Williams-Sonoma Inc (WSM) 2025 Q3 法說會逐字稿

Welcome to the Williams-Sonoma, Inc. Third Quarter Fiscal 2025 Earnings Conference Call. (Operator Instructions)

歡迎參加 Williams-Sonoma 公司 2025 財年第三季財報電話會議。（操作說明）

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

現在我將把電話交給首席會計官兼投資者關係主管傑里米·布魯克斯。請繼續。

Good morning, and thank you for joining our third 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，感謝各位參加我們第三季財報電話會議。今天與我一同出席的有：我們的執行長勞拉·阿爾伯；我們的財務長傑夫·豪伊；以及我們的首席技術和數位長薩米爾·哈桑。

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 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.

在正式開始之前，我想提醒各位，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 2025 財年的最新指引和長期展望。我們相信這些陳述反映了我們最佳的估計。但是，我們無法保證這些說法能夠實現，實際結果可能與我們的預期有很大不同。本公司不承擔任何義務公開更新或修改這些聲明，以反映今天電話會議之後可能發生的事件或情況。

Additionally, we will refer to certain non-GAAP financial measures. These measures should not be considered replacements for and should be read together with our GAAP results. 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，我們也會提及一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 結果一起解讀。本次通話也應與我們向美國證券交易委員會提交的文件一併考慮。最後，本次電話會議的錄音回放將發佈在我們的投資人關係網站上。

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

現在我想把電話交給蘿拉。

Thank you, Jeremy. Good morning, everyone, and thank you for joining the call. I'm excited to talk to you about our third quarter. First, I'd like to take a moment to thank our team for their continued hard work. Everyone at Williams-Sonoma Inc. has been focused on our key three priorities this year, which are returning to growth, elevating customer service and driving earnings. And that focus continues to drive our results.

謝謝你，傑瑞米。各位早安，感謝各位參加本次電話會議。我很興奮能和你們談談我們第三季的情況。首先，我想藉此機會感謝我們團隊的持續辛勤工作。今年，Williams-Sonoma 公司的每個人都專注於我們的三大重點優先事項，即恢復成長、提升客戶服務和提高獲利能力。而這種專注也持續推動著我們的業績。

We are proud to deliver strong results in the third quarter of 2025 with an accelerating positive top line comp and continued outperformance in our profitability. In Q3, our comp came in above expectations at 4%, driven by another quarter of positive comps across all of our brands, and we continue to deliver on the bottom line despite the substantial tariff headwinds.

我們很自豪地宣布，2025 年第三季業績強勁，營收成長加速，獲利能力持續優於預期。第三季度，我們的同店銷售額成長超過預期 4%，這得益於我們所有品牌連續第二季實現正成長，儘管面臨巨大的關稅阻力，我們仍然實現了獲利目標。

Our operating margin came in at 17%, expanding 10 basis points with earnings per share of $1.96, growing 5% year-over-year. We are encouraged by our continued strong year-to-date performance through Q3 and are confident in our outlook for Q4. And therefore, we are reiterating our outlook for the full year comparable brand revenue growth to be in the range of 2% to 5%, and we are raising our bottom-line guidance 40 basis points to an operating margin of 17.8% to 18.1% versus 17.4% to 17.8%. We drove this improvement in performance despite continued geopolitical uncertainty and no substantive improvement in the housing market.

我們的營業利潤率為 17%，成長了 10 個基點，每股收益為 1.96 美元，較去年同期成長 5%。我們對截至第三季的強勁業績感到鼓舞，並對第四季的前景充滿信心。因此，我們重申全年可比品牌收入成長預期為 2% 至 5%，並將淨利潤預期上調 40 個基點，營業利潤率從 17.4% 至 17.8% 上調至 17.8% 至 18.1%。儘管地緣政治持續不明朗，且房屋市場沒有實質改善，我們仍然實現了業績的提升。

And we continue to gain market share and outperform the industry, which declined again in Q3. Our continued strong results reflect the power of our operating model, industry-leading channel experiences and strong portfolio of brands.

我們繼續擴大市場份額，並超越行業平均水平，而行業平均水平在第三季度再次下滑。我們持續強勁的業績反映了我們營運模式的優勢、業界領先的通路體驗和強大的品牌組合。

We continue to see exceptional performance in our retail channel, which ran a positive 8.5 comp in Q3. Retail continues to benefit from an improved in-store experience with more inventory availability, enhanced design services and events and the opening of 14 beautiful newly remodeled or repositioned stores so far this year with seven more to come in Q4.

我們的零售通路持續保持優異的業績，第三季實現了 8.5% 的同店銷售額成長。零售業持續受惠於店內體驗的改善，庫存更加充足，設計服務和活動也更加完善。今年迄今為止，已有 14 家精美的新裝修或重新定位的門市開業，第四季度還將有 7 家門市開業。

This investment is paying off with almost all of them beating the performance of the prior location. Our stores service brand billboards, and we believe a refreshed store improves customer perception of our brands. As we move into the final quarter of 2025, I want to highlight the specific progress we've made on our three key priorities. Starting with growth, our core brands continue to deliver strong results from positive momentum in furniture.

這項投資正在取得回報，幾乎所有門市的業績都超過了之前的門市。我們的門市服務於品牌廣告牌，我們相信煥然一新的門市能夠提升顧客對我們品牌的認知。2025 年即將進入最後一個季度，我想重點介紹我們在三個關鍵優先事項上取得的具體進展。先說說成長方面，我們的核心品牌在家具產業的良好發展勢頭推動下，繼續取得強勁的業績。

Our focus on innovation has driven strong and improving furniture comps. Additionally, we are focused on incremental growth categories like Pottery Barn Dorm and West Elm Kids. We're also broadening our reach through strategic collaborations. These initiatives attract new customers while keeping our brands fresh and relevant. Our B2B business also remains an important growth engine, up 9% this quarter with strength in both trade and contracts, and our emerging brands, Rejuvenation, Mark and Graham and GreenRow continue to perform exceptionally well.

我們對創新的重視推動了家具業的強勁發展和不斷進步。此外，我們也專注於 Pottery Barn Dorm 和 West Elm Kids 等增長型類別。我們也透過策略合作來擴大影響力。這些舉措在吸引新客戶的同時，也讓我們的品牌保持新鮮感和相關性。我們的 B2B 業務仍然是重要的成長引擎，本季成長了 9%，貿易和合約方面均表現強勁，我們的新興品牌 Rejuvenation、Mark and Graham 和 GreenRow 繼續表現出色。

Together, they delivered a double-digit comp, and we're excited to have recently opened our 13th Rejuvenation store in Salt Lake City. This year, we're also very proud of our improvements in customer service. We are committed to flawless execution delivering orders on time, damage-free every time, and we're proud that this year, we have record metrics. We're focusing on furthering our improvements through fewer split shipments and faster fulfillment.

他們共同實現了兩位數的同店銷售額成長，我們很高興最近在鹽湖城開設了第 13 家 Rejuvenation 門市。今年，我們也為客戶服務的改進感到非常自豪。我們致力於完美執行，每次都能按時、無損地交付訂單，我們很自豪今年我們取得了創紀錄的指標。我們正致力於透過減少分批出貨和加快出貨速度來進一步改善服務。

Finally, our third key priority, driving earnings. Our focus on revenue growth, elevating customer service and maintaining cost discipline has delivered strong earnings with our year-to-date earnings per share growing 5% in a very tough tariff environment.

最後，我們的第三個關鍵優先事項是提高獲利能力。我們專注於營收成長、提升客戶服務和維持成本控制，在非常嚴峻的關稅環境下，實現了強勁的盈利，今年迄今的每股收益成長了 5%。

Also in Q3, we used AI as a key business driver to accelerate our strategy. Across our portfolio, AI-powered chat experiences are now live for all brands, providing customer service, delivery support and product guidance. These agents are improving speed, consistency and satisfaction, and we are now resolving over 60% of chats without human assistance, reducing handle times from 23 minutes to just 5 minutes.

第三季度，我們也利用人工智慧作為關鍵業務驅動力來加速我們的策略。我們旗下所有品牌現已推出人工智慧驅動的聊天體驗，提供客戶服務、配送支援和產品指導。這些客服人員提高了速度、一致性和滿意度，我們現在無需人工協助即可解決 60% 以上的聊天問題，將處理時間從 23 分鐘縮短到 5 分鐘。

Another notable milestone this quarter was the launch of Olive, our new AI culinary and shopping companion for the Williams-Sonoma brand. Olive helps customers plan, cook and shop with confidence combining our culinary authority with cutting-edge technology to create a differentiated experience. What makes Williams-Sonoma Inc., unique is how AI can amplify our differentiated foundation with our proprietary data, our vertical integration from design to delivery, our multichannel engagement and our expertise in home design in the culinary space.

本季另一個值得關注的里程碑是推出了 Olive，這是我們為 Williams-Sonoma 品牌推出的全新 AI 烹飪和購物助理。Olive 結合我們的烹飪權威和尖端技術，幫助顧客自信地規劃、烹飪和購物，從而創造與眾不同的體驗。Williams-Sonoma 公司的獨特之處在於，人工智慧能夠利用我們專有的數據、從設計到交付的垂直整合、多通路互動以及我們在烹飪領域的家居設計專業知識，來增強我們差異化的基礎。

Our strong balance sheet, coupled with our tech capabilities allows us to apply AI in ways that can drive real scalable impact for our business that others cannot. Looking ahead, we see opportunity to drive down costs and drive up sales with AI, and our early results are reinforcing that confidence. We're using AI to enhance what we do best, guiding customers through shopping and design decisions. Additionally, AI is driving improvements in productivity and empowering associates with tools to amplify their creativity and expertise.

我們強大的資產負債表，加上我們的技術能力，使我們能夠以其他公司無法做到的方式應用人工智慧，為我們的業務帶來真正可擴展的影響。展望未來，我們看到了利用人工智慧降低成本、提高銷售額的機會，而我們早期的成果也增強了我們的這種信心。我們正在利用人工智慧來增強我們最擅長的領域，即引導客戶進行購物和設計決策。此外，人工智慧正在推動生產力的提高，並為員工提供工具，以增強他們的創造力和專業技能。

Now I'd like to update you on tariffs. Since we last spoke, there have been notable changes in tariffs, such as a new tariff on some furniture, including imported upholstery kitchen cabinets and bath vanities. And now the 20% additional China tariff are down from 30%. Net-net, these changes are a push to our current estimated impact. As we look forward to the future, predictability in the tariff environment and a reduction in the India tariff would certainly be a positive for us.

現在我想向大家介紹一下關稅狀況。自從我們上次談話以來，關稅方面發生了顯著變化，例如對一些家具徵收了新的關稅，包括進口的軟墊廚房櫥櫃和浴室盥洗台。現在對華加徵的額外關稅從 30% 降至 20%。總而言之，這些變化將推動我們目前對影響的估計。展望未來，關稅環境的可預測性以及印度關稅的降低對我們來說無疑是件好事。

In the meantime, we continue to be actively and aggressively mitigating what we can with our previously discussed six-point plan. To remind you, first, we are obtaining cost concessions from our vendors. Second, we are resourcing goods to get the best cost for our customers. Third, we're identifying further supply chain efficiency. Fourth, we are controlling costs. Fifth, we are expanding our Made in USA assortment, production and partnerships. And last, we are taking select price increases with a focus on maintaining competitive pricing.

