梅西百貨 (M) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Macy's Inc first quarter 2026 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, please go ahead.

各位好，歡迎參加梅西百貨公司（Macy's Inc.）2026 會計年度第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。現在我想把電話交給投資人關係副總裁 Pamela Quintiliano。Pamela，請開始。

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. Along with our first quarter 2026 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 2025. All references to our prior expectations, outlook or guidance refer to information provided on our March 18 earnings call.

謝謝，接線員。各位早安，感謝各位加入我們。今天與我一同出席電話會議的有：董事長兼執行長 Tony Spring，以及營運長兼財務長 Tom Edwards。我們已隨 2026 會計年度第一季新聞稿一併向美國證券交易委員會（SEC）提交 Form 8-K，簡報亦已張貼於我們網站 macysinc.com 的投資人專區，並在今日網路直播期間同步即時展示。除非另有說明，我們提供的比較基準皆為 2025 年。所有對先前預期、展望或指引的提及，均指我們在 3 月 18 日財報電話會議中所提供的資訊。

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 unless otherwise noted. All reported nameplate comp sales results are on a go-forward basis.

在今天的電話會議中，我們將提及若干非 GAAP 財務衡量指標。這些指標的調節表可於我們的財報簡報與 SEC 申報文件中查閱，網址為 www.macysinc.com/investors/。除非另有說明，今天預先準備講稿中提到的所有同店銷售（comp sales）均代表可比的自營＋授權＋市集（marketplace）銷售。所有已揭露的各品牌（nameplate）同店銷售結果皆以「前瞻（go-forward）」基礎呈現。

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

未來（go-forward），Macy's Inc. 的同店銷售包含約 350 家 Macy's 前瞻門市，以及 Bloomingdale's 與 Bluemercury 品牌（nameplates）的門市與數位（Digital）。Macy's 品牌（nameplate）的前瞻同店銷售包含約 350 家 Macy's 前瞻門市與 Macy's 數位（Digital）。Bloomingdale's 與 Bluemercury 的前瞻同店銷售包含所有門市據點與數位（Digital）。

As a reminder, on February 18, we announced an update to our non-GAAP financial disclosures, the details of which are available in the Form 8-K. These changes do not impact our historical or future GAAP metrics and disclosures. The updated disclosures, which encompass comparable sales, OLM dollar sales, revenues and non-GAAP earnings are intended to both simplify disclosures and provide increased clarity on the key metrics that support our growth profile and go-forward operating performance.

提醒各位，我們於 2 月 18 日宣布更新非 GAAP 財務揭露，相關細節可於 Form 8-K 中查閱。這些變更不影響我們過去或未來的 GAAP 指標與揭露。更新後的揭露涵蓋同店銷售、OLM 美元銷售、營收與非 GAAP 盈利，目的在於簡化揭露並更清楚呈現支撐我們成長輪廓與前瞻營運表現的關鍵指標。

Beginning this quarter, adjusted earnings metrics reflect our new non-GAAP metrics. 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. Today's call is being webcast on our website. A replay will be available approximately two hours after the conclusion of this call.

自本季起，調整後盈餘指標將反映我們新的非 GAAP 指標。所有前瞻性陳述均受 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）之安全港條款規範。這些前瞻性陳述存在風險與不確定性，可能導致實際結果與今日所提及的預期與假設出現重大差異。關於這些因素與不確定性的詳細討論，載於我們向 SEC 提交的申報文件中。今日電話會議將於我們網站進行網路直播。重播將於本次電話會議結束後約兩小時提供。

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

接下來我把時間交給 Tony。

Thank you, Pam. Good morning, and thank you for joining us today. I'm pleased with the strong start to the year. Our Bold New Chapter initiatives continue to gain momentum. In the first quarter, we delivered enterprise-wide growth, better-than-expected performance across all key metrics and our best comparable sales in four years with all nameplates and channels positive.

謝謝你，Pam。各位早安，感謝各位今天加入我們。我對今年強勁的開局感到滿意。我們的「Bold New Chapter」計畫持續累積動能。第一季我們實現全企業成長，各項關鍵指標表現優於預期，並創下四年來最佳同店銷售，所有品牌與通路皆為正成長。

These broad-based operational and financial improvements reflect the strength and viability of the Bold New Chapter strategy. Our customer-led focus is resonating and driving tangible results. Macy's Inc. net sales, comparable sales, adjusted EBITDA and adjusted diluted EPS all exceeded our guidance. Macy's nameplate delivered its fourth consecutive quarter of positive comps and led by our Reimagine 200 locations. Bloomingdale's has achieved double-digit comps and its best first quarter sales volume on record, and Bluemercury delivered another quarter of comparable sales growth.

這些廣泛的營運與財務改善，反映「Bold New Chapter」策略的強度與可行性。我們以顧客為導向的聚焦正在引起共鳴並帶來具體成果。Macy's Inc. 的淨銷售、同店銷售、調整後 EBITDA 與調整後稀釋每股盈餘（EPS）皆超越我們的指引。Macy's 品牌同店銷售連續第四季為正，並由我們的 Reimagine 200 門市領軍。Bloomingdale's 達成雙位數同店成長，並創下史上最佳第一季銷售量；Bluemercury 也再度交出同店銷售成長的一季。

I want to take a moment to thank our colleagues, their dedication to the Bold New Chapter strategy and consistent focus on our customer are integral to the progress we're making. Through strong cross-functional collaboration, we continue to learn from each other without becoming one another. Our results reflect the progress we're making on each pillar of the Bold New Chapter strategy. Macy's, Inc. delivered 3% comparable sales growth, representing our strongest first quarter since 2022, with go-forward Macy's, Inc. rising 3.1%.

我想花點時間感謝我們的同仁；他們對「Bold New Chapter」策略的投入，以及對顧客一貫的專注，是我們取得進展不可或缺的關鍵。透過強而有力的跨職能協作，我們持續彼此學習，同時不會變得彼此一樣。我們的成果反映出「Bold New Chapter」策略各支柱的推進進度。Macy's, Inc. 同店銷售成長 3%，為 2022 年以來最強的第一季表現；其中前瞻（go-forward）Macy's, Inc. 成長 3.1%。

Adjusted EPS of $0.13 was well above the high end of our guidance on stronger sales and expense management. Now let's discuss each pillar of the strategy, beginning with strengthening and reimagining Macy's. Macy's nameplate achieved positive 1.6% comparable sales with Reimagine locations growing 2.4%. We are encouraged by the Reimagine performance, which have delivered positive comparable sales in eight of the last nine quarters.

在銷售更強與費用管理得宜的帶動下，調整後 EPS 為 0.13 美元，明顯高於我們指引區間的上緣。接下來我們將逐一說明策略的各個支柱，先從強化並重塑 Macy's 開始。Macy's 品牌同店銷售為正成長 1.6%，其中 Reimagine 門市成長 2.4%。我們對 Reimagine 的表現感到鼓舞，因為在過去九個季度中有八個季度實現同店銷售正成長。

During the first quarter, we expanded learnings to an additional 75 locations, bringing the Reimagine base to 200. As a reminder, these locations account for nearly 60% of our go-forward Macy's stores and were about 75% of our fiscal 2025 go-forward Macy's store sales. And while we achieved our highest first quarter, Macy's nameplate Net Promoter Score on record, the Reimagine locations continue to score even higher.

第一季期間，我們將學習成果擴展至另外 75 個據點，使 Reimagine 的基礎門市數提升至 200 家。提醒各位，這些門市約占我們前瞻（go-forward）Macy's 門市的近 60%，並約占 2025 會計年度前瞻 Macy's 門市銷售的約 75%。此外，雖然我們創下史上最高的第一季 Macy's 品牌淨推薦值（Net Promoter Score），Reimagine 門市的分數仍持續更高。

Digital also contributed to positive comparable sales results. Our improved digital experience reflects the foundational platform improvements we have implemented over the last several years and is supported by our store and brand initiatives. At the same time, our curated marketplace is further enhancing our fashion authority position by complementing and expanding our category and brand matrix.

數位（Digital）也對同店銷售正成長有所貢獻。我們改善後的數位體驗，反映出過去數年所推動的基礎平台升級，並由門市與品牌計畫所支撐。同時，我們精選策展的市集（marketplace）也透過補強並擴展品類與品牌矩陣，進一步強化我們在時尚領域的權威地位。

During the quarter, we introduced Ask Macy's, our new AI-powered conversational shopping assistant. Shaped by data and insights from thousands of colleagues, Ask Macy's creates a connected customer journey. It serves as a starting point for discovery across channels and helps deliver the best Macy's at every touch point. Although early days, initial response has been favorable. As a multi-brand, multi-category and multigenerational retailer, we are uniquely positioned to provide inspiration for our customers everyday moments, holidays, events and everything in between.

本季我們推出 Ask Macy's——全新的 AI 驅動對話式購物助理。Ask Macy's 由數千位同仁的數據與洞察所塑造，打造連貫的顧客旅程。它可作為跨通路探索的起點，並協助在每個接觸點呈現最好的 Macy's。雖然仍在初期階段，初步反應相當正面。作為多品牌、多品類、跨世代的零售商，我們具備獨特優勢，能為顧客在日常時刻、節慶、活動以及其間的各種情境提供靈感。

Across both stores and digital, we are benefiting from the optimization or refinement of our merchandise strategy. We've made strides in modernizing our assortments and improving curation. Our point of view across best, better and good price points classifications has become more clearly defined, and we're showing up with increased conviction.

在門市與數位兩端，我們都正受惠於商品策略的優化或精進。我們在商品組合現代化與策展能力提升方面已取得進展。我們對於最佳（best）、更佳（better）與良好（good）等價格帶分類的觀點已更清晰界定，並以更高的信心呈現給市場。

With our strong and stable balance sheet, large addressable market, loyal customer base and steadily improving results, we're gaining market interest. We are continuously working to improve our brand matrix, reduce product redundancies and offer more fashion.

憑藉我們強健且穩健的資產負債表、龐大的可觸及市場、忠誠的客戶基礎，以及持續改善的業績表現，我們正獲得市場關注。我們持續致力於優化品牌矩陣、降低產品重複性，並提供更多時尚商品。

During the first quarter, we introduced several new brands, including Rotie's, Donna Karan Weekend and Ted Baker Men's. In addition, we expanded Abercrombie Kids offerings to infants and toddlers and further expanded the store distribution of Reis Free People Theory and Rod and Gun.

在第一季，我們引進了數個新品牌，包括 Rotie's、Donna Karan Weekend 以及 Ted Baker 男裝。此外，我們將 Abercrombie Kids 的商品擴展至嬰幼兒與學步兒，並進一步擴大 Reis、Free People、Theory 與 Rod and Gun 的門市鋪貨範圍。

Looking at category performance. watches, petites, dresses, women's career, kids, handbags, fragrances, and shoes all outperformed. We did see some softer trends including big-ticket home, especially furniture and our plus-size business.

就品類表現來看，手錶、嬌小尺碼、洋裝、女性職場服飾、童裝、手袋、香氛與鞋類皆表現優於整體。我們也確實看到一些較疲弱的趨勢，包括高單價家居品類（尤其是家具）以及我們的大尺碼業務。

Overall, our Macy's customers have noticed the positive changes across product, messaging and experience. And as we look ahead, I am confident we have the right initiatives in place to deliver long-term profitable growth. Turning to the second pillar of the Bold New Chapter strategy, accelerating and differentiating luxury. Bloomingdale's achieved a positive 10.2% comp and its highest first quarter sales in its 154-year history. Our premium contemporary to luxury positioning is unique, enabling us to capture and maintain customer interest.

