Signet Jewelers Ltd (SIG) 2024 Q4 法說會逐字稿

Good morning, and welcome to the Signet Jewelers fourth quarter fiscal 2024 earnings call.

早安，歡迎參加 Signet Jewelers 2024 財年第四季財報電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員說明）請注意，正在記錄此事件。

Joining us on the call today are Rob Ballew, Senior Vice President of Investor Relations; Gina Drosos Chief Executive Officer; and Joan Hilson Chief Financial, Strategy and Services Officer.

今天參加我們電話會議的還有投資者關係資深副總裁 Rob Ballew；吉娜·德羅索斯執行長；瓊‧希爾森 (Joan Hilson) 財務、策略與服務長。

At this time, I would like to turn this conference over to Mr. Rob Ballew, Senior Vice President of Investor Relations.

現在，我想將這次會議交給投資者關係高級副總裁 Rob Ballew 先生。

Please go ahead, sir.

請繼續，先生。

Good morning.

早安.

Welcome to the Signet Jewelers fourth quarter and fiscal 2024 earnings conference call.

歡迎參加 Signet Jewelers 第四季和 2024 財年財報電話會議。

During today's discussion, we will make certain forward looking statements are any statements that are not historical facts are subject to number of risks and uncertainties.

在今天的討論中，我們將做出某些前瞻性陳述，任何非歷史事實的陳述都會受到許多風險和不確定性的影響。

Actual results may differ materially here as you to read the risk factors, cautionary language and other disclosures in our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

當您閱讀我們表格 10-K 的年度報告、表格 10-Q 的季度報告以及表格 8-K 的當前報告中的風險因素、警示性語言和其他揭露資訊時，實際結果可能存在重大差異。

Except as required by law, we undertake no obligation to revise or publicly update forward-looking statements in light of new information or future events.

除法律要求外，我們不承擔根據新資訊或未來事件修改或公開更新前瞻性聲明的義務。

During the call, we'll discuss certain non-GAAP financial measures for further discussions of the non-GAAP financial measures as well as reconciliation of the non-GAAP financial measure to the most directly comparable GAAP measures.

在電話會議期間，我們將討論某些非 GAAP 財務指標，以進一步討論非 GAAP 財務指標以及非 GAAP 財務指標與最直接可比較的 GAAP 指標的調整。

Investors should review the news release we posted on our website at ir.signetjewelers.com. With that, I'll turn the call over to Gina.

投資者應查看我們在 ir.signetjewelers.com 網站上發布的新聞稿。這樣，我就把電話轉給吉娜。

Thank you, Rob, and thanks to all of you for joining us today.

謝謝你，羅布，也謝謝你們所有人今天加入我們。

Before we discuss both our fiscal '24 results and fiscal '25 expectations I'd like to thank our Signet team.

在我們討論 24 財年業績和 25 財年預期之前，我要感謝我們的 Signet 團隊。

They delivered on our expectations in a year that experienced a deep COVID-induced engagement trough and an overstocked industry that drove an elevated promotional environment for the jewelry category.

他們在這一年裡實現了我們的期望，經歷了新冠疫情引發的參與度低谷和行業庫存過剩，推動了珠寶類別促銷環境的改善。

You continue to inspire me.

你繼續激勵我。

Thank you for all your hard work and dedication this year.

感謝您今年的辛勤工作和奉獻。

I'd like to leave you with three key takeaways today.

今天我想給大家留下三個要點。

First, we delivered on our financial commitments this quarter with EPS above the high end of our guidance range.

首先，我們本季兌現了財務承諾，每股收益高於我們的指導範圍的上限。

Second, excluding non-recurring legacy legal settlements for the 4th year in a row, we generated over $600 million in free cash flow.

其次，排除連續第四年的非經常性遺留法律和解，我們產生了超過 6 億美元的自由現金流。

This is nearly 15% of our market cap.

這幾乎占我們市值的 15%。

Third, we expect same-store sales to improve throughout fiscal year '25 as the engagement recovery gains velocity.

第三，我們預期隨著參與度恢復速度加快，同店銷售額將在整個 25 財年有所改善。

I'll elaborate on each of these takeaways.

我將詳細闡述每一個要點。

Beginning with this quarter's results, we delivered sales of $2.5 billion this quarter, down roughly 6% to last year.

從本季的業績開始，我們本季的銷售額為 25 億美元，比去年下降約 6%。

As anticipated, we saw a late shopper this holiday as value-conscious consumers were holding out to get the best deals and had one extra week and to shop for gifts.

正如預期的那樣，我們在這個假期看到了一位遲到的購物者，因為注重價值的消費者堅持不懈地尋求最優惠的價格，並有額外的一周時間來購買禮物。

We've averaged branding, innovation, and value engineering within our newness to provide customers a competitive value proposition along with size, trade-up options in categories like lab-created products, our strategy resonated with our customers as we saw new items sell through at an impressive 700 basis point increase to a year ago.

我們將品牌、創新和價值工程融入我們的新品中，為客戶提供有競爭力的價值主張，以及實驗室創建的產品等類別的尺寸、換購選項，當我們看到新產品暢銷時，我們的策略引起了客戶的共鳴與一年前相比，成長了 700 個基點，令人印象深刻。

Our strategy, which worked all year was also effective in the fourth quarter as we held North American average transaction value nearly flat and expanded our non-GAAP gross margin by 170 basis points to this time last year.

我們全年有效的策略在第四季度也有效，因為我們使北美平均交易價值幾乎持平，並將我們的非 GAAP 毛利率擴大到去年同期的 170 個基點。

Conversely, industry data suggest independent drillers accelerated their deep discounts in lab-created diamonds and stepped up their discounting for natural diamonds modestly.

相反，行業數據表明，獨立鑽探商加快了實驗室製造鑽石的大幅折扣，並適度提高了天然鑽石的折扣。

This resulted in heavy AUR declines among independents.

這導致獨立人士的 AUR 大幅下降。

Our life cycle product management continues to be a source of strength, driving inventory levels down 10% compared to the prior year as we take markdowns on slower-moving products earlier.

我們的生命週期產品管理仍然是我們的力量源泉，由於我們提前對滯銷產品進行降價，庫存水準比前一年下降了 10%。

This also allows us to bring in relevant new items faster, which have higher margins.

這也使我們能夠更快地引入相關的新產品，這些產品的利潤率更高。

Continuing the trend we saw from most of fiscal '24 shortly, that cater to the low priced fashion category outperformed.

延續我們在 24 財年大部分時間看到的趨勢，迎合低價時尚類別的表現優於大盤。

Likewise, Banter, our value oriented fashion banner delivered the strongest same-store sales in the US this quarter, nearly flat.

同樣，我們以價值為導向的時尚品牌 Banter 本季在美國實現了最強勁的同店銷售，幾乎持平。

We also saw strong performances at peoples in Canada and value banner H. Samuel in the UK, both of which delivered positive same-store sales over the holidays.

我們也看到加拿大的 Peoples 和英國的 Value Banner H. Samuel 表現強勁，這兩家公司在假期期間都實現了積極的同店銷售。

Offsetting the stronger performance in our core, we had challenges at our digital banners from operational and integration issues, resulting in lower fulfillment, which has continued into fiscal '25.

抵消了我們核心業務的強勁表現，我們的數位橫幅面臨營運和整合問題帶來的挑戰，導致履行度較低，這種情況一直持續到 25 財年。

This was caused by the integration of Blue Nile with production partners resulting in lower conversion rates in the last six weeks of the quarter, reducing our overall North American same-store sales by one point.

這是由於 Blue Nile 與生產合作夥伴的整合導致本季最後六週的轉換率降低，導致我們北美同店的整體銷售額減少了一個百分點。

We are working to resolve these issues and expect to have fixes implemented later this year.

我們正在努力解決這些問題，並預計在今年稍後實施修復。

We also underperformed in our Ernest Jones banner in the UK in part from macro challenges as well as a more negative [halel] impact from the November sale of our luxury watch stores.

我們在英國的 Ernest Jones 品牌也表現不佳，部分原因是宏觀挑戰以及 11 月豪華手錶店銷售的負面影響。

We estimate our US jewelry merchandise market share for fiscal '24 was approximately 9%, down modestly from the prior year, driven by mix shift with lower engagements as well as the relative strength in lower price self-purchase items where we have less penetration.

我們估計，24 財年我們的美國珠寶商品市佔率約為9%，比前一年小幅下降，這是由於參與度較低的混合轉變以及我們滲透率較低的低價自購商品的相對優勢所推動的。

We believe that we expanded our market share in the bridal category for fiscal '24 by approximately 50 basis points, which is where we over-index to the industry with nearly 30% market share.

我們相信，24 財年我們在婚紗類別的市佔率擴大了約 50 個基點，這是我們對該行業近 30% 市場份額的過度指數。

Second takeaway today is that our flexible operating model is working as designed and generating significant cash fueled by continued cost savings, sourcing efforts and inventory discipline.

今天的第二個要點是，我們靈活的營運模式正在按照設計運行，並在持續的成本節約、採購工作和庫存控制的推動下產生大量現金。

We continue to drive working capital efficiencies in our business, which led to a 97% free cash conversion to non-GAAP operating income.

我們持續提高業務的營運資本效率，將 97% 的自由現金轉換為非 GAAP 營業收入。

We believe our ability to drive free cash flow will continue.

我們相信我們推動自由現金流的能力將持續下去。

This allows us to invest in the growth of our business, bringing critical newness and to return significant capital to shareholders.

這使我們能夠投資於業務成長，帶來重要的新鮮感，並向股東返還大量資本。

Last year, we returned nearly $200 million to shareholders and we have returned nearly $1 billion to shareholders over the last three years.

去年，我們向股東返還了近 2 億美元，在過去三年中，我們向股東返還了近 10 億美元。

This morning, we announced a $200 million increase in our share repurchase authorization, bringing our total remaining availability to approximately $850 million.

