Williams-Sonoma Inc (WSM) 2022 Q4 法說會逐字稿

Welcome to the Williams-Sonoma, Inc. Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) I would now like to turn the call over to Jeremy Brooks, Chief Accounting Officer and Head of Investor Relations. Please go ahead.

歡迎來到 Williams-Sonoma, Inc. 2022 年第四季度收益電話會議。 （操作員說明）我現在想把電話轉給首席會計官兼投資者關係主管傑里米布魯克斯。請繼續。

Good morning, and thank you for joining our fourth quarter earnings call. I'd like to remind you that during this call, we will make forward-looking statements with respect to future events and financial performance, including guidance for fiscal '23 and our long-term outlook. We believe these statements reflect our best estimates. However, we cannot make any assurances these statements will materialize, and actual results may differ significantly from our expectations.

早上好，感謝您參加我們的第四季度財報電話會議。我想提醒您，在本次電話會議期間，我們將就未來事件和財務業績做出前瞻性陳述，包括對 23 財年的指導和我們的長期展望。我們相信這些陳述反映了我們的最佳估計。但是，我們無法保證這些聲明一定會實現，實際結果可能與我們的預期大相徑庭。

The company undertakes no obligation to publicly update or revise any of these statements to reflect events or circumstances that may arise after today's call. Additionally, we will refer to certain non-GAAP financial measures. These measures should not be considered replacements for and should be read together with our GAAP results. Specifically, we recorded an impairment charge of $17.7 million in the fourth quarter to write off certain software and hardware costs and goodwill associated with Aperture, a division of our Outward subsidiary. This impairment charge does not affect our ongoing use or strategy of the Outward Technology in our portfolio of brands and in our design and room planning functionality.

公司沒有義務公開更新或修改任何這些聲明以反映今天電話會議後可能出現的事件或情況。此外，我們將參考某些非 GAAP 財務指標。這些措施不應被視為替代，應與我們的 GAAP 結果一起閱讀。具體來說，我們在第四季度記錄了 1770 萬美元的減值費用，以沖銷與我們 Outward 子公司的一個部門 Aperture 相關的某些軟件和硬件成本以及商譽。該減值費用不會影響我們在品牌組合以及設計和房間規劃功能中對 Outward Technology 的持續使用或戰略。

Accordingly, our non-GAAP results for the fourth quarter and fiscal year '22 have been adjusted for this impairment charge. A full reconciliation of non-GAAP measures to the most directly comparable GAAP measure appears in Exhibit 1 to the press release we issued earlier this morning. This call should also be considered in conjunction with our filings with the SEC.

因此，我們第四季度和 22 財年的非 GAAP 業績已針對這一減值費用進行了調整。我們今天上午早些時候發布的新聞稿的附件 1 顯示了非 GAAP 指標與最直接可比的 GAAP 指標的完全對賬。此電話會議還應與我們向美國證券交易委員會提交的文件一起考慮。

Finally, a replay of this call will be available on our Investor Relations website. Now I'd like to turn the call over to Laura Alber, our President and Chief Executive Officer.

最後，我們的投資者關係網站上將提供此次電話會議的重播。現在我想把電話轉給我們的總裁兼首席執行官勞拉·阿爾伯。

Thank you, Jeremy. Good morning, everyone, and thank you for joining the call. At Williams-Sonoma, Inc., we're proud that despite the declining macro environment, we delivered another year of record revenue and record earnings. With our relentless focus on compelling products, customer service and profitable growth, we continue to outperform our peers. We continue to gain market share, and we continue to distinguish ourselves as the world's largest digital-first, design-led sustainable home retailer. And what are these things that distinguish us? No other home furnishings company offers our in-house design capabilities and vertically integrated sourcing organization.

謝謝你，傑里米。大家早上好，感謝您加入電話會議。在 Williams-Sonoma, Inc.，我們感到自豪的是，儘管宏觀環境在下滑，但我們又創造了創紀錄的收入和收益。憑藉我們對引人注目的產品、客戶服務和盈利增長的不懈關注，我們繼續超越同行。我們繼續獲得市場份額，我們繼續作為世界上最大的數字優先、設計主導的可持續家居零售商脫穎而出。這些使我們與眾不同的東西是什麼？沒有其他家居用品公司提供我們的內部設計能力和垂直整合的採購組織。

It allows us to deliver high-quality, sustainable products at the best value to market that cannot be found anywhere else. No other home furnishings company offers our digital-first but not digital-only channel strategy that's transforming the customer experience. With our proprietary e-commerce platform, we are one of the largest e-commerce players in the United States. Our in-house CRM and data analytic teams optimize our digital spend and customer connections.

它使我們能夠以最佳價值向市場提供高質量、可持續的產品，這是其他任何地方都找不到的。沒有其他家居裝飾公司提供我們的數字優先但不是數字唯一的渠道戰略來改變客戶體驗。憑藉我們專有的電子商務平台，我們是美國最大的電子商務公司之一。我們的內部 CRM 和數據分析團隊優化了我們的數字支出和客戶關係。

And our great stores not only deliver an outstanding customer experience, but also in 2022, we expanded our services with ship to store as we transition our stores to also service design centers in omni fulfillment hubs. And no other home furnishings company has our strong record on value that many consumers want today. In Q4, we are proud to be named to Newsweek's list of America's most responsible companies. The Morgan Stanley Capital International ESG assessment gave us a AAA rating, the highest possible. And we were included on the 2022 S&P Dow Jones Sustainability Index for North America, the only new retailer added to the North America list in 2022.

我們的大型商店不僅提供出色的客戶體驗，而且在 2022 年，隨著我們將商店轉變為全方位運營中心的服務設計中心，我們擴大了從船到店的服務。沒有其他家居裝飾公司擁有當今許多消費者想要的我們強大的價值記錄。在第四季度，我們很榮幸被《新聞周刊》評為美國最負責任的公司。摩根士丹利資本國際 ESG 評估給了我們最高的 AAA 評級。我們被列入 2022 年北美標準普爾道瓊斯可持續發展指數，是 2022 年唯一一家加入北美名單的新零售商。

Along with our key differentiators, our success and profitability has been driven by our new growth initiatives that are cross brand and/or outside of our core brands. Our largest cross-brand growth driver is business to business. Williams-Sonoma, Inc. is no longer just a home furnishings company. We furnish our customers everywhere from restaurants to hotels, from football stadiums to office spaces. We set the ambitious goal this year to reach $1 billion in demand in our B2B business, and we came very close, driving 27% year-over-year growth and 166% on a 2-year basis.

除了我們的主要差異化因素外，我們的成功和盈利能力還受到我們跨品牌和/或核心品牌之外的新增長計劃的推動。我們最大的跨品牌增長動力是企業對企業。 Williams-Sonoma, Inc. 不再只是一家家具公司。從餐廳到酒店，從足球場到辦公場所，我們為客戶提供無處不在的產品。我們今年設定了雄心勃勃的目標，即我們的 B2B 業務需求達到 10 億美元，我們非常接近，推動了 27% 的同比增長和 166% 的 2 年基礎。

And we continue to win B2B accounts due to our design capabilities and a wide range of products offered in our multi-brand portfolio. Another successful growth initiative is our expansion into global markets. In the massive market of India, our new partnership with the Reliance Group is off to a very strong start. With our exclusive and differentiated product line, our 3 stores and websites in India are outperforming our expectations in a market where we see tremendous opportunity. And in Canada, we relaunched our website and saw improvements in conversion and AUR across brands.

由於我們的設計能力和多品牌組合中提供的廣泛產品，我們繼續贏得 B2B 客戶。另一個成功的增長舉措是我們向全球市場的擴張。在龐大的印度市場，我們與 Reliance Group 的新合作夥伴關係開局良好。憑藉我們獨家和差異化的產品線，我們在印度的 3 家商店和網站在我們看到巨大機遇的市場中的表現超出了我們的預期。在加拿大，我們重新啟動了我們的網站，並看到了跨品牌的轉化率和 AUR 的改善。

In our new businesses, Rejuvenation and Mark and Graham have also provided incremental growth. Together, in fiscal 2022, they represented nearly $270 million in revenues and drove nearly a 10% comp on the year. These 2 brands service white space needs of customers. At Rejuvenation, we're expanding into remodel categories related to kitchen and bathroom, including vanities, cabinet hardware and custom wall lighting. And at Mark and Graham, our high-quality gift and personalization business is resonating with our customers, and we see outsized growth in the travel space, including luggage and accessories.

在我們的新業務中，Rejuvenation 和 Mark and Graham 也提供了增量增長。在 2022 財年，它們共同代表了近 2.7 億美元的收入，並推動了近 10% 的收入增長。這兩個品牌服務於客戶的白色空間需求。在 Rejuvenation，我們正在擴展與廚房和浴室相關的改造類別，包括梳妝台、櫥櫃五金和定制壁燈。在 Mark and Graham，我們的高品質禮品和個性化業務正在引起客戶的共鳴，我們看到旅行空間（包括行李箱和配飾）的巨大增長。

Our core brands, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm and Williams-Sonoma are also key contributors to our strong fiscal 2022, together growing at 6.4%. Put it all together, our key differentiators and our growth initiatives, and you see the results that we are reporting today. We're proud that we achieved our fiscal '22 annual guidance and delivered a 6.5% comp on the top line and an operating margin of 17.5%.

