RH (RH) 2024 Q2 法說會逐字稿

Good day, everyone, and welcome to today's RH second-quarter 2024 earnings call. (Operator Instructions) Please note today's call will be recorded and I will be standing by should you need any assistance. It is now my pleasure to turn the conference over to Allison Malkin of ICR. Please go ahead.

大家好，歡迎參加今天的 RH 2024 年第二季財報電話會議。（操作員指示）請注意，今天的通話將被錄音，如果您需要任何幫助，我將隨時待命。現在我很高興將會議交給 ICR 的 Allison Malkin。請繼續。

Thank you. Good afternoon, everyone. Thank you for joining us for our second quarter fiscal 2024 earnings conference call. Joining me today are Gary Friedman, Chairman and Chief Executive Officer; and Jack Preston, Chief Financial Officer.

謝謝。大家下午好。感謝您參加我們的 2024 財年第二季財報電話會議。今天與我一起出席的還有董事長兼執行長 Gary Friedman；以及財務長傑克普雷斯頓（Jack Preston）。

Before we start, I would like to remind you of our legal disclaimer that we will make certain statements today that are forward looking within the meaning of the federal securities law, including statements about the outlook of our business and other matters referenced in our press release issued today. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filing as well as our press release issued today for a more detailed description of the risk factors that may affect our results.

在我們開始之前，我想提醒您注意我們的法律免責聲明，即我們今天將做出某些符合聯邦證券法含義的前瞻性聲明，包括有關我們業務前景和今天發布的新聞稿中提及的其他事項的聲明。這些前瞻性陳述涉及許多風險和不確定性，可能導致實際結果大不相同。請參閱我們的 SEC 文件以及我們今天發布的新聞稿，以獲得可能影響我們結果的風險因素的更詳細描述。

Please also note that these forward-looking statements reflect our opinions only as of the date of this call, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future event.

另請注意，這些前瞻性陳述僅反映我們截至本次電話會議之日的觀點，我們不承擔根據新資訊或未來事件修改或公開發布對這些前瞻性陳述進行任何修訂的結果的義務。

Also, during this call, we may discuss non-GAAP financial measures, which adjust our GAAP results to eliminate the impact of certain items. You will find additional information regarding these non-GAAP financial measures and a reconciliation of these non-GAAP to GAAP measures in today's financial results press release. A live broadcast of this call is also available on the Investor Relations section of our website at ir.rh.com.

此外，在本次電話會議中，我們可能會討論非 GAAP 財務指標，這些指標將調整我們的 GAAP 結果以消除某些項目的影響。您將在今天的財務結果新聞稿中找到有關這些非 GAAP 財務指標的更多資訊以及這些非 GAAP 指標與 GAAP 指標的對帳表。本次電話會議的現場直播也可在我們網站 ir.rh.com 的投資者關係欄位上觀看。

With that, I'll turn the call over to Gary.

說完這些，我將把電話轉給加里。

Great. Thank you, Allison. Good afternoon, everyone. Thank you for joining our call. I will start with our prepared comments and shareholder letter and then open the call for questions.

偉大的。謝謝你，艾莉森。大家下午好。感謝您加入我們的電話會議。我將首先介紹我們準備好的評論和股東信，然後開始提問。

To our people, partners, and shareholders, we are pleased to report that demand was up 7% in the second quarter, and it's continued to inflect positive, gaining momentum each month with July finishing up 10%. Demand accelerated into the third quarter with August up 12% and product margins inflecting positive despite operating in the most challenging housing market in three decades.

對於我們的員工、合作夥伴和股東，我們很高興地報告，第二季度需求增長了 7％，並且繼續呈現積極趨勢，每個月都呈現增長勢頭，7 月份增長了 10％。第三季度，儘管房地產市場處於三十年來最艱難的時期，但需求仍加速成長，8 月成長了 12%，產品利潤率也出現了正成長。

Our investments in the most prolific product transformation and platform expansion in our history are now resulting in RH gaining significant market share in North America, while building the foundation for our long-term global expansion across Europe, Australia, and the Middle East over the next decade. While our inflection developed a couple of quarters later than expected, we believe the important measure is not the timing, but rather the size of the vector we are creating in comparison to our industry.

我們對歷史上最豐富的產品轉型和平台擴展的投資，目前正使 RH 在北美獲得顯著的市場份額，同時為我們未來十年在歐洲、澳洲和中東的長期全球擴張奠定基礎。雖然我們的轉折點比預期晚了幾個季度，但我們認為重要的衡量標準不是時機，而是我們與產業相比所創造的向量的大小。

Vectors are measured in magnitude and direction and can be effective in forecasting strategic separation and future market share gains. It is now clear that our vector is increasing by both measures as we are outperforming the industry by 15 to 25 points. We expect our performance will continue to gain momentum in the second half of 2024, fueled by our multi-year effort to elevate our product and multi-decade effort to elevate and expand our platform.

向量透過大小和方向來衡量，可以有效預測策略分離和未來市場份額的成長。現在很明顯，我們的向量在兩個指標上都在增加，因為我們的表現比行業高出 15 到 25 個百分點。我們預計，由於我們多年來提升產品的努力以及數十年來提升和擴展平台的努力，我們的業績將在 2024 年下半年繼續保持成長勢頭。

We are also pleased that results for the second quarter reflected our guidance with revenues of $830 million, up 3.6% versus a year ago, adjusted operating margin of 11.7%, and adjusted EBITDA margin of 17.2%. While aggressively investing into a downturn has put pressure on short-term results, it has also positioned RH to capitalize on the long-term opportunities to present themselves during times of disruption and dislocation.

我們也很高興看到，第二季的業績反映了我們的預期，即營收為 8.3 億美元，較去年同期成長 3.6%，調整後的營業利潤率為 11.7%，調整後的 EBITDA 利潤率為 17.2%。雖然在經濟低迷時期大力投資會對短期績效造成壓力，但它也使 RH 能夠利用長期機會，在混亂和混亂時期展現自己。

We believe our demand performance demonstrates we are the best positioned brand in our industry to benefit from the anticipated rebound of the housing market once interest rates decline and home prices reset lower, closing the affordability gap that has pressed the market for the past several years.

我們相信，我們的需求表現表明，一旦利率下降、房價重新走低，我們就是從房地產市場預期的反彈中獲益的最佳品牌，從而縮小過去幾年一直困擾市場的負擔能力差距。

Every act of creation is first an act of destruction, Pablo Picasso. We've worked hard to destroy the former version of ourselves and are in the process of unleashing what we believe is an exponentially more inspiring and disruptive RH brand, inclusive of the most prolific product transformation and platform expansion in the history of our industry.

每一個創造行為首先都是一個破壞行為，巴勃羅·畢卡索。我們努力顛覆過去的自我，並正在釋放我們認為更具啟發性和顛覆性的 RH 品牌，其中包括我們行業歷史上最豐富的產品轉型和平台擴展。

Our product transformation plan for the second half of 2024 include the second mailing of our RH Interior Sourcebook, which arrived in homes mid-July through mid-August and is fueling our industry-leading demand. With new collections and improved in-stocks, our demand should continue to build throughout the second half of 2024.

我們 2024 年下半年的產品轉型計畫包括第二次郵寄 RH Interior Sourcebook，該手冊於 7 月中旬至 8 月中旬送達家庭，並推動了我們行業領先的需求。隨著新產品的推出和庫存的增加，我們的需求應該會在 2024 年下半年繼續增加。

Post analysis of our circulation data, we decided to consolidate our RH contemporary source book collections into the RH interiors and RH modern books to optimize overall mailing depth and efficiency. Mailing fewer, more meaningful books enables our brand to break through the compounding clutter across the consumer industry and is aligned with our gallery strategy of fewer, more immersive, and brand-defining physical experiences.

在對發行數據進行分析後，我們決定將 RH 當代源書籍收藏合併到 RH 內部書籍和 RH 現代書籍中，以優化整體郵寄深度和效率。郵寄更少、更有意義的書籍使我們的品牌能夠突破整個消費產業日益複雜的混亂局面，也符合我們畫廊的更少、更具沉浸感和品牌定義的實體體驗的策略。

The second mailing of the new RH Modern Sourcebook is scheduled for November with additional new collections and an expanded assortment, including the contemporary book consolidation. Again, we believe our expanded assortment improved in-stock position will provide an additional lift to our business in the fourth quarter.

新版 RH 現代資料手冊第二次郵寄計劃於 11 月進行，其中包含更多新藏書和擴充的藏書，包括當代書籍合併。我們再次相信，擴大產品種類並改善庫存狀況將為我們第四季的業務帶來額外的提升。

The third mailing of the new RH Interior Sourcebook is planned to be in homes early January through February, capitalizing on what is traditionally one of the largest selling seasons for furniture, post-consumers, and designers returning from holiday travel. This mailing should help generate a strong finish to 2024 and continue the momentum as we enter next year.

新版 RH 室內裝飾手冊第三次郵寄計劃於 1 月初至 2 月期間送達各家各戶，充分利用傳統上家具、後期消費品和假期旅行歸來的設計師的最大銷售季節之一。這封郵件將有助於在 2024 年取得圓滿成功，並在進入明年時繼續保持這一勢頭。

As you know, we acquired Waterworks in 2016, arguably the most desired brand in the luxury bathroom and kitchen category. The Waterworks team has done an outstanding job over the past eight years, further elevating the brand and building a highly profitable business model that can scale. Waterworks, like most other luxury brands in the home space, generates the vast majority of its revenues from the trade market, selling to architects, designers, developers, and builders.

如您所知，我們於 2016 年收購了 Waterworks，它可以說是豪華浴室和廚房類別中最受歡迎的品牌。過去八年，Waterworks 團隊表現出色，進一步提升了品牌，並建立了可擴展的高利潤商業模式。與家居領域的大多數其他奢侈品牌一樣，Waterworks 的絕大部分收入來自貿易市場，即向建築師、設計師、開發商和建築商銷售產品。

While RH has a meaningful trade business, the vast majority of our revenue is generated by consumers. We believe there's a significant opportunity to amplify the Waterworks business on the RH platform by exposing the brand to a much larger audience, similar to how we have expanded other trade-focused businesses and brands over the years. Our plan is to launch with a 3,000-square-foot Waterworks showroom in our largest new design gallery in Newport Beach, California, opening in the fourth quarter of 2024.

雖然 RH 擁有重要的貿易業務，但我們的絕大部分收入來自消費者。我們相信，透過將品牌展示給更廣泛的受眾，我們可以在 RH 平台上擴大 Waterworks 業務，這是一個巨大的機會，就像我們多年來擴展其他以貿易為重點的業務和品牌的方式一樣。我們的計劃是於 2024 年第四季在加州紐波特海灘我們最大的新設計畫廊開設一個 3,000 平方英尺的 Waterworks 展廳。

We will also be developing a Waterworks source book with plans for test mailing in 2025. Waterworks today is just shy of a $200 million business with mid- to high-teens EBITDA margin that we believe has the potential to become a billion-dollar global brand on our platform.

我們也將編寫一本《水廠》資料手冊，並計劃於 2025 年進行測試郵寄。如今，Waterworks 的業務規模接近 2 億美元，EBITDA 利潤率達到中高水平，我們相信它有潛力在我們的平台上成為價值 10 億美元的全球品牌。

Let me shift your attention to the elevation and expansion of our platform. We continue to open the most inspiring and immersive physical experiences in our industry, and some would say the world; spaces that are a reflection of human design, the study of balance, symmetry, and perfect proportions; spaces that blur the lines between residential and retail, indoors and outdoors, home and hospitality; spaces with garden courtyards, rooftop restaurants, wine and barista bars; spaces that activate all of the senses, and spaces that cannot be replicated online.

讓我將您的注意力轉移到我們平台的提升和擴展上。我們將持續開啟我們產業乃至全世界最鼓舞人心、最身臨其境的實體體驗；空間反映了人類的設計、平衡、對稱和完美比例的研究；模糊住宅與零售、室內與室外、家庭與飯店之間界線的空間；帶有花園庭院、屋頂餐廳、葡萄酒和咖啡吧的空間；啟動所有感官的空間，以及無法在線上複製的空間。

Our plan to expand the RH brand globally, address new markets locally, and transform our North American galleries represents a multi-billion dollar opportunity. Our platform expansion plans for the second half of 2024 includes RH Newport Beach opening in November, with over 90,000 square feet of indoor and outdoor space spread over four floors with views of the Pacific Ocean will be one of our most dramatic, immersive, and brand-defining physical locations today. And we'll put -- replace three legacy galleries in the region.

我們計劃在全球擴展 RH 品牌、開拓本地新市場並改造我們的北美畫廊，這是一個價值數十億美元的商機。我們 2024 年下半年的平台擴展計劃包括 11 月開業的 RH Newport Beach，其四層樓的室內和室外空間超過 90,000 平方英尺，可以欣賞太平洋的美景，將成為我們目前最引人注目、最身臨其境、最具品牌代表性的實體店之一。我們將重建該地區的三座舊畫廊。

With a 260-seat indoor-outdoor rooftop restaurant with uninterrupted views of the California coastline, two wine and barista bars, an interior design atelier, our first Waterworks showroom, and the most expansive luxury outdoor furniture sortment in our industry, RH Newport Beach will be an inspiring destination in Southern California market and has the potential to become our second $100 million-plus gallery.

RH Newport Beach 擁有一間可容納 260 個座位的室內室外屋頂餐廳，可以一覽無餘地欣賞加州海岸線的美景，還有兩間葡萄酒和咖啡師酒吧、一間室內設計工作室、我們的第一家 Waterworks 展廳，以及我們行業中最廣泛的豪華戶外家具種類，它將成為南加州市場一個令人振奮的目的地，並有可能成為我們第二個畫廊的價值。

RH Rally, also opening in November, features 50,000 square feet of indoor and outdoor space over three levels with a rooftop restaurant, garden courtyard, a wine and barista bar, and an interior design atelier.

RH Rally 也將於 11 月開業，擁有三層樓共 50,000 平方英尺的室內和室外空間，設有屋頂餐廳、花園庭院、葡萄酒和咖啡酒吧以及室內設計工作室。

RH Montecito, opening in early December, is a reimagination of the historic firehouse in the charming enclave perched above Santa Barbara, California, featuring an indoor and outdoor courtyard restaurant with fireplaces and fountains, a wine and barista bar, and an interior design atelier.

RH Montecito 將於 12 月初開業，是位於加州聖塔芭芭拉上方迷人飛地中歷史悠久的消防站的重新構想，設有帶壁爐和噴泉的室內和室外庭院餐廳、葡萄酒和咖啡師酒吧以及室內設計工作室。

The opening of our first RH interior design office in Palm Desert, California, this November. We believe there's an opportunity to address new markets locally by opening design offices in neighborhoods, towns, and small cities where the wealthy and affluent live, visit, and vacation. The Palm Desert location is a unique test of a consumer-facing professional interior design office separate from the gallery.

今年 11 月，我們在加州棕櫚沙漠開設了第一個 RH 室內設計辦公室。我們相信，透過在富人和富裕人士居住、參觀和度假的社區、城鎮和小城市開設設計辦公室，有機會在當地開拓新市場。棕櫚沙漠分店是對畫廊之外的、面向消費者的專業室內設計辦公室的獨特測試。

Our goal is to establish the RH brand as the leader in the world of professional interior design and enable us to attract the highest caliber of interior designers in the industry. As we look forward, we anticipate an inflection of our business in Europe as we begin to open in the important brand building markets of Paris and London in 2025 and Milan in 2026. It is then we will begin to have the scale to support the advertising investments necessary to build their business across Europe. We're looking forward to discussing our global expansion in further details once we open those important markets.

我們的目標是將 RH 品牌打造為專業室內設計領域的領導者，並使我們能夠吸引業界最優秀的室內設計師。展望未來，我們預計歐洲業務將出現轉折，因為我們將於 2025 年開始進入巴黎和倫敦等重要的品牌建立市場，並於 2026 年開始進軍米蘭。到那時，我們將開始擁有足夠的規模來支持在整個歐洲開展業務所需的廣告投資。一旦我們打開這些重要市場，我們期待進一步討論我們的全球擴張細節。

We are also making meaningful investments to elevate and differentiate our online experience and we'll be making meaningful upgrades to our website throughout the second half of 2024. Some of the functionality we plan to introduce is quite revolutionary and unlike anything in the market. We plan to file for design patents on several of the user interface and presentation designs, and we'll begin to discuss the new website strategy in more detail as we roll out the new functionality.

我們也正在進行有意義的投資，以提升和區分我們的線上體驗，並將在 2024 年下半年對我們的網站進行有意義的升級。我們計劃推出的一些功能相當具有革命性，與市場上的任何功能都不一樣。我們計劃為多個使用者介面和演示設計申請設計專利，並且我們將在推出新功能時開始更詳細地討論新的網站策略。

Now, let me turn your attention to our outlook. Despite expectations for industry conditions to remain challenging until interest rates ease and the housing market begins to rebound, we expect our demand trends to accelerate throughout 2024 and into 2025.

現在，讓我把注意力轉向我們的展望。儘管預計在利率下降和房地產市場開始反彈之前，行業狀況仍將面臨挑戰，但我們預計我們的需求趨勢將在 2024 年至 2025 年加速。

Due to the extensive transformation of our assortment, we expect revenue to lag demand during the year by approximately 4 to 8 points until we read and react to the new collections, reduce back orders, and shorten special order lead times. Therefore, we'll be guiding and reporting both demand and revenue growth each quarter during fiscal 2024 so shareholders and investors can accurately analyze the business.

由於我們的產品系列進行了廣泛的轉型，我們預計今年的收入將落後於需求約 4 到 8 個百分點，直到我們了解並響應新的系列、減少積壓訂單並縮短特殊訂單的交貨時間。因此，我們將在 2024 財年每季指導和報告需求和收入成長，以便股東和投資者能夠準確分析業務。

We believe it is also important to note that we are now forecasting to end the year with an increased backlog of approximately $80 million to $100 million due to revenue lag in demand throughout 2024, which will negatively impact the adjusted operating and EBITDA margins by approximately 100 basis points for the year. Additionally, the investments in startup costs to support our international expansion are now estimated to be approximately 230-basis-point drag for 2024.

