柯爾百貨 (KSS) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Q1 2026 Kohl's Corporation earnings conference call. (Operator Instructions) I will now hand the conference over to Trevor Novotny, Director of Investor Relations. Trevor, please go ahead.

大家好。感謝各位加入我們，歡迎參加 Kohl's Corporation 2026 會計年度第一季（Q1）財報電話會議。(接線員指示) 現在我將把會議交給投資人關係總監 Trevor Novotny。Trevor，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.

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者，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 的實際結果與所預測者出現重大差異。

These risks and uncertainties include, but are not limited to, with 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 here by reference.

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）提交之其他文件中可能補充之因素；上述內容均以引用方式明確納入本文。

Forward-looking statements relate to the date initially made, and Kohl's undertakes no obligation to update them. 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. Please note that this call will be recorded.

前瞻性陳述僅截至其最初作出之日期，Kohl's 不承擔更新之義務。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、並可於投資人關係網站取得之投資人簡報，其中包含相關警示聲明及該等非 GAAP 指標之調節表。請注意，本次電話會議將被錄音。

However, replays of the 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 So if you are listening to a replay, it is possible that the information discussed is no longer current, and Kohl's assumes no obligation to update such information. With me this morning are Michael Bender, our Chief Executive Officer; and Jill Timm, our Chief Financial Officer.

然而，電話會議的重播內容不會更新。因此，若您收聽重播，會議中討論的資訊可能已不再是最新，Kohl's 不承擔更新該等資訊之義務。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 will now turn the call over to Michael.

現在我把電話會議交給 Michael。

Thank you, Trevor, and good morning, everyone, and thank you for joining us this morning to discuss our first quarter results. We are pleased with our start to 2026 as our comparable sales ran down 1.1% to last year, marking the best quarterly performance in over four years.

謝謝你，Trevor。各位早安，也感謝各位今天早上加入我們，一同討論第一季的業績表現。我們對 2026 年的開局感到滿意，因為同店銷售較去年下降 1.1%，創下四年多以來最佳的單季表現。

In addition, we continue to manage the business tightly, resulting in strong expense discipline, inventory management and an improved balance sheet. The progressive improvements from the prior quarter exemplify our ability to execute with agility and make necessary adjustments in our business.

此外，我們持續以嚴謹方式管理業務，帶來強勁的費用控管、庫存管理，以及更佳的資產負債表狀況。相較前一季的逐步改善，展現了我們能以敏捷方式執行並對業務做出必要調整的能力。

Moving forward, we remain realistic about the important work ahead of us, but the early results in Q1 give us increased confidence in our ability to execute against our key initiatives. Since stepping into this role one year ago, we have focused our efforts around resetting our foundation. In order to position Kohl's for long-term success, it's imperative that we get this work right. Each day is an opportunity to win our customers' trust, and business, and we are working diligently to do so.

展望未來，我們對前方仍需完成的重要工作保持務實，但第一季的初步成果讓我們對落實關鍵計畫的執行能力更具信心。自一年前接任此職務以來，我們一直將重點放在重建基礎。為了讓 Kohl's 具備長期成功的條件，我們必須把這項工作做好。每天都是贏得顧客信任與消費的機會，我們正為此努力不懈。

We take accountability for our performance, knowing that success may not always be linear, and we will remain agile and make strategic adjustments based on the evolving trends in our business and customer behaviors. As you saw from our release this morning, we did exactly that, and are back to delivering progressive improvements in our business.

我們對自身表現負起責任，並了解成功未必總是線性成長；我們將保持敏捷，並依據業務與顧客行為的趨勢變化做出策略性調整。正如各位今早從我們的新聞稿所見，我們確實如此行動，並已回到能在業務上持續交出逐步改善成果的軌道。

Now looking deeper at our Q1 results, we saw a meaningful improvement in our loyal Kohl's card customer. This important customer base stabilize their performance and ran a flat comp in the quarter. This represents a significant improvement from the fourth quarter where we ran down mid-single digits.

進一步檢視第一季的結果，我們看到忠誠的 Kohl's 卡持卡顧客出現顯著改善。這個重要的顧客族群在本季表現趨於穩定，同店銷售持平。相較第四季同店銷售下滑中個位數百分比，這是一項重大改善。

A lot of the efforts we have taken over the past year have been tailored around reengaging this core customer who has proven to be an extremely productive and loyal customer. Proprietary brands were another bright spot in the quarter, running up 6% on a comparable sales basis.

過去一年我們採取的許多措施，都是為了重新喚回這群核心顧客；他們已證明是極具貢獻度且忠誠度很高的顧客。自有品牌也是本季另一個亮點，以同店銷售口徑計算成長 6%。

This performance reflects the strength of our By Kohl’s brands, which offer quality products at an affordable opening price point and which can only be found at Kohl's. Additionally, last quarter, we identified a few operational opportunities with our seasonal businesses, particularly around fall seasonal inventory planning and allocation.

這項表現反映出我們 By Kohl's 品牌的實力，提供具品質且入門價格親民的商品，且僅能在 Kohl's 購得。此外，上季我們在季節性業務的營運上辨識出一些改善機會，特別是在秋季季節性庫存的規劃與配置方面。

After identifying these opportunities, we took immediate action and implemented strategic adjustments to our buying and supply chain processes for our spring seasonal assortment. In Q1, we saw a notable benefit following these adjustments as our spring seasonal business was up mid-teens versus prior year.

在辨識出這些機會後，我們立即採取行動，並針對春季季節性商品組合，在採購與供應鏈流程上進行策略性調整。第一季中，我們在完成這些調整後看到明顯效益，春季季節性業務較去年同期成長中十位數百分比。

While trends are encouraging, we are not satisfied with where we are. We need to continue to show up for our customers every day as they continue to put an importance on value and remain under financial pressure.

雖然趨勢令人鼓舞，但我們對目前的狀況並不滿足。我們必須每天持續為顧客提供服務，因為顧客仍然重視價值，且仍承受財務壓力。

Next, I want to provide an update on the progress we're making against our key initiatives. These initiatives are specifically designed around our customers and are focused on delivering great products at an exceptional value with a frictionless and inspiring experience.

接下來，我想更新我們在關鍵計畫上的進展。這些計畫是以顧客為核心所設計，聚焦於以卓越價值提供優質商品，並打造順暢無阻且令人啟發的體驗。

Let me begin with our first initiative, delivering a more curated balanced assortment. At the onset of this work, our product offering has become overly saturated in certain products and categories, leading to unintentional lost sales with our core loyalist customers.

我先從第一項計畫開始：提供更精選且更均衡的商品組合。在這項工作開始時，我們的商品供給在某些商品與品類上過度飽和，導致核心忠誠顧客出現非預期的流失銷售。

We immediately began making improvements to our assortment offerings by reducing our redundancy and choice counts from market brands and reintroducing products in lost categories such as petites and fine jewelry.

我們立即著手改善商品組合，透過降低市場品牌的重複性與選擇數量，並重新導入先前流失的品類商品，例如嬌小尺碼（petites）與高級珠寶。

Since then, we have continued to curate our assortment to further address needs across all our customers. The edits are aimed to drive a more consistent shopping experience with improved product clarity, purpose and relevance.

此後，我們持續精選商品組合，以進一步滿足所有顧客的需求。這些調整旨在透過提升商品的清晰度、目的性與相關性，帶來更一致的購物體驗。

In some categories, this work is well underway, and we are already yielding positive results. This gives us strong conviction as we continue this work into our remaining lines of business with their incremental benefits to come as we progress through the year.

在部分品類中，這項工作已進展順利，我們也已經看到正面成果。這讓我們在持續推進其餘業務線時更具信心；隨著年度進程推進，相關的增量效益也將逐步顯現。

Let me start with the categories that are further along in their initiative work. In the first quarter, we had four lines of business that delivered flat to slightly positive comps, including women's, kids, accessories and home.

我先從在此項計畫上進度較快的品類談起。第一季中，我們有四條業務線的同店銷售持平至小幅成長，包括女裝、童裝、配件與家居。

A category that has always been important to Kohl's is our women's business. We've implemented a lot of changes to this category over the years and are excited about the momentum we are creating here. This category over penetrates into our proprietary brand offering, which delivered a strong performance in the quarter.

對 Kohl's 而言，一直很重要的品類是女裝業務。多年來我們在此品類推動了許多變革，並對目前所建立的動能感到振奮。此品類在我們自有品牌供給中的占比偏高，而自有品牌在本季表現強勁。

This momentum continues to be driven by our juniors business, up 10% in Q1. This strength is led by performance in our proprietary brand, So, which is quickly becoming one of the largest brands in our women's department. As we look ahead, we will continue to lean into the success with our SO brand by expanding the assortment into dress and casual categories with our office edit collection.

這股動能持續由青少女（juniors）業務帶動，第一季成長 10%。其強勁表現主要來自我們的自有品牌 So，該品牌正迅速成為女裝部門中規模最大的品牌之一。展望未來，我們將持續加碼 So 品牌的成功，透過辦公室精選（office edit）系列，將商品組合擴展至洋裝與休閒等品類。

Building on the success of proprietary brands in our juniors business we've implemented similar strategies to the rest of the women's category. This led to strong Q1 performance in women's sportswear, driven by key proprietary brands like LC Lauren Conrad and Sonoma. Going forward, we will curate our assortment to maximize the potential of these brands, focusing on trending categories such as denim to provide relevant, affordably priced styles.

在青少女業務自有品牌成功的基礎上，我們也將類似策略推廣至女裝其餘品類。這帶動第一季女裝運動休閒（sportswear）表現強勁，主要由 LC Lauren Conrad 與 Sonoma 等關鍵自有品牌驅動。未來，我們將精選商品組合以最大化這些品牌的潛力，聚焦牛仔等趨勢品類，提供更具相關性且價格親民的款式。

Moving to our kids category, which historically is a resilient category as parents often tend to spend on their kids even when their wallets are stretched. Given this, we sought to find ways to elevate our proprietary brand offering in kids apparel.

接著談到童裝品類，歷來屬於較具韌性的品類，因為即使家長手頭吃緊，往往仍會願意在孩子身上花費。因此，我們致力於尋找方法，提升童裝服飾中的自有品牌供給。

A few actions we have recently taken include rolling out our Flex brand to kids in all doors by June, introducing a new tween brand, Sea and Skye, which is currently exceeding our expectations and expanding our assortment of the opening price point Jumping Beans brand into our baby and infant category. Outside of apparel, we are also enhancing our offerings within our toy and baby gear businesses. In toys, we will be launching an offering of K-Pop demon hunters and amplifying our offering of LEGO novelty sets.

