梅西百貨 (M) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Macy's, Inc. third quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.

各位好，歡迎參加梅西百貨公司2025年第三季財報電話會議。（操作員說明）提醒您，本次通話正在錄音。

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

現在我將把電話交給投資者關係副總裁帕梅拉·昆蒂利亞諾。帕梅拉，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.

謝謝接線生。各位早安，感謝各位的收看。今天和我一起參加電話會議的有我們的董事長兼首席執行官托尼·斯普林，以及我們的首席營運官兼首席財務官湯姆·愛德華茲。

Along with our third 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.

除 2025 年第三季新聞稿外，我們還向美國證券交易委員會提交了 8-K 表格；簡報已發佈在公司網站 macysinc.com 的投資者關係部分，並在今天的網路直播中即時展示。

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 September 3 earnings call.

除非另有說明，我們提供的比較將與 2024 年進行比較。所有提及我們先前的預期、展望或指導方針均指我們在9月3日財報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.

在今天的電話會議上，我們將提及一些非GAAP財務指標。這些措施的核對情況可在我們的收益簡報和提交給美國證券交易委員會的文件中查閱，網址為 www.macysinc.com/investors。

All of our consistent comp sales throughout today's prepared remarks represent comparable owned-plus-licensed-plus-marketplace sales and the owned-plus-licensed sales for our store locations, unless otherwise noted.

除非另有說明，否則我們今天在準備好的發言稿中提到的所有同店銷售額均代表自有門市、授權門市和市場通路的銷售額，以及我們門市的自有門市和授權門市的銷售額。

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

梅西百貨公司未來的同店銷售額包括約 350 家梅西百貨數位化門市以及布魯明戴爾百貨和 Bluemercury 品牌門市（包括數位化門市）。梅西百貨未來同店銷售額包括約 350 家梅西百貨新店和梅西百貨數位銷售通路。

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.

所有前瞻性聲明均受 1995 年《私人證券訴訟改革法案》安全港條款的約束。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與今天提到的預期和假設有重大差異。這些因素和不確定因素的詳細討論已載入我們向美國證券交易委員會提交的文件中。

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

今天的電話會議將在我們的網站上進行網路直播。本次電話會議結束後約兩小時，將提供錄音回放。

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

這樣，我就把麥克風交給東尼了。

Good morning, and thank you for joining us today. We're encouraged by recent results which reflect the accelerating momentum of our Bold New Chapter strategy. The fundamental enterprise-wide changes we are making are resonating with our customers. Initiatives are gaining traction across all three pillars of our strategy and driving broad-based operational and financial improvements.

早安，感謝各位今天收看我們的節目。近期的成果令人鼓舞，反映出我們「大膽新篇章」策略正在加速推進。我們正在進行的根本企業變革引起了客戶的共鳴。各項舉措正在我們策略的三大支柱領域取得進展，並推動了廣泛的營運和財務改進。

For the third quarter, we delivered growth across key metrics, and results were meaningfully better than expected. Macy's, Inc. net sales, comparable sales, core adjusted EBITDA, and adjusted diluted EPS all exceeded our guidance with positive contributions from each nameplate.

第三季度，我們在各項關鍵指標上均實現了成長，業績明顯優於預期。梅西百貨公司淨銷售額、可比銷售額、核心調整後 EBITDA 和調整後稀釋每股收益都超過我們的預期，每個品牌都做出了積極貢獻。

Macy's had its strongest comp growth in 13 quarters led by our go-forward business, which achieved another quarter of positive comps. Bloomingdale's posted its fifth consecutive quarter of growth and its best comp in 13 quarters. And Bluemercury recorded another consecutive quarter of comparable sales growth.

梅西百貨實現了 13 個季度以來最強勁的同店銷售成長，這主要得益於我們未來的業務發展，該業務連續第二個季度實現了正增長。布魯明戴爾百貨公司連續第五個季度實現成長，並創下 13 個季度以來的最佳同店銷售額。Bluemercury 連續第二個季度實現了同店銷售成長。

I want to thank our teams and our partners. You're an integral part of our success. Results reflect your diligent execution of the Bold New Chapter strategy. We have a shared ambition for Macy's, Inc.; and together, we are making significant progress towards achieving our goal of sustainable, profitable growth.

我要感謝我們的團隊和合作夥伴。你是我們成功不可或缺的一部分。結果反映了你對「大膽新篇章」策略的認真執行。我們對梅西百貨公司有著共同的願景；我們正攜手並進，朝著實現永續獲利成長的目標取得重大進展。

Turning to a more detailed view of the quarter. Macy's, Inc. delivered a positive 3.2% comp with go-forward Macy's, Inc. continuing to outperform, growing 3.4%. Adjusted EPS of $0.09 was well above our guidance range of a loss of $0.15 to $0.20 and above last year's third quarter result of $0.04.

接下來，我們將更詳細地分析本季的情況。梅西百貨公司實現了 3.2% 的同店銷售額成長，預計未來業績將繼續優於大盤，成長 3.4%。調整後每股收益為 0.09 美元，遠高於我們先前預測的虧損 0.15 美元至 0.20 美元的範圍，也高於去年第三季的每股收益 0.04 美元。

EPS was driven by better-than-expected net sales, comparable sales, gross margin, and SG&A. End of quarter inventories were in line with our expectations, and we have a compelling mix of newness across brands, categories, and price points for the peak holiday season.

每股盈餘 (EPS) 的成長得益於淨銷售額、同店銷售額、毛利率和銷售、管理及行政費用 (SG&A) 均優於預期。季度末庫存符合預期，我們在假日銷售旺季擁有各個品牌、品類和價格點的一系列新品，極具吸引力。

Looking at the evolving retail landscape, consumers are more discerning about how and where they spend their dollars. They want curated product assortments, consistent service, and a seamless omnichannel shopping experience; and that's exactly what we're striving to deliver through the three pillars of our Bold New Chapter strategy: strengthening and reimagining the Macy's nameplate, accelerating and differentiating luxury, and simplifying and modernizing end-to-end operations.

縱觀不斷變化的零售格局，消費者在如何以及在哪裡花錢方面變得更加謹慎。他們想要精心挑選的產品組合、始終如一的服務和無縫的全通路購物體驗；而這正是我們努力透過「大膽新篇章」策略的三大支柱來實現的目標：加強和重塑梅西百貨的品牌形象，加速和差異化奢侈品業務，以及簡化和現代化端到端運營。

Let's discuss how each pillar contributed to our better-than-expected third quarter results, beginning with strengthening and reimagining Macy's. Macy's nameplate achieved 2% comparable sales growth, its second quarter of positive results and a sequential improvement from the prior quarter.

讓我們來討論一下每個支柱是如何促成我們第三季業績好於預期的，首先從加強和重塑梅西百貨開始。梅西百貨同店銷售額成長2%，這是其連續第二季取得正業績，並且比上一季有所改善。

Performance was driven by go-forward Macy's, which rose 2.3% and inclusive of Reimagine 125 stores, which were up 2.7%. Macy's nameplate also benefited from digital growth, inclusive of Macy's marketplace, as well as the ongoing outperformance of our off-price concept, Backstage.

業績成長主要得益於梅西百貨的持續成長，成長了 2.3%，其中包括 Reimagine 125 門市，成長了 2.7%。梅西百貨的品牌也受惠於數位成長，包括梅西百貨的線上商城，以及我們折扣概念店 Backstage 的持續優異表現。

We believe Macy's results reflect a positive response to improvements in our omnichannel customer experience, brand curation, and category offerings. We are seeing this drive momentum in our Reimagine 125 locations and in the broader Macy's business.

我們認為梅西百貨的業績反映了消費者對我們全通路客戶體驗、品牌策劃和品類產品改進的正面回饋。我們看到這種發展勢頭正在推動我們的「重塑 125」計畫以及梅西百貨的整體業務發展。

Turning to the customer experience. One of the best ways to measure progress is through our Net Promoter Scores. We view this as an important measure of customer sentiment and a leading indicator of future sales.

接下來談談客戶體驗。衡量進展的最佳方法之一是透過我們的淨推薦值 (NPS)。我們認為這是衡量客戶情緒的重要指標，也是未來銷售狀況的領先指標。

Notably, Macy's delivered its highest third quarter Net Promoter Score on record. Customer e-mail serve as another valuable form of feedback, and I read everyone I receive.

值得注意的是，梅西百貨第三季淨推薦值創歷史新高。客戶電子郵件是另一種寶貴的回饋形式，我會閱讀收到的每一封郵件。

Recently, a customer visited our Clearwater, Florida store to buy a suit for a wedding. He wrote, quote, your colleague, Andrew, had me outfitted not just with clothes but with confidence. He treated me with patience, kindness and professionalism.

最近，一位顧客光臨了我們在佛羅裡達州克利爾沃特的門市，想買一套婚紗。他寫道：“你的同事安德魯不僅給了我衣服，還給了我自信。”他待我耐心、友善、專業。

As he was helping me, he assisted a young man shopping for his very first interview suit. He took the time to show him how to wear it, carry himself, and even shared some encouraging words. Employees like can remind me that Macy's is a place where people can walk out feeling seen, valued, and better than when they walked in, end quote.

在我購物的同時，他也幫助一位年輕人挑選他人生中第一套面試西裝。他花時間向他展示如何穿戴這件衣服，如何舉止得體，甚至說了一些鼓勵的話。像這樣的員工讓我意識到，梅西百貨是一個讓人們走出去時感到被關注、被重視，並且比進來時感覺更好的地方。

Andrew is a great example of how customer relationships are strengthened when our colleagues demonstrate hospitality and care. As part of our Bold New Chapter strategy, we are enhancing our selling education to improve colleague engagement and provide our customers with a seamless shopping experience.

Andrew 就是一個很好的例子，說明當我們的同事展現出熱情好客和關懷備至的態度時，顧客關係是如何加強的。作為我們「大膽新篇章」策略的一部分，我們正在加強銷售培訓，以提高員工的參與度，並為我們的客戶提供無縫的購物體驗。

In addition to a better experience, we are elevating our product curation to deliver a more inspiring mix of newness and fashion. Our merchants continue to be focused on the clarity of our offering, enhancing variety, and reducing redundancies.

除了提供更好的體驗外，我們還在提升產品甄選水平，以提供更具啟發性的新穎時尚組合。我們的商家持續專注於提高產品資訊的清晰度，增加產品種類，減少重複。

Our strong balance sheet, large addressable market, and loyal customer base are attractive differentiators and brands are eager to work with us. Recently, we introduced Rodd & Gunn, Reiss, and Prada Beauty; and Expanded Barbour, Mackenzie-Childs, and MFK.

我們強大的資產負債表、龐大的潛在市場和忠實的客戶群都是極具吸引力的差異化優勢，各大品牌都渴望與我們合作。最近，我們引進了 Rodd & Gunn、Reiss 和 Prada Beauty；並擴大了 Barbour、Mackenzie-Childs 和 MFK 的品牌範圍。

Looking at category performance, we delivered year-over-year improvements across all lines of business. Fine jewelry, watches, handbags, men's career, and ready-to-wear outperformed the total Macy's comp, while active categories were softer.

從品類表現來看，我們所有業務線都實現了同比提升。高級珠寶、手錶、手袋、男士職業裝和成衣的銷售業績優於梅西百貨整體的同店銷售業績，而運動類商品的銷售業績則較為疲軟。

The variety of brands and categories we offer speak to our fashion authority and the relevancy in a way we haven't for years, and we are not done. We're committed to bringing Macy's to the consideration set of even more shoppers, and our Reimagine 125 locations are providing a road map for that future.

我們提供的品牌和品類之豐富，體現了我們在時尚領域的權威性和相關性，這是我們多年來從未有過的，而且我們不會止步於此。我們致力於讓更多購物者將梅西百貨納入考慮範圍，而我們的「重塑 125」計畫正在為這一未來提供路線圖。

When I walk these locations, I'm inspired. We are methodically working to improve the experience in each area of the store. They are now better organized, easier to shop, and have a more compelling visual presentation.

每當我漫步於這些地方，都會受到啟發。我們正在有條不紊地努力改善商店各個區域的體驗。現在它們的組織結構更合理，購物更方便，視覺呈現也更吸引人。

Within each category, we're driving higher interest and engagement through increased differentiation. We're carving out floor space to leverage new trends and maintaining a presence in categories and brands that we're known for.

