柯爾百貨 (KSS) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Kohl's Corporation third quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded. I'd now like to turn the call over to Trevor Novotny, Director of Investor Relations.

早安，歡迎參加 Kohl's 公司 2025 年第三季財報電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。現在我將把電話交給投資者關係總監特雷弗·諾沃特尼。

Thank you. Please go ahead.

謝謝。請繼續。

Thank you. Certain statements made on this call, including those regarding our projected financial results, business outlook and future initiatives are forward-looking statements. These statements are based on current expectations and assumptions and are subject to certain risks and uncertainties that could cause Kohl's actual results to differ materially from those projected.

謝謝。本次電話會議中所作的某些陳述，包括有關我們預期的財務表現、業務前景和未來舉措的陳述，均為前瞻性陳述。這些聲明是基於目前的預期和假設，並受到某些風險和不確定性的影響，這些風險和不確定性可能導致 Kohl 的實際表現與預測績效有重大差異。

These risks and uncertainties include, but are not limited to, the factors described in Item 1A of 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 Kohl's 最新年度報告（10-K 表格）第 1A 項中描述的因素，以及 Kohl's 不時向美國證券交易委員會提交的其他文件中可能補充的因素，所有這些因素均透過引用明確納入本文。前瞻性聲明僅代表最初發布之日的情況，科爾百貨不承擔更新這些聲明的義務。

In addition, during this call, we may refer to certain non-GAAP financial measures. Please refer to the cautionary statement and reconciliations of these non-GAAP 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，我們可能會提及某些非公認會計準則財務指標。請參閱投資者簡報中包含的警示聲明和這些非GAAP指標的調節表，該簡報作為附件提交給美國證券交易委員會（SEC），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 So if you are listening to a replay, it is possible that the information discussed is no longer current, and Kohl's undertakes no obligation to update such information.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。但是，本次通話的錄音將不會更新。因此，如果您正在收聽重播，則所討論的資訊可能已不再是最新的，科爾百貨公司不承擔更新此類資訊的義務。

With me this morning are John Schlifske, our Independent Chair of the Board; Michael Bender, our Chief Executive Officer; and Jill Timm, our Chief Financial Officer.

今天早上和我在一起的有：我們的獨立董事會主席約翰·施利夫斯克；我們的首席執行官邁克爾·本德；以及我們的首席財務官吉爾·蒂姆。

I will now turn the call over to John.

現在我將把通話轉給約翰。

Thank you, Trevor, and thank you for joining us this morning. I will be providing some brief introductory remarks, and then I'm going to turn it over to Michael and Jill to go over our third quarter performance, and then we'll take some Q&A.

謝謝你，特雷弗，也謝謝你今天早上和我們一起收看節目。我將作簡短的介紹性發言，然後交給麥可和吉爾來回顧我們第三季的業績，之後我們將進行問答環節。

As announced yesterday, the Board has appointed Michael Bender as Chief Executive Officer of Kohl's. Michael is a seasoned retail veteran who has a deep understanding of Kohl's business, serving as a Board member since 2019 former Chair of the Board and most recently as Interim CEO since May.

正如昨天宣布的那樣，董事會已任命邁克爾·本德為科爾百貨公司首席執行官。Michael 是一位經驗豐富的零售業資深人士，對 Kohl's 的業務有著深刻的了解。他自 2019 年起擔任董事會成員，曾任董事會主席，最近自 5 月起擔任臨時執行長。

In addition to his Kohl's experience, Michael brings over 30 years of senior leadership experience across the retail and consumer goods industries. Over the last six months, the Board has gone through an extensive search process to identify our new CEO, and we could not be more thrilled to have Michael as the next leader of this company.

除了在 Kohl's 的工作經驗外，Michael 還擁有超過 30 年的零售和消費品行業高階領導經驗。在過去的六個月裡，董事會進行了廣泛的遴選過程，以確定我們的新任首席執行官，我們非常高興邁克爾能夠成為這家公司的下一任領導人。

There's been a lot of change over the last year at Kohl's, and Michael has proven to be an effective leader, fostering a strong culture and providing stability through the transition. Additionally, during this time as interim CEO, Michael has made important strategic decisions address key areas of opportunities and help deliver progressive improvements to the business.

過去一年，科爾百貨發生了許多變化，邁克爾證明了自己是一位高效的領導者，他創造了強大的企業文化，並在過渡時期提供了穩定性。此外，在擔任臨時執行長期間，麥可做出了重要的策略決策，以應對關鍵的機會領域，並幫助公司取得持續的進步。

Kohl's has a solid foundation for the future, boasting over 1,100 stores in a vast digital platform that serves more than 60 million customers each year. We have the utmost confidence that Michael is the right leader for this company, and we're excited about the substantial opportunity that can be realized under his leadership. On behalf of the Board, I'd like to congratulate Michael on his new position. We look forward to supporting him and the management team in this next chapter.

科爾百貨擁有堅實的未來基礎，旗下擁有超過 1100 家門市，並擁有龐大的數位平台，每年為超過 6,000 萬顧客提供服務。我們堅信麥可是這家公司最合適的領導者，我們對在他的領導下所能實現的巨大機會感到無比興奮。我謹代表董事會祝賀麥可榮任新職。我們期待在接下來的旅程中支持他和管理團隊。

With that, I'll now turn the call over to Michael.

接下來，我將把電話交給麥可。

Thank you, John, and good morning, everyone, and thank you for joining Kohl's third quarter earnings conference call. I'm honored to assume the role as Chief Executive Officer of Kohl's, and I would like to thank John and the Board for giving me the opportunity to lead this great company.

謝謝約翰，大家早安，謝謝各位參加柯爾百貨第三季財報電話會議。我很榮幸能夠擔任 Kohl's 的首席執行官，我要感謝 John 和董事會給我機會領導這家偉大的公司。

Since I joined the team in May, I've been deeply impressed with the Kohl's team, their resilience and their motivation to win. My commitment is to lead this organization, our associates and our customers. Every day, Kohl's has the privilege of serving millions of customers, and we will continually strive to enhance their experience and meet their evolving needs. I'm excited about the opportunity that lies ahead and look forward to repositioning Kohl's for future success.

自從五月加入團隊以來，我深深地被 Kohl's 團隊的韌性和求勝的動力所折服。我的承諾是領導這個組織、我們的員工和我們的客戶。每天，科爾百貨都有幸為數百萬顧客提供服務，我們將不斷努力提升他們的購物體驗，滿足他們不斷變化的需求。我對未來的機會感到興奮，並期待重新定位 Kohl's，以取得未來的成功。

Now during our call today, I'd like to discuss three items with you. First, discuss our third quarter performance; second, highlight the progress we're making against our 2025 initiatives. And lastly, give a brief overview of how we are positioned for the Q4 holiday season.

今天通話期間，我想和您討論三件事。首先，討論我們第三季度的業績；其次，重點介紹我們在實現 2025 年計劃方面取得的進展。最後，請簡單概述一下我們為第四季度假日季所做的準備。

Let me start with our third quarter results. We are pleased as we delivered both top line and bottom line performance ahead of our expectations for the third consecutive quarter. These results directly reflect the progress we're making against our 2025 initiatives, which are building momentum and continuing to resonate with our customers. While we are encouraged with the progressive improvement we're making, we want to acknowledge that this performance is not representative of where we aspire to be.

首先，讓我來看看我們第三季的業績。我們很高興連續第三個季度實現了營收和利潤雙雙超出預期的業績。這些結果直接反映了我們在實現 2025 年計畫方面的進展，這些計畫正在積蓄力量，並持續引起客戶的共鳴。儘管我們對目前所取得的進步感到鼓舞，但我們也想承認，這樣的表現並不能代表我們想要達到的目標。

Our team is working diligently to further execute against these 2025 initiatives to deliver quality products, great value and a frictionless experience to our customers. Looking deeper into our top line performance, our comparable sales performance continued to improve as we ran down 1.7% in the third quarter. We started the quarter with a better-than-expected performance in August and back-to-school season.

我們的團隊正在努力推進這些 2025 年計畫的實施，為我們的客戶提供優質的產品、卓越的價值和流暢的體驗。深入分析我們的營收表現，儘管第三季同比下降了 1.7%，但我們的同店銷售業績持續改善。本季伊始，我們在8月和返校季的表現都比預期好。

However, in September, we experienced a slowdown as we faced unseasonably warmer weather impacting our fall seasonal businesses. October was the strongest month as we delivered a positive 1% comparable sales performance. The quarter was led by a strong digital performance, up 2% versus last year.

然而，9 月我們遭遇了業務放緩，因為異常溫暖的天氣影響了我們的秋季季節性業務。10 月是業績最好的一個月，我們實現了 1% 的同店銷售成長。本季主要得益於強勁的數位化表現，比去年同期成長了2%。

As Jill will discuss in further detail later in the call, the improved performance was driven by an acceleration in our transactions versus prior quarter. This was particularly notable with our Kohl's Card customer, whose sales performance improved by over 500 basis points from Q2.

正如 Jill 稍後將在電話會議中詳細討論的那樣，業績的改善得益於我們交易量較上一季的加速成長。這一點在我們的 Kohl's 信用卡客戶身上體現得尤為明顯，其銷售業績較第二季提高了 500 多個百分點。

This demonstrates important progress we're making with reengaging our core customers. While these results are encouraging, we continue to operate in an environment where our customers are becoming increasingly choiceful as their discretionary income remains pressured. This is especially notable in our low to middle-income consumers, as well as in our younger customers. These customers are becoming increasingly savvy and are seeking more value.

這表明我們在重新吸引核心客戶方面取得了重要進展。儘管這些結果令人鼓舞，但我們仍然面臨著一個客戶選擇越來越多的困境，因為他們的可支配收入持續受到壓力。這一點在我們的中低收入消費者以及年輕客戶群中尤其明顯。這些顧客越來越精明，追求更高的性價比。

We expect this customer behavior to continue into the fourth quarter as we believe the macroeconomic environment will remain uncertain. This leads into the progress we're making against our 2025 initiatives. These efforts are centered around three key priorities: 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 platforms.

我們預計這種客戶行為將持續到第四季度，因為我們認為宏觀經濟環境仍將充滿不確定性。這就引出了我們在實現 2025 年各項計畫方面所取得的進展。這些努力主要圍繞在三個關鍵優先事項：首先，提供精心挑選、更均衡的產品系列，以滿足客戶的需求。其次，重新確立 Kohl's 在價值和品質方面的領導地位；最後，透過我們的全通路平台提供流暢的購物體驗。

Starting with our first initiative, offering a curated and more balanced assortment that fulfills the needs across all of our customers. By delivering an improved rebalanced assortment, we are able to serve a broader range of customers. As we have previously communicated, our focus in recent years has been around attracting a new customer which unintentionally led to not fully catering to our core loyal customers' needs. Each quarter this year, we have made meaningful improvements to our assortment offerings, which have translated to an improvement in transactions particularly from our core customers.

