Williams-Sonoma Inc (WSM) 2026 Q1 法說會逐字稿

Welcome to the Williams-Sonoma Inc first quarter 2026 earnings conference call. (Operator Instructions)

歡迎參加 Williams-Sonoma Inc 2026 會計年度第一季財報電話會議。(接線員指示)

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

現在我想把電話交給首席會計官兼投資人關係主管 Jeremy Brooks。請開始。

Good morning, and thank you for joining our first quarter earnings call. Before we get started, I'd like to remind you that during this call, we will make forward-looking statements with respect to future events and financial performance including our annual guidance for fiscal '26 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.

各位早安，感謝您參加我們的第一季財報電話會議。在開始之前，我想提醒各位，在本次電話會議中，我們將就未來事件與財務表現發表前瞻性陳述，包括我們 26 會計年度的年度指引以及長期展望。我們相信這些陳述反映了我們的最佳估計。然而，我們無法保證這些陳述一定會實現，實際結果可能與我們的預期有重大差異。公司不承擔任何義務公開更新或修訂上述任何陳述，以反映在今日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 the call will be available on our Investor Relations website.

此外，我們將提及若干非 GAAP 財務衡量指標。這些指標不應被視為 GAAP 結果的替代，並應與我們的 GAAP 結果一併閱讀。本次電話會議亦應結合我們向 SEC 提交的文件一併考量。最後，本次電話會議的重播將可在我們的投資人關係網站上取得。

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

現在我想把電話交給我們的總裁兼執行長 Laura Alber。

Thank you, Jeremy. Good morning, everyone, and thank you for joining the call. We are off to a strong start in fiscal 2026. In Q1, our comp came in at 4.8%, reflecting strong execution across our portfolio of brands, our channels and our teams. Thank you to everyone at the company for your hard work and dedication.

謝謝你，Jeremy。各位早安，感謝大家參加本次電話會議。我們在 2026 會計年度有一個強勁的開局。第一季，我們的同店銷售（comp）為 4.8%，反映出我們在品牌組合、各通路以及團隊上的強勁執行力。感謝公司每一位同仁的辛勤付出與投入。

We are pleased that our growth initiatives are working, and every brand delivered a positive comp in Q1. We also saw strength in both our retail and DTC channels with improvements across the customer journey. Furniture and non-furniture trends were strong, and collaborations, newness and innovation all performed well.

我們很高興看到成長計畫正在發揮作用，且第一季每個品牌都繳出正向同店表現。我們也看到零售與 DTC（直面消費者）通路皆展現強勁動能，並在顧客旅程各環節有所改善。家具與非家具品類趨勢皆強勁，而聯名合作、新品與創新也都有良好表現。

From a profitability standpoint, we delivered an operating margin of 16.2% ahead of expectations. We delivered this operating margin even while absorbing tariffs and higher fuel costs. Earnings per share was USD1.93, up from USD1.85 last year.

就獲利能力而言，我們的營業利益率達到 16.2%，優於預期。即使吸收關稅與較高的燃料成本，我們仍達成此一營業利益率。每股盈餘為 1.93 美元，高於去年的 1.85 美元。

We continue to outperform on both top and bottom lines in this uncertain environment which includes, but is certainly not limited to war, trade policy, including tariffs and interest rates. We are delivering compounding results year after year despite the cyclical swings of the housing market and other macroeconomic events. We believe our strong brands, our proven ability to execute our vision and our relentless focus on customer service will allow us to accomplish our goals in 2026 and beyond.

在這個充滿不確定性的環境中——包括但不限於戰爭、貿易政策（含關稅）以及利率——我們在營收與獲利兩端仍持續優於表現。儘管房市景氣循環波動及其他總體經濟事件影響，我們仍年復一年交出複利式的成果。我們相信，憑藉強大的品牌、已被驗證的願景執行能力，以及對顧客服務的堅定聚焦，我們將能在 2026 年及更長遠的未來達成目標。

First, on growth. In Q1, our 4.8% comp reflected our company-wide focus on growing our top line. Our quarter was driven by strong performance at all of our brands, growth from our B2B division and continued outperformance of our smaller but quickly growing and profitable emerging brands. Also, the product pipeline that we laid out this year is working. We are committed to delivering great customer service, and we continue to put the customer at the center of everything we do.

首先談成長。第一季 4.8% 的同店表現，反映出我們全公司對營收成長的聚焦。本季成長動能來自所有品牌的強勁表現、B2B 事業部的成長，以及規模較小但快速成長且具獲利性的新興品牌持續優於表現。此外，我們今年所規劃的產品開發管線正在奏效。我們致力於提供卓越的顧客服務，並持續把顧客置於我們所有工作的核心。

We extended AI further into the customer journey. We scaled personalization across our portfolio of brands, and we continue to optimize the shopping and checkout experience. We also made progress using automation to improve customer care and strengthen product discovery, while continuing to advance our design tools.

我們進一步將 AI 延伸至顧客旅程中。我們在品牌組合中擴大個人化規模，並持續優化購物與結帳體驗。我們也在運用自動化方面取得進展，以改善客戶關懷並強化商品探索，同時持續推進我們的設計工具。

And across the operations, we delivered enhancements to support supply chain efficiency and enable important brand initiatives this quarter. And we continue to make progress in supply chain performance with our focus on time and delivery and low returns and replacements. These improvements helped us offset higher year-on-year tariff and higher fuel costs.

在營運面，我們於本季推出多項強化措施，以支持供應鏈效率並推動重要的品牌計畫。我們也持續改善供應鏈表現，聚焦於縮短時間與提升交付，以及降低退貨與換貨。這些改善幫助我們抵銷年對年更高的關稅與更高的燃料成本。

We stayed lean and efficient throughout the organization and managed variable costs. And you can see those results in the P&L we share with you today. Additionally, in the quarter, we returned USD373 million to our investors through share buybacks and dividends. Our results demonstrate our discipline and commitment to delivering quality earnings and returning free cash flow to our stockholders. Now let's talk about guidance.

我們在整個組織中維持精實與高效率，並管理變動成本。您可以在我們今天與各位分享的損益表中看到這些成果。此外，本季我們透過庫藏股回購與股利，向投資人返還 3.73 億美元。我們的成果展現了我們在紀律上的堅持，以及對提供高品質獲利並將自由現金流回饋股東的承諾。現在我們來談指引。

We are reiterating the annual guidance we provided on our Q4 call. We are confident about our business, both because of our Q1 results and our strategies for the balance of 2026. However, despite our (inaudible) in the first quarter, we are not raising guidance as it is early in the year, and there's a lot of uncertainty in the external environment. We are not building in on meaningful housing recovery, and we are assuming continued volatility across geopolitics, war, fuel prices, trade policy and tariffs and interest rates. Of course, we can never plan for extreme outlier events, but what we can do is give you our best estimate for 2026 which at this point reflects comp brand revenue growth of 2% to 6% with a midpoint of 4% and an operating margin in the range of USD17.5 to 18.1% with a midpoint of 17.8%. Now let's review our brands.

我們重申在第四季電話會議中提供的年度指引。基於第一季的結果以及我們對 2026 年剩餘期間的策略，我們對業務充滿信心。然而，儘管我們在第一季的（聽不清）表現，我們不會上調指引，因為年初時點仍早，外部環境存在許多不確定性。我們並未將任何顯著的房市復甦納入假設，並假設地緣政治、戰爭、燃料價格、貿易政策與關稅以及利率等方面的波動將持續。當然，我們永遠無法為極端的離群事件做規劃，但我們能做的是提供我們對 2026 年的最佳估計；目前反映為：同店品牌營收成長 2% 至 6%，中點為 4%；營業利益率介於 17.5% 至 18.1%，中點為 17.8%。現在我們來檢視各品牌表現。

Pottery Barn delivered a positive 1% comp in Q1, and we were pleased to see the brand's results improve. We saw progress in key categories for Pottery Barn across furniture, lighting and textiles. Customers responded to both our spring and summer assortments. The quarter also reflected the actions we have been taking in marketing. We are focused on Pottery Barn's heritage aesthetic, both in marketing and product design, and we are improving value across key categories.

Pottery Barn 在第一季繳出正向 1% 的同店表現，我們很高興看到該品牌的成果有所改善。我們在 Pottery Barn 的關鍵品類上看到進展，涵蓋家具、燈飾與紡織品。顧客對我們的春季與夏季商品組合皆有良好反應。本季也反映出我們在行銷方面所採取的行動。我們聚焦於 Pottery Barn 的傳承美學，無論在行銷或產品設計上皆然，並在關鍵品類提升價值感。

At the Pottery Barn channel level, DTC improved as we focused on the digital experience. Retail remained strong as customers continue to respond positively to our stores, design services and the in-person shopping experience, including Take It Home Today. We remain focused on executing the Pottery Barn strategy quarter-by-quarter and are confident about the brand's trajectory in 2026 and beyond. Before I move on, I also want to share an update on leadership at Pottery Barn.

