柯爾百貨 (KSS) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Q2 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，歡迎參加科爾百貨（Kohl's Corporation）2026 年第二季財報電話會議。（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，包括有關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 的實際結果與所預測者出現重大差異。

These risks and uncertainties include, but are not limited to, the factors described in Item 1A of Kohl's most recent annual report on Form 10-K and as may be supplemented from time to time in Kohl's other filings with the SEC. All of which are expressly incorporated turn by reference. Forward-looking statements relate to the date initially made, and Kohl's undertakes no obligation to update them.

這些風險與不確定性包括但不限於 Kohl's 最新的 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內容。上述內容均以引用方式明確納入本文。前瞻性陳述僅截至其最初作出之日有效，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 reconciliations of these non-GAAP measures included in the investor presentation filed as an exhibit to our Form 8-K as filed with the SEC and available on our Investor Relations website.

此外，在本次電話會議中，我們可能會提及某些非 GAAP 財務衡量指標。請參閱我們向 SEC 提交之 Form 8-K 所附、並可於投資人關係網站取得的投資人簡報中所載之警示聲明及該等非 GAAP 指標的調節表。

Please note that this call will be recorded. 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 So if you are listening to a replay, it is possible that the information discussed is no longer current, and Kohl's assumes no obligation to update such information.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.

請注意，本次電話會議將被錄音。然而，電話會議重播內容不會更新。因此，若您收聽重播，會議中討論的資訊可能已不再為最新，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.

現在我將把電話會議交給 Michael。

Thank you, Trevor. Good morning, everyone, and thank you for joining us today for Kohl's second-quarter 2026 earnings conference call. Our second quarter performance reflects the continued progress we are making against our key initiatives, leading to another improvement in our comparable sales trend. In addition to the top line performance, our team demonstrated strong operational discipline.

謝謝你，Trevor。各位早安，感謝各位今天加入 Kohl's 2026 年第二季財報電話會議。我們第二季的表現反映出在關鍵計畫上的持續進展，帶動可比銷售趨勢再次改善。除了營收端的表現外，我們的團隊也展現了強勁的營運紀律。

By maintaining this rigor around our expense and inventory management, we have substantially improved our balance sheet and cash flow generation. The solid financial foundation we have built over the past year is enabling us to invest in the business, drive value for our customers and return capital to shareholders. We are operating in a challenging macroeconomic environment where our customers are experiencing persistent financial pressures from inflation in their everyday expenses like gas and food.

透過在費用與庫存管理上維持這樣的嚴謹度，我們已大幅改善資產負債表與現金流創造能力。過去一年所建立的穩健財務基礎，使我們得以投資於業務、為顧客創造價值，並向股東返還資本。我們正處於具挑戰性的總體經濟環境中，顧客在日常支出（如汽油與食品）方面持續承受通膨帶來的財務壓力。

While their day-to-day priorities may change, the consumer is consistently looking for value, a compelling assortment and an inspiring experience. The work we have underway is focused on addressing each of these customer priorities. And as we look to the remainder of the year, we expect this economic backdrop to continue. We believe that our healthy balance sheet will provide us meaningful support and flexibility to navigate through this environment to continue our journey of progressive improvement.

儘管他們的日常優先順序可能改變，消費者始終在尋求價值、具吸引力的商品組合，以及令人振奮的體驗。我們正在推動的工作，聚焦於回應上述每一項顧客優先事項。展望今年剩餘時間，我們預期此一經濟背景仍將持續。我們相信，健康的資產負債表將為我們提供實質支撐與彈性，協助我們在此環境中前行，持續走在逐步改善的旅程上。

Before I get into more detail, I would like to extend my sincere gratitude to our entire Kohl's team for their efforts over the past quarter. While this quarter marks another small step in the right direction, we know there is more work to be done. Each day, we have the opportunity to show up for our customers and I'm confident that the work we are executing is leading us in the right direction.

在我進一步說明之前，我想對整個 Kohl's 團隊在過去一季的努力致上誠摯的感謝。雖然本季再次朝正確方向邁出一小步，但我們知道仍有更多工作要做。每天，我們都有機會為顧客挺身而出；我有信心，我們正在執行的工作正引領我們走向正確方向。

Now let me share some additional highlights from our performance. We are pleased to see continued positive momentum across key areas of our business throughout the second quarter. First, our loyal Kohl's Card customer showed ongoing progress and delivered a sales increase of 1% in the second quarter. Over the past year, we implemented multiple targeted actions to successfully reengage these individuals. This milestone represents the beginning of our journey, and we see further opportunities to deepen our engagement with this key customer, which represents our most productive customer base.

接下來我分享一些表現上的重點。我們很高興看到第二季在業務關鍵領域持續出現正向動能。首先，我們忠誠的 Kohl's Card 顧客持續改善，第二季銷售成長 1%。過去一年，我們採取多項精準行動，成功重新喚回這些顧客。這項里程碑代表我們旅程的起點；我們也看到更多機會可深化與這一關鍵顧客群的互動，而該群體正是我們生產力最高的顧客基礎。

Second, our proprietary brands increased 3% in the second quarter. Over the past year, we have made significant progress enhancing our proprietary offerings, receiving strong positive customer response, we have driven major improvements by delivering exceptional value and increasing inventory depth by 6% to support better product availability.

第二，我們的自有品牌在第二季成長 3%。過去一年，我們在強化自有品牌供給方面取得顯著進展，並獲得顧客強烈的正面回饋；我們透過提供卓越價值並將庫存深度提高 6% 以支援更佳的商品可得性，帶動了重大改善。

Third, we also made deliberate progress in transitioning our seasonal goods earlier, a strategy that drove positive sales in the spring and maintained a flat performance in Q2. Building on this, we set our fall seasonal assortment in July to effectively capitalize on the back-to-school window, which has already provided a strong start to the season. We plan to continue this proactive approach as we head into the holiday season, positioning us to capture demand early and maximize momentum throughout the remainder of the year.

第三，我們也在更早期地推進季節性商品轉換方面取得有意識的進展；此一策略帶動春季銷售轉正，並使第二季表現持平。在此基礎上，我們於 7 月完成秋季季節性商品組合上架，以有效把握返校檔期，且已為本季帶來強勁開局。隨著我們邁向假期旺季，我們計畫持續採取此一主動作法，使我們能更早掌握需求，並在今年剩餘時間最大化動能。

Next, I would like to give you an update on the progress we are making against our three key initiatives we outlined at the beginning of the year. This work is rooted in putting the customer at the center of everything we do. Let me begin with our first initiative, offering a curated and more balanced assortment that fulfills the needs of all customers.

接下來，我想就我們在年初所提出的三項關鍵計畫之進展，向各位更新。這些工作以「將顧客置於我們所做一切的核心」為根本。我先從第一項計畫開始：提供經精選且更均衡的商品組合，以滿足所有顧客的需求。

Through enhancing assortment clarity, fulfilling customer demands, and improving product relevance, we are continuing to refine our offerings. This strategic focus enabled sales improvement across the majority of our lines of business. Home had the strongest performance this quarter, delivering sales growth of 1%. The strength in Home was driven by decor and small electrics. Home Decor benefited from our adjustments in merchandising efforts to deliver more choices in this category with choice count receipts up over 10% to last year.

透過提升商品組合的清晰度、滿足顧客需求並改善商品相關性，我們持續精進我們的供給。此一策略重點使我們在多數業務線上實現銷售改善。家居（Home）本季表現最強，銷售成長 1%。家居的強勁表現主要由裝飾品與小型電器帶動。家居裝飾受惠於我們在商品陳列與選品上的調整，為此類別提供更多選擇；其「選擇數」到貨量較去年提升逾 10%。

We saw particular strength in our Americana Decor as we celebrated America's 250th anniversary. As we head into the fall, we are investing into more choices for our fall and harvest Decor assortment. Small Electrics continue to benefit from newness and innovation in national brands such as Shark and Ninja. We also saw strong performances from KitchenAid and GreenPan. We anticipate further opportunity in this category in the back half of the year, as we have strong receipt flow this year after being limited in our buys last year due to tariff pressures.

在我們慶祝美國建國 250 週年之際，美式風格（Americana）裝飾品表現尤為強勁。隨著進入秋季，我們正加大投入，為秋季與豐收主題裝飾品組合提供更多選擇。小型電器持續受惠於 Shark 與 Ninja 等全國性品牌帶來的新產品與創新。KitchenAid 與 GreenPan 也有亮眼表現。我們預期今年下半年此類別仍有更多機會；由於去年受關稅壓力影響採購受限，今年我們的到貨節奏強勁。

Our Bedding and Bath categories were flat for the quarter, with strength coming from our proprietary brand offerings of the Big One and Mariana. We also saw solid growth in our Mingle & Co brand within our tabletop category. Now let me move to our kids business, which was flat in the quarter. Toys continues to be strong with a double-digit sales increase led by LEGO, K-Pop Demon Hunters and our value towers. To support the high-volume holiday season, we will continue driving growth in Toys by expanding our inventory investment.

我們的寢具與衛浴品類本季持平，成長動能來自自有品牌 Big One 與 Mariana 的供給。我們也看到餐桌用品類別中的 Mingle & Co 品牌有穩健成長。接著談到兒童業務，本季同樣持平。玩具持續強勁，在 LEGO、K-Pop Demon Hunters 以及我們的超值陳列塔（value towers）帶動下，銷售呈現兩位數成長。為支援高量的假期旺季，我們將透過擴大庫存投資，持續推動玩具品類成長。

Additionally, in Q2, we launched value-driven family fan zones featuring localized to team apparel and accessories. We saw strong traction around the World Cup, and we have recently transitioned these spaces to showcase our NFL licensed products ahead of the new season. We also saw strength in our private label brands and kids. We rolled out our popular FLX brand to all stores in June, and initial results are exceeding our expectations. Our SO brand generated positive pops in the second quarter with growth in our young girls category.

此外，在第二季，我們推出以價值為導向的家庭球迷專區（family fan zones），主打在地化的球隊服飾與配件。我們在世界盃期間看到強勁的市場反應，並且近期已將這些空間轉換為展示 NFL 授權商品，以迎接新賽季。我們也看到自有品牌與兒童品類的強勢表現。我們於 6 月將廣受歡迎的 FLX 品牌推廣至所有門市，初步成果超出預期。SO 品牌在第二季也出現正向亮點，年輕女童品類帶動成長。

In addition, Jumping Beans built momentum across the quarter, supported by the July introduction of our baby line and our ongoing emphasis on the brand's exceptional value proposition. To build on our infant and baby apparel business, we are expanding our offering of baby gifts and accessories through our Babies "R" U partnership. We recently rolled out in-store fixtures across all locations to highlight our top-selling baby gifts and accessories, driving solid second quarter growth. We're also completing 56 additional Babies "R" Us shop build-outs in September.

