柯爾百貨 (KSS) 2025 Q1 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 first-quarter 2025 Kohl's Corporation earnings conference call. Today's conference is being recorded. (Operator Instructions)

早安.我叫奧德拉，今天我將擔任您的會議主持人。現在，我歡迎大家參加科爾士集團 2025 年第一季財報電話會議。今天的會議正在錄製中。（操作員指示）

At this time, I would like to turn the conference over to Trevor Novotny, Senior Manager of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係高級經理 Trevor Novotny。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.

謝謝。本次電話會議上所做的某些聲明，包括預期的財務表現和公司的未來計劃，都是前瞻性聲明。此類聲明受某些風險和不確定性的影響，可能導致科爾的實際結果與此類前瞻性聲明中預測的結果有重大差異。

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.

這些風險和不確定性包括但不限於科爾士最新的 10-K 表年度報告第 1A 項中所述的風險和不確定性，以及科爾士不時向美國證券交易委員會提交的其他文件中補充的風險和不確定性，所有這些文件均通過引用明確納入本文。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 may make reference to non-GAAP financial measures. Please refer to the cautionary statement regarding non-GAAP measures and a reconciliation of these measures included in the investor presentation filed as an exhibit to our Form 8-K as filed with the SEC and available on our Investor Relations website.

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。請參閱有關非 GAAP 指標的警示聲明以及這些指標的對帳表，這些對帳表包含在我們向美國證券交易委員會 (SEC) 提交的 8-K 表格的附件中，並可在我們的投資者關係網站上查閱。

Please note that this call will be recorded. However, replays of this call will not be updated. So if you are listening to a replay of this call, it is possible that the information discussed is no longer current, and Kohl's undertakes no obligation to update such information.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，本次通話將會被錄音。不過，此次通話的重播將不會更新。因此，如果您正在收聽此通話的重播，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 Michael Bender, our Interim Chief Executive Officer; and Jill Timm, our Chief Financial Officer. I will now turn the call over to Michael.

今天早上和我一起的有我們的臨時執行長邁克爾·本德 (Michael Bender) 和我們的財務長吉爾·蒂姆 (Jill Timm)。現在我將把電話轉給麥可。

Thank you, Trevor, and good morning, everyone. Thank you for joining Kohl's first quarter conference call. I'm honored to assume the role of Interim Chief Executive Officer at such an important time for our company. Kohl's has a substantial opportunity to better serve our customers every day, build long-term financial health and deliver shareholder value. While I'm no stranger to Kohl's, having served as a Board Member since 2019, I'm also very familiar with the consumer retail industry.

謝謝你，特雷弗，大家早安。感謝您參加科爾士第一季電話會議。我很榮幸能夠在公司如此重要的時刻擔任臨時執行長一職。科爾士百貨擁有巨大的機會來更好地服務我們的顧客、建立長期的財務健康並為股東創造價值。雖然我對 Kohl's 並不陌生，自 2019 年起擔任董事會成員，但我對消費零售業也非常熟悉。

I have over 30 years of experience in the industry holding leadership positions at Walmart, L Brands, PepsiCo, and most recently, I served as CEO of Eyemart Express. I'm excited to leverage my Kohl's Board and past leadership experience to lead and support Kohl's through this CEO transition.

我在該行業擁有 30 多年的經驗，曾在沃爾瑪、L Brands、百事可樂擔任領導職務，最近還擔任 Eyemart Express 的執行長。我很高興能夠利用我在科爾士董事會和過去的領導經驗來領導和支持科爾士完成此次執行長的過渡。

I do want to recognize that there has been a lot of change for Kohl's this past year, especially the last few weeks. While change can be difficult, it also represents an opportunity to reassess and commit to a path forward.

我確實想承認科爾士在過去的一年裡發生了很大的變化，尤其是最近幾週。雖然改變可能很困難，但它也代表著重新評估和致力於前進道路的機會。

The good news is we already have that plan in place for 2025, and we're making good progress against this plan. Our plans, which are centered on customer priorities have us working more collaboratively across the business, staying more accountable for incremental progress, and communicating more transparently to effectively drive the work. As we navigate through this period of change, we're committed to moving forward and showing up for our customers each day.

好消息是我們已經制定了 2025 年計劃，並且正在順利實施該計劃。我們的計劃以客戶優先事項為中心，使我們能夠在整個業務範圍內進行更多協作，對漸進式進展承擔更多責任，並進行更透明的溝通以有效地推動工作。當我們度過這段變革時期時，我們致力於繼續前進並每天為客戶提供服務。

It has been a busy few weeks, and I've enjoyed the opportunity to dive into our business. After visiting several stores and engaging in meaningful conversations with key partners, vendors and investors, I'm more energized than ever about the road ahead.

這幾週很忙，我很高興有機會深入我們的業務。在參觀了幾家商店並與主要合作夥伴、供應商和投資者進行了有意義的對話後，我對未來的道路比以往任何時候都更有活力。

Seeing firsthand the dedication of our teams, the strength of our operational network and the passion of our partners has only deepened my confidence in the incredible potential of this business. The insights gained from these interactions have reinforced the scale of the opportunity before us and the impact we can make by working together with focus, innovation and a relentless commitment to excellence in execution.

親眼目睹我們團隊的奉獻精神、我們營運網絡的實力以及我們合作夥伴的熱情，更加深了我對這項業務巨大潛力的信心。從這些互動中獲得的見解強化了我們面前機會的規模，以及我們透過專注、創新和堅持不懈地致力於卓越執行而共同努力所能產生的影響。

Last quarter, we identified key priorities focused on the Kohl's customer, which Jill will speak to shortly. These areas of focus are all designed with the customer in mind and will help us provide the products and shopping experience we know our customers want from Kohl's. Our work is underway, and we have cross-functional teams that are working with urgency and care to deliver on these actions.

上個季度，我們確定了以 Kohl's 客戶為重點的關鍵優先事項，Jill 很快就會與他們交談。這些重點領域都是以客戶為中心設計的，將幫助我們提供我們知道客戶希望從 Kohl's 獲得的產品和購物體驗。我們的工作正在進行中，我們擁有跨職能團隊，他們正在緊急而謹慎地開展工作以實現這些行動。

Our first quarter performance was ahead of our expectations and the actions we're taking are making progress with early signs of positive impact. Kohl's has a strong foundation of 1,100 conveniently located stores and over 60 million customers, including a strong loyal customer base that continues to grow. We have a tremendous opportunity to build on this foundation, and I'm truly excited to lead this next chapter and build on the momentum we've already begun to generate.

我們第一季的業績超出了我們的預期，我們正在採取的行動正在取得進展，並已初顯積極影響。Kohl's 擁有強大的基礎，擁有 1,100 家位置便利的商店和超過 6,000 萬客戶，其中包括不斷增長的強大忠誠客戶群。我們有巨大的機會在此基礎上繼續發展，我非常高興能夠領導下一篇章並在我們已經開始產生的勢頭的基礎上繼續發展。

Lastly, I would like to give a heartfelt thanks to our Kohl's team. I greatly appreciate all your hard work, dedication and commitment to Kohl's, and I look forward to working closely with you to lead Kohl's to a successful future.

最後，我要向我們的科爾團隊表達衷心的感謝。我非常感謝您為 Kohl's 所做的一切努力、奉獻和承諾，我期待與您密切合作，帶領 Kohl's 走向成功的未來。

I'll now hand the call over to Jill to speak to our first quarter performance and give an update on the progress we're making against our 2025 actions.

現在，我將把電話交給吉爾，讓她介紹我們的第一季業績，並介紹我們在 2025 年行動方面的進展。

Thank you, Michael, and good morning, everyone. Our first quarter results came in ahead of our expectations. And while we are in the early stages of our initiatives, it is clear that the actions we are taking are beginning to resonate with our customers, and we are starting to build momentum in key areas.

謝謝你，邁克爾，大家早安。我們第一季的業績超出了我們的預期。雖然我們的措施尚處於早期階段，但很明顯，我們所採取的行動已經開始引起客戶的共鳴，我們也開始在關鍵領域中累積動力。

However, I want to level set that this is a turnaround and will continue to take time, much of the work remains ahead of us. Progress starts with the actions we are taking in 2025 to address opportunities and better serve our customers.

然而，我想明確指出，這是一個轉捩點，還需要時間，我們還有很多工作要做。進步始於我們在 2025 年採取的行動，以抓住機會並更好地服務我們的客戶。

These efforts are centered on three key areas of focus. First, offer curated, more balanced assortment that fulfills needs across all customers. Second, reestablish Kohl's as a leader in value and quality. And third, deliver a frictionless shopping experience.

這些努力主要集中在三個重點領域。首先，提供精心挑選的、更均衡的商品組合，滿足所有顧客的需求。其次，重新確立科爾士在價值和品質方面的領先地位。第三，提供無摩擦的購物體驗。

Let me begin with our first area of focus. Offering a curated more balanced assortment that fulfills needs across all customers with a goal to drive improved assortment clarity and a purpose behind each brand. Our focus over the last couple of years has been heavily weighted on new products to attract new customers, and we have deemphasized products and categories that are important to our loyal customers.

讓我先從我們關注的第一個領域開始。提供精心策劃的、更均衡的商品組合，滿足所有客戶的需求，目標是提高商品組合的清晰度和每個品牌背後的目的。過去幾年，我們的重點一直放在推出新產品以吸引新客戶，而較少強調那些對忠實客戶來說很重要的產品和類別。

We know our customers come to Kohl's with an expectation that we will deliver the products they need for themselves, their families and their homes. We are working to rebalance our full product assortment across all categories. A more curated balanced assortment will ensure a more consistent and inspirational shopping experience every time.

我們知道，顧客來到 Kohl's 是期望我們能為自己、他們的家人和他們的家提供所需的產品。我們正在努力重新平衡所有類別的全部產品組合。更精心策劃的均衡商品組合將確保每次購物體驗更加一致、更加鼓舞人心。

The most notable area we are correcting is our jewelry business, which we displaced as we rolled out Sephora in our stores. This was a category that was highly penetrated by our most loyal Kohl's card customers.

