梅西百貨 (M) 2020 Q2 法說會逐字稿

Good morning, and welcome to Macy's, Inc. Second Quarter 2020 Earnings Conference Call. Today's 90-minute long conference is being recorded.

早上好，歡迎來到梅西百貨公司 2020 年第二季度收益電話會議。今天90分鐘的會議正在錄製中。

I would now like to turn the call over to Mike McGuire, Head of Investor Relations. Please go ahead, sir.

我現在想將電話轉給投資者關係主管 Mike McGuire。請繼續，先生。

Thank you, operator. Good morning, everyone, and thanks for joining us on this conference call to discuss our second quarter 2020 results. With me on the call today are Jeff Gennette, our Chairman and CEO; and Felicia Williams, our Interim CFO. Jeff and Felicia have several prepared remarks to share, after which we'll host a question-and-answer session. (Operator Instructions)

謝謝你，接線員。大家早上好，感謝您參加本次電話會議，討論我們 2020 年第二季度的業績。今天與我通話的是我們的董事長兼首席執行官 Jeff Gennette；和我們的臨時首席財務官 Felicia Williams。 Jeff 和 Felicia 有幾條準備好的評論要分享，之後我們將主持問答環節。 （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. This presentation summarizes the information in our prepared remarks and includes some additional facts and figures.

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。本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 2 housekeeping items to share. First, with our third quarter results, we'll be resuming our normal earnings report cadence. We'll be releasing results and hosting the associated earnings call on Thursday, November 19, before market open. Second, Jeff and Felicia will be participating in a fireside chat at the Goldman Sachs Global Retailing Conference on Wednesday, September 9 at 7:30 a.m. Eastern time. Both events will be webcast on our Investor Relations website, so please mark your calendars.

我確實有 2 件家務用品要分享。首先，隨著我們第三季度的業績，我們將恢復正常的收益報告節奏。我們將在 11 月 19 日星期四開市前發佈業績並主持相關的財報電話會議。其次，傑夫和費利西亞將於東部時間 9 月 9 日星期三上午 7:30 參加高盛全球零售大會的爐邊談話。這兩項活動都將在我們的投資者關係網站上進行網絡直播，因此請標記您的日曆。

Keep in mind that all forward-looking statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions mentioned today. A detailed discussion of these factors and uncertainties is contained in the company's filings with the Securities and Exchange Commission.

請記住，所有前瞻性陳述均受 1995 年《私人證券訴訟改革法案》的安全港條款的約束。這些前瞻性陳述存在可能導致實際結果與預期和假設存在重大差異的風險和不確定性今天提到的。有關這些因素和不確定性的詳細討論包含在公司提交給證券交易委員會的文件中。

In discussing the results of our operations, we will be providing certain non-GAAP financial measures. You can find additional information regarding these non-GAAP financial measures as well as others used in our earnings release and our presentation located on the Investors section of our website.

在討論我們的運營結果時，我們將提供某些非公認會計原則的財務措施。您可以在我們網站的“投資者”部分找到有關這些非公認會計原則財務指標以及我們的收益發布和演示文稿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. 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.

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。本次通話結束後大約 2 小時將提供重播，並將在我們的網站上存檔 1 年。

Now I'd like to turn this over to Jeff.

現在我想把它交給傑夫。

Thanks, Mike. Good morning everyone, thank you for joining us. As you saw in our press release this morning, despite the challenging environment, Macy's, Inc. second quarter came in better than we had anticipated. I want to thank the Macy's, Bloomingdale's and Bluemercury teams for their efforts in these extraordinary times.

謝謝，邁克。大家早上好，感謝您加入我們。正如您在今天上午的新聞稿中看到的那樣，儘管環境充滿挑戰，但梅西百貨公司第二季度的業績好於我們的預期。我要感謝 Macy's、Bloomingdale's 和 Bluemercury 團隊在這些非常時期所做的努力。

On today's call, Felicia will take you through the second quarter results and provide some perspective on how we're looking at the back half of the year. Then I will provide some context on Holiday 2020 and give an update on the Polaris strategy, which we launched in February. We will then open up the line for your questions.

在今天的電話會議上，Felicia 將帶您了解第二季度的業績，並就我們如何看待下半年的情況提供一些看法。然後，我將提供一些有關 2020 年假期的背景信息，並介紹我們在 2 月推出的 Polaris 戰略的最新情況。然後，我們將為您的問題開通專線。

With that, I'll hand it over to Felicia.

有了這個，我會把它交給費利西亞。

Thank you, Jeff, and good morning, everyone. As Jeff said, the second quarter closed stronger than we anticipated, and this trend happened across all 3 brands: Macy's, Bloomingdale's and Bluemercury.

謝謝你，傑夫，大家早上好。正如 Jeff 所說，第二季度的收盤情況比我們預期的要強，並且這種趨勢發生在所有 3 個品牌中：梅西百貨、布魯明戴爾百貨和 Bluemercury。

Overall, we delivered sales of approximately $3.6 billion, a decline of 35.1% on an owned plus licensed comparable basis. We experienced some ups and downs during the quarter. For instance, some aspects of our business recovered more quickly than we originally modelled, such as our stores, which reopened stronger than anticipated. And our digital business remained strong throughout the quarter. Luxury, particularly at Bloomingdale's, also outpaced our expectations. These factors contributed to the outperformance that we saw against our expectations.

總體而言，我們實現了約 36 億美元的銷售額，在自有加許可可比基礎上下降了 35.1%。我們在本季度經歷了一些起伏。例如，我們業務的某些方面恢復得比我們最初建模的要快，例如我們的商店重新開業比預期的要強勁。我們的數字業務在整個季度都保持強勁。奢侈品，尤其是在 Bloomingdale's，也超出了我們的預期。這些因素促成了我們看到的超出預期的出色表現。

On the other hand, in our Star Rewards loyalty program, the foundation of our customer retention, migration and acquisition strategy, year-over-year, we saw our members' spend slightly lagged our non-loyalty customers in the quarter, but we saw building momentum in August starting in week 1 with our Star Money event. So far, we have enrolled 0.25 million people in the first 3 weeks of the fall season in our gender-neutral Bronze tier, which is an approximately 40% increase over prior year.

另一方面，在我們的 Star Rewards 忠誠度計劃中，我們的客戶保留、遷移和獲取戰略的基礎，與去年同期相比，我們看到我們的會員支出在本季度略微落後於我們的非忠誠客戶，但我們看到從第一周開始，我們的 Star Money 活動開始在 8 月建立勢頭。到目前為止，我們已經在秋季的前 3 週招募了 25 萬人參加我們不分性別的青銅級，這比去年增加了約 40%。

Our stores saw a sales decline of 61% in the quarter versus last year. As you know, we began reopening our stores gradually during the first week of the quarter, but almost all stores reopened by the end of June. The trend in store results was closely correlated with the pace of reopening as performance improved sequentially each month as the quarter progressed, and we exited the quarter with July down 40%. And we saw this progress despite the month of July being negatively impacted by pockets of COVID flare-ups in various parts of the country, Florida, Georgia and Texas among them.

我們的商店在本季度的銷售額與去年相比下降了 61%。如您所知，我們在本季度的第一周開始逐步重新開放我們的商店，但幾乎所有商店都在 6 月底重新開放。商店業績的趨勢與重新開業的步伐密切相關，因為隨著季度的推進，業績每個月都會有所改善，而我們在 7 月份退出了該季度，下降了 40%。儘管 7 月份受到該國各地（包括佛羅里達州、喬治亞州和德克薩斯州）爆發的 COVID-19 的負面影響，但我們看到了這一進展。

However, in many of those areas where the resurgence slowed the stores recovery, the digital business helped to partially offset the pressure. And overall, our digital business accelerated its strong performance coming out of the end of first quarter and grew by 53% in the second quarter. Digital penetration across the company increased to 54%, up approximately 10 percentage points versus the first quarter. However, with stores improving as the quarter progressed, digital strength moderated at the end of the quarter, with July penetration coming in at 42% on digital growth of 25%. We expect this moderation to continue into the fall season, as we discussed on our last call.

然而，在復蘇減緩商店復甦的許多地區，數字業務有助於部分抵消壓力。總體而言，我們的數字業務加速了第一季度末的強勁表現，第二季度增長了 53%。整個公司的數字滲透率增加到 54%，比第一季度提高了約 10 個百分點。然而，隨著商店隨著季度的推進而改善，數字化實力在本季度末有所緩和，7 月份的滲透率為 42%，數字化增長率為 25%。正如我們在上次電話會議中討論的那樣，我們預計這種溫和將持續到秋季。

In some urban markets, including New York City, San Francisco and Chicago, we continue to see deep declines in traffic, driven by the slow return of workers to these city centers and the erosion in both international and domestic tourism. Thus, as expected, international tourism sales were down significantly in the quarter and the decline impacted our Macy's, Inc. comp by about 210 basis points.

在包括紐約市、舊金山和芝加哥在內的一些城市市場，由於工人返回這些城市中心的緩慢以及國際和國內旅遊業的侵蝕，我們繼續看到交通量大幅下降。因此，正如預期的那樣，本季度國際旅遊銷售額顯著下降，這一下降對我們的梅西百貨公司造成了約 210 個基點的影響。

Within the Macy's brand, we saw strength in many of the categories that are in demand. Home- particularly housewares and textiles, as well as fine jewelry, fragrances, activewear and sleepwear. We also continued to see softness in men's tailored and dresses, which is indicative of the work-from-home world in which we now live, as well as slowness in luggage due to greatly reduced travel.

在梅西百貨的品牌中，我們看到了許多需求品類的實力。家居用品——尤其是家居用品和紡織品，以及高級珠寶、香水、運動服和睡衣。我們還繼續看到男士剪裁和連衣裙的柔軟度，這表明了我們現在生活的在家工作的世界，以及由於旅行大大減少而導致行李箱速度緩慢。

At Bloomingdale's, home and accessories were the strongest performers. Housewares drove the home trend, followed by textiles and tabletop. Handbags, fine jewelry and women's shoes were also among the best performers. As with the Macy's brand, apparel continues to be challenging in both men's and women's.

在 Bloomingdale's，家居和配飾是表現最強勁的。家居用品推動了家居潮流，其次是紡織品和桌面。手袋、高級珠寶和女鞋也名列前茅。與 Macy's 品牌一樣，男裝和女裝的服裝仍然具有挑戰性。

Interestingly, we believe we are benefiting from the current move away from spending on experiences towards spending on products, especially within luxury. From textiles to shoes, to handbags, to mattresses, to diamonds, luxury proved to be strong across almost every category of the Bloomingdale's business, significantly growing its penetration of the business year-over-year. Given our strength in this area, we are leaning harder into luxury in order to capitalize on the shift in spending.

有趣的是，我們相信我們正在從當前從體驗支出轉向產品支出的轉變中受益，尤其是在奢侈品方面。從紡織品到鞋子、手袋、床墊、鑽石，奢侈品幾乎在 Bloomingdale 的所有業務類別中都表現強勁，其在業務中的滲透率逐年顯著增長。鑑於我們在這一領域的實力，我們正更加傾向於奢侈品，以利用支出的轉變。

And at Bluemercury, bluemercury.com experienced a 105% sales growth in the second quarter, and we saw our total web customers grow by more than 50% year-over-year, with the strongest growth in May, moderating each month thereafter as retail locations began reopening.

在 Bluemercury，bluemercury.com 在第二季度的銷售額增長了 105%，我們看到我們的總網絡客戶同比增長超過 50%，其中 5 月份增長最為強勁，此後每個月都在放緩，因為零售地點開始重新開放。

Turning to off-price, in the quarter, Backstage performed better than our main boxes but still saw sales erosion of nearly 45% due to closures. We took appropriate markdowns during the quarter to clear through seasonal merchandise in Backstage and enter the third quarter in a clean inventory position. The sales recovery is expected to improve in the third quarter as we lean into stronger trends in home, casual and basics.

談到折扣價，在本季度，Backstage 的表現優於我們的主要盒子，但由於關閉，銷售額仍下降了近 45%。我們在本季度採取了適當的降價措施，以清除後台的季節性商品，並以乾淨的庫存狀態進入第三季度。隨著我們傾向於家居、休閒和基本款的強勁趨勢，預計第三季度的銷售復甦將有所改善。

We generated credit revenue in the second quarter of $168 million, down $8 million versus last year. Our proprietary card penetration was down 590 basis points in the quarter at 40.8% this year compared to 46.7% last year. This year-over-year decline was largely due to a recent shift by consumers to debit card and cash, which appears to be tied to economic stimulus and unemployment checks being deposited directly into consumer bank accounts or loaded on to prepaid bank accounts. In addition, we derive about 85% of our new accounts from customers' face-to-face engagement with our store colleagues. As a result, with the majority of our stores open for only a portion of the quarter as well as reduced in-store traffic once the stores reopened, new accounts were down significantly in the second quarter of 2020 versus the second quarter of 2019.

我們在第二季度創造了 1.68 億美元的信貸收入，比去年減少了 800 萬美元。我們的專有卡滲透率在本季度下降了 590 個基點，今年為 40.8%，而去年為 46.7%。這一同比下降主要是由於消費者最近轉向借記卡和現金，這似乎與經濟刺激和失業支票直接存入消費者銀行賬戶或存入預付銀行賬戶有關。此外，我們約 85% 的新客戶來自客戶與商店同事的面對面接觸。因此，由於我們的大多數門店僅在本季度的一部分時間內開業，並且門店重新開業後店內客流量減少，因此與 2019 年第二季度相比，2020 年第二季度的新賬戶顯著下降。

Gross margin was 23.6%, down more than 15 percentage points from last year but up significantly from first quarter's 17.1% as retail margins benefited from good sell-through of clearance merchandise as well as an improved mix. In fact, not only did we sell through our clearance merchandise much faster than we did in the first quarter, but we also sold through our regular-priced merchandise at a faster pace. As a result and importantly, we ended the quarter with inventory down 29% year-over-year, and we are entering the third quarter with clean inventory and an appropriate sales-to-stock ratio.

毛利率為 23.6%，比去年下降超過 15 個百分點，但比第一季度的 17.1% 顯著上升，因為零售利潤率受益於清倉商品的良好銷售以及改善的組合。事實上，我們不僅通過清倉商品的銷售速度比第一季度快得多，而且我們通過正價商品的銷售速度也更快。因此，重要的是，我們在本季度結束時庫存同比下降了 29%，我們進入第三季度時庫存清潔，銷售與庫存比率適當。

As a percent of sales, SG&A expenses improved by 10 basis points in the quarter over last year to 39.2%. We recorded nearly $1.4 billion of SG&A expense, an improvement of approximately 36% from last year's second quarter, driven largely by strict expense management. Recall that we announced a reset of our cost base in February as part of our Polaris strategy, and that was the primary driver of the improvement. The furlough of many of our colleagues in May and June and beginning of July, the subsequent long-term and more permanent restructuring also contributed to the improvement. Overall, this quarter, we were very disciplined with our variable costs, which we fully control and will continue to limit and monitor.

作為銷售額的百分比，SG&A 費用在本季度比去年增加了 10 個基點，達到 39.2%。我們記錄了近 14 億美元的 SG&A 費用，比去年第二季度增長了約 36%，這主要得益於嚴格的費用管理。回想一下，作為 Polaris 戰略的一部分，我們在 2 月份宣布重置成本基礎，這是改進的主要驅動力。我們的許多同事在 5 月和 6 月以及 7 月初休假，隨後的長期和更持久的重組也促成了改善。總體而言，本季度，我們對可變成本非常自律，我們完全控制並將繼續限制和監控。

Given the current real estate environment, real estate transactions were minimal during the second quarter, and we expect that the current environment will continue to weigh on what we originally targeted this year. We are still selling assets but we are being more selective given that the market has slowed. And we are being very thoughtful about when to go to market on certain assets in order to maximize value. Year-to-date, we've recognized $16 million in asset sale gains, and the current expectation is that we will recognize about $50 million for the full year.

鑑於當前的房地產環境，第二季度的房地產交易量很少，我們預計當前的環境將繼續影響我們今年最初的目標。我們仍在出售資產，但鑑於市場放緩，我們將更加挑剔。我們正在考慮何時將某些資產推向市場以實現價值最大化。年初至今，我們已經確認了 1600 萬美元的資產出售收益，目前的預期是我們全年將確認約 5000 萬美元。

We recognized $242 million of restructuring, impairment and other costs, of which $154 million was severance associated with the recent restructuring of our workforce. Additionally, we are extremely pleased to have completed approximately $4.5 billion of new financing during the quarter, much of which occurred before our first quarter call. To summarize, this included $1.3 billion of senior secured notes as well as a new $3.2 billion asset-backed credit facility. Recall that the proceeds of the notes were used to repay the outstanding borrowings under previously existing unsecured credit facility. Additionally, we successfully executed an exchange offer and consent solicitation for $465 million of our previously issued unsecured notes, allowing us to create greater financial flexibility for future needs.