此外，Jumping Beans 在本季度持續累積動能，受惠於 7 月推出的嬰兒系列，以及我們持續強調該品牌卓越的價值主張。為了在我們的嬰幼兒與嬰兒服飾業務基礎上再接再厲，我們正透過與 Babies "R" Us 的合作，擴大嬰兒禮品與配件的商品供應。我們近期已在所有門市導入店內陳列裝置，以突顯我們最暢銷的嬰兒禮品與配件，帶動第二季穩健成長。我們也將於 9 月完成額外 56 間 Babies "R" Us 店中店的建置。

Total accessories also outperformed the company with a flat performance versus last year. Excluding our Sephora business, accessories increased mid-single digits. This performance was driven by newness and Impulse and Jewelry. Our Impulse business maintains strong momentum, supported by accessible pricing and frequent product refreshes that deliver new, discoverable assortment. Key drivers include trending items like NeeDoh squishies, alongside everyday essentials, such as toiletries and sunscreen.

配件品類整體表現亦優於公司整體，與去年相比持平。若排除我們的 Sephora 業務，配件銷售成長達中個位數百分比。此表現主要由新品導入以及衝動購買與珠寶品類所帶動。我們的衝動購買業務維持強勁動能，受惠於親民定價與頻繁的商品更新，提供新穎、易於探索的商品組合。主要驅動因素包括如 NeeDoh 捏捏樂等流行商品，以及盥洗用品與防曬乳等日常必需品。

Jewelry continues its strong performance, delivering a mid-single-digit sales increase in the second quarter. We saw strength in our boxed giftable, personalized and sentiment themed as well as our fashion jewelry. Building on the strength of this category, we are rolling out an additional 350 fine jewelry case lines in the fourth quarter, bringing the total store count with case lines to 549 stores.

珠寶品類延續強勁表現，第二季銷售成長達中個位數百分比。我們在盒裝可送禮商品、客製化與情感主題商品，以及時尚珠寶方面皆表現亮眼。在此品類優勢基礎上，我們將於第四季新增 350 條高級珠寶展示櫃產品線，使設有展示櫃產品線的門市總數提升至 549 間。

In addition, 320 stores will be receiving elevated fashion jewelry fixtures by November. These fixtures will highlight newness and inspire customers to complete their look with fashion accessories. Our Sephora at Kohl's business faced headwinds this quarter with sales down 4%. While we continue to see strong customer demand for newness, the top line performance was pressured by the impact of expanded distribution for several of our key brands.

此外，將有 320 間門市在 11 月前導入升級版時尚珠寶陳列裝置。這些裝置將突顯新品，並啟發顧客以時尚配件完成整體造型。本季我們的 Kohl's 內 Sephora 業務面臨逆風，銷售下滑 4%。儘管我們仍持續看到顧客對新品的強勁需求，但由於數個關鍵品牌擴大通路分銷的影響，營收表現受到壓力。

Breaking down the performance by category. Fragrance remained a strong driver, anchored by new brands like Dolce and Gabbana and YSL, while Hair Care also outperformed the company led by OUAI and Kérastase. In Makeup, we continue to see strong traction from existing brands like Charlotte Tilbury, Makeup by Mario and Merit as well as newness buoyed by the launch of M•A•C. However, this growth was dampened by declines in brands with expanded distribution.

按品類拆解表現如下。香氛仍是強勁的成長驅動力，受 Dolce and Gabbana 與 YSL 等新品牌帶動；同時，護髮品類亦優於公司整體，主要由 OUAI 與 Kérastase 領軍。在彩妝方面，我們持續看到既有品牌如 Charlotte Tilbury、Makeup by Mario 與 Merit 的強勁動能，以及因 M•A•C 上市所帶動的新品效應。然而，部分擴大通路分銷的品牌下滑，抑制了整體成長。

Finally, Skin Care had a challenging quarter as we lapped several major launches and have yet to reach scale from existing new launches in K-Beauty and Body, including brands like Salt & Stone, which is already off to a strong start. We recognize that in addition to driving our core offering, this business is also driven by newness and innovation, and we are excited about our upcoming category launches.

最後，保養品類本季表現具挑戰性，原因在於我們去年同期基期包含多項重大新品上市，而目前 K-Beauty 與身體保養等既有新上市品牌尚未達到規模，包括 Salt & Stone 等品牌（目前已展現良好開局）。我們認知到，除了推動核心商品供應外，此業務亦高度仰賴新品與創新，我們對即將推出的品類上市計畫感到振奮。

In Fragrance, we are introducing Khloé Kardashian and Givenchy alongside expansions from KAYALI and Jo Malone. This will be supported by new fragrance towers in 250 stores this November. In Hair Care, we are launching Emi Jay, Crown Affair, UNOVE and FROMLABS, while our Skin Care category will debut Evereden, Topicals and Ultraviolet. Furthermore, we're rolling out holiday outposts in 130 stores, building on our strong gifting category as our gift sets continue to resonate well with our customers.

在香氛方面，我們將引進 Khloé Kardashian 與 Givenchy，同時擴大 KAYALI 與 Jo Malone 的品項。並將於今年 11 月在 250 間門市設置新的香氛塔陳列以提供支援。在護髮方面，我們將推出 Emi Jay、Crown Affair、UNOVE 與 FROMLABS；而保養品類則將首度引進 Evereden、Topicals 與 Ultraviolet。此外，我們將在 130 間門市設置節慶快閃據點，延續我們強勁的送禮品類優勢，因為我們的禮盒組合持續深受顧客青睞。

And finally, we are continuing to maximize our travel and trial assortment to attract new customers through our Q lines, maintaining a focus on delivering value. While we're excited about these actions to implement newness into our Sephora Kohl's business, we want to be realistic in our expectations for the remainder of the year. We expect the softer performance we've seen year-to-date to persist until we can reach full scale with new brands and cycle through the headwinds from expanded distribution from a few of the bigger brands.

最後，我們將持續最大化旅行裝與試用裝的商品組合，透過我們的 Q 線吸引新顧客，同時維持對價值的聚焦。雖然我們對這些將新品導入 Kohl's 內 Sephora 業務的措施感到期待，但我們也希望對今年剩餘期間的表現保持務實預期。我們預期今年迄今所見的較疲弱表現將持續，直到我們能讓新品牌達到完整規模，並度過少數大型品牌擴大通路分銷所帶來的逆風影響。

Turning to our Women's business. Performance moderated in the second quarter, finishing down 1.5%. Despite the broader slowdown, we continue to see standout strength in our Juniors department, which delivered another 10% increase. This momentum was driven by exceptional customer response to our SO brand and a successful infusion of newness throughout the assortment. Active also outperformed the category led by Nike, which saw its largest gains of the year alongside sustained strength in our proprietary tech gear and FLX brands.

接著談我們的女裝業務。第二季表現趨於溫和，最終下滑 1.5%。儘管整體放緩，我們仍在青少女（Juniors）部門看到突出的強勢表現，該部門再度成長 10%。此動能來自顧客對我們 SO 品牌的極佳回饋，以及全商品組合成功導入新品。運動休閒（Active）亦優於該品類整體，其中 Nike 領軍，創下今年最大增幅，同時我們自有 Tek Gear 與 FLX 品牌也持續強勁。

Furthermore, our denim business returned to positive growth, and we are well positioned to build on this momentum as we transition into the critical back-to-school season. These gains were partially offset by underperformance in our intimates category. Additionally, growth in our proprietary brands slowed during the period. This was primarily a result of higher-than-anticipated sell-throughs early in the quarter, which left us inventory constrained and unable to effectively chase back into the business. We've taken decisive action to address this for the back half of the year.

此外，我們的丹寧業務重回正成長，隨著進入關鍵的返校季，我們已具備良好條件在此動能上再加速。上述成長部分被內衣品類表現不佳所抵銷。同時，我們自有品牌在本期間的成長也有所放緩。這主要是因為本季初銷售速度高於預期，導致庫存受限，無法有效追補以支撐業務。我們已採取果斷行動，以因應下半年需求。

Our new fall proprietary receipts are already off to a strong start, and we have made a significantly larger inventory investment to ensure we are better positioned to meet demand through the remainder of the year. Our Men's business improved by 100 basis points from the prior quarter, now running in line with the total company. This category continues to work through assortment edits to reduce redundancy and improve clarity in our offering. Men's is seeing strong customer engagement with proprietary brands which increased by high single digits during the second quarter.

我們新的秋季自有品牌到貨已呈現強勁開局，且我們已大幅增加庫存投資，以確保在今年剩餘期間能更好地滿足需求。我們的男裝業務較上一季改善 100 個基點，目前與公司整體表現一致。該品類持續透過商品組合調整以降低重複性並提升供應清晰度。男裝方面，顧客對自有品牌的互動度強勁，第二季自有品牌成長達高個位數百分比。

Key growth drivers include Tek Gear and FLX with FLX benefiting from the successful debut of its new golf apparel collection. The dress category also continues to be a strong category for us, driven by both proprietary and national brands from Apt. 9 and Haggar. This was offset by softness in our active national brand business. Although footwear continues to trail overall company performance, the category delivered the most significant sequential gain with comp performance accelerating approximately 500 basis points compared to Q1.

主要成長驅動因素包括 Tek Gear 與 FLX，其中 FLX 受惠於其全新高爾夫服飾系列的成功首發。正裝品類亦持續是我們的強勢品類，來自自有品牌與全國性品牌（如 Apt. 9 與 Haggar）的共同帶動。上述表現被運動類全國性品牌業務的疲弱所抵銷。儘管鞋類仍落後於公司整體表現，但該品類帶來最顯著的連續改善，同店表現較第一季加速約 500 個基點。

Momentum built across the quarter as we introduced fresh inventory and enhanced depth in core active brands like Nike and Adidas. Additionally, we saw strength in our Kids footwear business running up mid-single digits, which gives us confidence in our back-to-school assortment.

隨著我們導入新鮮庫存並加深 Nike 與 Adidas 等核心運動品牌的商品深度，本季度動能逐步增強。此外，我們也看到童鞋業務呈現中個位數百分比成長，讓我們對返校季商品組合更具信心。

Looking ahead, we are reinvesting in women's boots to capture the demand unfulfilled last year because of tariff constraints. We anticipate this category will serve as a positive driver in the fall. Overall, we remain on track for further category gains in the back half of the year. We are also further curating our product assortment by expanding our marketplace business.

展望未來，我們將再投資於女靴，以掌握去年因關稅限制而未被滿足的需求。我們預期該品類將在秋季成為正向驅動因素。整體而言，我們仍按計畫在下半年取得更多品類增長。我們也將透過擴大市集（marketplace）業務，進一步精選並優化我們的商品組合。

This year, we are more than doubling our selection of marketplace products and vendors driving relevant category and brand expansion, while early in its growth Kohl's Marketplace is becoming a more meaningful part of the business, increasing 88% this quarter. This capability creates an opportunity to attract more customers by expanding assortments to support seasonal transitions invest into white space categories and bridge inventory gaps to complement our core assortments.

