柯爾百貨 (KSS) 2022 Q1 法說會逐字稿

Thank you all for standing by, and welcome to the Kohl's Corporation's Q1 2022 Earnings Conference Call. (Operator Instructions)

感謝大家的支持，歡迎參加 Kohl's Corporation 的 2022 年第一季度收益電話會議。 （操作員說明）

I'll now turn the call over to your host, Mark Rupe, Vice President of Investor Relations. Sir, you may now begin.

我現在將把電話轉給您的主持人，投資者關係副總裁 Mark Rupe。先生，您現在可以開始了。

Thank you. Certain statements made on this call, including projected financial results and the company's future initiatives, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Kohl's intends forward-looking terminology, such as believes, expects, may, will, should, anticipates, plans or similar expressions to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause Kohl's actual results to differ materially from those projected in such forward-looking statements.

謝謝你。在本次電話會議上做出的某些陳述，包括預計的財務業績和公司未來的舉措，屬於 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。科爾的意圖是前瞻性術語，例如相信、預期、可能、將、應該、預期、計劃或類似的表達方式來識別前瞻性陳述。此類陳述受到某些風險和不確定性的影響，可能導致 Kohl 的實際結果與此類前瞻性陳述中的預測結果大不相同。

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

此類風險和不確定性包括但不限於 Kohl 最近的 10-K 表格年度報告中第 1A 項中描述的風險和不確定性，以及 Kohl 向 SEC 提交的其他文件中可能不時補充的風險和不確定性，所有這些通過引用明確併入本文。前瞻性陳述與最初發表的日期有關，Kohl's 不承擔更新這些陳述的義務。

In addition, during this call, we will make reference to non-GAAP financial measures. Information necessary to reconcile these non-GAAP financial measures can be found in the investor presentation filed as an exhibit to our Form 8-K filed with the SEC and is available on the company's Investor Relations website.

此外，在本次電話會議中，我們將參考非 GAAP 財務指標。協調這些非公認會計原則財務措施所需的信息可在作為提交給美國證券交易委員會的 8-K 表格的證據提交的投資者演示文稿中找到，並可在公司的投資者關係網站上找到。

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 So if you're listening to a replay of this call, it is possible that the information discussed is no longer current, and Kohl's undertakes no obligation to update such information.

請注意，此通話將被錄音。但是，不會更新此通話的重播。因此，如果您正在收聽此電話的重播，則所討論的信息可能不再是最新的，並且 Kohl's 不承擔更新此類信息的義務。

With me today are Michelle Gass, our Chief Executive Officer; and Jill Timm, our Chief Financial Officer. I will now turn the call over to Michelle.

今天和我在一起的是我們的首席執行官 Michelle Gass；和我們的首席財務官 Jill Timm。我現在將把電話轉給 Michelle。

Thank you, Mark. Good morning and welcome to Kohl's first quarter earnings conference call. Before we share details on Q1 results and long-term strategy, I want to acknowledge the much broader context of this past quarter. Over the past 3 months, Kohl's has been at the center of an unusual amount of attention and speculation. At our annual meeting last week, we were very pleased that our shareholders voted to retain all 13 of our directors. This Board is committed to overseeing the successful transformation of the company and fulfilling its fiduciary responsibility to maximize shareholder value.

謝謝你，馬克。早上好，歡迎參加科爾的第一季度收益電話會議。在我們分享第一季度業績和長期戰略的細節之前，我想承認上個季度更廣泛的背景。在過去的 3 個月裡，科爾士一直處於異常多的關注和猜測的中心。在上週的年度會議上，我們非常高興我們的股東投票決定保留所有 13 名董事。董事會致力於監督公司的成功轉型，並履行其信託責任以實現股東價值最大化。

Through this process, we have the opportunity to engage frequently and openly with our shareholders. I want to thank each of them for sharing important feedback to our Board and management team, which we take seriously. On that note, shareholders want to ensure that the Board will continue to run the sale process with shareholders' best interest in mind. We continue to engage with multiple interested parties. As we've described, they are working to prepare fully financed binding proposals.

通過這個過程，我們有機會經常和公開地與我們的股東接觸。我要感謝他們每一個人向我們的董事會和管理團隊分享重要的反饋，我們對此非常重視。在這一點上，股東希望確保董事會將繼續以股東的最佳利益為出發點來運行出售過程。我們將繼續與多個相關方進行接觸。正如我們所描述的，他們正在努力準備資金充足的具有約束力的提案。

At this point, we have formally communicated to the multiple parties in our process the specific procedures for the submission of actionable bids due in the coming weeks. We continue with our detailed diligence phase and are pleased with the number of parties who recognize the value of our business and plan. We'll update the market when it's appropriate to do so.

在這一點上，我們已經正式向我們流程中的多方傳達了在未來幾週內提交可行投標的具體程序。我們繼續進行詳細的盡職調查，並對認可我們業務和計劃價值的各方數量感到滿意。我們會在適當的時候更新市場。

While these circumstances have put some stress on our team, I'm incredibly proud of the resilience and perspective that our associates and leaders have demonstrated during this time. Throughout all of this, we have stayed focused, we are financially healthy, and we have the right strategies in place. With that perspective, let me turn to our comments on the quarter and remainder of the year.

雖然這些情況給我們的團隊帶來了一些壓力，但我為我們的同事和領導者在這段時間表現出的韌性和遠見感到無比自豪。在所有這一切中，我們一直保持專注，我們的財務狀況良好，並且我們制定了正確的戰略。帶著這個觀點，讓我談談我們對本季度和今年剩餘時間的評論。

Our first quarter results were below our expectations. While the quarter started off strong with positive low single-digit comp growth through late March, in April, demand considerably weakened as we lapped last year's stimulus and as consumers started to experience inflationary pressures. Importantly, we have seen trends notably improve in May as we moved past key stimulus weeks from last year and as the weather turned favorable, which has accelerated demand for our spring seasonal classifications.

我們的第一季度業績低於我們的預期。雖然本季度開局強勁，到 3 月底實現低個位數的正增長，但在 4 月，由於我們過去了去年的刺激措施以及消費者開始承受通脹壓力，需求大幅減弱。重要的是，我們看到 5 月份的趨勢顯著改善，因為我們已經過了去年的關鍵刺激週，並且天氣轉好，這加速了對我們春季季節性分類的需求。

In total, sales declined 5% for the first quarter, driven by our Home and Children's businesses both being down double digits percent to last year. There were also some key positives in the quarter, including the 200 stores with Sephora delivering positive low single-digit comp store sales growth as well as the continued success of our recent brand introductions.

總體而言，第一季度的銷售額下降了 5%，原因是我們的家庭和兒童業務均比去年下降了兩位數。本季度也有一些關鍵的積極因素，包括絲芙蘭的 200 家門店實現了正的低個位數銷售增長，以及我們最近推出的品牌持續成功。

Let me share a little more color on our Q1 results, starting with Home. As you're aware, the Home category benefited during the pandemic. The overall industry was up against very difficult year-over-year comparisons in the first quarter, including our Home business up more than 30% last year. Our Home sales declined 17% in the quarter and accounted for 15% of our sales. While we expect category demand to remain weak, we are adjusting to the new normal and continuing to pursue incremental areas such as outdoor furniture, expanded decor, kids' bedroom furnishings and the pet category. We will also leverage our pricing elasticity model, ensuring we stay competitive in value while taking price where it's appropriate.

讓我分享一下我們第一季度的業績，從 Home 開始。如您所知，家庭類別在大流行期間受益。整個行業在第一季度面臨非常艱難的同比比較，包括我們的家居業務去年增長了 30% 以上。我們的房屋銷售額在本季度下降了 17%，占我們銷售額的 15%。雖然我們預計類別需求將保持疲軟，但我們正在適應新常態，並繼續追求增量領域，例如戶外家具、擴展裝飾、兒童臥室家具和寵物類別。我們還將利用我們的定價彈性模型，確保我們在價格合理的同時保持價值競爭力。

As I turn to our apparel and footwear performance, it's important to call out that our spring seasonal business was pressured in Q1 due to unseasonably cooler weather, especially in our northern markets. We saw an 800 basis point difference in sales performance between our northern and southern markets in Q1. Our Children's business, which is heavily influenced by weather, saw a 12% decrease in sales with spring seasonal sales accounting for more than half the decline. The remainder was due primarily to those categories that benefited from the pandemic, including active, sleep and toys.

當我談到我們的服裝和鞋類表現時，重要的是要指出，由於異常涼爽的天氣，我們的春季季節性業務在第一季度受到壓力，尤其是在我們的北方市場。我們看到第一季度我們的北部和南部市場之間的銷售業績差異為 800 個基點。我們的兒童業務受天氣影響很大，銷售額下降了 12%，其中春季季節性銷售額佔降幅的一半以上。其餘的主要歸功於那些從大流行中受益的類別，包括運動、睡眠和玩具。

Looking ahead, we're expecting that our Children's business will improve through the remainder of the year. Spring seasonal performance has improved significantly so far in May. In addition, we are rebalancing the assortment to include more fashion, and we're launching new in-store licensed entertainment product zones in 400 stores this month to capitalize on the strong pipeline of upcoming entertainment releases. We're also positioned for a strong back-to-school season with a focus on timely key category availability, value and seasonal relevance by climate.

展望未來，我們預計我們的兒童業務將在今年剩餘時間內有所改善。到目前為止，5 月份的春季季節性表現已顯著改善。此外，我們正在重新平衡產品種類以包括更多時尚，並且本月我們將在 400 家商店推出新的店內授權娛樂產品區，以利用即將發布的強大娛樂產品線。我們還為強勁的返校季做好了準備，重點關注及時的關鍵類別可用性、價值和氣候的季節性相關性。

Now let me turn to the positives in the quarter, starting with our 200 updated stores with Sephora. The transformation underway in our stores, with our partnership with Sephora as a cornerstone, is driving impressive results. The first 200 stores with Sephora at Kohl's comped positively overall in Q1, up low single digits, driven by both Sephora sales as well as incremental basket growth with categories such as Women's, Accessories and Active.

現在讓我談談本季度的積極因素，從我們與絲芙蘭更新的 200 家商店開始。以我們與絲芙蘭的合作為基石，我們門店正在進行的轉型正在推動令人印象深刻的成果。在第一季度，Kohl's 的前 200 家絲芙蘭門店總體上呈現正增長，增長了低個位數，這得益於絲芙蘭的銷售以及女裝、配飾和活動等類別的購物籃增量增長。

From a product perspective, we saw strength across all categories, including skin care, makeup and fragrance. Top-selling brands have been the Sephora Collection, NARS, Fenty Beauty, Charlotte Tilbury, OLAPLEX and Too Faced. And we continue to attract new, younger, more diverse customers to Kohl's as well as these Sephora customers shopping across the broader Kohl's store. And they are shopping more frequently, with Sephora customers shopping nearly twice as often as our average customer.

從產品的角度來看，我們看到了所有品類的優勢，包括護膚品、化妝品和香水。最暢銷的品牌是絲芙蘭系列、NARS、Fenty Beauty、Charlotte Tilbury、OLAPLEX 和 Too Faced。我們繼續吸引新的、更年輕、更多樣化的客戶到 Kohl's 以及這些絲芙蘭客戶在更廣泛的 Kohl's 商店購物。他們購物的頻率更高，絲芙蘭顧客的購物頻率幾乎是我們普通顧客的兩倍。

We've said all along that the true incremental benefit from Sephora will occur over multiple periods as awareness and replenishment traffic builds. The Sephora performance during the first quarter indicates that this in fact is taking hold, and it gives us great confidence as we roll out another 400 Sephora at Kohl's shops by early August. We opened 48 Sephora shops during the last week of April. And while they've been only open for a few weeks, they are exceeding our plan.

我們一直說，隨著意識和補貨流量的增加，絲芙蘭的真正增量收益將在多個時期出現。 Sephora 在第一季度的表現表明這實際上正在佔據一席之地，這給了我們極大的信心，因為我們在 8 月初之前在 Kohl 的商店推出了另外 400 支 Sephora。我們在四月的最後一周開設了 48 家絲芙蘭商店。雖然它們只開放了幾個星期，但它們超出了我們的計劃。

It's again important to note that while the build-out of the Sephora shop-in-shops is at the core of these store remodels, these 200 stores, soon to be 600 by the end of summer, are the representation of the future of Kohl's. We've taken the opportunity to update, refresh and reflow the stores to deliver against our strategy of leading in the active and casual lifestyle.

再次重要的是要注意，雖然絲芙蘭店中店的擴建是這些商店改造的核心，但這 200 家商店，到夏季結束時將很快達到 600 家，代表著 Kohl's 的未來.我們藉此機會更新、更新和重新安排商店，以實現我們引領積極和休閒生活方式的戰略。

We brought our iconic active brands to the front of the store with new and elevated merchandising. We're leveraging the placement of the Sephora shop to showcase brands like Calvin Klein and a newly updated premium sunglass presentation with Luxottica. We're also deliberately placing areas of discovery throughout the store to bring excitement to our customers, and we'll continue to be agile and involved as we learn.

