梅西百貨 (M) 2024 Q4 法說會逐字稿

Greetings and welcome to the Macy's Inc. fourth quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded. I would now like to turn the conference over to Pamela Quintiliano, Vice President of Investor Relations. Thank you. Please go ahead.

問候並歡迎參加梅西百貨公司 2024 年第四季財報電話會議。（操作員指示）提醒一下，此通話正在被錄音。現在，我想將會議交給投資者關係副總裁 Pamela Quintiliano。謝謝。請繼續。

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

謝謝您，接線生。大家早安，感謝大家的收看。今天與我一起參加電話會議的還有我們的董事長兼執行長 Tony Spring；以及我們的營運長和財務長 Adrian Mitchell。連同我們的 2024 年第四季度新聞稿一起，一份 8-K 表格已提交給美國證券交易委員會 (SEC)，並且該演示文稿已發佈在我們的網站 macysinc.com 的投資者部分，並在今天的網絡直播中現場展示。

Unless otherwise noted, the comparisons we provide will be versus 2023. All references to our prior expectations, outlook or guidance refer to the information provided on our December 11 earnings call, or our January 13 sales and earnings press release, unless otherwise noted.

除非另有說明，我們提供的比較數據是與 2023 年相比的。除非另有說明，所有對我們先前的預期、展望或指導的引用均指我們在 12 月 11 日的財報電話會議或 1 月 13 日的銷售和收益新聞稿中提供的資訊。

On today's call, we will refer to certain non-GAAP financial measures. Reconciliations of these measures can be found in our earnings presentation and SEC filings available at www.macysinc.com/investors. All references to comp sales throughout today's prepared remarks represent comparable owned plus license plus marketplace sales and owned plus licensed sales for our store locations, unless otherwise noted.

在今天的電話會議上，我們將參考某些非公認會計準則財務指標。這些措施的對帳可以在我們的收益報告和美國證券交易委員會 (SEC) 文件中找到，網址為 www.macysinc.com/investors。除非另有說明，今天準備好的評論中所有對可比銷售額的提及均代表我們商店位置的可比自有銷售額加許可銷售額加市場銷售額以及自有銷售額加許可銷售額。

And go forward, Macy's Inc. comp sales include the approximately 350 Macy's Go-forward locations in digital and Bloomingdale's and Bluemercury nameplates inclusive of stores and digital. Go-forward Macy's comp sales include the approximately 350 Macy's Go-forward locations and Macy's Digital.

展望未來，梅西百貨公司的同店銷售額包括約 350 家梅西百貨 Go-forward 數位門市以及 Bloomingdale's 和 Bluemercury 品牌門市（包括商店和數位門市）。Go-forward Macy 的同店銷售額包括約 350 家 Macy's Go-forward 門市和 Macy's Digital。

Lastly, to further improve year-over-year comparability, we are providing quarterly and annual 2024 sales contributions for store closures. All forward-looking statements are subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

最後，為了進一步提高同比可比性，我們將提供 2024 年門市關閉的季度和年度銷售額貢獻。所有前瞻性陳述均受 1995 年私人證券訴訟改革法案的安全港條款約束。

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

這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與今天提到的預期和假設有重大差異。我們向美國證券交易委員會提交的文件中詳細討論了這些因素和不確定性。今天的電話會議正在我們的網站上進行網路直播。本次通話結束後約兩小時將提供重播。

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

說完這些，我就把麥克風交給東尼。

Good morning, and thank you for joining us today to discuss our fourth quarter and fiscal 2024 results and our 2025 outlook. It's been one year since my first call as Macy's Inc., CEO, and the introduction of a bold new chapter strategy, our three year plan designed to return the company to sustainable profitable growth.

早安，感謝您今天加入我們討論我們的第四季度和 2024 財年業績以及 2025 年展望。自從我第一次擔任梅西百貨公司首席執行官並推出大膽的新篇章戰略以及旨在使公司恢復可持續盈利增長的三年計劃以來，已經過去了一年。

The bold new chapter is different from recent strategies as it firmly places our energy and focus on the needs of the roughly 40 million customers annually who shop our three iconic nameplates. It prioritizes an improved store environment and omnichannel customer experience as we reallocate capital from underproductive Macy's stores and focus our resources and investments on our Go-forward business.

這一大膽的新篇章不同於最近的策略，因為它將我們的精力和重點牢牢地放在每年購買我們三大標誌性品牌商品的約 4000 萬客戶的需求上。我們重新分配生產力低的梅西百貨商店的資本，並將資源和投資集中在我們的「前進」業務上，因此，我們優先考慮改善商店環境和全通路客戶體驗。

In fiscal 2024, we realized substantive enterprise wide improvements. These give us confidence in the long term viability of the bold new chapter. In light of year one progress, I want to extend my gratitude to all of Macy's Inc.'s colleagues for embracing this important work and delivering a better experience for our customers.

在 2024 財年，我們實現了整個企業的實質改進。這些都讓我們對這個大膽新篇章的長期可行性充滿信心。鑑於第一年的進步，我要向梅西百貨公司的所有同事表示感謝，感謝他們接受這項重要的工作並為我們的客戶提供更好的體驗。

For the year, we improved Macy's Inc.'s annual comps by 510 basis points to down 0.9% versus 2023. We posted four consecutive quarters of positive comps at Macy's first 50 locations. We returned to positive annual comps at Bloomingdill's and had four consecutive years of positive comps at Bluemercury.

我們將梅西百貨公司今年的年度同店銷售額預期上調 510 個基點，較 2023 年下降 0.9%。梅西百貨前 50 家門市連續四個季度取得了積極的業績。Bloomingdill's 的年度同店銷售額恢復正成長，Bluemercury 的同店銷售額也連續四年維持正成長。

We achieved record annual Net Promoter Scores at Macy's and Bloomingdale's rising 160 and 90 basis points, respectively. We closed 64 of our approximately 150 non-Go-forward Macy's stores ahead of our annual plan of 50 closures. We lowered CapEx by $111 million to $882 million, representing the second consecutive year of reduced spend.

我們在梅西百貨和布魯明戴爾百貨的年度淨推薦值分別上漲了 160 個基點和 90 個基點，創下了歷史新高。我們關閉了約 150 家非 Go-forward 梅西百貨商店中的 64 家，超越了我們關閉 50 家的年度計劃。我們將資本支出降低了 1.11 億美元，至 8.82 億美元，這是連續第二年削減支出。

We generated $679 million of free cash, inclusive of $283 million of asset monetization proceeds up 71% from last year. We ended the year with $1.3 billion of cash on our balance sheet of $272 million from last year, and we returned $192 million to shareholders through cash dividends.

我們產生了 6.79 億美元的自由現金，其中包括 2.83 億美元的資產貨幣化收益，比去年增長 71%。截至年底，我們的資產負債表上有 13 億美元現金，而去年我們的資產負債表上有 2.72 億美元，我們透過現金股利向股東返還了 1.92 億美元。

We are pleased with our accomplishments, but recognize there is still more work to be done. Recent results give us confidence that we've made the right strategic shifts and investments to successfully improve the overall Macy's Inc. customer experience. Now we must scale these changes in order to achieve our long term goals.

我們對自己所取得的成就感到高興，但同時也意識到還有很多工作要做。最近的結果讓我們相信，我們已經做出了正確的策略轉變和投資，成功改善了梅西百貨公司的整體客戶體驗。現在我們必須擴大這些變化以實現我們的長期目標。

For the fourth quarter, Go-forward Macy's Inc. had its strongest comp of the year at plus 0.6%. This, along with positive Bloomingdale's and Bluemercury results drove total Macy's Inc. to a 0.2% comp gain, its highest of the year and best in 11 quarters. We maintained a disciplined approach to margins and cost controls.

第四季度，Go-forward Macy's Inc. 的年成長率為今年以來最高，達 0.6%。這一成績，加上 Bl​​oomingdale's 和 Bluemercury 的良好業績，推動梅西百貨公司整體銷售額同比增長 0.2%，為今年最高水平，也是 11 個季度以來的最佳成績。我們對利潤和成本控制採取了嚴謹的方法。

As a result, fourth quarter adjusted EPS of $1.80 was above our most recent guidance range, primarily due to better than expected SG&A, credit card revenues, and to a lesser extent, improved shortage and asset sale gains.

因此，第四季度調整後的每股收益為 1.80 美元，高於我們最近的指導範圍，這主要歸因於銷售、一般及行政開支、信用卡收入優於預期，以及在較小程度上，短缺和資產出售收益的改善。

Now let's discuss the fourth quarter performance and full year progress of each pillar of the bold new chapter strategy, starting with strengthening and reimagining Macy's. Total Macy's nameplate comps declined 0.9% in the fourth quarter, a 380 basis point improvement from the prior year.

現在讓我們從加強和重塑梅西百貨開始，討論大膽新篇章戰略各支柱的第四季度業績和全年進展。梅西百貨同店銷售額在第四季整體下降了 0.9%，比去年同期下降了 380 個基點。

The first 50 locations achieved a positive 1.2% comp. At these locations, ready-to-wear beauty and women's shoes outperformed the rest of the fleet by approximately 320 basis points on lower discount rates and higher initial tickets, reflecting positive response to our improved product assortment, visual presentation and staffing.

前 50 個地點實現了 1.2% 的正收益。在這些地方，由於折扣率較低和初始票價較高，成衣美容和女鞋的表現比其他產品線高出約 320 個基點，反映出對我們改進的產品組合、視覺展示和人員配置的積極響應。

Beyond the first 50, the incremental 100 doors that received enhanced women's shoes and handbag staffing in the fall, continue to outperform locations without those investments. Performance of both the first 50 and the 100 test stores illustrate that when we invest in the customer experience, we can grow sales.

