

We take this commitment to serving our customers seriously from the initial greeting to providing assistance and a point of view at the fitting room to completing the sale.

我們恪守這項承諾，認真為客戶服務，從最初的問候到在試衣間提供幫助和觀點，再到完成銷售。

For our customers that prefer to shop online, we aim to make the experience seamless and engaging through technology.

對於喜歡線上購物的客戶，我們的目標是透過科技提供無縫且有吸引力的體驗。

At Nordstrom.com, net sales growth in the third quarter was supported by the enhancements to the search and discovery functionality on our site and in our app as well as improvements in our assortment, especially of items under $100 in price.

在 Nordstrom.com，第三季的淨銷售額成長得益於我們網站和應用程式中搜尋和發現功能的增強，以及我們品種的改進，尤其是價格低於 100 美元的商品。

We continue to scale our marketplace business in the third quarter, which now has over 300 sellers offering a wide selection to our customers.

我們在第三季繼續擴大我們的市場業務，目前擁有 300 多家賣家，為我們的客戶提供廣泛的選擇。

We look forward to continuing to grow this business in 2025 and beyond.

我們期待在 2025 年及以後繼續發展這項業務。

Another key priority for this year is operational optimization.

今年的另一個關鍵優先事項是營運優化。

Given the progress our supply chain team has made on reducing operating expenses, they have expanded their focus to increasing speed by quickly getting orders to our customers' doorsteps and moving product efficiently through our network to provide relevance and freshness.

鑑於我們的供應鏈團隊在降低營運費用方面取得的進展，他們將重點擴大到透過快速將訂單送到客戶家門口並透過我們的網路有效地移動產品以提供相關性和新鮮度來提高速度。

We know our customers desire speed, which can improve the customer experience as well as our financial outcome.

我們知道客戶渴望速度，這可以改善客戶體驗以及我們的財務成果。

For example, faster fulfillment and delivery of items drove an over 40% improvement in the speed of customer returns in the third quarter.

例如，更快的商品履行和交付使第三季的客戶退貨速度提高了 40% 以上。

Returns that come in faster mean that we can process, inspect and get the items back into our inventory in a sellable condition in less time, increasing the product's overall full price exposure.

更快的退貨意味著我們可以在更短的時間內處理、檢查並以可銷售的狀態將商品放回我們的庫存中，從而增加產品的整體全價風險。

Throughout the year, the supply chain team's efforts have also supported our new Rack store opening successfully.

一年來，供應鏈團隊的努力也支撐了我們新Rack店的成功開幕。

More recently, they have positioned us well heading into holiday in terms of inventory flow, staffing, and shipping capacity.

最近，他們在庫存流量、人員配備和運輸能力方面使我們在假期前處於有利地位。

We also continue to advance our priority to build on the momentum at the Rack during the third quarter.

我們也將繼續推進我們的優先事項，以鞏固第三季 Rack 的勢頭。

Our strategy of offering great brands at great prices continues to give customers a reason to choose Nordstrom Rack.

我們以優惠價格提供優質品牌的策略繼續為客戶提供選擇 Nordstrom Rack 的理由。

In the third quarter, customers responded positively to our offering, driving net sales growth higher for the fourth consecutive quarter.

第三季度，客戶對我們的產品反應積極，推動淨銷售額連續第四個季度成長。

We also opened 12 new stores during Q3, bringing the full year total to 23, which is consistent with our plans to open 20 to 25 new Racks per year.

我們還在第三季開設了 12 家新店，使全年總數達到 23 家，這與我們每年開設 20 至 25 家新貨架的計劃一致。

New Rack stores continue to be a great investment for us as they deliver a solid return on capital while attracting new customers.

新的 Rack 商店對我們來說仍然是一項巨大的投資，因為它們在吸引新客戶的同時帶來了豐厚的資本回報。

NordstromRack.com remains a differentiator in off-price retail, enabling customers to shop when and how they want.

NordstromRack.com 仍然是折扣零售領域的競爭者，讓顧客隨時隨地以自己想要的方式購物。

Rack digital sales growth in the third quarter was driven by an expanded online merchandise offering, as well as focused efforts to maintain high in-stock rates in our fastest-selling items.

第三季的貨架數位銷售成長得益於線上商品供應的擴大，以及我們努力維持最暢銷商品的高庫存率。

Towards the end of the quarter, we launched store fulfillment for Rack digital orders in over 100 of our Rack stores around the country.

到本季末，我們在全國 100 多家 Rack 商店推出了 Rack 數位訂單的商店履行服務。

Our efforts to improve the integrity of our inventory are enabling us to work towards optimizing that part of our store operations prior to expanding to our entire fleet of Rack stores.

我們為提高庫存完整性所做的努力使我們能夠在擴展到整個 Rack 商店之前先優化這部分商店營運。

We're also excited to have launched buy online and pick up in stores at those same 100-plus Rack stores for the first time ever in the third quarter.

我們也很高興在第三季首次在這 100 多家 Rack 商店推出線上購買和店內取貨服務。

This allows NordstromRack.com shoppers to purchase select items online and pick them up same day in their nearest Rack location.

這使得 NordstromRack.com 的購物者可以在線上購買精選商品，並在當天在最近的 Rack 地點取貨。

We're pleased with the early results of these new services and are excited about the opportunity to better serve our customers, drive sales, and expand margins.

我們對這些新服務的早期成果感到滿意，並對有機會更好地服務客戶、推動銷售和擴大利潤感到興奮。

Looking ahead, the fourth quarter is a significant one for us and provides us with the important opportunity to serve our customers.

展望未來，第四季對我們來說是重要的一個季度，為我們提供了服務客戶的重要機會。

Across the company, our teams are focused on executing an exceptional holiday shopping experience with gifts for everyone at every budget and enhanced digital experience, convenience services, and festive events, both in stores and online.

在整個公司內，我們的團隊致力於打造卓越的假期購物體驗，為每個人提供各種預算的禮物，並在商店和網上提供增強的數位體驗、便利服務和節日活動。

While we are excited about and well prepared for the holiday season, there was a noticeable decline in sales trends towards the end of October.

雖然我們對假期感到興奮並做好了充分準備，但十月底的銷售趨勢卻明顯下降。

As you'll hear from Cathy in a moment, we are updating our full-year guidance, which takes the slowdown into consideration.

正如您稍後會從凱西那裡聽到的那樣，我們正在更新全年指導，其中考慮了經濟放緩的情況。

In advance of this holiday season, I want to thank our teams across the company for their hard work and taking care of our customers during this busy time.

在這個假期之前，我要感謝我們整個公司的團隊在這個繁忙的時期的辛勤工作和對客戶的照顧。

We're excited about the season and wish everyone a happy holiday.

我們對這個季節感到興奮，並祝大家假期愉快。

I'll now turn it over to Pete.

我現在把它交給皮特。

Thank you, Erik, and good afternoon, everyone.

謝謝你，埃里克，大家下午好。

My remarks today will focus on merchandise performance, our inventory position, and some highlights of what we have planned for holiday.

我今天的演講將重點關注商品表現、我們的庫存狀況以及我們假期計劃的一些亮點。

We know that our customers have a lot of choices when it comes to shopping which is why we offer a selection of their favorite brands as well in new and emerging ones, enabling the discovery of new looks and styles.

我們知道，客戶在購物時有很多選擇，因此我們提供一系列他們最喜歡的品牌以及新興品牌，讓他們發現新的外觀和風格。

In stores, merchandising is all about curating an assortment of our best brands that appeal to our customers.

在商店中，商品推銷就是策劃一系列能吸引顧客的最佳品牌。

This year, we've edited out some brands in order to amplify the best ones to create focus and a point of view in our stores.

