Williams-Sonoma Inc (WSM) 2025 Q1 法說會逐字稿

Welcome to the Williams-Sonoma, Inc first quarter fiscal 2025 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 2025 財年第一季財報電話會議。（操作員指示）現在，我想將電話轉給首席會計官兼投資者關係主管傑里米·布魯克斯 (Jeremy Brooks)。請繼續。

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

早安，感謝您參加我們的第一季財報電話會議。在我們開始之前，我想提醒您，在本次電話會議中，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 assurance that 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 placements for and should be read together with our GAAP results.

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配售，而應與我們的 GAAP 結果一起閱讀。

Also, with respect to year-over-year comparisons for the first quarter, we will make reference to our Q1 results last year, both with and without a benefit of $49 million, related to an out-of-period adjustment we recorded last year. We believe providing these disclosures is useful to understanding our quarterly financial results.

此外，關於第一季的年比比較，我們將參考去年第一季的業績，無論是否計入 4,900 萬美元的收益，這與我們去年記錄的期外調整有關。我們相信提供這些揭露有助於理解我們的季度財務表現。

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.

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。

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

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

Thank you, Jeremy. Good morning, everyone, and thank you for joining the call. I'm excited to talk to you this morning about our first quarter. Before we get into our results, I want to take a minute to recognize our team for their contributions. Their passion, dedication and talent continue to drive our results.

謝謝你，傑瑞米。大家早安，感謝大家參加電話會議。我很高興今天早上和大家談論我們的第一季。在我們了解結果之前，我想花一點時間來表彰我們團隊的貢獻。他們的熱情、奉獻和才華繼續推動我們的成果。

We are proud to deliver strong results in the first quarter of 2025 driven by a positive top line comp and continued strength in our profitability. In Q1, our comp came in above expectations at positive 3.4% with all brands running positive comps, and we exceeded profitability estimates with an operating margin of 16.8% and earnings per share of $1.85 with earnings growth of 8.8%.

我們很自豪能夠在 2025 年第一季取得強勁業績，這得益於積極的營收成長和持續強勁的獲利能力。在第一季度，我們的同店銷售額超出預期，達到正 3.4%，所有品牌的同店銷售額均實現正增長，我們的盈利能力也超出預期，營業利潤率為 16.8%，每股收益為 1.85 美元，盈利增長率為 8.8%。

In the quarter, we saw an acceleration of the positive comp trend coming out of Q4 despite consumer distraction with tariffs continued geopolitical uncertainty and no material improvement in housing market. And we continue to outperform the industry, which declined 3% in Q1.

本季度，儘管關稅、地緣政治不確定性持續存在以及房地產市場沒有實質改善導致消費者分心，但我們看到第四季度積極的競爭趨勢有所加速。我們的表現持續優於產業，產業在第一季下滑了 3%。

Our growing outperformance was driven by an improvement in furniture sales, effective collaborations and strong performance in our retail and e-commerce channels. As we continue into 2025, we are confident that we have laid the foundation for growth and profitability.

我們的業績不斷成長，得益於家具銷售的改善、有效的合作以及零售和電子商務通路的強勁表現。隨著我們邁入 2025 年，我們相信我們已經為成長和獲利奠定了基礎。

Even though there are significant macro and geopolitical uncertainties, we are focused on our three key priorities, returning to growth, we are focused on our world-class customer service and driving earnings. Now let's review our strategies to continue our positive momentum from Q1 and deliver growth during the remainder of this year and beyond.

儘管存在重大的宏觀和地緣政治不確定性，我們仍專注於三個關鍵優先事項：恢復成長、專注於世界一流的客戶服務和推動獲利。現在讓我們回顧一下我們的策略，以延續第一季的積極勢頭，並在今年剩餘時間及以後實現成長。

First, we remain confident in delivering core brand growth, supported by a strong pipeline of newness and compelling innovation. Our ability to differentiate through in-house design and a vertically integrated sourcing model continues to be a key advantage, enabling us to offer high-quality products at exceptional value.

首先，我們仍然有信心實現核心品牌的成長，這得益於強大的新產品和引人注目的創新。我們透過內部設計和垂直整合的採購模式實現差異化的能力仍然是一個關鍵優勢，使我們能夠以卓越的價值提供高品質的產品。

We recognize that the housing market and therefore, the furniture industry may remain soft this year as interest rates are still high. Therefore, our growth strategy emphasizes a broad an inspirational non-furniture assortment including seasonal and decorative accessories, textiles and housewares.

我們意識到，由於利率仍然很高，今年房地產市場以及家具業可能仍將保持疲軟。因此，我們的成長策略強調廣泛的、鼓舞人心的非家具產品系列，包括季節性和裝飾配件、紡織品和家居用品。

Also strategic collaborations are another critical part of our plan. These collaborations continue to expand new customer growth and drive sales. And most importantly, they drive relevance and excitement for our brands and costumers.

戰略合作也是我們計劃的另一個重要部分。這些合作不斷擴大新客戶的成長並推動銷售。最重要的是，它們為我們的品牌和消費者帶來了相關性和興奮感。

Our B2B program is also a key growth engine. B2B started the year strong growing 8% delivering another record-breaking quarter. Leveraging our design experience and commercial-grade product assortment, we've built a strong and growing client base across multiple industries.

我們的 B2B 計畫也是一個關鍵的成長引擎。B2B 業務開局強勁，成長 8%，再創季度紀錄。利用我們的設計經驗和商業級產品組合，我們在多個行業中建立了強大且不斷增長的客戶群。

Our B2B offering remains a powerful differentiator, and we are seeing continued momentum. We're also seeing positive traction and strong comps in our emerging brands, Rejuvenation, Mark and Graham and GreenRow.

我們的 B2B 產品仍然是一個強大的差異化優勢，並且我們看到了持續的發展勢頭。我們也看到新興品牌 Rejuvenation、Mark and Graham 和 GreenRow 表現出積極的吸引力和強勁的競爭力。

With our proven ability to incubate and scale brands in-house we're confident in the continued growth of these concepts and their ability to deliver profitably to our results. Alongside these growth, we're focused on elevating every customer touch point and our channel experiences.

憑藉我們成熟的內部孵化和擴展品牌的能力，我們對這些概念的持續增長及其為我們的業績帶來盈利的能力充滿信心。除了這些成長之外，我們也致力於提升每位客戶接觸點和我們的通路體驗。

One area of continued investment is our next generation of Design Services. We've introduced new tools, both online and in-stores to help customers visualize and plan their spaces. We've also made meaningful progress in integrating AI across our digital platforms.

我們持續投資的一個領域是下一代設計服務。我們推出了新的線上和店內工具來幫助客戶形象化和規劃他們的空間。我們在數位平台整合人工智慧方面也取得了有意義的進展。

From personalized e-mails to tailored homepages, we are enhancing the customer journey with smart, data-driven experiences. We believe AI will be a transformational force in our business and we will be a leader in the use of AI in our industry.

從個人化電子郵件到客製化主頁，我們正在透過智慧、數據驅動的體驗增強客戶旅程。我們相信人工智慧將成為我們業務的變革力量，我們也將成為產業內人工智慧應用的領導者。

In our retail stores, the momentum continues. Our strong Q4 retail comps continued into Q1 and were driven by an improved in-store experience with more inventory availability, fresh product assortments, enhanced design services and engaging events.

在我們的零售店，這種勢頭仍在持續。我們第四季度零售業績的強勁成長延續到了第一季度，這得益於店內體驗的改善、庫存的增加、新鮮的產品組合、增強的設計服務和引人入勝的活動。

Our omnichannel capabilities are another core strength and we are further optimizing them with AI. This includes improvements in sales performance, cost efficiency and delivery speed. Looking ahead to the balance of the year, we are focused on delivering exceptional customer service with perfect orders that are on time, damage-free from start to finish.

我們的全通路能力是另一個核心優勢，我們正在利用人工智慧進一步優化它們。這包括銷售業績、成本效率和交付速度的提升。展望今年餘下的時間，我們將致力於提供卓越的客戶服務，從頭到尾按時且無損壞地完成完美的訂單。

Our operational metrics are surpassing pre-pandemic levels, and we are working to optimize these metrics even further. That includes reducing split shipments or in returns and damages and streamlining our fulfillment processes.

我們的營運指標已超過疫情前的水平，我們正在努力進一步優化這些指標。其中包括減少分批裝運或退貨和損壞，並簡化我們的履行流程。

From a cost perspective, we are committed to staying lean on head count, using AI tools to drive productivity gains in areas that make sense. And in marketing, our in-house teams are finding ways to maximize ROI and deliver a strong impact with less investment.

從成本角度來看，我們致力於保持精簡的員工人數，並使用人工智慧工具來提高合理領域的生產力。在行銷方面，我們的內部團隊正在尋找最大化投資回報率並以較少的投資產生強大影響的方法。

In summary, there is no doubt that existing macroeconomic and geopolitical uncertainties are focal point for the market, but volatility is not new in our industry, and we are confident in our ability to adapt and navigate whatever lies ahead. Therefore, we're optimistic about 2025.

總而言之，毫無疑問，現有的宏觀經濟和地緣政治不確定性是市場的焦點，但波動性在我們的產業中並不新鮮，我們有信心適應和應對未來的一切。因此，我們對2025年持樂觀態度。

We are planning to gain market share enhance the customer experience and deliver strong earnings. Our commitment to three key priorities remains unwavering. Turning to guidance, I'd like to take a moment to walk through our current assumptions.

