Williams-Sonoma Inc (WSM) 2024 Q4 法說會逐字稿

Welcome to the Williams-Sonoma, Inc fourth quarter and fiscal year 2024 earnings conference call. (Operator Instructions). I would now like to turn the call over to Jeremy Brooks, Chief Accounting Officer, and Head of Investor Relations. Please go ahead.

歡迎參加 Williams-Sonoma, Inc 2024 財年第四季和財報電話會議。（操作員指令）。現在，我想將電話轉給首席會計長兼投資者關係主管 Jeremy Brooks。請繼續。

Good morning and thank you for joining our fourth quarter earnings call. Before we get started, I'd like to remind you that during this call, we will make forward-looking statements with respect to future events and financial performance, including annual guidance for fiscal '25 and our long-term outlook.

早安，感謝您參加我們的第四季財報電話會議。在我們開始之前，我想提醒您，在本次電話會議中，我們將對未來事件和財務業績做出前瞻性陳述，包括 25 財年的年度指導和我們的長期展望。

We believe these statements reflect our best estimates. However, we cannot make any assurances these statements will materialize, and actual results may differ significantly from our expectations. 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.

我們相信這些聲明反映了我們的最佳估計。然而，我們無法保證這些聲明將會實現，實際結果可能與我們的預期有很大差異。本公司不承擔公開更新或修改任何這些聲明以反映今天電話會議後可能出現的事件或情況的義務。

Additionally, we will refer to certain non-GAAP financial measures. These measures should not be considered replacements for and should be read together with our GAAP results. A detailed reconciliation of non-GAAP measures to the most directly comparable GAAP measure appears in Exhibit 1 to the press release we issued earlier this morning.

此外，我們也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。我們今天早上發布的新聞稿附件 1 詳細列出了非 GAAP 指標與最直接可比較的 GAAP 指標之間的對帳情況。

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

我們也應結合我們向美國證券交易委員會提交的文件來考慮這項呼籲。最後，本次電話會議的重播將在我們的投資者關係網站上提供。現在我想將電話轉給我們的總裁兼執行長勞拉·阿爾伯 (Laura Alber)。

Thank you, Jeremy. Good morning, everyone, and thank you for joining the call. I'm excited to talk to you about our results today. Before we get into our results, I'd like to acknowledge the accomplishments of the entire team at Williams-Sonoma, Inc. The results we are about to share with you today reflect their creativity, focus and hard work.

謝謝你，傑瑞米。大家早安，感謝大家參加電話會議。我很高興今天能和大家談論我們的成果。在我們討論結果之前，我想先感謝 Williams-Sonoma, Inc. 整個團隊所取得的成就。我們今天要與您分享的結果反映了他們的創造力、專注力和辛勤工作。

We are proud with our strong finish to 2024. And -- in Q4, our comp came in above expectations at positive 3.1%. Also in the quarter, we exceeded profitability estimates with an operating margin of 21.5% and earnings per share of $3.28.

我們為 2024 年所取得的優異成績感到自豪。而且—在第四季度，我們的營收超出預期，達到正 3.1%。本季度，我們的營業利潤率達到 21.5%，每股收益為 3.28 美元，超出了獲利預期。

In Q4, we saw acceleration in our comp trend despite no material improvement in the housing market. After many quarters of running negative comps, our total comp was positive, and I want to say it again, our total comp was positive 3.1% in Q4, and we outperformed the industry decline of 2% in the quarter. This outperformance was driven by a strong seasonal assortment, effective collaborations and improvement in furniture sales and strong performance in both retail and online.

在第四季度，儘管房地產市場沒有實質改善，但我們的同店銷售趨勢卻加速成長。在經歷了多個季度的負成長之後，我們的整體成長呈正成長，我想再說一遍，我們的整體成長在第四季為正 3.1%，超過了本季產業 2% 的降幅。這一優異表現得益於強勁的季節性產品組合、有效的合作和家具銷售的改善以及零售和線上業務的強勁表現。

Turning to the full year. Our comps ran down 1.6% and -- with a five-year comp at 34% positive. In 2024, we delivered a record annual operating margin of 17.9% with full year earnings per share of $8.50. We hit our 2024 annual guidance, which we raised twice in 2024, and we beat Wall Street estimates on both the top and bottom lines. This performance was due to the strength of our operating model, our supply chain efficiencies, our focus on full price selling and cost control from our company-wide financial discipline.

展望全年。我們的同店銷售額下降了 1.6%，而五年期同店銷售額則上漲了 34%。2024 年，我們的年度營業利益率達到創紀錄的 17.9%，全年每股收益為 8.50 美元。我們達到了 2024 年年度指導目標，並在 2024 年兩次上調該目標，並且我們的營收和淨利潤均超過了華爾街的預期。這項業績歸功於我們強大的營運模式、高效的供應鏈、對全價銷售的關注以及全公司財務紀律的成本控制。

As we enter 2025, we are confident that we've laid the foundation for growth and profitability. Even though there are significant macro and geopolitical uncertainties, we are focused on our strategies to deliver in 2025 and beyond.

邁入 2025 年，我們有信心為成長和獲利奠定基礎。儘管存在重大的宏觀和地緣政治不確定性，我們仍專注於實現 2025 年及以後的策略。

Now let's talk about what those strategies include. First, we believe we will deliver for brand growth due to increased levels of newness and exciting innovation. We are able to differentiate ourselves competitively through our in-house design capabilities and vertically integrated sourcing organization. These differentiators give us a unique ability to offer high-quality products at compelling price points.

現在讓我們來談談這些策略包括哪些內容。首先，我們相信，隨著新穎性和令人興奮的創新水平的提高，我們將實現品牌的成長。我們能夠透過內部設計能力和垂直整合的採購組織在競爭中脫穎而出。這些差異化因素使我們具有以極具吸引力的價格提供高品質產品的獨特能力。

Also, we recognize housing may not improve this year, and therefore, a key component of our growth strategy is our robust non furniture assortment that includes inspirational, seasonal, and decorative accessories, textiles, and housewares. We believe this puts us in a much better competitive position than our peers who are overly dependent on furniture.

此外，我們認識到今年住房市場可能不會改善，因此，我們成長策略的關鍵組成部分是我們強大的非家具系列，其中包括鼓舞人心的、季節性的和裝飾性的配件、紡織品和家居用品。我們相信，這將使我們比過度依賴家具的同行更具競爭力。

A key part of our strategy is our outside partnerships and collaborations. These exciting partnerships like Monique Lhuillier in Pottery Barn, LoveShackFancy in our children's business, Stanley Tucci and our Williams-Sonoma Kitchen business and Marcus Samuelsson in West Elm attract new customers and drive sales with our current customers.

我們的策略的關鍵部分是我們的外部夥伴關係和合作。這些令人興奮的合作夥伴關係，例如 Pottery Barn 的 Monique Lhuillier、兒童業務的 LoveShackFancy、Stanley Tucci 和 Williams-Sonoma Kitchen 業務以及 West Elm 的 Marcus Samuelsson，吸引了新客戶並推動了現有客戶的銷售。

Next, B2B is an important growth driver. B2B leverages our strength in design and commercial-grade product offerings. And we have built an incredible book of business the last few years in the commercial space and several industry verticals. We -- our offering of design to delivery services is a competitive advantage as we continue to build our project pipeline. And we are off to a strong start with new customers this year.

其次，B2B是重要的成長動力。B2B 利用我們在設計和商業級產品供應方面的優勢。過去幾年，我們在商業領域和多個垂直行業建立了令人難以置信的業務記錄。我們－我們提供從設計到交付的服務，這是我們持續建立專案管道的競爭優勢。今年，我們迎來了新客戶的良好開端。

Another component of our growth will come from the expansion of our emerging brands, Rejuvenation, GreenRow, Williams-Sonoma Home and Mark & Graham. We have the in-house competency and ability to incubate and build new brands. And let me remind you that all of our brands, even our largest, Pottery Barn or once emerging brands.

我們成長的另一個要素將來自於我們新興品牌 Rejuvenation、GreenRow、Williams-Sonoma Home 和 Mark & Graham 的擴張。我們擁有孵化和創造新品牌的內部能力和實力。讓我提醒您，我們所有的品牌，甚至我們最大的品牌，Pottery Barn 或曾經的新興品牌。

In addition to these growth strategies, we are focused on offering the best channel experiences. A key investment we are making is in our next generation of design services. The new tools we have launched online and in-stores assist our customers in developing design plans for any style or size of home, and we continue to improve these tools.

除了這些成長策略之外，我們還致力於提供最佳的通路體驗。我們正在進行的一項重要投資是下一代設計服務。我們在線上和店內推出的新工具可以幫助我們的客戶制定適合任何風格或大小的家居設計方案，並且我們不斷改進這些工具。

For example, in Q4, we launched our proprietary Shop By Style functionality, which we'll be rolling out across all of our brands. We are also incorporating AI into our digital capabilities like personalized e-mails and customized homepages. We believe we'll be a leader in the use of AI in our operations and in our industry and the AI will be a key component in driving record sales and margin.

例如，在第四季度，我們推出了專有的按風格購物功能，並將在我們所有的品牌中推廣該功能。我們還將人工智慧融入我們的數位功能中，例如個人化電子郵件和客製化主頁。我們相信，我們將在營運和產業中使用人工智慧方面處於領先地位，而人工智慧將成為推動創紀錄銷售和利潤的關鍵因素。

Also, we are continuing to see improved performance in our stores. Our positive comp in Q4 was primarily driven by retail, as a result of our enhanced in-store experience with inspiring new products, improved in-stock inventory levels and next level design services and events. We continue to unlock the power of our omnichannel services, and this is another area where we are using AI to optimize sales, cost, and delivery speed.

此外，我們的商店業績也持續改善。我們第四季度的積極成長主要由零售業推動，這得益於我們透過鼓舞人心的新產品、更高的庫存水準和更高水準的設計服務和活動增強了店內體驗。我們持續釋放全通路服務的力量，這是我們使用人工智慧優化銷售、成本和交付速度的另一個領域。

In 2025, we'll also continue our progress in delivering world-class customer service, the perfect order, damage-free, on time, every time. Even with metrics better than before the pandemic and, in some cases, record-breaking our supply chain team continues to challenge the status quo and come up with new ways to reduce costs.