在每個類別中，我們透過增加差異化來提高用戶興趣和參與度。我們正在開闢新的銷售空間，以利用新的趨勢，並保持在我們擅長的品類和品牌中的地位。

Now I'd like to provide a perspective on how we're approaching the fourth quarter at Macy's. Holiday is core to who we are. It's where our brand heritage and customer relationships are strongest and where we consistently deliver differentiated experiences.

現在我想談談梅西百貨如何應對第四季的挑戰。節日是我們文化的重要組成部分。這裡是我們品牌傳承和客戶關係最牢固的地方，也是我們持續提供差異化體驗的地方。

This year, over 34 million people tuned in to watch the Macy's Thanksgiving Day Parade, setting a new all-time record. The Parade was the most watched live entertainment event in seven years and the second most watched event of 2025, behind only the Super Bowl.

今年，超過 3,400 萬人收看了梅西感恩節大遊行，創下了歷史新紀錄。這場遊行是七年來收視率最高的現場娛樂活動，也是2025年收視率第二高的活動，僅次於超級盃。

We continued our tradition of blending beloved classics with contemporary culture, debuting Buzz Lightyear, PAC-MAN, Mario, and characters from the smash hit KPop Demon Hunters, including a live performance by HUNTR/X.

我們延續了將深受喜愛的經典與當代文化融合的傳統，推出了巴斯光年、吃豆人、馬裡奧以及熱門 K-Pop 惡魔獵人中的角色，還有 HUNTR/X 的現場表演。

In addition, POP Mart, the makers of Labubu, had a Friends-giving in POP CITY float. These floats and balloons nicely complement our Herald Square in-store experiences with PAC-MAN, Disney, Marvel, and POP Mart, just to name a few. Congratulations to our entire team. I know you're already hard at work on next year's 100th Parade celebration.

此外，Labubu 的製造商 POP Mart 在 POP CITY 舉辦了一場感恩節花車遊行。這些花車和氣球與我們在先驅廣場的店內體驗相得益彰，例如 PAC-MAN、迪士尼、漫威和 POP Mart 等等。祝賀我們整個團隊。我知道你已經在為明年的百年慶典遊行做緊張的工作了。

Our holiday campaign, The Most Wonderful Stories Start Here, is in full swing. It serves as a storytelling platform for holiday emotion and nostalgia across channels and touch points. Messaging highlights a mix of new brands, key items, exclusive products, and incorporates a more personalized approach to customer communication.

我們的假日宣傳活動「最美好的故事從這裡開始」正在如火如荼地進行中。它作為一個故事敘述平台，透過各種管道和接觸點，傳遞節日的情感和懷舊之情。訊息傳遞重點在於突出新品牌、重點商品、獨家產品，並採用更個人化的客戶溝通方式。

We have built on last year's success with our 25 days of Gifting campaign, featuring new curated gift lists each day and holiday markets in Herald Square and our Chicago State Street locations.

我們延續了去年的成功，推出了為期 25 天的送禮活動，每天都會推出新的精選禮物清單，並在先驅廣場和芝加哥州街的門市舉辦節日市集。

In addition, Alison Brie is back as our personified Gift Guide, pairing across broadcast and our digital platforms. And we're leveraging our iconic Santaland IP with Santa visiting 11 markets this year.

此外，艾莉森布里將再次擔任我們的人格化禮品指南，在電視和數位平台上與大家見面。我們將充分利用我們標誌性的聖誕老人樂園IP，今年聖誕老人將造訪11個市場。

Our campaigns and events are supported by a comprehensive 360-degree media mix that features social influencers and celebrities, including a partnership with Jennifer Hudson and our first ever Chief Ornament Officer, Hannah Strickland, the nine-year-old who has won the hearts and minds of so many with their exuberant reaction to shopping Macy's Holiday Lane.

我們的宣傳活動和活動得到了全方位的媒體組合支持，其中包括社交媒體影響者和名人，例如與詹妮弗·哈德森的合作，以及我們首位首席裝飾品官漢娜·斯特里克蘭的合作。這位九歲的小女孩憑藉在梅西百貨假日大道購物時熱情洋溢的反應，贏得了許多人的心。

Summing up to Macy's nameplate, I'm encouraged by recent results which reinforce our belief that we have the initiatives in place to deliver long-term growth.

總而言之，就梅西百貨而言，我受到近期業績的鼓舞，這更加堅定了我們對自身發展前景的信念，即我們已經制定了實現長期增長的各項舉措。

Turning to our second pillar in the Bold New Chapter strategy, accelerating and differentiating luxury. In the third quarter, momentum built at Bloomingdale's, while Bluemercury had another quarter of positive comparable sales.

接下來，我們來看看「大膽新篇章」策略的第二個支柱：加速和差異化奢侈品產業。第三季度，Bloomingdale's 的成長勢頭強勁，而 Bluemercury 的同店銷售額也連續第二季實現正成長。

At Bloomingdale's, we're making great progress on our ambition of being the omnichannel local leader in the markets we serve. We've cultivated a unique multigenerational customer base that's incredibly loyal, including the luxury customer of the future; and are taking share across categories, regions, and brands.

在布魯明戴爾百貨公司，我們正朝著成為我們所服務市場中全通路本地領導者的目標邁出堅實的步伐。我們已經培養了一個獨特的、跨越幾代人的客戶群體，他們非常忠誠，其中包括未來的奢侈品消費者；並且正在各個品類、地區和品牌中不斷擴大市場份額。

Bloomingdale's delivered another impressive quarter, achieving a positive 9% comp, which was its best in 13 quarters as well as a sequential improvement in its Net Promoter Score. This speaks to the differentiated aspirational positioning, which continues to resonate with consumers.

布魯明戴爾百貨公司又迎來了一個令人印象深刻的季度，實現了 9% 的同店銷售額增長，這是 13 個季度以來的最佳表現，同時其淨推薦值也環比提升。這體現了差異化的品牌定位，而這種定位持續引起消費者的共鳴。

Our success is built on strong brand partnerships. We're deeply focused on nurturing those and on being the most reliable and innovative partner in the market.

我們的成功建立在強大的品牌合作關係之上。我們致力於培養這些人才，並成為市場上最可靠、最具創新精神的合作夥伴。

During the third quarter, we continued to expand the breadth of the brands we offer, introducing a number of important designer brands, including Totême, TWP, Zimmermann, Victoria Beckham, Christian Louboutin, and Roger Vivier, just to give a few examples. From a category perspective, ready-to-wear men's apparel, fine jewelry, shoes, and tabletop all outperformed.

第三季度，我們繼續擴大了我們提供的品牌範圍，引入了許多重要的設計師品牌，包括 Totême、TWP、Zimmermann、Victoria Beckham、Christian Louboutin 和 Roger Vivier 等等。從品類角度來看，男裝成衣、高級珠寶、鞋履和餐具的銷售表現均優於其他類別。

Bloomingdale's is truly unique in the marketplace. We serve as a house of discovery, providing an experience that's vibrant, inviting, original, and anchored on exceptional customer service.

布魯明戴爾百貨在市場上確實獨樹一格。我們致力於打造一個探索發現的殿堂，提供充滿活力、引人入勝、獨具匠心的體驗，並以卓越的客戶服務為核心。

In the fourth quarter, we're building on our recent success. Our holiday campaign, Happy Together, leverages Bloomingdale's appeal as the destination shopping experience that brings loved ones together. The campaign is wide ranging, spanning window displays, in-store experiences, a curated gift guide, and compelling digital messaging.

第四季度，我們將繼續鞏固近期的成功。我們的假期行銷活動「歡樂相聚」充分利用了布魯明戴爾百貨作為親人團聚的購物目的地的吸引力。活動涵蓋範圍廣泛，包括櫥窗展示、店內體驗、精選禮品指南和引人入勝的數位資訊。

In addition, we have several exclusive collaborations, including our AQUA and Salvatore Rizza collection. A core component of Bloomingdale's Holiday Campaign is our unique partnership with Burberry.

此外，我們還有幾項獨家合作，包括我們的 AQUA 和 Salvatore Rizza 系列。布魯明戴爾百貨假日促銷活動的核心組成部分是我們與博柏利 (Burberry) 的獨特合作關係。

This season, we're offering an exclusive omnichannel collection for the whole family, including our custom design carousel pop-up shop and Windows, as well as our famous Holiday Bear. We invite those of you in New York City to visit our 59th Street flagship store to see an illuminated Burberry plaid scarf that wraps the entire building.

本季，我們將為全家提供獨家全通路系列產品，包括我們客製設計的旋轉木馬快閃店和櫥窗，以及我們著名的假日熊。我們誠摯邀請身於紐約市的各位蒞臨我們位於 59 街的旗艦店，欣賞環繞整棟建築的閃亮 Burberry 格紋圍巾。

Looking ahead, there are a number of opportunities to further strengthen Bloomingdale's position. We have significant opportunities to grow in markets we serve as well as expand existing distribution, increase our digital penetration, and open additional small-format Bloomies and outlet locations.

展望未來，布魯明戴爾百貨有許多機會可以進一步鞏固其市場地位。我們在已服務的市場中擁有巨大的成長機會，同時還可以擴大現有分銷管道，提高數位化滲透率，並開設更多小型 Bloomies 和奧特萊斯門市。

By staying nimble and personalizing all elements of the customer experience from access to special products and customer activations, to digital elevation, we will further differentiate Bloomingdale's as the leading, modern, luxury destination.

透過保持靈活，並個性化客戶體驗的各個方面，從獲取特殊產品和客戶互動，到數位化提升，我們將進一步使布魯明戴爾百貨成為領先的、現代化的、奢華的購物目的地。

Rounding out the conversation on luxury, Bluemercury achieved a 1.1% comparable sales growth, representing another quarter of gains. Results continue to be driven by dermatological skincare and expanded brand partnerships, including Parfums de Marly, Byredo, and Sisley Paris. We remain confident in the long-term growth profile of our luxury category and are excited about the strategies we have in place.

最後，在奢侈品領域，Bluemercury 的同店銷售額成長了 1.1%，連續第二季成長。業績持續成長主要得益於皮膚科護膚產品和不斷擴大的品牌合作，包括 Parfums de Marly、Byredo 和 Sisley Paris。我們對奢侈品品類的長期成長前景依然充滿信心，並對我們已製定的策略感到興奮。

The final pillar of the Bold New Chapter is simplifying and modernizing end-to-end operations. In the third quarter, we achieved a key milestone on our end-to-end journey with the opening of our new China Grove distribution center.

「大膽新篇章」的最後一個支柱是簡化和現代化端到端運作。第三季度，隨著新的中國格羅夫配送中心的開業，我們在端到端發展歷程中實現了一個重要的里程碑。

The state-of-the-art facility incorporates automation, robotics, and AI into our delivery ecosystem. It propels us into the future and ensures we're able to exceed customer expectations for accuracy and timeliness of deliveries and further reduce our delivery costs.

這個最先進的設施將自動化、機器人和人工智慧融入我們的配送生態系統中。它推動我們走向未來，確保我們能夠超越客戶對交付準確性和及時性的期望，並進一步降低我們的交付成本。

Now let's discuss our thoughts on the consumer and the early read on holiday. Starting with the Consumer Health, our customer base, which is predominantly middle to upper income, remained resilient and engaged in the third quarter.

現在讓我們來討論一下我們對消費者和假期早期閱讀的看法。從消費者健康領域來看，我們的客戶群主要為中高收入者，他們在第三季度保持了韌性和參與度。

We have strong visibility on the factors that are in our control. These include inventory discipline, composition and the level of newness, as well as improved experiences in messaging.

我們對可控因素有著清晰的了解。這些包括庫存管理、產品組成和新品更新水平，以及改進資訊傳遞體驗。

We're pleased with the start of the fourth quarter. However, the majority of the sales volume is still ahead of us, and we believe it's prudent to continue to incorporate a more trustful consumer into our guidance for the remainder of the quarter. The assumption is consistent with our prior view.

我們對第四季的開局感到滿意。然而，大部分銷售額尚未到來，我們認為，在本季度剩餘時間裡，繼續將消費者更信任的因素納入我們的業績預期是明智之舉。這假設與我們先前的觀點一致。

To conclude, I remain excited by our customer response to the meaningful changes we're making under the Bold New Chapter strategy. We now have achieved three consecutive quarters of better-than-expected top and bottom line results and two consecutive quarters of comparable sales growth.

