柯爾百貨 (KSS) 2025 Q4 法說會逐字稿

Good morning, and welcome to the Kohl's Corporation fourth quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

早安，歡迎參加科爾百貨（Kohl's Corporation）2025 年第四季財報電話會議。(接線員指示) 提醒您，本次電話會議將被錄音。

I'd now like to turn the call over to Trevor Novotny, Director of Investor Relations. Thank you. Please go ahead.

現在我想把電話交給投資人關係總監 Trevor Novotny。謝謝。請開始。

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. 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.

謝謝。本次電話會議中所作的某些陳述，包括關於我們預期的財務結果、業務展望及未來計畫的陳述，均屬前瞻性陳述。這些陳述係基於目前的預期與假設，並受若干風險與不確定性影響，可能導致 Kohl's 的實際結果與預測結果出現重大差異。這些風險與不確定性包括但不限於 Kohl's 最近一期 Form 10-K 年度報告第 1A 項所述因素，以及 Kohl's 不時向美國證券交易委員會（SEC）提交的其他文件中可能補充的因素；上述文件均以引用方式明確併入本文。前瞻性陳述僅適用於其最初作出之日，Kohl's 不承擔更新之義務。

In addition, during this call, we may refer to certain non-GAAP financial measures. Please refer to the cautionary statement and reconciliation 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 GAAP 財務衡量指標。請參閱作為我們向 SEC 提交之 Form 8-K 附件的投資人簡報中所載的警示聲明及該等非 GAAP 指標的調節表；該簡報亦可於我們的投資人關係網站取得。

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 If you are listening to a replay, it is possible that the information discussed is no longer current, and Kohl's assumes no obligation to update such information.

請注意，本次電話會議將被錄音。然而，電話會議的重播內容不會更新。若您正在收聽重播，會議中討論的資訊可能已不再為最新，Kohl's 不承擔更新該等資訊之義務。

With me this morning are Michael Bender, our Chief Executive Officer, and Jill Timm, our Chief Financial Officer.

今天早上與我一同出席的有我們的執行長 Michael Bender，以及財務長 Jill Timm。

I'll now turn the call over to Michael.

現在我把電話交給 Michael。

Thank you, Trevor. Good morning, everyone, and thank you for joining Kohl's fourth-quarter earnings call. Before I begin this morning, I want to express my sincere gratitude to the entire Kohl's team. 2025 was a year of substantial change and notable progress. I appreciate the way our teams adapted and committed to new ways of working for the business.

謝謝你，Trevor。各位早安，感謝各位參加 Kohl's 第四季財報電話會議。在我今天早上開始之前，我想向整個 Kohl's 團隊致上誠摯的感謝。2025 年是變革幅度很大且進展顯著的一年。我很感謝各團隊為了業務而調整並投入新的工作方式。

We're ending 2025 in a stronger position than we started, though important work remains ahead of us. Thank you for your continued dedication and belief in Kohl's. During this transformational time for our business, we are taking a long-term view. We take accountability for our performance each quarter while making decisions for the long term with the understanding that progress will not be a straight line.

我們以比年初更強健的態勢結束 2025 年，但前方仍有重要工作要做。感謝各位持續的投入與對 Kohl's 的信心。在公司轉型的這段期間，我們採取長期觀點。我們對每一季的表現負責，同時也以長期為考量做出決策，並理解進展不會是一條直線。

Over the past year, our efforts have been focused on resetting our foundation. This focus is intended to stabilize the business and strengthen our operational ability to build for a stronger future. In 2025, we made meaningful progress, and this aggregate work has us moving forward in the right way. While we've made progress addressing issues and strengthening areas of our foundation, that work will continue to be the focus for most of 2026. Addressing operational opportunities and modernizing our processes and ways of working is critical for what comes next for Kohl's, and there are no shortcuts. We're confident that the work we're investing in now is essential to improving our business and getting back to growth.

過去一年，我們的努力聚焦於重置基礎。此一聚焦旨在穩定業務，並強化我們的營運能力，以打造更強健的未來。2025 年我們取得了具意義的進展，而這些整體工作正推動我們以正確的方式向前。雖然我們在解決問題與強化基礎面向上已有進展，但這項工作在 2026 年的大部分時間仍將是重點。把握營運改善機會、並使流程與工作方式現代化，對 Kohl's 下一步至關重要，而且沒有捷徑可走。我們有信心，現在投入的工作對改善業務並重回成長軌道是不可或缺的。

During today's call, we would like to discuss three items with you. First, we'll review our fourth-quarter performance. Next, I will provide an update on how we will execute against our key initiatives in 2026. And lastly, Jill will give more details on our Q4 financial performance as well as give guidance to 2026.

在今天的電話會議中，我們想與各位討論三件事。首先，我們將回顧第四季的表現。接著，我將更新我們在 2026 年如何執行關鍵策略計畫。最後，Jill 將提供第四季財務表現的更多細節，並提供 2026 年的財測指引。

Although we are not pleased with our top-line results in the fourth quarter as comparable sales decelerated to down 2.8%, we are pleased with our strong inventory discipline and expense management, helping to deliver diluted earnings per share of $1.07, well ahead of last year. We also strengthened our balance sheet, ending the year in a strong cash position with no borrowings on our revolver.

雖然我們對第四季的營收表現並不滿意，因為同店銷售降幅放緩至下滑 2.8%，但我們對強勁的庫存紀律與費用管理感到滿意，這有助於稀釋後每股盈餘達到 1.07 美元，明顯優於去年。我們也強化了資產負債表，年底現金部位強勁，且循環信貸額度（revolver）未有任何借款。

While not the primary driver of these sales results, severe weather was responsible for about 70 basis points to our comparable sales decline as approximately half of our stores were closed during the winter storms toward the end of January.

雖然並非造成這些銷售結果的主要因素，但惡劣天候約造成同店銷售下滑約 70 個基點；由於 1 月底的冬季風暴期間，約有一半門市暫停營業。

Beyond the impact of winter storms, we have identified two primary factors impacting our Q4 top-line results. First, we have an opportunity to better execute our fall seasonal business. The softness in this category uncovered some operational opportunities for us with regard to our inventory depth and allocation. We do not consistently have the right product in the right quantity in the right places. This issue was outsized in our smaller format stores, which meant we were not consistently able to meet the demand in key moments. However, we continue to experience positive growth in our year-round businesses, including the emphasis on core basics and essentials, which were not impacted by inventory allocation issues.

除了冬季風暴的影響之外，我們已辨識出兩個影響第四季營收表現的主要因素。第一，我們在秋季季節性商品的執行上仍有改善空間。此類別的疲弱暴露出我們在庫存深度與分配方面的一些營運改善機會。我們未能一貫地在正確地點提供正確數量的正確商品。這個問題在我們的小型店格式中更為明顯，導致我們在關鍵時點無法穩定滿足需求。然而，我們的全年型業務仍持續呈現正向成長，包括對核心基本款與必需品的強調；這些品類未受庫存分配問題影響。

Second, we needed to offer breakthrough pricing during our key holiday shopping periods to drive more excitement for customers to choose Kohl's. During the fourth quarter, we lost some competitive ground during high traffic shopping windows, including Black Friday, Cyber Monday, and the week following Christmas. We know consumers are more value-conscious, and there is opportunity for us to regain share during these windows through strong promotional statements that better align to our customer needs and priorities.

第二，我們需要在關鍵的節慶購物期間提供更具突破性的定價，以提升顧客選擇 Kohl's 的興趣與熱度。在第四季，我們在高流量的購物時段失去了一些競爭優勢，包括黑色星期五、網路星期一，以及聖誕節後的一週。我們知道消費者更重視價值，而我們有機會透過更有力的促銷訴求，在這些時段重新奪回市占，並更貼近顧客需求與優先事項。

Consistent and differentiated value statements across marketing, in-store, and online will be a catalyst to improve our performance. While acknowledging and addressing these issues from Q4, we remain committed to the path we're on to improve the business. This year, we made significant progress, resulting in a 300 basis point improvement in our comparable sales from last year.

在行銷、門市與線上渠道提供一致且具差異化的價值主張，將成為改善我們表現的催化劑。在正視並處理第四季這些問題的同時，我們仍致力於目前改善業務的路徑。今年我們取得顯著進展，使同店銷售較去年改善 300 個基點。

There were a number of areas that drove progress this year, beginning with our Kohl's Card customer, who improved 120 basis points from the third quarter, now running down mid-single digits. While this performance is not where we ultimately want it to be, we are encouraged by the significant progress we've made from the first half of the year, where these shoppers declined in the mid-teens. The re-engagement of this shopper is instrumental to Kohl's long-term success as they are the most productive customer we serve.

今年推動進展的領域有多項，其中首先是我們的 Kohl's Card 顧客，其表現較第三季改善 120 個基點，目前降幅為中個位數。雖然這樣的表現仍非我們最終希望達到的水準，但相較於上半年這些顧客下滑在十幾個百分點的情況，我們對所取得的顯著進展感到鼓舞。重新吸引這類顧客對 Kohl's 的長期成功至關重要，因為他們是我們服務的生產力最高的顧客。

Additionally, we remain pleased with the performance of our non-Kohl's Card customers and new customer acquisition. Overall, we are proud of the progress we've made toward re-engaging our Kohl's Card customers while continuing to attract and serve new customers.

此外，我們對非 Kohl's Card 顧客以及新客獲取的表現仍感到滿意。整體而言，我們為在重新吸引 Kohl's Card 顧客方面取得的進展感到自豪，同時也持續吸引並服務新顧客。

Next, we have made solid progress across our proprietary brand portfolio. Although these brands were down 3% overall in the quarter, our proprietary apparel was flat, with the decline primarily driven by our home business.

接下來，我們在自有品牌組合方面也取得了扎實進展。雖然本季這些品牌整體下滑 3%，但我們的自有服飾持平，降幅主要來自家居業務。

Our juniors business, which grew 8% in the quarter, continues to benefit from investments in our proprietary brand SO. We are furthest along in our progress with this category as it has faster turns and shorter lead times. We're excited about taking this momentum from the juniors business and expanding the efforts throughout the remainder of the women's category.

我們的青少女（Juniors）業務在本季成長8%，持續受惠於我們對自有品牌 SO 的投資。在此品類上，我們的進展最為領先，因為其週轉更快、交期更短。我們很期待把青少女業務的這股動能延續下去，並將相關投入擴展至其餘的女裝品類。

Petites is another area within women's that continued its great momentum, running up 26% to last year. This category benefited from the in-store presence we built with key proprietary brands LC Lauren Conrad and Simply Vera Vera Wang.

嬌小尺碼（Petites）是女裝中的另一個領域，也持續保持強勁動能，較去年成長26%。此品類受惠於我們以關鍵自有品牌 LC Lauren Conrad 與 Simply Vera Vera Wang 所建立的店內陳列與能見度。

Our men's and kids' departments also showed strength in proprietary brands, both running positive comps in the fourth quarter. This strength was driven by brands like FLX, Tek Gear, Jumping Beans, and Apt. 9. Our home business underperformed largely due to softness in seasonal decor, particularly within our proprietary brands. We bought too deep, which limited customer choice for the various holiday celebrations. We also have an opportunity to be more competitive by offering better value through sharper price points in key seasonal items.

