梅西百貨 (M) 2024 Q1 法說會逐字稿

Greetings, and welcome to the Macy's, Inc. First Quarter 2024 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加梅西百貨公司 2024 年第一季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the call over to Pamela Quintiliano, Vice President of Investor Relations. Pamela, you may begin.

我現在想將電話轉給投資者關係副總裁 Pamela Quintiliano。帕梅拉，你可以開始了。

Thank you, operator. Good morning, everyone, and thanks for joining us. With me on the call today are Tony Spring, our Chairman and CEO; and Adrian Mitchell, our COO and CFO. Along with our first quarter 2024 press release, a presentation has been posted on the Investors section of our website, macysinc.com, and is being displayed live during today's webcast.

謝謝你，接線生。大家早安，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執行長 Tony Spring；以及我們的營運長兼財務長阿德里安·米切爾 (Adrian Mitchell)。除了 2024 年第一季新聞稿外，我們網站 Macysinc.com 的投資者部分還發布了演示文稿，並在今天的網路廣播中現場展示。

Unless otherwise noted, the comparisons we provide will be versus 2023. All references to our prior expectations, outlook or guidance refer to information provided on our February 27 earnings call, unless otherwise noted. In addition, all references to comp sales growth throughout today's prepared remarks represent comparable owned plus licensed plus marketplace sales growth and owned plus licensed sales growth for our store locations, unless otherwise noted.

除非另有說明，我們提供的比較將與 2023 年進行比較。此外，除非另有說明，今天準備的發言中所有提及的比較銷售增長均代表我們商店位置的可比自有加許可加市場銷售增長以及自有加許可銷售增長。

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。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 on the Investors section of our website.

在討論我們的營運結果時，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指標的更多資訊。

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路直播。本次電話會議結束後約 2 小時將提供重播。

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

有了這個，我會把它交給東尼。

Thanks, Pam, and good morning, everyone. On today's call, we will provide updates on our Bold New Chapter strategy as well as our first quarter results and second quarter and full year outlook.

謝謝，帕姆，大家早安。在今天的電話會議上，我們將提供有關「大膽新篇章」策略以及第一季業績以及第二季和全年展望的最新資訊。

But first, let's discuss the current macro climate. Our customers across all 3 nameplates continue to benefit from strong wage and job growth. However, inflationary pressures persist, and they're feeling that pinch. The outlook provided on our fourth quarter earnings call as well as today's update assumes our customers will continue to carefully scrutinize their discretionary purchases.

但首先，讓我們先討論一下當前的宏觀氣候。我們所有三個品牌的客戶繼續受益於強勁的工資和就業成長。然而，通膨壓力依然存在，他們也感受到了壓力。我們第四季財報電話會議以及今天的更新中提供的前景假設我們的客戶將繼續仔細審查他們的酌情購買。

We are reading and reacting to the dynamic economic environment and competitive promotional landscape in real time. Regardless of income tier, we know our customer responds to fashion newness at compelling price points in an engaging environment. We continue to evaluate inventory depth and composition to ensure we strike the right balance.

我們正在即時解讀動態的經濟環境和競爭性的促銷環境並做出反應。無論收入水平如何，我們都知道我們的客戶會在引人入勝的環境中以極具吸引力的價格點對時尚新穎做出反應。我們繼續評估庫存深度和組成，以確保我們取得適當的平衡。

Despite the ongoing pressure on the consumer, we are confident in our ability to return to profitable growth as we execute on the pillars of our bolder chapter strategy, which are: one, to strengthen the Macy's nameplate; two, to accelerate luxury growth; and three, to simplify and modernize end-to-end operations. This morning, we are pleased to report that although early days, we are on or ahead of plan across all 3 pillars, and that our first quarter EPS results exceeded our outlook.

儘管消費者面臨持續的壓力，但我們對恢復獲利成長的能力充滿信心，因為我們執行了更大膽的章節策略的支柱，這些策略是：第一，加強梅西百貨的品牌；二、加速奢侈品成長；第三，簡化和現代化端到端運作。今天早上，我們很高興地報告說，儘管還為時過早，但我們在所有三個支柱上都按計劃或提前完成了計劃，而且我們第一季的每股收益結果超出了我們的預期。

Now a brief update on our Bold New Chapter progress. At our largest nameplate, Macy's, the customer is responding well to our omnichannel initiatives across product, presentation and experience. In luxury, we are pleased with Bloomingdale's advanced contemporary growth and acceleration of digital; while at Bluemercury, skincare remains a differentiator and a standout. For both nameplates, we are evaluating new store opportunities that will strengthen our ability to accelerate omni growth.

現在簡要更新我們的大膽新章節的進展。在我們最大的品牌梅西百貨，客戶對我們在產品、展示和體驗方面的全通路計劃反應良好。在奢侈品領域，我們對布魯明戴爾先進的當代發展和數位化加速感到滿意；而在 Bluemercury，保養品仍然是一個與眾不同且脫穎而出的產品。對於這兩個品牌，我們正在評估新店機會，這將增強我們加速全方位成長的能力。

In end-to-end operations, we are actively advancing on solutions to consolidate capacity, increase automation and reduce costs across the network. And for our non-go-forward Macy's locations and distribution centers, given our strong balance sheet, we are able to be thoughtful and strategic with our approach to monetization. We have good traction thus far and are encouraged by the pace of dealmaking.

在端到端營運中，我們正在積極推進解決方案，以整合容量、提高自動化程度並降低整個網路的成本。對於我們的非前瞻性梅西百貨地點和配送中心，鑑於我們強大的資產負債表，我們能夠對我們的貨幣化方法進行深思熟慮和戰略性的考慮。到目前為止，我們擁有良好的吸引力，並對交易的步伐感到鼓舞。

The entire Macy's Inc. organization is focused on understanding and meeting the evolving needs and preferences of our customers. They are committed to our future and making sure our Bold New Chapter is a success. The level of enthusiasm and engagement is palpable, and every single function is working together to get a better result.

整個梅西百貨公司組織都致力於了解和滿足客戶不斷變化的需求和偏好。他們致力於我們的未來，並確保我們大膽的新篇章取得成功。熱情和參與度是顯而易見的，每個職能部門都在共同努力以獲得更好的結果。

I'm pleased to report that the first quarter net sales of $4.8 billion were near the high end of our outlook, and adjusted EPS of $0.27 was above our outlook. By nameplate, Macy's was in line with our expectations. Comps were down 0.4% and were led by our First 50 locations, which registered a 3.4% comp gain. The First 50 served as pilots to test new ideas that are based on customer feedback. Results are encouraging, as they are an early indicator for the go-forward Macy's fleet and ultimately, the entire Macy's Inc. go-forward business's ability to return to growth.

我很高興地報告，第一季淨銷售額 48 億美元接近我們預期的上限，調整後每股收益 0.27 美元高於我們的預期。從銘牌上看，梅西百貨符合我們的預期。比較下降了 0.4%，其中我們的前 50 個地點領先，該地區的比較增加了 3.4%。前 50 名作為試點測試基於客戶回饋的新想法。結果令人鼓舞，因為它們是梅西百貨車隊前進的早期指標，並最終表明整個梅西百貨公司前進業務恢復成長的能力。

The First 50 represent what we can do when we deliver on our customers' expectations. During the first quarter, we enhanced merchandising through elevated product rollouts. Full price and planned promotional sell-throughs of new and expanded assortments has been strong. Importantly, our vendor partners are embracing our journey. They are joining with us and helping us raise the bar in both the quality and the differentiation of our assortments, and we truly appreciate their commitment and support.

前 50 名代表了我們在滿足客戶期望時可以做的事情。在第一季度，我們透過增加產品推出來加強銷售。新品種和擴展品種的全價和計劃促銷銷售一直很強勁。重要的是，我們的供應商合作夥伴正在接受我們的旅程。他們加入我們，幫助我們提高產品種類的品質和差異化標準，我們衷心感謝他們的承諾和支持。

During the quarter, we also piloted new marketing and animation, bringing retailer's theater to life. Activations included personal styling sessions, fashion shows, beauty services such as fragrance bottle engraving and craft stations. Our customers were engaged and these events serve as strong traffic and sales drivers.

在本季度，我們還試點了新的行銷和動畫，讓零售商的劇院煥發活力。活動包括個人造型課程、時裝秀、香水瓶雕刻和工藝站等美容服務。我們的客戶參與其中，這些活動成為強大的流量和銷售驅動力。

Rounding out our First 50 conversation, during the quarter, we shifted store staffing to key merchandise departments and to the checkout area and added visual merchandise staffing. These changes were well received by our customers. Net Promoter Scores improved roughly 500 basis points year-over-year and were over 250 basis points above all other Macy's stores.

為了結束我們的前 50 名對話，在本季度，我們將商店人員配置轉移到關鍵商品部門和結帳區域，並增加了視覺商品人員配置。這些變化受到了我們的客戶的好評。淨推薦值年增約 500 個基點，比所有其他梅西百貨商店高出 250 個基點以上。

Improvements are not limited to our First 50. Across the entire Macy's nameplate, we are offering product newness in our most important categories. Within apparel, we introduced and expanded distribution in several market brands to address areas of opportunity where we have experienced softness in both women's and men's assortments. Customers are responding well to Donna Karan, which is a new brand for us, where we're seeing no price resistance. We also expanded distribution in content of Free People, French Connection, Karl Lagerfeld and Hugo Boss, just to name a few. Positive customer response to fashion newness was partially offset by weakness in select warmer weather categories.