在 Pottery Barn 的通路層面，隨著我們聚焦數位體驗，DTC 表現有所改善。零售通路維持強勁，顧客持續對我們的門市、設計服務與實體購物體驗（包括 Take It Home Today）給予正面回應。我們仍專注於逐季落實 Pottery Barn 策略，並對該品牌在 2026 年及未來的發展軌跡充滿信心。在我繼續之前，我也想分享一則關於 Pottery Barn 領導團隊的最新消息。

This morning, we announced the promotion of Jennifer Kellor to the role of President of Pottery Barn. Over the course of her 29-year tenure, Jen has demonstrated an exceptional track record of driving growth and incubating brands. She brings deep expertise across merchandising, design, e-commerce and marketing and has helped drive significant growth for our company. We also have a strong bench of talent in our Pottery Barn Children's businesses, and that team will continue to lead the brands and will report to me.

今天早上，我們宣布晉升 Jennifer Kellor 擔任 Pottery Barn 總裁。在她 29 年的任期中，Jen 展現了推動成長與孵化品牌的卓越實績。她在商品企劃、設計、電子商務與行銷方面具備深厚專業，並協助推動公司顯著成長。我們在 Pottery Barn Children’s 事業也擁有堅強的人才梯隊，該團隊將持續領導品牌並向我匯報。

And finally, today, we announced former Pottery Barn President Monica Bhargava's departure from the company. I want to thank Monica for her significant accomplishments throughout her 26 years with our company. Monica's visionary leadership and creative talent have made a lasting impact across our brands, and we are grateful for her many contributions.

最後，我們今天宣布前 Pottery Barn 總裁 Monica Bhargava 將離開公司。我要感謝 Monica 在她於本公司 26 年期間所取得的重大成就。Monica 具前瞻性的領導力與創意才華，已在我們各品牌留下深遠影響，我們也感謝她的諸多貢獻。

Now let's turn to our Pottery Barn Children's business which delivered yet another strong quarter, running a positive 4.5% comp in Q1. Growth was driven by product innovation with strength in both furniture and non-furniture. Collaborations and licensing remain key drivers led by LoveShackFancy, Chris Loves Julia and partners to keep the assortment fresh and bring in new customers. We also saw a strong momentum in Baby supported by high-quality furniture and expanded gifting assortment and improvements to the registry experience, both in stores and online.

現在讓我們把焦點轉向 Pottery Barn Children 業務，本季再度交出亮眼成績，第一季同店銷售（comp）成長 4.5%。成長主要由產品創新帶動，家具與非家具品類皆表現強勁。聯名合作與授權仍是關鍵成長動能，由 LoveShackFancy、Chris Loves Julia 等合作夥伴領軍，持續讓商品組合保持新鮮感並帶來新客。我們也看到嬰幼兒（Baby）品類動能強勁，受惠於高品質家具、擴充的送禮商品組合，以及門市與線上登記（registry）體驗的改善。

And in Dorm, we are entering the season well positioned with complete solutions that meet customers' needs and preferences. In the quarter, we also launched Dormify as our tenth brand which expands our reach in dorm in small space living with functional style-driven solutions to the next generation of customers.

在宿舍（Dorm）方面，我們以完整解決方案切入新一季，能更好地滿足顧客需求與偏好，整體布局良好。本季我們也推出 Dormify 作為第十個品牌，將我們在宿舍與小坪數居住的觸及面擴大，以兼具機能與風格導向的解決方案服務新世代顧客。

As we think about the future, we see meaningful growth ahead in our Children's business. Our pipeline of new product introductions and continued collaboration growth is strong, and we are excited about the momentum as we move through the year.

展望未來，我們看到 Children 業務仍有可觀的成長空間。新品導入的產品管線與持續擴大的合作動能都很強勁，我們對於今年接下來的推進所帶來的動能感到振奮。

Now let's review West Elm. West Elm had a positive, 8.5% in Q1 and I'm proud to say again that West Elm is on a roll. The drivers at West Elm are consistent and the results are compounding. West Elm continued to make improvements across products, brand heat and channel excellence, new introductions in both furniture and non-furniture drove growth and both Springs and Summer Newness performed particularly well.

接著我們回顧 West Elm。West Elm 第一季同店銷售成長 8.5%，我也很自豪地再次表示，West Elm 正在持續走強。West Elm 的成長驅動因素一貫且穩定，成果也在持續累積放大。West Elm 持續在產品、品牌熱度與通路卓越性上精進；家具與非家具的新品導入帶動成長，其中春季與夏季新品表現尤其出色。

Retail West Elm was a highlight in Q1. Customers came into our stores and saw more newness and better in-stock availability. And the strength of the brand gives us confidence to return store count growth with 5 West Elm openings planned in 2026.

第一季零售端的 West Elm 是一大亮點。顧客走進門市，看到更多新品與更佳的現貨供應。品牌的強勁表現也讓我們有信心恢復門市數量成長，規劃於 2026 年新開 5 間 West Elm 門市。

Collaborations also remain a key pillar of the growth strategy at West Elm. The Emma Chamberlain collection was a great example that brought new energy to the brand and connected with the younger customer. It is another proof point tath West Elm can create brand heat and drive growth through distinctive products and storytelling. Overall, we are thrilled with (inaudible) at West Elm. The brand is executing well, and we feel good about the opportunity to build on this progress as we move through '26 and beyond.

聯名合作同樣仍是 West Elm 成長策略的關鍵支柱。Emma Chamberlain 系列就是很好的例子，為品牌注入新能量並與年輕客群建立連結。這也再次證明 West Elm 能透過具辨識度的產品與故事敘事創造品牌熱度並帶動成長。整體而言，我們對 West Elm 的（聽不清）感到非常振奮。品牌執行到位，我們也看好在 2026 年及之後持續在此進展上再接再厲的機會。

Now let's review the Williams-Sonoma brand. Williams-Sonoma continues its streak of strong performance with a positive 5% comp in Q1 on top of a 7.3% comp last year. As we spoke about on the last earnings call, 2026 marks Williams-Sonoma's 70th anniversary. At 70 years old, this brand is not slowing down. In fact, it's gaining momentum.

接著回顧 Williams-Sonoma 品牌。Williams-Sonoma 延續強勁表現，本季同店銷售成長 5%，是在去年同店銷售成長 7.3% 的高基期之上再成長。如同我們在上一季財報電話會議提到的，2026 年將是 Williams-Sonoma 成立 70 週年。這個 70 年的品牌並未放慢腳步。事實上，它正在加速前進。

The Kitchen business continues to accelerate and our pipeline of proprietary in-house design products and market exclusive separate us from the competition. We also continue to strengthen the brand through collaborations and marketing partnerships. In Q1, we welcomed well renowned interior designer, Kelly Wearstler, as a spokesperson for our exclusive Breville offering. We also launched the Stanley Tucci pizza oven from GreenPan and a food collaboration with Oakville Grocery on Napa Valley culinary institution and the oldest continuously operating grocery store in California.

廚房（Kitchen）業務持續加速，我們自有的內部設計產品與市場獨家商品管線，使我們與競爭對手拉開差距。我們也持續透過聯名合作與行銷夥伴關係強化品牌。第一季，我們邀請知名室內設計師 Kelly Wearstler 擔任我們獨家 Breville 產品的代言人。我們也推出 GreenPan 的 Stanley Tucci 披薩烤爐，並與 Oakville Grocery 合作推出食品聯名；Oakville Grocery 是納帕谷的美食地標，也是加州歷史最悠久且持續營運的雜貨店。

In our Williams-Sonoma stores, we continue to bring the brand to life through experiences that deepen engagement. In Q1, skill series classes remains an important driver, and we also built momentum in registry through events and concierge appointments.

在 Williams-Sonoma 門市，我們持續透過各種體驗把品牌具象化，深化顧客互動。第一季，技能系列課程仍是重要驅動因素；我們也透過活動與禮品登記（registry）禮賓預約服務，持續累積 registry 動能。

We also saw notable momentum in Williams-Sonoma Home in the quarter. Customers responded to newness and innovation in color, print and pattern. And while the business is small, we see opportunity to expand in the underserved high-end furniture and home furnishings market. Looking ahead, we are excited for the summer entertaining season. We have (inaudible) this weekend which is another great example of how we bring the brand to life, to food, community and experiences that are uniquely Williams-Sonoma and if you're going to be in Napa this weekend, please give me a call.

本季 Williams-Sonoma Home 也展現明顯動能。顧客對於色彩、印花與圖案上的新品與創新反應熱烈。雖然該業務規模仍小，但我們看見在尚未被充分服務的高端家具與家居裝飾市場中擴張的機會。展望未來，我們對夏季宴客季感到興奮。我們這個週末有（聽不清），這也是我們如何把品牌具象化的另一個絕佳例子——結合美食、社群與體驗，呈現 Williams-Sonoma 獨有的特色；如果你這個週末會在納帕，請打電話給我。

Now I'd like to update you on B2B. B2B started the year strong with another record-breaking quarter, delivering growth of 13.7%. We saw the strength across B2B with continued momentum in both trade, which were 9% and contract, which grew 22%. Our B2B team continues to strengthen our position as a preferred partner. We're winning because of our deep relationships with designers, developers, procurement groups and brands and because our design to deliver capabilities are difficult to replicate.