今年，我們將市集商品與供應商的選擇數量增加逾一倍，以推動相關品類與品牌擴張；同時，在成長初期的 Kohl's Marketplace 正逐步成為更具意義的業務組成，本季成長 88%。此能力創造了吸引更多顧客的機會：透過擴大商品組合以支援季節轉換、投資於空白品類（white space），並彌補庫存缺口，以補強我們的核心商品組合。

Now let me move to our second initiative, reestablishing Kohl's as a leader in value and quality. We know our customers remain under financial pressure, and they are becoming increasingly choiceful, actively seeking value in every purchase. Throughout the past year, we have actively refined and differentiated our value proposition to meet these expectations by expanding coupon inclusion, testing new promotional offers and investing in our opening price point proprietary brands.

接下來談我們的第二項倡議：重新確立 Kohl's 在價值與品質方面的領導地位。我們知道顧客仍承受財務壓力，且他們在選擇上愈發謹慎，積極在每一次購買中尋求價值。在過去一年中，我們持續主動精進並差異化我們的價值主張以符合這些期待，包括擴大可使用優惠券的範圍、測試新的促銷方案，以及投資於我們入門價位帶的自有品牌。

These strategic enhancements are designed to deepen our engagement with our existing customer base while simultaneously attracting more new customers. Throughout the quarter, we made further strides in optimizing our pricing and promotional strategies.

這些策略性強化旨在加深我們與既有顧客群的互動，同時吸引更多新顧客。整個季度期間，我們在優化定價與促銷策略方面也取得進一步進展。

The successful testing of new promotional formats, including VIP cardholder events, Kohl's Deal Days and personalized Just For You offers, which generated a positive response and increased productivity with our Kohl's Card customer. Leveraging these insights, we plan to broaden our targeted pricing initiatives and promotional events to offer even greater value to our customers.

成功測試新的促銷形式，包括VIP持卡人活動、Kohl's Deal Days 以及個人化的 Just For You 優惠，獲得正面回應，並提升了我們 Kohl's Card 客戶的生產力。運用這些洞察，我們計畫擴大精準定價措施與促銷活動，為顧客提供更高的價值。

Our proprietary brands continue to serve as a cornerstone of our value proposition. We are making investments focused on enhancing our inventory depth and assortment elevating the in-store experience to better showcase our collections and scaling our marketing support to ensure these brands remain top of mind. Our entry price point brands, including Sonoma, Tek Gear and The Big One, continue to resonate with our customers who are focused on value. We believe these targeted actions will continue to resonate with our shoppers and bolster our competitive position.

我們的自有品牌持續作為我們價值主張的基石。我們正進行投資，聚焦於提升庫存深度與商品組合、升級門市體驗以更好地呈現我們的系列商品，並擴大行銷支援，確保這些品牌持續保持在顧客心中的首選位置。我們的入門價位品牌，包括 Sonoma、Tek Gear 與 The Big One，持續受到重視價值的顧客青睞。我們相信這些精準行動將持續引起消費者共鳴，並強化我們的競爭地位。

Additionally, we continue to lean into our Buy Kohl's marketing campaign we launched earlier this year. In Q2, we tested a Buy Kohl's promotion to deliver more engagement and visibility with these brands, and we are pleased with the start of this campaign and the awareness it is drawing to our proprietary brands that you can only find at Kohl's. Moving forward, we will continue to fund this campaign, leveraging a cross-channel marketing approach, utilizing a wide range of influencers on social media.

此外，我們持續加碼今年稍早推出的 Buy Kohl's 行銷活動。在第二季，我們測試了 Buy Kohl's 促銷，以提升這些品牌的互動與能見度；我們對活動的良好開端感到滿意，也看到它正在提升消費者對僅能在 Kohl's 找到之自有品牌的認知。展望未來，我們將持續投入此活動，採用跨通路行銷方式，並在社群媒體上運用多元的影響者。

As we look ahead, we are finding additional ways to feature value in our product offerings. A good example of this is our back-to-school assortment, which highlights thousands of products all under $25 price points. Building on the momentum of our deal bar and toy tower concepts in Q2, which feature items priced under $10, these offerings effectively capture incremental basket growth with trending toys, seasonal gifts and home decor.

展望未來，我們正在尋找更多方式在產品供給中凸顯價值。一個很好的例子是我們的返校商品組合，主打數千項商品皆在 25 美元以下的價位帶。延續第二季「deal bar」與「toy tower」概念的動能（主打 10 美元以下商品），這些供給有效透過流行玩具、季節性禮品與居家裝飾，帶動額外的購物籃成長。

This leads to our third initiative, delivering a frictionless shopping experience across our omnichannel platforms. Delivering a seamless inspiring experience whether in-store or online remains a critical component of our strategy. Product relevance and consistent in-stock levels are the primary enablers of this experience, and we are sharpening our focus on both.

這引出我們的第三項倡議：在全通路平台提供無摩擦的購物體驗。無論在門市或線上，提供順暢且具啟發性的體驗仍是我們策略的關鍵組成。產品相關性與穩定一致的在庫水位是促成此體驗的主要要素，我們正加強聚焦於這兩點。

We are strategically investing in inventory depth for our apparel, increasing our depth by low double digits, while simultaneously reducing our overall assortment choices by high teens to improve clarity, simplify the shopping journey and deliver trip assurance. Additionally, we are refining our allocation processes to provide better product distribution especially in our lower-volume stores that have previously faced limitations in inventory and selection. By getting the right inventory to the right place, we are confident this will drive improved engagement and productivity across our entire fleet.

我們正策略性投資於服飾的庫存深度，將深度提高低雙位數百分比，同時把整體商品選擇數量降低高十幾個百分點，以提升清晰度、簡化購物旅程並提供「到店有貨」的安心感。此外，我們也在優化配貨流程，以提供更好的商品分配，特別是過去在庫存與選擇上受限的低銷量門市。透過把正確的庫存送到正確的地點，我們有信心這將帶動全體門市網絡的互動與生產力提升。

To further support these inventory investments, we are leaning into our in-store experience and marketing efforts. We will be completing our elevated in-store experience for our Buy Kohl's brands this fall. You will see this across all stores elevating key brands like Sonoma, LC Lauren Conrad, FLX, SO and more. This experience is designed to inspire our customers with full outfitting concepts on mannequins, improved signage and way-finding to the brands they love and find your fit sizing charts to leave them to the exact styles and fits they're looking for.

為進一步支援這些庫存投資，我們正加強門市體驗與行銷工作。今年秋季，我們將完成 Buy Kohl's 品牌的升級門市體驗。你將在所有門市看到這項升級，提升包括 Sonoma、LC Lauren Conrad、FLX、SO 等關鍵品牌。此體驗旨在透過模特兒的完整穿搭概念、改善的指示牌與導引動線，帶領顧客找到他們喜愛的品牌，並透過 find your fit 尺碼表引導他們找到正在尋找的特定款式與版型。

Alongside these store enhancements for our proprietary brands, we're also investing in upgraded experiences for key strategic partners, Nike and Levi's. The elevated product displays will showcase fresh looks and inspire our shoppers. By building a more engaging environment that spotlights key brands, we empower customers to spend their money on the choices that suit them best.

除了對自有品牌進行這些門市強化外，我們也在為關鍵策略合作夥伴 Nike 與 Levi's 投資升級體驗。升級後的商品陳列將展示新鮮造型並啟發消費者。透過打造更具吸引力、聚焦關鍵品牌的環境，我們讓顧客能把錢花在最適合他們的選擇上。

Last, to meet our customers wherever they prefer to shop, we're also investing in our digital capabilities and enhancing the omnichannel experience. Store pickup has increased meaningfully and now represents over 20% of digital demand, reinforcing the advantage of using our store network to give customers greater speed, convenience and choice in how they shop with Kohl's.

最後，為了在顧客偏好的任何購物場景中與他們相遇，我們也在投資數位能力並強化全通路體驗。門市取貨顯著成長，現已占數位需求的 20% 以上，進一步凸顯運用我們的門市網絡，能為顧客提供更快的速度、更高的便利性與更多元的購物選擇。

For customers looking for same-day delivery, we continue to scale Instacart. And in July, we recently launched a new partnership with DoorDash to capture incremental demand and new customers. We are also encouraged by the early signals from agentic commerce.

對於尋求當日送達的顧客，我們持續擴大 Instacart 規模。並且在 7 月，我們近期與 DoorDash 推出新的合作夥伴關係，以捕捉增量需求與新客。我們也對 agentic commerce 的早期訊號感到鼓舞。

Adoption is still small, but customers who engage with our AI shopping assistant are showing stronger conversion and higher revenue per visit. We see significant opportunities to expand AI-assisted discovery gifting and purchase confidence over time. The modernization of our digital experience is well underway with most core customer journeys now on our new platform. Early results show faster page performance and improved customer behavior through product pages, cart and check out.

目前採用規模仍小，但與我們 AI 購物助理互動的顧客呈現更強的轉換率與更高的每次造訪營收。我們看到隨時間推進，擴大 AI 輔助的探索、送禮與購買信心方面存在顯著機會。我們的數位體驗現代化已在順利推進，多數核心顧客旅程現已移轉至新平台。初步結果顯示頁面效能更快，且顧客在商品頁、購物車與結帳流程中的行為表現有所改善。

We are also continuing to build capabilities that reduce friction, including flexible payment options such as Klarna ahead of holiday. Collectively, we believe these investments will benefit us over the long term to improve the experience for our current customers and to help us attract new customers. In closing, we have a lot of great work currently underway, and more opportunity lies ahead of us. The second quarter proved to be another step in the right direction, and I'm confident in the direction we are heading.

我們也持續建置降低摩擦的能力，包括在假期前導入 Klarna 等彈性付款選項。整體而言，我們相信這些投資將在長期帶來效益，改善現有顧客體驗並協助我們吸引新顧客。最後，我們目前有許多重要工作正在進行中，未來也有更多機會在前方。第二季證明我們又朝正確方向邁進一步，我對我們前進的方向充滿信心。

Before I hand the call over to Jill, I would like to take a moment to welcome Elliott Rogers to Kohl's as our Chief Operating Officer, who will join us on September 9. Elliott brings more than 20 years of leadership experience in retail and large-scale operational roles, has helped brands navigate through change, embrace innovation and drive results through strong execution.

在我把電話交給 Jill 之前，我想花一點時間歡迎 Elliott Rogers 加入 Kohl's 擔任營運長（Chief Operating Officer），他將於 9 月 9 日加入我們。Elliott 擁有超過 20 年零售與大型營運職務的領導經驗，曾協助品牌在變革中前行、擁抱創新，並透過強而有力的執行推動成果。

I'd also like to congratulate Arianne Parisi who will be stepping into the newly created role of Chief Customer Officer. Bringing marketing and digital experience under one leader will help foster a greater focus on the entire customer life cycle, connecting our brand positioning and customer experience. As we make important progress across the business, we are also taking meaningful steps toward building for the future. I look forward to the contributions Elliott and Arianne will make as we drive our business forward.