我們將標誌性的活躍品牌通過新的和提升的商品陳列在商店的前面。我們正在利用絲芙蘭商店的位置來展示 Calvin Klein 等品牌以及 Luxottica 最新更新的高級太陽鏡展示。我們還特意在整個商店中放置發現區域，為我們的客戶帶來興奮，我們將在學習過程中繼續保持敏捷和參與。

Importantly, these new transformed stores are working. They are positively comping. And as we hit critical mass later this summer, the 600 doors will have a material impact in enabling us to deliver a positive comp in the back half of the year.

重要的是，這些新改造的商店正在運作。他們正在積極競爭。隨著我們在今年夏天晚些時候達到臨界質量，600 扇門將產生重大影響，使我們能夠在今年下半年實現積極的競爭。

Now let me tell you about how some of our other categories are performing in the quarter. Our Men's business had a very strong quarter. Sales increased 3%, driven in part by the successful introduction of several new brands over the past 6 months, including Tommy Hilfiger, Calvin Klein and Hurley. We also saw significant growth in our tailored and dress business. Additionally, outdoor apparel, a key strategic area of ours, continue to drive outsized sales growth. This gives us confidence as we expand our partnerships with brands like Eddie Bauer and Under Armour Outdoor, which we're rolling out to more stores later this year.

現在讓我告訴你我們其他一些類別在本季度的表現如何。我們的男士業務有一個非常強勁的季度。銷售額增長了 3%，部分原因是過去 6 個月成功推出了幾個新品牌，包括 Tommy Hilfiger、Calvin Klein 和 Hurley。我們的定制和服裝業務也出現了顯著增長。此外，戶外服裝是我們的一個關鍵戰略領域，繼續推動銷售增長。這給了我們信心，因為我們擴大了與 Eddie Bauer 和 Under Armour Outdoor 等品牌的合作夥伴關係，我們將在今年晚些時候將這些品牌推廣到更多商店。

In Women's, sales outpaced the company with growth in areas like outerwear, denim, inclusive sizing and dresses, including Draper James, which exceeded our plan. Offsetting such gains was underperformance in spring seasonal categories like swim, tanks, shorts and tees, which were down double digits, but have shown a strong positive trend in May with warmer weather. Our juniors business was especially impacted due to the seasonal nature of this category and to a lesser extent, the temporary disruption related to store refreshes where juniors was repositioned within the store.

在女裝方面，銷售額超過了公司，在外套、牛仔布、包容性尺碼和連衣裙等領域的增長，包括 Draper James，這超出了我們的計劃。游泳、背心、短褲和 T 恤等春季季節性品類表現不佳，抵消了這些收益，這些品類下降了兩位數，但隨著天氣變暖，5 月份呈現出強勁的積極趨勢。由於該類別的季節性，我們的初級業務受到的影響尤其嚴重，並且在較小程度上，與商店更新相關的臨時中斷，其中初級在商店內重新定位。

And as it relates to Active, overall, it performed in line with the company. We saw growth in men's and women's apparel, offset by softness in active footwear and children's apparel. Of note, Active was up against extremely strong growth from last year when sales increased more than 90%.

由於它與 Active 相關，總體而言，它的表現與公司一致。我們看到男裝和女裝的增長被運動鞋和兒童服裝的疲軟所抵消。值得注意的是，與去年相比，Active 的增長非常強勁，當時銷售額增長了 90% 以上。

From a profitability perspective, as Jill will discuss in more detail, the lower earnings relative to last year is primarily driven by a significant step-up in investments in our strategic growth initiatives of Sephora store openings and store refreshes, lower sales, increased freight expense and heightened wage costs. And in addition, we also incurred expenses related to the recently contested proxy situation and ongoing sale process.

從盈利能力的角度來看，正如吉爾將更詳細地討論的那樣，與去年相比較低的收益主要是由於我們對絲芙蘭門店開業和門店更新的戰略增長計劃的投資大幅增加、銷售額下降、運費增加和增加的工資成本。此外，我們還發生了與最近有爭議的代理情況和正在進行的銷售過程相關的費用。

Let me now turn to how we're approaching the balance of the year and why we are expecting that our results will improve. Despite the difficult start to 2022, we expect sequential improvement in Q2 based on quarter-to-date results, followed by positive growth in the second half as our key initiatives take hold.

現在讓我談談我們如何接近今年的平衡，以及為什麼我們期望我們的結果會有所改善。儘管 2022 年開局艱難，但我們預計第二季度會根據季度至今的業績連續改善，隨著我們的關鍵舉措生效，下半年將實現正增長。

Let me share a few key reasons why we're confident in this outlook. First, as I touched on a moment ago, we expect our business to benefit from the 400 additional Sephora store openings. We opened 48 the last week of April and will open nearly 300 more in Q2, with all 400 to be opened by early August.

讓我分享一些我們對這一前景充滿信心的關鍵原因。首先，正如我剛才提到的，我們預計我們的業務將受益於新增的 400 家絲芙蘭門店。我們在 4 月的最後一周開設了 48 家，並將在第二季度再開設近 300 家，到 8 月初將開設全部 400 家。

Second, earlier this month, we significantly enhanced our Kohl's Rewards earn rate by increasing it 50% from 5% to 7.5% for those customers that also have a Kohl's credit card. We piloted it in over 100 stores over the past year and found it to be successful in driving approximately a 1% sales lift.

其次，本月早些時候，我們通過將還擁有 Kohl's 信用卡的客戶的 Kohl's Rewards 賺取率從 5% 提高到 7.5% 來顯著提高了 Kohl's Rewards 賺取率。過去一年，我們在 100 多家商店進行了試點，發現它成功地推動了大約 1% 的銷售額增長。

And third, we'll adapt our plans going forward as we navigate more volatile and challenging conditions. We're focused on driving value during the current environment, leaning into our value-oriented private brand portfolio, which outperformed this quarter, and further leveraging our pricing and promotion optimization strategies.

第三，隨著我們在更不穩定和更具挑戰性的條件下航行，我們將調整我們的計劃。我們專注於在當前環境下推動價值，傾向於本季度表現出色的以價值為導向的自有品牌組合，並進一步利用我們的定價和促銷優化策略。

Before I turn it over to Jill, let me address our 8-K filing from yesterday afternoon. As you may have seen, Doug Howe and Greg Revelle are leaving Kohl's to pursue other opportunities. Both have made meaningful contributions at Kohl's during their time here, and we wish them well in their future endeavors. As we continue to drive our strategy forward, we will use this opportunity to identify new talented leaders to enhance our capabilities and accelerate our transformation. Search firms are already engaged, and the search process is underway.

在我把它交給吉爾之前，讓我談談我們昨天下午提交的 8-K 文件。您可能已經看到，Doug Howe 和 Greg Revelle 離開 Kohl's 去尋找其他機會。在此期間，兩人都在 Kohl's 做出了有意義的貢獻，我們祝愿他們在未來的工作中一切順利。隨著我們繼續推進我們的戰略，我們將利用這個機會尋找新的有才華的領導者，以增強我們的能力並加速我們的轉型。搜索公司已經參與其中，搜索過程正在進行中。

In the meantime, we have strong interim plans in place to ensure a seamless transition. Effective immediately, Ron Murray, a long tenured Kohl's and retail merchandising executive, will now serve as interim Chief Merchandising Officer. Ron has led many strategic initiatives at the company, including active and digital merchandising, and is currently driving the transformation in Women's.

與此同時，我們制定了強有力的臨時計劃，以確保無縫過渡。即日起，長期任職 Kohl's 和零售營銷主管的 Ron Murray 現在將擔任臨時首席營銷官。 Ron 在公司領導了許多戰略舉措，包括主動和數字營銷，目前正在推動女性的轉型。

Also effective immediately, Christie Raymond, currently Marketing Executive Vice President of Customer Engagement, Media and Analytics, will serve as our interim Chief Marketing Officer. Christie, with both her Kohl's and Disney experience, brings a deep understanding of the customer and continues to play a key leadership role in our marketing evolution. Both Christie and Ron are strong leaders with proven track records. We are confident that they will do a great job leading our highly capable team and driving our strategy forward.

同樣立即生效，現任客戶參與、媒體和分析營銷執行副總裁 Christie Raymond 將擔任我們的臨時首席營銷官。憑藉她在 Kohl's 和 Disney 的經驗，克里斯蒂對客戶有著深刻的理解，並繼續在我們的營銷發展中發揮關鍵的領導作用。 Christie 和 Ron 都是實力雄厚的領導者，有著良好的業績記錄。我們相信，他們將出色地領導我們的高素質團隊並推動我們的戰略向前發展。

In summary, while the year has started out below our expectations, trends are improving, we are making changes, and the benefits of our key strategic initiatives are still in front of us. I want to thank our talented and committed associates across the country once again for their ongoing dedication to Kohl's and our customers through what has been a challenging few months.

總而言之，雖然這一年的開局低於我們的預期，但趨勢正在改善，我們正在做出改變，我們的關鍵戰略舉措的好處仍然擺在我們面前。我要再次感謝我們在全國各地才華橫溢、盡職盡責的員工，感謝他們在充滿挑戰的幾個月中對 Kohl's 和我們的客戶的持續奉獻。

With that, let me turn it over to Jill, who will give you more details on our financial results.

有了這個，讓我把它交給吉爾，他會給你更多關於我們財務業績的細節。

Thank you, Michelle, and good morning, everyone. For today's call, I'm going to review our first quarter results, discuss our capital allocation actions during the quarter and go-forward plan and then provide details on our updated 2022 guidance outlook.

謝謝你，米歇爾，大家早上好。對於今天的電話會議，我將回顧我們的第一季度業績，討論我們在本季度的資本配置行動和前進計劃，然後提供有關我們更新的 2022 年指導展望的詳細信息。

Starting with the first quarter. As Michelle indicated, sales started strong with a positive low single-digit comp through late March. Sales then considerably weakened in April as we encountered macro headwinds related to lapping last year's stimulus and an inflationary consumer environment, which resulted in a 5% decrease in net sales to last year. Digital sales slightly outperformed stores and represented 30% of net sales. Other revenue, which is primarily credit revenue, increased 8%.

從第一季度開始。正如 Michelle 所說，到 3 月下旬，銷售開始強勁，銷售額為正的低個位數。由於我們遇到了與去年的刺激措施和通貨膨脹的消費環境相關的宏觀逆風，導致 4 月份的銷售顯著減弱，導致淨銷售額比去年下降 5%。數字銷售略優於實體店，占淨銷售額的 30%。其他收入（主要是信貸收入）增長了 8%。

While our first quarter results did not meet our expectations, we have seen improved trends in May, with strength in our spring seasonal categories and continued outperformance in our stores with Sephora. And as we look to the balance of the year, we expect progressive improvement driven by key initiatives, such as the opening of 400 additional Sephora stores and enhancing the Kohl's Rewards earn rate to 7.5% for Kohl's cardholders.

雖然我們的第一季度業績沒有達到我們的預期，但我們看到 5 月份的趨勢有所改善，春季季節性品類表現強勁，絲芙蘭門店的表現持續領先。當我們展望今年的餘額時，我們預計將在關鍵舉措的推動下逐步改善，例如開設 400 家額外的絲芙蘭商店並將 Kohl's 持卡人的 Kohl's Rewards 賺取率提高到 7.5%。

Turning to gross margin. Q1 gross margin was 38.3%, down 69 basis points from last year, driven primarily by higher freight costs, offset partially by our continued pricing and promotion optimization strategies. SG&A expenses increased 10.5% to $1.3 billion driven largely by investments in our key strategic initiatives. This includes nearly $50 million to support the Sephora store openings, store refreshes and reflows.

轉向毛利率。第一季度毛利率為 38.3%，比去年下降 69 個基點，主要是由於運費上漲，部分被我們持續的定價和促銷優化策略所抵消。 SG&A 費用增長 10.5% 至 13 億美元，主要是由於對我們關鍵戰略計劃的投資。這包括近 5000 萬美元用於支持絲芙蘭門店的開業、門店更新和回流。

During Q1, we executed 220 store refreshes and constructed approximately 170 Sephora shops, with the first of these 48 Sephora shops opening the last week in April. In addition, we incurred $17 million of expense related to the proxy contest and ongoing sale process. And the remainder of the SG&A increase was driven by higher wages and transportation costs. We expect SG&A expense will remain elevated in Q2, up mid-to-high single digits as compared to last year, as we will invest an additional $40 million in our strategic growth initiatives. We will execute an additional 95 store refreshes and construct the remaining 2022 Sephora shops with a plan to open nearly 300 more Sephora stores in Q2 and approximately 50 openings in early August.