我們認為，還需要注意的是，由於 2024 年全年需求收入滯後，我們現在預測今年年底積壓訂單將增加約 8,000 萬至 1 億美元，這將對調整後的營業利潤率和 EBITDA 利潤率產生負面影響約 100 個基點。此外，目前估計，支持我們國際擴張的啟動成本投資將對 2024 年造成約 230 個基點的拖累。

Due to our inflection ramping later than expected, we are adjusting our full-year forecast for fiscal 2024 as follows on a 52-versus-52-week basis. Demand in the range of 8% to 10%, revenue growth in the range of 5% to 7%, adjusted operating margin in the range of 11% to 12%, and adjusted EBITDA margin in the range of 17% to 18%.

由於我們的拐點出現的時間晚於預期，我們將根據 52 週與 52 週的基礎對 2024 財年的全年預測進行如下調整。需求在 8% 到 10% 之間，營收成長在 5% 到 7% 之間，調整後的營業利潤率在 11% 到 12% 之間，調整後的 EBITDA 利潤率在 17% 到 18% 之間。

For the third quarter fiscal 2024, we are forecasting demand growth in the range of 12% to 14%, revenue growth in the range of 7% to 9%, adjusted operating margin in the range of 15% to 16%, and adjusted EBITDA margin in the range of 21% to 22%.

對於 2024 財年第三季度，我們預測需求成長在 12% 至 14% 之間，營收成長在 7% 至 9% 之間，調整後的營業利潤率在 15% 至 16% 之間，調整後的 EBITDA 利潤率在 21% 至 22% 之間。

Leaders have to be comfortable making others uncomfortable. Leadership is about pursuing a vision, something you've never seen that's somewhere you've never been. As creatures of habit, change is uncomfortable for humans. But for the people and partners of team RH, the culture of leadership and innovation is at the core of who we are and we're collected in everything we do.

領導者必須樂於讓別人感到不舒服。領導力就是追求一種願景，一種你從未見過、從未去過的地方的事物。作為習慣的動物，改變對人類來說是不舒服的。但對於 RH 團隊的員工和合作夥伴來說，領導力和創新文化是我們的核心，我們所做的一切都凝聚著這種文化。

We've grown comfortable making ourselves and others uncomfortable for over two decades and plan to continue doing so for the foreseeable future. It's what leaders do and how we know we're on the right path. Whether it's launching the most prolific product transformation in the history of our industry while others are hunkering down during the worst housing market in three decades, we're opening the largest and most immersive physical retail experiences around the world while others are shrinking or closing their stores and moving online.

二十多年來，我們已經習慣了讓自己和他人感到不舒服，並且計劃在可預見的未來繼續這樣做。這就是領導者所做的事情，也是我們知道自己走在正確道路上的方式。當其他公司還在三十年來最糟糕的房地產市場中苦苦掙扎時，我們卻推出了行業歷史上最重大的產品轉型；當其他公司紛紛縮減規模或關閉門市、轉向線上銷售時，我們卻在全球開設了規模最大、最具沉浸感的實體零售體驗。

By refusing to follow the herd into the anything but social world of social media, you won't find us on Instagram or paying a bunch of strangers called influencers by phone to say they love our brand on TikTok. One thing you can be sure of is that place you will likely find us is on the road less traveled. One guided by our vision and values that will continue to ignite our spirit and inspire our customers.

透過拒絕隨波逐流，進入社群媒體的非社群世界，你不會在 Instagram 上找到我們，也不會付錢給一群透過電話聯繫到有影響力的陌生人，讓他們在 TikTok 上說他們喜歡我們的品牌。可以肯定的是，您很可能會發現我們的地方就在人跡罕至的道路上。我們的願景和價值觀將繼續激發我們的精神並激勵我們的客戶。

Over 20 years ago, we began this journey with a vision of transforming a nearly bankrupt business that had a $20 million market cap and a box of oxydol laundry detergent on the cover of its catalog into the leading luxury home brand in the world. The lessons in learning, insights in intricacies, the sacrifices made, and the scar tissue developed by getting knocked down 10 times and getting up 11 leads to the development of the mental and moral qualities that build character in individuals and form cultures in organizations, lessons that can't be learned in the classrooms or by managing a business. Lessons that must be learned by building one.

20 多年前，我們開啟了這一旅程，我們的願景是將一家瀕臨破產、市值 2,000 萬美元、產品目錄封面上只有一盒 Oxydol 洗衣粉的企業轉型為全球領先的豪華家居品牌。學習中的經驗教訓、對複雜事物的洞察、所做的犧牲以及在被擊倒 10 次、再站起來 11 次的過程中所形成的傷疤，導致了心理和道德品質的發展，這些品質塑造了個人的品格並形成了組織文化，而這些都是在課堂上或透過企業管理無法學到的。透過建造一個這樣的建築，我們必須吸取教訓。

In a world that rewards duplication and penalizes the inherent bumpy road of innovation, especially for companies in the public domain, we, the people, and partners of team RH will continue to drive ourselves to destroy today's reality so we can create tomorrow's future, while remaining completely comfortable, making ourselves and others uncomfortable.

在這個獎勵重複、懲罰創新固有坎坷之路的世界裡，尤其是對於公共領域的公司而言，我們，RH 團隊的員工和合作夥伴將繼續驅使自己去摧毀今天的現實，這樣我們才能創造明天的未來，同時保持完全舒適，讓自己和他人感到不舒服。

Never underestimate the power of a few good people who don't know what can't be done, especially these people. Onward, teammates, RH, carpe diem.

永遠不要低估少數不知道什麼不能做的好人的力量，尤其是這些人。前進吧，隊友們，RH，及時行樂。

Operator we will now open the call to questions.

接線員我們現在開始回答問題。

(Operator Instructions) Curt Nagle, Bank of America.

（操作員指示） 美國銀行 Curt Nagle。

Great. Thanks so much for taking the question. Yeah. So just know with the inflation demand trends driven by all these new product launches coming through, I'm feeling pretty good about the product margins. And I think you called that out in the press release, stable, hopefully after the rest of the year, putting you, I guess, above the fray for a market that feels a little more promotional. What are your thoughts on that?

偉大的。非常感謝您回答這個問題。是的。因此，只要知道隨著所有這些新產品的推出推動通膨需求趨勢，我對產品利潤率感到相當滿意。我認為您在新聞稿中提到了這一點，希望在今年剩餘的時間之後能夠保持穩定，我想，這將使您在一個感覺更具促銷性的市場中脫穎而出。您對此有何看法？

I'm sorry, you were kind of -- we couldn't quite hear you.

很抱歉，您有點——我們聽不清楚。

Yeah, just with the inflection, new products, good margins. How are you feeling about the product margins for the rest of the year? That's the core of the question.

是的，只是隨著轉變、新產品的推出和良好的利潤率。您對今年剩餘時間的產品利潤率有何看法？這就是問題的核心。

Well, I think as I mentioned in the third quarter, they've inflected positive. And we feel very good about the business right now. The inflection happened a couple quarters later. When you're making big moves and big innovations like this, as I've said, it's not as much about the timing as it is the vector and increasing magnitude and direction of that vector and what that helps you kind of see down the road.

嗯，我認為正如我在第三季度提到的那樣，它們已經發生了積極的變化。我們現在對業務感到非常滿意。幾個季度之後，情況發生了轉變。當你做出這樣的大舉措和大創新時，正如我所說，重要的不是時機，而是向量，以及向量不斷增加的幅度和方向，以及這如何幫助你看清未來。

And now we got enough data through those product introductions we've made over the last several seasons. And now it's about refining and polishing, continuing to learn and improvise and adapt. And we've got a lot more in the pipeline. So I sit here and I think about the mix will begin to shift today, but we like where we are.

現在，我們透過過去幾季的產品介紹獲得了足夠的數據。現在需要不斷改進和完善，不斷學習、改進和適應。我們還有更多的計劃正在籌備中。所以我坐在這裡，思考今天組合將開始發生變化，但我們喜歡我們所處的狀態。

We'd like the demand vector that's unveiling itself. We like that margins have inflected positive. We like that we got multiple galleries, new galleries opening in front of us, one of them could be -- one of them's worth like three or four galleries in and of itself. And when you think about the kind of value RH Newport Beach is going to be -- I think it's going to be a dominant and disruptive force throughout Southern California. And we're really excited about what's ahead of us.

我們希望需求向量能夠自行顯現。我們很高興看到利潤率出現正成長。我們喜歡有多個畫廊，新的畫廊在我們面前開業，其中一個畫廊本身的價值可能相當於三到四個畫廊。當您考慮到 RH 紐波特灘將具有什麼樣的價值時——我認為它將成為整個南加州的主導和顛覆力量。我們對未來充滿期待。

So yeah, we're going to continue to do what we're doing. We're going to continue to learn, grow, improvise, adapt, and refine and continue to elevaute our strategy. So I can be more happy about where we are. Would have liked it to happen a couple of quarters earlier, but that's not really the point, right? I said to somebody, how many times does Elon Musk been on time?

是的，我們將繼續做我們正在做的事情。我們將繼續學習、成長、改進、適應和改進，並繼續提升我們的策略。所以我對我們的現狀感到更加高興。我希望它能早幾個季度發生，但這不是重點，對吧？我問某人，伊隆馬斯克有多少次準時了？

When you're making big moves, it's really hard to be on time. If you're really innovating, it's really hard to be on time. If you're just iterating, it's easy to do that and be on time. It's just that the size of the outcome is never that meaningful in a long-term strategic perspective. So if you think about where we started, it's a $20 million market cap brand that was on the edge of bankruptcy with a box to box at all, laundry detergent and selling, nostalgic discovering Knickknacks with 52% of our business.

當你採取重大行動時，準時確實很難。如果你真的在創新，那麼按時完成任務就真的很難。如果您只是進行迭代，那麼這很容易做到並且準時。只是，從長遠策略角度來看，結果的大小從來都沒有那麼大的意義。所以如果你想想我們的起點，它是一個市值 2,000 萬美元的品牌，瀕臨破產，只有一整箱洗衣粉和出售懷舊小玩意兒，占我們業務的 52%。

And to think that we made it out of that and built the brand that we built today, I bring that up from time to time to help people think about, if we could come from there and get to where we are today, what's the potential of where we can go next? So we couldn't be more excited, but we also couldn't be more focused. We're very focused right now. And we're going to get more focused. And we're going to continue to edit and get more clear and allocate our time better, allocate our capital better. So in many ways, yeah, we're just kind of warming up with this thing. This is the beginning of the inflection. So couldn't be happier.

想想我們是如何走出困境並建立起今天的品牌的，我時不時地會提起這件事，以幫助人們思考，如果我們能夠從那時走出來，到達今天的水平，那麼我們下一步的潛力是什麼？因此，我們非常興奮，但我們也非常專注。我們現在非常專注。我們將更加集中註意力。我們將繼續編輯，使其更加清晰，並更好地分配我們的時間和資金。所以從很多方面來說，是的，我們只是在為這件事熱身。這是轉折的開始。所以我非常高興。

Got it. And then just a quick follow-up. So you noted that consolidation of the contemporary catalog, totally understand the efficiencies. Do you think that maybe points to maybe the scope of the question being a little bit smaller than anticipated? Or is it maybe just more of a timing thing, or it's selling a very high priced set of products and market is still pretty choppy?

知道了。然後只是快速的跟進。因此，您注意到當代目錄的合併，完全理解其效率。您是否認為這可能表明問題的範圍比預期的要小一些？或者這可能只是時間問題，或者是它銷售的是一套價格非常高的產品而市場仍然相當不穩定？

The point about -- I put it in last year and I talked about contemporary at some point and said that we're kind of arrogant in pricing on the product. That just a partial issue. It's more about as trends develop and evolve in any industry, there's an opportunity to segment and focus on different looks, aesthetics, perspectives.

關於這一點——我去年提出過，我在某個時候談到當代，並說我們在產品定價方面有點傲慢。這只是一個部分問題。更重要的是，隨著任何行業的趨勢不斷發展和演變，都有機會細分並關注不同的外觀、美學和觀點。

And we have been successful to this point at thinking about taking assortments, focusing them, and getting them to break through the clutter. Yet all kind of still integrated as one brand with a singular point of view, but delivered to the consumer with more clarity than shopping, like some online thing like [Paragould] or Wayfarer, where you've got to look at a lot of stuff and you can't really find things.

到目前為止，我們已經成功地思考瞭如何進行分類、如何集中精力，以及如何突破混亂。然而，所有的產品仍然整合為一個具有單一視角的品牌，但向消費者提供的資訊比購物更清晰，例如 [Paragould] 或 Wayfarer 等線上購物，你必須查看很多東西，但實際上卻找不到想要的東西。

So the ability to just focus our business and deliver the business with really clear and compelling way is what we'll continue to do. Just in this case, there is a big, you know, a big trend movement no different than the big movement that was made that led us to isolate versus integrate RH modern. That was a big discussion here years back.

因此，我們將繼續專注於我們的業務，並以真正清晰、令人信服的方式開展業務。就在這種情況下，有一個巨大的趨勢運動，與導致我們孤立而不是整合 RH 現代的大運動沒有什麼不同。幾年前，這裡曾發生過一次激烈的討論。

As we developed that assortment, do we integrate it into our RH materials book and evolve that book? Or do we isolate it and create a more focused message to the consumer? And yeah, so you got to think about what are the size of the trends, how do the trends develop, how long the trends are, and, you know, you're constantly thinking about how to present in a clear and compelling way if this is going to break through. So we've done a lot of things, a lot of different books, RH Beach House, Ski House, things like that, which you'll see come back and continue to communicate the breadth and depth of the RH brand.

當我們發展出該分類時，我們是否將其整合到我們的 RH 材料書中並對其進行改進？或者我們將其隔離並向消費者創建更有針對性的信息？是的，所以你必須思考趨勢的規模有多大，趨勢如何發展，趨勢持續多長時間，而且，你知道，如果要取得突破，你還要不斷思考如何以清晰而引人注目的方式呈現。所以我們做了很多事情，很多不同的書，RH 海濱別墅、滑雪別墅等等，你會看到它們回歸並繼續傳達 RH 品牌的廣度和深度。

And we've done big smile, small spaces, all these kinds of things. And you don't have to keep doing them, doing them with regularity. You've got to kind of keep painting a picture and breaking through and having people see you. We are in a world -- we have six senses. And out of our six senses, our dominant sense is our sight site. And our sight drives 80% of our behavior, right?

我們做過大大的微笑、小空間等等這類的事情。而且你不必一直做這些事，也不必規律地做這些事。你必須不斷描繪，不斷突破，讓人們看見你。我們生活在一個世界裡──我們有六種感官。在我們的六種感官中，我們最主要的感覺是視覺。我們的視覺驅動著我們 80% 的行為，對嗎？

And so, if you can't break through visually, the odds are you're just not going to be seen. And if you're not going to be seen, how can you inspire anybody? How can you create any kind of a destination or reaction? So we're always doing that. You'll always see us continue to think about how to be seen, how to break through, how to communicate visually in this world.

所以，如果你無法在視覺上取得突破，那麼很可能就不會被看見。如果你不被人看到，你怎麼能激勵別人呢？您如何創造任何類型的目的地或反應？因此我們一直都是這麼做的。你總是會看見我們不斷思考如何被看見，如何突破，如何在這個世界上進行視覺交流。

People don't see what you're selling, nobody cares. Now, if they don't care about the quality, if they don't like the design, where the overall presentation doesn't break through the market and they just don't see you. So, our business is all about kind of design quality and value in that order. Everything has to be in the right hierarchy, and you got to break through. So contemporarily, it's kind of like modern.

人們看不到你在賣什麼，也沒有人在乎。現在，如果他們不關心質量，如果他們不喜歡設計，而整體表現又無法在市場上取得突破，那麼他們就不會關注你。所以，我們的業務完全是關於設計品質和價值的。一切都必須處於正確的層次結構中，你必須要突破。所以從當代來看，它有點像現代。

If you went back in history, people ask me all the time, where did the trends come from? And I always tell them the debt. It catches people off guard. What do you mean? And I said, well, look, generations pass away the belongings. Going to the stage fails, the stage fails feed the high-end antique markets. The high-end antique markets feed the high-end interior design market and the high-end reproduction market. And then it trickles down from there, and it trickles through always in a unique and of the moment way, but whether it's mid-century modern or that came through or that whole trend or the contemporary trend that followed that, the next trend that is kind of going to start building, if you just lump them on a website, which nobody can see, by the way, it's an invisible store. It's a great platform if your position is kind of price and things like that. But if you're kind of leading an aesthetic system, if design is really critical to your positioning, launching online is very limited. Nobody walks by you. Nobody sees you.

如果回顧歷史，人們總是問我，趨勢從何而來？我總是告訴他們債務。讓人措手不及。你是什​​麼意思？我說，你看，一代又一代的人都把這些財產傳承了下來。上台失敗，上台失敗養活了高端古董市場。高端古董市場滋養了高端室內設計市場和高端複製品市場。然後它從那裡涓滴而下，總是以一種獨特和與時俱進的方式涓滴而下，但無論是世紀中期現代風格，還是那種貫穿始終的整個潮流，還是隨後的當代潮流，下一個即將開始形成的潮流，如果你只是把它們放在一個網站上，順便說一句，沒人能看到，這是一個隱形的商店。如果您關注的是價格之類的事情，那麼這是一個很好的平台。但如果你引領一種美學體系，如果設計對你的定位真的很重要，那麼線上發布就會非常有限。沒人從你身邊走過。沒人看見你。

You have to spend a whole bunch of money buying words and names, and you're buying other brands names, like a weird thing that is, right? Oh, let me buy their brand name. So I hope if somebody stumbles into my brand? And maybe they'll see me or when you buy a bunch of words or things like let me, hey, like, is this so many kind of weird ways that people are trying to break through.

