梅西百貨 (M) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Macy's, Inc. Second Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this call is being recorded. I will now turn the call over to Pamela Quintiliano, Vice President of Investor Relations. Pamela, you may now begin.

您好，歡迎參加梅西百貨公司 2023 年第二季度財報電話會議。 （操作員說明）謹此提醒，此通話正在錄音。我現在將把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 second quarter 2023 press release, a presentation has been posted on the Investors section of our website at macysinc.com.

謝謝你，接線員。大家早上好，感謝您加入我們。今天與我一起參加電話會議的是我們的董事長兼首席執行官傑夫·根內特 (Jeff Gennette)；托尼·斯普林 (Tony Spring)，梅西百貨公司總裁兼候任首席執行官；以及我們的首席運營官兼首席財務官阿德里安·米切爾 (Adrian Mitchell)。除了 2023 年第二季度新聞稿外，我們還在 Macysinc.com 網站的投資者部分發布了一份演示文稿。

Unless otherwise noted, the comparisons discussed today are versus 2022. Comparisons to 2019 are provided where appropriate to best benchmark performance. All references to our prior expectations, outlook or guidance refer to information provided on our June 1 earnings call, unless otherwise noted.

除非另有說明，今天討論的比較是與 2022 年的比較。在適當的情況下提供了與 2019 年的比較，以獲得最佳基準性能。除非另有說明，所有提及我們之前的預期、展望或指導的信息均指我們 6 月 1 日財報電話會議上提供的信息。

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.

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。這些前瞻性陳述存在風險和不確定性，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.

在討論我們的運營結果時，我們將提供某些非公認會計準則財務指標。您可以在我們網站的投資者部分找到有關這些非公認會計準則財務指標以及其他使用指標的更多信息。

Today's call is being webcast on our website. A replay will be available approximately 2 hours after the conclusion of this call.

今天的電話會議正在我們的網站上進行網絡直播。本次電話會議結束後大約 2 小時將提供重播。

With that, I'm going to hand it over to Jeff.

有了這個，我要把它交給傑夫。

Good morning, everyone, and thank you for joining us. I'm going to begin today's call with a review of our second quarter results, followed by a discussion on the macro environment and how that is informing our approach to the remainder of the year. Tony will then give an update on our 5 growth vectors and the merchandising strategy. From there, Adrian will provide additional detail on the second quarter and our third quarter and full year outlooks. He will also discuss opportunities under his expanded role as COO.

大家早上好，感謝您加入我們。我將在今天的電話會議開始時回顧我們第二季度的業績，然後討論宏觀環境以及它如何影響我們今年剩餘時間的策略。然後托尼將介紹我們的 5 個增長向量和銷售策略的最新情況。此後，阿德里安將提供有關第二季度、第三季度和全年展望的更多詳細信息。他還將討論作為首席運營官擴大角色後的機遇。

Before we dig into the results, I want to acknowledge the devastating wildfires on Maui. We have accounted for all our colleagues on the island, but a few have been directly impacted by the destruction and loss caused by the wildfires. We're supporting those colleagues via our North Star Relief Fund, and are engaged with the American Red Cross through our annual financial commitments and customer roundup campaigns across our Hawaii and Guam stores to support Maui residents.

在我們深入研究結果之前，我想承認毛伊島發生了毀滅性的野火。我們已經統計了島上所有同事的情況，但也有少數人直接受到野火造成的破壞和損失的影響。我們通過北極星救濟基金為這些同事提供支持，並通過我們在夏威夷和關島商店的年度財務承諾和客戶匯總活動與美國紅十字會合作，為毛伊島居民提供支持。

Turning to second quarter results. We achieved net sales of $5.13 billion, a gross margin rate of 38.1% and an SG&A rate of 37.5%. Adjusted diluted EPS of $0.26 primarily benefited from better-than-expected sales, gross margin and SG&A. These factors more than offset lower-than-anticipated credit card revenues and a timing shift in the recognition of shortage.

轉向第二季度業績。我們實現淨銷售額 51.3 億美元，毛利率為 38.1%，SG&A 率為 37.5%。調整後攤薄每股收益為 0.26 美元，主要受益於好於預期的銷售、毛利率和銷售、一般管理費用 (SG&A)。這些因素足以抵消低於預期的信用卡收入和認識到短缺的時間轉變。

Taking a step back, we exited the first quarter with excess spring seasonal receipts at Macy's due to lower-than-anticipated demand trends in the back half of the quarter. On our earnings call, we committed to entering fall in a clean inventory position. Ultimately, we ended the second quarter with inventories down 10% to last year and down 18% to 2019. We were disciplined with our approach to inventory commitments and flex the cadence and depth of promotions and markdowns, utilizing our data-driven tools to reduce the length of seasonal clearance activity by several weeks.

退一步來說，由於本季度後半段的需求趨勢低於預期，我們在第一季度結束時梅西百貨的春季季節性收入超額。在我們的財報電話會議上，我們承諾以乾淨的庫存狀況進入秋季。最終，我們第二季度的庫存比去年下降了 10%，比 2019 年下降了 18%。我們嚴格遵守庫存承諾方法，靈活調整促銷和降價的節奏和深度，利用我們的數據驅動工具來減少庫存。季節性清倉活動的長度延長了幾週。

Promotional sell-throughs were better than expected and clearance markdowns were not as deep. Thanks to our cross-functional teams for being nimble, flexible and embracing new ways of working. Entering the third quarter, store floors and online are less cluttered and easier to navigate. Content is fresh and seasonally appropriate with open-to-buy and the ability-to-chase into areas of strength, all of which improves the omnichannel shopping experience.

促銷銷售量好於預期，清倉降價幅度也沒有那麼大。感謝我們的跨職能團隊靈活、靈活並擁抱新的工作方式。進入第三季度，商店和網上不再那麼混亂，也更容易瀏覽。內容新鮮且適合季節，開放購買，並且能夠追逐優勢領域，所有這些都改善了全渠道購物體驗。

At Macy's, net sales declined 9.3% and comparable sales declined 8.2% on an owned plus licensed basis. Aged inventories were roughly 20% below last year's levels and warm weather inventories were about 40% lower. Top-performing categories include beauty, particularly fragrances and prestige cosmetics, women's career sportswear and men's tailored clothing. We also continue to realize improvements in the soft home categories, including textiles and housewares. Active, casual and sleepwear remain challenged. We are working on solutions to improve trends in these categories. In the near term, Active should benefit from the reintroduction of Nike Men's, Women's and Kids online and in 75 doors in October, and the rollout to more than 200 doors this spring.

梅西百貨的淨銷售額下降了 9.3%，自有加許可的可比銷售額下降了 8.2%。陳舊庫存比去年水平低約 20%，溫暖天氣庫存約低 40%。表現最好的品類包括美容品類，尤其是香水和高檔化妝品、女性職業運動服和男性定制服裝。我們還繼續改進軟家居類別，包括紡織品和家庭用品。運動裝、休閒裝和睡衣仍然面臨挑戰。我們正在研究改善這些類別趨勢的解決方案。短期內，Active 應該會受益於 Nike 男裝、女裝和童裝的在線銷售以及 10 月份在 75 家門店的重新推出，以及今年春天在 200 多家門店的推出。

This morning, we are also pleased to announce that Select Under Armour men's product will be available in 150 stores and online beginning in February. The return of Nike and Under Armour speaks to the strength and reach of Macy's and our ability to attract sought after wholesale partners. Looking ahead, we're working with both brands as well as potential new partners on how to expand further.

今天早上，我們還很高興地宣布，Select Under Armour 男士產品將於 2 月開始在 150 家商店和網上發售。耐克和安德瑪的回歸證明了梅西百貨的實力和影響力，以及我們吸引搶手批發合作夥伴的能力。展望未來，我們正在與這兩個品牌以及潛在的新合作夥伴合作，探討如何進一步擴張。

Comparable owned sales for store within stores in our Macy's off-price concept, Backstage, outperformed Macy's full-line stores in which they operate by roughly 260 basis points. At Bloomingdale's, net sales declined 3.6% and comparable sales were down 2.6% on an owned plus license basis. Beauty, women's contemporary and designer apparel and shoes were our best-performing categories, while handbags, men's and dresses were challenged. Bloomingdale's focus remains on being the winning option for multi-branded upscale retail.

我們的梅西百貨折扣概念店 Backstage 中店內店內的可比自有銷售額比其經營的梅西百貨全線商店高出大約 260 個基點。 Bloomingdale's 的淨銷售額下降了 3.6%，按自有加許可計算，可比銷售額下降了 2.6%。美容、當代女裝和設計師服裝和鞋履是我們表現最好的品類，而手袋、男裝和連衣裙則受到挑戰。布魯明代爾的重點仍然是成為多品牌高檔零售的製勝選擇。

During the quarter, we introduced HOKA, a leading active shoe brand that is highly relevant to our consumer, and it has been selling out. Bloomingdale's outlet outperformed full line Bloomingdale's locations by about 800 basis points. Later this month, we will be opening our 21st outlet, which will be located in Christiana, Delaware.

本季度，我們推出了 HOKA，一個與我們的消費者高度相關的領先運動鞋品牌，並且已經銷售一空。 Bloomingdale 的門店表現優於 Bloomingdale 全線門店約 800 個基點。本月晚些時候，我們將在特拉華州克里斯蒂安娜開設第 21 家分店。

At Bluemercury, net sales rose 5.6% and comparable sales increased 5.8%. Customers continue to respond well to our skin care and color cosmetic brands. While second quarter results largely exceeded our expectations, they were promotional and markdown driven, which makes it difficult to decipher any potential shifts in consumer health. As we plan the remainder of the year, and we think about 2024, we remain cautious on the pressures impacting our customer, especially at Macy's, where roughly 50% of the identified customers have an average household income of $75,000 or under.

Bluemercury 的淨銷售額增長了 5.6%，可比銷售額增長了 5.8%。客戶對我們的護膚和彩妝品牌的反應持續良好。雖然第二季度的業績很大程度上超出了我們的預期，但它們是促銷和降價驅動的，這使得很難解讀消費者健康方面的任何潛在變化。在我們計劃今年剩餘時間並考慮 2024 年時，我們對影響客戶的壓力保持謹慎態度，尤其是在梅西百貨，大約 50% 的已確定客戶的平均家庭收入為 75,000 美元或以下。

Over the last several quarters, we have seen the Macy's customer more aggressively pulled back on spend in our discretionary categories. They are not converting as easily and becoming more intentional on the allocation of their disposable income, with an ongoing shift to services and experiences. We cannot predict when macro pressures will ease and are focused on controlling what we can control. However, we believe our strong balance sheet, continued disciplined approach to inventories and fortification of fundamentals position us well.

在過去的幾個季度中，我們看到梅西百貨的客戶更積極地削減了我們非必需品類別的支出。他們不再那麼容易轉變，並且在可支配收入的分配上變得更加有意識，不斷轉向服務和體驗。我們無法預測宏觀壓力何時會緩解，只能集中精力控制我們能控制的事情。然而，我們相信，我們強勁的資產負債表、持續嚴格的庫存管理方法以及基本面的鞏固使我們處於有利地位。

Today, we are reading and reacting to shifting consumer preferences in real time. We have remixed category and brand level receipts, pulled back on what's not working and chased into areas of strength. As we look to the remainder of the year, we are confident in the thoughtful and strategic promotional calendar and offerings we have planned, and our ability to pivot to the right inventory at the right time and right value. We will continue to leverage our data science tools to refine inventory composition, breadth and depth on a weekly basis and a further streamlined decision-making to efficiently find and execute compelling opportunities that had a positive impact, both near and longer term.

今天，我們正在實時了解不斷變化的消費者偏好並做出反應。我們重新混合了類別和品牌級別的收入，撤回了無效的部分，並進入了優勢領域。展望今年剩餘時間，我們對我們計劃的深思熟慮和戰略性的促銷日曆和產品以及我們在正確的時間和正確的價值轉向正確的庫存的能力充滿信心。我們將繼續利用我們的數據科學工具每週完善庫存構成、廣度和深度，並進一步簡化決策，以有效地發現和執行在近期和長期產生積極影響的引人注目的機會。

At Macy's, for back-to-school, we have a compelling mix of relevant national brands, including Jordan Kids, Levi's and Ralph Lauren, and are also offering a better selection of everyday basics, including uniforms. For holiday, we are further amplifying our strength as a gift-giving destination. We have elevated the quality of our products. We have built strong value across our categories from top market to private brands. And beauty and gifting are a more significant piece of our fourth quarter strategy, accounting for over 40% of Macy's brand sales versus mid-30s during the rest of the year.

在梅西百貨，為重返校園，我們提供了一系列引人注目的相關民族品牌，包括 Jordan Kids、Levi's 和 Ralph Lauren，並且還提供更好的日常基本款選擇，包括校服。在節日期間，我們進一步增強了作為送禮目的地的實力。我們提高了產品的質量。我們在從頂級市場到自有品牌的各個類別中建立了強大的價值。美容和禮品是我們第四季度戰略中更重要的部分，佔梅西百貨品牌銷售額的 40% 以上，而今年其餘時間則為 30 多歲。

We anticipate a strong holiday for toys, and we will be offering a Disney 100th anniversary collaboration in store and online. This is the start of a longer-term strategic partnership with Disney and Toys "R" Us that will have elevated differentiated products across categories brought to life through engaging retail experiences.

我們預計玩具假期將會很熱鬧，我們將在商店和網上提供迪士尼 100 週年紀念合作。這是與迪士尼和玩具“反”斗城建立長期戰略合作夥伴關係的開始，該合作夥伴關係將通過引人入勝的零售體驗提升跨類別的差異化產品。

At Bloomingdale's, this holiday season, we are partnering with many of our luxury brands to introduce high-touch, unique experiences, events and pop-ups curated around the interests and shopping patterns of our best customers. These activations have been designed to create animation and inspiration in our stores and strengthen our client relationships. And at Bluemercury, we have an expanded fragrance offering for holiday, and we will launch our newest proprietary brand, which is focused on body and bath products. We are excited for the back half in all the ways we will serve our customer.

