梅西百貨 (M) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Macy's, Inc. First Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. I will now turn.

您好，歡迎來到梅西百貨公司 2023 年第一季度財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。我現在轉。

The call over to Pamela Quintiliano, Vice President of Investor Relations. Pamela, you may now begin.

電話轉給投資者關係副總裁 Pamela Quintiliano。帕梅拉，你現在可以開始了。

Thank you, operator. Good morning, everyone, and thanks for joining us. With me on the call today are Jeff Gennette, our Chairman and CEO; Tony Spring, President, Macy's Inc. and CEO elect; and Adrian Mitchell, our COO and CFO. Along with our first quarter 2023 press release, a presentation has been posted on the Investors section of our website, macysinc.com.

謝謝你，運營商。大家早上好，感謝您加入我們。今天和我一起打電話的是我們的董事長兼首席執行官 Jeff Gennette； Tony Spring，梅西百貨總裁兼首席執行官當選人；和我們的首席運營官兼首席財務官 Adrian Mitchell。除了我們 2023 年第一季度的新聞稿外，還在我們網站 macysinc.com 的投資者部分發布了一份演示文稿。

Unless otherwise noted, the comparisons we provide will be versus 2022. Comparisons to 2019 are provided where appropriate to best benchmark performance. All forward-looking statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions mentioned today. A detailed discussion of these factors and uncertainties is contained in our filings with the Securities and Exchange Commission.

除非另有說明，否則我們將提供與 2022 年的比較。在適當的情況下提供與 2019 年的比較以獲得最佳基準性能。所有前瞻性陳述均受 1995 年《私人證券訴訟改革法案》安全港條款的約束。這些前瞻性陳述受風險和不確定因素的影響，可能導致實際結果與今天提到的預期和假設存在重大差異。我們向美國證券交易委員會提交的文件中包含對這些因素和不確定性的詳細討論。

In discussing the results of our operations, we will be providing certain non-GAAP financial measures. You can find additional information regarding these non-GAAP financial measures as well as others used on the Investors section of our website. Today's call is being webcast on our website. A replay will be available approximately 2 hours after the conclusion of this call.

在討論我們的運營結果時，我們將提供某些非 GAAP 財務指標。您可以找到有關這些非 GAAP 財務措施以及我們網站投資者部分使用的其他信息的更多信息。今天的電話會議正在我們的網站上進行網絡直播。此次通話結束後約 2 小時將提供重播。

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

有了這個，我會把它交給傑夫。

Thanks, Pam. So good morning, everyone, and thank you for joining us. Before getting started, I want to take a moment to acknowledge our team and how they have continued to navigate an extremely dynamic macro environment. On that note, let's discuss the current macro landscape. On our fourth quarter earnings call, we said that we expected pressure to be more intense in 2023 compared to 2022. Subsequently, demand trends began to worsen in mid-March and further decelerated in April.

謝謝，帕姆。大家早上好，感謝您加入我們。在開始之前，我想花點時間感謝我們的團隊，以及他們如何繼續駕馭極其動態的宏觀環境。關於這一點，讓我們討論一下當前的宏觀格局。在第四季度財報電話會議上，我們表示預計 2023 年的壓力將比 2022 年更大。隨後，需求趨勢在 3 月中旬開始惡化，並在 4 月進一步放緩。

We believe cooler temperatures and headlines surrounding layoffs and the banking crisis were factors, but so were the compounding effect of some previously identified macro headwinds. The U.S. consumer, particularly at Macy's, pulled back more than we anticipated as they reallocated spend to food, essentials and services. We have planned our business for the remainder of the year, assuming mid-March through April macro headwinds continue and potentially worsen, and we have taken decisive actions in the second quarter and the back half of the year to ensure we are well positioned to compete.

我們認為氣溫下降以及圍繞裁員和銀行業危機的頭條新聞是因素，但之前確定的一些宏觀逆風的複合效應也是因素。美國消費者，尤其是梅西百貨的消費者，在將支出重新分配到食品、必需品和服務上時，比我們預期的要撤回更多。假設 3 月中旬到 4 月的宏觀逆風持續並可能惡化，我們已經為今年剩餘時間制定了業務計劃，並且我們在第二季度和下半年採取了果斷行動，以確保我們處於競爭的有利位置.

We will go into more detail on these shortly. But first, let's discuss first quarter results. We achieved adjusted diluted EPS of $0.56 versus our expectations net sales were below, gross margin rate was above and inventories were in line at down 7% year-over-year. February and early March performed largely in line with expectations. As previously mentioned, trends worsened in late March. We entered April confident in our product and had several important events, including Friends and Family of Macy's, the spring break season and Easter.

稍後我們將詳細介紹這些內容。但首先，讓我們討論第一季度的結果。我們實現了 0.56 美元的調整後攤薄每股收益，而我們的預期是淨銷售額低於預期，毛利率高於預期，庫存同比下降 7%。 2 月和 3 月初的表現基本符合預期。如前所述，趨勢在 3 月下旬惡化。我們進入 4 月時對我們的產品充滿信心，並舉辦了幾場重要活動，包括梅西百貨的朋友和家人、春假和復活節。

As April progressed, demand worsened across nameplates. The decline was most pronounced at Macy's, which has the largest exposure to the lower and middle income consumer with roughly 50% of its identified customers and an average household income of $75,000 or under and about 85% at $150,000 or under. By nameplate, Macy's net sales declined 7.7% and comparable sales declined 7.9% on an owned plus licensed basis versus a 10.1% increase last year. We began the quarter with limited inventory carryover. Consistent with our inventory discipline, we had sold through the majority of fall and holiday product in the fourth quarter.

隨著 4 月份的推進，各種銘牌的需求都在惡化。梅西百貨的下降最為明顯，該公司對中低收入消費者的敞口最大，約有 50% 的已確定客戶的平均家庭收入在 75,000 美元或以下，約 85% 的家庭收入在 150,000 美元或以下。按名牌計算，梅西百貨的淨銷售額下降了 7.7%，可比銷售額下降了 7.9%（在自有加許可的基礎上），而去年增長了 10.1%。我們在本季度開始時庫存結轉有限。與我們的庫存紀律一致，我們在第四季度銷售了大部分秋季和假日產品。

In hindsight, we converted too early with spring fashion well set by early March, but without enough balance in weather-appropriate apparel and footwear. Store traffic was healthy but conversion was challenged. Most of the country experienced below average temperatures for an extended period of time, while we were over-indexed in spring and early summer fashion, including special occasion and did not have enough colder weather and seasonless product.

事後看來，我們轉換得太早了，春季時裝在 3 月初就已經確定，但在適合天氣的服裝和鞋類方面沒有足夠的平衡。商店客流量良好，但轉化率受到挑戰。該國大部分地區的氣溫在很長一段時間內都低於平均水平，而我們在春季和初夏的時尚指數過高，包括特殊場合，並且沒有足夠的寒冷天氣和季節性產品。

Ultimately, sell-throughs were below expectations as our customer became increasingly more deliberate in how they are allocating discretionary spend and buying closer to need. On the flip side, categories we are known for that are less discretionary and weather dependent, including beauty, particularly fragrances, women's career sportswear and men's tailored all outperformed. We also began to experience a comeback in certain pandemic categories including textiles, housewares and top of table, which is encouraging.

最終，銷售率低於預期，因為我們的客戶在分配可自由支配的支出和購買更貼近需求方面變得越來越謹慎。另一方面，我們以較少隨意性和天氣依賴性而聞名的類別，包括美容，尤其是香水、女士職業運動服和男士定制服裝，都表現出色。我們還開始在某些大流行類別中出現捲土重來，包括紡織品、家庭用品和餐桌用品，這令人鼓舞。

At Macy's Backstage, which curates lower price point merchandise and flows and freshness more often, store within stores outperformed the full-line locations in which they operate by approximately 150 basis points on a comp owned plus licensed sales basis. These locations benefited from a greater emphasis on seasonless product and a strong value proposition. We currently operate a 310 back stages, including 301 store within stores and plan to open 9 more this year. Our luxury nameplates, Bloomingdale's and Bluemercury were also impacted by macro pressures, although not at the same rate or intensity as Macy's. Bloomingdale's results were roughly in line with our expectations. Net sales declined 2.3% and comparable sales were down 4.3% on an owned plus licensed basis versus a 26.9% gain last year.

在 Macy's Backstage，它更頻繁地策劃低價商品和流動和新鮮度，店中店的表現比他們經營的全線地點高出約 150 個基點，在自有加許可銷售的基礎上。這些地點受益於更加強調季節性產品和強大的價值主張。我們目前經營著 310 家後台，包括 301 家店中店，併計劃今年再開 9 家。我們的奢侈品品牌 Bloomingdale's 和 Bluemercury 也受到宏觀壓力的影響，儘管速度或強度與梅西百貨不同。 Bloomingdale 的業績大致符合我們的預期。淨銷售額下降 2.3%，可比銷售額下降 4.3%（自有加許可），而去年增長 26.9%。

Bloomingdale's registered strength in beauty, particularly fragrances, men's and women's contemporary apparel and housewares. Bloomingdale's outlet, a relatively undeveloped part of the nameplate that appeals to the more value-conscious luxury customer also continued to outperform. At Bluemercury, results once again exceeded expectations, benefiting from our differentiated product mix and unique competitive position as a luxury beauty retailer. Net sales rose 4.4% and comparable sales increased 4.3% versus a 25.2% gain last year, benefiting from strength in clinical and medical skin care as well as color.

Bloomingdale 在美容產品、尤其是香水、男裝和女裝的現代服裝和家居用品方面實力雄厚。 Bloomingdale's outlet 是名牌中相對未開發的部分，吸引了更注重價值的奢侈品客戶，其表現也繼續優於大市。在 Bluemercury，得益於我們差異化的產品組合和作為奢侈品美容零售商的獨特競爭地位，業績再次超出預期。淨銷售額增長 4.4%，可比銷售額增長 4.3%，而去年的增幅為 25.2%，這得益於臨床和醫學護膚以及彩妝業務的強勁增長。

Quarter-to-date, demand trends have accelerated from April across nameplates. As the weather has turned more seasonal, our customer has been responding well to our compelling offerings and price points. We are likely also benefiting from pent-up demand. Although encouraging, we do not have clarity on whether or not these improvements indicate a trend change reflective of a healthier consumer. These improvements have been strongest at Bloomingdale's and Bluemercury, potentially indicating a further bifurcation of customer behavior by income tier, which we are closely monitoring.

本季度至今，各品牌的需求趨勢從 4 月開始加速。隨著天氣變得更具季節性，我們的客戶對我們引人注目的產品和價格點反應良好。我們也可能從被壓抑的需求中受益。儘管令人鼓舞，但我們不清楚這些改進是否表明趨勢變化反映出消費者更健康。這些改進在 Bloomingdale's 和 Bluemercury 最為明顯，這可能表明收入層級的客戶行為進一步分化，我們正在密切關注這一點。

While first quarter adjusted EPS at Macy's, Inc. was ultimately better than our expectations, we did not end as strong as we would have liked. We will not carry problems from one quarter to the next. We have moved quickly to improve the composition of our assortments for the back half. At the same time, we are also taking a more cautious view of our customer. The high end of our second quarter and full year guidance ranges assume heightened macro pressures experienced in mid-March through April that they persist, while the low end of both contemplates potential deterioration as the year progresses.

雖然梅西百貨第一季度調整後的每股收益最終好於我們的預期，但我們並沒有像我們希望的那樣強勁結束。我們不會將問題從一個季度轉移到下一個季度。我們已迅速採取行動改善後半部分的組合。同時，我們也對客戶持更加謹慎的態度。我們第二季度和全年指導範圍的高端假設 3 月中旬至 4 月期間宏觀壓力加劇並持續存在，而兩者的低端都考慮到隨著時間的推移可能會惡化。

If demand improves, we will use our ample inventory receipt reserve, which is above last year's levels to chase into areas of strength as they materialize. Availability of goods remains robust, and we are confident that with our strong liquidity position, we will be able to secure the right product to support demand curves, if justified. Now let's turn to the specific actions we have taken to ensure we are well positioned to compete in the back half and longer term.

如果需求有所改善，我們將使用高於去年水平的充裕庫存收貨儲備，在這些領域成為現實時追逐強勢領域。商品供應仍然強勁，我們相信，憑藉我們強大的流動性狀況，我們將能夠獲得合適的產品來支持需求曲線（如果有理由的話）。現在讓我們談談我們為確保我們在後半段和長期競爭中處於有利地位而採取的具體行動。

For the second quarter, we have accelerated the timing and depth of promotional events, markdowns and clearance at Macy's to liquidate seasonal merchandise. This includes slower moving first quarter spring transitional receipts as well as May flows that we were unable to impact following the rapid deterioration in demand. We are utilizing our pricing science tools to approach markdowns and promotions with precision to maximize merchandise margin. We have also adjusted the timing, composition, amount and value proposition of receipts.

