Williams-Sonoma Inc (WSM) 2024 Q3 法說會逐字稿

(audio in progress)

（音訊進行中）

We have continued to improve our in-store experience products, improving and next level design services, EBITDA, our new store locations and design are driving good ROI, and we see continued opportunity to transform our store fleet.

我們不斷改進我們的店內體驗產品，改進和提高設計服務水平，EBITDA，我們的新商店位置和設計正在推動良好的投資回報率，我們看到了改造我們商店隊伍的持續機會。

The physicians in the most profitable and firing locations.

最賺錢和最解僱地點的醫生。

Now it's tough to progress on our second and third key priority.

現在我們的第二個和第三個關鍵優先事項很難取得進展。

We continue to make progress improving our world-class customer service, which in turn our strong operating results.

我們不斷進步，改善我們世界級的客戶服務，這反過來又帶來了我們強勁的經營業績。

Our customer service metrics have improved since Q2 and our all-time record levels.

自第二季以來，我們的客戶服務指標有所改善，達到了歷史最高水準。

Our supply chain team continued to reduce costs by limiting out of market and multiple shipments, reducing customer accommodations, lowering returns and damages and reduce statements.

我們的供應鏈團隊透過限制市場外和多次發貨、減少客戶住宿、降低退貨和損壞以及減少報表來繼續降低成本。

And despite the progress we have already made, we see more margin as we continue to drill down on areas for additional optimization and efficiency, Pottery Barn brand and negative 7.5 rate in the branded furniture performance during the quarter.

儘管我們已經取得了進展，但隨著我們繼續深入研究其他優化和效率領域、Pottery Barn 品牌以及本季品牌家具業績的負 7.5 率，我們看到了更多的利潤。

Also fall new launches were up to last year, driven by the strength of our new furniture offering.

此外，在我們新家具產品實力的推動下，截至去年秋季新產品的推出也不斷增加。

Also, the brand continues to strengthen proprietary seasonal offerings, representing the biggest offer of seasonal products this year, and we are pleased with early reads the customer's responding to innovation and newness in key collection and our Easy decorating updates for the home.

此外，該品牌繼續加強專有的季節性產品，代表了今年最大的季節性產品供應，我們很高興早期閱讀到客戶對關鍵系列的創新和新穎以及我們的 Easy 家居裝飾更新的反應。

We believe there are no lifestyle brands in the market to have these decorating and entertaining offerings like our.

我們相信市場上沒有任何生活風格品牌能夠像我們一樣提供這些裝飾和娛樂產品。

This is a competitive advantage to our Pottery Barn that is highly relevant and it really positions us really industry, especially in the fourth quarter, the Paragon children's business rent of 3.8% comp in Q3 marketing, its third consecutive quarter of positive comps.

這對我們的Pottery Barn 來說是一個競爭優勢，與我們高度相關，它確實使我們真正處於行業地位，特別是在第四季度，Paragon 兒童商業租金在第三季度營銷中達到了3.8% 的租金，這是連續第三個季度實現正租金。

We saw widespread cost improvement in the quarter with all divisions of the business, delivering positive comps, with particular strength in the areas of Texas and the core innovation across our product offering has been key to delivering growth in our kids business.

我們看到本季所有業務部門的成本普遍改善，實現了積極的競爭，特別是在德克薩斯州地區，我們產品的核心創新是實現兒童業務成長的關鍵。

The quarter compelling new product introductions and our fall and holiday assortments drove a significant portion of our comp growth.

本季引人注目的新產品推出以及我們的秋季和假期產品系列推動了我們的競爭成長的很大一部分。

We are seeing success with new furniture, fresh bedding and kid friendly products to celebrate the holidays.

我們看到新家具、新鮮床上用品和兒童友善產品在慶祝節日方面取得了成功。

one particular highlight was our success with product collaborations, which has been a strategic focus.

一個特別的亮點是我們在產品合作方面的成功，這一直是我們的策略重點。

We have grown our collections with key partners and are delighted to expand our successful.

我們與主要合作夥伴一起發展了我們的產品系列，並很高興擴大我們的成功。

Chris loves truly aligned to span of the Pottery Barn brands.

Chris 非常喜歡與 Pottery Barn 品牌的跨度保持一致。

We also see continued strength in our trending love shaft fancy partnership.

我們也看到我們流行的愛情軸花式合作夥伴關係持續強勁。

As we look to holiday in the quarters ahead, we have a robust pipeline of new products, exciting partnerships and channel innovation to fuel continued growth.

當我們展望未來幾季的假期時，我們擁有強大的新產品系列、令人興奮的合作夥伴關係和通路創新來推動持續成長。

West Dome in a negative 3.5% comp in Q3.

West Dome 第三季的年成長率為 3.5%。

A significant improvement from QTL macro economic factors can impact overall consumer demand for furniture.

QTL宏觀經濟因素的顯著改善可以影響消費者對家具的整體需求。

West Elm's, proving the good innovative product will always revenue fall double digit positive comps holiday, which is Western biggest season of new product insurance this year is also off to a strong start with double digit positive comp in seasonal textiles, kids' furniture.

West Elm's 證明，良好的創新產品總是會在假期中收入下降兩位數的正比較，這是今年西部最大的新產品保險季節，在季節性紡織品、兒童家具方面也以兩位數的正比較有了一個好的開始。

Additionally, West Elm launched a very exciting kids, Colette fashion pacemaker and children's book other evolution in September, the collection rate, fashion colors, multifunctional furniture and novelty pieces are driving sales.

此外，West Elm在9月推出了非常令人興奮的兒童、Colette時尚起搏器和兒童讀物等進化產品，收藏率、時尚色彩、多功能家具和新奇單品都在推動銷售。

Did lab has secured articles and publications like bol.com, Architectural Digest Forbes in New York Magazine.

Did 實驗室已獲得 bol.com、紐約雜誌《福布斯建築文摘》等文章和出版物。

The brand also launched a whole in capsule collection with Christina Romer G., especially the positive trends in newness and exciting collaboration.

該品牌還與 Christina Romer G. 合作推出了整個膠囊系列，尤其是新穎的積極趨勢和令人興奮的合作。

Now let's talk about Williams-Sonoma.

現在我們來談談威廉斯-索諾瑪。

The latest celebrate it was essentially flat in Q3 is to focus on new exclusive and innovative product offerings.

最新的慶祝第三季基本持平的舉措是專注於新的獨家和創新產品。

Strength continues and look at items and electrics, especially espresso machine and stand mixers.

力量繼續並關注物品和電器，尤其是濃縮咖啡機和立式攪拌機。

Also tabletop developments at the Williams-Sonoma brand, we saw great design and quality.

在 Williams-Sonoma 品牌的桌面開發中，我們看到了出色的設計和品質。

We are thrilled to see the consumer and media response.

我們很高興看到消費者和媒體的反應。

The launch of the new evergreen KitchenAid mixer.

推出新款長青 KitchenAid 攪拌機。

Our customers were quick to him breaks the new green base and with full design evolution of the KitchenAid mixture and items iconic to the Williams silicon.

我們的客戶很快就發現他打破了新的綠色基礎，並透過 KitchenAid 混合和 Williams 矽標誌性產品的全面設計演變。

The business also benefited from several key collaboration launches in Q three, popular Stanley 2G for green pan collection of to collaboration with the world famous death resource and the launch of our Thanksgiving partnership with Olive Garden.

該業務還受益於第三季度推出的幾項重要合作，包括與世界著名的死亡資源合作的流行的 Stanley 2G 綠盤系列，以及我們與 Olive Garden 的感恩節合作夥伴關係。

China is on the cover of this year's Thanksgiving catalog, which features an exclusive look at it.

中國出現在今年感恩節目錄的封面上，並對其進行了獨家報道。

Again, recipes and hosting kept putting on it as the exclusive bookseller five city bus tour and additional tour.

食譜和主持再次將其作為獨家書商五城市巴士之旅和附加之旅。

Williams-sonoma held more than 50 cookbooks signing and events in Q three, posting Top Chef influencers and top celebrities, like Bobby Flay, our broker and Eva Longoria in our stores.

Williams-sonoma 在第三季度舉辦了50 多場烹飪書籍簽名會和活動，在我們的商店中發布了頂級廚師影響者和頂級名人，例如我們的經紀人 Bobby Flay 和伊娃‧朗格利亞(Eva Longoria)。

As I said, the tabletop business was also strong in Q3 as people were holiday season and prioritizing eating at home.

正如我所說，桌面業務在第三季度也很強勁，因為人們正處於假期並優先考慮在家吃飯。

Williams-sonoma has launched a robust part of entertaining content marketing campaign and drive growth packaging.

威廉斯-索諾瑪推出了強大的娛樂內容行銷活動並推動包裝成長。

Our customers have a separate table stock of bar and host a party.

我們的客戶擁有單獨的酒吧桌並舉辦派對。

We're also encouraged by the improvement of alliances with expanded products across categories.

