梅西百貨 (M) 2024 Q2 法說會逐字稿

Greetings, and welcome to Macy's, Inc., second-quarter 2024 earnings conference call.

您好，歡迎參加梅西百貨公司 2024 年第二季財報電話會議。

(Operators instructions) It is now my pleasure to introduce your host, Pamela Quintiliano, Vice President of Investor Relations.

（操作員說明） 現在我很高興向您介紹主持人，投資者關係副總裁 Pamela Quintiliano。

Thank you.

謝謝。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線生。

Good morning, everyone, and thanks for joining us.

大家早安，感謝您加入我們。

With me on the call today are Tony Spring, our Chairman and CEO; and Adrian Mitchell, our COO and CFO.

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)。

Along with our second-quarter 2024 press release or presentation, has been posted on the investor section of our website, macysinc.com as being displayed live during today's webcast.

我們的 2024 年第二季新聞稿或簡報已發佈在我們網站 Macysinc.com 的投資者部分，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.

除非另有說明，我們提供的比較將與 2023 年進行。

All references to our prior expectations, outlook or guidance refer to information provided on our May 21 earnings call unless otherwise noted.

除非另有說明，所有提及我們先前的預期、展望或指導的內容均指我們 5 月 21 日財報電話會議上提供的資訊。

In addition, all references to comp sales throughout today's prepared remarks represent comparable owned plus licensed plus marketplace sales, an owned plus licensed sales for our store locations unless otherwise noted.

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均代表可比較的自有銷售加上許可銷售加上市場銷售，即我們商店位置的自有銷售和許可銷售。

All forward-looking statements are subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

所有前瞻性陳述均須遵守 1995 年《私人證券訴訟改革法案》的安全港條款。

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.

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有重大差異。

A detailed discussion of these factors and uncertainties is contained in our filings with the Securities and Exchange Commission.

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.

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。

You can find additional information regarding these non-GAAP financial measures as well as others on the investor section of our website.

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.

今天的電話會議正在我們的網站上進行網路直播。

A replay will be available approximately two hours after the conclusion of this call.

本次電話會議結束後約兩小時將提供重播。

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.

謝謝，帕姆，大家早安。

I'd like to start by expressing my sincere appreciation for our stores, distribution centers and corporate colleagues as well as our trusted partners, your ongoing commitment to our customer and to our long term goals, empowered us to achieve better than expected earnings results and make meaningful progress on our bold new chapter strategy.

首先，我謹向我們的商店、配送中心和公司同事以及我們值得信賴的合作夥伴表示誠摯的謝意，你們對我們的客戶和我們的長期目標的持續承諾，使我們能夠實現比預期更好的盈利結果，在我們大膽的新篇章策略上取得有意義的進展。

We continue to be encouraged by the performance of our first 50 stores at the Macy's nameplate.

我們持續對梅西百貨旗下前 50 家門市的表現感到鼓舞。

These stores, which we view as the leading indicator of our go-forward basis growth and ultimately our ability to achieve comp sales growth delivered a 1% comp sales gain for the quarter.

我們將這些商店視為我們未來基礎成長的領先指標，並最終實現我們實現同業銷售成長的能力，本季同業銷售成長了 1%。

At our luxury nameplates, Bloomingdale's and Bluemercury.

在我們的奢侈品牌上，Bloomingdale's 和 Bluemercury。

The breadth of our merchandise offering across aspirational to luxury price points continued to resonate, and we delivered strong gross margin expansion and better than expected SG&A as we continued to fund our growth investments.

我們的商品供應範圍涵蓋令人嚮往的奢侈品價位，繼續引起共鳴，隨著我們繼續為成長投資提供資金，我們實現了強勁的毛利率擴張和好於預期的銷售及管理費用。

Before I share a more detailed update on each pillar of our bold new chapter strategy, I would like to briefly touch on the consumer discretionary environment.

在分享我們大膽的新篇章策略的每個支柱的更詳細更新之前，我想簡要地談談消費者自由支配的環境。

We entered the second quarter with an expectation that discretionary spend would remain stable, reflecting a resilient but choiceful consumer as the quarter progressed, our customer became more discriminating, which we attribute to ongoing macroeconomic uncertainty and an increasingly complex news cycle.

我們進入第二季時預計可自由支配支出將保持穩定，這反映出隨著季度的進展，消費者俱有彈性但有選擇性，我們的客戶變得更加挑剔，我們將其歸因於持續的宏觀經濟不確定性和日益複雜的新聞週期。

As trends diverged from our expectations, we did not stand still.

當趨勢與我們的預期背道而馳時，我們並沒有停滯不前。

We took proactive steps to drive profitable sales, protect our gross margins and further control SG&A.

我們採取積極主動的措施來推動獲利銷售、保護我們的毛利率並進一步控制銷售及管理費用。

As a result, while second quarter sales of $4.9 billion were slightly below our outlook adjusted EPS of $0.53 was well above.

因此，雖然第二季銷售額 49 億美元略低於我們的預期，但調整後每股收益 0.53 美元遠高於我們的預期。

At Macy's, which was the most impacted by the shift in consumer behavior.

梅西百貨受到消費者行為轉變的影響最大。

We aligned our assortments and shifted our marketing calendar to better balance value and fashion.

我們調整了產品種類並調整了行銷日程，以更好地平衡價值和時尚。

We enhanced our promotions and delivered more targeted personalized messages across categories and brands.

我們加強了促銷活動，並跨類別和品牌傳遞了更有針對性的個人化訊息。

And we invested in newness and proven areas of product strength while reducing our exposure to areas of softer demand.

我們投資於新產品和經過驗證的產品優勢領域，同時減少對需求疲軟領域的投資。

These actions incrementally shifted the course of our business late in the second quarter, which is encouraging and speaks to our ability to quickly and thoughtfully analyze results and identify areas of opportunity.

這些行動在第二季末逐漸改變了我們的業務進程，這是令人鼓舞的，並說明我們有能力快速、深思熟慮地分析結果並識別機會領域。

And while we cannot control the external environment, we are taking recent learnings and applying them.

雖然我們無法控制外在環境，但我們正在吸取最近的經驗教訓並加以應用。

As we navigate the current landscape our teams remain focused on the execution of our bold new chapter strategy.

在我們應對當前情況時，我們的團隊仍然專注於執行我們大膽的新篇章策略。

Turning to the first pillar, strengthening the Macy's nameplate, second quarter net sales declined 4.4% and comparable sales were down 3.6%.

談到第一個支柱，梅西百貨的品牌實力增強，第二季淨銷售額下降 4.4%，可比銷售額下降 3.6%。

But those numbers don't tell the full story during the quarter.

但這些數字並不能說明本季的全部情況。

Macy's experienced ongoing strength in fragrances and green shoots in women's ready-to-wear apparel, including Donna Karan, Steve Madden of equity fee and French connection to name a few.

梅西百貨經歷了香水領域的持續強勢和女性成衣領域的萌芽，其中包括唐娜·卡蘭 (Donna Karan)、股權費和法國關係的史蒂夫·馬登 (Steve Madden) 等。

Customers also responded well to the ongoing private brand ready wear re-imagination, including elevated fashion and quality in our heritage labels.

客戶對正在進行的自有品牌成衣重新構想也反應良好，包括在我們的傳統品牌中提升時尚和品質。

As we lap last year's private brand exits, we have been introducing new market and private brands that more closely align with customer demand.

隨著去年自有品牌的退出，我們一直在引進新的市場和自有品牌，這些品牌與客戶需求更加契合。

Continuing to build on the momentum in this important category as a top priority, and we are making the appropriate investments to support growth.

我們將繼續鞏固這一重要類別的勢頭作為首要任務，並正在進行適當的投資以支持成長。

At the same time, we are also addressing the weaknesses in men's apparel, handbags and home in men's apparel, contemporary has been a bright spot and we believe there's an opportunity for growth in this category.

同時，我們也在解決男士服裝、手袋和家居方面的弱點，在男士服裝中，當代風格一直是個亮點，我們相信這一品類有成長的機會。

Earlier this month, we soft launch a new private brand targeting the under 40 consumer to support our growth aspirations.

本月早些時候，我們軟啟動了一個針對 40 歲以下消費者的新自有品牌，以支持我們的成長願望。

Within handbags, we are continuing to diversify our brand portfolio.

在手袋方面，我們正在繼續多元化我們的品牌組合。

Lauren by Ralph Lauren and Karl Lagerfeld have been well received and we are experiencing strong demand for coaches new product assortment.

Ralph Lauren 和 Karl Lagerfeld 的 Lauren 深受好評，我們對教練新產品系列的需求強勁。

And in home, we are strengthening our holiday gift-giving assortment ahead of our broad private brand reimagination next year.

在國內，我們正在加強我們的節日禮品贈送品種，以迎接明年我們廣泛的自有品牌的重新構想。

Moving from product to stores.

從產品轉向商店。

As previously mentioned, the first 50 achieved their second consecutive quarter of positive comps, posting a 1% gain.

如前所述，前 50 名企業連續第二季實現了積極的業績，成長了 1%。

For the quarter, the disparity in performance between the first 50 and the total Macy's nameplate widened with the first 50 comps outperforming the total Macy's nameplate by 460 basis points compared to 380 basis points last quarter.

本季度，前 50 家公司與梅西百貨公司整體業績之間的差距擴大，前 50 家公司的業績比梅西百貨公司整體業績高出 460 個基點，而上季度為 380 個基點。

Initiatives at these locations continue to gain traction and include improving the customer experience through focused staffing in key departments such as shoes, handbags, ready-to-wear, as well as fitting room at checkout.

這些地點的舉措繼續獲得關注，包括透過在鞋子、手袋、成衣以及結帳試衣間等關鍵部門集中配備人員來改善客戶體驗。

Enhancing merchandise offerings to emphasize freshness, relevance and inspiration with a focus on variety rather than redundancy by editing existing assortments and adding new brands.

透過編輯現有品種和添加新品牌，增強商品供應，強調新鮮度、相關性和靈感，注重多樣性而不是冗餘。

Modernizing our visual presentations and offering unique store-level activations and community events.

現代化我們的視覺呈現並提供獨特的商店級活化和社區活動。

First 50 customer satisfaction is growing.

前 50 名客戶的滿意度正在不斷提高。

Net promoter scores were 600 basis points above last year and over 200 basis points better than other go-forward locations with improvements in availability of salespeople, quick and easy checkout and needing clean stores.

淨推薦值比去年高出 600 個基點，比其他前進地點高出 200 個基點，銷售人員的可用性、快速便捷的結帳和清潔商店的需求得到改善。

These locations also had higher traffic and conversion relative to other go-forward locations and all merchandise categories outperformed with shoes, handbags, men's and kids' apparel as well as women's ready-to-wear, registering the most improvement.

相較於其他領先地點，這些地點的客流量和轉換率也更高，所有商品類別的表現均優於鞋履、手袋、男裝和童裝以及女裝成衣，增幅最大。

The pause on that two categories where we've been struggling more broadly, men's and handbags were among the most significant relative outperformers, which is exciting and could serve as a broader unlock.

我們一直在更廣泛地掙扎的兩個類別上的暫停，男裝和手袋是最重要的相對錶現出色的類別之一，這是令人興奮的，並且可以作為更廣泛的解鎖。

The first 50 were created with an eye toward the future expansion, locations have diverse geographic and socioeconomic representation and initiatives are cross-functional and designed to be replicated.

前 50 個項目是著眼於未來的擴張而創建的，地點具有不同的地理和社會經濟代表性，而且舉措是跨職能的，旨在可複製。

And with two consecutive quarters of meaningful comp outperformance, we are pleased to announce that we are implementing women's shoe and handbag staffing tests and roughly 100 additional go-forward locations this fall.

憑藉連續兩季的顯著表現，我們很高興地宣布，今年秋季我們將實施女鞋和手提包人員配備測試，並新增約 100 個地點。

These tests will provide valuable insights that will be used as we further refine our initiatives.

這些測試將提供有價值的見解，我們將在進一步完善我們的計劃時使用這些見解。

Beyond the first 50, another important element of strength in the Macy's nameplate is closing and monetizing our 150 non-go-forward locations.