總而言之，我對客戶對我們根據「大膽新篇章」策略所做的意義深遠的變革的正面回饋感到非常興奮。我們已連續三個季度實現超出預期的營收和利潤，並連續兩個季度實現同店銷售額成長。

These results further illustrate the benefits of being multi-brand, multi-category, and multichannel. Our unique positioning provides sourcing optionality, economies of scale, and brand product and price diversification. And our off-price to luxury offerings, combined with our strong financial position, enable us to continue to expand existing relationships, attract new partners, and lean into other areas of opportunity.

這些結果進一步說明了多品牌、多品類和多通路的優勢。我們獨特的市場定位提供了採購選擇權、規模經濟效益以及品牌產品和價格多元化。我們提供從低價到高價的各種產品，再加上我們雄厚的財務實力，使我們能夠繼續拓展現有關係，吸引新的合作夥伴，並開拓其他機會領域。

With that, let me turn it over to Tom.

那麼，接下來就交給湯姆吧。

Thank you, Tony, and good morning, everyone. In the third quarter, customers responded well to the substantive enterprise-wide enhancements we are making under our Bold New Chapter strategy. We are encouraged by recent performance.

謝謝你，托尼，大家早安。第三季度，客戶對我們根據「大膽新篇章」策略正在進行的實質企業級改進措施給予了正面回饋。我們對近期的業績感到鼓舞。

Macy's, Inc. comparable sales of 3.2% were our strongest in 13 quarters. Go-forward comps were up 3.4%, with growth across all nameplates. An adjusted EPS of $0.09 was well above the high end of our guidance on better-than-expected sales, gross margin, and SG&A.

梅西百貨公司同店銷售額成長 3.2%，創 13 個季度以來新高。未來同店銷售額成長 3.4%，所有品牌均成長。調整後的每股盈餘為 0.09 美元，遠高於我們先前預期的上限，這主要得益於銷售額、毛利率和銷售、管理及行政費用均優於預期。

Looking at a detailed view of the quarter. Macy's, Inc. net sales of $4.7 billion were down 0.6% or about $29 million to last year. The sales decline was entirely attributable to the 64 non-go-forward stores that closed at the end of last year. These contributed roughly $160 million to sales in the year ago period.

查看季度的詳細視圖。梅西百貨公司淨銷售額為 47 億美元，比去年下降 0.6%，約 2,900 萬美元。銷售額下降完全是由於去年底關閉的 64 家不再繼續經營的門市造成的。這些項目在去年同期為銷售額貢獻了約 1.6 億美元。

Excluding the impact of these planned closures, Macy's, Inc. sales grew 2.9%. This represents an acceleration from second quarter sales growth of 0.9% when similarly adjusted for closed stores.

不計入這些計畫關門店的影響，梅西百貨公司的銷售額成長了 2.9%。如果將已關閉門市的影響進行類似調整，則第二季的銷售成長率將比第二季的 0.9% 更快。

By nameplate, Macy's net sales were down 2.3%. Macy's comparable sales were up 2%, while go-forward comparable sales continued to outperform, rising 2.3%. Reimagine 125 comparable sales rose 2.7%.

按品牌劃分，梅西百貨的淨銷售額下降了 2.3%。梅西百貨的同店銷售額成長了 2%，而未來同店銷售額持續表現出色，成長了 2.3%。Reimagine 125 同店銷售額成長 2.7%。

Both the first 50 and the next 75 locations achieved another quarter of positive comparable sales results. Net Promoter Scores at these locations continued to exceed the broader fleet.

前 50 家門市和接下來的 75 家門市均實現了連續第二季的同店銷售業績成長。這些門市的淨推薦值 (NPS) 持續高於整個車隊的平均水平。

In Luxury, Bloomingdale's net sales rose 8.6%, and comparable sales were up 9%. And Bluemercury net sales were up 3.8%, and comparable sales were up 1.1%.

在奢侈品領域，布魯明戴爾百貨的淨銷售額成長了 8.6%，同店銷售額成長了 9%。Bluemercury 的淨銷售額成長了 3.8%，同店銷售額成長了 1.1%。

Turning to revenue. Total revenue was $4.9 billion. Other revenue, which is comprised of credit card and Macy's media network, was $200 million.

轉向營收。總收入為49億美元。其他收入（包括信用卡收入和梅西百貨媒體網絡收入）為 2 億美元。

Within that, credit card revenue was $158 million or $38 million higher than prior year. Credit card revenue continued to be driven by our healthy credit portfolio and the prudent management of net credit card losses, as well as growth in new applications. Macy's Media Network revenue was $42 million, roughly flat with the prior year.

其中，信用卡收入為 1.58 億美元，比前一年增加 3,800 萬美元。信用卡收入繼續受益於我們健康的信貸組合、對信用卡淨損失的審慎管理以及新申請量的增長。梅西媒體網路收入為 4,200 萬美元，與上年基本持平。

Gross margin was $1.9 billion or 39.4% of net sales compared to 39.6% last year. Excluding a 50 basis point tariff impact, gross margin rate would have expanded approximately 30 basis points. The third quarter tariff impact was lower than anticipated as mitigation actions performed well. This led to a better-than-expected gross margin rate.

毛利為 19 億美元，佔淨銷售額的 39.4%，去年同期為 39.6%。如果不考慮 50 個基點的關稅影響，毛利率將增加約 30 個基點。由於緩解措施效果良好，第三季關稅影響低於預期。這使得毛利率高於預期。

Traffic was positive, and AUR continued to increase primarily due to a favorable mix shift and positive customer response to newness across classifications. SG&A expense of $2 billion declined $40 million from last year, reflecting the net benefit from our closed Macy's locations and continued cost containment efforts. This was partially offset by ongoing investments in our go-forward business, which we view as imperative to driving healthy and sustainable top line growth.

客流量表現良好，平均使用率持續成長，主要得益於產品組合的有利變化以及顧客對各類新產品的正面反應。銷售、一般及行政費用為 20 億美元，比去年減少了 4,000 萬美元，這反映了我們關閉梅西百貨門市帶來的淨收益以及持續的成本控制措施。但這部分被我們對未來業務的持續投資所抵消，我們認為這對於推動健康、可持續的營收成長至關重要。

As a percent of total revenue, we levered SG&A expense by 90 basis points to 41.2% compared to 42.1% in the prior year, benefiting from revenue growth, diligent expense management, and a modest shift in timing of expenses.

以總收入的百分比計算，我們透過收入成長、嚴格的費用管理以及費用時間的適度調整，將銷售、一般及行政費用從上一年的 42.1% 降低 90 個基點至 41.2%。

During the quarter, we recognized $12 million in asset sale gains. This compares to our expectation of $20 million and $66 million last year. We remain committed to closing underproductive stores and are being disciplined with our approach to transactions. The strength of our balance sheet provides us with the patience and flexibility to ensure we are achieving the best value.

本季度，我們確認了1200萬美元的資產出售收益。這與我們去年預期的 2000 萬美元和 6600 萬美元相比有所下降。我們將繼續致力於關閉業績不佳的門市，並在交易方面採取嚴謹的態度。我們穩健的資產負債表賦予我們耐心和靈活性，以確保我們達到最佳價值。

Core adjusted EBITDA, which is adjusted EBITDA, excluding asset sale gains, was $273 million or 5.6% of total revenue. This was above our guidance of 3.3% to 3.7% and last year's result of 4.2%. Adjusted EBITDA was $285 million or 5.8% of total revenue compared to 5.6% last year.

核心調整後 EBITDA（即扣除資產出售收益後的調整後 EBITDA）為 2.73 億美元，佔總收入的 5.6%。這高於我們先前預測的 3.3% 至 3.7%，也高於去年的 4.2%。調整後 EBITDA 為 2.85 億美元，佔總營收的 5.8%，而去年為 5.6%。

Third quarter adjusted EPS of $0.09 was also well above our guidance of a loss of $0.15 to $0.20 and compared favorably to $0.04 last year. Inventory dollars were up 0.7% to last year, in line with our expectations, reflecting tariff-related cost increases.

第三季調整後每股收益為 0.09 美元，也遠高於我們先前預測的虧損 0.15 美元至 0.20 美元，與去年同期的 0.04 美元相比也有所改善。庫存金額較去年增長0.7%，符合我們的預期，反映了關稅相關成本的增加。

On a unit basis, inventories were down; and we are well positioned for holiday. We continue to take a disciplined approach to our cash flow and balance sheet. Year-to-date operating cash flow was $247 million versus an outflow of $30 million last year, and free cash flow was an outflow of $183 million versus an outflow of $492 million last year.

以單位數量計算，庫存下降；我們已為假日季節做好了充分準備。我們繼續採取嚴謹的現金流量和資產負債表管理方式。今年迄今的經營現金流為 2.47 億美元，而去年同期為現金流出 3,000 萬美元；自由現金流為 1.83 億美元，而去年同期為現金流出 4.92 億美元。

Capital expenditures were $525 million, down from $649 million spent last year. And monetization proceeds were $95 million compared to $187 million last year.

資本支出為 5.25 億美元，低於去年的 6.49 億美元。貨幣化收益為 9,500 萬美元，而去年為 1.87 億美元。

We returned $350 million to shareholders through $149 million of consistent quarterly cash dividends and $201 million of share repurchases, including $50 million of buybacks in the third quarter. This leaves approximately $1.2 billion remaining on our buyback authorization. And we ended the quarter with $447 million of cash on our balance sheet compared to $315 million last year.

我們透過每季持續發放 1.49 億美元的現金股利和回購 2.01 億美元的股票（包括第三季回購 5,000 萬美元）向股東返還了 3.5 億美元。這樣一來，我們的股票回購授權額度還剩下約12億美元。本季末，我們的資產負債表上現金餘額為 4.47 億美元，去年同期為 3.15 億美元。

Turning to end-to-end operations. We continue to improve our network and make strategic investments to increase speed of delivery and reduce costs. We believe further opportunity remains with the recent opening of our new customer fulfillment and store replenishment center in China Grove, North Carolina.

轉向端到端運作。我們不斷改進網路並進行策略性投資，以提高交付速度並降低成本。我們相信，隨著我們在北卡羅來納州中國格羅夫開設新的客戶履行和門市補貨中心，未來仍將有更多機會。

Outfitted with the latest automation solutions, it is the company's largest and most technologically advanced distribution center. I want to thank our supply chain and broader teams for this tremendous accomplishment. Positioned in the Southeast, the 2.5 million square foot facility expands our reach, enabling faster, more efficient service for millions of customers.

該配送中心配備了最新的自動化解決方案，是該公司規模最大、技術最先進的配送中心。我要感謝我們的供應鏈和整個團隊，感謝他們為這項巨大成就所做的貢獻。該設施位於東南部，佔地 250 萬平方英尺，擴大了我們的服務範圍，能夠為數百萬客戶提供更快、更有效率的服務。

By supporting all product categories, from apparel and beauty to home and toys, more orders can be shipped from a single location, helping customers receive everything they need faster and in fewer boxes. The China Grove facility is initially supporting customer fulfillment and store replenishment for the Macy's nameplate with plans to expand to additional nameplates.

透過支援從服裝、美容到家居和玩具的所有產品類別，可以從一個地點發貨更多訂單，幫助客戶更快地收到他們所需的一切，並且包裝箱數量更少。China Grove 工廠最初為梅西百貨 (Macy's) 品牌提供客戶訂單履行和門市補貨服務，並計劃擴展到其他品牌。

Now I'd like to turn to guidance. We entered the fourth quarter well positioned. We are confident we have a compelling mix of categories and brands across a variety of price points to satisfy our customers' holiday needs and wants. These are supported by exciting marketing campaigns, events, and experiences designed to activate and engage customers.

現在我想請教各位指導意見。我們進入第四季時處於有利地位。我們相信，我們擁有涵蓋各種價位、品類和品牌的豐富產品組合，能夠滿足顧客的度假需求和願望。這些都得到了令人興奮的行銷活動、賽事和體驗的支持，旨在激活和吸引顧客。

As Tony mentioned, we are pleased with the start of the fourth quarter. With the majority of our sales volume still ahead, our guidance continues to incorporate a more choiceful consumer, assumes that the current tariffs remain in place, and provides flexibility to respond to changes in consumer demand and the competitive landscape.

