柯爾百貨 (KSS) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Kohl's Corporation second-quarter 2025 earnings conference call. (Operator Instructions).

感謝您的支持，歡迎參加科爾士集團 2025 年第二季財報電話會議。（操作員指令）。

I'd now like to turn the call over to Trevor Novotny, Director of Investor Relations. You may begin.

現在我想將電話轉給投資者關係總監 Trevor Novotny。你可以開始了。

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。本次電話會議上所做的某些陳述，包括預期的財務表現和本公司的未來計劃，屬於前瞻性陳述。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。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 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. 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 So if you are listening to a replay of this call, it is possible that the information discussed is no longer current, and Kohl's undertakes no obligation to update such information.

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。請參閱投資者介紹文件中關於非公認會計準則 (non-GAAP) 指標及這些指標對帳的警示性聲明，該聲明作為我們向美國證券交易委員會 (SEC) 提交的 8-K 表格的附件提交，並可在我們的投資者關係網站上查閱。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 and thank you for joining Kohl's second-quarter earnings conference call. On today's call, I'll be discussing highlights from our second quarter performance, followed by the progress we're making against our 2025 initiatives.

謝謝你，特雷弗，大家早安，謝謝你們參加科爾士第二季度收益電話會議。在今天的電話會議上，我將討論我們第二季業績的亮點，然後介紹我們在 2025 年計劃方面取得的進展。

Before I get into the performance, I would first like to say thank you to all of our associates at Kohl's. It's been a pleasure to work with you over the last four months. Each day, I've been inspired and energized by your commitment and hard work. And I'm very proud of what we've accomplished, and I'm excited about continuing to make progress against the significant opportunity that lies ahead for us.

在開始表演之前，我首先想向所有在科爾士百貨的同事表示感謝。過去四個月來我很榮幸能與您合作。每天，你們的承諾和努力都帶給我啟發和活力。我為我們所取得的成就感到非常自豪，我很高興能夠繼續抓住我們面臨的重大機遇，取得進展。

Now let me turn to our second quarter performance. We're pleased with our results as we delivered comparable sales of down 4.2% and adjusted earnings per diluted share of $0.56, both of which were ahead of our expectations. These results reflect the continued progress we're making against our 2025 strategic initiatives. Now while it's clear that these efforts are beginning to resonate with our customers, we also recognize that this performance is not yet where we aim to be. Our entire team remains focused on enhancing the way we serve customers and over time, returning the company to growth.

現在讓我來談談我們第二季的表現。我們對我們的業績感到滿意，因為我們實現了可比銷售額下降 4.2%，調整後每股攤薄收益為 0.56 美元，這兩項都超出了我們的預期。這些結果反映了我們在實現 2025 年策略計畫方面取得的持續進展。現在，雖然這些努力顯然開始引起客戶的共鳴，但我們也意​​識到，這種表現尚未達到我們的目標。我們整個團隊始終致力於改善我們為客戶服務的方式，並隨著時間的推移使公司恢復成長。

We saw our sales progressively improve throughout the quarter, with May having the softest performance due in part to colder, wetter weather over the last couple of weeks of the month, including the Memorial Day holiday which negatively affected our spring seasonal businesses. We saw improvement in June and ended the quarter strong with July comp sales flat to last year. The improved performance was driven by our digital business and our proprietary brand sales, both of which performed positively in July.

我們看到整個季度的銷售額都在逐步改善，其中 5 月份的表現最為疲軟，部分原因是該月最後幾週的天氣較冷、潮濕，包括陣亡將士紀念日假期，這對我們的春季季節性業務產生了負面影響。6 月我們見證了銷售的改善，並以 7 月與去年同期持平的強勁勢頭結束了本季。業績的改善得益於我們的數位業務和自有品牌銷售，這兩項業務在 7 月份均表現良好。

In addition to better-than-expected top line performance, we continue to operate the business with discipline. We were able to expand our gross margin by approximately 30 basis points, lower our inventory by 5%, and reduce our SG&A expenses by 4% in the quarter. Although we are encouraged by our second quarter results and the improved sales trend we saw throughout the quarter, we also recognize that consumers continue to be pressured and are being choiceful with their purchases. Specifically, our lower to middle income customers remain the most challenged, while our higher income customers have proven to be more resilient. These lower- to middle-income customers continue to prioritize value and are trading down into lower opening price point products.

除了營收表現優於預期之外，我們也持續嚴格遵守業務營運紀律。本季度，我們的毛利率提高了約 30 個基點，庫存降低了 5%，銷售、一般及行政費用降低了 4%。儘管我們對第二季的業績以及整個季度銷售趨勢的改善感到鼓舞，但我們也認識到消費者仍然面臨壓力，並且在購買時更加挑剔。具體來說，我們的中低收入客戶仍然面臨最大的挑戰，而我們的高收入客戶則被證明更具韌性。這些中低收入客戶繼續優先考慮價值，並正在選擇較低起始價位的產品。

Several of our key initiatives are focused on delivering greater value to these customers through investing in our proprietary brands and adding more coupon eligible brands. As Jill will discuss in more detail, our outlook for the balance of the year assumes the macroeconomic environment will remain challenged. However, our strong operating discipline and improved cash flow generation will continue to provide meaningful support to drive progress against our initiatives and build on the momentum from the first half of the year.

我們的幾項主要舉措都致力於透過投資我們的專有品牌和增加更多符合優惠券資格的品牌來為這些客戶提供更大的價值。正如吉爾將更詳細地討論的那樣，我們對今年剩餘時間的展望假設宏觀經濟環境仍將面臨挑戰。然而，我們強大的營運紀律和改善的現金流產生將繼續提供有意義的支持，以推動我們的計劃取得進展並延續上半年的勢頭。

Our efforts are focused on three key strategic priorities, all rooted in putting the customer at the center of our decisions and delivering the products and experiences they expect from Kohl's. First, offering a curated, more balanced assortment that fulfills the needs of our customers. Next, reestablishing Kohl's as a leader in value and quality; and lastly, delivering a frictionless shopping experience across our omnichannel platform.

我們的努力集中在三個關鍵的策略重點上，所有這些都植根於將客戶置於我們決策的中心，並提供他們期望從 Kohl's 獲得的產品和體驗。首先，提供精心挑選、更均衡的商品組合，滿足顧客的需求。接下來，重新確立科爾士在價值和品質方面的領先地位；最後，透過我們的全通路平台提供無摩擦的購物體驗。

Beginning with our first initiative, offering a curated and more balanced assortment that fulfills the needs across all of our customers. In recent years, Kohl's focused too heavily on altering our merchandising assortment in order to attract a new customer. This overemphasis led to unintentional displacement of products and categories that were important to our most loyal customers.

從我們的第一個計劃開始，我們提供精心挑選、更均衡的產品組合，以滿足所有客戶的需求。近年來，科爾百貨過於專注於改變商品種類以吸引新客戶。這種過度強調導致我們最忠實的客戶所重視的產品和類別被無意地取代。

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 home. We're working to rebalance our full product assortment across key 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各個關鍵類別的全部產品組合。更精心策劃、更均衡的商品組合將確保每次購物體驗更加一致、更加鼓舞人心。

Women's is a very important category for us as it serves our core customer and is a key driver of overall company performance. During the second quarter, we started seeing progress in our Women's business as we invested back into proprietary brands, streamlined the choices in intimates and reintroduced the petites category. Our Women's business overpenetrates in our proprietary brands. And as we've reinvested in these brands, the Women's business has benefited.

女裝對我們來說是一個非常重要的類別，因為它服務於我們的核心客戶，並且是公司整體表現的關鍵驅動力。在第二季度，我們開始看到女裝業務取得進展，因為我們重新投資於自有品牌，簡化了內衣的選擇，並重新推出了小尺碼類別。我們的女裝業務在我們的專有品牌中滲透過度。隨著我們對這些品牌的重新投資，女裝業務也受益匪淺。

Although Women's slightly lagged the company performance, we saw steady improvement as our inventory investment in proprietary brands gained traction, ultimately delivering a positive comp in July. The strength was driven by key brands like Sonoma, Lauren Conrad, and FLX.

儘管女裝業務的表現略微落後於公司業績，但隨著我們對自有品牌的庫存投資獲得推動，我們看到了穩步的改善，最終在 7 月份實現了正增長。這一強勁勢頭主要得益於 Sonoma、Lauren Conrad 和 FLX 等主要品牌。

Next, in our intimates category, we reduced the choice count and improved in-stocks enhancing shopability and delivering greater clarity for our customers. As these changes took effect, we began to see meaningful improvement in the business, culminating in a flat comp performance in July.

其次，在貼身衣物類別中，我們減少了選擇數量，並改善了庫存，從而提高了購物能力，並為我們的客戶提供了更清晰的商品選擇。隨著這些變化的生效，我們開始看到業務的顯著改善，最終在 7 月實現了持平的業績。

Last, as we reestablished the petites category in all stores, this business accelerated, up almost 40% in the second quarter. This strong performance was led by the introduction of our proprietary brands, Lauren Conrad and Simply Vera Vera Wang. We are extremely encouraged by these results as this category provides an incremental sale because it is not a substitutable category and overpenetrates with our core and most loyal customer.

最後，隨著我們在所有商店重新建立小件商品類別，該業務加速發展，第二季度增長了近 40％。這一強勁表現得益於我們自有品牌 Lauren Conrad 和 Simply Vera Vera Wang 的推出。這些結果讓我們感到非常鼓舞，因為這個類別提供了增量銷售，因為它不是一個可替代的類別，並且對我們的核心和最忠實的客戶滲透率很高。

Our Accessories business continued to outperform the company by low single digits in the quarter. This strength was driven by reestablishing our jewelry business and investing in key growth categories such as Impulse and our Sephora partnership.

