Signet Jewelers Limited (SIG) 2027 Q1 法說會逐字稿

Good morning, and welcome to the Signet Jewelers first quarter fiscal 2027 earnings call. (Operator Instructions) Please note, this event is being recorded. Joining us on the call today are Rob Ballew, Senior Vice President of Investor Relations and Capital Markets; J.K. Symancyk, Chief Executive Officer; Joan Hilson, Chief Operating and Financial Officer.

早安，歡迎參加 Signet Jewelers 2027 會計年度第一季財報電話會議。(接線員指示) 請注意，本次活動將被錄音。今天與會者包括投資人關係與資本市場資深副總裁 Rob Ballew；執行長 J.K. Symancyk；以及營運與財務長 Joan Hilson。

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

現在，我想把會議交給 Rob。請開始。

Good morning. Thank you for joining us for today's earnings conference call. During today's discussion, we will make certain forward-looking statements. Any statements that are not historical facts are subject to a number of risks and uncertainties. Actual results may differ materially. We urge you to read the risk factors, cautionary language and other disclosures in our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. 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.

早安。感謝各位參加今天的財報電話會議。在今天的討論中，我們將發表若干前瞻性陳述。任何非歷史事實的陳述均可能受到多項風險與不確定性影響。實際結果可能出現重大差異。我們敦促各位閱讀我們 Form 10-K 年報、Form 10-Q 季報以及 Form 8-K 即時報告中的風險因素、警示性語言與其他揭露資訊。除法律要求外，我們不承擔因新資訊或未來事件而修訂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 the non-GAAP financial measures as well as the 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.

在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標。關於非 GAAP 財務衡量指標的進一步說明，以及非 GAAP 指標與最直接可比 GAAP 指標之間的調節表，投資人請參閱我們發布於網站 ir.signetjewelers.com 的新聞稿。

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

接下來，我把電話會議交給 J.K.。

Thanks, Rob, and good morning, everyone. I'd like to start the call this morning by thanking our Signet team. Your commitment to Grow Brand Love has delivered a great start to the year. Thank you for your hard work, and let's continue building on our momentum.

謝謝你，Rob，大家早安。今天早上我想先感謝我們 Signet 團隊。各位對「Grow Brand Love」的投入，讓我們在今年有一個非常好的開局。感謝各位的辛勤付出，讓我們持續在既有動能上再接再厲。

There are three key takeaways I'd like to leave you with today. First, we delivered another quarter of comp sales growth with effective operating performance, driving strong earnings growth. Second, we're balancing that performance with progress on our long-term transformation as we fuel this second year of Grow Brand Love. Third, we're confident in our ability to deliver the year and are raising the midpoint of our guidance for fiscal '27.

今天我想留給各位三個重點。第一，我們在有效的營運表現帶動下，再次交出同店銷售成長的一季，並推動強勁的獲利成長。第二，在展現績效的同時，我們也在長期轉型上持續推進，為「Grow Brand Love」策略的第二年注入動能。第三，我們對達成全年目標充滿信心，並上調 2027 會計年度財測區間的中位數。

We delivered comp sales growth across every category and most brands this quarter. Within that performance, we've improved on the balance between fashion AUR growth and unit performance with unit comps improving sequentially 3 points to the fourth quarter. Alongside this trend, we continue to see strength in the higher-end consumer with some of our best performance at higher price points. Collections also continue to be an additional growth driver with Shai continuing to fuel fashion growth and Neil Lane and Monique Olivier driving growth for bridal.

本季我們在所有品類以及多數品牌都實現同店銷售成長。在這樣的表現之中，我們改善了時尚品類 AUR（平均單價）成長與銷量表現之間的平衡，單位數同店表現較第四季依序改善 3 個百分點。伴隨此趨勢，我們持續看到高端消費者的強勁需求，在較高價位帶有一些最佳表現。系列商品也持續成為額外的成長動能，其中 Shai 持續帶動時尚成長，而 Neil Lane 與 Monique Olivier 則推動婚嫁品類成長。

We delivered positive comps each month of the quarter and the expected savings from last year's reorganization. Adjusted operating income exceeded our guidance range through spending discipline. While still positive, the second half of the quarter slowed somewhat but rebounded from Mother's Day and second quarter to date.

本季每個月我們都交出正向同店表現，並實現去年重組所預期的節省效益。在支出紀律的帶動下，調整後營業利益超出我們的財測區間。雖仍為正向，但本季後半段增速略有放緩，不過在母親節以及截至目前的第二季表現已出現回升。

With a positive performance in both Valentine's Day and Mother's Day as proof points, we're working to accelerate focus on the go-to-market priorities for our Grow Brand Love strategy. Recall, in March, I laid out Signet's focus areas in the second year of our strategy would be brand distinction, unlocking portfolio value and further strengthening of our operating model.

情人節與母親節的正向表現提供了驗證點，我們正致力加速聚焦「Grow Brand Love」策略的上市（go-to-market）優先事項。回顧一下，我在 3 月曾說明，策略第二年的重點領域將是品牌差異化、釋放組合價值，以及進一步強化我們的營運模式。

The focus on brand distinction is about sharpening our four core engines: Kay, Zales, Jared and Blue Nile. We are currently in the development and testing phase of the website redesign for Kay, Zales and Jared to align the search, navigation and storytelling our sites offer to today's customer expectations. Alongside this, we're actively working through SKU rationalization to improve customer shopping experience while also ultimately reducing inventory levels and improving working capital.

聚焦品牌差異化，意味著強化我們四個核心引擎：Kay、Zales、Jared 與 Blue Nile。我們目前正處於 Kay、Zales 與 Jared 網站改版的開發與測試階段，使網站提供的搜尋、導覽與敘事方式符合當今顧客的期待。同時，我們也正積極推進 SKU 精簡，以改善顧客購物體驗，並最終降低庫存水位、改善營運資金。

The website redesign provides additional opportunity to clearly define brand identities. We're furthest along with the redesign work at Jared and continue to expect all three to be completed in the early part of the third quarter. Websites are our largest storefronts, allowing us to reach the broadest number of both existing and new customers. Therefore, we believe this work to provide a clearer expression of each brand between both online and in-store experience is key to improving conversion ahead of this year's holiday season.

網站改版也提供了更清楚界定品牌識別的額外機會。我們在 Jared 的改版工作進度最為超前，並仍預期三個網站都將在第三季初期完成。網站是我們最大的店面，使我們能觸及最多的既有與新客群。因此，我們相信，讓各品牌在網路與門市體驗之間有更清晰的呈現，是在今年假期旺季前提升轉換率的關鍵。

In parallel, we are advancing a more modern data-driven marketing approach to strengthen each brand's relevance with its target consumer. This includes shifting towards social-first storytelling and scaled creator partnerships to better connect with younger and more diverse audiences while also improving the efficiency of spend. Recent examples include Zale's partnership with Ashley Graham and Kay's collaboration with Christian McCaffrey, with the latter delivering more than twice our average social engagement rate.

同時，我們也在推進更現代化、以數據驅動的行銷方法，以強化各品牌在其目標消費者心中的相關性。這包括轉向以社群優先（social-first）的敘事，以及規模化的創作者合作夥伴關係，以更好地連結更年輕且更多元的受眾，同時提升投放效率。近期例子包括 Zales 與 Ashley Graham 的合作，以及 Kay 與 Christian McCaffrey 的合作；後者帶來的社群互動率超過我們平均水準的兩倍以上。

As I've said before, this isn't about spending more but rather spending differently. At Kay, this quarter, our spend on social media was up only 1%, whereas we delivered a low double-digit growth in impressions. These early examples of our marketing transformation, similar to our website redesign efforts, represent our aim to deliver progress ahead of this year's holiday season as we focus on the right audiences, channels and messages to drive stronger customer engagement and build brand equity.

如我先前所說，這不是要花更多錢，而是要用不同的方式花錢。以 Kay 為例，本季我們在社群媒體上的支出僅增加 1%，但曝光量（impressions）卻實現低雙位數成長。這些行銷轉型的早期案例，與我們的網站改版工作相似，代表我們希望在今年假期旺季前取得進展：聚焦正確的受眾、渠道與訊息，以帶動更強的顧客互動並建立品牌資產。

We're also making progress in unlocking portfolio value. On our previous call, we laid out actions we'd take to maximize our existing assets, including the transition of James Allen into Blue Nile and further centralization of back-of-house functions. We've completed those steps and doubled down on our focus in this area to our strategy surrounding natural diamonds.

我們在釋放組合價值方面也取得進展。在上一次電話會議中，我們說明了將採取的行動，以最大化既有資產，包括把 James Allen 併入 Blue Nile，以及進一步集中後勤（back-of-house）職能。我們已完成這些步驟，並在此領域加倍聚焦，強化我們圍繞天然鑽石的策略。

To that end, we've centralized sourcing for diamonds across our North American brands, which we believe will allow us to improve margins and inventory turns. That team has also taken steps to begin refining stone type, size, shape and quality of offerings by brand. We continue to identify and implement scale benefits through sourcing, planning and pricing, particularly as we balance our use of promotion against recent commodity highs.

為此，我們已將北美各品牌的鑽石採購集中化，我們相信這將使我們能改善毛利率與庫存周轉。該團隊也已採取措施，開始按品牌精煉供應的鑽石類型、尺寸、形狀與品質。我們持續透過採購、規劃與定價來辨識並落實規模效益，特別是在我們於近期大宗商品高點之下，平衡促銷使用的同時。

Further, with our scale and integrated sourcing, we see clear growth opportunities through a portfolio-level diamond strategy. We're getting clearer about the role each of our brands play across natural and lab-grown offerings. Through brand-level improvements to mix, we can strengthen our position in the more valuable segments of the natural diamond category to support both sales growth and margin without exiting the customer base that's seeking lab-grown product.

