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

Welcome to the Williams-Sonoma Inc third quarter fiscal 2024 earnings conference call. (Operator Instructions)

歡迎參加威廉斯-索諾瑪公司 2024 財年第三季財報電話會議。 （操作員說明）

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

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

Good morning and thank you for joining our third quarter earnings call. I'm here this morning with Laura Alber, our President and Chief Executive Officer; Jeff Howie, our Chief Financial Officer; and Sameer Hassan, our Chief Digital and Technology Officer.

早安，感謝您參加我們的第三季財報電話會議。今天早上我和我們的總裁兼執行長勞拉·阿爾伯 (Laura Alber) 一起來到這裡。 Jeff Howie，我們的財務長；以及我們的首席數位和技術長 Sameer Hassan。

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 raised guidance for fiscal '24 and our long-term outlook. We believe these statements reflect our best estimates.

在我們開始之前，我想提醒您，在這次電話會議中，我們將就未來事件和財務業績做出前瞻性陳述，包括我們對 24 財年提出的指導意見和我們的長期前景。我們相信這些陳述反映了我們的最佳估計。

However, we cannot make any assurance of these statements will materialize and actual results may differ significantly from our expectations. The company undertakes no obligation to publicly update or revise any of these statements to reflect events or circumstances that may arise after today's call.

然而，我們不能保證這些陳述一定會實現，實際結果可能與我們的預期有很大差異。該公司沒有義務公開更新或修改任何這些聲明以反映今天電話會議後可能出現的事件或情況。

Additionally, we will refer to certain non-GAAP financial measures. These measures should not be considered replacements for and should be read together with our GAAP results. A detailed reconciliation of non-GAAP measures to the most directly comparable GAAP measure appears in Exhibit 1 to the press release we issued earlier this morning. This call should also be considered in conjunction with our filings with the SEC. Finally, a replay of this call will be available on our Investor Relations website.

此外，我們將參考某些非公認會計準則財務指標。這些措施不應被視為替代我們的 GAAP 結果，而應與我們的 GAAP 結果一起閱讀。非 GAAP 指標與最直接可比較的 GAAP 指標的詳細調整結果請參閱我們今天早上早些時候發布的新聞稿的附件 1。這項呼籲也應與我們向 SEC 提交的文件結合起來考慮。最後，我們的投資者關係網站將提供本次電話會議的重播。

Now, I'd like to turn the call over to Laura.

現在，我想把電話轉給勞拉。

Thank you, Jeremy. Good morning, everyone and thank you for joining the call. At Williams-Sonoma Inc, we continue to have strong performance exceeding both top and bottom line expectations. The third quarter was driven by continued improvement in our sales trends, market share gains and strong profit.

謝謝你，傑瑞米。大家早安，感謝您加入通話。在威廉斯索諾瑪公司，我們的業績持續強勁，超出了營收和利潤的預期。第三季的推動因素包括我們的銷售趨勢持續改善、市場佔有率成長和強勁利潤。

Our comp came in at down 2.9% with an operating margin of 17.8%, delivering a 7% increase in earnings per share to $1.96. Also, we bought back $533 million of our stock this quarter and have purchased 4% of our shares outstanding so far this year.

我們的業績下降了 2.9%，營業利潤率為 17.8%，每股收益成長了 7%，達到 1.96 美元。此外，我們本季回購了價值 5.33 億美元的股票，並購買了今年迄今已發行的 4% 的股票。

Our operating results reflect the operational improvements that we have been focused on all year and the strength of our margin profile. Even in a difficult environment, our initiatives continue to gain momentum, and we are optimistic and confident about our business.

我們的經營業績反映了我們全年關注的營運改善以及我們的利潤狀況的實力。即使在困難的環境下，我們的舉措仍繼續獲得動力，我們對我們的業務充滿信心和信心。

As a result, we are raising our full year guidance. We now expect full year revenues to come in at a range of down 3% to down 1.5% and we are raising our guidance on operating margin 40 basis points to be in the range of 17.8% to 18.2%. And due to our confidence in our business model and our ability to perform in almost any environment, our Board has approved an additional $1 billion stock repurchase authorization.

因此，我們提高了全年指導。我們現在預計全年營收將下降 3% 至 1.5%，並將營業利潤率指引上調 40 個基點，至 17.8% 至 18.2%。由於我們對我們的業務模式以及我們在幾乎任何環境下的表現能力充滿信心，我們的董事會已批准額外 10 億美元的股票回購授權。

We continue to be focused on our three key priorities. First, returning to growth. Second, elevating our world-class customer service. And third, driving earnings. Let's start first with returning to growth.

我們繼續專注於我們的三個關鍵優先事項。第一，恢復成長。其次，提升我們世界一流的客戶服務。第三，推動獲利。讓我們先從恢復成長開始。

Our topline trend improved over Q2 and even though we ran negative in Q3, we outperformed the industry decline of 7% this quarter. Our better-than-industry performance is a result of our focus on innovation from our products to our design services.

我們的營收趨勢比第二季有所改善，儘管第三季出現負成長，但本季我們的表現優於產業 7% 的跌幅。我們優於產業的業績源自於我們注重從產品到設計服務的創新。

We set ourselves apart from the competition with our unique in-house design capabilities and vertically integrated sourcing organization, which gives us the ability to offer high-quality products at compelling price points. It is this price-value balance that allows us to continue to significantly reduce our promotional activity.

我們憑藉獨特的內部設計能力和垂直整合的採購組織在競爭中脫穎而出，這使我們能夠以極具吸引力的價格提供高品質的產品。正是這種價格與價值的平衡使我們能夠繼續大幅減少促銷活動。

On the design front, we have been innovating and preparing for the next generation of design services. The new tools that we have launched assist our customers with developing design plans for any size or style of home. In October, we also launched our Shop by Style and Design Boards in Pottery Barn, allowing customers to create and share mood boards online.

在設計方面，我們一直在創新並為下一代設計服務做準備。我們推出的新工具可協助客戶制定任何尺寸或風格的住宅的設計計劃。 10 月，我們還在 Pottery Barn 推出了按風格購物和設計板，讓客戶可以在線上建立和分享情緒板。

The next key component of our return to growth strategy is our commitment to improving our channel experiences. We are continuously investing in our proprietary e-commerce technology. We are actively incorporating AI into our capabilities in areas like personalized e-mails and home pages and supply chain decision making.

我們恢復成長策略的下一個關鍵組成部分是我們對改善通路體驗的承諾。我們不斷投資於我們專有的電子商務技術。我們正在積極將人工智慧融入我們在個人化電子郵件、主頁以及供應鏈決策等領域的能力。

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. And we are pleased with the strong performance in our retail stores.

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。我們對零售店的強勁表現感到滿意。

We have continued to improve our in-store experience with inspiring new products, improved in stock inventory levels and next level design services and events.

我們透過鼓舞人心的新產品、提高庫存水準以及更高水準的設計服務和活動，繼續改善我們的店內體驗。

Our retail optimization strategy is working.

我們的零售優化策略正在發揮作用。

Our new store locations and designs are driving good ROI, and we see continued opportunities to transform our store fleet to be positioned in the most profitable and inspiring locations.

我們的新店選址和設計正在帶來良好的投資回報率，我們看到了持續的機會來改造我們的店群，將其定位在最有利可圖和最鼓舞人心的地點。

Now, let's talk through progress on our second and third key priorities.

現在，我們來談談第二個和第三個關鍵優先事項的進展。

We continue to make progress improving our world class customer service, which in turn drives earnings and contributes to our strong operating result.

我們繼續在改善世界一流的客戶服務方面取得進展，這反過來又推動了盈利並為我們強勁的經營業績做出了貢獻。

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

自第二季以來，我們的客戶服務指標有所改善，並且一直處於創紀錄的水平。

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

我們的供應鏈團隊透過限制市場外和多次出貨、減少客戶住宿、降低退貨和損壞以及減少更換來持續降低成本。

And despite the progress we have already made, we see more margin opportunity ahead, as we continue to drill down on areas for additional optimization and efficiency.

儘管我們已經取得了進展，但隨著我們繼續深入研究領域以進一步優化和提高效率，我們看到了未來更多的利潤機會。

Now, I'd like to update you on the performance of our brands.

現在，我想向您介紹我們品牌的最新表現。

Pottery Barn ran a negative 7.5% comp in Q3.

Pottery Barn 第三季的盈餘率為負 7.5%。

In the brand, we saw improved furniture performance during the quarter.

在該品牌中，我們看到本季的家具業績有所改善。

Also, fall new launches were up to last year, driven by the strength of our new furniture offerings and SKU additions to core.

此外，在我們新家具產品和核心 SKU 增加的推動下，秋季新產品的推出量與去年持平。

Also, the brand continues to see strength in proprietary seasonal offerings.

此外，該品牌繼續在專有的季節性產品中看到實力。

In Q3, we launched thanksgiving and holiday, representing the biggest offer of seasonal products this year and we are pleased with early reads.

第三季度，我們推出了感恩節和假期，這是今年季節性產品的最大優惠，我們對早期閱讀感到滿意。

The customer is responding to innovation and newness in key collections and our easy decorating updates for the home.

客戶對主要係列的創新和新穎以及我們輕鬆的家居裝飾更新做出了回應。

We believe there are no lifestyle brands in the market that have seasonal decorating and entertaining offerings like ours.

我們相信市場上沒有任何生活風格品牌像我們一樣提供季節性裝飾和娛樂產品。

This is a competitive advantage for Pottery Barn that is highly relevant and uniquely positions us in the industry, especially in the fourth quarter.

這是 Pottery Barn 的競爭優勢，與我們高度相關，並使我們在行業中處於獨特的地位，尤其是在第四季度。

The Pottery Barn children's business ran at 3.8% comp in Q3, marking its third consecutive quarter of positive comps.

