梅西百貨 (M) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Macy's Inc second quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the call over to Pamela Quintiliano, VP of Investor Relations. Pamela, you may now begin.

您好，歡迎參加梅西百貨 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。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 Tom Edwards, our COO and CFO.

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湯姆‧愛德華茲 (Tom Edwards)。

Along with our second 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. 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 May 28 earnings call.

連同我們的 2025 年第二季度新聞稿一起，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。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、展望或指導的提及均指我們在 5 月 28 日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.com/investors. All references to comp sales throughout today's prepared remarks represent comparable owned-plus-licensed-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.com/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品牌加授權品牌加市場品牌銷售額以及自有品牌加授權品牌銷售額。

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

Go-Forward Macy's Inc 的銷售額包括約 350 家 Macy's Go-Forward 門市和數位商店。以及包括 Bloomingdale's 和 Bluemercury 在內的品牌商店和數位產品。Go-Forward，梅西百貨的銷售額包括約 350 家梅西百貨 Go-Forward 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的安全港條款約束。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。

Good morning, and thank you for joining us today. We're encouraged by recent quarterly performance and the execution of our Bold New Chapter strategy. We've made substantive enterprise-wide improvements to our business, yielding meaningful results. For the second quarter, top line, bottom line and core adjusted EBITDA exceeded our guidance. Macy's Inc and Macy's nameplate both had their strongest comparable sales in 12 quarters.

早安，感謝您今天加入我們。我們對最近的季度業績和「大膽新篇章」策略的執行感到鼓舞。我們對整個企業的業務進行了實質的改進，並且取得了有意義的成果。第二季度，營業收入、淨收入和核心調整後 EBITDA 均超出了我們的預期。梅西百貨公司和梅西百貨品牌均創下了 12 個季度以來最強勁的可比銷售額。

Macy's Go-Forward comparable sales were positive, inclusive of growth in our Reimagine 125 locations and digital. Bloomingdale's achieved its fourth consecutive quarter of comparable sales growth and continued to gain market share. And Bluemercury achieved its 18th consecutive quarter of comparable sales gains. I want to thank our teams and our brand partners for helping us deliver improved product and omnichannel experiences for our customers.

梅西百貨的 Go-Forward 可比銷售額為正值，其中包括我們重新構想的 125 家門市和數位業務的成長。布魯明戴爾百貨公司連續第四個季度可比銷售成長，並持續擴大市場份額。Bluemercury 連續第 18 個季度可比銷售額成長。我要感謝我們的團隊和品牌合作夥伴幫助我們為客戶提供更好的產品和全通路體驗。

Turning to a more detailed view of the quarter. Macy's Inc achieved comparable sales growth of 1.9%, and our Go-Forward businesses delivered comparable sales growth of 2.2%. Adjusted EPS of $0.41 was above our guidance range of $0.15 to $0.20, reflecting comparable sales growth, disciplined expense controls and tariff mitigation actions.

讓我們更詳細地了解本季的情況。梅西百貨公司實現了 1.9% 的可比銷售額成長，而我們的 Go-Forward 業務實現了 2.2% 的可比銷售額成長。調整後每股收益為 0.41 美元，高於我們的指導範圍 0.15 美元至 0.20 美元，反映了可比銷售額的成長、嚴格的費用控制和關稅減免措施。

End of quarter inventories were down 0.8%, and we feel good about our composition headed into the fall season. Our second quarter results highlight the benefit of being a portfolio of nameplates that are multi-brand, multi-category, and multichannel. This model provides sourcing optionality, economies of scale and negotiations and product and price diversification. And with our off-price to luxury offerings and strong financial position, we're leaning into areas of opportunity, chasing important trends and providing more reasons for the customer to shop with us.

季度末庫存下降了 0.8%，我們對進入秋季的庫存狀況感到滿意。我們第二季的業績凸顯了多品牌、多類別、多通路的品牌組合的優勢。該模型提供了採購可選性、規模經濟和談判以及產品和價格多樣化。憑藉我們從折扣到奢侈品的豐富產品和強大的財務實力，我們正積極把握機遇，跟上重要趨勢，為顧客提供更多購物理由。

Now let's discuss how each pillar of the Bold New Chapter strategy contributed to our results, beginning with strengthening and reimagining Macy's. Our goal for Macy's is simple, offer customers access to the brands and categories they're looking for at a great value with a compelling omni-channel shopping experience. Macy's achieved 1.2% comparable sales growth in the quarter. This was led by Go-Forward Macy's, which rose 1.5%, inclusive of the Reimagine 125 that were up 1.4%.

現在讓我們討論一下「大膽新篇章」策略的每個支柱如何對我們的業績做出貢獻，首先是加強和重塑梅西百貨。我們對梅西百貨的目標很簡單，即讓顧客以極高的價值獲得他們想要的品牌和類別，並提供引人入勝的全通路購物體驗。梅西百貨本季實現了 1.2% 的可比銷售額成長。其中，Go-Forward Macy's 漲幅最大，達 1.5%，其中 Reimagine 125 漲幅達 1.4%。

Macy's off-price concept backstage, along with Macy's marketplace were both strong contributors. These still white space in our assortments and help us retain customers seeking more price and brand variety. Recent results illustrate that improvements in our Macy's omni-channel customer experience are resonating. We have shifted from being an operationally-led to customer-led organization and are calibrating our assortments on both a brand and category basis.

梅西百貨的折扣概念後台以及梅西百貨市場都是強大的貢獻者。這些仍然是我們產品系列中的空白，並幫助我們留住尋求更多價格和品牌多樣性的客戶。最近的結果表明，梅西百貨全通路客戶體驗的改善正在產生共鳴。我們已經從一個以營運為主導的組織轉變為以客戶為主導的組織，並且正在根據品牌和類別調整我們的產品組合。

Highlighting our progress, Macy's delivered its strongest second quarter Net Promoter Score on record. We view this as an important measure of customer sentiment and a leading indicator of future sales. I recently received a note from a customer who had just visited a store, and they said shopping at Macy's was such a pleasant surprise. The store was clean and organized and most importantly, the employees were enjoyed interact with. The service has improved tremendously over what it was just a few years ago.

梅西百貨第二季的淨推薦值創下了歷史新高，凸顯了我們的進步。我們認為這是衡量客戶情緒的重要指標和未來銷售的領先指標。我最近收到一位剛去過商店的顧客的來信，他說在梅西百貨購物真是一個令人愉快的驚喜。商店乾淨整潔，最重要的是，員工們很樂意與顧客互動。與幾年前相比，這項服務已經有了巨大的改善。

I will definitely recommend shopping there, and I will return to shop there myself. I read every customer note that I receive. Listening to feedback is one of the most important ways we can improve and grow our business.

我絕對會推薦去那裡購物，而且我自己也會再去那裡購物。我閱讀了收到的每一封顧客來信。聽取回饋是我們改善和發展業務的最重要方法之一。

In addition to improving the shopping experience, we've also made strides in product curation. Our vendor relationships are strong, and we are viewed as a valued partner that helps broaden their reach and deliver against customer needs. Our balance sheet, large addressable market and loyal customer base are attractive differentiators and market brands are excited to work alongside our teams. As one of their largest partners, we receive compelling product from the brands our customers are asking for, including Coach, Donna Karan, Levi's and Ralph Lauren, just to name a few.

除了改善購物體驗之外，我們在產品策劃方面也取得了長足的進步。我們與供應商的關係十分牢固，我們被視為有價值的合作夥伴，能夠幫助他們擴大業務範圍並滿足客戶需求。我們的資產負債表、龐大的潛在市場和忠實的客戶群是極具吸引力的差異化因素，市場品牌很高興與我們的團隊合作。作為他們最大的合作夥伴之一，我們從客戶要求的品牌那裡獲得了引人注目的產品，其中包括 Coach、Donna Karan、Levi's 和 Ralph Lauren，僅舉幾例。

And as these brands thrive at Macy's other brands are taking notice. We've been attracting new partners, including Abercrombie kids, expanding our distribution to existing labels such as Sam Edelman, Hugo Boss, Good American, and we're continuing to update our private brand assortment.

隨著這些品牌在梅西百貨蓬勃發展，其他品牌也開始關注它們。我們一直在吸引新的合作夥伴，包括 Abercrombie kids，將我們的分銷範圍擴大到 Sam Edelman、Hugo Boss、Good American 等現有品牌，並且我們正在繼續更新我們的自有品牌組合。

Turning to category performance. Comparable sales of women's contemporary and career as well as men's tailored clothing outperformed. In addition, fine jewelry and watches, textiles and mattresses continued to experience strong demand. The success of these categories illustrates the breadth of product and price points that we offer and our ability to cater to customers' evolving lifestyle needs.

轉向類別表現。女士現代服裝和職業服裝以及男士訂製服裝的可比銷售額表現出色。此外，高級珠寶和手錶、紡織品和床墊的需求持續強勁。這些類別的成功體現了我們提供的產品和價格點的廣度以及我們滿足客戶不斷變化的生活方式需求的能力。

Rounding out the conversation on Macy's, our strategy of closing underperforming locations, while investing in areas of opportunities will create a more focused and profitable store base. I believe we are positioned to deliver long-term growth in our Macy's Go-Forward business, inclusive of digital. This is driven by exceptional customer omni-channel experiences, improved selling, enhanced colleague development and inspired merchandising, including more variety with reduced redundancies.

