Williams-Sonoma Inc (WSM) 2025 Q2 法說會逐字稿

Welcome to the Williams-Sonoma, Inc. Second 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 財年第二季財報電話會議。（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 second quarter earnings call. I'm here today with Laura Alber, our Chief Executive Officer; Jeff Howie, our Chief Financial Officer; and Sameer Hassan, our Chief Technology and Digital Officer.

早安，感謝您參加我們的第二季財報電話會議。今天和我一起來這裡的還有我們的執行長 Laura Alber、我們的財務長 Jeff Howie 以及我們的首席技術和數位長 Sameer Hassan。

Before we get started, I'd like to remind you that during this call, we will make forward-looking statements with respect to future events and financial performance, including our updated guidance, for fiscal '25 and our long-term outlook. We believe these statements reflect our best estimates. However, we cannot make any assurances 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.

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，包括我們對 25 財年和長期展望的最新指導。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. This call should also be considered in conjunction with our filings with the SEC. Finally, a replay of this call will be available on our Investor Relations website.

此外，我們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.

現在我想把電話轉給勞拉。

Thank you, Jeremy. Good morning, everyone, and thank you for joining the call. I'm excited to talk to you about our second quarter. Before we get into our results, I'd like to acknowledge our team for their hard work. Their commitment, creativity and focus continues to drive our success. We're proud to deliver strong results in the second quarter of 2025 with another positive top line comp and continued outperformance in our profitability.

謝謝你，傑瑞米。大家早安，感謝大家參加電話會議。我很高興與您談論我們的第二季。在了解結果之前，我想先感謝我們團隊的辛勤工作。他們的承諾、創造力和專注繼續推動著我們的成功。我們很自豪能夠在 2025 年第二季取得強勁業績，再次實現積極的營收成長，獲利能力持續保持優異表現。

In Q2, our comp came in above expectations at 3.7%, with all brands, again, running positive comps. And we exceeded profitability estimates with an operating margin of 17.9% and earnings per share of $2, with earnings growth of nearly 20%. This was our second quarter of accelerated positive comps coming out of 2024 despite continued geopolitical uncertainty and no material improvement in the housing market. And we continue to outperform the industry, which declined in Q2. This growing outperformance was driven by positive comps in both furniture and nonfurniture and strong performance in our retail and e-commerce channels.

在第二季度，我們的同店銷售額成長了 3.7%，超出預期，所有品牌的同店銷售額也再次呈現正成長。我們的營業利潤率達到 17.9%，每股收益為 2 美元，超出了盈利預期，收益增長了近 20%。儘管地緣政治不確定性持續存在且房地產市場沒有實質改善，但這仍是我們自 2024 年以來第二個加速實現正成長的季度。我們的表現持續優於第二季下滑的產業。這種不斷增長的優異表現得益於家具和非家具行業的積極成長以及零售和電子商務通路的強勁表現。

As we move into the second half of 2025, we are continuing to focus on three key priorities; first, returning to growth; second, elevating our world-class customer service; and third, driving earnings. Let's take a moment to review how we're advancing these priorities. First, in our core brands, we have increased our newness offer and our focus on categories where there is substantial white space in the market. Our product development competency is a distinct competitive advantage and allows us to deliver exclusive high-quality merchandise at a compelling value.

進入 2025 年下半年，我們將繼續關註三個關鍵優先事項：第一，恢復成長；第二，提升我們世界一流的客戶服務；第三，提高獲利能力。讓我們花點時間回顧一下我們是如何推進這些優先事項的。首先，在我們的核心品牌中，我們增加了新品供應，並專注於市場上存在大量空白的類別。我們的產品開發能力是一個獨特的競爭優勢，使我們能夠以極具吸引力的價格提供獨家高品質的商品。

And our focus on innovation is driving results, particularly in furniture, where newness pushed us into positive furniture comps. Our growth strategy also includes diversifying our assortment in seasonal decor, textiles and housewares. And strategic collaborations are another critical part of our growth plan. These collaborations continue to expand new customer growth and drive sales and most importantly, drive relevance and excitement for our brands and our customers.

我們對創新的關注正在推動業績成長，尤其是在家具領域，新穎性推動我們取得正面的家具表現。我們的成長策略還包括實現季節性裝飾、紡織品和家居用品的多樣化。戰略合作是我們成長計畫的另一個重要部分。這些合作將繼續擴大新客戶的成長並推動銷售，最重要的是，提高我們品牌和客戶的相關性和吸引力。

Also, our B2B business remains an important part of our growth strategy. B2B grew 10% in Q2 with both trade and contract performing. We continue to build a loyal expanding client base across multiple industries by leveraging our design expertise and commercial-grade product range. Our emerging brands, including Rejuvenation, Mark and Graham and GreenRow, together also continue to grow double digits.

此外，我們的 B2B 業務仍然是我們成長策略的重要組成部分。B2B 在第二季度成長了 10%，貿易和合約都表現良好。我們利用我們的設計專業知識和商業級產品系列，繼續在多個行業建立忠誠且不斷擴大的客戶群。我們的新興品牌，包括 Rejuvenation、Mark and Graham 和 GreenRow，也持續保持兩位數的成長。

We have a proven ability to build and scale brands, and we are particularly excited about Rejuvenation, which drove its seventh consecutive quarter of double-digit comps in Q2. We currently have 11 Rejuvenation stores and we'll be opening up our 12th store in Nashville in September. We continue to believe that Rejuvenation will be our next billion-brand.

我們擁有打造和擴大品牌規模的卓越能力，尤其對 Rejuvenation 品牌感到興奮，該品牌在第二季度實現了連續第七個季度的兩位數增長。我們目前擁有 11 家 Rejuvenation 商店，並將於 9 月在納許維爾開設第 12 家商店。我們始終堅信，Rejuvenation 將成為我們的下一個十億品牌。

Beyond growth, our next priority is to focus on customer service. We are committed to providing flawless customer service with orders that are delivered on time and damage-free every time. Our operational performance continues to be better than our benchmarks. And we are focused on further optimizing these metrics by minimizing returns and damages, reducing split shipments and decreasing fulfillment time. We see even further opportunity for supply chain efficiencies in the long term as we implement AI capabilities. And finally, the cumulative results of our focus on returning to growth, improving customer service, and tightly controlling expenses will enable us to drive our third key priority, strong earnings.

除了成長之外，我們的下一個重點是專注於客戶服務。我們致力於提供完美的客戶服務，每次都準時、無損壞地交付訂單。我們的營運表現持續優於基準。我們致力於透過最大限度地減少退貨和損壞、減少分批裝運和縮短履行時間來進一步優化這些指標。隨著我們實施人工智慧功能，我們看到長期供應鏈效率的進一步提高。最後，我們專注於恢復成長、改善客戶服務和嚴格控制開支的累積成果將使我們能夠推動我們的第三個關鍵優先事項，即強勁的獲利。

Now I'd like to share an update on the opportunity we see with AI at Williams-Sonoma. We don't view AI as a standalone function. It is embedded across our business. Our strategy is organized into three areas; enhancing the customer experience, optimizing our supply chain and automating internal operations. On the customer experience, we are already seeing strong results from our new AI-powered customer service assistant, which we launched with Pottery Barn Kids earlier this summer and are scaling across all of our brands this week. It is improving issue resolution rates and speed while reducing cost, creating a better experience for both customers and associates.

現在我想分享我們在 Williams-Sonoma 看到的人工智慧機會的最新情況。我們並不認為人工智慧是一項獨立的功能。它已融入我們的業務之中。我們的策略分為三個領域：增強客戶體驗、優化供應鏈和實現內部營運自動化。在客戶體驗方面，我們已經看到了新推出的人工智慧客戶服務助理的強勁效果，該助理是我們在今年夏初與 Pottery Barn Kids 合作推出的，本週將擴展到我們所有的品牌。它提高了問題解決率和速度，同時降低了成本，為客戶和員工創造了更好的體驗。

We are also advancing our next generation of digital design tools and preparing to launch a culinary companion that will help customers with everything from cookware discovery to holiday entertaining. In the supply chain, our vertically integrated model gives us unmatched control from design sourcing to final mile delivery. This enables us to apply AI end-to-end, improving forecasting, optimizing inventory and increasing delivery accuracy. Few in our industry have the breadth of ownership to unlock this level of efficiency.

我們也正在推廣下一代數位設計工具，並準備推出烹飪伴侶，幫助客戶完成從炊具發現到節日娛樂等所有事務。在供應鏈中，我們的垂直整​​合模式使我們對從設計採購到最後一英里交付擁有無與倫比的控制權。這使我們能夠端到端應用人工智慧，改善預測，優化庫存並提高交付準確性。在我們的行業中，很少有人擁有如此廣泛的所有權來實現這種程度的效率。

And finally, we are driving meaningful efficiency gains in our internal operations. Through our proprietary AI platform built to rapidly create secure business-specific applications and through partnerships with best-of-class providers, we are automating workflows across functions such as finance, HR and technology.

最後，我們正在推動內部營運效率的顯著提高。透過我們專有的 AI 平台（用於快速建立安全的特定業務應用程式）以及與一流供應商的合作，我們正在實現財務、人力資源和技術等職能部門的工作流程自動化。

Early adoption has already yielded measurable improvements in productivity, software development velocity and creative production. The foundation across all of this is our proprietary data, combined with decades of expertise in design, culinary and omnichannel retail. We are already seeing very real impact in financial results from these investments from higher conversion and sales growth to measurable cost savings and productivity gains. AI is not just a future opportunity for us. It is delivering results today, and we believe it positions Williams-Sonoma to lead our industry in applying AI with both creativity and discipline.