除了首批 50 家門市外，今年秋季新增的 100 家門市也加強了女鞋和手袋部門的人員配置，其表現繼續優於未進行這些投資的門市。前 50 家和 100 家測試店的表現都表明，當我們投資於客戶體驗時，我們就可以增加銷售額。

While pleased with the customer response to the first 50 and 100 test store initiatives, another key component of the bold new chapter strategy is closing underproductive Macy's stores. These closures allow us to focus our resources and attention on our Go-forward fleet. We are executing store closures methodically.

儘管對客戶對前 50 家和 100 家測試店舉措的反響感到滿意，但大膽的新篇章策略的另一個關鍵組成部分是關閉效益不佳的梅西百貨商店。關閉這些設施使我們能夠將資源和注意力集中在我們的 Go-forward 機隊上。我們正在有條不紊地執行關閉商店的計劃。

Of the approximately 150 announced in February 2024 as a part of our strategy, we took advantage of favorable deal making to remove 64 underperforming stores from the Macy's base in fiscal 2024, contributing to annual asset sale gains of $144 million.

作為我們策略的一部分，我們於 2024 年 2 月宣布了約 150 家門市，並利用有利的交易機會，在 2024 財年從梅西百貨基地中移除了 64 家表現不佳的門店，為年度資產出售收益貢獻了 1.44 億美元。

Although the closed locations benefited 2024 sales, gross margin and EBITDA dollars, they are no longer as financially or operationally viable, especially when you compare their contribution to their monetization value.

儘管關閉的門市為 2024 年的銷售額、毛利率和 EBITDA 帶來了好處，但它們在財務或營運上不再可行，尤其是當您將其貢獻與貨幣化價值進行比較時。

Merchandising, digital and marketing are also imperative to the Macy's nameplate success. For the year, the merchandising team continued its assortment matrix evolution including the ongoing private brand enhancements, adding more relevant national brands, scaling other brands to additional doors and editing brands that are no longer serving our customer.

商品推銷、數位科技和行銷對於梅西百貨品牌的成功也至關重要。今年，商品銷售團隊繼續其商品組合矩陣的演變，包括持續進行自有品牌增強、增加更多相關的國家品牌、將其他品牌擴展到更多門市以及刪除不再為我們的客戶服務的品牌。

Digital improved its site navigation, search engine optimization and introduced a more competitive pricing algorithm, leading to a return to positive comps in the fourth quarter. In marketing, we put the customer top of mind going to where they spend most of their time.

數位部門改進了其網站導航和搜尋引擎優化，並引入了更具競爭力的定價演算法，從而導致第四季度的業績恢復正成長。在行銷中，我們把顧客放在第一位，讓他們成為花費時間最多的地方。

During the fourth quarter, we reallocated marketing dollars to live events and top rated programming and increase the use of influencers. Throughout the year, we leaned into the iconic Macy's IP to allow for deeper and more integrated storytelling across our digital platforms and stores.

在第四季度，我們將行銷資金重新分配給現場活動和收視率最高的節目，並增加了有影響力的人物的使用。全年我們依靠標誌性的梅西百貨 IP 在我們的數位平台和商店中進行更深入、更整合的故事講述。

Turning to the second pillar of our strategy, accelerating and differentiating luxury. In the fourth quarter, both Bloomingdale's and Bluemercury continued their positive comp trends. This gives us further confidence in their organic growth profiles and store expansion opportunities.

談到我們策略的第二個支柱，加速和差異化奢侈品。第四季度，Bloomingdale's 和 Bluemercury 均延續了正面的成長趨勢。這使我們對其有機成長狀況和門市擴張機會更有信心。

Bloomingdale's has achieved a positive 6.5% comp, the strongest fourth quarter volume in its history. Our exclusive Wicked partnership garnered roughly 15 billion media impressions which was 3 times higher than last year's holiday campaign.

布魯明戴爾百貨的同店銷售額年增 6.5%，創下其史上最強勁的第四季銷售。我們與 Wicked 的獨家合作獲得了約 150 億次媒體曝光，是去年假期活動的三倍。

This, along with Italy with Love program are prime examples of how our customers appreciate and respond to our unique product curation and differentiated brand DNA which is aspirational, approachable and distinctive in the luxury landscape.

這個項目以及「義大利之愛」計畫都是我們的客戶欣賞和回應我們獨特的產品策劃和差異化品牌 DNA 的典型例子，這種 DNA 在奢侈品領域是令人嚮往的、平易近人的和與眾不同的。

For the year, we opened Bloomingdale's stores, including our first Bloomie's women's only location, which has been very well received. Our team continues to be methodical in their approach to Bloomingdale's physical expansion, triangulating markets where there is strong existing demand.

今年，我們開設了布魯明戴爾百貨商店，包括第一家布魯明戴爾女性百貨公司，受到了熱烈歡迎。我們的團隊將繼續有條不紊地進行布魯明戴爾百貨的實體擴張，對現有需求強勁的市場進行三角定位。

At Bluemercury, we achieved our 16th consecutive quarter of positive comps. The team leaned into the gift of self-care for the holiday, capturing demand for beauty trends, including everyday well-being, clinical skin care and fragrance layering.

在 Bluemercury，我們連續 16 個季度實現了正成長。團隊專注於節日期間的自我護理禮物，捕捉人們對美容趨勢的需求，包括日常保健、臨床皮膚護理和香水分層。

In September, Bluemercury had kicked off its 25th anniversary celebration with the introduction of a revamped website and updated store prototype. With each new and remodeled store, our team is elevating its service model and product mix curation to further establish Bluemercury as the authority in its space.

9 月份，Bluemercury 推出了全新網站和升級版商店原型，拉開了 25 週年慶典的序幕。隨著每家新店和改造店的開業，我們的團隊都在提升其服務模式和產品組合管理，以進一步確立 Bluemercury 在其領域的權威地位。

For the year, we opened 17 new locations and remodeled 7. At the end of the year, roughly 15% of our Bluemercury store base has been updated. The third pillar of our strategy is simplifying and modernizing end-to-end operations. It's focused on creating a more efficient network that benefits the entire organization. In fiscal 2024, we meaningfully improved our ability to meet customer demand.

今年，我們開設了 17 家新店，並改造了 7 家店。截至年底，我們大約 15% 的 Bluemercury 商店基礎已經完成更新。我們策略的第三支柱是簡化和現代化端到端營運。其重點是創建一個使整個組織受益的更有效率的網路。2024財年，我們大幅提升了滿足客戶需求的能力。

We improved both the percentage of orders delivered in five days or less and replenishment in stocks by about 400 basis points and shorten the amount of days from when an order is placed to shift by roughly 1,100 basis points, all while maintaining strong inventory discipline which enabled us to end the year with improved inventory composition and lower aged inventories.

我們將五天或更短時間內交付的訂單百分比和庫存補充率提高了約 400 個基點，並將從下訂單到轉移的天數縮短了約 1,100 個基點，同時保持了嚴格的庫存紀律，這使我們能夠在年底改善庫存結構並降低陳舊庫存。

In fiscal 2024, we made progress on all three pillars of the bold new chapter strategy, but we are not yet where we need to be. In fiscal 2025, we will work to improve the business with greater focus and determination.

2024 財年，我們在全新大膽戰略篇章的所有三大支柱上都取得了進展，但尚未達到我們需要的水平。2025財年，我們將更專注、更有決心地致力於改善業務。

As the business evolves and we implement changes to strengthen our performance, the annual metrics we're holding ourselves most accountable for the beginning this year, our Macy's Inc. Go-forward comp sales and core adjusted EBITDA on $1 and percent of total revenue basis as defined as adjusted EBITDA, excluding asset sale gains.

隨著業務的發展和我們為加強業績而實施的變革，今年年初我們對年度指標負有最大責任，即梅西百貨公司的未來可比銷售額和核心調整後 EBITDA，以 1 美元和總收入的百分比為基礎，定義為調整後的 EBITDA，不包括資產出售收益。

These 2 metrics represent our future state, and we believe are the best proxy to measure the fundamental improvements as we stabilize our business and move closer to profitable growth.

這兩個指標代表了我們未來的狀態，我們相信，它們是衡量我們在穩定業務和接近獲利成長過程中根本性改善的最佳指標。

As we focus on Go-forward business performance, we are cognizant of the external environment and the ongoing myriad of unknowns. We remain committed to taking the necessary actions to meet our customers where they are and deliver an improved experience.

當我們專注於未來的業務表現時，我們意識到外部環境和持續存在的無數未知因素。我們始終致力於採取必要的措施來滿足客戶的需求並提供更好的體驗。

We will continue to reduce CapEx while prioritizing investments that best support a healthier enterprise, improve profitability, have a strong ROI and benefit our stakeholders. At Macy's, our focus is on Go-forward growth through a smaller, more productive store fleet. In early February, we overlaid successful initiatives from the first 50 locations to an additional 75 stores for a total 125 reimagined Macy's locations.

我們將繼續減少資本支出，同時優先考慮最能支持企業更健康、提高獲利能力、獲得強勁投資回報率和使利害關係人受益的投資。在梅西百貨，我們的重點是透過規模更小、更有效率的門市群來實現向前發展。2 月初，我們將首批 50 家門市的成功舉措與另外 75 家門市進行了疊加，重新規劃的梅西百貨門市總數達到 125 家。

The additional 75 stores have continued emphasis on customer experience and they build on our year one learnings. The 125 reimagined locations represent 36% of the Macy's Go-forward store base compared to just 14% of the base with initiatives at the beginning of last year.

另外 75 家門市繼續重視客戶體驗，並以我們第一年的經驗為基礎。這 125 家重新規劃的門市佔梅西百貨「前進」門市總數的 36%，而去年年初實施該計畫時這一比例僅為 14%。

As we scale these initiatives, we're actively negotiating deals for the next tranche of non-Go-forward closures as well. Our investments in stores and customer service are most valuable when paired with a compelling assortment.