我們正在調整的最顯著的領域是我們的珠寶業務，隨著我們在商店中推出絲芙蘭，我們取代了珠寶業務。這是我們最忠實的 Kohl's 卡客戶高度滲透的一個類別。

In fall, we reintroduced jewelry and rolled out 200 fine jewelry shops in select Kohl's stores. In Q1, we saw a strong response to our jewelry business, with jewelry sales up 10% in the quarter, driven mainly by our Kohl's card customer. We see more opportunity with this category as we continue to work through assortment and staffing of our fine jewelry business.

秋季，我們重新推出了珠寶，並在部分 Kohl's 商店開設了 200 家高級珠寶店。在第一季度，我們的珠寶業務反應強勁，本季珠寶銷售額成長了 10%，這主要得益於我們的 Kohl's 卡客戶。隨著我們繼續致力於高級珠寶業務的分類和人員配備，我們看到了這一類別的更多機會。

In women's, we over assorted new brands over the last couple of years, which led to women's underperforming the business. We are working diligently to find the right balance within our apparel assortment, and we believe rebalancing the assortment will better deliver to our customer expectations and improve the category performance.

在女裝領域，我們過去幾年推出了過多的新品牌，導致女裝業務表現不佳。我們正在努力尋找服裝系列中的正確平衡，我們相信重新平衡系列將更好地滿足客戶的期望並提高品類表現。

As we move forward, women's is focused on delivering more depth and essentials, improving assortment clarity in sportswear and making significant choice reductions as it divest from the market brands and invest into proprietary brands.

隨著我們不斷前進，女裝將專注於提供更有深度和必需品，提高運動服的分類清晰度，並在剝離市場品牌並投資自有品牌時大幅減少選擇。

We also completed the rollout of our petite business to all stores at the end of last year. The petite business also had solid performance in Q1, up high teens driven by the introduction of Simply Vera Vera Wang and Lauren Conrad, with an outsized performance in stores and positive performance in both our core and new customers.

我們也於去年年底完成了小型業務在所有門市的推廣。小型服裝業務在第一季也表現穩健，在 Simply Vera Vera Wang 和 Lauren Conrad 推出的推動下，銷售額實現了高位成長，門市業績出色，核心客戶和新客戶均表現積極。

In addition, we will continue to invest in key growth categories, specifically Sephora and Impulse. This spring, we'll open 105 Sephora small-format shops, which completes the full chain rollout of Sephora at Kohl's.

此外，我們將繼續投資關鍵成長類別，特別是絲芙蘭和 Impulse。今年春天，我們將開設 105 家絲芙蘭小型店，從而完成絲芙蘭在科爾士百貨的全連鎖佈局。

Sephora has been a huge success for Kohl's. And in just four years, we successfully launched over 1,100 Sephora at Kohl's shop and built nearly a $2 billion beauty business. In Q1, Sephora delivered another quarter of positive sales with net sales up 6% and comparable sales up 1%.

絲芙蘭為科爾士帶來了巨大的成功。光是四年時間，我們就成功在科爾士百貨開設了 1,100 多家絲芙蘭門市，打造了價值近 20 億美元的美容業務。第一季度，絲芙蘭再次實現銷售正成長，淨銷售額成長 6%，可比銷售額成長 1%。

In Q1, we made the decision to expedite the rollout of the Impulse Q lines in 2025 to an additional 613 stores, resulting in an Impulse Q line in nearly all of our stores by Q3. The Impulse business has been a great success, specifically in stores, as it is highly incremental and drives additional units in the basket.

在第一季度，我們決定加快推出 Impulse Q 系列產品，預計在 2025 年將新增 613 家門市，這樣到第三季度，幾乎所有門市都將推出 Impulse Q 系列產品。Impulse 業務取得了巨大的成功，特別是在商店中，因為它具有很高的增量性並能推動購物籃中的更多單位的增加。

Moving to our next area of focus, reestablishing Kohl's as a leader in value and quality. Our goal is to offer great products at a great price and enhance our promotions to deliver more value to our customers. This work begins with elevating our proprietary brands, which offer lower price points on quality products and give customers an exclusive reason to shop at Kohl's.

轉向我們的下一個重點領域，重新確立 Kohl's 在價值和品質方面的領先地位。我們的目標是以優惠的價格提供優質的產品，並加強促銷，為客戶提供更多價值。這項工作首先要提升我們的專有品牌，這些品牌以較低的價格提供優質產品，並讓顧客有獨特的理由在 Kohl's 購物。

Proprietary brands play an instrumental role in our value proposition, and highly resonate with our core loyal customers. We believe there is a substantial opportunity for us to lean into our value-oriented proprietary brands to offer more relevance, value and quality to our customers.

自有品牌在我們的價值主張中發揮重要作用，並與我們的核心忠實客戶產生高度共鳴。我們相信，我們有很大機會依靠以價值為導向的專有品牌來為我們的客戶提供更具相關性、價值和品質的產品。

As we've begun to invest back in our proprietary brands, we have seen sequential improvement in the quarter-over-quarter performance, with Q1 approximately 400 basis points better than Q4. This improvement was driven by strong performance in key existing proprietary brands such as Tek Gear and FLX and Active; and Lauren Conrad in women's. We will also look for opportunities to introduce new proprietary brands that fill a purpose for our customer and drive productivity within our merchandise portfolio.

隨著我們開始重新投資於我們的專有品牌，我們看到季度環比業績的連續改善，第一季比第四季高出約 400 個基點。這一成長得益於 Tek Gear、FLX、Active 等現有主要專有品牌以及女裝品牌 Lauren Conrad 的強勁表​​現。我們還將尋找機會推出新的專有品牌，以滿足客戶的需求並提高我們商品組合的生產力。

We have recently introduced three new home brands, Mariana, Atelier, and Mingle & Co, and have seen a strong initial response resulting in improved performance in our bedding, back and tabletop categories. While this progress is reassuring, our proprietary brands are still underperforming the company average. We expect to continue additional improvement in our proprietary brands as we increase the flow of new goods as the year progresses.

我們最近推出了三個新的家居品牌：Mariana、Atelier 和 Mingle & Co，並且獲得了強烈的初步反響，從而提高了我們的床上用品、靠背和桌面類別的業績。雖然這項進展令人欣慰，但我們的自有品牌的表現仍然低於公司平均。隨著我們在未來幾年內增加新商品的流通，我們期望我們的專有品牌能夠繼續得到進一步的改善。

Another way we are delivering value to our customers is by enhancing our promotions. Our national brands also play an integral role in delivering quality and value. Our customers buy these brands at Kohl's as they know they got a great deal through exceptional promotions, coupons and Kohl's Cash.

我們為客戶提供價值的另一種方式是加強促銷。我們的民族品牌在提供品質和價值方面也發揮著不可或缺的作用。我們的客戶在 Kohl's 購買這些品牌，因為他們知道透過特殊促銷、優惠券和 Kohl's Cash 可以獲得很大的優惠。

However, over the years, our promotions have become less impactful as a result of a growing list of brands that are excluded from the coupon. At the end of April, we began our initial phase to move more brands to be included in our coupons.

然而，多年來，由於越來越多的品牌被排除在優惠券之外，我們的促銷活動影響力已經減弱。四月底，我們開始了初始階段的工作，將更多品牌納入我們的優惠券中。

We are being thoughtful in actions and are taking a phased approach to read how the customer is reacting to the change. Early reads show our customers are responding positively to the change, especially in our digital business, and we expect to roll out more coupon eligible brands throughout the year with the majority of the changes completed by mid-August to ensure customers can use their promotional coupons to unlock more value on more brands for back-to-school and holiday shopping.

我們在行動上深思熟慮，並採取分階段的方式來了解客戶對這項變化的反應。早期數據顯示，我們的客戶對這項變更反應積極，尤其是在我們的數位業務中，我們預計全年將推出更多符合優惠券條件的品牌，大部分變化將在 8 月中旬完成，以確保客戶可以使用促銷優惠券在更多品牌上解鎖更多價值，用於返校和假日購物。

The changes we are making to simplify our promotions and invest in our proprietary brands allow us to drive more value, which is especially important as consumers remain pressured.

我們正在進行的簡化促銷和對自有品牌的投資的改變使我們能夠創造更多價值，這在消費者仍然面臨壓力的情況下尤其重要。

Our last area of focus is enhancing our omnichannel platform to deliver a frictionless shopping experience. Our customers desire an easier and more reliable shopping experience, both in stores and online. To deliver this elevated experience, we are focused on optimizing our store layout, restoring trip assurance and increasing inspiration in stores and online.

我們最後一個重點領域是增強我們的全通路平台，以提供無摩擦的購物體驗。我們的客戶希望獲得更輕鬆、更可靠的購物體驗，無論是在商店還是在網路上。為了提供這種高級體驗，我們專注於優化商店佈局、恢復旅行保障並增加商店和網路上的靈感。

Following the completion of some preliminary productivity and adjacency analysis, we began to make edits to our store layout, specifically with our Accessories and Juniors businesses. We created an accessory shopping experience behind the Sephora shop and move the Juniors business to the front of the store across from Sephora as both of these businesses over penetrate and cross-shopping with Sephora.

在完成一些初步的生產力和鄰近性分析之後，我們開始對商店佈局進行編輯，特別是配件和青少年業務。我們在絲芙蘭商店後面創造了一種配件購物體驗，並將青少年業務轉移到絲芙蘭對面的商店前面，因為這兩家公司都與絲芙蘭進行了過度滲透和交叉購物。

While these moves are recent, we are very encouraged with the results we saw in both categories in Q1. Accessories comparable sales, excluding our Sephora business were up 4%, and Juniors comparable sales were down 1%, both well ahead of the company performance. In addition to the sales performance, we experienced heightened cross shopping in both categories from our Sephora at Kohl's customers during the quarter.

雖然這些舉措是最近才採取的，但我們對第一季兩個類別的業績感到非常鼓舞。不包括絲芙蘭業務的配件可比銷售額增長了 4%，而青少年可比銷售額下降了 1%，均遠高於公司業績。除了銷售業績外，本季我們還發現 Kohl's 絲芙蘭顧客在兩個類別的交叉購物均有所增加。

As we are refining our buying strategies, we are determined to restore the trip assurance our customer expects by providing greater depth in key items. This is especially important in our basics and essential apparel businesses.