你必須花費一大筆錢來購買文字和名稱，而且你購買的是其他品牌的名稱，這很奇怪，對嗎？哦，讓我買他們的品牌。所以我希望如果有人偶然發現我的品牌？也許他們會看到我，或者當你買了一堆文字或東西時，例如讓我，嘿，就像，這是人們試圖突破的這麼多奇怪的方式。

I mean, we just go at it differently and uniquely and we're very good at that. So we're not perfect at it, right? So contemporary, we never thought it was going to be with a big trend. But what it did is it became bigger than we thought and it kind of blurred lines.

我的意思是，我們只是以不同的、獨特的方式處理此事，而且我們在這方面非常擅長。所以我們並不完美，對嗎？非常具有現代感，我們從未想過它會成為一種大趨勢。但它變得比我們想像的要大，界限變得模糊。

And so the lines between the interiors book, the modern book, and the contemporary book, we're becoming too blurred. There wasn't the need to have all three. It would be better to consolidate, make the other two more dominant, mail a more dominant book into the marketplace at greater depth and get a better financial result. That's the key here.

因此，室內設計書籍、現代書籍和當代書籍之間的界線變得越來越模糊。沒必要三者都擁有。更好的辦法是進行合併，使另外兩家公司更加佔據主導地位，將一本更具主導地位的書更深入地推向市場，並獲得更好的財務表現。這就是關鍵所在。

It's not like a contemporary didn't work. The goods are out there. We have some stuff that was too expensive. And when we first did Italian upholstery and things like that, and we put $70 a yard, $80 a yard fabric on it, not a $20 yard fabric on it, and all said we had price points that were too high, yeah. But that's okay.

這並不意味著當代作品沒有發揮作用。貨物已在那裡。我們有些東西太貴了。當我們第一次做義大利室內裝飾和類似的東西時，我們把每碼 70 美元、80 美元的布料放在上面，而不是每碼 20 美元的布料，所有人都說我們的價格太高了，是的。但沒關係。

Mistakes are part of innovation. People are afraid of mistakes, never innovate, never take the risk. And mistakes for us is just another lesson, another learning just kind of what we do. So I don't think contemporary is a mistake. I think we priced some of that book incorrectly. That was a mistake. But we learned a lot. And our view based on the data and the numbers is consolidated.

錯誤是創新的一部分。人們害怕犯錯，從不創新，從不冒險。對我們來說，錯誤只是另一個教訓，是我們所做事情的另一個學習過程。所以我不認為當代是個錯誤。我認為我們對該書的部分內容的定價有錯誤。那是一個錯誤。但我們學到了很多。我們基於數據和數字的觀點是統一的。

And if it's just going to break through, the lines were too blurred. Well, you'll see us come out of other things in the future that may or may not continue to kind of -- the goods may lend in another way. But you've got to continually breakthrough, right?

如果只是要突破的話，界線就太模糊了。好吧，您將會看到我們將來會推出其他產品，這些產品可能會繼續，也可能不會繼續 — — 商品可能會以另一種方式借出。但你必須不斷突破，對嗎？

Not doing the same thing over and over again, kind of expecting different results doesn't work, not in a world that's constantly evolving, right? But being consistent and having consistent values and beliefs and consistent approach and point of view is really important, right? So everything we do goes through our filters, and whether it's modern, it's an RH point of view on modern, whether it's interiors, whether it's classic, traditional big-small spaces, beachhouse, ski house, all the things we do, I think, are recognized out there. And people go, oh, that's RH. I mean some people still call us Restoration Hardware. So I just try not to do that. We're trying to hone the brand, make it simpler, get is a breakthrough. So anyway, yeah.

不要一遍又一遍地做同樣的事情，期待不同的結果是行不通的，在一個不斷發展的世界裡，不是嗎？但是保持一致、擁有一致的價值觀和信念以及一致的方法和觀點確實很重要，對嗎？因此，我們所做的一切都要經過我們的篩選，無論是現代的，還是 RH 對現代的看法，無論是室內設計，還是經典的、傳統的大小空間、海濱別墅、滑雪屋，我認為，我們所做的一切都會得到認可。然後人們就會說，哦，那是 RH。我的意思是有些人仍然稱我們為“Restoration Hardware”。所以我盡量不這麼做。我們正在努力打磨品牌，讓它變得更簡單，並取得突破。無論如何，是的。

Appreciate that. Understood. Thanks, Gary.

非常感謝。明白了。謝謝，加里。

Okay. Thank you. Thanks, Curtis.

好的。謝謝。謝謝，柯蒂斯。

Steven Zaccone, Citi.

花旗銀行的史蒂文‧扎科內 (Steven Zaccone)

Great. Good afternoon. Thanks for taking my questions. I wanted to talk about the product assortment because there's been a lot of newness. And I think last year, you gave this point that 80% to 85% of the assortment would be new. So I'm curious, are we at that point now? Or do you need more newness in the second half of the year?

偉大的。午安.感謝您回答我的問題。我想談談產品分類，因為出現了很多新產品。我認為去年您就提出了這一點，即 80% 到 85% 的商品組合都是新品。所以我很好奇，我們現在就到那個地步了嗎？還是下半年需要更多新鮮感？

And just with more product newness coming into the business, do you feel like you're at the right cadence now or as we get into '25, you'll have incremental newness to present to the consumer? Thank you.

隨著越來越多的新產品進入業務，您是否覺得現在您處於正確的節奏中，或者當我們進入'25年時，您是否會向消費者呈現漸進的新產品？謝謝。

Sure. Thanks, Steven. Good question. So we have a lot of newness coming in the second half and a lot of newness coming throughout next year. I'd say, mid to late next year, we will start to be on a more predictable cadence, right? So we will hit the 85% in the first half of next year.

當然。謝謝，史蒂文。好問題。因此，我們在下半年會推出許多新鮮事物，明年也會推出許多新事物。我想說，明年中下旬，我們將開始進入一個更可預測的節奏，對嗎？因此，明年上半年我們將達到85%的目標。

There's a lot coming in the second half, and there's a lot coming in the first half of next year. I'd say by the second half of next year, we'll be on a new regular cadence. So the business will be very different. But we'll also there'll also be other things, right? Other category we might address, like Waterworks. I mean we've got a really small kind of bath business. I mean, we're taking the best -- arguably the best bath brand on the planet, most desired and coveted bath brand on the planet.

明年下半年將發生很多事情，明年上半年也會發生很多事情。我想說到明年下半年，我們將進入新的常規節奏。所以業務將會很大不同。但我們還會有其他事情，對嗎？我們也可能涉及其他類別，例如水廠。我的意思是我們的沐浴業務規模真的很小。我的意思是，我們採用的是最好的——可以說是地球上最好的沐浴品牌，也是地球上最令人嚮往和最令人垂涎​​的沐浴品牌。

And if you think about the industry, the general trade industry is generally 80% of their business or a little more. But directionally, think about it, 80% of the business is to architects, designers, builders, so on and so forth, right? It is a business-to-business kind of platform. And while we have a big trade business, 80% of our business is to the consumer.

如果你考慮一下這個行業，你會發現一般貿易行業通常佔其業務的 80％ 或略多。但從方向上看，想一想，80％的業務是針對建築師、設計師、建築商等等的，對嗎？這是一種企業對企業的平台。雖然我們的貿易業務很大，但 80% 的業務還是面向消費者。

But a lot of trade showrooms and they're not even open on weekends. They closed at 5:00 or 6:00. They're not open at night. They're not in places where consumers. There's high traffic or so on and so forth. It's a completely different model.

但是許多貿易展廳甚至週末都不開放。他們 5 點或 6 點就關門了。他們晚上不營業。它們並不在消費者需要的地方。交通很擁擠等等。這是一個完全不同的模型。

So what we've learned over our journey here is we took trade brands and businesses years ago. I mean, one example is Perennials, one of the great brands in the high end to the trade -- high-end outdoor fabric business and evolved into indoor fabrics and other textiles, et cetera. And convinced David and Ann to give us a world. I think it was a long courtship. But we've decided to partner and test, and it really worked out well for both of us.

我們在這個過程中學到的是，我們多年前就開始經營貿易品牌和業務。我的意思是，其中一個例子是 Perennials，它是高端貿易領域的偉大品牌之一——高端戶外面料業務，並發展到室內面料和其他紡織品等。並說服大衛和安給我們一個世界。我認為這是一段漫長的求愛過程。但我們決定合作並進行測試，而且這對我們雙方來說確實都有好處。

And their trade business is bigger today, and their business with us and other consumer businesses is very big. I don't know their numbers, but it's worked out well for both of us. It's no different than why we made the acquisition of Waterworks, why we acquired Dmitriy & Co, Couture Upholstery, Joseph [Juth], kind of the furniture -- to the trade businesses and great design and quality of products, even more importantly, just remarkable people and talents.

而且今天他們的貿易業務規模更大，他們與我們以及其他消費企業的業務規模也非常大。我不知道他們的人數，但這對我們雙方都很有幫助。這與我們收購 Waterworks、Dmitriy & Co、Couture Upholstery、Joseph [Juth] 等家具公司的原因沒有什麼不同——都是因為貿易業務和優秀的設計以及產品的質量，更重要的是，因為有傑出的人才和才華。

And if you think about it, we bought Waterworks eight years ago. It takes time to refine polish, think about integration, do things really in an incredible way. And I think if anybody in this call comes to the opening of Newport Beach, which I would say, is not to be missed RH experience, if you want to see how we can really disrupt the market, that's going to be a great example.

如果你仔細想想，我們八年前就收購了 Waterworks。需要時間來完善、思考整合、以令人難以置信的方式做事。我認為，如果這次電話會議中有任何人參加紐波特灘的開幕式，我想說，這是不容錯過的 RH 體驗，如果你想看看我們如何真正顛覆市場，這將是一個很好的例子。

And we're going to launch our first integrated Waterwork Showroom, and the brand will be seen by so many more people. As I said, sight is our dominant sense, right? And so what we have today, 14 Waterwork showrooms?

我們即將推出首個綜合性 Waterwork 展廳，讓更多的人看到我們的品牌。正如我所說，視覺是我們的主要感覺，對嗎？那我們今天有 14 個 Waterwork 展間嗎？

Yeah, yeah. There's 14 Waterwork showrooms in the world, right? And I think the biggest one is like 10,000 feet, something like that -- somewhere 3,000 feet. But they're not in the most highest traffic areas. It's just most trade brands aren't. But when you put the best brand in the world in front of multiple times more people who have the financial ability to buy the best product in the market, why wouldn't they, right? Why wouldn't they do that?

是啊是啊。世界上有 14 家 Waterwork 展廳，對嗎？我認為最大的高度是 10,000 英尺左右，大概是 3,000 英尺左右。但它們並不位於交通最繁忙的地區。但大多數貿易品牌並非如此。但是，當你把世界上最好的品牌擺在更多有經濟能力購買市場上最好的產品的人面前時，他們為什麼不買呢，對嗎？他們為什麼不這麼做呢？

You take the design and quality of Dmitriy & Co. You put it in front of a massively bigger market or Joseph Juth and put it in front of a massively better market at a greater value because you work at building the platform to scale that level of quality. I mean, I used to say way back when, when we were first breaking through and building our model, that furniture of this quality wasn't sold in quantity, and we had to build a new railroad like a supply platform for this level of quality.

您採用 Dmitriy & Co. 的設計和品質。我的意思是，很久以前，當我們第一次突破並建立我們的模型時，我曾經說過，這種品質的家具銷售並不大，我們必須為這種品質水準建立一條新的鐵路，就像一個供應平台。

I mean, people we work with them beginning the businesses were $1 million a year, $3 million a year, $7 million a year companies. And those companies are like $150 million to $200 million today, selling that level of quality. It just wasn't available right? I mean you kind of stopped at Pottery Barn, stopped at Creighton Barrel and maybe throw Ethan Allen in that, but a different kind of aesthetic, and I wouldn't say it's negative, but just wasn't what was kind of evolving in the market.

我的意思是，與我們合作創辦企業的人都是年收入 100 萬美元、300 萬美元、700 萬美元的公司。如今這些公司的銷售額約為 1.5 億到 2 億美元，銷售的是這種品質的產品。它根本就不可用吧？我的意思是，你會在 Pottery Barn 停留，在 Creighton Barrel 停留，也許還會考慮 Ethan Allen，但這是一種不同的美學，我不會說它是負面的，但它並不是市場正在發展的東西。

And so we did that. We made a lot of investment. We invested in the company. We lend people money. We did whatever we could to help then help us, right, and create -- that's why I say in every letter, I write to our people, our partners, and our shareholders in that order, that is the hierarchy. That is the order of success.

所以我們就這麼做了。我們做了很多投資。我們對這家公司進行了投資。我們借錢給別人。我們盡一切努力去幫助我們，對吧，並且創造——這就是為什麼我在每封信中都說，我按這個順序寫給我們的員工、我們的合作夥伴和我們的股東，這就是層級結構。這就是成功的順序。

And we try to build incredible partnerships and we try to take 1 plus 1 equal more than 2. And sometimes it can equal 10. But it doesn't happen like that as we kind of created, I think, a new market.

我們努力建立令人難以置信的合作夥伴關係，並努力使1加1大於2。有時它可以等於10。但事實並非如此，因為我認為我們創造了一個新的市場。

And look, whenever you're a market leader, there's going to be followers and there's followers and people are coming in and you've got to keep innovating and reinventing and evolving faster than others. And competition is good. It makes you better. Our market ahead of us, I mean we're the kind of the biggest of our kind in the world. And the opportunity is massive ahead of us.

你看，無論何時，你是市場領導者，就會有追隨者，不斷有追隨者和人加入，你必須不斷創新、重塑，並且比別人更快地發展。競爭是好事。它使你變得更好。我們的市場擺在我們面前，我的意思是說，我們是世界上最大的同類市場。我們面前還有巨大的機會。

But that takes a long time to see like Steve Jobs never saw Apple like what it was -- trying not to go bankrupt. Then he got fired. Then he came back and saved the company from bankruptcy. And then you keep looking around corners, you keep learning and growing, listening and learning, testing and trying improvising and adapting, adapting and you grow, and that's what it's all about.

但這需要很長時間才能看出來，史蒂夫喬布斯從來沒有看到蘋果是什麼樣的——試圖不破產。然後他被解雇了。然後他回來拯救公司免於破產。然後你不斷地環顧四周，不斷地學習和成長，不斷地傾聽和學習，不斷地測試和嘗試，不斷地即興發揮和適應，不斷地適應和成長，這就是一切的意義所在。

But you can't become a manager of a business. You'll never create. You'll never create or build of a market-defining brand. So I think that's what makes people uncomfortable with now and then it makes us a little less predictable. That's what we do. And if you look at our history in the last 24 years since we've been on this journey from where we were with no resources, no capabilities, bankruptcy -- trying everyone would go try to not go bankrupts while you're trying to evolve the business.

但你不能成為一家企業的經理。你永遠無法創造。您永遠無法創造或打造一個定義市場的品牌。所以我認為這就是讓人們時不時感到不舒服的原因，它讓我們變得有點難以預測。這就是我們所做的。如果你回顧我們過去 24 年的歷史，我們從沒有資源、沒有能力、破產開始踏上這段旅程——每個人都在努力發展業務，試圖避免破產。

If we're able to get from where we were to where we are, you can only imagine where we can go next. But along the way, we're going to test and try things. We're going to, at times, try to do too many things, and get a little unfocused as that happens and try to continue to just be maniacally focused. And I think for the last few years, I think about last five or seven, I think we tried to do too much. And it's not fun when you kind of only great at a few things and maybe your -- the outcome, you've got to be great at all things.

如果我們能夠從原來的位置到達現在的位置，你只能想像我們下一步能去哪裡。但在過程中，我們會不斷測試和嘗試新事物。有時，我們會嘗試做太多事情，然後就會變得有點注意力不集中，並試著繼續保持瘋狂的專注。我認為在過去的幾年裡，大概是過去的五到七年裡，我們試圖做的事情太多了。如果你只擅長幾件事，那就沒什麼樂趣了，也許你的結果是，你必須在所有事情上都很擅長。

If you want to be the real market leader, you've got to have the best product, the best presentation with the best brand, and you have to have the best financial results and the best shareholder returns and all those things. And so as we go forward, think about cadence and newness and stuff like that, you're going to see us continue to edit and focus. Building what we just went through. None of us here had ever done that, like I've never let a team through a period like we're going through right now.

如果你想成為真正的市場領導者，你必須擁有最好的產品、最好的展示和最好的品牌，你還必須擁有最好的財務表現和最好的股東回報等等。因此，隨著我們前進，思考節奏和新穎性之類的東西，你會看到我們繼續編輯和關注。建立我們剛剛經歷過的一切。我們這裡的任何人都沒有做過這樣的事情，例如我從來沒有讓一支球隊經歷過像我們現在所經歷的時期。

And all the things you've got to kind of design, develop, integrate, present. It's a lot. But really the best thing, how much we learned and how much better we are. Not just the brand that leapfrogs. It's the leaders that leapfrogs. So you don't build the business. You build the team, and the team builds the business.

以及您必須設計、開發、整合和呈現的所有事物。很多啊。但真正最好的事情是，我們學到了很多東西，變得更好了。不僅僅是跨越式發展的品牌。是領導者超越了其他人。所以你沒有建立這個企業。你建立團隊，團隊建立業務。

So the people here that have built this business, that's what you want to focus on. Like if you didn't die trying along the way over the last 18, 24 months here, you were way better. You are way smarter, and you have a capability now to go toward a whole new level.

所以對於在這裡創造這項事業的人來說，這就是你們要關注的重點。就好像，如果你在過去 18 到 24 個月的時間裡沒有盡全力，那麼你會變得更好。你已經聰明多了，而且你現在有能力邁向一個全新的境界。

So that's what I'm really most excited about. All the people that, as I like to say, a time marks through hell for a heavenly cause, that got us here that now have the ability to take us to a whole new level because what we've all learned together, how we've grown together. That's what's most important, and that's what's most exciting.