本季度，我們的配件業務繼續以低個位數的增幅超越公司整體表現。這項優勢源自於我們重建珠寶業務以及對 Impulse 和絲芙蘭合作夥伴關係等關鍵成長類別的投資。

In Q2, our jewelry business ran plus 12% versus last year. This category heavily penetrates into our Kohl's Card customer and is another category that is often not substitutable. The positive performance in the jewelry business is driven by establishing a destination for accessories in our store, investing in fashion jewelry inventory and continuing to test fine jewelry case lines in 200 stores. We experienced outsized performance in our fashion jewelry business in the quarter. The fine jewelry business continues to be an opportunity for us as we work to find the right assortment and staffing.

第二季度，我們的珠寶業務比去年同期成長了 12%。此類別大量滲透到我們的 Kohl's Card 客戶中，並且是另一個通常不可替代的類別。珠寶業務的積極表現得益於我們商店中配件專區、時尚珠寶庫存的投資以及在 200 家商店中繼續測試高級珠寶盒系列。本季度，我們的時尚珠寶業務表現出色。當我們努力尋找合適的產品組合和人員配置時，高級珠寶業務對我們來說仍然是一個機會。

In addition, we are continuing to invest in white space categories, specifically our Impulse and Sephora businesses. In 2025, we made the commitment to implement 613 additional Impulse queuing lines across our store fleet. And in Q2, we implemented the Impulse queuing lines in over 300 stores and remain on track to complete this rollout by the end of Q3. Impulse sales increased 30% in Q2, driving more units in the basket. In spring, we completed the final phase of our Sephora at Kohl's expansion, adding an additional 105 small format shops.

此外，我們將繼續投資空白類別，特別是我們的 Impulse 和 Sephora 業務。2025 年，我們承諾在整個門市中增設 613 條 Impulse 排隊線。在第二季度，我們在 300 多家商店實施了 Impulse 排隊系統，並預計在第三季末完成這項部署。第二季衝動消費成長了 30%，帶動購物籃中的商品數量增加。春季，我們完成了 Kohl's 絲芙蘭擴張的最後階段，新增了 105 家小型商店。

In Q2, Sephora Kohl's grew 3% versus last year and was flat versus prior year on a comparable sales basis. This partnership has delivered exactly as intended, benefiting both companies and has created an inspiring experience for Sephora at Kohl's as a beauty destination. We remain on track to delivering our goal of creating a $2 billion beauty business.

第二季度，絲芙蘭科爾百貨的銷售額較去年同期成長 3%，與去年同期持平。這項合作完全達到了預期效果，使兩家公司都受益，並為絲芙蘭在科爾士百貨作為美容目的地創造了令人振奮的體驗。我們仍在朝著打造價值 20 億美元的美容事業的目標邁進。

The partnership continues to draw a new younger customer with over one-third of Sephora shoppers who are also exploring other areas of the store, most notably juniors and women's, which remain the top cross-shopped categories. As we look ahead, we are excited by the upcoming newness in Sephora that was set earlier this month. This includes brands such as Kerastase hair, Rare Beauty fragrance, Miu Miu fragrance, and Josie Maran Body as well as expansions of successful brands, including Summer Fridays and LANEIGE.

這項合作繼續吸引新的年輕顧客，超過三分之一的絲芙蘭購物者也在探索商店的其他區域，尤其是青少年和女裝，這些仍然是交叉購物的熱門類別。展望未來，我們對本月初絲芙蘭即將推出的新品感到興奮。其中包括卡詩 (Kerastase) 護髮產品、Rare Beauty 香水、Miu Miu 香水和 Josie Maran Body 等品牌，以及 Summer Fridays 和 LANEIGE 等成功品牌的擴張。

Turning to our remaining lines of business. Men's and kids were the softest performing categories in the quarter with both experiencing declines in spring seasonal assortments like shorts and tees. However, this softness was partially offset by stronger performance in opening price point proprietary brands such as Tek Gear and Jumping Beans. Our Footwear business slightly underperformed the company, primarily due to softness in sandals and active footwear. However, this was partially offset by strength in dress casual styles and solid performance in our kids footwear business.

轉向我們剩餘的業務線。男裝和童裝是本季表現最疲軟的類別，短褲和 T 恤等春季季節性商品均出現銷售下滑。然而，這種疲軟被 Tek Gear 和 Jumping Beans 等開盤價位專有品牌的強勁表現部分抵消。我們的鞋類業務表現略遜於公司，主要原因是涼鞋和運動鞋的疲軟。然而，這一影響被休閒裝風格的優勢和兒童鞋類業務的穩健表現部分抵消。

Our home business saw strength in home decor as well as in the bedding and bath categories. However, this was partially offset by softness in small electrics.

我們的家居業務在家居裝飾以及床上用品和浴室用品領域表現強勁。然而，這在一定程度上被小型電器的疲軟所抵消。

Next, I would like to discuss our second priority, which is reestablishing Kohl's as a leader in value and quality. This priority is centered around delivering more value to our customers, which is particularly important in the current environment we're operating in where value is really resonating with the customer. The first action we are taking to deliver more value to our customers is by elevating our proprietary brands. We aspire for our proprietary brands to deliver trusted quality and relevant style at an incredible value. We know that we have a powerful set of proprietary brands that build customer trust and loyalty.

接下來，我想討論我們的第二個優先事項，即重新確立科爾士在價值和品質方面的領先地位。這項優先事項的核心是為我們的客戶提供更多價值，這在我們目前營運的環境中尤其重要，因為價值確實與客戶產生共鳴。為了提供客戶更多價值，我們採取的首要行動是提升我們的專有品牌。我們渴望我們的專有品牌能夠以令人難以置信的價值提供值得信賴的品質和相關的風格。我們知道，我們擁有一套強大的專有品牌，可以建立客戶的信任和忠誠度。

In addition, customers who buy our proprietary brands spend more of their wallet with Kohl's. These proprietary brands play an instrumental role in our value proposition. They allow us to offer quality products at a lower opening price point, which highly resonates with our core loyal customers.

此外，購買我們自有品牌的顧客在 Kohl's 的消費金額會更高。這些專有品牌在我們的價值主張中扮演重要角色。它們使我們能夠以較低的起始價提供優質的產品，這引起了我們核心忠實客戶的強烈共鳴。

As we are investing into our proprietary brands, we have continued to make progressive improvement in sales, which are up 500 basis points from the first quarter, delivering comparable sales down 3% in Q2 with July up low single digits. This outperformance was driven by strength in key brands such as Tek Gear, Simply Vera Vera Wang, Lauren Conrad, and FLX. We will continue to explore opportunities to introduce new proprietary brands that serve a clear purpose for our customers while driving productivity across our merchandise portfolio.

由於我們持續投資於自有品牌，我們的銷售額持續穩定提升，較第一季成長了 500 個基點，第二季可比銷售額下降 3%，7 月銷售額成長了個位數。這一優異表現得益於 Tek Gear、Simply Vera Vera Wang、Lauren Conrad 和 FLX 等主要品牌的強勁表現。我們將繼續探索機會推出新的專有品牌，為我們的客戶提供明確的服務，同時提高我們商品組合的生產力。

Recently, we launched three new home brands, Mariana, Hotelier, and Mingle & Co., which have received a strong initial response, contributing to improved performance in our bedding, bath and tabletop categories. Additionally, this fall, we will expand our successful FLX brand into the kids category, launching in 300 stores and online. We continue to work diligently to find the right balance in our assortment to deliver what our customers expect from their shopping experience at Kohl's. We believe there is a substantial opportunity for us to lean into our value-oriented proprietary brands to offer more relevance and quality at an affordable price point to our customers.

最近，我們推出了三個新的家居品牌：Mariana、Hotelier 和 Mingle & Co.，這些品牌的初步反應強烈，有助於提升我們床上用品、浴室和桌面用品類別的業績。此外，今年秋天，我們將把我們成功的 FLX 品牌擴展到兒童類別，並在 300 家商店和線上推出。我們將繼續努力尋找產品組合中的適當平衡，以滿足客戶對 Kohl's 購物體驗的期望。我們相信，我們有很大機會依靠以價值為導向的專有品牌，以可負擔的價格為我們的客戶提供更具相關性和品質的產品。

The next action we are taking to deliver more value to our customers is by enhancing our promotional strategies. Kohl's offers an incredible product assortment with a mix of national and proprietary brands. Our national brands serve an important role in meeting our customers' needs as they bring awareness, relevance, and quality to our product offering. However, over the past few years, we have excluded a large number of these brands from our coupons. This created friction with our customer base as we were not providing the value they were looking for, especially with our loyal customer.

為了向客戶提供更多價值，我們採取的下一步是加強我們的促銷策略。Kohl's 提供各式各樣的產品，包括國內品牌和專有品牌。我們的國家品牌在滿足客戶需求方面發揮著重要作用，因為它們為我們的產品帶來了知名度、相關性和品質。然而，過去幾年來，我們已經將大量此類品牌排除在優惠券之外。這與我們的客戶群產生了摩擦，因為我們沒有提供他們所尋求的價值，尤其是我們的忠實客戶。

Toward the end of Q1, we implemented the first phase of making more brands coupon eligible. This change generated an immediate positive response in our digital channel, where pricing transparency plays a significant role in customer decision-making.

在第一季末，我們實施了第一階段的工作，讓更多品牌有資格獲得優惠券。這項變更在我們的數位管道中立即引起了積極的反響，其中定價透明度在客戶決策中發揮著重要作用。

As the quarter progressed, we saw the performance improve in our stores as we increased investment in in-store signage and marketing. This resulted in over an 800 basis point increase in the penetration of sales included in the coupon in Q2 when compared to the prior year. Given the success from this change, earlier this month, we made the decision to launch a second wave of brand inclusions for smaller, more digitally native brands. We will continue to analyze the performance from this initiative and make additional decisions as we continue to learn what is resonating with our customers.

隨著本季度的進展，隨著我們增加對店內標誌和行銷的投資，我們看到商店的業績有所改善。與去年同期相比，第二季優惠券銷售滲透率增加了 800 個基點以上。鑑於這項變革的成功，本月初，我們決定針對規模較小、更具數位原生性的品牌推出第二波品牌納入計畫。我們將繼續分析這項措施的效果，並在不斷了解客戶的共鳴後做出進一步的決定。

Now let me turn to our last priority, which is delivering a frictionless experience across our omnichannel platforms. Our goal is to create a simpler, more reliable experience, both in stores and online. To deliver this elevated experience, we're focused on optimizing our store layout, increasing inspiration, and restoring trip assurance.

