柯爾百貨 (KSS) 2022 Q4 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Kohl's Corporation Q4 2022 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions)

早上好。我叫 Audra，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加科爾公司 2022 年第四季度收益電話會議。今天的會議正在錄製中。 （操作員說明）

At this time, I would like to turn the conference over to Mark Rupe, Senior Vice President of IR. Please go ahead.

此時，我想將會議轉交給 IR 高級副總裁 Mark Rupe。請繼續。

Thank you. Certain statements made on this call, including projected financial results and the company's future initiatives, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Kohl's intends forward-looking terminology such as believes, expects, may, will, should, anticipates, plans or similar expressions to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause Kohl's actual results to differ materially from those projected in such forward-looking statements. Such risks and uncertainties include, but are not limited to, those that are described in Item 1A in Kohl's most recent annual report on Form 10-K and Item 1A of Part 2 of the company's quarterly report on Form 10-Q for the first quarter of fiscal '22 and as may be supplemented from time to time in Kohl's other filings with the SEC, all of which are expressly incorporated herein by reference. Forward-looking statements relate to the date initially made, and Kohl's undertakes no obligation to update them.

謝謝。在本次電話會議上做出的某些陳述，包括預計的財務結果和公司的未來計劃，是 1995 年私人證券訴訟改革法案含義內的前瞻性陳述。Kohl's 打算使用前瞻性術語，例如相信、預期、可能、將、應該、預期、計劃或類似的表達方式來識別前瞻性陳述。此類陳述受某些風險和不確定因素的影響，這可能導致 Kohl's 的實際結果與此類前瞻性陳述中預測的結果存在重大差異。此類風險和不確定性包括但不限於 Kohl 最近的 10-K 表年度報告第 1A 項和公司第一季度 10-Q 表第 2 部分第 1A 項中描述的風險和不確定性22 財年的財務報告，並可能不時在 Kohl 向美國證券交易委員會提交的其他文件中進行補充，所有這些文件均通過引用明確併入本文。前瞻性陳述與最初作出的日期有關，Kohl's 不承擔更新這些陳述的義務。

In addition, during this call, we will make reference to non-GAAP financial measures. Information necessary to reconcile these non-GAAP financial measures can be found in the investor presentation filed as an exhibit to our Form 8-K filed with the SEC and is available on the company's Investor Relations website.

此外，在本次電話會議中，我們將參考非 GAAP 財務指標。協調這些非 GAAP 財務措施所需的信息可以在作為我們向美國證券交易委員會提交的 8-K 表格的附件提交的投資者介紹中找到，並且可以在公司的投資者關係網站上找到。

Please note that this call will be recorded. However, replays of this call will not be updated. So if you're listening to a replay of this call, it is possible that the information discussed is no longer current, and Kohl's undertakes no obligation to update such information.

請注意，此通話將被錄音。但是，不會更新此通話的重播。因此，如果您正在收聽此電話的重播，所討論的信息可能不再是最新的，Kohl's 不承擔更新此類信息的義務。

With me this morning are Tom Kingsbury, our CEO, and Jill Timm, our CFO. I will now turn the call over to Tom.

今天早上和我一起的有我們的首席執行官湯姆金斯伯里和我們的首席財務官吉爾蒂姆。我現在將電話轉給湯姆。

Thank you, Mark. Thanks to all for joining us this morning. I want to start by saying that I'm excited to be leading Kohl's during this pivotal time. Kohl's is a solid company. We have a substantial opportunity to make a difference in the retail landscape. As you will hear today, we have a solid foundation and a highly motivated team with a set of priorities to drive Kohl's sales and earnings growth.

謝謝你，馬克。感謝大家今天早上加入我們。首先，我想說我很高興能在這個關鍵時刻領導 Kohl's。 Kohl's 是一家可靠的公司。我們有大量機會改變零售業格局。正如您今天將聽到的那樣，我們擁有堅實的基礎和一支積極進取的團隊，並有一系列優先事項來推動 Kohl's 的銷售和收益增長。

During the past 3 months, I have had the opportunity to assess our go-to-market strategies, our operational capabilities and processes in our organizational structure. I have also visited a number of our stores across the country and engaged with many of our brand partners. It is clear to me that Kohl's fields an important need in the market, offering highly relevant products at a great value to millions of customers in conveniently located stores across the U.S. and online. We are making great strides in beauty through our Sephora partnership. However, we have lost some ground in other key categories. Candidly, I know we can do better.

在過去的 3 個月裡，我有機會評估我們的上市戰略、我們的運營能力和組織結構中的流程。我還參觀了我們在全國各地的多家商店，並與我們的許多品牌合作夥伴進行了接觸。我很清楚，Kohl's 滿足了市場上的一個重要需求，即在美國各地便利的商店和網上為數百萬顧客提供具有巨大價值的高度相關的產品。通過與絲芙蘭的合作，我們在美容領域取得了長足的進步。但是，我們在其他關鍵類別中失去了一些優勢。坦率地說，我知道我們可以做得更好。

To reach our full potential, we will refine our strategy and reestablish merchandise disciplines with a customer-center focus across the organization. This will sharpen our positioning with customers, allow us to capitalize on new opportunities and drive greater efficiency. Our efforts have already begun.

為了充分發揮我們的潛力，我們將完善我們的戰略，並在整個組織內重新建立以客戶為中心的商品紀律。這將加強我們與客戶的定位，使我們能夠利用新的機會並提高效率。我們的努力已經開始。

We took a number of proactive measures in the fourth quarter to clear our inventories, and we will seek to maintain the discipline by planning inventory down mid-single digits percent going forward. We also implemented several growth initiatives in Q4 that will begin to benefit our results in 2023 and structured the organization to run more efficiently.

我們在第四季度採取了多項積極措施來清理我們的庫存，我們將通過計劃未來將庫存降低中個位數百分比來維持紀律。我們還在第四季度實施了幾項增長計劃，這些計劃將在 2023 年開始有利於我們的業績，並構建組織以更高效地運行。

One of the early messages I shared with our leadership team was that we must simplify how we work to drive efficiency, which, in turn, will allow for greater time to be spent on executing and driving our strategy.

我與我們的領導團隊分享的早期信息之一是，我們必須簡化工作方式以提高效率，這反過來又可以將更多時間用於執行和推動我們的戰略。

In late January, we realigned parts of the merchandising and marketing departments with the objective of driving efficiency in our operations. This included consolidating the number of general merchandise managers to 4 from 7, a structure that we had prior to the pandemic as well as transitioning, planning and allocation to report directly to me.

1 月下旬，我們重新調整了部分銷售和營銷部門，以提高我們的運營效率。這包括將一般商品經理的人數從 7 人合併為 4 人，這是我們在大流行之前的結構，以及過渡、規劃和分配以直接向我報告。

And more recently, I am pleased with the appointment of 2 key executive leadership positions. Yesterday, we announced the hiring of Dave Alves as our new President and Chief Operating Officer. Dave is a 30-year retail veteran and will lead our enterprise operations, including our nearly 1,200 stores, global supply chain and distribution center network, real estate portfolio among other functions.

最近，我很高興任命了 2 個重要的行政領導職位。昨天，我們宣布聘請 Dave Alves 擔任我們的新總裁兼首席運營官。 Dave 是一位擁有 30 年零售經驗的資深人士，他將領導我們的企業運營，包括我們近 1,200 家門店、全球供應鍊和配送中心網絡、房地產投資組合等職能。

In addition, we appointed Nick Jones as our new Chief Merchandising and Digital Officer. Nick has great experience across many of our categories, including apparel, home and gifting and will be instrumental in leading our merchandising strategy and functions. Both Dave and Nick will join us in the coming weeks, and I look forward to our partnership. Through these important actions, I am confident that we have the right plans, organizational structure and team in place to drive improved more consistent sales and earnings performance over the long term.

此外，我們還任命 Nick Jones 為我們新的首席營銷和數字官。 Nick 在我們的許多類別中擁有豐富的經驗，包括服裝、家居和禮品，他將在領導我們的營銷策略和職能方面發揮重要作用。 Dave 和 Nick 都將在未來幾週加入我們，我期待著我們的合作夥伴關係。通過這些重要的行動，我相信我們擁有正確的計劃、組織結構和團隊，可以在長期內推動更穩定的銷售和盈利業績。

That said, I want to be realistic in setting expectations. The full impact of our efforts will take some time. It won't happen overnight. And we must acknowledge that we are implementing these actions in a challenging macroeconomic backdrop. As Jill will discuss in more detail, our actions against this backdrop form the basis of our prudent guidance for 2023.

也就是說，我想在設定期望時現實一些。我們努力的全面影響需要一些時間。這不會在一夜之間發生。我們必須承認，我們是在充滿挑戰的宏觀經濟背景下實施這些行動的。正如吉爾將更詳細地討論的那樣，我們在此背景下採取的行動構成了我們對 2023 年審慎指導的基礎。

With that context, I will now discuss our path to improve performance and the key priorities that will guide our forward action. We are focused on 4 overarching priorities in 2023 that will drive overall sales and profitability. They are: enhance the customer experience, accelerate and simplify our value strategies, manage inventory and expenses with discipline and strengthen the balance sheet. Successful execution across these priorities will unlock considerable long-term shareholder value.

在此背景下，我現在將討論我們提高績效的途徑以及指導我們前進行動的關鍵優先事項。我們專注於 2023 年的 4 個首要任務，這將推動整體銷售和盈利能力。它們是：增強客戶體驗、加速和簡化我們的價值戰略、嚴格管理庫存和費用並加強資產負債表。成功執行這些優先事項將釋放可觀的長期股東價值。

Let me walk you through each of these priorities discussing the actions and intended outcomes we are driving towards. The first priority is enhancing the customer experience. It is imperative that we continue to provide the best experience for our customers when they shop at our stores and online. We are focused on ensuring that our customers are finding the product assortment they are looking for tailored to the way they shop.