這就是我真正最興奮的事情。正如我喜歡說的，所有那些為了天堂的事業而歷盡艱辛的人，都把我們帶到了這裡，而現在他們有能力把我們帶到一個全新的水平，因為我們一起學習，一起成長。這才是最重要的，也是最令人興奮的。

Great. Thank for all that detail, and I look forward to the invite to the Newport opening.

偉大的。感謝您提供的所有詳細信息，我期待著受邀參加紐波特的開幕式。

Look forward to seeing you.

期待您的光臨。

Steven Forbes, Guggenheim Securities.

古根漢證券的史蒂文福布斯。

Gary, last call, we briefly discussed, right, the idea of top, middle, bottom tiers of the assortment, the new collections. So would love to hear you sort of talk through how you think the collections are mixing into those tiers today as we all try to sit here and conceptualize like what the potential aggregate demand lift could be from the actions thus far into '25 and beyond?

加里，最後一次，我們簡要討論了關於產品分類的頂層、中層、底層以及新系列的概念。所以，我很想聽聽您談談您認為今天的收藏品是如何融入這些層級的，我們都試圖坐在這裡概念化，例如從迄今為止的行動到25年及以後，潛在的總需求提升可能是什麼？

Yes. Well, how many of the new collections made it in the top? Those will really move the business. They made it into this top middle third, they'll move the business up. If they made it into the middle. They're not going to make that big of a difference except when you get enough to the top 30 -- pulls the whole thing up and the middle gets higher, and there's a new middle -- when you think about this analogy and how I kind of describe it.

是的。那麼，有多少新系列能夠躋身前列？這些會真正推動業務發展。他們已經進入了前三分之一，他們的業務將會向上發展。如果他們進入中間。它們不會帶來太大的差別，除非你讓足夠多的人進入前 30 名 -- 將整個名單拉高，中間位置變得更高，出現一個新的中間 -- 當你思考這個類比以及我如何描述它時。

And your bottom third is a bigger -- it's a much more productive bottom third, but you've got to kind of keep getting things into the top third, right? That's the key, because the top third pulls everything up, it's like great people. It's like great leaders, right?

而你的底部三分之一更大——它是一個更有成效的底部三分之一，但你必須不斷地將東西放入頂部三分之一，對嗎？這是關鍵，因為前三分之一的人把一切都拉上來，就像偉大的人一樣。這就像偉大的領導者，對吧？

They pull everybody up. They set a whole new expectation and a whole new bar, and all the people that are capable and have the desire and the capability reach a whole new level and everything moves up. So the real key here today is, like if I just look at it and I go, okay, where are we versus the industry? Where are we? Where is our demand versus others?

他們把所有人都拉上來。他們設立了全新的期望和全新的標準，所有有能力、有願望和能力的人都達到了全新的水平，一切都進步了。所以今天真正的關鍵是，如果我只是看一下，那麼我就會問，好吧，我們與行業相比處於什麼位置？我們在哪裡？我們的需求與其他人相比處於什麼位置？

What does the vector look like? What are we learning from the new top third? Because you wouldn't have the inflection we have, unless you redefined the top third, right? And you redesign the top third, it's forever redefined. And then the middle third is forever redefined.

該向量是什麼樣子的？我們從新的前三分之一學到了什麼？因為除非你重新定義前三分之一，否則你不會有我們所擁有的曲折，對嗎？然後你重新設計前三分之一，它將永遠重新定義。然後中間三分之一被永遠重新定義。

And the bottom third is forever redefined, right?

而底部三分之一永遠被重新定義，對嗎？

And it's no different as you think about the product, as you think about people, right? Somebody goes out, take the Olympics, as a point of reference and breaks a record in the 100 meters or in some swimming race. It's a whole new standard. Everybody swims faster. Everybody runs faster. It's a whole new game. You just keep redefining. So that's the way to think about it.

當你思考產品和思考人時，這並沒有什麼不同，對嗎？有人走出去，以奧運會作為參考，在 100 公尺或某些游泳比賽中打破紀錄。這是一個全新的標準。每個人都游得更快。每個人都跑得更快。這是一個全新的遊戲。你只需不斷重新定義。這就是思考這個問題的方法。

It's the whole three-thirds are moving up or moving down, right? If you throw too many things in the middle, you're probably going to fall behind because everybody is moving forward, right? The world is evolving. If you're out there and you throw things into the bottom third, and you're more weighted that way, you're going down.

全部三分之三都在上升或下降，對嗎？如果你在中間投入太多東西，你可能會落後，因為每個人都在向前走，對嗎？世界正在發展。如果你在那裡，並且把東西扔到底部三分之一，並且你以這種方式承受更大的壓力，那麼你就會下降。

But you have to start with generally in every market, somebody is doing a good job in moving the market forward. And they're going to create a higher standard and and other people will follow. Other people will learn from them whether they're there or not.

但你必須從每個市場的普遍情況開始，總是有人在推動市場向前發展方面做得很好。他們將制定更高的標準，其他人也會跟進。無論他們在不在，其他人都會向他們學習。

If they're smart, they'll study the market leaders, not just to emulate them. Maybe short term to emulate them, but if they want to be the new market leader, they have to conceptualize and conceive a vision that can leapfrog that market leader. It's really hard to take a market leader up, takes sometimes decades.

如果他們聰明的話，他們會研究市場領導者，而不僅僅是模仿他們。也許短期內可以模仿他們，但如果他們想成為新的市場領導者，他們必須概念化並構思一個可以超越市場領導者的願景。打造一個市場領導者確實非常困難，有時需要幾十年的時間。

How long was IBM at the top. How long with Microsoft at the top? Microsoft at one point was 800 times more valuable than Apple. 800 times and then Apple leapfrog them, but Microsoft is coming back.

IBM 曾位居榜首多久了？微軟還能霸居榜首多久？微軟的市值一度比蘋果高出 800 倍。 800 次之後，蘋果超越了他們，但微軟又回來了。

Their new CEO is leading a crusade. If someone has said, Microsoft would bounce back like that. I say no way. They're dead. Once that vector starts, you leave people in the dust.

他們的新任執行長正在領導一場運動。如果有人這麼說，微軟就會像那樣反彈。我說沒辦法。他們死了。一旦這個向量開始起作用，你就會把別人遠遠地甩在身後。

And I mean probably a lot of people here. I mean it was the BlackBerry -- it was into the movie or was Blackberry. Movie. Great movie. If you want to think about vectors and market disruption and changing of the guard, what's the BlackBerry movie?

我的意思是可能有很多人在這裡。我的意思是它是黑莓手機——它融入了電影之中，或者它就是黑莓手機。電影。很棒的電影。如果你想思考載體和市場顛覆以及守衛的更迭，那麼黑莓電影是什麼？

They were so far ahead. They had so many things right. And they stopped inventing. They got complacent. And the Apple iPhone comes and that's seen when they're -- it's like the guys walking, they had the leader there, walking down his pits and he thinks he's going to get it back and he sees his people and Steve Jobs just presenting the iPhone going through.

他們已經遙遙領先了。他們做了很多正確的事。他們就停止了發明。他們變得自滿了。然後蘋果 iPhone 就問世了，我們可以看到，他們就像那些傢伙在走路一樣，他們的領導者走在他的坑里，他認為他會把它拿回來，然後他看到他的員工和史蒂夫·喬布斯正在展示 iPhone。

It's a phone, it's a music player. It's an Internet device. It's the phone. It's a music platform. It's an Internet device. And he goes, do you get it? It's one thing. It's the iPhone, and changes everything all the people are like, oh, s***, we're dead.

它既是一部手機，也是一部音樂播放器。它是一個互聯網設備。這是電話。這是一個音樂平台。它是一個互聯網設備。然後他說，你明白了嗎？這是一回事。是 iPhone 改變了一切，所有人都覺得，天啊，我們死定了。

But then you saw in the later part of movie, the partner, I think, is pitching some of its partners for the platform and they’re going -- well, here's the lines, here's the market. There's how Apple is inflecting, and it was to -- let Apple ran away. But the new CEO of Microsoft, that's the guy to me. I mean that's like, wow, one of the great comebacks in American business history, you don't see that you can see IBM’s come back, you're going to see Xerox come back. You can see all time -- you can name a lot of them.

但你在電影的後半部分看到，我認為，合作夥伴正在向它的一些合作夥伴推銷這個平台，他們會——好吧，這是線路，這是市場。這就是蘋果公司改變策略的方式，那就是──讓蘋果公司逃走。但對我來說，他是微軟新任執行長。我的意思是，哇，這是美國商業史上最偉大的復興之一，你看不到 IBM 的復興，你會看到施樂的復興。你可以看到所有的時間——你可以說出很多的名字。

It's like were Ford, we're Chevy, we're this, we're that. If somebody starts to make a move and that inflection happens, it's hard to come back. But yes, it's all about leadership. It's all about innovation and invention and leading and not managing. And being a newsmaker, not a new caster.

就像我們是福特，我們是雪佛蘭，我們是這個，我們是那個。如果有人開始採取行動，並且發生了這種轉變，就很難再回頭了。但確實，這一切都與領導力有關。這一切都關乎創新、發明和領導，而非管理。並且成為新聞人物，而不是新主持人。

But if you're going to do that, they're not all great days because you're going to break some glass along the way, while you're building something nobody has seen before. And it's whole top third, middle third, bottom third, right? You've got to take big risks, you've got to place big bets. You got to do things like it's not a contemporary it work, Kepler is just a stepping stuff. You're going to see new things when you try new things.

但如果你這麼做了，就不會總是一帆風順，因為在你建造一些前所未有的東西的過程中，你可能會打破一些玻璃。而且它是整個頂部三分之一、中間三分之一、底部三分之一，對嗎？你必須承擔大風險，你必須下大賭注。你必須做的事情就像它不是一個當代的作品，開普勒只是一個墊腳石。當你嘗試新事物時，你會看到新事物。

But I like where we are. But I'll tell you this, we're more focused than we've ever been. We are smarter than we've ever been, and we've got a big edge. So we're going to make some really smart moves over the next several quarters and several years. And I think we're just going to be a lot more focused.

但我喜歡我們現在的處境。但我要告訴你，我們比以往任何時候都更專注。我們比以前更聰明，而且我們擁有巨大的優勢。因此，我們將在接下來的幾季和幾年內採取一些非常明智的舉措。我認為我們將會更加專注。

I mean that's the thing Steve Jobs said, yes, about saying no to 1,000 things. We got the same no to more things. Like you always think you think as you've done some great things, you think, oh, I can do so much more. I can do so much more. You generally didn't get there by doing a lot.

我的意思是，這是史蒂夫·賈伯斯說過的話，是的，關於對 1,000 件事說「不」。我們對更多的事情都得到了同樣的否定回答。就像你總是認為你做了一些偉大的事情，你會想，哦，我還可以做得更多。我還可以做更多。一般來說，你不需要做很多事情就能達到目的。

I mean, I took over RH, I eliminated 100% that was skewed, like we don't have one thing. I eliminated 50% of use in my first season and had to try to figure out how to navigate that. So you've got to make big moves and you're not going to get them all right. Okay. I had to sell slippage for 10 years.

我的意思是，我接管了 RH，我消除了 100% 的偏差，就像我們沒有一件事一樣。我在第一個賽季中減少了 50% 的使用量，並且必須想辦法解決這個問題。所以你必須採取重大舉措，但你不可能全部都成功。好的。我不得不賣滑點十年。

Did I like selling foot today selling out? It put debate with that a steppingstone to get to Italian betting and Belgian linen and Waterworks and all the things we're doing today. Yes, of course. So anyway, not facing to you guys when you have questions, probably I've got hundreds, if not thousands of our team members on this call. So speaking to the constituencies that are on that letter.

我今天喜歡賣腳賣完了嗎？這場爭論成為了我們進入義大利博彩業、比利時亞麻布、自來水廠和所有我們今天所做的事情的墊腳石。是的當然。所以無論如何，當你們有問題時，我不會面對你們，可能有數百甚至數千名團隊成員參加了這次電話會議。所以要向那封信上的選區發表演說。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西緬古特曼 (Simeon Gutman)。

It's Simeon. I wanted to ask twist on maybe what Steve was just asking, the confidence that this initial demand that you have here has durability. And I know Gary, you mentioned the vectors and the market share spread I think you have a lot of newness, you have catalog or sort of books. So you have reasons to be stronger than them at this point, and you had this coming. So how do you look out several quarters?

是西緬。我想問一下史蒂夫剛才問的問題，即您對此處的初始需求是否具有持久性的信心。我知道加里，你提到了載體和市場份額的擴大，我認為你有很多新穎之處，你有目錄或書籍。所以，現在你有理由比他們更強大，而且這也是你應得的。那麼您如何看待接下來的幾季呢？

And then related to Steve's question, when you talked about the different tiers or tranches, do you have enough product out to see how some of the initial product is trending? How many of those top third categories might you already be sitting on?

然後回到史蒂夫的問題，當您談到不同的層級或部分時，您是否有足夠的產品來了解一些初始產品的趨勢？您可能已經佔據了前三分之一類別中的多少個？

Yes. Look, we've learned a ton. Yes, we've got a lot of data. And so, yes, we're very confident in our outlook and what's ahead of us despite whether we get interest rate cuts are not interest rate cuts, right? It's not a -- as all of you know, look, we came into this year, everybody expected it was I think in the markets we're betting for five to six interest rate cut.

是的。看，我們學到了很多。是的，我們有很多數據。所以，是的，我們對我們的前景非常有信心，無論我們是否降息，我們面臨的都是不會降息的，對嗎？眾所周知，今年我們每個人都預期會有五到六次降息。

And so far, we haven't had one. And now they're saying, oh, it's time to an interest rate cut. Well, those are the same people that said, oh, when inflation went from 2% to 4%, it was going back to 2% over the next few quarters and then it went to 9%. So that's not as big at those people, by the way. Leading and trying to look into the future is really hard, right? You guys do models and everybody, you have forecast on everybody.

但到目前為止，我們還沒有遇到這種情況。現在他們說，哦，該降息了。嗯，那些人說過，當通貨膨脹率從 2% 升至 4% 時，它會在接下來的幾個季度回到 2%，然後又升至 9%。順便說一句，對於那些人來說，這並不是什麼大問題。要領導並展望未來真的很難，對吧？你們建立了模型，並且對每個人都進行了預測。

My sense is almost every plan you have, every forecast you have in some degree of wrong, right? And so the key is, are you more right than wrong? And are you learning? Are you gathering more data? Are you sharpening your store and can you see around the next corner?

我的感覺是，幾乎你的每一個計畫、每一個預測或多或少都是錯的，對嗎？所以關鍵是，你的正確之處是否多於錯誤之處？你在學習嗎？您正在收集更多數據嗎？您正在打磨您的商店嗎？

So we have a lot of confidence. We have a lot of data. We put a lot of products in the market. We've learned a lot, and we have a lot of news coming in, and we're rebuilding everything here, every model, every part of our organization, everything is kind of under inspection, under its path. We're going to reinvent every way we do things.

所以我們非常有信心。我們有很多數據。我們向市場推出了許多產品。我們學到了很多東西，也收到了很多新聞，我們正在重建這裡的一切，每一個模型，我們組織的每個部分，一切都在接受檢查，都在按照計劃進行。我們將徹底改造我們做事的每種方式。

And then as we do, the things we did best, we'll optimize those and we'll focus those and those will be our next round of habits and behaviors. But you got to be careful, you can't stick with those things too long because other people will learn from you and you got to keep moving forward.

然後，當我們這樣做時，我們會優化我們做得最好的事情，我們將集中精力，這些將成為我們下一輪的習慣和行為。但是你得小心，你不能堅持這些事情太久，因為其他人會向你學習，你必須繼續前進。

So we had a lot of reasons that will be stronger than the competition for a long time right now, a lot of reasons. And a lot of reasons why we'll take a lot of market share. I mean it's not an accident, right? I mean we've been talking about this a long time.

所以我們有很多理由讓我們在很長一段時間內比競爭對手更強大，有很多理由。我們佔據大量市場份額的原因有很多。我的意思是這不是意外，對吧？我的意思是我們已經討論這個問題很久了。

The question was, well, when will it happen? I mean some guy that I know that used to work here as an analyst put out a report last week, never talked to me I don't know probably 15 years. And he said, oh, they're product transformation is a complete dud. I don't know how he feels today, but he's going to feel worse in the coming quarters. You don't learn anything by being a sideline predict. If you want to learn something, come here and ask you some questions and you learn something, but you want to be a fad-like credit, you're not going to learn a lot, and you'd be wrong a lot more than you're right.

問題是，什麼時候會發生？我的意思是，我認識的一位曾經在這裡擔任分析師的人上週發布了一份報告，從來沒有和我說過話，我記不清了，大概有 15 年了。然後他說，哦，他們的產品轉型完全失敗了。我不知道他今天感覺如何，但在接下來的幾個季度裡，他的感覺會更糟。透過作為場外預測你不會學到任何東西。如果你想學點什麼，來這裡問你一些問題，你就會學到一些東西，但如果你想成為一種時尚般的信用，你不會學到很多東西，而且你犯錯的次數會比正確的次數多得多。

So we look out over the next several quarters, over the next several years. If you think about the real estate pipeline we've built an incredible real estate pipeline coming incredible. You feel -- I mean we're just infants in Europe. Yes. yes, fairly.

因此，我們展望未來幾季以及未來幾年。如果你考慮一下房地產管道，我們已經建造了令人難以置信的房地產管道。你會感覺到——我的意思是我們在歐洲還只是個嬰兒。是的。是的，相當公平。

We're learning what do we do, and we kind of opened some galleries in an order we didn't want to, but we couldn't have got the other galleries without taking those in a real estate deal. And so we've launched but not really the way you launch if you want to build great market awareness. So when we opened Paris and London and Milan, there's going to be a significantly different awareness of RH.