我們確認了 2.42 億美元的重組、減值和其他成本，其中 1.54 億美元是與我們最近的勞動力重組相關的遣散費。此外，我們非常高興在本季度完成了約 45 億美元的新融資，其中大部分發生在我們第一季度的電話會議之前。總而言之，這包括 13 億美元的優先擔保票據以及新的 32 億美元的資產支持信貸額度。回想一下，票據的收益用於償還以前存在的無擔保信貸額度下的未償還借款。此外，我們成功地為我們之前發行的 4.65 億美元無擔保票據執行了交換要約和同意徵求，使我們能夠為未來的需求創造更大的財務靈活性。

With all of these completed, we expect to have sufficient liquidity to fund our business for the foreseeable future while repaying upcoming debt maturities in fiscal 2020 and fiscal 2021. Notably, we finished the quarter in a strong liquidity position with approximately $1.4 billion in cash and approximately $3 billion of untapped capacity in the new asset-backed credit facility.

完成所有這些工作後，我們預計將有足夠的流動性在可預見的未來為我們的業務提供資金，同時償還即將在 2020 財年和 2021 財年到期的債務。值得注意的是，我們在本季度結束時擁有大約 14 億美元的現金和新的資產支持信貸安排中約有 30 億美元的未開發容量。

We incurred net interest expense of $69 million, an increase from $47 million in the prior year period, driven by the additional debt during the quarter. We recorded a tax benefit of $298 million, representing an effective tax rate of 40.9%. This high rate reflects the impact of the carryback of net operating losses as permitted under the CARES Act.

由於本季度的額外債務，我們產生了 6900 萬美元的淨利息支出，高於去年同期的 4700 萬美元。我們記錄了 2.98 億美元的稅收優惠，有效稅率為 40.9%。這一高比率反映了 CARES 法案允許的淨經營虧損結轉的影響。

Summing it all up, we saw $251 million of adjusted net loss in the quarter versus income of $88 million last year. Adjusted EPS was a loss of $0.81 in the quarter compared to income of $0.28 last year, of which asset sale gains represented EPS of about $0.01 last year.

總而言之，我們看到本季度調整後的淨虧損為 2.51 億美元，而去年的收入為 8800 萬美元。本季度調整後每股收益為虧損 0.81 美元，而去年的收入為 0.28 美元，其中資產出售收益代表去年每股收益約為 0.01 美元。

As you all recall, we withdrew our 2020 guidance in March. Given that there remain many unknown and uncontrollable factors impacting consumer behavior and the retail landscape in these unprecedented times, we are not providing new guidance at this time. However, as we did on our last call, I would like to update you on our current thinking as it relates to the rest of the year.

大家都記得，我們在 3 月撤回了 2020 年的指導。鑑於在這個前所未有的時代仍然存在許多影響消費者行為和零售格局的未知和不可控因素，我們目前不提供新的指導。但是，正如我們在上次電話會議中所做的那樣，我想向您介紹我們目前與今年剩餘時間相關的想法。

We continue to model various scenarios for the back half of the year, and ultimately, we continue to take a conservative approach to our forecasting. In July, we closed out the second quarter strong in the face of various challenges, many of which we previously outlined. And there are a number of factors that will likely impact our business in the back half of the year.

我們繼續對下半年的各種情景進行建模，最終，我們繼續對我們的預測採取保守的方法。 7 月，面對各種挑戰，我們以強勁的勢頭結束了第二季度的業績，其中許多挑戰是我們之前概述的。有許多因素可能會在今年下半年影響我們的業務。

As I've already noted, the possibility of pockets of COVID-19 resurgence and the erosion of international tourism remain headwinds, as does the slower recovery of our stores in urban areas. In addition, while receipts are beginning to flow more reliably, they are sluggish as a result of under-plan demand from the global and national supply chain, and as the supply chains open up, we are seeing bottlenecks in the port as well as challenges with ground freight.

正如我已經指出的那樣，COVID-19 復甦的可能性和國際旅遊業的侵蝕仍然是不利因素，我們在城市地區的商店恢復緩慢也是如此。此外，雖然收貨開始更加可靠地流動，但由於全球和國家供應鏈的計劃不足導致收貨低迷，隨著供應鏈的開放，我們看到港口的瓶頸和挑戰陸運。

As you know, back-to-school season has been slow, and we are anticipating possible impacts from recent challenges to the federal unemployment assistance. To combat these, we are adjusting our plans and placing more emphasis on key areas of the business such as service, value, marketing, product mix and supply chain. Encouragingly, in the markets where we saw the initial regional resurgence, while stores have seen a dip in sales, they have been regaining momentum in pockets. Many of the expectations we've laid out on our last call remain the same, and you can view those within the slide presentation posted on our website.

如您所知，返校季節一直很緩慢，我們預計近期挑戰可能對聯邦失業援助產生影響。為了解決這些問題，我們正在調整計劃，更加重視業務的關鍵領域，如服務、價值、營銷、產品組合和供應鏈。令人鼓舞的是，在我們看到最初的區域復甦的市場中，雖然商店的銷售額有所下降，但它們一直在恢復勢頭。我們在上次電話會議中提出的許多期望保持不變，您可以在我們網站上發布的幻燈片演示中查看這些期望。

To briefly summarize, we expect total company comps to culminate in the third and fourth quarter down in the low to mid-20s range. We are forecasting slightly stronger digital growth and slightly weaker store recovery given some of the disruption around the country. While the underlying parts have changed slightly, the sum of the part remains the same. Gross margin expectations have not changed for the back half of the year, but quarterly margins might peak in the third quarter as slightly stronger digital growth expectation and recently announced holiday surcharges in the fourth quarter will lead to higher delivery expenses that weigh more heavily on fourth quarter margins.

簡而言之，我們預計公司總收入將在第三和第四季度達到頂峰，下降到 20 年代中期。鑑於全國范圍內的一些干擾，我們預測數字增長略顯強勁，商店復甦略顯疲軟。雖然基礎部分略有變化，但部分的總和保持不變。下半年的毛利率預期沒有變化，但季度利潤率可能在第三季度達到頂峰，因為數字增長預期略強以及最近宣布的第四季度假期附加費將導致更高的交付費用，這對第四季度的影響更大季度利潤。

We continue to expect elevated levels of SG&A as a percent of our lower sales base despite improving year-over-year in the second quarter. For the fall season, this could be low to mid-single-digit percentage points higher than last year, as we said on our last earnings call. Remember that the second quarter benefited from a partial quarter of furloughs of our corporate colleagues. Now nearly all of our colleagues have returned. However, our stores are still ramping up. This will result in a higher SG&A rate in the back half of the year, but we expect the rate to continue to improve as we leverage our fixed cost as sales improve.

儘管第二季度同比有所改善，但我們繼續預計 SG&A 水平占我們較低銷售基數的百分比。正如我們在上次財報電話會議上所說，對於秋季，這可能比去年高出低到中個位數的百分點。請記住，第二季度受益於我們公司同事的部分休假。現在我們幾乎所有的同事都回來了。但是，我們的商店仍在增加。這將導致下半年的 SG&A 費率更高，但我們預計隨著銷售的改善，我們利用固定成本來繼續提高費率。

Credit revenues are expected to be depressed as we move through the year, continuing into 2021, given potential consumer financial stress and the ongoing environmental factors I mentioned earlier. We are expecting to generate credit revenue as a percent of sales roughly in line with what we generated in the back half of last year.

考慮到潛在的消費者財務壓力和我之前提到的持續環境因素，預計信貸收入將在今年持續到 2021 年時受到抑制。我們預計將產生的信貸收入佔銷售額的百分比與我們去年下半年產生的大致一致。

Finally, we continue to expect CapEx spend this year of about $450 million. We scaled down and re-prioritized our capital spend to support the digital business as well as our Polaris strategy. As we look beyond 2020, we're planning to have a moderated CapEx budget for the next year or 2 that reflects the fact that we are a smaller company and, again, concentrating on those initiatives that will help us to transform or to grow, such as digital. And we'll be prioritizing our capital spending on very strategic projects that have returns that clearly justify the spend.

最後，我們繼續預計今年的資本支出約為 4.5 億美元。我們縮減並重新確定了資本支出的優先級，以支持數字業務以及我們的 Polaris 戰略。展望 2020 年以後，我們計劃在明年或 2 年調整資本支出預算，這反映了我們是一家規模較小的公司這一事實，並且再次專注於那些有助於我們轉型或成長的舉措，比如數字。我們將優先考慮我們的資本支出在非常具有戰略意義的項目上，這些項目的回報清楚地證明了支出的合理性。

Overall, given the tumultuous environment, we are pleased with our spring performance. While we are planning the remainder of the year conservatively, we have the utmost confidence in our colleagues to successfully execute well on the things that we can control. We have the ability to pull levers and remain disciplined with our spending and investments, and we have also demonstrated that we can skillfully navigate the changing environment with agility.

總體而言，鑑於動蕩的環境，我們對春季表現感到滿意。雖然我們正在保守地計劃今年剩餘的時間，但我們對同事們在我們可以控制的事情上成功地執行成功充滿信心。我們有能力拉動槓桿並在支出和投資方面保持自律，而且我們還證明了我們可以靈活地巧妙地駕馭不斷變化的環境。

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

有了這個，我會把它交給傑夫。

Thank you, Felicia. So as Felicia noted, we continue to approach the back half of the year conservatively. Our immediate priority is to control what we can control to deliver third quarter and prepare for the critical holiday shopping season. There is uncertainty, but over the past several months, our teams have learned a great deal about working in this environment. And we will continue to adjust our actions quickly to both address challenges and take advantage of opportunity as we go through the back half of the year.

謝謝你，費利西亞。因此，正如 Felicia 指出的那樣，我們繼續保守地接近下半年。我們的當務之急是控制我們可以控制的第三季度交付情況，並為關鍵的假日購物季做好準備。存在不確定性，但在過去幾個月中，我們的團隊學到了很多關於在這種環境中工作的知識。下半年，我們將繼續快速調整行動，以應對挑戰並抓住機遇。

The holidays are when Macy's shines, and this year will be no exception. There are several things about Holiday 2020 that won't change. First, America comes to Macy's and Bloomingdale's for gifting. We had a successful gifting strategy for holiday of 2019, and we're building on that for 2020 and believe the shift away from experiential gifting provides some upside for us.

假期是梅西百貨大放異彩的時候，今年也不例外。 2020 年假期有幾件事不會改變。首先，美國來到梅西百貨和布魯明戴爾百貨尋求禮物。我們為 2019 年的假期制定了成功的送禮策略，並在 2020 年的基礎上再接再厲，相信從體驗式送禮的轉變為我們帶來了一些好處。

For Holiday 2020, newness represents nearly 50% of the total gift assortment, led by items in beauty and home. We have great brands and are introducing new categories and in-demand content. And whether customers are shopping in our stores or on dot-com, we will have something for every person on their gifting list.

對於 2020 年假期，新品佔禮品種類的近 50%，主要是美容和家居用品。我們擁有偉大的品牌，並正在推出新的類別和熱門內容。無論客戶是在我們的商店還是在 dot-com 上購物，我們都會在他們的禮物清單上為每個人準備一些東西。

Next, America comes to us for value. We have great content and the best brands at all price points throughout the holiday season. We further built out our Gifts Under strategy, which we believe will resonate with customers in this environment. Customers will find great value at every price point, for gifts under $15 all the way to luxury gifts. We are adjusting our promotional cadence to support an elongated holiday shopping season, and we are expanding our fulfillment options so customers can better manage the trade-offs between cost and convenience.

接下來，美國向我們尋求價值。在整個假期期間，我們在所有價位都擁有豐富的內容和最好的品牌。我們進一步建立了我們的禮品戰略，我們相信這將在這種環境下與客戶產生共鳴。從 15 美元以下的禮品到豪華禮品，客戶在每個價位都會發現物超所值。我們正在調整促銷節奏以支持延長的假日購物季，並且我們正在擴大我們的履行選項，以便客戶可以更好地管理成本和便利之間的權衡。

Third, America comes to us for celebration. We help bring special moments of the season to life, both big and small. We are reimagining our iconic events to deliver the magic of the holidays. From the Thanksgiving Day parade to local tree lightings and holiday windows, we'll kick off the holidays in our communities. We will help our customers celebrate at home with family and friends, whether it's writing letters to Santa to support our Believe Campaign with Make-A-Wish or making a virtual visit to Santaland. 2020 has been a challenging year for the country, and we need these moments of joy this year more than ever.

第三，美國來找我們慶祝。我們幫助將本賽季的特殊時刻帶入生活，無論大小。我們正在重新構想我們的標誌性活動，以傳遞節日的魔力。從感恩節遊行到當地的樹木照明和節日櫥窗，我們將開始我們社區的假期。我們將幫助我們的客戶在家中與家人和朋友一起慶祝，無論是寫信給聖誕老人以通過許願來支持我們的相信活動，還是虛擬訪問聖誕老人樂園。 2020 年對這個國家來說是充滿挑戰的一年，今年我們比以往任何時候都更需要這些歡樂時刻。

But there are other aspects of the Holiday 2020 season that will be different as we meet customer expectations around convenience and safety. Let me cover some of those now. The dramatic channel shift that we've seen from stores to dot-com has required us to rework our fulfillment strategies. We've taken a number of steps to mitigate both customer friction and financial impact. We're optimizing inventory placement to meet customer demand wherever and however they shop: in our store, curbside, BOPS and BOSS, Vendor Direct, dot-com or mobile, same-day delivery, "I can wait" delivery options.

但是，隨著我們滿足客戶對便利性和安全性的期望，2020 年假期的其他方面也會有所不同。現在讓我介紹其中的一些。我們所看到的從商店到 dot-com 的巨大渠道轉變要求我們重新制定履行策略。我們採取了許多措施來減輕客戶摩擦和財務影響。我們正在優化庫存配置，以滿足客戶在任何地點以任何方式購物的需求：在我們的商店、路邊、BOPS 和 BOSS、Vendor Direct、網絡或移動、當日交付、“我可以等待”交付選項。

In digital, we are adjusting our assortment to meet trending demand, including leveraging the flexibility of our Vendor Direct network. We are also improving product availability information and providing more shipping options and better clarity on delivery days.

在數字方面，我們正在調整我們的產品組合以滿足趨勢需求，包括利用我們的供應商直接網絡的靈活性。我們還在改進產品可用性信息並提供更多運輸選項和更清晰的交貨日期。

In our stores, Holiday 2020 operations will have an emphasis on traffic flow to ensure that our customers and colleagues have a safe experience. We will be taking actions in our stores to disperse typical bottlenecks and control occupancy levels. For instance, within At Your Service and our larger doors, we will have separate areas for returns versus pickups. We're also adjusting our promotional calendar to spread out traffic to our stores.

在我們的門店中，2020 年假期的運營將重點關注客流量，以確保我們的客戶和同事擁有安全的體驗。我們將在我們的商店採取行動，以分散典型的瓶頸並控制入住率。例如，在“為您服務”和我們較大的門內，我們將有單獨的退貨區和取貨區。我們還在調整我們的促銷日曆，以分散我們商店的客流量。

Planning for Holiday 2020 has been extensive, and we intend to provide our customers with a great holiday experience. Strong execution of the third quarter and Holiday 2020 are the top priorities of every Macy's, Inc. colleague.

2020 年假期計劃非常廣泛，我們打算為客戶提供出色的假期體驗。第三季度和 2020 年假期的強有力執行是每位梅西百貨公司同事的首要任務。

So let's shift gears now and talk about the future. Our vision for Macy's, Inc. remains unchanged. Our vision is to be the leading multi-branded fashion retailer. From off-price to luxury, from online to offline, from on-mall to off-mall, we will offer convenient access to the fullness of our brands.

所以讓我們現在換檔，談談未來。我們對梅西百貨的願景保持不變。我們的願景是成為領先的多品牌時裝零售商。從低價到奢侈品，從線上到線下，從店內到店外，我們將提供便捷訪問我們品牌的豐富性。

Our customers want great fashion. We carry the best brands in America and outside of their own sites and stores, offer the strongest expression of these national brands. Our customers are omni-shoppers, and we will deliver a great experience whether they are in our stores, our sites or our app. Our customers come to us for the special moments of life: for celebration, special occasions, for gifts and to create shared memories.

我們的客戶想要偉大的時尚。我們在美國和他們自己的網站和商店之外擁有最好的品牌，提供這些民族品牌的最強表達。我們的客戶是全方位購物者，無論他們是在我們的商店、我們的網站還是我們的應用程序中，我們都將提供出色的體驗。我們的客戶來到我們這裡是為了生活中的特殊時刻：慶祝、特殊場合、禮物和創造共同的回憶。

And our Polaris strategy, which we shared with you in February, remains the right strategy for us. But we've reexamined every point of the strategy for relevancy, viability and financial impact. We have fine-tuned our plans based on the needs of the customer today and where we think the opportunity is in the future. Our updated Polaris strategy focuses on areas where Macy's can differentiate and drive competitive advantage to first recover the business and then drive both top and bottom line growth.

