Williams-Sonoma Inc (WSM) 2024 Q2 法說會逐字稿

Welcome to the Williams-Sonoma, Inc. second-quarter 2024 earnings conference call.

歡迎參加 Williams-Sonoma, Inc. 2024 年第二季財報電話會議。

(Operator Instructions) I would now like to turn the call over to Jeremy Brooks, Chief Accounting Officer and Head of Investor relations.

（操作員指示）現在，我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)。

Please go ahead.

請繼續。

Good morning and thank you for joining our second quarter earnings call.

早安，感謝您參加我們的第二季財報電話會議。

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 revised guidance for fiscal '24 and our long-term outlook.

在我們開始之前，我想提醒您，在本次電話會議中，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 財年的修訂指引和我們的長期展望。

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.

我們相信這些聲明反映了我們的最佳估計，但是，我們無法保證這些聲明將會實現，實際結果可能與我們的預期有很大差異。

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.

本公司不承擔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的義務。

Additionally, we will refer to certain non-GAAP financial measures.

此外，我們也將參考某些非公認會計準則財務指標。

These measures should not be considered replacements for and should be read together with our GAAP results.

這些措施不應被視為替代，而應與我們的 GAAP 結果一起閱讀。

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.

我們今天早上發布的新聞稿中的附件 1 詳細列出了非 GAAP 指標與最直接可比較的 GAAP 指標的對帳。

This call should also be considered in conjunction with our filings with the SEC.

我們也應結合我們向美國證券交易委員會提交的文件來考慮這項呼籲。

Finally, a replay of this call will be available on our Investor Relations website.

最後，本次電話會議的重播將在我們的投資者關係網站上提供。

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.

謝謝你，傑瑞米。

Good morning, everyone, and thank you for joining the call.

大家早安，感謝大家參加電話會議。

Before we review our Q2 results, I want to take a minute to recognize our team for their continued contributions.

在回顧第二季業績之前，我想花一點時間來感謝我們團隊的持續貢獻。

We recently held our General Managers Conference in Arizona.

我們最近在亞利桑那州召開了總經理會議。

It was our first leadership conference since the pandemic, and all of us have been inspired by the level of passion, dedication, and talent of our store management and field teams.

這是疫情爆發以來我們的第一次領導力會議，我們所有人都被門市管理和現場團隊的熱情、奉獻精神和才華所鼓舞。

Today, we are reporting strong results for the second quarter of 2024, which were driven by our Q2 improved top line trends, market share gains, and continued delivery on our commitment to profitability.

今天，我們報告了 2024 年第二季度的強勁業績，這得益於我們第二季度營收趨勢的改善、市場份額的增長以及我們對盈利承諾的持續履行。

In Q2, our comps came in at negative 3.3%, and we exceeded profitability estimates with an operating margin of 16.2%, and earnings per share of $1.74, reflecting the 2-for-1 stock split we completed in July.

在第二季度，我們的同店銷售額為負 3.3%，但我們的營業利潤率達到了 16.2%，每股收益為 1.74 美元，超出了盈利預期，這反映了我們 7 月份完成的二拆一股票分割。

We are pleased with our strong operating results and the operational improvements that produced these results.

我們對強勁的經營業績以及產生這些業績的營運改善感到非常滿意。

We continue to demonstrate the strength of our margin profile even in a difficult market.

即使在困難的市場環境下，我們仍持續展現出強勁的利潤率。

There is no doubt that the home furnishings market is challenged due to the uncertainty in the economy, coupled with slow housing.

毫無疑問，由於經濟的不確定性，加上房屋市場的低迷，家居市場面臨挑戰。

This leads us to believe that we may not see the back half acceleration that we expected despite all of the hard work we've done to improve our product offer and our customer experience.

這讓我們相信，儘管我們為改善產品供應和客戶體驗付出了很多努力，但我們可能仍無法看到預期的下半年加速。

Therefore, we believe it is prudent to reduce our top line outlook for the balance of the year while continuing to deliver on our commitment to profitability and, in fact, we are raising our bottom line guidance.

因此，我們認為，在繼續履行獲利承諾的同時，下調今年剩餘時間的營業收入預期是明智之舉，事實上，我們正​​在上調我們的獲利預期。

We are now expecting full year revenues to come in a range of down 4% to down 1.5%, but we are raising our guidance on operating margin to be in the range of 17.4% and to 17.8%.

我們目前預計全年營收將下降 4% 至 1.5%，但我們將營業利潤率預期上調至 17.4% 至 17.8% 之間。

Now let me review progress on our three key priorities that we outlined with you back in March.

現在，讓我回顧一下我們三月與您一起概述的三個主要優先事項的進展。

First, returning to growth; second, elevating our world-class customer service; and third, driving margin.

第一，恢復成長；第二，提升我們世界級的客戶服務；第三，驅動利潤。

I'll start with an update on returning to growth.

我首先介紹一下恢復成長的最新情況。

Our improved top line trends outperformed the industry decline in the second quarter, and we maintained our commitment to not offering site-wide promotions.

我們改善的營收趨勢超過了第二季的行業下滑趨勢，並且我們堅持不提供全站促銷的承諾。

A key element of our return to growth strategy is our focus on innovation in our product lines across brands, including substantially more newness across our assortments.

我們恢復成長策略的關鍵要素是注重跨品牌產品線的創新，包括大幅增加產品系列的新穎性。

And our unique in-house design capabilities and vertically integrated sourcing organization allows us to offer this high-quality design innovation at compelling price points.

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。

The next key component of our return to growth strategy is our commitment to improving our channel experiences.

我們恢復成長策略的下一個關鍵組成部分是我們致力於改善我們的通路體驗。

Our investment in our proprietary e-commerce technology serves as a competitive advantage versus our peers.

我們對專有電子商務技術的投資是我們相對於同業的競爭優勢。

From product discovery and selection to personalization, content, customer care, and the final mile, our team is constantly thinking about how to elevate and evolve our best-in-class e-commerce experience.

從產品發現和選擇到個人化、內容、客戶服務和最後一英里，我們的團隊不斷思考如何提升和發展我們一流的電子商務體驗。

In the quarter, we've been focused on expanding our online content and providing more inspiration in the shop app to drive conversion.

本季度，我們一直專注於擴展我們的線上內容並在商店應用程式中提供更多靈感以推動轉換。

And of course, we cannot forget our best-in-class retail business.

當然，我們不能忘記我們一流的零售業務。

We have continued to improve our in-store experience with integrational new products, improved in-stock inventory levels and next-level design services, including our new design tool that allows for 3D rendering.

我們不斷透過整合新產品、提高庫存水準和更高水準的設計服務（包括允許 3D 渲染的新設計工具）來改善我們的店內體驗。

As our team's reminded us at our general managers conference this year, we really do have the best team in retail.

正如我們的團隊在今年的總經理會議上提醒我們的那樣，我們確實擁有零售業最好的團隊。

And our retail optimization efforts continue transforming our store fleet to be positioned in the most profitable, inspiring and strategic locations.

我們的零售優化工作將繼續改變我們的門市組合，使其定位在最有利可圖、最鼓舞人心和最具戰略意義的位置。

Now let's talk through progress on our second and third key priority, which goes hand in hand.

現在讓我們來談談我們的第二個和第三個關鍵優先事項的進展情況，它們是相輔相成的。

We continue to make progress improving our world-class customer service and driving margins, contributing significantly to the operating margin we reported today.

我們繼續取得進展，改善我們世界一流的客戶服務並提高利潤率，為我們今天報告的營業利潤率做出了重大貢獻。

One of the foundational principles upon which this company is built is that the customer is at the center of everything we do, and their satisfaction is key to our operating performance.

該公司建立的基本原則之一是，客戶是我們所做的一切的中心，他們的滿意度是我們營運表現的關鍵。

Without our customers, truly nothing else matters.

如果沒有我們的客戶，其他一切都不重要。

And in Q2, we continued to make meaningful improvements in our customer service metrics.

在第二季度，我們繼續在客戶服務指標方面取得顯著進步。

The supply chain team continues to reduce costs by eliminating out-of-market and then multiple shipments, fewer customer accommodations, lower returns and damages and reduced replacement.

供應鏈團隊透過消除市場外發貨和多次發貨、減少客戶住宿、降低退貨和損壞以及減少更換來繼續降低成本。

And our ongoing commitment to not running site-wise promotions and the reduction of our promotional offerings have improved margins.

我們一直致力於不進行網站促銷，並減少促銷產品，這提高了利潤率。

We are focused on delivering a compelling value equation to our customers, which in turn maximizes our full price selling.

我們專注於向客戶提供引人注目的價值等式，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.

現在我想向大家介紹一下我們品牌的表現。

Pottery Barn ran a negative 7.1% comp in Q2.

Pottery Barn 在第二季的年銷售額下降了 7.1%。

Improvements in trends were driven by our compelling product assortments in coastal decorating and entertaining and seasonal holidays.

趨勢的改善是由我們在沿海裝飾和娛樂以及季節性假期中引人注目的產品組合所推動的。

We saw success in our new summer furniture launches and are optimistic about our fall furniture newness with a focus on proprietary finishes and design.

我們的新夏季家具發布取得了成功，我們對專注於專有飾面和設計的秋季家具新品持樂觀態度。

Looking ahead to the back half, we have a strong holiday lineup that is off to a great start.

展望下半年，我們擁有強大的假期陣容，開局良好。

There is no one else like us in the market with the incredible assortment of seasonal decorating for Halloween, Thanksgiving, Christmas, and Hanukkah, and we are building on successful new programs that we have launched.

市場上沒有其他公司像我們一樣，為萬聖節、感恩節、聖誕節和光明節提供種類繁多的季節性裝飾品，而且我們正在基於已推出的成功新項目進行進一步的開發。

The Pottery Barn children's business ran a positive 1.5% comp in Q2, a continuation of our positive comp trend in the first quarter of the year.

Pottery Barn 兒童業務第二季年增 1.5%，延續了今年第一季的正向成長趨勢。

Innovation across our product offering and improvement in the shopping experience have been key to delivering this growth.

我們產品的創新和購物體驗的改善是實現這一成長的關鍵。

And these life stage brands back-to-school was a highlight, with dorm driving double-digit growth.

這些人生階段品牌的返校季是一大亮點，宿舍推動了兩位數的成長。

In this space, we continue to attract new customers with our market-leading design, excellent quality, and sustainability promise.

在這個領域，我們憑藉著市場領先的設計、卓越的品質和永續發展的承諾不斷吸引新客戶。

We have bolstered the shopping experience with a suite of digital shopping tools and expanded in-store services, including free dorm design services and convenient shipping options to any of our stores near campuses.