在第一季度，我們進行了 220 家門店更新，並建造了大約 170 家絲芙蘭門店，其中 48 家絲芙蘭門店中的第一家在 4 月的最後一周開業。此外，我們還發生了 1700 萬美元與代理權競賽和正在進行的銷售流程相關的費用。 SG&A 增加的其餘部分是由更高的工資和運輸成本推動的。我們預計 SG&A 費用將在第二季度保持較高水平，與去年相比達到中高個位數，因為我們將額外投資 4000 萬美元用於我們的戰略增長計劃。我們將再進行 95 家門店更新，並建設剩餘的 2022 家絲芙蘭門店，併計劃在第二季度再開設近 300 家絲芙蘭門店，並在 8 月初開設約 50 家門店。

Depreciation expense of $200 million was $11 million lower than last year due to lower technology capital spend. In total, our Q1 operating margin was 2.2%. Net income for the quarter was $14 million, and earnings per diluted share was $0.11. So to summarize, the lower earnings per share relative to last year is primarily driven by a significant step-up in investment in our strategic growth initiatives of Sephora store openings and store refreshes, the lower sales and increased freight expense and heightened wage costs. In addition, we also incurred expenses related to the recently contested proxy situation and ongoing sale process.

由於技術資本支出減少，折舊費用為 2 億美元，比去年減少了 1100 萬美元。總的來說，我們第一季度的營業利潤率為 2.2%。本季度的淨收入為 1400 萬美元，每股攤薄收益為 0.11 美元。總而言之，與去年相比，每股收益下降主要是由於我們對絲芙蘭門店開業和門店更新的戰略增長計劃的投資大幅增加、銷售額下降和運費增加以及工資成本增加。此外，我們還發生了與最近有爭議的代理情況和正在進行的銷售過程相關的費用。

Turning to the balance sheet. Our inventory balance at quarter end increased 40% compared to Q1 2021. The increase in inventory was driven by 3 key factors. First, the investment in beauty inventory to support the 200 Sephora shops opened last fall as well as the Sephora openings this year accounted for $332 million. Second, we continue to see heightened in-transit inventory due to ongoing supply chain disruptions. As a result, we have built an additional order lead time to ensure we are meeting customer demand. For the quarter, in-transit inventory increased $214 million. Third, we continue to leverage pack and hold for late holiday receipts, such as sleepwear and fleece, which added $82 million of inventory. Excluding these 3 unique factors, our inventory will be up 16.5% to last year and down 15% to 2019 levels. We expect inventory to end the year up high single digits as compared to 2021.

轉向資產負債表。與 2021 年第一季度相比，我們在季度末的庫存餘額增加了 40%。庫存增加是由三個關鍵因素推動的。首先，為支持去年秋天開設的 200 家絲芙蘭商店以及今年的絲芙蘭開業而對美容庫存的投資達到了 3.32 億美元。其次，由於持續的供應鏈中斷，我們繼續看到在途庫存增加。因此，我們建立了額外的訂單提前期，以確保我們滿足客戶需求。本季度，在途庫存增加了 2.14 億美元。第三，我們繼續利用打包和持有的假期收據，例如睡衣和羊毛，增加了 8200 萬美元的庫存。排除這 3 個獨特因素，我們的庫存將比去年增長 16.5%，比 2019 年下降 15%。與 2021 年相比，我們預計到年底的庫存將增加個位數。

Turning to cash flow. We had planned the use of cash in the first quarter as we rebuild inventory and invested in our stores through the Sephora store openings and related refreshes. In total, operating cash flow for the quarter was a use of $460 million. However, for the full year, we expect operating cash flow to be approximately $1 billion.

轉向現金流。我們計劃在第一季度使用現金，因為我們重建庫存並通過絲芙蘭門店開業和相關更新投資於我們的門店。本季度的運營現金流總計使用了 4.6 億美元。然而，我們預計全年的運營現金流約為 10 億美元。

Capital expenditures for the quarter were $221 million driven mainly by Sephora build-outs and related store refreshes. We are still planning for approximately $850 million of capital expenditures in 2022.

本季度的資本支出為 2.21 億美元，主要受絲芙蘭擴建和相關商店更新的推動。我們仍計劃在 2022 年進行約 8.5 億美元的資本支出。

Now let me discuss our capital allocation actions. We continue to return cash to shareholders in the first quarter through both share repurchases and our dividend. As it relates to our share repurchase activity, we repurchased more than 2.5 million shares for $158 million during the quarter, all of which occurred prior to our year-end earnings release as we were unable to transact subsequent to this given the ongoing sale process. We remain confident in our business and key strategic initiatives and plan on repurchasing at least $1 billion of shares in 2022, of which we expect $500 million will be executed with an accelerated share repurchase program in Q2.

現在讓我討論一下我們的資本配置行動。我們在第一季度繼續通過股票回購和股息向股東返還現金。由於它與我們的股票回購活動有關，我們在本季度以 1.58 億美元的價格回購了超過 250 萬股股票，所有這些都發生在我們發布年終收益之前，因為鑑於正在進行的銷售過程，我們無法在此之後進行交易。我們對我們的業務和關鍵戰略舉措仍然充滿信心，併計劃在 2022 年回購至少 10 億美元的股票，我們預計其中 5 億美元將在第二季度通過加速股票回購計劃執行。

As it relates to our dividend, we paid $63 million or $0.50 per share to shareholders in the first quarter. In addition, on May 10, the Board declared a quarterly cash dividend of $0.50 per share payable to shareholders on June 22.

由於與我們的股息有關，我們在第一季度向股東支付了 6300 萬美元或每股 0.50 美元。此外，董事會於 5 月 10 日宣佈在 6 月 22 日向股東派發每股 0.50 美元的季度現金股息。

Now let me provide some details on our updated outlook for 2022. We are updating our annual guidance to reflect our first quarter results and incorporate continued uncertainty in the macroeconomic environment, recognizing many headwinds, including inflation, are not likely to abate in the near future. We now expect net sales to be in the range of flat to an increase of 1% versus 2021, operating margins to be in the range of 7% to 7.2% and EPS to be in the range of $6.45 to $6.85.

現在讓我提供一些關於我們更新的 2022 年展望的詳細信息。我們正在更新我們的年度指導以反映我們的第一季度業績並納入宏觀經濟環境中的持續不確定性，認識到包括通貨膨脹在內的許多不利因素在不久的將來不太可能減弱.我們現在預計淨銷售額與 2021 年相比將持平至增長 1%，營業利潤率將在 7% 至 7.2% 之間，每股收益將在 6.45 美元至 6.85 美元之間。

As we look to the balance of the year, we expect our sales trends to strengthen as we benefit from more Sephora store openings, Active expansion and the rollout of our enhanced Kohl's Rewards program. We continue to see our Sephora stores performance accelerate, and the 48 stores that opened at the end of April are off to a great start, exceeding plan. As it relates to gross margin, we currently expect it to be down 100 to 125 basis points for the year driven by elevated freight expense and product cost inflation.

當我們展望今年的餘額時，我們預計我們的銷售趨勢將會加強，因為我們受益於更多的絲芙蘭商店開業、積極擴張以及我們增強的 Kohl's Rewards 計劃的推出。我們繼續看到我們的絲芙蘭門店業績加速增長，4 月底開業的 48 家門店開局良好，超出計劃。由於它與毛利率有關，我們目前預計，由於運費上漲和產品成本上漲，今年毛利率將下降 100 至 125 個基點。

From an expense perspective, we expect SG&A to remain elevated in Q2, up mid-to-high single digits as compared to last year. However, we are planning SG&A to improve in the second half as we move past the Sephora opening expenses, lap wage incentives from last year, continue to drive marketing efficiency and further scale self-service capabilities in stores. For the year, we expect SG&A to be up low single digits as compared to 2021. Last, we continue to expect our tax rate for the full year to be approximately 24%.

從費用的角度來看，我們預計 SG&A 將在第二季度保持較高水平，與去年相比達到中高個位數。然而，我們計劃在下半年改善 SG&A，因為我們克服了絲芙蘭的開業費用、去年的工資激勵，繼續提高營銷效率並進一步擴大商店的自助服務能力。今年，我們預計 SG&A 將比 2021 年低個位數。最後，我們繼續預計全年的稅率約為 24%。

In summary, while the year started off challenging, we are confident that as our strategies continue to roll out, our performance will progressively improve through the balance of the year. With that, we are happy to take your questions at this time.

總而言之，雖然這一年開始充滿挑戰，但我們相信，隨著我們戰略的不斷推出，我們的業績將在今年餘下時間逐步改善。有了這個，我們很高興在這個時候回答你的問題。

(Operator Instructions) Speakers, your first question is from the line of Bob Drbul of Guggenheim.

（操作員說明）演講者，您的第一個問題來自古根海姆的 Bob Drbul。

I have 2 questions. The first one is when you look on the updated outlook, just in terms of the progression and the improvement, can you just elaborate more on confidence of the outlook and just like the biggest drivers on the improved fundamental or the profitability expectations that you have?

我有 2 個問題。第一個是當您查看更新後的前景時，就進展和改善而言，您能否更詳細地闡述對前景的信心，以及改善基本面或盈利預期的最大驅動因素？

And then the second question that I have is, Michelle, can you just spend a little more time on the management changes, the management departures? Just sort of what drove that and really what you're thinking about as you do think about those positions going forward.

然後我的第二個問題是，米歇爾，你能多花點時間在管理層的變動和管理層的離職上嗎？只是推動這一點的原因，以及當你考慮這些職位的未來時你真正在想什麼。

Yes. Thanks, Bob. So to your first question, our expectations surely as we look at the balance of the year, that we will see progressive improvements. I think as we talked about this morning on the call that we did face some headwinds this past quarter, the combination of inflationary pressures, lapping the stimulus, downward pressure in categories like home and kids and then the seasonal weather impact, which as we spoke to, we've seen marked improvement as the weather improved in May. So we expect that trend to continue.

是的。謝謝，鮑勃。因此，對於您的第一個問題，當我們查看今年的餘額時，我們肯定會期望我們會看到逐步改善。我認為，正如我們今天早上在電話會議上談到的那樣，我們在過去一個季度確實面臨一些不利因素，包括通脹壓力、刺激措施、家庭和兒童等類別的下行壓力，以及季節性天氣影響，正如我們所說的那樣到，隨著五月天氣的好轉，我們看到了明顯的改善。因此，我們預計這種趨勢將繼續下去。

But I think more importantly, the biggest callout in our first quarter is what we're seeing in our transformed stores with Sephora. So those stores, the 200, which are still a very small part of our business, comped positively. And that's the total store, not just beauty, but the entire store, which really speaks to our strategy. Yes, Sephora as a cornerstone, but we made lots of changes in those stores to reflect our new strategy, putting Active in the front, reflowing categories, updating merchandising, refreshing the stores, et cetera.

但我認為更重要的是，我們第一季度最大的標註是我們在絲芙蘭改造後的商店中看到的。所以那些仍然是我們業務很小一部分的商店，即 200 家，積極競爭。這就是整個商店，不僅僅是美容，而是整個商店，這確實符合我們的戰略。是的，絲芙蘭作為基石，但我們在這些商店中進行了很多改變以反映我們的新戰略，將 Active 放在前面，重新排列類別，更新商品，更新商店等等。

So this is about scale. We are in the midst of building out a lot more Sephora shops. We will build another 400 that will take us to 600, more than half the fleet by the end of summer. And that tailwind or that positive comp now will have a material impact to lift the overall company. So that, undoubtedly, is our biggest driver. And like I said, it's beauty, but it's everything Sephora, but it's everything around that total store where you're getting the lift in the entire store.

所以這是關於規模的。我們正在建設更多的絲芙蘭商店。我們將再建造 400 架，到夏末將達到 600 架，超過一半的機隊。現在，這種順風或積極的補償將對提振整個公司產生重大影響。因此，毫無疑問，這是我們最大的驅動力。就像我說的，它是美麗的，但它是絲芙蘭的一切，但它是整個商店周圍的一切，你可以在整個商店裡得到電梯。

And it's worth noting as well that in those stores, we continue to see a lot of new customers, 25% of the customers coming in to shop at Sephora are new, they're younger, they're more diverse. We're actually seeing those customers increase their frequency. They're shopping about 2x the rate of the typical customer, and we're getting a lift to the basket. So more than half of the purchases have at least one additional item, and they're shopping categories like Active, Women's and Accessories. That is -- this is sea change for the company, right? That's our future strategy.

同樣值得注意的是，在這些商店中，我們繼續看到很多新顧客，25% 的絲芙蘭顧客是新顧客，他們更年輕，更多樣化。我們實際上看到這些客戶增加了他們的頻率。他們的購物速度大約是普通顧客的 2 倍，而我們的購物籃也很順利。因此，超過一半的購買至少有一件額外的商品，它們是運動、女士和配飾等購物類別。那就是——這對公司來說是翻天覆地的變化，對吧？這就是我們未來的戰略。

On top of that, the enhanced loyalty. So we piloted this for some time, Bob, in a number of our stores. And we got about a 1 comp point lift. We just rolled that out. So that's in front of us. We're encouraged with the tailwinds we're seeing in the Women's business, the core Women's business, call it core sportswear, casual career wear, that was down just 1%. And actually, that was pressured by the seasonal as well. So we've seen a nice shift as the weather has improved on that business. So we're looking forward to that.