我們正在完善採購策略，決心透過在關鍵項目上提供更深入的了解來恢復客戶期望的旅行保障。這對我們的基本服裝和必需服裝業務尤其重要。

We improved our in-stock rates on core basics and saw those businesses outperform the company, specifically in men's and kids. We expect to make continued progress throughout the year as we realign our buying disciplines to provide better depth and clarity to our customers, all while tightly managing our inventory receipts down throughout the year.

我們提高了核心基礎產品的庫存率，並發現這些業務的表現優於公司，尤其是男裝和童裝。我們期望全年繼續取得進展，因為我們重新調整了採購紀律，為客戶提供更深度和清晰度的服務，同時嚴格管理全年的庫存收貨量。

The goal of all this work is to make shopping at Kohl's a more enjoyable and reliable experience. We are encouraged with the initial results from these efforts and we expect to continue this momentum throughout the year as we reposition our business for future success.

所有這些工作的目標是使在 Kohl's 購物成為更愉快和可靠的體驗。這些努力的初步成果讓我們感到鼓舞，我們期望在全年重新定位業務以取得未來成功的過程中繼續保持這種勢頭。

In addition to these priorities, our organization will carry forward our commitment to driving operational excellence. We know that part of setting up the company for future success is operating with a high level of discipline in managing our costs.

除了這些優先事項之外，我們的組織還將繼續致力於推動卓越營運。我們知道，公司未來成功的部分因素在於高度自律地管理成本。

Every day, we are working to create a more efficient organization that is focused on reducing costs to allow us to invest into our growth initiatives. You see the benefits of this effort through the 5% reduction in our SG&A cost this quarter on top of a 3.7% decline in Q4 of last year.

我們每天都在努力創建一個更有效率的組織，專注於降低成本，以便我們能夠投資我們的成長計劃。您可以看到這項努力的好處，本季我們的銷售、一般及行政費用 (SG&A) 成本在去年第四季下降了 3.7% 的基礎上又下降了 5%。

Now let me provide additional details on our first quarter performance. Net sales declined 4.1% and comparable sales decreased 3.9% in the quarter. The variance between net sales and comparable sales was due to the closure of 24 stores in the quarter, which was completed in late March.

現在讓我提供有關我們第一季業績的更多詳細資訊。本季淨銷售額下降 4.1%，可比銷售額下降 3.9%。淨銷售額與可比銷售額之間的差異是由於本季度關閉了 24 家門市，該關閉已於 3 月底完成。

From a channel perspective, our stores continue to outperform the company with a comparable sales decline of 2.6% in the quarter. We have a strong store base that continues to generate both four wall operating profit and four wall cash flow.

從通路角度來看，我們的門市表現持續優於公司，本季可比銷售額下降 2.6%。我們擁有強大的門市基礎，可以持續產生四面營業利潤和四面現金流。

And although we have seen an improvement in our digital business, it continues to underperform with sales declining 7.7% in the quarter. The digital business over-penetrates in the home category as well as our core credit customer, both of which underperformed in the quarter. However we are seeing the digital business respond well to the investment we made in adding brands back into the coupon.

儘管我們的數位業務有所改善，但其表現仍然不佳，本季銷售額下降了 7.7%。數位業務在家庭類別以及我們的核心信貸客戶中的滲透率過高，而這兩個類別在本季的表現均不佳。然而，我們看到數位業務對於我們在優惠券中添加品牌的投資反應良好。

We continue to see strong sales for our new and non-Kohl's card customers. However, our Kohl's card customer performance continues to lag the company. Our decisions related to downsizing our in-store jewelry business, exiting the petites business, decreasing inventory in proprietary brands, and increase in coupon exclusions and an outsized impact to the Kohl's Charge customer performance.

我們繼續看到新客戶和非 Kohl's 卡客戶的銷售強勁成長。然而，我們的 Kohl's 卡客戶表現仍落後於公司。我們的決定涉及縮減店內珠寶業務、退出小件珠寶業務、減少自有品牌庫存、增加優惠券排除以及對 Kohl's Charge 客戶績效產生巨大影響。

As we have made investments back into these categories and reduced coupon exclusions, we have seen an improvement in the sales trend of these customers. In addition, our middle and low income customers remain the most pressured.

隨著我們重新對這些類別進行投資並減少優惠券排除，我們看到這些客戶的銷售趨勢有所改善。此外，我們的中低收入客戶仍面臨最大的壓力。

These customers are prioritizing value and are trading down into lower price point products. The work we are doing to deliver value will help better serve these customers as they continue to be more choiceful with their purchases.

這些客戶優先考慮價值並且願意購買價格較低的產品。我們為提供價值而進行的工作將有助於更好地服務這些客戶，因為他們在購買時將繼續擁有更多選擇。

Moving down the P&L. Other revenue was $184 million in Q1, a 10% decrease versus last year. The decrease was primarily driven by a portion of our credit expenses shifting against other revenue as we move part of our account servicing to a third party that owns the accounts. Gross margin in Q1 was 39.9%, an increase of 37 basis points. The year-over-year increase was driven by category mix benefits and continued inventory management.

降低損益。第一季其他營收為 1.84 億美元，較去年同期下降 10%。下降的主要原因是，我們將部分帳戶服務轉移給擁有帳戶的第三方，導致部分信貸支出轉嫁給其他收入。第一季毛利率為39.9%，成長37個基點。年比成長是由品類組合優勢和持續的庫存管理所推動的。

SG&A expenses in Q1 decreased 5.2% to $1.2 billion, leveraging approximately 32 basis points versus last year. The decrease to last year was driven primarily by lower spending in stores, marketing as well as the benefit of a portion of credit expenses shifting into other revenue. Depreciation expense was $175 million in the quarter, a decrease of $13 million versus last year. The decrease was driven by lower capital expenditures and the impact from closed locations.

第一季銷售、一般及行政支出下降 5.2% 至 12 億美元，與去年相比下降了約 32 個基點。與去年相比，收入下降的主要原因是商店支出和行銷支出減少，以及部分信貸支出轉為其他收入。本季折舊費用為 1.75 億美元，較去年同期減少 1,300 萬美元。下降的原因是資本支出減少和關閉工廠的影響。

Interest expense in Q1 was $76 million. Relative to last year, interest expense decreased $7 million, primarily due to lower lease interest expense following the closure of 27 stores. Our tax rate was 10% in Q1. This resulted in a net loss for the quarter of $15 million and earnings per diluted share of negative $0.13, a 46% improvement from last year.

第一季利息支出為 7,600 萬美元。與去年相比，利息支出減少了 700 萬美元，主要原因是關閉 27 家門市後租賃利息支出減少。我們第一季的稅率為 10%。這導致本季淨虧損 1,500 萬美元，每股攤薄收益為負 0.13 美元，比去年同期改善了 46%。

Moving to our balance sheet and cash flow. We ended the quarter with $153 million of cash and cash equivalents. Inventory was up 1.7% compared to last year, driven by inventory strategies implemented to navigate the tariff pressure, including the pull forward of receipts and pack in holding seasonal inventory to be sold in the back half of the year. We continue to expect our inventory to be down high single digits by the end of the year.

轉到我們的資產負債表和現金流。本季末，我們的現金和現金等價物為 1.53 億美元。庫存較去年同期上漲了 1.7%，這得益於為應對關稅壓力而實施的庫存策略，包括提前收貨和打包季節性庫存以便在下半年出售。我們仍然預計到今年年底我們的庫存將下降個位數。

Operating cash flow in Q1 was a use of cash of $92 million. Capital expenditures for the quarter were $110 million. We continue to expect to spend $400 million to $425 million of CapEx this year related to the completion of the Sephora rollout, the Impulse Q line rollout to 613 stores and the expansion of our e-commerce fulfillment center in Indiana. In Q1, we returned $14 million to shareholders through the dividend. We ended the quarter with $545 million outstanding on the revolver.

第一季的經營現金流為 9,200 萬美元。本季資本支出為 1.1 億美元。我們預計今年將繼續花費 4 億至 4.25 億美元的資本支出，用於完成絲芙蘭的推廣、將 Impulse Q 系列推廣到 613 家門市以及擴大我們在印第安納州的電子商務履行中心。第一季度，我們透過股息向股東返還了 1,400 萬美元。本季結束時，我們的循環信貸未償還金額為 5.45 億美元。

Now let me provide an update on the refinancing for July 2025 maturities. Earlier this month, we completed a private offering of $360 million aggregate principal amount of 10% senior secured notes due in 2030. The notes are secured by 11 of our distribution and e-commerce fulfillment centers, which will be held by a newly formed holding company.

現在，讓我提供有關 2025 年 7 月到期再融資的最新情況。本月初，我們完成了 2030 年到期的 10% 優先擔保票據的私募發行，本金總額為 3.6 億美元。這些票據由我們的 11 個分銷和電子商務履行中心擔保，這些中心將由一家新成立的控股公司持有。

The offering is expected to close on May 30. We intend to use the net proceeds from the sale of the notes in a series of transactions resulting in the repayment of borrowings under its revolving credit facility. Kohl's expects to borrow under its revolving credit facility to repay all of its 4.25% notes due in July of 2025 at maturity.

此次發行預計將於 5 月 30 日結束。我們打算利用出售票據的淨收益進行一系列交易，以償還循環信貸額度下的借款。科爾士百貨預計將利用其循環信貸額度來償還所有 2025 年 7 月到期的 4.25% 票據。

Following this refinancing, Kohl's nearest debt maturity is not due until 2029 and our long-term debt remains at a 10 year low. This provides us with ample liquidity to navigate the macroeconomic uncertainty and invest in strategic initiatives of the company and build a stronger cash position.

在此次再融資之後，科爾士百貨最近的債務到期日要到 2029 年，而我們的長期債務仍處於 10 年來的最低水平。這為我們提供了充足的流動性，以應對宏觀經濟的不確定性，投資於公司的策略性舉措並建立更強大的現金狀況。

Next, I would like to provide context around how we are navigating tariffs and the impact they have on our 2025 outlook. Over the last several years, our talented and experienced global sourcing team has done an incredible job diversifying our countries of production to ensure that we are not overly reliant on any one country.

