Signet Jewelers Ltd (SIG) 2025 Q1 法說會逐字稿

Good morning, and welcome to Signet Jewelers First Quarter Fiscal 2025 Earnings Call.

早安，歡迎參加 Signet Jewelers 2025 財年第一季財報電話會議。

(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；財務、策略和服務長 Joan Hilson。

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 Signet Jewelers First Quarter Fiscal '25 Earnings Conference Call.

歡迎參加 Signet Jewelers 25 年第一季財報電話會議。

During today's discussion, we will make certain forward-looking statements.

在今天的討論中，我們將做出某些前瞻性陳述。

Any statements that are not historical facts are subject to a number of risks and uncertainties.

任何不屬於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.

實際結果可能存在重大差異。

We urge 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.

我們強烈建議您閱讀我們的年度報告（表格 10-K）、季度報告（表格 10-Q）以及當前報告（表格 8-K）中的風險因素、警示性語言和其他揭露內容。

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 will discuss certain non-GAAP financial measures.

在電話會議期間，我們將討論某些非公認會計準則財務指標。

For further discussions of the non-GAAP financial measures, as well as reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures, investors should review the news release we posted on our website at ir.signetjewelers.com. Additionally, a new investor presentation deck was also posted to our IR website this morning that we believe investors will find helpful.

如需進一步討論非 GAAP 財務指標，以及非 GAAP 財務指標與最直接可比較的 GAAP 指標的調節，投資者應查看我們在 ir.signetjewelers.com 網站上發布的新聞稿。此外，今天早上我們的投資者關係網站上也發布了新的投資者演示文稿，我們相信投資者會發現它有所幫助。

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

這樣，我就把電話轉給吉娜。

Thanks, Rob, and good morning, everyone.

謝謝羅布，大家早安。

I'd first like to thank our Signet team for delivering our expectations for the quarter.

我首先要感謝我們的 Signet 團隊實現了我們對本季的預期。

This continues to be a challenging environment with macro pressure on the consumer and heightened discount activity among many jewelry participants.

這仍然是一個充滿挑戰的環境，消費者面臨宏觀壓力，許多珠寶參與者的折扣活動加劇。

Our team's tenacity and commitment to our customers is delivering our success and is an inspiration to me every day.

我們團隊的堅韌和對客戶的承諾使我們取得了成功，並且每天都激勵著我。

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 quarterly results within our guidance and are seeing momentum in the business driven by the accelerating engagement recovery, the success of our new fashion product offerings, and a continued strong performance in jewelry services.

首先，我們在我們的指導範圍內交付了季度業績，並看到業務的成長動力來自於參與度的加速恢復、我們新時尚產品的成功以及珠寶服務的持續強勁表現。

Second, we increased guidance for the year in April and are reaffirming that higher guide, which includes an inflection to positive same-store sales in the second-half of the year.

其次，我們在 4 月提高了全年指引，並重申了更高的指引，其中包括下半年同店銷售的正面變化。

Third, our flexible operating model is working as designed, driving margin performance, strong free cash flow conversion and improving our balance sheet, all of which are delivering meaningful growth to adjusted diluted EPS.

第三，我們靈活的營運模式正在按設計運行，推動利潤率表現、強勁的自由現金流轉換並改善我們的資產負債表，所有這些都為調整後的攤薄每股收益帶來了有意義的增長。

For perspective, our adjusted diluted EPS this quarter is nearly 14 times higher than pre-pandemic, and we've more than doubled our adjusted operating income.

從長遠來看，我們本季調整後的稀釋每股盈餘比疫情前高出近 14 倍，調整後的營業收入增加了一倍以上。

I'll now elaborate on each of these important takeaways.

現在我將詳細闡述每一個重要要點。

This quarter we delivered $1.5 billion in sales and $58 million in adjusted operating income in the top half of guidance.

本季度，我們實現了 15 億美元的銷售額和 5,800 萬美元的調整後營業收入，達到了指導價值的上半部分。

Recall that February was sluggish for retail.

回想一下，二月零售業低迷。

We saw trends begin to improve with late Valentine's Day shopping and further momentum through March and April, delivering a quarter with meaningful acceleration to Q4.

我們看到，隨著情人節晚些時候的購物，以及三月和四月的進一步勢頭，趨勢開始改善，第四季度出現了有意義的加速。

In bridal, we've seen the expected sequential improvement in engagements to last quarter, excluding our digital banners.

在婚禮方面，我們看到了預期的上季參與度連續改善（不包括我們的數位橫幅）。

From low double-digit decline in the fourth quarter, we've seen engagements improve to mid-single-digit decline in Q1 with April and May reflecting low single-digit decline.

從第四季的低兩位數下降，我們看到第一季的參與度改善至中個位數下降，其中 4 月和 5 月反映了低個位數下降。

Our most bridal-focused banner, Diamonds Direct, has already inflected to positive units in April, with Kay and Jared having delivered several weeks of unit growth in recent months.

我們最以新娘為中心的旗幟「鑽石直接」(Diamonds Direct) 已在 4 月份實現了積極的銷售增長，Kay 和 Jared 在最近幾個月實現了數週的銷售增長。

Engagement units below $5,000 were flat to last year in April.

4 月低於 5,000 美元的訂婚單位與去年同期持平。

We are seeing slower recovery at price points above $5,000, in part due to the digital banner challenges we discussed last quarter, which contributed to a small decrease in average transaction value or ATV.

我們看到價格高於 5,000 美元的復甦速度較慢，部分原因是我們上季度討論的數位橫幅挑戰，這導致平均交易價值或 ATV 小幅下降。

Engagements continued to improve in May and we anticipate further improvement as the second quarter progresses.

五月的參與度持續改善，我們預計隨著第二季的進展將進一步改善。

Our proprietary data continues to point to a multi-year recovery and we believe we remain on track to see engagements in the US increase 5% to 10% for fiscal 2025.

我們的專有數據繼續顯示多年的復甦，我們相信我們仍有望在 2025 財年看到美國的業務量將成長 5% 至 10%。

We are continuing to leverage our data on 17 million individuals in a dating relationship to do targeted marketing at the right time to win the bridal recovery.

我們將繼續利用 1700 萬約會對象的數據，在正確的時間進行有針對性的行銷，以贏得新娘的康復。

Sales of fashion merchandise are also gaining momentum.

時尚商品的銷售也呈現成長動能。

From March through May, fashion sales improved nearly 500 basis points, compared to February in the fourth quarter, driven by branding and new merchandise items.

從 3 月到 5 月，在品牌推廣和新商品的推動下，第四季時裝銷售額較 2 月成長了近 500 個基點。

We continue to see strong sell-through of newness with new merchandise as a percent of sales, up more than 25% to this time last year in core banners.

我們繼續看到新產品的銷售量佔銷售額的百分比強勁，比去年同期在核心橫幅中成長了 25% 以上。

For example, revenue from the Shy Collection at Jared and our Unstoppable Love collection at Kay are both up materially, driven by strong performance of new items in those assortments.

例如，Jared 的 Shy 系列和 Kay 的 Unstoppable Love 系列的營收均大幅成長，這得益於這些品種新產品的強勁表現。

Our new product strategy is also working to protect our ATV, as well as expand merchandise margins.

我們的新產品策略也致力於保護我們的全地形車，並擴大商品利潤。

We leverage our scale to innovate at attractive price points, delivering strong value for our customers.

我們利用我們的規模以具有吸引力的價格點進行創新，為我們的客戶提供強大的價值。

These include items such as lab-created diamond fashion pieces and precious metal jewelry, including gold, silver, and platinum.

其中包括實驗室製造的鑽石時裝和貴金屬珠寶（包括金、銀和鉑金）等物品。

For example, the strength of our branded Neil Lane collection held a near-flat ATV to this quarter last year, while delivering a 20% increase in units.