從我們的第一個措施開始，我們提供精心挑選、更均衡的產品系列，以滿足所有客戶的需求。透過提供改進後的均衡產品組合，我們能夠服務更廣泛的客戶群。正如我們之前所溝通的那樣，近年來我們的重點一直放在吸引新客戶上，但這無意中導致我們未能充分滿足核心忠實客戶的需求。今年每個季度，我們都對產品組合進行了有意義的改進，這轉化為交易量的提升，尤其是來自我們核心客戶的交易量。

In addition, we are pleased to report that the new assortment continues to resonate with our non-Kohl's card customers, driving a fourth consecutive quarter of positive sales growth. The category that is particularly important to this core customer and overall company performance is our women's business. Women's ran in line with company performance and experienced a significant improvement from the second quarter. This was led by positive performance in our proprietary brands, which heavily penetrated into our women's business.

此外，我們很高興地報告，新推出的產品系列繼續受到非 Kohl's 會員卡客戶的歡迎，推動了連續第四個季度的銷售成長。對於我們核心客戶和公司整體績效而言，女性業務是特別重要的類別。女裝業務與公司整體業績一致，並較第二季有了顯著改善。這主要得益於我們自有品牌的良好表現，這些品牌已成功打入我們的女裝業務市場。

We continue to see the benefit from reinvesting inventory into key priority brands like Lauren Conrad, Simply Vera Vera Wang and Tek Gear. Within the women's category, we experienced an acceleration in our juniors business, which ran a positive comp in the quarter. Juniors is a pivotal component to the women's performance as it is a faster turning business and has reduced lead times on products. We saw strength in our key fall categories such as sweaters and fleece. We also benefited from the denim trend with national brands like Levi's and proprietary brands like So.

我們持續看到將庫存再投資於 Lauren Conrad、Simply Vera Vera Wang 和 Tek Gear 等重點品牌所帶來的好處。在女裝類別中，我們的青少年服裝業務實現了加速成長，本季實現了正成長。青少年服裝業務是女性服裝業務的關鍵組成部分，因為它的周轉速度更快，產品交付週期更短。我們看到秋季主打品類，如毛衣和抓絨衫，表現強勁。我們也受惠於牛仔布潮流，例如 Levi's 等全國性品牌和 So 等自有品牌。

Lastly, we continue to see positive performance in fatigues, as we benefit from reestablishing this category in all stores earlier this year. Building on this success, we are excited about expanding this presence next year with our proprietary brands, Lauren Conrad and Simply Vera Vera Wang, in all stores. Our men's business showed significant improvement in the quarter, running in line with company performance.

最後，由於我們今年稍早在所有門市重新引入了該品類，因此我們繼續看到工裝服的良好表現。憑藉這一成功，我們很高興明年能在所有門市推出我們自有品牌 Lauren Conrad 和 Simply Vera Vera Wang，進一步擴大市場份額。本季男裝業務取得了顯著改善，與公司整體業績相符。

This improvement from Q2 was driven by better clarity in our offering. As we enter Q4, we are continuing to make progress around clarity as receipts for our choice counts are down 10% and debt is up 5%. Customers leaned into proprietary brands, which ran a positive comp in the quarter as they looked for key brands like FLX and Tek Gear. In addition to solid proprietary brand performance, men's apparel also saw strong performance in the dress and tailored category with brands like Haggar and Apt. 9.

這一增長主要得益於我們產品和服務資訊的清晰度提高。進入第四季度，我們在提高透明度方面繼續取得進展，選擇數量的收款下降了 10%，債務上升了 5%。顧客更傾向於選擇自有品牌，這些品牌在本季度實現了積極的同店銷售，因為他們都在尋找像 FLX 和 Tek Gear 這樣的知名品牌。除了自有品牌表現穩健外，男裝在正裝和訂製服裝類別中也表現出色，Haggar 和 Apt 等品牌表現強勁。9.

Accessories continues to be a bright spot for the company with Sephora, impulse and jewelry collectively helping to deliver positive comparable sales in the quarter. Sephora ran up 2% in the quarter with comparable sales down 1%, with solid performance in categories like fragrance and hair care from brands like YSL, Valentino and Summer Fridays. We continue to be pleased with this partnership, which delivered nearly a $2 billion business in four years. Sephora is outstanding at offering discovery, innovation and newness to customers and we are thrilled to announce that we will be offering MAC in 850 of our Sephora at Kohl's stores in spring of 2026.

配件業務依然是公司的一大亮點，絲芙蘭、衝動消費品和珠寶首飾共同助力公司在本季度實現了積極的同店銷售額。絲芙蘭本季銷售額成長 2%，但同店銷售額下降 1%，YSL、華倫天奴和 Summer Fridays 等品牌的香水和護髮產品等品類表現穩健。我們對此次合作感到非常滿意，四年內合作創造了近 20 億美元的業務收入。絲芙蘭在為顧客提供發現、創新和新奇產品方面表現出色，我們很高興地宣布，我們將於 2026 年春季在 Kohl's 旗下 850 家絲芙蘭門市推出 MAC 產品。

In September, we completed the rollout of 613 impulse queuing lines, establishing a presence in nearly all stores. Impulse ran up over 40% in the quarter as we continue to benefit from this white space opportunity that adds an additional unit to our customers' baskets.

9 月份，我們完成了 613 條衝動型排隊通道的部署，幾乎涵蓋了所有門市。本季衝動性消費成長超過 40%，我們持續受惠於此市場空白機會，為顧客的購物籃增加了一件商品。

Jewelry ran up 10% in Q3 as we continue to gain traction in this category after we establish the destination for accessories behind Sephora. Strength in jewelry came from both fashion and ridge jewelry, as well as fine jewelry, both running positive comps in the quarter. We continue to test fine jewelry in 200 doors and believe this category will be an opportunity for us moving forward as its non-substitutable nature helps provide an incremental sale.

第三季珠寶銷售額成長了 10%，因為我們在 Sephora 之後繼續鞏固了配件市場的地位，並持續獲得市場份額。珠寶業務的強勁增長來自時尚珠寶、脊狀珠寶以及高級珠寶，這三類珠寶在本季度均實現了正增長。我們繼續在 200 家門市測試高級珠寶，並相信這一品類將是我們未來發展的機遇，因為其不可替代的特性有助於帶來增量銷售。

Our home business showed the largest improvement in the quarter, running in line with company performance. Soft Home categories like bedding and bath outperformed with strength from new proprietary brands like Hotelier and Mariana. Small electrics continue to underperform as expected given the impact of price increases and buying quantities down based on our elasticity analysis.

本季度，我們的家庭業務取得了最大的進步，與公司整體業績保持一致。家居軟性產品類別（如床上用品和浴室用品）表現優異，這主要得益於 Hotelier 和 Mariana 等新興自有品牌的強勁表現。根據我們的彈性分析，受價格上漲和採購量下降的影響，小型電器產品的表現如預期般繼續低於預期。

Lastly, footwear and kids remained challenged in the quarter. These categories remain an opportunity for us moving forward. In kids, we are looking for ways to highlight key proprietary brands like Jumping Beans and Little and Co. The footwear business continues to underperform with softness coming from active footwear and boots. We expect the boots business to remain soft in Q4 as we adjusted our buys down given the pricing elasticities of this category. Dress and casual footwear showed strength in the quarter with brands like Apt. 9.

最後，鞋類和童裝在本季仍面臨挑戰。這些領域仍然是我們未來發展的機會。在童裝領域，我們正在尋找方法來突出Jumping Beans和Little and Co.等主要自有品牌。鞋類業務持續表現不佳，柔軟度主要來自運動鞋和靴子。鑑於該品類的價格彈性，我們下調了採購量，預計第四季度靴子業務將保持疲軟。本季正裝鞋和休閒鞋表現強勁，Apt 等品牌表現突出。9.

Moving on now to our second initiative, reestablishing Kohl's as a leader in value and quality. What differentiates Kohl's is our ability to offer customers a blend of top national brands like Nike, Levi's and Sephora, as well as proprietary brands that are exclusive to Kohl's. This complementary brand assortment is essential to our value proposition as it enables customers to find quality, relevance and value in shopping at Kohl's. This value proposition is especially important to our core loyal customers who expect to find exceptional value when shopping at Kohl's.

接下來，我們將介紹我們的第二個舉措，即重新確立 Kohl's 在價值和品質方面的領導地位。科爾百貨的獨特之處在於，我們能夠為顧客提供耐吉、李維斯和絲芙蘭等頂級全國品牌，以及科爾百貨獨有的自有品牌。這種互補的品牌組合對我們的價值主張至關重要，因為它使顧客能夠在 Kohl's 購物時找到品質、相關性和價值。對於我們核心的忠實客戶而言，這種價值主張尤其重要，他們期望在 Kohl's 購物時獲得超值體驗。

As our customers continue to be more choiceful and remain under pressure, we have the opportunity to meet their needs and offer more value with elevating our proprietary brands. We identified the opportunity to reinvest into our proprietary brands one year ago as we over-indexed into market brands, making it more challenging to find products at an opening price point.

隨著客戶選擇越來越多，壓力也越來越大，我們有機會透過提升自有品牌來滿足他們的需求並提供更多價值。一年前，我們發現了重新投資自有品牌的機會，因為我們過度投資於市場品牌，導致很難找到價格合適的商品。

Since identifying this opportunity, we have made sequential improvement each quarter delivering a positive proprietary sales performance in the third quarter. This performance was led by brands like So and Juniors, LC and Simply Vera Vera Wang in women's and Tek Gear and FLX and men's. In addition to these well-established brands, we are seeking to find new opportunities to offer more value-oriented proprietary brands in categories like home and kids.

自從發現這一機會以來，我們每個季度都取得了持續進步，並在第三季度實現了積極的專有產品銷售業績。此次演出由 So 和 Juniors、LC 和 Simply Vera Vera Wang 等女裝品牌，以及 Tek Gear 和 FLX 等男裝品牌領銜。除了這些成熟的品牌之外，我們還在尋求新的機會，在家庭和兒童等類別中提供更多以價值為導向的自有品牌。

In home, we recently launched three new brands. Hotelier, Mingle & Co. and Mariana, which serve our soft home and tabletop categories. Our customers have shown positive initial reactions to these introductions, and we are excited about these brands moving forward. Building off the success of our FLX brand, which delivered another quarter of double-digit sales growth, we made the decision to expand this brand into our kids department in September.

在家居領域，我們最近推出了三個新品牌。Hotelier、Mingle & Co. 和 Mariana 為我們的軟家居和餐桌用品類別提供服務。我們的客戶對這些新品的推出表現出了積極的初步反應，我們對這些品牌的未來發展感到興奮。鑑於 FLX 品牌取得了成功，又一個季度實現了兩位數的銷售成長，我們決定在 9 月將品牌擴展到我們的兒童部門。

Currently, we have FLX kids in 300 doors and are committed to expanding this to more doors next spring. As we continue to refine our balance between national and proprietary brands, we're committed to moving where our customer is leading us.

