柯爾百貨 (KSS) 2023 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 Fourth Quarter 2023 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions)

早安.我叫奧德拉，今天我將擔任你們的會議操作員。現在，我歡迎大家參加科爾公司 2023 年第四季財報電話會議。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, Investor Relations and Treasurer. Please go ahead.

這次，我想將會議交給投資者關係高級副總裁兼財務主管馬克·魯普 (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. 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 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。本次電話會議所做的某些陳述，包括預期的財務表現和公司的未來舉措，均為前瞻性陳述。此類陳述受到某些風險和不確定性的影響，這可能導致科爾的實際結果與此類前瞻性陳述中的預測有重大差異。此類風險和不確定性包括但不限於Kohl's 最新10-K 表格年度報告第1A 項中描述的風險和不確定性，以及Kohl's 向SEC 提交的其他文件中可能不時補充的風險和不確定性，所有這些風險和不確定性明確地透過引用併入本文。前瞻性陳述涉及最初做出的日期，科爾士百貨不承擔更新這些陳述的義務。

Today's call will reference material included in the investor presentation included as an exhibit to our Form 8-K furnished to the SEC, which is available on the company's Investor Relations website.

今天的電話會議將參考投資者簡報中包含的資料，該資料作為我們向 SEC 提供的 8-K 表格的附件，可在公司的投資者關係網站上取得。

In addition, during this call, we may make reference to non-GAAP financial measures. Reconciliation of non-GAAP financial measures can also be found in the aforementioned investor presentation.

此外，在本次電話會議中，我們可能會參考非公認會計準則財務指標。非公認會計原則財務指標的調節也可以在上述投資者介紹中找到。

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 So if you're listening to a replay of this call, it is possible that the information discussed is no longer current, and Kohl's undertakes no obligation to update such information.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，此通話將會被錄音。不過，本次通話的重播不會更新。因此，如果您正在收聽本次電話會議的重播，則所討論的資訊可能不再是最新的，並且 Kohl's 不承擔更新此類資訊的義務。

With me this morning are Tom Kingsbury, our CEO; and Jill Timm, our Chief Financial Officer.

今天早上和我在一起的是我們的執行長湯姆金斯伯里 (Tom Kingsbury)；和我們的財務長吉爾蒂姆。

I will now turn the call over to Tom.

我現在會把電話轉給湯姆。

Thank you, Mark, and good morning, everyone. Our fourth quarter performance capped off an important year for Kohl's. As we've discussed throughout 2023, our company has undergone a significant amount of change across the business as part of our efforts to strategically reposition Kohl's for growth in 2024 and beyond.

謝謝你，馬克，大家早安。我們第四季的業績為 Kohl’s 重要的一年畫上了圓滿的句點。正如我們在 2023 年討論的那樣，我們公司在整個業務領域經歷了重大變革，這是我們對 Kohl's 進行戰略重新定位以實現 2024 年及以後增長的努力的一部分。

During the year, we assembled a largely new leadership team, enhanced our store experience, expanded our partnership with Sephora, invested in underpenetrated categories and adjusted our go-to-market strategies in existing categories such as rebalancing assortments across all lifestyles. In addition, we made further progress in simplifying how we deliver value to our customers and embedded new inventory management processes.

這一年，我們組建了一支全新的領導團隊，增強了門市體驗，擴大了與絲芙蘭的合作關係，投資了滲透不足的品類，並調整了現有品類的市場策略，例如重新平衡所有生活方式的品類。此外，我們在簡化為客戶提供價值的方式以及嵌入新的庫存管理流程方面取得了進一步進展。

Through all of this change, we stayed focused and executed against each of our 4 strategic priorities, which are enhancing the customer experience, accelerating and simplifying our value strategies, managing inventory and expenses with discipline and further strengthening our balance sheet.

在所有這些變更中，我們始終專注於並執行我們的 4 個策略重點，即增強客戶體驗、加速和簡化我們的價值策略、嚴格管理庫存和費用以及進一步加強我們的資產負債表。

The early success of our strategies is evident. Our store business had its best comparable sales performance since 2010. Sephora at Kohl's continued to drive meaningful beauty sales growth. We managed inventory down 10% at year-end, and we delivered 2023 earnings ahead of our expectations.

我們的策略的早期成功是顯而易見的。我們的實體店業務取得了自 2010 年以來最好的可比銷售業績。Kohl's 的絲芙蘭繼續推動美容產品銷售的顯著增長。截至年底，我們的庫存下降了 10%，2023 年的利潤也超出了我們的預期。

I want to thank the broader Kohl's team for adapting to new ways of working and for driving significant change across the organization. We accomplished a great deal in 2023. And while there is more work to be done, I am confident that through our collective efforts, Kohl's is becoming more relevant to customers.

我要感謝更廣泛的 Kohl's 團隊適應新的工作方式並推動整個組織的重大變革。我們在 2023 年取得了巨大成就。雖然還有更多工作要做，但我相信，透過我們的集體努力，科爾百貨將變得與客戶更加相關。

Looking ahead to 2024, we are incredibly focused on driving growth. We are expecting comparable sales to be in the range of flat to up 2%. Key drivers of comp growth in 2024 will be continued growth in Sephora at Kohl's, which will represent over 10% of our net sales for the year; incremental sales from our home, gifting and impulse initiatives; the initial sales benefit from our partnership with Babies "R" Us, through which we will meaningfully expand our presence in the baby gear category; the scaling of our key value initiative, which is high-volume pricing across our private brands, building off the success of our tests last fall; and improved performance across our apparel and footwear assortment as our efforts to increase relevance come to life in our existing brands as well as new brands.

展望 2024 年，我們非常專注於推動成長。我們預計可比銷售額將持平至成長 2%。 2024 年業績成長的主要驅動力將是 Sephora at Kohl's 的持續成長，該業務將占我們當年淨銷售額的 10% 以上；我們家的增量銷售、送禮和衝動舉措；最初的銷售受益於我們與 Babies“R”Us 的合作，透過這種合作，我們將有意義地擴大我們在嬰兒用品類別中的業務；擴大我們的關鍵價值計劃，即我們自有品牌的大批量定價，以我們去年秋天測試的成功為基礎；隨著我們為提高現有品牌和新品牌的相關性所做的努力，我們的服裝和鞋類產品的性能得到了改善。

From a profitability perspective, as Jill will discuss in more detail, we expect strong inventory management to drive further gross margin expansion in 2024. And we plan to continue to benefit from disciplined expense management. That said, we have embedded the potential impact of the recent CFPB late fee ruling into our 2024 outlook, which will serve as a headwind in the back half of this year.

從獲利能力的角度來看，正如吉爾將更詳細討論的那樣，我們預計強大的庫存管理將在 2024 年推動毛利率進一步擴張。我們計劃繼續受益於嚴格的費用管理。也就是說，我們已將最近 CFPB 滯納金裁決的潛在影響納入我們的 2024 年展望中，這將成為今年下半年的阻力。

I will discuss our strategic priorities in greater detail in a moment, but first, let me touch on our fourth quarter results. Net sales decreased 1.1% in Q4, and comparable sales, which excludes sales from the 53rd week, decreased 4.3%. The holiday period started off mix, with November being the weakest month in the quarter due in part to warmer weather. December comparable sales were flat to last year, and January sales were down as we lapped elevated clearance activity from the prior year. However, January was better than our plan. Another positive was that we drove increased regular price sales in December and January through the delivery of transitional goods.

我稍後將更詳細地討論我們的策略重點，但首先讓我談談我們第四季的業績。第四季淨銷售額下降 1.1%，可比銷售額（不包括第 53 週的銷售額）下降 4.3%。假期開始時情況好壞參半，11 月是該季度最疲軟的月份，部分原因是天氣變暖。 12 月份的可比銷售額與去年持平，而 1 月份的銷售額則有所下降，因為我們經歷了去年清倉活動的增加。然而，一月份的情況比我們的計劃要好。另一個積極因素是，我們透過交付過渡商品推動了 12 月和 1 月正常價格銷售的成長。

From a channel perspective, our stores continued to outperform. With stores comparable sales down 1% in Q4, we saw continued strong results from Sephora as well as our initiatives in holiday gifting and home decor. Digital sales, excluding the 53rd week, were down approximately 10% in the quarter, however, improved as the quarter progressed. Beyond the top line, we are able to successfully manage gross margin and expenses to achieve an operating margin of 5% in Q4 and 4.1% for the full year, slightly ahead of our guidance outlook.

從通路角度來看，我們的門市持續表現出色。由於第四季度商店可比銷售額下降了 1%，我們看到絲芙蘭以及我們在節日禮品和家居裝飾方面的舉措持續強勁的業績。該季度的數位銷售額（不包括第 53 週）下降了約 10%，但隨著季度的進展有所改善。除了營收之外，我們還能夠成功管理毛利率和費用，第四季度的營業利潤率為 5%，全年營業利潤率為 4.1%，略高於我們的指導預期。

Let me now turn to our longer-term initiatives and provide an update on our 4 strategic priorities. Our first priority is enhancing the customer experience. This priority encompasses all the work we've done to enhance our store experience, including expanding the number of locations with Sephora. It also includes our work to drive growth in underpenetrated and new categories in our efforts to become more relevant in our apparel and footwear offerings.

現在讓我談談我們的長期計劃，並介紹我們的 4 個策略重點的最新情況。我們的首要任務是增強客戶體驗。這項優先事項涵蓋了我們為增強商店體驗所做的所有工作，包括擴大絲芙蘭門市的數量。它還包括我們努力推動滲透不足和新類別的成長，並努力提高我們的服裝和鞋類產品的相關性。

Let me start with stores, the cornerstone of our business. We've recognized that for us to grow sustainably over the long term, we need to increase our store sales productivity. In 2023, we reestablished stores as a key focal point of our strategy, which consisted of leadership's time and attention, meaningful investments in new operational processes. We expanded and repositioned our gifting assortment to the front of the store, simplified our in-store signage and graphics, consolidated the customer checkout area, enhanced our overall merchandising offering and empowered our stores to capitalize on opportunities to drive sales in their local markets. These actions are beginning to resonate with our customers.

讓我從商店開始，它是我們業務的基石。我們認識到，為了實現長期永續成長，我們需要提高商店銷售效率。 2023 年，我們重新建立了門市，將其作為我們策略的關鍵焦點，其中包括領導層的時間和注意力以及對新營運流程的有意義的投資。我們將禮品種類擴大並重新定位到商店前面，簡化了店內標牌和圖形，整合了客戶結帳區域，增強了我們的整體商品銷售，並使我們的商店能夠利用機會來推動當地市場的銷售。這些行動開始引起我們客戶的共鳴。

Store comparable sales were flat in 2023, our best performance since 2010. In 2024, we will build on our momentum with a variety of store-focused initiatives. These will include new merchandising strategies and the rollout of queuing lines to more than 1/3 of our stores.