整體而言，我們的 Macy's 顧客已注意到在商品、訊息傳達與體驗方面的正向改變。展望未來，我有信心我們已具備正確的推動方案，以實現長期且具獲利性的成長。接著談到「Bold New Chapter」策略的第二支柱：加速並差異化奢華業務。Bloomingdale's 同店銷售成長 10.2%，並創下其 154 年歷史中最高的第一季銷售額。我們從高端當代到奢華的定位獨具特色，使我們能夠吸引並維持顧客的興趣。

Through matrix elevation, new brand additions a vibrant shopping environment, including collaborations, activations and personalized customer service, we are providing a compelling and distinct experience. Recent strength has been broad-based with powerful growth in each channel. Performance is anchored on multiple strategic levers, and we're confident that we can continue to expand share of wallet on a brand-by-brand, location-by-location and category-by-category basis.

透過商品矩陣升級、新品牌導入，以及充滿活力的購物環境（包含聯名合作、活動策劃與個人化顧客服務），我們正在提供具吸引力且差異化的體驗。近期的強勁表現涵蓋面廣，各通路皆呈現有力成長。績效建立在多項策略槓桿之上，我們有信心能以品牌別、據點別與品類別的方式，持續擴大顧客錢包占比。

Looking at the first quarter, ready-to-wear men's apparel, fine jewelry, shoes, tabletop, all outperformed. We expanded the reach of a very important client program, which caters to our highest vendors and see ongoing growth opportunity with this customer. We also hosted our newest campaign, California Love, which featured California-inspired events, animation and brand exclusives. The campaign served as a strong driver of traffic and customer engagement and generated meaningful editorial media coverage. We introduced several new luxury brands, including Chloe Ready-to-Wear, Isabel Maran, BBFilo, Park Denim, Arlo and Kate Shoes.

就第一季而言，男士成衣、珠寶精品、鞋類與餐桌用品等品類皆表現優於整體。我們擴大了一項非常重要的客戶計畫的觸及範圍，該計畫服務我們最高端的供應商客戶，並且我們看到此客群仍有持續成長機會。我們也推出最新行銷活動「California Love」，包含以加州為靈感的活動、互動呈現與品牌獨家商品。該活動成為帶動來客與顧客互動的強力驅動因素，並帶來具意義的編輯性媒體報導。我們引進多個新的奢華品牌，包括 Chloe 成衣、Isabel Maran、BBFilo、Park Denim、Arlo 與 Kate Shoes。

These brands complement our existing luxury matrix, generating incremental sales among our loyal multigenerational customer base as well as attracting new clients. Potential and existing partners appreciate the transitional journey we're on which gives them the confidence to enter and expand their distribution at Bloomingdale's. Congratulations to the team on further reinforcing Bloomingdale's status as the leading modern luxury shopping destination.

這些品牌補強了我們既有的奢華商品矩陣，除能在忠誠的跨世代顧客群中帶來增量銷售，也能吸引新客戶。潛在與既有合作夥伴都認同我們正在進行的轉型旅程，這也讓他們更有信心在 Bloomingdale's 進入並擴大其鋪貨與通路布局。恭喜團隊進一步鞏固 Bloomingdale's 作為領先現代奢華購物目的地的地位。

Rounding out the conversation on luxury, Bluemercury comparable sales growth accelerated to 6.4%. The Bluemercury customer closely aligns with the Bloomingdale's shopper. She appreciates Bluemercury's intimate relaxing and customer service-oriented environment and knowledgeable colleagues. During the quarter, results were driven by makeup, dermatological skin care and fragrances including Vireo and Perform to Marley as well as Dr. Diamond's Medicine and SkinCeuticals. New and remodeled stores remained outperformers.

在奢華業務方面補充說明，Bluemercury 的同店銷售成長加速至 6.4%。Bluemercury 的顧客與 Bloomingdale's 的購物客群高度一致。她欣賞 Bluemercury 親密、放鬆且以顧客服務為導向的環境，以及專業且具知識的同仁。本季成果主要由彩妝、皮膚科級護膚與香氛所帶動，包含 Vireo 與 Perform to Marley，以及 Dr. Diamond's Medicine 與 SkinCeuticals。新開與改裝門市仍是表現優於整體的門市。

Turning to the final pillar of our strategy, simplifying and modernizing end-to-end operations. We recently expanded its scope to incorporate optimizing and scaling enterprise-wide organizational excellence, which we believe more accurately reflects our model and innovation capabilities. This pillar supports revenue growth and customer experience enhancements and is driving efficiencies. We've been testing, refining and implementing initiatives, including AI and believe there are meaningful opportunities to better serve our customers and support our colleagues.

接著談到我們策略的最後一個支柱：簡化並現代化端到端營運。我們近期擴大其範疇，納入優化並擴展全企業的組織卓越能力，我們認為這更能準確反映我們的營運模式與創新能力。此支柱支持營收成長與顧客體驗提升，並推動效率改善。我們一直在測試、精進並落地多項措施（包含 AI），並相信在更好服務顧客與支持同仁方面存在具意義的機會。

Now I'd like to discuss our thoughts on the consumer and our outlook. The Macy's, Inc. customer, who is predominantly middle to upper income, remained resilient in the first quarter. We found that when the product and the experience are differentiated and compelling, engagement and spend increase. During the quarter, our customer appreciated the assortments, marketing events that supported key holidays, including Valentine's Day, Presidents' Day and Easter.

接下來我想談談我們對消費者的觀察以及展望。Macy's, Inc. 的顧客以中高收入族群為主，在第一季仍展現韌性。我們發現，當商品與體驗具差異化且具吸引力時，顧客互動與消費金額都會提升。本季期間，顧客也肯定我們的商品組合，以及支援重要節日（包含情人節、總統日與復活節）的行銷活動。

In the second quarter, we have continued to actively engage with our customer. We expanded our immersive Macy's Flower Show from Herald Square to our State Street location in Chicago. This event served as a strong traffic driver, drawing 800,000 customers to those stores and generating significant media coverage. At Bloomingdale's, the TV show, Margo's Got Money Troubles has pushed us further into the cultural site guys by declaring there are no victims in Bloomingdale's, a line that has gained momentum. We quickly leveraged that powerful statement across both social and experiential activations.

在第二季，我們持續積極與顧客互動。我們將沉浸式的 Macy's 花展從 Herald Square 擴展至芝加哥的 State Street 據點。此活動成為強力的來客驅動因素，為這些門市吸引了 80 萬名顧客，並帶來大量媒體報導。在 Bloomingdale's，電視節目《Margo's Got Money Troubles》透過宣稱「在 Bloomingdale's 沒有受害者」這句台詞，讓我們更深入文化場域，且該句話已逐漸形成聲量。我們迅速在社群與體驗式活動中運用這句強而有力的表述。

2026 is our year of celebration and it's our country's 250th anniversary. In just about a month, we will host one of our signature events, the 50th Anniversary of the Macy's Fourth of July fireworks, our biggest yet. And later in the year, we'll host our 100th Macy's Thanksgiving Day Parade. And we have a new partnership with Live Nation and Major League Baseball designed to help our customers celebrate the summer. Across amphitheaters and stadiums nationwide, we will be powering fan-first experiences from moment before inspiration and in-venue surprises, the celebration nights, sweepstakes and rewards.

2026 年是我們的慶祝之年，也是我們國家 250 週年。大約一個月後，我們將舉辦一項招牌活動：第 50 週年的 Macy's 七月四日煙火秀，規模將是歷來最大。而在今年稍晚，我們也將舉辦第 100 屆 Macy's 感恩節大遊行。此外，我們與 Live Nation 以及美國職棒大聯盟（Major League Baseball）建立新的合作夥伴關係，旨在協助顧客歡慶夏季。在全美各地的露天劇場與體育場，我們將打造以粉絲為優先的體驗，從靈感啟發前的時刻到場館內驚喜、慶祝之夜、抽獎活動與回饋獎勵。

We're also hosting a series of unique World Cup events. At Macy's, we have transformed the mezzanine at Herald Square to an immersive and engaging World Cup experience with customer activations and official merchandise from adidas, Nike, Lids and more. And at Bloomingdale's 59th Street, we'll have a Hugo Boss David Beckham collaboration that includes a personal adherence from the soccer star himself.

我們也將舉辦一系列獨特的世界盃活動。在 Macy's，我們已將 Herald Square 的夾層改造為沉浸式且具互動性的世界盃體驗空間，包含顧客互動活動與來自 adidas、Nike、Lids 等品牌的官方商品。而在 Bloomingdale's 第 59 街門市，我們將推出 Hugo Boss 與 David Beckham 的合作企劃，其中包含這位足球明星本人的親自出席。

Between our recent results and upcoming celebrations, there's a lot to be excited about. Now turning to our guidance. We are committed to building on the momentum and remain focused on the factors that are within our control. We are pleased with our second quarter performance to date and are raising our full year outlook. Our updated guidance incorporates better-than-expected first quarter top line and bottom line results as well as a modest increase in sales for the remaining quarters.

結合近期成果與即將到來的慶祝活動，有許多令人振奮之處。接著談到我們的財測指引。我們致力於延續這股動能，並持續聚焦於我們可控的因素。我們對目前為止第二季的表現感到滿意，並上調全年展望。我們更新後的指引納入第一季優於預期的營收與獲利表現，以及對剩餘季度銷售額的小幅上調。

Recognizing macroeconomic and ongoing geopolitical uncertainty, guidance provides flexibility to respond to potential changes in the competitive landscape and consumer demand. In closing, I am encouraged by the team's strong execution and our results. Customers are responding to our curated product assortments, focused service, targeted messaging and traffic driving promotions and events. This is supported by an improved end-to-end omnichannel experience. And with five consecutive quarters of better-than-expected top line and bottom line results, four consecutive quarters of comparable sales growth and ongoing positive Reimagine comps, I am confident that the Bold New Chapter initiatives have firmly laid the foundation for sustainable, profitable growth and long-term shareholder value creation.

考量總體經濟與持續的地緣政治不確定性，該指引保留彈性，以因應競爭環境與消費需求可能出現的變化。最後，我對團隊強勁的執行力與我們的成果感到振奮。顧客正對我們精選的商品組合、聚焦的服務、精準的訊息傳達，以及帶動來客的促銷與活動做出正向回應。這些也受到端到端全通路體驗改善的支持。在連續五個季度營收與獲利皆優於預期、連續四個季度同店銷售成長，以及 Reimagine 同店持續正向的情況下，我有信心「Bold New Chapter」各項措施已穩固奠定可持續、具獲利性的成長基礎，並為股東創造長期價值。

With that, let me turn it over to Tom.

接下來，我把時間交給 Tom。

Thank you, Tony, and good morning, everyone. In the first quarter, the Bold New Chapter continued to gain traction across all three pillars of our strategy. Both top and bottom line results were well above guidance. We benefited from our strongest first quarter comparable sales results in four years, delivered net sales growth for the first time since emerging from the pandemic and achieved better-than-expected results across key income statement metrics. Our progress is fueled by the dedication and commitment of our teams and partners. The substantive enterprise-wide improvements we are making are resonating and our customers are responding.

