Signet Jewelers Ltd (SIG) 2025 Q4 法說會逐字稿

Good morning, and welcome to the Signet Jewelers fourth quarter fiscal 2025 earnings call. Please note that this event is being recorded.

早安，歡迎參加 Signet Jewelers 2025 財年第四季財報電話會議。請注意，該事件正在被記錄。

Joining us today on the call are Rob Ballew, Senior Vice President of Investor Relations; [J.K.] Symancyk, Chief Executive Officer; Joan Hilson, Chief Operating and Financial Officer.

今天參加電話會議的有投資者關係高級副總裁 Rob Ballew； [J.K.] Symancyk，執行長；瓊‧希爾森 (Joan Hilson)，營運長兼財務長。

At this time, I would like to turn the call over to Rob. Please go ahead.

現在，我想將電話轉給 Rob。請繼續。

Good morning. Welcome to Signet Jewelers fourth quarter fiscal '25 conference call. During today's discussion, we will make forward-looking statements. Any statements that are not historical facts are subject to a number of risks and uncertainties to result differ materially. We urge you to read the risk factors, cautionary language and other disclosures in our annual reports on Form 10-K, quarterly reports on Form 10-Q and reports on Form 8-K. If as required by law, we undertake no obligation to revise or publicly update forward-looking statements in light of new information or future events.

早安.歡迎參加 Signet Jewelers 25 財年第四季電話會議。在今天的討論中，我們將做出前瞻性的陳述。任何非歷史事實的陳述都可能受到多種風險和不確定因素的影響，從而導致重大差異。我們敦促您閱讀我們的 10-K 表年度報告、10-Q 表季度報告和 8-K 表報告中的風險因素、警示語言和其他揭露內容。如果法律要求，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. Further discussion of the non-GAAP financial measures as well as a 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.

在電話會議中，我們將討論某些非公認會計準則財務指標。有關非公認會計準則財務指標的進一步討論以及非公認會計準則財務指標與最直接可比較的公認會計準則指標的調節，投資者應查看我們在 ir.signetjewelers.com 網站上發布的新聞稿。

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

說完這些，我將把電話轉給 JK。

Thanks, Rob, and good morning, everyone. I'd first like to thank our Signet team. Your efforts positioned us well to deliver positive same-store sales over the last three months, including Valentine's Day. Thank you for all your hard work. Alongside my remarks, we provided a summary presentation on our website to accompany what I'm covering today.

謝謝，羅布，大家早安。我首先要感謝我們的 Signet 團隊。您的努力使我們在過去三個月（包括情人節）實現了積極的同店銷售。感謝您的辛勤工作。除了我的演講之外，我們還在我們的網站上提供了總結介紹，以配合我今天所說的內容。

Before we talk about the year end and my observations on the business, let's quickly recap the holidays and the actions we've taken since. Bridal and services were in line with our expectations over the holidays. However, key gifting price points underperformed in the twp weeks before Christmas, leading to a softer fashion performance. While we saw 40% growth in lab grown diamond fashion, we didn't have enough of the right inventory to meet demand, particularly at the $200 to $500 price point.

在我們談論年底和我對業務的觀察之前，讓我們快速回顧一下假期以及自那時以來我們採取的行動。假期期間，婚禮和服務都符合我們的期望。然而，聖誕節前的兩週，主要的禮品價格表現不佳，導致時尚表現疲軟。雖然我們看到實驗室培育鑽石時尚成長了 40%，但我們沒有足夠的庫存來滿足需求，特別是在 200 至 500 美元的價格點。

Since the holidays, the team has been focused on filling these assortment gaps and expanding the availability of on-trend merchandise. Clearly, there's more progress to be made, but I'm pleased with the team's quick adjustments which delivered positive comp sales in January and quarter-to-date in both Bridal and Fashion. We will continue to make changes to our assortment this spring to drive improvement two major gifting seasons, Mother's Day and the winter holidays, and we are tracking to deliver relevant products throughout the coming months.

自假期以來，團隊一直致力於填補這些品種空白，並擴大流行商品的供應。顯然，還有更多進展需要取得，但我對團隊的快速調整感到滿意，這在 1 月份以及本季度迄今為止的婚紗和時尚領域都實現了積極的銷售額。今年春季，我們將繼續對我們的產品系列進行調整，以推動兩個主要送禮季節（母親節和冬季假期）的改善，並且我們將在接下來的幾個月內追蹤推出相關產品。

Now looking to the future with an eye towards driving organic growth, I have immersed myself in the business over these last few months working alongside Signet's leaders to understand our challenges and opportunities. We met with critical stakeholders, including strategic vendors, jewelry industry leaders and customers.

現在，我著眼於未來推動有機成長，過去幾個月來，我全心投入業務，與 Signet 的領導層一起了解我們面臨的挑戰和機會。我們會見了重要的利害關係人，包括策略供應商、珠寶業領導者和客戶。

Now more than ever, I have clear conviction in the upside for Signet and believe in the strong foundation to build on, while fully leveraging the benefits of scale that have not been maximized under our current structure.

現在，我比以往任何時候都更加堅信Signet 具有良好的發展前景，並相信它有堅實的基礎可以繼續發展，同時可以充分利用在現有架構下尚未最大化的規模優勢。

Our overall Q4 performance and lack of growth over the past several quarters informed our new strategy to grow our business. This strategy, Grow Brand Love, is transformative and focuses on accelerating growth and builds on a strong core foundation to create shareholder value. It requires a relentless focus by our team to grow through style and product innovation, captivating experiences and building brand loyalty while harnessing centralized core capabilities.

我們第四季的整體表現以及過去幾季的成長乏力為我們制定了新的業務成長策略。這項策略「成長品牌愛」具有變革性，專注於加速成長，並在強大的核心基礎上創造股東價值。這需要我們的團隊堅持不懈地專注於透過風格和產品創新、迷人的體驗和建立品牌忠誠度來發展，同時利用集中的核心能力。

In working with our senior team, we have developed three imperatives to drive shareholder value. First, we are moving to a brand mindset rather than banners. This is a critical distinction that I will explain in a moment. Second, we will be relentless in gaining share in the core business and growing in adjacent areas where we have a right to play. And finally, we are changing our operating model and real estate portfolio to accelerate our execution of the first two imperatives.

在與我們的高層團隊合作的過程中，我們制定了三項推動股東價值的必要措施。首先，我們正在轉向品牌思維，而不是橫幅思維。這是一個關鍵的區別，我稍後會解釋。第二，我們將不懈努力，擴大核心業務的份額，並在我們有權參與的鄰近領域實現成長。最後，我們正在改變我們的營運模式和房地產投資組合，以加快執行前兩個要務。

Now let me take you through them in detail. First, brands build loyalty with customers through emotional and engaging connections while banners are transactional, literally a static nameplate on the door. Fortunately, our brand portfolio, especially our three largest brands, Kay, Zales and Jared all have high consumer awareness and a leading position in the industry.

現在讓我向您詳細介紹它們。首先，品牌透過情感和互動連結來建立與客戶的忠誠度，而橫幅是交易性的，實際上是門上的靜態銘牌。幸運的是，我們的品牌組合，特別是我們的三大品牌Kay、Zales和Jared都具有很高的消費者認知度和行業領先地位。

However, growth has been elusive in recent years, reflecting lower consideration. Building brand loyalty, we believe we can drive brand consideration with just a 5-point increase worth approximately $500 million in revenue.

然而，近年來成長乏力，反映出考慮因素較低。透過建立品牌忠誠度，我們相信只要增加 5 個百分點，就能提高品牌考量度，帶來約 5 億美元的營收。

To this end, we are launching a full modernization of our go-to-market strategy. We're creating a clear distinction between brands to attract new and loyal consumers that see themselves reflected in the DNA of each brand.

為此，我們正在啟動全面現代化的行銷策略。我們正在創造品牌之間的明確區分，以吸引新的忠實消費者，他們可以從每個品牌的 DNA 中看到自己的影子。

To achieve this, our marketing, product and experiences will invite consumers to follow the stories of our new design collections and collaborations across relevant media channels to drive emotional and everyday connection rather than primarily relying on promotion.