此外，憑藉我們的規模與整合式採購，我們看到透過組合層級鑽石策略所帶來的明確成長機會。我們正更清楚界定各品牌在天然鑽與實驗室培育鑽（lab-grown）產品上的角色。透過在品牌層級改善產品組合（mix），我們可以強化在天然鑽石品類中更高價值細分市場的地位，以同時支持銷售成長與毛利率，同時不退出尋求培育鑽產品的顧客族群。

Lastly, on our Grow Brand Love strategy, we continue to make progress enhancing our operating model. An important factor in those efforts is strengthening our high-performing team, meaning we're organizing, developing and incentivizing talent to directly support execution.

最後，就我們的「Grow Brand Love」策略而言，我們持續在強化營運模式方面取得進展。其中一個重要因素是打造更高績效的團隊，也就是我們正在組織、培育並激勵人才，以直接支持策略落地執行。

Examples of this work are organizing for better leverage across the company alongside sharper accountability. This includes the centralization and integration of back-of-house teams I just mentioned. Also, developing long-term focus through the build-out of career development plans for high-potential talent as well as an enhanced performance review process. And finally, incentivizing through changes to how we pay, how we train and how we recruit at the brand level to drive optimal in-store experience.

此項工作的例子包括在全公司範圍內進行整合，以取得更佳的槓桿效益，同時強化問責。這包括我剛才提到的後勤團隊的集中化與整合。此外，透過為高潛力人才建立職涯發展計畫，以及強化績效評核流程，來培養長期聚焦。最後，透過調整我們在品牌層級的薪酬方式、訓練方式與招募方式來提供激勵，以推動最佳的門市體驗。

Talent is a big part of how we perform while we transform. As the jewelry customer evolves, our talent model has to evolve with them. Gen Z wants to shop in store, but they've set the bar higher for what experience looks like. They want a stronger personal connection. In jewelry, the customer is often doing business with two brands, the name above the door and the name on the consultant's name tech. That connection is an increasingly important factor in customer experience. That's why aligning how we recruit, train and reward talent to that customer mindset is so important. We believe that work is key to winning the future of jewelry shopping.

人才是我們在轉型同時維持績效表現的重要一環。隨著珠寶消費者不斷演變，我們的人才模式也必須與之同步演進。Z 世代想在門市購物，但他們對「體驗」的標準也設得更高。他們希望有更強的個人連結。在珠寶領域，顧客往往同時在與兩個品牌做生意：門口上方的品牌名稱，以及顧問名牌上的名字。這種連結正日益成為顧客體驗中愈來愈重要的因素。因此，讓我們的人才招募、訓練與獎酬方式與顧客的心態一致就格外重要。我們相信，這項工作是贏得珠寶購物未來的關鍵。

This brings me to my third takeaway. Our performance year-to-date and the progress we've made on our strategic priorities provide us the confidence to raise the midpoint of guidance today. We've now delivered positive comps in 15 of the last 17 months and have seen recently our strongest 2-year stack since pandemic stimulus spending. Top line performance has been balanced between categories. We continue to see further opportunity to improve fashion units as well as upside for AUR expansion.

這帶到我的第三個重點。我們年初至今的表現，以及在策略優先事項上取得的進展，讓我們有信心在今天上調財測指引的中位數。我們在過去 17 個月中有 15 個月達成同店正成長，且近期看到自疫情刺激性支出以來最強的兩年疊加表現。營收端的表現於各品類之間相對均衡。我們仍看到進一步提升時尚品類件數（units）的機會，以及 AUR 擴張的上行空間。

Said differently, while we've seen early benefits from our new strategy, we still see significant runway. We believe Grow Brand Love is setting the foundation for sustainable long-term growth, with the ability to grow even during turbulent macro periods.

換句話說，雖然我們已從新策略中看到初步效益，但我們仍認為成長跑道相當可觀。我們相信 Grow Brand Love 正在為可持續的長期成長奠定基礎，並具備在宏觀環境動盪期間仍能成長的能力。

Before I hand things over to Joan, I'd like to quickly provide an update on tariffs. The muscle we built last year to navigate the ever-changing landscape continues to bolster us this year. Our team is monitoring updates, including potential new tariffs and will be ready to adjust as needed.

在我把時間交給 Joan 之前，我想快速更新一下關稅的情況。我們去年建立起來、用以因應不斷變化環境的能力，今年仍持續為我們提供支撐。我們的團隊正在監控最新動態，包括潛在的新關稅，並將在需要時隨時準備調整。

With regards to refund, Signet is the importer of record on a small fraction of our purchases. We've already submitted claims for most of those purchases. And to date, a small amount has been approved and received. We are working with our vendors for the remainder of those refunds. At this time, it's too early to quantify the amount or timing of those potential refunds as well as how any proceeds may be used and when it may impact our P&L.

就退款而言，Signet 僅在我們少部分採購中擔任進口登記人（importer of record）。我們已就其中大多數採購提交索賠。截至目前，已有少量獲核准並收款。其餘退款部分我們正與供應商合作處理。目前仍過早，尚無法量化這些潛在退款的金額或時點，以及任何款項可能如何使用、何時可能影響我們的損益表（P&L）。

Summarizing my key takeaways today. First, we delivered another quarter of comp sales growth with effective operating performance, driving strong earnings growth. Second, we're balancing that performance with progress on our long-term transformation as we fuel this second year of Grow Brand Love. Finally, we're confident in our ability to deliver the year and are raising the midpoint of guidance for fiscal '27.

總結我今天的重點。第一，我們在有效的營運表現下，再度交出同店銷售成長的一季，帶動強勁的獲利成長。第二，在推動 Grow Brand Love 第二年的同時，我們在長期轉型上也取得進展，並在兩者之間取得平衡。最後，我們對達成全年目標充滿信心，並上調 27 財年的財測指引中位數。

With that, I'd like to turn it over to Joan.

接下來，我想把時間交給 Joan。

Thank you, J.K., and good morning, everyone. Before discussing our first quarter results, I'd like to provide an update on the transition of Blue Nile. Recall, we are repositioning Blue Nile as a premium brand serving a broader age group with a more affluent customer. We are evolving the brand to achieve an elevated luxury position, creating a clear brand distinction as part of our Grow Brand Love strategy, anchored in the enduring value of natural diamonds.

謝謝你，J.K.，各位早安。在討論第一季業績之前，我想先更新 Blue Nile 的轉型進度。請回想，我們正將 Blue Nile 重新定位為一個高端品牌，服務更廣泛的年齡層與更富裕的客群。我們正在推動品牌演進，以達成更高階的奢華定位，並作為 Grow Brand Love 策略的一部分建立清晰的品牌區隔，其核心立基於天然鑽石的長久價值。

For context, we believe approximately 70% of engagement market revenue remains natural diamonds. And at the higher end or over USD5,000 is more than 90% natural diamonds. This repositioning will distinguish Blue Nile at the highest end of the Signet portfolio.

作為背景，我們認為訂婚市場營收約有 70% 仍來自天然鑽石。而在高端市場或單價超過 5,000 美元的部分，天然鑽石占比超過 90%。此一重新定位將使 Blue Nile 在 Signet 產品組合中位居最高端。

To accelerate this strategy, we recently acquired The Clear Cut, a digitally native natural diamond jewelry brand, known for technology innovation, its bespoke concierge service in both bridal and fine jewelry and a significant social media following. This small tuck-in acquisition combines the reach and credibility of an established brand like Blue Nile with rich diamond expertise, a proprietary curation process and a white glove approach to customer experience.

為加速此策略，我們近期收購了 The Clear Cut——一家數位原生的天然鑽石珠寶品牌，以科技創新、在婚嫁與高級珠寶領域的客製化禮賓服務，以及可觀的社群媒體追隨者而聞名。這項小型補強式收購（tuck-in acquisition）結合了 Blue Nile 這類成熟品牌的觸及力與公信力，以及深厚的鑽石專業、專有的甄選流程與白手套式的顧客體驗。

The Clear Cut has demonstrated a strong ability to connect with a younger, digitally made of luxury customer through authentic, education led storytelling, and we're pleased the entire team is joining Blue Nile. Ultimately, this partnership allows us to accelerate innovation within Blue Nile to deliver a more distinctive luxury experience rooted in transparency, craftsmanship and trusted expertise.

The Clear Cut 已展現出強大的能力，能透過真誠、以教育為導向的敘事，與更年輕、以數位為主的奢華客群建立連結；我們也很高興整個團隊將加入 Blue Nile。最終，這項合作讓我們得以加速 Blue Nile 的創新，提供更具辨識度的奢華體驗，其根基在於透明度、工藝與值得信賴的專業。

With regards to James Allen, with the sunsetting of the commercial site in mid-May, we've redirected traffic to Blue Nile with meaningful transference to date. As I mentioned last quarter, we are now leveraging the James Allen brand as a proprietary collection and transitions complementary products and styles to the Blue Nile website.

就 James Allen 而言，隨著其商業網站於 5 月中旬下線，我們已將流量導向 Blue Nile，迄今已出現具意義的轉移。如我上季所提到，我們目前正將 James Allen 品牌作為自有系列（proprietary collection）來運用，並把互補的產品與款式轉移至 Blue Nile 網站。

Finally, we have discontinued the remaining James Allen assortment that is not relevant to other brands. With the exit of this inventory, we've taken a USD32 million noncash inventory write-down. Along with the other organizational changes announced last quarter, we saw total restructuring and related charges of USD42 million, of which the majority was noncash. We don't anticipate any material charges relating to James Allen's transition moving forward.

最後，我們已停止銷售其餘與其他品牌不相關的 James Allen 產品組合。隨著這批庫存退出，我們認列了 3,200 萬美元的非現金存貨減損。連同上季宣布的其他組織調整，我們的重組及相關費用合計為 4,200 萬美元，其中大部分為非現金。展望未來，我們不預期 James Allen 的轉型會再產生任何重大費用。

Turning to the quarter. Revenue was USD1.6 billion, with comp growth of 1.8%. James Allen represented a 1-point drag to the quarter. By category, growth was low single digit for bridal and fashion with stronger growth in watches and services. AUR grew nearly 5% up in all categories again this quarter with bridal up high single digits.