Pottery Barn 兒童業務第三季的綜合成長率為 3.8%，這標誌著其連續第三季實現正綜合成長率。

We saw widespread comp improvement in the quarter with all divisions of the business delivering positive comps with particular strength in the areas of textile and decor.

我們看到本季的綜合業績普遍改善，所有業務部門都實現了積極的綜合業績，尤其是在紡織和裝飾領域。

Innovation across our product offering has been key to delivering growth in our kids business.

我們產品的創新是實現兒童業務成長的關鍵。

In the quarter, compelling new product introductions in our fall and holiday assortments drove a significant portion of our comp growth.

本季度，秋季和假日產品系列中引人注目的新產品推出推動了我們的業績成長。

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 collaboration, 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 Chris Loves Julia line to span all of the Pottery Barn brands.

我們與主要合作夥伴一起發展了我們的產品系列，並很高興將我們成功的 Chris Loves Julia 系列擴展到所有 Pottery Barn 品牌。

We also see continued strength in our trending LoveShackFancy partnership.

我們也看到我們流行的 LoveShackFancy 合作關係持續強勁。

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

當我們展望假期和未來幾季時，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。

Now, let's review West Elm.

現在，讓我們回顧一下西榆樹。

West Elm ran a negative 3.5% comp in Q3, a significant improvement from Q2.

West Elm 第三季的年成長率為 3.5%，較第二季有顯著改善。

While macroeconomic factors continue to impact overall consumer demand for furniture, West Elm is proving that good innovative product will always resonate.

雖然宏觀經濟因素持續影響消費者對家具的整體需求，但 West Elm 正在證明，優秀的創新產品總是會引起共鳴。

Fall newness drove double-digits positive comps and furniture newness in particular was strong.

秋季新品推動了兩位數的積極競爭，尤其是家具新品強勁。

Holiday, which is West Elm's biggest season of new product intros this year is also off to a strong start with double-digits positive comps in seasonal textiles, kids and furniture.

假期季節是 West Elm 今年最大的新產品推出季，該季也取得了良好的開局，季節性紡織品、兒童和家具產品的銷售業績實現了兩位數的積極增長。

Additionally, West Elm launched a very exciting kids' collaboration with fashion pacemaker and children's book author, Eva Chen, in September.

此外，West Elm 於 9 月與時尚領跑者和兒童讀物作家 Eva Chen 推出了一項非常令人興奮的兒童合作。

The collection's bright fashion colors, multifunctional furniture and novelty pieces are driving sales.

該系列明亮的時尚色彩、多功能家具和新穎的單品正在推動銷售。

This collab has secured articles and publications like vogue.com, Architectural Digest, Forbes and New York Magazine.

此次合作已獲得 vogue.com、Architectural Digest、Forbes 和 New York Magazine 等文章和出版物的支持。

The brand also launched the Halloween capsule collection with Christina Ricci, who was popular with press, our customers and the actress's large social following.

該品牌還與克里斯蒂娜·里奇 (Christina Ricci) 合作推出了萬聖節膠囊系列，深受媒體、我們的顧客和這位女演員的大量社交追隨者的歡迎。

We are thrilled with the momentum we're seeing in the West Elm business, especially the positive trends in newness and exciting collaboration.

我們對 West Elm 業務的發展勢頭感到非常興奮，尤其是創新和令人興奮的合作方面的積極趨勢。

Now, let's talk about Williams-Sonoma.

現在，我們來談談威廉斯-索諾瑪。

The Williams-Sonoma brand was essentially flat in Q3.

威廉斯-索諾瑪品牌在第三季基本持平。

The brand continues to focus on new, exclusive and innovative product offerings.

該品牌繼續專注於提供新穎、獨特和創新的產品。

Strength continues in high ticket items in electrics, especially espresso machines and stand mixers, also tabletop is strong.

高價電器產品持續保持強勢，尤其是濃縮咖啡機和立式攪拌機，桌上型攪拌機也很強勁。

At the Williams-Sonoma brand, we celebrate great design and quality.

在 Williams-Sonoma 品牌，我們推崇卓越的設計和品質。

We are thrilled to see the consumer and media response to the launch of the new Evergreen KitchenAid mixer.

我們很高興看到消費者和媒體對新款 Evergreen KitchenAid 攪拌機的推出做出反應。

Our customers were quick to embrace the new green base and wood bowl design evolution of the KitchenAid mixer, an item iconic to the Williams-Sonoma brand.

我們的客戶很快就接受了 KitchenAid 攪拌機的新綠色底座和木碗設計演變，這是 Williams-Sonoma 品牌的標誌性產品。

The business also benefited from several key collaboration launches in Q3, including the launch of new cookware additions to the popular Stanley Tucci for Green Pan collection, a food collaboration with the world famous Chef, Jean-Georges and the launch of our Thanksgiving partnership with Ina Garten.

該業務還受益於第三季度推出的幾項重要合作，包括為廣受歡迎的Stanley Tucci for Green Pan 系列推出新炊具、與世界著名廚師Jean-Georges 的食品合作以及與Ina 推出的感恩節合作夥伴關係花園。

Ina is on the cover of this year's Thanksgiving catalog, which features an exclusive look at her Thanksgiving menu, recipes and hosting tips.

艾娜登上了今年感恩節目錄的封面，其中獨家介紹了她的感恩節菜單、食譜和主持技巧。

Our team is also proud to be supporting Ina as the exclusive bookseller on a five city book tour.

我們的團隊也很自豪能夠支持 Ina 作為五城市圖書巡迴演出的獨家書商。

In addition to her tour, Williams-Sonoma held more than 50 cookbook signings and events in Q3, posting top chefs, influencers and popular celebrities like Bobby Flay, Al Roker and Eva Longoria in our stores.

除了巡迴演出之外，Williams-Sonoma 在第三季還舉辦了50 多場烹飪書籍簽名會和活動，在我們的店裡邀請了頂級廚師、影響者和流行名人，如Bobby Flay、Al Roker 和Eva Longoria 。

As I said, the tabletop business was also strong in Q3 as people were gearing up for the 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，因為人們正在為假期做準備並優先考慮在家吃飯。

Williams-Sonoma has launched a robust (inaudible) entertaining content marketing campaign designed to drive growth by teaching our customers how to set a table, stock a bar and host a party.

威廉斯-索諾瑪推出了一項強有力的（聽不清楚）娛樂內容行銷活動，旨在透過教導我們的客戶如何佈置餐桌、為酒吧備貨和舉辦派對來推動成長。

We're also encouraged by the improvement of the Williams-Sonoma Home business with expanded products across categories.

我們也對威廉斯-索諾瑪家居業務的改善以及跨類別產品的擴展感到鼓舞。

We've recently launched a collaboration with artist and designer Josh Young, whose beautiful collection for Williams-Sonoma Home features products inspired by popular original art.

我們最近與藝術家兼設計師 Josh Young 展開了合作，他為 Williams-Sonoma Home 設計的精美系列產品的靈感源自於流行的原創藝術。

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 continues its momentum delivering its largest quarter history to date.

企業對企業（B2B）繼續保持其勢頭，創造了迄今為止最大的季度業績。

The business grew 9% in Q3 with contract growing 17%, while trade grew 4%.

第三季業務成長 9%，其中合約成長 17%，而貿易成長 4%。

The contract business represented 36% of the B2B business in the quarter.

合約業務佔本季 B2B 業務的 36%。

Project and partner wins this quarter include JW Marriott, Las Vegas; Ritz-Carlton, Papagayo, office projects for Google and Sony, along with our continued work with Sunrise Senior Living related companies, Hanover and SpringHill Suites.

本季贏得的項目和合作夥伴包括拉斯維加斯 JW 萬豪酒店；麗思卡爾頓酒店、帕帕加約酒店、谷歌和索尼的辦公項目，以及我們與 Sunrise Senior Living 相關公司 Hanover 和 SpringHill Suites 的持續合作。

As we move into Q4, we are excited to be ramping up our corporate gifting program along with focusing on our strategic growth opportunities and pipeline development to support our continued growth moving into FY25 and beyond.

隨著我們進入第四季度，我們很高興能夠加強我們的企業禮品計劃，同時專注於我們的策略性成長機會和管道開發，以支持我們在 2025 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, our strong performance across all brands was driven in our design business, B2B and successful Thanksgiving season.

在加拿大，我們所有品牌的強勁表現都得益於我們的設計業務、B2B 和成功的感恩節季節。

In Mexico, our brands continue to gain market share, due to our unique product and service offerings and we are well positioned for a strong holiday season.

在墨西哥，由於我們獨特的產品和服務，我們的品牌繼續獲得市場份額，並且我們為強勁的假期季節做好了準備。

We're excited to expand our presence with four new store openings in Mexico for West Elm, Pottery Barn and Pottery Barn Kids in early 2025.

我們很高興於 2025 年初在墨西哥為 West Elm、Pottery Barn 和 Pottery Barn Kids 開設四家新店，以擴大我們的業務。

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

我們在印度的業務也在成長，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 West Elm stores in India during the first quarter of 2025.

我們將在 2025 年第一季在印度另外開設兩家 West Elm 商店。

In the UK, we have renewed our partnership with John Lewis for the West Elm and Pottery Barn Kids brands, and we're also proud to be selling Williams-Sonoma products inside Fortnum & Mason this holiday season.

在英國，我們與 John Lewis 續簽了 West Elm 和 Pottery Barn Kids 品牌的合作夥伴關係，我們也很自豪能夠在這個假期期間在 Fortnum & Mason 內銷售 Williams-Sonoma 產品。

Initial sales are promising, and we look forward to the opportunities these partnerships present for enhancing our marketing and brand awareness in this market and around the globe.

初始銷售前景看好，我們期待這些合作夥伴關係所帶來的機會，以增強我們在該市場和全球範圍內的行銷和品牌知名度。

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

最後，我想向您介紹我們新興品牌的最新情況。

Rejuvenation continued to have strong performance with another quarter of double-digits 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 with both consumer and trade customers.