改進不僅限於我們的前 50 款產品。在服裝領域，我們引入並擴大了多個市場品牌的分銷，以抓住我們在女裝和男裝品種方面都經歷過疲軟的機會領域。客戶對唐娜·卡蘭 (Donna Karan) 反應良好，這對我們來說是一個新品牌，我們沒有看到價格阻力。我們也擴大了《Free People》、《French Connection》、Karl Lagerfeld 和 Hugo Boss 等內容的發行範圍。消費者對時尚新品的正面反應被部分溫暖天氣類別的疲軟所抵消。

Our private brand apparel initiative is moving forward as planned. We have completed the majority of our brand exits and reimagined and launched several new ones. During the quarter, I.N.C. and Style & Co, which have led the initiative, continued to outperform the Macy's women apparel segment. This summer, we are refreshing our kids brands, Epic Threads and First Impressions. And later this year, we'll introduce a new men's contemporary private brand, which will be the last launch of this phase.

我們的自有品牌服裝計劃正在按計劃推進。我們已經完成了大部分品牌的退出，並重新構想並推出了幾個新品牌。本季度，I.N.C.主導該計劃的 Style & Co 的表現繼續優於梅西百貨女裝部門。今年夏天，我們更新了兒童品牌 Epic Threads 和 First Impressions。今年晚些時候，我們將推出一個新的當代男士自有品牌，這將是本階段的最後一個推出。

In the near term, as this transition continues, we expect private brand sales volumes to remain depressed relative to historic levels and to realize improvements beginning later in the year. As a reminder, in fiscal 2023, private brands represented about 15% of Macy's sales, reflecting the exit of several heritage women's brands.

短期內，隨著這種轉變的持續，我們預計自有品牌銷售相對於歷史水準將繼續低迷，並在今年稍後開始實現改善。需要提醒的是，2023 財年，自有品牌約佔梅西百貨銷售額的 15%，反映出多個傳統女裝品牌的退出。

Beyond apparel, accessories was better than expectations, with strengths in women's shoes and fine jewelry, offset by ongoing weakness in handbags. Beauty continued to be a standout and key traffic driver, driven primarily by fragrances, our selection of brands, including Chanel, Dior, YSL, Carolina Herrera and Valentino, as well as our strong presentation online and in stores keeps our customers engaged.

除服裝外，配件的表現也好於預期，女鞋和高級珠寶的表現強勁，但被手袋的持續疲軟所抵消。美妝仍然是一個突出的關鍵流量驅動因素，主要由香水推動，我們選擇的品牌包括香奈兒、迪奧、YSL、卡羅萊納·海萊拉和華萊士天奴，以及我們在網上和商店的強大展示，讓我們的客戶保持參與。

In Big Ticket and Home, the overall business remains challenged, although we've seen some recent traction in certain categories. We believe there is an opportunity to recover lost sales. The team is actively working on the market brand matrix, and we plan to begin a complete refresh of our Home private brands in fiscal 2025.

在大票和家庭業務中，儘管我們最近在某些類別中看到了一些吸引力，但整體業務仍然面臨挑戰。我們相信有機會挽回銷售損失。該團隊正在積極致力於市場品牌矩陣，我們計劃在 2025 財年開始對我們的 Home 自有品牌進行全面更新。

Digital is also an important part of our Bold New Chapter strategy. It serves as both a gateway to the Macy's brand and is a source of commerce and omni engagement. Under new leadership, the team is making progress on optimizing the customer journey, including addressing places of greatest friction and enhancing and expanding the shopping experience across platforms.

數位化也是我們大膽新篇章策略的重要組成部分。它既是通往梅西百貨品牌的門戶，也是商業和全方位參與的來源。在新的領導下，團隊在優化客戶旅程方面取得了進展，包括解決摩擦最大的地方以及增強和擴展跨平台的購物體驗。

Recently, we launched an online baby registry with over 150 new brands, which has been well received. In addition, Marketplace provides an opportunity to serve our customer better and gain a greater share of their wallet. For example, this year, we're offering a compelling selection of electronics for Father's Day and the graduation season.

最近，我們推出了線上嬰兒登記系統，其中包含超過150個新品牌，受到了好評。此外，Marketplace 還提供了更好地服務客戶並獲得更大份額的機會。例如，今年，我們為父親節和畢業季提供一系列引人注目的電子產品。

Our digital and marketing teams are working together closely to leverage Macy's iconic events and create a modern and cohesive experience. We kicked off the spring season in Herald Square with our 49th Annual Flower Show, where we partnered with Christian Dior perfumes to create floral installations using 16,000 individual plants, representing over 50 varieties. The installation centered around different Dior scents and were supported by interactive components, including an online activation about the origins of Miss Dior. We are excited for our newest marketing campaign, the greatest hits of summer, which represents the beginning of a modern interpretation of the Macy's brand, and is the first under our new Head of Marketing.

我們的數位和行銷團隊密切合作，利用梅西百貨的標誌性活動，創造現代且有凝聚力的體驗。我們在先驅廣場舉辦的第 49 屆年度花卉展拉開了春季的序幕，我們與 Christian Dior 香水合作，使用代表 50 多個品種的 16,000 株植物創作花卉裝置。該裝置以不同的迪奧香水為中心，並得到互動組件的支持，包括關於迪奧小姐起源的線上活化。我們對最新的行銷活動感到興奮，這是夏季最熱門的行銷活動，它代表了梅西百貨品牌現代詮釋的開始，也是我們新行銷主管領導下的第一個行銷活動。

Finally, during the quarter, we opened a 31,000 square foot small format Macy's in Mount Laurel, New Jersey. With each new opening, we continue to learn and adjust. We remain on track to introduce 11 more this year, bringing the total to 24 by year-end.

最後，在本季度，我們在新澤西州勞雷爾山開設了一家 31,000 平方英尺的小型梅西百貨。隨著每一個新的職缺，我們都會不斷學習和調整。我們預計今年將再推出 11 個，到年底總數將達到 24 個。

Turning to luxury. Bloomingdale's and Bluemercury continue to be bright spots within our portfolio. Both foster brand love and loyalty through the unique customer experiences and curated selection of market and private brands across price points. At Bloomingdale's, first quarter results were in line with our expectations. While our customer is not immune to macro pressures and has become more judicious with their spend, the power of Bloomingdale's position in the upscale market is its diversification across categories and price points. It has the flexibility and the tools to quickly adjust to the market, allowing it to gain wallet share even as there are shifts in popular categories and brands.

轉向奢華。 Bloomingdale's 和 Bluemercury 仍然是我們產品組合中的亮點。兩者都透過獨特的客戶體驗以及跨價位的市場和自有品牌的精心選擇來培養品牌喜愛度和忠誠度。布魯明代爾第一季的業績符合我們的預期。雖然我們的客戶無法免受宏觀壓力的影響，並且在消費方面變得更加明智，但布魯明代爾在高檔市場中的地位的強大之處在於其在品類和價格點上的多元化。它具有快速適應市場的靈活性和工具，即使在流行類別和品牌變化的情況下也能獲得錢包份額。

During the quarter, Bloomingdale's top 2 household income brackets and loyalty tiers increased their total spend. Contemporary apparel, including brands like [Lejons] and Mother and (inaudible), just to name a few, continued to be well received. Along with the beauty category, they serve as powerful engines for growth.

本季度，布魯明代爾的前 2 個家庭收入等級和忠誠度等級的總支出有所增加。當代服裝，包括 [Lejons] 和 Mother and（聽不清楚）等品牌，繼續受到好評。它們與美容品類一起成為強大的成長引擎。

And our private brands at Bloomingdale's are a complement to our contemporary matrix. During the quarter, AQUA registered a double-digit year-over-year increase in its ready-to-wear sales, benefiting from the quiet luxury-inspired collaboration with celebrity stylist, Liat Baruch.

我們布魯明代爾百貨公司的自有品牌是我們當代矩陣的補充。本季度，得益於與名人造型師 Liat Baruch 低調奢華的合作，AQUA 成衣銷售額同比實現兩位數增長。

Looking ahead, we have several exciting upcoming collaborations on the horizon. We remain committed to growing the Bloomingdale's physical footprint and associated digital presence, and are on track to open roughly 15 new Bloomie's and Bloomingdale's the Outlet locations through fiscal '26, including 3 later this year. Comps at both concepts are continuing to outperform the broader fleet, giving us confidence in our expansion strategy.

展望未來，我們即將開展幾項令人興奮的合作。我們仍致力於擴大 Bloomingdale 的實體足跡和相關數位業務，並預計在 26 財年開設約 15 家新的 Bloomie's 和 Bloomingdale's the Outlet 門市，其中包括今年稍後的 3 家。這兩個概念的比較繼續優於更廣泛的機隊，讓我們對我們的擴張策略充滿信心。

Digital continues to be a strength and great expression of the Bloomingdale's brand. We have a highly engaged customer who appreciates the depth and breadth of our offering across price points. This has been complemented by Marketplace, which enriches our assortment and content, helps us gain wallet share amongst loyal customers and introduce new customers to Bloomingdale's.