我們計劃擴大市場份額，提升客戶體驗，並實現強勁獲利。我們對三大關鍵優先事項的承諾始終堅定不移。談到指導，我想花點時間來介紹我們目前的假設。

We are reiterating the same outlook that we shared with you last quarter. Our guidance reflects that, which we know today, and we are not assuming any significant upside or downside from broader macroeconomic factors.

我們重申上個季度與您分享的相同觀點。我們的指導反映了我們今天所知道的事實，我們不會假設更廣泛的宏觀經濟因素會帶來任何顯著的上行或下行。

As we said last quarter, our guidance incorporates our current initiatives in the existing tariff environment, which includes the tariffs that we discussed in March and now the additional China tariffs 30% and the global reciprocal tariffs at 10%. It does not assume any other tariffs. If there are material changes in future tariffs, we will revisit our guidance.

正如我們上個季度所說，我們的指引涵蓋了我們在現有關稅環境下的當前舉措，其中包括我們 3 月份討論的關稅以及現在對中國徵收的 30% 額外關稅和 10% 的全球互惠關稅。它不承擔任何其他關稅。如果未來關稅發生重大變化，我們將重新審視我們的指導。

For fiscal 2025, we continue to guide comp brand revenue growth of flat to positive 3% and operating margin in the range of 17.4% to 17.8%. As it relates to tariffs, we have actively and aggressively managing through these additional costs with our six point plan, which includes several key actions.

對於 2025 財年，我們繼續預期同品牌營收成長率將持平至正 3%，營業利潤率將在 17.4% 至 17.8% 之間。就關稅而言，我們透過六點計畫積極主動地管理這些額外成本，其中包括幾項關鍵行動。

First, we are successfully obtaining cost concessions from our strong vendor community. This includes reductions on current product pricing but also the reductions in price on the newness that we are bringing in and developing in the future.

首先，我們成功地從強大的供應商社群中獲得了成本優惠。這包括降低目前產品價格，也包括降低我們未來引進和開發的新產品價格。

Second, we are actively resorting goods to lower tariff country, including further reduction from China. Third, we are identifying further supply chain efficiencies in our network. Fourth, we are reducing SG&A expense through tight cost control and financial discipline.

第二，我們積極向關稅較低的國家出口商品，包括進一步降低中國的關稅。第三，我們正在進一步提高我們網路中的供應鏈效率。第四，我們透過嚴格的成本控制和財務紀律來降低銷售、一般和行政費用。

Fifth, we are expanding our made in the US assortment, production and partnerships. And lastly, we are carefully taking select price increases on products to offer strong value with a focus on maintaining competitive pricing.

第五，我們正在擴大美國製造的品種、生產和合作關係。最後，我們謹慎地選擇產品漲價，以提供強大的價值，並專注於保持有競爭力的價格。

We believe the six point plan will allow us to absorb the additional tariffs since we last spoke and yet still reiterate our annual guidance today. Now let's review our brands.

我們相信，六點計劃將使我們能夠吸收自上次談話以來的額外關稅，並且今天仍然重申我們的年度指導。現在讓我們回顧一下我們的品牌。

Pottery Barn ran a positive two comp in Q1. And on a five year basis, the brand ran a 46.7% comp. Pottery Barn continues to increase innovation in their product lines and to launch more collaboration.

Pottery Barn 在第一季取得了積極的成績。從五年來看，該品牌的銷售額年增了 46.7%。Pottery Barn 持續增加其產品線的創新並進行更多合作。

The brand launched four strategic collaborations in the quarter with partnership with Cravit, LoveShackFancy, Monique Lhuillier and Mark Sikes. We continue to strengthen our proprietary designs with a focus on new and innovative furniture and easy decorating entertaining updates for the home.

該品牌在本季與 Cravit、LoveShackFancy、Monique Lhuillier 和 Mark Sikes 建立了四項策略合作關係。我們繼續加強我們的專有設計，重點關注新穎的創新家具和易於裝飾的家庭娛樂更新。

The Pottery Barn continues to see outside strength in seasonal offerings, and we are pleased with the Easter and Valentine's Day results that the brand delivered. We believe we are well positioned for the balance of 2025 due to increased newness, exciting brand collaborations focus on seasonal decorating and entertaining and strong design services.

Pottery Barn 繼續在季節性產品中展現出強勁的外部實力，我們對該品牌在復活節和情人節的表現感到滿意。我們相信，由於新鮮事物的增加、令人興奮的品牌合作專注於季節性裝飾和娛樂以及強大的設計服務，我們在 2025 年的平衡中處於有利地位。

Now I'd like to talk to you about our Pottery Barn Children, which ran a 3.8% comp in Q1, representing the fifth straight quarter of positive comp and on a five year basis, Pottery Barn Kids and Teens together ran 27.8% comp. These life stage businesses continue to show resilience in a tough macro environment.

現在我想和大家談談我們的 Pottery Barn Children，其第一季的同比銷售額增長了 3.8%，這是連續第五季度實現正增長，而按五年計算，Pottery Barn Kids 和 Teens 的同比銷售額合計增長了 27.8%。這些處於生命階段的企業在嚴峻的宏觀環境下持續展現韌性。

Newness in product introductions from Baby to Dorm was a key lever in the quarter and drove most of its growth. Customers are responding to newsworthy introduction from our latest collection of Modern Baby to our best ever Easter Baskets and Decor and our expanded offering in Dorm.

從 Baby 到 Dorm 等新產品的推出是本季的關鍵槓桿，並推動了大部分成長。顧客對我們最新的現代嬰兒系列、最好的復活節籃子和裝飾以及宿舍系列的擴展產品等新聞介紹做出了積極的回應。

Collaborations continue to be an area of growth, and we are pleased to have expanded our collection with AERIN Lauder across the Kids and Teen brands. Additionally, our LoveShackFancy collections continues to gain popularity with new styles in Nursery and Dorm.

合作繼續成為成長領域，我們很高興與 AERIN Lauder 合作擴大兒童和青少年品牌系列。此外，我們的 LoveShackFancy 系列憑藉著在育兒室和宿舍中的新款式繼續受到歡迎。

Innovation for us is more than product. It is in the channel experience, too. We have revamped tools to help inspire baby registry online and have increased our take-at-home today products in our stores. We've also expanded in-store and online offerings and service-a-dorm, including pickup near campus at over 450 Williams-Sonoma Inc.

對我們來說，創新不只是產品。它也存在於渠道體驗中。我們改進了工具來幫助激發網路嬰兒登記的靈感，並增加了我們商店中可帶回家的產品。我們還擴大了店內和線上服務以及宿舍服務，包括在超過 450 個 Williams-Sonoma Inc. 校園附近提供取貨服務。

stores, along with a first-of-its-kind concierge service for Dorm deliveries. We're encouraged by the customer response to our products and service innovations, we have a robust pipeline ahead to fuel continued growth.

店，以及首創的宿舍外送禮賓服務。客戶對我們的產品和服務創新的反應令我們感到鼓舞，我們擁有強大的管道來推動持續成長。

Now let's review West Elm. The brand ran positive 0.2% in Q1 with a five year comp of 44%. We continue to make progress against the brand's four key pillars product, brand heat, channel excellence, operational efficiency.

現在讓我們回顧一下 West Elm。該品牌第一季的銷售額成長了 0.2%，五年年增了 44%。我們針對品牌的四大關鍵支柱產品、品牌熱度、通路卓越性、營運效率不斷進步。

The West Elm brand continues to focus on its non-furniture categories as a percent of the total assortment, driving positive comps in lighting, bath, kids and textiles. The brand continues to see success in products its introductions across all categories, with both Spring and Summer newness and double-digit positive comp to last year.

West Elm 品牌持續專注於非家具類別，佔總產品種類的一定比例，推動照明、衛浴、兒童和紡織品領域的正面成長。該品牌在所有類別的產品中繼續取得成功，春夏新品均與去年同期相比實現了兩位數的正成長。

And in March, West Elm launched a very exciting collaboration with award-winning designers Pearson Ward, featuring 165 pieces across furniture, textiles and decorative accessory. The codesign launch received widespread claim earning top-tier press coverage including an editorial feature in Architectural Digest, and articles and leading publications such as Vogue, Domino, Better Homes & Garden and New York Magazine.

今年 3 月，West Elm 與屢獲殊榮的設計師 Pearson Ward 展開了令人興奮的合作，推出了 165 件家具、紡織品和裝飾配件作品。這次聯合設計發布會獲得了廣泛關注，並獲得了頂級媒體的報道，包括《建築文摘》的專題報道，以及《Vogue》、《Domino》、《Better Homes & Garden》和《紐約雜誌》等文章和主要出版物。

The line is on track to be one of West Elm most commercially successful collaboration to-date. Now let's review the Williams-Sonoma brand. We're thrilled to report another strong quarter for the brand, which ran a positive 7.3% comp.

該產品系列有望成為 West Elm 迄今為止最成功的商業合作之一。現在讓我們回顧一下 Williams-Sonoma 品牌。我們很高興地報告該品牌又一個強勁的季度，其同比增長 7.3%。

On a five year basis, the brand ran a 36.9% comp. Our customers at Williams-Sonoma continue to respond well to products that are both highly functional and aesthetically pleasing. We're excited to see that our curation and our creation of these items is working.

