梅西百貨 (M) 2020 Q4 法說會逐字稿

Ladies and gentlemen, good morning, and welcome to Macy's, Incorporated Fourth Quarter 2020 Earnings Conference Call.

女士們，先生們，早上好，歡迎來到梅西百貨公司 2020 年第四季度收益電話會議。

Today's 90-minute conference is being recorded.

今天的 90 分鐘會議正在錄製中。

And I would now like to turn the call over to Mike McGuire, Head of Investor Relations for Macy's, Inc.

我現在想把電話轉給梅西百貨公司投資者關係主管 Mike McGuire。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，運營商。

Good morning, everyone, and thanks for joining us on this conference call to discuss not only our fourth quarter and full year 2020 results, but also our update to our long-term strategy.

大家早上好，感謝您加入我們的電話會議，不僅討論了我們 2020 年第四季度和全年的業績，還討論了我們對長期戰略的更新。

With me on the call today are Jeff Gennette, our Chairman and CEO; and Adrian Mitchell, our CFO.

今天和我一起打電話的是我們的董事長兼首席執行官 Jeff Gennette；和我們的首席財務官 Adrian Mitchell。

Jeff and Adrian have prepared remarks that they will share, after which, we'll host a question-and-answer session.

Jeff 和 Adrian 準備了他們將分享的評論，之後，我們將舉辦問答環節。

(Operator Instructions)

（操作員說明）

In addition to this call and our press release, we have posted a slide presentation on the Investors section of our website, macysinc.com.

除了本次電話會議和我們的新聞稿外，我們還在我們網站 macysinc.com 的投資者部分發布了幻燈片演示。

The presentation summarizes the information in our prepared remarks and include some additional facts and figures.

該演示文稿總結了我們準備好的評論中的信息，並包括一些額外的事實和數據。

I do have one housekeeping item to share.

我確實有一件家政用品要分享。

Jeff and Adrian will be participating in a fireside chat at the Bank of America Consumer and Retail Technology conference on Tuesday, March 9, at 8:30 a.m.

Jeff 和 Adrian 將於 3 月 9 日星期二上午 8:30 參加美國銀行消費者和零售技術會議的爐邊談話。

Eastern Time.

東部時間。

This event will be webcast on our Investor Relations website.

該活動將在我們的投資者關係網站上進行網絡直播。

So please mark your calendars.

所以請標記您的日曆。

Keep in mind that all forward-looking statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

請記住，所有前瞻性陳述均受 1995 年《私人證券訴訟改革法案》安全港條款的約束。

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.

這些前瞻性陳述受風險和不確定因素的影響，可能導致實際結果與今天提到的預期和假設存在重大差異。

A detailed discussion of these factors and uncertainties is contained in our filings with the Securities and Exchange Commission.

我們向美國證券交易委員會提交的文件中包含對這些因素和不確定性的詳細討論。

In discussing the results of our operations, we will be providing certain non-GAAP financial measures.

在討論我們的運營結果時，我們將提供某些非 GAAP 財務指標。

You can find additional information regarding these non-GAAP financial measures as well as others used in our earnings release and our presentation on the Investors section of our website.

您可以在我們網站的投資者部分找到有關這些非 GAAP 財務措施以及我們的收益發布和我們的介紹中使用的其他信息的更多信息。

As a reminder, today's call is being webcast on our website.

提醒一下，今天的電話會議正在我們的網站上進行網絡直播。

A replay will be available approximately 2 hours after the conclusion of this call, and it will be archived on our website for 1 year.

本次電話會議結束後約 2 小時將提供重播，並將在我們的網站上存檔 1 年。

Now I would like to turn this over to Jeff.

現在我想把這個交給 Jeff。

Thanks, Mike.

謝謝，邁克。

So good morning, everyone, and thank you for joining us today.

大家早上好，感謝您今天加入我們。

So today, we're going to share our fourth quarter and fiscal year results, discussing our outlook and near-term guidance, and reviewing our updated Polaris strategy.

所以今天，我們將分享我們的第四季度和財年業績，討論我們的前景和近期指導，並回顧我們更新的北極星戰略。

We also look forward to taking your questions in a Q&A session following our remarks.

我們也期待在我們的評論之後在問答環節回答您的問題。

But because we're coming out of an unprecedented year, one that delivered a series of external challenges that would have seemed almost unimaginable not so long ago, let me start with this.

但由於我們即將度過前所未有的一年，這一年帶來了一系列在不久前似乎幾乎無法想像的外部挑戰，讓我先從這個開始。

When COVID-19 unleashed its challenges, consumer trends shifted quickly, and we learned a lot about our strengths and opportunities.

當 COVID-19 釋放挑戰時，消費者趨勢迅速轉變，我們從中學到了很多關於我們的優勢和機遇的知識。

Our Polaris strategy, designed to allow significant flexibility, was tested profoundly, and it proved durable, allowing us to adapt and innovate with great agility.

我們的 Polaris 策略旨在提供顯著的靈活性，經過了深刻的測試，事實證明它是持久的，使我們能夠以極大的敏捷性進行調整和創新。

Facing these challenges, only some of our results show improvement from 2019.

面對這些挑戰，我們只有部分結果顯示比 2019 年有所改善。

But our business performed better than we might have otherwise have expected under these stresses, and we've shown that we are well positioned to adapt to customers' needs and to new forces in the external environment.

但在這些壓力下，我們的業務表現比我們原本預期的要好，而且我們已經表明我們有能力適應客戶的需求和外部環境中的新力量。

Against this backdrop, many of our fourth quarter results: sales, EBITDA and earnings per share, exceeded the expectations that we shared with you at the end of third quarter, and we ended the year in a very good cash position.

在此背景下，我們第四季度的許多業績：銷售額、EBITDA 和每股收益都超出了我們在第三季度末與您分享的預期，我們在年底的現金狀況非常好。

Sales for the quarter were $6.8 billion, with all brands outperforming expectations in the quarter and the back half of the year.

本季度銷售額為 68 億美元，所有品牌在本季度和下半年的表現均超出預期。

This solid performance has continued into 2021.

這種穩健的表現一直持續到 2021 年。

Significant growth in digital sales supported these results, as did a series of actions to win over new customers while some of our core customers paused spending with us during the pandemic.

數字銷售的顯著增長支持了這些結果，同時我們的一些核心客戶在大流行期間暫停了與我們的消費，同時採取了一系列贏得新客戶的行動。

We accelerated our focus on digital shopping, extended our assortment to help customers in expressing their unique style through a growing number of categories, and clarified and simplified our customer value equation.

我們加快了對數字購物的關注，擴展了我們的品類以幫助客戶通過越來越多的類別來表達他們的獨特風格，並澄清和簡化了我們的客戶價值方程式。

We rapidly adjusted our merchandise mix, reflecting consumers' increased embrace of categories like home, casual apparel, jewelry and fragrance.

我們迅速調整了商品組合，反映出消費者對家居、休閒服裝、珠寶和香水等品類的接受度越來越高。

And we made changes in stores to make them safe and easy to navigate.

我們對商店進行了更改，使其安全且易於瀏覽。

We harnessed data analytics to sharpen our offers and outreach to customers.

我們利用數據分析來改進我們的產品和與客戶的聯繫。

These and other steps attracted nearly 7 million new customers in the fourth quarter alone, many of them under 40.

這些和其他措施僅在第四季度就吸引了近 700 萬新客戶，其中許多人在 40 歲以下。

At the same time, we significantly improved our overall customer satisfaction scores.

與此同時，我們顯著提高了整體客戶滿意度得分。

Notably, we saw a solid holiday demand in November and December which continued into January.

值得注意的是，我們在 11 月和 12 月看到了強勁的假期需求，這種需求一直持續到 1 月。

As a result, we delivered adjusted EBITDA in the fourth quarter of $789 million, which brought the full year to a positive $117 million.

因此，我們在第四季度實現了 7.89 億美元的調整後 EBITDA，使全年達到正值 1.17 億美元。

We also saw a sequential top line improvement from first quarter, the weakest point of the year.

我們還看到第一季度的營收環比有所改善，這是今年的最薄弱點。

Our sales momentum and profitability are due to our investments in advanced analytics and enhanced collaboration with our vendor partners to drive gross margin.

我們的銷售勢頭和盈利能力歸功於我們對高級分析的投資以及與我們的供應商合作夥伴加強合作以提高毛利率。

We also maintained a persistent focus on managing SG&A.

我們還一直專注於管理 SG&A。

We generated free cash flow of $296 million in 2020, which we will continue to improve through the continued execution of our Polaris strategy.

我們在 2020 年產生了 2.96 億美元的自由現金流，我們將通過繼續執行北極星戰略來繼續改善這一狀況。

As a result, we ended the year with healthy liquidity, approximately $1.7 billion in cash and approximately $3 billion of untapped capacity in the revolving asset-backed facility that we closed in June.

因此，我們以健康的流動性結束了這一年，我們在 6 月關閉的循環資產支持設施中擁有約 17 億美元的現金和約 30 億美元的未開發能力。

All in, a year that delivered unprecedented shocks to our industry, our country, and to our colleagues and our families.

總而言之，這一年給我們的行業、我們的國家、我們的同事和我們的家人帶來了前所未有的衝擊。

It could have been a terrible year for Macy's.

對於梅西百貨來說，這可能是糟糕的一年。

Instead, we battled through the store closures and reopened to deliver unexpected wins and some promising tests.

相反，我們與商店關閉並重新開放進行了鬥爭，以取得意想不到的勝利和一些有希望的測試。

So no one would ask for a repeat, we did, in the end, learned a tremendous amount that has informed us on how to best adapt and improve our outlook.

所以沒有人會要求重複，我們最終做到了，學到了很多東西，讓我們知道如何最好地適應和改善我們的前景。

And I'm incredibly grateful to the team who got us there.

我非常感謝將我們帶到那裡的團隊。

Our experience in 2020 increases our conviction to take bolder actions to drive our business forward as a digitally-led omnichannel retailer.

我們在 2020 年的經驗增強了我們採取更大膽行動的信念，以推動我們作為數字主導的全渠道零售商的業務向前發展。

Under the Polaris strategy, which we introduced to you last February, we have shifted a large proportion of our current and future capital to digital, supply chain and technology platforms to better integrate our digital and physical assets and deliver the most relevant shopping experiences.

根據我們去年 2 月向您介紹的 Polaris 戰略，我們已將我們當前和未來的大部分資金轉移到數字、供應鍊和技術平台，以更好地整合我們的數字和實體資產，並提供最相關的購物體驗。

In part enabled by these shifts, we expect that approximately $10 billion in sales will come from the digital channels by 2023.

在一定程度上受這些轉變的推動，我們預計到 2023 年數字渠道的銷售額將達到約 100 億美元。

We also plan to continue our focus on rightsizing SG&A, improving working capital efficiencies and modernizing our supply chain to support the omni shopping experience and customers' evolving expectations around fulfillment speed.

我們還計劃繼續專注於精簡 SG&A、提高營運資本效率和實現供應鏈現代化，以支持全方位購物體驗和客戶對履行速度不斷變化的期望。

We understand there is much work ahead to capitalize on the opportunities now available at Macy's.

我們知道要利用梅西百貨現在提供的機會還有很多工作要做。

However, we have the aspiration, the fortitude and the agility to successfully transform our legacy business in the months and years ahead.

然而，我們有抱負、毅力和敏捷性在未來數月和數年內成功改造我們的傳統業務。

From a financial perspective, we are targeting longer-term run rate sales growth for Macy's, Inc.

從財務角度來看，我們的目標是梅西百貨公司的長期運行率銷售增長。

in the low single digits, with sales and profitability growing off of pandemic lows.

以較低的個位數增長，銷售額和盈利能力從大流行低點開始增長。

Our plan is underpinned by a capital allocation strategy that enhances long-term financial stability and returns for our shareholders.

我們的計劃以提高長期財務穩定性和股東回報的資本配置策略為基礎。

We are committed to returning to an investment-grade credit profile by paying down debt as it matures, enabling us to target our leverage ratio goal of less than 3x.

我們致力於通過償還到期債務來恢復投資級信用狀況，使我們能夠將槓桿率目標定為低於 3 倍。

Today, we'll share more detail on our 2020 financial results and drivers of our performance.

今天，我們將分享有關 2020 年財務業績和業績驅動因素的更多詳細信息。

We'll also address key pillars of our Polaris strategy and our outlook for 2021.

我們還將討論北極星戰略的關鍵支柱和 2021 年的展望。

After recapping the key themes, we'll open the call for Q&A.

重述關鍵主題後，我們將開啟問答環節。

So first, Adrian will offer more details on our performance.

首先，Adrian 將提供更多關於我們表現的細節。

Thank you, Jeff.

謝謝你，傑夫。

Good morning, everyone.

大家，早安。

Thanks for joining us this morning.

感謝您今天早上加入我們。

As Jeff shared, we are pleased with our fourth quarter results as they reflect improvement in both sales and margins from the lows of the year.

正如 Jeff 分享的那樣，我們對第四季度的業績感到滿意，因為它們反映了銷售額和利潤率從今年的低點有所改善。

We're committed to updating and accelerating Polaris, taking the actions essential for Macy's to grow as a digitally-led omnichannel retailer, and delivering higher levels of profitability and free cash flow.

我們致力於更新和加速 Polaris，採取對梅西百貨成長為數字主導的全渠道零售商至關重要的行動，並提供更高水平的盈利能力和自由現金流。

I will start today by sharing the key drivers of our fourth quarter and fiscal year results.

我將從今天開始分享我們第四季度和財政年度業績的主要驅動因素。

In particular, I will focus on Macy's 5 most important value creators: accelerating sales growth, improving gross margins, increasing inventory productivity, managing SG&A, and reducing our debt.

特別是，我將重點關注梅西百貨的 5 個最重要的價值創造者：加速銷售增長、提高毛利率、提高庫存生產率、管理 SG&A 以及減少我們的債務。

Later, I'll go a bit deeper on how our omnichannel businesses, from stores to digital to credit are combining to help us meet our strategic goals.

稍後，我將更深入地介紹我們的全渠道業務，從商店到數字再到信貸，如何結合起來幫助我們實現戰略目標。

For accelerating sales growth, we saw comparatively strong holiday demand in November and December, and that carried into January, with sales totaling $6.8 billion for the quarter.

為了加速銷售增長，我們看到 11 月和 12 月的假期需求相對強勁，並延續到 1 月，本季度銷售額總計 68 億美元。

With the pandemic upon us, this reflects a decline of 17.1% for the quarter on an owned plus licensed basis compared to 2019 and a drop of 18.1% for the second half of the year.

隨著大流行的到來，這反映出與 2019 年相比，本季度自有加許可下降了 17.1%，下半年下降了 18.1%。

We pivoted quickly to product categories with higher consumer demand, such as active, loungewear and home.

我們迅速轉向消費者需求更高的產品類別，例如運動服、家居服和家居服。

We benefited from new customer acquisition, and we invested in the digital channel while improving our in-store experiences.

我們受益於新客戶的獲取，我們投資於數字渠道，同時改善了我們的店內體驗。

We also benefited from the improvement in merchandise return rates and the increased engagement with our younger and more diverse customers, both vital segments.

我們還受益於商品退貨率的提高以及與更年輕和更多樣化的客戶的更多互動，這兩個都是重要的細分市場。

I'll spend a couple of minutes talking about each of these.

我將花幾分鐘時間逐一討論。

In terms of consumer demand, our focus on the soft home category, led by textiles and housewares, was a big benefit during the fourth quarter, as sales rose 11% compared to the prior year.

就消費者需求而言，我們對以紡織品和家居用品為首的軟家居品類的關注在第四季度取得了巨大收益，銷售額較上年同期增長了 11%。

Beauty and center core categories also performed relatively well with double-digit increases in fine jewelry and fragrances.

美容和中心核心類別也表現相對較好，高級珠寶和香水實現了兩位數的增長。

This growth partially offset the pressure from the decline of total apparel, which was down 33% in the quarter.

這一增長部分抵消了服裝總量下降的壓力，該季度服裝總量下降了 33%。

New customer acquisition was strong in the quarter, partially offsetting the drop in active customer counts.

本季度新客戶獲取強勁，部分抵消了活躍客戶數量的下降。

Nearly 7 million new customers transacted with us, and most of them came to us through the digital channel.

近 700 萬新客戶與我們進行了交易，其中大部分是通過數字渠道找到我們的。

We also retained more than 6 million digital-only customers, a strong 50% increase over the prior year quarter.

我們還保留了超過 600 萬純數字客戶，比去年同期增長了 50%。

That said, we recognize we have work to do to retain a larger portion of our active customers.

也就是說，我們認識到我們需要努力留住更多的活躍客戶。

Our investments in improving our digital platforms began to pay off, with fourth quarter digital sales growth growing 21% from 2019 to $3 billion.

我們在改進數字平台方面的投資開始收到回報，第四季度數字銷售額比 2019 年增長 21%，達到 30 億美元。

In particular, Macy's brand digital platforms saw double-digit increases in site visits and conversion rates.