今年，我們刪除了一些品牌，以擴大最好的品牌，在我們的商店中創造焦點和觀點。

In our digital business, we aim to serve more customers on more occasions with more choices.

在數位化業務中，我們的目標是在更多場合、更多選擇中服務更多客戶。

We're encouraged that our teams are executing well on both of these merchandising strategies.

我們的團隊在這兩項行銷策略上都表現出色，這讓我們深受鼓舞。

From a total company perspective, the top-performing categories in the third quarter were women's apparel, active, shoes, and men's apparel.

從整個公司的角度來看，第三季表現最好的類別是女裝、運動服、鞋履和男裝。

I'll first cover our merchandise performance at each of our banners.

我將首先介紹我們每個橫幅的商品表現。

In our Nordstrom banner, we've been focused on building selection and depth in our customers' favorite brands across all stores, particularly in women's apparel this year.

在我們的諾德斯特龍旗幟下，我們一直致力於在所有商店中建立客戶最喜歡的品牌的選擇和深度，特別是今年的女裝。

In the third quarter, leading brands such as Vince and Veronica Beard helped drive mid-teens growth in this category.

第三季度，Vince 和 Veronica Beard 等領先品牌幫助推動了該類別的中位數成長。

Active, which includes apparel and shoes, continued its impressive run as a top category at our Nordstrom banner.

Active（包括服裝和鞋履）繼續成為 Nordstrom 旗下頂級類別，令人印象深刻。

Relevant brand offerings drove low teens growth, led by some of our customers' favorites such as On Running, HOKA, and Vuori.

相關品牌產品推動了青少年的低成長，其中以 On Running、HOKA 和 Vuori 等客戶最喜愛的產品為首。

The shoes category is an important one for us, given our company's history, and it performed well in the third quarter.

鑑於我們公司的歷史，鞋子類別對我們來說是一個重要的類別，並且在第三季度表現良好。

One of the contributors to the growth was our make room for shoes campaign, which highlights certain of our customers' favorite brands with new and unique inventory each month.

成長的貢獻者之一是我們為鞋子騰出空間的活動，該活動每月都會透過新的、獨特的庫存來突出客戶最喜歡的某些品牌。

The third quarter strength in women's shoes was fueled by notable sales increases from brands, including Stuart Weitzman, Veronica Beard, and Vince.

女鞋第三季的強勁成長得益於 Stuart Weitzman、Veronica Beard 和 Vince 等品牌銷售的顯著成長。

Men's apparel, another important category for us, rounds out our top performers in the third quarter.

男裝是我們的另一個重要類別，在第三季表現最佳。

Similar to our efforts in women's, we have focused on providing more consistent assortments and increased selection across our fleet of stores.

與我們在女裝方面的努力類似，我們致力於在我們的門市中提供更一致的品種和更多的選擇。

In the third quarter, men's apparel growth was driven by dresswear and contemporary styles.

第三季度，男裝成長是由正裝和現代風格推動的。

At the Rack, our strategy of offering great brands at great prices resonated with customers in the third quarter, driving double-digit top line growth.

在 Rack，我們以優惠價格提供優質品牌的策略在第三季引起了客戶的共鳴，推動了兩位數的營收成長。

From a merchandise perspective, in women's apparel, premium denim and dresses were strong performers in the third quarter.

從商品角度來看，女裝中，優質牛仔布和洋裝在第三季表現強勁。

The active category sustained its double-digit growth driven by active shoes.

在運動鞋的推動下，運動類別保持了兩位數的成長。

In men's apparel, sportswear drove the largest volume game, and rounding up the top categories in Q3 is shoes, which was led by casual sneakers.

在男士服裝中，運動裝帶動了最大的銷售遊戲，而第三季度排名靠前的類別是鞋類，其中以休閒運動鞋為主導。

I'd like to also make some comments about our Nordstrom private brands, which are available at both banners.

我還想對我們的 Nordstrom 自有品牌發表一些評論，這些品牌在兩個橫幅上都可以找到。

We continue to be pleased with the customer response and performance.

我們對客戶的反應和表現仍然感到滿意。

In the third quarter, Nordstrom, Zella, and Open Edit were strong performers, helping to drive double-digit growth in sales of our private brands as customers recognize the quality, style, and value of our offering.

第三季度，Nordstrom、Zella 和 Open Edit 表現強勁，隨著客戶認可我們產品的品質、風格和價值，幫助推動我們自有品牌的銷售額實現兩位數成長。

Moving on to our inventory position at the end of which grew 6% year over year versus 5% in sales.

我們的庫存狀況在年底年增 6%，而銷售額年增 5%。

Inventory growth in the third quarter was partially driven by some seasonal categories such as boots, sweaters, and outerwear that were slower in some parts of the country.

第三季庫存成長的部分原因是靴子、毛衣和外套等季節性類別在該國某些地區的銷售放緩。

At the Nordstrom banner, our inventory is highly penetrated with our best brands and consists of lower clearance and aged inventory versus a year ago.

在 Nordstrom 旗下，我們的庫存高度滲透了我們最好的品牌，與一年前相比，清倉率較低，庫存陳舊。

At the Rack, inventories are higher than last year, yet also over-indexed to the best-performing brands.

在貨架上，庫存高於去年，但也過度索引了表現最佳的品牌。

Driving the growth is the inventory needed to ramp up our new Rack stores as well as an increased selection available on NordstromRack.com, where we've added over 30,000 customer choices to the site.

推動成長的因素是增加新 Rack 商店所需的庫存以及 NordstromRack.com 上提供的更多選擇，我們已在網站上添加了超過 30,000 個客戶選擇。

While our inventory growth in the third quarter was slightly higher than we prefer, we continue to feel good about the content of our inventory.

雖然我們第三季的庫存成長略高於我們的預期，但我們仍然對庫存內容感到滿意。

Turning to a few of the highlights of what we have planned for holiday, we're excited about the season and the opportunities that lie ahead for us in the fourth quarter.

談到我們計劃的假期的一些亮點，我們對這個季節以及第四季度擺在我們面前的機會感到興奮。

This year, we're making our customers' holiday shopping easy and fun, prioritizing a well-rounded assortment across both banners that blends relevance and inspiration at all price points.

今年，我們致力於讓客戶的假期購物變得輕鬆有趣，優先考慮兩個橫幅的全面分類，在所有價位上融合相關性和靈感。

We recently launched our 2024 holiday catalog with items focused on gifting and holiday dressing.

我們最近推出了 2024 年節日目錄，其中的商品專注於禮品和節日服飾。

In apparel, sweaters are a key gifting item and our teams have curated a great selection.

在服裝方面，毛衣是重要的禮品，我們的團隊精心挑選了多種選擇。

In beauty, the teams have been focused on making Nordstrom the destination to shop for luxury fragrances this holiday season, building on momentum in this area.

在美妝領域，團隊一直致力於將 Nordstrom 打造成這個假期購買奢華香水的目的地，以鞏固該領域的發展勢頭。

At the Rack, we're invested across categories and price points to offer customers a relevant selection of great brands at great prices.

在 Rack，我們在各個類別和價位上進行投資，以優惠的價格為客戶提供相關的優質品牌選擇。

As Erik mentioned, we're making it easier to shop with the addition of buy online, pick ip in store in over 100 of our Rack locations.

正如 Erik 所提到的，我們在 100 多個 Rack 地點增加了線上購買、店內挑選的功能，讓購物變得更加容易。

We're also introducing Rush the Rack, an exclusive new app feature for Nordy Club members, notifying them about the newest in-store merchandise arrivals so they can be the first to shop.