最重要的是，提高了忠誠度。因此，鮑勃，我們在我們的一些商店中試行了一段時間。我們得到了大約 1 個補償點的提升。我們剛剛推出了它。所以就在我們面前。我們對女性業務的順風感到鼓舞，核心女性業務，稱為核心運動裝，休閑職業裝，僅下降了 1%。實際上，這也受到了季節性的壓力。因此，隨著天氣對這項業務的改善，我們看到了一個不錯的轉變。所以我們很期待。

Men's, especially strong, strong positive comp in the quarter. Those new brands like Tommy are doing really well. And then in addition, as we all face kind of this new normal with inflation, we're really focused on driving value. And we have a very agile model. Elasticity is key, so where we can and should take price. We are in those less elastic businesses and categories and where we do need to be even more value-oriented like in our private brands that are bit more elastic, we're taking price. So it's really navigating that process. So I look at all of this, and we expect to see sequential improvement, especially in the back half, where we are expecting a positive comp in the back half of the year.

男子，特別是強勁的，本季度強勁的積極競爭。像 Tommy 這樣的新品牌做得非常好。此外，由於我們都面臨著這種通貨膨脹的新常態，我們真正專注於推動價值。我們有一個非常敏捷的模型。彈性是關鍵，所以我們可以並且應該在哪裡定價。我們處於彈性較小的業務和類別中，我們確實需要更加以價值為導向，例如在我們的自有品牌中更具彈性，我們正在接受價格。所以它真的在導航這個過程。所以我看著這一切，我們預計會看到連續的改善，尤其是在後半段，我們預計在今年後半段會有積極的表現。

Then shifting to your second question on the executive departures. So I'd say both Doug and Greg made a lot of contributions across the company over several years. But we are going to use this opportunity to identify new talent to enhance our capabilities and really help us drive the next phase of our growth with some fresh thinking. We've already engaged search firms, which are underway.

然後轉到關於高管離職的第二個問題。所以我想說，Doug 和 Greg 多年來都在整個公司做出了很多貢獻。但我們將利用這個機會發現新人才，以增強我們的能力，並真正幫助我們以一些新的思維推動下一階段的增長。我們已經聘請了搜索公司，這些公司正在進行中。

But in the interim, we have a really strong plan. We have 2 incredible leaders, Ron Murray, on the merchandising side. He's a retail industry veteran, been around more than 30 years, both at Kohl's and other places. He's been instrumental really over the last, I'd say, 7, 8 years in driving some of our big successful initiatives. Like in the early days, our digital strategy, he was the chief merchant over digital and then led the entire active strategy, which continues to do really well. And I would also say, we brought Tom Kingsbury on the Board last year, and he's been terrific. And Tom will work with Ron as an adviser and mentor, if you will, as we, like I said, accelerate our next phase of growth.

但在此期間，我們有一個非常強大的計劃。在商品銷售方面，我們有 2 位令人難以置信的領導者 Ron Murray。他是零售行業的資深人士，在 Kohl's 和其他地方工作了 30 多年。在過去的 7 年、8 年裡，他確實在推動我們的一些重大成功舉措方面發揮了重要作用。就像我們早期的數字戰略一樣，他是數字領域的首席商人，然後領導了整個主動戰略，並且繼續做得很好。我還要說，我們去年將湯姆·金斯伯里（Tom Kingsbury）帶到了董事會，他非常棒。湯姆將作為顧問和導師與羅恩合作，如果你願意，就像我說的那樣，加速我們下一階段的增長。

And then on the marketing side, similarly, Christie Raymond, a very strong leader. She's been driving our customer engagement, media. She has deep expertise in analytics. So between both her Kohl's experience and prior to Kohl's, she came from Disney. So very much looking forward to her stepping into the role and the impact she will have. So we're in great shape, and they're leading really strong teams that are all driving our strategy forward.

然後在營銷方面，同樣是克里斯蒂·雷蒙德，一位非常強大的領導者。她一直在推動我們的客戶參與，媒體。她在分析方面擁有深厚的專業知識。因此，在她的 Kohl's 經歷和 Kohl's 之前，她來自迪斯尼。所以非常期待她進入這個角色以及她將產生的影響。所以我們的狀態很好，他們領導著非常強大的團隊，這些團隊都在推動我們的戰略向前發展。

Next question is from the line of Oliver Chen of Cowen.

下一個問題來自 Cowen 的 Oliver Chen。

Given some of the headwinds that you are seeing, how are you feeling about the inventory trends and composition relative to demand? And also would love your take on the nature of the promotional environment. And a follow-up, as you do think about products in women's and kids, what do you see as the bigger opportunities for improvement? You called out fashion and also the customers is rapidly changing in terms of going out and what they're looking for as well within apparel.

鑑於您看到的一些不利因素，您對庫存趨勢和相對於需求的構成有何看法？並且也會喜歡你對促銷環境性質的看法。後續，當您考慮女性和兒童產品時，您認為哪些是更大的改進機會？您呼籲時尚，而且客戶在外出以及他們在服裝中尋找的東西方面也在迅速變化。

Sure. It's Jill. I'll start with inventory. I think we tried to lay out that although inventory being up 40%, a lot of that was due to either investments in key initiatives like beauty and Sephora being $300 million.

當然。是吉爾。我將從庫存開始。我認為我們試圖說明，儘管庫存增長了 40%，但其中很大一部分是由於對美容和絲芙蘭等關鍵舉措的投資為 3 億美元。

A second part of that is in-transit. And if you recall, last year in the back half, we talked a lot about a higher in-transit amount of inventory. We're seeing that persist. So we'll expect that to continue in the front half of this year. But clearly, we had said we wanted to go after that inventory to make sure we had it. So we weren't sitting in a liability of not having the sales and meeting customer demand.

第二部分是在途。如果你還記得，去年下半年，我們談了很多關於更高的在途庫存量的問題。我們看到這種情況持續存在。因此，我們預計這將在今年上半年繼續。但很明顯，我們曾說過我們想追踪該庫存以確保我們擁有它。因此，我們不承擔沒有銷售和滿足客戶需求的責任。

And then the third big piece of that is pack and hold. As we did have late fall receipts, specifically in sleep and fleece, we're holding that, and we'll put that back out for sale. So still good inventory, still resonates with the customer in the fall side. The remainder of that core balance of 16% is really feeding a lot into both Women's and Active. And if you think of Women's last year, that was our most disruptive category. We are exiting out brands. We are bringing in new brands and we called it out as probably the most disadvantaged from their inventory position.

然後第三大部分是打包並持有。由於我們確實有晚秋收據，特別是在睡眠和羊毛方面，我們持有它，我們會把它放回去出售。所以仍然有很好的庫存，仍然在秋季與客戶產生共鳴。 16% 的核心餘額的其餘部分確實為女性和 Active 提供了很多。如果你想想去年的女裝，那是我們最具顛覆性的類別。我們正在退出品牌。我們正在引進新品牌，我們稱其可能是其庫存狀況中最不利的品牌。

So we made that investment. We feel very good with its positioning. Specifically, Michelle called out the key categories, dress is doing incredibly well, denim being up as well. So the places and strategies that we've talked about for a while with Women's are really resonating. And then the other piece of it is Active. And as we made that reflow of Active to the front of the store, we did give it more space. We are getting more products from our key vendors, and that's really working in terms of one of our key strategies.

所以我們進行了這項投資。我們對它的定位感覺非常好。具體來說，Michelle 列出了關鍵類別，連衣裙做得非常好，牛仔布也很受歡迎。因此，我們已經討論了一段時間的婦女組織的地點和策略確實引起了共鳴。然後它的另一部分是活躍的。當我們將 Active 回流到商店前面時，我們確實給了它更多空間。我們從我們的主要供應商那裡獲得了更多的產品，這確實符合我們的一項關鍵戰略。

So where we have the inventory is in those key initiatives that we want to continue to grow. And the other piece of it, I think, are these unique factors such as the investment in Sephora and the in-transit and supply chain disruption that we've had.

因此，我們擁有庫存的地方是我們希望繼續增長的那些關鍵舉措。我認為，另一部分是這些獨特的因素，例如對絲芙蘭的投資以及我們遇到的運輸途中和供應鏈中斷。

In terms of the promotional environment, I think (inaudible) margin was down about 69 points. A lot of that was freight. So we continue to leverage our pricing and promotional strategy, which has actually benefited and continues to benefit our margin into Q1. And we expect that to continue to benefit margin, obviously guiding down 100 to 125 basis points. The majority of that, obviously, anticipated in our original guide for freight and in the back half of the year, cost inflation. So as Michelle mentioned, we are taking price. Kohl's is known for value. It's a core tenet of who we are, and we'll continue to leverage our pricing and promotional strategies to make sure that we're delivering the right value but doing it for things that really drive and motivate the customers' behavior.

在促銷環境方面，我認為（聽不清）利潤率下降了大約 69 點。其中很多是貨運。因此，我們繼續利用我們的定價和促銷策略，這實際上已經使我們的利潤受益，並將繼續受益於第一季度。我們預計這將繼續使利潤率受益，明顯引導下降 100 至 125 個基點。顯然，其中大部分都在我們最初的貨運指南和今年下半年的成本膨脹中得到了預期。正如米歇爾所說，我們正在定價。 Kohl's 以價值著稱。這是我們的核心宗旨，我們將繼續利用我們的定價和促銷策略來確保我們提供正確的價值，但這樣做是為了真正推動和激勵客戶行為。

We had a lot of offers that just weren't driving that behavior. So we're cleaning that up. We're standing for price in a lot of different categories, such as today, we're in an LPS event. There's no coupons. It's just about pricing. And our customers really like that, especially the new customers that we're seeing come in from Sephora. And in terms of women and kids and fashion, I'll let Michelle answer that.

我們有很多報價並沒有推動這種行為。所以我們正在清理它。我們在很多不同的類別中都代表價格，例如今天，我們參加了 LPS 活動。沒有優惠券。這只是關於定價。我們的客戶真的很喜歡這樣，尤其是我們看到的來自絲芙蘭的新客戶。在女性、兒童和時尚方面，我會讓 Michelle 回答這個問題。

Yes, you bet. So first, what I'd say, Oliver, is that we continue to absolutely believe our strategy is the right one in serving this active and casual lifestyle. That's a very broad umbrella and truly reflects how people are living and how they're dressing today. And we're seeing that even as people are going out or returning to the workplace, maybe even that's in a bit of a hybrid way. They still want to dress comfortably. And so yes, we are seeing some of, call it, the more fashion or polished looks, but what we're doing is we're innovating in those spaces. So if it's men's blazers or women's tops, maybe a bit in some cases, more fashion more elevated, but we're using technical fabrics and the like. And that's resonating.

是的，你打賭。所以首先，我想說的是，奧利弗，我們仍然絕對相信我們的策略是服務於這種積極和休閒生活方式的正確策略。這是一個非常廣泛的保護傘，真正反映了人們今天的生活方式和穿著方式。我們看到，即使人們外出或返回工作場所，也可能是以一種混合的方式。他們仍然想穿著舒適。所以是的，我們看到了一些，稱之為更時尚或更精緻的外觀，但我們正在做的是我們在這些領域進行創新。所以如果是男式西裝外套或女式上衣，在某些情況下可能會更時尚更高級，但我們使用的是技術面料等。這引起了共鳴。

So I think, first of all, we are certainly not taking our foot off the gas on Active. Active, clearly up versus last year significantly, as I mentioned in my remarks. But even going back to 2019, we're still up in the Active category double digits. So over the long term, and we have lots of data and insight that this is, again, how people are intending to live their life. And also important to note that when we talk about Active, it's in its broadest sense, it's active, it's athleisure and outdoor. We're seeing a lot of momentum on the outdoor brands that we brought in, whether that's Eddie Bauer, we've got Under Armour Outdoor and even Lands' End.

所以我認為，首先，我們當然不會在 Active 上鬆懈。正如我在講話中提到的那樣，活躍，明顯比去年顯著上升。但即使回到 2019 年，我們的活躍類別仍然保持兩位數。因此，從長遠來看，我們擁有大量數據和洞察力，這再次表明人們打算如何過自己的生活。同樣重要的是要注意，當我們談論 Active 時，它是廣義上的，它是活躍的，它是運動休閒和戶外活動。我們看到我們引進的戶外品牌有很大的發展勢頭，無論是 Eddie Bauer、Under Armour Outdoor 還是 Lands' End。

But it's important to offer choice to our customers. And you specifically called out women's and kids. I'd say on the women's side, really encouraged in that kind of core Women's business and brands like Nine West that do have a bit more fashion, do have a bit more career wear doing really well.

但重要的是為我們的客戶提供選擇。你還特別提到了婦女和兒童。我想說的是，在女性方面，這種核心女性業務和九西這樣的品牌確實受到了鼓舞，這些品牌確實有更多的時尚，也有更多的職業裝做得非常好。

Our dress business is incredible. I mean we went big into dresses across a range of styles, gave it a lot more merchandising in the store, and it's well over double digits in terms of its growth, and we're just going to build from there.