回到本季表現。營收為 16 億美元，同店成長 1.8%。James Allen 對本季造成 1 個百分點的拖累。按品類來看，婚嫁與時尚品類為低個位數成長，手錶與服務則成長更強。AUR 本季再度在所有品類皆成長、接近 5%，其中婚嫁品類為高個位數成長。

Adjusted gross margin was USD589 million for the quarter, with the rate down approximately 1 point. As expected, this reflects 70 basis points of merchandise margin decline, primarily from higher gold cost. Conversely, we continue to leverage higher gold value to opportunistically melt clearance product and make room for new introductions with a small impact to gross margin. Further, this was largely offset by 20 basis points of occupancy leverage.

本季調整後毛利為 5.89 億美元，毛利率約下降 1 個百分點。如預期所示，這反映商品毛利率下降 70 個基點，主要來自黃金成本上升。相對地，我們持續利用較高的黃金價值，伺機將清倉商品熔煉（melt），以騰出空間導入新品，對毛利率僅有小幅影響。此外，這些影響大致被 20 個基點的租賃成本槓桿（occupancy leverage）所抵銷。

SG&A expenses were down 3% to last year, resulting from the Grow Brand Love operating model, restructuring and ongoing spend discipline to drive 12% growth in adjusted operating income. We believe that at low single-digit sales growth we can expand operating margin, a formula that will fuel organic investment and return of capital to shareholders. Adjusted diluted earnings per share grew more than 30% to USD1.56, reflecting earnings growth, higher interest income and a lower diluted share count.

SG&A 費用較去年下降 3%，主要得益於 Grow Brand Love 營運模式、重組，以及持續的支出紀律，推動調整後營業利益成長 12%。我們相信，在銷售低個位數成長的情況下，我們仍能擴大營業利益率；這一公式將支持有機投資並向股東返還資本。調整後稀釋每股盈餘成長逾 30% 至 1.56 美元，反映獲利成長、利息收入增加，以及稀釋後股數下降。

As of this morning, we've repurchased approximately 1.3 million shares for USD114 million. Additionally, we announced today a USD50 million accelerated share repurchase program that we intend to initiate in June. Our intent is to utilize ASRs in instances where we can lock in a discount to VWAP more frequently as part of our programmatic repurchases moving forward.

截至今天早上，我們已回購約130萬股，金額為1.14億美元。此外，我們今天宣布一項5,000萬美元的加速股票回購（ASR）計畫，預計於6月啟動。我們的意圖是，在未來作為例行性回購計畫的一部分，於能更頻繁鎖定相較VWAP（成交量加權平均價）折價的情況下使用ASR。

We also continue to leverage 10b5-1 plans in the open market for both programmatic and opportunistic repurchases. The company will have approximately USD355 million in share repurchase authorization remaining once the ASR is completed.

我們也持續在公開市場運用10b5-1計畫，進行例行性與機會性回購。一旦ASR完成，公司將剩餘約3.55億美元的股票回購授權額度。

Turning to the balance sheet. Inventory ended the quarter at USD2 billion, roughly flat to last year. Cash grew nearly USD340 million to more than USD600 million in cash at the end of the quarter. Free cash flow improved by USD43 million to last year despite the payout of an annual incentive comp this year, which we did not have in the prior year.

接著談資產負債表。存貨於本季末為20億美元，與去年大致持平。現金增加近3.4億美元，季末現金超過6億美元。儘管今年支付了年度激勵薪酬（去年沒有），自由現金流仍較去年改善4,300萬美元。

Regarding credit financing, we continue to see consistent performance with little trend change to applications, approvals and total amount financed. With the strength of the portfolio over the last few years, we see potential opportunity to improve the economics of our private credit programs over time as we evaluate current agreements with third-party providers.

就信用融資而言，我們持續看到穩定表現，申請量、核准量及融資總額的趨勢變化不大。憑藉過去幾年投資組合的強勁表現，在評估與第三方供應商的現行協議時，我們看到隨時間推進改善自有信貸計畫經濟效益的潛在機會。

Turning to guidance. We are raising the midpoint for the year to reflect Q1 performance and Q2 momentum. We are further increasing the adjusted EPS range for the year to reflect the additional share repurchases since March as well as the upcoming ASR.

接著談財測指引。我們上調全年指引的中位數，以反映第一季表現與第二季動能。我們也進一步上調全年調整後EPS區間，以反映自3月以來額外的股票回購以及即將進行的ASR。

For the full year, we now expect the same-store sales range to be down 0.75% and to up 2.5%, with total revenue between USD6.7 billion and USD6.9 billion. Also, we expect AUR growth across categories with modest unit declines, particularly at lower price points, largely due to higher gold costs.

就全年而言，我們目前預期同店銷售區間為下滑0.75%至成長2.5%，總營收介於67億至69億美元。此外，我們預期各品類AUR（平均單價）將成長、銷量小幅下滑，尤其在較低價位帶，主要因黃金成本上升。

As a reminder, beginning in the second quarter, Blue Nile and James Allen will not be included in same-store sales for the next year to reflect the transition of those brands, which will benefit same-store sales by 50 to 70 basis points going forward. We continue to expect a low single-digit decline in square footage from the closure of approximately 100 doors.

提醒一下，自第二季起，Blue Nile與James Allen在接下來一年將不納入同店銷售，以反映這些品牌的轉型；此舉未來將使同店銷售提高50至70個基點。我們仍預期因約100家門市關閉，總面積將出現低個位數下滑。

We now expect adjusted operating income between USD480 million and USD560 million. At the midpoint of our guidance, we expect leverage in SG&A and a flat to slightly down merchandise margin. We expect adjusted EPS between USD9.20 and USD11 per share, a more than 3% increase at the midpoint of our previous guidance. This assumes a weighted average diluted share count of approximately 39.5 million shares for the full year.

我們目前預期調整後營業利益介於4.8億至5.6億美元。以指引中位數來看，我們預期SG&A（銷售、一般及行政費用）具槓桿效益，而商品毛利率持平至小幅下滑。我們預期調整後EPS為每股9.20至11.00美元，較先前指引中位數提高逾3%。此假設全年加權平均稀釋股數約為3,950萬股。

We continue to expect a mid-teens effective tariff rate for the year, assuming new tariffs are similar or modestly higher to current rates. If specific country rates become substantially higher, we would likely shift country of origin to minimize impact. Additionally, this update only includes a minimal amount of tariff-free funds and also reflects continued mitigation efforts.

我們仍預期全年有效關稅率為十幾%的中段水準，前提是新關稅與目前稅率相近或僅略高。若特定國家稅率大幅提高，我們很可能會調整原產地以將影響降至最低。此外，本次更新僅納入極少量免關稅資金，並反映我們持續的緩解措施。

Finally, for the year, we expect USD150 million to USD180 million in capital expenditures. This includes over 200 renovations, up to 20 repositions and up to 10 store openings. For the second quarter, we expect a same-store sales range of up 0.5% and to 2.5%, with adjusted operating income between USD79 million and USD93 million. We expect merchandise margin rate to be somewhat lower in the quarter, reflecting higher gold costs. At the midpoint of guide, we believe this will generally be offset by leverage in SG&A and occupancy. Before we turn to Q&A, I'd like to thank the team for delivering a great start to the year, continuing to deliver on our short-term expectations while driving progress on our long-term strategy.

最後，就全年而言，我們預期資本支出為1.5億至1.8億美元。其中包含超過200項翻新、最多20項店點重定位，以及最多10家新店開幕。就第二季而言，我們預期同店銷售區間為成長0.5%至2.5%，調整後營業利益介於7,900萬至9,300萬美元。我們預期本季商品毛利率將略低，反映黃金成本上升。以指引中位數來看，我們相信這通常可由SG&A與租賃占用成本的槓桿效益所抵銷。在進入問答之前，我想感謝團隊為今年帶來一個很好的開局，在推進長期策略的同時，也持續達成我們的短期預期。

Operator, let's now go to questions.

接線員，現在我們開始提問。

(Operator Instructions) Jeff Lick, Stephens.

（接線員指示）Jeff Lick，Stephens。

Congrats on a nice quarter. J.K., you made reference to some unit acceleration. I was wondering if you can tie that into the work you were doing with the pricing architecture and the volatility in tariffs and commodities last year. And that's -- guide at least the volatility elements died down. So I was wondering if you can tie that in, just talk about into unit and unit growth.

恭喜交出不錯的一季。J.K.，你提到一些銷量加速。我想知道你是否能把這與你們去年在定價架構方面所做的工作，以及關稅與大宗商品波動連結起來。而且至少從指引來看，波動因素已經趨緩。所以我想請你把這些連結起來談談，對銷量以及銷量成長的影響。

Sure, Jeff. Thanks for the question and the comment. From a unit perspective, we feel good about the progress. I think what we talked about on the call was balance in terms of certainly driving AUR performance, but seeing unit trend improvement across all categories, both fashion engagement. I would say, we see more opportunity on the high end. And for us, the high end is a little bit less of a driver of overall unit volume, but is more important as it relates to revenue.

當然，Jeff。謝謝你的提問與評論。就銷量而言，我們對進展感到滿意。我想我們在電話會議上談到的是平衡：一方面確實推動AUR表現，另一方面也看到所有品類的銷量趨勢改善，包含時尚與訂婚品類。我會說，我們在高端還看到更多機會。對我們而言，高端對整體銷量的帶動相對較小，但就營收而言更為重要。

We would -- if you look at price points above USD2,000 in our business, there, call it, mid-ish single digits in terms of unit penetration, but 40%-ish as it relates to revenue. So seeing unit growth on the high end, I think, is an important driver of our business. We've seen better performance in what I would call the mid-price point buckets of units. And not surprisingly, when you look at those lower-end price points sub-USD150, that's where we're a little more challenged in terms of unit growth, and are doing, I think, great work to balance our sourcing plans, our supply chain capabilities and some assortment reconfiguration to make sure that we can still serve customers there.