現在讓我談談我們的最後一個優先事項，即在我們的全通路平台上提供無摩擦的體驗。我們的目標是創造更簡單、更可靠的體驗，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、增加靈感和恢復旅行保證。

We know we currently have an inconsistent in-store experience without a unifying point of view of what we want the customer to feel when they walk in the store. To bring our customer proposition to life in the store, we will be adjusting product flows and adjacencies, including fixture layout and product placement, as well as adding brand support, in-store marketing and visual presentation to provide more inspiration to our customers' shopping experience.

我們知道，我們目前的店內體驗並不一致，對於顧客走進商店時的感受，我們沒有統一的看法。為了在店內將我們的客戶主張變為現實，我們將調整產品流程和相鄰性，包括固定裝置佈局和產品位置，以及增加品牌支援、店內行銷和視覺展示，為客戶的購物體驗提供更多靈感。

We are in the early stages of this initiative and have begun making strategic adjustments to our store layout. These changes include establishing a dedicated accessories pad, relocating juniors across from Sephora and moving active back to the men's and Women's departments. The accessories category has shown positive comparable sales, excluding Sephora, since the transition, signaling early success. Our juniors business continues to benefit from its proximity to Sephora, remaining one of the top cross-shop categories among Sephora customers. While the active category has trailed overall, we've seen encouraging growth in key proprietary brands such as Tek Gear and FLX.

我們正處於該計劃的早期階段，並已開始對我們的商店佈局進行策略性調整。這些變化包括建立專門的配件專區、將青少年服裝店遷至絲芙蘭對面以及將運動服飾重新移回男裝和女裝部門。自轉型以來，配件類別（不包括絲芙蘭）的可比銷售額一直呈正增長，這標誌著其取得了早期的成功。我們的青少年產品業務繼續受益於與絲芙蘭的鄰近性，仍然是絲芙蘭顧客最喜愛的跨店購物類別之一。雖然主動類別整體落後，但我們看到 Tek Gear 和 FLX 等主要專有品牌取得了令人鼓舞的成長。

We're also investing in impactful entry statements to support key seasonal moments, enhanced graphics to highlight value and improve findability, and additional fixtures to support in-aisle and queue line placements to drive incremental units per basket. We're also focused on restoring trip assurance for our customers by refining our buying strategies to ensure deeper inventory and improved in-stock levels in our basics and key essentials businesses. An example of these efforts is within our intimates category. In the second quarter, we exited the least productive styles and streamlined choice counts across all brands. At the same time, we invested in inventory depth for key sizes, which significantly improved service levels and reinforced trip assurance.

我們還投資了有影響力的入口聲明來支持關鍵的季節性時刻，增強的圖形來突出價值並提高可發現性，以及額外的裝置來支持過道和隊列線放置，以推動每個籃子的增量單位。我們也致力於透過改善採購策略來恢復客戶的旅遊保障，以確保我們的基本和關鍵必需品業務有更深的庫存和更高的庫存水準。我們的貼身衣物類別就是這些努力的一個例子。在第二季度，我們淘汰了效率最低的款式，並精簡了所有品牌的選擇數量。同時，我們對主要尺寸的庫存深度進行了投資，這顯著提高了服務水準並增強了行程保障。

As these actions took effect, intimate sales improved by 300 basis points compared to the Q1 trend and continue to show momentum throughout the remainder of the quarter. The goal for all these efforts is to create a more enjoyable and dependable shopping experience at Kohl's. We're encouraged by the initial results and are confident in our ability to build on this momentum throughout the year as we continue to reposition the business for long-term success.

隨著這些措施的實施，實體店銷售額較第一季趨勢提高了 300 個基點，並在本季剩餘時間內繼續呈現成長動能。所有這些努力的目標是為顧客在 Kohl's 創造更愉快和可靠的購物體驗。我們對初步結果感到鼓舞，並有信心我們有能力在全年保持這一勢頭，繼續重新定位業務以取得長期成功。

I would also like to take a moment to welcome Arianne Parisi, our new Chief Digital Officer; and Steven Dee, our new Chief Technology Officer at Kohl's. We're excited to have both of these leaders join our team as we increase our focus on the role of our digital channels and our omnichannel model and leverage technology and information platforms to effectively drive key business initiatives. We look forward to their future contributions here at Kohl's.

我還想花點時間歡迎我們新任首席數位長 Arianne Parisi 和 Kohl's 新任首席技術長 Steven Dee。我們很高興這兩位領導者加入我們的團隊，因為我們更加關注數位管道和全通路模式的作用，並利用技術和資訊平台有效推動關鍵業務計劃。我們期待他們未來為科爾士百貨做出貢獻。

In summary, I would like to reinforce three key messages for you. First, we are pleased with our Q2 performance, which came in ahead of our expectations. Second, customers are continuing to be choiceful with their discretionary income and we are working relentlessly to meet their needs by providing quality products at a great value. And last, we are continuing to make good progress against our 2025 initiatives. However, these efforts will continue to take time, and we are focused on showing progressive improvement each quarter.

總而言之，我想向大家強調三個關鍵訊息。首先，我們對第二季的業績感到滿意，這超出了我們的預期。其次，客戶在可支配收入方面繼續做出選擇，我們正不懈努力，透過提供物超所值的優質產品來滿足他們的需求。最後，我們在實現 2025 年計畫方面繼續取得良好進展。然而，這些努力仍需要時間，我們專注於每季取得進步。

I will now turn the call over to Jill.

現在我將電話轉給吉爾。

Thank you, Michael. For today's call, I will provide additional details on our second quarter results as well as an update on our fiscal year 2025 guidance. Let me begin by providing you with additional color on our Q2 2025 performance. Net sales declined 5.1% in the quarter and 4.6% year to date. Comparable sales decreased 4.2% in the second quarter and 4% year to date.

謝謝你，麥可。在今天的電話會議上，我將提供有關我們第二季度業績的更多詳細資訊以及 2025 財年指引的最新資訊。首先，讓我向您提供有關我們 2025 年第二季業績的更多詳情。本季淨銷售額下降 5.1%，年初至今下降 4.6%。第二季可比銷售額下降 4.2%，年初至今下降 4%。

The decline in Q2 sales was primarily driven by fewer transactions, specifically in stores. However, we did see traffic improve in both channels throughout the quarter with positive traffic in July, helping deliver a flat sales performance to end the quarter. Digital sales outpaced store sales during the quarter, driven by strong conversion rates. The performance of our digital business was further enhanced by the inclusion of additional brands in our coupon offerings, which resonated well with customers and contributed to improved results.

第二季銷售額的下降主要是因為交易量減少，尤其是商店交易量減少。然而，我們確實看到整個季度兩個通路的流量都有所改善，7 月份的流量為正，這有助於在本季度末實現持平的銷售業績。受強勁轉換率的推動，本季數位銷售額超過了店內銷售額。透過將更多品牌納入我們的優惠券，我們的數位業務表現得到進一步提升，這引起了客戶的強烈共鳴並有助於提高業績。

We continue to see strong performance from new and non-Kohl's Card customers, delivering another quarter of positive sales growth. In contrast, our Kohl's Card customer segment continued to underperform with sales down in the low teens for the quarter. As Michael outlined, several of our strategic initiatives are specifically focused on regaining share and reengaging our Kohl's Card customer base.

我們持續看到新客戶和非 Kohl's Card 客戶的強勁表現，帶來另一個季度的正銷售成長。相比之下，我們的 Kohl's Card 客戶群持續表現不佳，本季銷售額下降了 10% 以下。正如邁克爾所概述的，我們的幾項策略舉措都特別注重重新獲得市場份額並重新吸引我們的科爾卡客戶群。

Moving down the P&L. Other revenue, which is primarily our credit business, was $199 million in Q2, a 4% decrease versus last year. The decrease was primarily driven by a portion of our credit expenses shifting against other revenue as part of our account servicing to the third party that owns the accounts. Year-to-date, other revenue declined 7%.

降低損益。其他收入（主要是我們的信貸業務）在第二季為 1.99 億美元，比去年下降 4%。下降的主要原因是，我們的部分信貸支出從其他收入中轉移，作為我們向擁有帳戶的第三方提供帳戶服務的一部分。年初至今，其他收入下降了 7%。

Gross margin in Q2 was 39.9%, an increase of 28 basis points. The year-over-year increase was driven by category mix benefits, outperformance of proprietary brands, and continued strong inventory management. Year-to-date, gross margin was 39.9%, an increase of 33 basis points.

第二季毛利率為39.9%，成長28個基點。年比成長的動力來自於品類組合優勢、自有品牌的優異表現以及持續強勁的庫存管理。年初至今，毛利率為39.9%，成長33個基點。

SG&A expenses in Q2 decreased 4.1% to $1.2 billion, benefiting from lower spending in stores, marketing, as well as the benefit of a portion of the credit expenses shifting into other revenue. Year-to-date, SG&A expenses decreased 5% compared to last year.

第二季銷售、一般及行政支出下降 4.1% 至 12 億美元，受惠於門市和行銷支出的減少，以及部分信貸開支轉為其他收入。年初至今，銷售、一般及行政費用較去年同期下降了 5%。

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. Year-to-date, depreciation expense was $350 million, down $26 million to the prior year.

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。年初至今，折舊費用為 3.5 億美元，比前一年減少 2,600 萬美元。

Interest expense in Q2 was $78 million. Relative to last year, interest expense decreased $8 million, primarily due to lower lease interest expense from store closures. Year-to-date, interest expense decreased $15 million to $154 million.