今天早上，我們宣布將股票回購授權增加 2 億美元，使我們剩餘的可用資金總額達到約 8.5 億美元。

This is higher than the outstanding conversion market value of the LTP deferred shares.

這高於 LTP 遞延股份的未償還轉換市場價值。

We believe share buybacks remain a very attractive use of capital for our shareholders.

我們相信，股票回購對我們的股東來說仍然是一種非常有吸引力的資本用途。

We also announced a 26% increase in our common dividend to $0.29 this quarter.

我們也宣布本季普通股利增加 26% 至 0.29 美元。

Our third consecutive year growing our dividend, which even after this increase, represents less than 10% of our free cash flow in fiscal '24.

我們連續第三年增加股息，即使在增加之後，股息也只占我們 24 財年自由現金流的不到 10%。

Our strong free cash flow also strengthened our balance sheet.

我們強勁的自由現金流也增強了我們的資產負債表。

We ended fiscal '24 with $2.5 billion in total liquidity, which is $1 billion above our target of $1.5 billion.

24 財年結束時，我們的流動資金總額為 25 億美元，比我們 15 億美元的目標高出 10 億美元。

This gives us the dry powder to handle both our $148 million unsecured notes that mature in June as well as the convertible deferred that mature in November, while staying well within our liquidity goals.

這為我們提供了處理 6 月到期的 1.48 億美元無擔保票據以及 11 月到期的延期可轉換債券的乾粉，同時保持在我們的流動性目標之內。

As a reminder, the convertible deferred also represent approximately 15% of diluted common shares, which provides potential EPS upside to our fiscal '25 guidance and our midterm goals.

需要提醒的是，可轉換遞延還佔稀釋普通股的約 15%，這為我們的 25 財年指引和中期目標提供了潛在的每股盈餘上漲空間。

We are in active discussions with our Board and LGP on the best way to retire the deferred shares in fiscal '25 and we plan to give further updates as these discussions progress.

我們正在與董事會和 LGP 積極討論在 25 財年註銷遞延股份的最佳方式，我們計劃隨著這些討論的進展提供進一步的更新。

The third takeaway is that we believe Signet will see sequential same-store sales improvement throughout fiscal '25.

第三個要點是，我們相信 Signet 將在整個 25 財年看到同店銷售的連續改善。

One component is the return of engagements in the US, we saw industry engagement unit sales consistent with our expectations in the fourth quarter and after a deceleration in January and early February, we saw notable improvement in the back half of February and March.

其中一個組成部分是美國業務的回歸，我們看到第四季度的行業業務單位銷售與我們的預期一致，在1 月和2 月初減速之後，我們看到2 月後半段和3 月有顯著改善。

And milestones that we track show that the number of couples that have experienced more than 25 of the engagement milestones it has increased by 100 basis points since early 2023.

我們追蹤的里程碑顯示，自 2023 年初以來，經歷超過 25 個訂婚里程碑的夫婦數量增加了 100 個基點。

We believe engagements in the US should increase this year between 5% and 10%.

我們認為今年美國的參與度應該會增加 5% 到 10%。

This is a clear opportunity to attract new customers.

這是吸引新客戶的明顯機會。

Signet provides tenured knowledge, known brands consist of newness and a full range of customization options.

Signet 提供終身知識、新穎的知名品牌和全方位的客製化選項。

We believe the shape of this year's engagement growth will have a more material impact in the second half of the year as customers continue to plan the majority of engagements around October through February.

我們認為，今年的參與度成長形式將在下半年產生更重大的影響，因為客戶將繼續在 10 月到 2 月左右規劃大部分活動。

Our customer data platform now includes 17 million customers known to be in dating relationships, and we use this data to provide personalized marketing and education to attract engagement customers.

我們的客戶數據平台現在包括 1700 萬已知處於約會關係的客戶，我們使用這些數據提供個人化行銷和教育，以吸引參與客戶。

After our customers' engagement ring sale, we look to build lifelong relationships as we'll be there for birthdays, anniversaries and milestone occasions as well as providing the services to keep their jewelry collection protected and looking at best.

在客戶的訂婚戒指銷售結束後，我們希望與客戶建立終生的關係，因為我們將在客戶的生日、週年紀念日和里程碑時刻提供服務，並提供服務以保護他們的珠寶收藏並使其呈現最佳狀態。

We will also continue to build brand equity, utilizing scale capabilities that will win new customers, including targeted personalized marketing.

我們也將持續建立品牌資產，利用規模能力贏得新客戶，包括有針對性的個人化行銷。

In fact, recently, we tested 28 day sprints of personalized marketing among key customers and early results are driving a more than 10% revenue lift versus the control group.

事實上，最近，我們在關鍵客戶中測試了為期 28 天的個人化行銷衝刺，早期結果與對照組相比，收入提升了 10% 以上。

over the last six years.

在過去的六年裡。

We got smaller through fleet optimization to set ourselves up to get bigger, in fiscal '25, we will invest to grow strategically in markets where we see great returns, including a hometown market strategy for Kay and to improve the shopping experience for our customers with and our stores through renovation.

我們透過車隊優化縮小規模，讓自己變得更大，在25 財年，我們將投資在我們看到巨大回報的市場進行策略性成長，包括Kay 的家鄉市場策略，並透過以下方式改善客戶的購物體驗：以及我們的商店透過翻新。

We are opening up to 30 new stores and renovating an additional 300 stores in order to drive brand relevance and our highest productivity doors.

我們將開設 30 家新店，並翻修另外 300 家店，以提高品牌相關性和最高生產力。

We've seen strong returns from these early investments of between 15% to 25% IRR.

我們已經從這些早期投資中看到了 15% 至 25% IRR 的強勁回報。

Services, which outperformed merchandised by more than 1,000 basis points for the fourth quarter remains a key area of growth in fiscal '25.

服務業第四季的表現優於商品業 1,000 多個基點，仍是 25 財年成長的關鍵領域。

We look to expand services further through B2B services with Independence and insurance companies where we offer exceptional value, given our scale and breadth of service offerings.

鑑於我們服務產品的規模和廣度，我們希望透過與獨立公司和保險公司的 B2B 服務進一步擴展服務，為這些公司提供卓越的價值。

We will also drive post repair extended service agreements for ESA offerings to customers who did not buy an ESA initially or are seeking repairs on a piece not purchased at Signet, following our nearly 350 basis points increase in fiscal '24.

繼我們在 24 財年提高了近 350 個基點之後，我們還將推動最初未購買 ESA 或正在尋求對並非在 Signet 購買的產品進行維修的 ESA 產品的維修後擴展服務協議。

We continue to see the opportunity to further improve attachment rates in fiscal '25, both in-store and online.

我們繼續看到在 25 財年進一步提高店內和線上附加率的機會。

Now I'll briefly comment on results so far for fiscal '25.

現在我將簡要評論 25 財年迄今的業績。

Similar to Christmas, Valentine's Day shoppers were late and highly valued motivated as a result, January and early February trend was quite soft, with comp sales down mid-teens.

與聖誕節類似，情人節購物者遲到且受到高度重視，因此，一月和二月初的趨勢相當疲軟，複合銷售額下降了十幾歲。

Since early February, trends have notably improved with same-store sales down mid to high single digits.

自 2 月初以來，趨勢明顯改善，同店銷售額下降到中高個位數。

The core business continues to outperform with digital banners, operational issues dragging comps down.

核心業務憑藉數位橫幅繼續表現出色，但營運問題拖累了公司業績。

We believe consumers will remain focused on value this year as they make important trade-offs in their budgets and our ability to bring newness and innovation will be a differentiator.

我們相信，消費者今年將繼續專注於價值，因為他們在預算中做出了重要的權衡，而我們帶來新鮮感和創新的能力將成為差異化因素。

To summarize my comments today, I'd like to reiterate our three key takeaways.

為了總結我今天的評論，我想重申我們的三個關鍵要點。

First, we delivered on our commitments again this quarter, including non-GAAP EPS above our high guide.

首先，我們本季再次兌現了我們的承諾，包括非公認會計原則每股收益高於我們的最高指引。

Second, we generated over $600 million in pro-forma free cash flow for the 4th year in a row.

其次，我們連續第四年產生超過 6 億美元的預期自由現金流。

Our flywheel operating model is driving strong free cash conversion, which we're using to return capital to shareholders, improve our balance sheet and invest in our business to drive growth.

我們的飛輪營運模式正在推動強勁的自由現金轉換，我們用它來向股東返還資本，改善我們的資產負債表並投資於我們的業務以推動成長。

And third, we believe we will see same-store sales improvement through fiscal '25 with same-store sales turning positive during the back half of the year in our core banners, driven by engagement recovery, strengthen brand equities, product newness and new customer acquisition, all while maintaining cost discipline.

第三，我們相信，到25 財年，我們將看到同店銷售有所改善，在參與度恢復、加強品牌資產、產品新穎性和新客戶的推動下，我們的核心旗幟的同店銷售將在今年下半年轉為正數收購，同時維持成本紀律。

I'll now turn the call over to Joan.

我現在將電話轉給瓊。

Thanks, Gina.

謝謝，吉娜。

And good morning everyone.

大家早安。

Revenue for the quarter was within our expectations at $2.5 billion, down 6% compared to the prior year.

本季營收為 25 億美元，符合我們的預期，比上年下降 6%。

Same-store sales were down 9.6%, but improved to the third quarter.

同店銷售額下降 9.6%，但第三季有所改善。

This reflects acceleration in bridal and fashion categories.

這反映出婚紗和時尚品類的加速發展。

While December was our best same-store sales performance of the quarter, January was somewhat below expectations, driven in part by integration issues in our digital banners.