早期採用已經在生產力、軟體開發速度和創意生產方面取得了可衡量的進展。所有這一切的基礎是我們專有的數據，以及數十年的設計、烹飪和全通路零售方面的專業知識。我們已經看到這些投資對財務結果的實際影響，從更高的轉換率和銷售成長到可衡量的成本節約和生產力提高。人工智慧對我們來說不僅僅是一個未來的機會。它今天正在取得成果，我們相信它將使 Williams-Sonoma 引領我們的行業以創造力和紀律應用人工智慧。

Turning to guidance. We are encouraged by our strong sales trends so far in 2025, and therefore, we are raising our top line guidance. We now expect full year comparable brand revenue growth to be in the range of 2% to 5%. In terms of how that incremental revenue flows through to our operating margin, we expect that this additional top line growth will be pressured by incremental tariff costs. Therefore, we are not raising our operating margin guidance and we are reiterating our expectation that our full year operating margin will be in the range of 17.4% to 17.8%.

轉向指導。我們對 2025 年迄今強勁的銷售趨勢感到鼓舞，因此，我們提高了營收預期。我們現在預計全年可比品牌收入成長率將在 2% 至 5% 之間。就增量收入如何轉化為我們的營業利潤率而言，我們預計這一額外的營收成長將受到增量關稅成本的壓力。因此，我們不會提高營業利潤率預期，並重申我們的預期，即全年營業利潤率將在 17.4% 至 17.8% 之間。

Since we last gave guidance, the tariff environment has evolved. Specifically, our incremental tariff rates have doubled since our Q1 earnings call. Jeff will walk you through more details around our updated guidance. I would like to update you now on our tariff mitigation efforts. We continue to be actively and aggressively mitigating what we can with our six-point plan.

自從我們上次給予指引以來，關稅環境已經改變了。具體來說，自第一季財報電話會議以來，我們的增量關稅稅率已經翻了一番。Jeff 將向您詳細介紹我們更新後的指南。現在我想向大家通報我們降低關稅的措施。我們將繼續積極主動地透過六點計畫盡力減輕影響。

First, we are successfully obtaining cost concessions from our strong vendor community. This includes reductions on current products, but also reductions in price on the newness that we are bringing in and developing. Second, we are actively resourcing goods to get the best cost for our customers. Third, we are identifying further supply chain efficiencies in our network. Fourth, we are optimizing expense through tight cost control and financial discipline. Fifth, we are expanding our made in the USA assortment, production and partnerships. And lastly, we are carefully taking select price increases on products with a focus on maintaining competitive pricing. We expect the next time we talk about tariff with you, the landscape may be different. But for today, all effective tariffs are reflected in our updated guidance.

首先，我們成功地從強大的供應商社群中獲得了成本優惠。這包括降低現有產品的價格，也包括降低我們引進和開發的新產品的價格。其次，我們積極採購貨物，以便為客戶提供最優惠的成本。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優化開支。第五，我們正在擴大美國製造的品種、生產和合作關係。最後，我們謹慎地提高部分產品的價格，重點是維持有競爭力的價格。我們預計下次與您討論關稅時情況可能會有所不同。但就今天而言，所有有效關稅都反映在我們更新的指南中。

Now let's review our brands. Pottery Barn ran a positive 1.1% comp in Q2, and since 2019, the brand ran a 42.6% comp. Pottery Barn is executing its strategy to step up innovation, provide better value, improve channel experiences and reduce promotions and we are pleased with the initial reads of our fall launch. In particular, customers continue to respond to our innovation in proprietary design and furniture.

現在讓我們回顧一下我們的品牌。Pottery Barn 在第二季的年成長率為 1.1%，自 2019 年以來，該品牌的年成長率為 42.6%。Pottery Barn 正在實施其策略，加強創新、提供更好的價值、改善通路體驗並減少促銷，我們對秋季發布的初步數據感到滿意。特別是，客戶對我們在專有設計和家具方面的創新持續做出回應。

Our Pottery Barn stores are a key part of our success and continue to outperform. Customers have shown their love for the in-store shopping experience, and we have responded by focusing on improving retail inventory availability, refreshing product assortments and enhancing design services. We are pleased to see our strategies working at Pottery Barn. We believe the brand will continue to improve its sales trend through increased newness, exciting brand collaborations and strong design services.

我們的 Pottery Barn 商店是我們成功的關鍵部分，並且繼續表現出色。顧客們已經表現出對店內購物體驗的熱愛，而我們也對此做出了回應，專注於提高零售庫存的可用性、更新產品組合併增強設計服務。我們很高興看到我們的策略在 Pottery Barn 發揮了作用。我們相信，透過增加新鮮度、令人興奮的品牌合作和強大的設計服務，該品牌將繼續改善其銷售趨勢。

Now I'd like to talk to you about our Pottery Barn children's business, which ran a 5.3% comp in Q2, representing the sixth consecutive quarter of positive comps. And since 2019, Pottery Barn Kids and Teen ran a 25.9% comp. Innovation across our product offering and the shopping experience has been key to delivering this growth. The children's business continues to see strong response to our new product launches as we address evolving trends in furniture and decor, and our effective collaborations are driving demand and new customer growth. In these life-stage brands, the journey starts with Baby. In the Baby business, we delivered growth in nursery furniture and our expanded offering of Keepsake gifts.

現在我想和大家談談我們的 Pottery Barn 兒童業務，該業務在第二季度實現了 5.3% 的同比增長，這是連續第六個季度實現正增長。自 2019 年以來，Pottery Barn Kids and Teen 的銷售額年增了 25.9%。我們的產品供應和購物體驗的創新是實現這一成長的關鍵。隨著我們順應家具和裝飾不斷變化的趨勢，兒童業務繼續對我們推出的新產品產生強烈反響，而我們有效的合作正在推動需求和新客戶的成長。在這些生命階段品牌中，旅程從寶寶開始。在嬰兒業務方面，我們實現了嬰兒家具的成長，並擴大了紀念品禮品的供應。

Moving to our back-to-school business, which has been strong. We are focused on offering high-quality gear at-home study solutions and everything students need for the dorm. We continue to acquire new customers with our dorm decorating solutions, market-leading quality and exclusive collaborations. We are making shopping easier through our enhanced pickup near campus program. Our customers can ship to any of our over 450 Williams-Sonoma Inc. stores nearest to their school.

轉向我們的返校業務，該業務一直表現強勁。我們專注於提供高品質的家庭學習解決方案以及學生宿舍所需的一切。我們憑藉宿舍裝飾解決方案、市場領先的品質和獨家合作不斷吸引新客戶。我們透過增強的校園附近取貨計劃使購物變得更加容易。我們的客戶可以將貨物運送到距離學校最近的 450 多家 Williams-Sonoma Inc. 商店中的任何一家。

Additionally, we've expanded our offering in store and provide free design services for dorm. And in the quarter, we acquired the intellectual property of Dormify which we believe will expand our presence in the dorm space as we develop it as our tenth brand. As we look to the balance of the year, we feel confident in our pipeline of product innovation and our consistent brand promise. We continue to focus on quality, sustainable goods that are built to last over the childhood years at a compelling value.

此外，我們還擴大了店內服務範圍，並為宿舍提供免費設計服務。本季度，我們收購了 Dormify 的智慧財產權，我們相信，隨著我們將其發展為第十個品牌，它將擴大我們在宿舍領域的影響力。展望今年的剩餘時間，我們對我們的產品創新管道和一貫的品牌承諾充滿信心。我們繼續專注於優質、可持續的商品，這些商品可以在整個童年時期使用，並且具有極具吸引力的價值。

Now let's review West Elm. West Elm ran a positive 3.3% comp in Q2. Since 2019, West Elm has grown 41.9%. We continue to make progress against the brand's four key pillars; product, brand heat, channel excellence and operational efficiencies. In Q2, West Elm drove positive comps in both furniture and non-furniture. Product innovation is driving strong performance with newness up double digits year-over-year. Fall is on track to be the brand's most successful launch of the year with standout collections across all categories.

現在讓我們回顧一下 West Elm。West Elm 在第二季的業績年增 3.3%。自 2019 年以來，West Elm 成長了 41.9%。我們持續在品牌的四大支柱方面取得進展：產品、品牌熱度、通路卓越性和營運效率。在第二季度，West Elm 在家具和非家具領域均取得了積極的業績。產品創新推動了強勁的業績，新產品數量較去年同期成長了兩位數。秋季新品可望成為該品牌今年最成功的新品發布，各類別新品均十分出色。

Collaborations are also an important part of West Elm's growth. The brand's collaboration with award-winning designers, Pierce & Ward, continued to be a huge success throughout Q2. This collection is West Elm's top-selling collaboration to date. The codesigned line received widespread of claim earning top-tier press coverage. Also in July, the brand launched their second Kids collaboration with Joseph Altuzarra. We're excited by the momentum at West Elm. Their growth strategy is working, and we have a sizable opportunity for this brand.

合作也是 West Elm 成長的重要部分。該品牌與屢獲殊榮的設計師 Pierce & Ward 的合作在第二季度繼續取得巨大成功。該系列是 West Elm 迄今為止最暢銷的合作系列。共同設計的生產線獲得了廣泛的認可，並獲得了頂級媒體的報導。同樣在 7 月，該品牌與 Joseph Altuzarra 推出了第二次兒童合作。我們對 West Elm 的發展勢頭感到非常興奮。他們的成長策略正在發揮作用，我們為這個品牌提供了巨大的機會。

Now let's review the Williams-Sonoma brand. We're thrilled to report the brand's third consecutive quarter of positive comps, running a 5.1% comp. And since 2019, the brand ran a 39.9% comp. Our design-led approach and exclusive partnerships continue to expand our market reach and relevance. Customers are responding to our inspirational product stories with amazing chefs and innovative product launches to introduce color into their kitchens as well as new technologies from chef-driven collaborations to the ongoing success of Williams-Sonoma exclusive products we are providing our customers with what they want. We're thrilled to build on this momentum with additional launches planned for the second half of the year across all categories.

