Signet Jewelers Ltd (SIG) 2022 Q2 法說會逐字稿

Good morning, and welcome to the Signet Jewelers Second Quarter Fiscal 2022 Earnings Call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎參加 Signet Jewelers 2022 財年第二季度財報電話會議。 （操作員說明）請注意正在記錄此事件。

I'd now like to turn the conference over to Vinnie Sinisi, Senior Vice President, Investor Relations and Treasury. Please go ahead, sir.

我現在想將會議轉交給投資者關係和財政部高級副總裁 Vinnie Sinisi。請繼續，先生。

Great. Thanks very much, Jason, and good morning, everyone. Welcome to our second quarter earnings conference call. On the call today are Signet's CEO, Gina Drosos; and Chief Financial and Strategy Officer, Joan Hilson.

偉大的。非常感謝 Jason，大家早上好。歡迎來到我們的第二季度收益電話會議。今天的電話會議是 Signet 的首席執行官 Gina Drosos；和首席財務和戰略官瓊·希爾森。

During today's presentation, we'll make certain forward-looking statements. Any statements that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially. We urge you to read risk factors, cautionary language and other disclosure on our annual report on 10-K, quarterlies on 10-Q and current reports on Form 8-K. 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.

在今天的演講中，我們將做出某些前瞻性陳述。任何非歷史事實的陳述都受到許多風險和不確定性的影響，實際結果可能存在重大差異。我們敦促您閱讀我們的 10-K 年度報告、10-Q 季度報告和 8-K 表格當前報告中的風險因素、警示性語言和其他披露。除法律要求外，我們不承擔根據新信息或未來事件修改或公開更新前瞻性陳述的義務。

During the call, we will discuss certain non-GAAP financial measures. For further discussion of those as well as reconciliations of them to GAAP measures, investors should review the news release we posted on our site at signetjewelers.com/investors.

在電話會議期間，我們將討論某些非公認會計原則的財務措施。要進一步討論這些以及它們與 GAAP 措施的對賬，投資者應查看我們在網站 signetjewelers.com/investors 上發布的新聞稿。

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

有了這個，我會把電話轉給吉娜。

Thank you, Vinnie, and thanks to all of you on the call with us today. First, let me begin by sending our thoughts and prayers to our colleagues and partners who were in the wake of Ida. We hope you and your loved ones are all safe and sound.

謝謝你，維尼，也感謝今天與我們通話的所有人。首先，讓我首先向在 Ida 之後的同事和合作夥伴表達我們的想法和祈禱。我們希望您和您所愛的人都平安無事。

Now on the quarter. Our performance this quarter reflects continued momentum in our Inspiring Brilliance transformation to maximize jewelry category strength and capture market share over the last year. Specifically, we are advancing and better integrating our banner value propositions, product newness, always-on marketing and Connected Commerce experiences.

現在在這個季度。我們本季度的表現反映了我們鼓舞人心的輝煌轉型的持續動力，以最大限度地提高珠寶品類的實力並在去年佔領市場份額。具體來說，我們正在推進和更好地整合我們的旗幟價值主張、產品新穎性、始終在線的營銷和互聯商務體驗。

Our team continues to accelerate our transformation and delight new and loyal customers through their passion, dedication and expanding capabilities and talents. Thank you to the Signet team. It's an honor to work alongside them.

我們的團隊繼續加速我們的轉型，並通過他們的熱情、奉獻精神以及不斷擴大的能力和才能取悅新的忠誠客戶。感謝 Signet 團隊。能和他們一起工作是一種榮幸。

There are 3 key messages that I'd like to leave you with today. First, we outperformed expectations and are raising our fiscal '22 guidance. Data-driven insights and our bespoke research capabilities enabled our team to quickly identify and make the most of changing consumer trends.

今天我想給你留下 3 條關鍵信息。首先，我們的表現超出預期，並正在提高我們的 22 財年指導。數據驅動的洞察力和我們定制的研究能力使我們的團隊能夠快速識別並充分利用不斷變化的消費趨勢。

Second, our Inspiring Brilliance strategies are working in an integrated manner. Our continued refinement of our banner value propositions are serving distinct customers with differentiated product assortments and experiences. Our Connected Commerce strategy is increasingly enabling more consumers to shop with us whenever, however and wherever they want.

其次，我們的 Inspiring Brilliance 戰略正在以綜合方式運作。我們不斷完善我們的旗幟價值主張，為不同的客戶提供差異化的產品分類和體驗。我們的互聯商務戰略越來越多地使更多消費者能夠隨時隨地與我們一起購物。

And third, we are continuing to strengthen our culture of innovation and agility. And our team members are embracing new capabilities with excellence. By investing in our people and attracting the best talent across the industries, our people and culture are becoming an even stronger competitive advantage.

第三，我們將繼續加強我們的創新和敏捷文化。我們的團隊成員正在以卓越的態度擁抱新的能力。通過投資於我們的員工並吸引各行業最優秀的人才，我們的員工和文化正在成為更強大的競爭優勢。

Now let me share some highlights from the second quarter. We delivered total sales of $1.8 billion this quarter. That's a same-store sales improvement of 97.4% compared to last year. We're pleased with this performance but are also mindful that we didn't meaningfully reopen our stores until about 2/3 of the way through the second quarter last year.

現在讓我分享第二季度的一些亮點。我們本季度的總銷售額為 18 億美元。與去年相比，同店銷售額增長了 97.4%。我們對這一表現感到滿意，但也注意到我們直到去年第二季度的大約 2/3 才有意義地重新開放我們的商店。

A better indicator of our performance is the comparison to 2 years ago when our fleet was fully operational. On that basis, this quarter represents same-store sales growth of 38.1%. Total revenue was nearly $425 million higher than 2 years ago despite having roughly 450 fewer stores, a 16% reduction in store count. This performance points to the importance of both Connected Commerce and our store footprint optimization.

與 2 年前我們的機隊全面投入運營時相比，我們表現的更好指標。在此基礎上，本季度同店銷售額增長 38.1%。儘管門店數量減少了大約 450 家，但總收入比 2 年前增加了近 4.25 億美元，門店數量減少了 16%。這一表現表明了互聯商務和我們的商店足跡優化的重要性。

As we continue to transform our operating model, we delivered non-GAAP operating margin of 12.5% this quarter, representing an 860 basis point improvement compared to this time 2 years ago. As a result of this strong momentum, our view of the back half is more positive than it was a few months ago, particularly for the third quarter.

隨著我們繼續轉變我們的運營模式，我們本季度實現了 12.5% 的非 GAAP 營業利潤率，與兩年前的這個時候相比提高了 860 個基點。由於這種強勁的勢頭，我們對下半年的看法比幾個月前更加積極，尤其是第三季度。

We are seeing a delay in the anticipated shift of spending toward travel and experiences, which, we believe, is primarily related to the COVID Delta variant. While we continue to put the health and safety of both our employees and customers first, we don't anticipate significant store closures in the back half of the fiscal year. These factors are why we're raising our guidance today, reflecting second quarter outperformance and third quarter momentum, while remaining cautious given potential macro headwinds.