除了前 50 家之外，梅西百貨名牌上的另一個重要優勢要素是關閉 150 家非發展門市並從中獲利。

As a reminder, in fiscal 2023, comp sales of Macy's go-forward locations outperformed non-go-forward locations by approximately 500 basis points, and the four-wall adjusted EBITDA rate outperformed by roughly 9 out of 50 basis points.

需要提醒的是，在2023 財年，梅西百貨前進門市的公司銷售業績優於非前進門市約500 個基點，四牆調整後EBITDA 率的表現優於非前進門市約9 個基點（滿分50） 。

While non-go-forward locations are underperformers relative to the total Macy's fleet.

而相對於梅西百貨的總車隊而言，非前進地點的表現較差。

They are valuable real estate assets.

它們是寶貴的房地產資產。

Demand for these properties has been strong.

對這些房產的需求一直很強勁。

We are pleased with the pace and the quality of deal-making and now expect to close approximately 55 stores this year versus prior expectations of roughly 50.

我們對交易的速度和品質感到滿意，現在預計今年將關閉約 55 家商店，而先前的預期約為 50 家。

We will continue to thoughtfully evaluate all opportunities presented to us, but given our strong balance sheet and that we have no material debt maturities until 2027, we will not execute a deal unless it is accretive.

我們將繼續深思熟慮地評估向我們提供的所有機會，但鑑於我們強大的資產負債表，並且我們在 2027 年之前沒有重大債務到期，我們不會執行除非具有增值性的交易。

As we think about the future of the Macy's nameplate, we are committed to reading and reacting in real time to consumer demand to offer increasingly relevant product messaging and experiences at a compelling value regardless of the environment.

當我們思考梅西百貨銘牌的未來時，我們致力於即時了解消費者的需求並做出反應，無論環境如何，都以令人信服的價值提供越來越相關的產品資訊和體驗。

Reflecting that mindset, we have adjusted back half marketing and the promotional calendars and the depth and composition of buys pulling back where business has been soft while protecting areas where we have momentum.

為了反映這種心態，我們調整了行銷和促銷日曆以及購買的深度和組成，以拉回業務疲軟的領域，同時保護我們有動力的領域。

We are evolving our product partnering closely with our vendors to better serve our customers through owned concession, marketplace and consignment, understanding that our customer wants to see the best style, not just in endless aisle.

我們與供應商密切合作，不斷改進我們的產品，透過自有特許權、市場和寄售更好地服務我們的客戶，我們了解客戶希望看到最好的款式，而不僅僅是在無盡的過道中。

And in digital, we are focused on search engine optimization, site enhancements, more transparent pricing and a better mobile experience.

在數位領域，我們專注於搜尋引擎優化、網站增強、更透明的定價和更好的行動體驗。

Turning to luxury, which is our second pillar of the strategy at Bloomingdale's, net sales were down 0.2% and comp sales were down 1.4%.

至於奢侈品，這是我們 Bloomingdale's 策略的第二支柱，淨銷售額下降了 0.2%，可比銷售額下降了 1.4%。

Customers responded well to advance contemporary market brands, including Veronica Beard, Alice and Olivia, L' AGENCE and Farm Rio.

客戶對先進的當代市場品牌反應良好，包括 Veronica Beard、Alice and Olivia、L' AGENCE 和 Farm Rio。

The Venus Williams AQUA collaboration, which launched in mid-June just ahead of Wimbledon and the Olympics was very well received.

Venus Williams AQUA 合作於 6 月中旬在溫網和奧運會之前推出，廣受好評。

And for the quarter net promoter scores improved over 250 basis points year over year and remained the strength of this brand.

本季淨推薦分數年增了 250 個基點以上，仍然是該品牌的優勢。

Looking ahead in the next few weeks, Bloomingdale's will kick off the New York fashion week with a two month long immersive experience that brings the best of Italy to its customers through over 300 exclusive products and 30 new brands across apparel fine jewellery, accessories, beauty and home.

展望未來幾週，Bloomingdale's 將以為期兩個月的沉浸式體驗拉開紐約時裝週的序幕，透過300 多種獨家產品和30 個新品牌，涵蓋服裝、高級珠寶、配件、美容等領域，為顧客帶來義大利最好的體驗。

All Bloomingdale's locations will host a celebration with food, art and music.

布魯明戴爾百貨公司的所有門市都將舉辦包含美食、藝術和音樂的慶祝活動。

And throughout the activation, our 59th Street flagship will have shops, installations and pop-ups on every floor.

在整個啟動過程中，我們第 59 街旗艦店的每一層都將設有商店、裝置和快閃店。

At Bluemercury, we achieved our 14th consecutive quarter of comp store sales growth, posting a 2% gain with net sales growing 1.7%.

在 Bluemercury，我們實現了連續 14 個季度的同店銷售成長，成長 2%，淨銷售額成長 1.7%。

Customers continued to respond well to differentiate its skin care offerings, including new brands like Dr. Diamonds Metacine.

顧客對其護膚產品的差異化反應持續良好，其中包括 Dr. Diamonds Metacine 等新品牌。

And we see an opportunity to expand fragrances with the recent launches of create and Parfum to Marley.

透過最近推出的 create 和 Parfum to Marley，我們看到了擴大香水業務的機會。

During the quarter, Bluemercury opened one new store and remodeled another new and remodeled locations continue to be received well and are outperforming the total fleet with each new store our team is elevating its service model, spot integration and product mix curation to further establish Bluemercury as the authority in professional skincare and adjust a few weeks, Bluemercury will kick off its 25th anniversary celebration, which will run throughout the remainder of the year.

本季度，Bluemercury 開設了一家新店，並改造了另一家新店和改造後的門市，繼續受到好評，並且每家新店的表現都優於整個店群，我們的團隊正在提升其服務模式、現貨整合和產品組合管理，以進一步將Bluemercury 打造為作為專業護膚領域的權威，幾週後，Bluemercury 將迎來 25 週年慶典，該慶典將持續到今年剩餘時間。

We are confident in the luxury category and its long-term potential.

我們對奢侈品類別及其長期潛力充滿信心。

Although Bloomingdale's and Bluemercury are not immune from the broader macro pressures.

儘管 Bloomingdale's 和 Bluemercury 也未能免受更廣泛的宏觀壓力的影響。

The variety of our market and private brand merchandise offerings provides compelling options that will allow us to capture wallet share as the environment evolves.

我們的市場和自有品牌商品的多樣性提供了令人信服的選擇，使我們能夠隨著環境的發展贏得錢包份額。

We will continue to leverage our strong storytelling heritage through new brands, expanded partnerships and exciting launches and events.

我們將繼續透過新品牌、擴大合作夥伴關係以及令人興奮的發布會和活動，利用我們強大的說故事傳統。

Regarding the final pillar of our strategy, simplifying and modernizing end-to-end operations, we are reducing organizational complexity and generating cost savings to fund growth investments.

關於我們策略的最後一個支柱，即簡化和現代化端到端運營，我們正在降低組織複雜性並節省成本，為成長投資提供資金。

Adrian will go into more detail shortly, but the work within this pillar, including improving our fulfillment network productivity and simplifying our technology ecosystem is fostering an even more disciplined organization.

Adrian 很快就會詳細介紹，但這一支柱內的工作，包括提高我們的履行網路生產力和簡化我們的技術生態系統，正在培育一個更紀律嚴明的組織。

In closing covenants and our bold new chapter strategy is unwavering, and we are steadfast in our commitment to improving the fundamentals of our business.

在結束契約和我們大膽的新篇章策略中堅定不移，我們堅定不移地致力於改善我們業務的基礎。

As I am a merchant at heart, I understand that retailing is a balance of art and science.

由於我本質上是個商人，所以我明白零售是藝術與科學的平衡。

As a team, we are actively listening to our customers to improve our results across the organization.

作為一個團隊，我們積極傾聽客戶的意見，以改善整個組織的表現。

We continue to view 2024 as a transition and investment year.

我們繼續將 2024 年視為轉型年和投資年。

While we're pleased with the recent progress on our strategy and profitability profile, we are clear eyed about the challenges yet energized by the opportunities that lie ahead.

雖然我們對最近在策略和獲利狀況方面取得的進展感到滿意，但我們對挑戰有清醒的認識，但也對未來的機會充滿活力。

We will remain competitive to win the customer, but we will not deviate from our path to sustainable profitable sales growth, and we are confident that the actions we are taking across all three bold new chapter pillars will benefit near and longer-term results.

我們將保持競爭力以贏得客戶，但我們不會偏離可持續盈利銷售成長的道路，我們相信，我們在所有三個大膽的新篇章支柱上採取的行動將有利於近期和長期業績。

With that, let me turn it over to Adrian for his remarks.

接下來，讓我將其轉交給阿德里安發表評論。

Thank you, Tony, and good morning, everyone.

謝謝你，托尼，大家早安。

As we navigated the second quarter, we continued to focus on controlling what is within our reach to drive our business.

在我們度過第二季的過程中，我們繼續專注於控制我們所能推動的範圍來推動我們的業務。

We delivered strong gross margin and better than expected SG&A as we diligently managed our margin and expense disciplines throughout the quarter.

由於我們在整個季度努力管理利潤和費用紀律，因此我們實現了強勁的毛利率和好於預期的銷售及管理費用。

Our teams are also making progress on our bold new chapter strategy, including our third pillar, simplifying and modernizing end to end operations.

我們的團隊也在大膽的新篇章策略上取得進展，包括我們的第三個支柱，即端到端營運的簡化和現代化。

We are leaning into cost savings programs and working capital disciplines as we make targeted investments in areas such as automation and process simplification, which should benefit day-to-day execution.

當我們在自動化和流程簡化等領域進行有針對性的投資時，我們正在傾向於成本節約計劃和營運資本紀律，這應該有利於日常執行。

Thus far, these investments have improved the customer experience through faster online delivery and higher product in-stocks while contributing to strong bottom line performance and cash flow generation.

到目前為止，這些投資透過更快的線上交付和更高的產品庫存改善了客戶體驗，同時有助於實現強勁的利潤績效和現金流產生。

Now let's turn to our second quarter results.

現在讓我們來看看第二季的業績。

As a reminder, all comparisons are to the comparable year ago period unless otherwise stated.

提醒一下，除非另有說明，所有比較均與去年同期進行比較。

During the quarter, we focused on gross margin expansion and effective expense management.

本季度，我們專注於毛利率擴張和有效的費用管理。

This, combined with the actions Tony described earlier, allows us to achieve adjusted EPS that was significantly above our expectations even without the benefit of the second quarter asset sale gain.

這與托尼先前描述的行動相結合，使我們能夠實現調整後的每股收益，大大高於我們的預期，即使沒有第二季資產出售收益的好處。

Overall, total Macy's Inc., net sales were $4.9 billion, down 3.8% and total enterprise comps were down 3.3%.

整體而言，梅西百貨公司的總淨銷售額為 49 億美元，下降 3.8%，企業總銷售額下降 3.3%。

Within that go-forward business, Macy's Inc., comps defined as Macy's, Bloomingdale's and Bluemercury go-forward locations, plus digital declined 3%.

在這項前瞻性業務中，梅西百貨 (Macy's Inc.)、梅西百貨 (Macy's)、布魯明戴爾百貨 (Bloomingdale's) 和 Bluemercury 的前瞻性門市以及數位店下降了 3%。

By nameplate, Macy's net sales, inclusive of all Macy's locations and digital were down 4.4% and comps were down 3.6%.

從銘牌上看，梅西百貨的淨銷售額（包括所有梅西百貨和數位店）下降了 4.4%，綜合銷售額下降了 3.6%。

Macy's nameplate go-forward business comps, which include all 350 go forward locations and digital were down 3.3%.

梅西百貨 (Macy's) 的未來業務綜合指數（包括全部 350 家未來業務門市和數位店）下跌 3.3%。

Looking just at stores, all go-forward location comps were down 2.3% with First 50 up 1% of the go-forward locations, down 3.7% and non-go-forward locations down 6.5%.