雖然 12 月是我們本季最好的同店銷售業績，但 1 月的表現略低於預期，部分原因是我們數位橫幅中的整合問題。

Our engagement performance improved 700 basis points compared to the third quarter, and our overall incidence of engagements were in line with our expectations, excluding digital banners.

與第三季相比，我們的互動績效提高了 700 個基點，而我們的整體互動發生率符合我們的預期（不包括數位橫幅）。

This quarter included a 53rd week which generated $103 billion in sales and was largely the difference between total sales and same-store sales declines.

本季第 53 週銷售額達 1,030 億美元，主要是總銷售額與同店銷售額下降幅度之間的差額。

And North America ATV for the quarter declined 60 basis points to last year and transactions were down roughly 7%.

本季北美 ATV 較去年同期下降 60 個基點，成交量下降約 7%。

The relatively flat performance in ATV is notable compared to the more significant declines in AUR for independent jewelers due to their deep discounting.

與獨立珠寶商因大幅折扣而導致 AUR 大幅下降相比，ATV 的表現相對平淡，這一點值得注意。

Our stable AUR during the quarter was driven by our assortment strategy, which provided our customers with several options to trade up through innovation and value engineering.

本季我們穩定的 AUR 是由我們的品類策略推動的，該策略為我們的客戶提供了多種透過創新和價值工程進行升級的選擇。

Services grew 5% to last year, driven by an attachment rate that increased by nearly 360 basis points, reflecting newly implemented offerings like the post-repair ESAs, as well as point of sale prompting for our jewelry consultants.

服務比去年增長了 5%，主要是由於附加率增加了近 360 個基點，這反映出新實施的服務，例如維修後 ESA 以及針對我們的珠寶顧問的銷售點提示。

We delivered gross margin of $1.1 billion this quarter or over 43% of sales, with non-GAAP gross margins up 170 basis points to the prior year.

本季我們的毛利率為 11 億美元，佔銷售額的 43% 以上，非 GAAP 毛利率比去年增加 170 個基點。

Merchandise margin also grew by 140 basis points on a non-GAAP basis, led by services and an increased mix in units and LGP merchandise.

以非公認會計準則計算，商品利潤率也增加了 140 個基點，其中主要得益於服務以及單位和 LGP 商品組合的增加。

Turning to SG&A, our non-GAAP expense of $670 million reflects 26.8% of sales, 70 basis points higher than last year.

說到 SG&A，我們的非 GAAP 支出為 6.7 億美元，佔銷售額的 26.8%，比去年高出 70 個基點。

As we deleverage somewhat against fixed costs.

當我們對固定成本進行一定程度的去槓桿化。

However, this reflects meaningful improvement to prior quarters with cost savings at the high end of our expectations.

然而，這反映出與前幾季相比有了顯著的改善，成本節約達到了我們預期的上限。

Our non-GAAP operating income was $410 million for the quarter or 16.4% of sales, delivering $5 million more than the prior year on lower revenue.

我們本季的非 GAAP 營業收入為 4.1 億美元，佔銷售額的 16.4%，在營收下降的情況下比前一年增加了 500 萬美元。

Non-GAAP EPS for the quarter was $6.73 per diluted share, up 22% from the prior year on higher operating income, higher net interest income and a lower effective tax rate.

本季非公認會計準則每股攤薄每股收益為 6.73 美元，較上年同期成長 22%，原因是營業收入增加、淨利息收入增加、有效稅率降低。

For the full year, we delivered $7.2 billion in sales, reflecting a 11.6% decline in same-store sales with gross margin of $2.8 billion or more than 39% of sales.

全年銷售額為 72 億美元，同店銷售額下降 11.6%，毛利率為 28 億美元，佔銷售額的 39% 以上。

This is up 30 basis points from fiscal '23 on a non-GAAP basis, reflecting a merchandise margin increase of 110 basis points, partially offset by deleveraging of fixed costs on a lower sales base.

以非公認會計準則計算，這比 23 財年上升了 30 個基點，反映出商品利潤率增加了 110 個基點，但部分被較低銷售基礎上的固定成本去槓桿化所抵消。

Non-GAAP SG&A for the year of $2.2 billion or 30.4% of sales was up to last year, largely due to the fixed cost portion of labor.

本年度非 GAAP SG&A 為 22 億美元，佔銷售額的 30.4%，與去年持平，主要是由於勞動力的固定成本部分。

Non-GAAP operating income for the year was $643 million and resulted in a $10.37 non-GAAP diluted earnings per share, with EPS above the high end of our expectations.

本年度非 GAAP 營業收入為 6.43 億美元，非 GAAP 稀釋每股收益為 10.37 美元，每股收益高於我們預期的上限。

Our GAAP EPS of $15.1 was positively impacted by a $263 million nonrecurring benefit, or $4.88 per share from the impact of new tax legislation in Bermuda, which resulted in the recognition of a deferred tax asset in Q4 due to this new legislation beginning in fiscal '26 or a year from now, our effective tax rate on income in Bermuda will increase to a minimum of 15%.

我們的GAAP 每股盈餘為15.1 美元，受到2.63 億美元的非經常性收益的正面影響，即百慕達新稅法影響帶來的每股4.88 美元的收益，這導致第四季度確認遞延稅項資產，因為這項新立法從財政年度開始。26日或一年後，百慕達的有效所得稅率將增加至最低15%。

Which is expected to increase our overall effective tax rate, nearly 4%.

預計這將使我們的整體有效稅率提高近 4%。

This $263 million benefit also provides an offsetting impact on cash taxes over the next 10 years or roughly $26 million a year.

這 2.63 億美元的福利也對未來 10 年的現金稅（即每年約 2,600 萬美元）產生抵銷影響。

This means our cash tax rate will be well below our effective tax rate.

這意味著我們的現金稅率將遠低於我們的有效稅率。

Our ending inventory of $1.9 billion was down 10% to the prior year, a larger reduction year over year sales and down more than $600 million compared to pre-pandemic, excluding acquisitions and including minimal inventory, it was down more than $1 billion in our core businesses.

我們的期末庫存為19 億美元，比上年下降10%，年比銷售額下降幅度更大，與大流行前相比減少了6 億多美元，不包括收購併包括最低庫存，我們的期末庫存減少了10 億美元以上核心業務。

We continue to focus on lifecycle management, taking markdowns earlier when merchandise performance does not meet our return expectation, in order to capture more margin before skews reached clearance, we continue to see opportunity in optimizing our inventory, particularly as we lean into AI to drive assortments at the store level, these efficiencies translate directly to cash flow and higher margins.

我們繼續專注於生命週期管理，當商品表現不符合我們的回報預期時，儘早進行降價，以便在偏差達到清除之前獲得更多利潤，我們繼續看到優化庫存的機會，特別是當我們傾向於人工智能來驅動時在商店層面，這些效率直接轉化為現金流和更高的利潤。

We ended the year with inventory turns of 1.4 times in line with the prior year.

年底，我們的庫存週轉率是去年的 1.4 倍。

Turning to leverage well, debt to adjusted EBITDA was 2.3 times with net debt to adjusted EBITDA of negative 0.7 times as our cash of $1.4 billion exceeded approximately $800 million of outstanding debt.

說到槓桿率，債務與調整後 EBITDA 比率為 2.3 倍，淨債務與調整後 EBITDA 比率為負 0.7 倍，因為我們 14 億美元的現金超過了約 8 億美元的未償債務。

We continue to grow confidence in our ability to generate free cash flow each year, driven by our flexible operating model and continued efficiencies.

在我們靈活的營運模式和持續高效的推動下，我們對每年產生自由現金流的能力不斷增強信心。

As we look forward into the year and the maturities ahead of us, we are reducing our gross debt to adjusted EBITDA leverage target down by 0.25 turns to be at or below 2.5 times.

展望今年和未來的到期日，我們正在將總債務減少，將調整後的 EBITDA 槓桿目標下調 0.25 倍，達到或低於 2.5 倍。

And we are introducing a debt to adjusted EBITDA target of at or below 1.25 times, which would imply net debt to adjusted EBITDA below 0.5 times at the end of fiscal '25.

我們引入的債務與調整後 EBITDA 的比率等於或低於 1.25 倍，這意味著在 25 財年末，淨債務與調整後 EBITDA 的比率低於 0.5 倍。

This year, our unsecured notes maturing June and our convertible deferred shares mature in November.

今年，我們的無擔保票據將於 6 月到期，我們的可轉換遞延股票將於 11 月到期。

Our fortress balance sheet and strong liquidity and cash conversion have allowed us to address these maturities in full and further debt issuances will be done opportunistically.

我們堡壘般的資產負債表以及強大的流動性和現金轉換使我們能夠充分解決這些到期問題，並將趁機進行進一步的債務發行。

Turning to real estate, last year, we closed 114 locations, mostly comprised of lower-performing mall locations and UK stores.

說到房地產，去年我們關閉了 114 家門市，其中大部分是業績不佳的購物中心和英國商店。

We ended the year with roughly 2,700 locations across our banners, down more than 500 stores from fiscal '20.

截至 20 財年末，我們旗下門市數量約 2,700 家，比 20 財年減少了 500 多家門市。

Our ending store count also reflects the sale in November of 15 prestige watch locations in the UK for an accretive multiple to continue to focus on our core, higher-margin jewelry business as well as two additional locations subsequent to that transaction, including one in February.

我們的期末商店數量也反映了11 月份在英國出售了15 個名牌手錶店，以倍數增長的方式繼續專注於我們利潤率較高的核心珠寶業務，以及交易後的另外兩個店（包括2 月份的一家） 。

Based on the strong performances we've seen up-tiering Jared [diamond] direct new stores and the key new and remodeled stores, we plan to increase our investments in our fleet.

基於我們看到的 Jared [鑽石] 直營新店以及主要新店和改建店的強勁表現，我們計劃增加對我們車隊的投資。

In total, we expect approximately $160 million to $180 million in capital expenditures this year, including 20 to 30 new stores and renovating approximately 300 locations, including 200K stores, 50 JV locations and six diamond direct stores to enhance the customer experience.

