羅斯百貨 (ROST) 2022 Q2 法說會逐字稿

Good afternoon, and welcome to the Ross Stores Second Quarter 2022 Earnings Release Conference Call. The call will begin with prepared comments by management, followed by a question-and-answer session. (Operator Instructions)

下午好，歡迎參加 Ross Stores 2022 年第二季度收益發布電話會議。電話會議將以管理層準備好的評論開始，然後是問答環節。 （操作員說明）

Before we get started, on behalf of Ross Stores, I would like to note that comments made on this call will contain forward-looking statements regarding expectations about future growth and financial results, including sales and earnings forecasts, new store openings and other matters that are based on the company's current forecast of aspects of its future business.

在我們開始之前，我謹代表 Ross Stores 指出，在本次電話會議上發表的評論將包含有關對未來增長和財務結果的預期的前瞻性陳述，包括銷售和盈利預測、新店開業和其他事項是基於公司目前對其未來業務方面的預測。

These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from historical performance or current expectations. Risk factors are included in today's press release and the Company's fiscal 2021 Form 10-K and fiscal 2022 Form 10-Q and 8-Ks on file with the SEC. Now I'd like to turn the call over to Barbara Rentler, Chief Executive Officer.

這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與歷史業績或當前預期存在重大差異。風險因素包含在今天的新聞稿以及公司在 SEC 存檔的 2021 財年 10-K 表格和 2022 財年 10-Q 和 8-K 表格中。現在我想把電話轉給首席執行官 Barbara Rentler。

Good afternoon. Joining me on our call today are Michael Hartshorn, Group President and Chief Operating Officer; Adam Orvos, Executive Vice President and Chief Financial Officer; and Connie Kao, Group Vice President, Investor Relations.

下午好。今天和我一起參加電話會議的是集團總裁兼首席運營官 Michael Hartshorn； Adam Orvos，執行副總裁兼首席財務官；和投資者關係集團副總裁Connie Kao。

We'll begin our call today with a review of our second quarter 2022 performance, followed by our updated outlook for the second half and fiscal year. Afterwards, we'll be happy to respond to any questions you may have.

我們將在今天開始我們的電話會議，回顧我們 2022 年第二季度的業績，然後是我們對下半年和財政年度的更新展望。之後，我們很樂意回答您的任何問題。

As noted in today's press release, we are disappointed with our sales results, which were impacted by the mounting inflationary pressures our customers faced as well as an increasingly promotional retail environment. Earnings came in above our guidance range, primarily due to lower incentive costs resulting from the below-plan top line performance.

正如今天的新聞稿中所指出的，我們對我們的銷售業績感到失望，這受到我們客戶面臨的日益增加的通貨膨脹壓力以及日益促銷的零售環境的影響。收益高於我們的指導範圍，主要是由於低於計劃的頂線業績導致激勵成本降低。

Total sales for the period were $4.6 billion versus $4.8 billion in the prior year period. Comparable store sales were down 7% compared to a robust 15% increase in last year's second quarter, which was our strongest period of 2021. Earnings per share for the 13 weeks ended July 30, 2022, were $1.11 on net income of $385 million. These results compared to $1.39 per share on net earnings of $494 million for last year's second quarter.

該期間的總銷售額為 46 億美元，而去年同期為 48 億美元。與去年第二季度的強勁增長 15% 相比，可比商店銷售額下降了 7%，這是我們 2021 年最強勁的時期。截至 2022 年 7 月 30 日的 13 週，每股收益為 1.11 美元，淨收入為 3.85 億美元。相比之下，去年第二季度的淨收益為每股 1.39 美元，淨收益為 4.94 億美元。

For the first 6 months, earnings per share were $2.08 on net income of $723 million. These results compared to earnings per share of $2.73 on net earnings of $971 million in the first half of 2021.

前 6 個月，每股收益為 2.08 美元，淨收入為 7.23 億美元。這些結果與 2021 年上半年淨收益 9.71 億美元的每股收益 2.73 美元相比。

Sales for the 2022 year-to-date period were $8.9 billion with comparable sales down 7% versus a strong 14% gain in the first half of 2021. Shoes and Men's were the strongest merchandise areas during the quarter, while Florida and Texas were the top-performing regions, mainly due to the outperformance of our border and tourist locations. We are making merchandising adjustments to meet changing customer demand. That said, the actions we have taken thus far were unable to offset the mounting financial pressures on our low- to moderate-income consumers and the impact on our business from an increasingly promotional retail environment.

2022 年年初至今的銷售額為 89 億美元，可比銷售額下降 7%，而 2021 年上半年則強勁增長 14%。鞋履和男裝是本季度最強勁的商品領域，而佛羅里達州和德克薩斯州則是表現最好的地區，主要是由於我們的邊境和旅遊地點的表現出色。我們正在對商品進行調整，以滿足不斷變化的客戶需求。也就是說，我們迄今為止採取的行動無法抵消中低收入消費者日益增加的財務壓力以及日益促銷的零售環境對我們業務的影響。

Similar to the first quarter, dd's DISCOUNTS performance in the second quarter continued to be well below Ross's, mainly due to today's escalating inflationary pressures that are having a larger impact on dd's lower-income customers. At quarter end, total consolidated inventories were up 55% versus the same period in 2021. While average store inventory during the quarter were up 15% versus last year, we operated with very similar levels when compared to pre-pandemic.

與第一季度類似，dd 在第二季度的 DISCOUNTS 業績繼續遠低於 Ross，主要是由於今天不斷升級的通脹壓力對 dd 的低收入客戶產生了更大的影響。在季度末，綜合庫存總量與 2021 年同期相比增長了 55%。雖然本季度的平均商店庫存與去年同期相比增長了 15%，但與大流行前相比，我們的運營水平非常相似。

Packaway merchandise represented 41% of total inventory versus 30% in the same period of the prior year when we used a substantial amount of packaways\\ to meet robust consumer demand. Additionally, supply chain congestion continued to ease during the second quarter, resulting in above-plan early receipts of merchandise that we stored in packaway and will flow to stores throughout the fall season. Looking ahead, we expect these early receipts to wane and to have the appropriate inventory levels in the fourth quarter.

打包商品佔總庫存的 41%，而去年同期為 30%，當時我們使用大量打包商品來滿足強勁的消費者需求。此外，供應鏈擁堵在第二季度繼續緩解，導致我們提前收到了超出計劃的商品，這些商品存放在包裝中，並將在整個秋季流向商店。展望未來，我們預計這些早期收據將減少，並在第四季度達到適當的庫存水平。

Turning to store growth. Our 2022 expansion program is on schedule with the addition of 21 new Ross and 8 dd's DISCOUNTS locations in the second quarter. We remain on track to open a total of approximately 100 locations this year comprised of about 75 Ross and 25 dd's. As usual, these numbers do not reflect our plans to close or relocate about 10 stores. Now Adam will provide further details on our second quarter results and additional color on our updated outlook for the remainder of fiscal 2022.

轉向商店增長。我們的 2022 年擴張計劃如期進行，第二季度新增了 21 個羅斯和 8 個 dd 的折扣店。我們今年仍有望開設約 100 家門店，其中包括約 75 家 Ross 和 25 家 dd。與往常一樣，這些數字並未反映我們關閉或搬遷約 10 家門店的計劃。現在，亞當將提供有關我們第二季度業績的更多詳細信息，並為我們對 2022 財年剩餘時間的最新展望提供更多色彩。

Thank you, Barbara. As previously mentioned, our comparable store sales were down 7% for the quarter as a decline in the number of transactions versus the prior year was partially offset by an increase in the size of the average basket. Second quarter operating margin was 11.3% compared to 14.1% in 2021. This decline was due to a combination of deleveraging effect on expenses from the decrease in same-store sales, higher markdowns and ongoing headwinds from higher freight costs that did not begin to escalate until the second half of 2021.