謝謝你，Tony，各位早安。第一季，「Bold New Chapter」在我們策略的三大支柱上持續取得進展並逐步發揮成效。營收與獲利表現皆大幅優於我們的財測指引。我們受惠於四年來最強勁的第一季同店銷售表現，自疫情後首次實現淨銷售成長，並在損益表的關鍵指標上交出優於預期的成果。我們的進展來自團隊與合作夥伴的投入與承諾。我們在全企業範圍推動的實質改善正在引起共鳴，顧客也正以行動回應。

Looking at a detailed view of the quarter, beginning with Macy's, Inc. Net sales grew 1.8% to $4.7 billion. Results were above guidance of $4.575 billion to $4.625 billion and compared to $4.6 billion last year. Excluding a roughly $40 million impact from the 14 non-go-forward store closures at the end of last year, net sales grew 2.7%. Comparable sales on a reported basis rose 3% versus guidance of 0.5% to 1.5% and negative 2% last year. Go-forward comps grew 3.1%. By nameplate, Macy's comparable sales rose 1.6%. We continue to be encouraged by the performance of the Reimagine locations, which grew 2.4%.

更細看本季表現，先從 Macy's, Inc. 開始。淨銷售成長 1.8% 至 47 億美元。結果高於 45.75 億至 46.25 億美元的指引區間，並高於去年 46 億美元。若排除去年底關閉 14 家不再續營門市所造成約 4,000 萬美元的影響，淨銷售成長 2.7%。以申報口徑計算的同店銷售成長 3%，高於 0.5% 至 1.5% 的指引，亦優於去年 -2%。續營門市（go-forward）同店銷售成長 3.1%。按品牌（nameplate）來看，Macy's 同店銷售成長 1.6%。我們持續對 Reimagine 門市的表現感到鼓舞，其同店銷售成長 2.4%。

Bloomingdale's comparable sales were up 10.2% and Bluemercury comparable sales increased 6.4%. Total revenue rose 2.1% to $4.9 billion. Other revenue, which includes credit card and Macy's Media Network, was $210 million, up 8% versus last year. Within that, credit card revenue was $172 million, up 12% versus last year, reflecting our continued healthy credit portfolio and prudent management of net credit card losses. Macy's Media Network revenue was $38 million, 5% below last year, reflecting the timing of advertising spend on a year-over-year basis.

Bloomingdale's 同店銷售成長 10.2%，Bluemercury 同店銷售成長 6.4%。總營收成長 2.1% 至 49 億美元。其他營收（包含信用卡與 Macy's Media Network）為 2.10 億美元，較去年成長 8%。其中，信用卡營收為 1.72 億美元，較去年成長 12%，反映我們持續健康的信用資產組合，以及對信用卡淨損失的審慎管理。Macy's Media Network 營收為 3,800 萬美元，較去年下降 5%，反映廣告投放支出在年度同期比較下的時點差異。

Gross margin was $1.8 billion or 38.9% of net sales compared to 39.2% last year. Excluding an approximately 30-basis-point tariff impact, gross margin rate would have been even with last year. SG&A rate of 39.9% was better than our expectations and was flat with last year. SG&A dollars of $1.95 billion were in line with our expectations despite higher sales and compared to $1.91 billion last year. SG&A reflects investments in Bold New Chapter initiatives to drive growth, partially offset by our always-on approach to expense savings.

毛利為 18 億美元，或佔淨銷售 38.9%，去年為 39.2%。若排除約 30 個基點的關稅影響，毛利率將與去年持平。SG&A（銷售、一般及行政費用）率為 39.9%，優於我們預期，且與去年持平。SG&A 金額為 19.5 億美元，儘管銷售較高仍符合我們預期，去年為 19.1 億美元。SG&A 反映我們對 Bold New Chapter 計畫的投資以推動成長，並部分由我們持續性的費用節省作法所抵銷。

Adjusted EBITDA was $290 million or 5.9% of total revenue. This exceeded the high end of our guidance range of 4.9% to 5.1% and compared to $304 million or 6.3% of total revenue last year. Adjusted EPS of $0.13 was above the high end of our guidance range for a loss of $0.01 to a gain of $0.01. Results reflect a roughly $0.04 tariff impact. Our disciplined approach to cash flow and balance sheet management continues to support our strong financial position.

調整後 EBITDA 為 2.90 億美元，或佔總營收 5.9%。此表現高於我們 4.9% 至 5.1% 指引區間的上緣；去年為 3.04 億美元，或佔總營收 6.3%。調整後 EPS 為 0.13 美元，高於我們原先預期的 -0.01 至 0.01 美元區間上緣。結果反映約 0.04 美元的關稅影響。我們在現金流與資產負債表管理上的紀律性作法，持續支撐我們穩健的財務狀況。

During the first quarter, operating cash flow was an inflow of $292 million versus an outflow of $64 million last year. And free cash flow was an inflow of $140 million versus an outflow of $203 million last year. End of quarter inventory dollars were up 3.6% compared to last year, in line with our expectations and comp sales growth. We are well positioned for summer with increased newness across price points and lower aged inventories relative to last year. Capital expenditures were $177 million, which were flat to the prior year period.

第一季營運現金流為流入 2.92 億美元，去年為流出 6,400 萬美元。自由現金流為流入 1.40 億美元，去年為流出 2.03 億美元。季末庫存金額較去年增加 3.6%，符合我們的預期以及同店銷售成長。我們已為夏季做好準備，在各價格帶增加新品，同時相較去年降低庫存老化程度。資本支出為 1.77 億美元，與去年同期持平。

Monetization proceeds were $25 million compared to $38 million last year. In the first quarter, we returned $100 million to shareholders through a $50 million of quarterly cash dividend and $50 million of share repurchases, leaving approximately $1.1 billion remaining on our buyback authorization. And we ended the quarter with $1.3 billion of cash on our balance sheet compared to $932 million last year. Now I'd like to provide an update on our end-to-end initiatives. We continue to make meaningful progress modernizing our operations and improving effectiveness.

資產變現（monetization）所得為 2,500 萬美元，去年為 3,800 萬美元。第一季我們透過每季現金股利 5,000 萬美元及庫藏股回購 5,000 萬美元，合計回饋股東 1 億美元，剩餘回購授權額度約 11 億美元。我們在季末資產負債表上的現金為 13 億美元，去年為 9.32 億美元。接下來我想更新我們端到端（end-to-end）計畫的進展。我們持續在營運現代化與提升效率方面取得實質進展。

Our China growth distribution facility is ramping nicely. We are realizing the early benefits of automation in both service levels and cost efficiencies and expect ongoing progress as we build capacity for holiday. From an organizational point of view, we are leveraging AI, including evaluating several inventory forecasting and management initiatives to further improve our ability to meet customer needs. Looking ahead, we are confident we can build on these and other initiatives across the enterprise and find new areas of opportunity. Moving to guidance.

我們在中國的成長型配送中心正順利擴增產能並逐步上量。我們已在服務水準與成本效率上看到自動化的初步效益，並預期隨著我們為假期旺季建立產能，將持續取得進展。從組織角度來看，我們正運用 AI，包括評估多項庫存預測與管理計畫，以進一步提升滿足顧客需求的能力。展望未來，我們有信心能在這些及其他全企業計畫的基礎上再接再厲，並發掘新的機會領域。接著談財測指引。

We entered the second quarter with relevant new products supported by compelling marketing, visual presentation and events. We are encouraged by quarter-to-date results, but still have the majority of sales volume ahead. Consistent with our past practice, we are taking a prudent approach to quarterly and annual guidance, giving ourselves the flexibility to respond to changes in the competitive landscape and macroeconomic and ongoing geopolitical unknowns. For the full year, we are raising our outlook to incorporate better-than-expected first quarter top and bottom line results. In addition, we are modestly increasing our sales for the remaining quarters.

我們以具相關性的新品進入第二季，並以具吸引力的行銷、視覺陳列與活動加以支持。我們對截至目前的季度表現感到鼓舞，但大部分銷售量仍在後段。依循我們過往作法，我們對季度與年度指引採取審慎態度，保留彈性以因應競爭環境、總體經濟變化，以及持續的地緣政治不確定性。就全年而言，我們上調展望，以反映第一季營收與獲利優於預期的結果。此外，我們也小幅提高其餘季度的銷售預期。

Our full year guidance also reflects updated tariff and fuel assumptions. For tariffs, our guidance now reflects current rates, which are lower than our previous assumptions. For fuel and transportation costs, we are factoring in elevated levels based on what we know today. The estimated impact of lower tariffs and higher fuel costs is net neutral for the fiscal year. We will continue to closely monitor developments as the environment evolves.

我們的全年指引亦反映更新後的關稅與燃料假設。就關稅而言，我們的指引現已反映目前稅率，低於先前假設。就燃料與運輸成本而言，我們依據目前所掌握資訊，納入較高水準的假設。較低關稅與較高燃料成本的估計影響，在本財年整體為淨中性。我們將在環境演變之際，持續密切監控相關發展。

Regarding tariff refunds, while we are seeking refunds, the timing and amounts remain uncertain. As such, any potential benefit is not incorporated in our outlook. Looking at second quarter guidance, we expect net sales of approximately $4.75 billion to $4.8 billion. Last year's store closures contributed about $35 million to sales in the comparable period. Comparable sales to be approximately flat to up 1%.

關於關稅退稅（refunds），雖然我們正在申請退稅，但時點與金額仍不確定。因此，任何潛在利益尚未納入我們的展望。就第二季指引而言，我們預期淨銷售約為 47.5 億至 48 億美元。去年門市關閉在可比期間對銷售貢獻約 3,500 萬美元。同店銷售預期約為持平至成長 1%。

Adjusted EBITDA as a percent of total revenue of 6.9% to 7.2%, and adjusted diluted EPS of $0.29 to $0.34. Tariffs and fuel costs combined are expected to have a roughly $0.03 to $0.04 negative impact to EPS and a 20- to 40-basis-point negative impact to gross margin. For the full year, we now expect net sales of approximately $21.5 billion to $21.75 billion. Fiscal 2025 store closures contributed roughly $145 million to net sales in the comparable period. Comparable sales to be approximately up 0.5% to up 1.2%, other revenue of approximately $920 million, gross margin as a percent of net sales to be 38.4% to 38.6%, reflecting a roughly 20- to 30-basis-point negative impact from tariffs and fuel.

調整後 EBITDA 佔總營收比重為 6.9% 至 7.2%，調整後稀釋 EPS 為 0.29 至 0.34 美元。關稅與燃料成本合計預期將對 EPS 造成約 0.03 至 0.04 美元的負面影響，並對毛利率造成 20 至 40 個基點的負面影響。就全年而言，我們目前預期淨銷售約為 215 億至 217.5 億美元。2025 財年門市關閉在可比期間對淨銷售貢獻約 1.45 億美元。同店銷售預期約成長 0.5% 至 1.2%，其他營收約 9.20 億美元，毛利率（佔淨銷售）為 38.4% 至 38.6%，反映關稅與燃料合計約 20 至 30 個基點的負面影響。

SG&A to be up 1% to 2% on a dollar basis compared to last year, with the rate roughly in line with prior year in the second and fourth quarters and above in the third quarter, reflecting timing of investments to fund growth. Adjusted EBITDA as a percent of total revenue of 7.7% to 7.9%, interest expense of roughly $100 million and adjusted diluted EPS of $2 to $2.20, which assumes a roughly $0.10 to $0.20 combined tariff rate and fuel cost impact. In closing, it's an exciting time at Macy's, Inc.