我們正在學習該怎麼做，我們按照自己不想要的順序開設了一些畫廊，但如果不透過房地產交易收購其他畫廊，我們就無法獲得這些畫廊。因此，我們已經推出了產品，但如果您想建立良好的市場知名度，我們推出的產品方式實際上並不是您所說的那種。因此，當我們在巴黎、倫敦和米蘭開設門市時，人們對 RH 的認識就會大不相同。

So it's not that we don't love the ones we did, but not necessarily in the order we would have picked as we were thinking about positioning and building the brand. But sometimes, you got to take the opportunity that they come.

因此，並不是說我們不喜歡我們所做過的事情，而是不一定按照我們在考慮定位和打造品牌時所選擇的順序。但有時，你必須抓住機會。

And you've got to -- it's not perfect when we're not rolling out like formula of mall stores or 5,000 or 10,000 square foot things or even 15,000 square foot things and go into a mall or going to look somebody else's box and building a storefront and then like floating a couple of walls or something with a run-on setting to ship on a floor. It's like not what we do. We build things they're going to last generation. Like other people talk about their great showroom. I mean, put one next to ours and tell me what's going to stand the test of time.

而且你必須——當我們沒有推出像商場商店那樣的模式，或者 5,000 或 10,000 平方英尺的東西，甚至 15,000 平方英尺的東西，而是進入商場或去看別人的盒子並建立一個店面，然後像浮動幾面牆或一些帶有運行設置的東西在地板上運送時，這並不完美。這就像不是我們所做的一樣。我們建造的東西將傳承給後代。就像其他人談論他們很棒的陳列室一樣。我的意思是，把一個放在我們的旁邊，告訴我什麼將經得起時間的考驗。

What we're doing, I think, long term is going to be incomparable and massively durable. I mean we came from nothing, came from a bankrupt business, selling [shot shoes], and we built the market leader. And we went through a massive -- we're in the middle of it a massive transformation. I've never done this before. No one's ever done it.

我認為，從長遠來看，我們所做的事情將是無可比擬的並且具有極強的持久性。我的意思是，我們白手起家，從一個破產的企業起家，靠著銷售（射擊鞋）成為市場領導者。我們經歷了巨大的事——我們正處於巨大的轉變之中。我以前從來沒有這樣做過。從來沒有人做到過。

The industry has never seen it. But now you're going to start to witness the potential of the RH brand and the team behind that brand, more important. So we just couldn't be more excited. And do we have a product that -- the product tiers are trending? Oh, yes.

業界從未見過這種情況。但現在你將開始見證 RH 品牌及其背後團隊的潛力，這更為重要。所以我們真是興奮極了。我們是否有一種產品－產品層級正在流行？哦是的。

Oh, yes, and we like what's in the pipeline. We've seen a lot, and we're going to keep building it. And we've got -- we've got too many ideas to execute right now. The key for us is focused and hierarchy. And what is the right hierarchy, what comes first, what comes second, what comes third, how do we allocate the human and financial capital in the very best way, and how do we stay now to 1,000 things.

哦，是的，我們喜歡正在籌備的事情。我們已經看到了很多，我們會繼續建造。我們現在有太多想法需要執行。對我們來說，關鍵在於專注和層次。什麼是正確的層級結構，什麼是第一位的，什麼是第二位的，什麼是第三位的，我們如何以最佳方式分配人力和金融資本，以及我們如何堅持現在的 1,000 件事。

That's going to be the hardest part right now. What are we going to stay now to? What are we not going to do? It's going to be as important, if not more important than what we do right now. But we might decided to work on what is actually number one.

這將是目前最困難的部分。我們現在要停留在什麼地方？我們不打算做什麼？它將和我們現在所做的事情一樣重要，甚至更重要。但我們可能會決定致力於真正最重要的事情。

But we also worked on number three and four and five at the same time. And we never gave, number one, the focus it needed to change everything, right? So that's how we're thinking right now.

但我們同時也在研究第三、第四和第五個目標。首先，我們從來沒有集中精力去改變一切，對嗎？這就是我們現在的想法。

We've got a lot of edge. We've got a lot of focus. We've got a lot of energy we're very enlightened and very excited. But also, we have a lot of edge. We're not taking anything for granted. I couldn't be more excited about where we are and what's ahead of us.

我們擁有很大的優勢。我們非常集中註意力。我們擁有很多能量，我們非常開明並且非常興奮。但同時，我們也有很多優勢。我們不會認為任何事是理所當然的。我對於我們現在所處的位置以及我們未來的發展感到無比興奮。

Max Rakhlenko, TD Cowen.

馬克斯·拉赫倫科（Max Rakhlenko），TD Cowen。

Great. Gary, so you earlier walked through the importance of galleries. Can you provide an update on where you stand in resetting making store assortment. I think on the last call, you discussed being around 50%. So just curious, where is that now? And when do you think it will get closer to or fully reset just given the potential that it could have to the business?

偉大的。加里，你之前已經談到了畫廊的重要性。您能否提供有關重新設定商店商品組合的最新進展？我認為在上次通話中，你們討論的是 50% 左右。所以只是好奇，它現在在哪裡？考慮到它對業務可能產生的潛力，您認為什麼時候它會接近或完全重置？

Yes. We're at the very early stages of that. Like, again, do you want to think about we reset on the early data, then we get better data, and then you've got new newness. And then you've got -- so you're going to constantly read and react and refine. And I mean, I mean we're right now so excited about some of the stuff going really, okay, how do we run to get that in the galleries.

是的。我們正處於這一領域的早期階段。例如，再說一次，你是否想過我們重新設定早期的數據，然後我們得到更好的數據，然後你就會得到新的新鮮感。然後你就會有——所以你會不斷地閱讀、反應和改進。我的意思是，我們現在對其中的一些東西感到非常興奮，好吧，我們該如何將它們放到畫廊裡？

What do you do? Like your life depended on it, how do you get the goods in the galleries now because they're going to really massively lift. I think like public, right, our mix, right? Yeah, everybody, 70/30 kind of -- no, not really.

你做什麼工作？就像你的生命依賴它一樣，你現在如何將貨物放入畫廊中，因為它們將真正大規模地提升。我認為就像公眾一樣，對吧，我們的混合，對吧？是的，每個人的情況都是 70/30 左右 — — 不，不是真的。

No? Okay. Okay. I mean the game is get to goods in the gallery right now. We get the right goods in the gallery on the floor in the right place. That alone is a massive move, a massive move. But we've got you got to ramp up the production, you got to get it, you've got to dimensionalize it, you've got to -- that's why we're running with a higher level of inventory right now, we've got so many things.

不？好的。好的。我的意思是遊戲現在正在獲取畫廊中的商品。我們在畫廊樓層的正確位置放置了正確的商品。僅此一點就是一個巨大的舉措，一個巨大的舉措。但是我們必須提高產量，你必須得到它，你必須對其進行維度化，你必須 - 這就是為什麼我們現在擁有更高水平的庫存，我們有這麼多東西。

These transitions are really tricky. You're not going to buy it right. So you've got to kind of invest in kind of some downside protection, right? And you've got to carry heavier inventories for a while, while you're learning and then you've got to kind of edit and refine and go through it. But what you're identifying is one of the next big moves. I would say where are we on the galleries having all the right goods. I mean I know Stefan, would you say?

這些轉變確實很棘手。您不會買到合適的。所以你必須投資某種下行保護措施，對嗎？而且，在學習期間，你必須攜帶更重的庫存一段時間，然後你必須對其進行編輯、改進和完善。但您所確定的是下一步的重大舉措之一。我想說的是，我們在畫廊的哪個位置有所有合適的商品。我的意思是我認識史蒂芬，你這麼說嗎？

Yes.

是的。

Yes. Will we say 30%.

是的。我們會說 30% 嗎？

I would say 35%, 40%.

我想說的是35%、40%。

Yes, 35 -- yes, 35% to 40%. Yes. There's some big turns there. Big moves.

是的，35——是的，35%到 40%。是的。那裡有一些大轉彎。大動作。

Got it. That's helpful. And then maybe we can keep this one for and it might be rudimentary, but where do you stand now in the promotion in your promotions and sort of winding down the old, discontinued products demand is picking up. So should we think that you're probably in the latter innings or how should just we think about it? And then just the key drivers of the product margin inflecting here more recently.

知道了。這很有幫助。然後也許我們可以保留這個，它可能還很初級，但是你現在在促銷中的立場是什麼，你的促銷活動以及逐漸減少舊的、停產的產品的需求正在回升。那麼我們是否應該認為您可能處於後期，或者我們應該如何思考？以下是最近影響產品利潤率的關鍵驅動因素。

Yes. I'd say, look, we're in the middle of kind of the big moves in and out, right? So you're learning, you're transitioning and you're kind of building the bridge to the next place. So I wouldn't really I mean I think everybody is making that a bigger deal. And I agree the report don't know, they got to get rid of the clearance or whatever, you've got to build a bridge to the future.

是的。我想說，你看，我們正處於這種大進大出的變動之中，對吧？所以你在學習，你在轉變，你正在建立通往下一個地方的橋樑。所以我的意思並不是認為每個人都把這件事看得更大。我同意報告的觀點，他們必須取消許可或其他什麼，必須架設一座通往未來的橋樑。

[indiscernible] way ever be overly focused on that. I just focus on, hey, is our demand growing and is our margin inflecting positive again, right there. And then how do we organize the brand and the business all throughout build the platform and infrastructure and organize the company for where we are and where we're going next, make it really efficient. So we're in a very inefficient stage, right, massively inefficient as we've been laser focused on just kind of almost one thing.

[音訊不清晰] 永遠不會過度關注這一點。我只關注，我們的需求是否在成長，我們的利潤率是否再次轉為正值。然後我們如何組織品牌和業務，建立平台和基礎設施，並根據我們現在的位置和下一步的發展方向來組織公司，使其真正有效率。所以我們正處於一個非常低效的階段，對吧，極度低效，因為我們幾乎只專注於一件事。

And so a lot of things -- we've got to kind of rethink this all up and put things in the right order, and yeah. So yes, but that's what we do. So we've been doing this more time. We love doing it. It's what we do. We love big moves like this.

所以很多事情——我們必須重新思考這一切，並把事情放在正確的順序上，是的。是的，但這就是我們所做的。因此我們花了更多時間做這件事。我們喜歡做這件事。這就是我們的所作所為。我們喜歡這樣的大舉措。

We love these times. Yes, this is what we live for, figuring it out, doing it better than anybody else in the world, leaving no doubt. But it's like exactly how much we're marking down and what that is. I mean, the question is what does the vector look like? What does the vector look like demand?

我們熱愛這些時光。是的，這就是我們生活的意義，弄清楚它，做得比世界上任何人都好，毫不懷疑。但這很像我們到底減了多少錢、減的是什麼。我的意思是，問題是向量是什麼樣子的？需求向量是什麼樣子的？

What it looks like in margin, where eventually will the vector be as you think about leverage and cost and what will the model become what's the timing of the big things here. You've got this big thing, Europe, we're just entering that, we had and make a lot of investments that honestly, not the greatest time under construction during COVID, post-COVID, the most expensive times to do things or try to and stock back.

利潤率是什麼樣的，當你考慮槓桿和成本時，向量最終會在哪裡，模型會變成什麼樣，這裡大事發生的時機是什麼。歐洲是個大市場，我們才剛進入，我們進行了大量投資，說實話，在新冠疫情期間、新冠疫情之後，並不是建設中最好的時期，而是做事或嘗試恢復庫存最昂貴的時期。

So we got to get the big brand building markets and galleries open and the brand will build and then the demand will build there and get a vector going there? What is what does Europe and international look like over X number of years and what's the leverage and the cost structure there. And look, there's so many opportunities.

因此，我們必須開放大型品牌建設市場和畫廊，然後品牌將會建設，需求也會在那裡建設，並獲得一個載體？X 年來歐洲和國際情勢如何？看看吧，有這麼多的機會。

I mean, crazy amount of opportunities ahead of it. But we got to stay focused. We've got to be laser-focused and we've got to do first things first. We cannot get distracted right now. That's the hardest thing.

我的意思是，前方有大量的機會。但我們必須保持專注。我們必須全神貫注，必須先做重要的事情。我們現在不能分心。這是最困難的事。

Andrew Carter, Stifel. .

安德魯卡特（Andrew Carter），史蒂費爾（Stifel）。。

I wanted to ask a little bit about the -- I think you're going to hit with your guidance here, seven design galleries this year plus the design studio. Are you in a position to hit that cadence every year? I know to international, you've reiterated today.

我想問一點關於——我想你會在你的指導下實現，今年有七個設計畫廊加上設計工作室。您每年都能達到這個節奏嗎？我知道對於國際來說，你今天已經重申了這一點。

And I know you're talking a little more about prioritization. Where do the white space markets kind of fit in within that? And are the white space markets still in scope for all design gallery types?

我知道您正在談論優先順序的問題。白色空間市場在其中處於什麼位置？白色空間市場是否仍屬於所有設計畫廊類型的範圍？

Just processing the multiple questions right now. So the first one is about we're opening. How many are we doing this year? With seven to nine, but we're --

現在正在處理多個問題。第一個是關於我們開業的事情。今年我們要做多少個？七到九點，但我們--

Seven galleries, one studio. So eight total.

七個畫廊，一個工作室。總共八個。

Okay, eight total. Okay. So yes, I think we were doing nine. Okay. So position it that chat feature. I think there'll be years we'll hit that cadence and do more in the years that we do less because our kind of pipeline yes, if you try to go force things in, if you screw up the real estate moves like we make, you can't getting unwinding from that is very expensive. So can we open 80 years

好的，總共八個。好的。是的，我想我們做了九個。好的。因此將其定位為聊天功能。我認為，有些年份我們會達到這種節奏，在做得較少的年份做更多的事情，因為我們有這樣的管道，是的，如果你試圖強行推進事情，如果你像我們一樣搞砸了房地產舉措，你就無法從中解脫出來，這是非常昂貴的。那我們能打開 80 年嗎

Yes. we haven't released what we're doing next year, but I'd say it's kind of in that direction might be more might be less. Look, the pipeline is really big. We've got a lot of things in the pipeline. So I think over the next four, five years, there's going to be a lot more galleries that we opened over the last five years. Think about it that way. But they're very big and complex projects. Andrew, come see Newport Beach or something like, yes, that's the evidence.

是的。我們還沒有公佈明年的計劃，但我想說的是，這個方向可能會多，也可能會少。瞧，管道真的很大。我們有很多事情正在籌備中。因此我認為在未來四、五年內，我們將會開設比過去五年更多的畫廊。就這樣想想吧。但它們是非常龐大且複雜的項目。安德魯，來看看紐波特海灘或類似的地方，是的，這就是證據。

And it knocked down the whole part of the mall and open up, but I don't know how many but 4 retailers, something like that. and give us the path that we needed and the positioning that we want to have views of the ocean from three of the four floors and probably the most incredible kind of rooftop restaurants in all of Southern California with the views we're going to have, and that's why we didn't even make it any outdoor furniture up there.

它把整個商場拆掉然後開放，但我不知道有多少家零售商，但有 4 家左右，大概就是這樣。並為我們提供所需的路徑和位置，我們希望從四層樓中的三層可以看到海景，並且可能是整個南加州最令人難以置信的屋頂餐廳，我們可以欣賞到這樣的景色，這就是為什麼我們甚至沒有在那裡放置任何戶外家具。

I mean, the whole thing is a 260 feet beautifully designed indoor, outdoor eating experience. It's an incredible weather incredible views I don't know how many of you tried -- how many restaurants now, the new menu is like four.

我的意思是，整個過程是一個 260 英尺精心設計的室內室外用餐體驗。這裡的天氣非常好，景色也非常好，我不知道你們中有多少人嘗試過——現在有多少家餐館，新菜單上有四種。

In New York the rest --

紐約--

We're rolling out and upgrading and transforming our menu in our galleries, it's terrific new menu. And the menu a gallery is going to be fantastic. I think you'll see some of our innovations happening there that have been previously working on for a long time. So yes, that's going to be a lot. And where does the white space thing -- what was that question? Where is the white space fit or something?

我們正在推出、升級和改造我們畫廊的菜單，這是很棒的新菜單。而且菜單和畫廊都會很精彩。我想你會看到我們在那裡實現一些已經研究了很長時間的創新。是的，數量會很多。那麼空白處在哪裡──那個問題是什麼？白色空間適合放在哪裡？

I mean it's more of a transformation, Andrew, right? There are white space opportunities for design studios, of course, as Gary has talked about over the last quarter.

我的意思是這更像是一種轉變，安德魯，對吧？當然，正如加里（Gary）在上個季度所談到的那樣，設計工作室也存在著空白機會。

And there's some galleries. Yes, we've got probably 10 markets. We can open a midsized salary in a couple of we can open a big one in North America, right? Yes.

還有一些畫廊。是的，我們大概有 10 個市場。我們可以在幾年內開出一個中等規模的薪水，也可以在北美開出一個大薪水，對嗎？是的。

Yes, we do. Montreal and Oklahoma city there.

是的，我們知道。那裡有蒙特婁和俄克拉荷馬城。

Yes. I mean what we're going to do in Naples is unbelievable. I haven't talked about that yet. No, yes, coming -- you got me excited. I'm debating right now myself, I talk about it?

是的。我的意思是我們將在那不勒斯做的事是令人難以置信的。我還沒有談論這個。不，是的，來了——你讓我興奮。我現在自己也在辯論，我談論這個嗎？

Do I not talk about -- well, it can probably be in the press? I mean it's a whole new three-dimensional RH experience called the compound, the RH compound. And it's a multi-building kind of integrated experience with gardens and courtyards and connecting buildings and like nothing anybody has ever seen. And we partnered team and Naples and you got the former Nordstrom's pad that sits over looking at beautiful pond. It's an incredible new idea.