我們在 2 月份與您分享的 Polaris 戰略仍然是我們的正確戰略。但我們已經重新審視了戰略的每一點的相關性、可行性和財務影響。我們已經根據客戶今天的需求以及我們認為未來的機會對我們的計劃進行了微調。我們更新後的 Polaris 戰略側重於梅西百貨可以區分並推動競爭優勢的領域，以首先恢復業務，然後推動收入和利潤增長。

Retail today has been disrupted, and while that disruption creates challenges, it also holds opportunity. With many competitors closing or struggling, we see the potential to bring new customers into our brands and gain market share. So let me take you through each of the 5 points of the Polaris strategy that we shared with you in February and cover the changes that we've made.

今天的零售業已被打亂，雖然這種打亂帶來了挑戰，但也蘊含著機遇。隨著許多競爭對手倒閉或陷入困境，我們看到了將新客戶帶入我們的品牌並獲得市場份額的潛力。因此，讓我帶您了解我們在 2 月與您分享的 Polaris 戰略的 5 個要點，並介紹我們所做的更改。

We always start with the customer in mind, and the first point of Polaris is strengthened customer relationships. We remain committed to strengthening our customer franchise and building profitable lifetime relationships with each of our customers.

我們始終以客戶為出發點，Polaris 的第一點是加強客戶關係。我們仍然致力於加強我們的客戶特許經營權，並與我們的每一位客戶建立有利可圖的終生關係。

Loyalty continues to be important to us, and we're pleased that the investments in Macy's Star Rewards loyalty program that we launched in 2018 are paying off. As Felicia shared, during the enhanced federal unemployment payments, we did see a shift in spend away from proprietary cards. But on a positive note, we also saw a corresponding increase in sign-up for our Bronze or gender-neutral program.

忠誠度對我們來說仍然很重要，我們很高興我們在 2018 年推出的對梅西百貨 Star Rewards 忠誠度計劃的投資正在獲得回報。正如 Felicia 所分享的，在增加聯邦失業救濟金期間，我們確實看到支出從專有卡轉移。但從積極的方面來說，我們也看到我們的青銅級或性別中立計劃的註冊人數相應增加。

Our loyalty program is helping us build relationships with new customers, which is important because, in the second quarter alone, we acquired nearly 4 million new customers to macys.com. We're creating value for them by expanding earn every day events and adding more Star Money days. And we are using our loyalty program to get our best customers back shopping with us. Longer term, we see continued potential to enhance loyalty programs across Macy's, Bloomingdale's and Bluemercury.

我們的忠誠度計劃正在幫助我們與新客戶建立關係，這很重要，因為僅在第二季度，我們就為 macys.com 獲得了近 400 萬新客戶。我們通過擴大每天的收入活動和增加更多的明星賺錢日來為他們創造價值。我們正在使用我們的忠誠度計劃讓我們最好的客戶再次與我們一起購物。從長遠來看，我們認為梅西百貨、Bloomingdale's 和 Bluemercury 的忠誠度計劃具有持續的潛力。

We also continue to move forward on personalization, which strengthens customer relationships, presenting the customer with the most relevant products and messages. We have more than 40 million known customers in the Macy's brand alone, and personalization will allow us to improve their experience and drive engagement. And we will continue to pursue on-site and off-site monetization as a future growth driver.

我們還繼續推進個性化，加強客戶關係，為客戶提供最相關的產品和信息。僅梅西百貨品牌就有超過 4000 萬知名客戶，個性化將使我們能夠改善他們的體驗並提高參與度。我們將繼續追求現場和非現場貨幣化作為未來的增長動力。

The second point of the Polaris strategy is to curate quality fashion. We continue to build on our fashion authority by curating national and private brands to support our customers' self expression at all price points, from off-price to luxury. While our ambition remains the same, the categories we focus on have changed. Dresses and men's tailored, 2 of our former Destination Businesses, have seen nearly 70% sales decline in the spring season. While I believe these categories will come back over time, we don't expect that business to return to growth anytime soon.

北極星戰略的第二點是策劃優質時尚。我們繼續通過策劃國家和自有品牌來建立我們的時尚權威，以支持我們的客戶在所有價格點上的自我表達，從低價到奢侈品。雖然我們的雄心保持不變，但我們關注的類別已經發生了變化。禮服和男士定制服裝，我們之前的兩家目的地業務，在春季銷售量下降了近 70%。雖然我相信這些類別會隨著時間的推移而恢復，但我們預計該業務不會很快恢復增長。

We've reexamined category roles in light of current customer demand and future potential, and we've honed in on what we call the focus 4. These are 4 categories where customer demand is strong. We have a dominant or growing market position and we feel we can drive profitable growth over a multiyear horizon. For Macy's, these are fine jewelry, beauty, furniture and mattresses and Backstage off-price. And for Bloomingdale's, the focus 4 are luxury, advanced contemporary, textiles and Bloomingdale's The Outlet off-price.

我們根據當前客戶需求和未來潛力重新審視了品類角色，我們已經磨練了我們所說的重點 4。這是客戶需求強勁的 4 個品類。我們擁有主導或不斷增長的市場地位，我們認為我們可以在多年內推動盈利增長。對於梅西百貨，這些是高級珠寶、美容、家具和床墊以及後台折扣。而對於 Bloomingdale's，重點 4 是奢侈品、高級現代、紡織品和 Bloomingdale's The Outlet 折扣。

To support all of our product categories, we have access to some of the best brands in America. We are weathering this crisis together with our brand partners and are committed to a long-term vision of serving our shared customers. Maximizing our private brand offering remains an important part of the plan as these products have some of our deepest customer connections and highest margins.

為了支持我們所有的產品類別，我們可以接觸到一些美國最好的品牌。我們正在與我們的品牌合作夥伴一起度過這場危機，並致力於為我們共同的客戶提供服務的長期願景。最大化我們的自有品牌產品仍然是該計劃的重要組成部分，因為這些產品擁有我們最深入的客戶聯繫和最高的利潤。

While there has been a significant sales impact on some of our private brands, particularly in apparel, we have also seen strong performance in the private brand home and accessories categories. As we stated in February, we intend to grow private brands to a 25% penetration. And given the importance of private brands to our profitability, we are accelerating the sourcing strategies that we shared with you in February.

雖然我們的一些自有品牌（尤其是服裝）對銷售產生了重大影響，但我們也看到了自有品牌家居和配飾類別的強勁表現。正如我們在 2 月份所說，我們打算將自有品牌的滲透率提高到 25%。鑑於自有品牌對我們盈利能力的重要性，我們正在加快我們在 2 月份與您分享的採購戰略。

The third point of the strategy is accelerating digital growth. We will strategically invest across the enterprise to improve the digital experience, building customer lifetime value and driving profitable digital growth. In February, we shared that we will improve experience across both dot-com and our app, grow our omnichannel customer base and improve profitability. These remain our priorities, but everything on the digital agenda has been accelerated.

該戰略的第三點是加速數字增長。我們將在整個企業範圍內進行戰略性投資，以改善數字體驗、建立客戶生命週期價值並推動可盈利的數字增長。 2 月，我們分享了我們將改善 dot-com 和我們的應用程序的體驗，擴大我們的全渠道客戶群並提高盈利能力。這些仍然是我們的優先事項，但數字議程上的一切都已加速。

Customers have migrated online at unprecedented rates. By some estimates, retail has seen 10 years of digital growth in just 3 months. Few companies were adequately prepared to fully serve these migrating customers, and those that rapidly invest in their digital retail infrastructure has significant opportunity.

客戶以前所未有的速度在線遷移。據估計，零售業在短短 3 個月內實現了 10 年的數字化增長。很少有公司做好充分準備來為這些遷移的客戶提供全面服務，而那些快速投資於其數字零售基礎設施的公司則擁有巨大的機會。

In an odd way, we've been able to move farther and faster on our digital agenda because of this disruption. As we announced in February, we closed our San Francisco office, where our digital business was formerly headquartered. We've been successful with recruitment and found strong digital talent in the New York metro area during the COVID epidemic. This influx of new talent has put fresh eyes and energy on the business, and we expect that to continue.

奇怪的是，由於這種中斷，我們能夠在我們的數字議程上走得更快更遠。正如我們在 2 月宣布的那樣，我們關閉了我們的數字業務以前總部所在的舊金山辦事處。在 COVID 流行期間，我們在招聘方面取得了成功，並在紐約都會區找到了強大的數字人才。新人才的湧入為企業注入了新的眼光和活力，我們預計這種情況將繼續下去。

Digital as a higher penetration of our sales has some significant implications on our business model. We are improving profitability of the digital business by identifying opportunities for margin expansion, leveraging financial analytics for assortment prioritization and optimizing marketing spend allocation. Core to our efforts is improving the transparency into data that helps drive business decisions and delivering more granular data to all of the business owners. This information allows us to identify areas of growth and opportunities to course-correct.

數字化作為我們銷售的更高滲透率，對我們的商業模式產生了一些重大影響。我們正在通過識別利潤擴張機會、利用財務分析來確定分類優先級和優化營銷支出分配來提高數字業務的盈利能力。我們努力的核心是提高數據的透明度，這有助於推動業務決策並向所有企業所有者提供更精細的數據。這些信息使我們能夠確定增長領域和糾正課程的機會。

We can also prioritize assortments on our site and optimize channel mix to prioritize fulfillment where it is most profitable. This spring, when we saw a significant sales impact from COVID-19 and the rapid growth in digital, we took the opportunity to rewire our cost structure and resource allocation to support a more digitally focused business. You saw that in the SG&A numbers that Felicia shared.

我們還可以優先考慮我們網站上的分類並優化渠道組合，以便在最有利可圖的地方優先履行。今年春天，當我們看到 COVID-19 對銷售產生重大影響以及數字化的快速增長時，我們藉此機會重新調整了我們的成本結構和資源分配，以支持更加以數字化為重點的業務。您在 Felicia 分享的 SG&A 數據中看到了這一點。

The fourth part of the strategy was around optimizing our store portfolio. Now we look at it more broadly as optimizing the omni experience. We will innovate and optimize our stores, supply chain and call centers to ensure every customer can shop when, where and how they choose. The rapid customer migration to omni-shopping, coupled with the financial realities of our business, led us to adjust how we look at the stores aspect of the Polaris strategy.

戰略的第四部分是圍繞優化我們的商店組合。現在我們將其更廣泛地視為優化全方位體驗。我們將創新和優化我們的商店、供應鍊和呼叫中心，以確保每位客戶都能在他們選擇的時間、地點和方式購物。客戶向全方位購物的快速遷移，加上我們業務的財務現實，促使我們調整了對 Polaris 戰略中門店方面的看法。

As always, our strategy is built on our customers' journey. And for today's customer, a strong omni experience is a baseline expectation. We have been tracking customer response as we've reopened the stores, and it's encouraging to see consistently strong customer satisfaction scores. And driving some of this customer satisfaction is the enhanced health and safety measures that we've carefully taken.

與往常一樣，我們的戰略建立在客戶的旅程之上。對於今天的客戶來說，強大的全方位體驗是基本期望。重新開店後，我們一直在跟踪客戶的反應，看到持續強勁的客戶滿意度得分令人鼓舞。推動這種客戶滿意度的部分原因是我們謹慎採取的增強的健康和安全措施。

As it relates to our stores, we are pausing on investment in additional growth doors, although I will note that our prior investments over the past 2 years are paying off and the G 150 continues to perform well. As a reminder, through the G 150 strategy, we upgraded the stores that accounted for half of our 2019 brick-and-mortar sales. So we expect to continue to benefit from those investments.

由於它與我們的商店有關，我們正在暫停對額外增長門的投資，儘管我會注意到我們在過去 2 年中的先前投資正在獲得回報，並且 G 150 繼續表現良好。提醒一下，通過 G 150 戰略，我們升級了佔 2019 年實體銷售額一半的商店。因此，我們預計將繼續從這些投資中受益。

We paused on our market-based ecosystem test, but we're now restarting those, albeit at a modified scale. We're continuing to focus on the Dallas, Atlanta and Washington, D.C. markets. Over the next 2 years, we will open several smaller-format off-mall Macy's, and we will test a smaller-format off-mall Bloomingdale's. In off-price, we will open several additional freestanding Backstage stores, continue the expansion of Bloomingdale's The Outlet and test Backstage online. As we shared in February, every off-mall store will have full service for pickup and returns.

我們暫停了基於市場的生態系統測試，但我們現在正在重新啟動這些測試，儘管規模有所調整。我們將繼續專注於達拉斯、亞特蘭大和華盛頓特區市場。在接下來的 2 年內，我們將開設幾家小型非商場梅西百貨，我們將測試一家小型非商場 Bloomingdale's。在折扣價方面，我們將開設幾家額外的獨立後台商店，繼續擴大 Bloomingdale 的 The Outlet 並在線測試後台。正如我們在 2 月份所分享的，每家非商場商店都將提供全面的取貨和退貨服務。

We continue to believe that the best malls in the country will thrive. However, we also know that Macy's and Bloomingdale's have high potential off mall and in smaller formats. I do want to note that the number of stores that we plan to close hasn't changed since our previous announcement. However, we are monitoring the competition and both store and mall performance closely, and we will adjust our time lines if needed.

我們仍然相信，該國最好的購物中心將會蓬勃發展。然而，我們也知道梅西百貨和布魯明代爾百貨在非購物中心和規模較小的情況下具有很高的潛力。我確實想指出，自我們上次宣布以來，我們計劃關閉的商店數量沒有改變。但是，我們正在密切關注競爭以及商店和商場的表現，如果需要，我們將調整時間線。

In this more omni world, we need to use our entire network, stores, supply chain and our call centers, to maximize our capacity and serve our customers in a truly omni experience, from prepurchase browsing to purchase, from pickup to delivery and post purchase to returns. With this, we need to flex our network and fulfillment strategy, given the acceleration of digital, to focus on capacity expansion, cost efficiencies and providing customers with more choice and control over their delivery and returns experience.

在這個更加全方位的世界裡，我們需要利用我們的整個網絡、商店、供應鍊和我們的呼叫中心，最大限度地發揮我們的能力並以真正的全方位體驗為我們的客戶服務，從預購瀏覽到購買，從取貨到交付和購買後返回。鑑於此，我們需要在數字化加速的情況下調整我們的網絡和履行戰略，專注於產能擴張、成本效率以及為客戶提供更多選擇和控制他們的交付和退貨體驗。

For instance, we're developing a centralized fulfillment network to demonstrate efficiencies in getting products to stores and customers more quickly. The supply chain redesign that we shared with you in February is moving forward with an early emphasis on capacity planning and centralized fulfillment.

例如，我們正在開發一個集中的履行網絡，以展示將產品更快地送到商店和客戶的效率。我們在 2 月與您分享的供應鏈重新設計正在向前推進，早期強調產能規劃和集中履行。

At the start of the COVID-19 pandemic, call center volume and response time was a pain point for us, and we had significant disruption with our offshore partners. Within the U.S., in the span of 2 to 3 weeks, we developed and implemented a work-from-home option for our call center colleagues. And we are diversifying our geographic footprint to enable us to provide continuity of service to our customers in the event of regional or global resurgences.

在 COVID-19 大流行開始時，呼叫中心的數量和響應時間是我們的痛點，我們與離岸合作夥伴的關係嚴重中斷。在美國，在 2 到 3 週的時間裡，我們為呼叫中心的同事開發並實施了在家工作的選項。我們正在使我們的地理足跡多樣化，以使我們能夠在區域或全球復甦的情況下為我們的客戶提供連續的服務。

The last point of the Polaris strategy is reset the cost base. We will show discipline on cost management and create a culture of continuous assessment to derive the greatest ROI on every dollar spent. In February, we shared that we would reset our cost base, rightsize the organization and expense base, balance top line and bottom line growth and improve productivity and working capital, including faster inventory turns. The current environment has required us to make our organization even more efficient.

Polaris 策略的最後一點是重置成本基礎。我們將展示成本管理的紀律，並創造一種持續評估的文化，以使每一美元的花費都獲得最大的投資回報率。 2 月，我們分享了我們將重置成本基礎、調整組織和費用基礎、平衡頂線和底線增長並提高生產力和營運資本，包括更快的庫存周轉。當前的環境要求我們提高組織的效率。

Our Polaris cost savings target of $1.5 billion that we shared with you in February has now expanded to $2.1 billion now, all by the end of 2022. We will continue our disciplined expense management to allow as much of the $2.1 billion as possible to flow to the bottom line, recognizing this will help mitigate higher costs from our aggressive lean into the digital business over the next few years. And some will be invested in strategies that drive top line growth.

我們在 2 月與您分享的 Polaris 成本節約目標 15 億美元現在已擴大到 21 億美元，到 2022 年底全部完成。我們將繼續嚴格的費用管理，讓盡可能多的 21 億美元流向最重要的是，認識到這將有助於降低我們在未來幾年內積極向數字業務傾斜所帶來的更高成本。有些人將投資於推動收入增長的戰略。

Through our continued focus on disciplined expense management, we have created a Macy's that is better positioned to effectively compete today and in the future. To sum it all up, the updated Polaris strategy continues our work to strengthen customer relationships and build customer lifetime value; hones our merchandise strategy to focus on categories that matter most to customers today and have a long runway for growth; aggressively accelerates digital; optimizes all aspects of our network, including stores, supply chain, call centers, to deliver the best customer omnichannel experience; and delivers profitable growth on a rewired cost base.