總結關於梅西百貨的談話，我們的策略是關閉表現不佳的門市，同時投資於機會領域，這將創造一個更有針對性和盈利能力的門市基礎。我相信，我們有能力實現梅西百貨前進業務（包括數位業務）的長期成長。這是由卓越的客戶全通路體驗、改進的銷售、增強的同事發展和啟發性的商品推銷（包括更多品種和減少冗餘）所推動的。

The second pillar of the Bold New Chapter strategy is accelerating and differentiating luxury. In the second quarter, both Bloomingdale's and Bluemercury maintained their positive comparable sales trend. Bloomingdale's achieved a positive 5.7% comp and its highest second quarter sales and Net Promoter Score on record.

「大膽新篇章」策略的第二個支柱是加速和差異化奢侈品。第二季度，Bloomingdale's 和 Bluemercury 均保持了正面的可比較銷售額趨勢。布魯明戴爾百貨公司實現了 5.7% 的同比增長，並創下了第二季度的最高銷售額和淨推薦值。

Our ambition is to be the leader in local markets that we serve and our recent performance underscores that Bloomingdale's is gaining momentum. Our strong heritage of customer service and premium contemporary to luxury positioning is differentiated in the market. And we are able to offer the best of current trends in an accessible and compelling environment that has broad multigenerational appeal.

我們的目標是成為我們所服務的當地市場的領導者，我們最近的表現凸顯了布魯明戴爾百貨公司正在獲得發展動力。我們優良的客戶服務傳統以及從高端現代到奢華的定位在市場上獨樹一格。我們能夠在一個易於理解且引人注目的環境中提供當前最好的趨勢，並具有廣泛的幾代人的吸引力。

During the second quarter, ready-to-wear, fine jewelry, fragrance and tabletop performances were a few standouts. Bloomingdale's is also well known for its special and exclusive capsule collections and partnerships, which build brand heat and excitement and support increased visits to our stores and online.

第二季度，成衣、高級珠寶、香水和桌面裝飾表現突出。布魯明戴爾百貨公司也因其特殊和獨家的膠囊系列和合作夥伴關係而聞名，這些系列和合作夥伴關係可以增強品牌熱度和興奮度，並支持增加我們商店和網上商店的訪問量。

This summer, we had takeovers by contemporary brands MOTHER and STAUD and introduced our latest limited edition AQUA collaboration, AQUA and Ava Phillippe. This week, we're launching our Fall campaign, which is called Just Imagine. The campaign celebrates creativity, art and style and is supported by a robust lineup of activations, impressive visuals and new and exciting and exclusive product.

今年夏天，我們被當代品牌 MOTHER 和 STAUD 收購，並推出了我們最新的限量版 AQUA 合作款，AQUA 和 Ava Phillippe。本週，我們將啟動秋季活動，名為「想像一下」。該活動頌揚創造力、藝術和風格，並得到一系列強大的活動、令人印象深刻的視覺效果以及全新、令人興奮的獨家產品的支持。

Looking ahead, we remain focused on growing Bloomingdale's through attracting new brands and partnerships, expanding distribution, growing digital and increasing our national footprint through Bloomies small format stores and Bloomingdale's outlet locations. These initiatives help us to take additional share across categories, markets and brands as we capitalize on disruption in the marketplace.

展望未來，我們將繼續致力於發展佈魯明戴爾百貨，吸引新品牌和合作夥伴，擴大分銷管道，發展數位化業務，並透過布魯明戴爾百貨的小型商店和布魯明戴爾百貨直銷店擴大我們的全國影響力。這些舉措幫助我們利用市場變革，在各個類別、市場和品牌中佔據更多份額。

Our other luxury concept Bluemercury achieved 1.2% comparable sales growth, representing its 18th consecutive quarter of gains. Results were driven by dermatological skin care and recent brand launches, including Byredo, Victoria Beckham Beauty and Charlotte Tilbury. Our Bloomingdale's and Bluemercury customers are responding well to our aspirational to luxury positioning. We have proven growth strategies in place for both and are confident in the luxury category and its long-term potential.

我們的另一家奢侈品概念店 Bluemercury 實現了 1.2% 的可比銷售額成長，這是其連續第 18 個季度實現成長。業績成長主要得益於皮膚護理產品和近期推出的品牌，包括 Byredo、Victoria Beckham Beauty 和 Charlotte Tilbury。我們的 Bloomingdale's 和 Bluemercury 顧客對我們追求奢華的定位反應良好。我們已經為這兩個領域制定了行之有效的成長策略，並對奢侈品類別及其長期潛力充滿信心。

The third pillar of our Bold New Chapter strategy is simplifying and modernizing end-to-end operations. We have an always-on approach to profit improvement and are finding efficiencies through automation, resource optimization and the streamlining of processes. Our end-to-end work gives us the ability to invest in our growth ambitions while delivering an improved return for our shareholders.

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。我們始終致力於提高利潤，並透過自動化、資源優化和流程簡化來提高效率。我們的端到端工作使我們能夠投資於我們的成長目標，同時為我們的股東帶來更好的回報。

Now let's discuss our view on the consumer. Our customer cross nameplate has remained resilient through the first half of the year and quarter-to-date. However, given the uncertainty regarding the impact of tariffs on demand, we believe it's prudent to continue to incorporate a more choiceful consumer into our guidance for the remainder of the year.

現在讓我們來討論一下我們對消費者的看法。我們的客戶跨品牌在今年上半年和本季迄今保持強勁勢頭。然而，鑑於關稅對需求影響的不確定性，我們認為，繼續將更有選擇性的消費者納入我們今年剩餘時間的指導中是明智之舉。

Our third quarter and full year ranges assume we continue to reinvest most of the savings from closed stores and distribution centers in initiatives that support our long-term growth aspirations. In addition, reflecting the incremental tariffs that have been announced since our last earnings call, full year guidance now incorporates a 40 to 60 basis point tariff impact to gross margin. This compares to our prior expectation of 20 to 40 basis points and equates to roughly $0.25 to $0.40 of EPS versus our prior expectation of $0.10 to $0.25.

我們的第三季和全年預期是假設我們繼續將關閉商店和配送中心節省的大部分資金重新投資於支持我們長期成長願望的計劃。此外，考慮到自上次收益電話會議以來宣布的增量關稅，全年指引現已將 40 至 60 個基點的關稅對毛利率的影響納入其中。相比之下，我們先前預期為 20 至 40 個基點，相當於每股收益約 0.25 至 0.40 美元，而我們先前預期為 0.10 至 0.25 美元。

To conclude, I like where Macy's Inc is positioned. Our first half and third quarter-to-date performance is encouraging, especially in our Go-Forward business inclusive of Reimagine 125, Bloomingdale's and Bluemercury. We've made meaningful positive changes to our product and to our omni-channel experiences across nameplates, and our customer is responding. At Macy's, we're testing, we're iterating, and we're refining our initiatives to drive relevant assortments, inspiring experiences and compelling value for our customers.

總而言之，我喜歡梅西百貨公司的定位。我們上半年和第三季迄今的業績令人鼓舞，尤其是包括 Reimagine 125、Bloomingdale's 和 Bluemercury 在內的 Go-Forward 業務。我們對我們的產品以及全通路體驗做出了有意義的積極改變，我們的客戶也做出了回應。在梅西百貨，我們正在測試、迭代並完善我們的計劃，以推動相關的商品分類、鼓舞人心的體驗和為客戶提供引人注目的價值。

At Bloomingdale's, we're continuing to drive profitable growth through our unique positioning, our strong appeal to our customers and our partners, and we'll continue to capitalize on the disruption in the marketplace. And at Bluemercury, our curated assortments and agnostic selling are both strong differentiators. This is all supported by the important work in end-to-end operations where we've become increasingly nimble, leveraging knowledge and relationships to improve responsiveness and create more productive operations.

在布魯明戴爾百貨公司，我們將繼續透過我們獨特的定位、對客戶和合作夥伴的強大吸引力來推動獲利成長，並將繼續利用市場變革。在 Bluemercury，我們精心挑選的商品和不可知的銷售方式都是我們強大的差異化因素。這一切都歸功於端到端營運中的重要工作，我們變得越來越靈活，利用知識和關係來提高回應能力並創造更有效率的營運。

Now before turning the call over to our new COO and CFO, Tom Edwards, I'd like to take a moment to welcome him to the team. Tom joins us following a successful career across a variety of publicly traded consumer discretionary companies. While many of you know him from his time as COO and CFO at Capri, he has held senior positions at Brinker and Wyndham as well. Tom's experiences and financial acumen uniquely complement the hospitality-oriented work we are doing to support the Bold New Chapter strategy, our focus on building and strengthening brand partnerships and our ability to deliver long-term growth. Tom, welcome.

現在，在將電話轉給我們的新營運長兼財務長湯姆愛德華茲 (Tom Edwards) 之前，我想花點時間歡迎他加入團隊。湯姆在多家上市非必需消費品公司任職期間取得了成功，之後加入我們。雖然你們中的許多人都是在他擔任 Capri 公司的營運長和財務長時認識他的，但他也曾在 Brinker 和 Wyndham 擔任高級職位。湯姆的經驗和財務敏銳度對我們為支持「大膽新篇章」策略所做的以酒店業為導向的工作、我們對建立和加強品牌合作夥伴關係的關注以及實現長期增長的能力具有獨特的補充作用。湯姆，歡迎光臨。

Thanks, Tony. I'm thrilled to be here, and I believe we have a tremendous opportunity ahead of us as momentum builds across the Bold New Chapter strategy. My first weeks here have reinforced my conviction in our ability to return to profitable growth and create significant value for our shareholders in the years to come. The enterprise-wide improvements we have made are resonating with our customers. The evidence of this is clear with our recent results including our encouraging second quarter performance, which I'll now walk through.