尤其是梅西百貨品牌數字平台的網站訪問量和轉化率實現了兩位數的增長。

This growth partially offset the overall decline in-store sales as mall traffic continued to suffer due to the pandemic.

這一增長部分抵消了店內銷售額的整體下降，因為大流行導致商場客流量繼續受到影響。

Importantly however, the work we did to create safer, easier to shop experiences began to pay off with improvements in our Net Promoter Score driven largely by positive customer assessments of their safety while shopping.

然而，重要的是，我們為創造更安全、更輕鬆的購物體驗所做的工作開始得到回報，我們的淨推薦值有所提高，這主要是由於客戶在購物時對其安全性的積極評估。

Lower merchandise return rates also benefited net sales.

較低的商品退貨率也有利於淨銷售額。

The return rates in the fourth quarter were down 220 basis points from 2019.

第四季度的回報率比 2019 年下降了 220 個基點。

Our shifts in category mix helped this number, along with consumers' more purposeful buying habits.

我們在品類組合方面的轉變以及消費者更有目的性的購買習慣幫助了這一數字。

As apparel sales recover and consumers return to prior habits, we expect return rates to go back to historical levels.

隨著服裝銷售的複蘇和消費者恢復以前的習慣，我們預計退貨率將回到歷史水平。

We also saw some encouraging numbers in customer engagement with a 45% increase in Bronze tier members of our Star Rewards loyalty program over the entire year.

我們在客戶參與度方面也看到了一些令人鼓舞的數字，全年星賞忠誠度計劃的青銅級會員增加了 45%。

Our Bronze customers are by far the youngest and most diverse in the program.

我們的青銅客戶是迄今為止該計劃中最年輕和最多樣化的客戶。

They are a vital segment in our under-40 strategy.

他們是我們 40 歲以下戰略的重要組成部分。

This increase partially offset the overall drop in active Star Rewards members, which was caused by declines in more established tiers that we believe will reverse as the pandemic abates and dormant customers reengage.

這一增長部分抵消了活躍星級回饋會員的整體下降，這是由於更成熟的等級下降造成的，我們相信隨著大流行的消退和休眠客戶的重新參與，這種情況將會逆轉。

Star Rewards provides exceptional value to our customers while allowing us to use advanced analytics to personalize product offers and shopping experiences, driving higher and more profitable customer spend.

Star Rewards 為我們的客戶提供卓越的價值，同時允許我們使用高級分析來個性化產品優惠和購物體驗，從而推動更高和更有利可圖的客戶支出。

So that's a look at sales.

這就是銷售情況。

Now on to our work to support gross margin.

現在繼續我們支持毛利率的工作。

For the fourth quarter, it was 33.7%, down 310 basis points from 2019.

第四季度為 33.7%，比 2019 年下降 310 個基點。

two areas were particularly important to bolstering this number during the holiday season: supporting merchandise margin and minimizing delivery expenses.

有兩個方面對於在節日期間增加這一數字尤為重要：支持商品利潤率和最大限度地減少送貨費用。

Merchandise margin was relatively consistent with the prior year quarter.

商品利潤率與去年同期相對一致。

Some of the underlying drivers include shifts in product mix to lower-margin categories, such as home, at the expense of higher-margin categories like apparel.

一些潛在的驅動因素包括產品組合轉向利潤率較低的類別，例如家居，而犧牲了服裝等利潤率較高的類別。

These were largely mitigated by reducing the intensity of promotions, coupons and markdowns to boost sell-through rates closer to full price while providing customers the pricing clarity and value they expect.

通過減少促銷、優惠券和降價的強度以提高銷售率接近全價，同時為客戶提供他們期望的定價清晰度和價值，這些在很大程度上得到了緩解。

These moves also helped us improve inventory productivity, which I'll talk about in a moment.

這些舉措還幫助我們提高了庫存生產率，我稍後會談到這一點。

The investments we've made in analytics to support improved sell-through rates are being accelerated in 2021.

我們在分析方面為支持提高銷售率而進行的投資將在 2021 年加速。

In the fourth quarter, delivery expense increased materially above last year.

第四季度，交付費用比去年同期大幅增加。

Carrier surcharges were about 1/3 of this increase.

承運人附加費約為這一增幅的 1/3。

This increase in delivery expense was the main driver of the 310 basis point year-over-year decline in gross margin rate.

交付費用的增加是毛利率同比下降 310 個基點的主要原因。

As digital demand rose, we were able to partially offset the impact of higher delivery costs, for instance, by shifting customers to store pickup channels.

隨著數字需求的增加，我們能夠部分抵消更高的交付成本的影響，例如，通過將客戶轉移到商店提貨渠道。

Approximately 25% of Macy's digital sales were fulfilled in our stores.

大約 25% 的梅西百貨數字銷售是在我們的商店完成的。

We made very good progress on improving our inventory efficiency this year as we aggressively addressed slow sellers and reduced clutter in our stores.

今年我們在提高庫存效率方面取得了很好的進展，因為我們積極應對滯銷商品並減少商店的混亂情況。

We ended the year with balance sheet inventory down 27% compared to 2019, resulting in a healthy stock-to-sales ratio.

與 2019 年相比，我們年底的資產負債表庫存下降了 27%，從而實現了健康的存銷比。

We are hyper-focused on continuing to improve inventory turn, which improved 18% in the back half of the year, giving us momentum heading into Q1 of this year.

我們非常專注於繼續改善庫存周轉率，今年下半年庫存周轉率提高了 18%，為我們進入今年第一季度提供了動力。

Now on to our efforts to reduce SG&A.

現在開始我們減少 SG&A 的努力。

We recorded approximately $2 billion in SG&A in the fourth quarter, about 18%, or $464 million, lower than 2019.

我們在第四季度錄得約 20 億美元的 SG&A，比 2019 年低約 18%，即 4.64 億美元。

As a percent of sales, SG&A expenses in the quarter were generally in line with expenses in the fourth quarter of 2019 at 30.2%.

作為銷售額的百分比，本季度的 SG&A 費用與 2019 年第四季度的費用基本一致，為 30.2%。

Given our progress on cost efficiencies, especially from the restructurings in February and July, we exited the year with annualized run rate Polaris' cost savings of approximately $900 million which is permanent in nature.

鑑於我們在成本效率方面取得的進展，尤其是 2 月和 7 月的重組，我們以年化運行率 Polaris 的成本節約約 9 億美元結束了這一年，這本質上是永久性的。

This improvement reflects disciplined expense control even as sales exceeded our expectations during the holiday season.

這一改善反映了嚴格的費用控制，即使在假期期間銷售額超出了我們的預期。

We continue to be highly focused on maintaining expense control in the future.

我們將繼續高度關注未來的費用控制。

Beyond what we've discussed already, there are a number of other contributors to our results.

除了我們已經討論過的內容之外，還有許多其他因素對我們的結果做出了貢獻。

Credit card revenue performed well above our expectations in the fourth quarter at $258 million, up $19 million from 2019, with profit-sharing income a key component.

信用卡收入在第四季度的表現遠超我們的預期，達到 2.58 億美元，比 2019 年增加 1900 萬美元，其中利潤分享收入是一個關鍵組成部分。

This was driven by the relatively good credit health of our customers, resulting in lower-than-expected delinquencies and bad debt.

這是由於我們客戶的信用狀況相對良好，導致拖欠率和壞賬低於預期。

Asset sale gains were $40 million for the quarter versus $95 million in 2019.

本季度資產出售收益為 4000 萬美元，而 2019 年為 9500 萬美元。

That brought our full year 2020 gains to $60 million, slightly better than our expectations.

這使我們 2020 年全年收益達到 6000 萬美元，略好於我們的預期。

Asset sales continue to be an important component for funding our growth initiatives as we continue to monetize our real estate assets.

隨著我們繼續將房地產資產貨幣化，資產出售仍然是為我們的增長計劃提供資金的重要組成部分。

As a result, overall, we were pleased to deliver positive adjusted EBITDA in the fourth quarter of $789 million.

因此，總體而言，我們很高興在第四季度實現了 7.89 億美元的正調整 EBITDA。

This performance, on the back of our performance in the third quarter, led us to a positive full year adjusted EBITDA of $117 million, a much stronger result than we had expected 6 months ago, underscoring our ability to quickly adapt and refocus.

在我們第三季度業績的支持下，這一業績使我們實現了 1.17 億美元的全年調整後 EBITDA，比我們 6 個月前的預期要好得多，這凸顯了我們快速適應和重新調整重點的能力。

Continuing on.

繼續。

During the quarter, we incurred net interest expense of $84 million, an increase of $42 million year-over-year.

本季度，我們產生了 8400 萬美元的淨利息支出，同比增加 4200 萬美元。

For the full year, net interest expense was $280 million.

全年，淨利息支出為 2.8 億美元。

That's $95 million higher than a year earlier.

這比一年前增加了 9500 萬美元。

These increases were primarily driven by the long-term secured debt we took on during the second quarter.

這些增長主要是由我們在第二季度承擔的長期擔保債務推動的。

Additionally, we recorded tax expense of $154 million in the quarter.

此外，我們在本季度記錄了 1.54 億美元的稅費。

The effective tax rate was 49%, primarily reflecting a true-up to our full year rate due to better operating performance, including the impacts of the anticipated benefits from the CARES Act.

有效稅率為 49%，主要反映了由於更好的經營業績（包括 CARES 法案預期收益的影響）而達到的全年稅率。

For the year, we saw a tax benefit of $846 million, representing an effective tax rate of 17.7%.

全年，我們實現了 8.46 億美元的稅收優惠，有效稅率為 17.7%。

The annual rate reflects the nondeductible components of the goodwill impairment charge, offset by the impact of the carryback of net operating losses permitted under the CARES Act.

年率反映了商譽減值費用的不可扣除部分，被 CARES 法案允許的淨經營虧損結轉的影響所抵消。

As a result of the carryover, we currently estimate we will receive approximately $520 million in income tax refunds during the first half of 2022.

由於結轉，我們目前估計我們將在 2022 年上半年收到大約 5.2 億美元的所得稅退稅。

As a result, quarterly adjusted net income was $253 million versus $661 million in 2019.

因此，季度調整後淨收入為 2.53 億美元，而 2019 年為 6.61 億美元。

On an annual basis, adjusted net loss was $688 million versus income of $906 million.

按年度計算，調整後的淨虧損為 6.88 億美元，而收入為 9.06 億美元。

For the fourth quarter, adjusted diluted earnings per share was $0.80 in the quarter compared to $2.12 in 2019, which exceeded our expectations.

第四季度調整後的攤薄每股收益為 0.80 美元，而 2019 年為 2.12 美元，超出了我們的預期。

For the year, adjusted diluted earnings per share showed a loss of $2.21 versus 2019 income of $2.91.

今年，調整後的稀釋每股收益顯示虧損 2.21 美元，而 2019 年的收入為 2.91 美元。

The last of our important value creators that I'd like to discuss today is our capital structure and debt.

我今天要討論的最後一個重要價值創造者是我們的資本結構和債務。

Here, we believe we are well on the path to returning to investment-grade metrics by deleveraging the balance sheet.

在這裡，我們相信我們正在通過資產負債表去槓桿化回歸投資級指標。

In January, we repaid approximately $530 million of debt at maturity.

一月份，我們償還了大約 5.3 億美元的到期債務。

Just as noteworthy, we repaid this debt with cash on hand and did not have to draw on the $3 billion asset-backed credit facility.

同樣值得注意的是，我們用手頭現金償還了這筆債務，而不必動用 30 億美元的資產支持信貸額度。

At the same time, capital expenditures in 2020 were $466 million, down from 2019, as expected.

同時，2020 年的資本支出為 4.66 億美元，低於 2019 年的預期。

We improved our cash generation in the fourth quarter.

我們在第四季度改善了現金生成。

We generated $296 million in free cash flow for the year, driven by the efficiencies we gained with working capital, which improved year-over-year by $560 million, and by focusing our capital spend on the highest-priority projects.

我們今年產生了 2.96 億美元的自由現金流，這得益於我們通過營運資金獲得的效率，同比提高了 5.6 億美元，並將我們的資本支出集中在最優先的項目上。

So that's it for our 5 most important value creators: accelerating sales growth, improving gross margin, increasing inventory productivity, managing SG&A, and creating a healthier capital structure.

這就是我們 5 個最重要的價值創造者：加速銷售增長、提高毛利率、提高庫存生產率、管理 SG&A 以及創造更健康的資本結構。

Now I'd like to go a bit deeper in discussing the performance of our omnichannel businesses to give you some new insight into the progress we're making towards our strategic goals.

現在，我想更深入地討論我們全渠道業務的績效，讓您對我們在實現戰略目標方面取得的進展有一些新的認識。

This includes the relationship between our stores and digital channels and how they are so vital to supporting each other.

這包括我們的商店和數字渠道之間的關係，以及它們如何相互支持如此重要。

I'll also discuss the important and continued contribution of our credit card program.

我還將討論我們信用卡計劃的重要和持續貢獻。

I'll start by reiterating what we shared earlier.

我將首先重申我們之前分享的內容。

Macy's is a digitally-led omnichannel retailer.

梅西百貨是一家以數字為主導的全渠道零售商。

The Polaris strategy is designed to ensure we accelerate top line growth and increase profitability across all our channels.

Polaris 戰略旨在確保我們加速收入增長並提高我們所有渠道的盈利能力。

Through Polaris, we continue to work hard to improve the profitability of our core businesses, digital and stores.

通過 Polaris，我們繼續努力提高核心業務、數字業務和門店的盈利能力。

We all know that the pandemic has accelerated the use of digital channels, including our own, and that our customers' preference for a digital shopping experience is a permanent shift.

我們都知道，大流行加速了包括我們自己在內的數字渠道的使用，並且我們的客戶對數字購物體驗的偏好是一種永久性轉變。

We're excited by the opportunity to lean into digital growth.

我們很高興有機會轉向數字化增長。

But make no mistake, our strategy revolves around growing omnichannel sales and profitability regardless of which channel our customers use.

但請不要誤會，無論我們的客戶使用哪種渠道，我們的戰略都圍繞著提高全渠道銷售額和盈利能力。

We created our strategy knowing that having both stores and digital acting in concert is critical to maximizing our sales and relevance with our customers in any market.

我們在製定戰略時就知道，讓商店和數字媒體協同行動對於在任何市場上最大化我們的銷售額和與客戶的相關性至關重要。

For instance, we know that Macy's digital sales per capita are 2x to 3x higher in markets we have Macy's stores.

例如，我們知道在我們擁有梅西百貨商店的市場中，梅西百貨的人均數字銷售額要高出 2 到 3 倍。

Conversely, from our store closures over the past 5 years, we have also observed that the growth rate of digital sales drops meaningfully when we close a store in a multi-store market and significantly when we exit a single-store market.

相反，從我們過去 5 年的門店關閉情況來看，我們還觀察到，當我們在多店市場關閉門店時，數字銷售額的增長率會顯著下降，而當我們退出單店市場時，數字銷售額的增長率會顯著下降。

Stores are providing the critical nodes to our digital customers.

商店正在為我們的數字客戶提供關鍵節點。

One of the important lessons we learned in 2020 was that we need to meet the rising digital demand from our store inventories if we are to satisfy our customers' need for speed and convenience and achieve our inventory productivity and turn goals.

我們在 2020 年吸取的重要教訓之一是，如果我們要滿足客戶對速度和便利的需求並實現我們的庫存生產率和周轉率目標，我們就需要滿足商店庫存不斷增長的數字化需求。

We know that channels, such as buy online, pickup in-store; curbside pickup; and same-day delivery will continue to be critical operating practices for us as a digitally led omnichannel retailer.

我們知道渠道，例如在線購買，到店取貨；路邊取貨；作為一家以數字為主導的全渠道零售商，當日送達將繼續成為我們的關鍵運營實踐。

So how do we measure performance across our digital and stores channels?

那麼我們如何衡量我們的數字和商店渠道的績效呢？

One way is to focus on contribution margin, directly attributing sales, gross margin and channel-specific expenses to each channel within our financial systems.

一種方法是關注邊際收益，將銷售額、毛利率和渠道特定費用直接歸因於我們財務系統中的每個渠道。

Channel-specific expenses include selling costs, location-specific real estate costs and logistics and delivery expenses.

特定於渠道的費用包括銷售成本、特定地點的房地產成本以及物流和配送費用。

On this basis, we are pleased that our digital channel is contributing positively to our profitability, and in fact, is doing so at a higher rate than our stores channel.

在此基礎上，我們很高興我們的數字渠道為我們的盈利能力做出了積極貢獻，事實上，這樣做的速度高於我們的商店渠道。

In 2019, the contribution margin from digital was higher than in stores by mid-single-digit percentage points.

2019 年，數字業務的邊際收益比實體店高出中等個位數百分點。

So the shift to digital is actually a very good trend for us, and we expect to be able to capitalize on this over the short, medium and long term.

因此，向數字化轉變對我們來說實際上是一個非常好的趨勢，我們希望能夠在短期、中期和長期內利用這一趨勢。

One of the biggest challenges to digital margins is delivery expense.