我們近期採取的幾項行動包括：在六月前將我們的 Flex 品牌於所有通路擴展至童裝；推出全新青少年（tween）品牌 Sea and Skye，目前表現超出預期；並將入門價位的 Jumping Beans 品牌擴大品類，延伸至嬰兒與幼兒類別。除服飾外，我們也在玩具與嬰幼兒用品業務中強化產品供給。在玩具方面，我們將推出 K-Pop 惡魔獵人系列商品，並加強我們的 LEGO 新奇（novelty）套組供應。

For our baby gear business, we're expanding our Babies R Us gifting zones with additional fixtures of high-velocity gifting and accessory items as well as rolling out an additional 56 new Babies R Us shop and shops this fall. Additionally, we are excited about the opportunity we have to grow our team business with an offering of team apparel and accessories in-store and online.

在嬰幼兒用品業務方面，我們正擴大 Babies R Us 送禮專區，新增更多高周轉的送禮與配件商品陳列架，同時在今年秋季再新增 56 間 Babies R Us 店中店。此外，我們也對拓展團隊（team）業務的機會感到振奮，將於門市與線上提供球隊服飾與配件。

Looking ahead, we're implementing a value-driven family fan zone to create a one-stop destination beginning with the World Cup in Q2. Accessories also delivered a flat comp in the quarter. We continue to benefit from the rollout of our impulse queuing lines running up over 50% in the quarter.

展望未來，我們將導入以價值為導向的家庭粉絲專區（family fan zone），自第二季世界盃起打造一站式目的地。配件在本季同店表現持平。我們持續受惠於衝動購買排隊動線（impulse queuing lines）的推廣，本季成長超過 50%。

The impulse product offering includes lower price point products that are often basket builders and provides an opportunity to introduce newness to our customers. Our total jewelry business, driven by fashion and bridge jewelry remains strong.

衝動購買商品組合包含較低價位的商品，通常可提升客單（basket builders），並提供向顧客導入新品的機會。我們整體珠寶業務在時尚珠寶與橋接珠寶（bridge jewelry）的帶動下仍維持強勁。

Following a successful 200-store test we are expanding our fine jewelry offering to an additional 350 doors, doing this as a significant white space opportunity. Complementing this fine jewelry expansion, we're also rolling out a new line of fashion and hair accessories under our proprietary, so brand. These accessory fixtures will be placed in the juniors department to inspire customers to complete their looks with trending value-priced accessories.

在成功完成 200 間門市測試後，我們正將高級珠寶（fine jewelry）商品擴展至另外 350 個門市據點，視其為重要的市場空白（white space）機會。配合此高級珠寶擴張，我們也將推出自有品牌（proprietary）旗下的全新時尚與髮飾配件系列。這些配件陳列將設置於青少女（juniors）部門，以啟發顧客用符合潮流且具價值價格的配件完成整體穿搭。

Our Sephora at Kohl's business underperformed in the quarter, running down low single digits. Fragrance and hair care continue to be the strongest categories, led by new brands such as KAYALI and Kerastase. Makeup and skincare underperformed in the quarter.

本季我們的 Sephora at Kohl's 業務表現不如預期，同店下滑低個位數。香氛與護髮仍是最強勢品類，由 KAYALI 與 Kerastase 等新品牌帶動。彩妝與保養品本季表現不佳。

Looking forward, our efforts are focused on driving traffic and conversion by maximizing key holiday moments curating a portfolio of new and emerging brands and providing great value. We're leveraging the strength of our fragrance business for key gifting moments, such as Mother's Day and Father's Day through existing brands and newness from Billie Eilish and Coach.

展望未來，我們的重點在於把握重要節慶檔期、策劃新興品牌組合並提供高性價比，以提升來客數與轉換率。我們將運用香氛業務的優勢，鎖定母親節與父親節等送禮時點，透過既有品牌以及 Billie Eilish 與 Coach 的新品帶動。

In addition, we're expanding our makeup offering, having successfully launched MAC and March, which is resonating well with customers and is scheduled for a full store rollout later this year. In skincare, we're rolling out newness with trending Korean brands like Beauty of Joseon, Astora and Biovance.

此外，我們正擴大彩妝供給，已成功推出 MAC 與 March，顧客反應良好，並預計於今年稍晚進行全店鋪展開。在保養品方面，我們將導入趨勢韓系品牌新品，如 Beauty of Joseon、Astora 與 Biovance。

Alongside these product introductions, we're making strategic investments in dedicated social media campaigns to support these efforts. The home category outperformed in the first quarter, improving over 400 basis points from our fourth quarter performance.

除上述產品導入外，我們也將策略性投資於專屬社群媒體行銷活動以支持這些工作。家居品類在第一季表現優於預期，較第四季表現改善超過 400 個基點。

Our customers continue to respond well to newness and innovation in this category from key brands like Shark and Ninja. On the soft home and tabletop side, we're leaning into proprietary brands like Mariana and Minglan Co.

顧客持續對此品類的新品與創新反應良好，主要來自 Shark 與 Ninja 等關鍵品牌。在軟性家居與餐桌用品方面，我們將更聚焦於 Mariana 與 Minglan Co. 等自有品牌。

Our home decor category showed a dramatic improvement from the fourth quarter running up low single digits. This improvement comes following the adjustments we made within our seasonal decor businesses, where we had previously overinvested in depth and did not offer adequate choices to the customer. We're applying these valuable learnings as we move forward, optimizing our Americana business for the 250th anniversary as well as our fall harvest and winter holiday decor collections.

我們的家居裝飾（home decor）品類較第四季大幅改善，同店成長低個位數。此改善源自我們對季節性裝飾業務所做的調整；過去我們在深度（depth）上投入過多，且未能提供顧客足夠的選擇。我們將在後續持續運用這些寶貴經驗，優化我們為 250 週年所準備的 Americana 業務，以及秋季豐收與冬季節慶裝飾系列。

Now let me move to our men's and footwear businesses, which underperformed the company. We expect to show progressive improvements as our adjustments in these categories begin to take hold. We anticipate our men's business to begin showing improvements in the second quarter.

接著我談到男裝與鞋類業務，這兩項表現落後於公司整體。隨著我們在這些品類的調整開始發揮效果，我們預期將逐步改善。我們預期男裝業務將在第二季開始呈現改善。

Throughout this category, we've been making edits to improve our assortment clarity and reduce redundancy. Our proprietary brands will be our core business driver with complementary key national brands to help offer a clear, good, better, best offering. This July, we're excited to announce the launch of Brikston. -- a modern lifestyle brand across 300 of our stores.

在整個品類中，我們一直在進行調整，以提升商品組合的清晰度並降低重複性。自有品牌將成為核心成長動能，並搭配關鍵全國性品牌，以提供清楚的「好／更好／最好」（good, better, best）分層選擇。今年七月，我們很高興宣布在 300 間門市推出 Brikston——一個現代生活風格品牌。

Although the footwear business lagged in the first quarter, we expect this business to improve as we bring in newness and more depth for back-to-school. This includes newness in key active brands like Nike, highlighting their V5 runner and court vision low sneakers and adidas. We are servicing our casual footwear and with proprietary brands like Apartment 9 and Men's and LC in women's.

雖然鞋類業務在第一季落後，但我們預期隨著導入新品並為返校季增加更深的備貨量（depth），該業務將有所改善。這包括 Nike 等關鍵運動品牌的新品，重點主打其 V5 runner 與 court vision low 運動鞋，以及 adidas。我們也在休閒鞋類方面提供服務，並以 Apartment 9 等自有品牌，以及女裝的 LC 等品牌作為支撐。

Now let me move to our second initiative, reestablishing Kohl's as a leader in value and quality. Value has always been a cornerstone of Kohl's foundation. And in today's macro economy, it's a necessity for the low to middle income confirms that we serve.

接著我談到第二項策略：重新確立 Kohl's 在價值與品質方面的領導地位。價值一直是 Kohl's 基礎的核心支柱。在當前的總體經濟環境下，對我們所服務的中低收入消費者而言，這更是必需。

We continue to seek value in an attempt to stretch their dollars for themselves and their family when more of their money is being spent on essentials like food and gas. Last year, we began our work to deliver more consistent competitive value to our customers by increasing the number of brands eligible for coupon usage.

當更多支出被用於食品與汽油等必需品時，我們持續尋求提供價值，協助他們為自己與家人把每一塊錢花得更有效率。去年，我們開始推動工作，透過增加可使用優惠券的品牌數量，為顧客提供更一致且具競爭力的價值。

We experienced an immediate and consistent increase in our penetration of sales included in coupon usage. We currently feel good with the edits we've made to our brand eligibility, but we will continue to closely monitor this going forward. Most impactful way we can improve our value offerings is through unlocking the power of our proprietary brands.

我們立即且持續看到使用優惠券的銷售滲透率提升。目前我們對品牌適用性（eligibility）所做的調整感到滿意，但未來仍將持續密切監控。我們能提升價值供給最具影響力的方式，是釋放自有品牌的力量。

Now as I previously stated, our proprietary brands increased 6% on a comparable sales basis. Our customers love the quality and affordability of the proprietary brand products we're offering. And we will continue to increase our investment in proprietary brand inventory for the remainder of the year.

如我先前所述，我們的自有品牌以同店銷售口徑成長 6%。顧客喜愛我們所提供自有品牌商品的品質與可負擔性。我們也將在今年剩餘期間持續增加對自有品牌庫存的投資。

To support the inventory, we're also enhancing our in-store experience and driving increased awareness through our Bicol marketing campaign. We began to roll out the in-store experience in Q1 with our LC Lauren Conrad and tech gear, both of which had strong performances in Q1.

為支援庫存，我們也在強化門市體驗，並透過我們的 Bicol 行銷活動提升認知度。我們在第一季開始推動門市體驗的導入，涵蓋 LC Lauren Conrad 與 tech gear，兩者在第一季皆有強勁表現。

Following this success, we are continuing our efforts to enhance our in-store experience through key proprietary brands across our apparel categories. Our Bicol marketing campaign is off to a strong start, helping boost momentum for our proprietary brands.

在此成功基礎上，我們將持續透過服飾各品類的關鍵自有品牌，強化門市體驗。我們的 Bicol 行銷活動開局強勁，有助於提升自有品牌的成長動能。

In Q1, we introduced By Kohl’s to consumers and highlighted a few of our key private brands with video, social content, consumer press and through partnerships with relevant influencers and celebrities. This campaign will continue amplifying the awareness of our Bicol brands in the second quarter and heading into back-to-school.

在第一季，我們向消費者推出 By Kohl's，並透過影片、社群內容、消費者媒體報導，以及與相關影響者與名人的合作，重點呈現數個關鍵自有品牌。此活動將在第二季及返校季前持續放大 Bicol 品牌的知名度。

Outside of proprietary brands, we're finding additional ways to increase our value product offerings. A great example of this is within our impulse category, where we recently introduced the deal bar and toy towers in all of our stores.