為實現這一目標，我們的行銷、產品和體驗將邀請消費者透過相關媒體管道關注我們新設計系列和合作的故事，以推動情感和日常聯繫，而不是主要依靠促銷。

Alongside our strategic vendors, we are building in-house design and trend capabilities that will leverage fashion as a differentiator by brand, all with increased speed to market. The first example of this is our Blue Nile by Jared collection, was developed and released to market in less than half the normal time with a strategic vendor. This collection was one of the best new performers across the holiday. This puts style and innovation in the hands of our brand ambassadors backed by industry voices, designers and the creator community.

與我們的策略供應商一起，我們正在建立內部設計和趨勢能力，利用時尚作為品牌的差異化因素，同時加快產品上市速度。第一個例子就是我們的 Blue Nile by Jared 系列，該系列是與策略供應商合作開發並推向市場的，所用時間不到正常時間的一半。這個系列是假期期間表現最好的新品之一。這將風格和創新交到我們的品牌大使手中，並得到業界聲音、設計師和創作者社群的支持。

Another example, we created a natural diamond collection called Unspoken at Jared last year. This collection comprised of 14 karat gold infinity inspired designs that wrap around a brilliant center diamond, infusing style, storytelling and innovation into a new and unique product. It was one of the stronger introductions over the holidays and gained traction into Valentine's Day.

再例如，去年我們為Jared打造了一個名為Unspoken的天然鑽石系列。該系列由 14 克拉黃金無限風格設計組成，環繞著一顆璀璨的中心鑽石，將風格、故事性和創新性融入到全新獨特的產品中。這是節日期間最有力的介紹之一，並在情人節獲得了關注。

Finally, to round out our go-to-market strategy, we will create a captivating and more modern shopping experience for our customers. Our focus will be an experience reflecting each brand identity. This ranges from new store designs to product presentation as well as e-commerce for storytelling of style introductions.

最後，為了完善我們的市場策略，我們將為客戶創造更迷人、更現代的購物體驗。我們的重點是體現每個品牌特色的體驗。這包括從新店設計到產品展示，以及用於講述風格介紹的電子商務。

We are also realigning our real estate footprint to support the positioning of our brands and modernizing our stores through capital improvements. We plan to make meaningful progress this year. Our second strategic imperative is to grow our share in our core, Bridal and Gold as an example, and further expand into adjacent categories such as self purchase and gifting.

我們也正在重新調整我們的房地產足跡，以支持我們品牌的定位，並透過資本改進來實現我們商店的現代化。我們計劃今年取得有意義的進展。我們的第二個策略重點是擴大我們的核心產品（例如新娘和黃金產品）的份額，並進一步擴展到自購和送禮等相鄰類別。

Signet is by far the leader in the US bridal jewelry market today, representing roughly half of our merchandise sales. The total bridal jewelry market in the US is around $10 billion, and we have a nearly 30% dollar share. We believe we can grow our share in this category through assortment and price point architecture along with more modern design enhancements. We will leverage our in-house design and strategic vendor partners vital as well to bring to market a more timely pipeline of new and trending designs in a range of price points.

目前，Signet 是美國婚禮珠寶市場的領導者，約占我們商品銷售額的一半。美國婚禮珠寶市場總額約為 100 億美元，我們佔有近 30% 的份額。我們相信，透過品種和價格點架構以及更現代的設計增強，我們可以擴大在這一類別中的份額。我們將充分利用我們的內部設計和策略供應商合作夥伴，更及時地向市場推出各種價位的新穎和流行設計。

The US fashion jewelry market is over $50 billion, of which we have a mid-single-digit share. In everyday jewelry, we have only a low single-digit share. But another way, growing our bridal share by 1 point is worth $100 million in revenue, while 1 point of fashion is more than 5 times the impact.

美國時尚珠寶市場的規模超過 500 億美元，其中我們佔有中等個位數的份額。在日常珠寶領域，我們的份額僅佔個位數。但換句話說，婚禮用品份額每增加 1 點，就意味著 1 億美元的收入，而時尚用品份額每增加 1 點，其影響力則是原來的 5 倍以上。

Given our high brand awareness and the significance of our scale, I believe we have the right to win here through both milestone gifting and self-purchase. We are opening our aperture to an opportunity to drive more everyday shopping, making us less reliant on key holidays, diamond pricing and the bridal market. That said, everyday jewelry is also the fastest-growing part of the industry and we believe will continue to grow for the foreseeable future.

鑑於我們較高的品牌知名度和規模的重要性，我相信我們有權透過里程碑式贈送和自我購買來贏得勝利。我們正在敞開心扉，抓住機會推動更多的日常購物，減少對重要節日、鑽石定價和婚禮市場的依賴。儘管如此，日常珠寶也是該行業增長最快的部分，我們相信在可預見的未來它仍將繼續增長。

Our third and final strategic imperative is to redesign our operating model to better support the execution of our strategy, Grow Brand Love. We will simplify how we work, increase efficiencies, improve accountability and reduce costs, all in support of future sales and profit growth. We expect this reorganization to transition over the next quarter, and I am setting higher expectations for the brand leaders to move with greater speed.

我們的第三項也是最後一項策略要務是重新設計我們的營運模式，以更好地支持我們「培養品牌愛心」策略的實施。我們將簡化工作方式、提高效率、加強責任並降低成本，以支持未來的銷售和利潤成長。我們預計此次重組將在下個季度完成，我對品牌領導者以更快的速度採取行動抱有更高的期望。

We're creating an executive leadership team predominantly with the brands, merchandising, marketing and corporate functions reporting to me and most of operational teams reporting to Joan in addition to Blue Nile and James Allen in her role as Chief Operating and Financial Officer.

我們正在組建一個執行領導團隊，主要負責品牌、銷售、行銷和公司職能，這些團隊都向我匯報，而大部分營運團隊除了向 Blue Nile 和擔任首席營運和財務長的詹姆斯艾倫匯報外，還向瓊匯報。

We're also streamlining the organization to speed up decision-making and enable an action orientation for our new go-to-market strategies. Our new model includes reducing the number of our senior leadership team members by roughly 30%.

我們也正在精簡組織機構，以加快決策速度，並為我們新的行銷策略提供行動導向。我們的新模式包括將高階領導團隊成員的數量減少約 30%。

Let me further explain this reorganization. First, we will simplify the structure underlying our brand portfolio and services. Organizationally, we will centralize the leadership and operation of Signet's brands into four distinct customer families.

讓我進一步解釋一下這次重組。首先，我們將簡化品牌組合和服務的基礎架構。在組織上，我們將把 Signet 品牌的領導和營運集中到四個不同的客戶家族。

First, core milestone and romantic gifting jewelry, reflecting Kay and Peoples. Second, style and trend composed of Zales and Banter. Third, inspired luxury made up of Jared and Diamonds Direct. And fourth, digital pure play, including Blue Nile, James Allen and Rocksbox.

首先，核心里程碑和浪漫的禮品珠寶，體現凱伊（Kay）和人民（Peoples）。第二，Zales和Banter構成的風格與趨勢。第三，由Jared和Diamonds Direct組成的靈感奢華。第四是純數位業務，包括 Blue Nile、James Allen 和 Rocksbox。

Second, we will be centralizing a number of functions in order to maximize benefits of scale and optimize spend. This includes media buying, certain core basic merchandising and sourcing functions, services and an integrated digital and IT function.

其次，我們將集中一些職能，以最大限度地發揮規模效益並優化支出。其中包括媒體購買、某些核心基本商品銷售和採購功能、服務以及整合的數位和 IT 功能。

In marketing, we've begun a search for a new Chief Marketing Officer who will be tasked to deliver on the benefits at scale by allocating ad spend to the highest returns for the company while working with the brands to develop creative content and storytelling.

在行銷方面，我們已經開始尋找一位新的首席行銷官，其任務是透過將廣告支出分配給公司的最高回報來實現規模效益，同時與品牌合作開發創意內容和故事敘述。

Within merchandising, we have many products that we consider core across most of our brands, including solitaires, pendants, stud earrings and some gold merchandise. Centralizing the buying of this core product will realize sourcing savings and operational efficiencies while allowing the brands to focus on creative design, product assortment and fashion innovation.