2023 年，商店可比銷售額持平，這是我們自 2010 年以來的最佳表現。2024 年，我們將透過各種以商店為中心的舉措來鞏固我們的勢頭。其中包括新的銷售策略以及在我們超過 1/3 的商店中引入排隊。

We also remain focused on returning our digital business to growth. Our focus this year is on reinforcing value simplification in all communication and scaling new targeting initiatives as well as improving the search and product recommendation capabilities of our site to drive increased traffic and higher conversion.

我們也繼續致力於使我們的數位業務恢復成長。我們今年的重點是加強所有溝通中的價值簡化，擴大新的定位計劃，以及改進我們網站的搜尋和產品推薦功能，以增加流量和更高的轉換率。

Let me now turn to Sephora at Kohl's, which continues to deliver exceptional results. 2023 was truly a breakout year for our partnership with Sephora. We delivered more than $1.4 billion in sales, which was up more than 90% year-on-year and included greater than 25% comparable beauty sales growth in the shops opened in 2021 and 2022. For Q4, Sephora's sales increased more than 70%, and comparable sales growth was nearly 25%, which was on top of a strong growth in the prior year. We ended the year with the Sephora's presence in 910 of our stores, with 860 large-format and 50 smaller-format shops. We are pleased with the consistent strong performance we have seen across both formats.

現在讓我談談 Kohl's 旗下的絲芙蘭 (Sephora)，該公司繼續取得卓越的業績。 2023 年對於我們與絲芙蘭的合作來說確實是突破性的一年。我們的銷售額超過 14 億美元，年成長超過 90%，其中 2021 年和 2022 年開設的商店的可比美容銷售額增長超過 25%。第四季度，絲芙蘭的銷售額增長超過 70% ，可比銷售額成長近25%，高於前一年的強勁成長。年底，絲芙蘭進駐了我們的 910 家商店，其中 860 家大型商店和 50 家小型商店。我們對兩種格式持續強勁的表現感到滿意。

In 2024, we will further expand our partnership, opening approximately 140 smaller-format shops. And in 2025, we will roll out a Sephora presence to the balance of the Kohl's chain.

2024 年，我們將進一步擴大我們的合作夥伴關係，開設約 140 家小型商店。到 2025 年，我們將在 Kohl's 連鎖店中開設絲芙蘭店。

Taking a step back, it is quite impressive what we've been able to accomplish with Sephora. They are a great partner, and our teams have worked tirelessly over the past 3 years to position ourselves for this success. Based on our current trajectory, we now believe that we'll surpass our previously shared goal of $2 billion in sales by 2025.

退後一步，我們與絲芙蘭的成就令人印象深刻。他們是一位出色的合作夥伴，我們的團隊在過去 3 年裡不知疲倦地工作，為這項成功做好了準備。根據我們目前的發展軌跡，我們現在相信，到 2025 年，我們將超越先前共同 20 億美元的銷售目標。

I want to now transition to our efforts to meaningfully increase our sales in underpenetrated categories. We've talked a lot about our efforts across Home, Gifting and Impulse during 2023. In this year, we are partnering with Babies "R" Us to meaningfully expand our presence in the baby category, which is a compelling white space opportunity for Kohl's. Collectively, we see these underpenetrated categories has more than $2 billion sales opportunity over the next several years.

我現在想轉向我們的努力，以有意義地增加我們在滲透不足的類別中的銷售額。我們已經談論了很多關於2023 年我們在家居、禮品和衝動方面所做的努力。今年，我們與Babies“R”Us 合作，有意義地擴大我們在嬰兒類別中的業務，這對Kohl's 來說是一個引人注目的空白機會。總的來說，我們認為這些滲透不足的類別在未來幾年內將擁有超過 20 億美元的銷售機會。

Let me share some details on each of these distinct opportunities. I'm excited that Kohl's will expand our offering of baby gear and accessories through an exclusive license agreement with Babies "R" Us in the U.S. This partnership provides a significant growth opportunity in a large category that has been displaced in recent years and builds on our existing assortment while broadening our reach with younger customers.

讓我分享一下這些獨特機會的一些細節。我很高興 Kohl's 將通過與美國 Babies“R”Us 的獨家許可協議擴大我們的嬰兒用品和配件產品範圍。這種合作夥伴關係為近年來已被取代的大類別提供了重大增長機會，並建立在我們現有的產品系列，同時擴大了我們對年輕客戶的影響力。

To capitalize on the opportunity, we plan to open Babies "R" Us shops in approximately 200 Kohl's stores in fall of 2024. The shops will include baby gear, accessories and furniture, complementing our existing infant and toddler business. The shops will vary in size, with the majority being 1,500 square feet. In addition to stores, we will offer baby gear products digitally and launch a baby registry later this fall. I look forward to sharing more details on upcoming earnings calls.

為了利用這個機會，我們計劃在 2024 年秋季在大約 200 家 Kohl's 商店開設 Babies“R”Us 商店。這些商店將包括嬰兒用品、配件和家具，以補充我們現有的嬰幼兒業務。這些商店的面積各不相同，大部分面積為 1,500 平方英尺。除了商店之外，我們還將以數位方式提供嬰兒用品，並在今年秋天晚些時候推出嬰兒登記處。我期待在即將舉行的財報電話會議上分享更多細節。

Rebuilding our Home business also represents a meaningful opportunity. We have invested a great deal of time and energy rethinking our Home business strategy, leveraging our team's history of success in the category. In 2023, we focused on building our assortment across wall art, glassware and ceramics, botanicals, storage, lighting, seasonal decor and pet. As we move through the fall season, our in-store assortment began to reflect all of this work, and we are pleased that this has led to an increase in home sales in stores.

重建我們的家庭業務也代表著一個有意義的機會。我們投入了大量的時間和精力，利用我們團隊在該領域的成功歷史，重新思考我們的家居業務策略。 2023 年，我們專注於打造涵蓋牆壁藝術、玻璃器皿和陶瓷、植物、儲物、照明、季節性裝飾和寵物的產品系列。隨著秋季的到來，我們的店內商品分類開始反映出所有這些工作，我們很高興這導致了商店房屋銷售的增加。

In 2024, we expect Home sales to increase as more customers become aware of our expanded assortment. This month, we are launching a new marketing campaign to increase awareness of our new home collection for every room, every style and every budget. We will continue to invest in merchandising and marketing to support our efforts throughout the year.

到 2024 年，隨著更多客戶意識到我們擴大的產品種類，我們預計房屋銷售量將會增加。本月，我們將推出一項新的行銷活動，以提高人們對我們的新家居系列的每個房間、每種風格和每種預算的認識。我們將繼續投資於銷售和行銷，以支持我們全年的努力。

Now let me touch on Gifting and Impulse. In 2023, we made great strides in becoming a year-round gifting destination. One of the first moves I made after my return to Kohl's was repositioning Gifting to the front of the store and expanding the assortment we offered. This proved successful, with a strong performance across all key events, including holiday, where we achieved a nearly 90% sell-through.

現在讓我談談禮物和衝動。 2023 年，我們在成為全年送禮目的地方面取得了長足進步。回到 Kohl's 後，我採取的第一個舉措是將禮品重新定位到商店前面，並擴大我們提供的品種。事實證明，這項措施是成功的，在所有關鍵活動中都表現強勁，包括假期，我們的銷售率接近 90%。

We expect growth in gifting to continue in 2024 and beyond as we build further awareness and broaden the categories we offer. We will also invest in more receipts around key events given the strong sell-throughs we are experiencing.

隨著我們進一步提高認知度並拓寬我們提供的類別，我們預計禮品贈送業務將在 2024 年及以後繼續成長。鑑於我們正在經歷的強勁銷售，我們還將圍繞關鍵活動投資更多收入。

Rounding out our opportunity in underpenetrated categories is Impulse. In 2023, we expanded our assortment of Impulse items merchandised in the customer checkout line, which drove over 40% sales growth. We will further capitalize on this opportunity this year by rolling out queuing fixtures and expanded assortments to an additional 350 stores, bringing our total to 435 stores.

Impulse 是我們在滲透不足的類別中的最後一個機會。 2023 年，我們擴大了在顧客結帳線上銷售的 Impulse 商品種類，帶動銷售額成長了 40% 以上。今年，我們將進一步利用這一機會，推出排隊設備並將商品種類擴大到另外 350 家商店，使我們的商店總數達到 435 家。

So to summarize, The Baby, Home, Gifting and Impulse categories together represent a sales opportunity of more than $2 billion over the next several years. I look forward to updating you on our progress in future quarters.

總而言之，嬰兒、家居、禮品和衝動類別合計代表未來幾年超過 20 億美元的銷售機會。我期待向您通報我們未來幾季的最新進展。

I now want to detail some of the work we have underway to rebalance our assortments and to improve the performance of our apparel and footwear offerings. During 2023, we embedded new disciplines and enhanced our processes to ensure we are delivering more relevant product to our customers. This has included operating with greater flexibility and speed in managing inventory, expanding choice counts to serve more customers and introducing market brands to deliver more fashion. Our customers will begin to see the full impact of our efforts in the coming months.

現在，我想詳細介紹我們為重新平衡我們的產品種類並提高我們的服裝和鞋類產品的性能而正在進行的一些工作。 2023 年，我們融入了新的規則並增強了我們的流程，以確保我們為客戶提供更相關的產品。這包括以更大的靈活性和速度管理庫存、擴大選擇數量以服務更多客戶以及引入市場品牌以提供更多時尚。在接下來的幾個月裡，我們的客戶將開始看到我們努力的全面影響。

Let me share a few examples of strategies we have underway. In women's, we are rebalancing our inventories by category and will maintain a consistent focus on newness. This spring, we will build on our success in dresses by broadening our assortments and expanding dedicated in-store dress shops to 700 stores. We will also continue to amplify polished casual more broadly by leaning into Lauren Conrad and Simply Vera Vera Wang.

讓我分享一些我們正在實施的策略的例子。在女裝方面，我們正在按類別重新平衡我們的庫存，並將始終專注於新產品。今年春天，我們將透過擴大我們的品種並將專門的店內服裝店擴大到 700 家商店，以鞏固我們在服裝領域的成功。我們也將繼續向 Lauren Conrad 和 Simply Vera Vera Wang 靠攏，更廣泛地擴大精緻休閒風格。

And within our junior business, we will further scale our market brand strategy and introduce new brands such as Aeropostale and Madden Girl.

