Signet Jewelers Ltd (SIG) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Signet Jewelers Fourth Quarter Fiscal 2022 Earnings Call. (Operator Instructions)

早上好，歡迎參加 Signet Jewelers 2022 財年第四季度財報電話會議。 （操作員說明）

Please note this event is being recorded. I would now like to turn the conference over to Vinnie Sinisi, Senior Vice President, Investor Relations and Treasury. Please go ahead.

請注意，正在記錄此事件。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。

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

了不起。非常感謝，安德魯，大家早上好。歡迎來到我們的第四季度收益電話會議。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 in our annual report on Form 10-K, quarterly reports on 10-Q and current reports on 8-Ks.

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關於 10-K 表格的年度報告、關於 10-Q 的季度報告和關於 8-Ks 的當前報告中的風險因素、警示性語言和其他披露。

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

除法律要求外，我們不承擔根據新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, will discuss certain non-GAAP financial measures. For further discussion of those non-GAAP measures as well as reconciliations to the most directly comparable GAAP measures, investors should review the news release we posted on our website at www.signetjewelers.com/investors.

在電話會議期間，將討論某些非公認會計原則的財務措施。要進一步討論這些非公認會計原則措施以及與最直接可比的公認會計原則措施的對賬，投資者應查看我們在我們的網站 www.signetjewelers.com/investors 上發布的新聞稿。

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 who are on the call with us today. Before I get into the call, I want to take a moment to address the crisis in Ukraine. As a company whose purpose is inspiring love, we stand against this invasion and unprovoked war. As such, Signet has suspended all business interactions with Russian-owned entities since the beginning of the conflict. And through our Signet Love Inspires Foundation, we have donated $1 million to the Red Cross to help provide food, medical attention and supplies within Ukraine as well as shelter for the millions of refugees fleeing the country. Our foundation is also providing a 2:1 match for Red Cross donations made by our generous team members. We will continue to look for additional opportunities to support the people of Ukraine, and our thoughts and prayers are with them all.

謝謝你，Vinnie，也感謝今天與我們通話的所有人。在我接聽電話之前，我想花一點時間來解決烏克蘭的危機。作為一家以激發愛為宗旨的公司，我們反對這種入侵和無端戰爭。因此，自衝突開始以來，Signet 已暫停與俄羅斯擁有的實體的所有業務往來。通過我們的 Signet Love Inspires Foundation，我們向紅十字會捐贈了 100 萬美元，以幫助在烏克蘭境內提供食物、醫療護理和補給品，並為逃離該國的數百萬難民提供住所。我們的基金會還為我們慷慨的團隊成員所做的紅十字會捐款提供了 2:1 的匹配。我們將繼續尋找更多機會來支持烏克蘭人民，我們的思念和祈禱與他們同在。

Now let me share Signet's results with you. We closed this year once again with strong performance. The Signet team delivered record sales and earnings growth, our sixth consecutive quarter of overall growth. I want to thank our team members for their unrelenting leadership and dedication. I am always inspired by their achievements.

現在讓我與您分享 Signet 的結果。我們今年再次以強勁的表現收盤。 Signet 團隊實現了創紀錄的銷售額和盈利增長，這是我們連續第六個季度實現整體增長。我要感謝我們的團隊成員的不懈領導和奉獻精神。我總是被他們的成就所鼓舞。

There is one key message that I'd like you to take away from this quarter and year. We are demonstrating that Signet has the strategies, strength and structural advantages to consistently outpace the market and gain share while also delivering sustainable double-digit operating margins. We can see this in 3 specific ways. First, we grew our U.S. market share to 9.3%, a 270 basis points gain over prior year. We grew share in every channel and every banner. This was true in well-established categories like bridal, where Signet is the clear U.S. retail leader with a roughly 30% share, and in lab-created diamonds, where we are widening the gap as the market leader in this new and fast-growing category.

我希望您從這個季度和年度中帶走一個關鍵信息。我們正在證明 Signet 具有戰略、實力和結構優勢，可以持續超越市場並獲得份額，同時實現可持續的兩位數營業利潤率。我們可以通過 3 個具體的方式看到這一點。首先，我們的美國市場份額增長到 9.3%，比去年增加了 270 個基點。我們在每個渠道和每個橫幅上都增加了份額。在婚紗等成熟的類別中確實如此，Signet 是美國明顯的零售領導者，擁有大約 30% 的份額，在實驗室製造的鑽石中，我們正在擴大作為這一新興且快速增長的市場領導者的差距類別。

Second, we are continuing to increase margin as we grow. In fact, we have permanently reset our margins over the past 4 years by 200 basis points ahead of where we were before starting our Path to Brilliance journey. We'll use our time with you today to explain why we believe our double-digit operating margin is sustainable. And third, we are generating significant excess cash. Our leverage ratio is healthy at now less than 2x EBITDAR. We are investing in organic growth and acquisitions. And with our stock's current valuation, we are aggressively focused on share repurchases to take advantage of the disconnect that exists between our confidence in the value Signet will continue to generate and what the current share price reflects from the market.

其次，隨著我們的成長，我們將繼續增加利潤率。事實上，在過去 4 年中，我們已經將我們的利潤率永久性地重置了 200 個基點，比我們開始我們的輝煌之路之前的水平提前了 200 個基點。我們今天將花時間與您一起解釋為什麼我們認為我們的兩位數營業利潤率是可持續的。第三，我們正在產生大量超額現金。我們的槓桿率目前低於 2 倍 EBITDAR，處於健康狀態。我們正在投資於有機增長和收購。以我們股票目前的估值，我們積極關注股票回購，以利用我們對 Signet 將繼續產生的價值的信心與當前股價從市場反映的情況之間存在的脫節。

In fact, we repurchased more than $270 million in shares since mid-January and still have over $400 million in authorization remaining. Signet's results are being driven by the strengths we mentioned in our last call. Our diversified banner portfolio, Connected Commerce presence, data analytics capability and scale. These strengths and our financial health, our ability to sustain industry-leading investments in our business have become important, sustainable sources of competitive advantage.

事實上，自 1 月中旬以來，我們回購了超過 2.7 億美元的股票，並且仍有超過 4 億美元的授權剩餘。 Signet 的業績是由我們在上次電話會議中提到的優勢推動的。我們多元化的橫幅產品組合、互聯商務存在、數據分析能力和規模。這些優勢和我們的財務狀況、我們維持行業領先投資的能力已成為重要的、可持續的競爭優勢來源。

In a moment, I'll talk through the progress we made this quarter in each of our where-to-play focus areas. But first, I'd like to share perspective on both the tailwinds and macro headwinds that we see ahead in the coming year. Tailwinds, we're confident Signet can leverage, and headwinds that we are well positioned to manage through. The most important tailwinds are those that we are creating with our strategies. They are not transitory. To the contrary, they are accelerating. We plan to invest up to $250 million in capital during fiscal '23 to drive our strategies, further enhancing our stores, digital platform and data analytics advantages. This is our largest planned capital investment in the past 5 years and it's guided by increasingly precise insights.

稍後，我將介紹本季度我們在每個遊戲重點領域取得的進展。但首先，我想分享一下我們在來年看到的順風和宏觀逆風的觀點。順風，我們有信心 Signet 可以利用，而逆風我們有能力應對。最重要的順風是我們用我們的戰略創造的順風。它們不是暫時的。相反，它們正在加速。我們計劃在 23 財年投資高達 2.5 億美元的資金來推動我們的戰略，進一步增強我們的商店、數字平台和數據分析優勢。這是我們在過去 5 年中最大的計劃資本投資，並以越來越精確的洞察力為指導。

The biggest external tailwind is also the happiest one. Weddings are back. Couples are getting married at record-setting rates. We expect more weddings this year than we've seen in nearly 40 years. Bridal is an important part of our business, of course, but it's much more than engagement rings. The average couple buys their wedding bands 2 months ahead of the wedding. And wedding days give us the opportunity to provide jewelry for the bride and groom, bridesmaids, mother of the bride and guests attending the wedding. In addition, these celebrations drive future growth because dating couples who attend to wedding together are among the most likely to get engaged shortly afterwards.

最大的外部順風也是最快樂的。婚禮回來了。夫妻正在以創紀錄的速度結婚。我們預計今年的婚禮數量將超過近 40 年來的水平。當然，新娘是我們業務的重要組成部分，但它不僅僅是訂婚戒指。普通夫婦在婚禮前 2 個月購買結婚戒指。婚禮日讓我們有機會為新娘和新郎、伴娘、新娘的母親和參加婚禮的客人提供珠寶。此外，這些慶祝活動推動了未來的增長，因為一起參加婚禮的約會情侶最有可能在不久後訂婚。

We continually look for new ways to innovate to make the entire bridal occasion more special. One example is the Rocksbox bridal subscription, which we're testing now. Rental pieces make it easy and affordable for every number of a bridal party to shine at showers, engagement dinners and at the magical I do moment. They also appeal to customers who want to participate in a circular economy. We also see macro headwinds in the months ahead and believe we are well positioned to mitigate them. We continue to anticipate a shift in spending towards entertainment and travel. More than 75% of American consumers say they are ready to travel and a majority of those are already planning trips for June and July despite the inflated cost of these trips versus pre-pandemic levels. This reinforces that consumers are willing to pay more for both experiences and goods that they want and value. The biggest issue on people's minds, of course, is the war in Ukraine and, to a lesser extent, the inflationary pressures that may create in both the near and longer term on what we were -- on top of what we were already experiencing.

我們不斷尋找創新的新方法，使整個婚禮場合更加特別。一個例子是我們現在正在測試的 Rocksbox 新娘訂閱。租借的單品讓每個新娘派對都可以輕鬆且負擔得起地在淋浴、訂婚晚宴和神奇的我做的時刻閃耀。它們還吸引了想要參與循環經濟的客戶。我們還看到未來幾個月的宏觀逆風，並相信我們有能力緩解它們。我們繼續預計消費將轉向娛樂和旅行。超過 75% 的美國消費者表示他們已準備好旅行，其中大多數人已經計劃在 6 月和 7 月旅行，儘管這些旅行的成本與大流行前的水平相比有所增加。這強化了消費者願意為他們想要和重視的體驗和商品支付更多費用。當然，人們心中最大的問題是烏克蘭的戰爭，以及在較小程度上可能在近期和長期內對我們的現狀造成的通脹壓力——除了我們已經經歷的情況。

Inflation puts pressure on discretionary purchases. That said, whether people have been waiting 2 years to travel or 2 years to get married, they are making the purchases that matter to them even at higher prices. At Signet, we are prepared to make the most of this dynamic with excellent value, fresh assortments, industry-leading marketing and services, expert advice from our jewelry consultants in store and online, and a Connected Commerce presence that provides superior and seamless customer experiences.