除自有品牌外，我們也在尋找更多方式提升高性價比商品供給。一個很好的例子是在衝動購買品類中，我們近期已在所有門市導入 deal bar 與 toy towers。

The deal bar highlights seasonal decor gifting, all at price points under $10. Our toy towers include offerings of toys at $4.99, $799 and $9.99 price points with trending toys like the nidus introductory lego sets and gaming cards. Both initiatives have exceeded our initial expectations as value continues to resonate with our customers.

deal bar 主打季節性裝飾送禮商品，價格皆低於 10 美元。toy towers 提供 4.99 美元、7.99 美元與 9.99 美元等價位帶的玩具，包含如 nidus 入門款 LEGO 套組與遊戲卡等趨勢商品。隨著價值主張持續引起顧客共鳴，這兩項措施的表現皆超出我們的初始預期。

Moving to our third initiative, enhancing our omnichannel platform to create a frictionless shopping experience. In order to create a more cohesive and frictionless omnichannel experience, we need to improve the synergies within our store and digital businesses.

接著談我們的第三項倡議：強化全通路平台，打造無摩擦的購物體驗。為了創造更一致且更順暢的全通路體驗，我們需要提升門市與數位業務之間的協同效益。

A key component for enhancing our experience will be our inventory management. Specifically, we're working to improve our trip assurance to create a more reliable and consistent experience for our customers.

提升體驗的關鍵組成之一將是我們的庫存管理。具體而言，我們正致力於改善我們的 TripAsurance（到店保障），為顧客打造更可靠且一致的體驗。

TripAsurance needs to be a key differentiator for us going forward. Simply put, the customer needs to be able to come to Kohl's, find what they're looking for and the size and color they want and get it at an affordable price.

TripAsurance 必須成為我們未來的重要差異化優勢。簡而言之，顧客需要能夠來到 Kohl's，找到他們要的商品，以及想要的尺寸與顏色，並以可負擔的價格買到。

To better achieve this, we're planning our apparel depth up high single digits and conversely planning our choice counts down high single digits. By enhancing our inventory composition, we'll be able to see benefits across both our stores and digital channels.

為了更好地達成這一點，我們規劃將服飾品類的深度提高至高個位數百分比，同時相對地將款式數（choice counts）降低至高個位數百分比。透過優化我們的庫存結構，我們將能在門市與數位通路兩端都看到效益。

This provides the customer more options for how they want to receive their product in store, ship to them or through our buy online, pick up in store options. It also improves the speed to which the customer receives their products.

這讓顧客在收貨方式上有更多選擇：到店取貨、配送到府，或使用我們的線上購買、門市取貨（BOPIS）選項。同時也能提升顧客收到商品的速度。

Not only will this help create a better customer experience, it will also afford us the ability to increase our inventory turns and ensure freshness of seasonal receipts. Digitally, we're excited about the work we're doing to modernize and enhance our experience. Earlier this month, we launched a gift finder on our website that is powered by AI through Google Gemini.

這不僅有助於打造更好的顧客體驗，也讓我們能提高庫存周轉並確保季節性到貨的新鮮度。在數位端，我們對於正在進行的體驗現代化與強化工作感到振奮。本月稍早，我們在網站上推出了由 Google Gemini 的 AI 驅動的送禮搜尋器（gift finder）。

We're encouraged by the initial results and about the potential for these AI-enabled experiences. These enhanced shopping experiences will help improve product discovery and customer engagement with further opportunity to support conversion and reduce friction across the shopping journey over time.

我們對初步成果以及這些 AI 賦能體驗的潛力感到鼓舞。這些強化的購物體驗將有助於改善商品探索與顧客互動，並在時間推進下，進一步支持轉換率、降低整體購物旅程中的摩擦。

Beyond AI, we're also making progress across the core digital shopping experience. We're enhancing how customers discover and navigate our assortments through more curated digital experiences, improved storytelling product spotlights and brand-level filters.

除了 AI 之外，我們在核心數位購物體驗方面也持續取得進展。我們透過更精選的數位體驗、改善的敘事式呈現（storytelling）商品焦點，以及品牌層級篩選器，來強化顧客探索與瀏覽我們商品組合的方式。

At the same time, we're reducing friction at key moments of the journey, including clear delivery information and easier returns. Together, these improvements are intended to make coals more relevant, easier to shop and more connected across the customer journey.

同時，我們也在旅程中的關鍵時刻降低摩擦，包括更清楚的配送資訊與更容易的退貨流程。綜合而言，這些改善旨在讓 Kohl's 更具相關性、更容易購物，並在顧客旅程中更緊密連結。

Another growth driver for our digital business will be our digital marketplace. This year, we are planning to more than double our current offering of marketplace items on our website. While still early in its growth and maturity curve, our marketplace strategy has become a more meaningful part of the business. We believe this creates an opportunity to attract and convert more customers by expanding our assortment into white space categories that complement our core offering.

我們數位業務的另一個成長動能將來自數位市集（digital marketplace）。今年，我們計畫將網站上的市集商品供給量較目前增加一倍以上。雖然仍處於成長與成熟曲線的早期階段，我們的市集策略已成為業務中更具意義的一部分。我們相信，透過將商品組合擴展到能補強核心供給的空白品類（white space categories），可創造吸引並轉換更多顧客的機會。

In closing, we're pleased with the results from our first quarter as our strategic initiatives are gaining traction. We remain intensely focused on execution and progressive improvements as we move through 2026. Before I hand the call over to Jill, I wanted to take a moment to express my sincere gratitude to our Kohl's associates. Our first quarter results are an exciting step in the right direction and could not have been done without all of the hard work from everyone here at Kohl's. Thank you for all you do every day to serve our millions of customers across the country.

最後，我們對第一季的成果感到滿意，因為我們的策略性倡議正逐步見效。在邁向 2026 年的過程中，我們仍將高度聚焦於執行力與持續改善。在我把電話交給 Jill 之前，我想花點時間向我們 Kohl's 的同仁表達由衷的感謝。我們第一季的成果是朝正確方向邁出的令人振奮的一步，若沒有 Kohl's 每一位同仁的辛勤付出，這一切都不可能達成。感謝大家每天為全國數百萬名顧客服務所做的一切。

With that, I'll now hand the call over to Jill.

接下來，我把電話交給 Jill。

Thank you, Michael. For today's call, I will provide additional details on our first quarter results and provide commentary around our fiscal year 2026 guidance. Net sales declined 1.7% and comparable sales declined 1.1% in the quarter. The difference between net sales and comp sales is due to the timing of closed stores in the first quarter last year.

謝謝你，Michael。在今天的電話會議中，我將提供第一季業績的更多細節，並就 2026 會計年度的財測指引提出說明。本季淨銷售額下滑 1.7%，同店銷售下滑 1.1%。淨銷售與同店銷售之間的差異，源於去年第一季關店時點的影響。

Going forward, we expect net sales and comp sales to be more aligned. The decline in sales can primarily be attributed to a decrease in transactions. Our stores business underperformed in the quarter, running down low single digits. This softness is primarily driven by a decline in transactions. We are addressing this by continuing to invest in store inventory to ensure better in-stock levels and trip assurance.

展望未來，我們預期淨銷售與同店銷售將更為一致。銷售下滑主要可歸因於交易筆數下降。本季門市業務表現不如預期，降幅為低個位數。這種疲弱主要由交易筆數下滑所致。我們正透過持續投資門市庫存，以確保更佳的到貨率（in-stock levels）與 TripAsurance（到店保障），來因應此情況。

Additionally, we are elevating the in-store environment to create a more inspiring and consistent shopping experience. Digital sales grew 4% this quarter, fueled by increased traffic. This performance is a direct result of our strategic investments to modernize and enhance our digital experience.

此外，我們也在提升店內環境，以打造更具啟發性且更一致的購物體驗。本季數位銷售成長 4%，主要由流量增加所帶動。這項表現直接反映我們為現代化並強化數位體驗所做的策略性投資成果。

Additionally, our Marketplace business continues to grow and become a more meaningful contributor to our overall performance, including marketplace GMV, our comparable sales would have improved by approximately 50 basis points and have been down 0.6%.

此外，我們的市集（Marketplace）業務持續成長，並成為整體表現中更具意義的貢獻來源；若將市集 GMV 納入計算，我們的同店銷售約可改善 50 個基點，降幅將為 0.6%。

In addition, our Kohl's Card customers delivered a flat comparable sales for the quarter, representing a 600 basis point improvement compared to Q4. This is an important stabilization of our core customer as this cohort is more loyal and productive customer for polls.

另外，本季 Kohl's Card 顧客帶來的同店銷售持平，較第四季改善 600 個基點。這代表我們核心顧客群的重要穩定，因為這個族群對 Kohl's 而言更忠誠、也更具生產力。

Other revenue, which primarily consists of credit business declined 8% to last year. This decline was primarily driven by lower accounts receivable balances as we entered into 2026, which in turn generated less late fees and interest.

其他收入（主要由信用卡業務構成）較去年下滑 8%。此下滑主要由於我們進入 2026 年時應收帳款餘額較低，進而產生較少的滯納金與利息收入。

As we continue to improve the performance of our Kohl's Charge customers, we expect other revenue to improve throughout the year. Gross margin improved 4 basis points to last year, driven by a higher sales penetration of proprietary brands.

隨著我們持續改善 Kohl's Charge 顧客的表現，我們預期其他收入將在全年逐步改善。毛利率較去年提升 4 個基點，主要由自有品牌（proprietary brands）銷售滲透率提高所帶動。

This increase was mostly offset by higher shipping costs from increased digital sales penetration. SG&A expenses decreased approximately $20 million or 1.6% this quarter. The decline was mainly driven by savings in our credit and corporate expenses.

不過，這項提升大多被因數位銷售滲透率提高而帶來的更高運輸成本所抵銷。本季 SG&A 費用約減少 2,000 萬美元或 1.6%。下降主要來自信用卡與公司費用的節省。

Depreciation expense was $174 million in Q1, relatively flat to last year. Interest expense was $63 million, a decrease of $13 million to last year. This decrease was primarily the result of the execution of open market debt repurchases and at a discount of $9 million during the quarter.

第一季折舊費用為 1.74 億美元，與去年大致持平。利息費用為 6,300 萬美元，較去年減少 1,300 萬美元。此下降主要是因本季執行公開市場債務回購，並以折價回購帶來 900 萬美元的收益。

Our tax rate was 15%. This resulted in a net loss for the quarter of $14 million and a loss per diluted share of $0.13. Moving on to the balance sheet and cash flow. We continue to operate our business with discipline and ended the quarter with $429 million of cash and cash equivalents and no borrowings on our ABL.