在我們的初級業務中，我們將進一步擴大我們的市場品牌策略，並引入 Aeropostale 和 Madden Girl 等新品牌。

In men's, we are diversifying our offering to serve more wearing occasions. This will include increased choices in polished casual, expanded use of market brands to deliver on the latest fashion trends and the introduction of new brands.

在男裝方面，我們正在使產品多樣化，以適應更多的穿著場合。這將包括增加精緻休閒裝的選擇、擴大市場品牌的使用以傳達最新的時尚趨勢以及引入新品牌。

In kids, we are strengthening our offering across preteen, little kids and baby through greater newness and new brands while focusing on simplified value. We are increasing the number of stores offering Little Co by Lauren Conrad, a brand that has seen significant positive growth in recent years, and we will benefit from our new partnership with Babies "R" Us, which will attract younger customers to Kohl's.

在兒童方面，我們透過更多的新穎性和新品牌來加強針對青春期前、幼兒和嬰兒的產品，同時專注於簡化的價值。我們正在增加出售Little Co by Lauren Conrad 的商店數量，該品牌近年來取得了顯著的積極增長，我們也將受益於與Babies “R” Us 的新合作夥伴關係，這將吸引年輕顧客來到Kohl's 。

In addition, across our broader apparel assortment, we'll offer several new brands in 2024, including Quiksilver, Roxy, Limited Too, (inaudible) and Aeropostale. And in footwear, we have a big opportunity to reestablish our positioning in dress and casual footwear. This year, 70% of our dress and casual assortment will be new or updated. We will also elevate our lifestyle assortment with new products from national brands such as Skechers slip-ins.

此外，在我們更廣泛的服裝品種中，我們將於 2024 年提供多個新品牌，包括 Quiksilver、Roxy、Limited Too（聽不清楚）和 Aeropostale。在鞋類領域，我們有很大的機會重新確立我們在正裝鞋和休閒鞋領域的定位。今年，我們 70% 的連身裙和休閒系列將是全新或更新的。我們也將透過 Skechers 拖鞋等國家品牌的新產品來提升我們的生活方式。

As you just heard, we have a lot of actions underway to enhance the customer experience to grow our business, and I'm highly optimistic that our future results will reflect this.

正如您剛才所聽到的，我們正在採取許多行動來增強客戶體驗以發展我們的業務，我非常樂觀地認為我們未來的業績將反映這一點。

Now let me discuss our second priority, which is accelerating and simplifying our value strategies. We've talked a lot about simplifying the value we deliver. Our goal is to ensure we are meeting our existing customers' expectations while also attracting new customers with prices that consistently show up competitively. We made a lot of progress in 2023 shifting towards more targeted offers and clearing goods more regularly. We also successfully tested high-volume pricing on 30% of our private brand offering throughout the back half of 2023. And based on this, we recently scaled high-volume pricing to the balance of our private brands.

現在讓我討論我們的第二個優先事項，即加速和簡化我們的價值策略。我們已經討論了很多關於簡化我們提供的價值的問題。我們的目標是確保滿足現有客戶的期望，同時以始終具有競爭力的價格吸引新客戶。 2023 年，我們取得了很大進展，轉向更具針對性的報價並更定期地清理貨物。我們也在 2023 年下半年成功測試了 30% 的自有品牌產品的大批量定價。基於此，我們最近將大批量定價擴展到自有品牌的其餘部分。

We are also strengthening our loyalty offering. In 2023, we introduced the co-brand credit card, adding to our existing suite of loyalty offerings, which includes Kohl's Cash, Kohl's Rewards and our Kohl's private-label card.

我們也加強了我們的忠誠度服務。 2023 年，我們推出了聯合品牌信用卡，增加了我們現有的忠誠度產品組合，其中包括 Kohl's Cash、Kohl's Rewards 和 Kohl's 自有品牌卡。

Our loyalty offerings are a tremendous asset for Kohl's, and our credit customers spend, on average, 6x more per year than nonloyalty customers. The introduction of our co-brand card expands our addressable market to reach a broader customer base that prefers greater payment flexibility. Co-brand cards have higher average balances and are more reliant on revolving interest fees as compared to private label cards, and they also generate additional revenue streams such as interchange fees. We see incremental credit revenue from the co-brand card growing to between $250 million to $300 million annually by 2025. We converted nearly 700,000 private label card holders to co-brand in mid-2023 and plan to convert another nearly 5 million customers to the co-brand card later this year, bringing it to more than 25% of our 20 million active cardholders. And in 2025, we will further grow our customer base through additional conversions and new customer acquisition. Our co-brand card is a key mitigation measure to offset late fee regulatory changes.

我們的忠誠度產品對 Kohl's 來說是一筆龐大的資產，我們的信用客戶每年的平均支出都是非忠誠度客戶的 6 倍。我們的聯名卡的推出擴大了我們的目標市場，以涵蓋更廣泛的、喜歡更大支付彈性的客戶群。與自有品牌卡相比，聯合品牌卡的平均餘額更高，更依賴循環利息費用，並且還產生額外的收入來源，例如交換費。我們預計到2025 年，聯合品牌卡的增量信貸收入每年將增長至2.5 億至3 億美元。我們將在2023 年中期將近70 萬自有品牌卡持卡人轉換為聯合品牌卡，併計劃將另外近500 萬客戶轉換為聯名品牌卡。今年稍後將推出聯名卡，使我們 2,000 萬活躍持卡人中超過 25% 可以使用該卡。到 2025 年，我們將透過額外的轉換和新客戶獲取進一步擴大我們的客戶群。我們的聯名卡是抵消滯納金監管變化的關鍵緩解措施。

As Jill will discuss in more detail, we will see the impact largely in 2024. In full year 2025, the ongoing headwind will be offset by the expected contribution build of the co-brand card and additional mitigation action.

正如吉爾將更詳細地討論的那樣，我們將在 2024 年看到影響。在 2025 年全年，持續的逆風將被聯合品牌卡的預期貢獻建設和額外的緩解行動所抵消。

I will now transition to our third priority, which is managing inventory and expenses with discipline. During Q4, we showed strong inventory and expense management. We reduced inventory by 10% compared to last year, ahead of our goal of planning inventory down mid-single digits percent. The new disciplines we implemented earlier this year, which allows us to operate with greater open-to-buy, continued to prove beneficial. Looking ahead to 2024, we are planning inventory down mid-single digits percent, with a focus on driving inventory turns.

我現在將轉向我們的第三個優先事項，即嚴格管理庫存和費用。第四季度，我們表現出了強勁的庫存和費用管理。與去年相比，我們的庫存減少了 10%，提前實現了將庫存減少中位數百分比的目標。我們今年稍早實施的新規則使我們能夠以更大的開放性購買方式進行運營，事實證明，這些新規則繼續是有益的。展望 2024 年，我們計劃將庫存下降中個位數百分比，重點是推動庫存週轉。

And from an expense perspective, we reduced Q4 SG&A 4%, which was slightly better than our expectation. Looking ahead, we will continue to manage expenses tightly with greater marketing efficiency and automation while increasing productivity in stores and distribution centers.

從費用角度來看，我們將第四季的 SG&A 降低了 4%，略好於我們的預期。展望未來，我們將繼續透過提高行銷效率和自動化來嚴格管理費用，同時提高商店和配送中心的生產力。

And lastly, our fourth priority is strengthening our balance sheet. We remain committed to returning our balance sheet to its historical strength. During Q4, we generated significant cash flow, enabling us to significantly reduce our debt levels. Our revolver borrowings were $92 million at year-end, down from $625 million at the end of the third quarter, and we retired $111 million of bonds. In 2024, our focus would be to pay down the remaining revolver balance, rebuild our cash position and capitalize on additional opportunities to reduce debt and further lower our overall leverage. We will also remain committed to returning capital to shareholders through our dividend. Jill will discuss our overall capital allocation priorities in a moment.

最後，我們的第四個優先事項是加強我們的資產負債表。我們仍然致力於使我們的資產負債表恢復到歷史水平。第四季度，我們產生了大量現金流，使我們能夠大幅降低債務水準。截至年底，我們的循環借款為 9,200 萬美元，低於第三季末的 6.25 億美元，我們也償還了 1.11 億美元的債券。 2024 年，我們的重點將是償還剩餘的循環餘額，重建我們的現金頭寸，並利用更多機會減少債務並進一步降低我們的整體槓桿率。我們也將繼續致力於透過股利向股東返還資本。吉爾稍後將討論我們的整體資本配置優先事項。

To summarize my comments today, I want to leave you with 3 things: first, as you heard today, we made great progress in repositioning Kohl's during 2023. Our efforts enhance the store experience and increase the relevance of our assortment. We also embedded new disciplines and processes across our enterprise, allowing us to effectively manage inventories. Collectively, these actions have positioned the company for improved sales in 2024 and beyond.

總結我今天的評論，我想留給您三件事：首先，正如您今天所聽到的，我們在2023 年重新定位Kohl's 方面取得了巨大進展。我們的努力增強了商店體驗並增加了我們品種的相關性。我們還在整個企業中嵌入了新的規則和流程，使我們能夠有效地管理庫存。總的來說，這些行動使公司能夠在 2024 年及以後提高銷售額。

Second, we have our sights set on growth and have several compelling initiatives in place to deliver incremental sales in the coming years through Sephora, Home, Baby Gear, Gifting and Impulse. We will also improve the performance of our apparel and footwear assortments through greater product relevance and more simplified pricing.

其次，我們著眼於成長，並制定了幾項引人注目的舉措，以在未來幾年透過絲芙蘭、家居、嬰兒用品、禮品和衝動實現增量銷售。我們還將透過提高產品相關性和簡化定價來提高服裝和鞋類產品的性能。

And third, we are committed to driving profitability and strengthening our balance sheet through strong cash flow. In 2024, we expect to drive further gross margin expansion, and we will tightly manage expenses, resulting in another solid year of cash flow generation, which will provide us opportunities to further reduce our debt and overall leverage.

第三，我們致力於透過強勁的現金流來提高獲利能力並加強我們的資產負債表。 2024年，我們預計毛利率將進一步擴大，我們將嚴格管理費用，從而迎來另一個現金流強勁的一年，這將為我們提供進一步降低債務和整體槓桿率的機會。

I want to thank all of the Kohl's associates across the organization for their efforts to reposition our business. I am incredibly proud of what we've accomplished in 2023, and I look forward to seeing more of our efforts come to fruition in 2024 and beyond. I hope those listening today will get a chance to visit our stores to see all of the great work that is taking place.