在擴大這些措施的同時，我們也積極地就下一批非持續性關閉項目進行談判。當我們對商店和客戶服務進行投資時，如果能搭配出引人注目的產品組合，那麼投資價值將會最大化。

Fiscal 2025 represents the first year that Macy's nameplate has bought under the cost accounting method, which brings more transparency into item level profitability, including the cost of goods and discounts and should result in better buying and execution.

2025 財年是梅西百貨首次採用成本會計方法，該方法為商品級盈利能力（包括商品成本和折扣）帶來了更大的透明度，從而有助於改善採購和執行。

Our teams are in market and working closely with our brand partners to increase variety and reduce redundancy. We are applying learnings across private brand reimagination to deliver more compelling assortments, complemented by an established footprint of contemporary brands like Avec Les Filles, (inaudible) and Free People as well as new brands like Good American and Berry. In addition, we continue to improve our private brands and leverage our online marketplace to test and discover new opportunities.

我們的團隊在市場上與我們的品牌合作夥伴密切合作，以增加多樣性並減少冗餘。我們正在運用自有品牌重塑的經驗來提供更具吸引力的產品組合，並輔以 Avec Les Filles、（聽不清）和 Free People 等當代品牌以及 Good American 和 Berry 等新品牌的成熟足跡。此外，我們不斷完善我們的自有品牌，並利用我們的線上市場來測試和發現新的機會。

Beyond merchandising, we also intend to better balance top and bottom of funnel marketing. We'll invest in branding that complements performance marketing and further strengthen our messaging while capitalizing on peak periods that are synonymous with Macy's, including key holidays.

除了商品推銷之外，我們還打算更好地平衡漏斗行銷的頂部和底部。我們將投資與績效行銷相輔相成的品牌，進一步加強我們的訊息傳遞，同時利用梅西百貨的高峰期，包括重要假日。

The Macy's Thanksgiving Day Parade is a perfect example. The 2024 parade reached 32 million viewers. It was our most watched parade ever, the number one program in the holiday season and one of the largest entertainment specials of the entire year. We recently signed a new 10 year rights deal with NBC to unlock exciting content opportunities for both the parade and the July 4 fireworks.

梅西百貨感恩節大遊行就是一個很好的例子。2024年的遊行將吸引3,200萬觀眾。這是我們有史以來觀看人數最多的遊行、節日季節排名第一的節目以及全年最大的娛樂特輯之一。我們最近與 NBC 簽署了一項新的 10 年版權協議，為遊行和 7 月 4 日的煙火表演解鎖令人興奮的內容機會。

Proceeds of our new rights deal, which is multiples of our prior agreement will help us fund growth while maintaining our strong balance sheet. Turning to luxury, Bloomingdale's recently introduced its White Lotus and AQUA collaboration.

我們新的權利交易收益是我們先前協議收益的數倍，這將幫助我們為成長提供資金，同時保持強勁的資產負債表。談到奢侈品，布魯明戴爾百貨公司 (Bloomingdale's) 最近推出了白蓮花 (White Lotus) 和 AQUA 合作款。

The exclusive apparel and accessories collection is inspired by the hit series and has already sold out of several items. This builds on the success of the Wic and AQUA collaboration during the holidays. These collaborations speak to how Bloomingdale has its finger on the pulse of unique cultural moments, underscores its relevancy in the marketplace and its appeal to a multi-generational customer.

該獨家服裝和配件系列靈感來自熱門連續劇，其中多款產品已售罄。這是在假期期間 Wic 和 AQUA 合作取得成功的基礎上取得的成果。這些合作體現了布魯明戴爾百貨如何掌握獨特文化時刻的脈搏，強調了其在市場上的相關性及其對多代顧客的吸引力。

Bloomingdale's also recently launched their Flamingo Estate Carousel at 59th Street and online. It features curated lifestyle products from the brand and special events like product customization. Both White Lotus and Flamingo states, the truth Bloomingdale's heritage, service strong traffic drivers and put even more eyes on the brand.

布魯明戴爾百貨最近也在第 59 街和網上推出了 Flamingo Estate Carousel。它精選了該品牌的生活方式產品，並舉辦了產品定制等特別活動。White Lotus 和 Flamingo 都表示，布魯明戴爾百貨的真實傳統將為強大的客流量提供保障，從而吸引更多人關注該品牌。

In addition to private label and pop-ups, Bloomingdale's continues to be a powerful partner to major brands in the marketplace. Throughout the spring, Bloomingdale's has activations planned with contemporary brands like Alice and Olivia, MOTHER and FARM Rio, just to name a few.

除了自有品牌和快閃商店外，布魯明戴爾百貨公司繼續成為市場上主要品牌的強大合作夥伴。在整個春季，布魯明戴爾百貨計劃與 Alice and Olivia、MOTHER 和 FARM Rio 等當代品牌合作開展活動，僅舉幾例。

It will also be the first US department store to launch Coach's viral Coachtopia concept and has the global lead on Maison Francis Kurkdjian's newest scent, [Kirky]. Bloomingdale's is also actively introducing new points of distribution across its network with brands like Aquazzura, SKIMS and Reformation.

它也將成為第一家推出 Coach 病毒式傳播的 Coachtopia 概念的美國百貨公司，並在全球領先推出 Maison Francis Kurkdjian 的最新香水，[柯基]。布魯明戴爾百貨公司也積極在其網路中引入 Aquazzura、SKIMS 和 Reformation 等品牌的新分銷點。

At Bluemercury, we are also pursuing new brand partnerships and opportunities to expand sales growth. and continue to be encouraged by the performance of our new and remodeled locations. And in end-to-end operations, our state-of-the-art China growth distribution facility is on track to open mid-2025.

在 Bluemercury，我們也在尋求新的品牌合作夥伴關係和擴大銷售成長的機會。並持續受到我們新店和改建店面業績的鼓舞。在端到端營運方面，我們最先進的中國成長分銷設施預計將於 2025 年中期開幕。

First announced in 2022, this 1.4 million square foot facility will leverage automation and streamline inventory fulfillment and management across all of our nameplates, creating greater supply chain efficiencies at a lower cost.

該工廠佔地 140 萬平方英尺，於 2022 年首次宣布投入使用，將利用自動化技術簡化我們所有品牌的庫存履行和管理，以更低的成本提高供應鏈效率。

To summarize, with one year of the bold new chapter complete, we are in a better position exiting 2024 than when we entered and believe that the recent results illustrate that this is the right strategy to return Macy's Inc. to profitable growth.

總而言之，隨著大膽新篇章的一年結束，我們在 2024 年結束時所處的位置比進入時要好，並且相信最近的結果表明，這是讓梅西百貨公司恢復盈利增長的正確戰略。

We're taking a prudent approach to our outlook reflecting the external uncertainties that both we and the consumer are facing. We will closely monitor sell-throughs thoughtfully make adjustments that reflect our demand throughout the year. At the same time, we will further scale changes across all three pillars in order to achieve our long-term ambition.

我們對我們的前景採取審慎態度，以反映我們和消費者所面臨的外部不確定性。我們將密切監控銷售情況，並根據全年需求做出相應調整。同時，我們將進一步擴大三大支柱的變革，以實現我們的長期目標。

And finally, we will continue to take a balanced approach to our capital allocation strategy, including returning value to shareholders through resuming share buybacks and consistent dividends, all with solid free cash flow generation.

最後，我們將繼續採取平衡的資本配置策略，包括透過恢復股票回購和持續股利來向股東返還價值，所有這些都將產生穩健的自由現金流。

And with that, let me pass it over to Adrian.

現在，讓我將話題轉交給 Adrian。

Thank you, Tony, and good morning, everyone. Today, I'm going to review our fourth quarter 2024 results in more detail and provide guidance for 2025. Fourth quarter net sales were roughly $7.8 billion versus $8.1 billion last year, in line with our most recent guidance.

謝謝你，托尼，大家早安。今天，我將更詳細地回顧我們 2024 年第四季的業績並提供 2025 年的指導。第四季淨銷售額約為 78 億美元，去年同期為 81 億美元，與我們最近的預期一致。

As a reminder, the 53rd week contributed $252 million to the prior year. Total enterprise comps were up 0.2%, the highest quarterly result since the first quarter of 2022. Macy's Inc. Go-forward comps rose 0.6%. By nameplate, Macy's net sales, which include all Macy's locations and digital, were down 5.3%, while comps were down 0.9%.

提醒一下，第 53 週為前一年貢獻了 2.52 億美元。企業總同店銷售額上漲 0.2%，為 2022 年第一季以來的最高季度業績。梅西百貨公司 (Macy's Inc.) 未來同店銷售額上漲 0.6%。從品牌角度來看，梅西百貨的淨銷售額（包括所有梅西百貨和數位商店）下降了 5.3%，而同店銷售額下降了 0.9%。

The Macy's Go-forward business comps were down 0.5% and first 50 comps were up 1.2%. At our luxury nameplates, Bloomingdale's net sales were up 2% and comps rose 6.5%. The Bluemercury net sales were up 2.4% and comps rose 6.2%. Other revenues were $239 million. Net credit card revenues of $175 million were ahead of our guidance due to better than expected profit share primarily from favorable net credit losses.

梅西百貨 Go-forward 業務同店銷售額下跌 0.5%，而前 50 名同店銷售額上漲 1.2%。在我們的奢侈品品牌中，布魯明戴爾百貨的淨銷售額成長了 2%，同店銷售額成長了 6.5%。Bluemercury 淨銷售額成長 2.4%，同店銷售額成長 6.2%。其他收入為2.39億美元。1.75 億美元的淨信用卡收入超出了我們的預期，主要因為有利的淨信用損失導致利潤份額好於預期。

Macy's Media Network revenues were $64 million, up 7%, reflecting continued growth in advertisers and campaign counts. Gross margin rate of 35.7% was at the high end of our guidance and 80 basis points below last year.