在布魯明代爾百貨公司，這個假期，我們與許多奢侈品牌合作，推出圍繞我們最佳顧客的興趣和購物模式策劃的高接觸度、獨特的體驗、活動和快閃店。這些活動旨在為我們的商店創造活力和靈感，並加強我們的客戶關係。在 Bluemercury，我們為假期提供了更多的香水產品，我們還將推出我們最新的專有品牌，該品牌專注於身體和沐浴產品。我們對後半段為客戶提供服務的所有方式感到興奮。

Adrian will discuss our full year guidance in detail shortly, but it is important to note that despite elevated headwinds for credit card revenue and asset sales relative to prior outlook, we are reiterating our full year adjusted diluted EPS guidance.

阿德里安將很快詳細討論我們的全年指引，但值得注意的是，儘管信用卡收入和資產銷售相對於先前的展望面臨更大的阻力，但我們重申了我們的全年調整後稀釋每股收益指引。

Before turning it over to Tony, I want to congratulate our teams on several milestones. At Macy's, we recently introduced our newest private brand, On 34th. Its target demographic is the 30- to 50-year-old woman on the go. Commentary has been very positive, with approximately 80% of product reviews receiving 4 stars or above. At Bloomingdale's, we soft launched Marketplace in July. Customers have been discovering and responding well to the new categories and brands offer. And at Bluemercury, we moved our headquarters from Washington, D.C. to New York City. The team is energized by this important step in its growth trajectory, which places them in one of the major beauty centers of the world, brings cost efficiencies and allows them to further benefit from the existing infrastructure of Macy's, Inc.

在將其交給托尼之前，我想祝賀我們的團隊取得了幾個里程碑。在梅西百貨，我們最近推出了最新的自有品牌 On 34th。其目標人群是30至50歲的忙碌女性。評論非常積極，大約 80% 的產品評論獲得 4 星或以上。在 Bloomingdale's，我們於 7 月軟啟動了 Marketplace。客戶不斷發現新的品類和品牌並對其做出良好反應。在 Bluemercury，我們將總部從華盛頓特區遷至紐約市。該團隊因其增長軌跡中的這一重要一步而充滿活力，這使他們位於世界主要美容中心之一，帶來了成本效率，並使他們能夠進一步受益於梅西百貨公司的現有基礎設施。

Looking ahead, we believe that our improving underlying fundamentals, 5 growth vectors and elevated customer experience are key components to relevancy and success as a modern department store. With that, Tony is going to discuss our 5 growth vectors and his approach to merchandising.

展望未來，我們相信，不斷改善的基本面、5 個增長向量和提升的客戶體驗是現代百貨商店的相關性和成功的關鍵組成部分。接下來，托尼將討論我們的 5 個增長向量以及他的營銷方法。

Thank you, Jeff, and good morning, everyone. I want to begin by recognizing our teams for their dedication and the innovative work they are leading. I've always believed that valance of tenured and newer colleagues working together brings the most thoughtful and fresh perspectives, and I see that coming to life across the Macy's Inc. organization. Last week, we announced the arrival of Max Magni, our Chief Customer and Digital Officer. Max has over 20 years of experience at McKinsey, most recently as a senior partner, co-leading their next-gen commerce and consumer growth practices. We're excited to have Max join us and look forward to his contributions.

謝謝你，傑夫，大家早上好。首先，我想表彰我們團隊的奉獻精神和他們所領導的創新工作。我始終相信，資深同事和新同事的共同努力會帶來最深思熟慮和最新鮮的觀點，而且我看到這一點在整個梅西百貨公司組織中得到體現。上週，我們宣布首席客戶兼數字官 Max Magni 上任。 Max 在麥肯錫擁有 20 多年的經驗，最近擔任麥肯錫高級合夥人，共同領導他們的下一代商業和消費者增長實踐。我們很高興 Max 加入我們並期待他的貢獻。

Over the last several years, Jeff and Adrian have improved the operational efficiencies and financial health of the company. This has been a key enabler of our transformation and the advancement of our 5 growth vectors. These vectors are intertwined with the overarching strategy of keeping the customer at the center of everything we do. Our first growth vector is Macy's private brand reimagination. As Jeff mentioned, we recently launched On 34th, which has been informed by direct consumer research. Results are encouraging, with sales exceeding expectations, and we believe On 34th has the potential to become one of our biggest private brands.

在過去的幾年裡，傑夫和阿德里安提高了公司的運營效率和財務狀況。這是我們轉型和 5 個增長載體進步的關鍵推動因素。這些向量與我們所做的一切以客戶為中心的總體戰略交織在一起。我們的第一個增長向量是梅西百貨自有品牌的重新構想。正如傑夫提到的，我們最近推出了 On 34th，它是根據直接消費者研究得出的。結果令人鼓舞，銷售額超出預期，我們相信 On 34th 有潛力成為我們最大的自有品牌之一。

Our team has been thoughtful in both the development and planned rollout of our updated private brand strategy. Their imagination work has been built on 3 key pillars: first, branch stewardship; second, design with intention and execute with attention; and third, provide a meaningful value equation. From sourcing to marketing to merchandising, the teams have worked together to reflect our customers' wants and needs. They have considered life stages to create product and brands that authentically resonate with and capture the hearts of current and prospective customers.

我們的團隊在更新自有品牌戰略的製定和計劃推出方面都經過深思熟慮。他們的想像力工作建立在三個關鍵支柱之上：第一，分會管理；第二，用心設計，用心執行；第三，提供一個有意義的價值方程。從採購到營銷再到銷售，團隊共同努力反映客戶的需求。他們考慮了生命階段，以創造能夠真正引起當前和潛在客戶共鳴並俘獲他們心的產品和品牌。

With the reinvigoration of our proprietary portfolio, we expect to further drive customer loyalty by complementing our national brand matrix with differentiated product, which should ultimately benefit sales and gross margin. Through 2025, we would be refreshing or replacing all existing brands in our portfolio and plan to introduce 4 new ones, including On 34th.

隨著我們專有產品組合的重振，我們期望通過差異化產品補充我們的全國品牌矩陣，進一步提高客戶忠誠度，這最終將有利於銷售和毛利率。到 2025 年，我們將更新或更換產品組合中的所有現有品牌，併計劃推出 4 個新品牌，包括 On 34th。

As part of our updated private brand strategy, last year, we successfully refreshed Women's I.N.C. In the second quarter, momentum for this popular brand continued as sales once again outperformed its broader apparel segment. In September, we'll be introducing the next phase of I.N.C.'s Refresh.

作為我們更新的自有品牌戰略的一部分，去年我們成功更新了 Women's I.N.C.第二季度，這個受歡迎的品牌繼續保持強勁勢頭，銷售額再次超過其更廣泛的服裝領域。九月，我們將推出 I.N.C. 的下一階段刷新。

Our second growth vector is small store format. We are pleased with the performance of our 10 small-format locations, which include 8 Macy's and 2 Bloomie's. Macy's and Bloomie's stores that have been opened over a year had a positive comparable owned plus licensed sales growth. Last weekend, we opened our 9th small format Macy's just outside Chicagoland area and Indiana. And in September, we'll open 2 more; one will be in Las Vegas and the other will be in Boston, which is our first smaller format in the Northeast. In November, we will open a location in San Diego.

我們的第二個增長向量是小商店形式。我們對 10 個小型門店的業績感到滿意，其中包括 8 家 Macy's 和 2 家 Bloomie's。開業一年多的梅西百貨 (Macy's) 和布魯米百貨 (Bloomie's) 商店的可比自營和授權銷售均出現積極增長。上週末，我們在芝加哥地區和印第安納州郊外開設了第九家小型梅西百貨。 9 月，我們將再開設 2 家；一個將在拉斯維加斯，另一個將在波士頓，這是我們在東北部的第一個較小的格式。十一月，我們將在聖地亞哥開設一家辦事處。

Bloomingdale's is also adding to its small format portfolio, with plans to open a third location in November. The store will be located in Seattle, which is a new brick-and-mortar market for the brand.

Bloomingdale's 還擴大了其小型產品組合，併計劃於 11 月開設第三家分店。該店將設在西雅圖，這是該品牌的一個新實體市場。

Our third growth vector is digital marketplace, which offers curated categories and brands that seamlessly integrate with the customer experience and have no inventory risk. At Macy's, we're approaching the 1-year anniversary of our marketplace launch. We now offer approximately 1,350 brands on the platform, up from 500 last fiscal year-end, and we grew gross merchandise value by over 116% from the first quarter. At Macy's marketplace, we continue to see significant cross-shopping, higher average order value and higher units per order. As Jeff mentioned earlier, we recently introduced Bloomingdale's marketplace and are pleased with the early results.

我們的第三個增長載體是數字市場，它提供與客戶體驗無縫集成且沒有庫存風險的精選類別和品牌。在梅西百貨，我們即將迎來市場推出一周年紀念日。目前，我們在平台上提供約 1,350 個品牌，高於上一財年末的 500 個，商品總價值較第一季度增長了 116% 以上。在梅西百貨市場，我們繼續看到大量的交叉購物、更高的平均訂單價值和每份訂單的數量。正如傑夫之前提到的，我們最近推出了布魯明代爾的市場，並對早期結果感到滿意。

Our fourth growth vector is luxury, which spans Bloomingdale's, Bluemercury and Macy's Beauty. At Bloomingdale's, we continue to optimize our relationship with our customers and elevate our luxury shopping experience. On a trailing 12-month basis, our top of the list loyalty customer base grew in both count and spend. We know this customer loves the Bloomingdale's shopping experience, and we have remodeled the Bloomingdale's doors with larger concentration of luxury brands and products. Improvements have focused on areas with higher luxury goods penetration, including beauty, fragrances, shoes, handbags and fine jewelry. Thus far, we have remodeled 5 locations and believe there is opportunity for more.

我們的第四個增長向量是奢侈品，涵蓋 Bloomingdale's、Bluemercury 和 Macy's Beauty。在布魯明戴爾百貨公司，我們不斷優化與客戶的關係並提升我們的奢侈品購物體驗。在過去 12 個月的基礎上，我們的頂級忠誠度客戶群的數量和支出均有所增長。我們知道這位顧客喜歡布魯明代爾的購物體驗，因此我們對布魯明代爾的大門進行了改造，更加集中了奢侈品牌和產品。改進主要集中在奢侈品滲透率較高的領域，包括美容、香水、鞋履、手袋和高級珠寶。到目前為止，我們已經改造了 5 個地點，並相信還有機會改造更多地點。

At our smallest nameplate, Bluemercury, we realized the tenth consecutive quarter of comparable sales growth. Active customer count on a trailing 12-month basis rose 20%, driven primarily by new customers. Bluemercury's consistently strong performance is a testament to the work the team is doing to evolve the brand and product mix to stay ahead of trends and offer a more exclusive experience to the luxury skin care and beauty customer.

在我們最小的品牌 Bluemercury，我們實現了連續第十個季度的可比銷售額增長。過去 12 個月的活躍客戶數量增長了 20%，這主要是由新客戶推動的。 Bluemercury 持續強勁的業績證明了該團隊正在努力發展品牌和產品組合，以保持領先趨勢，並為奢華護膚和美容客戶提供更獨特的體驗。

At Macy's Beauty, we're expanding our luxury offering with a net business on newness, freshness in our core market brands and in-store service. As we prepare for the holiday, we will lean into our leading fragrance positioning across our omnichannel shopping experiences, and will introduce 6 additional beauty remodels, bringing the total to 39 locations.

在梅西百貨，我們正在通過核心市場品牌的新穎性和店內服務的網絡業務來擴展我們的奢侈品產品。在為節日做準備時，我們將在全渠道購物體驗中強化我們領先的香水定位，並將推出 6 個額外的美容改造，使門店總數達到 39 個。

Our fifth growth vector is personalized offers and communications. It amplifies strategies across our business to increase customer lifetime value and loyalty by improving relevance of every interaction. Our digital and technology teams are in the early stages of implementing multistep and multichannel tests. We recently launched several new tools that will allow us to speak even more consistently to our customers across touch points, personalized conversations and increase the amount of behaviorally-driven marketing.

我們的第五個增長向量是個性化優惠和溝通。它擴大了我們整個業務的戰略，通過提高每次互動的相關性來提高客戶終身價值和忠誠度。我們的數字和技術團隊正處於實施多步驟和多渠道測試的早期階段。我們最近推出了幾款新工具，使我們能夠在接觸點、個性化對話和增加行為驅動營銷的數量上與客戶更加一致地交談。

I am confident that our 5 growth vectors should drive incremental sales growth beginning next year, and I look forward to continuing to update you on our progress.

我相信，從明年開始，我們的 5 個增長向量將推動銷售增量增長，我期待繼續向您通報我們的進展情況。

Before turning the call over to Adrian, I want to provide a few thoughts on our overarching merchandise strategy. Over the last several months, I've been spending time with the Macy's team, discussing the right balance of private and market brands and the importance of duration. We're working together to combine their ideas and my experiences at Bloomingdale's.

在將電話轉給阿德里安之前，我想就我們的總體商品策略提供一些想法。在過去的幾個月裡，我一直與梅西百貨團隊一起討論私人品牌和市場品牌的正確平衡以及持續時間的重要性。我們正在共同努力，將他們的想法和我在布魯明代爾的經歷結合起來。

Currently, we are targeting 2 major opportunities. First, going after the right categories, brands and products that excite our customers. And second, maximizing sales and market share opportunity in underpenetrated categories where customers have signaled demand. In addition, we're exploring how we can further establish ourselves as a compelling wholesale partner for current and potential top market brands.