通貨膨脹給可自由支配的購買帶來壓力。也就是說，無論人們等待 2 年旅行還是等待 2 年結婚，他們都在以更高的價格購買對他們來說很重要的東西。在 Signet，我們準備充分利用這一動態，提供卓越的價值、新鮮的分類、行業領先的營銷和服務、我們在商店和在線的珠寶顧問的專家建議，以及提供卓越和無縫客戶體驗的互聯商務存在.

Our financial fitness and our strong supply chain relationships enable us to deliver great value to customers despite inflationary pressures while still protecting and growing margin. As a result, we believe we'll be less impacted by inflation than jewelry industry competitors or the retail sector overall. To dig a little deeper, our supply chain is a significant source of competitive advantage. We are a sightholder with De Beers, which enables us to buy rough diamonds directly. We have a proprietary online diamond marketplace through James Allen. This gives us real-time pricing on more than 450,000 cut and polished stones valued at more than $2 billion. We now have 7 manufacturing facilities in India subcontracted to work exclusively for Signet in addition to our own cut and polish manufacturing facility in Botswana.

儘管存在通貨膨脹壓力，我們的財務狀況和強大的供應鏈關係使我們能夠為客戶提供巨大的價值，同時仍然保護和增加利潤。因此，我們相信與珠寶行業競爭對手或整個零售行業相比，我們受通脹的影響較小。再深入一點，我們的供應鍊是競爭優勢的重要來源。我們是戴比爾斯的看貨商，這使我們能夠直接購買毛坯鑽石。我們通過 James Allen 擁有一個專有的在線鑽石市場。這為我們提供了超過 450,000 顆切割和拋光寶石的實時定價，價值超過 20 億美元。除了我們在博茨瓦納的切割和拋光製造工廠外，我們現在在印度有 7 個製造工廠分包為 Signet 專門工作。

Altogether, we grew our production capacity by tenfold last year. This level of scaled vertical integration along with our strategic vendor partnerships, gives us an enormous advantage in terms of both quality and volume of inventory. We are also an industry leader in responsible sourcing. -- which has become even more important to consumers today. We believe our sophisticated supply chain and AI-driven inventory management system is a clear competitive advantage in the highly fragmented jewelry industry, ensuring consumer access to the right inventory at the right time at the best price with an agility that's hard to match.

總的來說，我們去年的生產能力增長了十倍。這種規模化的垂直整合以及我們的戰略供應商合作夥伴關係，在庫存質量和數量方面為我們提供了巨大的優勢。我們也是負責任採購的行業領導者。 ——這對今天的消費者來說變得更加重要。我們相信，我們成熟的供應鍊和人工智能驅動的庫存管理系統在高度分散的珠寶行業中具有明顯的競爭優勢，確保消費者在正確的時間以最優惠的價格獲得正確的庫存，並具有難以匹敵的敏捷性。

We expect the overall jewelry industry to be down low single digits to roughly flat this year. While it's impossible to predict precisely how long it will take the industry to return to its historical average annual growth rate of 2%. What we can say with much greater confidence is that Signet has the right strategies, strength and structural advantages to grow faster than the industry. We believe we are well positioned to keep gaining market share and delivering sustainable double-digit operating margins.

我們預計今年整體珠寶行業將下降個位數，大致持平。雖然無法準確預測該行業需要多長時間才能恢復到 2% 的歷史平均年增長率。我們可以更有信心地說，Signet 擁有正確的戰略、實力和結構優勢，可以比行業更快地增長。我們相信我們有能力繼續獲得市場份額並提供可持續的兩位數營業利潤率。

With that confidence in mind, let's take a closer look at our progress across each of our where-to-play strategies. Winning in our biggest businesses remains the largest pillar of our Inspiring Brilliance strategy. Every one of our banners is growing at or ahead of their growth targets. This reflects the steady progress we've made differentiating our banners with more clearly defined customer targets, optimize assortments and always-on marketing that is highly efficient and effective. I'll touch on just 2 of these improvements.

懷著這種信心，讓我們仔細看看我們在每個遊戲策略中的進展情況。在我們最大的業務中獲勝仍然是我們鼓舞人心的輝煌戰略的最大支柱。我們的每一個橫幅都在達到或超過其增長目標。這反映了我們在通過更明確定義的客戶目標、優化分類和始終如一的高效營銷來區分我們的橫幅方面取得的穩步進展。我將只談其中的兩項改進。

First, we are focused on our in-store experience as part of our seamless connected commerce presence. During the pandemic, we pivoted to digital and invested in the digital experiences customers needed. Now that customers are coming back to stores, FY '23 marks the biggest investment in our store experiences that we've made in 5 years, all driven by our distinctive banner value propositions and database greenfield analysis. Second, we're investing in always-on marketing more aggressively and strategically than ever, at a level that no other company in the jewelry industry can.

首先，我們專注於我們的店內體驗，這是我們無縫連接的商業存在的一部分。在大流行期間，我們轉向數字化並投資於客戶所需的數字化體驗。現在客戶又回到了商店，23 財年標誌著我們在 5 年內對商店體驗進行的最大投資，這一切都是由我們獨特的橫幅價值主張和數據庫綠地分析驅動的。其次，我們比以往任何時候都更加積極和戰略性地投資始終在線營銷，達到珠寶行業其他公司無法企及的水平。

In fiscal '22, we increased our advertising budget by more than $180 million, and we expect to continue investing again this year. This enables us to increase customer acquisition, engaging customers with relevant messages in the right channels at the right times. And as a result, reducing our reliance on traditional fourth quarter profitability. And here's where scale matters. We hold a 50% share of voice in targeted TV even as we've shifted significantly to a more targeted digital marketing plan. The 2 approaches work in concert, enabling us to expand quantity at the top of our customer acquisition funnel and reach more customers more efficiently.

在 22 財年，我們將廣告預算增加了超過 1.8 億美元，我們預計今年將繼續投資。這使我們能夠增加客戶獲取，在正確的時間通過正確的渠道向客戶提供相關信息。因此，減少了我們對傳統第四季度盈利能力的依賴。這就是規模很重要的地方。儘管我們已經顯著轉向更有針對性的數字營銷計劃，但我們在目標電視中擁有 50% 的語音份額。這兩種方法協同工作，使我們能夠在客戶獲取渠道的頂端擴大數量，並更有效地接觸更多客戶。

At the same time, our data-driven consumer insights help us improve the quality of customers we're attracting. Customers who are responding to our marketing have higher purchase intent and are looking to spend more. We see this most vividly in North America, where we drove average transaction values up more than 15% and in-store conversion, up nearly 20% versus 2 years ago. Further, Kay and Zales, 2 of our banners that historically overlapped each other, are now very distinct and delivering strong parallel growth. Not only did both outperform the industry but they also delivered double-digit improvements to their Net Promoter Scores compared to 2 years ago.

同時，我們以數據為依據的消費者洞察幫助我們提高了所吸引客戶的質量。響應我們營銷的客戶具有更高的購買意願並希望花費更多。我們在北美看到這一點最為生動，我們推動平均交易價值增長超過 15%，店內轉化率與 2 年前相比增長了近 20%。此外，Kay 和 Zales，我們在歷史上相互重疊的兩個旗幟，現在非常不同，並實現了強勁的平行增長。與 2 年前相比，兩者不僅表現優於行業，而且其淨推薦值也實現了兩位數的提高。

Expanding accessible luxury and value is our second where-to-play priority and we're making meaningful progress at both ends of the mid-market. In the value tier, we have now completely rebranded Banter by Piercing Pagoda. With 7 consecutive years of positive same-store sales, Banter continues to attract our youngest customer base, and the rebrand is building momentum.

擴大無障礙奢侈品和價值是我們的第二個優先事項，我們在中端市場的兩端都取得了有意義的進展。在價值層中，我們現在完全將 Banter 重新命名為 Piercing Pagoda。 Banter 連續 7 年保持同店銷售正增長，繼續吸引我們最年輕的客戶群，品牌重塑勢頭強勁。

The launch of bantor.com, for example, has driven site traffic up more than 80% compared to last year. And our expansion into in-line locations is allowing us to enter high-traffic shopping environments where kiosks aren't feasible, and to provide private rooms for needle piercing services, one of the fastest-growing and highest-margin services we offer.

例如，bantor.com 的推出使網站流量與去年相比增長了 80% 以上。我們向在線地點的擴張使我們能夠進入信息亭不可行的高流量購物環境，並為針刺服務提供私人房間，這是我們提供的增長最快和利潤率最高的服務之一。

We're also growing in the value tier by putting greater focus on our outlet formats with distinctive and exclusive merchandise designed for treasure seeking customers. Outlets grew nearly 55% and compared to last year. At the other end, in the accessible luxury tier, we grew considerably this year across 3 of our banners, Jared, James Allen and Diamonds Direct.

我們還通過更加專注於我們的奧特萊斯形式，為尋寶的客戶提供獨特的獨家商品，從而在價值層面上實現增長。與去年相比，奧特萊斯增長了近 55%。另一方面，在無障礙豪華級別，我們今年在 Jared、James Allen 和 Diamonds Direct 的 3 個橫幅上實現了顯著增長。

Jared has been diligently refining their assortment for the past few years to lean into higher price points. We are now offering larger stones, fancier cuts and higher-quality metals while also moving away from lower-priced speeds. This is working. In fact, for the year, Jared's average transaction value increased more than 60% compared to the previous year.

在過去的幾年裡，Jared 一直在努力改進他們的產品種類，以適應更高的價格點。我們現在提供更大的寶石、更高級的切工和更高質量的金屬，同時也遠離低價速度。這是有效的。事實上，在這一年裡，賈里德的平均交易額比上一年增長了 60% 以上。

James Allen remains critical to our accessible luxury expansion with its digitally native model. This year, James Allen made significant progress by expanding its fashion assortment. The strategy here is that when customers are thrilled with their James Allen engagement ring and wedding bands, it's naturally one of the first places they look for meaningful gift ideas and fashion accessories. This too is working. James Allen increased its fashion category sales more than 95% this year with an average transaction value that is more than 8x our North America average.

詹姆斯·艾倫 (James Allen) 憑藉其數字原生模式對我們無障礙的奢侈品擴張至關重要。今年，詹姆斯艾倫通過擴大其時尚品類取得了重大進展。這裡的策略是，當客戶對他們的 James Allen 訂婚戒指和結婚戒指感到興奮時，這自然是他們尋找有意義的禮物創意和時尚配飾的首選地點之一。這也有效。詹姆斯艾倫今年的時尚品類銷售額增長了 95% 以上，平均交易額是我們北美平均水平的 8 倍以上。

Diamonds Direct is another great story. We only have 22 locations today, and there is clear room for expansion. What Signet brings to this opportunity is our trade area analytics capability. This will enable us to expand Diamond's Direct stores with data-driven precision, ensuring we open new stores precisely where they will grow fastest and most profitably.