如果你看我們業務中2,000美元以上的價位帶，其銷量滲透率大約是中個位數百分比，但就營收而言約占40%左右。因此，我認為高端銷量成長是我們業務的重要驅動因素。我們在我所稱的中價位帶的銷量表現更好。而且不意外地，當你看150美元以下的低價位帶，那是我們在銷量成長上較具挑戰的區域；我們也正在做我認為非常好的工作，去平衡採購規劃、供應鏈能力，以及部分商品組合的重新配置，以確保我們仍能服務那裡的客戶。

That's the business that's most exposed to gold and tends to also have a little bit more exposure when you look at a brand like Banter or online. So it's important for us, I think, a little less important as you look at a quarter like the first quarter. But certainly, as you can see from the guide, we see the improvement, but we also have good plans in place. We feel like we can maximize that opportunity as we get into the holiday.

那部分業務對黃金的曝險最高，而且若你看像Banter或線上等品牌，也往往有更高的曝險。因此我認為這對我們很重要；但若以第一季這樣的季度來看，相對沒那麼重要。不過，正如你從指引中看到的，我們看到改善，同時也已經有良好的計畫到位。我們覺得在進入假期檔期時，我們能把這個機會最大化。

And just kind of to drill down a little further on the -- what you referenced in terms of strength in the higher end because we've been seeing things like, for example, in categories like luxury cars, how you're in mattresses that it seemed like it had softened a little bit. I'm just wondering what you're seeing. Is that largely due to things you're doing internally in terms of assortment and focus where you're just picking up market share?

再稍微深入追問一下——你提到高端較強的部分，因為我們在一些品類（例如豪華車、以及床墊）看到似乎有些轉弱。我想知道你們看到的是什麼。這主要是因為你們內部在商品組合與聚焦方面所做的事情，讓你們正在取得市占嗎？

Yes, I'd say so. I mean, I think -- look, the important distinction I'd make as well is our higher-end price point is still catering to a customer in the middle tier, right? So when I talk about numbers like I just shared, we're disproportionately talking about (inaudible) just because they're the lion's share of driver. You heard Joan's comments on the strategy of Blue Nile. I assume we'll probably have some questions there, and so I won't go into detail, but we see an opportunity to get a bigger share as it relates to the upper middle.

是的，我會這麼說。我的意思是，我認為——你看，我也要做一個重要區分：我們的較高價位帶仍是在服務中階客群，對吧？所以當我談到剛剛分享的那些數字時，我們不成比例地在談（聽不清楚），因為它們是主要的驅動來源。你也聽到Joan對Blue Nile策略的評論。我想我們可能會有一些相關問題，所以我就不深入細節，但我們看到在「中高端」客群取得更大份額的機會。

And in the case of Blue Nile, we see an opportunity on the higher end where -- or maybe we're not taking our fair share today to be completely honest, which I think is both an upside as it relates to our growth opportunities moving forward. I also think it's reflective of the benefit of not just better assortment work, Jeff, and pricing architecture, but also a clear strategy in terms of our diamond strategy overall and the balance that we see in terms of the continued growth opportunity on the lower end price point in fashion with lab-grown diamond, but also the affinity for customers with natural diamond and the opportunity at higher price points for growth. That's certainly paying off when you look at this quarter, and we think we've got runway ahead of us.

而就 Blue Nile 而言，我們看到在較高端市場的機會——坦白說，或許我們目前並沒有拿到應有的份額；我認為這一點本身就是我們未來成長機會的上行空間之一。我也認為，這反映的不僅是更好的商品組合規劃（assortment work）、Jeff，以及定價架構（pricing architecture）的效益，同時也反映了我們在整體鑽石策略上有清晰的方向，以及我們所看到的平衡：一方面，時尚品類在較低價位帶、以實驗室培育鑽石（lab-grown diamond）為主仍有持續成長機會；另一方面，客戶對天然鑽石（natural diamond）的偏好，以及在更高價位帶的成長機會。從本季表現來看，這些策略確實正在發揮效果，而我們也認為未來仍有很長的成長跑道。

Randy Konik, Jefferies.

Randy Konik，Jefferies。

I guess first, J.K., just on the question of -- or the topic of AUR, you talked about the ability to continue to drive that up over time. Can you just give me -- I guess, give us some perspective on where you think headroom is on the bridal side and the fashion side, just to kind of think through how we should think about AUR trends long term? And then just related to that, on the unit side, given the last question, do you think we can get to a place where units inflect perhaps early next year, just given the work you're doing on the low-end price points? Like just give us some thoughts on the dynamics between AUR and unit velocity ahead?

我想先問第一個問題，J.K.，關於——或說 AUR 這個主題，你提到隨著時間推進仍有能力持續把它往上拉。你能否給我——也就是給我們一些觀點：你認為在婚嫁（bridal）端與時尚（fashion）端各自還有多少上行空間（headroom），讓我們能更好地思考長期 AUR 走勢？另外也相關地，從件數（unit）角度，承接上一個問題，考量你們在低價位帶所做的工作，你覺得我們是否可能在明年初看到件數出現拐點（inflect）？也請談談你對未來 AUR 與件數動能（unit velocity）之間互動關係的看法？

Sure. I mean, let me start with the last one -- last part of your question first, Randal. I think we go into this -- we're intentional around balancing AUR and unit performance. As I mentioned earlier, I think the greatest driver of unit volume is a lower ticket, call it, sub-USD150. And I think we have good plans in place in terms of what we do to maximize that.

當然。我的意思是，Randal，我先從你問題的最後一部分——也就是最後那個點開始回答。我認為我們在進入這個階段時，是有意識地在 AUR 與件數表現之間取得平衡。如我先前提到的，我認為推動件數量（unit volume）最大的驅動因素，是較低客單價（lower ticket），大概是 150 美元以下（sub-USD150）。而我認為我們在如何把這一塊做到最大化方面，已經有很好的計畫。

That's important for us because I think it is the opportunity for people even in the luxury tier. That opening price point ability for people to experience the brand and the opportunity that, that creates to develop a relationship with the customer and grow your business is important for us. And so there's a lot of moving parts.

這對我們很重要，因為我認為即使是在奢侈品層級，這也是讓人們有機會進入的切入點。讓消費者能以入門價位體驗品牌，並藉此建立與客戶的關係、進而擴大業務，這對我們很重要。因此其中有很多變動因素。

And when you look at a short quarter where we've got a pretty tight window in terms of what we can do with pricing changes, et cetera, because of Valentine's Day falling in February and then Mother's Day coming on the heels a bit where we've taken a little longer view and are balancing pricing decisions and movements around assortment, where there's a lot of transition that happens over the summer months to position us for the Q4 holiday. But we expect that trend to continue.

而當你看一個較短的季度時，我們在調價等事項上可操作的時間窗口其實很緊，因為情人節落在二月，接著母親節又緊接而來；因此我們採取較長期的視角，在商品組合調整的同時，平衡定價決策與變動，而大量的轉換（transition）會在夏季月份發生，以便讓我們為第四季假期檔期（Q4 holiday）做好布局。但我們預期這個趨勢會持續。

We really believe that there's an opportunity to move unit volume positively. We're certainly seeing it in the high end and feel really good about the progress we made in the mid-tier and are really focused on what do we do to serve that customer who is shopping at a budget, whether it's a brand like Banter or online where you got a little bit more exposure from a lower price point unit perspective. But definitely, that's how we're building our plans, pleased with the progress in Q1 and would expect that to continue and frankly, are making progress against it despite some of the other volatility that's coming with tariffs and commodities.

我們確實相信，件數量有機會轉為正向成長。我們在高端明顯看到了這點，對於中價位帶（mid-tier）的進展也感到非常好；同時我們也非常聚焦於如何服務預算型（shopping at a budget）的客戶——不論是像 Banter 這樣的品牌，或是線上渠道，從較低價位帶的件數角度來看，你會有更多曝光。但毫無疑問，這就是我們建立計畫的方式；我們對第一季（Q1）的進展感到滿意，並預期會延續下去；坦白說，即便關稅與大宗商品帶來一些其他波動，我們仍在這方面持續取得進展。

In terms of AUR, this is an emotional category. And I would tell you, we see -- I get asked a lot how much of this AUR growth is being driven because of whatever may be happening in terms of commodity. The truth is where we're really seeing the biggest AUR expansion is at higher price points, and it's because we're underdeveloped there. I think the more we drive distinction with our brands, particularly seizing the opportunity on the higher side with brands like Blue Nile, Jared and Diamonds Direct, we certainly see headroom to move up there. But to be honest, we see it in Jared as well.

就 AUR 而言，這是一個情感驅動的品類。我可以告訴你，我常被問到：這些 AUR 成長有多少是由於大宗商品（commodity）方面可能發生的事情所推動。事實是，我們看到最大的 AUR 擴張其實發生在更高價位帶，而原因在於我們在那一段的開發仍不夠。我認為，只要我們持續提升品牌差異化（distinction），特別是把握像 Blue Nile、Jared 與 Diamonds Direct 這些品牌在高端的機會，我們確實看到在那裡仍有上行空間可以往上推。但坦白說，我們在 Jared 也同樣看得到。

As an entry point, consumers are aspirational in nature and even in a category like engagement, our first ring is not always our last ring. That opportunity to trade up and develop a longer-term relationship with customers is something that we see headroom moving in those brands. And by really sharpening our focus, not only on brand strategy, but as well our diamond strategy. We know there's market share gain opportunities that we can drive on both sides of the ledger.

作為入門點，消費者本質上是有追求（aspirational）的；即使在像訂婚（engagement）這樣的品類，我們的第一枚戒指也不一定是最後一枚戒指。這種升級購買（trade up）的機會，以及與客戶建立更長期關係的能力，是我們在這些品牌上看到仍有上行空間的地方。而透過更聚焦——不僅在品牌策略上，也在我們的鑽石策略上——我們知道在「帳本兩端」（both sides of the ledger）都存在可推動的市占提升機會。

Super helpful. And then on the balance of margin, you had some nice SG&A leverage in the quarter, occupancy leverage as well. Merchandise margins down a little bit. Maybe can you kind of expand upon that philosophy of how you can see more visibility in the business to get a lot of levers you can work with to drive margin expansion further into the out years?