2025 年，我們也將繼續努力，提供世界一流的客戶服務，每次都按時、無損壞地提供完美的訂單。即使各項指標比疫情前更好，甚至在某些情況下打破了記錄，我們的供應鏈團隊仍在繼續挑戰現狀，並想出新的方法來降低成本。

In 2025, we will continue to limit out of market and multiple shipments to reduce customer accommodations, to lower returns and damages and to reduce replacements. This part of retail execution is often overlooked but is the key to profitability and customer satisfaction. We believe 2025 will be a year of additional optimization and efficiency, particularly in our new distribution center in Arizona, where we have more to go in terms of unlocking the benefits of cost efficiencies and faster, more automated deliveries.

2025年，我們將繼續限制市場外和多次發貨，以減少客戶住宿，降低退貨和損壞並減少更換。零售執行的這一部分經常被忽視，但卻是獲利能力和客戶滿意度的關鍵。我們相信 2025 年將是進一步優化和提高效率的一年，特別是在我們位於亞利桑那州的新配送中心，我們在釋放成本效率和更快、更自動化的交付優勢方面還有很大的進展。

Moving to other earnings drivers. We will be tight on employment in 2025 with a focus on using AI to offset head count growth. Also, in marketing, there is opportunity this year to leverage spend by using efficiencies in our in-house marketing program.

轉向其他盈利驅動因素。2025年，我們將嚴格控制就業，並專注於使用人工智慧來抵消員工數量的成長。此外，在行銷方面，今年我們有機會透過提高內部行銷計劃的效率來充分利用支出。

In total, we are optimistic for 2025, and -- we are focused on driving positive comps and expanding operational improvements. Even in a difficult environment, our initiatives are gaining momentum, and we are optimistic and confident about our business. Our focus will remain on our three key priorities returning to growth, enhancing customer service, and driving earnings.

總的來說，我們對 2025 年充滿樂觀，並且我們專注於推動積極的業績成長和擴大營運改善。即使在困難的環境中，我們的舉措仍在不斷增強，我們對我們的業務充滿信心和信心。我們的重點仍將放在三個關鍵優先事項：恢復成長、加強客戶服務和提高獲利。

Turning to guidance. Let's spend a minute talking about our assumptions. We aren't planning for any significant upside or downside from the external macro environment. Our guidance reflects what we know today, incorporating our initiatives and the current tariffs of China at 20%, Mexico and Canada at 25% and the additional tariffs on metals and aluminum was 25%. Our guidance does not include any additional tariffs nor does it include a housing recovery. For 2025, we are guiding our comps to be flat to positive 3%, with operating margin between 17.4% and 17.8%.

轉向指導。讓我們花一點時間來討論一下我們的假設。我們沒有為外部宏觀環境的任何顯著上漲或下跌做好準備。我們的指導反映了我們今天所知的情況，包括我們的舉措以及中國目前的 20%、墨西哥和加拿大的 25% 關稅以及金屬和鋁的額外關稅 25%。我們的指導不包括任何額外的關稅，也不包括住房復甦。到 2025 年，我們預期同店銷售額將持平至正 3%，營業利潤率將介於 17.4% 至 17.8% 之間。

Now let's review our brands. Pottery Barn ran a negative 0.5% comp in Q4, substantially improving over Q3. On a five-year basis, the brand ran a positive 37.6% comp. In 2024, Pottery Barn significantly reduced promotional activity, improving margin and setting the groundwork for growth with new product introductions and increased collaborations.

現在讓我們回顧一下我們的品牌。Pottery Barn 第四季的年銷售額為負 0.5%，較第三季大幅改善。以五年計算，該品牌的銷售額年增 37.6%。2024 年，Pottery Barn 大幅減少促銷活動，提高利潤率，並透過推出新產品和加強合作為成長奠定基礎。

Looking to 2025, the brand has an exciting lineup of Monique and noteworthy collaborations with industry leaders like LoveShackFancy that launches very soon, and we are building on our successful new furniture launches and have an expanded outdoor assortment.

展望 2025 年，該品牌擁有令人興奮的 Monique 陣容，並與 LoveShackFancy 等行業領導者開展了值得關注的合作，並且即將推出，我們正在成功推出新家具的基礎上，擴大戶外產品種類。

Also, we are uniquely positioned in the market with our leading products in seasonal decorating and entertaining and our innovation in textiles and our strength in print and pattern continues. In 2025, another competitive advantage for Pottery Barn is to leverage our domestic upholstery capabilities located in the Southeastern United States. Our Sutter facilities offer high-quality manufacturing with industry-leading delivery times. Sutter services all of our brands, but Potter Barn has the highest percent to total.

此外，憑藉我們在季節性裝飾和娛樂方面的領先產品、我們在紡織品方面的創新以及我們在印刷和圖案方面的優勢，我們在市場上佔據著獨特的地位。2025 年，Pottery Barn 的另一個競爭優勢是利用位於美國東南部的國內室內裝潢能力。我們的薩特工廠提供高品質的製造和行業領先的交貨時間。Sutter 為我們所有的品牌提供服務，但 Potter Barn 的服務佔最高值。

Now I'd like to talk to you about our Pottery Barn Children's home furnishing brand, which went a positive 3.5% comp in Q4 with a five-year comp of 24.6%. In 2024, kids and teams together ran positive comps every quarter. Success has been driven by our key growth drivers, dorm, baby and collabs.

現在我想和大家談談我們的 Pottery Barn 兒童家居品牌，該品牌第四季年增 3.5%，五年年增 24.6%。2024 年，孩子們和團隊每季都會一起參加積極的比賽。我們成功的秘訣在於宿舍、嬰兒和合作等主要成長動力。

In Q4, we saw record results from our expanded seasonal decor offering as customers came to our children's brands to celebrate the holidays, give gifts, and decorate nurseries and dorm rooms. Product collaborations were another highlight with particular strength in the LoveShackFancy, Chris loves Julia and Rifle Paper, collections.

在第四季度，隨著顧客來到我們的兒童品牌慶祝節日、贈送禮物以及裝飾托兒所和宿舍，我們擴大的季節性裝飾產品取得了創紀錄的業績。產品合作是另一大亮點，尤其以 LoveShackFancy、Chris loves Julia 和 Rifle Paper 等系列產品為主。

Looking to 2025, we've built a powerful pipeline of newness and newsworthy launches. We recently launched Modern Baby and Pottery Barn Kids, offering a fresh aesthetic to the brand. In weeks ahead, our Pottery Barn Dorm collection will also launch with new looks and a dramatically expanded assortment.

展望 2025 年，我們已經建立了強大的新產品和有新聞價值的產品發布管道。我們最近推出了 Modern Baby 和 Pottery Barn Kids，為品牌帶來了全新的美感。未來幾週，我們的 Pottery Barn Dorm 系列也將以全新面貌和大幅擴展的品種推出。

Now let's review West Elm. We are thrilled to report a substantial improvement in comp to positive 4.2% in Q4. On a five-year basis, the brand ran a 21.7% comp, we have made strong progress against our four key pillars: product, brand, channel excellence and operational efficiencies.

現在讓我們回顧一下 West Elm。我們很高興地報告，第四季的銷售額大幅成長至 4.2%。以五年計算，該品牌的成長率為 21.7%，我們在四大支柱方面取得了長足的進步：產品、品牌、通路卓越和營運效率。

In Q4, Holiday Newness drove double-digit positive comps with strength in both furniture newness and holiday seasonal textiles and decorative accessories and tabletops. We saw improvement in furniture as high-performing new collections came back in stock, also letting with a particular strength for West Elm in Q4.

第四季度，節慶新品推動銷售額達到兩位數正成長，家具新品、節慶季節紡織品、裝飾配件和桌面產品均表現強勁。隨著高性能新系列家具的重新上市，我們看到了家具銷售的改善，這也為 West Elm 在第四季度帶來了特別的強勁表現。

Now let's review the Williams-Sonoma brand. We are thrilled to report a substantial improvement in comp to positive 5.7%. On a five-year basis, the brand ran a 35.5% comp. The Williams-Sonoma brand built on last year's success with another strong year, driven by retail execution, product innovation, dynamic marketing, and collaborations.

現在讓我們回顧一下 Williams-Sonoma 品牌。我們很高興地報告，公司業績大幅改善，達到正 5.7%。以五年計算，該品牌的銷售額年增了 35.5%。在零售執行、產品創新、動態行銷和合作的推動下，Williams-Sonoma 品牌在去年成功的基礎上，又取得了強勁的一年。

In Q4, the product assortment for Williams-Sonoma was stacked with great gifts and a complete offering for holiday hosting and entertaining. We saw strength in the cookware, cutlery, and electrics categories, led by newness and the popularity of key core items. Our seasonal and decorative accessories also drove results for the baker, tabletop, housewares, food, and garden businesses. We continue to welcome customers into our stores with exciting events like celebrity chef book signings.

在第四季度，Williams-Sonoma 的產品種類豐富，包括精美的禮品以及節日招待和娛樂的完整產品。我們看到炊具、餐具和電器類別表現強勁，這主要得益於新產品和關鍵核心產品的受歡迎程度。我們的季節性和裝飾配件也為麵包師、桌面、家庭用品、食品和花園業務帶來了業績。我們將繼續透過名廚簽書會等精彩活動來歡迎顧客光臨我們的商店。

The 100-book signing event of 2024 for Williams-Sonoma was held in Q4 and at our Columbus Circle store, and it was coincidentally a sold-out launch party for Martha Stewart's 100 CookBook. Our team was also on site managing the book sales at sold-out auditoriums across the country for Ina Garten's book tour, and we're excited for even more events with our amazing chef partners in 2025.

Williams-Sonoma 2024 年 100 本書簽售活動於第四季度在我們的哥倫布圓環商店舉行，巧合的是，這也是瑪莎·斯圖爾特 100 本食譜的發布會，門票全部售罄。我們的團隊還在現場管理全國各地售罄禮堂的圖書銷售，以配合 Ina Garten 的新書巡迴活動，我們很高興能在 2025 年與我們出色的廚師合作夥伴一起舉辦更多活動。

In 2025, we'll continue to celebrate food from around the world. A great example is our Japanese-inspired tabletop collection currently in store along with our new food collaboration with Celebrity Chef Morimoto.