目前，我們瞄準了兩個主要機會。首先，追求讓客戶興奮的正確品類、品牌和產品。其次，在客戶已表達需求的未滲透類別中，最大限度地提高銷售和市場份額機會。此外，我們正在探索如何進一步將自己打造成當前和潛在頂級市場品牌的引人注目的批發合作夥伴。

The upcoming additions of Nike and Under Armour are 2 great examples. We are a business committed to transforming even in an environment that's unpredictable. Despite the macro conditions and challenges, we remain focused on satisfying our customers' desire to shop off-price to luxury digitally, on-mall or off-mall, and from private brands to up and coming and established national brands.

Nike 和 Under Armour 即將推出的新產品就是兩個很好的例子。我們是一家致力於在不可預測的環境中進行轉型的企業。儘管面臨宏觀條件和挑戰，我們仍然專注於滿足客戶在商場內或商場外以折扣價購買奢侈品的願望，從自有品牌到新興和成熟的民族品牌。

Within that framework, our multichannel, multigenerational and multicategory platform is an advantage to address changing demand. I have confidence in our strategy and the team's ability to execute, which sets us up for success even in this uncertain environment.

在該框架內，我們的多渠道、多代和多類別平台具有滿足不斷變化的需求的優勢。我對我們的戰略和團隊的執行能力充滿信心，這使我們即使在這種不確定的環境中也能取得成功。

With that, let me turn it over to Adrian.

那麼，讓我把它交給阿德里安。

Thanks, Tony, and good morning, everyone. I want to start this morning by thanking my finance and real estate teams for their ongoing dedication and hard work, and to my colleagues in stores, technology and supply chain, I am grateful to partner with you more closely.

謝謝托尼，大家早上好。首先，我想感謝我的財務和房地產團隊的持續奉獻和辛勤工作，並感謝我在商店、技術和供應鏈方面的同事，我很高興能夠與你們更密切地合作。

In our last call, I shared the 3 fundamental areas of opportunity that we identified to build a faster, more flexible and more efficient operating model. First, improving the end-to-end omnichannel shopping experience; second, optimizing our physical store footprint while enhancing inventory flow, merchandise planning and localized assortment capabilities; and third, further modernizing our supply chain and technology infrastructure.

在上次電話會議中，我分享了我們確定的建立更快、更靈活和更高效的運營模式的 3 個基本機會領域。一是提升端到端全渠道購物體驗；其次，優化實體店佈局，同時增強庫存流動、商品規劃和本地化選品能力；第三，進一步實現供應鍊和技術基礎設施的現代化。

Over the last few months, I have continued to align with our teams on how to simplify our processes, while providing more consistent shopping experiences that engage and inspire our customers. I look forward to sharing more on this effort in the future.

在過去的幾個月裡，我繼續與我們的團隊就如何簡化流程進行協調，同時提供更一致的購物體驗來吸引和激勵我們的客戶。我期待著將來分享更多關於這項工作的信息。

Now let's talk through the second quarter performance for our 5 value creation levers. First, omnichannel sales. Net sales of $5.13 billion declined 8.4% versus the prior year, slightly above the high end of our outlook. Comparable sales on an owned plus licensed basis decreased 7.3%. Owned AUR rose 4.7%, driven by ticket increases and category mix. For the remainder of the year, we expect continued AUR improvement on ticket increases, lower markdowns and category mix.

現在讓我們來談談我們 5 個價值創造槓桿的第二季度表現。第一，全渠道銷售。淨銷售額為 51.3 億美元，比上年下降 8.4%，略高於我們預期的上限。自有加許可基礎上的可比銷售額下降了 7.3%。受票價上漲和類別組合的推動，自有 AUR 上漲 4.7%。在今年剩下的時間裡，我們預計 AUR 將在票價增加、降價和品類組合方面持續改善。

Other revenue of $150 million were 2.9% of net sales. Macy's Media Network revenue was flat to last year at $30 million. Our long-term confidence in Macy's Media Network is tempered by near-term caution in light of broader industry trends.

其他收入為 1.5 億美元，占淨銷售額的 2.9%。梅西百貨媒體網絡收入與去年持平，為 3000 萬美元。鑑於更廣泛的行業趨勢，我們對梅西百貨媒體網絡的長期信心受到近期謹慎態度的影響。

During the quarter, credit card revenues declined 130 basis points or $84 million year-over-year to $120 million, and represented 2.3% of net sales. We experienced an increased rate of delinquencies within the credit card portfolio across all stages of aged balances. While we had expected delinquencies to rise as part of our normalizing credit environment, the speed at which the increase occurred for us and the broader credit card industry since our first quarter earnings call was faster than planned. This negatively impacted second quarter results and led to an increase in the portfolio's bad debt outlook.

本季度，信用卡收入同比下降 130 個基點或 8,400 萬美元，至 1.2 億美元，占淨銷售額的 2.3%。我們發現，信用卡組合中各個賬齡餘額階段的拖欠率均有所上升。雖然我們預計，作為信貸環境正常化的一部分，拖欠率將會上升，但自第一季度財報電話會議以來，我們和更廣泛的信用卡行業的拖欠率增長速度快於計劃。這對第二季度業績產生了負面影響，並導致投資組合的壞賬前景增加。

As a reminder, credit card revenues for the quarter include the pro rata recognition of the updated annual bad debt assumption. We will discuss our annual outlook inclusive of the updated bad debt assumptions within the credit card portfolio in just a few moments.

提醒一下，本季度的信用卡收入包括按比例確認更新的年度壞賬假設。我們將在稍後討論我們的年度展望，包括信用卡投資組合中更新的壞賬假設。

The second value creation lever is gross margin. Our gross margin rate was 38.1%, 80 basis points below prior year, but above our outlook. Merchandise margin was 130 basis points lower than last year. During the quarter, we leveraged our data-driven processes and tools to maximize margins and sell-throughs of excess spring seasonal receipts. We surgically implemented clearance markdowns and promotions, which, while above last year's levels, were lower than forecasted in our prior outlook.

第二個價值創造槓桿是毛利率。我們的毛利率為 38.1%，比去年低 80 個基點，但高於我們的預期。商品利潤率比去年低130個基點。在本季度，我們利用數據驅動的流程和工具來最大限度地提高春季超額收入的利潤和售出率。我們如外科手術般實施了清倉降價和促銷活動，雖然高於去年的水平，但低於我們之前展望的預測。

Merchandise margin also impacted by unfavorable category mix shifts and a shift in the timing of shortage recognition, partially offset by better inbound freight charges from our cost savings efforts.

商品利潤率還受到不利的品類組合變化和短缺認識時間變化的影響，但部分被我們節省成本的努力帶來的更好的入境運費所抵消。

In relation to shortage, we added a June physical inventory count in certain categories with low RFID penetration. This helped us better understand shortage trends and informed our outlook and approach to receipt planning for the remainder of the year. The count did not materially change our annual assumption, but it did provide actuals for the categories counted in the second quarter. As a result, we adjusted our shortage accrual shifting a portion of the recognition out of the fourth quarter and into the second and third quarters.

關於短缺問題，我們增加了 RFID 滲透率較低的某些類別的 6 月份實際庫存數量。這幫助我們更好地了解短缺趨勢，並為我們今年剩餘時間的收貨計劃的展望和方法提供了信息。這一統計並沒有實質性改變我們的年度假設，但它確實提供了第二季度統計類別的實際情況。因此，我們調整了應計短缺，將部分確認從第四季度轉移到第二和第三季度。

Lastly, delivery expense decreased 50 basis points from the prior year, primarily due to improved carrier rates from contract renegotiations as well as lower fuel costs and lower vendor direct volume.

最後，交付費用比上年下降了 50 個基點，這主要是由於合同重新談判提高了承運商費率以及燃料成本降低和供應商直接數量減少。

Now let's turn to our third value creation lever, inventory productivity. End of quarter inventory was down 10% year-over-year and down 18% to 2019, which should represent a low point for the fiscal year. Trailing 12-month inventory turnover was roughly flat to last year. Inventory management is a key tenet to further improve the omnichannel customer experience. We're committed to having current and compelling product at the appropriate receipt levels based on expected sales demand.

現在讓我們轉向第三個價值創造槓桿，即庫存生產力。季末庫存同比下降 10%，較 2019 年下降 18%，這應該是本財年的最低點。過去 12 個月的庫存周轉率與去年大致持平。庫存管理是進一步改善全渠道客戶體驗的關鍵原則。我們致力於根據預期的銷售需求，以適當的收貨水平提供當前且引人注目的產品。

Expense discipline is the fourth value creation lever. SG&A expenses of $1.98 billion were better than our expectations, declining $31 million or 1.5% from prior year. SG&A as a percent of total revenue was 37.5%, 300 basis points higher than last year, reflecting the decline in year-over-year sales. Second quarter adjusted diluted EPS was $0.26 versus $1 in 2022. Better-than-expected sales, gross margin and SG&A were offset by credit card revenues and shortage, which negatively impacted EPS by $0.11 and $0.04, respectively, relative to the midpoint of our prior outlook. Combined, this was roughly a $0.15 impact to EPS.

費用紀律是第四個價值創造槓桿。 SG&A 費用為 19.8 億美元，好於我們的預期，比上年減少 3100 萬美元，即 1.5%。 SG&A 佔總收入的百分比為 37.5%，比去年高出 300 個基點，反映出銷售額同比下降。第二季度調整後攤薄每股收益為0.26 美元，而2022 年為1 美元。好於預期的銷售額、毛利率和銷售、一般管理費用被信用卡收入和短缺所抵消，這對每股收益相對於我們之前的中點分別產生了0.11 美元和0.04 美元的負面影響。外表。合計而言，這對 EPS 的影響約為 0.15 美元。

Lastly, the fifth value creation lever, capital allocation. During the first half, we generated $271 million of operating cash flow versus $303 million last year. The change was primarily due to lower earnings, partially offset by lower merchandise inventories and merchandise accounts payable. We had $564 million of capital expenditures. Free cash flow, inclusive of proceeds from real estate was an outflow of $261 million. And year-to-date, we paid $90 million in dividends.

最後，第五個價值創造槓桿，資本配置。上半年，我們產生了 2.71 億美元的運營現金流，而去年為 3.03 億美元。這一變化主要是由於收入下降，但部分被商品庫存和商品應付賬款減少所抵消。我們的資本支出為 5.64 億美元。自由現金流（包括房地產收益）流出 2.61 億美元。今年迄今為止，我們支付了 9000 萬美元的股息。

Regarding capital deployment in times of uncertainty, liquidity and a healthy balance sheet remain top priorities. They provide us the flexibility to respond to changing consumer and competitive trends, while continuing to invest in our core business and growth vectors.

在不確定時期的資本配置方面，流動性和健康的資產負債表仍然是首要任務。它們使我們能夠靈活地應對不斷變化的消費者和競爭趨勢，同時繼續投資於我們的核心業務和增長領域。

Now let's discuss the full year and third quarter outlook. To level set, we continue to have a cautious view on the consumer. In addition to the headwinds discussed on prior earnings calls, the expiration of student loan forgiveness beginning in October, higher interest rate levels and lower new job creation are all new pressures on the consumer. While we had contemplated these factors when providing an annual outlook on our last earnings call, it is still unknown how consumers will respond to them, especially after so many months of increased pressures.

現在讓我們討論全年和第三季度的展望。總體而言，我們繼續對消費者持謹慎態度。除了之前財報電話會議上討論的不利因素外，學生貸款寬恕從 10 月份開始到期、利率水平上升和新增就業機會減少都是消費者面臨的新壓力。儘管我們在上次財報電話會議上提供年度展望時考慮了這些因素，但仍不清楚消費者將如何應對這些因素，尤其是在壓力增加了這麼多個月之後。

As such, we believe it is prudent to maintain our cautious view on the consumer and their capacity to spend on the discretionary categories we sell. Even with this backdrop, there is much that remains in our control.

因此，我們認為，對消費者及其在我們銷售的非必需品類別上的消費能力保持謹慎的看法是明智的。即使在這樣的背景下，我們仍然可以控制很多事情。

Entering the third quarter, inventories are clean, current and fresh, with an improved fashion and seasonless composition at compelling values that we believe appropriately reflects demand. Quarter-to-date sales results are in line with our expectations on reduced year-over-year promotions and clearance activity.

進入第三季度，庫存乾淨、最新、新鮮，時尚和不分季節的成分得到改善，價格令人信服，我們認為這適當地反映了需求。本季度至今的銷售業績符合我們對同比促銷和清倉活動減少的預期。

Now that I've provided the framework on how we are thinking about the back half, let's walk through our updated full year expectations. Our full year outlook now contemplates reduced credit card revenues and asset sale gains, both of which are fully offset by better-than-expected second quarter results and favorable changes in interest expense and share count. Our outlook continues to include approximately $200 million of cost savings discussed on our last earnings call.

現在我已經提供了我們如何看待下半年的框架，讓我們來看看更新後的全年預期。我們的全年展望現在考慮的是信用卡收入和資產出售收益的減少，這兩者都被好於預期的第二季度業績以及利息支出和股票數量的有利變化所完全抵消。我們的展望繼續包括上次財報電話會議上討論的約 2 億美元的成本節約。

For fiscal 2023, we now assume net sales of $22.8 billion to $23.2 billion. Comparable sales on a 52-week owned plus licensed basis to be down about 7.5% to down 6% to last year. As a reminder, compares ease in the third and fourth quarters. Other revenue to be about 3.2% of net sales, with credit card revenues accounting for roughly 80% to 81% of that. The increased bad debt expectation for the credit card portfolio has resulted in a reduction in our annual forecast of roughly $80 million relative to our prior expectations.