我要感謝 Kohl's 整個組織中的所有員工為重新定位我們的業務所做的努力。我對我們在 2023 年所取得的成就感到無比自豪，我期待看到我們更多的努力在 2024 年及以後取得成果。我希望今天的聽眾有機會參觀我們的商店，了解正在進行的所有出色工作。

I will now turn over the call to Jill to discuss our fourth quarter and full year 2023 results and outlook for 2024.

我現在將電話轉給吉爾，討論我們的 2023 年第四季和全年業績以及 2024 年展望。

Thank you, Tom, and good morning, everyone. As you just heard, 2023 was an important year where we made progress in our efforts to reposition the business for future sales and earnings growth. We are excited to see our actions build further momentum in 2024 and beyond. I will now provide additional details on our fourth quarter and full year 2023 results and then discuss our guidance outlook for 2024.

謝謝你，湯姆，大家早安。正如您剛剛聽說的，2023 年是重要的一年，我們在重新定位業務以實現未來銷售和盈利增長的努力中取得了進展。我們很高興看到我們的行動在 2024 年及以後形成進一步的動力。我現在將提供有關 2023 年第四季度和全年業績的更多詳細信息，然後討論我們對 2024 年的指導展望。

Net sales declined 1.1% in Q4 and 3.4% for the year. Comparable sales, which exclude $164 million of sales from the 53rd week, declined 4.3% in Q4 and 4.7% for the year. Store comparable sales were down 1% in Q4, were flat on the year, which, as Tom shared, was our best performance since 2010. In the quarter, store sales were driven by strong performance from Sephora at Kohl's and growth in the Home category. Digital sales, excluding the 53rd week, declined 10% in Q4 and 15% for the full year. From a penetration perspective, digital accounted for 35% of Q4 net sales and 29% of full year net sales. In the quarter, digital sales trends improved as the quarter progressed, with December and January down mid-single digits percent to last year, which gives us confidence as we look to 2024.

第四季淨銷售額下降 1.1%，全年淨銷售額下降 3.4%。可比銷售額（不包括第 53 週的 1.64 億美元銷售額）第四季下降 4.3%，全年下降 4.7%。第四季門市可比銷售額下降 1%，與去年同期持平，正如 Tom 所說，這是我們自 2010 年以來的最佳業績。本季度，門市銷售受到 Kohl's 絲芙蘭的強勁表現以及家居類別的成長推動。數位銷售額（不包括第 53 週）第四季下降 10%，全年下降 15%。從滲透率來看，數位產品佔第四季淨銷售額的 35%，佔全年淨銷售額的 29%。本季度，數位銷售趨勢隨著季度的進展而有所改善，12 月和 1 月較去年下降了個位數百分比，這讓我們對 2024 年充滿信心。

Other revenue, which is primarily our credit business, grew 1% in Q4, in line with our expectations as we began to benefit from our recently launched co-brand card, offset partially by higher loss rates. For the full year, other revenue declined 5%.

其他收入（主要是我們的信貸業務）在第四季度增長了 1%，符合我們的預期，因為我們開始受益於我們最近推出的聯名卡，但部分被較高的損失率所抵消。全年其他收入下降 5%。

Moving down to P&L. Gross margin in Q4 was 32.4%, an increase of 937 basis points. The year-over-year increase was driven primarily by reduced clearance markdowns as we lapped last year's significant actions to clear inventory. Gross margin also benefited from lower freight expense and digital-related cost of shipping. For the full fiscal year 2023, gross margin increased 347 basis points to 36.7%.

向下移動到損益表。第四季毛利率為32.4%，成長937個基點。年比成長主要是由於我們去年採取了重大清理庫存行動，導致清倉降價減少。毛利率也受益於運費和數位相關運輸成本的降低。 2023 財年毛利率成長 347 個基點至 36.7%。

SG&A expenses in Q4 decreased 4% to $1.6 billion, leveraging approximately 82 basis points versus last year. The decrease to last year was driven primarily by lower marketing and distribution costs. For the full year, SG&A decreased 1.3%.

第四季的 SG&A 費用下降 4% 至 16 億美元，比去年同期下降約 82 個基點。與去年相比下降的主要原因是行銷和分銷成本下降。全年銷售、管理及行政費用 (SG&A) 下降 1.3%。

Depreciation expense in Q4 was $187 million and was $749 million for the full year. As compared to last year, depreciation expense declined $13 million and $59 million, respectively, driven by reduced technology capital spend.

第四季折舊費用為 1.87 億美元，全年折舊費用為 7.49 億美元。與去年相比，由於技術資本支出減少，折舊費用分別下降了 1,300 萬美元和 5,900 萬美元。

Interest expense in Q4 was $82 million and was $344 million for the full year. Relative to last year, interest expense increased $4 million in Q4 and $40 million for the year due to increased revolver borrowings throughout the year. Our tax rate was 14% in Q4 and was 15% for the full fiscal year.

第四季的利息支出為 8,200 萬美元，全年利息支出為 3.44 億美元。與去年相比，由於全年循環借款增加，第四季利息支出增加了 400 萬美元，全年利息支出增加了 4,000 萬美元。我們第四季的稅率為 14%，整個財政年度的稅率為 15%。

Net income for the quarter was $186 million, and earnings per diluted share was $1.67. For the year, net income was $317 million, and earnings per diluted share was $2.85. The 53rd week added approximately $0.09 of diluted earnings per share to the full year.

本季淨利為 1.86 億美元，攤薄後每股收益為 1.67 美元。全年淨利潤為 3.17 億美元，稀釋後每股收益為 2.85 美元。第 53 週全年稀釋每股收益增加約 0.09 美元。

Now moving on to the balance sheet and cash flow. We ended the year with $183 million of cash and cash equivalents. Inventory was down 10% compared to last year. We continued to benefit from our new disciplines, where we operate with greater flexibility, allowing us to manage inventory effectively in the quarter.

現在轉向資產負債表和現金流量。年底，我們擁有 1.83 億美元的現金和現金等價物。與去年相比，庫存下降了 10%。我們繼續受益於我們的新規則，我們的營運更加靈活，使我們能夠在本季度有效管理庫存。

Operating cash flow was $789 million in Q4 and $1.2 billion for the full year. Adjusted free cash flow was $684 million in Q4 and, for the year, was $519 million.

第四季營運現金流為 7.89 億美元，全年營運現金流為 12 億美元。第四季調整後自由現金流為 6.84 億美元，全年為 5.19 億美元。

Capital expenditures for the quarter were $82 million and $577 million for the year. Looking ahead to 2024, we expect CapEx spend to be approximately $500 million, below 2023 due to fewer Sephora at Kohl's openings. CapEx in 2024 will include investments to expand impulse queuing fixtures to 350 additional stores, opening approximately 140 Sephora small-format shops, the launch of the Babies "R" Us partnership and the opening of 6 new stores, inclusive of 1 relocation.

本季資本支出為 8,200 萬美元，全年資本支出為 5.77 億美元。展望 2024 年，我們預計資本支出約為 5 億美元，低於 2023 年，因為 Kohl’s 開設的絲芙蘭數量減少。 2024 年的資本支出將包括投資將脈衝排隊裝置擴大到另外 350 家商店、開設約 140 家絲芙蘭小型商店、推出 Babies「R」Us 合作夥伴關係以及開設 6 家新店（其中包括 1 家搬遷店）。

Now let me provide an update on our capital allocation priorities. We remain committed to strengthening our balance sheet and returning capital to shareholders. During the fourth quarter, we retired $111 million of bonds and, for the year, retired $275 million. We ended the year with $92 million on our revolver, down significantly from the $625 million at the end of the third quarter and similar to last year's level. In 2024, our focus will be rebuilding our cash balance, moving off the revolver and capitalizing on opportunities to further reduce our debt and overall leverage.

現在讓我介紹一下我們的資本配置優先事項的最新情況。我們仍然致力於加強我們的資產負債表並向股東返還資本。第四季度，我們註銷了 1.11 億美元的債券，全年註銷了 2.75 億美元。年底，我們的左輪手槍銷售額為 9,200 萬美元，顯著低於第三季末的 6.25 億美元，與去年的水準相似。 2024 年，我們的重點將是重建現金平衡，擺脫左輪手槍，並利用機會進一步減少債務和整體槓桿率。

As for shareholder returns, we remain committed to our dividend at its quarterly level of $0.50 or $2 per share on an annual basis. For the year, we paid $220 million of dividends to our shareholders. On February 28, as previously disclosed, the Board declared a quarterly cash dividend of $0.50 per share, payable to shareholders on April 3.

至於股東回報，我們仍然致力於季度股息 0.50 美元或每年每股 2 美元。今年，我們向股東支付了 2.2 億美元的股息。如同先前所揭露的，董事會於 2 月 28 日宣布派發每股 0.50 美元的季度現金股息，並於 4 月 3 日向股東支付。

Now let me provide details on our outlook for 2024. As you've heard this morning, we made a lot of progress in repositioning Kohl's for future growth and have several important initiatives that will build this momentum in 2024. We continue to approach our guidance outlook prudently, recognizing the macroeconomic environment remains uncertain.

現在讓我詳細介紹一下我們對2024 年的展望。正如您今天早上所聽到的，我們在重新定位Kohl's 的未來增長方面取得了很大進展，並製定了幾項重要舉措，將在2024 年增強這一勢頭。我們將繼續接近我們的指導宏觀經濟環境仍存在不確定性，並審慎展望。

For the full year, we currently expect net sales to be in the range of 1% decrease to a 1% increase versus 2023, comparable sales to be in the range of flat to a 2% increase, operating margins to be in the range of 3.6% to 4.1% and EPS to be in the range of $2.10 to $2.70 per diluted share, excluding any nonrecurring charges. As Tom mentioned, our guidance includes the potential impact from the recent CFPB late fee ruling in the second half of the year. We have worked very closely with Cap One, our credit partner, and have various initiatives in place to mitigate the effects of this ruling, including the scaling of our co-brand credit card. We believe co-brand has an incremental $250 million to $300 million in annual credit revenue and will be a key driver to offset the impact of this ruling in full year 2025.