2025年，我們將繼續慶祝世界各地的美食。一個很好的例子就是我們目前在店內推出的日式風格桌面系列，以及我們與名廚 Morimoto 合作推出的新美食。

Now I'd like to update you on B2B. Business-to-business had an exciting and record-breaking year, driving more than $1 billion in revenues for the 10 comp with both trade and contract growing in both Q4 and the full year. Q4 represented Contracts largest quarter history to date, driving a 12% comp for the quarter.

現在我想向大家介紹一下 B2B 的最新情況。企業對企業業務經歷了激動人心且破紀錄的一年，為 10 家公司帶來了超過 10 億美元的收入，第四季度和全年的貿易和合約均有所增長。第四季是合約史上迄今為止最大的季度，推動本季年增 12%。

Our multichannel program and our leading assortment of contract-grade products have been key drivers in our accelerated large project growth. Key project wins include our first furniture order for a cruise ship Royal Caribbean's Utopia of the Seas, hospitality work for the Ritz-Carlton, Kimpton, W Hotels and Sheraton and continued momentum in the multifamily space with the related companies and Korman communities. We're excited about the opportunity that B2B has to disrupt an underserved and highly fragmented market.

我們的多通路計畫和領先的合約級產品系列是我們加速大型專案成長的關鍵驅動力。贏得的關鍵項目包括我們為皇家加勒比海遊輪「海洋烏托邦號」訂購的第一份家具訂單、為麗思卡爾頓酒店、金普頓酒店、W 酒店和喜來登酒店進行的接待工作，以及與相關公司和科爾曼社區在多戶住宅領域的持續發展勢頭。我們很高興看到 B2B 有機會打破服務不足且高度分散的市場。

Lastly, I'd like to update you on our emerging brands. As I mentioned earlier, Williams-Sonoma has a long history of creating brands and building them into big businesses, like we did with West Elm from a concept in 2002 to an almost $2 billion business today. We are pleased with the performance of our smaller emerging brands like Mark & Graham and GreenRow, which had strong positive comps in the quarter. But today, I want to focus on Rejuvenation.

最後，我想向大家介紹我們的新興品牌。正如我之前提到的，Williams-Sonoma 在創建品牌並將其打造成大企業方面有著悠久的歷史，就像我們對 West Elm 所做的那樣，從 2002 年的一個概念發展成為如今價值近 20 億美元的企業。我們對 Mark & Graham 和 GreenRow 等小型新興品牌的表現感到滿意，它們在本季度取得了強勁的業績。但今天，我想集中討論復興。

Our Rejuvenation brand continues to exceed our expectations with another quarter of double-digit growth. In fact, in the last five years, Rejuvenation has driven positive comps in 17 and -- of those 20 quarters, and the business has almost doubled since 2020.

我們的 Rejuvenation 品牌繼續超越我們的預期，又一個季度實現了兩位數的成長。事實上，在過去五年中，Rejuvenation 在 20 個季度中的 17 個季度中實現了正成長，自 2020 年以來，業務幾乎翻了一番。

In 2024, Rejuvenation's growth was driven by innovative domestically designed handmade products. Core categories, including cabinet hardware, bath hardware and lighting performed exceptionally well. And growth categories such as bath vanities, plumbing, window hardware and organization delivered double-digit comps.

2024年，Rejuvenation 的成長由創新的國產手工設計產品所推動。櫥櫃五金、浴室五金和照明等核心類別表現非常出色。浴室盥洗台、管道、窗戶五金和組織等增長類別實現了兩位數的同比增長。

Looking ahead to 2025 and beyond, Rejuvenation is well positioned for continued momentum. We currently have 11 stores and are actively looking for new locations. We believe Rejuvenation will be our next $1 billion brand. We are also encouraged by the improvement of the Williams-Sonoma Home business. We continue to expand products across categories with introductions of exclusive in-house designs in lighting, textiles, and accessories as well as collaborations. We see an opportunity to disrupt the high-end home furnishings market where no key players offer print and pattern like we do.

展望 2025 年及以後，復興計畫已做好準備，持續保持強勁發展動能。我們目前有 11 家商店，並正在積極尋找新的地點。我們相信 Rejuvenation 將成為我們的下一個價值 10 億美元的品牌。Williams-Sonoma Home 業務的改善也讓我們感到鼓舞。我們繼續擴大跨類別產品，推出照明、紡織品和配件領域的獨家內部設計以及合作。我們看到了顛覆高端家居裝飾市場的機會，目前還沒有主要參與者像我們一樣提供印花和圖案。

Last, I'd like to talk about our global business. We continue to see strength in our key growth markets, including Canada, Mexico, and India. The Canada business continues to grow, fueled by our commitment to enhancing the customer experience, both online and in retail.

最後，我想談談我們的全球業務。我們繼續看到加拿大、墨西哥和印度等主要成長市場的強勁成長。由於我們致力於提升線上和零售客戶體驗，加拿大業務持續成長。

In Mexico, the holiday season saw continued growth in sales and market share driven by our inspiring product assortments and personalized service. Our business in India continues to grow, driven by excellence in design services for both retail and e-commerce. And our UK business continues to grow as we strengthen our partnerships with John Lewis for West Elm, Pottery Bran Kids and Potter and Leatham for Williams-Sonoma.

在墨西哥，假期季節，由於我們鼓舞人心的產品組合和個人化服務，銷售額和市場份額持續成長。在零售和電子商務卓越設計服務的推動下，我們在印度的業務持續成長。隨著我們加強與 John Lewis 的 West Elm 合作、加強與 Pottery Bran Kids 的合作以及加強與 Potter and Leatham 的 Williams-Sonoma 合作，我們的英國業務繼續增長。

In summary, we are proud of our strong execution and outperformance in 2024. Despite an uncertain backdrop, we have been and will continue to be focused on returning growth, enhancing our world-class customer service, and driving earnings.

總而言之，我們為 2024 年的強勁執行力和優異表現感到自豪。儘管背景不確定，我們一直並將繼續專注於恢復成長、增強我們世界一流的客戶服務並提高獲利能力。

We are innovators and operators, and we are set up for a great 2025. Before I hand it over to Jeff, I also want to take a minute to say thank you again to our associates, but also to our vendors and to you, our shareholders, your continued dedication, and support is appreciated. And with that, I will turn it over to Jeff to walk you through the numbers and our outlook in more detail.

我們是創新者和經營者，我們已為偉大的2025年做好準備。在將其交給傑夫之前，我還想花一點時間再次向我們的同事、我們的供應商以及您，我們的股東表示感謝，感謝您的持續奉獻和支持。接下來，我將把時間交給傑夫，讓他更詳細地向您介紹這些數字和我們的展望。

Thank you, Laura, and good morning, everyone. We are proud to have delivered a strong finish to fiscal year '24, with both Q4 and full year '24 earnings exceeding expectations. Our results reflect the three key priorities we focused on in '24.

謝謝你，蘿拉，大家早安。我們很自豪能夠在 24 財年取得強勁成績，第四季和 24 年全年的收益都超出預期。我們的成果反映了我們在 24 年重點關注的三個關鍵優先事項。

First, returning to growth, as our top line improved to a positive 3.1% comp in Q4, we -- driven by innovation and newness across our core brands, strong comps in our emerging brands and double-digit growth in business to business.

首先，恢復成長，由於我們的營業額在第四季度提高到 3.1% 的同比增長，我們——受到核心品牌的創新和新穎性、新興品牌的強勁增長以及企業對企業的兩位數增長的推動。

Second, elevating our world-class customer service as our supply chain team once again produced efficiencies and, most importantly, improved customer service. And third, our focus on driving earnings as we delivered record operating margin and double-digit EPS growth in both Q4 and the full year. 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.

其次，隨著我們的供應鏈團隊再次提高效率，最重要的是改善客戶服務，我們世界級的客戶服務也得到了提升。第三，我們專注於提高獲利能力，在第四季度和全年都實現了創紀錄的營業利潤率和兩位數的每股收益成長。本季的業績證明了我們的營運模式的靈活性、實力和持久性，幾乎在任何環境下都能推動市場份額的成長並帶來高利潤的收益。

Now let's dive into the numbers. I'll start with our Q4 results, followed by our full fiscal year '24 results, then provide guidance for '25. As a reminder, 2024 is a 53-week year for Williams-Sonoma, Inc, so our fourth quarter consisted of 14 weeks. We are reporting our comps on a 14-week versus 14-week comparable basis. All other year-over-year compares are 14 weeks versus 13 weeks.

現在讓我們深入研究一下這些數字。我將從我們的第四季業績開始，然後介紹我們的 24 財年全年業績，最後提供 25 年的業績指引。提醒一下，2024 年對於 Williams-Sonoma, Inc 來說是一個 53 週的年份，因此我們的第四季度有 14 週。我們以 14 週與 14 週可比為基礎報告我們的表現。所有其他同比數據均為 14 週對 13 週。

In Q4, the additional week contributed 510 basis points to revenue growth and 60 basis points to operating margins. Q4 net revenue finished at $2.5 billion, with a positive 3.1% comp. Our revenues came in above the high end of our expectations, driven primarily by strong holiday performance across our portfolio of brands and substantially improved trends in our furniture business.

在第四季度，額外一週的營收成長貢獻了 510 個基點，營業利潤率貢獻了 60 個基點。第四季淨營收為 25 億美元，年增 3.1%。我們的收入超出了預期的高端，這主要得益於我們品牌組合的強勁假日表現以及家具業務趨勢的大幅改善。

During the quarter, we gained market share even as we increased our penetration of full price selling. From a channel perspective, our retail stores delivered a positive 7% comp and e-commerce, a positive 1.3% comp.

本季度，我們增加了全價銷售的滲透率，同時也增加了市場佔有率。從通路角度來看，我們的零售店年增 7%，電子商務年增 1.3%。

Moving down the income statement. Q4 gross margin came in at 47.3%, 130 basis points higher than last year. There were three main drivers behind us. Merchandise margins, supply chain efficiencies and occupancy. First, merchandise margins improved 40 basis points year-over-year, reflecting lower input costs and our continued focus on full price selling.