SG&A（銷售、一般及行政費用）以金額計預計較去年增加1%至2%，其中第二季與第四季的費用率大致與去年同期一致、第三季則較高，反映為支持成長而進行投資的時點安排。調整後EBITDA占總營收比重為7.7%至7.9%，利息費用約1億美元，調整後稀釋每股盈餘（EPS）為2至2.20美元，該預估假設關稅稅率與燃料成本影響合計約0.10至0.20美元。最後，對梅西百貨公司（Macy's, Inc.）而言，這是一個令人振奮的時刻。

We have a clear strategy in place and the discipline and financial strength to execute. We are taking our learnings to refine and fortify each pillar of the Bold New Chapter. As I look to our future, I'm confident we have the right foundational initiatives in place to drive long-term, sustainable, profitable growth and deliver compelling value to our shareholders.

我們已制定清晰的策略，並具備執行所需的紀律與財務實力。我們正運用所學，精煉並強化「Bold New Chapter」的每一個支柱。展望未來，我有信心我們已具備正確的基礎性舉措，能推動長期、可持續且具獲利性的成長，並為股東創造具吸引力的價值。

Now let me turn the call back to Tony for closing remarks.

現在我把電話交回給Tony作結語。

Thanks so much, Tom. We're now in the third year of our Bold New Chapter. And while there's still more work to be done, our strategy is delivering results. Initiatives are continuing to gain traction across all three pillars. We have returned to top line growth while continuing to provide value to shareholders through our dividend and stock buyback programs.

非常感謝你，Tom。我們現在正處於「Bold New Chapter」的第三年。雖然仍有更多工作要做，但我們的策略正在帶來成果。各項舉措在三大支柱上持續取得進展並加速落地。我們已重回營收成長，同時透過股利與庫藏股回購計畫，持續為股東提供價值。

As we look ahead, our strong balance sheet and cash flow generation support the necessary investments to fuel long-term profitable growth. I'm encouraged by the progress made, confident in the strategy and excited for our future.

展望未來，我們強健的資產負債表與現金流創造能力，支持進行必要投資以推動長期且具獲利性的成長。我對已取得的進展感到鼓舞，對策略充滿信心，也對未來感到振奮。

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

那麼，接線員，我們現在準備開始提問。

(Operator Instructions)

（接線員指示）

Blake Anderson, Jefferies.

Blake Anderson，Jefferies。

Congrats on a great quarter. So I wanted to start off with the comp. Can you talk about what you're seeing most recently there? Any commentary you can provide on kind of how the comp was throughout the quarter and then what you're seeing most recently versus your guide? I know there's some moving pieces with the macro in terms of gas prices and tax refunds, but kind of any update on what you're seeing most recently in your ability to deliver upside in Q2? And then with the updated guide, kind of it seems like it implies maybe flat comps in the second half. How do you feel about your ability to continue to generate positive comps into the second half as well?

恭喜你們交出一個很棒的季度。我想先從同店銷售（comp）開始。能否談談你們最近看到的情況？你們能否評論一下本季同店銷售在整個季度中的走勢，以及相較於你們指引，最近的表現如何？我知道宏觀面有一些變動因素，例如油價與退稅，但能否更新一下你們最近看到的情況，以及你們在第二季交出優於預期表現的能力？另外，從更新後的指引來看，似乎暗示下半年同店銷售可能持平。你們對於在下半年也能持續創造正向同店銷售的能力，有何看法？

Thanks, Blake. Good to talk to you. Yes, we're pleased with the second quarter performance to date, very consistent performance throughout the first quarter. There were no vagaries between one month to the next, and we really comment on the entire quarter. Just glad to see the consistency of the business across all three nameplates and the consistency of the business across multiple categories of business, to see the dress business, the women's career business, the kids business, the watch business, the women's shoe business, the men's shoe business, there are so many categories that are trending healthy right now that I'm cautiously optimistic about our ability to continue to drive our performance.

謝謝你，Blake。很高興和你交流。是的，我們對目前為止第二季的表現感到滿意，且與第一季的表現非常一致。各月份之間沒有忽高忽低的情況，我們也更傾向就整個季度來評論。很高興看到三個品牌（nameplates）整體業務的穩定性，以及多個品類的穩定性；無論是洋裝、女性職場服飾、童裝、手錶、女鞋、男鞋等，現在有非常多品類都呈現健康的趨勢，因此我對我們持續推動業績表現的能力抱持審慎樂觀。

We obviously have a prudent guide relative to the geopolitical and macroeconomic factors. But the things that are within our control, we feel really good about. I'll let Tom comment on the guide for the back half of the year.

相對於地緣政治與宏觀經濟因素，我們的指引顯然是審慎的。但對於我們可控的事項，我們感覺非常好。我讓Tom來評論下半年指引。

Thanks, Tony. The guide for the back half of the year, Blake, we're really pleased to have raised our overall guidance for the year on comp sales, really reflecting the Q1 overdelivery as well as additional sales through the rest of the year, which includes the back half. So as we're around a flat implied comp for that it's really benchmarked against stack comps. But what it means is our Bold New Chapter is going to continue to deliver. We're going to continue to execute against it. We're heading into the second quarter with good inventories, much newness. So very excited about the future and continuing to deliver for the consumer in the second half of the year.

謝謝你，Tony。Blake，關於下半年的指引，我們很高興能上調全年同店銷售的整體指引，這反映了第一季超出預期的表現，以及今年剩餘期間（包含下半年）的額外銷售貢獻。因此，雖然推算下來同店銷售大致持平，但這主要是以疊加同店（stack comps）作為比較基準。但這代表我們的「Bold New Chapter」將持續交出成果。我們會持續落實並執行。我們以良好的庫存水位與大量新品迎接第二季。因此我們對未來非常興奮，也會在下半年持續為消費者帶來成果。

Yes, Blake, and I just end with, we look at the two-year, three-year stack, and we don't want to end up with a hockey stick in the fall. So we want to make sure that we have the opportunity to not only continue our performance, but give ourselves the opportunity to navigate the things we don't know right now.

是的，Blake，我最後補充一下：我們會看兩年、三年的疊加表現（two-year, three-year stack），我們不希望在秋季出現「曲棍球棒式」的走勢。因此我們要確保不僅能延續表現，也讓自己有空間去因應目前仍未知的因素。

That makes sense and very helpful. And then if I could ask a longer-term question. As part of your Bold New Chapter strategy you laid out medium-term targets of sales growth with mid-single-digit EBITDA growth. And given now there are a lot of moving pieces with tariffs, fuel, your store closures, I was just wondering, Tom, if you could update us on the underlying business, how do you feel about your confidence and visibility for margin expansion over the medium term? And what would be the factors that are in your control, you feel most that can drive upside?

這很合理，也非常有幫助。接著我想問一個較長期的問題。作為「Bold New Chapter」策略的一部分，你們提出了中期目標：銷售成長並帶動EBITDA以中個位數成長。鑑於目前關稅、燃料、門市關閉等有許多變動因素，我想請問Tom能否更新一下基本面：你對中期的利潤率擴張之信心與能見度如何？以及在你們可控的因素中，你覺得哪些最能帶來上行空間？

I feel really confident, Blake, about our opportunity to grow the business and to deliver long-term profitable growth. And I'd start by saying that we are already delivering that growth. In Q1, EPS was up versus prior year. We've provided some additional new metrics earlier this year that showed last year, we were delivering growth, excluding tariffs on the bottom line as well as EBITDA. So we feel good about our opportunities.

Blake，我對我們擴大業務並實現長期獲利性成長的機會非常有信心。我先說，我們其實已經在交出這樣的成長。第一季的EPS較去年同期成長。今年稍早我們提供了一些新的衡量指標，顯示去年在排除關稅影響後，無論是淨利端（bottom line）或EBITDA，我們都在實現成長。因此我們對機會感到樂觀。

And the other thing I'd point out is in Q1, as we over deliver revenue, it drops to the bottom line. So we can show how we can flow through. We have opportunities on gross margin to continue to improve assortment, add new brands, manage inventory with many new initiatives and continue to deliver excellent customer experience. And on SG&A, we'll continue to lever that and invest with rigor to drive the top line.

另外我想指出的是，在第一季，當我們營收超出預期時，這些增量會反映到淨利端。因此我們可以展示獲利的傳導（flow through）能力。我們在毛利率方面仍有機會，包含持續優化商品組合、引進新品牌、透過多項新舉措管理庫存，並持續提供卓越的顧客體驗。在SG&A方面，我們會持續提高槓桿效益，並以嚴謹的方式投資以推動營收成長。

Matthew Boss, JPMorgan.

Matthew Boss，JPMorgan。

Congrats on a very nice quarter. So two questions. So, Tony, could you elaborate on the cross-functional collaboration that you cited that's happening between Macy's and Bloomingdale's? Really how you think has impacted results to date and the opportunities that you think it provides maybe relative to the underlying Bold New chapter plan? And then, Tom, could you speak to the drivers of gross margin versus plan in the first quarter, and then the underlying build to get to the 40 to 60 basis points of expansion for the year as we think about the second quarter versus back half?

恭喜你們交出非常亮眼的一季。我有兩個問題。Tony，你能否更詳細說明你提到的梅西百貨（Macy's）與Bloomingdale's之間正在發生的跨職能協作？你認為這到目前為止如何影響了結果，以及相對於「Bold New Chapter」計畫的基本盤，它可能帶來哪些機會？另外，Tom，你能否談談第一季毛利率相較於計畫的驅動因素，以及我們在思考第二季相對於下半年時，全年40到60個基點擴張的內在拆解（build）是如何形成的？

Thanks, Matt. yes, we've got a healthier cross collaboration. Some is obviously having spent 35, 36 years at Bloomingdale's and coming to Macy's and building bridges in terms of talent between the two brands, making sure that in our reporting, we are looking at the business in a comparable fashion and trying to better understand underlying trends, geographic trends, sharing where we see brand opportunities, where things overlap.

謝謝你，Matt。是的，我們的跨部門協作更健康了。其中一部分當然是因為我在Bloomingdale's工作了35、36年，來到梅西百貨後，在兩個品牌之間就人才面搭起橋樑；同時確保在我們的報告呈現上，以可比的方式檢視業務，並嘗試更好地理解基本趨勢與區域性趨勢，分享我們看到的品牌機會，以及哪些地方存在重疊。

And as you know, at the same time, making sure that we can learn from each other without becoming one another. I have every intention of making sure that we preserve the specialness and uniqueness of Bloomingdale's and build on the 10.2% comp growth they had in the first quarter, and at the same time, make Macy's more fashionable, make sure that we are editing out brands and styles and redundancies within our assortment as we flow new brands into the Macy's architecture that include theory and Rod and Gun and Free People and more to come.

而且如你所知，同時也要確保我們能彼此學習，而不會變成彼此。我非常有意確保我們保留 Bloomingdale's 的特別之處與獨特性，並在第一季 10.2% 的同店成長基礎上再接再厲；同時，讓 Macy's 更具時尚感，確保我們在商品組合中精簡品牌、款式與重複項，並在 Macy's 的架構中導入新品牌，包括 Theory、Rod and Gun、Free People，以及後續更多品牌。

Because I think that there is this opportunity with 38 million people shopping at Bloomingdale's -- at Macy's and 4 million people shopping at Bloomingdale's that we can have our cake in it too. We can absolutely be better collaboratively and at the same time, make sure that we have the distinction that's necessary for both brands.

因為我認為，當有 3,800 萬人在 Macy's 購物、400 萬人在 Bloomingdale's 購物時，我們有機會兩全其美。我們絕對可以在協作上做得更好，同時也確保兩個品牌都具備必要的差異化。

And Matt, with regard to gross margin, in Q1, excluding tariffs, our gross margin was flat to prior year. And just looking at what we said in Q4 and giving guidance to be down in Q1 and then build over the course of the year. We still expect that build. And what's driving it for the year is multiple factors. We're expanding our Reimagine program from 125 to 200.