僅從商店來看，所有進店門市的比較均下降了 2.3%，其中前 50 名進店門市的銷售額年增 1%，下降了 3.7%，非進店門市的銷售額下降了 6.5%。

We remain encouraged by our First 50 performance.

我們仍然對前 50 名的表現感到鼓舞。

We're also excited for the rollout of additional staffing in handbags and shoes to another 100 locations this fall.

我們也很高興今年秋天將在另外 100 個地點增加手袋和鞋子的工作人員。

The impact of these changes are reflected in our current outlook, which I will discuss in a moment.

這些變化的影響反映在我們當前的前景中，我將在稍後討論。

Turning to luxury Bloomingdale's net sales were down 0.2% and comps were down 1.4%, while Bluemercury net sales and comps rose 1.7% and 2%, respectively.

談到奢侈品，Bloomingdale 的淨銷售額下降了 0.2%，比較下降了 1.4%，而 Bluemercury 的淨銷售額和比較分別增長了 1.7% 和 2%。

We're confident in the future of these two nameplates and believe our initiatives sets us up well to take additional luxury market share.

我們對這兩個品牌的未來充滿信心，並相信我們的舉措有助於我們獲得更多的奢侈品市場份額。

Moving to other revenues, which rose 6% to $159 million.

其他營收成長 6%，達到 1.59 億美元。

Net credit card revenues were up $5 million or 4.2% to $125 million.

信用卡淨收入成長 500 萬美元，成長 4.2%，達到 1.25 億美元。

Net credit losses were in line with our expectations.

淨信貸損失符合我們的預期。

As a reminder, in the second quarter of 2023, credit card revenues were negatively impacted by a change in net credit loss trends.

需要提醒的是，2023 年第二季度，信用卡收入受到淨信用損失趨勢變化的負面影響。

Our priority remains to strengthen card usage among current holders while acquiring new cardholders and we are pleased to have achieved three consecutive quarters of year over year new credit card application growth.

我們的首要任務仍然是加強現有持卡人的信用卡使用，同時吸引新持卡人，我們很高興連續三個季度實現新信用卡申請量同比增長。

Macy's Media Network revenue rose $4 million or 13.3% to $34 million, driven by higher advertiser and campaign counts.

由於廣告商和廣告活動數量增加，梅西百貨媒體網路收入增加 400 萬美元，成長 13.3%，達到 3,400 萬美元。

Before discussing gross margin and inventory, it is important to note that both are not directly comparable to the prior year, given the recent conversion to cost accounting.

在討論毛利率和庫存之前，需要注意的是，考慮到最近轉換為成本核算，兩者不能直接與上一年進行比較。

Second quarter gross margin rate was 40.5%, 240 basis points higher than last year and better than our expectation.

第二季毛利率為40.5%，比去年高240個基點，優於我們的預期。

Merchandise margin improvements were driven by lower year-over-year discounting, favorable shortage due to the company's asset protection work and partially by the company's shift to cost accounting.

商品利潤率的改善是由於同比折扣降低、公司資產保護工作帶來的有利短缺以及公司轉向成本核算所推動的。

In addition, improved delivery expense benefited from lower ship sales volume and ongoing expense control, reflecting cost savings and process reengineering initiatives. (inaudible) , inventories were up 6% year over year, which was above our expectations due to second quarter sales results and the decision to invest in areas of product strength for the back half of the year.

此外，交付費用的改善得益於船舶銷售的下降和持續的費用控制，反映出成本節約和流程重組措施。 （聽不清楚），庫存年增 6%，這超出了我們的預期，因為第二季的銷售業績以及下半年投資於產品優勢領域的決定。

We estimate that approximately half of the increase is due to the shift to cost accounting.

我們估計大約一半的成長是由於轉向成本計算。

Looking ahead, we will continue to remain disciplined about the quantity and composition of our inventory.

展望未來，我們將繼續嚴格控制庫存的數量和組成。

SG&A expenses of $2 billion or 38.7% as a percent of total revenue were better than our expectations.

SG&A 支出為 20 億美元，佔總營收的 38.7%，優於我們的預期。

Our teams pursued cost controls while protecting customer facing investments where we're seeing tangible returns, particularly in First 50 locations.

我們的團隊追求成本控制，同時保護面向客戶的投資，我們在這些投資中看到了實際的回報，特別是在前 50 個地點。

Compared to last year, SG&A expense was $7 million lower and up 120 basis points as a percent of total revenue due to lower sales volume.

與去年相比，SG&A 費用減少了 700 萬美元，但由於銷售量下降，佔總收入的百分比增加了 120 個基點。

For the second quarter, we delivered adjusted EPS of $0.53, well above our outlook of $0.25 to $0.33 and compared to $0.26 last year, reflecting an improved year-over-year gross margin rate and strong expense controls.

第二季度，我們的調整後每股收益為 0.53 美元，遠高於我們預期的 0.25 至 0.33 美元，而去年為 0.26 美元，反映出同比毛利率的改善和強有力的費用控制。

In addition, an earlier than expected non-go-forward asset sale gain benefited EPS by $0.1. Cash from operating activities was $137 million, while capital expenditures totaled $432 million.

此外，早於預期的非推進資產出售收益使每股收益增加 0.1 美元。經營活動現金為 1.37 億美元，資本支出總計 4.32 億美元。

Free cash flow was an outflow of $244 million, and we paid $96 million in cash dividends.

自由現金流流出 2.44 億美元，我們支付了 9,600 萬美元的現金股利。

We believe our healthy liquidity, including our asset based credit facility, support our ability to navigate any potential uncertainty that may arise as we head into the back half of the year.

我們相信，我們健康的流動性，包括基於資產的信貸安排，將支持我們應對下半年可能出現的任何潛在不確定性的能力。

Regarding real estate monetization, we are pleased with the traction we've experienced to date with landlords and developers.

關於房地產貨幣化，我們對迄今為止與房東和開發商的合作感到滿意。

We're committed to monetizing these assets and certain distribution centers, but only at the right value.

我們致力於將這些資產和某些配送中心貨幣化，但僅限於適當的價值。

We are encouraged by the progress that our seasoned real estate team is making.

我們經驗豐富的房地產團隊所取得的進展讓我們深受鼓舞。

As noted earlier, we have increased our expected number of store closures this year to approximately 55 locations from roughly 50.

如前所述，我們已將今年預計關閉的門市數量從約 50 家增加到約 55 家。

To conclude the conversation on recent results, I am proud of our teams.

最後，我為我們的團隊感到自豪。

As the environment became more challenging, we executed with discipline, we found opportunities and efficiencies that supported our bottom line performance while continuing to make progress on our bold new chapter strategy.

隨著環境變得更具挑戰性，我們嚴格執行紀律，找到了支持我們底線績效的機會和效率，同時繼續在我們大膽的新篇章策略上取得進展。

Our full year and third quarter outlooks reflect everything we know about the consumer, our operations and our goals as of today.

我們的全年和第三季展望反映了截至目前為止我們對消費者、營運和目標的了解。

As we navigate the remainder of the year, we will leverage our operational agility and execution disciplines to protect our profitability.

在今年剩下的時間裡，我們將利用我們的營運敏捷性和執行紀律來保護我們的獲利能力。

Before discussing our full year and third quarter assumptions, a few reminders.

在討論我們的全年和第三季假設之前，有一些提醒。

First, our outlook assumes a more discriminating consumer and heightened promotional environment relative to our prior expectations.

首先，我們的前景假設相對於我們先前的預期，消費者更具辨別力，促銷環境更加完善。

We believe our range gives us room to address the ongoing uncertainty in the discretionary consumer market.

我們相信我們的產品系列為我們提供了解決可選消費市場持續不確定性的空間。

Second, we have not included any impact from the potential CFPB late fee regulation.

其次，我們沒有考慮 CFPB 滯納金監管潛在的任何影響。

Third, the outlook for gross margin and inventory continues to reflect the conversion to cost accounting earlier this year and as previously noted, are not directly comparable to prior year balances.

第三，毛利率和庫存的前景繼續反映今年早些時候向成本核算的轉換，並且如前所述，不能與上一年的餘額直接比較。

And lastly, 2024 continues to be a transition and investment year for Macy's, Inc. We will continue to evaluate pilots and iterate new ideas.

最後，2024 年仍然是梅西百貨公司的轉型和投資年。

Not everything will work, but as we find what it does, we will scale as appropriate.

並非一切都會奏效，但當我們發現它的作用時，我們將適當地擴展。

With that for fiscal 2024, we now expect net sales of approximately $22.1 billion to $22.4 billion.

考慮到 2024 財年，我們現在預計淨銷售額約為 221 億美元至 224 億美元。

The primary drivers of our reduced sales outlook relative to prior expectations are second quarter sales results and a more challenging environment.

相對於先前的預期，我們下調銷售前景的主要驅動因素是第二季的銷售業績和更具挑戰性的環境。

For the full year, we now assume Macy's Inc., comps inclusive of non-go-forward locations and digital to be down 2% to down 0.5% with Macy's nameplate go-forward locations and digital to be down 1.5% to flat and our luxury nameplates to collectively be up 0.5% to up 2%.

就全年而言，我們現在假設梅西百貨公司（包括非前進門市和數位業務在內）的綜合股價將下跌2% 至0.5%，其中梅西百貨的前進門市和數位業務將下跌1.5% 至持平，而我們的奢侈品牌整體上漲 0.5% 至 2%。

Other revenue of $670 million to $685 million, including credit card revenues of $490 million to $505 million.

其他收入為 6.7 億至 6.85 億美元，其中信用卡收入為 4.9 億至 5.05 億美元。

Gross margin as a percent of net sales of 39% to 39.2%, primarily reflecting our expectation for a heightened promotional landscape, partially offset by sales mix and second quarter shortage benefit.

毛利率佔淨銷售額的百分比為 39% 至 39.2%，主要反映了我們對促銷活動加強的預期，但部分被銷售組合和第二季度短缺效益所抵消。

SG&A as a percent of total revenue of 36.3% to 36.6%.

SG&A 佔總營收的百分比為 36.3% 至 36.6%。

We will continue to invest in near term sales-driving efforts and longer-term bold new chapter strategy initiatives while prioritizing efficiency and effectiveness and non-customer facing areas.

我們將繼續投資於短期銷售驅動工作和長期大膽的新篇章策略舉措，同時優先考慮效率和效果以及非客戶領域。

Asset sale gains of approximately $115 million with related sales proceeds of roughly $150 million.

資產出售收益約 1.15 億美元，相關銷售收益約 1.5 億美元。

We have updated our annual outlook based on the progress we are making on deal-making, including the second quarter monetization and our upwardly revised monetization expectation for the third quarter.

我們根據交易進度更新了年度展望，包括第二季貨幣化和上調的第三季貨幣化預期。

Adjusted EBITDA as a percent of total revenue of 8.6% to 9%.

調整後 EBITDA 佔總營收的比例為 8.6% 至 9%。

Interest expense of $120 million due to higher expected interest income.

由於預期利息收入較高，利息支出為 1.2 億美元。

We are maintaining our annual adjusted diluted EPS outlook of $2.55 to $2.90, reflecting our commitment to enhancing gross margin and exercising expense controls.

我們維持年度調整後攤薄每股收益 2.55 美元至 2.90 美元的預期，反映了我們對提高毛利率和實施費用控制的承諾。

Our second quarter beat and favorable interest expense assumptions are expected to be offset by headwinds from lower sales volume and the heightened promotional landscape.

我們的第二季業績和有利的利息支出假設預計將被銷售下降和促銷活動加劇帶來的不利因素所抵銷。

Capital spend of about $875 million to $890 million, slightly higher than our prior outlook as we pursue additional growth investments.

資本支出約為 8.75 億至 8.9 億美元，略高於我們先前的預期，因為我們尋求額外的成長投資。

For the third quarter, net sales are expected to be $4.7 billion to $4.82 billion.

第三季淨銷售額預計為 47 億美元至 48.2 億美元。

Other revenues are projected to be roughly $152 million, including credit card revenues of approximately $110 million.