我們也對跨類別擴展產品聯盟的改善感到鼓舞。

We recently launched a collaboration with artists and designers, Josh Young, who's beautiful collection for Williams-Sonoma Home features, products inspired by popular provisional art.

我們最近與藝術家和設計師 Josh Young 展開了合作，他為 Williams-Sonoma Home 設計了精美的系列產品，其產品靈感來自流行的臨時藝術。

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

現在我想向您介紹我們其他舉措的最新情況。

Business-to-business continued its momentum, delivering its largest quarter history.

企業對企業持續保持成長勢頭，創下歷史最高季度業績。

To date, the business grew 93 with contract grown 17% while trade grew 4%.

迄今為止，業務成長了 93%，合約成長了 17%，而貿易成長了 4%。

The contract business represented 36% of the B to B business in the quarter.

合約業務佔本季 B2B 業務的 36%。

Project and partner wins.

專案和合作夥伴獲勝。

This quarter include JW Marriott, Las Vegas, Ritz-Carlton topic, Gaia office projects for Google and Sony, along with our continued work with Sunrise Senior Living related companies, see ramping up our corporate gifting program, followed focusing on our strategic growth opportunities and pipeline development to support our continued growth moving into FY 25 and beyond.

本季包括拉斯維加斯JW 萬豪酒店、麗思卡爾頓主題、Google 和索尼的Gaia 辦公項目，以及我們與Sunrise Senior Living 相關公司的持續合作，了解加強我們的企業禮品計劃，隨後關注我們的策略性成長機會和管道開發，以支持我們進入 25 財年及以後的持續成長。

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

現在我想談談我們的全球業務。

We're pleased to report strong results across key markets, including Canada, Mexico and India.

我們很高興地報告加拿大、墨西哥和印度等主要市場的強勁業績。

In Canada.

在加拿大。

Our strong performance across all brands was driven in our design business fee to be in Mexico.

我們在所有品牌上的強勁表現得益於我們在墨西哥的設計業務費用。

Our brands continue to gain market share due to our unique product and service offering store openings in Mexico for West Elm, Pottery Barn and Pottery Barn Kids in early 2025.

由於我們將於 2025 年初在墨西哥為 West Elm、Pottery Barn 和 Pottery Barn Kids 開設專賣店，提供獨特的產品和服務，我們的品牌繼續獲得市場份額。

Our business in India is also roughly demonstrating strength in our design services and an increase in decorating during the festive season.

我們在印度的業務也大致展示了我們設計服務的實力以及節日期間裝飾的增加。

We'll be opening two additional stores in India during the first quarter of 2025.

我們將在 2025 年第一季在印度再開設兩家商店。

In the UK, we have renewed our partnership with John, the West Elm and Pottery Barn Kids brands.

在英國，我們與 John、West Elm 和 Pottery Barn Kids 品牌續簽了合作關係。

We are also proud to be done in Williams-Sonoma product assortment and Mason.

我們也很自豪能夠在威廉斯-索諾瑪產品種類和梅森方面取得成功。

This holiday season with initial sales are promising, and we look forward to the opportunities these partnerships for enhancing our marketing and brand awareness in this market and around the globe.

這個假期季節的初步銷售前景廣闊，我們期待這些合作夥伴關係的機會，以增強我們在該市場和全球範圍內的營銷和品牌知名度。

Rejuvenation continued to have strong performance with another quarter of double digit growth.

復興持續表現強勁，另一個季度實現兩位數成長。

We are seeing success both consumer and trade customers with the brand already exclusively designed products for your home remodel or refresh.

我們看到消費者和貿易客戶都取得了成功，該品牌已經為您的家居改造或翻新專門設計了產品。

And the trend of home up date, particularly in kitchen and bathroom continues.

家居更新的趨勢，尤其是廚房和浴室的更新趨勢仍在繼續。

And we have increased our assortments and into our categories.

我們也增加了產品種類和類別。

We're also seeing success in furniture and textiles, Rejuvenation and Mark and Graham, we launched two new incremental businesses and Mark and Graham winning shop, both of which our customers responded well to also the brand of lost their holiday gifting collection with many new in-house designers get.

我們還看到家具和紡織品、Rejuvenation 和Mark and Graham 方面的成功，我們推出了兩項新的增量業務以及Mark and Graham 獲勝商店，我們的客戶對這兩個業務反應良好，也失去了該品牌的節日禮品系列，推出了許多新產品內部設計師得到。

And we are thrilled to rollout our new collection Barking.

我們很高興推出新系列 Barking。

Ram are all of our pet lovers.

拉姆是我們所有的寵物愛好者。

And finally, green ROE.

最後是綠色 ROE。

Our newest brand continues to show strong growth with its unique thoughtfully source vintage inspired furnishings in October being reimbursed holiday collection with handcrafted, an upcycle gifts and the core brand continues to fire.

我們的最新品牌繼續展現強勁的成長勢頭，其獨特的、經過深思熟慮的復古靈感家具在十月份報銷了手工製作的節日系列，升級改造的禮物，核心品牌繼續火爆。

With its innovative use of materials and bright optimistic colors.

憑藉其創新的材料使用和明亮樂觀的色彩。

We're excited to continue to grow Greenberg and look forward to new products and partnerships been part of our continued strong results and outperformance at Williams-Sonoma Inc.

我們很高興能夠繼續發展格林伯格，並期待新產品和合作夥伴關係成為我們威廉斯索諾瑪公司持續強勁業績和卓越表現的一部分。

Our strategy of focusing on returning to growth, enhancing our overall customer service and driving earnings is working.

我們專注於恢復成長、增強整體客戶服務和推動獲利的策略正在發揮作用。

As we head into a quarter of the year.

當我們進入今年的四分之一。

We are optimistic and confident in our stores or assess the music is on the lights are shrinking and you can smell the aroma of the holidays.

我們對我們的商店充滿樂觀和信心，或評估音樂正在響起，燈光正在縮小，你可以聞到假期的香氣。

This is the time of year when we shine and we welcome you to come visit us at any location and we sincerely wish.

這是一年中我們閃耀的時刻，我們真誠地歡迎您在任何地點參觀我們。

Thank you and your family, a very happy Thanksgiving next week.

謝謝你和你的家人，下週感恩節快樂。

Before I hand over to Jeff, I also want to take a minute to say thank you to our teams are better and all of our partners for their continued dedication and contributions to our Company's performance.

在將工作交給傑夫之前，我還想花一點時間向我們的團隊以及我們所有的合作夥伴表示感謝，感謝他們對我們公司業績的持續奉獻和貢獻。

We are grateful for all.

我們對所有人表示感謝。

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.

謝謝勞拉，大家早安。

We're proud to report results surpassed expectations on both the top and bottom model, more consequential improvements in top line trends, ongoing market share gains and robust earnings performance.

我們很自豪地報告，頂部和底部模型的結果都超出了預期，營收趨勢得到了更顯著的改善，市場份額持續增長，盈利表現強勁。

Our growth in the quarter reinforced through five key drivers underpinning our profitable growth.

我們本季的成長是透過支撐我們獲利成長的五個關鍵驅動因素來加強的。

First, our e-commerce developments with its higher operating margin to stay and 66% of total revenues.

首先，我們的電子商務不斷發展，營業利潤率維持在較高水平，佔總收入的 66%。

Our resume optimization strategy through delivering 3% occupancy expense from last year.

我們的履歷優化策略是比去年降低 3% 的入住費用。

In addition in technology and some clients to investments for our emphasis on full price zone, contributing to our 130 basis points improvement from last year in merchandise margin, Steven can regain market share for the ongoing are looking to achieve cost savings from supply chain efficiency produces a 100 basis point improvement from last year in certain margin.

除了技術和一些客戶對我們強調全價區的投資之外，使我們的商品利潤率比去年提高了130 個基點，史蒂文還可以重新獲得市場份額，因為我們正在尋求從供應鏈效率中實現成本節約較去年有一定幅度提高100個基點。

And fifth, Andrew, to talk to manage our bottom line profitability.

第五，安德魯，談談如何管理我們的底線獲利能力。

Our results this quarter demonstrates the flexibility of our operating model.

我們本季的業績證明了我們營運模式的靈活性。

Dr. market should produce and deliver highly profitable earnings through normal environment.

市場博士應該透過正常的環境產生並帶來高利潤的收益。

Also our with our Q3 results and then provide an update on guidance for 24.

我們還提供了第三季的結果，然後提供了 24 日指引的更新。

Net revenues finished above our revenues coming in at 1.8 billion.

最終淨收入高於我們 18 億美元的收入。

We gained market share because we outperformed the industry declined by approximately 7%, even as we continue to our overall level of promotion in the quarter, our Q3 comps improved in Q2, reflecting a better performance in furniture fan continued growth.

我們獲得了市場份額，因為我們的表現優於行業下降了約7%，即使我們繼續本季度的整體提升水平，我們的第三季度比較在第二季度有所改善，反映出家具愛好者持續增長的更好表現。

Non-furniture downwards from a sales perspective from trend and profit quarter were strong, reflecting the uncertain macro economic backdrop.