非常有幫助。接著關於毛利結構的平衡，本季你們在 SG&A 上有不錯的槓桿效益（leverage），店面占用成本（occupancy）也有槓桿效益。商品毛利（merchandise margins）則小幅下滑。你能否進一步說明一下你們的理念：隨著對業務能見度提升，你們如何運用多個槓桿來推動毛利率在未來幾年（out years）進一步擴張？

And just given the inventory turns don't turn a lot, can you kind of expand upon things you're working on to offset rising gold prices to perhaps improve those merchandise margins maybe not this year, I think you guided the flat to down slightly, but into 2027 and beyond. Just kind of thoughts there would be very helpful.

另外，考量庫存周轉（inventory turns）並不快，你能否談談你們正在做哪些事情，以抵消金價上漲，從而可能改善商品毛利——也許不是今年（我理解你們指引是持平到小幅下滑），而是到 2027 年及之後？這方面的想法會非常有幫助。

Sure. Let me start, and I'm sure Joan might want to add a little bit of color here, too, because this is something our teams are really, really working hard on. I'm proud of what our team is -- and our partners are doing. When I look back at this last year, to manage the volatility on the commodity side as well as all of the volatility with tariffs and still deliver at the high side as well as deliver in line with where we said we were going to be in Q1.

當然。我先開始回答；我相信 Joan 也可能想補充一些細節，因為這確實是我們團隊非常、非常努力在推進的事情。我為我們團隊——以及我們的合作夥伴——正在做的事情感到自豪。回顧過去一年，在大宗商品端的波動、以及關稅帶來的各種波動之下，我們仍能交出偏高端的表現，同時也能在第一季（Q1）達到我們先前所說的目標水準。

You're still dealing with the same set of variables. This is a short quarter. We don't really take any pricing or change the architecture before Valentine's Day. You've got a very short window before Mother's Day. And then the lion's share of transition really happens over Q2 and Q3. So our guide reflects that. We knew where we were going to be in Q1 and have shown up consistent with that guide.

你仍然在面對同一組變數。這是一個較短的季度。在情人節之前，我們基本上不會做任何定價或架構調整。而在母親節之前又只有非常短的窗口期。接著，大部分的轉換（transition）其實會在第二季與第三季（Q2 和 Q3）發生。因此我們的指引反映了這些因素。我們知道第一季會落在什麼位置，而實際表現也與該指引一致。

In terms of how we manage margin, I think we feel really good about what's happening on the upper end and are better positioned there and are much more focused on how we protect the lower price point goods in our assortment to drive volume. That's going to be really critical, and we know we've got the right plan in place to be able to drive it for the holiday.

就我們如何管理毛利而言，我認為我們對高端正在發生的事情感到非常好，也在那裡有更好的布局；同時我們也更聚焦於如何保護商品組合中較低價位帶的商品，以推動量（volume）。這將非常關鍵，而我們也知道我們已經有正確的計畫，能在假期檔期把它推動起來。

I think in terms of gold specifically, we talked about this a little bit before, but we're -- we've reintroduced hedging that helps us balance our inventory being better control of inventory and actually taking advantage of some of the opportunities to melt product and have a healthier balance of inventory is something that positions us well as we go through the last part of the year and this quarter.

至於黃金（gold）本身，我們之前也稍微談過：我們——已重新導入避險（hedging），這有助於我們取得平衡；同時，更好地控管庫存，並實際把握一些熔煉（melt）產品的機會、讓庫存結構更健康，這些都讓我們在今年後段以及本季的推進上處於有利位置。

We did not slow down clearance. Clearance contributed at a higher level because we believe having the right assortment is going to be critical for performance. And we knew we had the expense base to be able to continue to stay clean and didn't slow that down. So team is pulling the right levers.

我們沒有放慢清倉。清倉在更高的水準上做出貢獻，因為我們相信擁有正確的商品組合對業績表現將至關重要。而且我們知道我們有足夠的費用基礎，能夠持續保持庫存乾淨，因此沒有放慢這件事。所以團隊正在拉動正確的槓桿。

I think with gold, you're going to continue to see design that takes advantage of lower weight in brands like Banter. We've introduced platelet assortment that helps protect at lower price points, that's testing very well with customers, and we believe positions us to serve that base well, from a design perspective, look for alternative metals to come back into play.

我認為在黃金方面，你會持續看到像 Banter 這類品牌的設計，會利用較低重量的優勢。我們推出了「platelet」商品組合，有助於在較低價位提供保護，客戶測試反應非常好；我們也相信這讓我們能在設計面更好地服務該客群，並尋找替代金屬重新發揮作用。

We're also taking advantage of a little bit of softness on the diamond cost side to really balance supply chain and input costs so that we can mix from a design perspective to deliver stronger margins within the business. So when you add all that up, both being more efficient on supply chain and sourcing strategies and then also getting the right assortment architecture in place, we feel good about margin, not only for the year, but also about the expansion opportunities, particularly as we pull it through the bottom line.

我們也在利用鑽石成本端些許走軟的機會，真正去平衡供應鏈與投入成本，讓我們能從設計角度進行組合配置，為業務帶來更強的毛利率。因此把這些加總起來，無論是供應鏈與採購策略更有效率，或是建立正確的商品組合架構，我們對毛利率感到樂觀，不僅是今年，也包括擴張機會，特別是當我們把它帶到最終淨利時。

The only thing I'd add on to that, J.K., is just the pricing and promo work that the teams have been engaged in since last fall, and we are wrapping around and won't cycle that until the back half of this year. So we still have room within the pricing and promotion work to number of days on sale, not going as deep and in the promotions and being more selective, judicious about the categories or styles that are on promotion. So that would be one addition.

J.K.，我唯一想補充的是，團隊自去年秋天以來一直在進行的定價與促銷工作；我們目前仍在持續推進，而要到今年下半年才會進入比較基期。所以在定價與促銷工作上我們仍有空間，例如特價天數、促銷折扣不做那麼深，以及在促銷品類或款式上更有選擇、更審慎。這是我想補充的一點。

I think the other work that we're doing is J.K. alluded to it, is in the diamond category with the integration of Diamonds Direct and Jared, we are now able to centralize all of our diamond sourcing under our Signet diamond sourcing team, which enables us to utilize our diamonds across our entire portfolio. So that range to the question on inventory turn. That will also help us with better pricing across the business but also turning the diamonds that we own within our own portfolio. So feel that that was a nice add and one that can serve us well into the future.

我認為我們正在做的另一項工作，J.K. 也提到過，就是在鑽石品類方面，隨著 Diamonds Direct 與 Jared 的整合，我們現在能把所有鑽石採購集中到 Signet 的鑽石採購團隊之下，這讓我們能在整個產品組合中運用我們的鑽石。所以這也回應了關於庫存周轉的問題。這也會幫助我們在整體業務上取得更好的定價，同時也能加快我們自有產品組合中所持有鑽石的周轉。因此我們覺得這是一個很好的補強，也能在未來持續為我們帶來助益。

And I would just say the branding work that the teams are doing in terms of very distinctive brands, elevating collections and designs, which served us well. We met -- J.K. mentioned Venice. So those are the branding work, and the designer collections will also help us to drive some gross margin expansion.

我還想說，團隊在品牌打造上的工作，包括打造非常鮮明的品牌、提升系列與設計，這些都對我們很有幫助。我們也見了——J.K. 提到了 Venice。因此這些品牌工作以及設計師系列，也將有助於推動毛利率擴張。

Paul Lejuez, Citigroup.

Paul Lejuez，花旗集團。

This is Ben Cheatham on for Paul. I wanted to circle back on the 50 to 70 basis point comp lift that you're seeing from that including Canon Blue Nile, is that benefit built into second quarter guidance in the full year? And just any more details you could share on that.

我是 Ben Cheatham，代替 Paul 發問。我想回到你們提到的同店成長提升 50 到 70 個基點（包含 Canon Blue Nile 的影響），這個效益是否已納入第二季指引以及全年指引？另外你們能否再分享更多細節？

Sure. Thanks, Paul. It is baked into the guidance that we've given for the second quarter. That we see in the second quarter, it's roughly 70 basis points. So if you think of where we're moving from Q1 to Q2, that will with the high end of the guide at 2.5% comp growth. And then we would see that begin to move down a bit in Q3 and Q4.

當然。謝謝，Paul。這已經納入我們給出的第二季指引。我們在第二季看到的影響大約是 70 個基點。所以如果你看我們從第一季到第二季的變化，在指引上緣同店成長 2.5% 的情境下，會包含這個因素。然後我們會看到在第三季與第四季開始略為下降。

Think of it as 60 basis points, 50 basis points in the fourth quarter, bringing the year in that guidance range that I gave of 50 to 70 basis points down. So really reflected in the high end of our guide. And we also saw as we noted that we've raised the low end of our guide. And as a result, the midpoint came up. So we've reflected that within the guide itself across the year.

可以把它想成第三季約 60 個基點、第四季約 50 個基點，讓全年落在我所提到的 50 到 70 個基點的指引區間內。所以這主要反映在我們指引的上緣。同時我們也如先前所說，提高了指引的下緣。因此中位數也上調了。所以我們已把這些反映在全年指引之中。

Got it. And just a follow-up, you all mentioned you're seeing the strongest 2-year stack since over COVID there. What is that stack? We obviously don't know May last year. And then I wanted to make sure it sounds like Mother's Day was strong but also sounds like these last couple of weeks of the second quarter is an acceleration of how you exited the first quarter. If you could just kind of expand on that.

了解。再追問一下，你們提到目前看到自 COVID 以來最強的兩年疊加成長。那個疊加是多少？我們顯然不知道去年 5 月的數字。另外我也想確認一下，聽起來母親節表現很強，但也像是第二季最近幾週相較於第一季末的走勢有加速。能否再多談談？

Yes, sure. I would say if you look at last year, we were up low single digits, this year, up low single digits. So you're talking about -- yes, you're talking about mid-single digit 2-year stacks, which is stronger than where we've been.