謝謝，托尼。我很高興來到這裡，我相信隨著「大膽新篇章」戰略勢頭的增強，我們面前有巨大的機會。我在這裡的最初幾週增強了我的信心，相信我們有能力在未來幾年恢復獲利成長並為股東創造巨大價值。我們在整個企業範圍內所做的改進引起了客戶的共鳴。我們最近的業績，包括令人鼓舞的第二季業績，就是明顯的證據，我現在將對此進行介紹。

Macy's Inc comparable sales of 1.9% were our strongest in 12 quarters, benefiting from positive results at each of our nameplates. Adjusted EPS of $0.41 was above the high end of our guidance on better-than-expected sales, gross margin and SG&A.

梅西百貨公司的可比銷售額增長了 1.9%，是 12 個季度以來的最高水平，這得益於我們每個品牌的積極業績。調整後的每股盈餘為 0.41 美元，高於我們預期的高端，因為銷售額、毛利率和銷售、一般及行政費用都優於預期。

Looking at a detailed view of the second quarter. Macy's Inc net sales were $4.8 billion, down 2.5% to last year. Roughly $170 million of the sales decline was attributable to the 64 non-Go-Forward stores that closed at the end of last year. Excluding the impact of these stores, sales grew 0.9%. Macy's Inc achieved comparable sales growth of 1.9%, led by Go-Forward business comparable sales growth of 2.2% by nameplate, Macy's net sales were down 3.8%.

看一下第二季的詳細情況。梅西百貨淨銷售額為 48 億美元，較去年下降 2.5%。銷售額下降約 1.7 億美元，是由於去年年底關閉了 64 家非 Go-Forward 商店。除去這些商店的影響，銷售額成長了 0.9%。梅西百貨公司實現可比銷售額成長 1.9%，其中 Go-Forward 業務可比銷售額成長 2.2%，梅西百貨淨銷售額下降 3.8%。

Macy's comparable sales were up 1.2%, with Go-Forward business comparable sales continuing to outperform rising 1.5%. Reimagine 125 comparable sales rose 1.4% with the first 50 and next 75 locations, both achieving positive comparable sales results.

梅西百貨可比銷售額成長 1.2%，其中 Go-Forward 業務可比銷售額持續表現出色，成長 1.5%。Reimagine 125 的可比銷售額成長了 1.4%，其中前 50 個地點和接下來的 75 個地點均取得了積極的可比銷售額業績。

Customers responded well to elevated merchandise, more effective staffing and localized events, and we continue to see stronger Reimagine 125 performance in traffic, average order value and Net Promoter Scores relative to the broader fleet. In Luxury, Bloomingdale's net sales were up 4.6%, and comparable sales rose 5.7%. And Bluemercury net sales were up 3.3% and comparable sales rose 1.2%.

客戶對升級的商品、更有效的人員配置和在地化活動反應良好，我們繼續看到 Reimagine 125 在客流量、平均訂單價值和淨推薦值方面的表現相對於更廣泛的車隊更為強勁。在奢侈品領域，布魯明戴爾百貨的淨銷售額成長了 4.6%，可比銷售額成長了 5.7%。Bluemercury 淨銷售額成長 3.3%，可比銷售額成長 1.2%。

Turning to revenue. Total revenue was $5 billion. Other revenue, which is comprised of credit card and Macy's Media Network was $187 million. Net credit card revenue was $153 million or $28 million higher than the prior year. Credit card revenue was driven by our healthy credit portfolio and the prudent management of net credit card losses. Macy's Media Network revenue was $34 million, flat to last year and in line with our internal expectations.

談到收入。總收入為50億美元。其他收入包括信用卡和梅西百貨媒體網絡，為 1.87 億美元。淨信用卡收入為 1.53 億美元，比前一年高出 2,800 萬美元。信用卡收入受到我們健康的信貸組合和對信用卡淨損失的審慎管理的推動。梅西百貨媒體網路收入為 3,400 萬美元，與去年持平，符合我們的內部預期。

Gross margin was $1.9 billion or 39.7% of net sales compared to 40.5% last year and was slightly better than our expectations. As discussed on our last earnings call, there were two unique factors impacting second quarter gross margin. First, we took proactive markdowns on remaining early spring product to maintain healthy inventories. And second, the flow through of product brought under the 145% tariffs primarily impacted the most recent quarter.

毛利率為 19 億美元，佔淨銷售額的 39.7%，去年同期為 40.5%，略優於我們的預期。正如我們上次財報電話會議所討論的，有兩個獨特的因素影響第二季的毛利率。首先，我們主動對剩餘的早春產品進行降價，以保持健康的庫存。其次，受到 145% 關稅影響的產品的流通主要影響了最近一個季度。

Inventory was $4.3 billion, down 0.8% to last year. We are comfortable with our inventory composition for the fall season and have ample open to buy for the remainder of the year. SG&A expense of $1.9 billion declined $29 million from last year reflecting the net impact of the benefit from our closed Macy's locations and ongoing cost containment efforts, partially offset by investments in our Go-Forward business, including the Reimagine 125 locations and Bloomingdale's. As a percent of total revenue, SG&A expense was 38.9% compared to 38.7% in the prior year. We are continuing to carefully manage our expenses and drive efficiencies throughout the organization.

庫存43億美元，比去年下降0.8%。我們對秋季的庫存結構感到滿意，並且在今年剩餘時間內有足夠的庫存可供購買。銷售、一般及行政費用為 19 億美元，較去年同期減少 2,900 萬美元，這反映了我們關閉梅西百貨門市和持續成本控制措施帶來的淨影響，但部分被我們對 Go-Forward 業務（包括 Reimagine 125 家門市和布魯明戴爾百貨公司）的投資所抵消。銷售、一般及行政費用佔總收入的百分比為 38.9%，而上年度為 38.7%。我們將繼續謹慎管理我們的開支並提高整個組織的效率。

During the quarter, we recognized $16 million of asset sale gains. Adjusted EBITDA was $393 million or 7.9% of total revenue. Core adjusted EBITDA, which is adjusted EBITDA, excluding asset sale gains, was $377 million or 7.5% of total revenue, above our guidance of 6.0% to 6.2%. Second quarter adjusted EPS of $0.41 was also above our guidance of $0.15 to $0.20. We continue to take a disciplined approach to our cash flow and balance sheet.

本季度，我們確認了 1,600 萬美元的資產出售收益。調整後的 EBITDA 為 3.93 億美元，佔總營收的 7.9%。核心調整後 EBITDA（即不包括資產出售收益的調整後 EBITDA）為 3.77 億美元，佔總收入的 7.5%，高於我們預期的 6.0% 至 6.2%。第二季調整後每股盈餘為0.41美元，也高於我們0.15美元至0.20美元的預期。我們將繼續嚴謹地管理現金流和資產負債表。

Year-to-date operating cash flow was $255 million versus $137 million last year. And free cash flow was an outflow of $13 million versus an outflow of $244 million last year.

年初至今的營運現金流為 2.55 億美元，去年同期為 1.37 億美元。自由現金流流出 1,300 萬美元，而去年同期的流出量為 2.44 億美元。

Capital expenditures were $343 million, down from $432 million spent last year, and monetization proceeds were $75 million compared to $51 million last year. We returned $251 million to shareholders through $100 million of consistent quarterly cash dividends and $151 million of share repurchases, including $50 million of buybacks in the second quarter. This leaves approximately $1.2 billion remaining on our share buyback authorization. And we ended the quarter with $829 million of cash on our balance sheet.

資本支出為 3.43 億美元，低於去年的 4.32 億美元，貨幣化收益為 7,500 萬美元，而去年為 5,100 萬美元。我們透過 1 億美元的持續季度現金股利和 1.51 億美元的股票回購（包括第二季的 5,000 萬美元回購）向股東返還了 2.51 億美元。這使得我們的股票回購授權剩餘約 12 億美元。本季末，我們的資產負債表上有 8.29 億美元現金。

To further fortify our already strong balance sheet and provide additional flexibility, we recently completed a series of financing transactions to extend our debt maturities and modestly reduce leverage. This resulted in a net long-term debt reduction of approximately $340 million. With these transactions, we extended our material long-term debt maturities by three years and do not have any meaningful maturities due until 2030.

為了進一步鞏固我們已經很強大的資產負債表並提供額外的靈活性，我們最近完成了一系列融資交易，以延長我們的債務期限並適度降低槓桿率。這導致長期債務淨減少約 3.4 億美元。透過這些交易，我們將重大長期債務期限延長了三年，並且在 2030 年之前沒有任何有意義的到期債務。

Now I'd like to turn to our view of the consumer and guidance. The consumer has been resilient. We are pleased with second quarter results and momentum has continued third quarter to date. However, the macro environment remains fluid. As such, we believe it is prudent to maintain our cautious view on the consumer for the remainder of the year. As a result, our third quarter and full year guidance assumes that current tariff rates remain in place and provides flexibility to respond to consumer demand and the competitive landscape.

現在我想談談我們對消費者和指導的看法。消費者一直具有韌性。我們對第二季的業績感到滿意，第三季至今的勢頭依然持續。然而，宏觀環境依然不穩定。因此，我們認為，在今年剩餘時間內對消費者保持謹慎的看法是明智之舉。因此，我們的第三季和全年指引假設當前關稅稅率保持不變，並提供靈活性以應對消費者需求和競爭格局。

Guidance also assumes that Bold New Chapter initiatives continue to gain traction and reinvest most of the savings from closed stores and distribution centers to support our long-term growth. For the fiscal year, we have raised and narrowed our net sales and adjusted EPS guidance ranges. Our revised forecast assumes net sales of approximately $21.15 billion to $21.45 billion. As a reminder, fiscal 2024 store closures contributed roughly $700 million to net sales.