讓我向您介紹這些優先事項中的每一個，討論我們正在努力實現的行動和預期結果。首要任務是提升客戶體驗。當顧客在我們的商店和網上購物時，我們必須繼續為他們提供最佳體驗。我們專注於確保我們的客戶找到他們正在尋找的適合他們購物方式的產品組合。

Our partnership with Sephora is an excellent example of how we are enhancing the customer experience. Nearly 8 million of our customers purchase beauty products at Sephora at Kohl's last year, and this will continue to grow in the coming years as we further expand our store presence.

我們與絲芙蘭的合作夥伴關係是我們如何提升客戶體驗的一個很好的例子。去年，我們有近 800 萬顧客在 Sephora at Kohl's 購買了美容產品，隨著我們進一步擴大門店數量，這一數字在未來幾年將繼續增長。

In the fourth quarter, our total beauty sales increased 90%. We achieved high single-digits percent comparable beauty sales growth in the 200 Sephora shops that opened in 2021 and better-than-expected sales in the 400 shops opened in 2022. We also continue to see strong digital sales growth.

第四季度，我們的美容產品總銷售額增長了 90%。我們在 2021 年開業的 200 家絲芙蘭門店實現了高個位數百分比的可比美容銷售額增長，在 2022 年開業的 400 家門店實現了好於預期的銷售額。我們還繼續看到強勁的數字銷售增長。

Our Q4 performance in many ways cemented our positioning as a major player in the beauty industry based on our notable market share gains. I want to commend the team for successfully capitalizing on the holiday selling period. We drove value through our expansion and gift sets, merchandised both in the shop and in aisle with fragrance being a key category. I am confident that we can build on this momentum in the months and years to come.

基於我們顯著的市場份額增長，我們第四季度的業績在很多方面鞏固了我們作為美容行業主要參與者的地位。我要讚揚團隊成功利用假期銷售期。我們通過我們的擴張和禮品套裝來推動價值，在商店和過道上銷售，香水是一個關鍵類別。我相信我們可以在未來的歲月裡繼續保持這種勢頭。

I recently met with Sephora leadership, and what I can tell you is that, one, we both are pleased with the partnership we've built and what has been accomplished in such a short period. And two, we both see immense opportunities to continue to drive sales and profitability in the future.

我最近會見了絲芙蘭的領導層，我可以告訴你的是，第一，我們都對我們建立的伙伴關係以及在如此短的時間內取得的成就感到滿意。第二，我們都看到了未來繼續推動銷售和盈利的巨大機會。

This summer, we'll open another 250 Sephora shops, bringing our total to more than 850 stores featuring the standard 2,500 square foot space. In addition, we are opening 50 smaller formats Sephora shops by the end of this year with a plan to roll out to the remainder of the chain by 2025.

今年夏天，我們將再開設 250 家絲芙蘭門店，使我們的門店總數達到 850 多家，標準面積為 2,500 平方英尺。此外，我們將在今年年底前開設 50 家規模較小的絲芙蘭門店，併計劃在 2025 年之前推廣到該連鎖店的其餘部分。

Moving beyond beauty. Let me now touch on efforts we have underway in our product and merchandising. As it relates to our product assortment, we remain highly committed to the active business supporting our key brands, though we'll recenter our focus on our customers' needs by capitalizing on multiple lifestyles. We will rebalance portions of our assortment to capture our customers' return to more normal purchasing behavior for their wardrobes. Additionally, we'll add more offerings across casual and career wear, including, for example, further expanding our women's dress business following last year's success.

超越美麗。現在讓我談談我們在產品和營銷方面所做的努力。由於涉及我們的產品種類，我們仍然高度致力於支持我們主要品牌的活躍業務，儘管我們將通過利用多種生活方式重新關注客戶的需求。我們將重新平衡我們的部分分類，以捕捉我們的客戶回歸到更正常的衣櫥購買行為。此外，我們將在休閒裝和職業裝中增加更多產品，例如，繼去年的成功之後進一步擴大我們的女裝業務。

We also see clear tangible opportunities in other categories in which we are underpenetrated. Home and gifting are 2 areas that our customers expect more from us. I believe Kohl's can increase its penetration in areas like home decor and become a destination for gifting. To capitalize on this, we are rethinking how we source portions of our assortment, recognizing that we can find great values, increase our speed and broaden our offerings by going into the domestic marketplace regularly.

我們還看到了我們未充分滲透的其他類別中明顯的有形機會。家居和送禮是客戶對我們的期望更高的兩個領域。我相信 Kohl's 可以提高其在家居裝飾等領域的滲透率，並成為送禮目的地。為了利用這一點，我們正在重新考慮我們如何採購部分產品，認識到我們可以通過定期進入國內市場來發現巨大的價值、提高我們的速度並擴大我們的產品範圍。

I now want to highlight the importance of our stores. We have an incredibly strong physical presence across the U.S. They continue to represent nearly 70% of our annual sales and are critically important to how we engage with our customers. I have worked with our real estate team in reviewing our portfolio and remain very comfortable that our stores are healthy. Frankly, though, we have to do a better job of driving greater in-store productivity, and I am confident that we can.

我現在想強調我們商店的重要性。我們在美國擁有非常強大的實體店。它們繼續占我們年銷售額的近 70%，並且對我們與客戶的互動方式至關重要。我與我們的房地產團隊一起審查了我們的投資組合，並且對我們的商店健康狀況感到非常滿意。不過，坦率地說，我們必須做得更好，以提高店內生產力，而且我相信我們可以做到。

In the fourth quarter, some of our early efforts began to bear fruit. Looking ahead, we are rethinking how we merchandise stores to deliver a better experience for customers to drive greater frequency of visits and capture more share of their wallet.

第四季度，我們早期的一些努力開始見效。展望未來，我們正在重新考慮我們如何對商店進行商品銷售，以便為客戶提供更好的體驗，從而推動更高的訪問頻率並獲得更多的錢包份額。

Let me share a few early examples of actions we are taking in areas that simply weren't up to standard. In early December, we moved our gifting assortment to the front of the store from the back to better capitalize on peak holiday traffic. This proved highly effective, resulting in sell-through significantly higher than the prior year. We will also showcase more products, including home and gifting, near the front of the store to inspire our customers as well as feature more impulse products. which is a largely untapped opportunity for Kohl's.

讓我分享一些早期的例子，說明我們在根本不符合標準的領域採取的行動。 12 月初，我們將禮品分類從店後移至店前，以更好地利用假期高峰客流。這被證明是非常有效的，導致銷售率顯著高於上一年。我們還將在商店前面附近展示更多產品，包括家居用品和禮品，以激發我們的顧客並展示更多衝動產品。這對 Kohl's 來說是一個尚未開發的機會。

In addition to our stores, we are also highly committed to our digital business, which represents over 30% of our sales. Two of our key digital growth initiatives include expanding Kohl's Marketplace and Kohl's Media Network. Kohl's Marketplace is broadening our product offering online to capture incremental sales opportunities, and Kohl's Media Network is leveraging our digital platform and site traffic to partner with more of our key brands and capture more advertising dollars. As you just heard, we have a lot of initiatives and actions underway to enhance the customer experience. This will be a continuous focus of ours. The retail industry is ever evolving, and we must ensure that our positioning consistently meets the needs of our customers.

除了我們的商店，我們還高度致力於我們的數字業務，該業務占我們銷售額的 30% 以上。我們的兩項關鍵數字增長計劃包括擴展 Kohl's Marketplace 和 Kohl's Media Network。 Kohl's Marketplace 正在擴大我們的在線產品供應以抓住增量銷售機會，而 Kohl's Media Network 正在利用我們的數字平台和網站流量與我們更多的主要品牌合作並獲得更多的廣告收入。正如您剛剛聽到的，我們正在採取許多舉措和行動來提升客戶體驗。這將是我們持續關注的焦點。零售業不斷發展，我們必須確保我們的定位始終滿足客戶的需求。

Now let me transition to our second priority, which is accelerating and simplifying our value strategies. In today's inflationary environment, it is very important that Kohl's stands for value, both in our pricing and in our messaging. We provide great value to our customers through Kohl's Cash, our rewards loyalty program, and our Kohl's Card. That said, we know that our promotional strategy at times can be a disadvantage to Kohl's when compared to our competitors' price-focused strategies. We have made progress over the past couple of years in our pricing and promotional optimization efforts. We will build on this progress in 2023, accelerating our efforts to reduce our reliance on general promotions. We will test everyday value pricing with a small percentage of our product assortment and, if successful, grow it appropriately in subsequent years.

現在讓我過渡到我們的第二個優先事項，即加速和簡化我們的價值戰略。在當今的通貨膨脹環境中，Kohl's 在我們的定價和信息傳遞中代表價值非常重要。我們通過 Kohl's Cash、我們的獎勵忠誠度計劃和我們的 Kohl's 卡為我們的客戶提供巨大的價值。也就是說，我們知道，與競爭對手以價格為中心的策略相比，我們的促銷策略有時可能對 Kohl's 不利。過去幾年，我們在定價和促銷優化方面取得了進展。我們將在 2023 年取得這一進展，加快努力減少對一般促銷的依賴。我們將用我們產品種類的一小部分測試日常價值定價，如果成功，在隨後的幾年中適當地增加它。

We fully recognize the sensitivities around pricing with our customers, and we'll approach this with great measure and flexibility. A part of this will enhance consistency in our marketing messaging to improve the customer experience, drive increased customer engagement and make our pricing less complex. When we stand for something with greater clarity and value, our customers do respond. This is evident in the customer response we have experienced in recent weeks related to our clearance effort.

我們充分認識到客戶對定價的敏感性，我們將以極大的措施和靈活性來解決這個問題。其中一部分將增強我們營銷信息的一致性，以改善客戶體驗，推動增加客戶參與度並降低我們的定價複雜性。當我們代表更清晰和更有價值的東西時，我們的客戶會做出回應。這一點從最近幾週客戶對我們清關工作的反應中可以明顯看出。

Another way we will enhance the value we are providing our customers is through our industry-leading loyalty program. In 2023, we'll broaden the reach of our credit opportunities through the launch of a co-brand card with Capital One. We already have a strong private label Kohl's credit card, so recognize that today's younger customers want greater flexibility in their payment options.