Matt，關於毛利率，第一季在排除關稅影響後，我們的毛利率與去年同期持平。而回頭看我們在第四季所說的內容：我們給出的指引是第一季會下滑，然後在全年逐步回升。我們仍然預期會有這樣的回升。而推動全年回升的因素有多項。我們正在把 Reimagine 計畫從 125 家擴大到 200 家。

That's already delivering results. Expect to see that continue. We expect to drive regular price sell-through through multiple initiatives, including to Reimagine, how we are managing inventory on a day-to-day, month-to-month basis, leveraging areas like hold and flow that have been working so well in the past and using new forecasting tools, which we're exploring as part of our AI initiatives on how we both forecast demand and replenishment. So there's a number of underlying factors here that are helping support our long-term business.

這已經開始帶來成果。預期會持續看到這樣的表現。我們預期將透過多項舉措提升正價銷售率（sell-through），包括 Reimagine，以及我們如何以每日、每月的節奏管理庫存，運用過去表現非常好的「hold and flow」等方法，並使用新的預測工具；這些工具是我們 AI 計畫的一部分，我們正在探索如何同時進行需求預測與補貨預測。因此，這裡有多個底層因素正在支撐我們的長期業務。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛。

Tony, can you speak to the drivers of the comp acceleration that you're seeing across banner? What proportion of the comp gains that you're seeing are driven by traffic versus ticket? And within that, what are you seeing in AUR?

Tony，你能談談你在各個旗艦（banner）看到的同店加速成長的驅動因素嗎？你看到的同店增長中，有多少比例是由客流（traffic）帶動、又有多少是由客單（ticket）帶動？另外，在這之中，你們在 AUR（平均單價）方面看到了什麼？

Thanks, Brooke. We are seeing continued AUR growth and consistent traffic. And I think we're balancing the improvements in AUR with a slight reduction in conversion, but still an overall basket size increase. So more customers shopping, people being choiceful as they look at the value equation between prices and categories, but overall, architected by Macy's and Bloomingdale's. We think there's tremendous opportunity to make sure that the range of our price points across both banners makes sense relative to the types of consumers that we're catering to.

謝謝你，Brooke。我們看到 AUR 持續成長，客流也保持穩定。我認為我們是在 AUR 改善與轉換率（conversion）小幅下降之間取得平衡，但整體購物籃（basket）規模仍在增加。因此有更多顧客在購物；人們在比較價格與品類的價值方程式時會更謹慎選擇，但整體而言，這是由 Macy's 與 Bloomingdale's 的商品架構所打造出來的。我們認為有很大的機會，確保兩個旗艦的價格帶範圍，能相對應我們所服務的消費者類型。

So we want best, better, good across the pyramid. We also will see AUR expansion when we're selling more expensive materials. So that could be leather versus vegan leather. That could be linen versus cotton. And so we have really challenged our teams to make sure that we are not undershooting the customer, we are embracing the best of what is happening in fashion, that we are making sure that our assortment architecture has the right variety necessary to attract as many consumers as possible while, at the same time, we've got our off-price offering with Backstage at Macy's and the outlet store Bloomingdale's. So we feel like we've got on the barbell, we're catering to it in an effective manner.

所以我們希望在金字塔上做到「最佳、較佳、良好」（best, better, good）的完整層級。當我們銷售更昂貴的材質時，也會看到 AUR 擴張。例如真皮相對於純素皮革。例如亞麻相對於棉。因此我們也確實要求團隊確保不要低估顧客需求，要擁抱時尚領域正在發生的最佳趨勢，並確保我們的商品組合架構具備足夠的多樣性，以吸引盡可能多的消費者；同時，我們也有 Macy's 的 Backstage 折扣業態，以及 Bloomingdale's 的 outlet 店。所以我們覺得自己在「槓鈴策略」（barbell）兩端都有布局，並且以有效的方式服務這些需求。

And Brook, I'd add that we've been seeing this algorithm, higher AUR, consistent traffic and higher basket size over multiple quarters of a very long period of time. So it's one we want to drive going forward and support our long-term goals to grow.

另外，Brooke，我補充一下：我們在很長一段時間、跨越多個季度，都看到這種組合——更高的 AUR、穩定的客流，以及更高的購物籃規模。因此這是我們希望未來持續推動的方向，以支持我們長期的成長目標。

Great. And then just a follow-up for Tom. Can you quantify the size of the headwind to the business that you're currently seeing from higher fuel costs? How are you thinking about the resiliency of your business if oil prices continue to rise into the back half of the year?

很好。接著想請 Tom 補充一題。你能量化一下目前因燃油成本上升而對業務造成的不利影響（headwind）有多大嗎？如果油價在下半年持續上升，你們如何看待業務的韌性？

Sure, Brook. I'm happy to. And for fuel costs, we expect them to be a full year headwind of about 10 to 20 basis points. And that's fuel EPS up to $0.15 from about $0.05 to $0.15. And we're incorporating in our outlook what we see as the current view of fuel and it is offset by lower tariffs.

當然可以，Brooke。我很樂意說明。就燃油成本而言，我們預期全年將帶來約 10 到 20 個基點的不利影響。而燃油對 EPS 的影響最高可達 0.15 美元，從約 0.05 美元到 0.15 美元不等。我們在展望中已納入目前對燃油的看法，而這部分會被較低的關稅所抵銷。

So for the year, we're net neutral as we have incorporated lower tariff rates, which were, by the way, in line with the tariffs that were announced that's potentially coming into play later this year. So we feel like we're well positioned there. And then we'll continue to monitor this closely on both fronts, tariff and fuel, but feel we appropriately for what we know now incorporated in our forecast.

因此就全年而言，我們整體影響為淨中性（net neutral），因為我們已納入較低的關稅稅率；順帶一提，這與已宣布、可能在今年稍晚生效的關稅水準一致。所以我們覺得在這方面定位良好。接下來我們會在關稅與燃油兩方面持續密切監控，但就目前所知，我們認為已在預測中適當地反映。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey Advisory Group。

Bloomingdale's looks terrific. 59th Street, you just got the new product shoe department or the new installation, it looks great. On the reimagined Macy's stores, while it was up 0.9% in Q4 accelerated to 2.4% in Q1, what are you seeing in the acceleration? And given the major events that are taking place like the 250 where you do the huge fireworks and all, how should we be thinking about marketing spend going forward? And then, Tony, how do you think about the promotional environment and what you've seen out there?

Bloomingdale's 看起來非常棒。59 街店你們剛完成新的鞋類部門新品區或新裝置，效果很好。關於重新打造的 Macy's 門市，第四季同店成長 0.9%，第一季加速到 2.4%，你們看到加速的原因是什麼？另外，考量到像「250」這類大型活動（你們會做盛大的煙火等），我們應該如何看待未來的行銷支出？最後，Tony，你如何看待促銷環境，以及你在市場上看到的情況？

Thanks, Dana. I agree. I think the Prada shoe installation at 59th Street looks outstanding. We're excited about the Reimagine 200 program. It's eight of nine quarters of growth with the Reimagine stores. We got all cohorts growing. We're seeing growth across multiple categories. What I love about the program is it's a recipe. It's not one idea, it's the merchandise, it's a better assortment, it's the presentation, it's better storytelling, it's more people in the stores, it's better service, record Net Promoter Scores even higher in the Reimagine stores. It's service in the fitting room.

謝謝你，Dana。我同意。我認為 59 街店的 Prada 鞋區裝置非常出色。我們對 Reimagine 200 計畫感到興奮。Reimagine 門市已連續 9 個季度中的 8 個季度實現成長。我們看到所有分組（cohorts）都在成長。我們也看到多個品類的成長。我喜歡這個計畫的地方在於它是一套「配方」。它不是單一點子：包含商品本身、更好的商品組合、陳列呈現、更好的故事敘述、店內更多人力、更好的服務；在 Reimagine 門市的淨推薦值（Net Promoter Score）甚至創下新高。也包含試衣間的服務。

It's service in the beauty department when people sit down in a chair and decide on what their beauty regimen is. So what I love is this last ingredient, which we've added in the last 6 to 12 months, which is local empowerment, giving our local leaders the opportunity to allocate the resources a little more effectively by floor and by area as well as add in the local ingredients that really allow us to be this national retailer that executes much more effectively on a local basis.

也包含美妝部門的服務——當顧客坐在椅子上，決定自己的美妝保養流程時。所以我喜歡的是我們在過去 6 到 12 個月加入的最後一個要素：在地賦權（local empowerment），讓在地領導者有機會按樓層與區域更有效地配置資源，並加入真正能讓我們作為全國性零售商、卻能在在地層面更有效執行的在地元素。

I think marketing spend continues to be consistent. I think what we're working on is the right balance between top of funnel and bottom of funnel, or what we're doing to kind of tell the story about the brands we sell and the fashion that we sell and the brand Macy's, Bloomingdale's and Bluemercury, and how we convert in-store and online with the right level of search marketing investment. Tom, what would you add?

我認為行銷支出仍然維持一致。我認為我們正在努力的是在漏斗上端與漏斗下端之間取得適當的平衡，也就是我們如何去講述我們所販售的品牌與時尚故事，以及梅西百貨（Macy's）、Bloomingdale's 與 Bluemercury 這些品牌的故事，並且透過適當水準的搜尋行銷投資，在門市與線上做好轉換。Tom，你會補充什麼？

I'd add on the Reimagine stores. We're very pleased with how they're performing, and it's a great example of us investing in the business to drive growth and generating good returns on that. We have followed each tranche and seen how they have improved at the top line as well as the bottom line over time and pleased with how they are progressing going forward. We always look to be good stewards of capital and returns and feel these are great investments to improve our customer experience and drive the top line.

我會補充談談 Reimagine 門市。我們對它們的表現非常滿意，這是我們投資業務以帶動成長並取得良好報酬的絕佳例子。我們追蹤每一批次（tranche），看到它們隨時間在營收端以及獲利端都有所改善，也對它們未來的推進進度感到滿意。我們一向致力於成為資本與報酬的良好管理者，並認為這些是提升顧客體驗、帶動營收的極佳投資。

Any update on the promotional environment, what you're seeing?

促銷環境方面有任何更新嗎？你們觀察到什麼？

Dana, I don't see any significant changes. Normally, there needs to be a bigger glut of inventory and a significant change in consumer demand before you see the kind of causal effects of promotion. Right now, it's a very comparable promotional environment to what we've seen over the past several years.

Dana，我沒有看到任何重大變化。通常在庫存出現更大的過剩、且消費者需求有顯著變動之前，你才會看到促銷帶來那種因果性的影響。目前的促銷環境與過去幾年我們看到的非常相近。

Paul Lejuez, Citigroup.

Paul Lejuez，花旗集團（Citigroup）。

It's Tracy Kogan filling in for Paul. I just wanted to clarify one thing first. I think you said you see consistent traffic. And I just wanted to clarify if that meant traffic is flat? Or do you mean it is down or up consistent with 4Q. And then my second question is just on your credit portfolio. I think you mentioned that it was healthy, but I was wondering if you were seeing any signs in bad debt or payment trends that show any strain from the consumer?

我是 Tracy Kogan，代替 Paul。我想先釐清一件事。我想你們說你們看到客流量一致。我想確認這是否表示客流量持平？或者你的意思是它與第四季（4Q）一致地下降或上升。第二個問題是關於你們的信用（卡）組合。我想你們提到它很健康，但我想知道你們是否在壞帳或付款趨勢上看到任何跡象，顯示消費者承受壓力？

Thanks for the questions, Tracy. Regarding traffic, we saw it improve sequentially. And as Tony mentioned, it's been fairly consistent over time with AUR and basket size being the primary driver. Regarding the credit revenue, our credit, first, is a very important part of our overall Macy's ecosystem. It fits into our loyalty program, and it helps us understand how over 70% of our customers are spending and engaging with us over time.

