梅西百貨 (M) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Macy's, Inc. first-quarter 2025 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 2025 年第一季財報電話會議。（操作員指示）提醒一下，此通話正在被錄音。

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

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

Thank you, operator. Good morning, everyone, and thanks for joining us. With me on the call today are Tony Spring, our Chairman and CEO; and Adrian Mitchell, our COO and CFO. Along with our first quarter 2025 press release, a Form 8-K has been filed with the Securities and Exchange Commission, 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，感謝大家的參與。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 和我們的營運長兼財務長 Adrian Mitchell。連同我們的 2025 年第一季度新聞稿一起，我們還向美國證券交易委員會提交了 8-K 表格，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 2024. All references to our prior expectations, outlook or guidance refer to information provided on our March 6 earnings call.

除非另有說明，我們提供的比較都是與 2024 年相比的。所有關於我們先前的預期、展望或指導的引用均指我們 3 月 6 日在收益電話會議上提供的資訊。

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/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。這些指標的對帳表可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/investors/。除非另有說明，今天準備好的評論中所有提及的可比較銷售額均代表我們門市的可比較自有銷售額+授權銷售額+市場銷售額以及自有銷售額+授權銷售額。

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

梅西百貨公司未來銷售額包括梅西百貨在數位領域以及布魯明戴爾百貨和 Bluemercury 品牌下的約 350 家未來門市，其中包括數位領域的門市。梅西百貨未來銷售額包括約 350 家梅西百貨未來門市和梅西百貨數位商店。

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 SEC.

所有前瞻性陳述均受 1995 年私人證券訴訟改革法案安全港條款的約束。這些前瞻性陳述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。

Today's call is being webcast on our website. A replay will be available approximately two hours after the conclusion of this call. With that, I'll turn it over to Tony.

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。說完這些，我就把麥克風交給東尼。

Thank you, Pam, and good morning, everyone. Today, we'll begin with a discussion of our first quarter results. We'll then share our thoughts on the current environment and how it's informing our view for the second quarter and the remainder of the year.

謝謝你，帕姆，大家早安。今天，我們首先討論第一季的業績。然後，我們將分享對當前環境的看法以及它如何影響我們對第二季和今年剩餘時間的看法。

First quarter net sales comparable O+L+M sales and adjusted diluted EPS were all above our previously issued guidance. Results benefited from better-than-expected omnichannel performance at each of our nameplates and continued progress on our three pillars of the Bold New Chapter strategy. At Macy's, our reimagined 125 locations outperformed the remainder of the fleet. Our luxury businesses, Bloomingdale's and Bluemercury, both delivered another quarter of positive comps. And in end-to-end operations, we improved our in-store inventory allocation and leverage generative AI to further modernize our supply chain.

第一季淨銷售額可比 O+L+M 銷售額和調整後的稀釋每股收益均高於我們先前發布的預期。業績受益於我們每個品牌的全通路表現均優於預期，以及「大膽新篇章」策略三大支柱的持續進展。在梅西百貨，我們重新設計的 125 家門市的表現優於其餘門市。我們的奢侈品業務 Bloomingdale's 和 Bluemercury 均在本季實現了正成長。在端到端營運中，我們改進了店內庫存分配，並利用產生人工智慧進一步實現供應鏈現代化。

Macy's, Inc. achieved net sales of $4.6 billion compared to guidance of $4.4 billion to $4.5 billion. Comparable O+L+M sales declined 1.2%, compared to the guidance for a decline of 4.5% to 2.5%. International tourism negatively impacted comps by about 30 basis points. Go-forward business comps outperformed total declining 0.9%. Momentum built in the March, April period, which we look at on a combined basis given the later Easter and has improved quarter to date.

梅西百貨公司實現淨銷售額 46 億美元，而預期為 44 億至 45 億美元。可比 O+L+M 銷售額下降 1.2%，而預期下降 4.5% 至 2.5%。國際旅遊業對可比較銷售額產生了約 30 個基點的負面影響。未來業務表現優於整體，下降 0.9%。3 月和 4 月期間的成長勢頭有所增強，考慮到復活節較晚，我們綜合來看，本季迄今有所改善。

I am proud of how our teams are navigating the current environment. We are working closely together and maintaining a high level of flexibility. We are sharing ideas and leveraging relationships across departments, nameplates, vendors, and channels. And as a result, adjusted diluted EPS of $0.16 was above our guidance range of $0.12 to $0.15.

我為我們的團隊如何應對當前環境感到自豪。我們正在密切合作並保持高度的靈活性。我們正在分享想法並利用跨部門、跨品牌、跨供應商和跨通路的關係。因此，調整後的稀釋每股收益為 0.16 美元，高於我們的指導範圍 0.12 美元至 0.15 美元。

We entered the second quarter with inventories down 0.5%. We have ample open to buy for the remainder of the year and remain committed to providing a healthy flow of high-quality relevant assortments at a compelling value proposition.

進入第二季度，庫存下降了 0.5%。我們在今年剩餘時間內有充足的採購量，並將繼續致力於以極具吸引力的價值主張提供大量高品質的相關商品。

Now let's discuss progress on each of the pillars of the Bold New Chapter strategy, starting with strengthening and reimagining Macy's. In the first quarter, Macy's NPS continued to improve year over year. Customers appreciate our renewed emphasis on the shopping experience and a commitment to providing relevant fashion and newness at a compelling value across the good, better, and best price spectrum. Recently introduced contemporary apparel brands, Good American, Fieri, and NIC + ZOE have been well received. And Coach and Donna Karan continue to resonate.

現在讓我們討論一下「大膽新篇章」戰略各個支柱的進展情況，首先是加強和重塑梅西百貨。第一季度，梅西百貨NPS年比持續提升。顧客欣賞我們重新重視購物體驗，並致力於在好、更好和最優的價格範圍內以極具吸引力的價格提供相關時尚和新穎的商品。最近推出的當代服裝品牌 Good American、Fieri 和 NIC + ZOE 均受到好評。Coach 和 Donna Karan 繼續引起共鳴。

Our off-price concept Backstage and our Macy's Marketplace remains strong. Backstage outperformed the full-line stores in which they operate by several hundred basis points while Marketplace achieved approximately 40% GMV growth. Backstage and Marketplace fill white space in our assortments and help us retain customers seeking more price and brand variety while we maintain our commitment to limit redundancy.

我們的折扣概念 Backstage 和梅西百貨市場依然強勁。Backstage 的業績比其所在的全線商店高出數百個基點，而 Marketplace 的 GMV 成長則達到約 40%。Backstage 和 Marketplace 填補了我們產品系列的空白，幫助我們留住尋求更多價格和品牌多樣性的客戶，同時我們保持限制冗餘的承諾。

During the quarter, the reimagined 125 posted a negative 0.8% comp versus a negative 2.1% comp for the total Macy's nameplate. These locations outperformed across all categories, and we expect momentum to build as the year progresses.

本季度，重新設計的 125 家門市的年銷售額為負 0.8%，而梅西百貨整體門市的年銷售額為負 2.1%。這些地點在所有類別中均表現出色，我們預計隨著時間的推移，這種勢頭將會增強。

The second pillar of our strategy is accelerating and differentiating luxury. In the first quarter, both Bloomingdale's and Bluemercury continued their positive comp trend. Bloomingdale's posted a positive 3.8% comp, benefiting from brand launches such as Prada shoes and handbags online, Reformation ready-to-wear and Burberry men's and ready-to-wear as well as improvements in availability and pricing.

我們策略的第二個支柱是加速和差異化奢侈品。第一季度，Bloomingdale's 和 Bluemercury 均延續了正面的成長趨勢。布魯明戴爾百貨公司 (Bloomingdale's) 的銷售額年增 3.8%，這得益於 Prada 鞋和手提包在線銷售、Reformation 成衣和 Burberry 男裝和成衣等品牌的推出，以及供應量和價格的改善。

Bloomingdale's continues to emphasize special capsules and exclusive partnerships that align and reinforce its core identity, including the White Lotus x AQUA collection, Coachtopia's Carousel, Alice + Olivia's flagship takeover, MOTHER's Boogie Woogie Boardwalk and the FARM Rio wedding capsule.

布魯明戴爾百貨繼續強調與特殊膠囊系列和獨家合作夥伴關係，以契合併強化其核心形象，包括 White Lotus x AQUA 系列、Coachtopia 的 Carousel、Alice + Olivia 的旗艦店、MOTHER 的 Boogie Woogie Boardwalk 和 FARM Rio 婚禮膠囊系列。

It's an exciting time at Bloomingdale's, as strategic initiatives bear fruit and the competitive landscape continues to shift in our favor, there's no question we are taking share. Our aspirational to luxury positioning, compelling on-trend assortments, and service orientation continue to attract new customers and new vendor partners. In addition, our Bloomies and Bloomingdale's the outlet concepts are allowing us to enter new markets and expand our presence as well as share of wallet in existing markets.

