羅斯百貨 (ROST) 2022 Q3 法說會逐字稿

Good afternoon, and welcome to the Ross Stores Third Quarter 2022 Earnings Release Conference Call. (Operator Instructions)

下午好，歡迎來到 Ross Stores 2022 年第三季度收益發布電話會議。 （操作員說明）

Before we get started, on behalf of Ross Stores, I would like to note that the 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，我代表 Ross Stores 想指出，在本次電話會議上發表的評論將包含有關未來增長和財務業績預期的前瞻性陳述，包括銷售和盈利預測、新店開業和其他事項這是基於公司當前對其未來業務各方面的預測。

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-Qs and 8-Ks on file with the SEC.

這些前瞻性陳述受風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果與歷史表現或當前預期存在重大差異。風險因素包含在今天的新聞稿和公司提交給 SEC 的 2021 財年 10-K 表格和 2022 財年 10-Q 和 8-K 表格中。

And now I'd like to turn the call over to Barbara Rentler, Chief Executive Officer. Thank you, ma'am. Please go ahead.

現在我想把電話轉給首席執行官芭芭拉倫特勒。謝謝你，女士。請繼續。

Good afternoon. Joining me on our call today are Michael Hartshorn, Group President, Chief Operating Officer; Adam Orvos, Executive Vice President and Chief Financial Officer; and Connie Kao, Group Vice President, Investor Relations. We'll begin our call today with a review of our third quarter performance, followed by an update on our outlook for the fourth quarter and fiscal year. Afterwards, we'll be happy to respond to any questions you may have.

下午好。今天和我一起參加電話會議的有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；以及負責投資者關係的集團副總裁 Connie Kao。今天，我們將首先回顧我們第三季度的業績，然後更新我們對第四季度和本財年的展望。之後，我們很樂意回答您的任何問題。

As noted in today's press release, third quarter results were above our expectations as we delivered stronger values throughout our stores. Operating margin for the period was 9.8% versus 11.4% last year, reflecting the deleveraging effect from the comparable sales decline as well as pressure from higher markdowns and unfavorable timing of packaway-related costs.

正如今天的新聞稿中所指出的，第三季度的業績超出了我們的預期，因為我們在整個商店中提供了更強大的價值。該期間的營業利潤率為 9.8%，而去年同期為 11.4%，反映了可比銷售額下降帶來的去槓桿化效應，以及來自更高降價和包裝相關成本不利時機的壓力。

Earnings per share for the 13 weeks ended October 29, 2022, were $1 on net income of $342 million. This compares to $1.09 per share or net earnings of $385 million for the 13 weeks ended October 30, 2021. Total sales for the quarter were $4.6 billion, in line with the prior year, with comparable sales down 3% on top of a robust 14% gain in the third quarter of 2021.

截至 2022 年 10 月 29 日的 13 週每股收益為 1 美元，淨收入為 3.42 億美元。相比之下，截至 2021 年 10 月 30 日的 13 週每股收益為 1.09 美元或淨收益為 3.85 億美元。本季度總銷售額為 46 億美元，與上年同期持平，可比銷售額在強勁的 14 週基礎上下降了 3% 2021 年第三季度的增長百分比。

For the first 9 months, earnings per share were $3.08 on net earnings of $1.1 billion compared to $3.82 per share on net income of $1.4 billion for the same period in 2021. Sales for the year-to-date period totaled $13.5 billion with comparable store sales down 5% versus a strong 14% increase last year.

前 9 個月，每股收益為 3.08 美元，淨收益為 11 億美元，而 2021 年同期每股收益為 3.82 美元，淨收益為 14 億美元。年初至今的銷售額總計 135 億美元，可比商店與去年 14% 的強勁增長相比，銷售額下降了 5%。

For the third quarter at Ross, shoes was the best-performing business, while Florida and Texas were the top-performing regions as they were bolstered by the outperformance of border and tourist locations.