向下移動損益表。第四季毛利率為47.3%，較去年同期高出130個基點。我們背後有三個主要推動力。商品利潤、供應鏈效率和占用率。首先，商品利潤率同比提高了 40 個基點，這反映了投入成本的降低以及我們繼續專注於全價銷售。

Second, supply chain efficiency delivered another 10 basis points of savings in Q4. We continue to realize expense savings across the supply chain from our focus on the customer experience and efficiency in manufacturing, warehousing, and delivery. Key metrics, including returns, accommodations, replacements, out-of-market shipping, and multiple deliveries per order continued to improve year-over-year.

其次，供應鏈效率在第四季又帶來了 10 個基點的節省。透過專注於客戶體驗以及製造、倉儲和交付的效率，我們持續實現整個供應鏈的費用節約。退貨、住宿、更換、市場外運輸以及每筆訂單的多次配送等關鍵指標較去年同期持續改善。

And third, Occupancy costs were down 2% from last year and leveraged 80 basis points. Our higher top line leveraged occupancy across both retail and e-commerce. Overall, our higher gross margin this quarter exceeded our expectations.

第三，入住成本較去年下降 2%，槓桿率為 80 個基點。我們更高的營業額提高了零售和電子商務的入住率。總體而言，本季的毛利率較高，超出了我們的預期。

Turning now to SG&A. Our Q4 SG&A have been at 25.8% of revenues, 10 basis points lower than last year. Q4 employment expense was 80 basis points higher year-over-year, primarily from higher performance-based incentive compensation due to our strong EPS performance.

現在來談談銷售、一般及行政費用 (SG&A)。我們第四季的銷售、一般及行政費用佔收入的 25.8%，比去年低 10 個基點。第四季的僱用費用年增了 80 個基點，主要原因是我們強勁的每股盈餘表現帶來了更高的績效激勵薪酬。

In Q4, we continue to manage variable employment costs across our retail stores, distribution centers and care centers in line with revenues. Q4 Advertising expense was 30 basis points higher year-over-year. Our multiband portfolio allows us to test into incremental spending, while our data-driven marketing team maximizes the effectiveness of our investment and keep valuable insights in-house. Our advertising model is a powerful competitive advantage.

在第四季度，我們繼續根據收入管理零售店、配送中心和服務中心的變動僱用成本。第四季廣告費用較去年同期增加30個基點。我們的多頻段產品組合使我們能夠測試增量支出，而我們的數據驅動行銷團隊則最大限度地提高了投資效率並將寶貴的見解保留在公司內部。我們的廣告模式是一個強大的競爭優勢。

Q4 general expenses drove the balance of the leverage in SG&A due to our resolution of an indirect tax matter and a favorable insurance settlement. On the bottom line, our Q4 operating margin came in at a record 21.5% or 140 basis points above last year. Q4 diluted earnings per share of $3.28 increased 20.6% above last year.

由於我們解決了間接稅問題並獲得了有利的保險賠償，第四季度的一般費用推動了銷售、一般和行政費用 (SG&A) 槓桿的平衡。整體而言，我們第四季的營業利潤率達到創紀錄的 21.5%，比去年同期高出 140 個基點。第四季每股攤薄收益為 3.28 美元，比去年同期成長 20.6%。

Turning now to our full year results, which again exceeded expectations. Full year net revenues finished at $7.7 billion, with a full year comp of negative 1.6%. Importantly, our comp trends gained momentum across the year. That was driven by the ongoing strength in our nonfurniture categories, coupled with the improved trend in our Furniture business.

現在來看看我們的全年業績，它再次超出了預期。全年淨收入為 77 億美元，年減 1.6%。重要的是，我們的競爭趨勢在全年都獲得了強勁發展。這是由於我們非家具類別的持續強勁成長以及家具業務的改善趨勢所致。

From a channel perspective, our retail stores delivered a positive 0.2% comp and e-commerce, a negative 2.5% comp. E-commerce on the full year continued to constitute nearly 66% of total revenues. Full year gross margin ended at 46.5%, a 380-basis point improvement over last year.

從通路角度來看，我們的零售店年增 0.2%，電子商務年增 2.5%。全年電子商務收入繼續佔總收入的近66%。全年毛利率達46.5%，較去年同期增加380個基點。

As a reminder, in the first quarter of fiscal year '24, we recorded a $49 million out-of-period adjustment related to freight accruals, the benefited operating margin results by approximately 70 basis points on the full year. Without the Q1 out-of-period adjustment, full year gross margin ended at 45.8%.

提醒一下，在 24 財年第一季度，我們記錄了與運費應計費用相關的 4,900 萬美元期外調整，這使全年的營業利潤率提高了約 70 個基點。若不計第一季非期調整，全年毛利率為45.8%。

This 310-basis point improvement was driven by higher merchandise margins, supply chain efficiencies and occupancy leverage. Full year SG&A expense increased to 27.9%, up 160 basis points year-over-year. Higher employment and advertising expense was partially offset by slightly lower general expenses on the full year.

310 個基點的改善是由更高的商品利潤率、供應鏈效率和入住率槓桿所推動的。全年銷售、一般及行政費用增加至 27.9%，較去年同期增加 160 個基點。全年的一般費用略有下降，但部分抵消了較高的就業和廣告費用。

On the bottom line, we delivered earnings exceeding expectations. Including the out-of-period adjustment in Q1, full year operating margin finished at 18.6% with full year diluted earnings per share of $8.79. Without the out-of-period adjustment in Q1, full year operating margin finished at a record 17.9% and full year diluted earnings per share increased to $8.50, a -- up 14.4% year-over-year.

總體而言，我們的獲利超出了預期。包括第一季的非期外調整，全年營業利潤率達 18.6%，全年攤薄每股收益為 8.79 美元。若不計第一季的非期調整，全年營業利潤率達到創紀錄的 17.9%，全年每股攤薄收益增至 8.50 美元，年增 14.4%。

On the balance sheet, we ended the year with a cash balance of $1.2 billion with no debt outstanding. Merchandise inventories stood at $1.3 billion, up 6.9% to last year. Included in our year-end inventory levels is a strategic pull-forward China receipts to reduce the potential impact of higher tariffs in fiscal year '25.

從資產負債表來看，我們今年底的現金餘額為 12 億美元，且沒有未償還債務。商品庫存為 13 億美元，比去年同期成長 6.9%。我們的年終庫存水準包括策略性地提前中國收貨，以減少 25 財年提高關稅的潛在影響。

Now turning to capital allocation. In 2024, we generated free cash flow of $1.1 billion and returned nearly $1.1 billion to our shareholders through share repurchases and dividends. Share repurchases in '24 totaled $807 million, or 4.6% of our outstanding shares.

現在轉向資本配置。2024年，我們產生了11億美元的自由現金流，並透過股票回購和股利向股東返還了近11億美元。24 年股票回購總額為 8.07 億美元，占我們流通股的 4.6%。

And we paid $280 million in dividends to our shareholders, a 20% increase year-over-year. Capital expenditures in '24 totaled $222 million as we continue to invest in our long-term growth. Speaking of returns, our fiscal year '24 return on invested capital of 54% is among the best in the retail industry.

我們向股東派發了 2.8 億美元的股息，年增 20%。由於我們繼續投資於長期成長，24 年的資本支出總計 2.22 億美元。說到回報，我們 24 財年的投資資本報酬率為 54%，在零售業中名列前茅。

Summing up our '24 results, we are proud to have delivered strong earnings for our shareholders. These results reflect the efforts of the entire team at Williams-Sonoma, Inc., and I'd like to thank our talented team for delivering these outstanding results.

總結我們 24 年的業績，我們很自豪能為股東帶來強勁的收益。這些結果體現了 Williams-Sonoma, Inc. 整個團隊的努力，我要感謝我們才華橫溢的團隊取得這些出色的成果。

Now let's turn to our '25 outlook. First, some housekeeping. As I've mentioned, 2024 was a 53-week year for Williams-Sonoma, Inc. In fiscal year '25, we'll report comps on a 52-week versus 52-week comparable basis. All other year-over-year compares will be 52 weeks versus 53 weeks. The additional week contributed 150 basis points to revenue growth and 20 basis points to operating margin to full year '24 results.

現在讓我們來談談 25 年展望。首先，進行一些日常事務。正如我所提到的，2024 年對 Williams-Sonoma, Inc. 來說是 53 週的一年。在 25 財年，我們將以 52 週與 52 週可比為基礎報告業績。所有其他同比數據均為 52 週對 53 週。額外一週的業績為 2024 年全年業績貢獻了 150 個基點的營收成長和 20 個基點的營業利潤率成長。

Additionally, in the first quarter of fiscal year '24, we recorded a $49 million out-of-trade adjustment related to freight accruals that benefited operating margin results by approximately 290 basis points in Q1 and 70 basis points on the full year. Our guidance for fiscal year '25 will use our fiscal year '24 results without the out-of-period adjustment as a comparable basis.

此外，在 24 財年第一季度，我們記錄了與運費應計費用相關的 4,900 萬美元貿易外調整，這使第一季的營業利潤率提高了約 290 個基點，全年提高了 70 個基點。我們對 25 財年的指導將使用 24 財年的業績（不包含期外調整）作為可比較基礎。

Looking ahead to fiscal '25, the macroeconomic and policy environment is unpredictable. Our focus is on what we can control, executing on our three key priorities returning to growth, elevating our world-class service, and driving earnings. We're confident in our growth strategies, and we see opportunity to drive earnings from additional supply chain efficiency and savings across SG&A.

展望25財年，宏觀經濟和政策環境難以預測。我們專注於我們能夠控制的事情，執行我們的三個關鍵優先事項：恢復成長、提升我們的世界級服務以及推動獲利。我們對我們的成長策略充滿信心，並且我們看到了透過提高供應鏈效率和節省銷售、一般及行政費用來增加盈利的機會。

Our guidance assumes no meaningful changes in the macroeconomic environment or interest rates or housing turnover. We expect 2025 net revenue comps to be in the range of flat to positive 3%, with total net revenues in the range of down 1.5% to positive 1.5% due to the 53-week impact from '24.