我們還推出了 Rush the Rack，這是 Nordy Club 會員獨有的新應用程式功能，通知他們最新的店內商品到貨，以便他們能夠第一個購物。

We're hosting experiences and events to celebrate the holiday from virtual events with fashion experts, to festive in-store experiences across the country like Letters to Santa, Holiday Glam Up days, the one-day only Beauty Bash, and more.

我們舉辦各種體驗和活動來慶祝節日，從與時尚專家一起進行的虛擬活動，到全國各地的節日店內體驗，如給聖誕老人的信、節日魅力日、僅限一日的美容狂歡等等。

At our New York City flagship store, our special holiday activation includes hosting daily Santa snow shows, offering a holiday weekend brunch series.

在我們的紐約旗艦店，我們的特別節日活動包括每天舉辦聖誕老人雪景表演，提供假日週末早午餐系列。

And starting tomorrow, we're unveiling The Blizz on 57th Street, which will feature larger-than-life talking inflatable characters throughout the store.

從明天開始，我們將在 57 街推出 The Blizz，店內各處都會出現具有傳奇色彩的會說話的充氣人物。

We're excited to be providing customers with fun and engaging experiences this holiday season.

我們很高興能夠在這個假期為客戶提供有趣且引人入勝的體驗。

Before I turn it over to Cathy, I'd like to echo Erik's comments thanking our teams for the hard work that they do in providing service to our customers all year, as well as wishing them and all of you happy holidays.

在我將其交給 Cathy 之前，我想回應 Erik 的評論，感謝我們的團隊全年為客戶提供服務所付出的辛勤工作，並祝他們和大家節日快樂。

We'll now go to Cathy for an update on our financial results.

我們現在將向凱西了解我們財務業績的最新情況。

Thanks, Pete, and thank you all for joining us.

謝謝皮特，也謝謝大家加入我們。

I'll begin by covering our third quarter-results, then discuss our outlook, and close with our capital allocation priorities.

我將首先介紹我們的第三季業績，然後討論我們的前景，最後討論我們的資本配置優先事項。

In the third quarter, we again delivered solid results with growth in net sales and EBIT, as well as margin expansion.

第三季度，我們再次取得了穩健的業績，淨銷售額和息稅前利潤的成長以及利潤率的擴大。

Total company net sales increased 4.6% in the third quarter, driven by positive results at both banners.

受兩個品牌積極業績的推動，第三季公司總淨銷售額成長了 4.6%。

The timing shift of the anniversary sale with one day falling in the third quarter this year versus eight days last year, had a negative impact on net sales of approximately 100 basis points.

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，對淨銷售產生了約 100 個基點的負面影響。

Comparable sales increased 4% with positive comps in both banners and particular strength in digital channels.

可比銷售額成長了 4%，這兩個橫幅廣告都取得了積極的成績，而且數位管道的實力尤其強勁。

GMV increased 5.3% in the third quarter.

第三季GMV成長5.3%。

Nordstrom banner net sales increased 1.3%, while comparable sales grew 4%.

Nordstrom 旗下淨銷售額成長 1.3%，可比銷售額成長 4%。

The difference is mainly due to the use of a realigned calendar for comparable sales, which eliminates the approximately 200 basis point negative impact from the timing of the anniversary sale, which is reflected in net sales.

差異主要是由於可比較銷售額使用了重新調整的日曆，從而消除了周年銷售時間表帶來的約 200 個基點的負面影響（反映在淨銷售額中）。

Nordstrom Rack net sales increased 10.6%, with comparable sales increasing 3.9%.

Nordstrom Rack 淨銷售額成長 10.6%，可比銷售額成長 3.9%。

Digital sales grew 6.4% in Q3, and representing the sixth consecutive quarter of sequential improvement.

第三季數位銷售額成長 6.4%，連續第六個季度營收成長。

The timing shift of the anniversary sale had a negative impact on digital sales of approximately 100 basis points.

週年紀念銷售的時間變化對數位銷售產生了約 100 個基點的負面影響。

Digital sales represented 34% of total sales during the quarter.

數位銷售額佔該季度總銷售額的 34%。

Gross profit as a percentage of net sales expanded 60 basis points to 35.6%, primarily on strong regular price sales.

毛利佔淨銷售額的百分比擴大了 60 個基點，達到 35.6%，主要得益於強勁的正常價格銷售。

Ending inventory increased 5.9% versus a year ago.

期末庫存較上年同期成長 5.9%。

As Pete noted, the quality of our inventory is good, although the level is slightly higher than we want.

正如皮特指出的，我們的庫存質量很好，儘管水平略高於我們想要的水平。

Selling, general, and administrative expenses as a percentage of net sales of 36.6% increased 25 basis points compared with 36.3% in the year-ago quarter.

銷售、一般和管理費用佔淨銷售額的比例為 36.6%，比去年同期的 36.3% 增加了 25 個基點。

This was primarily due to higher labor costs and a charge related to accelerated technology depreciation that were partially offset by leverage on higher sales and improvements in variable costs across the business.

這主要是由於勞動力成本上升以及與技術加速折舊相關的費用，但部分被銷售額增加和整個業務可變成本改善的槓桿所抵消。

SG&A expenses, after excluding the $14 million in accelerated technology depreciation, decreased to 36.2%.

扣除 1,400 萬美元的加速技術折舊後，SG&A 支出下降至 36.2%。

Our EBIT margin expanded 45 basis points to 2.9%, and driven by a more than 25% year-over-year increase in the EBIT dollars in the third quarter.

在第三季息稅前利潤年增超過 25% 的推動下，我們的息稅前利潤率擴大了 45 個基點，達到 2.9%。

Income tax expense of $11 million, or 18.9% of pretax earnings, was higher than the 14.2% recorded in the year ago quarter.

所得稅費用為 1,100 萬美元，佔稅前收益的 18.9%，高於去年同期的 14.2%。

Last year's income tax benefited from the wind-down of our Canadian operations.

去年的所得稅受益於我們加拿大業務的縮減。

Third quarter EPS of $0.33 is favorable to last year's $0.25, largely driven by leverage on higher sales as well as the expansion of our gross margin.

第三季每股收益為 0.33 美元，優於去年的 0.25 美元，這主要是由於銷售額增加的槓桿作用以及毛利率的擴大。

We ended the third quarter with $1.2 billion in available liquidity, including just under $400 million in cash.

第三季末，我們擁有 12 億美元的可用流動資金，其中包括近 4 億美元的現金。

Our balance sheet and financial position remains solid.

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 third-quarter results and the current environment.

在展望我們的前景之前，我想對我們第三季的業績和當前環境進行一些補充評論。

Our efforts to improve the customer experience are taking hold, as evidenced by the strength of our top line.

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。

In the third quarter, we again grew our customer count, reported an increase in customer trips, and expanded our margins.

第三季度，我們的客戶數量再次增加，客戶出行量增加，利潤率擴大。

Our credit card revenues as a percentage of total revenue declined modestly versus Q3 of last year, continuing the trend that we've experienced all year.

我們的信用卡收入佔總收入的百分比與去年第三季相比略有下降，延續了我們全年經歷的趨勢。

The decline was driven by higher losses partially offset by higher balances within the portfolio.

下跌的原因是損失增加，但投資組合內餘額增加部分抵消了損失增加。

This was consistent with our expectations.

這與我們的預期一致。

Turning to the current environment and our outlook for the year.

談談當前的環境和我們對今年的展望。

While we continue to be pleased with our year-to-date results, the external environment remains uncertain.

儘管我們對今年迄今的業績仍感到滿意，但外部環境仍存在不確定性。

As Erik mentioned earlier, we did experience softness in sales that started around the end of October.