謝謝你，芭芭拉。如前所述，本季度我們的可比商店銷售額下降了 7%，因為交易數量與去年相比的下降被平均購物籃規模的增加所部分抵消。第二季度營業利潤率為 11.3%，而 2021 年為 14.1%。這一下降是由於同店銷售額下降對費用的去槓桿效應、更高的降價以及運費成本上漲帶來的持續不利因素並沒有開始升級直到2021年下半年。

These expense pressures were partially offset by lower incentive costs that were much higher last year when we significantly outperformed our plans. We also saw a decline in COVID expenses versus last year's second quarter. Cost of goods sold during the period increased by 320 basis points. Merchandise margin declined 205 basis points due to both higher ocean freight costs and markdowns. Distribution costs increased 85 basis points due to a combination of unfavorable timing of packaway-related expenses and deleverage from our new distribution center, while occupancy and domestic freight rose by 55 and 35 basis points, respectively.

這些費用壓力被較低的激勵成本部分抵消，去年我們大大超過了我們的計劃，激勵成本高得多。我們還看到與去年第二季度相比，COVID 費用有所下降。期內銷貨成本增加320個基點。由於海運成本上漲和降價，商品利潤率下降了 205 個基點。由於包裝相關費用的不利時機以及我們新配送中心的去槓桿化，配送成本增加了 85 個基點，而入住率和國內運費分別上升了 55 個和 35 個基點。

Partially offsetting these higher costs were buying expenses that improved by 60 basis points, again due to lower incentives. SG&A for the period levered by 40 basis points as deleverage from the lower comparable sales was more than offset by lower incentive and COVID costs.

部分抵消了這些較高成本的是購買費用提高了 60 個基點，這也是由於激勵措施降低。該期間的 SG&A 槓桿率提高了 40 個基點，因為較低可比銷售額的去槓桿被較低的激勵和 COVID 成本所抵消。

During the second quarter, we repurchased 2.9 million shares of common stock for an aggregate cost of $235 million. As previously announced, we expect to buy back $950 million of common stock during fiscal 2022 under our 2-year $1.9 billion repurchase program that extends through fiscal 2023.

在第二季度，我們以 2.35 億美元的總成本回購了 290 萬股普通股。正如之前宣布的那樣，我們預計在 2022 財年期間回購 9.5 億美元的普通股，該計劃為期 2 年，期限為 19 億美元，回購計劃將持續到 2023 財年。

Now let's discuss our outlook for the remainder of 2022. As Barbara noted in today's press release, given our recent results as well as the increasingly unpredictable macroeconomic landscape in today's more promotional retail environment, we believe it is prudent to adopt a more conservative outlook for the balance of the year. We are now forecasting comparable sales for the 13 weeks ending October 29, 2022, to decline 7% to 9% on top of a strong 14% gain last year.

現在讓我們討論一下我們對 2022 年剩餘時間的展望。正如芭芭拉在今天的新聞稿中指出的那樣，鑑於我們最近的業績以及在當今更具促銷性的零售環境中越來越難以預測的宏觀經濟形勢，我們認為對未來採取更保守的展望是謹慎的做法。當年的餘額。我們現在預測，截至 2022 年 10 月 29 日的 13 週，可比銷售額將在去年強勁增長 14% 的基礎上下降 7% 至 9%。

For the fourth quarter, same-store sales are planned to be down 4% to 7% versus a 9% increase in the last quarter of 2021. As noted in our press release, if the second half performs in line with these updated sales assumptions, earnings per share for the third quarter is projected to be $0.72 to $0.83 versus $1.09 last year and $1.04 to $1.21 for the fourth quarter compared to $1.04 in 2021. Based on our first half results and second half guidance, earnings per share for fiscal 2022 are now planned to be in the range of $3.84 to $4.12 versus $4.87 last year.

對於第四季度，同店銷售額計劃下降 4% 至 7%，而 2021 年最後一個季度增長 9%。如我們的新聞稿所述，如果下半年的表現符合這些更新的銷售假設，第三季度每股收益預計為 0.72 美元至 0.83 美元，去年為 1.09 美元，第四季度為 1.04 美元至 1.21 美元，而 2021 年為 1.04 美元。根據我們上半年的業績和下半年的指導，2022 財年的每股收益現在計劃在 3.84 美元到 4.12 美元之間，而去年為 4.87 美元。

Now let's turn to our guidance assumptions for the third quarter of 2022. Total sales are forecasted to decline 4% to 7% versus the prior year. We expect to open 41 locations during the quarter, including 29 Ross and 12 dd's DISCOUNTS locations. Operating margin for the third quarter is planned to be in the 7.8% to 8.7% range versus 11.4% in 2021, primarily reflecting the deleverage on the same-store sales decline. In addition, merchandise margin is forecast to be pressured by ongoing increases in ocean freight costs. We are also projecting higher markdowns to right-size our inventory levels given the lower revenue forecast and adjust pricing as we expect an increasingly promotional retail environment.

現在讓我們轉向我們對 2022 年第三季度的指導假設。預計總銷售額將比上年下降 4% 至 7%。我們預計本季度將開設 41 個地點，包括 29 個 Ross 和 12 個 dd 的 DISCOUNTS 地點。第三季度的營業利潤率計劃在 7.8% 至 8.7% 的範圍內，而 2021 年為 11.4%，主要反映了同店銷售額下降的去槓桿化。此外，預計商品利潤率將受到海運成本持續上漲的壓力。鑑於較低的收入預測和調整定價，因為我們預計零售環境會越來越促銷，我們還預計將進行更高的降價以調整我們的庫存水平。

Lastly, third quarter operating margin also reflects unfavorable timing of packaway-related costs. Interest expense is estimated to be approximately $400,000. The tax rate is projected to be about 24% to 25% and diluted shares outstanding are expected to be approximately 345 million.

最後，第三季度的營業利潤率也反映了包裝相關成本的不利時機。利息費用估計約為 400,000 美元。稅率預計約為 24% 至 25%，稀釋後流通股預計約為 3.45 億股。

Finally, I want to emphasize that Ross continues to be in a strong financial position with significant resources to manage through today's challenging economic and retail landscape. Our healthy balance sheet includes $5.2 billion in total liquidity with $3.9 billion in cash and $1.3 billion in untapped borrowing capacity. We also continue to return large amounts of cash to stockholders with a cumulative total of $1.4 billion expected to be paid out under our stock repurchase and dividend programs in 2022. Now I will turn the call over to Barbara for closing comments.

最後，我想強調的是，羅斯的財務狀況仍然強勁，擁有大量資源來應對當今充滿挑戰的經濟和零售環境。我們健康的資產負債表包括 52 億美元的總流動性、39 億美元的現金和 13 億美元的未開發借貸能力。我們還將繼續向股東返還大量現金，預計將在 2022 年根據我們的股票回購和股息計劃支付總計 14 億美元。現在我將把電話轉給芭芭拉以徵求意見。

Thank you, Adam. We are facing a very difficult and uncertain macroeconomic environment that we expect will continue to strain our customers' discretionary spending. Though 2022 will likely remain a challenging year for our Company, we believe our value-focused business model and our strong financial position will enable us to manage through these economic pressures and rebound over time. At this point, we'd like to open up the call and respond to any questions you may have.

謝謝你，亞當。我們正面臨一個非常困難和不確定的宏觀經濟環境，我們預計這將繼續使我們客戶的可自由支配支出緊張。儘管 2022 年對我們公司來說可能仍然是充滿挑戰的一年，但我們相信我們以價值為中心的業務模式和強大的財務狀況將使我們能夠應對這些經濟壓力並隨著時間的推移而反彈。在這一點上，我們想打開電話並回答您可能遇到的任何問題。

(Operator Instructions) Our first question comes from the line of Lorraine Hutchinson with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Lorraine Hutchinson。

So you've included a better fourth quarter comp versus 3Q in your guidance. Can you talk about the areas of opportunity that you see in the fourth quarter? And also, what gives you confidence that things will improve?