總的來說，我們預計今年的資本支出約為1.6 億至1.8 億美元，包括20 至30 家新店和翻新約300 家門市，其中包括20 萬家門市、50 家合資店和6 家鑽石直營店，以增強顧客體驗。

We also expect to invest $ 40 million to $50 million in digital and technology in support of our consumer and team member experiences.

我們也預計在數位和技術方面投資 4,000 萬至 5,000 萬美元，以支持我們的消費者和團隊成員體驗。

Turning to guidance.

轉向指導。

Looking to the first quarter we expect total sales in the range of $1.47 million to $1.53 billion, with same-store sales down between 11% and 7%, including a two point negative impact from our digital banner issues mentioned earlier.

展望第一季度，我們預計總銷售額在 147 萬美元至 15.3 億美元之間，同店銷售額將下降 11% 至 7%，其中包括前面提到的數位橫幅問題帶來的兩點負面影響。

As a result of modest fleet optimization and luxury watch store sales returning to a 52 week fiscal year.

由於對車隊進行了適度的優化，豪華手錶店的銷售額恢復了 52 週的財年。

And as a generally popular investor request.

並作為投資者普遍歡迎的要求。

We are reintroducing same-store sales guidance, early Valentine's Day shopping was down mid-teens, consistent with January performance.

我們正在重新引入同店銷售指導，情人節早期購物量下降了十幾歲，與一月份的表現一致。

Since Valentine's Day, same-store sales have improved notably up two to three points to the fourth quarter and a further point when excluding our digital banners, we forecast that the number of engagements in the US will be down low to mid single digits in the first quarter of the year.

自情人節以來，第四季同店銷售額顯著提高了兩到三個百分點，如果不包括我們的數位橫幅，我們預測美國的互動數量將在2019 年下降到低個位數至中個位數。今年第一季。

We expect non-GAAP operating income between $40 million and $60 million.

我們預計非 GAAP 營業收入在 4,000 萬美元至 6,000 萬美元之間。

We are also introducing adjusted EBITDA guidance this year upon request from investors in the first quarter, we expect adjusted EBITDA between $87 million to $107 million.

我們也在第一季應投資者的要求推出了今年調整後的 EBITDA 指導，我們預計調整後的 EBITDA 在 8,700 萬美元至 1.07 億美元之間。

We expect flat to modest improvement in gross margins in the first quarter, while deleveraging in SG&A and lower same store sales.

我們預期第一季毛利率將持平或小幅改善，同時SG&A去槓桿化並降低同店銷售額。

For the year, we expect fiscal '25 total sales in the range of $6.66 million to $7.02 billion.

我們預計今年 25 財年的總銷售額將在 666 萬美元至 70.2 億美元之間。

We expect a range of down 4.5% to up 0.5% for same store sales this year, including a 1.5% to 2% drag from our digital banner and then approximately negative 0.5% impact from the negative halo of our Ernest Jones banner in the UK.

我們預計今年同店銷售額將下降 4.5% 至成長 0.5%，其中包括我們的數位橫幅帶來的 1.5% 至 2% 的拖累，以及英國 Ernest Jones 橫幅的負面光環帶來的約 0.5% 的負面影響。

We believe our core banners will continue to outperform with same-store sales approximately flat at the midpoint for the year.

我們相信，我們的核心橫幅廣告將繼續表現出色，同店銷售額在今年中期基本持平。

We expect to resolve the issues in our digital banners in the second half of the year, but it is not reflected as such in guidance.

我們預計將在今年下半年解決數位橫幅中的問題，但並未在指導中反映出來。

These issues are solely related to the James Allen and Blue Nile integration and are not tied to nor are they impacting the e-commerce channels of our core banners, which are performing well.

這些問題僅與 James Allen 和 Blue Nile 的整合有關，與我們表現良好的核心橫幅的電子商務管道無關，也沒有影響。

We believe consumers will continue to be impacted by the elevated inflation over the last few years and fiscal '25, consumers continue to focus on value in the current environment, and our new items will be focused on price points that appeal to consumers across a variety of demographics.

我們相信消費者將繼續受到過去幾年和 25 財年通膨上升的影響，消費者在當前環境下繼續關注價值，我們的新產品將專注於吸引各種消費者的價格點人口統計。

We also anticipate continued elevated promotions among independent jewelers this year, we expect engagement activity to be up 5% to 10% for the US in fiscal '25.

我們也預計今年獨立珠寶商的促銷活動將持續增加，我們預計 25 財年美國的參與活動將成長 5% 至 10%。

As such, we expect our same-store sales to improve as the year progresses.

因此，我們預計同店銷售額將隨著時間的推移而改善。

Our guidance range assumes a fairly similar three year same-store sales stack in Q1 and for the full year.

我們的指導範圍假設第一季和全年的三年同店銷售量相當相似。

We are also cycling off the 53rd week that was over $100 million, $75 million in the UK from selling 17 prestige watch locations and closing up to 30 Ernest Jones locations and another $50 million from total closures in FY24 and fiscal '25.

我們也將在第53 週結束這筆超過1 億美元的收入，其中7,500 萬美元來自英國出售17 家知名手錶店和關閉多達30 家Ernest Jones 店，另外5,000 萬美元來自2024 財年和25 財年的總關閉。

Net of new store openings, we expect our overall net square footage to be flat or to decline slightly.

扣除新店開業後，我們預計我們的整體淨面積將持平或略有下降。

The closures of the Ernest Jones locations in the UK is part of our efforts to right size that banner and shift sales to digital and other location.

關閉英國 Ernest Jones 門市是我們調整橫幅規模並將銷售轉移到數位和其他地點的努力的一部分。

We are also streamlining our overhead in the UK and expect to achieve margins in line with the rest of the company within three years.

我們也正在精簡英國的管理費用，並預計三年內將達到與公司其他部門持平的利潤率。

Fiscal '25 non-GAAP operating income is expected to be in the range of $590 million to $675 million, with adjusted EBITDA between $780 million to $865 million, with modest non-GAAP operating margin expansion.

25 財年非 GAAP 營業收入預計在 5.9 億至 6.75 億美元之間，調整後 EBITDA 在 7.8 億至 8.65 億美元之間，非 GAAP 營業利潤率小幅增長。

This reflects cost savings of $150 million to $180 million this year from a new three-year initiative to drive $350 million in costs out of the system, leveraging AI streamlining non-customer facing expenses.

這反映了今年新的三年計畫節省了 1.5 億至 1.8 億美元的成本，該計畫旨在利用人工智慧簡化非客戶費用，將 3.5 億美元的成本從系統中剔除。

In addition to increasing sourcing efficiency, we expect cost savings to be more impactful in the second half of the year as we see the benefit from sourcing savings and inventory turn.

除了提高採購效率外，我們預計下半年的成本節省將產生更大的影響，因為我們看到採購節省和庫存週轉的好處。

We expect modest deleverage in SG&A from the reset of incentive compensation and investments in e-commerce channel and customer and team member experiences offset by gross margin expansion.

我們預計，由於激勵薪酬的重置以及對電子商務管道和客戶及團隊成員體驗的投資的重置，SG&A 會適度去槓桿化，但會被毛利率的擴張所抵消。

Full year non-GAAP diluted EPS is expected to be in the range of $9.8 to $10.48. Importantly, our EPS estimates for the year assumes the dilution of the deferred shares for the entire fiscal year.

全年非 GAAP 攤薄後每股收益預計在 9.8 美元至 10.48 美元之間。重要的是，我們對今年每股盈餘的預測假設了整個財年遞延股的稀釋。

As I close my comments today, I want to thank our talented Signet team members for their passion for our millions of new and loyal customers and their dedication to ongoing consumer inspired innovation results and an unrivaled experience in our industry.

在我今天結束評論時，我要感謝我們才華橫溢的Signet 團隊成員對我們數以百萬計的新忠實客戶的熱情，以及他們對持續受到消費者啟發的創新成果和我們行業無與倫比的體驗的奉獻精神。

Our team is why we have excellent net promoter scores, both online and in our stores.

我們的團隊是我們在網路和商店中獲得出色淨推薦值的原因。

I'll now open it up for questions.

我現在將打開它以供提問。

Thank you.

謝謝。

And ladies and gentlemen, we will now begin the question and answer session.

女士們、先生們，我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Paul Lejuez, Citigroup.

保羅‧勒胡埃斯，花旗集團。

Your line is open.

您的線路已開通。

Everyone, I'm [Brandon Sheetaman.] on behalf of Paul Lejuez.

大家好，我是[布蘭登·希塔曼]代表保羅·勒胡埃斯。

I'm wondering if you could dig in on what you're seeing on the engagement side to update your forecast now you're looking for 5% to 10% increase for the year.

我想知道您是否可以深入了解您在參與度方面看到的情況來更新您的預測，現在您希望今年的增長 5% 到 10%。

First, what I think was a 10% increase previously.

首先，我認為之前成長了 10%。

I'm just wondering, can you walk us through the progression as the year continues?

我只是想知道，您能否向我們介紹一下這一年的進展？

And does that assume an acceleration in 4Q?

這是否假設第四季會加速？

does 4Q end up higher than 10% to get there?

第四季的成長率是否會高於 10% 才能實現這一目標？

Hi Brandon, thanks for your questions.

嗨布蘭登，謝謝你的提問。

So we're seeing engagements recover as we expected , they would.

因此，我們看到業務量如我們預期的那樣恢復了，他們會的。

We saw the trough happen in Q4, and we're expecting, as you'll recall, a gradual and incremental improvement in engagement trends over the next three years.

我們在第四季度看到了低谷，正如您所記得的那樣，我們預計未來三年參與度趨勢將逐​​步改善。

So it takes a bit to recover, we've also continued to see progress on the 45 milestones that we track.