從銷售趨勢和利潤季度的角度來看，非家具產業下降強勁，反映出宏觀經濟背景的不確定性。

Moving down the income statement, gross margins exceeded our expectations coming in and 46.7%, 230 basis points higher than last year.

從損益表來看，毛利率超出了我們的預期，達到 46.7%，比去年高 230 個基點。

Merchandise margins, supply chain efficiencies and occupancy costs, cholesterol and merchandise margins, which improved 130 basis points from last year.

商品利潤率、供應鏈效率和占用成本、膽固醇和商品利潤率比去年提高了 130 個基點。

This improvement was driven by lower labor costs were argument and supply chain efficiencies contributed 100 basis points year over year improvement gross margin.

這一改善是由於勞動力成本下降推動的，供應鏈效率使毛利率比去年同期提高了 100 個基點。

We continue to revise coffee, Prograf and some margin driven by more consistent operations from West promotions are zone.

我們繼續修改咖啡、Prograf 和一些由西方促銷區域更一致的營運所驅動的利潤。

These savings are reflected in improved efficiencies in the bathroom, warehousing and delivery expense.

這些節省體現在浴室效率、倉儲和送貨費用的提高。

More importantly, the operational gains are enhancing our customer service.

更重要的是，營運收益正在增強我們的客戶服務。

Key metrics out of market shifting in multiple deliveries per order are all better than pre-pandemic growth.

每個訂單多次交付的市場變化的關鍵指標都優於疫情前的成長。

And finally, occupancy costs, which were down 3% from last year, flat as a percent of revenue.

最後，入住成本比去年下降了 3%，佔收入的百分比持平。

We continue to see our regional optimizations run through leverage and regional occupancy, offset by investments in our road biology and our supply chain.

我們繼續看到我們的區域優化透過槓桿和區域佔用率進行，並被對道路生物學和供應鏈的投資所抵消。

Overall, our higher gross margins quarter for exceeded our expectations.

總體而言，我們較高的季度毛利率超出了我們的預期。

Turning now to SG&A, we're seeing in at 28.9% of revenue were 150 basis points higher than last year.

現在轉向 SG&A，我們看到 28.9% 的收入比去年高出 150 個基點。

Higher employment expense and advertising spend, partially offset by lower expenses.

較高的就業費用和廣告支出被較低的費用部分抵銷。

Phil pointed expense was 160 basis points higher year over year, mostly from higher performance-based incentive compensation due to our strong EPS performance and from higher employee benefit costs during the quarter, advertising expense deleveraged 20 basis points as we continue to invest in hiring with them.

Phil 指出，費用年增了160 個基點，主要是由於我們強勁的EPS 業績以及本季度員工福利成本的增加，導致基於績效的激勵薪酬更高，廣告費用去槓桿化了20 個基點，因為我們繼續投資招募他們。

Our advertising model is a powerful competitive advantage for our multi-brand portfolio allows us in terms of the rollout of our incremental spending.

我們的廣告模式是我們多品牌產品組合的強大競爭優勢，使我們能夠增加支出。

While our hands-on approach maximizes the effectiveness of our investments into valuable insights in house general expenses leveraged 30 basis points from timing of administrative expenses.

我們的實踐方法最大限度地提高了我們對內部一般費用的寶貴見解的投資效率，並從管理費用的時間安排中利用了 30 個基點。

Operating income came in at 300 million of 2% from last year.

營業收入為3億，比去年成長2%。

Operating margin finished at 78%, which was 80 basis points above last year.

營業利益率最終達到 78%，比去年高出 80 個基點。

Diluted earnings per share was $1.92 of $0.13 or 7% higher than last year.

稀釋後每股收益為 1.92 美元，比去年增加 0.13 美元，即 7%。

On the balance sheet.

在資產負債表上。

We ended the quarter with cash of $827 million with no debt outstanding.

本季結束時，我們擁有 8.27 億美元現金，沒有未償債務。

With that, we both invested 83 million in capital expenditures supporting our long-term growth, and we returned 600 million to our shareholders through share repurchases and quarterly dividends.

至此，我們共同投資了 8,300 萬美元用於支持長期成長的資本支出，並透過股票回購和季度股息向股東返還 6 億美元。

Speaking of share repurchases, year to date, we repurchased 700 million or 4% of our outstanding shares.

說到股票回購，今年迄今，我們回購了 7 億股，即已發行股票的 4%。

So no inventory ended the quarter at 1.4 volume from 3.8% from last year.

因此，本季末庫存量從去年的 3.8% 降至 1.4%。

Our inventory levels are well positioned to support the upcoming holiday season.

我們的庫存水準足以支持即將到來的假期。

Since our inventory levels are above only 15% compared to 2019, with revenues up 25% over that time period.

由於與 2019 年相比，我們的庫存水準僅高於 15%，而同期收入卻成長了 25%。

Some of our Q3 results were proud to have delivered another quarter of results that exceeded our expectations.

我們對第三季的一些業績感到自豪，因為另一個季度的業績超出了我們的預期。

I'd like to thank our talented, dedicated team of learning community for their exceptional work in achieving these results.

我要感謝我們才華洋溢、敬業的學習社群團隊為實現這些成果所做的出色工作。

The fiscal year 24 is a 53 week year or probably nominees.

第 24 財年是一個 53 週的年度，或者可能是提名年度。

For the fourth quarter of 14 weeks.

第四季共 14 週。

We will report comp and 53 week versus 53 million comparable basis all other years and will be 53 versus 52 weeks.

我們將報告所有其他年份的比較和 53 週與 5300 萬可比較的基礎，並且將是 53 週與 52 週。

We anticipate the additional week will contribute 150 basis points to the year and 10 basis points are embedded in our guidance.

我們預計額外的一周將為今年貢獻 150 個基點，並且我們的指導包含了 10 個基點。

Now let's talk for our updated guidance.

現在讓我們來談談我們的更新指南。

We are raising our full-year guidance to reflect our strong Q3 results and our optimism about Q4.

我們正在提高全年指導，以反映我們強勁的第三季業績和對第四季度的樂觀態度。

With our improving furniture trends and the strong performance from seasonal product all year.

隨著我們不斷改善的家具趨勢以及全年季節性產品的強勁表現。

However, since during the holiday calendar shifts, economic uncertainty, slow housing markets, our guidance contemplates a range of possible outcomes.

然而，由於假期日曆變化、經濟不確定性、房地產市場緩慢，我們的指導考慮了一系列可能的結果。

From a top line, we are raising our full year 24 net revenue bonds to be in the range of down 3%, down 1.5%, with comps between down 4.5%.

從營收來看，我們將全年 24 年淨收入債券上調至下降 3% 至 1.5% 之間，而同期債券則下降 4.5% 之間。

30% for the midpoint of our goals are to reflect the continuation of Q3 trends in Q4.

我們目標中點的 30% 是為了反映第 3 季趨勢在第 4 季的延續。

We believe the high end or guide implies a strong holiday season, and the low end of our guidance reflects the potential for a greater impact from the macro economic environment.

我們認為指導值的高端意味著假期旺季的強勁，而指導價值的低端則反映了宏觀經濟環境可能產生更大影響的可能性。

On our Q4 results.

關於我們第四季的業績。

On the bottom line, we are raising our full year operating margin guidance 40 basis points based upon our Q3 performance.

總而言之，我們根據第三季的業績將全年營業利潤率指導上調 40 個基點。

With the 40 basis point increase.

隨著40個基點的增加。

Our full year 24 operating margin will now be in the range of 18.4% to 18.8, which includes a 60 basis point benefit from the full year impact from the Q1 24 month period.

我們的全年 24 營業利潤率目前將在 18.4% 至 18.8% 之間，其中包括第一季 24 個月期間全年影響帶來的 60 個基點的收益。

Adjustments without the Q. one out of period adjustments for our full year operating margins of 17 point 18.2% due to anticipated growth will be the two wells with a 53rd week on the addition of interest income to be approximately 30 million and our full year effective tax rate to be approximately 25%.

調整不包括第一季的調整，我們全年營業利潤率將成長 17 個百分點，18.2%，由於預期成長將是兩口井在第 53 週增加利息收入約 3,000 萬，我們全年有效稅率約為25 %。

Turning to our 2020 were capital allocation plans.

談到我們的 2020 年資本配置計畫。

We anticipate 250 million in capital expenditures to support the long-term growth of our business.

我們預計資本支出為2.5億美元，以支持我們業務的長期成長。

From this amount, 75% will be focused on strengthening our e-commerce nutrition and enhancing our supply chain efficiencies.

其中 75% 將重點放在加強我們的電子商務營養和提高我們的供應鏈效率。

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

正如我們所傳達的，我們致力於透過股利和股票回購將多餘的現金回饋給股東。

We will continue to pay quarterly dividends of $0.57 per share.

我們將繼續支付每股 0.57 美元的季度股息。

In conjunction with our earnings release today, we announced that our Board of Directors has approved an additional $1 billion share.