現在讓我們回顧一下 Williams-Sonoma 品牌。我們很高興地報告該品牌連續第三個季度實現正成長，年增 5.1%。自 2019 年以來，該品牌的銷售額年增了 39.9%。我們以設計為主導的方法和獨家合作夥伴關係不斷擴大我們的市場範圍和相關性。客戶對我們鼓舞人心的產品故事做出了回應，我們擁有出色的廚師和創新的產品發布，為他們的廚房增添色彩，同時採用從廚師主導的合作到 Williams-Sonoma 獨家產品的持續成功的新技術，我們正在為客戶提供他們想要的東西。我們很高興能夠延續這一勢頭，並計劃在今年下半年推出所有類別的更多產品。

I also want to mention that in early July, we kicked off our annual fundraising with No Kid Hungry to support their fight against childhood hunger in America. And to date, we have raised over $20 million for No Kid Hungry to customer donations, events, and our tools for change collection of spatulas designed by celebrities, chefs and influencers. I want to thank everyone that has helped us raise both money and awareness for this very important cause.

我還想提一下，7月初，我們與「No Kid Hungry」組織啟動了年度籌款活動，以支持他們對抗美國兒童飢餓的鬥爭。到目前為止，我們已經透過顧客捐款、舉辦活動以及由名人、廚師和有影響力人士設計的鏟子變革工具系列，為「No Kid Hungry」籌集了超過 2000 萬美元。我要感謝所有幫助我們為這項重要事業籌集資金和提高意識的人。

Turning to the Williams-Sonoma Home business. Strong launches in lighting textiles and decor partially offset softness in the furniture this quarter. In Q2, all non-furniture categories grew, demonstrating our ability to provide elevated decorating updates for the Home.

轉向 Williams-Sonoma Home 業務。本季度，照明紡織品和裝飾品的強勁推出部分抵消了家具市場的疲軟。在第二季度，所有非家具類別均實現成長，證明了我們有能力為家居提供更高品質的裝飾更新。

Now I'd like to update you on B2B growing 10% in Q2, with both trade and contract delivering double-digit comps. Leveraging our design expertise and commercial-grade product assortment, we've built a strong and growing client base across multiple industries. Our B2B offering remains a powerful differentiator, and we are seeing continued momentum.

現在我想向大家通報第二季 B2B 業務成長 10% 的情況，其中貿易和合約都實現了兩位數的同比增長。利用我們的設計專業知識和商業級產品組合，我們在多個行業中建立了強大且不斷增長的客戶群。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。

Now I'd like to update you on our emerging brands which continue to drive strong growth and profitability. Rejuvenation delivered another strong quarter of growth with double-digit comps. The brand's strong performance continues to be fueled by strength in core renovation categories. And product innovation continues to drive growth. In Q2, we expanded finishes across categories, introduced new statement lighting collections and size options to our vanities and bath hardware to better meet project needs.

現在我想向大家介紹我們新興品牌的最新情況，這些品牌繼續推動著強勁的成長和獲利。復興業務再創佳績，實現了兩位數的強勁成長。該品牌的強勁表現繼續受到核心翻新類別的推動。產品創新持續推動成長。在第二季度，我們擴大了各個類別的飾面，為我們的梳妝台和浴室五金推出了新的聲明照明系列和尺寸選擇，以更好地滿足專案需求。

We also see strong demand in newer hardware categories. Rejuvenation is well positioned to sustain growth through the second half of 2025 and beyond. Mark and Graham ended the quarter with strong momentum also driven by ongoing growth in their new Baby and Pet categories, along with the successful launch of their new back-to-school and early fall collections. As we head into the holiday selling season, corporate gifting becomes a larger focus for the brand, and we're excited by the potential of this great business.

我們也看到新硬體類別的強勁需求。復興預計在 2025 年下半年及以後維持成長。馬克和格雷厄姆在本季結束時表現強勁，這也得益於其新的嬰兒和寵物類別的持續增長，以及新的返校和初秋系列的成功推出。隨著我們進入假日銷售季，企業禮品成為品牌關注的重點，我們對這項巨大業務的潛力感到興奮。

Now turning to our newest and smallest brand, GreenRow. The brand delivered strong growth in Q2, driven by increased demand for core vintage-inspired furniture collections, printed upholstery fabrics and a launch of Fall newness in June. GreenRow continues to innovate with new materials, thoughtful collaboration and uniquely optimistic products. The product line is incredibly beautiful in person, and we are actively looking for a couple of store locations to test this concept at retail.

現在轉向我們最新、最小的品牌 GreenRow。該品牌在第二季度實現了強勁增長，這得益於對核心復古風格家具系列、印花裝飾面料的需求增加以及 6 月推出的秋季新品。GreenRow 不斷透過新材料、周到的合作和獨特樂觀的產品進行創新。這個產品系列實體看起來非常漂亮，我們正在積極尋找幾家商店來測試這個零售概念。

Last, I'd like to talk about our global business. We continue to deliver strong performance across our strategic global markets, including Canada, Mexico, India and the UK In Canada, both retail and DTC channels are outperforming, supported by a differentiated product offering and enhanced omnichannel strategy and the expansion of our B2B program. In Mexico, where we partner with Liverpool, results remained strong, driven by the success of our expanded summer assortment and strategic growth in the design and trade business.

最後，我想談談我們的全球業務。我們持續在包括加拿大、墨西哥、印度和英國在內的戰略全球市場中取得強勁業績。在加拿大，零售和 DTC 通路均表現出色，這得益於差異化的產品供應、增強的全通路策略以及 B2B 計畫的擴展。在墨西哥，我們與利物浦合作，業績依然強勁，這得益於我們擴大夏季產品系列的成功以及設計和貿易業務的策略性成長。

In India, where we work with reliance, growth is driven by new marketing initiatives that are driving brand awareness. And in the UK we are leveraging strong trade segment momentum while executing against our plan for the upcoming online launch of Pottery Barn UK this fall.

在印度，我們與信實工業合作，推動成長的動力來自於提升品牌知名度的新行銷措施。在英國，我們正在利用強勁的貿易領域勢頭，同時執行即將於今年秋季在線推出 Pottery Barn UK 的計劃。

In summary, we are proud of our strong execution and outperformance in Q2 with accelerating positive comps and strong profitability. The current level of macroeconomic uncertainty does not distract us from our focus and determination. Across the company, we are all committed to improving our channel experiences and building strong brands. Every day, we come to work with a focus on innovation, product design and customer service, which differentiates us across the industry.

總而言之，我們對第二季的強勁執行力和優異表現感到自豪，業績呈現加速成長態勢，獲利能力強勁。當前宏觀經濟的不確定性水準並不會分散我們的注意力和決心。在整個公司，我們都致力於改善我們的通路體驗並打造強大的品牌。每天，我們都專注於創新、產品設計和客戶服務，這使我們在整個行業中脫穎而出。

This differentiation allows us to shine in this highly fragmented industry and ultimately positions us to pick up market share with our three key priorities; returning to growth, enhancing our world-class customer service and driving earnings. We are set up well to continue executing in 2025 and beyond.

這種差異化使我們能夠在這個高度分散的行業中脫穎而出，並最終使我們能夠透過三個關鍵優先事項來獲得市場份額：恢復成長、增強我們世界一流的客戶服務和提高獲利能力。我們已做好充分準備，並將在 2025 年及以後繼續執行。

And with that, I will turn it over to Jeff to walk you through the numbers and our outlook in more detail.

接下來，我將把時間交給傑夫，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. Our results this quarter exceeded our expectations on both the top and the bottom line. Here are some key highlights from Q2. All brands delivered positive comps for the second straight quarter. Furniture and non-furniture category, both ran positive comps reflecting strength across all facets of our offering. White space opportunities such as dorm and West Elm Kids grew double digit. Our emerging brands continued their streak of double-digit positive comps with Rejuvenation having a especially strong performance.

謝謝你，蘿拉，大家早安。本季我們的業績無論是頂線還是底線都超出了我們的預期。以下是第二季的一些主要亮點。所有品牌連續第二季實現了正成長。家具和非家具類別都取得了積極的業績，反映了我們提供的各個方面的實力。宿舍和 West Elm Kids 等空白空間機會增加了兩位數。我們的新興品牌持續保持兩位數的正成長，其中 Rejuvenation 的表現尤為強勁。

B2B delivered another strong quarter of growth with a 10% comp and a near record quarter in our contract business. Retail and e-commerce both drove positive comps. Our supply chain team delivered all-time best across nearly all customer service metrics while simultaneously improving efficiency and reducing costs.

B2B 業務再創佳績，季度年增 10%，合約業務也接近創紀錄的水平。零售和電子商務均帶來了積極的成長。我們的供應鏈團隊在幾乎所有客戶服務指標上都表現出色，同時提高了效率並降低了成本。

Our marketing team drove more customer engagement and strong sales with less advertising spend. And we drove EPS growth of nearly 20% to $2 per share. We delivered these results amidst a weak housing market, high interest rates and macroeconomic uncertainty, all while navigating an unprecedented level of tariff volatility.