其他收入預計約為 1.52 億美元，其中信用卡收入約為 1.1 億美元。

Gross margin rate to be approximately 40.3% to 40.5% and end of quarter inventories versus last year, up mid-single digits on a reported basis.

毛利率約為 40.3% 至 40.5%，季度末庫存與去年同期相比，按報告數據增長中個位數。

Entering the third quarter.

進入第三季。

The quantity and composition of our inventory is well-positioned.

我們的庫存數量和組成處於有利位置。

Aged inventories are under control, and we are pleased with the level of newness.

陳舊庫存得到控制，我們對新品水準感到滿意。

We're also seeing healthy inventory flows and have ongoing mitigation strategies in place to offset elevated ocean transit times and constrained container capacity.

我們也看到健康的庫存流動，並制定了持續的緩解策略，以抵消海運時間延長和貨櫃容量有限的影響。

We expect to end the third quarter and ultimately the fall season without any meaningful inventory liabilities.

我們預計第三季結束並最終在秋季結束時不會產生任何有意義的庫存負債。

Finally, we expect adjusted diluted EPS of a loss of $0.04 to earnings of $0.01, including a roughly $30 million asset sale gain assumption for the monetization of non-go-forward assets.

最後，我們預計調整後的攤薄每股收益將虧損 0.04 美元，收益為 0.01 美元，其中包括用於非遠期資產貨幣化的約 3000 萬美元資產出售收益假設。

In closing, we remain relentlessly focused on executing our bold new chapter strategy and controlling what we can control.

最後，我們仍然堅持不懈地專注於執行我們大膽的新篇章策略並控制我們可以控制的事情。

This includes cost savings initiatives, inventory discipline, cash management and strong operational execution.

這包括成本節約計劃、庫存紀律、現金管理和強大的營運執行力。

With that, I'll now pass it back to Tony.

有了這個，我現在將其傳回給托尼。

Thank you, Adrian.

謝謝你，阿德里安。

I'm pleased with the progress we're making on our bold new chapter strategy.

我對我們大膽的新篇章策略所取得的進展感到高興。

My team and I share our passion for finding new and innovative ways to serve and excite the customer.

我和我的團隊都熱衷於尋找新的創新方式來服務和激勵客戶。

And we have a unique advantage through our iconic events as well as our everyday interactions.

透過我們的標誌性活動以及日常互動，我們擁有獨特的優勢。

We understand that being in the business of retail is being in the business of people.

我們知道，從事零售業務就是從事人的業務。

We are listening to our customers, finding that balance between art and science and are committed to delivering improved product and a better more connected customer experience while returning the company to long-term profitable sales growth.

我們傾聽客戶的聲音，尋找藝術與科學之間的平衡，並致力於提供改進的產品和更好、更互聯的客戶體驗，同時使公司恢復長期盈利的銷售成長。

With that, operator, we are ready for questions.

接線員，我們已經準備好回答問題了。

Thank you.

謝謝。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作員指示）Matthew Boss，摩根大通。

Great, thanks.

太好了，謝謝。

So Tony, could you speak to the cadence of comps as the second quarter progressed?

東尼，你能談談第二季的比賽節奏嗎？

Elaborate on changes that you cited in the consumer backdrop and just what you've seen with early back-to-school or August trends, maybe relative to the second quarter comp performance?

詳細說明您在消費者背景中提到的變化，以及您在早期返校或八月趨勢中看到的變化，也許與第二季度的比較表現有關？

And then, Adrian, if you could just walk through the drivers back half gross margin expansion despite embedding a heightened promotional backdrop, I think that would be great.

然後，阿德里安，如果你能回顧一下驅動因素的一半毛利率擴張，儘管嵌入了加強的促銷背景，我認為那就太好了。

Thanks, Matt.

謝謝，馬特。

Good to talk to you.

很高興和你說話。

The quarter played out, obviously softer than we expected, it started to get softer in the middle of the quarter.

本季的表現明顯比我們預期的要疲軟，在季度中期開始變得疲軟。

And the team immediately took action.

並且團隊立即採取了行動。

It's strengthening marketing, improving the quality of the products we're focused on, making sure that we were cutting back on receipts that were no longer necessary and flowing back into things that we're working.

它加強了行銷，提高了我們關注的產品的質量，確保我們削減不再需要的收入並回流到我們正在做的事情上。

We saw an immediate impact.

我們看到了立竿見影的影響。

And while I'm not going to comment on third quarter sales, I will say that the changes we made in the second quarter are showing in the third quarter as well.

雖然我不會評論第三季的銷售情況，但我會說我們在第二季所做的改變也將在第三季顯現出來。

And our guidance, I think, gives us that conservative outlook for the remainder of the year that is both prudent and appropriate, allowing us to reaffirm our EPS guidance for the year and at the same time acknowledge the fact that the consumer is more discriminating.

我認為，我們的指引讓我們對今年剩餘時間持保守的看法，既審慎又適當，使我們能夠重申今年的每股收益指引，同時承認消費者更具辨別力這一事實。

I do think that the changes that we're making in the 30 that they serve as a great barometer and opportunity for us to continue to learn and apply to more stores going forward.

我確實認為我們在 30 年來所做的改變為我們提供了一個很好的晴雨表和機會，讓我們繼續學習並應用於未來更多的商店。

We did announce 100 stores that we're adding staffing test to in both handbags and shoes, the fact that in the First 50, all categories outperformed the rest of the nameplate, the fact that we're seeing it on the top line, we're seeing it on the customer service scores, we're seeing it in better traffic and conversion.

我們確實宣布了100 家商店，我們正在對手袋和鞋子進行人員配置測試，事實上，在前50 家商店中，所有類別的表現都優於銘牌上的其他商店，事實上，我們在頂線上看到了這一點，我們我們在客戶服務分數上看到了這一點，我們在更好的流量和轉換率上看到了這一點。

So we think we have a model that we just need a little longer to learn from, but we're prepared to use that as the go forward strategy for the Macy's brand?

所以我們認為我們有一個模型，我們只需要更長的時間來學習，但我們準備將其用作梅西百貨品牌的前進策略？

Adrian?

阿德里安？

Good morning, Matt.

早安，馬特。

Let me speak a little bit to gross margin.

讓我談談毛利率。

So as you know that we are quite pleased with our Q2 gross margin results, and we're certainly confident in our outlook for the year as we spoke about a few moments ago, the range that we have for the year of 39% to 39.2%.

如您所知，我們對第二季的毛利率結果非常滿意，並且我們對今年的前景充滿信心，正如我們剛才談到的那樣，我們今年的毛利率範圍為 39% 至 39.2% %。

We believe just gives us sufficient flexibility to respond to the uncertainty that may be on the horizon.

我們相信這給了我們足夠的靈活性來應對可能出現的不確定性。

Now as we plan as we think about our gross margin outlook for the balance of the year in the fall season, there are really three things that we're focused on.

現在，當我們計劃並考慮秋季剩餘時間的毛利率前景時，我們確實專注於三件事。

The first is around inventories and we feel at this point that we do have inventories under control.

第一個是庫存，我們認為目前庫存確實受到控制。

We took some actions coming out of the second quarter given we had softer sales in the quarter and we've already made the appropriate adjustments for Q3 and Q4.

鑑於本季銷售疲軟，我們在第二季採取了一些行動，我們已經對第三季和第四季進行了適當的調整。

And the kinds of things that we're leaning into are the things that you're familiar with.

我們正在研究的事物是你們熟悉的事物。

We have good disciplines and good controls already in place at this moment in time, our aged inventories are well under control.

目前我們已經建立了良好的紀律和良好的控制，我們的老化庫存得到了很好的控制。

We're pleased with the level of newness because we're now approaching the holiday season and we have a healthy flow given some of the constraints I mentioned a bit earlier around container availability and supply chain delays.

我們對新鮮程度感到滿意，因為我們現在正接近假期，考慮到我之前提到的有關貨櫃可用性和供應鏈延遲的一些限制，我們的流量健康。

But there are a couple of other things that are important for us as well.

但還有其他一些事情對我們也很重要。

The second one being shortage trends.

第二個是短缺趨勢。

We benefited in the second quarter from lower shortage than we expected, as we've made investments at the end of last year into the beginning of this year with our asset protection team and the initiatives that they're pursuing seem to be working.

我們在第二季度受益於短缺程度低於我們的預期，因為我們從去年年底到今年年初都對我們的資產保護團隊進行了投資，而且他們正在採取的舉措似乎正在發揮作用。

So we're very pleased with that.

所以我們對此非常滿意。

The last piece is lower delivery costs.

最後一點是降低運輸成本。

We continue to diversify our carriers who have lower rates without actually compromising service levels.

我們繼續使費率較低的承運商多元化，但實際上並沒有影響服務水準。

We also recognize that it's important to have the right balance of upstream versus downstream fulfillment, which has enabled us to minimize split shipments, which can be quite costly for us.

我們也認識到，在上游與下游履行之間保持適當的平衡非常重要，這使我們能夠最大限度地減少分批發貨，這對我們來說成本可能相當高。

So as we think about inventory discipline, shortage trends and lower delivery costs, we're encouraged by our outlook for the balance of the year and also encouraged by what we expect to deliver in the third quarter.

因此，當我們考慮庫存紀律、短缺趨勢和較低的交付成本時，我們對今年剩餘時間的前景感到鼓舞，也對我們預計第三季的交付感到鼓舞。

Great color.

顏色很棒。

Best of luck.

祝你好運。

Thanks, Matt.

謝謝，馬特。

Thank you.

謝謝。

Brooke Roach, Goldman Sachs.

布魯克·羅奇，高盛。

Good morning and thank you for taking our question.

早安，感謝您提出我們的問題。

Tony, I was hoping you could help frame the magnitude of the potential tailwinds you see from the rollout of these select First 50 staffing tests to locations this fall.

東尼，我希望您能幫助我們了解今年秋天在這些選定的前 50 名地點進行的人員配置測試所帶來的潛在推動力的大小。

And then broader, bigger picture, the key factors that you're looking for that will allow you to more aggressively expand these First 50 initiatives to the rest of the fleet?

然後，從更廣闊的角度來看，您正在尋找哪些關鍵因素可以讓您更積極地將這些前 50 名計劃擴展到機隊的其他成員？

And then perhaps for Adrian, can you elaborate on the adjustments that Macy's is making to its promotion and marketing calendar for the balance of the year.

然後，也許阿德里安（Adrian）能否詳細說明一下梅西百貨（Macy's）對其今年剩餘時間的促銷和營銷日曆所做的調整。

Thank you.

謝謝。

Thanks, Brooke, and good to talk to you.

謝謝布魯克，很高興與你交談。

We are excited about the First 50, if we haven't made that clear enough.

如果我們還沒有說得足夠清楚的話，我們對前 50 名感到興奮。

It's two consecutive quarters of comp store growth.

這是同類商店連續兩季成長。

It's 600 basis points of improvement in NPS, 460 basis points of improvement versus the rest of Macy's.

與梅西百貨的其他產品相比，NPS 提高了 600 個基點，提高了 460 個基點。

And I want to make clearly we will expand at 50 or First 50.

我想明確表示，我們的擴張規模將達到 50 家或前 50 家。

It's a question of when not if and I think we've said before on the fourth quarter call.

這是一個何時而不是是否的問題，我想我們之前在第四季度電話會議上已經說過了。

We will elaborate further on how many stores next year, but I think you can view it as a positive sign that we went ahead and did the 100 store test on handbags and shoes as the confidence that we have on those particular families of business on what it can mean to provide the ample level of staffing in a service-oriented business.

我們將進一步詳細說明明年有多少家商店，但我認為您可以將其視為一個積極的信號，表明我們繼續進行手袋和鞋子的 100 家商店測試，因為我們對這些特定的企業家族有信心它可能意味著在面向服務的企業中提供充足的人員配置。

In terms of the magnitude, it's incorporated into our guidance.

就規模而言，它已納入我們的指導中。

I think our guidance gives us the range to be able to use those levers to improve our performance.

我認為我們的指導為我們提供了利用這些槓桿來提高績效的範圍。

But I look at the First 50 as continuing to be the best example of what Macy's can be in the future.