這是布魯明戴爾百貨公司激動人心的時刻，隨著策略舉措取得成果，競爭格局繼續朝著有利於我們的方向轉變，毫無疑問我們正在搶佔市場份額。我們對奢華定位的追求、引人注目的流行商品種類以及服務導向不斷吸引新客戶和新的供應商合作夥伴。此外，我們的 Bloomies 和 Bloomingdale's 暢貨中心概念使我們能夠進入新市場，擴大我們的影響力以及在現有市場的份額。

Our other luxury concept Bluemercury achieved a positive 1.5% comp, its 17th consecutive quarter of gains. Results were driven by the 24 new and remodeled locations opened last year, ongoing strength in dermatological skincare, recent brand launches, and a more targeted approach to loyalty and communications and offers.

我們的另一個奢侈品概念 Bluemercury 實現了 1.5% 的正成長，這是其連續第 17 個季度的成長。業績成長得益於去年新開設和改建的 24 家門市、皮膚護理業務的持續強勁增長、近期推出的品牌以及更有針對性的忠誠度、溝通和優惠方式。

The third pillar of our Bold New Chapter strategy is simplifying and modernizing end-to-end operations. Our efforts to drive meaningful change to our customer and for our operational and financial performance remain on track. We are challenging the complexity of our business model, containing the cost to serve the value chain and streamlining our asset portfolio to deliver profitable sales growth all while reinvesting the benefits captured to self-fund improvement and customer experience.

我們的「大膽新篇章」策略的第三大支柱是簡化和現代化端到端營運。我們為客戶以及我們的營運和財務表現帶來有意義的改變的努力仍在進行中。我們正在挑戰我們商業模式的複雜性，控制服務價值鏈的成本，並精簡我們的資產組合，以實現盈利的銷售成長，同時將所獲得的收益再投資於自籌資金的改善和客戶體驗。

I like where Macy's Inc. is positioned today. The bolder chapter continues to gain traction, and our multi-category and multi-branded model provides a high level of flexibility to read and react. Our three nameplates span off-price to luxury and catered roughly 40 million active consumers. When combined with our strong balance sheet and limited near-term debt maturities, these serve as positive differentiators in discussions with our vendors.

我喜歡梅西百貨公司如今的定位。更大膽的章節繼續獲得關注，我們的多類別和多品牌模型提供了高度的閱讀和反應靈活性。我們的三個品牌涵蓋從折扣到豪華的商品，服務約 4,000 萬活躍消費者。結合我們強勁的資產負債表和有限的近期債務到期日，這些成為我們與供應商討論時的積極差異化因素。

Now let's turn to tariffs. Our teams and partners are in active dialogue as we navigate this uncertain environment together. At the end of last fiscal year, roughly 20% of total Macy's Inc.'s product originated in China, National brands, which represent the majority of our sales sourced approximately 18% from China. Private brands where we have more direct control of the supply chain source roughly 27% from China. This is down from 32% last year and over 50% pre-pandemic.

現在讓我們來談談關稅。我們的團隊和合作夥伴正在積極對話，共同應對這個不確定的環境。截至上一財年末，梅西百貨公司約 20% 的產品來自中國，占我們銷售額大部分的全國性品牌約 18% 來自中國。我們對自有品牌的供應鏈有更直接的控制權，其中約27%來自中國。這一數字低於去年的 32% 和疫情前的 50% 以上。

We are confident that we can continue to diversify countries of origin for both our private and national brands. With the recent announcement of these tariffs, we've renegotiated orders with suppliers. We've canceled or delayed orders where the value proposition is just not where it needs to be.

我們有信心，可以繼續實現自有品牌和國家品牌的原產國多元化。隨著最近這些關稅的公佈，我們已經與供應商重新協商了訂單。我們取消或延後了訂單，因為其價值主張並未達到應有的水準。

Beyond China, we're closely monitoring Southeast Asia and Europe, and we've had limited sourcing exposure to Canada and Mexico. In this evolving environment, we are controlling what we can control. Based on actions taken through today and our assumption that current tariffs remain in place, we estimate a combined tariff impact to Macy's, Inc. annual gross margin of roughly 20 to 40 basis points. This incorporates inventory previously bought under the 145% China tariffs those bought more recently, shared cost negotiations, vendor discounts, and selectively raising tickets. It does not include a potential increase in tariffs from the EU or any other country.

除了中國以外，我們也密切關注東南亞和歐洲，並且我們對加拿大和墨西哥的採購業務有限。在這個不斷變化的環境中，我們正在控制我們所能控制的一切。根據今天採取的行動以及我們對當前關稅保持不變的假設，我們估計關稅對梅西百貨公司年毛利率的影響約為 20 至 40 個基點。這包括先前根據 145% 中國關稅購買的庫存、最近購買的庫存、分攤成本談判、供應商折扣以及有選擇地提高票價。其中不包括歐盟或任何其他國家可能增加的關稅。

As of today, we have a good handle on the tariff-related costs, but we're cognizant that the environment is fluid. The impact on demand is less clear. Quarter-to-date, Macy's incomes are above the March, April period. We believe this reflects improvements in product and experience, more seasonable weather, and some pull forward of demand.

截至今天，我們已經很好地控制了與關稅相關的成本，但我們意識到環境是不斷變化的。對需求的影響尚不明確。本季度迄今為止，梅西百貨的收入高於三月和四月期間的收入。我們認為這反映了產品和體驗的改善、更適宜的天氣以及需求的提前。

We are encouraged by the first quarter and May results, which are another proof point that the Bold New Chapter initiatives are working and that we remain on a path to achieving sustainable profitable growth. Yet the majority of the second quarter sales volume is still ahead of us. Given uncertainty regarding the tariff impact on consumer health and demand, we believe it's prudent to incorporate a more choiceful consumer into our outlook for the quarter and for the remainder of the year.

第一季和五月的業績令我們感到鼓舞，這再次證明「大膽新篇章」計劃正在發揮作用，並且我們仍在實現可持續盈利增長的道路上。但第二季的大部分銷量仍遙遙領先。鑑於關稅對消費者健康和需求的影響的不確定性，我們認為將更有選擇性的消費者納入本季和今年剩餘時間的展望中是明智之舉。

Our second quarter and full year guidance ranges, which Adrian will discuss in more detail, assume that the promotional landscape intensifies as the year progresses, International tourism does not rebound, and we continue to reinvest savings from closed stores and distribution centers in the initiatives that support our long-term growth. Reflecting these assumptions, we are being disciplined with our inventory commitments. If trends remain at the main levels, inventory is available, and we have the flexibility to chase.

我們第二季和全年的指導範圍（艾德里安將在下文詳細討論）假設隨著時間的推移促銷形勢會愈演愈烈，國際旅遊業不會反彈，並且我們將繼續把關閉門市和配送中心節省下來的資金重新投資於支持我們長期增長的舉措。基於這些假設，我們對庫存承諾嚴格把關。如果趨勢保持在主要水平，則庫存可用，我們可以靈活地追逐。

Looking specifically at the second quarter, there were two unique factors impacting gross margin. First, we are taking markdowns on early spring product that arrived late in the fourth quarter and in February. This will ensure we continue to provide newness throughout the summer and are well positioned for the fall and holiday season. Second, a meaningful portion of the product bought under the 145% tariffs flows through the quarter.

具體來看第二季度，有兩個獨特的因素影響毛利率。首先，我們正在對第四季末和二月到貨的早春產品進行降價。這將確保我們在整個夏季繼續提供新鮮事物，並為秋季和假期做好充分準備。其次，根據 145% 關稅購買的相當一部分產品流經該季度。

Regarding our full year guidance, the low end assumed sales trends softened from first quarter levels, and we take additional actions to maintain a healthy inventory to sales ratio, including canceling receipts and taking deeper markdowns. The high end assumes a continuation of the March, April sales trend and only moderate gross margin pressure. In this environment of uncertainty, we remain focused on navigating the near term while executing to our long-term goals. We are in a unique moment and we will not be complacent. This is our time to take advantage of the disruption in the market and capitalize on the opportunity to further build share of wallet across all of our nameplates.

關於我們的全年指導，低端假設的銷售趨勢較第一季水準減弱，我們採取額外措施來維持健康的庫存與銷售比率，包括取消收據和進行更大幅度的降價。高端假設延續3月、4月的銷售趨勢，且毛利率壓力僅有適度。在這種不確定的環境中，我們仍然專注於掌握短期機遇，同時實現我們的長期目標。我們正處於一個獨特的時刻，我們不會自滿。現在正是我們利用市場混亂並抓住機會進一步擴大所有品牌錢包份額的時候。

At Macy's, customers are responding well to our redefined product and experience. The reimagined 125 locations are outperforming the rest of the Macy's fleet. Backstage provides an off-price offering, while Marketplace and concession allows greater inventory flexibility. Finally, we closed 64 underperforming locations under the Bold New Chapter last year. At our luxury nameplates, our customer is responding well to the accessible through premium product.