同時，我們將繼續積極主動地運用先前討論過的六點計劃來減輕影響。首先提醒各位，我們正在與供應商協商成本優惠。其次，我們正在採購商品，以期為我們的客戶爭取到最優惠的價格。第三，我們正在進一步提高供應鏈效率。第四，我們正在控製成本。第五，我們正在擴大美國製造的產品系列、生產和合作關係。最後，我們將採取選擇性提價措施，重點在於保持價格競爭力。

Now let's review our brands. Pottery Barn ran a positive 1.3% comp in Q3. We are pleased with the improvement we saw in large ticket, including furniture, upholstery and lighting. Our Pottery Barn stores continue to outperform, led by our standout design crew services and our increased take at-home today assortment.

現在讓我們來回顧一下我們的品牌。Pottery Barn 在第三季實現了 1.3% 的同店銷售成長。我們對大宗商品（包括家具、室內裝潢和照明設備）的改進感到滿意。我們的 Pottery Barn 門市表現持續優異，這得益於我們出色的設計團隊服務和不斷增加的即買即走商品種類。

Our strategy of focusing on improving retail inventory availability, refreshing product assortments and enhancing design services is working. We have opened six beautiful new remodels or repositioned Pottery Barn stores so far this year with three more to come in Q4. Finally, across the brand, we continue a major change that we have made all year, which is to substantially reduce promotions in Pottery Barn.

我們專注於提高零售庫存可用性、更新產品種類和提升設計服務的策略正在發揮作用。今年到目前為止，我們已經開設了六家漂亮的全新改造或重新定位的 Pottery Barn 門市，第四季還將開設三家。最後，在整個品牌範圍內，我們繼續推行今年以來一直在進行的一項重大變革，那就是大幅減少 Pottery Barn 的促銷活動。

Now I'd like to talk to you about our Pottery Barn Children's business, which ran a 4.4% comp in Q3. We saw acceleration in furniture fueled by successful new product launches, continued growth in collaborations and back-to-school and Dorm was a particular highlight in the quarter. In fact, back-to-school delivered double-digit growth, an acceleration from Q2. Our brands have become a destination for high-quality study solutions, durable backpack and on-trend dorm decor.

現在我想和大家談談我們的 Pottery Barn 兒童業務，在第三季實現了 4.4% 的同店銷售額成長。我們看到家具業務加速成長，這得益於成功的新產品發布、合作的持續成長以及返校季和宿舍季的銷售，其中返校季和宿舍季是本季的一個亮點。事實上，返校季帶來了兩位數的成長，比第二季成長加快。我們的品牌已成為高品質學習用品、耐用背包和時尚宿舍裝飾的代名詞。

Additionally, our enhanced dorm design tools and pickup near campus options have been important for gaining share in a very fragmented market. Now let's review West Elm. West Elm ran a positive 3.3% comp in Q3. We continue to make progress against the brand's four key pillars: product, brand heat, channel excellence and operational efficiency.

此外，我們改進的宿舍設計工具和校園附近取貨選項對於在高度分散的市場中贏得份額至關重要。現在我們來回顧一下West Elm。West Elm 第三季實現了 3.3% 的同店銷售成長。我們在品牌的四大支柱方面持續取得進展：產品、品牌熱度、通路卓越性和營運效率。

Throughout the year, West Elm has brought in new successful collections in both furniture -- and on Furniture, where the brand was previously underdeveloped. West Elm has significantly shifted the composition of their sales towards new products and the cumulative effect of new introductions since the fall of last year continues to produce results.

在過去一年中，West Elm 在家具領域推出了許多成功的新系列——尤其是在家具領域，該品牌此前發展不足。West Elm 已大幅調整其銷售結構，轉向新產品，自去年秋季以來推出的新產品的累積效應持續產生效果。

Retail in West Elm was also a highlight due to improved in-stocks and more new furniture and more new fabrics displayed on the retail floor. And we've opened two beautiful new remodels or repositioned West Elm stores so far this year, with one more to come in Q4. To remind everyone, we have 119 stores in West Elm. And based on results, we are looking forward to returning to retail unit growth in this brand. As you can hear, we are quite excited by the momentum at West Elm.

West Elm 的零售業務也成為一大亮點，因為庫存有所改善，零售區展示了更多的新家具和新面料。今年到目前為止，我們已經開設了兩家漂亮的新裝修或重新定位的 West Elm 門市，第四季還將開設一家。提醒大家，我們在 West Elm 共有 119 家門市。根據目前的業績，我們期待該品牌的零售銷售能恢復成長。正如你所聽到的，我們對 West Elm 的發展勢頭感到非常興奮。

Now let's review the Williams-Sonoma brand, which continues to fire on all fronts and we had a positive 7.3% comp in Q3. Williams-Sonoma remains focused on premium quality products that are expertly crafted combining style and functionality. In Q3, we celebrated many successful culinary stories from the food and flavors of Spain to authentic Indian flavors through a collaboration with Palak Patel, Founder of The Chutney Life. We also recently launched a Wicked collection featuring limited-edition Le Creuset Dutch ovens inspired by Elphaba and Glinda.

現在讓我們回顧一下 Williams-Sonoma 品牌，該品牌在各個方面都持續表現出色，第三季度實現了 7.3% 的同店銷售額增長。Williams-Sonoma 始終專注於打造兼具時尚感和實用性的優質產品。第三季度，我們與 The Chutney Life 的創始人 Palak Patel 合作，慶祝了許多成功的烹飪故事，從西班牙的美食和風味到正宗的印度風味。我們最近也推出了 Wicked 系列，其中包括以 Elphaba 和 Glinda 為靈感的限量版 Le Creuset 鑄鐵鍋。

And as we continue to connect our customers to the world's best chefs and products, we are seeing great traction with in-store events. Across the country, we hosted 42 in-store book signing events in Q3. We welcome the fans of celebrities and celebrity chefs like Neil Patrick Harris, David Burke and Melissa King into our stores for amazing cooking demos and cookbook signing.

隨著我們不斷將顧客與世界頂級廚師和產品聯繫起來，我們看到店內活動取得了巨大的成功。第三季度，我們在全國舉辦了 42 場店內簽售活動。我們歡迎像尼爾·帕特里克·哈里斯、大衛·伯克和梅麗莎·金這樣的名人和名廚的粉絲們來到我們的門店，觀看精彩的烹飪演示並參加食譜簽名活動。

Finally, we've opened six beautiful remodeled or repositioned Williams-Sonoma stores so far this year with two more to come in Q4. Now I'd like to update you on B2B, which grew 9% in Q3 with both trade and contract delivering strong 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. Our biggest success story in Q3 was an increase in commercial workspace wins, including projects with Google, WeWork, TurboTax and PayPal.

最後，今年到目前為止，我們已經開設了六家經過精心改造或重新定位的 Williams-Sonoma 門市，第四季還將開設兩家。現在我想向大家報告 B2B 業務的情況，該業務在第三季度增長了 9%，貿易和合約業務的同比數據均表現強勁。憑藉我們的設計專長和商業級產品系列，我們在多個行業中建立了強大且不斷成長的客戶群。我們的 B2B 服務仍然是一項強大的差異化優勢，我們看到了持續的成長動能。第三季我們最大的成功案例是商業辦公空間專案數量的增加，其中包括與Google、WeWork、TurboTax 和 PayPal 的專案合作。

Q4 brings the ramp-up of our growing corporate gifting program, including our leading assortment of quality giftables that can be customized with logos and company branding. We're also a destination for seasonal favorites that make a perfect client and employee holiday gift, if any of you need help.

第四季度，我們不斷發展的企業禮品計劃將逐步推進，其中包括我們領先的優質禮品系列，這些禮品可以客製化商標和公司品牌。如果您需要協助，我們這裡還有許多當季精選商品，是送給顧客和員工的完美節日禮物。

Now I'd like to update you on our emerging brands. With our proven ability to incubate and scale brands in-house, we are confident in the continued growth of our concepts and their ability to deliver profitability to our results. Rejuvenation delivered strong double-digit comps in the quarter, continuing an upward trajectory fueled by product innovation and category expansion. Our high-quality product offer and proprietary designs are resonating with customers.

現在我想向大家介紹我們的新興品牌。憑藉我們自主孵化和拓展品牌的能力，我們對旗下品牌理念的持續增長及其為公司帶來盈利的能力充滿信心。本季度，Rejuvenation 實現了強勁的兩位數同店銷售成長，延續了產品創新和品類擴張帶來的上升勢頭。我們高品質的產品和獨特的設計引起了客戶的共鳴。

Both channels are performing well, and we continue to open new retail locations to drive brand awareness. This quarter, we expanded our Rejuvenation store count to 13, with the opening of two new storefronts, one in Nashville and one in Salt Lake City. The brand also saw a strong performance from its first ever lighting collaboration. Mark and Graham delivered its best Q3 in brand history, driven by successful new categories, M&G Kids and Bark & Graham as well as continued growth in personalized corporate gifting.

兩個管道的表現都很好，我們將繼續開設新的零售店，以提高品牌知名度。本季度，隨著兩家新店的開業，我們的 Rejuvenation 門市數量增加到 13 家，一家位於納許維爾，一家位於鹽湖城。該品牌首次與照明設備合作也取得了強勁的業績。馬克和格雷厄姆 (Mark and Graham) 取得了品牌歷史上最好的第三季度業績，這得益於新類別 M&G Kids 和 Bark & Graham 的成功推出，以及個性化企業禮品業務的持續增長。

As we head into the peak gifting season, the brand is well positioned with thoughtful, personalized gifts for all occasions. I'm also excited to talk about our newest brand, GreenRow, which delivered strong growth this quarter. In Q3, we launched the largest holiday collection to date with handcrafted decor and gifts made from upcycled and natural materials. The brand's colorful and unique products have had a great response and the product line is incredibly beautiful in person.

隨著送禮旺季的到來，品牌憑藉著貼心周到、個人化的禮品，在各種場合都極具競爭力。我也很興奮地向大家介紹我們最新的品牌 GreenRow，該品牌在本季實現了強勁成長。第三季度，我們推出了迄今為止規模最大的節日系列產品，其中包括採用升級改造和天然材料製成的手工裝飾品和禮品。該品牌色彩繽紛、獨具特色的產品受到了熱烈歡迎，而且實物比圖片更加精美。

Therefore, we believe retail stores are the next leg of growth at GreenRow and are looking to test a few store locations as soon as possible. Finally, I'd like to share one highlight in our global business. In the UK, we broadened our brand presence with the launch of Pottery Barn Online and the opening of a pop-up store in our West Elm Tottenham Court Road in London. And so far, we're quite pleased with the performance of Pottery Barn in this new market.