以五年計算，該品牌的銷售額年增了 36.9%。Williams-Sonoma 的客戶對功能強大且外觀美觀的產品一直反應良好。我們很高興看到我們對這些物品的策劃和創作正在發揮作用。

We saw particular strength in the cookware, entertaining and housewares department, which outperformed. The electrics category benefited from the launch of [Breves brass], an exclusive line of kitchen countertop appliances that combine Breves cutting-edge technology, old brass colored trim and accent. The category also saw success with the launch of KitchenAid's new butter yellow stand mixer, another Williams-Sonoma exclusive.

我們看到炊具、娛樂和家居用品部門表現特別出色。電器類別受益於 [Breves brass] 的推出，這是一條獨家廚房檯面電器系列，結合了 Breves 的尖端技術、古銅色裝飾和點綴。該類別還因 KitchenAid 新款黃油黃色立式攪拌機（另一款 Williams-Sonoma 獨家產品）的推出而獲得了成功。

Our in-house product design team developed a new Williams-Sonoma ThermoClad Copper Pro cookware collection, which launched in early Q1. This best-in-class high-performance cookware combines the heat conduction and control of copper with the durability to easy care stainless quickly becoming a best seller.

我們的內部產品設計團隊開發了新的 Williams-Sonoma ThermoClad Copper Pro 炊具系列，並於第一季初推出。這款一流的高性能炊具將銅的導熱性和控制性與易於護理的不銹鋼的耐用性相結合，迅速成為暢銷產品。

Also, our stores hosted several successful book events for celebrities and celebrity shifts like Alton Brown, Morimoto and Michael Simon. We look forward to continuing to invite our customers to meet their culinary heroes at our retail locations across the country throughout the rest of the year.

此外，我們的商店也為 Alton Brown、Morimoto 和 Michael Simon 等名人和名人轉型舉辦了幾場成功的書籍活動。我們期待在今年剩餘的時間裡繼續邀請我們的客戶到全國各地的零售店與他們的烹飪英雄見面。

We're also making progress in our Williams-Sonoma Home brand. We continued our refresh and integration of our assortment into our Williams-Sonoma stores. Also, we have increased the offer of in-house design textile, printed bedding, novelty pillows and occasional furniture pieces.

我們的 Williams-Sonoma Home 品牌也取得了進展。我們持續更新並整合 Williams-Sonoma 商店的商品種類。此外，我們還增加了室內設計紡織品、印花床上用品、新奇枕頭和臨時家具的供應。

Also, the brand benefited from an expansion of our popular collaboration with AERIN Lauder. We continue to believe we have an opportunity with Williams-Sonoma Home to disrupt the high-end furniture market.

此外，該品牌還受益於我們與 AERIN Lauder 的廣泛合作的擴展。我們仍然相信，我們有機會與 Williams-Sonoma Home 合作，顛覆高端家具市場。

Now to update you on B2B. We continue to gain momentum in the hospitality space, including an impressive roster of Q1 projects, with St. Regis, Henry, Auberge, Sheraton, Hilton, Tapestry, Hyatt House, Weston, Spring Hill Suites and Element brands.

現在向您介紹 B2B 的最新情況。我們在酒店業繼續保持強勁發展勢頭，包括一系列令人印象深刻的 Q1 項目，其中包括瑞吉酒店、亨利酒店、奧貝奇酒店、喜來登酒店、希爾頓酒店、Tapestry 酒店、凱悅嘉寓酒店、韋斯頓酒店、Spring Hill Suites 酒店和 Element 酒店等品牌。

In addition to the wins in the hospitality space, the team is focused on expanding our book of business including wins in the education space with Tulane University, sports and entertainment with Gaylord, Opryland Water Park and Live Nation and a wide range of restaurant projects coast to coast, including Bagatelle and Montauk to Regis Ova in Yountville.

除了在酒店業領域的勝利之外，團隊還致力於擴大我們的業務範圍，包括與杜蘭大學在教育領域的合作、與蓋洛德、奧普里蘭水上樂園和 Live Nation 在體育和娛樂領域的合作，以及從 Bagatelle 和 Montauk 到揚特維爾的 Regis Ova 等遍布全國的餐廳項目。

Now I'd like to update you on our emerging brands, which continue to drive strong growth and profitability. Our Rejuvenation brand continues to exceed our expectations with another quarter of double-digit comps.

現在我想向大家介紹我們的新興品牌，這些品牌繼續推動著強勁的成長和獲利能力。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同比增長。

Growth was fueled by continued strength in our core categories, cabinet hardware, lighting and bath all supported by our commitment to design forward, high-quality products that meet the needs of home renovation and refresh projects. At Rejuvenation, product innovation continues to drive results.

成長的動力源自於我們核心產品類別的持續強勁成長，包括櫥櫃五金、照明和浴室，所有這些都得益於我們致力於設計滿足家居裝修和翻新項目需求的先進、高品質的產品。在 Rejuvenation，產品創新不斷推動成果。

In Q1, we introduced Heritage Bras, the new finishes inspired by the warrant of naturally aged metal across lighting, hardware and bath, generating a strong customer response. We also expanded into new categories, including closet hardware and outdoor pillows, while vanities and seasonal textiles delivered double-digit.

在第一季度，我們推出了 Heritage Bras，這種新飾面的靈感來自於照明、五金和浴室中自然老化金屬的品質，引起了客戶的強烈反響。我們也擴展到了新的類別，包括衣櫃五金件和戶外枕頭，而梳妝台和季節性紡織品的銷售量也實現了兩位數的成長。

As we look to the rest of 2025, we're confident rejuvenation's continued momentum and long-term potential. At Mark and Graham, the brand is leaning into more frequent gifting occasions and milestones as a key strategy. And the brand's newest incremental businesses, Pet and Baby have been very successful and are driving new customer acquisition.

展望 2025 年剩餘時間，我們對復興的持續動能和長期潛力充滿信心。在 Mark and Graham，品牌傾向於將更頻繁的送禮場合和里程碑作為關鍵策略。該品牌最新的增量業務「寵物和嬰兒」取得了巨大成功，並正在推動新客戶的獲取。

Turning to our newest brand, GreenRow. The brand delivered strong growth in Q1, driven by demand for vintage-inspired beautiful colossal products. This year, we're excited to watch GreenRow continue to grow through new and innovative products and materials as well as some exciting partnerships. Last, I'd like to talk about our global business.

談到我們的最新品牌 GreenRow。受復古風格精美巨型產品需求的推動，該品牌在第一季實現了強勁增長。今年，我們很高興看到 GreenRow 透過新的創新產品和材料以及一些令人興奮的合作夥伴關係繼續發展。最後，我想談談我們的全球業務。

We are keen to see strong growth across our strategic global markets. In Canada, we are driving growth through our compelling product offerings, complemented by our design and trade services. In Mexico, we are expanding our footprint with four new store openings this quarter, West Elm in Puerto Vallarta and Pottery Barn Kids and West Elm in [Metapec].

我們渴望看到我們的策略全球市場實現強勁成長。在加拿大，我們透過提供引人注目的產品並輔以設計和貿易服務來推動成長。在墨西哥，我們本季開設了四家新店，擴大了業務範圍，分別是巴亞爾塔港的 West Elm 和[梅塔佩克]。

We're also seeing continued growth across both existing retail and e-commerce channels. Our UK business is gaining momentum, particularly in the trade segment, and we're excited to have announced the upcoming launch of the Pottery Barn brand this fall online.

我們也看到現有零售和電子商務通路的持續成長。我們的英國業務正在蓬勃發展，特別是在貿易領域，我們很高興地宣布將於今年秋季在線推出 Pottery Barn 品牌。

In summary, we are proud of our strong execution and out-performance in the first quarter. There's no doubt that uncertainty is top of mind for all us, but we at Williams-Sonoma, Inc, have been and will continue to be focused on our industry-leading channel experiences and our cultivation of a strong portfolio of brands.

總而言之，我們對第一季的強勁執行力和優異表現感到自豪。毫無疑問，不確定性是我們所有人最關心的問題，但 Williams-Sonoma, Inc 一直並將繼續專注於我們行業領先的通路體驗和強大品牌組合的培育。

We are a house of innovation, fueling a product development machine that positions us as an industry leader with strong financial results. With our focus on our three key priorities, returning to growth enhancing our world-class customer service and driving earnings, we are set up well to continue equity in 2025.

我們是一家創新之家，推動產品開發機器，使我們成為具有強勁財務表現的產業領導者。我們專注於三大關鍵優先事項，恢復成長，增強我們世界一流的客戶服務並推動盈利，我們已做好在 2025 年繼續保持股權的準備。

Before I hand it over to Jeff, I also want to take a minute to thank you again our associates, but also to thank our vendors and our shareholders whose partnerships are very much appreciated. And with that, I'll turn it over to Jeff to walk you through the numbers and our outlook in more detail.

在將其交給傑夫之前，我還想花一點時間再次感謝我們的同事，同時也感謝我們的供應商和股東，我們非常感謝他們的合作。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 Q1 results exceeding expectations on both the top and bottom lines. Our results reflect the three key priorities we outlined for 2025.

謝謝你，蘿拉，大家早安。我們很自豪第一季的業績在營收和利潤上都超出預期。我們的成果反映了我們為 2025 年概述的三個關鍵優先事項。

First, returning to growth. Our top line accelerated to a positive 3.4% comp in Q1, driven by innovation and newness across our core brands, double-digit comps in our emerging brands and strong growth in business to business.