對於第二季度，我們加快了梅西百貨促銷活動、降價和清倉的時間和深度，以清算季節性商品。這包括移動速度較慢的第一季度春季過渡性收入以及我們在需求迅速惡化後無法影響的 5 月流量。我們正在利用我們的定價科學工具來精確地處理降價和促銷活動，以最大限度地提高商品利潤。我們還調整了收據的時間、構成、金額和價值主張。

For the third and fourth quarters, we are leaning into categories that are working, like beauty, career sportswear and gifting and are further reducing our emphasis on down-trending categories. Looking specifically at the fourth quarter and our leading position as a gifting destination, this year, we will have more newness compared to last year, including exclusives that leverage our strong vendor relationships in beauty, where we had great Mother's Day and Valentine's Day performance and in toys.

對於第三季度和第四季度，我們將重點放在有效的類別上，例如美容、職業運動服和禮品，並進一步減少對趨勢下降類別的重視。特別關注第四季度和我們作為送禮目的地的領先地位，與去年相比，今年我們將有更多新意，包括利用我們在美容領域強大的供應商關係的獨家產品，我們在母親節和情人節的表現非常出色，在玩具中。

We also recognized the need for a better balance of cold and warm weather goods at Macy's. Adjustments have been made to flow product closer to need. In addition, we are working with our partners to offer more seasonless year-round fashion content. Other actions taken, improved receipt flow and in-stock position within our core assortment, enhanced pricing algorithms to maximize sales, margin and competitive positioning and updated marketing messaging to speak to our even stronger value proposition.

我們還認識到梅西百貨需要更好地平衡寒冷和溫暖天氣的商品。已進行調整以使產品更接近需要。此外，我們正在與我們的合作夥伴合作，提供更多不分季節的全年時尚內容。採取的其他行動、改善收貨流程和我們核心品類中的庫存狀況、增強定價算法以最大限度地提高銷售額、利潤率和競爭定位，以及更新營銷信息以表達我們更強大的價值主張。

It is imperative that we have the right assortment, including the appropriate mix of private and national brands that our customers care about with compelling value and price points that appeal to our diverse fashion-conscious base. Value does not mean the lowest price. It means offering the right brands, fashion content and elevated omnichannel shopping experiences. This morning, we are excited to share that we are bringing Nike back to the Macy's nameplate this fall. This mutually beneficial relationship reflects our strategy to provide customers with an enhanced and elevated offering.

我們必須擁有正確的分類，包括我們的客戶關心的私人和國家品牌的適當組合，這些品牌具有引人注目的價值和價格點，可以吸引我們多元化的時尚意識基礎。價值並不意味著最低的價格。這意味著提供合適的品牌、時尚內容和提升的全渠道購物體驗。今天早上，我們很高興地宣布我們將在今年秋天將耐克帶回梅西百貨的名牌。這種互惠互利的關係反映了我們為客戶提供增強和提升產品的戰略。

Starting in October, an expanded Nike selection, including apparel, plus size women's, big and tall men's, kids, bags and gear will be available online and in key locations nationwide. Footwear will continue to be sold in our Finish Line licensed locations. We look forward to scaling our Nike partnership with additional locations in spring of 2024. We remain focused on the long term. Balance sheet health and cash preservation are critical to achieving our goals. About 6 months ago, we embarked on a cost-savings project to reimagine our ways of working, drive clear prioritization across key enterprise capabilities and reduce complexity.

從 10 月開始，包括服裝、大碼女裝、大碼男裝、童裝、包袋和裝備在內的更多耐克產品將在網上和全國主要地點發售。鞋類將繼續在我們的 Finish Line 許可地點銷售。我們期待在 2024 年春季與更多地點擴大我們與耐克的合作夥伴關係。我們仍然專注於長期。資產負債表健康和現金保存對於實現我們的目標至關重要。大約 6 個月前，我們啟動了一項成本節約項目，以重新構想我們的工作方式，推動關鍵企業功能的明確優先級劃分並降低複雜性。

Given late first quarter trends, that work was accelerated, and we have identified an additional $200 million of cost savings for this year and roughly $300 million to $350 million of savings in 2024. We have also reduced this year's planned CapEx spend by roughly $50 million. Adrian will discuss the specifics, but investments in our five growth vectors remain protected. Our ambitions are greater than our recent results. As a seasoned retailer, we understand the challenges that we are facing, and we'll continue to pull the levers needed to achieve our aspiration of low single-digit sales growth and a sustainable low double-digit adjusted EBITDA margin beginning in 2024.

鑑於第一季度末的趨勢，這項工作加快了，我們已經確定今年將額外節省 2 億美元的成本，到 2024 年將節省大約 3 億至 3.5 億美元。我們還將今年的計劃資本支出減少了大約 5000 萬美元. Adrian 將討論具體細節，但對我們五個增長方向的投資仍然受到保護。我們的雄心遠大於我們最近的成果。作為一家經驗豐富的零售商，我們了解我們所面臨的挑戰，我們將繼續採取必要的措施，以實現我們從 2024 年開始實現低個位數銷售增長和可持續的低兩位數調整後 EBITDA 利潤率的願望。

The biggest risk to achieving that goal is that pressures on the consumer further intensify at an accelerated rate next year. I am confident that we have the right strategy and team to lead us into the future. I have a tremendous amount of personal and professional respect for incoming CEO, Tony Spring. He is an excellent merchant and marketer and has a well-deserved reputation as an innovator, brand builder and talent developer. And this marks Adrian's first call as Chief Operating Officer and Chief Financial Officer, a promotion that is well deserved. Adrian's strategic thinking and financial acumen have enabled us to achieve our current position of financial strength and has set us up to continue to make crucial investments for future success. Congratulations to you both. I look forward to what you will achieve together. And I know you're all excited to hear from Tony, so I'm going to turn it over to him for some brief comments.

實現這一目標的最大風險是，明年消費者面臨的壓力將進一步加速加劇。我相信我們擁有正確的戰略和團隊來引領我們走向未來。我對即將上任的 CEO Tony Spring 在個人和職業上都懷有極大的敬意。他是一位出色的商人和營銷人員，作為創新者、品牌建設者和人才開發者享有當之無愧的聲譽。這標誌著 Adrian 首次擔任首席運營官和首席財務官，這是當之無愧的晉升。 Adrian 的戰略思維和財務敏銳度使我們能夠取得目前的財務實力，並使我們能夠繼續為未來的成功進行重要投資。祝賀你們倆。我期待你們共同取得的成就。我知道你們都很高興聽到托尼的消息，所以我將把它轉交給他作一些簡短的評論。

Thank you for the introduction, Jeff, and for your leadership and tremendous support. And thank you to our Board of Directors for their confidence and support. I also want to acknowledge the entire leadership team and our colleagues for their ongoing commitment to our brands and business. Please know how humbled and honored I am to have been chosen to take on Macy's Inc.'s CEO role this upcoming February.

感謝您的介紹，Jeff，感謝您的領導和大力支持。並感謝我們的董事會的信任和支持。我還要感謝整個領導團隊和我們的同事對我們的品牌和業務的持續承諾。請知道，在即將到來的 2 月，我被選中擔任梅西百貨公司首席執行官一職，我是多麼的謙卑和榮幸。

For those of you I have not met before, let's start with my background and approach to leadership. I consider myself a curious generalist, who brings a high level of self-awareness and ambition to the teams I lead. As many of you know, I began my career at Bloomingdale's roughly 36 years ago. During my tenure, I've split my time somewhat equally between merchandise, marketing, stores and senior leadership. As I look back, I've always viewed the area I was in as the engine that was driving the business. Today, I realize how complementary and intertwined they all are. As a merchant, our products must be curated and compelling. As a marketer, our strategy must be engaging, inspiring and personalized.

對於那些我以前沒有見過的人，讓我們從我的背景和領導方式開始。我認為自己是一個好奇的多面手，為我領導的團隊帶來了高度的自我意識和雄心壯志。正如你們許多人所知，大約 36 年前，我在 Bloomingdale's 開始了我的職業生涯。在我任職期間，我在商品、營銷、商店和高級領導之間分配了我的時間。當我回顧過去時，我一直將我所在的領域視為推動業務發展的引擎。今天，我意識到它們是多麼互補和交織在一起。作為商家，我們的產品必須經過精心策劃且引人注目。作為營銷人員，我們的策略必須具有吸引力、啟發性和個性化。

Of course, our digital experience is closely linked as the window to our brands and a large source of commerce. As a stores leader, we must rally our colleagues around an enjoyable and differentiated experience centered on the customer. Finally, as a senior leader, we must ensure that our recipe includes the right balance of all of these elements. Over the last decade, I've had the distinct privilege of leading Bloomingdale's. I want to take a moment to acknowledge my team there.

當然，我們的數字體驗作為我們品牌的窗口和重要的商業來源密切相關。作為商店領導者，我們必須圍繞以客戶為中心的愉快和差異化體驗團結我們的同事。最後，作為高級領導者，我們必須確保我們的食譜包括所有這些元素的正確平衡。在過去的十年裡，我有幸領導 Bloomingdale's。我想花點時間感謝我的團隊。

During my tenure, we achieved record sales and customer and colleague engagement. Coming off our 150th anniversary, Bloomingdale's offers a curated merchandise assortment and has a loyal following. Our loyalty program is best-in-class, and our marketing is distinctive with events, activations and pop-ups animating many campaigns, which underscores my personal belief in retailers there. I view Macy's Inc. as an incredible and unparalleled portfolio of nameplates and brands, representing off-price to luxury, on-mall to off-mall, private to national brands, our multichannel, multigenerational and multi-category platform gives us opportunity to satisfy the customers' appetite for all of our categories.

在我任職期間，我們實現了創紀錄的銷售額以及客戶和同事的參與度。在我們成立 150 週年之際，Bloomingdale's 提供精選的商品分類並擁有忠實的追隨者。我們的忠誠度計劃是一流的，我們的營銷活動與眾不同，活動、活動和彈出窗口為許多活動增添了活力，這凸顯了我個人對那裡零售商的信任。我認為 Macy's Inc. 是一個令人難以置信且無與倫比的銘牌和品牌組合，代表著低價到奢侈品、商場內到商場外、私人品牌到民族品牌，我們的多渠道、多代和多類別平台讓我們有機會滿足客戶對我們所有類別的胃口。

It's important to acknowledge the tremendous progress we've made as we've modernized our business, which sets us up for future success, but it's also important to recognize that across nameplates, we have room to improve. That is what makes our potential so exciting to be a part of. My experience at Bloomingdale's bring an outsider insider perspective to the Macy's brand, which is beneficial during this heightened period of uncertainty.

重要的是要承認我們在業務現代化方面取得的巨大進步，這為我們未來的成功做好了準備，但同樣重要的是要認識到，在所有品牌中，我們都有改進的空間。這就是讓我們成為其中一員的潛力如此令人興奮的原因。我在 Bloomingdale's 的經歷為梅西百貨品牌帶來了局外人的內部視角，這在這個高度不確定的時期是有益的。

Over the next several months, I intend to continue to listen and learn and lead my new areas of responsibility, which include merchandise, marketing and digital strategy. I will do so with clear eyes and a focus on what's possible long term while maintaining a disciplined approach to near-term controllables. I look forward to sharing my thoughts and observations as the year progresses. One thing I know for certain is that this is a renowned business and one which I'm incredibly passionate about. Recent results and our revised outlook have not changed my view. However, we were out of balance in the first quarter, overemphasizing spring seasonal merchandise rather than cold weather and seasonless merchandise. We are containing the related markdown to the second quarter and have adjusted the timing amount and composition of buys for the fall and holiday.

在接下來的幾個月裡，我打算繼續傾聽和學習並領導我的新職責領域，包括商品、營銷和數字戰略。我將以清晰的眼光和關注長期的可能性來這樣做，同時保持對近期可控性的紀律方法。隨著時間的推移，我期待著分享我的想法和觀察。我可以肯定的一件事是，這是一項著名的業務，我對它充滿熱情。最近的結果和我們修改後的前景並沒有改變我的觀點。然而，我們在第一季度失去了平衡，過分強調春季季節性商品而不是寒冷天氣和非季節性商品。我們將相關降價控制在第二季度，並調整了秋季和假期的購買時間和構成。

Turning to the long term. I now want to take a moment to provide my thoughts on each of our five growth vectors, which are designed to focus our resources and our teams on the leverage that will bring top line growth back to Macy's, Inc. in 2024 and beyond. While still early, we believe that each will be a meaningful contributor to the future. First, let's start with Macy's private brands. I firmly believe that our success is tied to the right combination of compelling private brands, popular national brands and the curation of unique brands appropriate for our target customers, all of the compelling value equation. That has been one of our formulas of success at both Bloomingdale's and Bluemercury. In my new role, I have had the pleasure of working even more closely with the Macy's private brand team on their strategy.

轉向長期。我現在想花點時間談談我對我們五個增長向量中每一個的看法，這些向量旨在將我們的資源和我們的團隊集中在槓桿上，從而在 2024 年及以後為梅西百貨公司帶來收入增長。雖然還早，但我們相信每個人都將為未來做出有意義的貢獻。首先，讓我們從梅西百貨的自有品牌說起。我堅信，我們的成功與引人注目的自有品牌、流行的民族品牌和適合我們目標客戶的獨特品牌的正確組合以及所有引人注目的價值等式息息相關。這一直是我們在 Bloomingdale's 和 Bluemercury 的成功秘訣之一。在我的新角色中，我有幸與梅西百貨的自有品牌團隊就他們的戰略進行更密切的合作。

During the first quarter, INC Women's and Club Room Men's both of which have been reimagined, outperformed their respective broader apparel segments at Macy's. Looking ahead, we are excited about the launch of our newest brand, which will offer women's apparel and accessories later this summer. Stay tuned. Our second growth vector is small format stores. These allow us to optimize our total store portfolio at both Macy's and Bloomingdales' through replacement, densification and new market opportunities. They balance our traditional large-format on-mall locations with a more localized off-mall experience that's physically closer to our existing and target customers, encouraging a higher frequency of trips.