指導也假設「大膽新篇章」計畫將繼續獲得關注，並將關閉的商店和配送中心節省的大部分資金重新投資，以支持我們的長期成長。對於本財政年度，我們提高並縮小了淨銷售額和調整每股收益指引範圍。我們修訂後的預測假設淨銷售額約為 211.5 億美元至 214.5 億美元。提醒一下，2024 財年門市關閉為淨銷售額貢獻了約 7 億美元。

Comparable sales to be down approximately 1.5% to down 0.5% with Macy's Inc. Go-Forward comparable sales to be down roughly 1.5% to flat. Other revenue of $840 million to $850 million, with an anticipated year-over-year improvement in both credit card revenues, which are expected to be $635 million to $645 million, and Macy's Media Network, which is expected to be approximately $205 million.

與梅西百貨相比，可比銷售額將下降約 1.5% 至 0.5%。未來可比銷售額將下降約 1.5% 至持平。其他收入為 8.4 億美元至 8.5 億美元，預計信用卡收入將年增，預計為 6.35 億美元至 6.45 億美元，梅西百貨媒體網路收入預計將達到約 2.05 億美元。

Gross margin as a percent of net sales to be roughly 60 to 100 basis points below the prior year. Assuming current tariffs remain in place, we estimate a combined tariff impact to gross margin of roughly 40 to 60 basis points versus our prior expectation of 20 to 40 basis points. This equates to a roughly $0.25 to $0.40 impact to EPS compared to our prior expectation for a $0.10 to $0.25 impact.

毛利率佔淨銷售額的百分比比上年低約 60 至 100 個基點。假設當前關稅保持不變，我們估計綜合關稅對毛利率的影響約為 40 至 60 個基點，而我們先前預期為 20 至 40 個基點。這相當於對每股收益產生約 0.25 美元至 0.40 美元的影響，而我們先前預期的影響為 0.10 美元至 0.25 美元。

Given the anticipated timing of receipts, we expect the additional impact to our gross margin rate and EPS to primarily flow through the fourth quarter. Our teams are working diligently to offset tariffs through mitigation actions that include shared cost negotiations, vendor discounts and strategically raising tickets.

考慮到預期的收款時間，我們預計對毛利率和每股盈餘的額外影響將主要在第四季產生。我們的團隊正在努力透過緩解措施來抵消關稅，包括分擔成本談判、供應商折扣和策略性提高票價。

SG&A to be down low single digits on a dollar basis to last year in line with our prior guidance or up 60 to 80 basis points as a percent of total revenue with third quarter SG&A dollars down low single digits and fourth quarter dollars down low- to mid-single digits. Adjusted EBITDA as a percent of total revenue of 7.4% to 7.9% and core adjusted EBITDA of 7.0% to 7.5%. Interest expense of roughly $100 million reflecting our recent financing transactions. And finally, we expect adjusted EPS of $1.70 to $2.05, which does not include potential future share buybacks.

與去年相比，銷售、一般及行政費用將下降低個位數，與我們先前的預期一致，或佔總收入的百分比將上升 60 至 80 個基點，其中第三季度銷售、一般及行政費用將下降低個位數，第四季度將下降低至中等個位數。調整後 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 7.0% 至 7.5%。利息支出約為 1 億美元，反映了我們最近的融資交易。最後，我們預計調整後的每股盈餘為 1.70 美元至 2.05 美元，其中不包括潛在的未來股票回購。

For the third quarter, we expect net sales of approximately $4.5 billion to $4.6 billion. As a reminder, last year's store closures contributed about $160 million to sales in the comparable period. Comparable sales of down approximately 1.5% to up 0.5%. Core adjusted EBITDA as a percent of total revenue of 3.3% to 3.7% and adjusted EPS of a loss of $0.20 to a loss of $0.15, including asset sale gains of roughly $20 million.

我們預計第三季淨銷售額約為 45 億美元至 46 億美元。提醒一下，去年關閉的門市為同期的銷售額貢獻了約 1.6 億美元。可比銷售額下降約 1.5% 至上升 0.5%。核心調整後 EBITDA 佔總營收的百分比為 3.3% 至 3.7%，調整後每股收益為虧損 0.20 美元至虧損 0.15 美元，其中包括資產出售收益約 2,000 萬美元。

To sum up, we are pleased with the recent results which are a reflection of the Bold New Chapter strategy. We are well positioned to thoughtfully navigate the near-term and deliver our long-term goals. Looking ahead, we will remain focused on the fundamentals and initiatives that provide meaningful value to our customers and to our shareholders, supported by our healthy balance sheet, which we have further strengthened, ample liquidity profile, disciplined approach to inventory management and prudent capital allocation strategy.

總而言之，我們對最近的結果感到滿意，這是「大膽新篇章」策略的體現。我們已做好準備，認真規劃近期目標並實現長期目標。展望未來，我們將繼續專注於為客戶和股東提供有意義價值的基本面和舉措，並以我們進一步加強的健康資產負債表、充足的流動性狀況、嚴謹的庫存管理方法和審慎的資本配置策略為支撐。

Now I would like to turn the call back over to Tony.

現在我想把電話轉回給東尼。

Thank you, Tom. In closing, we're encouraged by our second quarter results. initiatives are resonating as we deliver an improved product and omni-channel experience. Looking to the back half, we're well positioned for the fall and holiday seasons. Our multi-brand, multi-category and multi nameplate model gives us the flexibility to respond to consumer demand in all environments.

謝謝你，湯姆。最後，我們對第二季的業績感到鼓舞。隨著我們提供改進的產品和全通路體驗，我們的措施得到了共鳴。展望下半年，我們已經為秋季和假期做好了充分的準備。我們的多品牌、多類別和多銘牌模式使我們能夠靈活地回應所有環境下的消費者需求。

And longer term, we remain confident that the Bold New Chapter strategy will deliver sustainable profitable growth and increase shareholder value.

從長遠來看，我們仍然相信「大膽新篇章」策略將帶來可持續的獲利成長並提高股東價值。

With that, operator, we're now ready for questions.

接線員，現在我們可以回答問題了。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作員指示）摩根大通的馬修·博斯。

And congrats on a nice quarter. So Tony, could you maybe help rank order drivers of the sequential improvement that you saw in same-store sales and the progression that you saw during the quarter and any change in momentum so far in the third quarter? Maybe just any perspective on the forecasted moderation that you've built into comps.

恭喜本季取得良好業績。那麼托尼，您能否對同店銷售額連續改善的驅動因素、本季度的進展以及第三季度迄今為止的發展勢頭變化進行排序？也許只是對您在同類產品中構建的預測緩和的任何看法。

Sure. Thanks, Matt. Appreciate it. We had a strong quarter across the board. The first growth at Macy's Inc and Macy's brand in 12 quarters. And it was across many different categories of business, which is why we're so, I think, invigorated by seeing growth in women's apparel, men's, kids, home furnishings, parts of center core. And as you note, the second quarter was strong with July, the strongest month of the quarter, and that carries into the beginning of the third quarter, which we obviously identified. That's driven by a healthy start to back-to-school.

當然。謝謝，馬特。非常感謝。本季我們的業績全面強勁。這是梅西百貨公司和梅西百貨品牌 12 個季度以來的首次成長。而且它涉及許多不同的業務類別，我認為這就是為什麼我們對看到女裝、男裝、童裝、家居裝飾和核心部分的成長感到如此振奮。正如您所說，第二季度表現強勁，其中 7 月份是本季度表現最強勁的月份，這種勢頭一直延續到第三季度初，這一點我們顯然已經意識到了。這是由健康的開學開端所推動的。

And I think an early read on some of the outerwear and colder weather categories, which you can't bank on what August represents, but it's nonetheless a good start gives us, I think, a cautious optimism, meaning that we're celebrating the second quarter, good start to the third quarter, but we're being prudent in our guidance for the third quarter and the remainder of the year because we want to see how the tariff environment plays out in totality.

我認為，從一些外套和寒冷天氣類別的早期數據來看，雖然無法預測 8 月份的表現，但這仍然是一個良好的開端，我認為這給了我們一種謹慎樂觀的態度，這意味著我們正在慶祝第二季度，為第三季度帶來良好的開端，但我們對第三季度和今年剩餘時間的預期持謹慎態度，因為我們希望看到關稅環境的整體表現。

Dana Telsey, Telsey Advisory Group.

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

Good morning, everyone, and nice to see the progress. Do you think about the store portfolio and what you saw from the Reimagine stores, any learnings from those? And do you expand it to 200 stores, 250 stores. And then lastly, on the gross margin with the incremental tariffs, how are you thinking on pricing for the different categories and brands, both private label and branded?

大家早安，很高興看到進展。您是否考慮過商店組合以及您從 Reimagine 商店中看到的情況，從中得到了什麼啟示？您是否會將其擴展到 200 家商店或 250 家商店？最後，關於增量關稅的毛利率，您如何考慮不同類別和品牌（包括自有品牌和品牌）的定價？

Thanks, Dana. Let me take the first part, and then I'll have Tom cover the second. In terms of the R 125, we had a strong quarter, and it was both in the first 50 and in the next 75. So positive performance in both. And the performance is a combination of what we've talked about.

謝謝，達娜。讓我負責第一部分，然後讓湯姆負責第二部分。就 R 125 而言，我們本季表現強勁，無論是在前 50 名還是在接下來 75 名中。兩方面都表現積極。而表演就是我們所談論內容的結合。

It's the additional staffing where the customer was asking for it. It's in the fitting rooms. It's these ambassadors and key families of businesses. It's better storytelling, visual merchandising dedicated to each of these stores.