在梅西百貨，顧客對我們重新定義的產品和體驗反應良好。重新規劃的 125 家門市的業績遠遠超過梅西百貨的其他門市。Backstage 提供折扣服務，而 Marketplace 和特許經營則提供更大的庫存彈性。最後，我們去年根據「大膽新篇章」計畫關閉了 64 家業績不佳的門市。在我們的豪華品牌中，我們的客戶對於優質產品的可近性反應良好。

And we have proven growth strategies firmly in place with small format Bloomie's, Bloomingdale's the outlet store, and updated Bluemercury store format. And in our supply chain, we have become more nimble, leveraging knowledge and relationships across the business to increase our responsiveness while creating a more efficient, diverse, and productive operation.

我們已經透過小型 Bloomie's、Bloomingdale's 直營店和升級版 Bluemercury 商店模式實施了行之有效的成長策略。在我們的供應鏈中，我們變得更加靈活，利用整個企業的知識和關係來提高我們的回應能力，同時創造更有效率、多樣化和富有成效的營運。

We are resilient. We have successfully navigated macro and geopolitical uncertainty in the past, and we will do so again. Aided by our guiding principles, we plan to: one, be flexible, so that we can react to the consumer demand and make purchasing decisions as late as possible. Two, maximize gross margin dollars through strategic pricing decisions, being mindful of the price value relationship between our market brands and private brands and the broader marketplace. Three, partner with our suppliers on alternative sourcing and pricing options.

我們具有韌性。我們過去曾成功應對宏觀和地緣政治的不確定性，並且我們將再次做到這一點。在我們的指導原則的幫助下，我們計劃：一、保持靈活性，以便我們能夠對消費者需求做出反應並儘可能晚地做出購買決定。二、透過策略定價決策最大化毛利率，同時注意我們的市場品牌和自有品牌以及更廣泛市場之間的價格價值關係。第三，與我們的供應商合作，尋找替代採購和定價方案。

And four, manage inventory to protect against markdown risk set us up for success and ultimately return to sustainable, profitable growth. With that, I'll turn it over to Adrian.

第四，管理庫存以防止降價風險，為我們的成功奠定基礎，並最終實現可持續的獲利成長。說完這些，我就把麥克風交給阿德里安。

Thank you, Tony, and good morning, everyone. Today, we will begin with a detailed discussion of our first quarter results before turning to our assumptions for the second quarter and full year guidance.

謝謝你，托尼，大家早安。今天，我們將首先詳細討論第一季的業績，然後再討論第二季和全年指引的假設。

First quarter Macy's, Inc. net sales were $4.6 billion, down 5.1% to last year. As a reminder, approximately $170 million of the year-over-year decline was due to last year's 64 non-Go-Forward store location closures. Total enterprise comps were down 1.2%, while Macy's Inc. Go-Forward business comps declined 0.9%.

第一季梅西百貨淨銷售額為 46 億美元，較去年同期下降 5.1%。需要提醒的是，約 1.7 億美元的年減是由於去年關閉了 64 家非 Go-Forward 門市。企業整體同店銷售額下降 1.2%，梅西百貨 Go-Forward 商業同店銷售額下降 0.9%。

By nameplate, Macy's net sales, which includes all Macy's locations in digital were down 6.5% and comps were down 2.1%. Macy's Go-Forward business comps, which includes approximately 350 Go-Forward locations and digital were down 1.9%. At Macy's, reimagined 125 comps were down 0.8%. Backstage continued to outperform the total Macy's fleet and the full-line locations that they operate in.

從品牌來看，梅西百貨的淨銷售額（包括所有梅西百貨的數位門市）下降了 6.5%，同店銷售額下降了 2.1%。梅西百貨 Go-Forward 商業同店銷售額（包括約 350 家 Go-Forward 門市和數位業務）下跌 1.9%。在梅西百貨，重新設計的 125 件商品的銷售額下降了 0.8%。Backstage 的業績繼續超越梅西百貨的整體門市陣容以及其經營的全線門市。

At our luxury nameplates, Bloomingdale's net sales were up 2.6% and comps rose 3.8%, while Bluemercury net sales were up 0.8% and comps rose 1.5%. Net credit card revenues were $154 million or $37 million higher year over year. The increase was driven primarily by higher profit share, reflecting both our strong credit portfolio and continued active management of net credit card losses driven by strong underwriting. Macy's Media Network revenues were $40 million or up 8% year over year due to growth in advertiser spend.

在我們的奢侈品品牌中，布魯明戴爾百貨的淨銷售額上漲 2.6%，同店銷售額上漲 3.8%，而 Bluemercury 的淨銷售額上漲 0.8%，同店銷售額上漲 1.5%。淨信用卡收入為 1.54 億美元，比去年同期增加 3,700 萬美元。這一成長主要得益於利潤份額的提高，這反映了我們強大的信貸組合以及在強勁承保推動下對信用卡淨損失的持續積極管理。由於廣告商支出的成長，梅西百貨媒體網路收入為 4,000 萬美元，較去年同期成長 8%。

Gross margin was $1.8 billion or 39.2% as a percent of net sales, flat to the prior year. On a rate basis, merchandise margin improved 40 basis points inclusive of favorable shortage and lower liquidations. This improvement was offset by higher delivery expense as a percent of net sales, reflecting increased digital penetration. We continue to take a disciplined approach to receipts with end-of-quarter inventories down 0.5% year over year.

毛利率為 18 億美元，佔淨銷售額的 39.2%，與前一年持平。從利率角度來看，商品利潤率提高了 40 個基點，包括有利的短缺和較低的清算。這一改善被佔淨銷售額的配送費用百分比的上升所抵消，反映出數位滲透率的提高。我們繼續採取嚴謹的收貨方式，季末庫存年減 0.5%。

SG&A expense dollars were relatively flat to last year at $1.9 billion. During the quarter, we continued to self-fund customer-facing initiatives through our end-to-end operations work and savings from closed locations that support our Bold New Chapter strategy. As a percent of total revenue, SG&A was 39.9% or 170 basis points higher than last year, reflecting lower net sales.

銷售、一般及行政開支與去年基本持平，為 19 億美元。在本季度，我們繼續透過端到端營運工作以及支持我們「大膽新篇章」策略的已關閉門市節省的資金來為面向客戶的計劃提供資金。銷售、一般及行政費用佔總收入的百分比為 39.9% 或 170 個基點，比去年高出，反映出淨銷售額下降。

During the quarter, we recognized $16 million of asset sale gains as we continue to monetize store locations and rightsize our supply chain network. First quarter adjusted EBITDA was $324 million or 6.8% of total revenue. Core adjusted EBITDA, which is adjusted EBITDA, excluding asset sale gains, was in line with our guidance at $308 million or 6.4% of total revenue. First quarter EPS of $0.16 exceeded our guidance range of $0.12 to $0.15 and compared to $0.27 last year.

在本季度，我們確認了 1,600 萬美元的資產出售收益，因為我們繼續將門市位置貨幣化並調整我們的供應鏈網路規模。第一季調整後的 EBITDA 為 3.24 億美元，佔總營收的 6.8%。核心調整後 EBITDA（即不包括資產出售收益的調整後 EBITDA）符合我們的預期，為 3.08 億美元，佔總收入的 6.4%。第一季每股收益為 0.16 美元，超過了我們 0.12 美元至 0.15 美元的指導範圍，而去年同期為 0.27 美元。

For the quarter, operating cash flow was an outflow of $64 million and free cash flow was an outflow of $203 million with capital expenditures of $177 million and monetization proceeds of $38 million. We returned approximately $152 million to shareholders, consisting of $51 million in quarterly cash dividends and $101 million of share repurchases.

本季度，經營現金流出 6,400 萬美元，自由現金流流出 2.03 億美元，資本支出 1.77 億美元，貨幣化收益 3,800 萬美元。我們向股東返還了約 1.52 億美元，其中包括 5,100 萬美元的季度現金股利和 1.01 億美元的股票回購。

During times of uncertainty, the strength of our balance sheet and ample liquidity are critical to supporting our business and are a source of resiliency. We remain committed to exercising our prudent fiscal discipline, which is centered around free cash flow generation and a healthy balance sheet as we continue to thoughtfully invest in our business for long-term growth and return capital to shareholders.

在不確定的時期，我們強勁的資產負債表和充足的流動性對於支持我們的業務至關重要，也是我們保持韌性的來源。我們將繼續致力於執行審慎的財政紀律，以自由現金流的產生和健康的資產負債表為中心，同時我們將繼續深思熟慮地投資於我們的業務，以實現長期增長並向股東返還資本。

Now turning to guidance. We assume our customer will become more choiceful as the year progresses. Our full year and second quarter guidance provides flexibility to respond to an uncertain promotional environment and competitive landscape. Guidance also assumes that our current tariffs remain in place and that we're able to mitigate a meaningful portion, although not all of the increased costs. It does not incorporate the potential for higher EU or other country tariffs.

現在轉向指導。我們預計，隨著時間的推移，我們的客戶將變得更加挑剔。我們的全年和第二季指導提供了靈活性，以應對不確定的促銷環境和競爭格局。指導還假設我們目前的關稅保持不變，並且我們能夠減輕很大一部分（儘管不是全部）增加的成本。它不包含歐盟或其他國家提高關稅的可能性。

For the year, we expect Macy's Inc. net sales of $21 billion to $21.4 billion. Please keep in mind that fiscal 2024 store closures contributed roughly $700 million to net sales. Even with the first quarter beat, we believe it is prudent to maintain our prior net sales outlook given the uncertain environment.