目前，我們有 300 戶家庭正在接受 FLX 兒童教育，並致力於在明年春天將這項教育推廣到更多家庭。隨著我們不斷調整全國性品牌和自有品牌之間的平衡，我們致力於朝著客戶期望的方向發展。

The second action we took to deliver more value to our customers was through enhanced promotional strategies. Kohl's has traditionally offered incredible value to our customers through our coupon led promotional strategy. And after excluding a growing number of brands, our promotions became less impactful to our customers over recent years. This ultimately created unnecessary friction within our shopping experience particularly with our Kohl's card customers.

我們為顧客創造更多價值的第二個措施是透過加強促銷策略。科爾百貨一直以來都透過優惠券促銷策略為顧客提供極具價值的產品。近年來，隨著越來越多的品牌被排除在外，我們的促銷活動對客戶的影響力也越來越小。這最終導致我們的購物體驗，特別是與 Kohl's 信用卡客戶之間的購物體驗產生了不必要的摩擦。

In response to this, we identified a list of brands to be coupon eligible at the end of the first quarter. Following the success of the initial wave of brand inclusion, we made the decision to add a second wave of brands into the coupon in late August. The second wave was smaller as it included roughly 50 brands that are more digitally native. We continue to see a positive impact to our digital channel as this channel experiences elevated pricing transparency.

針對這種情況，我們在第一季末確定了一份符合優惠券使用條件的品牌名單。繼首批品牌加入取得成功後，我們決定在 8 月下旬將第二批品牌加入優惠券中。第二波規模較小，大約只包含 50 個更數位化原生特性的品牌。隨著數位通路價格透明度的提高，我們持續看到該管道受到正面影響。

Additionally, we are encouraged by the improvements this is generating with our core Kohl's card customers. We continue to test ways to drive customer awareness on brands that are now coupon eligible through signage and graphics.

此外，我們欣喜地看到，這為我們的核心 Kohl's 信用卡客戶帶來了改善。我們持續測試各種方法，透過標示和圖片來提高消費者對目前可使用優惠券的品牌的認知度。

Next, I would like to discuss our last priority, which is delivering a frictionless experience across our omnichannel platforms. We're focused on creating an elevated more consistent experience across our store fleet and on our digital platforms. To capitalize on this opportunity, we're identifying ways to optimize our store layout, increase our inspiration and restore trip assurance.

接下來，我想討論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縫體驗。我們致力於在我們的所有門市和數位平台上打造更優質、更一致的體驗。為了把握這個機會，我們正在尋找優化門市佈局、提升顧客靈感和恢復顧客購物信心的方法。

We continue to see benefits after making edits to our store layout. Following some preliminary adjacency analyses, specifically with juniors and accessories businesses. We decided to move juniors to the front of the store across from Sephora and establish an accessories pad behind Sephora. Since making these changes, both categories have shown progress.

我們在店鋪佈局進行調整後，持續感受到其帶來的好處。在進行了一些初步的鄰近性分析之後，特別是與青少年和配件業務的鄰近性分析。我們決定將初級產品區移至商店前部，位於 Sephora 對面，並在 Sephora 後面設立一個配件區。自從做出這些改變以來，這兩個類別都取得了進展。

In accessories, excluding Sephora, we've seen three consecutive quarters of positive sales growth driven by initiatives like jewelry and impulse. For juniors, we achieved a positive comp in the third quarter as we benefit from Sephora across shoppers and investments we've made into our proprietary assortment. Moving forward, we're continuing to look for ways to optimize our store layout to enable us to capture incremental sales.

在配件領域（不包括絲芙蘭），我們已經連續三個季度實現了正銷售成長，這主要得益於珠寶和衝動消費等措施的推動。對於青少年群體，由於我們受益於 Sephora 的顧客群體以及我們對自有產品系列的投資，我們在第三季度實現了正成長。展望未來，我們將繼續尋找優化店鋪佈局的方法，以便能夠獲得更多銷售。

In addition to the store layout, we are enhancing the shopping experience by increasing the inspiration in our stores. A few ways we are achieving this are by showcasing newness and relevant styles with manikins and enhancing brand awareness and findability through in-store graphics. You will start seeing some of this in-store inspiration in Q4 with our holiday displays with most of the inspiration to set in 2026.

除了店鋪佈局，我們也透過增加店內靈感來提升購物體驗。我們實現這一目標的方式有幾種，包括用人體模型展示新穎時尚的款式，以及透過店內圖片提高品牌知名度和可尋找性。您將在第四季度開始看到一些店內靈感，例如我們的節日陳列，而大部分靈感將設定在 2026 年。

Digitally, we continue to make solid progress applying artificial intelligence to improve efficiency and elevate the customer experience. AI is helping our engineers work faster to complete site updates and enhance our app performance. In marketing, predictive AI is guiding media investments and personalizing offers and generative tools are helping creative teams produce content faster.

在數位化方面，我們持續穩定地推動人工智慧技術的應用，以提高效率並提升客戶體驗。人工智慧正在幫助我們的工程師更快地完成網站更新並提升應用程式效能。在行銷領域，預測性人工智慧正在指導媒體投資和個人化推廣，而生成式工具正在幫助創意團隊更快地製作內容。

While many initiatives are still developing, we are already seeing benefits in productivity, agility and customer engagement. We're taking a disciplined approach to scaling these capabilities as we continue to modernize the business and position Kohl's for long-term growth.

雖然許多措施仍在發展中，但我們已經在生產力、敏捷性和客戶參與度方面看到了成效。我們正採取嚴謹的方法來擴展這些能力，同時不斷推進業務現代化，使 Kohl's 為長期成長做好準備。

Lastly, we remain extremely focused on restoring trip assurance to our customer experience. This is a core pillar of what Kohl's is known for, and our increased choice counts over recent years has resulted in limited debt in key essential items.

最後，我們將持續全力以赴，恢復顧客體驗中的旅遊保障。這是 Kohl's 的核心支柱，近年來我們不斷增加的選擇數量使得關鍵必需品的債務有限。

We're making progress in this, specifically in our women's business with categories like intimates and dresses, both of which made edits to exit out of less productive styles. We're also investing into depth for key sizes, helping deliver improved sales performance in both categories. As we continue to prioritize this initiative, we're using AI to help optimize our inventory allocation which will help provide a more consistent and reliable shopping experience going forward.

我們在這方面取得了進展，尤其是在女裝業務方面，例如內衣和連身裙等品類，我們都進行了調整，以擺脫不太成功的款式。我們也正在增加對關鍵尺寸的投入，以幫助提高這兩個類別的銷售表現。我們將繼續優先推進這項計劃，並利用人工智慧來優化庫存分配，這將有助於在未來提供更一致、更可靠的購物體驗。

Now I would like to give a preview on how we're approaching the ever-important holiday season. We're excited about the momentum and opportunity we have heading into the holidays. The holidays are always a promotional time period, and we expect this to continue this year, especially given the state of the consumer. We have done a lot of great work throughout the year to show up for customers as a destination for exceptional value and gifting, a third of which will be exclusive to Kohl's. We entered the quarter in a better inventory position particularly with our proprietary brands, which will be essential in offering value to our customers in holiday through our sweaters, knits and fleece offerings.

現在我想提前透露我們將如何應對這個至關重要的節日季節。我們對即將到來的假期所取得的進展和機會感到興奮。節假日曆來都是促銷旺季，我們預期今年也不例外，尤其考慮到消費者的現況。我們一年來做了很多出色的工作，力求成為顧客購買超值商品和禮品的理想去處，其中三分之一的商品將是 Kohl's 獨家銷售的。本季伊始，我們的庫存狀況較為良好，尤其是我們的自有品牌，這將對我們在假日期間透過毛衣、針織衫和抓絨衫等產品為客戶提供價值至關重要。

In Sephora, we expanded our holiday gifting steps which have continued to resonate well with our customers. We're also building on new brand launches from Q3 with additional brands like Danessa Myricks, AESTURA, Biodance and Kayali, which has become our number 1 fragrance in women's.

在絲芙蘭，我們擴大了節日送禮活動的範圍，這些活動一直深受顧客歡迎。我們也延續了第三季推出的新品牌，新增了 Danessa Myricks、AESTURA、Biodance 和 Kayali 等品牌，其中 Kayali 已成為我們女性香水銷售第一的品牌。

In addition to proprietary brands in Sephora, we're excited about the product offerings in our home category this year in hard home business, we're thrilled to offer new items such as the Green pan by body flay alongside new innovative items from key brands like Ninja and Shark.

除了 Sephora 的自有品牌外，我們對今年家居用品類別的產品供應感到興奮。在家居用品業務方面，我們很高興提供 Body Flay 的 Green Pan 等新產品，以及 Ninja 和 Shark 等主要品牌的創新產品。

On the soft home side, we're emphasizing our bedding with value-oriented brands like Cuddl Duds and cozy throws from Big One. Importantly, toys will be a key gifting category for us this holiday. We're excited about our offering of trending toys like Barbie, LEGO and Tonie's 2, as well as toys from favorite brands like Hot Wheels and Step2. This year, we're also seeing great engagement with our trading card offerings like Pokemon.

在家居用品方面，我們將重點推廣Cuddl Duds等高性價比品牌的床上用品，以及Big One的舒適毯子。此外，玩具也將是我們今年假期季節的重要禮品類別。我們很高興能提供芭比、樂高和 Tonie's 2 等熱門玩具，以及風火輪和 Step2 等熱門品牌的玩具。今年，我們也看到消費者對我們的集換式卡牌產品（如寶可夢卡牌）表現出了極大的興趣。

From a marketing standpoint, we're making a statement in front of the store that is designed to inspire featuring everything customers need to welcome the holidays, find thoughtful gifts for the family and host and style. We're leading with compelling value to our customers, leaning into Kohl's cash and awards, which helps drive repeat trips and increased engagement. Additionally, given the changes we made to our coupon inclusion this year, our customers will have more purchasing power this year compared to last year.

從行銷角度來看，我們在商店前打造了一個引人注目的展示空間，旨在激發顧客的靈感，展示他們迎接節日、為家人尋找貼心禮物以及舉辦派對和打造時尚造型所需的一切。我們以極具吸引力的價值為客戶創造優勢，充分利用 Kohl's 的現金和獎勵，這有助於推動顧客重複購買並提高顧客參與度。此外，鑑於我們今年對優惠券發放方式所做的調整，與去年相比，今年顧客的購買力將更強。

Before I turn the call over, I want to reiterate the key messages from this call. First, our improved performance in the third quarter is a direct reflection of momentum we're building to better serve all customers.

