Williams-Sonoma Inc (WSM) 2024 Q1 法說會逐字稿

Welcome to the Williams-Sonoma, Inc. First Quarter Fiscal 2024 Earnings Conference Call. (Operator Instructions)

歡迎參加 Williams-Sonoma, Inc. 2024 財年第一季財報電話會議。 （操作員說明）

I would now like to turn the call over to Jeremy Brooks, Chief Accounting Officer and Head of Investor Relations. Please go ahead.

我現在想將電話轉給首席會計官兼投資者關係主管傑里米·布魯克斯 (Jeremy Brooks)。請繼續。

Good morning, and thank you for joining our first quarter earnings call. Before we get started, 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 our updated guidance for fiscal '24 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. 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.

早安，感謝您參加我們的第一季財報電話會議。在我們開始之前，我想提醒您，在這次電話會議中，我們將就未來事件和財務業績做出前瞻性陳述，包括我們對 24 財年的最新指導和我們的長期前景。我們相信這些陳述反映了我們的最佳估計。然而，我們不能保證這些陳述一定會實現，實際結果可能與我們的預期有很大差異。該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。

Additionally, for the first quarter of last year, 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. A detailed 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.

此外，對於去年第一季，我們將參考某些非公認會計準則財務指標。這些措施不應被視為替代我們的 GAAP 結果，而應與我們的 GAAP 結果一起閱讀。非 GAAP 指標與最直接可比較的 GAAP 指標的詳細調整表請見我們今天早上早些時候發布的新聞稿的附件 1。

Also, for the first quarter of this year, we will refer to our GAAP results, both with and without the benefit of an out-of-period adjustment that we recorded during the first quarter. We believe providing these disclosures is useful to understanding our quarterly financial results. Jeff will share the details of this adjustment later in his prepared remarks. This call should also be considered in conjunction with our filings with the SEC. And finally, a replay of this call will be available on our Investor Relations website.

此外，對於今年第一季度，我們將參考我們的 GAAP 結果，無論是否考慮我們在第一季記錄的期外調整。我們相信提供這些揭露有助於了解我們的季度財務表現。傑夫稍後將在他準備好的演講中分享這項調整的細節。這項呼籲也應與我們向 SEC 提交的文件結合起來考慮。最後，我們的投資者關係網站將提供本次電話會議的重播。

Now I'd like to turn the call over to Laura Alber, our President and Chief Executive Officer.

現在我想將電話轉給我們的總裁兼執行長勞拉·阿爾伯 (Laura Alber)。

Thank you, Jeremy. Good morning, everyone. Thank you for joining the call. Before we review our Q1 results, I want to take a moment to thank all of our teams around the globe for their consistent contributions to our company. We could not continue to produce strong earnings without their cross-functional collaboration and dedication.

謝謝你，傑瑞米。大家，早安。感謝您加入通話。在我們回顧第一季的業績之前，我想花點時間感謝我們全球所有團隊對我們公司的持續貢獻。如果沒有他們的跨職能協作和奉獻精神，我們就無法繼續創造強勁的利益。

We are pleased to deliver strong results in the first quarter of 2024, driven by an improving top line trend and continued strength in our profitability. In Q1, our comps came in above expectations at negative 4.9%, and we exceeded profitability estimates with an operating margin of 19.5% and earnings per share of $4.07.

在營收趨勢改善和獲利能力持續增強的推動下，我們很高興在 2024 年第一季取得強勁業績。第一季度，我們的比較結果為負 4.9%，超出預期，營業利益率 19.5%，每股收益 4.07 美元，超出獲利預期。

It is important to note that the results of the first quarter include a benefit of $49 million, resulting from the reversal of freight-related accruals that we determined were not required, which contributed 290 basis points to our operating margin and $0.59 to our EPS. Jeff will walk you through this in more detail, but it is worth noting that even without the impact of this benefit, we significantly exceeded profitability expectations. As a result of our outperformance, we are raising our outlook on operating margin to now be in the range of 17.6% to 18% or 17% to 17.4%, when excluding the impact of the freight accrual reversal.

值得注意的是，第一季的業績包括4,900 萬美元的收益，這是由於我們確定不需要的貨運相關應計費用的沖銷而產生的，這為我們的營業利潤率貢獻了290 個基點，為我們的每股收益貢獻了0.59 美元。傑夫將向您詳細介紹這一點，但值得注意的是，即使沒有這種好處的影響，我們也大大超越了獲利預期。由於我們的優異表現，在排除應計費逆轉的影響時，我們將營業利潤率的預期上調至目前的 17.6% 至 18% 或 17% 至 17.4% 範圍內。

The strong results for the quarter are a result of our focus on our 3 key priorities in 2024: returning to growth; elevating our world-class customer service; and driving margin. I'll start first with returning to growth. We are pleased with the improvement in our top line trends and our market share gains in Q1. We are keenly focused on innovation in our product line across brands. And our unique in-house design capabilities and vertically integrated sourcing organizations allows us to offer this high-quality design innovation at compelling price points.

本季的強勁業績得益於我們專注於 2024 年的 3 個關鍵優先事項：恢復成長；提升我們世界一流的客戶服務；和驅動利潤。我將首先從恢復成長開始。我們對第一季營收趨勢的改善和市場份額的成長感到高興。我們非常注重跨品牌產品線的創新。我們獨特的內部設計能力和垂直整合的採購組織使我們能夠以極具吸引力的價格提供這種高品質的設計創新。

Another key component of our return-to-growth strategy is our marketing capabilities. Our in-house digital marketing optimization backed by our world-class customer analytics and our first-party data collection serves as a competitive advantage for our company. In the quarter, we increased our ad spend and invested in both our paid marketing and our proven social strategy. This investment allowed us to drive sales improvement to acquire new customers and to gain market share.

我們恢復成長策略的另一個關鍵組成部分是我們的行銷能力。我們的內部數位行銷優化以世界一流的客戶分析和第一方資料收集為後盾，為我們公司提供了競爭優勢。在本季度，我們增加了廣告支出，並對付費行銷和經過驗證的社交策略進行了投資。這項投資使我們能夠推動銷售改善，從而獲得新客戶並獲得市場份額。

Additionally, we are continuing to improve our online experience through our investment in our proprietary e-commerce technology. From product discovery and selection to personalization to concept to customer care and to the final mile, our team is constantly thinking about how we can improve our best-in-class e-commerce experience.

此外，我們也透過對專有電子商務技術的投資，持續改善我們的線上體驗。從產品發現和選擇到個人化、概念、客戶服務和最後一英里，我們的團隊不斷思考如何改善我們一流的電子商務體驗。

And one way we do this is through AI. We believe our leadership in AI will be another competitive advantage. And it's important to not forget that as focused as we are on our digital capabilities, we are passionate about our service and our best-in-class retail business. We have improved our in-store experience with inspirational products, improved in-stock inventory levels and next level in-store services. Our teams are the best in retail, and our retail optimization efforts are transforming our fleet to be positioned in the most profitable, inspiring and strategic locations.

我們做到這一點的方法之一是透過人工智慧。我們相信我們在人工智慧領域的領先地位將成為另一個競爭優勢。重要的是不要忘記，儘管我們專注於我們的數位能力，但我們對我們的服務和一流的零售業務充滿熱情。我們透過鼓舞人心的產品、改進的庫存水準和更高水準的店內服務改善了店內體驗。我們的團隊是零售業最優秀的團隊，我們的零售優化工作正在將我們的車隊轉變為位於最有利可圖、最鼓舞人心和最具戰略意義的地點。

Moving to our second and third key priorities in 2024, which are inextricably intertwined. We continue to make progress improving our world-class customer service and driving margins. The customer is at the center of everything we do, and their satisfaction is key to our operating performance.

2024 年我們將轉向第二個和第三個關鍵優先事項，它們是密不可分的。我們持續在改善世界一流的客戶服務和提高利潤方面取得進展。客戶是我們一切工作的中心，他們的滿意度是我們營運績效的關鍵。

We are pleased with our high Net Promoter Scores, both in-store and in home, but we see more opportunity to improve. We know that providing our associates with new tools and training has a direct impact on our customer experience. And we are thrilled to bring back our annual store manager conference in Q2 of this year. This multi-day offsite meeting is an opportunity for all of our store managers to participate in strategic training.

我們對店內和家裡的高淨推薦值感到滿意，但我們看到了更多改進的機會。我們知道，為我們的員工提供新工具和培訓對我們的客戶體驗有直接影響。我們很高興能在今年第二季重新舉辦年度商店經理會議。這次為期多天的異地會議是我們所有門市經理參加策略培訓的機會。

The improvement in customer service also comes from supply chain efficiencies. We are reducing costs by limiting out of market and multiple shipments, fewer customer accommodations, lower returns and damages and reduce replacements. These improvements will continue to contribute meaningfully to our profitability in 2024 and beyond. And our ongoing commitment to not running site-wide promotions and the reduction of our promotional offerings have also improved margins. We are focused on delivering our compelling value equation to our customers, which in turn, maximizes our full price selling.

客戶服務的改善也來自於供應鏈效率。我們透過限制市場外和多次出貨、減少客戶住宿、降低退貨和損壞以及減少更換來降低成本。這些改進將繼續對我們 2024 年及以後的獲利能力做出有意義的貢獻。我們一直致力於不進行全站促銷活動，並減少促銷活動，這也提高了利潤率。我們專注於向客戶提供令人信服的價值方程式，從而最大限度地提高我們的全價銷售。

Now I'd like to update you on the performance of our brands. Pottery Barn ran a negative 10.8% comp in Q1. We continue to see softness in higher ticket furniture sales in Pottery Barn, but we've seen quarter-over-quarter improvement. We're having success in our proprietary print and pattern across textiles and easy decorating updates continue to drive sales. Highlights include newness in our Bloom shop, frames and decor. Our strength in seasonal celebrations also continues to resonate with our customers.