第二季利息支出為 7,800 萬美元。與去年相比，利息支出減少了 800 萬美元，主要原因是關閉商店導致的租賃利息支出減少。年初至今，利息支出減少 1,500 萬美元至 1.54 億美元。

Our adjusted tax rate was 23% in Q2 and 27% year to date. This resulted in adjusted net income for the quarter of $64 million and adjusted earnings per diluted share of $0.56. Year-to-date, adjusted net income was $50 million and adjusted earnings per diluted share of $0.44. In addition, during the quarter, we benefited from the settlement of a credit card interchange fee lawsuit, resulting in a onetime pretax gain of $129 million and diluted earnings per share of $0.87 that was excluded from the numbers previously discussed.

我們第二季的調整稅率為 23%，年初至今的調整稅率為 27%。這使得本季調整後淨利達到6,400萬美元，調整後每股攤薄收益為0.56美元。年初至今，調整後淨利為5,000萬美元，調整後每股稀釋收益為0.44美元。此外，本季我們受惠於信用卡交換費訴訟的和解，這帶來了1.29億美元的一次性稅前收益和0.87美元的攤薄每股收益，這部分收益未計入先前討論的數據中。

Moving to our balance sheet and cash flow. We ended the quarter with $174 million of cash and cash equivalents. Inventory declined 5% compared to last year, reflecting our continued focus on disciplined inventory management with receipts managed down in the mid-teens. Looking ahead, we expect to end the year with inventory levels down in the mid-single digits.

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 1.74 億美元。與去年相比，庫存下降了 5%，反映出我們繼續專注於嚴格的庫存管理，收貨量已降至十幾% 左右。展望未來，我們預計今年年底庫存水準將下降至個位數中段。

Year-to-date, operating cash flow was $506 million, while year-to-date adjusted free cash flow was $270 million. This cash flow generation allowed us to reduce our outstanding balance on the revolver by $470 million from Q1, ending the second quarter with $75 million borrowed. We continue to expect to be fully out of the revolver by the end of the year.

年初至今，營運現金流為 5.06 億美元，年初至今調整後的自由現金流為 2.7 億美元。此次現金流的產生使我們能夠將第一季的循環信貸未償餘額減少 4.7 億美元，第二季末的借款總額為 7,500 萬美元。我們仍然期望到今年年底能夠完全擺脫困境。

In addition to reducing our balance on the revolver, Kohl's is able to further solidify our balance sheet by completing the refinance of our July 2025 maturities by issuing a new private offering for $360 million of 10% senior secured notes due in 2030. Kohl's nearest debt maturity is not due until 2029, and our long-term debt remains at a 10-year low.

除了減少循環信貸餘額外，科爾士百貨還能夠透過發行新的 3.6 億美元、2030 年到期的 10% 優先擔保票據的私募發行，完成 2025 年 7 月到期票據的再融資，從而進一步鞏固我們的資產負債表。科爾士最近的債務到期日是 2029 年，我們的長期債務仍處於 10 年來的最低水平。

Capital expenditures year-to-date were $200 million. We expect to spend approximately $400 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 one of our next-generation e-commerce fulfillment centers. In Q2, we returned $14 million to shareholders through the dividend. And as previously disclosed, the Board on August 12 declared a quarterly cash dividend of $0.125 per share payable to shareholders on September 24.

今年迄今的資本支出為 2 億美元。我們預計今年將花費約 4 億美元的資本支出，用於完成絲芙蘭的推廣、Impulse Q 系列在 613 家門市的推廣以及我們下一代電子商務履行中心之一的擴建。第二季度，我們透過股息向股東返還了 1,400 萬美元。正如先前披露的那樣，董事會於 8 月 12 日宣布，每股 0.125 美元的季度現金股息將於 9 月 24 日支付給股東。

Next, I would like to provide an update to our 2025 outlook. As you've heard this morning, we've taken a number of actions to strengthen our business. These initiatives are beginning to show early signs of positive impact, reinforcing the momentum we've already started to build and positioning us for continued progress. However, we continue to navigate macroeconomic uncertainty, including challenges related to global trade policy and the difficulty of forecasting its impact on consumer behavior.

接下來，我想更新我們對 2025 年的展望。正如您今天早上所聽到的，我們已經採取了一系列措施來加強我們的業務。這些舉措已開始顯現出積極影響的早期跡象，鞏固了我們已經開始建立的勢頭，並為我們繼續取得進展奠定了基礎。然而，我們仍在應對宏觀經濟的不確定性，包括與全球貿易政策相關的挑戰以及預測其對消費者行為的影響的困難。

Additionally, our core customer remains under pressure, becoming increasingly selective with their spending. As a result, we are taking a prudent approach to our financial outlook for the remainder of the year. Based on what we know today and our ongoing mitigation efforts, we believe we are well positioned to achieve the following full year financial guidance.

此外，我們的核心客戶仍然面臨壓力，在支出方面變得越來越挑剔。因此，我們對今年剩餘時間的財務前景採取謹慎的態度。根據我們目前所了解的情況以及我們正在進行的緩解努力，我們相信我們已準備好實現以下全年財務指導。

Net sales decline of 5% to 6% compared to our previous guidance of down 5% to 7%. Comparable sales decline of down 4% to 5% from down 4% to 6%. Other revenue down 13% to 14%; gross margin expansion of approximately 30 basis points, the low end of our previous guidance of 30 to 50 basis point increase. An SG&A decline of down 4% to around 4.5% from down 3.5% to 5% previously.

淨銷售額下降 5% 至 6%，而我們先前預測的下降幅度為 5% 至 7%。可比銷售額下降幅度由下降4%至5%降至下降4%至6%。其他收入下降13%至14%；毛利率擴大約30個基點，低於我們先前預測的30至50個基點的增幅的低端。銷售、一般及行政費用 (SG&A) 下降 4% 至 4.5% 左右，此前為下降 3.5% 至 5%。

Depreciation of $705 million, down from $730 million. Interest expense of $305 million, down from $315 million. And adjusted operating profit of 2.5% to 2.7%, up from 2.2% to 2.6%. Adjusted diluted earnings per share of $0.50 to $0.80, up from $0.10 to $0.60.

折舊額為 7.05 億美元，低於 7.3 億美元。利息支出 3.05 億美元，低於 3.15 億美元。調整後營業利潤為2.5%至2.7%，高於2.2%至2.6%。調整後每股攤薄收益為 0.50 美元至 0.80 美元，高於 0.10 美元至 0.60 美元。

Lastly, I want to extend my sincere thanks to our incredible team at Kohl's for your dedication and hard work. As we continue to navigate a challenging environment, your unwavering commitment to our company does not go unnoticed and is deeply appreciated. Thank you for everything you do, both for our organization and our customers.

最後，我要向科爾士優秀的團隊表達誠摯的感謝，感謝你們的奉獻和辛勤工作。當我們繼續在充滿挑戰的環境中前進時，您對我們公司的堅定承諾不會被忽視，我們對此深表感謝。感謝您為我們的組織和客戶所做的一切。

With that, we are happy to take your questions at this time.

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。

Nice to see the progress here. So you noted progress across several of your strategic initiatives. I was hoping you could unpack in terms of order of magnitude, what you think is having the greatest impact to the top line at this stage. And as we think about the back half of the year versus the first half, where are you most excited about the potential to drive further sequential improvement in the comp trend?

很高興看到這裡的進展。您注意到您的幾項策略舉措都取得了進展。我希望您能以數量級來解釋一下，您認為現階段對營收影響最大的是什麼。當我們思考下半年與上半年時，您最期待的是哪些方面有潛力推動同店銷售趨勢進一步連續改善？

I'll take a shot at that first, and Jill certainly come in. Mark, thanks for the question, and I appreciate the sentiment there. One of the categories that we're most excited about is the emphasis that we've been placing on rebalancing our proprietary brands and bringing those back into focus. It lays nicely against where the consumer is right now in terms of their interest in wanting to focus on value with the spend of the dollars that they have. And so as we've mentioned, proprietary brands have seen sequential improvement as we move through the quarter.

我會先嘗試一下，然後吉爾肯定會加入。馬克，謝謝你的提問，我很感激你的心情。我們最興奮的類別之一是我們一直強調重新平衡我們的專有品牌並使其重新成為焦點。這與消費者目前的處境完全吻合，他們希望用自己擁有的錢來換取價值。正如我們所提到的，隨著本季的推進，專有品牌已經實現了連續改善。

We're not done yet in terms of building that inventory, but also the focus that we have on those brands. And we're excited about the opportunity to continue to see those play an increased role as we move through the back half of the year. So that's one of the biggest areas that we'll be focused on.

我們在建立庫存方面尚未完成，但我們對這些品牌的關注度仍然很高。我們很高興有機會看到這些在下半年繼續發揮越來越重要的作用。所以這是我們關注的最大領域之一。

Jill, I don't know if you want to add.

吉爾，我不知道你是否想補充。

I agree. Obviously, we talked a lot about needing to invest back into our proprietary brands, and you've seen our inventory, although down and well managed, we've really made that pivot to invest back into proprietary, and that's driven that momentum. I mean a key example here is Women's. And Women's is our highest penetrated brand for the company, but it also has the highest exposure to proprietary brands.

我同意。顯然，我們多次談論需要重新投資於我們的專有品牌，而且您已經看到了我們的庫存，儘管庫存減少並且管理良好，但我們確實已經轉向重新投資於專有品牌，這推動了這一勢頭。我的意思是這裡的一個關鍵例子是女性。女裝是我們公司滲透率最高的品牌，也是自有品牌曝光率最高的品牌。

So we tried to give you that as an example is really as we made that investment in -- it's really resonating with the customer, and it led to significant improvement in that business as the quarter progressed. So I think we can build off that momentum in the back half of the year.

因此，我們試圖向您舉一個例子，當我們進行投資時，它確實引起了客戶的共鳴，並且隨著季度的進展，它導致業務顯著改善。所以我認為我們可以在今年下半年延續這股勢頭。

The second thing I would say, and Michael mentioned it, is value. We know that the customer hasn't really seen the impact of some of the price changes we've heard about. So as we go into the back half of the year, we want to make sure we're continuing to deliver that value.