因此，需要一段時間才能恢復，我們也繼續看到我們追蹤的 45 個里程碑取得了進展。

We have statistically significant data that shows us that once a couple has experienced a certain number of the proprietary milestones that we've identified and that number being 25, they're much more likely statistically significantly likely in fact to get engaged.

我們有統計上顯著的數據表明，一旦一對夫婦經歷了我們確定的一定數量的專有里程碑（該數字為 25），他們就更有可能在統計上顯著訂婚。

And that's up 500 basis points versus just a year ago.

與一年前相比，這一數字上升了 500 個基點。

So we expect engagements to strengthen as fiscal year '25 progresses, we think at 5% on the low side of our guide 10% on the high side of our guide for the fiscal year, but that will naturally be back-weighted.

因此，我們預計隨著 25 財年的進展，參與度將會加強，我們認為 5% 位於我們指南的低端，10% 位於我們本財年指南的高端，但這自然會被反向加權。

And that has to do with both the gradual recovery as well as the seasonality of engagements more couples tend to get engaged in the October to February time frame.

這與逐漸恢復以及訂婚的季節性有關，更多的情侶傾向於在十月到二月的時間範圍內訂婚。

So it will likely be more back-weighted.

因此，它可能會更加偏重。

Got it.

知道了。

Thanks for that.

感謝那。

And I was wondering, could you quantify the ticket and transactions that you saw, particularly in the first half of February and where those metrics are now you see pressure in any particular segment, bridal or fashion and they're incremental pressure that you weren't expecting on the high end?

我想知道，你能否量化你所看到的門票和交易，特別是在二月上半月，這些指標現在你看到任何特定細分市場、婚禮或時尚領域的壓力，它們是你所沒有的增量壓力。不期待高端嗎？

So I think if we again if we go back to Q4 and we don't we don't quantify all the tickets.

所以我認為，如果我們再次回到第四季度，但我們沒有量化所有門票。

But one of the things that that we were proud of how our team executed in the fourth quarter was maintaining a stable average transaction value.

但我們對我們團隊在第四季度的執行情況感到自豪的一件事是保持穩定的平均交易價值。

This despite significant discounting from independent jewelers, especially on lab created that was in bridal and in fashion.

儘管獨立珠寶商提供了大幅折扣，尤其是在婚紗和時尚領域的實驗室創造的折扣。

So and that did put some pressure on average transaction value.

因此，這確實給平均交易價值帶來了一些壓力。

But because we brought so much newness which sold through so well, and we value-engineer that newness to provide an exceptional value we were able to hold.

但因為我們帶來瞭如此多的新穎性，而且銷量如此之好，而且我們對這種新穎性進行了價值設計，以提供我們能夠保持的非凡價值。

Those trends of independent deep discounting have pretty much continued into the first quarter, I would say, and I think what we saw in the jewelry category in January and early February was pretty similar to the rest of retail.

我想說，這些獨立大幅折扣的趨勢幾乎持續到第一季度，而且我認為我們在一月份和二月初在珠寶類別中看到的情況與其他零售業非常相似。

It was a low traffic time and a challenged consumer.

這是交通流量較低的時期，消費者也面臨挑戰。

Yes, I appreciate it.

是的，我很感激。

Thanks and good luck.

謝謝，祝你好運。

Thank you.

謝謝。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

Your line is open.

您的線路已開通。

Thanks, good morning.

謝謝，早安。

I just wanted to follow up on on the engagement discussion.

我只是想跟進訂婚討論。

You did talk about unit sales consistent with expectations for engagement in the fourth quarter, was there some softness in pricing versus your expectations?

您確實談到了單位銷售量與第四季度參與度預期一致，定價與您的預期相比是否存在一些疲軟？

And then how has that competitive landscape been included in the guidance for this coming year?

那麼，這種競爭格局是如何納入來年的指導中的呢？

Hey, Lorraine.

嘿，洛林。

The reason that we talk about units is because we're thinking about the number of couples getting engaged.

我們之所以談論單位，是因為我們考慮的是訂婚夫婦的數量。

And that, like I said, has been recovering very consistently to what we thought similar to my answer to brand.

正如我所說，這一點一直在恢復到我們認為與我對品牌的答案相似的水平。

And we have seen some pressure on average transaction value, both in bridal and in fashion, particularly driven by deep discounting among independent jewelers.

我們已經看到婚禮和時尚領域的平均交易價值面臨一些壓力，特別是受到獨立珠寶商大幅折扣的推動。

You'll remember they didn't predict the engagement trough as well as we did.

您會記得他們並沒有像我們一樣預測參與度低谷。

And so were over inventoried all year.

因此全年庫存都過剩。

They were working through that inventory still in the fourth quarter.

他們仍在第四季度處理該庫存。

And so a lot of pressure on moving that through.

因此，推動這一進程面臨很大的壓力。

I think that, you know it while we have seen their continued discounting into the first quarter, I would anticipate that the inventories are recovering somewhat and so that could be a help.

我認為，你知道，雖然我們看到他們在第一季度繼續打折，但我預計庫存會有所恢復，因此這可能會有所幫助。

And I also think that consumers are becoming more aware that created diamond prices are falling.

我還認為消費者越來越意識到人造鑽石的價格正在下降。

And so while they might be great for fashion jewelry.

因此，雖然它們可能非常適合製作時尚珠寶。

There's something very, very rare and you know that individual about a national diamond.

有一些非常非常罕見的東西，而且您了解國家鑽石的那個人。

And so we think that that is a potential tailwind for natural diamonds in the year ahead.

因此，我們認為這將是未來一年天然鑽石的潛在動力。

And then, can you talk give us some of your insights on the competitive landscape on the non-bridal business and what your expectations are for that this year?

那麼，您能談談您對非婚禮業務競爭格局的一些見解以及您對今年的期望嗎？

So the part of the category overall that has been performing the best is low priced fashion jewelry.

因此，該類別中表現最好的部分是低價時尚珠寶。

So in a banter, our value banner competes in that space.

因此，開玩笑地說，我們的價值旗幟在這個領域競爭。

H. Samuel in the UK competes in that space.

英國的 H. Samuel 就在這個領域競爭。

But overall, we have reasonably low exposure to very low priced fashion jewelry.

但總體而言，我們對價格極低的時尚珠寶的曝光度相當低。

The place where we think we have an opportunity in particular is in goals where we have some sourcing advantages and direct partnerships with factories to really value-engineer jewelry, also bringing lab-created into fashion proved to be a good strategy for us over the holidays and our newness was well positioned to trade customers up into price points that we uniquely carry over the holidays.

我們認為我們特別有機會的地方是我們擁有一些採購優勢並與工廠直接合作以真正實現珠寶價值設計的目標，同時將實驗室創造的產品帶入時尚界也被證明是我們在假期期間的一個好策略我們的新品非常適合以我們在假期期間獨有的價格點與客戶進行交易。

We have a 700 basis point improvement in how our new items sold through over holiday by pursuing that strategy.

透過採取此策略，我們的新產品在假期期間的銷售情況提高了 700 個基點。

I would just add onto that the idea of out of newness and the green shoots that we find holiday, particularly in fashion and in our new bridal offerings.

我只想補充一下新奇的想法和我們在假期中發現的新芽，特別是在時尚和我們新的新娘產品中。

Our intention and included within the guidance that we've given for FY25 is a higher complement of newness based on that run rate and testing that we saw on the holiday selling period.

我們的意圖以及我們為 2025 財年給出的指導中所包含的內容是，根據我們在假日銷售期間看到的運行率和測試，對新穎性進行更高的補充。

Thank you.

謝謝。

Ike Boruchow, Wells Fargo.

艾克·博魯喬（Ike Boruchow），富國銀行。

Your line is open.

您的線路已開通。

Hey, good morning, everyone.

嘿，大家早安。

A couple of questions for Joan, on embedded well, first of all, on the gross margin line, I think you commented in fee on flat to slightly up in 1Q on that kind of negative comp, it's pretty impressive.

瓊有幾個問題，關於嵌入良好，首先，關於毛利率線，我認為您在第一季度的這種負面補償中對費用持平到略有上升的評論，這是相當令人印象深刻的。

Can you kind of just walk us through on the headwinds and the moving pieces on gross in the first quarter and how you're able to kind of sustain that?

您能否向我們介紹第一季度的逆風和令人感動的事情，以及您如何能夠維持這一點？

Yeah, thanks for the question, Ike.

是的，謝謝你的提問，艾克。

So our first quarter continues with sourcing savings and sourcing efficiencies that we've been able to work with our vendors and work with our sourcing team to provide.

因此，我們的第一季繼續實現採購節省和採購效率，這是我們能夠與供應商和採購團隊合作提供的。

And what's really important in the margin equation is newness.

利潤方程中真正重要的是新穎性。

And so we are bringing in more newness, as I just mentioned, and we expect throughout the year that the margin improvement will be more back half-weighted as part of our cost savings program because of the newness coming in and the incremental newness will turn and we'll see more of that happen through throughout the year, largely related to the back half.

因此，正如我剛才提到的，我們正在引入更多的新鮮事物，我們預計全年利潤率的改善將更多地作為我們成本節約計劃的一部分，因為新鮮事物的到來和增量新鮮事物將轉向我們將在全年看到更多這樣的情況發生，主要與下半年有關。

So sourcing is a big opportunity.

所以採購是一個很大的機會。

I would also say our disciplined inventory management, our teams have done an amazing job of being nimble and synchronizing our inventory position to demand and trends.

我還要說的是，我們嚴格的庫存管理，我們的團隊在靈活地將我們的庫存狀況與需求和趨勢同步方面做得非常出色。

And so we are not and we are in a position where we are not over inventory, particularly in clearance or sell down.

所以我們沒有，而且我們的庫存也沒有過剩，特別是在清倉或降價方面。

And so we're able to manage a leaner [Mark] earlier before the product goes to clearance.

