梅西百貨 (M) 2024 Q3 法說會逐字稿

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

您好，歡迎參加梅西百貨公司 2024 年第三季財報電話會議。 （操作員說明）謹此提醒，此通話正在錄音。

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

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

Thank you, operator. Good morning, everyone, and thanks for joining us. With me on the call today are Tony Spring, our Chairman and CEO; and Adrian Mitchell, our COO and CFO.

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)。

Along with our third quarter 2024 press release, a Form 8-K has been filed with the SEC and the presentation has been posted on the Investors section of our website, macysinc.com and is being displayed live during today's webcast. The Form 8-K includes revisions made to its historical consolidated financial statements that were impacted by the immaterial misstatements that the company has previously disclosed.

隨著我們 2024 年第三季新聞稿的發布，我們已向 SEC 提交了 8-K 表格，該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。 8-K 表包括對其歷史合併財務報表所做的修訂，這些修訂受到公司先前揭露的非重大錯報的影響。

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 August 21 earnings call, unless otherwise noted. In addition, all references to comp sales throughout today's prepared remarks represent comparable owned plus license plus marketplace sales and owned plus license sales 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補償銷售均代表可比較的自有加許可加市場銷售以及我們商店位置的自有加許可銷售。

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 two 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。

Thank you, Pam, and good morning, everyone. As previously reported, Macy's First 50 locations, Bloomingdale's, and Bluemercury: all comp positive in the third quarter. We maintained effective expense controls, generated above plan asset sale gains and are encouraged by our quarter-to-date comparable sales trends, which remain above our third quarter levels.

謝謝你，帕姆，大家早安。正如之前報導的那樣，梅西百貨前 50 家門市、布魯明戴爾百貨公司和 Bluemercury：第三季業績均呈正值。我們保持了有效的費用控制，產生了高於計劃的資產銷售收益，並受到本季度迄今的可比銷售趨勢的鼓舞，該趨勢仍高於第三季度的水平。

Year-to-date, we have made progress in our Bold New Chapter strategy and remain on track to achieve our long-term goal of sustainable profitable growth. Before we get into our third quarter financial performance, I want to discuss the independent investigation into the issue related to small package delivery expenses in one of our accrual accounts. Our investigation is now complete. We've determined that the individual responsible for the issue intentionally made erroneous accounting accrual entries beginning in Q4 2021 and in subsequent periods, acted alone and did not pursue these acts for personal gain.

今年迄今為止，我們在「大膽新篇章」策略方面取得了進展，並繼續朝著實現可持續盈利增長的長期目標邁進。在我們討論第三季的財務表現之前，我想討論一下對我們的一個應計帳戶中小包裹遞送費用相關問題的獨立調查。我們的調查現已完成。我們確定，該問題的責任人自 2021 年第四季開始及後續期間故意做出錯誤的會計應計分錄，且是單獨行動，並非為了個人利益而進行這些行為。

As noted in our press release this morning, we've concluded that these erroneous entries had an immaterial impact on our cumulative financial results and no impact on our cash position as all vendors were fully paid. As a reminder, our delivery expense is recorded and cost of goods sold, which falls within gross margin. To provide transparency, adjusted numbers for fiscal 2021, 2022 and 2023 and quarterly periods for fiscal 2023 are in today's Form 8-K filed earlier this morning.

正如我們今天早上的新聞稿中所指出的，我們得出的結論是，這些錯誤的條目對我們的累計財務業績產生了無關緊要的影響，並且對我們的現金狀況沒有影響，因為所有供應商都已全額付款。提醒一下，我們記錄了運輸費用和銷售商品成本，該成本屬於毛利率範圍。為了提高透明度，2021、2022 和 2023 財年的調整後數字以及 2023 財年的季度數據已包含在今天早上提交的 8-K 表格中。

Adrian will also provide detail on the impact to our financial statement metrics in his prepared remarks. But I want to be clear, integrity is paramount at Macy's, Inc., and we promote a culture of ethical conduct. When discovered, we move quickly to investigate and address the issue. The responsible individual is no longer with the company following the discovery of their actions. We've also identified and begun to implement additional controls to be a stronger and more disciplined organization so that an action like this could not happen again.

阿德里安還將在他準備好的演講中提供有關對我們財務報表指標的影響的詳細資訊。但我想明確的是，誠信在梅西百貨公司至關重要，我們提倡道德行為文化。一旦發現，我們會迅速採取行動調查並解決問題。在發現其行為後，責任人已不再在公司工作。我們也確定並開始實施額外的控制措施，以成為一個更強大、更有紀律的組織，這樣類似的行為就不會再發生。

Now let's turn to the third quarter results. Net sales of $4.7 billion were in line with our outlook provided in August. Momentum in First 50 locations at Macy's and Bloomingdale's and Bluemercury were offset by weakness in Macy's non-First 50 locations, its digital channel and its cold weather categories, all of which have registered sequential quarter-to-date comparable sales improvements from their third quarter levels.

現在讓我們來看看第三季的業績。淨銷售額 47 億美元與我們 8 月提供的預期相符。梅西百貨、Bloomingdale's 和Bluemercury 的前50 家門市的勢頭被梅西百貨非前50 家門店、其數位管道和寒冷天氣類別的疲軟所抵消，所有這些門市的季度至今可比銷售額均較第三季度連續增長水平。

Inclusive of delivery expense impact, adjusted third quarter EPS of $0.04 benefit from a pull forward of non-go-forward asset sale gains into the third quarter from the fourth quarter. We are pleased with our third quarter results. Our teams did a great job. They thoughtfully responded to the extended warm weather conditions and an active hurricane season. We took proactive steps to address the dynamic environment and best serve our customers through reprioritizing categories, marketing, in-store presentations and adjusting go-forward orders to provide more newness.

考慮到交付費用的影響，調整後的第三季每股收益為 0.04 美元，受益於非遠期資產出售收益從第四季提前到第三季。我們對第三季的業績感到滿意。我們的團隊做得很好。他們深思熟慮地應對了長期溫暖的天氣條件和活躍的颶風季節。我們採取積極主動的措施來應對不斷變化的環境，並透過重新確定品類、行銷、店內展示的優先順序以及調整前進訂單以提供更多新鮮感，為客戶提供最佳服務。

At the same time, we continue to invest in and execute our Bold New Chapter strategy. three quarters into the strategy, initiatives continued to gain traction across all three pillars. We're using data to test, iterate and refine our initiatives. Our healthy balance sheet and ample liquidity allow us to deploy capital that supports our long-term aspirations without compromising our financial health.

同時，我們繼續投資並執行「大膽新篇章」策略。該策略已實施了四分之三，各項舉措繼續在所有三大支柱中獲得牽引力。我們正在使用數據來測試、迭代和完善我們的計劃。我們健康的資產負債表和充足的流動性使我們能夠部署支持我們長期目標的資本，而不會損害我們的財務健康。

Turning to the first pillar of our strategy, strengthening Macy's nameplate. First 50 locations delivered a positive 1.9% comp, representing their third consecutive quarter of comp sales growth, and 410 basis points of outperformance relative to the total Macy's nameplate. These results reflect positive customer response to investments in staffing, merchandising, visual presentation and eventing, which led to a 400 basis point improvement in Net Promoter Scores compared to last year, representing our third consecutive quarter of improvement.

轉向我們策略的第一個支柱，加強梅西百貨的品牌。前 50 家門市的年成長率為 1.9%，代表其年比銷售連續第三個季度成長，並且相對於梅西百貨的整體業績高出 410 個基點。這些結果反映了客戶對人員配置、商品推銷、視覺呈現和活動投資的積極反應，這導致淨推薦值比去年提高了 400 個基點，代表我們連續第三個季度實現改善。

We've also been testing women's shoes and handbags staffing at about 100 other go-forward locations. Having dedicated runners to get shoes from the stock room and salespeople available to assist in handbags allows our colleagues to spend more time with the customer. Compared to non-First 50 Macy's locations and those that did not receive additional staffing, women's shoes and handbag sales outperformed by roughly 600 and 700 basis points, respectively, year-over-year.

我們還在大約 100 個其他先進地點測試了女鞋和女包的員工配置。擁有專門的跑步者從庫存室取鞋，銷售人員協助購買手袋，讓我們的同事能夠花更多時間與客戶相處。與非梅西百貨前 50 名門市和未配備額外員工的門市相比，女鞋和手提包的銷售額同比分別高出約 600 和 700 個基點。

This illustrates the importance of dedicated customer assistance in high-touch point categories. These learnings along with those from the First 50 are being used to inform our plans for expanding initiatives to additional go-forward locations in 2025, which will be discussed in more detail on the fourth quarter earnings call.

這說明了在高接觸點類別中提供專門客戶幫助的重要性。這些經驗教訓以及來自前 50 名的經驗教訓將被用來為我們在 2025 年將舉措擴展到更多前進地點的計劃提供信息，這將在第四季度的財報電話會議上進行更詳細的討論。

Improvements have not been limited to our First 50 and 100 test store locations. Across the Macy's nameplate, we continue to take active steps to improve the customer experience. We are training colleagues to be more helpful by leveraging digital tools and in-person coaching. And our merchandise revitalization is gaining traction. We've reduced exposure to less relevant brands and expanded our offering in ones that customers are responding to, including in Sassoon, Donna Karan, Steve Madden, Avec Les Filles, Dolce Vita, just to name a few.

改進不僅限於我們的前 50 家和前 100 家測試店。在梅西百貨的銘牌上，我們繼續採取積極措施來改善客戶體驗。我們正在培訓同事透過利用數位工具和麵對面輔導來提供更多幫助。我們的商品復興正在獲得越來越多的關注。我們減少了對不太相關的品牌的曝光，並擴大了客戶回應的產品範圍，包括沙宣、唐娜·卡蘭、史蒂夫·馬登、Avec Les Filles、Dolce Vita 等。

We're providing compelling fashion and value in our women's private label brands, such as Charter Club and Style & Co. Beyond women's apparel, fragrances continued to be a standout while men's nonactive apparel, handbags and home sales, although still weak, sequentially improved in the third quarter. Customers have taken notice of the better product and experience with total nameplate Net Promoter Scores up roughly 230 basis points year-over-year and representing our highest score ever.

我們的女裝自有品牌（例如Charter Club 和Style & Co）提供引人注目的時尚和價值。連續有所改善在第三季。客戶已經注意到更好的產品和體驗，總銘牌淨推薦值比去年同期上升約 230 個基點，這是我們有史以來的最高分數。

Rounding out the discussion on Macy's, we're encouraged by the pace and economics of our non-go-forward store deals. We now expect to close roughly 65 locations this year, in line with our typical cadence, closures will occur post holiday.

結束對梅西百貨的討論後，我們對非持續性商店交易的速度和經濟效益感到鼓舞。我們現在預計今年將關閉約 65 家門市，按照我們的典型節奏，關閉將在假期後進行。

The second pillar of our Bold New Chapter strategy is accelerating luxury growth. Both Bloomingdale's and Bluemercury posted positive third quarter comps. Customers continue to respond well to their breadth of product, price points, market in private brand and we remain confident in our ability to grow sales at each of these nameplates.

我們「大膽新篇章」策略的第二個支柱是加速奢侈品成長。 Bloomingdale's 和 Bluemercury 均公佈了積極的第三季業績。客戶繼續對自有品牌的產品範圍、價格點和市場反應良好，我們對增加每個品牌的銷售的能力仍然充滿信心。

At Bloomingdale's, our aspirational to luxury positioning and associated price points are key differentiators. Comp sales rose 3.2%, driven by women's advanced contemporary apparel, which continued to be a standout as well as beauty and digital. Customers responded well to new brands, including SKIMS and Jenni Kayne and handbags have begun to show signs of improvement with strength in Tory Burch, Coach, Longchamp and Rebag, which is our recent preowned luxury accessories launch. These improvements were partially offset by the softness in certain areas of the home store.