對於 2023 財年，我們現在假設淨銷售額為 228 億美元至 232 億美元。 52 周自有加許可基礎上的可比銷售額將比去年下降約 7.5% 至 6%。提醒一下，比較一下第三季度和第四季度的輕鬆程度。其他收入約占淨銷售額的 3.2%，其中信用卡收入約佔其中的 80% 至 81%。信用卡組合壞賬預期的增加導致我們的年度預測較之前的預期減少了約 8000 萬美元。

Given the magnitude of the credit card revenue impact, I want to take a moment to provide additional color. Credit card revenues are predominantly driven by the level and health of sales and receivables generated from our proprietary and co-brand credit cards. While we have seen an increase in revenues as interest rates have risen, that has been more than offset by higher bad debt assumptions and write-offs. These bad debt assumptions and write-offs are the result of rising delinquencies, which leads to higher net credit losses over time and contributes to increased bad debt within the portfolio.

考慮到信用卡收入影響的嚴重性，我想花點時間提供更多信息。信用卡收入主要由我們自營和聯合品牌信用卡產生的銷售和應收賬款的水平和健康狀況驅動。雖然我們看到隨著利率上升，收入有所增加，但這已經被壞賬假設和沖銷增加所抵消。這些壞賬假設和沖銷是拖欠率上升的結果，隨著時間的推移，這會導致淨信用損失增加，並導致投資組合內的壞賬增加。

We are working closely with our bank partner, Citibank, to mitigate the rising bad debt by adjusting underwriting strategies. We also remain focused on acquiring new customers and retaining our active customer base as we communicate future personalized value to our customers. But we are not assuming any benefit in the near term.

我們正在與我們的銀行合作夥伴花旗銀行密切合作，通過調整承保策略來緩解不斷上升的壞賬。當我們向客戶傳達未來的個性化價值時，我們還繼續專注於獲取新客戶並保留活躍的客戶群。但我們並不認為短期內會帶來任何好處。

Additionally, potential regulatory changes regarding late fees are still pending. We'll keep you updated as we learn more.

此外，有關滯納金的潛在監管變化仍懸而未決。當我們了解更多信息時，我們會及時通知您。

Returning to the remaining line items. We are anticipating a gross margin rate of 38.3% to 38.6%, which is slightly better than our prior expectations of 38% to 38.5%. Our assumption for shortage, which impacts gross margin, remains materially unchanged. Shortage continues to be a headwind, and we are focused on a variety of mitigation strategies, including testing the use of advanced technology, reporting and tools, moving high-step product away from entrances in our stores, optimizing asset protection staffing to target high-risk areas and collaborating with external parties to advocate for legislative change.

返回到剩餘的行項目。我們預計毛利率為38.3%至38.6%，略好於我們之前預期的38%至38.5%。我們對影響毛利率的短缺的假設保持實質不變。短缺仍然是一個逆風，我們專注於各種緩解策略，包括測試先進技術、報告和工具的使用，將高階產品從我們商店的入口處移走，優化資產保護人員配置以瞄準高階產品風險領域並與外部各方合作倡導立法變革。

Now let's turn to SG&A. SG&A as a percent of total revenue is expected to be 35.6% to 35.2%, or 36.7% to 36.4% as a percent of net sales, reflecting ongoing expense discipline efforts with additional risk on the low end given the importance of protecting the customer experience. Asset sale gains are now expected to be approximately $50 million, with nearly all the remaining gains anticipated in the fourth quarter. While the real estate market has become more challenging in light of higher interest rates, there is no change to our asset monetization strategies.

現在讓我們轉向SG&A。 SG&A 佔總收入的百分比預計為 35.6% 至 35.2%，或占淨銷售額的 36.7% 至 36.4%，反映了持續的費用紀律努力，考慮到保護客戶體驗的重要性，低端風險增加。目前預計資產出售收益約為 5000 萬美元，幾乎所有剩餘收益預計將在第四季度實現。儘管由於利率上升，房地產市場變得更具挑戰性，但我們的資產貨幣化策略沒有改變。

We are confident in the value of our assets, have seen these cycles before, and we'll be patient to ensure we receive the appropriate valuations for our properties. Fortunately, we have the balance sheet to do so.

我們對我們資產的價值充滿信心，之前已經經歷過這些週期，我們將耐心確保我們的房產得到適當的估值。幸運的是，我們有足夠的資產負債表來做到這一點。

We expect to achieve adjusted EBITDA as a percent of total revenue of roughly 8.7% to 9.4%, or 9% to 9.7% as a percent of net sales. Interest expense is now expected to be approximately $160 million. After interest and taxes, we are maintaining our annual adjusted diluted EPS of $2.70 to $3.20, which reflects an updated annual diluted shares expectation of roughly 279 million shares.

我們預計調整後的 EBITDA 佔總收入的百分比約為 8.7% 至 9.4%，占淨銷售額的百分比約為 9% 至 9.7%。目前預計利息支出約為 1.6 億美元。扣除利息和稅費後，我們將年度調整後攤薄每股收益維持在 2.70 美元至 3.20 美元之間，這反映了更新後的年度攤薄股預期，約為 2.79 億股。

There are lots of moving parts to our annual EPS outlook. To summarize, relative to our prior expectation, gross margin, SG&A and shares are the primary benefits. When looking at the low and high end of our current outlook compared to what we discussed on our first quarter call, gross margin, inclusive of volume and mix, is positively contributing an incremental $0.14 to the low end and $0.06 to the high end of our prior outlook.

我們的年度每股收益展望有很多變化因素。總而言之，相對於我們之前的預期，毛利率、SG&A 和股票是主要收益。與我們在第一季度電話會議上討論的內容相比，我們當前前景的低端和高端時，毛利率（包括數量和組合）為我們的低端增量貢獻了0.14 美元，為高端增量貢獻了0.06 美元。先前的展望。

SG&A is contributing an incremental $0.06 to $0.19. And together, lower share count and interest expense are contributing an incremental $0.04 These factors reflect solid execution in our core business and represents a $0.24 to $0.29 benefit relative to our prior outlook.

SG&A 將增加 0.06 美元至 0.19 美元。股份數量減少和利息支出合計增加了 0.04 美元。這些因素反映了我們核心業務的穩健執行，相對於我們之前的展望，收益為 0.24 至 0.29 美元。

On the flip side, reduced credit card revenues are a $0.21 to $0.22 drag on the low end and high end of our prior outlook, while lower asset sale gains are a $0.03 to $0.07 negative impact. Combined, this also represents $0.24 to $0.29, essentially canceling each other out. Our adjusted diluted EPS guidance does not assume potential share repurchases.

另一方面，信用卡收入減少對我們之前展望的低端和高端產生了 0.21 美元至 0.22 美元的拖累，而資產出售收益的下降則產生了 0.03 美元至 0.07 美元的負面影響。合計起來，這也相當於 0.24 至 0.29 美元，基本上相互抵消。我們調整後的稀釋每股收益指引不假設潛在的股票回購。

For the third quarter, we expect net sales of $4.75 billion to $4.85 billion, gross margin rate to be at least 140 basis points better than the third quarter of 2022. As a reminder, last year, Macy's had elevated promotions and markdowns to clear excess receipts in warm weather seasonal goods and slower moving pandemic-related categories, including casual apparel and soft home.

我們預計第三季度淨銷售額為47.5 億美元至48.5 億美元，毛利率將比2022 年第三季度至少高出140 個基點。需要提醒的是，去年梅西百貨加大了促銷和降價力度，以清除多餘的商品。溫暖天氣季節性商品和流通較慢的流行病相關類別（包括休閒服裝和軟家居）的收入。

Adjusted diluted EPS down $0.03 to up $0.02, inclusive of our updated credit card revenues outlook and the timing shift in the recognition of shortage. End of quarter inventories to be down low to mid-single digits to last year on a percentage basis as we begin to introduce Nike and further support On 34th and I.N.C. private brands.

調整後的攤薄每股收益下降 0.03 美元，上漲 0.02 美元，其中包括我們更新的信用卡收入前景以及認識到短缺的時間轉變。隨著我們開始引入 Nike 並進一步支持 On 34th 和 I.N.C.，季度末庫存百分比將比去年同期下降至中個位數。自有品牌。

Looking ahead, we remain committed to achieving low single-digit sales growth beginning next year and believe that improved underlying fundamentals and the early contributions of our 5 growth vectors will provide an offset to ongoing macro pressures impacting our consumer. However, we do have additional external factors that are more difficult to combat.

展望未來，我們仍然致力於從明年開始實現低個位數的銷售增長，並相信基本面的改善和我們 5 個增長向量的早期貢獻將抵消影響我們消費者的持續宏觀壓力。然而，我們確實還有其他更難以應對的外部因素。

If recent trends in credit card revenues, shortage and asset sale gains continue, and late fee regulatory changes are passed, the ability to achieve low double-digit EBITDA margin in '24 becomes more challenging.

如果信用卡收入、短缺和資產出售收益的近期趨勢持續下去，並且滯納金監管改革獲得通過，那麼在 24 年實現低兩位數 EBITDA 利潤率的能力將變得更具挑戰性。

Now to be clear, there have been no changes to the underlying assumptions and opportunities regarding the rest of our business. We're actively working to offset headwinds, prioritize growth, and we'll share more as the year progresses.

現在需要明確的是，我們其他業務的基本假設和機會沒有變化。我們正在積極努力抵消不利因素，優先考慮增長，隨著時間的推移，我們將分享更多信息。

I'll now turn the call back over to Jeff for some closing remarks.

現在我將把電話轉回給傑夫，讓他做一些結束語。

Thank you, Adrian and Tony. It has been exciting to watch you two collaborate to find innovative ways of opportunity that reflects your unique lenses and backgrounds. And I am confident that you will lead Macy's, Inc. to sustainable long-term profitable growth.

謝謝你們，阿德里安和托尼。看到你們兩個合作尋找能夠反映你們獨特視角和背景的創新機會方式，真是令人興奮。我相信您將帶領梅西百貨公司實現可持續的長期盈利增長。

Now operator, we will now open it up for Q&A.

現在操作員，我們現在將開放它進行問答。

(Operator Instructions) Today's first question is coming from Oliver Chen of TD Cowen.

（操作員說明） 今天的第一個問題來自 TD Cowen 的 Oliver Chen。

2Q revenue and margins were encouragingly better. What was the driver behind that? And as we look at 3Q guidance being below Street, I assume it's primarily the credit card delinquency bad debt expense. AURs were also encouragingly up. What was the offset to that? We assume it could have been traffic.

第二季度收入和利潤率的改善令人鼓舞。背後的推動者是什麼？當我們看到第三季度指導低於街道時，我認為這主要是信用卡拖欠壞賬費用。 AUR 也令人鼓舞地上升。對此的抵消是什麼？我們假設這可能是交通問題。

And a follow-up, as you think about longer term, the small format opportunity, how are you dimensionalizing the addressable market there?

後續，當您考慮更長期的小型機會時，您如何確定那裡的潛在市場規模？

All right. So, Oliver, good morning. It's great to be with you. So look, despite the timing shift that we recognized with shortage, we achieved the gross margin rate in the second quarter ahead of our expectation. So we were actually quite pleased with that. Now while the second quarter was more promotional than last year, as we worked to clear a lot of the seasonal product that we talked about, it was less promotional than we had anticipated.

好的。那麼，奧利弗，早上好。和你在一起真是太好了。因此，儘管我們承認存在短缺的時間變化，但我們第二季度的毛利率還是超出了我們的預期。所以我們實際上對此非常滿意。現在，雖然第二季度的促銷活動比去年更多，但隨著我們努力清理我們談到的許多季節性產品，促銷活動比我們預期的要少。

We leaned into a lot of our strategic and personalized promotions, leaned into our pricing science as we've talked about prior. But look, leveraging the data-driven processes that we've had in place and been using for the last couple of years, allowed us to really maximize our margins in sell-throughs as we actually exited the spring season.

我們深入研究了許多戰略性和個性化促銷活動，研究了我們之前討論過的定價科學。但是看，利用我們已經實施並在過去幾年中使用的數據驅動流程，使我們能夠在春季真正結束時真正最大化銷售利潤。

Now as we did in previous seasons, we're actually able to clear through a lot of the seasonal product that we've spoken about several weeks ahead of schedule. So we're continuing to take these behaviors into the back half of the year.

現在，正如我們在前幾季所做的那樣，我們實際上能夠提前幾周清除我們已經討論過的許多季節性產品。因此，我們將在今年下半年繼續採取這些行為。

The other thing I'd add on that, Oliver, would be just our inventory is in a great position. So exiting the third quarter, down 10%, we have been able to retain a lot of liquidity that will respond to customer interest. But our stock-to-sales ratios are good by category. The third quarter has started at expectation. We're looking at the back-to-school read as well as really all new fall fashion and how that's performing. And we have confidence as we go into the fourth quarter on our strategies.

奧利弗，我要補充的另一件事是，我們的庫存處於有利位置。因此，第三季度下降 10% 後，我們已經能夠保留大量流動性來滿足客戶的興趣。但我們的庫存與銷售額比率按類別來看還是不錯的。第三季度的開始符合預期。我們正在關注返校讀物以及真正全新的秋季時裝及其表現。當我們進入第四季度時，我們對我們的戰略充滿信心。

If I could just answer your last question, Oliver, with regards to small format stores, we're very excited about the growing impact of our small format stores. As you know, we remain in the early stages of continuing to scale this opportunity, but we did announce that we're opening up a number of stores this fall. Chicagoland, Boston, Las Vegas, San Diego are several locations where we'll be opening up our small format Macy's stores. And in the Seattle market, we'll be opening up a small format Bloomingdale's.