因此，我們能夠在產品進入清關之前更早地管理更精簡的[馬克]。

So I would say inventory management is another key component.

所以我想說庫存管理是另一個關鍵組成部分。

And then while we face the promotional discounting that we're seeing in the industry, we've also been able to target pricing within specific areas within our product base.

然後，當我們面臨行業中看到的促銷折扣時，我們也能夠在我們的產品庫內的特定區域內定位定價。

So we're not it's not a broad-based discounting or promotional promotional posture that we have so, those are the levers that we're using to continue to drive gross margin as an opportunity for us in Q1 as well as fiscal '25.

因此，我們並不是採取廣泛的折扣或促銷姿態，因此，這些是我們用來繼續提高毛利率的槓桿，作為我們在第一季和 25 財年的機會。

Then Joan, you had mentioned that gross margin improvement to be more towards really the growth just operating margin, are you saying that gross margins could also improve year over year as we move--

那麼瓊，您提到毛利率的改善更多是為了營業利潤率的增長，您是說隨著我們的行動，毛利率也可能逐年改善--

Gross margin yeah, gross margin improve, that sourcing savings as we roll our current our inventory we had last year with 1.4 times and sourcing newness comes in and itself through largely will occur more back half on the new items.

毛利率是的，毛利率提高了，當我們滾動我們當前的庫存時，我們去年的庫存是去年的1.4 倍，並且採購新產品本身就很大程度上地減少了新產品的一半，從而節省了採購成本。

Got it.

知道了。

And then just to stick with the gross margin, and I think your total revenue plan is like down 2 to 7.

然後堅持毛利率，我認為你的總收入計劃會下降 2 到 7。

Can you tell us it just higher level like what does your services expectation?

您能告訴我們更高等級的服務嗎？例如您對服務的期望是什麼？

I assume you expect to outgrow that number, but is there a number you could share with us for the year that you're planning?

我假設您預計會超過這個數字，但是您可以與我們分享您計劃的那一年的數字嗎？

Not specifically on services, but what I would tell you because we continue to implement new tools and opportunities within the services business we mentioned a couple on the call that our wrap, our wrap around opportunities.

不是專門針對服務，而是我要告訴您的，因為我們繼續在服務業務中實施新的工具和機會，我們在電話會議上提到了一些我們的包裝，我們的包裝機會。

So POS prompt for our jewelry consultants are rolled out to all of our banners as well as post repair ESA, which is something that we've been ramping up and we see traction.

因此，我們的珠寶顧問的 POS 提示已推廣到我們所有的橫幅以及維修後 ESA，這是我們一直在加強的事情，我們看到了牽引力。

Our stores team has done a great job in training and really understanding the benefit to our customer for those services as a one-stop for all of their jewelry needs.

我們的商店團隊在培訓方面做得非常出色，並真正了解這些服務為我們的客戶帶來的好處，作為滿足他們所有珠寶需求的一站式服務。

So we continue to evolve that our attachment rates and as another note on that to consider, Ike is attachment rates to bridal are much higher than fashion they're almost double.

因此，我們繼續發展我們的依戀率，並且作為另一個需要考慮的注意事項，艾克是對新娘的依戀率遠高於時尚，它們幾乎是兩倍。

And as with the return to engagements and as we see that scale up and progress throughout the year, we would expect the services business to respond similarly as well.

隨著業務量的回歸以及我們在全年中看到的規模擴大和進展，我們預計服務業務也會做出類似的反應。

So a lot of great opportunity in services for us.

因此，我們有很多很好的服務機會。

Because it sounds like servers will outperform, but we're not you're not going to quantify the exact amount that you're planning that?

因為聽起來伺服器會表現出色，但我們不會，您不會量化您計劃的確切數量嗎？

No would be about quantify the exact, but we expect it to continue to grow and it did help our lower merchandise by 5,000 bps in the fourth quarter.

不會具體量化，但我們預計它會繼續增長，並且它確實幫助我們第四季度的商品價格下降了 5,000 個基點。

Great client

很棒的客戶

Understood.

明白了。

And sorry, last question, just on the tax rate comment, Joan, you went through you talked about the step up like three or four points.

抱歉，最後一個問題，關於稅率的評論，瓊，您談到了三到四個點的提高。

Is that is that incorporated in that 19 to 20 that you have this year?

這是否包含在今年的 19 至 20 中？

Or should be, are you saying that we should be expecting like '23 to '24 going forward in the out years.

或者應該是，你是說我們應該期待 '23 到 '24 未來幾年的發展。

So thank you for the clarification.

謝謝您的澄清。

The impact for the new tax legislation for the new formula will affect FY26, not FY25.

新稅法對新公式的影響將影響 2026 財年，而非 25 財年。

There is no impact in FY25.

25 財年沒有影響。

We recorded the deferred tax benefit at the end of the year, and it does affect it will affect tax rate in a year from now.

我們在年底記錄了遞延所得稅優惠，它確實會影響以後一年的稅率。

And associated with that as a cash tax benefit that will occur ratably over the next 10 years.

與此相關的現金稅收優惠將在未來 10 年內大量出現。

Got it, so '23, '24 as we go forward based on what you said right?

明白了，所以「23」、「24」我們將根據您所說的繼續前進，對嗎？

FY26, it's starts at '23, '24?

26 財年，從 23、24 開始？

Perfect.

完美的。

Thank you so much.

太感謝了。

Yes, thank you.

是的，謝謝。

Mauricio Serna, UBS.

毛里西奧·塞爾納，瑞銀。

Your line is open.

您的線路已開通。

Hi, good morning.

早安.

Thanks for taking my questions.

感謝您回答我的問題。

I guess just wanted to get a sense of what are you thinking about the total jewelry industry growth considering also like fashion and in non-engagement part of bridal, how are you thinking about the industry growth for the year?

我想只是想了解您對珠寶行業整體成長的看法，考慮到時尚和婚禮的非訂婚部分，您如何看待今年的行業成長？

And then on and just also maybe you could provide a little bit more details on, you know, on the digital part of the business.

然後，也許您還可以提供有關業務數字部分的更多詳細資訊。

Do you want to elaborate a little bit more like what are the issues happening in there.

您想詳細說明一下那裡發生的問題嗎？

What do you know if I recall, I think you were already expecting some benefits in Q4 of the integration from both banners.

如果我記得的話，您知道什麼，我認為您已經在期待第四季度這兩個橫幅的整合會帶來一些好處。

And then lastly, just based on the commentary that you provided for Valentine's and how things have trended since then, like is there a way to get a sense of like what are the quarter to date comps?

最後，根據您為情人節提供的評論以及從那時起事情的發展趨勢，有沒有辦法了解本季迄今為止的比較？

Thank you.

謝謝。

Hi Mauricio, so I'll start on your questions and then Joan can chime in on that.

你好，毛里西奧，我先回答你的問題，然後瓊可以插話。

So in terms of what we're expecting from the category in this year ahead.

因此，就我們對今年該類別的期望而言。

We're expecting the jewelry category to be down mid single digits.

我們預計珠寶類別的銷量將下降到個位數左右。

We'd expect to be able to grow share in that environment, particularly in bridal.

我們希望能夠在這種環境中增加份額，特別是在婚禮領域。

We're seeing consumers continue to be value oriented.

我們看到消費者仍然以價值為導向。

That's how they were at Q4 and Valentine's Day, a rate shopper, highly focused on value.

這就是他們在第四季和情人節的表現，他們是價格購物者，高度關注價值。

Our strategy that worked in Q4 was first to leverage our industry-leading banner portfolio to appeal to customers across all price points.

我們在第四季度奏效的策略是首先利用我們行業領先的橫幅產品組合來吸引各個價位的客戶。

Second, to bring more newness and innovation in a tougher economy, customers still get excited by things they haven't seen before by innovative new items.

其次，為了在經濟形勢嚴峻的情況下帶來更多的新鮮感和創新，顧客仍然會對創新的新產品前所未見的事物感到興奮。

And we value engineer that newness to offer and is an especially good value without the level of heavy discounting that we saw in the category and finally, we believe we are positioned to win as engagements return.

我們重視設計提供的新穎性，並且在沒有我們在該類別中看到的大幅折扣的情況下，這是一個特別好的價值，最後，我們相信，隨著參與度的回歸，我們將贏得勝利。

Because of our tenured store teams.

因為我們的終身商店團隊。

Our well-known brands trust is a more important factor in the engagement ring purchase and we're using proprietary data.

我們的知名品牌信任是訂婚戒指購買中更重要的因素，並且我們正在使用專有數據。

I mentioned in my remarks that we our customer data platform today includes 17 million people who are in dating relationships.

我在演講中提到，我們今天的客戶資料平台包括 1700 萬處於約會關係中的人。

We would expect only 2.5 million or so of those to get engaged in the next two years that we have more than enough people in our proprietary database to really be talking to those pre engagement customers in advance.

我們預計未來兩年內只有 250 萬人左右訂婚，因為我們的專有資料庫中有足夠多的人來真正提前與那些訂婚前的客戶進行交談。

So that that's kind of what we see on coming in the market and why we think we're positioned to perform better than the industry in this environment.

這就是我們在市場上看到的情況，也是我們認為在這種環境下我們能夠比產業表現更好的原因。

And your second question was about digital banners.

你的第二個問題是關於數位橫幅的。

And so the first thing I want to start with is just emphasizing that the issues that we saw were not to do with our core e-commerce business.

因此，我首先要強調的是，我們看到的問題與我們的核心電子商務業務無關。

It was Blue Nile and James Allen, as a result of the integration, our core e-comm business is performing well and the investments that we put in place have led us to hit an all-time high in Net Promoter Score in digital.