我們的行銷團隊以更少的廣告支出提高了客戶參與度並實現了強勁的銷售。我們推動每股盈餘成長近 20%，達到每股 2 美元。我們在房地產市場疲軟、利率高企和宏觀經濟不確定的背景下取得了這些成果，同時也應對了前所未有的關稅波動。

Our results would not be possible without the talented team we have at Williams-Sonoma, Inc. I'd like to thank our team for their relentless dedication to delivering strong financial results and outstanding customer service. Our team is the best in retail.

如果沒有 Williams-Sonoma, Inc. 的優秀團隊，我們的成果就不可能達成。我要感謝我們的團隊不懈地致力於提供強勁的財務表現和卓越的客戶服務。我們的團隊是零售業最好的。

Now let's get to the numbers. I'll start with our Q2 results and then cover guidance for fiscal year '25. Q2 net revenue finished at $1.84 billion. Our revenues exceeded the high end of our expectations at a positive 3.7% comp. We gained market share in the quarter, even as we increased our penetration of full price selling.

現在讓我們來看看數字。我將從我們的第二季業績開始，然後介紹 25 財年的指導。第二季淨營收達 18.4 億美元。我們的收入超出了我們的預期上限，年增 3.7%。即使我們增加了全價銷售的滲透率，我們在本季也獲得了市場份額。

All brands delivered positive comps for the second consecutive quarter, driven by positive comps in both our furniture and non-furniture categories. From a channel perspective, both the retail and e-commerce channels delivered positive comps with retail up 7.3% comp and e-commerce up 2% comp. Both channels benefited from improved in-stock from our higher inventory levels.

所有品牌連續第二季實現了正成長，這得益於家具和非家具類別的正成長。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，其中零售成長 7.3%，電子商務成長 2%。這兩個管道都受益於我們庫存水準的提高所帶來的庫存改善。

Moving down the income statement. Gross margin exceeded our expectations, coming in at 47.1%, 220 basis points higher than last year. Merchandise margin accounted for 190 basis points of our gross margin improvement. Select price increases and higher full price selling drove this improvement. Our Q2 results saw a minimal impact from tariffs due to our tariff mitigation efforts, including the front-loading of lower tariff receipts in Q1. Supply chain efficiencies drove the remaining 30 basis points of improvement in our gross margin.

向下移動損益表。毛利率超出我們的預期，達到 47.1%，比去年高出 220 個基點。商品利潤率占我們毛利率改善的190個基點。精選商品價格上漲和全價銷售增加推動了這一改善。由於我們採取了降低關稅的措施，包括在第一季預先收取較低的關稅，因此關稅對我們第二季的業績影響很小。供應鏈效率推動了我們毛利率剩餘的30個基點的提高。

We continue to realize expense savings across manufacturing, warehousing and delivery from our focus on customer experience and efficiency. Key metrics, including returns, accommodations, damages, replacements and outbound shipping expense continued to improve year-over-year. Occupancy costs, although up 2.1% on a dollar basis, were essentially flat as a percent of revenue. Overall, our gross margin this quarter exceeded our expectations.

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。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。儘管入住成本以美元計算上漲了 2.1%，但佔收入的百分比基本上持平。總體而言，本季的毛利率超出了我們的預期。

Turning now to SG&A. Our SG&A ran at 29.2% of revenues, 20 basis points lower than last year. Employment expense deleveraged 100 basis points, primarily due to higher incentive compensation from our strong results this quarter. We continue to manage variable employment costs across our stores, distribution centers and customer care centers in line with top line trends. Advertising expense was 80 basis points lower year-over-year. Our in-house marketing team drove more customer engagement and strong sales with less advertising spend.

現在來談談銷售、一般及行政費用 (SG&A)。我們的銷售、一般及行政費用佔收入的 29.2%，比去年低 20 個基點。僱用費用去槓桿化了 100 個基點，主要原因是本季我們業績強勁，激勵薪資增加。我們將繼續根據營收趨勢管理我們商店、配送中心和客戶服務中心的變動僱用成本。廣告費用較去年同期下降了80個基點。我們的內部行銷團隊以更少的廣告支出提高了客戶參與度並實現了強勁的銷售。

General expenses leveraged 40 basis points from our higher revenues and are keeping a tight lid on expenses. On the bottom line, our earnings exceeded our expectations. Operating income grew 18% to $328 million. Operating margin at 17.9% was 240 basis points above last year, and diluted earnings per share grew nearly 20% year-over-year to $2.

一般費用利用了我們更高收入的 40 個基點，並嚴格控制支出。整體而言，我們的收益超出了我們的預期。營業收入成長 18% 至 3.28 億美元。營業利益率為 17.9%，比去年高出 240 個基點，每股稀釋收益較去年同期成長近 20%，達到 2 美元。

On the balance sheet, we ended the quarter with a cash balance of $986 million with no outstanding debt. We generated $283 million in operating cash flow during the quarter, invested $52 million in capital expenditures supporting our long-term growth and returned $280 million to our shareholders through $199 million in stock repurchases and $81 million in dividends.

在資產負債表上，我們本季末的現金餘額為 9.86 億美元，沒有未償還債務。我們在本季產生了 2.83 億美元的營運現金流，投資了 5,200 萬美元的資本支出以支持我們的長期成長，並透過 1.99 億美元的股票回購和 8,100 萬美元的股息向股東返還了 2.8 億美元。

Merchandise inventory stood at $1.4 billion, up 17.7% to last year. Our inventory includes $70 million of a strategic pull forward of receipts at lower tariff rates than expected later in fiscal year '25. And $20 million of incremental tariff costs recorded in inventory. Overall, our inventory level and composition are well positioned to support our sales growth.

商品庫存為 14 億美元，比去年增長 17.7%。我們的庫存包括 7,000 萬美元的策略性提前收款，其關稅稅率低於 25 財年後期的預期。庫存中記錄了 2000 萬美元的增量關稅成本。總體而言，我們的庫存水準和結構能夠很好地支持我們的銷售成長。

Turning up our Q2. We're proud to deliver results that exceeded our expectations on both the top and the bottom line. Now let's turn to our guidance for fiscal year '25. First, some housekeeping. Fiscal year '24 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. The additional week contributed 150 basis points to revenue growth and 20 basis points to operating margin to fiscal year '24 results.

提高我們的第二季。我們很自豪能夠取得超出我們預期的業績，無論是營收還是利潤。現在讓我們來看看 25 財年的指導。首先，進行一些日常事務。對 Williams-Sonoma, Inc. 來說，24 財年為 53 週。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 24 財年的營收成長貢獻了 150 個基點，營業利益率成長了 20 個基點。

Additionally, in the first quarter of fiscal year '24, we recorded a $49 million out-of-period adjustment related to prior year freight accruals. This benefited fiscal year '24 operating margin results by approximately 70 basis points. Our guidance for fiscal year '25 will use our fiscal year '24 results without the out-of-period adjustment than the comparable basis. As we turn to guidance for fiscal year '25, we remain focused on what we can control, executing our three key priorities; returning to growth, elevating our world-class customer service and driving earnings. We're confident in our growth strategy, and we are encouraged by the momentum in our business.

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。這使 24 財年的營業利潤率提高了約 70 個基點。我們對 25 財年的指導將使用 24 財年的業績，且不進行與可比較基礎不同的期外調整。當我們轉向 25 財年的指導時，我們仍然專注於我們能夠控制的事情，執行我們的三個主要優先事項：恢復成長、提升我們世界一流的客戶服務和提高獲利能力。我們對我們的成長策略充滿信心，我們對業務的發展勢頭感到鼓舞。

On the top line, we are raising our fiscal year '25 net revenue guidance. We now expect full year '25 comp to be in the range of positive 2% to positive 5%. And with total net revenues in the range of positive 0.5% to positive 3.5% due to the 53rd week impact from last year. Our guidance assumes no meaningful changes in the macroeconomic environment or interest rates or housing turnover. Our higher guide reflects the continued strength in our business.

最重要的是，我們提高了 25 財年的淨收入預期。我們現在預計 25 年全年的營收將在正 2% 至正 5% 之間。由於受到去年第 53 週的影響，總淨收入在正 0.5% 至正 3.5% 之間。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。我們更高的指導價反映了我們業務的持續強勁。

Strong customer response to our newness and innovation and continued traction across our key growth initiatives. On the bottom line, we are reiterating our full year operating margin guidance of 17.4% to 17.8%. The flow-through from our higher revenue will be offset by both the tariffs announced since our last earnings call and the flexibility we are giving ourselves to protect our key priorities of growth in service.

客戶對我們的新穎性和創新性反應強烈，並持續推動我們的關鍵成長計畫。總而言之，我們重申全年營業利潤率預期為 17.4% 至 17.8%。我們增加的收入所帶來的收益將被我們自上次收益電話會議以來宣布的關稅以及我們為保護服務增長的關鍵優先事項而給予自己的靈活性所抵消。

Regarding tariffs. Our incremental tariff rate has doubled since our last earnings call. At our May earnings call, our incremental tariff rate was 14%. As of today's call, it has doubled to 28%. This includes the additional 30% China tariffs, 50% India tariff, 20% Vietnam tariff and averaged 18% tariff on the rest of the world, as well as the 50% steel and aluminum tariffs and a 50% copper tariff.

關於關稅。自從上次收益電話會議以來，我們的增量關稅稅率已經翻了一番。在我們五月的收益電話會議上，我們的增量關稅稅率為 14%。截至今天的電話會議，這一比例已翻倍至 28%。其中包括對中國額外徵收30%的關稅、對印度額外徵收50%的關稅、對越南額外徵收20%的關稅以及對世界其他地區平均徵收18%的關稅，以及對鋼鐵和鋁額外徵收50%的關稅和對銅額外徵收50%的關稅。

We believe the strength of our operating model combined with the six-point mitigation plan that Laura shared with you, enables us to maintain our guidance despite the doubling of tariffs since our last earnings call. Our guidance reflects our best estimate of the impact based upon the tariffs in place as of this call. Given our strong performance this year and our raising top line guidance, we would expect there to be incremental earnings flow through on the year.