正如托尼所說，我們對第四季的開局感到滿意。由於大部分銷售量尚未到來，我們的業績指引繼續考慮到消費者選擇更加多樣化，假設目前的關稅政策保持不變，並靈活應對消費者需求和競爭格局的變化。

For the fourth quarter, we expect net sales of approximately $7.35 billion to $7.5 billion. As a reminder, last year's store closures contributed about $200 million to sales in the comparable period, comparable sales to be down approximately 2.5% to flat with go-forward comparable sales down 2% to flat.

我們預計第四季淨銷售額約為 73.5 億美元至 75 億美元。提醒一下，去年門市關閉導致同期銷售額減少約 2 億美元，預計同期銷售額將下降約 2.5% 至持平，預計未來同期銷售額將下降 2% 至持平。

Core adjusted EBITDA as a percent of total revenue of 9.4% to 10.1%, and adjusted EPS of $1.35 to $1.55. We are now expecting fourth quarter asset sale gains of roughly $15 million to $20 million compared to our prior expectation of $38 million. This impacts fourth quarter adjusted EPS by approximately $0.05 to $0.06 relative to our prior expectation.

核心調整後 EBITDA 佔總營收的百分比為 9.4% 至 10.1%，調整後每股收益為 1.35 美元至 1.55 美元。我們目前預計第四季資產出售收益約為 1,500 萬美元至 2,000 萬美元，低於先前預期的 3,800 萬美元。這將使第四季度調整後每股收益比我們先前的預期減少約 0.05 至 0.06 美元。

Based on fourth quarter guidance, our revised full year 2025 guidance assumes net sales of approximately $21.475 billion to $21.625 billion -- as a reminder, fiscal 2024 store closures contributed roughly $700 million to net sales -- comparable sales to be flat to up 0.5%, with Macy's, Inc. go-forward comparable sales to be flat to up roughly 1%; other revenue of approximately $830 million to $840 million, with credit card revenues expected to be roughly $635 million to $645 million and Macy's Media Network to be approximately $195 million; gross margin as a percent of net sales to be 37.7% to 37.9%.

根據第四季度業績指引，我們修訂後的 2025 財年全年業績指引預計淨銷售額約為 214.75 億美元至 216.25 億美元——需要提醒的是，2024 財年門市關閉導致淨銷售額減少約 7 億美元——同店銷售額預計持平或增長 0.5%，其中約 18 億美元銷售額約 1.38 新3%。 8.4 億美元，其中信用卡收入預計約為 6.35 億美元至 6.45 億美元，梅西媒體網路收入預計約為 1.95 億美元；毛利率（佔淨銷售額的百分比）預計為 37.7% 至 37.9%。

This is better than our prior expectation reflecting effective tariff mitigation efforts, including shared cost negotiations, vendor discounts, and strategically raising tickets. We now estimate a 40 to 50 basis point tariff impact to gross margin which equates to roughly $0.25 to $0.35 of EPS. This is below our prior expectation of 40 to 60 basis points and $0.25 to $0.40 of EPS.

這比我們先前預期的要好，反映出有效的關稅緩解措施，包括成本分攤談判、供應商折扣和策略性地提高關稅。我們現在估計關稅將對毛利率產生 40 至 50 個基點的影響，相當於每股盈餘減少約 0.25 至 0.35 美元。這低於我們先前預期的 40 至 60 個基點和 0.25 至 0.40 美元的每股盈餘。

SG&A to be down low single digits on a dollar basis to last year, with fourth quarter dollars also down low single digits. As we maintain our disciplined approach to expenses, we will continue to invest in areas that are contributing to our growth profile.

銷售、一般及行政費用（SG&A）以美元計算將比去年同期下降個位數百分比，第四季美元金額也將下降個位數百分比。在保持嚴格控制支出的同時，我們將繼續投資於有助於公司成長的領域。

Asset sale gains of about $60 million to $65 million compared to our prior expectation of $90 million and $144 million last year. Core adjusted EBITDA as a percent of total revenue of 7.5% to 7.7% and adjusted EBITDA of 7.8% to 8%. Interest expense of roughly $100 million, reflecting our recent financing transactions.

資產出售收益約為 6,000 萬美元至 6,500 萬美元，而我們先前的預期分別為 9,000 萬美元和 1.44 億美元。核心調整後 EBITDA 佔總營收的百分比為 7.5% 至 7.7%，調整後 EBITDA 佔總營收的百分比為 7.8% 至 8%。利息支出約為 1 億美元，反映了我們最近的融資交易。

And finally, we have raised our expected adjusted EPS to $2 to $2.20. The previously mentioned change in asset sale expectations has a roughly $0.07 to $0.08 impact on annual EPS relative to our prior guidance. Our guidance does not include additional share buybacks.

最後，我們將調整後每股盈餘預期上調至 2 美元至 2.20 美元。先前提及的資產出售預期變化，預計對年度每股收益的影響約為 0.07 美元至 0.08 美元，與我們先前的預期相比有所調整。我們的業績指引不包括額外的股票回購計畫。

In conclusion, we are encouraged by recent results. We have a healthy balance sheet, including ample liquidity, and a disciplined capital allocation strategy. We remain committed to thoughtfully navigating the near term as we execute against our long-term goals.

總之，我們對近期的成果感到鼓舞。我們擁有健康的資產負債表，包括充足的流動性和嚴謹的資本配置策略。我們將繼續致力於審慎應對近期挑戰，同時努力實現長期目標。

Now let me turn the call back to Tony.

現在我把電話轉回給東尼。

Thanks, Tom. Change has come to Macy's, Inc. We are giving our customers even more reasons to shop with us.

謝謝你，湯姆。梅西百貨公司迎來了改變。我們將為顧客提供更多在我們這裡購物的理由。

I encourage you to visit our stores, our website, or the apps. The difference from when we first embarked on the Bold New Chapter 20 months ago are palpable. The strategy is gaining traction, and our teams across nameplates are energized and fully committed to delivering long-term growth.

我鼓勵您光臨我們的門市、造訪我們的網站或使用我們的應用程式。與 20 個月前我們開啟全新篇章時相比，如今的變化顯而易見。該策略正在取得成效，我們各個品牌團隊都充滿活力，並全力以赴實現長期成長。

And with that, operator, we're now ready for questions.

好了，操作員，我們現在可以開始回答問題了。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作說明）Matthew Boss，摩根大通。

Great. Thanks and congrats on the improvement.

偉大的。謝謝，也祝賀你取得了進步。

So Tony, with two straight quarters of positive comps, could you speak to traction that you're seeing with your reimagined store initiatives as it relates to traffic versus basket? And could you elaborate on November comp trends and customer behaviors that you're seeing maybe relative to the third quarter?

Tony，連續兩季同店銷售額都實現了正成長，您能否談談您重新構想的門市措施在客流量和客單價方面取得的成效？能否詳細說明您觀察到的 11 月份的同店銷售趨勢和客戶行為，特別是與第三季度相比的情況？

Sure, Matt. Thanks for the question. We are definitely seeing traction in the R 125. That's positive growth in both the first 50 and the next 75. That's sequential improvement, a 2.7% comp. It's a reaction, I think, of customers to new brands; to better presentation; to more colleagues in the right place at the right time.

當然可以，馬特。謝謝你的提問。R 125 確實獲得了市場認可。前 50 個月和接下來的 75 個月都實現了正向成長。這是環比成長，增幅為 2.7%。我認為這是顧客對新品牌、更好的展示方式以及在正確的時間出現在正確地點的更多同事的一種反應。

We've seen consistent traffic in our stores and in digital business, frankly; and continued improvement in AUR. So we come out of the third quarter and, as we said, the fourth quarter, pleased so far. But we obviously have a very big part of the fourth quarter in front of us.

坦白說，我們的實體店和線上業務客流量一直都很穩定；平均使用率也持續提高。所以，我們結束了第三節，正如我們所說，也結束了第四節，到目前為止，我們對結果感到滿意。但很顯然，我們面前還有第四季很長一段時間。

So we're taking that choiceful approach to this aspirational customer that shows up in force to the latter part of the fourth quarter. So we just had an echo in here, apologies.

因此，我們對這位在第四季度後半段大量湧現的、具有強烈購買意願的客戶採取了有選擇的態度。這裡剛才有迴聲，抱歉。

So I just want to make sure that the guidance, obviously, is not a ceiling. It's intended to show the guardrails of how we're thinking about the business. And we come out of the month of November as we came out of the third quarter, confident in our strategy.

所以我只是想確保，這些指導意見顯然不是上限。它的目的是為了展示我們思考業務時所遵循的準則。11 月結束時，我們和第三季結束時一樣，對我們的策略充滿信心。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

Tony, what are the most important drivers in the business that you think can sustain the momentum as you look ahead into 2026? As you continue to execute the Bold New Chapter strategy, how are you thinking about the opportunity for core adjusted EBITDA margin delivery? Do you see the recent tariff margin pressure as recapturable into 2026?

東尼，你認為在展望 2026 年之際，企業中哪些最重要的驅動因素能夠維持成長動能？隨著您繼續執行「大膽新篇章」策略，您如何看待核心調整後 EBITDA 利潤率的實現機會？您認為近期關稅利潤率壓力能否在2026年緩和？

Thanks, Brooke. Appreciate the question. The drivers of the business are not unlike what we've been talking about. It's having the right product assortment that is less redundant and more variety.

謝謝你，布魯克。感謝您的提問。推動業務發展的因素與我們一直在討論的因素非常相似。擁有合適的產品組合，減少重複，增加多樣性，才是關鍵。

It's having the right balance of good, better, best across the entire matrix of our assortment. It's having the right balance as an omnichannel retailer, of having a good physical business and a good digital business, which, by the way, we had a good digital business and a good physical business across all three nameplates.

關鍵在於，我們要在整個產品系列中保持良好、更好、最佳之間的適當平衡。作為一家全通路零售商，關鍵在於保持良好的實體業務和良好的數位業務之間的平衡。順便說一句，我們旗下所有三個品牌都擁有良好的實體業務和良好的數位業務。

It's making sure that we shed underproductive stores, which again, when you look at the third quarter comp, you don't have $170 million of closed store volume in that number which is why the go-forward comp is so important to measuring our performance quarter-to-date, year-to-date, and what we've guided for the fourth quarter.

這樣做是為了確保我們剝離那些效率低的門市。同樣，如果你看一下第三季的同店銷售額，你會發現其中並沒有包含 1.7 億美元的已關閉門市的銷售額。這就是為什麼未來同店銷售額對於衡量我們本季至今、本年度至今的業績以及我們對第四季的預期業績如此重要的原因。

In terms of core EBITDA, I'm really pleased with the core EBITDA result because if you look at the shortfall in asset sale gains, our performance is better than a year ago and better than our guidance. And it's better than a year ago with $170 million less in sales.

就核心 EBITDA 而言，我對核心 EBITDA 的結果非常滿意，因為如果考慮到資產出售收益的不足，我們的表現比一年前更好，也比我們之前的預期更好。雖然銷售額比一年前少了 1.7 億美元，但情況已經比去年好多了。

Same is true for the fourth quarter. So I look at the opportunities being navigate the tariffs. They don't go away. So they are a part of how we have to operate in 2026 unless something changes with the courts.

第四季的情況也是如此。所以我認為，如何應對關稅問題是一個機會。它們不會消失。所以，除非法院方面有所改變，否則它們將成為我們2026年運作方式的一部分。

And we have the ability as a multichannel, multi-category, multi-brand, multi-price point retailer to offer the customer what and where and how the way they want to shop. I think this is a perfect opportunity for a department store to lean into what we're very best at, which is offer a broad range of assortment and not let the tariff impact get in the way of our comp performance.

作為一家多通路、多品類、多品牌、多價位的零售商，我們有能力以顧客想要的方式、地點和方式，為他們提供他們想要的商品。我認為這對百貨公司來說是一個絕佳的機會，可以充分發揮我們的優勢，提供種類繁多的商品，並且不讓關稅的影響阻礙我們的同店銷售業績。

And Brooke, I'll add in here. When we look at our full year guide, which we were really pleased to raise as we beat Q3. We're now in a range where we're equal to where we were at the beginning of the year, and that's with a tariff impact of $0.25 to $0.35 built in and a slightly lower ASG around that $0.07 to $0.08.