我們看到消費者和貿易客戶都取得了成功。

The brand offers high-quality exclusively designed products for your home remodel or refresh and the trend of home updates, particularly in kitchen and bathroom continues and we have increased our assortments and in-store presence of these categories.

該品牌為您的家居改造或翻新提供高品質的專門設計的產品，家居更新的趨勢，特別是廚房和浴室的趨勢仍在繼續，我們增加了這些類別的品種和店內展示。

We're also seeing success in furniture and textiles at Rejuvenation.

我們也看到 Rejuvenation 在家具和紡織品方面取得了成功。

At Mark and Graham, we launched two new incremental businesses in the fall season.

在馬克和格雷厄姆，我們在秋季推出了兩項新的增量業務。

Mark and Graham Kids and Mark and Grahama Wedding Shop, both of which our customers responded well to.

Mark and Graham Kids 和 Mark and Graham Wedding Shop，我們的客戶對此反應良好。

Also, the brand just launched their holiday gifting collection with many new in-house designed gifts.

此外，該品牌剛剛推出了節日禮物系列，其中包含許多新的內部設計禮物。

And we are thrilled to roll out our new collection, Bark & Graham for all of our pet lovers.

我們很高興為所有寵物愛好者推出我們的新系列 Bark & Graham。

Please go online and check it out.

請上網查看一下。

And finally, GreenRow, our newest brand continues to show strong growth with its unique collection of thoughtfully sourced vintage inspired furnishings.

最後，我們的最新品牌 GreenRow 以其獨特的精心採購的復古風格家具系列繼續表現出強勁的成長勢頭。

In October, GreenRow launched its first holiday collection with handcrafted and upcycled gifts and decor.

10 月，GreenRow 推出了首個節日系列，其中包括手工製作和升級改造的禮品和裝飾品。

The brand continues to inspire with its innovative use of materials and bright optimistic colors.

該品牌繼續以其創新的材料使用和明亮樂觀的色彩激發靈感。

We're excited to continue to grow GreenRow and look forward to new products and partnerships in the coming months.

我們很高興能夠繼續發展 GreenRow，並期待在未來幾個月內推出新產品和建立合作夥伴關係。

In summary, we're proud of our continued strong results and outperformance at Williams-Sonoma Inc. Our strategy of focusing on returning to growth, enhancing our world-class customer service and driving earnings is working.

總而言之，我們對威廉斯-索諾瑪公司持續強勁的業績和出色的表現感到自豪。

As we head into the last quarter of the year, we are optimistic and confident.

進入今年最後一個季度，我們充滿樂觀和信心。

Our stores are set, the music is on, the lights are twinkling, and you can smell the aroma of the holidays.

我們的商店已經佈置完畢，音樂響起，燈光閃爍，你可以聞到節日的香氣。

This is the time of year when we shine, and we welcome you to come visit us at any location and we sincerely wish you and your family a very happy Thanksgiving next week.

這是一年中我們閃耀的時刻，我們歡迎您在任何地點來拜訪我們，我們衷心祝福您和您的家人下週感恩節快樂。

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

在將其交給傑夫之前，我還想花一點時間向我們的團隊、供應商和所有合作夥伴表示感謝，感謝他們對我們公司業績的持續奉獻和貢獻。

We are grateful for all of you.

我們對你們所有人表示感謝。

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 that surpassed expectations on both the top and the bottom line, marked by sequential improvement in topline trends, ongoing market share gains and robust earnings performance.

我們很自豪地報告營業額和利潤都超出預期的結果，其特點是營業額趨勢的連續改善、市場份額的持續增長和強勁的盈利表現。

Our results this quarter reinforced the five key drivers underpinning our profitability.

我們本季的業績強化了支撐我們獲利能力的五個關鍵驅動因素。

First, our e-commerce sales mix with its higher operating margin sustained at [66%] of total revenues.

首先，我們的電子商務銷售組合及其較高的營業利潤率維持在總收入的[66%]。

Second, our retail optimization strategy delivering 3% less occupancy expense than last year, inclusive of additional technology and supply chain investments.

其次，我們的零售優化策略使入住費用比去年減少了 3%，其中包括額外的技術和供應鏈投資。

Third, our emphasis on full price selling contributed to our 130 basis points improvement to last year in merchandise margin, even as we gained market share.

第三，我們對全價銷售的重視使得我們的商品利潤率比去年提高了 130 個基點，儘管我們獲得了市場份額。

Fourth, our ongoing opportunity to achieve cost savings from supply chain efficiency, producing a 100 basis points improvement to last year in selling margin.

第四，我們持續有機會透過供應鏈效率實現成本節約，使銷售利潤率比去年提高 100 個基點。

And fifth, our ability to control costs to manage our bottom line profitability.

第五，我們控製成本以管理獲利能力的能力。

Our results this quarter demonstrate the flexibility, strength and durability of our operating model to drive market share gains and deliver highly profitable earnings in almost any environment.

我們本季的業績證明了我們營運模式的靈活性、實力和持久性，可在幾乎任何環境下推動市場份額成長並實現高利潤。

Now, let's dive into the numbers.

現在，讓我們深入研究數字。

I'll start with our Q3 results and then provide an update on guidance for 2024.

我將從第三季的結果開始，然後提供 2024 年指引的更新。

Net revenues finished above expectation, coming in at $1.8 billion with a comp of negative 2.9%.

淨收入超出預期，達到 18 億美元，年減 2.9%。

We gained market share as we outperformed the industry, which declined by approximately 7%, even as we continued to reduce our overall level of promotion in the quarter.

儘管我們繼續降低本季度的整體促銷水平，但我們的市場份額仍優於行業，市場份額下降了約 7%。

Our Q3 comps improved in Q2, reflected a better performance in furniture and continued growth in our non-furniture category.

我們第三季的業績比第二季有所改善，反映出家具領域的表現較好以及非家具類別的持續成長。

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

從節奏的角度來看，我們整個季度的趨勢波動較大，反映出宏觀經濟背景的不確定性。

Moving down to income statement.

轉到損益表。

Gross margin exceeded expectations, coming in at 46.7%, 230 basis points higher than last year.

毛利率超出預期，達 46.7%，比去年高 230 個基點。

There were three drivers behind this improvement, merchandise margins, supply chain efficiencies and occupancy costs.

這種改善背後有三個驅動因素：商品利潤、供應鏈效率和佔用成本。

Let's start with merchandise margins, which improved 130 basis points to last year.

讓我們從商品利潤率開始，該利潤率比去年提高了 130 個基點。

This improvement was driven by lower input costs and our commitment to full price balance.

這項改進是由較低的投入成本和我們對完全價格平衡的承諾所推動的。

Next, supply chain efficiencies contribute 100 basis points to the year-over-year improvement in gross margin.

其次，供應鏈效率為毛利率年比改善貢獻了100個基點。

We continue to realize cost savings across the supply chain, driven by more consistent operations from less promotional excellence.

透過減少卓越促銷而實現更一致的運營，我們繼續在整個供應鏈中實現成本節約。

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

這些節省體現在製造、倉儲和交付費用效率的提升。

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

更重要的是，這些營運收益正在增強我們的客戶服務。

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

包括退貨、住宿、損壞、更換、市場外運輸和每個訂單的多次交付在內的關鍵指標都優於大流行前的水平。

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

最後是入住成本，比去年下降了 3%，佔收入的百分比持平。

We continue to see our retail optimization strategy, deliver leverage in retail occupancy offset by our investments in our world-class technology and our supply chain.

我們繼續看到我們的零售優化策略，透過我們對世界一流技術和供應鏈的投資來抵消零售佔用率的影響力。

Overall, our higher gross margin this quarter exceeded our expectations.

總體而言，本季較高的毛利率超出了我們的預期。

Turning now to SG&A, which came in at 28.9% of revenue or 150 basis points higher than last year from higher employment expense and advertising spend, partially offset by lower general expenses.

現在轉向 SG&A，佔收入的 28.9%，比去年高出 150 個基點，原因是就業費用和廣告支出增加，但一般費用的減少部分抵消了這一影響。

Employment 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 benefits costs during the quarter.

僱用費用較去年增加[160個基點]，主要是由於我們強勁的每股盈餘表現導致基於績效的激勵薪酬更高，以及本季員工福利成本增加。

Advertising expense deleveraged 20 basis points as we continued to invest in the higher levels of ad spend.

隨著我們繼續投資於更高水準的廣告支出，廣告支出去槓桿化了 20 個基點。

Our advertising model is a powerful competitive advantage.

我們的廣告模式是一個強大的競爭優勢。

Our multi-brand portfolio allows us to test the ROAS of our incremental spending, while our hands on approach maximizes the effectiveness of our investment and keeps valuable insights in-house.

我們的多品牌產品組合使我們能夠測試增量支出的 ROAS，同時我們的實踐方法可以最大限度地提高我們的投資有效性，並在內部保留有價值的見解。

General expenses leveraged 30 basis points from timing of administrative expenses.

一般費用對行政費用的時間安排有 30 個基點的槓桿作用。

On the bottom line, our earnings exceeded expectations.

總而言之，我們的收益超出了預期。

Operating income came in at $321 million, up 2% to last year.

營業收入為 3.21 億美元，比去年成長 2%。

Operating margin finished at 17.8%, which was 80 basis points above last year.

營業利益率最終達到 17.8%，比去年高出 80 個基點。

Diluted earnings per share was $1.96, up $0.13 or 7% better than last year.

稀釋後每股收益為 1.96 美元，比去年增長 0.13 美元，即 7%。

On the balance sheet, we ended the quarter with a cash balance of $827 million with no debt outstanding.