謝謝你的問題，Tracy。關於客流量，我們看到它逐季改善。而如 Tony 所提到的，長期來看它相當一致，主要驅動因素是 AUR（平均單價）與客單價（basket size）。至於信用收入，我們的信用業務首先是我們整體 Macy's 生態系中非常重要的一部分。它與我們的忠誠計畫相結合，並幫助我們了解超過 70% 的顧客隨時間如何消費並與我們互動。

So it has a very broad meaning overall. And what we saw in the quarter was 12% growth and that was driven by the health of our credit portfolio and a reduction in net credit losses. So we have a very strong credit environment in our portfolio, and we're going to be monitoring going forward to make sure we're taking care of that credit.

因此它在整體上具有非常廣泛的意義。而我們在本季看到 12% 的成長，這是由我們信用組合的健康狀況以及淨信用損失下降所帶動。所以我們的組合處於非常強勁的信用環境，我們也會在未來持續監控，確保我們妥善管理這項信用業務。

Looking at the remainder of the year and ongoing, we expect the credit card business to grow at the rate of the overall business and we have many initiatives in place to drive both new cardholder acquisition and increased card usage.

展望今年剩餘期間以及後續，我們預期信用卡業務將以與整體業務相同的速度成長，並且我們已部署多項措施，以推動新持卡人獲取以及提升持卡使用率。

Michael Binetti, Evercore ISI.

Michael Binetti，Evercore ISI。

Congrats on a great quarter. let me ask you about the AUR. I saw the presentation, it was up 8.3%. That's a really big acceleration about 400 basis points from the prior quarter, if I'm looking at like-for-like numbers. And we haven't seen a level like that in a while. First, just love to see if you could talk a little bit about -- a little more specifically about what areas of the business drove that in the quarter?

恭喜有個很棒的季度。我想問一下 AUR。我看到簡報，AUR 上升了 8.3%。如果我用可比口徑來看，這比上一季加速了大約 400 個基點，幅度很大。而我們也有一段時間沒看到這樣的水準了。首先，想請你更具體談談，本季是哪些業務領域帶動了這個表現？

And then, Tom, I have to ask what do you think explains the gross margin flat, excluding tariffs at that level of AUR improvement? I think those two are usually a little more linked for you guys. I'm trying to think about how we should think about that as we go forward in our models here?

另外，Tom，我得問一下：在 AUR 改善到這種程度的情況下，若排除關稅，為什麼毛利率仍然持平？我覺得對你們來說，這兩者通常會更連動一些。我在想，我們在模型中往前推估時，應該如何看待這件事？

Thanks for the question, Mike. The AUR has been growing for the last couple of years at both brands. It's both the mix of business, as I was saying before, the different fabrication, the categories we're selling, more jackets versus T-shirts, the introduction of linen versus cotton, the breadth of brands that we're selling, Sam Edelman versus the size of our private brand business today. So some is the construct of our assortments is just different. It's evolving.

謝謝你的問題，Mike。過去幾年，兩個品牌的 AUR 都在成長。這來自於業務組合，如我先前所說，不同的面料、我們銷售的品類，例如外套相對於 T 恤更多、引入亞麻相對於棉的比例、我們販售品牌的廣度，例如 Sam Edelman 相對於我們目前自有品牌業務的占比。所以其中一部分是我們的商品組合結構本來就不同。而且它正在演進。

There is more in the best bucket than in the better or the good bucket. And that's going to continue to allow us to increase the AUR. The AUR of the Macy's brand was more 5% and change. The AUR the Bloomingdale's brand was in the 9%, 10% range. So you have a slight difference between the two brands that blends to the to the 8% and change.

「最佳（best）」價位帶的占比高於「較佳（better）」或「一般（good）」價位帶。這將持續讓我們能夠提高 AUR。Macy's 品牌的 AUR 大約是 5% 多一些。Bloomingdale's 品牌的 AUR 大約在 9% 到 10% 的區間。因此兩個品牌之間有些差異，合併後就落在 8% 多一些。

But I would say that we still have opportunity. We have less clearance than we had less -- a year ago, less aged goods that also gets you the back-end benefit of better AUR because you're not selling as much clearance.

但我會說我們仍然有機會。我們的清倉（clearance）比一年前更少，庫齡較長的商品也更少，這也會在後端帶來更好的 AUR 效益，因為你不需要賣那麼多清倉品。

But we're going to continue to monitor the right levels of inventory in each of the price buckets to make sure that we're capitalizing on where we see the demand. I would tell you, in the past, we were a little hesitant on the higher AUR product to be in stock and to give more distribution to our stores. I think we're trying to find the right balance of not undershooting the customer.

不過我們會持續監控各個價格帶的適當庫存水位，以確保我們能掌握我們所看到的需求所在。我會告訴你，過去我們對於較高 AUR 的商品，在備貨以及給門市更多鋪貨（distribution）方面有點猶豫。我想我們正在努力找到適當的平衡，不要低估顧客需求。

And I'll add on the gross margin versus AUR. Q1, first, was in line with our expectations being flat, excluding tariffs. And it's really a mix of business around channel and product. Importantly, Michael, we have a line of sight to how gross margin will continue to expand over the remainder of the year and build as we move through the year.

我也補充一下毛利率與 AUR 的關係。第一季（Q1）若排除關稅，毛利率持平，符合我們的預期。這主要是通路與商品的組合所致。重要的是，Michael，我們對於毛利率在今年剩餘期間將持續擴張有明確可見度，並會隨著年度推進而逐步建立。

Okay. And then if I could just ask a quick follow-up on beauty, great comp out of Bluemercury. Is -- can we get a sense of how much beauty was up across the total business? Is it your sense that the category is improving? Or was this just all execution at Bluemercury or something you did that you felt particularly strong about?

好的。另外我想快速追問一下美妝：Bluemercury 的同店表現很強。我們能否了解一下，整體業務的美妝成長了多少？你覺得這個品類正在改善嗎？還是這主要是 Bluemercury 的執行力，或是你們做了某些你覺得特別有效的事情？

I think Mike, it's the combination of brands and service. And I think all three of our brands are full-service beauty experiences. And when we have enough newness, there was a lot of newness in skincare, there was a lot of newness and fragrances. It's going to bode well for our total beauty business. And then we are doubling down on the beauty experience via our beauty advisers, making sure we're giving a level of experience that people say that's better than self-service, that gives me a reason to kind of go to the department store, whether it's samples, whether it's a gift with purchase, whether it's someone who allows me to shop across brands, we're working to make sure that we're building on the sizable beauty business that we have at all three brands.

我想 Mike，這是品牌與服務的結合。而且我認為我們三個品牌都提供全方位的美妝服務體驗。當我們有足夠的新品時——保養品有很多新品，香氛也有很多新品——這將有利於我們整體美妝業務。此外，我們也透過美妝顧問加碼投入美妝體驗，確保我們提供的體驗水準能讓人覺得比自助式更好，並給他們一個走進百貨公司的理由；不論是試用包、滿額贈，或是有人能協助我跨品牌選購，我們都在努力確保能在三個品牌既有的龐大美妝業務基礎上持續擴大。

Chuck Grom, Gordon Haskett.

Chuck Grom，Gordon Haskett。

This is Ryan Bulger on for Chuck here. I wanted to ask about the delta between the Macy's go forward at 1.6 and then the reimagined $200 million at $2.4 billion. And just kind of the underlying drivers there and what you'd expect to see on that going forward?

我是 Ryan Bulger，今天代替 Chuck。我想請教一下，Macy’s 前瞻指引的 1.6 與「Reimagined」門店 2.4（約 2 億美元）之間的差異。想了解背後的主要驅動因素，以及你們對未來走勢的預期？

Sure. The reimagined stores, we said, it's about 60% of our store base at 75% of the sales based on 2025 Macy's store sales. You have the 1.4% is the Macy's comp number inclusive of all the Macy's stores. So the 1.4% to the 1.6% is the real difference. And the Reimagine stores have the additional investments.

當然。我們提到「Reimagined」門店約占我們門店基礎的 60%，以 2025 年 Macy’s 門店銷售為基礎，約占 75% 的銷售額。1.4% 是 Macy’s 的同店成長數字，包含所有 Macy’s 門店。所以真正的差異是從 1.4% 到 1.6%。而「Reimagine」門店有額外的投資。

And so whether that be staffing, whether that be additional brands, whether that be the additional visual enhancements. And so we're monitoring that carefully because we view that 2% to 3% growth is being very important to the overall architecture of our planning strategy going forward. And we love seeing the Reimagine stores growing across all the cohorts and seeing the consumer respond across geographies to the changes that we're making in the Macy's name plate.

不論是人力配置、引進更多品牌，或是額外的視覺陳列強化。因此我們正密切監測，因為我們認為 2% 到 3% 的成長對我們未來整體規劃策略架構非常重要。我們也很樂見「Reimagine」門店在各個批次（cohorts）都在成長，並看到消費者在不同地區對我們在 Macy’s 招牌（name plate）所做的改變有所回應。

Bob Double, BTIG.

Bob Double，BTIG。

I guess I'm curious to see, as you look into the second quarter, and you mentioned some of your World Cup initiatives, do you think that's going to be a big driver to any of your big geographies?

我想了解的是，當你們展望第二季時，你們提到一些世界杯的相關活動，你認為這會成為你們某些主要地區的重大驅動因素嗎？

Well, we've invested in the active category in partnership with Nike and with Adidas and to a smaller degree, with Puma and creating a reason to come to the store a reason to shop. We'll have personal appearances at both Macy's and Bloomingdale's, not just in our flagship stores, but in our local stores as well. I think these events, just like Prom or Valentine's Day kind of give the reason for the consumer to kind of come into the store, vote by being a part of something that's happening in the country.

我們與 Nike、Adidas 合作，並在較小程度上與 Puma 合作，投資於運動休閒（active）品類，創造到店與購物的理由。我們會在 Macy’s 與 Bloomingdale’s 舉辦名人到場活動，不僅在旗艦店，也會在地方門店舉辦。我認為這些活動就像畢業舞會季或情人節一樣，能給消費者一個走進門店的理由，透過參與全國正在發生的事情來「用行動投票」。

And we view World Cup is just something that people are excited about the same way if you're in New York, you're excited about the Next right now. Or if you're watching, hopefully, the fourth of July fireworks, you're going to be excited seeing the fact that we have fireworks on both the west side and the east side this year.

我們認為世界杯就是大家會感到興奮的一件事，就像如果你在紐約，你現在會對 Next 感到興奮一樣。或者如果你在看（希望如此）7 月 4 日的煙火，你也會因為今年西岸與東岸都有煙火而感到興奮。

And we -- as a retailer, we have a responsibility to kind of give people a reason to buy, to bring in the animation to add kind of more than just a need-based purchase. This is an emotional business, and so to me, it's fun to see older sports teams. It's fun to see the activations and young kids all the way up to dads and moms looking to be a part of the celebration of World Cup.

而我們——作為零售商——有責任給大家一個購買的理由，帶來熱鬧氛圍，增加不只是基於需求的購買動機。這是一門情感型的生意，所以對我來說，看到各種運動隊伍很有趣。看到各種活動啟動（activations），從小朋友到爸爸媽媽都想參與世界杯的慶祝，也很有趣。

Great. And I guess, just could you spend a few minutes just on the Ask Macy's, the AI utilization, and sort of what you're seeing there throughout the business?