但我認為 First 50 仍然是梅西百貨未來發展的最佳典範。

And please know, we are going to move as fast as we possibly can without tripping on our way to success.

請注意，我們將盡可能快地前進，而不會在成功的道路上絆倒。

So I'm just careful about making sure that there are not false positives.

所以我只是小心確保不存在誤報。

We've got a lot of noise in the public environment right now, let's make sure we understand what's causation versus correlation.

現在公共環境中有很多噪音，讓我們確保理解什麼是因果關係和相關關係。

Adrian?

阿德里安？

Good morning.

早安.

Brooke, to your question about the adjustments on promotions and marketing into the context that we are operating under is a consumer that's really oriented on value.

布魯克，對於你關於促銷和行銷調整的問題，我們的營運背景是真正以價值為導向的消費者。

And so some of the things that we've been doing is experimenting with our media marketing mix, which we're very encouraged by the experiments that we're seeing on the business as Tony referenced.

因此，我們一直在做的一些事情是嘗試我們的媒體行銷組合，正如托尼提到的那樣，我們在業務上看到的實驗讓我們深受鼓舞。

Since we've made those changes from Q2, we've been very clear on value in our promotional calendar and our communicated messages, but we also recognize that there are other dimensions when the customer shows up on our website or in our stores that matter around value as well.

自從我們從第二季開始做出這些改變以來，我們在促銷日曆和傳達的訊息中非常清楚地說明了價值，但我們也認識到，當客戶出現在我們的網站或商店中時，還有其他方面很重要圍繞價值也是如此。

And that's having colleagues available, having a good experience within our stores, making sure that we have strong visual presentation that we're amplifying the value that's available to the customer when they visit us.

這就是讓同事有空，在我們的商店裡有良好的體驗，確保我們有強大的視覺呈現，我們正在放大客戶在訪問我們時可以獲得的價值。

So those are the kinds of adjustments that we're making, but really all centered around sharper on the value messaging to the consumer every day that they're actually visiting with us.

這些就是我們正在做出的調整，但實際上所有這些調整的重點都是向消費者每天實際訪問我們的產品傳達更清晰的價值訊息。

Great.

偉大的。

Thanks so much.

非常感謝。

I'll pass it on.

我會把它傳遞下去。

Thanks Brooke.

謝謝布魯克。

Thank you.

謝謝。

Ashley Helgans, Jefferies.

阿什利·赫爾根斯，杰弗里斯。

Ashley, may be on mute.

阿什利，可能處於靜音狀態。

Would you like me to move on to the next question?

您希望我繼續下一個問題嗎？

Yes.

是的。

Thank you.

謝謝。

Bob Drbul, Guggenheim.

鮑勃·德布爾，古根漢。

Hi, good morning.

嗨，早安。

Just a couple of questions from me.

我只想問幾個問題。

On the merchandising side, just what you're seeing in handbags and shoes to really lead that acceleration.

在銷售方面，你在手袋和鞋子上看到的東西真正引領了這種加速。

Just wondering if you could comment.

只是想知道你是否可以發表評論。

I think that's been a tougher category, so some of the changes that you're seeing would be helpful.

我認為這是一個更難的類別，因此您看到的一些變化將會有所幫助。

And a similar question just on women's.

還有一個關於女性的類似問題。

When you look at what's happening in women's and some of the brands that you caught up, any of the trends that you see and sort of relates to those trends in the back half of the year?

當你看看女裝和你關注的一些品牌正在發生的事情時，你看到的任何趨勢以及與下半年的趨勢有什麼關係嗎？

Sure.

當然。

Thanks, Bob, for the question.

謝謝鮑伯提出的問題。

We are seeing green shoots in ready-to-wear.

我們看到成衣領域出現了萌芽。

So that's why we're going to have citing those examples in terms of Donna Karan or a Vascular Fee or Karl Lagerfeld or at Bloomingdale's and L' AGENCE (inaudible) Alison and Olivia or Veronica Beard, we are taking advantage of the fact that we are in an apparel cycle and whether that's white bottom denim or change in silhouette or improved fabrications.

因此，這就是為什麼我們要引用唐娜·卡蘭(Donna Karan) 或血管費(Vascular Fee) 或卡爾·拉格斐(Karl Lagerfeld) 或布魯明代爾(Bloomingdale's) 和L' AGENCE（聽不清楚）艾莉森(Alison) 和奧利維亞(Olivia) 或維羅妮卡·比爾德(Veronica Beard) 等例子，我們正在利用這樣一個事實：處於服裝週期中，無論是白底牛仔布還是廓形的變化或改進的布料。

We want to go after the business that at both brands.

我們想要追求這兩個品牌的業務。

In terms of handbags and shoes, we were pleased to see the disparity or the magnitude of the difference in our F 50 stores in those two categories which have been tougher for us.

在手袋和鞋子方面，我們很高興看到我們的 F 50 商店在這兩個類別上的差異或差異的大小，這對我們來說更加困難。

And I would say we know staffing is an ingredient, we know merchandise as an ingredient.

我想說，我們知道人員配置是要素，我們知道商品也是要素。

So we're pleased to go after 100 more stores in those two categories.

因此，我們很高興在這兩個類別中再尋找 100 家商店。

And we think that the assortment in shoes is very conducive to a department store environment where customer wants selection and variety of price points and brands doesn't always know they're side by brand, and it's a chance for us to lean into something that we're particularly good at.

我們認為鞋子的種類非常有利於百貨公司的環境，在這種環境中，顧客想要選擇和各種價位，而品牌並不總是知道它們是並列的，這對我們來說是一個機會，可以專注於一些東西我們特別擅長。

In the case of handbags, I think we cited the fact that we're starting to see some light at the end of the tunnel on brands like Lauren by Ralph Lauren and Karl Lagerfeld and the coach business has been particularly good lately.

就手袋而言，我認為我們提到了這樣一個事實，即我們開始在 Lauren by Ralph Lauren 和 Karl Lagerfeld 等品牌的隧道盡頭看到一些曙光，而且客車業務最近特別好。

So cautiously optimistic that those tests are going to help improved the quality of our business in the fall.

謹慎樂觀的是，這些測試將有助於提高我們秋季的業務品質。

And if I could just ask a follow-up, Adrian, on the credit card business.

我可否請一位跟進人員，阿德里安，詢問有關信用卡業務的問題。

You expand a bit more sort of some of the trends that you're seeing within the cardholders and delinquencies, I think you said as expected, but can you put a little more color on that for us?

您對持卡人和拖欠行為中看到的一些趨勢進行了更多的闡述，我認為您所說的符合預期，但是您能為我們提供更多的資訊嗎？

Absolutely, Bob, and good morning.

當然，鮑勃，早安。

So our net credit losses and delinquencies, as I mentioned earlier, we're very much in line with our expectations.

因此，正如我之前提到的，我們的淨信貸損失和拖欠率非常符合我們的預期。

What we are seeing is that there are slightly lower payment rates, which is not necessarily -- it's not necessarily translating into bad debt.

我們看到的是，支付率略低，但這並不一定會轉化為壞帳。

So what's been happening is that we're seeing the customer set on revolving balances a little bit longer, but certainly paying off and their pain paying their bills in a cycle that effectively has allowed us to have revenue a little bit better than our expectations.

因此，我們看到客戶設定循環餘額的時間稍長一些，但肯定會得到回報，他們在一個週期內支付賬單的痛苦實際上使我們的收入比我們的預期好一點。

And that revenue is really driven by higher balances with delinquencies and net credit losses in line with what we expected in our forecast.

這筆收入實際上是由拖欠餘額和淨信貸損失增加所推動的，這與我們的預測一致。

Thank you very much.

非常感謝。

No problem, Bob.

沒問題，鮑伯。

Thank you.

謝謝。

Dana Telsey, Telsey Advisory Group.

達納‧特爾西，特爾西諮詢小組。

Hi, good morning, everyone.

嗨，大家早安。

As you think about some of your other formats, whether it's the smaller format, Macy's, backstage outlets and digital, how did they perform relative to the core and how you thinking about them for the back half?

當您考慮其他一些格式時，無論是較小的格式、梅西百貨、後台商店還是數位格式，它們相對於核心的表現如何，以及您如何看待它們的後半部分？

And then just following up on AUR, which I think was up 4% in the first quarter of 3.6% in the second drivers of AUR gains and how you're thinking about it going forward?

然後跟進 AUR，我認為 AUR 在第一季上漲了 4%，是 AUR 成長的第二個驅動因素，其中 3.6%，您如何看待未來的發展？

And just lastly, you tweaked up the investment in CapEx.

最後，您調整了資本支出的投資。

What are those growth initiatives?

這些成長舉措是什麼？

Is some of it by the by Italy for Bloomingdale's that's coming up or how you're thinking about it.

其中一些是由義大利為布魯明戴爾百貨公司即將推出的，或者你是如何看待它的。

Thank you.

謝謝。

Thanks Dana, good to talk to you.

謝謝達納，很高興與你交談。

Let's first talk about the portfolios because I think it's a big part of what we're trying to accomplish with the opening Macy's small format.

讓我們先談談產品組合，因為我認為這是我們在梅西百貨小店開業時試圖實現的一個重要部分。

We opened six in the spring.

我們在春天開了六家。

We have six more that were opening in the fall, which brings us to 24 stores.

今年秋季，我們還有 6 家新店開業，門市總數達到 24 家。

We obviously have the First 50 initiative and we have our digital business.

顯然，我們有「前 50 強」計劃，也有我們的數位業務。

And what we have focused on is trying to win by market.

而我們所關注的就是靠市場取勝。

And what you'll see us talking more about is what is the right complement of small format stores, great on-mall stores and the digital business by geography to be able to win the customer and thus exceed market by market.

您將看到我們更多地討論的是小型商店、大型商場商店和地理上的數位業務的正確補充，以便能夠贏得客戶，從而逐個市場地超越市場。

So it's not like choosing your favorite child.

所以這不像選擇你最喜歡的孩子。

These all fit into our ecosystem.

這些都適合我們的生態系。

We have to have the best off-mall stores and best on-mall stores and a healthy digital business.

我們必須擁有最好的商場外商店和最好的商場內商店以及健康的數位業務。

The AUR increase is consistent with what we've seen by improving the quality of our product, not charging more, not pulling back from promotions.

AUR 的成長與我們透過提高產品品質、不收取更多費用、不取消促銷活動所看到的情況一致。

So I would continue to expect to see low single digit AUR growth as we continue to drive to improve the traffic and conversion on our store -- in our stores and on our sites.

因此，隨著我們繼續努力改善我們商店（商店和網站）的流量和轉換率，我仍然預計 AUR 會出現低個位數成長。

The single biggest area that we have been challenged with is on conversion, and we're doing everything we can on both the site and the presentation in our stores to improve the quality conversion.

我們面臨的最大挑戰是轉化，我們正在網站和商店的展示上盡一切努力來提高轉換品質。

I think Adrian mentioned on the call, both traffic and conversion were stronger in our First 50.

我認為 Adrian 在電話中提到，我們的前 50 名中的流量和轉換率都更高。

So I think we know what we have to do we just need to react appropriately and make sure that we're managing both the top line and the bottom line.

所以我認為我們知道我們必須做什麼，我們只需要做出適當的反應，並確保我們管理頂線和底線。

Adrian, anything you add?

阿德里安，你還有什麼補充嗎？

Yes.

是的。

Good morning, Dana, to your question on capital investment, that we're very disciplined on capital allocation.

早安，達納，關於你關於資本投資的問題，我們在資本配置方面非常嚴格。

We are very focused on maintaining a healthy balance sheet, returning excess cash value to our investors.

我們非常注重維持健康的資產負債表，向投資者返還超額現金價值。

But the second dimension of our capital allocation is really what you're experiencing with the slides increase in capital spend for this year.

但我們資本配置的第二個維度確實是今年資本支出的下滑所經歷的。

We're going to be investing in high return investments in the business.

我們將投資於該業務的高回報投資。

For example, what we're seeing in our F 50 stores is that some of the visual enhancements in areas like our private brands seem to be working.