奧利弗，如果我能回答你的最後一個問題，關於小型商店，我們對小型商店日益增長的影響感到非常興奮。如您所知，我們仍處於繼續擴大這一機會的早期階段，但我們確實宣布今年秋天將開設一些商店。我們將在芝加哥、波士頓、拉斯維加斯、聖地亞哥等幾個地點開設小型梅西百貨商店。在西雅圖市場，我們將開設一家小型布魯明代爾百貨公司。

Last week, we did open up a store in Chicagoland. But as we think about the quality of experience for our customers, we continue to see positive signals in terms of the financial performance and the customer experience within these stores. So we're actively evaluating potential locations across the country that will enable us to accelerate growth at the appropriate time. So more to come on this topic.

上週，我們在芝加哥開設了一家商店。但當我們考慮客戶的體驗質量時，我們繼續看到這些商店的財務業績和客戶體驗方面的積極信號。因此，我們正在積極評估全國各地的潛在地點，這將使我們能夠在適當的時候加速增長。關於這個話題還有更多內容。

The next question is coming from Matthew Boss of JPMorgan.

下一個問題來自摩根大通的馬修·博斯。

So Tony, could you just elaborate on the key strategic initiatives that you believe best positions Macy's for a return to revenue growth next year? And then Adrian, any notable differences in top line by income cohort that you're seeing today, maybe relative to 3 months ago? Any change in macro that you're embedding for the back half of the year?

托尼，您能否詳細說明一下您認為最有利於梅西百貨明年恢復收入增長的關鍵戰略舉措？ Adrian，您今天看到的按收入群體劃分的收入與 3 個月前相比有什麼顯著差異嗎？您在今年下半年嵌入的宏觀方面有什麼變化嗎？

And then just given the potential external changes that you mentioned, how best to think about a range of EBITDA margin outcomes for next year relative to the low double-digit target that you've laid out?

然後，考慮到您提到的潛在外部變化，相對於您制定的低兩位數目標，如何最好地考慮明年的一系列 EBITDA 利潤率結果？

Thanks for the question, Matt. Let me begin with the opportunities for growth. Just as a reminder, I've been part of the Macy's executive leadership team for the last few years and working closely with Adrian and Jeff and other senior leaders the last few months. And I remain bullish on the opportunities for the entire portfolio. And remember, Macy's, Inc. is a portfolio company with obviously power in the Macy's brand, Bloomingdale's brand and Bluemercury brands.

謝謝你的提問，馬特。讓我從成長機會開始。提醒一下，過去幾年我一直是梅西百貨執行領導團隊的一員，並在過去幾個月與阿德里安、傑夫和其他高級領導密切合作。我仍然看好整個投資組合的機會。請記住，Macy's, Inc. 是一家投資組合公司，在 Macy's 品牌、Bloomingdale's 品牌和 Bluemercury 品牌方面具有明顯的影響力。

I believe that our opportunity remains in going off-price to luxury, multi-brand, multi-category. And these 5 growth vectors are designed to help us to amplify our business. They are designed around merchandise, which includes private brand and making sure that we are bringing the most important market brands to all of our portfolio. The reintroduction of Nike and the announcement of Under Armour is a good example of that.

我相信我們的機會仍然是向奢侈品、多品牌、多品類進行低價銷售。這 5 個增長向量旨在幫助我們擴大業務。它們是圍繞商品設計的，其中包括自有品牌，並確保我們將最重要的市場品牌引入我們所有的產品組合中。耐克的重新推出和安德瑪的宣布就是一個很好的例子。

It's strengthening our marketing, but on a more personalized basis with specific offers that are right for that customer, at the level of modernization in our marketing. It's also making sure that our portfolio has the right number of stores in the right locations that include the quality malls that we're in today as well as, as Adrian described, the right small-format locations that densify, replace existing stores that may not be as productive, or allow us to enter new markets.

它正在加強我們的營銷，但在更加個性化的基礎上，在我們營銷的現代化水平上提供適合該客戶的具體優惠。它還確保我們的投資組合在正確的位置擁有正確數量的商店，包括我們今天所在的優質購物中心，以及正如阿德里安所描述的，正確的小型位置，這些位置可以密集化，取代現有的商店生產力不高，或者無法讓我們進入新市場。

The luxury business is a piece of the puzzle that we feel very strongly about. It underscores the importance of Bloomingdale's and Bluemercury, but also gives us the opportunity to expand the Macy's Beauty business. And as we mentioned, beauty is a category that's grown across every single nameplate. So we feel strongly about all of our growth vectors.

奢侈品行業是我們深有感觸的一塊拼圖。它強調了 Bloomingdale's 和 Bluemercury 的重要性，同時也為我們提供了擴大梅西百貨美容業務的機會。正如我們所提到的，美麗是一個貫穿每個銘牌的類別。因此，我們對所有的增長載體都有著強烈的感受。

But in answering fully your question, I think the growth opportunity for the Macy's brand requires us to dig deeper into the assortments and making sure that we eliminate redundancy and we improve variety, making sure that people find the brands they're looking for as well as the level of exclusivity that comes from our private brand assortment. And the final piece I would say is the team is highly focused on improving the customer experience, physically and digitally, doing those things that are necessary to create a more seamless and easier omnichannel experience.

但在全面回答你的問題時，我認為梅西百貨品牌的增長機會要求我們更深入地挖掘品種，確保我們消除冗餘並改善品種，確保人們也找到他們正在尋找的品牌作為我們自有品牌品種的排他性水平。我要說的最後一點是，團隊高度專注於改善物理和數字方面的客戶體驗，做那些創造更無縫、更輕鬆的全渠道體驗所必需的事情。

Matt, just going through a few points that you raised. The first is we have a discerning customer across all income tiers. They're being quite choiceful about how they think about experiences versus discretionary goods. And so we continue to be thoughtful about focusing on the things that we can control to deliver a positive experience for our customers.

馬特，我只是回顧一下您提出的幾點。首先，我們擁有各個收入階層的挑剔客戶。他們對於體驗和非必需品的看法非常挑剔。因此，我們繼續深思熟慮，專注於我們可以控制的事情，為客戶提供積極的體驗。

The reality is, in the macro environment, we continue to remain cautious as we spoke about earlier in our opening remarks. We do believe that there continues to be pressure within the macro environment, so we will continue to remain cautious.

現實情況是，在宏觀環境中，我們繼續保持謹慎態度，正如我們在開場白中提到的那樣。我們確實認為宏觀環境仍然存在壓力，因此我們將繼續保持謹慎。

To your third dimension around EBITDA margins, as we think about next year, the first thing that we would emphasize is what Tony spoke to, which is our top priority, is profitable growth. And that profitable growth is about low single-digit growth beginning next year, and we remain confident in that.

對於圍繞 EBITDA 利潤率的第三個維度，當我們考慮明年時，我們首先要強調的是托尼所說的，這是我們的首要任務，那就是盈利增長。從明年開始，盈利增長大約是個位數的低增長，我們對此仍然充滿信心。

The kinds of things that we're controlling is our balance sheet. The operating disciplines that you've seen from us around inventory management and expense management, the quality of execution on our fundamentals within our core business, and we continue to see that our 5 growth vectors remain on track.

我們控制的東西就是我們的資產負債表。您從我們這裡看到的庫存管理和費用管理方面的運營紀律、我們核心業務中基本面的執行質量，以及我們繼續看到我們的 5 個增長向量仍保持在正軌上。

Now as it relates to low double-digit EBITDA, it remains our aspiration longer term. Now as we look on the horizon in the near term, we see several factors worsening and difficult to offset, again in the near term. And as we spoke about earlier in the call, credit card revenues, shortage and asset gains are all the type of things that are at the top of our list.

現在，由於它與低兩位數的 EBITDA 相關，因此從長遠來看，它仍然是我們的願望。現在，當我們展望近期的情況時，我們看到一些因素在短期內再次惡化且難以抵消。正如我們早些時候在電話會議中談到的那樣，信用卡收入、短缺和資產收益都是我們最關心的問題。

So look, as we think about credit card revenues, we've experienced higher aged balances across all delinquency levels, which has lead to increased bad debt impact in our credit card. And as you know, there's still an open question about the legislative ruling on limiting late fees, which is something that we'll have to quantify the potential impacts of if that ruling comes to fruition.

因此，當我們考慮信用卡收入時，我們在所有拖欠水平上都經歷了較高的賬齡餘額，這導致我們的信用卡壞賬影響增加。如您所知，關於限制滯納金的立法裁決仍然存在一個懸而未決的問題，如果該裁決得以實現，我們必須量化其潛在影響。

Shortage, as you know, has been an industry-wide opportunity. It has been at elevated levels for multiple years. Shortage for us for the second year in a row will be at record levels. Now, we continue to put mitigation strategies in place to address that, but these mitigation strategies will likely take time to effectuate. And then obviously, with regards to real estate, the industry is really challenged right now with higher interest rates, higher cap rates and higher hurdle rates. We do have confidence in our real estate, but we will be patient on our ability to monetize those assets.

如您所知，短缺一直是整個行業的機會。多年來它一直處於較高水平。我們的短缺將連續第二年達到創紀錄的水平。現在，我們繼續採取緩解策略來解決這個問題，但這些緩解策略可能需要時間才能實現。顯然，就房地產而言，該行業目前確實面臨著更高的利率、更高的上限利率和更高的門檻利率的挑戰。我們確實對我們的房地產充滿信心，但我們將對我們將這些資產貨幣化的能力保持耐心。

So when you look at the confluence of all these different factors, our ability to achieve low double-digit EBITDA in the near term may be more challenging. But as we progress through the year and we focus on our expense management initiatives and the growth initiatives that Tony referenced, we'll share more in the near future.

因此，當你綜合考慮所有這些不同因素時，我們在短期內實現低兩位數 EBITDA 的能力可能更具挑戰性。但隨著這一年的進展，我們將重點放在費用管理計劃和托尼提到的增長計劃上，我們將在不久的將來分享更多信息。

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

下一個問題來自高盛的布魯克·羅奇。

Adrian, I was hoping you could help us understand the potential levers that you have for additional improvement in margin rate should the consumer dynamic backdrop worsen into the back half of the year? How are you thinking about merchandise margins and promotional backdrops? And what are the incremental opportunities in SG&A expense beyond what you've already identified?

阿德里安，我希望你能幫助我們了解，如果今年下半年消費者動態背景惡化，你有哪些潛在手段可以進一步提高利潤率？您如何看待商品利潤和促銷背景？除了您已經確定的之外，SG&A 費用還有哪些增量機會？

Absolutely. Thanks very much for raising the question, Brooke. As we think about gross margin, the disciplines that you've seen from us are pretty key. And that's really around strong execution on the customer experience and healthy inventory management. Now we've talked a lot about inventory management from the perspective of the volume of inventory which allows us to limit our markdowns, the composition of inventory that allows us to support full price sell-through as well as the freshness of inventory to have the relevant content for our customers to shop from us versus the competition.

絕對地。非常感謝您提出問題，布魯克。當我們考慮毛利率時，您從我們那裡看到的紀律非常關鍵。這實際上是圍繞客戶體驗的強有力執行和健康的庫存管理。現在我們已經從庫存量的角度討論了很多關於庫存管理的問題，庫存量使我們能夠限制降價，庫存的構成使我們能夠支持全價銷售，以及庫存的新鮮度以保證產品的質量。與競爭對手相比，我們的客戶可以從我們這裡購買相關內容。

We'll continue to be very thoughtful about executing on those, but you've seen us pretty consistently execute on the gross margin side over time. The one thing I would call out as we think about gross margin for the balance of the year is we've done something a little bit different this year with shortage. So this year, we actually had a midyear shortage -- midyear inventory count, which gave us greater confidence and visibility into shortage trends for the year.

我們將繼續非常深思熟慮地執行這些目標，但隨著時間的推移，您已經看到我們在毛利率方面的執行相當一致。當我們考慮今年剩餘時間的毛利率時，我要指出的一件事是，我們今年在短缺方面做了一些不同的事情。所以今年，我們實際上遇到了年中短缺——年中庫存盤點，這讓我們對今年的短缺趨勢有了更大的信心和可見性。

So we did recognize some shortage in Q2. We will recognize some shortage in Q3 and Q4, which is different from what we've done in prior years, which is to recognize it all in the fourth quarter. So we are very thoughtful about how we're thinking about the margin rate going through the balance of the year.

所以我們確實認識到第二季度存在一些短缺。我們會在第三季度和第四季度認識到一些短缺，這與我們往年的做法不同，我們在第四季度就認識到了全部。因此，我們非常認真地考慮如何考慮今年剩餘時間的保證金率。

We're excited about the composition of inventory. We're excited about all the initiatives that Jeff and Tony spoke to, but we also are cautious in terms of making sure that we have the capacity to respond to growth opportunities and to absorb any potential promotions that we may need to do to move through the business in the fall season.

我們對庫存的構成感到興奮。我們對傑夫和托尼談到的所有舉措感到興奮，但我們也很謹慎，以確保我們有能力應對增長機會並吸收我們可能需要做的任何潛在晉升秋季的生意。

As it relates to SG&A, we continue to feel good about the $200 million that we spoke about in cost savings earlier in the year. We spoke about it in our June 1 call. We've been working on it for a number of months. We're seeing those come through, and a larger portion of those benefits, both on the SG&A expense and the gross margin expense, is expected to materialize in the back course of the year, with the biggest being in the fourth quarter. But we continue to be very focused on expense discipline, and that's something that you'll continue to see us focus on for quite some time.