我們的核心品牌 Pottery Barn、Pottery Barn Kids、Pottery Barn Teen、West Elm 和 Williams-Sonoma 也是我們強勁的 2022 財年的主要貢獻者，它們共同增長了 6.4%。將我們的主要差異化因素和增長計劃放在一起，您就會看到我們今天報告的結果。我們很自豪我們實現了 22 財年的年度指導，並實現了 6.5% 的收入增長和 17.5% 的營業利潤率。

At the same time, we drove EPS growth of over 11% to $16.54 per share from $14.85 last year. As I said at the top, we continue to outperform our peers in a year where the industry grew 1%, we grew more than 5%. All of this is particularly impressive given the declining macro backdrop in Q3 and Q4 of 2022 and the record demand that we are up against in 2021. Stepping back for a moment and looking at the last 12 years, it's clear that we've consistently delivered. And more recently, since 2019, we've grown our revenues more than 47%, adding $2.8 billion to the top line.

與此同時，我們將每股收益從去年的 14.85 美元增長了 11% 以上，達到每股 16.54 美元。正如我在頂部所說的那樣，我們在行業增長 1% 的一年中繼續跑贏同行，我們增長了 5% 以上。鑑於 2022 年第三季度和第四季度的宏觀背景下滑以及我們在 2021 年面臨創紀錄的需求，所有這一切都特別令人印象深刻。回顧一下過去 12 年，很明顯我們一直在交付.最近，自 2019 年以來，我們的收入增長了 47% 以上，收入增加了 28 億美元。

We've also more than doubled our operating margin from 8.6% to 17.5%. Now let's talk specifically about Q4. Our Q4 results were achieved while the macro backdrop weakened. Our demand comps were in the negative mid-single-digit comp range and were inconsistent across our portfolio of brands leading to a net revenue comp of negative 0.6% total company. In addition, although supply chain cost increases pressured our margins, we were able to offset these headwinds with SG&A cost savings producing an operating margin of 19.9% and earnings per share of $5.50 in Q4.

我們的營業利潤率也翻了一番多，從 8.6% 增至 17.5%。現在讓我們具體談談Q4。我們的第四季度業績是在宏觀背景疲軟的情況下取得的。我們的需求補償處於負的中個位數補償範圍內，並且在我們的品牌組合中不一致，導致公司總收入為負 0.6%。此外，儘管供應鏈成本增加給我們的利潤率帶來了壓力，但我們能夠通過節省 SG&A 成本來抵消這些不利因素，從而在第四季度實現 19.9% 的營業利潤率和 5.50 美元的每股收益。

Now let's talk about our brands for Q4 and for the full year. Pottery Barn ran a positive 5.8% comp in Q4 and a 14.9% on the full year. On a 3-year basis, Pottery Barn generated a 54% comp. Pottery Barn's inspirational product offering and successful execution of its growth initiatives like the Accessible Home, Apartment and Marketplace drove the performance. Also, our holiday offering was successful. As we look to the year ahead, the brand has a strong lineup of product offerings, including new products with great design and sharp price points.

現在讓我們談談我們第四季度和全年的品牌。 Pottery Barn 在第四季度的增長率為 5.8%，全年為 14.9%。在 3 年的基礎上，Pottery Barn 產生了 54% 的收益。 Pottery Barn 鼓舞人心的產品供應和無障礙住宅、公寓和市場等增長計劃的成功執行推動了業績的增長。此外，我們的假期產品也很成功。展望未來一年，該品牌擁有強大的產品陣容，包括設計精良、價格優惠的新產品。

The Pottery Barn Children's business ran a positive 4% comp in Q4 and a positive 0.4% on the year. On a 3-year basis, the Children's business generated a 28.6% comp. Growth continued to be driven from Baby and Dorm. And another highlight is our successful introduction of our exclusive collaboration with the trending fashion brand, LoveShackFancy, which is outperforming our expectations. Also, in both Pottery Barn Kids and Pottery Barn Teen, we're excited to have launched a new native shopping app, which brings enhanced functionality and provides customers with an easy-to-use interface. We've only been live with the app for a short time, but we are seeing positive response, and we'll continue to read the results to determine if we should launch apps for our other brands.

Pottery Barn Children's 業務在第四季度實現了 4% 的正增長，同比增長 0.4%。在 3 年的基礎上，兒童業務產生了 28.6% 的收入。嬰兒和宿舍繼續推動增長。另一個亮點是我們成功推出了與潮流時尚品牌 LoveShackFancy 的獨家合作，這超出了我們的預期。此外，在 Pottery Barn Kids 和 Pottery Barn Teen 中，我們很高興推出了一款新的本地購物應用程序，它帶來了增強的功能並為客戶提供了易於使用的界面。我們使用該應用程序的時間很短，但我們看到了積極的反響，我們將繼續閱讀結果，以確定是否應該為我們的其他品牌推出應用程序。

In Q4, the Children's business benefited from an improved in-stock position, which is critical to this life stage business and will continue to benefit us this year. The West Elm brand was most affected by the tough macro environment. In Q4, West Elm ran a negative 10.7%, coming off very strong multiyear comps. On a full year basis, West Elm ran a 2.5% comp and very strong operating margins. On a 3-year basis, the West Elm brand generated a 50.8% comp.

在第四季度，兒童業務受益於庫存狀況的改善，這對這一生命階段業務至關重要，並將在今年繼續使我們受益。 West Elm 品牌受嚴峻的宏觀環境影響最大。在第四季度，West Elm 的負增長為 10.7%，來自非常強勁的多年期組合。從全年來看，West Elm 的利潤率為 2.5%，營業利潤率非常高。在 3 年的基礎上，West Elm 品牌產生了 50.8% 的利潤。

Looking ahead, we're very excited about the recent announcement of Day Kornbluth as the new brand president effective April 3. Day has a proven track record and previous success growing home furnishings brands. To lead West Elm through its next chapter of growth with a focus on 4 areas: industry-leading design and value; increased brand awareness and customer acquisition; expanding into product white space; and leveraging channel growth opportunity.

展望未來，我們對最近宣布 Day Kornbluth 成為新品牌總裁的消息感到非常興奮，該總裁將於 4 月 3 日生效。Day 在發展家居品牌方面有著良好的往績和成功經驗。帶領 West Elm 開啟新的發展篇章，重點關注 4 個領域：行業領先的設計和價值；提高品牌知名度和客戶獲取；擴展到產品空白區域；並利用渠道增長機會。

Given the cautious consumer, we continue to see short-term softness. But with Day Kornbluth leading this brand, the total addressable market opportunity and the focus on those 4 areas, we continue to be very optimistic about the long-term growth trajectory of West Elm. Finally, the Williams-Sonoma brand had a successful holiday season, but ran a negative 2.5% comp in Q4, largely driven by softness in January.

鑑於謹慎的消費者，我們繼續看到短期疲軟。但隨著 Day Kornbluth 領導這個品牌、總的可尋址市場機會和對這 4 個領域的關注，我們繼續對 West Elm 的長期增長軌跡非常樂觀。最後，Williams-Sonoma 品牌度過了一個成功的假日季，但在第 4 季度出現了 2.5% 的負增長，這主要是受到 1 月份疲軟的推動。

On the full year, the brand ran a negative 1.7% comp. On a 3-year basis, Williams-Sonoma generated a 32.6% comp. And while the housewares market has become extremely promotional, the Williams-Sonoma team remains focused on increasing product exclusivity, innovation, relevant content and full price selling. We have a pipeline of innovative product launches and chef collaborations planned throughout the year, and we see new opportunities from the integration of the Williams-Sonoma Home Furnishing's assortment into our kitchen business.

全年，該品牌的利潤率為負 1.7%。在 3 年的基礎上，威廉姆斯-索諾瑪產生了 32.6% 的補償。雖然家庭用品市場已經變得極具促銷性，但 Williams-Sonoma 團隊仍然專注於提高產品的排他性、創新、相關內容和全價銷售。我們全年計劃推出一系列創新產品和廚師合作，我們看到了將 Williams-Sonoma Home Furnishing 的產品組合整合到我們的廚房業務中的新機遇。

Looking ahead, we recognize that with the weak housing market, layoffs and a possible recession, there's a lot of uncertainty with the consumer. Nevertheless, we remain confident with our key differentiators and our growth initiatives, we're confident in our top line. With our focus on reducing costs and managing inventory levels, we're confident on our bottom line. And with the home furnishings market remaining large and fragmented, including the B2B market at an estimated $80 billion TAM, we're confident that we will continue to gain market share.

展望未來，我們認識到，由於房地產市場疲軟、裁員和可能出現的經濟衰退，消費者存在很多不確定性。儘管如此，我們仍然對我們的關鍵差異化因素和增長計劃充滿信心，我們對我們的收入充滿信心。由於我們專注於降低成本和管理庫存水平，因此我們對我們的底線充滿信心。由於家居市場仍然龐大而分散，包括 B2B 市場，估計 TAM 為 800 億美元，我們有信心我們將繼續獲得市場份額。

With our relentless focus on compelling products, customer service and profitable growth and its inflation and costs, including shipping come down, we're confident that will drive operating margins of more than 14%, as Jeff will discuss in more detail. Looking even further out, we remain confident in our long-term growth algorithm. I believe we're going to get through the coming environment better than any of our peers. We are going to keep delivering profitable growth, and we believe we can deliver a mid- to high single-digit top line growth and sustain our operating margin of at least 15% once the external environment improves.

由於我們堅持不懈地專注於引人注目的產品、客戶服務和盈利增長及其通貨膨脹和成本（包括運輸）的下降，我們相信這將推動營業利潤率超過 14%，Jeff 將對此進行更詳細的討論。展望更遠的未來，我們對我們的長期增長算法仍然充滿信心。我相信我們將比任何同行更好地度過即將到來的環境。我們將繼續實現盈利增長，我們相信一旦外部環境改善，我們可以實現中高個位數的收入增長，並維持至少 15% 的營業利潤率。

This is a great company with great brands and with our culture of innovation and talent, our values and the strength of our team, we're moving ahead with our vision to furnish our customers everywhere. As we do, we're confident that we will continue to outperform our peers and deliver for all of our customers, employees and shareholders. And with that, I'll turn it over to Jeff.