正如埃里克之前提到的，我們確實經歷了從十月底開始的銷售疲軟。

We also have a shorter holiday season by five days this year.

今年我們的假期也縮短了五天。

And as a reminder, the 53rd week benefited fourth quarter net sales by 460 basis points last year.

提醒一下，去年第四季的第 53 週淨銷售額成長了 460 個基點。

When considering the puts and takes and appreciating that we typically realize about 30% of the full year's net sales and approximately 40% of our annual EBIT in the fourth quarter, we believe it is prudent to remain appropriately cautious with our outlook.

當考慮看跌期權和看跌期權並認識到我們通常在第四季度實現全年淨銷售額的約30% 和年度息稅前利潤的約40% 時，我們認為對我們的前景保持適當謹慎是謹慎的做法。

As such, we are updating and modestly increasing our outlook for revenue and comparable sales for the year.

因此，我們正在更新並適度提高對今年收入和可比銷售額的預期。

Our updated guidance includes: full-year revenue in the range of flat to an increase of 1%, which includes a headwind of approximately 135 basis points from the 53rd week in 2023's results.

我們更新後的指引包括：全年營收持平至成長 1%，其中包括與 2023 年第 53 週業績相比約 135 個基點的逆風。

We now expect total company comparable sales growth of 1% to 2% in 2024 versus 52 weeks in 2023.

我們現在預計 2024 年公司總可比銷售額將成長 1% 至 2%，而 2023 年為 52 週。

As our fiscal 2023 included a 53rd week, we calculate our 2024 comparable sales growth using a realigned 52-week 2023 period for comparability.

由於我們的 2023 財年包括第 53 週，因此我們使用重新調整的 2023 年 52 週期間來計算 2024 年的可比銷售成長，以實現可比性。

Turning to profitability.

轉向盈利能力。

We continue to expect a full year EBIT margin in the range of 3.6% to 4%.

我們繼續預計全年息稅前利潤率將在 3.6% 至 4% 之間。

We continue to expect our effective tax rate to be approximately 27% for the full year.

我們仍然預計全年有效稅率約為 27%。

From an earnings per share perspective, we expect full-year results in the range of $1.75 to $2.05 excluding the impact of any share repurchases.

從每股盈餘的角度來看，我們預計全年業績在 1.75 美元至 2.05 美元之間，不包括任何股票回購的影響。

As a reminder, we continue to expect charges approximating 10 basis points to our reported SG&A expense as a percentage of net sales in the fourth quarter related to the accelerated technology depreciation we mentioned.

提醒一下，我們仍然預計，由於我們提到的技術加速折舊，第四季度的銷售費用占我們報告的 SG&A 費用佔淨銷售額的百分比約為 10 個基點。

Our capital allocation priorities remain unchanged.

我們的資本配置重點維持不變。

We'll invest in the business to better serve our customers with high return projects, reduce our leverage, and return cash to shareholders.

我們將投資該業務，以透過高回報項目更好地為客戶服務，降低槓桿率，並將現金返還給股東。

Last week, our Board of Directors declared a quarterly cash dividend of $0.19 per share.

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 area and priorities are resonating with customers. driving top line strength and expanding margins.

最後，我們感到鼓舞的是，我們的重點領域和優先事項與客戶產生了共鳴。推動營收實力並擴大利潤率。

I would also like to echo Erik and Pete's comments thanking the teams across the organization for their commitment and dedication to serving our customers, as well as wishing everyone a happy holiday season.

我還想附和埃里克和皮特的評論，感謝整個組織的團隊為服務客戶所做的承諾和奉獻，並祝福每個人都有一個快樂的假期。

We thank you for your interest in Nordstrom.

我們感謝您對 Nordstrom 的關注。

Jamie, we are ready for questions.

傑米，我們準備好回答問題了。

Thank you, Cathy.

謝謝你，凱西。

Before we get started with Q&A, the asset participants, please limit themselves to one question and one follow-up.

在我們開始問答之前，資產參與者請限制自己提出問題和後續行動。

We'll now move to the Q&A session.

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.

午安.

Thank you for taking our question.

感謝您提出我們的問題。

Erik, can you speak to the health of the Nordstrom consumer by banner today?

Erik，您今天能透過橫幅談論 Nordstrom 消費者的健康嗎？

Can you elaborate on the drivers of the slowdown that you saw in late October?

能否詳細說明 10 月底經濟放緩的驅動因素？

How have holiday sales trends been performing November quarter-to-date?

十一月季度至今假日銷售趨勢表現如何？

Hi, Brooke.

嗨，布魯克。

Yeah, let me talk about third quarter first.

是的，我先談談第三季。

We saw good health for our customers across both banners and across income cohorts.

我們看到我們的客戶無論是在不同的旗幟還是在不同的收入群體中都保持良好的健康。

We saw improved spend across all income cohorts healthiest gains within our higher income group.

我們看到所有收入群體的支出都有所改善，在我們的高收入群體中取得了最健康的收益。

As far as the Q4 slowdown really drove a lot of information on that.

就第四季的經濟放緩而言，確實帶來了許多相關資訊。

It's a couple of weeks into the quarter, and we just thought that the prudent thing would be to share what we saw, which is a decline in trend there.

該季度已經過去幾週了，我們認為謹慎的做法是分享我們所看到的情況，即趨勢下降。

But it's too early to pull that apart.

但現在將其分開還為時過早。

Great.

偉大的。

And then as a follow-up, Cathy, as you look ahead, what do you see as the most important drivers of multiyear EBIT margin expansion?

然後，作為後續行動，Cathy，當您展望未來時，您認為多年息稅前利潤率擴張的最重要驅動因素是什麼？

Are there any puts or takes we should be considering as you round out 2024 and move into 2025?

當 2024 年即將結束並進入 2025 年時，我們是否應該考慮任何看跌期權或看跌期權？

Good afternoon, Brooke.

下午好，布魯克。

First and foremost, the top line is always going to be the best contributor for EBIT margin expansion.

首先也是最重要的是，收入始終是息稅前利潤率擴張的最佳貢獻者。

We're off to a good start this year.

今年我們有一個好的開始。

If you think we're north of 4% year-to-date in top line growth, which is great.

如果你認為今年迄今為止我們的收入成長超過 4%，那就太好了。

That's going to be our biggest contributor to continuing to expand EBIT margin in the future.

這將是我們未來繼續擴大息稅前利潤率的最大貢獻者。

As we've shared in the past as well, we've got a little bit of work to do on a couple of areas that are clearly important as we moved have moved to being an omnichannel retailer, namely supply chain and technology.

正如我們過去所分享的那樣，隨著我們成為全通路零售商，我們在幾個顯然很重要的領域中還有一些工作要做，即供應鏈和技術。

We want to make sure that we continue to invest there, but make sure that we start to gain the benefits of those investments as well as we move forward.

我們希望確保我們繼續在那裡投資，但確保我們開始獲得這些投資的好處並繼續前進。

Those are going to be our biggest opportunities for EBIT expansion.

這些將是我們擴展息稅前利潤的最大機會。

And then lastly, I'll just mention it because we have each quarter, shrink remains at an all-time high. long term, in order for us to get to substantially expanded margins, we're going to need that to come back down.

最後，我只想提一下，因為我們每季的收縮率都保持在歷史最高水準。從長遠來看，為了使我們能夠大幅擴大利潤率，我們需要將其回落。

We're really pleased with what we've seen with the investments we've been making this year, we're starting to see some progress there.

我們對今年的投資感到非常滿意，我們開始看到一些進展。

But as we've shared before, we're at historically high levels.

但正如我們之前分享的那樣，我們處於歷史高位。

I put all three of those things into EBIT margin expansion.

我將這三件事納入息稅前利潤率擴張中。

Great.