第一，回歸成長。受核心品牌創新和新穎性、新興品牌兩位數成長以及企業對企業的強勁成長推動，我們第一季的營業收入年增 3.4%。

Second, elevating our world-class customer service. Our supply chain team yet again produced efficiencies and, most importantly, improved customer service. And third, our focus on driving earnings.

第二，提升我們世界級的客戶服務。我們的供應鏈團隊再次提高了效率，最重要的是改善了客戶服務。第三，我們專注於提高獲利。

We tightly managed SG&A to deliver strong operating margin and EPS growth. 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.

我們嚴格管理銷售、一般及行政費用，以實現強勁的營業利潤率及每股盈餘成長。本季的業績證明了我們營運模式的靈活性、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實現高利潤的收益。

Now let's dive into the numbers. I'll start with our Q1 results and then touch on guidance for '25. Q1 net revenues finished at $1.73 billion at a positive 3.4% comp with all brands delivering positive comps in the quarter.

現在讓我們深入研究一下這些數字。我將從我們的第一季業績開始，然後談及 25 年的指導。第一季淨收入達到 17.3 億美元，年增 3.4%，所有品牌在本季度均實現了同比增長。

Our revenue comps came in above the high end of our expectations, driven by positive comps in our furniture business and continued strength in our non-furniture categories. With the home furnishings industry contracting approximately 3% in Q1, we gained market share, even as we maintained our penetration of full-price selling.

我們的營收年增率超過了我們的預期上限，這得益於家具業務的積極成長以及非家具類別的持續強勁成長。隨著第一季家居裝飾產業萎縮約 3%，我們的市佔率有所成長，同時我們仍保持全價銷售的滲透率。

From a channel perspective, both the retail and e-commerce channels delivered positive comps with retail up 6.2% comp and e-commerce of 2.1% comp. As we move down the income statement to gross margin, I'd like to remind everyone that last year in the first quarter of fiscal year '24 we recorded a $49 million out-of-period adjustment related to prior year's freight accruals.

從通路角度來看，零售和電子商務通路均實現了積極的成長，零售成長 6.2%，電子商務成長 2.1%。當我們將損益表向下移動到毛利率時，我想提醒大家，去年在 24 財年第一季度，我們記錄了與上一年運費應計費用相關的 4900 萬美元期外調整。

This benefited margin results by approximately 300 basis points in Q1 '24. Q1 '25 gross margin of 44.3% was 360 basis points lower than last year when including last year's 300 basis point out-of-period adjustment. Without last year's out-of-period adjustment, our gross margin was 60 basis points lower than last year.

這使得 24 年第一季的利潤率提高了約 300 個基點。2025 年第一季毛利率為 44.3%，包含去年 300 個基點的期外調整後，比去年低 360 個基點。若不計入去年的期外調整，我們的毛利率比去年低了 60 個基點。

There were three main drivers behind the 60 basis point decline. Merchandise margins, supply chain efficiencies and occupancy. First, merchandise margins declined 220 basis points due to higher year-over-year input costs, including higher ocean freight, and tariff mitigation costs.

造成 60 個基點下跌的主要原因有三。商品利潤、供應鏈效率和占用率。首先，由於海運費上漲和關稅減免成本等投入成本較去年同期增加，商品利潤率下降了 220 個基點。

Second, supply chain efficiencies delivered 120 basis points of savings in Q1. We continue to realize expense savings across manufacturing, warehousing and delivery from our focus on customer experience and efficiency.

其次，供應鏈效率在第一季實現了 120 個基點的節省。透過專注於客戶體驗和效率，我們不斷實現製造、倉儲和交付過程中的費用節省。

Key metrics, including returns, accommodations, damages, replacements and outbound shipping expense continued to improve year-over-year. And third, occupancy costs were essentially flat year-over-year in dollars and leveraged 40 basis points from our revenue growth.

退貨、住宿、損壞、更換和出境運輸費用等關鍵指標較去年同期持續改善。第三，入住成本以美元計算基本上與去年同期持平，並從我們的收入成長中獲得了 40 個基點的槓桿。

Overall, our gross margin this quarter was in line with our expectations. Turning now to SG&A. Our Q1 SG&A ran at 27.5% of revenues, 130 basis points lower than last year, as we kept a tight lid on expenses.

整體而言，本季的毛利率符合我們的預期。現在來談談銷售、一般及行政費用 (SG&A)。由於我們嚴格控制支出，第一季銷售、一般及行政費用佔收入的 27.5%，比去年低 130 個基點。

Employment expense leveraged 60 basis points due to higher revenues and lower incentive compensation. Q1 advertising expense was 60 basis points lower year-over-year. Our in-house marketing team is finding ways to drive more with less spend and is delivering a strong impact while leveraging a cost.

由於收入增加和激勵薪酬減少，僱用費用增加了 60 個基點。第一季廣告費用較去年同期下降60個基點。我們的內部行銷團隊正在尋找以更少的投入實現更多收益的方法，並在降低成本的同時產生強大的影響力。

Moving to the bottom line. We delivered earnings exceeding expectations. Including last year's 300 basis point out-of-period adjustment, Q1's operating margin of 16.8% came in 230 basis points below last year, with EPS of $1.85, $0.14 lower than last year.

轉向底線。我們的收益超出了預期。包括去年的 300 個基點的期外調整，第一季的營業利潤率為 16.8%，比去年低 230 個基點，每股收益為 1.85 美元，比去年低 0.14 美元。

Without last year's out-of-period adjustment, Q1 16.8% operating margin finished 70 basis points higher than last year, with earnings per share up 8.8% year-over-year. On the balance sheet, we ended the quarter with a cash balance of $1 million with no outstanding debt.

不計去年的期外調整，第一季營業利潤率為 16.8%，比去年高出 70 個基點，每股收益較去年同期成長 8.8%。在資產負債表上，我們本季末的現金餘額為 100 萬美元，沒有未償還債務。

This was after we invested $58 million in capital expenditures supporting our long-term growth and returned $165 million to our shareholders through share repurchases and quarterly dividends. Merchandise inventories stood at $1.3 billion, up 10% to last year.

此前，我們投資了 5,800 萬美元資本支出以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 1.65 億美元。商品庫存為 13 億美元，比去年同期成長 10%。

Included in our inventory levels is a strategic pull forward of receipts to reduce the potential impact of higher tariffs in fiscal year '25. Without this pull forward, our inventory levels would have been materially in line with revenue growth.

我們的庫存水準包括策略性地提前收貨，以減少 25 財年提高關稅的潛在影響。如果沒有這種提前，我們的庫存水準將與收入成長基本保持一致。

Summing up our Q1 results. We've once again delivered strong earnings for our shareholders. I'd like to thank our talented, dedicated and nimble team at Williams-Sonoma Inc, for delivering the outstanding results in a remarkably uncertain environment. Now let's turn to our '25 outlook.

總結我們的第一季業績。我們再次為股東帶來了強勁的收益。我要感謝 Williams-Sonoma Inc 才華橫溢、敬業且靈活的團隊，他們在極其不確定的環境中取得了出色的成果。現在讓我們來談談 25 年展望。

First, some housekeeping. 2024 was a 53 week year for Williams-Sonoma, Inc. In fiscal year '25, we will report comps on a 52 week versus 52 week comparable basis. All other year-over-year compares will be 52 weeks versus 53 weeks.

首先，進行一些日常工作。 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。

The additional week contributed 150 basis points to revenue growth and 20 basis points to operating margin to full year '24 results. Additionally, in the first quarter of fiscal year '24, we recorded a $49 million out-of-period adjustment related to prior year's freight accruals.

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。此外，在 24 財年第一季度，我們記錄了與上一年運費應計費用相關的 4,900 萬美元期外調整。

This benefited operating margin results by approximately 300 basis points in Q1 and 70 basis points for the full year. Our guidance for fiscal year '25 will use fiscal year '24 results without the out-of-period adjustment as a comparable basis.

這使得第一季的營業利潤率提高了約 300 個基點，全年營業利潤率提高了 70 個基點。我們對 25 財年的指導將使用不包含期外調整的 24 財年業績作為可比較基礎。

As we turn to guidance for fiscal year '25, our message is the same as last quarter. The tariff policy and macroeconomic environment is uncertain. Our focus is on what we can control, executing our three key priorities, returning growth elevating, elevating our world-class customer service and driving earnings.

當我們談到 25 財年的指引時，我們的訊息與上一季相同。關稅政策和宏觀經濟環境不確定。我們的重點是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，提升我們世界一流的客戶服務並推動獲利。

We're confident in our growth strategies, and we see opportunity to drive earnings from additional supply chain efficiencies and savings across SG&A. Our guidance assumes no meaningful changes in the macroeconomic environment or interest rates or housing turnover.

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。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。

As a result, we are reiterating our guidance for fiscal year '25. We expect 2025 net revenue comps to be in the range of flat to positive 3%, with total net revenues in a range of down 1.5% to positive 1.5% due to the 53 week impact from '24.

因此，我們重申對 25 財年的指導。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%, which is materially flat excluding the 20 basis points impact from the 53 week in fiscal year '24. Regarding tariffs, we are reiterating our guidance even with absorbing incremental costs from the existing tariff environment.

我們預計營業利潤率將在 17.4% 至 17.8% 之間，若不計 24 財年第 53 週的 20 個基點的影響，則基本持平。關於關稅，即使在吸收現有關稅環境中的增量成本的情況下，我們仍重申我們的指導。

Season costs include the new tariffs in China of 30% and the reciprocal tariffs of 10%, along with the tariffs we spoke about in March, including 25% tariff on steel and aluminum and the 25% tariffs in Mexico and Canada. It did not assume any other tariffs.