接下來，我想介紹我們如何應對關稅以及關稅對 2025 年前景的影響。在過去的幾年中，我們才華橫溢、經驗豐富的全球採購團隊在實現生產國家多元化方面做得非常出色，以確保我們不會過度依賴任何一個國家。

Although tariffs remain a fluid and uncertain situation, the teams continue to work to reduce our exposure to high tariff countries by leveraging our diverse factory network to move production, adjusting orders based on pricing elasticity analysis, and working closely with our supplier and vendor base to proactively manage any impacts with the goal of continuing to drive value to our customers.

儘管關稅仍處於不穩定和不確定的狀態，但我們的團隊將繼續努力，透過利用我們多樣化的工廠網路來轉移生產、根據價格彈性分析調整訂單以及與我們的供應商和供應商群體密切合作，主動管理任何影響，以繼續為我們的客戶創造價值。

As we look to the remainder of 2025, we remain focused on three key initiatives to better serve our customers. Given what we know today and the current actions we are taking to mitigate tariffs, we believe we can achieve our financial guidance for the year of comparable sales down 4% to down 6%, operating margin of 2.2% to 2.6% and diluted EPS of $0.10 to $0.60.

展望 2025 年剩餘時間，我們仍將專注於三項關鍵舉措，以更好地服務我們的客戶。鑑於我們目前所了解的情況以及我們為降低關稅而採取的當前行動，我們相信我們可以實現今年的財務預期，即可比銷售額下降 4% 至 6%，營業利潤率達到 2.2% 至 2.6%，稀釋每股收益達到 0.10 美元至 0.60 美元。

Lastly, I would like to take a moment to acknowledge the amazing team at Kohl's. We are navigating through a lot of change and your loyalty, dedication and hard work have been unwavering. Thank you for all that you do for Kohl's and the millions of customers we serve each day. With that, we are happy to take your questions at this time.

最後，我想花點時間感謝科爾士出色的團隊。我們正在經歷許多變化，但你們的忠誠、奉獻和努力始終堅定不移。感謝您為 Kohl's 以及我們每天服務的數百萬客戶所做的一切。因此，我們很樂意回答您的問題。

(Operator Instructions) Mark Altschwager, Baird.

（操作員指示）Mark Altschwager，Baird。

Good morning. Thank you for taking my question. Maybe to start off for Michael here. The strategic priorities outlined today fairly consistent with what we heard on the last call. Just any adjustments you're planning in the near term? And what do you think it will take to return to comp growth?

早安.感謝您回答我的問題。也許麥可就是從這裡開始的。今天概述的策略重點與我們上次電話會議中聽到的內容相當一致。您近期計劃做出什麼調整嗎？您認為要恢復同業成長需要做些什麼呢？

Thanks for the question, Mark, and good morning. I'm 30 days in, so it's early days, but the evaluation of the plan is not something that we're considering major changes to. As a Board member, before I stepped into this Interim CEO role, we are very aligned with the management team on the strategy that we're executing. So I don't see us making major shifts or changes to what's been articulated in terms of the strategy going forward.

謝謝你的提問，馬克，早安。我已經參與了 30 天，所以現在還為時過早，但我們不會考慮對計劃的評估進行重大修改。身為董事會成員，在我擔任臨時執行長之前，我們與管理團隊在執行的策略上非常一致。因此，我認為我們不會對未來策略做出重大轉變或改變。

As it relates to your second part of your question with respect to what it's going to take to restore growth. As Jill mentioned, we're in the middle of the transformation in early days, honestly, of it. And so it's going to take some time for us to get back to that. But the bottom line is that we're trying to align the business to meet the needs of our customers.

這與您問題的第二部分有關，即如何恢復成長。正如吉爾所提到的，老實說，我們正處於轉型初期。所以我們需要一些時間才能恢復到那個狀態。但最重要的是，我們正在努力調整業務以滿足客戶的需求。

And right now, our customers -- some of them are stressed. And so we're trying to focus on value, and restoring that confidence that the customer needs to be able to come to Kohl's and find what they're looking for at a great price so that they can stretch the dollars that they're looking for.

現在，我們的客戶中有些人感到壓力很大。因此，我們試圖專注於價值，並恢復這種信心，即客戶能夠來到 Kohl's 並以優惠的價格找到他們想要的東西，這樣他們就可以花最少的錢買到他們想要的東西。

I look at it almost Mark, as when I break it down, there are kitchen table conversations going on across America every day. People are trying to figure out how to make sense of the dollars that they have to spend and they're prioritizing where they want to put it. And so for -- put those dollars.

馬克，我幾乎是這樣看待這個問題的，因為當我把它分解開來時，就會發現全美各地的廚房餐桌上每天都會發生這樣的對話。人們正在試圖弄清楚如何合理利用他們必須花費的錢，並確定優先使用的地方。所以——投入那些美元。

And so for us, what's important is making sure that we are as close to being inside their heads and understanding what their needs are and meeting those needs at the time they need them. And that's what it will take for us to get back to growth over time.

因此，對我們來說，重要的是確保我們盡可能地了解他們的想法，理解他們的需求，並在他們需要的時候滿足這些需求。這就是我們隨著時間的推移恢復成長所需要的。

Thank you. And Jill, just with respect to the guide, first, any color you can share on quarter-to-date trends would be great. And then you're holding the full year guide even with Q1 ahead of expectations, and then obviously, there's the tariff piece.

謝謝。吉爾，就指南而言，首先，如果您能分享本季迄今為止的趨勢，那麼任何顏色都是很好的。即使第一季業績超出預期，您仍會持有全年指南，顯然還有關稅部分。

I was hoping you could just walk us through some of the puts and takes there in terms of your thought process for the year? And what specifically are you doing to offset the tariff costs on your direct imports? Thank you.

我希望您能向我們簡單介紹一下您今年的思考過程，以及其中的一些得失？您具體採取了什麼措施來抵銷直接進口的關稅成本？謝謝。

So I think from a guidance perspective, clearly, we were happy with the performance we saw in Q1, but I think we all know we're working in a very uncertain and what I would call fluid environment. And so as we thought about the pressures that we're seeing in particularly our middle-income customer, the uncertainty that we're navigating for the rest of the year, we just thought it was the right thing to do to hold the guidance despite the beat in Q1, which helps us have the room to navigate through that uncertainty for the rest of the year.

因此，我認為從指導角度來看，顯然我們對第一季的表現感到滿意，但我想我們都知道我們正處於一個非常不確定的、我稱之為流動的環境中。因此，當我們考慮到我們所看到的壓力，特別是中等收入客戶的壓力，以及我們在今年剩餘時間內面臨的不確定性時，我們認為，儘管第一季的業績超出預期，但維持預期是正確的做法，這有助於我們有空間來應對今年剩餘時間內的不確定性。

In terms of the quarter-to-date trends, I would say our quarter really was a pretty consistent performance. We did see our reg price selling improve as the quarter progressed, and we saw that actually into May. I'll call it one exception last week. It was pretty cold across the country. So we did see a little bit of a step back in our spring seasonal business.

就本季迄今的趨勢而言，我想說我們本季的表現確實相當穩定。隨著季度的進展，我們確實看到我們的常規價格銷售有所改善，而且我們實際上在五月就看到了這一點。我稱之為上週的例外。全國各地的天氣都相當寒冷。因此，我們確實看到春季季節性業務有所回落。

But I would say very much attributed to weather one week, and we felt really good with the momentum that we had been building in our regular price business. And a lot of that was driven with the newness that we're flowing in.

但我想說，這很大程度上歸功於一周的天氣，我們對我們在正常價格業務中建立的勢頭感到非常滿意。這在很大程度上是由我們不斷湧入的新鮮事物所推動的。

We talked about on the call, we need to be back into that proprietary brand, and we are seeing that the customer is reacting as we flow in that newness to our proprietary brands. That is an opening price point. So as we talk about value, it's one key way that we can continue to deliver value to the customer.

我們在電話中談到，我們需要回到那個專有品牌，並且我們看到，當我們將這種新鮮事物引入我們的專有品牌時，客戶正在做出反應。這是一個開盤價位。因此，當我們談論價值時，這是我們能夠繼續向客戶提供價值的關鍵方法之一。

From a tariff perspective, we kind of tried to outline in the call what we are looking at. But back in, I think, 2017, when we were talking about border tax, we had started diversifying our countries of production. And our sourcing team has done a really nice step ensuring that we have a very diverse portfolio of countries that we leverage.

從關稅角度來看，我們試圖在電話會議中概述我們正在關注的內容。但我想，早在 2017 年，當我們談論邊境稅時，我們就已經開始實現生產國多元化。我們的採購團隊已經取得了非常好的成績，確保我們有一個非常多樣化的國家組合。

And so we're not overly reliant on any one country. So they have been working tirelessly with our buyers to move our production to different countries to the lower tariff countries to help mitigate against those costs. We also have adjusted orders.

因此我們不會過度依賴任何一個國家。因此，他們一直不懈地與我們的買家合作，將我們的生產轉移到不同的國家，即關稅較低的國家，以幫助減輕這些成本。我們也調整了訂單。

So we know we have high elastic categories like a small electric that may be taking price increases from a national brand vendor, we'll adjust our orders down knowing that the velocity of that demand just won't be there.

因此，我們知道我們擁有高彈性類別，例如小型電器可能會因國家品牌供應商而漲價，我們會下調訂單，因為我們知道需求速度不會存在。

And so we're making those choices real-time and working very closely with our supplier and vendor base to proactively offset any imports because at the end of the day, our goal is really to continue to drive incredible value to consumers during the uncertainty that we're navigating.

因此，我們即時做出這些選擇，並與我們的供應商和供應商密切合作，主動抵消任何進口，因為歸根結底，我們的目標是在我們所處的不確定環境中繼續為消費者帶來不可思議的價值。

Thank you.

謝謝。

Oliver Chen, TD Securities.

道明證券的 Oliver Chen。

Hi Michael and Jill. This is Julie on for Oliver Chen. Could you please break down the year-over-year increase to gross margin we saw this quarter in terms of how much came from markdowns versus category mix and proprietary brands. And then any color you could provide on private label penetration and AUR and gross margin delta versus national brands within private label? Thank you.