我們的男裝與童裝部門在自有品牌方面也展現強勁表現，第四季同店銷售皆為正成長。這股強勢主要由 FLX、Tek Gear、Jumping Beans 與 Apt. 等品牌帶動。9.我們的家居業務表現不如預期，主要因季節性裝飾需求疲弱，尤其是在我們的自有品牌中更為明顯。我們採購過深，限制了顧客在各種節慶慶祝情境下的選擇。我們也有機會透過在關鍵季節性商品上提供更具競爭力的價值（以更犀利的價格帶），來提升競爭力。

Moving to the remaining lines of business. The accessories business continues to outperform. Our Sephora business grew 2%, with comparable sales improving to flat in Q4. This was driven by our expanded holiday gifting sets and continued strength in our fragrance and hair care categories, led by brands such as YSL, Valentino, and KAYALI.

接著談其餘業務線。配件業務持續優於整體表現。我們的 Sephora 業務成長2%，第四季同店銷售改善至持平。這主要由我們擴充的節慶送禮組合，以及香氛與護髮品類的持續強勁所帶動，領先品牌包括 YSL、Valentino 與 KAYALI。

Excluding Sephora, our accessories business increased low single digits led by the expansion of Impulse to nearly all doors in Q3, helping deliver over a 40% comparable sales increase versus last year. We also saw positive performance in our jewelry business with strength in our fashion and bridge jewelry. Our footwear

若排除 Sephora，我們的配件業務呈現低個位數成長，主要由第三季將 Impulse 擴展至幾乎所有門店所帶動，協助同店銷售較去年提升超過40%。我們的珠寶業務也有正向表現，時尚珠寶與中高端（bridge）珠寶表現強勁。我們的鞋類

business underperformed the company due to softness in active footwear and boots. We expected our boots business to remain soft in the fourth quarter and proactively reduced our buys based on pricing expectations. The strength in dress and casual footwear across men's and women's businesses partially offset this category softness.

業務表現落後公司整體，主要因運動鞋與靴款需求疲弱。我們預期第四季靴款業務仍將偏弱，並已根據價格預期主動降低採購量。男、女裝業務中正裝與休閒鞋的強勢表現，部分抵消了此品類的疲弱。

Beyond our category performance, it is also important to acknowledge that the consumer is behaving differently in this challenging macroeconomic environment. We know our core low to middle-income customers continue to face financial pressure, and they are seeking value. As we expect this customer behavior to persist, we are adapting our strategies to ensure we are delivering great value to better serve this customer. We have taken immediate action to address the opportunities and to build upon our strengths.

除了各品類表現之外，也必須認知在這個充滿挑戰的總體經濟環境下，消費者的行為正在改變。我們知道核心的中低收入客群仍承受財務壓力，並在尋求更高性價比。由於我們預期此一消費行為將持續，我們正調整策略，以確保提供卓越價值，更好地服務這些顧客。我們已立即採取行動，掌握改善機會並在既有優勢上再加強。

As we move into 2026, we will continue to work on our key initiatives. This work is essential for setting up Kohl's for long-term success and will take time. In 2026, we are committed to continuing the progress we laid out in 2025 and have clear, actionable insights that we can build on.

邁入2026年，我們將持續推進關鍵策略計畫。這些工作對於奠定 Kohl's 的長期成功至關重要，也需要時間。在2026年，我們承諾延續2025年所規劃的進展，並已具備清晰且可執行的洞察可供深化。

Starting with our first initiative, offering a curated and more balanced assortment that fulfills the needs across all our customers. As we work through our merchandise strategies, our goal is to invest in key styles and categories while reducing redundancy to ensure we have a purpose behind each product and brand. By exiting out of unproductive styles and offerings, we can reinvest into higher turning items to drive a more balanced assortment.

首先是我們的第一項策略：提供經策展、且更均衡的商品組合，以滿足所有顧客的需求。在推進商品策略的過程中，我們的目標是加大對關鍵款式與品類的投入，同時降低重複性，確保每一項商品與品牌都有其存在目的。透過退出低效款式與供給，我們可將資源再投向週轉更快的商品，以帶動更均衡的商品組合。

In our apparel businesses, we're focused on increasing our investment into our basics while also right-sizing our assortment offering in trending categories. By strengthening our core apparel business category, we ensure that our customers can consistently rely on us for the essential high-quality items they need for daily life.

在服飾業務方面，我們聚焦於提高對基本款的投資，同時在流行趨勢品類中調整至更合適的商品組合規模。透過強化核心服飾品類，我們確保顧客能持續信賴我們，購買其日常所需的高品質必備單品。

In addition to our core business, we continue to find ways to curate our assortment into more fashion and relevant categories such as denim, dress, and active wear. In our women's business, we are broadening our denim assortment with more styles and fits through our key national partners such as Levi's and enhancing proprietary brands such as LC Lauren Conrad and Sonoma. Additionally, we will build on the momentum in juniors by introducing the Office Edit by SO to provide a new compelling assortment in the casual and dress categories.

除核心業務外，我們也持續尋找方法，將商品組合策展至更具時尚感且更貼近需求的品類，例如丹寧、洋裝與運動休閒。在女裝業務中，我們將透過 Levi's 等關鍵全國性合作夥伴，提供更多款式與版型以擴充丹寧商品組合，並強化 LC Lauren Conrad 與 Sonoma 等自有品牌。此外，我們將延續青少女品類的動能，推出 Office Edit by SO，在休閒與洋裝品類提供全新且具吸引力的商品組合。

For our men's business, we are investing into key item programs within proprietary brands such as Tek Gear and Sonoma, and we will expand upon successful brands like FLX with our new offerings of FLX Golf, Premium Pant, and Fleece. We also have an additional opportunity to grow our dress category with an exclusive Haggar Hall of Fame launch.

在男裝業務方面，我們將加大對 Tek Gear 與 Sonoma 等自有品牌關鍵單品計畫的投資，並在 FLX 等成功品牌上擴展新品，包括 FLX Golf、Premium Pant 與 Fleece。我們也有額外機會透過獨家 Haggar Hall of Fame 上市來擴大正裝品類。

In our kids business, we will differentiate with our proprietary brands by introducing merchandising statements that show an expanded assortment of under $10 entry price points in SO and Sonoma. We will also expand key brands like Jumping Beans into Baby and Flex Kids to all stores by Q2.

在童裝業務方面，我們將透過推出商品陳列主題（merchandising statements）來強化自有品牌差異化，展現 SO 與 Sonoma 中入門價位低於10美元的擴充商品組合。我們也將在第二季前把 Jumping Beans 等關鍵品牌擴展至嬰幼兒（Baby）與 Flex Kids，並推廣至所有門店。

Last, we recently launched our new proprietary tween brand, Sea and Sky, in Q1. We're driving the next phase of growth in our Sephora at Kohl's business by strategically curating an exciting assortment. We successfully launched MAC, a leading makeup brand in over 850 of our Sephora at Kohl's stores this month. This launch immediately delivers enhanced newness and a strong value proposition to our customers. Recognizing that newness is vital in the beauty industry, we are also preparing to expand assortment with proven brands like Tarte and Charlotte Tilbury.

最後，我們在第一季近期推出全新的自有青少年（tween）品牌 Sea and Sky。我們正透過策略性策展令人興奮的商品組合，推動「Sephora at Kohl's」業務的下一階段成長。本月我們已在超過850家 Sephora at Kohl's 門店成功導入領先彩妝品牌 MAC。此一上市立即為顧客帶來更強的新鮮感（newness）與有力的價值主張。鑑於美妝產業中新鮮感至關重要，我們也正準備擴充已驗證的品牌組合，例如 Tarte 與 Charlotte Tilbury。

Additionally, we see further opportunity in 2026 to build on the successful launch of our impulse initiative. Following the rollout of an impulse queue line in nearly all of our stores, we have identified more ways to inspire our customers and drive highly incremental, impulsive shopping behaviors. To capitalize on this, we are implementing the Deal Bar and Impulse Toy Tower, both of which are specifically designed to offer compelling value on items like seasonal home decor and trending toys with all products priced under $10. We're excited to roll out these offerings this spring to maximize key seasonal moments, including Valentine's Day, Easter, and Mother's Day.

此外，我們也看到在2026年有進一步機會，延續我們成功推出的衝動購買（impulse）策略。在幾乎所有門店完成衝動購買排隊動線（impulse queue line）導入後，我們已辨識出更多方式來激發顧客並帶動高度增量的衝動型購物行為。為把握此機會，我們將導入 Deal Bar 與 Impulse Toy Tower，兩者皆專為在季節性家居裝飾與流行玩具等商品上提供具吸引力的價值而設計，且所有商品定價皆低於10美元。我們很期待在今年春季推出這些方案，以最大化關鍵季節性檔期，包括情人節、復活節與母親節。

In footwear, as we transition to spring, we expect our dress, casual, and active categories to gain momentum. We're focused on improving our inventory position and reducing overall choice to deliver better clarity on the sales floor while ensuring greater depth in key styles our customers are seeking.

在鞋類方面，隨著我們轉入春季，我們預期正裝、休閒與運動品類將重拾動能。我們聚焦於改善庫存水位並降低整體選擇數，以在賣場提供更清晰的陳列，同時確保顧客所尋找的關鍵款式具備更深的庫存深度。

And lastly, in our home category, we will deliver more value through our investment into key proprietary brands such as The Big One, while simultaneously growing newly launched brands such as Mariana, Hotelier, and Mingle & Co. In addition, we will leverage key national brand partners who continue to deliver newness and innovation, including brands like Shark and Ninja. And finally, we are taking immediate action to recapture our seasonal decor business through offering greater customer choice and sharper price points on key items.

最後，在家居品類方面，我們將透過加大對 The Big One 等關鍵自有品牌的投資來提供更高價值，同時擴大近期新推出的品牌，如 Mariana、Hotelier 與 Mingle & Co。另方面，我們也將運用持續帶來新鮮感與創新的關鍵全國性品牌合作夥伴，包括 Shark 與 Ninja 等品牌。最後，我們正立即採取行動，透過提供更大的顧客選擇與在關鍵商品上更犀利的價格帶，來重新奪回季節性裝飾業務。

Our second initiative is our focus on reestablishing Kohl's as a leader in value and quality. Value continues to be a focus and is especially important given the macroeconomic uncertainty. The majority of our customers are low to middle income. These consumers have been consistently under pressure and are being thoughtful with how they are spending their discretionary income.

我們的第二項策略是聚焦於重新確立 Kohl's 在價值與品質方面的領導地位。在總體經濟不確定性下，價值仍是重點，且尤其重要。我們的大多數顧客屬於中低收入族群。這些消費者長期承受壓力，並更審慎思考其可支配所得的花費方式。

It's clear that when we offer value, it resonates with this customer. Kohl's has an opportunity to deliver more consistent, competitive value to all of our customers. In 2025, we took important initial steps to enhance our promotional strategies and increase brand eligibility in our coupons. These actions proved to be a critical first step, resulting in an improved trend, particularly among our Kohl's Card and loyalty customers.

很明顯，當我們提供價值時，會與這位顧客產生共鳴。Kohl's 有機會為所有顧客提供更一致、更具競爭力的價值。在 2025 年，我們採取了重要的初步措施，以強化我們的促銷策略並提高我們優惠券的品牌適用範圍。這些行動證明是關鍵的第一步，帶來了趨勢改善，尤其是在我們的 Kohl's Card 與忠誠度顧客之中。

In 2026, our focus remains on building upon the momentum we've established and deepening our commitment to delivering undeniable value to every customer. We are executing a strategy that includes simplifying our promotional statements and deploying more personalized real-time offers. This allows us to be more targeted, rewarding our most loyal and deal-savvy customers while ensuring a compelling value message breaks through to a broader customer base.