這是根據客戶要求而增加的人員。它在試衣間。正是這些大使和重要的商業家庭。這是針對每家商店的更好的故事敘述和視覺行銷。

And then I think finally, the piece we probably haven't talked about enough, it's local empowerment. While we're going to get 70% or 75% right, we're asking those local leaders to put their stamp on what's necessary to deliver for the customer. That's why we had Net Promoter Score on record in the second quarter with the R 125 Net Promoter Score even stronger.

最後，我認為我們可能還沒有充分討論的一個問題是地方賦權。雖然我們能做到 70% 或 75% 的正確率，但我們要求當地領導人對為客戶提供服務所需的內容做出決定。這就是為什麼我們在第二季創下了淨推薦值記錄，並且 R 125 淨推薦值甚至更高。

I think as it relates to tariffs, we are taking a surgical approach. We're going to have price increases. We've had some price increases. We're also negotiating with the marketplace. It's not a one-size-fits-all, so we've tried to be really thoughtful about what categories can bear the cost and the increases and where we've had to negotiate a little bit harder.

我認為，就關稅而言，我們正在採取外科手術方法。我們將提高價格。我們的價格有所上漲。我們也正在與市場進行談判。這不是放諸四海皆準的方案，所以我們試著認真考慮哪些類別能夠承受成本和成長，以及哪些類別需要我們更努力地進行談判。

Tom, what would you add?

湯姆，你還有什麼要補充的嗎？

Tony, I'd just add a little background on the tariffs, Dana. We previously had a guidance in of a 20 to 40 basis point impact, which was $0.10 to $0.25 and have increased it to 40 to 60, which is $0.25 to $0.40. And that is net of mitigation factors such as partnering with our suppliers and vendors and diversifying our countries of origin.

東尼，我只想補充一點有關關稅的背景知識，達娜。我們先前的指導值為20到40個基點的影響，即0.10美元到0.25美元，現已上調至40到60個基點的影響，即0.25美元到0.40美元。這也扣除了與供應商和廠商合作以及實現原產國多元化等緩解因素。

We expect the majority of the incremental impact -- to impact Q4 given our timing of receipts. And as Tony mentioned, we're adjusting prices, but as appropriate, not broad-based and really assessing it with our partners in an effort to remain competitive. And I believe that we are really well positioned to navigate through this time given our business model, multi-brand, multi-channel, multi-category and multi-price point.

考慮到我們的收款時間，我們預期大部分增量影響將影響第四季。正如托尼所提到的，我們正在調整價格，但會根據情況進行調整，而不是大範圍調整，而是與我們的合作夥伴一起進行評估，以保持競爭力。我相信，憑藉我們的多品牌、多通路、多類別和多價位的商業模式，我們完全有能力度過這段時期。

Blake Anderson, Jefferies.

布萊克·安德森，傑富瑞。

Congrats on the nice results. So I wanted to just build on Matt's question earlier about the quarter-to-date in second half. So Tony, if you think about now versus maybe three months ago when we last spoke to you, are you still embedding essentially the same level of uncertainty and caution for the consumer? Or are you able to say you feel a little bit better about the consumer? Just curious on maybe the tone has changed, especially in light of the pending tariff increases still coming through and then Tom just mentioning your adjusting prices.

恭喜你取得如此好的成績。因此，我想根據馬特之前提出的問題，進一步了解下半年迄今為止的情況。那麼托尼，如果您考慮一下現在與我們上次與您交談的三個月前相比，您是否仍然為消費者植入了基本相同程度的不確定性和謹慎？或者您能否說您對消費者的感覺好一點？只是好奇，也許語氣已經改變，特別是考慮到即將上調的關稅，然後湯姆又提到了你們調整價格。

Thanks, Blake. We still view the consumer as choiceful, but we also view the consumer as resilient. And I think the beat in the second quarter says what we thought at the end of the first quarter, the consumer was more resilient and we've seen that continue into the beginning of the fall season. That being said, we want to be prudent in our guidance and make sure we see the full impact of the tariffs across a broad spectrum of categories in retail and other things kind of play out before we, I think, understand the true impact of this change in the way pricing is going to occur in the marketplace.

謝謝，布萊克。我們仍然認為消費者是有選擇性的，但我們也認為消費者是有韌性的。我認為第二季的表現與我們在第一季末的想法一致，消費者的適應力更強，我們看到這種勢頭一直持續到秋季初。話雖如此，我們希望在指導方面保持謹慎，並確保我們看到關稅對零售業和其他行業的廣泛類別的全面影響，然後我們才能了解這種定價方式變化對市場的真正影響。

We feel good about our customer. She's buying newness, he's buying fashion. They're interested in the new brands and the changes in the assortment, and we're seeing it across each of our nameplates. The last thing I would add is that we have a customer base at Macy's that's approximately 50%-plus over $100,000 household income. So while we have exposure to lower income levels, it's not nearly what it was.

我們對我們的客戶感到滿意。她買的是新品，他買的是時尚品。他們對新品牌和產品組合的變化很感興趣，我們在每個品牌上都能看到這一點。最後我想補充的是，梅西百貨的客戶群中大約有 50% 以上的家庭收入超過 10 萬美元。因此，儘管我們的收入水平較低，但情況已遠不及以前。

And obviously, we talk to an even more affluent consumer at the Bloomingdale's brand. And I think as you go by income level, you certainly see a healthier performance in the higher tiers of income.

顯然，我們與布魯明戴爾品牌的更富裕的消費者進行了交談。我認為，以收入水準來看，你肯定會看到收入較高的人表現得更健康。

Oliver Chen, TD Cowen.

奧利弗·陳（Oliver Chen），TD Cowen。

Private Brands have been an exciting initiative. What's the head in terms of catalysts there and trying to drive differentiation versus the competitive landscape? And as we think about your third quarter guidance, what's assumed in terms of the negative 1.5% comp relative to the plus 0.5%? And lastly, as we think more longer-term, and what comp do you need to leverage your fixed expenses in terms of a longer-term comp to generate margin expansion overall?

自有品牌是一項令人興奮的舉措。就催化劑而言，以及試圖推動與競爭格局的差異化方面，重點是什麼？當我們考慮您的第三季指引時，相對於正 0.5% 的年減，負 1.5% 的假設是什麼？最後，當我們考慮得更長遠時，您需要什麼樣的補償來利用長期固定支出來實現整體利潤率的擴大？

Thanks, Oliver. Let me take the first part, and I'll have Tom address the last. So as you've noted, we've been reimagining private brands for the last 2.5 years. We're in the process of working through the home assortment this year and pleased with some of the initial response. We did a partnership with Alix Friedberg with On 34th, which resonated well with the consumer.

謝謝，奧利佛。讓我來談談第一部分，然後讓湯姆來談談最後一部分。正如您所注意到的，過去兩年半以來我們一直在重新構想自有品牌。我們今年正在完善家居系列，並對一些初步反應感到滿意。我們與 Alix Friedberg 合作推出了 On 34th，引起了消費者的強烈共鳴。

I think leaning into Palm Royale as a show and as a way to kind of add relevancy to the Macy's private brands was a good move. We have our fashion show with INC celebrating its 40th anniversary a week from Friday with Christian Siriano, another way to add relevancy and interest to our private brand portfolio.

我認為將 Palm Royale 作為展覽以及增加梅西百貨自有品牌相關性的一種方式是一個很好的舉措。我們與 INC 一起舉辦時裝秀，從週五開始與 Christian Siriano 一起慶祝其成立 40 週年，這是為我們的自有品牌組合增加相關性和趣味性的另一種方式。

We're pleased with the launch of state of day, excited by the growth in Style & Co. So there's broad-based improvement, I think, in the private brand portfolio. But the best is still to come because our penetration of private brands is still well below our 20% high watermark and we know that, that's an opportunity for us to grow sales and span differentiation and improve margins.

我們很高興推出 State of Day，並對 Style & Co 的成長感到興奮。因此，我認為自有品牌組合有了廣泛的改善。但最好的還在後頭，因為我們的自有品牌滲透率仍遠低於 20% 的最高水位，我們知道，這是我們增加銷售額、跨越差異化和提高利潤率的機會。

I think relative to Q3, we just continue to say we're going to take a prudent approach to our guide, making sure we understand the fullness of the impact to the environment and the consumer. So far, Q2, the beginning of the fall season, we see a resilient consumer who's interested in newness and fashion. Tom, what would you add on Oliver's question on improved comps necessary.

我認為相對於第三季度，我們只是繼續說我們將對我們的指南採取謹慎的態度，確保我們充分了解對環境和消費者的影響。到目前為止，第二季度，也就是秋季的開始，我們看到了對新鮮事物和時尚感興趣的有活力的消費者。湯姆，對於奧利佛關於改進補償的必要性的問題，你還有什麼補充嗎？

Sure. Thanks, Tony. And Oliver. In terms of SG&A, I think there's an opportunity longer term to leverage our SG&A. And in terms of the comps, I won't give a specific number, Oliver, but I'm looking at the quarter and what we've done here is deliver $30 million of savings in SG&A, net while reinvesting some in the business and generating top line growth.

當然。謝謝，托尼。還有奧利佛。就銷售、一般及行政費用 (SG&A) 而言，我認為從長遠來看，我們有機會利用銷售、一般及行政費用 (SG&A)。至於可比較數據，奧利佛，我不會給出一個具體的數字，但我正在看這個季度，我們在這裡所做的就是在銷售、一般和行政管理方面節省 3000 萬美元，同時將一部分資金再投資於業務並實現營收成長。

So that's the type of characteristic and outlook that I think will move going forward and enable us to really leverage it, but importantly, grow the top line, which I think is key longer-term to leveraging sales growth.