數位化仍然是布魯明戴爾品牌的優勢和出色體現。我們擁有高度參與的客戶，他們欣賞我們跨價位產品的深度和廣度。 Marketplace 對此進行了補充，豐富了我們的品種和內容，幫助我們在忠實客戶中贏得錢包份額，並向 Bloomingdale's 介紹新客戶。

At Bluemercury, we experienced our 13th consecutive quarter of comp growth, driven by continued strength in skin care and the expansion of key brand partners, including Sisley Paris, SkinCeuticals and Augustinus Bader. Our plans to open at least 30 new locations and remodel about 30 others are underway, with 1 new location and 3 remodels slated for the second quarter. These stores will incorporate learnings from our recent Bronxville and New Caney remodels to inform our future stores, including an elevated aesthetic, which improves the luxury perception of Bluemercury and expanded assortment and an enhanced selling model, which has had a positive impact on the client experience.

在 Bluemercury，我們經歷了連續 13 個季度的業績成長，這得益於護膚品領域的持續強勁以及主要品牌合作夥伴（包括 Sisley Paris、SkinCeuticals 和 Augustinus Bader）的擴張。我們計劃開設至少 30 家新店並改造約 30 家，其中 1 家新店和 3 家改造計畫將於第二季進行。這些商店將吸收我們最近布朗克斯維爾和新卡尼改造的經驗教訓，為我們未來的商店提供信息，包括提升美感，改善Bluemercury 的奢華感，擴大品種和增強銷售模式，這對客戶體驗產生積極影響。

Overall, we continue to view fiscal 2024 as a transition and investment year for Macy's, Inc. Although early stages, we are proud of the progress we are making on our Bold New Chapter strategy. Our teams are collaborating to make quick and strategic decisions, and we're making investments to create an improved experience that will better serve our customer and sets the foundation for our future.

總體而言，我們繼續將 2024 財年視為梅西百貨公司的轉型和投資年。我們的團隊正在合作做出快速的策略決策，我們正在進行投資以創造更好的體驗，以更好地服務我們的客戶並為我們的未來奠定基礎。

With that, I'll hand it over to Adrian to provide more detail on our recent performance and our outlook.

接下來，我將把它交給阿德里安，以提供有關我們最近的表現和前景的更多詳細資訊。

Thank you, Tony, and good morning, everyone. Let me start by thanking our teams for their support of our Bold New Chapter strategy. As I've been out in the field visiting our stores and distribution centers, I've been impressed with the dedication and commitment to our customers.

謝謝你，托尼，大家早安。首先，我要感謝我們的團隊對「大膽新篇章」策略的支持。當我到現場參觀我們的商店和配送中心時，我們對客戶的奉獻和承諾給我留下了深刻的印象。

As Tony mentioned, we're encouraged by early progress across all 3 pillars of our strategy and the positive impact our investments are having on the go-forward Macy's, Inc. enterprise and our largest nameplate, Macy's. Total Macy's Inc. enterprise comps were down 0.3% year-over-year and net sales were $4.8 billion, down 2.7% from last year and near the high end of our outlook. For the go-forward Macy's Inc. business, defined as Macy's, Bloomingdale's and Bluemercury go-forward locations plus digital, comps rose 0.1% year-over-year.

正如托尼所提到的，我們對我們策略的所有三大支柱的早期進展以及我們的投資對不斷前進的梅西百貨公司企業和我們最大的品牌梅西百貨產生的積極影響感到鼓舞。梅西百貨 (Macy's Inc.) 企業綜合銷售額年減 0.3%，淨銷售額為 48 億美元，比去年下降 2.7%，接近我們預期的上限。對於梅西百貨 (Macy's Inc.) 的前瞻性業務，即梅西百貨 (Macy's)、布魯明代爾百貨 (Bloomingdale's) 和 Bluemercury 的前瞻性門市以及數位業務，其綜合業績同比增長 0.1%。

We are pleased with the emerging trends. We view our First 50 locations, go-forward Macy's nameplate and go-forward Macy's Inc. business as evidence that our Bold New Chapter investments are working, and they are what we are tracking most closely as predictors of our ability to return to profitable growth.

我們對新興趨勢感到滿意。我們將前50 個地點、前進的梅西百貨銘牌和前進的梅西百貨公司業務視為我們大膽新篇章投資正在發揮作用的證據，並且它們是我們最密切跟踪的，作為我們恢復盈利增長能力的預測指標。

At the Macy's nameplate, comps were down 0.4% and net sales were down 3.3%, while go-forward business comps were flat to last year. Our First 50, which we view as the leading indicator of go-forward store growth, achieved a positive 3.4% comp. To size that business, these locations represented about 15% of the Macy's Inc. go-forward enterprise and close to 20% of the Macy's nameplate go-forward sales last year.

梅西百貨的銷售額下降了 0.4%，淨銷售額下降了 3.3%，而未來業務銷售額與去年持平。我們將前 50 家商店視為未來商店成長的領先指標，其年成長率為 3.4%。就業務規模而言，這些地點約佔梅西百貨公司去年業務的 15%，佔梅西百貨去年銷售額的近 20%。

The First 50 comp results compared to a negative 1.3% in the remaining go-forward locations, which have not yet received growth investments, a positive 0.1% for all go-forward locations and a negative 4.5% for all non-go-forward locations. At our luxury nameplates, Bloomingdale's comps were up 0.3% and net sales were up 0.5%, and Bluemercury comps were up 4.3% and net sales rose 4%.

前 50 家公司的表現相比，其餘尚未獲得成長投資的前進地點的表現為負 1.3%，所有前進地點的表現為正 0.1%，所有非前進地點的表現為負 4.5% 。在我們的奢侈品牌中，Bloomingdale 的比較成長了 0.3%，淨銷售額成長了 0.5%，Bluemercury 的比較成長了 4.3%，淨銷售額成長了 4%。

Turning to the rest of the P&L. Other revenues were $154 million, down 19.4% from the prior year. Net credit card revenues declined $45 million or 27.8% from the prior year to $117 million. Delinquency rates and net credit losses were both higher than last year, but in line with our expectations. Macy's Media Network revenue rose 27.6% to $37 million, as the team continued to increase vendor engagement.

轉向損益表的其餘部分。其他收入為 1.54 億美元，比上年下降 19.4%。信用卡淨收入較前一年下降 4,500 萬美元，或 27.8%，至 1.17 億美元。拖欠率和淨信用損失均高於去年，但符合我們的預期。隨著團隊不斷提高供應商參與度，梅西百貨媒體網路營收成長 27.6%，達到 3,700 萬美元。

Gross margin rate declined 80 basis points to 39.2%. The decline was steeper than our outlook, primarily reflecting additional discounting for slower-moving warm weather products. We recognize that our customer is searching for newness at the right value, and we're responding appropriately to ensure we deliver on both. Discounting pressure was partially offset by better delivery expense, which improved 20 basis points as a percent of sales. End of quarter inventories were up 1.7% year-over-year. Entering the second quarter, we are delivering fresh goods and are well positioned for the summer season.

毛利率下降80個基點至39.2%。降幅比我們的預期更大，主要反映了銷售較慢的溫暖天氣產品的額外折扣。我們認識到，我們的客戶正在尋找具有正確價值的新鮮事物，我們正在做出適當的反應，以確保我們能夠實現這兩點。折扣壓力被更好的配送費用所部分抵消，配送費用佔銷售額的百分比提高了 20 個基點。季末庫存年增 1.7%。進入第二季度，我們正在交付生鮮商品，並為夏季做好了準備。

Next, SG&A expense was $1.9 billion, down 2% from the prior year and better than our expectations, reflecting our continued cost discipline. As a percent of total revenue, SG&A was 38.2%, 50 basis points higher than last year due to the decline in total revenue. Adjusted diluted EPS was $0.27. This compares to our previously provided outlook of $0.10 to $0.16 and $0.56 in the prior year.

接下來，SG&A 費用為 19 億美元，比前一年下降 2%，優於我們的預期，反映了我們持續的成本控制。由於總收入下降，SG&A 佔總收入的百分比為 38.2%，比去年高出 50 個基點。調整後攤薄每股收益為 0.27 美元。相比之下，我們之前提供的上一年展望為 0.10 至 0.16 美元和 0.56 美元。

Turning to cash and capital allocation. For the quarter, cash generated from operating activities was $129 million, while capital expenditures totaled $229 million. Free cash flow was an outflow of $96 million, a year-over-year improvement of $70 million. And we paid $48 million in cash dividends. We will continue to deploy capital prudently to ensure financial flexibility and a healthy balance sheet that supports our longer-term growth aspirations.

轉向現金和資本配置。本季經營活動產生的現金為 1.29 億美元，資本支出總額為 2.29 億美元。自由現金流流出 9,600 萬美元，年增 7,000 萬美元。我們支付了 4800 萬美元的現金股利。我們將繼續審慎地部署資本，以確保財務靈活性和健康的資產負債表，以支持我們的長期成長願望。

With that, let's discuss how we are approaching the remainder of 2024. We are raising our annual EPS outlook and narrowing our sales range to reflect a portion of our first quarter earnings beat. While we are encouraged by recent results and early traction of our Bold New Chapter strategy, we're also cognizant of the dynamic macro environments we are operating in. With continued pressure on the consumer and the majority of the year ahead, our second quarter and full year outlook provides flexibility to respond to the competitive landscape and the promotional environment.