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。請記住，2024 財年的門市關閉為淨銷售額貢獻了約 7 億美元。即使第一季業績超出預期，考慮到不確定的環境，我們認為維持先前的淨銷售額預期是明智之舉。

Macy's Inc. comps to be down roughly 2%, to down roughly 0.5%. Macy's Inc. Go-Forward comps to be down roughly 2% to roughly flat. Other revenue of $815 million to $825 million, with credit card revenues of $620 million to $630 million. Gross margin as a percent of net sales to be roughly 30 to 70 basis points below the comparable period last year. Tariffs account for roughly 20 to 40 basis points of the difference to last year or $0.10 to $0.25 of annual EPS.

梅西百貨公司股價下跌約 2%，至下跌約 0.5%。梅西百貨公司 Go-Forward 銷售額將下降約 2%，至基本持平。其他收入為 8.15 億美元至 8.25 億美元，其中信用卡收入為 6.2 億美元至 6.3 億美元。毛利率佔淨銷售額的百分比比去年同期低約 30 至 70 個基點。關稅約佔與去年差異的 20 至 40 個基點，或年度每股收益的 0.10 至 0.25 美元。

The remainder reflects planned actions to strategically capture customer share of wallet while navigating a more competitive promotional landscape. SG&A to be down low single digits on a dollar basis. As a reminder, our SG&A growth investments are purposely planned to grow below the historic rate of inflation. As a percent of total revenue, we expect SG&A to be up 80 to 110 basis points.

其餘部分則反映了在更具競爭力的促銷環境中策略性地奪取客戶份額的規劃行動。銷售、一般及行政費用 (SG&A) 以美元計算將下降個位數。提醒一下，我們的銷售、一般及行政費用成長投資有意規劃低於歷史通貨膨脹率。作為總收入的百分比，我們預計銷售、一般及行政費用將上漲 80 至 110 個基點。

We are reinvesting savings from simplifying end-to-end operations and store closures into customer-facing growth initiatives that enhance omnichannel shopping experiences across our nameplates.

我們將把簡化端到端營運和關閉門市所節省的資金重新投資於面向客戶的成長計劃，以增強我們品牌的全通路購物體驗。

We expect adjusted EBITDA as a percent of total revenue of 7.4% to 7.9%. Core adjusted EBITDA as a percent of total revenue of 7% to 7.5%. Adjusted diluted EPS of $1.60 to $2, which does not contemplate potential share buybacks. We continue to anticipate capital expenditures of approximately $800 million as we are committed to investing in our business, supported by our healthy balance sheet to position Macy's Inc. for long-term profitable growth.

我們預計調整後的 EBITDA 佔總收入的百分比為 7.4% 至 7.9%。核心調整後 EBITDA 佔總收入的百分比為 7% 至 7.5%。調整後的稀釋每股收益為 1.60 美元至 2 美元，不考慮潛在的股票回購。我們繼續預計資本支出約為 8 億美元，因為我們致力於投資我們的業務，並以健康的資產負債表為支撐，使梅西百貨公司實現長期盈利增長。

For the second quarter, we expect net sales of $4.65 billion to $4.75 billion. Last year's store closures contributed approximately $170 million to sales in the comparable period. Macy's, Inc. comps to be down 1.5% to up 0.5%. Core adjusted EBITDA as a percent of total revenue to be 6% to 6.2% with SG&A dollars roughly flat to last year and adjusted EPS of $0.15 to $0.20, which does not consider potential share repurchases and assumes $10 million of asset sale gains, compared to $36 million in the same period last year.

對於第二季度，我們預計淨銷售額為 46.5 億美元至 47.5 億美元。去年關閉的門市為同期的銷售額貢獻了約 1.7 億美元。梅西百貨公司股價下跌 1.5%，上漲 0.5%。核心調整後 EBITDA 佔總收入的百分比為 6% 至 6.2%，銷售、一般及行政費用與去年大致持平，調整後每股收益為 0.15 美元至 0.20 美元，不考慮潛在的股票回購並假設資產出售收益為 1000 萬美元，而去年同期為 3600 萬美元。

Before turning it back over to Tony, I want to take a moment to thank the Macy's, Inc. leadership team, the Board and all of the colleagues I've had the pleasure to work with over the past 4.5 years. It has been an enriching and rewarding experience personally and professionally. Based on the talent in place across the organization and all of the work we have accomplished together, I am confident that Macy's, Inc. is well positioned to return to sustainable, profitable growth.

在將任務交還給托尼之前，我想花點時間感謝梅西百貨公司的領導團隊、董事會以及過去四年半以來我有幸共事的所有同事。這對我個人和職業生涯來說都是豐富且有益的經驗。基於整個組織的人才和我們共同完成的所有工作，我相信梅西百貨公司已做好準備恢復可持續的獲利成長。

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

說完這些，我就把麥克風交還給東尼。

Thank you, Adrian. Before we begin Q&A, on behalf of the Board and the entire Macy's leadership team, I want to thank Adrian for his leadership and contributions to Macy's, Inc. I appreciate his personal support over the last few years, and I wish him the best in his future endeavors.

謝謝你，艾德里安。在我們開始問答環節之前，我謹代表董事會和整個梅西百貨領導團隊，感謝艾德里安對梅西百貨的領導和貢獻。我感謝他過去幾年來的個人支持，並祝福他在未來的事業中一切順利。

Operator, with that, we're now ready for questions.

接線員，好了，我們現在可以回答問題了。

(Operator Instructions) Blake Anderson, Jefferies.

（操作員指示）布萊克·安德森，傑富瑞。

So I just wanted to start off on the sales guide. It sounds like you're holding that constant for the year. You talked about some consumer pressure and promotions. So just wanted to get your thoughts on maybe confidence in the sales guide for the rest of the year and how to think about the cadence of Q2 versus the back half compared to Q1 where it sounds like you outperformed?

所以我只是想從銷售指南開始。聽起來你今年會保持這個狀態。您談到了一些消費者壓力和促銷活動。所以只是想聽聽您對今年剩餘時間的銷售指南的信心的看法，以及如何看待第二季度與下半年的節奏，與第一季相比，您的表現似乎更好？

Thanks, Blake, for the question. We reaffirmed our annual guide for the year, as you noted, with the first quarter beat. We did see a stronger performance in March, April versus February, which was more weather affected and come into the second quarter with a stronger performance in the month of May.

謝謝布萊克提出的問題。正如您所說，我們根據第一季的業績表現重申了今年的年度指導方針。我們確實看到 3 月和 4 月的表現比 2 月更強勁，因為 2 月受天氣影響較大，而進入第二季度，5 月份的表現更為強勁。

I think the guide appropriately reflects the level of uncertainty that we're navigating, controlling what we can control, making sure that we're well positioned with the flow of inventory with a thoughtful approach to our marketing calendar, investing in both top of funnel and bottom of funnel activities, and making sure that we're well positioned across all three nameplates. So I would look at it as being cautiously optimistic. We're taking the beat in the first quarter, and we're making sure that we are prudently planned for the rest of the year.

我認為該指南恰當地反映了我們正在應對的不確定性水平，控制我們能夠控制的事情，確保我們以周到的方式處理庫存流動，投資於漏斗頂部和漏斗底部的活動，並確保我們在所有三個銘牌上都處於有利地位。因此我對此持謹慎樂觀的態度。我們在第一季取得了巨大成功，並確保在今年剩餘時間內做出審慎的規劃。

That makes sense. And then the follow-up was on the strategic pricing decisions. Any more commentary you can provide on what kind of categories or items or magnitude you'd be looking at for pricing to offset some of the tariffs?

這很有道理。接下來是策略定價決策。您能否提供更多評論，說明您將考慮哪些類別、項目或幅度的定價來抵消部分關稅？

Blake, I would just say it's a work in progress that I feel really good about how the team has actioned, what we've had to action now based on the shipment and the current tariffs that are in place. But remember, as a multi-brand, multi-category retailer, we have a lot of optionality. If something isn't priced fairly, we're not going to buy it.

布萊克，我只想說這是一項正在進行的工作，我對團隊的行動感到非常滿意，我們現在必須根據貨運情況和現行關稅採取相應行動。但請記住，作為多品牌、多類別零售商，我們有很多選擇。如果某件商品的定價不公平，我們就不會購買。

If a price point is important, we're going to hold it. We're going to negotiate fairly and aggressively with our partners as well as with our factories. And right now, I feel good about how we've positioned our pricing and our inventory for the remainder of the year, but we got a lot in front of us, and we're going to take it kind of day by day and month by month.

如果價格點很重要，我們就會堅持它。我們將與我們的合作夥伴以及工廠進行公平、積極的談判。現在，我對今年剩餘時間的定價和庫存定位感到滿意，但我們面前還有很多事情要做，我們將日復一日、月復一月地完成。

Paul Kearney, Barclays.