在商品銷售方面，我們擁有許多被視為大多數品牌核心的產品，包括單粒寶石、吊墜、耳環和一些黃金商品。集中採購此核心產品將實現採購節約和營運效率，同時使品牌能夠專注於創意設計、產品組合和時尚創新。

This change will also simplify the processes for our strategic vendors. It will enable continued improvements in working capital as we believe we will be able to rationalize the assortment and lower our inventory levels over time.

這項變更也將簡化我們的策略供應商的流程。它將使營運資本持續改善，因為我們相信我們將能夠隨著時間的推移合理化產品組合併降低庫存水準。

In services, we'll centralize all repairabilities under one leader to expand opportunities and accelerate growth in mail and repair, business-to-business and personalization. Next, we're going to maximize our technology investments by combining and aligning our digital and IT teams into an integrated function, again, streamlining the organization to gain speed and improve efficiencies.

在服務方面，我們將把所有的維修能力集中在一位領導之下，以擴大機會並加速郵件和維修、企業對企業和個人化的成長。接下來，我們將把我們的數位和 IT 團隊合併並調整為一個綜合職能，從而最大限度地提高我們的技術投資，再次精簡組織機構，提高速度和效率。

Finally, we will be reorganizing our store operations team to a brand-specific structure to manage efficiencies and improve speed of decision-making and execution. This will also enable each brand to sharply identify and deliver more distinct experiences for their customers.

最後，我們將把我們的店鋪營運團隊重組為特定品牌的結構，以提高管理效率並提高決策和執行速度。這也將使每個品牌能夠敏銳地識別並為客戶提供更獨特的體驗。

These changes will allow us to adapt to evolving market conditions through meaningful simplification and increased accountability while bringing us closer to consumers and realizing the scale advantages that Signet is capable of achieving.

這些變化將使我們能夠透過有意義的簡化和增強責任來適應不斷變化的市場條件，同時使我們更貼近消費者並實現Signet 能夠實現的規模優勢。

I also wanted to discuss our position and more proactive strategy relative to the diamond category. We recognize it's been a dynamic time in the diamond industry, one that we have a good track record of navigating. In my experience, companies that focus solely on risk or solely on opportunities during times of disruption underperform.

我也想討論一下我們相對於鑽石類別的立場和更積極主動的策略。我們認識到鑽石行業正處於動態時期，我們在這方面擁有良好的記錄。根據我的經驗，在動盪時期只專注於風險或只專注於機會的公司表現不佳。

Companies that aggressively pursue opportunities while considering risk mitigation tactics, I believe, can thrive in dynamic times. To this end, we will work to protect the allure and value of natural stones and engagement rings, while pursuing the significant opportunity lab diamonds provide to grow fashion, particularly within self-purchase and gifting. We are evaluating our brand architecture across our portfolio to be more intentional about diamond assortment mix.

我相信，積極尋求機會並考慮降低風險策略的公司能夠在動態時期蓬勃發展。為此，我們將努力保護天然寶石和訂婚戒指的魅力和價值，同時尋求實驗室鑽石為時尚發展提供的重要機會，特別是在自購和贈送方面。我們正在評估我們整個產品組合的品牌架構，以便更有意識地進行鑽石組合組合。

Additionally, Signet intends to collaborate with De Beers and other industry leaders on more effective marketing, enhanced traceability and delivering more dynamic consumer education this year. Critically, fashion lab-grown diamonds carry a significant AUR premium within our assortment at attractive margins. As an example, LGD fashion sales are up 60% in our big three brands quarter-to-date, driving fashion AUR growth, margin expansion and 5 points of penetration growth in the category to low double digits.

此外，Signet 今年還打算與戴比爾斯和其他行業領導者合作，實現更有效的營銷、增強的可追溯性並提供更有活力的消費者教育。至關重要的是，時尚實驗室培育鑽石在我們的產品系列中以誘人的利潤率擁有顯著的 AUR 溢價。例如，本季迄今為止，我們三大品牌的 LGD 時尚銷售額成長了 60%，推動了時尚 AUR 成長、利潤率擴大以及該類別滲透率成長 5 個百分點至兩位數。

We expect this trend to continue bolstering AUR and margin while providing customers new styles and trends, encouraging our customers to trade off from gold jewelry, [MELI], natural diamonds and cubic zirconium pieces.

我們預計這一趨勢將繼續支撐 AUR 和利潤率，同時為客戶提供新的款式和趨勢，鼓勵我們的客戶在黃金首飾、[MELI]、天然鑽石和方晶鋯石飾品之間進行權衡。

I'd like to sum up with my key takeaways today before turning it over to Joan. First, we are pivoting from a banner mindset to a relentless focus on our brands. Second, we will focus on growing the core business, Bridal and Gold, while expanding to adjacent areas where we have a right to win like self-purchase, gifting and e-commerce. And third, we are realigning our organization to achieve our objectives, increase accountability and realize economies of scale.

在把發言權交給瓊之前，我想總結一下我今天的重點。首先，我們正在從橫幅思維轉向對品牌的不懈關注。其次，我們將專注於發展核心業務——婚禮和黃金業務，同時擴展到我們有能力取勝的鄰近領域，如自購、送禮和電子商務。第三，我們正在重組組織，以實現我們的目標、增強責任感和實現規模經濟。

We're excited to execute our Grow Brand Love plan as we reorganized the company to deliver on a framework that can support sustainable profit growth and shareholder value creation in the years ahead. We will have an outsized focus on our big three brands, Kay, Zales and Jared while evaluating the role and potential of the other brands in our portfolio.

我們很高興執行「成長品牌熱愛」計劃，因為我們重組了公司，以實現一個能夠在未來幾年支持永續利潤成長和股東價值創造的框架。我們將專注於我們的三大品牌 Kay、Zales 和 Jared，同時評估我們產品組合中其他品牌的角色和潛力。

My intention is to keep a sharp eye on their contributions to shareholder value and position within our portfolio. I look forward to updating you as we execute against this strategy. Joan?

我的目的是密切關注他們對股東價值和我們投資組合中地位的貢獻。我期待在我們執行這項策略的過程中向您匯報最新情況。瓊？

Thanks, J.K., and good morning, everyone. Revenue for the quarter was down 6% last year, but finished ahead of our updated guidance. Same-store sales were down 1.1%. Recall that the larger gap between total sales and same-store sales reflects the cycling of the 53rd week in the prior year, representing about 4 points.

謝謝，J.K.，大家早安。去年該季度的收入下降了 6%，但最終收入超過了我們最新的預期。同店銷售額下降1.1%。回想一下，總銷售額和同店銷售額之間的較大差距反映了前一年第 53 週的循環，約 4 點。

Our stronger January performance reflects landed product at key price points and engagements that had their strongest months for the fiscal year. Merchandise AUR grew 7% with bridal AUR up 2%, the best quarter performance in two years. Fashion AUR was up 8%, although this is higher than expected due to the underperformance of key gifting price points over the holiday season.

我們一月份業績表現強勁，反映出產品以關鍵價位上市，且交易量在本財年中表現最為強勁。商品 AUR 成長 7%，其中新娘飾品 AUR 成長 2%，為兩年來最好的季度表現。時尚商品的 AUR 上漲了 8%，但由於假日季主要禮品價格點的表現不佳，這一數字高於預期。

Turning to gross margin. Adjusted gross margin of $1 billion or 42.6% of sales this quarter was down 70 basis points to last year, reflecting modest merchandise margin expansion that was more than offset by fixed cost leverage, items related to year-end adjustments in our digital brands and overhead allocations.

轉向毛利率。本季調整後的毛利率為 10 億美元，佔銷售額的 42.6%，較去年下降 70 個基點，反映出商品利潤率適度擴大，但被固定成本槓桿、與我們的數位品牌年終調整相關的項目以及間接費用分配所抵消。

Turning to SG&A. Adjusted expense was down $32 million to $638 million for the quarter. At 27.1% of sales, SG&A rate was up 30 basis points related to somewhat higher advertising, partially offset by store labor efficiency. Adjusted operating income was $356 million for the quarter, ahead of our updated expectations but below the prior year. Adjusted EPS was $6.62 nearly in line with last year as we benefited from a significantly lower diluted share count.

