梅西百貨 (M) 2020 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Macy's, Inc.

大家早上好，歡迎來到梅西百貨公司。

First Quarter 2020 Earnings Call.

2020 年第一季度財報電話會議。

Today's hour-long conference is being recorded.

今天長達一小時的會議正在錄製中。

I'd now like to turn the call over to Mr. Mike McGuire, Head of Investor Relations.

我現在想將電話轉給投資者關係主管 Mike McGuire 先生。

Please go ahead, sir.

請繼續，先生。

Thank you, Alan.

謝謝你，艾倫。

Good morning, everyone, and thanks for joining us on this conference call to discuss our first quarter 2020 results.

大家早上好，感謝您參加這次電話會議，討論我們 2020 年第一季度的業績。

With me on the call today are Jeff Gennette, our Chairman and CEO; and Felicia Williams, our interim CFO.

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 and Felicia have several prepared remarks to share, after which we'll host a question-and-answer session.

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。

Given the time constraints and the number of people who want to participate, we ask that you please limit your questions to 1 with a quick follow-up.

鑑於時間限制和想要參與的人數，我們要求您將問題限制在 1 個，并快速跟進。

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

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

The presentation summarizes the information in our prepared remarks as well as some additional facts and figures regarding our operating performance.

該演示文稿總結了我們準備好的評論中的信息以及有關我們運營績效的一些其他事實和數據。

I do have one housekeeping item to share.

我確實有一件家務用品要分享。

We'll be releasing our second quarter results and hosting the associated earnings call on Wednesday, September 2, before market open.

我們將在 9 月 2 日星期三市場開盤前發布第二季度業績並主持相關的財報電話會議。

This is a couple of weeks later than our typical day, and that is due mainly to the delayed timing of this current call.

這比我們通常的日子晚了幾週，這主要是由於當前通話的時間延遲。

At that time, we'll be providing an update to our Polaris strategy in addition to the second quarter earnings report, so please mark the calendar.

屆時，除了第二季度收益報告外，我們還將提供 Polaris 戰略的更新，因此請在日曆上註明。

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

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

These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions mentioned today.

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

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

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.

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。

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.

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.

提醒一下，今天的電話會議正在我們的網站上進行網絡直播。

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

本次通話結束後大約 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, and good morning, everyone, and thank you for joining us.

謝謝，邁克，大家早上好，感謝您加入我們。

So I want to start by briefly touching on the restructuring that we announced last week, and I'll give you an update about what we're seeing in the business as our stores reopen.

因此，我想首先簡要介紹一下我們上周宣布的重組，然後我將向您介紹我們在商店重新開業時在業務中看到的最新情況。

Felicia will walk you through our final first quarter results, and I will give you a quick update on the Polaris strategy, and then we're going to open up the line for your questions.

Felicia 將向您介紹我們第一季度的最終結果，我將為您提供有關 Polaris 戰略的快速更新，然後我們將為您提出問題。

As you know from our previous communication, COVID-19 significantly impacted Macy's as our stores were closed from March 18 through May 4. As we reopened stores, sales started out strongly than we initially modeled.

正如您從我們之前的溝通中知道的那樣，由於我們的商店於 3 月 18 日至 5 月 4 日關閉，因此 COVID-19 對梅西百貨產生了重大影響。當我們重新開店時，銷售開始時比我們最初建模的要強勁。

However, with the recent COVID development, we do anticipate a gradual recovery now that most stores are opened.

但是，隨著最近 COVID 的發展，我們確實預計隨著大多數商店的開業，會逐漸復蘇。

Macy's, Inc.

梅西百貨公司

will be a smaller, more leveraged company for the foreseeable future.

在可預見的未來，它將成為一家規模更小、槓桿率更高的公司。

We have taken a series of actions over the past 3 months to get the company on a stable financial base.

在過去的 3 個月裡，我們採取了一系列行動，使公司擁有穩定的財務基礎。

We cut our weekly cash burn rate, including significantly reducing payroll through the furlough process.

我們降低了每週的現金消耗率，包括通過休假流程顯著減少工資單。

Can you guys hear me?

你們能聽到我嗎？

We can hear you now, Jeff.

我們現在可以聽到你的聲音了，傑夫。

Okay.

好的。

Great.

偉大的。

Did you hear, Felicia, from the beginning?

費利西亞，你從一開始就听到了嗎？

Yes.

是的。

We've got at the furlough process.

我們已經進入休假程序。

Okay, great.

好，太棒了。

I apologize guys.

我向你們道歉。

So we cut our weekly cash burn rate, significantly reducing payroll during the furlough process.

因此，我們降低了每週的現金消耗率，在休假過程中顯著減少了工資單。

We refinance for liquidity that gives us the flexibility we need to navigate through the next several years.

我們為流動性進行再融資，這為我們提供了在未來幾年中導航所需的靈活性。

And last week, we took the painful but necessary actions to align our cost base with anticipated sales.

上週，我們採取了痛苦但必要的行動，使我們的成本基礎與預期銷售額保持一致。

This included reducing our corporate and support head count by approximately 4,000 colleges as well as reductions in staffing levels across the stores, customer service and supply chain network.

這包括減少大約 4,000 所大學的企業和支持人員人數，以及減少商店、客戶服務和供應鍊網絡的人員配備水平。

I want to express my deep gratitude to the departing colleagues for their service and their many contributions to Macy's, Inc.

我要對即將離任的同事表示深深的感謝，感謝他們的服務以及他們對梅西百貨公司的許多貢獻。

We said goodbye to some real strong retail talent.

我們告別了一些真正強大的零售人才。

Beginning next week, we welcome back most of our remaining furloughed colleagues.

從下週開始，我們歡迎大部分剩餘的休假同事回來。

It's been a tough few months for our organization, but I am glad that we have a culture of resiliency, and I know that our colleagues will come back together to support the business recovery.

對於我們的組織來說，這幾個月是艱難的，但我很高興我們有一種彈性文化，而且我知道我們的同事將齊心協力支持業務復甦。

So Felicia is going to take you through the details of the first quarter.

因此，Felicia 將帶您了解第一季度的詳細信息。

And as we are now well into the second quarter, I want to give you a sense of how business is looking.

由於我們現在已經進入第二季度，我想讓您了解業務的發展情況。

Nearly all of our stores reopened.

我們幾乎所有的商店都重新開業了。

In fact, only 6 Macy's brand stores remain closed.

事實上，只有 6 家梅西百貨品牌店仍然關閉。

As mentioned earlier, initial sales trends, as stores reopened, were stronger than we modeled with a few encouraging signs.

如前所述，隨著商店重新開業，最初的銷售趨勢比我們用一些令人鼓舞的跡像模擬的要強。

In most stores, we saw a steady, modest improvement in sales on a weekly basis.

在大多數商店中，我們看到每週的銷售額都有穩定、適度的增長。

Digital sales remain strong in each market as our stores reopened, and our customers were very happy to be back in our stores.

隨著我們的商店重新開業，每個市場的數字銷售都保持強勁，我們的客戶很高興回到我們的商店。

Both customers and colleagues have adapted to the new health and safety standards.

客戶和同事都已適應新的健康和安全標準。

So we felt momentum as we work through the second quarter, and we've seen this in Macy's, Bloomingdale's and Bluemercury brands.

因此，我們在第二季度的工作中感受到了動力，我們已經在梅西百貨、布魯明代爾和 Bluemercury 品牌中看到了這一點。

But I want to remind you that there is still a high degree of uncertainty in the market that causes us to take a conservative approach for the back half of the year, three things in particular that I will call out for you.

但我想提醒您，市場仍然存在高度的不確定性，導致我們對下半年採取保守的態度，特別是我會為您指出的三件事。

First, the COVID-19 pandemic is still in full swing in some parts of the country.

首先，COVID-19 大流行在該國某些地區仍如火如荼。

And while we do not expect another national shutdown, we do anticipate some regional impact as consumers are encouraged to stay home.

雖然我們預計不會再次全國關閉，但我們確實預計會產生一些區域影響，因為鼓勵消費者呆在家裡。

Most of our stores are currently on reduced hours and will remain flexible to meet demand.

我們的大多數商店目前都在減少營業時間，並將保持靈活性以滿足需求。

The health and safety of our colleagues and customers is our top priority, and we have a resurgent game plan in place that will guide us if we need to temporarily close a single store or a regional group of stores.

我們的同事和客戶的健康和安全是我們的首要任務，如果我們需要暫時關閉一家商店或一個區域性的商店集團，我們制定了一個複甦的遊戲計劃，它將指導我們。

I want to recognize our stores team for the incredible flexibility and resilience they've shown throughout this crisis.

我想感謝我們的門店團隊在這場危機中表現出的令人難以置信的靈活性和韌性。

I have a high degree of confidence in their ability to work through any future disruptions.

我對他們應對未來任何中斷的能力充滿信心。

Second, while our stores have reopened, many of the malls in which we operate are closed or may be reclosed in areas where COVID-19 -- with COVID-19 resurgence.

其次，雖然我們的商店已經重新開業，但我們經營的許多購物中心已經關閉，或者可能在 COVID-19 地區重新關閉——隨著 COVID-19 死灰復燃。

And in malls that are open, many of the other stores and services remain close.

在開放的商場中，許多其他商店和服務仍然關閉。

This does impact our store traffic.

這確實會影響我們的商店流量。

Third, we are seeing that our large urban and flagship stores are opening more slowly than the earlier stores.

第三，我們看到我們的大型城市和旗艦店的開業速度比早期的商店要慢。

There are 2 reasons for this: First, these stores are located in dense urban areas that were most affected by the pandemic; and second, the virtual disappearance of international tourism spending, which we do not expect to recover anytime soon.

這有兩個原因：第一，這些商店位於受疫情影響最嚴重的密集城市地區；第二，國際旅遊支出的虛擬消失，我們預計不會很快恢復。

So overall, our stores remained open -- reopened stronger than we modeled.

因此，總體而言，我們的商店仍然營業——重新開業的情況比我們想像的要強大。

The weekly improvement that we were seeing had started to model -- modulate.

我們看到的每週改進已經開始建模——調節。

Our stores are now running down about 35%.

我們的商店現在減少了大約 35%。

And based on where the pandemic may or may not go, we are taking a conservative view in pulling that trend through the back half of the year.

根據大流行可能會或可能不會去的地方，我們採取保守的觀點，將這一趨勢拉到今年下半年。

If trends improve, we will react aggressively to meet customer demand.

如果趨勢有所改善，我們將積極應對以滿足客戶需求。

Conversely, the digital half of our business has shown very strong performance, and we expect this to continue at a healthy double-digit growth rate through the back half of the year.