因此，您在指導中包含了比第三季度更好的第四季度業績。您能談談您在第四季度看到的機會領域嗎？而且，是什麼讓你相信事情會有所改善？

It's Michael Hartshorn. First, on the fourth quarter guidance alone, if you look at the multi-year compare, we did a 9% last year. So it's one of the easiest compares, which is really the driver of the [down](added by company after the call) 4% to 7% comp this year in guidance.

是邁克爾·哈特肖恩。首先，僅在第四季度的指導上，如果你看一下多年比較，去年我們做了 9%。因此，這是最簡單的比較之一，這確實是今年指引中 [down]（由公司在電話會議後添加）4% 至 7% 的驅動因素。

So Lorraine, in terms of opportunities in terms of the fourth quarter, I think that would be around gifting -- that we didn't maximize some of our gifting areas last year.

所以 Lorraine，就第四季度的機會而言，我認為這將是圍繞禮物 - 去年我們沒有最大化我們的一些禮物領域。

Our next question comes from the line of Paul Lejuez with Citigroup.

我們的下一個問題來自花旗集團的 Paul Lejuez。

Sorry if I missed it, but curious about the performance of home versus apparel and if there were any notable trends in those categories, how they trend throughout the quarter, get worse, get better. And I'm also curious if you think the comp shortfall was all macro driven or if you attribute any sort of execution issues that might have also factored in.

抱歉，如果我錯過了它，但很好奇家居與服裝的表現，以及這些類別是否有任何顯著趨勢，它們在整個季度的趨勢如何，變得更糟，變得更好。而且我也很好奇您是否認為補償不足都是由宏驅動的，或者您是否將任何類型的執行問題歸咎於可能也考慮在內的任何類型的執行問題。

Home sales were relatively in line with the chain average and the performance of home and apparel were pretty similar for the quarter. Both businesses had areas of business that were strong and areas of business that were weaker, so they were relatively in line.

房屋銷售與環比平均水平相對一致，本季度家居和服裝的表現非常相似。兩家公司的業務領域都很強，也有業務較弱的領域，因此它們相對一致。

Paul, on the macro, I mean, of course, there are things that we know we could have done better in the business. In terms of trends during the quarter, we outperformed earlier in the quarter, both on a single-year and a multi-year basis.

保羅，在宏觀上，我的意思是，當然，有些事情我們知道我們可以在業務中做得更好。就本季度的趨勢而言，我們在本季度早些時候的表現優於單年和多年。

And I think if you looked across retail, I think people weakened in the back half of the quarter. Obviously, fuel prices peaked in June so a portion of the performance is certainly driven by the macroeconomic environment.

而且我認為，如果您查看零售業，我認為人們在本季度後半段有所減弱。顯然，燃油價格在 6 月見頂，因此部分業績肯定是由宏觀經濟環境推動的。

I think some have also seen a little bit of an improvement at the end of July into August. Anything you can share on that front?

我認為有些人在 7 月底到 8 月也看到了一些改善。在這方面你有什麼可以分享的嗎？

Yes. We wouldn't comment on trends within this next quarter.

是的。我們不會對下個季度的趨勢發表評論。

Our next question comes from the line of Kimberly Greenberger with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Kimberly Greenberger。

Okay. Great. Barbara, on the last call, you talked about the very significant shift you were seeing in the kinds of categories and the types of products that Ross shoppers were buying and how much that had changed by April and May compared to when we started the year.

好的。偉大的。芭芭拉，在最後一次電話會議上，你談到了你在羅斯購物者購買的類別和產品類型方面看到的非常重大的變化，以及與年初相比，4 月和 5 月發生了多大變化。

I know you were working here through the second quarter to reposition inventory and sort of pivot toward those categories. I'm wondering if you can just talk about where you are on that journey, the progress you made in the second quarter and what -- where you sit today, what's your evaluation of the progress? And is there still more to go in the second half of the year?

我知道您在第二季度一直在這里工作，以重新定位庫存並轉向這些類別。我想知道你是否可以談談你在這段旅程中的進展情況，你在第二季度取得的進展以及什麼 - 你今天坐在哪裡，你對進展的評價是什麼？下半年還有更多的事情要做嗎？

Sure. The pivot was to take us out of casual product into more things that the customer wanted. So more wear-to-work in men's and ladies, more social, more going out-type products, whether that would have been in shoes or ready-to-wear.

當然。關鍵是將我們從休閒產品中帶入更多客戶想要的東西。因此，無論是鞋類還是成衣，男裝和女裝都有更多的工作服，更多的社交，更多走出去的產品。

That's really where the main shift was on the apparel side. We've made some progress there, but we certainly have a longer way to go. But I feel much better about where we were -- from where we were in Q1 to where we are now because we've really been able to expand some of those assortments when I felt like we were a little bit behind.

這確實是服裝方面的主要轉變。我們在這方面取得了一些進展，但我們當然還有更長的路要走。但是我對我們所處的位置感覺好多了——從我們在第一季度的位置到現在的位置，因為當我覺得我們有點落後時，我們真的能夠擴展其中的一些分類。

So -- and then in terms of go forward, we're going to meet whatever the customer demand is. So with everything that is so difficult out there, a highly promotional environment, we're going to see where the customer tells us, where and when what she wants, and then we'll make the shift from there. But we feel like we're in a better state of balance between, let's say, casual and more wear-to-work products in men's and ladies.

所以 - 然後就前進而言，我們將滿足客戶的任何需求。因此，面對如此困難的一切，高度促銷的環境，我們將看到客戶告訴我們的地方，她想要什麼，何時何地，然後我們將從那裡開始轉變。但我們覺得我們在男士和女士的休閒產品和更適合工作的產品之間處於更好的平衡狀態。

Fantastic. That's really helpful, Barbara. And just one follow-up on the product. Are you starting to see new vendors come to Ross? Maybe vendors that you didn't work with last year or in 2020? I'm just wondering if the more robust buying environment is yielding an opportunity to maybe work with additional vendors that you haven't seen for the last year or 2.

極好的。這真的很有幫助，芭芭拉。並且只是對產品的一次跟進。您是否開始看到新的供應商來到羅斯？也許您去年或 2020 年沒有合作過的供應商？我只是想知道更強大的購買環境是否會產生與您過去一兩年未見過的其他供應商合作的機會。

The answer to that is yes. Both new vendors or vendors that perhaps, we hadn't seen availability from for an extended period of time, the availability out there is pretty broad-based right now in all products and a good - better, best. There's just a lot of merchandise in the country.

答案是肯定的。無論是新供應商還是我們可能很長一段時間都沒有看到可用性的供應商，現在所有產品的可用性都非常廣泛，而且很好 - 更好，最好。國內的商品實在是太多了。

And so I think vendors themselves are looking to expand their business. And if they haven't been doing business with us, at least it was an opportunity. So yes, I think that -- and I think that probably will continue based on the amount of inventory that's in the country.

因此，我認為供應商本身正在尋求擴展業務。如果他們沒有和我們做生意，至少這是一個機會。所以是的，我認為 - 我認為這可能會繼續基於該國的庫存量。

Terrific.

了不起。

Our next question comes from the line of Chuck Grom with Gordon Haskett.

我們的下一個問題來自 Chuck Grom 和 Gordon Haskett。

Barbara, how do you balance taking advantage of the great deals in the marketplace today versus waiting for better deals down the road? Because I imagine the deals today look a lot better than they did a few months ago than those you're getting today. And I guess as a follow-up, when should we expect those to start showing up in the P&L for you, guys? Is that a third and fourth quarter phenomenon? Or do we start to see that in '23?