例如，我們品牌 Neil Lane 系列的實力在去年本季保持了近乎持平的 ATV，同時銷量成長了 20%。

Further, our value-focused fashion banner, Banter by Piercing Pagoda, had flat same-store sales in the quarter on the continued strength of our gold assortment.

此外，由於我們的黃金品種持續走強，我們注重價值的時尚品牌 Banter by Piercing Pagoda 在本季度的同店銷售額持平。

We saw this same trend extend to peoples in Canada and H Samuel in the UK.

我們看到同樣的趨勢也延伸到了加拿大人和英國人塞繆爾 (H Samuel) 身上。

Another key driver of fashion is our loyalty program, which delivers a more personalized shopping experience and grows lifetime value.

時尚的另一個關鍵驅動力是我們的忠誠度計劃，它提供更個人化的購物體驗並增加終身價值。

This includes targeted marketing to drive follow-up purchases in fashion, it's working.

這包括有針對性的行銷來推動時尚領域的後續購買，它正在發揮作用。

In Q1, the penetration of active loyalty members purchasing fashion increased 20 points, compared to a year ago.

第一季度，購買時尚的活躍忠誠會員的滲透率比一年前增加了 20 個百分點。

We've also extended efforts to win new members to include engagement ring recipients, which has contributed to a more than 25% increase in total members since fiscal ‘24 year-end.

我們也加強爭取新會員，將訂婚戒指接收者也納入其中，自 2024 財年末以來，會員總數增加了 25% 以上。

Our targeted marketing provides members value in select merchandise based on their tastes and shopping preferences and is a key strategy in our merchandise margin expansion plan.

我們的定向行銷根據會員的品味和購物偏好為會員提供精選商品的價值，這是我們商品利潤擴張計劃的關鍵策略。

Before moving on from fashion, I'd like to provide an update on lab-created diamonds or LCDs.

在繼續討論時尚之前，我想先介紹一下實驗室製造的鑽石或 LCD 的最新情況。

Over the past five years, LCD production has grown more efficient.

過去五年來，液晶顯示器的生產效率不斷提高。

This has allowed LCD costs in retails to come down, providing attractive options for many price-conscious customers that are looking for larger-carat options than they can afford in a natural diamond engagement ring.

這使得液晶顯示器的零售成本下降，為許多對價格敏感的客戶提供了有吸引力的選擇，這些客戶正在尋找比他們能負擔得起的天然鑽石訂婚戒指更大克拉的選擇。

Our merchandise strategy and trade-up selling has been effective at largely maintaining our ATV, while many engagement ring consumers looking to maintain a long-term value continue to be attracted to natural diamonds for their rarity and uniqueness.

我們的商品策略和以舊換新銷售在很大程度上維持了我們的 ATV，而許多尋求保持長期價值的訂婚戒指消費者繼續被天然鑽石的稀有性和獨特性所吸引。

In fashion, however, we see meaningful runway for LCD expansion in a segment of the industry that is traditionally seen lower overall penetration of natural diamond assortment.

然而，在時尚領域，我們看到 LCD 擴張在傳統上天然鑽石品種整體滲透率較​​低的產業領域中具有重要意義。

It's a trade-up opportunity.

這是一個以舊換新的機會。

For example, in Q1, we've increased LCD fashion offerings, driving a 14% increase in LCD fashion revenue, compared to a year ago.

例如，在第一季度，我們增加了 LCD 時尚產品，推動 LCD 時尚收入比一年前成長了 14%。

These LCD fashion pieces carry more than two times the ATV of non-LCD pieces at attractive margins for Signet.

這些液晶時尚單品的 ATV 是非液晶單品的兩倍多，對 Signet 來說利潤頗具吸引力。

My next takeaway builds off my first.

我的下一個外賣是建立在我的第一個外賣的基礎上的。

We remain on track to inflect positive same-store sales in the second-half of this year.

我們仍有望在今年下半年實現積極的同店銷售。

The building blocks of our Q1 performance will gain strength as the year plays out.

隨著這一年的結束，我們第一季業績的基石將會增強。

We will further increase the penetration of merchandise newness in our inventory through more frequent deliveries and increased depth of new product offerings.

我們將透過更頻繁的交付和增加新產品供應的深度，進一步提高庫存中新商品的滲透率。

We also believe our competitive advantages such as scale, consumer insights and technology provide Signet the opportunity to continue to drive fashion and bridal categories in a challenging macro environment.

我們也相信，我們的規模、消費者洞察和技術等競爭優勢為 Signet 提供了在充滿挑戰的宏觀環境中繼續推動時尚和婚紗類別的機會。

There are two leading indicators that we believe point to sales traction.

我們認為有兩個領先指標顯示了銷售牽引力。

First, our largest banner in each country we operate has delivered flat or positive comp sales in May.

首先，我們在每個營運國家/地區最大的旗幟在 5 月的銷售業績持平或呈現正成長。

Second, our e-commerce sales, excluding our digital banners, also comped positive in May.

其次，我們的電子商務銷售（不包括數位橫幅）在 5 月也取得了積極的成長。

Our optimized physical and digital footprints are a competitive advantage with jewelry shoppers.

我們優化的實體和數位足跡是珠寶購物者的競爭優勢。

It's the combination of both footprints that provide for connected commerce capabilities like ship from store and virtual jewelry consultants or JCs.

這兩種足跡的結合提供了互聯商務功能，例如從商店發貨和虛擬珠寶顧問或 JC。

More recently, we've introduced social selling capabilities for our JCs, which are showing a positive impact already.

最近，我們為 JC 引入了社交銷售功能，這已經產生了積極的影響。

Our jewelry consultants are combining their social outreach with personalized storefronts, and we expect social selling will triple its revenue contribution in fiscal '25, or approximately 0.5 point of Signet comp growth this year.

我們的珠寶顧問正在將他們的社交外展與個人化店面結合起來，我們預計社交銷售將在 25 財年將其收入貢獻增加兩倍，或者說今年的 Signet 業績增長約 0.5 個百分點。

Last quarter, we spoke about the integration challenges at our digital banners.

上個季度，我們談到了數位橫幅的整合挑戰。

Planned interventions are underway and showing progress.

計劃的干預措施正在進行中並取得進展。

For example, we're working to correct or establish inventory API connections with our just-in-time vendors to streamline our supply chain management and improve the speed of our fulfillment.

例如，我們正在努力修正或與我們的即時供應商建立庫存 API 連接，以簡化我們的供應鏈管理並提高我們的履行速度。

And we've launched a fast shipping program for select wedding bands that we can create in-house.

我們也針對可以自行製作的精選婚戒推出了快速出貨計畫。

As a reminder, our full-year guidance does not include any improvement in our digital banners.

提醒一下，我們的全年指導不包括我們的數位橫幅的任何改進。

We'll continue to provide operational updates as the year progresses.

隨著時間的推移，我們將繼續提供營運更新。

Service revenue growth outpaced merchandise by more than 10 points in the first quarter, driven by a 550-basis-point increase in attachment rate.

第一季度，在附加率增加 550 個基點的推動下，服務收入成長超過商品收入成長 10 個百分點以上。

Our newer service offerings, including post-repair extended service agreements are performing well.

我們的新服務產品，包括維修後擴展服務協議，表現良好。

As merchandise sales improve, services will also benefit, especially from engagement rings, which have more than 80% in-store attachment.

隨著商品銷售的改善，服務也將受益，尤其是訂婚戒指，超過 80% 是店內佩戴的。

Turning to my final takeaway for this quarter, our flexible operating model and strong free cash flow conversion are driving meaningful impact to our adjusted diluted EPS.