我們透過一系列數位購物工具和擴展的店內服務增強了購物體驗，包括免費的宿舍設計服務和方便的送貨到校園附近的任何一家商店的選擇。

Product collaborations also continue to drive sales with existing and new customers.

產品合作也持續推動現有和新客戶的銷售。

We're especially pleased with our recent collaboration with Roller Rabbit, and we are seeing continued success with LoveShackFancy.

我們對最近與 Roller Rabbit 的合作感到特別高興，我們也期待與 LoveShackFancy 的合作繼續取得成功。

Now let's review West Elm, which we had a negative 4.8% comp in Q2.

現在讓我們來回顧一下 West Elm，其第二季的年比銷售額為負 4.8%。

The brand continues to see success in new product introductions with both summer and fall newness driving double-digit positive comp to last year.

該品牌在新產品推出方面繼續取得成功，夏季和秋季新品的銷量與去年相比均實現了兩位數的正增長。

And this month, we are thrilled to drop our first catalog in the brand since holiday 2021.

本月，我們很高興推出自 2021 年假期以來品牌的第一本目錄。

Additionally, West Elm launched a very exciting second collaboration with a fashion brand, RHODE, following a successful debut last year.

此外，繼去年成功首次亮相後，West Elm 與時尚品牌 RHODE 進行了令人興奮的第二次合作。

This new collection features 120 pieces, including a relaunch of past favorites combined with new textiles, tabletop, lighting, decorative accessories, bath rugs, and a collection of items designed for college dorms.

該新系列包含 120 件作品，包括重新推出的過去熱銷產品以及新紡織品、桌面、燈具、裝飾配件、浴墊，以及專為大學宿舍設計的物品系列。

This collaboration is on track to do more than double the initial launch last year.

此次合作可望實現比去年首次推出時多一倍以上的規模。

Given the positive trends in newness and exciting collaborations in the pipeline, we have a sizable opportunity in West Elm as it rebalances more inventory into these new products.

鑑於新產品的積極趨勢和正在進行的令人興奮的合作，我們在 West Elm 擁有巨大的機會，因為它將更多的庫存重新平衡到這些新產品中。

The Williams-Sonoma brand ran a negative 0.8% comp in Q2.

Williams-Sonoma 品牌第二季的年銷售額下降了 0.8%。

In the quarter, we benefited from the performance of our new and exclusive products, offset by some tough compares in electric.

本季度，我們受益於新產品和獨家產品的出色表現，但抵消了電動車領域一些艱難競爭的影響。

Sales from summer newness were up double digits to last year, and we're seeing strength in new and premium products found only at Williams-Sonoma.

與去年相比，夏季新品的銷售量成長了兩位數，而且我們看到只有在 Williams-Sonoma 才能找到的新品和優質產品的強勁表現。

The strategy to offer our customers quality product they can't find anywhere else is working, and we are excited about our robust second half lineup of in-house design products and exclusive.

向客戶提供他們在其他任何地方都找不到的優質產品的策略正在發揮作用，我們對下半年強大的內部設計產品和獨家產品陣容感到非常興奮。

The Williams-Sonoma brand remains focused on delivering immersive culinary experiences in-store, online, and at key events across the country.

Williams-Sonoma 品牌繼續專注於在店內、線上以及全國各地的重要活動中提供沉浸式的烹飪體驗。

In store, we've inspired thousands of customers through our Sunday Skill series and demos teaching customers from how to sous vide to how to make ice cream.

在店內，我們透過週日技能係列和演示啟發了數千名顧客，向顧客傳授從真空低溫烹調法到如何製作冰淇淋等各種技巧。

Our tools for change campaign supporting No Kid Hungry celebrated its 10th anniversary this July.

今年 7 月，我們支持「不讓孩子挨餓」的變革工具運動迎來了 10 週年。

To date, we're proud to have raised over $16 million to help No Kid Hungry and end childhood hunger in America.

到目前為止，我們很榮幸能夠籌集超過 1600 萬美元，用於幫助「No Kid Hungry」組織並消除美國兒童飢餓問題。

We're grateful to all the chefs and celebrities that have contributed designs to our specials over the years.

我們感謝多年來為我們的特色菜貢獻設計的所有廚師和名人。

As we look to the second half, we will continue inspiring our customers to cook, toast, and entertain for the holidays.

展望下半年，我們將繼續鼓勵顧客在節慶期間烹飪、敬酒和娛樂。

This fall, the brand will launch the Art of Entertaining, where customers can benefit from expert advice on everything from setting a table to hosting a dinner party to floral arranging techniques and to napkin-folding tricks.

今年秋天，該品牌將推出“娛樂藝術”，顧客可以獲得各方面的專家建議，從擺桌子到舉辦晚宴，從插花技巧到餐巾折疊技巧。

We believe this focus on holidays and celebrations will not just drive volume in key categories, but also cement the brand as the ultimate celebration destination in retail for new and existing customers.

我們相信，對節日和慶祝活動的關注不僅會推動主要類別的銷量，而且還會鞏固該品牌作為新舊客戶零售業的終極慶祝活動目的地的地位。

And lastly, we're excited by the momentum of our Williams-Sonoma Home business, which ran a slight positive comp in Q2.

最後，我們對 Williams-Sonoma Home 業務的發展勢頭感到非常興奮，該業務在第二季度取得了小幅積極的成長。

Now I'd like to update you on our other initiatives.

現在我想向大家介紹一下我們其他的舉措。

Business to business continued its momentum in Q2, growing 11.5%, with record quarterly contract volume growing 21.6% while trade grew 7.1%.

企業對企業業務在第二季度持續保持成長勢頭，成長 11.5%，季度合約量創紀錄增長 21.6%，貿易額增長 7.1%。

The hospitality space remains strong with notable wins at the Sheraton Boston, the Hilton Beverly Hills, Renaissance, Las Vegas, and Under Canvas for the Yosemite location.

酒店業依然表現強勁，波士頓喜來登酒店、貝弗利山希爾頓酒店、拉斯維加斯萬麗酒店和優勝美地 Under Canvas 酒店均取得了顯著成績。

We have launched a new brand standard program with IHG's Hotel Indigo brand being named the preferred vendor for lighting and upholstery categories.

我們推出了一項新的品牌標準計劃，洲際酒店集團旗下的英迪格酒店 (Hotel Indigo) 品牌被指定為照明和室內裝飾類別的首選供應商。

We're also seeing strong momentum in the multifamily space, including growing partnerships with Korman Communities and the Discovery Land Company, and we are thrilled to partner with St. Jude to develop custom beds and nightstands for their ranch for children project in Nevada.

我們也看到多戶型住宅領域發展勢頭強勁，包括與 Korman Communities 和 Discovery Land Company 日益增長的合作夥伴關係，而且我們很高興與 St. Jude 合作，為他們位於內華達州的兒童牧場項目開發定制床和床頭櫃。

Now I'd like to talk about our global business.

現在我想談談我們的全球業務。

While we continue to navigate global macroeconomic pressures, our strategic initiatives are delivering positive results across key strategic markets, including India, Canada, and Mexico.

在我們持續應對全球宏觀經濟壓力的同時，我們的策略性舉措正在印度、加拿大和墨西哥等關鍵戰略市場取得積極成果。

The Canadian market continues to show strength, driven by growth from enhanced design services, emerging brands and omnichannel services.

在增強的設計服務、新興品牌和全通路服務的成長推動下，加拿大市場持續展現強勁勢頭。

In Mexico, we are optimistic about our brand's performance in the market, with strength driven by all brands, with the most significant contribution coming from PB Kids.

在墨西哥，我們對我們的品牌在市場上的表現感到樂觀，所有品牌都表現出色，其中最重要的貢獻來自 PB Kids。

We'll be opening two new stores by the end of the year and three more set to open in early 2025.

我們將在今年年底前開設兩家新店，另外三家將於 2025 年初開設。

And finally, India remains a key area of growth for us.

最後，印度仍然是我們的關鍵成長地區。

We're excited to expand the West Elm brand with two additional locations in new markets by the end of the year.

我們很高興能夠在今年年底前在新的市場新增兩家門市，以擴大 West Elm 品牌的影響力。

Overall, our assortment, market and service strategies are the differentiators for continued growth in our global markets.

整體而言，我們的產品組合、市場和服務策略是我們在全球市場持續成長的差異化因素。

Lastly, I'd like to update you on our emerging brands.

最後，我想向大家介紹我們的新興品牌。

Rejuvenation delivered another double-digit quarter.

復興計劃再次取得了兩位數的季度業績。

We're very optimistic about Rejuvenation's performance with four consecutive quarters of positive comps.

我們對 Rejuvenation 的表現非常樂觀，該公司連續四個季度取得了積極的業績。

Their unwavering focus on delivering the highest quality products has allowed them to gain market share.

他們始終專注於提供最高品質的產品，這使他們贏得了市場份額。

The trend of home updates, particularly in kitchens and bathrooms, continues with notable growth in cabinets and bath hardware and lighting.

家居更新的趨勢（尤其是廚房和浴室的更新）持續存在，櫥櫃、浴室五金和照明設備的價格顯著增長。

Additionally, our growth categories, including window hardware, textiles, home furnishings, and organization solutions also performed well, providing our customers with the perfect finishing touches to complete their spaces.

此外，我們的成長類別，包括窗戶五金、紡織品、家居用品和組織解決方案也表現良好，為我們的客戶提供了完美的裝飾以完善他們的空間。

Mark and Graham, our monogram gifting business, also drove a high double-digit growth in Q2.

我們的字母組合禮品業務 Mark and Graham 在第二季度也實現了兩位數的高成長。

They saw success with our coastal and beach products for the homes and on-the-go and had strong gifting sales in golf and personalized games.

他們看到我們的家庭和旅途用沿海和沙灘產品取得了成功，並且在高爾夫和個性化遊戲方面的禮品銷售強勁。

They've recently launched the Monogram Wedding Shop as well as Mark and Graham Kids, which will be an exciting incremental growth strategy for the brand.

他們最近推出了 Monogram Wedding Shop 以及 Mark and Graham Kids，這將是該品牌令人興奮的漸進式成長策略。

And finally, GreenRow, our newest brand, continues to grow and expand its affirmant of vintage-inspired colorful furnishings that are sustainably sourced and designed to last.

最後，我們最新的品牌 GreenRow 將繼續發展壯大，推出採用復古風格、色彩鮮豔的家具，這些家具均採用永續材料製作，經久耐用。

This month, GreenRow launched a new collection of thoughtfully made products, over 150 new items and a new catalog.