巴克萊銀行的保羅·科爾尼。

Two parts. To what degree has pricing already been impacted from the higher tariff goods that are flowing into 2Q? And in your view, what is the consumer ability and willingness to accept those higher prices? And then two, under the current tariff outlook, can you talk about what exactly is your expectation for pricing for the fall season? And are the negotiations with vendors on sharing those costs largely completed? Thank you.

兩部分。進入第二季的更高關稅商品對價格的影響有多大？您認為消費者接受更高價格的能力和意願如何？然後第二，在當前的關稅前景下，您能否談談您對秋季價格的具體預期？與供應商就分擔這些成本的談判是否基本完成？謝謝。

Thanks, Paul. First, I would say the pricing is working its way into the system slowly. So you certainly saw little to no pricing in the first quarter. You're seeing some limited pricing in the second quarter. And so that's why we've taken a more cautious approach to our outlook for the remainder of the year.

謝謝，保羅。首先，我想說的是定價正在慢慢融入系統中。因此，您肯定會看到第一季幾乎沒有定價。您會看到第二季的定價有些有限。因此，我們對今年剩餘時間的前景採取了更加謹慎的態度。

I feel good about the negotiations with the marketplace and obviously with our suppliers. It is a shared approach and mentality. It is not a one size fits all across the board approach to anything. We're really trying to make sure that we are sharpening our value where necessary. We are looking at the elasticity of pricing across the entire enterprise, and leveraging Marketplace, Backstage, Bloomingdale's, Macy's, Bluemercury to make sure that we're using the fulsomeness of our entire retail portfolio to capture share of market.

我對與市場以及我們的供應商的談判感到滿意。這是一種共同的方法和心態。它並不是一個適用於所有情況的萬能方法。我們確實在努力確保在必要時提升我們的價值。我們正在關注整個企業的定價彈性，並利用 Marketplace、Backstage、Bloomingdale's、Macy's 和 Bluemercury 來確保我們利用整個零售組合的豐富性來佔領市場份額。

We really believe in this disrupted time period, the health of our balance sheet, the quality of our team, the focus of our strategy is a competitive advantage.

我們確實相信，在這個混亂的時期，我們的資產負債表的健康狀況、團隊的品質、我們策略的重點就是競爭優勢。

Paul, if I could just add just a little bit of commentary to the question that both you and Blake added. I think it's important to understand that we are not just broadly increasing price. We're being incredibly surgical about the situation with tariffs. Let me give you a little bit of color of the kinds of things that we're doing.

保羅，我可以對你和布萊克提出的問題補充一點評論嗎？我認為，重要的是要明白，我們不僅僅是大幅提高價格。我們正在極其精準地處理關稅問題。讓我向你們簡單介紹一下我們正在做的事情。

Given the tariffs that we see today and that are currently in place, we reduced our exposure to China, as Tony referenced earlier in the call. We've renegotiated orders with vendors to make sure that we have the right brands and styles available for what customers are actually going to buy. We've even canceled certain orders and delayed other orders as we're just navigating all of the choppiness and uncertainty that we're dealing with, and we've been able to gain some vendor discounts, which has been helpful to us, but we're absorbing some of that price as well.

鑑於我們今天看到的和目前實施的關稅，我們減少了對中國的曝險，正如托尼在電話會議中早些時候提到的那樣。我們已經與供應商重新協商了訂單，以確保我們擁有適合客戶實際購買的品牌和款式。我們甚至取消了某些訂單並推遲了其他訂單，因為我們正在應對所有的波動和不確定性，並且我們已經能夠獲得一些供應商折扣，這對我們有幫助，但我們也吸收了部分價格。

So we're making selective price increase in selected brand, selected categories because we believe the value equation for the customer is still very relevant. So some of the impact on our gross margin this year is going to be around the tariffs, but we're also investing in getting market share because we really do believe as we get into the back half of the year, that price value dimension is going to be very critical.

因此，我們對選定的品牌和類別進行選擇性漲價，因為我們相信客戶的價值等式仍然非常重要。因此，今年對我們毛利率的影響部分將來自關稅，但我們也在投資爭取市場份額，因為我們確實相信，隨著進入下半年，價格價值維度將變得非常關鍵。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Tony, you've mentioned a couple of times about the opportunity to strategically capture market share while you navigate this uncertain environment. Beyond some of the pricing decisions that you've made to be more relevant to the consumer, what other actions are you taking to capture that market share throughout the rest of the year, whether that's promotional calendar, marketing calendar, et cetera?

東尼，您曾多次提到，在這種不確定的環境中，要抓住機會策略性地佔領市場。除了您為與消費者更相關而做出的一些定價決策之外，您還採取了哪些其他行動來在今年剩餘時間內佔領市場份額，無論是促銷日程表、行銷日程表等等？

And then a follow-up for Adrian. Adrian, can you help us understand the magnitude of the gross margin pressure in 2Q from more transitory factors such as the spring product markdowns and the tariff on the 145% tariff rate versus what might be a little bit more sustainable in rate?

然後是 Adrian 的後續情況。Adrian，您能否幫助我們了解第二季毛利率壓力的大小，這些壓力來自於一些更暫時的因素，例如春季產品降價和 145% 的關稅稅率，以及哪些稅率可能更具可持續性？

Thanks, Brooke. I appreciate the question. It is a disruptive marketplace. We all don't come into this environment in an equal position. Macy's, Inc.

謝謝，布魯克。我很感謝你提出這個問題。這是一個顛覆性的市場。我們並不是以平等的身份進入這個環境的。梅西百貨公司

has done a lot of work over the last couple of years setting up the Bold New Chapter, doing a lot of research with 80,000 consumers, understanding the power of Bloomingdale's, Bluemercury, and Macy's closing underproductive stores. So I don't think that's comparable to what other department store retailers have experienced. We have a strategy that we are in the second year of. We're excited about the improvements that we've made in the Reimagine 125. We're equally excited about the continued growth in Bloomingdale's and Bluemercury.

在過去幾年裡，我們做了大量工作來建立“大膽新篇章”，對 80,000 名消費者進行了大量研究，了解了布魯明戴爾百貨、Bluemercury 和梅西百貨關閉低效商店的力量。所以我認為這與其他百貨公司的經驗是無法相提並論的。我們有一個策略，目前正處於實施的第二年。我們對 Reimagine 125 所做的改進感到非常興奮。我們同樣對 Bloomingdale's 和 Bluemercury 的持續成長感到興奮。

But to answer your question specifically, number one is product. We are flowing newness into all three brands. We are seeing opportunities because of the competitive landscape to add brands to Macy's, add brands to Bloomingdale's, add brands to Bluemercury. We have a healthy balance sheet, which means to the vendor community, we're going to be around, and we're going to pay our bills.

但要具體回答你的問題，首先是產品。我們正在為這三個品牌注入新血。由於競爭激烈，我們看到了向梅西百貨、布魯明戴爾百貨和 Bluemercury 添加品牌的機會。我們擁有健康的資產負債表，這意味著對於供應商社區來說，我們將繼續存在，並且我們將支付帳單。

Secondly, we're improving the quality of our marketing. We have a better balance today than we had a year ago in top of funnel and bottom of funnel investments. That means we are equally committed to having a higher brand relevance as well as better conversion in our digital tactics.

其次，我們正在提高行銷品質。與一年前相比，我們現在在漏斗頂部和漏斗底部的投資方面實現了更好的平衡。這意味著我們同樣致力於提高品牌相關性以及在數位策略中實現更好的轉換。

Third, we are improving the experience inside our stores. We have added colleagues. We are getting a different Net Promoter Score at Macy's and Bloomingdale's because the store experience as measured by the customer feedback is improving. And so the stores are well merchandised. There is better storytelling. There are colleagues available to assist the customer in the fitting room.

第三，我們正在改善店內體驗。我們已新增同事。我們在梅西百貨和布魯明戴爾百貨獲得的淨推薦值不同，因為根據客戶回饋衡量的商店體驗正在改善。因此商店裡的商品琳瑯滿目。有更好的故事敘述。試衣間內有同事可以為顧客提供協助。

Those are all reasons why I believe we can take share at this moment in time.

這些都是我相信我們此刻能夠取得份額的原因。

Brooke, just to address your question around the gross margin. What we're trying to accomplish is really managing the health and level of our inventory and being responsive in terms of the customer experience that Tony just described. We haven't shared the gross margin impact for Q2, but here's what we're doing in terms of our actions. As Tony mentioned a little bit earlier, we are going to be taking markdowns based on some of the volume of inventory that we received at the end of the fourth quarter into the early part of the quarter, but also responding to the soft sales that we saw in February, because the health of the inventory is actually quite important.

布魯克，我只是想回答你關於毛利率的問題。我們真正想要實現的是管理庫存的健康和水平，並根據 Tony 剛剛描述的客戶體驗做出回應。我們尚未分享第二季的毛利率影響，但就我們的行動而言，我們正在採取以下措施。正如 Tony 先前提到的，我們將根據第四季末到本季初收到的部分庫存量進行降價，同時也針對 2 月看到的疲軟銷售情況做出反應，因為庫存的健康狀況實際上非常重要。

In addition, we do have some receipts that came through under the 145% China tariffs and a meaningful portion of that will actually flow through the second quarter. So we're just being very judicious around that. If I take a step back and look at the year, there are really two factors that we're managing on the gross margin.