例如，我們在 F 50 商店中看到，我們自有品牌等區域的一些視覺增強似乎正在發揮作用。

So we want to lean into that.

所以我們想深入研究這一點。

Some of the biggest improvement in our scores around F 50 stores as well as the broader network is around neat and clean.

我們在 F 50 商店以及更廣泛的網絡中得分的最大改進是整潔和乾淨。

But we want to make sure that in the stores where we're making the changes that the general upkeep of the store and the maintenance of the store is actually appropriately invested in.

但我們希望確保在我們正在進行變革的商店中，商店的一般維護和維護實際上得到了適當的投資。

So that there's a good experience for the customer.

這樣才能帶給客戶良好的體驗。

We see some opportunities around digital.

我們看到了一些圍繞數位化的機會。

And so we've been leaning into that piece as well.

所以我們也一直在關注這件事。

So really being very thoughtful and surgical about those investments that will help us deliver a better experience and also deliver growth.

因此，對於這些投資，我們要深思熟慮並進行手術，這將有助於我們提供更好的體驗並實現成長。

And so we're really taken the opportunity to lean into some of those investments this year.

因此，今年我們確實抓住了機會進行其中一些投資。

Thank you.

謝謝。

Thank you, Dana.

謝謝你，達納。

Thank you.

謝謝。

Ashley Helgans, Jefferies.

阿什利·赫爾根斯，杰弗里斯。

Hey guys, apologies about earlier.

嘿夥計們，對之前的事情表示歉意。

This is Blake on for Ashley.

這是布萊克替阿什利上場。

Wanted to ask on the implied sales guide for the second half in terms of kind of your consumer assumptions, are you assuming this consumer is more stable or becomes increasingly challenged?

想問一下下半年隱含銷售指南中您的消費者假設，您是假設該消費者更加穩定還是變得越來越面臨挑戰？

How is that reflected in the guide and also on the color in Q3 sales.

這如何反映在指南中以及第三季銷售的顏色。

Adrian, did you provide a comp at all for that?

Adrian，你為此提供了一份補償嗎？

And then last one for us was also for Adrian, on cost accounting, how much is embedded in that for the full year gross margin?

最後一個對我們來說也是對阿德里安來說，關於成本會計，全年毛利率包含多少？

Thanks so much.

非常感謝。

Absolutely.

絕對地。

So Blake, great to be with you.

布萊克，很高興和你在一起。

Let me talk a little bit about sales to get started.

首先讓我先談談銷售。

When you think about our sales range for both Q3 and for the year, it just gives us an opportunity to address the uncertainty in the discretionary spending categories that we operate in.

當您考慮我們第三季和今年的銷售範圍時，它只是讓我們有機會解決我們所經營的可自由支配支出類別的不確定性。

And so as Tony mentioned a bit earlier, we've been very thoughtful and cautious about what we're seeing in the back half.

正如東尼之前提到的，我們對後半段看到的情況非常深思熟慮和謹慎。

At the same time, we expect our F 50 Macy's locations to outperform the broader fleet.

同時，我們預計 F 50 梅西百貨門市的表現將優於更廣泛的機隊。

We are encouraged enough in terms of the performance that Tony just spoke to expand a couple of changes around handbags and shoes that we are seeing real gains in the First 50 locations to an additional 100 locations this fall.

托尼剛剛談到擴大手袋和鞋子方面的一些變化，我們對業績感到非常鼓舞，我們看到今年秋天前 50 家門市的銷售量增加到另外 100 家。

We're continuing to make investments in our digital business around site enhancements, search engine optimization, a better mobile mix.

我們將繼續圍繞網站增強、搜尋引擎優化和更好的行動組合對數位業務進行投資。

So again, we have a number of things that we see green shoots that we're leaning into, but we also recognize that we're in a context of uncertainty with regards to discretionary spend.

再說一遍，我們看到了許多正在萌芽的事情，但我們也意​​識到，我們處於可自由支配支出的不確定性背景下。

As we think about cost accounting, the way I would think about it is that the best way to track our performance this year is to look at our outlook for the year, that's really going to be the best way.

當我們考慮成本會計時，我的想法是，追蹤我們今年業績的最佳方法是看看我們今年的前景，這確實是最好的方法。

On an annual basis some of the adjustments that you would expect from the transition from retail accounting to cost accounting are not material for the year.

從每年的角度來看，您預期從零售會計過渡到成本會計時所進行的一些調整在當年並不重要。

We provided a little bit more detail in Q2, but it's a bit chunky as we go throughout the year.

我們在第二季度提供了更多細節，但隨著我們全年的進展，它有點粗略。

But again, not material for the overall year.

但同樣，這對全年來說並不重要。

And with regards to how we're thinking about gross margin in the third quarter, we're looking at about

關於我們如何看待第三季的毛利率，我們正在考慮

[40.3% to 40.5%].

[40.3% 至 40.5%]。

And we feel that given the ranges on top line on gross margin on the bottom line, we should be able to navigate to those outcomes.

我們認為，考慮到底線毛利率的頂線範圍，我們應該能夠實現這些結果。

Great.

偉大的。

Thank you.

謝謝。

Best of luck.

祝你好運。

Thank you, Blake.

謝謝你，布萊克。

Thank you.

謝謝。

Paul Lejuez, Citi.

保羅‧勒胡埃斯，花旗銀行。

Thanks, it's Tracy Kogan filling in for Paul.

謝謝，特雷西·科根 (Tracy Kogan) 代替保羅。

I was wondering if you could talk about performance by income demographic, particularly as the quarter played out and we saw that weakness overall.

我想知道您是否可以談談收入人口的表現，特別是在本季結束時，我們看到了整體的疲軟。

Was wondering if you saw any differences by the different income cohorts?

想知道不同收入者是否有差異？

Thanks for the question Tracy.

謝謝特雷西的提問。

Yeah, I think that there was a pretty consistent reaction across all of our nameplates in terms of the second quarter being softer than the first quarter.

是的，我認為我們所有的品牌都有一個相當一致的反應，即第二季度比第一季疲軟。

So yeah, you have to believe that everybody is being a little more cautious as they kind of watch what's going on in the macroenvironment and are just being more judicious in the purchase they make.

所以，是的，你必須相信每個人都更加謹慎，因為他們在觀察宏觀環境中正在發生的事情，並且在購買時更加明智。

I am really pleased with, if I look at the First 50 or I look at Bloomingdale's performance or look at Bluemercury, those were all essentially in the flat to positive range.

我真的很高興，如果我看看前 50 名，或者我看看 Bloomingdale 的表現，或者看看 Bluemercury，這些基本上都在持平到正值的範圍內。

I think in an environment where the customer is looking for, why should I buy and I've said to our team, our challenge is not just to have the lowest price.

我認為在客戶正在尋找的環境中，我為什麼要購買，我已經對我們的團隊說過，我們的挑戰不僅僅是擁有最低的價格。

Our challenge is to create a compelling reason for the customer to buy at Macy's, Bloomingdale's and Bluemercury, and we have that in our inventory composition.

我們面臨的挑戰是為顧客創造一個令人信服的理由在梅西百貨、布魯明戴爾百貨和 Bluemercury 購物，我們的庫存組成中也包含了這一點。

We have that in the amount of newness that we flow to our stores into our site.

我們有大量的新鮮事物流入我們的商店和我們的網站。

We have that in the exclusivity that we offer with private brands.

我們透過自有品牌提供獨家服務。

And I think as we mentioned, we have the celebration of Italy at Bloomingdale's, which begins in September and the 25th anniversary campaign from Bluemercury, which begins in September.

我想正如我們所提到的，我們在 Bloomingdale's 舉辦了 9 月開始的意大利慶祝活動，以及 9 月開始的 Bluemercury 25 週年紀念活動。

So those are all other ways that we get all economic income levels of consumers to shop and buy at our three nameplates.

因此，這些都是我們讓所有經濟收入水平的消費者在我們的三個品牌上購物的所有其他方式。

Thank you.

謝謝。

Thank you.

謝謝。

Alex Straton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

Perfect.

完美的。

Thanks a lot for taking the question.

非常感謝您提出問題。

First maybe for Tony, is just on your holiday fourth quarter approach.

對托尼來說，首先可能是關於第四季假期的臨近。

You've got election compressed shopping period.

你有選舉壓縮的購物期。

We're lapping the 53rd week.

我們即將進入第 53 週。

Just wondering if you guys have a different strategy this year with that backdrop and then for Adrian with the back half comp acceleration from the front half trend, I'm looking at that compared to a back-half comp that's getting harder.

只是想知道今年你們在這種背景下是否有不同的策略，然後對於阿德里安來說，後半場比賽從前半場趨勢加速，我正在考慮與越來越難的後半場比賽相比。

So I'm just trying to understand how things get better or what exactly you're assuming there that results in that outcome?

所以我只是想了解事情如何變得更好或你到底假設什麼會導致這個結果？

Thanks a lot, guys.

非常感謝，夥計們。

Thanks, Alex.

謝謝，亞歷克斯。

Good to talk to you.

很高興和你說話。

Let me start with holiday and Adrian I'll cover the comp progression.

讓我從假期開始，阿德里安（Adrian）將介紹補償進度。

I just actually did the holiday style out with the team about a month ago, and I feel really good about our assortments at both Macy's, Bloomingdale's and Bluemercury.

實際上，大約一個月前，我剛剛與團隊一起設計了假日風格，我對梅西百貨、布魯明代爾百貨和 Bluemercury 的商品分類感覺非常好。

We have more newness than we had a year ago.

與一年前相比，我們有了更多的新鮮感。

We have some exclusive partnerships at both Macy's and Bloomingdale's that I'll wait till the next call to share in more detail.

我們在梅西百貨和布魯明代爾百貨都有一些獨家合作夥伴關係，我將等到下一次電話會議時分享更多細節。

But I would tell you the teams are really leaning into.

但我會告訴你，團隊真的很傾向。

We don't want to have last year's assortment.

我們不想吃去年的品種。

We don't want to have the same old things that we've had in our mix of holiday gifting.

我們不想在節日禮物中使用相同的舊東西。

We're being highly sensitive to the change in weather trends.

我們對天氣趨勢的變化高度敏感。

So we have a broader range of product ideas than just cold-weather categories.

因此，我們擁有更廣泛的產品創意，而不僅僅是寒冷天氣類別。

We're obviously leaning into the strength that we have at fragrances across the three brands.

顯然，我們傾向於利用這三個品牌的香水優勢。

So yes, we got five less shopping days between Thanksgiving and Christmas.

所以，是的，感恩節和聖誕節之間我們的購物日減少了五個。

We certainly have an election in there, but I think remember, retail and ours three brands provide a form of escapism and entertainment.

我們當然有選舉，但我認為記住，零售和我們的三個品牌提供了一種逃避現實和娛樂的形式。

And our job is to make sure that we're capitalizing on that opportunity to have a larger share of wallet in the fourth quarter because of the range of prices and brands and categories that we sell.

我們的工作是確保我們利用這個機會在第四季度擁有更大的錢包份額，因為我們銷售的價格、品牌和類別多種多樣。

Adrian?

阿德里安？

Good morning, Alex.

早安，亞歷克斯。

But, the punchline is we're not standing still.

但是，重點是我們並沒有停滯不前。

We're two quarters into a bold new chapter strategy and there's not only changes that we've implemented with that we're tracking and iterating and in deploying where we have energy and confidence, but there are also more changes underway.

我們已經實施了兩個季度的大膽新篇章策略，不僅我們已經實施了一些變化，我們正在追蹤和迭代並在我們有精力和信心的地方進行部署，而且還有更多的變化正在進行中。

We're continuing to make changes in stores as we both Tony and I spoke about earlier, we're making changes and digital that's coming online as we speak.

正如托尼和我之前談到的那樣，我們正在繼續對商店進行改變，我們正在做出改變，並且數位化正在上線。

We're making adjustments with our media mix and marketing spend mix.

我們正在調整我們的媒體組合和行銷支出組合。

That seems to be giving us some good results.

這似乎為我們帶來了一些好的結果。

We're very encouraged with what we're seeing there.