談到本季的最後一個要點，我們靈活的營運模式和強勁的自由現金流轉換正在對我們調整後的攤薄每股收益產生有意義的影響。

Recall that we've generated more than $600 million in pro forma free cash flow in each of the last four years, driven by operating margin expansion of approximately 400 basis points to pre-pandemic.

回想一下，在過去四年中，我們每年都產生了超過 6 億美元的預期自由現金流，這得益於營業利潤率比大流行前增加了約 400 個基點。

This provided the dry powder to reduce our debt outstanding by approximately 70% since fiscal ‘20 to date.

這為我們自 20 財年至今的未償債務減少了大約 70% 提供了乾粉。

We increased our EPS guidance in April by 9% to 10%, reflecting the redemption of preferred shares.

我們將 4 月每股盈餘指引上調了 9% 至 10%，反映了優先股的贖回。

This will continue to be a positive impact into fiscal ‘26, as redemption of the preferreds will reduce our share count by 8.2 million shares from the end of fiscal 2024.

這將繼續對第 26 財年產生正面影響，因為優先股的贖回將使我們的股票數量從 2024 財年末起減少 820 萬股。

We continue to expect strong free cash conversion.

我們繼續預計自由現金轉換強勁。

With our balance sheet now in great shape, we will focus excess liquidity on investing in the business, returning significant capital to shareholders, and leveraging opportunistic M&A in order to drive shareholder value.

目前我們的資產負債表狀況良好，我們將把多餘的流動性集中在業務投資、向股東返還大量資本以及利用機會性併購來提高股東價值。

To summarize, the three key takeaways for today are, first, we delivered on our commitments again this quarter.

總而言之，今天的三個關鍵要點是，首先，我們本季再次兌現了我們的承諾。

Second, we are on track to see an inflection to positive same store sales in the second half of this year.

其次，我們預計今年下半年同店銷售將出現轉好。

And third, our flexible operating model is driving EPS growth through higher margins and strong free cash flow.

第三，我們靈活的營運模式透過更高的利潤率和強勁的自由現金流推動每股收益的成長。

With that, I'll turn it over to Joan

有了這個，我會把它交給瓊

Thanks, Gina, and good morning, everyone.

謝謝吉娜，大家早安。

Revenue for the quarter was $1.5 billion, just above the midpoint of our guidance.

該季度的營收為 15 億美元，略高於我們指引的中點。

Same-store sales were down 8.9% to last year, including approximately two points of pressure from the digital banners as expected.

同店銷售額比去年下降 8.9%，其中包括預計來自數位橫幅的大約兩個壓力點。

This also reflects improvements in March and April from the slower start we saw in February.

這也反映出 3 月和 4 月較 2 月開局較慢有所改善。

We were able to largely hold ATV even with continued heightened promotions in our industry as North America declined just 1.6% to last year.

儘管我們行業持續加大促銷力度，但我們仍然能夠在很大程度上持有 ATV，因為北美市場僅比去年下降了 1.6%。

Loose Stone saw the largest decline in ATV, which disproportionately impacts Jared, Diamonds Direct and our digital banners.

Loose Stone 的 ATV 降幅最大，這對 Jared、Diamonds Direct 和我們的數位橫幅造成了不成比例的影響。

While finished products maintained ATV through branding and product innovation, traffic was down low-single-digits, services grew 1.3% reflecting an increased attachment rate and pricing on ESAs.

雖然成品透過品牌和產品創新維持了 ATV，但流量下降了低個位數，服務增加了 1.3%，反映出 ESA 附加率和定價的增加。

We continue to develop training and technology improvements that our jewelry consultants use to educate customers on the lifetime value of our service offerings.

我們不斷進行培訓和技術改進，我們的珠寶顧問利用這些培訓和技術改進來教育客戶了解我們服務產品的終身價值。

With an in-store bridal attachment rate over 80%, we will see tailwinds from the engagement recovery and we see significant opportunity to further build on the current fashion attachment rate of approximately 40%.

由於店內新娘依戀率超過 80%，我們將看到參與度恢復帶來的利好，並且我們看到在當前約 40% 的時尚依戀率基礎上進一步發展的重大機會。

We delivered gross margin of $572 million this quarter, or approximately 38% of sales in line with the prior year on lower revenue.

本季我們的毛利率為 5.72 億美元，約佔銷售額的 38%，與去年同期相比，營收較低。

Adjusted merchandise margin expanded by 100 basis points, led by growth in services and product newness, including expansion of lab-grown diamonds within fashion, but was offset by deleveraging of occupancy costs on lower sales.

調整後的商品利潤率擴大了 100 個基點，主要得益於服務和產品新穎性的成長，包括時尚領域實驗室培育鑽石的擴張，但被銷售額下降帶來的入住成本去槓桿化所抵消。

Turning to SG&A, our adjusted expense of $515 million was $9 million lower than last year, even with increased marketing spend from Mother's Day.

就銷售、管理及行政費用而言，即使母親節的營銷支出有所增加，我們的調整後支出仍為 5.15 億美元，比去年減少了 900 萬美元。

Adjusted SG&A was 34% of sales, or 270 basis points higher than last year, as we deleveraged fixed costs on lower revenue.

調整後的 SG&A 佔銷售額的 34%，比去年高 270 個基點，因為我們在收入下降的情況下減少了固定成本的槓桿化。

Adjusted operating income was $58 million for the quarter, or 4% of sales and at the high-end of our guidance expectations.

本季調整後營業收入為 5,800 萬美元，佔銷售額的 4%，處於我們指導預期的高端。

Adjusted EPS for the quarter was $1.11 per diluted share.

本季調整後每股攤薄每股收益為 1.11 美元。

With the redemption of half of the preferred shares and the net shares settlement agreement, we averaged 48 million fully diluted shares this quarter, a reduction of 10% from the end of fiscal ‘24.

隨著一半優先股的贖回和淨股份結算協議，本季我們平均擁有 4,800 萬股完全稀釋股票，比 2024 年財末減少了 10%。

Turning to inventory, we ended the quarter at $2 billion, down 9% to last year in line with revenue, even while investing in additional new products.

談到庫存，我們本季末的庫存為 20 億美元，與去年同期相比下降了 9%，儘管我們投資了更多新產品。

We're optimizing the pace at which we take markdowns and are strategically using clearance to reduce inventory levels of less productive and lower-margin products in order to bring in higher-margin, more relevant merchandise.

我們正在優化降價的節奏，並策略性地利用清倉來降低生產率較低和利潤率較低的產品的庫存水平，以便引入利潤率更高、相關性更強的商品。

Turning to leverage, we ended the quarter with gross debt to adjusted EBITDA at 2.2 times turns, with net debt to adjusted EBITDA approximately flat, which reflects the preferred share redemption in April.

談到槓桿率，本季結束時，我們的總負債與調整後 EBITDA 比率為 2.2 倍，淨負債與調整後 EBITDA 大致持平，這反映了 4 月的優先股贖回。

We will retire our unsecured senior debt in the coming days, and we have the liquidity to address the remaining preferred shares this year.

我們將在未來幾天內償還我們的無擔保優先債務，我們有足夠的流動性來處理今年剩餘的優先股。

These efforts on our balance sheet have been noted by recent ratings upgrades by both S&P and Fitch.

標準普爾和惠譽最近升級的評級表明了我們在資產負債表上所做的這些努力。

While we are on track to have zero debt in the coming months, we believe a modest amount of debt in our capital structure is the most efficient way to drive returns for our shareholders.

雖然我們預計在未來幾個月實現零債務，但我們相信，資本結構中適度的債務是為股東帶來回報的最有效方式。

Funded debt is also required to maintain a public credit rating, which is important to provide flexibility in the future.

融資債務還需要維持公共信用評級，這對於提供未來的靈活性非常重要。

As such, we will explore options in the market this year to lower our weighted average cost of capital, boost dry powder for opportunistic investments, and return excess cash to shareholders, all while remaining well below our leverage targets.