很好。另外，你能否花幾分鐘談談 Ask Macy’s、AI 的使用情況，以及你們在整個業務中看到的狀況？

Sure, Bob. Early days. We're learning as we go. What I love seeing is the higher conversion rate for the people that are engaging with Ask Macy's because it's giving people a better prompt-driven response to the search that they're looking to complete. We're also trying to use Ask Macy's as a foundational way to help educate more of our colleagues.

當然，Bob。目前還在早期階段。我們邊做邊學。我很喜歡看到的是：與 Ask Macy’s 互動的人，其轉換率更高，因為它能針對他們要完成的搜尋，提供更好的提示詞（prompt）驅動回應。我們也嘗試把 Ask Macy’s 作為一個基礎方式，來協助教育更多同仁。

We view AI and humanity working together, and that creates the best possible results. But early days, pleased with the response to Ask Macy's and eventually Ask Macy's will become Ask Bloomingdale's. And so that will allow us to scale it across both brands.

我們認為 AI 與人性（humanity）協作，能創造最佳成果。但目前仍在早期階段，我們對 Ask Macy’s 的回饋感到滿意；最終 Ask Macy’s 也會變成 Ask Bloomingdale’s。如此一來，我們就能在兩個品牌之間擴大規模。

And Bob, I'd add that we have AI initiatives across the business, we have 35 tests and pilots that we're running. And we're really looking to leverage it in customer-facing, helping our associates be more effective in their roles as well as in areas like supply chain. So we're really trying to see where it can help us, and as Tony mentioned, help us serve our customer and work with humanity as well as the science.

Bob，我補充一下：我們在整個公司都有 AI 計畫，目前正在進行 35 個測試與試點。我們希望在面向客戶的場景中善用它，也協助我們的同仁在職務上更有效率，並用在供應鏈等領域。所以我們正努力找出它能如何幫助我們；如 Tony 所提，也幫助我們服務客戶，讓人性與科學一起運作。

Oliver Chen, TD Cowen.

Oliver Chen，TD Cowen。

Tony and Tom, a really exciting in terms of the growth you're seeing. Regarding back-to-school, what are your thoughts and key catalysts in terms of managing the opening and value relative to what you're clearly seeing with the best and better matrix? Also, it's competitive. So timing regarding that balance between just-in-time versus earlier due to the nature of competition?

Tony 和 Tom，你們看到的成長令人振奮。關於返校季（back-to-school），在你們明顯看到「最佳與更佳」（best and better）矩陣的情況下，你們對於管理開季節奏與價值主張的想法與關鍵催化因素是什麼？另外，競爭也很激烈。因此在競爭態勢下，關於「即時到貨」（just-in-time）與更早備貨之間的平衡，你們對時點如何看？

And second, as we think about artificial intelligence and labor, merchandising as well as inventory, what are your -- how would you prioritize how this is going to impact the business as the pricing and supply chain is different, but equally important to the large language models? And how you're thinking about humanization of search and problem solution and agentic search optimization?

第二，當我們思考人工智慧與人力、商品企劃以及庫存時，你們會如何排序 AI 對業務影響的優先順序？定價與供應鏈雖然不同，但對大型語言模型同樣重要。以及你們如何看待搜尋的人性化、問題解決，以及代理式（agentic）搜尋最佳化？

Let me take the first part, Oliver, and then I'll let Tom take the second part. I'm excited about back-to-school. We have back to kind of camp or day camps going on right now. The kids business is really healthy across boys, girls, the infants business that we do. I love the matrix that we have that you go from our own private brands to Ralph Lauren, to Abercrombie, to Nike, to Jordan.

Oliver，我先回答第一部分，第二部分我再請 Tom 補充。我對返校季感到興奮。我們現在也有回到夏令營或日間營隊（day camps）的需求。童裝業務非常健康，涵蓋男童、女童，以及我們做的嬰幼兒品類。我很喜歡我們的矩陣配置，從自有品牌到 Ralph Lauren、Abercrombie、Nike、Jordan。

We have a unique, I think, compelling assortment across both genders. And so I think we're becoming more of a destination for the kids category. Team is doing a terrific job. And I think the assortments that I've seen look great, and we're doing a better job, I think, by the way, of being set up for the South, which goes back to school earlier versus the north that obviously goes back to school after Labor Day.

我認為我們在男女童兩端都有獨特且具吸引力的商品組合。因此我覺得我們正更像是童裝品類的目的地。團隊做得非常出色。我看到的商品組合看起來很棒；另外我也認為我們在南部市場的準備更到位，因為南部返校較早，而北部顯然是在勞動節之後才返校。

Let me just say this on AI, and then I'll let Tom add his comments as well. Our AI strategy is our Bold New Chapter. First is we start with the Bold New Chapter. And how do we power the Bold New Chapter? It's through our belief that AI can help us drive revenue, make sure that we're giving our colleagues an easier experience and our customers a better experience, and making sure that we're creating efficiencies like in the supply chain example you were raising. So our strategy is the Bold New Chapter, and our drivers kind of come from all the different proof of concepts we have in AI. Tom, would you add?

我先就 AI 說幾點，然後也讓 Tom 補充。我們的 AI 策略就是我們的「Bold New Chapter」。第一步是從「Bold New Chapter」出發。那要如何驅動「Bold New Chapter」？我們相信 AI 能幫助我們推動營收成長、讓同仁的工作體驗更輕鬆、讓顧客體驗更好，並確保我們能創造效率，例如你提到的供應鏈案例。所以我們的策略是「Bold New Chapter」，而我們的驅動因素來自於各種 AI 的概念驗證（proof of concepts）。Tom，你要補充嗎？

And I'd add, Oliver, that we're good stewards of returns and ROI and very cognizant that AI can be costly to implement as well as providing great benefits on the other end, and that could be helping associates in store, in the office or in the supply chain where we're already using it in places like China Grove. So we're going to keep that in mind and make sure that as we leverage it, it's leveraged in a way that makes sense from a return perspective, and then, as Tony mentioned, support our overall strategy.

Oliver，我補充一下：我們會妥善管理報酬、投資報酬率（ROI），也非常清楚 AI 的導入可能成本不低，但同時也能在另一端帶來很大的效益；例如協助門店同仁、辦公室同仁，或供應鏈——我們已在 China Grove 等地點的某些環節使用。因此我們會把這點放在心上，確保在運用時，是以符合報酬角度的方式來運用；並如 Tony 所說，支持我們的整體策略。

One follow-up, Reimagine, we've noticed better service and also a compelling product assortment. Within that, what should we know about your private label initiatives as you have really important franchises there? And I'm sure you're thinking about how to manage the differentiation amongst the private labels as well as innovation. And also Reimagine going forward, can you speed up the implementation to the whole base in terms of the progress you're seeing there?

再追問一點，Reimagine，我們注意到服務更好，而且產品組合也很有吸引力。在這之中，鑑於你們在自有品牌方面擁有非常重要的主力系列，我們應該了解你們的自有品牌推進計畫有哪些？我也確定你們正在思考如何在自有品牌之間管理差異化以及推動創新。另外，展望未來的 Reimagine，就你們目前看到的進展而言，能否加快在整個門店基礎上的推行速度？

Thanks, Oliver. Yes, we're very proud and excited about the growth in the Reimagine stores, 2.4% across geographies, across all cohorts of stores, and we're going to go as fast as we possibly can. Right now, we're focused on the 200 stores that represent 60% of the store base and 75% of the Macy's store sales. The customer is responding. They like the balance of market brands and private brands.

謝謝你，Oliver。是的，我們對 Reimagine 門店的成長感到非常自豪也很振奮：跨地區、跨所有門店群組，成長 2.4%，而且我們會盡可能快地推進。目前我們聚焦在 200 家門店，這些門店占整體門店基礎的 60%，並貢獻 Macy's 門店銷售的 75%。顧客正在做出回應。他們喜歡市場品牌與自有品牌之間的平衡。

They like the balance of newness and fashion and basics. Our private brands are a strategy, but the private brands really serve as a part of the assortment architecture area by area. And we have parts of the business where private brand is 30% or 40% of the business. We have parts of the business where private brand is less than 3% of the business. And it has to be what's appropriate in the individual category.

他們喜歡新品感、時尚與基本款之間的平衡。自有品牌是我們的策略之一，但自有品牌更重要的是作為商品組合架構的一部分，依不同區域、不同品類來配置。我們有些業務，自有品牌占比達 30% 或 40%。也有些業務，自有品牌占比不到 3%。關鍵在於各個品類中什麼才是合適的。

Are the market brands not servicing our needs and does private brands have a reason for being, can we make more money by having something in the commodity in private brands? And if we don't need to duplicate what is necessary and better potentially from the market brands with what we do in private brands. So obviously have a private brand strategy. We are committed to building our private brand business, but it's going to be more now based on what's appropriate area by area based on our assortment architecture.

市場品牌是否無法滿足我們的需求？自有品牌是否有其存在的理由？在某些大宗商品上做自有品牌，是否能讓我們賺更多錢？如果沒有必要，我們也不需要用自有品牌去重複市場品牌已經提供、而且可能更好的東西。所以我們當然有自有品牌策略。我們致力於打造自有品牌業務，但未來會更依據我們的商品組合架構，按區域、按品類來決定什麼是最合適的。

Simeon Siegel, Guggenheim Securities.

Simeon Siegel，Guggenheim Securities。

Tony, really encouraging to hear the breadth of categories that are working. Just any high-level thoughts on what areas might be lagging and where you still see meaningful to improve there? And then, Tom, can you just elaborate on the marketing timing shift within the Macy's Media Network at all and how you're thinking about media versus credit card sales embedded within the full year other guide?

Tony，聽到有這麼多品類表現良好，真的很令人鼓舞。能否從高層次談談哪些領域可能仍在落後，以及你們認為還有哪些顯著的改善空間？另外，Tom，你能否再說明一下 Macy's Media Network 內部行銷時點調整的情況，以及在你們對全年指引的考量中，媒體收入與信用卡銷售（嵌入其中）之間你們是如何看待的？

Sure. Thanks, Simeon. We've mentioned the softness in the big-ticket business, particularly furniture. I think that the tariffs, in that case, made some of our products more expensive and the consumer push back. I also think the category has been softer just based on interest rates and the overall mortgage environment.

當然可以。謝謝你，Simeon。我們提過大件商品業務偏弱，尤其是家具。我認為關稅在那個情況下讓我們部分產品變得更昂貴，消費者因此有所反彈。我也認為該品類本身就偏弱，主要與利率以及整體房貸環境有關。

So we're working hard to change the trajectory of our furniture business. The other business that we saw softer was in plus sizes, and that, again, for us has been soft for some time. So the team is busy at work trying to improve the quality of our assortments and make sure we have the right representation for the plus size customer. We're just excited by the fact that we have so many categories right now that are trending positive. And I think it's a good indication that there is more working than not across both Macy's, Bloomingdale's and Bluemercury.