我們的稅率為 15%。因此，本季淨損為 1,400 萬美元，稀釋後每股虧損為 0.13 美元。接著談資產負債表與現金流。我們持續以紀律經營業務，本季末現金及約當現金為 4.29 億美元，且 ABL 項下無任何借款。

This compares to $153 million of cash and cash equivalents with $545 million [barring] the ABL last year, an improvement of over $800 million in our net cash position. Inventory decreased approximately 8% compared to last year. Our receipts were up 1% in the quarter as we made a more timely transition into our spring receipts and chased into trending businesses resulting in a turn improvement of 8% in the quarter. Looking ahead, we will continue to accelerate our investment into proprietary brands, further reduce our choice counts and improved debt and expect inventory to be down low to middle single digits for the year.

相較之下，去年我們的現金及約當現金為 1.53 億美元，且 ABL 借款為 5.45 億美元；我們的淨現金部位改善超過 8 億美元。庫存較去年約下降 8%。本季進貨（receipts）增加 1%，因我們更及時地轉入春季到貨，並對趨勢性業務加碼追單，使本季周轉改善 8%。展望未來，我們將持續加速投資自有品牌，進一步降低款式數（choice counts）並改善庫存深度（depth），並預期全年庫存將下降低至中個位數百分比。

Now I want to turn to capital allocation, where our four priorities remain the same. Our first priority is investing in our business to drive our strategic initiatives. Capital expenditures for the quarter were $84 million, supporting the completion of our rollout of impulse lines to all stores, new brand launches in Sephora and regular maintenance of our store fleet. We continue to expect our full year capital spend to be in the range of $350 million to $400 million.

接著我想談資本配置，我們的四項優先順序維持不變。第一優先是投資於業務，以推動我們的策略性倡議。本季資本支出為 8,400 萬美元，用於支持完成在所有門市導入衝動購買陳列線（impulse lines）的推廣、Sephora 的新品牌上市，以及門市據點的例行維護。我們仍預期全年資本支出將落在 3.5 億至 4 億美元區間。

Second, we will continue to return capital to shareholders through our dividend. In Q1, we returned $14 million to shareholders through our quarterly dividend and as previously disclosed, the Board on May 20, declared a quarterly cash dividend of $0.125 per share payable to shareholders on June 24. Third, we'll make opportunistic debt repurchases.

第二，我們將持續透過股利向股東返還資本。在第一季，我們透過季度股利向股東返還了1,400萬美元；且如先前揭露，董事會於5月20日宣告每股0.125美元的季度現金股利，將於6月24日支付給股東。第三，我們將把握時機進行債務回購。

During Q1, we repurchased $50 million of debt at a discount of $9 million. We will continue to evaluate the market for further debt repurchase opportunities. Last, as we continue to solidify our balance sheet and improve our business results, we will look at implementing a share buyback program in the future.

在第一季期間，我們以折價回購了5,000萬美元的債務，折價金額為900萬美元。我們將持續評估市場，以尋求進一步的債務回購機會。最後，隨著我們持續強化資產負債表並改善營運成果，我們將在未來評估推動股票回購計畫。

Now let me provide details on our updated guidance for 2026. We are pleased with our first quarter performance, delivering results at the high end of our expectations. While we are pleased with the start to the second quarter, and we believe that our strategic initiatives will allow us to continue making progressive improvement throughout the year, we want to be mindful of the current macroeconomic environment we are operating in.

現在我來提供我們更新後的2026年財測指引細節。我們對第一季的表現感到滿意，成果落在我們預期區間的高端。雖然我們對第二季開局感到滿意，且我們相信策略性措施將使我們在全年持續逐步改善，但我們也希望留意目前所處的總體經濟環境。

We continue to see choiceful discretionary spending from our core low to middle income consumer as they remain financially pressured. Additionally, I would like to note that our guidance currently does not include any impact from potential EPA tariff refunds. In the first quarter, we submitted $140 million of claims related to the Phase 1 tariffs we paid as importer of record.

我們仍看到核心的中低收入消費者在財務壓力下，進行更為審慎的非必需性支出。此外，我想指出，我們目前的指引並未納入任何可能的EPA關稅退稅影響。在第一季，我們以進口登記人（importer of record）的身分，就已支付的第一階段關稅提交了1.4億美元的申請。

The total tariff refunds we are eligible to receive is $190 million. We did not receive any tariff refunds within the first quarter. Given that context, we reaffirm our guidance and continue to expect comp sales to be in the range of a 2% decrease to flat versus 2025.

我們符合資格可取得的關稅退稅總額為1.9億美元。我們在第一季未收到任何關稅退稅。在此背景下，我們重申指引，並仍預期同店銷售相較2025年將介於下滑2%至持平。

Operating margin to be in the range of 2.8% to 3.4% and earnings per diluted share of $1 to $1.60. I want to extend my gratitude to all Kohl's associates for your unwavering dedication and hard work. Our start to 2026 has been encouraging, and it is entirely due to your commitment to executing our key strategic initiatives, and your intense focus on serving our customers.

營業利益率預期介於2.8%至3.4%，稀釋後每股盈餘為1.00至1.60美元。我想向所有Kohl's同仁致上謝意，感謝你們堅定不移的投入與辛勤付出。我們在2026年的開局令人鼓舞，而這完全歸功於你們致力於落實我們的關鍵策略性措施，以及你們專注於服務顧客。

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)

(接線員指示)

Mark Altschwager, Baird.

Mark Altschwager，Baird。

Thank you. Maybe just to start off, some of the best performance we've seen in a few years. The composition across categories looks more balanced. Could you just talk us through some of the key drivers to the improvement? How much you're attributing to the initiatives taking hold versus the comparison or any competitive disruption? And relatedly, just what are you seeing quarter-to-date that gives you confidence that the trajectory can continue?

謝謝。或許先從這裡開始，這是我們幾年來看到的最佳表現之一。各品類的組合看起來更為均衡。能否請你們說明一下帶動改善的幾個關鍵因素？你們認為有多少是來自各項措施開始發揮效果，相較於比較基期或任何競爭環境的擾動？另外，就目前季度迄今的表現，你們看到了什麼讓你們有信心這個走勢可以延續？

Yes. Thanks for the question, Mark. It's Michael. I would say that one, obviously, we're super pleased with the way that the quarter came in -- our focus has been relentless on making sure that we are doubling down on our our work around proprietary brands.

是的。謝謝你的問題，Mark。我是Michael。我會說，第一，顯然我們對本季的表現非常滿意——我們一直不懈地專注於確保加倍投入我們在自有品牌上的工作。

That's been one of the strengths of the business in Q1, and we certainly see that continuing going forward as we continue to make further investment in that area of the business. What I love about what happened in the quarter for us around proprietary brands was that it was broad-based across women's, men's, kids categories, Juniors, as we mentioned, was up 10%, led by so.

這是第一季業務的一大強項，我們也確實看到，隨著我們持續在該業務領域加大投資，未來仍將延續。我很喜歡我們本季在自有品牌上的表現，因為它在女裝、男裝、童裝、青少年（Juniors）等品類上都呈現廣泛成長；如我們提到的，青少年品類成長10%，主要由……帶動。

And we feel like is something that is really resonating with our customers. One, because we now have the opportunity to offer an opening price point to consumers who are really focused on value right now, which is a big thrust for us in terms of our commitment to delivering value and also because of the quality of the product.

而我們覺得這確實與顧客產生了共鳴。第一，因為我們現在有機會為目前非常重視性價比的消費者提供入門價格帶（opening price point），這對我們履行「提供價值」的承諾而言是一大重點；第二，也因為產品品質。

I've said in the past that if we can get the product right here at Kohl's, that puts us in a really good position to win going forward. And our merchant teams and those that feed into the merchant area of our business have been really working hard to make sure that the product that we share with our customers is on point. So feel good about that progress.

我過去曾說過，如果我們能在Kohl's把產品做好，將使我們在未來取得非常有利的致勝位置。而我們的採購團隊以及支援採購部門的同仁一直非常努力，確保我們提供給顧客的產品到位。因此對這項進展感到樂觀。

As far as the outlook going forward in terms of what we see going forward. Certainly, the commitment to continuing our investment across the proprietary brands and across our entire assortment is important as well.

至於未來展望、就我們接下來所看到的情況而言。當然，持續加碼投資自有品牌以及我們整體商品組合也同樣重要。

Spring seasonal in Q1 was a big plus for us up in mid-teens, I believe, is the number. And importantly, that was an indicator of how we fixed some of the challenges that we talked about in our last quarterly call with you coming out of the holiday time frame, and our inventory is clean, and so we're offering fresh new receipts to customers more and more now and able to actually chase in those moments where product is selling even faster than we had anticipated. So those are a couple of areas that I feel are really important for us. And Jill, I don't know if you want to share any more, but that's -- those are a couple of areas of importance for us.

第一季的春季季節性商品對我們是很大的加分，成長約在十幾個百分點，我記得大概是這個數字。更重要的是，這也顯示我們已修正上次季度電話會議中提到、在假期檔期後所面臨的一些挑戰；我們的庫存很乾淨，因此我們現在能越來越多地向顧客提供新到貨商品，並且在某些時刻當商品銷售速度甚至快於我們預期時，也能實際追加採購（chase）。所以我認為這些是對我們非常重要的幾個面向。Jill，我不確定你是否想補充更多，但以上——這些是對我們而言幾個重要的領域。

Yes. I think just on the quarter-to-date performance, I think one of the things we saw in Q1 is we did build our sales as the quarter went on. So these initiatives definitely showed that progressive improvement. And as we start Q2, we are, as I mentioned on the call, I'm pleased with the performance. we think we can build on the continued momentum we saw behind these key initiatives, particularly the proprietary brands as Michael mentioned, we did transition into our spring seasonal goods earlier. And so we're going to do that again with back-to-school, which we think will also be a benefit into Q2 and Q3.

是的。我想就季度迄今的表現而言，我認為我們在第一季看到的一點是：我們的銷售在季度進行中逐步走高。因此，這些措施確實展現了循序漸進的改善。而在第二季開始時，正如我在電話會議中提到的，我對表現感到滿意。我們認為可以延續這些關鍵措施所帶來的動能，尤其是Michael提到的自有品牌；我們也更早切換到春季季節性商品。因此，我們也會在返校季（back-to-school）再做一次，我們認為這也將對第二季與第三季帶來助益。

And to follow up, you mentioned the inventory down one of the cleanest positions in some time. Can you talk a bit more about the gross margin implications there, clearance markdowns, AUR, AUC dynamics through the year here? And just any pockets where you might want to add inventory back if the improvement trend continues?