我們看到預期的旅行和體驗支出轉移出現延遲，我們認為這主要與 COVID Delta 變體有關。雖然我們繼續將員工和客戶的健康和安全放在首位，但我們預計本財年後半期不會有大量門店關閉。這些因素是我們今天提高我們的指導的原因，反映了第二季度的優異表現和第三季度的勢頭，同時鑑於潛在的宏觀逆風保持謹慎。

To explain our second quarter performance, it's important to point out how our Inspiring Brilliance strategies are enabling our team to stay agile and create competitive opportunities. While category tailwinds existed in Q2, it was our differentiated assortments that resonated with customers, our Connected Commerce capabilities that increased conversion and our always-on targeted marketing that all worked in combination to deliver strong growth this quarter.

為了解釋我們第二季度的表現，重要的是要指出我們的 Inspiring Brilliance 戰略如何使我們的團隊保持敏捷並創造競爭機會。儘管第二季度存在品類順風，但正是我們的差異化產品組合引起了客戶的共鳴，我們的互聯商務功能提高了轉化率，我們始終如一的針對性營銷共同促成了本季度的強勁增長。

Recall that the Inspiring Brilliance phase of our transformation is built on 4 where-to-play strategies: winning in our biggest businesses, accelerating services, expanding accessible luxury and value and leading in digital commerce. As we aim to win in our big businesses, we focused on leaning into 4 consumer trends that our data identified early and our team worked to quickly execute against.

回想一下，我們轉型的“鼓舞人心的輝煌”階段建立在 4 大戰略的基礎上：贏得我們最大的業務、加速服務、擴大可訪問的奢侈品和價值以及引領數字商務。由於我們的目標是在我們的大企業中獲勝，我們專注於了解我們的數據及早發現的 4 個消費趨勢，我們的團隊致力於快速執行這些趨勢。

The first of these trends is strong consumer confidence. While this index took a step back in August, it was heightened throughout our second quarter and remains similar to levels earlier this year. Confidence is highest among millennials and higher-income customers. Our recent research also shows that 80% of U.S. consumers believe they are the same or better off economically today than they were before the pandemic. We've responded by providing additions to our assortments that offer higher-quality pieces at higher price points.

這些趨勢中的第一個是強大的消費者信心。儘管該指數在 8 月份有所回落，但在整個第二季度均有所上升，並與今年早些時候的水平相似。千禧一代和高收入客戶的信心最高。我們最近的研究還表明，80% 的美國消費者認為他們今天的經濟狀況與大流行之前相同或更好。作為回應，我們為我們的產品系列提供了更多產品，這些產品以更高的價格提供更高質量的產品。

The second trend is gifting at higher price points as customers continue to celebrate those closest to them. We identified this trend early and leaned into it at Valentine's Day and again at Mother's Day. In the week leading up to Mother's Day, we drove brick-and-mortar same-store sales growth of more than 30% to 2 years ago, with average transaction value up 18%. Similarly, growth in eCommerce over the same time period was more than 90%, showing that our Connected Commerce experience is resonating, both in store and online.

第二個趨勢是以更高的價格贈送禮物，因為客戶繼續慶祝最親近的人。我們很早就發現了這一趨勢，並在情人節和母親節再次關注它。在母親節前一周，我們推動實體店同店銷售增長超過 30% 至 2 年前，平均交易額增長 18%。同樣，同期電子商務的增長超過 90%，這表明我們的互聯商務體驗在實體店和在線上都引起了共鳴。

The third trend is higher self-purchasing among both women and men. Customers are seeking ways to express themselves by spending discretionary dollars on better-quality pieces that both hold their value over time and reflect their personal style. A great example of our response to this trend is our new Serena line being launched this week at the U.S. Open and now available at sales. This new 60-piece collection is a testament to Serena's self-love and strength and has been met with strong initial customer response.

第三個趨勢是女性和男性的自我購買率更高。客戶正在尋求通過將可自由支配的錢花在質量更好的作品上來表達自己的方式，這些作品既能隨著時間的推移保持其價值，又能反映他們的個人風格。我們對這一趨勢做出反應的一個很好的例子是我們本週在美國公開賽上推出的全新 Serena 系列產品，現已開始銷售。這個新的 60 件系列證明了 Serena 的自愛和力量，並得到了客戶的強烈反應。

Another good example is our decision to expand the fashion assortment available through James Allen. While still a relatively small portion of its overall sales, James Allen's second quarter fashion sales were up more than threefold to this time 2 years ago.

另一個很好的例子是我們決定通過 James Allen 擴大時尚品類。雖然在其整體銷售額中仍佔相對較小的一部分，但 James Allen 第二季度的時裝銷售額比兩年前的這個時候增長了三倍多。

The fourth trend I'd like to highlight is the rising tide of engagements. Our research indicates 15% of committed couples or approximately 2.3 million couples plan to get engaged this calendar year, which is up high single digits to a typical pre-pandemic year. As a company, we have tremendous expertise in providing customers with education and counsel, both in-store and online, which builds trust on such an important decision. Customers are responding, as we saw total sales of our bridal category increase over $150 million or 25% this quarter to 2 years ago.

我想強調的第四個趨勢是訂婚的上升趨勢。我們的研究表明，15% 的忠誠夫婦或大約 230 萬對夫婦計劃在本日曆年訂婚，這比大流行前的典型年份高出個位數。作為一家公司，我們在為客戶提供店內和在線教育和諮詢方面擁有豐富的專業知識，這在如此重要的決定上建立了信任。客戶正在響應，因為我們看到我們的新娘類別的總銷售額在本季度到 2 年前增加了超過 1.5 億美元或 25%。

While our strategies are working together to respond to these trends, I think the continued refinement of our banner differentiation shines brightest here. Recall that while our banners are well positioned to serve any customer journey, each of them is best positioned to serve a specific one.

雖然我們的戰略正在共同努力應對這些趨勢，但我認為我們的橫幅差異化的持續改進在這裡最為耀眼。回想一下，雖然我們的橫幅可以很好地服務於任何客戶旅程，但它們中的每一個都最適合為特定的客戶服務。

For example, our data analytics on Kay shows that new customers are 700 basis points more likely to be on a milestone gifting and holiday or holiday purchase journey, aligning with Kay's target of the generous sentimentalist. Meanwhile, Zales continues to refine their approach to attract the bold statement maker, and we can measure our progress. Zales' new customers in the first half of the year are 400 basis points more likely to be on a self-purchase journey than 2 years ago.

例如，我們對 Kay 的數據分析表明，新客戶更有可能參加里程碑式的送禮和假期或假期購買之旅，這與 Kay 的慷慨多愁善感者的目標一致。與此同時，Zales 繼續改進他們的方法以吸引大膽的聲明製定者，我們可以衡量我們的進展。 Zales 今年上半年的新客戶進行自助購買的可能性比 2 年前高 400 個基點。

One of the ways that we've driven this differentiation is through the continued refinement of our assortment. This includes engagement rings at Kay with the larger center stones and more fancy cuts, higher-quality diamonds and metals available through the Chosen line at Jared or our increasing assortment of diamond pieces at Pagoda.

我們推動這種差異化的方法之一是不斷完善我們的產品系列。這包括 Kay 的訂婚戒指，其中心寶石更大，切割更花哨，通過 Jared 的 Chosen 線或我們在 Pagoda 的不斷增加的鑽石產品種類提供更高質量的鑽石和金屬。

Alongside our efforts to provide a differentiated and consumer-inspired assortment is our focus on a healthy inventory position. Through a series of integrated initiatives, we've driven a 40% improvement to our overall inventory turn since we began our transformation.