在第一季度，經過重新設計的 INC 女裝和 Club Room 男裝的表現優於梅西百貨各自更廣泛的服裝部門。展望未來，我們很高興推出我們最新的品牌，該品牌將在今年夏天晚些時候提供女裝和配飾。敬請關注。我們的第二個增長載體是小型商店。這些使我們能夠通過更換、密集化和新的市場機會來優化我們在梅西百貨和布魯明戴爾百貨公司的總門店組合。他們平衡了我們傳統的大型購物中心位置與更本地化的購物中心外體驗，這種體驗在物理上更接近我們的現有客戶和目標客戶，從而鼓勵更高的出行頻率。

We're continuing to enhance these stores and are learning every day how we can better serve our customers. Results are very encouraging. During the first quarter, our small format stores opened at least one fiscal year achieved positive comparable owned plus licensed sales group. Customer experience scores, particularly regarding the physical environment, ease of checkout and colleagues being helpful and available are high. Interestingly, we are experiencing limited-to-no cannibalization in existing markets where we open off-mall formats.

我們將繼續改進這些商店，並且每天都在學習如何更好地為客戶服務。結果非常令人鼓舞。在第一季度，我們開設的小型商店至少在一個財政年度實現了積極的可比自有和特許銷售群體。客戶體驗得分很高，尤其是在物理環境、結賬便利性以及同事的樂於助人和隨叫隨到方面。有趣的是，我們在現有市場上開放非商場模式時，正在經歷有限甚至沒有的蠶食。

Instead, customers are making additional shopping trips. Long term, we remain bullish about the small format store opportunity as off-mall retail continues to be a dominant in-person shopping method for U.S. consumers, and we're evaluating potential locations to enable accelerated growth. We look forward to sharing more as this work develops further. Now on to our third growth vector, Macy's marketplace. We are seeing new customers and a younger existing customer respond to our new and expanding categories, which has resulted in increased basket size.

相反，客戶正在進行額外的購物旅行。從長遠來看，我們仍然看好小型商店的機會，因為商場外零售仍然是美國消費者主要的面對面購物方式，我們正在評估潛在的地點以實現加速增長。隨著這項工作的進一步發展，我們期待分享更多。現在進入我們的第三個增長載體，梅西百貨市場。我們看到新客戶和年輕的現有客戶對我們新的和不斷擴展的類別做出反應，這導致購物籃的數量增加。

During the first quarter, we added approximately 450 brands ending the quarter roughly 950 brands. We're seeing indicators of a strong growth rate with marketplace's gross merchandise value increasing over 50% compared to the fourth quarter of 2022 and average order value and units per order approximately 50% above those customers not [shopping] at marketplace.

第一季度，我們增加了大約 450 個品牌，本季度末增加了大約 950 個品牌。我們看到了強勁增長率的指標，與 2022 年第四季度相比，市場的商品總價值增長了 50% 以上，平均訂單價值和每筆訂單的單位比未在市場上 [購物] 的客戶高出約 50%。

Needless to say, we are very excited to launch a Bloomingdale's marketplace earlier in the fall. Our fourth growth vector is luxury. With fiscal 2022 representing record sales at both Bloomingdale's and Bluemercury, we're excited to continue to invest in both nameplates. The teams are attracting sought-after brands, leveraging their distinctive marketing and satisfying their core customer.

不用說，我們非常高興能在秋季早些時候推出 Bloomingdale's 市場。我們的第四個增長載體是奢侈品。 2022 財年 Bloomingdale's 和 Bluemercury 的銷售額都創下歷史新高，我們很高興繼續投資這兩個品牌。這些團隊正在吸引廣受歡迎的品牌，利用他們獨特的營銷方式並滿足他們的核心客戶。

Based on the power of our relationships with our vendors and customers, I see opportunity for store, digital and marketplace growth in both nameplates. At Macy's, we've made a commitment to elevate our beauty business with a larger luxury assortment. We first began to offer more luxury beauty at Macy's in 2018 and has since added many brands, including Carolina Herrera Beauty, which is exclusive; Armani; Saint Laurent; Tom Ford; Gucci, Maison Margiela; and La Mer, just a name a few. This is an area that even in the current environment, we're seeing very limited price resistance and even more partnerships on the horizon.

基於我們與供應商和客戶關係的力量，我在這兩個品牌中看到了商店、數字和市場增長的機會。在梅西百貨，我們承諾通過更多的奢侈品品類來提升我們的美容業務。我們於 2018 年首次開始在梅西百貨提供更多奢華美容產品，此後又增加了許多品牌，包括獨家銷售的 Carolina Herrera Beauty；阿瑪尼；聖羅蘭；湯姆·福特; Gucci、Maison Margiela；和 La Mer，僅舉幾例。這是一個即使在當前環境下，我們也看到非常有限的價格阻力和更多合作夥伴關係的領域。

Last but certainly not least, our fifth growth vector, personalized offers and communications. The power to talk to over 40 million consumers with the right offer at the right time really resonates with me. I believe it will be a true unlock for both our promotional offerings and merchandise messaging. During the first quarter, we leaned into personalization of a customer's offer within our typical event structure. These tests, which were based on predictive behavioral models allow us to show different customers' various value propositions by level of discount and category of offer.

最後但並非最不重要的一點是，我們的第五個增長方向是個性化服務和溝通。在正確的時間以正確的報價與超過 4000 萬消費者交談的能力確實引起了我的共鳴。我相信這將真正解鎖我們的促銷產品和商品信息。在第一季度，我們傾向於在我們典型的活動結構中為客戶提供個性化服務。這些基於預測行為模型的測試使我們能夠按折扣級別和優惠類別展示不同客戶的各種價值主張。

This is in addition to loyalty life cycle offers such as [data's] earn-back accelerators and targeted offers to at-risk customers. Testing suggest that personalized offers can foster sales growth, margin expansion and stronger customer engagement. We have accelerated our analytics-powered campaigns in the second quarter, and we'll use learnings to inform our view of opportunities at both Bloomingdale's and Bluemercury.

這是對忠誠度生命週期優惠的補充，例如 [data] 的回饋加速器和針對風險客戶的針對性優惠。測試表明，個性化優惠可以促進銷售增長、利潤增長和更強的客戶參與度。我們在第二季度加快了以分析為動力的活動，我們將利用所學知識來傳達我們對 Bloomingdale's 和 Bluemercury 的機會的看法。

Now before I turn it over to Adrian, let me say how excited I am to be working even more closely with him and to have his counsel, leadership and partnership. What makes this transition so seamless and the succession so thoughtful is the complementary skills that Adrian and I bring to this company. He has had a noticeable impact on the organization since he joined almost 3 years ago. Our balance sheet health, including no material debt maturities until 2027 and fixed interest rate debt give us the financial flexibility to continue to invest in our long-term opportunities and return capital to shareholders despite the uncertainty within the macroeconomic environment.

現在，在我把它交給 Adrian 之前，讓我先說一下，我很高興能與他更密切地合作，並得到他的建議、領導和夥伴關係。是什麼讓這個過渡如此無縫，繼任如此周到是阿德里安和我為這家公司帶來的互補技能。自將近 3 年前加入以來，他對該組織產生了顯著影響。我們的資產負債表健康，包括 2027 年之前沒有到期的重大債務和固定利率債務，使我們能夠在財務上靈活地繼續投資於我們的長期機會，並在宏觀經濟環境存在不確定性的情況下向股東返還資本。

With Jeff's support, we will return Macy's Inc. to profitable growth. I look forward to getting to know all of you and sharing our progress. Now I'll turn it over to Adrian.

在 Jeff 的支持下，我們將使 Macy's Inc. 恢復盈利增長。我期待著認識你們所有人並分享我們的進步。現在我將把它交給阿德里安。

Thanks, Tony, and good morning, everyone. I want to start by thanking Jeff and the Board for their ongoing belief and trust in me. From bringing me on three years ago as Chief Financial Officer to recently expanding my responsibilities to include stores, supply chain and technology. With my new responsibilities as Chief Operating Officer, I have the opportunity to go deeper into the design and execution of our long-term goals. As we aim to maximize opportunity and value, I am hyper-focused on building a faster, more flexible and more efficient operating model that drives sustainable sales and margin growth by creating alignment on those priorities that will have a meaningful longer-term impact on this business.

謝謝，托尼，大家早上好。首先，我要感謝 Jeff 和董事會一直以來對我的信任和信任。從三年前讓我擔任首席財務官到最近將我的職責擴大到包括商店、供應鍊和技術。擔任首席運營官後，我有機會更深入地設計和執行我們的長期目標。由於我們的目標是最大化機會和價值，我非常專注於建立一個更快、更靈活、更高效的運營模式，通過對那些將對這一領域產生有意義的長期影響的優先事項保持一致來推動可持續的銷售和利潤增長商業。

That's a multiyear effort. And as I think about how to tackle it, I have started with several fundamental questions. What can we do to better serve our customers and improve the end-to-end omnichannel shopping experience? How do we optimize our physical store footprint with the small-format stores to accelerate growth while enhancing our inventory flow, merchandise planning and localized assortment capabilities and evaluating our updated growth aspirations, how do we further modernize our supply chain and technology infrastructure to support the omnichannel shopping experience we aspire to deliver in the future.

這是多年的努力。當我考慮如何解決它時，我從幾個基本問題開始。我們可以做些什麼來更好地服務我們的客戶並改善端到端的全渠道購物體驗？我們如何通過小型商店優化我們的實體店足跡以加速增長，同時增強我們的庫存流動、商品規劃和本地化分類能力並評估我們更新的增長願望，我們如何進一步現代化我們的供應鍊和技術基礎設施以支持我們渴望在未來提供的全渠道購物體驗。

Reflecting on the last two months, I've been on a listening tour, spending a lot more time in stores, DCs and with the technology team identifying areas of opportunity. As I have been ramping up on these businesses, I've been highly encouraged to see stability in hiring, retention and turnover and have been impressed with the talent across these teams. I've also spent a significant amount of time with Tony. His experience in merchandising, marketing and stores serves as a nice balance to my years in large-scale transformation and consulting and my background in retail operations, including data and analytics, technology, strategy, stores and supply chain.

回顧過去兩個月，我一直在進行聆聽之旅，花更多時間在商店、配送中心以及與技術團隊一起確定機會領域。隨著我在這些業務上的不斷發展，看到招聘、保留和人員流動方面的穩定性，我深受鼓舞，並且對這些團隊中的人才印象深刻。我也花了很多時間和托尼在一起。他在銷售、市場營銷和商店方面的經驗很好地平衡了我在大規模轉型和諮詢方面的多年經驗以及我在零售運營方面的背景，包括數據和分析、技術、戰略、商店和供應鏈。

He is a seasoned operator that understands department stores and fashion inside and out while I'm the transformational specialists focused on modernizing our retail operations. We are fully aligned of what is needed to propel Macy's Inc. into the future. We will maintain a disciplined approach to our inventories and markdown liability, offer differentiated products and value to our customers and we'll not chase unprofitable sales. For us, that's now table stakes. Looking ahead, we will continue to strengthen the foundation of our core businesses while simultaneously investing in our five growth vectors. Despite recent headwinds, Tony and I remain committed to our aspiration of achieving low single-digit sales growth and a sustainable low double-digit EBITDA margin starting in 2024.

他是一位經驗豐富的運營商，從裡到外都了解百貨公司和時尚，而我是專注於實現零售業務現代化的轉型專家。我們完全同意推動 Macy's Inc. 走向未來所需的條件。我們將對我們的庫存和降價責任保持嚴格的態度，為我們的客戶提供差異化的產品和價值，我們不會追逐無利可圖的銷售。對我們來說，這就是賭注。展望未來，我們將繼續加強核心業務的基礎，同時投資於我們的五個增長方向。儘管最近遇到了不利因素，托尼和我仍然致力於實現我們的願望，即從 2024 年開始實現低個位數的銷售增長和可持續的低兩位數 EBITDA 利潤率。

Now let's walk through the first quarter results of our five value-creation levers before I provide an update on our 2023 outlook. First, omnichannel sales. We generated net sales of $5 billion, a decline of 6.8% versus the prior year. Comparable sales on an owned plus licensed basis decreased 7.2%. Macy's, Inc owned AUR rose 4.7%, driven by ticket increases and category mix. For the year, we continue to expect an improvement in AUR year-over-year through a combination of ticket increases, lower markdowns and category mix.

在我提供 2023 年展望的最新情況之前，讓我們來看看我們五個價值創造槓桿的第一季度結果。第一，全渠道銷售。我們的淨銷售額為 50 億美元，比上年下降 6.8%。自有加許可的可比銷售額下降 7.2%。梅西百貨公司旗下的 AUR 上漲 4.7%，受票價上漲和品類組合的推動。對於這一年，我們繼續預計通過票價上漲、降價幅度降低和品類組合相結合，AUR 將同比有所改善。

Next, other revenue. As a reminder, beginning this quarter, we are reclassing credit card revenues and Macy's Media Network revenue to other revenue. Credit card revenues were previously reported as their own cash in, while Macy's Media Network revenue was reported within SG&A. During the quarter, other revenues were 3.8% of net sales. Credit card revenues were $162 million, down $29 million from last year. As a percent of net sales, credit card revenues were 3.3% or 30 basis points lower than last year, primarily reflecting the impact of higher bad debt within the portfolio.