我也要恭喜 Arianne Parisi，她將出任新設立的首席客戶長（Chief Customer Officer）。將行銷與數位體驗整合由同一位領導者負責，將有助於更聚焦於完整的顧客生命週期，連結我們的品牌定位與顧客體驗。在我們於業務各面向取得重要進展的同時，我們也正採取具實質意義的步驟，為未來奠基。我期待 Elliott 與 Arianne 的貢獻，與我們一同推動業務向前。

With that, I will now turn 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 second quarter and year-to-date results, an update on our capital allocation and provide commentary around our updated fiscal year 2026 guidance. As you heard from Michael, Q2 is another point of progress against our key initiatives. Our comparable sales declined 0.9% in the second quarter, driven by a slight decline in both average transaction value and transactions. Year-to-date, our comp sales declined 1%.

謝謝你，Michael。在今天的電話會議中，我將提供第二季與年初至今的業績更多細節、資本配置的最新進展，並就我們更新後的 2026 會計年度財測提供說明。如同 Michael 所提到的，第二季是我們在關鍵倡議上持續推進的另一個進展點。第二季同店銷售下滑 0.9%，主要由平均交易金額與交易筆數皆小幅下降所致。年初至今，我們的同店銷售下滑 1%。

Our store sales continued to show sequential improvement or down 2%, while our digital business increased 2.8% in the quarter. As Michael mentioned, we saw the majority of our lines of business improved their sales trend from the first quarter with Home, Kids and Juniors leading the company. In addition, our Kohl's charge performance was up over 1% for the quarter and 0.6% for the year. Our Marketplace business continues to grow, up 88% compared to last year, and is becoming a more meaningful contributor to our overall performance.

我們的門市銷售持續呈現逐季改善，降幅為 2%；而本季數位業務成長 2.8%。如 Michael 所提到的，我們看到多數業務線相較第一季的銷售趨勢有所改善，其中以家居（Home）、兒童（Kids）與青少年（Juniors）領先全公司。此外，本季 Kohl's charge 表現年增超過 1%，全年至今年增 0.6%。我們的 Marketplace 業務持續成長，較去年增加 88%，並正成為整體表現中更具意義的貢獻來源。

Including the marketplace GMV growth, our comparable sales would have improved by 65 basis points and then down 0.2% in Q2. For the year, Marketplace increased 75% and would have improved our year-to-date comp by approximately 60 basis points to down 0.4%. Other revenue, which is primarily made up of our credit business, declined 1% in the second quarter and 5% year-to-date. This represents a notable trend improvement driven by the stronger Kohl's Card sales over the past couple of quarters.

若納入 Marketplace 的 GMV 成長，我們的同店銷售在第二季將改善 65 個基點，降幅為 0.2%。全年而言，Marketplace 成長 75%，將使年初至今同店銷售約改善 60 個基點至下滑 0.4%。其他營收（主要由我們的信用卡業務構成）在第二季下滑 1%，年初至今下滑 5%。這代表趨勢出現明顯改善，主要受過去幾季 Kohl's Card 銷售走強所帶動。

Gross margin improved 305 basis points in the second quarter and 162 basis points year-to-date. In Q2, we received approximately $150 million of tariff refunds of which approximately $100 million benefited our cost of merchandise sold. A portion of the refund was recorded as a reduction of inventory, shared with our vendor partners and invested to deliver greater value to our customers.

第二季毛利率改善305個基點，年初至今改善162個基點。在第二季，我們收到約1.5億美元的關稅退稅，其中約1億美元有利於我們的銷貨成本。部分退稅被記錄為存貨減項，並與供應商夥伴分享，同時投入以為顧客提供更高價值。

Excluding the impact of the tariffs, our gross margin would have increased approximately 5 basis points, in line with our guidance. SG&A expense declined 0.9% in Q2 and 1.3% year-to-date. Our Q2 decline was mainly driven by expense savings across stores, corporate and credit. Depreciation expense was $173 million in Q2 and $347 million year-to-date. Interest expense was $63 million in Q2 and $126 million year-to-date.

若排除關稅影響，我們的毛利率約僅會增加5個基點，符合我們的指引。第二季SG&A費用下降0.9%，年初至今下降1.3%。第二季的下降主要來自門市、總部與信用業務的費用節省。第二季折舊費用為1.73億美元，年初至今為3.47億美元。第二季利息費用為6,300萬美元，年初至今為1.26億美元。

In the second quarter, we retired an additional $63 million of our long-term debt at a discount of $6 million through open market debt repurchases. Year-to-date, we've repurchased a total of $113 million at a discount of $15 million. Our tax rate was 23%. This resulted in net income of $151 million in Q2 or $1.28 earnings per diluted share. Year-to-date, our net income was $137 million or $1.18 earnings per diluted share.

在第二季，我們透過公開市場回購債務，以折價600萬美元的方式，額外折價償還6,300萬美元的長期債務。年初至今，我們合計回購1.13億美元，折價1,500萬美元。我們的稅率為23%。因此第二季淨利為1.51億美元，或稀釋後每股盈餘1.28美元。年初至今淨利為1.37億美元，或稀釋後每股盈餘1.18美元。

Moving on to our balance sheet and capital allocation. We finished the second quarter in significantly better cash position compared to last year. Our cash and cash equivalents were $821 million, and we continue to operate the business with no borrowings on our ABL. This represents over a $700 million increase to our net cash position when compared to last year. This strong cash position gives us the ability to invest in our key initiatives to drive the business and deliver value to customers. Inventory decreased approximately 3% compared to last year. We continue to invest in our proprietary brand inventory while reducing redundancy to bring better value and clarity to our customers.

接下來談我們的資產負債表與資本配置。相較去年，我們在第二季結束時的現金狀況顯著更佳。我們的現金及約當現金為8.21億美元，且我們持續在ABL項下維持零借款營運。與去年相比，這代表我們的淨現金部位增加超過7億美元。強勁的現金部位使我們有能力投資於關鍵計畫，以推動業務並為顧客創造價值。存貨較去年約下降3%。我們持續投資自有品牌存貨，同時降低重複性，以為顧客帶來更好的價值與更清晰的選擇。

Our receipts were up 7% in the quarter to support trending categories such as Toys, Jewelry and Juniors. We also put forward fall seasonal receipts to capture early demand for back-to-school. In addition, our choice count was down mid-teens, while our debt increased mid-single digits, helping drive increased trip assurance for our customers. We now anticipate inventory to be down low single digits for the year.

本季我們的進貨金額增加7%，以支援玩具、珠寶與青少年（Juniors）等趨勢品類。我們也提前安排秋季季節性進貨，以掌握返校季的早期需求。此外，我們的款式數（choice count）下降約十幾個百分點，而我們的深度（depth）增加約中個位數百分點，協助提升顧客的到店購買把握度。我們目前預期全年存貨將呈現低個位數下降。

Now I want to provide an update on our current capital allocation priorities. Our first priority will always be to invest into our business. Capital expenditures year-to-date are $146 million. Prioritizing investments in our store fleet, including expanding impulse lines, deploying modernized store devices and self checkouts as well as general maintenance projects. Additionally, we are supporting our digital business by investing in site experience, automation and AI. We continue to expect our full year capital spend to be approximately $350 million to $400 million.

現在我想更新我們目前的資本配置優先順序。我們的第一優先永遠是投資於本業。年初至今資本支出為1.46億美元。我們優先投資於門市據點，包括擴大衝動購買陳列線、部署現代化門市設備與自助結帳，以及一般維護專案。此外，我們也透過投資網站體驗、自動化與AI來支持數位業務。我們仍預期全年資本支出約為3.5億至4億美元。

Second, we will continue to return capital to shareholders through our dividends. In Q2, we returned $14 million to shareholders through our quarterly dividend. And as previously disclosed, the Board on August 18, declared a quarterly cash dividend of $0.125 per share payable to shareholders on September 23.

第二，我們將持續透過股利向股東返還資本。第二季我們透過季度股利向股東返還1,400萬美元。且如先前揭露，董事會於8月18日宣告每股0.125美元的季度現金股利，將於9月23日支付給股東。

Third, we will continue to evaluate the market for opportunistic debt repurchases. Year-to-date, we have repurchased $113 million of debt at a discount of $15 million. The efforts to deleverage over the last three quarters allowed us to reduce our long-term debt to its lowest level since 2007.

第三，我們將持續評估市場，以把握機會性債務回購。年初至今，我們已回購1.13億美元的債務，折價1,500萬美元。過去三個季度的去槓桿努力，使我們的長期債務降至自2007年以來的最低水準。

And last, driven by our strong balance sheet and the confidence in our path forward, we are pleased to increase our capital returns to our shareholders. Under our existing $3 billion Board authorization, we are resuming our share repurchase program with plans to buy back approximately $100 million in stock in 2026. This represents our first buyback since 2022 and underlines our ongoing dedication to enhancing long-term shareholder value.

最後，在強健的資產負債表與對未來路徑的信心驅動下，我們很高興提高對股東的資本回饋。在現有董事會授權的30億美元額度下，我們將恢復股票回購計畫，並計畫於2026年回購約1億美元的股票。這是我們自2022年以來首次回購，並凸顯我們持續致力於提升股東長期價值。

Now let me provide some details on our updated guidance for 2026. Our second quarter results reflect the continued progress we've made against our initiatives and demonstrate the ongoing discipline with which we operate the business. While we are encouraged with our results, and we believe our strategic initiatives will allow us to make further 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年指引細節。第二季的結果反映我們在各項計畫上持續取得進展，也展現我們經營業務時一貫的紀律。雖然我們對結果感到鼓舞，且相信策略性計畫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 customer as they remain financially pressured. The realization of approximately $150 million of tariff refunds has provided us with even greater financial flexibility. We are strategically prioritizing the reinvestment of these proceeds directly into our core business initiatives to better serve our customers.

我們仍看到核心低至中等收入顧客在財務壓力下，進行更審慎的非必需性支出。約1.5億美元關稅退稅的實現，為我們帶來更大的財務彈性。我們正策略性地優先將這些資金直接再投資於核心業務計畫，以更好地服務顧客。

We are deploying this capital to uphold our commitment to value while simultaneously strengthening our inventory position to support our opening price point brands. In addition, we are investing in media to deepen customer engagement and increasing store payroll to build on positive results from our recent staffing tests, which demonstrating meaningful improvements in customer satisfaction and sales productivity. Our updated guidance does not include the impact of any future tariff refunds.