就全年而言，我們目前預計淨銷售額將較 2023 年下降 1% 至增長 1%，可比銷售額將持平至增長 2%，營業利潤率將在3.6％至4.1％，每股攤薄後每股收益在2.10美元至2.70美元之間，不包括任何非經常性費用。正如 Tom 所提到的，我們的指導包括近期 CFPB 下半年滯納金裁決的潛在影響。我們與我們的信貸合作夥伴 Cap One 密切合作，並採取了各種措施來減輕這項裁決的影響，包括擴大我們的聯名信用卡規模。我們認為，聯合品牌的年度信貸收入將增加 2.5 億至 3 億美元，並將成為抵銷該裁決在 2025 年全年影響的關鍵驅動力。

Now let me share some additional guidance details. We expect other revenue to be down mid-teens percent for the full fiscal year 2024, with a mid-single-digit decline in the first half of the year driven by higher anticipated loss rates, partially offset by co-brand growth. Gross margin to expand 40 to 50 basis points for the full year, driven by inventory management, lower freight expense and continued benefits from the simplification of our value strategies. SG&A dollars to be flat to slightly down with wage inflation, offset by labor productivity improvements and marketing efficiency and lapping the 53rd week. Depreciation and amortization of $765 million, interest expense of $320 million and a tax rate of 23%.

現在讓我分享一些額外的指導細節。我們預計 2024 年整個財年的其他收入將下降百分之十左右，其中上半年因預期損失率上升而出現中個位數下降，但部分被聯合品牌成長所抵消。受庫存管理、運費降低以及價值策略簡化帶來的持續收益的推動，全年毛利率將擴大 40 至 50 個基點。隨著薪資上漲，SG&A 美元將持平或略有下降，但勞動生產力的提高和行銷效率的提高抵消了這一影響，這已經是第 53 週了。折舊和攤銷為 7.65 億美元，利息支出為 3.2 億美元，稅率為 23%。

As it relates to Q1, we expect comparable sales to be at the lower end of our annual guidance as we lap last year's clearance activity and as our initiatives build throughout the year.

由於與第一季相關，我們預計可比銷售額將處於我們年度指引的下限，因為我們完成了去年的清倉活動，並且我們的舉措在全年中不斷推進。

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

至此，湯姆和我很高興此時回答你們的問題。

(Operator Instructions) We'll take our first question from Bob Drbul at Guggenheim.

（操作員說明）我們將回答古根漢的鮑勃‧德布爾 (Bob Drbul) 提出的第一個問題。

I guess two questions that I have for you, Tom. I think the first one really is, for the full year, can you just talk more around the confidence that you have in achieving positive comp store sales growth this year?

我想我有兩個問題想問你，湯姆。我認為第一個確實是，對於全年而言，您能否更多地談談您對今年實現正比商店銷售增長的信心？

And then the second one, I think, for Jill, is on the CFPB ruling, can you just expand a bit more around your assumptions like the sort of magnitude of the second half headwind, any of the mitigations that you could implement in the second half of the year? I know you talked about that $250 million opportunity, but just a bit more granularity on the credit piece would be pretty helpful to us.

然後，我認為，對於吉爾來說，第二個問題是關於CFPB 的裁決，您能否圍繞您的假設進行更多擴展，例如下半年逆風的大小，以及您可以在第二個季度實施的任何緩解措施半年？我知道您談到了 2.5 億美元的機會，但只要信用部分的粒度更細一些，就會對我們非常有幫助。

Thanks, Bob. As far as growth goes, we're -- we feel very confident about being able to hit our guidance of 0% to plus 2%. 2023 was really a setup year for all the initiatives that we think we'll be able to really take advantage of in 2024. The Sephora thing, you've heard us talk about it a lot. I mean we just feel really, really good about it. And we have -- we already have it in 910 stores. We're going to add another 140 small formats. We're already stating that we're going to beat our goal in 2025. So that's going to keep on giving us some plus sales.

謝謝，鮑伯。就成長而言，我們非常有信心達到 0% 至 2% 的成長目標。 2023 年確實是我們認為能夠在 2024 年真正利用的所有舉措的準備年。絲芙蘭的事情，您已經聽我們談論過很多次了。我的意思是我們對此感覺非常非常好。我們已經在 910 家商店出售了。我們將新增另外 140 個小格式。我們已經表示，我們將在 2025 年實現我們的目標。因此，這將繼續為我們帶來一些額外的銷售。

And then one thing I'm really excited about is what we're doing in our home business. We're investing in a lot of categories candidly that we weren't really in, I mean, in terms of home decor, wall art, lighting, pet. And if you go into our stores now, you'll see the elevated inventory levels in those categories now. I'm really happy with what our team has done so far in order to obviously improve that presentation.

我真正興奮的一件事是我們在家庭業務中所做的事情。坦白說，我們正在投資很多我們不真正涉足的領域，我的意思是，在家居裝飾、牆壁藝術、照明、寵物方面。如果您現在進入我們的商店，您會看到這些類別的庫存水準現在有所上升。我對我們的團隊迄今為止為明顯改進簡報所做的工作感到非常滿意。

Gifting, we've done very, very well since moving gifting to the front of the store. We did well in Valentine's Day. We did really well in holiday, as I mentioned before. But we want to be known for gifting headquarters, and we're doing a good job of getting there overall.

送禮，自從將送禮轉移到商店前面以來，我們做得非常非常好。我們在情人節過得很好。正如我之前提到的，我們在假期中表現得非常好。但我們希望以向總部贈送禮物而聞名，而且我們在整體上在實現這一目標方面做得很好。

Impulse, it's another big category for us. We're adding queuing lines to 350 stores to bring it to 435 totally. I think we're a little bit behind the 8 ball in terms of really building out the Impulse business. Obviously, a lot of people are doing it, and we expect significant growth out of that category overall.

衝動，對我們來說是另一個大類別。我們將在 350 家商店中增加排隊隊伍，使總數達到 435 家。我認為在真正發展 Impulse 業務方面，我們有點落後於 8 號球。顯然，很多人都在這樣做，我們預計該類別的整體成長將會顯著。

Today, we announced that we have a partnership with Babies "R" Us. It's just part of our overall campaign to get younger customers into our stores. Sephora has done a phenomenal job helping us with that. The Babies "R" Us, it's just part of that. We really feel that it will help bring in a younger consumer. And it's a category candidly that is really wanted and needed by the customers based on all the different things that have been happening over time. So we're happy to be able to supply that product to our customers overall.

今天，我們宣布與 Babies“R”Us 建立合作夥伴關係。這只是我們吸引年輕顧客進入我們商店的整體活動的一部分。絲芙蘭在這方面為我們提供了出色的幫助。嬰兒「反」我們，這只是其中的一部分。我們確實認為這將有助於吸引年輕消費者。坦白說，這是一個客戶真正想要和需要的類別，基於隨著時間的推移發生的所有不同的事情。因此，我們很高興能夠向我們的整體客戶提供該產品。

Our private brands, we've really elevated it from a high-volume pricing perspective overall. It's in all of our private brands, so that's also giving us growth. We tested it, and it did extremely well. We see that continuing. And then in our apparel and footwear areas, we're adding 700 dress shops in women's. We're also working hard on bringing in more market brands in juniors. It's another part of our initiative to bring in the younger consumers. We really feel that the junior business, and it's already doing well, is going to continue to help us satisfy the younger customer, but also the Sephora customers, which we're working on. Overall, men's, we've done very well in polished casual, suitings, dress shirts, et cetera. We see that continuing for a long time. And then kids, same deal in terms of a lot more polished casual, more dress-up product, girl's dresses, et cetera.

我們的自有品牌，從大批量定價的角度來看，我們確實提升了它的整體水平。它存在於我們所有的自有品牌中，所以這也為我們帶來了成長。我們對其進行了測試，效果非常好。我們看到這種情況仍在繼續。然後在我們的服裝和鞋類領域，我們將增加 700 家女裝店。我們也努力在青少年中引入更多市場品牌。這是我們吸引年輕消費者的舉措的另一部分。我們確實認為，初級業務已經表現良好，將繼續幫助我們滿足年輕顧客的需求，同時也滿足我們正在努力的絲芙蘭顧客的需求。整體而言，我們在男士休閒裝、西裝、正裝襯衫等方面做得非常好。我們看到這種情況將持續很長一段時間。然後是孩子們，同樣的交易包括更精緻的休閒裝、更多的正裝產品、女孩洋裝等。

But also, there will be a benefit from the BRU partnership overall. We're working hard on our footwear business. Over time, we've really reduced our product offering in dress and casual, so we're primarily athletic, so we're fixing all of that.

而且，整體而言，BRU 合作夥伴關係也會帶來好處。我們正在努力發展我們的鞋類業務。隨著時間的推移，我們確實減少了正裝和休閒裝的產品供應，所以我們主要是運動型的，所以我們正在解決所有這些問題。

And then the accessory business, we just have a big opportunity there in jewelry, handbags and accessories.

然後是配件業務，我們在珠寶、手袋和配件方面有很大的機會。

So with all that said, it's hard not to feel very confident about our growth in 2024. We have a lot of things that are working and a lot of things that we want to continue to go after aggressively.

綜上所述，我們很難不對 2024 年的成長充滿信心。我們有很多事情正在發揮作用，也有很多事情我們希望繼續積極追求。

And then, Bob, in terms of the credit and the CFPB, obviously, you know credit has been a really important part of our loyalty program that credit customers are incredibly important to us, not just from the credit revenue side, but they shop with us the most, they give us the most share of their wallet. And we have been testing the co-brand card to really be an extension of that loyalty. It actually allows us to reach a broader customer and one that prefers more payment flexibility.

然後，鮑勃，就信貸和CFPB 而言，顯然，您知道信貸一直是我們忠誠度計劃中非常重要的一部分，信貸客戶對我們來說非常重要，不僅從信貸收入方面來看，而且他們在購物時也使用我們最多，他們給了我們最多的錢包份額。我們一直在測試聯名卡是否真正成為這種忠誠度的延伸。它實際上使我們能夠接觸到更廣泛的客戶，並且更喜歡付款靈活性。

So with that launching we did that last year, we tested it with about 700,000 people. And so as we assume the CFPB legislation goes into the back half of the year, in conjunction with that, we're also rolling out the co-brand card to another 5 million customers, which helps us then offset some of those headwinds. Obviously, it's a build, so as we gave the guidance with other revenue being down mid-teens for the year and only down mid-single digits in the front half of the year, the bulk of that headwind comes in the back half.

因此，我們去年就推出了這項服務，並與大約 70 萬人進行了測試。因此，當我們假設 CFPB 立法將在今年下半年實施時，我們還將向另外 500 萬名客戶推出聯名卡，這有助於我們抵消一些不利因素。顯然，這是一個構建，因此，當我們給出的指導意見是，今年其他收入下降了十幾歲左右，上半年僅下降了個位數左右，大部分阻力來自下半年。

But then as we indicated, those balances will build. Obviously, on a co-brand card, it's a much larger line of credit available to them, and it gives us other revenues like interchange fees to offset. So by the end of 2025, that's where that incremental $250 million to $300 million will come in to fully offset any headwinds that we see from this legislative changes.