由於與 SG&A 相關，我們仍然對今年早些時候談到的 2 億美元成本節省感到滿意。我們在 6 月 1 日的電話會議中談到了這一點。我們已經為此努力了好幾個月。我們看到這些都已經實現，並且這些收益的大部分（SG&A 費用和毛利率費用）預計將在今年下半年實現，其中最大的部分將在第四季度實現。但我們仍然非常關注費用紀律，您將在相當長的一段時間內看到我們繼續關注這一點。

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

下一個問題來自戈登·哈斯克特的查克·格羅姆。

This is Greg Sommer on for Chuck.

我是格雷格·薩默（Greg Sommer）為查克發言。

I just wanted to dig into the health of the consumer a little more, looking at the outperformance of Bloomie's outlet and then also Backstage and then also higher credit card delinquencies, it would suggest that the health of the consumer has deteriorated and even at the high end. I was just curious, is this accurate? I just wanted to get more color on the health of the consumer by what you're seeing in terms of performance by store vendor or what you're seeing when you dig into the credit card data?

我只是想更深入地了解消費者的健康狀況，看看 Bloomie's 門店的優異表現，然後還有 Backstage，然後還有更高的信用卡拖欠率，這表明消費者的健康狀況已經惡化，甚至處於高位。結尾。我只是好奇，這準確嗎？我只是想通過商店供應商的表現或深入研究信用卡數據時看到的內容來更多地了解消費者的健康狀況？

So why don't I start with the credit card data, and then we'll talk a little bit about the consumer a bit more broadly. So with regards to the credit card data, the one thing I would say is that we're managing our credit card revenues to the best extent we can. And I think the credit card revenue is an indication of some of the pressures that we're actually seeing on the consumer.

那麼，我為什麼不從信用卡數據開始，然後我們再更廣泛地討論一下消費者。因此，關於信用卡數據，我要說的一件事是，我們正在盡最大努力管理我們的信用卡收入。我認為信用卡收入表明了我們實際上看到消費者面臨的一些壓力。

So as you know, we have actually planned out higher delinquencies based on the expectation of a normalizing credit environment. But what we did see is that the speed of those delinquencies across all age balances or age balances actually accelerated after Q1, and that occurred primarily in June and July. So we've made a number of adjustments there.

如您所知，我們實際上是基於信貸環境正常化的預期而計劃了更高的拖欠率。但我們確實看到的是，所有年齡餘額或年齡餘額的拖欠速度實際上在第一季度之後有所加快，並且主要發生在 6 月和 7 月。所以我們在那裡做了一些調整。

Now what's interesting about this is that there are things that we can control and things that we cannot control. The things that we're controlling is that we're working actively to mitigate a lot of the headwinds that we see. So for example, we're working with our credit card partner, Citibank, to target higher risk segments to surgically reduce exposure. We're also maintaining spend in places where we can for customers that have the capacity. We're acquiring new customers. We're retaining active customers, and we're focusing on the spend on their At Macy's on their prop card.

有趣的是，有些事情是我們可以控制的，有些事情是我們無法控制的。我們正在控制的事情是我們正在積極努力減輕我們看到的許多不利因素。例如，我們正在與信用卡合作夥伴花旗銀行合作，瞄準較高風險的細分市場，以手術方式減少風險敞口。我們還在力所能及的地方為有能力的客戶維持支出。我們正在爭取新客戶。我們正在留住活躍的客戶，並且我們將重點放在他們在梅西百貨的道具卡上的支出。

But there are things that we cannot control, which I think gets very much into what you're describing around the health of the consumer, and that's the macro environment. So the macro environment really is having the lion's share of the impact on credit and is a real indicator of where we think the health of the consumer is and supporting our cautious approach. The one metric we find quite interesting is the debt service ratio, which we leverage as a proxy for the consumer's ability to pay debt using their disposable income -- personal income.

但有些事情是我們無法控制的，我認為這在很大程度上影響了您所描述的消費者健康，這就是宏觀環境。因此，宏觀環境確實對信貸產生了最大的影響，也是我們認為消費者健康狀況的真實指標，並支持我們採取謹慎的態度。我們發現非常有趣的一個指標是償債率，我們利用該比率來衡量消費者使用其可支配收入（個人收入）償還債務的能力。

So this is about credit card balances, this is about student loans which we know is going to come into focus in the next month or two, auto loans, mortgage. So we just believe that the customer is coming under pressure because these are new realities that they have to continue to deal with as we get through the back half of this year and move into next year.

這是關於信用卡餘額，這是關於學生貸款，我們知道這些貸款將在未來一兩個月內成為焦點，汽車貸款，抵押貸款。因此，我們相信客戶正面臨壓力，因為隨著我們度過今年下半年並進入明年，他們必須繼續應對這些新的現實。

Chuck, what I'd add is your question about off-price. So just know that when we've always been quoting what's going on with our off-price business between Bloomingdale's and Macy's, you heard that off-price at Macy's outperformed the balance by almost 300 basis points at outlet Bloomingdale's versus the Bloomingdale's brand was about an 800-point difference.

Chuck，我要補充的是你關於折扣的問題。因此，只要知道，當我們一直引用 Bloomingdale's 和 Macy's 之間的折扣業務時，您就會聽說 Macy's 的折扣業務比 Bloomingdale's 品牌折扣店的折扣表現高出近 300 個基點，約為 300 個基點相差800分。

That really is just our -- when you think about being, in most cases, mall base to have an off-price option has been a potent part of our discovery with price. And so what we have seen over time is that there is no cannibalization that's going on between the full price and the off-price side. It's just building stickier relationships with customers. They're building up their spend with us. They're shopping more frequently. We certainly saw that in the second quarter.

這確實是我們的——在大多數情況下，當你考慮成為擁有折扣選項的購物中心基地時，這就是我們發現價格的一個重要部分。因此，隨著時間的推移，我們看到的是，全價和特價之間並沒有發生蠶食。它只是與客戶建立更緊密的關係。他們正在增加與我們的支出。他們購物更加頻繁。我們在第二季度當然看到了這一點。

And then to your question about kind of how different income levels has been affected, we'll talk about the Macy's brand. Certainly, the Macy's brand is more under pressure, and it really is the stat of that 50% of the Macy's customers are making $75,000 or less. So they've been under pressure. I think there are some headwinds coming, particularly with student loan, that expiration of the loan forgiveness. And what we're really looking to do is controlling what we can control and ensuring that we've got the right stock to sales ratio in all of our categories, and that we've got receipt reserve to chase into demand.

然後，對於您關於不同收入水平受到何種影響的問題，我們將討論梅西百貨品牌。當然，梅西百貨品牌面臨的壓力更大，根據統計，梅西百貨 50% 的顧客收入在 75,000 美元或以下。所以他們一直承受著壓力。我認為將會出現一些阻力，特別是在學生貸款方面，即貸款寬恕到期。我們真正想做的是控制我們可以控制的東西，並確保我們在所有類別中都有正確的庫存與銷售比率，並且我們有收據儲備來追逐需求。

So we feel good about our fourth quarter strategy, and we feel good about where our inventories are right now with this consumer.

因此，我們對第四季度的戰略感到滿意，並且對我們目前針對該消費者的庫存狀況感到滿意。

The next question is coming from Blake Anderson of Jefferies.

下一個問題來自傑富瑞 (Jefferies) 的布萊克·安德森 (Blake Anderson)。

I was wondering if you could talk a little -- or give a little bit more color on the monthly trends you're seeing and maybe back-to-school and then just higher level. Talk about your confidence in the comp guide and kind of reiterating the comp guide for the rest of the year? I know you've talked about some pressures on the consumer, but you're being conservative. Just give a little bit more commentary on your decision to reiterate the previous comp guide for the year?

我想知道你是否可以談談——或者對你所看到的每月趨勢提供更多的色彩，也許回到學校，然後只是更高的水平。談談您對薪酬指南的信心，並重申今年剩餘時間的薪酬指南？我知道您談到了消費者面臨的一些壓力，但您很保守。對您重申之前的今年薪酬指南的決定再發表一點評論嗎？

And then second question was, on the promotional environment, wondering if you can talk about your expectations for the holiday in terms of promotions? And then how you're planning inventory for the holiday?

第二個問題是關於促銷環境，能否談談您對節日促銷方面的期望？那麼您如何計劃假期庫存？

Okay. Blake, so first off, let's just talk about the second quarter. So we're not disclosing our monthly performance. But as we talked about on the first quarter call, we did expect the second quarter to be promotional based on the spring seasonal inventory overhang. And we successfully liquidated any sort of liability that we had coming into the third quarter. So we don't want to get ahead of ourselves in looking at that trend since that is more clearance driven than what we are planning and experiencing right now in the third quarter.

好的。布萊克，首先我們來談談第二季度。所以我們不會透露我們的月度業績。但正如我們在第一季度電話會議上談到的那樣，我們確實預計第二季度將根據春季季節性庫存過剩進行促銷。我們成功地清算了第三季度的所有負債。因此，我們不想超前地看待這一趨勢，因為這比我們目前在第三季度計劃和經歷的情況更受清倉驅動。

Third quarter started at our expectation, really a mix between our back-to-school performance as well as new fall fashion. And just to kind of reiterate, having those fundamentals in place of the stock-to-sales ratio, being in stock on all the most important items, having discipline with our pricing science and getting great traction on that, having inventory be as healthy as it is with a strong balance sheet and then really green shoots in our 4 growth factors is really kind of the stake that we're walking into the fall season with.

第三季度的開始符合我們的預期，真正融合了我們的返校表演和新的秋季時尚。只是重申一下，用這些基本原理代替庫存與銷售額的比率，在所有最重要的商品上都有庫存，遵守我們的定價科學紀律並在這方面獲得巨大的牽引力，讓庫存與它擁有強大的資產負債表，然後我們的4 個增長因素中的真正萌芽確實是我們進入秋季的賭注。

So as we talk about the fourth quarter, we have confidence in our strategies. So the trending businesses like beauty and some of the gifting businesses, are a higher penetration of the fourth quarter business than it is the other 3 quarters. We should draft off of that. When you look at the amount of newness that we have in gifting, so high quality, great value, and that great value is built into our gross margin expectation for the fourth quarter.

因此，當我們談論第四季度時，我們對我們的策略充滿信心。因此，美容和一些禮品業務等熱門業務在第四季度的滲透率高於其他三個季度。我們應該起草這個草案。當你看看我們在禮品方面的新穎性時，就會發現如此高的質量、巨大的價值，而這種巨大的價值已經融入了我們對第四季度毛利率的預期中。

So we're going to be sharpen on our values. We're going to be competitive. As we've seen over the past couple of years, the customer is shopping earlier and they're shopping all the way through Black Friday, Cyber Monday, taking the lull last 10 days, we're ready for all that.

因此，我們將更加堅定我們的價值觀。我們將具有競爭力。正如我們在過去幾年中所看到的，客戶購物的時間越來越早，他們一直在黑色星期五、網絡星期一購物，最後 10 天處於平靜狀態，我們已經做好了準備。

We've built the promotional calendar so that we thought through all of where the customer where we expect them to shop in each of our brands. I think specifically, when you look at the fourth quarter, in addition to the gifting strategies and the penetration of trending businesses, it's also the add of Nike, it's the Toys "R" Us and the Disney collaboration.

我們制定了促銷日曆，以便我們充分考慮客戶希望他們在我們每個品牌中購物的所有位置。我想具體來說，當你看第四季度時，除了禮物策略和趨勢業務的滲透之外，還有耐克、玩具反斗城和迪士尼合作的增加。

Very importantly, just the liquidity to be able to respond to inventory that's always in the system and this agile team that is responding in real time faster than ever. So that's what -- is what is built into our guide when we think about the back half of the year and the status of what we are -- where we're at going into it.

非常重要的是，流動性能夠響應系統中始終存在的庫存，而敏捷團隊的實時響應速度比以往任何時候都快。這就是當我們思考下半年以及我們的現狀時，我們的指南中所包含的內容。

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

下一個問題來自特爾西諮詢集團的達納·特爾西。

As you think about the bad debt expense and credit cards, have you looked at it versus 2008, what could be similar and what's different in the trajectory?

當您考慮壞賬費用和信用卡時，您是否將其與 2008 年相比進行了比較，其軌蹟有何相似之處和不同之處？

And then as you think about this current second quarter, how did -- what was the cadence of the quarter? How did you exit? I know, Jeff, you mentioned just about third quarter and back-to-school. Anything on tourism that we should note?

然後，當您思考當前的第二季度時，該季度的節奏是怎樣的？你是怎麼退出的？我知道，傑夫，你剛剛提到了第三季度和返校的情況。旅遊有什麼需要注意的嗎？

And then Tony, just on other brands. It's nice to see Nike and Under Armour. Are there other categories that you want to enhance the brand assortments that we should be looking to?

然後托尼，只是在其他品牌上。很高興看到耐克和安德瑪。您是否還想增強我們應該關注的其他類別的品牌分類？

I'll start with regards to your question around credit card, and then I'll have Jeff and Tony speak to the quarter cadence. So look, we've looked at our credit card revenues and bad debt levels as far back is 2005 in our recent conversations. So we have a good understanding of the puts and takes. We recognize that there have been evolutions in terms of our agreement with Citibank.

我將從你關於信用卡的問題開始，然後我將讓傑夫和托尼談論季度節奏。所以看，我們在最近的談話中研究了早在 2005 年的信用卡收入和壞賬水平。所以我們對看跌期權和索取期權有很好的理解。我們認識到我們與花旗銀行的協議發生了變化。

But from our perspective, it's continuing to control the controllables and continuing to navigate beyond controllables, as I mentioned a little bit earlier. Again, as I shared, so much of this is really around the health of the consumer, and so much is also around what we consider to be the debt service ratio.