還有布魯克，我再補充一句。當我們查看全年業績指引時，我們非常高興地看到業績超過了第三季的預期。我們現在處於與年初相同的水平，其中已計入 0.25 美元至 0.35 美元的關稅影響，以及略低的 ASG（約 0.07 美元至 0.08 美元）。

So it really reflects the strong fundamental performance of the business. When you speak about the drivers, it's the Bold New Chapter initiatives that are really delivering this comp growth, an accelerated comp growth.

因此，這確實反映了公司強勁的基本面表現。說到驅動因素，正是「大膽新篇章」計畫真正帶來了薪資成長，加速的薪資成長。

And as we look at tariffs, we're pleased that the impact for tariffs for this year are lower than we previously anticipated. We had been looking at a 40 to 60 basis point impact. It's now 40 to 50. That has flowed through to the bottom line in Q3, and it's really due to the great proactive mitigation efforts of our teams for shared cost negotiations, vendor discounting, raising pricing if needed.

展望關稅，我們很高興今年的關稅影響低於我們先前的預期。我們之前預計會受到 40 到 60 個基點的影響。現在是40到50。這在第三季的利潤中得到了體現，這主要歸功於我們團隊積極主動的緩解措施，包括成本分攤談判、供應商折扣以及在必要時提高價格。

And we're seeing that play out. So as we look to next year, we're going to continue those same efforts and look to mitigate tariffs and certainly keep an eye out on the ongoing tariff situations to what they will be. So we plan on delivering for the customer, first and foremost; and we'll manage through as we have done with tariffs this year.

我們正在目睹這種情況的發生。展望明年，我們將繼續努力，爭取減輕關稅影響，並密切關注關稅情勢的發展。因此，我們計劃首先滿足客戶的需求；我們將像今年處理關稅問題一樣，妥善應對。

Blake Anderson, Jefferies.

布萊克·安德森，傑富瑞集團。

Congrats on the nice results. So I wanted to ask two questions. One on the aspirational customer. So Tony, just curious if you can talk a little bit more about their behavior in Q3 and then what you're expecting for Q4? I know you said there's uncertainty there.

恭喜取得好成績！所以我想問兩個問題。一位是具有抱負的顧客。東尼，我很好奇你能不能再多談談他們在第三季的表現，以及你對第四季的預期？我知道你說過那裡存在不確定性。

How are they shopping? I guess, what are you expecting there for maybe Macy's versus the Bloomingdale's banner? Curious how they show up at each banner. And then as we think about next year on the store closure strategy, how do we think about flowing through SG&A savings versus reinvestment needs?

他們是如何購物的？我猜，你期待在那裡看到梅西百貨和布魯明戴爾百貨的招牌有什麼不同？很好奇它們在每個橫幅上會以怎樣的形式出現。那麼，當我們考慮明年的門市關閉策略時，我們該如何權衡銷售、管理及行政費用的節省與再投資需求呢？

Sure, Blake. Thanks for the questions. Let me take the first, and I'll let Tom take the second.

當然可以，布萊克。謝謝大家的提問。第一個我來，第二個讓湯姆來。

The aspirational customer is a good thing. It suggests that we talk to a broader number of customers in the fourth quarter than we talk to the remainder of the year. And so our job is to make sure that the breadth of our assortments, value, promotions, price points cater to that customer.

有抱負的顧客是件好事。這表明，我們在第四季度接觸的客戶數量比今年其他季度要多。因此，我們的工作就是確保我們的產品種類、價值、促銷活動和價格點都能滿足顧客的需求。

I think what we're implying, again, in our guidance, which is not a ceiling, it's a guardrail, is that we see more of these consumers which have been choiceful all year long in the fourth quarter. And we want to make sure that we see how they show up, what they buy, how we react to that as the quarter unfolds.

我認為，我們再次在指引中暗示的是（這並非上限，而是指導原則），我們將在第四季度看到更多像今年以來一直有選擇權的消費者。我們希望確保能夠看到他們的表​​現、他們的購買行為，以及隨著本季的展開，我們如何應對這些變化。

I have every confidence in the team, confidence in our marketing approach, confidence in our inventory levels. We come into the quarter with markdowns in good shape, inventory in good shape, hiring in good shape, digital and physical in good shape.

我對團隊充滿信心，對我們的行銷策略充滿信心，對我們的庫存水準也充滿信心。本季開始，我們的降價促銷活動、庫存管理、招募、線上和線下業務都進展順利。

We are well positioned to deliver the quarter. I think we're just acknowledging the fact that when you have more customers shopping who are not your core customer, their interests are slightly different. And so we want to make sure that we understand that customer as the quarter unfolds.

我們已做好充分準備，能夠完成本季目標。我認為我們只是在承認這樣一個事實：當有更多非核心客戶前來購物時，他們的興趣會略有不同。因此，我們希望確保在本季中持續了解客戶。

And Blake, I'll add on in terms of the stores and the savings from them and really start with Q3 because you saw what top line growth will do and allow us to lever the P&L. So we were able to lever SG&A by 90 basis points in the quarter.

布萊克，我再補充一下關於門市及其節省的費用，最好從第三季開始，因為你已經看到了營收成長會帶來什麼，並使我們能夠利用損益表。因此，我們得以在本季將銷售、管理及行政費用槓桿化90個基點。

And we're down low single digits year-over-year on an absolute basis, benefiting in part from the benefits of store closures, but also from strong cost disciplines and savings. And we expect Q4 also to be down low single digits year-over-year. So we are seeing that benefit.

從絕對值來看，我們比去年同期下降了個位數百分比，部分原因是門市關閉帶來的好處，但也得益於嚴格的成本控制和節省。我們預計第四季同比也將出現個位數下滑。所以我們已經看到了這種好處。

As we move forward, we do expect to continue to optimize our store fleet for underproductive stores. We make those announcements at the end of the year. As we move forward, we'll certainly achieve those savings.

展望未來，我們預計將繼續優化門市佈局，以減少業績不佳的門市。我們在年底發布這些公告。隨著工作的推進，我們肯定能夠實現這些節省。

But it's also important to note that this year as well as next year, we are investing in the business to drive that top line growth. So it is a balance that we really look forward to talking about more on our fourth quarter call.

但同樣重要的是，今年以及明年，我們都將加大對業務的投資，以推動營收成長。所以，我們非常期待在第四季財報電話會議上更詳細地討論這個問題。

But rest assured, the savings from SG&A do flow through. But we will look to balance because top line growth is key, and we saw how it impacted beneficially the business and allows us to lever SG&A on a go-forward basis.

但請放心，銷售、管理及行政費用的節省確實會惠及消費者。但我們將努力實現平衡，因為營收成長至關重要，而且我們已經看到它對業務產生了積極的影響，並使我們能夠在未來繼續利用銷售、一般及行政費用。

Chuck Grom, Gordon Haskett.

查克·格羅姆，戈登·哈斯克特。

Congrats on a good quarter, guys. On the consumer front, I'm curious if you're more or less confident today than you were, say, 90 days ago. I'm just trying to reconcile the fourth quarter guide, which is lower than your third quarter guide at the midpoint despite the positive comp that you just had last quarter.

恭喜各位，這個季度業績不錯。在消費者方面，我很好奇你現在的信心是比90天前更強了還是更弱了。我只是想弄清楚第四季的業績指引，儘管上季年比數據為正，但第四季的業績指引中點卻低於第三季的業績指引。

And then maybe if we could double-click on traffic versus ticket and then within ticket, AUR versus UBT? And then finally, any additional color on category performance, particularly in the key areas of apparel, home and footwear?

然後，如果我們能雙擊流量與工單，然後在工單內雙擊 AUR 與 UBT，會怎麼樣？最後，能否再補充一些關於品類表現的訊息，尤其是在服裝、家居和鞋類等關鍵領域？

Thanks, Chuck. Let me take the first part, and I'll let Tom add his comments as well.

謝謝你，查克。讓我先說第一部分，然後我再讓湯姆補充他的看法。

I'm more confident today in our strategy than I was 90 days ago. I'm more confident in the delivery of our results and the quality of our inventory and the quality of our marketing and the representation that we have across the three nameplates. Full stop.

我今天對我們的策略比90天前更有信心。我對我們的業績交付、庫存品質、行銷品質以及我們在三個品牌上的形象更有信心。句號。

Our guidance for the fourth quarter is actually higher than our previous implied guide. It just represents the reality of a more choiceful consumer based on the breadth of aspirational customers who shop our brands during the fourth quarter.

我們對第四季度的業績預期實際上高於我們先前給出的預期。這反映了消費者選擇更加多樣化的現實，這體現在第四季度購買我們品牌產品的有抱負的顧客群體的廣泛性。

I hope we are wrong, but it's my nature as a leader to be thoughtful, methodical, informed, sensible. And so that's always going to inform my guide. The less I know about something, the more I'm going to be more prudent in how I approach it.

我希望我們錯了，但身為領導者，我的本性就是深思熟慮、做事有條理、見多識廣、明智。所以，這始終會成為我指南的參考基礎。我對某件事了解得越少，就越會謹慎行事。

But I feel really good about the results. When you have physical and digital growing, when you have your best quarter in 13 quarters, when you have growth across all three of these nameplates, when you have inventory current, when you have inventory levels relative to sales in a healthy position, there's lots of reasons to feel very good.

但我對結果非常滿意。當實體和數位業務都在成長，當公司迎來 13 個季度以來最好的季度，當這三個品牌都實現成長，當庫存充足，當庫存水準與銷售額處於健康狀態時，有很多理由讓你感到非常高興。

And we are pleased with the start of the fourth quarter. So please do not read into the desire to be prudent in our guidance that we have any less confidence in this strategy. We frankly have more confidence in the strategy today than we had 90 days ago.

我們對第四季的開局感到滿意。因此，請不要誤解我們謹慎行事的意圖，認為我們對這項策略缺乏信心。坦白說，我們現在對這項策略的信心比90天前要強得多。

And Chuck, I'm going to add in. You had asked about the traffic ticket AUR.

查克，我也要補充一下。您之前曾詢問過關於交通罰單 AUR 的問題。

When we look at Q2 versus Q3, one of the biggest drivers in the accelerated momentum is a change in traffic. So we were positive in traffic for the quarter. And that's a very important indicator of how customers and consumers are reacting to our new strategies. Ticket and overall basket was also up.

當我們比較第二季和第三季時，加速成長的最大驅動因素之一是交通狀況的變化。所以本季我們的交通流量實現了正成長。這是衡量客戶和消費者對我們新策略反應的一個非常重要的指標。門票和購物籃總銷售額也有所上升。

Within that, AUR was up versus prior year. And that's important as well. It's not a tariff-related impact. It's something that has been going on quarter-over-quarter. And over the past years as the Bold New Chapter has been in place as we continue to drive great value and our consumers are reacting and responding positively with improved and higher basket sizes.

其中，AUR較上年有上升。這一點也很重要。這並非關稅相關的後果。這種情況每季都在發生。過去幾年，隨著我們開啟“大膽新篇章”，不斷創造巨大價值，我們的消費者也給予了積極的反饋，購物籃的金額和數量都有所增加。

So we're pleased with our performance there and the traction as well as the momentum. When I look at our Q4 guide, I'd point out that we both raised and narrowed the range versus our implied guide previously at the top line. So we're pleased to be able to do that. And we look forward to continue to deliver against consumer expectations.

因此，我們對我們在那裡的表現、市場反應以及發展勢頭都感到滿意。當我查看我們的第四季度業績指引時，我想指出，與我們之前在頂部給出的隱含指引相比，我們既提高了業績指引，又縮小了業績指引的範圍。所以我們很高興能夠做到這一點。我們期待繼續不辜負消費者的期望。

Alex Straton, Morgan Stanley.

Alex Straton，摩根士丹利。

Perfect. Congrats on a nice quarter. I've got one for Tony and then one for Tom.

完美的。恭喜你本季業績出色。我為東尼準備了一份，然後又為湯姆準備了一份。

Maybe, Tony, just the performance of the business stands out, I think, particularly when you stack it against other department store peers. So can you just talk about how the department store competitive landscape has evolved in the last year and maybe where you see it going next year and beyond?