偉大的。

Thank you so much.

太感謝了。

I'll pass it on.

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, everyone.

謝謝大家。

Good afternoon.

午安.

So really great ongoing Rack growth.

機架的持續成長確實非常出色。

Great to hear about the expanding customer count as well.

很高興聽到客戶數量不斷增加。

Just curious how we can characterize new customers versus higher spend per customer at Rack?

只是好奇我們如何區分 Rack 的新客戶與每位客戶的更高支出？

And then just any way to think about what percent of new customer growth at Rack or new customers to the company versus maybe anyone further pivoting from the Nordstrom banner?

然後，有什麼方法可以考慮 Rack 的新客戶成長或公司的新客戶與可能進一步從 Nordstrom 旗幟轉向的人相比，百分比是多少？

And then if I could just follow up, Cathy, any just quick color or context you could share on the receivable growth.

然後，如果我可以跟進，凱茜，您可以分享有關應收帳款增長的任何快速顏色或背景。

Thank you.

謝謝。

I'll start, and I'll give you a chance to chime in.

我先開始，然後給你一個插話的機會。

We have our customer health metrics look good.

我們的客戶健康指標看起來不錯。

We're having customer count growth we're having purchase trips growth across both banners.

我們的客戶數量正在成長，兩個橫幅的購買行程也在成長。

Rack is certainly benefiting from having new stores.

Rack 無疑受益於新店的開設。

Rack new stores is our biggest source of customer acquisition.

開新店是我們最大的獲客來源。

It continues to be that we get good migration from those new customers as they get to know us across both banners and both channels.

當這些新客戶透過兩個橫幅和兩個管道了解我們時，我們仍然從這些新客戶那裡獲得了良好的遷移。

So customer health is looking really good.

因此，客戶的健康狀況看起來非常好。

And the only other thing I would add on that is we did -- as we shared, we saw positive momentum in customers trips and trips per customer, which are all great metrics to continue to launch.

我要補充的唯一一件事是我們所做的——正如我們所分享的，我們看到客戶旅行和每位客戶旅行的積極勢頭，這些都是繼續推出的重要指標。

And then, Simeon, I'm sorry, what was your question on receivables in particular?

然後，西蒙，抱歉，您對應收帳款的具體問題是什麼？

I think it looked like they grew maybe a little bit quicker than typical.

我認為它們的生長速度可能比一般情況要快一些。

So just if there's any context there?

那如果有任何上下文呢？

Any color?

有什麼顏色嗎？

Yeah.

是的。

Nothing stands out in particular.

沒有什麼特別突出的。

Great.

偉大的。

Thanks a lot, guys, and best of luck for the holidays and hope you have a nice Thanksgiving.

非常感謝，夥計們，祝假期好運，希望你們感恩節過得愉快。

Thank you as well.

也謝謝你。

Oliver Chen, TD Cowen.

奧利佛·陳，TD·考恩。

Hi, Erik, Pete, and Cathy.

嗨，艾瑞克、皮特和凱西。

As we look ahead, how are you -- what does guidance include for promotions and merchandise margins also as we model inventory growth, what are your thoughts on inventory relative to sales growth?

當我們展望未來時，您怎麼樣？

And then finally, on the product execution, it sounds like a lot of things are working well, which is great.

最後，在產品執行方面，聽起來很多事情都很順利，這很棒。

How might you compare and contrast the Rack product execution relative to full-line and opportunities you see for category improvement?

您如何比較和對比 Rack 相對於全線產品的執行以及您看到的品類改進機會？

Oliver, there's a lot there.

奧利佛，那裡有很多東西。

Good afternoon and thank you.

下午好，謝謝。

Maybe I'll dish off a little bit.

也許我會稍微減少一點。

I'll start with inventory, but then maybe Pete can talk a little bit about our assortment by banner and the execution there.

我將從庫存開始，但也許皮特可以按橫幅談談我們的分類以及那裡的執行情況。

We're excited with the progress we keep making.

我們對不斷取得的進展感到興奮。

And then we can -- the merch margin question, I think, is actually a pretty simple one.

然後我們可以——我認為，商品利潤問題其實是一個非常簡單的問題。

Just really good strength and rate price sell-through, and we shared that, I think, in the materials in the remarks.

只是非常好的實力和價格銷售率，我認為我們在評論的材料中分享了這一點。

On inventory versus sales, maybe I can start with that one, and then I'll turn it over to Pete and/or Erik.

關於庫存與銷售，也許我可以從這個開始，然後我會將其交給皮特和/或埃里克。

We always strive to have the rate of sales consistent with the inventory growth.

我們始終努力使銷售速度與庫存成長保持一致。

I'll just start there.

我就從這裡開始吧。

We like it to be balanced or to have a positive spread of sales over inventory.

我們希望銷售量與庫存量保持平衡或呈正向分佈。

That would mean then inventory is a little higher than we wanted right now.

這意味著庫存比我們現在想要的要高一些。

We have shared that with you guys.

我們已經與大家分享了這一點。

We're working to make sure that we're clean as we come out of the quarter.

我們正在努力確保本季度結束時我們是乾淨的。

That's really important as we bring in that spring newness coming into next year.

這非常重要，因為我們將在明年帶來春天的新鮮感。

The inventory growth that we did see is largely to support our Rack banner consistent with last quarter.

我們確實看到的庫存成長很大程度上是為了支持我們的機架橫幅與上季保持一致。

So as we think about the additional new store openings will we support that with the inventory.

因此，當我們考慮開設更多新店時，我們是否會透過庫存來支持這一點。

We have increased the choice count for Rack.com, which is helping to drive some of its success.

我們增加了 Rack.com 的選擇數量，這有助於推動其成功。

But that, obviously, we want to support that with inventory as well.

但顯然，我們也希望透過庫存來支持這一點。

And then lastly, I would say the inventory quality is good.

最後，我想說庫存品質很好。

So we continue to watch the quality of the inventory and the aging and make sure that we are staying in a really good and healthy place there.

因此，我們繼續關注庫存的品質和老化情況，並確保我們處於一個真正良好和健康的狀態。

All of that would say, we have inventory for the holidays, and we're excited about the next 1.5 months or so.

所有這些都表明，我們有假期庫存，並且我們對未來 1.5 個月左右的時間感到興奮。

I'll turn it over to Pete for assortment execution.

我會把它交給皮特進行分類執行。

Yeah.

是的。

Actually, it's been pretty darn similar in terms of the categories and how they're performing between the rack banner and the Nordstorm banner.

事實上，就類別以及它們在機架橫幅和 Nordstorm 橫幅之間的表現而言非常相似。

And while we do have nuance into how we apply our merchandise strategies there, one consistent theme has been to try to do a better job in investing more in the brands that matter most.

雖然我們確實對如何應用我們的商品策略有細微差別，但一個一致的主題是努力更好地投資最重要的品牌。

That may seem obvious, but there's a bit of a long tail to our assortment at times if we're not on top of it.

這似乎是顯而易見的，但如果我們不加以控制，我們的產品分類有時會有點長尾。

And we've trimmed some of the long tail to help better fund the most important brands.

我們也削減了一些長尾，以幫助更好地為最重要的品牌提供資金。

And there's a version of that that's played out the Rack, that's worked well.

有一個版本已經在 Rack 上運行過，效果很好。

And there's a version that full stores.

還有一個版本是滿店的。

And if you've been in our stores, you should be able to see that also in the way we're merchandising the signing, what have you.

如果您去過我們的商店，您應該能夠從我們推銷簽名的方式中看到這一點，您有什麼。

Hopefully, those top brands are standing out a bit more, and we're seeing good performance in the best brands.