我們的服裝業務令人難以置信。我的意思是我們在一系列款式的連衣裙上大放異彩，在商店裡給它更多的商品，而且它的增長遠遠超過兩位數，我們只是從那裡開始建造。

I'd say on the women's side, where we are pivoting a bit is on the junior side where we did see some fashion opportunities. That category, by the way, was really impacted by seasonal and by the disruption in the build-out in Sephora. But there's definitely tweaks that we're making around the edges.

我想說的是，在女性方面，我們正在稍作調整的是在初級方面，我們確實看到了一些時尚機會。順便說一句，該類別確實受到季節性和絲芙蘭擴建中斷的影響。但是我們肯定會在邊緣進行調整。

I'd say, in juniors, we actually went a little too heavy fashion, and we left some opportunity with some of the core basics. So the team is adjusting that. But overall, the Women's business is really healthy and a lot of opportunity as we go forward. So the changes that the team has made on the bets around dresses and denim, categories like swim, outerwear, even plus size, those things are working.

我想說，在青少年時期，我們實際上有點過於沉重，我們在一些核心基礎上留下了一些機會。所以團隊正在調整它。但總體而言，女性業務確實很健康，並且在我們前進的過程中擁有很多機會。因此，團隊在連衣裙和牛仔布、游泳、外套甚至加大碼等類別上所做的改變正在發揮作用。

And then on kids, yes, I'd say what we see is an opportunity to bring in more balance. Jumping Beans had a great quarter, positively comping. I think around the edges, though, and clearly, kids, very seasonally driven. So I think a lot of the headwinds we did see, as we shared, down about 12%. A big part of the miss was the seasonal piece, and we're seeing that bounce back in May. So hopefully, we can make up for some of the demand we didn't get in the first quarter.

然後在孩子們身上，是的，我想說我們看到的是一個帶來更多平衡的機會。 Jumping Beans 有一個很棒的季度，積極競爭。不過，我認為在邊緣，很明顯，孩子們，非常受季節性驅動。所以我認為，正如我們所分享的，我們確實看到了很多不利因素，下降了約 12%。錯過的很大一部分是季節性的，我們看到五月份反彈。因此，希望我們能夠彌補第一季度沒有得到的一些需求。

But also as we look to back-to-school, the team sees an opportunity for a better blend of some of the more casual or fashion side of kids, especially in, call it, that tween side of things. And we're also really excited about what's happening on the entertainment side of things. So there's some big releases coming up. We typically see great strength, and we have some incremental merchandising dedicated to that.

但是，當我們回到學校時，團隊看到了一個機會，可以更好地融合孩子們的一些更休閒或時尚的一面，尤其是在事物的中間部分。我們也對娛樂方面正在發生的事情感到非常興奮。所以有一些大的版本即將發布。我們通常會看到強大的力量，並且我們有一些專門的增量營銷。

So all in, I'd say, core of the strategies are working. The casual and active umbrella is broad. And then we're expecting our seasonal business to improve, and we'll make, like I said, some tweaks around the edges as it relates to what the customer is responding to. But I'd say overall, we feel really good, and that's all reflected in our guide as we look to improvement over the back half of the year and especially those positive comp performance in the second half of the year.

所以，我想說，戰略的核心正在發揮作用。休閒而活躍的傘很寬。然後我們期望我們的季節性業務會有所改善，就像我說的那樣，我們會在邊緣進行一些調整，因為它與客戶的反應有關。但我想說總體而言，我們感覺非常好，這都反映在我們的指南中，因為我們希望在今年下半年有所改善，尤其是下半年的積極競爭表現。

Next question is from the line of Mark Altschwager of Baird.

下一個問題來自 Baird 的 Mark Altschwager。

I was hoping you could give a little bit more detail on the April and May to date trends. Trying to get a better sense of, as we look at some of the softness in late Q1, what was tough comparisons on favorable weather, which may be transitory versus perhaps the broader -- a broader slowdown in demand given some of the macro pressure on the consumer. And then kind of a related question there. Curious what you're seeing in terms of credit trends. Is penetration increasing or decreasing relative to last year, seeing any changes in the health of the portfolio? Because again, in the context of where the consumer is, curious if you're seeing any signs of strain as you look at the credit trends within -- in your portfolio.

我希望您能提供更多關於 4 月和 5 月迄今為止的趨勢的詳細信息。試圖更好地了解，當我們看到第一季度末的一些疲軟時，對有利天氣的艱難比較，這可能是暫時的而不是更廣泛的——考慮到一些宏觀壓力，需求更廣泛的放緩消費者。然後是一個相關的問題。好奇您在信用趨勢方面看到的情況。與去年相比，滲透率是增加還是減少，看到投資組合的健康狀況有任何變化嗎？因為再次，在消費者所在的背景下，好奇你在查看投資組合中的信貸趨勢時是否看到任何壓力跡象。

Great. Thanks, Mark. Why don't I take the first one and then Jill can answer your credit question. So I think you said it well, like there were parts of Q1, especially in April, where we had, I'd say, 3 primary pressures. One was lapping the stimulus, and we saw that especially in a couple of categories I mentioned like Home. Second is what happened almost simultaneously was the very rapid escalation of inflationary pressures as consumers are spending a lot more on basics and fundamentals like food and gas. And then third, we have this weather thing that just amplified all of it.

偉大的。謝謝，馬克。我為什麼不拿第一個，然後吉爾可以回答你的信用問題。所以我認為你說得很好，就像第一季度的某些部分，特別是在 4 月，我們有，我想說，3 個主要壓力。一個是刺激刺激，我們看到了這一點，尤其是在我提到的幾個類別中，比如家庭。其次，幾乎同時發生的情況是通脹壓力迅速升級，因為消費者在食品和天然氣等基本生活方面的支出增加了很多。第三，我們有這種天氣的東西，它只是放大了這一切。

As I look forward, I think we probably all agree that the inflationary piece is going to be here with us for a while. I do believe that the stimulus lap was a bit of a bubble. The weather piece, as we alluded to -- as weather -- it was almost like a switch as we saw, especially in our northern markets where we saw more of a headwind, it was about an 800 basis point delta. We saw a big shift in early May. So to me, 2 of the 3 were much more pronounced in that April time frame, and we are seeing that in our business. So as we have moved past the stimulus lap and the big weather headwind, we've seen a dramatic improvement.

正如我所期待的那樣，我想我們可能都同意通脹因素將伴隨我們一段時間。我確實相信刺激圈有點像泡沫。正如我們所提到的——天氣——就像我們看到的那樣，它幾乎就像一個開關，特別是在我們看到更多逆風的北方市場，它大約是 800 個基點的增量。我們在 5 月初看到了巨大的轉變。所以對我來說，3 個中有 2 個在 4 月的時間範圍內更為明顯，我們在我們的業務中看到了這一點。因此，當我們度過刺激圈和大天氣逆風時，我們已經看到了顯著的改善。

And then on the inflation side, we're adapting our plans. So again, I'll go back to our newly renovated shops, the 200 with Sephora, but a lot of other changes. Even despite these 3 headwinds, they still comped positively overall. So as we see inflation continue, the success of those new stores is more than offsetting the consumer pressure, which to me is really, really encouraging. But yes, so to answer your question, I think 2 of the 3, we're largely past. And then as it relates to the inflation, we're making changes, but our core strategies are working up against even those pressures. And then Jill, to you.

然後在通脹方面，我們正在調整我們的計劃。再說一次，我會回到我們新裝修的商店，絲芙蘭的 200，但還有很多其他的變化。儘管有這 3 個不利因素，但它們總體上仍然是積極的。因此，當我們看到通貨膨脹持續時，這些新店的成功不僅僅是抵消了消費者的壓力，這對我來說真的非常令人鼓舞。但是，是的，所以回答你的問題，我認為 3 中的 2 ，我們基本上已經過去了。然後，由於它與通貨膨脹有關，我們正在做出改變，但我們的核心戰略正在努力應對這些壓力。然後是吉爾，給你。

Yes. And then on the Kohl's charge card, I would say we're still seeing it, what, over half of our sales. So the penetration continues to be consistent. Actually, we have seen a heightened payment rate over the last year or so as the customers are really healthy. We are starting to see that subside obviously in light of the change in the macroeconomic headwinds and lapping the stimulus. That's something that we're watching. But we have an incredibly healthy portfolio as we look at it today.

是的。然後在科爾的收費卡上，我想說我們仍然看到它，什麼，超過一半的銷售額。因此，滲透率繼續保持一致。實際上，我們看到過去一年左右的付款率有所提高，因為客戶非常健康。鑑於宏觀經濟逆風的變化和刺激措施的影響，我們開始看到這種情況明顯消退。這是我們正在關注的事情。但是，當我們今天看到它時，我們擁有一個非常健康的投資組合。

But as those payment rates do subside, we do see it revolve more, which is good from revenue, but then we have to watch from a delinquencies perspective. So at this point, there's nothing to indicate that we don't continue to see this healthy portfolio, but we are watching a tick down in that payment rate, which could lend to more delinquencies. But I think you saw our other revenue was up about 8% in the quarter. So we feel good with the health of our credit portfolio at this point.

但隨著這些支付率的下降，我們確實看到它更多地旋轉，這對收入來說是好的，但我們必須從拖欠的角度來看。所以在這一點上，沒有任何跡象表明我們不會繼續看到這種健康的投資組合，但我們正在觀察支付率的下降，這可能會導致更多的拖欠。但我認為你看到我們的其他收入在本季度增長了約 8%。因此，在這一點上，我們對我們的信貸組合的健康狀況感到滿意。

And then, Jill, the change in the operating margin guidance does look fairly modest in relation to the sales adjustment and some of the gross margin commentary. It really seems like SG&A savings in the back half of the year is key to hitting that outlook. I was hoping you could provide a little bit more color on your visibility and confidence there as we all see the inflationary pressures out there in distribution and labor and otherwise.

然後，吉爾，與銷售調整和一些毛利率評論相比，營業利潤率指導的變化看起來確實相當溫和。看來，今年下半年的 SG&A 節省是實現這一前景的關鍵。我希望你能為你的知名度和信心提供更多色彩，因為我們都看到了分配和勞動力等方面的通貨膨脹壓力。

Yes. I would say we did anticipate higher expenses in the front half of the year given the strategic investments we are making with Sephora, the reflow and the refresh. We then look at next year -- or the second half of the year, and we're lapping those same Sephora reflow, refresh investments we were making in Q3. So there's savings there.

是的。我想說，鑑於我們對絲芙蘭進行的戰略投資、回流和更新，我們確實預計上半年的支出會增加。然後我們看看明年——或下半年，我們正在重複絲芙蘭回流，更新我們在第三季度進行的投資。所以那裡有儲蓄。

We're also lapping significant hiring incentives that we made last year that we're not anticipating to need this year. We feel good with where our levels of hiring are at this point. We made significant wage adjustments in fall that we're now still up against in spring but laps in fall as well. And so all of those things will be, I think, easier compares to what you have seen in the front half of this year when you add in that investment.

我們還採用了我們去年制定的重大招聘激勵措施，而我們預計今年不會需要這些激勵措施。我們對目前的招聘水平感到滿意。我們在秋季進行了重大的工資調整，我們現在仍然在春季遇到困難，但也在秋季進行。因此，我認為，與你在今年上半年看到的情況相比，當你增加這項投資時，所有這些事情都會變得更容易。

And then secondly, marketing investments. We're continuing to leverage our marketing [ADS] to get to our goal of 4%. When you actually look at first quarter, we made more marketing investments, and we didn't leverage our ADS because as we look at our media mix modeling, we are able to move some spending out of Q4 into Q1, which helped us from an optimization and efficiency perspective. So we'll get further leverage in marketing in the back half of the year that we didn't see in Q1 of this year as well.

其次，營銷投資。我們將繼續利用我們的營銷 [ADS] 來實現 4% 的目標。當您實際查看第一季度時，我們進行了更多的營銷投資，並且我們沒有利用我們的 ADS，因為當我們查看我們的媒體組合建模時，我們能夠將一些支出從 Q4 轉移到 Q1，這幫助我們從優化和效率的觀點。因此，我們將在今年第一季度也沒有看到今年下半年在營銷方面獲得進一步的影響力。

And then third, we'll continue to leverage our automation in the stores for store labor. We'll have self-pickup. The self-returns will continue to expand. And then we're doing more robust testing on self-checkout. So those are definite ways that we'll be addressing the top expenses that we're seeing as well as having some easier compares in fall based on the investments we made last year that we're not having to make this year such as an incentive.

第三，我們將繼續利用我們在商店中的自動化來提供商店勞動力。我們會自取。自我回報將繼續擴大。然後我們正在對自助結賬進行更強大的測試。因此，這些是我們將解決我們所看到的最高費用的明確方法，並根據我們去年進行的投資（例如激勵措施）在秋季進行一些更容易的比較.