在布魯明戴爾百貨公司，我們對奢侈品的定位和相關的價格點是關鍵的差異化因素。在高級現代女裝以及美容和數位服裝的推動下，同期銷售額增長了 3.2%。顧客對 SKIMS 和 Jenni Kayne 等新品牌反應良好，Tory Burch、Coach、Longchamp 和 Rebag（我們最近推出的二手奢侈品配件）等手袋也開始顯示出改善的跡象。這些改進被家居賣場某些區域的疲軟部分抵消。

During the third quarter, Bloomingdale's had its From Italy With Love campaign, which was a strong driver of traffic and a brand amplifier. It brought the best of Italy to the US, embracing its fashion, design, cuisine, and culture through 300 exclusive products from 150-plus renowned partners and 30 new brands and have garnered roughly 2 billion media impressions. From Italy with Love is a tangible example of how Bloomingdale's remains close to and connects with its customers through unique product and experiences, empowering it to be the local leader in the markets it serves.

第三季度，布魯明戴爾百貨公司開展了「來自義大利的愛」活動，該活動是流量的強大推動力和品牌放大器。它將義大利最好的一面帶到了美國，透過來自150 多家知名合作夥伴和30 個新品牌的300 種獨家產品，融合了義大利的時尚、設計、美食和文化，並獲得了約20 億次媒體曝光。來自義大利的愛是布魯明代爾如何透過獨特的產品和體驗與客戶保持密切聯繫的具體例子，使其成為其服務市場的當地領導者。

We recently opened our fourth Bloomie's location located in Shrewsbury, New Jersey. This store was informed by extensive customer and market research. It's our first women's-only store and offers a highly curated assortment that's been well received. Bluemercury achieved its 15th consecutive quarter of positive comps, posting a 3.3% gain. During the quarter, we expanded popular lines such as Sisley Paris, SkinMedica, Augustinus Bader and introduced Victoria Beckham Beauty. The quarter also benefited from Bluemercury's 25th anniversary celebration, which kicked off in September with the unveiling of an elevated website aesthetic that offers improved navigation and educational blog and new logo.

我們最近在新澤西州什魯斯伯里開設了第四家 Bloomie's 門市。這家商店是透過廣泛的客戶和市場研究得出的。這是我們第一家女性專賣店，提供精心策劃的產品組合，廣受好評。 Bluemercury 連續第 15 個季度實現積極業績，成長 3.3%。本季度，我們拓展了 Sisley Paris、SkinMedica、Augustinus Bader 等熱門產品線，並推出了 Victoria Beckham Beauty。該季度還受益於 Bluemercury 的 25 週年慶典，該慶典於 9 月拉開序幕，推出了提升網站美感的網站，提供改進的導航和教育部落格以及新徽標。

Bluemercury's 25th anniversary celebration is not limited to its website. We've also introduced a more modern aesthetic to our new and remodeled stores. During the quarter, Bluemercury remodeled four locations and opened eight for a total of five remodels and nine new stores this year. New and remodeled locations can continue to outperform the total fleet. We plan to open an additional nine and remodel two more stores in the fourth quarter.

Bluemercury 的 25 週年慶祝活動不僅限於其網站。我們還為我們的新店和改建店引入了更現代的美學。本季度，Bluemercury 改造了 4 家門市，開設了 8 家門市，今年總共進行了 5 家改造和 9 家新店。新的和改建的地點可以繼續優於整個車隊。我們計劃在第四季再開設九家商店並改造另外兩家商店。

Moving to our final pillar, simplifying and modernizing end-to-end operations. We are pleased with the work our teams are doing to phase out legacy technology across the organization, improve our search platforms and deliver and improve customer experience. In our supply chain, we remain focused on creating a more efficient and effective network. Through the third quarter, speed of delivery and fulfillment have each improved by roughly 800 basis points compared to the prior year-to-date period. As a result of our multiyear investments, we're realizing lower fulfillment costs, optimized cash flow generation and seeing improved Net Promoter Scores for product availability, in-stock rates and fulfillment of packages.

轉向我們的最後一個支柱，簡化和現代化端到端運作。我們對我們的團隊在整個組織內逐步淘汰遺留技術、改進我們的搜尋平台以及提供和改善客戶體驗方面所做的工作感到滿意。在我們的供應鏈中，我們仍然專注於創建一個更有效率和更有效的網路。與去年同期相比，第三季的交付和履行速度均提高了約 800 個基點。經過多年的投資，我們實現了更低的履行成本、優化的現金流生成，並在產品可用性、庫存率和包裹履行方面看到了淨推薦值的提高。

Before I turn it over to Adrian, I wanted to share more on quarter-to-date trends and how we're approaching the remainder of the year. Consistent with our press release commentary, quarter-to-date comparable sales trends remain above third quarter levels. We're listening to our customers and believe our compelling product, marketing, value and experiences, and of course, frontline colleagues are giving them a reason to shop our nameplates.

在將其交給 Adrian 之前，我想分享更多有關本季至今的趨勢以及我們如何應對今年剩餘時間的資訊。與我們的新聞稿評論一致，本季迄今的可比銷售趨勢仍高於第三季的水平。我們傾聽客戶的聲音，相信我們引人注目的產品、行銷、價值和體驗，當然，第一線同事也給了他們購買我們銘牌的理由。

Our marketing teams in conjunction with merchandise and digital have developed exciting holiday strategies with multiple touch points and events. We're leveraging our Macy's Thanksgiving Day Parade and gift-giving destination status. Heading into Thanksgiving, our parade of deals event builds excitement with 24-hour specials that culminated in our 98th annual parade which had about 32 million viewers, a new record. And this year, we've brought our gift guide to life in human form with Actress Alison Brie, who stars in our holiday campaign which is supported by a team of high-profile social content creators with over 24 million followers, and we call them the Macy's giftluencers.

我們的行銷團隊與商品和數位部門一起制定了具有多個接觸點和活動的令人興奮的假期策略。我們正在利用梅西百貨感恩節遊行和送禮目的地的地位。感恩節即將到來，我們的優惠遊行活動透過 24 小時特價活動營造了興奮氣氛，最終我們的第 98 屆年度遊行達到了高潮，吸引了約 3200 萬觀眾，創下了新紀錄。今年，我們與女演員艾莉森·布里(Alison Brie) 一起將我們的禮物指南變為現實，她在我們的節日活動中擔任主角，該活動得到了擁有超過2400 萬粉絲的高知名度社交內容創作者團隊的支持，我們稱他們為梅西百貨的禮品盒。

And the excitement is not limited to Macy's. Bloomingdale's holiday campaign and iconic windows are inspired by its collaboration with Universal Pictures Wicked. The Wicked Good Holiday campaign includes 100 exclusive products, 150 brand participants and our biggest Aqua collection to date. And at Bluemercury, we're emphasizing the gift of self-care and unique skin and beauty products, including new perfume offerings and gift sets from Parfums de Marly, Creed, The Manicurist, and Flamingo Estate.

令人興奮的不僅限於梅西百貨。布魯明戴爾百貨公司的假期宣傳活動和標誌性櫥窗的靈感來自與環球影業 Wicked 的合作。 Wicked Good Holiday 活動包括 100 種獨家產品、150 個品牌參與者以及我們迄今為止最大的 Aqua 系列。在 Bluemercury，我們強調自我照顧的禮物以及獨特的皮膚和美容產品，包括來自 Parfums de Marly、Creed、The Manicurist 和 Flamingo Estate 的新香水和禮品套裝。

As we look to the remainder of the year and beyond, we are well positioned across nameplates to capture mind share through curated assortments, relevant messaging, enhanced customer service, compelling value and promotions, all supported by improved end-to-end operations.

展望今年剩餘時間及以後，我們在各個品牌上都處於有利地位，可以透過精心策劃的分類、相關資訊、增強的客戶服務、引人注目的價值和促銷來贏得消費者的關注，所有這些都得到改進的端到端營運的支援。

With that, let me turn it over to Adrian.

那麼，讓我把它交給阿德里安。

Thank you, Tony, and good morning, everyone. Our third quarter performance reflects our team's ongoing focus and agility in navigating a dynamic environment, positive reception to investments in our customer experience and the benefits of continued operational productivity efforts. These efforts continue as our teams work to deliver on holiday and the execution of our Bold New Chapter strategy.

謝謝你，托尼，大家早安。我們第三季的業績反映了我們團隊在動態環境中的持續關注和敏捷性、對客戶體驗投資的積極接受以及持續營運生產力努力的好處。隨著我們的團隊努力實現假期和執行我們大膽的新篇章策略，這些努力仍在繼續。

Before discussing the quarter, I'll first provide detail on the revisions to our financial statements. We have concluded from our independent investigation that the erroneous entries had an immaterial impact on our financial results over the cumulative period the actions took place. The erroneous entries from the fourth quarter of 2021 through the fiscal quarter ended November 2 of this year totaled a combined $151 million.

在討論本季之前，我將首先提供有關財務報表修訂的詳細資訊。我們從獨立調查中得出結論，錯誤的條目對我們在所發生的累積期間的財務表現產生了無關緊要的影響。從 2021 年第四季到今年 11 月 2 日終了的財政季度的錯誤分錄總計 1.51 億美元。

During the same period, the company recognized approximately $4.36 billion of delivery expenses. The largest quarter delivery expense impact tended to occur in the fourth quarter due to elevated holiday volumes. This was not flat. There was no impact to revenues and there was no impact to cash or inventories as all vendors were fully paid. This matter did not require reissuing prior financial statements as the impacts were deemed immaterial. We have provided revised historical financial information in this morning's press release and 8-K for your reference.

同期，該公司確認了約 43.6 億美元的交付費用。由於假日數量增加，對季度交付費用的最大影響往往發生在第四季度。這並不平坦。這對收入沒有影響，對現金或庫存也沒有影響，因為所有供應商都已全額付款。該事項不需要重新發布先前的財務報表，因為其影響被認為並不重大。我們在今天上午的新聞稿和 8-K 中提供了修訂後的歷史財務信息，供您參考。

For purposes of today's call, third quarter year-over-year comparisons as well as our fourth quarter and full year outlook reflect our revised results. Management performed additional analysis and other procedures to ensure that our consolidated financial statements were prepared in accordance with the US Generally Accepted Accounting Principles.

在今天的電話會議中，第三季度同比比較以及我們的第四季度和全年展望反映了我們修訂後的業績。管理階層進行了額外的分析和其他程序，以確保我們的合併財務報表是根據美國公認會計原則編製的。

Now diving into third quarter results. Total Macy's Inc. net sales were $4.7 billion, down 2.4% to last year, unchanged from what we reported on November 25. Owned AUR rose 3.7%, driven primarily by category and product mix. Total enterprise comps were down 1.3%. Go-forward business Macy's Inc comps, which includes Macy's Bloomingdale's and Bluemercury go forward locations plus digital declined 0.9%.