通過我們繼續專注於嚴格的費用管理，我們創建了一個更有能力在今天和未來有效競爭的梅西百貨。總而言之，更新後的 Polaris 戰略繼續我們加強客戶關係和建立客戶終身價值的工作；磨練我們的商品戰略，專注於當今對客戶最重要的類別，並且有很長的增長空間；積極加速數字化；優化我們網絡的各個方面，包括商店、供應鏈、呼叫中心，以提供最佳的客戶全渠道體驗；並在重新佈線的成本基礎上實現盈利增長。

In closing, we are confident that we have the right strategy. We're trying to focus on what's important now and in the future. We have resilient brands that will stand the test of time. We have an organization that knows how to execute through uncertainty by listening to our customers, following the data, reading the signs and pivoting quickly. I couldn't be more proud of our colleagues and thank each of them for their continued dedication to the business.

最後，我們相信我們擁有正確的戰略。我們正努力專注於現在和未來重要的事情。我們擁有經得起時間考驗的韌性品牌。我們的組織知道如何通過傾聽我們的客戶、跟踪數據、閱讀標誌和快速調整來克服不確定性。我為我們的同事感到無比自豪，並感謝他們每一個人對業務的持續奉獻。

The past 6 months have presented challenges that we never imagined and have forced us to make significant changes in how we run our business. But the changes we've made not only address today's climate, but position us well for the future. We know that there are more challenges ahead, but I'm confident that Macy's, Inc. will come out on the other side of this crisis stronger and ready to serve another generation of American consumers.

過去 6 個月提出了我們從未想像過的挑戰，並迫使我們在經營業務的方式上做出重大改變。但我們所做的改變不僅解決了當今的氣候問題，而且為我們的未來做好了準備。我們知道前方還有更多挑戰，但我相信梅西百貨公司將在這場危機的另一端站出來，變得更強大，並準備好為另一代美國消費者服務。

Thank you. And now we'll open up the line for questions.

謝謝你。現在我們將打開問題的線路。

(Operator Instructions) We'll take our first question from Matthew Boss from JPMorgan.

（操作員說明）我們將向摩根大通的 Matthew Boss 提出第一個問題。

Yes. Can you hear me?

是的。你能聽到我嗎？

Yes, we can hear you, Matt.

是的，我們可以聽到你的聲音，馬特。

Okay. Great. So Jeff, can you speak to the interplay that you're expecting between the negative 40% brick-and-mortar store comps and the moderation in e-commerce that you saw exiting the second quarter as we think about the back half of the year? And just anything materially different that you've seen so far in August relative to the trends by channel that you saw in July?

好的。偉大的。傑夫，您能否談談您所期望的 40% 的負數實體店收入與您在考慮今年下半年時看到的第二季度退出的電子商務放緩之間的相互作用?到目前為止，您在 8 月份看到的與 7 月份按渠道劃分的趨勢相比，是否有任何實質性的不同？

Yes. So what I'd say, Matt, is that we do expect that the trend line that we have in stores that we experienced in the month of July, that -- give or take, we can pull that forward. And that's a conservative approach, but that's where we have planned it. And August was in those expectations.

是的。所以我想說的是，馬特，我們確實希望我們在 7 月份經歷的商店中的趨勢線，即給予或接受，我們可以將其向前推進。這是一種保守的方法，但這是我們計劃的。而八月就在這些期望中。

And in digital, as we described on our last call, we do expect that to moderate. It's still going to be significant, but it's more in the line of what we experienced in the month of July. So that is -- that kind of culminates between kind of the way we're looking at the back half of the year of down low to mid-20s for the full enterprise of Macy's, Inc.

正如我們在上次電話會議中所描述的那樣，在數字方面，我們確實希望這種情況能夠緩和。它仍然很重要，但它更符合我們在 7 月份所經歷的情況。所以這就是——在我們對梅西百貨整個企業的下半年低點到 20 年代中期的看法之間達到高潮。

Now we're seeing lots of things in between that. When you look at the month of August, some things were better, some things were worse, but as an overall characteristic, in line with what our expectations were. We've all talked about what happened in the back-to-school time frame, what happened with the cessation of the unemployment benefits, what happened with some of the resurgence. But there are also some good tailwinds that we've also seen.

現在我們看到了很多介於兩者之間的東西。當您查看 8 月份時，有些情況較好，有些情況較差，但作為一個整體特徵，符合我們的預期。我們都談到了在返校期間發生了什麼，失業救濟金停止後發生了什麼，一些復甦又發生了什麼。但我們也看到了一些好的順風。

So what we've seen is that now that we've got our inventory in parity with the demand that we're expecting in the back half of the year, seeing some really good regular-priced sell-throughs in categories from off-price all the way to luxury, our freight is moving very well right now. We've got good demand, and we're getting good response and receipts coming in to support that demand. So -- and we've got -- we feel very good about the gift assortments that are coming for the fourth quarter.

因此，我們所看到的是，現在我們的庫存與我們預期的下半年需求持平，看到一些非常好的正價銷售，從低價類別一直到豪華，我們的貨運現在進展得很好。我們有很好的需求，我們得到了很好的回應和收據來支持這種需求。所以 - 我們已經得到 - 我們對第四季度即將到來的禮物分類感覺非常好。

So we are taking a conservative approach to the back of the year. Our -- I kind of noticed to all of you about what we said at the end of the first quarter really holds for this call as well. We're taking a conservative approach. We have an upside scenario. We have a downside scenario, but we're staying really close to it. We're basically tracking where the customer is going, and we've got the receipts there to support it.

因此，我們對今年年底採取了保守的態度。我們的 - 我有點注意到我們在第一季度末所說的話也確實適用於這次電話會議。我們採取保守的方法。我們有一個上行的情景。我們有一個不利的情況，但我們仍然非常接近它。我們基本上是在跟踪客戶的去向，並且我們有收據來支持它。

Great. And then just a follow-up on the Polaris strategy and maybe thinking relative to the initial plan that you laid out at the Analyst Day a while back. What are the largest changes that you're making multiyear post the pandemic as we think about merchandising assortments and the margin opportunity over time?

偉大的。然後只是對 Polaris 戰略的跟進，也許是相對於你在分析師日制定的初步計劃的思考。當我們考慮商品分類和隨時間推移的利潤機會時，您在大流行之後多年做出的最大改變是什麼？

Yes. I think the big thing there is really what is the mix of the business and when you look at what digital is going to be of the overall business. So that has been a -- we do expect that to be at least 40% of the business moving forward. We're clearly seeing that in 2020 with the door closures, but we think that forever is changing the complexion of the business. And so feel very good about our digital team and how they're going at that, where that demand is, how they're responding to that demand, how we're using that data, how we're building the supply chain to take full advantage of that to improve the profitability.

是的。我認為最重要的是業務的組合以及當您查看整體業務的數字化程度時。所以這一直是 - 我們確實預計這將至少佔業務發展的 40%。我們清楚地看到 2020 年關門大吉，但我們認為這將永遠改變業務的面貌。所以對我們的數字團隊感覺非常好，他們在這方面的進展如何，需求在哪裡，他們如何響應需求，我們如何使用這些數據，我們如何建立供應鏈充分利用這一點來提高盈利能力。

So we're expecting higher shipping costs, but we're expecting margin expansion based on all of what we're doing with personalization and new categories that we're getting into. We've obviously expanded Vendor Direct. We're looking at new categories based on what we've learned through COVID. So we have -- right now, digital gives us -- contributes to our overall profitability, and we have a clear line of sight about how to grow that over time. So we're -- that's the biggest change, is really what's going on with our digital business.

因此，我們預計運輸成本會更高，但我們預計利潤率會基於我們在個性化方面所做的所有工作以及我們正在進入的新類別。我們顯然擴展了 Vendor Direct。我們正在根據我們通過 COVID 學到的知識來尋找新的類別。所以我們——現在，數字給了我們——為我們的整體盈利能力做出了貢獻，我們對如何隨著時間的推移而增長有著清晰的視野。所以我們 - 這是最大的變化，是我們的數字業務正在發生的事情。

Great. Best of luck.

偉大的。祝你好運。

Thanks, Matt.

謝謝，馬特。

And now we'll take our next question from Oliver Chen from Cowen and Company.

現在我們將向 Cowen and Company 的 Oliver Chen 提出我們的下一個問題。

Regarding what's happening with the product assortment and consumer demand, what are your thoughts on how you've been able to reposition the assortment to what's attractive with at-home demand relative to some of the caution points around apparel? I would also love your thoughts on as we approach Black Friday. Just more generally, how do you see this evolving? And what's within your control to drive a safe yet compelling and value-orientated experience?

關於產品分類和消費者需求的變化，相對於服裝的一些警告點，您對如何將分類重新定位為對家庭需求具有吸引力的東西有何看法？當我們接近黑色星期五時，我也會喜歡你的想法。更一般地說，您如何看待這種演變？您可以控制什麼來推動安全但引人注目且以價值為導向的體驗？

Oliver, so one of the benefits of being a department store is the range of brands and products and values that we can offer and we can pivot where the customer takes us. So certainly, in COVID, we've seen big changes in the overall merchandise mix. And so it's -- everybody is talking about what's happened with the need for more casual and active, and that certainly is the case. With everybody being at home, they're making lots of changes with their home, be it new textiles or new home decor or new furniture or mattresses. And that is -- as a department store, that gives us opportunities to grow those businesses disproportionately.

奧利弗，所以成為百貨公司的好處之一是我們可以提供的品牌、產品和價值的範圍，我們可以在客戶帶我們的地方轉向。因此，可以肯定的是，在 COVID 中，我們已經看到整體商品組合發生了巨大變化。所以它是 - 每個人都在談論發生了什麼事，需要更加隨意和活躍，這當然是事實。由於每個人都在家，他們正在對自己的家進行很多改變，無論是新紡織品、新家居裝飾還是新家具或床墊。那就是 - 作為一家百貨公司，這給了我們不成比例地發展這些業務的機會。

So we've added a lot of categories, a lot of categories online and categories in store. When you think about food and beverage, categories there as well. So the mix of the business is definitely -- has changed. So we've added new brands, new SKUs. Our strongest businesses have been in home store and have been in beauty and in certain accessory categories.

所以我們添加了很多類別，很多在線類別和商店中的類別。當您考慮食品和飲料時，也有類別。因此，業務組合肯定 - 已經改變。因此，我們添加了新品牌、新 SKU。我們最強大的業務是家居商店，美容和某些配飾類別。

As we talked about in our pre remarks, one of the surprises has been the strength of luxury and that has been a -- so again, being off-price to luxury in our offerings. We have certainly seen that at Bloomingdale's, but we've also seen that in the luxury categories at Macy's, so when you think about luxury mattresses above a certain price point, same thing in furniture, luxury fragrances, diamonds. When you look at all of those categories, they have been disproportionately strong. So we expect -- we're reacting to all of that in terms of what we've got coming in for the balance of the year. And so I think that is a -- the merchandise mix is -- we're constantly responding to it.

正如我們在前言中談到的那樣，其中一個驚喜是奢侈品的實力，這也是——同樣，在我們的產品中，價格低於奢侈品。我們當然在 Bloomingdale's 看到了這一點，但我們也在梅西百貨的奢侈品類別中看到了這一點，所以當你想到高於某個價位的豪華床墊時，家具、豪華香水、鑽石也是如此。當您查看所有這些類別時，它們的強度不成比例。所以我們期望 - 我們正在根據今年剩餘時間的收入來對所有這些做出反應。所以我認為這是一個 - 商品組合 - 我們一直在回應它。

As it relates to kind of Black Friday, we do expect, as you're hearing this from our competition, an elongated season. So we do want to -- we recognize the concentration of customers that are going into our stores during the Black Friday time frame, and we want to make sure that we are creating a safe environment for our customers and giving them options to purchase in advance.

由於它與黑色星期五有關，我們確實希望，正如你從我們的比賽中聽到的那樣，一個延長的賽季。因此，我們確實希望——我們認識到在黑色星期五時間框架內進入我們商店的客戶集中，我們希望確保我們為客戶創造一個安全的環境，並為他們提供提前購買的選擇.

We also know the constraints with it. It's much digital shipping that is going to be done and ensuring that our customers are being able to get the values that they want and the gifts that they want in time for Christmas and ensuring that they've got enough time to do that.

我們也知道它的限制。將要完成大量數字運輸，並確保我們的客戶能夠在聖誕節及時獲得他們想要的價值和他們想要的禮物，並確保他們有足夠的時間來做到這一點。

So we're going to be giving them lots of opportunities for that. The time between Thanksgiving and Christmas is still going to be incredibly important, but I do expect spreading some of that demand earlier. And we've got tactics and strategies to do that.

因此，我們將為他們提供很多機會。感恩節和聖誕節之間的時間仍然非常重要，但我確實希望更早地傳播一些需求。我們有策略和策略來做到這一點。

Okay. Our last question on the new customers to macys.com and new customer acquisition. What are you seeing in terms of maximizing and optimizing retention of the new customers and making sure that engagement can continue?

好的。我們關於 macys.com 的新客戶和新客戶獲取的最後一個問題。在最大化和優化新客戶的留存率以及確保持續參與方面，您看到了什麼？

Yes. That one's been good, Oliver, because we -- as we mentioned, we have 4 million new customers that just came into macys.com in the second quarter. And of those, 3.8 million of them were brand-new to the Macy's brand. And the majority of those are -- first off, they're more diverse and they're much younger than our current base. So we're all over that to ensure that, that first purchase that they're making leads to a second purchase that leads to them developing as an omnichannel customer.

是的。那個很好，奧利弗，因為我們 - 正如我們所提到的，我們在第二季度有 400 萬新客戶進入 macys.com。其中，有 380 萬是梅西百貨的全新品牌。其中大多數是——首先，他們更加多樣化，而且比我們目前的基地年輕得多。因此，我們全力以赴，以確保他們進行的第一次購買會導致第二次購買，從而使他們發展為全渠道客戶。

And so we're using our personalization prowess in order to seed that. We're looking at look-alikes. We're starting to seed them offers. We're getting great bites from it. We're getting these customers into our Bronze loyalty program, which is really strong.

因此，我們正在利用我們的個性化能力來播種。我們正在尋找相似的東西。我們開始播種他們的報價。我們從中得到了很大的好處。我們正在讓這些客戶加入我們非常強大的青銅忠誠度計劃。

So our main mission in all these new customers is to retain them and use the whole breadth of our price points, of our brands and Bloomingdale's and Macy's as our banner brands to attract them. So that's one of our top priorities, is to make sure that these customers that came in, that we develop a relationship with them that can lead to a profitable relationship with them over time.

因此，我們在所有這些新客戶中的主要任務是留住他們，並利用我們的整個價格點、我們的品牌以及 Bloomingdale's 和 Macy's 作為我們的旗幟品牌來吸引他們。所以這是我們的首要任務之一，是確保這些進來的客戶，我們與他們建立關係，隨著時間的推移與他們建立有利可圖的關係。

And now we take our next question from Kimberly Greenberger from Morgan Stanley.

現在我們從摩根士丹利的金伯利格林伯格那裡提出下一個問題。

Felicia, I'm just trying to parse through some of the commentary you made on the call this morning about the second half outlook and the way August has started. I think you indicated that the inventory levels are currently a little bit perhaps too lean but back-to-school season is off to a bit of a slow start. So I'm wondering if you feel like your revenue trajectory during the third quarter is being held back by the inventories. And then how should we think about your inventory planning through the back half given the slow start here to back-to-school and then some of the other challenges that you identified?

費利西亞，我只是想分析一下你今天早上在電話會議上對下半年前景和八月開始的方式所做的一些評論。我認為您表示目前的庫存水平可能有點太少了，但開學季的開端有點緩慢。因此，我想知道您是否覺得第三季度的收入軌跡受到庫存的阻礙。然後我們應該如何考慮你在後半段的庫存計劃，因為這裡開學緩慢，然後是你發現的其他一些挑戰？

Thanks, Kimberly, for the question. I indicated that our second quarter inventory ended down 29% versus last year. And actually, we indicated the fresh inventories going into the fall, and we believe we have really good sales-to-stock parity going into the fall season.

謝謝，金伯利，為這個問題。我表示我們第二季度的庫存與去年相比下降了 29%。實際上，我們表示新庫存將進入秋季，我們相信進入秋季的銷售與庫存平價非常好。

And yes, the back-to-school started off slowly, but I think what we're seeing with back-to-school is a much more elongated back-to-school season. You think about back-to-school traditionally. And with -- Kimberly, as you know, with the government orders and school districts changing the timing of back-to-school, back-to-school is now -- we have to think about back-to-school a lot differently.