我們正運用這筆資金以維持我們對「價值」的承諾，同時強化存貨部位，以支持我們的入門價位（opening price point）品牌。此外，我們也投資媒體以深化顧客互動，並提高門市人事費用，以延續近期人力配置測試的正面成果；該測試顯示顧客滿意度與銷售生產力均有顯著改善。我們更新後的指引不包含任何未來關稅退稅的影響。

Given that context, we are raising our annual guidance and now expect comp sales to be in the range of 1.5% decrease to flat versus 2025. Adjusted operating margin to be in the range of 3.5% to 4% and adjusted earnings per diluted share of $1.80 to $2.40 and which includes tariff refund benefit of approximately $0.65.

在此背景下，我們上調全年指引，並預期同店銷售相較2025年將介於下降1.5%至持平。調整後營業利益率預期介於3.5%至4%，調整後稀釋每股盈餘為1.80至2.40美元，其中包含約0.65美元的關稅退稅效益。

Before we move to Q&A, I'd like to extend my sincere gratitude to every polls associated for your continued hard work and dedication. Your commitment and passion to serving our customers and executing against our key initiatives is helping create a stronger Kohl's with many exciting opportunities ahead.

在進入問答之前，我想向所有相關同仁致上誠摯的感謝，感謝你們持續的辛勤付出與投入。你們服務顧客並落實關鍵計畫的承諾與熱情，正協助打造更強健的Kohl's，未來也有許多令人振奮的機會。

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問題。

(Operator Instructions)

(接線員指示)

Chuck Grom, Gordon Haskett.

Chuck Grom，Gordon Haskett。

Hey, good morning. Thanks a lot. You've seen some nice improvement in your Kohl's Charge comp over the past four to six quarters from down mid-teens to positive 1% here this quarter. Historically, what is that just about the trajectory of the business, particularly in your proprietary brands, but also in your Women's business.

嗨，早安。非常感謝。過去四到六個季度，你們的Kohl's Charge同店表現有不錯的改善，從下降十幾個百分點到本季轉為正1%。從歷史角度看，這對業務走勢意味著什麼，特別是你們的自有品牌，另外也包括女裝業務？

Yeah, good morning, Chuck. What I would say, first, we're really pleased with the rebound of our Kohl's Charge customer. I think it reflects how they've reacted to a lot of the changes that we have made in the store, particularly around our proprietary brand and adding back key categories like jewelry and petites as well as the coupon inclusions.

是的，早安，Chuck。我想先說，我們對Kohl's Charge顧客的回升感到非常滿意。我認為這反映他們對我們在門市所做多項改變的反應，特別是圍繞自有品牌、把珠寶與嬌小尺碼（petites）等關鍵品類加回來，以及優惠券納入適用範圍。

I think when we look at the Kohl Charge Card, we know they never stopped shopping us. They just went elsewhere to find some of those items that weren't substitutable like jewelry and petites in our stores. So as we brought back in the brands that they've known to love for us, which was proprietary brands, they've reacted quite well, and we've seen that work. Obviously, Juniors as a standout, SO doing incredibly well.

我想當我們看Kohl Charge Card時，我們知道他們其實從未停止在我們這裡購物。他們只是到別處去找一些在我們門市無法替代的商品，例如珠寶與嬌小尺碼。因此，當我們把他們熟悉且喜愛的品牌帶回來——也就是自有品牌——他們的反應相當好，我們也看到成效。顯然，青少年（Juniors）是亮點，表現非常出色。

But Juniors, I think now is on its third almost double-digit positive quarters of comps. So really a sentiment from that customer, they're reacting to that assortment. From a women's perspective, I'd say they over penetrate their proprietary brands, about 70% of our women's apparel and our Kohl's Charge customer makes up a lot of that share as well. So bringing those items back into the store, they've reacted incredibly well.

但青少女（Juniors）方面，我認為現在已經是連續第三個、幾乎達到雙位數正成長的同店銷售季度。所以這確實反映了那群顧客的情緒——她們正在回應這個商品組合。從女裝角度來看，我會說我們自有品牌的滲透率偏高，大約占我們女裝的70%，而我們的 Kohl's Charge 信用卡顧客也占了其中很大一部分。因此把那些商品帶回門市後，顧客反應非常好。

In fact, Women's, I think you heard on the call, we had higher sell-throughs than anticipated and just couldn't chase into that business fast enough. The good news is we did accelerate our fall receipts and we're feeling really good with that business as it exited July and into August. So I would say that Kohl's Charge rebounding is definitely a function of the efforts that we had a foot, but also them reacting to the great products that we're not showcasing in our stores.

事實上，女裝方面，我想你在電話會議上也聽到了，我們的售罄率高於預期，補貨追單的速度根本跟不上。好消息是，我們已加速秋季到貨，我們對這個業務在7月結束、進入8月時的表現感覺非常好。所以我會說，Kohl's Charge 的回升，確實一方面來自我們已經在推動的各項努力，但同時也來自顧客對我們在門市展示的優質商品所做出的正面回應。

Yes. The only other thing I would add to that, Chuck, would be that it also bodes well for us in looking out into the future about the projections for our credit revenue, right?

是的。Chuck，我唯一想再補充的是，這也讓我們在展望未來、評估信用卡收入的預測時更有信心，對吧？

Exactly. Which you saw, I think, in credit revenue only being down 1% in the quarter. I'd say now, we expect that more to be probably with the company top line versus lagging just given the quick rebound we saw for this customer.

沒錯。你也看到了，本季信用卡收入只下滑了1%。我會說，現在我們預期它更可能會跟著公司營收（top line）走，而不是落後，因為我們看到這類顧客回升得很快。

Okay. You got to my second question on the credit revenue. So thanks very much. And then just on the comp in the quarter. Any color on the cadence phasing throughout the quarter. It sounds like July may be strong, but just can you confirm that? And any thoughts on back-to-school.

好的。你已經回答了我第二個關於信用卡收入的問題。非常感謝。接著想問本季同店銷售（comp）。能否談談整個季度內的節奏／分布？聽起來7月可能很強，但你能確認一下嗎？以及對返校季（back-to-school）有什麼看法？

And as we think about the back half of the year, your guide does imply a little bit of an acceleration on the stack. Can you help us think about the trajectory of the phasing here in 3Q and 4Q? And I guess what gives you the optimism that you can improve on a stock basis. So a multipart question there. Thanks.

另外，當我們看下半年，你們的指引確實暗示在疊加基礎（stack）上會有些加速。能否協助我們理解第三季與第四季的節奏走勢？以及我想問，是什麼讓你們有信心能在疊加基礎上改善？所以這是一個多段式問題。謝謝。

Sure, I can start. I think for quarterly comps, there was a lot of shifts in the calendar this quarter, particularly around Deal Days and the Prime Event. What I would say is we feel very good with how we exited July pulling forward those back-to-school receipts definitely gave us that momentum. We were able to capture that market share. And as that moves into August, we're seeing strength out of sweaters, fleece, denim.

當然，我先開始。我認為就本季同店銷售而言，這一季日曆上有不少變動，特別是圍繞 Deal Days 和 Prime 活動。我想說的是，我們對7月收官時的表現感覺非常好；把返校季到貨提前，確實帶來了那股動能。我們也因此能夠掌握市占。而進入8月後，我們看到毛衣、刷毛（fleece）、丹寧等品類表現強勁。

Even you heard Michael on the call talk about footwear improving 500 points. We're seeing our active footwear rebounding, particularly in performance and any newness that's setting in the floor. So I would say we feel good with the momentum that we brought out of July. We're building that in August as well.

你也聽到 Michael 在電話會議上提到，鞋類改善了500個基點。我們看到運動鞋類正在回升，特別是機能型（performance）以及任何剛上架、陳列到賣場的新款。所以我會說，我們對從7月延續出來的動能感覺良好。我們在8月也正在延續並加強這股動能。

As we approach the back half of the year, I think what it brackets is the guide for the back half would be flat to down [2] So kind of very similarly to how we approach the guidance for the front half of the year. We do like our initiatives. We see the progressive improvement happening. I think particularly around inventory, we're investing back into inventory. We talked about that being in a lot of our low-volume stores. We've done a lot of testing about that inventory in the stores, making sure it's productive and really saw a large movement in a sales perspective by putting in some of those basics, having that depth restoring that trip assurance.

當我們接近下半年時，我認為指引所框定的是：下半年將是持平到下滑[2]，也就是我們在制定上半年指引時採取的方式非常類似。我們確實喜歡我們的各項計畫。我們看到改善正在逐步發生。我認為特別是在庫存方面，我們正在把投資加回到庫存上。我們談過這主要是在許多低銷量門市。我們針對門市庫存做了大量測試，確保它具生產力；而從銷售角度來看，放入一些基本款、增加深度、恢復『來店必有』的安心感，確實帶來了很大的銷售提升。

So those are things that give us confidence that we can build. However, as I mentioned, we're operating really in certain times, and we have a lot of pressure on our customer from a macro perspective. So I kind of look at it as though we have really run a one in the front half. That's the midpoint of the guide. That means we do nothing different. But if the initiatives continue to progress, as we anticipate them to, that's how you then get up to the flat. And quite honestly, I would say that would build into Q4. I mean I think Q4 for us last year was a little disappointing so that we would expect to do a little better there.

所以這些都是讓我們有信心可以逐步建立表現的因素。不過如我提到的，我們正處在相當不確定的時期，從總體環境來看，我們的顧客也承受很大壓力。所以我會這樣看：我們在上半年其實已經跑在指引中位數的『-1』。那就是指引的中點。這代表我們什麼都不改變。但如果各項計畫如我們預期持續推進，這就是你如何能走到『持平』。而坦白說，我會說這會在第四季更明顯地體現。我的意思是，我們去年第四季有點令人失望，因此我們預期今年第四季會做得更好一些。

We know we fell short with some of our fall seasonal product. We know we are limited in some of our bids, particularly around home decor, boots and small electrics, all in which are doing much better as we've seen in the front half of the season and are excited about even the start to harvest into core in the back half of the season. So we would expect to be flat to exiting positively from the top end of the guide as we close out the year.

我們知道在部分秋季季節性商品上我們沒有達標。我們也知道在一些採購（bids）上受到限制，特別是在家居裝飾、靴子與小型家電等品類；而這些品類在本季前半段的表現已明顯更好，我們也對從收成季（harvest）開始、一路延伸到下半季核心檔期的開局感到興奮。因此，當我們在年底收官時，我們預期會落在持平到從指引上緣轉為正成長的狀態。

Yes. And just maybe one other thing to add two other things to add. In terms of the category performance that gives us confidence that the back half of the year has some upside potential. We think about things like team apparel. We used to have that here at Kohl's. It's coming back into stores. Joe mentioned small electrics and boots that were impacted by tariffs last year, that's something we'll overcome. It's not a challenge for us going forward.