在 Ross 第三季度，鞋業是表現最好的業務，而佛羅里達州和得克薩斯州是表現最好的地區，因為它們受到邊境和旅遊地點的出色表現的支持。

At dd's DISCOUNTS, sales trends improved versus the first half, but continued to trail Ross' results due to ongoing inflationary pressures that are having a larger impact on dd's lower-income customers. Inventory levels moderated significantly from the first half of the year, with total consolidated inventories at the end of the quarter up 12% compared to last year.

在 dd's DISCOUNTS，銷售趨勢與上半年相比有所改善，但由於持續的通脹壓力對 dd 的低收入客戶產生更大影響，因此繼續落後於 Ross 的業績。庫存水平較上半年顯著下降，本季度末綜合庫存總量較去年同期增長 12%。

Average store inventories during the quarter were up 4% versus 2021 and down compared to pre-pandemic levels. Packaway merchandise represented 41% of the total compared to 31% last year when we used packaway merchandise to fuel robust sales gains.

本季度的平均商店庫存與 2021 年相比增長了 4%，與大流行前的水平相比有所下降。 Packaway 商品佔總數的 41%，而去年我們使用 Packaway 商品推動強勁的銷售增長時這一比例為 31%。

Turning to store growth. We completed our expansion program for 2022 with the addition of 28 new Ross and 12 dd's DISCOUNTS in the third quarter. For the year, we added a total of 99 locations comprised of 71 Ross and 28 dd's DISCOUNTS. We now expect to end the year with 1,693 Ross stores and 322 dd's DISCOUNTS locations for a net increase of 92 stores.

轉向商店增長。我們完成了 2022 年的擴張計劃，在第三季度增加了 28 個新 Ross 和 12 個 dd's DISCOUNTS。這一年，我們總共增加了 99 個地點，其中包括 71 個 Ross 和 28 個 dd's DISCOUNTS。我們現在預計今年年底將有 1,693 家 Ross 商店和 322 家 dd's DISCOUNTS 門店，淨增 92 家商店。

Now Adam will provide further details on our third quarter results and fourth quarter guidance.

現在，亞當將提供有關我們第三季度業績和第四季度指導的更多詳細信息。

Thank you, Barbara. As previously stated, comparable store sales were down 3% in the quarter. Although traffic improved from the second quarter, it still declined versus the prior year. Partially offsetting these declines was a higher average basket size.

謝謝你，芭芭拉。如前所述，本季度可比店面銷售額下降了 3%。儘管客流量較第二季度有所改善，但與去年同期相比仍有所下降。較高的平均籃子規模部分抵消了這些下降。

Operating margin of 9.8% for the third quarter was down 160 basis points from last year. Cost of goods sold grew by 230 basis points in the quarter. Merchandise margin declined 165 basis points, primarily due to higher markdowns.

第三季度的營業利潤率為 9.8%，比去年下降了 160 個基點。本季度銷售商品成本增長了 230 個基點。商品利潤率下降了 165 個基點，這主要是由於降價幅度更大。

Distribution costs were up 140 basis points, mainly due to unfavorable timing of packaway-related costs and deleverage from our new distribution center, while occupancy delevered by 20 basis points. These higher expenses were partially offset by a 75 basis point decrease in buying costs, mainly from lower incentives.

配送成本上升了 140 個基點，這主要是由於包裝相關成本的不利時機和我們新配送中心的去槓桿化，而入住率則降低了 20 個基點。這些較高的支出被購買成本下降 75 個基點部分抵消，主要是由於較低的激勵措施。

Lastly, pressure from domestic freight expenses eased in the third quarter and improved 20 basis points as we anniversaried the freight headwinds that began in the second half of last year.

最後，隨著我們度過了去年下半年開始的貨運逆風，第三季度國內貨運費用的壓力有所緩解並改善了 20 個基點。

SG&A for the period improved by 70 basis points as deleverage from the negative comparable sales was more than offset by lower incentives. During the third quarter, we repurchased 2.8 million shares of common stock for an aggregate cost of $244 million. We remain on track to buy back a total of $950 million in stock for the year.