轉向銷售、一般及行政費用。本季調整後的支出下降 3,200 萬美元至 6.38 億美元。銷售、一般及行政開支佔銷售額的 27.1%，由於廣告費用略有增加，因此上漲了 30 個基點，但被商店勞動效率的提高部分抵消。本季調整後的營業收入為 3.56 億美元，高於我們最新的預期，但低於去年同期。調整後的每股收益為 6.62 美元，與去年基本持平，因為我們受益於顯著降低的稀釋股數。

Turning to the balance sheet and cash flow. Inventory continues to be healthy, ending the year at $1.9 billion or roughly flat to last year, while bringing in newer styles to support our first quarter. Capital expenditures for the year were $153 million, reflecting a lower number of new store openings and renovations as we work to ensure alignment with our new strategy. Both of these are reflected in our FY25 free cash flow of $438 million or approximately 88% cash conversion of adjusted operating income.

轉向資產負債表和現金流。庫存繼續保持健康狀態，年底庫存為 19 億美元，與去年基本持平，同時引入更新的款式來支持我們的第一季。本年度的資本支出為 1.53 億美元，反映出我們為確保與新策略保持一致而減少的新店開設和裝修數量。這兩項都反映在我們 4.38 億美元的 FY25 自由現金流中，或調整後營業收入的現金轉換率約 88%。

Our cash flow enabled us to reduce Signet's diluted share count nearly 20% last year by returning approximately $1 billion to shareholders, including the preferred share retirement. Further, we're raising our quarterly dividend by 10% to $0.32 per share, Signet's fourth consecutive annual increase. We ended the year with $1.7 billion in total liquidity.

我們的現金流使我們能夠向股東返還約 10 億美元（包括優先股退休），從而在去年將 Signet 的稀釋股份數量減少近 20%。此外，我們將季度股息提高 10% 至每股 0.32 美元，這是 Signet 連續第四年增加股息。到年底，我們的總流動資金為 17 億美元。

Before turning to guidance, I'd like to touch on some additional factors within our new strategy. Regarding sourcing, we are fully centralizing our sourcing practices to leverage the scale of our buying power and deep market expertise. The newly chartered Signet diamond sourcing team will negotiate pricing across our portfolio and improve our agility as a large buyer in the marketplace for both loose diamonds and finished diamond jewelry.

在給出指導之前，我想談談我們新策略中的一些其他因素。至於採購，我們完全集中我們的採購實踐，以充分利用我們的購買力規模和深厚的市場專業知識。新成立的 Signet 鑽石採購團隊將負責協商我們產品組合的定價，並提高我們作為裸鑽和成品鑽石首飾市場大買家的靈活性。

Further, we believe this will provide greater transparency of true demand in the market. This all-encompassing approach combined with our integrated retail agreement as a De Beers site holder makes us confident we can bring the highest quality responsibly source diamonds at the most competitive pricing.

此外，我們相信這將提高市場真實需求的透明度。這種包羅萬象的方法與我們作為戴比爾斯站點持有者的綜合零售協議相結合，使我們有信心以最具競爭力的價格提供最高品質的負責任的鑽石。

Turning to real estate. Our strategy is a four-pronged approach to optimize the fleet. First, we'll close negative contributing doors. While this is a small portion of our fleet, it's the lowest hanging fruit. There are 150 underperforming doors we are evaluating for potential improvement or ultimately closure over the next two years, leveraging our shorter lease terms, primarily in mall locations.

轉向房地產。我們的策略是四管齊下，優化船隊。首先，我們要關閉負面貢獻之門。雖然這只是我們機隊的一小部分，但卻是最容易實現的目標。我們正在評估 150 家表現不佳的門市，以便在未來兩年內進行改進或最終關閉，利用我們較短的租賃期限，主要在購物中心位置。

Second, we'll optimize sales transference following closures by shifting sales to remaining doors and to our e-commerce channel, allowing us to further leverage fixed costs. We believe that loyalty to brand and unique product assortment is a key factor to driving transference to new and repositioned locations as well as e-commerce.

其次，我們將透過將銷售轉移到剩餘的門市和我們的電子商務通路來優化關閉後的銷售轉移，讓我們進一步利用固定成本。我們相信，對品牌的忠誠度和獨特的產品組合是推動轉移到新地點和重新定位的地點以及電子商務的關鍵因素。

Third, nearly 200 doors in our fleet have healthy performance but are in venues that we believe are in decline. Over the next two to three years, we expect to reposition many of these stores to off-mall locations. This will also allow us to create an experience in primarily Kay, Zales and Jared that aligns to our Grow Brand Love strategy.

第三，我們車隊中有近 200 扇門表現良好，但我們認為它們所在的場館正在衰退。在接下來的兩到三年裡，我們預計將把許多這樣的商店重新定位到購物中心外的位置。這也將使我們能夠主要在 Kay、Zales 和 Jared 中創造一種符合我們「成長品牌熱愛」策略的體驗。

Lastly, we'll continue to refresh our existing fleet, bringing more stores to brand standard. We expect to renovate approximately 200 stores this year. We've seen our reposition and renovation investments deliver a low to mid-single-digit lift in sales once normalized.

最後，我們將繼續更新現有的車隊，使更多商店達到品牌標準。我們預計今年將翻新約200家門市。我們已經看到，一旦恢復正常，我們的重新定位和翻新投資將為銷售額帶來低至中等個位數的成長。

Collectively, we believe these actions will deliver a roughly 1 point margin improvement and 4-wall contribution and reduced our North American mall revenue penetration to under 30% over the next three years from mid-30s today.

總的來說，我們相信這些措施將使利潤率提高約 1 個百分點，四面牆貢獻增加，並在未來三年內將我們的北美商場收入滲透率從目前的 35% 左右降低至 30% 以下。

Now turning to guidance. Q1 to date reflects positive comps as we landed product in key price points in both Gifting and Bridal. We've also seen higher AUR and merchandise margin expansion resulting from balanced overall pricing architecture. We expect total sales in the range of $1.5 billion to $1.53 billion with same-store sales in the range of flat to up 2% and are at the high end of this range quarter-to-date.

現在轉向指導。迄今為止的第一季反映了積極的同比業績，因為我們在禮品和新娘配件方面都推出了關鍵價位的產品。我們也看到，由於整體定價架構均衡，AUR 和商品利潤率也隨之提高。我們預計總銷售額將在 15 億美元至 15.3 億美元之間，同店銷售額將在持平至成長 2% 之間，並且本季迄今處於該範圍的高端。

We expect adjusted operating income between $48 million to $60 million in the quarter. For the year, we expect total sales between $6.53 billion to $6.8 billion with same-store sales in the range of down 2.5% to up 1.5%. The sales range anticipates a measured consumer environment, providing for variability in consumer spending over the year.

我們預計本季調整後的營業收入將在 4,800 萬美元至 6,000 萬美元之間。我們預計今年的總銷售額將在 65.3 億美元至 68 億美元之間，同店銷售額將在下降 2.5% 至成長 1.5% 之間。銷售範圍預測了可衡量的消費環境，並考慮到全年消費者支出的變化。

Our gross merchandise margin outlook includes moderate expansion for the year and does not assume any further improvement from recent performance. Our guidance excludes the potential for any significant impact resulting from new tariffs and regulations.

我們對商品毛利率的預期包括全年的適度擴張，但並不認為近期業績有任何進一步改善。我們的指導排除了新關稅和法規造成的任何重大影響的可能性。

We have a team that actively manages tariffs, and we will work closely with vendors as needed. At the high end of our guide, we expect SG&A as a percentage of sales to be slightly higher year-over-year. We expect $50 million to $60 million in savings this year from the reorganization. This will largely offset the reset of incentive compensation and normal levels of inflation.

我們有一個積極管理關稅的團隊，我們會根據需要與供應商密切合作。在我們的指導高端，我們預期銷售、一般及行政開支佔銷售額的百分比將比去年同期略高。我們預計今年重組將節省 5,000 萬至 6,000 萬美元。這將在很大程度上抵消激勵薪資和正常通膨水準的重新設定。

We expect the annualized impact of the reorganization to be at least $100 million, most of which will be in SG&A. We are still evaluating onetime costs related to this reorganization, and we expect the majority to be excluded from adjusted operating income.