在資產負債表上，本季末我們的現金餘額為 8.27 億美元，沒有未償債務。

This was after we both invested $83 million in capital expenditures supporting our long-term growth and we returned $606 million to our shareholders through share repurchases and quarterly dividend.

在此之前，我們雙方都投資了 8,300 萬美元的資本支出來支持我們的長期成長，並透過股票回購和季度股息向股東返還了 6.06 億美元。

Speaking of share repurchases, year-to-date, we have repurchased $707 million or 4% of our outstanding shares.

說到股票回購，今年迄今為止，我們已經回購了 7.07 億美元，即已發行股票的 4%。

Merchandise inventory ended the quarter at $1.45 billion, up 3.8% to last year.

本季末商品庫存為 14.5 億美元，比去年同期成長 3.8%。

Our inventory levels are well-positioned to support the upcoming holiday season, and our inventory levels are up only 15%, compared to 2019 with revenues up 25% over that time period.

我們的庫存水準足以支持即將到來的假期季節，與 2019 年相比，我們的庫存水準僅成長了 15%，同期營收成長了 25%。

Summing up our Q3 results, we're proud to have delivered another quarter of results that exceeded expectations.

總結我們第三季的業績，我們很自豪又一個季度的業績超出了預期。

I'd like to thank our talented, dedicated team at Williams-Sonoma Inc for their exceptional work in achieving these results.

我要感謝威廉斯-索諾瑪公司才華橫溢、敬業的團隊為實現這些成果所做的出色工作。

Now, let's turn to our '24 outlook.

現在，讓我們轉向 24 世紀的展望。

First, a reminder, the fiscal year 2024 is a 53-week year for Williams-Sonoma Inc. So the fourth quarter will consist of 14 weeks.

首先提醒一下，2024 財年對於 Williams-Sonoma Inc 來說是一個為期 53 週的年度。 因此第四季度將包括 14 週。

We will report comps on a 53-week versus 53-week comparable basis.

我們將在 53 週與 53 週可比較的基礎上報告比較情況。

All other year-over-year comparisons will be 53-week versus 52-weeks.

所有其他同比比較均為 53 週與 52 週。

We anticipate the additional week will contribute 150 basis points to revenue on the year and 10 basis points to annual operating margin, both of which are embedded in our guidance.

我們預計額外的一周將為當年收入貢獻 150 個基點，為年度營業利潤率貢獻 10 個基點，這兩者都包含在我們的指導中。

Now, let's talk to our updated guidance.

現在，讓我們來談談我們更新的指南。

We are raising our full year guidance to reflect our strong Q3 results and our optimism about Q4 with our improving furniture trends and the strong performance of seasonal products all year.

我們正在提高全年指導，以反映我們第三季度的強勁業績以及我們對第四季度的樂觀態度，因為家具趨勢不斷改善，季節性產品全年表現強勁。

However, considering the holiday calendarships, economic uncertainty and slow housing markets, our guidance contemplates a range of possible outcomes.

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

On the topline, we are raising our full year '24 net revenue guidance to be in the range of down 3% to down 1.5% with comps between down 4.5% to down 3%.

整體而言，我們將 24 年全年淨收入指引上調至下降 3% 至 1.5% 範圍內，而同期比較則下降 4.5% 至 3% 之間。

The midpoint of our guide reflects the continuation of Q3 trends into Q4.

我們指南的中點反映了第三季趨勢到第四季的延續。

We believe the high-end of our guide implies a strong holiday season and the low-end of our guide reflects the potential for a greater impact from the macroeconomic environment on our Q4 results.

我們認為，指南的高端意味著假期季節的強勁，而指南的低端則反映出宏觀經濟環境對我們第四季業績產生更大影響的潛力。

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

總而言之，基於第三季的優異表現，我們將全年營業利潤率指導上調 40 個基點。

With the 40 basis point increase, 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 2024 out of period adjustment.

隨著40 個基點的成長，我們的24 年全年營業利潤率現在將在18.4% 至18.8% 範圍內，其中包括2024 年第一季期外調整對全年影響帶來的60 個基點的收益。

Without the Q1 out of period adjustment, our full year operating margin will now be in the range of 17.8% to 18.2%.

如果沒有第一季的期外調整，我們全年的營業利潤率現在將在 17.8% 至 18.2% 的範圍內。

We continue to anticipate our Q4 operating margins will be materially in line with 2023 results, without the benefit of the 53rd week on the quarter.

我們繼續預計，在不考慮本季第 53 週收益的情況下，我們第四季的營業利潤率將與 2023 年的業績基本一致。

Additionally, we expect our full year interest income to be approximately $50 million and our full year effective tax rate to be approximately 25%.

此外，我們預計全年利息收入約為 5,000 萬美元，全年有效稅率約為 25%。

Turning to our 2024 capital allocation plan, we anticipate investing $250 million in capital expenditures to support the long-term growth of our business.

談到我們的 2024 年資本配置計劃，我們預計投資 2.5 億美元的資本支出，以支持我們業務的長期成長。

Of this amount, 75% will be focused on strengthening our e-commerce leadership and enhancing our supply chain efficiency.

其中 75% 將重點用於加強我們的電子商務領導地位並提高我們的供應鏈效率。

As we communicated quarter (technical difficulty) we're committed to returning excess cash to our shareholders through dividends and share repurchases.

當我們通報季度狀況（技術困難）時，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 our quarterly dividend 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 repurchase authorization.

在今天發布財報的同時，我們宣布董事會已批准額外 10 億美元的股票回購授權。

Combined with our existing authorization, we now have nearly $1.3 billion in share repurchase authorization available to opportunistically repurchase our stock to deliver returns for our shareholders.

加上我們現有的授權，我們現在擁有近 13 億美元的股票回購授權，可用於擇機回購我們的股票，為股東帶來回報。

Wrapping up Laura's and my comments on Q3, we're proud to deliver results exceeding expectations on both the top and the bottom line.

總結勞拉和我對第三季的評論，我們很自豪能夠在營收和利潤方面取得超出預期的結果。

For the remainder of '24, we're focused on our three key priorities, returning to growth, elevating our world-class customer service and driving earnings.

在 24 年剩下的時間裡，我們將重點放在三個關鍵優先事項：恢復成長、提升世界一流的客戶服務和推動獲利。

We're confident the flexibility, strength and durability of our business model will drive market share gains and deliver highly profitable earnings in almost any environment.

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份額的成長，並在幾乎任何環境下實現高利潤。

As we look beyond '24, we will provide guidance for fiscal year '25 in March as per our standard practice.

當我們展望 24 財年之後，我們將根據我們的標準做法在 3 月提供 25 財年的指導。

Looking further into the future, we are reiterating our long-term guidance of mid to high single-digit revenue growth with operating margin in the mid to high-teen.

展望未來，我們重申中高個位數收入成長和營業利潤率中高雙位數的長期指引。

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，由於這五個始終如一的原因，我們將繼續超越同業並實現股東成長。

Our ability to gain market share in the fragmented home furnishings industry, the strength of our in-house proprietary design, the competitive advantage of our digital first, but not digital only channel strategy, the ongoing strength of our growth initiatives and the resiliency of our fortress balance sheet.

我們在分散的家居行業中獲得市場份額的能力、我們內部專有設計的實力、我們數字優先而非僅數字渠道戰略的競爭優勢、我們增長計劃的持續優勢以及我們的彈性堡壘資產負債表。

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

接下來，我將開始提問。

(Operator Instructions) Cristina Fernandez, Telsey Advisory Group.

（操作員說明）克里斯蒂娜·費爾南德斯（Cristina Fernandez），特爾西諮詢小組。

Hi.

你好。

Good morning.

早安.

I wanted to ask about the trends you saw in the quarter, particularly in furniture.

我想問一下您在本季看到的趨勢，特別是家具方面的趨勢。

It seemed like seasonal and small ticket is working really well.

看起來季節性和小票的效果真的很好。

Furniture, Laura, you commented that it was slightly better.

家具，勞拉，你評論說它稍微好一點。

So can you talk about what you're seeing there?

那麼你能談談你在那裡看到了什麼嗎？

And any signs that the consumer is starting to want to spend a bit more on big ticket furniture items?

有什麼跡象顯示消費者開始想在大件家具上多花點錢嗎？

Sure.

當然。

Thanks, Cristina.

謝謝，克里斯蒂娜。

It's really hard to know exactly what's going on with the consumer, but our opinion is they're probably a little bit better off than everybody thinks, especially our consumer.

確實很難確切地了解消費者的情況，但我們認為他們的情況可能比每個人想像的要好一些，尤其是我們的消費者。

And we are a lot more than just a furniture brand, as we've talked about.

正如我們所說，我們不僅僅是一個家具品牌。

We're life stage brands.

我們是生命階段的品牌。

We're lifestyle brands.

我們是生活風格品牌。

And we've seen the best results in those businesses like our kids business.

我們在兒童業務等業務中看到了最好的結果。

Look at those comps and that's less related to housing, of course.

看看這些比較，當然，這與住房關係不大。

We also have seen really good results all year on our seasonal assortments, which is exciting going into the holidays and partially why we're so optimistic about this quarter for us.

我們全年的季節性品種也取得了非常好的成績，這令人興奮地進入假期，也是我們對本季如此樂觀的部分原因。

We did see furniture improve slightly in West Elm and Pottery Barn across the board.

我們確實看到 West Elm 和 Pottery Barn 的家俱全面略有改善。

And we're seeing also our newness really work, which is great news for us because when you bring in a new furniture collection and it works, generally you only bring it in maybe one item.

我們也看到我們的新穎性確實發揮了作用，這對我們來說是個好消息，因為當您引入新的家具系列並且它起作用時，通常您只引入了一件物品。

So you might just bring in the coffee table, and when you see that look sell, you can expand that out into a whole franchise of a collection that will yield really good non-comp newness for years to come.