這是一家偉大的公司，擁有偉大的品牌，憑藉我們的創新和人才文化、我們的價值觀和我們團隊的力量，我們正在朝著為世界各地的客戶提供服務的願景前進。正如我們所做的那樣，我們相信我們將繼續超越我們的同行，並為我們所有的客戶、員工和股東提供服務。有了這個，我會把它交給傑夫。

Thank you, Laura, and good morning, everyone. As Laura said, because of our key differentiators and growth initiatives, 2022 was another record year of revenue and earnings with our relentless focus on compelling products, customer service and profitable growth. We have outperformed our peers, and we continue to gain market share. Now I will walk you through our fiscal 2022 results, our Q4 results and then 2023 guidance.

謝謝勞拉，大家早上好。正如勞拉所說，由於我們的主要差異化因素和增長計劃，2022 年是收入和收益又創紀錄的一年，我們不懈地專注於引人注目的產品、客戶服務和盈利增長。我們的表現優於同行，並且我們繼續獲得市場份額。現在我將向您介紹我們 2022 財年的業績、第四季度的業績以及 2023 年的指導意見。

More specifically, full year 2022 net revenues grew in line with our guidance of mid- to high single-digit growth, finishing at $8.674 billion, a 6.5% comp on top of the 22% comp in 2021 and a 17% comp in 2020. With our digital first but not digital-only platform, we saw growth across both channels, with e-commerce growing 4.5% comp and retail 11.1%. E-commerce now represents 66% of our total revenues. Gross margin at 42.4% of net revenues, deleveraged 160 basis points from last year. That happened as we absorb the ongoing impact of COVID supply chain disruption and global inflationary pressure.

更具體地說，2022 年全年淨收入增長符合我們對中高個位數增長的指導，最終達到 86.74 億美元，比 2021 年的 22% 和 2020 年的 17% 高出 6.5%。憑藉我們的數字優先而非純數字平台，我們看到了兩個渠道的增長，電子商務增長 4.5%，零售增長 11.1%。電子商務現在占我們總收入的 66%。毛利率占淨收入的 42.4%，比去年去槓桿化 160 個基點。當我們吸收 COVID 供應鏈中斷和全球通脹壓力的持續影響時，就會發生這種情況。

With our strong financial discipline and cost control, we were able to materially offset these headwinds in gross margin as SG&A at 24.9% of net revenue, leveraged 140 basis points from last year. Operating margin of 17.5% was consistent with our full year guidance of being materially in line with our fiscal year '21 results and demonstrates the resiliency and profitability of our operating models.

憑藉我們強大的財務紀律和成本控制，我們能夠在毛利率方面實質性地抵消這些不利因素，因為 SG&A 占淨收入的 24.9%，比去年槓桿化 140 個基點。 17.5% 的營業利潤率與我們的全年指引一致，即與我們 21 財年的業績基本一致，並證明了我們運營模式的彈性和盈利能力。

Diluted earnings per share of $16.54, grew 11% over last year's $14.85, another record year of earnings for our shareholders. In fact, we're proud that 2022 constitutes the fourth consecutive year of EPS growth for our shareholders, another example of how we've consistently delivered. Likewise, our fortress balance sheet and consistent ability to generate free cash flow allowed us to fund our business operations, increase our capital investments to $354 million to support our long-term growth, and returned over $1 billion in excess cash to our shareholders.

每股攤薄收益為 16.54 美元，比去年的 14.85 美元增長 11%，這是我們股東收益的又一個創紀錄年份。事實上，我們感到自豪的是，2022 年是我們股東每股收益連續第四年增長，這是我們如何始終如一地實現目標的另一個例子。同樣，我們強大的資產負債表和持續產生自由現金流的能力使我們能夠為我們的業務運營提供資金，將我們的資本投資增加到 3.54 億美元以支持我們的長期增長，並向我們的股東返還超過 10 億美元的超額現金。

Dividend payouts were approximately $217 million or $3.12 per share, represented the 13th consecutive year we have increased our dividend. Coupled with our share repurchases of $880 million, this shows our strong commitment to maximizing total returns for our shareholders. And here's another example of our financial discipline and commitment to driving long-term growth for our shareholders. Our 49% return on invested capital, inclusive of our higher capital investments and increased inventory levels, our ROIC is among the best in the retail industry.

股息支付約為 2.17 億美元或每股 3.12 美元，這是我們連續第 13 年增加股息。再加上我們 8.8 億美元的股票回購，這表明我們堅定地致力於為股東實現總回報最大化。這是我們財務紀律和致力於為股東推動長期增長的另一個例子。我們 49% 的投資資本回報率，包括我們更高的資本投資和更高的庫存水平，我們的 ROIC 在零售行業中名列前茅。

December 2022 results, we're proud to have delivered another year of record revenues and earnings. I want to thank all our associates for their hard work and dedication in driving these great results. Turning to our Q4 results. As Laura said, we continue to outperform our peers. This was despite the quarter's ongoing demand choppiness and declining macroeconomic backdrop. With our ability to gain market share through the strength of our proprietary in-house design and our family of strong and stable brands, our top line outperformed the industry.

2022 年 12 月的結果，我們很自豪又創造了創紀錄的收入和收益。我要感謝我們所有的同事，感謝他們為取得這些偉大成就所做的辛勤工作和奉獻。轉向我們的第四季度結果。正如勞拉所說，我們繼續超越同行。儘管本季度需求持續動盪且宏觀經濟背景下滑，但仍出現了這種情況。憑藉我們專有的內部設計和我們強大而穩定的品牌家族獲得市場份額的能力，我們的收入超過了行業。

Our resilient operating margin demonstrates the power of our operating model to sustain profitability. Net revenues came in at $2.453 billion, with comparable brand revenue growth at negative 0.6%. Demand on the quarter was in the mid-single-digit negative comp range, decelerating from Q3's demand trends. We saw a strong holiday season book ended by a soft early November and a soft January. Our net revenues were driven by strong order fulfillment, ongoing momentum in our growth initiatives and our continued ability to take market share even as we continue to experience inconsistent demand.

我們富有彈性的營業利潤率證明了我們的運營模式能夠維持盈利能力。淨收入為 24.53 億美元，可比品牌收入增長為負 0.6%。本季度的需求處於中個位數的負補償範圍內，低於第三季度的需求趨勢。我們看到一個強勁的假期預訂以 11 月初的疲軟和 1 月的疲軟結束。我們的淨收入是由強勁的訂單履行、我們增長計劃的持續勢頭以及我們持續佔據市場份額的能力推動的，即使我們繼續經歷不一致的需求。

Moving down the income statement. Gross margin of 41.2%, was in line with our expectations. Coming in 380 basis points below last year, it reflects the impact of the higher input costs flowing through our income statement, including higher product costs, ocean freight, detention and demurrage as well as our efforts to meet our customer service expectations. Merchandise margins decreased from last year as we started to absorb the capitalized costs from higher product costs, ocean freight, detention and demerge into our income statement. This was partially offset by the higher pricing power, our proprietary products command and by our ongoing commitment to forgo site-wide promotions.

向下移動損益表。毛利率為 41.2%，符合我們的預期。比去年低 380 個基點，反映了我們損益表中投入成本增加的影響，包括更高的產品成本、海運費、滯留費和滯期費，以及我們為滿足客戶服務期望所做的努力。商品利潤率較去年有所下降，因為我們開始將較高的產品成本、海運、滯留和拆分的資本化成本吸收到我們的損益表中。這部分被更高的定價權、我們的專有產品控制以及我們放棄全站促銷的持續承諾所抵消。

The gross margin decline was also attributable to higher outbound customer shipping costs. We continue to incur these higher costs to best serve our customers by shipping from out-of-market distribution centers, and, in some cases, shipping multiple times for multiunit orders, which typically would have been fulfilled in a single shipment. We're working hard to rebalance our inventory composition and regional inventory location to improve our customer service.

毛利率下降也歸因於較高的出境客戶運輸成本。我們繼續承擔這些更高的成本，以便通過從場外配送中心發貨來為我們的客戶提供最好的服務，並且在某些情況下，為多件訂單發貨多次，而這些訂單通常會在一次發貨中完成。我們正在努力重新平衡我們的庫存構成和區域庫存位置，以改善我們的客戶服務。

We expect customer service to gradually improve over the next few quarters. Occupancy costs at 8.3% of net revenues were 60 basis points above last year, with occupancy dollars increasing 5% to approximately $204 million. Our ongoing retail store optimization initiatives partially offset incremental costs from our new distribution centers on both the East and West Coast. These new distribution centers will support our long-term growth, improve service time for our customers and drive cost efficiencies over time.

我們預計客戶服務將在未來幾個季度逐步改善。佔用成本占淨收入的 8.3%，比去年高出 60 個基點，佔用費用增長 5%，達到約 2.04 億美元。我們正在進行的零售店優化計劃部分抵消了我們在東海岸和西海岸的新配送中心的增量成本。這些新的配送中心將支持我們的長期增長，改善我們客戶的服務時間，並隨著時間的推移提高成本效率。

Our SG&A rate continues to be at a historic low at 21.3%, leveraging 270 basis points over last year, showcasing our financial discipline and ability to control costs. Employment leverage to last year as we manage variable employment costs in accordance with our top line trends and adjusted incentive compensation with business performance. Our advertising leverage reflects the agile, performance-driven proficiency of our marketing team.