本月，GreenRow 推出了精心製作的新系列產品，包括 150 多種新商品和一份新目錄。

The brand continues to innovate and create unique and differentiated products that fill a void in the market.

品牌不斷創新，創造出獨特、差異化的產品，填補市場空白。

We look forward to continued growth and exciting new products and partnerships in the coming months for GreenRow.

我們期待 GreenRow 在未來幾個月繼續發展並推出令人興奮的新產品和新合作夥伴關係。

In summary, we are pleased with our strong operating results.

總而言之，我們對強勁的經營業績感到滿意。

Our revised outlook today reflects our prudent view of the top line and the confidence we have in our profitability profile.

我們今天修改後的展望反映了我們對營收的審慎看法以及對獲利狀況的信心。

Despite the macro uncertainty, we remain focused on our key priorities for 2024 that are driving the results we announced today.

儘管存在宏觀不確定性，但我們仍然專注於 2024 年的關鍵優先事項，這將推動我們今天宣布的業績。

During the last few years, we, as a company, have navigated, learned, optimized, and built all in preparation for our next chapter of growth.

在過去的幾年裡，作為一家公司，我們進行了探索、學習、優化和建設，為下一章的成長做好了準備。

We have a strong omnichannel platform with an exclusive lifestyle offering and a sophisticated distribution network with additional capacity.

我們擁有強大的全通路平台，提供獨特的生活風格產品，以及具有額外容量的複雜分銷網絡。

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，我將讓傑夫向您更詳細地介紹這些數字和我們的展望。

Thank you, Laura, and good morning, everyone.

謝謝你，蘿拉，大家早安。

We're pleased to deliver another quarter of strong results, highlighted by our Q2 improved top line trends, market share gains, and earnings that continue to exceed expectations.

我們很高興再次取得強勁的季度業績，其中最突出的是第二季度營收趨勢改善、市場份額增加以及收益繼續超出預期。

Laura touched on our three key priorities for fiscal year '24.

勞拉談到了我們 24 財年的三大主要優先事項。

One, returning to growth, fueled by product innovation and channel experience; two, elevating our world-class service, which produces both customer retention and expense savings; and three, driving earnings as we continue to deliver strong profitability.

一、重回成長，產品創新與通路體驗驅動；二是提升我們的世界級服務，既能留住客戶，又能節省開支；第三，持續推動獲利，實現強勁獲利。

These three priorities connect directly to the five key drivers underpinning our strong profitability in Q2.

這三個優先事項與我們第二季強勁獲利能力的五個關鍵驅動因素直接相關。

First, our e-commerce sales mix, with its higher operating margin sustaining at 66% of total revenues; second, our retail optimization strategy, delivering 3% less occupancy expense, inclusive of additional technology and supply chain investments; third, the pricing power of our in-house designed proprietary products, and our emphasis on full price selling, contributing to a 380-basis-point improvement in merchandise margins; fourth, our supply chain efficiency, from our relentless focus on customer service and operational excellence, producing 180 basis points improvement in selling margins; and fifth, our ability to control costs as we continue to manage variable employment costs materially in line with top line trends.

首先，我們的電子商務銷售組合，其營業利潤率較高，維持在總收入的66%左右；第二，我們的零售優化策略，包括額外的技術和供應鏈投資，將入住費用減少 3%；第三，我們內部設計的專有產品的定價能力以及我們對全價銷售的重視，有助於商品利潤率提高 380 個基點；第四，我們的供應鏈效率，得益於我們對客戶服務和卓越營運的不懈關注，銷售利潤率提高了 180 個基點；第五，我們控製成本的能力，因為我們繼續以實質上與營收趨勢一致的方式管理變動僱用成本。

Given our strong Q2 results, we're confident we'll continue to gain market share and deliver strong earnings even in this uncertain environment.

鑑於我們強勁的第二季業績，我們相信，即使在這種不確定的環境下，我們也將繼續獲得市場份額並實現強勁的利潤。

Now let's dive into the numbers.

現在讓我們深入研究一下這些數字。

I'll start with our Q2 results and then provide an update on guidance for '24.

我將從我們第二季的業績開始，然後提供 24 年的指引更新。

Net revenues finished at $1.79 billion, slightly below our expectations.

淨收入為 17.9 億美元，略低於我們的預期。

We gained market share as our comp of negative 3.3% outperformed the industry, which declined by approximately 10%.

我們的市佔率有所提升，因為我們的年銷售額下降了 3.3%，而行業平均銷售額下降了約 10%。

Importantly, we accomplished this even as we reduced our overall level of promotions in the quarter.

重要的是，即使我們本季減少了整體促銷水平，我們仍然實現了這一目標。

Our Q2 comps improved from Q1, reflective of better performance in furniture and continued growth in our non-furniture categories.

我們第二季的業績較第一季有所改善，反映出家具產品表現較好以及非家具類別產品的持續成長。

From a cadence perspective, our trends across the quarter were choppy and inconsistent, reflecting the uncertain macroeconomic backdrop.

從節奏的角度來看，我們整個季度的趨勢不穩定且不一致，反映了不確定的宏觀經濟背景。

Moving down to the income statement, gross margin came in at 46.2%, 550 basis points higher than last year, and substantially exceeding expectations.

從損益表來看，毛利率為46.2%，比去年高出550個基點，大幅超出預期。

There were three drivers to this 550-basis-point improvement, merchandise margins, supply chain efficiencies, and occupancy costs.

這 550 個基點的改善有三個驅動因素：商品利潤率、供應鏈效率和占用成本。

Let's start with merchandise margins, which improved 380 basis points.

我們先從商品利潤率開始，它提高了 380 個基點。

This improvement was driven by our ongoing commitment to full price selling, lower input costs, and the residual benefit from lower inbound freight as we lapped last year's pandemic-related ocean freight runoff.

這項改善得益於我們持續致力於全價銷售、降低投入成本，以及在克服去年疫情導致的海運貨運量下降所帶來的剩餘效益。

Next, supply chain efficiencies contributed 180 basis points.

其次，供應鏈效率貢獻了180個基點。

Our commitment to full price selling is smoothing out the peaks and troughs created by promotional activity.

我們致力於全價銷售，以消除促銷活動造成的高峰和低谷。

This is yielding improved customer service, reduced customer lead times and significant cost savings from more efficient operations.

這可以改善客戶服務，縮短客戶交貨時間，並透過更有效率的營運節省大量成本。

Key customer service metrics, including returns, accommodations, damages, replacements, out-of-market shipping, and multiple deliveries per order are all performing better than pre-pandemic levels.

關鍵的客戶服務指標，包括退貨、住宿、損壞、更換、市場外運輸以及每個訂單的多次配送，都表現得比疫情前的水平更好。

Moreover, we are seeing cost savings across the supply chain from more consistent operations, including warehouse, manufacturing and delivery expenses.

此外，透過更一致的運營，我們看到整個供應鏈的成本節省，包括倉庫、製造和運輸費用。

And finally, occupancy costs, which were down 3% from last year deleveraged 10 basis points.

最後，入住成本較去年同期下降了 3%，去槓桿率降低了 10 個基點。

We continue to optimize our retail fleet, while we invest in our world-class technology stack and our supply chain.

我們不斷優化我們的零售團隊，同時投資於我們世界一流的技術堆疊和供應鏈。

During the quarter, we began operating our new Arizona distribution center.

本季度，我們開始營運新的亞利桑那州配送中心。

This fully automated facility will replace an outdated distribution center, improve service time to our customers, and lower employment and shipping costs.

這個全自動設施將取代過時的配送中心，改善我們的客戶服務時間，並降低就業和運輸成本。

Included in our occupancy cost this quarter were the cost of running both the new and old buildings, which will continue for the balance of fiscal year '24.

本季的入住成本包括新舊建築的營運成本，這項成本將持續到 24 財年的剩餘時間。

Wrapping up gross margin, we delivered substantially higher gross margin this quarter.

總結毛利率，本季我們實現了大幅更高的毛利率。

Turning now to SG&A, which came in at 30% of revenues or 390 basis points higher than last year from higher employment expense and advertising spend.

現在談談銷售、一般及行政費用，由於僱用費用和廣告支出增加，銷售、一般及行政費用佔收入的 30%，比去年高出 390 個基點。

Employment expense was 200 basis points higher year-over-year, mostly from higher performance-based incentive compensation due to our strong EPS performance year to date.

僱用費用較上年同期增加了 200 個基點，主要由於我們今年迄今的每股盈餘表現強勁，導致基於績效的激勵薪酬增加。

In Q2, we continue to manage variable employment costs across our stores, distribution centers and customer care centers, materially in line with top line trends.

在第二季度，我們繼續管理商店、配送中心和客戶服務中心的變動僱用成本，基本上與營收趨勢一致。

Advertising expense deleveraged 150 basis points as we continue to invest into higher levels of advertising spend.

由於我們繼續向更高水準的廣告支出進行投資，廣告費用去槓桿率降低了 150 個基點。

Our multi-brand portfolio allows us to test the return of our incremental spend and our own hands-on keyboard approach allows our investment to go further and keeps our learnings in-house.

我們的多品牌組合使我們能夠測試增量支出的回報，而我們自己的實際操作鍵盤方法使我們的投資能夠走得更遠，並將我們的學習成果留在公司內部。

Our advertising model is a key competitive advantage in the home furnishings industry.

我們的廣告模式是家居裝飾產業的關鍵競爭優勢。

On the bottom line, our earnings once again exceeded expectations.

整體而言，我們的收益再次超出預期。

Operating income came in at $290 million, with operating margin at 16.2%, which was 160 basis points above last year.

營業收入為 2.9 億美元，營業利益率為 16.2%，比去年同期高出 160 個基點。

Diluted earnings per share was $1.74, up $0.18 or 12% year over year.

每股攤薄收益為 1.74 美元，較上年同期增加 0.18 美元，增幅 12%。

On the balance sheet, we ended the quarter with a cash balance of $1.3 billion, with no debt outstanding.

在資產負債表上，我們本季末的現金餘額為 13 億美元，沒有未償債務。

This was after we invested $31 million in capital expenditures supporting our long-term growth, and we returned $203 million to our shareholders through share repurchases and quarterly dividends.

這是在我們投資 3,100 萬美元用於支持長期成長的資本支出之後，我們透過股票回購和季度股息向股東返還了 2.03 億美元。

Merchandise inventories ended the quarter at $1.2 billion, down 4.1% to last year.

本季末商品庫存為 12 億美元，較去年同期下降 4.1%。

Our inventory levels are in line with our top line trends and are well positioned to support our business.

我們的庫存水準與我們的營收趨勢一致，並且能夠很好地支持我們的業務。

Summing up our Q2 results, we're proud to have delivered yet another quarter of earnings exceeding expectations.