除了我們努力提供差異化和受消費者啟發的分類外，我們還專注於健康的庫存狀況。通過一系列綜合舉措，自我們開始轉型以來，我們的整體庫存周轉率提高了 40%。

First, we've improved the design and testing phase of our merchandise cycle so that we can lean into trends faster and at a scale that is unmatched in our category. Second, we are rationalizing our SKUs dynamically with data-driven precision to focus on assortments that resonate most, thereby reducing buildups of sell-down or clearance merchandise. These efforts enable us to lower inventory levels while giving customers higher access to newness.

首先，我們改進了商品週期的設計和測試階段，以便我們可以更快地了解趨勢，並且規模在我們的類別中是無與倫比的。其次，我們正在以數據驅動的精度動態地合理化我們的 SKU，以專注於最能引起共鳴的分類，從而減少銷售或清倉商品的積累。這些努力使我們能夠降低庫存水平，同時讓客戶更容易獲得新產品。

A clear example here is Kay. New or high-turn inventory penetration at Kay is now 50% higher than it was 2 years ago. I'd also note that we've applied this playbook to our [Mimo] inventory as well, a decision that has led to more effective purchasing and has bolstered our vendor relationships. Given potential macroeconomic headwinds, these improvements to our inventory and merchandise strategies are important to helping us remain agile.

一個明顯的例子是凱。 Kay 的新庫存或高周轉庫存滲透率現在比 2 年前高出 50%。我還要指出，我們也將本手冊應用於我們的 [Mimo] 庫存，這一決定導致更有效的採購併加強了我們的供應商關係。鑑於潛在的宏觀經濟逆風，我們對庫存和商品策略的這些改進對於幫助我們保持敏捷非常重要。

Services is our second where-to-play strategy, and we're making good progress here as well. We see an opportunity to grow services into a $1 billion business. Not only do services carry higher margins, they are strategic as they drive trust and long-term relationships.

服務是我們的第二個遊戲策略，我們在這方面也取得了良好的進展。我們看到了將服務發展為價值 10 億美元的業務的機會。服務不僅帶來更高的利潤，而且在推動信任和長期關係方面具有戰略意義。

Trust is key when a customer hands us a treasured piece of jewelry to repair or when they ask us to safely pierce a part of their body or when they act on the counsel of our jewelry consultants to choose and customize the perfect engagement ring. Every time we earn a customer's trust, we take a step towards building a relationship that will last a lifetime.

當客戶將一件珍貴的珠寶交給我們修理時，或者當他們要求我們安全地刺穿他們身體的一部分時，或者當他們按照我們的珠寶顧問的建議選擇和定製完美的訂婚戒指時，信任是關鍵。每次我們贏得客戶的信任，我們就朝著建立一種持續一生的關係邁出了一步。

And we're working to provide services at every relevant touch point in a customer's purchase journey. For example, in July, we took another step in the transformation of our financial services. We now have long-term agreements with strategic credit partners, which lower our costs and provide customers with a broader and more flexible range of payment options.

我們正在努力在客戶購買過程中的每個相關接觸點提供服務。例如，7月份，我們在金融服務的轉型上又邁出了一步。我們現在與戰略信貸合作夥伴簽訂了長期協議，這降低了我們的成本，並為客戶提供了更廣泛、更靈活的支付選擇。

Customization is also an increasingly important service. In a recent survey, 36% of retail consumers expressed interest in customizing their products and services and 20% indicated that they're willing to pay a premium. Over 80% of bridal customers express interest in some level of customization for their engagement and wedding rings.

定制也是一項越來越重要的服務。在最近的一項調查中，36% 的零售消費者表示有興趣定制他們的產品和服務，20% 表示他們願意支付溢價。超過 80% 的新娘客戶表示對訂婚和結婚戒指的某種程度的定制感興趣。

These insights are reflected in the performance of our Jared foundry experience. Stores with foundries delivered roughly 10% higher sales than Jared locations without them this quarter. This unique offering combines on-site jewelers with computer-assisted design software and 3D printing to provide an experience that customers cannot get at most other jewelry stores. With roughly 50 foundry locations today, we will continue investing in its rollout as we plan to have more than 70 Jareds with foundry experience this fiscal year.

這些見解反映在我們 Jared 代工經驗的表現中。本季度，擁有鑄造廠的商店的銷售額比沒有鑄造廠的 Jared 門店高出約 10%。這種獨特的產品將現場珠寶商與計算機輔助設計軟件和 3D 打印相結合，為客戶提供大多數其他珠寶店無法獲得的體驗。今天大約有 50 個代工地點，我們將繼續投資於其推出，因為我們計劃在本財年擁有 70 多個具有代工經驗的 Jareds。

Our third where-to-play strategy is expanding the mid-market by growing accessible luxury and value through the continued differentiation of our banner portfolio. As an example, take Kay and Jared. Kay is our broadest-reaching banner, positioned squarely in the mid-market. We've been pushing Jared toward the higher end of the mid-market, or what we refer to as accessible luxury. The traction of this strategy is proving out in our results.

我們的第三個遊戲戰略是通過我們的橫幅產品組合的持續差異化增加可訪問的奢侈品和價值來擴大中端市場。以 Kay 和 Jared 為例。 Kay 是我們覆蓋面最廣的旗幟，直接定位於中端市場。我們一直在將 Jared 推向中端市場的高端，或者我們所說的平易近人的奢侈品。我們的結果證明了這一策略的吸引力。

In the second quarter, Jared's average transaction value was 86% higher than Kay's, up from roughly 31% differential this time 2 years ago. This differentiation allows our scaled banner portfolio to reach more customers with their ideal assortment and value. And we're -- we are following this playbook across our portfolio, including our U.K. banners, as we work to further differentiate between Ernest Jones and H.Samuel.

在第二季度，Jared 的平均交易價值比 Kay 高 86%，高於兩年前大約 31% 的差異。這種差異化使我們規模化的橫幅產品組合能夠以理想的分類和價值吸引更多客戶。我們正在 - 我們在我們的投資組合中遵循這個劇本，包括我們的英國橫幅，因為我們努力進一步區分 Ernest Jones 和 H.Samuel。

On the value end of the mid-market, we've continued the rollout of our rebranding test, Banter by Piercing Pagoda, that we began in 100 stores at the end of April. Based on promising results, we expanded to bring the total to 200 stores on August 2. At the same time, we launched banter.com. This new mobile-first site represents an exciting opportunity because the target customer is digitally savvy and most likely to shop from their mobile device.

在中端市場的價值端，我們繼續推出我們的品牌重塑測試，即 Piercing Pagoda 的戲謔，我們於 4 月底在 100 家商店開始了該測試。基於可喜的結果，我們在 8 月 2 日將門店總數擴大到 200 家。同時，我們推出了 banter.com。這個新的移動優先網站代表了一個令人興奮的機會，因為目標客戶精通數字技術並且最有可能通過他們的移動設備購物。

But our eCommerce penetration has historically been among the lowest of our banners. Results of this new site are still very early, but encouraging. Online traffic has doubled, and interaction times on the site have increased 25%. Importantly, we're seeing a lift from both new customers and existing Pagoda customers, unlocking new levels of customer acquisition and growth.