接下來，讓我們討論一下我們如何應對 2024 年剩餘時間。雖然我們對最近的業績和「大膽新篇章」策略的早期吸引力感到鼓舞，但我們也認識到我們所處的動態宏觀環境。第二季和全年展望提供了應對競爭格局和促銷環境的靈活性。

For the year, we now expect Macy's Inc. comps, inclusive of non-go-forward locations and digital, to be down approximately 1% to up approximately 1.5%, with both Macy's nameplate go-forward locations in digital and our luxury nameplates to be roughly flat to up 2.5%. Net sales of approximately $22.3 billion to $22.9 billion. Total revenues of $23 billion to $23.6 billion. This includes other revenue of approximately $665 million to $680 million. Credit card revenues of approximately $490 million to $505 million, which is above our prior forecast due to better-than-expected profit share, resulting from higher balances within the portfolio. We continue to exclude any potential impact for the late fee ruling.

今年，我們預計梅西百貨(Macy's Inc.) 的綜合業績（包括非前進門市和數位門市）將下降約1% 至成長約1.5%，其中梅西百貨(Macy's) 的數位前進門市和我們的豪華品牌門市均將成長約1.5%。淨銷售額約223億美元至229億美元。總收入為 230 億美元至 236 億美元。其中包括約 6.65 億至 6.8 億美元的其他收入。信用卡收入約為 4.9 億至 5.05 億美元，高於我們先前的預測，因為投資組合內餘額增加導致利潤份額好於預期。我們繼續排除滯納金裁決的任何潛在影響。

We also expect gross margin rate as a percent of net sales to be 39% to 39.3%, benefiting from ongoing inventory controls, higher full price sell-throughs and private brand expansion, partially offset by elevated discounting of warmer weather spring product and targeted promotions to address a value-conscious consumer. SG&A rate of 36.3% to 36.4% of total revenue as we continued to effectively manage expenses to properly support our new strategy and the associated areas of opportunity. And full year adjusted EBITDA as a percent of total revenue of 8.7% to 9%.

我們也預期毛利率佔淨銷售額的百分比將為39% 至39.3%，受益於持續的庫存控制、更高的全價銷售量和自有品牌擴張，但部分被溫暖的春季產品折扣增加和有針對性的促銷所抵銷以滿足注重價值的消費者的需求。由於我們繼續有效管理開支以適當支持我們的新策略和相關機會領域，SG&A 佔總收入的 36.3% 至 36.4%。全年調整後 EBITDA 佔總營收的比例為 8.7% 至 9%。

There is no change to our capital spend, asset sale proceeds or asset sale gains assumptions for the year. After interest and taxes, we expect adjusted diluted EPS of $2.55 to $2.90, which does not assume any share repurchases. For the second quarter, we expect net sales of $4.97 billion to $5.1 billion; total revenues of $5.1 billion to $5.25 billion, with other revenue at about $155 million. Credit card revenues are expected to be flat with last year's $120 million. As a reminder, 2023 results included the pro rata adjustment for the midyear increase in our annual net credit loss outlook due to the normalizing credit environment.

我們本年度的資本支出、資產出售收益或資產出售收益假設沒有變動。扣除利息和稅項後，我們預計調整後的攤薄每股收益為 2.55 美元至 2.90 美元，其中不考慮任何股票回購。我們預計第二季淨銷售額為 49.7 億美元至 51 億美元；總收入為 51 億至 52.5 億美元，其他收入約為 1.55 億美元。信用卡收入預計將與去年的 1.2 億美元持平。需要提醒的是，由於信貸環境正常化，2023 年業績包括對我們年度淨信貸損失前景的年中增長進行了按比例調整。

Gross margin rate to be at least 170 basis points better than last year, reflecting the lapping of heightened clearance markdowns on excess seasonal goods, quarter-to-date discounting of the remaining spring assortments and the planned liquidation of select men's private brands as part of our broader reimagination strategy. Adjusted EPS of $0.25 to $0.33 and end-of-quarter inventories to be up low single digits to last year, as we reinvest in private brands and conduct additional national brand tests in our First 50 and go-forward locations.

毛利率比去年高出至少 170 個基點，反映出過剩季節性商品的清倉降價力度加大、剩餘春季產品的季度至今折扣以及計劃清算精選男士自有品牌的計劃我們更廣泛的重新構想戰略。調整後每股收益為0.25 美元至0.33 美元，季度末庫存比去年增長了較低的個位數，因為我們對自有品牌進行了再投資，並在前50 家和未來的地點進行了額外的全國品牌測驗。

To wrap up, we are encouraged by the momentum in our Bold New Chapter strategy and our future growth prospects. Despite ongoing macro pressures on our consumer, we remain committed to our previously stated fiscal 2025 financial targets and are excited to return Macy's, Inc. to profitable growth.

最後，我們對「大膽新篇章」策略的動能和未來的成長前景感到鼓舞。儘管我們的消費者面臨持續的宏觀壓力，但我們仍然致力於實現先前製定的 2025 財年財務目標，並很高興梅西百貨公司恢復獲利成長。

I'll now hand it back over to Tony.

我現在把它還給托尼。

Thank you, Adrian. A Bold New Chapter sets us firmly on a path to change our trajectory. Although early days, our investments are gaining traction and reinforce our belief that Macy's Inc. can return to sustainable profitable growth, accelerate free cash flow generation and unlock shareholder value. Our focus on serving the customer is unwavering. We are confident that we have the right team and strategy in place to achieve our goals, and look forward to updating you on our progress.

謝謝你，阿德里安。大膽的新篇章讓我們堅定地走上改變軌跡的道路。雖然還處於早期階段，但我們的投資正在獲得吸引力，並增強了我們的信念，即梅西百貨公司能夠恢復可持續的盈利增長、加速自由現金流的產生並釋放股東價值。我們對服務客戶的關注堅定不移。我們相信我們擁有合適的團隊和策略來實現我們的目標，並期待向您通報我們的最新進展。

With that, operator, we are ready for questions.

接線員，我們已經準備好回答問題了。

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

（操作員指示） 今天的第一個問題來自摩根大通的Matthew Boss。

Congrats on the progress. Tony, could you elaborate on the key initiatives, which you saw drive the 3% to 4% comp in the First 50 doors, maybe what you're seeing between traffic and AUR in these stores? And how quickly could you scale this playbook?

祝賀取得的進展。東尼，您能否詳細說明一下關鍵舉措，您認為這些舉措推動了前 50 家門市的 3% 到 4% 的競爭，也許您在這些商店的流量和 AUR 之間看到了什麼？您能以多快的速度擴展此劇本？

And then Adrian, just maybe drivers on second quarter gross margin expansion? And any change in your back half merchandise margin expectations?

然後阿德里安，也許是第二季毛利率擴張的推動者？您的後半部商品利潤率預期有什麼改變嗎？

Thanks, Matt. Appreciate the question. Look, we're excited by the early innings of First 50. It's a combination of the things that we have talked about in people, product, presentation and experience.

謝謝，馬特。感謝這個問題。看，我們對 First 50 的前幾局感到興奮。

People, it's having the right people in place at the right time. It sounds easy, but using technology and the data we have on traffic and conversion by day, by hour, making sure that we have people in the shoe department, people in the ready-wear fitting rooms, people in the big ticket area and fine jewelry. But the team is all over it, and I think doing a great job in leaning into the opportunities to increase the quality of the experience in our stores. That's why we saw a 500 basis point improvement in Net Promoter Scores in the First 50 stores.

人，就是在對的時間讓對的人到位。這聽起來很簡單，但利用技術和我們掌握的按天、按小時的流量和轉換數據，確保我們有鞋履部門的人員、成衣試衣間的人員、大票區的人員以及其他人員珠寶。但團隊全力以赴，我認為在抓住機會提高我們商店的體驗品質方面做得很好。這就是為什麼我們看到前 50 家商店的淨推薦值提高了 500 個基點。

It's the product, the team feeling the obligation to meet the needs of the customer. And whether that's the rollout of new brands like Donna Karan or the expansion of brands like French Connection and Free People and Karl Lagerfeld and Hugo Boss, we need more variety. We need less redundancy. We need more interest within the assortment, and I think that's making a difference in the customers' reception to the stores.

這是產品，是團隊覺得有義務滿足客戶的需求。無論是唐娜·卡蘭 (Donna Karan) 等新品牌的推出，還是 French Connection、Free People、Karl Lagerfeld 和 Hugo Boss 等品牌的擴張，我們都需要更多的多樣性。我們需要更少的冗餘。我們需要對產品種類產生更多興趣，我認為這會改變顧客對商店的歡迎程度。

The experience, it's adding animation and events into the stores, and it's also making sure from a presentation standpoint, we look crisp, we look compelling. That's the partnership with the brands to make sure that the impact is in each of the categories of business.

體驗，它在商店中添加動畫和活動，並且從演示的角度來看，它還確保我們看起來清晰，我們看起來引人注目。這是與品牌的合作關係，以確保每個業務類別都能產生影響力。

And again, I would add that we're in the early innings. So we're going to study this. Capital is something that we care a lot about, capital allocation. We're going to be very discerning in terms of what we decide to do and where. But I feel good, and I think opportunities exist to expand this as the year progresses as soon as we see another quarter or more consistency amongst the stores and the overall results.

我想再次補充一點，我們正處於早期階段。所以我們要研究這個。資本是我們非常關心的東西，資本配置。我們對於決定做什麼和在哪裡做將會非常有洞察力。但我感覺很好，而且我認為，隨著時間的推移，一旦我們看到商店和整體業績之間出現另一個季度或更多的一致性，就有機會擴大這一範圍。

Traffic is good. The AUR is up about 4%. So conversion, I think, is reflective of the discerning customer who feels under pressure and is going to wait to buy the things that they love. So we accept the challenge and we'll respond to it appropriately.