我們的 SG&A 率繼續保持在 21.3% 的歷史低位，比去年高 270 個基點，展示了我們的財務紀律和控製成本的能力。由於我們根據我們的頂線趨勢管理可變就業成本，並根據業務績效調整激勵薪酬，因此去年的就業槓桿。我們的廣告影響力反映了我們營銷團隊敏捷、以績效為導向的熟練程度。

Our in-house capabilities, first-party data and multi-brand platform are an underappreciated competitive advantage that allows us to drive efficient advertising spend in near real time as we see trends evolve in the business. SG&A also includes recoveries from insurance in the fourth quarter. With regard to the bottom line, we delivered another solid quarter of earnings in a challenging environment.

我們的內部能力、第一方數據和多品牌平台是一項未被充分認識的競爭優勢，它使我們能夠在看到業務發展趨勢時近乎實時地推動高效的廣告支出。 SG&A 還包括第四季度的保險回收。關於底線，我們在充滿挑戰的環境中實現了又一個穩定的季度收益。

Q4 operating income of $487 million and operating margin at 19.9%, which is only 110 basis points below last year, reflects the durability of our profitability, despite significant macroeconomic headwinds and inflationary cost pressures. Our record diluted earnings per share of $5.50, was $0.08 or 1.5% above last year's record fourth quarter earnings per share of $5.42. On the balance sheet, we ended the quarter with a cash balance of $367 million and no debt outstanding. This is inclusive of consistently paying our quarterly dividend and opportunistically repurchasing shares congruent with our commitment to maximizing shareholder value.

第 4 季度的營業收入為 4.87 億美元，營業利潤率為 19.9%，僅比去年低 110 個基點，這反映了我們盈利能力的持久性，儘管存在重大的宏觀經濟逆風和通脹成本壓力。我們創紀錄的每股攤薄收益為 5.50 美元，比去年第四季度創紀錄的每股收益 5.42 美元高出 0.08 美元或 1.5%。在資產負債表上，我們本季度末的現金餘額為 3.67 億美元，沒有未償債務。這包括持續支付我們的季度股息和機會主義地回購股票，以符合我們對股東價值最大化的承諾。

Merchandise inventories, which include in-transit inventory, at $1.456 billion, increased 17% over last year, while inventory on hand increased 40% over last year. There are 3 important points to emphasize here. First, our inventory on hand increase is skewed by last year's pandemic-related supply chain disruption, creating an artificially low base. An apples-to-apples comparison versus 2019 highlights how we've improved our inventory turnover as our on-hand inventory levels have increased only 21% against revenue growth of over 47% during that time.

包括在途庫存在內的商品庫存為 14.56 億美元，比去年增長 17%，而手頭庫存比去年增長 40%。這裡有3個重點要強調。首先，我們手頭庫存的增加受到去年與大流行相關的供應鏈中斷的影響，從而人為地降低了基數。與 2019 年的同類比較突顯了我們如何提高庫存周轉率，因為我們的現有庫存水平僅增長了 21%，而同期收入增長超過 47%。

Second, supply chain congestion eased earlier than anticipated in Q4. Like many retailers, we adjusted our transit times during the pandemic and received receipts substantially earlier than we expected in Q4 as transit times normalize. While this contributed to our increased inventory levels, it enabled us to substantially reduce our backlog to normalized levels.

其次，供應鏈擁堵在第四季度比預期更早得到緩解。與許多零售商一樣，我們在大流行期間調整了運輸時間，隨著運輸時間正常化，我們在第四季度收到收據的時間比我們預期的要早得多。雖然這有助於我們提高庫存水平，但它使我們能夠將積壓訂單大幅減少至正常水平。

Third, our lower balance sheet inventory growth reflects a 40% reduction in merchandise in transit, as we've aligned our future on order with cautious forward-looking demand given the macroeconomic outlook. To sum up our Q4 results, we've outperformed our industry. Our top line proves our ability to take market share. Our operating margin demonstrates the resiliency of our profitability, and our record earnings per share is testimony to our commitment to maximize shareholder returns.

第三，我們較低的資產負債表庫存增長反映了在途商品減少了 40%，因為我們已經根據宏觀經濟前景將我們的未來與謹慎的前瞻性需求保持一致。總結我們第四季度的業績，我們的表現優於我們的行業。我們的收入證明了我們佔據市場份額的能力。我們的營業利潤率證明了我們盈利能力的彈性，我們創紀錄的每股收益證明了我們致力於最大化股東回報的承諾。

Now let's look ahead to 2023. Due to the macroeconomic uncertainty, we are providing a wide range of guidance for '23. 2023 net revenues are expected to be in the range of down 3 comp to positive 3 comp, with operating margins between 14% and 15%. We expect the first half of the year will be materially tougher. On the top line, our year-over-year demand comparisons and last year's high back order fill, coupled with the declining macro will likely yield negative comps.

現在讓我們展望 2023 年。由於宏觀經濟的不確定性，我們正在為 23 年提供廣泛的指導。預計 2023 年淨收入將下降 3 倍至正 3 倍，營業利潤率在 14% 至 15% 之間。我們預計今年上半年將更加艱難。最重要的是，我們的年度需求比較和去年的高訂單補貨，再加上宏觀經濟的下滑，可能會產生負面影響。

On the bottom line, we continue to foresee gross margin pressure, as we saw in Q4. The higher input costs sitting on our balance sheet will continue to amortize into our income statement as well as ongoing incremental shipping costs to service our customers. In the back half of the year, these headwinds should turn into tailwinds as our top line year-over-year comparisons get easier and our gross margin pressures become tailwinds that support our profitability.

最重要的是，正如我們在第四季度看到的那樣，我們繼續預見到毛利率壓力。我們資產負債表上較高的投入成本將繼續攤銷到我們的損益表中，以及為客戶服務而持續增加的運輸成本。在今年下半年，這些逆風應該會變成順風，因為我們的收入同比比較變得更容易，我們的毛利率壓力會變成支持我們盈利能力的順風。

Our capital allocation plans for 2023 prioritize funding our business operations and investing in our long-term growth. We expect to spend $250 million in capital expenditures to invest in the long-term growth of our business. This constitutes a 30% decrease from 2022, with 80% of the spend dedicated to driving our e-commerce leadership through technology enhancements and supply chain efficiency initiatives. We expect to continue to return excess cash to our shareholders in the form of increased quarterly dividend payouts and ongoing share repurchases.

我們 2023 年的資本分配計劃優先考慮為我們的業務運營提供資金並投資於我們的長期增長。我們預計將花費 2.5 億美元的資本支出來投資於我們業務的長期增長。這比 2022 年減少了 30%，其中 80% 的支出專門用於通過技術改進和供應鏈效率計劃來推動我們的電子商務領導地位。我們預計將繼續以增加季度股息支付和持續股票回購的形式向股東返還多餘現金。

For dividends, today, we announced another double-digit increase in our quarterly dividend payout of 15% or $0.12 to $0.90 per share. Again, fiscal year '23 will be the 14th consecutive year of increased dividend payout, which we are both proud of and committed to. For share repurchases, today, we also announced our Board has approved a new $1 billion share repurchase authorization, under which we will opportunistically repurchase our stock to deliver returns for our shareholders.

對於股息，今天，我們宣布季度股息支付再次兩位數增長 15% 或每股 0.12 美元至 0.90 美元。同樣，'23 財年將是連續第 14 年增加股息支付，我們對此感到自豪並致力於此。對於股票回購，我們今天還宣布，我們的董事會已批准一項新的 10 億美元股票回購授權，根據該授權，我們將適時回購我們的股票，為我們的股東帶來回報。

Combined, our dividend increase and new share repurchase authorization continue our commitment to returning excess cash to our shareholders. In fact, we returned over $3.2 billion to our shareholders over the last 5 years, which is yet another example of how we've consistently delivered. As Laura said, we remain confident in the long-term fundamentals of our business as we look beyond 2023.

結合我們的股息增加和新的股票回購授權，我們繼續承諾將多餘的現金返還給我們的股東。事實上，在過去 5 年裡，我們向股東返還了超過 32 億美元，這是我們始終如一地交付成果的又一例證。正如勞拉所說，展望 2023 年以後，我們對我們業務的長期基本面仍然充滿信心。

Our long-term growth algorithm will continue to drive mid- to high single-digit top line growth, with operating margins exceeding a floor of 15%. As the world's largest digital-first, design-led sustainable home retailer, we're confident we'll continue to outperform our peers and deliver profitable growth for these reasons. Our ability to gain market share in the fractured home furnishings industry, the strength of our in-house proprietary design, the competitive advantage of our digital first but not digital-only channel strategy, the strength of our growth initiatives, our ability to control costs, the durability of our profitability and the resiliency of our fortress balance sheet.

我們的長期增長算法將繼續推動中高個位數的收入增長，營業利潤率超過 15% 的底線。作為世界上最大的以數字為先、以設計為主導的可持續家居零售商，我們相信我們將繼續超越同行，並因這些原因實現盈利增長。我們在支離破碎的家居行業中獲得市場份額的能力、我們內部專有設計的實力、我們數字優先而非純數字渠道戰略的競爭優勢、我們增長計劃的實力、我們控製成本的能力，我們盈利能力的持久性和我們堡壘資產負債表的彈性。

With that, I'll open the call for questions.

有了這個，我將打開問題電話。

(Operator Instructions) Your first question comes from the line of Anthony Chukumba with Loop Capital Markets.

（操作員說明）您的第一個問題來自 Loop Capital Markets 的 Anthony Chukumba。

So my question is on the divergence between, I guess, the Pottery Barn brands and the West Elm comps because even on a 2-year stack basis, Pottery Barn in particular really outperformed West Elm and you said that West Elm was impacted by the macro. I guess I'm just trying to understand why West Elm was much more impacted by the macro than Pottery Barn was in the fourth quarter?