是的，返校開始緩慢，但我認為我們看到的返校是一個更長的返校季節。您傳統上會考慮返校。而且，正如您所知，隨著政府命令和學區改變返校時間，金伯利（Kimberly）現在返校了-我們必須以不同的方式考慮返校。

With respect to inventory planning in the back half of the year, we are working very closely with our vendor partners to ensure we have the receipts that we need to support our sales plan and also the receipts that we made, as Jeff mentioned, in the right categories. So we feel good about our back half of the year sales planning, and we will continue to lean into managing our inventory, which will drive better sell-throughs and better working capital. And so we believe we have the team and the agility in place to manage our receipts. It's one of the things we learned coming out of -- during this pandemic.

關於下半年的庫存計劃，我們正在與我們的供應商合作夥伴密切合作，以確保我們擁有支持我們的銷售計劃所需的收據以及我們製作的收據，正如 Jeff 在正確的類別。因此，我們對下半年的銷售計劃感覺良好，我們將繼續努力管理庫存，這將推動更好的銷售和更好的營運資金。因此，我們相信我們擁有團隊和敏捷性來管理我們的收據。這是我們在這次大流行期間學到的東西之一。

I'm not sure if anyone mentioned, but we have restructured our planning team. We combined it into one team all under the supply chain. And really, that gives us an opportunity to really make decisions about inventory planning, about the placement in the proper channels. And I think we saw the other benefit of that combined innovative planning team coming out of the second quarter as we talked about the better sell-through -- the better sell-throughs particularly on the regular-priced merchandise. So we feel we're in good shape as we go into the back half of the year and that we have the right team in place to execute the inventory assortment and planning that we need.

我不確定是否有人提到過，但我們已經重組了我們的計劃團隊。我們將其合併為一個團隊，全部位於供應鏈之下。真的，這讓我們有機會真正做出關於庫存計劃的決定，關於在適當渠道中的放置。而且我認為，當我們談到更好的銷售時，我們看到了第二季度聯合創新計劃團隊的另一個好處——更好的銷售，特別是在正價商品上。因此，當我們進入下半年時，我們覺得我們的狀態良好，並且我們有合適的團隊來執行我們需要的庫存分類和計劃。

Great. That's very clear and helpful. And I just wanted to follow up on your question -- on COVID markets. I think you saw that they're actually showing strength or sequential improvement here in August. That seems to be encouraging, but I'm wondering if you can just expand on that.

偉大的。這是非常清楚和有幫助的。我只是想跟進你的問題——關於 COVID 市場。我想你看到他們在 8 月份實際上表現出實力或連續改善。這似乎令人鼓舞，但我想知道您是否可以對此進行擴展。

Sure, sure. And so we've mentioned that we're watching the COVID markets really, really closely. And I gave a couple of examples of Texas and Georgia, Florida, where we have seen -- those were the areas of the initial resurgence. And what we've seen in those markets is that the sales are coming back. They're coming back slowly, and -- but they are coming back. And so that gives us some positivity, if you will, going into the fall season.

一定一定。所以我們已經提到我們正在非常非常密切地關注 COVID 市場。我舉了幾個德克薩斯州和佛羅里達州喬治亞州的例子，我們已經看到——這些是最初復甦的地區。我們在這些市場看到的是銷售正在恢復。他們正在慢慢回來，而且——但他們正在回來。如果你願意的話，這給了我們一些積極性，進入秋季。

The other thing that we've learned with COVID is that we have to be very, very reactive to what is happening with these sort of sporadic store closures. Our Guam and our Oahu store in Hawaii are currently closed, and we're reacting to that. I don't know if you're aware, but the California -- in California, all of the indoor malls were closed, but we remained open because we have exterior doors and the opportunity to do curbside pickup. All of the California malls should be opened by the end of this week or early next week, and so we will be reacting to that.

我們從 COVID 中學到的另一件事是，我們必須對這種零星的商店關閉所發生的事情非常、非常敏感。我們在夏威夷的關島和瓦胡島商店目前已關閉，我們正在對此做出反應。我不知道你是否知道，但是加利福尼亞——在加利福尼亞，所有的室內購物中心都關閉了，但我們仍然開放，因為我們有外門和路邊取貨的機會。加州所有的購物中心都應該在本週末或下周初開放，因此我們將對此做出反應。

And so what we're learning as we go through these COVID resurgences is that we do have the ability to react, to remain open, to ship, to curbside or to increase our fulfillment through those stores that are being impacted by the resurgence. And so we do expect, as we had earlier with the COVID, to have disruption to the sales. But I think that we are learning that we can react to it in order to minimize that sales disruption.

因此，當我們經歷這些 COVID 復甦時，我們學到的是，我們確實有能力通過受復甦影響的商店做出反應、保持開放、運送、路邊或增加我們的履行。因此，正如我們之前對 COVID 所做的那樣，我們確實希望對銷售造成乾擾。但我認為我們正在學習我們可以對此做出反應，以盡量減少銷售中斷。

And Kimberly, let me just add one thing to what Felicia just said, which is when you run a retail as really local and when you think about our brick-and-mortar, so this is something we've gotten pretty good at. So we are -- we monitor all the public health data, the colleague and the customer sentiment, and we created a thing called -- we have the watch list, which is really we look at the predicted increase in cases or the current confirmed infection rate in each county of the country where our stores have zip codes obviously.

Kimberly，讓我在 Felicia 剛才所說的基礎上添加一件事，那就是當您以真正的本地方式經營零售店時，當您考慮我們的實體店時，這是我們非常擅長的事情。所以我們——我們監控所有的公共衛生數據、同事和客戶的情緒，我們創建了一個叫做——我們有觀察名單，這實際上是我們查看預計的病例增加或當前確診的感染在我們商店明顯有郵政編碼的國家的每個縣的費率。

And I want to just give you a broad side. At the end of July -- we call it risk 1 -- or level 1 or level 2 in a risk category. At the end of July, we had 38 locations that were in that risk category that had -- resurgence was really mounting. At the end of August, there was only 6 stores. And as of this week, we're down to 0. So when we look at that, it shows us that our brick-and-mortar business that we have been modeling is on the side of exactly where we had thought it was going to be, maybe even a little better.

我只想給你一個廣泛的一面。在 7 月底——我們稱之為風險 1——或風險類別中的 1 級或 2 級。到 7 月底，我們有 38 個地點處於該風險類別中——復甦確實在增加。 8月底，店面只有6家。到本週為止，我們降到了 0。所以當我們看到這一點時，它向我們表明，我們一直在建模的實體業務正處於我們認為的方向是，也許更好一點。

And now we take our next question from Paul Lejuez from Citigroup.

現在我們從花旗集團的 Paul Lejuez 那裡提出下一個問題。

Question on SG&A. I think you mentioned the SG&A was helped by both February and July restructuring. Can you maybe walk through those 2 events in both -- talk about the gross and net savings from each that you'll generate from -- on an annualized basis from those? And also, I think you mentioned the CARES Act. If you could also quantify what that helps in 2Q.

關於 SG&A 的問題。我認為您提到 SG&A 得益於 2 月和 7 月的重組。您是否可以按年計算這兩個事件 - 談談您將從每個事件中產生的總儲蓄和淨儲蓄？而且，我認為您提到了 CARES 法案。如果您還可以量化第二季度的幫助。

Felicia?

費利西亞？

Yes, Paul. I can -- yes, Paul. So on the SG&A, the SG&A, if you remember, we did furlough the majority of our colleagues because of the pandemic, and we are seeing a benefit from that in the month of May and June. With respect to the restructuring in force, if you recall, we announced in July that we were laying off about 3,900 of our corporate and management colleagues. And at the time, we anticipated that we would receive an annualized benefit from that restructuring of about $630 million. And so you will see about a month of that benefit coming through the second quarter.

是的，保羅。我可以——是的，保羅。所以在 SG&A，SG&A，如果你還記得的話，我們確實因為大流行而讓大多數同事休假，我們在 5 月和 6 月看到了這種情況的好處。關於有效的重組，如果您還記得的話，我們在 7 月份宣布我們將裁員約 3,900 名公司和管理同事。當時，我們預計我們將從重組中獲得約 6.3 億美元的年度收益。因此，您將在第二季度看到大約一個月的收益。

The restructuring -- the reduction in force will be permanent and will impact the back half of the year and beyond. The furloughs that we did were temporary, and it did benefit the second quarter. That will reverse as we go through the fall season as we have begun to bring colleagues back the first part of July, and we also began to bring back our store, call center and logistics colleagues as our sales continues to improve. And so that has been a slower trajectory of returning of those colleagues, but we expect that to ramp up as the sales increase in the back half of the year. We certainly expect to have our colleague -- all of our colleagues back in full force this month. And so you will see -- as I said in my remarks, the SG&A rate relative to second quarter reflect -- we'll have higher SG&A rates in the third quarter and fourth quarter relative to the second quarter because of that furlough dynamics.

重組——部隊的減少將是永久性的，並將影響到今年下半年及以後。我們所做的休假是暫時的，這確實使第二季度受益。隨著我們在 7 月上旬開始帶回同事，隨著我們的銷售持續改善，我們也開始帶回我們的商店、呼叫中心和物流同事。因此，這些同事的回歸軌跡較慢，但我們預計隨著下半年銷售額的增長，這種情況會有所增加。我們當然希望我們的同事——我們所有的同事在本月都能全力以赴。所以你會看到——正如我在講話中所說，相對於第二季度的 SG&A 率反映了——由於這種休假動態，我們在第三季度和第四季度的 SG&A 率將高於第二季度。

With respect to the CARES Act, we did have 2 benefits from the CARES Act that we talked about generally. One was on the SG&A line for the payroll tax savings that the CARES Act allowed, and the other was on the tax line due to our ability to take those net operating losses back and take advantage of that arbitrage difference between the 35% and the 21% differential on the tax rate. So that is where we benefited the most from the CARES Act, a little bit on SG&A and then also on the tax going.

關於 CARES 法案，我們確實從我們一般談論的 CARES 法案中獲得了 2 個好處。一個在 SG&A 線上，用於 CARES 法案允許的工資稅節省，另一個在稅線上，因為我們有能力收回這些淨經營虧損並利用 35% 和 21% 之間的套利差稅率差異百分比。所以這就是我們從 CARES 法案中受益最多的地方，一點點關於 SG&A，然後還有稅收。

Any quantification on that, on the CARES Act?

關於 CARES 法案的任何量化？

I'm not going to actually share, Paul.

我不會真正分享，保羅。

Okay. And just one follow-up. Can you just tell us what inventory was down in units end of second quarter?

好的。只有一次跟進。您能否告訴我們第二季度末的單位庫存下降了多少？

Sure. Can I have Mike or Monica to get that back to you? I don't have it on my fingertips, sorry. I just had the 29% at the moment.

當然。我可以讓 Mike 或 Monica 把它還給你嗎？我手上沒有，抱歉。我現在只有 29%。

Sure.

當然。

And Paul, let me just add -- let me add one thing to what Felicia said, and that is when you look at our AUR at the end of the second quarter, we definitely -- AUR was depressed based on all the clearance that we had to move through. And based on the clean inventory position that we have, the AUR in the month of August has been significantly better than where we were last year based on the regular price and luxury sell-throughs that we're getting in a lot of categories.

保羅，讓我補充一下——讓我在 Felicia 所說的話中補充一件事，那就是當你在第二季度末看到我們的 AUR 時，我們肯定——基於我們所有的許可，AUR 感到沮喪不得不通過。基於我們擁有的清潔庫存狀況，8 月份的 AUR 明顯好於去年，基於我們在許多類別中獲得的正常價格和奢侈品銷售情況。

So we do believe that our inventory is in great position going into the back half of the year. And the stock-to-sales parity, we're in really good shape with respect to that. And we've got receipts flowing to be able to react to customer demand, and we're making shifts all the time as that demand changes.

因此，我們確實相信我們的庫存在今年下半年處於有利地位。以及庫存與銷售平價，我們在這方面處於非常好的狀態。而且我們有流動的收據，能夠對客戶的需求做出反應，隨著需求的變化，我們一直在進行轉變。

And now we take our next question from Lorraine Hutchinson from Bank of America.

現在我們從美國銀行的 Lorraine Hutchinson 那裡提出下一個問題。

I wanted to ask about your gross margin, how much fulfillment cost pressure do you expect in the third and fourth quarter and then what your outlook is for merchandise margin now at the current inventory levels.

我想問一下您的毛利率，您預計第三和第四季度的履行成本壓力有多大，以及您目前在當前庫存水平下的商品利潤率前景如何。

Yes. Thanks, Lorraine. With respect to gross margin, so we're thinking about it in 3 big categories, Lorraine, with respect to, at least, the performance for the quarter. And this somewhat applies to the back half of the year.

是的。謝謝，洛林。關於毛利率，所以我們在洛林這三個大類中考慮它，至少就本季度的表現而言。這在一定程度上適用於下半年。

So in the second quarter, as you know, we were aggressively liquidating seasonal merchandise as our stores were closed. The second impact that we would have experienced in the gross margin in the quarter was the shift to digital and the corresponding delivery expense impact. And then the third area was just the mix, particularly the mix on the Macy's brand, going from a higher-margin apparel business to a lower-margin on-home and active.

因此，如您所知，在第二季度，由於我們的商店關閉，我們正在積極清算季節性商品。我們在本季度的毛利率中將經歷的第二個影響是向數字化的轉變以及相應的交付費用影響。然後第三個領域只是混合，特別是梅西百貨品牌的混合，從利潤率較高的服裝業務到利潤率較低的家庭和活躍業務。

But as we think about gross margin in the back half of the year, clearly, we will continue to lean into the digital business. We talked about the expected mix between digital and brick-and-mortar. And because of that, our gross margin expectations have not changed for the back half of the year, but we are expecting a peak in the margin in the third quarter. And we're really looking at the implications of our fourth quarter margin due to the higher delivery expense and some of the recently announced holiday surcharges that you guys have probably read about.

但當我們考慮下半年的毛利率時，很明顯，我們將繼續向數字業務傾斜。我們談到了數字和實體之間的預期組合。正因為如此，我們對下半年的毛利率預期沒有改變，但我們預計第三季度的毛利率將達到峰值。由於較高的交付費用和你們可能已經閱讀過的一些最近宣布的假期附加費，我們真的在研究第四季度利潤率的影響。

But importantly, as we think about margin for the back half of the year, we are flowing fresh receipts. We have entered the fall very clean, and we are expecting some faster turns and better sell-throughs. And we are keenly, keenly focused on maintaining appropriate inventory levels and, more importantly, appropriate inventory levels in the right channel to ensure we're satisfying the customer demand and to ensure that we are being as flexible as possible with those channels. As I said, with the stores closed, we want to make sure we have the right assortment and units in the stores to handle buy online, pick up in store, same-day delivery as well as the right mixture of units in the fulfillment centers to hand -- to support that ongoing digital demand.

但重要的是，當我們考慮下半年的利潤率時，我們正在流入新的收入。我們已經非常乾淨地進入了秋季，我們期待更快的轉折和更好的銷售。我們敏銳地專注於維持適當的庫存水平，更重要的是，在正確的渠道中保持適當的庫存水平，以確保我們滿足客戶需求並確保我們在這些渠道上盡可能靈活。正如我所說，隨著商店關閉，我們希望確保商店中有正確的分類和單位來處理在線購買、店內提貨、當天交貨以及履行中心中正確的單位組合到手 - 支持持續的數字需求。

And then I just wanted to follow up on the comment that you made about receipts being sluggish. How confident are you that you can get what you need, the right mix of product in time for holiday?

然後我只是想跟進你關於收據遲緩的評論。您是否有信心在假期中及時獲得所需的產品組合？

Yes. I'll comment, and then Jeff may add some additional broad color commentary. Our receipts have begun to flow more reliably, I guess talked a little bit about the disruption. Our [NUWR], these are not -- the disruptions are not unique to Macy's, particularly on the supply chain side, as we saw some port challenges with the inbound/outbound consumers not being sufficient all the time, as well as some just some ground transportation challenges as everyone is faced with this higher digital demand, and we're all competing for capacity. And so those are not unique to Macy's.

是的。我會發表評論，然後 Jeff 可能會添加一些額外的廣泛色彩評論。我們的收據已經開始更加可靠地流動，我想稍微談到了中斷。我們的[NUWR]，這些不是——中斷並不是梅西百貨獨有的，尤其是在供應鏈方面，因為我們看到一些港口挑戰，入境/出境消費者一直不夠，還有一些只是一些地面交通挑戰，因為每個人都面臨著更高的數字化需求，我們都在爭奪容量。所以這些並不是梅西百貨獨有的。

And so what we are controlling, as far as what we can control, as Jeff mentioned, is using our Vendor Direct capabilities to help fill some of the white space. And so, Lorraine, I would say that we are confident in our ability to work with our brand partners. We have great brand partners, and we're working very closely with them on the assortment and the level of receipts in the back half of the year.

因此，正如 Jeff 所說，我們所控制的，就我們所能控制的而言，是使用我們的供應商直接功能來幫助填補一些空白。因此，Lorraine，我想說我們對與品牌合作夥伴合作的能力充滿信心。我們有很棒的品牌合作夥伴，我們正在與他們密切合作，研究今年下半年的產品分類和收貨水平。

And I don't know, Jeff, if you wanted to comment further.