我們預計重組的年化影響至少為 1 億美元，其中大部分將用於銷售、一般和行政費用。我們仍在評估與此重組相關的一次性成本，預計大部分成本將從調整後的營業收入中排除。

We expect adjusted operating income between $420 million to $510 million. Our capital allocation priorities are organic growth, and return of excess cash to shareholders while maintaining a conservative balance sheet. We expect CapEx to be largely flat to last year in a range of $145 million to $160 million, including 10 to 15 new store openings and approximately 15 repositioning.

我們預計調整後的營業收入在 4.2 億美元至 5.1 億美元之間。我們的資本配置重點是有機成長，以及在保持保守的資產負債表的同時向股東返還多餘的現金。我們預計資本支出將與去年基本持平，在 1.45 億美元至 1.6 億美元之間，其中包括開設 10 至 15 家新店和大約 15 家店重新定位。

We expect EPS in the range of $7.31 to $9.10 per diluted share. We expect EPS for the year to be impacted by a roughly 6-point tax rate increase primarily related to the change in Bermuda regulation, which is noncash. As such, we expect cash taxes to be below financially reported tax. Our guidance includes share repurchases to date and we will be opportunistic in repurchasing shares throughout the year, especially at recent share price.

我們預計每股收益在 7.31 美元至 9.10 美元之間。我們預計今年的每股盈餘將受到約 6 個百分點的稅率成長的影響，這主要與百慕達非現金法規的變化有關。因此，我們預計現金稅將低於財務報告的稅。我們的指導包括迄今為止的股票回購，並且我們將在全年尋找機會回購股票，特別是在最近的股價下。

As a reminder, liquidity over $1.5 billion at the end of the year is what we consider available for capital returns to shareholders. We will continue to show the same inventory discipline we've shown in the past as we infuse style and innovation into our product assortment.

提醒一下，我們認為年底超過 15 億美元的流動資金可用於向股東返還資本。我們將繼續展現與過去相同的庫存紀律，同時將風格和創新融入我們的產品組合中。

Before we turn to Q&A, I'd like to thank our Signet team for driving the trend shift we've seen in our business since holiday. I truly appreciate the commitment of our team to deliver experiences for our customers that drive customer loyalty and shareholder value.

在我們進入問答環節之前，我想感謝我們的 Signet 團隊推動了假期以來我們業務中看到的趨勢轉變。我由衷感謝我們團隊致力於為客戶提供體驗，以提高客戶忠誠度和股東價值。

I'd like to turn the call over for questions.

我想將電話轉交給大家提問。

(Operator Instructions) Ike Boruchow, Wells Fargo.

（操作員指示） 艾克·博魯喬夫 (Ike Boruchow)，富國銀行。

This is Juliana on for Ike. First, maybe for JK, maybe a question on strategy. Given the relative size of the opportunities of each segment that you mentioned, how do you think of the current mix of Bridal versus Fashion? And could you see this shifting over the next few years?

這是朱莉安娜 (Juliana) 代替艾克 (Ike)。首先，也許對於 JK 來說，也許是一個關於策略的問題。考慮到您提到的每個細分市場機會的相對大小，您如何看待當前新娘服飾與時尚服飾的組合？您能預見到未來幾年這種狀況會發生轉變嗎？

And then maybe for Joan, in this new guide, what are you baking in for holiday and 4Q coming this year, given what we've seen this past quarter? And how are you thinking of the comp cadence for the rest of the year?

那麼對於瓊來說，根據我們上個季度看到的情況，在這份新指南中，您對今年的假期和第四季有何計劃？您對於今年剩餘時間的比賽節奏有什麼看法？

Yeah. Thanks, Juliana. Thanks for the question. I think the right way to think about it is not so much a penetration or mix question. It's how do we delineate the growth of both. As we said in the script, I think there is opportunity for us to grow share in Bridal.

是的。謝謝，朱莉安娜。謝謝你的提問。我認為正確的思考方式並不是滲透或混合的問題。這就是我們如何描述兩者的成長。正如我們在劇本中所說，我認為我們有機會增加新娘服裝的份額。

And I think one of the key deliverable for us to do that is to have a sharper point of view around the role that natural plays and really reinvigorating the natural diamond penetration in that mix, also sharpening our assortment architecture and modernizing that assortment by brand.

我認為，我們要實現這一目標的關鍵之一就是更清晰地認識天然鑽石所起的作用，真正重振天然鑽石在鑽石組合中的滲透力，同時完善我們的產品組合架構，並根據品牌對產品組合進行現代化改造。

On the fashion side of the house, lab-grown diamonds plays a little bit more of a role there because it really does create growth opportunity at lower price points, which really do I guess, create expansion opportunities for us from a category standpoint. It's not a mix shift nor is it a trade. It is a new customer.

在時尚方面，實驗室生產的鑽石發揮著更重要的作用，因為它確實在較低的價格點創造了成長機會，我想，從類別的角度來看，這確實為我們創造了擴張機會。這不是一個混合轉變，也不是交易。這是一個新顧客。

And probably one thing that we could delineate a little bit better is it also opens the door for expanded digital commerce for us. That everyday purchase and the growth that's happening there, much of what's happening online, we're seeing that pull-through in our mix. And so while our penetrations may change a little bit, it's because you're changing both the numerator and the denominator by tapping into that opportunity for growth.

也許我們可以更好地描述的一件事是，它也為我們擴大數位商務打開了大門。我們看到，日常購買和線上購物的成長，以及網路上發生的許多事情都在我們的產品組合中產生了影響。因此，雖然我們的滲透率可能會發生一些變化，但這是因為你透過利用成長機會同時改變了分子和分母。

Juliana, with respect to our guidance, as we mentioned, our quarter-to-date sales are running positive. That said, as we look at the full year, our guide anticipates a measured consumer environment, providing for variability in consumer spending. And with that, we -- at the midpoint of our guide, site-store sales is slightly negative. And we don't believe -- we haven't positioned it as a hockey stick, if you will, as we approach holiday. And so we've remained measured throughout the balance of the year in our view of same-store sales.

朱莉安娜，關於我們的指導，正如我們所提到的，我們本季迄今為止的銷售情況良好。儘管如此，放眼全年，我們的指南預計消費環境將較為溫和，能夠因應消費者支出的變化。因此，在我們的指南中間，現場商店銷售額略有下降。我們不相信——如果你願意的話，我們並沒有在假期臨近時將其定位為曲棍球棒。因此，我們全年都在衡量同店銷售額。

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

Just to follow up on the comp question. Is there -- are there any headwinds that you anticipate? Is there anything in the quarter-to-date number that you think is onetime on the same-store sales? It just seems like a pretty sharp deceleration for the rest of the year, particularly when you have some learnings to fix in the important fourth quarter, it seems like you have an opportunity there to do even better. So just any other context there would be helpful.

只是為了跟進一下這個問題。您預計會遇到什麼阻力嗎？您認為本季迄今的數字中，是否有任何內容是同店銷售額的一次性數字？對於今年剩餘時間而言，這似乎是一個相當急劇的減速，特別是當你在重要的第四季度需要彌補一些經驗教訓時，似乎你就有機會做得更好。因此，任何其他背景資訊都會有幫助。

Thanks, Lorraine. Our position is that we believe it is -- we service well to remain prudent and conservative in our outlook as we think about the consumer backdrop and the environment that -- the dynamic environment that we're in today.

謝謝，洛林。我們的立場是，我們相信，當我們考慮消費者背景和環境——我們今天所處的動態環境時，我們最好保持審慎和保守的態度。

On performance, to your point, we're pleased with that performance. We saw the teams bring in -- weigh in product post-holiday that filled in the assortment gaps for key gifting periods and still more work to do. But with the quarter running positive, we're seeing Bridal recovery occur.

關於表現，正如您所說，我們對這一表現感到滿意。我們看到團隊在節日後引入產品稱重，以填補主要送禮期的品種空白，但仍有更多工作要做。但隨著本季的積極進展，我們看到新娘服裝銷售正在復蘇。

So we are really managing our business against a continued improvement in Bridal as expected, but we're not including that in any large way in our guidance. So good news on AUR, good news on Bridal performance, good news on the Fashion response, and we feel that we're positioned properly as we look to the balance of the year.