再追問一下，你提到庫存下降，且是近一段時間以來最乾淨的水位之一。能否再多談談這對毛利的影響，包括清倉折扣（clearance markdowns）、AUR、AUC在今年的變化？另外，如果改善趨勢持續，有沒有任何你們可能想把庫存加回去的品類區塊？

Yes, I think you're absolutely right. This is probably one of the cleanest inventory positions we've been in, in a while. I think one of the things to look at is our receipts were actually up in the quarter. So some of this is to compare where inventory was last year, but our receipts were actually up 1%, which just shows you the freshness of the inventory that we do have.

是的，我認為你說得完全正確。這可能是我們一段時間以來最乾淨的庫存狀況之一。其中一個可以觀察的是，我們本季的進貨（receipts）其實是增加的。所以其中一部分是與去年庫存水位相比，但我們的進貨實際上增加了1%，這也顯示我們現有庫存的「新鮮度」。

We did chase receipts where we saw the trend in sales -- so I think we feel very well positioned in terms of what our inventory looks like. From a margin perspective, obviously, our big key focus here is to continue to deliver value, and that's something that we know is going to be critical for our consumer, particularly that middle to lower-income customer.

在我們看到銷售趨勢的地方，我們也確實追加了進貨——因此我認為就庫存狀況而言，我們的定位非常好。就毛利角度來看，顯然我們在這裡的關鍵重點是持續提供價值，而我們知道這對消費者、特別是中低收入客群而言將至關重要。

So by giving ourselves some room on the margin, we're able to invest back into that value to drive that consumer back to Kihl and make them the selection of choice. We know they're going to be choiceful with who they are shopping to.

因此，透過在毛利上為自己保留一些空間，我們就能把投資回饋到「價值」上，帶動消費者回到Kohl's，並讓我們成為他們的首選。我們知道他們在選擇到哪裡購物時會更為審慎。

So we want to make sure that we're in that consideration that and we're going to be doing that by making sure that we're providing the value across our store, particularly proprietary brands, but the deal bar that we're showing everything between $9.99, $7.99, $4.99, really resonating with that customer. So I would say we feel good with saying our margins are going to be in that flat to slightly down range, even though we're going to have clean inventory as we invest back in value.

因此，我們希望確保我們把這點納入考量；而我們將透過確保在全店提供價值來做到這一點，特別是在自有品牌上，同時透過我們呈現的超值專區（deal bar），把 $9.99、$7.99、$4.99 等各個價位帶的商品都展示出來，真正與那位顧客產生共鳴。所以我會說，我們對於毛利率將落在持平到小幅下滑的區間感到有信心，即便我們會在回饋價值上的投資、並且在庫存乾淨的情況下進行。

Oliver Chen, TD Cowen.

Oliver Chen，TD Cowen。

Jill, a lot of encouraging progress. You called out stores under performance. Which categories do you think will help drive improvement there? And also when you spoke to in-stocks and Trip Assurance, would love details on categories and timing for improving it.

Jill，看到很多令人鼓舞的進展。你提到門市表現不佳。你認為哪些品類將有助於帶動那裡的改善？另外，當你談到到貨齊全（in-stocks）與「到店安心」（Trip Assurance）時，也希望你能提供在改善的品類與時程上的細節。

I know you've been working on trip assurance, and it sounds like the Kohl's card customers happier -- do you expect that to continue because that's been weaker. And then secondly, this is the first time, I believe, I've heard about Sephora underperformance Will you expect that to continue? How much time does it take to try to reinvigorate some of those weaker categories?

我知道你們一直在推動「到店安心」，而且聽起來 Kohl's 卡的顧客更滿意了——你預期這會持續嗎？因為那一直比較疲弱。第二點，我想這是我第一次聽到 Sephora 表現不佳；你預期這會持續嗎？要讓一些較弱的品類重新振作，大概需要多少時間？

Sure. I think a lot of questions there, Oliver, so I'll try to hit on some of them. From the in-stack perspective, in terms of the stores, I think getting back in better in stacks is critical from a store perspective. we have let that customer down by not really fulfilling that trip assurance promise that we have given them in the past.

好的。Oliver，我想你問了不少問題，我會盡量回答其中幾個。從到貨齊全的角度、就門市而言，我認為把到貨齊全恢復到更好的水準，對門市端至關重要。我們因為沒有真正履行過去對顧客承諾的「到店安心」而讓顧客失望了。

So this inventory position we talked about, even though it's down 8%, received through -- what I would tell you is our -- particularly our apparel areas, if you think of the areas that you want to have the in-stocks in for those key essential items, women's, men's and kids, we did see that our depth receipts coming in are up in the high single digits.

因此，關於我們談到的這個庫存狀況，雖然庫存下降了 8%，但到貨——我想告訴你的是，我們——特別是在服飾區域，如果你想想那些關鍵必需品需要維持到貨齊全的區域：女裝、男裝與童裝，我們確實看到補深度的到貨（depth receipts）在高個位數成長。

And then conversely, our choices are down in those high single digits. So as the quarter progressed, we talked about our sales to get better. We're also seeing that inventory positioning gets better as we enter into Q2 in terms of the stock level. So I think that's definitely a key category. I think some other initiatives that we put forward, the impulse up 50% in the quarter. That's definitely a store base.

相對地，我們的款式選擇數（choices）在高個位數下降。因此，隨著本季推進，我們談到銷售表現開始變好。同時，我們也看到在進入第二季時，就庫存水位而言，庫存配置也在改善。所以我認為那絕對是一個關鍵品類。我認為我們推動的其他一些措施，例如本季衝動購買（impulse）成長 50%。那絕對是門市端的成果。

We're getting another unit in the basket. So that is something that we're definitely seeing win from a store perspective. And I think just the flowing of goods being in a chase position and knowing that we have newness setting is a reason for the customer to make more trips back into the store. And then last, I think the investment we're making in our store experience. We started with some proprietary brand being LC and tech gear, really elevating that experience. You're going to see us continue that throughout the store, really curating an experience for them using manikins, kind of shop-in-shops.

我們讓每個購物籃多了一件商品。所以從門市角度來看，這是我們確實看到的勝利。我也認為，商品流轉能維持在追單（chase）狀態，並且確保有新品上架，會成為顧客更常回到門市的理由。最後，我認為我們在門市體驗上的投資也很重要。我們先從一些自有品牌開始，例如 LC 和 Tech Gear，確實把體驗提升了。你們會看到我們在全店持續推進，透過人體模特、類似店中店（shop-in-shops）的方式，為顧客精心策劃體驗。

So giving them some inspiration on what they're buying from a fashion perspective. clearly, women's getting to flat is kind of a milestone for us, Juniors being up 10%. Junior is one of the first places that we actually were able to have an impact. It's one of our fastest turning businesses you can kind of see how we establish that with juniors. It's been successful.

因此，從時尚角度給他們一些購買靈感。很明顯，女裝回到持平對我們而言算是一個里程碑，而青少年（Juniors）成長 10%。青少年是我們最早真正能產生影響的地方之一。它也是我們周轉最快的業務之一，你可以看到我們如何在青少年品類建立起來。而且這是成功的。

It's carrying into women's, and we expect that to move into men into Q2, as we indicated as an opportunity for us as well. I think from a cooled card performance, A lot of the efforts that we've been talking to you guys about for a year was really geared at getting back that customer. The good news is we haven't lost them.

這股動能正在延伸到女裝，我們也預期如同我們所指出的機會一樣，會在第二季延伸到男裝。至於 Kohl's 卡的表現，我們過去一年跟各位談到的許多努力，確實都是為了把那位顧客帶回來。好消息是，我們並沒有失去他們。

We needed them to come in more frequently and getting them to flat and having a 600-point improvement from Q4 was definitely a sign that we're doing the right things. They overpenetrated in jewelry. They overpenetrated and petite they overpenetrated in our proprietary brand.

我們需要他們更頻繁地進店；讓他們回到持平、且相較第四季改善 600 個基點，確實是我們做對事情的訊號。他們在珠寶品類的滲透率偏高。他們在嬌小尺碼（petite）也有較高滲透率，也在我們的自有品牌上有較高滲透率。

They looked for value in the store, and they weren't finding that, and now they came back in and saw that we were providing it. So I do expect we're going to continue to see our cold charge customer performing, that will lag a little bit in terms of how we see that move into the other revenue line like we spoke to, but we do expect that line to improve throughout the quarter as well.

他們在店內尋找價值，但之前沒有找到；而現在他們回來後看到我們正在提供這些價值。因此，我確實預期我們會持續看到 Kohl's 信用卡顧客的表現改善；就像我們提到的，這在反映到其他營收線項時會稍微落後一些，但我們也預期該線項會在本季持續改善。

From a Sephora perspective, obviously, we expect that, I think, to stay kind of with the company guidance this year. We do have a lot of newness coming in that we're excited about, but there's just some key categories that we need to make some moves on. So within makeup, which did leg, we do have MAC coming in. We are very excited about the performance of MAC.

至於 Sephora，顯然我們預期它今年大致會與公司指引一致。我們有很多令人興奮的新品即將導入，但也有一些關鍵品類需要我們採取行動。因此在彩妝方面（表現落後），我們將引進 MAC。我們對 MAC 的表現非常期待。

We will roll that out to all stores in the fall. So that should be a benefit to us. We continue to lean into fragrance, which is an outperformer for us. And we, I think, have seen some newness in there, Kaali being one of our top brands that continues to perform. And on the skincare side, which did underperform as well, we are seeing some news coming in there with the Korean skincare efforts as well. So the newness is coming in. I just think it's going to take a little bit more time before that gets back to leading the company, but we definitely expect it to be more with the company as the year progresses.

我們會在秋季把它推廣到所有門市。因此這應該會對我們帶來助益。我們也持續加碼香氛，這是我們表現優於預期的品類。而且我認為我們在那裡看到一些新品動能，Kaali 是我們持續表現亮眼的頂尖品牌之一。在保養品方面（同樣表現不佳），我們也看到一些新動能，包括韓國保養的推進。所以新品正在進來。我只是認為，還需要多一點時間才能回到帶領公司成長的狀態，但我們確實預期隨著年度推進，它會更接近公司整體表現。

Oliver, the other thing that I would add to in terms of category focus for us going forward, that continues to give us encouragement about the progress that we intend to continue to make is footwear. That's been an area of the business that's lagged we see newness coming in, in the back-to-school time frame and look to the back half of the year for that piece of the business to continue to -- or to start to show some improved performance, and that contribution will be important to our overall comps as we move forward. So that's what's one area that we have some really designated focus on as well.