因此，我們認為零售店是 GreenRow 的下一個成長點，並希望盡快在幾個地點進行試營運。最後，我想分享我們全球業務的一個亮點。在英國，我們透過推出 Pottery Barn Online 和在倫敦托特納姆法院路 West Elm 店內開設快閃店，擴大了我們的品牌影響力。到目前為止，我們對 Pottery Barn 在這個新市場的表現相當滿意。

In summary, we're pleased with our execution and continued outperformance in Q3 marked by accelerating positive comps and strong profitability. Across the company, we remain dedicated to enhancing our channel experiences and strengthening our brands. Each and every day, we prioritize innovation, product design and exceptional customer service. These are the qualities that set us apart in a fragmented industry and position us to capture additional market share.

總而言之，我們對第三季的執行情況和持續優異的業績感到滿意，其特點是同店銷售額加速成長和獲利能力強勁。公司上下，我們始終致力於提升通路體驗，並加強品牌建立。我們每天都將創新、產品設計和卓越的客戶服務放在首位。這些特質使我們在分散的行業中脫穎而出，並使我們能夠獲得更多的市場份額。

We see tremendous opportunity to continue to lead our industry as we execute on our vision to own the home and the places where our customers work, stay and play. As we enter the final quarter of the year, we're filled with optimism for a strong finish. This holiday season, we're ready to showcase our best across our stores and online. From all of us, we wish you and your family a joyful Thanksgiving next week and a happy holiday season.

我們看到了巨大的機遇，可以繼續引領我們的行業，實現我們的願景，即擁有客戶工作、居住和娛樂的場所，以及他們所居住的房屋。隨著我們進入今年的最後一個季度，我們對取得好成績充滿信心。這個假期季，我們已準備好在實體店和線上平台展示我們最好的產品和服務。我們全體人員祝您和您的家人下週感恩節快樂，並祝您假期愉快。

Before I hand things over to Jeff, I want to take another minute to express our thanks to our team, our vendors and all of our partners for their ongoing dedication and contributions to our company's success. We appreciate everything they do.

在將發言權交給傑夫之前，我想再花一分鐘時間，感謝我們的團隊、供應商和所有合作夥伴，感謝他們一直以來對公司成功的奉獻和貢獻。我們感謝他們所做的一切。

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，我將把發言權交給傑夫，讓他更詳細地為大家解釋相關數據和我們的展望。

Thank you, Laura, and good morning, everyone. Our results this quarter reflect Williams-Sonoma, Inc.'s competitive advantages in the home furnishings industry, including the following: the strength of our multi-brand portfolio across different categories, aesthetics and price points. Our size and scale, providing the ability to drive market share gains as we maximize white space opportunities. The competitive advantage of our multichannel platform, serving customers where they choose to shop online, in-store, or business to business.

謝謝你，蘿拉，大家早安。本季業績反映了 Williams-Sonoma 公司在家居產業的競爭優勢，包括：我們擁有涵蓋不同類別、美學和價格點的多品牌產品組合的優勢。我們憑藉著自身的規模優勢，能夠最大化市場空白機會，進而推動市場佔有率的成長。我們的多通路平台具有競爭優勢，無論客戶選擇線上購物、實體店購物或企業對企業購物，我們都能為他們提供服務。

Our focus on customer service and full price selling, creating efficiency and cost savings across our supply chain. And finally, the power of our operating model to deliver highly profitable earnings. Our headlines for this quarter demonstrate these competitive advantages. We delivered positive comps for the fourth straight quarter. Furniture and non-furniture categories both ran positive comps, reflecting strength across all categories of our offering.

我們專注於客戶服務和全價銷售，從而提高整個供應鏈的效率並節省成本。最後，我們的營運模式具有實現高額獲利的能力。本季的新聞標題就體現了這些競爭優勢。我們連續第四個季度實現了正成長。家具和非家具類別的銷售額均實現了正成長，反映出我們所有產品類別的強勁表現。

White space opportunities, such as Dorm, West Elm Kids and Rejuvenation grew double digits. Retail, e-commerce and business-to-business all drove positive comps. Our supply chain team achieved best-ever results across nearly all customer service metrics while simultaneously improving efficiency and reducing costs. And despite the headwinds from tariffs, we drove operating margin expansion of 10 basis points to 17% and EPS growth of 5% to $1.96 per share.

像 Dorm、West Elm Kids 和 Rejuvenation 這樣的空白市場機會實現了兩位數的成長。零售、電子商務和企業對企業業務均推動了同店銷售額的成長。我們的供應鏈團隊在幾乎所有客戶服務指標上都取得了有史以來最好的成績，同時提高了效率並降低了成本。儘管面臨關稅帶來的不利影響，我們仍實現了營業利潤率成長 10 個基點至 17%，每股收益成長 5% 至 1.96 美元。

Our results this quarter would not be possible without the team we have at Williams-Sonoma, Inc. I'd like to thank our talented, dedicated team for delivering these outstanding results. Now let's dive into the numbers. I'll start with our Q3 results and then update guidance for fiscal year '25. Q3 net revenue finished at $1.88 billion for a positive 4% comp.

如果沒有威廉斯-索諾瑪公司團隊的努力，我們本季的業績是不可能實現的。我要感謝我們才華洋溢、兢兢業業的團隊，是他們取得了這些傑出的成績。現在讓我們深入分析一下數據。我將首先介紹我們第三季的業績，然後更新 2025 財年的業績預期。第三季淨收入為 18.8 億美元，年增 4%。

All brands delivered positive comps driven by positive comps in both our furniture and non-furniture categories. We gained market share in the quarter, even as we increased our penetration of full price selling. From a channel perspective, both channels delivered positive comps, with retail up 8.5% comp and e-commerce, up 1.9% comp. Moving down the income statement. Gross margin exceeded our expectations, coming in at 46.1%, 70 basis points higher than last year. Higher merchandise margins and supply chain efficiencies drove this gross margin improvement, offset by slightly higher occupancy costs.

所有品牌均實現了正成長，這主要得益於家具和非家具類別的正成長。本季度，我們在提高全價銷售滲透率的同時，也獲得了市場份額。從通路角度來看，兩個通路的銷售額均實現了正成長，其中零售通路年增 8.5%，電子商務通路年增 1.9%。從損益表向下看。毛利率超出預期，達 46.1%，比去年高出 70 個基點。商品利潤率提高和供應鏈效率提升推動了毛利率的改善，但略高的租金成本抵消了部分改善。

Merchandise margins delivered 60 basis points of our gross margin improvement, exceeding our expectations. Three factors contributed to this improvement in merchandise margins. First, the impact from tariffs is taking longer than anticipated to flow through to our gross margin. This is due to the delayed effective dates of the tariffs and our aggressive front-loading of inventory before tariff effective dates. Second, we are seeing margin upside from our six-point tariff mitigation plan, including price increases, as well as strong consumer response to our full-price product offering.

商品毛利率為我們帶來了 60 個基點的毛利率提升，超出了我們的預期。商品利潤率的提高歸因於三個因素。首先，關稅的影響比預期需要更長時間才能反映到我們的毛利率上。這是由於關稅生效日期延遲以及我們在關稅生效日期前積極提前囤積庫存所致。其次，我們的六點關稅緩解計畫（包括漲價）帶來了利潤率的提升，消費者對我們全價產品的反應也十分強烈。

And finally, lower inbound transportation costs are helping offset tariff costs. Supply chain efficiencies added 30 basis points to our gross margin. Our focus on customer service and in-stock ready to sell inventory is delivering tangible margin improvements from lower accommodations, damages, replacements and out-of-market shipping expense.

最後，較低的入境運輸成本也有助於抵消關稅成本。供應鏈效率的提升使我們的毛利率提高了30個基點。我們專注於客戶服務和現貨銷售，透過降低住宿、損壞、更換和異地運輸費用，實現了切實的利潤成長。

Occupancy costs were up 5.9% and were 20 basis points higher year-over-year. This was because of our retail outperformance and the higher occupancy costs in that channel. To recap, our gross margin results this quarter exceeded our expectations. Our tariff mitigation efforts more than offset the headwinds from tariffs in the third quarter.

入住成本上漲了 5.9%，比去年同期高出 20 個基點。這是因為我們在零售通路的出色表現以及該通路較高的租金成本。總而言之，本季我們的毛利率業績超出了預期。我們在第三季採取的關稅緩解措施完全抵消了關稅帶來的不利影響。

Turning now to SG&A. Our Q3 SG&A ran at 29.1% of revenues, 60 basis points higher than last year. Employment expense deleveraged 50 basis points due to higher incentive compensation from our strong results year-to-date. We continue to manage variable employment costs across our stores, distribution centers and customer care centers in line with top line trends.

接下來是銷售、管理及行政費用。第三季銷售、一般及行政費用佔營收的 29.1%，比去年同期高出 60 個基點。由於年初至今業績強勁，激勵性薪酬提高，員工支出槓桿率下降了 50 個基點。我們將繼續根據營收成長趨勢，控制旗下各門市、配送中心及客戶服務中心的可變用工成本。

Advertising expenses were 20 basis points higher year-over-year. Our in-house marketing team continues to test and optimize into different levels of spend. During the quarter, we increased our investment in digital advertising. After testing and proprietary in-house analytics model indicated we could scale efficiently. The higher spend drove an acceleration in year-over-year site traffic and improved revenue per visit.

廣告支出比上年同期增加了20個基點。我們的內部行銷團隊不斷測試和優化不同等級的支出方案。本季度，我們增加了對數位廣告的投入。經過測試和專有的內部分析模型表明，我們可以有效地擴展規模。更高的消費額推動了網站流量年增，並提高了每次造訪的收入。

Our in-house marketing team's ability to test, scale and optimize across our portfolio of brands is a competitive advantage in the home furnishings industry. Finally, general expenses leveraged 10 basis points. On the bottom line, our earnings exceeded our expectations. Despite the tariff headwinds, our operating margin of 17% was 10 basis points above last year and diluted earnings per share grew 5% year-over-year to $1.96.

我們內部行銷團隊能夠測試、擴展和優化我們旗下所有品牌，這在家居產業中是一項競爭優勢。最後，一般費用槓桿率為 10 個基點。總而言之，我們的收益超出了預期。儘管面臨關稅方面的不利因素，我們的營業利潤率仍達到 17%，比去年同期高出 10 個基點，稀釋後每股收益同比增長 5% 至 1.96 美元。

On the balance sheet, we ended the quarter with a cash balance of $885 million with no outstanding debt. We generated $316 million in operating cash flow during the quarter and invested $68 million in capital expenditures supporting our long-term growth. During the quarter, we returned $347 million to our shareholders. We did this through $267 million in stock repurchases and $80 million in dividends.