因此，你可能只需要引入咖啡桌，當你看到這種外觀很暢銷時，你就可以將其擴展為整個系列的特許經營權，這將在未來幾年產生真正良好的非競爭新意。

And then, my follow-up is for Jeff.

然後，我的後續行動是針對傑夫的。

On the operating margin, this quarter you guided to flat.

就營業利潤率而言，本季您的指引持平。

It came in a lot better.

它進來了很多。

Where was the upside and why would that not continue in the fourth quarter with the better sales outlook?

上行空間在哪裡？

Good morning, Cristina and thanks for asking that question.

早安，克里斯蒂娜，感謝您提出這個問題。

I know it's probably on top of everybody's mind.

我知道這可能是每個人最關心的問題。

But look, Q3 operating margin exceeded expectations for three reasons.

但看，第三季營業利益率超乎預期有三個原因。

First, merchandise margins.

首先，商品利潤。

We're stronger than we anticipated, really driven by lower input costs and our focus on full price selling.

我們比我們預期的更強大，這實際上是由較低的投入成本和我們對全價銷售的關注所推動的。

And I think Laura touched on this, we continue to see a positive customer response to our consistent pricing, our focus on selling and service and the newness and the breadth of product assortment that we offer.

我認為勞拉談到了這一點，我們繼續看到客戶對我們一貫的定價、我們對銷售和服務的關注以及我們提供的產品種類的新穎性和廣度的積極反應。

and second, the supply chain efficiencies, which I've been 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 promotional activity.

其次，我一整年都在談論的供應鏈效率也更歸功於我們對全價銷售的承諾，真正消除了促銷活動驅動的高峰和低谷。

This is delivering significant cost savings for more consistent operations across manufacturing, warehousing and delivery expenses and have to really complement our entire supply chain organization for their diligence and really the way they've attacked the supply chain and really gone after these cost savings.

這為製造、倉儲和交付費用方面更一致的運營帶來了顯著的成本節省，並且必須真正補充我們整個供應鏈組織的勤奮以及他們攻擊供應鏈並真正追求這些成本節省的方式。

And the third thing on why we beat the op margin in the quarter is we deleveraged advertising expense less in Q2 than in Q1.

我們在本季超越營運利潤率的第三個原因是，我們第二季度的去槓桿化廣告費用少於第一季。

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 the Q3 results is really a testimony to how we continue to deliver strong profitability despite the tough environment for home furnishings.

我認為第三季的業績確實證明了我們如何在家居環境嚴峻的情況下繼續提供強勁的盈利能力。

As far as the second part of your question is, why wouldn't that continue into Q2 (multiple speakers) thank you.

至於您問題的第二部分，為什麼不繼續到第二季​​（多個發言者）謝謝。

Q4.

Q4。

Our guidance is based upon the facts and trends we know today.

我們的指導是基於我們今天所知的事實和趨勢。

And there is a few factors in Q4 that make it very unusual.

第四季有一些因素使它變得非常不尋常。

The first one is the holiday calendar shifts.

第一個是假期日曆的變化。

And you hear us talk about that today.

今天你聽到我們談論這個。

With the late Thanksgiving and the shorter holiday shopping period, it makes reading the business really difficult.

隨著感恩節臨近，假期購物時間變短，讀懂生意確實變得困難。

And then, the second piece is we started lapping the reduction in promos, there's less upside than it was in prior quarters.

然後，第二件事是我們開始接受促銷活動的減少，與前幾季相比，上行空間較小。

And finally, our guide reflects the potential for greater impact from macroeconomic environment in this slow housing market.

最後，我們的指南反映了宏觀經濟環境在緩慢的房地產市場中產生更大影響的潛力。

But here's the thing, we guide topline revenues and bottom-line operating margin because it gives us the flexibility to respond to any changes in the business.

但事情是這樣的，我們指導頂線收入和底線營業利潤率，因為它使我們能夠靈活地應對業務的任何變化。

To the extent there might be an upside in one line, we'll take a look and see where we might offset that in others.

在某種程度上，某條線可能有上行空間，我們會看看在哪裡可以抵銷其他線的上行空間。

But it gives us the flexibility to pull levers, as the business ebbs and flows.

但隨著業務的起伏，它使我們能夠靈活地拉動槓桿。

As you've seen in Q3 and other quarters this year, we know the levers to pull to deliver results.

正如您在今年第三季和其他季度所看到的，我們知道實現績效的槓桿手段。

Peter Benedict, Baird.

彼得·本尼迪克特，貝爾德。

Thanks for taking the question.

感謝您提出問題。

First, just, Laura, maybe a little bit more on your approach to marketing and promo this holiday.

首先，勞拉，也許可以多介紹一下您這個假期的營銷和促銷方法。

Consumers have been responding, at least we're hearing from a lot of folks that they're responding more to promotions and events and that's been going on for some time, but maybe that's getting a little more pronounced of late.

消費者一直在做出反應，至少我們從許多人那裡聽到他們對促銷和活動的反應更多，而且這種情況已經持續了一段時間，但也許最近這種情況變得更加明顯。

I know you guys are very tactical and strategic with how you use promotions.

我知道你們對於如何利用促銷非常有戰術性和戰略性。

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

我只是很好奇，相對於去年，你們是如何計劃這個假期的，以及在這個假期期間，你們從該領域的競爭對手那裡看到了什麼？

That's my first question.

這是我的第一個問題。

Okay, great.

好的，太好了。

Thank, Peter.

謝謝，彼得。

I don't know if you've been in our stores or in the malls, but there is no one, who has the holiday headquarters that we have from Thanksgiving to Christmas, Hanukkah, New Year, entertaining, decorating, gift giving.

我不知道你是否去過我們的商店或商場，但沒有人擁有我們從感恩節到聖誕節、光明節、新年的節日總部，娛樂、裝飾、送禮。

There's nobody who does that.

沒有人這樣做。

And that is a huge competitive advantage, when you go to the malls and you go online that we have not just one category, but we have a fully integrated holiday assortment on top of incredible foundation of core and furniture and all the things that already exist in your house.

這是一個巨大的競爭優勢，當你去商場並上網時，我們不僅有一個類別，而且在令人難以置信的核心和家具基礎以及所有已經存在的東西之上，我們擁有完全集成的假期品種在你的房子裡。

And we show the customer how to put those things together.

我們向客戶展示如何將這些東西組合在一起。

That is a big deal.

這是一件大事。

It's very relevant particularly this year as people are very excited about the holidays.

這非常重要，尤其是今年，因為人們對假期感到非常興奮。

We saw it in the beginning of the year from Easter to Halloween, now Thanksgiving and Christmas.

我們在年初從復活節到萬聖節，現在是感恩節和聖誕節都看到了它。

And it's still early, but that is something that, we said earlier in the year we're going to continue to flex as we knew that likely the furniture part of the business wasn't going to recover as soon as we thought.

現在還為時過早，但我們在今年稍早表示，我們將繼續靈活行事，因為我們知道家具業務可能不會像我們想像的那樣盡快恢復。

As it relates to pricing, let's just call it pricing versus promotions.

由於它與定價有關，我們稱之為定價與促銷。

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 goods.

我們設計自己的商品。

We source them ourselves with our people overseas.

我們自己與海外員工一起採購它們。

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.

我們的價格平易近人，品質上乘，我們知道這一點。

We've learned that many times in good business and in bad business.

無論生意好還是生意不好，我們都多次了解這一點。

And we made the decision as you know to stop this up down pricing and this constant promotion.

如你所知，我們做出了決定，停止這種漲價和持續的促銷活動。

Once you're in that loop, you can't stop it, you have to comp it.

一旦你陷入這個循環，你就無法阻止它，你必須補償它。

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

在過去的幾年裡，我們一直在減少、減少、減少促銷力度，而且效果一直很好。

So the customer doesn't have to wait to see, if they're going to have a better price on that sofa in two weeks.

因此，客戶不必等待，看看他們是否能在兩週內以更好的價格購買該沙發。

They know the price is the price.

他們知道價格就是價格。

But it's also incumbent on retailers like us to make sure that we give that great value the first time to the customers.

但像我們這樣的零售商也有責任確保我們第一次為客戶提供巨大的價值。

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

因此，我們認為，與具有相同設計和品質水平的任何公司相比，我們的價格非常非常有競爭力，這使我們能夠減少促銷。

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

正如傑夫所說，我們每季仍然在減少。

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

隨著這些季度的過去，我們可以減少的資金越來越少，但在買入贏家和最大化賣出方面仍然有機會做得更好，因為我們看到了巨大的新成果。

And so, buying back into those things and when we buy back in getting better margins is another key part of our strategy.

因此，回購這些東西以及當我們回購以獲得更好的利潤時，這是我們策略的另一個關鍵部分。

That's helpful.

這很有幫助。

Thanks, Laura.

謝謝，勞拉。

It kind of leads me to my next question, maybe for Jeff.

這讓我想到了下一個問題，也許是問傑夫的問題。

I mean, you're talking about smoothing out demand and how that helps on the supply chain.

我的意思是，您正在談論平滑需求以及這如何對供應鏈有所幫助。

Jeff, you mentioned some additional or further opportunities for efficiency and optimization as you look out going forward.

Jeff，您提到了在展望未來時一些額外或進一步的提高效率和優化的機會。

If we maybe put the smoothing of demand aside, what are the other buckets that you see the most -- where you see the most opportunity?

如果我們把需求的平滑放在一邊，你最常看到的其他領域是什麼——你看到最多機會的地方是什麼？

You've done such a great job so far on all that.

到目前為止，你在這一切方面都做得非常出色。

Just curious kind of where the next leg of savings might lie.

只是好奇下一步的儲蓄可能在哪裡。

So just to talk about that.

所以只是談談這個。

We have been delivering record customer service.

我們一直在提供創紀錄的客戶服務。

This customer service has built tremendous brand loyalty.