接下來我想向各位更新 B2B 的進展。B2B 以強勁表現開啟新年度，再創破紀錄的一季，成長 13.7%。我們看到 B2B 各面向皆具強度，trade（設計師/專業客戶）持續有動能、成長 9%，contract（合約/工程）則成長 22%。我們的 B2B 團隊持續強化我們作為首選合作夥伴的地位。我們之所以能勝出，來自與設計師、開發商、採購團隊與品牌之間的深厚關係，以及我們從設計到交付的一體化能力，這些都不易被複製。

We also delivered several marquee projects in the quarter, including hospitality work for Delano Miami, (inaudible) Resort and Spa, multiple locations with national developers like AMAR and Greystar and continued momentum in sports and entertainment with Capital One Arena, Live Nation Philadelphia and upcoming work with the US Open. And to start Q2, the team was recognized that the Hospitality Design Expo, winning the Best in Show award. Overall, we are pleased with the start to the year in B2B and we remain excited about the pipeline and the opportunity ahead.

本季我們也交付了多個指標性專案，包括 Delano Miami 的飯店專案、（聽不清）度假村與水療中心、與 AMAR、Greystar 等全國型開發商在多個地點的合作，以及在運動與娛樂領域持續推進，包括 Capital One Arena、Live Nation Philadelphia，並將展開與美國網球公開賽（US Open）的後續合作。而在第二季初，團隊於 Hospitality Design Expo 獲得肯定，拿下 Best in Show 大獎。整體而言，我們對 B2B 年初的表現感到滿意，並對後續案源管線與未來機會保持期待。

Now I'd like to update you on our emerging brands. With our proven ability to incubate and scale rooms in-house, these concepts represent sizable growth opportunities for us. Starting with Rejuvenation, which had another strong quarter with double-digit comp growth.

接著我想更新我們的新興品牌（emerging brands）。憑藉我們已被驗證的內部孵化與規模化能力，這些概念對我們而言代表可觀的成長機會。先從 Rejuvenation 開始，本季再度表現強勁，同店銷售呈現雙位數成長。

Performance was driven by continued momentum in project light categories, including cabinet hardware, bath, lighting and mirrors. Rejuvenation also continued to see strong engagement from the trade which reinforces the brand's position with design and renovation customers. And in DTC, growth is supported by continued engagement in our core categories.

表現主要由專案照明（project light）品類的持續動能帶動，包括櫥櫃五金、衛浴、燈具與鏡子。Rejuvenation 也持續獲得 trade（專業客戶/設計師渠道）的高度參與，進一步鞏固品牌在設計與翻修客群中的定位。在 DTC（直面消費者）方面，成長則由核心品類的持續互動與需求所支撐。

Product innovation continued to be a focus on the brand with high-quality, design-driven products, distinctive details and customizable options that matter in home project categories. With only 13 stores and great online growth, we are thrilled with the progress in Rejuvenation, and we continue to believe in the opportunity for Rejuvenation to be our next billion-dollar brand.

產品創新仍是品牌重點，聚焦高品質、設計導向的產品、具辨識度的細節，以及在居家專案類別中至關重要的可客製化選項。目前僅有 13 間門市且線上成長亮眼，我們對 Rejuvenation 的進展感到非常振奮，也持續相信 Rejuvenation 有機會成為我們下一個十億美元品牌。

Mark & Graham also had strong Q1 with a double-digit positive comp. The brand continued to build momentum across key categories, and it remains a distinctive destination for personalized gifts for less meaningful moments. As we look ahead, we are leaning into major seasonal milestones like Graduation, Father's Day, Wedding Season and Summer Entertaining and we are doing that with compelling new products and elevated coastal point of view.

Mark & Graham 第一季同樣表現強勁，同店銷售呈雙位數正成長。品牌在關鍵品類持續累積動能，並仍是提供個人化禮品、用於更有意義時刻的獨特首選目的地。展望未來，我們將聚焦畢業季、父親節、婚禮季與夏季宴客等重要季節里程碑，透過具吸引力的新產品與更高端的海岸風格觀點來推進。

And last, but certainly not least, GreenRow. GreenRow continued to deliver growth in Q1. We opened our first store in March and is a great manifestation of the brand. And since we've last talked, I hope you have had an opportunity to stop by and see the store yourself in SoHo. GreenRow focuses on sustainable, responsibly crafted vintage inspired design. The brand combines colorful eclectic styling with airline quality materials and low-impact manufacturing practices.

最後但同樣重要的是 GreenRow。GreenRow 第一季持續實現成長。我們在 3 月開出第一間門市，充分展現了品牌的樣貌。自從上次我們交流以來，希望你有機會親自到 SoHo 逛逛並看看這家店。GreenRow 聚焦永續、負責任製作的復古靈感設計。品牌結合繽紛且混搭的風格，搭配航空級品質材料與低衝擊的製造工法。

Finally, I'd like to talk about our global business. We continue to see strong performance across our strategic global markets, including Canada, Mexico and the UK driven by differentiated products, ongoing omnichannel improvements, and continued growth in our design and trade businesses.

最後，我想談談我們的全球業務。在我們的策略性全球市場（包括加拿大、墨西哥與英國），我們持續看到強勁表現，這主要受差異化產品、持續的全通路改善，以及我們設計與商用（trade）業務的持續成長所帶動。

So in closing, as you can see, we are off to a strong start in fiscal 2026. I would summarize Q1, the three accomplishments. First, we delivered strong top line growth with every brand positive. Second, we drove operating margin that exceeded expectations. And third, we delivered earnings growth and we did all of this in a dynamic and uncertain external environment.

總結來說，如各位所見，我們在2026會計年度有一個強勁的開局。我會用三項成果來概括第一季。第一，我們實現了強勁的營收成長，且每個品牌皆為正成長。第二，我們推動營業利益率超出預期。第三，我們帶來獲利成長，而這一切都是在外部環境動態且不確定的情況下達成。

This quarter reflected what we set out to do in 2026. We are accelerating growth through strong execution across channels, strength in both furniture and non-furniture and continued momentum in collaborations, product newness and product innovation. We are continuing to invest in the customer experience and making progress in service and supply chain. And finally, we are staying disciplined on cost and productivity, which supports strong profitability and returns to our shareholders.

本季反映了我們在2026年所設定要達成的目標。我們透過各通路的強力執行加速成長，家具與非家具品類雙雙展現強勁表現，並在合作案、產品上新與產品創新方面持續保持動能。我們持續投資於顧客體驗，並在服務與供應鏈方面取得進展。最後，我們在成本與生產力上維持紀律，進而支撐強勁的獲利能力並為股東帶來回報。

We feel good about the start of the year, and we remain confident in our priorities and our strategies for 2026. And while the external environment can shift quickly, our model and our team are built to navigate volatility and keep delivery. And with that, I want to thank our team again for their work and their commitment. And I also want to thank our vendors and our shareholders for their partnership and support.

我們對今年的開局感到樂觀，並且對2026年的優先事項與策略仍然充滿信心。儘管外部環境可能快速變化，我們的營運模式與團隊具備因應波動並持續交付成果的能力。在此，我要再次感謝我們團隊的努力與投入。我也要感謝我們的供應商與股東的合作夥伴關係與支持。

Now 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Jeff，由他帶各位更詳細地檢視數字與我們的展望。

Thank you, Laura, and good morning, everyone. We delivered another quarter of growth and strong earnings in Q1. Our results reflect the power of Williams-Sonoma Inc's operating model. And our team's strong execution on the priorities we laid out for fiscal year '26, accelerating growth, delivering world-class customer service and driving earnings. As I walk through the numbers, you'll see how we delivered on all three priorities this quarter.

謝謝你，Laura，各位早安。我們在第一季再度交出成長與強勁獲利的一季。我們的結果反映了Williams-Sonoma Inc營運模式的威力。也反映了我們團隊對2026會計年度所提出優先事項的強力執行：加速成長、提供世界級顧客服務，以及推動獲利成長。在我帶各位看數字時，你們會看到我們本季如何在這三項優先事項上都交出成果。

I'll start with our Q1 results and then review our guidance for fiscal year '26. Q1 net revenues finished at USD1.81 billion, with comp growth of 4.8%. Both our 1-year and 2-year comps accelerated from Q4 to Q1, reflecting the continued strength and momentum of our business. Both furniture and non-furniture categories posted positive comps in the quarter, and the trend in both categories accelerated significantly from Q4.

我先從第一季的結果談起，接著回顧2026會計年度的指引。第一季淨營收為18.1億美元，同店成長4.8%。我們的1年期與2年期同店表現皆由第四季加速至第一季，反映我們業務持續的強勁與動能。本季家具與非家具品類同店皆為正成長，且兩個品類的趨勢相較第四季均顯著加速。

From a channel perspective, both e-commerce and retail delivered strong comps with e-commerce up 4.8% and retail up 4.7%. We accelerated our market share gains as the home furnishings market declined in the low single digits in Q1. We accomplished this even as we maintained our level of full price selling. Our strong results demonstrate the power of our portfolio of brands, which span different aesthetics, life stages and price points. Combined with our growth strategies, our portfolio sets Williams-Sonoma Inc apart in the home furnishings industry.