好的，當然。我會說如果看去年，我們是低個位數成長；今年也是低個位數成長。所以你談的是——是的，你談的是兩年疊加約中個位數成長，這比我們之前的水準更強。

In terms of overall performance, yes, I mean, we had a good Mother's Day. We've seen that momentum hold similar performance where we're seeing strength across all brands, categories and have seen that momentum continue to build. So no other real color there from a consumer perspective.

就整體表現而言，是的，我們母親節表現不錯。我們看到這股動能維持住了，表現相近；我們看到所有品牌與品類都有強勁表現，而且這股動能持續累積。所以從消費者角度來看，沒有其他特別可補充的。

The only thing I would say to, we commented on a little bit of that momentum return. It also coincides with getting through the round of pricing architecture work that happens in between Valentine's Day and Mother's Day. So as we do that work, as a reminder, then we've got a -- we turn off promotion, rely a little more on clearance during that time period and the baseline run rate of the business are less -- spend a little bit less in marketing as we work that transition.

我唯一想補充的是，我們提到的那一點動能回升，也剛好與我們完成情人節到母親節之間那一輪定價架構調整工作相吻合。所以當我們做那項工作時，提醒一下，我們會——在那段期間關掉促銷，更依賴清倉；而且在我們進行這個轉換時，業務的基礎運行率會比較——行銷投入也會稍微少一些。

We saw the business pull back a bit during that time period, remain positive. And then as we put our signs back up and communicate with customers and really turn marketing on, then we saw the business return. And I know Joan mentioned it earlier, we're -- that's all happening against the backdrop of continued discipline around promo effectiveness. We're not -- we're consistent with the run rate we were running this last year. So there's no there's not more promo in the business. We're just seeing better health across the base.

我們看到業務在那段期間稍微回落一些，但仍維持正成長。然後當我們把招牌再掛回去、與顧客溝通並真正把行銷打開時，我們就看到業務回來了。而且我知道 Joan 先前提到，這一切都發生在我們持續維持促銷效益紀律的背景之下。我們沒有——我們與去年這段時間的運行節奏一致。所以業務中並沒有更多促銷。我們只是看到整體基本盤的健康度更好。

Lorraine Hutchinson BofA.

Lorraine Hutchinson，美國銀行（BofA）。

You saw any benefit from higher tax refunds? And is there any change in customer behavior that you're noting with fluctuation in gas prices and inflation?

你們有看到因退稅金額較高而帶來的任何好處嗎？另外，隨著油價與通膨波動，你們是否觀察到顧客行為有任何改變？

Short answer is no. I mean, I think we can't really call out a notable change in behavior tied to either of those things, frankly, from a higher tax refund point of view as well as from a higher gas price. The truth is we're not only an emotional purchase, but a considered purchase, right?

簡短回答是沒有。我的意思是，坦白說，無論是退稅較高或油價較高，我們都無法明確指出與這兩者相關的顯著行為變化。事實是，我們不僅是情感性消費，也是審慎型消費，對吧？

And my wife and I were joking about this the other day when I was getting ready to ask her, I don't know that she would have taken a pause because of the price per gallon of gas. I think this is -- we tend to set in a category where there's a little more thought that's gone into it. We're much more tied to milestone, whether that's engagement, gift, holiday, et cetera., also tied to a big chunk of our business to a purchase that relies on credit or some form of financing for our customer. And so bottom line is, those kind of short-term moves don't have as big of an impact in our business.

我和我太太前幾天還在開玩笑，當我準備要問她時，我不覺得她會因為每加侖汽油的價格而停下來猶豫。我認為我們——我們所處的品類通常需要更多思考。我們更與人生里程碑相關，不論是訂婚、送禮、節日等等；同時我們相當大一部分業務也與需要信用或某種形式融資的購買有關。所以歸根結底，這類短期波動對我們業務的影響沒有那麼大。

I would say we're more resilient in that regard. And we tend to focus on those things that are a little more longer-term structural as it relates to the consumer to make sure that we're positioning our business well. But can't really call out either a headwind or a tailwind necessarily in this quarter that would be noteworthy. And I do think we look at that and pay attention to it a little bit more. So in a business like Banter, where we're a little more exposed to both a lower income customer, it's just -- it's not as big of a driver of revenue for our business. So it's not...

我會說我們在這方面更具韌性。而且就消費者而言，我們傾向聚焦於較偏長期、結構性的事項，以確保我們能把業務定位得更好。但就本季而言，確實很難特別點出任何值得注意的逆風或順風。我也確實認為我們會更留意並關注這件事。因此像 Banter 這樣的業務，我們對較低收入客群的曝險稍高一些，但這並不是我們業務營收的主要驅動因素。所以它不是……

It's a year-over-year.

這是年對年。

Yes, I was going to say it's not a headline. And year-over-year, there's not as much noise there.

是的，我正想說這不是頭條重點。而且以年對年來看，那裡的雜訊也沒那麼多。

And then, Joan, you talked about an opportunity to improve the economics of private credit. Can you talk about what that might look like? And is this just a cost opportunity? Or is there an opportunity to potentially drive sales as well?

接著，Joan，你提到有機會改善私有信貸的經濟性。你能談談那可能會是什麼樣子嗎？這只是成本面的機會嗎？還是也有機會帶動銷售？

Well, what we're seeing is the health of our portfolio, and I commented on the consistency of the performance in terms of the metrics, the amount financed is holding up nicely, application rates, approval rates, are very, very little in terms of ups and downs. So very consistent. So we feel that that bodes well given we've seen it over the last several quarters and last couple of years that as we come to renegotiating our vendor agreements that that will serve us well as we come into that period of time. And so that's what we're really talking about there. The (inaudible) is consistency, good performance of the portfolio should bode well for cost and the cost of those programs to us.

嗯，我們看到的是投資組合的健康狀況；我也提到就各項指標而言，表現相當一致，融資金額維持得很好，申請率、核准率的上下波動都非常、非常小。所以非常一致。因此我們認為，鑑於過去幾季以及過去一兩年我們都看到這樣的情況，當我們進入重新談判供應商合約時，這將對我們很有利。所以我們在那裡真正要談的就是這件事。（聽不清）重點在於一致性；投資組合的良好表現，應該會對成本以及這些方案對我們的成本帶來正面效果。

(inaudible), Wells Fargo.

（聽不清），富國銀行。

This is Juliana on for Ike. I was wondering if you could comment more on the pricing in both lab and natural and how low continues to trend within both bridal and fashion. I know that you've previously mentioned (inaudible) at a higher rate. Have you continued to see that?

我是 Juliana，代 Ike 提問。我想請你們多評論一下培育鑽與天然鑽的定價，以及在婚嫁與時尚兩個品類中，低價位帶如何持續走勢。我知道你們先前提到（聽不清）以更高的速度。你們是否仍持續看到那樣的情況？

Thanks for the question, Juliana. No real change in trend. I mean, I would say we continue to see AUR growth and trade up on both sides of that. I think one of the things we called out in the script is we believe there's even more opportunity on the natural side as we look at higher price point, and as we clarify our strategy by brand. So we see that both as an AUR and sales opportunity, ultimately, one that's tied to some opportunity to gain share as well. So no new news there other than continued progress against that trend, and we're doing our part to take advantage of it.

謝謝你的問題，Juliana。趨勢沒有什麼實質變化。我的意思是，我會說我們在兩邊都持續看到 AUR 成長以及客單往上升級（trade up）。我想我們在講稿中提到的一點是，當我們看向更高價位、並按品牌釐清策略時，我們相信在天然鑽那一側還有更多機會。因此我們把它視為 AUR 與銷售的機會，最終也與取得市占的機會相連。所以除了持續朝這個趨勢推進、並且我們也在盡力把握之外，沒有新的消息。

Jon Keypour, Goldman Sachs.

Jon Keypour，高盛。

Just wanted to ask about the Blue Nile, I guess, premiumization strategy moving up that ladder. Does that signal an intent to graduate other banners in the portfolio of that ladder as well? I understand you want to keep a balance with your core customer, but it sounds like the general direction is to premiumize where you can. So I guess if that's true also, what are the priorities by banner about who would move up that ladder next?

我想問一下 Blue Nile，我猜是所謂的高端化（premiumization）策略、往更高階梯上移。這是否也意味著你們打算讓投資組合中的其他品牌旗幟（banners）也往那個階梯上「畢業」升級？我理解你們想在核心客群之間保持平衡，但聽起來整體方向是能高端化的地方就高端化。所以如果這也是真的，那麼各品牌旗幟的優先順序是什麼？下一個會往上移的是誰？

Maybe let me talk at the macro level and then I'd love to Joan to lean in a little more on specifically what we see with Blue Nile. But I would say at a high level, it really is about leaning into the opportunity to differentiate and drive distinction by brand. We see Blue Nile at the highest end of that. I mean, that really is what the legacy positioning of that brand is.

也許我先從宏觀層面談起，然後我也很希望 Joan 能更深入談談我們在 Blue Nile 看到的具體情況。但我會說，從高層次來看，這確實是要把握機會，透過品牌來做出差異化並驅動品牌辨識度。我們把 Blue Nile 視為其中最高端的一端。我的意思是，那確實就是該品牌既有的傳統定位。

And in some ways, not to deprioritize this at all, but it is about returning to a spot that I think is really the equity and rightful spot for that brand to be. It also, I think -- every healthy portfolio has a north star, if you will, that really is the anchor point of aspiration and that really allows you to build a life cycle approach to a customer and really does allow you to play across a full landscape.

而且在某種程度上，並不是要降低這件事的優先性，但這是在回到一個我認為真正屬於該品牌的品牌資產與應有位置。同時我認為——每個健康的品牌組合都需要一個「北極星」，也就是作為渴望與嚮往的錨點，讓你能建立以客戶生命週期為核心的方法，並且確實能讓你在完整的市場版圖上布局。

We've talked about it before, but Jared and Diamonds Direct, I think we describe it as accessible luxury or affordable luxury, but that opportunity in the upper middle and low or high end, where you're really playing on the shoulders of kind of that smart value of high quality at the right price. It really does appeal to an upper middle-income customer as well as to a more affluent customer is a wide-open space right now. As a lot of brands have looked to move up and chase luxury, we really feel like that space has opened up, and it represents an opportunity for growth for us.