我們對在那裡看到的一切感到非常鼓舞。

As I spoke about earlier, we're leaning into the value orientation of today's consumer being very clear on value, not just the price for the quality of products that we offer, but also the total value equation.

正如我之前談到的，我們正在傾向於當今消費者的價值取向，他們對價值非常明確，不僅僅是我們提供的產品品質的價格，還有總價值等式。

We're flowing goods better.

我們的貨物流動更好了。

We have better in-stocks this year than we did last year.

今年我們的庫存比去年更好。

We have faster digital deliveries for our digital orders that we did last year.

與去年相比，我們的數位訂單的數位交付速度更快。

So there are a number of things across the business that's just getting better with more discipline, better execution.

因此，透過更多的紀律和更好的執行，整個企業的許多事情都在變得更好。

And that gives us confidence that these building blocks are going to build into sequential improvement in top line as we get into the back half of the year.

這讓我們相信，隨著進入今年下半年，這些建置模組將有助於實現營收的連續改善。

Thanks a lot.

多謝。

Good luck.

祝你好運。

Thank you, Alex.

謝謝你，亞歷克斯。

Thank you.

謝謝。

Thank you.

謝謝。

Oliver Chan, TD Cowen.

奧利佛·陳，TD·考恩。

Hi, good morning.

嗨，早安。

This is Neil go on for Oliver this morning.

我是尼爾繼續為奧利佛做今天早上的發言。

I just wanted to touch more on the promotional cadence as it pertains to the 2024 guidance.

我只是想多談談與 2024 年指導相關的促銷節奏。

How much of the heightened promotional environment that you expect in the back half is driven from the competitive landscape, both from legacy players and new digital concepts versus what's more reflective of Macy's current inventory position?

您預計下半年加強的促銷環境有多少是由競爭格局推動的，包括傳統參與者和新的數位概念，與更能反映梅西百貨當前庫存狀況的因素相比？

And then just more broadly, just any key puts and takes that you're watching as it pertains to the healthy consumer that you see currently?

然後更廣泛地說，您正在關注的與您目前看到的健康消費者有關的任何關鍵觀點？

Thanks.

謝謝。

Thanks, Neil.

謝謝，尼爾。

Let me take the first part and Adrian can add his commentary.

讓我講第一部分，阿德里安可以添加他的評論。

Yeah, I think we're looking at all the indicators that each of you are looking at.

是的，我認為我們正在考慮你們每個人正在考慮的所有指標。

We're looking at inflation coming down.

我們正在考慮通膨下降。

We're excited about the potential rate cuts.

我們對潛在的降息感到興奮。

We're looking at the jobless claims.

我們正在關注初請失業金人數。

We're looking at the discretionary spending, consumer optimism.

我們正在關注可自由支配支出和消費者的樂觀情緒。

But I'm also focused predominantly on our health of our inventory levels, the compelling nature of our marketing campaigns.

但我也主要關注庫存水準的健康狀況以及行銷活動的引人注目的性質。

I think that we look well positioned from an inventory composition level from an age of inventory level from a percentage of newness.

我認為，從庫存構成水準、庫存年齡水準、新貨百分比來看，我們看起來處於有利位置。

And I would add in where we haven't always got it, right, the balance of transitional product, the balance of clearance, the balance of newness.

我想補充一點，我們並不總是能做到這一點，對吧，過渡產品的平衡，間隙的平衡，新穎性的平衡。

And I think that's why the trends that we saw in the second quarter after we started to take some action are continuing into the third quarter.

我認為這就是為什麼我們在第二季度看到的趨勢在我們開始採取一些行動後持續到第三季的原因。

So this is always a game of making sure that you have the right balance of growth -- going after the consumer and where she is, he or she shopping.

因此，這始終是一個確保你擁有正確的成長平衡的遊戲——追隨消費者以及他們在哪裡、他或她購物。

And at the same time that you are protecting the bottom line.

同時你也在保護底線。

I think the team is doing a really good job of that.

我認為團隊在這方面做得非常好。

And we're obviously not sitting on where we are today.

顯然，我們並沒有坐視今天的局面。

We're aggressively pursuing opportunities to enhance and improve the business going forward.

我們正在積極尋求機會來增強和改善未來的業務。

Neil, Tony summed it up quite well.

尼爾、托尼總結得很好。

The only thing I would add is that we're controlling what we can control.

我唯一要補充的是，我們正在控制我們能控制的事情。

We have a lot of opportunities that we see ahead within the business to provide a better experience.

我們在業務中看到了很多提供更好體驗的機會。

We see the green shoots on growth.

我們看到了生長中的綠芽。

And so we're just being very thoughtful as we enter the biggest time a year for us, which is the holiday season.

因此，當我們進入一年中最重要的時刻，即假期時，我們非常深思熟慮。

Great.

偉大的。

Thank you, both.

謝謝你們，兩位。

Thank you, Neil.

謝謝你，尼爾。

Thank you.

謝謝。

Thank you.

謝謝。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Hey guys, thanks for taking our questions here.

嘿夥計們，感謝您在這裡提出我們的問題。

I guess, Adrian, maybe just any thought on your assumption for the second half same-store sales guidance you just gave us between the go-forward stores and a non-go-forward stores?

我想，阿德里安，也許您對您剛剛向我們提供的關於前進商店和非前進商店之間的下半年同店銷售指導的假設有何想法？

Or any thought on how to think about maybe the spread between the two, any way to help triangulate your model and then I know you don't usually guide on fourth quarter comps on a quarterly basis, but we usually model it off of the spread the comps to total sales.

或者關於如何考慮兩者之間的價差的任何想法，任何幫助三角測量模型的方法，然後我知道你通常不會按季度指導第四季度的比較，但我們通常根據價差對其進行建模與總銷售額的比較。

Is there any reason that spread changes in 3Q relative to 2Q, just to be aware of, I know the calendar adds noise.

第三季相對於第二季的價差變化是否有任何原因，請注意，我知道日曆會增加噪音。

Maybe just remind us how that impacted 2Q and 3Q, if there's a difference?

也許只是提醒我們這對第二季和第三季有何影響，是否有差異？

Absolutely.

絕對地。

So our comments (inaudible) has anything to add, please do Tony.

所以我們的評論（聽不清楚）有什麼要補充的，請托尼。

So one of the things we expected on the non-go-forward stores is that they would actually perform worse than effectively, it performed better than what we'd actually planned.

因此，我們對非前進商店的預期之一是，它們的實際表現會比有效表現更差，但表現會比我們實際計劃的更好。

And so customers are still shopping those stores.

因此顧客仍在這些商店購物。

So when we think about the year-over-year performance there, slightly better.

因此，當我們考慮那裡的同比表現時，會稍微好一點。

So we've made some of that adjustment overall in our outlook and guidance for the back half of the year.

因此，我們對今年下半年的前景和指導進行了一些整體調整。

As we think about comps, it's really getting the fundamentals better and better every day, every week, every month.

當我們考慮比較時，我們的基本面確實每天、每週、每個月都在變得越來越好。

And as we think about the trajectory for the back half of the year, third quarter and fourth quarter, it's the lot of the adjustments that Tony and I have been speaking about on this call.

當我們思考今年下半年、第三季和第四季的發展軌跡時，托尼和我在這次電話會議上一直在談論很多調整。

And so as we think about those investments, we actually believe that it's going to improve the business sequentially as we get into the back half of the year.

因此，當我們考慮這些投資時，我們實際上相信，隨著進入今年下半年，它將依次改善業務。

As we think about the performance of, for example, the Macy's First 50 are the go-forward stores within the fleet and a non-go forward.

例如，當我們考慮梅西百貨 (Macy's) First 50 的業績時，它們是車隊中的前進商店和非前進商店。

We continue to see, for example, with our First 50 stores, the sequential trends continuing to improve relative to the balance.

例如，我們繼續看到，對於我們的前 50 家商店，相對於平衡而言，連續趨勢繼續改善。

So it just gives us confidence that as we introduce changes into these stores, whether it's visual changes, whether it's some of the staffing changes and the 100 additional stores in handbags and shoes that we'll be able to actually put in more of those building blocks to really get the relative comp sales growth year over year to improve.

因此，這讓我們更有信心，當我們對這些商店進行改變時，無論是視覺上的改變，還是人員配置上的一些變化，以及我們將能夠在這些建築中實際投入更多的100 家手袋和鞋子商店。

Okay.

好的。

And then if I could sneak one more in.

然後如果我能再偷偷溜進去一次的話。

Can you just talk to us about how you're thinking about inventory investments specifically in the go-forward stores.

您能否與我們談談您如何考慮庫存投資，特別是在未來商店中的庫存投資。

We're kind of watching how the inventory is pacing a little bit ahead of sales now thinking about how you made some changes to your buying operations a couple of years ago?

我們正在觀察庫存的成長速度如何略高於銷售速度，現在正在思考幾年前您如何對採購業務進行一些改變？

(inaudible) maybe any thoughts on the investments you're making on the inventory in the just specifically in the go-forward stores relative to the sales plan for the second half?

（聽不清楚）也許您對下半年的銷售計劃（特別是在未來商店中）的庫存投資有何想法？

Yeah, Mike, let me just add a couple of things on inventory because I think it's important.

是的，麥克，讓我在庫存中添加一些內容，因為我認為這很重要。

We obviously don't have a great clear compare in terms of year over year because of the conversion.

由於轉換，我們顯然沒有非常清晰的逐年比較。

But I would say that inventory levels remain down double digits to a few years ago.

但我想說的是，庫存水準與幾年前相比仍然下降了兩位數。

And we are intent on being in-stock for the customer.

我們致力於為客戶提供庫存。

I think that one of the things that we have worked on very carefully, as I said, is getting transitional inventory.

正如我所說，我認為我們非常仔細地做的事情之一就是獲得過渡庫存。

The level of clearance and value and the amount of newness flowing properly.

清倉和價值水準以及新鮮度適當流動。

I'm neither Adrian or I are worried about the risk associated with our inventory kind of going into the fall season.

我既不是阿德里安，也不擔心我們的庫存進入秋天所帶來的風險。

We look at it on an age basis.

我們根據年齡來看待它。

We look at it on a markdown inventory basis.

我們以降價庫存為基礎來看待它。

And I think it's being in-stock on replenishment, flowing fashion and newness into those go-forward stores.

我認為它正在補充庫存，將時尚和新穎的東西流入那些前進的商店。

I think we're so much better positioned than we were a year ago going into the third quarter.

我認為進入第三季度我們的處境比一年前好得多。

The only thing I'd add there is we do acknowledge to your point, Mike, that inventories at the end of the second quarter were slightly higher than expectation.

我唯一要補充的是，麥克，我們確實承認您的觀點，即第二季末的庫存略高於預期。

But the good news is that in the second quarter, we already started to take action to adjust the appropriate quantity and composition of inventory for the fall season, Q3 and Q4, as Tony mentioned.

但好消息是，正如托尼所提到的，第二季我們已經開始採取行動，調整秋季、第三季和第四季的適當庫存數量和組成。

With regards to the type of inventory or the amount of inventory by store.

關於庫存類型或按商店劃分的庫存數量。

We're looking at sell-through trends, weeks of supply trends at a very specific location by location by category.

我們正在研究銷售趨勢，以及特定地點按地點按類別的數週供應趨勢。

So really being much more diligent with some of the disciplines that we've added in over the course of the last year to really manage the allocation of inventory in places where we can sell more at full price or first mark than what we would have seen in the past because, as our margin expansion over the last several years has been around reducing the amount of clearance to the appropriate level as we transition from season to season.

因此，我們確實更加勤奮地遵守了去年添加的一些規則，以真正管理庫存分配，使我們能夠以全價或首標銷售比我們所看到的更多的地方過去，因為過去幾年我們的利潤擴張一直圍繞著隨著季節的過渡而將清倉量減少到適當的水平。

Okay.

好的。

Thanks.

謝謝。

That makes a lot of sense.

這很有意義。

Appreciate it.

欣賞它。

Thanks, Mike.

謝謝，麥克。

Thank you.