從通路角度來看，電商與零售皆交出強勁同店表現：電商成長4.8%，零售成長4.7%。在第一季家居用品市場下滑低個位數的情況下，我們加速了市占率的提升。即便如此，我們仍維持全價銷售的水準。我們的強勁結果展現了品牌組合的威力，涵蓋不同美學風格、人生階段與價格帶。結合我們的成長策略，這樣的品牌組合使Williams-Sonoma Inc在家居用品產業中脫穎而出。

Moving down the income statement. Q1 gross margin was 44%, down approximately 30 basis points versus last year. Our focus on growth, customer service and supply chain efficiency partially offset the headwinds from tariffs and higher fuel costs. Merchandise margins declined 100 basis points versus last year. Higher tariffs flowing through to our weighted average cost of goods sold drove this decline.

接著往下看損益表。第一季毛利率為44%，較去年下降約30個基點。我們聚焦於成長、顧客服務與供應鏈效率，部分抵銷了關稅與燃料成本上升帶來的逆風。商品毛利率較去年下降100個基點。較高的關稅反映在我們加權平均銷貨成本中，推動了這一下降。

Full price selling was essentially flat year-over-year. Ocean freight costs were also pressured by higher oil prices. However, our size and scale and our talented supply chain team helped mitigate the impact. Supply chain efficiencies, including a lower shrink accrual delivered approximately 50 basis points of gross margin benefit in the quarter.

全價銷售基本上與去年同期持平。海運運費也因油價上升而承壓。不過，我們的規模優勢以及優秀的供應鏈團隊協助減輕了影響。供應鏈效率提升（包括較低的耗損提列）在本季帶來約50個基點的毛利率助益。

Our focus and execution on customer service continued to drive efficiency across our supply chain enabling us to offset the impact of higher fuel prices to domestic shipping costs. I'd like to acknowledge and thank our supply chain team for their relentless focus on service and efficiency that is helping us offset higher fuel prices.

我們在顧客服務上的聚焦與執行，持續推動供應鏈各環節的效率，使我們得以抵銷燃料價格上升對國內配送成本的影響。我想特別肯定並感謝我們的供應鏈團隊，他們對服務與效率的持續投入，正協助我們抵銷更高的燃料價格。

Occupancy costs leveraged approximately 20 basis points versus last year with our strong top line growth more than offsetting the 3% increase in occupancy dollars. Overall, our gross margin came in ahead of our expectations. We are pleased with our ability to partially offset tariff-related merchandise margin pressure and higher fuel prices through supply chain efficiencies and occupancy leverage. Turning now to SG&A.

店舖占用成本相較去年槓桿改善約20個基點，因為我們強勁的營收成長足以抵銷占用成本金額增加3%的影響。整體而言，我們的毛利率高於預期。我們對於能透過供應鏈效率與占用成本槓桿，部分抵銷關稅相關的商品毛利壓力與更高燃料價格感到滿意。接下來談SG&A。

Q1 SG&A ran at 27.8% of revenues, approximately 30 basis points higher than last year. Employment expense deleveraged 30 basis points. We continue to manage variable employment costs in line with top line trends while staying focused on investing in talent.

第一季SG&A占營收比重為27.8%，較去年高約30個基點。人事費用出現約30個基點的去槓桿。我們持續依據營收趨勢管理可變動的人事成本，同時仍專注於人才投資。

Advertising expense as a percent of revenues leveraged 10 basis points. Our in-house marketing team continued to test, scale and optimize across our portfolio of brands, driving strong customer engagement while remaining disciplined on spend. We also invested in social media, using compelling content, collaborations and influencer partnerships to increase relevance, expand reach and drive brand heat.

廣告費用占營收比重槓桿改善10個基點。我們的內部行銷團隊持續在品牌組合中進行測試、擴大規模並優化，在維持支出紀律的同時，帶動強勁的顧客互動。我們也投資社群媒體，透過具吸引力的內容、合作案與網紅夥伴關係，提高品牌相關性、擴大觸及並推升品牌熱度。

Lastly, general expense deleveraged approximately 10 basis points, primarily from timing. On the bottom line, we delivered operating income of USD292 million with operating margin at 16.2%. Diluted earnings per share were USD1.93, up 4% versus last year.

最後，一般費用去槓桿約10個基點，主要來自時點因素。在獲利端，我們實現營業利益2.92億美元，營業利益率為16.2%。稀釋後每股盈餘為1.93美元，較去年成長4%。

On the balance sheet, merchandise inventories were USD1.46 billion, up 9% to last year. Included in our inventory is approximately USD60 million of embedded incremental tariff costs. Excluding these tariff costs, inventories would have been in line with our top line growth. Our inventory levels and composition continue to be well positioned to support our sales growth and customer service goals.

在資產負債表方面，商品存貨為14.6億美元，較去年增加9%。我們的存貨中包含約6,000萬美元的內含增量關稅成本。若排除這些關稅成本，存貨水準將與我們的營收成長一致。我們的存貨水準與結構仍維持在良好位置，以支援銷售成長與顧客服務目標。

During the quarter, we invested USD58 million in capital expenditures to support our long-term growth. We also returned USD373 million to shareholders through share repurchases and dividends. We repurchased USD288 million of stock or approximately 1.4% of shares outstanding. We also paid USD85 million in dividends, a 15% increase year-over-year.

本季我們投入5,800萬美元資本支出，以支持長期成長。我們也透過庫藏股回購與股利，向股東回饋3.73億美元。我們回購了2.88億美元的股票，約占流通在外股數的1.4%。我們也支付8,500萬美元股利，較去年同期增加15%。

Summing up our Q1 results, we are proud of the strong execution across the business. We accelerated our top line growth, continued to improve customer service and supply chain efficiency and grew earnings per share. These results speak to the power of our operating model, but none of it would be possible without the incredible team we have here at Williams-Sonoma Inc. I'd like to thank our team for their outstanding execution this quarter.

總結第一季結果，我們為全公司強勁的執行力感到自豪。我們加速了營收成長，持續改善顧客服務與供應鏈效率，並提升每股盈餘。這些成果展現了我們營運模式的威力，但若沒有Williams-Sonoma Inc這支卓越的團隊，一切都不可能實現。我想感謝團隊在本季的出色執行。

Now let's turn to our fiscal year '26 outlook. As Laura mentioned, we remain confident in our strategy and momentum. We are reiterating our guidance as it's still early in the year and the environment is uncertain. We expect fiscal year '26 net revenue comps to be in the range of 2% to 6% and with total net revenue growth of 2.7% to 6.7%. We expect operating margin to be in the range of 17.5% to 18.1%.

接下來談2026會計年度展望。如Laura所提到的，我們對策略與動能仍然有信心。由於目前仍在年初且環境不確定，我們重申既有指引。我們預期2026會計年度淨營收同店成長介於2%至6%，總淨營收成長介於2.7%至6.7%。我們預期營業利益率介於17.5%至18.1%。

Our guidance continues to assume no material changes in the macroeconomic environment or housing turnover or interest rates. We remain focused on accelerating growth delivering world-class customer service and driving earnings. As we discuss guidance, I'd like to address three topics top of mind for investors: higher oil prices, tariff refunds and tariffs.

我們的指引仍假設宏觀經濟環境、住宅成交量或利率不會出現任何重大變化。我們仍專注於加速成長、提供世界級客戶服務並推動獲利。在我們討論指引時，我想先回應投資人最關心的三個議題：油價上漲、關稅退稅以及關稅。

First, higher oil prices. Higher oil prices are pressuring transportation costs. With ocean freight, we believe our size and scale combined with the outstanding work of our experienced transportation team will allow us to continue to mitigate the impact. For domestic shipping expense, deal prices near today's levels are embedded in our guidance. While the direction of oil prices is difficult to predict, our guidance reflects our best estimate of the impact of higher oil prices on our business.

第一，油價上漲。油價上漲正在推升運輸成本。就海運運費而言，我們相信憑藉我們的規模與量體，再加上資深運輸團隊的出色工作，我們將能持續降低其影響。就國內運輸費用而言，我們的指引已納入接近目前水準的合約價格。雖然油價走勢難以預測，但我們的指引反映了我們對油價上漲對業務影響的最佳估計。

Second, tariff refunds. Our guidance does not contemplate recognizing any benefit from tariff refunds due to the uncertainty surrounding the timing and potential of recovery.

第二，關稅退稅。由於回收時點與可回收性存在不確定性，我們的指引未考慮認列任何關稅退稅帶來的利益。

Finally, tariffs. Our assumptions on tariffs remains unchanged as well. As discussed last quarter, we continue to expect the impact of tariffs to be front half weighted and then moderate over the balance of the year. Our guidance continues to assume all tariffs currently in place remain in effect for the balance of the year, including the Section 232 tariffs, the current Section 301 tariffs and the Section 122 tariffs. While the Section 122 tariffs are currently set to expire in July, our guidance assumes they will be replaced with tariffs at a similar rate.