在 2026 年，我們的重點仍是延續既有動能，並加深我們對於為每位顧客提供無可否認價值的承諾。我們正在執行一項策略，包括簡化我們的促銷表述，並部署更多個人化的即時優惠。這讓我們能更精準地鎖定目標，回饋最忠誠且精打細算的顧客，同時確保具吸引力的價值訊息能觸及更廣泛的顧客群。

We're also making meaningful investments to amplify our proprietary opening price point brands, which provide exceptional quality at an accessible price. These strategic adjustments will strengthen our competitive position and ensure we deliver incredible value to all customers.

我們也正在進行具意義的投資，以放大我們自有的開門價位（opening price point）品牌，這些品牌以可負擔的價格提供卓越品質。這些策略性調整將強化我們的競爭地位，並確保我們為所有顧客提供驚人的價值。

A key element of Kohl's value proposition is the power of our high-quality proprietary brands. This year, we are committed to increasing our investment into proprietary brands inventory, marketing, and experience.

Kohl's 價值主張的一個關鍵要素，是我們高品質自有品牌的力量。今年，我們承諾增加對自有品牌在庫存、行銷與體驗方面的投資。

In the women's business, we are excited about the work we are doing to amplify key proprietary brands, LC Lauren Conrad and Tek Gear. In stores, we are elevating the experience to improve findability and inspire our customers.

在女裝業務方面，我們對於正在推升關鍵自有品牌 LC Lauren Conrad 與 Tek Gear 的工作感到振奮。在門市端，我們正在提升體驗，以改善可尋性並啟發我們的顧客。

To achieve this, we are adding improved signage for better wayfinding, highlighting key styles with mannequins, and adding Find Your Fit communication to better help customers find the product and fit they desire. This experience will be completed with our LC Lauren Conrad brand in Q1, and we will complete the Tek Gear experience in Q2.

為了達成這點，我們將新增更完善的指示標示以提升導引性，透過模特兒展示重點款式，並加入「Find Your Fit」溝通內容，以更好地協助顧客找到他們想要的商品與合適版型。這項體驗將在第一季（Q1）完成 LC Lauren Conrad 品牌的導入，並將在第二季（Q2）完成 Tek Gear 的體驗建置。

We are also excited to build off the momentum of another strong proprietary brand in Flex. Last fall, we introduced Flex to our kids category in 300 stores. Currently, we've expanded this to 600 stores in Q1 and are expecting to be rolled out in all stores by Q2.

我們也很期待延續另一個強勢自有品牌 Flex 的動能。去年秋天，我們在 300 家門市將 Flex 引進童裝品類。目前，我們已在第一季（Q1）擴展至 600 家門市，並預期在第二季（Q2）於所有門市全面推出。

In addition to the investment we are making into our proprietary brands inventory and experience, we will be supporting them with a new marketing campaign celebrating our Buy Kohl's brands. The Buy Kohl's campaign will put a spotlight on the great brands that customers can find only at Kohl's. We will focus on several Buy Kohl's brands by highlighting style, quality, fit, and aesthetic.

除了我們對自有品牌庫存與體驗的投資之外，我們也將以一個全新的行銷活動來支持它們，慶祝我們的「Buy Kohl's」品牌。「Buy Kohl's」活動將聚焦顧客只能在 Kohl's 找到的優秀品牌。我們將透過強調風格、品質、版型與美感，聚焦數個「Buy Kohl's」品牌。

To accomplish this, we will be leveraging our Kohl's mom this spring, utilizing a strong cross-channel campaign, including fun social content, TV, and digital video. We're also creating a landing page on our website and app to better highlight the proprietary brands to our customers.

為了達成這點，今年春季我們將運用我們的「Kohl's mom」，並採用強而有力的跨通路活動，包括有趣的社群內容、電視與數位影片。我們也正在網站與 App 上建立一個落地頁，以更好地向顧客突顯自有品牌。

And lastly, our third initiative is delivering a frictionless experience across our omni-channel platforms. A frictionless experience starts with reestablishing trip assurance for our customers. To address this, we are making deliberate changes to both our planning and supply chain processes.

最後，我們的第三項倡議是在全通路平台上提供無摩擦的體驗。無摩擦體驗始於重新建立顧客對於到店行程的確定性（trip assurance）。為此，我們正在對規劃與供應鏈流程進行有意識的調整。

Specifically, we are committed to investing in depth with plans to increase it in the high single digits while simultaneously curating our choice counts for greater clarity and relevancy. This strategy includes protecting our replenishment receipts and heightening our in-stock levels, all while improving inventory turn to ensure the freshness of receipts. These adjustments are designed to ensure that the right product with sufficient depth is available at the optimal time across all our stores.

具體而言，我們承諾在「深度」（depth）方面加大投資，計畫將其提高至高個位數百分比，同時精簡我們的選擇數量（choice counts），以提升清晰度與相關性。此策略包括保障我們的補貨到貨量（replenishment receipts）並提高現貨水位（in-stock levels），同時改善庫存周轉，以確保到貨的新鮮度。這些調整旨在確保在最佳時點，所有門市都能提供正確商品且具足夠深度的供應。

Encouragingly, we are already yielding positive results from the implementation of some of these disciplines. We successfully executed a substantially smoother transition of our spring receipts heading into 2026, and our spring seasonal categories have started strong. To complement our investments in clarity and depth, we are focused on delivering a more consistent shopping experience through improved inventory allocation, which directly strengthens our omni-channel performance. By increasing inventory depth and improving in-stock levels, we are better positioned to leverage our store-enabled fulfillment tools such as BOPUS and BOSS.

令人鼓舞的是，我們在落實其中部分紀律後，已經開始產生正面成果。我們成功地在邁入 2026 年前，讓春季到貨（spring receipts）的轉換更為順暢，而我們的春季季節性品類也有強勁開局。為了配合我們在清晰度與深度上的投資，我們也專注於透過改善庫存配置，提供更一致的購物體驗，這將直接強化我們的全通路表現。透過提高庫存深度並改善現貨水位，我們能更好地運用門市履約工具，例如 BOPUS 與 BOSS。

These omni-channel options provide our customers with greater speed and convenience while allowing us to utilize our ship-from-store capabilities more efficiently. We will continue to refine these tools to ensure a frictionless and reliable experience across all touch points, regardless of how or where our customers choose to shop.

這些全通路選項為顧客帶來更快的速度與更高的便利性，同時也讓我們能更有效率地運用「由門市出貨」（ship-from-store）能力。我們將持續精進這些工具，確保在所有接觸點都能提供無摩擦且可靠的體驗，不論顧客選擇如何或在哪裡購物。

In addition to stores, we have an opportunity to modernize our capabilities and enhance our digital experience. We're focused on delivering a better experience and deeper connections through advanced personalization and contextual relevance, making every interaction with Kohl's more meaningful for the customer. We are enhancing our omni-channel capabilities across all digital touchpoints such as search, findability, and availability, as well as elevating our store-enabled services as key differentiators to maximize convenience and create a seamless, integrated shopping experience.

除了門市之外，我們也有機會使我們的能力現代化並提升數位體驗。我們專注於透過先進的個人化與情境相關性，提供更好的體驗與更深的連結，讓顧客與 Kohl's 的每一次互動都更有意義。我們正在強化所有數位接觸點的全通路能力，例如搜尋、可尋性與可得性，同時提升門市支援服務作為關鍵差異化，以最大化便利性並打造無縫、整合式的購物體驗。

And last, we are actively modernizing our site structure and foundational data architecture. This ensures our digital ecosystem is discoverable, high-performing, and fully prepared for a future driven by AI and agent technology.

最後，我們正積極使網站結構與基礎資料架構現代化。這可確保我們的數位生態系可被發現、具高效能，並為由 AI 與代理（agent）技術驅動的未來做好充分準備。

Now, before I hand the call over to Jill, I would like to reinforce my perspective on the year. We've made meaningful progress in strengthening our foundation, and I'm confident that we are on the right path. While our fourth-quarter results presented clear opportunities, we have already taken immediate action and are poised to build upon the strengths we have established. We're leaving 2025 in a measurably stronger position than when we entered it, and we are unwavering in our commitment to driving continued progressive improvements throughout 2026.

現在，在我把電話交給 Jill 之前，我想再次強調我對今年的看法。我們在強化基礎方面取得了具意義的進展，我有信心我們走在正確的道路上。雖然我們第四季的結果呈現出明確的改善機會，但我們已立即採取行動，並已準備好在既有優勢上持續加碼。我們在離開 2025 年時的狀態，已可衡量地比進入 2025 年時更強健，而我們也將堅定不移地在 2026 年持續推動循序漸進的改善。

I will now turn the call over to Jill.

我現在把電話交給 Jill。

Thank you, Michael. For today's call, I will provide additional details on our fourth-quarter results and outline our fiscal year 2026 guidance. Net sales declined 3.9% in the quarter and 4% for the year. Comparable sales declined 2.8% in Q4 and declined 3.1% for the year. The decline was primarily driven by a decrease of transactions, specifically in stores.

謝謝你，Michael。在今天的電話會議中，我將提供第四季業績的更多細節，並說明我們 2026 會計年度的財測指引。本季淨銷售額下滑 3.9%，全年下滑 4%。第四季同店銷售下滑 2.8%，全年下滑 3.1%。下滑主要由交易筆數下降所致，尤其是在門市端。

Store sales declined mid-single digits for both fourth quarter and the full year, primarily due to a decline in transactions. Additionally, as Michael noted, our stores experienced a negative impact in January due to unforeseen weather conditions.

門市銷售在第四季與全年皆下滑中個位數百分比，主要原因是交易筆數下降。此外，如 Michael 所提到，我們的門市在一月因不可預見的天候狀況而受到負面影響。

Digital sales grew low single digits in the fourth quarter and were flat for the year. This performance was primarily driven by higher traffic offset by lower conversion. We are pleased to have established a critical point of stability ending the year flat. However, our goal was to drive a more substantial growth in Q4 following the headwinds of the previous year. Our digital business has a higher penetration of our Kohl's Card customer, and although we are seeing improvement in this customer performance, it is still down mid-single digits, pressuring our digital business.

數位銷售在第四季成長低個位數百分比，全年持平。此表現主要由流量增加所帶動，但被轉換率下降所抵銷。我們很高興在年底建立了一個關鍵的穩定點，使全年表現持平。然而，在前一年逆風之後，我們的目標是在第四季推動更顯著的成長。我們的數位業務中，Kohl's Card 顧客的滲透率較高；儘管我們看到這類顧客表現有所改善，但仍下滑中個位數百分比，對我們的數位業務造成壓力。

In addition, we need to further elevate conversion through better inventory availability and findability, which are being addressed through the inventory strategies Michael outlined.

此外，我們需要透過更佳的庫存可得性與可尋性來進一步提升轉換率；這些正透過 Michael 所概述的庫存策略來加以解決。

Moving down the P&L. Other revenue, which consists primarily of our credit business, declined 9% to last year in Q4, an improvement from the third quarter, driven by better Kohl's Card performance. For the full year, other revenue declined 10%.As a reminder, at the beginning of the year, we shifted certain credit-related expenses from SG&A to our other revenue line. For the upcoming year, we will lap this adjustment, so our other revenue should normalize and reflect the relative performance of our Kohl's charge customers.