我們之前談過，Jared 和 Diamonds Direct，我想我們把它描述為可及奢華或平價奢華；也就是在中高端到高端的區間，你主打的是那種「聰明的價值」：以合適的價格提供高品質。它不僅吸引中高收入客群，也吸引更富裕的客群；而這個區間目前仍是一個非常開闊的市場空間。當許多品牌都試圖往上移、追逐奢華時，我們確實覺得這個區間反而被打開了，並且代表我們的成長機會。

Kay is smack in the middle, serving the largest cross-section of customers as the largest brand in not only our portfolio, but really in the jewelry space. And we love that. It really does allow us to play across the full spectrum of customers. And even there, we do see an opportunity. And maybe it's not about premiumization of the brand, but it's about recognition of how customers in that segment routinely trade up and trade down. And so there's a wider cross-section of opportunity there.

Kay 則正好位於中間，作為我們投資組合中最大的品牌——其實也是珠寶領域中的最大品牌——服務最廣泛的客群。我們很喜歡這一點。它確實讓我們能覆蓋完整的客群光譜。即便在那裡，我們也看到機會。也許這不一定是品牌的高端化，而是要認知到該區隔的客戶經常在升級（trade up）與降級（trade down）之間切換。因此那裡存在更廣的機會橫切面。

Zales is similarly placed, but also probably a little bit more of an entry point into the category, driving fashion and jewelry basics as an opportunity, which will mean you've got a little bit more affordable price points, although similar cross-section when you think about AUR across the business. But I do think paramount to this is our strategy to really drive premium at Blue Nile, not only because of the opportunity it represents for the company, but also because it's a point of destination for people that are researching across the category and is such a shaper of perspective and trend for so many consumers that really do shop all of our brands. So maybe,

Zales 的位置也類似，但可能更偏向品類的入門點，透過時尚與珠寶基本款來帶動機會，這意味著你會有更親民的價位帶，儘管當你看整體業務的 AUR 時，橫切面仍相近。但我確實認為，這當中最關鍵的是我們的策略：在 Blue Nile 真正推動高端化；不僅因為它對公司代表的機會，也因為它是人們在整個品類中研究比較時的目的地，並且對許多同時購買我們所有品牌的消費者而言，它在觀點與趨勢上具有很強的塑造力。所以也許，

Joan, if you want, kind of dive into some of the high points of where we see this opportunity for Blue Nile?

Joan，如果你願意的話，能否深入談談我們在 Blue Nile 看到的這個機會的一些重點？

I mean, I just would come in over the top on the natural diamond strategy first is that the business -- our business has the unique scale and opportunity to present to our customers high-quality natural diamonds across all of our brands. And we mentioned in our prepared remarks, natural diamonds represent 70% of the engagement revenue in the market and 90% of those -- 90% are natural diamonds with above USD5,000. So there's an opportunity, while it doesn't appear to be necessarily premium pricing, but above USD5,000 is a considered purchase price, and we can serve that customer across all our brands with the right offering of natural diamonds.

我的意思是，我會先從天然鑽策略的整體角度切入：我們的業務具備獨特的規模與機會，能在所有品牌中向客戶提供高品質的天然鑽。而且我們在事先準備的發言中提到，天然鑽在市場的訂婚營收中占 70%，而其中——其中 90% 是單價高於 5,000 美元的天然鑽。所以這裡存在機會；雖然看起來不一定是所謂的高端定價，但 5,000 美元以上是一個需要審慎考量的購買價位，而只要提供合適的天然鑽產品組合，我們就能透過所有品牌服務這類客戶。

Blue Nile is the -- is an elevated luxury positioning for us. And to J.K.'s point, it is an education and storytelling entrance point for many of our customers. It appeals to a more affluent and diverse younger customer for our business. And we believe that serving that customer with the concierge service as well as really assisting them through their journey in a more personalized emotional way, we will bring more customers into the natural diamond engagement market as well as really elevate the perception of that for the rest of our business.

Blue Nile 對我們而言是——是一個更高端的奢華定位。而且呼應 J.K. 的觀點，它是我們許多客戶進入的教育與故事敘述切入點。它吸引了對我們業務而言更富裕、更多元且更年輕的客群。我們相信，透過禮賓服務來服務這些客戶，並在他們的旅程中以更個人化、更具情感連結的方式真正協助他們，我們將把更多客戶帶入天然鑽石訂婚市場，同時也確實提升其在我們其餘業務中的認知與觀感。

And so really the most recent acquisition that we accomplished with The Clear Cut is another -- is a pillar within our initiative within that opportunity of concierge service and really creating a journey that the customer can gain confidence, find a better way, we can curate better stones for that customer, unique to their desires and really believe that with that acquisition, the digital and technology innovation helps us get that curation right the first time.

因此，我們最近完成的 The Clear Cut 收購，是另一個——也是我們在該禮賓服務機會與倡議中的支柱之一，真正打造一段讓客戶能建立信心、找到更好方式的旅程；我們也能為該客戶依其需求策選更好的、獨特的鑽石。我們也確信，透過這項收購，其數位與科技創新能幫助我們第一次就把策選做對。

So building on that technology for the balance of our brands will be what we would look to do in the future. So really elevating Blue Nile, bringing consumer confidence, curation and transparency to the process while educating the customer is really the start of that premiumization for us.

因此，未來我們會希望把這項技術延伸到我們其他品牌。所以，真正提升 Blue Nile，為流程帶來消費者信心、策選與透明度，同時教育客戶，確實是我們高端化的起點。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey Advisory Group。

As you think about, and you mentioned that the AUR at the higher end is selling through well. how do you think of that higher-end AUR? Where do you expect it to go? What is the customer giving you the opportunity to go to? And then as you think about self purchase in terms of fashion, how is that performing versus bridal and expectations going forward?

當你思考——你也提到高端的 AUR 銷售表現良好。你如何看待這個較高端的 AUR？你預期它會走向哪裡？客戶給了你什麼樣的機會，讓你可以往哪個方向提升？另外，談到時尚品類的自購（self purchase），它相較於婚嫁（bridal）的表現如何？以及對未來的預期是什麼？

Sure, Dana. Thanks for the question. We've not given a target AUR number, but certainly, we see an opportunity to expand, particularly as we look at natural diamond above USD2,500 or so.

當然，Dana。謝謝你的問題。我們沒有給出目標 AUR 數字，但我們確實看到擴張的機會，特別是當我們聚焦於約 2,500 美元以上的天然鑽石時。

As we pointed out on the call, we're seeing trend improvement across all categories. We don't talk about a lot time pieces, actually, even as maybe among the strongest of the group. So that very much is a testament to the work that we're doing with fashion. So I think self-purchase, early days.

正如我們在電話會議中指出的，我們看到所有品類的趨勢都在改善。我們其實不太談論腕錶品類，即便它可能是整體中最強的之一。因此，這很大程度上證明了我們在時尚品類所做的工作。所以我認為自購方面，仍在早期階段。

We talked about the including -- or inclusion of Rocks box as a driver with Kay. We're seeing the customer really respond well there as we introduce plated and Verma options in Banter, we're seeing the self-purchase customer respond, seeing continued growth in Zales as well. So across the board, right momentum in place, and we're looking to continue to build on that.

我們談到將 Rocksbox 納入作為 Kay 的驅動因素。我們看到客戶在那裡的反應非常好；當我們在 Banter 推出鍍層與 Verma 選項時，也看到自購客群的回應；同時在 Zales 也看到持續成長。因此整體而言，動能已到位，我們希望持續在此基礎上再接再厲。

Jim Sanderson, Northcoast Research.

Jim Sanderson，Northcoast Research。

I wanted to go back to same-store sales trend. I think you mentioned each month, they were up. But was that the case for all banners? I think there was a problem with Zale's last quarter, wondering if that's improved?

我想回到同店銷售趨勢。我記得你提到每個月都是成長。但這是否適用於所有品牌旗幟（banners）？我記得上一季 Zales 有些問題，想了解是否已改善？

We've seen improvement across the business. We talked about positive comps across most brands, really, there were only two in the quarter that were not positive. Diamonds Direct was one but was improved sequentially from where they have been performing and was closed, and then James Allen obviously, is the other. But across that -- across the rest of the brands, we saw health and actually saw improvement in Diamonds Direct from a sequential standpoint.

我們看到整體業務都有改善。我們提到多數品牌的同店比較（comps）為正，實際上本季只有兩個品牌不是正成長。Diamonds Direct 是其中之一，但相較於先前表現已呈現季比改善，且曾關店；另一個顯然是 James Allen。但在其餘品牌方面，我們看到健康的表現，並且從季比角度也看到 Diamonds Direct 的改善。

Okay. So you did see positive comps for Zales for the quarter?

好的。所以你們本季確實看到 Zales 的同店比較為正？

Yes.

是的。

Very good. I wanted to talk a little bit more about The Clear Cut acquisition. Any feedback you can provide on more or less what you purchased the purchase price, the impact on cash? And then the idea of how you're going to leverage this technology, that's going to be across banners related to the units -- the technology that you've purchased?

很好。我想再多談一點 The Clear Cut 的收購。你能否提供一些回饋：你們大概買了什麼、收購價格大概多少、對現金的影響？以及你們將如何運用這項技術——你們買到的這套技術，是否會跨品牌旗幟（banners）運用、與各單位相關？

Yes. I'll take that one. The Clear Cut acquisition, we actually closed yesterday, which we're very pleased with. And it's really a small tuck-in capability-led investment for us, Jim, and it really brings a few things to the business that we believe are critical. It will help us bring exceptional natural diamond expertise.

可以。我來回答。The Clear Cut 的收購我們其實是昨天完成交割的，我們對此非常高興。Jim，對我們而言這是一項小型的補強式、以能力為導向的投資，它為業務帶來幾項我們認為至關重要的能力。它將幫助我們帶來卓越的天然鑽石專業。

Kyle Simon and Olivia (inaudible) are standouts in the industry. They have generational experience and diamonds. And they have a distinctive way with our technology of connecting with luxury consumers through social commerce as well as technology. They've developed a GEM technology, which is proprietary platform, which is designed to deliver a personalized jewelry experience at scale.