在將通話轉交給對方之前，我想重申一下本次通話的關鍵訊息。首先，我們第三季業績的提升直接反映了我們為更好地服務所有客戶而不斷積蓄的力量。

Second, we're making great progress against our 2025 initiatives. We're encouraged with the results, but still have more work to do. And third, we're excited about how we are positioned to deliver exceptional value to our customers during this important 2025 holiday season. All this progress and momentum could not have been made without the incredible work from our Kohl's associates.

其次，我們在實現 2025 年計畫方面取得了巨大進展。我們對結果感到鼓舞，但仍有更多的工作要做。第三，我們很高興能夠在2025年這個重要的假期季節為我們的客戶提供卓越的價值。如果沒有 Kohl's 員工們的辛勤付出，所有這些進展和勢頭都不可能實現。

We have made great strides together as a team, and each day, I work with you, I am more and more impressed with our resilience and desire to win. The opportunity that lies ahead of us is clear and substantial, and we are committed to making more progress each quarter.

我們作為一個團隊取得了長足的進步，每天和你們一起工作，我都越來越被我們的韌性和求勝的渴望所打動。我們面前的機會清晰而龐大，我們致力於每季都取得更大的進步。

With that, I would now like to hand the call over to Jill.

接下來，我想把電話交給吉爾。

Thank you, Michael. For today's call, I'll provide additional details on our third quarter results and give an update on our fiscal year 2025 guidance. Net sales declined 2.8% in the quarter and 4% year-to-date. Comparable sales declined 1.7% in Q3 and declined 3.2% year-to-date. The third quarter improvement was mainly driven by an increase in transactions versus prior quarter, while our average transaction value remained flat year-over-year.

謝謝你，麥可。在今天的電話會議上，我將提供更多關於我們第三季業績的細節，並更新我們 2025 財年的業績指引。本季淨銷售額下降 2.8%，年初至今下降 4%。第三季同店銷售額下降 1.7%，年初至今下降 3.2%。第三季業績改善主要得益於交易量較上一季有所成長，而平均交易額與去年同期持平。

In addition, proprietary brands ran a positive comp in the quarter with business accelerating as the quarter progressed. Digital sales outperformed stores again in Q3 and grew by 2.4% versus last year. This performance was driven by an increase in traffic throughout the quarter going from high single digits in August to high teens in October. From a customer perspective, we saw significant improvement in our Kohl's card customers, which were down high single digits in Q3, an increase in trend of over 500 basis points in the last quarter with the improvement coming from both the store and digital channels.

此外，自有品牌在本季度實現了正成長，並且隨著季度的推進，業務成長速度加快。第三季度，線上銷售額再次超過實體店銷售額，比去年同期成長了2.4%。這一業績的提升得益於本季流量的成長，從 8 月的個位數成長到 10 月的十幾位數。從客戶的角度來看，我們看到 Kohl's 信用卡客戶數量顯著改善，第三季度下降了近 100 個百分點，而上一季度這一趨勢增長了 500 多個百分點，這一改善來自實體店和數位通路。

Moving down the P&L. Other revenue, which primarily consists of our credit business, was $168 million in Q3, a 17% decline compared to last year. As a reminder, we launched our co-brand credit card last September, so on a comparable basis, starting this quarter, we are no longer receiving the incremental benefit seen in the first half of this year.

向下移動損益表。其他收入主要來自我們的信貸業務，第三季為 1.68 億美元，比去年同期下降了 17%。提醒一下，我們的聯名信用卡是去年九月推出的，因此，從本季開始，我們將不再獲得今年上半年所看到的額外收益。

In addition to this, we continue to face a headwind as we shifted some credit-related expenses from SG&A into other revenue. While our Kohl's Card still remains pressured, we made meaningful progress reengaging this customer throughout the year. We remain committed to furthering this progress as we continue into Q4 and next year.

除此之外，我們也面臨一些不利因素，因為我們將一些與信貸相關的費用從銷售、一般及行政費用轉移到了其他收入。雖然我們的 Kohl's 卡仍然面臨壓力，但我們在過去一年中取得了顯著進展，成功地重新吸引了這位客戶。我們將繼續致力於在第四季度和明年繼續推進這一進展。

Gross margin in Q3 was 39.6%, an improvement of 51 basis points versus last year. This year-over-year improvement was driven primarily by strong inventory management and product mix benefits driven by our positive proprietary sales performance this quarter. Year-to-date, gross margin was 39.8%, an increase of 39 basis points to last year. SG&A expenses declined 2.1% to $1.3 billion in Q3, driven by lower spending in stores, marketing and fulfillment with additional savings stemming from a portion of credit expenses shifting into other revenue. Year-to-date, SG&A expenses have declined 3.8%.

第三季毛利率為 39.6%，比去年同期提高了 51 個基點。這一同比增長主要得益於強勁的庫存管理和產品組合優勢，而這些優勢又得益於本季度我們積極的自有品牌銷售業績。今年迄今為止，毛利率為 39.8%，比去年同期成長 39 個基點。第三季銷售、一般及行政費用下降 2.1% 至 13 億美元，主要原因是門市、行銷和物流方面的支出減少，此外，部分信貸支出轉移到其他收入也帶來了額外的節省。今年迄今為止，銷售、一般及行政費用下降了 3.8%。

Depreciation was $176 million in Q3, a decrease of $8 million versus last year. The decrease was driven by lower capital expenditures and the impact from closed locations. Year-to-date depreciation expense of $526 million, down $34 million for the prior year. Interest expense was $75 million in the third quarter and $229 million year-to-date.

第三季折舊額為 1.76 億美元，比去年同期減少了 800 萬美元。下降的主要原因是資本支出減少和門市關閉的影響。今年迄今的折舊費用為 5.26 億美元，比前一年減少 3,400 萬美元。第三季利息支出為 7,500 萬美元，年初至今利息支出為 2.29 億美元。

In the third quarter, we realized a benefit of $9 million within our adjusted tax line. This benefit was due to the release of tax reserves. We now expect our full year tax rate to be roughly 18%. Adjusted net income in the third quarter was $11 million, equating to an adjusted diluted earnings per share of $0.10. Year-to-date, adjusted net income of $61 million and adjusted diluted earnings per share is $0.54.

第三季度，我們在調整後的稅收範圍內實現了 900 萬美元的收益。這一收益是由於釋放了稅收儲備金。我們現在預計全年稅率約為 18%。第三季調整後淨利為 1,100 萬美元，相當於調整後稀釋每股收益 0.10 美元。年初至今，調整後淨利為 6,100 萬美元，調整後稀釋每股收益為 0.54 美元。

Moving on to the balance sheet and cash flow. We ended Q3 with $144 million of cash and cash equivalents. Inventory decreased approximately 5% compared to last year in Q3. We are positioned well from an inventory perspective as we head into the holiday season as we had a better flow of inventory this year and brought in inventory earlier than last year, which had elevated in-transit levels.

接下來來看資產負債表和現金流量表。第三季末，我們持有現金及現金等價物1.44億美元。第三季庫存較去年同期下降約5%。從庫存角度來看，我們進入假日季時處於有利地位，因為今年我們的庫存流動更順暢，而且比去年更早地引進了庫存，去年的在途庫存水平較高。

Year-to-date, our operating cash flow was $630 million, and our adjusted free cash flow is $270 million. We remain on track to achieve $1.3 billion of operating cash flow and $900 million of free cash flow at the end of this fiscal year. Our borrowings on the revolver declined to $45 million at the end of Q3. Over a $700 million decrease from last year. We remain committed to fully exiting the revolver by the end of this year.

今年迄今為止，我們的營運現金流為 6.3 億美元，調整後的自由現金流為 2.7 億美元。我們仍有望在本財年結束時實現 13 億美元的營運現金流和 9 億美元的自由現金流。第三季末，我們的循環信貸借款額下降至 4,500 萬美元。比去年減少了7億美元以上。我們仍然致力於在今年年底前完全退出循環信貸。

Capital expenditures ended at $308 million year-to-date. We are on track to spend approximately $400 million of CapEx this year, with the majority of these investments relating to the completion of our full chain Sephora rollout, implementing 613 additional impulse queue lines, and the expansion of one of our next-generation e-commerce fulfillment centers.

今年迄今的資本支出為 3.08 億美元。我們今年的資本支出預計將達到約 4 億美元，其中大部分投資將用於完成 Sephora 全連鎖店的推廣、增設 613 條衝動消費排隊通道以及擴大我們的下一代電子商務履行中心之一。

Year-to-date, we have returned $42 million to shareholders through our dividend. And as previously disclosed, the Board on November 12, declared a quarterly cash dividend of $0.125 per share payable to shareholders on December 24.

今年迄今為止，我們已透過分紅向股東返還了 4,200 萬美元。正如先前披露的那樣，董事會於 11 月 12 日宣布派發每股 0.125 美元的季度現金股息，並將於 12 月 24 日支付給股東。

Next, I would like to provide an update to our 2025 outlook. As mentioned previously in this call, we made meaningful progress to date on our 2025 initiatives. Each quarter, we have made sequential improvements in our key areas of focus, including investments into our proprietary brands and debt accounts delivering competitive value through our promotional strategy and optimizing our store layouts, all of which are continuing to resonate with our customers.

接下來，我想更新我們對 2025 年的展望。如同先前在本次電話會議中所提到的，我們在 2025 年各項計畫方面取得了實質進展。每個季度，我們都在重點領域不斷改進，包括投資自有品牌和債務帳戶，透過促銷策略提供競爭優勢，並優化門市佈局，所有這些都持續受到顧客的歡迎。

With that said, we continue to navigate a fluid and dynamic macroeconomic environment. We recognize that our middle to low-income customers are experiencing persistent pressure and a tightening of their discretionary income. We aim to be mindful of this as we lay out our updated outlook.

儘管如此，我們仍需應對瞬息萬變的宏觀經濟環境。我們意識到，我們的中低收入客戶正面臨持續的壓力，可支配收入也不斷減少。我們在闡述更新後的觀點時，會考慮到這一點。

For the full year, we expect net sales decline of 3.5% to 4%, comparable sales decline of 2.5% to 3%. Other revenue down 11% to 12%, gross margin expansion of 30 basis points to 35 basis points, and SG&A decline of 3.75% to 4% and adjusted diluted earnings per share of $1.25 to $1.45.

我們預計全年淨銷售額將下降 3.5% 至 4%，同店銷售額將下降 2.5% 至 3%。其他收入下降 11% 至 12%，毛利率上升 30 個基點至 35 個基點，銷售、一般及行政費用下降 3.75% 至 4%，調整後稀釋每股收益為 1.25 美元至 1.45 美元。

Lastly, I would like to emphasize my sincere appreciation of the incredible team here at Kohl's. We have been able to make significant progress on our goals despite navigating an uncertain and challenging environment, thanks to your continued commitment. I'm excited to continue this progress forward with all of you. I want to reiterate the importance of your impact to both our customers and our organization.