因此，我們實際上是按照預期的那樣針對新娘服裝業務的持續改善來管理我們的業務，但我們並沒有在我們的指導中大量包含這一點。因此，AUR 有好消息，新娘表現有好消息，時尚反應有好消息，我們覺得，在展望今年的平衡時，我們的定位是正確的。

And then the strategy that you laid out is focusing on natural diamonds for engagement and lab grown for Fashion. What is the customer saying to you about lab grown in engagement? And is there risk that as prices for lab grown fall that could cause some longer-term challenges to the business?

然後，您制定的策略是專注於訂婚戒指的天然鑽石和時尚戒指的實驗室合成鑽石。客戶對實驗室種植的參與度有何評價？實驗室種植大豆價格下跌是否會為該業務帶來一些長期挑戰？

Thanks for the question. I actually might reframe the summary a bit. It's really about having the right roles by brand and the right assortment architecture in place by brand to recognize what the consumer is telling us, which is there is a place for both in their life. And we think the growth opportunities for lab are more well positioned given price point and design capabilities for fashion and also because of the dynamic you mentioned as it relates to what's the consumer viewpoint on value, et cetera.

謝謝你的提問。事實上我可能會稍微重新構思摘要。這實際上就是讓品牌扮演正確的角色，並根據品牌制定正確的產品組合架構，以了解消費者告訴我們什麼，即在他們的生活中，兩者都有一席之地。我們認為，考慮到時尚的價格點和設計能力，以及您提到的與消費者價值觀相關的動態，實驗室的成長機會更加有利。

In natural, we are seeing a return to growth there in engagement. And I think what you'll see us talk about a little more so is what roles do each play in our engagement assortment by brand in a higher tier, more luxury inspired brand like Jared or Diamonds Direct where you still have a prevalent customization percentage of your mix, where you're still doing more loose stones and selling higher price point.

自然，我們看到參與度重新呈現成長。我想您會看到我們更多地談論的是，在更高層次的品牌參與分類中，每個品牌扮演著什麼樣的角色，像 Jared 或 Diamonds Direct 這樣的更具奢華風格的品牌，您的組合中仍然有普遍的定制比例，您仍然生產更多的散石並出售更高的價格點。

Natural should be a stronger part of our assortment. When you're looking at a brand like Kay, which really speaks to a much broader cross-section of customers, there's a little more balance there between the role that lab grown plays at maybe a lower price point for a more budget conscious consumer, but you still see healthy growth in our natural diamond business.

天然應該成為我們產品系列中更重要的一部分。當您關注像 Kay 這樣的品牌時，它確實能吸引到更廣泛的客戶，您會發現，實驗室生產的鑽石在為更注重預算的消費者提供較低價格的同時，還發揮著更平衡的作用，但您仍然可以看到我們的天然鑽石業務在健康增長。

So I think part of what we tried to articulate is just a stronger point of view around how we want to serve customers, meet the demand on both sides but also be good stewards of the category and also take our responsibility of educating consumers really well.

因此，我認為我們試圖表達的部分只是關於如何服務客戶、滿足雙方需求的更強的觀點，同時也要做好該類別的管理者，並承擔起教育消費者的責任。

I still think there's a lot of miseducation or maybe confusion over what each is and being able to make sure that we're connecting customers to what they're looking for and that, that investment is something they feel confident about. And can look at that piece of jewelry and celebrate all the emotion that they're trying to celebrate is, without that question in their mind, is really what's driving that set of choices.

我仍然認為，對於每項服務的含義存在著許多誤解或困惑，我們如何確保將客戶與他們所尋找的東西聯繫起來，並確保他們對這項投資充滿信心。他們看著那件珠寶，慶祝他們想要慶祝的所有情感，而心中卻沒有那個疑問，這才是真正驅動他們做出這一系列選擇的因素。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Can you talk about what your expectations are for the engagement category overall at a market level this upcoming year that are built into your guidance? And I'm also curious if you can talk about the promotional environment in both Bridal and Fashion and how that translates into what you assume for AURs in each of those categories this year.

您能否談談您對來年市場層面整體參與度類別的期望（這些期望已納入您的指導中）？我還想知道您是否可以談談婚紗和時尚領域的促銷環境，以及這對您對今年每個類別的 AUR 的假設有何影響。

Thanks, Paul. So as we think of the engagement category, our guidance assumes a range of up low single digits to down low single digit. But as we think of AUR, we would expect it to be down low single digits to flat, just recognizing the thinking around the mix of the product, lab grown carrying a nice average unit retail. And frankly, the experience we've seen overall in natural as we reported what we've seen in January through first quarter to date.

謝謝，保羅。因此，當我們考慮參與度類別時，我們的指導假設範圍是從上升低個位數到下降低個位數。但是當我們想到 AUR 時，我們預計它會下降個位數到持平，只是認識到圍繞產品組合的思考，實驗室培育具有良好的平均單位零售額。坦白說，我們所看到的整體經驗是自然的，正如我們報告的從一月份到第一季迄今為止的情況一樣。

So feeling confident about our ability to manage the Bridal AUR effectively. And then when we think about fashion, we are flattish in fashion on a unit base, if you will. But the AUR is where we would expect to see some growth as we've been experiencing growth, maybe even a little higher than we had expected in January, but we would expect it to based on the composition, including more lab-grown diamond, into fashion product, we would expect to see AUR growth there.

因此，我們對有效管理新娘 AUR 的能力充滿信心。然後，當我們思考時尚時，如果你願意的話，我們在單位基礎上的時尚是平淡的。但我們預計 AUR 會出現一些成長，因為我們一直在經歷成長，甚至可能比我們 1 月的預期要高一點，但我們預計它是基於時尚產品的成分，包括更多的實驗室培育鑽石，我們預計 AUR 會在那裡成長。

So within our guide for the year, we've given a range down low single digit to up. But at the midpoint, as I mentioned, it's slightly negative. And it's really pointing out some of the variability between those two categories, but we believe based on what we've seen to date, that we have the ability to manage both. So I hope that answers the question.

因此，在我們今年的指南中，我們給出了從低個位數到上升的範圍。但正如我所提到的那樣，在中間點，它略微是負面的。它確實指出了這兩個類別之間的一些差異，但根據迄今為止所見，我們相信，我們有能力管理兩者。我希望這能回答這個問題。

I think it does. And I think the second part of that about promotional environment is we're really not -- we're not seeing a different approach in that space right now. We do have some modest margin expansion built in. That is really more about execution on our end. It's not, I think, a reflection of a change in the promotional environment one way or the other. It's about tighter assortment architecture and really controlling what we can control, Paul.

我認為是的。我認為關於促銷環境的第二部分是，我們實際上沒有——我們目前沒有看到該領域的不同方法。我們確實有一些適度的利潤擴張。這其實更是關乎我們的執行力。我認為，這並不反映促銷環境的某種變化。保羅，這涉及更緊密的分類架構以及真正控制我們能夠控制的東西。

But we do -- we sat in a category that is measured and considered purchase, which means it's got a little bit different profile as it relates to consumer responsiveness. This isn't a category like maybe some other apparel or others that is quite as responsive to disposable income changes and therefore, ramps up or ramp down from cadence in response to the outside world quite on the same arc.

但我們確實處於一個經過衡量並考慮購買的類別中，這意味著它在與消費者回應相關的方面有一點不同。這不是一個像其他服裝或其他類別那樣對可支配收入變化如此敏感的類別，因此，它會根據外部世界的變化以相同的弧線上升或下降。

I think we see some predictability there. I feel like we've got the right plans to manage it and feel like the choices that we're making around how we drive mix and assortment better position us to be able to deliver that. And as Joan said, we're also watching what's going on with consumer to make sure that we're responding accordingly.

我認為我們看到了一些可預測性。我覺得我們已經有了正確的計劃來管理它，我覺得我們在如何推動組合和分類方面所做的選擇使我們能夠更好地實現這一目標。正如瓊所說，我們也關註消費者的動態，以確保我們能夠做出相應的反應。

Yeah. Got it. And then just one follow-up, Joan, free cash flow target for the year, maybe you can tie that into how you plan to manage inventory.

是的。知道了。然後還有一個後續問題，瓊，今年的自由現金流目標，也許你可以將其與你計劃如何管理庫存聯繫起來。

So we haven't given a free cash flow target per se, Paul, for the year, but our inventory management continues to be a strength for us as we reported our year-end inventory was flat, as we brought in -- flat to last year as we brought in new products and new styles in January to support our first quarter.