總結我們的第二季業績，我們很自豪又一個季度的收益超出預期。

I'd like to thank our team at Williams-Sonoma, Inc., for delivering these great results.

我要感謝 Williams-Sonoma, Inc. 的團隊取得這些出色的成果。

Our recent General Managers' Conference reminded me how our talented, dedicated team is the best in retail and the key to our success.

我們最近的總經理會議讓我想起了我們才華橫溢、敬業的團隊是零售業的佼佼者，也是我們成功的關鍵。

Now let's turn to our '24 outlook. 2024 continues to be a challenging environment for home furnishings due to macroeconomic uncertainty in the slow housing market.

現在讓我們來展望一下24年。由於房地產市場低迷導致的宏觀經濟不確定性，2024 年家居裝飾產業環境仍將面臨挑戰。

This leads us to believe it's prudent to reduce our top line outlook for the balance of the year while raising our operating margin guidance as we continue to deliver on our commitment to profitability.

這讓我們相信，在我們繼續履行獲利承諾的同時，下調今年剩餘時間的營業收入預期並上調營業利潤率預期是明智之舉。

It's important to note that our lower sales outlook is offset by our raised operating margin, producing materially similar implied EPS guidance.

值得注意的是，我們較低的銷售前景被我們提高的營業利潤率所抵消，從而產生了實質上相似的隱含每股收益指引。

On the top line, we now expect full year '24 net revenues to be in the range of down 4% to down 1.5%, with comps between down 5.5% to down 3%.

就營收而言，我們目前預計 24 年全年淨收入將在下降 4% 至下降 1.5% 之間，而同店淨收入將在下降 5.5% 至下降 3% 之間。

Our updated guidance reflects the macroeconomic uncertainty, combined with our choppy and inconsistent trends.

我們更新後的指引反映了宏觀經濟的不確定性，以及我們的波動和不一致的趨勢。

With this backdrop in mind, we're providing an updated range of outcomes for our top line.

考慮到這一背景，我們為我們的營收提供了一系列更新的結果。

The midpoint of our guide reflects a continuation of the first half economic and consumer dynamics through the back half of '24.

我們的指南中點反映了24年上半年經濟和消費者動態的延續。

The high end of the guide implies some acceleration in industry trends coupled with increased traction of our growth initiatives.

該指南的高端意味著行業趨勢將有所加速，同時也意味著我們的成長計畫將更加有力。

The low end of our guide reflects the recognition that the macroeconomic environment may have a greater impact on our results in the back half of '24.

我們指南的低端反映了我們認識到宏觀經濟環境可能會對我們24年下半年的業績產生更大的影響。

On the bottom line, we are raising our full year operating margin guidance 40 basis points based upon our Q2 outperformance.

最重要的是，根據我們第二季的優異表現，我們將全年營業利潤率預期上調 40 個基點。

We continue to anticipate our operating margins in the back half will be materially in line with 2023 results.

我們繼續預計下半年的營業利潤率將與 2023 年的業績基本一致。

With a 40-basis-point increase, we are raising our full year '24 operating margin to a range of 18.0% to 18.4%, which includes a 60-basis-point benefit from the full year impact from the Q1 out-of-period adjustment.

透過增加 40 個基點，我們將 24 年全年營業利潤率提升至 18.0% 至 18.4% 之間，其中包括第一季期外調整對全年影響帶來的 60 個基點收益。

Without the Q1 out-of-period adjustment, our full year operating margin will now be in the range of 17.4% to 17.8%.

如果沒有第一季的期外調整，我們的全年營業利潤率現在將在 17.4% 至 17.8% 之間。

Additionally, we expect our full year interest income to be approximately $45 million and our full year effective tax rate to be approximately 25.5%.

此外，我們預計全年利息收入約為 4,500 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.

提醒一下，2024 年對於 Williams-Sonoma, Inc 來說是一個 53 週的年份，因此第四季度將包含 14 週。

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.

我們預計額外一週將為營收成長貢獻 150 個基點，為營業利潤率貢獻 10 個基點，這兩項指標均已包含在我們的預期中。

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.

我們將以 53 週與 53 週的可比較基礎報告比較情況，所有其他同比比較將以 53 週與 52 週為基礎。

Our capital allocation plans for '24 remain unchanged.

我們24年的資本配置計畫維持不變。

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 driving our e-commerce leadership and supply chain efficiency.

我們預計將花費 2.25 億美元的資本支出來投資業務的長期成長。其中 75% 的資本支出將用於推動我們的電子商務領導地位和供應鏈效率。

As was communicated quarterly, we're committed to returning excess cash to our shareholders through dividends and share repurchases.

正如季度溝通所言，我們致力於透過股利和股票回購向股東返還多餘的現金。

We will continue to pay our quarterly dividend of $0.57 per share and have $826 million remaining under our $1 billion share repurchase authorization.

我們將繼續支付每股 0.57 美元的季度股息，並且在我們的 10 億美元股票回購授權下剩餘 8.26 億美元。

We will continue to opportunistically repurchase our stock to deliver returns for our shareholders.

我們將繼續適時回購股票，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.

隨著我們展望24年後的未來，我們重申我們的長期指導方針，即營收實現中高個位數成長，營業利潤率達到中高十幾個百分點。

We're confident we'll continue to outperform our peers and deliver shareholder growth for these five reasons that remain consistent.

我們相信，憑藉上述五個始終如一的原因，我們將繼續超越同行，實現股東成長。

Our ability to gain market share in a 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.

我們在分散的家居裝飾行業中獲得市場份額的能力、我們內部專有設計的實力、我們數字優先但非僅限數字的渠道戰略的競爭優勢、我們增長計劃的持續實力以及我們堡壘資產負債表的彈性。

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

現在，我將開始回答大家的提問。

(Operator Instructions) Chuck Grom, Gordon Haskett.

(操作員指示) Chuck Grom、Gordon Haskett。

Hi.

你好。

Thanks.

謝謝。

Good morning.

早安.

I was hoping you guys could talk about the cadence of sales throughout the quarter across banners?

我希望你們能談談整個季度橫幅的銷售節奏？

And also, any early readings on back-to-school, back-to-college in recent weeks?

另外，最近幾週有什麼關於開學、開學的早期讀物嗎？

Hi Chuck, good morning.

嗨，查克，早安。

The cadence of sales for us isn't really a relevant indicator, and I always -- I know you all love to ask the question and also how this quarter is going.

對我們來說，銷售節奏並不是一個真正相關的指標，我總是——我知道你們都喜歡問這個問題，以及本季的進展如何。

But it doesn't really amount to much in terms of predicting where we're going to be.

但對於預測我們將會去往何方而言，這其實沒什麼用。

Remember, as we look to the back half, we have a big ramp in seasonal businesses.

請記住，展望下半年，我們的季節性業務將大幅成長。

And that is not -- so what's happening now is not the same as what could happen then.

但事實並非如此——所以現在發生的事情與當時可能發生的情況不同。

And back-to-school is a great example.

返校就是一個很好的例子。

Innovation is a key part of our strategy and especially in our life stage and seasonal holidays, where we're seeing great response, and back-to-school is no different.

創新是我們策略的關鍵部分，特別是在我們的生活階段和季節性假期，我們看到了巨大的反響，返校也不例外。

It's actually one of our highlights.

這實際上是我們的亮點之一。

We've really seen our initiatives, particularly in dorm, really gain traction, and we're really gaining share in the dorm market, serving the customer with very high-quality products.

我們確實看到我們的舉措，特別是在宿舍方面的舉措，確實獲得了關注，並且我們在宿舍市場的份額確實在增加，並為客戶提供高品質的產品。

It's significantly positive.

這具有顯著的正面意義。

We're chasing inventory.

我們正在追蹤庫存。

It's high margin, and it's driven by both the product in bedding also our minute meals solutions.

它的利潤很高，這是由床上用品和我們的分餐解決方案共同推動的。

Bath and flooring is also driven by our exclusive collaborations such as LoveShackFancy and Roller Rabbit, which has been fantastic for that demo.

浴室和地板也由我們的獨家合作夥伴推動，例如 LoveShackFancy 和 Roller Rabbit，這對於該演示來說非常棒。

And then our channel functionality, so for example, dorm functionality launched earlier on the site this year, which we think was really good for our customers to be able to consider what they would buy before they actually get into school, and we had a shareable dorm wish list, a bedding visualizer.

然後是我們的頻道功能，例如，宿舍功能於今年早些時候在網站上推出，我們認為這對我們的客戶來說非常好，使他們能夠在真正進入學校之前考慮他們要購買什麼，並且我們有一個可共享的宿舍願望清單，一個床上用品可視化工具。

And then retail, we've really pushed dorm at retail, both in our kids stores, our teen stores, and we did a small setup in our Pottery Barn stores to really help drive awareness to build that market share.

然後是零售，我們確實在零售中推動了宿舍化，無論是在我們的兒童商店，還是我們的青少年商店，我們都在 Pottery Barn 商店做了一個小規模的設置，以真正幫助提高知名度，從而建立市場份額。

We've also worked with partners and influencers to drive awareness and driving traffic off the Pottery Barn website to the dorm and back-to-school shop has been another critical part of what we're doing.

我們還與合作夥伴和有影響力的人合作來提高知名度，並將 Pottery Barn 網站的流量引導到宿舍和返校商店，這是我們工作的另一個重要部分。

Thanks a lot.

多謝。

I just actually moving my daughter into college and I can tell you the dorm business is very real.

我剛送我女兒上大學，我可以告訴你，宿舍業務非常真實。

Jeff, just more for you, looking ahead into the back half of the year.

傑夫，我只想向您介紹今年下半年的情況。

Any thoughts on the phasing of comps in the third and fourth quarter?

您對於第三季和第四季的同店銷售額分階段有何看法？

And any impact with the five fewer shopping days this year?

今年購物日減少了五天，這會產生什麼影響嗎？

Thank you.

謝謝。

Yeah, let me start with the shorter holiday season.

是的，讓我從較短的假期開始說起。

Our quick answer on that is that the impact is already embedded in our guidance.

我們對此的快速回答是，影響已經融入我們的指導中。

There's a lot of puts and takes on this one for us.

對於這一點，我們有很多需要考慮和接受的事情。

For one, a shorter holiday season means, each day has to work harder, especially at retail.

首先，假期縮短意味著每天的工作都要更加努力，尤其是在零售業。

But this year's calendar with Christmas moving from Monday to Wednesday is more favorable for e-commerce.

但今年的聖誕節從週一移到週三，對電子商務更有利。

And I think everyone knows our mix is 66% e-commerce.