因此我們正努力扭轉家具業務的走勢。另一個我們看到較疲弱的業務是加大尺碼（plus sizes），而這對我們而言也已經疲弱一段時間了。所以團隊正忙著改善商品組合的品質，並確保我們對加大尺碼顧客有正確的呈現與覆蓋。我們也很振奮，因為目前有這麼多品類呈現正向趨勢。我認為這是個很好的跡象，顯示在 Macy's、Bloomingdale's 與 Bluemercury 之間，表現良好的品類多於表現不佳的品類。

And Simeon, with regard to Macy's Media Network and credit card revenue, Macy's Media Network was down 5% in the quarter due to the timing of spending, but we have a line of sight to grow this business for the year. And it's a very important revenue stream that builds on the Macy's brand equity and one that we're very excited about. It is still in early stages as we're growing it. We're focused on engaging with current and new advertisers, activating growth initiatives, including the Amazon Ad partnership that we announced last year. And it is a real strong part of the broader Macy's ecosystem. So we expect growth for the year, and we expect it to build over the course of the year.

Simeon，關於 Macy's Media Network 與信用卡收入：本季 Macy's Media Network 下降 5%，原因是投放支出的時點安排，但我們對全年成長有清晰的能見度。這是一條非常重要的收入來源，建立在 Macy's 的品牌資產之上，我們也對此非常期待。在我們擴張的過程中，它仍處於早期階段。我們專注於與現有及新廣告主互動，推動成長計畫，包括我們去年宣布的 Amazon Ads 合作夥伴關係。它也是更廣泛的 Macy's 生態系中非常強的一環。因此我們預期全年會成長，且預期會在一年當中逐步走高。

With regard to the credit card, the benefit of the net credit losses was taken in Q1. Going forward, we would expect the growth of the credit card is more in line with the overall business. And between the two of them, our goal and outlook for the year of $920 million of revenue is unchanged from our prior outlook and reflects growth year-over-year.

至於信用卡方面，淨信用損失下降所帶來的利益已在第一季反映。往後我們預期信用卡業務的成長會更貼近整體業務的表現。兩者合計而言，我們對全年 9.2 億美元收入的目標與展望，與先前展望一致，並反映年對年成長。

Jay Sole, UBS.

Jay Sole，UBS。

Just want to follow up on the gross margin discussion. It looks like for EBITDA for Q2, you're guiding to EBITDA margin down 60 to 90 bps, and you're talking about SG&A flat as a percentage of sales. So I guess that implies gross margin should be down about 60 to 90 bps. Do we have that right? And then what will be driving that?

我想追問一下毛利率的討論。看起來你們對第二季 EBITDA 的指引是 EBITDA 利潤率下降 60 到 90 個基點，同時你們也提到 SG&A 佔銷售比重持平。所以我猜這意味著毛利率應該會下降約 60 到 90 個基點。我們這樣理解對嗎？另外，會是什麼因素在驅動？

Gross margin, we expect to be fairly consistent, excluding tariffs in Q2 and the tariffs and the fuel costs, which were new for the quarter are around at 20 to 40 bps impact. So again, as we look forward to the year, Jay, we look to continue to grow the underlying gross margin and expand through the back half of the year.

毛利率方面，我們預期在第二季若排除關稅影響，毛利率會相當一致；而關稅以及燃料成本（本季新增因素）合計約帶來 20 到 40 個基點的影響。所以同樣地，展望全年，Jay，我們會持續提升基礎毛利率，並在下半年擴張。

Marni Shapiro, Retail Tracker.

Marni Shapiro，Retail Tracker。

Congratulation. So I had two very quick questions. The marketing, how should we think about it in the back half of the year? Because you've appraised like the 100th trade coming up in the fourth quarter, and that's seems to be a pretty big deal. So I'm wondering if it's a little bit more weighted than usual to the fourth quarter? And do you have events and around that?

恭喜。我有兩個很快的問題。關於行銷，我們應該如何看待下半年的配置？因為你們提到第四季即將迎來第 100 屆遊行，這看起來是件大事。所以我想知道行銷是否會比往常更偏重在第四季？以及你們是否會圍繞那個活動安排相關事件？

And then just I think you mentioned that you have more people coming into the brand. Are you seeing younger shoppers come in? And are they signing up for credit cards and the loyalty program and the whole arrangement at Macy's?

另外，我想你們提到有更多人進入這個品牌。你們是否看到更年輕的消費者進來？他們是否也在申辦信用卡、加入會員忠誠計畫，以及參與 Macy's 的整套機制？

Thanks, Marni. Yes, Go Nick is right. We're excited about the parade. We had to have the fireworks first and the World Cup, but the 50th fireworks. We have lots of products for the 50th fireworks as well as the first time ever, the East side and the West side, we'll have Fireworks, the partnership with MLB and stadium activations. And yes, the 100th parade is going to be like never before. And we are busy at work trying to make sure that we have once-in-a-lifetime moments that will be a part of that overall celebration.

謝謝你，Marni。是的，Go Nick 說得對。我們對遊行感到很興奮。我們得先有煙火和世界盃，不過是第 50 屆煙火。我們也為第 50 屆煙火準備了很多商品；此外也是史上第一次，東岸與西岸都會有煙火，並與 MLB 合作以及進行球場現場活動（stadium activations）。而且，是的，第 100 屆遊行將會前所未有。我們正忙著確保能打造一生一次的時刻，成為整體慶祝活動的一部分。

It's a great partnership between merchandise, marketing and digital, that brings it all to life to make sure that we deliver something that's meaningful and memorable for the consumer. We're absolutely attracting new customers to both Macy's, Bloomingdale's and -- I keep saying both, to Macy's, Bloomingdale's and Bluemercury, across all three brands. We are seeing sign-ups of credit cards to all generations of customers. It's making sure that the loyalty program first kind of credit second is that there's a reason to be a part of the membership of these brands that there's something exciting to be a part of beyond just the points or the discount. And I think the teams are doing a nice job in that regard.

這是商品、行銷與數位之間極佳的合作，把一切具體呈現出來，確保我們交付給消費者的是有意義且令人難忘的內容。我們確實正在為 Macy's、Bloomingdale's——我一直說「兩者」，其實是 Macy's、Bloomingdale's 與 Bluemercury——這三個品牌都吸引到新客。我們看到各世代客群的信用卡申辦都有所增加。重點在於先把忠誠計畫做好、信用卡其次：要讓加入這些品牌會員有其理由，讓會員覺得參與其中有令人興奮之處，而不只是點數或折扣。我認為團隊在這方面做得很好。

And then finally, I would say we sell brands. So to your report, whether it's Addicted, whether it's Burgenstock, whether it's UGG, whether it's Levi's, whether it's Ralph Lauren, whether it's Coach, the better our brands do at attracting Gen Z and Gen Alpha, the more business we are going to have because we're the biggest partner for many of these brands.

最後我想說，我們賣的是品牌。所以就你提到的報告而言，不論是 Addicted、Burgenstock、UGG、Levi's、Ralph Lauren、Coach，這些品牌越能吸引 Z 世代與 Alpha 世代，我們的生意就會越好，因為對許多這些品牌而言，我們是最大的合作夥伴。

And I'd add, Marni, that on the credit card and loyalty and the sign-ups, we've talked about in the past, applications being up as we've worked across both digital and stores to engage with new customers. and bring them into our program. So we're very excited about the potential to continue to drive our credit card and loyalty program.

我再補充一下，Marni，關於信用卡、忠誠計畫與申辦數，我們過去也談過：隨著我們在數位與門市兩端協同運作、與新客互動並把他們帶入我們的計畫，申請量一直在上升。因此，我們對於持續推動信用卡與忠誠計畫的潛力感到非常興奮。

Janet Kloppenburg, JJK Research Associates.

Janet Kloppenburg，JJK Research Associates。

Congratulations. I just have one question. I think you said that traffic has been consistent. And I think you also said that marketing as a percentage of sales might be flat. So I'm wondering if you need to invest in marketing to get the traffic up in the stores to tell the customer, how Macy's has changed, how it's been upgraded? And obviously, that's working, but maybe there's more opportunity there.

恭喜。我只有一個問題。我想你提到客流一直很穩定。我也想你說過，行銷費用占銷售額的比例可能會持平。所以我想知道，你們是否需要加大行銷投資，讓門市客流提升，並告訴顧客 Macy's 有哪些改變、如何升級？顯然這些做法正在奏效，但也許還有更多機會。

Thanks, Janet. I appreciate the challenge. I think there's what you spend and there's what you talk about. So one could argue, we spend enough on marketing. We need to spend some of that money to better communicate the changes we're making, which is the challenge that we accept. We need to have a better balance of the top of funnel and bottom of funnel and make sure that there is a communication about the why in addition to the what.

謝謝你，Janet。我很感謝這個挑戰。我認為關鍵在於「花多少」以及「談什麼」。有人可以主張，我們在行銷上的支出已經足夠。我們需要把其中一部分預算用來更好地傳達我們正在做的改變，這正是我們願意接受的挑戰。我們需要在漏斗上層與漏斗下層之間取得更好的平衡，並確保除了傳達「做了什麼」之外，也要溝通「為什麼」。

We are constantly looking at geographies and the business between physical and digital. I'm less concerned, frankly, about our traffic than I am about making sure that we get the right conversion on the quality of the assortment that we're providing for the customer without unnecessary levels of discounting. So I think the team has done a really good job of balancing where the customer is paying full price, where the customer is excited by the assortment, converting that customer at full margin and then taking the necessary markdowns on things that aren't working as well. Tom, what would you add?

我們持續檢視各地區，以及實體與數位之間的業務表現。坦白說，我對客流的擔憂不如對另一件事：確保我們提供給顧客的商品組合品質能帶來正確的轉換率，同時避免不必要的過度折扣。因此我認為團隊在平衡方面做得非常好：在哪些情境顧客願意付原價、哪些商品組合能讓顧客感到興奮、以完整毛利轉換顧客，並且對表現不佳的商品做必要的降價處理。Tom，你會補充什麼？

Janet, I'd add that I really enjoy my partnership with our CMO, and we take a very disciplined approach to marketing spending. And I'm a big supporter of making sure we support the brand, but also drive results. So we're looking at that on an ongoing basis, and we do want to leverage marquee events. I'd also add, Janet, this is all supported by a really robust strong free cash flow and strong free cash flow yield as well as a healthy balance sheet with no maturities out to 2030. So we have the flexibility to invest both in the business in other areas as well as marketing as we move forward.

Janet，我補充一下：我非常享受與我們的 CMO 的合作，我們對行銷支出採取非常嚴謹、紀律化的方法。我非常支持確保我們能支撐品牌，同時也要帶動成果。所以我們會持續檢視，也確實希望善用指標性的大型活動。我也要補充，Janet，這一切都有非常強勁且穩健的自由現金流、強勁的自由現金流殖利率作為支撐，同時資產負債表也很健康，且到 2030 年之前都沒有到期債務。因此，隨著我們往前推進，我們有彈性在行銷以及其他領域對業務進行投資。

Ladies and gentlemen, that brings us to the end of today's question-and-answer session. I would like to turn the floor back over to Mr. Spring for closing comments.

各位女士、先生，今天的問答環節到此結束。我想把時間交回給 Spring 先生做結語。

Thank you, everybody, for your participation. Just a reminder, please make sure you watch our fireworks on the July 4. They're going to be bigger, better than ever before with some incredible performances, and a big shout out and thank you to the Parade and Fireworks team for what I know is going to be a wonderful day for the brand. Have a good week, everybody.

謝謝各位的參與。提醒一下，請務必在 7 月 4 日收看我們的煙火。今年將比以往更盛大、更精彩，還會有一些令人驚豔的演出；也要特別向遊行與煙火團隊致上大大的致意與感謝，我知道那將會是品牌非常精彩的一天。祝大家本週愉快。

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.

各位女士、先生，今天的活動到此結束。您現在可以掛斷電話或登出網路直播，祝您今天剩餘時間愉快。