我們提高我們為客戶提供的價值的另一種方式是通過我們行業領先的忠誠度計劃。 2023 年，我們將通過與 Capital One 推出聯名卡來擴大信貸機會的範圍。我們已經擁有強大的自有品牌 Kohl's 信用卡，因此認識到當今的年輕客戶希望在他們的支付選項上有更大的靈活性。

Let me now turn to our third priority for 2023, which is managing inventory in expenses with discipline. As I mentioned earlier, we took proactive actions during the fourth quarter to clear out excess inventory and slow selling goods. This is best seen through our inventory progression over the past few quarters. Inventory was up 48% year-over-year at the end of Q2, up 34% at the end of Q3 and up just 4% at year-end despite a tougher sales environment. Inventory is now generally back in line with our sales performance when compared to 2019. We took markdowns following Christmas, which benefited our sales performance in the quarter.

現在讓我談談我們 2023 年的第三個優先事項，即有紀律地管理費用庫存。正如我之前提到的，我們在第四季度採取了積極行動來清理過剩庫存和滯銷商品。通過我們過去幾個季度的庫存進展可以最好地看出這一點。儘管銷售環境更加嚴峻，但第二季度末庫存同比增長 48%，第三季度末庫存同比增長 34%，年末僅增長 4%。與 2019 年相比，庫存現在總體上與我們的銷售業績保持一致。我們在聖誕節後進行了降價促銷，這有利於我們本季度的銷售業績。

Q4 comparable sales of down 6.6% improved through the quarter with November down low double-digits percent, December down mid-single-digits percent followed by up high single-digit percent in January with a positive trend continuing into February. Jill will discuss the related impact to margin in more detail in a moment, but it was important that we took these actions in Q4 to best position the company for 2023.

第 4 季度可比銷售額下降 6.6%，整個季度有所改善，11 月下降兩位數百分比，12 月下降中個位數百分比，隨後 1 月份上升高個位數百分比，積極趨勢持續到 2 月。吉爾稍後將更詳細地討論對利潤率的相關影響，但重要的是，我們在第四季度採取了這些行動，以便為公司在 2023 年做好準備。

During the past 3 months, I have spent a significant amount of time focused on merchandising, including establishing stronger inventory control processes. We are putting a spotlight on fresh receipts and on driving turnover. We will operate so that we have plenty of room to chase receipts, enabling better management of receipt flow. As part of this, we are committing to planning inventory down mid-single-digits percent going forward. We will also adjust how we mark our goods, getting rid of excess inventory or slow-selling items on a more even flow throughout the year instead of waiting until the end of a season.

在過去的 3 個月裡，我花了很多時間專注於商品推銷，包括建立更強大的庫存控制流程。我們將重點放在新收據和推動營業額上。我們將運營，以便我們有足夠的空間來追逐收據，從而更好地管理收據流程。作為其中的一部分，我們承諾在未來將庫存計劃降低中個位數百分比。我們還將調整我們標記商品的方式，以全年更均勻的流量擺脫過剩庫存或滯銷商品，而不是等到季節結束。

In terms of spring 2023, we feel good about our Q1 inventory position with a steady flow of transitional receipts that arrived during January and February. And considering there are still a lot of macro headwinds for Q2, we have left even greater liquidity in our open to buy with lots of room to chase. I am optimistic that through our new inventory control processes, we will be able to increase our sales productivity and inventory efficiency.

就 2023 年春季而言，我們對第一季度的庫存狀況感到滿意，因為在 1 月和 2 月期間收到了穩定的過渡性收據。考慮到第二季度仍然存在很多宏觀逆風，我們在開放購買中留下了更大的流動性，有很大的追逐空間。我樂觀地認為，通過我們新的庫存控制流程，我們將能夠提高銷售效率和庫存效率。

Now let me address our focus on expense management. This has been a core strength of Kohl's over time, but given the ongoing inflationary environment, it must be an even greater priority for the organization. In 2022, our SG&A expense ratio drifted higher on lower sales, increased strategic investments and wage inflation. Growing sales is paramount to easing the expense pressure. However, we must proactively capitalize on other opportunities such as increasing self-service capabilities in our stores, driving improved marketing efficiency and reducing spend across all areas of the company.

現在讓我談談我們對費用管理的關注。隨著時間的推移，這一直是 Kohl's 的核心優勢，但考慮到持續的通貨膨脹環境，它必須成為該組織更重要的優先事項。 2022 年，我們的 SG&A 費用率因銷售額下降、戰略投資增加和工資上漲而上升。銷售增長對於緩解費用壓力至關重要。但是，我們必須積極利用其他機會，例如提高門店的自助服務能力、推動提高營銷效率並減少公司所有領域的支出。

And lastly, our fourth priority for 2023 is strengthening our balance sheet. Our focus remains on returning our balance sheet to its historical strength after a challenging 2022. Our long-term objective remains to manage our business at 2.5x leverage.

最後，我們 2023 年的第四個優先事項是加強我們的資產負債表。在充滿挑戰的 2022 年之後，我們的重點仍然是讓我們的資產負債表恢復到歷史實力。我們的長期目標仍然是以 2.5 倍的槓桿率管理我們的業務。

In January, we replaced and upsized our revolver to a $1.5 billion secured facility, which enhanced our liquidity and flexibility. This was the right move given the ongoing macro uncertainty in the actions we are taking to drive Kohl's sales and earnings growth. While we were only partially utilized at the end of the year, we will increase our borrowings in the first quarter to fund working capital and the recently completed retirement of our February 2023 bond maturities. However, we will work our revolver balance down throughout the year with no borrowings planned at year-end. Jill will discuss our other capital allocation priorities in more detail, including our commitment to the dividend, which represents a healthy yield at the current share price.

1 月，我們更換了我們的左輪手槍並將其擴大到 15 億美元的擔保貸款，這增強了我們的流動性和靈活性。鑑於我們為推動 Kohl's 的銷售和盈利增長而採取的行動中存在持續的宏觀不確定性，這是正確的舉措。雖然我們在年底只得到部分利用，但我們將在第一季度增加借款，為營運資金和最近完成的 2023 年 2 月到期債券的退休提供資金。然而，我們將在全年減少我們的循環餘額，年底沒有借款計劃。吉爾將更詳細地討論我們的其他資本配置優先事項，包括我們對股息的承諾，這代表了以當前股價計算的健康收益。

So to summarize, enhancing the customer experience, accelerating and simplifying our value strategies, managing inventory and expense with discipline and strengthen the balance sheet are our 4 overarching priorities for 2023. And the broader Kohl's organization is aligned and focused on executing against each of them.

因此，總而言之，增強客戶體驗、加速和簡化我們的價值戰略、嚴格管理庫存和費用以及加強資產負債表是我們 2023 年的 4 個首要任務。而更廣泛的 Kohl's 組織將調整併專注於執行每個任務.

Now let me frame up how we are thinking about 2023 in the context of the priorities and actions I just discussed as well as the anticipated soft consumer demand outlook. We are prudently planning the year with sales down 2% to 4% and our operating margin and earnings pressured largely as a result. I want to be realistic in setting expectations. The benefits from our actions will take time. However, I am confident that successful execution against our priorities will produce the intended improvement in sales and earnings growth over the long term. While 2023 may be viewed as a transitional year, it is our objective to show progressive improvement against our priorities and actions as we move through the year. We look forward to providing updates on future quarterly calls.

現在，讓我根據我剛才討論的優先事項和行動以及預期的疲軟消費者需求前景，構想一下我們如何看待 2023 年。我們謹慎地計劃今年銷售額下降 2% 至 4%，我們的營業利潤率和收益因此受到很大壓力。我想現實地設定期望。我們的行動帶來的好處需要時間。然而，我相信，成功執行我們的優先事項將在長期內產生預期的銷售和盈利增長改善。雖然 2023 年可能被視為過渡年，但我們的目標是在這一年中逐步改進我們的優先事項和行動。我們期待提供有關未來季度電話會議的最新信息。

In closing, I want to reiterate that Kohl's has a solid foundation in place. I am excited to lead this company and see immense opportunity to unlock value. I want to thank our loyal associates who are serving our customers every day.

最後，我想重申 Kohl's 擁有堅實的基礎。我很高興領導這家公司，並看到釋放價值的巨大機會。我要感謝每天為我們的客戶服務的忠實員工。

I will now turn over the call to Jill to discuss our fourth quarter results and 2023 outlook. Jill?

我現在將把電話轉給吉爾，討論我們的第四季度業績和 2023 年展望。吉爾？

Thank you, Tom, and good morning, everyone. I will review our fourth quarter results and then discuss our guidance outlook for 2023. The key takeaways from our Q4 performance, and that we took meaningful proactive measures to better position the business for 2023 and that our sales remained pressured by the persistent inflationary environment.

謝謝你，湯姆，大家早上好。我將回顧我們的第四季度業績，然後討論我們對 2023 年的指導展望。我們第四季度業績的主要收穫，以及我們採取有意義的積極措施以更好地定位 2023 年的業務，以及我們的銷售仍然受到持續通脹環境的壓力。

Net sales were down 7%, driven largely by reduced traffic with higher average tickets and lower units per transaction offsetting one another. Our middle income customers remain pressured and continue to lean into our value-oriented private brands. As Tom indicated, our sales trends improved throughout the quarter and were especially strong as we transition to a clearance focus in late December and January, and this continued into February.

淨銷售額下降了 7%，這主要是由於客流量減少，平均票價較高和每筆交易單位較低相互抵消。我們的中等收入客戶仍然面臨壓力，並繼續傾向於我們以價值為導向的自有品牌。正如 Tom 所指出的，我們的銷售趨勢在整個季度都有所改善，並且隨著我們在 12 月下旬和 1 月過渡到清倉重點，這種趨勢一直持續到 2 月，這一趨勢尤其強勁。

From a channel perspective, store sales improved sequentially throughout the quarter and were down 3% to last year. The improved performance was driven by having more Sephora shops open and elevated clearance demand late in the quarter that largely occurred in stores. Digital sales were down 12% to last year and accounted for 37% of sales.