相反，我們業務的數字部分錶現出非常強勁的表現，我們預計這將在今年下半年繼續保持健康的兩位數增長率。

By all metrics, sales, traffic, conversion, mobile engagement and new customer acquisition, we're pleased with the results of our digital business.

從所有指標、銷售額、流量、轉化率、移動參與度和新客戶獲取來看，我們對數字業務的成果感到滿意。

And it's encouraging to see that the newly acquired customers coming into the brand through dot-com are younger and more diverse than our core customer.

令人鼓舞的是，通過 dot-com 進入該品牌的新客戶比我們的核心客戶更年輕、更多樣化。

We're working hard at strategies to retain these new customers and over time convert them to omnishoppers, which are our most valuable customers.

我們正在努力製定策略以留住這些新客戶，並隨著時間的推移將他們轉變為全能購物者，這是我們最有價值的客戶。

Beauty, furniture and soft home sales have been particularly strong online.

美容、家具和軟裝房屋的在線銷售尤其強勁。

And we're also seeing improvements across all areas of the business, including many pockets of ready to add.

而且我們還看到所有業務領域的改進，包括許多準備添加的口袋。

I also want to provide you a brief update on our dot-com organization.

我還想向您簡要介紹一下我們的 .com 組織。

As you recall, in February, we announced that we would be closing our San Francisco office and consolidating the digital team into our New York and Atlanta facilities.

您還記得，2 月份，我們宣布將關閉舊金山辦事處，並將數字團隊整合到我們的紐約和亞特蘭大工廠。

While everyone has been working remotely since mid-March, we have continued with the dot-com restructure and rebuild.

雖然自 3 月中旬以來每個人都在遠程工作，但我們仍在繼續進行 .com 的重組和重建。

We appointed a new Head of Digital in late March, Matt Baer, a strong leader with extensive retail e-commerce experience.

我們在 3 月下旬任命了一位新的數字主管 Matt Baer，他是一位擁有豐富零售電子商務經驗的強大領導者。

Matt has hit the ground running and has pulled together a very strong team that is a mix of experienced Macy's colleagues and new acquired talent.

馬特已經起步並組建了一支非常強大的團隊，該團隊由經驗豐富的梅西百貨同事和新獲得的人才組成。

So with that, I'm going to turn it over to Felicia to take you through the quarter and give you a sense of how we're looking at the remainder of the year.

因此，我將把它交給費利西亞，帶你度過這個季度，讓你了解我們對今年剩餘時間的看法。

Felicia?

費利西亞？

Okay.

好的。

Thank you, Jeff, and good morning, everyone.

謝謝你，傑夫，大家早上好。

As Jeff noted, we are reporting our full first quarter financial results, inclusive of impairments, which were included from our previously reported results.

正如傑夫所指出的，我們正在報告我們完整的第一季度財務業績，包括我們之前報告的業績中包含的減值。

I will touch on these impairment charges in just a moment.

我稍後會談到這些減值費用。

As previously discussed, the story of the first quarter was dictated by the COVID-19 pandemic.

如前所述，第一季度的故事是由 COVID-19 大流行決定的。

Its effects have been far reaching, and we will continue to feel its impact on our results for the foreseeable future.

它的影響深遠，在可預見的未來，我們將繼續感受到它對我們業績的影響。

To summarize the first quarter, we delivered sales of $3 billion, a decrease of 45.4% on an owned plus licensed comparable basis as our stores were closed from March 18 till the end of the quarter.

總結第一季度，我們實現了 30 億美元的銷售額，在自有和許可的可比基礎上下降了 45.4%，因為我們的商店從 3 月 18 日到本季度末都關閉了。

We generated credit revenue of $131 million, down 44% from last year.

我們創造了 1.31 億美元的信貸收入，比去年下降了 44%。

Gross margin was 17.1%, down more than 21 percentage points from last year and include an approximate $300 million inventory write-down primarily on fashion merchandise.

毛利率為 17.1%，比去年下降超過 21 個百分點，其中包括約 3 億美元的庫存減記，主要是時尚商品。

We recorded nearly $1.6 billion of SG&A expense in the quarter, an improvement of 24% from last year, given the store closures and our furlough of colleagues, but this is an increase of 15 percentage points on a rate basis compared to last year.

考慮到商店關閉和同事休假，本季度我們記錄了近 16 億美元的 SG&A 費用，比去年增長 24%，但與去年相比，這比去年增加了 15 個百分點。

We also recorded asset sale gains of $16 million in the quarter versus $43 million in the first quarter of 2019.

我們還在本季度錄得 1600 萬美元的資產出售收益，而 2019 年第一季度為 4300 萬美元。

Additionally, we recognized impairment and restructuring costs of more than $3.2 million, net interest expense of $47 million and a tax benefit of $576 million, representing an effective tax rate of 13.9%.

此外，我們確認了超過 320 萬美元的減值和重組成本、4700 萬美元的淨利息支出和 5.76 億美元的稅收優惠，有效稅率為 13.9%。

Summing it all up, we saw $630 million of adjusted net loss in the quarter versus income of $137 million last year.

總而言之，我們看到本季度調整後的淨虧損為 6.3 億美元，而去年的收入為 1.37 億美元。

Adjusted EPS was a loss of $2.03 in the quarter compared to income of $0.44 last year of which asset sale gains represented EPS of about $0.04 and $0.10, respectively.

本季度調整後的每股收益為 2.03 美元，而去年的收入為 0.44 美元，其中資產出售收益分別代表每股收益約 0.04 美元和 0.10 美元。

There are several items which I want to call your attention.

有幾項我想提請您注意。

First, let me briefly touch on the impairment charges we took in the first quarter.

首先，讓我簡要介紹一下我們在第一季度收取的減值費用。

As we said, the COVID-19 pandemic has impacted many aspects of our business, including causing a sustained decline in our market capitalization and requiring us to update our long-term financial projections.

正如我們所說，COVID-19 大流行影響了我們業務的許多方面，包括導致我們的市值持續下降，並要求我們更新我們的長期財務預測。

These impacts required us to cut for impairment our long-lived assets, goodwill and other indefinite lived intangible assets during the quarter.

這些影響要求我們在本季度削減長期資產、商譽和其他無限期無形資產的減值。

As a result of these tests, approximately $3.1 billion of goodwill impairment was recognized.

作為這些測試的結果，確認了大約 31 億美元的商譽減值。

The vast majority of the goodwill impairment related to our Macy's reporting units while the remainder was associated with our Bluemercury reporting unit.

絕大多數商譽減值與我們的梅西百貨報告單位有關，其餘與我們的 Bluemercury 報告單位有關。

In addition, we recognized approximately $80 million of long-lived asset impairment that was primarily related to the group of stores that we anticipate closing over the next couple of years.

此外，我們確認了大約 8000 萬美元的長期資產減值，這主要與我們預計在未來幾年內關閉的商店組有關。

Secondly, I want to remind you of the financial implications of the restructuring Jeff just discussed.

其次，我想提醒您 Jeff 剛剛討論的重組的財務影響。

As he shared, we expect the actions we took to better align our cost base with our anticipated near-term sales performance as the business recovers from the impact of the pandemic.

正如他所分享的那樣，隨著業務從大流行的影響中復蘇，我們預計我們採取的行動能夠使我們的成本基礎與我們預期的近期銷售業績更好地保持一致。

The savings we expect are related entirely to a reduction in head count, both in our corporate and management areas as well as in our stores, call centers and distribution operations.

我們預期的節省完全與減少員工人數有關，無論是在我們的企業和管理領域，還是在我們的商店、呼叫中心和分銷業務中。

If the business recovers to levels above our expectations, we will be in a position to layer in additional head count.

如果業務恢復到超出我們預期的水平，我們將能夠增加額外的員工人數。

But for the near term, we are planning these as permanent reductions to our cost base.

但在短期內，我們計劃將這些作為永久性降低我們的成本基礎。

As such, we are expecting expense savings of approximately $365 million this year and approximately $630 million on an annualized basis.

因此，我們預計今年將節省約 3.65 億美元的費用，按年計算約 6.3 億美元。

Additionally, we expect to incur approximately $180 million for these restructuring activities, largely related to severance, of which the majority will be in cash.

此外，我們預計這些重組活動將產生約 1.8 億美元，主要與遣散費有關，其中大部分將是現金。

These costs will be recorded as restructuring charges in the second quarter of this year.

這些費用將在今年第二季度記為重組費用。

In addition, the anticipated savings from this restructure will be additive to the $1.5 billion in annual expense savings we are targeting by year-end 2022 through our Polaris strategy.

此外，通過我們的 Polaris 戰略，預計到 2022 年底，我們將通過此次重組節省 15 億美元的年度費用。

Recall that at our Investor Day in February, we said that the rightsizing of the organization and expense base through Polaris would allow us to better balance top line and bottom line growth.

回想一下，在 2 月份的投資者日，我們曾說過通過 Polaris 調整組織規模和費用基礎將使我們能夠更好地平衡收入增長和利潤增長。

Accordingly, some of the targeted savings, which now total approximately $2.1 billion, will be taken to the bottom line, allowing us to stabilize and then grow our profitability.

因此，部分目標節省（現在總計約 21 億美元）將用於底線，使我們能夠穩定並提高盈利能力。

And some of the savings will be invested back into the business allowing us to drive growth through our strategic initiatives.

部分節省的資金將重新投入到業務中，使我們能夠通過我們的戰略舉措推動增長。

Lastly, we are benefiting from the CARES Act.

最後，我們從 CARES 法案中受益。

As you know, the act provides payroll tax credit for employee retention, deferral of payroll taxes and several income tax provisions, notably the allowance for carryback of certain operating losses.

如您所知，該法案為員工保留提供工資稅抵免、工資稅延期和一些所得稅條款，特別是某些經營虧損的結轉津貼。

Given the income tax impact we foresee from the CARES Act, our current annual effective tax rate estimate is between 35% and 38% and this excludes the impact of the impairment and restructuring charges.

鑑於我們從 CARES 法案中預見到的所得稅影響，我們目前的年度有效稅率估計在 35% 至 38% 之間，這不包括減值和重組費用的影響。

As you all recall, we withdrew our 2020 guidance in March as the COVID-19 pandemic really began to take hold.

大家都記得，隨著 COVID-19 大流行真正開始流行，我們在 3 月撤回了 2020 年指導。

Given that, we continue to operate in an unprecedented environment and that there remains many unknown and uncontrollable factors impacting consumer behavior and the resale landscape.