所以，我認為這是一種將會向前發展的特徵和前景，使我們能夠真正利用它，但更重要的是，增加收入，我認為這是長期利用銷售成長的關鍵。

In terms of gross margin, and I want to build on the private label comment, again, we also have an opportunity longer-term to expand our gross margin, expanding private brands, which is historically around 20% of sales and now in the lower teens, will help drive gross margin. They typically have a higher margin.

就毛利率而言，我想基於自有品牌評論，同樣，我們也有機會長期擴大我們的毛利率，擴大自有品牌，歷史上自有品牌約佔銷售額的 20%，現在則處於 15% 以下，這將有助於提高毛利率。他們的利潤率通常較高。

And then our initiatives, which are helping to better serve customers and getting better merchandise assortments out there as well as other end-to-end efficiencies will also help on the gross margin side. So I really see opportunities on both gross margin and SG&A as the initiatives for Bold New Chapter continue to resonate.

我們的措施有助於更好地服務客戶、提供更好的商品組合以及其他端到端的效率，這也將有助於提高毛利率。因此，隨著「大膽新篇章」計畫繼續產生共鳴，我確實看到了毛利率和銷售、一般及行政費用方面的機會。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

And congrats on a nice quarter. Maybe for Tom, just on the SG&A improvement on that rate versus our last full year guidance. Can you just talk about where you're finding more savings both in the quarter and also for the back half? And I think it assumes a little bit more reduction in the back half than you've delivered in the first. So just curious about that.

恭喜本季取得良好業績。也許對湯姆來說，只是銷售、一般及行政費用 (SG&A) 比率相對於我們去年全年指引的改善。您能否談談本季以及下半年在哪些方面可以節省更多資金？我認為後半部的減幅會比前半部略大一些。所以只是對此感到好奇。

And -- then maybe for Tony, I'm just curious about that acceleration in the Bloomingdale's comp, if you could unpack that a little bit more sequentially.

那麼 — — 也許對東尼來說，我只是對布魯明戴爾百貨公司的加速發展感到好奇，如果你能更連續地解釋一下的話。

Thanks, Alex. Well, looking at SG&A, as Tony mentioned, we have an always on approach to profit improvement, and that gives us the room to invest in our growth, while delivering improved returns and ultimately levering the P&L. SG&A was down nearly $30 million in the quarter, and that was across benefits from the store closures that we implemented last year. There was continued end-to-end savings benefits as those initiatives pay dividends and will continue to do so over the next several years.

謝謝，亞歷克斯。好吧，看看銷售、一般和行政費用，正如托尼所提到的，我們始終致力於提高利潤，這為我們提供了投資成長的空間，同時提供了更高的回報並最終提高了損益表。本季銷售、一般及行政費用下降了近 3,000 萬美元，這包括我們去年關閉門市所帶來的收益。這些舉措帶來了紅利，並將繼續帶來端到端的節約效益，而且這種效益將在未來幾年持續下去。

And also just making sure we're very conscious in managing costs on an ongoing basis. You are correct, in the second half, we expect SG&A dollars to continue to be down in Q3, down low single digits and in Q4, down low to mid-single digits. So this is really a reflection of those continued savings in both store and end-to-end and otherwise. And it's a little more weighted to Q4 given the timing of store closures and other benefits.

並且也要確保我們能夠持續有意識地管理成本。您說得對，在下半年，我們預計銷售、一般及行政費用在第三季將繼續下降，下降低個位數，在第四季度下降低至中個位數。因此，這實際上反映了商店、端到端和其他方面的持續節省。考慮到商店關閉的時間和其他福利，第四季的權重更大一些。

And I would point out this is a net number, because we are still reinvesting in the business to drive the top line and enjoying the benefits of Bold New Chapter initiatives, which are resonating and driving a difference in performance where we are implementing those.

我想指出的是，這是一個淨數字，因為我們仍在對業務進行再投資，以推動營業收入增長，並享受“大膽新篇章”計劃帶來的好處，這些計劃正在產生共鳴，並在我們實施這些計劃的地方推動業績的差異。

And Alex, I would say the Bloomingdale's business just continues to build momentum. They have a terrific strategy, a strong leadership team, great continuity and the focus in a market that is somewhat disrupted. They've had additional brand additions, which have been a part of their growth. They've grown their digital business, which is a part of their growth. They've done some wonderful collaborations with their private brands and market brands, which has been a part of their growth. And they're adding Bloomies locations and Bloomingdale's outlet locations.

亞歷克斯，我想說布魯明戴爾百貨公司的業務正在繼續蓬勃發展。他們擁有出色的策略、強大的領導團隊、良好的連續性以及對混亂市場的專注。他們新增了品牌，這也是他們成長的一部分。他們已經擴大了數位業務，這是他們成長的一部分。他們與自有品牌和市場品牌進行了一些精彩的合作，這是他們成長的一部分。他們還在增加 Bloomies 門市和 Bloomingdale’s 直營店。

So we see plenty of runway for the Bloomingdale's business, and I think it's uniquely positioned in this aspirational to luxury positioning, where that advanced contemporary customer, which is such a growing part of the business, it's right in the sweet spot of what Bloomingdale's does best in the marketplace.

因此，我們看到布魯明戴爾百貨的業務有著很大的發展空間，而且我認為它在追求奢華的定位中具有獨特的優勢，而高端當代客戶是該百貨業務中不斷增長的一部分，這正好是布魯明戴爾百貨在市場上最擅長的領域。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

This is Ryan Bulgeron here for Chuck. I wanted to ask a little bit about the traffic -- sorry, the comp composition traffic versus ticket, both on an owned basis and an OLM basis? And then also, broadly speaking, what are you seeing in the marketplace a little more in terms of pricing, in terms of tariffs from peers? And then what you're doing about that in response?

我是 Ryan Bulgeron，為 Chuck 服務。我想問一下有關流量的問題——抱歉，是按自有流量還是按 OLM 流量來算的？另外，從廣義上講，您在市場上看到同行在定價和關稅方面有什麼變化嗎？那麼你對此採取了什麼措施呢？

Ryan, let me take the first part, and then I'll let Tom take the second part. Our improvement in business was broad-based, as I said, by category and was also driven by improvement in traffic, improvement in average order value and like we've said, improvement in customer experience. The one pocket that was a little softer was a unit demand. And obviously, I think that's partly reflecting the consumer being choiceful and partly reflecting the beginning impacts of some pricing. But I think we've bought it that way.

瑞安，讓我來負責第一部分，然後我讓湯姆來負責第二部分。正如我所說，我們的業務改善是廣泛的，按類別劃分的，同時也受到流量改善、平均訂單價值改善以及客戶體驗改善的推動。稍微疲軟的一個部分是單位需求。顯然，我認為這部分反映了消費者的選擇，部分反映了某些定價的初步影響。但我認為我們已經這樣做了。

We've got a good composition of inventory across a broad base of categories. And I think we are well prepared for the fall season. I like our inventory position being down 0.8% going into the fall season, having open to buy and having the strength of marketplace as well as our licensed businesses to support even more growth beyond what we've bought. Tom, what would you add relative to what you're seeing in the marketplace or tariffs?

我們擁有涵蓋廣泛類別的良好庫存結構。我認為我們已經為秋季做好了充分的準備。我喜歡我們的庫存狀況在進入秋季時下降了 0.8%，開放購買，並擁有市場實力以及我們的授權業務來支持超出我們購買量的更多增長。湯姆，對於您在市場或關稅方面看到的情況，您還有什麼補充嗎？

I'd emphasize, Tony, your comment on beginning to see the impact. So we've built in a more prudent outlook in the second half with a more choiceful consumer depending on tariff impact overall but we are in the early stages of seeing that as they are beginning to flow through. So we're going to monitor it really carefully and adjust prices as appropriate. But again, not to a broad-based approach and make sure we assess it down to a really granular level with our partners and remain competitive.

托尼，我想強調你關於開始看到影響的評論。因此，我們對下半年的前景持更為審慎的態度，消費者將根據關稅的整體影響做出更多選擇，但我們仍處於看到關稅開始影響的早期階段。因此，我們將非常仔細地監控並適當調整價格。但同樣，我們不要採取廣泛的方法，而是確保我們與合作夥伴進行真正細緻的評估，並保持競爭力。

And I think to close, we have room in what we have guided to be able to be competitive, to be able to hold on to market share without buying the business. And I think that's the balance, how we satisfy the customer and how we return value to shareholders. Thanks for the question, Ryan.

最後，我認為，在我們所指導的範圍內，我們有空間保持競爭力，能夠在不收購業務的情況下維持市場佔有率。我認為這就是平衡，我們如何讓客戶滿意以及如何為股東帶來價值。謝謝你的提問，Ryan。

Paul Lejuez, Citigroup.

花旗集團的保羅‧勒胡埃斯 (Paul Lejuez)。

It's Tracy Kogan filling in for Paul. I just wanted to follow up on the last question. I know you said you're just starting to see some price increases. And I was wondering how that is falling out between your own private brand and national brands. Are you seeing already some increases in both.

特蕾西·科根 (Tracy Kogan) 代替保羅 (Paul) 上場。我只是想繼續回答最後一個問題。我知道您說過您剛開始看到一些價格上漲。我想知道您的自有品牌和國家品牌之間有何區別。您是否已經看到兩者都有所增長？

And then I'm just wondering, since you have seen some increases as of now. How is the elasticity been looking relative to what you expected? Is it are the unit changes in line with what you would expect so far?