我不知道，傑夫，如果你想進一步評論。

No, I think you said it well, Felicia. I think, Lorraine, when you think about the first quarter and the second quarter, based on the pandemic hitting with the sledgehammer and we're closing all of our stores in mid-March, we did -- we cancelled -- when you think about our private brands and our market brands, we cancelled off the balance of first quarter. We dramatically curtailed what we were bringing in for second quarter, took a haircut in the third quarter, and we're in a wait and see on the fourth quarter. And so I would tell you is that we've made it past kind of the receipt flow of the first and second quarter. Everything that Felicia said in terms of getting the bottlenecks through ports and freight, we're seeing much more of a consistent stream of fresh goods coming in right now and expect that to continue to improve through the balance of third quarter and into fourth quarter. So we're feeling pretty good about our receipt flow, building on our current liquidity position and stock-to-sales ratio as it stands.

不，我認為你說得很好，費利西亞。我認為，洛林，當您考慮第一季度和第二季度時，基於大流行的大錘打擊，我們將在 3 月中旬關閉所有商店，當您想到時，我們做到了——我們取消了關於我們的自有品牌和市場品牌，我們取消了第一季度的餘額。我們大幅縮減了第二季度的收入，在第三季度進行了理髮，第四季度我們正在觀望。所以我要告訴你的是，我們已經超過了第一季度和第二季度的收貨流程。 Felicia 在通過港口和貨運解決瓶頸方面所說的一切，我們現在看到更多一致的新鮮貨物流進入，並預計在第三季度和第四季度的餘額中繼續改善。因此，基於我們目前的流動性頭寸和庫存與銷售比率，我們對我們的收據流感覺非常好。

Our next question comes from Chuck Grom from Gordon Haskett.

我們的下一個問題來自 Gordon Haskett 的 Chuck Grom。

On Slide 13, Jeff, you put the store base into 5 cohorts, which is an interesting slide. And I was just wondering if you could give us your latest perspective on store closings down the road, particularly in those -- the first and second quadrants where your sales per square foot is -- looks like it's sub $150.

在幻燈片 13 上，Jeff，您將商店基地分為 5 個群組，這是一張有趣的幻燈片。我只是想知道您是否可以向我們提供您對關閉商店的最新看法，特別是在那些 - 每平方英尺銷售額所在的第一和第二象限 - 看起來低於 150 美元。

Yes. What I'd say on that, Chuck, is that, as Felicia said in her comments, our -- what we announced in February in terms of closing the neighborhood stores over a 3-year window, the amount of those store closures is the way we're thinking about that is going to happen. The timing of that may change. But I think what we've learned through the pandemic and, certainly, through reopening our stores, has been the value of having these stores where customers feel comfortable. They're using these stores basically for lots of basic transactions, for returns, for pickups, for all the things that they do when they come into a store and having a clean environment where they can do that in a safe place, they're using that.

是的。 Chuck，我想說的是，正如 Felicia 在她的評論中所說，我們 - 我們在 2 月份宣佈在 3 年窗口內關閉附近的商店，這些商店關閉的數量是我們認為這將發生的方式。時間可能會改變。但我認為，我們從大流行中學到的東西，當然，通過重新開放我們的商店，是讓這些商店讓顧客感到舒適的價值。他們基本上將這些商店用於許多基本交易，退貨，取貨，以及他們進入商店時所做的所有事情，並擁有一個乾淨的環境，可以在安全的地方進行，他們是使用那個。

So when you look at the performance of our neighborhood all the way through our flagship stores, it's amazing how well the neighborhood stores are performing when you look at it versus the overall average. Our flagships are more pressured as a result of the drop of international and domestic tourism and just based on the amount of office workers that are now operating from home. So you have kind of an inverse of that where your neighborhood stores are actually quite strong right now. Now a number of them are performing in malls where we've had lots of competitive closures. And so I think over time, these malls, a number of these malls in B and C malls are going to continue -- B, C, D malls are going to continue to be pressured. But right now, I'm very happy that we have the portfolio that we have. And our customers are putting them to good use.

因此，當您通過我們的旗艦店查看我們社區的表現時，與整體平均水平相比，社區商店的表現令人驚訝。由於國際和國內旅遊業的下降以及現在在家辦公的上班族人數，我們的旗艦店承受的壓力更大。所以你有一種相反的情況，你的鄰里商店現在實際上非常強大。現在他們中的一些人在我們有很多競爭性關閉的商場裡表演。所以我認為隨著時間的推移，這些商場，B 和 C 商場中的一些商場將繼續存在——B、C、D 商場將繼續受到壓力。但現在，我很高興我們擁有我們所擁有的投資組合。我們的客戶正在充分利用它們。

Okay. Great. And then I realize it's hard to unpack. But when you look at the comp compression and maybe more so over the past 2 months now that things have started to stabilize a little bit. How much do you think your traffic issues are, the consumer being kind of some on the verge to shopping in your stores versus the mix of product that you're selling? And I guess, how do you plan for that beyond the holiday into, say, the spring of 2021?

好的。偉大的。然後我意識到很難打開包裝。但是當您查看壓縮壓縮時，在過去的 2 個月中可能更是如此，現在事情已經開始穩定了一點。您認為您的交通問題有多少，消費者有點接近在您的商店購物而不是您銷售的產品組合？我想，你如何計劃假期之後到 2021 年春天？

Yes. I tell you, it's the mixes, that when you think about Macy's, a big chunk of our strengths have been dressy businesses and the kind of important occasions in life. And some of those, like dresses and men's clothing, women's suits, bags, luggage, we're obviously a strong business in luggage. Those businesses are down. But also, a big stress of ours, like fine jewelry and Big Ticket and textiles, when you think about sleepwear, when you think about the active categories where we're very competitive, those have got a bullet on them. They're doing quite well. So I think the mix of the categories through the pandemic is shifting out. Home is becoming much more important, both soft home as well as Big Ticket. We've been able to satisfy that with our existing brands as well as when you look at the increases we've made in Vendor Direct and our assortment of vendors and SKUs, about half of those increases have been in the Home categories. And we're satisfying customers through that. And -- because we have so many eyeballs coming into our website. So I would tell you that the category mix is evolving. I think with the new customers that are coming in, and as to Oliver's question, the opportunity to convert them into omni shoppers is our opportunity.

是的。我告訴你，當你想到梅西百貨時，我們的很大一部分優勢在於考究的業務和生活中的那種重要場合。其中一些，比如連衣裙和男裝、女式西裝、包包、行李箱，我們顯然是一個強大的行李箱業務。那些企業倒閉了。而且，我們的一個很大的壓力，比如高級珠寶、大票和紡織品，當你想到睡衣時，當你想到我們非常有競爭力的活躍類別時，這些都是子彈頭。他們做得很好。因此，我認為大流行期間的類別組合正在轉移。家變得越來越重要，無論是柔軟的家還是大票。我們已經能夠通過我們現有的品牌來滿足這一點，並且當您查看我們在 Vendor Direct 以及我們的供應商和 SKU 種類中所做的增加時，大約一半的增加發生在家庭類別中。我們正在通過這種方式滿足客戶。而且——因為我們的網站吸引瞭如此多的眼球。所以我會告訴你，類別組合正在演變。我認為隨著新客戶的到來，關於奧利弗的問題，將他們轉變為全方位購物者的機會是我們的機會。

As for -- when we talk, Chuck, about '21 and 22, we want to -- look, we've got to get the baseline of the third quarter and the fourth quarter. We obviously had a 3-year plan that has changed as a result of not giving guidance for the plan of record, the one that we're in. And as we get through the holiday season, we're thinking about those future years, obviously. We're working through all the scenarios that we have. And we'll give you more detail on that as we get farther into this particular back half of the year.

至於——當我們談論 21 和 22 年時，查克，我們想要——看，我們必須得到第三季度和第四季度的基線。我們顯然有一個 3 年計劃，但由於沒有為我們所參與的記錄計劃提供指導而發生了變化。當我們度過假期時，我們正在考慮未來的幾年，明顯地。我們正在處理我們擁有的所有場景。隨著我們在今年下半年的進一步深入，我們將為您提供更多詳細信息。

And Jeff, if I may add on just a little bit, to add to Chuck, with respect to how the consumers feel about shopping in our stores specifically. Our NPS scores, when we ask about health and safety in the Macy's environment, the NPS scores and the NPS response to that question are some of the highest ones that we've received. And so we really think we're doing a good job, the best job possible, with respect to maintaining a healthy and safety environment for our customers and our colleagues.

傑夫，如果我可以補充一點，補充查克，關於消費者對在我們商店購物的感受。我們的 NPS 分數，當我們詢問梅西百貨環境中的健康和安全時，NPS 分數和對該問題的 NPS 回答是我們收到的最高分數。因此，在為我們的客戶和同事維護健康和安全的環境方面，我們真的認為我們做得很好，做得最好。

One of the things we're doing in holiday for actual service that Jeff mentioned, we'll have a separate pickup and return area for our customers and our colleagues to keep them safe. And so we're spending a lot of time and effort on maintaining that healthy environment for those people who do want to come into the store. And when we get that traffic, we want to make sure they're having the best, healthiest, safest environment as possible. And I think our customers are telling us that we're succeeding in that area through our NPS scores.

Jeff 提到，我們在假期中為實際服務所做的其中一件事是，我們將為我們的客戶和同事提供一個單獨的取貨和退貨區域，以確保他們的安全。因此，我們花費了大量時間和精力來為那些想要進入商店的人維持健康的環境。當我們獲得流量時，我們希望確保他們擁有盡可能最好、最健康、最安全的環境。而且我認為我們的客戶告訴我們，我們通過 NPS 分數在該領域取得了成功。

Now we take our next question from William Reuter from Bank of America.

現在我們從美國銀行的 William Reuter 那裡提出下一個問題。

This is Mary on for Bill. So I was just curious on your centralized fulfillment capabilities. When do you expect those to be fully built out? And what kind of impact are you expecting that to have on your cost base now?

這是比爾的瑪麗。所以我只是對您的集中履行能力感到好奇。你預計這些東西什麼時候能完全建成？您現在期望這會對您的成本基礎產生什麼樣的影響？

Do you want to take that, Felicia?

你想拿那個嗎，費利西亞？

Yes. So there are a couple of aspects for the centralized fulfillment that are part of our strategy. One of them, you may be more familiar with, it's the holding flow, which we're driving that out to centralized fulfillment. And as we look at the back half of the year, we are looking at a couple of different areas, location pricing, location-level pricing. We are testing that and expect to fully roll that out in fall of 2021. We're looking to optimize our POS strategies, and then we're also looking at strategic sourcing from a broader standpoint.

是的。因此，集中履行有幾個方面是我們戰略的一部分。其中之一，你可能更熟悉，它是持有流，我們正在推動它集中實現。當我們回顧今年下半年時，我們正在研究幾個不同的領域，位置定價，位置級定價。我們正在對其進行測試，並預計將在 2021 年秋季全面推出。我們正在尋求優化我們的 POS 策略，然後我們也在從更廣泛的角度看待戰略採購。

And as I mentioned earlier, our -- we have really strong ambitions in our supply chain area, and it's all about the right content in the right channel at the right price and at the right time. And so our centralized fulfillment inventory allocation strategy is underway. I talked a little bit about the fact that we brought the teams together. And so now we have our supply chain team and our merchandise planning team all under one umbrella. That's really facilitating decision-making, faster decision-making about placement of our inventory, ensuring that we get it in the right place, which we're seeing a little bit of benefit of turn in that area because of that decision.

正如我之前提到的，我們的 - 我們在供應鏈領域有著非常強烈的雄心壯志，這一切都是關於在正確的渠道以正確的價格和正確的時間提供正確的內容。因此，我們的集中履行庫存分配策略正在進行中。我談到了我們將團隊聚集在一起的事實。所以現在我們的供應鏈團隊和商品規劃團隊都在一個保護傘下。這確實促進了決策，加快了關於我們庫存放置的決策，確保我們將其放置在正確的位置，由於該決定，我們看到了該領域的轉變帶來的一點好處。

Location-level pricing, as I said, we'll begin testing that in October with a full rollout through spring 2021. We are expecting that to have benefits, to drive some more proactive markdowns and to help the margin and also to help the sell-through.

正如我所說，位置級定價，我們將在 10 月開始測試，並在 2021 年春季全面推出。我們預計這會帶來好處，推動一些更積極的降價，提高利潤率並幫助銷售-通過。

So taken as a whole, we are really leaning into this centralized fulfillment and all of our strategies, particularly as we're forcing more and more on digital. But the long-term implications, we would expect to have overall improvement in sales and margin as well as really meeting the customer satisfaction goals, which we can't stress enough as you lean more heavily into digital. The customer -- customers' need changes a little bit with respect to timeliness, quality and [delivery] of our delivery metrics. So we are, as I said, clearly focused and very focused on the centralized fulfillment and hitting all of our KPIs in that area.

所以作為一個整體，我們真的傾向於這種集中式的實現和我們所有的戰略，特別是當我們越來越多地推動數字化的時候。但從長遠來看，我們預計銷售額和利潤率會整體提高，並真正實現客戶滿意度目標，隨著您更加傾向於數字化，我們對此壓力再怎麼強調也不為過。客戶——客戶的需求在我們交付指標的及時性、質量和[交付]方面略有變化。因此，正如我所說，我們顯然專注於並且非常專注於集中履行並達到我們在該領域的所有 KPI。

And now we take our next question from Dana Telsey from Telsey Group.

現在我們向 Telsey Group 的 Dana Telsey 提出下一個問題。

Nice to see the progress. As you think about your charge card customers, what are you learning from them? How is that penetration holding?

很高興看到進展。當您考慮您的信用卡客戶時，您從他們身上學到了什麼？這種穿透力如何保持？

And then, can you go into any more commentary on the Backstage concept? How that's performing? And when do you test online? How do you expect that assortment to flow versus what you see in the stores?

然後，您能否對 Backstage 概念進行更多評論？表現如何？你什麼時候在線測試？與您在商店中看到的相比，您希望該分類如何流動？

So Felicia, why don't you take credit card -- yes, I think we're saying the same thing.

那麼Felicia，你為什麼不使用信用卡——是的，我想我們說的是同一件事。

Yes, right. In that vein, I'm sorry. Thanks, Dana, and thanks for the kind words there about the performance.

是的，沒錯。在這種情況下，我很抱歉。謝謝，Dana，謝謝你對錶演的客氣話。

So with respect to our credit -- the credit card performance and penetration, this has been an interesting spring season as we talked about the credit penetration being about 590 basis points off of last year quarter-over-quarter. As we entered into August, we did see a moderation of that gap and an improvement in that gap. And empirically, we think that it's driven by the cessation of the economic stimulus that ended in July. And as we saw that end and thus so does direct deposit or into consumer bank accounts come to an end as well as the loading of those prepaid credit cards, so consumers have been going back to what we're seeing off our proprietary credit cards. And so that 590 basis point gap is beginning to narrow.

因此，關於我們的信用——信用卡表現和滲透率，這是一個有趣的春季，因為我們談到信用滲透率比去年季度環比下降了約 590 個基點。當我們進入八月時，我們確實看到了這種差距的緩和以及這種差距的改善。從經驗上看，我們認為這是由 7 月份結束的經濟刺激措施停止推動的。正如我們看到的那樣，直接存款或存入消費者銀行賬戶以及這些預付信用卡的加載也將結束，因此消費者已經回到我們看到的專有信用卡。因此，590 個基點的差距開始縮小。

The other thing that we're closely watching is our delinquencies. And again, we -- this is all in pure holding, and we're looking at data, we actually effected 2008 if we look at what happened under those economic conditions and the trend there. But as we talk to our banking partners, they continue to anticipate that delinquencies, at some point, are going to rise. And they may start to rise sooner than anticipated because of -- because stimulus has not been renewed. And so as we think about the Macy's credit revenue portfolio, we are modeling that we will begin to have the impact of consumer financial stress beginning in the late part of the back half of the year, Dana, but really as we get into 2021.

我們正在密切關注的另一件事是我們的拖欠。再說一次，我們 - 這一切都是純粹的，我們正在查看數據，如果我們看看在那些經濟條件下發生的事情和那裡的趨勢，我們實際上影響了 2008 年。但是，當我們與銀行合作夥伴交談時，他們繼續預計拖欠率會在某個時候上升。由於刺激措施尚未更新，它們可能會比預期更早地開始上升。因此，當我們考慮梅西百貨的信貸收入組合時，我們正在建模，我們將開始受到消費者財務壓力的影響，從今年下半年開始，Dana，但實際上是在我們進入 2021 年時。

And so those are headwinds that we are anticipating for 2021 and beyond. But the data at the moment doesn't support it. We've seen delinquency rates pretty much hold relative consistent first quarter to second quarter, but we are watching our delinquency rates very, very closely.