因此，保羅，我們還沒有給出今年的自由現金流目標，但我們的庫存管理仍然是我們的一個優勢，因為我們報告我們的年終庫存持平，因為我們帶來了 - 與去年持平，因為我們在一月份推出了新產品和新款式來支持我們的第一季。

So the teams are focused on turning our inventory, at least in line with last year and believe that will serve us well as we manage our cash flow go forward, which, as you are aware, is our single biggest lever outside of operating income within our cash flow.

因此，團隊專注於庫存週轉，至少與去年持平，並相信這將有利於我們管理未來的現金流，如您所知，這是我們現金流中除營業收入之外最大的槓桿。

Dana Telsey, Telsey Group.

達娜‧特爾西 (Dana Telsey)，特爾西集團 (Telsey Group)。

Good morning, everyone, and nice to see the progress. You've made this pivot with the AUR improving? How you're thinking about Fashion versus Bridal. Any thoughts as to the cadence through the year about what -- how you're thinking about it and where you would have the most traction?

大家早安，很高興看到進展。您已經做出了這項調整，AUR 也隨之改善了嗎？您如何看待時尚與新娘？您對於全年的節奏有什麼想法——您是如何看待它以及在哪些方面您會獲得最大的關注？

And then Joan would be up to 150 store closures. How do you think of the timing of determining, yeah, these 10 will close, these 50 will close? And what are the markers that you're looking at?

然後瓊將關閉多達 150 家商店。您認為如何確定時間點，是的，這 10 家將會關閉，這 50 家將會關閉？您正在查看的標記是什麼？

Sure. Dana, I appreciate the question and the comment. I guess the way that I would think about the year is we should continue to build progress. I think the first half of the year is -- and even what you've seen in results in Q1 is about an increased focus on execution and really a better focus on how we allocate inventory to meet customer demand and sort of read and react to the market.

當然。達娜，我很感謝你的提問和評論。我想，我對這一年的看法是，我們應該繼續取得進展。我認為上半年——甚至您在第一季的業績中看到——都是對執行力的更多關注，以及真正更好地關注我們如何分配庫存以滿足客戶需求以及如何解讀和應對市場。

Over time, our work around refining assortments and really clarifying the role of each brand in our portfolio to get better differentiation should help us continue to expand into those adjacent growth categories. And ultimately, the indicator there is going to be same-store sales. And how do we take a set of brands that have really, really high awareness and really get traction as it relates to consideration and conversion.

隨著時間的推移，我們致力於完善產品組合，真正明確每個品牌在產品組合中的作用，以實現更好的差異化，這應該有助於我們繼續擴展到相鄰的成長類別。最終的指標是同店銷售額。我們如何讓一系列知名度極高的品牌在考慮和轉換方面獲得真正的吸引力？

That I'm realistic about the fact that you behaved your way into that outcome, and we've got a lot of work to do across the assortment, work to do in terms of how we better tell stories and connect with customers. But the nice thing about it is, I think from maybe the spirit of your question, I think there's near-term things that are execution-related that allow us to drive improvement, like you're seeing in these results while we build towards the longer-term larger opportunities in our business.

我很現實地認識到，你們的行為導致了這樣的結果，我們還有很多工作要做，包括如何更好地講述故事和與客戶建立聯繫。但它的好處是，我想從你問題的精神來看，我認為有一些短期的事情與執行有關，這使我們能夠推動改進，就像你在這些結果中看到的那樣，同時我們正在朝著我們業務中更長期的更大的機會邁進。

Dana, with respect to store closures, we will evaluate the locations based on what -- even though they're negative contributors at this moment, we see some traction in our business. And we really want to understand the potential of the store based on the market and what the opportunity is. Is it within the four walls? Or is it the real estate location itself? And we're really leaning in with the store teams to understand what they believe the opportunity can be for us.

達娜，關於關閉門市的問題，我們將根據情況對地點進行評估——儘管它們目前是負面因素，但我們看到我們的業務有一些進展。我們確實想了解商店在市場上的潛力以及機會是什麼。它在四面牆內嗎？還是房地產地點本身？我們正與商店團隊密切合作，以了解他們認為這個機會能為我們帶來什麼。

So our marker will be top line performance, our ability to drive that four-wall contribution and then evaluate where we think is there a better location within the market for us for that store or elsewhere or does it shift to our e-commerce channel as an example. I think it's important to note that as we will also evaluate sales transference as an opportunity to drive profitability and we know that our jewelry consultants or our brand ambassadors are very important to the loyal customer base as well as the unique product offering that Signet brands can bring. So we'll put that in the context of the strategy as well to really evaluate the upside potential for all of our locations.

因此，我們的指標將是頂線業績、我們推動四面牆貢獻的能力，然後評估我們認為在市場上哪裡對我們來說是該商店還是其他地方有更好的位置，或者它是否會轉移到我們的電子商務管道。我認為值得注意的是，我們還會評估銷售轉移作為提高盈利能力的機會，我們知道我們的珠寶顧問或品牌大使對於忠實的客戶群以及Signet品牌可以帶來的獨特產品非常重要。因此，我們也會將其置於戰略背景中，以真正評估我們所有地點的上行潛力。

And then with respect to the repositions, we have very strong performing stores, and we want to anticipate properly what the potential decline of those malls might be, and we want to be ahead of any downturn potential in sales given a mall performance overall.

然後關於重新定位，我們擁有表現非常強勁的商店，我們希望正確預測這些商場的潛在下滑幅度，並且我們希望根據商場的整體表現領先於銷售下滑的可能性。

And so we're getting ahead of that over the next -- and we expect over the next two to three years to evaluate that. And we're in a good position to do that economically because of our average lease term is just over two years. So I really like the approach that we have to really improve our real estate position, the appearance of our fleet to match the brand strategy that we're laying out under Grow Brand Love.

因此，我們將在接下來的時間內提前做好這項工作——我們預計在未來兩到三年內對此進行評估。由於我們的平均租賃期限僅為兩年多一點，因此我們在經濟上處於有利地位。因此，我真的很喜歡我們的做法，即真正改善我們的房地產地位，讓我們的車隊外觀符合我們在「成長品牌之愛」下制定的品牌策略。

Mauricio Serna, UBS Financial.

瑞銀金融的 Mauricio Serna。

First, could you give us a range of where the first quarter to date comp sales are at? And also, would be very interested in seeing -- sorry, you get in more detail on how was the performance for Valentine's and kind of like the cadence after that, you saw like any changes in behavior?

首先，您能否告訴我們第一季迄今的銷售額範圍是多少？此外，我非常有興趣看看——抱歉，您能更詳細地了解情人節的表現以及之後的節奏嗎，您看到行為有什麼變化嗎？

And another follow-up on that, what are your expectations for the total industry, the jewelry industry in the US for this year in terms of growth?

另外，您對今年整個產業、美國珠寶產業的成長有何預期？

Well, I'll take the first two. So for the quarter, we're pleased with the performance on a comp sales basis, and -- quarter to date, we're at near the high end of our guidance range. So pleased with that, we saw a nice holiday as well.

好吧，我選擇前兩者。因此，就本季而言，我們對可比銷售額的表現感到滿意，而且本季迄今為止，我們的業績已接近預期範圍的高端。我很高興，我們也度過了一個愉快的假期。

The new product landed in time for the holiday build, and we were able to fortify key price points for gifting and in Bridal. And so we've seen improved levels related to both those factors. And I'd say, throughout the quarter, it's quarter-to-date, that's what we're seeing is towards the high end of our guide. So we feel pleased with where we're positioned currently.

新產品及時趕在節慶期間上市，我們得以鞏固禮品和新娘用品的關鍵價格點。因此，我們看到與這兩個因素相關的水平都有所提高。我想說，整個季度，也就是截至目前為止，我們看到的都是接近我們預期的高點。因此，我們對目前的狀況感到滿意。

Yeah. And I'd say, from an industry standpoint, within our guide, we see it flattish plus or minus low single digits. I think that's the consensus read you'd see out there, and that's kind of the way we've baked it into our guide.