梅西百貨媒體網路收入為 6,400 萬美元，成長 7%，反映出廣告商和廣告活動數量的持續成長。35.7% 的毛利率處於我們預期的高位，比去年低 80 個基點。

The change relative to the prior year gross margin rate was impacted by Macy's nameplate conversion to cost accounting, and this is the last quarter with a comparability impact. Merchandise margin benefited from favorable year-over-year shortage trends, which were offset by product mix.

與去年同期相比，毛利率的變化受到梅西百貨品牌轉換為成本核算的影響，這是最後一個產生可比性影響的季度。商品利潤率受益於同比有利的短缺趨勢，但被產品組合所抵消。

Year-end inventories were up 2.5% year-over-year. Roughly half of the increase was due to the previously mentioned conversion to cost accounting with the remainder reflecting the timing of spring receipts.

年末庫存年增2.5%。大約一半的成長是由於前面提到的轉換為成本會計，其餘部分則反映了春季收貨的時間。

Relative to our guidance, year-end inventories also reflect higher in-transit inventory as we move products through the network faster. Entering fiscal 2025, we are pleased with the level and composition of our inventories having more newness and less aged product.

相對於我們的指導，由於我們透過網路運輸產品的速度更快，年終庫存也反映了更高的在途庫存。進入 2025 財年，我們對庫存水準和組成感到滿意，新產品較多，陳舊產品較少。

We have worked hard to create a flexible supply chain that allows us to mitigate the impact from potential disruptions to global trade and tariff activity. SG&A expenses were $2.4 billion. As a percent of total revenue, SG&A was 29.7%, 100 basis points higher than last year, reflecting lower year-over-year total revenue.

我們努力創建靈活的供應鏈，以減輕全球貿易和關稅活動潛在中斷的影響。銷售、一般及行政開支為 24 億美元。銷售、一般及行政費用佔總收入的百分比為 29.7%，比去年高出 100 個基點，反映出總收入年減。

For the quarter, we recognized asset sale gains of $41 million, contributing roughly $0.11 to adjusted EPS. For the year, we had asset sale gains of $144 million, a $0.39 EPS benefit and asset sale proceeds of $283 million. Results were above the high end of our original outlook for the year.

本季度，我們確認資產出售收益 4,100 萬美元，為調整後每股收益貢獻約 0.11 美元。全年，我們的資產出售收益為 1.44 億美元，每股收益為 0.39 美元，資產出售收益為 2.83 億美元。結果高於我們對今年最初預期的最高值。

Fourth quarter adjusted EBITDA as a percent of total revenue was 11.3%, and adjusted EPS was $1.80, which was above our guidance range. For the full year, operating cash flow was $1.3 billion, we grew free cash flow by 71% to $679 million, inclusive of monetization proceeds.

第四季調整後的 EBITDA 佔總營收的百分比為 11.3%，調整後的 EPS 為 1.80 美元，高於我們的指引範圍。全年營運現金流為 13 億美元，包括貨幣化收益在內，自由現金流成長 71%，至 6.79 億美元。

When excluding monetization proceeds, free cash flow of $396 million rose 27% from the prior year. We invested $882 million back into the business through capital expenditures continuing our trend of reducing annual capital spend on $1 and percent of net sales basis. And we returned $192 million to shareholders through quarterly cash dividends totaling approximately $0.69 per share, reflecting a 5% annual per share increase.

除去貨幣化收益，自由現金流為 3.96 億美元，較上年增長 27%。我們透過資本支出將 8.82 億美元重新投資於業務，繼續保持以 1 美元和淨銷售額百分比為基礎減少年度資本支出的趨勢。我們透過季度現金股利向股東返還了 1.92 億美元，總計約每股 0.69 美元，反映出每股年增長率為 5%。

Our capital allocation priorities center around generating solid free cash flow and include maintaining a healthy balance sheet, including driving working capital efficiencies, strategically investing in growth initiatives while lowering year-over-year capital expenditures and returning capital to shareholders through a predictable dividend and share buybacks.

我們的資本配置重點是產生穩健的自由現金流，包括維持健康的資產負債表、提高營運資本效率、策略性地投資成長計劃，同時降低同比資本支出，並透過可預測的股息和股票回購向股東返還資本。

This year, we plan to utilize a portion of our remaining $1.4 million billion open-ended share repurchase authorization, market conditions permitting. We finished the year with an adjusted debt to adjusted EBITDA ratio of 2.5 times.

今年，如果市場條件允許，我們計劃使用剩餘的 14 億美元開放式股票回購授權中的一部分。我們今年的調整後債務與調整後 EBITDA 比率為 2.5 倍。

As we look ahead, we will target a ratio of 2.5 times or below, in line with investment-grade metrics. This provides us with greater balance sheet and capital allocation flexibility as we harvest the financial benefits of enterprise-wide investments made over the past few years.

展望未來，我們將目標設定為 2.5 倍或以下，與投資等級指標保持一致。這為我們提供了更大的資產負債表和資本配置彈性，因為我們可以獲得過去幾年企業範圍內投資的財務收益。

We entered the second year of the bold new chapter strategy a healthier, yet smaller enterprise, highly focused on advancing our long term growth profile. The top and bottom line annual metrics, we are holding ourselves most accountable to our Macy's Inc. Go-forward business comps and core adjusted EBITDA on a dollar basis and as a percent of total revenue.

我們進入了大膽新篇章策略的第二年，企業變得更加健康，但規模更小，高度專注於推進我們的長期成長目標。在年度頂線和底線指標方面，我們對梅西百貨公司未來業務的可比性和核心調整後息稅折舊攤銷前利潤（以美元為基礎，並佔總收入的百分比）負有最大責任。

As Tony mentioned, we are cognizant of the complex external environment that we're operating in. At the same time, we do not expect quarterly results to be linear, which is a reflection of year two initiatives gaining traction, comparability impacts and the timing of asset sale gains. As a result, we must be realistic and prudent in our guidance. For the year, we expect Macy's Inc. net sales of $21 billion to $21.4 billion.

正如東尼所提到的，我們意識到我們營運所處的外部環境很複雜。同時，我們預期季度業績不會呈現線性，這反映了第二年舉措獲得關注、可比性影響以及資產出售收益的時機。因此，我們的指導必須現實且審慎。我們預計梅西百貨今年的淨銷售額將達到 210 億美元至 214 億美元。

Please keep in mind that fiscal 2024 store closures contributed roughly $700 million of net sales equating to about $170 million in each of the first and second quarters, $160 million in the third quarter and $200 million in the fourth quarter.

請記住，2024 財年的門市關閉貢獻了約 7 億美元的淨銷售額，相當於第一季和第二季各約 1.7 億美元、第三季 1.6 億美元和第四季 2 億美元。

We expect improvements in our 125 reimagined Macy's locations in digital to be offset by the roughly 225 Go-forward Macy's locations that have not yet received initiatives and the stores we plan to close in 2025 and beyond.

我們預計，重新設計的 125 家梅西百貨在數位化方面的改進將與尚未採取舉措的約 225 家「前進」梅西百貨門市以及我們計劃在 2025 年及以後關閉的門市相抵消。

Macy's Inc. comps to be down 2% to down 0.5%, with the easiest comparison in the second quarter. Macy's Inc. Go-forward comps to be down roughly 2% to roughly flat. Other revenues of $835 million to $845 million, up roughly 75 basis points as a percent of net sales. Credit card revenues are expected to contribute roughly 55 basis points of the improvement, reflecting the stabilization of net credit losses and a strong credit portfolio. This will be supported by initiatives designed to increase credit card usage.

梅西百貨公司 (Macy's Inc.) 同店銷售額將下跌 2% 至 0.5%，第二季的比較最為明顯。梅西百貨公司未來可比銷售額將下降約 2% 至大致持平。其他收入為 8.35 億美元至 8.45 億美元，佔淨銷售額的百分比成長約 75 個基點。信用卡收入預計將貢獻約 55 個基點的改善，反映出淨信貸損失的穩定和強勁的信貸組合。旨在增加信用卡使用量的措施將對此提供支持。

Gross margin as a percent of net sales to be roughly 10 to 40 basis points higher than fiscal 2024. Rate improvement will be driven by the expectation for continued improvements in our merchandise assortments, benefiting from product mix and disciplined inventory management, which are expected to support healthier sell-throughs.

毛利率佔淨銷售額的百分比將比 2024 財年高出約 10 至 40 個基點。費率的提高將受到我們對商品分類持續改進的預期所推動，受益於產品組合和嚴格的庫存管理，預計這將支持更健康的銷售。

SG&A to be down low single digits on a dollar basis, but as a percent of total revenue to be about 100 basis points above last year due to lower total revenue. Please keep in mind that we plan to reinvest savings from store closures and customer facing growth initiatives that enhance the omnichannel shopping experience across nameplates and colleague benefits, including compensation.

銷售、一般及行政開支以美元計算將下降個位數，但由於總收入下降，佔總收入的百分比將比去年高出約 100 個基點。請記住，我們計劃將關閉商店和麵向客戶的成長計畫所節省的資金重新投資，以增強全通路購物體驗和員工福利（包括薪酬）。

And for the year, we anticipate higher depreciation and amortization, primarily due to heightened levels of capitalized software investments made over the past few years, which are amortized over a four to five year period.

我們預計今年的折舊和攤提費用將會更高，這主要是由於過去幾年資本化軟體投資水準提高，這些投資將在四到五年內攤提。

Asset sale gains of approximately $90 million and asset sale monetization proceeds of approximately $175 million for the year. Adjusted EBITDA as a percent of total revenue of 8.4% to 8.6%. Core adjusted EBITDA as a percent of total revenue of 8% to 8.2% versus 8% in fiscal 2024.