但我們的電子商務滲透率歷來是我們旗幟中最低的。這個新網站的結果還很早，但令人鼓舞。在線流量翻了一番，網站上的互動時間增加了 25%。重要的是，我們看到新客戶和現有 Pagoda 客戶的提升，開啟了新的客戶獲取和增長水平。

Our fourth and final where-to-play strategy is leading digital commerce in the jewelry industry. I want to put particular emphasis on this because it is so fundamental to our strategy. If winning in our biggest businesses is our foundation, then leading in Connected Commerce is our accelerator. The 2 together, combined with services and mid-market expansion, are multipliers.

我們的第四個也是最後一個戰略是引領珠寶行業的數字商務。我想特別強調這一點，因為它對我們的戰略至關重要。如果在我們最大的業務中獲勝是我們的基礎，那麼在互聯商務領域處於領先地位就是我們的加速器。這兩者，再加上服務和中端市場擴張，是乘數。

Connected Commerce is not brick-and-mortar or eCommerce or digital. It's the and, the integration of customer experiences, leveraging in-store and online and mobile and ubiquitous delivery as both a mindset and a capability. It's data-driven and channel-agnostic, and it is seamless. It brings our people and our technology together in a more powerful way.

互聯商務不是實體的、電子商務的或數字的。它是客戶體驗的整合，利用店內和在線以及移動和無處不在的交付作為一種心態和能力。它是數據驅動和渠道無關的，而且是無縫的。它以更強大的方式將我們的員工和我們的技術結合在一起。

In fact, our Connected Commerce capabilities are adding more opportunities to meet our customers through video calls, buy-online, pick-up-in-store services and more. Customers are also growing more comfortable buying jewelry online. We recognize that the pandemic was a factor in this shift as 78% of consumers have said that the pandemic made them realize that shopping online is better and easier than their previous perception.

事實上，我們的互聯商務功能正在增加更多通過視頻通話、在線購買、店內提貨服務等方式與客戶會面的機會。客戶也越來越願意在網上購買珠寶。我們認識到大流行是這種轉變的一個因素，因為 78% 的消費者表示大流行使他們意識到在線購物比他們以前的看法更好、更容易。

We continue aiming to be at the forefront of this trend by working to provide an innovative digital shopping experience. Of engaged couples in 2021, roughly 30% said they bought their engagement ring online, which is more than double the amount in calendar 2019.

通過努力提供創新的數字購物體驗，我們將繼續致力於走在這一趨勢的前沿。在 2021 年訂婚的夫婦中，大約 30% 的人表示他們在網上購買了訂婚戒指，這是 2019 年的兩倍多。

Customers are also looking for convenience, capabilities like virtual consulting, buy online, pick up in store and ship from store are changing the way that many customers shop with us. In Kay, more than 25% of online orders this quarter utilized at least one of these capabilities. And in Jared, it was over 30% of online orders.

客戶也在尋求便利，虛擬諮詢、在線購買、店內取貨和店內發貨等功能正在改變許多客戶與我們一起購物的方式。在 Kay，本季度超過 25% 的在線訂單至少使用了其中一項功能。在 Jared，它佔在線訂單的 30% 以上。

Last quarter, we implemented Google Business Messenger and Apple Business Chat as additional ways for customers to reach our virtual jewelry consultants. This is important because we know that when our virtual consultants establish a human connection through these conversations or help customers book an in-store appointment, we drive higher rates of conversion.

上個季度，我們實施了 Google Business Messenger 和 Apple Business Chat，作為客戶聯繫我們的虛擬珠寶顧問的額外方式。這很重要，因為我們知道，當我們的虛擬顧問通過這些對話建立人際聯繫或幫助客戶預訂店內預約時，我們會提高轉化率。

For example, within Ernest Jones, 20% of our in-store business is now the result of appointments that were made online. Of those appointments, over 70% results in a sale that averages 4x what a walk-in customer spends. We continue to believe that blending physical and virtual experiences will be a core customer expectation for fine jewelry and a Signet competitive advantage in the years to come.

例如，在 Ernest Jones 內部，我們 20% 的店內業務現在是在線預約的結果。在這些預約中，超過 70% 的銷售額平均是步入式客戶花費的 4 倍。我們仍然相信，融合物理和虛擬體驗將成為未來幾年高級珠寶的核心客戶期望和 Signet 競爭優勢。

Now a few words on the potential headwinds ahead. Our research indicates that younger unvaccinated customers, those aged 18 to 49, and particularly those with young children, are more concerned about COVID variants than older customers. This growing concern may impact shopping behaviors among younger people. So we're preparing to meet them wherever and however they want to shop with us across our Connected Commerce ecosystem, including online, curbside pickup, same-day concierge delivery.

現在談談未來的潛在不利因素。我們的研究表明，年齡在 18 至 49 歲之間的未接種疫苗的年輕客戶，尤其是有小孩的客戶，比年長客戶更關心 COVID 變種。這種日益增長的擔憂可能會影響年輕人的購物行為。因此，我們準備與他們會面，無論他們想在我們的互聯商務生態系統中以何種方式與我們一起購物，包括在線、路邊取貨、當日禮賓服務。

That said, we also know that these customers are relatively more comfortable being in malls and shopping centers than on planes, in concert venues and at spas. So as travel and experiences take a backseat, we're advancing our flexible fulfillment options, while also meeting customers' desires to celebrate those closest to them with gifts of significance and lasting value.

也就是說，我們也知道這些顧客在商場和購物中心比在飛機上、音樂會場地和水療中心更舒服。因此，隨著旅行和體驗退居二線，我們正在推進靈活的履行選項，同時也滿足客戶的願望，用有意義和持久價值的禮物來慶祝最親近的人。

Inflation is the other concern that we're seeing in our research. As prices for essentials increase and as stimulus programs wane, naturally, customers' discretionary income decreases. However, within jewelry, this trend still plays to our competitive strengths and to our optimized assortments.

通貨膨脹是我們在研究中看到的另一個問題。隨著必需品價格的上漲和刺激計劃的減弱，客戶的可自由支配收入自然會減少。然而，在珠寶領域，這一趨勢仍然對我們的競爭優勢和我們優化的分類發揮了作用。

Customers, particularly higher-income and engagement customers, will continue to spend discretionary dollars focused on purchases with lasting value. With our scale and trusted network of vendors, we're able to offer product assortments that provide excellent value across a variety of price points, which also align with our margin goals.

客戶，尤其是收入較高和參與度較高的客戶，將繼續將可自由支配的資金用於購買具有持久價值的商品。憑藉我們的規模和值得信賴的供應商網絡，我們能夠提供在各種價位上提供卓越價值的產品組合，這也符合我們的利潤目標。

In summary, our ability to capitalize on category momentum with increasingly strong execution of our Inspiring Brilliance strategies, as well as remain agile in a time of uncertainty, is a reflection of our culture and our people. In a recent survey, 85% of our team members said they are proud to work at Signet, illustrating the dedication and commitment to performance within our company.

總而言之，我們能夠通過越來越強大的 Inspiring Brilliance 戰略執行來利用品類發展勢頭，並在不確定的時期保持敏捷，這反映了我們的文化和員工。在最近的一項調查中，我們 85% 的團隊成員表示他們為在 Signet 工作感到自豪，這表明了我們公司對績效的奉獻和承諾。

We're unlocking incredible discretionary effort among our team, while also attracting top talent from within the retail industry and beyond. All of this creates a powerful cycle, capabilities that translate into positive customer experiences, continuing innovation, productive execution and talent advancements. And it's the strength of our organization and improving agility of our culture that drives my confidence in our near- and long-term performance more than any other factor.