希望這些頂級品牌能夠更加脫穎而出，並且我們看到最佳品牌的良好表現。

I would say another thing that's been consistently good across both banners is our own product label, which we carry in both places.

我想說的另一件事是，這兩個品牌一直都表現良好，那就是我們自己的產品標籤，我們在這兩個地方都有它。

That's been really solid for us, on double-digit increases there.

這對我們來說非常可靠，兩位數的成長。

What we've been able to do in both instances flare on price points that may not be as available in the market to us, lower price points than oftentimes more attractive to the young customers.

我們在這兩種情況下所做的都是在市場上無法提供的價格點上進行的，較低的價格點通常對年輕客戶更具吸引力。

So that's been a good thing, too.

所以這也是一件好事。

And then the last thing I would say is, also, it's important that we don't have this totally nailed, but we're certainly cognizant of it.

我要說的最後一件事是，重要的是我們沒有完全解決這個問題，但我們當然認識到這一點。

And that's that the strategy for building assortments online is different than it is stores, and we know that choice count is super important for the online customer.

這就是說，在線上建立商品分類的策略與商店不同，我們知道選擇數量對線上客戶來說非常重要。

So we're working on that as well.

所以我們也在努力解決這個問題。

So I guess what I would say it's a long answer to your question is that the work that we've been doing over the last year has been paying off for us, and it's given us, I think, a lot of confidence in that strategy you'll continue to see more of the same for us in the future.

所以我想我想說的是，這是對你的問題的一個很長的答案，我們去年所做的工作已經為我們帶來了回報，我認為這給了我們對該戰略很大的信心將來你會繼續看到我們更多相同的事情。

Thanks.

謝謝。

Happy holidays, best regards.

節慶快樂，致以誠摯的問候。

Thank you.

謝謝。

Thanks, Oliver.

謝謝，奧利佛。

Dana Telsey, Telsey Advisory Group.

達納‧特爾西，特爾西諮詢小組。

Hi.

你好。

Good afternoon, everyone.

大家下午好。

Given the improvement in certainly the branded results that you've seen, as you think about the categories going forward, how are you thinking about the newness in the categories, obviously, the activation in the New York store?

考慮到您所看到的品牌效果的改善，當您考慮未來的品類時，您如何看待品類的新穎性，顯然是紐約商店的激活？

And with BOPUS at Rack, how do you see that being additive to the top line?

對於 Rack 的 BOPUS，您如何看待這對收入的增加？

And lastly, just on the margin structure.

最後，關於利潤結構。

How are you thinking about puts and takes for the fourth quarter and a new framework for 2025, whether it's on freight rates or levels of pricing this year versus last year?

您如何看待第四季度的看跌期權和 2025 年的新框架，無論是今年與去年相比的運費還是定價水平？

Thank you.

謝謝。

Dana, it's Pete.

達納，是皮特。

I would say in the categories that the thing we've really thought about most is, again, the biggest lever that has to do with the brands.

我想說的是，在這些類別中，我們真正考慮最多的事情是與品牌相關的最大槓桿。

But when you think about relation to categories, it's women's head to toe and it starts with women's apparel.

但當你考慮與類別的關係時，你會發現這是從頭到腳的女性，並且從女性服裝開始。

And the women's apparel part of our business has been really healthy this year.

今年我們的女裝事業非常健康。

And I think you've been following us a long time, you know that it hasn't been the case.

我想你已經關注我們很久了，你知道事實並非如此。

And last several years, we think we've probably given up some market share there.

過去幾年，我們認為我們可能已經放棄了那裡的一些市場份額。

So there's been a real concerted effort being thoughtful about constructing our assortments there relative to price and category or what have you.

因此，我們確實做出了一致的努力，考慮到在那裡建立我們的產品系列，涉及價格和類別或您擁有的東西。

I'd say probably the toughest issue relative to categories just has been somewhat to do with the unseasonably warm start to the winter time, late fall.

我想說，與類別相關的最棘手的問題可能與冬季、深秋的反常溫暖開始有關。

We're not the first source to say this, but we got a bit of a slow start on the cold weather categories.

我們不是第一個這麼說的消息來源，但我們在寒冷天氣類別上的起步有點慢。

And that's picked up as you've seen the weather change but that's a big driver, as you would well know in this time of the year.

當你看到天氣變化時，這種情況就會增加，但這是一個很大的驅動因素，正如你在一年中的這個時候很清楚的那樣。

So we keep our eye on that.

所以我們會密切注意這一點。

And key to doing that well, it somewhat goes back to what Cathy talked about, that's making sure our inventories are in line with the demand.

要做好這件事的關鍵是，這在某種程度上可以追溯到凱西所說的，那就是確保我們的庫存符合需求。

And so there's a lot of effort to keep ourselves clean there and to be on top of promotional pricing as well so that we're competitive with the value.

因此，我們付出了很多努力來保持我們的清潔，並控制促銷價格，以便我們在價值上具有競爭力。

Talk a little bit about margin structure to your question around the puts and takes.

針對您關於看跌期權和賣出期權的問題，談談保證金結構。

Obviously, we're not giving 2025 guidance, but the way I would think about the remainder of this year and then as we just, I think, holistically think about it.

顯然，我們不會給出 2025 年的指導，而是我對今年剩餘時間的思考方式，然後我認為，我們只是整體思考它。

First, you specifically asked around price and freight.

首先，您特別詢問了價格和運費。

Freight, our teams have done a great job continuing to be back in market with our the various freight suppliers and partners we have to get great rates.

貨運方面，我們的團隊做得非常出色，繼續與我們的各個貨運供應商和合作夥伴一起重返市場，我們必須獲得優惠的價格。

So we'll continue to manage that.

所以我們將繼續管理這一點。

They've done a great job all year long.

他們一整年都做得很好。

Price, ultimately, we do know that we would love to see a little bit of the ASP starting to come down.

價格，最終，我們確實知道我們希望看到平均售價開始下降。

That's important for customers as well.

這對客戶也很重要。

And so we'll continue to work on that.

因此我們將繼續努力。

But we're going to see a mix change a little bit as we continue to grow Rack.

但隨著 Rack 的不斷發展，我們將會看到混合方式發生一些變化。

Rack has a lower average price point than the Nordstrom manner.

Rack 的平均價格低於 Nordstrom 方式。

And that's a good thing, too, but we'll just continue to see a little bit of mix I would say all of that I take into, we run a portfolio, and we always try to balance to make sure that we're, first and foremost, serving what our customers want.

這也是一件好事，但我們將繼續看到一些混合，我想說的是我所考慮的所有內容，我們運行一個投資組合，並且我們總是嘗試平衡以確保我們，首先也是最重要的是，滿足客戶的需求。

Dana, I'll take the Rack open question, totally focus on store fulfillment go together, and we've rolled that out to 100 stores to start with.

Dana，我將回答 Rack 開放式問題，完全專注於商店履行情況，我們已經將其推廣到 100 家商店。

For both of those services, to be good for customers, inventory accuracy is paramount and our multi-year investment in RFID is really the big enabler to us being able to open up at inventory, store inventory for a customer that's shopping online and we've had that capabilities in our Nordstrom banner for a number of years.

對於這兩項服務，為了對客戶有利，庫存準確性至關重要，我們對 RFID 的多年投資確實是我們能夠為在線購物的客戶打開庫存、存儲庫存的重要推動力，我們”我們的Nordstrom 旗幟多年來一直擁有這種能力。

We've seen the impact of that.

我們已經看到了它的影響。

It's both sales, its margin.

它既是銷售額，也是利潤率。

Most importantly, it's a better customer experience.