現在我想向您介紹我們品牌的最新表現。 Pottery Barn 第一季的獲利率為負 10.8%。我們繼續看到 Pottery Barn 的高價家具銷售疲軟，但我們看到季度環比有所改善。我們在紡織品上的專有印花和圖案方面取得了成功，並且簡單的裝飾更新繼續推動銷售。亮點包括 Bloom 商店的新穎、框架和裝飾。我們在季節性慶祝活動方面的實力也持續引起客戶的共鳴。

In March, we launched our first ever global collaboration with international icon, Deepika Padukone. Her popularity drove 1 billion impressions for the Pottery Barn brand. Customers also embrace the launch of our Coastal Lookbook, and they positively engaged with our newly developed apps. In the back half of this year, we're excited to introduce new innovation, both in-store with compelling new floor sets and online with improved digital shopping experience.

三月，我們與國際偶像迪皮卡·帕度柯妮 (Deepika Padukone) 啟動了首次全球合作。她的受歡迎程度為 Pottery Barn 品牌帶來了 10 億印象。客戶也歡迎我們推出的 Coastal Lookbook，並積極參與我們新開發的應用程式。今年下半年，我們很高興推出新的創新，無論是在店內推出引人注目的新地板套裝，還是在線上推出改進的數位購物體驗。

The Pottery Barn children's business ran a positive 2.8% comp in Q1. Across these life-stage businesses, we drove widespread comp trend improvement in the business. We've seen excellent customer response to our new product introductions with collaborations being a particular highlight. Our recent launches with partners such as LoveShackFancy and Lilly Pulitzer have driven sales and attracted new customers by tapping into relevant fashion and home decor trends.

Pottery Barn 兒童業務第一季的年成長率為 2.8%。在這些處於生命週期階段的業務中，我們推動了業務中廣泛的比較趨勢改善。我們看到客戶對我們推出的新產品反應良好，其中合作是一個特別的亮點。我們最近與 LoveShackFancy 和 Lilly Pulitzer 等合作夥伴推出的產品透過利用相關的時尚和家居裝飾趨勢推動了銷售並吸引了新客戶。

In Baby, we're seeing double-digit registry growth and excellent customer response to our expanded essentials and gifting. In dorm, we recently launched our biggest collection to date with expanded XL twin bedding options, new no-nails wall decor and innovative storage solutions. In addition to the expanded assortment, we are excited to roll out improved dorm product selection functionality. And customers can also ship dorm products to any one of our company-owned stores near their college campus.

在 Baby 中，我們看到了兩位數的註冊成長以及客戶對我們擴展的必需品和禮品的良好反應。在宿舍裡，我們最近推出了迄今為止最大的系列，包括擴大的 XL 雙人床上用品選項、新的無釘牆面裝飾和創新的存儲解決方案。除了擴大品種之外，我們很高興推出改良的宿舍產品選擇功能。客戶還可以將宿舍產品運送到大學校園附近的任何我們公司自營的商店。

Moving to West Elm. In Q1, West Elm drove sequential improvement in its top line trend, running a negative 4.1% comp in the quarter. We're encouraged to see improvement in West Elm's demand trend even as we materially pull back on promotions. We are seeing strength in our new product sales with our spring units driving positive comp to last year, with particularly strong performance out of furniture, kids and decorative accessories.

搬到西榆樹。第一季度，West Elm 推動其營收趨勢較上季改善，本季業績年減 4.1%。儘管我們大幅縮減了促銷活動，但看到 West Elm 的需求趨勢有所改善，我們感到很鼓舞。我們看到我們的新產品銷售強勁，我們的彈簧產品與去年相比取得了積極的業績增長，其中家具、兒童和裝飾配件的表現尤其強勁。

Summer newness is also off to a great start with double and triple-digit newness comps. Given the positive trends in newness, we have a sizable opportunity in West Elm as it rebalances more inventory into these new products.

夏季新品也以兩位數和三位數的新品比較有了一個好的開始。鑑於新產品的積極趨勢，我們在 West Elm 擁有相當大的機會，因為它將更多庫存重新平衡到這些新產品中。

The Williams-Sonoma brand ran a positive 0.9% comp in Q1. This is the second consecutive quarter the Williams-Sonoma brand ran a positive comp with the Williams-Sonoma Kitchen business running a positive comp for the fourth consecutive quarter. During Q1, we inspired customers with exclusive and innovative products. We benefited from new introductions of Williams-Sonoma branded products in categories like bakeware, cutlery and food. The favorable customer response to these items continues to reinforce the opportunity we have to the Williams-Sonoma branded business.

Williams-Sonoma 品牌第一季的淨利潤率為 0.9%。這是威廉斯-索諾瑪品牌連續第二個季度取得積極業績，威廉斯-索諾瑪廚房業務連續第四個季度取得積極業績。在第一季度，我們透過獨特的創新產品激發了客戶的靈感。我們受惠於新推出的威廉斯-索諾瑪品牌產品，涉及烘焙用具、餐具和食品等類別。客戶對這些產品的良好反應繼續增強了我們對威廉斯-索諾瑪品牌業務的機會。

In March, our co-branded collaborations drove media attention and results. Our popular collaboration with Aerin Lauder was expanded to include new items for both Williams-Sonoma and Williams-Sonoma Home. We also partnered with Trisha Yearwood to make our best-selling cocktail collaboration the official drink of our new 55,000 square foot bar and restaurant in Nashville that she built with her husband, Garth Brooks.

3月份，我們的聯名合作引起了媒體的關注與成果。我們與 Aerin Lauder 的廣受歡迎的合作範圍擴大到包括為 Williams-Sonoma 和 Williams-Sonoma Home 推出的新產品。我們還與 Trisha Yearwood 合作，將我們最暢銷的合作雞尾酒作為她與丈夫 Garth Brooks 共同在納許維爾新建的 55,000 平方英尺酒吧和餐廳的官方飲料。

Now I'd like to update you on our other initiatives. Business-to-business grew 10% in Q1, driving record-breaking demand in the quarter. We saw improvement in our trade business, running a positive 6% on the quarter, along with continued momentum in our contract business, which represents about 1/3 of the B2B business up 18%. We're encouraged by our diverse book of businesses ranging from sofas for UT San Diego dorms to corporate gifting for Pebble Beach Company. We also saw continued growth for our existing large project customers such as Marriott, Dave & Buster's and Jamestown properties.

現在我想向您介紹我們其他舉措的最新情況。第一季企業對企業成長 10%，推動本季破紀錄的需求。我們看到我們的貿易業務有所改善，本季成長了 6%，同時我們的合約業務也保持了成長勢頭，約佔 B2B 業務的 1/3，成長了 18%。我們對我們多元化的業務感到鼓舞，從 UT 聖地牙哥宿舍的沙發到圓石灘公司的企業禮品。我們也看到現有大型專案客戶的持續成長，例如萬豪酒店、Dave & Buster's 和詹姆斯敦酒店。

Now I'd like to talk about our global business. Despite ongoing macroeconomic pressures impacting our global business, we're pleased with the performance in key markets, including India, Canada and Mexico. In India, we are continuing to see strong growth from increased marketing and brand awareness campaigns across the brands. In Canada, our business is thriving in both the retail and direct-to-consumer channels, driven by enhanced omnichannel strategy, wider product selection and the expansion of our business-to-business program across all brands in the market.

現在我想談談我們的全球業務。儘管持續的宏觀經濟壓力影響著我們的全球業務，但我們對印度、加拿大和墨西哥等關鍵市場的表現感到滿意。在印度，我們繼續看到由於各品牌行銷和品牌知名度活動的增加而實現的強勁增長。在加拿大，在增強的全通路策略、更廣泛的產品選擇以及針對市場上所有品牌的企業對企業計劃的擴展的推動下，我們的零售和直接面向消費者渠道的業務都在蓬勃發展。

And in Mexico, the market showed strength driven by a focus on the design business and expanded assortment fueled by our improved stock position. We will continue to leverage the knowledge gained from these markets to enhance the global customer experience in our new and emerging markets.

在墨西哥，由於對設計業務的關注以及我們改善的庫存狀況推動了產品種類的擴大，市場表現出強勁的勢頭。我們將繼續利用從這些市場獲得的知識來增強新興市場的全球客戶體驗。

Lastly, I'd like to update you on emerging brands. Rejuvenation delivered another double-digit quarter. We saw all categories drive growth and continue to see success with both consumer and trade customers. The brand remains focused on delivering high-quality products that support your home remodel and refresh projects.

最後，我想向您介紹新興品牌的最新情況。 Rejuvenation 再次實現了兩位數的季度業績。我們看到所有類別都推動成長，並繼續看到消費者和貿易客戶的成功。品牌始終專注於提供高品質產品，並支持您的家居改造和翻新項目。

The strongest performance comes from bath, hardware and lighting, while we also see strength in several of our new growth categories like textiles, organization, window hardware and outdoor. Customers continue to update their homes, specifically in the kitchen and bath spaces and add the finishing touches with Rejuvenation. We are excited by the momentum in this brand and the growth potential this year and beyond.

表現最強勁的是浴室、五金和照明，同時我們也看到了紡織品、組織、窗戶五金和戶外等幾個新增長類別的實力。客戶不斷更新他們的房屋，特別是廚房和浴室空間，並透過「復興」進行最後的修飾。我們對這個品牌今年及以後的發展勢頭和成長潛力感到興奮。

Mark and Graham, our monogram gifting business, also drove a double-digit comp growth in Q1. The brand is increasingly recognized as an inspirational lifestyle brand experiencing continued growth as a go-to destination for gifts, including graduations and weddings. Q2 has started strong with a positive reception to the brand's Mother's Day and Father's Day gift selections.

我們的字母組合禮品業務 Mark and Graham 在第一季也實現了兩位數的複合成長。該品牌越來越被認為是一個鼓舞人心的生活方式品牌，作為畢業典禮和婚禮等禮品的首選目的地，該品牌正在持續發展。第二季開局強勁，品牌的母親節和父親節禮物選擇受到積極歡迎。

And finally, GreenRow, our newest brand, continues to grow and expand its assortment of vintage-inspired colorful furnishings that are sustainably sourced and designed to last. The second catalog dropped this month with a focus on print and pattern. We are seeing a very positive response to its unique offerings in the market and look forward to seeing additional assortment expansions and partnerships in the coming months. Being successful in exciting emerging brands demonstrate our ability to develop new businesses that expand our portfolio and address white space in the market.