這種客戶服務建立了巨大的品牌忠誠度。

But we still have room to go in specific areas where we need to be even more efficient.

但在需要提高效率的特定領域，我們仍有進步的空間。

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

因此，我們正在深入研究每個樞紐、每個家具領域的供應鏈。

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

請記住，我們剛剛將一個設施完全轉換為另一個設施，而那是在該週期的開始。

We did that this year into our new Arizona DC out of our CMO building Sonoma Cove.

今年，我們在 CMO 大樓索諾瑪灣的新亞利桑那州特區進行了這項工作。

That's a big deal.

這是一件大事。

There's a lot of efficiency in some of those areas.

其中一些領域的效率很高。

And we don't believe that we are done with supply chain efficiency.

我們不認為我們已經完成了供應鏈效率的提升。

We have also some continued opportunity in occupancy, where we are continuing to close less profitable stores that are in old centers and move them to better lifestyle centers and also reduce in some cases some brands and increase others.

我們還有一些持續的入住機會，我們將繼續關閉舊中心利潤較低的商店，並將它們轉移到更好的生活方式中心，並在某些情況下減少一些品牌並增加其他品牌。

And we've seen really good results from our remodels.

我們從改造中看到了非常好的結果。

Retail is back and we have been really honing our retail execution and our retail footprint.

零售業回來了，我們一直在真正磨練我們的零售執行力和零售足跡。

And our new stores are doing quite well.

我們的新店生意也不錯。

So that's another example of in the same size box, can we do more dollars per square foot?

這是另一個例子，在同樣大小的盒子裡，我們可以在每平方英尺上賺更多的錢嗎？

We believe we can.

我們相信我們可以。

And that is also going to help us, with our occupancy leverage.

這也將有助於我們提高入住率。

In terms of ad costs, this is an area that is a strength of ours, and we use it competitively to gain share both in the short-term and gain customers for the long-term.

就廣告成本而言，這是我們的優勢領域，我們透過競爭性地利用它來獲得短期份額並贏得長期客戶。

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。

So you're going to continue to see us drive collaborations higher, which is really good to drive ad costs actually and also sales.

因此，您將繼續看到我們進一步推動合作，這對於實際提高廣告成本和銷售確實有好處。

Those are the big buckets.

這些都是大桶。

Payroll is obviously another very large bucket, and there's opportunity to both continue to be more efficient in areas in our company, but then also to fund other areas that we believe are sales driving and we're in the early innings of testing there.

薪資顯然是另一個非常大的桶，我們有機會繼續在我們公司的領域提高效率，但也可以為我們認為會推動銷售的其他領域提供資金，並且我們正處於測試的早期階段。

Kate McShane, Goldman Sachs.

凱特麥克肖恩，高盛。

Hi.

你好。

Good morning.

早安.

Thanks for taking our questions.

感謝您回答我們的問題。

I wanted to follow-up on Cristina's earlier question with regards to furniture sales and just ask if you have a view on when furniture sales could stabilize and can furniture sales grow, just given some of the success that again you've seen with innovation and new product introduction, if housing turnover were to remain muted in 2025?

我想跟進克里斯蒂娜之前關於家具銷售的問題，只是問一下您是否對家具銷售何時可以穩定以及家具銷售能否增長有什麼看法，只要考慮到您再次看到的創新和發展所取得的一些成功新產品推出，2025 年房屋成交量是否仍將維持低迷？

We're assuming housing turnover remains muted, which is why we've been working so hard to improve our business despite it.

我們假設房屋成交量仍然低迷，這就是為什麼我們儘管如此仍然努力改善我們的業務。

And you've seen us have consecutively improved our comps and we have improved our furniture comps too.

您已經看到我們不斷改進我們的比較，我們也改進了我們的家具比較。

There's no doubt, based on what we're seeing that there's opportunity to continue to improve them in my mind.

毫無疑問，根據我們所看到的情況，我認為有機會繼續改進它們。

We believe that the newness, the percent of newness to total will continue to yield better results for us in furniture, even if housing doesn't improve.

我們相信，即使住房狀況沒有改善，新穎性、新穎性佔總數的百分比將繼續為我們的家具帶來更好的結果。

Now if housing really collapses, obviously, that's not in our -- that's not something that is contemplated as huge collapse or a Black Swan event or something.

現在，如果住房真的崩潰，顯然，這不屬於我們的範圍——這不被認為是巨大的崩潰或黑天鵝事件或其他什麼。

But we think if it's a normalized environment, our operational execution, the things we can control will help us to improve our furniture business.

但我們認為，如果這是一個常態化的環境，我們的營運執行力、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 big housing rebound, we'll see very good results in furniture.

另一方面，房地產市場大幅反彈，我們將在家具領域看到非常好的結果。

So I'm sorry that I don't have a date for you.

所以很抱歉我沒有跟你約會。

I wish I did, but your guess is as good as mine of when housing turns around.

我希望我這麼做了，但你對住房何時好轉的猜測和我的一樣好。

Okay.

好的。

Thank you.

謝謝。

And then our second question was just around inventory.

我們的第二個問題是關於庫存的。

It looks like inventory grew about 3.8% in the quarter.

本季庫存似乎成長了約 3.8%。

We wondered if there was any pull forward that you did in anticipation of some of the noise that was going on with regards to the port strike.

我們想知道你們是否因預期港口罷工而採取一些噪音而採取了任何行動。

And I know there's still a lot of uncertainty around tariffs, but 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?

我知道關稅仍然存在許多不確定性，但現在我們已經結束了選舉，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輕多少？

Yeah.

是的。

Thanks, Kate.

謝謝，凱特。

Good morning.

早安.

Our inventory at the end of the quarter was up 4% to last year.

本季末我們的庫存比去年增加了 4%。

Notably, our inventory levels are only up 15% versus 2019 compared with revenue growth of over 25% of that time.

值得注意的是，與 2019 年相比，我們的庫存水準僅成長了 15%，而同期營收成長超過 25%。

In terms of your question about did we pull forward some regarding the port strike activity, that wasn't really a big factor for us.

至於你問的關於我們是否提前了一些有關港口罷工活動的問題，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 in stock.

這實際上是為了為假期做好準備並儲備庫存。

If you've been in any of our stores, you've been on the website, you can see that we're in stock and we're well-positioned for holiday.

如果您去過我們的任何商店，您訪問過我們的網站，您可以看到我們有庫存，而且我們已經為假期做好了準備。

That's reflected in the guidance ranges that we provided.

這反映在我們提供的指導範圍。

In terms of China tariffs and our outlook on that, but first, there's a lot of uncertainty in terms of what's happening there.

就中國關稅和我們的前景而言，但首先，那裡發生的事情存在著許多不確定性。

And just want to remind everyone that it's not our first time at this.

只是想提醒大家，這不是我們第一次這樣做。

We've always been a leader and proactively responded to changes in the trade environment.

我們始終走在前列，積極應對貿易環境的變化。

And there's a lot of change since the last time this came up.

自從上次提出這個問題以來，已經發生了很多變化。

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

首先，過去幾年我們將中國採購的商品從 50% 大幅減少到 25%。

So exposure is significantly less than the last time in 2018 that we saw this activity.

因此，與 2018 年我們上次看到此活動相比，曝光量明顯減少。

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 upholstery is manufactured domestically at our facilities in North Carolina and Mississippi.

其次，我認為這是我們談論得不夠多的事情，美國已經是威廉斯索諾瑪公司的主要製造中心。製造的。

Our lighting from Rejuvenation is manufactured in Oregon and a large portion of the Williams-Sonoma assortment is produced domestically.

我們的 Rejuvenation 燈具是在俄勒岡州製造的，Williams-Sonoma 產品的很大一部分是在國內生產的。

Peppermint Bark, everyone's favorite ski this time of the year is made here in the San Francisco Bay Area.

薄荷樹皮是每年這個時候每個人最喜歡的滑雪板，產自舊金山灣區。

Third, we're prepared to reduce our exports to China further if tariffs increase.

第三，如果關稅增加，我們準備進一步減少對華出口。

We've mapped out a category-by-category plan to reduce China sourcing if conditions warrant and we're currently evaluating and quantifying the impact from additional tariffs.

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從中國採購，目前我們正在評估和量化額外關稅的影響。

We have a wide range of mitigation options.

我們有多種緩解方案。

In fact, everything is on the table.

事實上，一切都在桌面上。

We'll probably move some things to other countries.

我們可能會將一些東西轉移到其他國家。

We may at some point in '25 front load some goods.

我們可能會在 25 年的某個時候提前裝載一些貨物。

I'm sure the vendors will pay some and there may be some that the consumers absorb as well.

我確信供應商會支付一些費用，消費者也可能會吸收一些。

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 and strategy to pivot.

隨著情勢的變化，我們有可以調整的規模和策略。

But here's the really big strategic thing that I want you to take away and that is our vertically integrated supply chain is a competitive advantage, 90% of the products we sell our proprietary designed and exclusively made for our brands.

但我希望您了解的真正重要的策略內容是，我們的垂直整​​合供應鏈是一項競爭優勢，我們銷售的 90% 的產品都是為我們的品牌專有設計和專門製造的。

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.

我們擁有一流的內部全球採購業務，設有 12 個海外辦事處，這是我們親自管理採購決策、生產和運輸的方式。

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 relationships, others do not.

所以我們有規模和關係，而其他人則沒有。

Punch line means as the tariff landscape changes, we have the scale and strategy to pivot.

妙語意味著隨著關稅格局的變化，我們有調整的規模和策略。

Jonathan Matuszewski, Jefferies.

喬納森·馬圖謝夫斯基，傑弗里斯。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

The first one was on newness.

第一個是關於新鮮感。

I hear that it's contributing to the sales (technical difficulty) can you frame the magnitude of unit introduce this year maybe relative to last?