我想大家都知道，我們的產品組合中有 66% 是電子商務。

So that is actually a good day for us.

所以這對我們來說實際上是美好的一天。

Then when you think about the back half for us, this year is a 53-week year, so our fourth quarter has 14 weeks in it.

然後當你想到我們的下半年時，今年是 53 週，所以我們的第四季有 14 週。

Punchline on this is there's a lot of puts and takes for shorter holiday season, but it's in our guidance.

關鍵在於，對於較短的假期，有許多的利弊，但這在我們的指導範圍內。

And then as we think about the back half, as I said in my prepared remarks, the way we set up our guidance is the midpoint of our guide reflects the continuation of the first half economic and consumer dynamics through the back half.

然後，當我們思考下半年時，正如我在準備好的發言中所說的那樣，我們制定指導的方式是，指導的中點反映了上半年經濟和消費者動態在下半年的延續。

The high end of our guide implies some acceleration in industry trends, coupled with increased traction of our growth initiatives.

我們的指南的高端意味著行業趨勢有所加速，同時也增加了我們成長計畫的吸引力。

And if holiday proves out to be better, there could even be upside there.

如果假期情況更好的話，甚至還可能出現上漲。

The low end of our guide recognizes the macroeconomic environment may have a greater impact and our results in the back half, but it's so uncertain, we provided a really wide range of guidance with those possible outcomes.

我們的指導低端認識到宏觀經濟環境可能會對我們下半年的業績產生更大的影響，但這是如此不確定，我們針對這些可能的結果提供了非常廣泛的指導。

Great.

偉大的。

Thank you.

謝謝。

Peter Benedict, Baird.

彼得·本尼迪克特，貝爾德。

Hey, guys, good morning.

嘿，大家早安。

Thanks for taking the question.

感謝您回答這個問題。

First one, just maybe, Jeff, around advertising.

第一個，傑夫，也許與廣告有關。

I mean, historically, I think you guys run in the 6.5% to 7% of sales at least on an annual basis for advertising.

我的意思是，從歷史上看，我認為你們每年的廣告支出至少佔銷售額的 6.5% 到 7%。

I know it's delevered in the first part of this year.

我知道它在今年上半年已經去槓桿了。

Just curious how you're thinking about the increased investment in advertising right now?

只是好奇您現在如何看待增加廣告投資？

When you need to see the return on that?

什麼時候需要看到回報？

And just maybe should we expect a period where you're maybe above that 7% range for a bit as we go through this kind of period of software demand?

也許我們是否應該預期，當我們經歷這種軟體需求時期時，您的成長率可能會略高於 7% 的範圍？

That's my first question.

這是我的第一個問題。

Thanks, Peter.

謝謝，彼得。

Our multi-brand portfolio is clearly an advantage in a lot of ways, but particularly in marketing.

我們的多品牌組合在許多方面顯然具有優勢，尤其是在行銷方面。

Our cross-brand customers performed significantly better than other customers.

我們的跨品牌客戶的表現明顯優於其他客戶。

In fact, they're 4 times more valuable.

事實上，它們的價值要高出四倍。

And we've really been committed, as you all know, to not running a promotional business.

眾所周知，我們一直致力於不開展促銷業務。

There's a lot of people out there that probably would push you see more comp points by running markets.

很多人可能會鼓勵你透過經營市場來獲得更多的積分。

We've chosen not to do that.

我們選擇不這麼做。

We know having done this for a long time that the long-term investment in the fundamentals is more important than the short-term markdowns that give you an immediate pop and create all sorts of peaks and valleys, which aren't good for operations.

我們長期這樣做，我們知道，對基本面的長期投資比短期降價更為重要，短期降價會立即帶來各種高峰和低谷，這對營運不利。

Advertising investment, done correctly, builds customer growth, and so they also drive short-term sales.

正確的廣告投資可以促進客戶成長，從而推動短期銷售。

So it's a short-term sales and a long-term play with new customers.

因此，這是一個短期銷售和長期爭取新客戶的策略。

So like anything else we do, we are constantly looking for opportunities to spend the last dollar more effectively, and that changes season by season, brand by brand and marketing program by marketing program.

因此，就像我們所做的其他事情一樣，我們一直在尋找機會更有效地花費最後一美元，而且這隨著季節、品牌和行銷計劃的不同而變化。

Our loyalty program is another key part of this and very effective.

我們的忠誠度計劃是其中的另一個關鍵部分，而且非常有效。

These are, again, our best customers, and we have the credit card program, and we also have the noncredit card key rewards program, which has been very effective.

這些人都是我們最好的客戶，我們有信用卡計劃，也有非信用卡關鍵獎勵計劃，這些計劃非常有效。

I think the last thing that we are doing that is, I think, a competitive advantage and something that we're doing more of than we did last year substantially is amplifying our creator-led content.

我認為我們正在做的最後一件事是，我認為，這是一種競爭優勢，而我們比去年做得更多的事情是擴大我們由創作者主導的內容。

So creator-led content, YouTube, TikTok, Meta, is helping us reach new audiences and is very effective.

因此，由創作者主導的內容、YouTube、TikTok、Meta 正在幫助我們接觸新的受眾，而且非常有效。

It's an area that we're building in-house, and we're really excited about our leadership position as we go forward because we think this is very, very relevant for our customers.

這是我們內部正在建立的一個領域，我們對自己未來的領導地位感到非常興奮，因為我們認為這對我們的客戶來說非常非常重要。

That's helpful.

這很有幫助。

Thanks, Laura.

謝謝，勞拉。

And my follow-up question is around kind of freight costs in that environment.

我的後續問題是關於那種環境下的運費成本。

I'm just curious, maybe your view as we maybe turn to '25 freight rates have been coming up.

我只是好奇，也許您認為當我們轉向 25 年時運費就會上漲。

Does that -- how does that kind of play into the -- maybe the margin structure as you think about next year?

這對明年的利潤結構有何影響？

And remind us just maybe your exposure to China and with all the talk of potential tariffs, that type of thing, just maybe level set us on that front.

提醒我們，也許您對中國的接觸，以及有關潛在關稅的討論，諸如此類的事情，也許會讓我們在這方面處於領先地位。

Thanks so much.

非常感謝。

Yeah, Peter, good morning.

是的，彼得，早安。

A couple of questions in there.

其中有幾個問題。

So first one on ocean freight, yes, we're not seeing an impact from higher spot market and higher spot market rates for -- on our ocean freight were mostly insulated from the fluctuations in the spot market with our contracted rates.

首先是關於海運，是的，我們沒有看到現貨市場上漲和現貨市場價格上漲的影響——我們的海運價格基本上不受現貨市場波動的影響，因為我們簽訂的是合約價格。

And here's the thing.

事情是這樣的。

As you know, one of our competitive advantages is our global supply chain.

眾所周知，我們的競爭優勢之一是我們的全球供應鏈。

We're the 11th largest container importer into the United States, so we have scale and relationships others do not.

我們是美國第 11 大貨櫃進口商，因此我們擁有其他公司所不具備的規模和關係。

So while there might be challenges in the broader market, especially with smaller competitors, it's not been a factor for us.

因此，儘管在更廣泛的市場中可能存在挑戰，特別是來自較小競爭對手的挑戰，但這對我們來說不是一個影響因素。

And any impact is already embedded in our results and our guidance.

任何影響都已融入我們的成果和指導之中。

As far as China goes, we significantly reduced our China source goods from the last time this came up back in 2018.

就中國而言，與 2018 年上一次出現這種情況時相比，我們大幅減少了來自中國的商品。

Back then, it was 50% of all our imports were from China.

當時，我們進口的商品有50%來自中國。

Now that number is down to 25%.

如今這一數字已下降至25%。

And of that 25%, a third of them already have a Trump tariff on them, which we've been paying and are still on them.

在這 25% 中，三分之一的產品已經面臨川普徵收的關稅，我們一直在支付，並且仍在支付。

So the fact that if this does come up and tariffs are expanded, we're prepared to reduce it further.

因此，如果確實出現這種情況並且關稅擴大，我們準備進一步降低關稅。

We've mapped out a category-by-category plan to reduce China sourcing if the landscape changes.

我們制定了分類別計劃，以便在情況發生變化時減少中國採購。

And I think the important point here is, with 90% of our products are proprietary designed and exclusively made for our brands, and we operate our own in-house best-in-class global sourcing operation with 12 overseas offices, it's our own boots on the ground, managing sourcing decisions, production, and shipping.

我認為這裡的重點是，我們的 90% 產品都是專有設計並專為我們的品牌製造的，我們擁有自己內部一流的全球採購業務，在 12 個海外辦事處，我們自己在當地管理採購決策、生產和運輸。

So if the landscape changes, we're well positioned to pivot.

因此，如果情況發生變化，我們就可以做出調整。

Good stuff.

好東西。

Thanks so much.

非常感謝。

Cristina Fernández, Telsey Advisory Group.

克里斯蒂娜·費爾南德斯 (Cristina Fernández)，Telsey 諮詢集團。

Hi, good morning.

嗨，早安。

I wanted to see if you can talk about any changes in customer behavior that you saw this quarter so far here in August?

我想看看您是否可以談談八月本季截至目前為止您發現的客戶行為有何變化？

Several retailers have talked about the consumer being more hesitant, less involved during non-peak periods, more resistant to price.

一些零售商表示，非高峰期消費者更猶豫，參與度更低，對價格的抵觸情緒更強。

Are you seeing any of those factors in your trends?

您在趨勢中看到了這些因素嗎？

Thanks for the question, Cristina.

謝謝你的提問，克里斯蒂娜。

We're constantly setting all the customer metrics to find anything that we can read into and build upon.

我們不斷地設定所有的客戶指標，以找到任何我們可以解讀和借鏡的東西。

It's interesting, price actually picked up from Q1, not as much as we wanted it to, but it's better than it was.

有趣的是，價格實際上從第一季開始回升，雖然沒有我們所希望的那麼多，但總比以前好多了。

And the other areas are still better than furniture.

而其他區域仍然比家具好。

So leading to the strategy of really focused on the seasonal holidays where no one else rally plays and these life stages, while the consumer is still not really buying a lot of new houses.

因此，導致的策略是真正專注於沒有其他人參加的季節性假期和這些人生階段，而消費者實際上仍然不會購買大量新房。

So in terms of price points, interesting question.

因此，就價格而言，這是一個有趣的問題。

We have a lot of newness that's working.

我們有很多新鮮事正在發生。

It's very exciting, particularly in West Elm, where we have the most amount of newness.

這是非常令人興奮的，特別是在 West Elm，我們在這裡擁有最多的新事物。

And it's not in low price points.