所以我的問題是關於 Pottery Barn 品牌和 West Elm comps 之間的差異，因為即使在 2 年的堆棧基礎上，Pottery Barn 的表現尤其優於 West Elm，而且你說 West Elm 受到宏觀影響.我想我只是想了解為什麼 West Elm 在第四季度受到宏觀影響比 Pottery Barn 大得多？

Hello, can you hear me?

你好，你能聽到我說話嗎？

(inaudible) hear me?

（聽不清）聽到我了嗎？

Sorry, did you guys not get my question?

抱歉，你們沒聽懂我的問題嗎？

Yes, sorry, I'm answering it. Can you hear me?

是的，對不起，我正在回答。你能聽到我嗎？

Okay. I can hear you now. Sorry, I couldn't hear you before.

好的。我現在能聽到你了。抱歉，我之前聽不到你的聲音。

Okay. No problem. I was saying that the stack on the 2 compares. Actually, West Elm stack is a little greater than the Pottery Barn stack. That being said, Pottery Barn has a wider range of products than West Elm does, and they had a very, very successful seasonal assortment. So that was one area of variation. But also, there are some nuances in the psychographic and demographic of the West Elm customer. And we keep looking at all of this customer data to understand it because any change creates opportunity for us. And we keep looking at how do we better position ourselves for this inflection point where consumers are more uncertain.

好的。沒問題。我是說 2 上的堆棧比較。實際上，West Elm 堆棧比 Pottery Barn 堆棧大一點。也就是說，Pottery Barn 的產品範圍比 West Elm 的產品範圍更廣，而且他們的季節性產品種類非常非常成功。所以這是一個變化的領域。而且，West Elm 客戶的心理和人口統計也存在一些細微差別。我們一直在查看所有這些客戶數據以了解它，因為任何變化都會為我們創造機會。我們一直在研究如何更好地為自己定位，以應對消費者更加不確定的這個轉折點。

And there's not a lot of great things to hang on to in terms of the demos themselves other than income. The income levels of the consumers seem to really matter in terms of what they're buying. And then also, of course, the new mover section of our business is very different than it was a year ago, of course, when housing was much more robust. And so that has an outsized impact. As we look at the future, the same fundamentals exist as have existed for the opportunity for West Elm.

除了收入之外，就演示本身而言，沒有太多值得堅持的好東西。消費者的收入水平似乎對他們購買的商品非常重要。然後，當然，我們業務的新推動者部分與一年前大不相同，當然，當時住房市場更加強勁。因此，這產生了巨大的影響。當我們展望未來時，存在與 West Elm 機遇相同的基本面。

And we're very excited about our new leader who is coming, who I mentioned in my prepared remarks, her experience and her strong leadership. And we also know that we've seen cycles before where you get some retraction and you come out stronger on the other side. And the design value equation that West Elm has is really hard to compete with anywhere else, that coupled with their omni experience in store and the very fresh and exciting stores.

我們對即將到來的新領導人感到非常興奮，我在準備好的發言中提到了她，她的經驗和強大的領導能力。而且我們也知道，我們之前已經看到過一些週期，在這種週期中，您會有所回縮，而另一方面您會變得更強大。 West Elm 擁有的設計價值方程式真的很難與其他任何地方競爭，再加上他們在店內的全方位體驗以及非常新鮮和令人興奮的商店。

And the reality is we've got our head down. We're working on our initiatives, and we're also working on making sure that we're positioning our marketing to be as relevant now as it was in the pandemic. And things have shifted. I just think it's important that we remember that at this time last year, we were not dealing with the high interest rates, we were not seeing the wave of layoffs and we didn't have the events of last week, which are now weighing heavily on the customer.

而現實是我們已經低下了頭。我們正在製定我們的計劃，我們也在努力確保我們將我們的營銷定位為與大流行期間一樣相關。事情發生了變化。我只是認為重要的是我們要記住，去年的這個時候，我們沒有應對高利率，沒有看到裁員浪潮，也沒有發生上週的事件，這些事件現在正在承受沉重的壓力在客戶身上。

And even though there are, Anthony, there's many negatives out there, honestly, this creates opportunity. It creates opportunity for West Elm and all of our brands; opportunity to reduce cost, be more efficient and leapfrog our peers on service. It also gives us the opportunity to take market share as weaker peers struggle. And as I said, our opportunity to come out stronger than anyone else and drive profitable growth.

即使有，安東尼，也有很多負面因素，老實說，這創造了機會。它為 West Elm 和我們所有的品牌創造了機會；降低成本、提高效率並在服務方面超越同行的機會。這也讓我們有機會在較弱的同行掙扎時奪取市場份額。正如我所說，我們有機會比任何人都更強大並推動盈利增長。

Got it. Very helpful. And then just one real quick follow-up. B2B sales continue to grow like a weed. Would love just your thoughts in terms of expectation for B2B sales growth in 2023?

知道了。很有幫助。然後只是一個真正的快速跟進。 B2B 銷售繼續像野草一樣增長。想知道您對 2023 年 B2B 銷售增長的預期嗎？

Good morning, Anthony. B2B is one of our most exciting growth initiatives, as you know, and we finished this year just shy of $1 billion, growing 27% in the 1 year and 166% on a 2-year. In terms of where we see next year, it should continue to be accretive to our comps, probably in the neighborhood of about 100 basis points to our comps in '23. There's some really exciting things going on in B2B.

早上好，安東尼。如您所知，B2B 是我們最令人興奮的增長計劃之一，我們今年完成了將近 10 億美元，第一年增長 27%，第二年增長 166%。就我們明年所看到的情況而言，它應該會繼續增加我們的收入，可能在我們 23 年的收入大約 100 個基點附近。 B2B 領域正在發生一些非常令人興奮的事情。

And as you know, we're not always at liberty to talk about our clients. But in Q4, we saw some notable wins we can talk about. In office space, we outfitted Carl's Jr.'s corporate office. And unfortunately, there was no free food, that was not part of the deal. We also outfitted Google's midpoint office. In stadium space, we furnished the Golden Guardians' esports facility in Los Angeles. And in the hotel space, we saw a large number of hotel projects complete with Marriott SpringHill.

如您所知，我們並不總是可以隨意談論我們的客戶。但在第四季度，我們看到了一些可以談論的顯著勝利。在辦公空間，我們為 Carl's Jr. 的公司辦公室配備了設備。不幸的是，沒有免費食物，這不是交易的一部分。我們還裝備了谷歌的中點辦公室。在體育場空間，我們為 Golden Guardians 在洛杉磯的電子競技設施提供了家具。而在酒店空間，我們看到了大量與萬豪SpringHill配套的酒店項目。

Now one thing to remember with B2B is there's 2 customer groups, trade and contract. While trade is more volume, contract is a source of growth. Trade maybe more sense of the B2C trends, but contract continues to drive the growth in B2B. We're not seeing a slowdown in the commercial side as there's a backlog of projects coming out of the pandemic, and we have a steady pipeline of RFPs we've gone out of. In fact, Q4 was the largest quarter of contract to date. The key point here is B2B continues to be a winning strategy for us, and we continue to capture market share in the $80 billion fragmented B2B market. It leverages our portfolio of brands, in-house design and global sourcing capabilities and our digital first but not digital-only strategy means that we can service the B2B customer in multiple ways.

現在對於 B2B 要記住的一件事是有 2 個客戶組，貿易和合同。雖然貿易量更大，但合同是增長的源泉。貿易可能更能體現 B2C 趨勢，但合同繼續推動 B2B 的增長。我們沒有看到商業方面的放緩，因為大流行導致項目積壓，而且我們有穩定的 RFP 管道，我們已經退出了。事實上，第四季度是迄今為止最大的合同季度。這裡的關鍵點是 B2B 仍然是我們的製勝戰略，我們繼續在價值 800 億美元的零散 B2B 市場中奪取市場份額。它利用我們的品牌組合、內部設計和全球採購能力，以及我們的數字優先但非數字唯一戰略意味著我們可以通過多種方式為 B2B 客戶提供服務。

Your next question comes from the line of Maks Rakhlenko with TD Cowen.

你的下一個問題來自 Maks Rakhlenko 與 TD Cowen 的合作。

So first, can you walk us through the scenarios and market dynamics that get you to both the low end versus the high end of both the comps as well as EBIT margin guidance for '23? And how should we think about the strong comp guide versus demand running down mid-singles in 4Q, including softer January?

因此，首先，您能否向我們介紹一下情景和市場動態，讓您同時了解 comp 的低端和高端以及 23 年的 EBIT 利潤率指導？我們應該如何看待強勁的 comp 指南與第四季度中期單打的需求下降，包括 1 月份的疲軟？

Maks, well, here's what we're seeing as we anticipate continued choppiness in demand and ongoing macroeconomic uncertainty. Certainly, the events of the past week don't help. And all of this is reflected in our guidance, which contemplates a wide range of outcomes. As we said in our prepared remarks, the first half of the year will be materially tougher. On the top line, our year-over-year demand comps and last year's high back order fill, coupled with the declining macro, is likely going to yield negative comps, as we will see our toughest headwinds on the top line. And we'll also see headwinds on the bottom line as we continue to see gross margin pressure as we did in Q4 from the higher input costs, we've all talked about sitting on our balance sheet and as they amortize in our P&L as well as our ongoing incremental shipping costs to service our customer.