接下來是其他收入。提醒一下，從本季度開始，我們將信用卡收入和梅西百貨媒體網絡收入重新分類為其他收入。信用卡收入以前是作為他們自己的現金收入報告的，而梅西百貨的媒體網絡收入是在 SG&A 中報告的。本季度，其他收入占淨銷售額的 3.8%。信用卡收入為 1.62 億美元，比去年減少 2900 萬美元。信用卡收入占淨銷售額的百分比比去年下降 3.3% 或 30 個基點，主要反映了投資組合中較高壞賬的影響。

Macy's Media Network revenue was $29 million versus $26 million in the prior year. Moving to the second value creation lever, gross margin. Our gross margin rate was 40%, 40 basis points above prior year. Merchandise margin was flat, benefiting from lean beginning of the year inventory levels and lower clearance markdowns, offset by promotion and category mix shifts. As it relates to delivery expense, continued cost mitigation efforts contributed to a 40 basis point improvement versus last year, primarily on better contracted rates, reductions in packages per order and a 1-point decline in digital penetration.

梅西百貨媒體網絡收入為 2900 萬美元，而上一年為 2600 萬美元。轉到第二個價值創造槓桿，毛利率。我們的毛利率為 40%，比去年高 40 個基點。商品利潤率持平，受益於年初庫存水平低和清倉降價幅度較低，但被促銷和品類組合轉變所抵消。由於與交付費用相關，持續的成本削減措施與去年相比提高了 40 個基點，這主要是由於更好的合同費率、每個訂單的包裹數量減少以及數字滲透率下降 1 個百分點。

The third value creation lever is inventory productivity. Inventory declined 7% year-over-year, in line with our net sales decline. Trailing 12-month inventory turnover was down 2% to last year, reflecting the decline in sales versus the comparable period. Adjustments to the timing, amount and composition of receipts beginning in the second quarter are expected to drive back half sell-throughs and strengthen inventory productivity.

第三個價值創造槓桿是庫存生產率。庫存同比下降 7%，與我們的淨銷售額下降一致。過去 12 個月的庫存周轉率比去年下降了 2%，反映出銷售額與同期相比有所下降。從第二季度開始對收貨的時間、數量和構成進行調整預計將減少一半的銷售量並提高庫存生產率。

Expense discipline is the fourth value creation lever. SG&A increased $45 million or 2.4% to $1.95 billion. SG&A as a percent of total revenue was 37.7%, 350 basis points higher than last year. As a reminder, the increase in minimum wage for stores colleagues was fully implemented on May 1 last year. The higher year-over-year SG&A dollars and rate reflects the lapping of these increases and includes continued investments in colleagues across competitive pay incentives and benefits.

費用紀律是第四個價值創造槓桿。 SG&A 增加 4500 萬美元或 2.4% 至 19.5 億美元。 SG&A 佔總收入的百分比為 37.7%，比去年高出 350 個基點。提醒一下，去年5月1日，門店員工最低工資的上調已經全面實施。較高的同比 SG&A 美元和費率反映了這些增長的重疊，並包括在具有競爭力的薪酬激勵和福利方面對同事的持續投資。

SG&A also includes the increase in depreciation and amortization expense. After accounting for interest and taxes, first quarter adjusted diluted EPS was $0.56 versus $1.08 in 2022. Lastly, the fifth value creation lever capital allocation. Our top focus is liquidity. We continue to take a thoughtful approach to capital allocation, prioritizing a healthy balance sheet, investments in our business and our five growth vectors and returning capital to shareholders.

SG&A 還包括折舊和攤銷費用的增加。計入利息和稅收後，第一季度調整後的攤薄每股收益為 0.56 美元，而 2022 年為 1.08 美元。最後，第五個價值創造槓桿資本配置。我們的首要重點是流動性。我們繼續對資本分配採取深思熟慮的方法，優先考慮健康的資產負債表、對我們的業務和我們的五個增長方向的投資以及向股東返還資本。

In the first quarter, we generated $105 million of operating cash flow compared to $248 million last year, primarily due to lower earnings in the current year quarter versus last year. We invested $296 million in capital expenditures. Free cash flow inclusive of proceeds from real estate was an outflow of $166 million. As part of our open-ended share repurchase authorization, we bought back approximately 1.4 million shares for $25 million. We also paid $45 million of dividends. Now on to our outlook.

第一季度，我們產生了 1.05 億美元的運營現金流，而去年同期為 2.48 億美元，這主要是由於本季度的收益低於去年同期。我們投資了 2.96 億美元的資本支出。包括房地產收益在內的自由現金流流出 1.66 億美元。作為我們開放式股票回購授權的一部分，我們以 2500 萬美元的價格回購了大約 140 萬股股票。我們還支付了 4500 萬美元的股息。現在談談我們的展望。

Let's start with a discussion of our cost savings efforts. As Jeff mentioned, we have identified an incremental $200 million of cost savings for this year versus our prior outlook. For 2024, we estimate the savings to be between $300 million and $350 million, impacting both gross margin and SG&A. Roughly 30% of the savings in 2023 will be in gross margin, and the remainder will be in SG&A. A small portion has been recognized in the first quarter. Savings build as the year progresses and will be most significant in the fourth quarter.

讓我們從討論我們的成本節約工作開始。正如 Jeff 所提到的，與我們之前的預期相比，我們已經確定今年可以節省 2 億美元的增量成本。到 2024 年，我們估計可節省 3 億至 3.5 億美元，這將影響毛利率和 SG&A。 2023 年大約 30% 的節省將體現在毛利率方面，其餘部分將體現在 SG&A 方面。一小部分已在第一季度確認。儲蓄隨著時間的推移而增加，並將在第四季度最為顯著。

Now let's discuss our full year and second quarter outlook, both of which contemplate ongoing pressure on our customer. The low end assumes macro pressures worsen while the high end assumes they remain stable with levels experienced in mid-March through April. With so many mixed signals, it is prudent to take a cautious stance. We will continue to embrace the financial and operational disciplines that we have implemented over the past several years. If demand improves, we will lean into our reserves and chase intra-quarter. But we are going to wait for proof points to do that, and our improved May trends are not enough.

現在讓我們討論我們的全年和第二季度展望，這兩個展望都考慮了我們客戶的持續壓力。低端假設宏觀壓力惡化，而高端假設宏觀壓力保持穩定，保持在 3 月中旬至 4 月的水平。面對如此多的混合信號，謹慎行事是明智之舉。我們將繼續接受我們在過去幾年中實施的財務和運營紀律。如果需求改善，我們將依靠我們的儲備並追逐季度內。但我們將等待證明點來做到這一點，而我們改進的 5 月趨勢還不夠。

Alternatively, if demand trends worsen, we have the flexibility to make further adjustments. We can and will do better. We have been course correcting and have made adjustments to the second, third and fourth quarters. Looking at the full year, our expectations for Macy's, Inc. are now as follows: net sales of $22.8 billion to $23.2 billion. Comparable sales on a 52-week owned-plus license basis to be down about 7.5% to 6% year-over-year.

或者，如果需求趨勢惡化，我們可以靈活地進行進一步調整。我們可以而且會做得更好。我們一直在糾正路線，並對第二、第三和第四季度進行了調整。展望全年，我們對梅西百貨的預期如下：淨銷售額為 228 億美元至 232 億美元。基於 52 周自有許可的可比銷售額同比下降約 7.5% 至 6%。

As a reminder, compares ease in the third and fourth quarters. Other revenue to be about 3.6% of net sales with credit card revenues accounting for 82% to 83% of that. The reduction in our credit card revenue outlook is primarily a result of our reduced annual sales expectations. A gross margin rate of 38% to 38.5% on our expectation for deeper markdowns in the second quarter to drive sell-throughs and ensure we enter the third quarter in a clean inventory position. The second quarter should be viewed as an exception, not a change in course.

提醒一下，第三節和第四節比較輕鬆。其他收入約占淨銷售額的 3.6%，信用卡收入佔其中的 82% 至 83%。我們信用卡收入前景的下調主要是由於我們降低了年度銷售預期。毛利率為 38% 至 38.5%，因為我們預計第二季度將進一步降價以推動銷售，並確保我們進入第三季度時庫存狀況良好。第二季度應該被視為一個例外，而不是路線的改變。

Our philosophy remains unchanged. We continue to be focused on protecting gross margin. We will navigate the year with the intent to stimulate increased conversion and margin dollar expansion. Our annual gross margin rate outlook also includes an estimate for increased shrink, which we call shortage relative to our initial expectations. Starting in Q2, we have further enhanced our pricing science capabilities to automate strategic promotions from vendor direct to owned inventory. This gives us the opportunity to bring an automated pricing solution that incorporates category elasticities, maximizes inventory turnover and optimizes unit sales left and margin dollar expansion to our owned inventory portfolio.

我們的理念保持不變。我們繼續專注於保護毛利率。我們將以刺激增加轉化率和利潤美元擴張為目的來度過這一年。我們的年度毛利率展望還包括對收縮增加的估計，我們稱之為相對於我們最初預期的短缺。從第二季度開始，我們進一步增強了我們的定價科學能力，以自動化從供應商直接到自有庫存的戰略促銷。這使我們有機會引入一個自動定價解決方案，該解決方案結合了品類彈性、最大化庫存周轉率並優化了剩餘的單位銷售額和利潤美元擴展到我們擁有的庫存組合。

In addition, we also continued to refine our competitive intelligence, which provides us a better understanding of the competitive landscape and enhances our decisions around location-level pricing. SG&A as a percent of total revenue is expected to be about 35.4% to 35.5%, reflecting the reduction in our sales expectations, along with the cost savings work discussed earlier.

此外，我們還繼續完善我們的競爭情報，這使我們能夠更好地了解競爭格局，並增強我們圍繞位置級別定價的決策。 SG&A 佔總收入的百分比預計約為 35.4% 至 35.5%，這反映了我們銷售預期的下降，以及之前討論的成本節約工作。

And adjusted EBITDA as a percent of total revenue of roughly 8.8% to 9.4% or 9.1% to 9.7% as a percent of net sales. After interest and taxes, we are estimating annual adjusted diluted EPS of $2.70 to $3.20. This takes into account a roughly $0.12 negative impact from increased shortage relative to our previous expectations. Our adjusted EPS guidance does not assume the impact of potential share repurchases but does consider the proactive actions taken for the back half.

調整後的 EBITDA 佔總收入的百分比約為 8.8% 至 9.4%，或占淨銷售額的百分比為 9.1% 至 9.7%。扣除利息和稅項後，我們估計年度調整後攤薄每股收益為 2.70 美元至 3.20 美元。這考慮了相對於我們之前的預期，短缺增加帶來的大約 0.12 美元的負面影響。我們調整後的每股收益指引並未假設潛在股票回購的影響，但確實考慮了為後半部分採取的積極行動。

For the second quarter, we expect net sales of $5 billion to $5.1 billion. Gross margin rate to be down no more than 100 basis points for the second quarter of 2022. The second quarter includes clearance markdowns to address remaining first quarter seasonal inventory and May receipts that we were unable to adjust in time to align with our updated sales expectations. We expect this to be the only quarterly deterioration to prior year.

對於第二季度，我們預計淨銷售額為 50 億至 51 億美元。 2022 年第二季度毛利率下降不超過 100 個基點。第二季度包括清倉減價，以解決第一季度剩餘的季節性庫存和我們無法及時調整以符合我們更新的銷售預期的 5 月收貨.我們預計這將是唯一比去年同期惡化的季度。

Adjusted diluted EPS is expected to be $0.10 to $0.15. End-of-quarter inventories to be down low to mid-single digits to last year on a percentage basis. While we cannot control the macro environment and how our consumers respond, we remain focused on offering our customer the best product, experience and value. There is no finish line for this work. Over the past few years, we have made significant progress across the organization. We have reduced our reliance on markdown allowances, shifted to an upfront cost negotiation model with vendors, incentivized merchants at the Macy's Inc. level rather than by their respective category performance and build data and analytics into our processes.

調整後的攤薄每股收益預計為 0.10 美元至 0.15 美元。按百分比計算，與去年同期相比，季末庫存將下降到中等個位數。雖然我們無法控制宏觀環境和消費者的反應，但我們仍然專注於為客戶提供最好的產品、體驗和價值。這項工作沒有終點線。在過去的幾年中，我們在整個組織中取得了重大進展。我們減少了對降價補貼的依賴，轉向與供應商的前期成本談判模式，在梅西百貨公司層面激勵商家，而不是通過他們各自的類別績效，並將數據和分析構建到我們的流程中。

Looking ahead, the Macy's nameplate is shifting to cost accounting in 2024, which should help incorporate further disciplines. These actions together speak to how we are running our business from a much healthier and more educated place than in the past. So while we recognize the macroeconomic climate has created a larger headwind on our business than originally anticipated when we first introduced our annual outlook in early March, we are responding and remaining agile to ensure we meet the needs of our customers. The disciplines we have built into our decision-making and culture gives us the foundation to balance the current environment while executing with clarity on our long-term growth goals.