我們的指導假設宏觀經濟環境、利率或房屋週轉率不會發生重大變化。我們預計 2025 年淨收入將在持平至正 3% 的範圍內，而由於 24 年 53 週的影響，總淨收入將在下降 1.5% 至正 1.5% 的範圍內。

We anticipate operating margins will be between 17.4% and 17.8%, inclusive of the 20-basis points impact from the 53 week. Regarding tariffs. Our operating margin guidance includes the tariff increases implemented as of this call. Specifically, our guidance includes the additional 20% China tariffs, the 25% Mexico and Canada tariffs and a 25% tariff on steel and aluminum. With these tariffs included, we expect operating margin for fiscal year '25 to be in the range of 17.4% to 17.8%. If tariff policy changes, we may need to revisit our guidance estimates.

我們預計營業利潤率將在 17.4% 至 17.8% 之間，其中包括第 53 週的 20 個基點的影響。關於關稅。我們的營業利益率指引包括自本次電話會議起實施的關稅上調。具體來說，我們的指導包括對中國徵收額外的 20% 關稅、對墨西哥和加拿大徵收 25% 關稅以及對鋼鐵和鋁徵收 25% 關稅。包括這些關稅後，我們預計 25 財年的營業利潤率將在 17.4% 至 17.8% 之間。如果關稅政策發生變化，我們可能需要重新審視我們的指導估計。

Now turning to capital allocation. Our capital allocation plans for '25 prioritize funding our business operations and investing in long-term growth. We expect to spend between $275 million and $300 million in capital expenditures in fiscal year '25. 85% of this capital spend will be dedicated to driving our leadership in e-commerce, our retail optimization and supply chain efficiency.

現在轉向資本配置。我們 25 年的資本配置計畫優先為我們的業務營運提供資金並投資於長期成長。我們預計 25 財年的資本支出將在 2.75 億美元至 3 億美元之間。其中 85% 的資本支出將用於推動我們在電子商務、零售優化和供應鏈效率方面的領導地位。

We remain committed to returning excess cash to our shareholders in the form of increased quarterly dividend payouts and ongoing share repurchases. For dividends, today, we announced our Board of Directors authorized a 16% increase in our quarterly dividend payout to $0.66 per share.

我們仍然致力於以增加季度股利和持續股票回購的形式向股東返還多餘的現金。對於股息，今天，我們宣布董事會批准將季度股息增加 16% 至每股 0.66 美元。

Fiscal year '25 will be the 16 consecutive year of increased dividend payout, which we are both proud of and remain committed to. For share repurchases, we have $1.2 billion available under our share repurchase authorization through which we will opportunistically repurchase our stock to deliver returns to our shareholders.

25財年將是連續第16年增加股息，我們對此感到自豪並將繼續致力於此。對於股票回購，根據我們的股票回購授權，我們有 12 億美元可用，我們將透過這筆資金適時回購我們的股票，為股東帶來回報。

Looking further into the future beyond '25, we are reiterating our long-term guidance of mid- to high single-digit revenue growth with operating margins in the mid- to high teens. Wrapping up Laura's and my comments, we are proud to have delivered strong results for our shareholders that exceeded expectations, and we are encouraged by the momentum in our business.

展望25年後的未來，我們重申我們的長期指導，即收入將實現中高個位數成長，營業利潤率將達到中高十幾個百分點。總結勞拉和我的評論，我們很自豪能夠為股東帶來超乎預期的強勁業績，我們對業務的發展勢頭感到鼓舞。

Williams-Sonoma, Inc. remains focused on our three key priorities: returning to growth, elevating our world-class customer service, and driving earnings. We're confident we'll continue to outperform our peers and deliver shareholder growth for these five reasons that remain consistent.

Williams-Sonoma, Inc. 仍專注於我們的三大關鍵優先事項：恢復成長、提升我們世界一流的客戶服務以及提高獲利能力。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. With that, I'll open the call for questions.

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

(Operator Instructions) Oliver Wintermantel, Evercore.

（操作員說明）Oliver Wintermantel，Evercore。

I'm looking for within your comp guide of 1% to 3%, how do you see SG&A leverage on a flat comp versus a plus free comp we've seen in 4Q now that you had a positive 3% comp it was occupancy was nicely levered and SG&A, we saw a 10 basis point leverage. So if you could walk through what the breakpoints were with leverage between maybe a flat and a plus 3% comp .

我正在尋找您 1% 到 3% 的補償指南，您如何看待銷售、一般和行政費用 (SG&A) 槓桿率在持平補償與加免費補償之間的對比，我們在第四季度已經看到，現在您的補償為正 3%，入住率得到了很好的槓桿作用，而銷售、一般和行政費用 (SG&A)，我們看到了 10 個基點的槓桿作用。因此，如果你能解釋一下槓桿率的斷點，可能是持平，也可能是 3% 的複合年增長率。

Good morning, Oli. Thank you for that question. As you know, we don't guide to specific lines or provide guidance by quarter. On the full year, we're guiding operating margin to be in the range of 17.4% to 17.8%. We do expect to see some leverage in SG&A from expense savings that will partially offset the headwinds in gross margin we anticipate from tariffs.

早安，奧利。謝謝你的提問。如您所知，我們不提供特定線路的指導或按季度提供指導。就全年而言，我們預計營業利潤率將在 17.4% 至 17.8% 之間。我們確實希望看到銷售、一般及行政費用中的一些槓桿作用，這些槓桿作用將部分抵銷我們預期關稅對毛利率造成的阻力。

I think there's three key points considering SG&A. First, most of our employment sits in our stores, distribution centers and call centers. So it's a variable expense to be complex with top line trends. So as we see more sales, we would expect to able to hold our employment rate.

我認為考慮銷售、一般和行政費用有三個關鍵點。首先，我們大部分的員工都在商店、配送中心和呼叫中心工作。因此，隨著收入趨勢的複雜化，這是一種可變費用。因此，隨著銷售額的增加，我們預計能夠維持就業率。

Second, we see opportunity to leverage AI to drive additional savings, especially in our call centers and certain back-office operations. We're starting to deploy some AI here, and we think there's a good opportunity for us to leverage that. Tough to quantify because it's the early innings, but we're very optimistic about what that can bring in terms of savings.

其次，我們看到了利用人工智慧來推動更多節約的機會，特別是在我們的呼叫中心和某些後台運作中。我們開始在這裡部署一些人工智慧，我們認為這對我們來說是一個很好的機會。由於這還處於初期階段，因此很難量化，但我們對於這在節省成本方面能帶來什麼非常樂觀。

And third, a key competitive advantage of our advertising model is our ability to test across our portfolio of brands and scale or pull back based on returns. We're confident evaluating our advertising spend and how we look to spend an ex incremental dollar. That's the lever as we see more sales, we can always flip.

第三，我們廣告模式的一個關鍵競爭優勢是我們能夠測試我們的品牌組合，並根據回報擴大或縮小規模。我們有信心評估我們的廣告支出以及我們如何花費額外的美元。這就是槓桿，隨著銷售的增加，我們隨時可以扭轉這種局面。

But here's the keep it. We guide top line revenues and bottom-line operating margins because it gives us the flexibility to respond to any changes in the business. And as you've seen, especially in our Q4 results, we know the levers to pull to deliver results.

但這裡要保留它。我們指導營業收入和營業利潤，因為這使我們能夠靈活地應對業務中的任何變化。正如您所看到的，特別是在我們的第四季業績中，我們知道要採取哪些措施才能取得成果。

Okay. And then just to follow up on the sales growth. How do you see e-comm versus stores performing in 2025?

好的。然後追蹤銷售成長情況。您認為 2025 年電子商務與實體店面的表現如何？

Look, we were very pleased with the retail performance in Q4 at plus 7%. The retail team did a phenomenal job and our brands and great strategy. In terms of the mix between the channels, we don't provide specific guidance. But we do believe that e-commerce will continue to be on the full year, 66% of our total revenues. We're optimistic about where we see both channels in '25, and that's baked into our guidance.

瞧，我們對第四季零售業績成長 7% 感到非常滿意。零售團隊做得非常出色，我們的品牌和策略也很棒。對於渠道之間的組合，我們沒有提供具體的指導。但我們確實相信，電子商務將繼續占我們全年總收入的 66%。我們對 25 年這兩個管道的前景感到樂觀，這已納入我們的預期中。

Max Rahlenko, TD Cowen.

馬克斯‧拉倫科 (Max Rahlenko)，TD Cowen。

Great. Just curious, so on gross margin for 2025, if we were to ignore tariffs, how much further room do you see across supply chain, product margins and occupancy as well? .

偉大的。只是好奇，那麼就 2025 年的毛利率而言，如果我們忽略關稅，您認為供應鏈、產品利潤率和入住率還有多少成長空間？。

Yes, Max, great question. I think that gets to the heart of what in everybody's mind this morning. Look, our guidance today of 17.4% to 17.8% in operating margin includes the full impact of the tariffs that have been implemented as of this call. That includes the 20% China tariff, the 25% tariffs on Mexico and Canada and a 25% tariff on steel and aluminum.

是的，馬克斯，這個問題問得好。我想這觸及了今天早上每個人心中的核心問題。您看，我們今天對營業利潤率的預期是 17.4% 至 17.8%，其中包括了截至本次電話會議實施的關稅的全部影響。其中包括對中國徵收 20% 的關稅、對墨西哥和加拿大徵收 25% 的關稅以及對鋼鐵和鋁徵收 25% 的關稅。

Our expectation, as we look at it is that we expect to see some erosion in gross margin simply from the headwinds we anticipate from these tariffs. But there will also be offset from supply chain efficiency in gross margin and savings in SG&A.

我們的預期是，僅由於我們預期的關稅帶來的不利因素，毛利率就會受到一定程度的侵蝕。但供應鏈效率也會抵銷毛利率和銷售、一般及行政費用的節省。

On supply chain efficiencies, we have a long way to go. We do big and bulky better than just about anyone in this industry, and we do it at scale. We make over 2.4 million in-home deliveries per year, that's about 7,000 a day. And like I said, we do it better than anybody. But we still have a lot of opportunity to improve on things like returns, damages, replacements, on time. There's a lot of opportunity in there. And our supply chain team has done a phenomenal job so far, and they see additional savings that they can harness as they approach '25.