芭芭拉，您如何平衡利用當今市場上的大筆交易與等待未來更好的交易？因為我認為今天的交易看起來比幾個月前的交易要好得多。我想作為後續行動，我們什麼時候應該期待那些開始出現在您的損益表中，伙計們？這是第三季度和第四季度的現象嗎？還是我們會在 23 年開始看到這一點？

Okay. Just first, in terms of the deals, if it was a good deal today does it get better as we go. The merchants are really out there in the market shopping to see what's out there, shopping to see what the availability is. And to assess where the product is the best product is [going to happen]. There is a lot of product out there. What you really want to do is get the best product at the best price, so the merchants are out there assessing what that looks like. And then you really want to get the most desirable product, right?

好的。首先，就交易而言，如果今天的交易很划算，隨著我們的進展，它是否會變得更好。商人真的在市場上購物，看看那裡有什麼，購物看看有什麼可用性。並且評估產品在哪裡是最好的產品是[將會發生的]。那裡有很多產品。您真正想要做的是以最優惠的價格獲得最好的產品，因此商家正在評估產品的外觀。然後你真的想得到最理想的產品，對吧？

So if it's the best product and you think that's a really sharp price and something you haven't been able to really get or there's a void, you're going to pull the trigger and buy it. If there's a lot of -- if there's products where there's lots and lots of availability, you might buy some meter them in, you might pack some away for the following year.

因此，如果它是最好的產品，而您認為這是一個非常高的價格並且您無法真正獲得或存在空白，那麼您將扣動扳機併購買它。如果有很多——如果有很多可用的產品，你可能會買一些計量它們，你可能會在下一年打包一些。

I mean, it's not just one kind of cookie-cutter answer here. I think that the key thing now for the merchants is really to be out there understanding the promotional environment, right? So when you're buying goods now, what you really have to be attuned to is what is the right value.

我的意思是，這不僅僅是一種千篇一律的答案。我認為現在對於商家來說，關鍵是要真正了解促銷環境，對吧？所以當你現在購買商品的時候，你真正要適應的是什麼是正確的價值。

So the buyers have to be very strategic in terms of buying the right merchandise at the appropriate value for customers, given the current inflationary environment. So I think it's supply, and it's really studying what's going on in the outside world with so much inventory sitting in retail stores, with the inflated inventory and a more promotional environment, which I think we all believe is probably going to get more heightened in the fourth quarter.

因此，考慮到當前的通貨膨脹環境，買家必須非常有策略地以適當的價值為客戶購買合適的商品。所以我認為它是供應，它真的是在研究外面世界發生了什麼，零售店裡有這麼多庫存，庫存膨脹，促銷環境更糟，我認為我們都相信這可能會變得更加高漲第四季度。

So there's a variety of things that need to happen there, so I don't think it's quite the cookie-cutter. So to get to, I think we'll see some for this year. I think there'll be some packaway for spring, and there may even potentially be some packaway for fall. But we have to wait and see what that looks like.

所以有很多事情需要在那裡發生，所以我不認為這是千篇一律的事情。所以要達到，我想我們今年會看到一些。我認為春天會有一些包裝，甚至可能有一些秋天的包裝。但我們必須拭目以待，看看會是什麼樣子。

Our next question comes from the line of Matthew Boss with JPMorgan.

我們的下一個問題來自摩根大通的 Matthew Boss。

Great. Barbara, so larger picture, on the mounting inflationary pressure that you cited on your customer, how does this affect the value and convenience elements of your model? Or is there anything that you're seeing today that's different than past times of consumer disruption where your model actually outperforms over time?

偉大的。芭芭拉（Barbara），大局觀，關於您對您的客戶引用的日益增加的通貨膨脹壓力，這如何影響您模型的價值和便利性元素？或者您今天看到的任何東西與過去的消費者中斷時期不同，您的模型實際上隨著時間的推移而表現出色？

And then Adam, while sales are below your target model today, are there any structural underlying changes to the model's margin as we think about multi-year in your view?

然後亞當，雖然今天的銷售額低於您的目標模型，但在您看來，當我們考慮多年時，模型的利潤率是否有任何結構性潛在變化？

So Matthew, in terms of mounting inflation, I think over the last few months, we had initially made strategic price increases. And I think with the slowing consumer demand and the escalating inflationary pressures, it all comes down to value. And so for us to be successful, we really need to make sure that we understand the value of what's going on around us and get ourselves really highly focused on that because that really, in the end, is what will make us successful.

所以馬修，就通貨膨脹的加劇而言，我認為在過去的幾個月裡，我們最初已經進行了戰略性價格上漲。而且我認為隨著消費者需求放緩和通脹壓力不斷升級，這一切都歸結為價值。因此，為了讓我們成功，我們真的需要確保我們了解我們周圍正在發生的事情的價值，並讓自己真正高度關注這一點，因為最終，這才是我們成功的關鍵。

Our customer is looking for branded bargains, great values every day. That's what she's come to expect for 40 years, and that's what she expects from us now. So I think that really comes down to the merchants being in the market, understanding the availability, understanding what's going on and then knowing when to pull the trigger and to drive it because that's what helped us from 2008 to 2009.

我們的客戶每天都在尋找品牌的便宜貨，物超所值。這是她 40 年來的期望，也是她現在對我們的期望。所以我認為這真的歸結為商家在市場上，了解可用性，了解正在發生的事情，然後知道何時扣動扳機並推動它，因為這在 2008 年到 2009 年幫助了我們。

And I think that, that will help -- what will help us here also in getting ourselves in the right value when the customer is under so much pressure with all the macroeconomic issues that are out there.

而且我認為這將有所幫助 - 當客戶面臨所有宏觀經濟問題的巨大壓力時，這也將幫助我們獲得正確的價值。

And Matthew, this is Adam. So we don't see anything structurally different in our model, still feel bullish about the environment, the retail environment in our model going forward. When we talk about multi-year and think about 2023, specifically, I think the key is we're going to have to see how the inflationary aspects play out in the second half. That's obviously a critical variable. How we plan sales next year, profitability will be highly dependent on that kind of top line assumption.

馬修，這是亞當。所以我們在我們的模型中沒有看到任何結構上的不同，仍然看好環境，我們模型中的零售環境向前發展。當我們談論多年並具體考慮 2023 年時，我認為關鍵是我們將不得不看看通脹方面在下半年如何發揮作用。這顯然是一個關鍵變量。我們如何計劃明年的銷售，盈利能力將高度依賴於那種頂線假設。

Matthew, just to add to that, obviously, since the pre-pandemic, the changes have been really around the cost in the business, and those are acutely in 2 different places with wages and transportation, whether domestically or on imports. I think what we expect to see is both the domestic and import costs to come down over time.

馬修，補充一點，顯然，自大流行前以來，業務成本的變化實際上是在兩個不同的地方，無論是國內的還是進口的，工資和交通都是如此。我認為我們期望看到的是國內和進口成本都會隨著時間的推移而下降。

We're already starting to see some break in those costs here in the back half, especially on the import costs. So I think those will come down, which will be a benefit to us. On the wage front, I think the increases we saw during COVID are structural at the current levels and are at least at this level.

我們已經開始看到這些成本在後半部分有所下降，尤其是在進口成本方面。所以我認為這些會下降，這對我們來說是有好處的。在工資方面，我認為我們在 COVID 期間看到的增長在當前水平上是結構性的，並且至少在這個水平上。

What I'd say about the wage market right now is it's still tight, but it is stable, which is much different from where we were last year when we were getting people back to work and there was frenzied demand in the U.S.

我現在對工資市場的看法是它仍然很緊張，但它很穩定，這與我們去年讓人們重返工作崗位並且美國出現瘋狂需求時的情況有很大不同。

So I think there is going to be some opportunity in cost as the transportation comes down with the lower demand in the U.S.