最後，我要表達我對 Kohl's 優秀團隊的真誠感謝。儘管面臨不確定和充滿挑戰的環境，但由於你們的持續投入，我們仍然能夠在實現目標方面取得重大進展。我很高興能和大家一起繼續推進這項工作。我想再次強調您對我們的客戶和我們公司的重要性。

We are now happy to take your questions at this time.

現在我們很樂意回答您的問題。

(Operator Instructions) Chuck Grom, Gordon Haskett.

（操作說明）查克·格羅姆，戈登·哈斯克特。

Hey, good morning, and first of all, congrats, Michael on the new responsibilities. At a high level, I'm just curious, as you guys add back brands to the coupon eligibility list and make changes to the store layout and bring more of the prop brands back, how you're connecting with former and lapsed customers to make them aware of the changes? And where do you think you are, I guess, on that recovery path at this point in time?

嘿，早安，首先祝賀邁克爾承擔新的職責。從宏觀層面來說，我只是好奇，當你們將品牌重新加入優惠券適用範圍、改變店鋪佈局並重新引入更多特色品牌時，你們是如何與以前的顧客和流失的顧客溝通，讓他們了解這些變化的？那麼，你認為自己目前處於復原進程的哪個階段呢？

I think, Chuck, we have -- the good news is with our core customers, they were still shopping us, we just lost some of their trips. So we have a lot of data around that customer. We know what they like to shop with. We know when they shop. So our marketing team has been able to use a lot of that data to go after them from a marketing perspective.

查克，我認為——好消息是，我們的核心客戶仍然在關注我們，我們只是失去了他們的一些訂單。所以我們掌握了很多關於這位客戶的數據。我們知道他們喜歡用什麼購物。我們知道他們何時購物。因此，我們的行銷團隊能夠利用這些數據，從行銷的角度去爭取他們。

I would say that's been ramping up because as we've been bringing back in the items into the coupon, as we've been bringing the proprietary inventory back into our stores. We want to make sure when we did invite them in, that we were in stock and the items that they were looking for. Similarly with the jewelry brand and petites coming in because they actually over penetrated into the brand -- those brands as well.

我認為這種情況一直在加劇，因為隨著我們將商品重新納入優惠券，隨著我們將自有庫存重新引入我們的商店。我們希望確保當我們邀請他們進店時，我們有庫存，並且有他們想要的商品。同樣的情況也發生在珠寶品牌和小尺碼女裝上，因為它們實際上過度滲透到了品牌中——這些品牌也是如此。

So this past quarter, we did some personalization in terms of coupons. We know that resonates really well with them and actually made it in Kohl's cash as well. So we took away the exclusion headwind from that perspective as well. And we've really seen high engagement from that. So we're pleased with the trend improvement we've seen in the Kohl's charge customers up 500 basis points in the quarter.

所以上個季度，我們在優惠券方面進行了一些個人化調整。我們知道這很能引起他們的共鳴，而且實際上也出現在了 Kohl's 的現金券裡。因此，從這個角度來看，我們也消除了被排除在外的不利因素。我們已經看到了很高的用戶參與度。因此，我們對 Kohl's 顧客的消費趨勢在本季提升 500 個基點感到滿意。

But clearly, we still have room to continue to move forward. And I think as we bring back in those brands, we continue to market to them, we're going to get more of their footsteps, particularly during this key holiday period.

但顯然，我們仍有繼續前進的空間。我認為，隨著我們重新引入這些品牌，並繼續向他們進行行銷，我們將獲得更多他們的關注，尤其是在這個重要的假期期間。

And Chuck, I would -- just to add that the difference that we see between both the brick-and-mortar and the digital side of that question that you're asking, we see a more immediate response on the digital side.

查克，我還要補充一點，對於你提出的這個問題，我們在實體店和數位店兩方面看到的差異是，數位店方面能得到更直接的回饋。

Obviously, when we're able to communicate the brands that are back in the coupon. From a store perspective, we're still building that and we're doing things like making sure that when there's an item in a store that is coupon eligible that we're placing a sign, for example, on the fixture that says this item now coupon eligible, that will -- that ramp-up will take a little bit more time than what you see from a digital perspective. But we're excited, as Jill said, about the progress that we're making there and unifying those efforts.

顯然，當我們能夠傳達哪些品牌重新出現在優惠券中時。從門市的角度來看，我們仍在構建這方面，我們正在做一些事情，例如確保當門市中有符合優惠券條件的商品時，我們會在貨架上貼上標牌，說明該商品現在符合優惠券條件——這種推進過程需要比您從數字角度看到的時間更長一些。但正如吉爾所說，我們對我們在那裡取得的進展以及整合這些努力感到興奮。

Paul Lejuez, Citigroup.

Paul Lejuez，花旗集團。

Hey, thanks guys. Joe, can you maybe break down that $1.3 billion of operating cash flow. Just talk about the net income versus the onetime items versus working capital benefit within that? And then maybe if you can talk about CapEx, I think you said $400 million this year. How should we think about a CapEx number over the next several years?

嘿，謝謝大家。喬，你能詳細解釋一下這13億美元的經營現金流嗎？就談談淨收入、一次性項目和營運資本利得之間的關係吧？那麼，如果您能談談資本支出的話，我想您說過今年是 4 億美元。我們該如何看待未來幾年的資本支出目標？

And then I just wanted to make sure I understood the traffic versus ticket in terms of the drivers of the comp this quarter. I think maybe you said what happened versus last quarter. I'm just curious on an absolute basis year-over-year. What the drivers of comps between traffic can take it. Thanks

然後，我只是想確保我了解本季業績成長的驅動因素——交通流量與罰單之間的關係。我想你可能說過與上個季度相比發生了什麼。我只是好奇每年的絕對變化。交通擁擠時，駕駛員可以承受什麼。謝謝

Sure. So I think, first, obviously, $1.3 billion in operating cash flow, we feel really good with the momentum that we've made there in addition to paying off over $700 million on the revolver. So we'll clearly have an exit plan for that by the end of the year.

當然。所以我認為，首先，很顯然，13億美元的經營現金流，我們對目前取得的勢頭感到非常滿意，此外，我們還償還了超過7億美元的循環貸款。所以到今年年底，我們肯定會制定出相應的退出計畫。

I mean, a big portion of what you're seeing, we did have the onetime gain, as you alluded to, which is about $100 million that we recognized last quarter, but the majority of this cash flow is coming through our strong inventory management. And I think that's the big thing -- Inventory down 5%, on the quarter where we were down 1.7% from a comp perspective. We continue to expect to manage our inventory down in that low to mid-single-digit number.

我的意思是，你看到的很大一部分，正如你提到的，確實有一次性收益，大約是上個季度確認的 1 億美元，但大部分現金流來自我們強大的庫存管理。我認為最關鍵的是——庫存下降了 5%，而上一季從同店銷售角度來看，庫存下降了 1.7%。我們預計庫存將繼續控制在個位數低至中等水準。

So I think that's really where we're seeing. We had a better flow of goods coming into Q3 this year, which we do believe helps accelerate our business as the quarter progressed, and we continue to flow those goods I think more timely has been helpful to us, but it's also been beneficial from a cash flow perspective.

所以我覺得這才是我們真正看到的。今年第三季度，我們的貨物供應更加充足，我們相信這有助於加快業務發展，而且隨著季度的推進，我們將繼續及時供應這些貨物，我認為這對我們很有幫助，而且從現金流的角度來看也很有益處。

So I think I would really narrow it down to inventory management being a key unlock we expect that to continue. We have opportunities to turn faster as an organization. We've had this conversation and the faster return, the more we can generate from a cash flow perspective. So I feel very confident that this is a level of cash ex the onetime that we can continue to operate at.

所以我認為，庫存管理才是關鍵所在，我們預期這種情況會持續下去。我們有機會加快組織轉型速度。我們已經討論過這個問題，回報越快，從現金流的角度來看，我們就能產生越多的收益。因此，我非常有信心，在扣除一次性費用後，我們可以繼續維持目前的現金流水準。

From a CapEx perspective, at $400 million, obviously, we completed the Sephora rollout we accelerated the impulse lines given the fact that they were working so well in the front half of the year, we really lean into them and to get them in almost all stores by the back half of the year. It's really an extra unit in the basket outsized impact in the stores.

從資本支出角度來看，投入了 4 億美元，顯然，我們完成了 Sephora 的推廣，鑑於衝動型消費品系列在上半年表現非常出色，我們加快了它們的推廣速度，並真正重視它們，爭取在下半年將它們推廣到幾乎所有門市。這其實只是購物籃裡多放了一件商品，卻對商店的銷售產生了巨大的影響。

As we go into next year, I'd suggest that our level will probably be in that $350 million to $400 million range. Obviously, we'll ebb and flow based on any big products. And if we have a big new project to lay out, we would obviously call that out separately, but I think that's a good run rate to use as we move forward.

展望明年，我估計我們的營收水準可能會在 3.5 億到 4 億美元之間。顯然，我們會根據任何大型產品的銷售情況而有起伏。如果我們有新的大型專案需要規劃，我們當然會單獨說明，但我認為這是一個適合我們未來發展的良好運行速度。

And I think the third question from a traffic and ticket perspective, our average transaction value is relatively flat. So the difference for the quarter from a comp perspective is really about traffic, but also the improvement from last quarter and that down 4% to the down 17% was all about improved traffic.

我認為從交通和罰單的角度來看，第三個問題是，我們的平均交易額相對穩定。因此，從同業比較的角度來看，本季的變化主要體現在流量上，但也體現在與上一季相比的改善上，從下降 4% 到下降 17% 的幅度完全是由於流量的改善。

And the improvement we saw throughout the quarter with October actually getting to a positive comp with all driven by improvement in traffic. So those trends have continued to improve, helping drive the momentum that we've discussed.

整個季度我們都看到了改善，10 月份的業績甚至實現了正增長，這完全是由交通流量的改善所推動的。因此，這些趨勢持續改善，有助於推動我們討論過的發展動能。

Thank you. Good luck.

謝謝。祝你好運。

Thank you.

謝謝。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Good morning. Thank you and congratulations, Michael.

早安.謝謝你，也恭喜你，麥可。

Thanks, Mark.

謝謝你，馬克。

Michael, which of the strategic initiatives outlined at the start of the year are showing the most promise? And how are you evolving the strategy to stabilize comps based on the learnings year-to-date?

邁克爾，年初制定的各項策略舉措中，哪些最有前景？根據今年迄今的經驗教訓，您將如何調整策略來穩定同業競爭？

Yes, thanks for the question. Of the three initiatives that we started out with, I would say that one of the ones that I'm most proud of in terms of the progress that we're making is around this notion of building a more balanced assortment.

是的，謝謝你的提問。在我們最初提出的三項措施中，就我們所取得的進展而言，我最引以為傲的一項是圍繞著建構更均衡的產品組合這一理念而展開的舉措。

We've focused a lot of attention over the last, call it, six to nine months on making sure that what we're offering to customers, particularly from a value perspective is what they're looking for. And Kohl's has historically been known for being able to offer choice, but also depth so that there's Trip Assurance. That's the piece that we underscore quite a bit about making sure that's what we're known for.