此外，我們確實有一些根據 145% 中國關稅收到的收入，其中很大一部分實際上將流入第二季。所以我們對此非常謹慎。如果我回顧今年的情況，就會發現我們管理毛利率的因素其實有兩個。

The first is the 20 to 40 basis points of impact based on the current tariffs that we see that are in place and how we believe that will impact the second quarter and the fall season. But we're also investing in price and value, because we do believe that we have an opportunity to take share. We have an opportunity to be competitive, especially in an environment that we anticipate will be more competitive and discretionary as we get into the back half of the year.

首先，根據我們所看到的現行關稅，影響為 20 至 40 個基點，我們認為這將對第二季和秋季產生影響。但我們也在價格和價值上進行投資，因為我們確實相信我們有機會佔據市場份額。我們有機會提高競爭力，特別是在我們預計進入下半年後競爭將更加激烈、自由裁量權將更加嚴格的環境下。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

Just on the Reimagine 125 group, that comp still being negative. Can you just talk through the path to that turning positive? Is it possible this year? And then also, will more stores be added to that group this year.

僅在 Reimagine 125 組上，該補償仍然為負數。能簡單談談實現正向轉變的途徑嗎？今年有可能嗎？那麼，今年還會有更多商店加入該集團嗎？

And then just the second question is on the widened SG&A guidance range. Can you talk about the drivers of that for the year, what would put you on either end? Thanks so much.

第二個問題是關於擴大銷售、一般及行政費用指導範圍。能談談今年的驅動因素嗎？是什麼讓您處於這樣的境地？非常感謝。

Thanks for the question, Alex. The Reimagine 125, we still feel really good about. And the stores are not immune to the kind of macro pressures that we're seeing across the landscape. The good news is the March, April trend and the Reimagine 125 was better than February as the weather improved. The May trend is better than the February, March -- the March, April performance.

謝謝你的提問，亞歷克斯。我們對於 Reimagine 125 仍然感覺非常好。商店也無法免受我們所見的宏觀壓力的影響。好消息是，由於天氣好轉，三月、四月的趨勢以及 Reimagine 125 比二月更好。五月的趨勢比二月、三月、四月的表現好。

So I can't comment on where we are going to see any individual segment of stores end the year. But I feel very good about the rollout of the initiatives into those stores, the additional staffing, the improvement in presentation, the additional brands, the better in-stock position, the localized marketing, all in flight.

因此，我無法評論今年年底各店的業績將會如何。但我對這些措施在這些商店的推廣感到非常滿意，包括增加員工、改善展示、增加品牌、改善庫存狀況、進行在地化行銷等。

Like last year, as the year progresses, we'll talk about what are the opportunities to test additional ideas in additional stores and what the expansion might be in 2026. But so far, I would say the improvement in the 125, we continue to see the differential between the rest of the Macy's stores, and I'm cautiously optimistic that we have opportunity to improve that trend as the year progresses.

與去年一樣，隨著時間的推移，我們將討論在其他商店測試其他想法的機會以及 2026 年可能的擴張方式。但到目前為止，我想說 125 家店的改善，我們繼續看到梅西百貨其他門市之間的差異，我謹慎樂觀地認為，隨著時間的推移，我們有機會改善這種趨勢。

Alex, good morning to you. As we look at the SG&A, the thing that I would highlight is that we do expect it to be down low single digits versus last year. So that's an important dimension. When we look at the breadth of the range, what we're really doing is giving ourselves the flexibility to be able to navigate a variety of scenarios as we think about the uncertainty over the course of the next several quarters.

亞歷克斯，早安。當我們查看銷售、一般及行政費用 (SG&A) 時，我想強調的是，我們確實預計它會比去年下降個位數。這是一個重要的維度。當我們審視範圍的廣度時，我們真正做的是讓自己能夠靈活地應對各種情況，同時考慮未來幾季的不確定性。

So as we really look at it from our perspective, we have a track record of achieving SG&A reductions. We have a healthy pipeline of initiatives that's already in flight. And we're just giving ourselves some flexibility in terms of the range to be able to navigate multiple scenarios that could unfold in the upcoming quarters.

因此，從我們的角度來看，我們在降低銷售、一般和行政費用方面有著良好的記錄。我們已擁有一系列健康且正在實施的措施。我們只是在範圍方面給予自己一些靈活性，以便能夠應對未來幾季可能出現的多種情況。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

So Tony, on the sequential improvement, have comps in May improved to positive territory across nameplates. And maybe more specifically, could you walk through customer behavior that you're seeing in your Reimagine doors that gives you confidence in Bold New Chapter into year number two and maybe just opportunities you see to accelerate initiatives in these doors?

因此，托尼，就連續的改善而言，五月各品牌的業績均有所改善，進入正成長區間。也許更具體地說，您能否介紹一下您在 Reimagine 門中看到的客戶行為，這些行為讓您對進入第二年的 Bold New Chapter 充滿信心，也許只是您看到的加速這些門舉措的機會？

Sure, Matt. Thanks. I'm not going to get into the specifics of the May performance, but I will tell you that the consumer is continuing to react differently than the sentiment. So while sentiment, I guess, yesterday improved a little bit, the demand is still better than the sentiment. So the consumer remains under pressure, but is responding to newness, is responding to good value, is responding to improved presentation, is responding to inspiring marketing.

當然，馬特。謝謝。我不會深入討論五月表現的具體細節，但我可以告訴你，消費者的反應與情緒仍然不同。因此，我認為，儘管昨天的情緒有所改善，但需求仍然比情緒更好。因此，消費者仍然面臨壓力，但他們對新鮮事物、對良好價值、對改進的展示、對鼓舞人心的行銷做出了反應。

I think we can control some of these elements. I can't control how much discretionary spend the consumer is willing to lay out, but I can control the quality of our execution.

我認為我們可以控制其中的一些因素。我無法控制消費者願意花多少可自由支配的錢，但我可以控制我們執行的品質。

I feel like in the Reimagine 125 and in the digital experience at Macy's, we are better positioned today than we were three months ago and certainly better than we were a year ago. You feel the difference in our stores 1.5 year into the strategy. You feel the colleague engagement. You feel the consumer sentiment as they shop for regular priced merchandise.

我覺得在 Reimagine 125 和梅西百貨的數位體驗中，我們今天的定位比三個月前更好，當然也比一年前更好。實施策略一年半後，您將感受到我們商店的變化。您感受到同事的參與。當消費者購買正價商品時，您會感受到他們的情緒。

So where we have reduced the amount of clearance sales that we have as we improve the quality of our inventory, we're seeing better regular price performance in the Reimagine 125. That, I think, is a good indicator, along with customer sentiment about what the future potentials of these stores. I think the store execution continues to get stronger. The density on the floor still looks impactful, but we're not over inventoring the stores beyond what is necessary in any given quarter or season.

因此，隨著我們提高庫存質量，我們減少了清倉銷售的數量，我們看到 Reimagine 125 的常規價格表現更好。我認為這是一個很好的指標，同時也反映了顧客對這些商店未來潛力的看法。我認為商店的執行力會繼續增強。樓層的密度看起來仍然有影響，但我們不會在任何一個季度或季節對商店進行超出必要的過度庫存。

And finally, I would say the turnover amongst colleagues in these stores is down. So we're getting the benefit of being able to provide the product knowledge and education and the customer is getting the benefit of seeing those colleagues in those same stores.

最後，我想說的是，這些商店的同事之間的流動率下降了。因此，我們能夠提供產品知識和教育，而客戶也可以在同一家商店見到這些同事。

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團 (Telsey Advisory Group)。

As you think about inventory, which I believe was down 0.5%, how are you planning inventory going forward in light of all the tariff planning or pull forward for holiday? And then the competitive landscape is definitely changing, whether it's the turmoil at Saks, the privatization of Nordstrom, as you think about the landscape, Tony, both for Macy's and for Bloomingdale's, what are the opportunities that you see for each of the banners going forward? And then I just have a quick follow up. Thank you.

當您考慮庫存時，我認為庫存下降了 0.5%，考慮到所有的關稅計劃或假期提前，您如何規劃未來的庫存？那麼競爭格局肯定在發生變化，無論是薩克斯 (Saks) 的動盪，還是諾德斯特龍 (Nordstrom) 的私有化，托尼，當您思考這個格局時，對於梅西百貨和布魯明戴爾百貨來說，您認為未來每個品牌都有哪些機會？然後我再快速跟進。謝謝。

Thanks, Dana, for the question. On inventory, we've got a good track record of really being disciplined about how we flow inventory and we're going to continue to be disciplined. And that means that if pricing is opportunistic, and we're trying to mitigate or avoid the nature of tariffs in certain markets, we're going to do that. We've got the liquidity. We've got the balance sheet to kind of move inventory.