我想說的第二件事，麥可也提到了，就是價值。我們知道客戶還沒有真正感受到我們聽到的一些價格變化的影響。因此，當我們進入下半年時，我們希望確保繼續提供這一價值。

Proprietary brands is one, but also the way that we're approaching our coupon eligibility, making that move at the end of Q1 with a lot of brands. We had another over 50 brands that we just made the move for August. So we really think we're set up well to continue to deliver that value when it's going to become incredibly important to that customer in the back half and especially holiday.

自有品牌是其中之一，也是我們處理優惠券資格的方式，我們在第一季末與許多品牌一起採取了這一舉措。我們剛剛在八月引進了另外 50 多個品牌。因此，我們確實認為，我們已經做好了充分的準備，可以繼續提供這種價值，因為這種價值在下半年，尤其是假期期間對客戶來說將變得非常重要。

And maybe as a follow-up, Jill, as we think about the cadence Q3, Q4, I guess the guide implies pretty similar comp in the back half versus the first half, but you mentioned July is positive. I think comparisons ease a little bit in Q3. So just any further color on how you're thinking about the cadence of comps? And then similarly, anything to flag on gross margin with the adjustment that you made to the annual forecast?

吉爾，作為後續，當我們考慮第三季度、第四季度的節奏時，我想指南暗示後半段與前半段的比較非常相似，但你提到 7 月份是積極的。我認為第三季的比較會稍微緩和一些。那麼，您能否進一步說明一下您如何看待比賽的節奏？同樣，您對年度預測所做的調整對毛利率有何影響？

Yes. I'm expecting a pretty similar cadence. Obviously, we do have a little bit softer comp in Q3, but we know that there's a lot of uncertainty that the consumer is navigating. We also had some softness in our digital business in Q4. So I think we have some relatable upsides in both quarters.

是的。我期待一個非常相似的節奏。顯然，第三季我們的銷售額確實略有下降，但我們知道消費者面臨許多不確定性。我們的數位業務在第四季度也出現了一些疲軟。所以我認為我們在兩個季度都有一些相關的優勢。

So I don't really differentiate between the two. I think that's why we gave the guide. Similarly, you saw the front half of the year, our margins were up in that 30 basis point range. I think it gives us enough room to work. The strong inventory management continues to drive growth.

所以我實際上無法區分這兩者。我想這就是我們提供指南的原因。同樣，如您所見，今年上半年我們的利潤率上升了 30 個基點。我認為它給了我們足夠的工作空間。強大的庫存管理繼續推動成長。

Proprietary brands and mix will continue to drive growth. But this gives us some flexibility to really make sure that we're driving that value. And then also, as we've seen our digital business outperform, we know that, that has a little bit more impact to our margins. So we've given ourselves some room for that as well as we want to drive that business.

專有品牌和產品組合將繼續推動成長。但這給了我們一些靈活性，以真正確保我們能夠實現這一價值。而且，正如我們所見，我們的數位業務表現優異，我們知道，這對我們的利潤率有更大的影響。因此，我們給自己留出了一些空間，同時也希望推動這項業務。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

Jill, where are you guys in adding back brands to the coupon? I guess maybe how many brands have been added back? How many more still up to go? You just referenced adding 50. And I guess when you add the brands back -- or when you add the coupons back, I guess, how quickly are consumers noticing both online and in-store?

吉爾，你們在哪裡將品牌重新加入優惠券中？我猜大概有多少個品牌被重新加入回來了？還有多少人要去？您剛才提到增加 50。我想，當你重新添加品牌時——或者當你重新添加優惠券時，消費者在線上和店內注意到的速度有多快？

Sure. I think right now, we made that move at the end of Q1, and that was with some bigger brands as you walk through the store, including [IZOD] and Hurley and Champion. And then this round, we did this with about 50 brands, mainly in the lighting category, some candle brands and a lot of digitally native brands that we had as well. And so I think we feel good that for the year, we've made the moves we're going to make, and we'll continue to watch what that looks like and see how the customer does react to it.

當然。我認為現在，我們在第一季末採取了這一舉措，而且是與商店裡的一些較大的品牌合作，包括 [IZOD]、Hurley 和 Champion。在這一輪中，我們與大約 50 個品牌進行了合作，主要是照明類別，還有一些蠟燭品牌以及許多我們擁有的數位原生品牌。因此，我認為我們對今年要採取的行動感到滿意，我們將繼續觀察其進展以及客戶對此的反應。

What we do see is an immediate impact to the digital business. And I think that was one of the key drivers for digital outperforming stores in the quarter. As expected, it's very pricing transparent. They can see that value immediately. So we did see a nice pop there. The stores as the quarter progressed, had improved in those categories as well. But we are making some changes.

我們確實看到了對數位業務的直接影響。我認為這是本季數位商店表現優異的關鍵驅動因素之一。正如預期的那樣，它的定價非常透明。他們可以立即看到該價值。所以我們確實在那裡看到了不錯的流行音樂。隨著本季的進展，商店在這些類別中也得到了改善。但我們正在做出一些改變。

We're going to have more signing to really notify the customer that it now has coupon eligibility. So you're going to see more graphics. We're doing some associate training as well so they can help highlight it to the customer. So we do expect that the coupons in store will continue to be a driver in the back half of the year.

我們將進行更多簽名，以真正通知客戶其現在有資格使用優惠券。所以你會看到更多的圖形。我們也正在進行一些員工培訓，以便他們可以幫助向客戶強調這一點。因此，我們確實預計店內優惠券將繼續成為下半年的推動力。

We are seeing that it does actually benefit our core customer the most. We know that they're mainly the high coupon sensitive customer. And so as they brought that back, we are seeing them reengage with us.

我們發現它確實為我們的核心客戶帶來了最大的利益。我們知道他們主要是對優惠券高度敏感的顧客。因此，當他們把這一點帶回來時，我們看到他們重新與我們接觸。

The good news is they hadn't lapsed. They were shopping. They were just giving us less of their share of wallet and less of their trips. So this was one of the moments that we had an opportunity to reengage them, and we are seeing that, but the most immediate impact was through the digital channel.

好消息是他們沒有失效。他們正在購物。他們只是給我們更少的錢包份額和更少的旅行次數。因此，這是我們有機會重新吸引他們的時刻之一，我們也看到了這一點，但最直接的影響是透過數位管道。

Okay. That's great to hear. And then just one near-term question. Just any July flat. Any thoughts on back-to-school and maybe how August has trended so far relative to plan?

好的。聽到這個消息真是太好了。然後只有一個近期的問題。任何七月公寓都如此。對於返校有什麼想法？或者到目前為止，八月的趨勢與計劃相比如何？

Yes. As far as August is concerned, we're actually off to a good start here in the first month of the quarter. Some of the back-to-school categories specifically within that performance like backpacks, kids, footwear, fleece are the ones that we're seeing strength in. One of the interesting developments also is in denim. So especially on the fashion side of denim.

是的。就八月而言，作為本季的第一個月，我們實際上已經有了一個好的開始。我們看到，有些返校用品類別，特別是背包、兒童、鞋類、羊毛衫等，表現強勁。其中一個有趣的發展也出現在牛仔布領域。尤其是在牛仔布的時尚方面。

So anything baggy, wide leg, those types of features in denim are showing strength. We're also seeing proprietary brand strength, as Jill said, in categories and brands like SO, Lauren Conrad, and Nine West. And interestingly, from a national brand side of things, Levi's, Women's, in particular, are showing strength. And then Nike from a national brand standpoint, that's one of the brands that's really coming through strongly in kids, Women's, and footwear.

因此，任何寬鬆、寬腿的牛仔布都顯示出其優勢。正如吉爾所說，我們也看到了 SO、Lauren Conrad 和 Nine West 等類別和品牌的專有品牌實力。有趣的是，從國家品牌的角度來看，Levi's，尤其是女裝品牌，正展現出強勁的勢頭。然後從國家品牌的角度來看，耐吉是兒童、女性和鞋類領域表現強勁的品牌之一。

Paul Lejuez, Citigroup.

花旗集團的保羅‧勒胡埃斯 (Paul Lejuez)。

Can you talk about the comp metrics a little bit more, maybe unpack the drivers, transactions versus ticket within ticket, AUR, UPT? And as you move throughout the quarter, which of those metrics were the drivers of the improvement as you moved into July? And then how are you thinking about the second half drivers, traffic versus -- or transactions versus ticket?

您能否再多談談補償指標，例如分析一下驅動因素、交易與票內票、AUR、UPT？隨著整個季度的推進，進入 7 月後，哪些指標成為了業績改善的驅動力？那麼您如何看待下半年的驅動因素，交通量與交易量與罰單量？

And then separate, the tariff impact, maybe could you just talk about how you're thinking about what you've seen thus far and what you expect in the second half? How much is built in? And is there a carryover into next year?

然後單獨談談關稅的影響，您能否談談您對目前所看到的情況的看法以及對下半年的預期？內建了多少？是否會延續到明年？

Jill, do you want to take the first, and I'll take a crack at the second.

吉爾，你想選第一個嗎？我來試試第二個。

Sure. I mean the big thing, honestly, for our comp was around traffic, Paul. We are seeing that customer trade-off between ticket or AUR and UPT. So we're seeing our average transaction value relatively flat, and it was maybe slightly down, but it's really about traffic.

當然。保羅，老實說，對我們公司來說，最重要的是交通。我們看到客戶在票務或 AUR 和 UPT 之間進行權衡。因此，我們看到我們的平均交易價值相對平穩，並且可能略有下降，但這實際上與流量有關。

And I think we -- as we talked about the improvement, the improvement came through traffic as the quarter had progressed. So that's been our opportunity and a lot of what we are looking to do is to bring that customer back in. We talked about jewelry and petites, those were nonsubstitutable. So as we're bringing them back, we're seeing we're gaining that trip back from the customer as well.