謝謝。

Chuck Grom, Gordon Haskett.

查克·格羅姆，戈登·哈斯克特。

Hi.

你好。

This is Eric on for Chuck.

這是埃里克為查克發言。

Just want to ask about the First 50 locations and the positive comps.

只是想詢問前 50 個地點和積極的比較。

Are you seeing the growth from existing customers coming in spending more or is this new or lapsed customers coming back?

您是否看到現有客戶的支出增加，或是新客戶或流失的客戶會回來？

And how do you get out two customers at all the changes that have been made that get them to come back to the store?

如何讓兩位顧客因店內發生的所有變化而再次光顧？

Eric, thanks, for the question.

艾瑞克，謝謝你的提問。

I think we are again excited about the continued progress that we're seeing in the First 50 it's two consecutive quarters of comp store growth.

我認為我們再次對前 50 名商店連續兩個季度的成長所取得的持續進展感到興奮。

It's 460 basis points of improvement versus the other Macy's locations or business.

與梅西百貨的其他門市或業務相比，這提高了 460 個基點。

I think that the growth that we are seeing across all families of business, the fact that we have increased traffic and increased conversion versus other Macy's stores shows us that the work that we're doing is resonating with the consumer.

我認為，我們在所有企業家族中看到的成長，與其他梅西百貨商店相比，我們增加的客流量和更高的轉換率這一事實表明，我們正在做的工作正在引起消費者的共鳴。

It is a combination of existing customers and some new customers and our new head of marketing is working closely with our stores team in geo-targeting communication via email and search as well as SMS messages to make sure that the eventing and the activations and new product message is getting out to customers.

這是現有客戶和一些新客戶的結合，我們的新行銷主管正在與我們的商店團隊密切合作，透過電子郵件、搜尋以及簡訊進行地理定位通信，以確保活動、激活和新產品訊息正在傳達給客戶。

So the good news is we're seeing it resonate, customers awareness is growing.

因此，好消息是我們看到它引起了共鳴，客戶的意識正在增強。

We're only two quarters in to a three year plan and a change plan.

我們距離三年計劃和變革計劃只有兩個季度的時間了。

And obviously we want to have the right level of patience and determination.

顯然我們希望有適當的耐心和決心。

The only other thing I would add, Eric, is when you think about some of the things that's driving the business as Tony described, we just have more number of customers actually coming into the stores relative to what we saw in prior years.

艾瑞克，我要補充的唯一一件事是，當您考慮托尼所描述的推動業務發展的一些因素時，與前幾年相比，我們實際進入商店的顧客數量更多了。

When you think about the experience that we've been investing and just to bring a little bit of color that Tony spoke about in previous calls, we're making additional staffing investments in handbags and shoes and ready-to-wear and home also in the fitting room, which gives us the best opportunity to convert that customer and checkout to make sure that we don't have long lines.

當你想到我們一直在投資的體驗，只是為了帶來托尼在之前的電話中談到的一點色彩時，我們正在對手袋、鞋子、成衣和家居進行額外的人員投資。提供了轉換客戶和結帳的最佳機會，以確保我們不會排長隊。

We're activating the store through better visual presentation, [sharper looks], greater value via the events to give people reasons to come back to the store and spend time with us.

我們透過更好的視覺呈現、[更清晰的外觀]、透過活動提供更大的價值來激活商店，讓人們有理由回到商店並與我們共度時光。

We have digital messaging going out to customers in that locale that we know to get them excited about what's being offered in their local store.

我們向該地區的顧客發送數位訊息，讓他們對當地商店提供的商品感到興奮。

And we have local marketing to keep Macy's top of mind for those customers.

我們也進行在地行銷，讓這些顧客始終將梅西百貨放在第一位。

So, those are the kinds of things that we're seeing gaining traction into Tony's point.

因此，我們看到這些事情越來越符合托尼的觀點。

We're seeing it in terms of traffic and relative conversions.

我們從流量和相對轉換方面看到了這一點。

We've seen it in the number of customers.

我們已經從客戶數量中看到了這一點。

The categories that are touch have a sequential improvement in sales performance.

觸動的品類銷售業績較上季提升。

So a lot of what we talk about is what's the appropriate pace, although a healthy pace, but the appropriate pace, as Tony said, without tripping over ourselves.

所以我們談論的很多內容就是什麼是合適的配速，雖然是健康的配速，但是合適的配速，正如托尼所說，不會絆倒自己。

Thank you.

謝謝。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

Great, hopefully you can hear me.

太好了，希望你能聽到我的聲音。

My question is about asset sale gains and monetization proceeds.

我的問題是關於資產出售收益和貨幣化收益。

It looks like the guidance for this year went to the high end of the range it because compared to where it was last quarter.

看起來今年的指導達到了範圍的高端，因為與上個季度相比。

Maybe Adrian, could you just elaborate a little bit on what assets were sold and what's driving the raised guidance and that would be helpful.

也許阿德里安（Adrian），您能否詳細說明一下出售了哪些資產以及推動提高指引的因素，這將會有所幫助。

Thank you.

謝謝。

Great to be with you, Jay.

很高興和你在一起，傑伊。

The punchline here is we're very pleased with the traction and progress.

這裡的重點是我們對牽引力和進展感到非常滿意。

We're getting very healthy responses from landlords and developers, the deal pipeline is healthy even in this environment.

我們從房東和開發商那裡得到了非常健康的反應，即使在這種環境下，交易管道也是健康的。

So to your point, coming into the quarter, we had a range of $90 million to $115 million in asset sale gains that we're seeing, approximately $115 million.

因此，就您而言，進入本季度，我們看到資產出售收益範圍為 9,000 萬美元至 1.15 億美元，約為 1.15 億美元。

We were pleased with $36 million of gains in Q2.

我們對第二季 3,600 萬美元的收益感到滿意。

We're forecasting or in our guidance, $30 million in Q3, which leaves a balance of $67 million in Q4.

我們預測或在我們的指導中，第三季收入為 3000 萬美元，第四季度餘額為 6700 萬美元。

But overall, what I would tell you is trending quite well and lots of good traction.

但總的來說，我要告訴你的是趨勢非常好並且有很多良好的吸引力。

The implication of that is that we're going to be closing approximately 55 stores relative to our prior outlook of 50 stores.

這意味著我們將關閉約 55 家商店，而先前的預期是 50 家商店。

So this is just all further evidence of the traction that we're having.

所以這只是我們所擁有的吸引力的進一步證據。

And we're also very pleased with the value we're able to unlock in those deals and those transactions.

我們也對我們能夠在這些交易中釋放的價值感到非常滿意。

Got it.

知道了。

Okay.

好的。

Adrian, thank you.

阿德里安，謝謝你。

Thank you, Jay.

謝謝你，傑伊。

Thank you.

謝謝。

Janet Kloppenburg, JJK Research.

珍妮特·克洛彭堡，JJK 研究。

Good morning, everyone.

大家早安。

I had a couple of questions.

我有幾個問題。

First on merchandise margin or product margin, whichever way you look at it, Tony, for those second quarter, how was that versus your expectations?

首先是商品利潤率或產品利潤率，無論你從哪個角度來看，托尼，第二季的情況與你的預期相比如何？

I mean, peeling away the favorable transportation and the cost accounting benefits, how was it?

我的意思是，除去有利的運輸和成本核算優勢，情況如何？

And what's the thought process on that merchandise margin level in the second half of the year?

下半年的商品利潤率是怎樣的？

And I also wanted to ask, if the enhanced results you're seeing in handbags and men's in the 50 stores, is that primarily from service and environment?

我還想問，您在50家商店中看到的手袋和男裝的改善效果是否主要來自於服務和環境？

Or is there a different brand matrix that you'll start to put in to the existing Macy's stores?

或者您會開始在現有的梅西百貨商店中添加不同的品牌矩陣？

And just lastly on, if you could talk a little bit about the denim cycle, which we're seeing help a lot of companies this second quarter going into third quarter and how Macy's has acted upon that opportunity.

最後，如果您能談談牛仔布週期，我們看到牛仔布週期在第二季度到第三季度對許多公司都有幫助，以及梅西百貨如何利用這一機會。

Thank you.

謝謝。

Thanks, Janet.

謝謝，珍妮特。

Appreciate the questions.

感謝您提出的問題。

First, on merchandise margin, I think it's the collective work of the team that led to beating our margin guidance for the quarter and has led us to guide appropriately for the fall season.

首先，在商品利潤率方面，我認為正是團隊的集體工作導致我們超出了本季度的利潤率指導，並引導我們對秋季做出了適當的指導。

It's making sure that we're providing compelling value, but we're obviously learning from all the pricing science and the opportunities to negotiate in the market and give value to the consumer without giving away margin as a brand and a company.

它確保我們提供令人信服的價值，但我們顯然正在學習所有定價科學和市場談判的機會，並在不犧牲品牌和公司利潤的情況下為消費者提供價值。

A part of our margin is always related to the quality of our inventory.

我們利潤的一部分始終與我們的庫存品質有關。

So that's why Asia and I both emphasize we feel good about the quality of our inventories.

這就是為什麼亞洲和我都強調我們對庫存品質感覺良好。

As it relates to the First 50 and the opportunity to expand to 100 other doors with handbags into pilots.

因為它涉及前 50 名，並有機會擴展到其他 100 名帶有手提包的飛行員。

Yes, it's a combination of the staffing and of the inventory, the quality inventory.

是的，它是人員配置和庫存、品質庫存的結合。

So that's why it's good to hear brands like Lauren by Ralph Lauren and Karl Lagerfeld and Coach, which are available in all of these stores doing well.

因此，很高興聽到 Lauren by Ralph Lauren、Karl Lagerfeld 和 Coach 等品牌在所有這些商店中銷售情況良好。

In addition, we know that having a service model in an environment where you're buying a [$300, $400] handbag, you need assistance.

此外，我們知道，在您購買 [300 美元、400 美元] 手提包的環境中建立服務模型，您需要幫助。

And so we've seen that impact in the First 50.

我們在前 50 名中看到了這種影響。

We're excited to see that impact in both handbags and shoes in the 100 stores that we are expanding this fall.

我們很高興看到今年秋天我們擴張的 100 家商店中的手袋和鞋子都受到了影響。

And finally, on your question on the denim cycle, Janet, we absolutely are in a new silhouette or shape in denim after so many years and skinny, we're now in a wide leg and a high rise.

最後，關於你關於牛仔布週期的問題，珍妮特，經過這麼多年的瘦身之後，我們絕對處於新的牛仔布輪廓或形狀，我們現在是闊腿褲和高腰褲。

And so how we take advantage of that, we obviously have the great premium assortment at Bloomingdale's.

因此，我們如何利用這一點，顯然我們在布魯明代爾百貨公司擁有豐富的優質商品。

And we have an assortment -- powerful assortment of Levi's as well as in a brand like Seven and Silver at Macy's.

我們有一個品種豐富的產品——Levi's 的強大品種以及梅西百貨的 Seven 和 Silver 等品牌。

And so expect to find in men's and women's and kids at both Macy's and Bloomingdale's, a great assortment of denim for the fall season.

因此，您可以在梅西百貨 (Macy's) 和布魯明代爾百貨 (Bloomingdale's) 找到各種適合秋季的男裝、女裝和童裝牛仔布。

Lots of luck.

運氣好極了。

Thanks so much.

非常感謝。

Thank you.

謝謝。

At this time I would like to turn the floor back over to Mr. Spring for closing comments.

現在我想把發言權交還給史普林先生以供結束發言。

Thank you all, thanks, everyone I should say.

謝謝大家，謝謝大家，我應該說。

We appreciate your time today.

我們非常感謝您今天抽出時間。

We hope you have a good rest of what is a few days, I guess, left the summer, and we certainly look forward to providing another update on the third quarter call.

我想，我們希望您在夏天剩下的幾天裡好好休息，我們當然期待在第三季電話會議上提供另一個最新情況。

Have a good morning.

祝你早安。

Ladies and gentlemen, this concludes today's event.

女士們、先生們，今天的活動到此結束。

You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

此時，您可以斷開線路或登出網路廣播，享受剩下的一天。