現在深入了解第三季業績。梅西百貨 (Macy's Inc.) 淨銷售額總額為 47 億美元，比去年下降 2.4%，與我們 11 月 25 日報告的數據持平。企業總成本下降 1.3%。梅西百貨 (Macy's Inc) 的前進業務組合（包括梅西百貨 Bloomingdale's 和 Bluemercury 前進門市以及數位店）下跌 0.9%。

By nameplate, Macy's net sales, which includes all Macy's locations in digital, were down 3.1% and comps were down 2.2%. We estimate that unseasonably mild temperatures and the associated negative impact on fall transitional and colder weather product sell-throughs accounted for roughly 1 point of comp sales.

從銘牌上看，梅西百貨的淨銷售額（包括所有梅西百貨數位店）下降了 3.1%，而同期銷售額則下降了 2.2%。我們估計，異常的溫和氣溫以及對秋季過渡和寒冷天氣產品銷售的相關負面影響約佔比較銷售額的 1 個百分點。

Macy's nameplate go-forward business comps, which include approximately 350 go-forward locations and digital were down 1.8%. First 50, which we view as the leading indicator of go-forward Macy's ability to achieve comp sales growth posted a positive 1.9% comp. Both Bloomingdale's and Bluemercury had a strong third quarter. Bloomingdale's net sales were up 1.4% and comps rose 3.2%, while Bluemercury net sales were up 3.2% and comps rose 3.3%.

梅西百貨 (Macy's) 的未來業務綜合指數（包括約 350 個前進位置和數位業務）下降了 1.8%。我們將前 50 名公司視為梅西百貨實現同業銷售成長能力的領先指標，同業銷售成長率為 1.9%。 Bloomingdale's 和 Bluemercury 第三季的業績均表現強勁。 Bloomingdale 的淨銷售額成長 1.4%，比較成長 3.2%，而 Bluemercury 的淨銷售額成長 3.2%，比較成長 3.3%。

Other revenues of $161 million declined 9.6%. Net credit card revenues were $120 million. Profit share was better than our expectations, while net credit losses were in line. Macy's Media Network revenues were $41 million and continued to be supported by higher advertiser and campaign counts.

其他收入為 1.61 億美元，下降 9.6%。信用卡淨收入為 1.2 億美元。利潤份額優於我們的預期，而淨信用損失則符合預期。梅西百貨媒體網路收入為 4,100 萬美元，並繼續受到更多廣告商和活動數量的支持。

Before discussing gross margin rate and inventory, a reminder that for this year, neither are directly comparable to the prior periods due to our conversion to cost accounting at the beginning of this fiscal year. And gross margin rate for the current and prior year quarters have been adjusted for delivery expense by 30 basis points and 10 basis points, respectively.

在討論毛利率和庫存之前，需要提醒的是，由於我們在本財年年初轉為成本核算，因此今年兩者都無法與前期進行直接比較。本季和上季的毛利率已因交付費用而分別調整了 30 個基點和 10 個基點。

Gross margin rate was 39.6%, down 60 basis points year-over-year. Within that, merchandise margin declined 70 basis points. Relative to last year, slightly less than half of the decline was due to our shift to cost accounting. The remainder reflected product mix. Relative to our expectations, we took proactive discounting on seasonal fall transitional product and had higher penetration of clearance sell-throughs in response to warmer weather conditions and a more value-conscious customer. This was partially offset both year-over-year and relative to expectations by efficiencies in the company's fulfillment network and lower shipped sales volume.

毛利率為39.6%，較去年同期下降60個基點。其中，商品利潤率下降了 70 個基點。與去年相比，下降幅度略低於一半是由於我們轉向成本計算。其餘部分反映了產品組合。相對於我們的預期，我們對季節性秋季過渡產品採取了積極的折扣，並提高了清倉銷售的滲透率，以應對溫暖的天氣條件和更有價值的客戶。由於公司履行網路的效率和出貨量的下降，這部分抵消了年比和相對於預期的影響。

End of quarter inventories were up 3.9% year-over-year, approximately half of which was due to the conversion to cost accounting. We made sequential progress on the quantity and quality of our merchandise and believe Q3 ending inventories reflected an appropriate amount of newness for this holiday season.

季末庫存年增 3.9%，其中約一半是由於轉成本計算所致。我們在商品數量和品質方面取得了連續進展，並相信第三季期末庫存反映了這個假期的適當數量的新產品。

SG&A expense dollars were $2.1 billion or 42.1% of total revenue. We continue to take a disciplined approach to cost controls while making strategic customer-facing investments. These investments contributed to the $24 million increase in SG&A compared to last year while lower total revenue led to the 160 basis point increase in rate.

SG&A 費用為 21 億美元，佔總收入的 42.1%。我們繼續採取嚴格的成本控制方法，同時進行面向客戶的策略投資。與去年相比，這些投資使 SG&A 增加了 2,400 萬美元，而總收入的下降導致利率增加了 160 個基點。

Turning to real estate. During the quarter, we recognized $66 million of asset sale gains, reflecting the pull forward of select deals into the third quarter from the fourth quarter. The deal-making environment remains favorable. And as Tony mentioned, we now expect to close about 65 locations this year, up from our prior expectation of 55 and 50 at the beginning of the year.

轉向房地產。在本季度，我們確認了 6,600 萬美元的資產出售收益，反映出部分交易從第四季度提前到了第三季度。交易環境仍有利。正如東尼所提到的，我們現在預計今年將關閉約 65 家門市，高於我們年初預計的 55 家和 50 家。

Concluding the conversation on earnings, we delivered adjusted third quarter EPS of $0.04. Results primarily reflect higher asset sale gains, which contributed roughly $0.10 of EPS. This was offset by this year's delivery expense adjustment related to our recent concluded investigation, which negatively impacted EPS by approximately $0.04.

結束關於收益的討論後，我們公佈了調整後的第三季每股收益 0.04 美元。業績主要反映了資產出售收益的增加，約貢獻了 0.10 美元的每股收益。這被與我們最近結束的調查相關的今年交付費用調整所抵消，該調整對 EPS 產生了約 0.04 美元的負面影響。

On a year-to-date basis, cash used by operating activities was $30 million, largely driven by lower earnings. Capital expenditures totaled $649 million. Free cash flow was an outflow of $492 million and we have paid $144 million in cash dividends. We also completed a $220 million tender offer to further remove liabilities from the enterprise while keeping the flexibility to fund our own growth and invest in consumer-facing initiatives. We along with our board are constantly evaluating our capital deployment to ensure it aligns with our priorities, which are maintaining a healthy balance sheet, investing in profitable growth initiatives and returning capital to shareholders.

年初至今，經營活動使用的現金為 3,000 萬美元，主要是因為獲利下降。資本支出總計 6.49 億美元。自由現金流流出 4.92 億美元，我們支付了 1.44 億美元現金股利。我們也完成了 2.2 億美元的要約收購，以進一步消除企業的負債，同時保持為我們自身成長提供資金和投資於面向消費者的舉措的靈活性。我們與董事會一起不斷評估我們的資本部署，以確保其符合我們的優先事項，即維持健康的資產負債表、投資於盈利性增長計劃以及向股東返還資本。

Before discussing our fourth quarter and full year outlooks, a few reminders. First, the outlooks incorporate the revised historical delivery expense and updated delivery expense expectations for the fourth quarter and fiscal year as small package delivery expense had not been forecasted properly by the individual responsible for the erroneous accounting entries. Second, we assume current pressure on the consumer persists and that they will remain choiceful in their discretionary spend. And third, the fourth quarter of 2024 is a 13-week period while fourth quarter 2023 was a 14-week period. The 53rd week in fiscal 2023 contributed $252 million to net sales.

在討論我們的第四季和全年展望之前，有幾個提醒。首先，展望納入了第四季度和財年修訂後的歷史配送費用和更新的配送費用預期，因為負責錯誤會計分錄的個人沒有正確預測小包裹配送費用。其次，我們假設消費者目前面臨的壓力仍然存在，並且他們將在可自由支配的支出上保持選擇。第三，2024 年第四季為 13 週，而 2023 年第四季為 14 週。 2023 財年第 53 週為淨銷售額貢獻了 2.52 億美元。

For the fourth quarter, net sales are expected to be $7.8 billion to $8 billion. On a 13-week basis, net sales are expected to be down approximately 1% to up approximately 1.5%. Although quarter-to-date comparable sales trends have improved sequentially from the third quarter, there are several large volume weeks still ahead. We are pleased with recent trends, but do not believe there will be a full recapture of the lost cold weather product sales, especially given this year's shortened holiday season.

第四季淨銷售額預計為 78 億至 80 億美元。以 13 週計算，淨銷售額預計將下降約 1% 至成長約 1.5%。儘管季度至今的可比銷售趨勢較第三季有所改善，但未來幾週仍將出現大量銷售。我們對最近的趨勢感到滿意，但不相信寒冷天氣產品銷售的損失會完全恢復，特別是考慮到今年假期的縮短。

Other revenues are projected to be roughly $206 million to $216 million, including credit card revenues of approximately $138 million to $148 million. Gross margin rate to be approximately 35.3% to 35.7% which includes a roughly 85 basis point accounting adjustment for delivery expense that was not included in our previously issued guidance. On an adjusted basis, year-over-year, the majority of the anticipated gross margin rate decline is due to the shift to cost accounting at the beginning of this fiscal year.

其他收入預計約為 2.06 億至 2.16 億美元，其中信用卡收入約為 1.38 億至 1.48 億美元。毛利率約為 35.3% 至 35.7%，其中包括對交付費用進行約 85 個基點的會計調整，該調整未包含在我們先前發布的指導中。經過調整後，年比預期毛利率下降的大部分原因是本財年年初轉向成本計算。

The gross margin outlook range also incorporates our expectation for a heightened promotional environment relative to our prior view and commitment to taking actions to limit inventory liabilities, particularly in seasonal goods as we enter fiscal 2025. End of quarter inventories to be roughly flat on a reported basis relative to last year. Adjusting for the shift to cost accounting, inventories would be projected down low single digits. We are proud of the work the team has done to improve our sales-to-stock ratio. Asset sale gains are expected to be roughly $32 million primarily reflecting the pull-forward of certain asset monetizations into the fourth quarter from fiscal 2025.

毛利率展望範圍還納入了我們對促銷環境相對於先前觀點的加強的預期，以及採取行動限制庫存負債的承諾，特別是在我們進入2025 財年時的季節性商品。大致持平。根據成本會計的轉變進行調整，庫存預計將下降到較低的個位數。我們為團隊為提高銷售額與庫存比率所做的工作感到自豪。資產出售收益預計約為 3,200 萬美元，主要反映了某些資產貨幣化從 2025 財年推遲到第四季。

Finally, we expect adjusted diluted EPS of $1.40 to $1.65, including an approximately $0.17 adjustment for delivery expense. Taking into account third quarter results and our fourth quarter outlook, we now expect the following for the full year 2024. Net sales of approximately $22.3 billion to $22.5 billion. For the full year, we now assume Macy's, Inc., comps inclusive of non-go-forward locations in digital to be down 1% to roughly flat, representing a sequential improvement from the third quarter levels. Macy's nameplate go-forward locations and digital are expected to be down 1% to roughly flat, and our luxury nameplates are expected to collectively be up 2% to up 2.5%.

最後，我們預計調整後攤薄每股收益為 1.40 美元至 1.65 美元，其中包括約 0.17 美元的運費調整。考慮到第三季業績和第四季展望，我們現在預計 2024 年全年的淨銷售額約為 223 億美元至 225 億美元。就全年而言，我們現在假設梅西百貨公司（包括數位領域非前進門市）的綜合業績將下降 1%，基本持平，較第三季水準有所改善。梅西百貨的品牌前進地點和數字預計將下降 1% 至大致持平，而我們的奢侈品品牌預計將整體上漲 2% 至 2.5%。

Other revenue of $680 million to $690 million, including credit card revenues of $500 million to $510 million. Gross margin as a percent of net sales of 38.2% to 38.3%, this compares to an adjusted prior outlook of 38.6% to 38.8%, which includes an approximate 40 basis point adjustment for delivery expense.