我們相信，我們強大的營運模式加上勞拉與您分享的六點緩解計劃，使我們能夠在自上次財報電話會議以來關稅翻倍的情況下維持我們的指導。我們的指導反映了我們根據本次電話會議時實施的關稅對影響的最佳估計。鑑於我們今年的強勁表現和不斷提高的營收預期，我們預計今年的獲利將會增加。

However, tariff policy has been volatile and subject to multiple revisions. It's hard to say where tariffs will ultimately land and what impact it will have on our business. As we navigate this uncertainty, we intend to stay focused on growth and service. Reiterating our operating margin guidance gives us the flexibility to protect these key priorities. The key point here is we are raising our top line guidance based upon momentum in our business.

然而，關稅政策一直不穩定，並且經過多次修改。很難說關稅最終會落到什麼地步以及會對我們的業務產生什麼影響。在應對這種不確定性時，我們打算繼續專注於成長和服務。重申我們的營業利潤率指導使我們能夠靈活地保護這些關鍵優先事項。這裡的關鍵點是，我們根據業務發展勢頭提高了營收預期。

In reiterating our bottom line guidance, to give us flexibility as we navigate the tariff uncertainty. Also today, we are providing some further input for modeling purposes. We expect our full year interest income to be approximately $30 million and our full year effective tax rate to be approximately 26.5%.

重申我們的底線指導，為我們應對關稅不確定性提供靈活性。今天我們也將為建模目的提供一些進一步的輸入。我們預計全年利息收入約為 3,000 萬美元，全年有效稅率約為 26.5%。

Turning now to capital allocation. Our plans for fiscal year '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. We intend to invest 85% of this capital spend on our e-commerce channel, retail optimization and supply chain efficiency.

現在來談談資本配置。我們 25 財年的計畫優先考慮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 2.5 億至 2.75 億美元之間。我們打算將其中 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。

We remain committed to returning excess cash to our shareholders in the form of increased quarterly dividend payout and ongoing share repurchases. For dividend, we will continue to pay our quarterly dividend of $0.66 per share, which is a 15% increase year-over-year. We are proud to say that fiscal year '25 is the 16th consecutive year of increased dividend payout. For share repurchases, we have $900 million available under our share repurchase authorization through which we will opportunistically repurchase our stock to provide returns to our shareholders.

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，我們將繼續支付每股 0.66 美元的季度股息，年增 15%。我們很自豪地說，25 財年是我們連續第 16 年增加股利。對於股票回購，根據我們的股票回購授權，我們有 9 億美元可用，我們將透過這筆資金適時回購我們的股票，為股東提供回報。

Looking further into the future beyond '25, we are reiterating our long-term guidance mid- to high single-digit revenue growth, with operating margins in the mid- to high teens.

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 Laura's and my comments, we're proud to deliver another quarter of strong results for our shareholders that exceeded expectations. While tariff policy has produced uncertainty and headwind. We are encouraged by the momentum we see in our business. 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 remain consistent.

總結勞拉和我的評論，我們很自豪能夠為股東帶來另一個超乎預期的強勁業績。而關稅政策也產生了不確定性和阻力。我們對我們的業務所看到的勢頭感到鼓舞。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 furnishing, 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.

我們能夠在分散的家居市場中獲得份額，得益於我們內部專有設計的優勢。我們的數位優先但並非僅限數位的通路策略的競爭優勢、我們成長計畫的持續強勁以及我們堡壘資產負債表的彈性。

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

現在，我將開始回答問題。

(Operator Instructions)

（操作員指示）

Oliver Wintermantel, Evercore.

奧利佛·溫特曼特爾，Evercore。

Yes, thanks. Good morning, guys. A question on the comp performance. Could you talk a little bit about the transactions versus ticket or AUR, what really drove most of the comp outperformance?

是的，謝謝。大家早安。關於公司業績的一個問題。您能否稍微談談交易量與票務或 AUR 的關係，真正推動公司業績優異的因素是什麼？

Good morning, Oli. Good to hear from you. As everyone knows, we don't specifically disclose our AUR ticket transaction metrics. Pricing was one part of the quarter. But our comps are really reflective of the momentum in our business. And we're seeing positive results from nearly every initiative we're after. I talked about that in our prepared remarks.

早安，奧利。很高興收到你的來信。眾所周知，我們不會具體揭露我們的 AUR 票務交易指標。定價是本季的一部分。但我們的同店銷售額確實反映了我們業務的發展動能。我們所推行的幾乎每一項措施都取得了正面的成果。我在我們的準備好的發言中談到了這一點。

All brands positive comps. Where Laura talked about how newness and innovation is working, both furniture and nonfurniture deposit comps white space opportunities that I've been speaking about for several quarters like dorm and West Elm Kids, double-digit comp. Our emerging brands, especially Rejuvenation delivered strong double-digit comp and our business-to-business division was another double-digit comp as well, really led by the contract business. So we are seeing strong momentum in our business, and we're very pleased with our comp.

所有品牌均表現正面。勞拉談到了新穎性和創新性如何發揮作用，家具和非家具存款都與我幾個季度以來一直在談論的空白領域機會有關，例如宿舍和 West Elm Kids，兩位數的比較。我們的新興品牌，尤其是 Rejuvenation，實現了強勁的兩位數成長，我們的企業對企業部門也實現了兩位數成長，這主要得益於合約業務。因此，我們看到我們的業務勢頭強勁，我們對我們的業績感到非常滿意。

Got it, thanks. And as a follow-up, just on the second half on your guidance, you're keeping the operating margin guidance the same, raising the top line.

明白了，謝謝。作為後續，關於下半年的指引，您將維持營業利潤率指引不變，同時提高營業收入。

Could you maybe talk a little bit about the gross margin versus SG&A outlook for the second half of the year? Is the gross margins then pressured by tariffs, but SG&A could be helped by the strong 3.5% comp that's implied for the second half?

您能否談談今年下半年的毛利率與銷售、一般及行政費用前景？那麼，毛利率是否會受到關稅的壓力，但銷售、一般及行政費用 (SG&A) 可能會因下半年預計的 3.5% 的強勁增長而得到幫助？

As you know, Oli, we don't guide to specific lines, but we guide total operating margin, and we are reiterating our operating margin guidance for the full fiscal year despite the incremental tariffs announced since our last earnings call.

如你所知，奧利，我們不指導具體的產品線，但我們會指導總營業利潤率，儘管自上次收益電話會議以來宣布了增量關稅，但我們仍重申整個財年的營業利潤率指導。

There's three key points I want to talk about as it relates to our overall guidance. I think each one is important to understand how we came up with the guidance and how we approached it. Their first point probably has more to do with the top line and that our guidance assumes no meaningful changes in the macroeconomic environment for interest rates for housing turnover. So a lot of headlines coming out of Jacksonville last week, and we haven't accounted for any of that.

我想談談與我們的整體指導相關的三個關鍵點。我認為每一個都很重要，以了解我們如何提出指導以及我們如何處理它。他們的第一點可能與收入更相關，我們的指導假設宏觀經濟環境不會對住房週轉利率產生重大變化。上週傑克遜維爾出現了很多頭條新聞，但我們還沒有考慮到這些新聞。

Our higher guide on the top line reflects the continued strength in our business. The strong customer response we're seeing in the newness and innovation. And like I just mentioned, the continued traction in our growth initiatives.

我們對營收的更高預期反映了我們業務的持續強勁。我們看到客戶對新產品和創新的強烈反應。正如我剛才提到的，我們的成長計畫將繼續受到推動。

The second point I'd like to make is our guidance on the bottom line incorporates the fact that our incremental tariff rate has doubled. At the time of our May earnings, our incremental tariff rate was 14%. Today, doubled to 28%. That's a lot to absorb. With our six-point tariff mitigation plan that Laura spoke about on our prepared remarks and our higher revenues, we can maintain our operating margin guide that really speaks to the profitability of our operating model.

我想說的第二點是，我們對底線的指導包含了增量關稅稅率翻倍的事實。在我們五月獲利時，我們的增量關稅稅率為 14%。如今，這一比例翻了一番，達到 28%。需要吸收的東西太多了。憑藉勞拉在準備好的演講中提到的六點關稅減免計劃以及更高的收入，我們可以維持我們的營業利潤率指南，這確實體現了我們營運模式的盈利能力。

And the third point I'd like to reference is just general tariff uncertainty. Tariffs have been volatile. It's hard to say where tariffs will ultimately land on what impact they will have on our business. And by reiterating our bottom line guidance, we're preserving the flexibility we have as we navigate the tariff uncertainty.

我想提到的第三點是一般關稅的不確定性。關稅一直不穩定。很難說關稅最終會落到什麼程度以及會對我們的業務產生什麼影響。透過重申我們的底線指導，我們在應對關稅不確定性時保留了靈活性。

So yes, our gross margin overall will be pressured from higher tariffs. It will be partially offset by supply chain efficiencies, which is one of our 6 point -- one of the points of our six-point tariff mitigation plan. And yes, we may pull some levers in SG&A, but we guide only our top and bottom line because it gives us the opportunity to pull different levers as we see business and trends of all. And as you've seen, we know the levers to pull.

所以是的，我們的整體毛利率將受到關稅上調的壓力。供應鏈效率將部分抵消這項影響，這是我們六點關稅減免計畫的要點之一。是的，我們可能會在銷售、一般和行政費用方面採取一些措施，但我們只指導我們的頂線和底線，因為這使我們有機會在看到所有業務和趨勢時採取不同的措施。如您所見，我們知道要拉什麼槓桿。

Jonathan Matuszewski, Jefferies.