Oliver，另外我想補充的是，就我們未來的品類聚焦而言，另一個持續讓我們對預期將繼續取得的進展感到鼓舞的領域是鞋類。那一直是業務中落後的部分；我們看到在返校季的時間點會有新品導入，並且期待在下半年，這塊業務能持續——或開始——展現一些改善的表現，而這項貢獻將在我們往前推進時，對整體同店成長（comps）很重要。所以這也是我們另一個非常明確聚焦的領域。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

Joe, can you spend a little more time on the credit business on the credit trends that you're seeing? And then when you think about sort of the savings in credit and the savings in corporate expense. Can you spend some time just around what you're doing and what you're seeing there?

Joe，你能否再多花點時間談談信用卡業務、以及你們看到的信用趨勢？另外，當你思考信用卡相關的節省，以及公司費用的節省時。你能否也談談你們在做什麼、以及你們看到的情況？

Sure. I think from a credit perspective, obviously, it all starts with the top line, and we really need to stabilize that customer, which this quarter really showed a mark of getting to stability with a flat comp. And so we do like to see that. This customer will over penetrate into proprietary brands.

當然。我認為從信用卡角度來看，顯然一切都從營收端開始，我們確實需要讓那位顧客穩定下來；而本季以同店持平，確實顯示我們正在走向穩定。因此我們樂見這樣的結果。這位顧客會在自有品牌上有較高的滲透率。

So the investments that we spoke to was definitely moving back into proprietary brands. The case that we had from an inventory perspective was really to fill back into those brands. And you saw they were up 6% in the quarter. So definitely continue to chase from that perspective.

因此，我們所談到的投資，確實是在回到自有品牌上加大投入。我們在庫存角度的做法，主要就是把這些品牌的庫存補回來。而你也看到它們本季成長 6%。所以從這個角度來看，我們肯定會持續追單。

With that customer's health, we're seeing, obviously, on the credit revenue line, it's still lagging. We do expect that will improve. It will just do that over time. So a lot of these sales, as we talked about, the quarter improved and the strength of that quarter improved.

就該客戶的健康狀況而言，我們顯然看到在信用收入那一行仍然落後。我們確實預期那會改善。只是會隨著時間逐步發生。因此，正如我們談到的，許多這些銷售在本季有所改善，而且本季的強勁程度也提升了。

Each month in Q1 and this customer as well improved each month. So a lot of that coming later into April as well. So we should see other revenue line improve. Obviously, the guide is for it to improve -- the health of the customer is great payment rates are actually up interestingly and our loss rates are down.

第一季的每個月，以及這位客戶本身也都每個月持續改善。因此，其中相當一部分也延續到四月較後段。所以我們應該會看到其他收入那一行改善。顯然，我們的指引就是預期它會改善——客戶的健康狀況很好，且有趣的是付款率實際上在上升，而我們的損失率在下降。

So the health of that customer, at least from a credit portfolio looks pretty strong as we move forward to the year, obviously, watching that carefully just given the pressures we're seeing from a consumer perspective, but not seeing any pressures into that portfolio yet.

因此，至少從信用投資組合的角度來看，該客戶的健康狀況在我們邁向今年後續期間時看起來相當強勁；當然，鑑於我們從消費者面看到的壓力，我們會密切關注，但目前在該投資組合中尚未看到任何壓力。

In terms of the savings from a credit perspective, I think you're seeing a lot of that in terms of how we're servicing the customer from a payroll perspective, so we continue to employ technology and AI within our servicing efforts, and we're seeing some of those things come through our credit line in terms of savings and across corporate expenses, I think we're really focusing on driving returns back through our P&L.

就信用面節省而言，我認為你看到的很多其實來自我們在薪資發放（payroll）層面如何服務客戶；因此我們持續在服務作業中導入科技與 AI，而我們也看到其中一些節省反映在我們的信用費用線上，並且也反映在公司費用上。我認為我們確實專注於把報酬推回到我們的損益表。

And so as we're doing that, we're trying to look for places that we can save in terms of overhead, and that's really where I think a lot of these corporate expenses came through. it was across all the areas of the corporate expense line, but really trying to stay there so we can invest that back into sales-driving initiatives. For example, we did invest more into marketing in the quarter to help drive the momentum that you did see throughout the quarter.

因此，在我們這麼做的同時，我們也在尋找可在間接費用（overhead）上節省的地方，而我認為這正是許多公司費用下降的來源。這是橫跨公司費用線的各個領域，但我們真正想做的是把費用維持在那個水準，以便把資源再投回到帶動銷售的計畫上。例如，我們在本季加大了行銷投資，以協助推動你在整個季度中看到的動能。

Paul, Citigroup.

Paul，花旗集團。

Sorry if I missed it, but can you talk about the impact of tax refunds that you think might have helped you in the first quarter, if at all, maybe also quarter-to-date, if you can give a little bit more detail about what you're seeing and if you think tax refunds might still be playing a part?

如果我漏聽了先說聲抱歉，但你能談談你認為退稅是否在第一季對你們有所幫助（如果有的話）的影響嗎？也許也談談截至目前季度（quarter-to-date），如果你能提供更多你們所看到的細節，以及你是否認為退稅仍可能在其中扮演角色？

And then also, just bigger picture, I've heard you talk about proprietary brands across the call on several times. And I'm curious where we're heading in terms of that private brand penetration for this year. What's built in to your guidance and assumptions? And how does that percentage penetration compare to history in terms of are we getting close to a peak in terms of what proprietary brands will represent of the assortment.

另外，從更宏觀的角度，我聽到你在這通電話中多次提到自有品牌。我很好奇今年在自有品牌滲透率方面會走向何處。你們的指引與假設中納入了什麼？而且這個滲透率百分比與歷史相比如何——也就是說，我們是否接近自有品牌在商品組合中占比的高峰？

Great. Paul, thanks for the two questions. As far as the tax refunds are concerned, your question there. Interestingly, at Kohl's, that doesn't actually correlate well with our business. And so in terms of any impact or upside that we would see from increased dollars in the marketplace from a tax refund standpoint. We don't see that as pronounced, I'll say, as you might see with other retailers.

好的。Paul，謝謝這兩個問題。就退稅而言，針對你的問題。有趣的是，在 Kohl's，退稅其實與我們的業務並沒有很好的相關性。因此，就退稅帶來市場上可支配金額增加所可能帶來的影響或上行而言，我會說，我們並沒有看到像其他零售商那樣明顯。

At the same time, we love the fact that there is more money in the market. And we always love actually more money in the hands of consumers. So to the extent that there has been any impact, we certainly would like to see that. As far as a proprietary brand performance is concerned and where it's headed, -- we've said before that we're going to let the customer take us where we need to be in terms of the overall mix.

同時，我們也很喜歡市場上有更多資金這件事。而且我們一向樂見消費者手上有更多錢。因此，若確實有任何影響，我們當然也希望看到。至於自有品牌的表現與未來走向——我們之前說過，我們會讓顧客在整體組合上帶領我們走到需要的位置。

We don't have a percentage target that we're necessarily running to. And as you know, with the addition of Sephora over the last four or five years or so, we're never going to get back to some of the percentages that you may be familiar with at Kohl's in the past in terms of the proprietary and national brand mix.

我們並沒有設定一個一定要達到的百分比目標。而且如你所知，過去四、五年左右加入 Sephora 之後，我們不可能回到你可能熟悉的、Kohl's 過去在自有品牌與國家品牌組合上的某些占比水準。

National brands are still very important and always will be, and that's part of the formula here at Kohl's is being able to offer a rich national brand assortment along with our proprietary brands, but particularly against the backdrop now of the economy that we're working through our proprietary brand portfolio is really resonating with customers.

國家品牌仍然非常重要，而且永遠都會是；而 Kohl's 的一部分成功公式，就是能夠在提供豐富的國家品牌商品組合的同時，也提供我們的自有品牌。不過，特別是在我們目前所面對的經濟環境背景下，我們的自有品牌組合確實非常打動顧客。

And we said they're up 6% in the past quarter in -- we see that continuing going forward. And we think that, that's going to be an important part of us to continue to focus on. We'll continue to place more inventory in that space with proprietary brands. And we'll really let the customer take us to the spot that we need to be whatever that appropriate mix is.

我們也提到自有品牌在上一季成長了 6%，而我們預期這種趨勢在未來會持續。我們認為這將是我們必須持續聚焦的重要部分。我們會在自有品牌領域配置更多庫存。而我們會真正讓顧客帶領我們到我們需要的位置——不論那個合適的組合為何。

And Joe, any help you can give on the free cash flow assumption for this year?

Joe，你能否就今年自由現金流的假設提供一些說明？

Yes. I think we continue to expect our operating cash flows to be around $900 million. We guided our CapEx around $350 million to $400 million set going to be about $0.5 billion to $600 million in free cash flow for the year.

可以。我想我們仍預期營運現金流約為 9 億美元。我們給出的資本支出（CapEx）指引約為 3.5 億至 4 億美元，因此今年自由現金流大約會是 5 億至 6 億美元。

And that does not assume any tax refund, correct?

而且那不包含任何退稅，對嗎？

Correct. There's no tariff refund in any of the estimates that we had given today. Obviously, we talked about the fact that we did apply for those but we haven't received those refunds yet. So those will be all on top of the numbers that we have guided today.

對。我們今天提供的任何估計都不包含任何關稅退還（tariff refund）。當然，我們談到過我們確實已申請那些退還，但我們尚未收到。因此，那些都會是在我們今天所給指引數字之上的額外增量。

Michael Binetti, Evercore ISI.

Michael Binetti，Evercore ISI。

It's Carson on for Michael here. you highlighted several future opportunities editing the men assortment, bringing in innovation on footwear and Sephora. You talked a little bit about Sephora a minute ago, but could you expand a little more detail on what each of those entails what we should be watching out for on our store visits and the timing of each of those? And then I have a follow-up as well.

我是代 Michael 提問的 Carson。你提到幾個未來機會，包括精簡男裝商品組合、在鞋類導入創新，以及 Sephora。你剛才稍微談到 Sephora，但你能否更詳細說明每一項各自包含哪些內容、我們在走訪門市時應該留意什麼，以及各項的時間安排？另外我還有一個追問。

Yes. So from a Sephora standpoint, what you should be looking for, Carson, as we move forward, and Joe outlined this in her commentary when she spoke about it. We'll have a number of different rollouts as we continue to progress through the course of the year. Mac is in 850 stores currently and will be rolled out to the balance of the chain of stores throughout the rest of this year. And we'll continue to focus on making sure that those brands deliver for us going forward. So that's the story on Sephora. Ask the other part of your question again. I want to make sure I understand that.

可以。就 Sephora 而言，Carson，接下來你應該留意的是——Joe 在她談到這部分時的說明也有提到——隨著我們在今年進程中持續推進，會有多波不同的導入（rollout）。MAC 目前已進駐 850 家門市，並將在今年剩餘時間內擴展到其餘門市。而我們也會持續專注，確保這些品牌在未來能為我們帶來成果。這就是 Sephora 的部分。請再問一次你問題的另一部分。我想確保我理解正確。

You called out editing the men's assortment and training in the basin on footwear called out as future opportunities in the presentation and I heard that in your prepared remarks.