其他收入為 6.8 億至 6.9 億美元，其中信用卡收入為 5 億至 5.1 億美元。毛利率佔淨銷售額的百分比為 38.2% 至 38.3%，而先前調整後的預期為 38.6% 至 38.8%，其中包括對交付費用進行約 40 個基點的調整。

The adjusted full year gross margin outlook is relatively in line with last year's adjusted rate. SG&A as a percent of total revenue of 36.5% to 36.3%. Asset sale gains of approximately $135 million and asset sale monetization proceeds of approximately $275 million compared to our prior outlook of $115 million and $150 million, respectively.

調整後的全年毛利率前景與去年調整後的水準相對一致。 SG&A 佔總營收的百分比為 36.5% 至 36.3%。資產出售收益約為 1.35 億美元，資產出售貨幣化收益約為 2.75 億美元，而我們先前的預期分別為 1.15 億美元和 1.5 億美元。

Adjusted EBITDA as a percent of total revenue of 8% to 8.4%, this compares to an adjusted prior outlook of 8.2% to 8.7%, which includes an approximately 35 basis point adjustment for delivery expense. Annual adjusted diluted EPS outlook of $2.25 to $2.50, which compares to an adjusted prior outlook of $2.34 to $2.69, which includes $0.21 related to the adjustment of delivery expense.

調整後的 EBITDA 佔總收入的百分比為 8% 至 8.4%，而先前調整後的預期為 8.2% 至 8.7%，其中包括約 35 個基點的交付費用調整。年度調整後攤薄每股收益展望為 2.25 美元至 2.50 美元，而先前調整後展望為 2.34 美元至 2.69 美元，其中包括與交付費用調整相關的 0.21 美元。

Capital spend of approximately $895 million, which compares to roughly $993 million last year. This represents our second consecutive year of reduced capital expenditures and reflects our commitment to efficient capital allocation.

資本支出約 8.95 億美元，去年約 9.93 億美元。這是我們連續第二年減少資本支出，反映了我們對高效率資本配置的承諾。

To conclude, as we close out this year and look to fiscal 2025, we are thoughtfully balancing the consumers' desire for value with our pursuit of profitable top line growth. We're taking learnings, making adjustments, building on successes and finding additional areas of opportunity. We are encouraged by recent results and fourth quarter-to-date comparable sales trends across nameplates, and remain focused on navigating the near term while executing our longer-term goals, supported by our strong and experienced team and our healthy balance sheet.

總而言之，在我們結束今年並展望 2025 財年時，我們正在深思熟慮地平衡消費者對價值的渴望與我們對盈利頂線增長的追求。我們正在吸取教訓、做出調整、在成功的基礎上再接再厲並尋找其他領域的機會。我們對最近的業績和第四季度迄今為止各品牌的可比較銷售趨勢感到鼓舞，並在我們強大且經驗豐富的團隊和健康的資產負債表的支持下，繼續專注於短期目標，同時執行我們的長期目標。

With that, I'd like to pass it back to Tony.

有了這個，我想把它傳回給托尼。

Thank you, Adrian. We now have three quarters of our three-year Bold New Chapter strategy in the books and three consecutive quarters of sales growth and improved Net Promoter Scores leading to our third consecutive quarter of positive comps in Macy's First 50 locations and Bloomingdale's and Bluemercury also comping positive in the third quarter.

謝謝你，阿德里安。現在，我們的三年期大膽新篇章策略已經實施了四分之三，並且連續三個季度的銷售增長和淨推薦值的提高，使我們在梅西百貨前50 家店中連續第三個季度取得了積極的業績，布魯明代爾百貨和Bluemercury 也取得了積極的業績在第三季度。

All of our nameplates are well positioned for growth, supported by end-to-end operations, which are yielding customer-facing benefits and cost savings as well as improving enterprise-wide inventory management. Although we still have work to do, we believe our Bold New Chapter initiatives, including the closure of roughly 65 non-go-forward locations this year gets us even closer to our go-forward end state of becoming a more profitable Macy's, Inc.

在端到端營運的支援下，我們所有的品牌都處於良好的成長態勢，這為客戶帶來了好處，節省了成本，並改善了整個企業的庫存管理。儘管我們仍有工作要做，但我們相信，我們的「大膽新篇章」計劃，包括今年關閉約 65 個非前進門市，將使我們更接近成為更盈利的梅西百貨公司的前進最終目標。

Thank you, Tony. With that, operator, we are ready for questions on our third quarter results and fourth quarter and fiscal year outlook.

謝謝你，托尼。營運商，我們已經準備好回答有關第三季度業績以及第四季度和財年前景的問題了。

(Operator Instructions) Matthew Boss, J.P. Morgan.

（操作員說明）Matthew Boss，J.P. Morgan。

So Tony, could you elaborate on drivers of the comp improvement in the back half of the year? And with the fourth quarter comp guidance pointing to your first positive comp in three years, what drivers do you see as sustainable? What initiatives specifically build or accelerate into 2025?

托尼，您能詳細說明一下下半年薪資改善的驅動因素嗎？第四季度的薪酬指導顯示您三年來首次獲得積極的薪酬，您認為哪些驅動因素是可持續的？ 2025 年具體實施或加速實施哪些措施？

And then Adrian, just on the target for long-term sustainable positive growth, do you see high 30s gross margin as sustainable or any areas of giveback that we would need to consider?

然後，Adrian，就長期可持續正成長的目標而言，您認為 30 多歲的高毛利率是否可持續，或者我們需要考慮哪些回饋領域？

Thanks, Matt. I appreciate the question. Yes, we feel strongly about the progress we're seeing on the top line. Obviously, the First 50 locations at 1.9% for the quarter are the best leading indicator of the growth potential of the Macy's brand. We look forward to expanding our First 50 program in 2025, and we'll talk about that more on the fourth quarter earnings call.

謝謝，馬特。我很欣賞這個問題。是的，我們對營收的進展有強烈的感受。顯然，本季前 50 家門市的成長率為 1.9%，是梅西百貨品牌成長潛力的最佳領先指標。我們期待在 2025 年擴大我們的 First 50 計劃，我們將在第四季度的財報電話會議上更多地討論這一點。

But we're seeing progress across a number of categories, whether at Macy's, we're talking about tailored clothing or dresses, continued strength in fragrances, mattresses. So it's across a broad array of categories. And I think those are all sustainable as we go into the next fiscal year. Obviously, we're continuing to see strength at Bloomingdale's and Bluemercury. And I think the Bloomingdale's team has done an outstanding job at building on their recent success and positioning that brand for further expansion and growth.

但我們看到了許多類別的進步，無論是在梅西百貨，我們談論的是訂製服裝或連身裙，香水和床墊的持續強勢。所以它涉及廣泛的類別。我認為當我們進入下一個財政年度時，這些都是可持續的。顯然，我們繼續看到 Bloomingdale's 和 Bluemercury 的實力。我認為布魯明戴爾的團隊在最近的成功基礎上做得非常出色，並為該品牌的進一步擴張和發展做好了定位。

The private brand reinvent is almost complete. We have the home store to do next year, but that instead of being a headwind becomes a tailwind as we go forward. So looking at it from a merchandise assortment, category assortment, brand matrix, price strategy, I think if we could set aside some of the issues that have impacted us this quarter, we are positioned, I think, for improvement as we go forward.

自有品牌的重塑已基本完成。明年我們還有家居商店要做，但這不是逆風，而是我們前進的順風。因此，從商品分類、品類分類、品牌矩陣、價格策略來看，我認為，如果我們能夠拋開本季影響我們的一些問題，我認為，我們將在未來的發展中取得進步。

Matt, thank you for your question. As you think about the path ahead, we remain enthusiastic. We remain committed to the results that we believe the Bold New Chapter will deliver for us. We're laser-focused on really the fundamentals of the business. And as Tony pointed out, we're very encouraged with the top line momentum that we're seeing. We're seeing it in the F 50 stores. We're seeing it in the 100 pilot stores for women's and handbags. We're seeing it in our luxury segment. We're just really encouraged by what that looks like.

馬特，謝謝你的問題。當你思考未來的道路時，我們仍然充滿熱情。我們仍然致力於實現我們相信大膽新篇章將為我們帶來的成果。我們真正專注於業務的基本面。正如托尼指出的那樣，我們對所看到的營收勢頭感到非常鼓舞。我們在 F 50 商店中看到了它。我們在 100 家女裝和手袋試點商店中看到了它。我們在奢侈品領域看到了這一點。我們對它的外觀感到非常鼓舞。

On the gross margin side, what I would say here is that we do expect to continue to lean into improvements in our gross margin through a combination of factors. But in this holiday season, we're navigating a competitive discretionary environment, but what we're seeing gives us encouragement that we can continue to achieve year-over-year sales growth that's profitable over time. If you just think about what we're dealing with in this environment, we do see a customer that's very value-oriented.

在毛利率方面，我在這裡想說的是，我們確實希望透過多種因素繼續改善毛利率。但在這個假期，我們正在應對競爭激烈的自由裁量環境，但我們所看到的情況給了我們鼓勵，我們可以繼續實現同比銷售成長，並隨著時間的推移實現盈利。如果你想想我們在這種環境下所面對的情況，我們確實看到了一個非常注重價值的客戶。

We see it in the higher sales penetration of our clearance. We're seeing it in how the customer has responded to our offers, and one of the biggest challenges we had with the unseasonably warmer weather later into the year is that a lot of our higher-margin categories, cold weather is really coming online sequentially a bit later than what we had expected. But we have to manage a number of variables, Matt. We have to manage their inventory control. We have to manage what the customer is looking for in terms of value, which is around experience, great products, et cetera, et cetera. We have to execute well.

我們從清倉的更高銷售滲透率中看到了這一點。我們從客戶對我們報價的反應中看到了這一點，今年晚些時候反常的溫暖天氣給我們帶來的最大挑戰之一是，我們的許多利潤率較高的類別、寒冷的天氣確實會相繼上線比我們預期的晚了一點。但我們必須管理許多變量，馬特。我們必須管理他們的庫存控制。我們必須管理客戶在價值上的需求，即體驗、優質產品等等。我們必須執行得好。

And so we continue to invest in the fundamentals of the business and driving profitable sales growth. And the thing that I would leave you with as well is we're really encouraged by the quality of execution. In our opening remarks, we talked about better in-stocks, faster delivery, highest NPS scores for Bloomingdale's and Macy's in history. And so we're seeing progress coming out of this transition and investment year and we're very encouraged by the results as we look ahead.

因此，我們繼續投資於業務的基本面並推動盈利的銷售成長。我還要告訴您的是，我們對執行品質感到非常鼓舞。在我們的開場白中，我們談到了布魯明戴爾百貨公司和梅西百貨公司歷史上更好的庫存、更快的交貨以及最高的 NPS 分數。因此，我們看到了這項轉型和投資年所取得的進展，展望未來，我們對結果感到非常鼓舞。

Brooke Roach, Goldman Sachs.

布魯克·羅奇，高盛。

Tony, as you invest in customer experience and staffing in First 50 and select shoe and handbag initiatives, what gives you confidence that these test locations are transferable to a broader swath of the fleet? And do you expect these to be accretive to profitability as we move into 2025 given the additional SG&A investments?