然後我只是好奇，因為到目前為止你已經看到了一些增長。與您的預期相比，彈性如何？到目前為止，單位變化是否符合您的預期？

Thanks for the question, Tracy. Yes, I think it's the early innings on how the consumer is responding to the changes in the marketplace. I think the good news is there's a level of resiliency, there's a level of interest in newness and fashion, we are not bought completely into the fall season. We have the leverage points of marketplace and our licensed businesses. And I would say that in some cases where tickets were higher, where costs were higher, we bought fewer units.

謝謝你的提問，特蕾西。是的，我認為這是消費者對市場變化做出反應的早期階段。我認為好消息是，人們具有一定程度的彈性，對新鮮事物和時尚有一定程度的興趣，我們還沒有完全進入秋天。我們擁有市場和授權業務的槓桿點。我想說的是，在某些情況下，票價較高，成本較高，我們購買的單位就會較少。

In other cases, we remain consistent with units. And in other cases, we didn't buy as much of a brand or category.

在其他情況下，我們保持單位一致。在其他情況下，我們購買的品牌或類別就沒那麼多。

So I think this is just such a wonderful example of being a multi-brand, multi-category, multi-channel and multi-price point. And I want to say, again, multi-price point because when you can go from off-price to luxury, you're not reliant on one thing. And if something wasn't competitive, if we felt it was too big a reach for the consumer, we didn't buy it or buy as much. And I think that's one of those moments where being this modern marketplace or department store is an absolute advantage in this environment.

所以我認為這是多品牌、多類別、多通路和多價格點的絕佳例子。我想再次強調，多價位是因為當你從折扣商品轉向奢侈品時，你不會依賴單一的東西。如果某種產品沒有競爭力，如果我們覺得它對消費者來說太難接受，我們就不會購買它，也不會購買那麼多。我認為，在這樣的環境下，現代化的市場或百貨公司具有絕對的優勢。

And Tracy, I just build on that, regardless of the external environment, our Bold New Chapter initiatives are really positioned to support performance. And what we saw in the second quarter as performance and improvement in traffic. So people are buying more and coming in, and it's really due to those base initiatives, which are going to continue through the second half, regardless of what's happening elsewhere.

特蕾西，我只是在此基礎上，無論外部環境如何，我們的“大膽新篇章”計劃確實能夠支持業績。我們在第二季看到了業績和流量的改善。因此，人們購買更多商品並湧入，這實際上要歸功於這些基礎舉措，無論其他地方發生什麼，這些舉措都將持續到下半年。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

First one, just on adding to the Bloomingdale's question from earlier, nice to see the comp there, we've seen continued pressures and even bankruptcies in the luxury market here lately. Just maybe speak to what you're seeing in that market and where you're seeing the accelerating opportunities to gain share there as that category seems to be getting a little tougher, nicely counterintuitive there, I suppose. Tom, how much did tariffs impact the second quarter. And then finally, it looks like you lowered the back half credit growth rate a little bit, maybe 11% to 15%, 20s in the first half. Just any comment on -- you made a comment on the health of the portfolio there.

首先，我只是想補充一下之前關於布魯明戴爾百貨公司的問題，很高興看到那裡的競爭情況，最近我們看到這裡的奢侈品市場持續面臨壓力，甚至出現破產的情況。也許您可以談談您在該市場中看到的情況，以及您在哪裡看到了加速獲得市場份額的機會，因為該類別似乎變得越來越難，我想這很違反直覺。湯姆，關稅對第二季的影響有多大？最後，看起來你稍微降低了下半年的信貸成長率，大概是 11% 到 15%，上半年是 20%。只是任何評論——您對那裡的投資組合的健康狀況發表了評論。

So I'm just curious what you're baking in on the deceleration as we think about the run rate into next year?

所以我很好奇，當我們考慮明年的運行率時，您對減速有何看法？

So let me start with Bloomingdale's and I'll let Tom cover the tariffs and the credit portfolio, which is healthy, and he can speak to that. Look, we see the Bloomingdale's business has been terrific. And this is now 4 straight quarters of growth. They are taking market share. They are adding additional brands.

因此，讓我先從布魯明戴爾百貨公司開始，然後讓湯姆負責關稅和信貸組合，這些組合是健康的，他可以談談這些。你看，我們看到布魯明戴爾百貨公司的生意非常好。目前已連續四個季度實現成長。他們正在搶佔市場份額。他們正在增加更多品牌。

We are seeing, Mike, broad-based growth across ready-to-wear, denim, men's, home, kids, beauty, fragrances. I think that this brand has done a terrific job.

麥克，我們看到成衣、牛仔、男裝、家居、兒童、美容、香水等各領域的廣泛成長。我認為這個品牌做得非常出色。

And when you think of continuity of leadership, continuity of strategy, continuity of partnerships in the market, paying our bills, strong balance sheet, the strong corporate support of Macy's Inc, Bloomingdale's is positioned for continuous growth. And I think we have the additional opportunities of obviously, brand expansions, digital growth, additional door expansions with Bloomie's and off-price. The Bloomingdale's off-price business continues to grow, had a really good quarter. So I don't look at the marketplace as defining Bloomingdale's opportunity. I look at Bloomingdale's defining Bloomingdale's opportunity.

當您想到領導層的連續性、策略的連續性、市場合作夥伴關係的連續性、支付帳單、強勁的資產負債表、梅西百貨公司的強大企業支持時，布魯明戴爾百貨就處於持續增長的有利地位。我認為我們顯然還有其他機會，包括品牌擴張、數位成長、與 Bloomie's 合作的額外門市擴張以及折扣銷售。布魯明戴爾百貨公司的折扣業務持續成長，本季業績表現良好。因此，我並不認為市場決定了布魯明戴爾百貨的機會。我觀察了布魯明戴爾百貨公司 (Bloomingdale's) 的定義，以及布魯明戴爾百貨公司的機會。

And Mike, regarding tariffs and credit. Tariffs in the second quarter, we had provided a prior full year guidance of 20 to 40 basis points or $0.10 to $0.25. And that was a little bit more in the second quarter. We saw some of the higher tariffs coming in at the 145% level. So we did see a GM impact related to that.

還有麥克，關於關稅和信貸。關於第二季的關稅，我們先前給出的全年指導價是20到40個基點，即0.10到0.25美元。第二季的指導價略有上漲。我們看到一些關稅已經達到了145%的水準。因此我們確實看到了與此相關的 GM 影響。

And our gross margin rate was also a little lower than last year's Q1. We moved through inventory and really put us in a great position to start to fall in the back half of the year with a really clean inventory position. And I would point out that our gross margin was better than our expectations in the second quarter. So all that considered, we're doing better than we expected and coming into the second half in a great position.

我們的毛利率也比去年第一季略低。我們清理了庫存，確實讓我們處於一個很好的位置，在下半年，我們的庫存狀況開始下降。我想指出的是，我們第二季的毛利率比預期好。所以綜合考慮這些因素，我們的表現比預期的要好，並且以非常有利的位置進入下半場。

From a credit portfolio perspective, really pleased with the growth. The significant growth $28 million in revenue in the second quarter, and we expect to see continued strong results. It's really due to the credit portfolio strength and how we're underwriting and managing that and really linking up with our store colleagues and across the business to support that, which is an integral part of the overall Macy's ecosystem.

從信貸組合的角度來看，我對成長感到非常滿意。第二季的營收大幅成長了 2,800 萬美元，我們預計業績將繼續保持強勁。這實際上歸功於信貸組合的實力以及我們如何承保和管理它，以及如何與我們的商店同事和整個企業真正聯繫起來支持它，這是整個梅西百貨生態系統不可或缺的一部分。

Paul Kearney, Barclays.

巴克萊銀行的保羅·科爾尼。

On tariffs, how should we think about that impact as we look into next year? How much do you anticipate being able to mitigate? And should we anticipate a step-up in mitigation in the spring season and then over time?

關於關稅，展望明年我們該如何看待其影響？您預計能夠減輕多少？我們是否應該預期春季及以後減緩措施會逐步加強？

Let me take the first part, and then I'll let Tom add his color. I think it's a little early to be forecasting tariffs in 2026. We don't know the magnitude of tariffs. We don't know what tariffs they're currently going to place are going to hold. We're certainly going to have more opportunities to mitigate.

讓我先處理第一部分，然後讓湯姆添加他的顏色。我認為現在預測 2026 年的關稅還為時過早。我們不知道關稅的金額。我們不知道他們目前將要實施的關稅將維持什麼水準。我們肯定會有更多的機會來緩解。

We could have mitigated the second quarter better than we currently did. But I think it's early to kind of comment on the tariff situation in 2026.

我們本可以比現在更好地緩解第二季的衝擊。但我認為現在評論 2026 年的關稅情況還為時過早。

I think what we are focused on as a team is how we continue to build on this momentum that is growing for Macy's Inc. How do we make sure that things that we control that we're continuing to prove upon, whether that's customer experience, newness in our assortments, variety within our pricing, better balance between our owned, licensed and marketplace businesses, off-price, full-price businesses. I think those things we can continue to do a better job than we've done. We've got credit in the second quarter for the improvements that we've made, but we have plenty of room to continue to grow.