因此，我認為隨著美國需求下降導致運輸量下降，成本將有一些機會。

Great color. Best of luck.

很棒的顏色。祝你好運。

Our next question comes from the line of Adrienne Yih with Barclays.

我們的下一個問題來自巴克萊銀行的 Adrienne Yih。

Great. Barbara, this is sort of more of an opinion question for you. I'm wondering if you believe that the aggressive discretionary promotions at Walmart and Target are maybe temporarily taking some market share away.

偉大的。芭芭拉，這對你來說更像是一個意見問題。我想知道你是否相信沃爾瑪和塔吉特積極的全權促銷可能會暫時奪走一些市場份額。

And I guess in the past, when they aren't as promotional, might that alleviate kind of some of the kind of market share shifts that are going on? So that's my first question.

而且我想在過去，當它們不那麼促銷時，這可能會緩解一些正在發生的市場份額變化嗎？所以這是我的第一個問題。

And then for Michael, can you talk about any price pass-through attempts, if any? And I know that you guys have been very, very careful about that. And what does your average unit cost look like at this point kind of heading into holiday?

然後對於邁克爾，你能談談任何價格傳遞嘗試，如果有的話？我知道你們對此非常非常小心。你的平均單位成本在這個時候是什麼樣的？

Adrienne, as it pertains to Walmart, look, I think we look at everyone as a competitor, whether it's Walmart, whether it's the other off-pricers, whether it's Macy's. I think there's a lot of opportunities for the consumer to buy bargains now and whether it's Walmart or Target, whoever it is, and so it's hard for us to measure that.

Adrienne，因為它與沃爾瑪有關，看，我認為我們將每個人都視為競爭對手，無論是沃爾瑪，是否是其他折扣商，是否是梅西百貨。我認為消費者現在有很多機會購買便宜貨，無論是沃爾瑪還是塔吉特，無論是誰，所以我們很難衡量這一點。

I think the most important thing that we can do now is really, we need to understand value. And we need to understand where we need to be on the value equation with the customer. And that is a shift from where we were. So I think it's very -- it's hard for us to measure that.

我認為我們現在能做的最重要的事情是，我們需要了解價值。我們需要了解我們需要在與客戶的價值等式上處於什麼位置。這與我們以前的情況有所不同。所以我認為這非常 - 我們很難衡量這一點。

But again, it's more competition. And they have both been very aggressive in their pricing, as we all know, to move through some goods. So that's our job to understand it.

但同樣，這是更多的競爭。眾所周知，他們在定價方面都非常激進，以通過某些商品進行交易。所以這是我們的工作來理解它。

On pricing, what we saw during the quarter on AUR, so AURs were up during the quarter. As we said in the commentary, the minus 7% comp was a function of lower traffic and higher basket. The basket was really driven by a higher AUR.

在定價方面，我們在本季度看到的 AUR，因此 AUR 在本季度有所上升。正如我們在評論中所說，負 7% 的補償是較低流量和較高籃子的函數。籃子真的是由更高的 AUR 驅動的。

What we'd expect for the fall season with us really trying to drive value and with our additional markdowns, we'd expect AURs to moderate versus the first half over the balance of the year.

我們對秋季的期望是，我們真的在努力推動價值，並且隨著我們的額外降價，我們預計 AUR 將在今年餘下時間與上半年相比有所放緩。

Our next question comes from the line of Mark Altschwager with Baird.

我們的下一個問題來自 Mark Altschwager 和 Baird。

I guess for Michael or Adam, the sales outlook is slightly better in Q4 versus Q3, though the magnitude of the implied margin inflection, I think, is fairly significant if I'm reading it all correctly.

我猜對邁克爾或亞當來說，第四季度的銷售前景略好於第三季度，儘管我認為，如果我沒看錯的話，隱含的利潤率變化幅度相當大。

Is that primarily markdowns in Q3 that are expected to be kind of cleared through by Q4? Or are there kind of other things that are going on there?

這主要是在第三季度的降價，預計到第四季度會被清除嗎？還是那裡正在發生其他事情？

Just on Q4, as I mentioned in Lorraine's question, that was our lowest comp last year, and that was a function of, one, with supply chain congestion, we didn't get all the goods we wanted to in the stores before the holiday, and there was also an Omicron spike leading up to Christmas that dampened traffic a bit. So that should be a benefit versus last year.

就在第四季度，正如我在 Lorraine 的問題中提到的那樣，這是我們去年最低的收入，這是由於供應鏈擁堵，我們沒有在假期前在商店裡買到我們想要的所有商品，而且聖誕節前還有一個 Omicron 峰值，稍微抑制了交通。因此，與去年相比，這應該是一個好處。

And then the fourth quarter was the peak of our cost increases, including incentives, and cost in the business, whether it was ocean freight or wage increases to staff in the store and the DCs for holiday. So we're up against that, and that will be a benefit versus last year.

然後第四季度是我們成本增加的高峰，包括激勵措施和業務成本，無論是海運還是商店和配送中心員工的假期工資增加。所以我們反對這一點，與去年相比，這將是一個好處。

And Mark, this is Adam. Just to build on that, I think when you look at timing in third quarter versus fourth quarter, ocean freight probably is still headwinds as we move into third quarter just based on the comparison to LY and then probably some favorability, specifically in ocean freight in fourth quarter, and then probably a little bit more timing impact from our packaway cost in third quarter versus fourth quarter.

馬克，這是亞當。只是在此基礎上，我認為當您查看第三季度與第四季度的時間安排時，海運可能仍然是逆風，因為我們進入第三季度只是基於與 LY 的比較，然後可能是一些有利因素，特別是在海運方面第四季度，然後我們的包裝成本在第三季度與第四季度相比可能會產生更多的時間影響。

Our next question comes from the line of Brooke Roach with Goldman Sachs.

我們的下一個問題來自高盛的 Brooke Roach。

Barbara, I'd like to ask you if you're seeing any evidence of trade-down in your business. Are you seeing any new customer acquisition above and beyond traditional levels from customers that typically don't shop Ross Stores?

芭芭拉，我想問一下您是否發現您的業務中有任何折價的跡象。您是否從通常不購買 Ross Stores 的客戶那裡獲得了超出傳統水平的任何新客戶？

And then maybe as a follow-up, you commented on plans to adjust pricing and markdowns in the third quarter. Can you comment on the magnitude and the time line to achieve a more normalized markdown level and when you might be a little bit more clean?

然後也許作為後續行動，您評論了第三季度調整定價和降價的計劃。您能否評論一下幅度和時間線以實現更標準化的降價水平，以及何時您可能會更乾淨一點？

On the consumer, we're not seeing any change. Certainly since -- if I take the first to the second quarter with our comps, they've been relatively consistent. The composition of comps have been relatively consistent. If I compare it to when we started to lap the stimulus from last year, and our customer surveys and our own performance would suggest that where we're really seeing pressure is the lower-end consumer. But on the trade-down customer, there's no indication that is in our data that would suggest that that's happening.

在消費者方面，我們沒有看到任何變化。當然，因為——如果我用我們的比賽從第一節到第二節，他們相對一致。比賽的組成相對一致。如果我將其與我們從去年開始實施刺激措施時進行比較，我們的客戶調查和我們自己的表現會表明，我們真正看到壓力的是低端消費者。但對於折價客戶，我們的數據中沒有跡象表明這種情況正在發生。

But we do serve a wide range of customers. Today, we serve a wide range of customers. So we're going to watch trends closely and then we'll make merchandising adjustments accordingly. So it would probably take us some time to see because our range of customers is so broad.