Tony，當您在 First 50 中投資客戶體驗和人員配置並選擇鞋子和手袋計劃時，是什麼讓您相信這些測試地點可以轉移到更廣泛的車隊？考慮到額外的 SG&A 投資，您預計當我們進入 2025 年時，這些會增加盈利能力嗎？

And then for Adrian, could you just elaborate a little bit more on your updated outlook for gross margins for the fourth quarter and what you're seeing in the promotional environment? What changes have you made to your promotional calendar versus 90 days ago? And how should we be thinking about the opportunity to recapture that pressure into 2025?

然後，阿德里安（Adrian）能否詳細說明一下第四季度毛利率的最新前景以及您在促銷環境中看到的情況？與 90 天前相比，您的促銷日曆發生了哪些變化？我們該如何考慮到 2025 年重新承受這種壓力的機會？

Thanks for the question. I think that the investments that we've made in our First 50 locations and frankly, in the 100 other pilot shoe and handbag doors, gives us confidence that the customer is responding to the changes that we're making in those stores. That's three consecutive quarters of comp store sales growth and acceleration of comp growth in the First 50 from the second quarter. 600, 700 basis points of improvement in those additional 100 test locations.

謝謝你的提問。我認為，我們在前 50 家門市以及坦率地說，在其他 100 家飛行員鞋和手袋門市中進行的投資，讓我們相信客戶正在響應我們在這些商店中所做的改變。這是連續三個季度的同店銷售成長，自第二季以來，前 50 大的同店銷售加速成長。在這額外的 100 個測試地點中，改進了 600、700 個基點。

So I think the Net Promoter Score being up over 400 basis points for a third consecutive quarter, highest Net Promoter Scores that we've seen on record at the Macy's brand. So all those to me are strong indicators that the changes that we're making are the right changes that we underserve the customer in the Macy's brand in our store experience and we had to make the necessary changes to create a better shopping experience.

因此，我認為淨推薦值連續第三個季度增長超過 400 個基點，這是我們在梅西百貨品牌有史以來看到的最高淨推薦值。因此，對我來說，所有這些都強有力地表明，我們正在做出的改變是正確的改變，我們在商店體驗中為梅西百貨品牌的客戶服務不足，我們必須做出必要的改變，以創造更好的購物體驗。

On the question of affordability of investment, that's our responsibility. We have to make choices, and we have to make sure that we can provide the customer with a compelling reason to shop at Macy's. They are going to be accretive to the overall profitability of the company, but that will be through our adjustments to the other ways in which we invest in our business. This, to us, is a priority. We set out this year to change the Macy's experience. We pick 50 stores to do it. We will expand First 50 next year, and that expansion strategy will be communicated on our fourth quarter call.

在投資承受能力的問題上，這是我們的責任。我們必須做出選擇，我們必須確保能夠為顧客提供在梅西百貨購物的令人信服的理由。它們將增加公司的整體盈利能力，但這將透過我們對業務投資的其他方式進行調整來實現。對我們來說，這是一個優先事項。我們今年著手改變梅西百貨的體驗。我們挑選了50家商店來做。我們將在明年擴大前 50 名的規模，該擴張策略將在第四季度的電話會議上傳達。

Brooke, let me speak briefly to the gross margin outlook. I'd start here by saying that the teams are executing well. There are a number of different factors that we're navigating. As it relates to the gross margin, just a quick reminder that the fourth quarter includes roughly 85 basis point adjustment for the delivery expense and we've reflected the adjusted numbers comparable year-over-year in the press release this morning and the Form 8-K.

布魯克，讓我簡單談談毛利率前景。首先我要說的是，團隊執行得很好。我們正在考慮許多不同的因素。由於它與毛利率有關，請快速提醒一下，第四季度的交付費用大約有 85 個基點的調整，我們在今天早上的新聞稿和表格 8 中反映了與去年同期相比的調整後的數字- K。

Now relative to what we talked about with regards to our outlook, we are updating our outlook for just the competitive and promotional landscape that we're dealing with. We see that the consumer remains under pressure. The consumer remains quite choiceful and discretionary spending. And where we are adjusting is that we're focused on offering real value and making sure that we're doing so as profitably as possible in order to win share within the market.

現在，相對於我們所討論的前景，我們正在更新我們正在處理的競爭和促銷環境的前景。我們看到消費者仍然面臨壓力。消費者仍然具有相當多的選擇性和可自由支配的支出。我們正在調整的地方是，我們專注於提供真正的價值，並確保我們這樣做盡可能有利可圖，以贏得市場份額。

But we're navigating a number of things. We're navigating weather, we're navigating a competitive environment. We're navigating a variety of promotions that's happening in the marketplace. But overall, we feel good about our marketing calendar across all of our nameplates, the newness of content for the holiday season, the quality of the merchandise and the quality of execution across the operation, across our markets and across our channels.

但我們正在處理很多事情。我們正在應對天氣，我們正在應對競爭環境。我們正在了解市場上正在進行的各種促銷活動。但總體而言，我們對所有品牌的行銷日曆、節慶季節內容的新穎性、商品的品質以及整個營運、整個市場和整個通路的執行品質感到滿意。

So we'll continue to be very thoughtful. We're very pleased with the sequential improvement in sales throughout the course of quarter-to-date relative to the prior quarter, but we're balancing profitability, inventory management, the quality of sell-throughs as we navigate the balance of the season.

因此，我們將繼續深思熟慮。我們對本季迄今為止的銷售額相對於上一季的連續改善感到非常滿意，但在度過本季的剩餘時間時，我們正在平衡盈利能力、庫存管理和銷售品質。

Ashley Helgans, Jefferies.

阿什利·赫爾根斯，杰弗里斯。

It's Blake on for Ashley. So I wanted to ask on the First 50 stores. Wondering if you could touch on AUR versus traffic and then conversion for those?

布萊克替補阿什利。所以我想問一下前50家商店。想知道您是否可以談談 AUR 與流量以及轉換率？

And then just second question on that topic on the First 50, are you seeing new customers show up to the First 50 stores that you might have not seen before. How does that customer compare to the traditional Macy's shopper?

然後是關於前 50 家主題的第二個問題，您是否看到新客戶出現在前 50 家商店中，而您以前可能從未見過。該顧客與傳統的梅西百貨購物者相比如何？

Thanks, Blake. I'll take the first part of it, and Adrian can add anything he'd like. We're seeing consistent performance in the First 50 as it relates to the metrics that we measure. So we're obviously looking at all elements of that equation, whether it be AUR, IPT, average order value, numbers of customers, conversion.

謝謝，布萊克。我將採用第一部分，阿德里安可以添加任何他想要的內容。我們看到前 50 名的表現一致，因為它與我們衡量的指標有關。因此，我們顯然會考慮方程式的所有元素，無論是 AUR、IPT、平均訂單價值、客戶數量、轉換率。

The biggest driver of performance has been AUR growth and average order value growth. We're certainly seeing the customers who are familiar with those stores, spend more and increase their visits, and we're beginning to see some new customers.

業績的最大推動力是 AUR 成長和平均訂單價值成長。我們當然看到了熟悉這些商店的顧客，他們花更多的錢並增加了他們的訪問量，我們開始看到一些新顧客。

The reality is more of our new customers today come through our digital channel. So it's our opportunity because those customers, by the way, live in a geography is to bring them into a location to make them an omni consumer.

現實情況是，今天我們有更多的新客戶透過我們的數位管道而來。所以這是我們的機會，因為順便說一句，這些客戶生活在一個地理​​位置，就是將他們帶到一個地方，使他們成為全方位消費者。

The work, again, from the types of stores, we have stores that are less than $40 million. We have stores that are over $115 million. So we're learning a lot with stores that exist across the entire country, stores of different volume levels. And as we did the expansion of the shoe and handbag test, we went to lots of different types of stores to again increase our learnings in 2024 in this transition and investment year to set us up for expansion of First 50 in 2025. Adrian?

再次，從商店類型來看，我們有低於 4000 萬美元的商店。我們的商店價值超過 1.15 億美元。因此，我們從全國範圍內不同數量級別的商店中學到了很多東西。當我們進行鞋子和手袋測試的擴張時，我們去了很多不同類型的商店，在2024 年這個轉型和投資年中再次增加我們的學習，為我們在2025 年擴張First 50 做好準備。 ？

I think, Blake, Tony covered it quite well. Just a few things around the proof points, which I think is quite important here. When you think about some of the opening comments around NPS, it's improved for our Macy's business, but it's improved even more sequentially for our F50 stores. When you think about the categories that we've touched like ready-to-wear, women's shoes, handbags, the places where we've made capital-light investments in these categories, you see a pretty significant acceleration.

我認為，布萊克，東尼很好地涵蓋了這一點。只是關於證明點的一些事情，我認為這裡非常重要。當您考慮有關 NPS 的一些開場評論時，我們的梅西百貨業務得到了改善，但我們的 F50 商店的改善甚至更多。當你想到我們涉足的品類，如成衣、女鞋、手袋，以及我們在這些品類中進行輕資本投資的領域時，你會發現一個相當顯著的加速。

When you think about all the volatility and what we've dealt with throughout this year of 2024 year-to-date, three consecutive quarters of year-over-year growth and growth that's more than 400 basis points ahead of those stores that did not have to change.

當你考慮到所有的波動性以及我們在 2024 年全年所處理的問題時，你會發現，連續三個季度的同比增長和增長比那些沒有這樣做的商店領先 400 個基點以上。

To Tony's earlier point, the 100-store test was really important for us because we wanted to demonstrate that putting in these key capital-light changes into these stores can they make a difference and can they be replicated at scale. And the simple answer is, yes, they can. So we're quite encouraged. We've learned a ton. We see additional opportunities that we'll bring online in 2025, but we feel very good about what we've learned. We feel good about the progress, but our work is not done.

對於托尼之前的觀點，100 家商店的測試對我們來說非常重要，因為我們想要證明，將這些關鍵的輕資本變革放入這些商店中可以產生影響，並且可以大規模複製。簡單的答案是，是的，他們可以。所以我們很受鼓舞。我們學到了很多。我們看到 2025 年將帶來更多線上機會，但我們對所學到的知識感到非常滿意。我們對進展感到滿意，但我們的工作尚未完成。

TDana Telsey, Telsey Advisory Group.

TDana Telsey，特爾西諮詢小組。

Nice to see the progress on the Bloomingdale's, Bluemercury and how you're progressing. When you think about the store closure rate taken up to 66 from what has been 55. What's the difference? And does this change at all the 150 in total over the next three years that you were talking to?

很高興看到 Bloomingdale's、Bluemercury 的進展以及你們的進展。想想商店關門率從 55 家增加到 66 家。在接下來的三年裡，與您交談的總共 150 個人中，這種情況會改變嗎？

Second thing is on the smaller format stores. How are those doing? And the merch margin, down 70 basis points, I think it was up 210 last quarter, delivery expense, and how do you unpack it and how you're thinking about it going forward?

第二件事是規模較小的商店。那些人怎麼樣？商品利潤率下降了 70 個基點，我認為上個季度增長了 210 個基點，交付費用，您如何分析它以及您如何考慮未來的發展？

Let me take the first, and then I'm going to turn it over to Adrian for a good part of your question, Dana. We at the start of the closure strategy, said we had locations that were less profitable and less productive, and we wanted to monetize them as soon as possible. So the fact that we are closing more stores this year is a reflection of the fact that our assets have value and that even in this less stable market, we're transacting. And the number remains approximately 150. We'll provide an update on that as we get into 2025.