難道我不談論——好吧，它可能會在媒體上出現嗎？我的意思是，這是一種全新的三維 RH 體驗，稱為化合物，即 RH 化合物。這是一種多建築綜合體驗，有花園、庭院和相連的建築，是人們從未見過的。我們與那不勒斯團隊合作，得到了可以俯瞰美麗池塘的諾德斯特龍前大樓。這是一個令人難以置信的新想法。

And again, evolution of different ways to have more cards you can play to going to take a bigger site, how would you use the site, what would it be? And also, we think it might be able to build might be massively more efficient to build than some of the galleries we're building today and another innovative thing.

再一次，不同方式的演變讓你可以打出更多的牌來佔據更大的場地，你會如何使用這個場地，它會是什麼？而且我們認為，與我們現在建造的一些畫廊相比，它的建造效率可能要高得多，這也是一種創新。

So it's -- yes, I mean I think generally, again, as you as you grow, you see more, as your brand grows and does more dollars per location and all of a sudden, different markets look -- they look a lot better than they look when you were doing a lot less volume, right? And the cost of the markets look different, everything looks different.

是的，我認為一般來說，隨著你的成長，你會看到更多，隨著你的品牌成長，每個地點的收益更多，突然之間，不同的市場看起來比你做的數量少的時候要好得多，對吧？市場的成本看起來不同，一切看起來都不同。

So I remember a Williams-Sonoma when I first joined and Howard Lester and Chuck loans telling me, we can only have, at the most, 75 Williams-Sonoma stores and the most in North like maybe only 50, and I think when I got there, there was like 35 of I don't know how many wins in stores are there like 250 or something -- it's 200, I don't know, something like that.

所以我記得我剛加入 Williams-Sonoma 時，Howard Lester 和 Chuck Loans 告訴我，我們最多只能擁有 75 家 Williams-Sonoma 商店，而北部最多的可能只有 50 家，我記得當我到達那裡時，那裡只有 35 家商店，我不知道有多少家獲勝，比如 250 家左右——可能是 200 家。

you keep building a brand and it's become more productive, it gets better and more market awareness and you create markets. I mean market leaders create markets. And so Today, in North America, what do we think is right, like [60 to 70]. I don't know. It's like -- so we'd be sitting here in five years, and that's [80 to 100], maybe, I don't know. Yes. So as we learn, yielder.

你不斷打造品牌，它會變得更有成效，變得更好，市場知名度更高，你也就創造了市場。我的意思是市場領導者創造市場。所以今天在北美，我們認為什麼是對的，[60至70]。我不知道。就像－所以我們會在五年內坐在這裡，那是[80到100]，也許，我不知道。是的。正如我們所學，屈服者。

Great. Looking forward to Newport Beach.

偉大的。期待紐波特海灘。

Jonathan Matuszewski, Jefferies.

傑富瑞的喬納森‧馬圖舍夫斯基 (Jonathan Matuszewski)。

Gary, first one is just on housing. I think investors are trying to understand how the eventual recovery in housing will impact furniture category spend maybe across different income cohorts, so just wanted your perspective how you see luxury housing reacting to the Fed rate cut maybe relative to homes that nonluxury price points. Do you see luxury housing reacting more quickly? And if so, why?

加里，第一個問題是關於住房的。我認為投資者正在試圖了解房屋市場的最終復甦將如何影響不同收入群體的家具類別支出，所以我只是想聽聽您的看法，即相對於非豪宅價格點的房屋，您如何看待豪宅對美聯儲降息的反應。您是否認為豪宅市場的反應較快？如果是的話，為什麼？

I think a lot of it is about, again, the affordability gap. And are we getting -- do people see three rate cuts of 25% or -- yes, 25 basis points or 50 basis points. And how much are you going to close the affordability gap? I mean the average US home, I think is, what, up 50%-something versus pre-COVID and the prices of housing got too expensive, and then the price of a mortgage got too expensive.

我認為這很大程度還是與負擔能力差距有關。我們是否會看到——人們是否會看到三次降息，每次 25%——是的，25 個基點或 50 個基點。你要花多少錢來縮小負擔能力差距？我的意思是，我認為美國的平均房價與新冠疫情之前相比上漲了 50% 左右，房價變得太貴了，然後抵押貸款的價格也變得太貴了。

And there's just a lot of people locked in at very low interest rates. And when does that affordability gap close enough that people that are -- I mean there's a lot of pent-up demand. I mean people are waiting, waiting, really want a new house, we really want to move the families expanded, they need more room. I mean the big buildup here. But how does that affordability gap kind of just come together.

許多人被鎖定在極低的利率中。那麼，什麼時候這種負擔能力差距才能縮小到人們能夠承受的程度——我的意思是，存在著大量被壓抑的需求。我的意思是人們正在等待、等待，真的想要一棟新房子，我們真的想擴大家庭，他們需要更多的空間。我指的是這裡的大規模建設。但這種負擔能力差距是如何產生的呢？

Like that's the key. So I don't know exactly how it's going to move or there's a lot of pent-up demand. So it may top quicker or it may take time to ease. And yes, it's going to depend on kind of what the Fed does. And it's going to depend on the homeowners.

就像那就是關鍵。所以我不知道它究竟會如何發展，或是有大量被壓抑的需求。因此，它可能會更快達到頂峰，也可能需要一些時間才能緩解。是的，這將取決於聯準會的行動。這取決於房主。

Are they going to lower their price or are they going to hold out? I put a house on the market in Beverly Hills. And I got a lot of lowball prices and I had it on the market for 6 months, and I didn't need to take the lower price and I took it off the market. And there's a lot of that right now. There's a lot of like homes are coming on the market and people are testing it out and then the homes are coming off the market.

他們是要降低價格還是要堅持下去？我在比佛利山莊出售一棟房子。我得到了很多低價，並且把它在市場上銷售了 6 個月，我不需要接受更低的價格，所以我把它從市場上撤了下來。目前這樣的情況很多。很多類似的房屋進入市場，人們進行測試，然後這些房屋便退出市場。

And but there's more people testing today. But I do think -- I mean I knew I had to lower my price, but I had a price was lower to (inaudible). The price I take, but I didn't being get that offer. And I did the math as you do and say, okay, I get the super low mortgage rate. And if I hold for a year, I'm going to have to pay this.

但是今天測試的人更多了。但我確實認為——我的意思是我知道我必須降低價格，但我有一個更低的價格（聽不清楚）。我接受這個價格，但我沒有得到那個報價。我像你一樣算了一下，然後說，好吧，我得到了超低的抵押貸款利率。如果我持有一年，我就必須支付這筆費用。

But if interest rates a year from now come down where I think they might go, if we have inflation under control, look, they could do one or two 25-basis-point cuts and all of a sudden, we can see inflation tick up and then all of a sudden, like, look, like I tell everybody here, we've got a chart that we all look at, and it's taking the team through it, I don't know, four years now.

但如果一年後利率下降到我認為的水平，如果我們控制了通貨膨脹，你看，他們可能會進行一到兩次 25 個基點的降息，然後突然間，我們可以看到通貨膨脹率上升，然後突然間，就像我告訴這裡的每個人一樣，我們有一張大家都會看的圖表，它正在帶領團隊經歷它，我不知道，現在已經四年了。

Like look at -- pull it up, but the last six -- some years of federal funds rate and go to the 1970s and look at what happened, lien went up, took rate sets. They thought they had it, they took them down. They thought they had it, they have been up and down, up and down, up and down, up and down, up and down till they got the federal funds rate was like 21%.

就像看看 — — 把它拉起來，但過去六年 — — 聯邦基金利率回到 20 世紀 70 年代，看看發生了什麼，留置權上升，採取了利率集合。他們以為他們已經得到它了，就把它取了下來。他們以為自己已經做到了，於是利率就一直上下波動，上下波動，上下波動，上下波動，直到聯邦基金利率達到 21%。

But they thought they had it, if you look at this to zoom in on like a 8- to 10-year period, I mean, up down, up and down, up to like maybe 100 or something times, like you probably get it really do mean just have the patients to account it. who says that can't happen again. I hope not. I'd rather personally. I tell the team this all the time.

但是他們認為他們已經找到了答案，如果您將這個數字放大到 8 到 10 年的時間段，我的意思是，上下、上下，最多可能 100 次左右，您可能會明白，這確實意味著只需讓患者來解釋它。誰說這種事不會再發生呢？我希望不會。就我個人而言，我更願意。我一直告訴團隊這一點。

I'd rather have them not cut the rates. It's bad for our business do not cut the rates until you are absolutely have killed inflation, leave no doubt because if it starts going up and down and so on and so forth, it anywhere like that period I just like the worst 10-year economic period in American history, except for the great depression. And you don't want that to happen. I'd rather hang on, and we're going to inflect no matter what.

我寧願他們不要降低利率。這對我們的業務不利，在絕對抑制通貨膨脹之前不要降低利率，毫無疑問，因為如果它開始上漲和下跌等等，它就像那個時期一樣，就像美國歷史上最糟糕的 10 年經濟時期，除了大蕭條。你肯定不希望這樣的事情發生。我寧願堅持下去，無論發生什麼，我們都會做出改變。

And we're kind of indifferent. Will it be good when the housing market inflects? Yes. Will it inflect? Yes. Will the Fed get it right? Who knows?

我們對此卻漠不關心。樓市拐點會好嗎？是的。會發生變形嗎？是的。聯準會會做出正確決定嗎？誰知道呢？

And again, not being critical with that. I was critical to the Fed when they said, oh, inflation is going from 4 to 2, it's transitory. And over the next few quarters, when we go back to 2, I'm like, do they talk to anybody in business, our ocean freight rates that went up 120% price. Wood was up 80%. Steel got like all the imports, all our prices were going up like I think it's going back to 2, there's no way. Like I think what do they have so 400 PhD data scientists, forecasters or more than anywhere in the world in the Fed.

再說一次，我並不對此持批評態度。當聯準會說通膨率從 4 降至 2 只是暫時現象時，我提出了批評。在接下來的幾個季度裡，當我們回到 2 時，我想，他們是否與商界人士交談過，我們的海運費上漲了 120％。木材價格上漲了80%。鋼鐵就像所有的進口一樣，我們的價格都在上漲，我認為它會回到2，沒有辦法。就像我在想聯準會有 400 名博士資料科學家、預測員，或比世界上任何地方都多。

We call some business people. I know it's really going on like I don't know if anybody would have told them that, that inflation was going down. And again, I'm not -- like it was critical about what the hell it happened. I think Powell since then has done a really good job. I think he's got to hold this ground.

我們打電話給一些商人。我知道這確實在發生，但我不知道是否有人會告訴他們通貨膨脹正在下降。再說一次，我並不是——對到底發生了什麼事情並不感到批判。我認為鮑威爾自那時起就做得非常出色。我認為他必須堅守這一立場。

And for us, we're not going to worry about that. If it comes, it comes, we'll be ready, and we'll be in the best position of anybody but I'm totally different. I am much more rooting for TIL inflation, leave no doubt even if we go into a recession for a while, whatever, it's the recession, not a plague, that makes a lot of sense.

對我們來說，我們不會擔心這一點。如果它來了，它就來了，我們會做好準備，我們會處於比任何人都更好的位置，但我完全不同。我更支持 TIL 通貨膨脹，毫無疑問，即使我們暫時陷入衰退，無論如何，這都是衰退，而不是瘟疫，這很有意義。

And just a quick follow-up, Jack. Just on the international investment this year. It looks like the headwind ticked up a little bit. Just if you could contextualize for that. Is there a kind of any incremental investments that are being made in international versus what was previously planned?

還有一個簡短的後續問題，傑克。僅談今年的國際投資。看起來逆風稍微增強了一點。但願你能將其具體化。與先前的計劃相比，目前在國際領域的投資是否增加？

Yes. Good question, Jonathan. Yeah, part of it was just refining the number of sales came down a little lower, and we had set approximately 200, and we were in that zip code. So we're just refining -- giving you a number as the year plays out and we see greater visibility than the sales growth. So just sales coming down overall and the impact.

是的。好問題，喬納森。是的，部分原因只是將銷售數量降得稍微低一些，我們設定的數字是 200 左右，而且我們位於那個郵遞區號區域。因此，我們只是在不斷改進——隨著時間的推移，我們會給你一個數字，而且我們看到的可見度比銷售成長更大。因此總體銷售額下降並產生影響。

Brad Thomas, KeyBanc Capital Markets.

布拉德‧托馬斯 (Brad Thomas)，KeyBanc 資本市場。

Great. Gary, you've touched on international a bit and some other comments that you've made in answers, but I was wondering if you could just give us an update on how you're feeling about the trajectory of that business? And how you how some of the data points are coming in as you lap the one-year anniversary of some of these locations?

偉大的。加里，你在回答中提到了一些國際問題和其他一些評論，但我想知道你是否可以向我們介紹一下你對該業務發展軌蹟的感受？當您慶祝這些地點的一周年紀念日時，您覺得一些數據點的情況如何？

Yeah. I mean, look, they're all going to get better. I think the real conversation happens. We opened Paris next spring, we opened London late next year. Ones cross our fingers, it's a complex job string together four buildings and hopefully, that plays out. And then we have Milan to fall after that. Spring up here at six. Yes. So, yes. So I think we've got to get open in the big markets.

是的。我的意思是，看，他們都會變得更好。我認為真正的對話發生了。我們將於明年春天在巴黎開設分店，並於明年年底在倫敦開設分店。我們祈禱，這是一個將四棟建築串連起來的複雜工作，希望能順利完成。隨後，米蘭也被攻下。早上六點，這裡就會出現春天。是的。所以，是的。因此我認為我們必須在大市場上開放市場。

I mean people go like, oh, you're kind of in London. No, we're outside of London. We tried to do an inspiring unforgettable experience because we have a chance to -- like here, we were introduced years ago, selling a lot more totally as some brands as people still remember that like we still fight that perception a lot.

我的意思是人們會說，哦，你好像在倫敦。不，我們在倫敦郊區。我們試圖創造一種鼓舞人心、令人難忘的體驗，因為我們有機會——就像這裡，我們幾年前就被引入了，銷量比一些品牌要好得多，因為人們仍然記得，我們​​仍然在努力對抗這種看法。

And Restoration Hardware, that's where I buy my stocking stuffers like, okay, we have sold stock in peppers in seven years. So like how you don't in light of me. But perception in brands is really key, and we were able to open and kind of it's a whole new thing, and that's why we ,we did what we did.

還有 Restoration Hardware，那是我買聖誕禮物的地方，好吧，我們已經賣了七年的辣椒庫存。所以就像你不看重我一樣。但品牌認知度確實很關鍵，我們能夠開拓這種全新的領域，這就是我們這麼做的原因。

And because we said, look, let's do something unforgettable and leave an impression and as I said many times, that was -- that investment was about conversation, not necessarily about commerce. I wouldn't have opened out there to say, hey, let me show you what I can do in the UK and 1 hour and 50 minutes outside of London without anybody walking by key cars. So we've learned a lot. Business is in flexing, it's all heading in the right direction.

因為我們說，看，讓我們做一些令人難忘的事情並留下深刻印象，正如我多次說過的，那是——投資是為了對話，而不一定是為了商業。我不會在那裡開門說，嘿，讓我告訴你我在英國能做什麼，以及在距離倫敦 1 小時 50 分鐘的車程內能做什麼，而且沒有人經過主要交通工具。因此我們學到了很多。業務正在彈性發展，一切都朝著正確的方向發展。

Our design business is growing. Our brand recognition is growing but when we open it, London in Mayfair and stringing together the four buildings we're screening together, when you see that the consumer sees that gallery like when they see that restaurant I mean, it's unbelievable. It's like the amount of people that will see it not only in London from all of the world like to walk around Mayfair and it's a goal wealthy global and -- so we're right in the heart of it.

我們的設計業務正在成長。我們的品牌知名度正在不斷增長，但是當我們在倫敦梅菲爾區開設門店，並將我們正在篩選的四棟建築串聯在一起時，當你看到消費者看到那個畫廊就像看到那家餐廳一樣，我的意思是，這真是令人難以置信。不僅來自倫敦的人們，來自世界各地的人們都喜歡在梅菲爾區散步，這是一個全球富人的目標——所以我們就位於它的中心。

I love our position. It's kind of almost like free standing in this multiple intersection place. And we're not wedged in on one of the busy streets and people in cards are linked and pass by you or walk by you.

我喜歡我們的立場。這幾乎就像在這個多重交叉路口自由站立一樣。我們並不是擠在繁忙的街道上，卡片上的人們會與您相聯繫並從您身邊經過或走過。

I mean, like, you can't miss us. And we're like, that's the really nice place. And the restaurants that our teams designed like I tell Kristen and our team, it's like they can like he's going to die. I told her yesterday, how many Babes sellers. Do you know how many people he tells that we came up with this design for this restaurant.

我的意思是，你不可能錯過我們。我們覺得那真是一個好地方。正如我告訴克里斯汀和我們的團隊的那樣，我們的團隊設計的餐廳就像他會死一樣。我昨天告訴她，有多少個Babes賣家。你知道他告訴了多少人我們為這家餐廳想出了這樣的設計嗎？

If you gave me 100 years to conceptualize the design of this restaurant that we have that in like the original bank of inline or something like that. Like it's like credible 30 high ceilings with these columns and everything. And like what she designed is just I can't help like show everybody the pictures. I probably had just put them on Zoom and show you guys, but like I want to do it in the right way. I might bring back one of our videos.

如果給我 100 年的時間來構思這家餐廳的設計，我們會有像原始的直列式銀行或類似的東西。就像這些柱子和一切東西所形成的可信的 30 高天花板一樣。就像她設計的那樣，我忍不住想向大家展示圖片。我可能只是把它們放在 Zoom 上並向你們展示，但我想以正確的方式去做。我可能會帶回我們的一個視頻。

It's like when I used to do those videos. And because it's such a visual business. I sit here and talk and try to tell you how excited we are and stuff like that. But scene is believing, right? Physical evidence is the key.