在今天發布財報的同時，我們宣布董事會已批准增發 10 億美元的股票。

Combined with our we now have nearly 1 billion in share repurchase authorization from bill to opportunistically repurchase our stock to deliver returns.

加上我們現在有近10億美元的股票回購授權，可以趁機回購我們的股票以帶來回報。

Shareholders.

股東。

We're proud to deliver results exceeded expectations on both the top and bottom line for the remainder of 24 were focused on our three key crew returning to growth and driving earnings were confident some flexibility, strength and durability of our business model will drive market share gain and deliver a highly profitable earnings in almost any environment.

我們很自豪能夠在剩下的24 年中實現超出預期的營收和利潤業績，重點關注我們的三名關鍵員工恢復成長並推動盈利，我們相信我們業務模式的靈活性、實力和持久性將推動市場佔有率幾乎在任何環境下都能獲得並帶來高額利潤。

As we look beyond 24, we will provide guidance for fiscal year 20 by mid-March.

當我們展望 24 財年之後，我們將在 3 月中旬之前提供 20 財年的指導。

Looking further into the future, we are reiterating our long-term guidance of mid to high singles revenue growth with operating margin in the mid-to high 10s work comp outperformed our peers and deliver shareholder growth for the 507 remain consistent to gain market share in environments in home furnishings industry for the strength of our in-house proprietary design, the competitive advantage for omnichannel strategy, the ongoing strength of our growth initiatives and the resiliency of our fortress balance sheet.

展望未來，我們重申中高單打收入增長的長期指導，中高 10 的營業利潤率優於我們的同行，並為 507 保持一致的股東增長，以獲得市場份額我們的內部專有設計的實力、全渠道戰略的競爭優勢、我們成長計畫的持續優勢以及我們堡壘資產負債表的彈性。

(Operator Instructions)

（操作員說明）

Cristina Fernández with Telsey Advisory Group.

特爾西諮詢小組的克里斯蒂娜·費爾南德斯。

The trends you saw in the quarter, particularly in furniture, it seemed like Seaton on and small-ticket is working really well, furniture more, and you commented that it was slightly better.

您在本季看到的趨勢，特別是在家具方面，看起來西頓和小票的效果非常好，家具更多，您評論說情況稍好一些。

So can you talk about why you're seeing there in any signs that the consumer to want to spend a bit more on big ticket furniture items, sir?

那麼，先生，您能談談為什麼您看到消費者願意在大件家具上花更多錢的跡象嗎？

Thanks, Christina.

謝謝，克里斯蒂娜。

It's really hard to know what's what are the consumer that our opinion is that a little bit better off than everybody thinks, especially our consumer.

很難知道我們認為比每個人想像的要好一點的消費者是什麼，尤其是我們的消費者。

And you know, we are a lot more than just the friendship.

你知道，我們不僅僅是友誼。

And as we've talked about relay lifestyle brands, and we are seeing the best results in those businesses like our kit that we look at those comps and that's less related to housing, of course on.

正如我們所討論的接力生活方式品牌，我們在像我們的套件這樣的業務中看到了最好的結果，我們研究了這些比較，當然與住房的關係不大。

We are also seeing really good results all year, but our seasonal assortments such as exciting going into the holidays firm and partially why we're so optimistic about this quarter for us.

我們全年都看到了非常好的業績，但我們的季節性品種，例如令人興奮的假日公司，也是我們對本季如此樂觀的部分原因。

We did say furniture improve slightly early on in West Elm and Pottery Barn across the board.

我們確實說過，West Elm 和 Pottery Barn 的家具在早期全面改善。

And we're seeing also our new that really work, which is great news for us when you bring in a new furniture collection and it works generally only bring it in Melbourne, I don't see much display in the coffee table.

我們也看到我們的新產品確實有效，這對我們來說是個好消息，當你引入新的家具系列時，它通常只能在墨爾本使用，我在咖啡桌上沒有看到太多展示。

So when you see that look sell, you can if that will yield a really good on non-comp units for years to come.

因此，當您看到該產品看起來很暢銷時，您就可以知道這是否會在未來幾年對非補償單位產生真正的好處。

And then my follow-up is for Jeff. On the loans on the operating margin. And in this quarter, you guided were implicitly upside. And why would that not continue in the fourth quarter with the better sales outlook?

然後我的後續行動是傑夫。關於經營保證金的貸款。在本季度，您的指導是隱性上行的。為什麼第四季銷售前景更好時這種情況不會持續下去？

Good morning, Christine, and thanks for asking that question and announce growing on top of everybody's mind. But look, Q3 exceeded expectations for three reasons.

早安，克里斯汀，感謝您提出這個問題，並宣布大家都在關注這個問題。但看，第三季超出預期有三個原因。

First, our merchandise margins were stronger than we have, really driven by lower input costs and our focus on full price selling and any more color on this, you know, we continue to see a positive customer response to for consistent pricing and our focus on Simon's service in the newness and the breadth of product assortment that we offer consecutive the supply chain efficiencies and seven talking about all year also came in better attributable to our commitment to full price selling really smoothing out the peaks and troughs driven by promoting.

首先，我們的商品利潤率比我們現在要高，這實際上是由於投入成本降低以及我們對全價銷售和更多色彩的關注所推動的，你知道，我們繼續看到客戶對一致定價的積極反應以及我們對西蒙在產品種類的新穎性和廣泛性方面的服務，我們連續提供了供應鏈效率和全年七次討論，這也歸功於我們對全價銷售的承諾，真正消除了促銷帶來的高峰和低谷。

This is Drew delivering significant cost savings for more consistent operations across manufacturing, warehousing and delivery expenses really complement our entire supply chain organization for their diligence.

德魯（Drew）為製造、倉儲和交付費用方面更一致的運營提供了顯著的成本節約，這確實補充了我們整個供應鏈組織的勤奮。

And really the way they have a tax on the supply chain really gone after these cost savings from that working on right now, we beat the op margin in the quarter as we deleverage advertising expense less in Q2 than in Q1.

實際上，他們對供應鏈徵稅的方式確實是在追求目前正在節省的成本，因此我們在第二季度的廣告費用去槓桿化程度低於第一季度，因此我們在本季度擊敗了營運利潤率。

We continue to evaluate that spend and adjust weekly as we see the effectiveness.

我們將繼續評估該支出，並根據效果每週進行調整。

And I think it's through Q3 results is really a testimony to how we continue to deliver strong profitability despite the tough Embraer coming from clinicians.

我認為第三季的業績確實證明了儘管臨床醫生對巴西航空工業公司提出了嚴厲的要求，但我們仍能繼續實現強勁的獲利能力。

For the second part of your question, why would that continue in to Q2 in our guidance on page 4 here?

對於您問題的第二部分，為什麼會繼續到我們第 4 頁指南中的問題 2？

Thank you for your support of our guidance is based upon the fashion trend we know today.

感謝您的支持，我們的指導是基於我們當今所了解的時尚趨勢。

And there's a few factors in Q4 that measure of the first one is the holiday calendar shifts.

第四季有幾個因素可以衡量第一個因素是假期日曆的變化。

And you hear us talk about that today with the late Thanksgiving and the shorter holiday shopping period to make reading the business really difficult.

今天，您聽到我們談論這一點，感恩節臨近尾聲，假期購物時間較短，這使得閱讀業務變得非常困難。

And then the second piece is we've started lapping the reduction promos, so there's less upside there.

第二件事是我們已經開始進行減價促銷，所以那裡的好處較少。

And there wasn't.

但沒有。

And finally, our guide reflects the potential for greater impact than macro and economic environment and the slow housing market.

最後，我們的指南反映了比宏觀經濟環境和緩慢的房地產市場產生更大影響的潛力。

But here's the thing.

但事情是這樣的。

We got top line revenues and bottom line operating margin because it gives us the flexibility to respond to any changes in the business.

我們獲得了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的任何變化。

To the extent there might be an upside in one line will take a look and see where we might do to offset that and others, but it gives us the flexibility to pull levers as a business ebbs and flows.

在某種程度上，一條線可能有上行空間，我們會看看我們可以在哪裡抵消這條線和其他線，但它使我們能夠在業務潮起潮落時靈活地拉動槓桿。

And as we've seen in Q3 in other quarters this year, we know the levers to pull to deliver results.

正如我們在今年其他季度的第三季所看到的那樣，我們知道可以利用哪些槓桿來實現業績。

Thank you and best of luck this holiday season.

謝謝你，祝你這個假期好運。

Thanks.

謝謝。

Peter Benedict with Baird.

彼得·本尼迪克特與貝爾德。

Hi, guys. Thanks and thanks for taking the question.

嗨，大家好。感謝並感謝您提出問題。

First, just to orient you a little bit more on your approach to marketing and promo with this holiday.

首先，只是為了讓您更多地了解這個假期的營銷和促銷方法。

Tom consumers have been responding.

湯姆消費者已經做出了回應。

At least we're hearing a lot of folks that they respond more to approach to promotions and events. And that's been going on for some time that may that's getting a little more pronounced of late. I know you guys are very tactical and strategic with heavy motions.