從資產負債表來看，本季末我們的現金餘額為 8.85 億美元，沒有未償債務。本季我們產生了 3.16 億美元的營運現金流，並投資了 6,800 萬美元用於資本支出，以支持我們的長期成長。本季度，我們向股東返還了 3.47 億美元。我們透過2.67億美元的股票回購和8000萬美元的股息實現了這一目標。

Merchandise inventories stood at $1.5 billion, up 9.6% from last year. Our inventory includes $48 million of incremental tariff costs recorded in inventory as well as $30 million of a strategic pull forward of receipts and lower tariff rates than in effect today. Without this incremental $78 million, our inventory level would be in line with our sales trends. Overall, our inventory levels and composition are well positioned to support our upcoming holiday season.

商品庫存為15億美元，比去年增長9.6%。我們的庫存包括計入庫存的 4800 萬美元增量關稅成本，以及 3000 萬美元的策略性提前收款和低於當前生效的關稅稅率。如果沒有這額外的 7800 萬美元，我們的庫存水準將與銷售趨勢保持一致。總體而言，我們的庫存水準和組成已做好充分準備，迎接即將到來的假期季節。

Summing up our Q3. We're proud to have delivered strong results, even as we navigated a challenging tariff environment and historically low housing turnover.

總結我們第三季的情況。即使在面臨充滿挑戰的關稅環境和歷史低點的住房週轉率的情況下，我們仍然取得了令人矚目的成績，我們為此感到自豪。

Now let's turn to our guidance for fiscal year '25. First, some housekeeping. In the first quarter of fiscal year '24, we recorded a $49 million out-of-period adjustment related to prior year's freight accrual. This benefited fiscal year '24 operating margin results by approximately 70 basis points. Our guidance for fiscal year '25 uses our fiscal year '24 results without the out-of-period adjustment as a comparable basis.

現在讓我們來看看我們對 2025 財年的展望。首先，做一些準備工作。在 2024 財年第一季度，我們記錄了一筆 4,900 萬美元的期外調整，與前一年的運費提列有關。這使得 2024 財年的營業利潤率提高了約 70 個基點。我們對 2025 財年的業績指引以 2024 財年的業績為基準，不進行期間調整。

Additionally, 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. On full year '24 results, the additional week contributed 150 basis points to revenue growth and 20 basis points to operating margin. The discrete impact of the additional week on just Q4 '24 was 510 basis points to revenue growth and 60 basis points to operating margin.

此外，2024 財年對 Williams-Sonoma 公司而言是 53 週。在 2025 財年，我們將以 52 週對 52 週可比為基礎報告業績。所有其他同比比較都將是 52 週與 53 週的比較。2024 年全年業績顯示，額外一週的營收成長貢獻了 150 個基點，營業利潤率成長貢獻了 20 個基點。額外一週對 2024 年第四季的直接影響是：營收成長下降 510 個基點，營業利潤率下降 60 個基點。

Now our guidance. Given our strong Q3 results and our outlook for Q4, we are updating our fiscal year '25 guidance. On the top line, we are reiterating our fiscal year '25 net revenue guidance. We expect full year '25 comps to be in the range of positive 2% to positive 5%, with total net revenues in the range of positive 0.5% to positive 3.5% due to the 53rd week impact from last year.

現在，讓我們來指導。鑑於我們第三季強勁的業績和對第四季的展望，我們正在更新 2025 財年的業績預期。在營收方面，我們重申 2025 財年的淨營收預期。我們預計 2025 年全年同店銷售額將成長 2% 至 5%，由於去年第 53 週的影響，總淨收入將成長 0.5% 至 3.5%。

Our guidance continues to assume no meaningful changes in the macroeconomic environment, or interest rates or housing turnover. Our guide reflects the continued strength in our business, strong customer response to our product lineup and continued traction across our growth initiatives.

我們的指導意見仍然假設宏觀經濟環境、利率或房屋週轉率不會發生實質變化。我們的業績指南反映了我們業務的持續強勁成長、客戶對我們產品系列的熱烈反響以及我們各項成長計畫的持續推​​進。

On the bottom line, we are raising our full year operating margin guidance 40 basis points to a range of 17.8% to 18.1%. This means that despite the tariff headwinds, we are now guiding the midpoint of our fiscal year '25 operating margin to be approximately 20 basis points above last year when excluding the 53rd week impact.

總而言之，我們將全年營業利潤率預期上調 40 個基點，至 17.8% 至 18.1% 的區間。這意味著，儘管面臨關稅方面的不利因素，但如果不計入第 53 週的影響，我們預計 2025 財年營業利潤率的中點將比去年高出約 20 個基點。

Our higher operating margin guide reflects both the strong results we have delivered year-to-date and the expectation that tariffs will have a greater impact on our margins in Q4. Our updated guidance reflects all the tariffs in place as of this call. This includes the new Section 232 tariffs on furniture, the revised 20% additional China tariffs, the 50% India tariff, the 20% Vietnam tariff and an average 18% tariff on the rest of the world as well as the 50% steel and aluminum tariffs, and a 50% copper tariff.

我們提高營業利潤率預期，既反映了我們今年迄今取得的強勁業績，也反映了我們預計關稅將在第四季度對我們的利潤率產生更大的影響。我們更新後的指導意見反映了截至本次電話會議時生效的所有關稅政策。這包括對家具徵收新的 232 條款關稅、修訂後的對華 20% 額外關稅、對印度徵收 50% 關稅、對越南徵收 20% 關稅、對世界其他地區平均徵收 18% 關稅，以及對鋼鐵和鋁徵收 50% 關稅，對銅徵收 50% 關稅。

In fact, our incremental tariff rate has more than doubled from 14% earlier this year to 29% today, inclusive of all the tariffs I just mentioned. We believe the strength of our operating model, combined with the six-point mitigation plan Laura outlined enables us to mitigate a large portion of these tariffs, which is embedded in our guidance. It's important to note the tariff policy has been volatile and subject to multiple revisions.

事實上，包括我剛才提到的所有關稅在內，我們的增量關稅率已經從今年稍早的 14% 翻了一番多，達到目前的 29%。我們相信，憑藉我們強大的營運模式，再加上勞拉概述的​​六點緩解計劃，我們能夠緩解大部分關稅，這已體現在我們的指導方針中。值得注意的是，關稅政策一直不穩定，並經歷了多次修訂。

It's hard to say where tariffs will ultimately land and what impact they will have on our business. Our guidance reflects our best estimates of the impact based upon the tariffs in place as of this call. Also today, we are providing some further inputs for modeling purposes. We now expect our full year interest income to be approximately $35 million and our full year effective tax rate to be approximately 26%.

很難說關稅最終會落在哪裡，以及它們會對我們的業務產生什麼影響。我們的指導意見反映了我們根據截至本次電話會議時生效的關稅政策對影響做出的最佳估計。今天，我們還將提供一些用於建模的補充資訊。我們現在預計全年利息收入約為 3,500 萬美元，全年實際稅率約為 26%。

Turning now to capital allocation. Our plans for fiscal year '25 continue to prioritize funding our business operations and investing in long-term growth. We expect to spend between $250 million and $275 million on capital expenditures in fiscal year '25.

接下來討論資本配置。2025 財年計畫繼續優先考慮為業務營運提供資金，並投資於長期成長。我們預計在 2025 財年資本支出將達到 2.5 億至 2.75 億美元。

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

我們將把這筆資本支出的 85% 投資於我們的電子商務通路、零售優化和供應鏈效率。我們將繼續致力於以增加季度股利支付和持續回購股票的形式，將多餘的現金回饋給股東。

For dividends, we will continue to pay our quarterly dividend of $0.66 per share, which is a 16% increase year-over-year. We are proud today that fiscal year '25 is the 16th consecutive year of increased dividend payouts. For share repurchases, we announced today that our Board of Directors approved an additional $1 billion share repurchase authorization, bringing our total authorization to approximately $1.6 billion.

關於股息，我們將繼續支付每股 0.66 美元的季度股息，比去年同期成長 16%。今天，我們倍感自豪的是，2025 財年是連續第 16 年提高股利支付。關於股票回購，我們今天宣布，董事會已批准追加 10 億美元的股票回購授權，使我們的總授權金額達到約 16 億美元。

We remain committed to opportunistically repurchasing our stock to provide returns to our shareholders. As we look forward to 2026, we will balance our long-term growth potential with the tariff and macroeconomic landscape, and we will provide guidance in March. As we look further into the future beyond '26, we are reiterating our long-term guidance of mid- to high single-digit revenue growth with operating margins in the mid- to high teens.

我們將繼續秉持擇機回購股票的理念，為股東帶來回報。展望 2026 年，我們將平衡長期成長潛力與關稅和宏觀經濟環境，並將在 3 月提供指導意見。展望 2026 年以後的未來，我們重申長期業績預期，即營收成長將達到中高個位數，營業利潤率將達到十幾到十幾的水平。

Wrapping up Laura's and my comments, we delivered another quarter of strong results despite the headwinds from tariff policy and historically low housing turnover. 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.

總結我和勞拉的發言，儘管面臨關稅政策和歷史低點的房屋週轉率帶來的不利影響，我們仍然取得了另一個季度強勁的業績。我們將繼續專注於三大重點：恢復成長、提升世界一流的客戶服務以及提高獲利能力。我們有信心繼續超越同行，並為股東帶來成長，原因有以下五點。

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.

我們在分散的家居用品行業中獲得市場份額的能力、我們自主研發設計的實力、我們以數字優先但不完全依賴數位管道的競爭優勢、我們持續增長的舉措以及我們穩健的資產負債表。

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

接下來，我將開始接受提問。

(Operator Instructions) Max Rakhlenko, TD Cowen.

（操作說明）Max Rakhlenko，TD Cowen。

Congrats on the nice quarter. So first, can you just discuss the elasticity that you're seeing in the business as you selectively increase prices? And how we should think about the impact to comps from transactions versus ticket in 3Q?

恭喜你本季業績出色。首先，您能否談談在選擇性漲價時，您在業務中觀察到的價格彈性？我們該如何看待第三季交易量與客單價對客單價的影響？

Thanks, Max. We look at prices constantly across our brands, across categories and with our competition. And you know we sell a wide range of products. And so there's not one quick answer to elasticity because in some there's room to take up prices. In other cases, you need to take down prices based on what the market is doing. This is why we're so focused on innovation and bringing new innovative and exclusive products to market because that gives us better pricing power.

謝謝你，馬克斯。我們會持續關注旗下所有品牌、所有品類以及競爭對手的價格。您也知道我們銷售的產品種類繁多。因此，彈性沒有一個簡單的答案，因為在某些情況下，價格還有上漲空間。在其他情況下，你需要根據市場情況降低價格。這就是為什麼我們如此專注於創新，並將創新和獨家產品推向市場，因為這能讓我們擁有更大的定價權。

Also, I would say that pricing is not just about the product itself, but also the service and the experience. And we have been really, really focused, as you know, on improving our service, which has been a huge driver of our op margin, which I'm sure we'll talk a lot about today. But that's a big -- especially as we come up against the holiday season, it's a big deal for customers deciding where to buy their gifts, especially large tickets. If they want to buy gifts from people they trust, they can return things to and that they're going to stand behind their product quality and they can get instructions about how to use that expensive espresso machine. So it's not just one metric, and it's not just one category. It's going to be going to be different depending on the product you asked me about.