但我們確實服務於廣泛的客戶。今天，我們為廣泛的客戶提供服務。因此，我們將密切關注趨勢，然後我們將相應地進行商品調整。因此，我們可能需要一些時間才能看到，因為我們的客戶範圍非常廣泛。

Our next question comes from the line of Michael Binetti with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Michael Binetti。

I just want to make sure I have -- I understand. I'm thinking alongside you guys on the model. I think that as we look at like the 3-year growth rate in third quarter -- in the fourth quarter, take like a 2- to 3-point step down in the way that you're guiding fourth quarter is -- but you're expecting markdowns to ramp, which I would assume are going to give you a good shot of bringing in a new customer.

我只是想確保我有——我明白。我正在和你們一起考慮模型。我認為，當我們觀察第三季度的 3 年增長率時——在第四季度，按照你指導第四季度的方式下降 2 到 3 個百分點——但是你'期待降價促銷，我認為這會給你帶來新客戶的好機會。

Is that deceleration? I'm curious what the deceleration is based on. Is that based on your insights for the industry slowing? Or Barb, you just mentioned you're hopeful that trade-down can start to happen after some period of time. Do you not bake that in, in fourth quarter? Maybe some help on how you're thinking about that deceleration.

是減速嗎？我很好奇減速的依據是什麼。這是基於您對行業放緩的看法嗎？或者Barb，您剛剛提到您希望在一段時間後可以開始進行降價交易。你不把它烤進去嗎，在第四季度？也許對你如何考慮減速有一些幫助。

Michael, it's really a function -- it's our biggest quarter. It bodes -- serves us well to be very cautious, especially after missing 2 quarters in a row on top line, so we are being cautious in the fourth quarter. And we do think it's going to be a very promotional environment, so that's what it's based on.

邁克爾，這真的是一個功能——這是我們最大的季度。這預示著我們非常謹慎，特別是在連續錯過兩個季度之後，所以我們在第四季度保持謹慎。我們確實認為這將是一個非常宣傳的環境，所以這就是它的基礎。

Right. And also, based off the supply lines in the world, if, in fact, the trends line turns out to be better than we think it is, we're going to be able to chase some of that.

正確的。而且，根據世界上的供應線，如果事實上，趨勢線比我們想像的要好，我們將能夠追逐其中的一些。

Our next question comes from the line of Ike Boruchow with Wells Fargo.

我們的下一個問題來自富國銀行的 Ike Boruchow。

I just want to talk about the packaway inventory, up in year-over-year as a percent of inventory and in dollars, up pretty meaningfully. I know you're not going to go into specifics. But just curiously, maybe at a high level, can you talk about the buying margins, the closeout margins you guys are basically seeing today versus, I don't know, 12 months ago, 18 months ago? Are they starting to ramp up?

我只想談談包裝庫存，同比增長佔庫存的百分比和美元，增長非常有意義。我知道你不會詳細說明。但奇怪的是，也許在一個高水平上，你能談談你們今天看到的買入利潤率和收盤利潤率，我不知道，12 個月前，18 個月前？他們開始加速了嗎？

Where -- how does that look maybe versus, again, like I said, 12 months ago or maybe versus history? Just any kind of color at a high level would be interesting.

哪裡——這看起來可能與，再次，就像我說的，12 個月前，或者可能與歷史相比？任何一種高級別的顏色都會很有趣。

Ike, first, on the -- on what we have in packaway. We are up as a percentage of total inventory, but that is up against last year when we were using a lot of our packaway in the frenzied demand in the second quarter, which was our top comp for 2021.

艾克，首先，關於我們打包的東西。我們佔總庫存的百分比有所上升，但這與去年相比有所上升，當時我們在第二季度的瘋狂需求中使用了很多我們的包裝，這是我們 2021 年的最高比例。

And then also, packaway right now includes early receipts of merchandise, and that's mainly home product. And what happened there is that last year, we're experiencing longer lead times. We were having difficulty getting products on time and on plan. So what we did this year is extended our lead times coming into the first quarter in our ordering cycle.

此外，現在的打包服務包括商品的早期收據，這主要是家庭產品。去年發生的事情是，我們正在經歷更長的交貨時間。我們很難按時按計劃獲得產品。因此，我們今年所做的是將我們的交貨時間延長到我們訂購週期的第一季度。

What we saw in the first quarter is those -- surprisingly, lead times improved, but we kept the longer lead times in the second quarter because we were concerned about port labor negotiations in L.A. and also COVID -- continuing COVID shutdowns in China.

我們在第一季度看到的是那些——令人驚訝的是，交貨時間有所改善，但我們在第二季度保持了更長的交貨時間，因為我們擔心洛杉磯的港口勞工談判以及 COVID——中國繼續 COVID 關閉。

Neither of those risks played out and with lower demand in the U.S., lead times actually improved. So we have stored in packaway early receipts of home that will flow in the back half of the year.

這些風險都沒有發揮出來，而且隨著美國需求的下降，交貨時間實際上有所改善。因此，我們將在今年下半年流動的家庭早期收據存儲在包裝中。

In terms of margins on closeouts and upfront, it's hard to compare 1 year to another based on -- it's hard to compare what I bought this year versus what I had historically, so it's not necessarily quite as simple as just as going, pitch to pitch on it.

就收尾和預付款的利潤率而言，很難將 1 年與另一年進行比較——很難將我今年購買的東西與我過去購買的東西進行比較，所以它不一定像去一樣簡單，推銷到推銷它。

So I think it remains to be seen on the closeout rates. We've seen what kind of values we need to put on the floor and what availability, when people want to move it. It's a measured balance.

所以我認為收尾率還有待觀察。我們已經看到我們需要在地板上放置什麼樣的價值觀以及人們想要移動它時的可用性。這是一個衡量的平衡。

Our next question comes from the line of Jay Sole with UBS.

我們的下一個問題來自瑞銀的 Jay Sole。

Great. I just want to dig into the AUR strategy for the back half of the year. Are you saying that you're going to use AUR as a lever to try to take share and alleviate some of the traffic issue that you've had recently?

偉大的。我只想深入了解下半年的 AUR 策略。您是說您將使用 AUR 作為槓桿來嘗試分享並緩解您最近遇到的一些流量問題嗎？

Yes. Listen, we're in the value business. And in the last couple of quarters, we've really -- we've made some strategic price increases. And the customer, based on slowing demand and inflationary pressures, has voted that she doesn't necessarily think the value is where it needs to be.

是的。聽著，我們從事價值業務。在過去的幾個季度中，我們確實 - 我們已經進行了一些戰略性的價格上漲。客戶基於需求放緩和通脹壓力，投票認為她不一定認為價值是它需要的地方。

So yes, if we could get -- we want to get our AUR more in line, and we want to offer the customer more value. And the AUR can move around based off of mix, right, because it doesn't necessarily mean depending upon what types of products you have on the floor, the AUR can move.

所以是的，如果我們能得到——我們想讓我們的 AUR 更符合要求，我們希望為客戶提供更多價值。 AUR 可以根據混合移動，對，因為這並不一定意味著根據你在地板上的產品類型，AUR 可以移動。

I think the word we're looking here is for value. And clearly, the more value we offer the customer, history would tell us that we would perform better. So that is our strategy. I mean based off of where she is and the pressure that the customer is under, that's really what we need to do. We need to understand what the outside world is doing and we need to offer better value.

我認為我們在這裡尋找的詞是為了價值。顯然，我們為客戶提供的價值越高，歷史就會告訴我們，我們的表現會更好。這就是我們的策略。我的意思是根據她所在的位置和客戶所承受的壓力，這確實是我們需要做的。我們需要了解外部世界在做什麼，我們需要提供更好的價值。

Our next question comes from the line of Dana Telsey with Telsey Advisory Group.

我們的下一個問題來自 Telsey 諮詢小組的 Dana Telsey。

Good afternoon, everyone. As you see the differences between the Ross and the dd's chain, what are the differences between the 2? And whether it's traffic or whether it's product sell-through and what you're seeing? And is your AUR strategy at all different with dd's and Ross in terms of magnitude for the back half of the year?