數字利潤面臨的最大挑戰之一是交付費用。

However, given that digital's cost model is primarily variable in nature, while the stores channel incurs more fixed costs, we know that the lower payroll and benefits in the digital channel can help to offset the pressure from delivery expense.

然而，鑑於數字渠道的成本模型本質上主要是可變的，而商店渠道會產生更多的固定成本，我們知道數字渠道較低的工資和福利有助於抵消交付費用帶來的壓力。

That results in a higher contribution margin from digital, as do lower real estate costs.

這導致數字化帶來更高的邊際收益，同時降低房地產成本。

Nonetheless, we also know it is vital to improve our delivery efficiency and better manage and reduce delivery expense.

儘管如此，我們也知道提高我們的交付效率以及更好地管理和減少交付費用至關重要。

One critical focus area to accomplish this is our supply chain.

實現這一目標的一個關鍵重點領域是我們的供應鏈。

We are therefore working to improve the placement and allocation of inventory across our network.

因此，我們正在努力改善我們網絡中庫存的放置和分配。

In addition, we're focused on reducing packages per order, increasing the percentage of orders picked up by customers at our stores, and linking our best shipping offers more directly to our loyalty program and Macy's proprietary credit card holders.

此外，我們專注於減少每筆訂單的包裹數量，增加顧客在我們商店取貨的百分比，並將我們最好的送貨服務更直接地與我們的忠誠度計劃和梅西百貨專有信用卡持有人聯繫起來。

By pursuing top line digital growth, we can minimize the impacts of digital fulfillment and technology infrastructure expenses.

通過追求頂線數字增長，我們可以最大限度地減少數字實現和技術基礎設施支出的影響。

We're doing this in several ways, including driving average number of monthly unique visitors to our site, improving conversion, and raising average order value, average unit retail and average items per transaction.

我們正在通過多種方式做到這一點，包括推動我們網站每月的平均獨立訪問者數量、提高轉化率以及提高平均訂單價值、平均單位零售額和每筆交易的平均商品數。

With all these in mind, in the fourth quarter, our digital sales accounted for nearly 44% of sales, up from 30% in 2019.

考慮到所有這些，在第四季度，我們的數字銷售額佔銷售額的近 44%，高於 2019 年的 30%。

Now let's shift to our credit card program.

現在讓我們轉到我們的信用卡程序。

As a reminder, net credit card revenues consists of profit-sharing income in addition to sales royalties and new account bounty.

提醒一下，信用卡淨收入除了銷售特許權使用費和新賬戶獎金外，還包括利潤分享收入。

Our acquisition of new customers and our focus on retention and loyalty work in tandem with our credit card program.

我們對新客戶的收購以及我們對保留和忠誠度的關注與我們的信用卡計劃協同工作。

To accomplish these goals, it is vital for us to increase personalization to drive customer growth and retention.

為了實現這些目標，增加個性化以推動客戶增長和保留對我們來說至關重要。

Heading into 2021, our goal is to increase the spend of those active customers with rising line of credit and spend capacity and to improve new account acquisitions.

進入 2021 年，我們的目標是增加那些信用額度和支出能力不斷提高的活躍客戶的支出，並改善新客戶的獲取。

New accounts dropped significantly in 2020 compared to the prior year primarily due to temporary store closures, although we did open 14% more new accounts digitally last year than we did in 2019.

與上一年相比，2020 年新客戶數量大幅下降，這主要是由於臨時關閉商店，儘管我們去年以數字方式開設的新客戶確實比 2019 年多了 14%。

New accounts in the fourth quarter were down 34% from the prior year.

第四季度的新客戶比去年同期下降了 34%。

Our focus in 2021 is to seize upon the momentum we gained in 2020 and aggressively promote new account openings through our digital channels with an easier, more seamless process.

我們在 2021 年的重點是抓住我們在 2020 年獲得的勢頭，並通過我們的數字渠道以更簡單、更無縫的流程積極促進新開戶。

Overall, we are pleased with how our credit business performed during the pandemic and its role in strengthening engagement with our customers.

總體而言，我們對我們的信貸業務在大流行期間的表現及其在加強與客戶互動方面的作用感到滿意。

Credit card revenue accounts for a large percentage of our profitability, which we expect to continue.

信用卡收入占我們盈利能力的很大一部分，我們預計這種情況會持續下去。

Our Polaris strategy will help us engage customers vigorously through personalization and other initiatives that are designed to drive more transactions on the card.

我們的 Polaris 戰略將幫助我們通過個性化和其他旨在推動更多交易的計劃積極吸引客戶。

We will continue to report out on the progress we are making.

我們將繼續報告我們正在取得的進展。

To wrap up this discussion on performance, I want to stress that we understand that our business model was challenged prior to the COVID-19 crisis, and that the pandemic has underscored the need for us to rapidly evolve toward a more compelling omnichannel model.

為了結束關於績效的討論，我想強調，我們知道我們的商業模式在 COVID-19 危機之前就受到了挑戰，而這場大流行病強調了我們需要迅速發展為更具吸引力的全渠道模式。

We start 2021 with a solid foundation.

我們以堅實的基礎開始 2021 年。

Our digital business is profitable.

我們的數字業務是有利可圖的。

And we've identified priorities to accelerate growth and profitability in the upcoming years, such as reducing net delivery expense as a percent of digital sales.

我們已經確定了在未來幾年加速增長和盈利的優先事項，例如降低淨交付費用佔數字銷售額的百分比。

At the same time, we are leveraging our stores to deliver better service and more convenience for our customers by investing in a more seamless omnichannel experience.

與此同時，我們正在利用我們的商店通過投資更無縫的全渠道體驗來為我們的客戶提供更好的服務和更多的便利。

And finally, we are pleased with the resiliency of our credit card business and our Star Rewards loyalty program, even while navigating the crisis.

最後，我們對信用卡業務和星級回饋忠誠度計劃的彈性感到滿意，即使在渡過危機的過程中也是如此。

While we are confident that our initiatives will drive market share gains, we know our competitors are not standing still.

雖然我們相信我們的舉措將推動市場份額的增長，但我們知道我們的競爭對手並沒有停滯不前。

So we are continuing to realign our costs, our supply chain and our fixed asset base to ensure that we leverage our expense base to capture the bottom line benefits of our recovering business for our shareholders.

因此，我們將繼續調整我們的成本、我們的供應鍊和我們的固定資產基礎，以確保我們利用我們的費用基礎為我們的股東獲取我們恢復業務的底線利益。

Now I'd like to turn it back over to Jeff to speak about our strategic priorities.

現在我想把它轉回 Jeff 來談談我們的戰略重點。

Thanks, Adrian.

謝謝，阿德里安。

So as I shared earlier, the Polaris strategy that we introduced last year has proven to be a critical enabler of our performance in 2020.

因此，正如我之前分享的那樣，我們去年推出的 Polaris 戰略已被證明是我們 2020 年業績的關鍵推動力。

Early actions dictated by Polaris help us broaden fashion offerings across categories and improve our digital experience.

Polaris 指示的早期行動幫助我們擴大了跨類別的時尚產品並改善了我們的數字體驗。

The cost control that we committed to last year was critical to weathering the pandemic.

我們去年承諾的成本控制對於抵禦大流行至關重要。

And this year, when we needed to make hard choices on our investments, Polaris gave us the clarity to focus first on the areas most critical to future growth.

今年，當我們需要對投資做出艱難選擇時，北極星讓我們清楚地知道，首先要關注對未來增長最關鍵的領域。

Now while we'll discuss mostly Macy's here, both Bloomingdale's and Bluemercury experienced a strong recovery in the fourth quarter, and we believe they are well positioned to outperform the market as the pandemic recedes.

現在，雖然我們將在這裡主要討論梅西百貨，但 Bloomingdale's 和 Bluemercury 在第四季度都經歷了強勁的複蘇，我們相信隨著大流行的消退，它們有能力跑贏市場。

We plan to spend more time on these banners on a future call.

我們計劃在未來的電話會議上花更多時間在這些橫幅上。

In recent months, we have recommitted to Polaris and refined it to achieve our mission to accelerate growth while improving profitability and returning to growing cash flows.

最近幾個月，我們重新致力於 Polaris 並對其進行改進，以實現我們的使命，即加速增長，同時提高盈利能力並恢復不斷增長的現金流。

This will require us to deliver better fashion and style options for customers and an improved digital and omnichannel experience.

這將要求我們為客戶提供更好的時尚和風格選擇，以及改進的數字和全渠道體驗。

We are also boosting our focus on delivering clear value to our customers and modernizing our supply chain to enhance our value proposition and our gross margins.

我們還加強了對為客戶提供明確價值的關注，並使我們的供應鏈現代化，以提高我們的價值主張和毛利率。

Financial results further improve with initiatives to unlock SG&A opportunities and boost the returns on our capital investments.

通過釋放 SG&A 機會和提高資本投資回報的舉措，財務業績進一步改善。

Polaris also helps us reshape our footprint to meet customers where and how they want to shop now and in the future.

Polaris 還幫助我們重塑我們的足跡，以滿足客戶現在和將來想要在哪里以及如何購物。

So the 6 pillars that underpin the Polaris strategy: winning with fashion and style, delivering clear value, excelling in digital shopping, repositioning our store fleet and enhancing omni experiences, modernizing our supply chain and technology infrastructure, and enabling transformation through data analytics and a performance-driven operating model.

因此，支撐 Polaris 戰略的 6 大支柱：以時尚和風格取勝、提供清晰的價值、在數字購物方面表現出色、重新定位我們的門店隊伍並增強全方位體驗、使我們的供應鍊和技術基礎設施現代化，以及通過數據分析和績效驅動的運營模式。

Given its importance to our goals into our future results, today, I'm going to give a little more detail on each of these 6 pillars.

鑑於它對我們未來結果的目標的重要性，今天，我將對這 6 個支柱中的每一個提供更多細節。

As we discuss these, it is worth noting that we have continued to refine Polaris with a deep understanding of the Macy's customer and how their shopping has changed in the past year.

在我們討論這些問題時，值得注意的是，我們在深入了解梅西百貨的客戶以及他們的購物方式在過去一年中發生了怎樣的變化的情況下，繼續完善 Polaris。

Whether retaining our core customer or acquiring the next generation of new ones, the pandemic has accelerated the shift to digital with lots more trying out digital channels and a meaningful portion expected to continue purchasing predominantly online post COVID.

無論是保留我們的核心客戶還是收購下一代新客戶，大流行都加速了向數字化的轉變，更多人嘗試數字渠道，並且預計有相當一部分人將在 COVID 後繼續主要在線購買。

Other elements have also changed.

其他元素也發生了變化。

Many of our customers have shifted their wallets towards new categories, such as home, while others are increasingly focused on more closely managing their budgets.

我們的許多客戶已將他們的錢包轉向新的類別，例如家庭，而其他客戶則越來越關注更嚴格地管理他們的預算。

To win with these customers, we must continue to help them discover their personal style while offering an enjoyable experience that is convenient, reliable and provides the right value regardless of channel.

為了贏得這些客戶的青睞，我們必須繼續幫助他們發現自己的個人風格，同時提供方便、可靠且無論渠道如何都提供正確價值的愉快體驗。

We have and will continue to adapt the Polaris strategy to win with these customers.

我們已經並將繼續調整 Polaris 戰略以贏得這些客戶。

So this brings me to the first pillar, focused on the 1 in 3 American households who shop at Macy's each year and for some of those who don't yet.

所以這把我帶到了第一個支柱，重點關注每年在梅西百貨購物的三分之一的美國家庭以及一些還沒有購物的家庭。

The first pillar focuses on winning the customer with fashion and style.

第一個支柱側重於以時尚和風格贏得客戶。

Style is how individuals express themselves through fashion choices, including for accessories and home decor.

風格是個人通過時尚選擇（包括配飾和家居裝飾）表達自我的方式。

Helping our customer express and satisfy their style needs across our core and emerging categories will continue to be a prime competitive differentiator for Macy's, Inc.

幫助我們的客戶在我們的核心和新興類別中表達和滿足他們的風格需求將繼續成為梅西百貨公司的主要競爭優勢。

from off-price to luxury and from off-line to online.

從低價到奢侈品，從線下到線上。

In 2020, we made significant progress.

2020年，我們取得了重大進展。

In response to the pandemic and consumer behavior that ushered in or accelerated, we rapidly expanded our assortment across Macy's in categories, such as home office, outdoor furniture, loungewear, active and fleece.

為了應對迎來或加速的大流行病和消費者行為，我們迅速擴大了梅西百貨的品類，例如家庭辦公、戶外家具、家居服、運動服和羊毛衫。

We also added new categories to meet emerging demand, including baby gear and skin care devices, home fragrances, outdoor recreation, gourmet food.

我們還增加了新品類以滿足新興需求，包括嬰兒用品和護膚品、家用香氛、戶外休閒、美食。

All told, we added more than 1,000 new brands to address the demand.

總而言之，我們添加了 1,000 多個新品牌來滿足需求。

In store, we accelerated the editing of excess assortment, reducing our inventory levels to make our stores easier to shop.

在門店方面，我們加快了過剩品類的編輯速度，降低了庫存水平，讓我們的門店更容易購物。

We improved our stock-to-sales ratio while realizing better sell-throughs at regular prices.

我們提高了存銷比，同時以正常價格實現了更好的銷售率。

Looking ahead, we will continue to improve our assortment, especially for the under 40 customer, with the right mix of categories.

展望未來，我們將繼續改進我們的品類，特別是針對 40 歲以下的客戶，提供正確的品類組合。

Within each category, we are building a new and relevant assortment across our private and national brands as well as emerging brands.

在每個類別中，我們都在我們的私人和國家品牌以及新興品牌中建立一個新的和相關的分類。

As we build out our assortment plans, we know that timing and the ability to balance our product will be key.

在製定分類計劃時，我們知道平衡產品的時機和能力將是關鍵。

We have a clear plan in place to shift to career and special occasion apparel and accessories when our customers are ready to return to the office, community functions, outside events and entertaining.

我們有一個明確的計劃，當我們的客戶準備好返回辦公室、社區活動、戶外活動和娛樂活動時，我們會轉向職業和特殊場合的服裝和配飾。

This plan includes keeping the appropriate balance with our casual assortments.

該計劃包括與我們的休閒系列保持適當的平衡。

Notably, Backstage will continue to be a significant element of our assortment strategy.

值得注意的是，Backstage 將繼續成為我們分類策略的重要組成部分。

Last year, Backstage outperformed comp sales in Macy's stores by more than 3x.

去年，Backstage 在梅西百貨的銷售額比同類產品高出 3 倍多。

And we plan to open about 35 new store within stores in 2021.

我們計劃在 2021 年在店內開設約 35 家新店。

As we improve our assortment, we are also continuing to improve inventory allocation and receipt management to make sure the product is in and is flowing to the right locations as a way to maximize inventory productivity and customer convenience.

在改進產品種類的同時，我們還在繼續改進庫存分配和收貨管理，以確保產品在正確的位置並流向正確的位置，從而最大限度地提高庫存生產率和客戶便利性。

Concurrently, we are working to strengthen vendor relationships by building new vendor partnership models that help drive improved profitability, product innovation and best-in-class customer experiences.

同時，我們正在努力通過建立新的供應商合作夥伴關係模型來加強供應商關係，這些模型有助於提高盈利能力、產品創新和一流的客戶體驗。

With these efforts underway, we expect to drive faster category growth, plus higher sell-through, with faster inventory turns.

隨著這些努力的進行，我們預計將推動更快的類別增長、更高的銷售率和更快的庫存周轉。

Our second pillar involves delivering clear values, which we will achieve through simple, easy-to-understand pricing and promotions; along with sharper, hyper-personalized communications to customers through our loyalty ecosystem.

我們的第二個支柱涉及提供明確的價值，我們將通過簡單易懂的定價和促銷來實現；通過我們的忠誠度生態系統與客戶進行更清晰、超個性化的溝通。

Specifically, over the past year, we have made significant strides in improving our customer value proposition.

具體來說，在過去的一年裡，我們在改善客戶價值主張方面取得了重大進展。

For example, we overhauled markdown capability, including adding a new location-level tool and advanced analytical powered algorithms, the first of several major pricing capabilities we are adding to our merchandising function.

例如，我們徹底改革了降價功能，包括添加新的位置級別工具和先進的分析驅動算法，這是我們添加到營銷功能中的幾個主要定價功能中的第一個。

We also saw both sequential and year-over-year improvement in regular price sell-through.

我們還看到常規價格銷售量環比和同比都有所改善。

In 2021, we plan to continue to simplify and delayer promotions, optimize our markdowns, and improve and localize our pricing to create better value clarity for our shoppers, all while improving our merchandise margins.

2021 年，我們計劃繼續簡化和推遲促銷活動，優化我們的降價促銷，改進和本地化我們的定價，為我們的購物者創造更清晰的價值，同時提高我們的商品利潤率。

Additionally, we are also continuing to build on our customer value ecosystem, which would be loyalty, monetization and personalization, enabled by our Star Rewards loyalty program.