至少我們聽到很多人說他們對促銷和活動的方式反應更多。這種情況已經持續了一段時間，最近可能變得更加明顯。我知道你們很有戰術性和戰略性，動作很重。

I'm just curious how you how you guys have planned this holiday relative to maybe last year and what you're what you're kind of seeing from competitors in this space when it comes to come to promotions in this holiday season.

我只是好奇你們如何計劃這個假期（相對於去年），以及當談到這個假期的促銷活動時，你們從這個領域的競爭對手那裡看到了什麼。

First question.

第一個問題。

Okay, great. Thanks, Peter.

好的，太好了。謝謝，彼得。

I don't know if you've been in our store and all that.

我不知道你是否來過我們的商店等等。

There is no one still has the holiday headquarters that we have from Thanksgiving to Christmas, Konica New Year entertaining decorating gift-giving.

沒有人還擁有我們從感恩節到聖誕節，柯尼卡新年娛樂裝飾送禮的節日總部。

There's nobody who aza on.

沒有人上阿札。

And that is a huge competitive advantage around when you go to the malls on M&A, I'll remind that we have not just one category, but we have a fully integrated Holly holiday assortment on top of incredible foundation of furniture and all the things that already exist in your house.

當你去商場進行併購時，這是一個巨大的競爭優勢，我要提醒你的是，我們不僅有一個類別，而且我們有一個完全集成的冬青假日品種，除了令人難以置信的家具和所有東西之外，你家裡已經存在了。

And we show the customer had put those things together.

我們表明客戶已經將這些東西組合在一起。

That is a big deal and it's very relevant, particularly this year as excited about the holidays.

這是一件大事，而且非常相關，尤其是今年人們對假期感到興奮。

And we saw in the beginning of the year from Easter into how lean now Thanksgiving and Christmas, it's still early, but that is something that on we said earlier in the year, we're going to continue to flex as we knew that likely the timeshare private business was going to recover its industry as relates to pricing, let's just cut pricing versus promotions.

我們從今年年初看到從復活節到現在的感恩節和聖誕節有多精益，現在還很早，但這是我們今年早些時候說過的，我們將繼續靈活，因為我們知道可能分時度假私人企業將在定價方面恢復其行業，讓我們削減定價而不是促銷。

We have an incredible sourcing platform.

我們擁有一個令人難以置信的採購平台。

We have worked with vendors for decades.

我們與供應商合作了數十年。

We design our own that we source them ourselves with our people overseas.

我們自己設計，並與海外員工一起採購。

And as a result, we get better prices.

結果，我們得到了更好的價格。

We have lots of loyalty.

我們有很多忠誠度。

We have approachable prices with great quality, and we know that we've learned that many times and good business and in that business and we made the decision, as you know, to start this up down price constant promotion once you're in that loop, new can't stop that you have the confidence.

我們的價格平易近人，質量上乘，而且我們知道，我們已經多次了解到這一點，並且在該業務中取得了良好的業務，並且我們做出了決定，如您所知，一旦您進入該業務，就開始進行價格不斷上漲的促銷活動循環，新無法阻止你有信心。

And over the last several years, we have been reducing and reducing reducing the lead level of promotions and it has been working.

在過去的幾年裡，我們一直在減少和減少促銷的領先水平，並且它一直在發揮作用。

The customer doesn't have to wait to see if they're going to have a better price on that so far in two weeks, they know the price is depressed.

客戶不必等待兩週後是否能獲得更好的價格，他們知道價格正在下跌。

So we think we are very, very competitively priced all in versus anyone for the same level of design and quality, which allows us to be less promotional.

因此，我們認為，與同等設計和品質水準的任何公司相比，我們的價格非常非常有競爭力，這使我們能夠減少促銷。

And as Jeff said, we still have been reducing it every quarter.

正如傑夫所說，我們每個季度仍然在減少它。

We have less of it reduce as we lap these quarters, but there's still some opportunity to do a better job also behind the winners and maximizing selling because we're seeing great newness arm results.

隨著這些季度的進行，我們的減少幅度越來越小，但仍然有一些機會在獲勝者背後做得更好，並最大限度地提高銷售，因為我們看到了新的部門的出色業績。

And so far that goes without saying that when we buy back in margins is another key part of our strategy.

到目前為止，不言而喻，我們回購利潤的時間是我們策略的另一個關鍵部分。

That's helpful.

這很有幫助。

Thank you.

謝謝。

Thanks, Laura. And at the kind of leads me to my next question is for Jeff. You're talking about some smoothing out demand and how that helps on the supply chain from Jeff, you mentioned some additional are further opportunities for efficiency and optimization.

謝謝，勞拉。這讓我想到了下一個問題是問傑夫的問題。您正在談論一些平滑需求以及這對 Jeff 的供應鏈有何幫助，您提到了一些額外的進一步提高效率和優化的機會。

As you look at going forward, if we maybe put the soon and aside, what are the other buckets that you see the most of them where you see the most opportunity you've done such a great job so far and all that, just curious kind of where the next leg of savings might have thought might lie.

當你展望未來時，如果我們把「很快」和「暫時」放在一邊，你最常看到的其他桶子是什麼，你看到最多的機會，到目前為止你已經做得非常出色了，所有這些，只是好奇下一段儲蓄可能會出現在哪裡。

Thank you.

謝謝。

So just to talk about that, we have been delivering record customer service.

順便說一下，我們一直在提供創紀錄的客戶服務。

And this customer service has Brit built tremendous brand loyalty, but we still have room to go in specific areas where we need to be even more efficient.

這種客戶服務讓 Brit 建立了龐大的品牌忠誠度，但在需要提高效率的特定領域，我們仍有空間。

So we are drilling down into supply chain in every hub in every furniture area.

因此，我們正在深入研究每個家具領域每個中心的供應鏈。

And remember, we just did a full conversion out of one system to another, and that is we're at the beginning of that cycle.

請記住，我們只是從一個系統完全轉換到另一個系統，這就是我們正處於該週期的開始階段。

We did that this year into our new areas already see out of RCM mobility.

今年我們在新領域做到了這一點，我們已經看到了 RCM 的流動性。

Sonoco has a big deal.

索諾科有一件大事。

So there's a lot of additional areas, and we don't believe that we are done with supply chain efficiency.

因此還有很多其他領域，我們不認為供應鏈效率已經完成。

We have said on also on continued opportunity and occupancy where continuing to close less profitable stores that are all centers and move them to better lifestyle centers and also reduced, in some cases, some brands and increased hours.

我們還談到了持續的機會和入住率，即繼續關閉利潤較低的所有中心商店，並將它們轉移到更好的生活方式中心，在某些情況下，還減少了一些品牌並增加了營業時間。

And we've seen really good results from our remodels here, myself that that we have been really honing our retail execution and our RBC retail footprint and our new stores are doing quite well.

我們在這裡的改造中看到了非常好的結果，我自己認為我們一直在磨練我們的零售執行力和我們的 RBC 零售足跡，而且我們的新商店做得很好。

So that's another example of live past from.

這是過去生活的另一個例子。

Can we do more dollars per square foot?

我們可以在每平方英尺上賺更多的錢嗎？

We believe we can. And that is that also going to help us with our occupancy leverage. In terms of ad costs?

我們相信我們可以。這也將有助於我們提高入住率。就廣告費用而言？

Yes, this is an area that is a strength of ours and we use that competitively to gain share, both in the short term, again, customers for the long term.

是的，這是我們的優勢領域，我們利用這一優勢來競爭性地贏得份額，無論是在短期內，還是在長期內贏得客戶。

The work that we're doing with influencers and collaborators is driving brand heat and bringing new customers into brands and driving traffic to our stores.

我們與影響者和合作者所做的工作正在推動品牌熱度，為品牌帶來新客戶，並增加我們商店的客流量。

I'm going to continue to see us drive collaborations higher, which is really good us actually and also sales.

我將繼續看到我們推動合作更高，這實際上對我們和銷售都非常有利。

Those are the big buckets on a panel, obviously, another very large bucket.

這些是面板上的大桶，顯然是另一個非常大的桶。

As you know, there's two on a more efficient in areas in our company, but then also to fund to other areas that leverage and we're in that arm, early innings of testing that.

如您所知，我們公司有兩個領域的效率更高，但也為其他領域提供資金，我們處於這一領域，正在測試這一點的早期階段。

Kate McShane with Goldman Sachs.

凱特麥克肖恩與高盛。

Thanks for taking our questions.

感謝您回答我們的問題。

I wanted to follow up on Christina <unk> earlier question with regards to furniture sales and just ask if you have a view on when furniture sales could stabilize and Ken furniture sales grow, just given some of the success that again you've seen with innovation and new product introduction, it housing turnover were to remain muted in 2025.

我想跟進克里斯蒂娜（Christina）關於家具銷售的早期問題，只是問您是否可以看到家具銷售何時可以穩定和Ken Furniture銷售增長，只是考慮到您再次看到的一些成功由於創新和新產品的推出，2025 年IT 房屋成交量將維持低迷。

We're selling housing turnover remains muted, which is why we've been working so hard to improve our business decided, okay?