是的。另外也許再補充兩點。就品類表現而言，讓我們對下半年存在上行空間更有信心的因素包括：像是球隊服飾（team apparel）。我們以前在 Kohl's 有做這個品類。它正在回到門市。Joe 提到的小型家電與靴子去年受到關稅影響，這部分我們會克服，未來不會是我們的挑戰。

We're also going to be rolling out, as I'd mentioned, Babies "R" Us stores to about 60 more stores roughly. And we're rolling out also jewelry, both in fine and fashion expansion as well across several hundred stores. So those things certainly bode well for us to believe that the holiday season and the balance of the year have some greater potential even in the performance that we've shown year-to-date.

此外，如我提到的，我們也將把 Babies "R" Us 門市概念擴展到大約再多60家門市。我們也將在數百家門市推動珠寶品類的上架與擴張，包含高級珠寶（fine）與流行飾品（fashion）。因此，這些因素都讓我們更相信，假期旺季以及今年剩餘期間，具備比我們年初至今所展現的表現更高的潛力。

Best of luck. Thank you, both.

祝你順利。謝謝你們兩位。

Mark Altschwager, Baird.

Mark Altschwager，Baird。

Good morning. Thank you for taking my question. I wanted to start off following up on the proprietary brands. In the prepared remarks, you flagged the slowdown due to inventory constraints. I'm curious, roughly how much sales do you think that cost you? And then just any more color you can give on what that trend has looked like as you've chased into the fall receipts?

早安。謝謝讓我提問。我想先追問自有品牌（proprietary brands）。在事先準備的發言中，你們提到因庫存限制而放緩。我好奇，你們認為這大約讓你們少了多少銷售額？另外，當你們追補秋季到貨時，能否再多分享一些這個趨勢的樣貌？

Sure. I think for proprietary brands, Mark, we're actually quite pleased. We were still up 3%. So I think this consistently shows us putting back positive comps on the board, which, of course, as this matures, is going to be not at the highest level of growth that we've seen. But we think this is really a drumbeat that we can continue to prove in to.

當然。Mark，就自有品牌而言，我們其實相當滿意。我們仍然成長了3%。所以我認為這持續顯示我們把正向同店銷售放回到成績單上；當然，隨著這項業務逐漸成熟，成長率不會維持在我們先前看到的最高水準。但我們認為這是一個我們可以持續證明並延續的穩定節奏。

I think Women's is probably the one category that we lagged in and that was you had seen kind of top line and took a little bit of a step back and it really being bifurcated between Juniors still up 10%, but in that core Women's business, we just had stronger sell-throughs. As you know, we approached the year from a conservative perspective from an inventory as we were making these changes. But really saw consumers react quite well to the changes we're making.

我認為女裝可能是我們落後的唯一品類；你看到整體營收（top line）在那裡稍微退了一步，主要呈現分化：青少女（Juniors）仍成長10%，但在核心女裝業務上，我們的售罄率更強。如你所知，因為我們在推動這些變革，所以年初在庫存上採取較保守的做法。但我們確實看到消費者對我們正在做的改變反應非常好。

So brought forward some fall receipts, like I mentioned, sweaters, fleece and denim being in a great denim cycle, seeing that both on the proprietary side, but also in Levi's on our national brand side as well. So I think we feel very well set as we approach the back half of the year. But I would say, if you kind of look at where Women's took a step back, that would say was mainly a measure of the inventory that we didn't have in stores.

所以如我先前提到的，我們把一些秋季收貨提前了，例如毛衣、刷毛與丹寧；目前正處於很好的丹寧循環，這不僅反映在自有品牌端，也同樣反映在我們全國性品牌端的 Levi's。因此，我認為在邁向下半年之際，我們的準備非常充分。但我會說，如果你回頭看女裝業務出現回落，主要是因為門市端我們缺少了一些庫存。

Thank you. And to follow up also, Jill, on the EPS guide. The range moved up to $0.80. The tariff refund was $0.65 of that. Can you talk us through the rest? I mean any of that operating versus what are the below-the-line impacts with interest expense and share count. And did anything change with respect to your back half assumptions on the gross margin and SG&A puts and takes? Thank you.

謝謝。另外也想追問一下，Jill，關於 EPS 指引。區間上調到 0.80 美元，其中關稅退稅貢獻了 0.65 美元。能否帶我們拆解一下其餘部分？我的意思是，其中有多少來自營運面、又有哪些是利息費用與股數等線下項目的影響？以及你們對下半年毛利率與 SG&A 的假設，有沒有任何變動（有哪些增減因素）？謝謝。

Sure. What I would say overall is credit revenue, obviously, was a standout for the quarter, and we expect that to get better. So high level, that's probably the biggest difference between the guide with tariffs taking in the $0.65, and I would say, credit revenue being the remainder. There are some other puts and takes in the P&L. We talked about on the call, we are going to continue to invest into value.

當然。整體來說，我會說信貸收入（credit revenue）顯然是本季的亮點，我們也預期它會持續改善。所以從高層次來看，關稅部分帶來 0.65 美元之後，指引其餘上調的最大差異，我會說就是信貸收入。損益表上還有一些其他的增減因素。我們在電話會議中也提到，我們會持續投資在「價值」上。

So I think as you look at the margin guide, you're going to expect fall to be negative now, but that gives us a lot of flexibility to make sure that we're being competitive and watching where the prices are in the back half of the year. We know and we set ourselves up for Q4 originally with our guidance. That it was going to be much more promotional and expected Q4 to be down, but I would just say now, we're set up well with these tariff refunds to invest it back into value and be competitive from a pricing perspective.

所以我認為，當你看毛利率指引時，你會預期秋季現在會是負向，但這也給了我們很大的彈性，確保我們具備競爭力，並且能在下半年觀察價格走勢。我們也知道，並且在原先的指引中就已為第四季做好準備。也就是第四季會更具促銷性，並預期第四季會下滑；但我會說，現在有了這些關稅退稅，我們的布局更好，可以把它再投回「價值」上，從定價角度保持競爭力。

We also talked about investing into both media because we need to make sure people are aware of that pricing change as well as store [apparel] We did some testing in our store payroll where we are much more customer facing with that store apparel, and we saw a nice lift in both of our sales and our customer engagement. So I would say SG&A will probably be more flattish to slightly down in the year as we make that investment. And to your point, that comes out of some of those other below-line items like D&A and interest to keep us whole from an EPS perspective.

我們也談到會投資在媒體上，因為我們需要確保消費者也知道這個價格變動；以及門市[服裝]方面。我們在門市人事（store payroll）上做了一些測試，讓門市[服裝]更偏向面向顧客，我們看到銷售與顧客互動都有不錯的提升。所以我會說，隨著我們進行這些投資，全年 SG&A 可能會比較持平到小幅下降。而如你所說，這會透過一些其他線下項目（例如折舊攤銷 D&A 與利息）來抵消，讓我們在 EPS 角度維持不受影響。

Thanks for the color. Best of luck.

謝謝補充說明。祝順利。

Paul Lejuez, Citi.

花旗的 Paul Lejuez。

Hey, it's Tracy Kogan filling in for Paul. First question, I was hoping you guys could comment on your free cash flow expectations for the year and if they've changed at all and whether that includes the tariff benefit? And then is it fair to think your capital allocation strategy at least for the remainder of the year, would favor debt repayment over share repo? And where do you expect to end the year on cash?

嗨，我是 Tracy Kogan，代替 Paul 提問。第一個問題，我希望你們可以談談今年的自由現金流預期，是否有任何變化，以及其中是否包含關稅帶來的利益？另外，是否可以合理地認為，你們至少在今年剩餘時間的資本配置策略，會更偏向償還債務而非回購股票？以及你們預期年底現金會是多少？

And then my second question is, is it fair to think that you're current trends are in line with what your implied back half guidance is of flat down to. Thanks.

第二個問題是，是否可以合理地認為，你們目前的趨勢與你們隱含的下半年指引（持平到下滑）一致？謝謝。

Sure. So okay, I'll start with the free cash flow. Really, I would say I'd start with operating cash flow, Tracy, and we think that will probably be in the, call it, $950 million, maybe up as high as $1 billion depending on where you put us on the range from that perspective. We still think CapEx will be $350 million to $400 million. We have a lot of projects that we think could be helpful, particularly in the stores as we called out on the call as well as really IT around our digital business as well.

好的。那我先從自由現金流開始。Tracy，我會先從營運現金流談起，我們認為大概會在 9.5 億美元左右，視你怎麼看區間，也可能高到 10 億美元。我們仍然認為資本支出（CapEx）會是 3.5 億到 4 億美元。我們有很多我們認為會有幫助的專案，特別是門市端（我們在電話會議也點出），以及圍繞數位業務的 IT。

So that would put you kind of in that $600 million OCF range, both of which will -- our free cash flow range, both of which will include the tariff. So that's where I feel like we have a great positioning from a cash flow generation, which gave us the opportunity to reinstate the share buyback program, which we had mentioned on the call, first time since 2022. And hopefully, you see that as a strong confidence that we have as we continue to build this business as well as the cash flow generation that this business has brought us forth with, which has helped us be able to invest back in and really show that progressive improvement.

因此，自由現金流大概會落在 6 億美元左右——我們的自由現金流區間也都會包含關稅的影響。所以我覺得我們在現金流創造上處於很好的位置，這也讓我們有機會恢復股票回購計畫（我們在電話會議中提到），這是自 2022 年以來第一次。也希望你們能把這視為我們在持續打造這個業務上的強烈信心，以及這個業務帶來的現金流創造能力，讓我們能夠再投資並真正展現持續性的改善。

I would say in terms of prioritization, I'm looking at both. I mean, obviously, we had some opportunistic buys from a debt perspective. So we'll continue to watch how those are trading and take the opportunity at the discount and take advantage of that. But I wouldn't say we're prioritizing one or the other. I also think we have a big opportunity to take advantage of where our share price is as well and do a buyback here. So I would say from my perspective, we have room to do both. I wouldn't say that one is prioritized or the other. I just think that will be more opportunistic just based on where it's trading at.

至於優先順序，我會說我兩者都在看。我的意思是，從債務角度來看，我們確實做了一些機會型的買回。所以我們會持續觀察那些債券的交易狀況，若有折價就把握機會並加以利用。但我不會說我們在優先排序其中之一。我也認為，我們在目前股價水準上也有很大的機會進行回購。所以就我看來，我們兩者都有空間可以做。我不會說哪一個更優先。我認為這會更偏向機會導向，取決於市場交易價格。

And then in terms of where I think we're going to end the year, I would say, we think we need about $700 million. I've said that many times to run the business. We will probably be over that this year, I would say, just given the cash flow generation that we had in the tariff. So I'd say that would probably be closer to $800 million to $900 million and how we ended the year, depending on how opportunistic we are in the market from a debt perspective.