季節性成本包括中國30%的新關稅和10%的互惠關稅，以及我們在3月談到的關稅，包括對鋼鐵和鋁徵收25%的關稅，以及對墨西哥和加拿大徵收25%的關稅。它沒有承擔任何其他關稅。

The strength of our operating model combined with our six point tariff mitigation plan enables us to maintain our guidance despite the addition of the reciprocal tariffs. Our guidance reflects our best estimates of the tariff impact based upon the tariff outlook as of this call.

我們強大的營運模式加上六點關稅減免計劃使我們能夠在增加互惠關稅的情況下維持我們的指導方針。我們的指導反映了我們根據本次電話會議的關稅前景對關稅影響的最佳估計。

The current tariff policy is uncertain and has been subject to multiple surprises and revisions. If tariff policy changes, we may need to revisit our guidance estimates. Turning now to capital allocation.

現行關稅政策存在不確定性，並經歷了多次意外和修改。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。現在來談談資本配置。

Our plans for '25 prioritize funding our business operations and investing in long-term growth. We expect to spend between $250 million and $275 million in capital expenditures in fiscal year '25. This represents a decrease of approximately 10% from prior guidance, as we keep a tight reg on all expenditures due to the tariff and macroeconomic uncertainty.

我們 25 年的計劃優先考慮為我們的業務運營提供資金並投資於長期增長。我們預計 25 財年的資本支出將在 2.5 億至 2.75 億美元之間。這比之前的指導減少了約 10%，因為由於關稅和宏觀經濟的不確定性，我們對所有支出都進行了嚴格控制。

We intend to invest 85% of this capital spend in our e-commerce channel, retail optimization and supply chain efficiency. We were committed to returning excess cash to our shareholders in the form of increased quarterly dividend payouts and ongoing share repurchases.

我們打算將 85% 的資本支出投資於我們的電子商務通路、零售優化和供應鏈效率。我們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。

For dividend, we will continue to pay our quarterly dividend of $0.56 per share, which is a 16% increase year-over-year. We are proud to say that fiscal year '25 is the 16th consecutive year of increased dividend payouts.

對於股息，我們將繼續支付每股 0.56 美元的季度股息，年增 16%。我們很自豪地說，25 財年是我們連續第 16 年增加股利。

For share repurchases, we have $1.1 billion available under our share repurchase authorization through which we will opportunistically repurchase our stock to deliver returns to our shareholders. 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.

對於股票回購，我們根據股票回購授權擁有 11 億美元可用資金，我們將藉此機會回購股票，為股東帶來回報。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。

Wrapping up (inaudible) my comments, we're proud to have delivered another quarter of strong results for our shareholders that exceeded expectations. While tariff policy has produced uncertainty, we are encouraged by the momentum we see in our business.

總結（聽不清楚）我的評論，我們很自豪能夠為股東帶來另一個超乎預期的強勁季度業績。儘管關稅政策帶來了不確定性，但我們對業務發展勢頭感到鼓舞。

Our focus remains on our three key priorities, returning to growth, elevating our world class customer service and driving earnings. We are confident we will continue to outperform our peers and deliver shareholder growth for these five reasons that I've articulated before.

我們的重點仍放在三個關鍵優先事項上：恢復成長、提升世界一流的客戶服務和提高獲利能力。我們有信心，我們將繼續超越同行，並實現股東成長，原因我之前已經闡述過。

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 resilience of our fortress balance sheet.

我們在分散的家居裝飾產業中獲得市場份額的能力、我們內部專有設計的優勢、以及我們數位優先但並非僅限數位的通路策略的競爭優勢。我們的成長計劃持續強勁，資產負債表保持穩健。

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

現在，我將開始回答問題。

(Operator Instructions)

（操作員指示）

Brad Thomas, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Brad Thomas。

Hi, good morning and congratulations on the strong quarter in a tough environment. I wanted to ask about merchandise margins, and I was hoping you could just address the decline from last year.

大家好，早安，恭喜您在艱難的環境下取得了強勁的季度業績。我想詢問商品利潤率的問題，希望您能談談去年的下滑情況。

And for one, just clarify that there has been no change in your high-level promotional strategy? And then perhaps talk a little bit more about how you think about promotions and clearance going forward? Thanks so much.

首先，請澄清一下，你們的高層推廣策略沒有改變嗎？然後能否再多談談您對未來促銷和清倉的看法？非常感謝。

Thanks, Brad.

謝謝，布拉德。

Thank you, Brad. Yeah, let's do not. I'm going to talk about MMU really gross margin as a whole, and I'll do that, and then I'll turn it over to Laura to talk about pricing. Our gross margin in Q1 was 60 basis points lower than last year, but it was in-line with our expectations.

謝謝你，布拉德。是的，我們不要這麼做。我將討論 MMU 的整體毛利率，然後我將把它交給 Laura 來討論定價。我們第一季的毛利率比去年同期低了60個基點，但符合我們的預期。

Our MMU itself was lower from higher input costs, but largely offset by supply chain savings and occupancy leverage. Two things I'd like to point out regarding the merchandise margin this quarter. First, we continue to see a very high level of full price selling. Our promotional stance has not changed.

我們的 MMU 本身由於投入成本較高而較低，但很大程度上被供應鏈節省和入住率槓桿所抵消。關於本季的商品利潤率，我想指出兩點。首先，我們繼續看到全價銷售水準非常高。我們的促銷立場沒有改變。

We do not do site-wide promotions. In fact, our penetration of full-price selling slightly increased in the quarter. Second, our input costs were higher year-over-year from higher ocean freight and tariff mitigation costs. On ocean freight, we did not see a quarter-over-quarter increase in those costs.

我們不進行全站促銷。事實上，本季我們的全價銷售滲透率略有增加。其次，由於海運費和關稅減免成本的增加，我們的投入成本較去年同期增加。對於海運，我們沒有看到這些成本較上季成長。

Q1 costs were basically the same as Q4, but what we were up against was lapping a very low period in Q1 of '24. On tariff mitigation costs, when the reciprocal tariffs were announced on [quarter two], we took extremely aggressive action to get ahead of the tariff impact and those actions impacted us in the quarter.

第一季的成本與第四季基本相同，但我們面臨的是 2024 年第一季的低迷期。關於關稅減免成本，當第二季宣布互惠關稅時，我們採取了極其積極的行動來應對關稅的影響，而這些行動在本季度對我們產生了影響。

We will start to see the impact of our six point mitigation plan later this year. Offsetting this merchandise margin pressure where supply chain efficiencies and occupancy leverage. Supply chain efficiencies delivered 120 basis points of savings in Q1.

我們將在今年稍後開始看到我們的六點緩解計劃的影響。利用供應鏈效率和占用率槓桿來抵銷商品利潤壓力。供應鏈效率在第一季實現了 120 個基點的節省。

We continue to realize expense savings across manufacturing, warehousing and delivery. As I mentioned in my prepared remarks, key metrics, including returns, accommodations, damages, replacements and outbound shipping expense continued to improve year-over-year.

我們繼續在製造、倉儲和交付方面實現費用節省。正如我在準備好的演講中提到的那樣，退貨、住宿、損壞、更換和出境運輸費用等關鍵指標同比持續改善。

Occupancy costs of $198 million were essentially flat and leveraged 40 basis points from our revenue growth. Here's the key point, Brad. Our Q1 results are why we believe we will be able to withstand the margin pressure from the current tariff policy that's ahead of us, especially given that our six point tariff mitigation plan won't yield savings until future quarters. and it's why we are reiterating our guidance.

1.98 億美元的入住成本基本上持平，並從我們的收入成長中獲得了 40 個基點的槓桿。這就是關鍵點，布拉德。我們的第一季業績表明，我們相信我們能夠承受當前關稅政策帶來的利潤壓力，特別是考慮到我們的六點關稅減免計劃要到未來幾季才能帶來節約。這也是我們重申指引的原因。

I think Jeff more than covered it, if you're waiting for me. Thank you for answering the question, Jeff. What's the next question, please?

如果你在等我的話，我想 Jeff 已經把事情講清楚了。謝謝你回答這個問題，傑夫。請問下一個問題是什麼？

Peter Benedict, Baird.

彼得·本尼迪克特，貝爾德。

Hey guys, good morning. Thank you for taking the question. I guess first question would just be on when you are taking price, obviously, recognizing it's kind of the last resort here. But what's the philosophy that you try to cover and maintain kind of growth profit dollars on the item?

大家好，早安。感謝您回答這個問題。我想第一個問題就是當你在考慮價格時，顯然要認識到這是最後的手段。但是，您試圖覆蓋和維持該產品的成長利潤的理念是什麼？

Is there a view on gross margin rate? Just kind of trying to understand the philosophy and how you're going to deal with tariffs from a pricing perspective. That's my first question.

對於毛利率有什麼看法嗎？只是想了解其中的理念以及從定價的角度如何處理關稅。這是我的第一個問題。

Yeah. I think as we think about pricing, it's not really only about tariffs. You know that over the last five years, we've had a really big change in the way we think about pricing, and we've substantially reduced the amount of commercial activity in our company, which has done important on a lot of levels, both for margin but also for the customer because they can count on price being the same and not have to try to time their purchases based on different seasonal promotions.