Maks，好吧，這就是我們所看到的，因為我們預計需求將持續動盪，宏觀經濟不確定性持續存在。當然，過去一周發生的事件無濟於事。所有這些都反映在我們的指南中，該指南考慮了廣泛的結果。正如我們在準備好的發言中所說，今年上半年將更加艱難。最重要的是，我們的同比需求補償和去年的高訂單履行，再加上宏觀經濟的下滑，很可能會產生負補償，因為我們將看到我們最艱難的逆風。而且我們還將看到底線的逆風，因為我們繼續看到毛利率壓力，就像我們在第四季度所做的那樣，由於更高的投入成本，我們都談到坐在我們的資產負債表上，因為它們也在我們的損益表中攤銷作為我們為客戶服務的持續增量運輸成本。

But here's the back half is a different story. Our top line year-over-year demand comparisons get easier, especially as we started to see demand decelerate after Labor Day last year. And as we've mentioned before, our gross margin headwinds become tailwinds in the back half. So here's the key point I'd like to make. We're uniquely positioned to take market share in any environment. Our key differentiators and growth initiatives position to take -- positions us to take market share in any environment. And our fortress balance sheet enables us to withstand pressures that many of our competitors will not.

但這裡的後半部分是一個不同的故事。我們的收入同比需求比較變得更容易，特別是當我們開始看到去年勞動節後需求減速時。正如我們之前提到的，我們的毛利率逆風在後半部分變成了順風。所以這是我想說的關鍵點。我們具有獨特的優勢，可以在任何環境中佔據市場份額。我們的主要差異化因素和增長計劃定位——定位我們在任何環境中佔據市場份額。我們的堡壘資產負債表使我們能夠承受許多競爭對手無法承受的壓力。

Got it. That's very helpful. And then -- so both your 2023 as well as your long-term EBIT margin outlooks lock in a significant step-up from 2019 levels. Can you walk us through the factors that give you confidence that this is achievable as well as the embedded expectations of meaningfully lower promotions?

知道了。這很有幫助。然後——因此，您的 2023 年和長期息稅前利潤率前景都比 2019 年水平有了顯著提高。您能否向我們介紹一下讓您相信這是可以實現的因素以及對大幅降低促銷的內在期望？

Sure. Look, we've expanded our op margin by almost 900 basis points since 2019 as a result of our growth initiatives, our channel strategy and our cost discipline. In the near term, as we've guided and I just talked about, we have some short-term cost pressures that will be a headwind through the first half of '23, but then become a significant tailwind in the back half of '23 and into '24 that gives us confidence in the sustainability of our margins.

當然。看，自 2019 年以來，由於我們的增長計劃、渠道戰略和成本紀律，我們的營業利潤率提高了近 900 個基點。在短期內，正如我們所指導的和我剛剛談到的，我們有一些短期成本壓力，這將成為 23 年上半年的逆風，但隨後在 23 年下半年成為重要的順風進入 24 世紀，這讓我們對利潤的可持續性充滿信心。

As we look beyond '23 and the current macroeconomic uncertainty, we remain confident in the long-term fundamentals of our business. Our growth algorithm will continue to drive mid- to high single-digit top line growth, which -- with operating margins exceeding a floor of 15%. We see 6 key drivers underpinning this 15% operating margin floor. First is our supply chain efficiency. But again I have been talking to, our first half headwinds will become tailwinds that will sustain our gross margin over the long term.

當我們展望 23 年後和當前的宏觀經濟不確定性時，我們對我們業務的長期基本面仍然充滿信心。我們的增長算法將繼續推動中高個位數的收入增長，營業利潤率超過 15%。我們看到 6 個關鍵驅動因素支撐著這個 15% 的營業利潤率底線。首先是我們的供應鏈效率。但我再次說過，我們上半年的逆風將成為順風，這將長期維持我們的毛利率。

Second is our ad cost optimization. Our in-house model with first-party data and our own hands on the keyboard allows us to continue to optimize ad spend. Second is our -- third is our pricing power. Our in-house design, proprietary products, demand a higher price point in the market and enable us to forgo site-wide promotions. And I'll mention that we remain committed foregoing site-wide promotions as an ongoing basis.

其次是我們的廣告成本優化。我們使用第一方數據的內部模型和我們自己動手操作的鍵盤使我們能夠繼續優化廣告支出。第二是我們——第三是我們的定價能力。我們的內部設計、專有產品在市場上要求更高的價格點，使我們能夠放棄網站範圍內的促銷活動。我要提到的是，我們仍然致力於將網站範圍內的促銷活動作為持續的基礎。

Fourth, our cost and inventory reductions. Our results speak to our financial discipline and cost controls. Next is our e-commerce sales mix where we continue to drive growth in the higher contribution channel of the e-commerce. And finally is our retail optimization strategy, which we've spoken to, where we're targeting fewer and more profitable stores. The key point here is our operating margin is sustainable at 15% and could even go higher with more leverage from higher revenues.

第四，我們的成本和庫存減少。我們的結果說明了我們的財務紀律和成本控制。接下來是我們的電子商務銷售組合，我們將繼續推動電子商務更高貢獻渠道的增長。最後是我們的零售優化策略，我們已經談過，我們的目標是更少但利潤更高的商店。這裡的關鍵點是我們的營業利潤率可持續保持在 15%，甚至可以隨著更高收入的槓桿作用而更高。

Your next question comes from the line of Oliver Wintermantel with Evercore.

你的下一個問題來自 Evercore 的 Oliver Wintermantel 系列。

You mentioned the soft January, but now we are already 1.5 months into the first quarter. So you pretty good outlook for the quarter. How did the first quarter performed so far? You said it's -- the first half is meaningfully lower than the second half, but maybe some details on how the quarter started would be helpful?

你提到了疲軟的一月，但現在我們已經進入第一季度 1.5 個月了。所以你對本季度的前景相當不錯。到目前為止，第一季度的表現如何？你說的是 - 上半年明顯低於下半年，但也許有關本季度如何開始的一些細節會有所幫助？

Oli, so our recent performance continues to be choppy and inconsistent much like it was in Q4, and the macro environment is not helping, especially with the events in the past week. All of this is reflected in our guidance, which contemplates a wide range of outcomes. Here's the thing we know. Our 3 key differentiators uniquely position us to capitalize on opportunities to take market share in any environment. So for us, it's not so much about the macro. It's about what we can do to take market share and drive profitable growth in our business.

奧利，所以我們最近的表現繼續像第四季度那樣起伏不定，宏觀環境也沒有幫助，尤其是過去一周發生的事件。所有這些都反映在我們的指南中，該指南考慮了廣泛的結果。這是我們所知道的。我們的 3 個關鍵差異化因素使我們能夠在任何環境中利用機會佔據市場份額。所以對我們來說，這與宏觀無關。這是關於我們可以做些什麼來佔據市場份額並推動我們業務的盈利增長。

Got it. And as a follow-up, you've done a really good job in the cost-cutting areas. How sustainable is that longer term? And what comp would you have to achieve to leverage SG&A?

知道了。作為後續行動，您在削減成本方面做得非常好。從長遠來看，它的可持續性如何？您必須實現什麼補償才能利用 SG&A？

Thank you. Yes, we've been very successful in managing our SG&A. I think it speaks to our operating model and our commitment to financial discipline and cost controls. We believe we can sustain our SG&A and continue to perform and manage those costs effectively. And our leverage comes from a mix of employment and ad costs. The majority of our employment is in our stores, distribution centers and call centers. So we have the ability to flex the sales. And our advertising leverage reflects the agile performance-driven proficiency of our in-house capabilities. which, again, as I mentioned in my prepared remarks, I think is an underappreciated competitive advantage.

謝謝。是的，我們在管理 SG&A 方面非常成功。我認為這說明了我們的運營模式以及我們對財務紀律和成本控制的承諾。我們相信我們可以維持我們的 SG&A 並繼續有效地執行和管理這些成本。我們的槓桿來自就業和廣告成本的組合。我們的大部分員工都在我們的商店、配送中心和呼叫中心工作。所以我們有能力靈活銷售。我們的廣告影響力反映了我們內部能力的敏捷績效驅動的熟練程度。同樣，正如我在準備好的發言中提到的，我認為這是一種未被充分認識的競爭優勢。

So our SG&A leverage shows the flexibility of our operating model, our commitment to financial discipline, and our ability to control costs in any environment, which we're confident we can continue to do so in the future.

因此，我們的 SG&A 槓桿顯示了我們運營模式的靈活性、我們對財務紀律的承諾以及我們在任何環境中控製成本的能力，我們有信心在未來繼續這樣做。

Let me just add to that. We've been here for a while, Jeff and I, and through the pandemic and also the 2008 recession and with many levers we can pull, as he said, we certainly don't want to be in this situation, but we're one of the best positioned companies to weather any storm and come out stronger, and we've proven this time and time again.

讓我補充一點。傑夫和我，我們在這裡已經有一段時間了，經歷了大流行病和 2008 年的經濟衰退，我們可以利用許多槓桿，正如他所說，我們當然不希望處於這種情況，但我們最能經受住任何風暴並變得更強大的公司之一，我們已經一次又一次地證明了這一點。

First and foremost, we have a tenured management team who's been through it before. They know how to navigate this better than most. You know about our strong balance sheet that puts us in a much better situation than most. And then we are not waiting to see a full-blown recession. We are cost-cutting aggressively as we speak and pulling the levers that we have to set us up for more efficient operations, which, by the way, drives better service.