我認為，作為一個團隊，我們關注的是如何繼續保持梅西百貨日益增長的勢頭。我們如何確保我們能夠控制並繼續證明的事情，無論是客戶體驗、產品組合的新穎性、定價的多樣性，還是我們自有、授權和市場業務之間的更好平衡，折扣業務和全價業務。我認為我們可以繼續把這些事情做得比以前更好。我們在第二季度取得了進步，並獲得了認可，但我們仍有很大的成長空間。

And I just add and emphasize that right now, we don't have total clarity on levels of tariffs in 2026. And there is, on the other hand, more time to address. So the key takeaway would be we're really well positioned to navigate it. Our teams are doing an amazing job currently, and we'll certainly talk more about it as we get towards the end of the year and provide guidance for next year as we normally do on our fourth quarter call.

我還要補充強調的是，目前我們還不完全清楚 2026 年的關稅水準。另一方面，我們還有更多時間來解決問題。因此，關鍵的一點是，我們確實已做好充分準備來應對這項挑戰。我們的團隊目前做得非常出色，我們肯定會在年底時更多地談論它，並像我們通常在第四季度電話會議上所做的那樣為明年提供指導。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

Great. This has come up a couple of times in the call. But Tony, I want to ask about the investments that you're making, obviously, you sound very pleased with the investments you're making in services, especially across Macy's Inc, but also the SG&A leverage you're delivering. How do you find the right balance between leveraging growth. What would -- are there opportunities that you see to maybe grow SG&A dollars more that could maybe get that comp growth rate a couple of hundred basis points higher?

偉大的。這個問題在通話中出現過幾次。但是東尼，我想問你所做的投資，顯然，你對你在服務方面的投資非常滿意，特別是對梅西百貨公司的投資，以及你提供的銷售、一般和行政費用槓桿。如何在槓桿作用和成長之間找到適當的平衡？您認為有哪些機會可以進一步增加銷售、一般和行政費用，從而使同店銷售額成長率提高數百個基點？

And how do you think about what to invest in versus what maybe allow to flow through to the bottom line?

您如何考慮應該投資什麼以及哪些因素可能會影響獲利？

Thanks, Jay, for the question. Let me take the first part, and I'm sure Tom would like to add some color as well. I think what you describe is how you balance your strategy? And I think as the leader, we have to do a good job of managing a portfolio of investments. That means some things we're going to put more money into.

謝謝傑伊提出的問題。讓我來談談第一部分，我相信湯姆也想添加一些色彩。我認為您所描述的是如何平衡您的策略？我認為身為領導者，我們必須做好投資組合的管理。這意味著我們將在某些事情上投入更多資金。

I'm a big believer in colleagues on the floor, those customer-facing initiatives are really important to changing the character of the department store experience. We see it in letters in a daily basis on what we're doing to change the experience for the customer in our stores. We need to add more stores next year. We'll talk about that on the fourth quarter call in terms of how many more stores.

我非常相信店內同事的作用，這些面向顧客的舉措對於改變百貨公司體驗的特徵確實非常重要。我們每天都會在信件中看到我們為改變顧客在店內體驗所做的努力。明年我們需要增加更多商店。我們將在第四季度電話會議上討論增加多少家門市的問題。

We're obviously doing that also in our digital experience. I invite you to look at macys.com today versus just three months ago. We're providing a richer product-driven, trend-driven storytelling experience. But to your challenge, our job is to satisfy the customer and in turn, satisfy the shareholder. We have to make sure we're delivering a better experience, investing to grow the comp sales and then leverage our structure so that we're delivering more on the bottom line.

我們顯然也在數位體驗中這樣做。我邀請您看看 macys.com 現在與三個月前相比的情況。我們提供更豐富的產品驅動、趨勢驅動的故事敘述體驗。但對於您的挑戰，我們的工作是讓客戶滿意，進而讓股東滿意。我們必須確保提供更好的體驗，投資增加銷售額，然後利用我們的結構，以便我們在底線上提供更多收益。

Tom, what would you add?

湯姆，你還有什麼要補充的嗎？

I'd add that we are always on savings, and we have a large pipeline of savings from continued store closures as we previously announced, end-to-end initiatives and just managing the business to be more efficient on a daily basis. And as we do that, we're reviewing initiatives. We're testing. We're learning. We're improving.

我想補充一點，我們一直在節省開支，正如我們之前宣布的那樣，透過持續關閉門市、採取端到端舉措以及提高日常業務效率，我們獲得了大量的節省。當我們這樣做的時候，我們正在審查各項措施。我們正在測試。我們正在學習。我們正在進步。

So there's a process here, Jay, as we move forward to make sure we're doing things that are impactful and creating a return for shareholders.

所以，傑伊，這裡有一個流程，我們要確保我們所做的事情是有影響力的，並為股東創造回報。

As part of that, that's really the balance, generating savings, reinvesting some and really getting to the point where we're leveraging based on driving sales growth, which we saw in this quarter across all of our banners and we're really pleased with that result, while generating $30 million in SG&A savings versus the prior year.

作為其中的一部分，這實際上是一種平衡，產生節省，再投資一些，並真正達到我們基於推動銷售增長而進行槓桿作用的程度，我們在本季度看到了所有橫幅的銷售增長，我們對這一結果感到非常滿意，同時與上一年相比，銷售、一般及行政費用 (SG&A) 節省了 3000 萬美元。

Janet Kloppenburg, JJK Research Associates.

珍妮特‧克洛彭堡 (Janet Kloppenburg)，JJK 研究助理。

Good morning, Tony and Tom, and congratulations on a wonderful quarter. I have too many questions, so I'm going to get yelled at. But have you any thoughts on what the incremental markdowns that you've carried into the second quarter? What influence that had on the comp performance, which was, of course, excellent? And I also was wondering, I know it's early Tom, but have you seen any pushback from the consumer on the incremental pricing that you've delivered.

早安，托尼和湯姆，恭喜你們取得了一個出色的季度業績。我的問題太多了，所以我會被大聲呵斥。但是，您對第二季進行的增量降價有什麼想法嗎？這對公司業績有什麼影響？公司業績當然非常出色。而且我還想知道，我知道現在還為時過早，湯姆，但您是否看到消費者對您所實施的增量定價有任何反對意見。

For instance, I know that Levi's has raised their prices. And I am wondering about the wraparound of the tariffs into the first and second quarter of next year. We're seeing -- hearing that from a lot of your competitors, and I wonder about that.

例如，我知道 Levi's 已經提高了價格。我想知道關稅是否會延續到明年第一季和第二季。我們從很多競爭對手那裡看到並聽到了這一點，我對此感到困惑。

Thanks, Janet. The question on markdowns impacting the comps in the second quarter, I would say there's some -- it's a minor part of the improvement in our performance in the second quarter. The areas that had the strongest growth were not the areas that had the biggest markdowns or liabilities kind of coming into the second quarter. So we took those markdowns. The composition of our inventory is clean.

謝謝，珍妮特。關於降價對第二季業績的影響的問題，我想說，這確實有一些影響——這只是我們第二季業績改善的一小部分。進入第二季度，成長最強勁的地區並不是降價幅度或負債最多的地區。所以我們採取了這些降價措施。我們的庫存成分很乾淨。

I like the early read of August and what the customer is buying because that is not markdown related. It's newness related, it's back-to-school related. It's early fall product and winter-weight categories. So all of that is very positive.

我喜歡八月初的閱讀以及顧客購買的東西，因為這與降價無關。它與新鮮事物有關，與返校有關。這是初秋產品和冬季重量類別。所以這一切都是非常正面的。

You mentioned the Levi's business. I mentioned on the call, Levi's continues to be a terrific business for us in all areas of the business, and they're great partners. We're getting top-tier products from them, and it's the fashion in Levi's that is really selling best for us. So again, I think it underscores. The customer is more concerned about value than they are about the price point.

您提到了 Levi's 的業務。我在電話中提到，Levi's 在我們業務的各個領域繼續發揮重要作用，他們是我們的優秀合作夥伴。我們從他們那裡購買頂級產品，其中 Levi's 的時尚產品確實是銷量最好的。因此，我再次認為它強調了這一點。顧客更關心價值而不是價格。

Is there a reason for something to be more expensive? That might be true in a piece of outerwear, that might be much harder to get on a T-shirt.

什麼東西變得更貴有理由嗎？對於外套來說，這可能確實如此，但對於 T 卹來說，這可能會困難得多。

With regard to tariffs, Janet, I think it's a little early to talk about the Q1 and Q2 for next year. We'll have a little more clarity on it in terms of the tariff levels. We do have more time to mitigate and we'll certainly be talking more about that on our Q4 call. But as I mentioned before, I think we're really well positioned to navigate through it and have been navigating through it across all our teams really effectively.

關於關稅，珍妮特，我認為現在談論明年第一季和第二季還為時過早。我們將對關稅水準有更清晰的了解。我們確實有更多的時間來緩解，我們肯定會在第四季度電話會議上更多地討論這個問題。但正如我之前提到的，我認為我們確實已經做好了應對這一問題的準備，並且我們所有的團隊都在非常有效地應對這個問題。

And what about the pricing and early indication from the consumer?

那麼定價和消費者的早期指示又如何呢？

I would just state that the consumer has been resilient. And we've seen that in Q2, and we've seen it at the beginning of Q3. We are to be more prudent in the second half, forecasting a little more choiceful consumer, but what we've seen so far is resiliency.

我只想說消費者一直都具有韌性。我們在第二季度看到了這一點，在第三季初也看到了這一點。我們將在下半年更加謹慎，預測消費者會更加挑剔，但到目前為止，我們看到的是韌性。

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

謝謝。現在，我想把發言權交還給史普林先生，請他發表最後評論。

Thank you all for joining us today. We look forward to providing an update on our progress on our next earnings call. Have a great day, everyone.

感謝大家今天的參與。我們期待在下次收益電話會議上提供有關我們進展的最新資訊。祝大家有個愉快的一天。

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，享受剩餘的一天。