交通狀況良好。 AUR 上漲約 4%。因此，我認為，轉換反映了那些有眼光的客戶，他們感到壓力很大，願意等待購買他們喜歡的東西。因此，我們接受挑戰，並將做出適當的回應。

Thank you for your question on gross margin. Let me set a little bit of context as we think about the second quarter gross margin because I think what we observed and how we navigated the first quarter is pretty important. As you look at our first quarter results, we're very much pleased with how we navigated the first quarter. And as you saw, we delivered earnings that exceeded our outlook.

感謝您提出有關毛利率的問題。當我們思考第二季毛利率時，讓我先介紹一下背景，因為我認為我們觀察到的情況以及我們如何應對第一季的情況非常重要。當您查看我們第一季的業績時，我們對第一季的表現非常滿意。正如您所看到的，我們的利潤超出了我們的預期。

Now the key thing, as Tony pointed out, is that we're very much focused on delivering on our customer experience. But we also recognize that the customer is under pressure, the macro environment remains uncertain and that we can only control what we can control. So as we navigated the first quarter, we're balancing a number of different variables given that context. We're balancing sales growth, delivering value for more value-conscious customers as we thought about our markdowns and discounts, ensuring healthy inventory turns and also managing our operating expenses, particularly our variable expenses pretty effectively. But really the headwind in the first quarter was really warm weather products that just simply didn't move as fast as we had expected, but we had to respond to maintain the health of the inventory.

正如托尼指出的那樣，現在的關鍵是我們非常專注於提供客戶體驗。但我們也意​​識到客戶面臨壓力，宏觀環境仍然不確定，我們只能控制我們能控制的事情。因此，在我們度過第一季的過程中，我們正在根據具體情況平衡許多不同的變數。我們正在平衡銷售成長，在考慮降價和折扣時為更具價值意識的客戶提供價值，確保健康的庫存週轉，並非常有效地管理我們的營運費用，特別是我們的可變費用。但實際上，第一季的逆風確實是溫暖的天氣產品，它們的移動速度沒有我們預期的那麼快，但我們必須做出反應以維持庫存的健康。

If I pivot to the inventory, as you know, we have a proven track record on inventory discipline. This is something that we've really leaned into the last several years. And what you saw in the first quarter is that we took actions -- the actions needed to maintain the health of our inventory in terms of volume and composition.

如果我轉向庫存，正如您所知，我們在庫存紀律方面擁有良好的記錄。這是我們過去幾年真正關注的事情。你在第一季看到的是我們採取了行動——維持庫存數量和構成健康所需的行動。

What I can tell you as it relates to your question about the second quarter, is that we're entering the second quarter with less aged inventory than last year and more transitional product relative to last year. So we feel that we're well positioned for the summer season as we enter the second quarter, but also well positioned as we enter the balance of the year. And what we're trying to do here is provide ourselves the appropriate level of flexibility to respond to an environment that's more competitive, that's more promotional so that we can be able to navigate and adjust based on whatever is on the horizon.

我可以告訴你的是，這與你關於第二季度的問題有關，當我們進入第二季度時，老化庫存比去年少，過渡產品比去年更多。因此，我們認為，在進入第二季度時，我們已經為夏季做好了準備，而且在進入今年剩餘時間時，我們也已經做好了準備。我們在這裡試圖做的是為自己提供適當程度的靈活性，以應對更具競爭力、更具促銷性的環境，以便我們能夠根據即將發生的情況進行導航和調整。

To your pointed question about the Q2 outlook in the back half of the year, as we look at gross margin outlook forecasted for the second quarter, we expect to be at least 170 basis points above last year. We like that trajectory, especially as the weather gets warmer, and we're well positioned on warm weather goods. And as we think about the composition shifting to the fall season, it's all about inventory discipline and inventory control, watching that level as we enter the third quarter and the holiday season and making sure that we have the right composition.

對於您提出的有關下半年第二季度前景的尖銳問題，我們預計第二季的毛利率前景將比去年高出至少 170 個基點。我們喜歡這種軌跡，尤其是當天氣變暖時，我們在溫暖天氣商品上處於有利位置。當我們考慮轉向秋季的組成時，一切都與庫存紀律和庫存控制有關，在我們進入第三季度和假期季節時觀察該水平，並確保我們擁有正確的組成。

Great color. Best of luck.

顏色很棒。祝你好運。

The next question is coming from Michael Binetti of Evercore ISI.

下一個問題來自 Evercore ISI 的 Michael Binetti。

This is Warren Cheng on for Michael. I wanted to follow up on your comment that the vendor partners are engaging with the enhancements you're making in these First 50 stores. Is that driving a lift in the vendor mix or allocations versus what you had planned? And also curious if that's driving any impact on the full price sell-through or margins you're realizing in those First 50 stores?

我是麥可沃倫鄭 (Warren Cheng)。我想跟進您的評論，即供應商合作夥伴正在參與您在前 50 家商店中所做的改進。與您計劃的相比，這是否會導致供應商組合或分配的提升？而且也想知道這是否會對您在前 50 家商店中實現的全價銷售或利潤產生任何影響？

Thanks, Warren, for the question. I think the vendors feel a sense of partnership, and there is a natural obligation that we have to each other. We do well when the vendors do well, the vendors do well when we do well. And I think that we have seen a level of engagement relative to these First 50.

謝謝沃倫提出的問題。我認為供應商有一種夥伴關係的感覺，我們彼此之間有一種天然的義務。當供應商做得好時，我們也會做得好；當我們做得好時，供應商也會做得更好。我認為我們已經看到了與前 50 名相關的參與度。

I think as we talked about on the last call, we hate closing stores or even rationalizing the store base, but the vendors were very supportive of that idea, meaning they wanted to focus on our most productive assets. They wanted to invest with us. They wanted to offer us a better assortment in the stores. They see higher full price sell-through in those stores. And that's really all kind of coming to fruition.

我認為正如我們在上次電話會議中談到的那樣，我們討厭關閉商店甚至合理化商店基地，但供應商非常支持這個想法，這意味著他們希望專注於我們最俱生產力的資產。他們想和我們一起投資。他們想在商店裡為我們提供更好的品種。他們發現這些商店的全價銷售量較高。這一切真的都即將實現。

Again, it's early innings, so we're going to be careful, but we wouldn't do these weekly events if our vendors weren't partnering with us. We wouldn't be able to add the level of staffing if our vendors weren't partnering with us. We certainly wouldn't be able to offer the distinction and variety within our assortment if our vendors weren't partnering with us.

再說一遍，現在還處於早期階段，所以我們要小心，但如果我們的供應商不與我們合作，我們就不會舉辦這些每週活動。如果我們的供應商不與我們合作，我們將無法增加人員配置。如果我們的供應商不與我們合作，我們當然無法提供我們產品的獨特性和多樣性。

And so I feel it's a story of two mutually-dependent partners. I think we said private brand was 15% last year. Maybe one day, we'll get it back to closer to 20%. But ideally, we're going to lean into the partnerships where 80% of our businesses to make sure that they feel Macy's, Bloomingdale's and Bluemercury are the best places to do business.

所以我覺得這是兩個互相依賴的夥伴的故事。我想我們去年說過自有品牌是 15%。也許有一天，我們會將其恢復到接近 20%。但理想情況下，我們將與 80% 的企業建立合作關係，以確保他們認為梅西百貨、布魯明戴爾百貨和 Bluemercury 是開展業務的最佳場所。

That's really helpful. And I wanted to ask a follow-up on your credit card revenues. 1Q came in a little bit better than you expected. You also raised the rest of the year slightly. Can you give us an update on how you're seeing credit losses and delinquencies trend over the last 3 months?

這真的很有幫助。我想問您信用卡收入的後續情況。第一季的表現比您預期的要好一些。您還小幅提高了今年剩餘時間的資金。您能否向我們介紹您對過去 3 個月信用損失和拖欠趨勢的最新看法？

Yes. I'll go ahead and take that one. When we think about our credit card results in the first quarter, we're pretty pleased. And to your point, Warren, we did increase our annual outlook by about $15 million. The reality is that we saw higher balances in our portfolio.

是的。我會繼續接受那個。當我們想到第一季的信用卡業績時，我們感到非常高興。 Warren，就您的觀點而言，我們確實將年度預期提高了約 1500 萬美元。現實情況是，我們的投資組合中的餘額更高。

In terms of the delinquency metrics, the payment metrics, they are very much in line with our expectations. But also what contributed to our beat in the first quarter was also better-than-expected profit sharing with Citi as well.

就拖欠指標、付款指標而言，它們非常符合我們的預期。但促成我們第一季業績成長的因素還包括與花旗的獲利分配優於預期。

The next question is coming from Ashley Helgans of Jefferies.

下一個問題來自 Jefferies 的 Ashley Helgans。

For the First 50 locations that were up 3.3%, how much was ticket versus traffic? And then maybe you could talk about the level of promotions at those stores versus the rest of the fleet?

對於成長 3.3% 的前 50 個地點，門票與客流量的對比是多少？然後也許您可以談談這些商店與其他商店相比的促銷水平？

Sure, Ashley. There was no difference in the level of promotion in those stores versus the rest of the fleet. So no change there. The difference was in traffic, a higher conversion rate and a comparable increase in average unit retail. The customers are responding, as we said, to the right recipe. And I want to use the analogy of a recipe because a recipe means you have to get all the ingredients right.