從渠道角度來看，本季度門店銷售額環比增長，較去年同期下降 3%。業績的改善是由於本季度後期有更多的絲芙蘭商店開業以及清倉需求增加，這主要發生在商店中。數字銷售額比去年下降了 12%，佔銷售額的 37%。

From a product perspective, sales of our private brands were relatively flat in the quarter with strong performance in many of our top private brands, including Sonoma, Croft & Barrow, Tek Gear and Lauren Conrad. Sales of our national brands were down high single-digit percent, mostly due to weaker active home and denim performance.

從產品的角度來看，我們自有品牌的銷售額在本季度相對平穩，我們的許多頂級自有品牌表現強勁，包括 Sonoma、Croft & Barrow、Tek Gear 和 Lauren Conrad。我們民族品牌的銷售額下降了很高的個位數百分比，這主要是由於活躍的家居和牛仔布表現較弱。

Accessories was our best-performing line of business, up mid-single digits percent to last year. Strong sales growth in Beauty was partially offset by lower sales of jewelry, which, as a reminder, is largely driven by in-store displacement associated with removing the fine jewelry counter to make room for Sephora shops. We have an opportunity to do a better job solving for the lost sales in this category.

配飾是我們表現最好的業務線，比去年增長了中個位數百分比。美妝業務的強勁銷售增長部分被珠寶銷售額的下降所抵消，提醒一下，這主要是由於為給絲芙蘭商店騰出空間而拆除高級珠寶櫃檯而造成的店內置換。我們有機會更好地解決此類別的銷售損失。

As it relates to some of our other categories, men's and women's apparel outperformed the company average. In men's, we saw solid results in tailored dress, young men's and outdoor. While women's benefited from higher demand for elevated casual and dressy wear and a sequential improvement in intimates. Juniors continue to be a headwind within women's, and active was challenged across all lines of the business.

由於與我們的其他一些類別相關，男裝和女裝的表現優於公司平均水平。在男裝方面，我們在定制連衣裙、年輕男裝和戶外服飾方面取得了不錯的成績。而女性則受益於對高級休閒裝和正裝的更高需求以及內衣的連續改進。青少年仍然是女性的逆風，而活躍在所有業務領域都受到挑戰。

Home, footwear and children underperformed the company average. Other revenue, which is primarily our credit business declined 13% in the fourth quarter. Performance of our credit business continues to be pressured by a lower overall accounts receivable balances and normalizing loss rates.

家居用品、鞋類和兒童用品的表現低於公司平均水平。其他收入，主要是我們的信貸業務，在第四季度下降了 13%。我們信貸業務的表現繼續受到較低的整體應收賬款餘額和正常化損失率的壓力。

Now let me turn to the rest of the income statement. Q4 gross margin was 23%, down from last year's 33.2%. The decline was driven primarily by 2 items, clearance markdowns of approximately 750 basis points and product cost inflation of approximately 200 basis points. We also saw headwinds from higher shrink and higher-than-expected freight expenses in the quarter.

現在讓我轉向損益表的其餘部分。第四季度毛利率為 23%，低於去年的 33.2%。下降的主要原因是 2 個項目，大約 750 個基點的清倉減價和大約 200 個基點的產品成本通脹。我們還看到了本季度更高的收縮和高於預期的運費的不利因素。

SG&A expenses declined 0.6% to $1.7 billion. Reduced spending across marketing and distribution were mostly offset by higher store expenses, driven by wage headwinds in the quarter. Depreciation expense of $200 million was $7 million lower than last year due to reduced technology capital spend. Interest expense of $78 million, a $13 million higher than last year due to Sephora-related lease amendments and increased revolver borrowings. Net loss for the quarter was $273 million and loss per share was $2.49.

SG&A 費用下降 0.6% 至 17 億美元。營銷和分銷支出的減少大部分被本季度工資逆風推動的門店支出增加所抵消。由於技術資本支出減少，2 億美元的折舊費用比去年減少了 700 萬美元。利息支出為 7800 萬美元，比去年增加 1300 萬美元，原因是與絲芙蘭相關的租賃修訂和循環借款增加。本季度淨虧損為 2.73 億美元，每股虧損為 2.49 美元。

Turning to the balance sheet and cash flow. Our inventory at quarter end increased 4% compared to last year, yet declined 10% against the fourth quarter of 2019, which is generally in line with the sales decline over the same period. As Tom indicated, we are committing to plan inventory down mid-single-digits percent going forward.

轉向資產負債表和現金流量。我們季度末的庫存與去年相比增加了 4%，但與 2019 年第四季度相比下降了 10%，這與同期的銷售下降基本一致。正如 Tom 所指出的，我們承諾計劃將未來的庫存降低中個位數百分比。

Operating cash flow was $707 million in the fourth quarter. Capital expenditures for the quarter were (technical difficulty) and for the year were $826 million. As a reminder, CapEx in 2022 was driven primarily by the 400 Sephora openings, store refreshes and 5 new stores and 4 relocations. In 2023, we are planning to invest $600 million to $650 million, including 250 Sephora openings, an additional 50 small format Sephora shops, store refreshes as well as 7 new stores, one of which is a relocation.

第四季度的經營現金流為 7.07 億美元。本季度的資本支出為（技術困難），全年為 8.26 億美元。提醒一下，2022 年的資本支出主要是由 400 家絲芙蘭開業、門店更新以及 5 家新門店和 4 家搬遷所推動的。 2023 年，我們計劃投資 6 億至 6.5 億美元，包括 250 家絲芙蘭新店、50 家小型絲芙蘭門店、門店更新以及 7 家新門店，其中一家是搬遷。

Now let me provide an update on our capital structure and capital allocation priorities. Strengthening our balance sheet is one of our top priorities in 2023. It is important that we rebuild our cash position, and it remains our longer-term goal to manage this business at a leverage target of 2.5x. We will make progress on both cash and leverage as we move through 2023. We will be utilizing the revolver to fund both working capital and the $164 million bond retirement in the first quarter, and we'll sequentially work it down through the year with no anticipated borrowings at year-end.

現在讓我介紹一下我們的資本結構和資本分配優先事項的最新情況。加強我們的資產負債表是我們 2023 年的首要任務之一。我們重建現金狀況很重要，我們的長期目標仍然是以 2.5 倍的槓桿率目標管理該業務。到 2023 年，我們將在現金和槓桿方面取得進展。我們將利用左輪手槍為第一季度的營運資金和 1.64 億美元的債券退休提供資金，我們將在全年按順序使用它，沒有預計年末借款。

In addition to the February bond retirement, we will also retire $111 million of bonds in December of 2023. As it relates to returning capital to shareholders, we will continue to prioritize our current dividend, which represents a healthy yield for our shareholders. During the fourth quarter, we paid $55 million or $0.50 per share in dividends to shareholders. In addition, as previously disclosed on February 21, the Board declared a quarterly cash dividend of $0.50 per share payable to shareholders on March 29. And as it relates to share repurchases, as we stated on our Q3 earnings call, we are not planning any additional repurchase activity until our balance sheet is strengthened.

除了 2 月的債券退役外，我們還將在 2023 年 12 月退役 1.11 億美元的債券。由於涉及向股東返還資本，我們將繼續優先考慮當前的股息，這對我們的股東來說是一個健康的收益。在第四季度，我們向股東支付了 5500 萬美元或每股 0.50 美元的股息。此外，正如此前於 2 月 21 日披露的那樣，董事會於 3 月 29 日宣布向股東派發每股 0.50 美元的季度現金股息。正如我們在第三季度財報電話會議上所說，與股票回購有關，我們不打算任何額外的回購活動，直到我們的資產負債表得到加強。

Now let me provide details on our outlook for 2023. As you've heard today, we are highly focused on 4 key priorities to drive improved sales and earnings performance. This, coupled with the still challenging macroeconomic environment, supports a prudent stance on planning the upcoming year. As Tom indicated, it is important that we establish realistic expectations of our performance given the actions we have underway, allowing us the flexibility to take additional actions, if appropriate, and to build on our progress through the year.

現在讓我詳細介紹一下我們對 2023 年的展望。正如您今天所聽到的，我們高度關注 4 個關鍵優先事項，以推動改善銷售和盈利業績。再加上仍然充滿挑戰的宏觀經濟環境，支持我們對來年的規劃持審慎態度。正如 Tom 所指出的，重要的是我們要根據我們正在採取的行動，對我們的績效建立切合實際的期望，使我們能夠靈活地採取額外的行動（如果合適），並在我們全年取得進展的基礎上再接再厲。

For the full year, we currently expect net sales to decrease 2% to 4% versus 2022 and includes the 53rd week, which is worth approximately 1 percentage point of growth. Operating margin to be approximately 4% and EPS to be in the range of $2.10 to $2.70, excluding any nonrecurring charges.

對於全年，我們目前預計淨銷售額將比 2022 年下降 2% 至 4%，包括第 53 週，這相當於增長約 1 個百分點。營業利潤率約為 4%，每股收益在 2.10 美元至 2.70 美元之間，不包括任何非經常性費用。

Let me share some additional guidance details. We are planning other revenue to be down in line with our overall net sales in 2023. We expect D&A to be approximately $770 million, interest expense of $350 million and our tax rate to be approximately 23%. And from a margin and cost perspective, we expect gross margin to stabilize in 2023 and be in the 36% to 36.5% range. Freight expense is expected to be a tailwind with progressive benefits through the year, and we expect product cost inflation to remain a headwind in the first half of the year.

讓我分享一些額外的指導細節。我們計劃其他收入與我們 2023 年的整體淨銷售額保持一致。我們預計 D&A 約為 7.7 億美元，利息支出為 3.5 億美元，我們的稅率約為 23%。從利潤率和成本的角度來看，我們預計毛利率將在 2023 年穩定在 36% 至 36.5% 的範圍內。運費預計將成為有利因素，並在全年帶來累進收益，我們預計今年上半年產品成本通脹仍將是不利因素。

As it relates to the promotional environment, we expect it to remain competitive. We expect SG&A dollars to deleverage slightly. Wage inflation will continue to be a headwind, offset by benefits from a more efficient organization structure and fewer Sephora openings this year.