最後，我們的最新品牌 GreenRow 繼續發展和擴大其復古風格的彩色家具品種，這些家具的來源可持續，設計持久。第二份目錄於本月發布，重點在於印刷和圖案。我們看到市場對其獨特產品的反應非常積極，並期待在未來幾個月看到更多的品種擴展和合作關係。令人興奮的新興品牌的成功證明了我們開發新業務的能力，這些業務可以擴大我們的產品組合併解決市場空白。

In summary, we are extremely proud of our results. During the last few years, we, as a company, have navigated, learned, optimized and built all in preparation for our next chapter of growth. We have a strong omnichannel platform with an exclusive lifestyle offering and a sophisticated distribution network with additional capacity. We recognize that there is continued uncertainty with the environment and the consumer.

總之，我們對我們的成果感到非常自豪。在過去的幾年裡，我們作為一家公司，已經進行了導航、學習、優化和構建，為我們的下一個成長篇章做好了準備。我們擁有強大的全通路平台，提供獨特的生活風格產品和具有額外容量的成熟分銷網絡。我們認識到環境和消費者仍然存在不確定性。

But because we operate in a highly fragmented market, we will continue to gain share by inspiring and servicing our customers. We remain committed to driving our 3 key priorities in 2024: one, returning to growth; two, elevating our world-class customer service; and three, driving margins.

但由於我們在一個高度分散的市場中運營，我們將透過激勵和服務客戶來繼續獲得份額。我們仍然致力於推動 2024 年的 3 個關鍵優先事項：一是恢復成長；二、提升我們世界級的客戶服務；第三，提高利潤率。

And with that, I will turn it over to Jeff to walk you through the numbers and our outlook in more detail.

接下來，我將把它交給傑夫，讓他更詳細地向您介紹這些數字和我們的前景。

Thank you, Laura, and good morning, everyone. We are pleased to deliver these strong Q1 results. We've seen sequential improvement in our top line trend and we continue to exceed expectations on the bottom line.

謝謝勞拉，大家早安。我們很高興能夠交付這些強勁的第一季業績。我們已經看到我們的營收趨勢連續改善，並且我們的利潤繼續超出預期。

As Laura said, our results this quarter reflect 3 keys we've laid out for fiscal year '24. First, returning to growth, fueled by our brand strategies, emerging brand opportunities, business-to-business expansion and global footprint; second, elevating our world-class service, which drives both customer retention and expense savings; and finally, third, driving earnings as we continue to deliver strong profitability.

正如 Laura 所說，我們本季的業績反映了我們為 24 財年制定的 3 個關鍵點。首先，在我們的品牌策略、新興品牌機會、企業對企業擴張和全球足跡的推動下恢復成長；其次，提升我們的世界級服務，從而提高客戶保留率並節省費用；最後，第三，隨著我們繼續提供強勁的獲利能力，推動獲利。

These 3 themes resonate across our earnings today. And given our strong Q1 results, we're confident we can deliver long-term growth and even stronger earnings as the customer shifts back to home.

這三個主題在我們今天的財報中產生了共鳴。鑑於我們第一季的強勁業績，我們有信心隨著客戶返回家鄉，我們能夠實現長期成長甚至更強勁的收益。

Now let's dive into the numbers. I'll start with our Q1 results and then provide an update on guidance for '24. Net revenues finished at $1.66 billion, in line with our expectations. Our comp of negative 4.9% sequentially improved quarter-over-quarter. We saw better performance across both furniture and nonfurniture categories even as we reduced our overall level of promotions from last year. From a cadence perspective, our trends were relatively consistent across the quarter.

現在讓我們深入研究數字。我將從第一季的結果開始，然後提供 24 年指引的更新。淨收入最終達到 16.6 億美元，符合我們的預期。我們的業績比上一季環比有所改善，為負 4.9%。儘管我們比去年降低了整體促銷水平，但我們在家具和非家具類別上看到了更好的表現。從節奏的角度來看，我們整個季度的趨勢相對一致。

Moving down the income statement. Gross margin came in at 48.3%, which includes a $49 million or 290 basis point benefit from an out-of-period adjustment. Subsequent to filing our 10-K, we identified that we over accrued freight expense across fiscal years 2021, 2022 and 2023 by $49 million. Following the prescribed accounting rules, we determined the over accrual was not material to any prior period and not material to our projected full year '24 results. Therefore, we recorded the correction in Q1 as an out-of-period adjustment that benefited our results this quarter. Without the out-of-period adjustment, gross margin came in at 45.4%, 680 basis points higher than last year and substantially exceeding expectations.

將損益表向下移動。毛利率為 48.3%，其中包括期外調整帶來的 4,900 萬美元或 290 個基點收益。在提交 10-K 後，我們發現我們在 2021、2022 和 2023 財年的應計運費超出了 4900 萬美元。根據規定的會計規則，我們確定超額應計費用對任何前期均不重要，對我們預計的 24 年全年業績也不重要。因此，我們將第一季的修正記錄為期外調整，這有利於我們本季的業績。剔除期外調整，毛利率為45.4%，較去年調高680個基點，大幅超出預期。

There were 3 drivers to the 680 basis point improvement. First, merchandise margins improved 470 basis points, driven by lower ocean freight as we benefited from lapping last year's pandemic-related ocean freight runoff and our ongoing commitment to full-price selling.

680 個基點的改善有 3 個驅動因素。首先，在海運費下降的推動下，商品利潤率提高了 470 個基點，因為我們受益於去年與疫情相關的海運費徑流以及我們對全價銷售的持續承諾。

Second, supply chain efficiencies contributed 240 basis points, driven by lower than pre-pandemic returns, accommodations, damages, replacements, out-of-market shipping and multiple deliveries per order. These supply change efficiencies are yielding a notable improvement in customer service and cost savings.

其次，由於退貨、住宿、損壞、更換、市場外運輸和每個訂單的多次交付，供應鏈效率貢獻了 240 個基點。這些供應變革效率顯著改善了客戶服務並節省了成本。

And third, occupancy costs, although down 3% from last year, deleveraged 30 basis points. We continue to optimize our retail fleet, while we invest in our world-class technology stack and our supply chain. Wrapping up our gross margin, we delivered substantially higher gross margin this quarter, driven by better merchandise margins, supply chain efficiencies and lower occupancy costs.

第三，入住成本雖然比去年下降了 3%，但去槓桿化了 30 個基點。我們繼續優化我們的零售車隊，同時投資世界一流的技術堆疊和供應鏈。總結一下我們的毛利率，在商品利潤提高、供應鏈效率提高和占用成本降低的推動下，本季我們的毛利率大幅提高。

Turning now to SG&A. SG&A expense came in at 28.8% of revenues or 310 basis points higher than last year, driven by higher advertising spend, and incentive compensation. Advertising expense deleveraged 170 basis points as we continue to invest into higher levels of advertising spend to drive sales at an efficient return. Our multi-brand portfolio allows us to test the return of this incremental spend. Our own hands-on-keyboard approach allows our investment to go further, keeps our learnings in-house and gives us a competitive advantage in the home furnishings industry.

現在轉向SG&A。受廣告支出和激勵性薪酬增加的推動，SG&A 費用佔收入的 28.8%，比去年高出 310 個基點。隨著我們繼續投資更高水準的廣告支出，以有效回報推動銷售，廣告支出去槓桿化了 170 個基點。我們的多品牌產品組合使我們能夠測試增量支出的回報。我們自己的鍵盤操作方法使我們的投資能夠走得更遠，將我們的知識保留在內部，並為我們在家居行業提供競爭優勢。

Employment expense was 100 basis points higher year-over-year, driven entirely by higher performance-based incentive compensation. Without incentive compensation, employment was flat year-over-year on a rate basis. In Q1, we continue to manage variable employment costs across our stores, distribution centers and customer care centers in accordance with top line trends.

僱用費用年增 100 個基點，這完全是由於績效為基礎的激勵性薪酬的提高。如果沒有激勵性薪酬，就業率與去年同期持平。在第一季度，我們繼續根據營收趨勢管理商店、配送中心和客戶服務中心的可變僱用成本。

On the bottom line, our earnings significantly exceeded expectations. Including the benefit from the out-of-period adjustment, operating income came in at $323.8 million; operating margin was 19.5%; and diluted earnings per share was $4.07. The out-of-period adjustment increased operating income by $49 million; operating margin by 290 basis points; and earnings per share by $0.59.

總而言之，我們的收益大大超出了預期。包括期外調整帶來的收益，營業收入為 3.238 億美元；營業利益率為 19.5%；稀釋後每股收益為 4.07 美元。期外調整使營業收入增加了 4,900 萬美元；營業利益率提高 290 個基點；每股收益增加 0.59 美元。

Without the out-of-period adjustment, our earnings still significantly exceeded expectations. Operating income came in at $274.8 million; operating margin was 16.6%, 370 basis points above last year; and diluted earnings per share was $3.48, up $0.84 or 32% year-over-year.

在沒有期外調整的情況下，我們的獲利仍大幅超出預期。營業收入為 2.748 億美元；營業利益率為16.6%，較去年高出370個基點；稀釋後每股收益為 3.48 美元，年增 0.84 美元，即 32%。

On the balance sheet, we ended the quarter with a cash balance of $1.3 billion with no debt outstanding. This was after we invested $40 million in capital expenditures supporting our long-term growth, and we returned $107 million to our shareholders through quarterly dividends and share repurchases. Merchandise inventories ended the quarter at $1.2 billion, down 13% to last year. Overall, our inventories are well positioned to support our business.

在資產負債表上，本季末我們的現金餘額為 13 億美元，沒有未償債務。在此之前，我們投資了 4,000 萬美元用於支持長期成長的資本支出，並透過季度股息和股票回購向股東返還了 1.07 億美元。本季末商品庫存為 12 億美元，比去年同期下降 13%。總體而言，我們的庫存足以支持我們的業務。

Summing up our Q1 results. We're proud to have delivered another quarter of earnings substantially exceeding expectations. I'd like to thank our talented dedicated team at Williams-Sonoma, Inc. for delivering these outstanding results.