Kyle Simon 和 Olivia（聽不清）在業界非常出色。他們在鑽石領域擁有世代累積的經驗。而且他們透過社群商務以及科技，以其獨特方式連結奢華消費者。他們開發了一套 GEM 技術，這是一個專有平台，旨在以規模化方式提供個人化的珠寶體驗。

We will -- it essentially equips the expert gemologists with tools, insights and customer context to curate with greater precision to serve diamonds to them -- to the customers and get it right the first time. And it also preserves a bespoke white-glove digital experience.

我們將——它本質上是為專業寶石學家配備工具、洞察與客戶情境，讓他們能以更高精準度進行策選，把鑽石提供給——提供給客戶，並在第一次就做對。同時也保留量身訂製、白手套式的數位體驗。

There's also an AI engine on top of that really predicts demand and optimizes pricing while analyzing client conversations so that we can steer the client to the diamonds that we believe better serve what they're looking for. And so we can continue to refine recommendations with that technology. What's interesting is that The Clear Cut clients who purchased more than 55% of them select a diamond from their first curated set of recommendations, and across purchases, they average nearly USD30,000 per transaction. So really another way for us to continue to drive the natural diamond opportunity within our business, but as Olivier and Kyle are very much passionate about the natural diamond industry. In the beginning, we will be leveraging the technology for Blue Nile, and then our hope over the next couple of years is to further integrate that opportunity within our other brands where it fits their selling process.

此外，其上層還有一個 AI 引擎，能在分析客戶對話的同時預測需求並最佳化定價，讓我們可以引導客戶找到我們認為更符合其需求的鑽石。因此我們也能透過這項技術持續精進推薦。有趣的是，The Clear Cut 的客戶中，購買者有超過 55% 會從他們第一組策選推薦中就選定一顆鑽石；而且在各筆交易中，平均每筆接近 30,000 美元。因此，這確實是我們持續推動天然鑽石機會的另一種方式；而 Olivier 和 Kyle 對天然鑽石產業也非常有熱情。一開始，我們會把這項技術用在 Blue Nile；接下來幾年，我們希望在適合其銷售流程的前提下，進一步把這個機會整合到其他品牌。

All right. That was very helpful. And just last question for me. Looking at your gross profit margin, I think you called out a 70-basis-point headwind in the quarter. Is the expectation that, that will continue going forward? And with any benefit from sales leverage offsetting that as the year progresses for that gross profit margin rate?

好的。這非常有幫助。我最後一個問題：看你們的毛利率，我想你提到本季有 70 個基點的逆風。這個情況是否預期未來會持續？隨著年度推進，銷售槓桿帶來的效益是否能抵銷部分影響、支撐毛利率水準？

Yes. We expect to see continued pressure on gross margin. For the full year, we said flat to slightly down. So really down in the first half of the year and flat to slightly up in the back half of the year, which is what give to that full year guide. So as we anniversary the fall season, we see a better opportunity there in merchandise margin.

是的。我們預期毛利率仍會持續承壓。就全年而言，我們的指引是持平到小幅下滑。也就是上半年下滑、下半年持平到小幅上升，這就是我們全年指引的組成。因此，當我們進入秋季檔期的比較基期後，我們在商品毛利方面會看到更好的機會。

All right. And last question for me, if you would. I think you called out that you may not be taking your fair share in certain segments. With 1% growth for the quarter, is the industry growing in line with Signet or are you lagging the industry?

好的。我這邊最後一個問題，如果可以的話。我想你提到在某些細分市場，你們可能沒有拿到應有的市占。本季成長 1%，整體產業的成長是否與 Signet 同步，還是你們落後於產業？

We're growing in line. I think what we do is -- what we recognize is we've seen strengthen independence at higher price points, nowhere near the unit performance that we have, but certainly taking advantage of trade-up and higher-end customers. We tend to be leading mass and big box and are kind of on the pulse of where the industry is, which is good. But we recognize within our base, there's a share opportunity on the higher end, and that's where I don't know, Joan and I both talked about it, our balance in terms of diamond strategy and really leaning into the growth proposition on both ends is really important for us.

我們的成長與產業同步。我認為我們所做的——我們所觀察到的是，在較高價位帶，獨立業者的表現有所增強；雖然在單位數量表現上遠不及我們，但確實在升級換購（trade-up）與高端客群上受惠。我們通常在大眾市場與大型賣場通路領先，也算是緊貼產業脈動，這點很好。但我們也認知到，在我們的基本盤中，高端市場仍有市占提升的機會；這也是我不確定——Joan 和我都談過——就鑽石策略的平衡而言，以及在兩端都更積極投入成長主張，對我們非常重要。

Mauricio Serna, UBS.

Mauricio Serna，瑞銀（UBS）。

Apologies for what happened a few minutes ago. Just on the gross margin, I know you mentioned the merchandise margin contracting 70 basis points on higher gold. Was there anything related to promotions to call out? And then how are you thinking about the second quarter gross margin expectations?

抱歉幾分鐘前發生的狀況。關於毛利率，我知道你提到因金價較高，商品毛利率收縮了 70 個基點。是否有任何與促銷相關的因素需要特別說明？另外，你們對第二季毛利率的預期是怎麼看的？

And then a quick follow-up, just excluding just the benefit or excluding, now that you're taking out James Allen and (inaudible) from the comps, is the comp essentially the same as prior -- or like was that is somewhat like excluding that should be actually a little bit below where you were last quarter?

再快速追問一下：現在你們把 James Allen 和（聽不清）從同店比較（comps）中剔除後，同店表現基本上是否與先前相同——或者說，若排除這些因素，實際上應該會比上季略低一些？

Well, I was just going to say, on the margin front, look, we're -- promotionally, there's nothing extra there, right? We're very consistent with where we have been running last year, so this is not an effect of promo. And really, the exposure is primarily commodity related. We've talked about it.

我先說毛利率這塊：你看，我們——在促銷方面，沒有任何額外的因素，對吧？我們與去年以來的操作非常一致，所以這不是促銷造成的影響。真正的曝險主要是與大宗商品相關。我們也談過這點。

I think it's important for us to balance AUR and unit performance. And while we still believe strongly that there's margin expansion opportunity for the business, we're also being thoughtful around how we approach this commodity environment, and in particular, how we think about exposure on lower end price points, which is really where this pressure gets managed and why it's important as we think about balancing AUR and units overall. So expect that to continue and to improve, in Q2, we'd see it moderate and then we see opportunity in the back half of the year for improvement. So you'll see that line continue to build.

我認為對我們來說，平衡平均單價（AUR）與銷量（units）表現很重要。雖然我們仍然堅信公司有毛利率擴張的機會，但我們也會審慎思考在這樣的大宗商品環境下該如何應對，特別是如何看待低價位帶的曝險；壓力主要就是在那裡被管理，這也是為什麼在思考整體 AUR 與銷量平衡時如此重要。因此預期這樣的作法會持續並改善；第二季我們會看到壓力趨緩，且我們在下半年看到改善的機會。所以你會看到那條線持續往上走。

I would -- and I think we're in line with where we thought we'd be in Q1, are thoughtful around how we're managing against a volatile environment and actually really happy with performance because of the balance we see across the business. I think it points to the health of the portfolio. Maybe I'll let Joan jump in and talk about comp impact, but overall, no, we're not hiding the ball there. I think we see strength on the balance of the business.

我會——而且我認為我們第一季的表現與我們原先預期一致；我們也很審慎地在波動環境中管理，並且因為看到業務各面向的平衡而對表現感到非常滿意。我認為這反映了投資組合的健康度。也許我讓 Joan 補充談談同店影響，但整體而言，不，我們沒有在那裡遮遮掩掩。我認為我們看到的是業務整體的強勁。

Mauricio, the James Allen impact that we called out, it was a 1 point drag in the first quarter, and we posted a 1.8% comp. We're -- our guidance for the year is 2.5% and at the high end for comp in Q2 is the same 2.5%. So we're reflecting the impact within our comp guidance. We're also raising the low end of the guide. So what we did say earlier is that we moved from 1 point to 70 basis points impact approximately in Q2, and it continues to -- the impact continues to lessen to 60 to 50 basis points in third and fourth quarter.

Mauricio，我們提到的 James Allen 影響，在第一季是 1 個百分點的拖累，而我們公布的同店成長是 1.8%。我們——我們對全年指引是 2.5%，而第二季同店指引的高端也是同樣的 2.5%。所以我們已在同店指引中反映了這個影響。我們也上調了指引的低端。我們先前也說過，第二季的影響大約從 1 個百分點降到約 70 個基點，且影響會持續減輕，第三與第四季約為 60 到 50 個基點。

And Blue Nile, just for everyone to recall, Blue Nile is also excluded from the comp calculation. We feel that as we've transitioned a significant portion of James Allen SKUs over to the Blue Nile brand that it's most appropriate that we keep both of those brands out of comp until we -- for the next four quarters essentially.

另外提醒大家，Blue Nile 也被排除在同店計算之外。我們認為，隨著我們已將 James Allen 的相當一部分 SKU 轉移到 Blue Nile 品牌之下，在接下來基本上四個季度內，將這兩個品牌都排除在同店之外是最合適的做法。

We have reached the end of the Q&A session. I will now turn the call back to J.K. for closing remarks.

問答環節到此結束。我現在把電話交回給 J.K. 作結語。

All right. As we end the call, I want to thank everybody for their time and also really like to thank our team and partners. We've got a great start to the year. We're staying focused on performing while we transform our business and look forward to sharing more updates on our Grow Brand Love progress in September. Thanks for joining. Goodbye for now.

好的。在結束電話會議之際，我想感謝各位撥冗參與，也非常想感謝我們的團隊與合作夥伴。我們今年開局非常好。我們會在推動業務轉型的同時，持續專注於執行表現，並期待在 9 月分享更多關於我們「Grow Brand Love」進展的更新。感謝加入。暫時先說再見。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。