正是 Blue Nile 和 James Allen，由於整合，我們的核心電子商務業務表現良好，我們進行的投資使我們在數位領域的淨推薦值創下了歷史新高。

What we saw with James Allen and Blue Nile were some operational issues related to the re-platforming of the business.

我們在 James Allen 和 Blue Nile 身上看到了一些與業務平台重組相關的營運問題。

Frankly, we thought we had it all wired and the pipes were connected well that they worked.

坦白說，我們認為我們已經把所有的電線都連接好了，而且管道連接得很好，可以正常工作。

And we had unfortunately some problems integrating Blue Nile with its production partners, which caused us to see a dip in conversion with much longer fulfillment times.

不幸的是，我們在將 Blue Nile 與其生產合作夥伴整合時遇到了一些問題，這導致我們看到轉換率下降，且履行時間更長。

So we've got the team very focused on getting this fixed.

因此，我們的團隊非常專注於解決這個問題。

We believe that we are on a very good path to get these issues resolved.

我們相信，我們正走在解決這些問題的好道路上。

We expect the fixes in place later during the year, although our guidance does not reflect significant improvement in the digital banners.

我們預計修復將在今年稍後到位，儘管我們的指導並未反映出數位橫幅的重大改進。

In fact, our fiscal year guidance assumes a two point comp drag in total coming from the digital banners.

事實上，我們的財年指導假設數位橫幅總共會拖累兩點。

And then Mauricio, with respect to your comp question, as we mentioned earlier [v-day] or Valentine's Day was down mid-teens post Valentine's Day.

然後毛里西奧，關於你的補償問題，正如我們之前提到的[情人節]或情人節在情人節後下降了十幾歲。

We're seeing a down mid to high single digit comp, and it just helps to put the year in context for you, our first half of FY25 same store sales range should be down high single to mid single digits, followed by a second half of down slightly to low single digit growth.

我們看到中高個位數的比較下降，這有助於您了解今年的情況，我們 25 財年上半年的同店銷售範圍應該會下降高個位數到中個位數，然後是下半年略有下降至低個位數成長。

That's how to put the year in context.

這就是如何將年份放在上下文中。

Very helpful.

很有幫助。

And very lastly, a follow-up on the cost savings initiative.

最後，是成本節約計畫的後續行動。

Any way you can break it down like into the through the big buckets that you mentioned on how you know the source then on the AI. and others like the non customer facing expenses?

任何方式你都可以把它分解成你在人工智慧上提到的如何知道來源的大桶。和其他人喜歡非客戶面臨的費用？

Thank you.

謝謝。

Yeah so as we think about the $350 million, we expect our anticipated $150 million to $180 million this year in cost savings, if you through sourcing savings is roughly half of that is, I would say, for this year and would look for that to continue into the out years.

是的，當我們考慮 3.5 億美元時，我們預計今年將節省 1.5 億至 1.8 億美元的成本，如果透過採購節省大約是今年的一半，我會說，並且會尋求這一點繼續到未來幾年。

With that sort of balance and then the AI and customer facing and non-customer facing expenses would be the other half of that savings.

有了這種平衡，人工智慧、面向客戶和非客戶的費用將是節省的另一半。

And again, as I mentioned, the sourcing savings would be more back-half weighted.

正如我所提到的，採購節省將更多地被後半部分加權。

Very helpful.

很有幫助。

Thank you very much.

非常感謝。

Jim Sanderson, Northcoast Research.

吉姆桑德森，北海岸研究中心。

Your line is open.

您的線路已開通。

Hey, good morning.

嗨，早安。

I wanted to talk a little bit more about the 300 renovations you're planning this year.

我想多談談你們今年計劃進行的 300 項翻新工程。

That's I think about 10% of your store fleet.

我認為這大約佔您商店隊伍的 10%。

Can you outline the benefits you would expect this year or if this is a later year benefit?

您能否概述一下您今年預期的福利，或者這是以後一年的福利嗎？

And any feedback on what you think the improvement in store sales volumes would be from those remodels?

對於您認為這些改造將帶來的商店銷售改善有何回饋？

Yeah thanks, Jim.

是的，謝謝，吉姆。

We're excited about this program we've been able to test within our sale stores, which I mentioned were largely of it were roughly 200 stores.

我們對這個計劃感到很興奮，我們已經能夠在我們的銷售商店中進行測試，我提到過，其中大部分是大約 200 家商店。

And consistent with your hometown strategy for Kay, the renovations have delivered a mid-single digit lift for us and we call them renovation light, which means from a capital perspective, it's very efficient and what they include our new carpet LED lighting now really supporting the sustainability and environment strategies that we have in goals will take care of expanding services, which again, as we talked about, is a significant investment for us overall and drive top line growth.

與您對Kay 的家鄉策略一致，翻新工程為我們帶來了中個位數的提升，我們稱之為翻新燈，這意味著從資本角度來看，它非常高效，其中包括我們現在真正支持的新地毯LED 照明我們在目標中製定的可持續發展和環境策略將負責擴大服務，正如我們所說，這對我們整體而言是一項重大投資，並推動收入成長。

And then will it affect the cases that the lighting in cases and really upgrade the presence of the shopping environment for our jewelry consultants as well as our customers and then will include our digital displays as well as no basic loss prevention update.

然後，它是否會影響箱子中的照明，並真正升級我們的珠寶顧問和客戶的購物環境，然後將包括我們的數位顯示器以及基本的防損更新。

So you can see it's capital light, but it's delivering top line growth for us in a story in Texas, that we've done the work on, and we're really pleased with the response from our stores team as well as the customer.

所以你可以看到它是資本之光，但它在德克薩斯州的一個故事中為我們帶來了收入增長，我們已經完成了工作，我們對商店團隊和客戶的反應感到非常滿意。

I would also note the Jared stores.

我還會注意到賈里德商店。

I mentioned this that we are up-tiering, Jared and the assortment.

我提到我們正在升級 Jared 和產品系列。

We've tested different layouts and different design within the Jared banner.

我們在 Jared 橫幅中測試了不同的佈局和不同的設計。

We're investing in 50 stores and we're very excited about that.

我們正在投資 50 家商店，對此我們感到非常興奮。

That has an overall lift that's in excess of 10% on the top line.

這使得營收整體提升超過 10%。

The IRR on it is, you know, at 18% to 22%.

你知道，它的 IRR 是 18% 到 22%。

And we feel that it's better supports the tiering of the assortment.

我們認為它更好地支持了分類的分層。

And we're seeing a very nice sell-through on newness and that assortment to.

我們看到新品和品種的銷售情況非常好。

It's a holistic upgrade for us because we're also increasing inventory towards the new assortment in the Jared banners are also testing different formats and other banners such as banter, which Gina mentioned performed very well at at holiday and we're looking to improve services and increase the services level of business in the in the medium portfolio.

這對我們來說是一次全面升級，因為我們還增加了Jared 橫幅中新品種的庫存，還在測試不同的格式和其他橫幅，例如玩笑，吉娜提到這在假期中表現非常好，我們正在尋求改善服務並提高中等投資組合中的業務服務水準。

And we believe that both on those investments well that the tests will read will play out and we'll put investments against a strong tax rate.

我們相信，測試將讀取的這些投資都會發揮作用，我們將根據較高的稅率進行投資。

Now, thank you for that is what are the benefits primarily to be to take place next year.

現在，謝謝大家，這就是明年主要將帶來的好處。

So this isn't really a fiscal 2025 story or is part of that baked into your expectations?

那麼這實際上並不是 2025 財年的故事，還是您的預期的一部分？

It's a back half of story.

這是故事的後半部。

We have to invest, you know, upfront here.

你知道，我們必須在這裡預先投資。

It will take us probably through to the end of the third quarter to address all the stores that we have targeted.

我們可能需要到第三季末才能解決我們所瞄準的所有商店的問題。

So yes, definitely later in the year.

所以是的，肯定是在今年晚些時候。

Okay, and you mentioned a comment about some fixed cost slightly higher on a year-over-year basis.

好的，您提到了一些固定成本同比略高的評論。

I'm just wondering if what is your outlook on labor inflation on and not only just inflation, but perhaps investment in labor as you going forward?

我只是想知道您對勞動力通膨的前景如何，不僅是通膨，還有您未來對勞動力的投資？

Yeah, we feel very strongly about investing in training, especially within our store teams.

是的，我們非常熱衷於投資培訓，尤其是在我們的商店團隊中。

We have to on we've provided for that in our guidance and our investments for FY25, so very cognitive of that, and we believe it's very important to do that outside the store take that our jewelry consultants and give them a right training environment that enables them to really gain full benefit and come back and train the balance of stores and so forth so and very important investment for us, inflation itself is included within our guidance for FY25.

我們必須在我們的指導和 25 財年的投資中提供這一點，因此對此非常了解，我們認為在店外這樣做非常重要，請我們的珠寶顧問為他們提供適當的培訓環境，使他們能夠真正獲得充分的利益，並回來培訓商店的平衡等等，因此對我們來說非常重要的投資，通貨膨脹本身已包含在我們對2025 財年的指導中。

We've done through our cost savings program.

我們已經完成了成本節約計劃。

We have made every effort to offset inflation as we give our guidance throughout for the year.

我們在全年提供指導時已盡一切努力抵消通貨膨脹。

And we're very keen on making sure that we reach out indirect procurement, non-customer facing costs that we protect our marketing and our and our people and really drive out the cost for the customers that don't that the customer doesn't see nor do they care about.

我們非常熱衷於確保我們能夠涵蓋間接採購、非面向客戶的成本，以保護我們的行銷、我們和我們的員工，並真正為客戶降低成本，而客戶不這樣做他們看也不關心。

Okay.

好的。

I have one last question, just talking more broadly about the shift to growth in the engagement category.

我還有最後一個問題，只是更廣泛地談論參與類別向成長的轉變。

Is there anything in your data set that helps us understand the opportunity for average transaction value to increase or if the engagement consumer is perhaps more value oriented or own frugal and hoping to invest in other parts of the wedding ceremony or engagement process just any feedback there based on what you're looking at?