在供應鏈效率方面，我們還有很長的路要走。我們在大型和龐大業務方面比這個行業中的任何人都做得更好，而且我們能夠規模化地開展業務。我們每年進行超過 240 萬次送貨上門服務，即每天約 7,000 次。正如我所說的，我們比任何人都做得更好。但我們仍有許多機會在退貨、損壞、更換、準時等方面進行改進。這裡面有很多機會。到目前為止，我們的供應鏈團隊做得非常出色，他們看到了在接近 25 年時可以利用的額外節省。

And then as we think about SG&A, there's additional offsets in there as well. I just spoke about some of them with all these questions, but we definitely see opportunity to leverage some employment as we deploy some exciting AI initiatives. And then we see opportunity with that cost as well.

然後，當我們考慮銷售、一般和行政費用 (SG&A) 時，其中還有額外的抵銷。我剛才談到了其中的一些問題，但隨著我們部署一些令人興奮的人工智慧計劃，我們確實看到了利用一些就業機會的機會。然後我們也看到了具有該成本的機會。

I think the key point here is and when you think about the impact of the tariffs, we have covered the full impact within our guidance today of all the tariffs that are implemented as of this call. If we weren't for the tariffs, would the margin be higher, perhaps. But that's not the reality today. And we're guiding based upon the facts and trends that are out there in the environment today.

我認為這裡的關鍵點是，當你考慮關稅的影響時，我們今天的指導中已經涵蓋了自本次電話會議以來實施的所有關稅的全部影響。如果沒有關稅，利潤率可能會更高。但今天的現實並非如此。我們根據當今環境中的事實和趨勢來提供指導。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

I'm going to ask two strategic questions. First, a little related to the prior one. So gross margin structurally is punching at a much higher level than pre COVID, that you're obviously maybe undervalued before. Can you talk about the structural opportunity for higher product margins? Your business now flipped to positive comp there's been no real degradation in the structure of margins. So can you talk about it? I know you just touched on it a little bit, Jeff, but thinking about the mix between price and product margin.

我要問兩個戰略性問題。首先，與前一個有一點關聯。因此，從結構上看，毛利率比新冠疫情之前高得多，顯然之前可能被低估了。能談談提高產品利潤率的結構性機會嗎？您的業務現已轉為正值，利潤結構並未出現真正的下降。那你能談談嗎？傑夫，我知道你剛剛稍微提到了這一點，但請考慮一下價格和產品利潤之間的結合。

I'll chime in here. I think Jeff has covered well, what our guidance is and what it includes. And I'll repeat what he said in a slightly different way about other opportunities. So the tariffs are in a way an opportunity for us because of our scale and our capabilities with our supply chain and our exclusive product line.

我會在這裡附和。我認為 Jeff 已經很好地解釋了我們的指導是什麼以及它包含哪些內容。我將以稍微不同的方式重複他關於其他機會的說法。因此，由於我們的規模和供應鏈能力以及獨家產品線，關稅在某種程度上對我們來說是一個機會。

I think you know we design most of what we sell, and that gives us the competitive advantage of being ahead and not being stuck in price wars with people. We also have long relationships with our vendors overseas and our own sourcing organization on the ground, which I don't think any of our competitors have. So we have been anticipating these tariffs for some time now, details of which we didn't know, of course, but we knew that China was going to be squarely in the sight lines.

我想你知道我們設計了我們銷售的大部分產品，這給了我們領先的競爭優勢，並且不會陷入與別人的價格戰。我們也與海外供應商和本地採購組織保持著長期的合作關係，我認為我們的任何競爭對手都沒有這樣的關係。因此，我們已經預料到這些關稅已經有一段時間了，當然，我們不知道具體細節，但我們知道中國將會成為關注的焦點。

You know we've been moving goods away from China. We've cut it substantially. We intend to continue to cut it substantially. That's not just an intention that's in progress and move things to areas that are cheaper and untariffed, easier to do business in, including moving some things back to the United States, which is exciting for us.

你知道我們一直在將貨物運出中國。我們已經大幅削減了它。我們打算繼續大幅削減。這不僅僅是一個正在進行的意圖，而是將貨物轉移到更便宜、無關稅、更容易做生意的地區，包括將一些貨物運回美國，這對我們來說是令人興奮的。

I think you remember that we have our Sutter Street manufacturing unit in the southern part of the United States, southeastern part of the United States, and we make a lot of our upholstery there. We have an incredible workforce, and that product got a lot more appealing now from a margin perspective, given these tariffs and it makes it very hard to compete with us because we have great prices.

我想你還記得，我們​​在美國南部、美國東南部的薩特街設有製造部門，我們在那裡生產許多室內裝潢產品。我們擁有一支令人難以置信的勞動力隊伍，考慮到這些關稅，從利潤率的角度來看，該產品現在變得更具吸引力，而且由於我們的價格很優惠，因此很難與我們競爭。

We have the best quality. Please, if you haven't purchased from Sutter, you should. And also the most competitive part of that is we can do made to order in the shortest time in the marketplace. That's a big advantage big, big advantage for us.

我們擁有最好的品質。請注意，如果您還沒有從 Sutter 購買，您應該購買。而且最具競爭力的是，我們可以在市場上最短的時間內完成客製化。這對我們來說是一個很大的優勢。

But moving back to pricing. We have been testing, we've told you this before, pricing up, pricing down, where is the sweet spot. And in addition to getting some relief from our great vendor partners and moving things to areas that are -- that don't have tariffs or we expect to be less tariffed, we have taken some targeted price increases on items that are either underpriced or that we're overselling and we're seeing good results from that.

但回到定價問題。我們一直在測試，我們之前已經告訴過你，價格上漲，價格下降，最佳點在哪裡。除了從我們優秀的供應商合作夥伴那裡獲得一些減免，並將產品轉移到沒有關稅或我們預計關稅較低的地區之外，我們還對定價過低或超賣的商品採取了一些有針對性的提價措施，並且看到了良好的效果。

We need to be very careful, because being competitive is very important to us. But being competitive is not just price to price, its design, then it's quality. And it's really important that all those things are considered when we price things either up or down. But I am pleased to tell you this morning that we are seeing some opportunity in pricing a few things up to cover some of these very extreme costs that have come through as a result of these tariffs.

我們需要非常小心，因為保持競爭力對我們來說非常重要。但競爭力不僅在於價格，還在於設計，然後是品質。當我們提高或降低價格時，考慮所有這些因素非常重要。但今天早上我很高興地告訴大家，我們看到了一些機會，可以提高一些商品的價格，以彌補由於這些關稅而產生的一些極端成本。

Now on supply chain. The other components of margin. There's all sorts of different beliefs out there about whether Ocean comes down from here and whether if demand slows worldwide, that becomes a real tailwind for us, could be. We haven't baked a lot of that stuff in yet. What we have put in is a nod to what Jeff was talking about in terms of further improvement in returns replacement damages. We know there's opportunity there. It's a very large number, but we also don't want to get ahead of ourselves.

現在在供應鏈上。保證金的其他組成部分。關於 Ocean 是否會因此而下降，以及如果全球需求放緩，這是否會成為我們的真正順風，人們有各種不同的看法。我們還沒有把很多東西烤進去。我們所採取的做法是對傑夫所說的關於進一步改善退貨更換損害賠償的贊同。我們知道那裡有機會。這是一個非常大的數字，但我們也不想超出自己的能力範圍。

So could there be more on those operating lines? There could be. Could there be other surprises? There could be. So when you give guidance, you pick your best case -- your best guess with all the puts and takes, and that's what we gave you today. Remember last year included an extra week. This year, we obviously don't have that. So that's worked more than I think people expected. But I'm very confident about our ability to outperform this year, especially vis-a-vis our competition.

那麼這些營運線路上還會有更多內容嗎？有可能。還會有其他驚喜嗎？有可能。因此，當您提供指導時，您會選擇最好的情況——綜合考慮所有因素後做出的最佳猜測，這就是我們今天給您的。記得去年增加了一週。今年，我們顯然沒有做到這一點。所以我認為這比人們預期的效果更好。但我對我們今年超越競爭對手的能力非常有信心。

And the truth is, whenever there is uncertainty, there is opportunity. And that's what we're excited about this year.

事實是，只要有不確定性，就有機會。這就是我們今年感到興奮的事情。

Steven Zaccone, Citi.

花旗銀行的史蒂文‧扎科內 (Steven Zaccone)。

I'm going to ask two in one here just for time. First, can you just clarify what is your tariff posture kind of embedded in the guide? Because obviously, the situation is very dynamic. So just help us quantify what is the actual impact to gross margin?

為了節省時間，我在這裡只問兩個問題。首先，您能否澄清一下您的關稅立場在指南中是如何體現的？因為顯然情況非常動態。那麼，請幫我們量化對毛利率的實際影響是什麼？

And then the second is I wanted to focus on the consumer because you've heard a lot about some weakness in big-ticket discretionary spending as of late. Have you seen anything in your business? And it sounds like your guidance doesn't kind of embed any change in the external backdrop. But how do you think through if the consumer kind of weakens the levers to protect operating margin?

第二，我想專注於消費者，因為最近大家已經聽說了很多關於大額可自由支配支出疲軟的消息。您在生意中看過什麼嗎？聽起來您的指導並沒有在外部背景中嵌入任何變化。但是，如果消費者削弱了保護營業利潤率的槓桿，您會怎麼想呢？

Steve, why don't we take the consumer first and Laura will take that, and then I'll take the tariff question.

史蒂夫，我們先來談談消費者問題，蘿拉來回答這個問題，然後我來回答關稅問題。

Yes, I thought you're going to do the opposite, but I'd be happy to do. The consumer -- all I can tell you about the consumer is what we see related to our business. I can't speak to what others are seeing. I don't want take this and apply it to everything that you guys’ cover, but what we're seeing is that they are responding to our strategies. And our strategies are to drive our nonfurniture business, which is exciting with our newness across brands and our stepped-up incremental collabs, our nonfurniture seasonal holiday decor across brands.