Diamonds Direct 是另一個很棒的故事。我們今天只有 22 個地點，並且有明顯的擴展空間。 Signet 為這個機會帶來的是我們的貿易區域分析能力。這將使我們能夠以數據驅動的精度擴展 Diamond 的直營店，確保我們在新店增長最快和利潤最高的地方准確開設新店。

And a bit down the road, we know we can leverage Connected Commerce to create a Diamond's Direct digital presence that will work seamlessly with our brick-and-mortar formats. Accelerating services is the third pillar of our strategy, and our goal is to grow it into a $1 billion business. In FY '22, we advanced toward this goal, delivering $620 million in revenue, up 65% versus prior year.

再往前走一點，我們知道我們可以利用 Connected Commerce 來創建 Diamond 的 Direct 數字存在，該存在將與我們的實體格式無縫協作。加速服務是我們戰略的第三大支柱，我們的目標是將其發展為價值 10 億美元的業務。在 22 財年，我們朝著這個目標前進，實現了 6.2 億美元的收入，比上一年增長了 65%。

I'll highlight 3 of our highest potential services: repair, extended service agreements and rewards. What I love about these services is that they are all relationship builders. The better we do at each of them, the more lifetime relationships we build and the more lifetime value we capture.

我將重點介紹我們最具潛力的 3 項服務：維修、擴展服務協議和獎勵。我喜歡這些服務的原因是它們都是建立關係的人。我們在每個方面做得越好，我們建立的終生關係就越多，我們獲得的終生價值就越多。

I'll start with repair. We offer repair services regardless of where a piece was purchased, not only because of the revenue it generates, but also because it is a powerful opportunity to build advocacy. When someone hands us a treasured piece of jewelry to repair and we beautifully refresh the quality, we create evangelists. It's a powerful and emotional moment of truth and also a driver of future growth. We are continually improving our repair capability. Our average turnaround time for repairs is now under a week compared to an industry average of 2 to 3 weeks. And we continue to see increasing customer satisfaction ratings in areas like feeling valued and time to assist.

我將從修復開始。無論在哪裡購買，我們都提供維修服務，不僅因為它產生的收入，還因為它是建立宣傳的強大機會。當有人遞給我們一件珍貴的珠寶進行修復，我們精美地更新了質量，我們創造了傳道者。這是一個強大而激動人心的真實時刻，也是未來增長的驅動力。我們不斷提高我們的維修能力。我們的平均維修周轉時間現在不到一周，而行業平均水平為 2 到 3 週。我們繼續看到在感覺受到重視和提供幫助等方面的客戶滿意度不斷提高。

The second example I'd like to highlight is increased attachment of our extended service agreements, especially online. ESAs are the largest and among the highest margin of the services we provide. In the fourth quarter, after our relaunch, online attachment increased nearly 400 basis points and the lifted total attachment 300 basis points versus prior year. That translated into more than 35% revenue growth in extended service agreements this quarter.

我想強調的第二個例子是增加了我們的擴展服務協議的附件，尤其是在線協議。 ESA 是我們提供的服務中最大的，也是利潤最高的服務之一。在我們重新啟動後的第四季度，在線附件比去年增加了近 400 個基點，總附件增加了 300 個基點。這轉化為本季度擴展服務協議的收入增長超過 35%。

Improvements like these are great for customers and are also important to our margin expansion goals. The last example I'll mention here is one I am personally very excited about. Our new Vault Rewards loyalty program. We began piloting this program at Jared last year, and by the end of fiscal '23, we'll expand it into other banners.

像這樣的改進對客戶來說非常有用，對我們的利潤擴張目標也很重要。我將在這裡提到的最後一個例子是我個人非常興奮的一個例子。我們新的 Vault Rewards 忠誠度計劃。我們去年開始在 Jared 試行這個計劃，到 23 財年末，我們將把它擴展到其他橫幅。

Loyalty programs are important because they deepen relationships and drive repeat purchases. At Signet, a customer's second purchase is the most important indicator of lifetime value. 40% of customers who make a second purchase within 9 months of their initial purchase will make a third purchase in the next 6 months, building a relationship that only grows stronger over time. This matters. In fiscal '22, for example, the average transaction value of a returning customer was 14% higher than a new customer. Lifetime relationships at scale are a powerful source of advantage. Our fourth strategy is leading digital commerce, which we see as an accelerator of growth.

忠誠度計劃很重要，因為它們加深了關係並推動了重複購買。在 Signet，客戶的第二次購買是生命週期價值的最重要指標。在首次購買後 9 個月內進行第二次購買的客戶中有 40% 將在接下來的 6 個月內進行第三次購買，建立的關係只會隨著時間的推移而變得更加牢固。這很重要。例如，在 22 財年，回頭客的平均交易價值比新客戶高 14%。大規模的終身關係是優勢的強大來源。我們的第四個戰略是引領數字商務，我們將其視為增長的加速器。

This is a strategy that I think many people may define too narrowly and as a result, underestimate the value Signet is creating. It includes e-commerce, of course, and we've doubled our e-commerce sales over the past 2 years. In fact, e-commerce sales have grown more than threefold since we began our Path to Brilliance transformation. With over $1.5 billion in e-commerce sales, we are now the largest online specialty jewelry retailer in the U.S., and we are widening the gap.

我認為許多人可能對這種策略的定義過於狹隘，因此低估了 Signet 正在創造的價值。當然，它包括電子商務，在過去 2 年中，我們的電子商務銷售額翻了一番。事實上，自我們開啟“輝煌之路”轉型以來，電子商務銷售額增長了三倍多。憑藉超過 15 億美元的電子商務銷售額，我們現在是美國最大的在線專業珠寶零售商，而且我們正在擴大差距。

Last year, when the overall retail average NPS in digital declined by 17 points versus prior year to less than 50, Signet's digital NPS improved by 8 points to nearly 70. That's an almost 20-point gap. And given industry fragmentation, we believe our advantage over jewelry retail is even higher. But importantly, leading digital commerce at Signet is much bigger than e-commerce alone. We are digitizing every interaction we have with our customers. Our store associates are so connected now that they never have to leave a customer side. They can search our entire inventory for a perfect piece that may not be in their store, enroll a customer in an ESA and complete the purchase all on their tablet.

去年，當數字整體零售平均 NPS 與去年相比下降 17 個百分點至不到 50 時，Signet 的數字 NPS 提高了 8 個百分點，達到接近 70。這幾乎是 20 個百分點的差距。鑑於行業分散，我們相信我們相對於珠寶零售的優勢甚至更高。但重要的是，Signet 領先的數字商務比單純的電子商務要大得多。我們正在數字化我們與客戶的每一次互動。我們的店員現在聯繫緊密，他們永遠不必離開客戶。他們可以在我們的整個庫存中搜索他們商店中可能沒有的完美單品，在 ESA 中註冊客戶並在他們的平板電腦上完成購買。

Here's why I believe this is such an advantage. Digitally connected customers represent more value, and Signet is uniquely positioned to serve them. Now 65% of all our customers visit our digital sites during their journey, much higher than pre-COVID. And fully 90% of our highest value customers, those who spend more than $500 with us, engage across our shopping channels, taking advantage of our connected commerce capabilities and services.

這就是為什麼我認為這是一個優勢。數字連接的客戶代表著更多價值，Signet 具有獨特的優勢來為他們服務。現在，我們 65% 的客戶在旅途中訪問我們的數字網站，遠高於 COVID 之前。我們 90% 的最高價值客戶，即在我們這里花費超過 500 美元的客戶，通過我們的購物渠道進行互動，利用我們的互聯商務能力和服務。

The more customers who are comfortable and well served across formats with no friction, the faster our banners grow. Beyond our customer-facing capabilities, we are also using digital innovation and data analytics to improve efficiency and to inform decision-making. Two quick examples. We know that targeted marketing and promotions are a better use of dollars. This year, we acquired 32% more new customers than we did in fiscal '21 as we continue to sharpen our targeting. And we regained 37% more customers who had not shopped with us in more than 2 years. This is why we're launching our new customer data platform this spring, which we will leverage to attract more customers at lower acquisition costs.

越多的客戶在各種格式中獲得舒適和良好的服務，沒有摩擦，我們的橫幅增長得越快。除了面向客戶的能力之外，我們還使用數字創新和數據分析來提高效率並為決策提供信息。兩個簡單的例子。我們知道有針對性的營銷和促銷是對美元的更好利用。今年，隨著我們繼續加強目標，我們獲得的新客戶比 21 財年多 32%。我們重新獲得了 37% 以上超過 2 年未與我們購物的客戶。這就是我們今年春天推出新客戶數據平台的原因，我們將利用該平台以更低的獲取成本吸引更多客戶。

There is real scale potential here with a company-wide database of customer browsing and purchase histories harmonized across our banners. An additional point is that this data is by customer not by household, which allows us to advertise to a customer about their upcoming anniversary without tipping off their spouse or partner.

這裡有真正的規模潛力，公司範圍內的客戶瀏覽和購買歷史數據庫在我們的橫幅上協調一致。另外一點是，這些數據是按客戶而不是按家庭的，這使我們可以向客戶宣傳他們即將到來的周年紀念日，而無需向他們的配偶或伴侶提供小費。

Secondly, we're leveraging digital capabilities to accelerate the continued optimization of our fleet. As we've talked, stores are an important part of our connected commerce presence. The key is to have them exactly where customers want them to be part of their shopping journey and where they will generate the greatest returns on investments.

其次，我們正在利用數字能力來加速我們車隊的持續優化。正如我們所說，商店是我們互聯商務存在的重要組成部分。關鍵是讓他們準確地出現在客戶希望他們成為購物旅程一部分的地方，以及他們將在哪裡產生最大的投資回報。

Over the past 4 years, we've trimmed over 20% of our fleet. Now we're drilling beyond trade areas to optimize our fleet at a hyper local level with our new greenfield analysis. Fleet optimization is critically important because it enables the permanent reset of our margin structure. We delivered nearly 500 basis points more in gross margin in fiscal '22 than we delivered 4 years ago by driving higher sales on lower occupancy costs.