就像我以前製作的那些影片一樣。因為這是一個非常依賴視覺的業務。我坐在這裡聊天並試圖告訴你我們有多興奮之類的事情。但場景是令人信服的，對吧？物證是關鍵。

And so maybe in a quarter we put together one of our videos with music and you'll see the images come through. Paris unthink unbelievable, Milan. I mean those three galleries are so unique and different, but unreal. I mean just -- but again, let's think about Rutland incredible, like there's not that many people go out there. And so yes, in this summer except the winter that to many people.

因此，也許在某個季度內，我們將我們的一段影片與音樂放在一起，你就會看到圖像了。巴黎難以置信，米蘭。我的意思是這三個畫廊非常獨特、不同，但卻不真實。我的意思是——但再說一次，讓我們想想拉特蘭是多麼令人難以置信，好像沒有那麼多人去那裡。是的，除了冬天以外，今年夏天對很多人來說都是這樣的。

But when London opens, I think the business will go up in RT England because the brand awareness is going to go up. And all the people that go out there are going to know about it. And when we opened in Paris and London and Milan. Milan is center of the universe for design. It's the home of alone, the biggest design show in the world at 500,000 people go to the one any -- as every great interior designer in the world and brands in the world and aspiring designers and so on and so forth.

但當倫敦開幕時，我認為 RT 英格蘭的業務將會上升，因為品牌知名度將會上升。所有去過那裡的人都會知道這件事。當我們在巴黎、倫敦和米蘭開業時。米蘭是設計的中心。它是世界上最大的設計展的舉辦地，每年都會有 50 萬人前往參觀，其中包括世界上每個偉大的室內設計師、世界上的品牌以及有抱負的設計師等等。

And I mean, there's nothing in Milan like what we're doing. Nothing close. It's incredible. I mean it gives goosebumps talking about it. And I said all of them, I mean Paris, unreal.

我的意思是，在米蘭沒有任何事情能像我們所做的那樣。沒什麼好說的。真是難以置信。我的意思是談論這件事會讓人起雞皮疙瘩。我說所有這些，我指的是巴黎，都不真實。

It's just like this jewel box right in the heart of the world electric, run it by who's office and everybody else to fall ground there and I mean they're all going to see -- we're going to enter at a level that might be a step or two ahead of them. So, I mean, because what we're doing is just we're making investments into just and statements physical experiences that are going to be like just monuments.

這就像是世界電氣中心的珠寶盒，由誰的辦公室和其他所有人來操作，我的意思是他們都會看到——我們將進入一個可能領先他們一步或兩步的水平。所以，我的意思是，因為我們所做的只是對像紀念碑一樣的實體體驗進行投資。

I mean, anybody who goes to any of those towns, I guarantee you, guarantee any high-end person that's going to London, it's going to Paris, it's going to Milan. And they say like, hey, what should I do here? Like where should I eat?

我的意思是，我向你保證，任何人去這些城鎮，都會去倫敦、巴黎、米蘭。然後他們會說，嘿，我在這裡該做什麼？例如我該去哪裡吃飯？

Where should I go? We will be on that list? Concierge influential people, not influencers, but really influential people at the high end. And I'm just super excited and I'm kind of glad and given Kristin Global accolades here, and she's like there was just one of the greatest design. I couldn't but match I had 100 years to try to do it.

我該去哪裡？我們會出現在那份名單上嗎？禮賓部有影響力的人，不是影響者，而是真正有影響力的高端人士。我感到非常興奮，並且很高興能夠獲得 Kristin Global 的讚譽，她是最偉大的設計師之一。我不得不花 100 年的時間來嘗試做到這一點。

I would have never came up with the idea. So yes, the trajectory is the trajectory for now, the trajectory will be completely different over the next couple of years. So give it a little time. Things take time, and then they go to boom generally. It's like there was really no overnight successes.

我根本就不會想到這個主意。所以是的，目前的軌跡就是這樣的，但未來幾年的軌跡將會完全不同。所以再給它一點時間。事情需要時間，然後一般都會繁榮起來。就好像真的沒有一夜成名的事一樣。

So let us kind of really get going and kind of plant the foundation. And then I think everything around it, all that seeds we've it'll be planted and all the galleries they'll all go up. The whole thing is going to go up. But just hang on, be patient. I'm an inpatient guy, but I have to be patient about this.

所以讓我們真正開始行動並打下基礎。然後我想它周圍的一切，我們種下的所有種子都將被種下，所有的畫廊都將被建造。整件事情都會向上發展。但請堅持下去，保持耐心。我是一個沒有耐心的人，但對於這件事我必須保持耐心。

Like this has been a long-term investment and we got to get those galleries built and then Europe and the UK and the consumer, they'll really not who we are. You won't be able to miss us.

這是一項長期投資，我們必須建造這些畫廊，然後歐洲、英國和消費者才會真正了解我們。你不會錯過我們的。

Michael Lasser, UBS.

瑞銀的麥可‧拉瑟 (Michael Lasser)。

Gary, if you look at the updated guidance, how much of the reduction was due to the market is not being as strong as you expected a slower ramp in demand in response to some of the introductions and changes that were introduced? Or is everything executing a little slower than what was previously anticipated. And then as part of that, if demand is shaping up to be a little lower than you had expected, could there be a benefit to the spread between demand and sales?

加里，如果你看一下更新後的指南，你會發現，有多少減少是由於市場表現不如你預期的那麼強勁，而對於一些推出的舉措和變化，需求增長速度放緩？或者一切的執行都比之前預期的要慢一些。然後作為其中的一部分，如果需求比你預期的略低，需求和銷售之間的差距是否會帶來好處？

Yes. Well, so Michael, all good questions. So thanks. I'd say to the first one, which is kind of a lot of questions in one, right, dealing with like what really caused the ramp to be slower, I think a little bit of all of it, right?

是的。好吧，邁克爾，這些都是很好的問題。所以謝謝。我想說的是第一個問題，這裡面有很多問題，對吧，例如真正導致坡道變慢的原因，我想所有這些都有一點，對吧？

So I would say -- so let me say this. The first one, not relevant. The market is not as strong as we expected. I don't think that was relevant. I think it's more just the time it takes to marinate the consumer to see it this time like kind of takes for the books to kind of get in home and might get at home. Ours are big books, right?

所以我想說——所以讓我這麼說。第一個，不相關。市場並不像我們預期的那麼強勁。我認為那不相關。我認為這更多的是需要時間來讓消費者看到它，就像書籍進入家庭並可能在家中銷售一樣。我們的書很大，對吧？

You've got to really intentionally throw it out. You got to like omit out. But a lot of people get our book and on the kitchen counter or the coffee table on their desk next to their bed. And all of a sudden, they might open it. And then we have a certain amount of people that like there is the home process, they've moved.

你必須真正有意地把它丟掉。你得喜歡省略掉。但許多人把我們的書放在廚房的櫃檯上或床邊的咖啡桌上。他們可能會突然打開它。然後我們有一定數量的人喜歡搬家的過程，他們已經搬家了。

They did buy home. They looked the housing market is not at 0, right, just down comparatively. I mean we're doing a lot of volume. But yes, just trying to say what the amount we're doing, it's like take the amount we're doing to say like how long does that take to digest? How right or wrong are you what's the quality of our execution and what can be the quality of the execution at a massive move, right?

他們確實買了房子。他們看到房地產市場並不是處於 0 水平，只是相對而言處於下降趨勢。我的意思是我們的工作量很大。但是的，只是想說我們做的數量，就像是說我們正在做的事情需要多長時間來消化？您對我們的執行品質的看法是怎樣的？

So it's hard to be critical, really the organization when you're doing so much, it's hard to have the points of reference to measure. And it's hard to know what the ramp is, how fast will it ramp, how it the consumer reaction acceptance, like when does it tip and really get going. But I'd say we're seeing the data, right? That's why I say the -- I'm not spending a lot of time really on that question, Michael, it's I wrote it in the letter. It's not so much about the timing.

所以很難進行批評，實際上，當你做這麼多事情時，組織很難有衡量的參考點。而且很難知道坡度是多少，坡度有多快，消費者的反應接受度如何，例如它什麼時候傾斜並真正開始。但我想說我們看到了數據，對嗎？這就是為什麼我說——我並沒有真正花很多時間在這個問題上，邁克爾，我只是把它寫在信裡了。這與時機無關。

It's more about the sector. It is happening. That is indisputable, like it's happening. And we have real points of reference, right? There's we've reported a little later than others.

這更多地與該行業有關。它正在發生。這是無可爭辯的，就像正在發生的事情一樣。我們有真正的參考點，對嗎？我們的報告比其他人晚一點。

So you've got all this points to reference in demand. That's why I actually kind of gave you months and build so you can have more comparability. I put some more bread from out there. And so it's indisputable. Nobody has hard demand right now.

因此，您已經掌握了所有這些可供參考的要點。這就是為什麼我實際上給了你幾個月的時間來構建，以便你可以有更多的可比性。我從那裡放了一些麵包。這是無可爭辯的。目前沒有人有硬性需求。

Nobody is close to our demand right now. So now it's just -- and so that's how we think about that. It's like it's not when it's like -- if we're still waiting and we were like bouncing around at negative 3 or -- negative 3 looks -- I guess, it looks like a good number, right? I mean my former company came out a week or two ago and said, hey, the industry is down 10. I don't know what industry.

目前還沒有人接近我們的要求。所以現在只是——這就是我們對此的看法。這就像不是當我們仍在等待並且我們在負 3 附近徘徊或 - 負 3 看起來 - 我想，它看起來像一個好數字，對嗎？我的意思是，一兩週前我以前的公司發布消息說，嘿，這個行業下滑了 10%。不知道什麼行業。

I don't know if that's the furniture industry or that's the home furnishings industry or the cable top industry. They're in a much broader categories, but they characterized it as down 10. And yes, so I'm sure that included all the businesses they have. And they were down 3, and they said, we are taking market share. we're doing a lot better than that.

我不知道這是家具業還是家居裝飾行業或電纜頂部行業。他們屬於更廣泛的類別，但他們將其描述為下降 10。是的，我確信這包括了他們所有的業務。他們下降了 3 個，他們說，我們正在搶佔市場份額。我們做得比這好多了。

And we are more of a furniture-based business right? And so if you kind of anchor us around furniture kind of people versus heavy mix of pump burners, like we are not in a table top. We don't have a big accessories business. We don't celebrate any of the holidays, right? We got no Halloween stuff.

我們更像是一家以家具為主的企業，對嗎？因此，如果你把我們固定在家具周圍，而不是重型泵燃燒器混合在一起，那麼我們就不在桌面上了。我們的配件業務並不大。我們不慶祝任何節日，對嗎？我們沒有萬聖節的東西。

We got no Thanksgiving stuff. We've got no Valentine's Day stuff. We don't have any Christmas, any Hanukkah stuff, and we can sell that stuff but just cluttered up the furniture, right? And we don't sell any defense.

我們沒有感恩節的東西。我們沒有情人節的東西。我們沒有任何聖誕節或光明節的東西，我們可以賣掉那些東西，但只會弄亂家具，對嗎？我們也不賣任何防禦產品。

And look, I'm not saying we'll never sell any of that again. I don't know. You learn, you might do a little. They would some giftable thing with size. I don't know. But right now, I like where we're at.

你看，我並不是說我們永遠不會再賣這些東西。我不知道。你學了，你就可以做一點。他們會有一些適合作為禮物的東西。我不知道。但現在，我喜歡我們所處的境地。

But the important thing is, who are you anchoring us to get you could look at our book and count the products on the pages and the space that things yet, and you could make an estimate of what percent of our business I'm sure you can get an estimate or do an industry analysis, right? If you look at furniture and other categories of what percent of home spend at the high end are all of those categories.

但重要的是，你是誰，你讓我們看看我們的書，數一數頁面上的產品和空間，然後你就可以估計出我們業務的百分比，我相信你可以得到一個估計或做一個行業分析，對吧？如果您看一下家具和其他類別，您會發現高端家居支出佔比是多少，這些類別都是如此。

The important thing is anchoring us against people. Don't anchor us against people selling a lot of accessories or a lot of holiday stuff for tabletop and all this -- we're not in that business. very little of those businesses.

重要的是讓我們站穩腳步。不要把我們與那些銷售大量配件或大量桌面節日用品的人​​比較——我們不做那種生意。這類企業非常少。

We have any dining table tiled with stuff on them. You see a beautiful dining table with maybe a centerpiece or something like that. But if you really compare us to the industry like we have a massive inflection point, massive. And so if you really kind of look at a home and walk through a high-end home and if you took a pad of paper and pencil and you watch room to room and you say, how much like in this dining room, how much was the table? How much was the shares?

我們的餐桌上鋪滿了東西。您會看到一張漂亮的餐桌，上面也許有一個裝飾品或類似的東西。但如果你真的將我們與行業進行比較，我們就有一個巨大的轉折點，巨大的。因此，如果您真的看一看一個房子，走進一個高端住宅，如果您拿一本紙和一支鉛筆，你觀察每個房間，然後說，這個餐廳多少錢，桌子多少錢？股票多少錢？

How much was the side border cabinet? Do they have a rug under the table? How much was the rug? How much was the chandelier? Okay, let me open this side board of cabinet, the dishes and flatware and the place at tap in, you do that in every room. And you realize that the amount of business in the categories we're dominant in is the biggest amount of the business.

側邊櫃多少錢？他們的桌子底下有地毯嗎？這塊地毯多少錢？這個吊燈多少錢？好的，讓我打開這個櫥櫃的側板，把碗碟和餐具以及水龍頭放進去，你在每個房間都這樣做。你會發現，我們主導的類別的業務量是最大的業務量。

It's not we won't maybe try tabletop again. It's just not the big percentage. It doesn't it anywhere close to the businesses we decided to be in and the business we decided to dominate. And that's in what I was saying earlier on the call about what you have to say no to. I mean we've said no, we've edited so many businesses.

這並不是說我們不會再嘗試桌上遊戲。只是比例不大。它與我們決定從事的行業以及我們決定主導的行業完全不同。這就是我之前在電話中提到的你必須拒絕的事情。我的意思是我們已經說不了，我們已經編輯了這麼多企業。

We might have -- we probably edited $700 million to $1 billion at a business today. But the furniture, lighting, rugs, big textile the outdoor furniture, those businesses would be a lot smaller if our stores were cluttered with all that, I'm going to call it craft, but it's not craft. You need it. Like it's like we have a little bit of it is just what are you saying out to? What are you trying to be best in the world at?

我們可能會—我們今天可能將一家企業的利潤削減了 7 億至 10 億美元。但是家具、燈飾、地毯、大型紡織品、戶外家具，如果我們的商店裡堆滿了這些東西，這些生意就會小很多，我稱之為工藝品，但它不是工藝品。你需要它。就像我們有一點點一樣，你到底在說什麼？您想在哪方面成為世界上最優秀的人？

But the spreads, you got to look at the spreads right here. And when the home business comes back, when housing lifts, the people that are selling Halloween stuff and Christmas stuff and all that stuff, those businesses don't go up or down that much. That means your kids not to trick or treating when the business is tough for something now everybody goes trick or treating.

但是利差，你必須看看這裡的利差。當家居業務復甦、房屋價格上漲時，那些銷售萬聖節用品、聖誕節用品和所有這些東西的人的生意不會大幅上漲或下跌。這意味著，當生意變得艱難時，不要讓你的孩子去“不給糖就搗蛋”，而現在，每個人都會去“不給糖就搗蛋”。

Does Santa always come? Does everybody celebrate Hanukkah? People give Valentine's gifts. Yes. they do. Those businesses don't really go way up or down. So if you've got a bunch of those businesses, you're going to be less fix.

聖誕老公公總是會來嗎？大家都慶祝光明節嗎？人們互贈情人節禮物。是的。是的。這些業務實際上並沒有大幅上漲或下跌。因此，如果你擁有很多這樣的業務，你就會面臨更少的麻煩。

You're also not going to benefit as much as we do from a housing market bounced back, right? That's why I like us better than everybody else. I like us better than everybody else because we have the inflection on demand and margin. We have credible pipeline coming. We have an incredible platform that's only going to become better and more dominant.

您也不會像我們一樣從房地產市場的反彈中獲得那麼多好處，對嗎？這就是為什麼我比其他人更喜歡我們。我比其他人都更喜歡我們，因為我們對需求和利潤有變化。我們有可靠的管道即將到來。我們擁有一個令人難以置信的平台，它只會變得更好、更主導。

And when they really start buying furniture and chandeliers and rugs and all the big ticket stuff measure our inflection then compared to all those people selling Halloween craft beginning to see their dining table during Halloween. It's covered with all kinds of total things.

當他們真正開始購買家具、吊燈、地毯和所有大件物品時，衡量我們的變化，然後與所有那些在萬聖節期間開始看到他們的餐桌的銷售萬聖節工藝品的人進行比較。它上面覆蓋著各種各樣的東西。

So like I'm not saying this businesses are horrible businesses, you have to say, what are you going to own? What are you going to be best in the world at it's hard to be best in the world but all those things like we've learned that. We've got scar tissue, we've made recent mistakes, and we're going to continue to add in the focus and get more focused. But that's how I think about it.

所以我並不是說這些企業是糟糕的企業，你必須說，你將擁有什麼？你將在哪方面成為世界上最優秀的人？我們已經傷痕累累，我們最近犯了一些錯誤，但我們將繼續集中註意力，變得更加專注。但我就是這麼想的。

Maybe I could reframe the second part of the question is when do you expect demand and revenue, the growth rates to converge?

也許我可以重新表達問題的第二部分：您預期需求和收入、成長率何時會趨於一致？

Oh, I don't know -- look, you actually made a really good point, right? If demand comes down, like we lowered demand that gas will come down and also the backlog, projected backlog, right? So we kind of modified some of the numbers. We kept the 4 to 8 because it's a quarterly bounce. It could be balance sheet, but it's good [gap] narrower, right, depending on timing of things. But yes, it will all converge.