鑑於此，我們將繼續在前所未有的環境中運營，並且仍然存在許多影響消費者行為和轉售格局的未知和不可控因素。

We are not providing new guidance at this time.

我們目前不提供新的指導。

However, I would like to share some of our current thinking as it relates to the rest of the year.

但是，我想分享一些我們當前的想法，因為它與今年剩餘時間有關。

We have modeled and will continue to model various scenarios for the back half of the year.

我們已經建模並將繼續為下半年的各種場景建模。

Ultimately, we are taking a conservative approach to our forecasting.

最終，我們對預測採取了保守的方法。

While we are not planning for a severe lockdown, if COVID-19 were to recur in the fall, we are mindful of what we are already seeing in certain parts of the country.

雖然我們沒有計劃進行嚴重的封鎖，但如果 COVID-19 在秋季再次出現，我們會注意到我們在該國某些地區已經看到的情況。

As such, we have planned for an ongoing but slow recovery that may be impacted by regional flare-ups here and there.

因此，我們計劃進行持續但緩慢的複蘇，這可能會受到各地地區突發事件的影響。

And while we have been pleased with our stores performance as they have reopened, we remain cautious about unpredictable headwinds in the back half of the year.

雖然我們對門店重新開業時的表現感到滿意，但我們仍對下半年不可預測的逆風保持謹慎。

For example, our flagship at urban center stores, which have only recently reopened, are at higher risk for limitations on operations.

例如，我們在城市中心商店的旗艦店最近才重新開業，運營受限的風險較高。

And these doors are disproportionately impacted by the decline in international tourism that Jeff mentioned.

這些門受到傑夫提到的國際旅遊業下降的不成比例的影響。

We saw a 50 basis point drag on comp from the international tourism drop in the first quarter.

我們看到第一季度國際旅遊業的下滑拖累了 50 個基點。

And we are assuming no international tourism sales for the remainder of the year.

我們假設今年剩餘時間沒有國際旅遊銷售。

In 2019, international tourism accounted for just over 4% of our sales, so the impact is quite significant.

2019年，國際旅遊占我們銷售額的比例略高於4%，影響相當大。

Taking all of this into account, we expect our current performance to improve sequentially each quarter bearing in mind that the second quarter started off with no stores opened and did not have all stores fully open until the middle of the quarter.

考慮到所有這些因素，我們預計我們目前的業績將在每個季度連續改善，因為第二季度開始時沒有開店，並且直到本季度中期才讓所有門店全部開業。

In the second quarter, we expect roughly 6 to 7 percentage points of comp improvement over the first quarter with stores exiting the second quarter at approximately 35% down, as Jeff said.

正如 Jeff 所說，在第二季度，我們預計與第一季度相比，銷售額將提高大約 6 到 7 個百分點，第二季度商店的銷售額將下降約 35%。

Taking into account strong digital growth, we expect comps to culminate in the third and fourth quarter with the total company down in the low- to mid-20s range.

考慮到強勁的數字增長，我們預計公司將在第三季度和第四季度達到頂峰，總公司將下降到 20 年代中期至 20 年代中期。

This reflects significantly lower sales than we expected in the pre-pandemic 2020 scenario we shared with you in February.

這反映了我們在 2 月份與您分享的 2020 年大流行前情景中的預期銷售額大大低於我們的預期。

But these comps also reflect the resilience of our brands through this crisis and position us well for the future.

但這些組合也反映了我們品牌在這場危機中的複原力，並為我們的未來做好了準備。

We expect our digital business to continue to outperform.

我們預計我們的數字業務將繼續表現出色。

In the first quarter of this year, we saw digital sales penetration of approximately 43%, and we currently expect that our annual digital penetration will average in the mid-40s.

今年第一季度，我們看到數字銷售滲透率約為 43%，我們目前預計我們的年度數字滲透率將平均在 40 年代中期。

While we saw a low single-digit reduction in year-over-year digital sales in the first quarter, we expect a high teens increase in the fall season as customers continue to shift to online shopping as the pandemic continues.

雖然我們看到第一季度數字銷售額同比下降了個位數，但我們預計隨著大流行的繼續，客戶繼續轉向在線購物，秋季青少年人數將出現高增長。

As such, we are projecting a low- to mid-teens increase in full year digital sales.

因此，我們預計全年數字銷售額將出現低至十幾歲的增長。

The associated delivery cost from the mix shift toward digital are expected to further add to a slow recovery in gross margin despite expectations for merchandise margin to improve quarter-over-quarter.

儘管商品利潤率有望環比提高，但從混合向數字化轉變的相關交付成本預計將進一步加劇毛利率的緩慢復甦。

Our outlook on merchandise margin has improved from when we last spoke.

我們對商品利潤率的展望比我們上次發言時有所改善。

And as a result, we now expect gross margin to improve in the second quarter from first quarter levels, with improvement in each quarter thereafter.

因此，我們現在預計第二季度的毛利率將比第一季度的水平有所提高，此後每個季度都會有所改善。

We are well positioned from an inventory perspective for the back half of the year, and we plan to enter the third quarter in a clean inventory position.

從今年下半年的庫存角度來看，我們處於有利地位，我們計劃進入第三季度以清空庫存狀態。

We've been committed to clearing our spring seasonal inventory, and we've seen strong sell-throughs on our clearance merchandise.

我們一直致力於清理春季季節性庫存，並且我們的清倉商品銷售強勁。

So given all of the moving pieces, gross margin rate in the fall season are expected to be lower than fall last year by mid-single-digit percentage points.

因此，考慮到所有的變動因素，預計秋季的毛利率將比去年秋季低個位數的中位數百分點。

With regard to SG&A, even with our aggressive actions to slow our weekly cash burn rate in our recent restructuring measures, this year, we expect to see elevated levels of SG&A as a percent of our lower sales base.

關於 SG&A，即使我們在最近的重組措施中採取了積極的行動來減緩每週的現金消耗率，但今年我們預計 SG&A 水平在我們較低的銷售基數中所佔的百分比將有所上升。

For the fall season, this could be low- to mid single-digit percentage point higher than last year.

對於秋季，這可能比去年高出低到中個位數的百分點。

And to help you better think about interest expense, we are anticipating approximately $300 million for the year due to our secured debt financing and expected utilization of our new asset-backed facility.

為了幫助您更好地考慮利息費用，由於我們的擔保債務融資和預期利用我們新的資產支持工具，我們預計今年將有大約 3 億美元。

Finally, as previously discussed, we anticipate that income from our credit portfolio profit share will be negatively impacted by higher consumer bad debt trends, potential consumer credit tightening and the loss of benefit from the government stimulus ending in July.

最後，如前所述，我們預計來自信貸組合利潤份額的收入將受到更高的消費者壞賬趨勢、潛在的消費者信貸緊縮以及政府 7 月結束的刺激措施帶來的利益損失的負面影響。

The effect of the COVID-19 pandemic has had and will continue to have far reaching effects on our company and the retail environment overall.

COVID-19 大流行的影響已經並將繼續對我們公司和整個零售環境產生深遠的影響。

I am proud of the quick and decisive actions we have taken as a company to mitigate many of these challenges.

我為我們作為一家公司為緩解其中許多挑戰而採取的迅速而果斷的行動感到自豪。

We are taking a prudent approach for the remainder of the year.

在今年餘下的時間裡，我們將採取謹慎的態度。

And while we have positioned ourselves well to weather the pandemic, we anticipate that we'll continue to feel the impact of its continued headwind.

儘管我們已經做好了應對大流行的準備，但我們預計我們將繼續感受到其持續逆風的影響。

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.

謝謝你，費利西亞。

So before we open up the line for questions, I do want to give you a sense of how we're looking at the Polaris strategy that we announced in February, including what you can expect from us in a detailed update on September 2. So Polaris is the right strategy for us.

因此，在我們提出問題之前，我確實想讓您了解我們如何看待我們在 2 月宣布的 Polaris 戰略，包括您在 9 月 2 日的詳細更新中對我們的期望。所以Polaris 對我們來說是正確的策略。

But the COVID-19 pandemic intensified and accelerated customer behavior shifts that we're already underway, and the sales impact has caused us to rethink where best to invest our resources.

但是，COVID-19 大流行加劇並加速了我們已經在進行的客戶行為轉變，而對銷售的影響使我們重新思考在哪裡最好地投資我們的資源。

So there are parts of the strategy in Polaris that we will likely accelerate, so we will accelerate.

因此，Polaris 戰略的某些部分我們可能會加速，所以我們會加速。

So digital is certainly top of the list, personalization, having a very flexible and efficient supply chain.

因此，數字化當然是最重要的，個性化，擁有非常靈活和高效的供應鏈。

There's parts of the strategy that we will continue but perhaps refocus tactics like loyalty.

我們將繼續執行部分戰略，但可能會重新關注忠誠度等策略。

We launched loyalty 3.0 in February as well as our merchandise category roles.

我們在 2 月份推出了忠誠度 3.0 以及我們的商品類別角色。

And there are parts of the strategy that we will pause, including our plans to expand off-mall and new formats.

我們將暫停部分戰略，包括我們擴大非商場和新形式的計劃。

We'll give you all these details in our second quarter earnings call again on September 2.

我們將在 9 月 2 日的第二季度財報電話會議上再次向您提供所有這些細節。

So in closing, Macy's, Inc.

所以最後，梅西百貨公司。

and Macy's and Bloomingdale's brand have a long history and have weathered many crisis.

而梅西百貨和Bloomingdale's品牌歷史悠久，歷經多次危機。

Spring 2020 will certainly go down as one of the most challenging seasons in our company's history, but along with this challenge funds opportunity.

2020 年春季肯定會成為我們公司歷史上最具挑戰性的季節之一，但伴隨著這一挑戰，我們將迎來機遇。

We've known for some time that the U.S. is over retailed.

我們已經知道美國已經過度零售了一段時間。

And as we see the competitive landscape shift, we know that there is opportunity for us to pick up market share.

當我們看到競爭格局發生變化時，我們知道我們有機會獲得市場份額。

And with the action that we've taken over the past few months, particularly the refinancing and last week's organizational restructure, we're ready to compete.

隨著我們在過去幾個月採取的行動，特別是再融資和上週的組織重組，我們已準備好競爭。

And with that, we're going to open up the line for your questions.

有了這個，我們將為您的問題打開線路。

Thank you in advance.

先感謝您。

(Operator Instructions) We'll take our first caller, Matthew Boss with JPMorgan.