嗨，邁克爾和吉爾。我是 Julie，為 Oliver Chen 報道。您能否以降價、品類組合和自有品牌的比例來細分一下本季毛利率的年增率？那麼，您能否提供一些關於自有品牌滲透率、AUR 和毛利率與自有品牌內的國家品牌之間的差異的詳細資訊？謝謝。

Yeah, I mean on gross margin, the biggest piece is we're seeing a mix benefit. And I think we've talked a lot about our proprietary brands have a better margin structure, and so as we move more into that, we'll see improvement. Kind of the rule of thumb we use is for every 100 basis points of penetration, we improve our proprietary brands. You'll get about a 15 -- 10 to 15 basis point improvement in our margins.

是的，我的意思是，就毛利率而言，最大的部分是我們看到了混合效益。我認為我們已經多次討論過我們的專有品牌擁有更好的利潤結構，因此隨著我們進一步深入這一領域，我們將看到改善。我們採用的經驗法則是，每滲透 100 個基點，我們就會改進我們的專有品牌。我們的利潤率將提高約 15——10 到 15 個基點。

I think the other big thing is, and this is pretty consistent internal and external is my pass around inventory management. The more we can manage the inventory, the better reg selling, as I indicated, we have the better margin structure.

我認為另一件重要的事情是，這與內部和外部的庫存管理非常一致。我們越能管理庫存，常規銷售就越好，正如我所說，我們的利潤結構就越好。

You continue to see that a key enabler for us to continue to grow margin. And so I would say those are the two big drivers that we outlined because that's really where we see the benefit coming through from a margin perspective. And I think as the year progresses and our strategy really is aligned around the proprietary penetration.

您繼續看到這是我們繼續增加利潤的關鍵推動因素。所以我想說，這是我們概述的兩個主要驅動因素，因為從利潤率的角度來看，這確實是我們看到的好處。我認為隨著時間的推移，我們的策略確實會圍繞專有滲透進行調整。

And we don't have a goal for that. We're always going to let the customer tell us where proprietary brand penetration needs to be, but what I would tell you is we're probably at an all-time low what our penetration was, I think we're averaging around 30% penetration there. We've been up and down over the course of the last decade.

但我們對此並沒有目標​​。我們總是讓客戶告訴我們專有品牌滲透率需要達到什麼程度，但我想告訴你的是，我們的滲透率可能處於歷史最低水平，我認為我們在那裡的平均滲透率約為 30%。過去十年我們經歷了起起落落。

I will say that we never will hit back to the highs you would have seen when we were closer to 50%, 50% because Sephora is obviously a national brand and has a large penetration being close to a $2 billion business. But we do have a lot of room here to move back into proprietary brand penetration.

我想說的是，我們永遠不會回到接近 50% 時的峰值，因為絲芙蘭顯然是一個全國性品牌，滲透率很高，接近 20 億美元的業務。但我們確實有很大空間來重新實現專有品牌滲透。

And I think it's very timely given the value that those brands bring to our customers. We're really missing that opening price point opportunity for our customers to shop us, and we know that they -- especially our core customers look for that opening price point, they've grown to love the quality and size and fit of those brands, and they were just really vacant. So as we brought those back in, we've seen good momentum, particularly with our core customers from that perspective.

考慮到這些品牌為我們的客戶帶來的價值，我認為這是非常及時的。我們確實錯過了讓客戶以首發價來購買我們產品的機會，我們知道他們——尤其是我們的核心客戶——正在尋找首發價，他們已經逐漸喜歡上這些品牌的質量、尺寸和合身度，他們真的很空虛。因此，當我們重新引入這些功能時，我們看到了良好的勢頭，特別是從我們的核心客戶的角度來看。

And then from an AUR perspective, I think all in our ATV is (technical difficulty) and that is based on consumers trading down. So they're trading down into lower AUR goods. We saw our UPT up a little bit, but they're still looking for that value.

然後從 AUR 的角度來看，我認為我們的 ATV 的全部都是（技術難度），並且是基於消費者的交易量下降。因此他們選擇購買 AUR 較低的商品。我們看到我們的 UPT 略有上升，但他們仍在尋找該值。

So I think everything that we're seeing and the way that our buys are going to go forward are going to really be a driver of opening price points. So I do expect we're going to have some AUR pressure given those choices, but they are making up for some of that in UPT.

因此，我認為我們所看到的一切以及我們未來的購買方式將真正成為開盤價的驅動因素。因此我確實預計，考慮到這些選擇，我們將面臨一些 AUR 壓力，但他們正在透過 UPT 彌補其中的一些壓力。

The other piece of UPT is we did talk about expanding are Impulse, and we do see our Impulse lines item to the basket. So that's the UPT driver. So getting that into 600 more stores by Q3, I think will be a way for us to continue to balance out that basket.

UPT 的另一部分是我們確實談論了擴展 Impulse，並且我們確實將 Impulse 線項目看到了籃子中。這就是 UPT 驅動程式。因此，我認為，到第三季將該產品推廣到 600 多家門市，將是我們繼續實現平衡的一種方式。

Thank you so much.

太感謝了。

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團 (Telsey Advisory Group)。

Hi, good morning, everyone. As you think about the store footprint, and I know a lot of the stores are profitable, how are you assessing what the right number should be, should there be any additional closings and also the size of the format.

大家好，早安。當您考慮商店佔地面積時，我知道許多商店都是盈利的，您如何評估正確的數量應該是多少，是否應該關閉任何額外的商店，以及格式的規模。

And then just lastly is just unpacking the tariffs, just one more time with the latest news on tariffs, how are you thinking about inventory levels and pricing as we get to the fourth quarter? Thank you.

最後，我們再一次討論關稅問題，關於關稅的最新消息，您如何看待第四季度的庫存水準和定價？謝謝。

So yeah, I mean, Dana, you know what my take on stores. We have an incredibly healthy store base in terms of they make four wall operating profit, they make four wall cash. We do an exercise every year to really look at our store base and understand where potentially there could be some edit. So we closed 27 stores. I look at that as hygiene. It's like 2% of our fleet.

是的，我的意思是，達娜，你知道我對商店的看法。我們擁有極為健康的門市基礎，他們賺取四面牆營業利潤和四面牆現金。我們每年都會進行一次練習，認真審視我們的商店基礎，以了解哪些地方可能需要編輯。因此我們關閉了27家商店。我認為這是衛生。這大約占我們機隊的2%。

So we'll always be looking at understanding what does that mean. We also look at the fleet to say, as leases come due, which you know I think we have about 80 plus leases coming due a year, which gives us incredible flexibility, as there are opportunities to relocate them given just the shift of populations, where competition resides, et cetera, or downsize them as well given what sizes make most sense given community populations.

因此，我們將始終努力理解這意味著什麼。我們還會查看船隊，了解租約到期的時間，我想我們每年大約有 80 多個租約到期，這給了我們極大的靈活性，因為有機會根據人口的變化、競爭的地點等重新安置它們，或者根據社區人口最合理的規模縮小它們的規模。

I would say we've learned a lot. We've tried many different sizes. We have a 64,000 square foot store, 55,000 to 35,000 outside of our normal prototype. And so we've really learned like what makes the most sense for Kohl's to be able to deliver the right assortment to the community.

我想說我們學到了很多。我們嘗試過許多不同尺寸。我們有一個 64,000 平方英尺的商店，比我們正常的原型面積大 55,000 到 35,000 平方英尺。因此，我們真正了解了什麼是最有意義的，以便科爾士能夠向社區提供正確的商品組合。

And I would say maybe the 35,000 is a little too small. And so we're kind of really focusing and centering ourselves on the 55,000. And I think that's the way for us to reach more communities that we're not serving today.

我想說 35,000 可能有點太少了。因此，我們的重點確實集中在 55,000 上。我認為這是我們接觸更多我們目前尚未服務的社區的方式。

And potentially, as we make a downsized opportunity at some of our 88,000 square feet just to heighten the productivity of those stores, so I think there's always going to be edits around the store portfolio to continue to elevate its productivity. But I don't see that there's going to be a ton of closures there outside of the normal hygiene that we'll do every year as we look at that store base.

而且，當我們縮小 88,000 平方英尺的部分面積時，可能會提高這些商店的生產力，所以我認為我們會不斷對商店組合進行修改，以繼續提高其生產力。但我認為，除了我們每年都會進行的正常衛生檢查外，不會有大量門市關閉。

In terms of tariffs, I would say it is a fluid situation, given the news last night and this morning. So obviously, everything that we're talking about was what we had known going into today's call. I would say if there is a pause from a tariff perspective, of course, that could be a positive, particularly around the consumer.

就關稅而言，根據昨晚和今天早上的消息，我認為情況不穩定。顯然，我們所談論的一切都是我們在今天的電話會議中已經知道的內容。我想說，如果從關稅角度暫停，當然這可能是件好事，特別是對消費者而言。

If I put where Michael's comments were, we have a consumer who stretched, our middle-income customer that we are serving is definitely a stretched customer, and so if they don't have to see price increases from tariffs and they have more discretionary income, that, of course, always would help our business, so we could see that as a positive. But it's really not actually changing a lot from how we're managing inventory.

如果我把麥可的評論放在那裡，我們有一個捉襟見肘的消費者，我們所服務的中等收入客戶肯定是一個捉襟見肘的客戶，所以如果他們不必看到關稅導致的價格上漲，而且他們有更多的可支配收入，那當然總是會對我們的業務有幫助，所以我們可以把這看作是積極的。但實際上這並沒有改變我們管理庫存的方式。

We expect our inventory to be down high single digits by the end of the year. We expect our receipts to be tighter. We have an opportunity to turn this business faster, and that's really what we're doing, but we're trying to do it on a paced approach because we don't want to pull too much out.

我們預計到今年年底我們的庫存將下降個位數。我們預計我們的收入會更加緊張。我們有機會更快地發展這項業務，而這正是我們正在做的事情，但我們正嘗試以有節奏的方式進行，因為我們不想付出太多。

We know flow of freshness receipts is important. And so that's really the way that we're continuing to navigate the situation. But obviously, if there's different cost or price increases, the elasticity would change on some of those. So it could change (inaudible) slightly. But I would say, overall, positive more from a consumer perspective.