因此，我們今年將在市場上探索各種選擇，以降低加權平均資本成本，增加機會性投資的乾粉，並向股東返還多餘現金，同時保持遠低於我們的槓桿目標。

Any amount borrowed will be modest and materially lower than where we ended the year in fiscal ‘24.

任何借款金額都將是適度的，並且大大低於我們在 2024 財年結束時的水平。

On fleet optimization, we closed 23 stores this quarter, primarily in our Ernest Jones banner.

在車隊優化方面，本季我們關閉了 23 家商店，主要是 Ernest Jones 旗下的商店。

We also materially reduced our overhead costs in the UK going forward.

未來我們也大幅減少了在英國的間接費用。

Both were part of our previously announced efforts to improve the performance and margins of our UK business.

兩者都是我們先前宣布的提高英國業務業績和利潤率努力的一部分。

We remain on track to open 20 to 30 stores and renovate approximately 300 existing stores this year.

今年我們仍有望開設 20 至 30 家門市，並翻新約 300 家現有門市。

Looking to guidance, we expect second quarter revenue in the range of $1.46 billion to $1.52 billion with same-store sales down in the range of 6% and 2%, a material improvement from the first quarter.

根據指引，我們預計第二季營收在 14.6 億美元至 15.2 億美元之間，同店銷售額下降 6% 至 2%，較第一季有實質改善。

We believe that engagements will continue to improve in the second quarter with some AUR pressure in Loose Stone.

我們相信，隨著 Loose Stone 的 AUR 壓力，第二季的參與度將繼續改善。

We expect flat to higher gross margins with similar SG&A deleverage, compared to the first quarter.

與第一季相比，我們預期在類似的銷售、管理及行政費用去槓桿化的情況下，毛利率將持平或上升。

We expect adjusted operating income between $50 million and $75 million and adjusted EBITDA between $98 million to $123 million.

我們預計調整後營業收入在 5,000 萬美元至 7,500 萬美元之間，調整後 EBITDA 在 9,800 萬美元至 1.23 億美元之間。

We are reaffirming our full-year guidance today.

我們今天重申全年指引。

However, there are two potential impacts we are watching.

然而，我們正在觀察兩個潛在的影響。

First, the potential early redemption of further outstanding preferred shares may lower our diluted share count and reduce our preferred dividends this year, both of which would boost our adjusted diluted EPS.

首先，進一步贖回已發行優先股的潛在可能性可能會減少我們的稀釋股份數量並減少我們今年的優先股股息，這兩者都將提高我們調整後的稀釋每股收益。

Second, heightened competitive discounting may pressure margins into the back half more than we expected at the beginning of the year.

其次，競爭性折扣的加劇可能會對下半年的利潤率帶來比我們年初預期更大的壓力。

We are monitoring the potential impact of this discounting to our gross margins for the full year while we work to mitigate that impact in the second half of fiscal ‘25 through assortment architecture and balanced promotional strategies.

我們正在監測這種折扣對全年毛利率的潛在影響，同時我們努力透過品類架構和平衡的促銷策略來減輕 25 財年下半年的影響。

We continue to expect engagement incidents to be up 5% to 10% for the year.

我們仍預計今年的參與事件將增加 5% 至 10%。

And we also continue to expect to spend $160 million to $180 million in capital expenditures.

我們也預計將繼續支出 1.6 億至 1.8 億美元的資本支出。

Before we move on to Q&A, I'd like to thank our Signet team in our stores, in our support centers, our repair shops, and in our distribution centers.

在我們進行問答之前，我要感謝我們商店、支援中心、維修店和配送中心的 Signet 團隊。

Thank you for your commitment to excellence in the execution of our strategy and your devotion to our purpose of inspiring love.

感謝您對卓越執行我們策略的承諾以及對我們激發愛的目標的奉獻。

Your efforts are a steady source of inspiration for all of us.

您的努力是我們所有人的源源不絕的靈感來源。

Operator, let's now go to questions.

接線員，我們現在開始提問。

(Operator Instructions) Lorraine Hutchinson, Bank of America.

（操作員指示）Lorraine Hutchinson，美國銀行。

This is Melanie, on Lorraine.

這是洛林的梅蘭妮。

I just wanted to touch on the margins a bit specifically for 2Q.

我只是想專門談談第二季的利潤。

They did look a little different than what was expected.

他們看起來確實與預期有些不同。

So can you just break that apart a little bit more?

那你能把它再分解一下嗎？

And then what gives you the confidence in getting those better for the second half?

那麼是什麼讓你有信心在下半年取得更好的成績呢？

Thanks.

謝謝。

Well, thanks, Melanie.

嗯，謝謝，梅蘭妮。

The margins for Q2 are impacted by a few things.

第二季的利潤率受到一些因素的影響。

One, higher marketing expense, which we've seen be impactful for us and improved ROAs and just return on ad spend, so that's number one.

第一，更高的行銷費用，我們已經看到這對我們有影響，並提高了 ROA 和廣告支出回報，所以這是第一位的。

We see higher staffing costs, as well as we are seeing some deleverage on our fixed costs within SG&A.

我們看到員工成本上升，而且銷售、管理及行政管理 (SG&A) 內的固定成本也出現了一定程度的去槓桿化。

We would expect that to abate somewhat over the back half of the year as we inflect to positive comps.

我們預計，隨著我們轉向積極的競爭，這種情況將在今年下半年減弱。

Thanks.

謝謝。

And then just to follow-up on that a bit, just, can you talk about the promotionality that you're seeing in the industry?

然後跟進一下，您能談談您在行業中看到的促銷活動嗎？

I know you said it's heightened just what you're doing to respond to that and how you see that trending for the year.

我知道你說過，你正在採取的措施來應對這個問題，以及你如何看待今年的趨勢。

Thanks.

謝謝。

Sure.

當然。

So we've continued to see a highly promotional category.

因此，我們繼續看到一個高度促銷的類別。

Independent jewelers were significantly over-inventoried for the last 18 months.

過去 18 個月，獨立珠寶商的庫存嚴重過剩。

That has been now getting back to a more normalized level.

現在已經回到了更正常化的水平。

So we'd hope to see the competitive environment get back to a level of normalcy potentially in Q2 and Q3, although we haven't accounted for that in our plans.

因此，我們希望看到競爭環境在第二季和第三季可能恢復到正常水平，儘管我們沒有在計劃中考慮到這一點。

And I think what we've been doing, I really feel great about.

我認為我們一直在做的事情，我真的感覺很棒。

So we use our scale in newness to really find great values as we are buying gemstones and metals and then offer those great values to our customers in our fashion assortment.

因此，當我們購買寶石和金屬時，我們利用新穎的規模來真正找到巨大的價值，然後在我們的時尚品種中為我們的客戶提供這些巨大的價值。

That's been one of the key drivers of our fashion assortment, which was a great story in the first quarter, up nearly 500 basis points in the last three months, compared to Q4 in February.

這是我們時尚品類的關鍵驅動因素之一，第一季的表現非常出色，與 2 月第四季相比，過去三個月成長了近 500 個基點。

A second strategy for us is our loyalty program.

我們的第二個策略是我們的忠誠度計劃。

We're increasingly offering targeted value opportunities to the right customers at the right time.

我們越來越多地在正確的時間向正確的客戶提供有針對性的價值機會。

That allows us to reduce broad-scale discounting and instead be much more targeted.

這使我們能夠減少大規模折扣，並更有針對性。

So we have a number of strategies that we've put in place that we think help us to have the right level of promotionality in this kind of a challenged environment.

因此，我們制定了許多策略，我們認為這些策略有助於我們在這種充滿挑戰的環境中進行適當的促銷活動。

And hopefully, we'll see competition also utilize more healthy strategies.