全年資產出售收益約 9,000 萬美元，資產出售貨幣化收益約 1.75 億美元。調整後 EBITDA 佔總收入的百分比為 8.4% 至 8.6%。核心調整後 EBITDA 佔總營收的百分比為 8% 至 8.2%，而 2024 財年為 8%。

Adjusted diluted EPS of $2.05 to $2.25, which does not contemplate the impact of planned share buybacks. And we anticipate capital expenditures of approximately $800 million. We will continue to harvest financial returns from prior investments and find further capital expenditure efficiencies across the enterprise.

調整後稀釋每股收益為 2.05 美元至 2.25 美元，不考慮計劃中的股票回購的影響。我們預計資本支出約為 8 億美元。我們將繼續從先前的投資中獲得財務回報，並在整個企業中進一步提高資本支出效率。

Turning to the first quarter, our guidance takes into account the unusual external circumstances of the quarter thus far and the assumption that pressure will continue for the remainder of the quarter. For the quarter, we expect net sales of $4.4 billion to $4.5 billion.

展望第一季度，我們的指引考慮了本季迄今不尋常的外部環境，以及本季剩餘時間內壓力仍將持續的假設。我們預計本季淨銷售額為 44 億美元至 45 億美元。

Macy's Inc. comps to be down 4.5% to down 2.5%, core adjusted EBITDA as a percent of total revenue to be 6.4% to 6.6% versus 7.3% last year and adjusted EPS of $0.12 to $0.15.

梅西百貨公司 (Macy's Inc.) 同店銷售額下降 4.5% 至 2.5%，核心調整後 EBITDA 佔總營收的百分比為 6.4% 至 6.6%，而去年為 7.3%，調整後每股收益為 0.12 美元至 0.15 美元。

To recap, we believe the fourth quarter and fiscal 2024 results demonstrate the progress we are making with our initiatives. While there are external factors that are beyond our control, which are impacting both our business and the consumer, we are planning our business conservatively, thoughtfully responding to the unknowns as they arise, controlling what we can control and building on our recent momentum.

總而言之，我們相信第四季和 2024 財年的業績證明了我們的措施所取得的進展。雖然有些我們無法控制的外部因素正在影響我們的業務和消費者，但我們正在保守地規劃我們的業務，深思熟慮地應對出現的未知因素，控制我們能夠控制的事情並鞏固我們最近的發展勢頭。

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

說完這些，我現在將其交還給托尼。

Thank you, Adrian. As we navigate the fluid nature of our business, we're highly focused on delivering a better experience for the consumer. We'll continue to make the appropriate investments that support our long term growth ambitions while returning value to shareholders. And with that, operator, we're now ready for questions.

謝謝你，阿德里安。在應對業務流動性的同時，我們高度注重為消費者提供更好的體驗。我們將繼續進行適當的投資，支持我們的長期成長目標，同時為股東帶來價值。接線員，現在我們可以回答問題了。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作員指示） 摩根大通 (JPMorgan) 的 Matthew Boss。

Great, thanks. So maybe, Tony, on 2025 or bold new chapter two, could you walk through areas of strength relative to same-store sales constraints that you're embedding in the down 2% to down 0.5% maybe relative to initial expectations for the return to growth.

非常好，謝謝。所以托尼，也許在 2025 年或大膽的新第二章中，您能否介紹一下相對於同店銷售限制的優勢領域，您可能將其嵌入下降 2% 到下降 0.5% 之間，也許相對於恢復增長的初步預期。

And then Adrian, if you could elaborate on drivers of the SG&A rate pressure in the 2025 guide? And just what revenue growth multiyear is needed to hold or expand margin?

然後 Adrian，您能詳細說明一下 2025 年指南中銷售、一般和行政費用率壓力的驅動因素嗎？那麼需要多少年的收入成長才能維持或擴大利潤率呢？

Thanks, Matt. Good morning. We entered 2025 far stronger than we entered 2024. So I think we look at the first year of the bold new chapter as being one of progress. First 50 stores growth all four quarters, closing 64 underproductive stores, growth at Bloomingdale's and Bluemercury, making progress on our delivery and speed of delivery and end-to-end operations.

謝謝，馬特。早安.我們進入 2025 年時將比進入 2024 年時實力更強。因此，我認為，我們將把這個嶄新篇章的第一年視為進步的一年。首先，四個季度內，50 家門市均實現成長，關閉了 64 家效益不佳的門市，Bloomingdale's 和 Bluemercury 門市實現成長，在配送、配送速度和端到端營運方面取得了進展。

And I think that is the kind of the progress point for year two. We added 75 more stores. We're at 125 stores in the reimagined environment. We lean into more growth, both in number of stores at Bloomingdale's and Bluemercury and organic growth.

我認為這就是第二年的進步點。我們又新增了 75 家商店。我們在重新設計的環境內擁有 125 家商店。我們傾向於進一步成長，包括布魯明戴爾百貨和 Bluemercury 的門市數量以及有機成長。

And we continue to invest and leverage the benefits of our previous capital investments in intend operation with better speed of delivery, less cost in delivering to the consumer. And so I view it as being confident in the strategy, caution in the environment.

我們將繼續投資並利用我們先前的資本投資的優勢，以實現更快的交付速度和更低的交付成本。因此我認為這是對戰略充滿信心、對環境保持謹慎。

And the things that hold us back are the untouched stores that remain within the fleet. You still have over 150 stores, whatever it is 175 stores that we've not touched as a part of the program. And so those stores are not going to see the progress that we're seeing in the rest of the fleet, but we had digital growth in the fourth quarter. We had Macy's Go-forward enterprise perform better in the quarter.

而阻礙我們前進的，是車隊內剩餘的未動用的商店。您仍然有超過 150 家商店，無論是多少，我們都未在該計劃中涉及 175 家商店。因此，這些商店不會像其他商店那樣取得進展，但我們在第四季度實現了數位成長。梅西百貨的「前進」企業在本季表現更佳。

Overall Macy's Inc. up as a comp in the quarter, best in 11 quarters. And I think if we were in an environment where that we're operating in, I would be even more bullish on our potential. But I think prudency is important at this point in time.

總體而言，梅西百貨本季的業績表現上漲，為 11 個季度以來的最佳表現。我認為，如果我們處在這樣的營運環境中，我會更看好我們的潛力。但我認為此時謹慎非常重要。

Matt, good morning. Let me touch on your two questions around gross margin as well as around SG&A. And then I'll just kind of close out with overall how we're looking at the year, just to build on Tony's comments. As it relates to gross margin, for us, it's all about inventory control, particularly in this environment of uncertainty.

馬特，早安。讓我來談談您關於毛利率以及銷售、一般及行政費用 (SG&A) 的兩個問題。然後，我將以我們對今年的整體看法作為結束語，只是為了補充托尼的評論。就毛利率而言，對我們來說，一切都與庫存控制有關，尤其是在這種不確定的環境下。

And we're really looking at it from three different dimensions. One is around from an assortment perspective, making sure that we're increasing the variety of items that customers actually want to buy. And this is through the manifestation of new brand introductions and things of that sort.

我們其實是從三個不同維度來看這個問題。一是從分類的角度，確保我們增加顧客真正想要購買的商品種類。這是透過新品牌的介紹和諸如此類的事情體現出來的。

We're also reducing redundant styles across brands. So the assortment piece is an important dimension. As we think about inventory planning, we're investing in newness to drive full price sell-throughs. We're managing the appropriate level of aged inventory to reduce liquidations. We had a lot of progress on this dimension in 2024.

我們也在減少各品牌的冗餘款式。因此，分類件是一個重要的維度。當我們考慮庫存規劃時，我們正在投資新品以推動全價銷售。我們正在管理適當水準的陳舊庫存，以減少清算。2024 年我們在這方面取得了很大進展。

And we're continuing to drive better allocation, which is driving better in-stocks. From a supply chain standpoint, speed is really important, particularly with replenishment items, but we're also scaling this year our hold and flow capabilities to better allocate supply to demand at the store location.

我們將繼續推動更好的配置，從而推動更好的庫存。從供應鏈的角度來看，速度非常重要，特別是對於補貨商品，但今年我們也在擴大我們的儲存和流動能力，以便更好地根據商店位置分配供應和需求。

Now with regards to your question around SG&A, the key thing I would say here is that we are reinvesting the savings from closing stores back into the customer experience. And as you saw in 2024, many, many proof points of investing in the customer experience in terms of driving growth for our business.

現在關於您關於銷售、一般及行政費用的問題，我在這裡要說的關鍵是，我們將把關閉商店節省下來的資金重新投資於客戶體驗。正如您在 2024 年所看到的，在推動業務成長方面，有許多證據表明投資客戶體驗可以推動業務成長。

We're offsetting that by the actions that we're taking with regards to end-to-end operations. We're simplifying our business, we're adding in automation. We're eliminating unnecessary work. Just a number of things to really make sure that we're continuing to be very disciplined on SG&A.

我們正在透過針對端到端營運採取的行動來抵消這一影響。我們正在簡化業務，並增加自動化程度。我們正在消除不必要的工作。只需做一些事情就可以確保我們繼續嚴格遵守銷售、一般和行政費用 (SG&A) 規定。

But as we take a bit of a step back to the question that you posed to Tony and I, our guidance really simply reflects for the year the heightened uncertainty in the environment while giving us the flexibility to navigate that environment and still meet our results.

但是，當我們回顧一下您向托尼和我提出的問題時，我們的指導實際上只是反映了今年環境中不確定性的加劇，同時使我們能夠靈活地駕馭這種環境並仍然實現我們的成果。

Great, best of luck.

太好了，祝你好運。

Thank you.

謝謝。

Thank you Matt.

謝謝你，馬特。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good morning and thank you for taking our questions. Tony, Adrian, as you think about the opportunity for Macy's Inc. to return to positive comps over the course of the next few quarters, how are you thinking about engaging various customer demographics?