（操作員說明）我們將接聽摩根大通的第一個來電者 Matthew Boss。

So Jeff, maybe relative to the negative 35% comps at brick-and-mortar that you're seeing today, what's the range between your top 150 doors relative to maybe the neighborhood stores?

所以傑夫，也許相對於你今天看到的實體店 35% 的負數，你的前 150 家門店與附近的商店之間的差距是多少？

And is it your mall-based and tourist flagship locations that's leading you to hold the negative 35% store comps for the back half of the year at this time?

是不是你的購物中心和旅遊旗艦店導致你在這個時候在今年下半年持有 35% 的負商店收益？

Yes.

是的。

Thanks, Matt.

謝謝，馬特。

So I'd just, first off say, that the situation is really fluid.

所以我只想說，情況真的很不穩定。

And it changes day by day.

而且每天都在變化。

Most recently, as an example of that, when you look at kind of our stores in Texas, Arizona and Florida.

最近，作為一個例子，當您查看我們在德克薩斯州、亞利桑那州和佛羅里達州的商店時。

So based on kind of the COVID surge in those particular states, we've seen a noticeably worse trend in brick-and-mortar in those states versus where we started and what we were gradually getting better to.

因此，基於這些特定州的 COVID 激增，我們看到這些州的實體店趨勢明顯比我們開始的地方以及我們逐漸變得更好的地方更糟糕。

Conversely, in those particular states, the dot-com business is improving.

相反，在那些特定的州，互聯網業務正在改善。

So -- but in aggregate, to your question, I see a couple of things happen.

所以——但總的來說，對於你的問題，我看到有幾件事發生了。

So first off, there's regional differences in just kind of the performance of our stores.

所以首先，我們商店的表現存在地區差異。

So the heartland is the strongest.

所以心臟地帶是最強的。

The coasts are that were most affected by the pandemic are the ones that are coming back more slowly.

受大流行影響最大的海岸是恢復速度較慢的海岸。

And to your question about kind of mall grades, what's interesting about this versus previous times is that our neighborhood stores are performing their best.

對於您關於購物中心等級的問題，與以前相比，有趣的是我們的鄰里商店表現最好。

So that's -- you would expect some of that because they are not as traffic as some of our more popular magnet or flagship stores.

所以這就是 - 你會期待其中的一些，因為它們不像我們一些更受歡迎的磁鐵或旗艦店那樣流量。

So when you think about social distancing, communities have been very focused on those neighborhood stores for years.

因此，當您考慮保持社交距離時，社區多年來一直非常關注這些社區商店。

They go there for basics.

他們去那裡是為了基礎知識。

And it's just a comfortable place for them to shop versus in the past where they would take some of their shopping trips and go into regional malls.

與過去他們會進行一些購物旅行並進入區域購物中心相比，這只是他們購物的舒適場所。

So when you look at kind of the magnet or the flagships, these -- many of these stores have reopened, certainly, but many of the services, particularly restaurants, theaters, entertainment, some specialty within those magnet and malls have not reopened.

因此，當您查看磁石或旗艦店的種類時，這些——當然，其中許多商店已經重新開業，但許多服務，特別是餐館、劇院、娛樂場所、這些磁石和購物中心中的一些特色菜還沒有重新開業。

So that's affecting some traffic.

所以這會影響一些流量。

And when you look at the magnets and you look at the flagship, that's where the tourism business is really being done, both domestic, which is definitely curtailed as well as international tourism, which has disappeared.

當你看到磁鐵和旗艦時，這就是旅遊業務真正在做的地方，無論是國內旅遊，還是已經消失的國際旅遊。

So when those things -- I would tell you that the short-term effect on some of these magnets and flagships is on the lower side of the recovery, but we still have huge faith in these malls over the longer term.

所以當這些事情——我會告訴你，對其中一些磁鐵和旗艦店的短期影響處於復甦的低端，但從長遠來看，我們仍然對這些購物中心充滿信心。

And as we mentioned, if store trends improve, we are ready to react to it very quickly.

正如我們所提到的，如果商店趨勢有所改善，我們已準備好迅速做出反應。

We're taking a conservative view in terms of how we're funding our resources.

在我們如何為我們的資源提供資金方面，我們採取了保守的觀點。

At the moment, businesses shift and change, we're on top of it.

目前，業務發生變化和變化，我們處於領先地位。

So that's in either direction.

所以這是兩個方向。

But I'm very hopeful that it will be better than the down 35%, but we wanted to take a prudent approach to how we expense the business in our planning.

但我非常希望它會好於下降的 35%，但我們希望採取謹慎的方法來處理我們在計劃中如何花費業務。

So we're staying flexible to what we learn every day.

因此，我們對每天學習的內容保持靈活。

Great.

偉大的。

That makes sense.

那講得通。

And then maybe just a follow-up on gross margin.

然後也許只是毛利率的後續行動。

So if inventory is realigned to demand exiting the second quarter and top line trends stabilized by late 2021 or I think you said maybe even into 2022, I guess, what's a reasonable time line to target for gross margin to get back to where we entered the pandemic?

因此，如果庫存重新調整以適應第二季度退出的需求，並且到 2021 年底收入趨勢穩定，或者我認為你說的甚至可能到 2022 年，我想，將毛利率恢復到我們進入的地方的合理時間線是什麼？大流行？

Meaning, I think 2019, you were 38.2% gross margin.

意思是，我認為 2019 年的毛利率為 38.2%。

How long would it take to get back to a gross margin similar to what we saw before the pandemic in your view?

在您看來，要恢復到與我們在大流行之前看到的相似的毛利率需要多長時間？

Felicia, do you want to take that one?

費利西亞，你想拿那個嗎？

Yes.

是的。

Matthew, it's nice to meet you virtually.

馬修，很高興在網上認識你。

And so I -- we have just discussed because we are modeling a slow recovery, we've talked about the fact that we may not get back to our normal environment until the end of '21, possibly entering in 2022.

所以我 - 我們剛剛討論過，因為我們正在模擬緩慢的複蘇，我們已經談到了這樣一個事實，即我們可能要到 21 年底才能恢復正常環境，可能要到 2022 年。

And as you can imagine, modeling and to getting beyond the current year is very difficult, given the headlines that I outlined earlier.

正如你可以想像的那樣，鑑於我之前概述的頭條新聞，建模和超越今年是非常困難的。

And so I wouldn't -- I can't tell you precisely when we could get back to that 38.2% level.

所以我不會——我不能準確地告訴你我們什麼時候才能回到那個 38.2% 的水平。

But I can tell you that reiterating that for Q2 gross margin, we are expecting to improve relative to Q1 and then get sequentially better thereafter for Q3 and Q4.

但我可以告訴你，重申第二季度的毛利率，我們預計將相對於第一季度有所改善，然後在第三季度和第四季度依次得到改善。

It's just too soon for us to give you any definitive projection beyond the fall of this year.

對於我們來說，在今年秋季之後給你任何明確的預測還為時過早。

And Matt, what I'd add to that is that we'll give you an update on this -- on gross margin on our Q2 call.

馬特，我要補充的是，我們會在第二季度電話會議上向您提供有關這方面的最新信息 - 關於毛利率。

But obviously, the penetration of digital has certainly increased the penetration of our total business.

但顯然，數字化的滲透無疑增加了我們整個業務的滲透率。

And so we're -- we've got lots of strategies about how we cover that.

所以我們 - 我們有很多關於我們如何覆蓋它的策略。

But we certainly have lines of sight on historical gross margin levels, and we're very committed to getting back there.

但我們當然對歷史毛利率水平有一定的了解，我們非常致力於回到那裡。

Next, we'll go to Oliver Chen with Cowen.

接下來，我們將和 Cowen 一起去 Oliver Chen。

The merchandise margin momentum was encouraging.

商品利潤率勢頭令人鼓舞。

What was driving that?

那是什麼驅動的？

And what are your thoughts for inventory planning as we think about 3Q and 4Q?

當我們考慮 3Q 和 4Q 時，您對庫存計劃有何看法？

And what you're planning in your scenario analysis as well as you monitor the promotional environment at competitors?

您在情景分析以及監控競爭對手的促銷環境中計劃了什麼？

Oliver, yes, our merchandise margins improved in the second quarter.

奧利弗，是的，我們的商品利潤率在第二季度有所提高。

We're seeing improvement in selling of our -- in the sell-throughs of our clearance merchandise in our Last Act category.

我們看到我們在最後一幕類別中清倉商品的銷售情況有所改善。

If you recall, Oliver, in the first quarter, we took a $300 million write-down on inventory primarily related to fashion merchandise.

如果你還記得，奧利弗，在第一季度，我們對主要與時尚商品相關的庫存進行了 3 億美元的減記。

We reversed that as we go into the second quarter to allow our normal pricing and promotional activity to occur.

當我們進入第二季度時，我們扭轉了這一點，以允許我們進行正常的定價和促銷活動。

And so we have been pleased with the sell-through of the clearance merchandise, which really drove the improvement in our merchandise margins.

因此，我們對清倉商品的銷售感到滿意，這確實推動了我們商品利潤率的提高。

Once we enter the back half of the year, we are really confident that our cost to sales ratio will be in line in the back half of the year and with our inventory down, in line with expectations.

一旦我們進入下半年，我們非常有信心我們的成本與銷售比率將在今年下半年保持一致，並且我們的庫存下降，符合預期。

I'm sorry, I'm getting a lot of feedback, sorry.

對不起，我收到了很多反饋，對不起。

We have appropriate receipt levels in line with our fashion expectations.

我們有符合我們時尚預期的適當收貨水平。

And so we really expect to enter the third quarter with clean inventories and newness and freshness for the customers.

因此，我們真的希望進入第三季度，為客戶帶來乾淨的庫存和新鮮感。

For, Jeff, regarding the consumer environment and the evolving stimulus payments as well and as you monitor unemployment, what are some factors that you're looking at in terms of what's in control with you planning your business?

對於，傑夫，關於消費者環境和不斷變化的刺激支付以及在您監控失業情況時，您正在考慮哪些因素來控制您規劃您的業務？

And how much this stimulus may have helped in the near term?

這種刺激措施在短期內可能有多大幫助？

So I think as Felicia said in her comments, when you look at the stimulus checks, and we certainly think that, that helped our business, both online as well as in our stores as they reopened.

因此，我認為正如費利西亞在她的評論中所說，當您查看刺激檢查時，我們當然認為這對我們的業務有所幫助，無論是在網上還是在我們商店重新開業時。

So we're watching that carefully.

所以我們正在仔細觀察。

We're obviously watching the unemployment rates carefully.

我們顯然正在仔細觀察失業率。

We're watching all the customer behavior.