至於我認為年底會是多少，我會說，我們認為營運需要大約 7 億美元。我已經講過很多次，這是用來運行業務所需。但今年我們可能會高於這個水準，主要是因為我們的現金流創造以及關稅因素。所以我會說，年底可能更接近 8 億到 9 億美元，取決於我們在債務市場上有多機會型地操作。

We've also mentioned to you we have the debt coming due in 2030 that is a non-call too. So we will look opportunistically at that debt as well, just given the high interest rates. So we may end the year with a little bit more cash holding on to that to make sure that we can address those debt levels into 2027 when the non-call period comes up.

我們也跟你們提過，我們有一筆 2030 年到期的債務，且目前是不可提前贖回（non-call）狀態。因此，考量到高利率，我們也會機會性地關注那筆債務。所以我們年底可能會多留一些現金，以確保在 2027 年不可贖回期間結束時，我們能夠處理那些債務水位。

Got you, thanks. And then your [current] trends in line with your guidance for the back half?

了解，謝謝。那你們目前的[當前]趨勢是否與你們對下半年的指引一致？

Sorry, I lost that one. I would say we feel very good with the trends. We wouldn't have guided the way we did if we weren't confident in that, Tracy.

抱歉，我剛剛沒聽清楚那個問題。我會說我們對目前的趨勢感覺非常好。如果我們對此沒有信心，我們也不會給出那樣的指引，Tracy。

Thank you very much. Good luck.

非常謝謝。祝順利。

Dana Telsey, Telsey Advisory Group.

Telsey Advisory Group 的 Dana Telsey。

Hi. Good morning, everyone. As you think about your consumer, do you see your consumer, are they -- compared to last quarter? Are they healthier, the same? What changes have you seen in the consumer profile of your core consumer. And then when you think about inventory level planning for the back half, I think inventories were down 3% this quarter. How are you planning inventory levels going forward?

嗨。各位早安。當你們思考你們的消費者時，你們看到你們的消費者——相較於上一季——是更健康、差不多，還是如何？你們在核心消費者的消費者輪廓上看到了哪些變化？另外，當你們思考下半年的庫存水位規劃時，我記得本季庫存下降了 3%。你們接下來打算如何規劃庫存水位？

And it was very impressive with the positive comp that home drove. Anything we should be watching for in Home. And then when you mentioned jewelry and impulses growth drivers for accessories, how are those performing? Is this sequential improvement? And are there any other categories and accessories that we should be watching? Thank you.

而且家居品類帶動的正向同店表現非常令人印象深刻。家居方面有什麼是我們應該留意的嗎？另外，當你提到珠寶與配飾的衝動型成長驅動因素時，它們的表現如何？這是逐季改善嗎？還有沒有其他我們應該關注的品類與配飾？謝謝。

Thanks for your questions, Dana. I'll take the first one around the consumer. I would say that the consumer is in a similar place as where we saw them in the first quarter, serving a middle to lower income customer who is -- you've heard me describe it this way in the past of family sitting around the kitchen table, trying to make life work. Gas prices, food, heating bills, things like that, that need to be taken care of as essential components of the cost structure that the family has. And then after that, making sure that they have enough left over to continue to run their household.

謝謝你的提問，Dana。我先回答第一個、關於消費者的問題。我會說消費者的狀況與我們在第一季看到的相近；我們服務的是中低收入客群——你以前也聽我這樣形容過：一家人坐在廚房餐桌旁，努力讓生活過得下去。汽油價格、食物、取暖費等，這些都必須先處理，屬於家庭成本結構中的必要支出。然後在那之後，才是確保他們還有足夠的餘裕來維持家庭運作。

And that's where we are leaning in heavily to value and making sure that all of our efforts are geared toward making sure that value is a part of what we offer, convenience in terms of the access, whether it's in the store or online. And then when a customer does choose to come see us that they have an inspiring experience as well. So we've done some work around making sure that the in-store experience has been enhanced, and we'll continue to do that through the balance of the year.

因此我們非常著力於「價值」，並確保我們所有的努力都以把價值納入我們的提供為核心；同時也提供便利性，包含門市或線上取得的便利。另外，當顧客選擇來到我們這裡時，我們也要讓他們有一個令人振奮的體驗。所以我們已經做了一些工作來確保門市體驗有所提升，並且會在今年剩餘時間持續推進。

I don't necessarily see that sentiment from a consumer perspective changing very much in the coming months as we move through the holiday time frame. And that's why, as Jill mentioned, we set our plan up to make sure that we would be able to have the flexibility to be competitive as we move through this current back-to-school season. And as we head toward holiday, which we know is typically a competitive season, and we expect that to be the case going forward.

我不一定認為從消費者角度來看，這種情緒在接下來幾個月、當我們進入假期檔期時會有太大改變。也因此，如同Jill提到的，我們在制定計畫時就確保具備足夠彈性，好讓我們在目前的返校季能保持競爭力。而當我們邁向假期檔期——我們知道那通常是競爭激烈的季節——我們也預期未來仍會如此。

So we're staying close to the consumer sentiment. We understand their positioning and their mindset, and we're bringing value everywhere we can to make sure that we're meeting the more they need to be met.

所以我們會緊貼消費者情緒。我們理解他們的處境與心態，並在所有能做的地方提供價值，確保我們能以他們需要被滿足的方式來滿足他們。

And then I think, Dana, from an inventory level perspective, as you called out, we were down 3%. We're going to expect to run the business down low single digits in the back half of the year from an inventory perspective. We think that's the right place to continue to try to drive top line but also get a little bit more productivity out of that inventory from a churn perspective.

接著我想，Dana，就你提到的庫存水位而言，我們確實下降了3%。從庫存角度看，我們預期在下半年會以低個位數的降幅來經營。我們認為這是合適的位置：一方面持續推動營收，同時也從周轉角度讓庫存產生更高的生產力。

I think from a line of business perspective, I'll let Michael also chime in here. I think we feel really pleased with Home. I think two things that lagged us last year. One was small electrics, which we had to buy down because of tariffs. We don't have to do that this year, and we're seeing really good news coming out of that Shark, Ninja, anything with innovation really working well for us. And then the second category, as we mentioned, was Home Decor. Last year, Harvest and Halloween where the first category is really impacted by tariffs. So the buys were impacted as we were in and out of the market.

就業務線的角度，我也讓Michael在這裡補充。我們對家居品類的表現感到非常滿意。我想去年有兩件事拖累了我們。第一是小型電器，因為關稅我們必須降價清理。今年不需要這麼做，而且我們看到非常好的訊號，像Shark、Ninja，以及任何具創新性的產品都對我們很有效。第二個品類，如我們提到的，是家居裝飾。去年收穫季與萬聖節，其中第一個品類受到關稅影響很大。因此在我們進出市場時，採購也受到影響。

We set that early, and we're starting to see strong sell-throughs out of that product, and we're very confident as we move into holiday decor products as well. So we think those are both big opportunities from a home perspective as we move into the back half of the year.

我們很早就把這些設定好，現在開始看到這些產品有強勁的銷售穿透（sell-through），而且當我們進入節慶裝飾產品時也非常有信心。所以我們認為，從家居角度來看，這兩個都是我們進入下半年後的重要機會。

And then Jewelry seems to be something that continues to trend incredibly well with our customers. As you know, we had gotten rid of our fine jewelry, our core customer, that Kohl's customer told us they wanted it back. We brought it back in. It's worked well, and we're expanding that now to 350 additional quarters this fall.

另外，珠寶似乎持續在我們顧客之間呈現非常強勁的趨勢。如你所知，我們曾經取消了高級珠寶；我們的核心顧客，也就是Kohl's的顧客告訴我們他們希望把它帶回來。我們把它重新引進。效果很好，而今年秋天我們會再擴展到額外350個店點。

But on top of that, just really our fashion jewelry. We've given it a home behind our Sephora pad and brought accessories together and really launching and elevating those fixtures has worked well for us is seeing some goodness coming out of fashion and bridge as well. We're seeing anything really like with personalization and sentiment doing well in that category.

但除此之外，還有我們的時尚珠寶。我們把它安排在Sephora區域後方，並把配飾整合在一起；真正推出並升級那些陳列設備後，對我們的效果很好，也看到時尚與中價位（bridge）品類有一些正向表現。我們看到像是個人化與情感訴求的商品在該品類表現都很好。

So do expect as we move into holiday, jewelry gifting is a big portion of our business. So we think we can really lean into that category and drive some additional sales there. So those are the two big categories, the accessories, in general, just outperforming. You can see when you look at accessories, without Sephora, we're up that mid-single digits. So really a category that's trending well, and we'll continue to drive that through our inventory buys and placement in the back half of the year.

因此，當我們進入假期檔期時，珠寶送禮是我們業務中很大的一部分。所以我們認為可以更著力於這個品類，並在那裡帶動額外銷售。所以這兩個是主要品類；整體而言，配飾表現就是優於其他。你可以看到，若不含Sephora，配飾是中個位數成長。所以這確實是一個趨勢良好的品類，我們會透過下半年在庫存採購與陳列配置來持續推動。

And Dana, the only other thing I would add on to what Jill said from a category perspective would be in our Kids business, our kids area of toys would be a big driver for us during the back half of the year as well. We've made significant inventory investment there across the box. The toy towers where we have items under $10 also are underpinning this idea around value. And that's an area that we've seen some strong growth in this year and want to continue that momentum with the buys and the inventory investment that we've made behind that particular category.

Dana，另外我想補充Jill所說的品類觀點：在我們的兒童業務中，玩具區在下半年也會是很大的驅動力。我們在那裡做了顯著的庫存投資，涵蓋整個品類。玩具塔（toy towers）中那些10美元以下的商品，也支撐了我們對「價值」的主張。這是我們今年看到強勁成長的領域之一，我們希望透過針對該品類的採購與庫存投資，延續這股動能。

Thank you.

謝謝。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

Hi, good morning. Just two questions for me, really. The first one is when you look at the trends in Sephora. Where do you think that is going? I think as you look into the back half of the year, and I'd even say declining. This is sort of a bit of a change, right, in the marketplace.

嗨，早安。我這邊其實就兩個問題。第一個是，當你看Sephora的趨勢時，你認為接下來會走向哪裡？我想當你看下半年，甚至我會說是在下滑。這在市場上算是一個變化，對吧。

I guess the second question I have is can you also just talk about traffic trends, what you're seeing with traffic? I think it was slightly negative this quarter, but if you can just talk through that, that would be helpful for us. Thanks.

我想第二個問題是，你們也能談談來客數（traffic）的趨勢嗎？你們看到的來客狀況如何？我記得這一季來客數是小幅為負，但如果你們能說明一下，會對我們很有幫助。謝謝。

Yes, sure. Thanks for the question, Bob. I'll take the first one and Jill can take the second. As far as Sephora is concerned, what I would tell you is that we're in a cycle where a handful of major brands are -- have experienced expanded distribution. We still have a robust pipeline of existing new brands are just not big enough at this point because they haven't scaled to offset the softness that we're seeing from some of those much larger well-established brands.