此外，我認為定價不僅關乎產品本身，還關乎服務和體驗。如您所知，我們一直非常非常專注於改善我們的服務，這極大地推動了我們的營業利潤率，我相信我們今天會詳細討論這一點。但這很重要——尤其是在假期臨近之際，對於決定在哪裡購買禮物（特別是大件商品）的顧客來說，這是一件大事。如果他們想從信任的人那裡購買禮物，他們可以退貨，並且相信商家會對產品品質負責，他們還可以獲得關於如何使用昂貴的義式咖啡機的說明。所以，這不僅僅是一個指標，也不僅僅是一個類別。具體情況取決於你問的是哪一款產品，答案也會有所不同。

Got it. And then, Jeff, you noted that it's taking longer for tariffs to flow through. Just how should we consider the impact of tariffs over the next several quarters as it does sound like 4Q will see a pickup? And then just any guideposts on modeling for the next several quarters?

知道了。傑夫，你也提到關稅生效所需時間越來越長。鑑於第四季似乎會出現回升，我們該如何看待關稅在未來幾季的影響？那麼，對於未來幾季的建模工作，有什麼指導方針嗎？

Yes, let me explain why the tariffs are taking longer to flow through. I think it's important to unpack that. And first, it's really due to the delayed effective dates. For example, the August 7 reciprocal tariff, which applies in most countries like China and Vietnam, et cetera, had an exception for goods that were on the water that had to be received before 10/5.

是的，讓我解釋一下為什麼關稅需要更長時間才能生效。我認為有必要對此進行深入分析。首先，這確實是由於生效日期延遲造成的。例如，8 月 7 日生效的互惠關稅適用於中國、越南等大多數國家，但在 10 月 5 日之前必須在海上收到的貨物，則有例外規定。

Another example is with the India tariffs that were effective on August 27, there was an exception for goods in the water to be received before 9/17. So this means that these tariffs do not start being applied to new receipts until mid- to late third quarter. And then on top of that, we aggressively front-loaded receipts to bring in inventory at lower tariff rates than are in effect today.

另一個例子是 8 月 27 日生效的印度關稅，其中對 9 月 17 日之前收到的水運貨物有例外規定。這意味著這些關稅要到第三季中後期才會開始對新收入徵收。此外，我們也積極提前進貨，以低於目前關稅稅率的價格引進庫存。

So the combination of these two really advantaged us in Q3. As we look to Q4, we've certainly said that the tariffs will have a larger impact upon our margin, and that is embedded in our guidance. As we look beyond Q4, it's a little early to talk about '26. There's a lot that could change between now and then, especially with the tariff landscape. So we'll save that conversation for March.

因此，這兩項優勢的結合在第三季確實為我們帶來了極大的好處。展望第四季度，我們已經明確表示，關稅將對我們的利潤率產生更大的影響，這一點也已反映在我們的業績指引中。展望第四季之後，現在談論 2026 年還為時過早。從現在到那時，很多事情都可能發生變化，尤其是在關稅方面。所以我們把這個話題留到三月再談。

Zach Fadem, Wells Fargo.

札克法德姆，富國銀行。

Could we start with your take on broader category performance from Q2 to Q3 and whether you saw underlying improvement there? And then just curious, stepping back, how you would frame the improvement we've seen in furnishings in your category relative to some of the broader macro and pressures that we've seen in home improvement and other bigger ticket categories.

我們能否先談談您對第二季到第三季整體品類表現的看法，以及您是否看到了潛在的改善？然後，我很好奇，退後一步想問，您如何看待您所在類別的家具市場所取得的進步，以及我們在家居裝修和其他高價類別中看到的一些更廣泛的宏觀因素和壓力？

We're really pleased with our continuing improvement across quarters and brands. And in particular, the West Elm increase in comps is really exciting for us to see because we expected it to happen, and there's nothing more fulfilling when you see a strategy come to fruition. And I still think there's a lot of room left to go in West Elm as they build out certain categories and their seasonal assortments.

我們對各季度和各品牌持續進步感到非常滿意。尤其令我們興奮的是，West Elm 的同店銷售成長，因為我們預料到了這種情況，看到策略最終實現，沒有什麼比這更令人滿足的了。我仍然認為 West Elm 在拓展某些品類和季節性產品系列方面還有很大的發展空間。

And we've been continuing to improve our in-store experiences, and that's been really helping. But in terms of the broader merchandise categories across brands, we have been aware, as everyone is that the housing market has not recovered, and that is really most correlated with furniture and to be able to improve our furniture comps without a significant improvement in housing is a really, really strong sign.

我們一直在不斷改進店內體驗，這真的很有幫助。但就各品牌的更廣泛商品類別而言，我們和大家一樣都意識到，房地產市場尚未復甦，而這與家具的相關性最高。能夠在房地產市場沒有顯著改善的情況下提高家具的銷售額，這確實是一個非常非常強烈的訊號。

And we love that because a furniture collection that we introduced in the season this year, we can build upon for next year with new piece types and also better inventory stocking positions. And so the continuation of our furniture strength is very important to the short term and the longer term. And then in the holiday season, the categories that are exciting, we saw Dorm pick up from Q2 to Q3.

我們非常喜歡這一點，因為我們今年推出的家具系列，可以作為明年推出新款式和改進庫存佈局的基礎。因此，保持家具業務的強勁勢頭對短期和長期發展都非常重要。然後在假期季節，我們看到宿舍用品等令人興奮的類別從第二季到第三季有所增長。

Back-to-school is the broader category for that, and it was a strong season and really, really a good season for us. The Halloween product categories were strong, autumnal and Thanksgiving also, we're not selling Thanksgiving yet, obviously, but we're close. And so we've been pleased with our results there. It's too early to comment about holiday, and we're actually on the call a week earlier than we were last year.

返校季是一個更廣泛的類別，對我們來說，這是一個強勁的賽季，真的是一個非常非常好的賽季。萬聖節產品類別表現強勁，秋季和感恩節產品也不錯，我們顯然還沒開始銷售感恩節產品，但快了。因此，我們對那裡的成果感到滿意。現在評論假期還為時過早，而且我們實際上比去年提前了一周召開電話會議。

So those of you are wondering about the lack of comments there. It's just a little bit too early to comment. But based on what we've seen with the other seasonal holidays, we can see that, that's a competitive advantage for us. There's not many other people out there that have the assortment that allows customers to really decorate and entertain for the holidays. And especially at this time of the year, it's a real strength that's a traffic driver for us.

所以，你們當中有些人可能想知道為什麼那裡沒有評論。現在評論還為時過早。但根據我們從其他季節性節慶中看到的情況來看，這對我們來說是一個競爭優勢。市面上很少有其他商家能提供如此豐富的商品種類，讓顧客真正能夠裝飾和招待客人，歡度佳節。尤其是在每年的這個時候，這確實是一項真正的優勢，也是我們吸引客流的重要因素。

Cristina Fernandez, Telsey Advisory Group.

克里斯蒂娜·費爾南德斯，Telsey諮詢集團。

So I want to follow up a little bit on that last comment on holiday. As we look at the implied Q4 revenue guidance, it's pretty wide. So could you comment on the low end versus high end and your ability to continue this comp trend as you face a more difficult year-over-year comparison?

我想就上次關於假期的評論再補充一點。從隱含的第四季營收預期來看，範圍相當廣泛。那麼，您能否就低端市場與高端市場的情況發表一下看法，以及在面臨更加艱難的同比比較時，您能否繼續保持這種成長趨勢？

Thank you, Cristina. Holiday launch season and then it includes January. We are really focused on great price selling. And this has been an important part of our margin profile all year and the improvements that you've seen. And we have amazingly, we've had great success in our margin improvement, even with the tariffs on top of everything.

謝謝你，克里斯蒂娜。假日季產品發布季，也包含一月。我們真正注重的是提供極具競爭力的價格。而這已成為我們全年利潤率狀況的重要組成部分，也是您所看到的改善措施。令人驚訝的是，即使加上關稅，我們的利潤率也得到了極大的提高。

And as we go into the holiday season, we continue to have opportunity from a year-over-year perspective in pulling back on promotions. And so we're focused on right price selling and hope to have less promotions than last year, hence, the wide range of comp performance. That's one piece of it. The second is when you look at the multiyear numbers, we're mindful of our strong holiday last year.

隨著假期臨近，從年際比較的角度來看，我們仍然有機會減少促銷活動。因此，我們專注於合理的價格銷售，並希望減少促銷活動，因此，同店銷售業績波動較大。這是其中的一部分。第二點是，從多年數據來看，我們注意到去年假期業績強勁。

Peter Benedict, Baird.

彼得·本尼迪克特，貝爾德。

I guess two. One would be the market seems to be really concerned about how you're going to be able to digest these tariffs as they ultimately come through despite your ability to do so to date. I think expectations next year for operating margins to be lower in the first half of the year. But maybe, Jeff, I'm not asking for specific guidance, but just how should we think about the ability of the business to just even maintain operating margins in the face of what you know about tariffs as they sit today? That's my first question.

我猜是兩個。一方面，市場似乎非常擔心，儘管你迄今為止有能力消化這些關稅，但當這些關稅最終生效時，你將如何消化它們。我認為明年上半年的營業利潤率預期會降低。但是，傑夫，我並不是尋求具體的指導，而是想問，在目前關稅情勢下，我們該如何看待企業維持營運利潤率的能力？這是我的第一個問題。

And then my second question would be around unit growth. Laura, it sounded like maybe a little bit more of an offensive posture there, particularly around West Elm. We know that in aggregate, your units have been kind of coming down. Are you signaling a change there? Should we be thinking about -- I'm just thinking about the magnitude of unit growth we might expect as we look out on the horizon?

我的第二個問題是關於單位成長率的。勞拉，聽起來你的態度可能有點咄咄逼人，尤其是在 West Elm 附近。我們知道，總體而言，你們的單位數量一直在下降。你這是在暗示某種改變嗎？我們是否應該考慮──我只是在思考，展望未來，我們可能會預期單位成長的幅度是多少？

Peter. So where is the operating margin going? That's a great question. But if we look beyond our current guidance, that's not really a question we're going to answer today. It's too early to start discussing '26 guidance. Our focus is on the holiday season delivering in Q4. And the real reason here is the tariff landscape has been incredibly volatile.

彼得。那麼，營業利潤率都去哪了呢？這是一個很好的問題。但如果我們跳出目前的指導方針，這並不是我們今天能夠回答的問題。現在開始討論2026年的指導意見還為時過早。我們的重點是假日季，預計第四季業績將達到預期。而真正的原因是關稅環境一直非常不穩定。

Just look at what's happened over the past several quarters. Every quarter, there's been new tariffs, repeal tariffs, everything is changing. And there's a lot of uncertainty in this front. I would point out that India is one of our largest sources of goods and where that tariff is going, which is currently at 50% is an open question. We also have the Supreme Court decision on IEPA tariffs pending. We'll see where that goes.