此外，我們還在繼續構建我們的客戶價值生態系統，這將是忠誠度、貨幣化和個性化，由我們的 Star Rewards 忠誠度計劃提供支持。

In August, we grew this ecosystem by launching the Macy's Media Network to connect strategic brand partners to our customers, which created a new fashion and beauty publishing model.

8 月，我們通過啟動梅西百貨媒體網絡來發展這個生態系統，將戰略品牌合作夥伴與我們的客戶聯繫起來，這創造了一種新的時尚和美容出版模式。

This venture has already grown to generate more than $35 million annually as a new income stream.

該合資企業已經發展成為每年產生超過 3500 萬美元的新收入來源。

Looking ahead, we see a lot of promise in our ability to expand our monetization engine while cultivating greater customer engagement with more relevant and personalized content and offers.

展望未來，我們在擴展貨幣化引擎的能力方面看到了很多希望，同時通過更相關和個性化的內容和優惠培養更大的客戶參與度。

And taken together, we believe these actions will drive more customers into our Star Rewards and credit card programs and up to $60 million in monetization income in 2021.

總而言之，我們相信這些行動將推動更多客戶加入我們的星級回饋和信用卡計劃，並在 2021 年帶來高達 6000 萬美元的貨幣化收入。

Number three, excel in digital shopping.

第三，擅長數字購物。

As Adrian outlined, digital is a large, growing and profitable channel for Macy's, Inc.

正如 Adrian 概述的那樣，數字化是梅西百貨公司一個龐大、不斷增長且有利可圖的渠道。

and with one of the largest digital shopping platforms in the U.S. Based on the latest NPD data, we maintained our market share for the categories we serve over the course of 2020, holding the #2 spot.

以及美國最大的數字購物平台之一。根據最新的 NPD 數據，我們在 2020 年期間保持了我們所服務類別的市場份額，位居第二。

And we know our investments in this space are critical to Macy's growth over the next 3 years.

我們知道我們在這個領域的投資對梅西百貨未來 3 年的增長至關重要。

In the past year, we've made strong headway in digital, thanks largely to a new team that is transforming our capabilities.

在過去的一年裡，我們在數字化方面取得了長足的進步，這在很大程度上要歸功於正在轉變我們能力的新團隊。

We exited our corporate office in San Francisco last year and stood up a new team with some of retail's most talented digital innovators who have found a new energy and focus on our digital customer.

去年，我們離開了位於舊金山的公司辦公室，成立了一個新團隊，其中包括一些零售業最有才華的數字創新者，他們找到了新的活力並專注於我們的數字客戶。

This team has already improved our customers' digital journey in many ways, including our browse, product recommendations and checkout.

這個團隊已經在很多方面改善了我們客戶的數字旅程，包括我們的瀏覽、產品推薦和結賬。

This, along with our robust plans to transform our digital assets and experiences over time, make us very optimistic about Macy's opportunities in digital.

這一點，以及我們隨著時間的推移轉變我們的數字資產和體驗的穩健計劃，使我們對梅西百貨在數字領域的機會非常樂觀。

To build on this momentum and realize our goal of growing digital sales to $10 billion within the next 3 years, we will continue to make fundamental investments while delivering new, immersive, content-driven experiences for customers.

為了在此勢頭的基礎上實現我們在未來 3 年內將數字銷售額增長到 100 億美元的目標，我們將繼續進行基礎性投資，同時為客戶提供全新的、身臨其境的、內容驅動的體驗。

For example, we are launching a refreshed homepage with curated visual content and more precise search and browse functions as well as a more intuitive bag and checkout experience with broader ways to pay.

例如，我們推出了全新的主頁，其中包含精選的視覺內容、更精確的搜索和瀏覽功能，以及更直觀的購物袋和結賬體驗以及更廣泛的支付方式。

In high-engagement categories like beauty, we are creating immersive online experiences so customers can discover new products to shop with confidence.

在美容等高參與度類別中，我們正在打造身臨其境的在線體驗，以便客戶可以發現新產品並放心購買。

These experiences, augmented with virtual reality, plus virtual consultations, which we have staffed with our own beauty consultants, are already showing tremendous power.

這些體驗在虛擬現實的增強下，加上我們配備了自己的美容顧問的虛擬諮詢，已經顯示出巨大的力量。

Digital growth in our beauty category within Macy's in 2020 grew more than 60%.

2020 年，梅西百貨美容品類的數字化增長超過 60%。

This elevated digital experience in beauty is only the beginning.

這種提升的美容數字體驗僅僅是個開始。

We will carry our learnings here into other categories in 2021 and beyond.

我們將在 2021 年及以後將我們在這裡學到的知識應用到其他類別中。

Over the next 3 years, we expect to see continued double-digit growth in digital, with increasing channel profitability.

在接下來的 3 年裡，我們預計數字業務將繼續保持兩位數的增長，渠道盈利能力將不斷提高。

Number four, reposition our store fleet and enhance omni experience.

第四，重新定位我們的門店車隊並提升全方位體驗。

Our fleet continues to have high value, relevant and vibrant stores, mostly in A- and B-rated malls, which will remain a critical part of Macy's future.

我們的車隊繼續擁有高價值、相關且充滿活力的商店，主要位於 A 級和 B 級購物中心，這仍將是梅西百貨未來的重要組成部分。

We have already invested considerably in these best of Macy's stores.

我們已經在這些最好的梅西百貨商店中投入了大量資金。

Across the remaining fleet, we are committed to the 125 store closures that we announced in 2020.

在剩餘的車隊中，我們致力於實現我們在 2020 年宣布的 125 家門店關閉。

Approximately 60 stores have closed or will close soon, further reducing our footprint in C and D malls.

大約 60 家商店已經關閉或即將關閉，進一步減少了我們在 C 和 D 購物中心的足跡。

Following the closure of all 125 stores, at least 85% of our sales will come from A and B mall stores.

在關閉所有 125 家商店後，我們至少 85% 的銷售額將來自 A 和 B 商場商店。

And we will ensure through targeted incremental investments that all remaining Macy's represent the best of our brand.

我們將通過有針對性的增量投資確保所有剩餘的梅西百貨都代表我們品牌中最好的。

This year, reflecting consumers' increasing demands for speed and convenience, we are concentrating on 2 initiatives.

今年，為了反映消費者對速度和便利性日益增長的需求，我們著重開展了兩項舉措。

First, we are enhancing our omnichannel shopping experience by focusing on scaling store fulfillment, BOPS, curbside pickup and same-day delivery services.

首先，我們通過專注於擴展商店履行、BOPS、路邊取貨和當日送達服務來增強我們的全渠道購物體驗。

Second, in an effort to more closely connect online and off-line and deliver a seamless customer experience, we continue to invest in technology that enhances the way we engage our customers and elevate our in-store experiences, from category merchandising and store layout, to transaction and staffing models.

其次，為了更緊密地連接線上和線下並提供無縫的客戶體驗，我們繼續投資於技術，以增強我們與客戶互動的方式並提升我們的店內體驗，從品類銷售和商店佈局，交易和人員配置模型。

Together, we expect these efforts will drive down our cost per transaction while increasing our customers' conversion in the store.

總之，我們預計這些努力將降低我們的每筆交易成本，同時增加客戶在商店中的轉化率。

At the same time, we continue to test how off-mall stores can lift our digital business while profitably filling gaps in our geographic markets.

與此同時，我們繼續測試商場外商店如何提升我們的數字業務，同時盈利地填補我們地域市場的空白。

As we test new store ecosystems in 3 markets: Dallas, Atlanta and D.C. Metro, we continue to find significant synergies between digital and stores.

當我們在 3 個市場（達拉斯、亞特蘭大和 D.C. Metro）測試新的商店生態系統時，我們繼續發現數字和商店之間的顯著協同作用。

Adding off-mall locations will provide customers with a fuller omni experience by providing more convenience, selection and speed, whether they are shopping the digital or stores channels.

添加場外門店將為顧客提供更多便利、選擇和速度，從而為他們提供更全面的全方位體驗，無論他們是通過數字渠道還是商店渠道購物。

We look forward to sharing findings from tests in these markets in the early part of next year.

我們期待在明年年初分享這些市場的測試結果。

Number five, modernizing our supply chain and technology infrastructure.

第五，使我們的供應鍊和技術基礎設施現代化。

Another element of our Polaris strategy that was elevated this year is our focus on rebuilding our infrastructure and network to better meet customers' desire for speed and convenience.

我們今年提升的 Polaris 戰略的另一個要素是我們專注於重建我們的基礎設施和網絡，以更好地滿足客戶對速度和便利性的需求。

As Adrian mentioned, we are hyper-focused on building a supply chain that can handle more sales volume and reduce friction for customers on fulfillment and returns while managing and reducing our delivery expense.

正如 Adrian 提到的，我們非常專注於建立一個供應鏈，該供應鏈可以處理更多的銷售量並減少客戶在履行和退貨方面的摩擦，同時管理和減少我們的交付費用。

Through these actions, we are also better managing and placing our inventory to meet customer demand and to minimize markdowns.

通過這些行動，我們還可以更好地管理和放置我們的庫存以滿足客戶需求並最大限度地減少降價。

We expect these efforts will deliver higher productivity in our customer fulfillment centers and in our stores, lower delivery expenses and improve customer service across our network.

我們預計這些努力將提高我們的客戶履行中心和我們商店的生產力，降低交付費用並改善我們整個網絡的客戶服務。

We know customer expectations in this area are rising, and we are committed to meeting their demands.

我們知道客戶在這一領域的期望正在上升，我們致力於滿足他們的需求。

Last, we have added a pillar to our strategy that will enable our transformation strategy and accelerate the pace of change.

最後，我們為我們的戰略增加了一個支柱，這將支持我們的轉型戰略並加快變革步伐。

This includes, first, a modernized technology platform to support a friction-free customer and colleague experience.

這首先包括一個現代化的技術平台，以支持無摩擦的客戶和同事體驗。

Second, a revamped data and analytics foundation to drive growth and profitability through all of our decisions.

其次，改進數據和分析基礎，以通過我們的所有決策推動增長和盈利。

And third, and the most critical to our success, a performance-driven operating model, enabled by clear incentives for our colleagues.

第三，也是對我們成功最關鍵的一點，以績效為導向的運營模式，通過對我們同事的明確激勵來實現。

We recognize that the next 12 to 18 months of our transformation journey will require great focus and superb execution.

我們認識到，未來 12 到 18 個月的轉型之旅將需要高度專注和出色的執行力。

Our team has never been more aligned in their urgency to deliver the advances we discussed, which will strengthen our growth and profitability.

我們的團隊從未像現在這樣急切地交付我們所討論的進展，這將加強我們的增長和盈利能力。

Our colleagues and our leadership team are all in.

我們的同事和領導團隊都參與其中。

Their passion, dedication and excitement, as measured by their willingness to step up during the pandemic, is extraordinary.

從他們在大流行期間挺身而出的意願來看，他們的熱情、奉獻和興奮是非同尋常的。

And further proof of their commitment, our colleague engagement scores across our organization are the highest they've ever been.

為了進一步證明他們的承諾，我們整個組織的同事敬業度得分是有史以來最高的。

I'm excited to see how this will translate into better sales and styling support, especially in stores, where we're targeting a significant improvement in customer conversion rates.

我很高興看到這將如何轉化為更好的銷售和造型支持，尤其是在商店中，我們的目標是顯著提高客戶轉化率。

With that, I'll turn it over to Adrian, who will share our guidance for 2021.

有了這個，我將把它交給阿德里安，他將分享我們對 2021 年的指導。

Thanks, Jeff.

謝謝，傑夫。

As we look ahead to the rest of this year and beyond as we get beyond the pandemic and our business normalizes, we are focused on delivering on the metrics that will cement our position as a digitally-led omnichannel retailer.

展望今年餘下時間及以後，隨著大流行病的過去和我們的業務正常化，我們將專注於提供將鞏固我們作為數字主導的全渠道零售商的地位的指標。

That means sustainable sales growth across channels, resilient gross margin and EBITDA margin, solid free cash flow, and a healthier capital structure.

這意味著跨渠道的可持續銷售增長、彈性的毛利率和 EBITDA 利潤率、穩定的自由現金流以及更健康的資本結構。

Considering the profound changes over the past year and the lessons we have learned, we are today providing updated short-term guidance as well as some guideposts towards where we see the business moving longer term.

考慮到過去一年發生的深刻變化和我們吸取的教訓，我們今天提供最新的短期指導以及一些我們認為業務長期發展方向的指南。

These are based on our current strategic priorities, with a recognition of ongoing uncertainties in the marketplace, but they also reflected more significant and faster lean into our digital growth efforts as well as the continued rightsizing of our mall-based stores within the highest-quality malls while testing new off-mall concepts.

這些是基於我們當前的戰略重點，並認識到市場持續存在的不確定性，但它們也反映了我們對數字增長努力的更重要和更快的精益，以及我們在最高質量的購物中心內持續調整規模的商店購物中心，同時測試新的商場外概念。

I'll first talk about our long-term objectives, then cover our shorter-term outlook for 2021, which we consider to be a recovery and rebuilding year.

我將首先談談我們的長期目標，然後介紹我們對 2021 年的短期展望，我們認為 2021 年是複蘇和重建的一年。

In the future, for Macy's, Inc., we target annual sales comps of low single digits as the business normalizes past the full effects of the pandemic.

未來，對於梅西百貨公司，我們的目標是年銷售額達到低個位數，因為業務在大流行的全部影響後恢復正常。

We foresee digital penetration exceeding 40%.

我們預計數字滲透率將超過 40%。

While for our stores channel, we acknowledge that malls in general, will continue to face headwinds that will lead to low to mid-single-digit comp store sales declines after recovering from the pandemic in 2021 and 2022.

而對於我們的商店渠道，我們承認總體而言，購物中心將繼續面臨逆風，這將導致 2021 年和 2022 年從大流行中恢復過來後，中低個位數的商店銷售額下降。

We see gross margin as a percent of sales stabilizing in the mid-30s.

我們認為毛利率佔銷售額的百分比在 30 年代中期趨於穩定。

This will be driven by improvements in delivery costs and merchandise margin, faster inventory turns and the ongoing shift to the digital channel.

這將受到交付成本和商品利潤率改善、庫存周轉速度加快以及向數字渠道的持續轉變的推動。

For credit, we are targeting this channel to stabilize at roughly 3% of sales.

對於信貸，我們的目標是將這一渠道穩定在銷售額的 3% 左右。

For adjusted EBITDA margin, we see continued growth moving into high single digits.

對於調整後的 EBITDA 利潤率，我們看到持續增長進入高個位數。

For debt, we will remain disciplined and are committed to paying down debt as it matures to deleverage the balance sheet.

對於債務，我們將保持紀律，並致力於在債務到期時償還債務以去槓桿化資產負債表。

We're targeting investment grade metrics, which include a leverage ratio of under 3x and an interest coverage ratio of greater than 6.5x.

我們的目標是投資級別指標，其中包括低於 3 倍的槓桿率和高於 6.5 倍的利息覆蓋率。

We do not plan to reinstate the dividend or share repurchase program in the near term as we are focused on investing in our growth initiatives and paying down debt.

我們不打算在短期內恢復股息或股票回購計劃，因為我們專注於投資於我們的增長計劃和償還債務。

However, we will monitor our plans continually in this area and will consider, with Board approval, when the time is appropriate to resume dividends and repurchases.

然而，我們將持續監控我們在這一領域的計劃，並將在董事會批准的情況下考慮何時恢復派息和回購。

Now let's look more closely at 2021, which, as I mentioned, we view as a recovery and rebuilding year as we approach the resolution of the COVID-19 pandemic.

現在讓我們更仔細地看看 2021 年，正如我提到的那樣，隨著我們接近 COVID-19 大流行的解決方案，我們將其視為恢復和重建的一年。

Of course, there are still questions about the rollout of vaccines and the resulting shifts in consumer behavior.

當然，疫苗的推出以及由此導致的消費者行為轉變仍然存在疑問。

As a result, no one truly knows what the near to medium term will look like.

因此，沒有人真正知道近期和中期會是什麼樣子。

But we do expect our 2021 performance to be bifurcated, with continued pandemic challenges in the spring season and more post-pandemic-like momentum starting in the fall.

但我們確實預計我們 2021 年的表現將出現兩極分化，春季繼續面臨大流行挑戰，秋季開始出現更多類似大流行後的勢頭。

Our annual guidance reflects this view.

我們的年度指南反映了這一觀點。

Here are some highlights.

這裡有一些亮點。

We expect Macy's, Inc.

我們預計梅西百貨公司。

2021 net sales to be between $19.75 billion and $20.75 billion, up 14% to 20% over 2020.

2021 年淨銷售額將在 197.5 億美元至 207.5 億美元之間，比 2020 年增長 14% 至 20%。

Remember that we are lapping a year of significant declines in store growth due to store closures.

請記住，由於商店關閉，我們正在度過商店增長顯著下降的一年。

Our expected stabilization of performance in 2021 is reflected in these metrics.