我們正在關注所有客戶的行為。

I think one of the encouraging things about what's happened to our business during COVID is the amount of new customers that are coming into our brands, and so you particularly see it online.

我認為在 COVID 期間我們的業務發生的令人鼓舞的事情之一是進入我們品牌的新客戶的數量，所以你特別會在網上看到它。

And what we're seeing is a younger, a more diverse and a customer that has slightly lower income than our core customer.

我們看到的是一個比我們的核心客戶更年輕、更多樣化和收入略低的客戶。

So our big opportunity is how do we hold on to those customers beyond that first transaction, how do we get them to be an omnichannel customer over time.

因此，我們最大的機會是我們如何在第一次交易之後留住這些客戶，我們如何讓他們隨著時間的推移成為全渠道客戶。

And so we're very focused through our marketing and personalization technique to see that behavior.

所以我們非常專注於通過我們的營銷和個性化技術來觀察這種行為。

We'll take our next question from Chuck Grom with Gordon Haskett.

我們將回答 Chuck Grom 和 Gordon Haskett 的下一個問題。

Jeff, just wondering if you could elaborate on your comments that the recent flare-ups, I believe, in probably Arizona and Florida, Texas has impacted traffic.

傑夫，只是想知道您是否可以詳細說明您的評論，我相信最近的突發事件可能在德克薩斯州的亞利桑那州和佛羅里達州影響了交通。

Just wondering if you could just speak to that a little bit.

只是想知道你是否可以稍微談談。

Yes.

是的。

So what I'd say, Chuck, is that there's really 2 weeks since Governor Abbott made the comment about it being safe to stay inside.

所以我想說的是，查克，距離阿博特州長發表關於留在室內安全的評論真的有兩週了。

We definitely say Texas was one of the first markets that we reopened.

我們肯定地說德克薩斯是我們重新開放的首批市場之一。

So when we opened on May 4, Texas was that first state that we really saw widespread.

因此，當我們在 5 月 4 日開業時，德克薩斯州是我們真正看到的第一個廣泛傳播的州。

We were open before most of the malls, but we were right there when the state was reopened.

我們在大多數購物中心之前就營業了，但是當該州重新開放時，我們就在那裡。

And as you heard us comment in previous calls, actually on your fireside chat, what we commented on was that where we expected it to be at a low level, it actually came at down 50%.

正如您在之前的電話中聽到我們的評論，實際上是在您的爐邊聊天中，我們評論的是，我們預計它會處於較低水平，但實際上下降了 50%。

And based on what we were seeing in Texas and Georgia, which were really the 2 states that we opened first, that we saw like a 3 to 5-point sequential improvement in that trend each week.

根據我們在得克薩斯州和喬治亞州（這兩個州實際上是我們首先開放的兩個州）所看到的情況，我們看到該趨勢每週都有 3 到 5 個點的連續改善。

And that was humming along.

那一直在嗡嗡作響。

And then when you look at that 2 weeks ago when Governor Abbott made that comment, we saw about a 15-point drop in our Texas rate, our brick-and-mortar sales rate based on that.

然後，當您查看兩週前州長 Abbott 發表該評論時，我們看到我們的德克薩斯州利率下降了 15 個百分點，我們的實體銷售率以此為基礎。

Now it's modulated, it's coming back a little bit, but that's what we're watching carefully.

現在它被調製了，它又回來了一點，但這就是我們正在仔細觀察的。

It's just -- and you saw that the digital business went up.

只是 - 你看到數字業務上升了。

It didn't cover the full gap between that 15-point of where brick-and-mortar wasn't, where it became, but it did cover some of it.

它並沒有涵蓋實體店不在的 15 點之間的全部差距，但它確實涵蓋了其中的一部分。

So that's what we're watching carefully, to see where the pandemic is going.

所以這就是我們正在仔細觀察的，看看大流行的走向。

And while we're not -- I think we're not anticipating a national shutdown, but we do expect regional flare-ups that we don't know fully where they're going to go yet.

雖然我們不是 - 我認為我們並不期待全國關閉，但我們確實預計我們還不完全知道它們會去哪裡的區域性爆發。

Okay.

好的。

Excellent.

出色的。

That's helpful.

這很有幫助。

And then on the digital front, you spoke to the style of this question, but obviously, getting some new customers into the Macy's brand.

然後在數字方面，你談到了這個問題的風格，但很明顯，讓一些新客戶進入了梅西的品牌。

I'm curious what steps you're taking today to try to convert them to permanent members to Macy's?

我很好奇你今天採取了哪些步驟來嘗試將他們轉變為梅西百貨的永久會員？

So when you look at all of our -- of what we're doing, we'll just talk about digital for a second because the -- because that's how they're really coming in is using the -- whatever they've bought.

因此，當您查看我們所有的 - 我們正在做的事情時，我們將只談一談數字化，因為 - 因為這就是他們真正進入的方式是使用 - 無論他們購買什麼.

We have personalization techniques about we're looking at other cohorts that behave like they do and what they purchase, and we're starting to see that content and emails, direct messaging to them.

我們有個性化技術，我們正在查看其他行為與他們相似的群體以及他們購買的東西，我們開始看到內容和電子郵件，直接向他們發送消息。

We're really focused on -- I think just our digital experience has gotten much better for all customers, and it's certainly more attractive to our new customers.

我們真正專注於——我認為我們的數字體驗對所有客戶來說都變得更好了，而且它對我們的新客戶肯定更具吸引力。

So if you look at the content of our PDP pages, if you look at our checkout operation has been better, our click-through rates have been better, our sell-through rates have been better.

因此，如果您查看我們 PDP 頁面的內容，如果您查看我們的結帳操作已經更好，我們的點擊率已經更好，我們的銷售率已經更好。

We're really focused on having more of a seamless checkout.

我們真正專注於實現更多無縫結賬。

We're clearly giving these customers and all of our core customers all the fulfillment options of an omnichannel retailer.

我們顯然正在為這些客戶和我們所有的核心客戶提供全渠道零售商的所有履行選項。

So right now, we're -- we -- in 2019, we had about 9% of our digital demand was being satisfied through BOPS and BOSS.

所以現在，我們 - 我們 - 在 2019 年，我們大約 9% 的數字需求是通過 BOPS 和 BOSS 得到滿足的。

That has gone up dramatically as a result of curbside, and we expect that our stores will fulfill about 30% of our digital business as we go through the fourth quarter.

由於路邊，這一數字急劇上升，我們預計在第四季度我們的商店將完成我們約 30% 的數字業務。

So the opportunity to get these new customers with more transactions online and then also starting to give them reasons to come into stores.

因此，有機會通過更多的在線交易吸引這些新客戶，然後也開始給他們進入商店的理由。

So with these customers, we're really focused on items like Backstage.

因此，對於這些客戶，我們真正專注於 Backstage 等項目。

Since that's got a -- when you look at the value construct of that and you look at the breakdown of that business demographically for us, it fits the profile of many recent customers that are coming in.

由於這有一個 - 當您查看其價值結構並查看該業務的人口統計細分時，它符合許多最近進入的客戶的概況。

And because we have Backstage in so many of our store units, we're talking about that.

而且因為我們的許多商店都有後台，所以我們正在談論這個問題。

So those are some of the examples of what we're doing to make sure these customers, we get them for a second, third and lifelong relationship.

所以這些是我們為確保這些客戶所做的一些例子，我們讓他們建立第二、第三和終生的關係。

Our next question will come from the line of Bob Drbul with Guggenheim.

我們的下一個問題將來自古根海姆的 Bob Drbul。

Just a couple of follow-up questions on the inventory side.

只是庫存方面的幾個後續問題。

In terms of vendor support or how you're addressing and getting the inventories aligned to where you want them, are you utilizing a lot of vendor support?

在供應商支持方面，或者您如何處理並使庫存與您想要的位置保持一致，您是否利用了大量的供應商支持？

Are you -- is a lot of it moving to Backstage?

你 - 很多都轉移到後台嗎？

Are you using Last Act?

你在使用最後一幕嗎？

Can you just elaborate a little bit more in terms of how you're approaching in getting to that more normalized level?

你能否詳細說明一下你是如何接近這個更規範化的水平的？

Bob, did you mean more normalized level of inventory?

Bob，你的意思是更標準化的庫存水平嗎？

Yes, exactly.

對，就是這樣。

Yes.

是的。

And so if you think about what happened in -- as we closed our stores and then began to reopen, as Jeff said, we started to report our store inventory or store fulfillment into our e-commerce facilities and handle the increased digital demand.

因此，如果你想想發生了什麼——正如傑夫所說，當我們關閉商店然後開始重新開業時，我們開始向我們的電子商務設施報告我們的商店庫存或商店履行情況，並處理增加的數字需求。

But at the same time, as the stores reopened, we accelerated curbside where we could, and we were really using a store inventory for fulfillment as well.

但與此同時，隨著商店重新開業，我們盡可能加快路邊速度，而且我們實際上也在使用商店庫存來履行訂單。

And so as you think about the second quarter, what was happening on the other side, we were aggressively taking down receipts in the month of May and then again in June.

所以當你考慮第二季度，另一邊發生的事情時，我們在 5 月份積極地減少了收據，然後在 6 月再次減少。

And given the pricing and promotional activity that we put, particularly in the clearance and fashion, in aged merchandise and the ability to get some really nice sell-through as our stores reopened, combined with the receipt takedown, we actually were able to manage very well through our inventory position in the store such that we anticipate buying back into replenishment and newness beginning in the month of July.

考慮到我們進行的定價和促銷活動，特別是清倉和時尚、舊商品以及在我們的商店重新開業時獲得一些非常好的銷售的能力，再加上收據的取消，我們實際上能夠管理得非常好很好地通過我們在商店的庫存狀況，因此我們預計從 7 月份開始重新購買以補充和更新。

And so Bob, what I would say, big picture, our vendor partners have been amazing and tremendous.

所以鮑勃，我想說的是，從大局來看，我們的供應商合作夥伴非常棒。

As just said, in the stronger categories of beauty, furniture and soft home, we have had some amazing partnership with our brand vendors as we're clearly trying to service our shared customer base.

正如剛才所說，在美容、家具和軟裝等更強大的類別中，我們與我們的品牌供應商建立了一些令人驚嘆的合作夥伴關係，因為我們顯然正在努力為我們共同的客戶群提供服務。

Because I said, we feel really good about the actions we've taken in the second quarter to really balance where we're fulfilling, how we're using our store inventory, how we manage the receipt in order to give us a high degree of comfort that we will enter the back half of the year with clean inventory.