當然，阿什利。這些商店的促銷水平與其他商店沒有差異。所以那裡沒有變化。差異在於流量、更高的轉換率以及平均單位零售量的可比較成長。正如我們所說，客戶正在對正確的配方做出反應。我想用食譜來比喻，因為食譜意味著你必須把所有的原料都準備好。

Sometimes in our business, the merchants want to do their part only if the stores do their part. And the stores only want to do their part if the digital team does their part. In First 50, we're all doing our part, and we're getting credit for product improvement. We're getting credit for visual animation. We're getting credit for the experiences we're adding. We're getting credit for the service experience.

有時在我們的生意中，只有商店盡自己的一份力，商家才想盡自己的一份力。只有當數位團隊盡自己的一份力量時，商店才願意盡自己的一份力量。在前 50 名中，我們都盡了自己的一份力量，並且我們因產品改進而獲得讚譽。我們因視覺動畫而受到讚譽。我們因所添加的體驗而獲得讚譽。我們因服務體驗而獲得讚譽。

Those Net Promoter Scores are a great indicator, and we drill down to perception on availability of size and color. We drill down to the inspiration from visual animation. We drill down to have the brands and styles and products that I like. We're seeing meaningful increase across all of those metrics. And I think that's a good indicator, early innings, but the team working together and improving the overall experience in our First 50 stores.

這些淨推薦值是一個很好的指標，我們深入了解對尺寸和顏色可用性的看法。我們深入探討視覺動畫的靈感。我們深入挖掘我喜歡的品牌、款式和產品。我們看到所有這些指標都顯著增加。我認為這是一個很好的指標，早期階段，但團隊共同努力，改善了我們前 50 家商店的整體體驗。

Tony, if I may just add, I just want to amplify Tony's point about this being early innings. On one dimension, we're 90 days in. And we're still practicing around things like selling and service. We're getting better every day on staffing, on moving the team around the store. But also there are a number of changes that have not been implemented in these First 50 yet.

東尼，如果我可以補充的話，我只是想強調托尼關於這是早期局的觀點。一方面，我們已經 90 天了。我們在人員配置和店內團隊調動方面每天都在進步。但在這前 50 名中，仍有許多變更尚未實施。

So to amplify Tony's point, it's early innings. We're still experimenting. There's still more changes coming into the store based on what our customers expect of us. But overall, we're encouraged by the early wins.

因此，為了放大托尼的觀點，現在是早期局。我們仍在嘗試。根據客戶對我們的期望，商店還會有更多變化。但總的來說，我們對早期的勝利感到鼓舞。

Okay. That's super helpful. And if I could just squeeze in one more. So what is the high end of your comp guide for the fiscal year in terms of the health of the consumer versus current levels? I guess, said differently, would the consumer need to get better to hit that range?

好的。這非常有幫助。如果我能再擠進一顆就好了。那麼，就消費者的健康狀況與當前水準而言，您本財年的薪酬指南的高端是多少？我想，換句話說，消費者是否需要做得更好才能達到這個範圍？

Yes. From our perspective, we've been pretty consistent that the pressure on the consumer is a given in terms of how we think about our business. So as we think about the range of our comp this year, it does not assume any improvement in the consumer. What it doesn't assume is improvement in how we're executing our business and how well we're serving the customer, given the growth investments that we're placing in our stores, in digital and the acceleration of growth within our luxury nameplate.

是的。從我們的角度來看，我們一直非常一致地認為，消費者面臨的壓力是我們對業務的看法所決定的。因此，當我們考慮今年的比較範圍時，它並沒有假設消費者有任何改善。考慮到我們對商店、數位化領域的成長投資以及我們奢侈品牌的成長加速，它並沒有假設我們的業務執行方式以及我們為客戶提供的服務品質會有所改善。

The range that you see is really reflective of the competitive environment and the continued pressure on the consumer. But from our perspective, we feel that what we can control is really what we're going to be focused on, but the consumer, we believe, will remain under pressure for the balance of the year.

您看到的範圍確實反映了競爭環境和消費者面臨的持續壓力。但從我們的角度來看，我們認為我們能夠控制的事情確實是我們要關注的事情，但我們相信，消費者在今年剩餘的時間裡仍將面臨壓力。

The next question is coming from Paul Lejuez of Citi.

下一個問題來自花旗銀行的保羅·勒胡埃斯。

It's Tracy Kogan filling in for Paul. I had a question on SG&A. It came in below your expectations this quarter, and I was wondering what the drivers of that were. And then what kind of expense initiatives you have for the remainder of the year.

崔西·科根 (Tracy Kogan) 接替保羅。我有一個關於 SG&A 的問題。本季的業績低於您的預期，我想知道其驅動因素是什麼。然後是今年剩餘時間你有什麼樣的支出計畫。

Tracy. So to your point, we are pleased with how we're managing expense ongoing. And from a cost savings standpoint or an SG&A control standpoint, there are really 2 things that we focused on. The first is managing variable expenses well as we progress through the quarter as well as really making sure that we're gaining traction on the structural cost savings initiatives that we spoke about on the last call as it relates to end-to-end operations.

特雷西。因此，就您而言，我們對持續管理費用的方式感到滿意。從成本節約的角度或 SG&A 控制的角度來看，我們確實關注兩件事。首先是隨著我們在本季度的進展，管理好可變費用，並真正確保我們在上次電話會議上談到的結構性成本節約計劃中獲得牽引力，因為它與端到端運營相關。

The good news is that with regards to end-to-end operations, we're gaining traction. We're seeing the benefits flow through from the consolidation of our tech vendors on routine service contracts. We are -- we have fortunately transitioned through the offshoring of a large part of our finance team. We're better balancing fulfillment activities. But we're still in the early innings on end-to-end, but it's nice to see the progress that we're making and the value that we've been able to deliver in the first quarter.

好消息是，在端到端營運方面，我們正在取得進展。我們看到我們的技術供應商在常規服務合約上的整合所帶來的好處。幸運的是，我們已經透過大部分財務團隊的離岸外包進行了轉型。我們更好地平衡履行活動。但我們仍處於端到端的早期階段，但很高興看到我們正在取得的進展以及我們在第一季能夠交付的價值。

But I would say, to your question, Tracy, the combination of how we're managing variable expenses day-to-day and the traction gained on the longer-term transformation work we're doing on end-to-end operations.

但對於你的問題，特雷西，我想說的是，我們如何管理日常可變開支，以及我們在端到端營運方面所做的長期轉型工作所獲得的牽引力。

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 both of you think about the health of the consumer and having come through the first quarter with the unseasonal weather, is staying the same, getting better, getting worse, what are you seeing? And does it differ by income levels? And lastly, can you expand on the small store format? Any tweaks or adjustments? What's working, what will be adjusted or tweaked and how you're thinking about it?

你們倆都在考慮消費者的健康狀況，在經歷了第一季的反季節天氣之後，是保持不變、變得更好還是變得更糟，你們看到了什麼？它是否因收入水平而異？最後，您可以擴展小型商店的業態嗎？有什麼調整或調整嗎？什麼是有效的，什麼將被調整或調整以及您是如何考慮的？

Thanks, Dana. The health of the consumer, I never claim to be an economist. I would say, as we've described, under pressure, discerning, very choiceful. There are certainly categories that are stronger than others. The great part of being a department store is that we can move inventory. We can move people. We can move our marketing and assets and homepage exposure.

謝謝，達納。消費者的健康，我從來不自稱是經濟學家。我想說，正如我們所描述的，在壓力下，有洞察力，非常有選擇。當然，有些類別比其他類別更強大。作為一家百貨公司，最重要的一點是我們可以轉移庫存。我們可以移動人們。我們可以轉移我們的行銷、資產和主頁曝光。

And the key thing is for us to just keep our ear to the grinds on making sure that we understand where the business is happening and move our resources there appropriately. I think the teams in general are doing a very good job. We are reordering. We are canceling. And that's what you'd expect from a good merchant and planning organization, that they are active in the market making decisions based on what they're seeing in the business.

關鍵是我們要密切關注，確保我們了解業務發生的地點，並將我們的資源適當地轉移到那裡。我認為總的來說，團隊做得非常好。我們正在重新訂購。我們正在取消。這就是您對優秀商家和規劃組織的期望，他們積極參與市場，根據他們在業務中看到的情況做出決策。

I expect the consumer to remain under pressure. We've got a big year in front of us. Maybe there'll be rate cuts, maybe there'll be one war ending, but it's an uncertain environment. And I think our job is not to assume anything different on the things we don't control, but to play our game with strength, to play our game with confidence, to play our game with agility. And I think the team is doing that.

我預期消費者仍將面臨壓力。我們即將迎來重要的一年。也許會降息，也許會結束一場戰爭，但這是一個不確定的環境。我認為我們的工作不是對我們無法控制的事情做出任何不同的假設，而是用實力打我們的比賽，充滿信心地打我們的比賽，敏捷地打我們的比賽。我認為團隊正在這樣做。

With regard to the different income levels, we're certainly seeing at the high end, the Bloomingdale's consumer is interested in purchasing, but she's being very thoughtful in the category she's purchasing in. So I think we said that luxury handbag and shoe business is much softer than it was, still up strong to 2019, but she's investing now in advanced contemporary. She's investing now in parts of the beauty business. She's investing now in aspects of the home.