該期間的 SG&A 改善了 70 個基點，因為負可比銷售額的去槓桿作用被較低的激勵措施所抵消。第三季度，我們回購了 280 萬股普通股，總成本為 2.44 億美元。我們仍有望在今年回購總計 9.5 億美元的股票。

Now let's discuss our fourth quarter guidance. We continue to expect a very promotional holiday selling season and ongoing inflationary headwinds to pressure our low- to moderate-income customers. That said, we face our easiest sales and earnings comparisons in the fourth quarter and are raising our guidance, given our third quarter sales momentum and improved holiday assortments.

現在讓我們討論我們的第四季度指導。我們繼續期待一個非常促銷的假期銷售季節和持續的通脹逆風給我們的中低收入客戶帶來壓力。也就是說，我們在第四季度面臨最簡單的銷售和收益比較，並且鑑於我們第三季度的銷售勢頭和假期產品種類的改善，我們正在提高我們的指導。

For the 13 weeks ending January 28, 2023, we now expect comparable store sales to be flat to down 2% on top of a 9% gain in the prior year. As a result, earnings per share are forecasted to be in the range of $1.13 to $1.26. The operating statement assumptions that support our fourth quarter guidance include the following. Total sales are projected to be flat to up 3%. We expect operating margin to be in the range of 9.7% to 10.5% versus 9.8% last year.

在截至 2023 年 1 月 28 日的 13 週內，我們現在預計可比店面銷售額將持平至下降 2%，而去年同期增長 9%。因此，每股收益預計在 1.13 美元至 1.26 美元之間。支持我們第四季度指引的經營報表假設包括以下內容。預計總銷售額將持平至增長 3%。我們預計營業利潤率將在 9.7% 至 10.5% 之間，而去年為 9.8%。

This mainly reflects the anniversarying of significant cost pressures from ocean freight and lower incentives, partially offset by the deleveraging effect from lower same-store sales, unfavorable timing of packaway-related costs and higher markdowns.

這主要反映了海運帶來的巨大成本壓力和較低激勵措施的周年紀念日，部分被同店銷售額下降、打包相關成本的不利時機和更高的降價幅度所抵消。

Net interest income is estimated to be about $14 million. Our tax rate is expected to be approximately 23%. And weighted average diluted shares outstanding are projected to be about 342 million. Based on our year-to-date results and fourth quarter guidance, earnings per share for fiscal 2022 are now projected to be in the range of $4.21 to $4.34 compared to $4.87 last year.

淨利息收入估計約為 1400 萬美元。我們的稅率預計約為 23%。加權平均攤薄流通股預計約為 3.42 億股。根據我們年初至今的業績和第四季度的指引，2022 財年每股收益預計在 4.21 美元至 4.34 美元之間，而去年為 4.87 美元。

Now I'll turn the call back to Barbara for closing comments.

現在，我將把電話轉回給芭芭拉，徵求結束意見。

Thank you, Adam. Despite the many challenges over the last few years, coupled with today's uncertain macroeconomic and geopolitical environment, we remain optimistic about our future growth prospects. Our top priority is and always will be delivering fresh and exciting named brand merchandise at compelling discounts every day in our growing store base of over 2,000 locations.

謝謝你，亞當。儘管過去幾年面臨許多挑戰，加上當今不確定的宏觀經濟和地緣政治環境，我們對未來的增長前景仍然樂觀。我們的首要任務是並且將始終在我們不斷擴大的 2,000 多個地點的商店基地每天以極具吸引力的折扣提供新鮮和令人興奮的知名品牌商品。

With consumers' heightened focus on value and convenience, this bodes well for our ability to expand our market share and profitability in the future. At this point, we'd like to open up the call and respond to any questions you may have.