大家下午好。正如你看到的羅斯和dd的鏈之間的區別，2之間有什麼區別？無論是流量還是產品銷售以及您所看到的？就今年下半年的規模而言，您的 AUR 策略與 dd's 和 Ross 有什麼不同？

Dana on dd's, so similar to Q1, dd's performance in Q2 continued to be well below Ross, although up against very robust comps last year. The inflationary pressure here has even a larger impact on the dd's low-income customer.

dd 上的 Dana 與 Q1 非常相似，dd 在 Q2 的表現繼續遠低於 Ross，儘管去年的表現非常強勁。這裡的通脹壓力對dd的低收入客戶影響更大。

dd's average household income is $40,000 to $45,000. Therefore, this customer is obviously more sensitive to the pressures in fuel and food costs and other inflationary purchases. I would say like Ross, our focus is on delivering the best bargains, but we need to even provide greater value to the dd's customer. And like Ross, we built in higher markdowns in the back half of the year.

dd 的平均家庭收入為 40,000 至 45,000 美元。因此，該客戶顯然對燃料和食品成本以及其他通脹購買壓力更為敏感。我想說和羅斯一樣，我們的重點是提供最優惠的價格，但我們甚至需要為 dd 的客戶提供更大的價值。和羅斯一樣，我們在今年下半年建立了更高的降價幅度。

Our next question comes from the line of Laura Champine with Loop Capital.

我們的下一個問題來自於 Loop Capital 的 Laura Champine。

I've got a couple. So when do you think that logistics costs will start to ease? And then secondly, you mentioned more clearance activity in Q3. When do you think that inventories come more in line with sales trends, assuming that's a goal given the packaway opportunities you see?

我有一對。那麼您認為物流成本什麼時候會開始緩解呢？其次，您提到了第三季度的更多清倉活動。您認為庫存何時更符合銷售趨勢，假設這是您看到的打包機會的目標？

Laura, it's Michael. On logistics cost, we're already seeing them. They already seemed to have peaked and have started to come down. I think it's different between domestic and ocean freight. I think ocean freight, there are a lot of long-term contracts that it may take some time to come down. But certainly, the current non-contract market is below the contract rate. So we're starting to see some movement even on contract rates.

勞拉，是邁克爾。關於物流成本，我們已經看到了。他們似乎已經達到頂峰並開始下降。我覺得國內和海運是不一樣的。我認為海運，有很多長期合同可能需要一段時間才能下來。但可以肯定的是，當前的非合約市場低於合約價格。因此，我們甚至開始看到合同費率的一些變化。

Domestic, at least for us, we expect domestic costs to be relatively neutral in the back half because we started seeing them rising in the back half of last year. But I suspect over time, both of them will come down and maybe not to the levels that we saw pre-pandemic though.

國內，至少對我們而言，我們預計國內成本在後半段相對中性，因為我們在去年後半段開始看到它們上升。但我懷疑隨著時間的推移，它們都會下降，而且可能不會達到我們在大流行前看到的水平。

And then in terms of the inventory level coming down, we see that moving as it goes throughout the fall. But with that, we have liquidity, and we're comfortable with our liquidity. And so we have -- open to buy to take advantage of opportunities. So it's kind of 2 things going on at the same time.

然後就庫存水平下降而言，我們看到它在整個秋季都在移動。但有了這個，我們就有了流動性，而且我們對我們的流動性感到滿意。所以我們有 - 開放購買以利用機會。所以這是同時發生的兩件事。

Our next question comes from the line of Aneesha Sherman with Bernstein.

我們的下一個問題來自 Aneesha Sherman 和 Bernstein 的觀點。

So if I heard it right, the in-store inventory levels at the moment are about in line with what you saw pre-pandemic. So just trying to understand the rationale for the higher markdowns you're doing now as well as into the second half. Is it about your product mix and you're seeing slowing trends in certain categories in the rebalancing? Or is it more about benchmarking to the external environment that's becoming more promotional? What's the bigger driver of the markdowns you expect?

因此，如果我沒聽錯的話，目前的店內庫存水平與您在大流行前看到的水平差不多。所以只是想了解你現在以及下半年進行更高降價的理由。是否與您的產品組合有關，並且您在重新平衡中看到某些類別的趨勢正在放緩？還是更多地是關於對外部環境進行基準測試，這變得越來越促銷？您期望降價的更大驅動因素是什麼？

I think it's a combination of both. But I think the promotional environment has gotten so aggressive in such a short period of time that we need to make the move on the goods. Otherwise, we're not offering the customer the value that she wants and needs, and so that's played a big part of it.

我認為這是兩者的結合。但我認為促銷環境在如此短的時間內變得如此激進，我們需要在商品上採取行動。否則，我們不會為客戶提供她想要和需要的價值，因此這在其中發揮了重要作用。

And then there's always -- there always is. There's always businesses that aren't good or they need to take markdowns more aggressively. But that's really -- it's the promotional cadence and just really watching where the AUR is in the outside world and being very, very conscious of that and understanding that. So getting -- the faster we get to the value equation that she really wants, the better our performance will be.

然後總是——總是有。總有一些生意不好，或者他們需要更積極地降價。但這真的是——這是宣傳的節奏，只是真正地觀察 AUR 在外部世界中的位置，並且非常非常意識到並理解這一點。因此，我們越快達到她真正想要的價值方程式，我們的表現就會越好。

Our next question comes from the line of Corey Tarlowe with Jefferies.

我們的下一個問題來自 Corey Tarlowe 和 Jefferies 的觀點。

Barbara, you mentioned realigning the value equation to where you think it needs to be. And with that, are there any cost savings initiatives that you have in place to help to kind of underpin the profitability and the profit goals that you have for the remainder of this year?

芭芭拉，您提到將價值方程式重新調整到您認為需要的位置。有了這個，您是否有任何成本節約計劃來幫助支撐今年剩餘時間的盈利能力和利潤目標？

I would say from an expense structure standpoint, we absolutely have put in places, whether using technology in the stores or automation in our distribution centers, which is our big pockets of expense, we've continued to add new capabilities in stores and in the distribution centers to increase efficiency and reduce costs.

我想說的是，從費用結構的角度來看，我們絕對已經到位，無論是在商店中使用技術還是在我們的配送中心使用自動化，這是我們的大筆開支，我們繼續在商店和商店中添加新功能配送中心，以提高效率並降低成本。

Great. And then as it relates to the store opportunity and real estate and the rent structures and your lease renewals, are you seeing anything incrementally helpful on the expense side there as well?

偉大的。然後，由於它與商店機會、房地產、租金結構和您的租約續約有關，您是否也看到了任何對費用方面有幫助的東西？

I wouldn't say there's anything material in that renewal process, but we will continue to open stores. As we said in the comment, we'll open 100 stores this year.

我不會說更新過程中有什麼重要的，但我們將繼續開設商店。正如我們在評論中所說，我們今年將開設 100 家門店。

And at this point, don't see any changes in our expansion plans. But I would say overall on the renewals and the new rents, there's nothing that I'd call out specifically.

在這一點上，我們的擴張計劃看不到任何變化。但我想說的是，關於續訂和新租金的總體情況，我沒有什麼要特別指出的。

Great. Very helpful. Best of luck.

偉大的。非常有幫助。祝你好運。

Our next question comes from the line of Simeon Siegel with BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Simeon Siegel。

Did you or could you, I guess, qualify like-for-like AUR versus maybe the mix shifts-driven AUR? Just trying to align the AUR with the markdown color. And then sorry for what's probably a dumb question, but just can you help parse out the comment, that earnings beat, because of the lower incentive cost on the lower sales?