展望未來，梅西百貨將在 2024 年轉向成本核算，這應該有助於納入更多紀律。這些行動共同說明了我們如何在一個比過去更健康、受教育程度更高的地方經營我們的業務。因此，儘管我們認識到宏觀經濟氣候對我們的業務造成的阻力比我們在 3 月初首次公佈年度展望時最初預期的要大，但我們正在做出響應並保持敏捷，以確保滿足客戶的需求。我們在決策和文化中建立的紀律為我們奠定了平衡當前環境的基礎，同時明確執行我們的長期增長目標。

We remain committed to our aspiration of achieving low single-digit sales growth and a sustainable low double-digit adjusted EBITDA margin beginning in fiscal 2024, even with the assumption that macro pressures persist. With that, I'll turn the call back over to Jeff for some closing remarks.

即使假設宏觀壓力持續存在，我們仍然致力於實現從 2024 財年開始實現低個位數銷售增長和可持續的低兩位數調整後 EBITDA 利潤率的願望。有了這個，我會把電話轉回給傑夫，讓他做一些結束語。

Thanks, Adrian. We are a modern department store with a rich history that has weathered these storms before, and we will do so again. Our financial health, operational efficiencies and data-driven process and tools are unique advantages that allow us to navigate through uncertain periods as we continue to invest in the future.

謝謝，阿德里安。我們是一家歷史悠久的現代百貨公司，曾經經歷過這些風暴，我們將再次這樣做。我們的財務健康、運營效率以及數據驅動的流程和工具是獨特的優勢，使我們能夠在繼續投資未來的同時度過不確定的時期。

We are a competitive team here at Macy's. We are not standing still. We are committed to better serving our customers and improving our business. Our teams are fully aligned, and we remain focused on protecting and preserving the second half of 2023 in our future growth opportunities, including achieving our sales and EBITDA goals. And with that, operator, we will open it up for Q&A.

在梅西百貨，我們是一支有競爭力的團隊。我們並沒有停滯不前。我們致力於更好地為客戶服務並改善我們的業務。我們的團隊完全一致，我們仍然專注於保護和維護 2023 年下半年的未來增長機會，包括實現我們的銷售和 EBITDA 目標。有了這個，運營商，我們將打開它進行問答。

(Operator Instructions) Today's first question is coming from Matthew Boss of JPMorgan.

（操作員說明）今天的第一個問題來自摩根大通的 Matthew Boss。

So first, Tony, congrats on the promotion. Maybe high level, where do you see the largest low-hanging fruit for acceleration opportunity as you take the helm? Jeff, could you elaborate on the cadence of top line trends? And in particular, where have you seen this most recent acceleration, whether by category or across income cohorts? And then finally, for Adrian, with this dynamic backdrop, what's your comfort with inventory on hand and just your confidence in clearing any excess by the end of this quarter?

首先，Tony，恭喜你升職了。也許高層，當你掌舵時，你在哪裡看到最大的容易實現的加速機會？傑夫，你能詳細說明頂線趨勢的節奏嗎？特別是，您在哪裡看到最近的這種加速，無論是按類別還是跨收入群體？最後，對於 Adrian 來說，在這種充滿活力的背景下，您對手頭庫存的滿意程度如何，以及您對在本季度末清理多餘庫存的信心如何？

So Matt, let me go first, and then we'll turn it over to Tony and Adrian. On the cadence of the top line, what you saw was that when you looked at our demand and what was happening in the -- February hit our expectations. As did early March. It started to deteriorate in the latter part of March, and then it decelerated even further in the month of April. So what we saw there was when you look at the seasonal categories, so we basically had -- we thought the appropriate level of carryover in fall and holiday, we had some fresh transitional receipts there. We sold through that pretty aggressively in the first half of the quarter and did not have enough content in those categories as we look at the back half. We had well transitioned into spring and seasonal, and we did not have the sell-throughs that we expected at regular price and when we started to mark it down. So that's the piece that when we're starting to see those inventory levels come up, which is where we kind of bucketed where we're going to be in the second quarter to deal with that to have the appropriate units going into the third quarter.

所以 Matt，讓我先走了，然後我們將把它交給 Tony 和 Adrian。在頂線的節奏上，您看到的是，當您查看我們的需求時以及 2 月份發生的事情達到了我們的預期。就像三月初一樣。它在三月下旬開始惡化，然後在四月份進一步減速。所以我們看到的是當你查看季節性類別時，所以我們基本上有 - 我們認為秋季和假期的結轉水平適當，我們在那裡有一些新的過渡收據。我們在本季度的前半段非常積極地銷售，而在我們看後半段時，這些類別的內容還不夠多。我們已經很好地過渡到春季和季節性，並且我們沒有以正常價格和開始降價時預期的銷售量。所以這就是當我們開始看到這些庫存水平上升時，這就是我們在第二季度將要處理的地方，以便讓適當的單位進入第三季度.

So that would be on kind of the cadence of the top line. When you look at the recent trends in the month of May, you definitely saw a bounce back across nameplates, but most pronounced when you look at Bloomingdale's and Bluemercury. So that's the comment that we're making. We're attributing that to two things. One is that it's a pent-up demand for warm weather categories, which is definitely where we saw the acceleration of sell-throughs or is it an improvement in the macro environment? We don't know that answer yet. So when you look at our guide for both the second quarter and the balance of the year, just to reiterate where we're at, we looked at the trend from the end of March through April and extended that by brand, by category, all the way through the rest of the year.

所以這將是頂線的節奏。當您查看 5 月份的近期趨勢時，您肯定會看到銘牌上的反彈，但當您查看 Bloomingdale's 和 Bluemercury 時最為明顯。這就是我們的評論。我們將其歸因於兩件事。一是這是對溫暖天氣類別的壓抑需求，這絕對是我們看到銷售加速的地方，還是宏觀環境的改善？我們還不知道那個答案。因此，當您查看我們的第二季度和今年餘下時間的指南時，為了重申我們所處的位置，我們查看了從 3 月底到 4 月的趨勢，並按品牌、類別、所有度過今年剩餘時間的方式。

We obviously have lots of penetration differences between quarters. Certain businesses become much more important as you get to the back half of the year. We did this very scientifically. We looked at the 1-year CAGR. We looked at a 2-year CAGR. We even went back and looked at 2019. So that's how we approached when we looked at how we were looking at the top end. And then the lower end of the guide was really if the macro conditions step in and they get worse. So that is what's implied in our guide know that when you look at our overall strategy, our objective is to make sure that we are responding in the moment to how customers are transacting.

我們顯然在季度之間有很多滲透差異。到了下半年，某些業務變得更加重要。我們這樣做非常科學。我們查看了 1 年的複合年增長率。我們查看了 2 年的複合年增長率。我們甚至回顧了 2019 年。這就是我們在審視高端市場時的處理方式。然後指南的下端實際上是宏觀條件介入並且變得更糟。所以這就是我們的指南中所暗示的，當您查看我們的整體戰略時，我們的目標是確保我們在當下對客戶的交易方式做出反應。

What I would tell you about the customer right now, particularly on the Macy's side, is they're buying much closer to need. So our opportunity to have the receipt reserves that we have to be able to respond in time with all the abundance of inventory to send to market is prudent. So I'll turn it over to Tony to answer your first part of your question.

關於客戶，尤其是梅西百貨方面，我現在要告訴你的是，他們購買的商品更接近需求。因此，我們有機會擁有收貨儲備，我們必須能夠及時響應所有豐富的庫存以發送到市場是謹慎的。所以我會把它交給托尼來回答你問題的第一部分。

Thanks, Matt. I would say, first off, I'm obviously excited about the opportunity and excited about the team that I see at Macy's as being really dedicated, passionate and certainly committed to the overall business results despite the challenging business climate. Macy's is a beloved brand with a multigenerational customer base. The scale of the business really should be an asset. I do see, however, opportunities to simplify our operation, make the experience easier for our colleagues to execute and more enjoyable for our customer.

謝謝，馬特。我要說的是，首先，我顯然對這個機會感到興奮，對我在梅西百貨看到的團隊感到興奮，儘管商業環境充滿挑戰，但他們仍然非常敬業、充滿熱情並且肯定致力於整體業務成果。梅西百貨是一個深受喜愛的品牌，擁有多代客戶群。業務規模確實應該是一項資產。然而，我確實看到了簡化我們運營的機會，讓我們的同事更容易執行體驗，讓我們的客戶更愉快。

I believe the Macy's Inc. portfolio should be one that we can leverage more fully from both off-price to luxury. I think we've done a good job of leaning into the opportunity on data science or the STEM part of our business. I think if you think of Steam, the art part of our business, we have more work to do on curation, imagination, storytelling and inspiration.

我相信梅西百貨的投資組合應該是我們可以更充分地利用從低價到奢侈品的投資組合。我認為我們在利用數據科學或我們業務的 STEM 部分的機會方面做得很好。我想如果你想到 Steam，我們業務的藝術部分，我們在策展、想像力、講故事和靈感方面還有更多工作要做。

Terrific. Just to speak and close out on the topic of inventory. The simple answer is that we're confident in clearing through the inventory coming out of the second quarter. And as you know, we have the track record around inventory management. Our track record is clear, and we're getting better and better every quarter. Just to put in perspective, we ended last year down 3% in inventory. We ended the first quarter down 7% in inventory. We expect to end the second quarter down low to mid-single digits on inventory, so we are confident given our capabilities and our tools.

了不起。只是說說並結束庫存主題。簡單的答案是，我們有信心清理第二季度的庫存。如您所知，我們在庫存管理方面擁有良好的記錄。我們的業績記錄很清楚，而且每個季度我們都在變得越來越好。從長遠來看，我們去年年底的庫存下降了 3%。我們在第一季度結束時庫存下降了 7%。我們預計第二季度末庫存將下降到中低個位數，因此我們對我們的能力和工具充滿信心。

Now just to put in context, the way we think about inventories in terms of the volume, the mix and having fresh content. And the reality is what we experienced in the first quarter is that we transitioned early. That was a clear bet for us because we were able to have limited carryover coming out of the fourth quarter and coming out of holiday. So we entered in a very solid position, but the weather cooled. But when you look at our content, beauty healthy numbers; career sportswear, healthy numbers; men's tailored, healthy numbers; warm weather, spring seasonal for most of the quarter, soft numbers. So we're putting in our tools and our actions in place, which we have a clear track record on. And we are confident that we'll be able to work through the inventory and get back to a balanced perspective on inventory entering the fall season.

現在只是為了說明一下我們從數量、組合和新鮮內容方面考慮庫存的方式。而現實是我們在第一季度經歷的是我們提前過渡。這對我們來說是一個明確的賭注，因為我們能夠在第四季度和假期結束後進行有限的結轉。所以我們進入了一個非常穩固的位置，但天氣變冷了。但是，當您查看我們的內容時，美麗健康的數字；職業運動裝，健康號；男士量身定制的健康數字；溫暖的天氣，本季度大部分時間的春季季節性，數字疲軟。因此，我們正在將我們的工具和行動落實到位，我們在這方面有明確的記錄。我們有信心我們將能夠完成庫存工作，並恢復對進入秋季庫存的平衡看法。

The next question is coming from Oliver Chen of TD Cowen.

下一個問題來自 TD Cowen 的 Oliver Chen。

Jeff, Tony and Adrian, I was curious about merchandise margins and promotions for the back half and what's implied in guidance. As you do take the markdowns in Q2, what's the duration of those? And how do you do those most efficiently? Would also love your take on just things you're monitoring with the consumer of that behavior. And I assume that the comp volatility is likely in transaction counts. I would love your thoughts on that. And lastly, Tony, what do you think about the younger customer and the opportunity there more broadly? How are you dissecting strategies with respect to that?

傑夫、托尼和阿德里安，我對後半部分的商品利潤率和促銷活動以及指導中暗示的內容感到好奇。當你在第二季度進行降價時，這些降價的持續時間是多少？你如何最有效地做到這些？也會喜歡您對您正在與該行為的消費者進行監控的事情的看法。而且我假設交易數量可能會出現波動。我會喜歡你的想法。最後，Tony，您如何看待年輕客戶以及更廣泛的機會？您如何剖析這方面的策略？

Oliver, let me take two of your questions. So the merchandise margins, when you look at that, as we indicated, we think that we're going to be above last year's levels for obviously saw that in the first quarter. We're anticipating that in both the third and the fourth and the second, we thought it was going to be within 100 basis points of last year. Now the full year will be higher than the previous year.

奧利弗，讓我回答你的兩個問題。所以商品利潤率，當你看的時候，正如我們所指出的，我們認為我們將高於去年的水平，因為在第一季度顯然看到了這一點。我們預計在第三次、第四次和第二次中，我們認為它會在去年的 100 個基點內。現在全年將高於前一年。

What you see and can expect from us is that when you look at the spring overhang that we have right now and are anticipating that we will take the appropriate price markdowns there. And what we've been doing through the first part before we marked it down as we were doing higher POS on those. So that has a cycle that we're playing through. We've got -- we have a number of categories in which we're getting higher AURs and higher margins than we did last year. We're expecting that to continue.