讓我先回答第一個問題，然後我將把它交給阿德里安來回答你問題的大部分內容，達納。我們在關閉策略開始時表示，我們有一些利潤較低、生產力較低的地點，我們希望盡快將它們貨幣化。因此，我們今年關閉更多商店的事實反映了這樣一個事實：我們的資產有價值，即使在這個不太穩定的市場中，我們也在進行交易。這個數字仍然約為 150。

But the core is to get to a fleet that we think can provide sustainable profitable growth for the enterprise. We've continued to open Macy's small formats. We're up to 24 locations. And like First 50, we're learning as we go. Bloomingdale's opened its fourth small format in Shrewsbury, New Jersey and very pleased with the initial response to that smallest location that we have.

但核心是要擁有一支我們認為能夠為企業提供可持續獲利成長的機隊。我們繼續開設梅西百貨的小型商店。我們有多達 24 個地點。與 First 50 一樣，我們不斷學習。布魯明戴爾百貨公司在新澤西州什魯斯伯里開設了第四家小型門市，我們對我們所擁有的最小門市的初步反應感到非常滿意。

Adrian, do you want to talk a little bit about margin?

Adrian，你想談談保證金嗎？

Yes, absolutely. Let me just add one thing with regards to the closures. Just to amplify Tony's point. With regards to the closures of approximately 65 relative to the 50 we started the year with, we're just seeing really good deal making, and we are eager to get to the go-forward enterprise. So when we're able to have favorable deals that are at or above our expectations, we're certainly taking advantage of that opportunity. And as we said earlier, we do have a long history in terms of managing these opportunities, unlocking value.

是的，絕對是。讓我就關閉問題補充一件事。只是為了強調托尼的觀點。與我們年初關閉的 50 家公司相比，大約有 65 家公司被關閉，我們看到了非常好的交易，我們渴望進入前進的企業。因此，當我們能夠獲得達到或超出我們預期的優惠交易時，我們當然會利用這個機會。正如我們之前所說，我們在管理這些機會、釋放價值方面確實有著悠久的歷史。

The great thing about that is that with the monetization, which we highlighted in terms of sales proceeds, being approximately $275 million forecasted for this year. That's almost 2x what we planned coming into the year. That gives us capital to invest in the go forward enterprise and capital to return to our shareholders.

最棒的是，我們在銷售收益方面強調的貨幣化，預計今年約為 2.75 億美元。這幾乎是我們今年計劃的兩倍。這為我們提供了投資未來企業的資本，並為我們的股東提供了回報。

Now as it relates to margin, on the adjusted financials that we provided, what you see is some deterioration in the merchandise margin. That's about the product mix, given the weather impact. That's about the competitive environment that we're in that we spoke to a little bit earlier.

現在，由於與利潤率相關，根據我們提供的調整後的財務數據，您看到的是商品利潤率惡化。考慮到天氣的影響，這與產品組合有關。這就是我們之前談到的我們所處的競爭環境。

And in terms of the delivery expense from an operating standpoint, we do see improvement in how we're managing the expense profile and the quality of execution on the delivery side. But keep in mind, Tony, myself, the team are very much focused on the fundamentals, focus on managing our profitability, and we do have a line of sight to our goal of achieving profitable growth as we look ahead.

從營運角度來看，就交付費用而言，我們確實看到了管理費用狀況和交付方面執行品質的改進。但請記住，托尼，我本人，團隊非常關注基本面，專注於管理我們的盈利能力，展望未來，我們確實著眼於實現盈利增長的目標。

And Dana, I would just add that the comparability because of the conversion to cost accounting, the reference you made to the second quarter beat the gross margin was benefited from cost accounting conversion and the third quarter miss was impacted by the conversion of cost accounting. We couldn't be more excited to get to 2025 so that we have these conversions and changes behind us so you have a better view into the natural margin of the company.

達納，我想補充一點，由於轉換為成本會計而產生的可比性，您提到的第二季度超過毛利率得益於成本會計轉換，而第三季度的毛利率則受到成本會計轉換的影響。我們對 2025 年的到來感到非常興奮，因為我們已經完成了這些轉換和變化，因此您可以更好地了解公司的自然利潤。

Oliver Chen, TD Cowen.

奧利佛·陳，TD·考恩。

Happy holidays. What's assumed in terms of the guidance at the higher end of your comp range relative to the lower? And then your comments related to value and the customer throughout the call, how does that intersect with your private brand development as well as we think about merchandise margin and promotions on a longer-term basis?

節日快樂。相對於較低的補償範圍，較高端的指導假設是什麼？然後，您在整個通話過程中對價值和客戶的評論，這與您的自有品牌發展以及我們對商品利潤和促銷的長期考慮有何交叉？

So Oliver, it's great to be with you this morning. Look, the guidance range on the top end shows year-over-year growth. And as you look at our performance in the fourth quarter of last year, we reflect on a good quarter last year. So on the high end, having growth year-over-year, we're quite encouraged by.

奧利弗，很高興今天早上和你在一起。看，上限的指導範圍顯示出同比增長。當您查看我們去年第四季的業績時，我們會反思去年的一個好季度。因此，在高端領域，年成長，我們感到非常鼓舞。

On the low end of the range, it's about 1% decline year-over-year, and we're talking about this on a 13-week comparable basis. And so we're quite encouraged. I think the most important thing that we've seen as we progress through this investment year is sequential improvement in performance. As Tony spoke about in the opening remarks, our quarter-to-date trends are better than what we saw in the third quarter. And so we're encouraged by how all this is really coming together within the business.

在該範圍的低端，同比下降約 1%，我們是在 13 週可比較基礎上討論這一點。所以我們深受鼓舞。我認為，在本投資年度的進展中，我們看到的最重要的事情是績效的連續改善。正如托尼在開場白中所說，我們本季迄今的趨勢比我們在第三季度看到的要好。因此，我們對所有這些在業務中真正融合在一起感到鼓舞。

Yes. And I would add, Oliver, we're using 2019 as the analog year because of the five fewer days between Thanksgiving and Christmas and the fact that you had a Hanukkah that year, that's another reinforcement for the quarter-to-date trends versus the third quarter and why we're cautiously optimistic on our opportunities to improve our revenue performance.

是的。我想補充一點，奧利弗，我們使用 2019 年作為模擬年，因為感恩節和聖誕節之間的天數減少了 5 天，而且那一年有光明節，這是季度至今趨勢與第三季度以及為什麼我們對改善收入表現的機會持謹慎樂觀態度。

Yes, private brands is absolutely a part of being able to respond to the value equation and the desire of the consumer to have choice and to be able to invest where they see fit and to be able to have more value where they're looking for it. And we see that in our Cashmere program in Charter Club this year is having a very strong response even with the inconsistency in weather. We're seeing that with the growth in Style & Co. We're continuing to see that with the strength within parts of our private brand business within the men's pyramid. So it's area by area.

是的，自有品牌絕對是能夠響應價值方程式以及消費者擁有選擇的願望的一部分，能夠在他們認為合適的地方進行投資，並能夠在他們尋找的地方獲得更多價值它。我們看到，今年特許俱樂部的羊絨計畫即使在天氣不穩定的情況下也得到了非常強烈的反響。隨著 Style & Co 的成長，我們看到了這一點。所以這是一個區域一個區域的。

And 85% of our business is market brands. So it's obviously equally important or more important that we get that right too for both a breadth of assortment and a breadth of price availability. So the customer finds their definition of value across our suite of brands.

我們85%的業務是市場品牌。因此，對於廣泛的品種和廣泛的價格可用性來說，我們也做到這一點顯然同樣重要或更重要。因此，客戶可以在我們的一系列品牌中找到他們對價值的定義。

Okay. And you made really nice progress with First 50, which aspects of First 50 will be easier and faster to implement versus aspects that will take a little bit longer.

好的。您在 First 50 方面取得了非常好的進展，與需要更長的時間的方面相比，First 50 的哪些方面實施起來會更容易、更快。

I think if you break down, Oliver, the First 50 into the things that we did differently, I just want to remind the community that it's an asset-light strategy. So we really did not put a lot of capital into these stores. The focus was on operating expense and merchandising strategy. So certainly, less density on the floor is very easy to replicate. The visual enhancements are easy to replicate based on the dedicated visual team that we have in the stores. The ability to have a common set of relevant brands is easier to execute once we have a go-forward fleet that is compelling to the vendor community.

Oliver，我認為，如果你將前 50 名分解為我們所做的不同的事情，我只是想提醒社區，這是一種輕資產策略。所以我們確實沒有投入很多資金到這些店裡。重點是營運費用和銷售策略。因此，當然，較低的地板密度很容易複製。基於我們在商店中擁有的專門視覺團隊，視覺增強很容易複製。一旦我們擁有了對供應商社群有吸引力的前進車隊，擁有一組共同的相關品牌的能力就更容易執行。

I think the additional staffing is the one that we will have a variable strategy for because if we're talking about a $20 million box versus a $150 million box, that incremental staffing will obviously be different based on the rate of sale. Interestingly, what we're also learning is some of our lower-volume stores are having our largest increases, which gives us confidence in the next wave of First 50 that we will have as much or more opportunity for improvement in the Macy's fleet.

我認為我們將針對額外的人員配備採取可變策略，因為如果我們談論的是 2000 萬美元的盒子與 1.5 億美元的盒子，則根據銷售率，增量人員配備顯然會有所不同。有趣的是，我們還了解到，一些銷量較低的商店的增幅最大，這讓我們對下一波 First 50 商店充滿信心，相信我們將有與梅西百貨車隊一樣多或更多的改進機會。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

So just a couple for me. To get to the high end of the guidance in the fourth quarter, comps up about 3%. When we think about the multitude of different same-store sales lines you report to us today, beyond the First 50, which speak for themselves, which one of those comps in the presentation, we'll see the biggest change in fourth quarter to get to the higher end of the 3% guidance relative to the third quarter.

所以對我來說只有幾個。為了達到第四季指導的上限，該公司股價上漲了約 3%。當我們考慮到您今天向我們報告的眾多不同同店銷售系列時，除了前 50 條之外，這些銷售系列不言而喻，在演示中，我們將看到第四季度的最大變化相對於第三季度的3% 指導上限。

And then, I guess, using the First 50 as the leading indicator as you've spoken to, Tony, what do you think about the time line to close the gap between the First 50 consistently in the positive low single digits and the 2.5% decline for the non-First 50 go forward?

然後，我想，正如您所說，使用前 50 名作為領先指標，托尼，您對縮小前 50 名始終處於正低個位數與 2.5% 之間差距的時間線有何看法衰退讓非前50名何去何從？

And then as we think about 2025, when you think about closing the 65 doors, assuming those are unprofitable in lower four-wall margin like you pointed to a few times. All else equal, when we consider some of the other forward-looking comments you gave today, do margins go up next year?

然後，當我們考慮 2025 年時，當您考慮關閉 65 扇門時，假設這些門在四壁利潤率較低的情況下無利可圖，就像您多次指出的那樣。在其他條件相同的情況下，當我們考慮您今天發表的其他一些前瞻性評論時，明年的利潤率會上升嗎？

So why don't I start? And Tony, I encourage you to add anything that I may miss.

那我為什麼不開始呢？托尼，我鼓勵你補充我可能錯過的任何內容。

Mike, it's great to be with you this morning, and thanks for your questions. Let me talk about the high end, first of all, in terms of the sales guide. When we think about what we've seen quarter-to-date, we're seeing sequential improvement across many dimensions of our business. We're seeing sequential improvement in digital, we're seeing sequential improvement in stores. We're seeing sequential improvement in Macy's nameplate, we're seeing sequential improvement in luxury, both Bloomingdale's and Bluemercury.