是的，我以為你會做相反的事情，但我很樂意這麼做。消費者－我能告訴你的有關消費者的一切都與我們的業務相關。我無法說出其他人看到了什麼。我不想將此應用於你們所報導的所有內容，但我們看到他們正在對我們的策略做出回應。我們的策略是推動非家具業務，令人興奮的是我們在各個品牌中推出的新品、不斷加強的合作以及跨品牌的非家具季節性假日裝飾。

We had a double-digit comp on our seasonal holiday decor, and we're off to the races with Easter, which, by the way, there is an Easter shift, which it's interesting because it makes things even more confusing, but it is usually good when Easter is later, which it is this year than it was last year, substantially later.

我們的季節性節日裝飾有兩位數的銷售額，我們正與復活節賽跑，順便說一下，復活節有一個轉變，這很有趣，因為它使事情變得更加混亂，但通常當復活節晚一點時，情況會很好，今年的復活節比去年晚了很多。

And then our emerging brands are clearly outperforming and represent a big opportunity for us. As I said in my prepared remarks, the other opportunities that we see that our consumers are responding to our B2B. We had our biggest quarter ever in Q4, and we don't see that abating.

我們的新興品牌表現明顯優異，對我們來說是一個巨大的機會。正如我在準備好的演講中所說的那樣，我們看到的其他機會是我們的消費者對我們的 B2B 做出反應。我們第四季的業績是我們有史以來最好的，而且我們認為這種勢頭不會減弱。

Our design services continue to be a real area of competitive advantage, because we know it's hard to decorate a home, and particularly online. And we're giving our sales associates, better tools, but also our customers' better tools to make decisions to furnish their homes online if they can't go to a store.

我們的設計服務仍然是我們真正的競爭優勢領域，因為我們知道裝修房屋很難，尤其是在網路上裝修。我們不僅為銷售人員提供更好的工具，也為無法前往商店的客戶提供更好的工具，以便他們在網路上決定是否要裝飾自己的家。

And then our channel strategies, using our channels to unlock the power of inventory anywhere and get it to customers quickly. And so these are our strategies, but there are strategies that have been approved by our customers based on what we're seeing in terms of response to them. So I can tell you that the consumer is responding to our strategies, and that gives us confidence and optimism in our guidance.

然後是我們的通路策略，利用我們的管道釋放任何地方的庫存力量並將其快速送達客戶。這些就是我們的策略，但根據我們看到的客戶反應，有些策略已經得到了客戶的認可。因此我可以告訴你們，消費者對我們的策略做出了積極的反應，這讓我們對我們的指導充滿信心和樂觀。

All right. And your -- other part of your question is regarding tariffs and what's in and what's the impact to our operating margin guidance. So our operating guidance of 17.4% to 17.8% includes the full impact of the tariffs implemented as of this call.

好的。您的問題的另一部分是關於關稅以及它對我們的營業利潤率指引有何影響。因此，我們的 17.4% 至 17.8% 的營運指導涵蓋了本次電話會議實施的關稅的全部影響。

So just to be super specific because there's a lot of different things bouncing out there. It includes the 20% China tariff, the 25% Mexico and Canada tariffs and a 25% additional tariffs on metals and aluminum. And here's the thing on tariffs. We've always been a leader in proactively responding to changes in the trade environment.

所以，我要非常具體地說明，因為那裡有很多不同的東西。其中包括對中國徵收 20% 的關稅、對墨西哥和加拿大徵收 25% 的關稅以及對金屬和鋁徵收 25% 的額外關稅。以下是有關關稅的情況。我們始終在積極應對貿易環境變化方面處於領先地位。

It's not our first time at this, Laura and I were both here in 2018, as were most of our management team. Since 2018, we significantly reduced our China source goods, but back then in 2018, it was about 50% to about 23% today. And Mexico and Canada are not a material source of production for us, but there is an impact from tariffs embedded in our guidance.

這不是我們第一次來這裡，勞拉和我 2018 年都來過這裡，我們的大多數管理團隊也都來過這裡。自2018年以來，我們大幅減少了中國產商品，但在2018年，這一比例約為50%，而今天約為23%。墨西哥和加拿大並不是我們的重要生產來源地，但關稅對我們的預期產生了影響。

To offset the tariff impact, we have an effective six-point plan, and Laura touched on a number of these in the last question. First one is obtaining cost concessions from our vendors. We're also resourcing goods to lower-cost countries, including out of China. As Laura mentioned, we are passing on targeted price increases to our customers. And I've said earlier in the call, we are identifying further supply chain efficiencies and we're reducing SG&A expense as well.

為了抵​​消關稅的影響，我們制定了有效的六點計劃，勞拉在最後一個問題中談到了其中的一些。首先是從我們的供應商那裡獲得成本優惠。我們也將貨物供應到成本較低的國家，包括中國。正如勞拉所提到的，我們正在將有針對性的價格上漲轉嫁給我們的客戶。我在電話會議中早些時候說過，我們正在進一步提高供應鏈效率，同時也在降低銷售、一般和行政費用 (SG&A) 費用。

And finally, we're expanding our Made In USA assortment. The US is already a major manufacturing hub for us, Laura will walk you through that. I want to share that it's our second largest source of goods at 18%. So -- and we see opportunity to expand our Made In USA assortment, production, and partnerships. So here's the thing. There's a lot of noise in the tariffs. Our guidance includes the tariff increases implemented as of this call, and we've really offset most of the impact from those higher tariffs.

最後，我們正在擴大「美國製造」的產品系列。美國已經是我們的主要製造業中心，勞拉將帶您了解這一點。我想分享的是，它是我們的第二大貨源，佔18%。因此—我們看到了擴大美國製造產品種類、生產和合作關係的機會。事情是這樣的。關稅問題引起了很多爭議。我們的指導包括自本次電話會議起實施的關稅上調，我們確實抵消了這些上調關稅帶來的大部分影響。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

Nice quarter, nice year, congratulations. So the question -- the first question I'm going to ask, and I apologize I think this is a bit of a follow-up to the prior question. But just -- look, there's a lot of chatter out there, broadly speaking. Clearly, Williams-Sonoma has really elevated itself to one of the best performers within your second lot shader weakening demand out there.

美好的一個季度，美好的一年，恭喜。所以問題是──我要問的第一個問題，很抱歉，我認為這是對上一個問題的後續。但只是——你看，總的來說，外面有很多閒聊。顯然，Williams-Sonoma 確實已將自己提升為第二批著色器市場需求減弱中表現最好的公司之一。

So the question I have is could you be a little more specific on coming off of what was a decidedly solid, despite the strong fourth quarter Q4. What your kind of seeing here in the early part of fiscal '25 and Q1? And then as a part of that question, again, there's been shadow that maybe they're in some demand pulled forward within the sector, your [two] '24 as maybe consumers started to anticipate tariffs and we're buying ahead of that there's any truth to that sort of side?

所以我的問題是，儘管第四季度表現強勁，但您能否更具體地說明第四季度的業績表現如何。您對 25 財年和第一季初期有何看法？然後作為這個問題的一部分，再次，有一種陰影表明，也許他們在該行業的一些需求被提前拉動，你的[兩個]'24也許消費者開始預期關稅，而我們在此之前就購買了，這種說法有道理嗎？

So when we think about our quarter-to-date trends, we're about halfway through the quarter and some of our biggest weeks are in front of us. And the Easter shift makes it hard to read the business. I mean Easter is a very late. It's almost at the end of April, which is I think as late as it can fall in the calendar. So it's a little tough to retrend at the moment because that does impact especially our nonseasonal business.

因此，當我們思考本季迄今為止的趨勢時，我們已經度過了本季的一半時間，而一些最重要的幾週即將到來。而復活節的轉變使得業務的解讀變得更加困難。我的意思是復活節來得太晚了。已經快到四月底了，我認為這是日曆上最晚的時間了。因此，目前重新調整趨勢有點困難，因為這確實會對我們的非季節性業務產生影響。

But the trends we are seeing are baked into our guidance. While it might not be as strong as Q4, we are optimistic for Q1 and our full year 2025, and that's reflected in our guidance today.

但我們所看到的趨勢已融入我們的指導中。雖然它可能不如第四季度那麼強勁，但我們對第一季和 2025 年全年持樂觀態度，這反映在我們今天的指導中。

In terms of the question, is demand being pulled forward? We have no hard evidence of this. It's not -- we've talked about it, but we can't tell if there is or there isn't. What we do see, as Laura mentioned before, is the customer responding to our strategies, particularly around our nonfurniture business, our seasonal businesses have been very strong, our decorating businesses have been strong, our collaborations have been strong.

就問題而言，需求是否提前了？我們沒有確鑿的證據證明這一點。事實並非如此——我們已經討論過這個問題，但無法確定是否存在。正如勞拉之前提到的，我們確實看到客戶對我們的策略做出了回應，特別是在我們的非家具業務方面，我們的季節性業務非常強勁，我們的裝飾業務非常強勁，我們的合作也非常強勁。

And today, we're excited to -- the Pottery Barn tonight, we'll be launching its collaboration with LoveShackFancy, which is a really buzzworthy brand. And we're also seeing continued strength in cooking at home as demonstrated by the Williams-Sonoma comp. So we can't really tell what is happening with the overall consumer, but we can tell you that our strategies are working, and we have confidence in them as we turn the corner to '25.

今天，我們非常高興——Pottery Barn 今晚將與 LoveShackFancy 展開合作，LoveShackFancy 是一個非常熱門的品牌。我們也看到家庭烹飪市場持續強勁成長，威廉斯-索諾瑪公司就是明證。因此，我們無法真正了解整體消費者的情況，但我們可以告訴您，我們的策略正在發揮作用，我們對這些策略充滿信心，因為我們即將迎來 25 年。

The other thing I want to make sure that we get in before the call is over, is that we are seeing improvement in our furniture trend. And I don't know that this is because the industry is seeing that, in fact, I'm not hearing that. But because we brought in so much newness in the fall and summer seasons last year, and we told you that the newness was working, especially in West Elm, we were able to maximize and get in-stock in that newness and add more pieces to those collections that are working.