最重要的是，這是更好的客戶體驗。

And particularly in off-price, you get down to -- there's onesies and twosies of a lot of those items and to shop on those a lot tenets clearance to be able to do it online for many customers that's a more convenient way of shopping those clearance items.

尤其是在打折的時候，你會發現很多這樣的商品都有連身衣和兩件套，並且在這些商​​品上購物的原則是清倉，以便能夠為許多顧客在網上進行購買，這是一種更方便的購物方式清關物品。

So to offer that inventory up online is we think a big deal, and it will help our sales, will help our margin, and will allow us to serve more customers.

因此，我們認為在線提供庫存是一件大事，它將有助於我們的銷售，將有助於我們的利潤，並使我們能夠為更多的客戶提供服務。

Thank you.

謝謝。

Alex Straton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

Thanks a lot for taking the question.

非常感謝您提出問題。

Just a couple for me.

對我來說只是一對。

One is just how your fourth quarter view has changed compared to when we spoke a few months ago.

一是與我們幾個月前交談時相比，您對第四季的看法發生了怎樣的變化。

It seems like it's a little bit negative, I think, primarily on sales, but if you could elaborate on that?

我認為這似乎有點負面，主要是在銷售方面，但你能詳細說明一下嗎？

And then secondly, just on the inventory levels, you noted a little bit higher than you hoped.

其次，就庫存水準而言，您注意到比您希望的要高一些。

Is that concentrated in certain categories or in certain banners?

是否集中在某些類別或某些橫幅？

Or is there any way you can unpack that a little bit more for us?

或者有什麼方法可以為我們提供更多資訊嗎？

Thanks a lot.

多謝。

Good afternoon, Alex.

下午好，亞歷克斯。

With regards to Q4, first, I'll start with we're really pleased with Q3, the continued strength we've seen in the business across both banners and our year-to-date performance, so starting there.

關於第四季度，首先，我首先對第三季度感到非常滿意，我們在業務中看到了持續的優勢，包括我們今年迄今為止的表現，所以從這裡開始。

But as Erik mentioned, given the slowdown we saw at the week out of October, we just think it's prudent to take a little bit more of a cautious outlook.

但正如艾瑞克所提到的，考慮到 10 月這一周我們看到的經濟放緩，我們認為對前景採取更加謹慎的態度是明智的。

Q4 is big in our business, as you know, in all retail.

如您所知，第四季度在我們的所有零售業務中都很重要。

It's almost 40% of the profits and about 30% of the best sales.

這幾乎是利潤的 40%，最好的銷售額的 30% 左右。

So we just want to be prudently cautious the way I think about the holiday.

所以我們只是想對這個假期保持謹慎的態度。

There's a lot still in front of us.

我們面前還有很多事情。

And then on inventory levels, it's heavier, as I said, to support the Rack business.

然後在庫存水準上，正如我所說，支援機架業務的壓力更大。

And then I would say I would call out cold weather categories.

然後我會說我會指出寒冷天氣類別。

It's no secret that it was unseasonably warm for a little bit.

眾所周知，天氣有些反常的溫暖。

The good news is that the weather has turned a little bit and that always helps the cold weather categories.

好消息是天氣已經好轉了，這總是對寒冷天氣類別有所幫助。

And then, Pete, I don't know if you'd add anything to that?

然後，皮特，我不知道你是否願意補充一些內容？

No, I think that's right.

不，我認為這是對的。

I mean if we look at the aging of our inventory, which is really healthy and good and improved.

我的意思是，如果我們看看庫存的老化情況，這確實是健康、良好且有所改善的。

So it's not really that.

所以事實並非如此。

It's just a sure quality thing.

這只是一個質量可靠的東西。

And I think Cathy has to do with a handful of weeks where we had suppressed selling of boots out or in sweaters.

我認為凱西與我們在幾週內抑製靴子或毛衣的銷售有關。

And we're trying to claw that back as best we can for the remainder of the season.

我們正在努力在本賽季剩餘時間盡最大努力挽回這一局面。

And that's at the end of the time, if there's going to be risk to any certain categories, that's probably where it's going to be.

到最後，如果任何特定類別有風險，那麼它很可能就會出現。

Thanks so much.

非常感謝。

Good luck.

祝你好運。

Thank you.

謝謝。

Tracy Kogan, Citigroup.

崔西‧科根，花旗集團。

Thank you.

謝謝。

I had a question on your gross margin.

我對你們的毛利率有疑問。

I think you said it was driven by better full-price selling.

我想你說過這是由更好的全價銷售所推動的。

And I was just wondering if that was pretty consistent across both divisions or if one really led versus the other.

我只是想知道這兩個部門的情況是否相當一致，或者一個部門是否真的領先於另一個部門。

And then overall on gross margin, was this above your expectations for the quarter?

總體毛利率是否超出您對本季的預期？

And how are you looking at the fourth quarter in terms of the promotional environment and what you're looking at for gross margin?

您如何看待第四季的促銷環境以及毛利率？

Thanks.

謝謝。

Yeah.

是的。

So for Q3 to 50 basis points that we called out, was really -- was driven by the strength of reg price selling.

因此，對於第三季度我們所說的 50 個基點，實際上是由監管價格拋售的力度推動的。

Nothing to call out versus banner, a little bit stronger in Nordstrom banner year over year but not anything that I would have noted in particular.

與橫幅相比，沒有什麼值得指出的，諾德斯特龍橫幅年復一年更強一點，但沒有什麼我會特別注意到的。

And then on Q4, it's consistent with the guidance we've given or the holding of the guidance we have, still, we'll see some good improvement year over year in gross margin and gross profit, and that's what you should expect, obviously, but we are expecting to see some improvement year over year.

然後在第四季度，它與我們給出的指導或保持我們現有的指導一致，我們仍然會看到毛利率和毛利同比出現一些良好的改善，這顯然是你應該期望的，但我們預計年比會有所改善。

And what's your view of the promotional environment currently?

您對目前的促銷環境有何看法？

Is it shaping up for holiday?

假期準備好了嗎？

Yeah.

是的。

Q4 is always promotional our retailers.

第四季我們的零售商一直在促銷。

I think we'd like to pretend that it's not, but it is.

我想我們想假裝它不是，但它確實是。

And so far, it's lived up to our expectations.

到目前為止，它達到了我們的期望。

Great.

偉大的。

Thank you, guys.

謝謝你們，夥計們。

Blake Anderson, Jefferies.

布萊克·安德森，傑弗瑞斯。

Hi.

你好。

Thanks for taking our question.

感謝您提出我們的問題。

So I might have missed this, but I wanted to see if you could comment on just traffic at each of the banners?

所以我可能錯過了這一點，但我想看看您是否可以僅評論每個橫幅的流量？

And then a question on Rack.

然後是關於 Rack 的問題。

So at the new Rack stores, I was curious the customers at these stores.

所以在新開的 Rack 商店裡，我很好奇這些商店裡的顧客。

Are you seeing any incremental type of customers show up that maybe wasn't showing up over your previous Rack stores?

您是否看到任何增量類型的客戶出現，而這些客戶可能沒有出現在您之前的 Rack 商店中？

Just curious how these new customers are shopping across categories and how they are versus your current Rack customers?

只是好奇這些新客戶如何跨類別購物以及他們與您當前的 Rack 客戶相比如何？

I'll start with traffic and then obviously, Erik and Pete can help.

我將從交通開始，然後顯然，埃里克和皮特可以提供幫助。

With regard to traffic, traffic was up across the banners.

在流量方面，橫幅上的流量增加。

Conversion about flat and across both banners as well.

關於平面和跨兩個橫幅的轉換也是如此。

And as Erik, I think, shared earlier, really pleased with the continued growth in transactions as well.