但從我們的角度來看，正如我之前提到的，它正在繼續控制可控因素，並繼續超越可控因素。正如我所分享的，這很大程度上與消費者的健康有關，也與我們認為的償債比率有關。

As you think about the average household income in the U.S., if you think about the average household income of our customers, particularly in the Macy's brand, that consumer is experiencing a number of headwinds as they think about servicing their responsibilities and their liabilities. I referenced it a little bit earlier credit cards. I referenced student loans, auto loans, mortgage, all those in a higher interest rate environment creates real challenges.

當您考慮美國的平均家庭收入時，如果您考慮我們客戶的平均家庭收入，尤其是梅西百貨品牌的客戶，那麼消費者在考慮履行其責任和義務時會遇到許多阻力。我之前提到過信用卡。我提到了學生貸款、汽車貸款、抵押貸款，所有這些在較高利率環境下都會帶來真正的挑戰。

Now coming into the year, we did project bad debt levels to normalize, but they just normalized a little bit faster than expected. But as we continue to look at ways to mitigate by giving more personalized offers to customers, as well as increased usage on our proprietary credit card, acquiring new customers and really leaning into the loyalty aspects, we're working very diligently to find the best offsets we can.

進入今年，我們確實預計壞賬水平將正常化，但其正常化速度比預期要快一點。但是，隨著我們繼續尋找緩解方法，通過向客戶提供更個性化的優惠、增加我們專有信用卡的使用、獲取新客戶並真正關注忠誠度方面，我們正在非常努力地尋找最好的解決方案。我們可以抵消。

Dana, I'm going to -- I'll take on the cadence by month and the tourism, and I'll hand it over to Tony on new brands and new categories. On the -- as I mentioned in my conversation earlier, to the question from Blake, we're not disclosing our monthly performance and that it was heavily marked down and promotional driven. So that is on the second quarter.

達納，我將——我將按月負責節奏和旅遊業，並將新品牌和新類別的工作交給托尼。正如我在之前的談話中提到的，對於布萊克的問題，我們不會透露我們的月度業績，而且它被大幅降價和促銷驅動。這是第二季度的情況。

As it relates to tourism, this is one that we still have not seen the return of the depth of the international tourists that we typically have at Macy's and Bloomingdale's. So just to remind our international tourism is generally 3% to 4%. That's what it was in prepandemic sales. It's now south of 2% of our overall business. So that tailwind is coming in the future. We're not predicting yet when that's going to be, but know that when you look at the second quarter tourism business versus the first quarter, it was pretty similar. It was pretty comparable from where we are versus the 2019 level. I'll turn it over to Tony.

就旅遊業而言，我們仍然沒有看到梅西百貨和布魯明代爾百貨通常擁有的國際遊客深度的回歸。所以只是提醒一下我們國際旅遊一般是3%到4%。這就是大流行前的銷售情況。現在它占我們整體業務的 2% 左右。因此，未來將會出現順風。我們還沒有預測什麼時候會發生這種情況，但要知道，當你觀察第二季度的旅遊業務與第一季度的情況時，會發現情況非常相似。我們目前的水平與 2019 年的水平相當。我會把它交給托尼。

Thanks, Dana. I think the introduction of Nike is just a good example of what's possible as we go forward. It's an important brand, the #1 brand in the active category. And I think we obviously have built into our expectations the opportunity in Nike. The other benefit you have is people who come to Macy's for Nike don't just buy Nike, they're going to buy other things.

謝謝，達納。我認為耐克的推出只是我們前進的一個很好的例子。這是一個重要的品牌，是活躍類別中的第一品牌。我認為我們顯然已經將耐克的機會納入了我們的期望之中。另一個好處是，來到梅西百貨購買耐克的人們不僅會購買耐克，還會購買其他東西。

So I'll tell you what I shared with the team last week as they took me through the spring merchandise assortments. First, I was excited to hear the level of newness and discovery and the interest in variety and the desire to bring more interest to our assortments. And I think that, that level of curiosity, that level of newness is an important ingredient in our success going forward.

因此，我將告訴您上週我與團隊分享的內容，他們帶我瀏覽了春季商品分類。首先，我很高興聽到新奇和發現的水平以及對多樣性的興趣以及為我們的品種帶來更多興趣的願望。我認為，這種程度的好奇心、那種新鮮感是我們未來成功的重要因素。

I think the other thing that's important is looking at these categories that are adjacent. So we have marketplace, which allows us to test quickly, introduce brands and ideas that we haven't had at Macy's or Bloomingdale's before. And then we can move quickly, whether we add those things to our stores or whether we keep them just as a part of the marketplace. But I think the team is very focused on bringing more newness and more interest and more excitement to our assortments.

我認為另一件重要的事情是查看這些相鄰的類別。因此，我們擁有市場，它使我們能夠快速測試，引入梅西百貨或布魯明代爾百貨以前沒有的品牌和想法。然後我們可以快速採取行動，無論是將這些東西添加到我們的商店還是將它們保留為市場的一部分。但我認為團隊非常注重為我們的品種帶來更多新鮮感、更多興趣和更多興奮。

The next question is coming from Bob Drbul of Guggenheim.

下一個問題來自古根海姆的鮑勃·德布爾。

And Tony, great to talk with you. Best of luck with this undertaking. 2 questions for you. I guess the first one is, when you think about sort of the trend of digital versus the in-store, how are you thinking about that for the back half of the year? And then on the digital marketplace, is the sort of the ramp on the brands on the platform, especially at Macy's, is that where you want it to be? Or will you be adding more brands sort of into holiday and into next year?

托尼，很高興與你交談。祝這項事業好運。有 2 個問題要問你。我想第一個問題是，當您考慮數字化與實體店的趨勢時，您如何看待今年下半年的情況？然後在數字市場上，平台上的品牌是否會有所增長，尤其是在梅西百貨，這是您想要的嗎？或者您會在假期和明年添加更多品牌嗎？

Thanks, Bob. I think we are excited about the growth of the brand assortment on Macy's marketplace, and as we mentioned, the early read on Bloomingdale's marketplace. We have Max Magni who we mentioned, who joins us after a distinguished the 20-plus year career at McKinsey, focused on the digital business, and he will be very helpful, I think, to accelerating our performance in the digital space as well as in our overall marketplace business.

謝謝，鮑勃。我認為我們對梅西百貨市場上品牌種類的增長感到興奮，正如我們提到的，布魯明代爾市場上的早期閱讀。我們有我們提到的馬克斯·麥格尼(Max Magni)，他在麥肯錫度過了20 多年的傑出職業生涯後加入我們，專注於數字業務，我認為他將非常有助於加快我們在數字領域的績效以及在我們的整體市場業務中。

I also want to just remind everyone that Macy's and Bloomingdale's and Bluemercury are omnichannel businesses. And while we will always have these accelerations and movements based on cycles between the channels, our focus is making sure that we satisfy the customer no matter where they choose to shop. So that's a part of our small format expansion because customers are going off mall. It's a part of renovating in beauty at Macy's and on main floor Bloomingdale's, our most important mall doors because that's where people go to shop.

我還想提醒大家，梅西百貨、布魯明戴爾百貨和 Bluemercury 都是全渠道企業。雖然我們總是會根據渠道之間的周期進行這些加速和移動，但我們的重點是確保無論客戶選擇在哪裡購物，我們都能滿足他們。這是我們小規模擴張的一部分，因為顧客正在離開購物中心。這是梅西百貨 (Macy's) 和布魯明戴爾百貨 (Bloomingdale's) 主樓層美容翻新的一部分，這是我們最重要的商場大門，因為那是人們購物的地方。

It's a part of our investment into new experiences online because we want to make sure that we are both a place of transaction as well as a place of experience on Macy's bloomingdales.com and bluemercury.com. So we really do manage between the channels, but we ultimately are focused on satisfying the customer.

這是我們對在線新體驗投資的一部分，因為我們希望確保我們既是梅西百貨的bloomingdales.com 和bluemercury.com 上的交易場所，也是體驗場所。因此，我們確實在渠道之間進行管理，但我們最終的重點是滿足客戶。

Got it. And the other question I have is just on delivery expense, I think it was down this quarter. But I guess, how are you planning that for the remainder of the year?

知道了。我的另一個問題是送貨費用，我認為本季度有所下降。但我想，今年剩下的時間你打算如何計劃？

Well, delivery expense has been a part of some of the cost savings initiatives that we've thought about, which impacts the combination of the placement of our goods within our system, and also how we think about the processing of our delivery. So look, it continues to be an opportunity for us. We continue to benefit from some of the renegotiated terms with regards to our carrier expenses. We're continuing to look at opportunities to truly optimize how we think about owned versus media versus marketplace, which not only improves our expense profile, but also improves our margin profile. And so there's just a number of ongoing efforts that we have as it relates to inventory and as it relates to delivery expense.

好吧，送貨費用一直是我們考慮的一些成本節約舉措的一部分，這會影響我們的貨物在系統中的放置組合，以及我們對送貨處理的看法。所以看，這對我們來說仍然是一個機會。我們繼續受益於有關承運人費用的一些重新談判條款。我們正在繼續尋找機會，真正優化我們對自有媒體、媒體和市場的看法，這不僅改善了我們的費用狀況，還改善了我們的利潤狀況。因此，我們在庫存和交付費用方面正在進行一些持續的努力。

The next question is coming from Paul Lejuez of Citigroup.

下一個問題來自花旗集團的保羅·勒胡埃斯。

Can you remind us what percent of your sales are done on credit? How that looks versus last year? And you also mentioned mitigating exposure to higher-risk customers. What percent of your credit card portfolio is made up of those customers? And do those mitigation efforts not have an immediate effect? You didn't reduce any second half sales guidance, I don't think at all. And I'm curious how long it might take those efforts to have an impact potentially on the top line that you would incorporate into your guidance?

您能提醒我們您的銷售額中有多少是賒銷的嗎？與去年相比，情況如何？您還提到減少高風險客戶的風險。這些客戶佔您信用卡組合的比例是多少？這些緩解措施不會立即產生效果嗎？我認為你沒有減少任何下半年的銷售指導。我很好奇這些努力可能需要多長時間才能對您將納入指導的營收產生潛在影響？

Absolutely, Paul. Great to be with you. So on your first question, in recent history, we've typically been at around 2.9% to 3% of net sales. But if you look further back in history, it's actually been lower than that. So the question that was raised earlier about looking at our credit card revenues as a percent of net sales, we've looked at it as far back as 2005, and understanding the puts and takes that actually impact that performance.

絕對是，保羅。很高興和你在一起。關於你的第一個問題，在最近的歷史中，我們的銷售額通常占淨銷售額的 2.9% 至 3% 左右。但如果你回顧歷史，它實際上比這個還要低。因此，之前提出的關於查看我們的信用卡收入占淨銷售額的百分比的問題，我們早在 2005 年就進行了研究，並了解了實際影響業績的看跌期權和賣出期權。

As it relates to the health of our credit card portfolio, we have a healthy portfolio. As I've mentioned before, we look at a number of factors beyond FICO scores to understand the health of the consumer, their capacity to spend, make thoughtful decisions about their line of credit, who we approve on the card versus not. So we do have a healthy portfolio. We look at our return on assets, and we'll continue to do that. I think the reality of what we've seen in the credit card shift is really around the pressure on the consumer. And again, that's the lion's share of the impact that does impact our credit card revenues.

由於它關係到我們信用卡投資組合的健康狀況，因此我們擁有健康的投資組合。正如我之前提到的，我們會考慮 FICO 分數以外的許多因素，以了解消費者的健康狀況、他們的消費能力、對他們的信用額度做出深思熟慮的決定，以及我們批准誰或不批准誰。所以我們確實有一個健康的投資組合。我們會關注資產回報率，並將繼續這樣做。我認為我們在信用卡轉變中看到的現實實際上是圍繞著消費者面臨的壓力。再說一遍，這是影響我們信用卡收入的最大部分。

But look, we've seen these cycles before. We've been through these cycles before, and we will continue to work to find mitigation strategies within the context that we're given to increase credit card revenues to the appropriate levels, leveraging our personalized capabilities, continuing to expand our customer base across all nameplates. So it's just another dimension of our business that we have to manage actively as we go forward.

但是看，我們以前見過這些週期。我們以前經歷過這些週期，我們將繼續努力尋找緩解策略，將信用卡收入增加到適當的水平，利用我們的個性化能力，繼續擴大我們的客戶群。銘牌。因此，這只是我們在前進過程中必須積極管理的業務的另一個方面。

Adrian, what percent of your sales are done on credit, the proprietary credit card?

阿德里安，您的銷售額中有多少是通過信用（專有信用卡）完成的？

So within our loyalty program, they're about 70%. I think about 72% of sales are done across our loyalty program, but our bronze tier is a nontender tier. So when you look at our gold, silver and platinum, our penetration rate today is about [43%].

因此，在我們的忠誠度計劃中，他們的比例約為 70%。我認為大約 72% 的銷售額是通過我們的忠誠度計劃完成的，但我們的青銅級是非招標級。所以當你看看我們的黃金、白銀和鉑金時，我們今天的滲透率約為 [43%]。

Got it. And what percent of the higher risk customers that you mentioned?

知道了。您提到的高風險客戶佔百分之多少？

Look, Paul, we have a healthy portfolio. We're not deep into subprime, if that's the nature of your question. We are not approving high-risk customers. We want to have healthy customers using our card for a longer period of time. And so we do not lean aggressively into subprime.

保羅，你看，我們有一個健康的投資組合。如果這是你問題的本質的話，我們並沒有深入研究次貸問題。我們不會批准高風險客戶。我們希望健康的客戶能夠更長時間地使用我們的卡。因此，我們不會過度傾向於次貸。

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

下一個問題來自摩根士丹利的亞歷克斯·斯特拉頓。

Just 2 for me. The first is just on SG&A. I wanted to dig in there a little bit more. It seems like the guidance contemplates higher SG&A than prior, but I know you reiterated the $200 million in savings that you've identified. So can you just hash out further what's changed there, seemingly worsened versus 3 months ago?