總結我們第一季的結果。我們很自豪又一個季度的收益大大超出了預期。我要感謝 Williams-Sonoma, Inc. 才華橫溢、敬業的團隊取得了這些出色的成果。

Now let's turn to our '24 outlook. Given our Q1 results, we are reiterating our revenue guidance and raising our operating margin guidance for fiscal year '24. On the top line, we continue to expect full year '24 net revenues to be in the range of down 3% to up 3%, with comps between down 4.5% to up 1.5%. We anticipate sequential improvement across the year, with the first half tougher than the second half as our top line comparisons get easier and our growth drivers accelerate.

現在讓我們轉向 24 世紀的展望。鑑於我們第一季的業績，我們重申了我們的收入指引，並提高了 24 財年的營業利潤率指引。在營收方面，我們繼續預期 24 年全年淨收入將在下降 3% 至成長 3% 之間，而同期淨利潤將在下降 4.5% 至成長 1.5% 之間。我們預計全年將出現環比改善，上半年比下半年更艱難，因為我們的收入比較變得更容易，而且我們的成長動力加速。

On the bottom line, we are raising our guidance based upon our Q1 results, but anticipate our operating margins going forward will be relatively in line with '23 results. We are raising our operating margin guidance to a range of 17.6% to 18%, which includes a 60 basis point benefit from the full year impact of the out-of-period adjustment.

總而言之，我們根據第一季的業績提高了我們的指導，但預計我們未來的營業利潤率將與 23 年的業績相對一致。我們將營業利潤率指引上調至 17.6% 至 18%，其中包括期外調整對全年影響帶來的 60 個基點的收益。

Without the out-of-period adjustment, we expect our full year operating margin will be in the range of 17% to 17.4%, a raise of 50 basis points due to our strong Q1 results. Additionally, we expect our full year interest income to be approximately $40 million and our full year effective tax rate to be approximately 25.5%.

如果不進行期外調整，我們預計全年營業利潤率將在 17% 至 17.4% 之間，由於第一季業績強勁，因此將提高 50 個基點。此外，我們預計全年利息收入約為 4,000 萬美元，全年有效稅率約為 25.5%。

As a reminder, 2024 is a 53-week year for Williams-Sonoma, Inc. So the fourth quarter will consist of 14 weeks. We anticipate the additional week will contribute 150 basis points to revenue growth and 10 basis points to operating margins, both of which are embedded in our guidance. We will report comps on a 53-week versus 53-week comparable basis. All other year-over-year compares will be 53 weeks versus 52 weeks.

提醒一下，對於 Williams-Sonoma, Inc. 來說，2024 年是 53 週的一年。我們預計額外的一周將為收入成長貢獻 150 個基點，為營業利潤貢獻 10 個基點，這兩者都包含在我們的指導中。我們將在 53 週與 53 週可比較的基礎上報告比較情況。所有其他同比比較將分別為 53 週和 52 週。

Our capital allocation plans for '24 remain unchanged. We expect to spend $225 million in capital expenditures to invest in the long-term growth of our business. 75% of this capital spend will be dedicated to drive our e-commerce leadership and supply chain efficiency. We remain committed to returning excess cash to our shareholders in the form of increased quarterly dividend payouts and ongoing share repurchases.

我們 24 年的資本配置計畫維持不變。我們預計將花費 2.25 億美元的資本支出來投資於我們業務的長期成長。 75% 的資本支出將專門用於推動我們的電子商務領導地位和供應鏈效率。我們仍然致力於以增加季度股利支付和持續股票回購的形式向股東返還多餘現金。

For dividends, in March, we announced an increase in our quarterly dividend payout of 26% or $0.23 to $1.13 per share. Fiscal year '24 will be the 15th consecutive year of increased dividend payouts, which we are both proud of and remain committed to. For share repurchases, we have $956 million remaining under our $1 billion share repurchase authorization through which we will opportunistically repurchase our stock to deliver returns to our shareholders.

對於股息，3 月份，我們宣布將季度股息支付增加 26%，即每股 0.23 美元至 1.13 美元。 24 財年將是連續第 15 年增加股利支付，我們對此感到自豪並繼續致力於實現這一目標。對於股票回購，我們的 10 億美元股票回購授權中還剩 9.56 億美元，我們將透過這些資金擇機回購股票，為股東帶來回報。

As we look further into the future beyond '24, we are reiterating our long-term guidance of mid- to high single-digit revenue growth with operating margins in the mid- to high teens. We're confident we'll continue to outperform our peers and deliver shareholder growth for these 5 reasons that remain consistent: our ability to gain market share in the fragmented 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 ongoing strength of our growth initiatives; and the resiliency of our fortress balance sheet.

當我們進一步展望 24 年後的未來時，我們重申我們的長期指導，即收入中高個位數成長，營業利潤率在中高雙位數。我們相信，我們將繼續超越同業並實現股東成長，原因有以下 5 個一致的原因：我們有能力在分散的家居產業中獲得市場份額；我們內部專有設計的實力；我們數位優先而非純數位通路策略的競爭優勢；我們的成長計劃的持續優勢；以及我們堡壘資產負債表的彈性。

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

接下來，我將開始提問。

(Operator Instructions) Your first question comes from the line of Kate McShane with Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Kate McShane。

I have one kind of bigger picture question and then one question with regards to the accounting that was stated today. So first, we wondered if you could talk a little bit more about the big ticket trends you're seeing. I know you noted better performance in furniture. But we're curious to build down on that a little bit more in terms of what you saw in Q1 versus maybe what you were seeing in Q4.

我有一個更大的問題，然後是一個關於今天所說的會計的問題。首先，我們想知道您是否可以多談談您所看到的大宗門票趨勢。我知道您注意到家具的性能更好。但我們很想在此基礎上進一步了解您在第一季看到的情況與您在第四季看到的情況。

And then with regards to the accounting, we're wondering with regards to the COGS change, why it's only '21 through '23 and why there's not an impact to Q1 '24.

然後在會計方面，我們想知道銷貨成本的變化，為什麼它只是從 21 年到 23 年，以及為什麼對 24 年第一季沒有影響。

Kate, it's Laura. In terms of big ticket, Q4 is not a big furniture time of the year. Of course, the comps are comparable. We don't bring in a lot of newness in Q4. But we are seeing improvements in our furniture business, and high ticket has always been one of those things -- you have to remember, we have electrics in high ticket, we have a lot of other types of products in high ticket that aren't furniture. But we haven't seen a trend in high softness, we've seen more of a furniture softness trend that appears to be better.

凱特，這是蘿拉。就大宗商品而言，第四季並不是一年中家具大賣的時期。當然，比較是有可比性的。我們在第四季並沒有帶來太多新鮮事物。但我們看到我們的家具業務有所改善，而高價一直是其中之一——你必須記住，我們有高價的電氣產品，我們有很多其他類型的高價產品，但它們並不存在。但我們還沒有看到高柔軟度的趨勢，我們看到更多的是看起來更好的家具柔軟度趨勢。

We have some really wonderful selling on new products in the spring and summer season that are both in Pottery Barn and in West Elm. And then also, we're seeing better performance out of our kids furniture business, where we introduced new finishes, which make a huge difference to these furniture collections and also they have categories in the children's home furnishings business that naturally have a lot of growth. For example, dorm and then also Baby. And those are more life stage versus housing related. So we're seeing more firmness there.

我們在春季和夏季在 Pottery Barn 和 West Elm 都有一些非常精彩的新產品銷售。此外，我們還看到兒童家具業務取得了更好的表現，我們推出了新的飾面，這對這些家具系列產生了巨大的影響，而且他們在兒童家居業務中的類別自然也有很大的增長。例如宿舍，然後還有寶貝。這些與生命階段有關，而不是與住房相關。所以我們看到那裡更加堅定。

All right, Kate, I'll take the second question on the accounting. So you asked why it's only '21 through '23 and not '24. I think for some context, what really drove the out-of-period adjustment was the supply chain volatility that happened during the pandemic, which really hit years '21 through '23. And just to remind everyone, the pandemic put tremendous pressure on international supply chains. We faced disruption, delays, material cost swings, contract renegotiations, changes in terms by vendors, balance renegotiations, and all these pressures added a layer of complexity to the already imprecise process we use to estimate freight expense. So it was really pandemic-driven and it would not have impacted Q1 '24, because as we cleaned up our balance sheet and reconciled our approval, it would just cancel itself out in Q1.

好吧，凱特，我來回答第二個問題，關於會計。所以你問為什麼只有'21到'23而不是'24。我認為，在某些背景下，真正推動期外調整的是疫情期間發生的供應鏈波動，而這種波動確實發生在21年至23年。需要提醒大家的是，疫情給國際供應鏈帶來了巨大壓力。我們面臨中斷、延誤、材料成本波動、合約重新談判、供應商條款變更、平衡重新談判，所有這些壓力給我們用於估算運費的本已不精確的流程增加了一層複雜性。因此，這確實是由大流行驅動的，不會影響 24 年第一季度，因為當我們清理資產負債表並協調我們的批准時，它只會在第一季自行取消。

Your next question comes from the line of Christopher Horvers with JPMorgan.

您的下一個問題來自摩根大通的 Christopher Horvers。

So my first question is, what your early reads are on the outdoor category. Obviously, that's a bigger portion of the second quarter versus Sonoma really shining around the Easter holiday and it looks like April was pretty tough on the weather. So would you expect some of that outdoor category to shift into the second quarter?

所以我的第一個問題是，您早期閱讀的內容是關於戶外類別的。顯然，這是第二季度的大部分時間，而索諾瑪在復活節假期期間確實很耀眼，而且看起來四月的天氣相當惡劣。那麼您是否預期戶外類別中的一些內容將轉移到第二季？

And sort of related to Kate's question, as you think about like the sequential improvement in the business, mix will have an effect. So does the weather shift maybe to 2Q sort of offset the fact that the mix of Williams-Sonoma is lower in the second quarter?