但正如我們所指出的，這些平衡將會建立。顯然，在聯名卡上，他們可以獲得更大的信用額度，並且它為我們提供了其他收入，例如可以抵消的交換費用。因此，到 2025 年底，新增的 2.5 億至 3 億美元將完全抵銷我們從立法變化中看到的任何阻力。

We'll move next to Mark Altschwager at Baird.

我們將接替貝爾德 (Baird) 的馬克·阿爾特施瓦格 (Mark Altschwager)。

You quantified the $2 billion incremental sales opportunity in underpenetrated categories. How are you thinking about the pace and the build to $2 billion? And just any thoughts on sales displacement as you make room for some of these newer categories.

您量化了滲透率不足的類別中 20 億美元的增量銷售機會。您如何看待 20 億美元的步伐和建設？當你為這些新類別騰出空間時，還有任何關於銷售替代方案的想法。

I don't -- we don't see a lot of displacement of product. We continually are reducing our inventories. We're down 10% at the year-end, so that makes way for a lot of more categories, a lot more choices that we can give the customers.

我不認為——我們沒有看到太多的產品替代。我們不斷減少庫存。年底我們的銷售額下降了 10%，這樣我們就可以為客戶提供更多的品類、更多的選擇。

We're looking at the $2 billion over several years. So we'll have incremental growth in those categories really starting now. And Babies "R" Us will obviously add in the fall season, but it's just spread over several years.

我們正在考慮未來幾年的 20 億美元。因此，我們將從現在開始在這些類別中實現增量成長。 Babies“R”Us 顯然會在秋季增加，但它只是分散在幾年內。

Yes, I would just add, Mark, you know we've talked a lot about having excess space in our stores, and we've tried different partnerships and different arrangements over time to how we can capitalize on that space. So I think partnerships like bringing BRU allows us to really just drive more productivity, as Tom had mentioned, was one of our key goals to do this year. And then obviously, a lot of the market brands and the changes is really just on turn, choice count and leveraging our inventory better than we have in the past. And I think you've seen that throughout the year that we're really committed to that inventory management being down 10% and, as we mentioned on the call, being down again, mid-single digits in 2024.

是的，我想補充一點，馬克，你知道我們已經談論了很多關於商店中多餘空間的問題，並且隨著時間的推移，我們嘗試了不同的合作夥伴關係和不同的安排，以了解如何利用這些空間。因此，我認為像 Tom 提到的那樣，引入 BRU 等合作夥伴關係可以讓我們真正提高生產力，這是我們今年要做的主要目標之一。顯然，許多市場品牌和變化確實正在發生，選擇計數和利用我們的庫存比過去更好。我認為您已經看到，全年我們確實致力於將庫存管理下降 10%，正如我們在電話會議中提到的，到 2024 年將再次下降，達到中位數。

And just a follow-up on the comp guide. First, just anything you're willing to share on the quarter-to-date trend relative to how you spoke to the Q1 comp? And what are your expectations for Sephora comps for the year?

這只是比較指南的後續內容。首先，您願意分享與第一季業績相關的季度至今趨勢嗎？您對絲芙蘭今年的業績有何期望？

I think in Q1, you have to remember, February is when we lap our large clearance event. So we would tell you, that's why we expect it to be at the lower end and then obviously, the build of everything that we spoke about. But what we feel really good about is the positive momentum we're seeing in our reg price business. We saw that as we exited the year, we continue to see that positive momentum into February and March, which shows us that our customers are really reacting to the newness that we're putting on the floor. And it's really resonating with them. And so that's been a key indicator that things are working. Tom also mentioned, we saw our Valentine's Day business do incredibly well. So as we really lean into that gifting, we move it to the front of the store. It's resonating with the customer. .

我認為在第一季度，你必須記住，二月是我們完成大型清倉活動的時候。所以我們會告訴你，這就是為什麼我們期望它處於較低端，然後顯然，我們談到的一切的構建。但我們真正感到滿意的是我們在監管價格業務中看到的積極勢頭。我們看到，隨著今年的結束，我們在二月和三月繼續看到這種積極的勢頭，這表明我們的客戶對我們推出的新產品確實做出了反應。這確實引起了他們的共鳴。因此，這是一切正常運作的關鍵指標。湯姆也提到，我們看到我們的情人節業務做得非常好。因此，當我們真正傾向於贈送禮物時，我們會將其移至商店前面。它引起了客戶的共鳴。 。

Another thing to point out and we talk about Sephora, we actually continue to see really great strength in Sephora. So our comps continue to be up. We're seeing that be a great traffic driver of new customer. We talk about that affinity, and the affinity across the store happens to overlap a lot with these new initiatives. The basket build is an impulse. It's in kids, which now we're complementing with Babies "R" Us. It's in the juniors business, with us bringing in those market brands are really going to resonate.

另一件需要指出的事情是，當我們談論絲芙蘭時，我們實際上繼續看到絲芙蘭的巨大實力。所以我們的比較繼續上升。我們發現這是新客戶的重要流量驅動力。我們談論這種親和力，而整個商店的親和力恰好與這些新舉措有很多重疊。籃子的建構是一種衝動。它針對兒童，現在我們透過 Babies“R”Us 來補充這一點。在青少年市場，我們引進這些市場品牌確實會引起共鳴。

So we definitely think there's a big opportunity, not just that the comps will continue within the Sephora shop but really that halo effect in the rest of the box with a lot of the initiatives that we're enhancing this year.

因此，我們絕對認為這是一個巨大的機會，不僅是絲芙蘭商店內的競爭將繼續下去，而且我們今年正在加強的許多舉措也確實在盒子的其餘部分產生了光環效應。

Yes. And Sephora, another thing that will help the growth is we're adding about 7 or 8 new brands to the assortments overall. So obviously, newness is very important. But we're seeing from some of the brands that we've had since opening Sol de Janeiro is really strong. It's one of our top brands, actually in the company. The Sephora collection is doing extremely well and Rare Beauty. Those 3 brands are doing really, really well. So between the newness and the receptivity to the existing brands, we really feel that Sephora can keep on working well.

是的。對絲芙蘭來說，另一件有助於成長的事情是我們在整體品類中增加了大約 7 或 8 個新品牌。顯然，新穎性非常重要。但我們從 Sol de Janeiro 開業以來所擁有的一些品牌中看到，它們確實非常強大。實際上，它是我們公司的頂級品牌之一。絲芙蘭系列做得非常好，而且是稀有之美。這三個品牌做得非常非常好。因此，在新穎性和對現有品牌的接受度之間，我們確實認為絲芙蘭可以繼續良好地運作。

We'll take our next question from Oliver Chen at TD Cowen.

我們將回答 TD Cowen 的 Oliver Chen 提出的下一個問題。

Tom and Jill, there's a lot of great initiatives, and a lot of it seems incremental. So which part of the portfolio is more of a drag or negative? Is it juniors? And Sephora clearly gets young customers. What kind of clothing do they want? And how are you executing to become more trend-relevant?

湯姆和吉爾，有很多偉大的舉措，其中許多似乎是漸進的。那麼投資組合的哪一部分更具拖累或負面影響呢？是小學生嗎？絲芙蘭顯然吸引了年輕顧客。他們想要什麼樣的衣服？您如何執行以變得更加緊跟趨勢？

And Jill, as we look at the model throughout the year, the gross margin compare gets tougher, given great execution there. I would love thoughts on the complexion of that as well as thinking we should expect a better second half on the comp side given your Q1 guidance.

吉爾，當我們全年審視該模型時，考慮到那裡的出色執行力，毛利率比較變得更加困難。我很想對這一情況進行思考，並認為考慮到您第一季的指導，我們應該期待下半場比賽有更好的表現。

And finally, you've been doing a good job cleaning up the online business or thinking about it for the long term. Should we still expect that to be negative and stores to be slight positive? Would love thoughts there as well.

最後，您在清理線上業務方面做得很好，或者從長遠角度考慮了這一點。我們是否仍應預期該數字為負數，而商店則略為正數？也喜歡那裡的想法。

Okay. I'll take a portion of it, and then I'll let Jill weigh in.

好的。我會拿一部分，然後讓吉爾稱一下。

First of all, online will perform comparable to the brick-and-mortar business. We did clean up a lot, as you said, and we expect it to return to growth in 2024.

首先，線上業務的表現將與實體業務相當。正如您所說，我們確實進行了很多清理工作，我們預計 2024 年將恢復成長。

As far as attracting the Sephora customer, juniors is really, really key. And we're already doing very well. We're going into the marketplace, and we're buying product. And so we can react to trends. The Sephora customer really is trend-driven, and our junior business is going to give us that opportunity. But we were buying a lot of goods in juniors through our proprietary brands. And we'd buy it 12, 14 months out. And by the time we delivered it, it would be dead on arrival just because the customer reacts quickly to trends overall. So using the marketplace to get the product is really going to help us satisfy the needs of the Sephora customer. We feel very confident about that.

就吸引絲芙蘭顧客而言，初級顧客確實非常關鍵。我們已經做得很好了。我們要進入市場，購買產品。這樣我們就可以對趨勢做出反應。絲芙蘭客戶確實是潮流驅動型的，我們的初級業務將為我們提供這個機會。但我們透過我們的自有品牌購買了很多青少年商品。我們會在 12、14 個月後購買。當我們交付它時，它可能已經死了，因為客戶對整體趨勢反應很快。因此，利用市場來獲取產品確實可以幫助我們滿足絲芙蘭客戶的需求。我們對此非常有信心。

And I think a good proof point for that was that we did see a trend change in our juniors business. It improved by over 500 points in Q4. So as a lot of these initiatives started landing with that product, it really resonated with the customer. And like I mentioned earlier, it was one of the top things in their basket from a Sephora customer halo effect. So definitely -- you can build on that.

我認為一個很好的證據就是我們確實看到了青少年業務的趨勢變化。第四季提高了 500 多點。因此，當許多此類舉措開始與該產品一起落地時，它確實引起了客戶的共鳴。正如我之前提到的，這是絲芙蘭顧客光環效應中他們購物籃中最重要的東西之一。所以絕對可以——你可以在此基礎上繼續發展。

From a modeling perspective, what I would say is we expect margin to actually be up 40% to 50% relatively comp across the quarter. So I think there's some benefit early on from (inaudible) that may ease, but then we have some other back half. So I would expect that to be pretty comp across the year.