希望我們能看到競爭也採取更健康的策略。

Great.

偉大的。

Thank you.

謝謝。

Paul Lejuez, Citigroup.

保羅‧勒胡埃斯，花旗集團。

Curious as you're seeing engagements recover, can you talk about the composition of what customers are buying between natural versus lab-created?

當您看到參與度恢復時，您感到好奇，您能談談客戶購買的天然產品和實驗室產品的組成嗎？

And is the mix any different than what you expected?

這種組合與您的預期有什麼不同嗎？

And then second, can you just talk about the pricing in both natural and lab-created on both the engagement piece of the business, as well as the fashion piece?

其次，您能否談談商業訂婚單品以及時尚單品的天然和實驗室創造的定價？

Thank you.

謝謝。

Hey, Paul, thanks for your question.

嘿，保羅，謝謝你的問題。

So in engagement, we still are seeing far and away a choice of natural diamonds by customers for engagement.

因此，在訂婚方面，我們仍然經常看到客戶選擇天然鑽石進行訂婚。

Lab created has been a good choice for more price-conscious customers.

對於對價格更敏感的客戶來說，實驗室創建是一個不錯的選擇。

We've had a challenge consumer environment for a while now.

一段時間以來，我們的消費環境充滿挑戰。

And so, I think that it has been a good innovation in that context for people who can't afford to get the size and clarity of stone they'd like in natural.

因此，我認為對於那些買不起天然石材尺寸和淨度的人來說，這是一個很好的創新。

And so we continue to offer that choice to customers both in our finished product and in our loose diamonds.

因此，我們繼續為客戶提供成品和裸鑽的選擇。

We have continued to be able to leverage lab created as a trade-up opportunity in engagement, still with a higher AUR on LCD than we have on natural.

我們繼續能夠利用作為參與交易機會而創建的實驗室，LCD 上的 AUR 仍然高於自然。

But I think fashion is the real interesting story here.

但我認為時尚才是這裡真正有趣的故事。

So one of the things I said in the prepared remarks is that we grew our LCD fashion assortment 14% in the first quarter and that's at an ATV, more than twice the average ATV of fashion.

因此，我在準備好的發言中所說的一件事是，我們的 LCD 時尚品類在第一季度增長了 14%，這是 ATV 的增長，是時尚 ATV 平均水平的兩倍多。

So it's really a trade-up opportunity in fashion.

所以這確實是時尚界的一次升級機會。

At the general price points that we're selling, it's very expensive to have natural diamonds in fashion product, but LCD gives us an opportunity to add bling to those fashion pieces and then help consumers trade up into a more expensive and sometimes a more beautiful piece.

按照我們銷售的一般價格點，在時尚產品中使用天然鑽石非常昂貴，但 LCD 使我們有機會為這些時尚單品添加閃亮元素，然後幫助消費者購買更昂貴、有時更漂亮的產品。

Obviously, that's at a very healthy margin also for Signet.

顯然，這對 Signet 來說也是一個非常健康的利潤。

So little bit of a different story on both.

兩者的故事都有一點不同。

But our diamond strategy has worked very effectively both in engagement and in fashion.

但我們的鑽石策略在參與度和時尚方面都非常有效。

And we're seeing continued opportunity.

我們看到了持續的機會。

Yes.

是的。

And then just on the pricing, are you seeing year-over-year declines in natural or lab created?

然後就定價而言，您是否看到天然或實驗室製造的產品同比下降？

Yes.

是的。

So it's our expectation that the pricing on lab-created continues to decline.

因此，我們預計實驗室創建的定價將繼續下降。

There's significant availability.

有大量的可用性。

The production has become much more efficient.

生產變得更有效率。

Costs have come down.

成本已經下降。

Retails have come down at a slower rate, but still are pressured.

零售業下降速度較慢，但仍面臨壓力。

That's why the need for a good strategy on it.

這就是為什麼需要一個好的策略。

It matters, which is what we've put in place.

這很重要，這就是我們所採取的措施。

And as I said, we've been able to continue to use lab created as a way to drive a higher AUR, even though the cost per carat has come down to some extent.

正如我所說，我們已經能夠繼續使用實驗室創建的方法來推動更高的 AUR，儘管每克拉的成本已經下降。

In natural, we see that getting to a normalized level.

當然，我們看到這種情況已達到正常化水準。

There has been pressure in general in the category due to heavy discounting, primarily by independent jewelers.

由於大幅折扣（主要是獨立珠寶商的折扣），該類別總體面臨壓力。

Thank you.

謝謝。

Good luck.

祝你好運。

Thank you.

謝謝。

Ike Boruchow, Wells Fargo.

艾克·博魯喬（Ike Boruchow），富國銀行。

Two questions from me.

我有兩個問題。

Maybe first for Gina.

也許首先是吉娜。

Just you give some color around May and you give some interesting details.

只要你在五月左右提供一些顏色，並提供一些有趣的細節。

Gina, could you just tell us specifically how was Mother's Day, how was the Mother's Day selling season overall for you guys?

吉娜，您能具體告訴我們母親節過得怎麼樣嗎？

And just maybe quarter-to-date, where are you guys running relevant to that guide?

也許到目前為止，你們在哪裡運行與該指南相關的內容？

And then, Joan, could you just to really simplify it for us, just on the share count and the preferred dividends, like what diluted share count are we using for the second quarter and preferreds, as well as I don't know if you can give Q3 and Q4, but exiting the year, the diluted share count would also be helpful.

然後，瓊，您能否為我們真正簡化一下，僅涉及股份數量和優先股股息，例如我們在第二季度和優先股中使用的稀釋股份數量，以及我不知道您是否可以給出第三季度和第四季度，但從今年開始，稀釋後的股數也會有所幫助。

Just trying to make sure that we all get the models straight.

只是想確保我們都能正確理解模型。

Thank you.

謝謝。

Yeah.

是的。

Hi, Ike.

嗨，艾克。

And thanks a lot for your question.

非常感謝你的提問。

I think probably the keyword for this call is momentum.

我認為這次電話會議的關鍵字可能是動力。

I mean, that is the word that the Signet team is resonating with from the C-Suite to every store team member.

我的意思是，這就是 Signet 團隊從最高管理層到每個商店團隊成員都會產生共鳴的一句話。

If you recall, February was a pretty sluggish start to the quarter, not only for Signet, but all of retail.

如果你還記得的話，二月是本季的一個相當低迷的開局，不僅對 Signet 來說，而且對所有零售業來說都是如此。

We started to see the business come back post-Valentine's Day with some late Valentine's Day shopping.

我們開始看到業務在情人節後恢復，並推出了一些較晚的情人節購物活動。

We saw momentum through March and April and May and Mother's Day actually were in the top half of our Q2 guide.

我們看到了三月、四月和五月的勢頭，母親節實際上位於我們第二季度指南的上半部。

So significant momentum in the business that we are really leaning into that is broad scale.

我們真正傾向於的業務勢頭如此強勁，那就是廣泛的規模。

So significant improvement in engagement units, fashion accelerating significantly versus where we were in the fourth quarter and February over the last three months, with May being at the high end of that acceleration.

與過去三個月中第四季和 2 月的情況相比，參與度有了顯著改善，時尚產業顯著加速，其中 5 月處於加速的最高點。

So we're seeing a lot of momentum in the business right now, and we're leaning into what's working.

因此，我們現在看到了業務的強勁勢頭，並且我們正在專注於有效的方法。

So one of those things is newness.

其中之一就是新鮮感。

Our investment in consumer insights and data analytics not only allowed us to predict this COVID lull in engagements that is finally abating and be more prepared for that than anyone in the industry, but it also allows us to predict customer trends.