而且它的價格也不算低。

It's in the medium to high price points, and that's also really, I think, a good piece of information for us.

它的價格處於中高價位，我認為這對我們來說確實是一個好消息。

We are giving the customer great value.

我們為客戶提供巨大的價值。

So we're not trying to develop things at higher price points, we're trying to develop the best value products at every price point.

因此，我們並不是試圖開發更高價位的產品，而是試圖開發每個價位上最有價值的產品。

And I said it before, but the truth is where we have a lot of innovation, our prices are the best in the market and no one has tried to copy us yet on the newness, which is why we're pushing newness as a key strategy in the back half as a percent to total.

我之前說過，但事實是我們有很多創新，我們的價格是市場上最好的，而且還沒有人試圖複製我們的新穎性，這就是為什麼我們將新穎性作為下半年百分比佔總數的關鍵策略。

And as we continue to have these seasons click by and get confidence on the newness, we can buy more into it.

隨著我們不斷度過這些季節並對新鮮事物越來越有信心，我們可以購買更多。

And we usually have a pretty long cycle on that product growing before it declines.

通常，在產品衰退之前，我們的產品會有一個相當長的成長週期。

Thanks.

謝謝。

And then my follow-up is for Jeff.

然後我的後續問題是針對傑夫的。

On the operating margin for the quarter, I think last call, you had talked about being flattish.

關於本季的營業利潤率，我想上次您談到的是持平。

It was up 160 basis points.

它上漲了160個基點。

Where did the upside come from this quarter?

本季的上漲來自哪裡？

And why wouldn't some of those continue in the back half?

那麼為什麼這些內容不會在後半部繼續呢？

Yeah.

是的。

Thanks for asking that, Cristina.

謝謝你問這個問題，克里斯蒂娜。

Q2 operating margin exceeded our expectations for three reasons.

第二季的營業利潤率超出了我們的預期，原因有三。

The first is in merchandise margins, which were stronger than anticipated, driven by our focus on full-price selling.

首先是商品利潤率，由於我們專注於全價銷售，商品利潤率高於預期。

We continue to see a positive customer response to our consistent pricing and focus on selling and service versus price.

我們繼續看到客戶對我們一致的定價以及對銷售和服務而非價格的關注做出積極的反應。

The second thing is our supply chain efficiency, also came in better, really attributable to our commitment to full price selling, smoothing out the peaks and troughs driven by promotional activity.

第二件事是我們的供應鏈效率也提高了，這實際上歸功於我們致力於全價銷售，平滑了促銷活動帶來的高峰和低谷。

This is delivering significant cost savings from more consistent operations across our manufacturing, operating, and delivery expenses.

透過更一致地運作我們的製造、營運和交付費用，可以節省大量成本。

And third, we deleveraged advertising expense less in Q2 than in Q1.

第三，我們第二季的廣告費用去槓桿率低於第一季。

I mean, as Laura said before, we continue to evaluate our spend and adjust weekly as we see the effectiveness.

我的意思是，正如勞拉之前所說的那樣，我們會繼續評估我們的支出，並根據效果每週進行調整。

Here's what I'd like you to remember as we continue to deliver strong profitability despite the tough environment for home furnishings.

儘管家居裝飾行業的環境十分艱難，但我們仍繼續實現強勁的盈利能力，我希望你們記住這一點。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

Hi, good morning.

嗨，早安。

Thanks for taking my question.

感謝您回答我的問題。

So the first question I want to ask is just with respect to industry-wide promotions.

所以我想問的第一個問題是關於全行業的促銷活動。

You've done a great job of holding the line on site-wide promotions at Williams, but throughout the space, we keep on hearing about signals of a more promotional environment.

你們在 Williams 的整個網站促銷方面做得非常出色，但在整個空間中，我們不斷聽到有關促銷環境更加活躍的信號。

So the question I'm asking is, are you seeing a more promotional environment broadly?

所以我想問的問題是，您是否看到了更廣泛的促銷環境？

And then are you able to quantify what impacts, if any, that's happened upon your business at this point?

那麼，您能否量化目前這對您的業務產生了什麼影響（如果有的話）？

Yeah.

是的。

Thanks for the question, Brian.

謝謝你的提問，布萊恩。

We continue to see consistent high levels of promotions in the marketplace in also the forms from site-wide promotions, free shipping, reduction of prices across the board, double rewards, all of it.

我們繼續看到市場上持續高水準的促銷活動，包括全站促銷、免費送貨、全面降價、雙重獎勵等等。

And we have played those games and know that they don't work, and you're competing with yourself more than you are with your peers and your competitors.

我們玩過這些遊戲並且知道它們沒有用，你與自己的競爭比與你的同齡人和競爭對手的競爭還要多。

It's really important that you give your customer great value.

為客戶提供巨大的價值確實非常重要。

They look at that price and they know what other things cost similarly to it in the market.

他們一看價格就知道市場上其他東西的價格與之相似。

But the up and down to get a short-term pop that drives a short-term comp is not a good way to run your business.

但為了獲得短期上漲而上下波動並推動短期補償並不是經營企業的好方法。

And so we are committed, as I said before, to running our business without those high levels of promotion.

因此，正如我之前所說，我們致力於在沒有高水準促銷的情況下經營我們的業務。

And actually, as much as we've been saying this for the past couple of years, we're still pushing this out of our base.

事實上，儘管我們在過去幾年中一直在說這個，但我們仍在努力推動這一進程。

And so in Q1 and Q2, we significantly improved our regular price percent to total, and our regular price comps are significantly better than the markdown comps.

因此，在第一季和第二季度，我們顯著提高了正常價格佔總價格的百分比，而且我們的正常價格對比明顯優於降價價格對比。

That's helpful.

這很有幫助。

Then the second question I have, recognizing we're not necessarily talking about the cadence of the business through the quarter, but -- and it sounds like given your commentary and the adjustments to the top line guidance in the balance here, the business is weakened, or at least tracking weaker than you initially anticipated.

然後是我的第二個問題，認識到我們不一定談論整個季度的業務節奏，但是 - 聽起來，根據你的評論和對這裡的頂線指導的調整，業務有所減弱，或者至少比你最初預期的要弱。

Can you help us understand if there's any specific areas you seeing incremental weakness within demand?

您能否幫助我們了解在哪些特定領域需求逐漸減弱？

So the reality is our guidance, as Jeff mentioned, has a wide range.

因此，事實上，正如傑夫所提到的，我們的指導範圍很廣。

And it's that we expected the back half to accelerate.

我們預計後半部分將會加速。

I think we all thought we'd have an interest rate cut or at least one or two by now, which we haven't seen, right?

我想我們都認為到現在我們會有一次或至少一兩次降息，但我們還沒有看到，對嗎？

So instead of hoping for housing to turn around, we put the range together to reflect if the back half is (inaudible) to the first half.

因此，我們並不希望房屋市場出現好轉，而是將範圍放在一起，以反映後半部是否（聽不清楚）與前半部相符。

And that seems, I know, conservative because of the multiyear comps getting easier in the back half.

我知道，這似乎是保守的，因為下半年的多年期比較變得更容易了。

But we just thought it was prudent, given the uncertainty in the macro, to reduce the top line so that we're not pressured to take promos to hit the number.

但考慮到宏觀的不確定性，我們認為謹慎的做法是降低營收，這樣我們就不會被迫採取促銷措施來達到目標。

We want to run this business for the long term, and that's what we've been doing, and you're seeing the continued performance on the bottom line.

我們希望長期經營這項業務，這就是我們一直在做的事情，而且您可以看到我們在盈利方面持續的表現。

And I'll just say this, we've said before, can you imagine what this thing looks like when you get some positive comps.

我只想說，我們之前就說過了，你能想像當你得到一些正面的補償時這個東西會是什麼樣子嗎？

And the best way for me to describe it is our operating model is a coiled spring.

對我來說，最好的描述方式就是我們的營運模式就像一個螺旋彈簧。

Appreciate all the color.

欣賞所有的色彩。

Thank you.

謝謝。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西緬古特曼 (Simeon Gutman)。

Hi there.

你好呀。

Good morning, everyone.

大家早安。

I have a question.

我有一個問題。

I guess this is a age-old question.

我想這是一個古老的問題。

Any difference in posture thinking about the mix between sales and promotion in terms of stimulating sales and given that the backdrop seems to be getting more promotional?

在考慮銷售與促銷相結合以刺激銷售並且背景似乎越來越具有促銷性的情況下，姿態有何不同？

Thanks.

謝謝。

Absolutely not, but we are on offense with our product innovation and our marketing.

絕對不是，但是我們在產品創新和行銷方面確實存在不足之處。

And Simeon, I would just add, I talked about it in my prepared remarks and answering Christina's question, but by not running the promos like we did in smoothing out the peaks and troughs of the promotional activity, it's really driving improved customer service, shorter lead times and much more efficient operations across our entire supply chain, which is really flowing through to the bottom line.

西緬，我只想補充一點，我在準備好的發言和回答克里斯蒂娜的問題時談到了這一點，但通過不像我們以前那樣進行促銷來平滑促銷活動的高峰和低谷，它確實推動了客戶服務的改善、交貨時間的縮短和整個供應鏈中更高效的運營，這確實影響到了利潤。

And if I can ask a quick follow-up, the runway for merch margins, specifically related to supply chain or transport, I don't know if I missed -- I may have missed it earlier in the call, but I thought, by the second quarter, it would sort of reach it's, I don't know, it's peak or it's max, and then it would start to wane.

我可以快速跟進一下，商品利潤的跑道，特別是與供應鏈或運輸相關的，我不知道我是否錯過了 - 我可能在電話會議早些時候錯過了它，但我認為，到第二季度，它會達到它的峰值或最大值，然後它會開始減弱。

Is that still about the right way to think about it?

這仍然是正確的思考方式嗎？

It is the right way to think about it.

這是正確的思考方式。

And while we don't guide to specific lines, we are guiding that our operating margin in the back half will be flat with 2023 really because of some of the benefits that we had in the front half. (technical difficulty) we were up against the impact of the pandemic-related ocean freight runoff.

雖然我們沒有針對特定產品線進行預測，但我們預計下半年的營業利潤率將與 2023 年持平，這實際上是由於上半年獲得的一些收益。 (技術難題)我們面臨與疫情相關的海運貨運量下滑的影響。

That was worth about 200 basis points, good guide in the first half.

這相當於約 200 個基點，對上半年來說是一個很好的指導。

And then our focus on full price selling really kicked in, in the back half of '23.

然後，在23年下半年，我們真正開始把重點放在全價銷售上。

So we have that upside by focusing on that in the front half.