早安，感謝您回答我們的問題。東尼、阿德里安，當您想到梅西百貨公司在未來幾季內恢復正成長的機會時，您是如何考慮吸引不同類型的客戶群的？

And then on recent trends, can you talk to the trends you've been seeing and what you would view as transitory or recapturable and what might be a function of something that might persist. Thank you.

然後關於最近的趨勢，您能否談談您所看到的趨勢以及您認為什麼是暫時的或可重新獲得的，以及什麼可能是可能持續存在的某種現象的功能。謝謝。

Thanks, Brooke. Good to talk to you. I think that these times, it's good to remind everybody just the power of the Macy's Inc. portfolio. You've got three iconic nameplates between Macy's, Bloomingdale's and Bluemercury. You've got 40 million active customers.

謝謝，布魯克。很高興和你談話。我認為，這些時候，應該提醒大家梅西百貨公司投資組合的實力。梅西百貨、布魯明戴爾百貨和 Bluemercury 三大標誌性品牌均已進駐。你有4000萬活躍客戶。

You've got a multi-category business that allows us an incredible agility and flexibility and liquidity to kind of move to where the customer is going. You've got great partnerships in the marketplace because we are, yes, benefit from private brand, we've got a lot of market brands, and so we represent a major partner or the biggest partner to some of the biggest names in the industry.

您擁有多類別業務，這使我們能夠具有驚人的敏捷性、靈活性和流動性，從而能夠迅速回應客戶的需求。您在市場上擁有很好的合作夥伴關係，因為我們確實受益於自有品牌，我們擁有許多市場品牌，因此我們是業內一些大牌企業的主要合作夥伴或最大合作夥伴。

So I think it's in moments like this where you say, from off-price to luxury, our portfolio is well positioned to navigate an uncertain environment. The five generations of customers that shop our stores is an advantage, not a weakness.

因此我認為正是在這樣的時刻，無論是折扣商品還是奢侈品，我們的產品組合都能夠很好地應對不確定的環境。在我們的商店購物的五代顧客是一個優勢，而不是弱點。

And you've got a lot of money, obviously, in the baby boomer population. At some point, we expect that transfer of wealth to the next generations of customers. We are the primary destination for prom season.

顯然，嬰兒潮世代的人口非常富有。在某個時候，我們期望將財富轉移給下一代客戶。我們是舞會季節的主要目的地。

We are a great destination for the first suit for work. So it's our opportunity, I think, to leverage the strength of what a portfolio business like Macy's Inc can provide. Build on the progress of the first year of the bold new chapter strategy while being well aware that we're operating in an uncertain climate and that our ability to use the liquidity that we have and the strength of our partnerships can position us to take a challenging environment and turn it into an opportunistic opportunity for this company.

我們是購買第一套工作西裝的絕佳去處。因此，我認為，這是我們的機會，可以利用梅西百貨等投資組合業務的優勢。在充分意識到我們正處於不確定的環境中的同時，我們在實施新篇章戰略的第一年取得了進展，我們利用現有流動性和合作夥伴關係的力量的能力可以使我們能夠應對充滿挑戰的環境，並將其轉化為公司的機遇。

Good morning, Brooke, and thanks for your question. Let me start with your question around short term trends and then talk a bit about the build over the course of the year that you're asking about. As we entered the first quarter, we just simply recognize as many that have mentioned that we're just -- as Tony commented, we're just in an uncertain environment.

早安，布魯克，謝謝你的提問。讓我先從您關於短期趨勢的問題開始，然後再談談您所詢問的全年發展。當我們進入第一季時，我們只是簡單地認識到，正如托尼所說，我們正處於一個不確定的環境中。

There's a lot of changes that we're seeing day-to-day happening with tariffs. We recognize the inflationary pressure. And obviously, there were some unexpected factors in the early part of the quarter with the fires and cold weather that impacted results for the business.

我們每天都能看到關稅發生很多變化。我們認識到通膨壓力。顯然，本季初期火災和寒冷天氣等一些意外因素影響了業務表現。

But for the first quarter, we expect that pressure to continue. And we're really focused on what we can control. The good news is that the investments that we're making in the customer experience are working. And what we're doing now is scaling those initiatives to a larger portion of our business. And so we do expect, as we progress throughout the year to actually see momentum build even in this uncertain environment.

但我們預計第一季這種壓力仍將持續。我們真正關注的是我們自己能夠控制的事情。好消息是我們在客戶體驗方面所做的投資正在發揮成效。我們現在正在做的是將這些舉措擴展到我們業務的更大範圍。因此，我們確實預計，隨著全年的進展，即使在這個不確定的環境中，我們也會看到發展勢頭的增強。

As you know, we're making changes in an additional 75 Macy's stores. We are pleased with the luxury momentum where we're adding new locations, new points of distribution, new brand launches. The quality of our assortment continues to improve as we're increasing variety and eliminating redundancy.

如您所知，我們正在對另外 75 家梅西百貨商店進行變革。我們對奢侈品行業的成長勢頭感到滿意，我們正在增加新的門市、新的分銷點、新的品牌發布。隨著我們不斷增加品種並消除冗餘，我們的產品組合品質不斷提高。

We have marketing moments that are still ahead of us as we approach holiday, whether that be Mother's Day or Father's Day or July 4, and the execution continues to get better. Replenishing faster. We continue to see year-over-year improvements in our in-stocks. So we're really being very prudent and disciplined. And again, this year is just an uncertain environment at this point and just very much reflected in our guidance.

隨著假期的臨近，我們仍然有行銷機會，無論是母親節、父親節還是 7 月 4 日，而且執行情況會繼續改善。補給更快。我們的庫存持續呈現逐年改善的趨勢。因此我們確實非常謹慎和自律。而且，今年目前的環境是不確定的，這很大程度上反映在我們的指導中。

Great, thanks so much. I'll pass it on.

太好了，非常感謝。我會傳達的。

Thank you Brooke.

謝謝你，布魯克。

Ashley Helgans, Jefferies.

傑富瑞 (Jefferies) 的阿什利·赫爾甘斯 (Ashley Helgans)。

Hi, thanks for taking our questions. So as a follow-up to Brooke's question. I know you just talked about some of the factors impacting Q1, but maybe you can talk about just the overall consumer health that's embedded for the remainder of the guide? And then same question on promotional levels. I'm curious what sort of promotional levels you have embedded in the guide. Thanks.

嗨，感謝您回答我們的問題。作為對布魯克問題的後續答案。我知道您剛剛談到了影響第一季的一些因素，但也許您可以談談指南其餘部分所涉及的整體消費者健康狀況？關於促銷水平的問題也是同樣的。我很好奇您在指南中嵌入了什麼樣的促銷等級。謝謝。

Thanks Ashley, good to be with you. The consumer health in our opinion remains very similar to what we saw in the latter part of 2024, under pressure, navigating food prices and the cost of housing and the stubborn inflation rate and yet wanting to indulge at times on things that make him or her happy.

謝謝 Ashley，很高興和你在一起。我們認為，消費者的健康狀況與 2024 年下半年的情況非常相似，承受著壓力，應對食品價格、住房成本和頑固的通貨膨脹率，但有時仍想沉迷於讓他或她快樂的事情。

And I think that we are in that retail therapy business, a place of escapism, an opportunity to get away from all of the political noise that happens every day and we have to lean into that. And so I don't think the consumer is going to feel a sense of relief in the short term. I'm not an economist. I can't tell you how long it will go on.

我認為，我們從事的是購物療法行業，是一個逃避現實的地方，一個擺脫每天發生的政治噪音的機會，我們必須依靠它。因此我認為消費者短期內不會感到寬慰。我不是經濟學家。我無法告訴你這會持續多久。

I challenge our teams every day to think about what do we control, how do we make what we are doing, more compelling for the customer. Whether that's the flow of newness, whether that's the launch of new marketing campaigns, whether that's expanding as we said, our partnership with NBC with the fireworks and the parade and other tentpole events that will come in the future.

我每天都要求我們的團隊思考我們能控制什麼，以及如何讓我們所做的事情對客戶更有吸引力。無論是新鮮事物的流動，無論是推出新的行銷活動，還是像我們所說的那樣擴大我們與 NBC 的合作夥伴關係，包括未來的煙火表演、遊行和其他重點活動。

the excitement that exists at Bloomingdale's between White Lotus and the partnership with Wicked in the fourth quarter and the launch of Coachtopia, there is so much energy that we are putting into the business because we know people are feeling a sense of concern and fatigue.

布魯明戴爾百貨公司 (Bloomingdale's) 的興奮之情溢於言表，白蓮花百貨 (White Lotus) 在第四季度與 Wicked 達成合作，並推出了 Coachtopia，我們為這項業務投入了大量精力，因為我們知道人們正在感受到擔憂和疲憊。

In terms of the promotional environment, I just -- I'm in this business too long that I think when has it not been a promotional environment. I like our inventory position. We're up a couple of points, maybe 1.5 points, 2 points more than I'd like to be.

就促銷環境而言，我只是──我從事這個行業太久了，我想什麼時候它不是促銷環境。我喜歡我們的庫存狀況。我們領先了幾分，可能比我希望的多 1.5 分、2 分。

But relative to the competitive set, we look awfully darn good. And I think the composition of our inventory is much better going into the months now as we warm up. So we've had some unpleasant weather in January and the beginning of February. I think the weather now turns in our favor. And as a team, we have to lean into that opportunity.

但相對於競爭對手，我們看起來相當不錯。而且我認為，隨著情況回暖，我們庫存的組成情況在接下來幾個月會好得多。因此，在一月和二月初我們遇到了一些惡劣的天氣。我認為現在天氣對我們有利。作為一個團隊，我們必須抓住這個機會。

Ashley, the only other thing I would add to Tony's comments is there is an important correlation between inventory and promotionality. And as we entered the new fiscal year, we felt pretty good about our inventory position.