我們對消費者洞察和數據分析的投資不僅使我們能夠預測新冠肺炎疫情帶來的互動最終會減弱，並比業內任何人都為此做好更充分的準備，而且還使我們能夠預測客戶趨勢。

We're seeing a very value-conscious customer right now and so we are targeting sharp price points with value-engineered product that offers an incredible value.

我們現在看到的是一個非常注重價值的客戶，因此我們的目標是透過價值設計的產品來瞄準尖銳的價格點，以提供令人難以置信的價值。

And with our scale, a value-conscious customer actually plays to our strength.

憑藉我們的規模，具有價值意識的客戶實際上可以發揮我們的優勢。

So we're leaning into what's working to keep driving that momentum.

因此，我們正在致力於繼續推動這一勢頭。

The second quarter with our guide is shaping up to be our fifth consecutive quarter of same-store sales improvement.

根據我們的指南，第二季將是我們同店銷售連續第五個季度改善。

So we have a good trend going here and we're leaning into what's working in Q2.

因此，我們這裡有一個良好的趨勢，我們正在研究第二季度的工作情況。

Ike, with respect to the diluted share count, Q1 was 48 million shares.

艾克，就稀釋後的股數而言，第一季為 4,800 萬股。

For the full year, we expect the view to be 46.3 million shares.

我們預計全年的觀點為 4630 萬股。

That's what's considered in the guidance that we've given for the full year.

這就是我們在全年給予的指導中考慮的內容。

Can you help on the second quarter as well?

你能為第二季提供協助嗎？

Just from our view, I would think about it as 46 million shares throughout the balance of the year and stay tuned as I mentioned in my shared remarks that any earlier redemptions then the retirement date would impact that number.

僅從我們的角度來看，我認為今年剩餘時間的股票數量為 4600 萬股，請繼續關注，正如我在分享評論中提到的，任何早於退休日期的贖回都會影響這個數字。

Great.

偉大的。

Very helpful.

很有幫助。

Thank you.

謝謝。

Mauricio Serna, UBS.

毛里西奧·塞爾納，瑞銀。

First, I would like to just follow-up on that commentary about Mother's Day.

首先，我想跟進有關母親節的評論。

Could you talk about what sales have looked like post-Mother's Day?

能談談母親節後的銷售狀況嗎？

Just, it seems like, yes, it was a good event, but just trying to understand whether the momentum has carried.

只是，看起來，是的，這是一件好事，但只是想了解這種勢頭是否持續下去。

I know you mentioned that, but just wanted to make sure about it.

我知道你提到過這一點，但只是想確認一下。

And then on the Q2 sales guidance, what kind of engagement volumes are considered in the Q2 sales guidance?

那麼在第二季銷售指引中，第二季銷售指引中考慮了什麼樣的參與量？

Thank you.

謝謝。

Hi, Mauricio.

嗨，毛里西奧。

So as I said in answer to Ike's question, Mother's Day, week and May, overall we're in the top half of our Q2 guide.

正如我在回答艾克的問題時所說，母親節、一周和五月，總體而言，我們處於第二季度指南的上半部分。

So a strong month.

這是一個強勁的月份。

We continue to see strong sales in our fashion business.

我們的時尚業務持續保持強勁的銷售動能。

Our newness sell-through was up 25% versus year ago, and it's a significantly higher percent also of our receipts.

我們的新品銷售量比去年同期成長了 25%，占我們營收的百分比也顯著提高。

So Joan talked in her remarks about the great job that our teams have done managing inventory.

因此，瓊在演講中談到了我們的團隊在庫存管理方面所做的出色工作。

Despite all the newness that we've launched in, our inventory was down 9% in the quarter.

儘管我們推出了許多新產品，但我們的庫存在本季下降了 9%。

And if you look pre-pandemic, I mean, it's down significantly.

如果你看看大流行之前，我的意思是，它顯著下降。

So we're in a very healthy place to be able to lean into particular items that are working to spread those quickly across our fleet.

因此，我們處於一個非常健康的位置，能夠依靠特定的項目，這些項目正在努力將這些項目迅速傳播到我們的機隊中。

We use our ship-from-store capabilities so that every jewelry consultant across the country can access those new items from another new store if they sold out in their own store.

我們利用我們的商店發貨功能，以便全國各地的每位珠寶顧問都可以從另一家新商店購買這些新商品（如果這些新商品在自己的商店售罄）。

So that is, I think, something we're really leaning into at this point in time.

所以，我認為，這是我們目前真正傾向於的事情。

And as I mentioned, we think it's a competitive advantage for us, because of our scale and the way we construct new items in a value-conscious environment like this to really have sharp price points and a great value for our customers.

正如我所提到的，我們認為這對我們來說是一個競爭優勢，因為我們的規模以及我們在這樣一個注重價值的環境中構建新產品的方式，真正為我們的客戶提供了明顯的價格點和巨大的價值。

The other super interesting thing on fashion is how our loyalty program is kicking in.

時尚界另一個超級有趣的事情是我們的忠誠度計劃是如何啟動的。

So we only launched it a couple of years ago, but we are growing it quickly.

所以我們幾年前才推出它，但我們正在迅速發展它。

We had 25% new users come into the loyalty program just in Q1, and we had a 50% increase in the number of loyalty members, the active loyalty members who made a purchase.

僅在第一季度，我們就有 25% 的新用戶加入忠誠度計劃，且忠誠度會員（進行購買的活躍忠誠度會員）數量增加了 50%。

So we're really now able to use this combination of our consumer data platform, our personalized marketing content and messaging to laser target our customers and provide them opportunities or visibility to items that they might be interested to buy.

因此，我們現在確實能夠利用消費者數據平台、個人化行銷內容和訊息的組合來瞄準我們的客戶，並為他們提供機會或了解他們可能有興趣購買的商品。

And that is one of the things that's helping to drive our fashion purchases.

這是有助於推動我們購買時裝的因素之一。

So it's another thing that we're really leaning into to achieve that positive inflection to same-store sales that we talked about.

因此，這是我們真正致力於實現我們談到的同店銷售的積極變化的另一件事。

And with respect to the bridal question.

關於新娘問題。

In Q2, we would expect, excluding the digital banners, as we have talked about, we would expect up mid-single-digit to flat in terms of bridal unit selling.

在第二季度，我們預計，排除數位橫幅，正如我們所討論的，我們預計新娘單位銷售量將成長中個位數至持平。

Once again, that's excluding digital.

再說一次，這不包括數字。

And it's what this reflects is the continued momentum and the recovery of engagements throughout the fiscal year.

這反映出整個財年的持續動能和業務量的恢復。

And as we said, we expect the back half of the fiscal year to inflect positive on the high end of our guidance.

正如我們所說，我們預計本財年後半段將對我們指導的上限產生積極影響。

Sorry, I just want to make sure this was up mid-single digits to flat for, in total bridal units?

抱歉，我只是想確保新娘總數的增幅為中個位數至持平？

For engagement units.

對於參與單位。

Okay.

好的。

Got it.

知道了。

And then

進而

--

--

Including digital.

包括數字。

Digital.

數位的.

And then just quick follow-up on the merchandise margin.

然後快速跟進商品利潤。

Could you talk about what kind of trends you saw, like on brick and mortar versus online?

您能否談談您看到的趨勢，例如實體店與線上店的趨勢？

And one thing just to understand, on the last commentary on the risk to the guide, are you expecting higher promotions year-over-year?

還有一件事需要了解，關於指南風險的最後評論，您是否期望逐年獲得更高的晉升？

And why would that be?

為什麼會這樣呢？

It seems like independent jewelers, like independent inventory, should be getting in better shape, shouldn't they?

看起來獨立珠寶商，就像獨立庫存一樣，應該變得更好，不是嗎？

Thank you.

謝謝。

Yes.

是的。

Versus what Gina had said.