是的。我認為，當我們考慮定價時，實際上不僅僅涉及關稅。您知道，在過去五年中，我們對定價的看法發生了很大變化，我們大幅減少了公司的商業活動，這在許多層面上都發揮了重要作用，不僅對利潤，而且對客戶也很重要，因為他們可以依賴相同的價格，而不必根據不同的季節性促銷來安排購買時間。

When we think about value to the consumer, it isn't just about price, it's about design, it's about quality, it's about the brand, it's about the service in that brand. And price is a factor, but it is not the only factor.

當我們考慮消費者的價值時，不僅考慮價格，還考慮設計、品質、品牌以及品牌的服務。價格是一個因素，但不是唯一的因素。

And because of our innovation machine, as you will, our design prowess, our vertically integrated structure. We are able to bring unique and exclusive markets products to market that no one else has. And we also are able to get better pricing from our vendors because we're going direct. We don't have an agent. We go direct to our vendors.

正如您所說，這得益於我們的創新機器、我們的設計實力、我們的垂直整​​合結構。我們能夠將別人所沒有的獨特且專屬的產品推向市場。而且由於我們採用的是直接銷售，因此我們也可以從供應商那裡獲得更優惠的價格。我們沒有代理。我們直接與供應商聯絡。

And we buy usually in larger quantities than a lot of people, which also gives us a lot of opportunity. As we look at where we are today, it's no different than last year. We're always looking at our entire assortment to see where we are actually too high at price and to low in price.

而且我們購買的數量通常比許多人購買的數量都大，這也給了我們很多機會。回顧我們今天的狀況，我們發現與去年並沒有什麼不同。我們始終在審視我們的整個產品系列，看看哪些產品的價格實際上過高或過低。

And we make adjustments item by item. We don't make large sweeping margin target adjustments. We don't price based on cost. We price based on the environment. And what we're seeing today is we're seeing our newness, which is the big strategy, as you know, Peter, has been really selling.

我們會逐項進行調整。我們不會對利潤目標進行大幅度的調整。我們的定價不基於成本。我們根據環境定價。我們今天看到的是我們的創新，這是一個大策略，正如你所知，彼得，一直在推銷。

And that product is coming in at margins that, in most cases, are really good. In some cases, there's more opportunity because we priced it too low and we're overselling. And so we've taken some very carefully selected price increases on those things.

而且大多數情況下，該產品的利潤率相當高。在某些情況下，由於我們的定價過低且銷售量過大，因此存在更多機會。因此，我們對這些產品採取了一些經過精心選擇的漲價措施。

Now in addition to that, we still see an opportunity to improve our margins over time because we can improve our markdown margin. The rate at which our markdowns are the margin rate where our clearance and promotions are sold can improve and a percent of that bucket to the total can also improve.

除此之外，我們仍然看到了隨著時間的推移提高利潤率的機會，因為我們可以提高降價利潤率。我們的降價率是清倉和促銷商品的銷售利潤率，可以提高，而且該金額佔總數的百分比也可以提高。

In other words, what I'm saying is even more reg price business and even higher margin on the sale bucket. I'm really excited that we're going into this year very clean on seasonal inventory. So that's a really good thing as we head into this year.

換句話說，我所說的是更多的常規價格業務和更高的銷售利潤率。我真的很高興我們今年的季節性庫存非常乾淨。所以對我們今年來說這真是一件好事。

Max Rakhlenko, TD Cowen.

馬克斯·拉赫倫科 (Max Rakhlenko)，TD Cowen。

Great, thanks a lot and congrats on next quarter. So can you just provide more color on how we should think about merch margins for the rest of the year? Should we assume that the 220 basis point headwind was a high watermark, then it should ease as some of these tailwinds get going? Or is it a rise run rate for us to consider ahead?

太好了，非常感謝，並祝賀下個季度取得好成績。那麼，您能否提供更多關於我們應該如何考慮今年剩餘時間的商品利潤率的資訊？我們是否應該假設 220 個基點的逆風是一個高水位線，然後隨著一些順風的出現，逆風應該會減輕？或者這是我們需要提前考慮的上升運行率？

As you know, we do not guide the top we do not guide to specific lines. We guide the top and bottom line because it gives us flexibility to respond to changes in the business. And you've seen us know the levers to pull to deliver results.

如您所知，我們不指導頂部，也不指導特定線路。我們指導頂線和底線，因為它使我們能夠靈活地應對業務變化。而且您已經看到我們知道要利用哪些手段才能取得成果。

We are reiterating our guidance for fiscal year '25, which has operating margins materially flat on the full year, excluding the impact of the 53 week from last year. What we have said, and I said this on the last call, is with inside of this, we do believe that we will see some lower gross margin from headwind on the tariffs, but that will be offset by SG&A.

我們重申對 25 財年的預期，即剔除去年第 53 週的影響，全年營業利潤率基本持平。我們已經說過，而且我在上次電話會議上也說過，在這種情況下，我們確實相信，關稅的不利因素會導致毛利率有所下降，但這將被銷售、一般和行政費用所抵消。

But here's the thing. We have a lot of levers to pull. We have a very effective tariff mitigation plan and we feel confident in our ability to be able to offset the tariff impact as we execute that plan, which is why we are reiterating guidance today including absorbing the incremental tariffs from the last time we gave guidance in March, and that includes the 30% tariff on China and a 10% global reciprocal tariffs that now apply to almost every country across the globe.

但事情是這樣的。我們有很多手段可以運用。我們有一個非常有效的關稅緩解計劃，我們對在執行該計劃時能夠抵消關稅影響的能力充滿信心，這就是為什麼我們今天重申指導方針，包括吸收自 3 月份上次給出指導方針以來的增量關稅，其中包括對中國徵收 30% 的關稅和現在適用於全球幾乎所有國家的 10% 的全球互惠關稅。

So given our Q1 results and how we were able to expand EBIT margin by 70 basis points, it's given us confidence in what we're seeing in the business that we believe we can maintain our guidance while absorbing the incremental tariff costs.

因此，考慮到我們的第一季業績以及我們如何能夠將息稅前利潤率提高 70 個基點，我們對業務表現充滿信心，我們相信我們可以維持我們的指導，同時吸收增量關稅成本。

Jonathan Matuszewski, Jefferies.

喬納森·馬圖謝夫斯基，傑弗里斯。

Great, good morning. Nice quarter and thanks for taking my question. I was hoping if you could add some more context to how demand trended throughout the quarter?

太好了，早安。非常棒的一個季度，感謝您回答我的問題。我希望您能補充一些有關整個季度需求趨勢的背景資訊？

I think demand for some peers in the industry was down as much as double digits in April. So curious how your exit rate looked and if you're willing to share any color in terms of how the first few weeks of May are shaping up? Thanks.

我認為 4 月份該行業一些同行的需求下降了兩位數。很好奇您的退出率如何，您是否願意分享一下 5 月前幾週的情況？謝謝。

Yeah, Jonathan, I think everyone knows we don't go into the puts and takes of what the comp cadence was across the quarter. What we will say is we saw really strong results across all our brands during the quarter. In fact, every brand positive comp.

是的，喬納森，我想每個人都知道我們不會深入研究整個季度的競爭節奏。我們要說的是，本季我們所有品牌的業績都非常強勁。事實上，每個品牌都有積極的競爭。

And the really important nugget is furniture comp for the first time since Q4 '22, so the first time in nine quarters. And what we're seeing is our consumer is responding to our products, our assortments, our marketing and our strategies.

真正重要的一點是家具同店銷售額自 2022 年第四季以來首次成長，也是九個季度以來的首次。我們看到的是，我們的消費者對我們的產品、我們的分類、我們的行銷和我們的策略做出了回應。

And we are taking market share because of this positive consumer response. And there's a lot of headlines out there. There's a lot of uncertainty. But at Williams-Sonoma Inc, we're focused on what we can control, which is on executing our three key priorities, which is what is allowing us to deliver these excellent results and exceed expectations.

由於消費者的積極反應，我們正在佔領市場份額。那裡有很多頭條新聞。存在很多不確定性。但在 Williams-Sonoma Inc，我們專注於我們能夠控制的事情，即執行我們的三個關鍵優先事項，這使我們能夠提供這些出色的結果並超越預期。

Those three key priorities are number one, returning to growth, which you saw on the top line this quarter. Number two, elevating our world-class customer service, which you saw through, we once again delivered supply chain efficiencies and three, driving earnings, which we can do by tightly managing SG&A.

這三個關鍵優先事項是第一位的，即恢復成長，正如您在本季的營收中所看到的。第二，提升我們世界一流的客戶服務，這一點您已經看到了，我們再次提高了供應鏈效率；第三，推動盈利，我們可以透過嚴格管理銷售、一般和行政費用 (SG&A) 來實現。

Cristina Fernandez, Telsey Advisory Group.

克里斯蒂娜‧費爾南德斯 (Cristina Fernandez)，特爾西顧問集團 (Telsey Advisory Group)。

Good morning and congratulations on the strong results. I wanted to see if you can talk about resourcing. So China was 23% of your goods last year. How are you thinking about reducing that exposure?

早上好，恭喜您取得的優異成績。我想看看您是否可以談論資源問題。所以去年你們的商品有23%來自中國。您考慮如何減少這種曝光？

Is there any targets you have by year-end or by next year? Can you share what that product? And do you expect any changes to your assortment as a result of resourcing?

您到今年底或明年有什麼目標嗎？可以分享一下那個產品嗎？您是否預期資源配置會對您的產品組合帶來任何改變？

Thanks, Cristina. We've been very focused on being proactive and responding to changes in the trade environment forever. And even before the tariffs, we've already significantly reduced our China source goods from 50% to 23% over the last few years. And even then, when we said that, we've made significant reductions I think there are some categories. China does really well.