你在簡報中點出精簡男裝商品組合，以及在鞋類方面的訓練與基礎建設（basin）作為未來機會，我也在你準備好的發言中聽到了。

Yes. So from a footwear standpoint, we're focused on some of our big brand opportunities that we have with partners like Nike and SKECHERS particularly as it relates to focusing on the back-to-school time frame. And that's where you'll see more effort from us in terms of the back half of the year in terms of really making sure delivers for us going forward.

是的。就鞋類而言，我們聚焦於與 Nike、SKECHERS 等合作夥伴的一些大型品牌機會，特別是與返校季（back-to-school）檔期相關的部分。而你會在今年下半年看到我們在這方面投入更多力道，以確保未來能為我們帶來成果。

Got it. And then maybe on the balance sheet. You paid down $50 million of debt in the quarter. I can hear the growing confidence on the balance sheet. Can you walk us through your thoughts on capital allocation? And at what point does it make sense to turn on the share repurchases?

了解。那再談談資產負債表。你們本季償還了 5,000 萬美元的債務。我能感受到你們對資產負債表的信心正在提升。你能帶我們了解一下你們對資本配置的想法嗎？以及在什麼時點啟動股票回購才有意義？

Thanks, Bert. The four priorities are always going to be investing back in the business. And so this year, $350 million to $400 million computer and Pulse rollout to all stores, which obviously has been a effort that has been paying us back up 50% in the quarter. we continue to invest back into Sephora and our store experience, like I mentioned, really elevating that experience. So those will be the key places we invest this year. We continue to fund the dividend, always our second priority, so really holding that dividend this year.

謝謝，Bert。四項優先事項永遠都會是把資金再投回業務。因此今年我們將投入3.5億至4億美元，用於電腦與Pulse系統在所有門市的導入，這顯然是一項已經帶來回報的工作，本季回收效益提升了50%。我們也持續再投資Sephora以及門市體驗，如我先前提到的，真正把那個體驗提升到更高水準。所以這些將是我們今年投資的關鍵領域。我們也會持續支付股利，這一直是我們的第二優先事項，因此今年會維持股利水準。

And then obviously focusing on delevering and taking advantage of the opportunistic market from a debt repurchase perspective. So obviously, making buys in Q4 and Q1, both at a nice discount. So really looking for those opportunities.

接著當然是聚焦去槓桿，並從債務回購的角度把握市場上出現的機會。所以很明顯地，我們在第四季與第一季都有進行回購，而且折價幅度相當不錯。因此我們會持續尋找這類機會。

I would say, running the business around that $700 million of cash that we ended the year with is kind of the right place for us to run our business. So as we really stabilize from a cash positioning perspective, and also our performance in terms of starting to show some growth, both on an expansion of EBIT as well as our profit line. I think that would be the point then we would start considering putting back in a share buyback program.

我會說，以我們年底持有的約7億美元現金來規劃與運營業務，對我們而言是比較合適的水位。因此當我們在現金部位上真正穩定下來，同時我們的表現也開始顯示一些成長，包括EBIT擴張以及獲利線的改善。我認為到那個時點，我們才會開始考慮恢復股票回購計畫。

But I think first and foremost, it's going to be stabilizing that balance sheet, getting us and maintaining at that $700 million of cash and making sure that we can invest back in our business, particularly in these initiatives that we see as opportunities to continue to show growth and get us back to growth for our business before we would then put in a share buyback program.

但我認為首要之務，仍是先穩定資產負債表，讓我們維持在7億美元的現金水位，並確保我們能把資金再投回業務，特別是投向我們視為能持續展現成長、並讓公司重回成長軌道的這些計畫；在那之前，我們才會再推出股票回購計畫。

Blake Anderson, Jefferies.

Blake Anderson，Jefferies。

I wanted to ask on the promotional optimization and simplification initiative kind of in your targeting process there. how are you making sure that you offer value to customers, they're also optimizing your margin in AUR across both in-store and digital. So I know that's been a focus. Curious how you see that as potential margin opportunity as well?

我想請教促銷最佳化與簡化的計畫，特別是在你們的目標鎖定流程中。你們如何確保在提供顧客價值的同時，也能在實體與數位兩端優化你們的毛利與AUR（平均單價）？我知道這一直是你們的重點。也想了解你們如何看待這在毛利上的潛在機會？

Yes. I think this has definitely been an effort that we've had and spoke to for a while, and I think it's really that mix of pricing and couponing to make sure that we're balancing what drives our consumer behavior. A lot of the things that we have done in the past to simplify was we've gotten rid of those stackable coupons. We try to make it quite easy to get to an end price. So we -- you understand really what you're getting from a value perspective.

是的。我認為這確實是我們投入並談了好一段時間的工作，而核心在於價格與折價券（couponing）的組合，確保我們在驅動消費者行為的因素之間取得平衡。過去我們為了簡化所做的其中一件事，就是取消那些可疊加使用的折價券。我們希望讓顧客很容易就能算出最終價格。因此你——從價值角度來看——能清楚知道自己得到的是什麼。

So a lot of things that we're starting to look at today is more around personalization, targeted offers to drive consumer behavior. For example, we know our cold charge customer is much more responsive to a coupon. So how can we target into that coupon. We've also used more like real-time offers, particularly in the digital channel to get people to add more to basket or get a higher conversion rate. So really seeing those behaviors and reacting into it. overall, we're always using an elasticity modeling to understand where that price needs to be to drive behavior.

所以我們現在開始看的很多事情，更偏向個人化、以目標客群為導向的優惠來驅動消費者行為。例如，我們知道我們的冷啟動（cold charge）顧客對折價券的反應更強。那我們要如何把折價券更精準地投放給這些人。我們也更多使用即時型優惠，特別是在數位通路，來促使消費者把更多商品加入購物籃，或提高轉換率。因此我們會觀察這些行為並即時回應。整體而言，我們一直使用需求彈性模型（elasticity modeling）來理解價格應該落在哪裡才能驅動行為。

So it's a push pull perspective in terms of what we're looking at. I would say AUR for us is really kind of been neutral, I think, over the last several years. You've seen our ATV flat AUR might have been slightly up with UPT down and then UPT goes up with AUR slightly down.

所以從我們的角度來看，這是一種推拉（push-pull）的權衡。我會說，對我們而言AUR在過去幾年大致上是持平的。你會看到我們的ATV持平時，AUR可能略升但UPT下降；而當UPT上升時，AUR則可能略降。

This quarter, what I would say, as you saw, our ATV was slightly up in the quarter, which did offset the traffic being down. That was more a factor of our reg selling price happening versus a little bit more clearance last year. So there's always that balance that we're looking at in terms of what our right price needs to be with the balance of driving consumer behavior. But I think what we're really focusing on is doing that in a much more targeted personalized manner going forward versus just a general offering that has stackability around it.

本季我會說，如你所見，我們的ATV在本季略有上升，這也抵消了來客數下滑的影響。這主要是因為今年以正常售價（regular selling price）銷售的比重較高，而去年清倉（clearance）比重較高。因此我們一直在權衡：在驅動消費者行為的同時，什麼才是我們合適的價格。但我認為我們真正聚焦的是，未來以更精準、個人化的方式來做到這點，而不是提供一種可疊加的通用型優惠。

And that's been really working for us, which has allowed us to expand margins in the past. Obviously, this year, really focusing on value, we're going to want to make sure that we're the one and the retailer of choice for that customer and doing that through delivering more and more value.

而這對我們確實很有效，也讓我們過去得以擴大毛利。當然，今年我們非常聚焦在「價值」，我們會確保自己成為該顧客的首選零售商，並透過提供越來越多的價值來做到這點。

So I think those efforts are what going to be -- even though we have good news coming out of inventory management, we have good news coming out of proprietary brands. We are seeing a digital business that's lifting that then does take away some of that margin and the rest of that, we want to invest back into value to make sure that we're attracting back to that customer as well as new customers into coal.

所以我認為這些努力將會是——即便我們在庫存管理上有好消息、在自有品牌上也有好消息。我們也看到數位業務在提升，但那會侵蝕一部分毛利；其餘部分我們希望再投回「價值」，以確保我們能把那位顧客吸引回來，同時也把新顧客帶進Kohl's。

That's really helpful. And then on that last point on new customers and then you're talking about AUR, I wanted to drill down a little bit on the private label 6% comp. So if you could talk about AUR versus units there.

這很有幫助。另外，延續你剛才提到的新顧客以及AUR，我想再深入問一下自有品牌同店成長6%的部分。能否談談那裡的AUR相對於銷量（units）的情況？

And then are you seeing new customers for your private label brands? I know that's very strong with your core customers, but curious how you're seeing maybe a new customer to Kohl's, interest in private label -- and then on that point, any update on kind of your national brand assortment, how you're thinking about any changes there?

另外，你們是否看到自有品牌帶來新顧客？我知道這在你們核心顧客中表現很強，但我想了解：可能是Kohl's的新顧客，對自有品牌的興趣如何——以及就此延伸，關於你們的全國性品牌（national brand）商品組合，有沒有更新，你們如何思考是否要做任何調整？

Sure. I can start, and I'll let Michael weigh in. I think from a private label perspective, it definitely is our opening price point as we mentioned. And we had been void of opening price point over the last couple of years. So bringing this back in really introduce another level of value for our consumer.

當然。我先開始回答，然後讓Michael補充。我認為從自有品牌的角度來看，它確實是我們所提到的入門價位帶（opening price point）。而過去幾年我們在入門價位帶上是有缺口的。因此把它帶回來，等於為消費者引入了另一個層級的價值。

As you mentioned, it was something our core customer had come to know and love and really did miss when we didn't have it. But I'd also say given the value proposition and the quality of this product, we also see it attracts into new customers, particularly in today's environment when they're looking for a great deal and great value.

如你所提到的，這是我們核心顧客過去熟悉且喜愛的東西，而當我們沒有提供時，他們確實很想念。但我也會說，考量到這個產品的價值主張與品質，我們也看到它能吸引新顧客，特別是在當前環境下，大家都在尋找划算的交易與高性價比。

And I think that's what our proprietary portfolio really offers to them. We spoke about Flex and our active brand across all lines of business has done incredibly well. It's a great value at great quality, and we're seeing that really resonate, which is why we're now expanding it to kids in all of our stores.

我認為這正是我們自有品牌組合（proprietary portfolio）能提供給他們的。我們談到Flex——我們的運動休閒品牌在各個業務線的表現都非常好。它以很好的品質提供很好的價值，我們看到這點確實引起共鳴，因此我們現在把它擴展到童裝，並在所有門市上架。

It's really done well in terms of men's and women's across, I think, all customer cohorts. Lauren Conrad has been another standout for us in women's. And then obviously, we've celebrated the SO brand across our juniors business, which I think also benefited from the adjacency we had of moving juniors across from Sephora and Sephora has been a driver of new customers for us.