我們知道新鮮收據的流動很重要。這就是我們繼續處理這一局勢的真正方式。但顯然，如果成本或價格上漲幅度不同，其中一些的彈性就會改變。因此它可能會稍微改變（聽不清楚）。但我想說，整體而言，從消費者的角度來看，情況更為正面。

And Dana, just to follow on what Jill was mentioning on the tariff question. I think aside from national brands, which we have to follow the pricing on certain brands, we think that within the guidance that we've given, we can manage through the tariff issue.

達娜，我只是想繼續吉爾提到的關稅問題。我認為，除了我們必須遵循某些品牌的定價的國家品牌外，我們認為在我們給出的指導範圍內，我們可以解決關稅問題。

And now what we've said, as based on what we know today, that's what we're saying. But as we continue to move through it in last night's the example and the court ruling, I think, is just an illustration of how fluid the situation is. We'll continue to monitor it and make sure that we're taking the right steps. But we've already done that. And in many cases, we're not overly reliant on any one country that's causing us any challenges at this point.

現在我們所說的，根據我們今天所知道的情況，就是這些。但隨著我們繼續討論昨晚的例子和法院的裁決，我認為，這只是說明了情況是多麼不穩定。我們將繼續監控並確保採取正確的措施。但我們已經這樣做了。在很多情況下，我們並不會過度依賴任何一個帶給我們挑戰的國家。

Thank you.

謝謝。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Hi, this is Jacquelyn Wang on behalf of Michael. Thank you for taking our questions here. Maybe just on Sephora. How many Sephora are in Kohl's right now? And how many stores do you expect to further expand or deepen this collaboration? Maybe a little bit more color on the operating environment in the first quarter with comp growth being at 1%? Thank you.

大家好，我是 Michael 的 Jacquelyn Wang。感謝您在這裡回答我們的問題。也許就在絲芙蘭。現在 Kohl's 有多少家絲芙蘭店？您預計有多少家商店會進一步擴大或深化這種合作？第一季的經營環境是否會更加明朗，同店銷售額成長率將達到 1%？謝謝。

Sure. So from a Sephora perspective, we just finished the rollout. So I think it's in all of our stores at this point in time. I think 103 stores went or are in the process of finishing up as we're speaking. So we now have a presence in all the stores that we'll have Sephora.

當然。因此從絲芙蘭的角度來看，我們剛剛完成了推廣。所以我認為目前我們所有的商店都有這種產品。我認為，正如我們所說，已有 103 家商店關閉或正在關閉中。因此，我們現在已在絲芙蘭的所有商店開設了店鋪。

The last one that went were a smaller shop. So as we went into the smaller square footage stores, we put in a 750 square foot shop versus our larger stores, heavy 2,500 square foot shop. We actually are pleased with the performance we saw from Sephora.

最後去的是一家較小的商店。因此，當我們進入較小面積的商店時，我們設立了一個 750 平方英尺的商店，而我們的較大商店則設有一個 2,500 平方英尺的商店。事實上，我們對絲芙蘭的表現感到非常滿意。

Although the comp stepped down, we expected that. Obviously, this is a relationships that I think now are in our fourth year. So we're going to expect these comps not to be as robust as we have less new stores opening. We are continuing to see market share gains in the beauty space.

儘管公司辭職了，但這已是我們預料到的。顯然，我認為我們之間的合作關係已經進入了第四年。因此，我們預計這些比較結果不會那麼強勁，因為我們開設的新店較少。我們持續看到美容領域的市場份額成長。

And we did see, I think, in Q1, in fragrance and hair and makeup are really the ones that stood out for us. I think we had some opportunity more in the skin care categories. As we go into Q2, we do have some newness coming in around hair care and then also make up with (inaudible)

我認為，我們確實看到，在第一季度，香水、美髮和化妝品確實是讓我們脫穎而出的。我認為我們在護膚品類別中還有更多機會。進入第二季度，我們在護髮和化妝方面確實有一些新產品。（聽不清楚）

And then we also have an opportunity with Father's Day. So men's fragrance actually outperformed in Q1. We're going to give it more exposure as we go into Father's Day. So we think that's a big moment as well that we can take advantage of. So as we think about the remainder of the year, I think we're pleased with where we saw Sephora, and it's on pace for our expectations.

父親節也為我們帶來了機會。因此，男士香水在第一季的表現其實非常出色。在父親節來臨之際，我們將給予它更多的曝光機會。因此我們認為這也是我們可以利用的一個重要時刻。因此，當我們考慮今年剩餘時間時，我認為我們對絲芙蘭的表現感到滿意，並且它的發展速度符合我們的預期。

Got it. Thanks, guys.

知道了。謝謝大家。

Paul Lejuez, Citigroup.

花旗集團的保羅‧勒胡埃斯 (Paul Lejuez)。

And it's Tracy Kogan filling in for Paul. I had a question on your e-com performance in the quarter. I know you mentioned the sales decline. I was wondering if you could talk about the profitability there and when you think we might be able to see improved sales performance? And then I just had a quick follow-up on tariffs. Thanks.

特蕾西·科根 (Tracy Kogan) 代替保羅 (Paul) 上場。我對您本季的電子商務業績有疑問。我知道您提到了銷售額下降。我想知道您是否可以談談那裡的盈利能力以及您認為何時我們可以看到銷售業績的提高？然後我簡單跟進一下關稅問題。謝謝。

Sure. So digital obviously improved, Tracy from Q4, pretty substantially. We obviously had some self-inflicted issues in Q4 that we corrected for. I think a couple of things that weigh on digital is it's highly penetrated in our Kohl's Charge core customer, which is the area that has been underperforming for us given some of the decisions we've made over the last couple of years. So when we continue to see improvement in the core customer, we'll see some continued improvement in the digital business as well.

當然。因此數位化明顯改善，Tracy 從第四季開始，改善相當顯著。顯然，我們在第四季遇到了一些自身造成的問題，並已予以糾正。我認為數位化面臨的幾個問題是，數位化在我們 Kohl's Charge 核心客戶中的滲透率很高，而考慮到我們過去幾年所做的一些決定，這個領域的表現一直不佳。因此，當我們繼續看到核心客戶的改善時，我們也會看到數位業務的持續改善。

Second, it over-penetrates in our home businesses and home underperformed for the category -- for the quarter. So we did have a little bit of pressure from that perspective. I would say that, we should continue to see progressive improvement from digital based on a lot of the changes that we're making.

其次，它在我們的家庭業務中的滲透率過高，而本季家庭業務的表現卻低於同類產品。所以從這個角度來看我們確實有一點壓力。我想說的是，基於我們正在進行的許多變革，我們應該繼續看到數位化的逐步改善。

I think there's some opportunities in some of our new businesses, like we know Babies R Us particularly has a good digital business and how can we capitalize and take care of that. So there are some fixes that we're putting in, but I would say it's going to be a progressive improvement, and it's really going to be around that core Kohl's customer coming in to be able to drive that business forward from that perspective.

我認為我們的一些新業務中存在一些機會，例如我們知道 Babies R Us 尤其擁有良好的數位業務，我們如何利用並照顧好它。因此，我們正在進行一些修復，但我想說這將是一個漸進的改進，而且它將真正圍繞著科爾的核心客戶，從這個角度推動業務向前發展。

I mean from a profit, I would say, we always say stores a little bit more profitable because we don't have a cost of shipping, but we're very pleased with the digital business. And obviously, across the organization, we've managed our expenses incredibly well. I think you know we're very disciplined, and we continue to see margin expansion. And that benefits both channels.

我的意思是從利潤來看，我們總是說商店的利潤更高一些，因為我們沒有運輸成本，但我們對數位業務非常滿意。顯然，在整個組織中，我們的開支管理得非常好。我想你知道我們非常自律，而且我們的利潤率還在不斷擴大。這對兩個管道都有好處。

So I think as we've continued to see below that sales line continuing to improve, that has a benefit on both sides. So from a profit perspective, we still think, I'm pleased with where we're moving it. Obviously, when you have a cost of shipping component, it's going to be a little less profitable than your stores. It's really going to get that top line back in check, and I think it's going to be progress not an overnight improvement.

因此我認為，隨著我們繼續看到銷售線以下的持續改善，這對雙方都有好處。因此，從利潤角度來看，我們仍然認為，我對我們的發展方向感到滿意。顯然，當你有運輸成本時，它的利潤會比你的商店少一點。這確實會讓營收恢復正常，而且我認為這將是一個進步，而不是一夜之間的進步。

Got it. Thank you. And just a follow-up on tariffs. I was wondering how much margin pressure you're building into guidance? Or are you assuming that you can mitigate all of it?

知道了。謝謝。這只是關於關稅的後續問題。我想知道您在指導中設定了多大的利潤壓力？或者您認為您可以減輕所有這些影響？

So we do think we can mitigate a vast majority of the tariff pressures based on everything we outlined earlier in the call. But everything that I just gave you from a guidance has been taken into consideration of any of the tariff exposure that we do have.

因此，我們確實認為，根據我們在電話會議中早些時候概述的所有內容，我們能夠減輕絕大多數關稅壓力。但我剛才給出的指導意見已經考慮到了我們確實面臨的關稅風險。

So we feel very good, obviously, coming out strong in Q1, but then what that means for the rest of the year, we felt good and confident based on what we know today, that we'll be able to hit that guidance.

因此，我們感覺非常好，顯然，我們在第一季表現強勁，但這對今年剩餘時間意味著什麼，根據我們今天所了解的情況，我們感覺良好並有信心，我們將能夠達到這一指導。

Great, thanks very much.

太好了，非常感謝。

Blake Anderson, Jefferies.

布萊克·安德森，傑富瑞。

Hi. Thanks for taking our questions. So first one was, you have a large and loyal customer base, especially with your private label offerings. I was thinking about as you think about the path forward back to sales growth, how are you prioritizing growth with existing customers versus gaining new customers?

你好。感謝您回答我們的問題。首先，您擁有龐大且忠誠的客戶群，尤其是您的自有品牌產品。我在想，當您考慮恢復銷售成長的道路時，您如何優先考慮現有客戶的成長而不是獲得新客戶？

I would say, first, our new customer growth has been great. Our performance with our new customers and what I would say, I'll call it a non-Kohl's Charge customer has actually been positive. So we're feeling really good with the initiatives that we had to attract the new customer, to retain that new customer and actually even to see them shop more widely, particularly we've seen that in our accessories and Juniors businesses.