最後，關稅。我們對關稅的假設也維持不變。如同上季所討論，我們仍預期關稅影響將偏向上半年較重，之後在今年剩餘期間趨於緩和。我們的指引仍假設目前已實施的所有關稅在今年剩餘期間持續有效，包括第232條關稅、目前的第301條關稅以及第122條關稅。雖然第122條關稅目前預計於7月到期，但我們的指引假設其將由稅率相近的關稅所取代。

With the ongoing uncertainty around tariffs, it is impossible to say where they will ultimately land and it is difficult to determine what impact they will have on our business. Our guidance reflects our best estimates based on the tariffs in place as of this call. As tariff policy changes, we may need to update our guidance.

在關稅持續存在不確定性的情況下，無法判斷其最終落點，也很難確定其對我們業務的影響。我們的指引反映了基於本次電話會議時點已生效關稅的最佳估計。隨著關稅政策變動，我們可能需要更新指引。

Also today, we are providing some further inputs for modeling purposes. We expect our full year interest income to be approximately USD25 million and our full year effective tax rate to be approximately 25.5%. Turning now to capital allocation.

此外，今天我們也提供一些進一步的建模輸入。我們預期全年利息收入約為2,500萬美元，全年有效稅率約為25.5%。接下來談資本配置。

We will continue to prioritize funding our business operations and investing in long-term growth. Our capital expenditure guidance is unchanged. We expect to spend approximately USD275 million in capital expenditures for the year. About 95% of that investment will be focused on e-commerce, retail and supply chain.

我們將持續優先為營運提供資金並投資於長期成長。我們的資本支出指引維持不變。我們預期今年資本支出約為2.75億美元。其中約95%的投資將聚焦於電商、零售與供應鏈。

With regards to our investment in retail, we continue to expect our year-end store count to be essentially flat to last year, after which we anticipate 1% to 3% growth in store count each year starting in fiscal year '27. Embedded in our fiscal year '26 guidance continues to be approximately 70 basis points of non-comp growth from our investment in retail.

就零售投資而言，我們仍預期年底門市數將與去年基本持平；之後自2027會計年度起，我們預期每年門市數成長1%至3%。我們2026會計年度指引中仍包含因零售投資帶來約70個基點的非同店成長。

We remain committed to returning excess cash to shareholders through a combination of increased dividends and ongoing share repurchases. On dividends, we will continue to pay our quarterly dividend of USD0.76 per share which is a 15% increase year-over-year. We are proud to say that fiscal year '26 is the 17th consecutive year of increased dividend payouts.

我們仍致力於透過提高股利與持續回購股票的組合，將多餘現金回饋給股東。在股利方面，我們將持續支付每股0.76美元的季度股利，年增15%。我們很自豪地表示，2026會計年度是我們連續第17年提高股利發放。

On share repurchases, we have approximately USD1.1 billion remaining under our current authorization, and we will continue to repurchase shares opportunistically as part of our disciplined approach to delivering shareholder returns. Looking beyond fiscal year '26, we are reiterating our long-term outlook for mid- to high single-digit revenue growth and operating margins in the mid- to high teens.

在股票回購方面，依現行授權額度我們尚餘約11億美元，我們將持續以審慎且紀律性的方式，視情況機動回購股票，以實現股東報酬。展望2026會計年度之後，我們重申長期展望：營收維持中至高個位數成長，營業利益率維持在中至高十幾%的水準。

Wrapping up our comments, we are proud to have delivered yet another strong quarter for our shareholders. We're confident we'll continue to outperform our peers and deliver shareholder returns for these five reasons that remain consistent. Our ability to gain market share in the fragmented home furnishings industry, the strength of our in-house proprietary design, the competitive advantage of our digital-first but not digital-only channel strategy, the ongoing strength of our growth initiatives and the resiliency of our fortress balance sheet.

總結我們的發言，我們很自豪再次為股東交出強勁的一季表現。我們有信心將持續優於同業並為股東帶來報酬，原因有五點且一以貫之。包括：我們在分散的家居用品產業中提升市占的能力、我們自有專屬設計的實力、以數位優先但非僅限數位的通路策略所帶來的競爭優勢、成長計畫的持續強勁，以及我們如堡壘般穩健的資產負債表所展現的韌性。

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

接下來我開放提問。

(Operator Instructions) Kate McShane, Goldman Sachs.

(接線員指示) 高盛的Kate McShane。

We wanted to first ask about the health of the consumer. If you saw any change in behavior during the quarter, any differences between income cohorts? And if you've seen any change in made to date?

我們想先詢問消費者的健康狀況。您是否在本季看到任何行為上的改變，不同收入族群之間是否有差異？以及截至目前為止是否看到任何變化？

Sure. I can't really speak for others and what they're saying, but our consumer is responding to our products, our strategies across channels and across our brands, as you can see by this morning's set of numbers. And it's from furniture to smaller items and collaborations, across the board really.

當然。我無法代表其他人或他們怎麼說，但從今天早上公布的這組數字你可以看到，我們的消費者對我們的產品、跨通路與跨品牌的策略都有所回應。從家具到較小件商品與合作系列，基本上各方面都是如此。

I think the truth is that we have put together a pipeline of products that is very appealing and distinctive in the market and people trust us for our great prices and quality and they're coming into our stores because of our engaging store experiences and service and it seems like they are very interested in spending with us, and we believe that that's going to continue as we look through the year because the strategies that we built through the year that are going to come, it looks like the ones we've been implementing. And so I think you're going to continue to see the momentum that we've seen in the first quarter.

我想事實是，我們建立了一個在市場上非常吸引人且具差異化的產品管線；大家信任我們的優秀價格與品質，也因為我們引人入勝的門市體驗與服務而走進門市，看起來他們非常有意願在我們這裡消費。我們相信，隨著我們展望全年，這樣的情況會持續，因為我們在今年所建立、接下來將推出的策略，看起來與我們已在推行的策略一致。因此，我認為你會持續看到我們在第一季所展現的動能。

And it does appear that you were able to offset a lot of the higher fuel costs with the efficiencies in the supply chain that you laid out on the call. But I was wondering if this inflationary environment were to persist, do you think you'll have to look to increasing prices at all?

看起來你們確實能透過在電話會議中提到的供應鏈效率，抵消相當多的燃料成本上升。但我想請教，如果這種通膨環境持續下去，你們是否認為需要考慮調漲價格？

I think it's too early to comment on that and remember, we don't just compete on price. We're competing on the whole, which is the product itself and with similar market versus other similar products. And we have incredible finishes and product design, exclusives, exciting stuff in the works. And that's where we see the customer being less price sensitive. That said, we're careful to make sure that they feel really good about buying from us, and we want to continue to invest in our customer and give them the best value in the market.

我認為現在評論還太早；而且請記得，我們不只是以價格競爭。我們競爭的是整體價值，也就是產品本身，並與市場上其他類似產品相比。我們有非常出色的表面處理與產品設計、獨家商品，以及正在籌備中的令人興奮的新內容。在這些方面，我們看到客戶對價格的敏感度較低。話雖如此，我們也很謹慎，確保客戶從我們這裡購買時感覺非常值得；我們希望持續投資於客戶，為他們提供市場上最佳的價值。

And I'll just add, Kate, that as I said in our opening remarks, oil prices at today's levels are embedded in our guidance. We are seeing ocean freight prices pressured. But given our size and scale, we're able to mitigate them. And then with domestic transportation, we are seeing higher costs, but our supply chain efficiencies are really offsetting them. And I want to take a moment just to acknowledge and recognize and thank our entire supply chain organization for their ongoing focus on just efficiency and driving customer service, which as everyone has seen, is really producing phenomenal results for the company.

我再補充一下，Kate，如同我在開場致詞所說，目前水準的油價已納入我們的指引。我們確實看到海運運價承壓。但憑藉我們的規模與量體，我們能夠加以緩解。至於國內運輸，我們看到成本上升，但我們的供應鏈效率確實在抵消這些影響。我也想花點時間致意、肯定並感謝我們整個供應鏈組織，持續專注於效率與推動客戶服務；正如大家所見，這確實為公司帶來了非常出色的成果。

Seth Sigman, Barclays.

巴克萊的Seth Sigman。

So with comps accelerating this quarter relative to prior quarters, at a time when it seems like you've raised prices, but it seems like those pricing increases are maybe starting to stabilize. So it would imply that the composition of the business is maybe shifting, meaning more volume is improving. Is that right directionally? And if so, what do you think is changing that is driving that? And how do you think about the sustainability as you move through this year?