您的資料集中是否有任何內容可以幫助我們了解平均交易價值增加的機會，或者訂婚消費者是否可能更注重價值或自己節儉，並希望投資於婚禮儀式或訂婚過程的其他部分，只要有任何反饋基於您正在查看的內容？

So what we know about engagement customers is that they really think about this purchase as a long term purchase.

因此，我們對參與型客戶的了解是，他們確實將此次購買視為長期購買。

It's often the most expensive purchase that a couple has ever made together, and they really wanted to represent more than just a piece of jewelry as representing their declaration of love to each other for a lifetime.

這通常是一對夫婦一起購買的最昂貴的物品，他們真正想要的不僅僅是一件珠寶，而是代表他們對彼此一生的愛的宣言。

So they tend to think in terms of a budget, which tends to be based on income.

因此，他們傾向於根據預算來思考，而預算往往是基於收入。

And so what they can get for that budget is generally what we see them asking for.

因此，他們能從預算中得到的通常就是我們看到的他們所要求的。

We have at this point in time, I would say a group of customers who come in definitely wanting to spend that budget on the natural diamond because they believe that it has more potential to retain that value over time.

我想說，目前我們有一群客戶肯定希望將預算花在天然鑽石上，因為他們相信隨著時間的推移，天然鑽石更有潛力保持其價值。

We see some customers coming in wanting on that created because they have realized that they can get a bigger carat size for their same budget.

我們看到一些客戶想要這種產品，因為他們意識到他們可以用相同的預算獲得更大的克拉尺寸。

And then we have some customers, the biggest percentage to come in looking for the advice of our expert jewelry consultants to really help them make that choice.

然後我們有一些客戶，其中最大比例的客戶來尋求我們的專業珠寶顧問的建議，以真正幫助他們做出選擇。

But it tends to be a more fixed budget kind of a situation as opposed to a value orientation, which is what we do see on fashion, so fashion tends to fluctuate a bit more with the macro economic environment.

但它往往是一種更固定的預算情況，而不是我們在時尚上看到的價值取向，因此時尚往往會隨著宏觀經濟環境的變化而波動更大。

Now, thank you for that feedback.

現在，感謝您的回饋。

You mentioned lab-grown diamonds.

您提到了實驗室製造的鑽石。

Is your assortment on, do you expect to expand that assortment in bridal for lab-grown for the back half of the year?

您的產品種類準備好了嗎？您是否希望在今年下半年擴大實驗室培育的新娘產品種類？

You know, we've been very intent on following the customer and being customer inspired with our inventory.

您知道，我們一直非常專注於追蹤客戶並透過我們的庫存激發客戶的靈感。

What I could tell you is that lab-created still remains, you know, in the teens percentage of jewelry sales overall for us, it tends to be a little bit lower than the category, especially given that we're skewing more to bridal and a little bit less to low priced fashion enough.

我可以告訴你的是，實驗室製造的珠寶在我們整體珠寶銷售中所佔的比例仍然只有十幾歲，它往往比同類產品要低一些，特別是考慮到我們更多地偏向新娘和珠寶。稍微少一點低價時尚就夠了。

So we offer it and it's been a good opportunity for some more value oriented customers to get more for their limited budget.

因此，我們提供了它，對於一些更注重價值的客戶來說，這是一個很好的機會，可以在有限的預算中獲得更多收益。

But I think we'll continue to be very consumer inspired on that front and make sure that we have a great offering of any kind of engagement rating or fashion product that customers are looking for across our banner portfolio.

但我認為我們將繼續在這方面受到消費者的啟發，並確保我們在我們的橫幅產品組合中提供客戶正在尋找的任何類型的參與度或時尚產品。

Great, thank you very much and I 'll pass it on.

太好了，非常感謝你，我會把它轉達給你。

Thanks, Jim.

謝謝，吉姆。

Thank you.

謝謝。

Dana Telsey, Telsey Advisory Group.

達納‧特爾西，特爾西諮詢小組。

Your line is open.

您的線路已開通。

Hi, good morning, everyone.

嗨，大家早安。

As you think about the services business, what impact on the merch margin is that having how you planning the services business this year compared to last year and anything of how you're planning in the first quarter and in light of the first quarter guidance?

當您考慮服務業務時，與去年相比，您如何規劃今年的服務業務，以及您在第一季的計劃以及第一季指導的情況對商品利潤率有何影響？

And then when you think about the store openings that you're doing, I think 20 to 30 malls out of malls, where are they going to be?

然後，當你考慮正在開設的商店時，我認為商場中有 20 到 30 個商場，它們會開在哪裡？

And then you had closed some stores overseas.

然後你關閉了一些海外商店。

Is there a further store closing program that you anticipate there?

您預計還會有進一步的商店關閉計劃嗎？

Thank you.

謝謝。

So thanks, Dana.

謝謝，達納。

Good morning.

早安.

Services is a growth opportunity for us that we mentioned that it outperformed merchandise margin, our merchandise sales by a 1000 basis points, and it's really it carries a 20 point higher margin to for us compared to merchandise margin.

服務對我們來說是一個成長機會，我們提到它的表現優於商品利潤率，我們的商品銷售額高出1000 個基點，而且與商品利潤率相比，它確實為我們帶來了20 個基點的高利潤率。

So it's definitely a gross margin expander as well as a top line growth driver for us.

因此，這絕對是我們毛利率的擴張器以及營收成長的動力。

So we expect it to continue to outpace merchandise sales within Q1 as well as for our fiscal '25 and for the full year and our new the new programs that are wraparound that I mentioned earlier, post repair POS comps and so forth are on very engaging way for the for the jewelry consultant to have an opportunity to basically offer the customer.

因此，我們預計第一季以及25 財年和全年的商品銷售量將繼續超過商品銷售量，而且我們的新計劃（我之前提到的概括性內容）、維修後POS 補償等都非常有吸引力珠寶顧問有機會基本上為客戶提供服務的方式。

The question would you like to hear about the benefits of these packages for warranties as well as on repairs.

您想了解這些套餐在保固和維修方面的優勢嗎？

So I believe that that's a continued driver with respect to stores, the 20 to 30 store openings that we are on looking forward to are largely off-mall.

因此，我相信這對商店來說是一個持續的推動力，我們期待的 20 到 30 家商店開業大部分都在購物中心外。

We believe that when we look at that performance that we've seen over the past year, Dana off-mall has outperformed our mall stores as well as outlet has outperformed our mall stores.

我們相信，當我們審視過去一年的表現時，Dana 商場外的表現優於我們的商場商店，而奧特萊斯的表現也優於我們的商場商店。

So we're continuing to drive on and the economics of an off mall, off-mall opportunities for us.

因此，我們將繼續推動商場外的經濟效益，為我們提供者場外的機會。

So we'll continue on that, we also for the UK, we've closed, we sold the Ernest Jones locations that we mentioned.

因此，我們將繼續這樣做，我們也在英國，我們已經關閉，我們出售了我們提到的歐內斯特瓊斯地點。

And we also will be closing more of the Ernest Jones stores focusing on jewelry larger than the H. Samuel that's also H. Samuel banner.

我們還將關閉更多 Ernest Jones 商店，這些商店專注於比 H. Samuel 更大的珠寶店，這也是 H. Samuel 的旗幟。

It's also a great story on real estate and refits on renovations for the H. Samuel, we're seeing the new store format there be very positive for the performance of the UK international segment.

這也是一個關於房地產和 H. Samuel 翻新的精彩故事，我們看到新的商店格式對英國國際市場的表現非常積極。

So we'll continue to keep our eye on that and invest somewhat in the H. Samuel, but continue to close on the Ernest Jones locations.

因此，我們將繼續關注這一點，並對 H. Samuel 進行一些投資，但繼續關閉 Ernest Jones 的地點。

Thank you.

謝謝。

Thank you.

謝謝。

And ladies and gentlemen, this concludes the Q&A portion of today's call.

女士們、先生們，今天電話會議的問答部分到此結束。

I would like to turn it back to Gina Drosos, Chief Executive Officer for closing comments.

我想請執行長吉娜·德羅索斯 (Gina Drosos) 發表結束評論。

In closing, I'd like to take a moment to thank Todd Stitzer for his service as Chair to Signet's Board of Directors.

最後，我想花點時間感謝 Todd Stitzer 作為 Signet 董事會主席所做的貢獻。

Todd will complete his 12 year term in June and will roll off our Board in accordance with Signet's Board tenure requirements.

Todd 將於 6 月完成 12 年任期，並將根據 Signet 的董事會任期要求辭去董事會職務。

I know I speak for the entire Board when I say we are so grateful for Todd's leadership and vision, we've transformed Signet into a data-driven digitally focused and consumer inspired company and Todd's trusted guidance unwavering support and smart counsel have been an invaluable asset.

我知道，當我說我們非常感謝Todd 的領導力和遠見時，我代表整個董事會，我們已將Signet 轉變為一家以數據驅動、以數字為中心、受消費者啟發的公司，而Todd 值得信賴的指導、堅定不移的支持和明智的建議是非常寶貴的。資產。

Helen McCluskey will take over as Chair in the coming months.

海倫·麥克拉斯基 (Helen McCluskey) 將在未來幾個月內接任主席。

As part of the Board, Helen has already added great value to Signet, and we look forward to continuing to tap into her deep background in retail and understanding of the consumer.

作為董事會的一員，Helen 已經為 Signet 帶來了巨大的價值，我們期待繼續利用她在零售方面的深厚背景和對消費者的了解。

Thank you, everyone, for joining.

謝謝大家的加入。

We look forward to speaking to you all again in June.

我們期待在六月再次與大家交談。

Thank you, presenters.

謝謝各位主持人。

And ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for participating, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。