喬納森·馬圖謝夫斯基，傑弗里斯。

Hi, good morning. This is Andreas. I'm on for Jonathan. So a question on pricing. So I know you guys raised the comp guidance and considering the select price increases that you've been taking in the past couple of quarters.

嗨，早安。這是安德烈亞斯。我支持喬納森。所以這是一個關於定價的問題。所以我知道你們提高了業績指引，並考慮到過去幾個季度以來你們所採取的部分價格上漲。

Can you provide more insight instead of the pricing strategy for the back half? And just more context around that would be helpful.

您能否提供更多有關後半部的定價策略的見解？更多有關此內容的背景資訊將會很有幫助。

Yes. Thank you for the question. It is so important to us that our customers get the best value design and quality for their money. And that hasn't changed despite tariffs or anything else for that matter ever. We continue to try to build more innovation into our product lines and more quality and also be smart about where the costs are and taking out costs that the customers don't care about. So we've been really at it, knowing the pressure that the tariffs would provide to work with our vendor partners to produce a line that everybody can do well with the consumers will respond to.

是的。謝謝你的提問。對我們來說，讓客戶以最少的錢獲得最有價值的設計和品質是非常重要的。無論關稅或其他因素如何變化，這一點都沒有改變。我們將繼續努力為我們的產品線注入更多創新，提高產品質量，同時明智地控製成本，並消除客戶不關心的成本。因此，我們一直在努力，了解關稅帶來的壓力，並與我們的供應商合作夥伴合作，生產一條每個人都能做好、消費者也會回應的產品線。

And as you've seen, we've been surgical about where we've taken some price increases, where, frankly, we were too cheap in the market for what we were selling. And we've seen good results from those things, and we're watching it carefully.

如您所見，我們對某些產品的價格上漲進行了精準的調整，坦白說，我們銷售的產品在市場上的價格太低了。我們已經看到了這些事情的良好結果，我們正在密切關注。

We certainly want to stay competitive, and we want to make sure that our product lines and finishing a whole home is accessible for our customers, so you don't want to move too much. And I feel really good about where we have it through the balance of the year. And we're constantly doing pricing tests to see what matters to our customer against which categories, and we're very thoughtful about it.

我們當然希望保持競爭力，我們希望確保我們的產品線和整個家居裝修能夠為我們的客戶所用，這樣您就不必搬家太多。我對我們今年餘下時間所取得的成績感到非常滿意。我們不斷進行定價測試，以了解哪些類別對我們的客戶重要，我們對此非常深思熟慮。

Operator, I think we're ready for the next question.

接線員，我想我們已經準備好回答下一個問題了。

Peter Benedict, Baird.

彼得·本尼迪克特，貝爾德。

Could you hear me saying, go ahead, ask the question?

你聽得到我說「來吧，問問題吧」嗎？

Yes, we could.

是的，我們可以。

And why couldn't you unmute yourself?

為什麼你不能取消靜音？

Well, yes, I think the operator has to do that for us.

嗯，是的，我認為操作員必須為我們做到這一點。

But anyway thanks for taking. I guess my one question will just be maybe an update on your view your ability to kind of resource where you're getting products given the changes in tariffs? I think you talked about made in the USA, I think that you were maybe an 18% mix in 2024, if I recall correctly. Just maybe give us a sense of what's realistic on that front? And also just throughout some of these other markets, what you're doing in terms of resourcing. Thank you.

但無論如何，感謝您的接納。我想我的一個問題是，考慮到關稅的變化，您是否能更新一下您對獲取產品資源的能力的看法？我想您談到了美國製造，如果我沒記錯的話，我認為到 2024 年您的混合比可能是 18%。或許可以讓我們來了解這方面的現實狀況？並且，就這些其他市場而言，你們在資源配置方面做了哪些工作。謝謝。

Yes. Thanks, Peter. It's a good question. I think you know very well how strong our sourcing capabilities are. We have a lot of relationships all over the world, including the United States. Long-standing relationships, and we know how to move product quickly and effectively.

是的。謝謝，彼得。這是個好問題。我想您非常清楚我們的採購能力有多強。我們在世界各地都有很多關係，包括美國。長期的合作關係，我們知道如何快速有效地銷售產品。

So we have been carefully threading out the risk outside the United States and making the best decisions we can without making too much knee-jerk reaction because there's so much change that we've seen of tariffs that were once very high going lower, and it's still yet to be seen where it's going to land.

因此，我們一直在謹慎地排除美國以外的風險，並儘可能做出最佳決策，而不會做出太多下意識的反應，因為我們已經看到很多變化，曾經很高的關稅正在降低，而且最終結果尚不清楚。

And so flexibility on our key items and having multiple sources, one to three -- or two, three sources versus just one is a key part of our strategy. As it relates to non-USA furniture threats of tariffs, it's early to speculate. I think we're day five of a 50-day probe, there's not a lot of information on this subject. But I will say that it's going to be very difficult for the industry even if tariffs are put on to bring a huge amount back to the United States in a short window of time because there aren't the factories available to do a lot of production.

因此，我們的關鍵項目具有靈活性，並且擁有多個來源（一到三個，或兩個、三個來源而不是只有一個）是我們策略的關鍵部分。由於這涉及美國以外的家具關稅威脅，現在猜測還為時過早。我認為我們正在進行為期 50 天的調查的第五天，但關於這個問題的資訊並不多。但我要說的是，即使徵收關稅，該行業也很難在短時間內將大量產品運回美國，因為沒有足夠的工廠進行大量生產。

And also, particularly for the lower end of the market, it will be difficult because those consumers are buying mostly Asian products. For us, of course, we will be in a much better position than most, if that were to happen because of our strong USA manufacturing capabilities already, we have most of our -- not most, I said good chunk of our upholstery in the United States as we speak, and we can do more there, and that would be something we'd really push.

而且，特別是對於低端市場來說，這將是困難的，因為這些消費者主要購買亞洲產品。當然，對我們來說，如果這種情況真的發生，我們將比大多數公司處於更有利的地位，因為我們在美國已經擁有強大的製造能力，我們的大部分——不是大部分，而是很大一部分室內裝潢都在美國，而且我們可以在那裡做更多的事情，這將是我們真正要推動的事情。

We have factories in Mississippi and North Carolina. And then we have our Rejuvenation Portland manufacturing unit that we love and has been running for many, many years. And because we know manufacturing, we know how to move more. So we'd be in much better shape if that were to happen. But I think the administration is realistic in understanding that this can't happen overnight. And we will continue to watch whatever they do and make our changes accordingly.

我們在密西西比州和北卡羅來納州設有工廠。我們還有我們喜愛的 Rejuvenation Portland 製造部門，它已經運作了很多年。因為我們了解製造業，所以我們知道如何實現更大的進步。所以如果發生這種情況，我們的狀況會好得多。但我認為政府很現實地認識到這不可能在一夜之間實現。我們將繼續關注他們的一舉一動並做出相應的改變。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Good morning. Thank you so much for taking my question.How much price have you seen being taken across the industry thus far? And how much price as Williams Sonoma taken across its various brands? And did that contribute to some gross margin expansion in the second quarter given that you were selling some older lower cost inventory? Thank you so much.

早安.非常感謝您回答我的問題。到目前為止，您看到整個行業的定價是多少？Williams Sonoma 旗下各品牌的售價是多少？鑑於你們正在出售一些舊的低成本庫存，這是否有助於第二季的毛利率擴大？太感謝了。

You said price? Like retail price?

你說的是價格嗎？例如零售價？

Yes, ma'am.

是的，女士。

Okay. So it's hard to know what other people are doing because there's a lot of up-down pricing in the market. So someone will take price up only to take it down with a promo or an e-mail offer, a credit card offer. There's a lot of promotions continually in our industry. That has not changed and people have really stepped up their everyday discounts.

好的。因此很難知道其他人在做什麼，因為市場上有許多上下波動的定價。因此，有人會提高價格，然後透過促銷或電子郵件優惠、信用卡優惠來降低價格。我們的行業不斷推出大量促銷活動。這種情況並沒有改變，人們確實加強了日常折扣。

And at the same time, I do think that they've taken prices up. So it's more very, very muddy to understand what is happening with other people's prices. As I said earlier, we've been very carefully looking at where prices make sense. And you have to remember also we sell everything from Anchovies to Armoire. So depending on what -- like they could move to the higher end of our furniture or the mid prices from the low end, and that also drives AUR, which is why we're always really reluctant to give you those metrics because you could think it's one thing when it's really another.

同時，我確實認為他們已經提高了價格。因此，要了解其他人的價格走勢就變得非常非常困難。正如我之前所說，我們一直在非常仔細地研究合理的價格。您還必須記住，我們出售從鳳尾魚到衣櫃的所有商品。所以這取決於什麼——例如他們可以從低端轉向高端家具或中等價位，這也會推動 AUR，這就是為什麼我們總是不願意給你這些指標，因為你可能會認為這是一回事，但實際上卻是另一回事。

And as we said, we're pleased and thrilled to see furniture comping. And obviously, furniture is a higher AUR, higher ticket than some of the other categories. So dimensionalizing it is not what we're doing today other than to say that our pricing strategies, our product strategies, are resonating with our customers, and we still have a very accessible, beautiful high-quality line that we're offering.