因此，這些都是我們預計 2021 年及以後的不利因素。但目前的數據並不支持它。我們已經看到第一季度到第二季度的拖欠率幾乎保持相對一致，但我們正在非常非常密切地關注我們的拖欠率。

And then, Dana, to your Backstage question. So just the broadest point on Backstage is that our customers love it. And they love our price at both the Bloomingdale's brand as well as Macy's. And over the 4 years that we've had it, we've hit the right formula. And I think when you look at the brands and you look at the value, we're seeing that in our growing comps, that even in stores where the main box might be declining, Backstage consistently is giving us positive comps year-over-year. We're also seeing it in the margins. When you look at our margin rates that we're getting -- in gross margin rates that we're getting in Backstage versus our competitors, we've got the right value formula. And when you look at the sell-through, which is really how the customer's demand is responding to just the fashion component of it, we're getting very nice sell-throughs there.

然後，Dana，你的後台問題。因此，Backstage 最廣泛的一點是我們的客戶喜歡它。他們喜歡我們在 Bloomingdale's 和 Macy's 的價格。在我們擁有它的 4 年裡，我們找到了正確的公式。而且我認為，當您查看品牌並查看價值時，我們會在不斷增長的組合中看到這一點，即使在主箱可能會下降的商店中，Backstage 也始終為我們提供積極的組合.我們也在邊緣看到它。當您查看我們獲得的利潤率時 - 在我們在後台獲得的毛利率與我們的競爭對手相比，我們得到了正確的價值公式。當您查看銷售情況時，這實際上是客戶的需求僅對其中的時尚部分做出反應的方式，我們在那裡獲得了非常好的銷售情況。

So our opportunity in Backstage is really in distribution and logistics costs. So that's what we are. So when we reopened our stores, we've already added a dozen or more Backstage store-within-stores. You heard in our opening comments that we're continuing with our ambition and expand on rollout of Backstage freestanding as well as Bloomingdale's The Outlet freestanding. That's going to give us more portals. The more business we do, the more the logistics are going to be in line.

所以我們在後台的機會實際上在於分銷和物流成本。所以我們就是這樣。因此，當我們重新開店時，我們已經添加了十幾家或更多 Backstage 店中店。您在我們的開場評論中聽說，我們將繼續我們的雄心壯志，並擴大 Backstage 獨立式以及 Bloomingdale 的 The Outlet 獨立式的推出。這將為我們提供更多的門戶。我們做的生意越多，物流就越有序。

Profitability is growing in this particular business. It's not at the level of Macy's, Inc., but it's growing in that direction, which is a real positive for us. And then as I also mentioned to your question, we will be testing Backstage online. No details to tell you on how we're going to do that or what you can expect for the timing of that, but that definitely is in our road map for 2021.

這一特定業務的盈利能力正在增長。它不在梅西百貨公司的水平，但它正朝著這個方向發展，這對我們來說是一個真正的積極因素。然後正如我在您的問題中提到的，我們將在線測試 Backstage。沒有詳細信息可以告訴你我們將如何做到這一點，或者你可以期待什麼，但這絕對是我們 2021 年的路線圖。

And now we'll take our next question from Carla Casella from JPMorgan.

現在我們將向摩根大通的 Carla Casella 提出下一個問題。

Two questions here. One is on COVID and CARES. When do you expect to make up the rent payments that you were able to defer this year? Will that be something that's paid in '20? Or is that a '21 payment? And on the flip side, with CARES, when do you expect to get the cash benefit from the deferred taxes on the omni exchange in the NOL look-back?

這裡有兩個問題。一個是關於 COVID 和 CARES 的。您預計什麼時候可以補足今年可以延期支付的租金？那會是 20 年支付的東西嗎？還是那是 21 年的付款？另一方面，有了 CARES，您預計什麼時候可以從 NOL 回顧中的全能交易所的遞延稅中獲得現金收益？

Okay. I'll start with the last one. On the CARES Act, we will file our fiscal year 2020 tax return end of -- typically, we file in the first quarter, early part of second quarter, which means the cash benefit would come at the earliest, call it, at the beginning of the third quarter. And so it really depends on when we're able to get our fiscal year 2020 tax return filed, signed off, et cetera, cleaned and audited. But typically, our normal expectation will be Q3 2021.

好的。我將從最後一個開始。根據 CARES 法案，我們將在 2020 財年結束時提交納稅申報表——通常，我們在第一季度、第二季度初提交，這意味著現金福利最早會在開始時出現，稱之為第三季度。因此，這實際上取決於我們何時能夠提交、簽署、清理和審計我們的 2020 財年納稅申報表。但通常情況下，我們的正常預期是 2021 年第三季度。

With respect to COVID, I just want to make sure I answer you as best as I can on the COVID question.

關於 COVID，我只想確保在 COVID 問題上盡我所能回答您。

Yes. I guess I'm wondering how much rent you were able to defer, that you didn't have to pay in cash? And when do you have to make it up?

是的。我想我想知道您可以推遲多少租金，而不必用現金支付？你什麼時候必須彌補？

Yes, we haven't been sharing that. Big picture, I would say, we've had some really, I would say, amazing conversations with our retail partners, our landlords. They have really had engaged. We've had really good conversations. We've set up an internal team, a task force to really go lease by lease, go landlord to landlord to have some really great conversations.

是的，我們沒有分享這個。從大局來看，我想說，我們與我們的零售合作夥伴、我們的房東進行了一些非常好的對話。他們真的訂婚了。我們進行了非常好的交談。我們已經建立了一個內部團隊，一個工作組來真正逐個租賃，讓房東和房東進行一些非常棒的對話。

Although we have deferred and negotiated deferrals of some of our rent payments, all of that is flowing through expense. We are -- have been really respectful of each other's positions with our landlords. We've been in really engaging and ongoing good conversation, very transparent, very collaborative. So from a cash standpoint, I guess I won't give you the specifics on how we're modeling the cash flow because each agreement has really had nuances to it. There's been deferrals, there's been deferrals of rent, deferrals of CAM, deferrals of both. So there's lots of different combinations depending on the negotiations.

儘管我們已經推遲並協商推遲了部分租金支付，但所有這些都是通過費用流動的。我們 - 一直非常尊重彼此與房東的立場。我們一直在進行非常有吸引力和持續的良好對話，非常透明，非常協作。因此，從現金的角度來看，我想我不會向您詳細說明我們如何對現金流進行建模，因為每個協議都確實存在細微差別。有延期，租金延期，CAM延期，兩者都延期。因此，根據談判的不同，有很多不同的組合。

But I can't say -- we all -- we -- both parties have a shared interest in making the mall vibrant and a good experience for our customers. And I don't anticipate that we'll have any negative cash implication based on how we're -- how these conversations are evolving and how they're deferring those payments.

但我不能說——我們所有人——我們——雙方都有共同的興趣，讓購物中心充滿活力，並為我們的客戶提供良好的體驗。而且我預計我們不會因為我們現在的情況而產生任何負面的現金影響——這些對話是如何發展的，以及他們如何推遲這些付款。

And I'll remind you also that the rent expense -- the rent was flowing through our books.

我還要提醒你，租金費用——租金在我們的賬簿上流動。

Right, exactly. I see it now.

沒錯，正是。我現在看到了。

And we're all recognizing the expense. Okay, okay. Yes, you got it.

我們都認識到了費用。好吧好吧。是的，你明白了。

Yes, I was just tweaking with a couple of cash flow items. But on that -- on the store front, and it's really helpful that you break down all the store detail in the presentation this quarter. Thank you for that. How many dark stores are you sitting on, stores that you closed that you still own? And maybe can you just update us on how many of your leases come up for renewal in the next year or 2?

是的，我只是在調整幾個現金流項目。但在這方面——在店面，你在本季度的演示文稿中分解所有商店細節真的很有幫助。謝謝你。你坐了多少黑暗的商店，你關閉了你仍然擁有的商店？也許你能告訴我們你有多少租約在明年或 2 年內更新嗎？

Carla, I don't have that information at my fingertips. It's just that we are still committed to close the 97. Some of that may accelerate. But I can get you the composition on the lease off the phone. I just don't have it at my fingertips.

卡拉，我手頭沒有這些信息。只是我們仍然致力於關閉 97。其中一些可能會加速。但我可以通過電話給你租約上的作文。我只是沒有它在我的指尖。

We take our next question from Omar Saad from Evercore ISI.

我們從 Evercore ISI 的 Omar Saad 那裡得到下一個問題。

Jeff and Felicia, I wanted to follow up on your comment about dresses and men's suiting and those types of categories being down really big. As we move through this pandemic and things start to stabilize, are you seeing any signs of demand in those dressier categories? And then kind of what's your medium and out term and longer-term outlook? Do you see a more of a sticky shift to things, as you mentioned, like casual, athletic, home, those categories? Or do you expect that kind of desire -- the consumer desire for fashion to get dressed up to come back sometime in '21?

Jeff 和 Felicia，我想跟進你關於禮服和男士西裝的評論，以及那些類型的類別正在大幅下降。隨著我們度過這場大流行並且事情開始穩定下來，您是否看到這些更衣著的類別有任何需求跡象？然後你的中長期和長期前景是什麼？正如您所提到的，您是否看到了對事物的更多粘性轉變，例如休閒、運動、家庭，這些類別？或者你是否期待這種渴望——消費者對時尚打扮的渴望會在 21 年的某個時候回來？

Omar, well, first off, I believe that both men's clothing and dresses, particularly dresses, will come back robustly. Right now, to your question, as kind of COVID restrictions are opening up locally, you're starting to see customers move towards casual dresses. But career dresses remain very challenged. And the real formal dresses, the social dresses, remain challenged. But casual dresses are definitely -- we've seen a pickup there. But I believe the dress category is going to come back robustly.

Omar，嗯，首先，我相信男士服裝和連衣裙，尤其是連衣裙，都會強勢回歸。現在，對於您的問題，隨著 COVID 限制在當地開放，您開始看到客戶轉向休閒裝。但職業裝仍然面臨很大挑戰。真正的正式禮服，社交禮服，仍然受到挑戰。但休閒連衣裙絕對是——我們已經看到了那裡的皮卡。但我相信服裝類別將強勢回歸。

I think the American spirit, you can count on it. And I believe that there will be a time where when you think about what people are going to do for any dressy occasions, weddings, anything with being able to go out and looking your best, they're thinking of Macy's as one of those players. It's not just in dresses. It's also in dress shoes and socials shoes.

我認為美國精神，你可以指望它。我相信總有一天，當你想到人們會為任何盛裝的場合、婚禮、任何能夠外出並保持最佳狀態的事情時，他們會認為梅西百貨是其中之一.這不僅僅是在禮服上。它也出現在正裝鞋和社交鞋中。

We're seeing a total shift into athletic and casual footwear on both men's and women's side. That improves when you think about wearing occasion as that changes. So I'm expecting that. We don't know the timing of it, but we'll be ready when we do.

我們看到男裝和女裝完全轉向運動鞋和休閒鞋。當您考慮穿著場合時，這種情況會有所改善。所以我很期待。我們不知道它的時間，但我們會做好準備。

On the men's suits side, what is going to happen permanently to kind of work from home? And we're thinking about our own kind of scenario here with our corporate employees. I think that every business is changing the way that they're looking at their workforce and how virtual has changed their perspective of that. And I think all of us are kind of looking at it much like what much like schools are today, that there's going to be some level of hybrid, that we're going to have times in our calendar that we come together, where we collaborate and we brainstorm. And there's other one we're executing the business that we might be doing that virtually. So I think that is going to play into the wardrobe for both men and women.

在男士西裝方面，在家工作會永久發生什麼？我們正在與我們的公司員工一起考慮我們自己的情景。我認為每個企業都在改變他們看待員工的方式，以及虛擬化如何改變了他們對此的看法。而且我認為我們所有人都在看待它，就像今天的學校一樣，將會有某種程度的混合，我們將在我們的日曆中擁有我們聚在一起，我們合作的時間我們集思廣益。還有另一個我們正在執行的業務，我們可能正在虛擬地做這件事。所以我認為這將在男性和女性的衣櫥中發揮作用。

And so men's clothing, because that was on a -- we were the dominant player. We have a major competitor in that particular business that's suffering as well in this category. I do think it's going to come back. I'm certain it's going to come back in dresses. And to the degree it comes back in men's clothing is to be seen.

所以男裝，因為那是-我們是主導者。在該特定業務中，我們有一個主要競爭對手也在該類別中受到影響。我確實認為它會回來。我敢肯定它會穿著裙子回來。它在男裝中回歸的程度是有待觀察的。

Got it. That's helpful. And then I'd love to ask a follow-up, too, on your comments earlier about the members may be underperforming some of the non-members in the quarter. Can you see in the data who that is? Are there certain demographics? Or is kind of everyone across the board spending less? Or any characteristics there? Is that maybe an older customer who is more afraid of health and safety? Any color there on that membership performance would be great.

知道了。這很有幫助。然後，我也很想就您之前關於成員的評論進行跟進，這些評論可能在本季度的一些非成員中表現不佳。你能從數據中看出那是誰嗎？有特定的人口統計數據嗎？還是每個人都在減少支出？或者那裡有什麼特點？那可能是一個更害怕健康和安全的老客戶嗎？會員表現上的任何顏色都會很棒。

Yes. What you see in the data is that it really is -- we benefit from having the bulk of our business being done with omnichannel customers. But you do have a store cohort that are not comfortable online, and they're generally older and they're in certain pockets of the country, and their business definitely has been more depressed. But we're starting to see them come back as our stores have reopened. And as Felicia talked about earlier, there are certain states in which the malls have been closed while the outside entrances of the anchors have been open. And so as the malls start to reopen and that area ends up being more of a destination, we're seeing those customers return more robustly.

是的。你在數據中看到的是，它確實是——我們從與全渠道客戶完成大部分業務中受益。但是你確實有一個在網上不舒服的商店群體，而且他們通常年齡較大，而且他們在該國的某些地區，他們的業務肯定更加蕭條。但是隨著我們的商店重新開業，我們開始看到他們回來了。正如費利西亞早些時候所說，在某些州，購物中心已經關閉，而主播的外部入口已經開放。因此，隨著購物中心開始重新開放，並且該地區最終成為更多目的地，我們看到這些客戶的回歸更加強勁。

So I'd tell you, the older customer has been more affected, who were a stores-only customer. But so many of our older customers or more mature customers are omni shoppers. And so we have not seen a change in their behavior. So we track so many different cuts of our customers, but to characterize that one end of it is what I just did.

所以我會告訴你，年長的客戶受到的影響更大，他們是僅限商店的客戶。但是我們的許多老客戶或更成熟的客戶都是全能購物者。所以我們沒有看到他們的行為發生變化。所以我們跟踪了我們客戶的許多不同的削減，但要描述它的一端是我剛剛所做的。

And now we'll take our next question from Paul Trussell from Deutsche Bank.

現在我們將向德意志銀行的 Paul Trussell 提出下一個問題。

Maybe to start, I wanted to follow up on your comments about the evolving role of the store. Maybe you can discuss that in a bit more detail and, frankly, help us think about how you are maybe remeasuring the profitability of the store and the decision on whether or not to keep a door open given its support for your digital operations.

也許一開始，我想跟進您對商店角色演變的評論。也許你可以更詳細地討論這個問題，坦率地說，幫助我們思考你可能如何重新衡量商店的盈利能力，以及考慮到它對你的數字運營的支持，決定是否繼續開門。

And as part of that, maybe discuss a bit more about what you alluded to as the market ecosystem and the way you're going to approach small-format, off-mall and Bloomingdale outlet locations.

作為其中的一部分，也許可以更多地討論一下你提到的市場生態系統以及你將如何接近小型、非商場和布魯明代爾奧特萊斯地點。

I'll start, Paul, and then Felicia, anything you want to add.

我將開始，保羅，然後是費利西亞，你想添加的任何內容。

Look, the store remains a very, very important component of our brands. And customers like the fullness of the options that they have between digital, the app and stores. In cases like in COVID, they're not using stores to browse. They're coming to stores now that they're reopened for a place of -- I mean, they're mission-based. They're coming in for a transaction. They've got an idea about what they want to buy. They're lingering in less time in stores, and they're buying at a higher conversion rate. So that's the behavior there.

看，商店仍然是我們品牌非常非常重要的組成部分。客戶喜歡他們在數字、應用程序和商店之間擁有的豐富選擇。在 COVID 等情況下，他們不會使用商店進行瀏覽。他們現在來到商店，因為他們已經重新開放了一個地方——我的意思是，他們是基於任務的。他們是來做交易的。他們對自己想買什麼有一個想法。他們在商店裡逗留的時間更少，而且他們以更高的轉化率購買。這就是那裡的行為。

But stores are going to remain very important to us, for us to be able to show the fullness of our brands, for customers that need inspiration. We have other customers that are getting that full inspiration by browsing online. So we want to be -- we want to have all the right access points for customers however they choose to shop, whenever they choose to shop. So we see big benefits in continuing with stores.

但是商店對我們來說仍然非常重要，因為我們能夠向需要靈感的客戶展示我們品牌的完整性。我們還有其他客戶通過在線瀏覽獲得了充分的靈感。所以我們希望成為——我們希望為客戶提供所有正確的接入點，無論他們選擇購物，無論他們何時選擇購物。因此，我們看到繼續開設商店的巨大好處。

Customers want immediate gratification. They're buying something, they want to be able to pick it up right away or they want it delivered that same day. Stores are always going to be important in terms of the fulfillment options of a national customer. So having our DMAs well covered with our stores and having those portals ready to respond to customer demand. 30% of our digital transactions are being fulfilled out of stores. I see that increasing. And what we're building out in terms of our omni network and our fulfillment strategies, our opportunity to be able to satisfy customers however they want to shop in a store, curbside or same-day delivery, we will be able to do that. So stores are going to remain important.