從建模的角度來看，我想說的是，我們預計整個季度的利潤率實際上將相對同期成長 40% 至 50%。所以我認為早期（聽不清楚）可能會緩解一些好處，但隨後我們還有其他後半部。所以我預計全年的情況會相當不錯。

You're right with the comp build. So as we mentioned, Q1, we expect to be at the low end of the range, one, because we lapped such a big clearance impact last year in February, but also because a lot of the initiatives that Tom's outlined are going to build. We're launching and building out our impulse lines as we speak, but that's happening end of the quarter, into Q2 and Q3. Babies "R" Us is going to launch in the back half of the year.

你對比較建構是正確的。正如我們所提到的，第一季度，我們預計將處於該範圍的低端，一是因為我們在去年 2 月份經歷瞭如此大的清理影響，但也因為湯姆概述的許多舉措將要實施。正如我們所說，我們正在啟動和建立我們的脈衝線，但這將發生在本季末，即第二季和第三季。 《Babies“R”Us》將於今年下半年推出。

So a lot of these initiatives will build as the year goes on. And quite honestly, it just takes time for the customer to identify and realize we have that newness to drive them back in from that perspective.

因此，隨著時間的推移，許多此類措施將會逐步實施。老實說，客戶需要時間來識別並認識到我們有這種新鮮感才能從這個角度重新吸引他們。

And then I think the last thing I'd just say from a digital perspective, agreeing with Tom, we think you can get back to it, we don't have the headwinds from the offer reductions. We got through that from last year, which obviously was something that weighed on us differently. But we're also doing things to drive and enhance our search capabilities, so we have better querying, better search results. So there are definitely things that we're doing to drive, not only the traffic but also conversion within our website as well that we think will be contributors to getting that digital back to flat to growth in 2024.

然後我想我從數字角度說的最後一件事，同意湯姆的觀點，我們認為你可以回到正題，我們沒有受到報價減少的不利影響。我們從去年開始就經歷了這一切，這顯然給我們帶來了不同的壓力。但我們也在努力推動和增強我們的搜尋能力，以便我們擁有更好的查詢和更好的搜尋結果。因此，我們肯定會採取一些措施來推動，不僅是流量，還有我們網站內的轉換率，我們認為這將有助於在 2024 年使數位化恢復平穩成長。

We'll go next to Matthew Boss at JPMorgan.

接下來我們將採訪摩根大通的馬修·博斯。

Great. So Tom, could you elaborate on drivers of store comps in the fourth quarter? I think you cited it as the best since 2010. And then maybe just to break apart your flat to 2% same-store sales guide, what are you embedding -- or what do you need from the core, so meaning apparel and footwear comps maybe relative to the negative performance this year in that category?

偉大的。湯姆，您能詳細說明一下第四季度商店業績的驅動因素嗎？我認為你認為這是自2010 年以來最好的。然後也許只是將你的同店銷售指南分解為2%，你嵌入了什麼——或者你需要從核心中得到什麼，所以意味著服裝和鞋類比較也許與今年該類別的負面表現有關？

Okay. Drivers of comp overall, Sephora, home, all the things that I've been talking about overall, the gifting, the impulse. And we really need -- we would need the core to help us hit the numbers we want to hit as well. But I think, as I articulated, I think that there is a big opportunity in the core if we can continue to go after things like lady's dresses, the juniors business, as I mentioned before, other polished casual businesses, same with men's overall, just having broader assortments of product. We have to serve a lot of customers, and we want to give them a lot of choices overall.

好的。總體而言，絲芙蘭、家庭、我一直在談論的所有事情的驅動因素，禮物，衝動。我們確實需要——我們需要核心來幫助我們達到我們想要達到的目標。但我認為，正如我所闡述的那樣，如果我們能夠繼續追求女裝、青少年業務（正如我之前提到的）、其他精緻休閒業務（與男裝整體一樣）等業務，那麼核心業務就有很大的機會，只是擁有更廣泛的產品種類。我們必須服務很多客戶，整體上我們希望給他們很多選擇。

We got a little too narrow in our assortments in terms of too much active and casual. We still feel very good about those categories, but we also feel that we're going to get the growth out of maximizing more of the dress-up product. People are looking for that clothing. People are going out more, and they're obviously wanting that kind of clothing as they -- as part of their wardrobe. They're looking in their closet, and they don't have that product. So we're going to fulfill that.

我們的品種有點太窄了，太多的活躍和休閒的東西。我們仍然對這些類別感覺非常好，但我們也認為我們將從最大化更多裝扮產品中獲得成長。人們正在尋找那件衣服。人們外出的次數越來越多，他們顯然想要這樣的衣服——作為他們衣櫃的一部分。他們正在查看自己的衣櫃，但沒有該產品。所以我們將實現這一目標。

Great. And then, Jill, on gross margin, what do you see as the right long-term gross margin target for the business? I think your guidance this year implies you exceed the 36%, 37% target for the year?

偉大的。然後，吉爾，關於毛利率，您認為該業務正確的長期毛利率目標是多少？我認為你今年的指導代表你超過了今年36%、37%的目標？

Yes. I would say we -- obviously, we're exceeding it. So we feel good. I think the algorithm to get to 7% to 8% is still really dependent on our top line growth, and that's where we have to continue to focus what you've heard a lot from us today and why we believe we can get back to growth.

是的。我想說，我們——顯然，我們已經超越了它。所以我們感覺很好。我認為達到 7% 到 8% 的演算法仍然取決於我們的收入成長，這就是我們必須繼續關注你們今天從我們這裡聽到的很多內容以及為什麼我們相信我們可以回到成長。

On the margin side, we did say 36% to 37%. We're exceeding that. So I would say, I think we can stay a little above 37% moving forward. I also would say our SG&A costs have risen a lot since the algorithm came in, in terms of wage inflation. So between the 2, it still balances out to get us to the 7% to 8%, but I would say that our algorithm will be more margin-based based on the experiences that we're seeing.

在利潤率方面，我們確實說過 36% 到 37%。我們已經超出了這個範圍。所以我想說，我認為我們可以繼續保持略高於 37% 的水平。我還想說，自從演算法出現以來，就薪資通膨而言，我們的銷售、管理和行政費用已經上升了很多。因此，在兩者之間，它仍然可以使我們達到 7% 到 8%，但我想說，根據我們所看到的經驗，我們的演算法將更加基於利潤。

A lot of that benefit coming through from the inventory management discipline that we're seeing, so inventory being down 10%, continuing to plan it down mid-singles, taking our terms or clearance markdowns much more timely. This is less markdowns but more timely markdowns, so they're not as deep as well. And just having more choice rather than being so deep is also something that helps our turns. And so I always look back, when we turn fast, we've run some of our best operating margins. So that's really the focus on what's going to be a key driver from a margin perspective.

其中很大一部分好處來自我們所看到的庫存管理紀律，因此庫存下降了 10%，繼續在單打中進行計劃，使我們的條款或清倉降價更加及時。這是更少的降價，但更及時的降價，所以它們也沒有那麼深。擁有更多的選擇而不是太深也有助於我們的轉變。因此，我總是回顧過去，當我們快速轉變時，我們已經實現了一些最好的營業利潤率。因此，從利潤角度來看，這確實是一個關鍵驅動因素。

And then from an SG&A perspective, we continue to do what we can do, obviously, from a cost discipline. Felt good we are down this year in our SG&A despite our 53rd week. So we'll continue with that discipline. And with the top line growth, we'll continue to make progress despite just a little bit of a step-back this year with the legislative change towards that 7% to 8%.

然後從SG&A的角度來看，我們顯然會繼續從成本原則出發做我們能做的事情。儘管已經進入第 53 週，但今年我們的銷售及管理費用 (SG&A) 有所下降，感覺很好。所以我們將繼續遵守這項紀律。隨著收入的成長，我們將繼續取得進展，儘管今年隨著立法朝著 7% 至 8% 的方向變化，略有退步。

Our next question comes from Dana Telsey at Telsey Advisory Group.

我們的下一個問題來自特爾西諮詢集團的達納·特爾西。

Can you hear me okay?

你聽得到我說話嗎？

We can hear you now, Dana.

我們現在可以聽到你的聲音了，達納。

Good. Perfect. So nice to see the improvements and certainly a lot of the initiatives. Tom, when you think about the private brands, how are the private brands doing? And with the new Babies "R" Us that's coming in, what does that replace in the store? And then just speaking about the stores, you had once talked about potentially even opening a couple of stores. How do you think of the store base today and the CapEx investment, whether in remodels, given the improvement in the store base? What are you thinking about in terms of that investment?

好的。完美的。很高興看到這些改進，當然還有很多措施。湯姆，當你想到自有品牌時，自有品牌做得怎麼樣？隨著新的《Babies“R”Us》的上市，它會取代商店裡的什麼？然後就談到商店，您曾經談到甚至可能開設幾家商店。鑑於商店基礎的改善，您如何看待當今的商店基礎和資本支出投資（是否在改造方面）？對於這項投資，您有何想法？

Well, we feel good about private brands. As far as private brands as a percent of total, it will probably go down a little bit because we're working really hard on delivering more and more national brands. But it's a product that delivers a lot of value on the selling floor. And that's obviously really key. So -- but we are moving forward faster. We're trying to bring in more national brands overall. But we really -- private brands are critical to our success, and we're going to keep delivering that kind of value for a long time.

嗯，我們對自有品牌感覺良好。就自有品牌佔總數的百分比而言，它可能會略有下降，因為我們正在努力提供越來越多的國家品牌。但它是一種在銷售場所提供大量價值的產品。這顯然是非常關鍵的。所以——但我們正在更快地前進。我們正在努力引入更多的國家品牌。但我們確實——自有品牌對我們的成功至關重要，我們將在很長一段時間內繼續提供這種價值。

Babies "R" Us, we have a lot of space, as Jill said, in our stores. And it's going to be part of the infant/toddler presentation. So we're just going to carve some space out. It's about 1,500 square feet. We have 1,500 square feet in the store that we can definitely utilize overall. So it's not really going to displace anything. Again, we're going to continue to reduce our inventories, mid-single digits for the foreseeable future. And so it's -- we're going to have plenty of space. We're not worried about that at all.

Babies“R”Us，正如吉爾所說，我們的商店有很多空間。這將成為嬰兒/幼兒演示的一部分。所以我們只是要開闢一些空間。面積約 1,500 平方英尺。我們店內有 1,500 平方英尺，絕對可以充分利用。所以它不會真正取代任何東西。再次強調，在可預見的未來，我們將繼續減少庫存，並減少幅度為個位數。所以，我們將有足夠的空間。我們根本不擔心這個。

New stores, right now, we have 5 or 6 stores that we're opening. That's probably going to be our cadence for now. We're still working on what the smaller stores are going to look like. But as far as remodels, one of the benefits of Sephora is we were able to touch stores. We have, for now, in 910 stores of our 1,200. So a lot of those have already been touched because of Sephora when we made the move to clear out the space for Sephora.