您所看到的和對我們的期望是，當您查看我們現在的春季懸垂並預計我們將在那裡採取適當的降價措施時。在我們將其標記下來之前，我們在第一部分中一直在做的事情，因為我們在這些部分上做了更高的 POS。所以這有一個我們正在經歷的循環。我們已經 - 我們有許多類別，在這些類別中，我們獲得了比去年更高的 AUR 和更高的利潤率。我們期待這種情況繼續下去。

And then there's other categories in which we're getting sharper on our price points as we know that the customer is looking for promotional value right now. You can see what we're seeing in our price arms in both outlet as well as Backstage. But what we're doing with specials and what we're doing with flash sales. Those are all going to be comparable to where we were last year, and we're looking at the content right now of where that is going to be. So we have a lot of confidence when we look at the back half with respect to where we're going to be with pricing promotion. Probably more important when we look at the back half is where we're going to be with the newness and where we're going to be with all of our gifting categories and how we've rebuilt that based on all the learnings that we had from fourth quarter of last year. So that is how merchandise margin. So expect merchandise margins to continue to be stable and the promotional as I've described. So Tony.

然後還有其他類別，我們在價格點上變得更加敏銳，因為我們知道客戶現在正在尋找促銷價值。您可以在我們的直銷店和 Backstage 的價格臂中看到我們所看到的。但是我們正在做的特價商品以及我們正在做的限時搶購。這些都將與我們去年的水平相當，我們現在正在研究未來的內容。因此，當我們回顧後半部分關於定價促銷的位置時，我們充滿信心。當我們看後半部分時，可能更重要的是我們將在何處擁有新事物，我們將在何處擁有我們所有的禮物類別，以及我們如何根據我們所擁有的所有知識重建它從去年第四季度開始。這就是商品保證金的方式。因此，正如我所描述的那樣，預計商品利潤率將繼續保持穩定和促銷。所以托尼。

Oliver, thanks for the question. Let me say first, we will continue to attract a multi-generational customer. I think it's an advantage of being a department store that we have five generations shopping with us. But in terms of your question and how we target and grow the younger customer base, I start with, I'm proud of the fact that the Bloomingdale team has generated more business with the younger customer than we did years ago.

奧利弗，謝謝你的提問。首先讓我說，我們將繼續吸引多代客戶。我認為作為百貨公司的一個優勢是我們有五代人和我們一起購物。但就你的問題以及我們如何瞄準和發展年輕客戶群而言，我首先要說的是，我為 Bloomingdale 團隊與年輕客戶產生了比多年前更多的業務而感到自豪。

It starts with first having the brands consumers are looking for, so challenging our merchant team to be in the market and inquiring through marketplace or through our own distribution channels, those brands. Second is obviously a strong digital strategy. We know the younger customer starts first online. And then thirdly, making sure that we have a powerful presence in the social space.

首先是擁有消費者正在尋找的品牌，因此挑戰我們的商家團隊進入市場並通過市場或我們自己的分銷渠道查詢這些品牌。其次顯然是強大的數字戰略。我們知道年輕的客戶首先開始上網。第三，確保我們在社交空間中擁有強大的影響力。

I think we've made some progress, we still have more work to do. I would also add that remember, all of our brands are great at being a part of life moments. And so whether that is sweet 16s, birthdays, anniversaries, wedding, first house first job, all those connote a younger customer. And I think we have an opportunity to own a greater share of that business.

我認為我們已經取得了一些進展，我們還有更多的工作要做。我還要補充一點，請記住，我們所有的品牌都非常擅長成為生活時刻的一部分。因此，無論是甜蜜的 16 歲、生日、週年紀念日、婚禮、第一套房子、第一份工作，所有這些都意味著年輕的顧客。我認為我們有機會擁有該業務的更大份額。

Let me amplify a point that Jeff made on margin, and then I'll speak to the consumer. With regards to the merch margin, I just want to be very clear that the deterioration of no more than 100 basis points is isolated to the second quarter. When you look at our annual outlook for the year on gross margin, it is going to be higher than last year. And as we think about the back half of last year, we have the opportunity to actually beat just given the softness on margin that we experienced in the third and fourth quarters.

讓我放大 Jeff 在邊際上提出的一個觀點，然後我將與消費者交談。關於商品利潤率，我只想非常清楚，不超過 100 個基點的惡化僅限於第二季度。當您查看我們今年的毛利率年度展望時，它將高於去年。當我們考慮去年下半年時，鑑於我們在第三和第四季度經歷的利潤率疲軟，我們有機會實際擊敗。

With regards to the consumer for the year, we're being cautious about the consumer. Now in the month of May, we have seen slightly better trends than what we saw coming out of April. But it's too early to tell from our perspective. So we're actually taking a cautious approach to the high end of our guide, which reflects the March and April trends, the low end of our guide assumes worsening of consumer trends. As we think about May and that favorability on the trends there, is it warm weather? Is it more compelling values? Is it pent-up demand? Is it a new trend? For us, it's too early to tell, so we're taking a cautious stance.

關於今年的消費者，我們對消費者持謹慎態度。現在在 5 月份，我們看到的趨勢略好於 4 月份的趨勢。但從我們的角度來看，現在下結論還為時過早。因此，我們實際上對指南的高端採取謹慎態度，這反映了 3 月和 4 月的趨勢，我們指南的低端假設消費者趨勢惡化。當我們考慮 5 月以及那裡趨勢的受歡迎程度時，天氣是否溫暖？是不是更有說服力的價值觀？是被壓抑的需求嗎？這是一個新趨勢嗎？對我們來說，現在下結論還為時過早，因此我們持謹慎態度。

The next question is coming from Brooke Roach of Goldman Sachs.

下一個問題來自高盛的布魯克羅奇。

Jeff, I was wondering if you could provide a bit more context on the customer engagement trends that you're seeing between your higher-income demographic cohorts and your lower-income demographic cohorts as you ended the quarter and moved into May. Are you seeing evidence of trade down or further pressure on traffic or ticket among any specific sub demographic? And then for Adrian, can you provide a little bit more context on the additional cost savings that you identified. Where are these cost savings being sourced from? How much do you expect to drop to the bottom line? And are there further opportunities to continue to optimize your cost structure?

傑夫，我想知道您是否可以提供更多關於您在本季度結束並進入 5 月時在高收入人群和低收入人群之間看到的客戶參與趨勢的背景信息。您是否看到任何特定子人群中的交易減少或流量或票務壓力進一步增加的證據？然後對於阿德里安，你能否提供更多關於你確定的額外成本節省的背景信息。這些節省的成本從何而來？您希望底線下降多少？是否有進一步的機會繼續優化您的成本結構？

So Brooke, let me start with your question on customer behavior. As we've reported in past quarters, we're not seeing a trade down not yet. What we have seen is that all customer types, I'll speak to the Macy's brand, has been basically down about the exact same percentage. What we're seeing is that in some cases, with customers that are responding to either Backstage or they're responding to Market by Macy's, it's entailing another trip, and we're seeing more spend out of them.

所以布魯克，讓我從你關於客戶行為的問題開始。正如我們在過去幾個季度報告的那樣，我們還沒有看到交易下降。我們所看到的是，所有客戶類型，我要說的是梅西百貨品牌，基本上都下降了大約完全相同的百分比。我們看到的是，在某些情況下，客戶要么響應 Backstage，要么響應 Macy's 的 Market，這需要另一次旅行，我們看到他們的支出更多。

When you look at the dynamics of our transactions, what you see across all of our customers is basically an increase in AUR about the exact same basket size is what they had in their visits last year. So what they're doing is they're buying less units. They're buying with the higher AUR, so the basket size is about the same. They're coming with the expectation of spending x and that's what they're going out with.

當您查看我們的交易動態時，您會發現我們所有客戶的 AUR 基本上都增加了，與他們去年訪問時的購物籃大小大致相同。所以他們正在做的是購買更少的單位。他們以較高的 AUR 購買，因此籃子大小大致相同。他們帶著花費 x 的期望而來，這就是他們出去的目的。

But we're not seeing where you're seeing that -- but when you look at the income types that you're seeing, one showing up in Backstage that didn't before. The ones that are showing up in Backstage are in the main house, and we're getting more spend out of them in aggregate. So what we saw in the month of May, though was a separation of the trend, the improvement in the trend at both Bluemercury as well as Bloomingdale's. So there is something that's on our radar screen to see does that more affluent customer. Are they -- is it showing up right now that they're healthier than the Macy's customer, Roach, obviously, watching that one very carefully.

但是我們沒有看到你在哪裡看到它——但是當你看到你看到的收入類型時，一種以前沒有出現在後台的收入類型。在 Backstage 中出現的那些都在主屋中，我們從中獲得了更多的支出。所以我們在 5 月份看到的是趨勢的分離，Bluemercury 和 Bloomingdale's 的趨勢都有所改善。所以我們的雷達屏幕上有一些東西可以看到更富裕的客戶。他們 - 現在是否顯示他們比梅西百貨的客戶更健康，羅奇，顯然，非常仔細地觀察那個。

Brooke, great to be with you as well. With regards to cost savings, let me give a little bit of context. We started this work about 6 months ago. And so what we've been doing, given the trends that we saw in the first quarter and year-to-date is really accelerate those activities. The source of the savings comes from two places. The first is gross margin, which represents about 30%. The second is around SG&A.

布魯克，很高興和你在一起。關於節省成本，讓我提供一些背景信息。我們大約 6 個月前開始這項工作。因此，鑑於我們在第一季度和今年迄今看到的趨勢，我們一直在做的是真正加速這些活動。儲蓄的來源來自兩個地方。首先是毛利率，約佔30%。第二個是圍繞 SG&A。

Within gross margin, we really focus on our inbound freight, our carrier network, our delivery expense, and we've been able to contract lower rates. So this is something that should actually trickle into future years for us. The remaining balance is really around SG&A, and it's about reducing the complexity within the business, repositioning the organization for growth and identifying operating expenses on the non-payroll SG&A side that we can actually take out of the system.

在毛利率方面，我們真正關注的是我們的入境運費、我們的承運人網絡、我們的送貨費用，而且我們已經能夠簽訂較低的費率。所以這對我們來說實際上應該滲透到未來幾年。剩下的餘額實際上是圍繞 SG&A，它是關於降低業務的複雜性，重新定位組織以實現增長，並確定我們實際上可以從系統中取出的非工資 SG&A 方面的運營費用。

This year, we've identified an incremental $200 million of opportunity. Next year, the annualized run rate is $300 million to $350 million. In addition to responding to the environment, we've actually reduced our CapEx forecast laminate at that dimension from $1 billion to about $950 million. But to be clear, the growth vectors are protected. We're investing appropriately in the team and the initiatives to get back to growth in 2024. So we've been very surgical, very disciplined in where we're making adjustments and it's just going to be good for the business longer term.

今年，我們確定了 2 億美元的增量機會。明年，年化運行率為 3 億至 3.5 億美元。除了響應環境，我們實際上已經將該維度的資本支出預測層壓板從 10 億美元減少到約 9.5 億美元。但需要明確的是，增長載體受到保護。我們正在對團隊和計劃進行適當投資，以在 2024 年恢復增長。因此，我們在進行調整的地方一直非常嚴謹，非常有紀律，從長遠來看，這對業務有利。

The next question is coming from Dana Telsey of Telsey Advisory Group.

下一個問題來自 Telsey Advisory Group 的 Dana Telsey。

Welcome, Tony, can you please expand on the AUR improvement you're expecting to see in the back half of the year, which categories. And also, can you expand a little bit on the store strategy, both for Bloomingdale's and for Macy's in the small store component? And lastly, welcome, Tony, what do you see as bringing over from Bloomingdale's to Macy's.

歡迎，托尼，你能否詳細說明你期望在今年下半年看到的 AUR 改進，哪些類別。此外，您能否在小型商店組件中為 Bloomingdale's 和 Macy's 擴展一些商店策略？最後，歡迎 Tony，您認為從 Bloomingdale's 帶到 Macy's 有什麼好處。

Dana, so let me take the one on AUR. And what you saw from our first quarter post was about a almost 5% -- a 4.7% increase. We do expect that we're going to have a higher AUR in the back half. A lot of that is category mix. So when you look at some of the higher AUR categories are trending for us, and that is driving up that what you see there. There's other categories in which our AUR is below last year based on where we see the environment, how we're looking at price matching, when you look at our competitive cycle, ensuring that we've got the best value for our customers as they're searching in that particular time.

Dana，所以讓我在 AUR 上做一個。你從我們第一季度的帖子中看到的是大約 5%——增長 4.7%。我們確實希望後半部分的 AUR 更高。其中很多是類別組合。因此，當您查看一些較高的 AUR 類別時，我們會看到趨勢，這會推動您在那裡看到的內容。根據我們對環境的看法，我們如何看待價格匹配，當您查看我們的競爭週期時，我們的 AUR 在其他類別中低於去年，確保我們為客戶提供最大價值，因為他們在那個特定的時間搜索。

So we do expect an improvement in AUR year-over-year. I think that outlook reflects our expectation for all of the heightened markdowns that we're talking about in the second quarter and the planned markdowns that we have for what we're doing in the back half both POS as well as clearance. What I'd bring up is just that our inventory is in really good shape.