我認為，正如我們談到的改進一樣，隨著本季的進展，流量也得到了改善。這就是我們的機會，而我們要做的大部分工作就是讓客戶回來。我們談論珠寶和小飾品，這些都是不可替代的。因此，當我們把他們帶回來時，我們看到我們也從客戶那裡獲得了這次回程。

So that's the biggest factor is how do we continue to bring her in. Getting that core customer who has been underperforming is a keen focus of ours and a lot of initiatives that you heard us lay out today is to really get that traffic back because we lost those trips from that customer, and they found other places to find that jewelry, find petites and find some of the brands that we had exited.

所以最大的因素就是我們要如何繼續引進她。獲得那些表現不佳的核心客戶是我們關注的重點，今天您聽到的我們提出的許多舉措都是為了真正恢復這些流量，因為我們失去了那些來自該客戶的旅行，他們找到了其他地方來尋找珠寶、小件物品和一些我們已經退出的品牌。

So as we bring them back in, we're starting to see it resonate with the customers, but it's really all about trips.

因此，當我們讓他們回來時，我們開始看到它引起顧客的共鳴，但這實際上都與旅行有關。

And then, Paul, on the second part of your question around global trade policy. A couple of things to note here. And we mentioned in our last earnings release conference call with you that we have a great merchant team, a great sourcing team, great finance team led by Jill. And they've all been working really hard over the course of the year to make sure that we are assessing as quickly as we can the impact of any changes that are coming there.

然後，保羅，關於你問題的第二部分，關於全球貿易政策。這裡有幾點要注意。我們在上次財報發布電話會議上提到，我們擁有一支由吉爾領導的優秀商家團隊、優秀採購團隊和優秀財務團隊。他們在過去一年中一直非常努力地工作，以確保我們能夠盡快評估即將發生的任何變化的影響。

As we have mentioned before also, we have a diversified sourcing strategy from a country standpoint. We're not heavily reliant on any one particular country, and we have the flexibility and agility to actually move production to other countries if necessary.

正如我們之前提到的，從國家角度來看，我們有一個多元化的採購策略。我們並不嚴重依賴任何特定國家，我們具有靈活性和敏捷性，可以在必要時將生產轉移到其他國家。

The other thing that we are doing, obviously, is working with our vendor and supplier community, negotiating when we do understand and get clarity on tariffs to make sure that we're able to continue to provide the value that we need to our customers. And we're also examining what we can do with our proprietary brands from a value engineering standpoint with the product to keep cost of goods in line with the value that we need to offer to our customers.

顯然，我們正在做的另一件事是與我們的供應商和供應商社群合作，在我們了解並明確關稅時進行談判，以確保我們能夠繼續為客戶提供所需的價值。我們也從產品價值工程的角度研究如何利用我們的專有品牌，以使商品成本與我們需要向客戶提供的價值保持一致。

And then lastly, I would say, adjusting our buys based on elasticity. So we have all the modeling in place to be able to understand when and if prices do go up, what does that do to the volume, and we were able to adjust our buys as a result. This continues to be a fluid situation with the uncertainty that still remains. And it's one of the reasons, as Jill mentioned in her comments around the guide on margin that we're giving ourselves enough flexibility to be able to make the changes and make the decisions that we need to in the back half of the year as more clarity comes from the global trade policy discussions.

最後，我想說，根據彈性調整我們的購買量。因此，我們建立了所有模型，以便能夠了解價格何時上漲以及上漲對交易量有何影響，並據此調整購買量。形勢依然不穩定，不確定性仍然存在。正如吉爾在關於保證金指南的評論中提到的那樣，這是原因之一，隨著全球貿易政策討論的進一步明朗，我們給予自己足夠的靈活性，以便能夠在下半年做出我們需要的改變和決定。

From a pricing standpoint, we're leaning into proprietary brands to provide and that provides a bit of a mix benefit, as you know, as those products carry a higher margin. And we have the ability, like I said, to adjust our buys based on elasticity. We're going to continue to monitor the competition to make sure that we ensure that we stay price competitive. And from a national brand standpoint, we follow the lead of the national brand -- of our national brand partners. And so it's not -- that doesn't provide any sort of disadvantage for us as everyone receives the same pricing.

從定價的角度來看，我們傾向於提供專有品牌，這提供了一些混合優勢，因為這些產品的利潤率更高。正如我所說，我們有能力根據彈性調整我們的購買量。我們將繼續關注競爭情況，以確保我們保持價格競爭力。從國家品牌的角度來看，我們遵循國家品牌—我們國家品牌合作夥伴的領導。所以這對我們來說並沒有什麼不利之處，因為每個人都會得到相同的定價。

So that's the thought process that we're employing around this issue, and we feel comfortable with where we are right now, and that's captured in the guide that we've shared.

這就是我們圍繞這個問題所採用的思考過程，我們對目前的狀況感到滿意，這也反映在我們分享的指南中。

I appreciate that. But I guess after all those mitigation efforts, do you build in a net impact from tariffs in the back half?

我很感激。但我猜想，在採取所有這些緩解措施之後，關稅是否會在下半年產生淨影響？

Yes. And I think, Paul, that's why you saw us take our margin down. We were doing 30% to 50%. We brought it to the low end. I mean a lot of the merchant efforts and the sourcing team efforts have helped us mitigate that.

是的。保羅，我想這就是我們降低利潤率的原因。我們做到了 30% 到 50%。我們把它帶到了低端。我的意思是，很多商家的努力和採購團隊的努力幫助我們緩解了這種情況。

And we talked about that when the tariffs first came out. And so as they've been changing, the teams have adjusted incredibly well to help us find ways to offset that. As we lean into proprietary brands, obviously, there is a mix benefit for us as well, and we're seeing that have an outsized sales impact in the quarter. So we're planning that, that is one of the ways that we can continue to expand margin. But we did bring the margin down to the low end given the fact that we know we have to navigate through tariffs.

當關稅首次出台時我們就討論過這個問題。因此，隨著情況發生變化，團隊做出了非常好的調整，幫助我們找到了彌補這項變化的方法。當我們傾向於專有品牌時，顯然，我們也獲得了混合優勢，我們看到這對本季的銷售產生了巨大的影響。所以我們正在計劃，這是我們可以繼續擴大利潤的方法之一。但考慮到我們必須應對關稅問題，我們確實將利潤率降至低端。

And quite honestly, we want to make sure that we're going to stay competitive from a pricing perspective. Particularly as we go into the holiday period, we know that it's going to be competitive. We know it's always an incredibly promotional time of year. And so with the guide we gave, we're able to have that flexibility to make sure that we're driving price and value for the customer.

坦白說，我們希望確保從定價角度保持競爭力。特別是當我們進入假期時，我們知道競爭將會非常激烈。我們知道，每年的這個時候都是促銷的最佳時機。因此，透過我們提供的指南，我們能夠靈活地確保為客戶提供價格和價值。

Oliver Chen, TD Securities.

道明證券的 Oliver Chen。

A lot of exciting initiatives ahead. A simpler question, but a harder question. What do you think it takes to positive comp and timing? And in that lens, perhaps you might be able to rank these initiatives in terms of materiality of positive revenue growth and positive comps and also a second dimension of what might be sooner versus longer in terms of longer -- shorter to achieve a lower-hanging fruit versus more difficult? Thank you.

未來還有很多令人興奮的舉措。這是一個比較簡單的問題，但也是一個比較難的問題。您認為積極的補償和時機需要什麼？從這個角度來看，也許您可以根據正收入成長和正成長的實質對這些舉措進行排序，也可以從第二個維度來排列這些舉措，即哪些可能更快，哪些可能更長時間——更短的時間來取得更容易實現的目標，還是更困難的目標？謝謝。

Oliver, I'll take a crack at it first. And again, Jill, please be -- share. I don't like to put a timing on it to be able to say by X date, we'll be back in positive comps. We know that our route to long-term success for this business is to get back to growth. And everything that we've talked about and everything you've heard from us certainly is directed at that intention.

奧利佛，我先試試看。吉爾，請再次分享。我不喜歡設定一個時間，以便能夠說在 X 日期之前，我們就能恢復正面的表現。我們知道，實現這項業務的長期成功之路就是恢復成長。我們所談論的一切以及您從我們這裡聽到的一切肯定都是針對這一意圖的。

What I would tell you in terms of the kinds of things that we're focused on right now, this addition of adding categories back like jewelry and accessories and others certainly is a big part of winning back the customers that to Jill's point have not lapsed, but have given us less of their wallet recently. I think the focus also on proprietary brands and achieving this proper mix between proprietary brands and national brands is a big driver of our success going forward.

就我們現在關注的事情而言，我想告訴你的是，重新增加珠寶、配件等類別無疑對於贏回那些顧客起著重要作用，正如吉爾所說，這些顧客並沒有流失，但最近給我們的錢包減少了。我認為，專注於專有品牌並實現專有品牌和國家品牌的適當組合是我們未來成功的一大驅動力。

But retail is, as you know, it's a push every day in terms of grinding your way to getting the sales and earning it from the customers that you have. And that's where our focus is right now.

但正如你所知，零售業每天都需要努力工作才能獲得銷售額並從現有客戶那裡賺取利潤。這就是我們現在關注的重點。

Yes. I would agree. I think some of the category changes, Oliver, that we've made are quick wins. We just really investing back into the proprietary brands. It's taken us a little bit of time, and we came out of last year, Q3, we were down substantially.

是的。我同意。奧利佛，我認為我們所做的某些類別改變很快就能帶來成效。我們只是真正地重新投資於專有品牌。這花了我們一點時間，從去年第三季開始，我們的業績大幅下滑。

Our inventory is still down on a two-year stack basis in proprietary brands, but it's up versus last year. And so that -- it's taken a little bit of time, but I would say that's probably going to have more of an immediate impact, particularly in the back half of the year. Some of our key growth categories like Sephora, our Impulse queuing lines, we now have 300 additional doors from Q2. We have another about 300 doors going in Q3. That's just an actual item -- actual unit in the basket in stores that we're getting.