謝謝達娜提出的問題。在庫存方面，我們在庫存流動方面有著良好的記錄，我們將繼續保持紀律。這意味著，如果定價是機會主義的，而我們試圖減輕或避免某些市場的關稅性質，我們就會這樣做。我們有流動性。我們有資產負債表來轉移庫存。

But I'm not going to buy six months or a year worth of product just to avoid tariffs that may or may not materialize in different parts of the world. I do believe, again, I'm not going to speak to an individual competitor, but I think you sized it up exactly right that we are in a market environment where both Macy's and Bloomingdale's have opportunity to take share. We have vendors that are more committed to our brands and to our partnership than I've seen in my time with the company.

但我不會只是為了避免世界各地可能發生或可能不會發生的關稅而購買六個月或一年的產品。我確實相信，我不會針對單一競爭對手發表講話，但我認為你的評估非常正確，我們所處的市場環境是梅西百貨和布魯明戴爾百貨都有機會搶佔市場份額。我們的供應商對我們的品牌和合作關係的忠誠度比我在公司任職期間見過的還要高。

We have new brands that we've added at both Macy's and Bloomingdale's that are resonating with the customer. We are seeing feedback from the customer that is acknowledging the different experience that they're seeing in a department store environment that they haven't seen in years. We have to remain committed to our investments. We have to remain committed to this strategy, and we have to take advantage of this moment in time and this opportunity to get our fair share of the business.

我們在梅西百貨和布魯明戴爾百貨新增了一些品牌，引起了顧客的共鳴。我們看到了顧客的回饋，他們承認在百貨公司環境中看到了多年未見的不同體驗。我們必須繼續致力於我們的投資。我們必須繼續致力於這項策略，我們必須利用這個時機和機會來獲得我們應得的業務份額。

Oliver Chen, TD Securities.

道明證券的 Oliver Chen。

This is Julia on for Oliver Chen. With the comp beat across all nameplates, how did your comps perform relative to your expectations? And what were the main catalysts relative to what you expected aside from the calendar shift, which categories and levers were stronger? And then what is assumed in terms of category dynamics throughout the year? Thank you.

我是 Julia，為 Oliver Chen 播報。所有品牌的同類產品均表現優異，您的同類產品的表現與您的預期相比如何？除了日曆變化之外，相對於您預期的主要催化劑是什麼？哪些類別和槓桿較為強勁？那麼，全年的類別動態假設是什麼？謝謝。

Thanks, Julia. We again saw a better performance in March and April than in February. February was disrupted with softer, I would say, weather environment. We hate to use weather as an excuse, but it is helpful at defining why seasonal categories perform or don't perform. We certainly saw a better performance in the March, April time period, and now we see that continuing into May.

謝謝，朱莉婭。我們再次看到三月和四月的表現優於二月。我想說，二月的天氣環境比較溫和。我們不喜歡用天氣作為藉口，但它有助於解釋季節性類別表現或不表現的原因。我們確實看到了三月、四月期間更好的表現，現在我們看到這種表現將持續到五月。

I think we've talked about the fact that we're in an apparel cycle. So we're continuing to see categories like denim perform well, denim dressing. Whenever there's a change in silhouette or fabrication, we see a benefit to the business. And we're certainly seeing that at both Macy's and Bloomingdale's.

我想我們已經討論過我們正處於服裝週期的事實。因此，我們繼續看到牛仔布、牛仔服飾等類別表現良好。每當輪廓或製造工藝發生變化時，我們都會看到業務的利益。我們確實在梅西百貨和布魯明戴爾百貨看到了這種情況。

We're seeing improved performance in categories like fine jewelry, certainly the fine watch and fashion watch business has been healthier. We're seeing a better performance in parts of the home furnishings area, particularly in the big ticket. We have a good mattress business at both of our brands, and we're seeing a category like textiles, sheets and towels improve as the quarters progress.

我們看到高級珠寶等類別的表現有所改善，當然高級手錶和時尚手錶業務也更加健康。我們看到部分家居裝飾領域的表現有所改善，尤其是大型商品。我們兩個品牌的床墊業務都表現良好，隨著季度的進展，我們看到紡織品、床單和毛巾等類別的業績也在改善。

So I think what I'm underscoring is the fact we have a diversity, we have a variety of products. And because we're not limited to any one category, any one segment, we can pivot and adjust our receipts and our marketing to where we see the business materializing.

所以我認為我要強調的是，我們擁有多樣性，我們擁有各種各樣的產品。而且由於我們不限於任何一個類別、任何一個細分市場，我們可以調整我們的收入和行銷，以達到業務實現的目的。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Is there -- was there anything onetime in the SG&A dollars in 1Q? I'm trying to go back in time here as you kind of guide us forward on what the SG&A per store was with some of the closures. I guess, the dollars were up just a little bit in the quarter. I'm trying to think if there's anything we should adjust out as we think of the rest of the year with the stores closed and then maybe lapping it next year.

第一季的銷售、一般及行政費用是否有一次性支出？我試著回顧過去，您可以引導我們了解關閉某些門市後每家門市的銷售、一般及行政費用 (SG&A) 是多少。我想，本季美元只是略有上漲。我正在想，當我們想到今年剩餘時間商店關閉，然後可能在明年再關閉時，我們是否應該做出任何調整。

And then also, I'm curious as you -- I know you guys focus on recapturing sales from store closures, as you measure it, can you talk to any evidence that you've seen of transfer from some of the stores that have closed or anything we should try to keep an eye on there? Thank you.

另外，我和您一樣好奇——我知道你們專注於重新獲得關閉商店帶來的銷售額，正如您所衡量的那樣，您能否談談您所看到的從一些已經關閉的商店轉移銷售額的任何證據，或者我們應該密切關注的任何情況？謝謝。

I'll go ahead and get us started, Mike. I mean the simple answer to your question is no. When you think about a lot of the adjustments, we typically take those in the fourth quarter, but nothing unusual in the first quarter. Tony?

我先走了，麥克。我的意思是，對於你的問題，簡單的答案是否定的。當你考慮很多調整時，我們通常會在第四季度進行調整，但在第一季進行調整並不罕見。托尼？

Yeah. I would just say in terms of sales from store closures, you have the interesting impact, just to frame it for folks, that when the stores are closing, you have a slight depression of sales in the existing stores because of the going out of business communication in that environment. And then following, you start to see the recovery and opportunity to recapture. What I would say is we're slightly ahead of our expectations in terms of what we thought would happen with closed stores recapture. And I think that remains an opportunity for us to kind of lean in kind of by category and by geography to make sure that we're getting our fair share of that business.

是的。我只想說，就關閉商店對銷售的影響而言，你會受到有趣的影響，只是為了向大家說明一下，當商店關閉時，由於那種環境下的業務溝通中斷，現有商店的銷售會略有下降。接下來，你會開始看到復甦和重新奪回的機會。我想說的是，就關閉門市重新奪回的情況而言，我們的預期略高於我們的預期。我認為這對我們來說仍然是一個機會，讓我們能夠根據類別和地理進行調整，以確保我們能夠獲得公平的業務份額。

That's great. If I could sneak one in on beauty. Good to see Bluemercury positive. I'm curious, maybe just a comment on the beauty business in total as you look across all your banners, -- any comment on total category trends, prestige versus mass or important shifts between the categories that we should think about as we model forward some of the center core and the Bluemercury numbers for the rest of the year?

那太棒了。如果我能偷偷地了解美麗。很高興看到 Bluemercury 呈現正態勢。我很好奇，也許只是對美容業務的整體評論，當你查看所有橫幅時，對整個類別趨勢、聲望與大眾或類別之間的重要轉變有什麼評論，我們在為今年剩餘時間的一些中心核心和 Bluemercury 數據建模時應該考慮這些？

Sure, Mike. I think the category has had a lot of distribution expansion, and we are certainly fighting for our fair share of the business. What I feel good about is that Macy's, Bloomingdale's and Bluemercury are great holiday destination. So coming off of Mother's Day, heading into Father's Day, being a great destination for Christmas and Hanukkah.

當然，麥克。我認為該類別的分銷範圍已經擴大了很多，我們當然也在為爭取公平的業務份額而奮鬥。讓我感到高興的是，梅西百貨、布魯明戴爾百貨和 Bluemercury 都是很棒的度假勝地。因此，在母親節即將來臨、父親節即將來臨之際，這裡是聖誕節和光明節的絕佳去處。

So we have more competition. I feel good about our reaction to the environment, making sure that we are doing everything in our control to show up well for the customers that can include the value sets that we negotiate in the Marketplace to make sure that we have value day in and day out.

因此我們的競爭更加激烈。我對我們對環境的反應感到滿意，確保我們盡一切努力為客戶提供良好的服務，其中包括我們在市場上協商的價值集，以確保我們日復一日地具有價值。

In the fragrance and cosmetics area. To the quality of the staffing, maintaining a full-service environment in beauty across all three of our brands or nameplates, we think it's very important to making sure that we offer both value and great service in that zone of business.

在香水和化妝品領域。對於員工素質，在我們所有的三個品牌或銘牌中維持全方位的美容服務環境，我們認為確保我們在該業務領域提供價值和優質服務非常重要。

(Operator Instructions) Chuck Grom, Gordon Haskett.