客戶希望立即得到滿足。他們正在購買東西，他們希望能夠立即取貨，或者他們希望在同一天交付。就全國客戶的履行選擇而言，商店總是很重要。因此，讓我們的 DMA 充分覆蓋我們的商店，並讓這些門戶網站準備好響應客戶需求。我們 30% 的數字交易是在店外完成的。我看到這種情況在增加。我們在全方位網絡和履行策略方面正在建立的東西，我們能夠滿足客戶的機會，無論他們想在商店購物，路邊或當日送貨，我們將能夠做到這一點。所以商店仍然很重要。

As for the point about ecosystem, we made the call in February that we were going to look at 3 markets to being able to test what a small-door format would look like and what off-price in a freestanding format would look like and how the interplay would be for the customer that is shopping in between those units, that are going to mall, but also might go to off-mall. Or they're typically an off-mall customer with our competitors, and they're not as comfortable going to a mall because of its size or it's too cumbersome or it's not -- they feel it's going to be crowded or whatever the issue might be. How do we get the Macy's brand and the Bloomingdale's brand into those markets? So that's what we're doing. And what we -- the decision or the announcement we made this morning was that we were going to be testing a small-door format for Bloomingdale's that will be launched in the fourth quarter of 2021. It's under development right now.

至於關於生態系統的觀點，我們在 2 月份呼籲我們將研究 3 個市場，以便能夠測試小型門格式的外觀以及獨立格式的折扣價格以及如何相互作用將針對在這些單元之間購物的客戶，這些單元將去購物中心，但也可能去購物中心。或者他們通常是我們競爭對手的非商場客戶，他們不喜歡去商場，因為它的大小，或者太笨重，或者不是——他們覺得它會很擁擠，或者任何問題可能是。我們如何讓梅西百貨和布魯明戴爾品牌進入這些市場？這就是我們正在做的事情。我們今天早上做出的決定或宣布是，我們將為 Bloomingdale's 測試一種小門格式，該格式將於 2021 年第四季度推出。目前正在開發中。

As you know, we launched a strategy in February or in January called Market @ Macy's, which is a mini Macy's format with interesting content. Service is fully built out, hospitality is part of it. We're going to build our second one. That is going to also be in the Dallas market. That will be in 2021. And then Backstage freestanding, which we started with the Backstage concept freestanding. And those buildings continue to operate very profitably. You're going to see us build those out now in those 3 markets and, as mentioned, continue with what we're doing with Bloomingdale's.

如您所知，我們在 2 月或 1 月推出了名為 Market @ Macy's 的策略，這是一種包含有趣內容的迷你 Macy's 格式。服務是完全建立起來的，熱情好客是其中的一部分。我們將建造我們的第二個。這也將出現在達拉斯市場。那將是 2021 年。然後是 Backstage 獨立式，我們從 Backstage 獨立式概念開始。這些建築物繼續以非常有利的方式運營。您將看到我們現在在這 3 個市場中建立這些產品，並且如前所述，繼續我們對 Bloomingdale's 所做的事情。

So -- and all of those units basically will have full fulfillment, return capability. You can do buy online, pick up in store, if anything in the network, use those basically for full customer access to the fullness of our brands. So we're going to watch customer behavior. Does it build on lifetime value? Does it help us recruit new customers into our brands? Using these ecosystems and being able to market accordingly is going to give us a very good lens about does this have play beyond just these 3 markets. So we're going to learn in '21 and '22 on that, and we'll make adjustments as we move forward.

所以——所有這些單位基本上都將具有完全履行、返回的能力。您可以在線購買，在商店取貨，如果網絡中有任何東西，基本上可以使用這些來讓客戶完全訪問我們品牌的完整性。所以我們要觀察客戶的行為。它建立在生命週期價值之上嗎？它是否有助於我們為我們的品牌招募新客戶？使用這些生態系統並能夠相應地進行營銷將為我們提供一個很好的視角，了解這是否在這三個市場之外發揮作用。所以我們將在 21 年和 22 年學習這方面的知識，我們會在前進的過程中做出調整。

And the only thing that I would add -- well, Jeff, the only thing I want to add to that is that --

我唯一要補充的——嗯，傑夫，我唯一想補充的是——

Go ahead, Felicia.

去吧，費利西亞。

No, no, just over the past 2 years, we have made significant investment in our gross stores, we invested in over 50% of the business at both Macy's and Bloomingdale's, and we expect to derive benefit off from those -- the growth investments that we made over the past 2 years. And we are shifting away. Yes, we are shifting away from investing in the physical building. But as we think about our capital spend over the next 2 years, we are very focused on digital supply chain and technology. And embedded in technology is the opportunity to ensure that we're giving our customers the best technological in-store experience as possible, which will nicely marry up with those physical investments that we've been making over the past couple of years.

不，不，就在過去的兩年裡，我們對我們的總店進行了大量投資，我們投資了梅西百貨和布魯明代爾百貨超過 50% 的業務，我們希望從中受益——增長投資我們在過去 2 年中所做的。我們正在遠離。是的，我們正在擺脫對實體建築的投資。但當我們考慮未來 2 年的資本支出時，我們非常關注數字供應鍊和技術。嵌入技術是確保我們盡可能為客戶提供最佳技術店內體驗的機會，這將與我們在過去幾年中所做的物理投資完美結合。

Then just circling the wagons back to SG&A, the Polaris strategy, pre COVID, I believe, discussed a $900 million run rate savings, and that target is now roughly $1.5 billion today. Maybe just remind us of where the incremental kind of saving targets are coming from and where we kind of stand on that or where you expect the run rate and savings to maybe be exiting this year?

然後只是把貨車轉回 SG&A，我相信，在 COVID 之前的 Polaris 戰略討論了節省 9 億美元的運行率，而這個目標現在大約是 15 億美元。也許只是提醒我們增量儲蓄目標的來源以及我們對此的立場，或者您預計今年的運行率和儲蓄可能會出現在哪裡？

Yes. Thank you. And so it's sort of laid out on our Slide 11 on the web slide, but I'll just sort of talk through it. You're right, the initial Polaris savings that we discussed, going back in February, included an SG&A savings of about $900 million, $600 million on margins. And then coming out of the COVID, at least coming out of part of COVID through June, we had the additional reduction in force. That contributed another annualized $600 million of potential SG&A savings. And this is all through 2022. So this is our 2022 run rate savings.

是的。謝謝你。因此，它在我們的網絡幻燈片上的幻燈片 11 中進行了佈局，但我將通過它進行討論。沒錯，我們在 2 月份討論過的最初的 Polaris 節省包括約 9 億美元的 SG&A 節省，以及 6 億美元的利潤。然後從 COVID 中出來，至少在 6 月份從部分 COVID 中出來，我們的力量進一步減少。這又貢獻了每年 6 億美元的潛在 SG&A 節省。這一直到 2022 年。所以這是我們 2022 年的運行率節省。

But the big components of that $1.5 billion is really coming from the ability to leverage our marketing spend as we drive long-term sales growth reductions in the supply chain, mainly through efficiencies, by going maybe more to a centralized fulfillment environment, by streamlining the team that I talked about. A portion of it is coming from stores. Again, it's about being a smaller company, being able to leverage our -- or flex dollars more efficiently. And then, there's a big category of corporate, which is really the reductions that we took in our corporate and management team since February. And so that's the high-level breakdown of that $1.5 billion. And we are intensely focused, as you can imagine, continuing our aggressive expense discipline and ensuring that we are looking at every dollar for its potential to return above-the-dollar investment and spend that we're making. And so we -- as we think about it, Jeff said, about our -- one of our Polaris strategy focus will be now setting up -- continuing to reset our cost base. That is the way in which we are approaching our SG&A spend over the next couple of years.

但是，這 15 億美元的主要組成部分實際上來自於利用我們的營銷支出的能力，因為我們主要通過提高效率、可能更多地轉向集中的履行環境、簡化供應鏈來推動供應鏈中的長期銷售增長減少。我談到的團隊。其中一部分來自商店。同樣，它是關於成為一家規模較小的公司，能夠利用我們的 - 或者更有效地利用美元。然後，還有一大類公司，這實際上是我們自二月份以來對公司和管理團隊進行的裁員。這就是這 15 億美元的高層次細分。正如您可以想像的那樣，我們非常專注於繼續我們積極的支出紀律，並確保我們關注每一美元，以尋找其回報高於美元的投資和支出的潛力。因此，傑夫說，當我們考慮到這一點時，關於我們的北極星戰略重點之一現在將建立——繼續重置我們的成本基礎。這就是我們在未來幾年內處理 SG&A 支出的方式。

And now we take our next question from Bob Drbul from Guggenheim.

現在我們從古根海姆的 Bob Drbul 那裡提出下一個問題。

Just a question on mix, really. Good-better-best and I guess you think about trends of the customer around good, better and best in your stores. But I'm also curious, just in terms of receipts of your planning and penetration of private branded merchandise versus national branded merchandise in apparel and just sort of where that is and the commitments that you've made and how you think that plays out in the back half of the year would be very helpful.

只是一個關於混合的問題，真的。好-更好-最好，我猜你會考慮顧客在你的商店裡的好、更好和最好的趨勢。但我也很好奇，僅就您在服裝領域的計劃和滲透率而言，私人品牌商品與國家品牌商品的對比，以及您所做的承諾以及您認為如何在服裝中發揮作用的收據今年下半年將非常有幫助。

Bob, so the mix question, I think that it really is -- you think about from kind of off-price to luxury. So that obviously is our sweet spot. So we have Backstage going out the door at about $12, and Bloomingdale's is going out the door at about $90. And so you've got the Macy's brand in the middle with about $35. And the outlet is going out, Bloomingdale's outlet is going on at about $33. Those are the AURs. And we can -- depending on category, there's differences when you look at the category mix in between those 4 banner brands. So lots of opportunity for us to play with that based on where the customer demand is. And we've gone into some detail and through the course of this call about new categories that are emerging, how we're responding to that, how we're getting that to the customer through either Vendor Direct or through own categories, in-store or online. So we will continue that.

鮑勃，所以混合問題，我認為它確實是 - 你認為從某種折扣到奢侈品。所以這顯然是我們的最佳選擇。所以我們的 Backstage 售價約為 12 美元，而 Bloomingdale's 的售價約為 90 美元。因此，您以大約 35 美元的價格獲得了梅西百貨的品牌。並且該出口即將停產，Bloomingdale 的出口價格約為 33 美元。這些是 AUR。我們可以 - 根據類別，當您查看這 4 個橫幅品牌之間的類別組合時會有所不同。因此，我們有很多機會根據客戶需求來進行遊戲。在本次電話會議的過程中，我們已經詳細介紹了一些正在出現的新類別，我們如何應對，我們如何通過 Vendor Direct 或通過自己的類別將其提供給客戶，在-商店或網上。所以我們將繼續這樣做。

Your question about private brands, it's the first one that's come up, is we're deeply committed to continuing with our journey of getting private brand to about 25% of our total business. And we've been really working on our sourcing model to ensure that working with -- making sure the lead times are dramatically shorter, really working with digitization and turning more of the responsibility over to factory, have fewer factories, sharing fabrics, consolidating brands, adding new brands. So very happy with the progress the team is making. Obviously, when you look at private brands, much of that is really the base of our apparel business. So happy with some of the early reads we're getting with the work that the team has been doing on that. So we're committed on continuing to drive exclusive brand content through our private brands. So that's definitely our journey.

您關於自有品牌的問題是第一個提出的問題，我們是否堅定地致力於繼續我們的旅程，使自有品牌占我們總業務的 25% 左右。我們一直在努力研究我們的採購模式，以確保與 - 確保交貨時間大大縮短，真正實現數字化並將更多責任移交給工廠，減少工廠，共享面料，整合品牌，添加新品牌。對團隊取得的進展非常滿意。顯然，當您查看自有品牌時，其中大部分確實是我們服裝業務的基礎。對於團隊一直在做的工作，我們對一些早期的閱讀感到非常滿意。因此，我們致力於繼續通過我們的自有品牌推動獨家品牌內容。所以這絕對是我們的旅程。

And now we'll take our next question from Jay Sole from UBS.

現在我們將向瑞銀的 Jay Sole 提出我們的下一個問題。

Jeff, I just want to ask you about your comments that the holiday season could happen a little bit earlier this year and trying to maybe shift some of the sales demand. Can you just talk about your confidence in being able to do that and sort of what are some of the tools you might be able to use to make that happen?

傑夫，我只是想問你關於今年假期可能會提前一點的評論，並試圖改變一些銷售需求。您能否談談您對能夠做到這一點的信心，以及您可以使用哪些工具來實現這一目標？

Yes, it's a great question, Jay. Because in the past, it's hard to look at a model in the past where you would say that the holiday demand is going to move in between the goalposts of Thanksgiving and Christmas Day. I think this year is going to be different.

是的，這是一個很好的問題，傑。因為在過去，很難看到過去的模型，你會說假期需求將在感恩節和聖誕節的球門柱之間移動。我認為今年會有所不同。

And so we have lots of opportunities with values. And so look, we have certainly seen through that our customers always respond to great values. They respond to great brands at great values. And so we know how to do that. We -- the kind of trial run for us is always kind of Black Friday in July. So we're always using that as kind of a dress rehearsal to look at what customers respond to and try and put on the holiday factor and sell-through on top of that.

所以我們有很多有價值的機會。所以看，我們當然已經看穿了我們的客戶總是對偉大的價值觀做出反應。他們以巨大的價值回應偉大的品牌。所以我們知道如何做到這一點。我們——對我們來說，試運行總是七月的黑色星期五。因此，我們總是將其用作一種彩排，以了解客戶的反應，並嘗試在此基礎上加上假期因素和銷售。

So we've looked at the entire promotional calendar, really from before Halloween, all the way through the month of November through Black Friday. And obviously, Cyber Monday into the last 10 days before Christmas. So we're anticipating that there's going to be customer concern for health and safety during those compressed periods, Black Friday and the 10 days before Christmas.

因此，我們查看了整個促銷日曆，從萬聖節之前一直到 11 月一直到黑色星期五。顯然，網絡星期一進入聖誕節前的最後 10 天。因此，我們預計在黑色星期五和聖誕節前的 10 天這些壓縮期間，客戶會擔心健康和安全。

And so looking at what that demand might look like, what then happens to the digital demand and what happens within sales that you're going to need to spread differently and what is the offering and the events that are going to help you do that. And also hearing our competitors also talk about that, and so I think that it's definitely out there and the opportunities for consumers to hear all of the competitive cycle, talking about the opportunities to get great gifts at great values in time, to have it shipped comfortably and safely by the time of either Hanukkah or Christmas. And there are other holidays, but those are the 2 main ones.

因此，看看這種需求可能是什麼樣子，然後數字需求會發生什麼，以及您需要以不同方式傳播的銷售中發生了什麼，以及將幫助您做到這一點的產品和事件。並且聽到我們的競爭對手也在談論這一點，所以我認為它肯定就在那裡，消費者有機會聽到所有的競爭週期，談論及時以超值獲得優質禮物的機會，並將其運送在光明節或聖誕節期間舒適安全。還有其他假期，但這是兩個主要的假期。

So I think this year is going to be different. But the base of your question is, in the past, historically, we have not seen the opportunity to move demand earlier than Thanksgiving for a holiday purchase. But I believe this year is the year that it will happen.

所以我認為今年會有所不同。但你的問題的基礎是，在過去，從歷史上看，我們沒有看到在感恩節之前推動需求的機會，以進行假日購買。但我相信今年是它會發生的一年。

Got it. And then, it's sort of like some of the efforts that you guys contemplated in the guidance that you've given for gross margin in the back half?

知道了。然後，這有點像你們在為後半部分的毛利率提供的指導中考慮的一些努力？

Correct. It's all baked into that. So I feel comfortable. We're taking a conservative stance on that. And -- but I believe we are -- we're in the ballpark right now.

正確的。這一切都被烤熟了。所以我覺得很舒服。我們對此持保守立場。而且 - 但我相信我們是 - 我們現在就在球場上。

It appears there are no further questions at this time.

目前似乎沒有其他問題。

Mr. McGuire, I'd like to turn the conference back to you for any additional or closing remarks.

McGuire 先生，我想將會議轉回給您，以獲取任何補充或閉幕詞。

I just want to say -- I just want to say to everybody, thank you for your attention as we went through a long description of how we're -- what we're up to and appreciate everybody's interest in the Macy's and Bloomingdale's and Bluemercury brands. Everybody, have a great day.

我只想說——我只想對大家說，感謝你們的關注，因為我們詳細描述了我們的現狀——我們正在做什麼，感謝大家對梅西百貨和布魯明戴爾百貨的興趣藍汞品牌。大家，有一個美好的一天。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。