與凱特的問題有點相關，當你思考業務的連續改進時，混合將會產生影響。那麼，第二季度的天氣變化是否會抵消第二季度威廉斯-索諾瑪的混合比例較低的事實？

Chris, it's Laura. The outdoor category gets consistent -- is consistent with the performance of our furniture categories, okay? It's not -- it's about the same. And the curve, if you're referring to the curve of sales, it's more like before the pandemic than when the pandemic happened, immediately after when it was an early rush to get the home furniture -- to get the outdoor furniture. Now it's a more normalized curve, and we have a really pretty good handle on where we think this is going to end up, and it's embedded in our guidance.

克里斯，這是勞拉。戶外類別變得一致——與我們的家具類別的表現一致，好嗎？不是——差不多是一樣的。而曲線，如果你指的是銷售曲線，它更像是大流行之前，而不是大流行發生時，緊接著是在人們早期搶購家用家具 - 購買戶外家具之後。現在它是一條更標準化的曲線，我們對我們認為最終的結果有一個非常好的把握，並且它已嵌入我們的指導中。

I would also just add, Chris, that I know there's been a lot of talk out there in the industry about the impact of weather. We're not really seeing that impact. I think because we are predominantly online, the weather doesn't impact us the same way. So we don't see that as an impact on a shift between quarters, as you alluded to.

克里斯，我還要補充一點，我知道業界有很多關於天氣影響的討論。我們並沒有真正看到這種影響。我認為因為我們主要上網，所以天氣不會以同樣的方式影響我們。因此，正如您所提到的那樣，我們認為這不會對季度之間的轉變產生影響。

Got it. And then just on the margin. I know you don't guide by quarters, but typically, the back half of the year is a much higher operating margin period than the first half of the year. And you don't guide by quarter, but it would imply -- it would seem to imply that you don't get that historical uptick in the back half based on where you guided the year.

知道了。然後就在邊緣。我知道您不會按季度進行指導，但通常情況下，下半年的營業利潤率要比上半年高得多。你不會按季度進行指導，但這似乎意味著，根據你今年的指導情況，你在下半年不會出現歷史性的上升。

It seems like you, in large part, just passed along the first quarter beat on the margin side. So is that a fair assessment of how you approach the year guidance? And was there anything unique in the first quarter then that is perhaps not sustainable?

看起來你在很大程度上只是在邊緣方面度過了第一節節拍。那麼，這是對您如何對待年度指導的公平評估嗎？第一季是否有什麼獨特之處可能是不可持續的？

Yes, Chris. I think you hit the nail on the head in that, there were some unique things in Q1, and it really comes down to what we're up against from a last year compare basis. Let's remember that in Q1 last year, Q1 '22 was the high point of our supply chain headwinds, which really benefited us the most in Q1, and we're quickly coming to the end of that benefit. And we're lapping starting in Q2 and even stronger in Q3 and Q4, more benefits that we had last year from those headwinds.

是的，克里斯。我認為你說得一中要害，第一季有一些獨特的事情，這實際上取決於我們在去年的比較基礎上所面臨的情況。讓我們記住，去年第一季度，22 年第一季是我們供應鏈逆風的最高點，這確實讓我們在第一季度受益最多，而且我們很快就會結束這種好處。我們從第二季開始，在第三季和第四季表現更加強勁，我們從去年的逆風中獲得了更多好處。

Additionally, we also started to lap the benefit we saw last year from our focus on full price selling and supply chain efficiencies. And while we feel great about our results, let's remember, it's early in the year. There's a lot of uncertainty. So that's why we're guiding our full year operating margins to be essentially flat year-over-year Q2 through Q4.

此外，我們也開始享受去年我們專注於全價銷售和供應鏈效率所帶來的好處。雖然我們對自己的成果感到非常滿意，但請記住，現在還處於年初。有很多不確定性。因此，我們預計第二季到第四季的全年營業利潤率與去年同期基本持平。

Your next question comes from the line of Cristina Fernández with Telsey Advisory Group.

您的下一個問題來自 Telsey Advisory Group 的 Cristina Fernández。

Congratulations on the good results. I wanted to ask also a big picture question around demand. You call out trade in B2B up 6%. I think that hasn't been up in a few quarters. And the bigger -- sort of the furniture trends getting slightly better, do you feel it's a function of your consumer that's more fluent, feeling better about spending on the home or just more company-specific initiatives that are driving those results?

恭喜取得好成績。我還想問一個有關需求的大問題。您稱 B2B 貿易成長了 6%。我認為這個數字已經有幾季沒有上升了。更大的——家具趨勢變得稍微好一點，你認為這是你的消費者的功能更加流暢，對家居消費感覺更好，還是只是更多公司特定的舉措推動了這些結果？

No, I think that we -- I know that we've been focused on what we can control. And as we've said in the beginning of the year and last year, we're not planning and we are not dependent what's going to happen in the macro. I mean, who knows what's going to happen in the macro. We're paying attention to what we can control, which is innovation. And innovation -- the right product, the right price, shown beautifully. We've improved the photography in our brands. We've improved the website functionality, and we're looking very closely at how we improve what happens in our stores.

不，我認為我們——我知道我們一直專注於我們可以控制的事情。正如我們在今年年初和去年所說的那樣，我們沒有計劃，也不依賴宏觀會發生什麼。我的意思是，誰知道宏觀會發生什麼。我們專注於我們可以控制的東西，那就是創新。創新——正確的產品、正確的價格、精美的展示。我們改進了我們品牌的攝影。我們改進了網站功能，並且正在密切關注如何改進商店中的情況。

Our stores are billboards for our brands. And when you go in now, you're expecting to be able to take things home the minute you go in, not wait for things. And so we've stocked them higher and we've made sure that there's enough newness in our stores to drive excitement again. And those are some of the things that we're really seeing improve our results.

我們的商店是我們品牌的廣告看板。當你現在進去的時候，你期望在你進去的那一刻就能把東西帶回家，而不是等待東西。因此，我們增加了庫存，並確保我們的商店有足夠的新產品來再次激發人們的興奮。這些是我們真正看到改善結果的一些事情。

As far as B2B goes, remember, there's 2 parts to this business, trade and contract. And the contract business is less dependent on housing and consumer. And we have some great wins in the verticals that we're focused on, both in hospitality, sports and entertainment. And the key point here is that B2B is really a very important strategic initiative for us and a huge part of our growth in the future, because it's such a fractured market and nobody has much share and it is quite big.

就 B2B 而言，請記住，該業務有兩個部分：貿易和合約。而且合約業務對住宿和消費者的依賴較小。我們在我們關注的垂直領域中取得了一些巨大的勝利，無論是在酒店、體育還是娛樂領域。這裡的關鍵點是，B2B 對我們來說確實是一項非常重要的策略舉措，也是我們未來成長的重要組成部分，因為這是一個碎片化的市場，沒有人擁有太多份額，而且規模很大。

And it leverages our brands, our ability to design for individual clients, our global sourcing capabilities and our ability to service people with single deliveries versus having things come from a bunch of different suppliers. So we continue to be very confident about B2B and it is less affected by what's going on with housing.

它利用了我們的品牌、我們為個人客戶設計的能力、我們的全球採購能力以及我們透過單一交付為人們提供服務的能力，而不是來自一堆不同供應商的東西。因此，我們仍然對 B2B 充滿信心，而且它受房地產狀況的影響較小。

And then as a follow-up, you called out some of the growth initiatives accelerating through the year, given your confidence to hit the full year guide. Can you talk about which initiatives are more impactful as we move through the year?

然後，作為後續行動，您提出了一些全年加速成長的舉措，因為您有信心達到全年目標。能談談今年哪些措施更具影響力嗎？

Sure. I think the first one, our brands are amazing, high-quality. We design our own products and we have our own proprietary website, West Elm, and the return to growth in West Elm is a big part of our focus. And I could not be more excited about what we're seeing in terms of West Elm reads on newness and where the team is going, the high-quality collaborations that we have in the back year -- half of the year. And also just building on what's working now and getting back in stock and being more confident with this new modern aesthetic that we are giving to our customers.

當然。我認為第一，我們的品牌很棒，品質很高。我們設計自己的產品，並擁有自己的專有網站 West Elm，West Elm 的恢復成長是我們關注的重要部分。我對我們在 West Elm 上看到的關於新鮮感、團隊的發展方向、我們在後一年（半年）所進行的高品質合作感到非常興奮。而且只是在現在有效的基礎上再接再厲，重新獲得庫存，並對我們為客戶提供的這種新的現代美學更有信心。

The other part of West Elm that I think is very important to note is, it's been predominantly a big furniture business. And we know that for repeat purchases and excitement, you want to have things that people can buy to update their health for a dinner party or just to change the way the living room looks with new pillows. And so we've been very focused on smalls, when I say that, the things that are easier to buy, easy updates for the home. And we're going to continue to push that percent to total which is good for new customer acquisition. So West Elm is a key part of our growth strategy in the back half.

我認為值得注意的西榆樹的另一部分是，它主要是一家大型家具企業。我們知道，為了重複購買和興奮，您希望擁有人們可以購買的東西來更新他們的健康狀況以參加晚宴，或者只是用新枕頭改變客廳的外觀。因此，當我這麼說時，我們一直非常關注小件物品，即更容易購買、易於家居更新的物品。我們將繼續提高這一百分比，這有利於新客戶的獲取。因此，West Elm 是我們下半年成長策略的關鍵部分。

Of course, I'm really excited about what we're seeing with our new Williams-Sonoma launches. I don't know if you've been able to go to our website, but we have a new gorgeous navy Jura collection, which is exclusive to us in the market. And another example of extremely impactful collaborations is our collaboration with Shondaland and Netflix's Bridgerton, which is doing very well. And as you know, Bridgerton is the most watched show right now on Netflix. So we're excited to have hit that nail on the head.

當然，我對我們所看到的威廉斯-索諾瑪新車型的推出感到非常興奮。我不知道您是否能夠訪問我們的網站，但我們有一個新的華麗的海軍藍汝拉系列，這是我們在市場上獨家的。另一個極具影響力的合作範例是我們與 Shondaland 和 Netflix 的 Bridgerton 的合作，效果非常好。如你所知，《布里奇頓》是目前 Netflix 上收視率最高的節目。所以我們很高興能夠擊中要害。

Our kids and teen businesses, collaborations are a big part of that comp growth, and we have more in store and building on those. And of course, the carve-out of Baby and dorm, so good. And then in Pottery Barn, we're seeing some really nice new collection selling, as I referenced earlier, that we're building on for the fall season. And very beautiful floor sets for fall and then, of course, holiday, where we own decorating and entertaining. Not anybody else does what we do in a high-quality way for the holidays.