或許，東尼，我認為，這家公司的業績確實突出，尤其是在與其他百貨公司同行進行比較時。那麼，您能否談談過去一年百貨公司競爭格局的變化，以及您對明年及以後發展趨勢的看法？

And then for Tom, just on guidance, I think from a gross margin perspective, it embeds the worst compression of the year in the fourth quarter. So what's changing from 3Q to 4Q that makes that pressure a little bit more outsized?

至於湯姆，就業績指引而言，我認為從毛利率的角度來看，第四季的業績下滑幅度是全年最大的。那麼，從第三季度到第四季度，是什麼變化導致這種壓力變得更加巨大？

Thanks, Alex, for the questions. I'll take the first, and Tom can obviously take the second.

謝謝Alex提出的問題。我選第一個，湯姆當然可以選第二個。

Look, it's hard for me to talk about the competitive landscape. I can talk about our business and how I think we are performing relative to prior year and prior quarters. We look good right now. I'm in stores every week. I was in a dozen stores the Thanksgiving weekend.

你看，我很難談競爭格局。我可以談談我們的業務，以及我認為我們與上一年和上個季度相比的業績表現。我們現在看起來狀態不錯。我每週都會去商店。感恩節週末我去了十幾家商店。

Our pricing is sharp. Our presentations are sharp. Our colleagues are engaged. I think we stand up very effectively in every store that I was in, in the mall, against the competitive landscape.

我們的價格很有競爭力。我們的演講精彩紛呈。我們的同事都很投入。我認為在我去過的每一家商場門市裡，我們都很好地應對了激烈的競爭。

We are better than a year ago. We are well positioned for the holiday season with about 50% newness in terms of gifting for the holidays, a good balance where the cold weather is helpful to our cold weather categories, but we're not reliant on cold weather.

我們比一年前進步了許多。我們為假期季節做好了充分準備，假日禮品新品佔比約 50%，這是一個很好的平衡，寒冷的天氣有利於我們的冬季產品類別，但我們並不依賴寒冷的天氣。

So we have a nice, broad distribution of variety across other categories in terms of fragrances and gifting; and the strength of the handbag business now are coming back again. So I think we are very well positioned for the holidays. I think we're very well positioned against other department stores for the holidays. And I think as we've seen in the prior quarters, we're taking share.

因此，我們在香水和禮品等其他類別中擁有豐富多樣的產品；而且手提包業務的強勁勢頭也正在復蘇。所以我覺得我們已經為假期做好了充分的準備。我認為我們在假日銷售方面比其他百貨公司更有優勢。而且我認為，正如我們在前幾季所看到的，我們正在擴大市場份額。

Alex, when I look at our Q4 gross margin, let me just start and ground us in Q3 and work through. So in Q3, we were better than expected. Tariffs were a 50 basis point headwind. But excluding those, we'd be up versus prior year. So the headline number was down about 20 basis points, and that's up even more versus our expectations.

Alex，當我查看我們第四季的毛利率時，讓我先從第三季開始，然後逐步分析。所以第三季度，我們的業績好於預期。關稅造成了 50 個基點的不利影響。但排除這些因素，我們的業績將比上年有所成長。因此，總體數字下降了約 20 個基點，比我們的預期還要高。

In Q4, my math at the midpoint, down around 100 basis points. But 70 to 100 basis points is due to tariffs. So I noted that in the prepared remarks, and that is a little lower as a range than what we previously were expecting based on our mitigation efforts to reduce tariffs.

第四季度，我的計算結果顯示，中間值下降了約 100 個基點。但其中 70 到 100 個基點是因為關稅造成的。因此，我在準備好的發言稿中提到了這一點，而且這個範圍比我們之前根據降低關稅的緩解措施所預期的範圍要低一些。

The remainder is the flexibility to respond to competitors and the overall environment in Q4, and that's something that we had noted in our Q2 earnings call. So that's not new. That's just continued to be in there.

剩下的就是應對第四季競爭對手和整體環境的靈活性，這是我們在第二季財報電話會議上提到的。所以這並不是什麼新鮮事。它一直都在那裡。

I would also point out for the full year, our prior guidance for gross margin was down 60 to 100 basis points year over year. Our current is to be down 50 to 70 basis points. So we have improved on the overall for the year, partially due to lower tariff, but also partially due to a better business results. So we're pleased with that performance.

我還想指出，我們先前對全年毛利率的預期是年減 60 至 100 個基點。我們目前的預期是下跌 50 至 70 個基點。因此，我們今年的整體業績有所改善，部分原因是關稅降低，部分原因是業務績效改善。所以我們對這個表現很滿意。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

Just two questions for me. I think the first one is, can you expand a bit more sort of on pricing increases or ticket increases and the response of the consumer as well as vendor support, just sort of how that's working together?

我只有兩個問題。我認為第一個問題是，您能否更詳細地談談價格上漲或票價上漲，以及消費者和供應商的支持情況，以及這些因素是如何相互作用的？

I think the second question is just on the credit business. I think you have an initiative with new applications and higher credit spend. Can you just talk through how that's trending and the expectations into the fourth quarter into '26?

我認為第二個問題只是關於信貸業務的。我認為你們在推出新應用程式和提高信貸支出方面採取了積極主動的策略。您能否談談目前的趨勢以及對2026年第四季的預期？

Sure, Bob. Thanks for the questions. I'll take pricing. And obviously, Tom will talk about the strength of the credit business.

當然可以，鮑伯。謝謝大家的提問。我要報價。很顯然，湯姆會談到信貸業務的優勢。

In terms of pricing, I think based on what we've shared in terms of the mitigation impact, the consumer continues to spend -- the pricing, I think, on newness and on fashion has had little to no impact on consumer appetite, particularly when you're looking at the breadth of our customers from middle to upper income.

就定價而言，我認為根據我們分享的緩解措施的影響，消費者仍在繼續消費——我認為，新品和時尚的定價對消費者的購買意願幾乎沒有影響，尤其是在考慮到我們客戶群涵蓋中高收入階層的情況下。

So we're excited about that. That's better than what we had expected, and it's delivering a result on the top line and the bottom line better than we had expected for the quarter and frankly, now for the year.

我們對此感到很興奮。這比我們預期的要好，而且就本季而言，其營收和利潤都比我們預期的要好，坦白說，也比我們預期的要好。

I think there is certainly -- on basics and on an aspirational customer, there is more of a waiting game that occurs for the best value and best promotion. And the nature of our business as a department store is we offer a variety of prices. We have some terrific promotions planned for the remainder of the year, all within the guide, that allow us to capture our fair share of the business.

我認為確實存在這種情況——對於基本需求和有抱負的顧客來說，他們會更傾向於等待最佳性價比和最佳促銷活動。我們百貨公司的業務性質決定了我們提供各種價位的商品。今年剩下的時間裡，我們計劃推出一些非常棒的促銷活動，所有活動都在指南範圍內，這將使我們能夠獲得應有的業務份額。

So I think tariffs created some noise and some challenge relative to margin and to pricing that the consumer has experienced, but it hasn't stopped an interest in consumption. And I think that as a business, across three different nameplates, we are extremely well positioned for the fourth quarter.

所以我認為關稅給消費者帶來了一些噪音和利潤率及定價方面的挑戰，但這並沒有阻止人們對消費的興趣。我認為，作為一家企業，我們旗下有三個不同的品牌，我們已經為第四季做好了非常充分的準備。

And Bob, as I look at the credit business, it's performed well throughout the year in Q3, up a little over 30%. And for the full year, based on our guide, up approximately 20%. And that's really due to the great work our teams and colleagues have done building that portfolio into a really strong credit profile. We've improved our net credit loss results very significantly, which is helping drive the revenue benefit.

鮑勃，我觀察信貸業務，發現它在今年第三季表現良好，成長略超過 30%。根據我們的預測，全年增長約 20%。這完全歸功於我們的團隊和同事所做的出色工作，他們將該投資組合打造為非常強大的信用評級體系。我們的淨信貸損失情況已顯著改善，這有助於推動收入成長。

And when you talk about app -- going forward, you had mentioned growing the business. We are seeing higher applications year over year. So that is a great sign and indicator for the future of this business that people are interested, and we're getting our customers to buy into the franchise.

談到應用程式的未來發展，您曾提到要發展業務。我們看到申請人數逐年增加。所以，這是一個很好的跡象，表明人們對這個行業的未來很感興趣，我們也正在讓我們的客戶購買特許經營權。

I think as I look at it more broadly going forward, credit is a part of the broader ecosystem. And we have 40 million customers we speak to on an annual basis. Credit is linked to loyalty. It's an integral part of that. And we're going to continue to manage this in a very disciplined way, grow acquisition, grow usage, and make sure it is linked to the broader engagement with our customer.

我認為，從更廣泛的角度來看，信貸是更廣泛的生態系統的一部分。我們每年與 4,000 萬客戶溝通。信用與忠誠度掛鉤。它是其中不可或缺的一部分。我們將繼續以非常嚴謹的方式管理這項業務，擴大用戶獲取，提高用戶使用率，並確保它與我們與客戶的更廣泛互動聯繫起來。

Paul Lejuez, Citigroup.

Paul Lejuez，花旗集團。

It's Tracy Kogan filling in for Paul. I had two questions. First, just on your store closure program, I think you had said 150 stores to close over three years. Just wondering where you expect to be at the end of this year with that overall total?

是特蕾西·科根代替保羅。我有兩個問題。首先，關於你們的關店計劃，我記得你們說過要在三年內關閉 150 家門市。我想知道您預計今年年底的總業績會是多少？

And then overall, do you expect to close fewer or more than that 150 over the three-year period? And then just I don't think I heard you address the Macy's Media Network reduction. So if you can maybe give details on that.

那麼，總體而言，您預計在三年內完成的交易數量會少於還是多於 150 筆？然後，我好像沒聽到你談到梅西媒體網絡縮減的問題。所以，如果您能提供一些細節就太好了。

Sure. Thanks, Tracy. With regard to store closures, we closed 64 last year. We announced store closures at the end of the year. So we're not in a position right now to do that, but we'll share that new information on our fourth quarter call.

當然。謝謝你，特蕾西。關於門市關閉，我們去年關閉了 64 家。我們在年底宣布了門市關閉計劃。所以我們現在還不具備這樣的條件，但我們會在第四季財報電話會議上分享這些新資訊。

We do want to be respectful and move through holiday with all of our stores and engage with all of our customers in the most positive way possible. We remain committed to our store optimization program, and we'll certainly provide more details on the broader program at that same time.

我們希望尊重顧客，在所有門市順利度過假期，並以最積極的方式與所有顧客互動。我們將繼續致力於門市優化計劃，屆時我們一定會提供有關該計劃的更多細節。

With regard to Macy's Media Network, we did reduce the guidance slightly; and that's really a recalibration of advertising spending. Macy's Media Network is still growing strongly versus prior year. We expect even with this slight recalibration for Q4 to be up strong double digits versus prior year, and the full year to be up low double digits.

關於梅西媒體網絡，我們確實略微下調了預期；這實際上是對廣告支出的重新調整。與前一年相比，梅西媒體網絡依然保持強勁成長。我們預計，即使經過此次略微調整，第四季仍將比上年實現兩位數的強勁成長，全年也將實現兩位數的低成長。

And as I mentioned, with the credit card and the overall ecosystem around Macy's, this is a key part of it. As we speak to our 40 million consumers and the strength of the brand, as evidenced by the amazing Parade, which I thoroughly enjoyed with my family -- it was amazing in-person.

正如我之前提到的，信用卡以及梅西百貨的整個生態系統，都是其中的關鍵部分。正如我們與 4000 萬消費者交流以及品牌實力所證明的那樣，精彩絕倫的遊行活動就證明了這一點，我和我的家人都非常享受這次活動——親眼所見真是太棒了。

I think that there's power here, and we expect to continue to build and grow this business as we have this year with things like the Amazon partnership and leveraging, of course, our brand partners and access to those consumers in our loyalty and broader ecosystem.

我認為這裡蘊藏著巨大的潛力，我們希望能夠像今年一樣，繼續發展壯大這項業務，例如與亞馬遜的合作，當然還有利用我們的品牌合作夥伴以及我們忠誠度計劃和更廣泛的生態系統中的消費者資源。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Congrats on the improvement. Just one quick one and then a longer-term question for you, Tony. I think in the prepared remarks, you said active was a weaker category. Maybe just a little bit of detail there. I think that's obviously been a multiyear strong category for you. Surprised to hear that.