由於它與促銷環境有關，我們希望它保持競爭力。我們預計 SG&A 美元將略微去槓桿化。工資上漲將繼續成為不利因素，但會被更高效的組織結構和今年絲芙蘭新店數量減少所抵消。

Lastly, I want to highlight a couple of items about how we are thinking about the year. As it relates to Q1, we have seen sales trends quarter-to-date above our annual guidance. However, much of this upside has been driven by elevated clearance activity that has a lower margin. As we work through the clearance inventory, we expect trends to moderate. We expect both our sales and earnings to build through the year. Our guidance assumes that EPS will be lower in the first half of the year as compared to last year, with the second half benefiting from easing freight and product cost inflation as well as lapping of the inventory actions taken in the fourth quarter.

最後，我想強調幾個關於我們如何看待這一年的項目。與第一季度相關，我們看到季度至今的銷售趨勢高於我們的年度指導。然而，這種上漲在很大程度上是由利潤率較低的清關活動增加所推動的。在我們處理清倉庫存時，我們預計趨勢會緩和。我們預計我們的銷售額和收益都將在今年有所增長。我們的指引假設上半年每股收益將低於去年，下半年受益於運費和產品成本通脹的緩解以及第四季度採取的庫存行動。

With that, Tom and I are happy to take your questions at this time.

有了這個，湯姆和我很高興在這個時候回答你的問題。

(Operator Instructions) We'll go first to Bob Drbul at Guggenheim Securities.

（操作員說明）我們將首先聯繫古根海姆證券公司的 Bob Drbul。

And Tom, welcome. I guess just 2 questions that I have. The first one really for Tom. Can you elaborate some more just on the opportunities that you do see now at Kohl's and what excites you about the opportunities?

湯姆，歡迎。我想我只有兩個問題。第一個真的是給湯姆的。您能否詳細說明您現在在 Kohl's 看到的機會以及這些機會讓您興奮的是什麼？

And the second question is really for Jill. When you look at the guidance that you've given us, can you just elaborate a little more as how you have approached the guidance and how you think about it? Just how we should be expecting things to play a little more, that would be great.

第二個問題真的是給吉爾的。當您查看給我們的指導時，您能否再詳細說明一下您是如何接近該指導的以及您是如何看待它的？我們應該如何期待事情發揮得更多一點，那就太好了。

I think Kohl's has a lot of opportunities. It's a really solid company with things in place already. I mean I think Kohl's has done a really nice job to set things up, such as the Sephora business. I think that's -- will continue to be a big opportunity for us. It's bringing in a different consumer, a younger consumer, a more diverse consumer.

我認為Kohl's有很多機會。這是一家非常穩固的公司，一切都已經到位。我的意思是，我認為 Kohl's 在安排事情方面做得非常好，例如絲芙蘭業務。我認為這對我們來說將繼續是一個巨大的機會。它帶來了不同的消費者，更年輕的消費者，更多樣化的消費者。

So I think that's all very good. We just need to improve some of the disciplines that we have. The inventory discipline, we got out of control in 2022. We did a good job in '21. But '22, obviously, we have a big spike in the inventory. So we need to improve those disciplines. We need to be more agile in terms of having open to buy to spend every single quarter so that we can chase the business. It's better to understand what the customer wants and go after it than to buy it all upfront and hope it sells.

所以我認為這一切都很好。我們只需要改進我們擁有的一些紀律。庫存紀律，我們在 2022 年失控了。我們在 21 年做得很好。但是 22 年，很明顯，我們的庫存激增。所以我們需要改進這些紀律。我們需要在每個季度開放購買支出方面更加敏捷，以便我們能夠追逐業務。最好了解客戶想要什麼並追求它，而不是預先全部購買並希望它能賣出去。

Okay, so we're doing a lot of that. We already took significant actions in the fourth quarter as we, Jill and I, both said. We also want to look -- we're looking at our store operations. We think that's a big opportunity for us. We're working on changing some of the flow of product, not tremendously, but we feel that we need to have more gifting upfront. We did that in the fourth quarter, and it did very well. So we continued it for Valentine's Day. We're going to do it in Mother's Day, all the true gift-giving periods.

好的，所以我們正在做很多這樣的事情。正如我和吉爾所說，我們已經在第四季度採取了重大行動。我們還想看看 - 我們正在研究我們的商店運營。我們認為這對我們來說是一個很大的機會。我們正在努力改變一些產品流程，雖然不是很大，但我們覺得我們需要提前提供更多禮物。我們在第四季度做到了這一點，而且做得很好。所以我們在情人節繼續這樣做。我們將在母親節，所有真正的送禮期間進行。

Just to have the store look a little bit different, we're working on sidelines. We're working on reducing the amount of graphics and signs we have in the store, just to have a more modern feel in our stores overall. But we want to obviously have higher productivity in stores, and that's what we're working on as well as we want to continue to grow our digital business overall.

只是為了讓商店看起來有點不同，我們正在旁觀。我們正在努力減少商店中的圖形和標誌數量，只是為了讓我們的商店整體更具現代感。但我們顯然希望提高商店的生產力，這就是我們正在努力的目標，我們也希望繼續發展我們的整體數字業務。

So -- but I think in general, I think there's a lot of opportunities. The reason why I came back to Kohl's is because I see those opportunities, and I see that we can take advantage of those opportunities in the future.

所以 - 但我認為總的來說，我認為有很多機會。我之所以回到 Kohl's，是因為我看到了這些機會，而且我看到我們可以在未來利用這些機會。

And then Bob, in regards to our guidance, I think what we did is we took a cautious plan as we look to the year. We wanted to be appropriate with our guide, given the environment, it's high inflation, interest rates are rising. And we know that has a large impact to particularly our middle income customer. So as we are navigating them in certain times, we have a lot of change that Tom had outlined, not only in the script, but obviously just in his remarks as well in terms of what we see ahead of us.

然後鮑勃，關於我們的指導，我認為我們所做的是我們在展望這一年時採取了謹慎的計劃。考慮到環境，高通脹，利率正在上升，我們希望我們的指南是合適的。我們知道這對我們的中等收入客戶尤其有很大影響。因此，當我們在特定時間瀏覽它們時，湯姆已經概述了很多變化，不僅在劇本中，而且顯然只是在他的評論中，以及我們看到的未來。

So we do expect the sales to build throughout the year, particularly as these initiatives roll out. We're going to have more Sephora stores open. We're going to work more on the gifting, impulse, home decor, really seeing that build throughout the year. And then I think as well with gross margin, we'll see that build throughout the year as well with the freight moderating. We're going to see commodity costs come down, starting with our back-to-school receipts, and then we're going to start taking more timely clearance markdowns throughout the year. And this will actually have a bigger impact to Q2 margin because we've typically taken these seasonally. So you'll see a negative impact in Q2, but a positive impact in Q3 as we move those markup and take them much more timely, particularly on our spring and summer goods from that perspective.

因此，我們確實預計全年銷量都會增加，尤其是隨著這些舉措的推出。我們將開設更多絲芙蘭門店。我們將在禮物、衝動、家居裝飾方面做更多的工作，真正看到全年的構建。然後我認為還有毛利率，我們將看到全年的增長以及貨運放緩。我們將看到商品成本下降，首先是我們的返校收據，然後我們將開始在全年採取更及時的清倉降價。這實際上會對第二季度的利潤率產生更大的影響，因為我們通常會季節性地採取這些措施。所以你會在第二季度看到負面影響，但在第三季度會產生積極影響，因為我們移動這些標記並更及時地採取它們，特別是從這個角度來看我們的春季和夏季商品。

And then in SG&A, we'll expect Q2 and Q3 to have more costs associated with them just due to the timing of when we're opening up our Sephora shops. Last year, we started that construction earlier in the year. And this year, you'll see it more in Q2 and Q3 with the 250 stores and then those 50 new shop stores. So that's kind of how I would make the model work and your build work from a guidance perspective.

然後在 SG&A 中，由於我們開設絲芙蘭商店的時間，我們預計第二季度和第三季度會有更多相關成本。去年，我們在今年早些時候開始了這項建設。今年，你會在第二季度和第三季度看到更多，有 250 家商店，然後是 50 家新店。所以這就是我如何使模型工作以及從指導的角度構建你的工作。

We'll move next to Gaby Carbone at Deutsche Bank.

我們將搬到德意志銀行的 Gaby Carbone 身邊。

Tom, so previously, Kohl's is targeted a 7% to 8% long-term operating margin. You're guiding to 4% for FY '23. I was wondering if your confident still in that 7% to 8% goal over time? And what does the bridge look like to get there?

湯姆，所以之前，Kohl's 的目標是 7% 到 8% 的長期營業利潤率。你指導 FY '23 為 4%。我想知道隨著時間的推移，您是否仍然對 7% 到 8% 的目標充滿信心？到達那裡的橋是什麼樣子的？

Well, I'll talk for a few minutes, and then I'll have Jill. Overall, we're still confident in the 7% to 8% target that we have. A lot has to do with rebuilding our sales to obviously get to those levels again. But we're not changing. We're not changing our long-term guide at all because we feel we can get there. But I'll let Jill talk about it.

好吧，我會談幾分鐘，然後我會請吉爾。總體而言，我們仍然對我們擁有的 7% 至 8% 的目標充滿信心。與重建我們的銷售以顯然再次達到這些水平有很大關係。但我們沒有改變。我們根本不會改變我們的長期指南，因為我們覺得我們可以到達那裡。但我會讓吉爾談談。

Yes. I think the framework that we gave you with the 7% to 8% still exists today. And as Tom mentioned, it really starts with sales growth. And if you recall in that framework, it was a low single-digit sales growth that was the beginning of that framework. So I think we feel confident in the initiatives that we've outlined today, like I mentioned, that we're going to get back to that growth pattern. But as Tom suggested, it takes time to do this. So we're moving things in the right direction. So we look at this as a long-term framework that still exists.

是的。我認為我們為您提供的 7% 到 8% 的框架今天仍然存在。正如湯姆所提到的，它真的始於銷售增長。如果您還記得那個框架，那麼低個位數的銷售增長就是該框架的開始。因此，我認為我們對今天概述的舉措充滿信心，就像我提到的那樣，我們將回到那種增長模式。但正如湯姆所建議的那樣，這樣做需要時間。所以我們正在朝著正確的方向發展。因此，我們將其視為一個仍然存在的長期框架。

If you go into the margin side of things, our guide this year is at the low end of that. It's a 36% to 36.5%. But we do think we're going to continue to see benefits, particularly around the strong inventory management that Tom spoke about. We're going to have better inventory control processes, this will drive churn. We'll have better reg selling. So we do see that we can continue to get to that higher end there.