我們的兒童和青少年業務、合作是公司成長的重要組成部分，我們還有更多的儲備和基礎。當然，嬰兒和宿舍的劃分也很好。然後在 Pottery Barn，我們看到一些非常好的新系列正在銷售，正如我之前提到的，我們正在為秋季銷售。還有非常漂亮的秋季地板套裝，當然還有假期，我們有裝飾和娛樂設施。沒有其他人能像我們一樣以高品質的方式度過假期。

So those are our big brands. And then, of course, our emerging brands, I touched on. Really nice momentum, very different aesthetically, serving a different way to entertain and decorate. And we've seen double-digit comp growth in those brands and are really pushing the growth for those in the future.

這些都是我們的大品牌。當然，我也提到了我們的新興品牌。非常好的動力，非常不同的美學，提供不同的娛樂和裝飾方式。我們已經看到這些品牌的銷售額實現了兩位數的成長，並且正在真正推動這些品牌未來的成長。

Your next question comes from the line of Michael Lasser with UBS.

您的下一個問題來自瑞銀集團的 Michael Lasser。

This is Dan Silverstein on for Michael.

我是麥可的丹‧西爾弗斯坦。

I'm sorry, we -- yes, yes, yes. Sorry, we got our lines crossed. This is Michael Lasser. Our question is, if you continue to outperform by the magnitude that you did in the first quarter, would you look to reinvest that back into demand-driving initiatives or would you let it flow to the bottom line?

對不起，我們——是的，是的，是的。抱歉，我們越線了。這是邁克爾·拉塞爾。我們的問題是，如果您的表現繼續像第一季一樣跑贏大市，您會考慮將其重新投資到需求驅動計劃中，還是讓它流向利潤？

We're always investing in demand-driving initiatives. We're very aggressive about that. And the key is where it really drives incremental sales versus trading sales or just spending more money. So we're very disciplined in how we look at our investments. That's why we have industry-leading ROIC. And the obvious places you invest, as you saw us do was in ad costs. That's the biggest thing.

我們始終投資於需求驅動的舉措。我們對此非常積極。關鍵在於它真正推動增量銷售的地方，而不是交易銷售或只是花更多的錢。因此，我們在看待投資方面非常嚴格。這就是我們擁有領先業界的投入資本回報率 (ROIC) 的原因。正如您所看到的，您投資的明顯地方是廣告成本。這是最重要的事。

In terms of big investments, we've mentioned our supply chain is built for more volume than we have. And our proprietary e-commerce platform is -- they are -- it doesn't require the kind of step up investment that other people had to put in because it's -- we've been doing it for so long. We have such a big percent of total in e-commerce already. So it's not a new thing for us. It's something that we can just build incremental adds to that are helpful to the customer experience.

就大型投資而言，我們已經提到我們的供應鏈是為比我們現有的數量更大的數量而建立的。我們的專有電子商務平台不需要其他人必須投入的那種加大投資，因為我們已經這樣做了很長時間。我們在電子商務領域已經佔據了很大的比例。所以這對我們來說並不是什麼新鮮事。我們可以透過增量添加來增強客戶體驗。

So it's -- when you say incremental investment to drive demand in the short term, that is ad costs. Promos are not something in our vernacular anymore. We do take markdowns, but that is the demand-driving way that other people take and it is not one that is sustainable in our opinion.

所以，當你說增量投資來推動短期需求時，這就是廣告成本。促銷不再是我們的白話了。我們確實採取降價措施，但這是其他人採取的需求驅動方式，我們認為這不是一種可持續的方式。

Very helpful. Two follow-ups on that. Can you quantify how much you will be investing in advertising this year, either as a percentage of sales or the dollar amount? And where does full-price selling stand today across the different brands versus where that same percentage was prior to the pandemic?

很有幫助。對此有兩個後續行動。您能否量化今年您將在廣告上投資多少（佔銷售額的百分比或美元金額）？與大流行之前相同的百分比相比，今天不同品牌的全價銷售情況如何？

We're fighting over your question. Yes. So in terms of ad costs, I wish we knew. It's so dynamic and we're so lucky to have this amazing team that's so sophisticated at looking at the different ad cost streams and reading the results. And it's a lot about the bids from others and where the demand is going and where it's not because what is true today might not be true in a month. So we have a monthly long full-day meeting where we review every brand and every stream. And we put our investments down where we're seeing returns. We test in one brand and roll it out to others.

我們正在為你的問題爭論不休。是的。因此，就廣告成本而言，我希望我們知道。它是如此充滿活力，我們很幸運擁有這個令人驚嘆的團隊，他們在研究不同的廣告成本流並閱讀結果方面非常成熟。這很大程度上取決於其他人的出價以及需求的去向和需求的去向，因為今天正確的情況可能在一個月後就不再正確。因此，我們每月都會召開一次全天的會議，審查每個品牌和每個直播。我們將投資放在能看到回報的地方。我們在一個品牌中進行測試，然後將其推廣到其他品牌。

Jeff can put this more in context, if you want, on the ad cost?

如果你願意的話，傑夫可以更詳細地談談廣告成本嗎？

Yes. I think it's also just important to remember, as you know, we guide the top line revenues and bottom line operating margin because it gives us flexibility to respond to changes in the business. And as everyone's seen, we know the levers to pull to deliver results. So while we'll go through the year, it's a very uncertain environment, who knows how the year shapes out, but we can adjust our levers as we see the trends develop to deliver results for our shareholders.

是的。我認為記住這一點也很重要，如您所知，我們指導頂線收入和底線營業利潤率，因為它使我們能夠靈活地應對業務變化。正如大家所看到的，我們知道實現成果所需的槓桿。因此，雖然我們將度過這一年，但這是一個非常不確定的環境，誰知道這一年會如何發展，但我們可以根據趨勢的發展調整我們的槓桿，為我們的股東帶來成果。

And then in terms of full price selling -- did you want me to...

然後就全價銷售而言 - 你想讓我...

Yes, yes, for sure. Yes.

是的，是的，當然。是的。

Thank you. That is a number we haven't given, but it's significant over last year.

謝謝。我們沒有給出這個數字，但與去年相比，這個數字很重要。

Your next question comes from the line of Steven Zaccone with Citi.

您的下一個問題來自花旗銀行的 Steven Zaccone。

Laura, I wanted to ask a macro question. We've seen some improved data points in the furnishing space. and you've mentioned the furniture softness appears to be getting better. So I'm curious for your assessment of like replacement cycles in the industry and this concept of like easy wins with people purchasing on smaller ticket items. Do you think we're starting to see some glimpses of replacement cycle and spending on the home. Curious of your assessment.

蘿拉，我想問一個宏觀問題。我們在家具領域看到了一些改進的數據點。你也提到家具的柔軟度似乎越來越好。因此，我很好奇您對行業中類似更換週期的評估，以及人們購買小件商品時輕鬆獲勝的概念。您認為我們開始看到一些更換週期和房屋支出的一瞥嗎？好奇你的評價。

I have no idea. I think that everyone believes that the interest rates are never going to change, they're going to be more likely to buy than if they believe they're going to go down, they're going to wait. That's one theory I have. But that's just a theory. You can't prove anything.

我不知道。我認為每個人都相信利率永遠不會改變，他們更有可能購買，而不是相信利率會下降，他們會等待。這是我的一個理論。但這只是一個理論。你無法證明任何事。

What I know is that where we have innovative products that's priced right, we're winning. And that's exciting to see because that makes me feel like we're more in control than at the whim of the macro. I mean, but imagine like right now, we produced these results in Q1 with the soft housing environment. Imagine what it could be like when it turns. But when that's going to happen, your guess is as good as mine.

我所知道的是，只要我們擁有價格合適的創新產品，我們就能獲勝。看到這一點很令人興奮，因為這讓我覺得我們比宏觀的突發奇想更有控制力。我的意思是，但想像一下，就像現在一樣，我們在第一季憑藉軟住宅環境得出了這些結果。想像一下它轉動時會是什麼樣子。但當這種情況發生時，你的猜測和我的一樣好。

Okay. Fair enough. Jeff, a question for you. On gross margin, you've had a lot of strength. Could we talk a little bit about the multiyear opportunity from here? Maybe following up on Michael's question, full-price selling is up relative to last year. Is there opportunity for that to still go higher from here?

好的。很公平。傑夫，問你一個問題。就毛利率而言，你們有很大的實力。我們可以談談這裡的多年機會嗎？也許跟進邁克爾的問題，全價銷售相對於去年有所上升。從現在開始還有機會繼續走高嗎？

Well, as you know, as I said before, we don't guide to specific lines and our overall operating margin guidance for the balance of the year is essentially to be flat year-over-year. There is more opportunity potentially in gross margin, particularly from supply chain efficiencies and higher full-price selling. But we are starting to lap the benefit we had last year from coming up against the headwinds I talked so much about.

嗯，正如你所知，正如我之前所說，我們不會針對具體的產品線進行指導，而且我們對今年剩餘時間的總體營業利潤率指導基本上與去年同期持平。毛利率方面存在更多潛在機會，特別是來自供應鏈效率和更高的全價銷售。但我們正開始享受去年因克服我多次談到的逆風而獲得的好處。

And as Laura mentioned, we have levers to pull, and there's a chance that if our gross margin was higher, then there's more opportunity to reinvest back in the business to drive the top line if we see efficient returns from that investment.

正如勞拉所提到的，我們有槓桿可以拉動，如果我們的毛利率更高，那麼如果我們看到該投資的有效回報，就有更多機會重新投資於業務以推動營收。

Your next question comes from the line of Seth Basham with Wedbush.