接著往下看損益表（P&L）。其他收入主要由我們的信用卡業務構成，第四季較去年同期下降 9%，較第三季有所改善，主要受惠於 Kohl's Card 表現更佳。全年其他收入下降 10%。提醒一下，年初我們將部分與信用相關的費用從 SG&A 轉列至其他收入項下。在即將到來的一年，我們將會跨過（lap）這項調整，因此其他收入應會正常化，並反映我們 Kohl's 記帳卡客戶的相對表現。

Gross margin in Q4 expanded by 25 basis points to 33.1% of sales. This expansion was driven by continued strong inventory management, resulting in lower clearance markdowns. This was partially offset by increased costs shipping as our digital penetration increased 220 basis points to 35% of total sales for the quarter. For the full year, our gross margin expanded by 34 basis points to 37.5% of sales.

第四季毛利率擴大 25 個基點至銷售額的 33.1%。此擴張主要來自持續強勁的庫存管理，使清倉折價（markdown）降低。但部分被運輸成本上升所抵銷，因為數位滲透率提高 220 個基點至本季總銷售的 35%。全年毛利率擴大 34 個基點至銷售額的 37.5%。

SG&A expenses decreased $76 million, or 4.9% in Q4. Excluding the shift of credit-related expenses, SG&A declined 4.1%. The decrease in SG&A was driven by lower store, marketing, and fulfillment-related expenses. For the year, SG&A expenses decreased 4.1%, and excluding the shift of credit-related expenses, SG&A declined 2.8%.

第四季 SG&A 費用減少 7,600 萬美元，降幅 4.9%。若排除信用相關費用的轉列，SG&A 下降 4.1%。SG&A 的下降主要由門市、行銷與履約相關費用降低所帶動。全年 SG&A 費用下降 4.1%；若排除信用相關費用的轉列，SG&A 下降 2.8%。

Depreciation expense was $174 million in Q4, a decrease of $9 million. For the year, depreciation declined $43 million to $700 million. The decline was mainly driven by closures of stores and one of our e-commerce fulfillment centers last year.

第四季折舊費用為 1.74 億美元，減少 900 萬美元。全年折舊減少 4,300 萬美元至 7 億美元。下降主要是因去年關閉部分門市以及我們其中一座電商履約中心所致。

Interest expense was $59 million in the fourth quarter and $288 million for 2025. This was a reduction of $15 million for the quarter and $31 million for the full year. The decrease was a result of the execution of an open market debt repurchases at a discount of $11 million in the fourth quarter and lower utilization of the revolver throughout the year.

第四季利息費用為 5,900 萬美元，2025 年全年為 2.88 億美元。本季減少 1,500 萬美元，全年減少 3,100 萬美元。下降是因第四季在公開市場以折價回購債務，帶來 1,100 萬美元的折價效益，以及全年循環信貸（revolver）使用率較低。

Our tax rate was 18% in Q4 and an adjusted tax rate of 16% for the full year. Adjusted net income in the fourth quarter was $125 million, resulting in adjusted diluted earnings per share of $1.07. Adjusted net income for 2024 was $186 million or adjusted diluted earnings per share of $1.62.

第四季稅率為 18%，全年調整後稅率為 16%。第四季調整後淨利為 1.25 億美元，調整後稀釋每股盈餘為 1.07 美元。2024 年調整後淨利為 1.86 億美元，或調整後稀釋每股盈餘為 1.62 美元。

Moving on to the balance sheet and cash flow. We ended the year with $674 million of cash and cash equivalents, an increase of $540 million from 2024. Inventory decreased approximately 7% compared to last year. Our disciplined inventory management has enabled the more timely flow of transitional receipts, positioning us with stronger, fresher spring inventory as we enter 2026.

接著談資產負債表與現金流。年底現金及約當現金為 6.74 億美元，較 2024 年增加 5.40 億美元。庫存較去年下降約 7%。我們嚴謹的庫存管理使季節轉換到貨能更及時流轉，讓我們在進入 2026 年時，擁有更強、更「新鮮」的春季庫存。

Operating cash flow was $750 million in Q4 and $1.4 billion for the full year, a $700 million increase from 2024. Our capital expenditures were $64 million in Q4 and $372 million for the year. In addition, we achieved our goal of fully exiting the revolver with no borrowings at the end of the year, and we further deleveraged our balance sheet by buying back $87 million of long-term debt at a discount to par value during the quarter.

第四季營運現金流為 7.50 億美元，全年為 14 億美元，較 2024 年增加 7 億美元。第四季資本支出為 6,400 萬美元，全年為 3.72 億美元。此外，我們達成目標，在年底完全退出循環信貸且無任何借款；並於本季以低於面值的價格回購 8,700 萬美元長期債務，進一步降低資產負債表槓桿。

In 2025, we returned $56 million to shareholders through our quarterly dividend As previously disclosed, the Board on February 25 declared a quarterly cash dividend of $0.125 per share payable to shareholders on April 1.

2025 年，我們透過季度股利向股東回饋 5,600 萬美元。如先前揭露，董事會於 2 月 25 日宣告每股 0.125 美元的季度現金股利，將於 4 月 1 日支付給股東。

Now let me provide details on our outlook for 2026. We believe the actions we are taking, as well as the strategic initiatives laid out by Michael, will allow us to continue making progressive improvements for the business in 2026. Our outlook reflects our confidence in our ability to execute against these initiatives with great discipline while considering the uncertain macroeconomic environment we continue to operate in. We remain cautious as our core low to middle-income customers remain choiceful with their discretionary spending.

接下來我提供 2026 年展望的細節。我們相信，我們正在採取的行動，以及 Michael 所提出的策略性計畫，將使我們在 2026 年持續為業務帶來循序漸進的改善。本展望反映我們對於以高度紀律執行這些計畫的信心，同時也考量到我們仍在其中營運的不確定總體經濟環境。我們仍保持審慎，因為我們核心的中低收入客群在非必需性支出上依然更為精打細算、選擇性更高。

Our outlook for 2026 is as follows. For the full year, we currently expect net sales and comparable sales to be in the range of a 2% decrease to flat versus 2025, operating margins to be in the range of 2.8% to 3.4%, and earnings per share to be in the range of $1.00 per share to $1.60 per share.

我們對 2026 年的展望如下。就全年而言，我們目前預期淨銷售與同店銷售相較 2025 年將介於下降 2% 至持平；營業利益率介於 2.8% 至 3.4%；每股盈餘介於每股 1.00 美元至每股 1.60 美元。

Now let me share some additional guidance details. We expect other revenue to be down 4% to 6%. The decrease is due to lower accounts receivable balances driven by sales underperformance in 2025 by our credit customer; gross margin to be flat to down slightly, driven by increased proprietary brand sales, offset by increase in digital sales and elevated promotional offers as we drive more value for our customers; SG&A dollars to be in the range of down 0.5% to down 1.5%. These savings will be driven by lower store payroll, marketing, and supply chain costs. Depreciation and amortization of $700 million, interest expense of $285 million, and a tax rate of 22%.

接著分享一些額外的指引細節。我們預期其他收入將下降 4% 至 6%。下降原因是應收帳款餘額降低，係由於 2025 年信用卡客戶的銷售表現不如預期所致；毛利率預期持平至小幅下降，主因自有品牌銷售增加，但被數位銷售增加以及為了為顧客提供更高價值而提高促銷力道所抵銷；SG&A 金額預期下降 0.5% 至下降 1.5%。這些節省將來自較低的門市薪資、行銷與供應鏈成本。折舊與攤銷為 7 億美元，利息費用為 2.85 億美元，稅率為 22%。

We will continue to manage inventory tightly and expect inventory to be down low- to mid-single digits and capital expenditures to be in the range of $350 million to $400 million. As we anticipate the new initiatives to take time to have an impact, we expect sales to build throughout the year.

我們將持續嚴格管理庫存，並預期庫存將下降低至中個位數百分比；資本支出預期介於 3.50 億美元至 4.00 億美元。由於我們預期新計畫需要時間才會產生影響，我們預期銷售將在全年逐步走高。

Although we are pleased with our start to Q1, specifically in our spring seasonal and year-round businesses, there's a lot of the quarter still ahead of us. We expect Q1 comparable sales to be down low single digits, with the remaining metrics balanced by quarter.

儘管我們對第一季的開局感到滿意，特別是在春季季節性與全年常態業務方面，但本季仍有很長一段路要走。我們預期第一季同店銷售將下降低個位數，其餘指標將在各季之間大致均衡分布。

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

接下來，Michael 和我很樂意在此回答各位的提問。

(Operator Instructions) Chuck Grom, Gordon Haskett.

(接線員指示) Chuck Grom，Gordon Haskett。

Thanks very much. Can you just talk about the Buy Kohl's campaign that you're going to launch this spring, what it's going to involve? And then laterally, what's your expectations for comps in 2026 among your Kohl's Card holder, given the recent improvement that you saw in the back half of 2025?

非常感謝。你們能談談你們將在今年春季推出的「Buy Kohl's」活動嗎？它會包含哪些內容？另外，你們對 2026 年 Kohl's Card 持卡人的同店銷售（comps）有何預期？考量到你們在 2025 年下半年看到的近期改善。

Yeah, maybe I'll take the first half of the question, Chuck, and Jill can handle the second part. As far as the Buy Kohl's campaign, we've actually launched that already, and it's a continuation of our effort to make sure that the power of our proprietary brand portfolio is showcased and emphasized. So there's a marketing element to it that brings some of our most important proprietary brands together, like FLX and others. But it's also an opportunity for us to continue down the path as we've been talking to you over the last three to four quarters about the importance of the proprietary brand portfolio to our customers in general, but in particular to those that are Kohl's Card-carrying members. It's a mouthful, sorry.

好的，Chuck，或許我先回答問題的前半段，Jill 再處理後半段。關於 Buy Kohl's 活動，其實我們已經推出了，這是我們持續努力的一部分，確保我們自有品牌組合的優勢被展示並被強調。因此它包含行銷面向，把我們一些最重要的自有品牌整合在一起，例如 FLX 等。但這同時也是一個機會，讓我們延續過去三到四個季度一直與各位談到的方向：自有品牌組合對顧客整體的重要性，尤其是對持有 Kohl's Card 的會員而言。這句話有點長，抱歉。

And so it's an important first step for us to be able to -- or next step for us to be able to showcase those brands in a way that elevates them, allows us to tell stories in an inclusive manner across both of our platforms of stores as well as digital.

因此，這對我們而言是一個重要的第一步——或者說下一步——讓我們能夠以提升這些品牌的方式來展示它們，讓我們能以更具包容性的方式講述故事，並同時在我們兩個平台（實體門市以及數位）上呈現。

And in terms of the Kohl's Card holder, obviously, it's continued to lag our performance this year, but showed stepped improvement from down mid-teens to down mid-single digits at the end of the year. I'd expect this to continue to improve based on a lot of the efforts that we're putting forth. First, they do over-penetrate in proprietary brands, so as we're making that investment back into those brands, it has resonated with that customer, one, because it provides incredible value. It's opening price point. We also need to restore the trip assurance with this customer, so investing back into depth will help with that as well, so when they come in, they can find what they're looking for.