我想說，首先，我們的新客戶成長強勁。我們對待新客戶以及我所說的非 Kohl's Charge 客戶的表現實際上是正面的。因此，我們對吸引新客戶、留住新客戶，甚至看到他們進行更廣泛購物的舉措感到非常滿意，特別是在我們的配件和青少年業務中，我們已經看到了這一點。

It's the core customer that we are very focused on and what we need to do to get back to growth is to move that customer in the right direction. The good news is this customer has still shopped us. So they haven't stopped shopping us. They're just giving us less of their wallet share. And a lot of this is self-inflicted. So we laid out some of the things that we did.

我們非常專注於核心客戶，為了恢復成長，我們需要做的就是引導該客戶朝著正確的方向發展。好消息是這位顧客仍然在我們這裡購物。所以他們一直沒有停止向我們購物。他們只是給我們減少了他們的錢包份額。而這其中很多都是自己造成的。因此我們列出了我們所做的一些事情。

When we brought in Sephora, we took away jewelry. Well jewelry was something they came to Kohl's for, and it wasn't really substitutable. So if I wanted to find a necklace and earrings, I didn't come to Kohl's (inaudible) buy a sweater.

當我們引入絲芙蘭時，我們拿走了珠寶。他們來 Kohl's 就是為了買珠寶，而珠寶是無法取代的。因此，如果我想找一條項鍊和耳環，我就不會來 Kohl's（聽不清楚）買一件毛衣。

So we lost that trip, we lost that basket. As we've brought jewelry back in, we've seen it grow both in Q4 and again in Q1, seeing that positivity come through in the whole accessories pad. Just given that accessories pad a home behind Sephora does have a nice cross shopping, we had four comp and accessories for the quarter.

所以我們失去了那次旅行，失去了那個籃子。隨著我們重新推出珠寶，我們看到它在第四季度和第一季都實現了成長，並且看到整個配件領域都呈現出積極跡象。鑑於配件在絲芙蘭 (Sephora) 後面的位置確實有一個不錯的交叉購物，我們本季度有四個同類配件。

They also shopped a lot of petite. So we had exited out of petite. We brought petites back in for the -- that customer, again, not substitutable. If you're a petite, you're not going to buy regular. So we lost that trip, we lost that basket.

他們還購買了很多小件物品。所以我們就離開小店了。我們為顧客重新帶來了小件商品──同樣，這些商品是不可取代的。如果您身材嬌小，那麼您不會購買常規產品。所以我們失去了那次旅行，失去了那個籃子。

So as we brought it back in, we've seen it really resonate with that customer. Petites business up in the teens for the quarter. Additionally, they were a proprietary brand lever. They knew the brands. They like the quality. They like the value that it brought and it was coupon-eligible.

因此，當我們將其重新引入時，我們發現它確實引起了客戶的共鳴。本季度，小型商店的業務成長了十幾個百分點。此外，它們還是專有品牌槓桿。他們了解這些品牌。他們喜歡這種品質。他們喜歡它帶來的價值，並且可以使用優惠券。

And we -- instead, when we move to market brands, we replaced it with brands they didn't know at a higher price point without a coupon. So we really needed to make that correction. And we started doing that -- last year, we called that out in Q3. We saw it again in Q4. We're doing it in Q1.

而我們——相反，當我們轉向市場品牌時，我們用他們不了解的品牌來代替，而且價格更高，而且沒有優惠券。所以我們確實需要做出這個修正。我們去年第三季就開始這麼做了。我們在第四季度再次看到了它。我們將在第一季進行此項工作。

As we're bringing those goods in, it's an opening price point. So it's squarely in the value center of what they're looking for, and they're finding the brands that they had come to love. So we just need to continue to slow that inventory thoughtfully. So that's where we feel like there'll be some progressive improvement as those receipts in the newness sets.

當我們引進這些商品時，這是一個起始價格點。因此，這正好是他們所尋找的價值中心，而且他們正在尋找自己喜愛的品牌。因此，我們只需要繼續慎重地減緩庫存下降的速度。因此，我們感覺隨著新品集的推出，這些收據將會有一些逐步的改善。

I think the last thing I would call out is we had a lot of brands that became excluded. In fact, we are more excluded than included or right at the 50%, 50% mark. And so when we did that, it really polarized from a core customer who came in with a coupon and felt disappointed they couldn't use it on some things. So in April 28, we brought a lot of new brands back into the coupon. It's early, but we did see this is a place I guess if I go back to Tracy's question, digital really reacted well to the coupon. It's very price sensitive.

我認為最後要指出的是，我們有很多品牌被排除在外。事實上，我們被排除在外的程度比被納入的程度要大，或剛好處於 50%、50% 的分界線。因此，當我們這樣做時，核心客戶的態度發生了兩極分化，他們拿著優惠券進來，卻感到失望，因為他們不能用它買一些東西。所以在4月28日，我們把許多新品牌重新帶入了優惠券中。現在還為時過早，但我們確實看到了這個地方，我想如果我回到 Tracy 的問題，數字對優惠券的反應確實很好。它對價格非常敏感。

So as we can bring items back into the coupon, we also think that will bolster our digital business, but also plays very much to this core customer. So a lot of the strategies that we're outlining is really getting back to talking to that core customer and gaining back their trust and getting back the wallet share that we lost.

因此，由於我們可以將商品重新納入優惠券，我們認為這將增強我們的數位業務，對核心客戶也有很大幫助。因此，我們提出的許多策略實際上都是為了重新與核心客戶溝通，重新贏得他們的信任，並奪回我們失去的錢包份額。

But again, they're still shopping us. So that's a little bit easier of a challenge for our marketing team. They don't have to go find them. We just have to get them to come in more.

但他們仍然在向我們推銷。因此，對於我們的行銷團隊來說，這是一個更容易應對的挑戰。他們不必去尋找它們。我們只需要讓他們更多地參與。

And Blake, I would just add on top of what Jill said, a couple of things to note. We're doing a lot of work right now with our marketing organization to figure out who the -- about who the Kohl's customer is. We know who they are. But to the extent that we can understand how to reach them even more effectively. That's one area in the store experience itself.

布萊克，除了吉爾所說的內容之外，我還要補充幾點需要注意的事項。我們目前正在與行銷部門進行大量工作，以找出誰是 Kohl's 的客戶。我們知道他們是誰。但在某種程度上，我們可以了解如何更有效地接觸他們。這是商店體驗本身的一個領域。

Jill mentioned earlier in his opening remarks about the aisle adjacencies and moving products like Junior dresses outside of Sephora, so that when you talk about cross shopping and conversion, those are the types of things that will help enhance the experience that the customer has, once they decide to come to our locations, there or on the website.

吉爾在開場白中提到了過道相鄰性以及將青少年連衣裙等產品移出絲芙蘭，這樣當你談論交叉購物和轉化時，這些都是有助於提升顧客體驗的事情，一旦他們決定來到我們的門店或在網站上。

And then trip assurance is one of the things that's really important for both customers, new and existing and making sure that, that balance between having choice on the floor and on the site, but also depth so that when a customer does choose to come to a Kohl's location that they can actually find what they're looking for and the right sizes and colors, et cetera.

然後，行程保證對於新舊客戶來說都是非常重要的事情之一，並確保在現場和現場選擇之間取得平衡，但也要有深度，以便當客戶選擇來到 Kohl's 門市時，他們實際上可以找到他們想要的東西以及合適的尺寸和顏色等等。

Those are things that we're all working through right now as well to make sure that we fine tune the business, again, to make sure that once the customer decides that this is where I want to go to shop that they can be satisfied with the experience that they have.

這些也是我們現在正在努力解決的事情，以確保我們對業務進行微調，再次確保一旦客戶決定這是我想要去購物的地方，他們就會對他們的體驗感到滿意。

At the end of the day, a customer asks four questions when they decide to come to anywhere. I mean you put your own hat on as a customer, whether you're going to a restaurant or a Kohl's store, they ask, what do you have? How much does it cost? Where can I get it and when?

歸根結底，當顧客決定去任何地方時，他們都會問四個問題。我的意思是，作為一個顧客，無論你是去餐廳還是科爾士商店，他們都會問，你有什麼？它要多少錢？我可以在哪裡以及何時獲得它？

And we're working down through the answers to all four of those questions with a lot of work that's going on inside of our business right now to really codify what it is we need to do both online and in store to make sure that we're satisfying the needs of customers when they ask those four questions.

我們正在努力尋找這四個問題的答案，目前我們內部正在進行大量工作，以真正規範我們需要在線上和店內做什麼，以確保在客戶提出這四個問題時能夠滿足他們的需求。

That's very helpful. Appreciate all the detail. And then I wanted to ask a follow-up. This was for you, Michael, on national brands, curious at a high level, if you can share any color on conversations recently you've had with your key vendor partners about maybe expanding or changing assortment? And then how do you think about the need to add new national brands over time?

這非常有幫助。感謝所有細節。然後我想問一個後續問題。邁克爾，這是給你問的關於國家品牌的問題，我很好奇，你是否可以分享一下最近你與主要供應商合作夥伴就擴大或改變產品種類進行的對話？那麼，您如何看待隨著時間的推移增加新的國家品牌的必要性？

Yeah, I think maybe I'll take the second part of that question first. And I think as we have mentioned, we're on this journey right now of making sure that we provide the appropriate balance between our proprietary private label brands and the national brands. I think, candidly, we've added a lot of national brands over the past several years or so. And so our customers are actually asking for.

是的，我想我可能會先回答這個問題的第二部分。我認為，正如我們所提到的，我們現在正處於這一階段，以確保我們在專有自有品牌和國家品牌之間提供適當的平衡。坦白說，我認為在過去的幾年裡我們增加了許多國家品牌。我們的客戶其實也這麼要求。

And as Jill mentioned, the Kohl's credit customer, in particular, is asking much more for proprietary brands at this point. So we're trying to achieve that type of a balance. That doesn't mean that we won't consider adding national brands and tuning the assortment there.