看看過去幾季發生的事情就知道了。每個季度都有新的關稅出台，舊的關稅被取消，一切都在變化。這方面存在著許多不確定因素。我想指出，印度是我們最大的商品來源國之一，而目前50%的關稅將走向何方，目前仍是未知數。我們也有最高法院關於IEPA關稅的裁決待定。我們拭目以待。

So it's a little hard to understand beyond our current guidance and beyond this year and Q4, where the tariff landscape is going to impact us. We believe that our six-point mitigation plan that Laura and I have been articulating all year, combined with the power of our operating model will allow us to offset a large portion of the tariffs, but the ultimate amount depends upon where the tariffs ultimately land. What we're really focused on is delivering the current quarter. And everything we know about our ability to offset the current tariffs is embedded within our guidance.

因此，除了我們目前的指導意見之外，以及今年和第四季之後，關稅狀況將對我們產生怎樣的影響，目前還很難理解。我們相信，勞拉和我今年一直在闡述的六點緩解計劃，加上我們強大的營運模式，將使我們能夠抵消大部分關稅，但最終金額取決於關稅最終落在何處。我們目前最關注的是完成本季的業績。我們所有關於抵消當前關稅能力的了解都已包含在我們的指導方針中。

In terms of your second question, Peter, where is unit growth going? Look, we've been saying all along that we have done an incredible job, and I want to complement our entire organization regarding our retail repositioning strategy. And there's been multiple legs of the strategy. There's been closing underperforming stores, which I think everyone knows, we've closed about 17% of our stores since 2019. It's about repositioning stores from some of the tired indoor malls to more vibrant lifestyle centers.

關於你的第二個問題，Peter，單位成長的方向是什麼？我們一直都說我們做得非常出色，我想對我們整個組織的零售重新定位策略表示讚揚。該戰略包含多個階段。我們一直在關閉業績不佳的門市，我想大家都知道這一點，自 2019 年以來，我們已經關閉了大約 17% 的門市。這是將一些店鋪從老舊的室內購物中心重新定位到更具活力的生活方式中心。

And it's also been about opening new stores. And we see opportunity for new store growth, particularly in the West Elm brand with Rejuvenation, with GreenRow potentially. And there's a lot of opportunity for us to continue to grow stores.

同時，我們也一直在開設新店。我們看到了新店成長的機會，特別是 West Elm 品牌旗下的 Rejuvenation，以及 GreenRow 的潛在成長機會。我們還有很多機會繼續拓展門市。

In terms of where overall store count growth is going, as we've been saying all year, it will be mid-single-digit closures this year. And I think we're not necessarily guiding '26, but I don't think we'll see a substantial change in the overall store count as we look towards '26. There's still more room to go on our repositioning strategy, but there's also white space opportunity to infill. And there's some great new locations that we're working on that will come online in '26 and in '27.

至於整體門市數量成長的走向，正如我們今年一直所說的那樣，今年將會有中等個位數的門市關閉。我認為我們可能不是在預測 2026 年的情況，但我認為展望 2026 年，門市總數不會發生實質變化。我們的重新定位策略還有很大的進步空間，同時也存在著可以填補的空白市場機會。我們正在開發一些很棒的新地點，這些地點將在 2026 年和 2027 年投入使用。

Chris Horvers, J.P. Morgan.

克里斯霍弗斯，摩根大通。

So two quick ones. So I guess playing devil's advocate on the compare in the fourth quarter, Laura, furniture pull forward is behind you. There's a lot of momentum around self-help initiatives. And obviously, there's a tick of pricing coming through here. So as you think about where we are in the cycle, particularly with housing not helpful, why couldn't the growth rate just stay at the growth rate considering where we are?

兩個簡短的問題。所以我想，在第四季的比較中，蘿拉，家具向前拉在你身後，扮演一下反方角色吧。自助互助活動勢頭強勁。顯然，這裡存在著價格上的考量。所以，考慮到我們目前所處的周期階段，特別是房屋市場不利的情況下，為什麼經濟成長率不能維持在目前的水準？

And then a quick one on gross margin. Understanding there was some shift on timing, but asking the question another way, did the drivers in terms of -- in the fourth quarter in terms of the expected tariff headwind versus the expected benefit from the mitigation strategies, did you change those at all in your outlook?

然後簡單談談毛利率。雖然時間安排上有所變化，但換個角度問，在第四季度，考慮到預期的關稅逆風與緩解策略帶來的預期收益，您是否對前景做出了任何改變？

Pull forward first, I don't see any reason to believe we've seen pull forward of anything for that matter. We absolutely could be at the same comp, if not higher. We have a wide range. I was just explaining the differences of why you might look at it and say it's a little bit lower than where you've been. It's very important that we don't play in the promotional game. It's a key aspect of our strategy.

先向前拉，我看不出有任何理由相信我們已經看到任何東西向前拉動過。我們完全有可能達到同樣的水平，甚至更高。我們有多種選擇。我只是在解釋為什麼你可能會覺得它比你之前看到的地方低一些。非常重要的一點是，我們不能參與宣傳遊戲。這是我們策略的關鍵面向。

At the same time, we're going to have great deals for Black Friday. We have great deals right now for early Black Friday. We bought into them. We have vendor partnerships on them. But we're not going to have as much -- we hope we're not going to have as many needs to promote as we did last year. And so that's the only hesitation on the comp side.

同時，我們將在黑色星期五推出超值優惠。我們現在有超值的黑色星期五提前優惠。我們相信了他們。我們與這些供應商建立了合作關係。但我們希望今年不會有那麼多推廣需求——我們希望今年不會像去年那樣有很多推廣需求。所以，這是競爭對手唯一的顧慮。

And then in terms of the tariff impact in Q4, it's sizably more than Q4 because of the way that the cost flows through every single quarter. And so we did a fantastic job, great success with our mitigation plan in Q3 and throughout the year, and we will continue to do that.

至於第四季的關稅影響，由於成本會貫穿每個季度，因此比第四季大得多。因此，我們在第三季和全年的緩解計劃中取得了巨大的成功，我們將繼續這樣做。

And in fact, it's amazing to see the new opportunities that we're finding in supply chain. Supply chain has been just a tremendous positive this year in delivering op margin. And what's great about it, as you know, is it means the customer is getting their products delivered more smoothly and on time and without damage. And that's all good for the brand. It's fantastic for the P&L. And there's still room. As we look at Q4 on the op margin side and the supply chain savings, there's more to go there.

事實上，我們在供應鏈領域發現的新機會令人驚訝。今年供應鏈在提升營運利潤率方面發揮了巨大的積極作用。如您所知，這樣做的好處在於，客戶可以更順利、更準時、更無損地收到產品。這對品牌來說都是好事。這對損益表來說簡直太棒了。還有空位。當我們審視第四季的營運利潤率和供應鏈節約情況時，會發現還有提升空間。

We're really optimistic about our ACDC, which is our new GC that came up last year. And honestly, we're doing better than we have been with that, and that could be -- that could really help us, especially because the calendar this year for Christmas similar to last year is pretty tight. So we want to ship it late and ship it perfectly and not disappoint anyone. That's why people come to us and shop online later with us like they do Amazon and others because they trust us to deliver before Christmas. So there's a lot of really good things happening.

我們對 ACDC 非常樂觀，ACDC 是我們去年成立的新 GC。說實話，我們在這方面做得比以前好多了，這可能會——這真的能幫到我們，尤其是今年聖誕節的日程安排和去年一樣非常緊湊。所以我們希望即使晚點發貨，也要保證發貨完美，不讓任何人失望。這就是為什麼人們會先來我們這裡購物，然後再像在亞馬遜和其他網站上一樣在我們這裡網購，因為他們相信我們會在聖誕節前送達。所以有很多好事正在發生。

But in terms of the impact of tariffs, please don't get ahead of us on Q4 in terms of the margin because the tariffs are going to have a greater impact, as you can see in our guidance and the implied Q4 guidance than they did in Q3. If you look at our op margin ex tariffs, it's expanding. And so for all those that are worried about this, just realize that this goes into the base and we're done with it, and we move forward, and it's about outperforming our competition and continuing to deliver for our shareholders and most importantly, for our customers and giving them incredibly beautiful, well-designed, high-quality product at the best price in the market.

但就關稅的影響而言，請不要過早預測第四季度的利潤率，因為正如您在我們的業績指引和第四季度業績預期中所看到的，關稅的影響將比第三季度更大。如果看一下我們扣除關稅後的營業利潤率，就會發現它正在擴大。所以，對於所有擔心這件事的人，請明白，這已經是基礎了，我們已經完成了這件事，我們將繼續前進，我們的目標是超越競爭對手，繼續為我們的股東創造價值，最重要的是，為我們的客戶創造價值，以市場上最優惠的價格為他們提供極其精美、設計精良、高質量的產品。

Jonathan Matuszewski, Jefferies.

喬納森·馬圖謝夫斯基，傑弗里斯。

I had one question and one follow-up. The first question was just on the consumer. You mentioned a better response to full price selling than it seems like what you planned for. So just from like a strategy perspective here, how does that minimal elasticity kind of inform your customer targeting efforts going forward? And is what you're seeing giving you more confidence to target a higher-end consumer, a higher income consumer more in the future than in the past? And are there strategies in place to do that? That's my first question.

我有一個問題和一個後續問題。第一個問題只涉及消費者。你提到全價銷售的反應比你預想的還要好。那麼從策略角度來看，這種最小彈性將如何影響您未來的客戶定位工作？你目前看到的現像是否讓你更有信心在未來比過去更能瞄準高端消費者、高收入消費者？是否有相應的策略來實現這一目標？這是我的第一個問題。

Yes, it's a great question. We're lucky where we sit, but we love all our customers. So we want to give them the best price if it's the first apartment, first baby or if it's their tenth one -- and we do see when we look at our tic tac toe as owning the home that we haven't covered the real super high end at scale yet. It's not surprising to me that Rejuvenation is doing so well. Why do we have such great growth, it's expensive, it's absolutely gorgeous, high-quality product.

是的，這是一個很好的問題。我們很幸運能擁有現在這樣的位置，但我們愛我們所有的顧客。所以，無論這是他們的第一套公寓、第一個孩子，還是他們的第十套公寓，我們都想給他們最優惠的價格——而且，當我們把擁有房屋看作是井字遊戲時，我們發現我們還沒有大規模地覆蓋真正的超高端市場。Rejuvenation 取得如此成功，我一點也不感到意外。為什麼我們的成長如此迅猛？它價格昂貴，但它絕對精美，是高品質的產品。

I hope that you've all visited a store, bought some products or seen it in someone's house because when you see it, you understand why we're really growing that business and why we believe so strongly to be our next billion-dollar brand. That sits at the high end. GreenRow sits at the high end. We haven't talked about it a lot, because it's tiny, but we're seeing that it's a new aesthetic. It is very, very original that is not in the marketplace and that is entirely green products and people care about that. At least that customer cares about that. And so that's at the high end. And we see that we can have retail stores in that brand, which tells me it's bigger than you might think.