這些指標反映了我們預期的 2021 年業績穩定。

We expect our gross margin rate to improve by high single-digit percentage points from 2020 levels, up to 37%.

我們預計我們的毛利率將從 2020 年的水平提高個位數百分比，最高可達 37%。

Credit card revenue is expected to be substantially lower than 2020, approximately 3% of sales, due to an expected rise in delinquencies and bad debt that did not materialize last year.

信用卡收入預計將大大低於 2020 年，約佔銷售額的 3%，原因是拖欠和壞賬預計會增加，但去年並未出現。

SG&A expense dollars are expected to be lower than 2019 levels, primarily due to savings of $900 million we accomplished in 2020.

SG&A 費用預計將低於 2019 年的水平，這主要是由於我們在 2020 年實現了 9 億美元的節省。

As a percent of sales, SG&A is expected to improve from 2020 levels but deteriorate by approximately 1.5 percentage points compared to 2019, driven by the sales deleverage.

在銷售去槓桿化的推動下，SG&A 佔銷售額的百分比預計將從 2020 年的水平提高，但與 2019 年相比下降約 1.5 個百分點。

Asset sales gains are expected to total between $60 million and $90 million.

預計資產銷售收益總額將在 6000 萬美元至 9000 萬美元之間。

Adjusted EBITDA margin is expected to be approximately 7% to 7.5%.

調整後的 EBITDA 利潤率預計約為 7% 至 7.5%。

Net interest expense is expected to be approximately $325 million for the year.

全年淨利息支出預計約為 3.25 億美元。

The adjusted tax rate for 2021 is estimated at approximately 23.25%.

2021 年調整後的稅率估計約為 23.25%。

Adjusted diluted earnings per share is estimated between $0.40 and $0.90.

調整後每股攤薄收益估計在 0.40 美元至 0.90 美元之間。

Finally, we're committed to delevering the balance sheet, and as such, expect to repay debt at maturity in January 2022.

最後，我們致力於去槓桿化資產負債表，因此預計將在 2022 年 1 月償還到期債務。

To support the growth I've outlined both in the near and long term, we plan to invest a large percentage of our capital in the digital experience as well as our supply chain and technology transformation.

為了支持我概述的近期和長期增長，我們計劃將大部分資本投資於數字體驗以及我們的供應鍊和技術轉型。

As we go forward, we expect to spend about half of our capital supporting these, which will be an increase of roughly 2.5x from what we've done over the past several years.

隨著我們的前進，我們預計將花費大約一半的資金來支持這些，這將比我們過去幾年所做的增加約 2.5 倍。

In total, in 2021, capital spend is estimated at approximately $650 million and is targeted to grow over time.

總體而言，到 2021 年，資本支出估計約為 6.5 億美元，並有望隨著時間的推移而增長。

Now from a channel perspective, digital sales are expected to make up approximately 35% of net sales.

現在從渠道的角度來看，數字銷售額預計將占淨銷售額的 35% 左右。

This past year saw an unprecedented year of digital growth, and our outlook reflects a more normalized growth cadence, but one heavily focused as a digitally-led business.

過去的一年見證了前所未有的數字化增長，我們的展望反映了更加正常化的增長節奏，但重點關注數字化主導的業務。

For stores, we anticipate strong comp store sales numbers as we cycle the pandemic-related closures.

對於商店，我們預計隨著與大流行相關的關閉循環，商店的銷售數字會很強勁。

Stores are targeted to represent about 65% of net sales for the year.

商店的目標是佔全年淨銷售額的 65% 左右。

We do anticipate that customers will be increasingly more comfortable in public spaces as vaccine distribution reaches scale, but we haven't made any significant assumptions around tourism-based sales recovering in 2021.

我們確實預計，隨著疫苗分發規模的擴大，客戶在公共場所會越來越舒適，但我們尚未對 2021 年基於旅遊的銷售復甦做出任何重大假設。

We expect that store gross margin will help improve total enterprise gross margin compared to 2019 as we prioritize our promotional and markdown practices while improving inventory productivity in turn.

我們預計，與 2019 年相比，門店毛利率將有助於提高企業總毛利率，因為我們優先考慮促銷和降價做法，同時提高庫存生產率。

From a seasonal standpoint, our guidance contemplates continued pandemic-related challenges in the first half of the year with momentum building in the back half.

從季節性的角度來看，我們的指導意見考慮了上半年與流行病相關的持續挑戰，並在下半年建立勢頭。

We expect our profits to be weighted more towards the back half of the year as sales continue to improve.

隨著銷售持續改善，我們預計我們的利潤將更多地集中在今年下半年。

We expect about 75% of our adjusted EBITDA, excluding asset sale gains, will be generated in the second half, with the majority of that coming in the fourth quarter given the importance of holiday.

我們預計約 75% 的調整後 EBITDA（不包括資產出售收益）將在下半年產生，考慮到假期的重要性，其中大部分將在第四季度產生。

The seasonality of our profits is expected to be most apparent in SG&A.

我們利潤的季節性預計在 SG&A 中最為明顯。

While we've made significant progress on cost reductions, the sales deleverage is expected to continue elevating our first half SG&A rate as a percent of sales compared to 2019.

雖然我們在降低成本方面取得了重大進展，但與 2019 年相比，銷售去槓桿化預計將繼續提高我們上半年的 SG&A 率佔銷售額的百分比。

Once we cycle into the back half of the year, the sales improvement is expected to drive SG&A rate to be more in line with the levels we saw in the back half of 2019.

一旦我們進入下半年，銷售的改善預計將推動 SG&A 率更符合我們在 2019 年下半年看到的水平。

Keep in mind, too, that we plan all of our asset sale activities for the fourth quarter, so asset sale gains are not contemplated in our guidance over the first 3 quarters of the year.

還要記住，我們計劃在第四季度進行所有資產出售活動，因此我們對今年前三個季度的指導意見並未考慮資產出售收益。

Within our expectations for the first half, we expect first quarter net sales to increase significantly compared to the first quarter of 2020 to between $4.2 billion and $4.3 billion, with adjusted earnings per share between a loss of $0.52 and $0.45 compared with a loss of $2.03 in 2020.

在我們對上半年的預期中，我們預計第一季度淨銷售額與 2020 年第一季度相比將大幅增長，達到 42 億美元至 43 億美元之間，調整後的每股收益將在虧損 0.52 美元至 0.45 美元之間，而虧損為 2.03 美元2020年。

So in summary, with our updated and accelerated Polaris strategy, Macy's has a clear path to sustainable growth, driven by the digital channel, by rightsizing our mall-based stores to better-quality malls as well as exploring more convenient and productive off-mall formats that are closer to our customers.

因此，總而言之，通過我們更新和加速的 Polaris 戰略，梅西百貨在數字渠道的推動下有了一條清晰的可持續增長之路，方法是將我們的商場門店調整為質量更好的商場，並探索更方便、更高效的商場外更貼近客戶的格式。

At the same time, we'll continue to address gross margin opportunities and gain SG&A leverage as sales recover in 2021.

與此同時，隨著 2021 年銷售的複蘇，我們將繼續抓住毛利率機會並獲得 SG&A 槓桿。

We target to return to stabilized growth longer term as the effects of the pandemic wane.

隨著大流行的影響減弱，我們的目標是長期恢復穩定增長。

We are keenly focused on delivering strong and sustainable shareholder returns, investing in growth initiatives that generate high returns, achieving a healthier capital structure and progressing towards investment-grade metrics.

我們非常專注於提供強勁和可持續的股東回報，投資於產生高回報的增長計劃，實現更健康的資本結構，並朝著投資級指標邁進。

With that, I'll turn it back over to Jeff for some closing remarks.

有了這個，我會把它轉回給傑夫做一些結束語。

Thanks, Adrian.

謝謝，阿德里安。

So in closing, I'd like to leave you with a few thoughts.

所以最後，我想給你留下一些想法。

As we look towards a healthier economy in the coming months and years, I am optimistic about the way we are reimagining and repositioning our business in line with our Polaris strategy.

隨著我們在未來幾個月和幾年裡展望更健康的經濟，我對我們根據北極星戰略重新構想和重新定位我們的業務的方式持樂觀態度。

We have a strong focus on our customer and market trends.

我們非常關注我們的客戶和市場趨勢。

We are building out our digitally-led omnichannel experience.

我們正在構建以數字為主導的全渠道體驗。

And we are well positioned to better capture customer demand across the total market, from off-price to luxury and from off-line to online.

我們有能力更好地捕捉整個市場的客戶需求，從低價到奢侈品，從線下到線上。

We know what's important to customers.

我們知道什麼對客戶很重要。

We will empower them to find their personal style through curated and distinctive products, clear value, and enhanced digital and store experiences, optimized by a modernized infrastructure and performance culture.

我們將通過精心策劃的獨特產品、明確的價值、增強的數字和商店體驗，通過現代化的基礎設施和績效文化進行優化，使他們能夠找到自己的個人風格。

And we will be in a better position to be increasingly relevant to the next generation of customers.

我們將處於更好的位置，與下一代客戶越來越相關。

I am encouraged by the talent and focus of our teams across Macy's who persevered through 2020 and who are committed to our future growth.

我對梅西百貨團隊的才華和專注感到鼓舞，他們在 2020 年堅持不懈，並致力於我們未來的發展。

We have a diverse leadership team that includes a blend of new talent with outside perspectives, along with our tenured and best-developed leaders.

我們擁有多元化的領導團隊，其中包括具有外部視角的新人才，以及我們的終身和最有發展的領導者。

And I am confident that, together, we will build towards a sustainable, profitable future.

我相信，我們將共同建設一個可持續的、盈利的未來。

This concludes our formal remarks.

我們的正式發言到此結束。

And now we'll take your questions.

現在我們將回答您的問題。

(Operator Instructions) And we will take our first question from Chuck Grom with Gordon Haskett.

（操作員說明）我們將與 Gordon Haskett 一起回答 Chuck Grom 的第一個問題。

Thanks for the thoughtful update.

感謝您的周到更新。

Jeff, on the pace of recovery in '21, how are you planning the business by category?

傑夫，關於 21 年的複蘇步伐，您如何按類別規劃業務？

Particularly areas that may take longer to recover, but also areas of the business that could see a release of some pent-up demand.

特別是可能需要更長時間才能恢復的領域，以及可能會釋放一些被壓抑需求的業務領域。

And then, Adrian, when we think about the gross margin structure in the '21 guide of 37%, with digital where it is, do you think you can get back to 40% to 41%?

然後，阿德里安，當我們考慮 21 年指南中 37% 的毛利率結構時，如果數字化，你認為你能回到 40% 到 41% 嗎？

Or is the mid-30s the best run rate?

或者是 30 多歲的最佳運行率？

Chuck, so what we're expecting is that we're going to see much of what we saw in the fourth quarter going through the first half.

查克，所以我們期待的是，我們將在上半年看到我們在第四季度看到的大部分內容。

So we expect that the home businesses are going to continue to be strong and elevated.

因此，我們預計家庭企業將繼續保持強勁和提升。

And then when you look at some of the luxury businesses that customers have been spending on, like fine jewelry and fragrances, some on designer skin care, all those categories are strong.

然後，當你看看客戶一直在消費的一些奢侈品業務，比如高級珠寶和香水，還有一些是設計師護膚品，所有這些類別都很強大。

So when you look at the fourth quarter in those businesses, we were up about 14%.

因此，當您查看這些業務的第四季度時，我們增長了約 14%。

When you look at all of home and you look at fine jewelry, fragrances, sleepwear.

當你審視整個家時，你會看到精美的珠寶、香水和睡衣。

And I would expect that those would continue.

我希望這些會繼續下去。

The AUR is up.

AUR 已啟動。

The sell-throughs are better on those particular areas.

這些特定領域的銷售情況更好。

So we're definitely funding those.

所以我們肯定會資助這些。

And that's across Bloomingdale's as well as Macy's.

Bloomingdale's 和 Macy's 都是如此。

I would expect the negative categories to continue.

我希望負麵類別繼續存在。

So I think all of apparel remains challenged.

所以我認為所有服裝仍然面臨挑戰。

While we are doing well in the casual categories, the dress categories remain depressed.

雖然我們在休閒品類表現不錯，但服飾品類仍然低迷。

Our inventory levels remain in line with our sales.

我們的庫存水平與我們的銷售額保持一致。

We have a ramp-up strategy with all of the relevant vendors as well as our private brands if that -- if we start to see seeds of improvement as the vaccination starts to get scale and customers are starting to book events, weddings, you'll start to see those businesses improve for us.

我們與所有相關供應商以及我們的自有品牌都有一個提升戰略——如果我們開始看到改進的種子，因為疫苗接種開始規模化，客戶開始預訂活動、婚禮，你我們會開始看到這些企業為我們改善。

So we expect the first half is going to be very similar to fourth quarter.

所以我們預計上半年將與第四季度非常相似。

And that the back half, we'll start to see an improvement in apparel, but remain strong in the categories that have been strong, as well as the new brands and categories that we have added.

下半年，我們將開始看到服裝的改善，但在一直強勁的類別以及我們添加的新品牌和類別中仍然保持強勁。

And Chuck, thanks of your question and thanks for joining this morning.

查克，感謝你的提問，也感謝你今天早上的加入。

To your point about gross margin, the thing that we would keep in mind is that we're targeting adjusted EBITDA margin moving towards the high single-digits range.

關於毛利率，我們要記住的是，我們的目標是調整後的 EBITDA 利潤率向高個位數範圍移動。

In order to achieve this, we're driving both the top line as well as efficiencies in both our SG&A and our gross margin.

為了實現這一目標，我們正在推動 SG&A 和毛利率的收入和效率。

Now Chuck, you're absolutely right.

現在查克，你是完全正確的。

From a gross margin standpoint, we are planning to stabilize in the future as the business normalizes in the mid-30s in the future.

從毛利率的角度來看，我們計劃在未來隨著業務在 30 年代中期正常化而穩定下來。

But we're actually working diligently to improve merchandise margin as well as the delivery costs and getting efficiencies in our SG&A.

但我們實際上正在努力提高商品利潤率和交付成本，並提高我們的 SG&A 效率。

So really elevating the profitability of the overall business.

因此真正提高了整體業務的盈利能力。

As we think about the merchandise margin, obviously, category mix will have an impact on our margin level as the current pandemic mix tends to be geared towards our lower-margin categories, such as home, as we discussed a little bit earlier.

當我們考慮商品利潤率時，顯然，品類組合將對我們的利潤率水平產生影響，因為當前的大流行病組合傾向於我們利潤率較低的品類，例如家居，正如我們之前討論的那樣。

But at the same time, we do believe that as recovery happens, apparel sales will return, and that will also help offset some of the declines in gross margin rate due to the mix shift that I just mentioned.

但與此同時，我們確實相信，隨著復甦的發生，服裝銷售將會恢復，這也將有助於抵消我剛才提到的產品組合轉變導致的毛利率下降的部分影響。

But we're also going after pricing and promotions.

但我們也在追求定價和促銷。

We're trying to minimize the unnecessary promotions and markdowns and discounts to achieve a higher sell -- full price sell-through, which will help our merchandise margins and ultimately help our gross margins.

我們正在努力盡量減少不必要的促銷、降價和折扣，以實現更高的銷量——全價銷售，這將有助於我們的商品利潤率，並最終有助於我們的毛利率。

And we've gotten a lot of momentum from what we've seen in the fourth quarter of last year.

我們從去年第四季度看到的情況中獲得了很大的動力。

We talked at length a bit about the delivery expense.

我們詳細討論了送貨費用。

It's all about better allocation of inventory where the customer wants to transact.

這一切都是為了更好地分配客戶想要交易的庫存。

It's reducing split shipments.

它正在減少拆分發貨。

It's improving our AURs.

它正在改進我們的 AUR。

There are a number of levers we're going after.

我們正在追求許多槓桿。

But as we think about the contribution margin piece that we talked about a bit earlier, we're really focused on not just gross margin hitting in the mid-30s in the future, but really elevating our EBITDA margin -- adjusted EBITDA margin closer to the high single-digit level over the longer term.

但是當我們考慮我們之前談到的貢獻利潤率時，我們真正關注的不僅僅是未來 30 年代中期的毛利率，而是真正提高我們的 EBITDA 利潤率——調整後的 EBITDA 利潤率接近長期內的高個位數水平。

And we will take our next question from Paul Lejuez with Citi.

我們將接受 Paul Lejuez 與花旗銀行的下一個問題。

Just thinking about the contribution comments by channel that you laid out.

想想你佈置的頻道的貢獻評論。

In years leading up to the pandemic, as digital penetration was increasing, your overall EBIT margins were going down.

在大流行之前的幾年裡，隨著數字滲透率的提高，您的整體息稅前利潤率在下降。

So I'm kind of curious what you think has changed that would reverse that as digital continues to grow in terms of overall penetration.

所以我很好奇你認為隨著數字在整體滲透率方面繼續增長而發生的變化會逆轉這種情況。

And along the same lines, in that longer-term algorithm, the low single-digit top line growth that you laid out, how does store closings factor into that?