我認為，正如埃里克早些時候分享的那樣，他對交易的持續增長也感到非常滿意。

And then customers at the Rack

然後是貨架上的顧客

--

--

Yeah, one of the real differences are two banners of business.

是的，真正的區別之一是兩個商業旗幟。

Our Nordstrom stores can drop on a much bigger geographic area.

我們的 Nordstrom 商店可以涵蓋更大的地理區域。

People will drive an hour to special of the flagship stores.

人們會開車一個小時才能到達旗艦店。

In off-price, it's about 15 minutes, like convenience really matters.

打折的話，大約需要 15 分鐘，看來便利性真的很重要。

And that treasure hunt in person serving customers is really vital in off-price business.

在折扣業務中，親自為客戶服務的尋寶確實至關重要。

So there's just a lot of opportunity for us to serve customers in geographies where we have stores or filling in and some new geographies.

因此，我們有很多機會為我們擁有商店或填充的地區以及一些新地區的客戶提供服務。

I would say the customers pretty similar to existing customers we have.

我想說，這些客戶與我們現有的客戶非常相似。

And in particular, our space in off-price is really these brands.

特別是，我們的折扣空間確實是這些品牌。

The offer brands that we have the depth of these brands, brands that customers associated with Nordstrom, the Nordstrom brand is unique.

我們所提供的品牌具有深度，這些品牌、客戶與 Nordstrom 相關的品牌，Nordstrom 品牌是獨一無二的。

And the more we've leaned into those brands, the better our business has been.

我們越依賴這些品牌，我們的業務就越好。

And certainly, price is important.

當然，價格也很重要。

When I say contrast to some other all-fresh retailers, we lead with brand followed by price real quickly, and I think others with price first.

當我說與其他一些新鮮零售商相比時，我們很快就以品牌為主導，然後是價格，我認為其他零售商以價格為先。

And so our average price point is a little higher than some of the big off-price players, but it's own brands really resonate with customers as we open new stores.

因此，我們的平均價格比一些大型折扣企業略高，但當我們開設新店時，我們的自有品牌確實能引起顧客的共鳴。

Very clear.

非常清楚。

Thanks so much.

非常感謝。

Chuck Grom, Gordon Haskett.

查克·格羅姆，戈登·哈斯克特。

Thanks very much.

非常感謝。

Great results.

很好的結果。

I have one near-term question, one longer term.

我有一個近期問題，一個長期問題。

On the near term, I was hoping you could just double click on the slowdown here in the past few weeks.

就近期而言，我希望您可以雙擊過去幾週的放緩情況。

It's counter to what we've heard from a lot of other retailers.

這與我們從許多其他零售商那裡聽到的相反。

And I guess the question is, is it across all banners, both the Rack and the full-line stores?

我想問題是，它是否遍布所有橫幅，包括 Rack 和全線商店？

Is there any geographic concentrations, any categories that you could talk about?

有沒有什麼地理集中度，有什麼類別可以談？

And then on the Rack, it sounds like 20 to 25 stores is how we should be thinking about the model.

然後在 Rack 上，聽起來 20 到 25 家商店是我們應該考慮的模型。

We think about the longer-term prospects for store growth and ultimately, where that can grow.

我們考慮商店成長的長期前景，以及最終可以成長的地方。

Obviously, you're far underpenetrated relative to some of the off-price peers.

顯然，與一些低價同行相比，您的滲透率還遠遠不夠。

So how are we thinking about the opportunity for the Rack?

那我們該如何看待 Rack 的機會呢？

Thank you.

謝謝。

Chuck, again, the Q4 slowdown, it's a couple of weeks in.

查克，第四季經濟放緩，已經過去幾週了。

So tough to go deep on that.

很難深入探討這一點。

But I'd say it's been general across all of our businesses that we saw a slowing in the trends.

但我想說的是，我們所有業務的普遍現像是趨勢正在放緩。

And some of our Q3 results, we had really good sales trends across all of our businesses in Q3, and we saw a slowdown starting that last week of October.

從我們第三季的一些業績來看，我們所有業務在第三季的銷售趨勢都非常好，但從 10 月的最後一周開始，我們看到了銷售放緩。

Its noise -- I would say it's a period that is very noisy for a few obvious reasons.

它的噪音——我想說，由於一些明顯的原因，這是一個非常噪音的時期。

One is the calendar doesn't match up with last year.

一是日曆與去年不符。

So planning the business with five fewer days between Thanksgiving and Christmas is challenged.

因此，在感恩節和聖誕節之間減少五天的業務規劃是一項挑戰。

There's the weather impact, as Pete mentioned, there's no doubt we've seen some of that.

正如皮特所提到的，這是天氣的影響，毫無疑問我們已經看到了其中的一些影響。

Plenty of election noise that customers appear to be distracted for some time there.

大量的選舉噪音使顧客似乎在一段時間內分心。

So you add all that together, I really haven't any conclusions on that.

所以你把所有這些加在一起，我真的沒有任何結論。

It's just we've seen a slowdown.

只是我們看到了放緩。

And mostly, the majority of the holy season is in front of us.

大多數情況下，神聖季節的大部分時間都在我們面前。

We feel really great about our inventory position. our holiday plans are gifting assortment.

我們對我們的庫存狀況感覺非常好。我們的假期計劃是送禮品種。

And there's plenty of time to deliver great results there.

並且有充足的時間在那裡取得出色的成果。

But so far, it's a little slower than the exit Q3.

但到目前為止，比Q3出口慢一點。

Chuck, I'll answer maybe a little bit on Rack stores to your point.

Chuck，我可能會在 Rack 商店上回答您的觀點。

We haven't necessarily guided into next year, but 20 to 25 stores in each year is a pretty good assumption, I think, for modeling purposes.

我們不一定會進入明年，但我認為，出於建模目的，每年 20 到 25 家商店是一個很好的假設。

The other thing on longer-term growth prospects, exactly, as you said, we are underpenetrated.

關於長期成長前景的另一件事，正如您所說，我們的滲透率還不夠。

We still see ample opportunity to continue to put some new Rack stores in areas where we have customers that would love to shop a Rack store.

我們仍然認為有足夠的機會繼續在有顧客願意在 Rack 商店購物的地區開設一些新的 Rack 商店。

So we do see a fair amount of opportunities still for our continued growth.

因此，我們確實看到了我們持續成長的大量機會。

Great.

偉大的。

Thank you.

謝謝。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

Hi.

你好。

This is Melanie on for Lorraine.

這是洛林的梅蘭妮。

As we look out over the next few years, what comp will you get leverage on the SG&A line?

展望未來幾年，您將在 SG&A 線上獲得哪些補償？

Thank you.

謝謝。

It's really a mixture, Melanie.

這確實是一個混合物，梅蘭妮。

The rat growth, obviously, is going to help for the top line growth just with the continued expansion of new stores.

顯然，隨著新店的持續擴張，老鼠的成長將有助於收入的成長。

On the Nordstrom banner, we -- if you imagine a 2% to 3% type inflation world, you're going to need to have comps 0 to 1 or so, probably more like 1 to be able to get leverage.

在 Nordstrom 的旗幟下，如果你想像一個 2% 到 3% 類型的通貨膨脹世界，你將需要有 0 到 1 左右的比較，可能更像 1 才能獲得槓桿。

Thank you.

謝謝。

All right.

好的。

We want to thank you for joining today's call.

我們要感謝您參加今天的電話會議。

A replay, along with our slide presentation and prepared remarks will be available for one year on our website.

重播以及我們的幻燈片演示和準備好的評論將在我們的網站上提供一年。

Thank you for your interest in Nordstrom.

感謝您對諾德斯特龍的興趣。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。