因為我說過，我們對我們在第二季度採取的行動感覺非常好，以真正平衡我們正在履行的地方、我們如何使用我們的商店庫存、我們如何管理收據以便給我們一個高度令人欣慰的是，我們將以清潔庫存進入下半年。

Okay.

好的。

And then my follow-up question is on -- can you just talk about the performance of the credit business, your expectation on credit revenue?

然後我的後續問題是——你能談談信貸業務的表現，你對信貸收入的期望嗎？

Or what you're seeing throughout the portfolio?

或者你在整個投資組合中看到了什麼？

Yes.

是的。

And so for the first quarter, our penetration rate was 46%, which was the same 46% as it was last year.

因此，第一季度，我們的滲透率為 46%，與去年的 46% 相同。

But we're watching trends closely, Bob, because as our stores were closed, our new account activity was down significantly.

但我們正在密切關注趨勢，鮑勃，因為隨著我們的商店關閉，我們的新賬戶活動顯著下降。

And as we look at modeling our credit portfolio profit share, we are watching number -- numerous factors, but mainly bad debt trend because they tend to have a delayed impact on our portfolio.

當我們著眼於為我們的信貸組合利潤份額建模時，我們正在關注數字——許多因素，但主要是壞賬趨勢，因為它們往往會對我們的投資組合產生延遲影響。

And then also watching the banks as they make decisions about consumer credit tightening.

然後還觀察銀行在做出有關收緊消費信貸的決定時。

And then to the point that there was some benefit, which is hard to measure, from the unemployment checks that people received as well as the government stimulus package, we're thinking that, that had a benefit for the spring.

然後，從人們收到的失業救濟金以及政府的刺激計劃中很難衡量一些好處，我們認為這對春季有好處。

And it's hard to anticipate, one, whether the government will renew those stimulus packages in the back half of the year.

很難預測，一是政府是否會在下半年更新這些刺激方案。

And if they don't, what will that -- how would that impact consumer spending and consumer behavior.

如果他們不這樣做，那將如何影響消費者支出和消費者行為。

But as we look at those metrics and many other metrics, as you can imagine, we are cautious about consumer spend, consumer behavior, upticks in bad debt, aging of consumer portfolios over the different categories, credit categories that we would say that we would face some headwinds, particularly as we clear the back half of the year and go into 2021.

但是，當我們查看這些指標和許多其他指標時，您可以想像，我們對消費者支出、消費者行為、壞賬增加、不同類別的消費者投資組合老化、我們會說我們會的信貸類別持謹慎態度面臨一些不利因素，尤其是在我們清理下半年並進入 2021 年之際。

Next, we'll go to Omar Saad with Evercore ISI.

接下來，我們將與 Evercore ISI 一起前往 Omar Saad。

A couple of areas I'd love to get a little bit more detail.

有幾個方面我很想了解更多細節。

First, on the 3,900 corporate head count reduction, maybe you could talk a little bit more as a percentage of the total corporate head count, what are we talking here?

首先，關於減少 3,900 名企業員工人數，也許您可以多談談佔總員工人數的百分比，我們在說什麼？

And what types of positions?

以及哪些類型的職位？

Is it just a broad-based kind of percentage cut across the board?

它只是一種基礎廣泛的全面削減百分比嗎？

Or is it more of the merchant buying organization or financial planners and inventory planners?

還是更多的是商家購買組織或財務規劃師和庫存規劃師？

And does it reflect -- is it just an across the board move?

它是否反映了——這只是一個全面的舉措嗎？

Or does it reflect kind of a corporate restructuring?

還是它反映了一種公司重組？

And how you're going to reallocate the organizational structure going forward, given the ongoing changes and acceleration of changes?

鑑於持續的變化和加速變化，您將如何重新分配組織結構？

And then I have 1 follow-up.

然後我有 1 次跟進。

Omar, so, yes, when you look at the 3,900, it was about over 20% of the corporate head count after we took the cuts from Polaris that we announced in February.

奧馬爾，所以，是的，當您查看 3,900 人時，在我們從 2 月份宣布的 Polaris 裁員之後，這大約占公司人數的 20% 以上。

So it was significant.

所以這很重要。

And I would tell you that there was not an area of the company that we didn't touch.

我會告訴你，公司沒有一個領域是我們不接觸的。

But to your question, there were certain areas in which we said, "Hey, these are areas that we have to be best-in-class." So we really looked at -- when you think about the vision of the company, and you say that our focus has been to fortify and grow our omnichannel advantage and that's enabled by digital, by leveraging our brand banners, when you think about Macy's and Bloomingdale's, from off-price to luxury.

但是對於你的問題，我們在某些領域說，“嘿，這些領域我們必須做到一流。”因此，當您考慮公司的願景時，我們真的考慮過，當您想到梅西百貨和Bloomingdale's，從低價到奢華。

And so we really looked at, "Okay, what are those pieces of business that we want to be best-in-class at." So best-in-class merchandising capability, which includes our private brands and that protects our fashion leadership and our unique ability to curate fashion online.

因此，我們真正關注的是，“好吧，我們希望在哪些業務方面做到一流。”因此，一流的銷售能力，包括我們的自有品牌，保護了我們的時尚領導地位和我們在網上策劃時尚的獨特能力。

We really wanted to fortify simple and convenient interactions on our digital platforms and in our stores, so making sure that the digital and the full omnichannel experience for our customers continues to get better.

我們真的想在我們的數字平台和我們的商店中加強簡單方便的交互，以確保我們的客戶的數字和完整的全渠道體驗繼續變得更好。

So we wanted to make sure that we were investing in that.

所以我們想確保我們在這方面進行投資。

And that was created -- those 2 things with really this laser focus on cost reduction and our opportunity to reinvest where the customer values it.

這就是創造出來的——這兩件事真正關注的是降低成本和我們在客戶重視的地方再投資的機會。

So what you would see in the kind of the complexion of the 3,900 was, obviously, digital was not affected much, but other areas of the company where we don't have to be best in class took deeper cuts.

因此，您在 3,900 人的膚色中看到的是，顯然，數字化並沒有受到太大影響，但公司的其他領域，我們不必成為同類最佳的，則進行了更深入的削減。

And so all of them extremely painful.

所以他們都非常痛苦。

We really focused on spans of layers.

我們真正專注於層的跨度。

You'd see a disproportionate amount in the vice president and above range as well as a higher percentage at the -- and when you look at the manager and the director level and not nearly what -- on the colleague, the customer-facing colleagues, we really try to keep those as intact as possible.

您會在副總裁及以上範圍內看到不成比例的數量，以及在同事、面向客戶的同事身上——當你看到經理和主管級別而不是幾乎什麼時——的比例更高，我們真的盡量保持這些完好無損。

Now those are -- we're elastic to sales.

現在這些是 - 我們對銷售有彈性。

And so when we have a lot of flex colleagues, we have colleagues that can go, can expand hours.

所以當我們有很多靈活的同事時，我們有可以去的同事，可以延長工作時間。

So wherever the volume goes, we have opportunities with those colleagues.

因此，無論數量如何，我們都有機會與這些同事交流。

But the bulk of our cuts, the 3,900 is really at a corporate level as well as some of our regional leadership, and it was really at the levels that I was talking about.

但我們削減的大部分，3,900 人實際上是在公司層面以及我們的一些地區領導層，而且確實是我所說的水平。

That's helpful.

這很有幫助。

And then I also wanted to ask -- I appreciate that you guys are giving an early view on the second half, the minus 20% to 25%, it's helpful context.

然後我還想問 - 我很欣賞你們對下半年的早期看法，負 20% 到 25%，這是有用的背景。

But if we think about stores running at down 35%, your sizable eCommerce business is growing, when you think about bridging that gap, it seems like you're expecting, like you've mentioned, some of the flare-ups and second waves, is it more that's what's causing the kind of subdued forecast relative to maybe what current trends could build over the second half?

但是，如果我們考慮到商店的營業額下降了 35%，那麼您龐大的電子商務業務正在增長，當您考慮彌合這一差距時，您似乎正在期待，就像您提到的那樣，一些突發事件和第二波浪潮，相對於下半年可能建立的當前趨勢，是否更多的是導致這種低迷預測的原因？

Or is it more do you have a view on a lack of demand as consumers aren't going to work and wearing fashion as much in a career business and other wearing occasions aren't materializing?

或者您是否更多地認為需求不足，因為消費者不會去工作，在職業生涯中穿著時尚，而其他穿著場合沒有實現？

Omar, if you look at the composite of our sales, it definitely is shifted.

奧馬爾，如果你看一下我們的銷售額，肯定會發生變化。

So what I'd say is that it's the pandemic mostly that is affecting what I would say is our total trend.

所以我要說的是，大流行主要影響了我所說的我們的總體趨勢。

And so -- and I think that is -- that will subside over time.

所以——我認為是——這會隨著時間的推移而消退。

And what I'm -- at the department store, we have a unique ability to basically really accelerate those categories that are in favor.

而我——在百貨公司，我們有一種獨特的能力，可以基本上真正加速那些受歡迎的類別。

And so when you think about home stores having a golden moment right now, I think every retailer is talking about that.

因此，當您想到家庭商店現在正處於黃金時期時，我認為每個零售商都在談論這一點。

When you look at how well big ticket is performing, people are looking around their house and looking for opportunities to update.

當您查看大票的表現時，人們正在環顧他們的房子並尋找更新的機會。

So having full-service opportunities in big ticket suits a retail brand like Bloomingdale's and Macy's.

因此，在大票中擁有全方位服務的機會適合像 Bloomingdale's 和 Macy's 這樣的零售品牌。

Soft home categories have been extremely strong.

軟家居品類一直非常強勁。

Beauty is just still very, very strong.

美仍然非常非常強大。

And when you look at the apparel categories, what's interesting is you've heard everybody talk about kind of active and casual, those are stronger than they've been historically.

當您查看服裝類別時，有趣的是您聽到每個人都在談論積極和休閒，這些都比歷史上更強大。

And then you've got categories, dress categories or dress up categories, suitings or dress shirts or social dresses that have definitely taken a hit, luggage has taken a hit.

然後你有類別，禮服類別或裝扮類別，西裝或禮服襯衫或社交禮服肯定受到了打擊，行李箱受到了打擊。

Those categories are going to be compressed for a while, but not forever, I don't believe.

這些類別將被壓縮一段時間，但不會永遠，我不相信。

And when you look at the emerging categories like what we've seen online, we've got lots of vendor direct categories that are new that we're going to expand and have a brick-and-mortar presence in.