我猜，您是否或您是否能夠將同類 AUR 與混合轉換驅動的 AUR 進行比較？只是試圖將 AUR 與降價顏色對齊。然後很抱歉可能是一個愚蠢的問題，但你能幫忙解析一下評論嗎，那個收益超過了，因為較低的銷售額的激勵成本較低？

I guess -- just trying to understand what it means that you made more money on the bottom line because sales missed plan and how to think about maybe what levers you have at your disposal if top line pressures get worse.

我想 - 只是想了解您在底線上賺了更多錢是什麼意思，因為銷售錯過了計劃，以及如何考慮如果頂線壓力變得更糟，您可以使用哪些槓桿。

On the comment on incentive costs, it was a function of lower earnings. If we would have been at this comp level, we would have been fairly close to the low end of the earnings range.

關於激勵成本的評論，這是較低收入的函數。如果我們一直處於這個薪酬水平，我們將相當接近盈利範圍的低端。

In terms of cost structure, certainly, there are other things we can do in the cost structure if we saw a greater decline in sales. They probably wouldn't be great decisions for the long term or going into 2023, but we could certainly get more stark with our expense structure.

在成本結構方面，當然，如果我們看到銷售額下降幅度更大，我們可以在成本結構中做其他事情。從長遠來看或進入 2023 年，它們可能不會是偉大的決定，但我們當然可以對我們的費用結構更加明確。

And could you just repeat the first question about the AUR markdowns? Could you just say that again?

你能重複一下關於 AUR 降價的第一個問題嗎？你能再說一遍嗎？

Yes, sure. So just within AUR, I guess, any way to think through like-for-like is tough given your product offering. But just if AUR -- how much may have been driven by mix shift versus like-for-like?

是的，當然。因此，我想，就在 AUR 中，考慮到您的產品供應，任何方式都很難通過類似的方式進行思考。但是，如果 AUR——有多少可能是由混合轉變與同類產品驅動的？

Part of it was driven by mix shift because there were businesses that we didn't maximize last year because of supply lines or, for example, things like shoes, which runs a higher AUR. So part of it comes from mix, where we couldn't get the supply we needed last year fast enough to drive the sales higher.

部分原因是混合轉變驅動的，因為去年我們沒有最大化供應線的業務，或者，例如，運行更高 AUR 的鞋子之類的東西。因此，其中一部分來自混合，我們無法以足夠快的速度獲得去年所需的供應以推動銷售增長。

But the other part of it just comes from -- strategically, we strategically increased some prices where we have other, potentially, assortment shifts within the mix. And so it's kind of hard to really quantify that in saying because we're comparing casual product to wear-to-work product now. Wear-to-work product has higher AURs than active wear. So I would -- all I could tell you really is it's a mix. It's really a mix of both.

但它的另一部分只是來自 - 從戰略上講，我們戰略性地提高了一些價格，我們在組合中有其他潛在的分類變化。因此，很難真正量化這一點，因為我們現在正在將休閒產品與工作服產品進行比較。工作服產品比運動服具有更高的 AUR。所以我會 - 我能告訴你的只是它是一個混合體。這真的是兩者的混合。

Certainly, apparel raises the AUR compared to casual. And definitely, shoes helped to raise the AUR because it's just a different product base, and we couldn't get the supply we needed last year. So those would be my 2 main call-outs on that.

當然，與休閒相比，服裝提高了 AUR。毫無疑問，鞋子有助於提高 AUR，因為它只是一個不同的產品基礎，而我們去年無法獲得所需的供應。因此，這將是我對此的兩個主要呼籲。

Our final question comes from the line of Marni Shapiro with Retail Tracker.

我們的最後一個問題來自帶有零售跟踪器的 Marni Shapiro。

Can you just give a quick update? Are there any changes on the store openings for this year? And then, Barbara, I have a bigger picture question just about the use of packaways in back-to-school. As kids are going back to school, do you think you are well set up in uniform and what they need for back-to-school?

你能快速更新一下嗎？今年開店有什麼變化嗎？然後，芭芭拉，我有一個更大的問題，就是關於在返校時使用包裝袋的問題。當孩子們要返校時，您認為您是否已經穿好校服以及他們返校時需要什麼？

And are you seeing a difference in the way she's shopping? Meaning is she buying what she needs and holding off on what she wants? Maybe the new fashion top, but her kids are getting her back-to-school clothing.

你看到她購物的方式有什麼不同嗎？意思是她購買她需要的東西並推遲她想要的東西？也許是新的時尚上衣，但她的孩子們正在買她的返校服裝。

Marni, on real estate, no change. We expect to open 100 locations, and that's 41 stores over the balance of the year.

Marni，關於房地產，沒有變化。我們預計將開設 100 家門店，在今年餘下的時間裡將開設 41 家門店。

And in terms of back-to-school, I would -- she bought -- she's buying definitely the necessities. She is buying uniforms and backpacks and all of those products. I also think that part of what she bought for back-to-school was she might have bought her child shorts when people started taking markdowns on, let's say, denim shorts earlier.

就返校而言，我會——她買了——她肯定會買必需品。她正在購買制服和背包以及所有這些產品。我還認為，她為返校買的部分東西是，當人們開始對牛仔短褲進行降價促銷時，她可能已經買了她的孩子短褲。

So I think it's kind of a mixed bag. But I think if we were historically talking about back-to-school over time, the customer has bought merchandise much closer to the time they go to school or immediately after they get in school. It's hard to tell now with the pandemic, right? So that would also (inaudible) and so I think it's a combination of both. But it's been very hard to read without having 2 or 3 years of any real history on it. So...

所以我認為這是一個混合包。但我認為，如果我們過去一直在談論隨著時間的推移返校，那麼客戶在他們上學時或上學後立即購買商品。現在很難說大流行，對吧？所以這也會（聽不清），所以我認為這是兩者的結合。但是如果沒有 2 或 3 年的任何真實歷史，很難閱讀它。所以...

Right. I guess that makes sense. It feels like it's going to be a later back-to-school this year anyway with pressure on her. And so it feels like she's buying what she needs, and everything else could kind of take a pause. And so maybe there's a break in weather or whatever it is.

正確的。我想這是有道理的。無論如何，她感覺今年要推遲返校了，她有壓力。所以感覺就像她在買她需要的東西，其他一切都可以暫停。因此，也許天氣或其他原因會出現中斷。

And then just one last. On holiday traffic, last year, you had -- your inventories were clean. But also, we had Omicron hit at some point in December. And so it feels like there's a real opportunity even in just driving traffic to the stores for gifting and -- during that period of time, assuming there's not some, I don't know, new variant, the gamma 5 variant or whatever it is.

然後只是最後一個。去年，在假日交通方面，你有——你的庫存是乾淨的。而且，我們在 12 月的某個時候遇到了 Omicron。因此，即使只是將客流量吸引到商店送禮物，也感覺有一個真正的機會——在這段時間裡，假設沒有一些我不知道的新變體、伽馬 5 變體或其他任何東西.

You're right, Marni. Last year, we were impacted, especially approaching Christmas with Omicron. And then within our own performance, we had difficulty getting goods, holiday goods, through the supply chain.

你是對的，瑪尼。去年，我們受到了影響，尤其是與 Omicron 一起臨近聖誕節。然後在我們自己的表現中，我們很難通過供應鏈獲得商品、節日商品。

Okay. I just wanted to confirm. Great. Best of luck, guys, with the rest of back-to-school and fall.

好的。我只是想確認一下。偉大的。祝你好運，伙計們，剩下的返校和秋季。

Ladies and gentlemen, we have reached the end of the question-and-answer session. I will now turn the call back over to Barbara Rentler for closing remarks.

女士們，先生們，問答環節到此結束。我現在將把電話轉回給芭芭拉·倫特勒（Barbara Rentler）做結束語。

Thank you for joining us today and for your interest in Ross Stores.

感謝您今天加入我們，感謝您對羅斯商店的興趣。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

今天的會議到此結束，此時您可以斷開線路。感謝您的參與，祝您有美好的一天。