我們正在銷售的房屋成交量仍然很低，這就是為什麼我們一直在努力改善我們的業務，好嗎？

And you've seen us have consecutively improved our comps and we heritage accounts to there's no doubt on based on what we're saying that there's opportunity to continue to improve.

你已經看到我們不斷改進我們的比較，我們的傳統帳戶毫無疑問地基於我們所說的有繼續改進的機會。

And then in mind, we believe that the newness, the percentage of newness to total on will continue to yield for us and furniture, even as housing doesn't introduce now with housing really collapses, obviously, that's not line or less flat.

然後請記住，我們相信，新奇性、新奇性佔總數的百分比將繼續為我們和家具帶來收益，即使住房現在沒有引入，住房確實崩潰了，顯然，這不是直線或不太平坦。

That's not something that is contemplated a huge collapse or a black swan event.

這並不是一場巨大的崩壞或黑天鵝事件。

Or something, but we think it has a normalized environment.

或者什麼，但我們認為它有一個正常化的環境。

Our operational execution and the things we can control will help us improve our furniture business.

我們的營運執行力和我們可以控制的事情將幫助我們改善我們的家具業務。

On the flip side, you get your take housing rebound will see very good results, infection.

另一方面，你拿房反彈會看到很好的效果，感染。

So I'm CEO.

所以我是執行長。

I wish I did.

我希望我做到了。

Okay, thank you. And then our second question was just around inventory. It looks like inventory grew about three point each in the quarter. We wondered if there was any pull forward that you did in anticipation of some of them noise that was going on with regard to the port strike.

好的，謝謝。我們的第二個問題是關於庫存的。看起來每季的庫存成長了約三個百分點。我們想知道你們是否因預期港口罷工而出現一些噪音而採取了任何行動。

And I know there's still a lot of uncertainty around tariffs that now that we are through the election. Could you remind us how you're thinking about operating in a higher tariff environment and how much you can mitigate?

我知道，既然選舉已經結束，關稅方面仍然存在許多不確定性。您能否提醒我們您如何考慮在更高的關稅環境中運作以及可以減少多少？

So our inventories in the quarter was up 4% from last year and notably earnings levels earlier 50% versus 2019 compared with revenue growth of over 25 Puma time.

因此，我們本季的庫存比去年增長了 4%，值得注意的是，與 2019 年相比，早些時候的盈利水平增長了 50%，而收入增長超過了 Puma 時間的 25%。

And in terms of your question about it, the pull forward some regarding the pump of port strike, it wasn't really a big factor for us.

就你的問題而言，關於港口罷工泵的一些提前，這對我們來說並不是一個大因素。

This is really about getting well positioned for holiday and being an SoC. And if you've been in any of our stores, given on the website, you can see that we're in stock and we're well positioned for holiday on.

這實際上是為了為假期做好準備並成為 SoC。如果您去過我們網站上列出的任何商店，您可以看到我們有庫存，而且我們已經做好了度假的準備。

And that's reflected in the guidance ranges that we provided in terms of China tariffs and our outlook. And that's my first there's a lot of uncertainty in terms of what's happening there.

這反映在我們提供的中國關稅指導範圍和我們的前景。這是我第一次看到那裡發生的事情有很多不確定性。

And just want to remind everyone that it's not our first time as we've always been a leader and proactively responded environment and a lot of change in the last time. This came up.

只是想提醒大家，這不是我們第一次，因為我們一直是領導者，並積極應對環境和上次發生的許多變化。這就出現了。

First, we significantly reduced our China source goods from 50% to 25% over the last few years.

首先，過去幾年我們將中國來源的商品從 50% 大幅減少到 25%。

So our exposure is from the last time in 2018, we saw this activity second, and I think this is something that we don't talk enough about. The US. is already a major manufacturing hub for Williams-Sonoma, Inc. much of our poultry is manufactured in practically their facilities in North Carolina in Mississippi produced domestically, peppermint bark. Everyone's favorite skew the time of year is made here in the same Cisco bear third were prepared to reduce our exposure to China further tariff increase. We've mapped out a category by category plan to reduce churn and sourcing if conditions warrant.

所以我們的曝光是從2018年的最後一次開始，我們第二次看到了這個活動，我認為這是我們談論得不夠多的事情。美國。已經是 Williams-Sonoma, Inc. 的主要製造中心。一年中每個人最喜歡的偏差是在同一個思科熊第三個時間在這裡做出的，準備減少我們對中國的風險，進一步提高關稅。我們已經制定了逐個類別的計劃，以在條件允許的情況下減少客戶流失和採購。

So we're currently evaluating quantifying the impact from additional tariffs.

因此，我們目前正在評估量化額外關稅的影響。

We have a wide range of mitigation options and tax, yes, everything is on the table will probably move some things.

我們有廣泛的緩解方案和稅收，是的，一切都擺在桌面上可能會改變一些事情。

Other countries we made at some point in 25 front-load some goes I'm sure the vendors will pay some of them, and there may be some that the consumers of Derby growth.

我們在其他國家/地區的某個時候在 25 個預載中進行了一些操作，我確信供應商會支付其中的一些費用，並且可能有一些是德比增長的消費者。

But that is really a lot of uncertainty right now.

但目前確實存在許多不確定性。

We're working through that.

我們正在解決這個問題。

And as the landscape changes, we have the scale of and strategy to pivot.

隨著情勢的變化，我們有需要調整的規模和策略。

But here's the really big strategic thing that I wanted to tell away, and that is our vertically integrated supply chain is a competitive advantage.

但我想講的是真正重要的策略問題，那就是我們的垂直整​​合供應鏈是一種競爭優勢。

90% of the products are proprietary design and exclusively made for our brands.

90% 的產品是專有設計並專門為我們的品牌製造。

We operate our own in-house.

我們自己經營。

Best-in-class global sourcing operation were 12 overseas offices, their own boots on the ground, managing sourcing decisions, production and shipping.

一流的全球採購業務包括 12 個海外辦事處，他們自己在當地管理採購決策、生產和運輸。

We are the 11th largest container importer in the United States.

我們是美國第 11 大貨櫃進口商。

So we have scale and relation relationships.

所以我們有尺度和關係。

Others do now.

其他人現在也這樣做。

Jonathan Matuszewski with Jefferies.

喬納森·馬圖謝夫斯基 (Jonathan Matuszewski) 和傑弗里斯 (Jefferies)。

Please go ahead.

請繼續。

From a year ago frame, the magnitude of it for produce this year, maybe relative to last and the aspirations of for kind of the magnitude of new collections, Brickell folks for some 25?

從一年前的框架來看，今年產品的規模，可能是相對於去年而言的，以及對新系列規模的渴望，布里克爾人大約有 25 個？

That's my first question.

這是我的第一個問題。

Thanks.

謝謝。

Craig Johnson.

克雷格·約翰遜。

Yes, newness and innovation are key parts of our strategy to return to growth in 2024.

是的，新穎和創新是我們 2024 年恢復成長策略的關鍵部分。

And we've seen a strong response to newness, I should say 24 and beyond.

我們已經看到了對新鮮事物的強烈反應，我應該說是 24 歲及以後。

And West Elm has been really benefiting from the increase the newness across all categories that typically furniture and they've seen double digit positive new furniture introductions.

West Elm 確實受益於所有類別（通常是家具）的新穎性的增加，並且他們已經看到了兩位數的新家具推出量。

And they also really on increased substantially the amount of products in the holiday from which is also an important opportunity for the firm had mentioned before that when you look at the scale less dominant, you compare the departments to Pottery Barn for Total, you see some clear areas of activity.

他們也確實大幅增加了假期中的產品數量，這對公司來說也是一個重要的機會，之前提到過，當你看到規模不那麼占主導地位時，你將這些部門與Total 的Pottery Barn 進行比較，你會看到一些明確的活動領域。

And on the non-pharma businesses, a big area of opportunity left down.

而在非製藥業，則留下了很大的機會。

So we've been really pushing in as our partners also seeing a response to newness, especially Furniture and Seasonal Kids and Teen arm, really seeing the big pop in Beijing door.

因此，我們一直在努力推動，因為我們的合作夥伴也看到了對新鮮事物的反應，尤其是家具和季節性兒童和青少年手臂，真正看到了北京門的大流行。

And the collaborations that we brought new collaborations in our much F&C have been seeing tremendous consumer response in in Williams-Sonoma.

我們在許多 F&C 中帶來的新合作在威廉斯-索諾瑪得到了巨大的消費者反響。

They on we have had premium on electrics, cookware, newness and seasonal.

他們對我們提供優質的電器、炊具、新的和季節性的。

That only found there.

那隻能在那裡找到。

And we've seen great results in Sonoma from our exciting holiday lineup and the newness that we produce.

我們在索諾瑪看到了令人興奮的假期陣容和我們創造的新事物的巨大成果。

So in terms of quantifying, this is double digit increases from its across categories is a very competitive area.