Next question is from the line of Chuck Grom of Gordon Haskett.

下一個問題來自 Gordon Haskett 的 Chuck Grom。

I heard you talk about the second half comps being positive, but I didn't hear what you expect for the second quarter. It sounds like May has improved a lot. But just wondering if you could just help us with our modeling on that though.

我聽說你談到下半年的比賽是積極的，但我沒有聽到你對第二季度的期望。聽起來五月已經進步了很多。但只是想知道您是否可以幫助我們進行建模。

Yes. I think we expect May -- May has gotten notably better. We expect Q2 to be better, but we're also being cognizant of the environment that we're working in. So I would say we're going to expect it to be down maybe in that low single-digit range in Q2, especially as we're still ramping up and opening up those shops. We'll have all of our shops open, I think, by the first week of August. So having that big benefit in the back half of the year from having the disruption gone, the shops open and benefiting from those initiatives. So I would say I would model a low single digit in Q2.

是的。我認為我們預計五月 - 五月會明顯好轉。我們預計第二季度會更好，但我們也認識到我們正在工作的環境。所以我想說我們預計第二季度它可能會下降到個位數的低範圍內，尤其是因為我們仍在加速並開設這些商店。我想，到八月的第一周，我們所有的商店都會開門。因此，在今年下半年從中斷消失中獲得了巨大的收益，商店開業並從這些舉措中受益。所以我會說我會在第二季度建模一個低個位數。

Okay. And then you called out a low single-digit lift in stores with Sephora. I thought on the fourth quarter call, you guys called out a mid-single-digit lift. And I could be completely wrong there, but I didn't know if it changed at all in terms of the improvement that you're seeing from Sephora.

好的。然後你在絲芙蘭的商店裡喊出了一個低個位數的提升。我想在第四季度的電話會議上，你們喊出了中個位數的提升。而且我可能完全錯了，但我不知道它是否完全改變了你從絲芙蘭看到的改進。

Yes. So I think it's 2 different compares. What we had said was the Sephora stores were outpacing our existing stores by mid-single digits. Now we're actually just telling you the comp in the Sephora stores is a low single-digit positive comp. So in -- historically, we were making a compare versus Sephora versus non-Sephora. Now we're actually just giving you the performance given that they've been open for a longer period of time.

是的。所以我認為這是兩個不同的比較。我們所說的是絲芙蘭商店的增長速度超過了我們現有的商店中個位數。現在我們實際上只是告訴你絲芙蘭商店的商品是一個低個位數的正商品。所以在 - 從歷史上看，我們正在與絲芙蘭與非絲芙蘭進行比較。現在我們實際上只是為您提供性能，因為它們已經開放了更長的時間。

Okay. Okay. I just wanted to clarify. We got a couple of questions today on that front. And then just bigger picture on the consumer -- I'm sorry, go ahead.

好的。好的。我只是想澄清一下。我們今天在這方面有幾個問題。然後是關於消費者的更大圖景——對不起，請繼續。

I was going to say also, if you look at it, they're up a low single digit, company was down 5%. So you can see that it's accelerated on -- its setting itself apart from the non-Sephora stores as well. So that mid-single digit would actually be better if we gave you that compare, but we just thought it would be easier to give you low single digit from a modeling perspective.

我還要說，如果你看一下，它們上漲了一個低個位數，公司下跌了 5%。所以你可以看到它正在加速 - 它也將自己與非絲芙蘭商店區分開來。因此，如果我們給您進行比較，那麼中間個位數實際上會更好，但我們只是認為從建模的角度給您低個位數會更容易。

Yes. Okay. I'm sorry to cut you off there, Jill. And then just on the consumer, the inflationary pressures that everybody is talking about, I was wondering if you guys could just maybe go a little bit -- a layer deeper on any insights on that front. Are you seeing certain demographic cohorts behaving differently, particularly maybe with the lower income customer that you serve? Are you seeing trade down into certain private brands? Just wonder if you can amplify on that comment.

是的。好的。很抱歉打斷你，吉爾。然後就消費者而言，每個人都在談論的通貨膨脹壓力，我想知道你們是否可以稍微深入一點 - 在這方面的任何見解上更深入一點。您是否看到某些人口群體的行為有所不同，尤其是您所服務的低收入客戶？您是否看到某些自有品牌的交易下降？只是想知道您是否可以放大該評論。

Yes, you bet, Chuck. Thanks for the question. So I'll take that one. Yes, I mean, if you peel it back, I think what we're seeing is a bit of a bifurcation. So we are seeing some customers who are trading up into those more premium brands and a lot of the newness we've brought in, like Calvin and Tommy, even brands like Hurley, et cetera, Levi's. And then you also see though a lot of customers going to the private brand. So Sonoma, Jumping Beans, those 2 brands had especially strong comps this past quarter.

是的，你打賭，查克。謝謝你的問題。所以我會拿那個。是的，我的意思是，如果您將其剝離，我認為我們所看到的有點分叉。因此，我們看到一些客戶正在購買那些更優質的品牌以及我們帶來的許多新品，比如 Calvin 和 Tommy，甚至是 Hurley 等品牌，還有 Levi's。然後你也會看到很多客戶選擇了自有品牌。因此，Sonoma、Jumping Beans 這兩個品牌在上個季度的表現尤為強勁。

But I think as it relates to -- as we go deeper around the consumer dynamics, I mean, one thing we are seeing is like as customers are coming in, we're still keeping our customers, but we're actually seeing the average spend go down a little bit. Or another way to look at it is our units per transaction have come under a bit more pressure this quarter, which also says to us that customers, their wallets are being squeezed. And so they're coming into the store, and they're being a bit more mindful of the brands they're buying and what's all going in their basket.

但我認為，當我們更深入地了解消費者動態時，我的意思是，我們看到的一件事是，當客戶進來時，我們仍在留住客戶，但我們實際上看到的是平均水平花掉一點點。或者換個角度來看，我們的每筆交易單位在本季度承受了更大的壓力，這也告訴我們客戶，他們的錢包正在被擠壓。所以他們進入商店，他們更加註意他們購買的品牌以及他們購物籃裡的東西。

But we're just having that conversation on the Sephora side, we're actually seeing the opposite in those stores where the UPTs in those stores and the Sephora shops are higher than the average, and those customers are coming in more frequently. So like we continue to say, as those scale -- and by the way, to Jill's point, on the low single-digit total comp, that's what we saw in Q1. That doesn't mean it's not going to accelerate in the back half because those stores also had some of the pressures like home and what have you it overcame. So I wouldn't necessarily say that's the definitive end-all deal. We're actually expecting that over time, we'll continue to see an acceleration in performance.

但我們只是在絲芙蘭方面進行了對話，我們實際上在那些商店和絲芙蘭商店的 UPT 高於平均水平的商店中看到了相反的情況，而且這些客戶更頻繁地光顧。所以就像我們繼續說的那樣，隨著規模的擴大——順便說一下，在吉爾的觀點上，在低個位數的總收入上，這就是我們在第一季度看到的。這並不意味著它不會在後半區加速，因為這些商店也有一些壓力，比如回家，你克服了什麼。所以我不一定會說這是最終的最終交易。我們實際上預計，隨著時間的推移，我們將繼續看到性能的加速。

But yes, as it relates to the overall kind of dynamics around the inflation, like I said, I think we're more seeing it in a little bit pressure to the basket. We are encouraged with customers continuing to shop us. And for us, going forward, it's just that much more refined on how we're pricing our goods. So we've built over time these elasticity models, and we're actually seeing good response. So where we are going deeper on price in those highly elastic categories and products like Jumping Beans, I go back to that, kids, we're actually going deeper in price or offering more value, and we see a commensurate lift in units.

但是，是的，因為它關係到圍繞通脹的整體動態，就像我說的那樣，我認為我們更多地看到它對籃子的一點壓力。我們很高興有客戶繼續購買我們。對我們來說，展望未來，我們對商品的定價方式會更加精緻。所以我們隨著時間的推移建立了這些彈性模型，我們實際上看到了很好的反應。因此，我們在那些高度彈性的類別和產品（如 Jumping Beans）中進一步提高價格，我回過頭來說，孩子們，我們實際上是在提高價格或提供更多價值，並且我們看到了相應的單位提升。

On the flip side, in categories like dress apparel or even dresses, so men's and women's dress apparel, we can take more price. You'll, of course, have national brands where they set their pricing so we're also navigating that dynamic. But a lot of flexibility, a lot of agility in our model to change prices quickly as well, which we are doing to be responsive. But yes, hopefully, that gives you a sense of both what we're seeing as well what we're doing about it.

另一方面，在正裝甚至連衣裙等類別中，男士和女士正裝，我們可以採取更高的價格。當然，您將擁有國家品牌，他們在其中設定定價，因此我們也在探索這種動態。但是我們的模型具有很大的靈活性和敏捷性，可以快速更改價格，我們正在這樣做以做出響應。但是，是的，希望這能讓您了解我們所看到的以及我們正在做的事情。

Next question is from the line of Stephanie Wissink of Jefferies.

下一個問題來自 Jefferies 的 Stephanie Wissink。

It's Blake on for Steph. I wanted to ask a little more on supply chain. Apologies if I missed this earlier, but wondering if you talked about kind of what are you expecting for the rest of the year for supply chain. It sounds like that was an impact to gross margin in the Q1. How do we think about what you're embedding for the rest of the quarters, for the rest of the year? And then maybe if you could hone in a little bit on your ability to still source private label and the fuel cost side of it?

這是斯蒂芬的布萊克。我想問更多關於供應鏈的問題。抱歉，如果我早些時候錯過了這一點，但想知道您是否談到了您對今年餘下時間對供應鏈的期望。聽起來這對第一季度的毛利率產生了影響。我們如何看待您在剩下的幾個季度和今年剩下的時間裡嵌入的內容？然後也許你能稍微磨練一下你仍然採購自有品牌的能力和它的燃料成本方面？

Sure. So I think we have acknowledged, obviously, freight is going to be a headwind for us. It was a headwind in Q1. We expect it to continue to be a headwind throughout the year. We do lap some of that in Q4. So we expect to see a little bit less in Q4. But we gave our margin guidance to be down 100 to 125 points. And really, that's to account for the freight piece, the inflation piece, and then we're offsetting that through our strategic initiatives such as the simplified pricing and promotion and also benefiting from our sourcing initiatives that we've talked about over the last year, which has helped us mitigate against some of the inflation earlier into this year. So I think we expect it to continue to persist. We expect the freight cost to be a headwind for us this year and planned accordingly from that perspective.

當然。所以我認為我們已經承認，顯然，貨運將成為我們的逆風。這是第一季度的逆風。我們預計它將在全年繼續成為逆風。我們確實在第四季度完成了一些。所以我們預計第四季度會少一些。但我們將保證金指引下調了 100 至 125 點。真的，這是為了考慮運費和通貨膨脹，然後我們通過我們的戰略舉措來抵消它，比如簡化定價和促銷，並從我們去年討論過的採購舉措中受益，這幫助我們緩解了今年早些時候的一些通貨膨脹。所以我認為我們預計它會繼續存在。我們預計今年的貨運成本對我們來說是一個不利因素，並從這個角度進行了相應的計劃。

From a sourcing perspective, we have a pretty diversified country of origin. We have a lot of diversification from our factories. And so we have a head of sourcing who has continued to navigate this incredibly well. We have added more lead times into our transit calendar, knowing that there has been a slowdown and given the disruption. We want to make sure that we were receiving these goods timely and meeting consumer demand. And in some cases, we have to bring those goods in a little early because it comes faster. We'd rather err on that side than last year when we didn't have the goods to serve our customers.

從採購的角度來看，我們有一個相當多元化的原產國。我們的工廠有很多多樣化。因此，我們有一位採購主管，他一直在這方面做得非常好。我們在運輸日曆中增加了更多的交貨時間，因為我們知道已經放緩並考慮到中斷。我們希望確保我們及時收到這些商品並滿足消費者的需求。在某些情況下，我們必須提早一點，因為它來得更快。我們寧願在這方面犯錯，也不願去年我們沒有貨物來服務我們的客戶。

So we've been working through the supply chain disruption. We expect that, that will continue. We don't expect that to abate this year, and we'll continue to watch that into 2023. But I think we've made the adjustments accordingly, and our head of sourcing continues to work with our factories and our countries of production to make sure that we're able to continue to produce. And I think the diversification that we have has afforded us that opportunity.

所以我們一直在努力解決供應鏈中斷問題。我們預計，這種情況將繼續下去。我們預計今年這種情況不會減弱，我們將繼續觀察到 2023 年。但我認為我們已經做出了相應的調整，我們的採購主管繼續與我們的工廠和生產國合作，以確保我們能夠繼續生產。我認為我們所擁有的多元化為我們提供了這個機會。

That's very helpful. And then the follow-up would be on -- you talked about promotion simplification. And if you could talk about maybe how that traction has been with the consumer and just really your rewards programs in general as inflation has gotten higher. Didn't know if that's been getting a higher adoption by consumers throughout the months you've seen recently, if you could talk about that trend.