我們的專有品牌庫存以兩年的庫存量計算仍然下降，但與去年相比有所上升。所以 — — 這需要一點時間，但我想說這可能會產生更直接的影響，特別是在今年下半年。我們的一些主要成長類別，如絲芙蘭、Impulse 排隊線，從第二季開始我們增加了 300 家門市。我們將在第三季推出另外約 300 扇門。這只是一個實際的物品——我們在商店購物籃裡買到的實際物品。

So if we think about those comp components, that's just another add that we're seeing come in. And we're really seeing newness in that category work well, novelty cleaning. Michael and I had the opportunity to walk with our merchants and just see some of the newness that they're bringing in on a pretty frequent basis. And it's a new muscle for Kohl's to have that here in a whole new category. So those are places I think you're going to see some of that immediate impact.

因此，如果我們考慮這些計算機元件，那隻是我們看到的另一個附加元件。我們確實看到該類別的新產品效果很好，新穎的清潔。麥可和我有機會與我們的商家一起散步，看看他們經常帶來的一些新產品。對於科爾士來說，在一個全新的類別中擁有這樣的優勢是一種新的優勢。所以我認為你會在這些地方看到一些直接的影響。

I think longer term, it's still determining really that value equation, having that right balance both for our new customers and our non-Kohl's customers, which are doing incredibly well and positive comping, but making sure that we can get that core customer back and understanding that true value that we have delivered to them in the past and how they can feel like they're getting that back from us going forward. So I think that's going to be a little bit longer term for us.

我認為從長遠來看，它仍然在確定真正的價值方程，為我們的新客戶和非 Kohl's 客戶取得適當的平衡，這些客戶表現非常好，並且具有積極的競爭性，但要確保我們能夠贏回核心客戶，並了解我們過去為他們提供的真正價值，以及他們如何感受到他們將來會從我們這裡獲得回報。所以我認為這對我們來說會是一個較長的目標。

So the good news is we have some short-term metrics. We did get to a flat comp in July. So that does give you a little bit of a data point on how they are starting to work. We feel good with the momentum that we're building in the back half. It really comes down to the fact that we're also navigating a lot of uncertainty in the macro environment.

好消息是我們有一些短期指標。七月我們的業績確實持平。所以這確實為你提供了一些關於它們如何開始工作的數據點。我們對下半場所建立的勢頭感到滿意。事實上，我們也在宏觀環境中應對許多不確定性。

And we know our consumer, particularly the middle and lower-income customer, remain under pressure. And so we're going to have to fight for every dollar in the back half.

我們知道我們的消費者，特別是中低收入消費者，仍然面臨壓力。所以我們必須為後半部的每一美元而奮鬥。

And Oliver, I would add to just one of the things that will probably be a longer-term impact on the business is our interest in wanting to -- as we've listened to customers, understanding their interest in Kohl's curating -- spending time curating a bit more of the assortment for them so that they have some inspiration, if you will, around what we offer in our stores.

奧利弗，我想補充一點，這可能對業務產生長期影響，那就是我們有興趣——我們聽取了顧客的意見，了解了他們對科爾士百貨策劃的興趣——花時間為他們策劃更多的商品，這樣他們就能從我們在商店提供的商品中獲得一些靈感。

And so you'll see some changes taking place over time in stores that bringing back, for example, manikins to be able to show an item and an outfit, not just an item hanging on a rack and actually enhancing that store experience so that there's newness, but also that focus on trip assurance that we spoke about earlier. So we have a broad range of initiatives in place, some that will deliver short-term gains. But over the long haul, we know that growth is where we need to get back to, and that's the focus for us.

因此，你會看到商店隨著時間的推移發生一些變化，例如，重新使用人體模型來展示一件物品和一套服裝，而不僅僅是掛在架子上的一件物品，這實際上增強了商店體驗，使其具有新鮮感，同時也注重我們之前談到的旅行保障。因此，我們採取了一系列廣泛的舉措，其中一些將帶來短期效益。但從長遠來看，我們知道我們需要回歸成長，這也是我們的重點。

Okay. And we've been on the journey for a while. I guess what's different this time with private label and value? Because, Jill, you've been well aware that customers have been focused on value for a decade.

好的。我們已經踏上旅程有一段時間了。我猜這次的自有品牌和價值有什麼不同？因為，吉爾，你已經很清楚，十年來客戶一直關注價值。

And then I would love -- do you intend to keep the racetrack? It sounds like you're making changes that are very customer-centric physically. Sometimes making small changes can have unintended consequences to risk, but would love any incremental thoughts there.

然後我很想知道——您打算保留賽道嗎？聽起來您正在做出以客戶為中心的實質改變。有時，進行微小的改變可能會帶來意想不到的風險後果，但仍希望聽到任何漸進的想法。

And lastly, there's a lot of green shoots, which product categories are not doing well or have the biggest chunk of improvement opportunity? Is that Women's dresses or juniors?

最後，有許多復甦的跡象，哪些產品類別表現不佳或具有最大的改進機會？那是女裝還是青少年裝？

Okay. So I'll start, and I'll let Michael pop in here is on the proprietary brands, I mean, you've been on the cycle with me, Oliver. We watch this a lot. And I think we let the customer really tell us where we want to be. And in the history of Kohl's, we've been over 50% in proprietary brands. We've been under 30% in proprietary brands. But really, we try to follow where the customer is.

好的。那麼我就開始了，我會讓麥可來談談專有品牌，我的意思是，你一直和我一起騎自行車，奧利佛。我們常看這個。我認為我們讓客戶真正告訴我們想要達到什麼目標。在 Kohl's 的歷史上，我們的自有品牌份額已超過 50%。我們的專有品牌份額低於 30%。但實際上，我們會盡力跟隨客戶的位置。

I think over the last couple of years, we didn't necessarily follow that. We pulled out some of the brands and we replaced it with market brands. And when we did that, they had come to love certain styles, certain silhouettes, certain fits and the opening price point value that were provided by our proprietary brands.

我認為在過去的幾年裡，我們並不一定會遵循這一點。我們撤掉了一些品牌，並用市場品牌取代。當我們這樣做的時候，他們開始喜歡我們的專有品牌提供的某些風格、某些輪廓、某些款式和起始價格價值。

When we replaced them with market brands, they were not a brand that they knew, they were not opening price point and a lot of them were not coupon-eligible. So the things that they loved about that offering, we really took away from them without listening to what they're looking at, and they voted and they voted on the sales numbers, and we saw that.

當我們用市場品牌取代它們時，它們不再是他們所熟悉的品牌，它們的價格也不合適，而且很多都不符合優惠券的資格。因此，我們確實從他們那裡奪走了他們喜歡的產品的優點，而沒有聽取他們的意見，他們根據銷售數字進行了投票，我們看到了這一點。

So as we're moving back into those categories, we're being really thoughtful. We're going back. We're listening to the customers. We're being really thoughtful on what we're bringing back in. And we're bringing it back in with an edited assortment.

因此，當我們重新回到這些類別時，我們會非常深思熟慮。我們要回去了。我們正在傾聽顧客的意見。我們正在認真考慮要帶回什麼。我們將透過經過編輯的分類將其帶回來。

We're going to have depth in key essentials. There are certain things like the SO (inaudible) people want it in depth. That is what they've come to know Kohl's for. And so we're going to buy into that. But then we're going to be much more thoughtful on the side of fashion and what we're bringing in, and that should be where you see a lot more newness come in.

我們將深入了解關鍵要點。有些事情就像 SO（聽不清楚）人們希望深入了解。這就是他們認識 Kohl's 的原因。所以我們會接受這一點。但是，我們會對時尚和我們所引進的東西更加深思熟慮，這樣你就會看到更多的新事物。

Also, over time, Oliver, we've extended the number of brands we've had in proprietary brands, and we brought them back. I think we feel really good with the brands we have and what we're standing behind. I'm going to use juniors, for example.

此外，奧利弗，隨著時間的推移，我們擴大了專有品牌的數量，並將它們帶了回來。我認為我們對我們擁有的品牌和我們所支持的一切感到非常滿意。例如，我將使用初級人員。

Right now, they're probably under the most disruption of exiting out of a lot of those market brands, and they're leaning into SO. SO has been around for a long time. And the more that they bring in from a SO perspective, the more sales we're seeing come through that customer. They love it. It's opening price point. It has great fashion, but it has those key basics.

目前，他們可能正面臨退出許多市場品牌的最大衝擊，因此他們傾向於 SO。SO 已經存在很久了。從 SO 角度來看，他們帶來的收入越多，我們看到透過該客戶實現的銷售就越多。他們喜歡它。這是開盤價點。它不僅時尚，而且具備關鍵的基本功能。

We're doing some things with denim in Sonoma, and we know like what they want for silhouettes and what they want for fashion. And so we're setting that, I believe, in September. So really being thoughtful and listening to where the customer was and bringing it in and then owning it because the other thing we did is we went with a lot of choices and not a lot of depth. So they came in and were disappointed when they couldn't find what they were looking for.

我們在索諾瑪用牛仔布做一些事情，我們知道他們想要什麼樣的輪廓和時尚。所以我相信我們會在九月設定這個時間。因此，我們確實要深思熟慮，傾聽客戶的想法，並將其引入，然後擁有它，因為我們做的另一件事是我們有很多選擇，但沒有太多深度。因此他們進來後卻沒有找到他們想要的東西，因此感到失望。

So I actually feel very good with the process that we're taking in terms of how we're going back into proprietary brands. We're leveraging the core brands that are meaningful to our customer. We're utilizing them as opening price point brands to bring in value, and we're curating a great assortment through basics and fashion really on a relevant pyramid, which we had kind of lost some focus on.

因此，就我們回歸專有品牌而言，我對於我們採取的流程感到非常滿意。我們正在利用對我們的客戶有意義的核心品牌。我們利用它們作為起始價位品牌來帶來價值，並且我們在相關的金字塔上透過基本款和時尚款式精心挑選出大量商品，而我們之前在這方面有點失去關注。

I think in terms of the conversation around dresses, we think it's great. We're still going to be investing in it. We maybe just went a little too deep on dresses. We had a white space opportunity, and I think we overinvested there, and the merchants are all over that and they're resizing that and they're taking that space back for other productive pieces that we just spoke to, and we're seeing that through Lauren Conrad and Nine West, both being brands that we called out for outperforming.