因此，就量化而言，跨類別的成長是兩位數，這是一個非常有競爭力的領域。

You have the numbers are, although they may the indicative of this to us, yes, it is more the quality of the newness, so making sure that it's truly incremental business and that we have reason to believe that it's going to work and not just getting over-assorted.

你有這些數字，雖然它們可能向我們表明了這一點，是的，這更多的是新鮮感的質量，所以確保它是真正的增量業務，並且我們有理由相信它會起作用，而不僅只是變得過度分類。

I think we're where on really balancing that well and is going to be a key part of stay ahead and getting us pricing power to continually designer our own products and bring them to market.

我認為我們真正做到了平衡，這將成為保持領先地位的關鍵部分，並讓我們有定價權來不斷設計自己的產品並將其推向市場。

That's helpful.

這很有幫助。

Thanks so much.

非常感謝。

And just a question on trade.

只是一個關於貿易的問題。

Maybe you could update us on your approach there.

也許您可以向我們介紹您的最新做法。

And how will your business is continuing to make inroads?

您的業務將如何繼續取得進展？

Looks like a mid single digits this quarter, category down stem from.

看起來本季的中個位數，類別下降源自於。

So are you currently in terms of work and plans for the future?

那麼您目前的工作狀況以及未來的計畫是怎麼樣的呢？

Thanks.

謝謝。

Yes.

是的。

I think, Jonathan, in our trade business did grow 4% in the quarter and has been up all year.

喬納森，我認為我們的貿易業務在本季確實成長了 4%，並且全年都在成長。

And it's really a function of the outstanding performance that our retail teams have done engaging with the trade community in a lot of trade is the local interior designers that works with the disease owners within our stores.

這實際上是我們的零售團隊在許多貿易中與貿易界合作的出色表現的結果，是與我們商店內的疾病所有者合作的當地室內設計師。

And we set out a goal or we this year to really answer your retail teams to reengage with the interior designer community and to our to their credit.

我們今年設定了一個目標，真正讓您的零售團隊重新與室內設計師社群合作，並為他們贏得榮譽。

Our retail teams have taken it on and are doing a really good job.

我們的零售團隊已經接受了這個挑戰，而且做得非常好。

And that really explains the the 4% increase in this quarter.

這確實解釋了本季 4% 的成長。

And more we're seeing that trade business profit a little bit.

我們也看到貿易業務略有獲利。

I think it's important to note that while trade down is a is a component of the B to B business, it's really the contract side of the business that we are really excited about.

我認為值得注意的是，雖然向下交易是 B2B 業務的一個組成部分，但我們真正感到興奮的是業務的合約方面。

And that had another outstanding quarter growing 17% in Q. three.

第三季又實現了 17% 的出色成長。

And this accounts for about 36% of our overall volume quarter.

這約占我們季度總銷量的 36%。

And as we were where we really have a competitive advantage and bringing the scale of our brands, the variety assortment, our supply chain becoming a disruptor and not $80 billion business.

因為我們確實擁有競爭優勢，我們的品牌規模、品種種類、我們的供應鏈成為了顛覆者，而不是價值 800 億美元的業務。

The business market.

商業市場。

And ladies and gentlemen, in order to take questions from as many individuals as possible, we ask that you have questions to one.

女士們、先生們，為了回答盡可能多的人提出的問題，我們要求你們向其中一個提出問題。

Simeon Gutman with Morgan Stanley.

摩根士丹利的西蒙古特曼。

Hi, good morning, everyone.

嗨，大家早安。

I'm going to ask about full-price selling.

我想問全價銷售的情況。

I don't know if this is quantifiable, if we should be asking what the mix is, but is that run rate accelerating in doesn't ever reached a ceiling of the business will have a certain amount of product that gets sold on some type of clear.

我不知道這是否可以量化，我們是否應該問組合是什麼，但運行率加速是否從未達到業務的上限，是否會有一定數量的產品以某種類型出售的清晰。

And so I suppose.

我想也是如此。

And is that run rate accelerating on how much more steel and do you have to build?

運行速度是否會因為需要建造多少鋼材而加快？

Thank you.

謝謝。

I'll start by saying we're absolutely committed to the stance of running the business ERM without promotional pricing.

首先我要說的是，我們絕對致力於在不促銷定價的情況​​下經營企業 ERM 的立場。

And we have continued to firm reduce the amount from last year.

我們繼續堅定地減少去年的金額。

We have always said it will take markdowns, we do take markdowns.

我們一直說會降價，我們確實會降價。

And so of course, in it better sales environment, you'd have a smaller tenants, you might actually have scarcity.

當然，在更好的銷售環境中，你的租戶會更少，你實際上可能會出現稀缺。

So you could see that firm happen over time where we're actually chasing goods and there are less.

所以你可以看到，隨著時間的推移，我們實際上在追逐商品，但商品卻越來越少。

We are definitely seeing improvements in our regular price curve, which is great.

我們確實看到了常規價格曲線的改善，這很棒。

And our clearance inventory is in great shape.

我們的清倉庫存狀況良好。

We took, as Jeff said, inventories pretty clean and we like that.

正如傑夫所說，我們的庫存非常乾淨，我們喜歡這樣。

That doesn't mean that there's less clearance sales.

這並不意味著清倉銷售減少。

I will just point out that in Q3, some brands that had more promotional or can't roll off and others like Pottery Barn have more to come up since then.

我只想指出，在第三季度，一些品牌進行了更多促銷或無法推出，而其他品牌（例如 Pottery Barn）此後將推出更多品牌。

We've liked and we made the decision, as we've said before, and we've said we're going to always choose to go after the operating earnings and to not go to uptown pricing.

正如我們之前所說，我們喜歡並做出了決定，我們說過我們將始終選擇追求營業收入，而不是考慮住宅區的定價。

And so I do expect that because we believe it is this kind of behavior substantially on the go forward is going to be a lot cleaner and easier to understand for all of us.

所以我確實希望，因為我們相信這種行為在本質上會變得更加清晰、更容易理解。

Max Strickland with TD. Cowen.

馬克斯·斯特里克蘭 (Max Strickland) 與 TD。考恩.

Great.

偉大的。

Thanks.

謝謝。

A lot of LoRa.

很多洛拉。

In the past, I think that you've noted that your regular price business was outcome senior discounted automotive business.

過去，我認為您已經注意到您的正常價格業務是高級折扣汽車業務的結果。

I'm curious, did that occur this quarter are once again?

我很好奇，這個季度是否又出現了這種情況？

And why do you think this phenomenon is occurring?

您認為為什麼會出現這種現象？

And just to keep that thing, slots iShare gets us to read this outperforming because we're reducing the promotional substantially.

為了保持這一點，iShare 老虎機讓我們看到了這一表現，因為我們大幅減少了促銷。

And so as I said, it's good for margins.

正如我所說，這對利潤率有利。

That's actually good for the customer because we don't have them having to wait.

這實際上對客戶有好處，因為我們不必讓他們等待。

They can trust us are pressing UK.

他們可以相信我們正在向英國施壓。

Chuck Grom with Gordon Haskett.

查克·格羅姆和戈登·哈斯克特。

Please go ahead.

請繼續。

Thanks very much.

非常感謝。

And if we if we double click here on their cost of goods sold line in the third quarter to 42%, which is about 1,000 basis points better than where you were in the third quarter of 2019.

如果我們雙擊這裡，他們第三季的銷售成本線將達到 42%，比 2019 年第三季的水平高出約 1,000 個基點。

I'm curious if that's possible to sort of unpack how much of that you see a structural, in other words, as we start to improve, which I think you would all hope next year, how much of that can be sticky flex job?

我很好奇是否有可能解開其中有多少是結構性的，換句話說，當我們開始改進時，我想你們都希望明年，其中有多少是黏性的彈性工作？

We think a lot of them can be sticky.

我們認為其中很多都是有黏性的。

We're pretty confident in our operating margin.

我們對我們的營業利潤率非常有信心。

And I think it goes back to the five drivers I talk about what's really happening within within gross margin, e-commerce sales mix on really on a 66% in sustaining.

我認為這可以追溯到我談到的毛利率內實際發生的五個驅動因素，電子商務銷售組合確實維持在 66% 的水平。

I think everyone knows that we have a substantially higher operating margin and net occupancy expense in our e-commerce business.

我想每個人都知道我們的電子商務業務的營業利潤率和淨佔用費用要高得多。

The retail optimization strategy drivers also kicking in and again, elevating that the profitability of a retail chain and also comes with less occupancy.

零售優化策略的驅動因素也不斷發揮作用，提高了零售連鎖店的獲利能力，同時減少了佔用率。

A big part of the improvement since 2019 has been our pricing power.

自 2019 年以來的進步很大一部分是我們的定價能力。

That accounts for about 390 basis points from the about 1,000 of that come through merchandise margin to the benefit of our focus on full price zone and the strong house design proprietary products that obviously, given our results compared to the competition and resonating with consumers, molasses, the supply chain efficiencies.