本季同店銷售相較前幾季加速成長，而此時看起來你們曾經調漲價格，但這些漲價似乎也開始趨於穩定。因此這可能意味著業務組合正在改變，也就是銷量的改善占比更高。方向上是這樣嗎？如果是，你認為是什麼改變在驅動這件事？以及當你們走過今年剩餘時間時，你們如何看待其可持續性？

You are right. And so we're seeing broad-based comp lever improvement and we're very excited to see it across channels. It's based on our strategy and the execution of our strategy, which are very competitive, but we could lay out a bunch of them in the last conference call and in this one and so we're thrilled to see furniture recovering, we had a good Easter, we're going to back to school. We've invested in the dorm experience, the total customer experience, in stock at retail. All these things are good for the comp levers. I always think of comp levers as the output of the strategy and not the thing to focus on, but just to tell you, it's not just for price.

你說得對。因此我們看到同店成長的驅動因素呈現廣泛改善，我們很高興看到這種改善在各個通路都出現。這是基於我們的策略以及策略的執行，這些都非常有競爭力；我們在上一通電話會議和這一通也都可以列出很多例子，所以我們很興奮看到家具品類正在復甦、我們復活節表現不錯，接下來也將迎來返校季。我們已投資於宿舍體驗、整體顧客體驗，以及零售端的現貨供應。這些事情都對同店成長的驅動因素有利。我一直把同店成長的驅動因素視為策略的產出，而不是要聚焦的本體；但我想告訴你，這不只是因為價格。

Okay. That's helpful. And then maybe for Jeff, on the merchandise margins, they were down this quarter, but a little bit better than, I think, expected. You're going to start to lap very healthy merchandise margins, particularly in the second and third quarter. Can you just remind us how you're thinking about that? How you would expect the cadence to play out throughout the year?

好的。這很有幫助。接著也許問 Jeff 一下，關於商品毛利率，這一季是下滑的，但比我想、也比預期稍微好一些。你們將開始進入與非常健康的商品毛利率相比的比較基期，特別是在第二與第三季。你能否提醒我們你們對此的思考方式？你預期全年節奏會如何演變？

So margin was down about 100 basis points in the MMU in Q1. A little better than Q4 and a little better than we expected. But we still are guiding that the impact of tariffs will be heavily front weighted and then moderate across the back half of the year simply because of the way the tariffs are flowing through on our weighted average cost accounting.

所以第一季 MMU 的毛利率大約下滑了 100 個基點。比第四季好一些，也比我們預期好一些。但我們仍然指引，關稅的影響會明顯前置，之後在下半年趨於溫和，主要是因為在加權平均成本會計下，關稅影響傳導到成本的方式所致。

Now Q1 had an easier compare because we were, again, up against some timing items in last year. Q2 won't have that benefit. So Q2 will probably be peak impact to the tariffs. But after that, we expect it to moderate for the balance of the year.

另外，第一季的比較基期較容易，因為我們同樣是面對去年一些時點因素。第二季不會有這個好處。因此第二季可能會是關稅影響的高峰。但在那之後，我們預期在今年剩餘期間會趨於溫和。

Chuck Grom, Gordon Haskett.

Chuck Grom，Gordon Haskett。

Can you help us think about the underlying demand curve in the business? I mean, skeptics are going to say that this is tax-refund-driven, but I don't think that's the case. And I was hoping maybe you could opine on strength in West Elm and the recovery in PB specifically. But more importantly, just getting a better sense for the demand curve, the underlying demand curve in the business.

你能幫我們理解一下業務的底層需求曲線嗎？我的意思是，懷疑者會說這是退稅帶動的，但我不認為是這樣。我也希望你能談談 West Elm 的強勁表現，以及 PB 的復甦，特別是 PB。但更重要的是，想更清楚掌握這個業務的需求曲線、底層需求曲線。

Yes. We're thrilled with the results in West Elm. We're not entirely surprised though we've been building this foundation for growth and if you remember many quarters ago, I mentioned we're starting to see newness really working (inaudible) inventory. Now we have had that in stock, and we have confidence in building more newness both the core and also the collaborations and it is broad-based so (inaudible) we also have new categories that are really performing well for us and focusing on not just furniture, but things (inaudible) and then the combination of two things is great.

是的。我們對 West Elm 的結果非常振奮。但我們也不算完全意外，因為我們一直在打造成長的基礎；如果你還記得在很多季之前，我提到我們開始看到新品真的開始奏效（聽不清）庫存。現在我們已經有現貨供應，我們也有信心持續打造更多新品，不論是核心系列或聯名合作，而且這是廣泛性的，所以（聽不清）我們也有一些新類別對我們表現非常好，重點不只在家具，還包括一些（聽不清）的品項，而這兩者的結合非常棒。

I also will just say that this is not emotionally-led. We had a very, very strong (inaudible) selling in West Elm (inaudible) numbers that I would say that it's very important to note that it is not emotionally-driven at all. And we believe that this is sustainable. The brand is very well positioned versus the competition and (inaudible) extremely exciting.

我也想補充，這並不是情緒驅動的。我們在 West Elm 有非常、非常強勁的（聽不清）銷售，（聽不清）數字我會說很重要的一點是，這完全不是情緒性驅動。我們相信這是可持續的。相較競爭對手，這個品牌的定位非常到位，而且（聽不清）非常令人興奮。

As it relates to Pottery Barn, we continue to improvements based on the strategy that I laid out. We're working (inaudible) quarter-on-quarter on multiple key strategies and (inaudible) results and have a lot changes especially to (inaudible) positioning and getting back to what is the traditional Pottery Barn aesthetic, which is really resonating with the customer and we've only begun to implement that strategy and so I think you're going to see continuing improvements in Pottery Barn comps as we go (inaudible) and we're confident.

至於 Pottery Barn，我們持續看到改善，這是基於我所闡述的策略。我們在多項關鍵策略上（聽不清）逐季推進，（聽不清）成果，並且做了很多改變，特別是在（聽不清）定位上，回到傳統的 Pottery Barn 美學風格，這點正強烈引起顧客共鳴；而我們才剛開始落實這個策略，所以我認為你會看到 Pottery Barn 的同店表現持續改善，隨著我們（聽不清）推進，我們也很有信心。

Okay. Great. And then just, Jeff, on the supply chain, another 50 basis -- 50 bps of improvement there to help offset some of the merchandise margin pressure. Can you -- can you walk through some of the KPIs across the metrics that you follow to give us a sense of kind of where you are on that journey and the visibility you have to continue to gain on the supply chain side?

好的。很好。接著，Jeff，關於供應鏈，本季又有 50 個基點——50 bps 的改善，幫助抵消部分商品毛利率壓力。你能否——你能否帶我們走一遍你們追蹤的各項指標（KPI）與衡量維度，讓我們了解你們在這段旅程中的位置，以及你們在供應鏈端持續改善的能見度？

Absolutely, Chuck. So supply chain efficiencies continue to be a big benefit for us. And our goal remains the same. It's having a perfect order on time, damage-free every time. And those are really the key KPIs that we track. Is the order on time? Is it damage free? Are there no issues with it? And is the customer satisfied? And at the end of the day, it's really about making sure that customer is satisfied, and we have an incredible supply chain team that really makes a difference in terms of our customer service.

當然可以，Chuck。供應鏈效率持續為我們帶來很大的效益。而我們的目標仍然不變。就是每一次都能準時、無損地完成「完美訂單」。這些就是我們追蹤的關鍵 KPI。訂單是否準時？是否無損？是否沒有任何問題？顧客是否滿意？歸根結底，就是要確保顧客滿意；我們有一支非常出色的供應鏈團隊，確實在顧客服務方面帶來很大的差異。

And as many of you have heard me say, we don't just compete on price. We also compete on service. We compete on service in our stores with our free interior design services, which has helped you propel the strength of our retail division. And also, we compete on our in-home delivery.

而且如同你們很多人聽我說過的，我們不只是靠價格競爭。我們也靠服務競爭。我們在門市以免費室內設計服務來競爭，這也幫助推動我們零售事業部的強勁表現。同時，我們也在到府配送服務上競爭。

We made 2.4 million in-home deliveries a year. That's about 7,000 a day. And we do it better than just about anybody else out there. And we do it by focusing on making sure the customer is happy and that the order comes perfect every time. Is it on time? Did we hit the delivery? Did we have all the pieces together? Did we put it where the customer wanted it? Are they happy with it? At the end of every order, they actually have to sign and acknowledge that they're happy with it. We take pictures of the order, and we make sure that it's what they want. And that customer service is really what differentiates us. And the more we service our customer, the better our results are.

我們一年完成 240 萬次到府配送。大約每天 7,000 次。而我們做得幾乎比外面任何人都好。我們的做法是專注於確保顧客開心，並且每一次訂單都完美送達。是否準時？是否如期完成配送？所有零件是否齊全？是否放在顧客希望的位置？他們是否滿意？每一筆訂單結束時，顧客都必須簽名並確認他們對結果滿意。我們會拍下訂單的照片，並確保那就是他們想要的。而這種顧客服務正是我們的差異化所在。我們越是把顧客服務做好，成果就越好。

Jonathan Matuszewski, Jefferies.