與吉娜所說的相反。

Yes, the inventories are in better shape, but I think in general, the consumer is cautious and our guidance incorporates that for the full year.

是的，庫存狀況較好，但我認為總體而言，消費者持謹慎態度，我們的指導意見將這一點納入了全年。

We are cognizant of the promotional environment overall in the industry and in retail.

我們了解產業和零售業的整體促銷環境。

And so we are prepared for that within our guidance.

因此，我們在我們的指導下為此做好了準備。

And we are working through a lot of the great newness that the team has brought forward for our customers.

我們正在研究團隊為客戶帶來的許多偉大的新事物。

That's helping us to mitigate potential promotion impact, as well as services as it continues to ramp up, Mauricio, is a key lever for us in our merchandise margin expansion.

這有助於我們減輕潛在的促銷影響，以及服務的持續增加，毛里西奧，是我們擴大商品利潤的關鍵槓桿。

We saw that in Q1 and we expect to see that for the remainder of the year.

我們在第一季看到了這一點，並且預計在今年剩餘時間內也能看到這一點。

So it's merchandise, new merchandise, add strong margins, services and the influence of LCD within the fashion assortment that Gina mentioned is also a contributor for us within the merchandise margin.

因此，產品、新產品增加了強勁的利潤、服務以及 LCD 在時尚類別中的影響力，吉娜提到這也是我們產品利潤的貢獻者。

Between stores and e-commerce, not a meaningful difference in merchandise margin.

商店和電子商務之間，商品利潤率沒有顯著差異。

As you know, we have shipped from store and we were able to really reduce our clearance inventories, which have tended to be more online in prior years.

如您所知，我們從商店發貨，我們能夠真正減少清倉庫存，而前幾年這些庫存往往更多地在網上進行。

But we are in a very healthy place in terms of inventory hygiene and clearance, so we don't really see a significant difference between the two channels.

但我們在庫存衛生和清倉方面處於非常健康的狀態，因此我們並沒有真正看到這兩個管道之間存在顯著差異。

The one other thing I would say on promotionality, Mauricio, is, remember that it is not our strategy to be the promotion leader in the category.

關於促銷，毛里西奧，我要說的另一件事是，請記住，成為該類別的促銷領導者並不是我們的策略。

We follow and we remain competitive.

我們緊隨其後並保持競爭力。

The way we win is on the tenured excellence of our store team who provide great counsel and advice to our customers, our winning brand equities, our ability to innovate quickly, and the investments in competitive advantage that we've made in digital and data.

我們獲勝的方式取決於我們商店團隊的長期卓越表現，他們為我們的客戶提供了很好的建議和建議，我們贏得了品牌資產，我們快速創新的能力，以及我們在數字和數據方面對競爭優勢的投資。

So we don't lead promotionality, but we do stay competitive to make sure that we can close sales and bring customers into our Signet family to drive lifetime value.

因此，我們不會主導促銷活動，但我們確實保持競爭力，以確保我們能夠完成銷售並將客戶帶入我們的 Signet 系列，從而推動終身價值。

Understood.

明白了。

Thanks so much and best of luck.

非常感謝，祝你好運。

Thank you.

謝謝。

Jim Sanderson, Northcoast Research.

吉姆桑德森，北海岸研究中心。

I wanted to go back to the commentary on average transaction value being down slightly in the first quarter.

我想回到第一季平均交易額略有下降的評論。

What is included in your guidance for the year?

今年的指導意見包括哪些內容？

How should that ATV progress going forward given the momentum you're experiencing today?

鑑於您今天所經歷的勢頭，ATV 應該如何向前發展？

Yes, we would expect to see a similar ATV or average transaction value for the balance of the year.

是的，我們預計今年剩餘時間會出現類似的 ATV 或平均交易價值。

In terms of the comp performance of ATV, what Gina talked about, Jim, is really critical in terms of driving LCD into our fashion product.

就 ATV 的比較性能而言，吉姆、吉娜所說的話對於推動 LCD 進入我們的時尚產品來說非常關鍵。

We are seeing a nice performance in bridal continue to recover.

我們看到新娘的良好表現繼續恢復。

So between those two factors, we really expect to see an ATV that we're able to hold a similar level as we saw.

因此，在這兩個因素之間，我們確實希望看到一款能夠保持與我們所看到的類似水平的全地形車。

Okay, okay.

好吧好吧。

So maybe possibly a slight decline, but very, very modest.

所以可能會略有下降，但非常非常溫和。

Right way to look at it.

正確的看待方式。

Slight decline, yes.

略有下降，是的。

And does that include an assumption that you'll maintain those 80% and 40%, attach rates on the services warranties or the engagement?

這是否包括假設您將維持 80% 和 40%，在服務保證或約定上附加費率？

Great question.

很好的問題。

Yeah, it's a great question.

是的，這是一個很好的問題。

Yes, definitely in bridal, and we see opportunity with the engagement tailwind to continue to drive revenue growth.

是的，絕對是在婚禮領域，我們看到了訂婚順風帶來的機會，可以繼續推動收入成長。

But in fashion, with the 40% overall attachment rate, we see opportunity there as price points increase with the infusion of LCD in fashion.

但在時尚領域，隨著 LCD 融入時尚領域，價格點不斷上漲，整體附著率達到 40%，我們看到了其中的機會。

We would expect to see an attachment rate increase.

我們預計附件率會增加。

Just to make a note that services is not included in our ATV count, but it is a considerable driver for us as we progress through the year.

需要指出的是，服務不包括在我們的 ATV 計數中，但它對我們全年的進步來說是一個相當大的推動力。

Okay, thank you for that.

好的，謝謝你。

Just another follow-up question on lab-created diamonds.

這是關於實驗室製造的鑽石的另一個後續問題。

Did you provide an estimate of what your sales mix for lab-grown diamonds in the engagement category is in bridal?

您是否對訂婚類別中實驗室製造鑽石在婚禮中的銷售組合進行了估算？

No, we didn't.

不，我們沒有。

We continue to offer consumers choice, both in finished engagement rings, as well as loose diamonds as a choice.

我們繼續為消費者提供成品訂婚戒指和裸鑽的選擇。

We see a lot of consumers who have a budget to be able to afford it, leaning into natural, which has the specialness, rarity and traditionally holds its value over time.

我們看到許多有預算的消費者傾向於購買天然產品，因為天然產品具有特殊性、稀有性，並且傳統上會隨著時間的推移保持其價值。

But we didn't provide any kind of a mix.

但我們沒有提供任何類型的混合。

Okay, last question for me.

好吧，我的最後一個問題。

I think the De Beers announced that they will be partnering with you in the United States in the back half of the year with a major training initiative, as I understood it.

據我了解，我認為戴比爾斯公司宣布，他們將在今年下半年與您在美國合作開展一項重大培訓計劃。

So I'm wondering, what do you expect from De Beers as far as their training incrementally to your sales team that you haven't been able to offer the US consumer to date?

所以我想知道，您對戴比爾斯對您的銷售團隊的逐步培訓有何期望，而迄今為止您還無法向美國消費者提供這些培訓？

Thank you.

謝謝。

Yes.

是的。

So we're very excited about partnering with De Beers.

因此，我們對與戴比爾斯合作感到非常興奮。

It's a great thing when the world's largest specialty retail jeweler of diamonds and the world's largest producer of diamonds get together, we have already a relationship with them, obviously, because we're one of very few retail site holders who are vertically integrated and buy rough diamonds directly from the mine.

當世界上最大的專業鑽石零售珠寶商和世界上最大的鑽石生產商走到一起時，這是一件很棒的事情，顯然我們已經與他們建立了關係，因為我們是極少數進行垂直整合並購買鑽石的零售網站持有者之一直接來自礦山的毛坯鑽石。

So this is really an extension of that partnership, and it's a return to what I would say was the historical approach of helping customers to understand the specialness, uniqueness, and allure of natural diamonds.