是的。我想說，從行業角度來看，在我們的指導範圍內，我們看到它是持平的，正負個位數的低值。我認為這就是大家所看到的共識，也是我們將其融入指南的方式。

Great. And just another follow-up on gross margin. Like, how should we think about that for the year. I think you've alluded some modest merchandise margin expansion, but on a gross margin basis, how should we think about that? And any details on like the cadence of what could that look like for the year?

偉大的。這只是對毛利率的另一個後續關注。例如，我們今年應該如何考慮這個問題。我認為您提到了一些適度的商品利潤率擴大，但從毛利率來看，我們應該如何看待這一點？有沒有關於今年節奏的詳細資訊？

We have experienced in a moderate GMM expansion to date within our first quarter, and we're pleased with that. We have not assumed an increase in that expansion throughout the balance of the year within our guidance. So we expect to continue with a moderate expansion throughout the year.

到目前為止，我們在第一季經歷了適度的 GMM 擴張，我們對此感到滿意。在我們的指導範圍內，我們並沒有假設全年擴張幅度會增加。因此，我們預計全年將繼續適度擴張。

And sorry, one very last one. As you think about just like the high end and low end of the sales guide like from a -- I guess, like, what are like the puts and takes that get you from like the low end to the high end on new guide? Essentially, that's the question.

抱歉，這是最後一個問題。當您思考銷售指南的高端和低端時，我想，什麼樣的投入和產出能讓您從新指南的低端走向高端？本質上，這就是問題所在。

So as I mentioned earlier, Mauricio, if I'm understanding your question, I apologize, I think the voice is a bit garbled. The -- I mentioned the Bridal units and Bridal AUR, we're really in a range of low single digit increase, low single digit decrease and really looking at a range within Bridal and Fashion that balance each other.

所以正如我之前提到的，毛里西奧，如果我理解了你的問題，我很抱歉，我覺得聲音有點混亂。我提到了新娘用品單位和新娘用品 AUR，我們實際上處於低個位數增長和低個位數下降的範圍內，並且真正關注的是新娘用品和時尚用品內部相互平衡的範圍。

We're pleased with the AUR that we're seeing in bridal to date, very pleased with Fashion AUR that we're seeing. And so we're really toggling that being down low single to up low single in a unit basis and then really working through our sort and then driving AUR.

我們對迄今為止在新娘禮服領域看到的 AUR 感到非常滿意，對時尚領域的 AUR 也感到非常滿意。因此，我們實際上是在單位基礎上將低位單調轉換為高位單調，然後真正地進行排序，然後推動 AUR。

Jim Sanderson, Northcoast Research.

吉姆·桑德森（Jim Sanderson），Northcoast Research。

I wanted to go back to the many changes you outlined in process of Signet. I wonder how do you see the Signet profit model evolving in terms of flow-through on incremental sales, assuming business normalizes and you start to see some improvement on your sales trends? And this is in the context of the, let's say, 7% EBITDA margin you've been reporting the past couple of fiscal years.

我想回顧一下您在 Signet 過程中概述的諸多變化。我想知道，假設業務恢復正常並且您開始看到銷售趨勢有所改善，您如何看待 Signet 利潤模式在增量銷售額流轉方面的變化？這是基於您過去幾年報告的 7% EBITDA 利潤率。

So as we navigate the operating model change, we've noted, Jim, that there is $50 million to $60 million of cost out largely in SG&A offsetting most of the reset incentive comp. So as we think of driving comps in our core banners, we believe that that's the most efficient flow-through that we can expect. And then we will balance performance, as JK mentioned in his remarks, with the other brands within our portfolio to ensure that they're contributing.

因此，當我們進行營運模式變革時，我們注意到，吉姆，銷售、一般和行政費用中的成本為 5,000 萬至 6,000 萬美元，抵消了大部分重置激勵補償。因此，當我們考慮在核心橫幅中推動競爭時，我們相信這是我們可以期待的最有效的流程。然後，正如 JK 在演講中提到的那樣，我們將平衡我們投資組合中其他品牌的業績，以確保它們做出貢獻。

So our model is designed to continue to drive in merchandise margin expansion and continue to leverage SG&A with that comp for growth. So we would expect a range of 30% to 35% flow-through overall as we see comps increase. That's our goal and believe that the operating structure that we're putting forward that we should be able to achieve that over time.

因此，我們的模型旨在繼續推動商品利潤率的擴大，並繼續利用銷售、一般及行政費用來實現成長。因此，隨著可比較銷售額的增加，我們預計整體流通量將在 30% 至 35% 之間。這是我們的目標，我相信我們提出的營運結構應該能夠隨著時間的推移實現這一目標。

Yeah. Joan, the only other thing I'd add to it maybe to build on is I think having an outsized focus on our largest brands is the best way to pull that through. We're certainly evaluating the total portfolio. But for the most part, they're accretive, they just don't generate the same kind of top line impact to help pull it through. And so by maintaining that outsized focus on really Kay, Zales, Jared, and then the continued improvement in growth of our digital business, that really is the best way to maximize that opportunity.

是的。瓊，我唯一想補充的是，我認為，專注於我們最大的品牌是實現這一目標的最佳方式。我們當然正在評估整個投資組合。但大多數情況下，它們都是增值的，只是沒有產生相同的營收影響來幫助公司度過難關。因此，透過保持對 Kay、Zales 和 Jared 的真正關注，以及持續改善我們的數位業務的成長，這確實是最大化這一機會的最佳方式。

That's where our efforts are focused. And really, when you look at the lion's share of the strategic impact and the work that we've engaged in and continue to push through, it really is that outsized focus to make sure that we can pull it through.

這就是我們努力的重點。事實上，當你看到我們所參與並繼續推進的大部分策略影響和工作時，就會發現我們確實需要高度集中精力，以確保我們能夠完成任務。

All right. And just a quick follow-up question on the engagement category. Your range, I think, of low single-digit negative to positive, is that a reflection of you -- thinking you need to capture market share in order to achieve growth in the category? Or is the backdrop that the industry trend is flattish to declining? Just kind of how that range reflects what's going on with consumer demand, pardon me.

好的。這只是關於參與度類別的一個快速後續問題。我認為，您的範圍是從低個位數的負值到正值，這是否反映了您認為需要佔領市場份額才能實現該類別的成長？還是產業趨勢持平至下滑的背景？請原諒，這個範圍只是反映了消費者需求的情況。

We're seeing consumer demand for engagements up in January and as well as in February. And clearly, our goal, Jim, is to drive market share gain in the engagement category. And what we're positioning is a conservative view within our own model and within our guidance this year, but certainly, our intention is to drive market share gains as we see engagements continue to recover over the course of the year.

我們發現 1 月和 2 月消費者的參與需求都有增加。顯然，吉姆，我們的目標是推動參與度類別的市佔率成長。我們在今年的模型和指導中持保守觀點，但可以肯定的是，我們的目的是推動市場份額的成長，因為我們看到參與度在今年繼續恢復。

And you still see that recovery in process industry-wide? Is that the right way to think?

您還看到整個流程工業正在復甦嗎？這是正確的想法嗎？

We believe in the engagement recovery and directionally, and we are positioning our business within our guidance to capture that engagement recovery as it occurs.

我們相信參與度的恢復和方向性，並且我們正在指導範圍內定位我們的業務，以在參與度恢復時及時抓住它。

Thank you. At this time, I would like to turn the call back over to Mr. Symancyk for closing remarks.

謝謝。現在，我想將電話轉回給 Symancyk 先生，請他作最後發言。

Okay. Thank you, everybody, for your time today. This company has clear runway ahead, and I believe we have the right strategy with Grow Brand Love in place along with the strategic advantages to grow market share and drive shareholder value. Really, thank you for joining us today, and I look forward to sharing more of our progress as we move through the year. Thanks. Goodbye.

好的。謝謝大家今天抽出時間。這家公司有著清晰的未來發展道路，我相信我們透過制定 Grow Brand Love 策略獲得了正確的回報，同時也具有擴大市場佔有率和提高股東價值的策略優勢。真的，感謝您今天的加入，我期待在今年分享更多我們的進展。謝謝。再見。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. At this time, we ask that you please disconnect your lines.

謝謝您，先生。女士們、先生們，今天的電話會議到此結束。再次感謝您的參加。此時，請您斷開線路。