Jonathan Matuszewski，Jefferies。

My question was on the trade channel. It's promotional in the industry for consumers but it's also increasingly promotional in the industry for the trade channel. It seems like many retailers are increasingly trying to court the interior design community. It looks like your trade channel business was strong this quarter, up around 9%, I believe. So my question is what's on the horizon in terms of initiatives to maintain that momentum and neutralize maybe some of the higher promotions some competitors are doing to court those designers?

我的問題是關於 trade 通路。這個產業對消費者端的促銷很多，但對 trade 通路也越來越促銷化。看起來很多零售商都愈來愈想爭取室內設計社群。你們的 trade 通路業務這一季似乎很強，約成長 9%，我記得是這樣。所以我的問題是，為了維持這股動能，並抵消一些競爭對手為了拉攏設計師而加大促銷力度，你們接下來有哪些計畫或措施？

We continue to believe in our B2B business. It had another strong quarter of 14%. That was our largest quarter ever to date in B2B. Now today is an important part of it. To your point, it was up 9% in quarter and that's not really being driven in price. We're not changing anything regarding the pricing we do with the trade consumers or promotional activity. We're competing on service and it comes down to our local stores, our own (inaudible) community, building those relationships and really executing on all the different strategies we have around product and service and delivery.

我們仍然相信我們的 B2B 業務。本季再度繳出 14% 的強勁表現。這是我們迄今為止 B2B 最大的一個季度。而今天這一點是其中很重要的一部分。如你所說，本季成長 9%，而這並不是真的由價格所驅動。我們不會改變我們對貿易客戶的定價或促銷活動。我們是在服務上競爭，關鍵在於我們的在地門市、我們自己的（聽不清）社群、建立這些關係，並且真正把我們在產品、服務與配送等各項策略都落實到位。

And then the place we're focused in B2B is on the contracts side which had a 22% increase in the quarter. We continue to have an incredibly robust pipeline and are making really big inroads here. I'll share that as many of (inaudible) I manage B2B.

接著，我們在 B2B 方面聚焦的領域是合約端，本季成長 22%。我們持續擁有極為強勁的案源管線，並且在這裡取得非常大的進展。我也分享一下，因為我管理 B2B，（聽不清）有很多。

Earlier this month, I joined our B2B team down in Las Vegas to the Hospitality Design Expo, where we won best booth which was a sign of how much attention we get in the industry. And I'll just share with you, it was an incredible business. I've never seen a team were motivated to drive results and so much activity in our booth with customers coming in. It left me incredibly excited about our ability to achieve our goal, which is to drive it (inaudible).

本月稍早，我和我們的 B2B 團隊一起到拉斯維加斯參加 Hospitality Design Expo，我們拿下最佳展位，這也顯示我們在產業中受到多大的關注。我也想跟你分享，那真的是一個令人驚豔的業務。我從沒見過一個團隊如此有動力去推動成果，而且我們展位裡客戶進出、互動非常熱絡。這讓我對我們達成目標的能力感到非常振奮，也就是要推動它（聽不清）。

Christopher Horvers, JPM.

Christopher Horvers，摩根大通。

Can -- Laura, can you maybe talk about the West Elm acceleration a bit more. There's a lot going on at the brand you're running that PB playbook of category expansion, rooms, outdoor, kids, you have the B2B side, which I think is a big driver of the West Elm business and then you have the Emma collaboration. So as we think about that sequential improvement, could you maybe qualitatively bucket, how the drivers -- which one of these drivers have been more significant?

Laura，你能不能再多談一點 West Elm 加速成長的情況。你所帶領的品牌有很多事情在進行：你在跑 PB 的打法，包括品類擴張、整體空間（rooms）、戶外、兒童；你也有 B2B 端，我認為那是 West Elm 業務的一個重要驅動；另外還有 Emma 的合作。所以當我們思考這個逐季改善時，你能否用質性的方式分桶說明一下這些驅動因素——哪一個驅動因素更為顯著？

I'm assuming you're commenting about the echo, which we're very -- we're very sorry for. Is it any better now?

我猜你是在說回音的問題，我們非常——我們非常抱歉。現在有比較好嗎？

It's a little better.

好一點了。

I mean, it's our partner, Q4, and they're working on it as we speak. But I apologize, it's distracting for us too. But I'm not so distracted. I won't tell you about the amazing business, which is driven by multiple things. We laid out the strategies, and we have been executing against them. And -- it's not one thing.

我的意思是，這是我們的合作夥伴，Q4，他們正在即時處理。但我很抱歉，這對我們來說也很分心。不過我沒有那麼分心。我還是會跟你談這個很棒的業務，它是由多個因素所驅動的。我們已經把策略講清楚了，而且一直在按策略執行。而且——不是單一因素。

Emma Chamberlain is amazing. She has got such a wonderful following and she continues to gain momentum in the world and people knowing her and -- the team started working with her a while back, and they put together a beautiful line of product that is really bringing in new customers, younger customers to the brand and bringing back that hip feeling and a surprise, I think in great retailers execute. It's not what you always expect. It's this new layer that makes you smile and that's what Emma did.

Emma Chamberlain 很棒。她擁有非常出色的粉絲群，而且她在全球持續累積聲量，越來越多人認識她；團隊在一段時間前就開始與她合作，並打造出一條很美的產品線，確實為品牌帶來新客戶、年輕客戶，也帶回那種很潮的感覺，以及我認為優秀零售商在執行時會帶來的驚喜。它不是你總是預期得到的東西。而是這種新的層次，會讓你會心一笑——這就是 Emma 做到的。

All her great products from Pigeons to Beautiful Beds. I mean, it's across the categories. And that's just one thing. There's a bunch of really exciting other collaborators coming. And you can imagine when you have one hit like that, and people see it. A lot of people want to work with you. So we have a wonderful opportunity to continue to feed the collaboration pipeline with really interesting names.

她所有很棒的產品，從 Pigeons 到 Beautiful Beds。我的意思是，橫跨各個品類。而那只是其中一件事。還有一大批非常令人興奮的其他合作夥伴即將到來。你可以想像，當你有這樣一個爆款，而且大家都看見了，很多人都想跟你合作。所以我們有很好的機會，持續用非常有趣的名字來充實合作管線。

And then at the same time, we've been working on filling white space in the market with West Elm's unique designs, modern aesthetic and price point, and we're making progress against the categories of furniture. We've -- I would say, we've added more looks. We've seen (inaudible) continue to do well.

同時，我們也一直在用 West Elm 獨特的設計、現代美學與價位帶，去填補市場的空白，我們在家具品類上正取得進展。我們——我會說，我們增加了更多風格款式。我們也看到（聽不清）持續表現良好。

And then we have our core categories, textiles, and rugs and deca and tabletop and we have wins across the board. So it really isn't pointing to just one thing. But there's a lot of room to go. I mean, there's still areas where we are underdeveloped versus Pottery Barn and areas where we haven't hit it, and that's what we're focused on. We're just going to keep driving it. And we're going to keep pushing for even higher comps. I think this brand has a lot of growth in it and its positioning, and we're going to go get it.

另外，我們的核心品類——紡織品、地毯、裝飾（deca）、餐桌用品——各方面都有斬獲。所以真的不能只指向單一因素。但仍然有很大的成長空間。我的意思是，仍有一些領域相較於 Pottery Barn 我們的開發程度不足，也有一些領域我們還沒有做到位，而這正是我們聚焦的地方。我們會持續推動。我們也會持續追求更高的同店成長。我認為這個品牌在其定位之下仍有很大的成長性，我們會把它拿下來。

Excellent. And then, Jeff, as a follow-up, can you help us with the price cost lap? You mentioned gross margin troughs year-over-year in the second quarter. How much did 2Q '25 have the price/cost benefit? And does that USD60 million of tariff costs that hung up in inventory right now essentially flow through in the second quarter?

很好。接著 Jeff，追問一下，你能幫我們釐清價格/成本的比較基期（lap）嗎？你提到第二季的毛利率年對年會落底。2Q '25 的價格/成本利多有多少？以及目前卡在庫存裡的 6,000 萬美元關稅成本，是否基本上會在第二季反映出來？

Chris, so not all of the USD60 million inflows through the second quarter but some of it does and like I said earlier, Q2 will be the (inaudible) the front half will be heavily impacted as the tariffs flow over.

Chris，6,000 萬美元不會全部在第二季流過（反映），但其中一部分會；而且如我先前所說，第二季會是（聽不清），上半年會因關稅逐步轉嫁而受到明顯影響。

But as I've said this quarter and last quarter, the tariff (inaudible) as we travel throughout the year, Q2 the tariffs are essentially still (inaudible). We did take (inaudible) against that. And then Q3, they were (inaudible) the quarter. And then in Q4, there no comp. So when you think about that across the year, it goes back to Q2 (inaudible) back half. In terms of pricing overall, I think (inaudible) we don't give out the specifics (inaudible)

但正如我這一季和上一季所說，關稅（聽不清）隨著我們走完整年，第二季的關稅基本上仍然（聽不清）。我們確實針對此採取了（聽不清）。然後到第三季，它們在該季是（聽不清）。而到第四季，就沒有比較基期了。所以當你把這些放在全年來看，就會回到第二季（聽不清）下半年。至於整體定價，我想（聽不清）我們不會提供具體細節（聽不清）。

Peter Benedict, Baird.