首先也是最重要的是，我們有一個經驗豐富的管理團隊，他們以前經歷過這種情況。他們比大多數人都知道如何駕馭這一切。你知道我們強大的資產負債表使我們處於比大多數人更好的情況。然後我們就不會等著看一場全面的衰退。正如我們所說的那樣，我們正在積極削減成本，並拉動我們必須設置的槓桿以實現更高效的運營，順便說一下，這會推動更好的服務。

So as Jeff mentioned, our supply chain costs have been under tremendous pressure and will continue to be because of the higher inbound and transportation costs of last year. And we do continue to incur additional costs resulting from servicing our customers, but these costs will come down, and they will serve as large tailwinds. Our service has improved. We've normalized service. We've normalized back orders, but it is not where we want it to be. Our standard is much higher. It's a level we've never seen before.

因此，正如 Jeff 提到的那樣，我們的供應鏈成本一直承受著巨大的壓力，並將繼續因為去年的入境和運輸成本較高。我們確實繼續因服務客戶而產生額外成本，但這些成本將會下降，它們將成為巨大的順風。我們的服務有所改善。我們已經規範化服務。我們已經規範了延期交貨，但這不是我們想要的。我們的標準要高得多。這是我們從未見過的水平。

And we've been investing in our supply chain so we can reach that level, and that will yield a lot of improvements in margin for us. Also, remember, inflation affects vendor costs. And we have been seeing higher costs across the board from our vendors and suppliers from higher raw material costs, higher labor costs, higher fuel. But the reality is it's changing. And we are starting to mitigate these expenses and seeing the costs come down from our vendors. And then also, we mentioned our channels and how -- what our competitive advantages is. I mean you see people with large e-commerce businesses, but now stores. You see people who have enormous stores, but they really don't invest much in e-commerce. And we know that the multichannel shopper shops more and it's the experience they're looking for us, they can research online and go sit in the sofa in the store.

我們一直在投資我們的供應鏈，以便我們能夠達到那個水平，這將為我們帶來很多利潤改善。另外，請記住，通貨膨脹會影響供應商成本。由於原材料成本上升、勞動力成本上升、燃料成本上升，我們的供應商和供應商的成本全面上升。但現實是它正在改變。我們開始減少這些費用，並看到我們的供應商降低了成本。然後，我們還提到了我們的渠道以及我們的競爭優勢是什麼。我的意思是你看到有人擁有大型電子商務業務，但現在是商店。你會看到那些擁有巨大商店的人，但他們實際上並沒有在電子商務上投入太多。我們知道多渠道購物者購物更多，這就是他們正在尋找我們的體驗，他們可以在線研究並坐在商店的沙發上。

And as I said earlier, we're expanding what we do in these stores and using them differently. And this is a big advantage for us. We're actually able to better turn our inventory because we can ship it from the store and people can pick it up in store. And we've also been, as we said, looking at our ad costs and looking at how we can ramp down with immediacy. And we're able to do this because, as Jeff said, we have first-party data, we have hands on keyboards, and we are constantly investing in tech that helps us improve our ad costs.

正如我之前所說，我們正在擴展我們在這些商店中所做的事情，並以不同的方式使用它們。這對我們來說是一個很大的優勢。我們實際上能夠更好地周轉庫存，因為我們可以從商店發貨，人們可以在商店取貨。正如我們所說，我們也一直在研究我們的廣告成本，並研究我們如何能夠立即降低成本。我們之所以能夠做到這一點，是因為正如 Jeff 所說，我們擁有第一方數據，我們掌握了鍵盤，並且我們不斷投資於有助於我們降低廣告成本的技術。

On labor, it's important to note that we, unlike others, have been extremely cautious on backfilling positions when people leave. We did this in Q3 and Q4, and that has positioned us well in regard to labor cuts. However, we have restructured and rationalized some of our organizations to drive more efficiency because of the uncertain macro environment. And we know that this gives us a little head space as we go through the year and see -- if we see continued choppiness through the first half.

在勞動力方面，重要的是要注意，我們與其他人不同，在人們離開時對回補職位非常謹慎。我們在第三季度和第四季度這樣做了，這使我們在裁員方面處於有利地位。然而，由於不確定的宏觀環境，我們對我們的一些組織進行了重組和合理化，以提高效率。而且我們知道，這給了我們一點空間，因為我們在這一年中看到 - 如果我們看到上半年持續波動。

Your next question is from the line of Cristina Fernández with the Tesley Advisory Group.

你的下一個問題來自 Tesley Advisory Group 的 Cristina Fernández。

I had a question on demand. I wanted to see if you could provide some color on what -- I guess, what is the consumer responding to what is doing better and what is worse? And I was particularly interested in categories like furniture which is just the core. I know furniture has been very strong over the past couple of years, but how does that typically perform in an environment of lower existing home sales and home price depreciation?

我有一個按需提問。我想看看你是否可以提供一些顏色——我猜，消費者對什麼做得更好，什麼做得更差有什麼反應？我對像家具這樣的核心類別特別感興趣。我知道家具在過去幾年一直非常強勁，但在現房銷售和房價貶值的環境下，這通常表現如何？

Sure. It's so early in the year to make any conclusions, and high ticket is very mixed from espresso machines to high end selling really well and then some softness in furniture. So I don't want to go too far into reading into this for the year because we see these things move around all the time. I mean the good news is that with our portfolio of brands that serve both life stage and price points and aesthetics and scale, we have more durability than others who may not have that exciting Easter assortment that brings people into their stores or a baby assortment on gear.

當然。現在下結論還為時過早，從濃縮咖啡機到高端銷售非常好，家具的價格也有些低迷。所以我不想過多地解讀這一年，因為我們看到這些事情一直在變化。我的意思是，好消息是，我們的品牌組合服務於生命階段和價格點以及美學和規模，我們比其他人更耐用，他們可能沒有令人興奮的複活節分類，吸引人們進入他們的商店或嬰兒分類齒輪。

The trends on registry continue to be very strong. And as I said, seasonal -- people are still going to celebrate the holidays and they're still going to give gifts. And I think there's really not a lot of people set up better from a gift-giving perspective than Williams-Sonoma brands. On the -- I know housing's top of mind for all of us and especially the people on this call know that home sales have decreased 37%, but home values have increased 40%.

註冊表的趨勢繼續非常強勁。正如我所說，季節性的——人們仍然會慶祝節日，他們仍然會送禮物。而且我認為，從送禮的角度來看，沒有多少人比 Williams-Sonoma 品牌做得更好。關於——我知道住房是我們所有人最關心的問題，尤其是參加這次電話會議的人都知道，房屋銷售量下降了 37%，但房屋價值卻上漲了 40%。

And for most of our customers, home is their greatest asset. People love their homes. They learned how to cook in the pandemic. And now as they continue to cut back spending elsewhere, they realize that going out to dinner is really expensive. So the dinner party is back in full force, and it's an area that we're really focusing on. The other dynamic just to remind everybody is, if you can't move, what do you do? Eventually, you remodel.

對於我們的大多數客戶來說，家是他們最大的資產。人們熱愛自己的家園。他們學會瞭如何在大流行中做飯。現在，隨著他們繼續削減其他地方的開支，他們意識到外出就餐真的很貴。所以晚宴又恢復了原樣，這是我們真正關注的領域。另一個提醒大家的動態是，如果你不能移動，你會做什麼？最終，你改造。

When you remodel, you buy new furniture. So those are some of the things that we are able to because of our portfolio of brands, think about market to and build as we look at what we think is another inflection point with our consumer.

裝修時，您會購買新家具。因此，由於我們的品牌組合，這些是我們能夠做到的一些事情，在我們審視我們認為是我們的消費者的另一個轉折點時考慮市場和構建。

That's helpful. And then the second question I had, more probably for Jeff. But in the 2023 outlook, just thinking about the gross margin versus SG&A how to get to the decline for the year. It looks like you're controlling costs. So should we expect most of the decline to be due to the gross margin and those headwinds you mentioned in the first half? Or would it be a combination of deleveraging both?

這很有幫助。然後我有第二個問題，更可能是傑夫。但在 2023 年的展望中，只需考慮毛利率與 SG&A 相比如何實現全年下降。看起來你在控製成本。那麼我們是否應該預期大部分下降是由於毛利率和你在上半年提到的那些逆風？還是將兩者結合起來去槓桿化？

Thank you, Cristina. I'm glad you brought that up. So we don't guide to specific line items as I think everyone knows. But I will say, as I said in my prepared remarks, our pressure will be on the gross margin line. And especially in the first half, as the capitalized cost of all the higher ocean freight and product cost, detention and demurrage continue to amortize into our P&L. Those will become a tailwind in the back half of '23 and into '24. So that's where we'll see the pressure from a P&L standpoint in '23.

謝謝你，克里斯蒂娜。很高興你提出來。所以我們不會指導具體的行項目，因為我認為每個人都知道。但我會說，正如我在準備好的發言中所說，我們的壓力將在毛利率線上。特別是在上半年，由於所有較高的海運費和產品成本的資本化成本，滯留費和滯期費繼續攤銷到我們的損益表中。這些將成為 23 世紀後半段和 24 世紀的順風。所以這就是我們將在 23 年從 P&L 的角度看到壓力的地方。

From an SG&A standpoint, as we've said, we continue to believe that we -- our financial discipline and cost control will allow us to continue to manage that line effectively. So we're not going to guide the specifics, but I think that will give you a flavor of how we're thinking about it.

正如我們所說，從 SG&A 的角度來看，我們仍然相信我們——我們的財務紀律和成本控制將使我們能夠繼續有效地管理這條線。所以我們不打算指導具體細節，但我認為這會讓你了解我們是如何考慮它的。

Your next question comes from the line of Marni Shapiro with Retail Tracker.

您的下一個問題來自 Marni Shapiro 的 Retail Tracker 系列。

Hello, Marni, good morning.

你好，瑪妮，早上好。

I'm here. Hello? Hello? Hello?