當您查看我們在網上看到的新興類別時，我們有很多新的供應商直接類別，我們將擴大這些類別並在實體店中佔有一席之地。

So we're looking at, as a department store, opportunity to react to where the consumer is going on this.

因此，作為一家百貨公司，我們正在尋找機會對消費者的行為做出反應。

So to the base of your question, I think the trends are not a shift against categories the department stores sell.

因此，根據您的問題，我認為趨勢並不是針對百貨商店銷售的類別的轉變。

I think it's really about the pandemic.

我認為這真的與流行病有關。

And how can we make up what will drop in brick-and-mortar?

我們怎樣才能彌補實體店中會下降的東西？

We're going to make up a chunk of that through our digital business.

我們將通過我們的數字業務來彌補其中的一部分。

We think this is going to be the most powerful digital fall ever.

我們認為這將是有史以來最強大的數字下跌。

This is going to be the most -- we're going to do more business on digital than ever, and it's going to test our entire fulfillment network, and that's what we're laser-focused on right now.

這將是最多的——我們將比以往任何時候都做更多的數字業務，它將測試我們的整個履行網絡，這就是我們現在最關注的事情。

But I do believe brick-and-mortar will come back.

但我相信實體店會捲土重來。

And I think to Matt Boss' question, the idea about the flagships and the magnets, that's really where when you think about the bulk of our sales in brick-and-mortar as well as the profitability of those sales, I think that's short-lived, but I do think they're going to come back robustly over time as well.

我認為對於 Matt Boss 的問題，關於旗艦店和磁鐵的想法，當您考慮我們在實體店的大部分銷售以及這些銷售的盈利能力時，我認為這確實很短-活了，但我確實認為他們也會隨著時間的推移而強勢回歸。

And next, we'll go to William Reuter with Bank of America.

接下來，我們將與美國銀行一起前往 William Reuter。

I was just curious over the next year based upon your expectations of declining sales, what you expect working capital in 2021 and also in the fourth quarter, assuming that your sales expectations or demand expectations are correct?

我只是對明年的銷售感到好奇，基於您對銷售下降的預期，假設您的銷售預期或需求預期是正確的，您對 2021 年以及第四季度的營運資金的預期是多少？

I'll take that one.

我會拿那個。

And can you just repeat the last part of what you said, I'm sorry, I'm getting a little bit of feedback.

你能重複一下你所說的最後一部分嗎？對不起，我收到了一點反饋。

Sorry.

對不起。

I was wondering what your expectations of working capital based upon the demand levels that you've assumed in your prepared remarks in the fourth quarter and then assuming the commentary about 2021 continues to be somewhat challenging, if we would expect that working capital could still be a source of cash next year?

我想知道根據您在第四季度準備好的評論中假設的需求水平，您對營運資金的期望是什麼，然後假設關於 2021 年的評論仍然具有一定的挑戰性，如果我們預計營運資金仍然可以明年的現金來源？

I want to -- I'd say, we'll definitely give more on the outlook beyond the follow in the second quarter when we go through the update with you guys in the second quarter.

我想 - 我會說，當我們在第二季度與你們一起進行更新時，我們肯定會在第二季度提供更多關於後續展望的信息。

Big picture, I would say, we're managing and thinking through many factors as you think about our working capital position and the pace at which we are really trying to lean into some really strong inventory management in the back half of the year.

大局，我想說，當您考慮我們的營運資金狀況以及我們在今年下半年真正嘗試進行一些非常強大的庫存管理時，我們正在管理和考慮許多因素。

We're in this situation where we're, as I said, we're being conservative, but we also need the ability to flex up to the extent that we've seen sales pick up and lean into receipts and categories that do well in the fall and going into holiday.

正如我所說，我們正處於這種情況下，我們是保守的，但我們也需要能夠靈活調整到我們看到銷售回升的程度，並傾向於收據和表現良好的類別在秋天和進入假期。

And so we need to give ourselves some flexibility there.

所以我們需要給自己一些靈活性。

As you think about our working capital, part of the equation now is our ability to access double the amount of liquidity that we had last year with our new asset-backed facility, which gives us a lot more flexibility to make different decisions about how we manage the business going into the back half of the year and as we go into '21 and '22.

當您考慮我們的營運資金時，現在的部分等式是我們能夠通過新的資產支持工具獲得去年兩倍的流動性，這使我們能夠更靈活地就我們如何做出不同的決定管理進入今年下半年以及進入 21 和 22 年的業務。

And so although I can't give you specific guidance at the moment on our projected working capital, I would like -- I'm giving you a sense of how we're thinking about the back half of the year and indicating that we do have some flexibility if we need to because of: one, with respect to how we're managing our inventory; and two, just by the nature of the facility that gives us the opportunity to draw out it and then pay it down as needed.

因此，儘管我目前無法就我們預計的營運資金向您提供具體指導，但我想 - 我讓您了解我們對下半年的看法並表明我們這樣做如果我們需要，有一些靈活性，因為： 一，關於我們如何管理我們的庫存；第二，只是根據設施的性質，我們有機會提取它，然後根據需要償還。

Okay.

好的。

And then just a quick follow-up.

然後只是快速跟進。

When I look at your current liquidity, it looks extremely strong.

當我查看您當前的流動性時，它看起來非常強大。

However, you've recently taken some actions, which potentially would increase your ability for additional liquidity actions in terms of securing some other real estate or assets.

但是，您最近採取了一些行動，這可能會增加您在保護其他房地產或資產方面採取額外流動性行動的能力。

Do you feel like the current liquidity situation is sufficient?

您覺得目前的流動性狀況是否充足？

Or will you potentially be looking for other opportunities to enhance liquidity throughout the remainder of the year?

或者您是否會在今年剩餘時間內尋找其他機會來提高流動性？

Okay.

好的。

It's a great question, and I would say big picture, we are very pleased with our nearly $4.5 billion of new facility.

這是一個很好的問題，我想說的是大局，我們對我們近 45 億美元的新設施感到非常滿意。

We were able to leverage the strength of our asset portfolio, but it was a somewhat complicated deal, as you know, but extremely cost effective.

我們能夠利用我們資產組合的優勢，但正如您所知，這是一個有點複雜的交易，但極具成本效益。

But when we look at the totality of our liquidity situation, this financing has given us the flexibility and the liquidity to really fund our business and operating needs really for the foreseeable future.

但是，當我們審視我們的整體流動性情況時，這種融資為我們提供了靈活性和流動性，以便在可預見的未來真正為我們的業務和運營需求提供資金。

And that includes paying down the 2 covers that are coming up at the end of fiscal '20 and fiscal '21.

這包括支付 20 財年和 21 財年末即將推出的 2 份保險費。

And if you take a step back and just really briefly, it was important to us that over the past several years we have been aggressively managing our capital structure by paying down debt.

如果你退後一步，只是簡單地說一下，對我們來說很重要的是，在過去幾年中，我們一直在通過償還債務積極管理我們的資本結構。

And over the past 3 years, we have retired almost approximately $2.7 billion of public debt through buyback and tenders.

在過去的 3 年中，我們通過回購和招標償還了近 27 億美元的公共債務。

And so the fact that we were able to use some highly valuable, unencumbered assets to structure this nearly $4.5 billion of liquidity gives us a lot of confidence that we have, as I said, sufficient liquidity to run the business in the foreseeable future.

因此，我們能夠使用一些高價值、無抵押的資產來構建這近 45 億美元的流動性這一事實讓我們充滿信心，正如我所說，我們擁有足夠的流動性來在可預見的未來經營業務。

But having said that, I think we still have -- if needed, we still have our many portfolio of assets to do another deal.

但話雖如此，我認為我們仍然 - 如果需要，我們仍然有許多資產組合可以進行另一筆交易。

And we are always as part of our capital structure thinking and modeling, but that's never 100% off the table.

我們始終將其作為我們資本結構思考和建模的一部分，但這絕不是 100% 的。

But given where we are today, I would say we are in a really good flexible liquidity position.

但鑑於我們今天所處的位置，我想說我們處於非常靈活的流動性狀況。

We'll go now to Carla Casella with JPMorgan.

我們現在將與摩根大通一起前往 Carla Casella。

This is Sarah Clark, on for Carla Casella.

這是薩拉·克拉克，為卡拉·卡塞拉效力。

I'm just wanting to go back to the real estate piece.

我只是想回到房地產領域。

Are you all considering any more real estate sales?

你們都在考慮更多的房地產銷售嗎？

Let me take that.

讓我接受。

So when you look at -- let's talk about what we talked about in February, which was a natural progression of what our real estate strategy has been.

因此，當您查看時-讓我們談談我們在二月份談論的內容，這是我們房地產戰略的自然發展。

And we, at that point, mentioned that we would have $100 million in real estate gains in 2020.

我們當時提到，我們將在 2020 年獲得 1 億美元的房地產收益。

We don't anticipate anything above that level in 2020.

我們預計 2020 年不會出現任何高於該水平的情況。

We're going to make sure that we know the value of these real estate assets during normal times, and is it the right market to sell all of them.

我們將確保我們了解這些房地產資產在正常時期的價值，以及出售所有這些資產的正確市場。

We're obviously looking at every piece of our real estate against our overall retail strategy, how that brick-and-mortar site fits into our brick-and-mortar strategy on a national level and our entire omnichannel journey, and how brick-and-mortar affects the overall trade area demand for those particular ZIP codes.

顯然，我們正在根據我們的整體零售戰略來審視我們的每一塊房地產，該實體網站如何適應我們在全國范圍內的實體戰略和我們的整個全渠道旅程，以及實體網站如何-mortar 影響對這些特定郵政編碼的整體貿易區需求。

So we're always mindful of that.

因此，我們始終牢記這一點。

We always then look at the sales and profitability of that particular store and its value -- versus its value to operate when you look at the monetization value versus the value to operate.

然後，當您查看貨幣化價值與運營價值時，我們總是會查看該特定商店的銷售額和盈利能力及其價值 - 與其運營價值。

We're looking at that with reduced levels and the profitability and pulling that through.

我們正在考慮降低水平和盈利能力，並將其拉過去。

But throwing all that in, our stores remain profitable.

但綜合考慮，我們的商店仍然有利可圖。

And so we're not going to -- the $100 million, it won't be higher than that, and we'll give you an update at the second quarter if we see any modulation from that.

所以我們不會 - 1 億美元，它不會比這更高，如果我們看到任何調整，我們會在第二季度給你更新。

But for your modeling, don't think about it as higher than the $100 million of gains that you had built in from our February conversation.

但是對於您的建模，不要認為它比您從我們二月份的談話中獲得的 1 億美元收益高。

We'll next go to Heather Balsky with Bank of America.