麥克，很高興今天早上和你在一起，感謝你的提問。先說高端，先從銷售引導方面來說。當我們思考本季迄今所看到的情況時，我們看到業務的許多方面都取得了連續的改進。我們看到數位領域的連續改進，我們看到商店的連續改進。我們看到梅西百貨的名牌連續改善，我們看到布魯明代爾百貨公司和 Bluemercury 奢侈品牌的連續改善。

We're seeing sequential improvement in F50. We're seeing sequential improvement in the other go-forward stores that have not received the investments yet. So the way that we approach this is we want all boats to rise as part of a Bold New Chapter. We've distorted investments in things like First 50 and digital, and we definitely are seeing a lot of that -- those investments now begin to harvest.

我們看到 F50 的連續改進。我們看到其他尚未收到投資的前進商店也取得了連續的改善。因此，我們實現這一目標的方式是希望所有船隻都能崛起，成為大膽新篇章的一部分。我們在「前 50 強」和數位領域的投資出現了扭曲，而且我們確實看到了很多這樣的投資——這些投資現在開始收穫。

So when we think about the high end of the range, what we're encouraged by with the sequential improvement is really the momentum that we're seeing building. And as you know, these things work together and create more than the sum of the parts. So we're actually quite encouraged by that.

因此，當我們考慮該範圍的高端時，我們對連續改進感到鼓舞的實際上是我們所看到的成長勢頭。如您所知，這些東西協同作用並創造出比各部分相加更多的東西。所以我們實際上對此感到非常鼓舞。

When we think about the First 50 to all stores, as Tony mentioned, these are capital-light investments. And we're encouraged by what we're able to very quickly replicate a portion of these changes from the F50 to 100 stores. We wanted to understand how replicable, how quickly the impact would show up, and how do we do this at a level of scale as we think about our go-forward business into next year.

正如東尼所提到的，當我們考慮所有商店的前 50 家時，這些都是輕資本投資。我們能夠非常快速地將部分變化從 F50 商店複製到 100 家商店，這讓我們感到鼓舞。我們想了解複製性如何、影響顯現的速度有多快，以及在考慮明年的業務時如何大規模地做到這一點。

Now as we think about 2025, we're going to continue to manage a healthy balance sheet. We want to make sure that we have the appropriate deal making, we're monetizing underperforming stores as well as rightsizing our supply chain network. So we see opportunities for further monetization. But we'll share more about what that looks like on our fourth quarter earnings call.

現在，當我們展望 2025 年時，我們將繼續管理健康的資產負債表。我們希望確保進行適當的交易，將表現不佳的商店貨幣化，並調整我們的供應鏈網路規模。因此，我們看到了進一步貨幣化的機會。但我們將在第四季財報電話會議上分享更多有關情況的資訊。

As we talked about earlier, we're focused on the fundamentals. That's the top line. That's the bottom line. That's the margin profile. But we recognize that in the discretionary environment, we have to be thoughtful about how we're competing for share of wallet relative to our competition and navigating that as we progress.

正如我們之前談到的，我們專注於基礎知識。這是最上面的一行。這是底線。這就是保證金概況。但我們認識到，在自由裁量的環境中，我們必須考慮如何相對於我們的競爭對手爭奪錢包份額，並隨著我們的進步而導航。

But look, we're encouraged. We still have a road ahead. But as we think about when we entered the year, we talked about investment, we talked about learning, we talked about experimentation. As we exit the year, we've gotten a lot done. We've learned a ton. There's more opportunities we're going to lean into, but the proof points are much clearer to us now than it was 9 or 10 months ago.

但看，我們受到了鼓舞。我們前面還有路要走。但當我們進入這一年時，我們談論了投資，我們談論了學習，我們談論了實驗。當我們結束這一年時，我們已經完成了很多工作。我們學到了很多。我們將抓住更多的機會，但現在的證據對我們來說比 9 或 10 個月前更清晰。

I'd only add that the penetration, Mike, of the categories that are performing best goes up in the fourth quarter. So some of the guidance in the fourth quarter is also related to the penetration of those businesses. Some is improvement, some is related to the penetration. And that also has an impact on the margin forecast as well.

我只想補充一點，麥克，表現最好的類別的滲透率在第四季度有所上升。因此，第四季度的一些指引也與這些業務的滲透率有關。有的是改進，有的是和滲透有關。這也對利潤率預測產生影響。

Bob Drbul, Guggenheim.

鮑勃·德布爾，古根漢。

Two questions for me. The first one, just in the shoe and handbag locations, can you just talk -- do you have the brands you need? Are you getting new brands? Is it a labor support? Can you just expand a bit more in terms of the initiative and some of those trends?

有兩個問題問我。第一個，就在鞋子和手袋店，你能談談嗎——你有你需要的品牌嗎？你有新品牌嗎？是勞動力支持嗎？您能否在倡議和其中一些趨勢方面進一步擴展一點？

And then the second question is on inventory levels. Just -- you said -- I think you said you're going to end the year flattish and you made some adjustments on the sort of order books going forward. How far out are you making adjustments to your order book? And as you think about '25, where there might be needs to make adjustments?

第二個問題是庫存水準。只是——你說過——我想你說過你將在今年結束時表現平平，並且你對未來的訂單類型做了一些調整。您對訂單簿的調整幅度有多大？當你想到25年時，哪些地方可能需要做出調整？

Let me take the couple of questions and then Adrian can add anything I miss. The changes in the 100 stores between the shoe and handbags are predominantly about people. So we're certainly making changes to assortments. We are reducing the duplication within those stores to try to make shopping easier for the consumer. But the lion's share of the impact that we're seeing is by having somebody to run to get the bag and get shoes from to the floor and to unlock the handbags that are not easily accessible by the customer. And so I think that's given us some cautious optimism that there is more that we can do as we are able to actually impact more of the menu inclusive of the assortment in those stores.

讓我回答幾個問題，然後阿德里安可以添加我錯過的任何內容。這100家商店中鞋子和手袋之間的變化主要是關於人的。所以我們一定會改變產品種類。我們正在減少這些商店內的重複，以使消費者購物更容易。但我們看到的最大影響是讓某人跑去把包包和鞋子從地板上拿下來，並解鎖顧客不易拿到的手提包。因此，我認為這給了我們一些謹慎的樂觀態度，我們可以做更多的事情，因為我們能夠真正影響更多的菜單，包括這些商店的品種。

As it relates to inventory levels, we are already without making significant adjustments to our order books for 2025 at the forecast of flat to slightly down on a restated basis. So I don't think that inventory will be our issue going into 2025, I think we want to continue to see the green shoots we're seeing in our revenue performance continue so that we have the opportunity to, as we said, expand First 50, get past the kind of private brand reinvention, expand on some of the brands that we've added this year to more locations and get greater consistency between the performance we're seeing in the other go-forward stores.

由於與庫存水準相關，我們已經沒有對 2025 年的訂單進行重大調整，預測在重述的基礎上持平或略有下降。因此，我認為庫存不會成為我們進入 2025 年的問題，我認為我們希望繼續看到我們在收入表現中看到的復甦勢頭，以便我們有機會，正如我們所說，首先擴大規模50、超越那種自有品牌的重塑，將我們今年添加到更多地點的一些品牌進行擴展，並在我們在其他前進商店中看到的表現之間獲得更大的一致性。

Paul Lejuez, Citi.

保羅‧勒胡埃斯，花旗銀行。

Curious if promotions have been running higher in the quarter-to-date period? And if so, how much of the higher sales do you attribute to the higher promotions year-over-year?

好奇本季至今促銷活動是否有增加？如果是這樣，您將銷售額增加的數量歸因於同比增加的促銷活動？

And then second, just thinking about the 55 closings by the end of the year, what do you typically see in your e-com business in markets where you closed stores. Is that a comp drag as you look out to next year? Or is that a comp driver because you see some sales transfer?

其次，想想今年年底關閉的 55 家商店，您在關閉商店的市場中的電子商務業務中通常會看到什麼。當你展望明年時，這會是比較拖累的因素嗎？或者這是一個補償驅動因素，因為您看到了一些銷售轉移？

Paul, thanks for the question. I'll take the first part, I'll let Adrian take the last part. Quarter-to-date, the promotions are approximately comparable to last year. So an interesting factor is that our discount rate is year-over-year about the same as it was.

保羅，謝謝你的提問。我將承擔第一部分，我將讓阿德里安承擔最後一部分。本季至今，促銷活動與去年大致相當。因此，一個有趣的因素是我們的折扣率與去年同期大致相同。

The difference when you get into the impact to margin is the mix of business, and then the liquidations that may be necessary on aged inventory. So we have a small proportion that is aged inventory, more so within the mix of business that we're selling. And again, the impact of not selling as much cold weather product, and hopefully, again, we see even colder weather kind of come in the latter part of the quarter, and that will only help us get a stronger margin performance.

當您考慮對利潤率的影響時，差異在於業務組合，以及可能需要對老化庫存進行的清算。因此，我們有一小部分是陳舊庫存，在我們銷售的業務組合中更是如此。再次，由於寒冷天氣產品銷售減少的影響，我們希望我們再次看到本季下半年會出現更寒冷的天氣，這只會幫助我們獲得更強勁的利潤表現。

But I actually feel pretty good about the regular price sell-through we're seeing and the overall discount rate, given the promotional environment we're operating in. But as you know, Macy's is a promotional department store to start with. There isn't a lot of room on the calendar to be able to add a lot of value. We think it's one of the reasons why in an environment like this, when people give gifts, they come to brands and stores like Macy's. And so I think we have opportunity to be able to deliver our guidance for the quarter and position ourselves for improvement in 2025.

但考慮到我們所處的促銷環境，我實際上對我們所看到的正常價格銷售情況和整體折扣率感到非常滿意。日曆上沒有太多空間可以增加很多價值。我們認為這就是為什麼在這樣的環境下，當人們送禮物時，他們會來到梅西百貨這樣的品牌和商店的原因之一。因此，我認為我們有機會提供本季的指導，並為 2025 年的改進做好準備。

Paul, let me talk a bit about the closures. The thing to keep in mind with the closures is that these are underperforming stores. And so these are places where the economics are not as favorable. These are places where customers have shifted away from those centers to shop. And these are stores that are just incredibly difficult to run. So I'll just start with that fundamental premise.

保羅，讓我談談關閉的事情。關閉時要記住的一點是，這些商店表現不佳。因此，這些地方的經濟狀況就沒那麼有利。顧客已從這些中心轉移到這些地方購物。這些商店的經營極為困難。所以我將從這個基本前提開始。

Very few of the stores are actually in single-store markets. And the reason that's important is because in an omni business, we continue to see that when we have a physical presence and a digital presence by far, we have the best economics and the best sales per customer, sales per capita, however way you look at it, sales per customer, we actually see the best economics there.

實際上，很少有商店位於單店市場。這很重要的原因是，在全方位業務中，我們不斷看到，到目前為止，當我們擁有實體業務和數位業務時，我們擁有最好的經濟效益和最好的每位客戶銷售額、人均銷售額，無論你怎麼看就每個客戶的銷售額而言，我們實際上看到了最好的經濟效益。

Given that the vast, vast, vast majority of the closures are in markets that have other buildings, other Macy's buildings within that market, we think that the impact on comp is going to be limited. And we look back 10 years at closures to really try to understand that. But most importantly, we're taking a different approach to retaining any customer in the market. So whether it's a digital-only customer, an omni customer, a store-only customer, we have a very specific strategy that we've already been working on developing to retain as many of the customers by introducing them to other stores with unique communication, et cetera, et cetera.