你的下一個問題來自塞斯·巴沙姆（Seth Basham）和韋德布什（Wedbush）的對話。

Congrats on continued strong results. My question is a follow-up on the last one. Just thinking about all the supply chain margin benefits that you've gotten over the last couple of quarters. Can you give us a little bit more insight into the key drivers there and the initiatives you have to further improve your outbound supply chain in the U.S.?

祝賀持續取得強勁成果。我的問題是上一個問題的後續問題。想想過去幾季您獲得的所有供應鏈利潤率收益。您能否讓我們更深入地了解那裡的關鍵驅動因素以及您為進一步改善美國的出口供應鏈所必須採取的舉措？

Yes, absolutely. Our goal is perfect order, damage-free, on time. And although we have really improved things from the pandemic and, in some cases, hit customer service records, there's still a lot of room to go. And that is the focus of our supply chain team. We did have, as you know, last year, a lot of increases in inbound freight detention demurrage. We're no longer incurring those dramatically high costs.

是的，一點沒錯。我們的目標是完美訂單、無損壞、準時。儘管我們確實從大流行中得到了改善，並且在某些情況下達到了客戶服務記錄，但仍有很大的進步空間。這就是我們供應鏈團隊的重點。如您所知，去年我們確實大幅增加了入境貨物滯留費。我們不再承擔那些極高的成本。

In terms of service, the team is really focused on a very low return replacement rate, and we are digging into and root-causing every single incident that we have to make sure that, that is not happening again, and that's going to continue to go throughout the year and beyond. And getting the inventory in the right place helps us incur less out-of-market multiple shipments. And honestly, there's still room to do more of that as we further optimize our inventory buys by DC.

在服務方面，團隊確實專注於非常低的退貨替換率，我們正在深入研究每一起事件的根源，我們必須確保這種情況不會再次發生，並且將繼續全年及以後。將庫存放在正確的位置有助於我們減少市場外多次發貨的情況。老實說，當我們進一步優化 DC 的庫存購買時，仍有做更多事情的空間。

And honestly, there are redundancies that we're finding and better ways to ship things with our use of AI, looking at orders and figuring out whether we want to optimize for speed or cost or what we want to do for that individual customer in an automated way.

老實說，我們正在尋找一些冗餘和更好的方法來透過使用人工智慧來運送物品，查看訂單並弄清楚我們是否想要優化速度或成本，或者我們想要在一個特定的時間內為單一客戶做些什麼。

So we're making -- we've made investments in supply chain. You know that we opened our Arizona DC. I'm pleased to tell you that it's up and running. And that should give us an advantage at time in the back half when we hit our peak season this year and closer to our West Coast customers. So we have, in previous quarters absorbed some of those costs.

所以我們正在對供應鏈進行投資。你知道我們開設了亞利桑那州特區。我很高興地告訴您，它已經啟動並正在運行。當我們今年進入旺季並更接近西海岸客戶時，這應該會給我們帶來優勢。因此，我們在前幾個季度吸收了其中部分成本。

And truthfully, a lot of people ship apparel and floor goods as well. There's not a lot of people who can ship furniture well and do it efficiently. And it's not only a huge margin driver for us, and we do it well. It's also incredibly good for customer service. And I've always said, the person who can deliver the order will win this whole market because it is a very frustrating experience to not receive your furniture on time and damage-free, and it's very difficult to do. So I'm thrilled with our progress, but truth is, there's still a lot more to do to hit that perfect order.

事實上，很多人也運送服裝和地板商品。能夠很好且有效率地運送家具的人並不多。這不僅是我們巨大的利潤驅動因素，而且我們做得很好。這對於客戶服務也非常有好處。我一直說，能夠交付訂單的人將贏得整個市場，因為無法按時且完好無損地收到您的家具是一種非常令人沮喪的經歷，而且很難做到。因此，我對我們的進步感到興奮，但事實是，要達到完美的秩序，還有很多工作要做。

That's really helpful color. And then my follow-up question is just on the incentive compensation margin headwind this quarter. Was part of that accrual associated with the out-of-period adjustment or is it for the underlying results? And how should we think about incentive compensation year-over-year for the balance of the year based on your guidance?

這真是有用的顏色。然後我的後續問題只是關於本季激勵薪資利潤率的逆風。應計費用的一部分是與期外調整相關還是與基本結果相關？根據您的指導，我們應該如何考慮今年剩餘時間的逐年激勵薪酬？

Great question, Seth. So the incentive compensation did not include any benefit from the out-of-period adjustment. It was simply our beat in Q1 versus our budget, so we had to take up the accrual. And any additional results from incentive compensation are essentially embedded in our guidance.

好問題，賽斯。因此激勵薪酬不包含期外調整所帶來的利益。這只是我們在第一季與預算之間的差距，因此我們必須承擔應計費用。激勵性薪酬的任何額外結果基本上都包含在我們的指導中。

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

你的下一個問題來自 Max Rakhlenko 和 TD Cowen 的對話。

Congrats on the nice results. So first, can you speak to your level of confidence in Williams-Sonoma's ability to regain lost market share on the upswing? And if peers do remain promotional even when demand improves, how will that impact your own strategy as it could make regaining some of that market share tougher?

恭喜取得好成績。首先，您能否談談您對威廉斯-索諾瑪在經濟成長過程中重新奪回失去的市場份額的信心程度？如果即使需求改善，同行仍繼續促銷，這將如何影響您自己的策略，因為這可能會使重新獲得部分市場份額變得更加困難？

No, Max, as you know, this is such a fractured market. And there's not really anybody who owns very much share that hasn't moved that much. But the thing that I'm very confident about is the amount that's still done in retail stores, mom-and-pops versus online. And it's going to be very hard for people to scale online like we have already. And so that is the big key competitive moat that we have as we look to the future, because I know that it won't be such a low number that is transacted online in the future. When that happens, it's coming to us. So I worry less about some of these other things that people bring up.

不，麥克斯，如你所知，這是一個支離破碎的市場。事實上，沒有任何擁有大量股份的人沒有發生過如此大的變動。但我非常有信心的是，零售店、夫妻店和網路上的銷售量仍然很大。人們將很難像我們一樣在網路上擴展。因此，這是我們展望未來的重要競爭護城河，因為我知道未來線上交易的數量不會這麼低。當這種情況發生時，它就會降臨到我們身上。所以我不太擔心人們提出的其他一些事情。

And I also know that there's no one who's really designing their own product from soups to nuts like we do in a lifestyle format, which is the other huge advantage that we have. And that gives us pricing power. It's not that we're trying to overprice things, in fact, our value is fantastic. And in each of our brands, you can look at some of the new bestsellers and the price is so sharp because the competitive set has nothing like it or it's only done in the highest end designer markets.

我還知道，沒有人像我們一樣以生活方式的形式真正設計自己的產品，從湯到堅果，這是我們擁有的另一個巨大優勢。這給了我們定價權。這並不是說我們試圖定價過高，事實上，我們的價值非常高。在我們的每個品牌中，您都可以看到一些新的暢銷產品，價格非常昂貴，因為競爭產品中沒有類似的產品，或只在最高端的設計師市場中使用。

So without going through our competitive bestsellers with everybody on the call, including our competition, I will tell you that the things that are really working, you cannot find a similar product in the market anywhere close to our prices. So I don't worry as much about the up-down pricing because I think our consumers -- especially our consumer is extremely smart. They shop around, and they know what they're getting and they also know the quality differential.

因此，如果沒有與來電的每個人（包括我們的競爭對手）一起瀏覽我們的競爭暢銷產品，我會告訴您，真正有效的東西，您在市場上找不到任何接近我們價格的類似產品。所以我不太擔心價格的上下浮動，因為我認為我們的消費者——尤其是我們的消費者非常聰明。他們貨比三家，他們知道自己得到什麼，也知道品質差異。

I would also just add in that we compete not just on price, we compete on quality as well. But even more importantly, we compete on service. And these investments we're making in service really resonate with the customer and help with customer retention and are as strong a driver of our customers' purchase decisions as price is.

我還想補充一點，我們不僅在價格上競爭，而且在品質上競爭。但更重要的是，我們在服務上競爭。我們在服務方面所做的這些投資確實引起了客戶的共鳴，有助於保留客戶，並且與價格一樣有力地推動了客戶的購買決策。

Got it. That's super helpful. And then just a quick follow-up, but any color on quarter-to-date, how has May gone for you guys? Is it more of the same with stability? Or are you potentially seeing any further improvement?

知道了。這非常有幫助。然後是一個快速的後續行動，但到目前為止的任何顏色，你們五月過得怎麼樣？穩定性更相似嗎？或者您是否有可能看到任何進一步的改進？

Yes. So quarter-to-date, difference than last quarter, we're only like 3 weeks in. So when we gave Q4, we had 6 weeks, and we were more confident talking about it. And our big weeks are ahead of us. So we're still very confident in our guidance, but I wouldn't read too much into the first 3 weeks, which is why I don't want to comment on it.

是的。因此，從季度至今，與上季度相比，我們只花了 3 週的時間。我們重要的幾週即將到來。所以我們對我們的指導仍然非常有信心，但我不會對前三週進行太多解讀，這就是為什麼我不想對此發表評論。

Your next question comes from the line of Brian Nagel with Oppenheimer.

你的下一個問題來自布萊恩·內格爾和奧本海默的對話。

Congrats on another really nice quarter. Very nicely done. So the question I have -- look, I think it's -- I'll move it to one question, but maybe bigger picture. So here, we're watching your model unfold here. I mean, sales, top line trends, are -- you're still soft, maybe getting better but still soft, but you continue to have these operating margin increases.

恭喜又一個非常美好的季度。做得非常好。所以我的問題——看，我想是——我會把它轉移到一個問題上，但也許是更大的問題。所以在這裡，我們正在觀察您的模型在這裡展開。我的意思是，銷售、營收趨勢仍然疲軟，也許會變得更好，但仍然疲軟，但營業利潤率持續增加。

So I guess the question I have here is, as you look out recognizing you don't know for certain when -- at what point the top line trends will renormalize, get back to the normalized growth rates for your company, your brands, but is there any reason to believe that you -- as that happens, you wouldn't continue to get a significant leverage through that P&L?