好的，當然。謝謝你的問題，Bob。我先回答第一個，第二個讓Jill來回答。就Sephora而言，我想告訴你的是：我們正處在一個週期中，有少數幾個主要品牌——已經經歷了通路擴張。我們仍然有很強的新品管線；只是現有的新品牌目前規模還不夠大，因為它們尚未擴張到足以抵消我們在一些更大型、成熟品牌上看到的疲弱。

So our focus with Sephora is really on selling these new brands that are coming through because we still have a robust pipeline, like I said, focusing on newness. We think in the back half of the year, in particular, the gifting expansion that we have outlined for our stores will be helpful in terms of driving that business. And we have holiday outposts going to 130 stores and the gift sets, like I said, will really resonate.

因此，我們在Sephora的重點，確實是把這些新進品牌賣起來，因為如我所說，我們仍有很強的新品管線，聚焦在「新鮮感」。我們認為下半年，特別是我們為門市規劃的送禮擴充，將有助於帶動這項業務。而且我們會在130家門市設置假期快閃據點（holiday outposts），以及我提到的禮盒組，將會非常能引起共鳴。

We've also added Sephora -- some Sephora items into the Q line activity. So those are the things that we're focused on. This is a cycle that happens within the beauty business, and we're just at a point right now, like I said, we're that expanded distribution means that some of these large established brands that we've had in our portfolio for a while, our customers have more access to those brands.

我們也把 Sephora——一些 Sephora 的商品納入 Q 線活動。所以這些就是我們聚焦的事項。這是美妝業務中會發生的一個週期，而我們現在所處的階段，如我所說，擴大後的通路分銷意味著，我們產品組合中一些已經納入一段時間、規模大且成熟的品牌，顧客能更容易接觸到這些品牌。

We'll build these new items and new brands coming through. And as they scale, that will help to offset. We wanted to be realistic, and that's why I said in the earlier commentary that what we're seeing right now would suggest that the performance that we've seen with Sephora will continue along the same path that we've seen through the first half of the year.

我們會持續打造這些新商品與新品牌。而隨著它們規模擴大，將有助於抵消影響。我們希望務實一些，這也是我在先前評論中提到的原因：我們目前看到的情況顯示，Sephora 的表現將會沿著我們在上半年所看到的相同軌跡持續。

And then in terms of traffic, Bob, what I would say is that we talked about ATV and traffic both being slightly down in the quarter. And I would say slightly down is probably the best performance we've seen in traffic in some time, I wouldn't say on (inaudible) 2019, this is our best traffic performance from a quarter perspective. So really seeing traffic be an enabler of the progress.

接著就人流而言，Bob，我想說的是，我們談到本季 ATV 與人流都略有下滑。而我會說，「略有下滑」大概是我們一段時間以來在人流方面看到的最佳表現；我不會說（聽不清）2019，但就季度角度來看，這是我們最好的人流表現。所以我們確實看到人流正在成為推動進展的助力。

I think part of that is our Kohl's Charge customer was not giving us all of the footsteps they were previously giving us. So Kohl's Charge being up 1 definitely comes with more trips into our store as they shop at the more frequent frequently. So benefiting from that perspective, but really feeling great about the traffic improvement that we saw this quarter.

我認為其中一部分原因是，我們的 Kohl's Charge 顧客不再像以前那樣帶來那麼多進店人次。因此，Kohl's Charge 成長 1（點）確實會帶來更多到店次數，因為他們購物更頻繁。所以我們在這方面受益，但我們對本季看到的人流改善感到非常振奮。

Thank you very much.

非常感謝。

Michael Binetti, Evercore ISI.

Michael Binetti，Evercore ISI。

Hey, guys. Thanks for taking our question here. I guess just a few on the guidance. The high end of the range for the back half embeds maybe, call it, 25 basis points of operating margin improvement on a little less than a plus 1% comp, call it, that would be the best comp we've seen in a while from you at the high end and you've been leveraging operating margins on negative comps for a long time. Is there some embedded level of reinvestment that you would start to put into play if you did to turn a corner on the comps in the second half. Maybe you could just walk us through if there's a punch list.

嗨，各位。謝謝讓我們提問。我想先問幾個關於指引的問題。下半年區間上緣隱含的可能是——大概 25 個基點的營業利益率改善，且在略低於 +1% 的同店成長之上；若以區間上緣來看，這會是你們一段時間以來最好的同店表現，而且你們在同店為負的情況下已經拉升營業利益率很久了。如果你們在下半年同店開始轉正，是否有某種隱含的再投資水準會開始啟動？也許你們可以帶我們走一遍，是否有一份待辦清單？

And then on because you just mentioned traffic versus ticket. I'm curious on given some of the changes in opening price points and the success you're having on proprietary brands and facing into some more of that, improving availability there, how you're thinking about traffic versus ticket build in the second half?

另外，因為你剛提到人流與客單。我想了解的是，考量到你們在入門價位帶的一些調整，以及自有品牌的成功、並且更積極面對這一塊、提升供應可得性，你們如何看待下半年人流與客單的構成？

And I'm sorry to ask the third one here, but we've heard from some of the mass retailers, they expect deflation in some of these core categories in the second half. Have you, as you think about ticket in the back half have you seen any of that in the competitive set? And maybe what's important to consider if we do enter a period of persistent inflation of some of us -- or deflation, sorry, that some of us remember from a few years ago.

抱歉我再問第三個問題，但我們從一些大眾零售商那裡聽到，他們預期下半年某些核心品類會出現通縮。當你們思考下半年客單時，在競品中有看到這種情況嗎？如果我們確實進入一段持續通膨——或通縮，抱歉——也就是我們當中有些人還記得幾年前那種通縮期，有哪些重點需要考量？

I'll try to hit all these, Michael. I think from a (inaudible) yeah, no problem. I think from a back half comp perspective, we have leveraged incredibly well. One of the things I did mention is we are going to invest though some of these tariffs into media and store payroll because we see the payback. So I would say the investments we're making both in price, in media, in store payroll. We're doing that because we think there's a return to be had off of those, which should help generate top-line growth.

Michael，我會盡量把這些都回答到。我想從（聽不清）開始——好的，沒問題。我認為就下半年同店的角度來看，我們的槓桿運用一直做得非常好。我確實提到過的一點是，我們會把部分關稅（帶來的空間）投入到媒體與門店人力薪資，因為我們看得到回報。所以我會說，我們在價格、媒體、門店人力薪資上的投資，之所以這麼做，是因為我們認為這些投資能帶來回報，並有助於帶動營收成長。

If we're not seeing that, then that's when we'll make adjustments accordingly. But I think there is going to be, I think, a lot of promotional activity in the market, and we need to make sure we're being competitive. So that's starting one. But two is then we need to make sure that we're informing our customers through the media side and then really ensuring they have a great experience, whether that be digitally or within the stores from a store payroll perspective. And so those are the places that we feel will drive top line and we'll get the return out of. And we have a lot of testing that gives us confidence in those investments and the top line return that we'll be getting.

如果我們沒有看到那樣的效果，我們就會相應地做出調整。但我認為市場上將會有很多促銷活動，我們必須確保具備競爭力。這是第一點。第二點是，我們需要透過媒體端把訊息傳達給顧客，並且從門店人力配置的角度，確保他們無論在線上或在門店都能有很好的體驗。因此，這些就是我們認為能推動營收、並能取得回報的投入方向。我們也做了大量測試，讓我們對這些投資以及將帶來的營收回報更有信心。

I think from an opening price point perspective, I mentioned our ATV was down slightly in the quarter. I haven't said that for some time that we've been talking because we had always kind of seen the ticket moving up. We are seeing people trade into the opening price point, as you mentioned, into proprietary brands. It's where we're making our investment from an inventory expectations perspective. And we know that, that's for the customer, they're stretched, and they're making those trade-offs. They're buying into our proprietary brands like Tek Gear and (inaudible) because it's a little bit more within their budget as their budgets are being stretched. So we did see that trade-off happening.

就入門價位帶而言，我提到本季我們的 ATV 略有下降。我們談這件事已經有一段時間沒這麼說了，因為過去我們一直看到客單在上升。如你所提，我們確實看到消費者轉向入門價位帶、轉向自有品牌。從庫存預期的角度來看，這也是我們投資的重點。我們知道，對顧客而言，他們的預算被拉得很緊，正在做這些取捨。他們會購買我們的自有品牌，例如 Tek Gear 和（聽不清），因為在預算被擠壓的情況下，這些更符合他們的預算。所以我們確實看到這種取捨正在發生。

We saw that AUR is coming down, the UPT is coming up, but not enough right now to offset it completely, which is why it was down slightly. As we move into the back half of the year, I would expect that to continue, especially given the investments we're making in price and the investments we're making in the proprietary brand portfolio. I think I hit all of them. Did I miss one?

我們看到 AUR 在下降、UPT 在上升，但目前還不足以完全抵消，因此 ATV 才會略降。當我們進入下半年，我預期這種情況會持續，特別是考量到我們在價格上的投資，以及我們在自有品牌組合上的投資。我想我都回答到了。我有漏掉哪一個嗎？

The deflation from some of the mass competitors.

一些大眾通路競爭對手的通縮。

Yeah. I wouldn't say we're seeing that yet, but I think we'll be prepared, and I think that's where we gave ourselves room from a margin perspective, how we're using the tariffs to invest back in. So we will be competitive from that perspective. So we start seeing that we will react accordingly. But I think right now, we're just seeing that shift down, but what we need is more units in the transaction.

是的。我不會說我們現在已經看到那種情況，但我認為我們會做好準備；這也是為什麼我們在毛利率角度留有空間，並把關稅（帶來的空間）用來再投資回去。因此在那方面我們會保持競爭力。如果開始看到那種情況，我們會相應調整。但我認為目前我們看到的是往下移的趨勢，而我們需要的是每筆交易有更多件數。

And a lot of things we've laid out in our strategy is driving that impulse deal bars, the under 10 deals, the toy towers. When we just talked about back-to-school, we have thousands of items under $25. So everything we're trying to do right now is drive value but get more in that basket and making sure that they leave satisfied from everything they're looking for, which is why we're also investing back into depth around trip assurance.

而我們在策略中提出的很多事情，都是為了推動這點：例如衝動購買的特價陳列架、10 美元以下優惠、玩具塔。剛才談到返校季時，我們有數千項商品低於 25 美元。所以我們現在所做的一切，都是要推動價值感，同時讓購物籃裡有更多商品，並確保顧客能帶著滿意離開、買到他們想要的一切；這也是為什麼我們也在「到店保障」（trip assurance）相關的深度供給上再投資。

Thanks so much, Jill. Appreciate it.

非常感謝你，Jill。感激不盡。

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

問答環節到此結束。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。