在過去的 4 年中，我們削減了超過 20% 的機隊。現在，我們正在超越貿易區域，通過我們新的綠地分析在超本地層面優化我們的船隊。車隊優化至關重要，因為它可以永久重置我們的保證金結構。通過以較低的入住成本推動更高的銷售額，我們在 22 財年的毛利率比 4 年前增加了近 500 個基點。

A simple way to think about our strategy of leading digital commerce is that we are building a consumer-inspired moat around our business. The more we invest and the stronger our capabilities become and the more our customers come to value and expect our seamless connected commerce experience, the harder it becomes for competitors to catch up. This is strategic scale at its best.

思考我們領先的數字商務戰略的一個簡單方法是，我們正在圍繞我們的業務建立一條以消費者為靈感的護城河。我們投資越多，能力越強，客戶越重視和期望我們無縫連接的商務體驗，競爭對手就越難趕上。這是最好的戰略規模。

What I hope you can see is that we are outpacing the market in all 4 of our focus areas, and these strategic choices are widening the gap between us and the rest of the industry. We believe we can keep doing this and gaining market share year after year.

我希望你能看到的是，我們在所有 4 個重點領域都超過了市場，這些戰略選擇正在擴大我們與行業其他公司之間的差距。我們相信我們可以繼續這樣做並年復一年地獲得市場份額。

Before I hand this over to Joan, I want to make one final point, culture matters. The strength of Signet's culture, talent and employee engagement at every level of our organization is reflected in the company's strong business performance. One of the ways we assess the strength of our culture is the Great Place to Work survey. For the second year in a row, our employee survey scores qualified Signet as a Great Place to Work certified company, with ratings improving in literally every category the survey tracks.

在我把這個交給瓊之前，我想最後一點，文化很重要。 Signet 在我們組織各個層面的文化、人才和員工敬業度都體現在公司強勁的業務績效中。我們評估我們文化強度的方法之一是“最佳工作場所”調查。連續第二年，我們的員工調查將 Signet 評為最佳工作場所認證公司，調查追踪的每個類別的評分都在提高。

Importantly, in a year when so many companies were suffering from labor shortages as a result of the great resignation, Signet's turnover actually improved. One thing team Signet is highly motivated by is our purpose of inspiring love. This is part of every interaction we have with customers, and it's also part of our ethos as a good corporate citizen. Together, we want to make a long-term and meaningful positive impact on the world around us. This earns customer admiration and drives pride and belonging in our organization.

重要的是，在這麼多公司因大辭職而遭受勞動力短缺的一年裡，Signet 的營業額實際上有所改善。 Signet 團隊高度激勵的一件事是我們激發愛的目的。這是我們與客戶每次互動的一部分，也是我們作為優秀企業公民的精神的一部分。我們希望共同對我們周圍的世界產生長期而有意義的積極影響。這贏得了客戶的欽佩，並為我們的組織帶來了自豪感和歸屬感。

One example, in addition to the humanitarian support for the people of Ukraine that I mentioned at outset is the support we provide to St. Jude Children's Research Hospital. This year, in the midst of an ongoing pandemic and continued uncertainty, our customers and team members rallied, eager to express love and to help celebrate the lives of every child St. Jude cares for. And our fiscal '22 annual campaign came to an end with an increased fundraising donation of over 85% versus prior year, a total of $7.6 million bringing our total to nearly $100 million in support over the past 25 years.

一個例子，除了我一開始提到的對烏克蘭人民的人道主義支持之外，我們還為聖裘德兒童研究醫院提供了支持。今年，在持續的大流行和持續的不確定性中，我們的客戶和團隊成員團結起來，渴望表達愛，並幫助慶祝 St. Jude 關心的每個孩子的生活。我們的 22 財年年度活動以比上一年增加 85% 以上的籌款捐款結束，總額為 760 萬美元，使我們在過去 25 年中的支持總額達到近 1 億美元。

Our ability to have an impact like this powered by our purpose and driven by performance and strong customer relationships, builds a tremendous pride and belonging in our organization. It's one of the factors driving 90% of our team members to say they are proud of what they achieve every day at Signet.

我們有能力產生這樣的影響，由我們的目標驅動，由績效和強大的客戶關係驅動，在我們的組織中建立了巨大的自豪感和歸屬感。這是促使我們 90% 的團隊成員說他們為自己在 Signet 每天所取得的成就感到自豪的因素之一。

On that note, I'll ask Joan to share her perspective, and then we'll be happy to take your questions. Joan?

在這方面，我會請瓊分享她的觀點，然後我們很樂意回答您的問題。瓊?

Thanks, Gina. Hello, everyone, and thank you for joining. Here are our key takeaways for today. We are demonstrating Signet as -- has the strategies, strength and structural advantages to consistently outpace the market and gain share while also delivering sustainable double-digit operating margins. Our strategic initiatives have improved our operating structure, and we are now positioned to consistently deliver an annual operating margin that is more than double that of 2 years ago. Simply stated, Signet is a transformed company poised to gain market share.

謝謝，吉娜。大家好，感謝大家的加入。這是我們今天的主要內容。我們正在證明 Signet 具有戰略、實力和結構優勢，可以持續超越市場並獲得份額，同時還提供可持續的兩位數營業利潤率。我們的戰略舉措改善了我們的運營結構，我們現在的定位是始終如一地提供比兩年前高出一倍以上的年度運營利潤率。簡單地說，Signet 是一家轉型的公司，有望獲得市場份額。

Additionally, the combination of continuous market share gains and stronger margins means we will continue to generate excess cash, giving us flexibility to continue investing in the business, consider acquisitions that align with our existing strategy, and given our current valuation, focus on share buybacks. Our performance this quarter and this fiscal year reflect the importance of our improved operating structure and the cost discipline that is now a core part of our culture and will help fuel growth in the years ahead. While we anticipate a challenging macro environment for the industry in the coming year, we believe we will deliver top line growth that outpaces the industry.

此外，持續的市場份額增長和更高的利潤率相結合意味著我們將繼續產生多餘的現金，使我們能夠靈活地繼續投資業務，考慮與我們現有戰略相一致的收購，並鑑於我們目前的估值，專注於股票回購.我們本季度和本財年的表現反映了我們改進運營結構和成本紀律的重要性，這現在是我們文化的核心部分，將有助於推動未來幾年的增長。雖然我們預計來年該行業將面臨充滿挑戰的宏觀環境，但我們相信我們將實現超過行業的收入增長。

Now for the quarter, we delivered total sales of $2.8 billion, growth of nearly $625 million over last year. Growth continues to be broad-based across all banners and categories, reflective of our connected commerce efforts working across our platforms.

現在本季度，我們實現了 28 億美元的總銷售額，比去年增長了近 6.25 億美元。所有橫幅和類別的增長繼續廣泛，這反映了我們在平台上開展的互聯商務工作。

Fourth quarter non-GAAP operating income of $411 million is up from $293.8 million last year. This represents a 14.6% operating margin, up 120 basis points to last year. Reflected in this improvement is 150 basis points of gross margin expansion, led by the continued leverage on fixed costs from our real estate optimization efforts. This was slightly offset by 30 basis points in SG&A from deliberate investments in our holiday advertising strategy and staffing initiatives, both of which, we believe, led to an acceleration of top line results.

第四季度非美國通用會計準則營業收入為 4.11 億美元，高於去年的 2.938 億美元。這代表了 14.6% 的營業利潤率，比去年增加了 120 個基點。這種改善反映了毛利率擴大了 150 個基點，這主要是由於我們的房地產優化工作對固定成本的持續槓桿作用。這被 SG&A 的 30 個基點略微抵消，原因是我們對假日廣告策略和人員配置計劃的有意投資，我們認為這兩者都導致了營收業績的加速。

Turning to the balance sheet. I'd like to highlight a number of working capital milestones this year. This is an area of major progress, and net of cash, our working capital is better by the -- more than 40% to last year from the following improvements. We drove a 56% improvement in inventory turn versus last year, driven by continued progress of inventory life cycle management as well as the positive impact of fulfillment options like ship from store.

轉向資產負債表。我想強調今年的一些營運資金里程碑。這是一個取得重大進展的領域，扣除現金後，我們的營運資金比去年提高了 40% 以上。與去年相比，我們推動庫存周轉率提高了 56%，這得益於庫存生命週期管理的持續進步以及從商店發貨等履行選項的積極影響。

Notably, Kay, our largest banner, had inventory turn of roughly 2x, the fastest turn in its history. This is a great example of our progress that has enabled more targeted units for our customers. To highlight the health of our inventory, clearance and sell-down penetration declined 10 points to last year. It is the lowest it's been in 5 years. Additionally, we sold all of our remaining credit receivables in the first half of the year, completing our transition away from historical exposure to consumer credit risk.

值得注意的是，我們最大的旗幟公司 Kay 的庫存周轉率約為 2 倍，這是其歷史上最快的周轉率。這是我們進步的一個很好的例子，它為我們的客戶提供了更有針對性的單位。為了突出我們庫存的健康狀況，清倉和拋售滲透率比去年下降了 10 個百分點。這是5年來的最低點。此外，我們在今年上半年出售了所有剩餘的應收信貸，完成了我們從歷史暴露於消費者信貸風險的過渡。

And further, we drove a 30% increase in our days payable outstanding. I am really proud of the team and the muscles we have developed and continuously looking to optimize our efficiency and to achieve our results by doing more with less. Together, we are driving more sales with less working capital, less risk and less stores, all while delivering more cash. And our balance sheet is strong. We ended the year with $1.4 billion in cash and overall liquidity of more than $2.6 billion to continue supporting our capital priorities as we look to the year ahead.

此外，我們的應付賬款天數增加了 30%。我為團隊和我們所發展的肌肉感到非常自豪，並不斷尋求優化我們的效率並通過事半功倍來實現我們的成果。我們一起以更少的營運資金、更少的風險和更少的商店推動更多的銷售，同時提供更多的現金。我們的資產負債表很強勁。我們在年底擁有 14 億美元的現金和超過 26 億美元的整體流動性，以在展望未來一年時繼續支持我們的資本優先事項。

As always, our first priority remains investing in our business with a focus on continued growth and market share gains. To that end, we utilized $193 million of cash in fiscal '22 for capital expenditures, fueling our digital and technology advancements as well as differentiating our banners.

與往常一樣，我們的首要任務仍然是投資於我們的業務，重點是持續增長和市場份額增加。為此，我們在 22 財年將 1.93 億美元現金用於資本支出，推動了我們的數字和技術進步，並讓我們的旗幟與眾不同。

Also, we strategically invested in 2 new banners through the acquisitions of Diamonds Direct and Rocksbox. Looking at the year ahead, we see opportunities to further enhance our physical and digital footprint as these competitive advantages remain crucial to our connected commerce strategy.