如果你進入利潤方面，我們今年的指南處於低端。這是 36% 到 36.5%。但我們確實認為我們將繼續看到好處，特別是圍繞湯姆談到的強大的庫存管理。我們將擁有更好的庫存控制流程，這將推動客戶流失。我們會有更好的註冊銷售。所以我們確實看到我們可以繼續達到更高的目標。

And then from expenses, we've always had a very strong focus on expense discipline at Kohl's. We know we can leverage at about a 1.5% comp. This continues to be a focus for us. We're looking for efficiencies across the business. But particularly, you're going to see that around like automation, the self-service in our stores, automation in our distribution centers. We've done a lot of organizational optimization. We're looking at marketing efficiencies, all places that we can continue to lean into to bring down our SG&A run rate as well.

然後在費用方面，我們一直非常關注科爾的費用紀律。我們知道我們可以利用大約 1.5% 的補償。這仍然是我們關注的焦點。我們正在尋找整個企業的效率。但特別是，你會看到自動化，我們商店的自助服務，我們配送中心的自動化。我們做了很多組織優化。我們正在研究營銷效率，我們可以繼續關注所有地方，以降低我們的 SG&A 運行率。

So I think overall, hopefully, you heard from both Tom and I, we're very confident in the long term framework for op margin getting back to 7% to 8%.

所以我認為總的來說，希望你從湯姆和我那裡聽到，我們對運營利潤率恢復到 7% 到 8% 的長期框架非常有信心。

Great. And just a quick follow-up. So you mentioned your private brands for the quarter, which is encouraging. Just curious how you're thinking about leveraging your private brands portfolio moving ahead, especially as consumers are continuously seeking more value.

偉大的。并快速跟進。所以你提到了本季度的自有品牌，這令人鼓舞。只是好奇您如何考慮利用您的自有品牌組合向前發展，尤其是在消費者不斷尋求更多價值的情況下。

Yes. I think, obviously, this is -- you set at value. And I think in this environment, value is very important to the customer, and they're seeking that out. And we've seen for the last several quarters, they've leaned more into our proprietary brand portfolio because it brings to them that value. But we've also seen great performance by Sephora and some of our new brands like Tommy Hilfiger and Eddie Bauer and Outdoor. So I think value goes across the chain and bringing them a quality product for a price they think is good. And I think that's where you can see them making those trade-offs sometimes, given the wallet in the middle income customer is being more stretched. And of course, we sell discretionary items.

是的。我認為，很明顯，這是——你設定了價值。我認為在這種環境下，價值對客戶來說非常重要，他們正在尋求這一點。在過去的幾個季度裡，我們已經看到，他們更多地傾向於我們的專有品牌組合，因為這給他們帶來了價值。但我們也看到了絲芙蘭和我們的一些新品牌（如 Tommy Hilfiger、Eddie Bauer 和 Outdoor）的出色表現。所以我認為價值貫穿整個鏈條，以他們認為合適的價格為他們帶來優質產品。而且我認為，鑑於中等收入客戶的錢包更加緊張，您有時可以看到他們做出這些權衡。當然，我們也出售非必需品。

So I think having that dual portfolio of the private brands with the national brands have worked well for our consumers to be able to make that pivot given the constraints on their wallet today. So we're taking advantage of that. And we'll lean into it, again, based on what Tom has mentioned, being much more in a chase model. So really working on how we can bring a faster model through those proprietary brands to life, and we have a lot of people working on that right now by using more West Coast suppliers and doing more direct to -- direct vendors as well. So I think there's ways that you'll see us continue to feed into that private brand portfolio and doing that with the inventory discipline Tom had indicated.

因此，我認為擁有自有品牌和民族品牌的雙重組合對我們的消費者來說效果很好，能夠在當今錢包受限的情況下做出這種轉變。所以我們正在利用這一點。我們將再次根據湯姆提到的內容，更多地採用追逐模式。因此，真正致力於研究如何通過這些專有品牌將更快的模型變為現實，我們現在有很多人通過使用更多的西海岸供應商和更直接地與直接供應商進行合作。所以我認為有一些方法你會看到我們繼續投入到自有品牌組合中，並按照湯姆所指出的庫存紀律來做到這一點。

Yes. I think that the private brands are really important part of our business. But we're going to spend a lot of time in 2023, improving our performance in the national brands as well. We need to do both. We stumbled a little bit in the national brands in '22, but our goal is to have both national brands and private brands perform at a high level.

是的。我認為自有品牌是我們業務的重要組成部分。但我們將在 2023 年花很多時間，提高我們在民族品牌中的表現。我們需要兩者兼顧。 22年我們在民族品牌上有點跌跌撞撞，但我們的目標是讓民族品牌和自有品牌都有高水平的表現。

We'll go next to Mark Altschwager at Baird.

我們將去 Baird 的 Mark Altschwager 旁邊。

Welcome, Tom. So Tom, your commentary about utilizing the domestic marketplace is interesting. Is that strategy primarily focused on home decor and gifting? Or do you see an opportunity in apparel and other categories as well? And I'm curious if there are -- if you need to make incremental investments in merchandising or the buying teams in order to build that muscle within the organization.

歡迎，湯姆。湯姆，你關於利用國內市場的評論很有趣。該策略主要集中在家居裝飾和送禮上嗎？或者您是否也看到了服裝和其他類別的機會？而且我很好奇是否有 - 如果您需要在商品銷售或購買團隊中進行增量投資以在組織內建立這種力量。

We're really looking at chasing goods across all categories of business, to be honest with you. There's always ample product that we can chase. I've experienced that before in another place where I work that you can do that pretty readily. We do have the right structure in place to do that. We have the right buying teams, the right GMM structure to do that. There's nothing really, I think, that could prevent us from doing that. But managing our inventories, that's the key. I mean we have to make sure that we have open to spend. That's the only thing that could hurt us in that pursuit. But in general, I think it's across the board that we can do it.

老實說，我們真的在考慮在所有業務類別中追逐商品。總有充足的產品可供我們追逐。我以前在我工作的另一個地方經歷過，你可以很容易地做到這一點。我們確實有合適的結構來做到這一點。我們擁有合適的採購團隊和合適的 GMM 結構來做到這一點。我認為，真的沒有什麼可以阻止我們這樣做。但管理我們的庫存是關鍵。我的意思是我們必須確保我們願意花錢。這是唯一可能傷害我們追求的東西。但總的來說，我認為我們可以做到這一點。

A quick follow-up for Jill. Just with gross margin, any more color you can give us on the first quarter? I guess, specifically, the clearance headwind was obviously very large for the fourth quarter. It sounds like that activity continued into the early first quarter. So just relative to that 750 basis points, how should we be thinking about the headwind early in the year here?

吉爾的快速跟進。就毛利率而言，您可以在第一季度給我們更多的顏色嗎？我想，具體來說，第四季度的清關逆風顯然非常大。聽起來這種活動一直持續到第一季度初。因此，相對於 750 個基點，我們應該如何考慮今年年初的不利因素？

Yes. I think what we're seeing is freight is moderating. That's going to happen throughout the year. We're going to get some product cost benefits starting with our back-to-school. Obviously, we took a lot of clearance into Q4. The selling is continuing to benefit us into February, like I had indicated, but the marks happened in the fourth quarter. So it's not as punitive into Q1.

是的。我認為我們看到的是貨運正在放緩。這將在全年發生。從返校開始，我們將獲得一些產品成本效益。顯然，我們在第四季度獲得了很多許可。正如我所指出的那樣，拋售繼續使我們受益到 2 月，但跡象發生在第四季度。所以它對 Q1 沒有那麼懲罰。

I think the thing with the clearance markdowns that we're looking for is just taking them much more timely when they're more relevant to get better sell-throughs. And so the one quarter that, I would say, will look different will be Q2 because we typically haven't done clearance in Q2. We've waited to Q3. So we're going to move those up. So you'll see Q2 be a little more margin pressured because of that change, and then that will offset into Q3. And of course, Q4, we don't expect to have a repeat of this year. So you'll see a large benefit into Q4.

我認為我們正在尋找的清倉降價只是在它們與獲得更好的銷售量更相關時更及時地採取它們。因此，我會說，看起來會有所不同的四分之一將是第二季度，因為我們通常沒有在第二季度完成許可。我們一直等到第三季度。所以我們要把它們向上移動。所以你會看到第二季度由於這種變化而受到更大的利潤壓力，然後這將抵消到第三季度。當然，第四季度，我們預計今年不會重演。所以你會看到第四季度有很大的好處。

We'll go next to Matthew Boss at JPMorgan.

接下來我們將去摩根大通的 Matthew Boss。

Welcome aboard, Tom.

歡迎加入，湯姆。

Thanks, Matt.

謝謝，馬特。

So Tom, maybe help us to think about the time line needed for -- in the release and what you've talked about is refining the strategy, reestablishing the merchandise disciplines. Maybe larger picture, how do you view this turnaround opportunity relative to your past retail experience? And then at a micro level, how should we think about the market share opportunity as we think about spend from existing customers relative to new customer acquisition that might be needed.

所以湯姆，也許可以幫助我們考慮發布所需的時間表，以及您所說的是改進戰略，重新建立商品紀律。也許從更大的角度來看，相對於您過去的零售經驗，您如何看待這個轉機機會？然後在微觀層面上，當我們考慮現有客戶的支出與可能需要的新客戶獲取相關時，我們應該如何考慮市場份額機會。

Time line, we -- it doesn't happen overnight. It really doesn't happen overnight, but we've already made some progress. Obviously, we've got our inventories at the level they should be. And we're planning our inventories for the first and second quarter appropriately. But it's going to -- we're going to make progress in 2023, but we feel -- as any business, it takes a while for it to really get traction. But a lot of our -- a lot has already gotten -- we've already done a lot of things so far, excuse me.