新店，目前，我們正在開設 5 或 6 家店。這可能就是我們現在的節奏。我們仍在研究小型商店的外觀。但就改造而言，絲芙蘭的好處之一是我們能夠接觸商店。目前，我們的 1,200 家商店中有 910 家擁有該服務。因此，當我們採取行動為絲芙蘭騰出空間時，其中許多已經因為絲芙蘭而受到影響。

Do you have any comments, Jill, on the...

吉爾，你對……有什麼意見嗎？

No. I would just say a couple of things on the -- a lot of what we're talking about, including Babies "R" Us, is touching white space opportunities and leveraging and increasing store productivity. And that's really what our goal is. Obviously, we're excited. We ran our best store comp since 2010. So that's a pretty good accomplishment that that's working in the right direction.

不，我只想說幾件事——我們正在談論的很多事情，包括Babies“R”Us，都是觸及空白空間的機會，並利用和提高商店的生產力。這確實是我們的目標。顯然，我們很興奮。我們經營了自 2010 年以來最好的商店業績。因此，這是一項相當不錯的成就，而且正在朝著正確的方向發展。

In terms of store openings, you know we have an incredibly healthy store base that we feel great with the fleet we have. And I think over the long run, we do believe there's more store opportunities. But in this case, like Tom mentioned, we just have to figure out what that box needs to look like once we get a lot of these initiatives in flight. So I would say our CapEx this year is still assuming we're going to touch some of those stores from a refresh perspective with the Sephora's, but we're able to keep that always in the $500 million of CapEx. And then our CapEx will elevate if we decide there's this new store opportunity. But at this point, we feel really good with where we're positioned for '24.

在開店方面，我們擁有一個非常健康的門市基礎，我們對我們擁有的車隊感覺很棒。我認為從長遠來看，我們確實相信會有更多的商店機會。但在這種情況下，就像湯姆提到的那樣，一旦我們啟動了許多這樣的舉措，我們只需要弄清楚這個盒子需要是什麼樣子。因此，我想說，我們今年的資本支出仍然假設我們將從絲芙蘭的刷新角度接觸其中一些商店，但我們能夠始終將其保持在 5 億美元的資本支出內。如果我們認為有這個新商店的機會，我們的資本支出就會提高。但目前，我們對 24 年的定位感到非常滿意。

We'll take our final question today from Chuck Grom at Gordon Haskett.

今天我們將回答 Gordon Haskett 的 Chuck Grom 提出的最後一個問題。

I appreciate all the color this morning. Jill, can you just touch on the composition of your comp in the fourth quarter between traffic and ticket and then, as we look ahead, how you're planning the 0% to 2% from a similar perspective?

我很欣賞今天早上的所有顏色。 Jill，您能否簡單介紹一下第四季度的流量和門票組成，然後，當我們展望未來時，您如何從類似的角度規劃 0% 到 2%？

Sure. I think from the fourth quarter, and quite honestly, our biggest issue from comp perspective has been traffic. And so a lot of what you've heard about today on the initiatives is how do we continue to drive discovery and excitement to drive traffic, and our ticket has been relatively flat to up. We've driven higher AURs as we brought in new brands and especially with Sephora, a little bit higher ticket, Tommy Hilfiger, et cetera. But we -- so our wallet share has stayed -- in every transaction has stayed flat to up slightly. It's really been around our traffic that's been down, and that's been pretty consistent. So a lot of the initiatives that we're focused on is how we can drive that discovery, so they want to come in and see newness. It's having more choice count. It's having less depth. It's having that fashion setting a lot quicker, and we're going to be in and out. So there's newness for them to come in and see.

當然。老實說，我認為從第四季開始，從比較角度來看我們最大的問題是流量。因此，您今天聽到的關於這些舉措的許多內容都是我們如何繼續推動發現和興奮以推動流量，而我們的門票相對持平到上升。隨著我們引入新品牌，尤其是絲芙蘭、價格稍高一點的 Tommy Hilfiger 等，我們推動了更高的 AUR。但我們——所以我們的錢包份額保持不變——在每筆交易中都保持持平或略有上升。事實上，我們的流量一直在下降，而且一直很穩定。因此，我們關注的許多舉措是如何推動這項發現，因此他們希望進來看看新事物。它有更多的選擇。它的深度較小。時尚設定的速度快得多，我們會進進出出。所以他們進來看看有新鮮事。

I would say that's exactly how we're approaching it this year is the difference between the negatives and positives us having improvement from that traffic perspective. We consistently can see the ATV being up slightly. We expect that to continue, but the improvement is going to come with traffic through all these new brands, these new initiatives that we have landing. Particularly around Impulse and Gifting, it's giving them reasons to come in and then adding into their basket. So we feel like we're positioned well to achieve that.

我想說，這正是我們今年的應對方式，這就是我們從流量角度取得改善的負面和正面之間的差異。我們始終可以看到 ATV 略有上升。我們預計這種情況會持續下去，但隨著所有這些新品牌、我們落地的新措施的流量的增加，情況將會有所改善。特別是在衝動和禮物方面，這給了他們進入並添加到他們的購物籃的理由。所以我們覺得我們已經做好了實現這目標的準備。

Okay. Okay. That makes sense. And then second question is just on the gross margins. And just to dovetail Matt's question earlier, at this point, your gross margins would be up over 37%. That hasn't happened in a long time. And I'm curious the thought process on reinvesting some of that margin back into price. You talked about the success that you had in the back half of last year in the high-volume pricing with some of the private brands. I guess why not invest more in gross margin to drive the traffic? Just curious the thought process there.

好的。好的。這就說得通了。第二個問題是毛利率。為了與馬特之前的問題相吻合，此時，您的毛利率將成長超過 37%。已經很久沒有發生過這樣的事情了。我很好奇將部分利潤重新投資到價格上的思考過程。您談到了去年下半年在一些自有品牌的大批量定價方面取得的成功。我想為什麼不在毛利率上投入更多來增加流量呢？只是好奇那裡的思考過程。

So we did roll out all of our high-value pricing as we stand today. So it is about really value, particularly on those private brands. That's what they stand for, and we're continuing to drive that. I would say one of the things that we're using, and this is a place that we're moving into more automation around, is our pricing strategies and really making sure that we're competitive. We're using elasticity miles. We're figuring out how to price that. So it will drive more from a customer perspective.

因此，我們確實推出了今天所有的高價值定價。所以這關係到真正的價值，尤其是那些自有品牌。這就是他們所主張的，我們將繼續推動這一目標。我想說的是，我們正在使用的東西之一，這是我們正在轉向更多自動化的地方，是我們的定價策略，並真正確保我們具有競爭力。我們使用的是彈性里程。我們正在研究如何定價。因此，它將更多地從客戶的角度出發。

I would say the benefit we're getting is more around targeted coupons, targeted promotions. Some of the offers that we are giving weren't as productive, and now we're really going to focus it on the customers that will drive the productivity. That's one.

我想說，我們獲得的好處更多是圍繞著有針對性的優惠券、有針對性的促銷活動。我們提供的一些優惠並沒有那麼有成效，現在我們真的要把重點放在能夠提高生產力的客戶上。這是一個。

Two, like I mentioned, and I don't think I can say it enough, but all my merchant friends listening, it's inventory management and inventory discipline, faster turns, having to take less deep clearance. Less clearance is a huge driver for us as well. And so bringing in that newness and selling more reg price is a benefit to margin.

第二，就像我提到的，我想我說得還不夠，但我所有的商人朋友都在聽，這是庫存管理和庫存紀律，更快的周轉，必須減少深度清關。間隙減少對我們來說也是一個巨大的推動因素。因此，引入新鮮感並銷售更多的常規價格對利潤率是有好處的。

So I would say we're very keen on pricing. Value has been a core tenet of Kohl's since it's been started, and it will continue to be for us. We think that's a space that we play incredibly well in. So we aren't really driving margin in my opinion at the cost of taking prices up. We're driving margin based on the disciplines that we've put in and just the learnings through a lot of the elasticity modeling that we've been able to put in, in the last couple of years as well.

所以我想說我們非常熱衷於定價。自 Kohl's 成立以來，價值一直是其核心宗旨，而且對我們來說也將繼續如此。我們認為這是一個我們表現得非常出色的領域。因此，在我看來，我們並沒有真正以提高價格為代價來提高利潤率。我們正在根據我們所採用的規則以及過去幾年中我們已經能夠採用的大量彈性模型所學到的知識來推動利潤率的提高。

Okay. Great. And then one for Tom. Just where are you guys on the journey to get younger with your customer base? You talked a little bit about the success you have with Sephora. Clearly, Babies "R" Us is going to help you. But I think that, that journey and where you are is an important thing to keep in mind. So just anything you can share and where you think you can get to over the next several years?

好的。偉大的。然後是給湯姆的一份。你們在客戶群年輕化的道路上處於什麼階段？您談到了絲芙蘭所取得的成功。顯然，Babies“R”Us 將為您提供幫助。但我認為，那段旅程和你所處的位置是需要記住的重要事情。那麼，您可以分享什麼以及您認為在未來幾年內可以實現的目標嗎？

Well, again, as you mentioned, I mean, we're making great progress in that journey. Sephora is really helping us out a lot. The Babies "R" Us is also, as I mentioned earlier, part of that strategy. And then building on our junior business, rebuilding our accessory business overall, even the home decor business, we really feel that, that's a younger consumer, overall.

嗯，正如您所提到的，我的意思是，我們在這過程中取得了巨大進展。絲芙蘭確實幫了我們很多忙。正如我之前提到的，Babies“R”Us 也是該策略的一部分。然後在我們的初級業務的基礎上，重建我們的整體配件業務，甚至家居裝飾業務，我們真的覺得，總體來說，這是一個年輕的消費者。

So I would say we made a lot -- we made good progress in 2023, but we're going to continue to push hard because obviously, we want to be more attractive to the younger consumer. The Kohl's brand also is part of that strategy as well. So we've got a lot of things working in order to have that younger customer come into our stores. So thank you.

所以我想說我們取得了很多——我們在 2023 年取得了良好的進展，但我們將繼續努力，因為顯然，我們希望對年輕消費者更具吸引力。 Kohl's 品牌也是該策略的一部分。因此，我們做了很多事情來吸引年輕顧客進入我們的商店。所以謝謝。

Thanks, everyone. Really appreciate it, and have a great day.

感謝大家。真的很感激，祝你有美好的一天。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。