這很有幫助。然後是後續行動——你談到了促銷簡化。如果你能談談這種牽引力對消費者的影響，以及隨著通貨膨脹率的上升，你的獎勵計劃實際上是如何的。不知道在你最近看到的幾個月裡，如果你能談談這種趨勢，這是否得到了消費者更高的採用。

Sure. So we just rolled out our 7.5% rewards program for our Kohl's charge customer, which allows them to earn about 50% more than a normal rewards customer. When we tested that, we saw about 1 point comp lift when we did that. So we just rolled that out in May, which is a portion of the way that we can continue to add value in a simplified manner where they can earn back for every purchase they have, use that Kohl's Rewards on any items in our store. So that's definitely something that we've used to help us in a simplification perspective.

當然。因此，我們剛剛為我們的 Kohl's 收費客戶推出了 7.5% 的獎勵計劃，這使他們能夠比普通的獎勵客戶多賺取約 50% 的收入。當我們對此進行測試時，我們看到了大約 1 點的補償提升。因此，我們剛剛在 5 月份推出了該功能，這是我們可以繼續以簡化的方式增加價值的方式的一部分，他們可以從他們的每一次購買中獲得回報，在我們商店的任何商品上使用 Kohl's Rewards。所以從簡化的角度來看，這絕對是我們用來幫助我們的東西。

But mainly, the promotions that we've eliminated weren't resonating with the customer. So they were just general coupons or stackable coupons, and we weren't seeing it really drive consumer behavior. Our strategy now is to be much more targeted in how we talk to those customers so that we're talking to them in a manner that's going to drive their behavior back into the store. If we know that they really like to earn rewards, we can do certain things like a roundup because they will feel fulfilled in that. If we really know that they love shopping Lauren Conrad, we can be much more targeted to give them a coupon to buy Lauren Conrad.

但主要是，我們取消的促銷活動並沒有引起客戶的共鳴。所以它們只是普通的優惠券或可堆疊的優惠券，我們並沒有看到它真正推動了消費者行為。我們現在的策略是在與這些客戶交談的方式上更有針對性，以便我們以一種能夠將他們的行為帶回商店的方式與他們交談。如果我們知道他們真的很喜歡獲得獎勵，我們可以做一些事情，比如總結，因為他們會覺得很滿足。如果我們真的知道他們喜歡購物 Lauren Conrad，我們可以更有針對性地給他們一張購買 Lauren Conrad 的優惠券。

So that continues to evolve. Obviously, it's very data-driven. We have a lot of data on our customers, both through our rewards program and our Kohl's Charge program, and that continues to inform and really refine the strategy as we move forward.

因此，它繼續發展。顯然，它是非常受數據驅動的。通過我們的獎勵計劃和 Kohl's Charge 計劃，我們擁有大量關於客戶的數據，隨著我們的前進，這些數據將繼續為我們提供信息並真正完善我們的戰略。

Also pricing becomes really important. As we continue to drive in all these new customers, they may not have gotten some of the coupons or understand how you can earn rewards at that point, but how can we drive them in so they can just be really clear, great value. And with Sephora driving in all these new customers, we are seeing them comeback, and we're seeing the lift across the stores through accessories, adding to their basket women's and active. So they're really seeing that true value, and it allows us the opportunity to continue to instill that we have great brands at the right value for these new customers without having them have to figure out the game of stacking coupons.

定價也變得非常重要。當我們繼續吸引所有這些新客戶時，他們可能還沒有獲得一些優惠券或不了解您當時如何獲得獎勵，但我們如何才能吸引他們，讓他們變得非常清晰、物超所值。隨著絲芙蘭吸引所有這些新客戶，我們看到他們捲土重來，我們看到通過配飾在商店中提升，增加他們的購物籃女性和活躍。所以他們真的看到了真正的價值，它讓我們有機會繼續向這些新客戶灌輸我們擁有合適價值的偉大品牌，而不必讓他們弄清楚堆疊優惠券的遊戲。

Next question is from the line of Paul Lejuez of Citigroup.

下一個問題來自花旗集團的 Paul Lejuez。

It's Tracy Kogan filling in for Paul. I first had a follow-up on gross margin. I was wondering if you could quantify the freight pressure in this quarter and whether it was higher than your plan. And then were you guys hurt by higher markdowns in the quarter? Or is that a dynamic you're building in for second quarter as maybe you get your inventories rightsized? And then I have a second question.

是特蕾西·科根（Tracy Kogan）代替保羅。我首先對毛利率進行了跟踪。我想知道您是否可以量化本季度的貨運壓力以及它是否高於您的計劃。然後你們是否因本季度更高的降價而受到傷害？或者這是您為第二季度建立的動態，因為您可能會調整您的庫存？然後我有第二個問題。

So I would say freight came in a little bit higher than we anticipated this quarter but not meaningful. Obviously, we had extended our margin down 100 to 125 points really to account for just a little bit of the heightened freight cost.

所以我想說運費比我們本季度的預期高一點，但沒有意義。顯然，我們已經將我們的保證金降低了 100 到 125 點，實際上只是為了彌補運費上漲的一小部分。

In terms of markdowns, we came into this year pretty fresh from an inventory perspective. Obviously, we were really light as we exited holiday, and that's why we used the pack and hold, to be honest, Tracy, as there were a lot of goods that came late that weren't salable, but we didn't want to have to just mark them down. They were holiday sleep or fleece that really still have a life and will have a life in fall. So not really seeing a heightened amount of markdowns. And quite honestly, we have a really fresh level of inventory as we're bringing in these new receipts.

在降價方面，從庫存的角度來看，我們今年進入了非常新鮮的階段。很明顯，當我們離開假期時，我們真的很輕，這就是為什麼我們使用打包和持有，說實話，特蕾西，因為有很多遲到的商品無法銷售，但我們不想必須將它們標記下來。它們是假日睡眠或羊毛，它們真的仍然有生命，並且會在秋天有生命。所以並沒有真正看到降價幅度的增加。老實說，當我們帶來這些新收據時，我們的庫存水平非常新。

Obviously, when you look at the balance sheet, up 40% for inventory, seems like a lot, but when you break it down, a lot of that in Sephora that's not markdown. That's really investing in inventorying these shops. The in-transit piece is even available for sale. So clearly not going to be a markdown liability. And then like I mentioned, the investments we're making are in Women's and a ton of newness, really the dresses, denim, inclusive sizing and then active, which is clearly a core to our strategy and bringing in an expanded amount of offerings there. Specifically in outdoor, we continue to expand with Eddie Bauer and Under Armour Outdoor. So I would say that I feel good with the inventory positioning. Even though it seems heightened, when you look underneath it, there's not a lot of liability there from my perspective.

顯然，當你查看資產負債表時，庫存增加 40% 似乎很多，但當你分解它時，絲芙蘭的很多不是降價的。這真的是在對這些商店進行庫存投資。運輸途中的物品甚至可以出售。所以顯然不會成為降價責任。然後就像我提到的，我們正在進行的投資是女裝和大量的新品，真的是連衣裙、牛仔布、包容性尺碼，然後是活躍的，這顯然是我們戰略的核心，並在那裡帶來了更多的產品.特別是在戶外領域，我們繼續擴大 Eddie Bauer 和 Under Armour Outdoor。所以我想說我對庫存定位感覺很好。即使它看起來很高，但當你從它下面看時，從我的角度來看，那裡並沒有太多的責任。

And actually, the follow-up was on the Women's business and the women's inventory. I know you've been working to build that piece of the business. And I was wondering if it's kind of where you want it to be now as we enter 2Q? And do you still have aged inventory in women's that's kind of an overhang? Or are you through all of that with the older brands?

實際上，跟進的是女性業務和女性庫存。我知道你一直在努力建立這部分業務。我想知道當我們進入第二季度時，它是否是你希望它現在的位置？而且，您的女裝庫存是否還有一些過時的情況？或者你是否已經通過舊品牌的所有這些？

I think we're through all of the older brands. We exited those last year in Q1. Obviously, we took the markdown. So those have been out of the building. So that's where a lot of this -- [if you walk the core pad] for women's. I feel really good with where the inventory is positioned. The dress shop looks great. We were able to really have a big impression for dresses, which for us hasn't been a category that we participated in. So that's all upside, which just really helps from a women's perspective.

我認為我們已經通過了所有的老品牌。我們在去年第一季度退出了那些。顯然，我們採取了降價措施。所以那些已經離開了大樓。所以這就是女性的很多 - [如果你走核心墊]。我對庫存的位置感覺非常好。服裝店看起來很棒。我們對連衣裙的印象非常深刻，對我們來說，這不是我們參與的類別。所以這都是好的，從女性的角度來看，這真的很有幫助。

I think they look set. Obviously, the spring seasonal selling was slow, as Michelle had mentioned, which weighed a little bit more on our apparel categories like women's and kids. But now that the weather has shifted, we've seen a notable shift in that business as well. So I think we feel well positioned with the investments we made in the inventory in women's at this point.

我認為他們看起來已經確定了。顯然，正如 Michelle 所提到的，春季季節性銷售緩慢，這對我們的女裝和童裝等服裝類別的影響更大。但是現在天氣已經發生了變化，我們也看到了該業務的顯著變化。所以我認為我們在這一點上對女性庫存的投資感覺很好。

Next question is from the line of Omar Saad of Evercore.

下一個問題來自 Evercore 的 Omar Saad。

I was wondering if you could maybe dive in a little bit more on the dynamic -- if you're seeing the dynamic in your business where a lot of the COVID-winning categories, you mentioned -- you called out home, and you're starting to see this maybe unwind and consumer behavior and spending shift back to some of those more recovery categories, you mentioned beauty a lot, fashion versus basics, that sort of thing. Is that kind of an unwind that you're seeing going on in your business? And especially, what does it mean for the Active category, which has been a really big winner for you? Are you seeing any sort of change in behavior and how consumers are spending in that category specifically as well?

我想知道您是否可以更深入地了解動態-如果您看到您的業務中的動態，您提到了許多贏得COVID的類別-您打電話回家，然後您重新開始看到這可能會放鬆，消費者行為和消費轉向一些更恢復的類別，你經常提到美容，時尚與基本款，諸如此類。您在業務中看到的這種放鬆是什麼？尤其是，這對您來說是一個真正的大贏家的 Active 類別意味著什麼？您是否看到行為方面的任何變化以及消費者在該類別中的消費情況？

Yes. Thanks, Omar, for the question. Michelle here. So in terms of category dynamics and lapping pandemic, et cetera -- I mean, first, let me start with your last question around Active. We see this as relevant today as we have the last several years. I mean, clearly, this quarter, we were up against some big numbers. But still relative to 2019, our active business in total is up double digits. So the customer has made, I'll call it, a permanent shift in how they're living, dressing and kind of going back to what I was saying earlier, it's active, it's athleisure, it's outdoor.

是的。謝謝，奧馬爾，這個問題。米歇爾在這裡。因此，就類別動態和大流行等方面而言——我的意思是，首先，讓我從你關於 Active 的最後一個問題開始。我們今天認為這與過去幾年一樣重要。我的意思是，很明顯，本季度，我們遇到了一些大數據。但仍相對於 2019 年，我們的活躍業務總量增長了兩位數。所以客戶已經做出了，我稱之為，他們的生活方式、穿著方式的永久性轉變，並且有點像我之前所說的那樣，它是活躍的，它是運動休閒的，它是戶外的。

We're working really closely with our brand partners. As you know, we have great businesses with Nike, with adidas, with Under Armour, Champion to make sure that we have that right balance and bringing new innovation and technology and in some cases, like I said, that athleisure, street wear. So I feel great about that. And even up against big numbers, our active women's and men's apparel was positive. We're seeing even that more amplified in our new 200 updated shops with Sephora. But again, we reflowed and updated across the entire store. And we partnered with our brand partners to elevate merchandising and what have you, and that's making also a material difference. So in addition to more space, it's also the experience of the consumer.

我們正在與我們的品牌合作夥伴密切合作。如你所知，我們與耐克、阿迪達斯、Under Armour、Champion 都有很好的業務，以確保我們有適當的平衡，並帶來新的創新和技術，在某些情況下，就像我說的那樣，運動休閒、街頭服飾。所以我對此感覺很好。即使面對巨大的數字，我們的活躍男女裝也是積極的。在我們與絲芙蘭一起更新的 200 家新店中，我們看到這一點更加放大。但同樣，我們在整個商店進行了回流和更新。我們與我們的品牌合作夥伴合作，提升商品推銷和你擁有的東西，這也產生了重大影響。所以除了更多的空間，也是消費者的體驗。

So that to me -- like that continues -- it continues to drive the business forward. Where we did see a little pressure in active this quarter was on the Footwear side, and we had some receipt issues due to supply chain constraints. So that's the point in time -- I mean, we're all still dealing with some of the supply chain issues, and we're seeing it really now today, just more in pockets versus overall. As Jill was saying earlier, our inventory is in great shape. So we're highly committed. We have a lot of work underway as we continue to expand our offerings and assortments, like I said, on Active across all those segments, kind of traditional active, athleisure, outdoor and the like.