我希望你們都去過我們的店，買過我們的產品，或者在別人家裡見過我們的產品，因為當你們看到它的時候，你們就會明白為什麼我們正在大力發展這項業務，以及為什麼我們如此堅信它會成為下一個十億美元品牌。這屬於高端水準。GreenRow定位高端。我們沒有過多談論它，因為它很小，但我們發現它是一種新的美學。它非常非常獨特，市面上還沒有這樣的產品，而且它完全是綠色產品，人們很在意這一點。至少那位顧客很在意這一點。所以這算是高階產品了。我們看到，我們可以以該品牌開設零售店，這說明它的規模比你想像的還要大。

And then there's Williams-Sonoma Home, which we continue to see as an opportunity for us into the future. But don't mistake the importance of us also covering the upper middle customer, the Pottery Barn, the West Elm and making sure that also those brands are so appealing that people trade into that. I can decorate your house, more beautifully and more affordably than the high end, why wouldn't you come to us? And by the way, we'll do the whole thing for you and we'll set it up.

此外，我們仍然認為 Williams-Sonoma Home 是我們未來發展的機會。但不要忽視我們覆蓋中高端客戶群的重要性，例如 Pottery Barn、West Elm 等品牌，並確保這些品牌也足夠吸引人，讓人們願意購買它們的產品。我可以比高端裝修公司更漂亮、更實惠地裝飾您的房子，為什麼不來找我們呢？順便說一句，我們會為你做所有的事情，我們會幫你安排好一切。

And I think you'll see that we can do it for a fraction of the price of what other people do and have it be super interesting and gorgeous. So we're going after all those pieces and there's opportunity right across the bar from what we define as our value customer, which is different than the market all the way to the high-end consumer.

我認為你會發現，我們能以遠低於別人的價格，做出超級有趣、超級漂亮的作品。所以我們正在努力爭取所有這些機會，從我們定義的「有價值客戶」（與市場整體不同）到高端消費者，處處都蘊藏著機會。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Laura, Jeff, can I ask on tariffs again? The six-point plan seems to be beneficial, and it sounds like the elasticities aren't awful. What's the chance that we get to the fourth quarter or even the first quarter as this inventory turns, that the impacts are going to be a lot more minimal than we think. And I'm just trying to size up the conviction that we haven't seen anything yet. And then if some of the IEPA stuff gets, I don't know, invalidated, do you suspect that industry prices go back down? Or do you think retail prices, especially ones that have already changed, they're just going to hold?

蘿拉，傑夫，我可以再問一下關稅方面的問題嗎？六點計畫似乎很有好處，而且彈性似乎也不算太糟。我們有多大可能等到第四季度，甚至到第一季度，庫存週轉時，其影響會比我們想像的要小得多？我只是想評估一下這種「我們還沒見識到真正厲害的一面」的說法是否成立。如果 IEPA 的一些規定被推翻，例如失效，你認為產業價格會回落嗎？或者你認為零售價格，特別是那些已經改變的價格，會維持不變嗎？

First of all, I just want to say that the last thing I want to think is that we're immune to tariffs. We've done a really great job of offsetting them so far, but the amount that they hit us in Q4 is sizably different than it was in Q3. So just -- that's why look at our guidance, please, and understand the impact. IEPA, there's other tariffs I'm not focused on that.

首先，我想說的是，我最不想看到的就是我們能夠免受關稅的影響。到目前為止，我們在抵消這些影響方面做得非常好，但它們在第四季度對我們的影響與第三季度相比有很大的不同。所以，這就是為什麼請您仔細閱讀我們的指導意見，並了解其影響。IEPA，還有其他關稅，我不是專注在這個。

We're focused on how we give in the current tariff environment, the greatest value to our consumers. And where should we be pricing things and where should we be moving things. So I wouldn't spend a lot of time worrying about that. I think it's just one more thing that could change and be kind of distracting in the short term. There's also really good things that like if the India tariff is revealed that or reduced by half, that would be great for us. But all that is a backdrop that affects the entire industry. And once it's in and it's rolled through on a yearly basis, we're done with it.

我們關注的是如何在本輪關稅環境下，為我們的消費者提供最大的價值。我們應該在哪裡定價，又該在哪裡運送貨物？所以我不會花太多時間擔心這件事。我認為這只是另一件可能會改變並在短期內分散注意力的事情。還有一些非常好的事情，例如如果印度的關稅能夠公佈或減半，對我們來說將是件好事。但這一切都只是影響整個產業的背景。一旦它被納入其中，並每年滾動執行，我們就完成了。

So I just -- as I said, just to recap, please don't think that we are in Q4 and beyond. We will offset as much as we possibly can. We've done a better job than I think we even thought we could do in offsetting all of it this quarter. But we have a few things going on in Q4 that I want to make sure, Jeff reminded you in his prepared remarks, I'll let him remind you again about the 53rd week.

所以，正如我所說，總結一下，請不要認為我們已經進入第四季度及以後了。我們將盡一切可能進行抵消。本季我們做得比預想的還要好，成功地抵銷了所有損失。但我們在第四季有幾件事要處理，我想確保…傑夫在他的準備好的發言稿中提醒過你們，我請他再提醒你們第 53 週的情況。

Yes. I mean a couple of other things that I want to highlight, too, Simeon, is, and as Laura said, don't get ahead of us there. We did have an improvement in our merchandise margins, particularly against what we expected in Q3. But it goes back to the timing factor that I talked about, I think, on the first question. The effective dates were delayed for all the tariffs. So as we get to Q4, there will be a substantially larger impact to our operating margin than there was in Q3.

是的。西蒙，我還有幾件事想強調一下，正如勞拉所說，別操之過急。我們的商品毛利率確實有所提高，尤其是與第三季的預期相比。但這又回到了我之前在第一個問題中提到的時機因素。所有關稅的生效日期均延後。因此，到了第四季度，我們的營業利潤率將比第三季度受到更大的影響。

And our guidance embeds in there our best estimates of what that impact is inclusive of all of our tariff mitigation efforts. So I can't say it any other way other than we do not expect a repeat of Q3 and Q4, which is what our guidance is. In terms of the 53rd week, I do want to remind everyone that this is a 53rd week for Williams -- we are coming up against the 53rd week for Williams-Sonoma, Inc.

我們的指導方針中包含了我們對所有關稅緩解措施的影響的最佳估計。因此，我只能說，我們預計第三季和第四季的情況不會重演，這也是我們目前的預期。關於第 53 週，我想提醒大家，這是 Williams 的第 53 週——我們即將迎來 Williams-Sonoma 公司成立 53 週。

On the year, it was worth 150 basis points to revenue growth and 20 basis points to operating margin. But in Q4, where the 53rd week comes into play, it had a pretty big impact at 510 basis points of revenue growth and 60 basis points of operating margin growth. So just on that, the 53rd week and those 60 basis points, we would be down normally on a year-over-year 13-week -- I'm sorry, yes, 13-week to 13-week comparison.

當年，它為營收成長帶來了 150 個基點，為營業利潤率帶來了 20 個基點。但到了第四季度，第 53 週的影響相當大，營收成長了 510 個基點，營業利潤率成長了 60 個基點。所以僅就這一點而言，第 53 週和那 60 個基點，我們通常會在同比 13 週——抱歉，是的，13 週對 13 週的比較中下降。

Steven Zaccone, Citigroup.

史蒂文‧扎科內，花旗集團。

I wanted to ask on Pottery Barn because the business decelerated a little bit there on the two-year stack, and it's actually lagging the rest of the segments of the business. You referenced some pullback in promotions. Can you just talk about what's new this year? Because I think that's been the strategy for the past couple of years.

我想問 Pottery Barn 的情況，因為在過去兩年的業績中，該業務增長速度有所放緩，實際上已經落後於公司其他業務板塊。你提到了促銷活動有所縮減。能簡單介紹一下今年的新變化嗎？因為我認為這一直是過去幾年來的策略。

And when you think about the performance of that business, what are you seeing from a competitive perspective? Any sort of kind of trade down from the consumer and to deal with some of these earlier questions around pricing, is there anything to call out from a pricing perspective competitive-wise?

那麼，從競爭角度來看，你對這家企業的績效有何看法？消費者是否有任何形式的降級消費？為了解決先前關於定價的一些問題，從定價的競爭角度來看，有什麼需要特別指出的嗎？

We haven't seen that yet. Pottery Barns furniture has improved this year, especially on the multiyear stack, and that's been good to see. They did have more promotions to reduce out of the base than you might have expected. And so we continue to work on that, and there's still opportunity.

我們還沒看到這種情況。Pottery Barns 的家具今年有所改進，尤其是多年堆疊式家具，令人欣喜。他們確實比你預想的要推出更多促銷活動來減少員工人數。因此，我們會繼續努力，而且仍然有機會。

Chuck Grom, Gordon Haskett.

查克·格羅姆，戈登·哈斯克特。

Laura, just bigger picture, a lot of people have asked about the tariffs. I want to ask a little bit about category growth and how you see sustainability moving into 2026. Broadly speaking, a lot of your peers are doing better. Do you think that continues?

蘿拉，從大局來看，很多人都在問關稅問題。我想問一下關於品類成長以及您如何看待永續發展在 2026 年的發展。總的來說，你的許多同齡人都比你做得更好。你認為這種情況會持續下去嗎？

And then one more near term, just cadence throughout the quarter. Some of your peers have had a lot of volatility. Anything you want to highlight for us and anything you want to speak to so far in November?

然後還有一個短期目標，就是整個季度的節奏。你們的一些同行經歷了很大的波動。11月至今，您有什麼想重點介紹的或想談的嗎？

I do want to talk about the excitement we have as we look forward. We have not seen a housing recovery. It's like the worst housing market in the last four years, as you know. And that is a big deal. Now there's really not a lot of great signs that it's getting better quickly, but there are some green shoots.

我想談談我們對未來的興奮之情。我們尚未看到房地產市場復甦。如你所知，這是近四年來最糟糕的房地產市場。這可是件大事。現在確實沒有太多跡象表明情況正在迅速好轉，但已經出現了一些好轉的跡象。

And I personally am very optimistic about housing next year. That would be a big change for us if that happens because we know that when you move, you buy a lot, when you refurnish your house. And we've been very good at getting the remodeler and the redecorator to come to us, but we're excited to be ready with a much more powerful furniture supply chain than we've ever had before when those sales come to us.

我個人對明年的房屋市場非常樂觀。如果這種情況發生，對我們來說將是一個巨大的改變，因為我們知道，當你搬家時，你會買很多東西來重新裝修房子。我們一直很擅長吸引裝修商和重新裝修商來找我們，但當這些銷售主動找上門時，我們很高興能夠擁有比以往任何時候都更強大的家具供應鏈。

And we know that when that turns and you see upside again, it's a really big deal. Some people I don't think they're going to be ready for it. But the things we've done to really improve our supply chain are so strategic. I believe and have always believed that the person that owns the furniture network is the one who wins the whole thing. And that is where we've been focused and we continue to build and have all sorts of tech projects in play to make that happen.