就不同的收入水平而言，我們當然會看到，在高端，布魯明代爾的消費者有興趣購買，但她在購買的類別上考慮得非常周到。業務是比以前要軟得多，到 2019 年仍然強勁，但她現在正在投資先進的當代藝術。她現在正在投資部分美容業務。她現在正在對房屋的各個方面進行投資。

So there's just a difference, I think, as you look at the income tier. The customer at the lower tier has to make choices based on rent and family obligations. The customer at the higher tier is going to do it based on where she has interest or they have interest and passion and something that we are doing, I think that creates the motivation to buy.

所以我認為，當你看看收入階層時，兩者之間是有差別的。較低層的客戶必須根據租金和家庭義務做出選擇。較高層的客戶會根據她感興趣的地方或他們有興趣和熱情以及我們正在做的事情來這樣做，我認為這會產生購買動機。

Do you want to comment, Adrian, on small format?

阿德里安，你想對小格式發表評論嗎？

Yes. Thank you, Tony. We continue to remain very encouraged by the rollout of our small format stores. On the Macy's side, we just opened up a new store in New Jersey, but we have 11 more openings to go. We continue to be pleased with the small formats that we're seeing on the Bloomingdale's side. They continue to exceed our expectations.

是的。謝謝你，托尼。我們繼續對小型商店的推出感到非常鼓舞。在梅西百貨方面，我們剛剛在新澤西州開設了一家新店，但我們還有 11 家新店開業。我們仍然對在布魯明代爾看到的小規格感到滿意。他們繼續超出我們的預期。

So we continue to believe that -- we expect to have one additional Bloomingdale's this year, my apologies, Dana. But look, we're encouraged. We're learning a ton. We're seeing how the customer is responding, and we're going to continue to lean in.

所以我們仍然相信——我們預計今年將再開一家布魯明代爾百貨公司，抱歉，達納。但看，我們受到了鼓舞。我們學到了很多。我們正在了解客戶的反應，我們將繼續提供協助。

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。

Congrats on success with the First 50. Curious how quickly you guys can roll these efforts out to more stores to help the total company comp? And I'm curious what categories in those stores you're seeing the greatest lift in those locations?

恭喜前 50 家公司取得成功。我很好奇您在這些商店中看到哪些類別的提升最大？

Sure. Thanks, Chuck, for the question. I don't think it's a question of if we can, it's when we can. All of these are capital-light decisions that we've made. You really revolve around variable SG&A. And so we're going to roll them as soon as we see enough continued results.

當然。謝謝查克的提問。我認為這不是我們是否可以的問題，而是我們何時可以的問題。這一切都是我們所做的輕資本決策。你確實圍繞著可變的SG&A。因此，一旦看到足夠的持續結果，我們就會立即推出它們。

And the good news is we're seeing them in the majority of the stores. So it's not a handful of stores. That's a really good sign. We're seeing it in the merchandise content. That's a really good sign. We're seeing it in multiple FOBs. That's also a really good sign. As I mentioned, again, the Net Promoter Score, the customer is voting, both with her wallet and her commentary, taking the time to give us a lot of feedback.

好消息是我們在大多數商店都能看到它們。所以這不是少數商店。這真是一個好兆頭。我們在商品內容中看到了這一點。這真是一個好兆頭。我們在多個 FOB 中都看到了它。這也是一個非常好的跡象。正如我再次提到的，淨推薦值，客戶正在投票，用她的錢包和她的評論，花時間給我們很多反饋。

So I would say, it's not a question of if we're going to roll out, it's a question of when. And that when is going to be -- we're not going to trip on our way to success. As an organization, we are highly committed to delivering on our commitments to the Street and our commitments to our colleagues. So I think that we will have green shoots this first and second quarter. It will allow us to do some things later in the year, and I hope we're in a position to talk to you about more stores in 2025.

所以我想說，這不是我們是否要推出的問題，而是何時推出的問題。到那時，我們就不會在成功的路上絆倒了。作為一個組織，我們高度致力於履行對華爾街的承諾以及對同事的承諾。所以我認為我們第一季和第二季將會出現新芽。這將使我們能夠在今年稍後做一些事情，我希望我們能夠與您討論 2025 年開設更多商店的事宜。

Okay. Great. And then one for you, Adrian. Just can you talk about the cadence of your comps throughout the quarter by month? And any early reads on how May and the second quarter has started?

好的。偉大的。然後是給你的，阿德里安。能談談您每季的比較節奏嗎？關於五月和第二季如何開始的任何早期讀物？

Yes. Good question. Look, we have not commented on the monthly cadence. We're navigating the quarter -- we navigated the quarter as best as we could. We felt good about how we navigated the quarter, and that's certainly reflected in our performance.

是的。好問題。看，我們還沒有對每月的節奏發表評論。我們正在度過這個季度——我們盡我們所能地度過了這個季度。我們對本季的表現感到滿意，這肯定反映在我們的業績上。

As we think about quarter-to-date results, we're just simply -- I'm not going to comment on that either. We have a lot of the quarter ahead of us, Chuck. We've got graduations, we've got Fathers' Day, we've got fourth of July. So I think it would be premature to think about the balance of the quarter based on just a couple of weeks into the quarter.

當我們考慮季度至今的業績時，我們只是簡單地——我也不會對此發表評論。查克，本季我們還有很多工作要做。我們有畢業典禮，我們有父親節，我們有七月四日。因此，我認為僅根據本季度幾週後的情況來考慮本季的餘額還為時過早。

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。

This is Katy Delahunt on for Alex Straton. My question was on the CFPB credit card regulations. Can you give us an update on what your latest view is there? And then maybe remind us of your mitigation efforts as well as if you've had any success so far with those?

我是凱蒂·德拉亨特 (Katy Delahunt) 為亞歷克斯·斯特拉頓 (Alex Straton) 配音。我的問題是關於 CFPB 信用卡規定。能為我們介紹一下您的最新觀點嗎？然後也許可以提醒我們您的緩解措施以及到目前為止您是否取得了成功？

Sounds good. Thank you, Katy. Our perspective is that it remains uncertain. And so what we plan to do is to disclose the impact of the late fees once it becomes certain. The size of the impact is uncertain, the timing is uncertain. So once the final ruling comes out, we'll be able to share more information at that time.

聽起來不錯。謝謝你，凱蒂。我們的觀點是，它仍然不確定。因此，我們計劃要做的是，一旦確定滯納金的影響，就揭露該影響。影響的大小不確定，時間也不確定。因此，一旦最終裁決出來，我們屆時將能夠分享更多資訊。

We've not shared a lot of specifics with regards to mitigation strategies, but definitely know that we're exploring them with our partner, Citi. We're exploring a variety of strategies. Some of those strategies are in development. But from our perspective, we're really waiting and seeing what's going to -- what the final ruling will be and be able to proceed at that time.

我們沒有分享很多有關緩解策略的細節，但肯定知道我們正在與我們的合作夥伴花旗一起探索這些策略。我們正在探索多種策略。其中一些戰略正在製定中。但從我們的角度來看，我們確實在等待，看看會發生什麼——最終的裁決是什麼，到時候能夠繼續進行。

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

下一個問題來自 TD Cowen 的 Oliver Chen。

Tony and Adrian. I would love your thoughts on targeted promotions ahead and discounting pressure that you're seeing. I know you've been making really good strides on pricing analytics.

東尼和阿德里安。我很想聽聽您對未來有針對性的促銷活動以及您所看到的折扣壓力的看法。我知道您在定價分析方面已經取得了很大的進展。

Also, as we think about apparel, there's great changes in the private label portfolio. What are your thoughts on apparel comping positive and timing for that to happen in relation to the newness that you're introducing?

此外，當我們考慮服裝時，自有品牌產品組合也發生了巨大變化。您對服裝競爭的正面看法以及與您推出的新產品相關的時機如何？

And finally, as we think about marketplace model as well as digital advertising, you've made nice strides there. What should we know about modeling that and how material it will be as you continue to make progress there as well?

最後，當我們考慮市場模型和數位廣告時，您已經在這方面取得了很大的進展。關於建模，我們應該了解什麼？

Thanks, Oliver. You got a number of questions in there. Let me take them one at a time. On promotion, I feel good about the team's work, and we're obviously looking at our discount rate on a daily basis versus last year in comp events and trying to again, through our personalization engine, apply the value where it's necessary to either incent the customer to buy or to move aged inventory.

謝謝，奧利佛。你那裡有很多問題。讓我一次拿一個。在促銷方面，我對團隊的工作感到滿意，我們顯然每天都會查看與去年相比的比賽折扣率，並再次嘗試透過我們的個人化引擎，在必要時應用價值以進行激勵客戶購買或移動陳舊庫存。

And again, as Adrian talked about, we come into the second quarter in a healthier inventory position from an age standpoint, but it's a long game. And so we're playing it on a daily basis to make sure that we are making the right decisions on promotion to attract but not overinvest in value.

正如阿德里安所說，從年齡的角度來看，我們進入第二季度的庫存狀況更加健康，但這是一場漫長的遊戲。因此，我們每天都在玩這個遊戲，以確保我們在促銷方面做出正確的決定，以吸引但不會過度投資價值。

In terms of ready-to-wear growth, I'd tell you, this learn from each other without becoming one another has great application when I look at the ready-wear business at Bloomingdale's, which right now is terrific. And it gives me optimism that we are in the early stages of that opportunity at Macy's.

在成衣的成長方面，我想告訴你，當我觀察布魯明戴爾百貨公司的成衣業務時，這種相互學習而不成為彼此的做法非常有用，目前該業務非常棒。這讓我感到樂觀，因為梅西百貨正處於這個機會的早期階段。

We have to get through the remainder of the private brand disposition that we're up against. We have to roll out more of the newer brands to gain the level of materiality to our overall business. But the impact at Bloomingdale's is really good to see, and I think it will be helpful as it relates to the opportunity at Macy's.