沿著同樣的思路，在那個長期算法中，你提出的低個位數的頂線增長，商店關閉是如何影響的？

Are you talking overall sales?

你說的是整體銷量？

Is that a comp number?

那是公司號碼嗎？

Just want to make sure I understand how you're thinking about stores long-term and how to track it into that top line.

只是想確保我了解您如何長期考慮商店以及如何將其跟踪到該頂線。

Great.

偉大的。

Thank you very much for your question, Paul.

保羅，非常感謝你的問題。

So as we think about the contribution margin, it's important to understand this difference between the channels, right?

因此，當我們考慮邊際貢獻時，了解渠道之間的這種差異很重要，對嗎？

And so, as we are looking at contribution margin, we recognize that improving margins in the digital channel is all about elevating delivery expense -- or I'm sorry, improving delivery expense to elevate our digital gross margin.

因此，當我們關注貢獻率時，我們認識到提高數字渠道的利潤率就是提高交付費用——或者我很抱歉，提高交付費用以提高我們的數字毛利率。

From a store standpoint, it's really just leveraging more of that asset for BOPS, for curbside, for Bon-Ton, a lot of the digitally-led initiatives that we have underway, while at the same time getting back just to comp store growth.

從商店的角度來看，它實際上只是將更多的資產用於 BOPS、路邊、Bon-Ton，以及我們正在進行的許多以數字為主導的計劃，同時又恢復了商店的增長。

When we think about the low single-digit growth in the future, that's really on a comp basis.

當我們考慮未來的低個位數增長時，這實際上是基於比較的。

As you probably know, with regards to the announcement of the 125 store closures that we announced in January of last year, on a 2019 basis, that's about $1.3 billion in sales.

您可能知道，關於我們在去年 1 月宣布關閉 125 家商店的公告，按 2019 年計算，銷售額約為 13 億美元。

So that provides a real headwind as we actually rightsize our mall-based stores.

因此，當我們實際調整我們的購物中心商店規模時，這會帶來真正的阻力。

But with the ambition to grow digital to $10 billion in the next 3 years, with the work that we're doing to reduce digital delivery expense and also the permanency of the $900 million of SG&A savings from the restructuring that we had in February and July of last year, we should be able to elevate those EBITDA margins relative to what you've seen pre-pandemic.

但隨著我們在未來 3 年內將數字業務增長到 100 億美元的雄心壯志，以及我們為減少數字交付費用所做的工作，以及我們在 2 月和 7 月進行的重組中節省的 9 億美元 SG&A 的永久性去年，我們應該能夠將這些 EBITDA 利潤率提高到與大流行前相比的水平。

So those are some of the major levers that we're focused on as we look ahead.

因此，這些是我們展望未來時關注的一些主要槓桿。

We will take our next question from Kimberly Greenberger with Morgan Stanley.

我們將與摩根士丹利一起接受 Kimberly Greenberger 的下一個問題。

Great.

偉大的。

Adrian, I appreciate all the comments today.

阿德里安，我感謝今天所有的評論。

This has been extremely helpful and illustrative.

這非常有幫助和說明性。

I wanted to clarify or ask 2 things.

我想澄清或詢問兩件事。

On the 500 basis point differential in contribution margin between stores and digital.

關於商店和數字之間 500 個基點的邊際貢獻差異。

If you sort of reflect back over the last 5 years, can you give us some context around the performance just in your stores channel?

如果您回顧一下過去 5 年的情況，您能給我們介紹一下您商店渠道的表現嗎？

And have you seen store margins fall over time?

你有沒有看到商店利潤率隨著時間的推移而下降？

And then secondarily, on the longer-term financial targets, with gross margin in the mid-30s, I think this year, 2021, you're providing a preliminary gross margin outlook of 37%, if I heard you correctly.

其次，關於長期財務目標，毛利率在 30 年代中期，我認為今年，2021 年，如果我沒聽錯的話，你的初步毛利率前景為 37%。

So should we consider that 37% target this year what -- where you would expect gross margin to be sustained at?

那麼，我們是否應該考慮今年 37% 的目標——您預計毛利率將維持在什麼水平？

Thank you, Kimberly.

謝謝你，金伯利。

Thanks for your question.

謝謝你的問題。

So in terms of the contribution margin, the mid-single digit and -- the mid-single-digit profitability contribution for our digital channel relative to our stores, it's actually quite real, and that's based on our 2019 numbers.

因此，就邊際收益而言，中個位數以及——我們的數字渠道相對於我們商店的中個位數盈利貢獻，實際上是非常真實的，這是基於我們 2019 年的數字。

The thing to keep in mind is, over the last 5 years, we've been -- built tremendous scale in the digital channel.

要記住的是，在過去的 5 年裡，我們已經——在數字渠道中建立了巨大的規模。

So when you think about the leverage of the technology infrastructure and the improvement of scale, we're really seeing increased benefits in terms of the profit contribution in the digital channel.

因此，當您考慮技術基礎設施的槓桿作用和規模的改善時，我們確實看到了數字渠道利潤貢獻方面的收益增加。

In contrast, we've actually seen, with a large fixed asset base in stores, our store sales is declining.

相比之下，我們實際上已經看到，由於商店中有大量固定資產基礎，我們的商店銷售額正在下降。

So what we're working to do from an omnichannel standpoint is really leverage our store assets for the digital experiences around BOPS and curbside and store fulfillment and those capabilities.

因此，從全渠道的角度來看，我們正在努力做的是真正利用我們的商店資產來獲得圍繞 BOPS 和路邊和商店履行以及這些功能的數字體驗。

But what we do see very clearly is that as our business on the digital side scales, we have great opportunities to continue to improve the profit contribution margin of that business.

但我們確實非常清楚地看到，隨著我們在數字方面的業務規模擴大，我們有很大的機會繼續提高該業務的利潤貢獻率。

Delivery expense is a real focus for us as we think about ways to reduce split packages, encouraging customers to pick up from our stores, improving our AURs, even with the pricing and promotion work that we've done where we've seen really good gains, that will all continue to contribute to an even healthier and more profitable digital business while also taking advantage of the physical assets that we have within the business.

送貨費用是我們真正關注的焦點，因為我們正在考慮如何減少拆分包裹，鼓勵客戶從我們的商店取貨，改善我們的 AUR，即使我們已經完成了我們看到非常好的定價和促銷工作收益，這一切都將繼續為更健康、更有利可圖的數字業務做出貢獻，同時也將利用我們在業務中擁有的實物資產。

Now as we think about Q1, we're only sharing our expectations around the sales and adjusted EPS.

現在，當我們考慮第一季度時，我們只分享我們對銷售額和調整後每股收益的預期。

But as we think about the first quarter, we're very comfortable with our inventory position going into 2021.

但是當我們考慮第一季度時，我們對進入 2021 年的庫存狀況感到非常滿意。

So we do expect to have a healthy level of gross margin as we think about the first quarter of the year.

因此，當我們考慮今年第一季度時，我們確實希望擁有健康的毛利率水平。

So we're starting the year with really healthy inventory.

所以我們以非常健康的庫存開始了今年。

As you know, we are down 27% over the last year in terms of our inventory going into the first quarter.

如您所知，就進入第一季度的庫存而言，我們的庫存比去年下降了 27%。

We're really happy with our stock-to-sales ratio.

我們對我們的庫存銷售比非常滿意。

We've planned receipts conservatively because of what we described as kind of a pandemic-like activity we expect in the first half.

我們保守地計劃了收據，因為我們將其描述為我們預計上半年會出現類似大流行病的活動。

And for our stores, providing clear value with simple, easy-to-understand pricing and promotions that allow us to maintain a strong margin, those are the kinds of things that we're actually focused on.

對於我們的商店，通過簡單易懂的定價和促銷活動提供明確的價值，使我們能夠保持可觀的利潤率，這些才是我們真正關注的事情。

So we do expect to move into the first quarter in a healthy position, but at this time, just really providing Q1 guidance around the sales and the adjusted EPS level.

因此，我們確實希望以健康的狀態進入第一季度，但此時，只是真正提供有關銷售額和調整後每股收益水平的第一季度指導。

And we will take our next question from Matthew Boss with JPMorgan.

我們將從摩根大通的 Matthew Boss 那裡回答下一個問題。

Great.

偉大的。

So Jeff, your sales guidance for this year, I think, stands 17% to 18% below the pre pandemic base at the midpoint.

所以傑夫，我認為你今年的銷售指導比中點大流行前基數低 17% 到 18%。

So as we think about potential consumer recovery in the back half, and I think you've laid out $10 billion or more in competitor revenues up for grabs, what's your flexibility to chase sales in key categories?

因此，當我們考慮下半年潛在的消費者復蘇時，我認為您已經準備好爭奪 100 億美元或更多的競爭對手收入，那麼您在關鍵類別中追逐銷售的靈活性如何？

And then secondly, as we think multiyear, how should we think about your ability to recapture that $4 billion to $4.5 billion in revenue to potentially get back to your 2019 revenue base over time?

其次，正如我們認為的多年，我們應該如何考慮您重新獲得 40 億至 45 億美元收入的能力，以便隨著時間的推移可能回到 2019 年的收入基礎？

Matt, so we have a lot of flexibility with -- obviously, we're in a very good liquidity position with our inventories right now.

馬特，所以我們有很大的靈活性 - 顯然，我們現在的庫存處於非常好的流動性狀況。

And so, as we were when you saw how we came out of the second quarter and our opportunity with our inventory position for third and fourth quarters.

因此，當您看到我們如何走出第二季度以及我們在第三和第四季度的庫存狀況方面的機會時，我們就是這樣。

So those categories that we're really tracking and trending for us, we were able to respond to.

因此，我們真正為我們跟踪和趨勢的那些類別，我們能夠做出回應。

There were some supply chain snags in certain businesses like home store, where we had -- we didn't have as much flexibility on that.

在某些業務中存在一些供應鏈障礙，例如我們擁有的家庭商店 - 我們在這方面沒有那麼大的靈活性。

But we're certainly looking at the front half of the year and really the full year based on where the consumer goes on this.

但我們當然會根據消費者的情況來考慮上半年和全年。

So we have the seeds of where we see that -- those runways.

所以我們有我們看到的地方的種子 - 那些跑道。

But as things -- as I mentioned in my first answer to Chuck's question, that as those things start to pick up.

但正如我在第一次回答查克的問題時提到的那樣，隨著這些事情開始好轉。

So if you think about the dress and the suit business, the clothing business, as people go into more occasion-based dressing, we'll be ready with our main wholesale partners.

因此，如果您考慮服裝和西裝業務，服裝業務，隨著人們越來越多地選擇基於場合的著裝，我們將與我們的主要批發合作夥伴一起做好準備。

So those would be where I know we're going to be able to react based on -- and we have longer lead time businesses, like home store, we're placing those bets.

因此，這些將是我知道我們將能夠做出反應的地方——而且我們有更長的交貨時間業務，比如家庭商店，我們正在下這些賭注。

So as an example, if you look at our textiles business, which is mostly private brands, we expect those great trends to continue all the way through 2021.

因此，舉個例子，如果你看看我們的紡織品業務，它主要是自有品牌，我們預計這些大趨勢將一直持續到 2021 年。

And so, we placed those bets based on what we were seeing through the second and the third quarters.

因此，我們根據我們在第二和第三季度看到的情況下了這些賭注。

And we've been -- when you think about our overall inventory levels from before, we had opportunities for better sell-throughs, we had opportunities certainly for faster inventory turns.

我們一直 - 當你考慮我們之前的整體庫存水平時，我們有機會提高銷售率，我們當然有機會加快庫存周轉。

And so, even though our inventory levels are down, and our sell-throughs are really way up, and particularly in our regular price sell-throughs, that's obviously helping our margins.

因此，即使我們的庫存水平下降，而我們的銷售量確實在上升，尤其是在我們的常規價格銷售量中，這顯然有助於我們的利潤率。

So I think we have opportunity to do more with the inventory than we have than we've done historically.

因此，我認為我們有機會比以往更多地處理庫存。

So it's not just buying into kind of lag, if you will, future markdowns and sales of a quarter and how we plan our receipts, but it's also getting better sell-throughs.

因此，這不僅僅是購買某種滯後，如果你願意的話，未來的降價和一個季度的銷售以及我們如何計劃我們的收入，但它也獲得了更好的銷售率。

And so, with the markdown optimization that we have, the ability to mark goods at a store level to decrease our POS-ing that we're doing based on having more hyper-localized offering through our personalization engine with customers, that's all helping us on the margin conversation.

因此，通過我們擁有的降價優化，能夠在商店級別標記商品以減少我們正在做的 POS-ing，這是基於通過我們的個性化引擎與客戶提供更多超本地化的產品，這一切都在幫助我們在保證金對話中。

And having the liquidity in our inventories is giving us the opportunity to respond to all customer needs by going after categories, that there's always stock available in virtually everything that we sell.

庫存的流動性讓我們有機會通過追踪類別來滿足所有客戶的需求，我們銷售的幾乎所有商品都始終有庫存。

And we can also go into new categories, new brands, new categories.

我們還可以進入新類別、新品牌、新類別。

And we're doing that through either VDF or we're doing that through our owned inventory.

我們通過 VDF 或通過我們自己的庫存來做到這一點。

So that's our -- that's what we've been doing, and I expect all those trends to continue.

這就是我們——這就是我們一直在做的事情，我希望所有這些趨勢都能繼續下去。

We will take our next question from Omar Saad with Evercore Partners.

我們將與 Evercore Partners 一起接受 Omar Saad 的下一個問題。

Great presentation.

很棒的演講。

I wanted to ask about the 7 million new customers.

我想問一下 700 萬新客戶。

It's great that you guys are attracting a lot of new, fresh faces to the franchise.

很高興你們為這支球隊吸引了很多新面孔。

Do you have a sense from where they're coming from and why they're discovering Macy's at this point in time?

你知道他們來自哪里以及為什麼他們在這個時間點發現梅西百貨嗎？

And then I also want -- if you could also address the existing customers.

然後我也想 - 如果你也可以解決現有客戶的問題。

So many new customers kind of implies the existing customer base is spending a lot less year-over-year.

如此多的新客戶意味著現有客戶群的支出同比減少了很多。

Is this predominantly older customers who aren't necessarily digitally active and haven't felt comfortable to go back to the stores?

這是否主要是年長的客戶，他們不一定活躍於數字領域並且不願意回到商店？

And what are the strategies for bringing those existing customers, historical customers, back into the franchise while keeping a lot of these new entrants you've attracted?

將那些現有客戶、歷史客戶帶回特許經營權同時保留許多您吸引的新進入者的策略是什麼？

Omar, happy to take this question.

奧馬爾，很高興回答這個問題。

So let's just talk about the -- in the fourth quarter, the number that you're quoting, the 7 million new customers, this was a good quarter for us because this new customers that came into the brand, that was a 2% increase over what we had in 2019 levels.

所以讓我們談談——在第四季度，你引用的數字，700 萬新客戶，這對我們來說是一個很好的季度，因為進入該品牌的新客戶增加了 2%超過我們在 2019 年的水平。

So it was really good to see that.

所以很高興看到這一點。

So in a quarter that we were down 17% in sales, to have the customer base increase, that gives us some momentum going into the new year.

因此，在一個季度中，我們的銷售額下降了 17%，但客戶群有所增加，這為我們進入新的一年提供了一些動力。

So the new customers that have been coming into the brand has been steadily improving each quarter.

因此，進入該品牌的新客戶每個季度都在穩步增長。

Fourth quarter was our best performance.

第四季度是我們最好的表現。

And when you look at those customers, they are much more young and more diverse than what we've had historically.

當您查看這些客戶時，他們比我們以往擁有的客戶更年輕、更多樣化。

4 million of those 7 million came in through digital.

這 700 萬人中有 400 萬人是通過數字渠道進入的。

So obviously, with the digital engine that we have, that has opened up lots of new customers to us that are shopping more on digital or now experiencing new brands digitally.

很明顯，借助我們擁有的數字引擎，這為我們打開了很多新客戶的大門，他們更多地在數字上購物或現在以數字方式體驗新品牌。

So when you think about the 4 million new customers that came in through digital, that was a 36% increase versus the previous year.

因此，當您考慮通過數字渠道獲得的 400 萬新客戶時，與前一年相比增長了 36%。

So we're encouraged by those trends for new customers coming in.

因此，我們對新客戶進入的這些趨勢感到鼓舞。

To your -- we should talk about it on an annual basis, because when you look at the full annual profile, one of the things that we're proud of is that we had 4 million new customers come to us because of what we changed with our Star Rewards loyalty program.

對你來說——我們應該每年討論一次，因為當你查看完整的年度概況時，我們引以為豪的一件事是，由於我們的改變，我們有 400 萬新客戶來找我們通過我們的 Star Rewards 忠誠度計劃。

We added a Bronze tier 2 years ago and that's starting to get some real traction for us.

我們在 2 年前增加了一個青銅級別，這開始對我們產生一些真正的吸引力。

So in 2020, we had 4 million new members join us on that.

所以在 2020 年，我們有 400 萬新成員加入我們。

That was a 50% increase.