在通話結束之前，我想確保我們了解到的另一件事是，我們的家具趨勢正在改善。我不知道這是因為業界看到了這一點，事實上，我沒有聽到這一點。但因為我們在去年秋夏季節引入瞭如此多的新品，而且我們告訴過你們這些新品是有效的，特別是在 West Elm，所以我們能夠最大限度地利用這些新品並儲備庫存，為這些有效的系列添加更多產品。

And our proprietary designs allow us to be ahead of what other people are doing. And I think we have a really good handle on the changes in aesthetic that the consumer is looking for across all of our brands. And so that's, I think, really the reason we're seeing furniture improve versus a macro effect on furniture. But it's another reason that we're optimistic about this year.

我們的專有設計使我們領先於其他人。我認為，我們能夠很好地掌握消費者對我們所有品牌的美感變化。所以，我認為這才是我們看到家具品質改善而不是宏觀影響的原因。但這也是我們對今年感到樂觀的另一個原因。

Jonathan Miszewski, Jefferies.

喬納森‧米舍夫斯基（Jonathan Miszewski），傑富瑞集團。

The first one was on just plan for the store base in 2025. I think a couple of years ago, you unveiled plans to close 25% of the store base over time. Curious how you're thinking about net closures in 2025 and whether that 25% framework is still appropriate based on 2019 store counts. That's my first question.

第一個只是針對2025年的門市基礎的規劃。我想幾年前，您就公佈了逐步關閉 25% 門市的計劃。好奇您如何看待 2025 年的淨關閉情況，以及根據 2019 年的門市數量，25% 的框架是否仍然適用。這是我的第一個問題。

Yes, sure. We love our retail business, our stores, our billboards for our brands and we operate them as profit centers, and they really are the thing that our customers remember. When you think of going to the mall, Christmas, you think of Williams-Sonoma and all those incredible smells and tastes that come out of our stores.

是的，當然。我們熱愛我們的零售業務、我們的商店、我們的品牌廣告牌，我們將它們作為利潤中心來運營，它們確實是我們客戶記住的東西。當您想到聖誕節去商場時，您會想到 Williams-Sonoma 以及從我們的商店散發出的所有令人難以置信的氣味和味道。

That said, we always knew we had opportunity to optimize our retail strategy and have our stores in the best locations. And we have some of the strictest ROI criteria, I think of anyone in the market. And we have continued to close our lowest-performing stores that don't meet our profitability thresholds. In fact, we've closed about 17% of our fleet since 2019. At the same time, we continue to invest in renovations and repositions and that has been very successful.

話雖如此，我們始終知道我們有機會優化我們的零售策略並將我們的商店設在最佳位置。我認為我們的投資報酬率標準是市場上最嚴格的。我們繼續關閉那些未達到獲利門檻的業績最差的商店。事實上，自 2019 年以來，我們已經關閉了約 17% 的飛機。同時，我們繼續投資於翻新和重新定位，並且取得了非常成功。

Our new store remodels are exceeding our expectations. And a good example of, I don't know if anyone's from Oklahoma, but our Oklahoma City Potter Barn store was relocated to a new outdoor lifestyle center. And since opening, this new location is up double digits to the prior location. And that's what we're talking about when we say retail optimization.

我們新店的改造超出了我們的預期。一個很好的例子是，我不知道是否有人來自俄克拉荷馬州，但我們的俄克拉荷馬城 Potter Barn 商店已搬遷到新的戶外生活中心。自開業以來，新店的營業額比之前的店漲了兩位數。這就是我們所說的零售優化。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

I just wanted to check in on incentive comp growth. I think you mentioned it returned in Q4. Just how should we be thinking about that in fiscal year '25? And then our second question was just around West Elm given the strong sequential improvement in the comp. Do you have any anecdotes on the performance of the broader assortment of non-furniture offerings specifically or any demographic shifts or trends in that brand?

我只是想了解一下激勵補償的成長。我想你提到它在第四季回歸了。在 2025 財年我們該如何考慮這個問題呢？我們的第二個問題是關於 West Elm 的，因為該公司的業績連續大幅改善。您是否有任何關於非家具產品系列表現的軼事，或該品牌的人口結構變化或趨勢？

I'll take the incentive compensation question, and I'll turn it over to Laura to talk about West Elm. In terms of incentive compensation we look forward to 2025, not guiding that it's going to have a specific impact. We don't guide to specific lines but not anticipating that would have a specific impact. Here's a thing, we have always been and are a pay-for-performance company.

我將回答激勵薪酬問題，然後交給勞拉來談談 West Elm。就激勵薪酬而言，我們期待 2025 年，但不保證它會產生具體的影響。我們不會指導具體的路線，但也不會預期會產生特定的影響。事實是，我們一直是一家按績效付酬的公司。

So our incentive compensation ebbs and flows with our performance. If there is an outstanding performance in the year, there may be some impact, but that would mean that we are exceeding our estimates and then therefore, it would be paying for itself. But overall, from a guidance perspective, it's not incorporated, and we'd have to substantially exceed guidance for that to become a factor in the conversation.

因此，我們的獎勵薪酬會隨著我們的績效而改變。如果今年表現優異，可能會產生一些影響，但這意味著我們超出了預期，因此，這將是值得的。但整體而言，從指導角度來看，它並未被納入其中，我們必須大幅超越指導才能成為對話中的一個因素。

Let me turn it over to Laura for the West Elm question.

讓我把有關 West Elm 的問題交給 Laura。

Yes, sure. Thank you for the question. We are very proud to see positive comps in West Elm in Q4. And it's clear that the initiatives we've been talking about for several quarters are gaining traction. Starting with product, we said we'd bring in more new product, I'm talking double digit, we would go after more collaborations. We have done that and that we'd also go after the seasonal holidays and Christmas as an example was quite successful with our relatively small product offer, which begs the question of how much more is there for this year.

是的，當然。謝謝你的提問。我們非常自豪地看到 West Elm 在第四季度取得了積極的業績。顯然，我們幾個季度以來一直在討論的舉措正在獲得支持。從產品開始，我們說過我們會推出更多新產品，我是說兩位數，我們會尋求更多的合作。我們已經這樣做了，我們也會在季節性假期之後推出新產品，例如聖誕節，儘管我們的產品供應相對較少，但還是取得了成功，這引出了一個問題：今年我們還有多少新產品？

The second piece is really brand heat, and that comes from just being in the (technical difficulty) of what people are talking about. And we are doing a lot more with organic social and with our marketing stories and our geography is more beautiful. We have a lot of influencers talking about us. And of course, these collaborations also bring new customers into the brand. And so we're really driving brand heat.

第二部分是真正的品牌熱度，它來自於人們所談論的（技術難題）。我們在有機社交和行銷故事方面做了更多工作，我們的地理位置也變得更加美麗。有很多有影響力的人談論我們。當然，這些合作也為該品牌帶來了新的客戶。因此，我們確實在推動品牌熱度。

And then in terms of channels, we saw opportunities in both channels, both from a retail perspective where we had gotten to quiet in just only furniture to bringing in more little and things that people buy on a regular basis versus just a considered purchase, and that has really helped us drive traffic. And then post COVID, really restocking the stores so that people could take to go product that they want.

然後就通路而言，我們在兩個管道都看到了機會，從零售的角度來看，我們之前只專注於家具，現在則開始引入更多人們定期購買的小商品，而不僅僅是經過深思熟慮的購買，這確實幫助我們增加了流量。然後在疫情過後，真正補充商店庫存，以便人們可以帶走他們想要的產品。

This is a real competitive advantage for us because our West Elm stores have big backrooms and there's not a lot of big retailers out there that let you take something to go. That's not a small piece of deck and that is what we're doing, and you're going to see us continue to do more of that this year at retail in all of our brands based on the success that we are seeing.

這對我們來說是一個真正的競爭優勢，因為我們的 West Elm 商店擁有很大的後勤空間，而且沒有多少大型零售商允許您帶走東西。這不是一塊小甲板，這就是我們正在做的事情，基於我們所看到的成功，你會看到我們今年將繼續在所有品牌的零售中做更多這樣的事情。

In terms of digital, we've really substantially improved the photography. Go ahead and look at the imagery on the website, the storytelling versus a year ago, and you'll see a tremendous change in how we're -- we're showing. We even brought back the catalog last year, which we hadn't mailed in years. And that really is not just for that channel and that piece, but also it makes the brand really hone their storytelling. When you have to put a catalog together, it is my opinion that your site looks better.

在數位方面，我們確實大幅改進了攝影技術。繼續看網站上的圖像，與一年前相比，故事敘述方式發生了巨大的變化。我們甚至在去年帶回了多年沒有寄出的目錄。這實際上不僅適用於該頻道和該作品，而且還使品牌真正磨練了他們的故事講述能力。當您必須將目錄放在一起時，我認為您的網站看起來會更好。

And then in terms of profitability and operations, just making sure that everything that we're doing is built to last and that there's no packaging damages and all those things and that has been a key part adding to our supply chain efficiencies that we talk about. It's every brand. It's not just the supply chain team, looking at ways to make their products better and make it stick with the customer and not have it come back. So we're excited about what we've seen and what is to come for West Elm.

然後，就獲利能力和營運而言，只需確保我們所做的一切都是持久的，沒有包裝損壞等等，這些都是提高我們所說的供應鏈效率的關鍵部分。每個品牌都是如此。不僅是供應鏈團隊，也在尋找方法使他們的產品變得更好，並讓客戶留下來，不讓他們再次購買。因此，我們對 West Elm 所看到的一切以及未來將要發生的事情感到非常興奮。

And that concludes our question-and-answer session. I will now turn the call back over to Laura Alber for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給勞拉·阿爾伯 (Laura Alber) 做結束語。

Well, thank you all for joining us. Happy shopping, and we look forward to seeing you and talking to you soon. I know Jeff is going to be out and visiting with some of you and look forward to seeing you later in the year myself. Thank you.

好吧，謝謝大家加入我們。祝您購物愉快，我們期待很快見到您並與您交談。我知道傑夫將會出去拜訪你們中的一些人，我也期待今年晚些時候能見到你們。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。