謝謝，克里斯蒂娜。我們一直非常注重積極主動地應對貿易環境的變化。甚至在徵收關稅之前，我們在過去幾年中已經將中國產商品的比例從 50% 大幅削減至 23%。即便如此，當我們這麼說的時候，我們已經做出了大幅削減，我認為有一些類別。中國確實做得很好。

And what is going to happen with the trade environment is yet to be seen. But what's good news for us is we have the flexibility now because we resource double source, triple sourced many of our products to move depending on what the long-term tariff environment becomes.

貿易環境將會發生什麼變化還有待觀察。但對我們來說好消息是，我們現在有了靈活性，因為我們擁有雙重、三重來源的資源，可以根據長期關稅環境的變化調整許多產品。

So there's a lot of things that are still up in the air, I think, for all of us to know. But yes, we've already reduced it from the 23% substantially and where it settles will depend on what other announcements are made.

所以我認為，還有很多事情尚待解決，我們大家還需要了解。但是的，我們已經將其從 23% 大幅降低，具體數字將取決於其他公告。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

Hey, good morning, everyone. Thanks for taking the question. So I wanted to ask again about inventory position up 10%. It sounds like some of that is strategic pulling some of the orders in early. Can you talk a little more about the complexion of that today?

嘿，大家早安。感謝您回答這個問題。所以我想再次詢問庫存狀況增加 10% 的情況。聽起來其中一些是戰略性的，提前拉取一些訂單。您今天能再多談談這個問題嗎？

And I guess, more importantly, to what extent do you think that may be helping drive conversion and sales. Obviously, in-stock can be pretty important to the consumer here, given typical lag time. So just any color on that would be helpful.

我想，更重要的是，您認為這在多大程度上有助於推動轉換和銷售。顯然，考慮到典型的延遲時間，有庫存對消費者來說非常重要。因此，任何顏色都會有幫助。

Our inventory ended the year ended the quarter at $1.3 billion, up 10% to last year. And as I mentioned in our prepared remarks, included in our inventory levels is a strategic pull forward of receipts to reduce the potential impact of higher tariffs in fiscal year '25.

截至本季末，我們的庫存為 13 億美元，比去年同期成長了 10%。正如我在準備好的演講中提到的那樣，我們的庫存水準包括策略性地提前收貨，以減少 25 財年提高關稅的潛在影響。

To quantify that, it's about $60 million to $70 million that we pulled forward. If you back out that out, our inventory levels would have been materially in line with revenue growth. And without divulging our playbook, we were very aggressive when we saw the impact of the tariffs, particularly after the reciprocal tariffs, and we gave our inventory teams the authority to go out and grab whatever they could.

為了量化這一點，我們提前撥付了大約 6,000 萬至 7,000 萬美元。如果你撤銷這個假設，我們的庫存水準將與收入成長基本一致。我們不透露我們的策略，但當我們看到關稅的影響時，特別是在互惠關稅之後，我們表現得非常積極，我們授權我們的庫存團隊出去搶購任何他們能搶到的東西。

And that's both foreign goods and domestics goods. So what we could ship early from overseas that had already been produced but maybe we intended to flow later in the year, we brought in.

這既包括外國商品，也包括國貨。因此，我們可以提前從海外發貨那些已經生產出來但可能打算在今年稍後生產的產品，我們就引進了它們。

And then domestically, where we could obtain goods we aggressively pursued that, and we think that will give us a benefit later in the year, and those goods are now on our books territory. I think it's important to note, if you take a step back, even with this 10% increase, our inventory levels are only up 23% versus 2019, and our revenue growth was up 40% over that time.

然後在國內，我們積極尋求可以獲得商品的地方，我們認為這將在今年稍後為我們帶來利益，這些商品現在都在我們的書籍領域。我認為值得注意的是，如果退一步來看，即使增加了 10%，我們的庫存水準也僅比 2019 年增長了 23%，而我們的收入增長率同期卻增長了 40%。

And I'll also point out to everyone that unlike the fashion brands, unlike apparel, unlike footwear, the majority of what we sell is core and not seasonal. So we don't have the same markdown risks as many other retailers. If sales go down, we can pull some leverage elsewhere.

我還要向大家指出，與時尚品牌、服裝和鞋類不同，我們銷售的產品大多是核心產品，而不是季節性產品。因此，我們不會像許多其他零售商那樣面臨降價風險。如果銷售額下降，我們可以利用其他地方的槓桿。

But we think by pulling this forward, it will really help us over the year, help mitigate the tariffs. And it's almost, Lauren and I were debating, it's almost that there's the seven point to our tariff mitigation plan.

但我們認為，透過提前實施這項舉措，它將在未來一年真正幫助我們，有助於降低關稅。勞倫和我正在辯論，我們的關稅減免計劃幾乎有七點內容。

So Seth, you nailed it, being in stock is really important to the consumer right now. People don't want to wait, they don't have to wait. Our in-stocks are great and even more importantly, our on-time deliveries are great. So when you have the right inventory in the right place, you're able to reduce costs, it's all part of the supply chain excellence that we're driving through the P&L that you see in the margin line is part of because the inventory is in much better shape and is in the right places, and we're able to deliver full orders, customers are happy.

所以，塞思，你說對了，現在有庫存對消費者真的很重要。人們不想等待，他們也不必等待。我們的庫存充足，更重要的是，我們的準時交貨率很高。因此，當您在正確的位置擁有正確的庫存時，您就能夠降低成本，這都是我們透過損益表推動的供應鏈卓越的一部分，您在利潤線上看到的就是其中的一部分，因為庫存狀況更好，並且位於正確的位置，我們能夠交付全部訂單，客戶也很高興。

In fact, the on-time numbers are at an all-time high right now, which is wonderful. It's a customer metric. But customer metrics are the most important metrics to us. On-time delivery is a key part. And then as it relates to in-store, we've been stocking more take at home today, product in all of our brands, and it's driving substantial comp.

事實上，目前的準點率達到了歷史最高水平，這真是太好了。這是一個客戶指標。但客戶指標對我們來說才是最重要的指標。準時交貨是關鍵部分。然後，就店內而言，我們今天一直在為所有品牌儲備更多在家銷售的產品，這正在帶來可觀的利潤。

So we're very pleased with that initiative, we thought it would work. It's working even better than expected. And as we said earlier, at the same time, our regular price business is strong and our clearance inventory as well. So we're sitting in a good place from an inventory perspective as a summary.

因此，我們對這項舉措感到非常滿意，我們認為它會發揮作用。它的效果比預期的還要好。正如我們之前所說，同時，我們的正常價格業務表現強勁，清倉庫存也同樣強勁。因此，從庫存角度來看，我們處於有利地位。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

Hey, good morning guys. Good quarter. I guess I'll make it two-parts. The first, the shape of the year with comps even before this quarter is 3.4%. Did you expect it to improve throughout the year? That's the first question.

嘿，大家早安。好季度。我想我會把它分成兩個部分。首先，本季之前的全年可比成長率為 3.4%。您是否期望它全年都會有所改善？這是第一個問題。

And the second, tariff mitigation costs, maybe paraphrase or trying to interpret this, so you're paying higher today for product because of the tariff. Has that product sold or it's just capitalized cost that's affecting cost of goods base? And therefore, it actually doesn't get any worse from here, depending on where tariffs go? If you can just explain that. Thank you.

第二，關稅減免成本，也許可以解釋為，由於關稅，您今天為產品支付的費用更高。該產品售出了嗎？或者它只是影響商品基礎成本的資本化成本？因此，實際上情況不會變得更糟，這取決於關稅的走向？如果你能解釋一下的話。謝謝。

Yeah. Let's talk about our growth posture, first and foremost. We've been working hard to strengthen our brands, incubate new brands, build our B2B business, drive our design services, improve our operations for customer service, all because we know that we need to grow. We want to grow, and our brands have incredible loyalty and they love and it's been the hangover of the housing market that has hit the industry on furniture.

是的。首先，讓我們談談我們的成長態勢。我們一直在努力加強我們的品牌、孵化新品牌、建立我們的 B2B 業務、推動我們的設計服務、改善我們的客戶服務運營，這一切都是因為我們知道我們需要成長。我們想要成長，我們的品牌擁有令人難以置信的忠誠度，他們喜愛我們的品牌，而房地產市場的後遺症已經對家具業造成了衝擊。

This is the year that we have set our number one initiative is return to growth, okay. We laid it out last year, we are here. We are driving positive homes. And that is everybody's focus. So there's a lot going on outside of our brands.

今年我們確定的首要任務是恢復成長，好的。我們去年就制定了計劃，現在我們就在這裡。我們正在推動積極的家園。這也是大家關注的焦點。因此，我們的品牌之外還有很多事情發生。

But what we see is the customer is really responding to newness, innovation collaborations, as I said, the experience and I don't think there's many people doing what we're doing with the design quality value relationship. And so as we think about our expectations, our expectations are that we will outperform.

但我們看到的是，客戶確實對新事物、創新合作做出了回應，正如我所說的，我認為沒有多少人在設計品質價值關係方面像我們一樣。因此，當我們考慮我們的期望時，我們的期望是我們會表現得更好。

Our expectations are that we will take market share this year, and we believe we can grow this year despite the difficult macro backdrop. As it relates to quarters, less focused on the quarter-by-quarter more focused on the long term both the full year and also the opportunity even longer than that to more than double our total company.