因此，這實際上是這種合作關係的延伸，也是對我所說的幫助客戶了解天然鑽石的特殊性、獨特性和吸引力的歷史方法的回歸。

I mean, what forms over a billion years in the center of the earth's core, in the tubes of prehistoric volcanoes, is a very rare and special thing with natural diamonds.

我的意思是，十億年來在地心中心、史前火山管中形成的東西是一種非常罕見且特殊的天然鑽石。

And so we thought it would be a great time to remind our store teams about that specialness, to share with them some of the excitement that I myself saw when I was in Botswana, seeing the wonderful improvements in that economy and the life of people of that country to be able to share that with them.

因此，我們認為這是一個很好的時機來提醒我們的商店團隊這種特殊性，與他們分享我在博茨瓦納時親眼所見的一些興奮，看到該國經濟和人民生活的巨大進步。能夠與他們分享這一點。

So it's really an educational opportunity for our teams, just like we would train and coach them on any new item that we would launch.

因此，這對我們的團隊來說確實是一個教育機會，就像我們會就我們將推出的任何新產品對他們進行培訓和指導一樣。

We're treating natural diamonds almost like new item, again, like a reminder of that specialness and uniqueness.

我們對待天然鑽石幾乎就像對待新物品一樣，再次提醒我們它的特殊性和獨特性。

So it's a great partnership.

所以這是一個很好的合作關係。

It'll exist not only on the training front, but also on marketing to consumers.

它不僅存在於培訓方面，而且還存在於對消費者的行銷方面。

We find that one of the key questions that young consumers, especially, who are buying a diamond for the first time, are asking is what's the difference?

我們發現，年輕消費者，尤其是第一次購買鑽石的年輕消費者問的一個關鍵問題是有什麼不同？

And so having our store teams be able to clearly answer that question, and I'll also providing education directly to consumers is a goal of the partnership.

因此，讓我們的商店團隊能夠清楚地回答這個問題，而且我還將直接向消費者提供教育，這是合作夥伴關係的目標。

All right.

好的。

Thank you.

謝謝。

Dana Telsey, Telsey Group.

達納‧特爾西，特爾西集團。

Given the more cautious or discerning consumer and the promotional levels that are out there, is the promotional levels different by banner in terms of what you're seeing?

考慮到更謹慎或挑剔的消費者以及現有的促銷級別，就您所看到的而言，橫幅的促銷級別是否有所不同？

And then on the newness that you're offering, how is that increased by banner?

然後，關於您提供的新穎性，橫幅是如何增加的？

Is it different?

有什麼不同嗎？

And is the opening price points changing?

開盤價有變化嗎？

How are you adjusting them in this environment?

在這樣的環境下，你是如何調整它們的？

And that impact on margins?

這對利潤率有何影響？

Thank you.

謝謝。

Hi, Dana.

嗨，達納。

Good morning.

早安.

So we have pretty differentiated strategies on our banners across the board.

因此，我們的橫幅廣告有非常差異化的策略。

So which customers they're targeting, how we think about average price points in our assortments, even the real estate strategy of how much on mall or off mall.

那麼他們的目標客戶是哪些，我們如何看待我們品種的平均價格點，甚至是商場內或商場外的房地產策略。

So we don't say a lot about those differentiated strategies, obviously for competitive reasons.

因此，我們不會過多談論這些差異化策略，顯然是出於競爭原因。

And I think the promotional strategy would be one of those things.

我認為促銷策略就是其中之一。

But what I can say is that within each banner, we've done some great consumer work to say, what are value-conscious customers for this banner looking for?

但我可以說的是，在每個橫幅中，我們都做了一些出色的消費者工作來說明，該橫幅的具有價值意識的客戶正在尋找什麼？

So a value-conscious customer in Jared might be quite different from a value-conscious customer in Banter by Piercing Pagoda.

因此，Jared 的價值意識型客戶可能與 Banter by Piercing Pagoda 的價值意識型客戶有很大不同。

And the price point that they're looking for would also be different, the value that they're looking for.

他們所尋求的價格點和他們所尋求的價值也會有所不同。

So we have looked at that and designed our assortment to hit price points, that we think are really right for those customers.

因此，我們對此進行了研究，並設計了我們的產品系列，以達到我們認為真正適合這些客戶的價格點。

So take gold as an example.

所以以黃金為例。

We have done, I think, some really innovative things with a technology we call sculpted gold, which creates a very big look at a lower price point.

我認為，我們已經用一種我們稱之為雕刻金的技術做了一些真正創新的事情，這種技術以較低的價格創造了一個非常大的外觀。

And we're able to offer something like that at a higher end with more gold in a Jared and at a lower end with a bit less gold in a Banter by Piercing Pagoda.

我們能夠在高端產品 Jared 中提供更多金幣，在低階產品中提供類似的產品，例如 Banter by Piercing Pagoda，金幣含量少一些。

But it still is an innovation that's allowing us to get to a sharp price point in both of those banners.

但這仍然是一項創新，使我們能夠在這兩個橫幅中達到一個尖銳的價格點。

Thank you.

謝謝。

Dana, to answer the newness aspect of it, we've infused newness across all of our banners, and it's a key merchandise strategy for us.

達納，為了回答它的新穎性方面，我們在所有橫幅中註入了新穎性，這對我們來說是一個關鍵的商品策略。

And we'll be flowing newness in and importantly, as we are flowing and increasing the penetration of newness, we are reducing older inventory and getting through that in a meaningful, strategic way for our customers as we progress through the year.

我們將不斷引進新產品，重要的是，隨著新產品的不斷流動和滲透率的提高，我們正在減少舊庫存，並隨著這一年的進展，以一種有意義的、戰略性的方式為我們的客戶解決這個問題。

So balanced approach to increasing newness by taking out old inventory but really bringing forth new assortments for our customer across banners. but really bringing forth new assortments for our customer across banners.

如此平衡的方法透過取出舊庫存來增加新穎性，但實際上跨橫幅為我們的客戶帶來了新的品種。但真正為我們的客戶帶來了跨橫幅的新品種。

And newness naturally can come with lower promotionality.

新穎性自然會伴隨著較低的促銷力道。

It's new, it's hot.

是新的，很熱。

We're designing some of our lines with the intention that they'll sell out and so you need to get it quickly or it won't be available and that then precludes the need for discounting.

我們正在設計一些產品線，目的是讓它們賣光，因此您需要快速購買，否則將無法使用，從而排除了打折的需要。

Thank you.

謝謝。

And that concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn it back to Gina Drosos for closing remarks.

我想請吉娜·德羅索斯（Gina Drosos）發表結束語。

Before we end the call, I'd like to highlight our recently published Corporate Citizenship and Sustainability Report, which provides great insight into our purpose-led accomplishments and goals, our industry-leading standards for responsible sourcing, which we believe is a key driver of attracting and retaining younger customers in the jewelry category.

在結束通話之前，我想強調我們最近發布的企業公民和永續發展報告，該報告深入了解了我們以目的為導向的成就和目標，以及我們行業領先的負責任採購標準，我們認為這是一個關鍵驅動因素吸引和留住珠寶類別的年輕顧客。

Another bright spot is our doubling of the rate of recycled materials at our core banners.

另一個亮點是我們將核心橫幅的回收材料率提高了一倍。

These are resonating with customers.

這些都引起了客戶的共鳴。

The full report is now available on our website, and I hope you'll take a look at it.

完整的報告現已發佈在我們的網站上，希望您能查看一下。

Thank you all for joining our call this morning.

感謝大家今天早上加入我們的電話會議。

Goodbye.

再見。

Thank you.

謝謝。

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 all for participating.

感謝大家的參與。

You may now disconnect.

您現在可以斷開連線。