所以對我來說——像這樣繼續下去——它繼續推動業務向前發展。我們確實看到本季度活躍的一些壓力是在鞋類方面，由於供應鏈限制，我們遇到了一些收貨問題。所以這就是時間點——我的意思是，我們都還在處理一些供應鏈問題，我們今天真的看到了它，只是更多的是口袋而不是整體。正如吉爾之前所說，我們的庫存狀況良好。所以我們非常投入。正如我所說，隨著我們繼續擴展我們的產品和分類，我們正在進行大量工作，包括所有這些細分市場的 Active，包括傳統的運動、運動休閒、戶外等。

And then as it relates to -- just to your question on apparel, where apparel destination -- and active is a piece of it, but it's casual apparel. Within casual, there is, what, defining casual/career. And we have certain brands across all of our businesses, Men's and Women's, that might be a little bit more career and we have like a Nine West in women. And then you have more casual like in Women's, which would be Sonoma as an example. And so the team is taking a very surgical approach to make sure that we are covering the bases as it relates to the totality of people's apparel needs, whether that is more casual, a little bit more dressed up or active, but all under the umbrella of our new strategy.

然後就涉及到 - 只是關於服裝的問題，服裝目的地在哪裡 - 和活動是其中的一部分，但它是休閒服裝。在休閒中，有什麼定義休閒/職業。我們在我們所有的業務中都有某些品牌，男裝和女裝，這可能是更多的職業，我們在女性中擁有九個西部。然後你有更多像女裝一樣的休閒裝，比如索諾瑪。所以團隊正在採取一種非常外科手術的方法來確保我們覆蓋基礎，因為它與人們的整體服裝需求有關，無論是更休閒、更打扮還是活躍，但所有這些都在保護傘之下我們的新戰略。

I think for us, probably the area that we are expecting to see continued pressure is the Home category. I mean that business had a lot of growth the last couple of years. The industry is seeing a pullback. For us, and as I mentioned in my remarks, we're a significant player in Home. And I think, again, certain categories maybe on the more hardlines are feeling pressure, but we still have a lot of upside in incremental categories where I'd say we have relatively low share today.

我認為對我們來說，可能我們期望看到持續壓力的領域是家庭類別。我的意思是，在過去的幾年裡，業務有了很大的增長。該行業正在出現回調。對我們來說，正如我在講話中提到的那樣，我們是 Home 的重要參與者。而且我再次認為，某些類別可能更加強硬，但我們在增量類別中仍然有很大的上升空間，我想說我們今天的份額相對較低。

I'd point to the decor opportunity. That's a small business for us today. We actually have plans underway to expand that quite significantly come this fall and beyond. Even categories like pet that we sort of put in this incremental area or, I would say, there could be like gourmet food. We're not intending to ever be like a grocer per se or well, never say never, but that there are -- you can see -- you see retailers who do offer more of that packaged food, and that's an area we're looking at, too. So there's still -- as we look at the pipeline of innovation and opportunity, there's -- whether it's Home or other categories, still a lot of opportunity in front of us.

我會指出裝飾的機會。這對我們今天來說是一個小生意。實際上，我們正在計劃在今年秋季及以後進行相當大的擴展。即使是像寵物這樣的類別，我們也會在這個增量領域中加入，或者，我想說的是，可能會有美食。我們本身並不打算像雜貨商一樣，永遠不要說永遠，但是有 - 你可以看到 - 你看到零售商確實提供更多的包裝食品，這就是我們的領域也在看。所以仍然 - 當我們看到創新和機會的管道時，無論是家庭還是其他類別，我們面前仍然有很多機會。

And then to the channel side, over time, we expect to see growth in both of our channels. Stores, we've been talking a lot about the refreshed stores. And we see the lift happening as we speak, as we update and refresh those Sephora doors. But digital -- I mean, digital is up significantly if you go back to pre pandemic. And we have a lot of opportunity in the digital channel. We're investing in the experience. We are investing in our own media network, we call it media network, and we've got resources against that. We see that as a multi-hundred million dollar opportunity over time. We're even experimenting with things like marketplace. So just to sum it up, a lot of runway ahead of us across both channels and across categories.

然後在渠道方面，隨著時間的推移，我們預計我們的兩個渠道都會出現增長。商店，我們一直在談論更新的商店。當我們說話時，我們看到電梯正在發生，當我們更新和刷新那些絲芙蘭門時。但是數字——我的意思是，如果你回到大流行前，數字會顯著上升。我們在數字渠道有很多機會。我們正在投資體驗。我們正在投資我們自己的媒體網絡，我們稱之為媒體網絡，我們有相應的資源。隨著時間的推移，我們認為這是一個價值數億美元的機會。我們甚至在嘗試諸如市場之類的東西。總而言之，我們前面有很多跨渠道和跨類別的跑道。

Speakers, your last question is from the line of Michael Binetti of Credit Suisse.

演講者，您的最後一個問題來自瑞士信貸的邁克爾·比內蒂（Michael Binetti）。

I guess if -- I'm trying to think -- did you -- if I missed it, did you mention what the AUR did in the quarter? Would be curious to know. And then if not, how much of the inventory units up at quarter end relative to the 40% year-over-year total inventory growth?

我想如果——我在想——你有沒有——如果我錯過了，你有沒有提到 AUR 在本季度做了什麼？會很想知道。如果不是，那麼與 40% 的同比總庫存增長相比，季度末庫存單位增加了多少？

Sure. So we haven't given AUR, but what I'd say is we've consistently seen our AUR grow over the last several years given the change in the offerings that we've had, obviously, adding more premium into the mix with Tommy Hilfiger, Calvin Klein, now with Sephora. So we have seen that.

當然。所以我們沒有提供 AUR，但我想說的是，鑑於我們所擁有的產品的變化，顯然我們在過去幾年中一直看到我們的 AUR 增長，顯然，在與 Tommy 的組合中增加了更多溢價Hilfiger，Calvin Klein，現在在絲芙蘭。所以我們已經看到了。

As Michelle mentioned, we have seen a bifurcation of our customers. There's a lot still going into national brands. Those brands are doing incredibly well. You see that, specifically the Men's business, overpenetrates in that. But then seeing them also choose our opening price point value such as Jumping Beans in kids or Sonoma in Women's. But as their AUR continues to be up, which is consistent with what we would have seen over the last several quarters and years.

正如 Michelle 所說，我們已經看到了客戶的分歧。國產品牌還有很多。這些品牌的表現令人難以置信。你看，特別是男士業務，在這方面滲透過度。但隨後看到他們也選擇了我們的開盤價點值，例如兒童的 Jumping Beans 或女士的 Sonoma。但隨著他們的 AUR 繼續上升，這與我們在過去幾個季度和幾年中看到的情況一致。

And then in terms of the 40%, our units are up less than that. And as you can imagine, with the mix of the business going more into a Sephora and Tommy and some of the new brands that we're bringing in, they come with a higher cost component. And then obviously, as we move forward, we continue to manage through the inflationary part of the business. I didn't see that a lot in Q1, and we mentioned we had placed these receipts quite early before the commodity inflation happened. But really, that's more of a mix of the businesses that we're bringing in, and a big portion of this, being beauty, brought that cost up. But the units are still up but not as much as the 40% total dollars.

然後就 40% 而言，我們的單位增長幅度低於此。正如你可以想像的那樣，隨著業務更多地進入絲芙蘭和湯米以及我們引入的一些新品牌，它們具有更高的成本成分。然後很明顯，隨著我們的前進，我們將繼續通過業務的通貨膨脹部分進行管理。我在第一季度沒有看到很多，我們提到我們在商品通脹發生之前很早就放置了這些收據。但實際上，這更多是我們引入的業務的混合體，其中很大一部分是美容，導致成本上升。但單位仍然上漲，但不及總美元的 40%。

If I follow the kind of the trajectory of the comps for the year, were flat or, I guess, net sales flat to up 1% and Sephora trending at plus low singles. Michelle, I think you said it could accelerate a little bit. I think could -- I don't know if you baked that in, but I think that leaves the core business down just a little bit, maybe some pricing in there. But I think Sephora will drive some good traffic as you get those stores out. So I'm just wondering how you're thinking about conversion in the core business as you get through the year relative to 1Q. Are you assuming a more conservative stance versus what you saw in the first quarter?

如果我按照今年的比賽軌跡，是持平的，或者，我猜，淨銷售額持平至 1%，而絲芙蘭的趨勢是低單曲。米歇爾，我想你說它可能會加速一點。我認為可以-我不知道您是否考慮了這一點，但我認為這會使核心業務下降一點，也許是一些定價。但我認為，當你把這些商店弄出去時，絲芙蘭會帶來一些好的客流量。因此，我只是想知道您在相對於第一季度的這一年中如何考慮核心業務的轉換。與第一季度相比，您是否採取了更為保守的立場？

Yes. I think obviously, we think with 600 Sephora stores. So it's really half of the chain. So we'll continue to expect that benefit. We have seen that benefit build, as we mentioned as well. So the 200 are in a much more mature state. We're just starting to open the next 400, but we do expect that to benefit. But of course, given the uncertainty that prevails in the market, we're going to be conservative and how the consumer is going to react as we sell discretionary items.

是的。我認為很明顯，我們認為有 600 家絲芙蘭商店。所以它實際上是鏈條的一半。因此，我們將繼續期待這種好處。正如我們所提到的，我們已經看到了這種好處。因此，200 處於更加成熟的狀態。我們剛剛開始開放下一個 400，但我們確實希望這會受益。但是，當然，鑑於市場上普遍存在的不確定性，我們將保持保守，以及在我們銷售非必需品時消費者將如何反應。

Michelle has mentioned we are seeing that wallet tighten. We wanted to be thoughtful on how we gave the guide. We still expect Q2, as I mentioned, to be down low single digits and then that growth to happen in the back half of the year. We think the benefit of Sephora, Women's continues to resonate and then also just having the benefit of being in stock all give us some tailwind as we move to the back half of the year, but we want to be thoughtful of the uncertain environment in which we operate, which is why we felt very good with the flat to 1% sales.

米歇爾提到我們看到錢包收緊了。我們想對我們如何提供指南進行深思熟慮。正如我所提到的，我們仍然預計第二季度將下降個位數，然後在今年下半年實現增長。我們認為絲芙蘭、女裝的好處繼續引起共鳴，然後也只是因為庫存的好處在我們進入下半年時給我們帶來了一些順風，但我們希望考慮到不確定的環境，其中我們經營，這就是為什麼我們對持平到 1% 的銷售額感到非常滿意的原因。

Yes. And I would just -- I would build on that. I mean clearly, the team has focused on maximizing demand across all of our key strategies. So Sephora is a big part of it, but we're seeing the lift to the total store. We're seeing baskets at least -- I think it's about half of the baskets are attaching at least one category in categories like Active and Women's and even Accessories. I think that's really encouraging. And as you've heard us talk about, I mean, we've got strategies in the Men's area. Women's is off to a good start for the year. We expect seasonal to course correct over time and value and loyalty. So I think the timing couldn't have been better for us to launch our updated rewards program when the consumer is feeling that pressure.

是的。我會——我會在此基礎上再接再厲。我的意思很清楚，團隊一直專注於最大化我們所有關鍵戰略的需求。所以絲芙蘭是其中的重要組成部分，但我們正在看到整個商店的提升。我們至少看到了籃子——我認為大約有一半的籃子至少附加了一個類別，比如運動和女裝，甚至是配飾。我認為這真的很令人鼓舞。正如你聽到我們談論的那樣，我的意思是，我們在男子領域有策略。女裝今年開了個好頭。我們預計季節性會隨著時間的推移以及價值和忠誠度而糾正。因此，我認為當消費者感到壓力時，我們推出更新的獎勵計劃的時機再合適不過了。

So we stand for value, we'll lean into it. But that, plus all of our transformational initiatives, really set us up. And we're very confident. We feel like we've put a good guide out there, but to Jill's point, we also want to be prudent in the fact that we are all operating in a very challenging environment with inflationary pressures that we haven't seen in a long time. But we have tailwinds on our key initiatives that I think really do differentiate us in the marketplace and differentiate our plan going forward.

因此，我們代表價值，我們將投入其中。但是，再加上我們所有的轉型舉措，真的讓我們受益匪淺。我們非常有信心。我們覺得我們已經提供了一個很好的指南，但在吉爾的觀點上，我們也希望謹慎，因為我們都在一個非常具有挑戰性的環境中運營，通脹壓力是我們很長時間沒有看到的.但是我們在關鍵舉措上遇到了順風，我認為這些舉措確實使我們在市場上與眾不同，並使我們的未來計劃與眾不同。

Great. Well, thank you, everyone, for listening on the call today.

偉大的。嗯，謝謝大家，今天收聽電話。

This concludes today's conference call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。謝謝大家的加入。您現在可以斷開連接。