此外，我們通過收購 Diamonds Direct 和 Rocksbox 戰略性地投資了 2 個新橫幅。展望未來一年，我們看到了進一步擴大我們的實體和數字足蹟的機會，因為這些競爭優勢對我們的互聯商務戰略仍然至關重要。

Looking forward, we expect capital expenditures up to $250 million for fiscal 2023. Our second priority is ensuring a strong cash position and liquidity to provide financial flexibility. We have achieved an adjusted debt-to-EBITDAR leverage ratio of 1.9x this year, which is well within our stated goal of below 3x leverage. Also recall, our ABL facility extends beyond the horizon of our current debt obligations.

展望未來，我們預計 2023 財年的資本支出將高達 2.5 億美元。我們的第二要務是確保強大的現金頭寸和流動性，以提供財務靈活性。今年，我們實現了 1.9 倍的調整後債務與 EBITDAR 槓桿比率，這完全符合我們低於 3 倍槓桿的既定目標。還記得，我們的 ABL 設施超出了我們當前債務的範圍。

Lastly, with the strength in balance sheet and confidence in our team's execution, we are continuing to return excess cash to shareholders. As a reminder, we entered a $250 million accelerated share repurchase agreement during the fourth quarter, which was completed after the fiscal year-end.

最後，憑藉強大的資產負債表和對我們團隊執行力的信心，我們將繼續向股東返還多餘的現金。提醒一下，我們在第四季度簽訂了 2.5 億美元的加速股票回購協議，該協議在財政年度結束後完成。

Currently, $413 million remain under our authorization. And with our current valuation, we are focused on share repurchases. Additionally, we've increased our quarterly common dividend of $0.18 per share to $0.20 per share, a first step in becoming a consistent dividend growth retailer.

目前，我們的授權仍有 4.13 億美元。以我們目前的估值，我們專注於股票回購。此外，我們已將每股 0.18 美元的季度普通股息提高至每股 0.20 美元，這是成為股息持續增長零售商的第一步。

Before I discuss our full year guidance, I'd like to take a step back to detailed structural changes in our operating model since we began our transformation 4 years ago. These changes, expanding operating margins -- expanded operating margin by nearly 200 basis points and gives us the confidence to provide guidance that outpaces our expectation of industry growth and delivers a double-digit operating margin, all despite macro uncertainties.

在討論我們的全年指導之前，我想先回顧一下自 4 年前開始轉型以來我們運營模式的詳細結構變化。這些變化，擴大了營業利潤率——將營業利潤率擴大了近 200 個基點，讓我們有信心提供超出我們對行業增長預期的指導，並實現兩位數的營業利潤率，儘管存在宏觀不確定性。

We've transformed our business model to do more with less through the following changes: First, we gained nearly 500 basis points resulting from our real estate optimization strategy. We've cut our fleet by over 20% and also shifted mall stores to more profitable off-mall formats. For example, Kay, our largest banner is now roughly 50% off mall. Second, alongside a more efficient fleet is a more efficient labor model. informed by our data analytics, we plan staffing store by store and hour by hour, contributing 300 basis points of margin expansion. Importantly, we're doing this while improving the team member experience as we continue to see high employee satisfaction scores and lower turnover. And thirdly, we've also invested over 500 basis points of margin to better align Signet with our long-term strategy. Notably, we shifted to a complete outsourcing of our store credit program.

我們通過以下變化轉變了我們的業務模式，以事半功倍：首先，我們通過房地產優化策略獲得了近 500 個基點。我們已經將我們的車隊削減了 20% 以上，並且還將商場商店轉變為更有利可圖的非商場形式。例如，Kay，我們最大的橫幅廣告現在大約是商場 50% 的折扣。其次，除了更高效的車隊之外，還有更高效的勞動力模式。根據我們的數據分析，我們計劃按商店和小時為單位配備人員，為利潤增長貢獻 300 個基點。重要的是，我們這樣做的同時改善了團隊成員的體驗，因為我們繼續看到較高的員工滿意度得分和較低的流動率。第三，我們還投資了超過 500 個基點的保證金，以更好地使 Signet 與我們的長期戰略保持一致。值得注意的是，我們轉向完全外包我們的商店信用計劃。

We also acquired James Allen, a critical step in both the acceleration of our digital innovation and the vertically integrated sourcing of both natural and lab-created diamonds. And finally, we made investments in always on marketing, reducing our reliance on fourth quarter profitability as well as increasing awareness of our differentiated banner portfolio.

我們還收購了 James Allen，這是我們加速數字創新和垂直整合天然鑽石和實驗室製造鑽石採購的關鍵一步。最後，我們始終對營銷進行投資，減少對第四季度盈利能力的依賴，並提高對我們差異化橫幅產品組合的認識。

While there are other smaller puts and takes, I'd also highlight several capabilities that we see maturing in a margin-accretive fashion over time. These include our inventory life cycle optimization a practice that is helping us to better capture margin by taking early remarks during a product life cycle. We have also tripled our e-commerce sales while keeping our freight cost as a percent of sales flat, through our expanded fulfillment and freight management capabilities. We believe we can continue to leverage our digital and physical footprint to further optimize our shipping costs and a time of freight cost increases.

雖然還有其他較小的看跌期權，但我還要強調一些我們認為隨著時間的推移以增加利潤的方式成熟的能力。其中包括我們的庫存生命週期優化，這是一種通過在產品生命週期中進行早期評論來幫助我們更好地獲取利潤的做法。通過我們擴展的履行和貨運管理能力，我們的電子商務銷售額也增加了兩倍，同時我們的貨運成本佔銷售額的百分比保持不變。我們相信我們可以繼續利用我們的數字和物理足跡來進一步優化我們的運輸成本和貨運成本增加的時間。

In summary, these changes are sustainable and reflect the company that we are today. We are a data-driven and innovative connected commerce leader in the jewelry industry. As we look to the year ahead, we will continue to invest in both our physical and digital footprint as we manage the business in an even more integrated fashion.

總之，這些變化是可持續的，反映了我們今天的公司。我們是珠寶行業數據驅動和創新的互聯商務領導者。展望未來一年，我們將繼續投資於我們的實體和數字足跡，因為我們以更加綜合的方式管理業務。

To this end, we're moving away from the practice of guiding same-store sales. We plan our business to drive top line, whenever, wherever and however our customers choose to shop with us.

為此，我們正在擺脫引導同店銷售的做法。我們計劃我們的業務以提高收入，無論何時、何地以及我們的客戶選擇與我們一起購物。

Today, the final point of sale is not indicative of our customers' shopping journey. Also, a portion of management's incentive compensation will now be tied to market share gains, incenting our team to drive top line growth. That said, we appreciate that we and the industry are going up against difficult compares. So we will continue to report same-store sales in this unique environment.

今天，最終銷售點並不代表我們客戶的購物旅程。此外，管理層的部分激勵薪酬現在將與市場份額的增長掛鉤，激勵我們的團隊推動收入增長。也就是說，我們很欣賞我們和整個行業都在進行艱難的比較。因此，我們將繼續在這個獨特的環境中報告同店銷售額。

With that, let me turn to our fiscal '23 financial guidance. After a year of heightened growth in our industry, our guidance reflects an industry-wide transition back to a more normalized environment. We expect sales for the overall drilling industry in a range of down low-single digits to roughly flat. Reflected in this view of the industry is an appreciation of the continued pressure on both consumer discretionary spend and commodity costs as well as the expectation of a more pronounced return of consumer travel.

有了這個，讓我轉向我們的 23 財年財務指導。在我們行業經歷了一年的高速增長之後，我們的指導反映了整個行業向更正常化環境的過渡。我們預計整個鑽井行業的銷售額將處於低個位數至大致持平的範圍內。對行業的這種看法反映了對消費者可自由支配支出和商品成本的持續壓力以及對消費者旅行的更明顯回報的預期。

With this context, we expect to deliver total revenue in the range of $8.03 billion to $8.25 billion. This is a performance that we believe will outpace the industry trends through both our core business and Diamonds Direct. We expect operating income in the range of $921 million to $974 million. This range reflects the structural changes I detailed a moment ago, with flexibility for increased promotion and optionality based upon the evolving macro environment and shifting consumer discretionary spending.

在此背景下，我們預計總收入將在 80.3 億美元至 82.5 億美元之間。通過我們的核心業務和 Diamonds Direct，我們相信這一表現將超越行業趨勢。我們預計營業收入在 9.21 億美元至 9.74 億美元之間。這個範圍反映了我剛才詳述的結構性變化，根據不斷變化的宏觀環境和不斷變化的消費者可自由支配支出，可以靈活地增加促銷和選擇性。

New with our guidance this year is that we will be providing annual EPS expectations. For FY '23, we expect earnings per share in the range of $12.28 to $13 per share. Turning to the first quarter. We expect revenue for the first quarter in the range of $1.78 billion to $1.82 billion, with operating income in the range of $177 million to $186 million.

我們今年指導的新內容是我們將提供年度每股收益預期。對於 23 財年，我們預計每股收益在 12.28 美元至 13 美元之間。轉向第一季度。我們預計第一季度的收入在 17.8 億美元至 18.2 億美元之間，營業收入在 1.77 億美元至 1.86 億美元之間。

Now before we open the call for Q&A, I'd like to thank our team for a tremendous year. Our team brings our purpose to life every day, and I look forward to what we'll deliver together in the coming year.

現在，在我們打開問答電話之前，我要感謝我們的團隊度過了美好的一年。我們的團隊每天都在實現我們的目標，我期待著我們在來年共同實現的目標。

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) The first question comes from Dana Telsey with Telsey Advisory Group.

（操作員說明）第一個問題來自 Telsey 諮詢小組的 Dana Telsey。

Congratulations on the nice progress and the outlook. As we think about the macro environment, a couple of things. How are you taking into account the implications of inflation, both on the cost side and also the consumer side?

祝賀取得了不錯的進展和前景。當我們考慮宏觀環境時，有幾件事。您如何考慮通貨膨脹對成本和消費者的影響？

And then on the macro side, do you receive any of your diamonds from Russia? And how are you handling that? And then just lastly, Gina, you talked about the ways you're serving the consumer and, frankly, the whole circular area, whether it's online, whether it's stores, whether it's what you have with Rocksbox. As you think about new customer acquisition, how is that moving along? And are you seeing channel diversification of the shoppers that you have?

然後在宏觀方面，您是否從俄羅斯收到任何鑽石？你是怎麼處理的？最後，吉娜，你談到了你為消費者服務的方式，坦率地說，是整個圓形區域，無論是在線、商店，還是 Rocksbox 所擁有的。當您考慮獲取新客戶時，進展如何？您是否看到您擁有的購物者的渠道多樣化？

Dana, thanks so much for those questions and for being with us today. Starting with the customer, we are certainly aware of the pressure that customers are facing as it relates to the inflationary environment. It's front of mind for us and that's part of our research on an ongoing basis. To date, we have not seen significant changes. We delivered another strong Valentine's Day this season, and the trends have remained strong. But we have levers to pull if confidence turns significantly more negative and spending abates due to the macro environment.