所以我想我這裡的問題是，當你意識到你不知道什麼時候——在什麼時候，頂線趨勢將重新正常化，回到你的公司、你的品牌的正常化增長率，但是否有任何理由相信，當這種情況發生時，您不會繼續透過損益表獲得重大影響力？

I understand the question, Brian. Thanks for asking it. I wish it was easy to say that for every 100 basis points of comp, x basis points would drop to the bottom line. Certainly, my Monday morning meetings would go a lot easier. But it's just not that way, there's a lot of different levers in the business. And time will tell, which is why our long-term guidance is mid- to high-teens operating margins, and we still feel comfortable in that range.

我明白這個問題，布萊恩。謝謝你的提問。我希望可以很容易地說，對於每 100 個基點的比較，x 個基點將下降到底線。當然，我周一早上的會議會輕鬆得多。但事實並非如此，業務中有很多不同的槓桿。時間會證明一切，這就是為什麼我們的長期指導是中高雙位數的營業利潤率，而且我們仍然對這個範圍感到滿意。

Okay. So -- I appreciate that, Jeff. Maybe I will slip in one more question, just broader sector-wise. Again, you've done a nice -- very nice job managing your promotions. What are you seeing promotionally out there that you're competing with, so to say? Is it still aggressive? Is it getting more aggressive? Any change on that?

好的。所以——我很感激，傑夫。也許我會再提出一個問題，只是更廣泛的部門問題。再說一遍，您在促銷管理方面做得非常出色。可以這麼說，您在促銷活動中看到了什麼與您競爭的內容？它仍然具有攻擊性嗎？是不是變得越來越激進了？對此有何改變？

Yes, it's very aggressive. I looked -- when we look across the board, you can see that a lot of the specialty smaller brands are 20% off the whole site, just take a browse through the names. And I'm talking everything. And then some of the bigger specialties have 20% off the whole category, not just things that are still moving, but the whole category.

是的，它非常具有侵略性。我看了一下——當我們全面查看時，你會發現很多專業的小品牌在整個網站上都有 20% 的折扣，只需瀏覽一下名稱即可。我正在談論一切。然後一些較大的專業產品整個類別有 20% 的折扣，不僅僅是仍在移動的東西，而是整個類別。

People are playing with shipping. They're playing with double rewards. They have e-mail offers in the department stores that are 25% off if you give me your e-mail. So it is extremely aggressive out there and particularly in certain categories where that is the only thing people know how to do. And that's -- I don't -- that's the way it's been. I don't remember a time in my career that it hasn't been promotional. It is what it is. It doesn't appear to be getting less at all.

人們正在玩航運。他們正在玩雙倍獎勵。他們在百貨公司有電子郵件優惠，如果你給我你的電子郵件，可以享受 25% 的折扣。因此，它非常具有侵略性，特別是在某些類別中，這是人們唯一知道如何做的事情。我不這麼認為，事情就是這樣。在我的職業生涯中，我不記得沒有一次沒有得到過促銷。就是這樣。它似乎並沒有減少。

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

您的下一個問題來自 Oliver Wintermantel 和 Evercore ISI。

Yes. And I just want to get back to the long-term guidance and then the guide for this year on your mid to high teens long-term operating margin and then this year's guide of 17% to 17.4% without the adjustment. That sounds very, very consistent. Is that the messaging? Or how can you -- can you maybe explain how you think about your longer-term margin versus today's margin guide for the year?

是的。我只想回到長期指導，然後是今年關於中高青少年長期營業利潤率的指導，然後是今年 17% 至 17.4% 的指導（無需調整）。這聽起來非常非常一致。這就是訊息傳遞嗎？或者你能解釋一下你如何看待你的長期利潤率與今天的年度利潤率指南嗎？

Yes. When we think about our current operating margin guidance, our long term operating margin guidance, I think the key point is our operating margin is sustainable. That's been one of the questions if we think back over the past 18, 24 months, is where is the operating margin going? In 2023, we established a 15% operating margin floor. We delivered 16.4%. And this year, we started the guide at 16.5% to 16.8%. Now we're guiding 17% to 17.4% without the operating margin -- sorry, without the out-of-period adjustment.

是的。當我們考慮當前的營業利潤率指導和長期營業利潤率指導時，我認為關鍵點是我們的營業利潤率是可持續的。如果我們回顧過去 18、24 個月，問題之一就是營業利益率去哪了？ 2023 年，我們設定了 15% 的營業利益率下限。我們交付了 16.4%。今年，我們開始指導16.5%至16.8%。現在，我們的指導值為 17% 至 17.4%，不含營業利潤率——抱歉，不含期外調整。

But look, we are at a level that is sustainable. And I think that's the key message as we've structurally improved our margin. Margins for Williams-Sonoma, Inc. in the mid- to high teens is sustainable over the long term. And it's what is our guidance, and it's what we've been able to achieve.

但看，我們正處於可持續的水平。我認為這是關鍵訊息，因為我們從結構上提高了利潤率。從長遠來看，Williams-Sonoma, Inc. 的利潤率在十幾歲左右是可持續的。這就是我們的指導方針，也是我們能夠實現的目標。

Got it. And then just to follow up on inventories down 13%. Was that mostly dollars or units?

知道了。然後只是跟進庫存下降了13%。主要是美元還是單位？

Well, we report in dollars, in cost dollars. So it was a dollar metric. And overall, our message is our inventories are well positioned to support our business trends.

嗯，我們以美元、成本美元來報告。所以這是一個美元指標。總的來說，我們的訊息是我們的庫存能夠很好地支持我們的業務趨勢。

Your final question comes from the line of Simeon Gutman with Morgan Stanley.

你的最後一個問題來自西蒙·古特曼與摩根士丹利的對話。

My first question, it's back on gross margin. So you are lapping some supply chain savings. This quarter, you still had a significant gain in the merch margin? And just to clarify, there aren't supply chain or shipping in there. And what drove the merch margin? And if it is the fewer promos, why shouldn't that level hold and we see merch margin gains continue throughout 2024?

我的第一個問題是毛利率。因此，您正在節省一些供應鏈成本。本季，你們的商品利潤率仍有大幅成長嗎？需要澄清的是，那裡沒有供應鏈或運輸。是什麼推動了商品利潤？如果是促銷活動減少了，為什麼這個水準不能保持不變，而且我們看到商品利潤率在 2024 年持續成長？

Simeon. So let's think about this. In Q1 of this year, we lapped 300 basis points of supply chain headwinds from last year. So there's about 380 basis points between that and the 680 that we reported, excluding the out-of-period adjustment. So it was not just merchandise margins, there were some that were merchandise margins and there were some that were supply chain efficiency.

西蒙.那麼讓我們考慮一下這個問題。今年第一季度，我們比去年克服了 300 個基點的供應鏈逆風。因此，這與我們報告的 680 個基點之間大約有 380 個基點，不包括期外調整。因此，這不僅僅是商品利潤率，還有一些是商品利潤率，還有一些是供應鏈效率。

Certainly, in the merchandise margins, we did benefit from lower ocean freight year-over-year. But there is also merchandise margins -- in there is also full price selling. We did continue to reduce promotions versus last year in the quarter. And while there's still some that we can reduce later on, we're starting to lap our efforts last year.

當然，在商品利潤方面，我們確實受益於海運費的年減。但也有商品利潤──也有全價銷售。本季我們確實繼續減少了去年的促銷活動。雖然我們以後還可以減少一些，但我們去年的努力已經開始失效了。

And in supply chain efficiencies, the other piece in here is we started -- we over delivered there, but we also started to lap that improvement year-over-year as we progressed through the year. So there's diminishing margin returns here. But look, we feel great about our results. We're starting to lap harder compares in the bottom line, but it's early in the year, and there's a lot of uncertainty.

在供應鏈效率方面，這裡的另一部分是我們開始的——我們超額交付了，但隨著我們在這一年的進展，我們也開始逐年改善。因此，這裡的利潤報酬率正在遞減。但看，我們對我們的結果感覺很好。我們開始在獲利方面更加努力，但現在還處於今年年初，存在著許多不確定性。

And then just a follow-up to that. The IMUs or the markups in some of the newness, if that over-indexes, is that a good guide to gross margin or about the same?

然後是後續行動。 IMU 或某些新產品的加價，如果指數過高，這是毛利率的良好指南還是大致相同？

It's probably about the same. And there's puts and takes between gross margin and SG&A. But it goes back to how we give our guidance. We guide the top and the bottom line. We're guiding that the next 3 quarters will be essentially flat year-over-year and that there are levers we can pull within there to drive results.

大概也差不多吧。毛利率和銷售管理費用之間存在差異。但這可以追溯到我們如何提供指導。我們引導頂線和底線。我們預計未來三個季度的業績將基本與去年同期持平，我們可以利用一些槓桿來推動業績。

And the newness doesn't come in higher margins than something we've been running. Actually, when we rebuy a new product, we're able to often renegotiate their costs because we're buying more on those efficiencies in the supply chain when we buy more. So that would come a little bit later as we increase the orders.

而且新產品的利潤率並不比我們一直在經營的產品高。實際上，當我們重新購買新產品時，我們通常能夠重新協商其成本，因為當我們購買更多產品時，我們會根據供應鏈的效率購買更多產品。因此，當我們增加訂單時，這會晚一點出現。

And I will just say another component that is in our numbers is the reduction in costs across the board from our vendors, our vendor partners and really focusing on our efforts to be more accurate on our inventory buys so they can be more efficient in their factories. So that's also been a component of what's been going on and one that should be stable through the back half of the year.

我只想說，我們數字中的另一個組成部分是我們的供應商、供應商合作夥伴全面降低成本，並真正專注於我們努力更準確地採購庫存，以便他們在工廠中提高效率。因此，這也是正在發生的事情的一個組成部分，並且應該在今年下半年保持穩定。

Thank you. Well, thanks to all of you for joining us. And I hope you have a wonderful summer, and we look forward to talking to you in the fall. Take care.

謝謝。好的，感謝大家加入我們。我希望您度過一個美好的夏天，我們期待在秋天與您交談。小心。

This concludes today's conference. We thank you for joining. You may now disconnect your lines.

今天的會議到此結束。我們感謝您的加入。現在您可以斷開線路。