因此，透過在前半部分集中精力，我們可以獲得優勢。

And in fact, if we look at our percentage of full price selling in Q2 of '24, it's about the same rate as it was in Q3 '23.

事實上，如果我們看看 2024 年第二季的全價銷售百分比，它與 2023 年第三季的百分比大致相同。

So that dissipates as well.

所以它也會消散。

So like we said, we were up against some easier compares in the front half on the margin line that starts to dissipate in the back half, which is why we're giving that guidance on operating margin for the back half.

因此，就像我們所說的那樣，我們在前半部分的利潤率上遇到了一些比較容易比較的問題，而這些問題在後半部分開始消失，這就是為什麼我們對後半部分的營業利潤率給出了指引。

Okay.

好的。

Thank you.

謝謝。

Good luck.

祝你好運。

Max Rakhlenko, TD Cowen.

馬克斯·拉赫倫科（Max Rakhlenko），TD Cowen。

Hey, good morning.

嘿，早安。

So first, Laura, can you discuss any learnings about your shoppers reactions as you pull back on promotions?

那麼首先，勞拉，當您停止促銷時，您可以討論一下您對購物者的反應嗎？

Are shoppers reacting how you thought that they would?

購物者的反應是否和您想像的一樣？

For instance, is your PB shopper may be a little bit more price conscious than you thought, or any other callouts?

例如，您的 PB 購物者是否可能比您想像的更注重價格，或者還有其他什麼需要注意的？

Yeah, as I said earlier, there's not lot to read there because the newness that's in the mid-price points are really working.

是的，正如我之前所說的，那裡沒有太多可讀的內容，因為中等價位的新品確實很有效。

We're not seeing a trade down.

我們沒有看到交易下滑。

Furnitures is better than it was, but furniture is still soft, right?

家具比以前好多了，但是家具仍然很柔軟，對嗎？

And it's a big portion of both the West Elm and Pottery Barn businesses, which is why the comp complexion is very different in those versus the more life stage kids and teen brand and also Williams-Sonoma.

它是 West Elm 和 Pottery Barn 業務的重要組成部分，這就是為什麼這兩個品牌與更適合兒童和青少年生活的品牌以及 Williams-Sonoma 相比，其競爭對手的狀況非常不同。

So yeah, there's nothing really to read into that.

是的，所以這確實沒什麼好解讀的。

What we do see is that they're not waiting for promotions to the point that they don't -- they're not worried that they're going to feel down if they don't actually get the promotion, they can buy it when they need it.

我們確實看到，他們並沒有等待促銷活動，他們並不擔心如果沒有得到促銷活動他們會感到沮喪，他們可以在需要的時候購買。

And our sales associates are thrilled that they can sell with confidence and not always be looking into a promo calendar to see when the next sale is.

我們的銷售人員非常高興，他們可以自信地進行銷售，而不必總是查看促銷日曆來了解下一次促銷時間。

Yeah.

是的。

I think Laura on the fact that -- yeah, when we run promotions, we're really competing with ourselves a lot of time.

我認為勞拉認為——是的，當我們進行促銷時，我們很多時候確實在與自己競爭。

And I think many of you heard me talk about the concept of shift versus lift and how much of the promotions are really incremental versus just moving it around and incentivizing the customer to wait for it to go on sale.

我想很多人都聽過我談論轉變與提升的概念，以及有多少促銷是真正漸進的，而不是只是移動它並激勵客戶等待它開始銷售。

So now we can really focus on serving the customers, selling to them, helping them with their design project.

所以現在我們可以真正專注於服務客戶、向他們銷售產品以及幫助他們完成設計專案。

And the customer is not waiting for that next promotion, they're engaging on the design side.

客戶不是在等待下一次促銷，而是在參與設計方面。

Got it.

知道了。

That's helpful.

這很有幫助。

And then, Jeff, maybe can you bridge the full year EBIT margin guide of 17.4% to 17.8%, and then the long-term margin guide of mid- to high teens?

然後，傑夫，也許你能否將全年息稅前利潤率指南從 17.4% 提高到 17.8%，然後將長期利潤率指南提高到中高水平？

Sort of what would need to happen and the key drivers in a bull versus bear case?

那麼，在多頭市場與熊市的情況下，需要發生什麼事情以及關鍵驅動因素是什麼？

Well, look, our long-term operating margin guidance is mid to high teens.

嗯，你看，我們的長期營業利潤率預期是中高水準。

And our guidance for this year puts us right back in the middle of that range.

而我們今年的預期是讓我們回到這個範圍的中間。

Certainly, sales are accelerating.

當然，銷售正在加速。

We expect possibly some more margin expansion, but we've provided a range because there's a lot of variables in there.

我們預計利潤率可能會進一步擴大，但我們提供了一個範圍，因為其中有許多變數。

And we're pretty confident in our ability to sustain this profitability.

我們對維持這項獲利能力非常有信心。

We've demonstrated it -- last year, we delivered at

我們已經證明了這一點——去年，我們

[64].

[64]。

This year, we're guiding in the mid-17.

今年，我們的指導是在 17 年中期。

So this is sustainable, and we're confident in our operating margin going forward.

因此這是可持續的，我們對未來的營業利潤率充滿信心。

Great.

偉大的。

Thanks a lot, and good luck second half.

非常感謝，祝你下半場好運。

Marni Shapiro, Retail Tracker.

Marni Shapiro，零售追蹤員。

Hey, guys.

嘿，大家好。

Congrats on some great execution in a choppy environment.

恭喜您在動盪的環境中取得了出色的成績。

Laura, I wanted to focus on some of the newness that you keep highlighting because it still -- not only is there a lot of new products like Roller Rabbit, for example, but it's the way you're attacking it.

勞拉，我想重點談談你一直強調的一些新穎之處，因為它仍然——不僅有很多新產品，例如像 Roller Rabbit 這樣的產品，而且還有你攻克它的方式。

So I know like at UNC, you had an entire event at one of the buildings with Roller Rabbit.

所以我知道，就像在北卡羅來納大學，你們在一棟建築物裡與 Roller Rabbit 一起舉辦了一場完整的活動。

Or with RHODE, I was just around in social media about it.

或者與 RHODE 一起，我只是在社交媒體上談論它。

That was really, really great.

那真的真的太棒了。

And it feels like that mix between your merchandising and your marketing has really come together.

感覺您的商品銷售和行銷已經真正地融合在一起了。

So I'm curious, was that a change?

所以我很好奇，這是一個改變嗎？

Or am I just getting hit with it?

還是我只是被它擊中了？

Is it bringing new shoppers into these brands?

它是否會為這些品牌帶來新的購物者？

Is it bringing them in with more frequency?

它是否更頻繁地引入它們？

And how should we think about this for the back half of the year?

那我們該如何思考今年下半年的問題呢？

Thank you so much for the question.

非常感謝您的提問。

Yes, newness and innovation are really key parts of our strategy to drive growth, and we've seen a really strong response to newness.

是的，新穎性和創新確實是我們推動成長策略的關鍵部分，而且我們已經看到了對新穎性的強烈反應。

In West Elm, we've talked about newnesses checking across all categories, in particular in furniture.

在 West Elm，我們討論了所有類別的新鮮度檢查，尤其是家具。

And in fact, we've seen double-digit positive comps in both West Elm summer and fall new furniture introductions.

事實上，我們看到 West Elm 夏季和秋季新家具的銷量均實現了兩位數的正成長。

Now why you're not seeing that roll into the bigger number yet is because it's still a small percent of total because you want to make sure your newness is working before you bet the farm on it.

現在，您之所以還沒有看到這個數字增加，是因為它仍然只佔總數的一小部分，因為您想在孤注一擲之前確保您的新產品能夠發揮作用。

We've had some great collaborations in West Elm.

我們在 West Elm 進行了一些很棒的合作。

You touched on Roads.

您提到了道路。

Growth this year is double last year.

今年的成長是去年的兩倍。

We introduced Marcus Samuelsson, who's an amazing chef who has incredible furniture designs that we've introduced and that's also been a great one.

我們介紹了馬庫斯·塞繆爾爾森 (Marcus Samuelsson)，他是一位出色的廚師，他擁有我們引進的令人難以置信的家具設計，而且設計得非常好。

In Pottery Barn, we're seeing a good response to our newness there too, especially in furniture and the seasonal decorating, which we're launching earlier than we've ever launched before.

在 Pottery Barn，我們也看到了對我們新產品的良好反響，尤其是家具和季節性裝飾，我們推出這些產品的時間比以往都要早。

I am so thrilled to see people scooping up Christmas this early.

看到人們這麼早就開始慶祝聖誕節，我感到非常高興。

They also have some great new collaborations in the hopper and are going to have an increased amount of collaborations next year.

他們也正在進行一些很棒的新合作，明年的合作數量將會增加。

Kids and teens have always been, in our company, our leader in collaborations and just amazing from the license programs that we run, the Hello Kitty to incredible designers like Roller Rabbit and LoveShackFancy.

在我們公司，兒童和青少年一直是合作的領導者，從我們運行的授權項目，到 Hello Kitty 以及 Roller Rabbit 和 LoveShackFancy 等傑出的設計師，他們都令人驚嘆不已。

They've really been able to hit the nail on the head with what their consumer wants at every life stage.

他們確實能夠準確地了解消費者在每個生命階段的需求。

And kids is different than teens, but we're covering both, and you can really see that we're on trend by the results in dorm.

孩子與青少年有所不同，但我們對兩者都進行了涵蓋，從宿舍的結果可以看出，我們正處於潮流前沿。

Williams-Sonoma, the branded product in Williams-Sonoma is doing incredibly well.

Williams-Sonoma 是 Williams-Sonoma 旗下品牌產品，其表現十分優異。

I'll give you one very specific example in Williams-Sonoma, which is our Williams-Sonoma branded cutlery.

我會給你一個 Williams-Sonoma 的非常具體的例子，那就是我們的 Williams-Sonoma 品牌餐具。

Higher margin, obviously, than the names out there that we all are familiar with and really rivaling them in volume.

顯然，利潤率比我們熟悉的品牌更高，而且在產量上可以與它們相媲美。

And there's also a lot of exclusives that we have, and launch leads that we have with our key electric partners and premium cookware.

我們還擁有許多獨家產品，以及我們與主要電氣合作夥伴和高端炊具共同推出的領先產品。

The Tucci collaboration, by the way, continues to be phenomenal, and we are not done with the innovation that Tucci is going to be bringing, not just for the back half, but through next year.

順便說一句，與 Tucci 的合作繼續取得了非凡的成績，而且我們還沒有完成 Tucci 將要帶來的創新，不僅是在下半年，而且會持續到明年。

And so we're excited about our -- we really excited about our back half lineup in Williams-Sonoma.