至於 Kohl's Card 持卡人，顯然今年其表現持續落後於我們的整體表現，但在年底時已呈現階段性改善，從下滑十幾個百分點改善到下滑中個位數百分點。我預期在我們推動的多項努力之下，這種改善會持續。首先，他們在自有品牌上的滲透率確實偏高，因此當我們把投資重新投入到這些品牌時，已引起該客群共鳴：一方面是因為它提供了極高的價值。它具備入門價位帶。我們也需要為這位顧客恢復「到店有把握買得到」的信心，因此回頭投資在商品深度也會有所幫助，讓他們進店時能找到想要的商品。

A couple other key things that we've done is the coupon eligibility resonated with this customer, as well as we've bought back into jewelry and petite. So I think you're going to see a build in this customer. It will probably still lag in the front half of the year. I think it will catch up in the back half of the year. The good news is our non-Kohl's charge customer has been running positive, and we continue to see new customer acquisition up as well.

另外幾個我們做的關鍵事項是：優惠券適用範圍引起這位顧客共鳴，以及我們也重新加碼珠寶與嬌小尺碼（petite）品類。所以我認為你會看到這個客群逐步回升。它在上半年可能仍會落後。我認為下半年會追上。好消息是，我們的非 Kohl's 記帳卡顧客一直呈現正成長，我們也持續看到新客獲取上升。

So those are definitely driving our business. We just need to get this customer back into parity with our comps, and I think that'll happen more in the back half of the year as some of these new initiatives start resonating more with that customer.

因此，這些因素確實在帶動我們的業務。我們只是需要讓這個客群回到與我們同店表現（comps）一致的水準；我認為隨著一些新舉措開始更能引起該客群共鳴，這會在下半年更明顯地發生。

Okay, great. And then just on the credit revenue line, you're guiding down 4% to 6%. Is there any geographical shift across the P&L that's happening? Just maybe explain why you expect it to be down. And then just bigger picture, is there a way to size up how much of an impact the shift away from your proprietary brands over the past handful of years has actually had on your credit business, given that I believe that the cardholders likely over-index to own brands versus national? Just trying to understand the implications from credit because of the shift away from mix in recent years, and I guess the opportunity that that indirectly presents.

好的，很棒。接著關於信用業務收入那一項，你們指引下滑 4% 到 6%。損益表（P&L）上是否有任何地理區域的結構性移轉正在發生？能否說明一下為什麼你們預期會下滑？再從更宏觀的角度，過去幾年你們降低自有品牌比重的轉變，對你們的信用業務實際造成了多大影響？因為我相信持卡人相較於全國品牌，可能更偏好自有品牌。我想理解的是，近年商品組合轉移對信用業務的意涵，以及我猜這也間接帶來的機會。

Yeah, I would say it's going to lag, so that's why we're down and lagging from a sales perspective. We're coming into the year with less accounts receivable, which is what really generates that interest revenue and the late fee revenue for us. It's always going to lag. Make your purchase in month one. We don't start billing you till 30 days later. You don't start getting accrued into interest for 30 days, and then it really builds and accumulates.

是的，我會說它會落後，因此從銷售角度來看，這就是我們下滑且落後的原因。我們在進入今年時的應收帳款較少，而這正是為我們帶來利息收入與滯納金收入的主要來源。它一向都會落後。你在第一個月消費。我們要到 30 天後才開始向你出帳。你也要 30 天後才開始計提利息，之後才會逐步累積、越滾越多。

So it's always going to lag top line, just given the lag of those purchases. I would agree, as we move into proprietary brands, they definitely over-penetrate into that category. We were really void of an opening price point in our store over the last couple years because we hadn't invested into proprietary brands, and this customer was finding that value elsewhere.

所以它總是會落後於營收端（top line），只是因為消費到入帳之間存在時間差。我同意，當我們轉向自有品牌時，他們在該類別的滲透率確實更高。過去幾年因為我們沒有投資自有品牌，我們門市在入門價位帶上其實很缺乏，而這位顧客就到別處去尋找那樣的價值。

The good news is she continued to shop us. We just got less frequency from this customer. So as we've brought back coupons, as we've brought back proprietary brands, we're starting to see that reaction to our customer, which is really what is driving that 100 basis points improvement in that comp from Q3 to Q4 and really moving from down mid-teens to down mid-single digits by the end of the year. Big improvement. We continue to expect to see improvement, but it will lag on that credit revenue line just because of how the interest and late fees accrue to the balances.

好消息是，她仍然持續在我們這裡購物。只是這位顧客的來店頻率降低了。因此，當我們把優惠券帶回來、把自有品牌帶回來時，我們開始看到顧客的反應；這正是推動同店表現從第三季到第四季改善 100 個基點的原因，也讓表現從下滑十幾個百分點，改善到年底下滑中個位數百分點。改善幅度很大。我們仍預期會持續改善，但在信用收入那一行會落後，因為利息與滯納金是隨著餘額逐步計提累積的。

Mark Altschwager, Baird.

Mark Altschwager，Baird。

Michael, you outlined several initiatives today. Which of these do you view as the most immediate catalyst for recapturing market share in 2026? Furthermore, how should we think about the scaling here, where these assortment pivots and other initiatives provide enough lift to drive a return to comp growth?

Michael，你今天概述了幾項舉措。在這些之中，你認為哪一項是 2026 年重新奪回市占率最直接的催化劑？另外，我們應該如何看待這裡的規模化：這些商品組合調整與其他舉措，如何帶來足夠的拉抬以推動同店成長回歸？

Yeah, thanks for the question, Mark. I would say, just carrying on Jill's commentary around proprietary brands, that's been a significant focus for us in the past, call it eight to nine months or so in terms of restoring what we believe to be the proper balance. Again, we're not targeting a specific number that we're looking for from a mix perspective, but proprietary brands, for a number of different reasons, are really a focus for us in bringing and restoring the activity that we need with our customer. Jill mentioned the importance of the Kohl's credit card-carrying customer. They index heavily toward proprietary brands, so that'll be a big focus for us.

好的，謝謝你的問題，Mark。我會說，延續 Jill 對自有品牌的評論，過去大約八到九個月，我們一直把「恢復我們認為適當的平衡」作為重要焦點。再次強調，我們並不是從組合角度去鎖定某個特定數字，但出於多種原因，自有品牌確實是我們的重點，因為它有助於帶回並恢復我們與顧客之間所需要的互動與動能。Jill 提到 Kohl's 信用卡持卡顧客的重要性。他們對自有品牌的偏好程度很高，因此這會是我們的一大重點。

I think also, beyond that, making sure that the continuation of the brands that we will be pushing forward, both national as well as proprietary, will be a big part of that. Our focus right now also is on making sure that we provide, I'll say, maximum value to our customers. So you're seeing us offer more in the way of, call it $10 and under items.

我也認為，除此之外，確保我們接下來要主推的品牌（包含全國品牌與自有品牌）能夠延續推進，將是其中很重要的一部分。我們目前的重點也在於確保能為顧客提供——我會說——最大化的價值。因此你會看到我們提供更多可稱為 10 美元以下的商品。

So look at toys as an example. We have a Toy Tower that we're rolling out to stores that has price points of $4.99, $7.99, $9.99. And then the Deal Bar, which we've recently rolled out as well, which if you walk into the entry of our store, provides another Impulse opportunity, and a pickup for customers, beyond what you can see as you're checking out, in our queue line. So those are just a couple of examples of where we're focused right now and more to come.

以玩具為例。我們正在把一個 Toy Tower 推廣到門市，價位點有 4.99 美元、7.99 美元、9.99 美元。然後還有我們最近也推出的 Deal Bar；如果你走進我們門市入口，它會提供另一個衝動購買的機會，以及讓顧客順手拿取的商品，除了你在結帳時、在排隊動線（queue line）中所看到的之外。以上只是我們目前聚焦的幾個例子，後續還會有更多。

Thank you. And Jill, to follow up on the EBIT margin guidance, calling for about 50 basis points of compression at the low end, what specific headwinds are captured in that lower end, that 2.8% floor? What are you incorporating in terms of changes to tariff rates, if any? And just any further color you can provide on the expected cadence for the year on EBIT margin would be helpful. Thank you.

謝謝。Jill，接著追問 EBIT 利潤率指引：在低端你們預期大約會有 50 個基點的壓縮；在那個低端、也就是 2.8% 的底線中，具體納入了哪些逆風？你們在關稅稅率變動方面（如果有的話）納入了哪些假設？另外，若能提供更多關於今年 EBIT 利潤率預期節奏的說明也會很有幫助。謝謝。

Yeah. I think the biggest thing from an EBIT is on the down too, it's just harder to leverage our SG&A costs, just given the fixed cost nature of our business. So I think we've done a really incredibly good job of bringing down our expenses over the last couple of years. We'll continue to operate with that discipline into 2026 as well. But I think it just puts pressure on the EBIT expansion.

是的。我認為 EBIT 方面在偏下行的最大因素是：考量到我們業務的固定成本特性，要槓桿化（leveraging）我們的 SG&A 成本會更困難。我認為過去幾年我們在降低費用方面做得非常、非常好。我們在 2026 年也會持續以這樣的紀律來營運。但我認為這確實會對 EBIT 擴張造成壓力。

Obviously, it's flat. We're expanding the margin. So I think that shows our discipline in terms of how we're managing expenses that we are able to have some expansion on the top end of the guidance.

顯然，它是持平的。我們正在擴大利潤率。所以我認為這顯示了我們在費用管理方面的紀律性，使我們能夠在指引區間的上緣有一些擴張空間。

From a margin perspective, I think we've managed our tariffs incredibly well. We've actually offset that. So I do want to give a shout out to our sourcing and buying teams and how they've managed this dynamic environment in terms of still being able to expand our margin this year by over 30 basis points and 25 basis points in the fourth quarter. Next year, really, we're going to manage it the same way. So we think we have the right mitigation tactics to manage through tariffs.

從利潤率的角度來看，我認為我們對關稅的管理做得非常好。我們其實已經把那部分抵消掉了。所以我確實想特別肯定一下我們的採購與買手團隊，他們在這種動態環境下的應對，使我們今年仍能把利潤率提高超過30個基點，且第四季提高25個基點。明年基本上我們也會用同樣的方式來管理。所以我們認為我們有正確的緩解策略來應對關稅。

The big thing that we want to make sure that we're going after is value. We know we serve the middle to lower income customer. We know they have to be choiceful with their discretionary spend. And so a lot of what we're talking about today is how we can stand for value, whether that be through our proprietary brand portfolio, through the price points that Michael indicated with the $10 and under, but also making sure that we're going to be able to break through with our promotional values as well. So we want to give ourselves some room to be able to do that. We know our proprietary brand will be a tailwind in the mix as we definitely move more into sales there.

我們想確保全力追求的一個重點是「價值」。我們知道我們服務的是中低收入客群。我們知道他們在非必需性支出上必須更謹慎選擇。因此，我們今天談的很多內容都是我們如何能代表「高性價比」，不論是透過我們的自有品牌組合、Michael 提到的10美元及以下的價格帶，或是也要確保我們能以促銷價值主張打出聲量。所以我們希望為自己保留一些空間來做到這點。我們知道，隨著我們在自有品牌銷售占比持續提高，自有品牌將在組合上成為順風因素。

While we also see digital as a growth opportunity, we were happy to get to a point of stability and putting a flat comp for the year, but we really think this can be a growth engine for us as well into 2026, which will then add some pressure to margin. So those are some puts and takes.