我們正在釋放團隊中令人難以置信的自由裁量權，同時還吸引了零售行業內外的頂尖人才。所有這些都創造了一個強大的循環，轉化為積極的客戶體驗、持續創新、高效執行和人才提升的能力。正是我們組織的力量和我們文化的敏捷性提高了我對我們近期和長期業績的信心，而不是其他任何因素。

On that note, I'll turn this over to Joan, who will share her insights into what's working and what's ahead. Joan?

關於這一點，我將把它交給瓊，她將分享她對什麼是有效的和什麼是未來的見解。瓊?

Thank you, Gina, and hello, everyone. The team delivered strong results this quarter, working to maximize the jewelry category strength with our new capabilities.

謝謝你，吉娜，大家好。該團隊在本季度取得了強勁的業績，努力利用我們的新能力最大限度地提高珠寶品類的實力。

As I talk to our performance, there are 3 key messages to highlight. First, we expanded operating margin by leveraging fixed costs, growing merchandise margins and achieving higher labor productivity and additional cost savings.

當我談到我們的表現時，有 3 個關鍵信息需要強調。首先，我們通過利用固定成本、增加商品利潤率以及實現更高的勞動生產率和額外的成本節約來擴大營業利潤率。

Second, we are raising guidance to reflect our Q2 beat and a stronger Q3, given current business momentum and the delay of the anticipated shift to experience-related spending, which we believe is primarily due to the Delta variant. We are maintaining a conservative view of the fourth quarter due to macro uncertainty related to COVID-19 variants and the impact of government support policies on consumer spend.

其次，鑑於當前的業務勢頭和預期轉向體驗相關支出的延遲，我們正在提高指導以反映我們的第二季度業績和第三季度的強勁表現，我們認為這主要是由於 Delta 變體。由於與 COVID-19 變體相關的宏觀不確定性以及政府支持政策對消費者支出的影響，我們對第四季度保持保守看法。

And third, aligned with our capital priorities, we've expanded our authorized repurchases to $225 million to reflect our confidence in our longer-term growth opportunities and the strength of our balance sheet and cash flow.

第三，根據我們的資本優先事項，我們已將授權回購擴大至 2.25 億美元，以反映我們對長期增長機會以及資產負債表和現金流的實力的信心。

Now turning to the quarter. Our total sales of $1.8 billion reflect growth of more than 100% over last year. We continue to overcome lower levels of retail industry foot traffic through higher conversion, higher average transaction values and Connected Commerce capabilities. I'd also note that this quarter reflects the return of brick-and-mortar business for our U.K. banners.

現在轉向季度。我們的總銷售額為 18 億美元，比去年增長了 100% 以上。我們通過更高的轉化率、更高的平均交易價值和互聯商務能力繼續克服零售業客流量的低水平。我還要指出，本季度反映了我們英國橫幅實體業務的回歸。

Moving on to gross margin. We delivered approximately $780 million this quarter or 40% of sales. This is a 650 basis point improvement compared to the second quarter 2 years ago. Leveraging of fixed cost contributed more than 400 basis points of the improvement.

繼續毛利率。我們本季度交付了大約 7.8 億美元，佔銷售額的 40%。與兩年前的第二季度相比，這提高了 650 個基點。固定成本的槓桿作用為改善貢獻了 400 多個基點。

The remaining factors were driven by sustained cost savings and merchandise margin expansion. A favorable merchandise mix, complemented by increasing levels of service revenue, enhanced discount controls and targeted promotions drove the expansion. This combination of drivers is an example of the strategy we detailed at our virtual investor event earlier this year.

其餘因素是由持續的成本節約和商品利潤率擴張推動的。有利的商品組合，加上不斷提高的服務收入水平、加強的折扣控制和有針對性的促銷，推動了擴張。這種驅動因素的組合是我們在今年早些時候的虛擬投資者活動中詳細介紹的策略的一個例子。

SG&A was approximately $503 million or 28% of sales. This rate reflects a 210 basis point improvement to 2 years ago. Our data-driven labor model continues to be one of the largest factors in our cost efficiency. It's worth noting that this model continues to make use of flexible store hours by removing unproductive store operating hours, where possible.

SG&A 約為 5.03 億美元，佔銷售額的 28%。這一比率比 2 年前提高了 210 個基點。我們的數據驅動的勞動力模型仍然是我們成本效率的最大因素之一。值得注意的是，這種模式繼續利用靈活的商店營業時間，盡可能取消非生產性商店營業時間。

In other words, though overall traffic is down, we're increasing traffic per store hour. This model has delivered a sales per labor hour improvement of more than 70% to 2 -- to this time 2 years ago, while also contributing to our decrease in employee turnover compared to the same time period.

換句話說，雖然整體客流量下降，但我們正在增加每個商店小時的客流量。到 2 年前的這個時候，這種模式將每工時的銷售額提高了 70% 以上，達到了 2 倍，同時也有助於我們的員工流失率與同期相比有所下降。

Non-GAAP operating profit was $223 million compared to an operating loss of $41.7 million in the prior year. Second quarter non-GAAP diluted EPS was $3.57, including a discrete tax benefit of $0.80 per share. This is due to a release of a valuation allowance against deferred tax assets as our performance has significantly improved since it was recorded. This compares to prior year non-GAAP diluted loss per share of $1.13 and diluted EPS of $0.51 2 years ago.

非美國通用會計準則營業利潤為 2.23 億美元，而上一年的營業虧損為 4170 萬美元。第二季度非公認會計原則攤薄後每股收益為 3.57 美元，其中包括每股 0.80 美元的離散稅收優惠。這是由於我們的業績自記錄以來已顯著改善，因此針對遞延稅項資產釋放了估值準備金。相比之下，上一年非公認會計原則攤薄後每股虧損為 1.13 美元，兩年前攤薄後每股收益為 0.51 美元。

Turning to the balance sheet. We made significant progress in strengthening our financial health this quarter, and I'd like to offer some additional perspective. Starting with inventory, we're improving the health of our inventory, both in productivity and margin capture, as well as broadening the accessibility of our inventory to customers. This has resulted in both a 40% improvement to inventory turn and a reduction in overall inventory levels.

轉向資產負債表。本季度我們在加強財務健康方面取得了重大進展，我想提供一些額外的觀點。從庫存開始，我們正在改善庫存的健康狀況，包括生產力和利潤獲取，以及擴大我們庫存對客戶的可及性。這導致庫存周轉率提高了 40% 並降低了整體庫存水平。

To achieve this, we took 3 key strategic actions. We reduced the level of end-of-life and slow-turning product through strategic promotions. We are also leveraging flexible fulfillment capabilities, such as ship from store and buy online, pick up in store, driving increased inventory access and visibility for our customers and team members. We've leaned into our consumer insights, improved design and test cycle to ensure that the new product that we bring in is better aligned with our banner value propositions, thereby reducing the amount of inventory that reaches the sell-down or clearance stage of product life cycle.