因此，我們對我們的威廉斯-索諾瑪的後半陣容感到非常興奮。

We can't go into -- I mean I'd really like to talk about some of those things a little bit more, but I I'm always cautious about competition and not giving away too much information.

我們不能深入討論——我的意思是我真的很想多談論一些事情，但我總是對競爭保持謹慎，不會透露太多資訊。

But the punchline is, we have seen a very strong response to newness and collaborations.

但關鍵的是，我們看到了對新事物和合作的強烈反應。

And Marni, you are right.

Marni，你說得對。

We are doing things differently with our creator-led content about collaborations.

我們對以創作者為主導的合作內容採取了不同的做法。

When you combine a collaboration with an influencer on Tiktok, you have magic.

當你與 Tiktok 上的有影響力的人合作時，你就會創造奇蹟。

And we are continuing to build that scale and really draw in new customers through those channels.

我們將繼續擴大規模，並透過這些管道吸引新客戶。

So thank you.

所以謝謝你。

Seth Basham, Wedbush Securities.

韋德布希證券公司的塞思·巴沙姆（Seth Basham）。

Thanks a lot, and good morning.

非常感謝，早安。

My first question is just making sure I understand some of the moving pieces of the margin outlook, obviously, expecting a lower sales performance through the balance of the year, but you're holding your back half margin guidance.

我的第一個問題是確保我了解利潤率前景的一些變動因素，顯然，預計今年餘下的銷售業績會較低，但你們卻保留了一半的利潤率預期。

So Jeff, maybe you could give us some color as to where you see the upside, so to speak, on margins relative to a couple of months ago?

那麼傑夫，也許你可以告訴我們一些關於你認為利潤率相對於幾個月前有哪些上升空間？

What areas, whether it be deployments of gross margin or SG&A?

哪些領域，無論是毛利率或銷售、一般及行政費用的部署？

Thanks.

謝謝。

Good morning, Seth.

早安，塞斯。

So on the operating margin outlook for the back half, we've consistently said all year that we anticipate that our back half operating margins would be flat year over year.

因此，關於下半年的營業利潤率前景，我們全年一直在說，我們預計下半年的營業利潤率將與去年同期持平。

What we've done this quarter is we've raised based upon our Q2 outperformance.

我們本季所做的是根據第二季的優異表現進行了升息。

In terms of the puts and takes on margin, we don't necessarily guide the individual lines, but we will give you some color commentary like I did before.

對於保證金的看跌和看漲方面，我們不一定會對個別線路進行指導，但我們會像我以前所做的那樣，為您提供一些彩色評論。

The gross margin, some of the benefits that we had coming at us in the front half start to wind down in the back half.

毛利率，也就是我們在上半年所獲得的某些收益，在下半年開始逐漸減少。

That includes the supply chain headwinds we're up against in the first half, which, as I said before, it was worth about 200 basis points.

其中包括我們上半年面臨的供應鏈阻力，正如我之前所說，這大約相當於 200 個基點。

And then we start lapping the improved promos in the back half.

然後我們開始在後半部討論改進後的促銷活動。

So we see that as being essentially flat.

因此我們認為其基本是持平的。

And then just overall, this is true for our entire guidance is the macroeconomic uncertainty.

總的來說，對於我們的整個指導來說，宏觀經濟的不確定性是存在的。

We're taking a very prudent approach to our back half guidance given the macroeconomic backdrop.

考慮到宏觀經濟背景，我們對下半年的預期採取非常謹慎的態度。

And if things are better, and we see some better performance in holiday, we could surprise the upside.

如果情況好轉，並且我們看到假期期間有更好的表現，那麼我們可能會看到令人驚訝的上漲。

But at the same time, if the macroeconomic environment is more challenging, we'll be more at the low end of our guidance.

但同時，如果宏觀經濟環境更具挑戰性，我們將會處於指導的低端。

That's helpful color.

這是很有幫助的顏色。

So just to make sure I understood you, you're looking for gross margins to be flattish year-over-year in the back half, [mostly] SG&A the same.

因此，為了確保我理解您的意思，您預計下半年毛利率將與去年同期持平，銷售、一般及行政費用（SG&A）也將持平。

What areas of SG&A do you have the opportunity to reduce in a slower sales environment?

在銷售環境較慢的情況下，您有機會減少哪些銷售、一般和行政費用？

Are you talking primarily variable labor and advertising?

您主要談論的是可變勞動力和廣告嗎？

Or is there anything else?

或是還有什麼其他問題嗎？

Thank you.

謝謝。

Yeah.

是的。

I mean, look, Seth, we don't guide individual lines and we do that just got top line and operating margins that give us the flexibility to pull the levers we need to deliver results.

我的意思是，塞思，你看，我們不會指導單獨的線路，我們這樣做只是為了獲得頂線和營業利潤率，這使我們能夠靈活地拉動我們需要的槓桿來實現結果。

And as you've seen, we know how to deliver results.

正如您所看到的，我們知道如何取得成果。

In terms of (technical difficulty) we have, certainly, ad cost is flexible, as Laura mentioned before.

就技術難度而言，當然，廣告成本是靈活的，正如勞拉之前提到的。

We evaluate this on almost a weekly basis. depending upon the returns we're seeing and the effectiveness of the advertising.

我們幾乎每週都會對此進行評估。取決於我們看到的回報和廣告的有效性。

And then our employment, like I've said many times before and in my prepared remarks, our employment is largely variable.

然後是我們的就業，就像我之前多次說過的以及在我準備好的發言中所說的那樣，我們的就業情況有很大的變化。

The majority of our employment is in our stores, our distribution centers and our customer care centers, and we can flex that in line with top line trends as things evolve.

我們的員工大多在我們的商店、配送中心和客戶服務中心，我們可以根據事態的發展來靈活調整這些人員配置，以適應營收趨勢。

So I think the punchline here is, we're guiding flat operating margin guidance in the context of a very uncertain macroeconomic environment, and we're taking a very prudent approach with this guidance.

因此，我認為這裡的重點是，在非常不確定的宏觀經濟環境下，我們指導的營業利潤率持平，並且我們對這項指導採取了非常謹慎的態度。

And we're giving ourselves the flexibility to pull levers as we need to deliver the results.

我們會根據需要靈活地採取各種措施來取得成果。

Makes sense.

有道理。

Thanks.

謝謝。

Steven Zaccone, Citi.

花旗銀行的史蒂文‧扎科內 (Steven Zaccone)

Great.

偉大的。

Good morning.

早安.

Thanks very much for taking my question.

非常感謝您回答我的問題。

I was going to focus a little bit more on the medium to longer term because understandably, the macro is challenging for the category.

我將更專注於中長期，因為可以理解的是，宏觀經濟對該類別來說具有挑戰性。

But as we start to see demand recover, right?

但我們開始看到需求復甦，對嗎？

We're at a point where this business has done very well on a merchandise margin and overall selling margin.

我們目前的業務狀況是商品利潤率和整體銷售利潤率都非常好。

What's the opportunity going forward?

未來有什麼機會？

Presumably, you've pulled back from promotions in the business, why can't the gross margin rate for this business to be much higher as you start to see demand recover?

想必你們已經停止了該業務的促銷，為什麼當需求開始復甦時，該業務的毛利率不能更高呢？

Great question.

好問題。

I would say that housing is clearly a big driver of furniture sales.

我想說，住房顯然是家具銷售的一大推手。

And we all know housing is about the worst it's been.

我們都知道，房屋市場正處於最糟糕的時期。

But at the same time, there's a lot of people calling to the bottom here.

但同時，也有很多人在這裡呼籲底層民眾。

And hopefully, we see an interest rate and multiple cuts in the next six months.

我們希望在未來六個月內看到利率出現多次降息。

Could take a little bit of time for that to flow through, but when people feel better, they tend to shop more, especially in our categories for their homes.

這可能需要一點時間才能實現，但當人們感覺更好時，他們往往會購買更多商品，尤其是在我們的家居產品類別中。

And I really -- I said it before, but we want flexibility because we always want to give the customer great value, right?

我確實——我之前就說過，但是我們想要靈活性，因為我們總是想為客戶帶來巨大的價值，對嗎？

So we don't want to overprice products.

所以我們不想讓產品定價過高。

We want to make sure that our brands are accessible.

我們希望確保我們的品牌能夠被大眾接受。

We want people to be able to come and shop with us and across our brands not be so expensive that it's a very small group of people.

我們希望人們能夠來我們這裡購物，我們的品牌價格不會太高，以免只吸引到很少一部分人。

So we hold that back to say there is a point at which you don't want to raise the margin too high and not be competitive.

因此，我們堅持認為，在某個點上，你不希望將利潤率提高得太高，否則會降低競爭力。

On the other hand, we're delivering this incredible margin against negative sales, negative sales a couple of years running here.

另一方面，我們連續幾年在負銷售額的情況下實現了令人難以置信的利潤率。

So can you imagine what this looks like when the sales are flat to positive.

那麼，你能想像當銷售額持平或轉為正值時，情況會是什麼樣子嗎？

I said it before, operating model is a coiled spring.

我之前說過，營運模式就像一螺旋彈簧。

It's very exciting to be sitting here knowing that we have built an organization with structural margin profitability profiles and a lot of innovation and capacity to grow much bigger than we are today without huge step-up investments.

我非常興奮地坐在這裡，知道我們已經建立了一個具有結構性利潤盈利狀況和大量創新能力的組織，可以在沒有巨額追加投資的情況下實現比現在更大的增長。

This concludes the question-and-answer session.

問答環節到此結束。

I will turn the call to Laura for closing remarks.

我將請勞拉致最後發言。

Yeah.

是的。

Well, thank you all for joining us.

好吧，感謝大家加入我們。

We are entering our favorite time of the year, which is the holidays.

我們即將迎來一年中最喜歡的時光—假期。

And I'll remind you that Halloween is right around the corner, as is Thanksgiving, Christmas, and Hannukah, and the New Year.

我要提醒你們，萬聖節即將來臨，感恩、聖誕節、光明節和新年也即將來臨。

So I hope if you are out there in our stores and seeing all the great product lineups, we are very excited about what we have out there, and I look forward to talking to you next time.

所以我希望，如果您來到我們的商店，看到所有出色的產品陣容，我們會對我們目前的產品感到非常興奮，我期待下次與您交談。

So thank you for your support.

非常感謝你們的支持。

Appreciate it.

非常感謝。

This concludes today's conference.

今天的會議到此結束。

We thank you for joining.

感謝您的加入。

You may now disconnect the line.

現在您可以斷開線路了。