哦，我不知道——看，你確實提出了一個很好的觀點，對吧？如果需求下降，例如我們降低了天然氣需求，那麼積壓訂單、預計積壓訂單也會下降，對嗎？因此我們對一些數字進行了修改。我們保留 4 到 8 的比率，因為這是季度反彈。這可能是資產負債表，但差距較小，對的，這取決於事情的時機。但確實，一切都將融合。

What do I think it will be, I don't know, like end of next year, like when we're kind of we start to regulate more, right, as far as the ad in the books and the newness and then those gaps will be important, like we won't have many back orders, we want to have imbalances in speed demand, lead times won't be as long from our partners.

我認為會是什麼情況？

Like think about our partners trying to react to what we just did. I mean everybody -- it's a big chaotic for everybody, but it's a beautiful chaos. And the great thing is when you create order out of that chaos and it's a beautiful pays. It becomes a really focused, powerful beam that's just going to break through. But like I don't know.

想像一下我們的伴侶試圖對我們剛剛做的事情做出反應。我的意思是每個人——對每個人來說，這都是一場巨大的混亂，但這是一種美麗的混亂。最棒的事情是，當你從混亂中創造出秩序時，這是一個美麗的結局。它會變成一束真正集中的、強大的光束，即將突破。但好像我不知道。

Look, I wouldn't -- your job is really hard right now trying to build this model. I can't build the model very good, right? We were off on the inflection stuff and -- yes, we'll give you the data. That's why we never guided demand before we didn't give any demand.

聽著，我不會——你現在的工作真的很困難，試圖建立這個模型。我不能很好地建立模型，對嗎？我們對曲折的事情有了誤解——是的，我們會為您提供數據。這就是為什麼我們在沒有給出任何需求之前從未引導需求。

But we thought right now, you're not no one's going to be able to analyze our business with what we're going through. We need to give demand. And so we're trying to be transparent and give you the important data and be completely honest about what's working and what's not working. And what's going to take more time. So -- but it's all -- we're strategically right.

但我們認為現在，沒有人能夠根據我們正在經歷的事情來分析我們的業務。我們需要給出需求。因此，我們努力保持透明，向您提供重要數據，並完全誠實地告知哪些有效，哪些無效。這還需要更多時間嗎？所以 — — 但總而言之 — — 從戰略上來說我們是正確的。

We're directionally right. The vector is there. It's growing and magnitude and direction and it's -- I mean, do I see the vector closing? I mean, man, I've never seen anything like that in my career. I haven't done this for a long time.

我們的方向是正確的。向量就在那裡。它的幅度和方向都在增長，而且——我的意思是，我看到向量閉合了嗎？我的意思是，我職業生涯中從來沒有見過這樣的事情。我好久沒有這樣做了。

Once you get this right and you get this directionally right, you're generally off to the races. That's how you go from a brand that we had a $20 million market cap selling oxydol laundry detergent and shakes to where we are today. It's big moves, big -- big moves and getting being directionally right and then building on that and refining that. And that's just what we do. And we're pretty good at it.

一旦你搞定了這一點，並且確定了正確的方向，你就可以開始比賽了。這就是我們從市值 2,000 萬美元、銷售雙氧水洗衣粉和奶昔的品牌，發展到今天這樣的規模。這是大舉措，大舉措，先確定正確的方向，然後在此基礎上不斷改進。這正是我們所做的。我們在這方面做得相當好。

We're not perfect. We're going to miss some things. We're going to get the timing wrong. We're not generally wrong completely about the idea, except for what a call side shows, like got us into the contemporary art business, and I thought there's more square footage on walls than there is floors. And then I realized like, oh, God, you get a best seller and you can only sell one of them. It's a s***** business.

我們並不完美。我們將會懷念一些東西。我們將會搞錯時機。總體而言，我們對這個想法並沒有完全錯誤，除了電話會議顯示的情況，例如讓我們進入當代藝術行業，我認為牆壁的面積比地板的面積要大。然後我意識到，天哪，你得到了一本暢銷書，但你只能賣出其中一本。這真是一樁糟糕的生意。

What do you mean? I got a best seller, it's only sell one like, oh, no. It's like, yes, fine, I don't even know how to -- I was like this was dumb. I mean, again, really good for someone else who's mastered that business like totally for us like, okay, you get the wall that I'm going to do a different well business.

你是什​​麼意思？我有一本暢銷書，但它只賣出一本，哦，不。就像，是的，很好，我什至不知道該怎麼做——我覺得這很愚蠢。我的意思是，再說一次，對於完全掌握了這項業務的人來說，這真的很好，就像對我們來說一樣，好吧，你明白了，我要做不同的生意。

I think what we're doing with Portia de Rossi in general public and get doing like the stenograph like printing like I don't call a 3D printed beautiful reproduction. Her whole philosophy on art is just fantastic. And her and Ellen are incredible art collectors, but they want to make or more accessible. And she says, look, what if the world -- what if there is a great book, and there is only one of them, and you couldn't print the book.

我認為我們在公眾面前展示波蒂亞德羅西 (Portia de Rossi) 的方式就像速記一樣，就像列印一樣，我不會稱 3D 列印為精美的複製品。她的整個藝術哲學真是太棒了。她和艾倫都是出色的藝術品收藏家，但她們希望讓藝術品更容易被收藏。她說，你看，如果世界上有一本好書，而只有一本，你卻無法印刷這本書。

I think about that for a second. Oh, I have the only catcher in the ride. Who's going to pay? What are you going to pay now, $7 million, $10 million, $100 million for that book, then someone has the only whatever. Like what a silly business that is, right?

我想了一會兒。哦，我在旅途中遇到了唯一的捕手。誰來付錢？你現在願意為這本書支付多少錢，700 萬美元、1000 萬美元、1 億美元，然後有人就只得到其中的任何東西。這是一件多麼愚蠢的事情，對吧？

And so she's trying to bring more democracy to that and make it more accessible and she's got really good artists that they negotiated her and team ability to reproduce at a high-quality level. I mean, you look at it, you think it's the real thing. And it's great. I got it up in my house, so it's good stuff. And that's a really good business that we're in building.

所以她試圖為這個領域帶來更多的民主並使其更容易獲得，而且她擁有非常優秀的藝術家，他們與她和團隊協商以高質量水平進行再現的能力。我的意思是，你看著它，你會認為它是真品。這非常棒。我把它放在家裡了，所以它是好東西。這是我們正在創建的一項非常好的業務。

But I thought, oh, really, we'll reinvent the contemporary art business like we're going to swing a miss at things like that. It's like, God, it's that you learn in growth. But yeah, all good stuff. Anyway, I don't want to see the guys to long I could talk about this forever.

但我想，哦，真的，我們將重塑當代藝術業務，就像我們將錯過這樣的事情一樣。就像，天哪，你在成長中不斷學習。但確實，都是好東西。無論如何，我不想見到這些傢伙太久，我可以永遠談論這件事。

Seth Basham, Wedbush Securities.

韋德布希證券公司的塞思·巴沙姆（Seth Basham）。

I have one question, one follow-up. First, you mentioned in your 10-Q that your contract business is growing. I was hoping you can provide a little bit more color on the size of that and the momentum there and whether that's going to become more meaningful to the overall company at any point in the near future?

我有一個問題，還有一個後續問題。首先，您在 10-Q 中提到，您的合約業務正在成長。我希望您能更詳細地介紹一下這個計劃的規模和發展勢頭，以及這在不久的將來是否會對整個公司變得更有意義？

Yes. Well, look, everything begins and ends with the core RH brand, right, that business. And if that business gets stronger and more powerful than the contract business will get stronger and more powerful all of everything will -- the hospitality business is going to be better. More people are coming to our galleries than buying things and so and so forth. And so and we've got great teams and contracts.

是的。好吧，看，一切都始於核心 RH 品牌，也終於核心 RH 品牌，對吧，就是那個業務。如果這項業務比合約業務變得更強大，那麼一切都會變得更強大——酒店業將會變得更好。來我們畫廊的人比來買東西的人還多。因此我們擁有優秀的團隊和合約。

And I mean we've been thinking about our outlet business. If demand is up, if sales are up, you're going to have more returns. You have more returns, you have more inventory on the outlet business. And the outlet is the growth. Like all those businesses generally trailed the core business, right? It's like the lead sled dog or something -- like right -- clearing the past and creating the geese that fly in formation and stuff like that.

我的意思是我們一直在考慮我們的直銷業務。如果需求上升，銷售額上升，你就會獲得更多的回報。您的退貨越多，您的直銷業務庫存就越多。而出路就是成長。就像所有這些業務通常都落後於核心業務一樣，對嗎？這就像領頭雪橇犬或什麼東西一樣 - 就像對的 - 清除過去並創造出排成隊飛行的鵝和諸如此類的東西。

The core business is at the front. And everything else will benefit from the core business. And so the core business demand stronger than all the other demands. Sure. Is that right there an opportunity as the other businesses benefit from what's happening in the core? Yes. That's coming tailwind, right? And so we're not breaking that out right now.

核心業務在前面。其餘一切都將受益於核心業務。因此核心業務需求比所有其他需求更強烈。當然。其他企業是否可以從核心業務的進展中獲益，這是否是一個機會？是的。那是順風，對嗎？因此我們現在不討論這個問題。

But maybe I think the firm graph would be obvious, but maybe it's not. But yeah, the core brand makes it possible to have a contract business. It makes it possible to have an outlet business, makes it possible if to have any other kind of business we're in. Our restaurant is possible from the great galleries and spaces we build and our Baby & Child business. There wasn't an RH brand would there be an RH Baby & Child now.

但也許我認為堅定的圖表是顯而易見的，但也許並非如此。但是，核心品牌使得合約業務成為可能。這使得我們能夠開展直銷業務，也使我們從事的任何其他類型的業務成為可能。沒有 RH 品牌，現在會有 RH Baby & Child 嗎？

But all the lessons and all the things, you're starting to see, I don't know if you saw the last the book we just mailed recently for Baby & Child, the team looks incredible, and it's emulating kind of esthetically what's happening in the core, right? So there's so many reasons we're so excited right now.

但是所有的教訓和所有的事情，你開始看到，我不知道你是否看到了我們最近剛寄出的關於《嬰兒和兒童》的書，這個團隊看起來令人難以置信，而且它在審美上模仿了核心中發生的事情，對嗎？所以我們現在如此興奮的原因有很多。

You got the inflection in the core everything else, it will create clear the path where everything else to follow, and it will bring everything with it. It's just a matter of planning. But the core is going to lead it all, right? So you could expect, I would say, almost with certain, but I could be wrong. Something could pop here and there. But the core will the core business demand growth will be higher than everything else. But they'll all catch up and it all kind of come back into Hermes.

你在其他一切事物的核心中得到了曲折，它將為其他一切事物指明道路，並將帶動一切事物隨之而來。這只是一個計劃的問題。但核心會主導這一切，對嗎？因此我想說，你幾乎可以肯定地期待，但我也可能是錯的。這裡或那裡可能會出現一些東西。但核心意願、核心業務的需求成長將高於其他一切。但他們都會趕上來，一切都會回到赫爾墨斯。

Got you. And then my second question is on inventory, which increased more than 20 percentage points faster than sales this quarter. You talked about some of the reasons why. But can you provide any more color as to how much of this is really for miles and other things, that would be helpful. And relatedly, should we expect this outsized inventory growth sales growth to persist for at least the next few quarters?

明白了。我的第二個問題是關於庫存，本季庫存成長比銷售額成長快 20 個百分點以上。您談到了一些原因。但是，您能否提供更多詳細信息，說明其中有多少是實際里程數和其他信息，這將會很有幫助。與此相關的是，我們是否應該預期這種超額的庫存成長和銷售成長將至少在接下來的幾個季度持續下去？

Yes, a lot of it is kind of a kind of insurance right? Like how do you make the transition from here to there? How do you not things like drop out and run out of this before you build the bridge to there and all things in a yacht business. You just expect were coming for this. And you're learning every time you know in a big transition like this never done this before.

是的，很多都是一種保險，對吧？例如你如何從這裡過渡到那裡？在建立通往遊艇產業的橋樑和一切事物之前，你怎麼能不發生諸如退學和放棄這樣的事情呢？您只是期望我們能為此而來。每次遇到這樣的重大轉變，你都會不斷學習，因為以前從來沒有這樣做過。

So we're doing all the math and saying, how do we get them here and there. And then we had early learnings and like, oh, gosh, we're getting out of that too fast, hold on, like how do you optimize? So we're learning. But yes, there's like an insurance policy, call it, inventory to kind of get from where we are to where we're going. And exactly where we're going.

因此，我們正在進行所有的計算並思考如何將它們運送到這裡和那裡。然後我們有了早期的學習，就像，哦，天哪，我們擺脫這種狀態太快了，等等，你怎麼優化？所以我們正在學習。但是的，這就像一份保險單，可以稱之為庫存，可以將我們從現在的位置運送到我們要去的地方。並且確切知道我們要去的地方。

We know directionally where we're going. We don't know exactly what that -- to make up for the pieces and the percentages and the like with optimal now. We're going to learn new things. And so as we learn, you'll learn, I like to say. So we're I mean I wish I had -- I mean I don't really wish I had really precise answer because then I'd be a manager.

我們知道我們要去的方向。我們現在並不確切知道該怎麼做——以最佳方式彌補這些缺陷、百分比等等。我們將要學習新的東西。所以我想說，當我們學習的時候，你也會學習。所以我的意思是我希望我有——我的意思是我並不真的希望我有非常精確的答案，因為那樣我就會成為一名經理。

I'd see a range in organizing the status quo, and I'd be really accurate telling you what's going to happen next quarter and next year, but it's not what we do. we would never got here if we were managers. We have a leadership culture. We don't have a title of manager anywhere in this company and this brand. There are no managers here.

我會看到組織現狀的範圍，我會非常準確地告訴你下個季度和明年會發生什麼，但這不是我們所做的。如果我們是經理的話，我們就不會到達這裡。我們有領導文化。我們在這家公司和這個品牌的任何地方都沒有經理的頭銜。這裡沒有經理。

We don't have medians here. We have adventures, pursuit of better ways and brighter days. So we don't different -- yes, it's a different culture. We do different things. We have different vocabulary and you need a different vocabulary, otherwise, people just go to meetings and people do a nice little PowerPoint and people will go, oh, really good and shake hands with just babies and can't wait to get to lunch. Not usually what we do, kind of a venture and kind of learning a lot.

我們這裡沒有中間值。我們有冒險，有追求，有更好的方式和更美好的日子。所以我們沒有什麼不同——是的，這是一種不同的文化。我們做不同的事情。我們有不同的詞彙，你需要不同的詞彙，否則，人們只是去開會，做一個漂亮的小 PowerPoint，人們會說，哦，真的很好，和嬰兒握手，迫不及待地想去吃午飯。這不是我們通常所做的，而是一種冒險，可以學到很多東西。

And sometimes it's difficult. I don't know if you trip and fall and you get up, and you've learned and like we tell the team here, if you want to know what's possible, you have to go to the edge of impossible, right? And you have to look out and try to see what's possible. And we say, just don't fall of; don't die. If you don't die, you're going to learn and you're going to grow. And so that's where we kind of go and that's where we play and that's how we learn and that's how we grow.

有時這很困難。我不知道你是否絆倒了並且站起來了，你已經學到了東西，就像我們告訴這裡的團隊一樣，如果你想知道什麼是可能的，你就必須走到不可能的邊緣，對嗎？你必須留心觀察並嘗試發現什麼是可能的。我們說，不要跌倒；不要死。如果你沒有死，你就會學習，就會成長。這就是我們要去的地方，我們在這裡玩耍，我們在這裡學習，我們在這裡成長。

So I'm sorry, I can't give you like so buttoned up answers here, and I kind of sometimes give these longer winded, conceptual directional answers, but that's what we do here. like we're figuring it out and we're learning. I tell you right now, we just learned a lot. And boy, we've got some really good data that's helping us like move faster and more accurately towards the direction we want to go.

所以很抱歉，我無法在這裡給你如此固定的答案，而且我有時會給出這些冗長、概念性的方向性答案，但這就是我們在這裡所做的。就像我們正在弄清楚並正在學習一樣。我現在就告訴你，我們剛剛學到了很多。而且，我們獲得了一些非常好的數據，可以幫助我們更快、更準確地朝著我們想要的方向前進。

And ladies and gentlemen, this does conclude our question-and-answer session. I would now like to turn it back to Chairman and CEO, Gary Friedman for any closing remarks.

女士們、先生們，我們的問答環節到此結束。現在我想請董事長兼執行長 Gary Friedman 作最後發言。

Great. Thank you everyone. Thanks for your time and your interest and hopefully you've learned just like we've learned and so I think as we do here, just thank our people and partners around the world, it's a great time to be on team RH and at all levels. I think we're all working so much. We're just get going. We're getting stronger every day and culture here is because all the brands in the game and the egos out of the room.

偉大的。謝謝大家。感謝您抽出時間和關注，希望您能像我們一樣學到東西，所以我想，我們在這裡所做的就是感謝我們在世界各地的員工和合作夥伴，這是加入 RH 團隊和各個級別的美好時光。我想我們都工作很努力。我們才剛出發。我們每天都在變得更強大，這裡的文化是因為遊戲中所有的品牌和房間中的自我。

And none of us are smarter than all of us. And we're learning together and we're growing together and we're going to build something incredible together. And it takes a lot of energy, and it takes a lot of effort and a lot of courage and a lot of commitment. So thank you, everyone on the team internally and externally, you've brought this to life and it's going to be a fun ride from here. It's going to be a really fun ride.

我們之中沒有一個人比我們所有人更聰明。我們一起學習，一起成長，一起創造不可思議的奇蹟。這需要大量的精力、努力、勇氣和決心。所以，感謝團隊內部和外部的每個人，你們讓這一切變成了現實，從現在開始，這將是一次有趣的旅程。這會是一次非常有趣的旅程。

So look forward to speaking with everybody soon, and yeah, carpe diem.

因此，期待很快與大家交談，是的，及時行樂。

This does conclude today's program. Thank you for your participation. You may disconnect at any time and have a wonderful evening.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連接並享受美好的夜晚。