Peter Benedict，Baird。

I guess, Jeff, so the full year guide still embeds about a 70 basis point gap between your comp brand revenue growth and your total revenue growth. The first quarter, it was a 40 basis point negative, I guess. So just help us understand the cadence and what's going to drive that as we think about over the balance of the year.

我想問 Jeff，全年指引仍然隱含你們的同店品牌營收成長與總營收成長之間大約有 70 個基點的差距。第一季我想是負 40 個基點。所以請幫我們理解一下節奏，以及在接下來的年度其餘期間，哪些因素會驅動這個差距。

It really comes down due to our store opening schedule. As we talked about last call, we did say that Q1 would have benefited -- the 70 basis points (inaudible) full year because (inaudible) activities that we discussed, which includes opening 20 new stores and (inaudible) stores while (inaudible) so we still anticipate a full year benefit of 70 basis points to revenues from all this retail activity, and it will accelerate as we go throughout the year.

這主要取決於我們的開店時程。如同我們上次電話會議提到的，我們確實說過第一季會受惠——全年 70 個基點（聽不清），因為（聽不清）我們討論過的活動，其中包括開出 20 家新店，以及（聽不清）門市，同時（聽不清）。

Okay. Makes sense. And then my other question is just on the shrink accrual. I kind of recall if you framed the size of that in the quarter, if that was just part of maybe one of the other buckets. But can you talk about the shrink accrual in the first quarter and if we should expect that to continue to be a good guy, I guess, over the balance of the next couple of quarters before we cycle the positive in the fourth quarter of last year.

好的。有道理。那我另一個問題是關於損耗應計。我有點記得你們是否在本季說明過它的規模，或者它是否只是其他某個項目的一部分。但你能談談第一季的損耗應計，以及我們是否應該預期在接下來幾季的其餘時間裡，它會持續成為一個正面因素（我想是這樣），直到我們在去年第四季的正面因素進入比較基期為止。

Happy to, Peter. As you may recall (inaudible) accrual in fiscal year '25. And for fiscal year '26, we (inaudible). As a result, we will see benefit in Q1, Q2, Q3 and then come up against incentives we saw last year in Q4. In terms of (inaudible) in Q1 (inaudible) supply chain benefits and (inaudible) you'll never know what's going to happen until you take (inaudible) and all of this is embedded in our guidance.

樂意回答，Peter。如你所記得的，（聽不清）應計在2025財年。而在2026財年，我們（聽不清）。因此，我們會在第一季、第二季、第三季看到效益，然後在第四季會遇到去年看到的激勵因素的比較基期。至於第一季的（聽不清）（聽不清）供應鏈效益以及（聽不清），在你實際採取（聽不清）之前，你永遠不知道會發生什麼，而這些都已包含在我們的指引之中。

Cristina Fernandez, Telsey Advisory Group.

Cristina Fernandez，Telsey Advisory Group。

I wanted to ask about the accelerating trends in D2C. Can you talk perhaps what you're doing on the advertising that's different in driving traffic to the website in that environment that has seen more promotional to us, not from you, from the competition?

我想問一下D2C加速的趨勢。你能談談在那樣的環境下，你們在廣告投放上做了哪些不同的事情來帶動網站流量嗎？我們看到那個環境的促銷更強——不是你們，而是競爭對手。

Well, I'd say that we're always looking at where we can make a tweak to our mix that drives incremental traffic and conversion. And we are using our brand heat to fuel social, organic and paid and influencers are doing a great job for us. With our partners, we are continuing to invest in the high ROIC ad cost terms and programs, and we're doing a lot of testing with these groups to find what will matter in this new world and how we see the LLMs. And I do have Sameer here with me, and I'm going to -- before we run out of time, use your question to turn it to him to talk a little bit more about what we're doing with AI and how we're using that to accelerate really all of our strategies. And if you don't mind, I'm just -- I'm going to give him the chance to do that now. It's relevant to your question.

我會說，我們一直在尋找可以在哪些地方微調我們的組合，以帶來額外的流量與轉換。我們正運用品牌熱度來帶動社群、自然流量與付費投放，而網紅也為我們做得非常出色。在合作夥伴方面，我們持續投入在高ROIC的廣告成本條件與方案上，並且與這些團隊做大量測試，以找出在這個新世界裡什麼才重要，以及我們如何看待LLM。我這裡也有Sameer在場，在時間不多之前，我想借你的問題把話題轉給他，請他多談一些我們在AI上做什麼，以及我們如何運用AI來加速我們幾乎所有的策略。如果你不介意，我就——我現在就給他機會來說明。這也與你的問題相關。

Appreciate (inaudible) Laura talked about her prepared remarks about how we're accelerating in AI and the impact it's having (inaudible) but I think I want to take a minute to talk about where all the acceleration (inaudible) So first, we talked about (inaudible) primary data, our priority expertise that we're bringing together with AI in a way nobody else can. Our AI (inaudible) scale never seen before (inaudible) and not just providing them (inaudible) we're becoming (inaudible).

感謝（聽不清）。Laura在她的事先準備講稿中談到我們如何在AI上加速，以及它所帶來的影響（聽不清），但我想我想花一點時間談談所有加速發生在哪裡（聽不清）。首先，我們談到（聽不清）第一方數據、我們的優先專業能力，我們正以一種其他人做不到的方式把它們與AI結合起來。我們的AI（聽不清）規模前所未見（聽不清），而且不只是提供它們（聽不清），我們正在成為（聽不清）。

And then as a second question, could you talk about Pottery Barn. I mean, it was good to see the improvement this quarter, but what areas are you focused on as we look at the rest of the year to even accelerate growth in that brand?

然後第二個問題，想請你談談Pottery Barn。我的意思是，很高興看到這一季有所改善，但展望今年剩餘時間，為了讓這個品牌的成長進一步加速，你們聚焦在哪些領域？

We continue to make improvements on our DTC channel and the way that the customer finds products and shops as Sameer just told you and that is across the board, but in particular, we've been very focused in Pottery Barn and really having everyone study where we can make those improvements the fastest and also in the photography.

我們持續改善我們的DTC通路，以及顧客如何找到商品並完成購物的方式，正如Sameer剛才告訴你的，這是全面性的；但特別是，我們在Pottery Barn上投入了非常多的重點，讓每個人都研究我們能在哪些地方最快做出改善，另外也包括攝影。

So the photography, if you go on, you'll see -- so I think some of the best photography we've had, and it's going to get even better into the fall season. I've had the chance to look at the fall film with the new product. And I think it's going to really -- it's going to really blow everybody's socks off. I mean, it's great. It is appealing. It is fresh and it's also what you would imagine when Pottery Barn -- when it's at its best, what it should look like and multiple layers of different aesthetics that are all working well together.

至於攝影，如果你上去看，你會看到——我認為那是我們做過最好的攝影之一，而且到了秋季還會更好。我有機會看過搭配新品的秋季影片。我覺得它真的——真的會讓大家驚艷不已。我是說，真的很棒。很有吸引力。很清新，而且也符合你對Pottery Barn——當它處於最佳狀態時——應該呈現的樣子；多層次的不同美學風格彼此搭配得非常好。

So creatively, I'm excited about how that feeds the brand and the stores have looked great. We've done really well with the stores. And so focusing on the DTC channel is going to really help improve the performance because that has been where it's been lagging.

所以在創意面上，我很期待這如何反哺品牌，而門市看起來也很棒。我們在門市端做得非常好。因此，把重點放在DTC通路將會大幅改善表現，因為那一直是相對落後的地方。

And then from a product perspective, we are seeing, and this is competitive, so I have to be careful not to tell too much, but we're seeing some new things work, and it was what we expected, and we're going to continue to develop more into those looks across the board, both in textiles and in furniture. Those are the big pieces. There's a lot of other things, too, that we're working on in the store experience. And all that will be incremental, and we're very, very confident.

另外從產品角度來看，我們正在看到——而這牽涉競爭，所以我得小心不要透露太多——我們看到一些新東西開始奏效，而且這也符合我們的預期；我們會持續在這些風格上做更多延伸，全面推進，包含紡織品與家具。這些是主要重點。另外還有很多事情我們也在做，包含門市體驗。而這些都會帶來增量效益，我們非常、非常有信心。

There are no further questions at this time. I would now like to pass the call back to Laura Alber, Chief Executive Officer, for closing remarks.

目前沒有進一步的問題。我現在想把電話會議交回給執行長Laura Alber作結語。

Okay. Well, thank you all for your patience on this call. I hope you could hear everything. And we appreciate your support. We're confident in our business, and we can't wait to talk to you next time.

好的。感謝各位在這通電話會議中的耐心。希望大家都能聽清楚所有內容。也感謝你們的支持。我們對業務充滿信心，也期待下次再與各位交流。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。