我在這。你好？你好？你好？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Okay. I don't know why it's not connecting nicely, but congrats on actually making it through what's been a very tough environment for you guys. Laura, I just wanted to focus a little bit big picture and step away from the housing market interest rates and banks for the moment. You've had some really good collaborations, most recently LoveShackFancy.

好的。我不知道為什麼它沒有很好地連接，但祝賀你們真正度過了一個對你們來說非常艱難的環境。勞拉，我只是想關註一點大局，暫時遠離房地產市場利率和銀行。你們有過一些非常好的合作，最近一次是 LoveShackFancy。

Could you talk a little bit, I guess, bigger picture about these collaborations? Are they bringing in new customers? Are they driving traffic to the stores? And then I wanted to follow up on a comment you said about stores that you're one of the few that actually people could come in and sit down on couches and I witness this on a regular basis.

我想你能談談這些合作的大局嗎？他們在引進新客戶嗎？他們是在為商店增加客流量嗎？然後我想跟進你所說的關於商店的評論，你是少數幾個實際上人們可以進來坐在沙發上的人之一，我經常看到這一點。

So can you talk a little bit about what you're thinking about the stores going forward, I guess, more in the sense of servicing these stores? It seems to me from spending a lot of time on new stores that people come in kind of prepared to buy as opposed to browsing, they've done their work online and they just want to now sit in the couch or touch the sheets or see how that kitchen -- the dining chair feels. So how has that changed kind of the staffing and how you approach sales and the store model?

那麼你能談談你對商店未來的看法嗎，我想，更多的是在為這些商店提供服務的意義上？在我看來，人們花大量時間在新商店上是為了購買而不是瀏覽，他們已經在網上完成了工作，現在只想坐在沙發上或觸摸床單或看看那個廚房——餐椅感覺如何。那麼，這如何改變了人員配置以及您處理銷售和商店模式的方式？

Thank you, Marni. So let's begin with collaboration. It's interesting. As much as we have our own in-house design team, we know that there are so many incredible designers out in the world doing adjacent things, sometimes in different categories. And our Kids -- our Children's business actually taught us the importance of collaborations as we recognize that children love Star Wars and Harry Potter and all those things and to not give them that when they're young seems like a little miss. So we had for years been working on all of those kids collaborations and then started to bring in other collaborations in our adult brands.

謝謝你，瑪妮。因此，讓我們從合作開始。這真有趣。儘管我們擁有自己的內部設計團隊，但我們知道世界上有那麼多令人難以置信的設計師在做相鄰的事情，有時在不同的類別中。而我們的孩子——我們的兒童業務實際上教會了我們合作的重要性，因為我們認識到孩子們喜歡星球大戰和哈利波特以及所有這些東西，並且在他們年輕的時候不給他們似乎有點想念。所以我們多年來一直致力於所有這些兒童合作，然後開始在我們的成人品牌中引入其他合作。

And we've seen success, things that are sort of historic designs like William Morris has been phenomenal for us and then turning to a trending design group, LoveShackFancy, that is the hottest thing for young women now and bringing that to betting for children has been better than we even expected. And we thought it would be good, and it really is dynamite.

我們已經看到了成功，像 William Morris 這樣的具有歷史意義的設計對我們來說是非凡的，然後轉向趨勢設計團隊 LoveShackFancy，這是現在年輕女性最熱門的東西，並將其用於兒童博彩比我們預期的要好。我們認為它會很好，它真的是炸藥。

Chef collaborations are another category that you don't want to forget about how important the Chef community is to us and it's mutually symbiotic. And we are not -- we work with Chef to not just have them talk about our products but also to develop products because oftentimes who knows better than what the best pan would be than a chef. And you've seen all these chefs that have come in, and we've done exclusive collaborations with -- in our brands. So this does have the impact of driving sales, but also bringing new customers in because sometimes these collaborators have a very different set of consumers that don't know our brands.

Chef 協作是另一個您不想忘記的類別，因為 Chef 社區對我們來說非常重要，而且它是相互共生的。而我們不是 - 我們與廚師合作，不僅讓他們談論我們的產品，而且還開發產品，因為通常誰比廚師更了解最好的平底鍋。你已經看到了所有這些進來的廚師，我們已經與我們的品牌進行了獨家合作。所以這確實對推動銷售產生了影響，但也帶來了新客戶，因為有時這些合作者的消費者群體非常不同，他們不了解我們的品牌。

And so that helps us bring in new people and these people are very, very loyal to these collaborators. Julia B in Pottery Barn is a really good example of that. So we're going to continue to feed that pipeline. We have some very exciting competitive confidential ones coming up this year. That's great.

因此，這有助於我們引進新人，這些人對這些合作者非常、非常忠誠。 Pottery Barn 中的 Julia B 就是一個很好的例子。所以我們將繼續為這條管道提供動力。今年我們將推出一些非常令人興奮的競爭機密。那太棒了。

And then in terms of storage, we operate world-class retail business. And as I said earlier, our stores, they're not flagships. They're billboards for our brand and they're profit centers, and they're beautifully designed and curated with aspirational assortments. And we believe -- we continue to believe that these serve as competitive advantages. This is possible because we invest in them. We keep them relevant and attractive with fresh new store formats, but we do it through testing.

然後在存儲方面，我們經營世界級的零售業務。正如我之前所說，我們的商店不是旗艦店。它們是我們品牌的廣告牌，它們是利潤中心，它們設計精美，精選各種令人嚮往的商品。我們相信 - 我們仍然相信這些可以作為競爭優勢。這是可能的，因為我們投資於它們。我們通過全新的商店形式保持它們的相關性和吸引力，但我們通過測試來做到這一點。

We don't just change everything at once. You might have seen a couple of years back, we put together a new Williams-Sonoma. And we tested it right in our backyard here in Corte Madera, and we were thrilled with it. And that format is really outperforming. And so as things come up for renewal, we are carefully making the investment to freshen up those stores. And it doesn't -- it means that we're able to do more in the same or less space.

我們不只是一次改變一切。你可能已經看到幾年前，我們組裝了一個新的威廉姆斯 - 索諾瑪。我們在 Corte Madera 的後院對它進行了測試，我們對它感到非常興奮。而且這種格式確實表現出色。因此，當出現需要更新的情況時，我們正在謹慎地進行投資以更新這些商店。而事實並非如此——這意味著我們能夠在相同或更小的空間內做更多的事情。

And so you're right that people come in prepared to buy. We're destinations. We like to have parking because we want to make it comfortable. But when you come in and you prepare it to buy, you also might come in and be inspired to buy something you don't need. And that is why we think that our mix of furniture, but also decorative accessories and dinnerware and tabletop and all those other things that we sell in Williams-Sonoma food create more visits to stores than some of the traditional home furnishings and furniture-based retailers.

所以你是對的，人們進來準備購買。我們是目的地。我們喜歡停車，因為我們想讓它舒適。但是當你進來準備購買時，你也可能會進來並受到啟發去買一些你不需要的東西。這就是為什麼我們認為我們在 Williams-Sonoma 食品中銷售的家具、裝飾配件、餐具和桌面以及所有其他東西的組合比一些傳統的家居擺設和家具零售商創造了更多的商店訪問量.

That's very helpful. And can I follow up also just on the B2B because you guys have seen really extraordinary growth. And I think you mentioned that there's still a backlog due to COVID, people are rethinking, I guess, the way their offices are just -- some of them are downsizing and moving, which necessitates the same renovation. Do you -- are you growing this team? Or are you still able to keep it really kind of small and nimble at this point?

這很有幫助。我也可以跟進 B2B，因為你們已經看到了非常非凡的增長。我想你提到過由於 COVID 仍然存在積壓，我猜人們正在重新考慮他們辦公室的方式——其中一些正在縮小和搬遷，這需要進行同樣的翻新。你——你在培養這個團隊嗎？還是在這一點上你仍然能夠保持它真正的小而靈活？

Fortunately, what B2B does is it leverages all of the resources we have as a company, our in-house design team, our global sourcing organization, our supply chain team as well as our merchandising and inventory team. So we're able to keep this team pretty tight. There is a dedicated team that works with the contract space and customer service to make sure the larger orders are taken care of.

幸運的是，B2B 所做的是利用我們公司擁有的所有資源、我們的內部設計團隊、我們的全球採購組織、我們的供應鏈團隊以及我們的銷售和庫存團隊。所以我們能夠讓這個團隊保持緊密。有一個專門的團隊與合同空間和客戶服務合作，以確保處理更大的訂單。

But overall, we're able to really leverage our existing resources without much incremental investment to drive the B2B business. It's really more about what we have as our advantages in terms of our portfolio of brands, our in-house design, our global sourcing organic capability and then our digital first but not digital-only channel strategy means we can service the customer in multiple ways.

但總的來說，我們能夠真正利用我們現有的資源，而無需太多增量投資來推動 B2B 業務。這實際上更多地是關於我們在品牌組合、內部設計、全球採購有機能力以及數字優先而非純數字渠道戰略方面的優勢，這意味著我們可以通過多種方式為客戶提供服務.

So for us, it continues to be a winning strategy, and we continue to capture market share in a fragmented marketplace.

所以對我們來說，這仍然是一個成功的戰略，我們繼續在一個分散的市場中奪取市場份額。

At this time, I would like to turn the call back over to the company for closing remarks.

此時，我想將電話轉回公司進行結束語。

Yes. Thank you all for joining us and look forward to talking to you next time. Goodbye.

是的。感謝大家加入我們，期待下次與您交談。再見。

Ladies and gentlemen, thank you for participating. This concludes today's conference call. You may now disconnect.

女士們，先生們，感謝你們的參與。今天的電話會議到此結束。您現在可以斷開連接。