雖然我們也把數位視為成長機會，但我們很高興能達到穩定狀態，並讓全年同店持平；不過我們也確實認為，這在2026年也能成為我們的成長引擎，而這將對利潤率帶來一些壓力。所以這裡面有一些利弊權衡。

So margin, I would say, isn't going to be a driver of the EBIT expansion, but rather it's going to be around our expense management and then obviously getting to that flat comp allows you to expand it on the top end.

所以我會說，利潤率不會是EBIT擴張的驅動因素；相反，主要會來自我們的費用管理，然後顯然，同店持平也讓你能在指引上緣擴張。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

Just a couple of questions from me. On the women's business, as you think about this year and I think the progress that you made last year, where are the biggest opportunities ahead? And I guess on the same line of questioning would be just in-home, I think when you think about what you've learned sort of Q4 in-home, soft home, tabletop, can you just talk through that category as well? And just curious on sort of online versus in-store, how you would merchandise that category. Thanks.

我這邊有幾個問題。關於女裝業務，當你們看今年以及我認為你們去年取得的進展時，接下來最大的機會在哪裡？同樣延伸的問題是家居（in-home），我想就你們在第四季家居、軟家居、餐桌用品（tabletop）方面的學習，你能否也談談這個品類？另外也想請教，線上與門市之間，你們會如何陳列／經營這個品類。謝謝。

You want to take a shot at that first?

你要先回答一下嗎？

Sure. From a women's perspective, I would say one big call it is juniors, Bob. It was up 8%, really seeing momentum behind our SO proprietary brand, which as you know, juniors fastest turning business. We're probably the most mature in that curve in terms of how we went after our proprietary brand portfolio. I think that's kind of the litmus test for us and really what we're going to continue to chase after. And that's where women's will continue to lead to. I think there's a couple of opportunities if I think about women's. We're in a denim cycle, so you're going to see us leaning into our proprietary brands with LC Lauren Conrad and Sonoma, but also great national brand partners like Levi's. So that's going to be coming to life in our store as well.

當然。從女裝的角度來看，我會說一個很大的重點是青少女（juniors），Bob。這部分成長了8%，我們看到自有品牌 SO 的動能非常強；如你所知，juniors 是周轉最快的業務。就我們推進自有品牌組合的曲線而言，我們可能是最成熟的。我認為這算是我們的試金石，也是我們會持續追逐的方向。而女裝也會持續由此帶動。如果我看女裝，我認為還有幾個機會點。我們正處於牛仔（denim）週期，所以你會看到我們更著力於自有品牌，例如 LC Lauren Conrad 和 Sonoma，同時也會與像 Levi's 這樣優秀的全國性品牌夥伴合作。所以這也會在我們門市端呈現出來。

We know we had a little bit too many choices on our floor, so they're really going to be curating that assortment and putting more depth in so we can be in stock on those basics that we need. We went a little too far, I think, this year into core knits and sweaters. So we know we have an opportunity to curate that better as we get to the back half of the year. I'm really excited about our spring seasonal selling.

我們知道我們在賣場上提供的選擇有點太多了，所以接下來會更精選（curate）商品組合，並加深單品深度，確保那些我們需要的基本款能有庫存。我認為今年我們在基本針織與毛衣上走得有點太遠。所以我們知道在下半年有機會把這部分更好地精選調整。我對我們春季季節性銷售非常期待。

A lot of the changes that we learned from our missteps in fall seasonal, we've corrected and we're starting to see that momentum as we called out with our spring seasonal businesses, which will only grow in volume as we move into March and April. So we're excited about that opportunity in front of us. So I think that women's really has the right formula from a junior's perspective, and they're going to continue to follow that as we move into the New Year.

我們從秋季季節性上的失誤所學到的許多調整都已經修正了，並且我們開始看到動能，正如我們提到的春季季節性業務；隨著進入3月與4月，這些業務的量只會持續放大。所以我們對眼前的機會感到興奮。因此我認為女裝在juniors 方面確實有正確的公式，而隨著進入新的一年，他們也會持續沿著這個方向推進。

From a home perspective, I think what we learned there was on seasonal decor, people like more choices. And so we went a little too deep in some categories, and we needed to give more choices from that perspective. So they have already corrected from that, we'll move into it. So we know as we go into next year, don't go too deep on the Santa Claus and Snowman, but have a little bit more array from a choice perspective, and then having start price points.

從家居的角度來看，我認為我們學到的是：在季節性裝飾上，消費者喜歡更多選擇。因此我們在某些類別下得有點太深，而從選擇的角度需要提供更多樣化。所以他們已經針對這點做了修正，我們也會持續推進。所以我們知道，進入明年時，不要在聖誕老人和雪人這些品項上壓得太深，而是從選擇面提供更豐富的陣列，並且要有入門價位帶（start price points）。

And so as we think about where we can add some more value, particularly as we get into that seasonal business, that's where we'll go. So we have a couple of places along the way. We did some small testing in Valentine's Day, you'll see Mother's Day, Father's Day. So we have some moments to make sure we get it right before the big holiday season, but we feel good with the progress that, that team has made and the steps they've already taken to correct what we saw during the holiday season.

因此，當我們思考在哪裡能增加更多價值，特別是進入季節性業務時，那就是我們會著力的地方。所以一路上我們有幾個切入點。我們在情人節做了一些小規模測試，你也會看到母親節、父親節。所以在大型假期旺季之前，我們有一些時點可以確保把事情做對；而且我們對該團隊的進展，以及他們為修正假期季所看到的問題而已採取的步驟，感覺良好。

I guess -- and if I could just ask a follow-up, would you be -- on the marketing expense, when you think about sort of how you're approaching reengaging with some of your credit customers but also noncredit customers. Where did you end up in marketing? And can you just talk through the plans for '26 in terms of leverage, not leverage in terms of how much you're going to spend? Thanks.

我想——如果我可以追問一下，關於行銷費用，當你們思考如何重新與部分信用卡客戶以及非信用卡客戶互動時，你們最終在行銷投入落在哪裡？另外能否談談2026年的計畫：在槓桿／不槓桿（leverage / not leverage）的角度，也就是你們打算花多少錢？謝謝。

Sure. I think marketing this year, we ended up close to a similar (inaudible) last year, kind of that's my metric for how I look at the productivity. What I would say is, we always look at opportunities. That team has done an amazing job of finding productivity and making our working media work harder for us. So it has been a way for us to save some money. However, we spent a lot of time with our Chief Marketing Officer about where and how we can invest back in to drive sales.

好的。我認為今年行銷方面，我們最後大致接近去年相似的（聽不清）水準，這算是我用來衡量生產力的指標。我想說的是，我們一直在尋找機會。那個團隊在提升生產力方面做得非常出色，讓我們的投放媒體（working media）為我們更有效率地運作。所以這也成為我們節省一些費用的方法。不過，我們也花了很多時間與我們的行銷長討論，在哪裡以及如何把投資加回去以帶動銷售。

So if we see opportunities, we're definitely making those investments and making sure we get the return back off of the money. So even though there are some savings, I think if you look at that productivity factor, you'll see it's pretty in line with where we've been. And it is a place that if you look at versus where we plan to be we will tend to invest back into because we know we can get the sales, particularly in digital. It's a very easy way for us to invest in, get some search terms, get some paid traffic in moving our digital business forward and getting a really good ROI out of it.

所以如果我們看到機會，我們一定會進行這些投資，並確保這筆錢能帶回報酬。因此即使有一些節省，我認為如果你看那個生產力因素，你會發現它與我們過去的水準相當一致。而且如果你把它與我們計畫要達到的位置相比，這會是一個我們傾向把節省再投回去的領域，因為我們知道可以帶來銷售，特別是在數位端。對我們來說，這是一個非常容易投入的方式：買一些搜尋關鍵字、導入一些付費流量，推動我們的數位業務向前，並取得非常好的投資報酬率（ROI）。

So I think we have a very good system in terms of how we measure marketing and then how we make those investments to make sure we're getting the return back from an organization perspective.

所以我認為，我們在衡量行銷以及進行相關投資以確保從公司整體角度獲得回報方面，擁有一套非常好的系統。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey Advisory Group。

I know you have a very healthy store base in relation to profitability. How are you thinking of openings and closings this year and the small store boxes? What's the game plan and remodels? And then on -- Michael, as you talked about the initiatives for top line growth, how do you see the framework of the store changing either by category, obviously, at the Impulse lanes? And what does footwear and active mean for you this year?

我知道你們的門市基礎在獲利能力方面非常健康。你們今年如何看待開店與關店，以及小型店鋪盒型（small store boxes）？整體策略與改裝（remodels）的計畫是什麼？另外，Michael，正如你談到推動營收成長的各項措施，你如何看待門市框架的變化——例如按品類調整，尤其是在衝動購買通道（Impulse lanes）？以及今年鞋類與運動（active）對你們而言意味著什麼？

Good. So I'll try to take some of those questions. Thanks, Dana. The question around stores, and we've talked about this before. I think we have a -- we have a store base of 1,150 stores roughly that vast majority are well over 90% are profitable. And as we look at that store base on an annual basis, we'll continue from a hygiene perspective to make sure that we believe that those stores are positioned in the right spot and delivering what we need.

好的。我會試著回答其中一些問題。謝謝你，Dana。關於門市的問題，我們之前也談過。我認為我們目前大約有1,150家門市，其中絕大多數——超過90%——是獲利的。而我們每年檢視這個門市基礎時，會從基本維護（hygiene）的角度持續確保我們相信這些門市位於正確的位置，並能交付我們所需要的成果。

So I would not anticipate any sort of grand plan of saying stores -- we're taking stores out or adding stores at this point. The focus for us is actually on optimizing what we already have, and we'll be focused on making sure that we continue to push the store's productivity as far as we can going forward. We will look at stores like we do on an annual basis, like I said. And to the extent that there are opportunities for us to either relocate, those are opportunities for us, we can do that. But no major change in the store base expectation at this point.

因此，我不預期目前會有任何所謂的大計畫，例如大幅撤出或新增門市。我們的重點其實是優化既有資產，並將專注於確保未來持續盡可能提升門市生產力。我們會像我剛才說的那樣，每年檢視門市。若有機會讓我們進行搬遷（relocate），那就是我們可以把握的機會，我們會去做。但就目前而言，對門市基礎的預期沒有重大變化。

And then as far as footwear, do you want to cover that?

至於鞋類的部分，你要不要回答一下？

I think on footwear, we need -- I guess, footwear is doing well from a dress casual perspective and we're seeing some green shoots there, particularly like in sandals. We knew boots was going to be tough. We bought that down just given the exposure to tariffs in that category. So that was an anticipated piece. I think the big piece of it for us, as you mentioned, from an active perspective is getting innovation and some movement from an innovation perspective in the footwear business. We've been working really closely with our top three partners.