阿什利，對於托尼的評論我唯一想補充的是庫存和促銷之間存在重要的相關性。當我們進入新的財政年度時，我們對我們的庫存狀況感到非常滿意。

Just to kind of build on some of the comments that Tony referenced, on comp sales up in the fourth quarter versus prior year, our inventories were up about 2.5%. But half of that increase was actually driven by the conversion to cost accounting for Macy's last year.

為了鞏固 Tony 提到的一些評論，我們指出，第四季度的同店銷售額較上年同期有所上升，而我們的庫存則上漲了約 2.5%。但這增幅的一半其實是由於梅西百貨去年轉向成本計算所致。

We also had higher in-transit inventory because of the progress that we've made on the speed of the supply chain. And to Tony's point, with the composition of inventory we have, we have more newness and less aged inventory than we did last year.

由於我們在供應鏈速度方面取得的進步，我們的在途庫存也增加了。正如托尼所說，從我們的庫存結構來看，與去年相比，我們的新庫存更多，舊庫存更少。

So we're quite encouraged from that perspective. In terms of navigating the uncertainty, we're working very closely with our partners with regards to known and unknown variables and really trying to get visibility to opportunities as they emerge.

因此，從這個角度來看，我們非常受鼓舞。在應對不確定性方面，我們正與合作夥伴就已知和未知變數進行密切合作，並努力在機會出現時抓住它們。

We have a little bit more visibility as it relates to private brands because we're working directly with factories, but we've been able to kind of manage and navigate some of those knowns, but we're really operating in an environment with some knowns and many unknowns.

由於我們直接與工廠合作，因此我們對自有品牌的了解程度更高，但我們已經能夠管理和駕馭其中的一些已知信息，但我們實際上是在一個有一些已知信息和許多未知信息的環境中運營。

Great. Thanks so much.

偉大的。非常感謝。

Thank you. Thank you.

謝謝。謝謝。

Oliver Chen, TD Cowen.

奧利佛陳（Oliver Chen），TD Cowen 公司。

Hi Tony and Adrian, on the Macy's Go-forward comps, how did those trends relative to your expectations and the main deltas in terms of the categories or what -- what were the main differences relative to what you expected?

你好，Tony 和 Adrian，關於梅西百貨的未來走勢，相對於你的預期，各類別的主要差異是什麼，或者說，相對於你的預期，主要差異是什麼？

And related on the categories, it sounded like you had good momentum and ready-to-wear in beauty. What's assumed in terms of the category dynamics throughout the year? And any strengths and weaknesses and core opportunities to improve there, especially as we think about your private brands and driving differentiation versus competition. Thank you.

就類別而言，聽起來您在美容和成衣方面有著良好的勢頭。對於全年的類別動態有何假設？以及任何優勢和劣勢以及可以改進的核心機會，特別是當我們考慮您的自有品牌和推動與競爭對手的差異化時。謝謝。

Thanks, Oliver. On the trends in the business, I think we talked about the differential that we saw in ready-to-wear and in handbags and women's shoes, particularly in the first 50 stores, where we had investments at Macy's. So we've planned ourselves to be able to capture share in ready-to-wear and continue to see the response in the expanded now 125 stores in those categories where we've added additional staffing, additional marketing and visual inspiration.

謝謝，奧利佛。關於業務趨勢，我想我們談論了我們在成衣、手袋和女鞋方面看到的差異，特別是在梅西百貨我們投資的前 50 家門市。因此，我們制定了計劃，能夠在成衣領域佔據一席之地，並繼續觀察已擴大到 125 家門店的各類別門市的反響，我們已在這些門市增加了員工、增加了營銷力度和視覺靈感。

We obviously talked about at Bloomingdale's, the ready-to-wear and advanced contemporary business being particularly strong, seeing growth in really the DNA of Bloomingdale's, and it's just a great moment for them to have had in the fourth quarter, the best quarter in the history of the company.

我們顯然談到了布魯明戴爾百貨，成衣和高級當代服裝業務尤其強勁，布魯明戴爾百貨的 DNA 中確實出現了增長，對他們來說，第四季度是一個偉大的時刻，也是公司歷史上最好的一個季度。

The softness in the business, I think the home business, in general, being pressured by the interest rates and housing starts and competitive landscape. And so we're doing a lot of work to refresh our home business at Macy's.

我認為，家居業務的疲軟總體上受到利率、房屋開工和競爭格局的壓力。因此，我們正在做大量工作來振興梅西百貨的家庭業務。

We have -- that was the last piece of our private brand refresh, which will launch mid-2025. So we still have more work to do. But I think, again, the benefit of being a multicategory retailer, is that we're going to be able to pivot. We've got a lot of liquidity built into the business. and be able to kind of watch the customer signals and be able to invest into those areas of opportunity.

這是我們自有品牌更新的最後一部分，將於 2025 年中期推出。所以我們還有很多工作要做。但我認為，作為多類別零售商的好處是，我們將能夠靈活應變。我們的業務中已經累積了大量流動性。並能夠觀察客戶訊號並能夠投資於這些機會領域。

Marketplace had a nice growth in 2024. We plan it for additional growth in 2025, and we know that comes with no inventory risk and the opportunity to take the signals that we also see in marketplace businesses and lean into the opportunity to expand those into our stores as well.

2024 年市場將實現良好的成長。我們計劃在 2025 年實現進一步成長，我們知道這不會帶來庫存風險，而且我們有機會捕捉我們在市場業務中看到的訊號，並抓住機會將其擴展到我們的商店。

Good morning, Oliver. Just to speak to your distinction between the Go-forward comps and the total income, I think this is an important mention our destination is the Go-forward business. And so it was important for us to articulate the difference in terms of our reporting this year between total in comps and Go-forward in comps.

早上好，奧利佛。只是為了談談你對「前進」公司和總收入之間的區別，我認為這是一個重要的提示，我們的目標是「前進」業務。因此，對我們來說，闡明今年報告中所使用的可比較數據總額與可比較數據未來成長之間的差異非常重要。

As you saw in the fourth quarter, our Go-forward in comps outperformed total in comps, and that's really because of the composition of stores that have not received some of the changes and the closure stores. So as we look ahead, we really want to focus on -- the street really on the Go-forward in comps because that's really the destination that we're focused on.

正如您在第四季度看到的那樣，我們的同店銷售表現優於同店銷售整體表現，這實際上是因為一些未接受變更的門市和關閉門市的組成。因此，當我們展望未來時，我們真正想要關注的是——街上真正關注的是同店銷售額的成長，因為這才是我們真正關注的目的地。

And so when you look at total in comps this year, you have 225 Macy's Go-forward stores that have still not received the growth changes in addition to a remaining approximately 85 million non-Go-forward stores that last year experienced mid- to high single-digit declines year-over-year.

因此，當您查看今年的可比總數時，您會發現 225 家梅西百貨 Go-forward 商店仍未實現增長變化，此外，剩餘的約 8500 萬家非 Go-forward 商店去年同比均經歷了中高個位數的下降。

So this is something that we'll speak to as we progress through the year so that you can understand the performance of our core Go-forward business. But we're pleased with the progress thus far and have a bit more work to do as we lean into 2025.

因此，我們將在今年內討論這個問題，以便您能夠了解我們核心的 Go-forward 業務的表現。但我們對於迄今為止的進展感到滿意，並且在展望 2025 年之前我們還有很多工作要做。

Okay. Just finally, you mentioned and we discussed a lot of the first quarter pressure, the assumption is it could just continue to have pressure throughout the year. Is that true? Or what's the dynamic of which doctors may or may not be transitory?

好的。最後，您提到，我們討論了許多第一季的壓力，假設它可能會全年繼續承受壓力。這是真的嗎？或哪些醫生可能是或可能不是臨時的，其動態如何？

And then as you think about high middle, lower income, are you seeing anything in terms of greater pressure at the low end, we continue to see these themes of bifurcation at other companies? Thanks a lot.

然後當您想到中高收入和低收入時，您是否看到低端壓力更大，我們在其他公司繼續看到這些分叉主題？多謝。

Yeah, Oliver, I think there's an impact to all levels of consumers. And so we come off of a position of strength on our luxury brands, but I think the affluent customer that's shopping Macy's is just as uncertain and is confused and concerned by what's transpiring. So our outlook tries to take into account the pieces that we know and the things that we don't know.

是的，奧利佛，我認為這對各級消費者都有影響。因此，我們在奢侈品牌上的優勢地位有所減弱，但我認為，在梅西百貨購物的富裕客戶同樣感到不確定、困惑，並對正在發生的事情感到擔憂。因此，我們的觀點會嘗試考慮我們已知的部分和我們未知的部分。

Our first quarter inventories are in good shape. There will be no impact from the pending tariffs. As we look at the remainder of the year, we're taking a case-by-case basis and trying to react in real time as we learn more.

我們第一季的庫存狀況良好。即將實施的關稅不會產生任何影響。展望今年剩餘的時間，我們將根據具體情況，在了解更多資訊後嘗試即時做出反應。

The second quarter, we're up against a softer quarter. So as you look at the kind of flow of the non-linear nature of our growth expectations, we have opportunity to perform better in the second quarter than we do in the first quarter.

第二季度，我們面臨較為疲軟的季度。因此，當您看到我們成長預期的非線性流動時，我們有機會在第二季度取得比第一季更好的表現。

And a lot of the initiatives that we're rolling out will benefit more of the back half of the year than the front half of the year. That's just the nature of implementing new programs. So I think -- the guidance assumes a level of uncertainty. The first quarter assumes more uncertainty and is consistent, I think, with how many are looking at the current environment that we're operating in.

我們推出的許多措施對下半年的利好作用將大於對上半年的利好作用。這只是實施新計劃的本質。因此我認為 — — 該指導假設了一定程度的不確定性。第一季存在更多不確定性，我認為這與許多人關注我們當前的營運環境是一致的。

Okay. Thank you. Best regards.