鑑於絕大多數的關閉都發生在有其他建築物的市場，即該市場內有其他梅西百貨的建築物，我們認為對比較的影響將是有限的。我們回顧十年來的倒閉事件，試著真正理解這一點。但最重要的是，我們正在採取不同的方法來留住市場上的任何客戶。因此，無論是純數位客戶、全向客戶還是純商店客戶，我們都有一個非常具體的策略，我們一直在努力開發該策略，透過將他們介紹給其他具有獨特溝通方式的商店來留住盡可能多的客戶，等等，等等。

So we're encouraged. We recognize that it's important to get to a healthy fleet, and so that's our focus because that healthy platform, omnichannel platform is what's going to be able to drive profitable growth going forward.

所以我們受到鼓舞。我們意識到建立一支健康的車隊非常重要，這就是我們的重點，因為健康的平台、全通路平台將能夠推動未來的獲利成長。

Alex Straton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

Maybe first for Adrian. Can you just elaborate on why digital was a pressure point in the third quarter relative to stores and maybe how that should change into the fourth quarter and beyond?

也許首先是阿德里安。您能否詳細說明為什麼數位化在第三季相對於商店而言是一個壓力點，以及這種情況在第四季及以後應該如何改變？

And then for Tony, just big picture, understanding you're not giving any formal guidance for next year. But as you think about 2025, just curious what's strategically top of mind for you that's perhaps different from this year?

然後對於托尼來說，只是大局，了解你不會為明年提供任何正式指導。但當您思考 2025 年時，只是想知道您最關心的策略是什麼可能與今年不同？

Alex, thanks for your question. Look, we've really been challenged in our digital business for a number of years. And as we had new talent come into the organization, we really focused on how do we fundamentally improve the digital experience and the omni experience that's contributed by digital.

亞歷克斯，謝謝你的問題。看，多年來我們的數位業務確實面臨挑戰。隨著新人才進入組織，我們真正關注的是如何從根本上改善數位體驗以及數位帶來的全方位體驗。

What we're very encouraged by are the material initiatives that were introduced, particularly in late summer, kind of August time frame into October, whether it's SEO enhancements, new category pages, better layout, greater stability, greater upload speed. We look at a variety of operating and customer-facing metrics. We're seeing a number of things that are better. Conversion is better. Traffic is better, experience is better. CSAT scores are better. NPS scores are better. And so from our perspective, and we've spoken about this in earlier conversations, we needed to invest in a better shopping experience for our customers.

我們非常鼓舞的是所推出的實質舉措，特別是在夏末，從八月到十月的時間框架，無論是SEO 增強、新的類別頁面、更好的佈局、更高的穩定性、更快的上傳速度。我們關注各種營運和麵向客戶的指標。我們看到了許多更好的事情。轉換效果比較好。交通更好，體驗更好。 CSAT 成績比較好。 NPS 分數更好。因此，從我們的角度來看，我們在之前的談話中已經談到過這一點，我們需要投資為客戶提供更好的購物體驗。

From the research that Tony and myself and the team navigated a year, 1.5 years ago is rebuilding the strategy, something as simple as quality search results we really underperformed on something as simple as in-stock speed of delivery. And all those different dimensions we've improved on this year, and the sequential improvement we're seeing in digital gives us a lot of encouragement that the changes that we're making, both operationally and on the customer-facing side is really getting traction because the customer is noticing and actually spending.

根據托尼和我本人以及團隊一年、1.5 年前的研究，我們正在重建策略，在像品質搜尋結果這樣簡單的事情上，我們在像庫存交貨速度這樣簡單的事情上確實表現不佳。今年我們在所有這些不同的方面都進行了改進，而且我們在數位化方面看到的連續改進給了我們很大的鼓勵，我們正在做出的改變，無論是在營運方面還是在面向客戶的方面都確實取得了進展。

Yes. I'd only add, Alex, that digital also includes our merchant organization and our marketing organization. And I think the work together across the three pyramids is as strong as I've seen it in my time with the company. So I think that also is a good segue into what I feel good about in 2025, again, without getting into our guidance and the particular specifics of how many of what.

是的。亞歷克斯，我只想補充一點，數位化還包括我們的商業組織和行銷組織。我認為三個金字塔之間的合作與我在公司工作期間所看到的一樣強大。因此，我認為這也是我對 2025 年感覺良好的一個很好的延續，而無需考慮我們的指導以及有多少內容的具體細節。

But think about it this way. The delivery expense that we just went through, that's behind us, cost accounting conversion, that's behind us. The private brand reinvention without home, that's behind us. We're not in a year of testing, we're in a year of scaling. You have the opportunity to have more new brands as people begin to visit and see the changed experience as they begin to see the site experience be more about product than just about price, we have more opportunity for growth. We know we'll have more First 50 locations, how many we'll talk about on the fourth quarter call. And we're also excited about continuing to expand Bloomingdale's and Bluemercury. Both are contributing to the corporate results and both have opportunity for significant growth.

但這樣想一下。我們剛剛經歷的交付費用，已經過去了，成本會計轉換，已經過去了。沒有家的自有品牌重塑，已經過去了。我們不是處於測試之年，而是處於擴展之年。當人們開始造訪並看到改變的體驗時，您有機會擁有更多新品牌，因為他們開始看到網站體驗更多涉及產品而不僅僅是價格，我們有更多的成長機會。我們知道我們將擁有更多的前 50 家門市，我們將在第四季度的電話會議上討論具體數量。我們也對繼續擴張 Bloomingdale's 和 Bluemercury 感到興奮。兩者都為公司業績做出了貢獻，並且都有顯著成長的機會。

If I could just add one additional thing, Alex. From a capital allocation standpoint, we've really been pivoting into this notion of harvesting our investments. And so to Tony's point, a lot of these investments are beginning now to really yield fruit. So if you kind of look at the history, back in 2022, we invested about $1.3 billion of capital to really improve the fundamentals of this business.

如果我能再補充一件事的話，亞歷克斯。從資本配置的角度來看，我們確實一直在轉向收穫投資的概念。因此，在托尼看來，許多投資現在已經開始真正產生成果。因此，如果你回顧一下歷史，早在 2022 年，我們就投資了約 13 億美元的資金來真正改善這項業務的基本面。

Last year, we invested $993 million. This year, we're projected to invest $895 million. So we talked very clearly when we implement our capital allocation strategy that this business needed investment. Some of it was CapEx investment. And this past year, the investment has been capital-light investments. So as all this is coming together harvesting and really focusing on scaling next year, as Tony described, is what excites us as we think about 2025.

去年，我們投資了 9.93 億美元。今年，我們預計投資 8.95 億美元。所以我們在實施資本配置策略的時候就非常清楚地講到這個業務需要投資。其中一些是資本支出投資。過去一年，投資都是輕資本投資。因此，正如托尼所描述的，隨著所有這些都將在明年收穫並真正專注於擴展，這是我們在思考 2025 年時感到興奮的事情。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

Maybe, Tony, could you just talk about the furniture business a little bit and how much of a drag that is on overall comps. And then at the same time, maybe a little bit more color on handbags. You mentioned you're seeing some improvement there.

東尼，也許你能稍微談談家具業務，以及它對整體業績的拖累有多大。同時，也許手袋上的顏色多一點。你提到你看到了一些改進。

And then lastly, can you give us a little update on what you've seen since Cyber Monday and the trends in the business and what you expect for the post in January sort of post the holiday season? How do you expect comp trends to develop once you get through the peak season?

最後，您能否向我們介紹一下自「網路星期一」以來您所看到的情況、業務趨勢以及您對假期後 1 月發布的內容的期望？一旦度過了旺季，您預計薪資趨勢將如何發展？

Thanks, Jay. Furniture business is softer than the mattress business. Overall, the big-ticket business is stable, but certainly a better trend in mattresses than we're seeing in furniture. I think as others in the big-ticket business have reported until we get to a slightly lower interest rate environment, that business is probably going to still be under pressure. We have a new team in big ticket who's working feverishly on our assortment. I'm pleased with some of the progress, but longer lead times on the big ticket business in terms of furniture. So that will be an opportunity for us as we get into the latter part of 2025.

謝謝，傑伊。家具業務比床墊業務疲軟。總體而言，大宗商品業務穩定，但床墊的趨勢肯定比我們在家具中看到的更好。我認為，正如大宗業務中的其他人所報告的那樣，在我們達到略低的利率環境之前，該業務可能仍將面臨壓力。我們有一個新的大團隊，他們正在積極地開發我們的品種。我對一些進展感到滿意，但家具大件業務的交貨時間更長。因此，當我們進入 2025 年下半年時，這對我們來說將是一個機會。

As it relates to handbags, we mentioned on the call, a Bloomingdale's business, really seeing some nice strength now in handbags being driven by newness as well as some historic traditional brands, people like Coach and Tory Burch and Longchamp, really seeing some nice business and beginning to see that also on the Macy's side as well.

就手袋而言，我們在電話中提到，布魯明代爾(Bloomingdale) 的業務，現在確實看到手袋在新穎性以及一些歷史悠久的傳統品牌（例如Coach、Tory Burch 和Longchamp）的推動下取得了一些不錯的優勢，確實看到了一些不錯的業務梅西百貨也開始看到這一點。

The crystal ball of what happens after the holidays and the nature of the consumer in an environment where is inflation a little higher, a little lower. We saw the reports a little higher now this morning, but I think the consumer has shown, post the election, a real interest in shopping, and so we are only quantifying it. We're not talking about post Cyber, talking about on a quarter-to-date basis. But I see a consumer that although remaining choiceful and looking for value, who is interested in shopping, Christmas, Hanukkah and Kwanzaa everything is still going to come. And I see people interested in a variety of categories, which bodes well, I think for all three of our nameplates.

假期後會發生什麼以及在通貨膨脹稍高或稍低的環境下消費者的本質的水晶球。今天早上我們看到的報告有點高，但我認為消費者在選舉後已經表現出了對購物的真正興趣，所以我們只是對其進行量化。我們不是在談論後網路時代，而是在談論季度至今的情況。但我看到消費者雖然仍然有選擇並尋找價值，但對購物、聖誕節、光明節和寬扎節感興趣，一切仍然會到來。我看到人們對各種類別感興趣，我認為這對我們所有三個銘牌來說都是個好兆頭。

There are no further questions at this time. I'd like to turn it back over to Mr. Tony Spring for closing comments.

目前沒有其他問題。我想將其轉回托尼·斯普林先生以徵求結束意見。

Just want to thank everybody for your questions and your time this morning. We have a good solid trend coming out of the third quarter with the start of the fourth quarter, and we will work hard as a total team to deliver on the remainder of 2024 as we look at the opportunities in 2025. I want to wish you and your families a very happy holiday season. All the best, and talk to you in the new year.

只是想感謝大家今天早上提出的問題和佔用的時間。從第三季到第四季開始，我們的趨勢良好，在展望 2025 年機會的同時，我們將作為一個整體團隊努力工作，在 2024 年剩餘時間裡實現目標。了一個非常愉快的假期。祝一切順利，新的一年再和大家聊聊。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines or lock up the webcast at this time, and enjoy the rest of your day.

女士們、先生們，今天的活動到此結束。此時您可以斷開線路或鎖定網路廣播，然後享受剩下的一天。