那是增加了 50%。

And again, those are predominantly, when you look at our overall base of customers, a younger cohort.

再一次，當您查看我們的整體客戶群時，這些主要是年輕的群體。

So 38% of those customers were under 40.

因此，這些客戶中有 38% 的年齡在 40 歲以下。

And that's versus the total company being about 28%.

而這與整個公司的比例約為 28%。

So to the other part of your question about kind of customer retention and what happened with our existing customer base.

因此，對於您關於客戶保留類型以及我們現有客戶群發生了什麼的問題的另一部分。

We definitely saw a slowdown in our Gold and our Platinum customers based on where they are and their feelings about shopping and the pandemic.

根據他們所處的位置以及他們對購物和大流行的感受，我們確實看到了我們的黃金和白金客戶的增長放緩。

They are in older cohort versus the ones -- the new customers I'm talking about or the ones that came in from Bronze.

他們屬於較老的群體，而不是那些 - 我正在談論的新客戶或來自青銅的新客戶。

We do expect, in listening to them, that this is -- they're really kind of stalling their buying habits overall.

我們確實希望，在聽取他們的意見時，這是——他們真的在某種程度上拖延了他們的整體購買習慣。

And we do expect that they will return to more normalized behavior as the pandemic subsides.

我們確實希望隨著大流行病的消退，他們將恢復更正常的行為。

The other thing I'd talk about would be -- is just -- is Klarna.

我要談論的另一件事是 - 只是 - 是 Klarna。

That also has been a nice accelerant for us in terms of new customers.

就新客戶而言，這對我們來說也是一個很好的促進劑。

So when we added that in, we -- that has really been about -- when you think about all the new customers that we've had coming from Klarna, about 2/3 of those were previously unknown to Macy's.

因此，當我們將其添加進來時，我們 - 這真的是 - 當你想到我們從 Klarna 獲得的所有新客戶時，其中大約 2/3 是梅西百貨以前不知道的。

And so, new customers, and they also are predominantly under 40.

因此，新客戶也主要在 40 歲以下。

So 45% of those are under 40, again, versus the 27%, 28% for Macy's in total.

因此，其中 45% 的人年齡在 40 歲以下，而梅西百貨的總數為 27%、28%。

So on the customer front, I guess, we definitely have some momentum.

所以在客戶方面，我想，我們肯定有一些動力。

And so -- and it's good to see that -- it's good to see younger customers coming in, they're responding to our values and our products.

因此——很高興看到這一點——很高興看到年輕的客戶進來，他們正在響應我們的價值觀和我們的產品。

And really the big engine here, they're coming in through digital.

真正的大引擎是通過數字技術進入的。

We will take our next question from Michael Binetti with Credit Suisse.

我們將接受瑞士信貸邁克爾·比內蒂 (Michael Binetti) 的下一個問題。

Maybe just, Jeff, ask you about the inventory comments.

也許只是，傑夫，問你關於庫存的評論。

You mentioned you have a plan to ramp inventory in some of the categories.

您提到您有計劃增加某些類別的庫存。

As your indicators start to improve, could you offer a few thoughts there?

隨著你的指標開始改善，你能提供一些想法嗎？

Are the vendors going to be holding inventory?

供應商是否會持有庫存？

What's making them more comfortable holding that inventory before you're comfortable?

是什麼讓他們更願意在您感到舒服之前持有該庫存？

And then maybe just as you look at the shape of the year for inventory, maybe if you could help us triangulate around your sales growth plan and how you think about the base case of where inventory will grow in the first half versus the second half of the year as you see it today.

然後也許就像你查看今年的庫存情況一樣，也許你可以幫助我們圍繞你的銷售增長計劃進行三角測量，以及你如何看待上半年和下半年庫存增長的基本情況你今天看到的那一年。

Yes.

是的。

Michael, so we're really -- just to restate.

邁克爾，所以我們真的 - 只是重申一下。

We're happy with where our inventory position ended the year.

我們對年底的庫存狀況感到滿意。

And so, looking at the stock-to-sales ratio and where we stand, and just having the liquidity that's built into where we believe customer demand may or may not go, we're going to be ready with putting receipts against that.

因此，看看庫存與銷售額的比率以及我們所處的位置，以及我們認為客戶需求可能會或可能不會去的地方所內置的流動性，我們將準備好將收據與此相對照。

We have not seen an issue in vendors predominantly in the categories that are dormant right now.

我們還沒有看到供應商出現問題，主要是目前處於休眠狀態的類別。

They will have -- they do have inventory ready for us if we were to buy it.

如果我們要購買，他們將有 - 他們確實為我們準備了庫存。

And so, I -- that -- when you look at all of the kind of dress-up categories, there's predominantly a couple of very strong wholesale partners that we have deep relationships with, and they're ready with us across -- multi-brands across those categories.

所以，我 - 那 - 當你查看所有類型的裝扮類別時，主要有幾個非常強大的批發合作夥伴，我們與之有著深厚的關係，並且他們已經準備好與我們一起 - 多-這些類別的品牌。

So -- and those are the big engines of suits on both men's and women's as well as all the dress-up categories, the dress-up accessory categories, dress shoes, more in the bags that work with it.

所以——這些是男士和女士西裝以及所有裝扮類別、裝扮配飾類別、正裝鞋以及與之搭配的包包中的主要引擎。

So those are categories where we have worked with our vendor partners on that.

所以這些是我們與我們的供應商合作夥伴合作的類別。

So we're very focused on -- when you look at the back half of the year, we had an 18% improvement in inventory productivity.

所以我們非常關注 - 當你看今年下半年時，我們的庫存生產率提高了 18%。

That was a number that is -- we're looking at that continuing to really hold in terms of improving that productivity for the first half of '21.

這是一個數字——我們正在考慮在 21 世紀上半年提高生產率方面繼續真正保持下去。

So as mentioned, I think that where we're most focused right now is, can we get the home inventories that we need?

因此，如前所述，我認為我們現在最關注的是，我們能否獲得所需的家庭庫存？

We've made all the adjustments that are required in our private brands, but making sure that we have that in the housewares categories.

我們已經對我們的自有品牌進行了所有需要的調整，但要確保我們在家庭用品類別中進行了調整。

We clearly have a supply chain and have had a supply chain issue in both furniture and mattresses.

我們顯然有一條供應鏈，並且在家具和床墊方面都存在供應鏈問題。

The mattress one is largely behind us.

床墊一大部分在我們身後。

The furniture one, it persists.

家具之一，它仍然存在。

The demand is quite high.

要求相當高。

The supply, we're still having some issues with some of the categories there coming out of Vietnam and in China.

供應，我們仍然對來自越南和中國的某些類別存在一些問題。

So -- but we expect that all to be behind just by the end of the first quarter.

所以 - 但我們預計所有這些都會在第一季度末落後。

So when I look at the inventory levels, we're planning those to definitely be below where our sales are going to be.

因此，當我查看庫存水平時，我們計劃將其絕對低於我們的銷售水平。

We're planning to lag.

我們計劃落後。

We're planning for higher sell-throughs.

我們計劃提高銷量。

We're planning for less markdowns.

我們計劃減少降價。

When you look at the composite of our business and our inventory on regular price inventory versus markdown, it's dramatically lower in markdown inventory.

當您查看我們的業務和庫存的綜合情況時，常規價格庫存與降價庫存相比，降價庫存要低得多。

It's basically -- still below last year in regular price inventory, but in a much healthier position than where we are with markdowns, which is planned.

它基本上 - 仍然低於去年的正常價格庫存，但比我們計劃的減價情況要健康得多。

So I think we're in a good position with the way we're thinking about our inventory moving forward.

因此，我認為我們在思考庫存向前發展的方式方面處於有利地位。

If I could ask one follow-up on Vendor Direct.

如果我可以在 Vendor Direct 上問一個後續問題。

I know that that's been a bigger focus around the space.

我知道這是圍繞這個空間的一個更大的焦點。

I think you said it was -- I think you said it was 20% of digital.

我想你說過 - 我想你說過它是數字的 20%。

Can you speak to the unit economics there?

你能談談那裡的單位經濟學嗎？

Maybe just an update on the unit economics.

也許只是單位經濟學的更新。

And is there an opportunity to increase that program as you talk to the vendors going forward?

當您與供應商討論未來時，是否有機會增加該計劃？

Yes.

是的。

I think the big thing -- Vendor Direct has been quite strong for us.

我認為最重要的是——Vendor Direct 對我們來說非常強大。

One of the things that we're always balancing is the customer.

我們一直在平衡的事情之一是客戶。

And when you have a customer that's coming into your brand, and are you -- does that vendor going to be shipping it in exactly the time?

當你有一個客戶進入你的品牌時，你是——那個供應商會準時發貨嗎？

Do they put it on the right -- is it in the right condition?

他們把它放在正確的位置了嗎？它處於正確的狀態嗎？

So we're always watching the customer reaction to all Vendor Direct.

所以我們一直在關注客戶對所有 Vendor Direct 的反應。

And we've done a very -- a good job.

我們做得非常好。

Our merchants have done a good job with all of our Vendor Direct partners in really improving that level of service.

我們的商家與我們所有的 Vendor Direct 合作夥伴在真正提高服務水平方面做得很好。

So we're pretty pleased with it.

所以我們對此非常滿意。

You get down to whether or not these orders don't come in, where it's a pure Vendor Direct order versus owned inventory, so oftentimes, that does increase split shipments which can be a customer inconvenience.

你會認真考慮這些訂單是否沒有進來，這是一個純粹的供應商直接訂單與自有庫存，所以通常情況下，這確實會增加拆分發貨，這可能會給客戶帶來不便。

So we're always watching that.

所以我們一直在關注它。

When you look at a lot of our Vendor Direct, we're looking at single category, single purchase.

當您查看我們的很多 Vendor Direct 時，我們關注的是單一類別、單一購買。

So when you look at a lot of the home categories where a customer will purchase that single item, it will be shipped directly from that vendor.

因此，當您查看客戶將購買該單件商品的許多家庭類別時，它將直接從該供應商處發貨。

That's been a very positive experience.

那是一次非常積極的經歷。

When it ends up being a split between a Vendor Direct apparel order or an accessory order and they're ordering something else that's in our owned inventory, it's coming from 2 different -- it's either coming from a store, it's coming from a warehouse and it's coming from a Vendor Direct warehouse.

當它最終分為 Vendor Direct 服裝訂單或配飾訂單，而他們正在訂購我們庫存中的其他東西時，它來自 2 個不同的地方——要么來自商店，要么來自倉庫，要么它來自 Vendor Direct 倉庫。

That can be an experience that we're very watchful of to ensure that it matches the customer expectation.

這可能是一種我們非常注意的體驗，以確保它符合客戶的期望。

But I do expect Vendor Direct to continue to grow in the right times.

但我確實希望 Vendor Direct 在適當的時候繼續增長。

Certainly, when you look at the level of peak that we have between kind of Black Friday and cyber week, looking at Vendor Direct to kind of alleviate some of that -- some of those peak pressures, that's always a factor for us.

當然，當你看看我們在黑色星期五和網絡週之間的高峰水平時，看看 Vendor Direct 可以減輕其中的一些——其中一些高峰壓力，這對我們來說總是一個因素。

But when we're going forward with the $10 billion strategy, we're looking at all elements to be able to satisfy the customer.

但是當我們推進 100 億美元的戰略時，我們正在研究所有能夠滿足客戶需求的因素。

When you look at the number of new brands we brought in, we had a number of expanded categories.

當您查看我們引入的新品牌數量時，我們有許多擴展的類別。

The -- and just the continued number of failed searches we had to guide us to where the customers are looking for the Macy's and Bloomingdale's brands to play, we're going to look at all avenues to be able to satisfy that, and Vendor Direct is part of that engine.

- 以及持續不斷的失敗搜索次數，我們不得不將我們引導到客戶正在尋找梅西百貨和布魯明戴爾品牌的地方，我們將尋找能夠滿足這一要求的所有途徑，以及供應商直銷是該引擎的一部分。

We will take our next question from Dana Telsey with Telsey Advisory Group.

我們將與 Telsey Advisory Group 一起接受 Dana Telsey 的下一個問題。

As you talk, Jeff, about new partnership models with vendors, can you expand on that and tell us exactly what you're meaning?

傑夫，當你談到與供應商的新合作模式時，你能擴展一下並告訴我們你的意思嗎？

And then the tourist impact, which I think was 290 basis points of a headwind in the third quarter, 210 in the second.

然後是遊客的影響，我認為第三季度的逆風是 290 個基點，第二季度是 210 個基點。

What did you see in the fourth quarter?

你在第四季度看到了什麼？

How are you planning it for 2021?

您如何計劃 2021 年的工作？

And just lastly, it sounds like you're seeing good results on Backstage.

最後，聽起來您在 Backstage 上看到了不錯的結果。

How are you planning the growth there?

您如何計劃那裡的增長？

Dana, so let's talk first about vendors.

Dana，讓我們先談談供應商。

So what we're working with is we've got a brand new Chief Merchant who basically was a Macy's veteran and did great stuff for us in the beauty and the center core worlds.

所以我們正在合作的是我們有一個全新的首席商人，他基本上是梅西百貨的資深人士，並且在美容和中心核心世界為我們做了很棒的事情。

So she's taken over the reins.

所以她接管了韁繩。

And so, it's always a great opportunity to work with our top partners.

因此，這始終是與我們的頂級合作夥伴合作的絕佳機會。

And so, we're working with those.

因此，我們正在與這些合作。

And things that we're really looking at together, because, in many cases, we share the same customer, we're looking at -- we're kind of ticking through the opportunities.

我們真正一起關注的事情，因為在很多情況下，我們共享同一個客戶，我們正在關注——我們正在尋找機會。

First off is just being really transparent about kind of our joint profitability and what are our investment decisions against the shared customer.

首先是真正透明地了解我們的聯合盈利能力以及我們針對共享客戶的投資決策。

So we're looking at that.

所以我們正在研究。

We're looking at what are the brand experiences, both online and on store, where their brands can come really fully to life.

我們正在研究線上和實體店的品牌體驗，讓他們的品牌真正栩栩如生。

We look at elevated fashion products that are balanced across wearing occasions.

我們著眼於在不同穿著場合保持平衡的高級時尚產品。

We definitely look at data and the customer data that we have for their brands and what they know about their brands that can help us.

我們肯定會查看我們擁有的關於他們品牌的數據和客戶數據，以及他們對他們品牌的了解，這些都可以幫助我們。

And so, what do we do with data together that can help build lifetime value?

那麼，我們如何處理有助於建立終生價值的數據？

Really getting much better with our own data analytics and looking at their opportunities with that.

通過我們自己的數據分析確實變得更好，並以此尋找他們的機會。

We look at marketing and brand opportunities to deepen the brand engagement.

我們著眼於營銷和品牌機會，以加深品牌參與度。

And we clearly look at all of our gifting and our special occasion opportunities that where brands we're a high-consideration set for those occasions for our customers, and how do our brands play with that.

我們清楚地審視了我們所有的禮物和我們的特殊場合機會，我們在這些場合為我們的客戶提供了高度重視的品牌，以及我們的品牌如何發揮作用。

So we look at that.

所以我們看看那個。

Obviously, we have our base of our private brands.

顯然，我們有自己的自有品牌基礎。

We look at our national brands.

我們看看我們的民族品牌。

And then we look at our new emerging brands on that.

然後我們看看我們的新興品牌。

So those are kind of the new partnerships that we're working on.

所以這些是我們正在努力建立的新夥伴關係。

Let me answer your Backstage question.

讓我回答你的後台問題。

This has been one that, as you well know, Dana, we started this in 2015.

正如你所知，Dana，這是我們在 2015 年開始的。

We started out as a freestanding format.

我們從獨立的格式開始。

Then we brought it quickly into our stores because we had productivity opportunities in our brick-and-mortar store fleet.

然後我們迅速將它引入我們的商店，因為我們的實體店車隊有提高生產力的機會。

And that's really where we've been spending most of our efforts.

這確實是我們花費大部分精力的地方。

And to what Adrian's comment was earlier, that has been a strong growth strategy for us.

對於阿德里安早些時候的評論，這對我們來說是一個強大的增長戰略。

Obviously, during the COVID, we had about -- they were down -- those Backstage areas were down about 1/3 of what the balance of the brick-and-mortar stores were.

顯然，在 COVID 期間，我們有大約——它們下降了——那些後台區域下降了實體店餘額的大約 1/3。

So a much better productivity level.

因此，生產力水平要高得多。

The sell-throughs are really good.

銷量確實不錯。

So the top line and the margins have been quite strong there.

因此，那裡的收入和利潤率一直很高。

We're going to expand that to another 35 stores.

我們將把它擴展到另外 35 家商店。

So we're well over 200.

所以我們遠遠超過 200。

We're going to get close to 300 store within stores with Backstage through the course of our rollout in 2021.

在 2021 年的推出過程中，我們將在 Backstage 的店中店中接近 300 家。

And then we're back to adding freestanding Backstage stores into those 3 markets that we announced with Polaris back in February of '20.