正如吉爾所提到的那樣，科爾百貨的信貸客戶目前對自有品牌的要求更高。因此我們正在努力實現這種平衡。這並不意味著我們不會考慮增加國家品牌並調整其產品組合。

Conversations that we've had so far have been positive in terms of the focus that we have on continuing to provide national brands. We know we need to. That's what a large portion of our customers are interested in as well, and we'll continue to do that.

就我們繼續提供國家品牌的重點而言，迄今為止，我們的對話都是正面的。我們知道我們需要這麼做。這也是我們的大部分客戶感興趣的，我們將繼續這樣做。

Great, thank you both.

太好了，謝謝你們兩位。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

Hey, good morning. Thanks very much. On the guide, Jill, you reiterated the 2.2% to 2.6% operating margin for the year. And on late, I don't know if you spoke to the gross margin guide. I think you had formally thought up [30] to [50] and then SG&A dollars. Can you just hold our hands on that front? And then on the gross margin front, just any thoughts on the phasing throughout the year?

嘿，早安。非常感謝。吉爾，在指南中，您重申了今年的營業利潤率為 2.2% 至 2.6%。最近，我不知道您是否談到了毛利率指南。我認為你已經正式考慮過 [30] 到 [50] 以及銷售、一般和行政費用。你能在這方面指導我們嗎？那麼在毛利率方面，您對全年的分階段有什麼想法嗎？

Sure. So we talked briefly just about margin. I feel good with the guide, Chuck. A lot of the pressure for tariffs, we were able to offset and what we are absorbing was in the guide. So we feel comfortable with the fact that we'll hit that for guide.

當然。我們簡單討論了一下保證金。我對導遊查克 (Chuck) 感覺很好。我們能夠抵消許多關稅壓力，並且我們正在吸收的東西都在指南中。因此，我們對於以此為指導感到很放心。

I would say on the cadence for the year, maybe look at Q2 on a two year stack, the same way that you looked at Q1. And then the back half, we think we have some room to do some things. We're going to still be incredibly focused on value. We are going to get benefits, Chuck, on our proprietary brands. So as that newness flows and we get that throughout the year.

我想說，就今年的節奏而言，也許可以以兩年的疊加來看待第二季度，就像看待第一季一樣。然後對於後半部分，我們認為我們還有一些空間可以做一些事情。我們仍將高度重視價值。查克，我們將從我們的專有品牌中獲益。隨著新事物的不斷湧現，我們全年都會感受到這種新鮮感。

That's why I feel like back half, we have a little bit more room that's margin accretive for us. So we'll continue to look at that. We are bringing products back into the coupon. So we do think being more promotional and being -- having value orientation throughout the year is going to be important, particularly because this middle income customer that we serve is pretty stretched in today's environment.

這就是為什麼我覺得後半部我們還有更多的空間可以增加我們的利潤。因此我們會繼續關注這個問題。我們正在將產品重新納入優惠券中。因此，我們確實認為，全年進行更多的促銷和價值導向非常重要，特別是因為我們服務的中等收入客戶在當今環境下相當緊張。

So I feel like the 35 -- 30 to 50 points that we gave for margin is definitely still something that we can achieve, given all the efforts that our teams have put forth to mitigate tariffs knowing we had these strategies to go back into proprietary brands and have more coupon eligibility. And so what I would just say maybe on the two year stack for Q2, look at it like you did for Q1. And otherwise, I'd say in the back half, we have some additional benefits of penetration for proprietary.

因此，我認為，考慮到我們的團隊為降低關稅所付出的所有努力，以及我們有這些策略來恢復專有品牌並獲得更多優惠券資格，我們給出的 35 到 30 到 50 個百分點的利潤率肯定仍然是我們可以實現的。因此，我想說的是，對於第二季的兩年堆棧，請像看待第一季一樣看待它。除此之外，我想說在後半部分，我們在專有技術滲透方面還獲得了一些額外的好處。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good morning, and thank you for taking our question. I was hoping you could dive a little bit deeper into the progress that you've made in the women's business. It sounds like you do have some green shoots emerging in petites.

早安，感謝您回答我們的問題。我希望您能更深入地談談您在女性事業上所取得的進展。聽起來你的小寶貝們確實出現了一些新的活力。

If you look at the women's business as a whole, when do you expect to return to sustainable growth in that business? And how should we be thinking about that cadencing throughout the year?

如果您從整體上看待女性業務，您預計該業務何時能夠恢復永續成長？那我們該如何思考全年的節奏呢？

Yeah, I can start on women. What I would say is women's is one of the, I think, fast adapters and moving into market brands. And so we definitely moved out of our proprietary portfolio more into market brands. And I think our choices were up double digits and our debt was down -- relatively down double digits as well because we're still managing inventory well in that area.

是的，我可以從女性開始。我想說的是，女裝是快速適應並進入市場的品牌之一。因此，我們肯定會從專有產品組合轉向市場品牌。我認為我們的選擇增加了兩位數，而我們的債務也減少了——相對也減少了兩位數，因為我們仍然在很好地管理該領域的庫存。

So given the fact if you look at historically, women's had an outsized penetration in proprietary brands, I think they're like 60% to 70% penetrated in proprietary brands. This move had a pretty big impact to their business. And so as they're moving back into proprietary brands, we're seeing that momentum build. And I'll use Juniors. I mean, that's our fastest fashion business. It's our fastest business that we can correct and it was only down [1] in the quarter.

因此，從歷史上看，女性在自有品牌中的滲透率非常高，我認為她們在自有品牌中的滲透率約為 60% 至 70%。此舉對他們的業務產生了相當大的影響。因此，當他們重新轉向專有品牌時，我們看到了這種勢頭的增強。我會用 Juniors。我的意思是，這是我們最快的時尚業務。這是我們能夠糾正的最快的業務，本季僅下降了[1]。

I think if you look at brands like SO and Sonoma, we're moving back into those brands. We're starting to see some momentum there. Lauren Conrad, we called out as a positive. So as we brought more of that in, it's helped the women's business. So I would say this will continue to be a progressive improvement in terms of getting women's back to positive growth.

我認為如果你看看 SO 和 Sonoma 這樣的品牌，你會發現我們正在重新回歸這些品牌。我們開始看到那裡的一些勢頭。我們稱勞倫·康拉德為積極分子。因此，隨著我們引入更多此類資源，它對女性事業有所幫助。因此我想說，就讓女性恢復正成長而言，這將繼續是一個漸進的進步。

Dress is still a great category for us. It's a white space category we moved into. So really continuing to build momentum behind some of that newness, but making sure that we still deliver the depth on key basics and essentials, making sure that we have the proprietary brands that those customers have come to love and they're looking for, I think, are going to be key areas for us.

對我們來說，服裝仍然是一個重要的類別。我們進入的是一個空白類別。因此，我們確實要繼續在這些新事物背後積聚動力，但確保我們仍然在關鍵基礎和必需品方面提供深度，確保我們擁有那些客戶喜愛和正在尋找的專有品牌，我認為，這些將是我們的重點領域。

I think one other place that rolls into women's has been intimates and that's been a little bit of a laggard in terms of softness from sales. So I know that, that's another place that has a lot of SKU intensity there. So really looking at building some clarity and kind of reducing some choice count and having some more depths in those categories as well.

我認為內衣是女裝的另一個細分領域，但就銷售疲軟而言，內衣的銷售略顯疲軟。所以我知道，那裡是 SKU 強度很高的另一個地方。因此，我們真正要考慮的是建立一些清晰度，減少一些選擇數量，並在這些類別中增加一些深度。

So I would say we'll see improvement in women's throughout the year. But I don't know, like I can't tell you when it gets back to positive growth, but I think everything that the efforts they have a foot are making the right movement for us to have progress in that category.

所以我想說，我們將會看到女子比賽全年都有進步。但我不知道，例如我無法告訴你什麼時候會恢復正成長，但我認為他們所做的一切努力都為我們在這一類別中取得進展做出了正確的努力。

Great. And then just one quick follow-up. Are there any updates that you can share on your credit business for the rest of the year? How you're thinking about that from a cadencing perspective, but also how to get that back to a more flattish growth figure in the future?

偉大的。然後只需快速跟進一次。您能分享今年剩餘時間信貸業務的最新進展嗎？您從節奏的角度如何看待這個問題，以及如何在未來使其恢復到更平穩的成長數字？

Yeah, I think don't forget, we made the move up to -- from SG&A into other revenue. So a big portion when we guided -- I think we guided that line down 12%. And I had said without that move, we'd actually be better than our sales. So I just want to make sure that that's understood that there's a one-time adjustment that showing a drain on that line that has nothing to do with the actual portfolio itself.

是的，我想別忘了，我們已經從銷售、一般及行政費用轉向了其他收入。因此，當我們進行指導時，很大一部分——我認為我們指導的那條線下降了 12%。我曾說過，即使沒有採取這項舉措，我們的銷售額實際上也會更好。所以我只是想確保大家明白，有一次性調整，顯示該線路的消耗，與實際投資組合本身無關。

We talked a lot about our core customer book being down that weighs in on our credit, right? So as those sales are down, you build less of your AR and therefore, you have less revolving balances. So that is kind of weighing down on what we're seeing there.

我們多次談論了我們的核心客戶帳簿下降對我們的信用造成的影響，對嗎？因此，隨著銷售額的下降，您的應收帳款就會減少，因此您的循環餘額也會減少。所以這在某種程度上影響了我們所看到的情況。

So as those credit customer sales that we're very focused on, continue to make positive improvement. We'll see that obviously transfer into that revenue line. But I would say it's still leading from a sales perspective. It's just that change in terms of SG&A that's really showing the weight down.

因此，我們非常關注的那些信貸客戶銷售持續取得正面的改善。我們會看到這顯然會轉移到收入線上。但我想說，從銷售角度來看它仍然處於領先地位。銷售、一般及行政費用 (SG&A) 方面的變化確實顯示出了壓力的下降。

Great, thanks so much. Best of luck. I'll pass it on.

太好了，非常感謝。祝你好運。我會傳達的。

Thank you.

謝謝。

And that concludes the question-and-answer session and today's conference call. Thank you for your participation. You may now disconnect.

問答環節和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。