我認為在鞋類方面，我們需要——我想，鞋類在都會休閒（dress casual）上表現不錯，我們也看到一些回溫跡象（green shoots），尤其像是涼鞋。我們知道靴子會比較艱難。考量到該品類的關稅曝險，我們已經降低了採購量。所以那是我們預期中的一部分。我認為對我們來說更大的重點，如你提到的，在運動（active）面向，是在鞋類業務中導入創新，並在創新方面帶來一些動能。我們一直與前三大合作夥伴非常密切地合作。

I think we do expect to see some momentum build in that category throughout the year. But I would say we'd probably be set better from that perspective for back-to-school into fall just because of the change that it does take to get there. So I would say from a footwear perspective, I expect it to probably lag in the front half of the year, but by the back half of the year, get back into parity from a comp perspective, just given we do have a big active footwear business, and that will take some time to bring that innovation through from that perspective.

我認為我們確實預期該品類在全年會逐步建立一些動能。但我會說，從這個角度來看，我們可能在返校季（back-to-school）進入秋季時會更到位，因為要達到那個狀態確實需要一些時間調整。因此，就鞋類而言，我預期上半年可能會落後一些；但到下半年，從同店（comp）角度來看應可回到持平，因為我們的運動鞋業務規模很大，而要把創新導入並落地需要一些時間。

And then in terms of, I think, your last question, if I wrote it down correctly, it was the top line framework for store changes. I think we've made the big changes in the last couple of years. Obviously, Sephora coming in was a big moment for us. We had some missteps with the jewelry. So bringing jewelry back in, showing that and showcasing that, having accessories have a home behind this Sephora pad and moving juniors back to the front of the store were some big showcases that we had in 2025.

至於你最後一個問題，如果我記得沒錯，是關於門市變動對營收（top line）的框架。我認為過去幾年我們已經做了重大的調整。顯然，Sephora 進駐對我們而言是一個重要時刻。我們在珠寶上有一些失誤。因此，把珠寶帶回來、呈現並強化展示，讓配件在 Sephora 區域後方有一個固定位置，以及把青少年（juniors）移回門市前端，這些都是我們在2025年的一些重要展示重點。

Clearly, putting juniors in the front was working. That cross-shop ability with Sephora was persistent and consistent for us, which is a good thing. Impulse line and queuing lines have come in. We now have that in all stores, which we finalized at the end of the year. So that was a white space opportunity for us. And you're now going to see gifting zones as well, and those are going to be with the $10 price points. We're going to have more table towers, whether that be impulse, gift deals and also in toys.

很明顯，把青少年（juniors）放在前端是有效的。與 Sephora 的交叉購買（cross-shop）能力對我們而言一直持續且穩定，這是好事。衝動購買通道（Impulse line）與排隊動線（queuing lines）也已導入。我們現在已在所有門市完成配置，並在年底完成收尾。所以那對我們而言是一個可開發的空白機會（white space）。接下來你也會看到送禮區（gifting zones），價格點會落在10美元。我們會增加更多桌台塔架（table towers），不論是衝動購買、送禮優惠，也包括玩具。

And then we did some in-store showcases of our proprietary brands. So you'll see if you come in, we are showing more around Lauren Conrad. You're going to have elevated signing, mannequins, really a much more curated assortment. That should be in stores now. And then Tek Gear will be the secondary brand that we're going to be supporting as well to showcase it.

另外，我們也在店內做了一些自有品牌（proprietary brands）的展示。所以你若進店會看到，我們對 Lauren Conrad 的呈現更多。你會看到更高質感的標示（signing）、模特兒（mannequins），以及更精選策劃的商品組合。這些現在應該已經在門市上線。接著 Tek Gear 會是我們也將支持、用來做展示的第二個品牌。

So we're investing in the proprietary inventory. We're investing in the marketing to make -- to build awareness, and we're investing in the in-store experience as well as you're going to see it on our digital experience as well for the customers to showcase those brands. So really putting our effort behind growing back those proprietary brands, which is we know provide incredible value, but also resonate with that core loyal customer for ours as well.

因此，我們正在投資自有品牌庫存。我們也投資行銷來——建立知名度，同時也投資店內體驗；你也會在我們的數位體驗上看到，讓顧客能更好地認識並看到這些品牌。所以我們確實把力氣放在讓這些自有品牌重新成長；我們知道它們提供極高的價值，同時也能與我們核心忠誠顧客產生共鳴。

And Dana, just to add on to what Jill was saying. What you're hearing her talk about is trying to bring some fun and excitement back to particularly the store environment. So we've talked to you before about the storytelling nature of retail and what's important and being able to not only curate the right assortment, which is what our customers are asking for, but also do some storytelling.

Dana，我再補充一下 Jill 剛才說的。你聽到她談的是，試著把一些樂趣與新鮮感帶回來，特別是在門市環境中。所以我們之前也跟你談過零售的敘事（storytelling）特性，以及其重要性；我們不僅要能策劃出正確的商品組合——這也是顧客所要求的——同時也要能做一些敘事呈現。

So whether it's the use of mannequins, the way we position an LC by Lauren Conrad brand like Jill just mentioned in our stores, those are all important aspects of us being able to actually bring some fun back to the Kohl's environment and make sure that what we're offering is not just an item at a price, but also a story around it so that whether it's the entire outfit that we can display and talk to from a mannequin standpoint, those are the kind of things that are important for us that we think will help enhance the experience in store for our customers as they engage with us.

因此，不論是模特兒（mannequins）的運用、我們在門市中如何擺放與呈現 Jill 剛提到的 LC by Lauren Conrad 品牌，這些都是讓我們能把一些樂趣帶回 Kohl's 門市環境的重要面向，並確保我們提供的不只是「某個商品加上一個價格」，而是圍繞它的一個故事；例如我們可以用模特兒展示並講述整套穿搭，這些都是我們認為很重要、也將有助於提升顧客在店內與我們互動時的體驗。

And then similarly online as well, telling that same story. So there's a pull-through of that thread all the way through the experience that a customer can have, whether they want to engage with us online or in-store or all the different versions in between, like BOPUS and the rest.

同樣地，在線上也要講同一個故事。因此，這條主軸會貫穿整個顧客體驗，無論顧客選擇在線上或門市與我們互動，或介於兩者之間的各種形式，例如 BOPUS（線上下單、到店取貨）等。

Oliver Chen, TD Cowen.

Oliver Chen，TD Cowen。

Michael and Jill, regarding trip assurance, what's the timing of that happening? And there are some things you can do sooner, you've been doing them, make them happen. But how does it phase in quarterly? And as we also model other income, what should we know about the comparisons and drivers throughout the year as the profitability of your company is quite sensitive to that line? It sounds like a lot is under your control. But what could derisk factors to the upside and downside on other income for us to consider?

Michael 和 Jill，關於「到店保障」（trip assurance），它發生的時間點是什麼？以及有些事情你們可以更快做、你們也一直在做，讓它發生。但它在季度之間會如何分階段導入？另外，當我們建模「其他收入」（other income）時，關於全年比較基期與驅動因素，我們應該了解什麼？因為你們公司的獲利對那一行非常敏感。聽起來很多都在你們的掌控之中。但就我們而言，在其他收入上，有哪些可能降低風險、帶來上行或下行的因素值得納入考量？

And third, you've been on an inventory management journey for many, many years. I think it's different now. But what's different in terms of breadth versus depth? It sounds like there's some decisions that were made that were self issues in terms of what you're choosing to do with basics and others. Thank you.

第三，你在庫存管理這條路上已經走了很多很多年。我覺得現在不一樣了。但在廣度相對於深度方面，有哪些不同？聽起來在你們對基本款以及其他品類要做什麼的選擇上，曾做出一些決策，而那些決策在某種程度上是自我造成的問題。謝謝。

Yeah. So on the trip assurance question, Oliver, what I would tell you is that that work is well underway, and we've been focusing on that in large part of the 2025, and it'll continue into 2026 as well. And the whole focus there is our customers count on us to actually have what they're looking for, whether it's online or in store, particularly in store.

是的。關於行程保障（trip assurance）這個問題，Oliver，我想告訴你的是，那項工作正在積極推進中，我們在2025年的很大一部分時間都聚焦在這上面，而且也會延續到2026年。整體的重點在於：我們的顧客仰賴我們能真正提供他們要找的商品，不管是線上或門市，尤其是門市。

What we've been doing is curating the assortment to the point where we have the appropriate level of choice, and in many cases, that means reducing the choice offerings that we have, but at the same time, actually going deeper on that so that particularly in the basics area, and that work will continue. Our teams collectively across the organization have been working diligently on that over the last several months and the last number of months. We feel like we're making good progress in that area.

我們一直在做的是精選商品組合（assortment），把它調整到有適當的選擇程度；很多情況下，這代表我們會減少提供的選項，但同時也會在那些選項上做得更深，特別是在基本款（basics）領域，而這項工作會持續下去。過去幾個月、以及更長一段時間以來，我們全組織的團隊都在這方面非常努力地推進。我們覺得在這個領域已經取得不錯的進展。

Jill, you want to talk about the income?

Jill，你要談一下其他收入嗎？

Sure. I think when you reference other income, you're referencing the other revenue, Oliver, but really, it's going to be about our credit sales. And I think that's where it's going to ebb and flow. So as I mentioned, coming out of this year, we have a lower accounts receivable balance just because it's been lagging. We need to build that back. So the guide of down 4% to down 6% will lag the comp just because of the way that build happens, the way that it revolves, and it generates that revenue.

當然。我想你提到的「其他收入」，指的是其他營收（other revenue），Oliver，但實際上主要會取決於我們的信用銷售（credit sales）。而那部分就是會有起伏。如我提到的，今年結束時我們的應收帳款（accounts receivable）餘額較低，主要是因為它一直落後。我們需要把它再建立回來。因此，我們給的指引是下滑4%到下滑6%，會落後於同店（comp），原因就在於建立的方式、周轉的方式，以及它如何產生那部分營收。

So I would say we're staying down flat to down 2%. We know our credit card customer needs to continue to improve. I think we can see that improvement more in the back half of the year, but it will still cause a lag on the other revenue line. So I think if you kind of look at that spread that we gave you, it's probably a good spread to use as we move into the current year. There are no reclassifications, so it's very pure this year, so it should be an easier way for you to be able to model that.

所以我會說，我們預期大致是持平到下滑2%。我們知道信用卡客群的表現需要持續改善。我認為在下半年會更看得到改善，但它仍會讓其他營收這一行出現落後。所以如果你看我們給的那個區間，作為進入今年的假設，應該是個不錯的範圍。今年沒有任何重分類（reclassifications），所以數字非常純粹，你會更容易用來建模。

And Sephora has been a great new customer recruitment tool. What's your latest thinking on the best adjacencies next to that? And where are we given that there's lots of nice conversion opportunity?

另外，Sephora 一直是很棒的新客招募工具。你們目前對於在它旁邊配置哪些最佳相鄰品類（adjacencies）有什麼最新想法？在有很多不錯的轉換（conversion）機會的情況下，我們目前進展到哪裡了？

And lastly, Michael, this is simple but hard, but what do you think it takes to positive comp in stores? Like there are a lot of great things happening, but what's your visibility or your thoughts on which ones will be the critical drivers just to get back to positive comps on multiple years of negative comps? Thank you.

最後，Michael，這個問題很簡單但也很難：你覺得要讓門市同店轉正（positive comp）需要什麼？現在有很多好事正在發生，但你對哪些會是關鍵驅動因素、能讓我們在連續多年同店下滑後回到同店轉正，有什麼能見度或想法？謝謝。

Sure. On the Sephora question, we feel very good about the partnership there. In terms of the adjacencies, we have moved juniors across from Sephora. So we feel like that was a positive move and is paying dividends for us in terms of a customer coming in for Sephora purchase and then turning out and seeing what's available. That's a younger oftentimes more diverse, more digitally savvy customer that comes in to shop for Sephora.