正如我們所說，我們很高興和興奮地看到家具的搭配。顯然，家具的 AUR 和票價比其他一些類別更高。因此，將其維度化並不是我們今天所做的，只是說我們的定價策略、我們的產品策略與我們的客戶產生了共鳴，而且我們仍然提供非常容易獲得、美觀的高品質產品線。

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)。

Hi, good morning. Congratulations on the good results. I wanted to ask on the furniture category. It's been positive for the last two quarters. What signals you seeing, I guess, more broadly around consumers wanting to shop furniture. And do you think it's just the newness you're offering or a more kind of broad-based improvement?

嗨，早安。恭喜你取得好成績。我想問一下家具類別的問題。過去兩個季度的情況一直很好。我想，您看到的訊號更廣泛地表明了消費者想要購買家具。您認為這只是您所提供的新穎之處還是更廣泛的改進？

Yes. I mean, there's nothing that would indicate that there's something going on in the macro, right? I mean, you're not seeing housing improve. Did we hit the bottom could be, but it's really related to the product of we can see it completely linked to the newness we're bringing in.

是的。我的意思是，沒有任何跡象表明宏觀上發生了什麼事情，對吧？我的意思是，你沒有看到住房狀況改善。我們是否觸底了，可能是這樣，但這確實與產品有關，我們可以看到它與我們引入的新鮮事物完全相關。

I mean I talked about West Elm just really hitting it out of park with this fall assortment and a lot more newness on the floor and at DTC, and it's really resonating with our customers, and we're seeing similar response in all of our brands. So where there's strong units, we're seeing strong -- really strong furniture results.

我的意思是，我說過 West Elm 的秋季系列確實非常出色，在地面和 DTC 上有很多新品，這確實引起了我們客戶的共鳴，我們在所有品牌中都看到了類似的反應。因此，哪裡有強大的單位，哪裡我們就會看到強大的——真正強大的家具業績。

Christopher Horvers, JPMorgan.

摩根大通的克里斯多福霍弗斯。

Thanks, good morning. Thanks for taking my question. So I did want to follow up on some of the inflation dynamics. It looks like if you use the CPI data, the category saw inflation accelerate around 270 basis points from 1Q to 2Q, your comps accelerated modestly.

謝謝，早安。感謝您回答我的問題。所以我確實想追蹤一些通貨膨脹的動態。看起來，如果您使用 CPI 數據，該類別的通貨膨脹率從第一季到第二季加速了約 270 個基點，而您的同類別通貨膨脹率則略有加速。

So is there -- was there some elasticity perhaps that showed up? Is that just not representative of the price perhaps? Or was there perhaps some maybe pull forward into the first quarter as the consumer try to get ahead of tariffs? Thanks so much.

那麼——是否出現了一些彈性？這也許不能代表價格嗎？或者，由於消費者試圖搶在關稅之前採取行動，第一季可能會出現一些提前行動？非常感謝。

Good morning, Chris, five questions in one.

早安，克里斯，五個問題。

So let me start with demand pull forward is we didn't not see any indications of demand pull forward in the quarter. If you look at our past three quarters, our comps have been almost all in the same ballpark, 3.1%, 3.4%, 3.7%. So there's not a huge indication of any demand pull forward there, they've been consistent. And we haven't seen any short-term spike that will be indicative of a demand pull forward.

因此，讓我先從需求拉動開始，我們在本季沒有看到任何需求拉動的跡象。如果你回顧我們過去三個季度，你會發現我們的同店銷售額幾乎都處於同一水平，分別為 3.1%、3.4% 和 3.7%。因此，沒有明顯跡象表明需求會提前，它們一直保持一致。我們還沒有看到任何表明需求提前上漲的短期飆升。

I think what's happened in demand is more what Laura has touched on is the customer is responding to our initiatives, and that's the efforts we put in the brands around newness and innovation. It's a lot of our web-based opportunities. It is the way we're merchandising our stores and our websites. It's our emerging brands like Rejuvenation. It's just been a broad-based strength and momentum across our businesses.

我認為需求方面發生的事情更多的是勞拉提到的客戶對我們的舉措的回應，這就是我們在品牌新穎性和創新性方面所付出的努力。這是我們很多基於網路的機會。這是我們推銷商店和網站的方式。這是我們的新興品牌，例如 Rejuvenation。這對我們的業務來說是一種廣泛的力量和動力。

Regarding your question on inflation, elasticity. Inflation, pricing was one part of the overall equation for us during the quarter. But as Laura talked about, as we talked about ticket transactions, all that, there's a lot of variables in there for us because of the wide mix of our assortment. And customers can trade between that and the mix can produce a very different result.

關於你關於通膨、彈性的問題。通貨膨脹和定價是我們本季整體考慮的一部分。但正如勞拉所說的，正如我們談論的票務交易一樣，由於我們的產品種類繁多，因此其中存在許多變數。客戶可以在這些之間進行交易，而組合可以產生截然不同的結果。

And I'm trying to remember the other part of your question. In terms of elasticity, what we're seeing from elasticity is really just depends it's category by category SKU by SKU specific. And the key point is the more differentiated product is, the less elasticity and the more opportunity to take price. The less differentiated, the more commoditized product is, the more pricing is sensitive. Going into more specifics would be playbook. But for us, the thing isn't just about price, it's about that. It's about the quality equation, it's about the service equation and we're winning in all those fronts.

我正在努力回憶你問題的另一部分。就彈性而言，我們所看到的彈性實際上取決於每個類別的 SKU 和 SKU 的具體情況。關鍵在於產品差異化程度越高，價格彈性越小，負擔價格的機會越多。產品差異化程度越低、商品化程度越高，定價越敏感。更具體的內容將是劇本。但對我們來說，問題不僅在於價格，還在於這一點。這關乎品質方程式、服務方程式，我們在所有這些方面都取得了勝利。

Steven Zaccone, Citi.

花旗銀行的史蒂文‧扎科內 (Steven Zaccone)。

Great, good morning. Thanks very much for taking my question. I wanted to focus on the second half and just how you're thinking about the third quarter versus the fourth quarter in terms of same-store sales growth? it seems like the business has had this broad-based strength. Would you expect that to continue?

太好了，早安。非常感謝您回答我的問題。我想重點談談下半年的情況，以及您如何看待第三季與第四季的同店銷售額成長？看起來該業務已經擁有廣泛的優勢。您認為這種情況會持續下去嗎？

And then Laura, specifically, holiday was pretty good for retail last year, you saw an acceleration in your business. What's your view on holiday and how the consumer responds? Thank you.

然後，勞拉，具體來說，去年假期對零售業來說相當不錯，你看到了業務的成長。您對假期有何看法？消費者的反應如何？謝謝。

Yes, really when we think about the back half. But as we said in our prepared remarks, we're pleased with our current sales and the momentum is continuing and getting furniture to positive comp is a huge piece of that equation.

是的，當我們考慮後半部分時確實如此。但正如我們在準備好的發言中所說的那樣，我們對目前的銷售情況感到滿意，而且這種勢頭還在繼續，而讓家具實現正增長是其中很重要的一部分。

And then we've had great momentum in our most holiday-specific brands, i.e., Kids and Williams-Sonoma. And that is great because when they're doing well, they were naturally giftable than some of our other brands that are more decorate your own home. And so that makes us optimistic. And then, of course, there's the product line. And we've gotten to see it. We've got to see the online demonstration of it, and it's very, very compelling and builds on the things that are working today.

我們的假期專屬品牌 Kids 和 Williams-Sonoma 也取得了強勁發展勢頭。這很棒，因為當它們表現良好時，它們自然比我們的其他一些更適合裝飾自己家居的品牌更適合作為禮物。這讓我們感到樂觀。當然，還有產品線。我們已經看到了它。我們必須看到它的線上演示，它非常引人注目，並且建立在當今正在運行的東西的基礎上。

And while we're doing well, there's still a lot of things that we can continue to improve, and I believe we've improved them in the fourth quarter and the third quarter more than we had last year, and that will be good for sales in my opinion.

雖然我們做得很好，但仍有許多事情可以繼續改進，我相信我們在第四季度和第三季度的改進比去年同期有所增加，我認為這對銷售有利。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

Hey, good morning, everyone. Nice quarter. I'm just trying to understand how the higher tariff costs will start to phase in here? So merchandise margin in Q3 historically has been pretty similar to Q2. If that holds, it would point to pretty meaningful upside year-over-year. But can you just help us bridge Q2 to Q3 on the margins a little bit more even if not gross margin, maybe just broadly?

嘿，大家早安。不錯的季度。我只是想知道更高的關稅成本將如何開始逐步實施？因此，從歷史上看，第三季的商品利潤率與第二季非常相似。如果這一情況成立，那麼與去年同期相比，其成長幅度將相當可觀。但是，您能否幫助我們將第二季和第三季的利潤率稍微提高一些，即使不是毛利率，也許只是大致提高？

And then just a related follow-up. As I think about how you've embedded tariffs here for the back half of the year, can you just remind us how to think about how these costs wrap into next year and should we assume that you get better at mitigating it as time goes on? Thank you.

然後只是相關的後續行動。當我想到你們如何在下半年嵌入關稅時，你能否提醒我們如何考慮這些成本將如何影響到明年，以及我們是否應該假設隨著時間的推移，你們能夠更好地緩解這些成本？謝謝。

A lot to go over in that call. In terms of what we're thinking about for Q3 margin. As you know, we don't guide the specific quarters, we provide annual guidance. That gives us flexibility to adjust and pull different levers as we go through and see the business. What we will guide in terms of overall how the tariffs will start to flow into our margins is we do see it accelerate impact accelerating across the year. We're on the weighted average cost method of accounting. And as those higher tariff costs work their way into our cost of goods sold, there will be a gradually building process across the year.