恭喜你有進步。東尼，我先問你一個簡短的問題，然後再問你一個比較長遠的問題。我認為你在事先準備好的發言稿中提到過，「積極」是一個較弱的類別。或許可以再補充一些細節。我認為這顯然一直是你們多年來表現強勁的領域。聽到這個消息我很驚訝。

And then I guess if we just look at the Macy's Reimagine 125 versus the rest of the Macy's nameplate stores in the go-forward portfolio. When you -- I think the Re 125 have been pretty consistently out comping to go forward by 120 basis points three quarters in a row, very consistently actually. Can you put that level of outperformance into perspective relative to the hurdle rates you want to see for those investments in the Reimagined stores?

然後，我想如果我們把梅西百貨 Reimagine 125 與未來計劃中的其他梅西百貨品牌門市進行比較，就會發現一些不同之處。我認為 Re 125 已經連續三個季度穩定地領先競爭對手 120 個基點，實際上非常穩定。您能否將這種超額收益水準與您希望在改造門市的投資中看到的最低收益率進行比較？

Is that how you'd frame the opportunities as you start to look beyond the Reimagined doors and look at the rest of the go-forward fleet? Or what are some of the more portable strategy you can take out to the rest of the fleet now that you're a few years into the strategy versus what initiatives may not be as much of an opportunity past the first 125?

當你開始放眼「重塑」後的船隊之外，展望未來船隊的其餘部分時，你會如何看待這些機會呢？或者說，既然該策略已經實施幾年了，有哪些更具可移植性的策略可以推廣到艦隊的其他部分？相較之下，哪些措施在前 125 年後可能就不那麼容易實施了？

Thanks, Mike. Great questions. First, yeah, active was a little softer. We still believe in the importance of the category, the partnership with Nike, the importance of the breadth of both the third piece, and the opportunity in the business as it relates to Bloomingdale's and other active brands like Varley and Vuori. So I think that it's a business that simply gets impacted by the breadth of what we also are selling.

謝謝你，麥克。問得好。首先，是的，活躍狀態稍微柔和一些。我們仍相信該品類的重要性、與耐吉的合作、第三件產品廣度的重要性，以及與布魯明戴爾百貨公司和其他運動品牌（如Varley和Vuori）相關的業務機會。所以我認為，這項業務會受到我們銷售產品範圍的影響。

So we're in a dress up cycle right now. We're selling tailored clothing really well. We're selling dresses really well. We're selling career sportswear really well. We're selling evening and dress shoes really well. So I just think it's the ebb and flow of the nature of our business. We are prepared and will stay committed to a strong and healthy active business, but it just happened to be softer for the category.

所以我們現在正處於換裝週期。我們的訂製服裝賣得非常好。我們的洋裝賣得非常好。我們的職業運動服賣得非常好。我們的晚禮服鞋和正裝鞋賣得非常好。所以我認為這只是我們這個產業固有的起伏波動而已。我們已做好準備，並將繼續致力於打造強勁、健康的活躍業務，但恰好該品類的市場環境較為疲軟。

And as it relates to the R 125 investments, we feel pretty good in looking at the second year, particularly of the first 50 and the first year of the R of the 75 or the R 125 in total in terms of the payback that we're getting. We don't expect it on day 1, but we have an arc and architecture to what our expectation is.

至於 R 125 的投資，我們對第二年的表現相當滿意，特別是前 50 年和第一年總共 R 75 或 R 125 的投資，就我們獲得的回報而言。我們並不期望在第一天就實現，但我們已經制定了預期目標的計劃和架構。

And I think in the next 75, our investments were different than our first 50 based on the learning that we had from the first year of experimentation. And remember, we did some additional stores last year in the fall to try to make sure we could jump start the 75 with more learning and more prescriptive investment strategy in the next doors.

我認為，在接下來的 75 年裡，我們的投資與前 50 年有所不同，這是基於我們在第一年的試驗中學到的經驗。記住，去年秋天我們又開了幾家店，目的是確保我們能夠透過更多的學習和更有針對性的投資策略，迅速啟動接下來的75家門市。

And as Tom talked about, we'll talk on the fourth quarter call about the expansion of the R 125 program. We'll clearly do more stores next year based on the outperformance and based on the payback curve.

正如湯姆所說，我們將在第四季度電話會議上討論 R 125 項目的擴展。根據目前的良好業績和投資回報曲線，我們明年肯定會開設更多門市。

And I just wanted to jump in and add. You had mentioned about 120, 130 basis point differential. And in our presentation, we do note the R 125 was up 2.7% comp. The go-forward stores were up 1.5%.

我只是想插句話。您之前提到大約120、130個基點的差異。在我們的報告中，我們確實提到 R 125 上漲了 2.7%。未來門市數量增加了 1.5%。

That go-forward piece does include the R 125. So the differential is actually greater. And when I look at the investments we're making and the learnings that we are taking ahead and moving into the next investments, very comfortable with the payback and how we are looking at these stores to drive the top line with an appropriate investment in the store experience in other areas like brand and category expansion.

該後續計劃確實包括 R 125。所以實際的差異更大。當我審視我們正在進行的投資以及我們從中汲取的經驗教訓，並著手進行下一步投資時，我對投資回報以及我們如何看待這些門市，並透過對門市體驗和其他領域（如品牌和品類擴張）的適當投資來推動營收成長，感到非常滿意。

(Operator Instructions) Nicholas Sylvia, TD Cowen.

（操作說明）Nicholas Sylvia，TD Cowen。

This is Nick on for Oliver Chen. Congrats on the quarter. I wanted to ask about SG&A as you revised your guidance. From what I see, it looks like it is now 40 to 50 basis points over the full year. Could you just elaborate on the planned SG&A increases? What that is going to be allocated to in terms of digital store formats or other areas? And then more broadly, or I guess more specifically speaking on digital, how do you see the mix of digital versus in-store evolving over 2026?

這裡是尼克，替奧利佛·陳報。恭喜你本季取得佳績。我想就您修訂後的指導方針詢問一下銷售、一般及行政費用 (SG&A) 的相關事宜。據我觀察，全年來看，現在的漲幅似乎在 40 到 50 個基點之間。能否詳細說明一下計劃中的銷售、管理及行政費用成長？這筆資金將分配給數位商店形式或其他領域？那麼更廣泛地說，或者更具體地說，就數位化而言，您認為到 2026 年，數位化與實體店的組合將如何演變？

Thanks, Nick. I'll start with SG&A. And I think from a -- for the full year from a percent of revenue basis, we've actually moved it down. So it was up 60 to 80 basis points. It's now up 40 to 50. So it speaks to the leverage we're bringing to the business. And one of the reasons it's up on a dollar basis is our sales are higher. So we're happy from a point of view of having some variable costs related to selling.

謝謝你，尼克。我先從銷售、管理及行政費用說起。而且我認為，從全年收入百分比來看，我們實際上已經降低了這一比例。所以漲了60到80個基點。現在上漲了40到50。這表明我們為公司帶來了優勢。美元價格上漲的原因之一是我們的銷售額成長了。所以從銷售相關的變動成本的角度來看，我們很樂意承擔一些成本。

And as I look at Q3, we were down low single digits, and we levered by 90 basis points. Q4 is down low single digits, really reflecting the same discipline and benefits as well as increased variable costs related to the higher revenue and a little bit of a timing shift.

當我回顧第三季時，我們的虧損幅度很小，只有個位數，槓桿率達到了 90 個基點。第四季同比下降個位數，這確實反映了同樣的紀律和收益，以及與收入增加相關的可變成本增加和時間上的些許變化。

But overall, I think for the year, I feel like we're in a better spot based on our leveraging the business. And as I mentioned earlier, I want to make sure we want to invest in the business to drive that top line growth. So that's always a balance that we are doing.

但總的來說，我認為就今年而言，基於我們對業務的充分利用，我們處於更好的境地。正如我之前提到的，我想確保我們願意投資這項業務，以推動營收成長。所以，這始終是我們努力尋求的平衡。

And as it relates to digital, Nick, we're pleased with the growth of the business. We're pleased with the replatforming and the enhancements that the digital team has made to the overall experience on our app, on our home page, on our category pages, the work we've done in personalization.

至於數位化方面，尼克，我們對業務的成長感到滿意。我們對平台重構以及數位團隊對我們應用程式、主頁、類別頁面以及個人化方面的整體體驗所做的改進感到非常滿意。

Obviously, we mentioned the important investment we made in China Grove to not only support our store network in terms of delivery of inventory, but also fulfillment of our digital business to the consumer.

顯然，我們提到了我們對 China Grove 的重要投資，這不僅是為了支持我們的門市網路進行庫存配送，也是為了履行我們對消費者的數位業務。

But I'd be remiss if I don't mention the omnichannel business, which is the focus we have as a company is winning market by market with what we offer physically, what we offer digitally; and making sure that we don't get enamored with a digital penetration that may go up or go down and we end up not having a bigger business. Our focus is on a bigger business, a healthier customer base, where the customer decides how, where and when they want to shop.

但如果我不提及全通路業務，那就太失職了。我們公司的重點是憑藉我們實體提供的產品和服務以及數位產品和服務，逐個市場地贏得市場；同時確保我們不會沉迷於數位滲透率，因為數位滲透率可能會上升或下降，最終導致我們的業務無法發展壯大。我們的重點是發展更大的業務，建立更健康的客戶群，讓客戶決定如何、在哪裡以及何時購物。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey顧問集團。

The newness is definitely evident in the assortment as you walk through the stores, whether it's at Macy's or Bloomingdale's. Tony, how do you see this path of newness continuing? Where do you want to take it either by category, price point? How do you see that opportunity in capturing new customers and getting more from existing?

當你走進梅西百貨或布魯明戴爾百貨時，你會明顯感受到商品的新穎性。東尼，你認為這種創新之路將如何持續下去？你想按類別還是價格定位來劃分？您如何看待獲取新客戶和從現有客戶身上獲得更多收益的機會？

And then, Tom, when you think about the opportunity for the puts and takes of gross margin going forward, given that tariffs have been maybe a little bit less of a headwind lately, where do you see opportunity?

那麼，湯姆，考慮到關稅最近可能不再像以前那樣構成阻力，展望未來毛利率的波動機會，你認為機會在哪裡？

Thanks, Dana. Appreciate the questions. We are excited about the amount of newness that we have coming into both Macy's and Bloomingdale's. And I think newness is important across good, better and best price points.

謝謝你，達娜。感謝提問。我們對梅西百貨和布魯明戴爾百貨即將推出的眾多新品感到非常興奮。我認為，在好、更好、最好的各個價位上，創新都很重要。

I'm a big believer in balance that our overall assortment architecture has to be right for the customers who shop each of our brands. In the case of Bloomingdale's, that's adding more designer and more advanced contemporary to our overall assortments while still remaining an aspirational store.

我非常相信平衡的重要性，我們的整體產品組合架構必須適合購買我們每個品牌商品的顧客。以布魯明戴爾百貨為例，這意味著在保持其作為令人嚮往的商店的地位的同時，在我們的整體產品系列中增加更多設計師品牌和更先進的現代風格。

In the case of Macy's, it's making sure that we are not undershooting the customer. So adding brands like Reiss and Rodd & Gunn and Theory and MFK and Expanded Barbour and Mackenzie-Childs really feels the better and the best price points where we didn't have a compelling or a large enough assortment.

以梅西百貨為例，就是確保我們不會低估顧客的需求。因此，增加 Reiss、Rodd & Gunn、Theory、MFK、Expanded Barbour 和 Mackenzie-Childs 等品牌，確實能更好地滿足我們先前缺乏吸引力或足夠的選擇的價位需求。

So I remain challenging of myself and our merchant team to make sure that we're shopping the markets and that we're continually looking at what the customer is looking at and that we're refreshing and updating our assortments. Areas like women's ready-to-wear is an opportunity for us at Macy's.

因此，我不斷鞭打自己和我們的採購團隊，確保我們走訪市場，不斷關注顧客的需求，並不斷更新和完善我們的商品種類。像女裝成衣這樣的領域對梅西百貨來說是一個機會。

We've had some nice growth, as I said, in career sportswear and dresses and in the contemporary zone. We think there's much more opportunity in our effort to try to learn from each other without becoming one another. We know there is a bigger contemporary market for Macy's and the merchant team is leaning into that opportunity.