時間線，我們 - 它不會在一夜之間發生。這真的不是一蹴而就的，但我們已經取得了一些進展。顯然，我們的庫存已達到應有的水平。我們正在適當地計劃第一季度和第二季度的庫存。但它將會——我們將在 2023 年取得進展，但我們認為——與任何企業一樣，它需要一段時間才能真正獲得牽引力。但我們的很多 - 很多已經得到 - 到目前為止，我們已經做了很多事情，對不起。

So even in my previous experience, we -- it took us a while to get things going in the right direction. And -- but it's just something you can't do overnight. But I want to make something very clear. It's not -- Kohl's is a different company than my previous company. And we have a lot of really good things already in place in the strategy, so it's not an overhaul. There are some things that we need to be doing, and we've already started working on it. But it's not a total overhaul. I just want to make sure that people understand it. I think there's a lot of good things in place already today. As far as market share, I think that if we can execute, we can gain market share from many different places.

因此，即使根據我以前的經驗，我們也需要一段時間才能讓事情朝著正確的方向發展。而且——但這只是你無法在一夜之間完成的事情。但我想說清楚一點。它不是 - Kohl's 與我以前的公司不同。而且我們的戰略中已經有了很多非常好的東西，所以這不是一次大修。有些事情我們需要做，我們已經開始著手了。但這並不是徹底的改革。我只是想確保人們理解它。我認為今天已經有了很多好東西。至於市場份額，我認為如果我們能夠執行，我們可以從許多不同的地方獲得市場份額。

We'll go next to Dana Telsey at Telsey Advisory Group.

我們將在 Telsey Advisory Group 的 Dana Telsey 旁邊。

Welcome, Tom. As you think about the merchandise mix, Tom, of Kohl's, active has always been a big portion of where they were driving to. What is your ultimate goal in the merchandise mix? And what do you think would be most effective?

歡迎，湯姆。當您考慮商品組合時，Kohl's 的 Tom 一直認為積極主動是他們開車去的地方的很大一部分。您在商品組合中的最終目標是什麼？你認為什麼最有效？

And then also, Jill, in terms of omnichannel and delivery expense and some of the headwinds there, how do you see that impact on margin in 2023 and the framework of whatever is happening with freight expense and supply chain?

然後，吉爾，就全渠道和交付費用以及那裡的一些不利因素而言，您如何看待這對 2023 年利潤率的影響以及運費和供應鏈發生的任何事情的框架？

Well, we're going to let the customer tell us what they want. I think establishing targets in terms of businesses, I don't think that's in the best interest of our customers overall. So over time, our mix will evolve to what the customer is looking for.

好吧，我們會讓客戶告訴我們他們想要什麼。我認為根據業務制定目標，我認為這不符合我們客戶的整體利益。因此，隨著時間的推移，我們的組合將演變為客戶正在尋找的東西。

Right now, we feel that the active business is really important, but we also feel like Outdoor is important as well. So we're going to integrate into some of the presentations, some of the Outdoor products. We've already done that. But I'm not going to set targets in general because we have to be agile. We have to do -- we have to build the assortments relative to what the customer wants, not what targets we set.

現在，我們覺得活躍的業務真的很重要，但我們也覺得戶外也很重要。所以我們將整合到一些演示中，一些戶外產品。我們已經做到了。但我不會設定一般目標，因為我們必須敏捷。我們必須做——我們必鬚根據客戶的需求來構建分類，而不是我們設定的目標。

You will see more -- in the home store, more gifting product, more impulse product going forward. It's something that I believe in a lot, and the customer is already telling us. That's what they want based on the sell-throughs we had in the fourth quarter. And gifting and our Valentine's assortments did very well because it was repositioned in the front. So -- but that's just following what the customer wants, and that's what we're going to continue to do.

你會看到更多——在家庭商店中，更多的贈品，更多的衝動產品。這是我非常相信的事情，客戶已經告訴我們了。根據我們在第四季度的銷售情況，這就是他們想要的。送禮和我們的情人節禮物做得很好，因為它被重新定位在前面。所以 - 但這只是遵循客戶的需求，這就是我們將繼續做的事情。

In terms of omnichannel, what I would say is, obviously, digital is always an incremental pressure when it does come to that cost of ship. We are seeing, obviously, for a cost, like we mentioned, moderating. So not seeing as much of an increase there that we have in the past. But it will always, as we increase that penetration of digital, be a headwind. I think -- so if you heard today, we think there's substantial opportunity to grow our store productivity. And so that is definitely a place that helps us offset some of those headwinds because the penetration won't be growing as much if we can grow both channels. And I think that's something we've heard a lot about. Our focus is how do we bring back the productivity into our stores and whether that's through presentation changes to the new categories that Tom has mentioned and really just the focus to drive in new customers through initiatives such as Sephora. So I think we see it as always an extra headwind, but it isn't quite as predominant as it's been in the past.

就全渠道而言，我要說的是，顯然，當涉及到運輸成本時，數字總是一種增量壓力。顯然，正如我們提到的那樣，我們正在看到節制的代價。所以沒有看到我們過去有那麼多的增長。但隨著我們提高數字化滲透率，它總是會成為不利因素。我認為 - 所以如果你今天聽到，我們認為有很大的機會來提高我們的商店生產力。因此，這絕對是一個可以幫助我們抵消其中一些不利因素的地方，因為如果我們能夠同時發展這兩個渠道，滲透率就不會增長那麼多。我認為這是我們經常聽到的事情。我們的重點是我們如何將生產力帶回我們的商店，以及是否通過 Tom 提到的新類別的展示變化，以及實際上只是關注通過絲芙蘭等舉措吸引新客戶。所以我認為我們認為它總是一個額外的逆風，但它並不像過去那樣占主導地位。

And I think the third piece of it is we're also seeing a lot more efficiency out of our new fulfillment centers. And they -- as we continue to put more products through those centers, we are getting more efficient to how we can get it to the customer. And then, of course, we continue to utilize our stores, which gets us with -- in a couple of days of our customers as well. So we're able to do that in a really efficient manner. So our stores continue to play a key role in our digital delivery, which actually makes our inventory even more harder. So as we talk about that inventory discipline and turning inventory, that's another lever that we can utilize as well. So I look at -- we have a huge opportunity to grow stores, which will help us kind of mitigate some of the headwinds we've seen on the cost of shipping side in the past.

我認為第三部分是我們也看到我們新的履行中心的效率大大提高。他們 - 隨著我們繼續通過這些中心投放更多產品，我們在如何將產品交付給客戶方面變得更加高效。然後，當然，我們會繼續利用我們的商店，這也會讓我們在幾天內獲得我們的客戶。所以我們能夠以一種非常有效的方式做到這一點。因此，我們的商店繼續在我們的數字交付中發揮關鍵作用，這實際上使我們的庫存更加困難。因此，當我們談論庫存紀律和周轉庫存時，這也是我們可以利用的另一個槓桿。所以我看 - 我們有一個巨大的機會來發展商店，這將幫助我們減輕我們過去在運輸方面看到的一些不利因素。

Our next question comes from Oliver Chen at TD Cowen.

我們的下一個問題來自 TD Cowen 的 Oliver Chen。

Regarding what's the new strategy, I had a bigger picture question is the younger customer and capturing the traffic of the younger customer. Women's apparel, in particular, has been an opportunity. And would love your thoughts on, as you think about home and gifting, what percentage mix do you see as an opportunity or a hypothesis there?

關於新策略是什麼，我有一個更大的問題是年輕客戶和捕獲年輕客戶的流量。女裝尤其是一個機會。並且會喜歡你的想法，當你考慮家庭和禮物時，你認為有多少百分比的組合是機會或假設？

And as we think about gross margin return on inventory Jill raised, will the terms and margin profile differ? And I assume the opportunity will outweigh any of those factors. Jill, I would love your thoughts on inventory control processes and what specifically do you see as lower-hanging fruit. And as we think about disinflation and inflation, what does your forecast include in terms of average unit retail?

當我們考慮 Jill 提出的庫存毛利率回報時，條款和利潤率狀況會有所不同嗎？我認為機會將超過任何這些因素。吉爾，我很想知道您對庫存控制流程的看法，以及您認為容易實現的具體目標是什麼。當我們考慮通貨緊縮和通貨膨脹時，您的平均零售單位預測包括什麼？

So I'll take the first part, and then I'll let Jill take the second piece of this. Well, having Sephora, bringing Sephora in is already bringing in a younger consumer. One of the other things that we're working on is ancillary products such as women's that when the younger customers coming in to buy Sephora, we want to make sure that they can also buy women's apparel, women's accessories, women's footwear, et cetera. So we really feel that we're started. We have something that's bringing in a younger consumer. Now we need to expand it to other categories within the store.

所以我將負責第一部分，然後讓 Jill 負責第二部分。好吧，有了絲芙蘭，把絲芙蘭帶進來已經帶來了更年輕的消費者。我們正在努力的另一件事是輔助產品，例如女裝，當年輕顧客來購買絲芙蘭時，我們希望確保他們也可以購買女裝、女裝、女裝、女鞋等。所以我們真的覺得我們已經開始了。我們有一些東西可以吸引更年輕的消費者。現在我們需要將其擴展到商店內的其他類別。

As far as the mix goes in terms of what percent, as I just mentioned before, we're not going to -- we're going to let the customer tell us what level the mix should be in home decor and gifting. Jill?

就混合百分比而言，正如我之前提到的，我們不會 - 我們會讓客戶告訴我們在家居裝飾和送禮方面應該達到什麼水平。吉爾？

Sure. And I think from an inventory control perspective, I just think the processes and the disciplines we have in place in terms of the chase model and really letting ourselves have some liquidity and not making all the buys upfront, like Tom had mentioned, is a core fundamental that we just really need to reinstate instead of allocating all our goods ahead of time. I think this way, we can chase them to the right items. It helps the sell-through. It helps the margins because you're buying the right goods, so you don't have to take as many marks at the end of season. So I think that's just really a core discipline that really needs to get reinstilled into the organization.