這次通話中有很多事情需要討論。關於我們對第三季利潤率的考慮。如您所知，我們不提供特定季度的指導，而是提供年度指導。這使我們能夠在審視業務的同時靈活地調整和拉動不同的槓桿。就關稅如何開始流入我們的利潤率而言，我們將看到的是，它的影響在全年不斷加速。我們採用加權平均成本會計法。隨著這些更高的關稅成本逐漸計入我們的銷售成本，全年將會有一個逐漸增加的過程。

In terms of how we think about next year and what it means, we're only halfway through '25 and there's a lot left in this year to go. I think it's probably too early to start discussing '26 guidance. We're very confident in our growth strategies and really encouraged as we said all morning, by the momentum in our business. The big unknown variable is tariffs.

關於我們如何看待明年以及它意味著什麼，我們才剛剛度過 25 年的一半，今年還有很多事情要做。我認為現在開始討論 26 條指導意見可能還為時過早。我們對我們的成長策略非常有信心，正如我們上午所說的那樣，我們的業務發展勢頭確實讓我們感到鼓舞。最大的未知變數是關稅。

As you know, we've seen multiple round of changes, revisions, post comments seems almost every other day, we're adjusting to something and we don't have a crystal ball on where it finally lands. So with this in the earnings release, we reiterated our long-term guidance beyond '25. But a lot could change over the next six months, and we'll leave it at that.

如您所知，我們幾乎每隔一天就會看到多輪變更、修訂和貼文評論，我們正在適應某些事情，但我們無法預測最終結果。因此，在收益報告中，我們重申了 25 年以後的長期指引。但未來六個月可能會發生很多變化，我們就此打住。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

Hi everyone. Nice quarter. I wanted to, I guess, hone in again on tariff for a minute. I know you said it's built into the back half. Curious how you thought about demand elasticity for the second half? And I want to sort of put out something how to think about how it impacted the first half for a second, because I think we were under the impression that at least at the initial rates there was some sharing, if that's a fair assumption, but some sharing with vendors. And because it was a relatively manageable amount, you didn't have to raise price as much, but maybe price was taken up in advance.

大家好。不錯的季度。我想，再集中討論一下關稅問題。我知道您說過它內建在後半部。好奇您對下半年的需求彈性有何看法？我想提出一些想法，讓我們思考一下它對上半年的影響，因為我認為我們的印像是，至少在最初的費率上存在一些共享，如果這是一個合理的假設，但有些是與供應商共享的。而且由於這是一個相對可控的金額，你不必大幅提高價格，但價格可能已經提前被提上去了。

So now you have a higher run rate for the second half. How does that sharing look like? Does the guidance mean you have to take price up more and you're more concerned about elasticity and hence, margin. Just curious if you can give us a little more detail of how it's progressed throughout the year.

所以現在下半場的得分率更高了。這種共享是什麼樣的？該指導是否意味著您必須進一步提高價格，並且您更加關心彈性以及利潤率。我只是好奇您是否可以向我們提供更多關於它全年進展的細節。

Yes, sure. The most important piece of this is the innovation piece. And I don't think you can underestimate what a big factor that is in our guidance and in our results. And it's not about everything that everyone else is doing to us. It's about what we're making happen. We've talked a lot today on this call about product innovation, brand strength and channel excellence. And those initiatives in those categories are what's making us confident in our guidance in the back half.

是的，當然。其中最重要的部分是創新部分。我認為你不能低估它對我們的指導和結果的重要性。這與其他人對我們所做的一切無關。這關乎我們正在做的事情。我們今天在電話會議上討論了很多關於產品創新、品牌實力和通路卓越性的話題。這些類別中的舉措使我們對下半年的指導充滿信心。

And in terms of your question about vendor sharing, we have incredible partnerships with our vendors, and they're continuing to help us as much as they can navigate this situation. I want to thank them publicly for all that they've done, and the key to this long term is to keep them in business and strong and, at the same time, have everybody share in what we're doing.

關於您提到的供應商共享問題，我們與供應商建立了良好的合作關係，他們正在盡最大努力繼續幫助我們解決這個問題。我想公開感謝他們所做的一切，而長期的關鍵是讓他們繼續經營並保持強大，同時讓每個人都分享我們所做的事情。

And we're very mindful to keep our wipeout us about pricing because it matters to consumers. And so this price value relationship will be held throughout the back half of the year in the same way that we've done it carefully in the first half. So I don't see us doing anything dramatic. We don't have plans to do anything dramatic that would be unexpected that should put a damper on sales. Of course, as Jeff said, we're not also assuming in our guidance a Black Swan event. So if anything terrible happen, obviously, things would change.

我們非常注意保持定價的準確性，因為這對消費者很重要。因此，這種價格價值關係將在今年下半年保持，就像我們在上半年謹慎採取的方式一樣。所以我認為我們不會做出任何戲劇性的事情。我們沒有計劃採取任何出乎意料的戲劇性舉措，以免影響銷售。當然，正如傑夫所說，我們也沒有在我們的指導中假設黑天鵝事件。因此，如果發生任何可怕的事情，顯然情況就會改變。

But it's really about our initiatives and what we're doing. And there is one thing I mentioned today that we haven't had a question on, and I have Sameer here with us. And I'd love to have him talk about our channel experience and how we're moving forward our online experience through the back half and also how AI plays in that strategy.

但這實際上與我們的舉措和我們正在做的事情有關。我今天提到了一件事，我們還沒有提出問題，薩米爾 (Sameer) 也和我們在一起。我很想讓他談談我們的通路體驗，以及我們如何透過後半部推進我們的線上體驗，以及人工智慧如何在這項策略中發揮作用。

Thanks, Laura. I appreciate it. So Laura mentioned earlier, the results that we're seeing from our investments in AI, which are really exciting and I think one thing that I'd love to highlight that's important to understand is how we're delivering those results when it's been pretty well publicized that most companies aren't seeing that type of ROI with their AI investments.

謝謝，勞拉。我很感激。勞拉之前提到過，我們在人工智慧投資方面所取得的成果確實令人興奮，我想強調的一點是，我們是如何實現這些成果的，因為眾所周知，大多數公司在人工智慧投資方面並沒有看到這種投資回報率。

And that's because AI is an amplifier. And we're seeing it succeed for us because of the strength we already have. And there's a few lot to highlight. One is our vertical integration. We own design, sourcing, manufacturing, last-mile delivery, and we're in a position to be able to apply AI across that entire value chain that puts us in a unique position there.

這是因為人工智慧是一個放大器。憑藉我們現有的實力，我們看到了它的成功。還有很多值得強調的地方。一是我們的垂直整​​合。我們擁有設計、採購、製造、最後一哩交付的自主權，我們能夠將人工智慧應用於整個價值鏈，這使我們處於獨特的地位。

When you think about our multichannel model, all the different ways that we connect with our customers. It's not just an online play. It's not just a digital play. We connect with our customers through our stores, through our in-home programs and AI, again, allow us to amplify this experience in really exciting ways. And then category authority, you take AI, you pair it with our design expertise in home, our expertise in culinary. And again, that just differentiates us in terms of the experiences we can create from competitors that are creating more generic chatbots.

當您考慮我們的多通路模式時，我們與客戶聯繫的各種不同方式。這不僅僅是一部網路劇。這不僅僅是一場數字遊戲。我們透過商店、家庭計畫和人工智慧與客戶建立聯繫，這讓我們能夠以真正令人興奮的方式擴大這種體驗。然後是類別權威，你採用人工智慧，將它與我們在家庭設計方面的專業知識、我們在烹飪方面的專業知識結合。再次強調，就我們能夠創造的體驗而言，這與那些正在創造更通用的聊天機器人的競爭對手有所不同。

And all this is built on our decades and decades proprietary data that we've been building. Our DTC model has allowed us to -- and we have invested heavily to make our rich customer product operational data clean and actionable. And while you can say AI is the engine that's driving all this growth, data is the fuel that makes it work and our CRM and business data is making that engine run. And it's really exciting to see the results we've already delivered, and we think that's the yet to come.

而這一切都建立在我們數十年來累積的專有數據之上。我們的 DTC 模型使我們能夠——並且我們已經投入巨資來使我們豐富的客戶產品營運數據變得清晰且可操作。雖然你可以說人工智慧是推動所有這些成長的引擎，但數據才是使其運轉的燃料，而我們的 CRM 和業務數據使這個引擎運轉起來。看到我們已經取得的成果確實令人興奮，我們認為這還不是未來。

Thanks, Sameer.

謝謝，薩米爾。

And ladies and gentlemen, that does conclude our question-and-answer session. And I will now turn the conference back over to Laura Alber for closing comments.

女士們、先生們，我們的問答環節到此結束。現在我將會議交還給勞拉·阿爾伯 (Laura Alber) 進行總結發言。

Yes. Thank you, everyone, for joining, and we apologize the technical glitch. Unfortunately, I understand the operator temporary loss -- temporarily lost power. And thank you for paying with us. And I would just say, I really appreciate your support, your good questions, your interest.

是的。感謝大家的參與，我們對技術故障表示歉意。不幸的是，我理解操作員暫時失去權力。感謝您向我們付款。我只想說，我非常感謝你們的支持、你們提出的好問題以及你們的興趣。

And pleased if there's ever a question, go to our stores and see what we're doing because I think that the beauty of what we're doing at retail really tells the story. And there's only better things to come through the holiday season. And when we talk to you next time, we'll be in the thick of it, and we can't wait. So thank you for joining us today.

如果您有任何疑問，歡迎前往我們的商店，看看我們在做什麼，因為我認為我們在零售領域所做的事情的美妙之處確實說明了一切。假期期間只會有更好的事情發生。當我們下次與您交談時，我們將全力以赴，迫不及待。感謝您今天加入我們。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。