我聽說它對銷售有貢獻（技術難度），您能否列出今年相對於去年推出的單位的規模？

And any aspirations for kind of the magnitude of new collections you bring for '25?

您對 25 年推出的新系列有什麼期望嗎？

That's my first question.

這是我的第一個問題。

Thanks.

謝謝。

Great, Jonathan.

太棒了，喬納森。

Thank you.

謝謝。

Yes, newness and innovation are key parts of our strategy to return to growth in 2024, and we've seen a strong response to newness.

是的，新穎和創新是我們 2024 年恢復成長策略的關鍵部分，我們已經看到了對新穎的強烈反應。

I should say, 2024 and beyond.

我應該說，2024 年及以後。

And West Elm has been really benefiting from the increase in newness across all categories, particularly in furniture and they've seen double-digit positive comps in their new furniture introductions.

West Elm 確實從所有類別的新穎性增加中受益，特別是在家具方面，他們在新家具推出中看到了兩位數的積極競爭。

And they've also really increased substantially the amount of product in the holiday assortments, which is also an important opportunity for them.

他們也大幅增加了節日產品的數量，這對他們來說也是一個重要的機會。

I've mentioned before that when you look at the scale of West Elm and then you compare the department to Pottery Barn percent to total, you see some clear areas of opportunity.

我之前提到過，當你觀察 West Elm 的規模，然後將該部門與 Pottery Barn 佔總數的百分比進行比較時，你會看到一些明顯的機會領域。

And the non-furniture business is a big area of opportunity in West Elm.

非家具業務是 West Elm 的一個巨大機會領域。

So we've been really pushing newness there.

所以我們一直在努力推動新事物。

Pottery Barn is also seeing good responsiveness, especially in furniture and seasonal decorating, kids and team really seeing the big pop and baby and dorm and the collaborations that we brought and the new collaborations and building on LoveShackFancy have been seeing tremendous consumer response.

Pottery Barn 也看到了良好的反應，特別是在家具和季節性裝飾方面，孩子們和團隊真正看到了大流行、嬰兒和宿舍，我們帶來的合作以及基於LoveShackFancy 的新合作和構建已經看到了巨大的消費者反應。

And in Williams-Sonoma, they have premium electrics cookware newness and seasonal that's only found there and we've seen great results in Sonoma from our exciting holiday lineup and the newness that we brought in.

在威廉斯-索諾瑪，他們有優質的電器炊具，新穎且季節性，只有在那裡才能找到，我們在索諾瑪從我們令人興奮的假期陣容和我們帶來的新鮮事物中看到了巨大的成果。

So in terms of quantifying this, it's double-digit increases.

因此，就量化而言，它是兩位數的成長。

It's across categories.

這是跨類別的。

It's a very competitive area.

這是一個競爭非常激烈的領域。

And the numbers, although they may be indicative of how important it is to us, it's more on the quality of the newness.

這些數字雖然可能表明了它對我們有多重要，但更多的是新鮮感的品質。

So making sure that it's truly incremental newness and that we have reason to believe that it's going to work and not just getting over assorted.

因此，要確保它是真正的增量新穎性，並且我們有理由相信它會起作用，而不僅僅是過度分類。

And I think we're really balancing that well, and it's going to be a key part of staying ahead and giving us pricing power to continually design our own products and bring them to market.

我認為我們確實很好地平衡了這一點，這將成為保持領先地位並賦予我們定價權的關鍵部分，以不斷設計我們自己的產品並將其推向市場。

That's really helpful.

這真的很有幫助。

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 and how your business is continuing to make inroads.

也許您可以向我們介紹一下您在那裡的做法以及您的業務如何繼續取得進展。

Looks like (technical difficulty) mid-single digits this quarter, category down 7%.

看起來本季（技術難度）為中個位數，類別下降了 7%。

So are you doing anything currently in terms of working (technical difficulty) designers to get their business and plan for the future?

那麼，您目前是否在工作（技術難度）設計師方面做了一些事情來獲得他們的業務並規劃未來？

Thanks.

謝謝。

Our trade business did grow 4% in the quarter, and it's been up all year.

我們的貿易業務在本季確實成長了 4%，而且全年都在成長。

And it's really a function of the outstanding performance that our retail teams have done engaging with the trade community.

這實際上是我們零售團隊與貿易界合作的出色表現的結果。

A lot of trade is the local interior designer that works with the designers within our stores.

很多貿易都是當地的室內設計師與我們商店內的設計師合作。

And we set out a goal early this year to really ask our store retail teams to reengage with that interior designer community.

我們在今年年初制定了一個目標，真正要求我們的商店零售團隊重新與室內設計師社群合作。

And to their credit, our retail teams have taken that off and they're doing a really good job.

值得讚揚的是，我們的零售團隊已經做到了這一點，並且做得非常好。

And that really explains the 4% increase in this quarter and why we're seeing that trade business pop a little bit.

這確實解釋了本季 4% 的成長，以及為什麼我們看到貿易業務略有成長。

I think it's important to note that while trade is a component of the B2B 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，雖然貿易是 B2B 業務的一個組成部分，但我們真正感興趣的是業務的合約方面。

And that had another outstanding quarter, growing 17% in Q3.

另一個季度表現出色，第三季成長了 17%。

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

這約占我們本季總銷量的 36%。

And it's where we really have a competitive advantage and bringing the scale of our brand, the variety of assortment, our supply chain and really becoming a disruptor in that $80 billion business-to-business market, where we think we compete favorably and have a lot of opportunity to gain market share.

這就是我們真正擁有競爭優勢的地方，我們將我們的品牌規模、品種多樣性和供應鏈帶到這個800 億美元的企業對企業市場中，真正成為顛覆者，我們認為我們在這個市場上有利的競爭優勢並擁有許多獲得市場份額的機會。

(Operator Instructions) Simeon Gutman, Morgan Stanley.

（操作員指令）Simeon Gutman，摩根士丹利。

Hi.

你好。

Good morning, everyone.

大家早安。

I'm going to ask about full price selling.

我想問一下全價銷售。

I don't know if this is quantifiable, if we should be asking what -- I don't think you'll tell us what the mix is, but is that run rate accelerating?

我不知道這是否可以量化，我們是否應該問什麼——我認為你不會告訴我們混合是什麼，但運行速度是否在加速？

And does it ever reach a ceiling, the business will have a certain amount of product that gets sold on some type of clearance, I suppose?

我想，它是否會達到上限，企業將有一定數量的產品透過某種類型的清關出售？

And is that run rate accelerating?

運轉速度是否在加快？

And how much more ceiling do we have to go?

我們還需要達到多少上限？

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

首先我要說的是，我們絕對致力於在沒有促銷價格的情況下經營業務。

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

而且我們的金額比去年繼續減少。

We have always said we'll take markdowns.

我們一直說我們會降價。

We do take markdowns.

我們確實採取降價措施。

And so, of course, in a better sales environment, you'd have markdowns.

因此，當然，在更好的銷售環境中，你會享受降價優惠。

You might actually have scarcity.

你可能真的很匱乏。

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

所以你可以看到隨著時間的推移，我們實際上在追逐貨物，而清倉貨物卻越來越少。

We are definitely seeing improvements in our regular priced comps, which is great.

我們確實看到了我們的正常價格比較的改進，這很棒。

And our clearance inventory is in great shape, too.

我們的清倉庫存也狀況良好。

As Jeff said, inventory is pretty clean.

正如傑夫所說，庫存非常乾淨。

And we like that.

我們喜歡這樣。

That does mean that there's less clearance sales.

這確實意味著清倉銷售減少。

And I will just point out that in Q3, there are some brands that had more promotional comp roll-off than others like Pottery Barn had more to cut than we would have liked.

我只想指出，在第三季度，有些品牌的促銷優惠比其他品牌更多，例如 Pottery Barn 的促銷優惠比我們希望的要多。

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 up-down pricing.

正如我們之前所說，我們做出了決定，我們說過我們將始終選擇追求營業收入，而不是上下定價。

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

因此，我確實希望，由於我們已經大大減少了這種行為，因此我們所有人的前進將會變得更加清晰和容易理解。

Max Rakhlenko, TD Cowen.

馬克斯·拉赫倫科，TD·考恩。

Laura, in the past, I think that you've noted that your regular price business was outcomping your discounted or promoted business.

勞拉，過去，我認為您已經注意到您的正常價格業務勝過您的折扣或促銷業務。

Curious, did that occur this quarter once again?

好奇，這個季度又出現這種狀況了嗎？

And why do you think this phenomenon is occurring and just the key learnings from that?

您認為為什麼會發生這種現像以及從中學到的關鍵教訓？

Thanks a lot.

多謝。

Yeah.

是的。

Sure.

當然。

That's true.

這是真的。

Regular price is outperforming because we're reducing the promotional substantially.

正常價格表現出色，因為我們大幅減少了促銷活動。

And as much as reduced the last year to the year before, we have continued to reduce it.

與去年相比，我們一直在繼續減少。

And so, as I said, it's good for margins, it's actually good for the customer because we don't have them having to wait.

因此，正如我所說，這對利潤有好處，實際上對客戶也有好處，因為我們不必讓他們等待。

They can trust us on the pricing integrity.

他們可以相信我們的定價誠信。

Chuck Grom, Gordon Haskett.

查克·格羅姆，戈登·哈斯克特。

Hey.

嘿。

Thanks very much.

非常感謝。

If we double click here on your cost of goods sold line, in the third quarter, you're roughly 42%, which is about 1,000 basis points better than where you were in the third quarter of 2019.

如果我們雙擊此處的銷售成本行，您會發現第三季的銷售成本約為 42%，比 2019 年第三季的水平高出約 1,000 個基點。

I'm curious if it's possible to sort of unpack how much of that you see as structural?

我很好奇是否有可能解開你認為有多少是結構性的？

In other words, as we start to see the top line improve, which I think you all hope next year, how much of that can be sticky?