因此，我們確實希望 AUR 同比有所改善。我認為這種前景反映了我們對第二季度我們正在談論的所有降價幅度的預期，以及我們在後半部分所做的計劃降價，包括 POS 和清倉。我要提出的只是我們的庫存狀況非常好。

So while we are heightened right now in spring merchandise, we are chasing opportunities in other categories, we are very committed to that. We have inventory reserve across all of our categories, even the ones that are down trending because freshness is the name of the game in our business, and we always have available content that's out there in the market to purchase. So any demand signal that our merchants have, just remember that our merchants are all rewarded based on the collective Macy’'s brand and how it's doing. So there's huge opportunities for us to ensure that the right customers are being addressed with the right content at the right time.

因此，雖然我們現在在春季商品方面有所提高，但我們正在追逐其他類別的機會，我們非常致力於此。我們在所有類別中都有庫存儲備，即使是那些呈下降趨勢的類別，因為新鮮度是我們業務中的遊戲名稱，而且我們始終有市場上可供購買的可用內容。因此，我們的商家有任何需求信號，請記住，我們的商家都是根據集體梅西百貨品牌及其運作方式獲得獎勵的。因此，我們有巨大的機會來確保在正確的時間用正確的內容向正確的客戶提供服務。

So there is going to be AUR improvement and -- but through all of that, but at the end of the day, we're making sure that our receipts are consistent with where our customers are going.

因此，AUR 將會有所改善——但通過所有這些，但最終，我們要確保我們的收據與客戶的去向一致。

Dana, nice to connect again. I appreciate the question. No one is a bigger fan of the Bloomingdale's brand in business than I am. But I would reframe your question is how do we develop a stronger portfolio. Where we can learn from each other without becoming one another. Bloomingdale's strength is certainly curation, bringing variety versus redundancy to the expanded assortments that we offer.

達娜，很高興再次聯繫。我很欣賞這個問題。沒有人比我更喜歡 Bloomingdale's 的商業品牌。但我會重新定義您的問題，即我們如何開發更強大的產品組合。在這裡我們可以互相學習而不成為彼此。 Bloomingdale 的強項當然是精選，它為我們提供的擴展品類帶來多樣性而不是冗餘。

Bloomingdale's has a great, strong, best customer base, representing a large portion of their business, but how do we create stronger best customer programs for each of our brands. While Bloomingdale's gets credit for retail-is-theater, The Parade, The Fireworks, the Flower Show are all a part of Macy's heritage. Each brand needs to develop compelling programs to motivate their customer base to engage more frequently, both in-store and online. So I'm looking forward to what we can do going forward.

Bloomingdale's 擁有龐大、強大、最好的客戶群，佔他們業務的很大一部分，但我們如何為我們的每個品牌創建更強大的最佳客戶計劃。雖然 Bloomingdale's 因零售即劇院而受到讚譽，但遊行、煙花和花展都是梅西百貨傳統的一部分。每個品牌都需要製定引人注目的計劃，以激勵他們的客戶群更頻繁地參與店內和網上活動。所以我很期待我們能做些什麼。

Dana, good to be with you as well. With regards to our store strategy that focuses on growth and our small format stores is actually part of that. As we think about the store strategy, we feel good about the box size we're looking at, the format we're looking at the locations and the power centers that we've been having conversations with.

達娜，很高興和你在一起。關於我們專注於增長的商店戰略，我們的小型商店實際上是其中的一部分。當我們考慮商店策略時，我們對我們正在查看的盒子大小、我們正在查看的位置的格式以及我們一直在與之交談的權力中心感到滿意。

But the thing that we're very excited about is what Tony spoke to earlier in the conversation, which is on a comp basis on small stores, what we're seeing is no cannibalization against the big box as well as comp positive growth in those stores that are not able to comp. So we're on to something quite special here, and we'll share more information as things progress.

但我們非常興奮的是托尼在談話的早些時候所說的話，這是在小商店的基礎上，我們看到的是沒有對大盒子的蠶食以及這些商店的正增長無法競爭的商店。所以我們在這裡做一些非常特別的事情，隨著事情的進展，我們將分享更多信息。

The next question is coming from Paul Lejuez of Citi.

下一個問題來自花旗銀行的 Paul Lejuez。

Curious how your e-com business performed over the quarter versus stores, if you saw a similar fall off on e-com or was it more isolated to the store level? And then I'm curious if you could just talk about how you came into the year thinking about how you would manage inventory in the second half versus how you're planning inventories currently?

想知道您的電子商務業務在本季度與商店相比表現如何，如果您看到電子商務出現類似的下降，或者它更孤立於商店級別？然後我很好奇你是否可以談談你如何進入這一年思考你將如何管理下半年的庫存與你目前如何計劃庫存？

Paul dot-com and stores were very similar in terms of what happened to their performance in the first quarter. We came into the year expecting that, that was going to be the case that, however, we were modeling dot-com and stores. So just remember where we were in terms of penetration in dot-com. This is basically the resettling of that as customers are coming more back to the stores channel. Obviously, very influenced by what they see digitally, either they transact there or they do research there.

就第一季度的業績而言，Paul dot-com 和商店非常相似。我們進入這一年時預計，情況會是這樣，但是，我們正在為 dot-com 和商店建模。因此，請記住我們在網絡公司的滲透率方面所處的位置。這基本上是重新安置，因為客戶更多地回到商店渠道。顯然，他們深受數字化所見的影響，要么在那裡進行交易，要么在那裡進行研究。

But in 2019, we were at a 25% penetration of digital. And in '22, we were 33% after a high in the pandemic of 40%. That settles in '23 at 33%. So the dot-com business was off 1 point for where stores were in the first quarter, pretty consistent with what we expected. I would tell you that on the big headline with respect to both stores and digital is the traffic has been relatively good. So basically flattish online, slightly up in stores, conversion down in both at about the same rate. So we do expect that this is the reset year with the penetration between them, but we do expect more aggressive growth in digital in the future versus stores as we think about '24 and beyond.

但在 2019 年，我們的數字化滲透率為 25%。而在 22 年，我們在 40% 的流行病高點之後是 33%。這在 23 年定為 33%。因此，互聯網業務在第一季度的商店營業額下降了 1 個百分點，這與我們的預期非常一致。我會告訴你，關於商店和數字的大標題是流量相對較好。所以在線上基本持平，商店略有上升，兩者的轉化率下降幅度大致相同。因此，我們確實預計今年是它們之間滲透的重置年，但我們確實預計，在我們考慮 24 世紀及以後的時候，未來數字領域的增長將比商店更積極。

And that's going to be [hoisted] by a lot of ideas and strategies, the one of the big ones is going to be what we're doing with Marketplace. Marketplace had an outstanding first quarter. We're in the beginning stages of it. But to Oliver's earlier question, we're very excited to have about Marketplace is really attracting the Gen Z customer, particularly in categories where it was not economically feasible for us to carry in the past. So when it relates to the way that we kind of plan inventory, I think that outside of what happened to us in spring with spring seasonal content and seeing the drop off in sell-throughs across all different value buckets, everything else has pretty much performed as we expected it.

這將被許多想法和策略 [提升]，其中一個重要的將是我們正在與 Marketplace 一起做的事情。 Marketplace 第一季度表現出色。我們正處於它的開始階段。但對於 Oliver 之前的問題，我們很高興 Marketplace 真正吸引了 Z 世代客戶，特別是在過去我們無法進行經濟上可行的類別中。因此，當涉及到我們計劃庫存的方式時，我認為除了我們在春季發生的春季季節性內容以及看到所有不同價值桶的銷售量下降之外，其他一切都表現得很好正如我們所料。

Again, just to remind, we have a very healthy reserve. So if we're buying into a sales plan, we hold back in the receipts. We've worked all that out by our new model of working at upfront costing versus working on an MDA model or a markdown allowance model that we used to have in the past. So we're not buying really needless receipts where we have not seen the signal for customer demand, and we are not perfect here. We have so much opportunity. We've got a really good pricing science as it relates to how we mark down goods. We are developing much better pricing science in how we promote goods based on demand signals and personalized marketing and just the opportunities that we see there as well as being very responsive to where in common items like Levi or wherever it might be, a lot of retailers carry but making sure that we're well priced, so that the customer is not disappointed with our values versus a competitor. So all that goes into the mix. And I would just say that inventory control, not a lot of surprises outside of what we talked about in terms of spring seasonal sell-through.

再次提醒，我們有非常健康的儲備。因此，如果我們購買銷售計劃，我們會保留收據。我們已經通過我們的新模型解決了所有這些問題，即在前期成本核算工作，而不是在我們過去使用的 MDA 模型或降價津貼模型上工作。因此，我們不會在沒有看到客戶需求信號的情況下購買真正不必要的收據，而且我們在這裡並不完美。我們有很多機會。我們有一個非常好的定價科學，因為它與我們如何降低商品價格有關。我們正在開發更好的定價科學，以了解我們如何根據需求信號和個性化營銷以及我們在那裡看到的機會來促銷商品，以及對 Levi 等常見商品的位置或許多零售商的任何地方做出非常敏感的反應進行但要確保我們的價格合理，這樣客戶就不會對我們與競爭對手的價值觀感到失望。所以所有這些都混在一起了。我只想說庫存控制，除了我們談到的春季季節性銷售之外，沒有太多驚喜。

The one thing I would add, just to amplify a few things on the inventory. Going back to the question earlier around the importance of volume mix and content. As we think about the volume, we've already made adjustments for the back half to align with our sales volume expectations for the balance of the year. The important actions were taken in Q2 to minimize liability going into the back half really gets into the mix for the back half of the year.

我要添加的一件事，只是為了放大庫存中的一些東西。回到前面關於音量組合和內容的重要性的問題。當我們考慮銷量時，我們已經對後半部分進行了調整，以符合我們對今年餘下時間的銷量預期。第二季度採取了重要行動，以最大程度地減少進入下半年的責任，這實際上會影響到今年下半年的組合。

The one thing I would amplify that Jeff spoke to earlier is we're gifting the destination. And when you think about the shift in our content getting into the back half, we're going to be leaning more into beauty and gifting, which is 30% of our business in the first quarter but exceeds 40% in the fourth quarter. And the beauty business has been growing going through the first quarter. So we feel that we're really moving ourselves into a position of strength. And with newness, we'll have more newness this year than we did last year. And you don't want to forget about the Disney distortion and toys as well as Nike being in the fourth quarter.

我要強調的一件事是 Jeff 早些時候談到的是我們正在贈送目的地。當你考慮到我們的內容進入後半部分的轉變時，我們將更傾向於美容和禮品，這在第一季度占我們業務的 30%，但在第四季度超過 40%。美容業務在第一季度一直在增長。所以我們覺得我們真的讓自己處於優勢地位。有了新意，我們今年會比去年有更多新意。而且你不想忘記第四季度的迪士尼變形和玩具以及耐克。

The next question is coming from Alex Straton of Morgan Stanley.

下一個問題來自摩根士丹利的 Alex Straton。

I just have a couple for the group here. First, I know that higher private label penetration was an opportunity for the year. So I'm just wondering where that stands now and if your view has changed at all there? And then second, just a quick follow-up on the cost savings question from earlier do you still plan to invest in people and tech in the same way you've outlined last quarter? Or has anything been pared back there on the demand slowdown?

我這裡只有一對夫婦。首先，我知道更高的自有品牌滲透率是今年的一個機會。所以我只是想知道現在情況如何，您的觀點是否已經完全改變？其次，快速跟進之前的成本節約問題，您是否仍計劃按照上個季度概述的方式投資於人員和技術？或者在需求放緩的情況下是否有任何削減？

Alex, could you repeat your question on the SG&A or the cost savings, we didn't quite catch it. Our apologies.

亞歷克斯，你能重複你關於 SG&A 或成本節約的問題嗎，我們沒聽清楚。我們的歉意。

No problem. The question was just do you still plan to invest in people and tech in the same way that you outlined last quarter or if that's been pared back at all on the demand slowdown?

沒問題。問題只是您是否仍計劃以與上個季度概述的方式相同的方式投資於人員和技術，或者是否因需求放緩而完全縮減？

Got you.

明白了

Alex, let me take the private brand, and then Adrian will take the second part of your question. Our ambition on private brands remains the same. So it was 16% of our penetration. We do see that growing over time. And as you've heard us talk about in this particular call about INC and Club Room, which have been brands that have been touched and basically -- they basically have been burnished. So they're performing quite well. And then when you look at what we've got coming, we've got a whole portfolio. We have 24 private brands that are all being touched over the next 2.5 years. So we're in the middle of that right now.

亞歷克斯，讓我來談談自有品牌，然後阿德里安會回答你問題的第二部分。我們對自有品牌的雄心保持不變。所以這是我們滲透率的 16%。我們確實看到它隨著時間的推移而增長。正如您在這次關於 INC 和 Club Room 的特別電話會議中聽到我們談論的那樣，這些品牌已經被觸及並且基本上 - 它們基本上已經被拋光了。所以他們表現得很好。然後，當您查看我們即將推出的產品時，我們擁有完整的產品組合。我們有 24 個自有品牌在未來 2.5 年內都將被觸及。所以我們現在正處於其中。

So the first brand new one is coming in the summer, and we'll stay tuned on all the details of that, but it is across accessories, it's across women's. It does address those key basics that we're talking about seasonal-based -- seasonless basics. We're actually quite excited about where that will be, and we'll give you a full rundown on that. But we do think that the private brands will raise in penetration in out years and it is why it's one of the big growth factors. -- not only is the -- when you look at the [Mugs] opportunity, the margin opportunity. But really importantly, when you look at the five things that we are doing with private brand, brand identity against customer types, original design, really strong strategic sourcing, relevant size and fit, which is one of the biggest pain points for our customer and, of course, compelling value. So we're very bullish on private brands and look forward to sharing all of those learnings and as we develop those strategies and launch them.