Dana，非常感謝您提出這些問題以及今天與我們在一起。從客戶開始，我們當然知道客戶面臨的壓力，因為它與通貨膨脹環境有關。這是我們的首要任務，也是我們持續研究的一部分。迄今為止，我們還沒有看到重大變化。本季我們又迎來了一個強勁的情人節，而且趨勢依然強勁。但是，如果信心變得更加消極並且支出由於宏觀環境而減少，我們就有了槓桿作用。

We are consistently working with our vendor partners to value engineer our products so that we can offer good, better, best products, products at a range of prices for our customers within our banners and of course, across the diversified banner portfolio that we've created. We also have targeted advertising, improved experiences in-store and online, compelling merchandise. All of this gives us confidence that as consumers turn to jewelry purchases, which they will, particularly given pent-up demand for weddings, even in a challenging time, we believe they'll turn to Signet.

我們一直與我們的供應商合作夥伴合作，對我們的產品進行價值設計，以便我們可以在我們的橫幅內，當然還有我們擁有的多元化橫幅產品組合中，以一系列價格為我們的客戶提供優質、更好、最好的產品和產品創建的。我們還提供有針對性的廣告、改進的店內和在線體驗、引人注目的商品。所有這一切都讓我們相信，隨著消費者轉向購買珠寶，尤其是考慮到婚禮需求被壓抑，即使在充滿挑戰的時期，我們也相信他們會轉向 Signet。

As it relates to Russia, and as I said at the beginning of the call, our purpose as a company is inspiring love. And so we moved very quickly to address this situation. We suspended all business interactions with Russian-owned entities since the start of this conflict. We've asked all of our vendor partners to do the same, and we made a $1 million donation to the Red Cross, which is really one of the best boots-on-the-ground organizations in Ukraine, helping all the people there.

因為它與俄羅斯有關，正如我在電話會議開始時所說的那樣，我們作為一家公司的目的是激發愛。因此，我們迅速採取行動來解決這種情況。自這場衝突開始以來，我們暫停了與俄羅斯擁有的實體的所有業務往來。我們已經要求我們所有的供應商合作夥伴也這樣做，我們向紅十字會捐款 100 萬美元，這確實是烏克蘭最好的實地組織之一，幫助那裡的所有人。

We also have a very well-respected responsible sourcing program. That's one of the things that customers play back to us in survey results. We've been an industry leader in responsible and ethical sourcing now for more than a decade. And so customers can be very confident, completely confident that every piece of jewelry and every stone and every metal that's in them was responsibly and ethically sourced. This is our Signet promise. We make it overtly to our customers, and we can stand behind it because not only are we founders of the Responsible Jewelry Council, part of the World Diamond organization, but we also developed our unbespoke Signet responsible sourcing protocol.

我們還有一個備受推崇的負責任採購計劃。這是客戶在調查結果中向我們反饋的內容之一。十多年來，我們一直是負責任和合乎道德的採購領域的行業領導者。因此，客戶可以非常自信，完全相信其中的每一件珠寶、每一塊石頭和每一種金屬都是以負責任和合乎道德的方式採購的。這是我們的印章承諾。我們向客戶公開表明這一點，我們可以支持它，因為我們不僅是世界鑽石組織的責任珠寶委員會的創始人，而且我們還制定了我們不定制的 Signet 負責任採購協議。

So this helps us dig back into the supply chain, not only to know that our vendors are operating ethically, but that everyone on the supply chain from mine to market is operating on the standards that we require. So this is an area that we're very confident about Russian diamonds that we have suspended were really in -- a very small impact for us, but we're taking a bigger stand on this issue because we think that it's so important.

因此，這有助於我們深入了解供應鏈，不僅要知道我們的供應商是在合乎道德地經營，而且從我的礦場到市場的供應鏈上的每個人都在按照我們要求的標準運作。所以這是一個我們非常有信心的領域，我們已經暫停了俄羅斯鑽石的真正所在——對我們的影響非常小，但我們在這個問題上採取了更大的立場，因為我們認為它非常重要。

And then the last question you asked is about the circular economy and our new customer acquisition, are we seeing that divide across channels. The most interesting thing, I think, is what I talked about in my remarks, which is that now -- and it wasn't like this pre-pandemic. But now 65% of all of our customers are interacting with us in multiple channels. And when we look at our most valuable customers, people who spend $500 or more, it's 90%. Jewelry has always been thought of as a category that was mostly a brick-and-mortar category. And it's true that still most sales for us are consummated in-store. About 20% of our e-commerce -- of our sales are e-commerce and about 80% are in-store.

然後你問的最後一個問題是關於循環經濟和我們的新客戶獲取，我們是否看到了跨渠道的分歧。我認為，最有趣的事情是我在講話中談到的，就是現在——而且不像大流行前的這種情況。但現在，我們 65% 的客戶通過多種渠道與我們互動。當我們查看我們最有價值的客戶時，那些花費 500 美元或更多的人，它是 90%。珠寶一直被認為是一個主要是實體類別的類別。確實，對我們來說，大部分銷售都是在店內完成的。我們大約 20% 的電子商務——我們的銷售是電子商務，大約 80% 是在店內。

But what matters, and what you were pointing out, is how customers are shopping, how are we acquiring them and how are they moving through our purchase funnel, and that's increasingly digital. It's really one of the competitive advantages that I think is least understood about Signet but probably most valuable because the level of spend, the level of capability that we have put into this over the last several years is just something that is unmatched in a fragmented category.

但重要的是，正如您所指出的，客戶如何購物，我們如何獲得他們以及他們如何通過我們的購買渠道移動，而且這越來越數字化。這確實是我認為對 Signet 了解最少但可能最有價值的競爭優勢之一，因為過去幾年我們在這方面投入的支出水平和能力水平在分散的類別中是無法比擬的.

So I believe that's something we will continue to lean into as one of our key investment areas as we keep widening the gap.

因此，我相信隨著我們不斷擴大差距，我們將繼續將其作為我們的主要投資領域之一。

The next question comes from Tim Vierengel with Northcoast Research.

下一個問題來自 Northcoast Research 的 Tim Vierengel。

I think we all appreciate the extra data on your market share gains and expectations for the industry for fiscal '23. I was wondering if you can maybe break out how you think fashion will perform relative to bridal, assuming the industry hits that slightly down to flat comp versus the previous year.

我認為我們都很欣賞您對 23 財年市場份額增長和行業預期的額外數據。我想知道你是否可以打破你認為時尚相對於新娘的表現，假設該行業與前一年相比略有下降。

And I guess for modeling premises, do you expect the sales growth to be pretty consistent throughout the year?

我猜對於建模場所，您是否預計全年的銷售增長會相當一致？

Well, thanks for the question, Tim. And it's interesting, as we think about the growth in the jewelry industry, the heightened growth last year, and our view that we expect it to be down low signal to roughly flat given the inflationary pressures. We think that bridal will continue. We -- Gina mentioned that the increased number of weddings and people getting engaged. It's important for us to focus on bridal and continue to do so as it represents nearly half of our business.

嗯，謝謝你的問題，蒂姆。有趣的是，當我們考慮到珠寶行業的增長、去年的增長加快以及我們認為鑑於通脹壓力的情況下我們預計它會下降到大致持平的低位信號時，這很有趣。認為新娘會繼續。我們——吉娜提到了婚禮和訂婚人數的增加。對我們來說重要的是專注於新娘並繼續這樣做，因為它代表了我們近一半的業務。

The other point on fashion is we've seen, over the last year, the continued growth in fashion. Gina talked about James Allen and the growth that we saw in line there with fashion. So we see it as a continued growth opportunity for our business and really a way for us to continue to bring value to our customer as well as address the self-gifting customer, if you will, throughout the year.

時尚的另一點是我們在過去一年中看到了時尚的持續增長。 Gina 談到了 James Allen 以及我們在那裡看到的與時尚相符的增長。因此，我們將其視為我們業務的持續增長機會，並且確實是我們全年繼續為客戶帶來價值以及解決自我贈予客戶的一種方式，如果您願意的話。

So really feel that, that's an important aspect of our portfolio offering. And it really allows us as well to drive a good, better, best assortment architecture and that will also help us to mitigate some of the pressure that we're seeing related to the discretionary spend and inflation.

所以真的覺得，這是我們產品組合的一個重要方面。它也真的讓我們能夠推動一個好的、更好的、最好的分類架構，這也將幫助我們減輕我們看到的與可自由支配支出和通貨膨脹相關的一些壓力。

With respect to how the year plays out by quarter, what we did give is the first quarter. And we didn't mention we had a strong Valentine's Day, and we're pleased with that performance and the continued strength of the business. That's reflected in our guidance for the quarter.

關於一年按季度的表現，我們給出的是第一季度。我們沒有提到我們有一個強大的情人節，我們對這種表現和業務的持續實力感到滿意。這反映在我們對本季度的指導中。

Okay. And you brought up inflation twice again. I was just wondering if you guys -- maybe, Gina, if you could clarify why inflationary pressure can be an advantage for you guys over the market? Does it -- is it simply it improves your relative value perception? Or is your buying power better, so your margins are less impacted? Can you just walk us through that a little bit more?

好的。你又兩次提到了通貨膨脹。我只是想知道你們——也許，吉娜，如果你們能澄清為什麼通脹壓力對你們來說比市場更有優勢？是不是——僅僅是它提高了你的相對價值感知？還是您的購買力更好，因此您的利潤受到的影響更小？你能再多介紹一下嗎？

Yes, Tim, I think you just hit the nail on the head. We have, over time, developed 2 -- actually, really 3 competitive advantages in our supply chain that all allow us to be more inflation resistant than we believe other jewelry industry competitors are. One is our strategic vendor relationships. We get our orders in very early, which gives them flexibility to be in the market when prices are good and out of the market when they're not. And our scale is such that we can partner with them to make sure that we get the quality, quantity and pricing value equation that makes sense to our customers.