這約佔390 個基點，其中約1,000 個基點來自商品利潤，這得益於我們對全價區的關注和強大的內部設計專有產品，顯然，考慮到我們與競爭對手相比的結果並與消費者產生共鳴，糖蜜，供應鏈效率。

You've heard Laura and I talk about how all of our metrics are KPR.s, then we look at are performing better than pre-pandemic levels.

您已經聽過 Laura 和我談論我們的所有指標都是 KPR.s，然後我們看看它們的表現比疫情前的水平要好。

And here this is our own internal version of the four minute mile of you not familiar with that, I'm sure there's for years, but we thought the human beings can run affirmative mom, who's even said, there's no way that can happen as soon as one person was able to break it every day and was able to to run a four minute mile without same thing for us for years.

這是我們自己的四分鐘一英里的內部版本，你不熟悉這一點，我相信已經有很多年了，但我們認為人類可以跑肯定的媽媽，她甚至說，這是不可能發生的，因為很快點就有一個人能夠每天打破它，並且能夠在我們多年來沒有同樣的事情的情況下跑出四分鐘一英里。

We thought that it keeps the KPI.s had to run at a certain level, not just the way our business ran and post pandemic as we tried to get back to those.

我們認為，它可以使 KPI 保持在一定水平，而不僅僅是我們的業務運作方式以及疫情後我們試圖恢復的方式。

But we are simple question of why are those metrics at those levels into our supply chain teams credit, but we think we can develop more.

但我們的簡單問題是，為什麼這些等級的這些指標會成為我們供應鏈團隊的功勞，但我們認為我們可以開發更多。

And I said, yes, let's see.

我說，是的，讓我們看看。

It looks like they achieve those levels, but it seems that the growth through those levels versus, you know, if there's actually even more severe.

看起來他們達到了這些水平，但似乎透過這些水平的增長與，你知道，如果實際上有更嚴重的話。

And so this is an ongoing opportunity for us, and we think we're excited about what that can bring.

因此，這對我們來說是一個持續的機會，我們認為我們對它所能帶來的東西感到興奮。

I think the key point here is since 2019, we've transformed our profitability and consider sustain these operating margins at a higher level.

我認為這裡的關鍵點是自 2019 年以來，我們已經改變了我們的獲利能力，並考慮將這些營業利潤率維持在更高的水平。

Brian Nagel with Oppenheimer.

布萊恩·內格爾和奧本海默。

Hi, good morning.

嗨，早安。

Thanks for taking my so I want to go back to a couple of the prior question, just with regard to sales.

感謝您接受我的採訪，所以我想回到之前的幾個問題，僅涉及銷售。

So look, I mean, you've done a phenomenal job sort of comment.

所以看，我的意思是，你的評論做得非常出色。

State suggests you're starting system wins.

狀態表明您正在開始系統勝利。

Here are some certainly some better sales in certain categories.

以下是某些類別中銷量較好的一些產品。

But if I look at the data in aggregate, your comps are down 2.9 and two through this versus three down 3.3 in Q2.

但如果我看一下總體數據，您的比較在本季度下降了 2.9，其中有兩個下降，而第二季度的三個下降了 3.3。

So or maybe slightly better there, but not any stack basis.

所以或者可能稍微好一些，但沒有任何堆疊基礎。

You know, it seems like the business actually decelerated.

你知道，看起來業務確實在放緩。

So I guess my question to probably one of my look at the data correctly, but then second, what's the offset to those?

所以我想我的問題可能是我正確地看待數據之一，但第二，這些數據的偏移量是多少？

What's keeping if you're starting to see this, these better sales trends as you articulate, what's the offset keeping sales were weak, but to say that we're not counting the loss is the first answer than that.

如果您開始看到這一點，那麼保持的是什麼，正如您所闡述的，這些更好的銷售趨勢，是什麼抵消了保持銷售疲軟的影響，但說我們沒有計算損失是第一個答案。

Definitely say that those sales that you could call pull forward called and what we will, but lower Gulf.

肯定地說，那些你可以稱之為向前推進的銷售，我們會這麼做，但要降低海灣。

And then secondly, operator is still relatively weak, right?

其次，運營商還是比較弱吧？

So as much as we're talking about improvements in furniture, and we have some categories that are positive for us than week.

因此，儘管我們正在談論家具的改進，但我們還是有一些類別對我們來說是積極的。

And so yes, business, the opportunities we've been focused on that area as we know what the stronger, which are lifestage paper business and holiday decorating.

所以，是的，商業，我們一直專注於該領域的機會，因為我們知道什麼是更強大的，即生命階段紙業和節日裝飾。

But can you imagine what happens in the furniture picks up?

但你能想像家具拿起時會發生什麼事嗎？

And we've used the word quote about our platform.

我們使用了有關我們平台的“引用”一詞。

We have said that when it picks up, you know, we've been doing we've been focused on operating margin was down sales environment.

我們說過，當它回升時，你知道，我們一直在做我們一直專注於營業利潤率下降的銷售環境。

But can you imagine the kind of some operating margin improvements we could have as sales pick up, even if there are some negative next year, even if tariffs today, even if there's other cost increases, there should be sales leverage on that operating margin?

但你能想像隨著銷售的回升，我們可以實現什麼樣的營業利潤率改善，即使明年會有一些負面影響，即使今天的關稅，即使有其他成本的增加，營業利潤率應該有銷售槓桿？

Oliver Wintermantel with Evercore.

奧利佛·溫特曼特爾 (Oliver Wintermantel) 與 Evercore。

Please go ahead.

請繼續。

Thanks very much.

非常感謝。

Maybe just to that point of LoRa, your sales leverage, what kind of comp do you need to see to get some sales leverage on SG&A?

也許就 LoRa 而言，您的銷售槓桿，您需要看到什麼樣的補償才能在 SG&A 上獲得一些銷售槓桿？

And with your cost taken out over the last few years, how would that compare to look to pre-pandemic pandemics?

考慮到過去幾年的成本，這與大流行前的流行病相比如何？

Thank you.

謝謝。

I mean, it's not a linear relationship, does not break a box that one number that you have that number comes out because there's a lot of choices and you can't predict all the variables.

我的意思是，這不是一種線性關係，不會打破一個盒子，因為有很多選擇，你無法預測所有變數。

You feel like at the end game of life for a net fee.

你感覺就像是在淨付費中結束了人生的遊戲。

And now you've got something new you have to deal at the next step and they have to invest in and with growth in others, there's always different opportunity if you could be more competitive or add costs now brands at the same operating margin, we decided we are pushing a few of our smaller brands have heavier, and it's the most important thing about that.

現在你有了一些新的東西，你必須在下一步處理，他們必須投資並隨著其他人的增長，如果你能更具競爭力或在相同的營運利潤率下增加現在品牌的成本，總是有不同的機會，我們決定推出一些更重的小品牌，這是最重要的事情。

He's been competitive for our consumer.

他對我們的消費者來說很有競爭力。

We were to give them the best quality, the best designs at the best value.

我們要為他們提供最好的品質、最好的設計和最好的價值。

And we think we set the sweet spot of the industry with what we're doing, which is why I think we have better results because they love our product and it has all these things that we talked about on these calls that and the day, the customers of right, and they both based on what they see and what the prices.

我們認為我們透過我們正在做的事情設定了行業的最佳點，這就是為什麼我認為我們取得了更好的結果，因為他們喜歡我們的產品，並且它擁有我們在當天的電話會議中討論的所有這些內容，正確的客戶，他們都基於他們所看到的和價格。

And we felt this loyalty over the years that that makes them come back.

多年來我們感受到了這種忠誠度，這讓他們回來了。

They trust us to shop online on big ticket lot.

他們相信我們可以在網路上大額購買。

People can't get them to do that.

人們無法讓他們這樣做。

But because they see our stores and the Myozyme, they consider they will pull the trigger rigor and buy it online.

但因為他們看到了我們的商店和 Myozyme，他們認為他們會毫不猶豫地在網路上購買。

And that's something that not a lot of people can set because of our channel excellence and our customer service.

由於我們卓越的管道和客戶服務，許多人無法做到這一點。

We have built up so much goodwill with our customers.

我們與客戶建立瞭如此多的商譽。

That then so important to driving our results even in a tough environment.

即使在艱難的環境下，這對於推動我們的業績也非常重要。

I will now turn the call back over to Laura Alber for any closing remarks.

現在，我將把電話轉回給勞拉·阿爾伯 (Laura Alber)，讓其發表結束語。

Okay.

好的。

Well, thank you.

嗯，謝謝。

Thank you all again for joining our call.

再次感謝大家加入我們的電話會議。

This for and all of us here at Williams-Sonoma wish you a very enjoyable holiday season.

在此，我們以及威廉斯-索諾瑪的所有人祝您度過一個愉快的假期。

And of course, as I like to say, please go into our short so for us and happy shopping for talking Datamark's.

當然，正如我想說的，請進入我們的簡短內容，並祝我們愉快地購買談論 Datamark 的產品。

Thank you.

謝謝。

That will conclude today's call.

今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。