對我來說只有2個。第一個是SG&A。我想再深入一點。該指南似乎考慮了比之前更高的 SG&A，但我知道您重申了您已確定的 2 億美元的節省。那麼您能否進一步討論一下那裡發生了什麼變化（與 3 個月前相比似乎更糟）？

And then secondly, strength in select categories like beauty, are you all mixing further into those categories as a result? Or how nimble can you be as you see strength or weakness in certain categories?

其次，在某些類別（例如美容）方面的優勢，你們是否都因此進一步融入這些類別？或者當您看到某些類別的優勢或劣勢時，您能有多靈活？

All right. So thanks so much for the question, Alexandra. Let me start with SG&A, and then I'll hand it over to Tony and Jeff. So look, our outlook includes a portion of the $200 million in annual cost savings that we identified and spoke to on the June 1 call. We spoke to the fact that 70% of that is SG&A related to simplifying a lot of our processes and driving efficiencies across the business. The remaining 30% is really around things like delivery expense and inbound freight that was raised earlier in the conversation.

好的。非常感謝你的提問，亞歷山德拉。讓我從 SG&A 開始，然後我將把它交給托尼和傑夫。因此，我們的展望包括我們在 6 月 1 日的電話會議上確定並討論的每年 2 億美元成本節省的一部分。我們談到了這樣一個事實，即 70% 的 SG&A 與簡化我們的大量流程和提高整個業務的效率有關。剩下的 30% 實際上是關於運輸費用和入境運費等問題，這些都是在談話之前提出的。

Now as we demonstrated in the second quarter, SG&A was better than our expectations due to these disciplines and these initiatives that I've referenced. And we continue to be very focused on expense management. We think there's lots of opportunities. And especially in this environment with so much volatility that we're responding to, we're very focused on expense management and discipline as best as we can.

現在，正如我們在第二季度所展示的那樣，由於我提到的這些紀律和舉措，SG&A 好於我們的預期。我們仍然非常關注費用管理。我們認為有很多機會。尤其是在我們應對的這種波動性如此之大的環境下，我們非常關注費用管理和紀律。

As we think about the back half of the year, we'll continue to be focused on expense management. But what's really important as well is making sure we have the appropriate level of investment in the customer experience. Our biggest quarter is ahead of us, which is the fourth quarter. That's where we tend to win as a gifting destination. And so we want to make sure that the customer has options, that we don't compromise the shopping experience and we take advantage of the biggest opportunity we can to have a solid year.

展望今年下半年，我們將繼續關注費用管理。但真正重要的是確保我們在客戶體驗方面進行適當的投資。我們最大的季度即將到來，那就是第四季度。這就是我們作為送禮目的地往往會獲勝的地方。因此，我們希望確保客戶有選擇，我們不會犧牲購物體驗，並充分利用最大的機會來度過美好的一年。

And then, Alex, let me talk about the second part of your question. We -- based on the liquidity that we have always built in, and that's a new discipline that we've had over the past 1.5 years, we always have receipts that can chase into signals that are positive. And just as rigorous as what we do on a weekly basis is cutting back on signals that we expected that didn't materialize. So the opportunity to always be going where the customer is, this has not been an issue of not having brands or inventory available in the system to react to.

然後，亞歷克斯，讓我談談你問題的第二部分。我們——基於我們一直建立的流動性，這是我們在過去 1.5 年裡建立的新紀律，我們總是有可以追尋積極信號的收據。與我們每週所做的一樣嚴格的是減少我們預期未實現的信號。因此，我們有機會始終去客戶所在的地方，這並不是系統中沒有可用的品牌或庫存來做出反應的問題。

So this is -- we've obviously, as we've discussed in the past, have changed our relationship with our key vendors, really buying more to net cost, not buying into markdown allowances, giving us full flexibility to respond to the customer in the moment.

所以，正如我們過去討論的那樣，我們顯然已經改變了與主要供應商的關係，真正以淨成本購買更多產品，而不是購買降價津貼，從而使我們能夠充分靈活地響應客戶在此刻。

So we have confidence that to your question about beauty, we can chase into beauty. We have obviously built very aggressive strategies for the fall season based on our trends and our merchandising teams and the strength of those brands and where our customer expects us to be. So some we plan and some are going to react to and chase into.

所以我們有信心，對於你關於美的問題，我們可以追尋美。顯然，我們根據我們的趨勢、銷售團隊、這些品牌的實力以及客戶對我們的期望，為秋季制定了非常積極的戰略。因此，有些是我們計劃的，有些是我們要做出反應和追逐的。

And Alex, let me add that we have strength and beauty across Macy's, Bloomingdale's and Bluemercury. So that's digitally and physically on-mall and off-mall. And fragrance is an important category for us and trending well in all 3 nameplates. So we're bullish in the business for the fall.

Alex，讓我補充一點，梅西百貨、布魯明戴爾百貨和 Bluemercury 都充滿力量和美麗。這就是商場內和商場外的數字化和實體化。香水對我們來說是一個重要的類別，並且在所有 3 個品牌中都表現良好。因此，我們看好秋季的業務。

The next question is coming from Lorraine Hutchinson of Bank of America.

下一個問題來自美國銀行的洛林·哈欽森。

I wanted to focus for a minute on your cost savings program. You have spoken about a $300 million to $350 million run rate of savings in fiscal '24, but it seems that you're outperforming that early. How much of these things are included in the 2023 guidance versus how much will be incremental in 2024?

我想重點談談你們的成本節約計劃。您曾談到 24 財年的儲蓄運行率為 3 億至 3.5 億美元，但您似乎早早就表現出色了。 2023 年指南中包含了哪些內容，而 2024 年將增加多少內容？

Thank you for your question. It's a good question, Lorraine. So as we referenced, the $200 million this year is a combination of both gross margin and SG&A expense. What we spoke to on the last call was that there is an annualized benefit of about $300 million to $350 million. Now the reality is that we're continuing to benefit from those opportunities and those initiatives this year. So we're pretty excited about what we're seeing here. The key thing I would say is that the initiatives are real.

謝謝你的問題。這是一個很好的問題，洛林。正如我們所提到的，今年的 2 億美元是毛利率和 SG&A 費用的組合。我們在上次電話會議中了解到，年化收益約為 3 億至 3.5 億美元。現在的現實是，我們今年將繼續受益於這些機會和舉措。所以我們對在這裡看到的東西感到非常興奮。我要說的關鍵是這些舉措是真實的。

And as an organization, we're continuing to lead into these expense opportunities. We have not given specifics on how this will materialize as we get into next year. We're still working through kind of how we think about our growth profile and margin profile for next year. But we'll definitely keep you posted and give you much greater clarity on those puts and takes as we get into 2024.

作為一個組織，我們將繼續抓住這些支出機會。我們尚未具體說明明年將如何實現這一目標。我們仍在研究如何看待明年的增長狀況和利潤狀況。但隨著 2024 年的到來，我們一定會隨時向您通報最新情況，並讓您更清楚地了解這些看跌期權和期權。

And then I just wanted to follow up on credit. It sounds like the second quarter numbers included pro rata recognition for the updated annual debt outlook. But it looks like you're guiding second half down to a similar decline. Can you talk about the dynamics of this revenue stream going forward?

然後我只想跟進信用。聽起來第二季度的數據包括按比例認可更新的年度債務前景。但看起來你正在引導下半年出現類似的下降。您能談談這一收入來源的未來動態嗎？

Yes, absolutely. So the leading indicator on bad bet write-offs are the delinquency rates. So we look at it at 30 days, 60 days, 90 days and 30-day increments all the way up to 180 days, which is when the write-off actually happens. So from our perspective, as we think about past purchases, and we see the level of delinquencies that has been increasing across all age band balances, we're actually projecting what we believe to be the bad debt levels given the trends that we see.

是的，一點沒錯。因此，不良賭注沖銷的主要指標是拖欠率。因此，我們以 30 天、60 天、90 天和 30 天為增量，一直到 180 天，這是實際發生沖銷的時間。因此，從我們的角度來看，當我們考慮過去的購買時，我們看到所有年齡段餘額的拖欠水平都在增加，我們實際上是根據我們看到的趨勢來預測我們認為的壞賬水平。

So given those leading indicators and what we see with other factors in and around the consumer that gives us a perspective and a greater level of confidence around what we believe our credit card revenues will be based on our bad debt levels.

因此，考慮到這些領先指標以及我們在消費者內部和周圍的其他因素所看到的情況，這給了我們一個視角和更大的信心，我們相信我們的信用卡收入將基於我們的壞賬水平。

Our last question for today will be coming from Jay Sole of UBS.

我們今天的最後一個問題將來自瑞銀集團的傑伊·索爾 (Jay Sole)。

Just 2 questions for me. One, on the delinquency rate that you cited for June, July. Was the delinquency rate higher in July than what you saw in June? Was June the peak and then it slowed in July? And then secondly, just on the small stores, can you just elaborate a little bit on the proof points that you're seeing that give you confidence to open up more small stores? And how many small stores you see the company opening up over the next, say, 6 to 12 to 18 months?

只需問我 2 個問題。一，關於您提到的六月、七月的拖欠率。 7 月的拖欠率是否比 6 月高？ 6月份是高峰，然後7月份放緩了嗎？其次，就小商店而言，您能否詳細說明一下您所看到的證據點，這些證據使您有信心開設更多小商店？您認為公司在接下來的 6 至 12 至 18 個月內將開設多少家小商店？

Thanks so much for your question. So on delinquencies, the thing to keep in mind is that we did plan for higher delinquencies this year. We have spoken a number of times over the last 18 months about the credit environment really normalizing. But this was the first time in the second quarter where we actually saw that our projections were more conservative than the actuals.

非常感謝你的提問。因此，在拖欠率方面，需要記住的是，我們今年確實計劃應對更高的拖欠率。過去 18 個月裡，我們多次談到信貸環境真正正常化。但這是第二季度我們第一次真正看到我們的預測比實際情況更為保守。

So what we've done with the acceleration, particularly that we saw in June and July that we've adjusted our trajectory per Lorraine's question that I spoke to a few moments ago. But effectively, what we've been doing is looking at that on a regular basis and making the appropriate adjustments for the trajectory of the return to a more normalized environment.

那麼我們在加速方面做了什麼，特別是我們在六月和七月看到的，我們根據我剛才談到的洛林的問題調整了我們的軌跡。但實際上，我們一直在做的是定期關注這一問題，並為回歸更加正常化的環境的軌跡做出適當的調整。

As we think about small format stores, there are kind of 3 key things that we think about. The first is the quality of the customer experience. And as we look at a number of factors, including the availability of product, the quality of the experience, the quality of service, all these different factors what we're seeing are very healthy numbers as we think about the performance of these stores and the quality of the experience for the customer.

當我們考慮小型商店時，我們會考慮 3 個關鍵因素。首先是客戶體驗的質量。當我們考慮許多因素時，包括產品的可用性、體驗的質量、服務的質量，當我們考慮這些商店的表現時，我們看到的所有這些不同的因素都是非常健康的數字，客戶體驗的質量。

The second thing that we look at is the financial trends of the business. And so for stores that are comped, we're seeing healthy year-over-year growth in this portfolio, and we're getting better. We see lots of opportunity around product, around how we engage customers in the local market. But even in spite of our learning experience, we continue to see growth in stores that are actually comping.

我們關注的第二件事是企業的財務趨勢。因此，對於獲得補償的商店，我們看到該投資組合逐年健康增長，而且我們正在變得更好。我們在產品以及如何吸引當地市場的客戶方面看到了很多機會。但即使我們有學習經驗，我們仍然看到實際競爭的商店在增長。

The third thing that we're excited about is the potential that's ahead. And so when we think about where customers are, where we can invest, we see a portfolio of healthy big box stores where we will continue to invest, complemented by a large number of small format stores. We do believe that there is an opportunity to accelerate over the next several months in the timeframe that you described, but we'll be able to share more specifics on that, hopefully in the coming months and quarters.

我們感到興奮的第三件事是未來的潛力。因此，當我們考慮客戶在哪裡、我們可以在哪裡投資時，我們會看到一系列健康的大型商店，我們將繼續投資這些商店，並輔之以大量小型商店。我們確實相信，在您所描述的時間範圍內，有機會在未來幾個月內加速，但我們將能夠分享更多細節，希望在未來幾個月和幾個季度內。

Yes. And, Jay, I would add that we're excited in the Macy's small format that we now have Polo and Levi's and Finish Line in Sunglass Hut and now Nike added to those stores. And as Adrian mentioned, looking very carefully at the traffic, conversion and a whole host of other metrics to make sure that we are seeing the proof points necessary to expand the portfolio of small doors.

是的。 Jay，我想補充一點，我們對 Macy's 的小型店感到很興奮，我們現在在 Sunglass Hut 裡有 Polo 和 Levi's 以及 Finish Line，現在 Nike 也加入了這些商店。正如阿德里安提到的，非常仔細地觀察流量、轉化率和一系列其他指標，以確保我們看到擴大小門產品組合所需的證據。

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

現在，我想將發言權交還給 Gennette 先生以供結束髮言。

So thanks, operator, and for all of you who's still on the call, I hope that you enjoy the last days of summer, and we look forward to updating you on our results on the third quarter on our November call. Thanks, everybody.

因此，感謝接線員以及仍在通話中的所有人，我希望您享受夏季的最後幾天，我們期待在 11 月的電話會議上向您通報我們第三季度的最新結果。謝謝大家。

Ladies and gentlemen, thank you for your participation and interest in Macy's. You may disconnect your lines or log off the webcast at this time, and enjoy the rest of your day.

女士們先生們，感謝您對梅西百貨的參與和關注。此時您可以斷開線路或註銷網絡廣播，然後享受剩下的一天。