我們必須解決我們所面臨的剩餘的自有品牌處置問題。我們必須推出更多新品牌，以提高我們整體業務的重要性。但布魯明代爾百貨公司的影響確實很明顯，我認為這會有所幫助，因為它與梅西百貨的機會有關。

In terms of Marketplace, we had a great quarter, and that was on top of a great year in 2023. I'm excited about the baby registry launch, which puts us in the baby registry and along with wedding registry, launching over 150 brands with the start and getting good reaction from the consumer.

就市場而言，我們度過了一個很棒的季度，這是在2023 年的美好一年之上。處一起推出了150 多個品牌一開始就得到了消費者的良好迴響。

And I think as Adrian mentioned, MMN, our media network, is up more than 20% to last year. We're seeing good vendor engagement that goes beyond just the important beauty category where we had an immediate impact. And we're diversifying what we're doing in MMN to include search and other facets of -- or the way in which we engage the consumer.

我認為正如 Adrian 所提到的，我們的媒體網絡 MMN 比去年增長了 20% 以上。我們看到供應商的良好參與度超出了我們產生直接影響的重要美容類別。我們正在使我們在 MMN 中所做的事情多樣化，包括搜尋和其他方面，或我們與消費者互動的方式。

So Marketplace, healthy; MMN, growing; promotion, discerning and thoughtful and targeted; and ready-to-wear growth happening at the Bloomingdale's and determined to see that result at Macy's as we progress.

所以市場，健康； MMN，成長；促銷、眼光敏銳、周到、有針對性；布魯明代爾百貨公司 (Bloomingdale's) 正在實現成衣業務的成長，並決心隨著我們的進步，在梅西百貨 (Macy's) 看到同樣的結果。

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

下一個問題來自高盛的布魯克·羅奇。

I was hoping you could talk a little bit more about the trends that you're seeing in luxury and some of those luxury initiatives that could be rolled out to the Macy's network in aggregate especially in Bluemercury as well.

我希望您能多談談您在奢侈品領域看到的趨勢，以及一些可以在梅西百貨網絡中整體推廣的奢侈品計劃，特別是在 Bluemercury 中。

Thanks, Brooke. Appreciate the question. Yes, I think that, again, this portfolio, we call Macy's Inc, offers this benefit that we get to look at the business across different consumer income levels and different value spectrums. And the Macy's team and the Bluemercury team and the Bloomingdale's team are talking and they're sharing more than ever before. And again, I have no interest in one becoming the other, but I do believe it's an advantage for us as we try and understand where peaks and valleys happen in the business.

謝謝，布魯克。感謝這個問題。是的，我認為，我們稱之為梅西百貨公司的這個投資組合提供了這樣的好處，即我們可以跨不同消費者收入水平和不同價值範圍來審視該業務。梅西百貨團隊、Bluemercury 團隊和 Bloomingdale 團隊正在交談，他們分享的內容比以往任何時候都多。再說一遍，我對其中一個變成另一個沒有興趣，但我確實相信，當我們嘗試了解業務中的高峰和低谷時，這對我們來說是一種優勢。

In terms of luxury trends that are happening right now, obviously, a lot has been discussed about quiet luxury. So you're seeing less logo. And that's certainly playing out in the Macy's business at a more accessible level. So we are leaning into opportunities on products and categories and brands with less logo right now. You know our business is very cyclical. So the minute I say logos are out, it will be 6 months or a year and logos will be back in, in some meaningful way. We're all interested to see what Alessandro will do at Valentino. And certainly, that won't be quiet luxury.

就目前正在發生的奢侈品趨勢而言，顯然，人們對安靜奢華進行了許多討論。所以你看到的標誌越來越少。這無疑在梅西百貨的業務中以更容易接近的方式發揮作用。因此，我們現在正在尋找標誌較少的產品、類別和品牌的機會。您知道我們的業務具有很強的周期性。因此，從我說徽標消失的那一刻起，六個月或一年之後，徽標就會以某種有意義的方式回歸。我們都很有興趣看看 Alessandro 將在 Valentino 做什麼。當然，這不會是安靜的奢華。

In terms of Bluemercury and the beauty category, I think what they've discovered is the appetite of the consumer for high-end skin care and regimens that the consumer has no price resistance to what will help them take care of themselves, help them look their best, help them to be able to retain their youth, help recognize the difference in people's skin types. It's just not the same when you're 20 versus 40 versus 60.

就 Bluemercury 和美容類別而言，我認為他們發現的是消費者對高端護膚品和護理方案的興趣，消費者對能夠幫助他們照顧自己、幫助他們看起來更漂亮的東西沒有價格抵抗力。保持青春，幫助認識人們皮膚類型的差異。只是當你20歲、40歲、60歲的時候，情況是不一樣的。

And I think the other thing is Bluemercury benefited from looking at the penetration of fragrances and other categories at Macy's and Bloomingdale's and has done an outstanding job at growing the fragrance business in a short period of time. So we're -- as we said on the call, really bullish on the growth opportunities at Bluemercury. We have 30 stores that we'll open over the next couple of years. We have 30 remodels, and that all begins in the second quarter.

我認為另一件事是 Bluemercury 受益於梅西百貨和布魯明代爾百貨的香水和其他類別的滲透，並且在短時間內發展香水業務方面做得非常出色。因此，正如我們在電話會議上所說，我們非常看好 Bluemercury 的成長機會。我們將在未來幾年內開設 30 家商店。我們有 30 次改造，這一切都從第二季開始。

So opportunities for growth at Blue Mercury, learning between Bloomingdale's, Macy's and Bluemercury, and really trying to react and respond to where the consumer is interested and where she's stepping back.

因此，Blue Mercury 提供了成長的機會，在 Bloomingdale's、Macy's 和 Bluemercury 之間學習，並真正嘗試對消費者感興趣的地方和他們退縮的地方做出反應和回應。

The next question is coming from Bob Drbul of Guggenheim Partners.

下一個問題來自古根漢合夥人公司的鮑伯‧德布爾。

I was just wondering if you could focus a little more on your asset monetization plans this quarter -- I'm sorry, this year and over the next few years, just sort of what you're seeing, how you're approaching it and just your visibility on, especially the plans for this year.

我只是想知道你是否可以在本季度更多地關注你的資產貨幣化計劃 - 對不起，今年和未來幾年，只是你所看到的，你如何接近它以及只是你的能見度，尤其是今年的計劃。

Absolutely. The punchline on asset monetization, Bob, is that we're seeing a lot of traction. We're certainly encouraged by the deal-making activity that we've been seeing. And our focus is very much on quality deals, finding the right buyers and offering, making sure that we're getting the right price.

絕對地。鮑勃，關於資產貨幣化的要點是，我們看到了很大的吸引力。我們當然對我們所看到的交易活動感到鼓舞。我們的重點是高品質的交易，尋找合適的買家和產品，確保我們得到合適的價格。

As you know, we have a very healthy balance sheet. We also have an apparatus of strong real estate partners and developers that we're working with to unlock value for our shareholders, but we're very encouraged by the traction that we've seen since we announced the closure of approximately 150 stores back in late February.

如您所知，我們擁有非常健康的資產負債表。我們還擁有由強大的房地產合作夥伴和開發商組成的機構，我們正在與他們合作，為我們的股東釋放價值，但自從我們宣布關閉大約150 家商店以來，我們所看到的吸引力讓我們感到非常鼓舞。

The strategic importance is still quite critical to us, right, which is the sales proceeds that we are able to generate from a large portion of the stores that we will be closing and monetizing allows us to reinvest in the business, and you see the performance of the First 50 stores as well as return capital to shareholders.

戰略重要性對我們來說仍然非常關鍵，對吧，這是我們能夠從我們將關閉的大部分商店中獲得的銷售收益，並將其貨幣化使我們能夠對業務進行再投資，你可以看到業績前 50 家商店以及向股東返還資本。

But I would tell you, we certainly recognize that we're in an elevated interest rate environment. But I've got to tell you, we're very encouraged by the pace of dealmaking that we're seeing and very encouraged about how we think about the closures of these stores and the monetization impact that it will have on our business over the next 3 years.

但我想告訴你，我們當然認識到我們正處於利率上升的環境中。但我必須告訴你，我們對我們所看到的交易速度感到非常鼓舞，並對我們如何看待這些商店的關閉及其對我們業務的貨幣化影響感到非常鼓舞。

Thank you. This brings us to the end of the question-and-answer session. I would like to turn the floor back over to Mr. Spring for closing comments.

謝謝。問答環節到此結束。我想請 Spring 先生發表結束意見。

Thank you, operator. We hope everyone has a great Memorial Day and summer. Spend some time with your friends and family, hopefully, get a good vacation in there. And we hope to see some of you or many of you at our amazing Fourth of July fireworks. Should be spectacular this year. Have a good rest of the day, everybody.

謝謝你，接線生。我們希望每個人都有一個美好的陣亡將士紀念日和夏天。與您的朋友和家人共度時光，希望在那裡度過一個愉快的假期。我們希望在我們令人驚嘆的七月四日煙火表演中見到你們中的一些人或許多人。今年應該會很精彩。大家今天好好休息。

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

女士們、先生們，感謝您的參與。今天的活動到此結束。此時您可以斷開線路，享受剩下的一天。