我們知道，當情況好轉，再次出現上漲趨勢時，那真的是一件大事。我覺得有些人可能還沒準備好。但我們為真正改善供應鏈所採取的措施都極具戰略意義。我一直認為，擁有家具銷售網絡的人才是終極的贏家。這就是我們一直關注的重點，我們將繼續努力，並開展各種技術專案來實現這一目標。

And you can see it in our numbers this year, how much improvement year-on-year. I read through last year's script, -- and it's funny when you read it because we were talking about all the supply chain improvements then. But I think if you had asked me, I wouldn't have expected that we would have this much more. And yet we still have more, and that's what's exciting when you think about the power of our operating model in this multi-brand, multichannel company and where this could go in the future as furniture recovery.

從我們今年的數據中可以看出，與去年相比有了很大的進步。我通讀了去年的劇本，讀起來很有趣，因為我們當時討論的是供應鏈的改進。但我想，如果你問我的話，我不會想到我們會有這麼多。但我們還有更多，當你想到我們這家多品牌、多通路公司的營運模式的力量，以及家具回收業未來的發展方向時，這才是令人興奮的地方。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

Laura, one of the interpretations of your -- some of your comments over the last hour is that Williams-Sonoma has gone through this significant change where it's reduced promotions, improved its profitability while it's been able to drive consistent sales growth. And now it may be at the point at which it can no longer lower promotional activity without it having some impact on the sales. Is that the right interpretation of what has been said on this call?

勞拉，對你過去一個小時的一些評論的一種解讀是，威廉斯-索諾瑪經歷了重大變革，減少了促銷活動，提高了盈利能力，同時實現了持續的銷售增長。現在可能已經到了這樣的地步：如果再減少促銷活動，就會對銷售產生一定影響。這是對本次通話內容的正確解讀嗎？

And second, was the magnitude of the benefit to your margin in the third quarter from selling older, lower-cost inventory at new higher prices equal to or greater than it might have been in the second quarter such that we should think about these not repeating in 2026, understanding you're not providing any guidance on 2026 at this point.

其次，第三季以更高的新價格出售較舊的、成本較低的庫存而獲得的利潤收益是否等於或大於第二季可能獲得的利潤收益，以至於我們應該考慮這種情況在 2026 年不會重演，儘管您目前沒有提供任何關於 2026 年的指導意見。

In terms of your first question, I mean, you took some liberty there, Michael. I think what I'm saying is that key strategies for our company continue to work. And it has been a focus on innovative product design, high quality, high service and a regular price business, investing in our brands, investing in our tech stack, our supply chain to deliver great operating margins.

關於你的第一個問題，我的意思是，邁克爾，你有點越界了。我想表達的是，我們公司的關鍵策略持續奏效。我們一直專注於創新產品設計、高品質、高服務和正常價格業務，投資我們的品牌、技術堆疊和供應鏈，以實現良好的營運利潤率。

But I will remind you, our key -- our first initiative this year was return to growth. I kept joking it's 1, 2, and 3, return to growth. We are obsessed with where we can grow, what brand it is, which categories it is and how we outperform. So do not mistake that, that is where our head is and what we're driving towards. On the second question, I'll hand over to Jeff.

但我要提醒各位，我們的關鍵——我們今年的首要舉措是恢復成長。我一直開玩笑說，是 1、2、3，回歸成長。我們沉迷於思考我們可以在哪裡發展，是什麼品牌，屬於哪些類別，以及我們如何超越競爭對手。所以不要誤會，這就是我們的想法和努力的方向。第二個問題，我將交給傑夫回答。

Yes, Michael, honestly, I'm not tracking with you on the question because actually, our margin expansion year-over-year in Q2 was -- gross margin was 220 basis points. There's only 70 basis points in Q3, with the difference, of course, being the impact of the tariffs. So I'm not sure I understood your question, but there was a greater impact of the tariffs in Q3.

是的，邁克爾，老實說，我不太理解你的問題，因為實際上，我們第二季的毛利率年增了——毛利率為 220 個基點。第三季只有 70 個基點的差異，當然，這其中的差異就是關稅的影響。我不太確定我是否理解了你的問題，但關稅在第三季的影響更大。

And while certainly, we have our mitigation efforts, the tariff impact will increase sequentially quarter-over-quarter every year this year. And as we said on the call, it will have an impact on us in Q4 in a much more substantial way than it did in prior quarters this year.

當然，我們已經採取了一些緩解措施，但今年關稅的影響仍將逐季遞增。正如我們在電話會議上所說，這將對我們第四季產生比今年前幾季更實質的影響。

Oliver Wintermantel, Evercore ISI.

奧利佛·溫特曼特爾，Evercore ISI。

And yes, I think the message on gross margin in 4Q came across. I just want to focus on SG&A. You guys have lowered general expenses for the last several quarters. And especially in 4Q, I think there was 80 basis points in incentive comp headwind and advertising was also up a headwind of 30 basis points in the fourth quarter. So maybe could you talk a little bit about SG&A moving parts into the fourth quarter, how you expect that to shake out?

是的，我認為第四季毛利率方面的訊息已經傳達出去了。我只想專注於銷售、管理及行政費用。你們在過去幾季都降低了一般開支。尤其是在第四季度，我認為激勵性薪酬面臨 80 個基點的阻力，廣告支出在第四季也面臨 30 個基點的阻力。那麼，您能否談談銷售、一般及行政費用在第四季度的變化情況，以及您預計最終結果會如何？

Yes. I mean, as you know, we don't guide to specific lines. We guide to top line and the bottom line as it gives us the flexibility to pull different levers as we see results come in. In Q3, our higher employment expense was really almost entirely attributable to higher incentive compensation due to our strong performance year-to-date.

是的。我的意思是，如你所知，我們不會引導到特定的路線。我們以營收和利潤為導向，這樣我們就可以根據結果靈活調整策略。第三季度，我們較高的用工支出幾乎完全是由於年初至今的強勁業績而導致的較高激勵性薪酬。

And then as I explained in our prepared remarks, advertising deleveraged about 20 basis points because we saw some opportunities during Q3 to spend some additional advertising in the digital space. And one of our competitive advantages is our in-house marketing team that has ability across our portfolio of brands to test scale and optimize our spend. And they saw some opportunity to spend in Q3 that gave us great returns, drove incremental traffic to the web and higher revenue per visit, and so we leaned into that.

正如我在事先準備好的發言稿中所解釋的那樣，廣告槓桿率下降了約 20 個基點，因為我們在第三季度看到了在數位領域增加廣告投入的一些機會。我們的競爭優勢之一是我們擁有內部行銷團隊，該團隊有能力在我們旗下所有品牌中進行測試、擴大規模並優化我們的支出。他們看到了第三季的一些投資機會，這些投資為我們帶來了豐厚的回報，為網站帶來了額外的流量，提高了每次造訪的收入，所以我們抓住了這個機會。

So as we think about Q4, we don't guide to specific lines, but our approach is always the same as we're looking to control our SG&A, but where we see opportunities that are going to give us good return on investment, we will, of course, lean into those. But it all depends upon the overall macro.

因此，在考慮第四季度時，我們不會對具體產品線進行指導，但我們的方法始終如一，即控制銷售、一般及行政費用，但如果我們看到能夠帶來良好投資回報的機會，我們當然會抓住這些機會。但這完全取決於宏觀大局。

And I thought that it might be worth spending another minute even though we're a couple of minutes past the hour, talking about our SG&A reductions due to our AI initiatives because we were joking earlier that we have a six-point mitigation plan for tariffs. I think maybe we should launch our AI because we're seeing some really exciting results, both on the sales side and also on the margin. I'll let Sameer make a few comments about that before we close the call.

雖然已經過了整點幾分鐘了，但我認為值得再花一分鐘時間談談由於我們的人工智慧計劃而導致的銷售、一般及行政費用減少，因為我們之前開玩笑說我們有一個六點關稅緩解計劃。我認為我們或許應該推出我們的人工智慧，因為我們在銷售方面和利潤方面都看到了一些非常令人興奮的成果。在結束通話之前，我先讓薩米爾就此發表幾句評論。

Sure. Thank you, Laura. Like Laura mentioned earlier, in Q3, we are seeing really, really impactful results. She shared a couple of the data points around our customer service automation. She shared our launch of Olive, our AI again, that's customer-facing. If you haven't used that, I really encourage you to go the Williams-Sonoma site today. It's super helpful for planning for the holidays and is driving sales, driving engagement, driving loyalty. It's really exciting.

當然。謝謝你，勞拉。正如勞拉之前提到的，在第三季度，我們看到了非常非常顯著的成果。她分享了我們客戶服務自動化的一些數據點。她分享了我們面向客戶的人工智慧產品 Olive 的發布資訊。如果你還沒用過，我強烈建議你今天就去 Williams-Sonoma 網站看看。它對假期計劃非常有幫助，並且能夠促進銷售、提高參與度、增強忠誠度。真是太令人興奮了。

And we're already -- just on the topic of SG&A, we're already seeing reduced payroll costs where automation absorbs -- AI automation absorbs repeatable work, reduce vendor costs when we streamline external spend. And we're also seeing the same tech grow the top line.

就銷售、一般及行政費用而言，我們已經看到，當自動化吸收了重複性工作時，工資成本就會降低——人工智慧自動化吸收了重複性工作，當我們簡化外部支出時，供應商成本也會降低。我們也看到同樣的技術也帶動了營收成長。

In supply chain, we're cutting out of market shipments, improving routes, lowering damages, replacements, trimming shipping costs. Inventory, we're using AI to raise in-stock rates on key items, all the stuff supports conversion. It's driving down costs, but it's also driving the top line.

在供應鏈方面，我們正在減少市場出貨量、改善路線、降低損壞率和更換率、削減運輸成本。庫存方面，我們正在利用人工智慧來提高關鍵商品的庫存率，所有這些都有助於提高轉換率。它降低了成本，同時也提高了收入。

Digital guided journeys, better content coverage. All of this is driving SG&A leverage. All of it's driving reduced costs, but it's also driving demand leverage, which is really exciting to see it impact both on the cost side as well as the top line side. So we really see this compounding benefit as we head into 2026. I'm really excited about the continued impact we're seeing from our AI road map.

數位化引導式體驗，更優質的內容覆蓋。所有這些都在推高銷售、管理及行政費用槓桿。所有這些都在降低成本，同時也推動需求成長，看到它對成本和收入兩方面都產生影響，真是令人興奮。因此，隨著我們邁入 2026 年，我們確實看到了這種複利效應。我對我們的人工智慧路線圖持續產生的影響感到非常興奮。

And we have reached the end of our question-and-answer session. I will now turn the call back over to Laura Alber for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給勞拉·阿爾伯，請她作總結發言。

Yes. Thank you all for joining us today. And as I said earlier, I wish you all a very happy Thanksgiving with your families. Hopefully, you get a chance to stop by our stores and do some shopping. Look forward to talking to you in the new year. Thank you.

是的。感謝各位今天蒞臨。正如我之前所說，祝福大家與家人度過一個快樂的感恩節。希望您有機會光臨我們的門市，選購一些商品。期待在新的一年與您交流。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。