為實現這一目標，我們採取了 3 項關鍵戰略行動。我們通過戰略促銷降低了報廢和周轉緩慢的產品水平。我們還利用靈活的履行功能，例如從商店發貨並在線購買、在商店取貨，從而為我們的客戶和團隊成員增加庫存訪問和可見性。我們已經深入了解我們的消費者洞察，改進設計和測試週期，以確保我們帶來的新產品更好地與我們的旗幟價值主張保持一致，從而減少達到產品銷售或清倉階段的庫存量生命週期。

Moving on to liquidity. We have financial flexibility to continue investing in our long-term growth, recently enhanced by the extension of our ABL facility. Alongside this, we've removed the customer credit risk from our balance sheet with the recently announced agreements with financial services partners. We're in a net cash position, including both our long-term debt and preferred share obligations, positioning us well to deliver on our capital priorities.

轉向流動性。我們具有財務靈活性，可以繼續投資於我們的長期增長，最近通過我們的 ABL 設施的擴展得到增強。除此之外，我們還通過最近宣布的與金融服務合作夥伴的協議從資產負債表中消除了客戶信用風險。我們處於淨現金狀況，包括我們的長期債務和優先股義務，使我們能夠很好地實現我們的資本優先事項。

Our first priority is to invest in the business. This primarily includes investment in digital capabilities, technology and banner value propositions. This also includes the evaluation of acquisition opportunities that align with our Inspiring Brilliance strategy, such as Rocksbox, which we announced earlier this year.

我們的首要任務是投資業務。這主要包括對數字能力、技術和橫幅價值主張的投資。這還包括評估與我們的 Inspiring Brilliance 戰略相一致的收購機會，例如我們今年早些時候宣布的 Rocksbox。

Our second priority is to focus on our debt, with the goal of reducing our adjusted debt-to-EBITDA leverage ratio to below 3x. I'd note that the recent extension of our ABL facility through July 2026 provides us an additional option to address our 2024 senior note and preferred share obligations.

我們的第二個優先事項是關注我們的債務，目標是將調整後的債務與 EBITDA 的槓桿比率降至 3 倍以下。我注意到，我們最近將 ABL 設施延長至 2026 年 7 月，為我們提供了解決 2024 年優先票據和優先股義務的額外選擇。

Our third priority is returning capital to shareholders. Last quarter, we reinstated our common dividend. And as we announced today, we've expanded our current authorization of share repurchases to $225 million, which we'll evaluate on an opportunistic basis.

我們的第三個優先事項是向股東返還資本。上個季度，我們恢復了共同股息。正如我們今天宣布的那樣，我們已將當前的股票回購授權擴大到 2.25 億美元，我們將在機會主義的基礎上對其進行評估。

Now I'd like to discuss our fiscal 2022 financial guidance. We are raising our full year guidance to reflect the Q2 beat and current business momentum. Factor into our view of Q3 is a delay in the anticipated shift to experiences-related spending, primarily a result of the Delta variant.

現在我想討論我們的 2022 財年財務指導。我們正在提高我們的全年指導以反映第二季度的節拍和當前的業務勢頭。我們對第三季度的看法的因素是預期轉向體驗相關支出的延遲，這主要是由於 Delta 變體。

We are maintaining a conservative view of the fourth quarter due to macro uncertainty related to COVID-19 variants and the impact of government support policies on consumer spend. Building on last year, our back half strategy includes always-on marketing, earlier receipt of holiday assortment and a promotional cadence designed to drive earlier holiday shopping into the third quarter to create less reliance on the fourth quarter.

由於與 COVID-19 變體相關的宏觀不確定性以及政府支持政策對消費者支出的影響，我們對第四季度保持保守看法。在去年的基礎上，我們的後半部分戰略包括始終在線營銷、提前接收假日分類以及旨在將提前假日購物推向第三季度的促銷節奏，以減少對第四季度的依賴。

We expect third quarter sales in the range of $1.26 billion to $1.31 billion, with same-store sales in the range of down 3% to up 1% and non-GAAP EBIT of $10 million to $25 million. Within Q3 guidance, we've embedded higher marketing and store staff expenses to last year as well as the favorable impact from our recently enhanced credit agreements. Implied in our guidance is fourth quarter negative same-store sales in the range of low to mid-single digits.

我們預計第三季度銷售額在 12.6 億美元至 13.1 億美元之間，同店銷售額將下降 3% 至上升 1%，非美國通用會計準則息稅前利潤為 1000 萬美元至 2500 萬美元。在第三季度的指導中，我們將去年的營銷和商店員工費用以及我們最近增強的信貸協議的有利影響納入了考慮。我們的指引暗示第四季度負同店銷售額在低到中個位數範圍內。

For the fiscal year, we now expect total sales within the range of $6.8 billion to $6.95 billion, with same-store sales in the range of 30% to 33% and non-GAAP EBIT of $618 million to $673 million. Our guidance assumes no significant level of store closures resulting from COVID variants. And as we've already begun acting on our holiday strategy, we assume no meaningful impact to sourcing or fulfillment arising from inflation or pricing environment changes.

對於本財年，我們現在預計總銷售額在 68 億美元至 69.5 億美元之間，同店銷售額在 30% 至 33% 之間，非美國通用會計準則息稅前利潤為 6.18 億美元至 6.73 億美元。我們的指導假設 COVID 變體不會導致大量商店關閉。由於我們已經開始實施我們的假期策略，我們假設通貨膨脹或定價環境變化不會對採購或履行產生有意義的影響。

As we continue to optimize our footprint, we remain on track to open up to 100 locations and close at least 100. We've opened 37 locations so far this year and closed 33, including 10 mall closures that were then reopened in off-mall locations. Recall, over the past 18 months, we've evolved our real estate strategy from strict fleet rationalization to fleet optimization. This quarter has shown the benefits of this approach as our mall and off-mall locations drove similar performance levels.

隨著我們繼續優化我們的足跡，我們仍有望開設多達 100 家門店並關閉至少 100 家。今年到目前為止，我們已開設 37 家門店並關閉 33 家，其中包括 10 家關閉的購物中心，然後在非購物中心重新開放地點。回想一下，在過去的 18 個月裡，我們已經將我們的房地產戰略從嚴格的車隊合理化演變為車隊優化。本季度展示了這種方法的好處，因為我們的商場和非商場位置推動了相似的績效水平。

Lastly, recall that I mentioned expected capital expenditures in the range of $190 million to $200 million. This represents a narrowing of our previous range of $175 million to $200 million as we continue fueling Connected Commerce. Further, as we've identified incremental cost savings within gross margin and other indirect spend, we're raising our expected cost savings for the year from a range of $75 million to $95 million to a range of $85 million to $105 million.

最後，回想一下我提到的預期資本支出在 1.9 億美元到 2 億美元之間。隨著我們繼續推動互聯商務，這代表了我們之前 1.75 億美元至 2 億美元的範圍縮小。此外，由於我們在毛利率和其他間接支出中發現了增量成本節約，我們將今年的預期成本節約從 7500 萬美元到 9500 萬美元提高到 8500 萬美元到 1.05 億美元。

Before we open the call for Q&A, I'd like to take a moment to thank our Signet team. Our team continues to be a driving force for this company as their commitment to our strategies delivered strong performance this quarter. It is an exciting time for Signet as we continue through our transformation, and I'm proud to work alongside such a devoted team.