當然。而且我認為從庫存控制的角度來看，我只是認為我們在追逐模型方面的流程和紀律以及真正讓我們自己擁有一些流動性而不是像湯姆提到的那樣預先購買所有東西是一個核心從根本上說，我們真的需要恢復原狀，而不是提前分配我們所有的貨物。我認為這樣，我們就可以將他們追到正確的項目。它有助於銷售。它有助於提高利潤率，因為您購買的是正確的商品，因此您不必在季末獲得那麼多的分數。所以我認為這真的是一個真正需要重新融入組織的核心學科。

And then quite honestly, the liquidity is going to go where the demand is. So even though best-laid plans at the beginning of the year, we need to be agile in moving through those based on what the consumer is looking for and then giving that open to buy to the right areas. So I think that's fundamental I've always been really focused, as you know, on inventory control. So I love the new disciplines that Tom has brought to the organization. And then in terms of...

老實說，流動性將流向需求所在的地方。因此，即使在年初制定了最佳計劃，我們也需要根據消費者的需求靈活地推進這些計劃，然後將其開放給正確的區域。所以我認為這是最基本的，正如你所知，我一直非常關注庫存控制。所以我喜歡湯姆為組織帶來的新紀律。然後在...方面

We're going to spend -- excuse me, just one second. We're just going to spend and we already have -- we're just going to spend a lot of time on inventory. And that area is going to report directly to me because of the importance that inventory control is in terms of everything we want to accomplish in 2023 and beyond. Sorry, Jill. Go ahead.

我們要花——對不起，就一秒鐘。我們只是要花錢，我們已經有了——我們只是要花很多時間在庫存上。該領域將直接向我報告，因為庫存控制對於我們希望在 2023 年及以後完成的一切都很重要。對不起，吉爾。前進。

No problem. And I think just on the inflation, deflation from an AUR perspective, I think that isn't anything we saw a lot of inflation in our AURs this year in terms of -- we are in a discretionary spend. It wasn't the same as if you're buying or selling things people need. So we haven't been able to really expand on the AUR. Our AUR growth has really been more of the mix of the goods that we're bringing to the table. And again, it's all with the lens of value. But you bring in Sephora, obviously, a higher ticket item. It's something that we've seen continually perform for us, despite the ups and downs in the inflationary environment.

沒問題。我認為，從 AUR 的角度來看，就通貨膨脹和通貨緊縮而言，我認為這並不是我們今年在 AUR 中看到的大量通貨膨脹——我們處於可自由支配的支出中。這與買賣人們需要的東西不同。所以我們無法真正擴展 AUR。我們的 AUR 增長實際上更多地是我們帶來的商品組合。再一次，這一切都與價值有關。但是你帶來了絲芙蘭，顯然，更高價的項目。儘管通貨膨脹環境起伏不定，但我們已經看到它不斷為我們表現。

We've brought in different items or products like Tommy Hilfiger and Calvin Klein that had higher tickets. So we're really going to be, I think, managing through this in a very easy manner because we didn't bring tickets up. And then 65% of our sales are national brands. So we're really going to be ticketed based on what those brands are seeing across the landscape, and then we'll move with them as well. So I think one thing is we didn't take things up because of inflation. So there's not a lot of room to have to take things down either from my perspective.

我們引進了不同的項目或產品，如 Tommy Hilfiger 和 Calvin Klein，它們的價格更高。所以我認為，我們真的會以非常簡單的方式解決這個問題，因為我們沒有提出問題。然後我們 65% 的銷售額是民族品牌。所以我們真的會根據這些品牌在整個景觀中看到的東西來開票，然後我們也會和他們一起移動。所以我認為一件事是我們沒有因為通貨膨脹而採取行動。所以從我的角度來看，沒有太多的空間可以把事情記下來。

Okay. And Tom, one follow-up on making pricing less complex. What's the timing at which you'll execute on that? And Kohl's Cash is pretty iconic, and the company has been on a journey to simplify and amplify, less can be more. So what's different about what you think needs to be done? And what kind of guardrails might be good ideas around making these kinds of changes?

好的。和湯姆，關於降低定價複雜性的後續行動。你將在什麼時候執行？ Kohl's Cash 非常具有標誌性，該公司一直在簡化和擴大業務，少即是多。那麼，您認為需要完成的工作有何不同？什麼樣的護欄可能是圍繞進行此類更改的好主意？

Well, whatever we do, we're going to be very thoughtful and do everything at the appropriate pace. One of the things that we're doing, and it will start around the back-to-school period, we're going to bring in some product that have everyday low prices. It's small. It's single digits as a percent to total. And we're going to learn from that, and then determine how big it's going to be or maybe it won't be big at all. But it's in test mode overall.

好吧，無論我們做什麼，我們都會非常周到，並以適當的速度做每件事。我們正在做的其中一件事，將在返校期間開始，我們將引進一些每天都有低價的產品。它很小。它佔總數的百分比是個位數。我們將從中吸取教訓，然後確定它會有多大，或者可能根本不會很大。但它總體上處於測試模式。

We have a lot of layering of promotions and stuff like that, and we're just going to try to simplify a lot of that. We're not going to back off of Kohl's Cash. That's a very important component to the value equation overall. But we're just going to -- we're going to test other things. We want to focus on spending more markdowns on clearance because, as Jill said, we're going to take clearance at the appropriate time. We want to allocate markdowns monthly to address our clearance inventories, which is really important.

我們有很多分層的促銷活動和類似的東西，我們只是想嘗試簡化其中的很多。我們不會放棄 Kohl's Cash。這是整體價值方程式的一個非常重要的組成部分。但我們只是要 - 我們要測試其他東西。我們希望專注於在清關上花費更多的降價，因為正如吉爾所說，我們將在適當的時候進行清關。我們希望每月分配降價來解決我們的清倉庫存，這非常重要。

We're going to be more targeted in a lot of our promotions as well. Right now, we have a lot of general promotions, general audience promotions, which we're going to look at that. We've already reviewed the first and second quarter to figure out where we could do that. But -- and spend more of our markdowns on targeting certain areas where we feel that we have an opportunity. But everything we do, it's going to be at the right pace.

我們也將更有針對性地進行許多促銷活動。現在，我們有很多一般促銷活動，一般觀眾促銷活動，我們將對此進行研究。我們已經審查了第一季度和第二季度，以確定我們可以在哪裡做到這一點。但是 - 並且將更多的降價用於我們認為我們有機會的某些領域。但我們所做的一切，都會以正確的速度進行。

And we'll take our final question from Paul Lejuez at Citi.

我們將從花旗的 Paul Lejuez 那裡接受我們的最後一個問題。

It's Tracy Kogan filling in for Paul. Just two questions. On CapEx, it looks like you're reducing your CapEx this year, which is understandable, but just wondering if that's a good run rate and you're no longer expecting the $2.5 billion over 3 years.

Tracy Kogan 代替了 Paul。只是兩個問題。在資本支出方面，看起來你今年正在減少資本支出，這是可以理解的，但只是想知道這是否是一個很好的運行率，你不再期望 3 年內達到 25 億美元。

And then secondly, I was hoping you could update us on the Amazon partnership and how do you assess the traffic driving results of the Amazon Returns in stores and how you're doing converting as you look back at this year overall.

其次，我希望您能向我們介紹亞馬遜合作夥伴關係的最新情況，以及您如何評估亞馬遜退貨在商店中的流量驅動結果，以及回顧今年整體時您的轉化情況。

Sure. I think for CapEx, obviously, Tracy, we've talked about one of our core strategies being to strengthen back to the balance sheet. So we did make that reduction this year in terms of really focusing on the return projects. So of course, still going to invest back in Sephora and then adding those 50 small stores now that we have a solution to hit all of our stores from a Sephora perspective, but really being able to pull back into those more meaningful areas just given the fact that we are trying to build back our cash.

當然。我認為對於資本支出，顯然，特雷西，我們已經討論過我們的核心戰略之一是加強資產負債表。因此，我們今年確實在真正關注回報項目方面進行了削減。因此，當然，我們仍然會重新投資絲芙蘭，然後增加這 50 家小店，因為我們有一個解決方案，可以從絲芙蘭的角度影響我們所有的商店，但鑑於事實上，我們正在努力重建我們的現金。

So given what we spent this year and next year obviously hitting $2.5 billion is probably not where we're going to be at this point, but we'll continue to assess what that CapEx needs to be really based on a return model. But just to get to the math, we won't be making up that difference over the next couple of years. I think we're really, really thoughtful. And as we've said through this whole call, this is going to be long term. So we're going to build back to that position of strength from a balance sheet perspective, but that's going to also take some time because we need to make the right investments for growth for our business as well.

因此，考慮到我們今年和明年的支出，顯然達到 25 億美元可能不是我們目前的目標，但我們將繼續根據回報模型評估資本支出真正需要的是什麼。但只是為了得到數學，我們不會在未來幾年內彌補這一差異。我認為我們真的，真的很周到。正如我們在整個電話會議中所說的那樣，這將是長期的。因此，我們將從資產負債表的角度重新建立實力，但這也需要一些時間，因為我們也需要為我們的業務增長做出正確的投資。

And then in terms of Amazon, I think Amazon is one of many, hopefully, you've heard today, initiatives that we're looking to drive traffic with. So along with Sephora and even home decor, gifting, impulse, all things that will have customers coming in more to see the changes. It's more impulse-driven. So we're really going to just continue to be focused on all of our initiatives to drive topic, and Amazon is obviously one of those key items. Sephora being another one in terms of driving new customers and traffic into the store from a replenishment perspective. And then just really the whole store experience to drive more newness, more exploration. So I think Amazon is just a key to that strategy in total.

然後就亞馬遜而言，我認為亞馬遜是我們希望通過其推動流量的眾多舉措之一，希望您今天已經聽說過。因此，隨著絲芙蘭甚至家居裝飾、送禮、衝動，所有讓顧客進來看到變化的東西。它更受衝動驅動。因此，我們真的將繼續專注於推動話題的所有舉措，而亞馬遜顯然是這些關鍵項目之一。從補貨的角度來看，絲芙蘭是另一個在推動新客戶和流量進入商店方面的公司。然後就是真正的整個商店體驗，以推動更多的新鮮感、更多的探索。所以我認為亞馬遜只是整個戰略的關鍵。

Thanks for joining us today.

感謝您今天加入我們。

And this concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。