（操作員指示）Chuck Grom、Gordon Haskett。

And best of luck, Adrian. It's been great working with you. I wanted to just focus on the first quarter a little bit and talk about the health of the consumer across income cohorts, also category performance during the first quarter, particularly in March and April and into May, if you could. And then Tony, you talked about demand pull forward in the month of May. I was curious if we could just dive into which categories, you think you saw that pull forward? Thank you.

祝你好運，阿德里安。和你一起工作很愉快。我想稍微關註一下第一季度，談談不同收入群體的消費者健康狀況，以及第一季的類別表現，特別是三月、四月和五月份的表現，如果可以的話。然後托尼，您談到了五月份需求的提前。我很好奇，我們是否可以深入探討一下您認為看到了哪些類別的推動？謝謝。

Sure, Chuck. Thanks for the questions. The consumer health, I would say, remains under pressure. Discretionary spending is something that I think we've seen from the middle of last year kind of forward that as inflation subsided a little bit, as gas prices became more affordable, the consumer still felt the pinch of other costs that were rising. And so we are maintaining our aggressive position in trying to make sure that we're capturing our fair share.

當然，查克。感謝您的提問。我想說，消費者健康仍面臨壓力。我認為，從去年年中開始，我們就可以看到可自由支配的支出情況，儘管通貨膨脹有所緩解，汽油價格也變得更加便宜，但消費者仍然感受到其他成本上漲的壓力。因此，我們將繼續保持積極姿態，努力確保獲得公平的份額。

I would say at the high end, the consumer is not obviously pressured, but they remain choiceful and they don't like uncertainty. So there are fits and starts, I would say, at times to the way in which they respond. They love newness. They obviously love a good value. They like a compelling presentation and storytelling.

我想說，在高端市場，消費者並沒有明顯感受到壓力，但他們仍然有選擇性，而且不喜歡不確定性。所以我想說，他們的回應方式有時是斷斷續續的。他們喜歡新鮮事物。他們顯然喜歡有價值的東西。他們喜歡引人入勝的演講和故事。

So we're leaning into that. I think you heard at Bloomingdale's, all of these pop-ups and activations are really well received. The vendor community is very interested in investing in Bloomingdale's to bring their brands to life. And I think that's just a winning strategy.

所以我們傾向於這樣做。我想您在布魯明戴爾百貨公司聽說過，所有這些彈出窗口和激活活動都非常受歡迎。供應商社群非常有興趣投資布魯明戴爾百貨公司，以使他們的品牌煥發生機。我認為這只是一種制勝策略。

In terms of categories, it's hard to say what part is pulled forward, but I would just acknowledge that you can't say there isn't any pull forward. So as -- we're all as consumers kind of watching what's happening, there is this mentality that I've got to buy something now, maybe that's a part of some of the growth we've seen in fine jewelry, for instance, maybe some of the big ticket areas where there's more uncertainty around the size of the impact of pricing changes that may come over the course of the year.

從類別上來說，很難說哪部分被拉向前，但我承認你不能說沒有任何向前的拉動。因此，作為消費者，我們都在關注著正在發生的事情，有一種「我現在必須買點東西」的心態，也許這就是我們在高級珠寶領域看到的一些增長的原因之一，也許在一些高價位領域，人們對今年可能出現的價格變化的影響規模存在更多不確定性。

But I continue to be very bullish on the fact that we have a better distributed model today than we even had a year ago. And what I mean by that is we have a better balance across categories of business. We have a better balance between Marketplace and [1P]. We have a better balance between off-price and full price, and we have a better balance between Macy's, Bloomingdale's, and Bluemercury.

但我仍然非常樂觀地認為，我們今天的分散式模型比一年前更好。我的意思是，我們在各個業務類別之間實現了更好的平衡。我們在市場和[1頁]。我們在折扣價和正價之間實現了更好的平衡，我們在梅西百貨、布魯明戴爾百貨和 Bluemercury 之間也實現了更好的平衡。

That just helps us with 40 million active customers to be in a position to while others are disrupted take share. And so it doesn't -- we don't have a right to it. We don't get it automatically. But I think if we remain surgical and aggressive on the things that we do well, we're going to get our fair share of the business.

這有助於我們在其他客戶受到干擾時搶佔市場份額，從而擁有 4000 萬活躍客戶。所以，我們沒有權利這麼做。我們不會自動得到它。但我認為，如果我們堅持精準、積極地做好我們擅長的事情，我們就會在業務中獲得公平的份額。

Okay. Great. And then as you toggle between investing in value, to Adrian's point, and then raising prices, can we dive into, I guess, maybe which categories you would expect to see the largest price changes as you progress throughout the year?

好的。偉大的。然後，當您在投資價值（正如 Adrian 所說）和提高價格之間切換時，我想我們是否可以深入探討一下，隨著全年的發展，您預計哪些類別會出現最大的價格變化？

Again, I don't think, Chuck, it's about any one category. I think there are brands that have more elasticity and there are items that have more elasticity and others that don't. And the benefit that we have as a retailer is we don't have to buy those things where we think the pricing is too big a pinch on the consumer. And conversely, in other items or within categories within brands, we will surgically take prices up because the customer votes and says the product is worth it.

再說一次，查克，我認為這與任何一個類別無關。我認為有些品牌具有更大的彈性，有些物品具有更大的彈性，而有些則沒有。作為零售商，我們的好處是，我們不必購買那些我們認為定價對消費者來說太過沉重的商品。相反，對於其他商品或品牌內的各個類別，我們會精準地提高價格，因為顧客投票說產品值得。

And so again, not pointing names between Coach and Ralph Lauren. And there are plenty of names out there that have talked about surgically adjusting prices where they think the product commands and the value is apparent. Conversely, we're going to be aggressive on pricing and make sure that those things where the customer is highly attuned to price, we're going to be very competitive.

因此，再次強調，我們不會指出 Coach 和 Ralph Lauren 之間的差異。並且有很多人談論過精確調整價格，他們認為產品價格具有吸引力且價值顯而易見。相反，我們將積極定價，並確保客戶對價格高度敏感的產品具有極強的競爭力。

Great answer. And then just one quicker for Adrian. Just on capital allocation. You bought back, it looks like about $100 million of stock, first time in a couple of years. I just wanted to understand that the guide does not assume any more additional share buybacks. It looks like your diluted share guide is about $7 million or $8 million lower than what it was back in March? Thanks.

很好的答案。然後阿德里安就快一步了。僅涉及資本配置。您買回的股票價值約為 1 億美元，這是幾年來的第一次。我只是想了解該指南是否不再假設任何額外的股票回購。看起來您的稀釋後股票指導價比 3 月低了約 700 萬美元或 800 萬美元？謝謝。

Yeah, absolutely, Chuck. So really, the buyback of shares is really a signal of the confidence in the business. And as we reflect on the past year and the momentum, momentum that we see coming into this year, even with the uncertainty of tariffs, we're pretty excited about the health of the business, and we're also excited about how we're managing our cash, managing our inventories and managing multiple dimensions of the business.

是的，絕對是，查克。因此，股票回購其實是對企業信心的一個訊號。當我們回顧過去的一年和勢頭，以及我們看到的今年的勢頭時，即使關稅存在不確定性，我們對業務的健康狀況感到非常興奮，我們也對我們如何管理現金、管理庫存和管理業務的多個維度感到興奮。

Now our practice is not to provide guidance on future buybacks. That's just not something that we typically would do. So as we think about the balance of the year, we're not assuming any further buybacks. But that being said, we have $1.3 billion of authorization still left on our -- on our approvals. And we're actually quite pleased that we resumed share buybacks in the first quarter. So again, it's really a reflection of the health of the business, and to help this company. And so we were pretty encouraged to be able to return $101 million back to shareholders and buybacks and an additional $51 million in terms of dividends.

現在我們的做法是不為未來的回購提供指引。這不是我們通常會做的事情。因此，當我們考慮今年的餘額時，我們不會假設任何進一步的回購。但話雖如此，我們仍有 13 億美元的授權尚未批准。事實上，我們很高興在第一季恢復了股票回購。所以，這確實反映了公司的業務健康狀況，並且能夠幫助公司。因此，我們非常高興能夠向股東返還 1.01 億美元併回購股票，另外還以股息形式返還 5,100 萬美元。

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

問答環節到此結束。我想把發言權交還給托尼·斯普林先生，請他發表最後評論。

Thank you to everybody for your active participation on the call today. Thank you again to the Macy's, Inc. team for your leadership during these unusual and uncertain times. And I want to wish everybody a very happy summer holiday season. And please make sure you tune in and check out the Macy's Fourth of July fireworks. We have a great show planned for this year. Have a great day, everyone.

感謝大家今天積極參與電話會議。再次感謝梅西百貨團隊在這段不尋常且不確定的時期所扮演的領導角色。我祝福大家有個愉快的暑假。請務必收看並觀賞梅西百貨七月四日的煙火表演。我們計劃今年舉辦一場精彩的演出。祝大家有個愉快的一天。

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

女士們、先生們，感謝你們的參與。今天的活動到此結束。現在您可以斷開線路並退出網路直播，享受剩餘的一天。