是的，蒂姆，我認為你只是一針見血。隨著時間的推移，我們在供應鏈中開發了 2 個——實際上是 3 個競爭優勢，所有這些都使我們比我們認為的其他珠寶行業競爭對手更能抵抗通貨膨脹。一是我們的戰略供應商關係。我們很早就收到訂單，這讓他們可以靈活地在價格好的時候進入市場，在價格不好的時候退出市場。我們的規模使得我們可以與他們合作，以確保我們獲得對客戶有意義的質量、數量和定價價值等式。

Secondly, vertical integration. I mentioned in my script that we've increased this tenfold in the last year. This is a strategy that helps us not only serve ourselves in times of pricing pressure or pressure unavailability, but it also gives us insight into cost structure at every step of the value chain. And so it makes us better able to work with partners to get the value equation that we think we deserve. And then the third builds on what Joan was saying in her script about doing more with less. We reduced our inventory on our core business last year by $190 million while making product even more available to our customers.

其次，縱向一體化。我在我的劇本中提到，我們在去年增加了十倍。這一策略不僅可以幫助我們在定價壓力或壓力不可用時為自己服務，還可以讓我們深入了解價值鏈每一步的成本結構。因此，它使我們能夠更好地與合作夥伴合作，以獲得我們認為我們應得的價值等式。然後第三個建立在瓊在她的劇本中所說的關於少花錢多辦事的基礎上。去年，我們將核心業務的庫存減少了 1.9 億美元，同時為客戶提供更多產品。

That's because our jewelry consultants now have access to every product across the Signet network at a touch on their iPads. And so we can serve customers virtually, we can serve them in store and find the best product for them. And that's important in a category like jewelry. A lot of our product is bespoke. Diamonds are unique. That's part of what makes them special. So it's not like white T-shirts in apparel that you need a certain number of size mediums.

這是因為我們的珠寶顧問現在可以通過他們的 iPad 訪問 Signet 網絡中的所有產品。因此，我們可以虛擬地為客戶服務，我們可以在店內為他們提供服務，並為他們找到最好的產品。這在珠寶等類別中很重要。我們的很多產品都是定制的。鑽石是獨一無二的。這是使它們與眾不同的部分原因。所以它不像服裝中的白色 T 卹，你需要一定數量的中號。

I mean, we really need to identify that right bespoke piece. And our network allows us to do that in a way that is with agility that's a significant competitive advantage. So those are really the reasons why I think that we have an advantage. And then I would also say from a category perspective. The jewelry category has tended to be more inflation proof than other areas of retail. And our research indicates that's because consumers see the inherent value in jewelry. Gold, other precious metals, diamonds, appreciate over time as opposed to other things that they could spend on that, that depreciate. So those would be the key reasons.

我的意思是，我們真的需要確定正確的定製作品。我們的網絡使我們能夠以一種具有顯著競爭優勢的敏捷性方式做到這一點。所以這些才是我認為我們有優勢的真正原因。然後我還要從類別的角度說。珠寶類別往往比其他零售領域更能抵禦通脹。我們的研究表明，這是因為消費者看到了珠寶的內在價值。黃金、其他貴金屬、鑽石隨著時間的推移而升值，而不是他們可以花在這上面的其他東西貶值。因此，這些將是關鍵原因。

(Operator Instructions) The next question comes from Lorraine Hutchinson with Bank of America.

（操作員說明）下一個問題來自美國銀行的 Lorraine Hutchinson。

After a really strong year for the category, I think one of the big questions is the margin sustainability. Joan, could you just try to bridge us from pre-pandemic margin to the guided levels and maybe focusing on the changes you've made in credit? How much of the merchandise margin gains are sustainable? Just to get us a little bit more comfortable with the sustainability of that level.

在該類別經歷了非常強勁的一年之後，我認為最大的問題之一是利潤率的可持續性。瓊，您能否嘗試將我們從大流行前的保證金水平過渡到指導水平，並可能專注於您在信貸方面所做的改變？有多少商品利潤增長是可持續的？只是為了讓我們對該級別的可持續性更加滿意。

Yes. Thanks, Lorraine. As we reported on a non-GAAP basis, our operating margin was 11.6%. So when we look at that margin, the first thing I would point you to, Lorraine, is the optimization of our fleet.

是的。謝謝，洛林。正如我們在非公認會計原則基礎上報告的那樣，我們的營業利潤率為 11.6%。所以當我們看到這個利潤時，我首先要指出的是，洛林，我們的機隊優化。

And as I mentioned in my remarks, it's 500 basis points of fixed cost leverage that we brought to this year in terms of just lowering the cost of -- the occupancy cost by cutting the number of stores in our fleet by over -- 20% over the last several years. And what that did for us is really provided the opportunity for us to reinvest and continue to drive top line because as you can see, we've been demonstrating top line growth while reducing our number of stores and investing in digital.

正如我在講話中提到的那樣，我們今年帶來了 500 個基點的固定成本槓桿，僅通過將我們車隊中的商店數量減少超過 20% 來降低入住成本在過去的幾年裡。這對我們所做的確實為我們提供了再投資並繼續推動收入增長的機會，因為正如你所看到的，我們一直在展示收入增長，同時減少我們的商店數量並投資於數字化。

The other point that I'd make is that I mentioned 300 basis points of -- related to the labor optimization model. And the way we do that is a structural change. It's planning day by day, hour by hour with our stores team. And it actually is a great opportunity for the team member in terms of getting coverage at peak times and during the important times of the selling day. And it provides us with the efficiency in the labor model, so improved labor productivity. So that's what's driving that 300 basis points is a structural change in how we do business.

我要說的另一點是我提到了與勞動力優化模型相關的 300 個基點。我們這樣做的方式是一種結構性的改變。我們的商店團隊每天、每小時都在計劃。對於團隊成員來說，這實際上是一個很好的機會，可以在高峰時段和銷售日的重要時段獲得報導。並且它為我們提供了效率化的勞動模式，從而提高了勞動生產率。所以這就是推動這 300 個基點的原因是我們開展業務的結構性變化。

And then I would say with the gross margin expansion as well, the work that the team has done related to inventory has been nothing short of amazing. Working with the sourcing teams and merchants and, to Gina's point, streamlining the inventory, making the inventory available to all of our JCs through a touch of the iPad, it's helped us really sell through our inventory, turn it faster and provide newness, which provides growth.

然後我會說，隨著毛利率的擴大，團隊所做的與庫存相關的工作簡直令人驚嘆。與採購團隊和商家合作，在 Gina 看來，精簡庫存，通過 iPad 讓我們所有的 JC 都可以使用庫存，這有助於我們真正通過庫存銷售，更快地轉換庫存並提供新鮮感，這提供增長。

But also, I reported that our clearance was down 10 points. It's all related to the structural changes within our business. And so the team has built this muscle. It's part of our culture. And we take it very seriously to continue to drive operating margin expansion and sustain the margins that we've been able to demonstrate over the last couple of years.

而且，我報告說我們的清除率下降了 10 分。這都與我們業務的結構變化有關。所以團隊已經建立了這種肌肉。這是我們文化的一部分。我們非常重視繼續推動營業利潤率擴張並維持我們在過去幾年中能夠展示的利潤率。

The one build that I'd add is what I talked about in my script, one of our strategies, which is accelerating services. I mentioned that we have a $1 billion goal for services, that we reached $620 million last year. And it was up 65%. That's higher, obviously, than the 50% revenue that we were up overall in part because customers are returning to stores but also in part because we're figuring out how to get attachment of things like extended service agreements online.

我要添加的一個構建是我在腳本中談到的，這是我們的策略之一，它正在加速服務。我提到我們的服務目標是 10 億美元，去年我們達到了 6.2 億美元。並且上漲了 65%。顯然，這高於我們整體增長 50% 的收入，部分原因是客戶正在返回商店，部分原因是我們正在研究如何在網上獲得諸如擴展服務協議之類的附件。

Services are high margin for us. And so as we really focus on growing that as part of our mix and leveraging the relationship building that we get. I also mentioned that the second and third purchases that customers make are often more valuable to us than the first one. So the benefit, not only of the service itself to our margin, but also that ongoing relationship with customers adding to our mix is another reason that we're confident that our margin expansion is sustainable.

服務對我們來說是高利潤。因此，當我們真正專注於將其作為我們組合的一部分並利用我們所獲得的關係建立時。我還提到，客戶進行的第二次和第三次購買對我們來說通常比第一次更有價值。因此，不僅服務本身對我們的利潤有好處，而且與客戶的持續關係增加了我們的組合，這是我們相信我們的利潤擴張是可持續的另一個原因。

The next question comes from Ike Boruchow with Wells Fargo.

下一個問題來自富國銀行的 Ike Boruchow。

This is Will on for Ike. Just a question around Russia, and you guys have somewhat touched on this, but given Russia is a major supplier of diamonds -- I think I read somewhere that it supplies like 30% of the world's mined diamond. Are you seeing upward pressure on costs related to the ban on imports in Russia? And then related to that, do you expect meaningful price increases for yourself and across others in the jewelry category?

這是艾克的威爾。只是一個關於俄羅斯的問題，你們對此有所提及，但鑑於俄羅斯是鑽石的主要供應國——我想我在某處讀到它供應了全球 30% 的鑽石。您是否看到與俄羅斯進口禁令相關的成本上漲壓力？然後與此相關的是，您是否期望在珠寶類別中為您自己和其他人帶來有意義的價格上漲？

So well, given the strong demand for jewelry over the past several years, we were already seeing some pressure on diamond prices with recent sites pricing on the rise. We've been working with our strategic vendors, though, as I mentioned, and leveraging our significant vertical integration and sourcing to mitigate these increases. So I feel very confident that consumers will continue to find strong value at Signet. And we believe that the pricing pressure will impact Signet less than other industry players and the retail segment as a whole. The other thing is that any price increases that will happen are within the balance of ones we've taken historically and have the data on. So I feel good about that.

好吧，鑑於過去幾年對珠寶的強勁需求，我們已經看到鑽石價格面臨一些壓力，近期網站的定價正在上漲。不過，正如我所提到的，我們一直在與我們的戰略供應商合作，並利用我們重要的垂直整合和採購來緩解這些增長。因此，我非常有信心消費者將繼續在 Signet 找到強大的價值。我們認為，與其他行業參與者和整個零售部門相比，定價壓力對 Signet 的影響較小。另一件事是，任何將發生的價格上漲都在我們歷史上採取的價格上漲範圍內，並有數據。所以我對此感覺很好。

And when I think about the alternatives that consumers are seeing, things like travel, the double-digit increases on trips, things like that, that people are willing to pay for, are bigger price increases than I expect that we will see at Signet.

當我想到消費者看到的替代品時，比如旅行，旅行的兩位數增長，人們願意支付的費用，比我預期在 Signet 看到的價格漲幅更大。

The next question comes from Paul Lejuez with Citi Research.

下一個問題來自 Citi Research 的 Paul Lejuez。

Curious as you think about the industry growth overall, how much are you assuming in terms of units versus price? And then I'm kind of curious about how you're thinking about your bridal business, specifically in terms of ticket and what the plans are there from an AUR perspective?