好的。謝謝。此致。

Thank you.

謝謝。

Thank you Oliver.

謝謝你，奧利佛。

(Operator Instructions) Dana Telsey, Telsey Advisory Group.

(操作員指示) Dana Telsey，Telsey 諮詢小組。

Hi, good morning, everyone. As you think about the private label portion of the business, how are you thinking about that penetration this year? I know it's been an important part for you. And what are you thinking about -- I think you had talked about some of the underperforming categories that you would focus on private label. How do you see that? And how you're thinking about pricing overall?

大家早安。當您考慮自有品牌業務部分時，您如何看待今年的滲透率？我知道這對你來說很重要。您在想什麼？我想您已經談論了一些表現不佳的類別，您將專注於自有品牌。您怎麼看這個問題？您對整體定價有什麼看法？

And then, Adrian, as you think about the store portfolio, how many closures do you expect in 2025? And is that 150 number of store closures, any more further perspective on that going forward? Thank you.

然後，阿德里安，當您考慮商店組合時，您預計 2025 年會關閉多少家商店？關閉的商店數量是 150 家嗎？對於未來的發展還有什麼看法嗎？謝謝。

Good morning, Dana. Private brand has been an area where we have worked hard to reimagine the entire portfolio. We've now touched more than 20 brands we'll have by the middle of 2025, addressed all of the home furnishing brands.

早安，達娜。自有品牌是我們一直努力重塑整個產品組合的一個領域。現在，我們的品牌已經超過 20 個，到 2025 年中期，我們將涵蓋所有家居品牌。

And it remains, I would say, a work in progress. Our private label penetration is down now at an all-time low, so the opportunity to rebuild the business is advantageous from a long term margin accretion perspective. But also, I think is good in this particular moment in time and that it protects us or isolates, insulates us a little bit from some of the tariff uncertainty.

我想說，這項工作仍在進行中。我們的自有品牌滲透率現在處於歷史最低水平，因此從長期利潤成長的角度來看，重建業務的機會是有利的。但同時，我認為在當前特定時刻這是件好事，它可以保護我們，或者說可以使我們在一定程度上免受關稅不確定性的影響。

I feel good about the work on some of the brands. You look at a brand like Style & Co or State of Day or the strength of a brand like hotel. Those brands have done exceptionally well over time and are big volume and represent leaders within their families of business.

我對一些品牌的工作感到滿意。您可以關注 Style & Co 或 State of Day 等品牌，或是飯店等品牌的實力。這些品牌長期以來表現優異，數量龐大，是其家族企業的領導者。

There are other brands that are more nascent or needing more work and reimagination. And so I was with the private brand team yesterday kind of walking through fall 2025, it looks spectacular. And the challenge we always have in the business as things look great when you see them six months early, and then they hit the floor and the world has changed. And you never know.

還有一些品牌還處於萌芽階段或需要更多的工作和重新構想。昨天我和自有品牌團隊一起回顧了 2025 年秋季，它看起來很壯觀。我們在業務中始終面臨的挑戰是，當你在六個月前看到事情時，它們看起來很美好，但當它們落實時，世界就改變了。但你永遠不知道。

But I was really pleased with what the team showed me yesterday. I think it looks tasty. I think there's great value in the brands. It's not about the lowest price, but it's about great-looking product, great design. And I take my hat off to the team because they've really worked hard to be learning from the market brand environment, leaning into white space and not have just duplicative product in private brand that's at a lower price. And I think it will position us well for the long term.

但我對球隊昨天向我展示的表現感到非常滿意。我覺得它看起來很好吃。我認為品牌具有巨大的價值。這不是關於最低的價格，而是關於美觀的產品和優秀的設計。我對這個團隊表示敬意，因為他們確實努力從市場品牌環境中學習，傾向於進入空白領域，而不是僅僅在自有品牌中以較低的價格生產重複產品。我認為這將為我們帶來長期的良好發展。

Good morning, Dana, let me speak to the store portfolio. We have not shared the number of closures this year. But rest assured, we remain committed to closing approximately 150 stores by the end of next fiscal year, fiscal 2026.

早安，達娜，讓我來談談商店投資組合。我們尚未公佈今年關閉的門市數量。但請放心，我們仍致力於在下一財年（2026財年）結束前關閉約 150 家門市。

The reality is we continue to see that these stores are not financially and operationally viable, especially relative to the monetization opportunity that we've recognized and demonstrated last year. And frankly, Dana, we're off to a solid start.

現實情況是，我們仍然看到這些商店在財務和營運上不可行，特別是相對於我們去年已經認識和展示的貨幣化機會。坦白說，達娜，我們已經有了一個很好的開始。

When you look at what we were able to close and monetize last year, we exceeded our own expectations that we actually shared with the Street. We also were very pleased with the momentum on the monetization side of those closures.

當你回顧去年我們能夠達成的交易和貨幣化的結果時，你會發現我們超出了我們與華爾街分享的預期。我們對這些關閉項目在貨幣化方面的發展勢頭感到非常滿意。

We spoke to the range of opportunity of sales proceeds to come into the business. we really are pleased with what we saw last year, but we're just giving ourselves the flexibility over the course of this fiscal year and next fiscal year to really be patient given the strength of our balance sheet.

我們討論了銷售收益進入企業的各種機會。我們對去年的表現確實感到滿意，但考慮到我們資產負債表的強勁，我們只是想在本財年和下一財年給自己一些靈活性，以便保持耐心。

And as those proceeds come in, we'll invest in growth initiatives and returning capital to shareholders. But we're very pleased with the progress, and we remain committed to what we said we're going to do.

隨著這些收益的到來，我們將投資於成長計畫並向股東返還資本。但我們對於進展感到非常滿意，並且我們仍然致力於履行我們的承諾。

Thank you.

謝謝。

Thank you, Dana.

謝謝你，達娜。

Paul Lejuez, Citigroup.

花旗集團的 Paul Lejuez。

Thanks, it's Tracy Kogan filling in for Paul. I was hoping you guys could give a little more detail on the credit trends you saw in 4Q. But also if you've seen any notable changes in in either payment rates or losses quarter-to-date? Thanks.

謝謝，我是 Tracy Kogan，代替 Paul。我希望你們可以更詳細地介紹一下第四季的信貸趨勢。但是，您是否發現本季迄今的支付率或損失有任何顯著變化？謝謝。

I can go ahead and take that, Tracy, and give my best to Paul as well. What we saw in 2024 was a stabilization of credit card revenues. What we expect in 2025 is a return to growth. And so as you think about what we experienced in the fourth quarter and really in the back half of the year was credit card revenue growth that was ahead of our expectations.

我可以繼續接受這一點，崔西，也向保羅致以我最好的祝福。2024 年我們將看到信用卡收入趨於穩定。我們預計 2025 年將恢復成長。所以，想想我們在第四季以及下半年所經歷的情況，信用卡收入成長實際上超出了我們的預期。

Now we've been focused on a number of initiatives in 2024, that's going to be paying dividends in 2025 because we've seen the traction in the back half of last year. We're very focused last year in maintaining a healthy credit portfolio as demonstrated by the underwriting we're working on with our partners as well as the FICO scores.

現在我們專注於 2024 年的多項舉措，這些舉措將在 2025 年帶來回報，因為我們已經看到了去年下半年的進展。去年，我們非常注重維持健康的信用組合，這可以從我們與合作夥伴進行的承保以及 FICO 評分中看出。

And that demonstration of a healthy portfolio has really stabilized net credit losses given the health of the file that we currently have. But we have a number of other initiatives designed to increase card usage at Bloomingdale's and at Macy's as well as some of us transactions.

考慮到我們目前檔案的健康狀況，健康投資組合的展示確實穩定了淨信貸損失。但是我們還有許多其他舉措，旨在增加布魯明戴爾百貨和梅西百貨的信用卡使用量以及我們的一些交易量。

We've been increasing year-over-year application growth, which is something we have not seen in quite a number of years. And also with the increase in APR early last year, we're definitely seeing the flow-through of those benefits in the back half of last year into this year.

我們的應用程式數量一直在逐年增加，這是我們多年來從未見過的。而且隨著去年年初 APR 的增加，我們肯定會看到去年下半年的這些福利延續到今年。

So those are kind of the combination of factors that's really driving the credit card business, which we're pleased with the progress thus far, but we recognize that there's more that can be done as well, and we'll continue to lean in there.

所以這些都是真正推動信用卡業務發展的因素，我們對迄今為止的進展感到滿意，但我們意識到還有很多事情可以做，我們將繼續努力。

Great, thank you. So no meaningful changes quarter to date.

太好了，謝謝。因此本季迄今沒有發生任何重大變化。

No meaningful changes quarter-to-date. We expect this year to be a return to growth is reflected in our guide.

本季度迄今沒有發生重大變化。我們預計今年將恢復成長，這反映在我們的指南中。

Got it. Thank you.

知道了。謝謝。

Thank you, Tracy.

謝謝你，特蕾西。

Thank you. At this time there are no further questions. I would like to turn the floor back over to Mr. Tony Spring for closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給托尼·斯普林先生，請他作最後評論。

Thank you, operator, and thank you all for attending the call this morning. We look forward to continuing to update you on our progress on the bold new chapter and our opportunity to take you to stores, if appropriate, and look forward to updating you on the first quarter call. Have a good morning, everyone.

謝謝接線員，也謝謝大家參加今天早上的電話會議。我們期待繼續向您通報我們在新的篇章中取得的進展以及我們帶您去商店的機會（如果合適），並期待在第一季度電話會議上向您通報最新情況。祝大家早安。

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

女士們、先生們，今天的活動到此結束。現在您可以斷開線路或退出網路直播，並享受剩餘的一天。