換句話說，當我們開始看到收入有所改善時（我想你們都希望明年如此），其中有多少是有黏性的？

Thanks.

謝謝。

Chuck, we think a lot of it can be sticky.

查克，我們認為很多內容都是有黏性的。

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 talked about and what's really happening within gross margin.

我認為這可以追溯到我談到的五個驅動因素以及毛利率內實際發生的情況。

E-commerce sales mix really at 66%, it's sustaining.

電子商務銷售組合確實為 66%，而且還在持續。

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

我想每個人都知道我們的電子商務業務擁有更高的營業利潤率和更少的佔用費用。

The retail optimization strategy, our second big driver is also kicking in.

我們的第二大驅動力零售優化策略也正在發揮作用。

Again, elevating that the profitability of our retail chain and also comes with less occupancy.

同樣，提高了我們零售連鎖店的獲利能力，同時也減少了佔用率。

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 of the basis points of that about a 1,000.

這約佔 1,000 個基點的 390 個。

And that comes from our merchandise margin team, the benefit of our focus on full price selling and the strength of our in-house design proprietary products.

這來自我們的商品利潤團隊、我們專注於全價銷售的好處以及我們內部設計專有產品的實力。

That's obviously, given our results compared to the competition are resonating with consumers.

顯然，考慮到我們與競爭對手相比的結果引起了消費者的共鳴。

And the last is the supply chain efficiencies.

最後是供應鏈效率。

You've heard Laura and I talk about how all of our metrics or KPIs that we look at are performing better than pre-pandemic levels.

您已經聽過勞拉和我談論過我們所關注的所有指標或 KPI 的表現都比疫情前的水平更好。

And here, this is our own internal version of the four-minute mile.

在這裡，這是我們自己的四分鐘一英里的內部版本。

If you're not familiar with that story, there's -- for years, it was thought that human beings couldn't run a four-minute mile.

如果你不熟悉這個故事，那麼多年來，人們一直認為人類無法跑完四分鐘一英里。

It has even said there's no way that can happen.

它甚至說這是不可能發生的。

And as soon as one person was able to break it, everyone was able to run a four-minute mile.

一旦一個人能夠打破它，每個人都可以跑四分鐘一英里。

Well, that's the same thing for us.

嗯，這對我們來說也是一樣的。

For years, we thought that these -- KPIs had to run at a certain level and that's just the way our business ran.

多年來，我們認為這些 KPI 必須在一定水平上運行，而這正是我們業務的運作方式。

And post-pandemic, as we try to get back to those, we ask a simple question of why are those metrics at those levels.

大流行後，當我們試圖回到這些問題時，我們問一個簡單的問題：為什麼這些指標會處於這些水平。

And to our supply chain team's credit, they said, well, we think we can do better.

值得讚揚的是，我們的供應鏈團隊表示，我們認為我們可以做得更好。

Laura and I said, yes, let's see you do that.

勞拉和我說，是的，讓我們看看你怎麼做。

And not only do they achieve those levels, but as soon as they go through those levels, they said, you know what, there's actually even more here.

他們不僅達到了這些水平，而且一旦他們達到了這些水平，他們就會說，你知道嗎，這裡實際上還有更多。

So this is an ongoing opportunity for us.

所以這對我們來說是一個持續的機會。

And we think we're excited about what that can bring.

我們認為我們對這會帶來什麼感到興奮。

I think the key point here is since 2019, we've transformed our profitability and can 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，並且可以將這些營業利潤率維持在更高的水平。

Brian Nagel, Oppenheimer.

布萊恩·內格爾，奧本海默。

Hi.

你好。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

So I want to go back to a couple of the prior questions just with regard to sales.

所以我想回到之前關於銷售的幾個問題。

So look, I mean, you've done a phenomenal job managing the business through what has been a difficult demand environment now for several quarters.

所以，我的意思是，在幾個季度以來需求困難的環境下，你們在管理業務方面做得非常出色。

So the comments they suggest you're starting to see some wins here, some better sales in certain categories.

因此，他們建議您開始在這裡看到一些勝利，在某些類別中獲得更好的銷售。

But if I look at the data in aggregate, your comps were down 2.9% in Q3 this versus down 3.3% in Q2.

但如果我看一下整體數據，你們的比較在第三季下降了 2.9%，而在第二季則下降了 3.3%。

So I mean slightly better there.

所以我的意思是那裡稍微好一點。

But on any stack basis, it seems like the business is actually decelerated.

但從任何堆疊的角度來看，業務似乎實際上都在減速。

So I guess my question will be two-fold, mean, am I looking at the data correctly?

所以我想我的問題有兩個方面，即我是否正確地查看了數據？

But then second, what's the offset to those -- what's keeping -- you're starting to see these better sales trends as you articulate, what's the offset keeping sales weak?

但第二，什麼是對這些的抵消——什麼是維持——當你闡明時，你開始看到這些更好的銷售趨勢，是什麼抵消了銷售疲軟？

Well, I'd just say that we're not topping the probe is the first answer.

好吧，我只想說我們沒有超越調查是第一個答案。

And that definitely gave us some sales that you could pull forward, call them what you will but lower quality sales.

這肯定為我們帶來了一些可以推動的銷售，無論你怎麼稱呼它們，但品質較低的銷售。

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

其次，家具還是比較薄弱吧？

So as much as we're talking about improvements in furniture, and we have some categories that are positive, furniture has been weak.

因此，儘管我們談論家具的改進，並且我們有一些積極的類別，但家具一直很弱。

And so, this is the opportunity.

所以，這就是機會。

We've been focused on the areas we knew would be stronger, which are life stage pieces of our business and holiday decorating, but can you imagine what happens when the furniture picks up.

我們一直專注於我們知道會更強大的領域，這些領域是我們業務和節日裝飾的生命階段部分，但你能想像當家具回升時會發生什麼嗎？

And we've used the word coil spring about our platform.

我們在我們的平台上使用了“螺旋彈簧”這個詞。

We have said that when this picks up, we've been doing.

我們說過，當這種情況出現時，我們一直在做這件事。

We've been focused on operating margin with a down sales environment.

我們一直專注於銷售環境不佳的情況下的營業利潤率。

So can you imagine the kind of operating margin improvements we could have if sales pick up, even if there are some negatives next year, even if tariffs cost us something, even if there's other cost increases, there should be sales leverage on that operating margin.

因此，你能想像如果銷售回升，我們可以實現什麼樣的營業利潤率改善，即使明年會出現一些負面影響，即使關稅讓我們付出了一些代價，即使有其他成本增加，營業利潤率應該有銷售槓桿。

Oliver Wintermantel, Evercore.

奧利佛·溫特曼特爾，Evercore。

Thanks very much.

非常感謝。

Maybe just to that point.

也許只是到了這一點。

Laura, your sales leverage, what kind of comp do you need to see to get some sales leverage on SG&A?

勞拉（Laura），您的銷售槓桿，您需要什麼樣的補償才能在銷售、管理和行政費用（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 pre-pandemics?

考慮到過去幾年的成本，與疫情大流行前相比如何？

Yeah.

是的。

I mean, it's not a linear relationship.

我的意思是，這不是線性關係。

There's not like a box that one number goes in the other number comes out because there's a lot of choices.

不像一個盒子，一個數字放進去另一個數字出來，因為有很多選擇。

And you can't predict all the variables, you've seen it's like a game of life for a next thing you know you've got something new you have to deal with that you didn't expect and that you have to invest in.

你無法預測所有的變量，你已經看到這就像一場生命遊​​戲，你知道你有一些新的東西你必須處理你沒有預料到的並且你必須投資。

And with growth, there's always different opportunities.

隨著成長，總會有不同的機會。

You can be more competitive on ad comp.

您可以在廣告補償方面更具競爭力。

So we have a lot of brands here in different states, not all brands have the same operating margin.

因此，我們在不同的州有許多品牌，但並非所有品牌都有相同的營業利潤率。

We may decide that push a few of our smaller brands heavier.

我們可能會決定加大一些較小品牌的重量。

And the most important thing of all I'd say is being competitive for our consumers.

我想說的最重要的事情是對我們的消費者俱有競爭力。

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

我們希望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 fit the sweet spot of the industry with what we're doing, which is why I think we have better results.

我們認為我們正在做的事情符合行業的最佳點，這就是為什麼我認為我們取得了更好的結果。

Because they love our product.

因為他們喜歡我們的產品。

I mean, there's all these things that we talk about on these calls that end of the day the customer votes, right?

我的意思是，我們在這些電話中討論了所有這些事情，最終客戶投票，對嗎？

And they go based on what they see and what the price is.

他們根據所看到的和價格進行選擇。

And we've built this loyalty over years that makes them come back.

多年來我們建立了這種忠誠度，讓他們成為回頭客。

They trust us to shop online on big ticket.

他們相信我們可以在網上大額購物。

A lot of people can't get them to do that.

很多人無法讓他們這麼做。

But because they see our stores in their minds eye, they can sit on the self-op, they will pull the trigger and buy it online.

但因為他們在腦海中看到了我們的商店，所以他們可以坐在自助上，他們會扣動扳機並在網上購買。

And that is something that not a lot of people can say because of our channel excellence and our customer service, we have built up so much goodwill with our customers that's been so important to driving our results even in a tough environment.

這是很多人無法說出的，因為我們卓越的管道和客戶服務，我們與客戶建立瞭如此多的商譽，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 closing remarks.

現在我將把電話轉回給勞拉·阿爾伯 (Laura Alber) 作結束語。

Okay.

好的。

Well, thank you.

嗯，謝謝。

Thank you all, again, for joining our call this morning.

再次感謝大家今天早上加入我們的電話會議。

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

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 stores and happy shopping.

當然，正如我想說的，請進入我們的商店並快樂購物。

We'll talk again in March.

我們將在三月再談。

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。