當您考慮整個行業的增長時感到好奇，您在單位與價格方面的假設是多少？然後我有點好奇你是如何看待你的婚禮業務的，特別是在門票方面以及從 AUR 的角度來看有什麼計劃？

And also just higher level, long term, where do you feel you have a bigger opportunity to take share? Is it bridal or fashion? One more so than the other?

而且只是更高的水平，長期的，你覺得你在哪裡有更大的機會分享？是婚紗還是時尚？一個比另一個多？

Thanks for the questions, Paul. So when we think about our businesses for the coming year, our -- we haven't really talked about units versus AUR or AOB guidance. But what we can tell you is that good, better, best is part of our strategy, and we believe that we can bring value at each of those price buckets, if you will, and we can deliver that through the supply chain, vertical integration and the strong vendor relationships that we have in bringing product to market that our customers will love, but will also be able to afford at appropriate margins that are included within the guidance that we gave today.

謝謝你的問題，保羅。因此，當我們考慮來年的業務時，我們並沒有真正談論過單位與 AUR 或 AOB 指導。但我們可以告訴您的是，更好、更好、最好是我們戰略的一部分，我們相信，如果您願意，我們可以為每個價格區間帶來價值，我們可以通過供應鏈、垂直整合實現這一目標以及我們在將產品推向市場方面擁有的強大供應商關係，我們的客戶會喜歡，但也能夠以我們今天提供的指導中包含的適當利潤率負擔得起。

So that's how we're structuring our assortment architecture and bridal continues to be, as I mentioned earlier, a significant part of our business. We're excited about the number of lettings that we expect to happen this year and the potential engagement. So we'll continue to focus on that and then balance that with fashion as an important element of our portfolio strategy across all of our banners.

這就是我們構建分類架構的方式，正如我之前提到的，新娘仍然是我們業務的重要組成部分。我們對今年預計發生的出租數量和潛在的參與感到興奮。因此，我們將繼續關注這一點，然後將其與時尚相平衡，作為我們所有橫幅產品組合戰略的重要元素。

And Paul, to your question about market share and where do we see that coming, we are a very consumer-driven company. So I would go back to 3 big trends that we expect in merchandise this year. Number one is weddings, number two is the emerging workplace and number 3 is lab-created diamonds.

保羅，對於你關於市場份額的問題，以及我們如何看待這種情況，我們是一家非常以消費者為導向的公司。因此，我將回到我們預計今年商品的三大趨勢。第一是婚禮，第二是新興工作場所，第三是實驗室製造的鑽石。

On weddings, I mentioned highest weddings in 40 years. People buy wedding bands about 2 months on average before the wedding. So even if they're already engaged, we have 2 opportunities -- 2 wedding band opportunities to serve them in addition to great earrings and necklaces and things like that. We are more and more expanding our care for our customers beyond just the couple getting married, but to mothers of the bride, bridesmaids, et cetera, through both merchandise sales as well as the new circular economy rental idea that we're testing.

在婚禮上，我提到了 40 年來最高的婚禮。人們平均在婚禮前 2 個月左右購買婚戒。因此，即使他們已經訂婚，我們也有 2 個機會—— 2 個結婚戒指機會為他們服務，此外還有精美的耳環和項鍊之類的東西。我們越來越多地通過商品銷售以及我們正在測試的新循環經濟租賃理念，將我們的客戶關懷範圍從新婚夫婦擴展到新娘的母親、伴娘等。

So I think that is definitely something we'll lean into. And we have an opportunity to grow share in the bridal market. On the workplace, as hybrid is becoming the norm, people are really looking to step out with confidence, both in person and on Zoom, right? On the Teams meeting.

所以我認為這絕對是我們會傾向於的事情。我們有機會在婚紗市場上擴大份額。在工作場所，隨著混合動力正在成為常態，人們真的很想自信地走出去，無論是親自還是在 Zoom 上，對吧？在團隊會議上。

So think that we'll continue to be able to grow and self-purchase. It is an area that we've historically been underdeveloped in, and it has become a faster-growing part of our business more recently. So definitely opportunities for share gain there. And then lab-created diamonds. This is still under 10% of diamond purchases, but growing rapidly. And we've developed proprietary sourcing so that we believe we have the best offering for customers both in availability and quality as well as value. So we'll really lean into that.

所以認為我們將繼續能夠增長和自我購買。這是一個我們歷來欠發達的領域，最近它已成為我們業務中增長更快的一部分。所以絕對有機會在那裡獲得份額。然後是實驗室製造的鑽石。這仍然低於鑽石購買量的 10%，但增長迅速。而且我們開發了專有採購，因此我們相信我們在可用性、質量和價值方面為客戶提供最好的產品。所以我們真的會傾向於這一點。

But maybe the most important umbrella point of all of those is the ones that we were making around lifetime value. Bridal tends to be a point of market entry for us as does piercing and our Banter brand. And then we really want to serve our customers for our lifetime. And the better we do that seamlessly across channels, the faster we grow.

但也許所有這些中最重要的總括點是我們圍繞生命週期價值所做的那些。 Bridal 往往是我們進入市場的一個點，穿孔和我們的 Banter 品牌也是如此。然後我們真的很想為我們的客戶服務一生。我們越是跨渠道無縫地做到這一點，我們的成長就越快。

The next question comes from Mauricio Serna with UBS.

下一個問題來自瑞銀的 Mauricio Serna。

Congratulations on the very good results. A couple of things. I wanted to ask about the capital allocation because you've done a lot of repurchases at the end of last fiscal year. So I want to understand how that plays out into the EPS guidance you provided this morning.

祝賀取得了非常好的結果。有幾件事。我想問一下資本配置，因為你在上一財年末做了很多回購。因此，我想了解您今天早上提供的 EPS 指導如何發揮作用。

And also maybe if we could just follow up a little bit on the operating margins? The guidance that you have provided seems like at least you will be able to maintain operating margins in line with last year. So just trying to understand what are like the puts and takes there in terms of cost, maybe like investment marketing and labor costs and all the major puts and takes in the operating margin guidance.

而且也許我們可以跟進一點營業利潤率？您提供的指導似乎至少您將能夠保持與去年一致的營業利潤率。因此，只需嘗試從成本方面了解什麼是看跌期權，比如投資營銷和勞動力成本以及所有主要的看跌期權和營業利潤率指導。

Thanks, Mauricio. As we mentioned, we completed our $250 million ASR after the fiscal year-end, and we have $413 million remaining under the current authorization. And what we have noted in our release is that our EPS guidance does not include further repurchases, but it does include the conclusion of the ASR program.

謝謝，毛里西奧。正如我們所提到的，我們在財政年度結束後完成了 2.5 億美元的 ASR，在當前授權下我們還有 4.13 億美元。我們在發布中指出的是，我們的 EPS 指導不包括進一步的回購，但它確實包括 ASR 計劃的結束。

And then with respect to the operating margin guidance, as you noted, for the full year, our guidance on the high side was 11.8% versus last year of 11.6%. We really are continuing to drive, Mauricio, the cost savings programs that we've built the muscle. It's part of our culture.

然後關於營業利潤率指導，正如你所指出的，全年我們的指導為 11.8%，而去年為 11.6%。 Mauricio，我們確實在繼續推動我們已經建立的成本節約計劃。這是我們文化的一部分。

And the teams know that we need to do that to expand margin as well as invest in the capabilities that we believe are important to our long-term future. We will continue to invest in advertising. As Gina detailed, we have -- through her prepared remarks, we have a very balanced approach to marketing.

團隊知道我們需要這樣做以擴大利潤並投資於我們認為對我們的長期未來很重要的能力。我們將繼續投資於廣告。正如 Gina 所詳述的那樣，我們有 - 通過她準備好的評論，我們有一個非常平衡的營銷方法。

TV is a very important part of our approach, but also our digital investments are enabling us to have a broader awareness with our customers in a more targeted way through the data analytics and the customer data platform that Gina mentioned.

電視是我們方法中非常重要的一部分，而且我們的數字投資使我們能夠通過 Gina 提到的數據分析和客戶數據平台，以更有針對性的方式對客戶有更廣泛的認識。

So advertising is a part of our investment but carefully managed on a return-on-investment basis. And then I would just say we're continuing with our labor modeling that I detailed, we are continuing to -- through our fleet optimization but we've been able to continue to leverage the fixed cost through that program.

因此，廣告是我們投資的一部分，但在投資回報的基礎上進行了精心管理。然後我只想說，我們將繼續進行我詳述的勞動力建模，我們將繼續 - 通過我們的車隊優化，但我們已經能夠繼續通過該計劃利用固定成本。

So those are the big puts and takes, I think -- and I guess we have included inflationary pressure in our thinking, and we'll continue with the opportunities and vertical integration from our gross margin expansion as well. So it's a continuation of the structural operating model that we make -- are establishing and we'll leverage go forward.

因此，我認為這些都是大的看跌期權——我想我們已經將通脹壓力納入了我們的思維，我們還將繼續利用我們的毛利率擴張帶來的機會和垂直整合。因此，這是我們正在建立的結構性運營模式的延續，我們將繼續利用這一點。

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

我們的問答環節到此結束。我想把會議交還給管理層，以便發表任何結束語。

Well, thank you again, everyone, for your engagement today. When we spoke with you this time last year, we reinforced that Signet has become a say-do company. Our team holds ourselves accountable for saying clearly what we will do, and then we do it. When we began our journey 4 years ago, we said we would accelerate growth, deliver cost savings to fund investments optimize our fleet, reduce debt and return capital to shareholders.

好吧，再次感謝大家今天的參與。去年這個時候我們與您交談時，我們強調 Signet 已成為一家有話語權的公司。我們的團隊負責清楚地說明我們將要做什麼，然後我們就去做。當我們 4 年前開始我們的旅程時，我們表示我們將加速增長，節省成本以資助投資優化我們的機隊，減少債務並向股東返還資本。

We've done all those things by leveraging our strengths and accelerating our investments. As a result, we are consistently outpacing the market and gaining share while also delivering double-digit operating margins. We are no longer the company that many investors may remember from several years ago. We are demonstrating that Signet can reliably gain market share over time. We are a company you can count on to lead innovation, grow the market and generate the value you deserve. Thank you.

通過利用我們的優勢和加速我們的投資，我們已經完成了所有這些事情。因此，我們不斷超越市場並獲得份額，同時還實現了兩位數的營業利潤率。我們不再是許多投資者幾年前可能記得的公司。我們正在證明 Signet 可以隨著時間的推移可靠地獲得市場份額。我們是一家您可以信賴的公司，可以引領創新、發展市場並創造您應得的價值。謝謝你。

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。