然後我們又將獨立的後台商店添加到我們在 20 世紀 20 年代 2 月與 Polaris 宣布的那 3 個市場中。

So getting back to free standing Backstage which has full omnichannel fulfillment capability for returns and store pickup across the full network.

因此，回到獨立的後台，它具有完整的全渠道履行能力，可以在整個網絡中進行退貨和商店提貨。

We continue to roll out Backstage around the Bloomingdale's equivalents of that with Bloomingdale's Outlet, we're continuing to do that.

我們將繼續圍繞 Bloomingdale's 與 Bloomingdale's Outlet 推出類似的 Backstage，我們將繼續這樣做。

So we're still bullish on off-price.

所以我們仍然看好低價。

And when you think about our brands of being off-price to luxury, that's what's been so interesting about 2020, was how well those great values of Backstage worked for us as well as how the luxury, the bifurcation of the luxury products, worked across Macy's and Bloomingdale's.

當你想到我們的品牌對奢侈品的低價時，這就是 2020 年如此有趣的地方，那就是 Backstage 的那些偉大價值觀如何為我們發揮作用，以及奢侈品，奢侈品的分叉，如何在各個方面發揮作用梅西百貨和布魯明戴爾百貨。

They were both standout performers on both ends of the value spectrum.

他們在價值範圍的兩端都是傑出的表演者。

We will take our next question from Steph Wissink with Jefferies.

我們將與 Jefferies 一起接受 Steph Wissink 的下一個問題。

I have a follow-up to Paul's earlier question on gross margin optimization.

我對 Paul 之前關於毛利率優化的問題進行了跟進。

If you could talk a little bit about what you're assuming in your $10 billion digital target in terms of the percent that's fulfilled from stores.

如果你能談談你在 100 億美元的數字目標中所假設的，即商店完成的百分比。

I think in the fourth quarter, it was around 25%.

我認為在第四季度，大約是 25%。

What should we think about the optimal penetration of store fulfillment in that $10 billion target?

我們應該如何考慮商店履行在 100 億美元目標中的最佳滲透？

Steph, so you're absolutely right.

斯蒂芬，所以你完全正確。

About 25% of our digital demand was fulfilled from stores.

我們大約 25% 的數字化需求是通過商店來滿足的。

And that includes store fulfillment, BOPS, curbside and same-day as well.

這包括商店履行、BOPS、路邊和當天。

The reality is that we're keenly focused on inventory placement so that we can actually leverage our stores asset to continue to allow us to meet the expectations on cost and speed and efficiency for our customers and for our business.

現實情況是，我們非常專注於庫存安排，這樣我們才能真正利用我們的商店資產繼續讓我們滿足客戶和我們業務對成本、速度和效率的期望。

As you remember, earlier in the year, we had actually turned on curbside within just a couple of weeks, and we are already in our curbside 2.0.

您還記得，在今年早些時候，我們實際上在短短幾週內就啟用了 curbside，我們已經進入了 curbside 2.0。

So we believe, from a convenience standpoint, that the idea of continuing to leverage our stores for store fulfillment, for BOPS and curbside, is an important kind of target for us.

因此，我們認為，從便利的角度來看，繼續利用我們的商店來實現商店履行、BOPS 和路邊的想法是我們的一個重要目標。

So we hope, as we think about the 25%, we want to figure out, are there ways to increase that where it makes sense?

所以我們希望，當我們考慮 25% 時，我們想弄清楚，有沒有辦法在有意義的地方增加它？

And also think about our upstream fulfillment choices as well.

還要考慮我們的上游履行選擇。

Because from our perspective, it's really about how the customer wants to shop us.

因為從我們的角度來看，這實際上是關於客戶希望如何向我們購物。

The customer may want to have the delivery sent to his or her home or the customer may want to pick it up at a nearby store within an hour or 2. And so, we just want to make sure that we have the flexibility to meet that demand and respond to where the customer is taking us from a digital and an omni standpoint.

客戶可能希望將貨物送到他或她的家中，或者客戶可能希望在一兩個小時內到附近的商店取貨。因此，我們只想確保我們能夠靈活地滿足從數字和全方位的角度要求並響應客戶將我們帶到哪裡。

That's great.

那太棒了。

Jeff, could I put one more question out?

傑夫，我可以再提出一個問題嗎？

Just on your inventory plans for the second half and as you're working with your vendors, how are you thinking about the trend cycle and the inventory composition?

就下半年的庫存計劃而言，當您與供應商合作時，您如何考慮趨勢週期和庫存構成？

Are you seeing vendors presenting you with stronger trend in fashion, maybe taking a bit more risk on newness in the back half as consumers come back to stores and back to retail?

您是否看到供應商向您展示了更強勁的時尚趨勢，也許隨著消費者回到商店和零售店而在後半段冒更多的新風險？

Yes.

是的。

That's a good question, Steph.

這是個好問題，斯蒂芬。

I think that when you think about our merchants, and where we do really well is where we have great fashionable product in categories that customers want, be it trend products or trend categories or otherwise.

我認為當你想到我們的商家時，我們真正做得好的地方就是我們在客戶想要的類別中擁有很棒的時尚產品，無論是趨勢產品還是趨勢類別或其他。

And so -- and we found our vendors very receptive to that.

所以 - 我們發現我們的供應商非常願意接受這一點。

We're aligned with our vendors about building AUR by putting more value into those products.

我們與我們的供應商一致，通過為這些產品賦予更多價值來構建 AUR。

And that's our sweet spot, is really -- is pushing the edges of that.

這就是我們的最佳點，真的 - 正在推動它的發展。

So even in our brands that are more widely distributed, in many cases, they've got great premium pieces of their lines that we really like to dive into with them because our customers expect that and they love it when we get it right.

因此，即使在我們分佈更廣泛的品牌中，在許多情況下，他們也有他們的產品線中的優質產品，我們真的很想與他們一起深入研究，因為我們的客戶期望如此，並且當我們做對時他們會喜歡它。

So we found good receptivity from vendors on that subject.

因此，我們發現供應商對該主題的接受度很高。

We will take our next question from Paul Trussell with Deutsche Bank.

我們將接受來自德意志銀行的 Paul Trussell 的下一個問題。

This is Gaby Carbone on for Paul.

我是 Gaby Carbone 代替 Paul。

Thanks for all the color today.

感謝今天所有的顏色。

I was wondering if you could dig a little bit deeper into the work you're doing around enhancing the digital experience.

我想知道您是否可以更深入地了解您在增強數字體驗方面所做的工作。

And then in your presentation, you mentioned an online business model for Bloomingdale's Outlet.

然後在您的演示中，您提到了 Bloomingdale's Outlet 的在線商業模式。

So I was wondering if you could share any details around that initiative.

所以我想知道你是否可以分享有關該計劃的任何細節。

I'm sorry.

對不起。

Could I -- your question was a little garbled.

我可以-- 你的問題有點亂碼。

Could you just repeat the first part of the question?

你能重複問題的第一部分嗎？

I heard the second part.

我聽到了第二部分。

Yes.

是的。

I was just wondering if you can talk about the work you're doing around enhancing the digital experience.

我只是想知道您是否可以談談您在增強數字體驗方面所做的工作。

Oh sure.

哦沒問題。

So let me take that.

所以讓我接受吧。

So obviously, when you think about what we -- let me just talk about what we've got planned for '21.

很明顯，當你想到我們的時候——讓我談談我們為 21 年制定的計劃。

So when you -- we have 2 big initiatives within digital.

因此，當您 - 我們在數字領域有 2 項重大舉措。

One is to continue to improve the functionality of the site, remove all the friction.

一是繼續改進網站的功能，消除所有摩擦。

And the other is to be much more experiential and then really look at the fullness of our ability to tell stories and brand stories.

另一個是更多的體驗，然後真正審視我們講述故事和品牌故事的能力的完整性。

And so,, when you think about -- expect increased beauty enhancements that Adrian talked about earlier on the site in the first and the second quarter, we're also going to be layering in other categories like some of our Lee's businesses, some luxury businesses as well as sunglasses and eyewear.

因此，當您考慮 - 期待 Adrian 早些時候在第一季度和第二季度在網站上談到的增加美容增強功能時，我們還將在其他類別中分層，例如我們 Lee 的一些業務，一些奢侈品業務以及太陽鏡和眼鏡。

When you think about the back half of the year, a lot of it is going to be customization tools for products.

當您考慮下半年時，其中很多將是產品的定制工具。

Live stream shopping experiences, that's something that we've been experimenting with.

直播購物體驗，這是我們一直在嘗試的東西。

Bloomingdale's has been a great pace car for us on that.

Bloomingdale's 在這方面對我們來說是一輛很棒的車。

That's going to continue across the Macy's brand.

這將繼續貫穿梅西百貨品牌。

Really looking at kind of the adviser shopping experience is going to be an add on that.

真正關注某種顧問購物體驗將是一個補充。

And as you just mentioned or you asked in the second part of your question, testing and developing off-price online with Bloomingdale's as our pace car on that.

正如您剛才提到的或您在問題的第二部分中提出的那樣，使用 Bloomingdale's 作為我們的節奏車在網上測試和開發低價。

We're also going to be having a total site redesign.

我們還將對網站進行全面重新設計。

That is a multiyear project, but the first incantation of that is going to be launched for the fourth quarter.

這是一個多年期項目，但第一個咒語將在第四季度啟動。

So that's also going to be in time for the holiday.

所以這也將趕上假期。

We've got other plans that are looking in the future years, but those are the ones that are on the docket in experience for 2021.

我們還有其他未來幾年的計劃，但這些是 2021 年的經驗。

And we will take our next question from Lorraine Hutchinson with Bank of America.

我們將接受來自美國銀行的 Lorraine Hutchinson 的下一個問題。

I wanted to follow-up on your comments around credit.

我想跟進您對信用的評論。

That business outperformed sales nicely in 2020, so I was a little bit surprised to see the 2021 guidance calls for a drop.

該業務在 2020 年的表現好於銷售額，所以我有點驚訝地看到 2021 年的指導方針要求下降。

Can you speak a little bit about your assumptions behind the 3% of sales guidance and where there could be upside or downside?

你能談談你在 3% 的銷售指導背後的假設，以及可能存在上行或下行的地方嗎？

Lorraine, it's Adrian here.

洛林，我是阿德里安。

As you described, our guidance for credit card revenue is about 3% for 2021.

如您所述，我們對 2021 年信用卡收入的指導約為 3%。

And also, as we think about the normalization of the business, that's our guidance as well.

而且，當我們考慮業務正常化時，這也是我們的指導方針。

If you think about 2021 specifically, our guidance is really reflective of an expected increase in bad debt and delinquencies.

如果您具體考慮 2021 年，我們的指引確實反映了壞賬和拖欠率的預期增加。

What we didn't realize from bad debt and delinquency levels in 2020 as expected will effectively show up in 2021.

我們沒有從 2020 年的壞賬和拖欠率水平中意識到的情況將在 2021 年有效地顯現出來。

If you look at the presentation we posted on the website, what we see fundamentally is an elevation of credit card income as a rate of sale in 2020 relative to prior year.

如果您查看我們在網站上發布的演示文稿，我們從根本上看到的是 2020 年信用卡收入相對於上一年的銷售率有所上升。

So we're effectively getting back to more normalized levels, but also recognizing that we do expect some degradation to happen because of bad debt and delinquencies.

因此，我們實際上正在回到更正常的水平，但也認識到我們確實預計由於壞賬和拖欠會發生一些惡化。

There's also some degradation in lower account balances driven by just simply the lower sales level in 2021.

僅僅由於 2021 年較低的銷售水平，較低的賬戶餘額也有所下降。

We do expect in the first half of the year to be more pandemic-like activity.

我們確實預計今年上半年會有更多類似大流行的活動。

And so, that will certainly suppress some of the sales opportunities that we do see, especially, as Jeff mentioned earlier, around some of our higher-tier credit card users.

因此，這肯定會抑制我們確實看到的一些銷售機會，特別是正如傑夫之前提到的，圍繞我們的一些高級信用卡用戶。

So that's really kind of how we're thinking about it and how we are actually projecting credit card income for this year.

所以這真的是我們如何考慮它以及我們如何實際預測今年的信用卡收入。

Operator, I think we have time for one more question.

接線員，我想我們還有時間再問一個問題。

Perfect.

完美的。

We will take our next question from Oliver Chen with Cowen and Company.

我們將與 Cowen and Company 一起接受 Oliver Chen 的下一個問題。

We were curious about the opportunities ahead with price clarity and how you'll balance price clarity relative to promotions and offering good value, yet maintaining some nice merchandise margins.

我們很好奇未來價格清晰度的機會，以及您將如何平衡相對於促銷和提供良好價值的價格清晰度，同時保持一些不錯的商品利潤率。

Would also just love your take on speed, the concept of speed, and how that may be an opportunity as you think about supply chain and/or delivery to customers, where you see most of the opportunities with speed.

也會喜歡你對速度的看法，速度的概念，以及當你考慮供應鍊和/或向客戶交付時，這可能是一個機會，在那裡你看到了大部分機會的速度。

Oliver, so you're absolutely right.

奧利弗，所以你完全正確。

We're focused on simplifying our pricing, promotions and discounts for our customers so that we can really just deliver value of our product in a much clearer way.

我們專注於為我們的客戶簡化我們的定價、促銷和折扣，這樣我們就可以真正以更清晰的方式提供我們產品的價值。

The key to this work though is that we reduce promotions that customers are just not responding to, which will allow us to reinvest in those categories that can actually help us accelerate growth.

不過，這項工作的關鍵是我們減少了客戶根本沒有反應的促銷活動，這將使我們能夠對那些實際上可以幫助我們加速增長的類別進行再投資。

So as you look at 2020...

因此，當您展望 2020 年時……

I think we lost Adrian.

我想我們失去了阿德里安。

Adrian, are you back on?

阿德里安，你回來了嗎？

Yes, maybe you're garbled.

是的，也許你是亂碼。

Adrian, can you hear?

阿德里安，你能聽到嗎？

Sorry about that.

對於那個很抱歉。

Yes.

是的。

Sorry about that.

對於那個很抱歉。

So during the holiday, we were focused on increasing our full price sell-through and protecting our margins.

因此，在假期期間，我們專注於提高全價銷售率並保護我們的利潤率。

And that allowed us to actually reduce our POS promotions.

這讓我們實際上減少了 POS 促銷活動。

As we think about permanent markdown cadence and the launch of our new markdown tool, we believe that, that will enable us to have more location-level markdowns at scale as we move into 2021.

當我們考慮永久降價節奏和推出我們新的降價工具時，我們相信，這將使我們能夠在進入 2021 年時大規模地進行更多地點級別的降價。

And that initiative alone, we believe, is about a $90 million opportunity.

我們相信，僅此一項舉措就有大約 9000 萬美元的機會。

So as we also think about our pricing and promotion and markdowns, it's also important for us to be very conservative with our buys.

因此，當我們也在考慮我們的定價、促銷和降價時，對我們來說非常保守的購買也很重要。

So combined with being just more surgical with our pricing, promotions and markdown activity, we want to make sure that we're very measured in the buys that we're making going forward.

因此，結合我們的定價、促銷和降價活動，我們希望確保我們在未來的購買中非常謹慎。

And so, that will certainly help us on from that standpoint.

因此，從這個角度來看，這肯定會幫助我們。

As it relates to shipping speed, a big part of what we're focused on is just being competitive on delivery speed by providing our customers with convenient options they want to choose, whether they're shipping to home quickly or picking up from a store within a couple of hours.

由於它與運輸速度有關，我們關注的很大一部分只是通過為我們的客戶提供他們想要選擇的便利選項來在交付速度上具有競爭力，無論他們是快速送貨上門還是從商店提貨在幾個小時內。

And so, we're keenly focused on building a supply chain that will really help us handle more sales volume, increase delivery speed, reduce the cost of fulfillment and also reduce a lot of friction that may exist today in our returns process.

因此，我們非常專注於建立一個供應鏈，這將真正幫助我們處理更多的銷售量、提高交付速度、降低履行成本，並減少當今退貨流程中可能存在的許多摩擦。

So we're leveraging our stores to be a big part of that.

因此，我們正在利用我們的商店成為其中的重要組成部分。

We're rebuilding our network.

我們正在重建我們的網絡。

We're investing in the technology needed to do that, with predictive analytics to help us make sure we have the product in the right amount in the right place.

我們正在投資所需的技術，通過預測分析來幫助我們確保我們在正確的地方擁有正確數量的產品。

So we're making a lot of progress on the speed dimension as well, but we're really following the lead of the customer and taking advantage of the customers leaning to digital, where we feel we have a strong advantage.

因此，我們在速度方面也取得了很大進展，但我們確實是在跟隨客戶的腳步，並利用客戶傾向於數字化的優勢，我們認為我們在這方面具有強大的優勢。

And ladies and gentlemen, this concludes today's call, and we thank you for your participation.

女士們，先生們，今天的電話會議到此結束，我們感謝您的參與。

You may now disconnect.

您現在可以斷開連接。