在過去的六到九個月裡，我們投入了大量精力，確保我們為客戶提供的產品和服務，特別是從價值角度來看，是他們所尋求的。科爾百貨一直以來都以提供豐富的選擇和充足的商品種類而聞名，從而為顧客提供購物保障。我們非常重視這一點，確保我們以此聞名。

So if you take categories like in women's dresses intimates, there's been an awful lot of work done in those two categories in particular to reset and edit some of the choices that we've had and make sure that the depth is available for our customers. So there's still work to be done in that instance. But we feel really good about that work.

因此，以女裝、內衣等類別為例，我們在這兩個類別中做了大量工作，特別是重新調整和編輯了一些我們已有的選擇，以確保我們的客戶能夠獲得足夠的選擇深度。所以，在這方面還有一些工作要做。但我們對這項工作感到非常滿意。

I would say secondly, the -- in general, the focus on proprietary brands and making sure that we're bringing those forward and achieving -- I'll say, what is the proper mix. And again, we don't have a target, but we have a customer-led mindset about where we need to be with proprietary brands. The curation of that assortment has been a big positive for the business.

其次，我想說的是——總的來說，重點在於自有品牌，確保我們能夠推動這些品牌的發展並實現——我想說的是，什麼是合適的組合。再次強調，我們沒有設定目標，但我們以客戶為中心，思考自有品牌應該達到什麼水準。精心挑選的商品組合對公司業務來說是一個巨大的利好。

As Jill noted, in terms of the progress that we're making and the performance that we're seeing. From our efforts there. And it dovetails nicely into being able to support opening price points for customers who are pressured these days. And so it marries nicely with where the customer mindset is right now. Those are a couple of areas that I would focus on.

正如吉爾所指出的那樣，就我們所取得的進展和我們所看到的表現而言。我們在那裡所做的努力。這與支持為如今面臨經濟壓力的客戶提供合理的價格點完美契合。因此，它與當前消費者的心態非常契合。以上是我會重點關注的幾個面向。

That's great. And so do you think you have the pieces in place to deliver top line growth as we look into 2026? And then separately as a follow-up for Jill. How should we think about the further opportunity for cost savings on the SG&A line and the ability to sustain SG&A dollars down year-over-year over the next several quarters? Thank you.

那太棒了。那麼，您認為到 2026 年，您已經具備了實現營收成長的條件嗎？然後，作為對吉爾的後續報道，單獨進行了一次。我們該如何看待銷售、一般及行政費用方面進一步節省成本的機會，以及在未來幾季內維持銷售、一般及行政費用逐年下降的能力？謝謝。

Yeah. Mark, I would say on your question about our trajectory toward growth. Clearly, that's what we talk about on a daily basis here internally. I think the performance that we've shown consecutively now over the last three quarters of the progression toward growth is an indicator like that, the kinds of things that we're focused on delivering on behalf of the customers is what we should be working on.

是的。馬克，關於你提出的關於我們成長軌跡的問題，我想說…顯然，這就是我們內部每天都在討論的內容。我認為，我們在過去三個季度中連續取得的成長績效就是一個指標，顯示我們專注於為客戶提供服務，而這正是我們應該努力的方向。

I don't like to put a timetable on it and say, on April 21. That's when you'll see growth. But we've shown in October, I think, is a good example of -- we have the ability to get to a positive growth trajectory in the business. And that's what we're doing every day in the work that we're advancing here.

我不喜歡設定時間表，比如說，4月21日。那時你就會看到進步。但我認為，我們在十月的表現就是一個很好的例子，證明我們有能力讓業務實現積極的成長軌跡。而這正是我們每天在這裡所推動的工作內容。

And then from a cost perspective, I think we have a history, I think, of managing our business with good cost discipline. Obviously, our cost being down 2% in the quarter on the down 1.7% comp. So we continue to find ways to be much more efficient. I think this is just instilled in our organization, and it is something that we are constantly looking for is how can we do things more efficiently more productively, how can we leverage technology in what we're doing, day in and day out.

從成本角度來看，我認為我們一直以來都以良好的成本控制來管理業務。顯然，本季我們的成本下降了 2%，而同期年減了 1.7%。因此，我們不斷尋找提高效率的方法。我認為這種理念已經深深融入我們組織中，我們一直在尋找的是如何更有效率、更有效地做事，如何利用科技來改善我們日常的工作。

We've introduced a lot of new technology, whether it be within our new e-fulfillment centers within our stores to help us have those efficiencies. So I feel like the model and the discipline that has been established within the organization will help us continue to sustain that cost discipline I think the variable model we run runs really well. So if we get to positive growth, we should be adding those expenses in to support that as well. So I think that's the model.

我們引進了許多新技術，例如在我們門市內新建的電子商務履行中心，以幫助我們提高效率。所以我覺得，公司內部建立的模式和紀律將有助於我們持續維持成本控制。我認為我們運行的可變模型效果非常好。因此，如果我們實現了正成長，我們也應該把這些支出計入其中以支持成長。所以我覺得這就是模型。

As you know, we think we can leverage typically around that 1% comp. We've done better than that this year as we've really known we needed to tighten so we could open up funds to help us continue to drive into the initiatives that we've outlined to really help drive the progressive improvement you see on the top line.

如您所知，我們認為我們通常可以利用那 1% 的佣金。今年我們做得比往年更好，因為我們真正意識到我們需要收緊開支，這樣才能騰出資金，幫助我們繼續推進我們制定的各項舉措，從而真正推動你們看到的營收成長。

And Mark, I would just say in answering your earlier question a little bit further to around what's going to help us get to a positive growth trajectory. We spend a lot of time inside the business since I've been on board, focusing on product. And making sure that that's at the center of how we actually drive the business. We do well with promotions. We have that down.

馬克，關於你之前提出的問題，我想再補充一點，那就是什麼能夠幫助我們實現正向的成長軌跡。自從我加入公司以來，我們花了很多時間在公司內部，專注於產品。並確保這一點成為我們實際推動業務發展的核心。我們很擅長促銷活動。我們已經掌握了這一點。

But -- to the extent that there is a focus on product and making sure that we are both relevant, styles are right, and it speaks to the customer in a compelling way. That's where we've been spending a lot of time making sure that we're focusing our efforts in that regard. And that is one of the things -- one of the big things that's helping us show some of the results that we're speaking about today.

但是——只要我們專注於產品，確保我們與時俱進，風格得當，並且能夠以引人入勝的方式與顧客溝通。我們花了很多時間確保將精力集中在這方面。而這正是幫助我們達到今天所談到的一些成果的關鍵因素之一。

Thank you. Happy Thanks giving and best of luck over Holiday.

謝謝。感恩節快樂，祝您假期一切順利。

Thank you, Mark. Thanks.

謝謝你，馬克。謝謝。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

Hi, good morning. Michael, congratulations. On the -- Jill, a question for you. On the gross margin side, when you think about sort of the fourth quarter and I think just when you generally look at some of the adjustments and changes that you're making to the promotional cadence and exclusions, can you just talk us through like the bigger drivers of your outlook and how you think about the opportunities with private brands, et cetera, contributed? Thanks.

您好，早安。邁克爾，恭喜你。關於——吉爾，我有個問題想問你。就毛利率而言，考慮到第四季度的情況，以及你們對促銷節奏和排除條款所做的一些調整和改變，你們能否談談你們前景的主要驅動因素，以及你們如何看待自有品牌等方面的機會？謝謝。

Sure. I think, obviously, first, if I start with where we were in Q3, up 50 basis points we really benefited one from the inventory management I spoke to, by flowing goods more current and trend right, we're able to have a better reg selling price. That will continue as we move into Q4. Also, we benefited from mix in a couple of different ways. One, our proprietary brand portfolio running a positive comp in that side of the business, obviously, has an outsized impact to our margins to the good side.

當然。我認為，很顯然，首先，如果我從第三季的情況說起，上漲了 50 個基點，我們確實受益於我之前提到的庫存管理，透過更及時、更符合潮流的商品流通，我們能夠獲得更好的常規售價。這種情況將持續到第四季。此外，我們也從混合模式中受益匪淺，體現在幾個方面。第一，我們自有品牌組合在該業務領域實現了正向同店銷售，這顯然對我們的利潤率產生了巨大的正面影響。

Second, if you underlook the categories from a home perspective, we knew electrics would underperform. We knew that there was going to be some pressure there and brought that down based on our elasticity analysis of where prices were moving. But we overperformed in our soft home, which has a better margin structure for us.

其次，如果從家庭的角度來看這些類別，我們就知道電器的表現會不盡人意。我們知道那裡會有一些壓力，並根據我們對價格走勢彈性的分析降低了壓力。但我們在利潤率結構更適合我們的「軟主場」表現出色。

So overall, we start seeing mix really benefiting us. I think those things will continue to persist as we get into Q4. A couple of the headwinds, which is why we guided that margin a little softer than you saw in Q3. One is digital becomes a bigger portion of our business in Q4. So we will have added pressure from a cost of shipping perspective.

所以總的來說，我們開始看到混合模式真正對我們有利。我認為這些情況在第四季還會持續下去。一些不利因素導致我們下調了第三季的利潤率預期。一是第四季數位化業務在我們業務中所佔比例較大。因此，從運輸成本的角度來看，我們將面臨更大的壓力。

And then we also expect it is a highly promotional time. We know that we have a low and middle income customer that are going to be more choiceful and they're really seeking value. So we wanted to be set up so we could have that ability to really lean into value and our promotions during that time of year to ensure that we are meeting the customer where they needed to be met and also grabbing those sales from that customer, particularly that core credit customer, who loves the deal.

而且我們預計這將是一個促銷活動非常活躍的時期。我們知道，我們的中低收入客戶群會更挑剔，他們真正追求的是性價比。因此，我們希望做好準備，以便在每年的這個時候真正發揮價值優勢並開展促銷活動，確保我們能夠滿足客戶的需求，並從客戶那裡獲得銷售機會，特別是那些喜歡優惠的核心信貸客戶。

Great. And thanks. And I just had a question on the -- I guess, on the debt and with the progress you made on the revolver. Can you just talk us through sort of rebuilding the cash balances like how you think about your debt position at this point? And any sort of targets as you think about heading into '26?

偉大的。謝謝。我有個問題，是關於債務以及你們在循環信貸方面取得的進展。您能否簡要介紹一下您目前如何看待債務狀況，以及您是如何重建現金餘額的？展望2026年，你有什麼目標嗎？

Yes. First, if I look at just the debt outstanding, I think we're about $1.5 billion of debt outstanding. So I actually look at our net debt leverage at about 1.2%. Obviously, our leases, which, as you know, we had to reset a lot of our leases when we put in the Sephora shops in all of our stores.