我認為就有關服裝的討論而言，我們認為這很棒。我們仍將對其進行投資。我們可能只是對服裝有點太深入了。我們有一個空白空間機會，我認為我們在那裡投資過度了，商家們都在關注這個空間，他們正在調整規模，並將這個空間用於我們剛才談到的其他生產性產品，我們透過 Lauren Conrad 和 Nine West 看到了這一點，這兩個品牌都是我們稱之為表現優異的品牌。

So I think if I look at that portfolio, I feel good with that. The biggest opportunity, and I'll let Michael weigh in here for me as well is I think we've seen our kids business lagging. And we've done a couple of things with pricing and clarity. So we have some room here to, I think, bring back our kids business a little bit stronger. I think Women's is on a great trajectory.

所以我想，如果我看一下那個投資組合，我會感覺很好。最大的機會，我也會讓麥可為我考慮一下，我認為我們已經看到我們孩子的生意落後了。我們在定價和清晰度方面做了一些事情。所以我認為，我們還有一定的空間，可以讓我們的兒童業務更強勁地復甦。我認為女子運動正處於良好的發展軌道上。

Home has done some great things. We have some new brands coming in there. Soft home and bedding, particularly doing well for us as they've invested in that side of the business. But I would say kids for us probably is the biggest opportunity is that's a laggard.

家裡做了一些很棒的事情。我們有一些新品牌進入那裡。柔軟家居和床上用品對我們來說尤其好，因為他們已經投資了該業務。但我想說，對我們來說，孩子可能是最大的機會，也是落後者。

Yes. The only other thing I would add to what Jill said from a category standpoint would be perhaps men's and the opportunity there to continue to build that business, both on the casual side and the dress side as well. But Jill, I think you covered it. The comment that you had, Oliver, about the racetrack, and I think, again, Jill's word thoughtful comes to mind when I think about that. We are not going to be pulling lots of product into the racetrack and disrupting the flow of what goes on from a consumer standpoint.

是的。從類別角度來看，我對吉爾所說內容唯一要補充的可能是男裝以及繼續發展男裝業務的機會，包括休閒裝和正裝方面。但是吉爾，我想你已經涵蓋了它。奧利佛，你對賽馬場的評論，當我想到這一點時，我又想起了吉爾所說的「深思熟慮」這個詞。我們不會將大量產品投入賽道中，從消費者的角度擾亂正常的生產流程。

But we'll be making thoughtful choices about how to use the racetrack smartly to showcase items. Jewelry tables is a good example of what we've done recently there that has really helped to improve the sales there. We look at certain item and price at certain time periods to be able to bring out into the racetrack to bring customers into focus on an item that we want them to focus on that they've told us that they want. So we'll continue to do that.

但我們會深思熟慮地選擇如何巧妙地利用賽道來展示物品。珠寶桌是我們最近在那裡做的一個很好的例子，它確實有助於提高那裡的銷售額。我們會在特定時段關注特定商品及其價格，以便能夠將其帶入賽道，讓顧客關注到我們希望他們關注的、他們告訴我們他們想要的商品。因此我們會繼續這樣做。

The other thing that you'll see evolve, and I had a chance we all did recently to take a look at holiday these seasonal elements and making sure that when a customer walks into the store that they know what time of year it is and that we actually focus product efforts and promotional efforts and marketing efforts and signage around the season is a really important part that, particularly from a store standpoint that we'll be focused on as well. So whether it's Halloween coming up holiday later on, we move into '26 in the spring, you'll see Kohl's show up a little bit differently in that regard as well.

您將看到的另一件事是，我最近有機會一起研究假期這些季節性元素，並確保當顧客走進商店時，他們知道現在是一年中的什麼時間，並且我們實際上將重點放在產品工作、促銷工作、營銷工作和圍繞季節的標牌上，這是一個非常重要的部分，特別是從商店的角度來看，我們也會關注這一點。因此，無論是即將到來的萬聖節假期，還是進入 26 年春季，您都會看到 Kohl's 在這方面的表現略有不同。

Michael Binetti, Evercore.

邁克爾·比內蒂 (Michael Binetti)，Evercore。

This is Carson on for Michael. I wanted to build off of Paul's question from earlier. Is there a significant difference in the gross margin year-over-year change for 3Q versus 4Q? Some of the brands have called out that pressures from tariffs really pick up in the fourth quarter.

卡森 (Carson) 代替邁克爾 (Michael) 上場。我想繼續回答保羅之前提出的問題。第三季和第四季的毛利率年減有顯著差異嗎？一些品牌表示，關稅壓力在第四季確實有所增加。

And I know you touched on tariffs briefly, and I know you have proprietary brands mixing higher. Is it fair to assume that the proprietary brand mix benefit carries into the back half or maybe even accelerates and that's the key offset? And then how should we think about the other gross margin inputs like adding brands to the coupon?

我知道您簡要地談到了關稅，而且我知道您的專有品牌混合度較高。是否可以公平地假設專有品牌組合優勢會延續到後半段，甚至可能加速，而這是關鍵的抵消？那我們該如何考慮其他毛利率投入，例如在優惠券中添加品牌？

Sure. So I would say is from a proprietary brand perspective, we do expect the benefit to accelerate. I think we had mentioned the fact that we're investing back in that inventory. And as we saw our business improve throughout the quarter, a key driver of that was our proprietary brand. So as you know, for every 100 basis points of penetration we gain in proprietary brands, it's 10 to 15 basis points of improvement to our gross margin line. So it's definitely a key driver.

當然。因此我想說，從專有品牌的角度來看，我們確實預期收益會加速成長。我想我們已經提到過我們正在重新投資該庫存的事實。我們看到我們的業務在整個季度都有所改善，其中一個關鍵驅動因素是我們的專有品牌。因此，如您所知，我們的專有品牌滲透率每提高 100 個基點，我們的毛利率就會提高 10 到 15 個基點。所以這絕對是一個關鍵驅動因素。

The other thing we have to be thoughtful of is our strong inventory management. Our inventory was down 5%, but our receipts were down mid-teens. We're looking to improve our turn. And I think one of the basic fundamentals on retail is when you improve your turn, you get margin wins, you get sales wins. So that is definitely going to be a key driver as well.

我們必須考慮的另一件事是強大的庫存管理。我們的庫存下降了 5%，但收入卻下降了 15% 左右。我們正在尋求改善我們的轉變。我認為零售業的基本原理之一是，當你提高營業額時，你就會獲得利潤，並獲得銷售勝利。所以這肯定也會成為一個關鍵驅動因素。

And then we continue to look at paths and ways to offset it. I would say, as the tariffs do come through, there is going to be a weight in the back half of the year. But I think we have ways based on how we see that penetration change to offset it. So I'd say it's pretty balanced between the two quarters, Q3 and Q4 in terms of how we see the margin coming in.

然後我們繼續尋找抵消它的途徑和方法。我想說，隨著關稅的實施，今年下半年將面臨壓力。但我認為，根據我們對滲透率變化的觀察，我們有辦法抵消它。因此，我認為從利潤率來看，第三季和第四季兩季的利潤率相當平衡。

But again, that's why we took it to the low end of the range. We had thought there was definitely some more upside here as we obviously guided 30% to 50% earlier in the year. But now given the changes that we've seen, we've brought the margin down so we can navigate it so we can still ensure that we are being competitive in pricing and that we can drive value to the consumer in the back half of the year. But I really don't see a lot of change in that margin structure between Q3 and Q4 in terms of how it ends. I think there's pieces within it that we may benefit more from in one quarter than the other to help offset some of those pressures.

但同樣，這就是我們將其置於範圍低端的原因。我們曾認為這裡肯定還有更多的上漲空間，因為我們在今年稍早明確預測了 30% 到 50% 的成長空間。但現在，鑑於我們看到的變化，我們降低了利潤率，以便我們能夠應對它，這樣我們仍然可以確保我們在定價方面具有競爭力，並且可以在今年下半年為消費者創造價值。但就最終結果而言，我確實沒有看到第三季和第四季之間的利潤結構發生太大變化。我認為其中的一些部分可能會讓我們在某個季度比另一個季度受益更多，這有助於抵消部分壓力。

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

I wanted to ask about the other revenue line. It came in a bit better in the second quarter, but it looks like the guidance downticked a little bit. I was just wondering if you could give us a state of the union on what's happening with the credit income.

我想問其他收入來源。第二季的情況稍有好轉，但預期似乎有所下降。我只是想知道您是否可以向我們介紹一下信貸收入的現狀。

Sure. I think for the quarter, we were a little bit better in credit revenue. As you know, we launched our Kohl Brand card last September. So the front half of the year, we really benefited from having that Kohl Brand revenue. We start comping that in the back half of the year, Lorraine, which is where you start seeing that step down happening.

當然。我認為本季我們的信貸收入略有改善。如您所知，我們於去年 9 月推出了 Kohl Brand 卡。因此，今年上半年，我們確實受益於 Kohl Brand 的收入。洛林，我們從今年下半年開始對此進行補償，那時你就會開始看到這種下降的發生。

In addition to that, we called out that our core credit customer is down mid-teens. That unfortunately has been a trend over the last several quarters. So that has really had an impact on our AR balances. So we're not seeing a build in AR. We're not seeing those accounts revolve then.

除此之外，我們還發現我們的核心信貸客戶信用額度下降了 15% 左右。不幸的是，這是過去幾個季度的趨勢。所以這確實對我們的應收帳款餘額產生了影響。所以我們沒有看到 AR 的建構。我們沒有看到這些帳戶發生週轉。

And so we're seeing a little bit less from a top line. So with the co-brand offset now comping, that's where you're going to see the step down in the back half of the year from a credit perspective.

因此，我們看到的收入減少。因此，隨著聯名品牌抵銷的出現，從信貸角度來看，您將看到下半年的下降。

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

我們的問答環節到此結束，今天的電話會議也到此結束。感謝您的參與，您現在可以斷開連接。