我們的預期是，今年我們將佔據市場份額，我們相信，儘管宏觀背景艱難，但今年我們仍能實現成長。就季度而言，我們不太關注逐個季度，而更關注長期，包括全年，甚至更長遠的機會，以使我們的公司整體規模增加一倍以上。

And as part of your to answer your second part of your question about the tariff mitigation costs, these were specific costs that we expensed in the quarter because they were related to things we took when the reciprocal tariffs were announced in, as I mentioned before. We have very aggressive actions. And these were short-term expenses.

作為您關於關稅減免成本問題的第二部分回答的一部分，這些是我們在本季度支出的具體成本，因為它們與我們在宣布互惠關稅時採取的措施有關，正如我之前提到的。我們的行動非常積極。這些都是短期開支。

We halted shipments from China. That comes with an expense. We added to assortments, so that comes from an expense. All the different things we did expediting, all that comes with an expense. We do believe it will pay back in future quarters.

我們停止了來自中國的出貨。這需要花費一些錢。我們增加了品種，所以這來自於費用。我們為加快速度所做的所有不同的事情，都伴隨著費用。我們確實相信它將在未來幾季獲得回報。

As we just talked about on the inventory, we've front-loaded a lot of goods. Those have now come in with 0 tariff, and we'll be able to enjoy that benefit throughout the year.

正如我們剛才談到的庫存，我們已經預先裝載了許多貨物。現在這些產品的關稅為 0，我們全年都可以享受這項優惠。

So all of these actions we're taking is why we are confident that we are able to absorb the incremental tariffs typically the 30% China tariff and the 10% global reciprocal tariffs into our guidance without changing it. That's why we are reiterating our guidance today.

因此，我們採取的所有這些行動都是因為我們有信心將增量關稅（通常是 30% 的中國關稅和 10% 的全球互惠關稅）納入我們的指導方針中而不進行改變。這就是我們今天重申指導意見的原因。

Christopher Horvers, JPMorgan.

摩根大通的克里斯多福霍弗斯。

Thanks and good morning. Can you talk a little bit about how you think about the quarter in terms of all the puts and takes at a later spring? You have a consumer that does react to the stock market, which went through a tough period.

謝謝，早安。您能否談談您對春末本季的所有投入和產出的看法？消費者確實會對經歷了艱難時期的股市做出反應。

But then furniture turned positive and maybe there were some pull forward in some categories where the consumer got concerned about tariff pricing. So to what extent do you think the strong comp that you posted was affected directionally to the positive or to the negative. And what do you think is driving furniture that flipped furniture turning positive finally?

但隨後家具銷售轉為正值，一些消費者擔心關稅定價的類別可能出現了一些上漲。那麼您認為您發布的強勁表現在多大程度上受到了正面或負面的影響？您認為是什麼因素最終推動家具翻轉趨勢走向正面？

There's a lot in there. I'm going to let Jeff start.

裡面有很多東西。我要讓傑夫開始。

Yeah. So my simple answer to the question is what we saw in the quarter is our consumer responding to our strategies, our product assortments, our marketing. We outperformed the industry and gained market share, and that trend has been consistent for several quarters.

是的。所以我對這個問題的簡單回答是，我們在本季看到的是消費者對我們的策略、產品組合和行銷的反應。我們的表現優於行業並獲得了市場份額，而且這種趨勢已經持續了幾個季度。

We don't necessarily think there's pull forward. I mean, there could be, but there's no way for us to quantify that. So we don't necessarily think that's a big factor here.

我們不一定認為有向前的拉動。我的意思是，可能有，但我們無法量化。所以我們不一定認為這是一個重要因素。

We are executing on our priorities. We are executing on what we said we have to do. We saw that in the performance across all our brands newness and innovation is driving performance in our core brands.

我們正在執行我們的優先事項。我們正在履行我們說過要做的事情。我們看到，在我們所有品牌的表現中，新穎性和創新性正在推動我們核心品牌的表現。

Our emerging brands delivered double-digit growth. B2B had a very strong quarter as well. It's our continuing execution on our initiatives and the consumer is responding to it.

我們的新興品牌實現了兩位數的成長。B2B 本季表現也非常強勁。這是我們持續執行的計劃，消費者也對此做出了回應。

Chris, is there an additional question you want to ask there that we didn't answer? Or does that give you enough information?

克里斯，你還有什麼問題想問而我們還沒回答嗎？或者這是否給你提供了足夠的資訊？

I think that gives me enough. I did have a follow-up on the input cost side, Jeff. I think you said that you had an easy compare sort of last year. And so some of the headwinds to merch margins this year was an easy compare last year. Your weighted average cost.

我認為這已經足夠了。我確實對投入成本進行了跟進，傑夫。我想您說過，去年您進行了一次輕鬆的比較。因此，今年商品利潤率面臨的一些不利因素與去年相比很容易比較。您的加權平均成本。

So as you proceeded through last year, was that sort of easy compare got less easy such that, that lap gets easier and the headwind on selling or merch margins because of that and the mitigation efforts in 1Q, '25 that diminishes as you look forward?

那麼，隨著去年的進展，這種簡單的比較是否變得不那麼容易了，以至於那一圈變得更容易了，並且由於這個原因，銷售或商品利潤率的逆風以及 25 年第一季度的緩解措施隨著您的展望而減少？

That's correct, Chris. Yeah. And that's embedded in our guidance. And if you take a look, we're guiding on the full year operating margin is materially flat ex the 53 week, inclusive of absorbing all of these tariffs. So we do see that we can maintain that. That's why we're reiterating our guidance today.

沒錯，克里斯。是的。這已融入我們的指導中。如果你看一下，你會發現我們預計全年營業利潤率與第 53 週相比基本持平，其中包括吸收所有這些關稅。所以我們確實看到我們可以保持這一點。這就是我們今天重申指引的原因。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

This is Emily Gosh on for Kate. I wanted to ask about supply chain efficiencies. It looks like the benefit from supply chain efficiencies this quarter was greater than that of the fourth quarter could you guys provide detail around what drove this acceleration? And then how should we think about the impact for the remainder of the year?

我是艾米麗·戈什 (Emily Gosh)，為凱特 (Kate) 主持。我想詢問有關供應鏈效率的問題。看起來本季供應鏈效率帶來的好處大於第四季度，你們能否詳細說明推動這項加速的因素？那我們該如何看待今年剩餘時間的影響呢？

Yes. I mean supply chain efficiency is, another words for customer service. And if you think about Williams-Sonoma, the first thing that comes to mind is service and product, right? That's what you see is smell of amazing aromas in our stores and the incredible displays. And that's who we are.

是的。我的意思是供應鏈效率，換句話說就是客戶服務。如果您想到 Williams-Sonoma，首先想到的就是服務和產品，對嗎？這就是您在我們的商店中看到的令人驚嘆的香氣和令人難以置信的展示。這就是我們。

Supply chain efficiencies means that we're able to execute that dream all the way from the inspiration in the store to the product in your home. And we're seeing lower returns and replacements. We're seeing for on-time delivery, less out of market share all the things that have cost to them.

供應鏈效率意味著我們能夠實現這個夢想，從商店中的靈感到您家中的產品。我們看到退貨和更換的數量正在減少。我們看到，為了準時交貨，減少市場份額，他們付出了巨大的代價。

And we've been after this for years, we're making great progress. The supply chain team continues to outperform to their expectations, our expectations and there's still more to go because we all know that delivering furniture is very difficult. It's much easier to deliver savings.

我們已經為此努力了很多年，並且取得了巨大的進步。供應鏈團隊的表現持續超越他們的預期和我們的預期，還有更多的工作要做，因為我們都知道運送家具非常困難。實現儲蓄變得容易得多。

And those who are going to continue to do it the best will own this category. And I think that people really now trust us and they can count on is not only the cost favor is a sales driver.

而那些將繼續做到最好的人將擁有這個類別。我認為人們現在真的信任我們，他們可以信賴的不僅是成本優勢，還有銷售動力。

Robby Ohmes, Bank of America.

羅比·歐姆斯（Robby Ohmes），美國銀行。

This is Maddy Check on for Robby Ohmes. I was just curious if you could share how much B2B is expected to contribute to comp this year? And maybe any potential update on how you view the size of your B2B opportunity long term as you expand your book?

我是 Maddy Check，為 Robby Ohmes 主持。我只是好奇，您能否分享一下今年 B2B 預計對公司貢獻多少？在擴展您的書時，您是否可以就您如何看待長期 B2B 機會的規模做出任何潛在的更新？

Sure. Yeah. B2B had nice momentum. We're continuing to build our pipeline with new customers and give our existing customers, great new things to buy. We're always developing great new projects and we see this as a $2 billion opportunity. Thank you for the question.

當然。是的。B2B 發展動能良好。我們正在繼續與新客戶建立聯繫管道，並為現有客戶提供優質的新產品。我們一直在開發偉大的新項目，我們認為這是一個價值 20 億美元的商機。謝謝你的提問。

We are out of time for questions today. I'd like to turn the call back over to Laura Alber for any closing remarks.

今天我們已經沒有時間回答問題了。我想將電話轉回給勞拉·阿爾伯 (Laura Alber) 做最後發言。

Yeah. Thank you all so much. Really appreciate your support and being here today, and I hope you have a great memorial day weekend.

是的。非常感謝大家。非常感謝您的支持和今天的到來，希望您度過一個愉快的陣亡將士紀念日週末。

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。