它在男裝與女裝方面的表現都非常好，涵蓋我認為所有顧客族群（customer cohorts）。Lauren Conrad也是我們女裝的一個亮點。另外，我們也在青少年（juniors）業務中強化SO品牌的表現；我認為這也受惠於我們把青少年區移到Sephora對面所帶來的相鄰效應（adjacency），而Sephora一直是我們的新顧客驅動因素。

So they've crossed that into our junior -- so brand as well. So I think it definitely brings in fulfills to all customer types. -- obviously helped us really reestablish that loyalty with our core customer and getting them back to stability from a flat comp, but also, I think, fills the need that new customers are looking for from a value perspective. In terms of national brands, I'll let Michael kind of talk to you about what we're thinking there.

因此他們也把這股動能帶進我們的青少年——SO品牌。所以我認為它確實能滿足各類型顧客的需求——顯然也幫助我們重新建立核心顧客的忠誠度，讓同店表現從持平走向穩定；同時我也認為，從價值角度來看，它也滿足了新顧客正在尋找的需求。至於全國性品牌，我讓Michael來談談我們在這方面的想法。

Yes. And from a national brand standpoint, what I would point you toward is some of the elimination of redundancy that we've seen in the national brand assortment that we have. and a focus on some of the key partners that we have like a Nike, Levis, et cetera. And so those are the areas where we're really leaning in with national brands to make sure that the complement of national and proprietary brands, again, reaches the appropriate mix for us going forward.

是的。從全國性品牌的角度來看，我想指出的是，我們在現有的全國性品牌品類組合中，已經看到並正在進行一些重複性的刪減，並且聚焦於我們的一些關鍵合作夥伴，例如 Nike、Levi’s 等等。因此，這些就是我們真正加大力道投入全國性品牌的領域，以確保全國性品牌與自有品牌的搭配，再次能在未來達到對我們而言適當的組合比例。

But we're excited about the mix that we have in our performance in Q1, and we'll continue to to have that be a focus for us going forward in addition to, as Jill mentioned, leaning in hard with our proprietary brands given the backdrop. I think what I would say to all of you is that right now, -- our customer is sitting around their kitchen table. I've said this to you before. They're sitting around the kitchen table, trying to make life work.

不過，我們對第一季的表現以及目前的組合感到振奮，未來也會持續把這件事作為重點；此外，正如 Jill 提到的，在當前環境下，我們也會更大力投入自有品牌。我想我想對各位說的是，現在——我們的顧客正坐在他們的餐桌旁。我以前也跟你們說過。他們坐在餐桌旁，努力讓生活運轉下去。

And it's the combination of how do I pay for gas food, light bill, all the things that are necessities and with what's left over, which retailer is the one that's going to help me stretch my dollars as far as I possibly can. And to the extent that we can be sharp, yes, on price but also on the quality and the style of offerings that we have, particularly in apparel, but across the categories, including home and others, that's where we believe we can win.

這牽涉到如何支付汽油、食物、電費帳單等所有必需開支；而在剩下的預算中，哪一家零售商能幫助我把每一塊錢盡可能花得更有價值。只要我們能在價格上保持競爭力，同時也在我們提供的商品品質與風格上做到出色——尤其是在服飾品類，但也涵蓋各品類，包括家居等——我們就相信我們能勝出。

And so that combination of both national and proprietary brands is going to be an important mix for us to stay focused on going forward. But we're excited about that. And those are some of the things that you'll see us continue to focus on going forward.

因此，全國性品牌與自有品牌的結合，將是我們未來持續需要專注的重要組合。不過我們對此感到振奮。而這些也將是你們未來會看到我們持續聚焦的幾個方向。

(Operator Instructions)

（接線員指示）

Brook Roche, Goldman Sachs.

Brook Roche，高盛。

I wanted to follow up on Blake's question earlier on margins. Jill, can you spend a little bit more time talking through your forecast embedded for gross margin for the year? It sounds like you might have a little bit of additional tailwinds coming from stronger brand penetration but offsetting this might be a little bit stronger digital penetration. Any help that you can give on the moving pieces between fuel, promotions, pricing, value, tariffs and product costs would be very helpful.

我想延續先前 Blake 關於毛利率的問題。Jill，你能否多花一點時間說明一下你們對全年毛利率的預測中所包含的假設？聽起來你們可能會因為品牌滲透率更強而有一些額外的順風，但同時可能會被更強的數位滲透率所抵銷。如果你能就燃油、促銷、定價、價值、關稅與產品成本之間的變動因素提供一些說明，會非常有幫助。

Great. Thanks, Brook. And you got it right. I think the biggest thing is, overall, and you saw that in Q1 is we will benefit from the tailwinds of our proprietary brands. So being up 6% is definitely a benefit to margins for the quarter and we do expect those brands to continue to outperform.

好的。謝謝你，Brook。你理解得沒錯。我認為最大的重點是，整體而言——你們在第一季也看到了——我們將受惠於自有品牌帶來的順風。因此，自有品牌成長 6% 對本季毛利率確實有利，我們也預期這些品牌將持續表現優於整體。

However, digital was up 4%. So obviously, really excited about the fact we got to a point of stability last year and now showing growth in that channel, and we do expect that channel to continue to grow for us which does have some headwinds to margin with the cost of shipping.

然而，數位業務成長了 4%。所以我們當然非常興奮，因為去年我們已達到穩定的狀態，現在這個通路又開始呈現成長；我們也預期該通路將持續成長，但由於運送成本，這會對毛利率帶來一些逆風。

So really seeing a balance from that perspective. You mentioned fuel. We do have fuel now embedded into the guidance that we gave you at the current rates that obviously will have both the headwind to margins from an inbound transportation perspective, as well as in SG&A as we think about our transportation cost of moving goods from our DCs to our stores, also considered in the guidance that we have given you, but will be a headwind from a margin perspective.

因此，從這個角度來看，我們確實看到一種平衡。你提到燃油。我們在給你們的指引中，已按目前的燃油價格把燃油因素納入；這顯然會在進口運輸（inbound transportation）方面對毛利率造成逆風，同時在 SG&A 方面——當我們考量把商品從配送中心（DC）運到門市的運輸成本——也已納入我們提供的指引之中，但從毛利率角度來看仍會是逆風。

I think offsetting that is obviously the clean inventory we spoke to, we did have higher reg selling in the quarter. We expect that to continue just given the fact that our inventory is clean, and we're running much more of a chase model accelerating receipts into the quarters, and we would expect that to continue as well.

我認為可抵銷這點的，顯然是我們提到的乾淨庫存；本季我們的正價銷售（regular selling）較高。我們預期這會持續，因為我們的庫存狀況乾淨，而且我們更多採用追單（chase）模式、把收貨加速安排在各季度內；我們也預期這種做法會持續。

And I think the offset to that then is exactly what you said around promotional activity. we know value is core to what our customer is looking for. You heard what Michael was saying, these customers are choiceful we need to make sure that Kohl's is in their consideration set, and that's really going to be done through value.

而對此的抵銷因素，正如你所說，就是促銷活動。我們知道「價值」是顧客核心需求。你也聽到 Michael 說，這些顧客會精挑細選；我們必須確保 Kohl’s 在他們的考慮名單中，而這主要將透過「價值」來達成。

We serve a middle to lower-income customer. So this is very important to them. So we're going to make sure that we continue to lean in on that. So I think those kind of become your balancing factors, and that's really where you get to the guide of that flat to slightly down giving us some room.

我們服務的是中低收入顧客。因此這對他們非常重要。所以我們會確保持續加大投入。因此我認為這些就構成了你的平衡因素，而這也就是你如何得到我們所給出的「持平到略降」指引，讓我們保留一些空間。

I would say, particularly if you remember in Q4, one of the things that we talked about with not having that breakthrough pricing during those key holiday moments. So we definitely are going to make sure we're making those investments in those key holiday moments throughout the year as well. So that will be a little bit more pressure from a margin perspective as well. But when you bring all those things together, I think that's really how you land on the flat to slightly down guide that we gave for the year.

我會說，特別是如果你還記得第四季，我們談到的一件事是，在一些關鍵的假期時點，我們沒有做到那種「突破性定價」。因此，我們確實會確保在全年那些關鍵的假期時點進行相關投資。所以從毛利率角度來看，這也會帶來一些額外壓力。但把所有這些因素加總起來，我認為這就是你如何落在我們給出的全年「持平到略降」指引。

Great. And then just a follow-up for Michael. It's nice to see the improvement in the Kohl's Charge customer trend this quarter. Are you planning on making any additional changes to the way that you communicate with that customer for the remainder of the year? -- that's additional couponing, changes in promos or other types of targeting that you think could drive a sequential acceleration from here in that trend?

很好。接著想追問 Michael 一個問題。很高興看到本季 Kohl’s Charge 顧客趨勢有所改善。你們是否計畫在今年剩餘時間，對與這類顧客溝通的方式做任何額外調整？——例如增加發放優惠券、調整促銷，或其他你認為能推動該趨勢從現在起逐季加速的定向行銷方式？

Yes. Thanks for the question, Brook. Yes, we'll continue to double down, if you will, on making sure that we are doing things to continue to attract that customer back to the business. As Joe mentioned, we didn't lose that customer. We lost a bit of their wallet share.

是的。謝謝你的問題，Brook。是的，我們會持續加倍努力，確保我們採取各種措施，持續把這類顧客吸引回到我們的業務中。正如 Joe 提到的，我們並沒有失去這位顧客。我們失去的是他們部分的錢包份額。

And with the combination of bringing more brands back into coupon eligibility, et cetera, those are the things that are helping to bring that customer back. So we'll continue to focus on all the things that will help us do that.

透過把更多品牌重新納入可使用優惠券的範圍等等，這些措施正在幫助把這位顧客帶回來。因此，我們會持續專注於所有能幫助我們做到這點的事情。

This focus on proprietary brands, we think, is one of the accelerators of what has brought that old Kohl's charge card customer back to our business and having that be flat or for -- and so focusing on making sure that, that continues to be an area that we show to the customer will help us in that regard as well.

我們認為，聚焦自有品牌是促使過去的 Kohl’s charge card 顧客回流、並讓其表現持平或——的其中一個加速因素；因此，聚焦並確保這仍是我們向顧客呈現的重點領域，也會在這方面幫助我們。

We have reached the end of the Q&A session. This concludes today's call. Thank you. You may now disconnect.

問答環節到此結束。今天的電話會議到此結束。謝謝。您現在可以掛線。