在我們打開問答電話之前，我想花一點時間感謝我們的 Signet 團隊。我們的團隊繼續成為這家公司的驅動力，因為他們對我們戰略的承諾在本季度取得了強勁的業績。對於 Signet 來說，這是一個激動人心的時刻，我們將繼續轉型，我很自豪能與這樣一支敬業的團隊一起工作。

And now I'll turn the call over to the operator to begin the Q&A session.

現在我將把電話轉給接線員開始問答環節。

(Operator Instructions) Our first question comes from Ike Boruchow from Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的 Ike Boruchow。

This is Will on for Ike. I just wanted to ask about gross margin. You said you had another 600 basis points over pre-pandemic levels. Can you just talk a little bit about the sustainability into the back half of these levels? I mean do you expect it to revert to more normal levels in the back half? Or how should we think about gross margin?

這是艾克的威爾。我只是想問一下毛利率。你說你比大流行前的水平又多了 600 個基點。你能談談這些級別後半部分的可持續性嗎？我的意思是你希望它在後半部分恢復到更正常的水平嗎？或者我們應該如何看待毛利率？

So I'll take that, Will. The gross margin in the second quarter was really driven by several things. One is, consistently, we're seeing that our assortment and the response to our assortment is very strong and is broad-based. We've targeted our markdowns and our promotions very specifically rather than broad-based. So that's also helping the margin expansion.

所以我會接受的，威爾。第二季度的毛利率實際上是由幾件事推動的。一是，始終如一地，我們看到我們的分類和對我們分類的反應非常強大並且基礎廣泛。我們非常具體地針對我們的降價促銷和促銷活動，而不是基於廣泛的目標。因此，這也有助於擴大利潤率。

And thirdly, discount controls, enhanced controls is expanding our merch margin. And then I would say that the occupancy costs and the leverage of fixed -- leveraging of that fixed cost, but also the reduction of occupancy costs related to our store closures is also helping that gross margin expansion.

第三，折扣控制，增強控制正在擴大我們的商品利潤。然後我想說的是，入住成本和固定槓桿——利用該固定成本，以及與我們關閉商店相關的入住成本的降低，也有助於毛利率的擴大。

And so as we said in my remarks regarding the third quarter and essentially the back half, we're positioning ourselves for flexibility with targeted promotions as well with the uncertainty, particularly in the fourth quarter, of the competitive environment and the consumer shopping behavior.

正如我們在關於第三季度和後半部分的評論中所說的那樣，我們正在通過有針對性的促銷以及不確定性來定位自己，特別是在第四季度，競爭環境和消費者購物行為的不確定性。

Great. And just if I could squeeze in one more. Service business, can you just give us some idea of where that business is from a revenue perspective? I know you're targeting $1 billion over the long term. But can you just give us a sense of where that revenue is now?

偉大的。如果我能再擠一個就好了。服務業務，您能否從收入的角度告訴我們該業務在哪裡？我知道你的長期目標是 10 億美元。但是你能告訴我們現在收入在哪裡嗎？

Will, it's Gina. I'll take that one. So no, we don't report out our services revenue separately. What I can say is that services have been a meaningful part of Signet's business, even pre-transformation. We have more than 1,400 jewelers on staff who do everything from ring sizing to repairs to fully custom design work. And what we're doing now is really expanding those capabilities and building a better end-to-end customer experience.

威爾，是吉娜。我會拿那個。所以不，我們不會單獨報告我們的服務收入。我能說的是，服務一直是 Signet 業務的重要組成部分，甚至是轉型前的業務。我們擁有 1,400 多名珠寶商，他們從事從戒指尺寸到維修再到完全定制設計工作的所有工作。我們現在正在做的是真正擴展這些功能並建立更好的端到端客戶體驗。

Same on our warranty programs, where we're expanding those offerings, testing and learning on simpler and better options for customers. Same on customization, where we're really shining a light on that service with our Jared foundries. So a lot of these capabilities have been part of the company, but a bit underutilized. And now we're really bringing them to life with consumer insights driving how we do that.

我們的保修計劃也是如此，我們正在擴展這些產品、測試和學習為客戶提供更簡單、更好的選擇。在定制方面也是如此，我們的 Jared 鑄造廠真正為這項服務提供了亮點。因此，很多這些功能已經成為公司的一部分，但沒有得到充分利用。現在，我們通過消費者洞察推動我們如何做到這一點，真正讓它們栩栩如生。

The next question comes from Paul Lejuez from Citibank.

下一個問題來自花旗銀行的 Paul Lejuez。

This is Brandon Cheatham on for Paul. I just wanted to ask, in your prepared remarks, you mentioned trying to pull forward holiday sales into the third quarter and potentially promoting there. I guess, can you reconcile that with some of the momentum on the receipts you're seeing going into the third quarter? And then are you promoting in the third quarter over 2019 levels? Or I guess, just why try and pull forward those holiday sales in this period?

這是保羅的布蘭登·奇塔姆。我只是想問一下，在您準備好的講話中，您提到試圖將假日銷售推向第三季度並可能在那裡進行促銷。我想，你能把這與你看到的進入第三季度的收據的一些勢頭相協調嗎？然後你是否在第三季度推廣超過 2019 年的水平？或者我想，為什麼要在這個時期嘗試推動那些假日銷售呢？

So from a macro standpoint, we have, for the last several years, been looking to reduce our reliance on fourth quarter performance. And that's another consumer-driven insight. We now look at 3 different types of holiday shoppers.

因此，從宏觀角度來看，過去幾年我們一直在尋求減少對第四季度業績的依賴。這是另一個以消費者為導向的洞察力。我們現在看看 3 種不同類型的假日購物者。

We know that early savvy shoppers, who are more typically women, more typically looking for value, more typically a lower-transaction value, are shopping earlier and earlier for them this year. We believe that Christmas and holiday begins in September. And so we are ready with merchandise and with the right kinds of promotional cadence targeted to them.

我們知道，早期精明的購物者，更典型的是女性，更典型地尋找價值，更典型的是較低的交易價值，今年越來越早地為他們購物。我們相信聖誕節和假期從九月開始。因此，我們已經準備好商品和針對他們的正確促銷節奏。

We know that engagements are something that most people start thinking about in the October time frame. And so we think a lot about where are we in our engagement business and bridal. We also know that there are very late shoppers. They think they're early if they're shopping on December 23 because it's 2 days to go. But we know that we've got to have all the right capabilities in place to serve them, especially on the 24th after eComm cutoffs.

我們知道，參與是大多數人在 10 月份開始考慮的事情。所以我們想了很多關於我們在訂婚業務和新娘方面的位置。我們也知道有很晚的購物者。如果他們在 12 月 23 日購物，他們認為他們來早了，因為還有 2 天的時間。但我們知道，我們必須具備所有合適的能力來為他們服務，尤其是在 eComm 中斷之後的 24 日。

So we're really targeting all of our promotional cadence, the merchandise that we bring in and these Connected Commerce services to meet differentiated consumer needs in this whole September through December time frame. So this idea of spreading our holiday sales into Q3 and starting it early is here to stay for us. We did it successfully last year, and we'll continue to do it.