是的。首先，如果我只看未償債務，我認為我們大約有 15 億美元的未償債務。所以我實際看到的淨債務槓桿約為 1.2%。顯然，我們的租賃合同，正如您所知，當我們在所有門市開設絲芙蘭專賣店時，我們不得不重新簽訂很多租賃合約。

So when you add in the leases, that's what really brings our leverage ratio up. And if I break that into two pieces, we're really signed in for our first term of an extended lease payment, which averages about four years. So if you add that back in, it brings our lease leverage ratio to about 2.6 times, but then when you add in the extended term, which is what we're using on our balance sheet because that's what we're depreciating our asset over is what brings you to the 4.5 times leverage.

所以，把租賃費用加進去，就真正拉高了我們的槓桿。如果我把這分成兩部分，我們實際上已經簽訂了第一期延長租賃付款協議，平均期限約為四年。所以，如果把這個因素加回去，我們的租賃槓桿率就達到了大約 2.6 倍，但是，如果再加上延長的租賃期限（這是我們在資產負債表上使用的期限，因為我們就是用這個期限來折舊資產），槓桿率就會達到 4.5 倍。

So I actually feel very good with $1.5 billion outstanding. We just refi-ed our long-term debt. We have nothing coming -- we don't have a stack coming due for five years. And as you saw, we deleveraged our balance sheet by about $700 million from last year. We'll be completely out of the revolver by the end of this year, which gives us additional liquidity of $1.5 billion as well.

所以，我對目前15億美元的未償債務狀況感到非常滿意。我們剛剛完成了長期債務的再融資。我們沒有任何款項要支付－五年內沒有任何債務到期。正如你所看到的，與去年相比，我們的資產負債表槓桿率降低了約 7 億美元。到今年年底，我們將完全擺脫循環信貸，這將使我們額外獲得 15 億美元的流動資金。

So I feel very well positioned from a balance sheet perspective. And then as we talked about, generating $1.3 billion of operating cash flow, really benefiting from that inventory management, which we think will be a continued benefit for us into 2026 as well.

因此，從資產負債表的角度來看，我覺得自己的財務狀況非常良好。正如我們之前討論的，我們產生了 13 億美元的營運現金流，這確實得益於庫存管理，我們認為這將持續為我們帶來好處，直到 2026 年。

Great, thank you. Happy holidays.

太好了，謝謝。節日快樂。

Thanks to you as well.

也謝謝你。

Oliver Chen, TD Cowen.

Oliver Chen，TD Cowen。

Hi, Michael and Jill. On the progress you've made how might you rank order some of the progress in terms of the opportunities on that positive comp opportunity with categories and/or strategies. Also was credit card income in line with what you expected and anything we should know in terms of making sure we model that correctly going forward?

嗨，邁克爾和吉爾。根據您的進展，您會如何根據積極的薪酬機會、類別和/或策略對這些進展進行排序？另外，信用卡收入是否符合您的預期？為了確保我們今後正確地建立模型，我們還需要了解哪些資訊？

And then on the topic of speed in the organization, what's ahead for driving that? I know it's critical for merchandising and there's lots of AI opportunities and the demand volatility has been unprecedented. Kohl's Cash is also iconic. And I know that program has been an opportunity to simplify. But any updates there as well. Thank you.

那麼，關於組織內部的速度問題，未來有哪些因素可以推動速度提升呢？我知道這對商品銷售至關重要，人工智慧領域有很多機會，而且需求波動是前所未有的。Kohl's Cash 也堪稱經典。我知道這個專案提供了一個簡化流程的機會。但那些方面也有更新嗎？謝謝。

Great. So that's four questions in there. We'll try to address those, Oliver. The first one, in terms of rank order of the growth in the initiatives work, I would say that again, the focus that we've had on getting the assortment right, I rank is probably at the top of the list.

偉大的。所以裡面一共有四個問題。我們會盡量解決這些問題，奧利佛。首先，就各項措施取得的成長而言，我認為我們一直致力於完善產品組合，這或許應該排在第一位。

Inclusive in that, as I had mentioned, around proprietary brands and getting the mix between national and proprietary brands in a better place. I feel like we've made some really good progress on that front. Reassorting ourselves in terms of the style and relevancy of the product and the focus that we have there. I spent a lot of time myself with the teams, particularly on the women's side of the business since I've been on Board because as you know, women's here at Kohl's drives Kohl's.

其中包括我之前提到的自有品牌，以及如何更好地平衡全國性品牌和自有品牌之間的關係。我覺得我們在這方面已經取得了非常好的進展。重新調整產品風格和相關性以及我們關注的重點。自從我加入董事會以來，我花了很多時間與各個團隊交流，特別是與女性業務團隊交流，因為正如你所知，在 Kohl's，女性是 Kohl's 發展的驅動力。

So -- that's been the focus for me in the first, call it, a couple of months or so of really digging in with the merchant organization. I would say also that what you should see going forward from us and what I'm excited about also, you saw that we hired in the last three months or so, the new CTO, Steve Dee, as well as new Chief Digital Officer, Arianne Parisi, and building out an experience that's truly omnichannel and to your point, modernizing the business.

所以——在過去幾個月裡，我一直專注於深入了解商家組織的情況。我還想說的是，接下來你們應該會看到我們有哪些發展，我也感到非常興奮。你們也看到了，在過去的三個月左右，我們聘請了新的技術長史蒂夫·迪和新的首席數位長阿麗亞娜·帕里西，我們正在建立真正的全通路體驗，正如你所說，我們正在實現業務現代化。

They have leaned in very quickly both of them on helping us think through from a more commercial standpoint, what needs to happen in the business from that perspective. So those are a couple of areas that I would highlight in answering that first question that you have on.

他們倆很快就積極參與進來，幫助我們從更商業的角度思考，從這個角度來看，企業需要做些什麼。所以，在回答你的第一個問題時，我會重點強調以上幾個面向。

Jill, you want to take credit and.

吉爾，你想邀請功。

From a credit perspective, it did come in where we expect it to be. Obviously, we guided it down as we lapped the launch of the co-brand last year. You can see in the implied guide that it will get slightly better in Q4. But I would say is our Kohl's Card customer sales did improve that 500 basis points. But as you know, it just takes a little bit of a lag for that AR to build and then revolve. So it's always going to be lagged based off performance before it hits into the credit line.

從信用評級的角度來看，它的確達到了我們預期的水平。顯然，我們在去年聯合品牌推出之際，就引導它走下坡。從隱含的指導意見可以看出，第四季情況會略有改善。但我認為，我們的 Kohl's 信用卡客戶銷售額確實提高了 500 個基點。但如你所知，AR 的建造和旋轉需要一點延遲。因此，在資金動用信用額度之前，總是會根據業績表現存在滯後。

The other thing I would call is our payment rates do remain above last year. So that comes back into not building as much from an AR perspective and also a little bit less late fee income. And then although our loss rates are elevated, we actually did see them down slightly in Q3.

我還要指出的是，我們的支付率仍然高於去年。所以，從 AR 的角度來看，建設投入減少了，滯納金收入也略有減少。雖然我們的損失率較高，但第三季確實略有下降。

So I feel pretty good with the health of the portfolio. It's really just continuing to get that credit card customer coming in shopping and letting their balances revolve to bring that back in. So we are expecting a little bit of a benefit into Q4, and then you should see more of that benefit as we enter into 2026 just given the lag of how that credit line runs.

所以我對投資組合的健康狀況感覺相當不錯。實際上，關鍵在於持續吸引信用卡客戶前來購物，讓他們的信用卡餘額循環流動，從而把錢重新帶回來。因此，我們預計第四季度會有一些好處，然後隨著信貸額度的運作存在滯後性，到 2026 年，您應該會看到更多好處。

I think from a Kohl's Cash perspective, I mean, you nailed it, it is iconic. We did actually celebrate our Kohl's Cash anniversary and put a whole event around it during this quarter, which was great. I think, hopefully, you saw that out on our social media because it was well attended by many as we are giving out some Kohl's Cash gifts and people really love what that looks like.

我覺得從 Kohl's Cash 的角度來看，你做得太棒了，它已經變成經典了。本季我們確實慶祝了 Kohl's Cash 週年紀念，並圍繞著這一周年舉辦了一系列活動，這非常棒。我希望你們已經在我們的社群媒體上看到了，因為很多人都參與了，我們贈送了一些 Kohl's Cash 禮品，大家都很喜歡這種方式。

As we move into the holidays, we'll continue to leverage this as well. We have events planned around it. It's a way for us to get around. Obviously, it could be used in everything. So there is no exclusion you earn it, you can come back and redeem it.

隨著假期的臨近，我們將繼續利用這一優勢。我們圍繞著它策劃了一些活動。這是我們出行的一種方式。顯然，它可以用於任何領域。所以沒有任何例外，只要你賺到了，就可以回來兌換。

People love to earn it on gifts that they're giving and use it on a self gift during the holiday period. So I think this is definitely something that has set Kohl's apart and really resonates with both our Kohl's Charge and non-Kohl's Charge customer. And so our marketing team has done a really great job of exploiting that.

人們喜歡透過贈送禮物賺取積分，然後在節日期間用這些積分為自己買禮物。所以我認為這絕對是 Kohl's 的一個獨特之處，並且能夠引起 Kohl's Charge 用戶和非 Kohl's Charge 用戶強烈的共鳴。因此，我們的行銷團隊在這方面做得非常出色。

Okay. I had a follow-up, Michael, the company has been on this journey with merchandising in the past and differentiation has been important and making sure that the brands do all seeing the same or trends, right? I guess what's different this time? Or what are your plans in terms of what's going to be distinguished.

好的。邁克爾，我還有一個後續問題，公司過去一直在商品銷售方面進行探索，差異化一直很重要，要確保所有品牌看到的都是相同的趨勢，對吧？我想問，這次有什麼不同之處？或者，你們在區分哪些方面有什麼計畫？

And that should be a really easy compare. What should we know about the compare versus momentum, but it's to compare nonetheless. So for being negative, was that -- I know that business is remarkable, but was it a surprise that it was negative beauties than overall pretty vibrant?

這應該是一個非常容易的比較。我們應該了解比較與動量之間的關係，但無論如何，比較仍然很重要。所以，就負面而言——我知道商業很了不起，但令人意外的是，負面因素比整體上相當活躍的因素要多。

Thank you.

謝謝。

Yes, I'll take this for questions. Jill, please chime in too, if there's more to say about it. But the Sephora business is something that we're really excited about. As I've mentioned in the past, it's approaching a $2 billion business for us over a four-year time period and we feel good about the progress that we're making there. We've mentioned in the past that with this being now a four year-old business, you see similar to how a store matures, that business looking that way in some cases.