好的。關於 Sephora 的問題，我們對這段合作關係感到非常有信心。就相鄰品類而言，我們已經把青少女／年輕族群（juniors）區移到 Sephora 的對面。我們覺得這是個正向的調整，而且在顧客效益上正在回收成果：顧客為了 Sephora 進店購買，接著轉身就能看到其他可選商品。來 Sephora 購物的顧客通常更年輕、更多元，也更熟悉數位。

And we want to make sure that the products that they see outside of the Sephora portion of the store are consistent with what they're looking for. And that move with juniors has been a big part of that.

我們也希望確保他們在店內 Sephora 區域之外看到的商品，能與他們想要的東西一致。而把 juniors 移過去這個動作，是其中很重要的一部分。

As far as getting back to growth, right, I don't want to pinpoint a date in the time to say it's going to happen. But the kinds of things that we're doing in terms of the progression that we've been on over the past year, in particular, but over the last couple of years, I would say, are, I think, indicative of the progress that we're making. We've mentioned proprietary brands.

至於要回到成長，我不想在時間點上釘死說一定什麼時候會發生。但我們在過去一年、尤其是過去幾年所走的這條改善軌跡，我會說，這些作為反映了我們正在取得的進展。我們提過自有品牌（proprietary brands）。

We've mentioned the calling of the -- duration of the assortment. Those are all things that we think are right. I talk to the team all the time here about -- I use the analogy of a restaurant that we've got to get the product right because that's what people ultimately come for, experience and all the other things that are wrapped around it are important as well, and we're working on those as well. But we've got to get the product right to make sure that, that's what the customer continues to come back around.

我們也提過對商品組合的調整——以及商品組合的週期／期間（duration）。這些都是我們認為方向正確的事情。我常跟團隊說——我用餐廳作比喻：我們必須把產品做對，因為人們最終是為了產品而來；體驗以及其他周邊因素也很重要，我們也在同步改善。但我們必須把產品做對，才能確保顧客會持續回來。

So we'll continue to focus on building that space to get back to growth eventually. What I would tell you is that if you look at the progression that this organization has been on over the last, call it, a couple of years, we had a negative 6% comp two years ago. We produced a minus 3% comp this past year in 2025. We're giving you guidance, as Jill mentioned in her commentary of being flat to down 2%. We came out of the fourth quarter roughly around the 2%, if you back out the weather impact of the 70 basis points that we mentioned.

所以我們會持續聚焦在打造這個基礎，最終回到成長。我想告訴你的是，如果你看這個組織過去幾年（大概兩年左右）的改善軌跡：兩年前我們同店下滑6%。在剛過去的2025年，我們做到同店下滑3%。而我們給的指引，如 Jill 在她的說明中提到的，是持平到下滑2%。第四季如果把我們提到的天氣影響70個基點（basis points）扣除掉，我們大約是在下滑2%左右。

And so we're guiding on the low end of where we're already performing. And if you build these capabilities on top of that, that's what we believe would get us at least back to flat. And we have the ambition, obviously, to get back to growth eventually. And that's what the aim is. We understand that that's the life and blood of any business to grow. But we also want to be measured and disciplined in the way that we get there, particularly against the backdrop of the environment that we're operating in from an economic standpoint.

因此，我們的指引下緣其實就是我們目前已經在達成的表現水準。如果在此基礎上再把這些能力建構起來，我們相信至少能回到持平。當然，我們也有雄心最終回到成長。這就是目標。我們理解成長是任何企業的命脈。但我們也希望在達成的方式上保持審慎與紀律，特別是在我們所處的經濟環境背景之下。

Michael Binetti, Evercore ISI.

Michael Binetti，Evercore ISI。

Thanks for all the detail here. Just on the comps, Jill, you suggested that we'd be building to the flat to down 2% through the year. Maybe just a thought on -- trying to connect that to your comment on the first quarter. Sounds like seasonal goods and some of the holiday decor was the headwind in fourth quarter, but the core was stronger if the spring seasonals are getting better and the quarter was stable. How should we think -- I'm trying to think about trends in first quarter relative to the negative 2% to flat for the year.

謝謝你們提供這麼多細節。關於同店（comps），Jill，你提到我們會在一年當中逐步走向持平到下滑2%。能否談談——我想把這點和你對第一季的評論連起來。聽起來第四季的逆風來自季節性商品以及部分節慶裝飾，但如果春季季節性商品在改善、而季度表現也穩定，那核心業務其實更強。那我們該怎麼看——我在思考第一季的趨勢，相對於全年下滑2%到持平的指引，應該如何理解？

And then I'm also curious, it sounds like with the coupon and shifting to -- expanding the coupon a little bit deeper, as you said, shifting to more of the entry-level price points to drive value. It sounds like a good idea, very important. Can you just talk about how you're thinking about the range of outcomes for units versus AUR that could support the negative 2% to flat comp for the year?

另外我也好奇，聽起來你們在折價券（coupon）方面，正如你所說，會把折價券的適用範圍再往更深處擴大一些，並且轉向／擴大到更多入門價位帶（entry-level price points）來帶動價值感。這聽起來是個好主意，也非常重要。你能否談談你們如何看待「銷量（units）相對於平均單價（AUR）」的結果區間（range of outcomes），以支撐全年同店下滑2%到持平的目標？

Sure. So I think from a comp perspective, Michael mentioned it well. We anchored the low end on our current performance. If you look at fall, we exited the year down to the flat, shows that we're going to have progressive improvement throughout the year. So really by starting at the low singles that I guided for Q1, you'd actually say your exit rate has to get positive to exit at a flat.

當然。所以我認為從同店比較（comp）的角度來看，Michael 已經講得很到位了。我們把指引區間的低端錨定在目前的表現上。如果你看秋季，我們在年底時已經從下滑回到接近持平，這顯示我們在全年會有逐步改善。所以其實從我對第一季所給的低個位數起步來看，你會說要在年底以持平作收，你的期末運行率必須轉為正成長。

So we do know we have to make some changes. Obviously, we had some missteps with fall seasonal. We made those corrections with spring. It started out great. It's a small portion of the business right now. So I think caution. I don't want to become overly optimistic. That's, as you know, not my nature, but we feel good with that business. We feel good with our year-round business, which has actually continued to perform well even through the fourth quarter.

所以我們確實知道必須做一些改變。很明顯地，我們在秋季季節性方面有一些失誤。我們已在春季做了修正。一開始表現很不錯。但目前它在整體業務中占比仍然很小。所以我認為要保持審慎。我不想變得過度樂觀。如你所知，那不是我的性格，但我們對那塊業務感到不錯。我們也對全年常態性業務感到有信心，事實上即使到第四季它仍持續表現良好。

So I think we're cautiously optimistic there, but there's a lot of macro headwinds. And we know our consumer is low to middle income. They're under a lot of pressure. Obviously, a lot of things happening today that is taking their discretionary income. So we also want to be mindful of the environment that we're operating in. So we're kind of balancing that as we enter into this year.

所以我認為我們在那裡是審慎樂觀的，但宏觀逆風很多。而且我們知道我們的消費者是低到中等收入族群。他們承受很大壓力。顯然，今天有很多事情正在發生，正在侵蝕他們的可支配所得。因此我們也希望留意我們所處的營運環境。所以在進入今年時，我們大致是在做這樣的平衡。

We also know a lot of these investments into depths are going to happen as the year progresses. We mentioned footwear. We know we have some new innovation coming, but we don't expect that until the back half of the year. So there are things that are happening, but it does take some time to make those moves. So we wanted to make sure we gave ourselves that room within the guide to be able to make those changes. And as we continue to show progressive improvement throughout the year, that will show these efforts are working.

我們也知道，對品類深度（depths）的許多投資會隨著年度推進而逐步發生。我們提到鞋類。我們知道會有一些新的創新推出，但我們預期要到下半年才會看到。所以確實有一些事情在進行，但做出這些調整需要時間。因此我們希望確保在指引中給自己留出空間，以便能夠做出這些改變。而當我們在全年持續展現逐步改善時，這也將證明這些努力正在奏效。

But I think as Michael mentioned in his prepared remarks, it's not going to be a straight line. I mean, there are going to be some ups and downs, and it's not just within these four walls that we get to control what's happening. We do have to be mindful of the external environment, which brings us to why the coupon and the opening price point is so important. We know that our customer, particularly the low- to middle-income customer, is going to over penetrate in these value brands, so we need to bring that to them.

但我認為正如 Michael 在事先準備的發言中提到的，這不會是一條直線。我的意思是，會有一些起伏，而且不只是我們這四面牆內能控制發生的事情。我們確實必須留意外部環境，這也帶出為什麼折價券與入門價格帶（opening price point）如此重要。我們知道我們的客戶，特別是低到中等收入客戶，會在這些高性價比品牌上有更高的滲透率，所以我們需要把這些帶給他們。

We've seen -- gosh, I think if I look back for the last 20 quarters, Michael, we typically have seen a pretty flat average transaction value. Our issue continues to be traffic. So whether we're bringing in higher price point or lower price point, they will fill that basket, and our average transaction value typically has stayed relatively flattish. It really comes down to driving traffic, which you've heard a lot more about marketing in this call because we know we need to continue to drive that traffic both in stores and digitally.

我們看到——天啊，我想如果回顧過去 20 個季度，Michael，我們通常看到平均交易金額相當持平。我們的問題仍然是客流量。所以不論我們帶來較高價格帶或較低價格帶，他們都會把購物籃裝滿，而我們的平均交易金額通常都維持相對平坦。關鍵真的在於帶動客流；你在這通電話中也聽到更多關於行銷的內容，因為我們知道需要持續推動門市與數位端的客流。

We've done an incredible job digitally. We had -- our traffic was very solid in the fourth quarter. We need to continue to do that to the stores. And I think the investments we're making in that experience, like Michael outlined, is a way for us to bring in some more traffic as well as just a better flow of goods. We transitioned in January this year, which is probably the first time we've done that in a long time, bringing in newness, having those transitional goods.

我們在數位端做得非常出色。我們——第四季的流量非常穩健。我們需要把這樣的動能延伸到門市。我認為我們在體驗上的投資，如 Michael 所概述的，是我們帶來更多客流的一種方式，同時也能讓商品流轉更順暢。我們今年在一月做了轉換，這可能是我們很久以來第一次這麼做，引入新品，導入那些過渡性商品。

It gives that customer a better reason to shop. And just on that inventory management, it affords us more currency of inventory and flowing goods faster, which we also think could be a driver of trips. So I actually feel well positioned as we enter the year. But I would say that I'm also just cautious, being mindful of the macro environment that we're operating in.

這讓顧客有更好的理由來購物。而且就庫存管理而言，這讓我們的庫存更新度更高、商品流轉更快，我們也認為這可能會成為帶動來店次數的驅動因素。所以在進入今年之際，我其實覺得我們的布局相當到位。但我也會說，我仍然保持審慎，並留意我們所處的宏觀環境。

And we're out of time for questions. This will conclude today's conference call. Thank you for your participation. You may now disconnect.

我們的提問時間已到。今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。