正如我所說，我們在職業運動裝、洋裝和現代服飾領域都取得了不錯的成長。我們認為，如果我們努力互相學習而不是互相模仿，就能有更多的機會。我們知道梅西百貨擁有更大的當代市場，採購團隊正在積極掌握這項機會。

And Dana, from a puts and takes in the future perspective, first, I think we're really well positioned to deliver top line growth and bottom line growth. On a top line basis, we've seen the contributors here: the R 125, our go-forward business at Macy's, Bloomingdale's strong growth, and our overall system working across all different channels, categories and brands.

達娜，從未來發展的角度來看，首先，我認為我們已經做好了充分的準備，可以實現營收和利潤的成長。從總體上看，我們看到了這些貢獻者：R 125、我們在梅西百貨的持續業務、布魯明戴爾百貨的強勁增長，以及我們跨所有不同渠道、類別和品牌的整體系統運作。

From a margin perspective, on gross margin, we had mentioned NPS, and it really speaks to customer satisfaction. So as we continue to improve our customer satisfaction, I believe that will support better regular price sell-throughs.

從利潤率的角度來看，關於毛利率，我們提到了 NPS，它確實反映了客戶滿意度。因此，隨著我們不斷提高客戶滿意度，我相信這將有助於提高常規價格的銷售率。

We have great opportunities to continue to improve brand assortment, variety, reduced redundancy, maintain our inventory discipline, and continuing to lever tools like Hold & Flow and other activities that are going to make our systems more efficient.

我們有很大的機會繼續改進品牌組合、品種，減少冗餘，保持庫存紀律，並繼續利用 Hold & Flow 等工具以及其他能夠提高系統效率的活動。

And speaking of that, end-to-end efficiencies, including our planning activities, I think there is opportunity across all of these areas to continue to build on our gross margin.

說到這裡，關於端到端的效率提升，包括我們的規劃活動，我認為在所有這些領域都有機會繼續提高我們的毛利率。

And from an SG&A perspective, the top line growth will help lever. And of course, our cost discipline as we're always on cost discipline view as well as additional end-to-end savings there. So I believe there's great opportunities top and bottom line going forward.

從銷售、管理及行政費用（SG&A）的角度來看，營收成長將有助於槓桿作用。當然，我們始終注重成本控制，力求在各個環節節省成本。所以我相信，未來無論在營收或利潤方面，都存在著巨大的發展機會。

Jay Sole, UBS.

Jay Sole，瑞銀集團。

Tony, my question is about the customers who shop at the closed stores. Have you got an analysis on how many of those shoppers you're able to recapture in other stores or online? And if so, what your thoughts about that?

托尼，我的問題是關於在已關閉的商店購物的顧客。您有沒有分析過，能夠將多少顧客重新吸引到其他門市或線上商店？如果是這樣，你對此有何看法？

Sure, Jay. We have a recapture plan that we put in place every time we close a store. It's a slightly different model if it's a single-store market versus the multi-store market and if it's a digital or omnichannel customer versus single channel customer.

當然可以，傑伊。每次關閉門市時，我們都會實施一套門市回收計畫。如果是單店市場與多店市場，或者如果是數位化或全通路客戶與單通路客戶，則模型會略有不同。

And what I would say is, so far, we are pleased with the retention that we've seen. It's consistent with what we've experienced in the past. And I would say we're on or slightly above our retention expectation so far.

我想說的是，到目前為止，我們對目前的客戶留存率感到滿意。這與我們過去的經驗一致。我認為到目前為止，我們的客戶留存率已經達到或略高於預期。

So it's always something that we try very hard to retain. And particularly if the store is closing a few miles away from another store, we have a better shot at retaining more of those customers. And the longer and the further away you are from that customer, the harder it is to retain more of the sales.

所以，這是我們一直努力想要保留的東西。尤其是如果這家商店關閉的地方距離另一家商店只有幾英里遠，我們就更有可能留住更多的顧客。離客戶越遠、時間越長，就越難留住客戶。

We tend to see also more of the business in areas like big ticket, where the customer normally will travel a little bit more to outfit their home and in select beauty categories, where, again, we may move the colleagues.

我們也傾向於在高價商品領域看到更多業務成長，因為顧客通常會為了佈置家居而多走一些路；此外，在某些美容產品類別中，我們可能會調動同事。

Both in beauty and in fine jewelry, I would say, we tend to move the colleagues from the closing store to another neighborhood store and they come with either client book or with a relationship with customers that tend to shop with those associates.

無論是美容美髮還是高級珠寶行業，我們都會傾向於將即將關閉的門店的同事調到附近的另一家門店，他們要么帶著客戶名單，要么與那些經常光顧這些門店的顧客建立了良好的關係。

Interesting. And would you say most of the time those customers become shoppers of other Macy's stores or they just end up shopping more Macy's online?

有趣的。您認為這些顧客大多數情況下會成為其他梅西百貨店的顧客，還是最終只是在梅西百貨網上購物？

Both. And again, it's really proximity. You probably have a 15- to 20-minute drive horizon. And obviously, based on traffic in certain markets, it's different how long or how many miles that is.

兩個都。再次強調，關鍵在於距離。你大概有15到20分鐘的車程範圍。顯然，根據不同市場的交通狀況，這個距離或里程數也會有所不同。

But if a store is closed by and, as I said, if they're already shopping multiple Macy's, in some cases, the stores were closing where the store that they did the returns at, where the store they might have run into for a replenishment item and they already shopped another store, we're likely to retain that customer.

但是，如果一家商店關閉了，而且正如我所說，如果他們已經在多家梅西百貨購物，在某些情況下，他們退貨的商店、他們可能順便去補貨的商店，以及他們已經逛過其他商店的商店都關閉了，我們很可能會留住這位顧客。

If they were shopping online and only that store and the other stores a little bit further away, it's harder for us to retain that customer. But we are always, through our personalized marketing efforts, doing outreach to those customers. The loyal and credit card customers that we have a longer relationship with, we're also more likely to hold on to.

如果他們只在網路上購物，而且只光顧那家商店和稍遠一些的其他商店，那麼我們很難留住這位顧客。但我們始終透過個人化的行銷活動，與這些客戶保持聯繫。我們更有可能留住那些與我們保持長期良好關係的忠誠客戶和信用卡客戶。

Janet Joseph Kloppenburg, JJK Research.

珍妮特·約瑟夫·克洛彭堡，JJK 研究中心。

Congratulations. Tony, I got on late because I'm traveling, but what do you see as the opportunity for Macy's and for Bloomingdale's? Some of the turbulence is going on I think where some of your department store customers. And also, you spoke to the weakness of -- relative weakness in the active category. Maybe I missed this, but speak to the uptrend that you're seeing in the handbag categories.

恭喜。東尼，我來晚了，因為我一直在出差，你覺得梅西百貨和布魯明戴爾百貨的機會是什麼？我認為部分動盪可能發生在你們百貨公司的一些顧客身上。而且，您還談到了活躍類別的相對弱點。或許我錯過了什麼，但請談談您在手提包類別中觀察到的上升趨勢。

Thanks, Janet, for the question. Yes, we did speak to the softness in the active category and really talked about the fact that consumer is investing into dresses and career sportswear and our contemporary collections and denim, so other kind of active-ish casual categories, just not active per se. And not the case in the Bloomingdale's brand where they've been enhanced by the strength of their overall active assortment.

謝謝Janet的提問。是的，我們確實談到了運動服飾類別的柔和性，並且真正談到了消費者正在投資連身裙、職業運動服、我們的現代系列和牛仔服，以及其他一些類似運動的休閒類別，只是本身不是運動服飾。但布魯明戴爾百貨公司的情況並非如此，該公司憑藉其整體活躍產品系列的優勢而得到了提升。

We certainly are in a better position today than we were a year ago as a department store or a multi-brand, multi-category retailer. I feel great about our assortments. I feel strongly about the quality of the team. We are well positioned with our marketing for the fourth quarter.

作為百貨公司或多品牌、多品類零售商，我們今天的處境肯定比一年前好得多。我對我們的產品系列非常滿意。我對團隊的素質充滿信心。我們的第四季行銷工作已做好充分準備。

All three of our nameplates have opportunities to take share in the marketplace. Both Tom and I were out Black Friday weekend visiting stores. I like how we're showing up. I like the way we're engaging the customer. I see the Net Promoter Scores as a wonderful indicator of our opportunity to grow this franchise, grow this portfolio across each of our nameplates.

我們三個品牌都有機會在市場上佔有一席之地。黑色星期五週末，我和湯姆都出去逛商店了。我喜歡我們展現的狀態。我喜歡我們與客戶互動的方式。我認為淨推薦值 (NPS) 是一個很好的指標，它能反映出我們發展這個特許經營權、發展我們旗下每個品牌產品組合的機會。

Okay. And in terms of the customer being very -- having great appetite for fashion apparel, do you think that's because the brands are presenting better products, more innovative? Or do you think some of this TikTok marketing, et cetera, is exciting the customer more than they normally would have been?

好的。至於顧客對時尚服飾有著極大的熱情，你認為這是因為品牌推出了更好、更創新的產品嗎？還是你認為TikTok行銷等等，比以往更能激發顧客的興趣？

Thanks, Janet. All of the above. There's no doubt that social media is having an impact on people all across the country wanting to know what's in vogue, what's in fashion, what's in style and wanting to partake in the trends. And whether they buy the designer, they buy something that's inspired by the designer, it's again, another advantage of being a multi-brand and multi-price point retailer.

謝謝你，珍妮特。上述所有的。毫無疑問，社群媒體正在對全國各地的人們產生影響，他們都想知道什麼是流行趨勢、什麼是時尚潮流、什麼是時尚風格，並希望參與這些潮流中來。無論他們購買的是設計師的作品，還是受設計師啟發的作品，這再次體現了多品牌、多價位零售商的另一個優勢。

We have something that looks like that from that designer or from something that may look like that. And I think the opportunity to participate in trends to feel like you're fashionable for whatever you're posting on social media is a great advantage of a department store.

我們有類似那位設計師設計的款式，或是類似款式的產品。我認為，百貨公司的一大優勢在於，顧客有機會參與潮流，無論在社群媒體上發布什麼內容，都能感受到自己的時尚感。

And I just would give a shout out to our visual teams in the stores. We are showing up well. We are telling stories. We are communicating ideas. We are inspiring customers to buy trends and new fashion, I think, better than we've done in the past.

我還要特別感謝我們門市的視覺陳列團隊。我們表現不錯。我們在講故事。我們正在交流想法。我認為，我們比以往更能激發顧客購買潮流服飾和新款式。

And Janet, I'll add on to your question on how we work versus competition. I just say that we're really well positioned with a very strong balance sheet, robust cash flow, no debt maturities. We're a great partner and a sought-after partner. And we have the ability to invest and return in our business and return cash to shareholders. So I believe we're well positioned from that perspective as well.

珍妮特，關於你提出的我們與競爭對手合作方式的不同問題，我再補充一點。我只想說，我們目前處境非常有利，資產負債表非常穩健，現金流充裕，也沒有債務到期。我們是優秀的合作夥伴，也是備受追捧的合作夥伴。我們有能力投資並改善我們的業務，並將現金回饋給股東。所以我認為從這個角度來看，我們也處於有利地位。

At this time, I'd like to turn the floor back over to Mr. Tony Spring for closing comments.

此時，我想把發言權交還給托尼·斯普林先生，請他作總結發言。

Thank you very much. I appreciate all the questions. I hope that everyone has a magical and successful and enjoyable holiday season.

非常感謝。感謝大家提出的所有問題。我希望大家都能度過一個充滿魔法、圓滿成功、無比愉快的假期。

And if you still are missing things on your wish list or have some gifts you have to give, I know three places, Macy's, Bloomingdale's, and Bluemercury, where you can find gifts that will satisfy every single person on your list.

如果你的願望清單上還有遺漏，或者你還有一些禮物要送人，我知道三個地方：梅西百貨、布魯明戴爾百貨和 Bluemercury，在那裡你可以找到讓清單上每個人都滿意的禮物。

Happy holiday, everybody. We'll talk to you on the fourth quarter earnings call.

祝大家節日快樂。我們將在第四季財報電話會議上與您討論。

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines and log off at this time. Have a wonderful day.

女士們、先生們，感謝各位的參與。今天的活動到此結束。您可以在此時斷開連線並登出。祝您有美好的一天。