接下來我們將與美國銀行一起前往 Heather Balsky。

I guess with everything going on, you announced 125 store closures at your Investor Day.

我想隨著一切的進展，您在投資者日宣布關閉 125 家商店。

How are you thinking about your footprint today, especially with the switch to or the coverage to online?

您如何看待您今天的足跡，尤其是轉向或覆蓋到在線？

So yes, Heather, as we think about 125 announcements, we probably have about another 95 to close against our original time line.

所以，是的，Heather，當我們考慮 125 條公告時，我們可能還有大約 95 條公告要按照我們原來的時間線結束。

Today, we are reopening those doors, and we do expect them to generate cash despite what is happening with the pandemic.

今天，我們正在重新打開這些大門，儘管大流行正在發生什麼，我們確實希望它們能夠產生現金。

At the moment, there's really too much uncertainty to commit to any definitive level of store closings.

目前，確實存在太多不確定性，無法確定任何確定的商店關閉水平。

We are -- we can -- as you can imagine, we are modeling all of our store closing metrics.

我們——我們可以——正如你想像的那樣，我們正在對我們所有的商店關閉指標進行建模。

And really, all of our stores are part of those performance metrics' watch list and closing model decisions.

實際上，我們所有的商店都是這些績效指標觀察名單和關閉模型決策的一部分。

So we will consider whether we're going to close additional stores.

所以我們會考慮是否要關閉更多的商店。

And it's -- in my mind, Heather, it's probably a question of timing, not just a question of how many.

這是 - 在我看來，Heather，這可能是時間問題，而不僅僅是數量問題。

But as we continue to go through that analysis, we will update and provide additional information.

但隨著我們繼續進行該分析，我們將更新並提供更多信息。

We're just really in the process of still assessing.

我們只是真的在評估的過程中。

The other thing I would add, Heather, to what Felicia just said is competitive landscape and how does that effect our calculus.

我要補充的另一件事，Heather，Felicia 剛才所說的是競爭格局以及這如何影響我們的微積分。

So obviously, when you look at the competitive landscape from kind of off-price all the way through luxury, there's been lots of changes.

所以很明顯，當你從低價到奢侈品的競爭格局中觀察時，會發生很多變化。

We don't think those changes are fully done.

我們認為這些更改尚未完全完成。

Any decision we're making is with that in mind as well.

我們做出的任何決定也考慮到這一點。

And next, we'll go to Dana Telsey with Telsey Advisory Group.

接下來，我們將與 Telsey 諮詢小組一起前往 Dana Telsey。

As you think about the business, what did you see differently, Jeff, in terms of performance in Bloomingdale's versus Macy's digital and bricks-and-mortar as the bricks-and-mortar reopens?

傑夫，當您考慮業務時，在實體店重新開業時，布魯明代爾百貨與梅西百貨的數字和實體店的表現有何不同？

And then of the 3,900 employee reduction, how much is Bloomingdale's and how much is Macy's, is there a percentage?

然後在裁減的 3,900 名員工中，Bloomingdale's 有多少，Macy's 有多少，有百分比嗎？

And then I have a quick follow-up.

然後我有一個快速跟進。

Yes.

是的。

So let's start with the Bloomingdale's.

所以讓我們從Bloomingdale's開始。

Bloomingdale's also had about the same percentage, as I quoted to Omar and his question.

正如我對奧馬爾和他的問題所引用的那樣，布魯明代爾的百分比也大致相同。

So it was about the same.

所以差不多。

So there was -- and it was very similar in terms of what we protected and what we went more aggressively after.

所以有 - 就我們保護的內容和我們更積極地追求的內容而言，它非常相似。

As to the conversation about how Bloomingdale's trend has been in business versus Macy's, it's remarkably similar.

至於 Bloomingdale's 與 Macy's 的商業趨勢如何的對話，它非常相似。

I mean when you think about every single category, the big difference, if there is 1 big difference, it's luxury.

我的意思是，當您考慮每個類別時，最大的區別，如果有一個很大的區別，那就是奢侈品。

So as you think about the luxury business right now, as it reopens in this country, you see huge demand.

因此，當您考慮現在的奢侈品業務時，隨著它在這個國家重新開放，您會看到巨大的需求。

And part of that is because they have more limited access on their websites.

部分原因是他們在網站上的訪問權限更加有限。

And part of it is because you have a lot of domestic tourists that buy those -- that content that would go to other countries.

部分原因是你有很多國內游客購買這些內容——這些內容會去其他國家。

To do so, we're now buying it here.

為此，我們現在在這裡購買。

So we're seeing big surges in the luxury business as Bloomingdale's reopens.

因此，隨著 Bloomingdale's 重新開業，我們看到奢侈品業務大幅增長。

But outside of that, the other -- the composite of Ready-to-Wear is little weaker, home store is really -- it's huge, beauty is strong across both banners.

但除此之外，另一個——成衣組合稍微弱一點，家庭商店真的是——它很大，兩個橫幅的美感都很強大。

Those are consistent.

這些是一致的。

And then holiday will be coming up before we know it.

然後假期就會在我們不知不覺中到來。

Black Friday and like the 5 days before Christmas, so all about people gathering and it's not as much social distancing.

黑色星期五和聖誕節前的 5 天一樣，所以都是關於人們聚會的，而不是社交距離。

How are you thinking about holiday planning?

您如何考慮假期計劃？

Yes.

是的。

So thank goodness, we have the 10th biggest website in the country and that we have a huge ambition to grow faster in a customer-centric way, eliminate friction, but we'll do a lot of business on our website.

謝天謝地，我們擁有全國第 10 大網站，我們有一個巨大的雄心，即以客戶為中心的方式更快地發展，消除摩擦，但我們會在我們的網站上做很多生意。

And so we have that as an outlet.

所以我們把它作為一個出口。

We do think that -- and what we can do, we have a very strong game plan about how we're going to keep this trend of digital going.

我們確實認為——以及我們能做的，我們有一個非常強大的遊戲計劃，關於我們將如何保持這種數字化趨勢。

And -- but when you look at the stores, I would tell you that it's a big concern of ours.

而且 - 但是當您查看商店時，我會告訴您這是我們的一個大問題。

About -- when you think about a Black Friday, when you think about the 10 days before Christmas, what does that mean in terms of traffic, if people are nervous about gathering with crowds.

關於——當你想到黑色星期五，當你想到聖誕節前的 10 天時，如果人們對與人群聚集感到緊張，那麼這對交通意味著什麼。

And so we're looking at -- everything is on the table right now.

所以我們正在考慮——現在一切都擺在桌面上。

We're working with our merchant and our marketing teams on options within the marketing calendar to reduce pressure points on big volume days.

我們正在與我們的商家和營銷團隊就營銷日曆中的選項進行合作，以減少大量交易日的壓力點。

And we're learning a lot from the reopening of our stores.

我們從商店的重新開業中學到了很多東西。

Most of our stores will not have any issues.

我們的大多數商店不會有任何問題。

But our biggest magnet stores during the Black Friday time frame is the piece that we're looking at.

但是我們在黑色星期五時間框架內最大的磁鐵商店是我們正在關注的部分。

So how do we -- in a planful way, how do we kind of even out demand?

那麼我們如何——以一種有計劃的方式，我們如何平衡需求呢？

What does that mean for the whole cyber week time frame?

這對整個網絡週時間框架意味著什麼？

Are there opportunities for us to pull some of that demand earlier?

我們是否有機會提早拉動部分需求？

We do think that people are going to jump on Black Friday earlier in the calendar and so we expect it to start in full force after Halloween and a lot of -- in the competitive cycle.

我們確實認為人們會在日曆中更早的時候在黑色星期五跳躍，所以我們預計它會在萬聖節之後以及很多 - 在競爭週期中全面啟動。

So we're looking at that carefully.

所以我們正在仔細研究。

We're looking at store hours carefully on all of that.

我們正在仔細查看所有這些的商店營業時間。

So very top of mind for us.

所以對我們來說非常重要。

But our safety valve on this is how big can we get the digital business.

但我們在這方面的安全閥是我們能獲得多大的數字業務。

And then we obviously have a very developed omni fulfillment network about how we satisfy that demand.

然後我們顯然有一個非常發達的全方位履行網絡，關於我們如何滿足這一需求。

Curbside pickup is going to be a big secret weapon for us this holiday season.

路邊皮卡將成為我們這個假期的一大秘密武器。

We didn't have last holiday season.

我們沒有上一個假期。

When you look at the service scores of customers we're going through, the -- first off, the speed and the safety of curbside pickup.

當您查看我們正在經歷的客戶的服務評分時，首先是路邊取貨的速度和安全性。

We think that's going to be huge for this holiday season if they're not comfortable to walk into a store.

如果他們不願意走進商店，我們認為這對於這個假期來說將是巨大的。

So -- and what we'll do with store fulfillment is going to be big.

所以 - 我們將在商店履行方面做的事情將會很大。

So we have all of our at-your-service where they pick up if they wanted to buy something online and have it shipped to a store or it's being pulled from store inventory, that's at your service.

因此，如果他們想在網上購買東西並將其運送到商店或從商店庫存中取出，我們提供所有的服務。

We've been able to really keep the social distancing there with line control right at that main door.

我們已經能夠在大門處通過線路控制真正保持社交距離。

So we're -- if they do come into the building, we're going to be able to protect even the most nervous customers with crowds and their concerns about that.

所以我們 - 如果他們真的進入大樓，我們將能夠保護即使是最緊張的客戶，因為他們有人群和他們對此的擔憂。

So that's how we're looking at it.

這就是我們的看法。

And we're -- but it's still a work in progress, and we'll have more for you on the September 2 call.

而且我們 - 但它仍在進行中，我們將在 9 月 2 日的電話會議上為您提供更多信息。

It looks like we have no further questions at this time.

看起來我們目前沒有其他問題。

So I'd like to turn it back over to our speakers for any additional or closing remarks.

因此，我想將其轉回給我們的發言人，以獲取任何補充或結束語。

Thank you, everybody, for your questions and your interest in Macy's, Inc., and look forward to giving everybody a more robust update on the Polaris strategy on our September 2 call.

感謝大家提出問題和對 Macy's, Inc. 的興趣，並期待在 9 月 2 日的電話會議上向大家提供有關 Polaris 戰略的更強有力的更新。

So I look forward to sharing our story then.

所以我期待著分享我們的故事。

Thanks, everyone.

感謝大家。

And that does conclude today's conference.

這確實結束了今天的會議。

We thank everyone, again, for their participation.

我們再次感謝大家的參與。