所以第一個全新的將在夏天推出，我們將繼續關注它的所有細節，但它涉及配飾，涉及女裝。它確實解決了我們正在談論的基於季節性的關鍵基礎知識 - 無季節基礎知識。我們實際上對它的位置感到非常興奮，我們會給你一個完整的概要。但我們確實認為自有品牌的滲透率將在未來幾年提高，這就是為什麼它是重要的增長因素之一。 - 不僅是 - 當你看到 [Mugs] 機會時，利潤機會。但真正重要的是，當你看看我們在自有品牌上做的五件事時，針對客戶類型的品牌標識、原創設計、真正強大的戰略採購、相關尺寸和合身性，這是我們客戶最大的痛點之一和，當然，引人注目的價值。因此，我們非常看好自有品牌，並期待分享所有這些經驗，並在我們制定並推出這些戰略時分享這些經驗。

Alex, I think what you're hearing from Tony, Jeff and I today is the importance of navigating the near term in terms of what's in front of us, but not losing sight and clarity about the long term. So in terms of being prudent about what's happening in the current environment and the uncertainty that's out there, we've accelerated the $200 million this year, which will translate to $300 million to $350 million in cost savings next year. We've reduced our capital spend from $1 billion to $950 million in terms of our current projections for this year. The key thing to keep in mind is that we will continue to invest in growth, whether that be tech, whether that be people.

亞歷克斯，我認為你今天從托尼、傑夫和我那裡聽到的是，根據我們面前的事物在短期內導航的重要性，但不要失去對長期的洞察力和清晰度。因此，在對當前環境中發生的事情和存在的不確定性持謹慎態度方面，我們今年加速了 2 億美元，這將在明年節省 3 億至 3.5 億美元的成本。根據我們目前對今年的預測，我們已將資本支出從 10 億美元減少到 9.5 億美元。要記住的關鍵是我們將繼續投資於增長，無論是技術，還是人。

So as we move through this uncertain period, we're taking the necessary aggressive actions to protect growth investments that will get us to positive growth and profitable growth in future years. So we'll continue to drive efficiencies in our operating model. We'll continue to invest in the growth vectors, and we'll find ways to be more productive with our assets.

因此，在我們度過這個不確定的時期時，我們正在採取必要的積極行動來保護增長投資，這將使我們在未來幾年實現正增長和盈利增長。因此，我們將繼續提高運營模式的效率。我們將繼續投資於增長載體，我們將找到提高我們資產生產力的方法。

The next question is coming from Chuck Grom of Gordon Haskett.

下一個問題來自 Gordon Haskett 的 Chuck Grom。

Jeff, you talked about flowing product closer to need, and I think that's interesting and important for the business. And I'm wondering if you could just elaborate on that a little bit further and how deep the conversations have been on that front with some of your suppliers?

傑夫，你談到了讓產品更貼近需求，我認為這對企業來說很有趣也很重要。我想知道您是否可以進一步詳細說明這一點，以及與您的一些供應商在這方面的對話有多深入？

Yes, Chuck. So as I mentioned, when you look at the receipt reserve, that is always available to respond in season. So we're not allocating that in advance. So when we cut back, we went to kind of the upfront cost model versus the MDA model that gave us all of the liquidity that we wanted to build into the system. And that when a customer is signaling something in season, we're able to jump on that. So that is a discipline that has been well honed over the past year that you will see play out for the balance of the year.

是的，查克。因此，正如我提到的，當您查看收據儲備時，它總是可以及時響應。所以我們不會提前分配。因此，當我們削減時，我們採用了一種前期成本模型與 MDA 模型，後者為我們提供了我們想要構建到系統中的所有流動性。而且，當客戶發出季節性信號時，我們能夠抓住這一點。因此，這是一項在過去一年中得到很好磨練的紀律，您將在今年餘下的時間裡看到它發揮作用。

We did, though, do receive cuts when you look at total to make sure that we retain that liquidity, and we didn't take our full reserve to respond to where we took sales down for the balance of the year. So there were conversations that we had with brands. We see downtrend in categories that are not doing well to ensure that we're able to put the right receipts against those categories that are trending. This is a balanced conversation for us. Every single merchant knows that those receipts are really company assets to serve our customers and not their own.

但是，當您查看總數以確保我們保留流動性時，我們確實確實收到了削減，並且我們沒有採取全部儲備來應對我們在今年餘額中減少銷售額的地方。因此，我們與品牌進行了對話。我們看到表現不佳的類別呈下降趨勢，以確保我們能夠將正確的收據與趨勢類別相對應。這對我們來說是一次平衡的對話。每個商家都知道，這些收據實際上是為我們的客戶服務的公司資產，而不是他們自己的資產。

And that has -- expect that discipline to continue with us. So as soon as -- I mean we're ordering every single week based on how things are trending. And as I mentioned, we find there's plenty of inventory in the market to be able to respond to that.

這已經 - 期望我們繼續遵守紀律。所以盡快 - 我的意思是我們每週都會根據事情的趨勢進行訂購。正如我所提到的，我們發現市場上有大量庫存可以對此做出回應。

Okay. Helpful. And then from a category perspective, I wonder if you could just elaborate across the board, what you saw in apparel and other areas. And in particular, you called out textiles and top of table and housewares improving which is interesting. So I was wondering if you could just elaborate on that and what that tells you about trends over the next few quarters in that area.

好的。有幫助。然後從類別的角度來看，我想知道你是否可以全面闡述你在服裝和其他領域看到的內容。特別是，您提到了紡織品、桌面和家庭用品的改進，這很有趣。所以我想知道你是否可以詳細說明這一點，以及它告訴你該領域未來幾個季度的趨勢。

Yes. So what we're seeing right now in apparel is that when you think about the bulk of our drop in the first quarter from our expectations has been in the seasonal categories in men's, women's and kids. So that would be all the spring and early summer content. And again, too early to tell whether or not that is content or whether or not that is environment. So we're working through that right now. But we're going to -- as mentioned, all the pricing that we are taking is to ensure that we have the right number of units going into the third quarter.

是的。因此，我們現在在服裝領域看到的是，當你想到我們第一季度與預期相比下降的大部分是男裝、女裝和童裝的季節性類別。這就是所有春季和初夏的內容。再一次，現在判斷這是否是內容還是環境還為時過早。所以我們現在正在努力解決這個問題。但我們將——如前所述，我們採取的所有定價都是為了確保我們在第三季度擁有合適數量的單位。

What's going on in the rest of the business is that you've got pockets of strength in center core. The beauty category continues to be strong across fragrance, color and treatment. You've got the home categories, as you mentioned. Things like textiles has been a real turnaround for us with newness coming, like our [Mugs] opportunity that you're going to see from us in the fourth quarter. The Housewares and the tabletop, they were quite depressed based on coming out of the pandemic and the demand curve there.

在業務的其餘部分發生的事情是你在中心核心有一些力量。美容品類在香水、顏色和護理方面繼續保持強勁勢頭。正如您提到的，您有家庭類別。隨著新事物的到來，紡織品之類的事情對我們來說是一個真正的轉變，就像你將在第四季度從我們那裡看到的 [Mugs] 機會一樣。家庭用品和桌面，由於大流行和那裡的需求曲線的出現，他們非常沮喪。

We're starting to see signs of life there. On our last call, we talked about looking for signs of life there. We started to see that in the first quarter. We really see it in the Bloomingdale's brand right now where the home business is quite robust. We're starting to see signs of that in -- on the Macy's side. So again, when you look at the overall categories, I think to a comment that Adrian made to Paul Lejuez' question earlier, what you need to look at is look at the categories and how they penetrate in each quarter. So this idea about beauty and gifting being our two strengths that are trending positively in the first quarter and having a much higher penetration of those in the fourth quarter is our confidence in where we completely de-risked our plan for what we know today with our customers today for the back half of the year. And we feel like our guide is appropriate and conservative for what we see in the customer underpinning.

我們開始在那裡看到生命跡象。在我們的最後一次通話中，我們談到了尋找那裡的生命跡象。我們在第一季度開始看到這一點。我們現在確實在 Bloomingdale's 品牌中看到了這一點，該品牌的家居業務非常強勁。我們開始在梅西百貨方面看到這種跡象。因此，當您再次查看整體類別時，我認為對於 Adrian 之前對 Paul Lejuez 的問題所做的評論，您需要查看的是類別以及它們在每個季度的滲透情況。因此，關於美容和禮物是我們的兩個優勢的想法在第一季度呈積極趨勢並且在第四季度具有更高的滲透率，這是我們對我們完全消除我們今天所知道的計劃風險的信心今天的客戶是今年下半年的客戶。我們覺得我們的指南對於我們在客戶支持中看到的內容是合適且保守的。

We're showing time for one final question today. The final question is coming from Jay Sole of UBS.

今天我們將安排最後一個問題的時間。最後一個問題來自瑞銀的 Jay Sole。

I wanted to ask about this new Nike partnership. Maybe can you just tell us a little bit about how that partnership came together? And maybe how big was NIKE as a percent of sales back the last time Macy’'s had it? And do you expect this to be like a long-term partnership? Or is this getting inventory for a couple of quarters and then sort of we'll see from there?

我想問一下這個新的耐克合作夥伴關係。也許你能告訴我們一點關於這種夥伴關係是如何走到一起的嗎？上次梅西百貨賣耐克時，耐克佔銷售額的百分比可能有多大？您希望這成為一種長期合作夥伴關係嗎？或者這是獲得幾個季度的庫存，然後我們會從那裡看到什麼？

Long-term partnership. So I look at it as we took a pause. We've been out of the Nike brand outside of where we are in footwear and certain license businesses in the kids really for the last 1.5 years. And we're committing to a long-term partnership together and our opportunity to basically provide our customer a multi-brand or a multi-category experience that is elevated and enhanced. And so we're not quoting what we used to do, but obviously, it's one of the most important brands for our customer.

長期合作夥伴關係。所以我在暫停時看著它。在過去的 1.5 年裡，我們已經離開了耐克品牌，除了我們在鞋類和兒童領域的某些許可業務之外。我們致力於建立長期合作夥伴關係，我們有機會基本上為我們的客戶提供提升和增強的多品牌或多類別體驗。因此，我們沒有引用我們過去所做的事情，但顯然，它是我們客戶最重要的品牌之一。

We had lots of customers that were disappointed that we didn't carry it over the past year. So this is very important to uniform for many of our customers. It gives [heft] to the balance of our active assortments. We're excited about things like our Reebok engagement, obviously, what we're doing with the other brands. This is going to be, we believe, a real catalyst without cannibalizing much else in the balance of the apparel assortments. So this is a win for us. And we think it's a win for Nike.

我們有很多客戶對我們在過去一年沒有攜帶它感到失望。所以這對我們的許多客戶來說非常重要。它為我們活躍的分類的平衡提供了[分量]。我們對我們與 Reebok 的合作感到興奮，顯然，我們正在與其他品牌合作。我們相信，這將成為真正的催化劑，而不會蠶食服裝品種的平衡。所以這對我們來說是一場胜利。我們認為這是耐克的勝利。

When you look at our 40 million-plus customers that come to us for curation across multi-categories and wanting Nike. So those are the conversations that we had with Nike Management on the pause that we took. So you're going to see it come in, in the month of October. You have it in apparel, that's including plus size women's, it's big and tall men's -- it's the kids area that we weren't carrying it through the licensed areas. It's badge, It's gear. It's going to be in key locations, obviously, online and then expands out to many, many more locations as we get into '24. Our finish line business has been quite strong, and so that will continue in all the doors that we have in today.

當你看到我們有超過 4000 萬的客戶來找我們進行多類別的策劃並想要耐克時。所以這些就是我們在暫停時與耐克管理層進行的對話。所以你會看到它在 10 月份出現。你在服裝中有它，包括大碼女裝，大個子和高大的男裝——這是我們沒有通過許可區域攜帶它的兒童區。是徽章，是裝備。很明顯，它將位於關鍵位置，在線，然後隨著我們進入 24 世紀，它會擴展到更多、更多的位置。我們的終點線業務一直非常強勁，因此我們今天擁有的所有大門都將繼續如此。

Thank you. At this time, I'd like to turn the floor back over to Mr. Gannette for closing comments.

謝謝。現在，我想把發言權轉回給 Gannette 先生，讓他發表最後的評論。

Just thank you, everybody, for your interest in Macy's, and everybody, have a great summer. Look forward to talking to you again in August with our first -- with our second quarter results.

謝謝大家，感謝大家對梅西百貨的關注，祝大家度過一個愉快的夏天。期待在 8 月再次與您交談，了解我們的第一季度和第二季度的業績。

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines and log off the webcast at this time, and enjoy the rest of your day.

女士們，先生們，感謝你們的參與。今天的活動到此結束。此時您可以斷開線路並退出網絡廣播，然後享受接下來的一天。