好的，我會回答大家的問題。吉爾，如果你還有什麼要補充的，也請說。但我們對絲芙蘭的業務真的非常興奮。正如我之前提到的，在四年內，這項業務的規模將接近 20 億美元，我們對目前的進展感到滿意。我們之前提到過，這家企業現在已經成立四年了，你會看到它和商店成熟後的樣子很相似，在某些情況下，它的外觀也會改變。

But Sephora, also, as we've mentioned, has an incredible pipeline of opportunity to bring newness and innovation. We've mentioned MAC coming in spring of next year, those are the kinds of things that will continue to fuel the growth of that business, and we feel very good about where Sephora sits. I have no concerns at all about that at all.

但正如我們之前提到的，絲芙蘭也擁有令人難以置信的機會，可以帶來新事物和創新。我們之前提到 MAC 將於明年春季入駐，這些都將繼續推動該業務的成長，我們對 Sephora 目前的市場地位感到非常滿意。我對此完全不擔心。

And I think in terms of where you're talking about updates from a branding perspective, I think the big thing, and Michael called this out a couple of times is we're really listening to the customer. So moving back into proprietary brands, we are a void of an opening price point, Oliver, in our store, and our customer came to look for value. They came to look for the brands that they had known at Kohl's and they couldn't find that on the floor. So we're making that investment back into our proprietary brands, but we're doing it in a really thoughtful manner. We're not over-correcting.

我認為，就你從品牌角度談論的更新而言，我認為最重要的是，麥可也多次提到這一點，那就是我們真的在傾聽客戶的意見。因此，當我們重新回歸自有品牌時，我們的商店裡缺少一個起價點，奧利佛，而我們的顧客是來尋找性價比的。他們來這裡是為了尋找他們在 Kohl's 百貨公司熟悉的品牌，但他們在貨架上找不到。所以，我們將這筆投資重新投入到我們的自有品牌中，但我們正在以非常周全的方式進行。我們並沒有矯枉過正。

Our inventory last year in Q3 and proprietary brands was down about 30%. This year, we're up about 11%. So still on a two year stack basis, we're down, but we're making those moves and making the right investments. And we're doing that in a better timely manner than what we have seen in the past. We are also editing out some of the redundancy we're seeing on the floor so that these brands can stand out more.

去年第三季度，我們的庫存和自有品牌下降了約 30%。今年我們上漲了約 11%。所以，從兩年的累積收益來看，我們仍然處於劣勢，但我們正在採取這些措施，進行正確的投資。而且，我們現在做這件事的速度比以往更快。我們也正在剔除一些展場裡出現的重複內容，以便讓這些品牌更加脫穎而出。

We've made reductions so that we can have from a dress perspective, we can have a really great dress assortment, but we're going to do on half the racks that you've seen in the past because that's really what the customer was shopping and we saw our most productivity out of it.

我們已經減少了服裝的種類，這樣從服裝的角度來看，我們就能提供非常豐富的服裝選擇，但我們將只保留過去一半的貨架，因為這才是顧客真正想買的，而且我們也從中獲得了最高的利潤。

We're starting to make some of those adjacency analysis and making those moves within our store. We've talked a lot about accessories and juniors, we know there's more to come from that as well. So how can we take advantage of what we know the customers putting in their basket and what could be that next item that they're looking to purchase for as well.

我們開始進行一些鄰近性分析，並在店內採取相應的措施。我們已經談了很多關於配件和青少年服裝的話題，我們也知道這方面還有更多值得探討的內容。那麼，我們如何利用我們對顧客購物籃中商品的了解，以及他們接下來可能想要購買的商品呢？

I think the big thing is Trip Assurance that we've talked about, and that's probably in the more early innings of things. We are starting to see, particularly as we move into Q4, that you're going to see our receipts are going to be more about adding depth on the floor and less choice count. And really being able to drive back that trip assurance our customer had come to known us for that we really disappointed her with.

我認為最重要的是我們討論過的旅行保障，而這可能還處於起步階段。我們開始看到，尤其是在進入第四季度之後，我們的收入將更多地體現在增加貨架上的商品種類，而不是增加商品選擇的數量。能夠真正彌補那次旅行帶來的遺憾，讓我們的客戶相信我們一直以來都以這樣的服務著稱，而我們卻讓她非常失望。

So I feel like the progress we've made is we got back into the coupon that's really resonated with our Kohl's Card customer. We moved into the proprietary brands and jewelry and fatigue, all of which have outperformed and our customers voted yes on.

我覺得我們的進展是，我們重新推出了真正能引起 Kohl's 信用卡客戶共鳴的優惠券。我們進軍了自有品牌、珠寶和服裝領域，所有這些產品都表現出色，我們的顧客也對此表示贊同。

And now we're going to start making some of those changes with our floor pad, as well as investing more into depth, especially as we move into 2026. You're also going to see, as we move into '26 a better way of transitionary goods. So we're going to see a much more transitional time in January and into February, given the strong inventory management we had, it's allowing us to have those moments and flow goods more timely, so we can take advantage of that first-mover opportunity that we probably missed out on in the last couple of years.

現在，我們將開始對地板墊進行一些改進，並加大對深度方面的投入，尤其是在我們邁向 2026 年之際。隨著我們邁入 2026 年，你也會看到過渡性商品的更好方式。因此，鑑於我們強大的庫存管理能力，我們將在 1 月和 2 月迎來一個更加過渡的時期，這使我們能夠抓住時機，更及時地流通貨物，從而抓住我們在過去幾年可能錯失的先發優勢。

Okay, thanks. Happy holidays.

好的，謝謝。節日快樂。

To you as well.

也祝你一切順利。

Dana Telsey, Telsey Group.

Dana Telsey，Telsey集團。

Hi, good morning, everyone. Congratulations, Michael, and nice to see the progress. Obviously, a lot of talk about proprietary brands in the progress and enhancements being made there. Certainly seems like women's is the core. Any other brands you would call out or categories that you would call out on proprietary to watch for that can be meaningful. And what does it mean at all if anything changes on the tariff side, Jill, what does that mean to margins?

大家早安。恭喜你，邁克爾，很高興看到你的進展。顯然，在取得進展和改進的過程中，人們經常談到專有品牌。顯然，女性是核心。您還會特別提及哪些其他品牌或值得關注的專屬類別？吉爾，如果關稅方面發生任何變化，對利潤率意味著什麼？

How are you thinking about it? And then just brand inclusion in coupons, are you done with that? Where are you on the coupon cycle with brands? Thank you.

你是怎麼考慮的？然後，你們就只在優惠券中加入品牌標誌了嗎？你目前處於與各大品牌合作的優惠券週期的哪個階段？謝謝。

Yeah, I'll start with that first question, Dana. In terms of the bucket of coupon inclusions, I think for now where we want to be. We've done two tranches, a big one back in April and the latest one in August, and we feel good about the progress that we're making there and what we're seeing from customers, particularly as it relates to the Kohl's credit card customer. Mouthful. And that's one of the things that we're excited about in terms of what we're seeing there.

好的，達娜，我就先回答第一個問題吧。就優惠券包含範圍而言，我認為目前我們想要達到的目標就是這樣。我們已經完成了兩批，一批規模較大的是在 4 月份，最近一批是在 8 月份，我們對目前取得的進展以及從客戶那裡看到的反饋感到滿意，特別是與 Kohl's 信用卡客戶相關的反饋。一口氣說完。而這正是我們在那裡看到的情況中讓我們感到興奮的原因之一。

As far as other brands or categories that we see -- for me, there are several, but one that I'll highlight would be in the active side, both Tek and FLX are areas that are important for us. We mentioned earlier in the comments about the fact that we feel so good about FLX that we've extended into kids in 300 stores.

至於我們看到的其他品牌或類別——對我來說，有好幾個，但我想重點介紹的是主動式運動領域，Tek 和 FLX 對我們來說都是非常重要的領域。我們在先前的評論中提到過，我們對 FLX 非常滿意，因此已將其推廣到 300 家商店的兒童產品中。

There'll be 300 more in the spring and then a full almost every store by June of next year is where we're headed with that. So those are -- that's an example of the kinds of things that we're focused on in terms of additional focus on proprietary brands and extending it outside of categories that we currently have.

春季也將新增 300 家門市，到明年 6 月，我們的目標是實現幾乎所有門市都配備齊全。所以，這些就是——這是我們目前關注的重點領域之一，即更加重視自有品牌並將其擴展到我們現有類別之外。

And then your question on tariffs, Dana. I think obviously, this quarter, we did well, I think we saw less of an impact. So I really want to give a shout out to our merchant and sourcing teams. They've done an incredible job navigating this dynamic environment and letting it really add up in a great place in terms of how we showed our margins. We do expect that this will be a little bit more pressure as we go into Q4 and into 2026 first because we'll have a full year of this exposure.

然後是你關於關稅的問題，達娜。我認為很明顯，本季我們做得不錯，受到的影響較小。所以，我真的要特別稱讚我們的採購團隊和採購部門。他們出色地應對了這種瞬息萬變的環境，並最終取得了非常好的成績，這體現在我們的利潤率上。我們預計，隨著我們進入第四季以及 2026 年，壓力會更大一些，因為我們將面臨整整一年的這種風險。

And also, I think just there's more certainty around what these tariffs means. So we're going to have a little bit more pressure as we do move into '26, but we feel good with our ability and how we've offset them to date. I just think with the certainty, we're going to see a lot more movement there as we go into 2026, both with our proprietary brands, international vendors.

而且，我認為現在人們對這些關稅的具體意義也更加清楚了。所以，隨著我們進入 2026 年，我們將面臨更大的壓力，但我們對自己的能力以及迄今為止我們是如何應對這些壓力的感到滿意。我認為可以肯定的是，隨著我們進入 2026 年，無論是我們自己的品牌還是國際供應商，我們都會看到這方面有更大的發展。

Got it. And just one last thing, if I hadn't been mentioned. Anything on the store portfolio, how you think about openings, closings, relocations going forward? Thank you.

知道了。最後還有一件事，如果我之前沒被提到的話。關於門市組合方面，您如何考慮未來的新店開幕、關店和搬遷事宜？謝謝。

Yeah. I would just say that that's a normal hygiene practice for us to review our store fleet. The good news is that the vast majority of our stores, well over 90% are profitable and productive for us. And so as we do at the beginning of every year, we'll take a look at our stores. And if we deem there to be any necessary adjustments we'll make that. But as we did last year in closing 20 or so stores, we'll take a look, but that process is underway.

是的。我只想說，檢查我們門市的各項設備是正常的衛生操作流程。好消息是，我們絕大多數門市（超過 90%）都是獲利且有效率的。因此，就像每年年初一樣，我們將審視一下我們的門市。如果我們認為有必要進行任何調整，我們會進行調整。但就像我們去年關閉了大約 20 家門市一樣，我們會進行調查，目前這個過程正在進行中。

Thank you.

謝謝。

We are of time for questions today. This will conclude today's conference call. Thank you for your participation. You may now disconnect

今天我們有時間回答問題。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了。