因此，我們真正針對的是我們所有的促銷節奏、我們帶來的商品和這些互聯商務服務，以滿足整個 9 月到 12 月時間框架內的差異化消費者需求。因此，將我們的假日銷售擴展到第三季度並儘早開始的想法將繼續存在。去年我們成功地做到了，我們將繼續這樣做。

This year, it's probably a bit more important, given the macro uncertainties in Q4. And so we're looking to really drive top-of-the-funnel marketing to be part of customers' consideration set in Q3. So that as we move toward holiday, we've already been in contact with the 2.3 million people that we anticipate getting engaged this year, and we're a big part of where they're considering purchasing.

今年，考慮到第四季度的宏觀不確定性，它可能更重要一些。因此，我們希望真正推動頂級渠道營銷成為第三季度客戶考慮的一部分。因此，隨著我們走向假期，我們已經與預計今年訂婚的 230 萬人取得了聯繫，我們是他們考慮購買的重要組成部分。

The only thing I would add to that is that the always-on marketing strategy began with Path to Brilliance in fiscal '20. And so we've been fine-tuning that and transitioning our business to the -- support the promotions and holidays that Gina spoke about. And then this year, particularly, as we see the momentum and the delay of the anticipated shift that we expected later in the second quarter and with the momentum we're seeing in the third quarter, we think it's very important for us to manage into that and maximize our share in the market with the strategies that we've put in place.

我唯一要補充的是，永遠在線的營銷策略始於 20 財年的“輝煌之路”。因此，我們一直在對其進行微調，並將我們的業務轉變為 - 支持 Gina 所說的促銷和假期。然後今年，特別是，當我們看到我們在第二季度晚些時候預期的預期轉變的勢頭和延遲以及我們在第三季度看到的勢頭時，我們認為這對我們來說非常重要並通過我們實施的策略最大限度地提高我們在市場上的份額。

Importantly, the holiday receipts being -- so much of it being within on the water as well as, really, in receipt already also helps us support that strategy importantly. So we're positioned to take advantage of the timing of what we're seeing in the market and bring to our customer the product newness that they would expect for gift-giving as well.

重要的是，假期收據——其中大部分都在水上，實際上，收據也已經重要地幫助我們支持這一戰略。因此，我們的定位是利用我們在市場上看到的時機，並為我們的客戶帶來他們期望的送禮產品的新穎性。

Got it. And if I can just follow-up. Some of the mitigation efforts that you cited in your release, that the supply chain isn't expected to disrupt the second half, were you able to pull forward holiday inventory? Or you just feel like you're in a good position heading into the back half?

知道了。如果我可以跟進。您在新聞稿中提到的一些緩解措施，即供應鏈預計不會擾亂下半年，您是否能夠提前假期庫存？或者你只是覺得你在進入後半區的位置很好？

This is where the value of our trusted vendor relationship really shines. We took deliberate actions with our partners to manage the potential sourcing disruptions this holiday. And at this time, we don't anticipate any material impact. We provided holiday projections very early to allow our vendors time to safely plan for production and also to have inventory proximity to help us meet demand. In fact, we have more than half of our holiday orders already in hand.

這就是我們值得信賴的供應商關係的價值真正閃耀的地方。我們與合作夥伴採取了慎重的行動，以管理這個假期潛在的採購中斷。目前，我們預計不會產生任何實質性影響。我們很早就提供了假期預測，以便我們的供應商有時間安全地計劃生產，並有接近庫存來幫助我們滿足需求。事實上，我們已經有超過一半的假期訂單在手。

(Operator Instructions) Our next question comes from Dana Telsey from Telsey Advisory Group.

（操作員說明）我們的下一個問題來自 Telsey 諮詢集團的 Dana Telsey。

Gina, as you talked about inventory rationalization and SKU productivity, where are you on the inventory rationalization pipeline? And where do you see it going by category? And then, Joan, on the incremental cost savings, where is that coming from? And is there opportunity for more on this path?

Gina，當您談到庫存合理化和 SKU 生產力時，您在庫存合理化管道上處於什麼位置？你認為它按類別走向何方？然後，瓊，關於增量成本節約，這是從哪裡來的？在這條道路上是否有更多機會？

Thanks, Dana. So on inventory, we're really pleased with the progress that we've made, a 40% increase to our inventory turn during our transformation so far. But we do have an integrated set of actions. We have a good team member focus on this.

謝謝，達娜。因此，在庫存方面，我們對我們取得的進展感到非常滿意，到目前為止，我們的轉型期間庫存周轉率增加了 40%。但我們確實有一套完整的行動。我們有一個優秀的團隊成員專注於此。

We have yet, I think, to see the full benefit of new technology that we've invested in that can help us continue to improve our inventory productivity. So it's a journey that we plan to continue to be on.

我認為，我們還沒有看到我們投資的新技術的全部好處，它可以幫助我們繼續提高庫存生產力。因此，這是我們計劃繼續進行的旅程。

It just gives us, I would say, 2 things: so much more flexibility and agility. And especially with kind of the uncertain times ahead, we think that's very important. It's better for our vendors when we can be more precise and specific about what we need and when we need it. So we're planning further out with them.

我想說，它只是給了我們兩件事：更多的靈活性和敏捷性。尤其是在未來充滿不確定性的時期，我們認為這非常重要。當我們可以更準確、更具體地了解我們需要什麼以及何時需要它時，這對我們的供應商來說會更好。所以我們計劃與他們進一步合作。

And that's, really, because we're testing and learning, we've done over 300 concept tests on new product ideas just in the last couple of years. And so now our volume forecasting has statistical significance on that. So we're getting much more precise on being able to predict the performance of new lines that we're bringing in as well as the data analytics that we've put against our core inventory, which is really helping. So I would say the team is very focused on it, and we're looking to continue improvements in that area.

那是真的，因為我們正在測試和學習，僅在過去幾年中，我們就對新產品創意進行了 300 多次概念測試。所以現在我們的銷量預測在這方面具有統計意義。因此，我們能夠更加精確地預測我們引入的新生產線的性能以及我們針對核心庫存進行的數據分析，這真的很有幫助。所以我想說團隊非常專注於它，我們希望在該領域繼續改進。

Then, Dana, with respect to the cost savings, we see that occurring in merchandise-related costs and process costs and which really impact our gross margin. And then we continue to drive down areas of indirect spend in places where the customer doesn't really see or care about as well as continuing to drive our store labor productivity model.

然後，Dana，關於成本節約，我們看到與商品相關的成本和流程成本發生了，這確實影響了我們的毛利率。然後我們繼續在客戶並不真正看到或關心的地方減少間接支出領域，並繼續推動我們的商店勞動生產力模型。

So we're very focused on continuing to drive these disciplines. And the team has put forth an amazing effort to really drive these costs down so that we can continue to invest in our business and our growth strategy. So very much a team effort.

所以我們非常專注於繼續推動這些學科。團隊付出了驚人的努力來真正降低這些成本，以便我們可以繼續投資於我們的業務和我們的增長戰略。所以非常團隊的努力。

This concludes our question-and-answer session. I would like to turn the conference back over to Gina Drosos for any closing remarks.

我們的問答環節到此結束。我想把會議轉回給 Gina Drosos 做任何閉幕詞。

Thank you again, everyone, for joining us today. Despite continuing macro uncertainties, we've armed our team with insights and capabilities that allow us to stay agile, and we're heading towards holiday with confidence. Thanks again.

再次感謝大家今天加入我們。儘管宏觀不確定性持續存在，但我們已經為我們的團隊提供了洞察力和能力，使我們能夠保持敏捷，我們正滿懷信心地走向假期。再次感謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。