隨著消費者更加關注價值和便利性，這預示著我們有能力在未來擴大市場份額和盈利能力。在這一點上，我們想打開電話並回答您可能提出的任何問題。

(Operator Instructions) And our first question comes from the line of Matthew Boss with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Matthew Boss。

Congrats on a nice quarter. It's great to see the return to beat and raise. So Barbara, maybe relative to your internal expectations, what did you see from traffic? Or maybe could you speak to the cadence of comp trends as the third quarter progressed? And then could you just elaborate on the improved holiday assortments that you cited in the release?

祝賀一個不錯的季度。很高興看到擊敗和加註的回歸。那麼芭芭拉，也許相對於您的內部期望，您從交通中看到了什麼？或者，隨著第三季度的進展，您能否談談競爭趨勢的節奏？然後您能否詳細說明您在發布中引用的改進的假期分類？

On the traffic trends, as we mentioned -- this is Michael Hartshorn, Matt. As we mentioned in the prepared comments, with the comp down 3%, as we mentioned, traffic did improve for the quarter, but it still declined versus the prior year. So offsetting the traffic decline was a higher average basket.

關於流量趨勢，正如我們提到的——我是邁克爾·哈茨霍恩，馬特。正如我們在準備好的評論中提到的那樣，隨著 comp 下降 3%，正如我們提到的那樣，本季度的流量確實有所改善，但與上一年相比仍有所下降。因此，抵消了流量下降的是更高的平均籃子。

The basket was driven by higher AURs, while UPTs were flattish. The increase in the average basket was more than offset by the decline in the number of transactions. As we move through the quarter, what we saw on a stacked basis, so compared to 2019, our trends improved as we progressed through the quarter.

籃子是由較高的 AUR 驅動的，而 UPT 則持平。平均籃子的增加被交易數量的下降所抵消。隨著我們在本季度的推進，我們在堆積的基礎上看到了，因此與 2019 年相比，我們的趨勢隨著我們在本季度的進展而有所改善。

Great. And then just a follow-up. Maybe relative to the third quarter, could you just elaborate on maybe the macro or the competitive landscape assumptions that you embedded in your fourth quarter comp guide? It does embed a moderation? Is that prudence? Is it something that you've seen? Or are you embedding more competitive backdrop and maybe a deterioration in the macro in the fourth quarter?

偉大的。然後只是跟進。也許相對於第三季度，您能否詳細說明您在第四季度 comp 指南中嵌入的宏觀或競爭格局假設？它確實嵌入了節制？這是謹慎嗎？這是你見過的東西嗎？或者你是否嵌入了更具競爭性的背景以及第四季度宏觀經濟的惡化？

I would say the -- from our point of view, the macroeconomic environment obviously remains uncertain, but we do think that the holiday period is going to be very promotional. So that's what we've embedded into the guidance. And then just as a reminder, last year, sales at the end of the quarter did trail off. It's our easiest quarterly compare. Trailed off for 2 main reasons. One was the spike in Omicron cases. And then at this point last year, the supply chain continued to be a real challenge for us and other retailers.

我要說的是——從我們的角度來看，宏觀經濟環境顯然仍然不確定，但我們確實認為假期將非常具有促銷性。這就是我們嵌入到指南中的內容。然後提醒一下，去年季度末的銷售額確實有所下降。這是我們最簡單的季度比較。落後有兩個主要原因。其中之一是 Omicron 案件的激增。然後在去年的這個時候，供應鏈對我們和其他零售商來說仍然是一個真正的挑戰。

Great color. Congrats again. Sorry. Go ahead, Barbara.

很棒的顏色。再次恭喜。對不起。去吧，芭芭拉。

Okay. The holiday assortment, so look, we believe our holiday assortment this year, we really have an improved offering of both branded bargains based off of availability in the marketplace and also particularly our gift giving, because of the imbalances we had from the supply chain congestion, as Michael just alluded to. So we feel between the 2 of those, we'd be able to offer great brands, strong values and a broader assortment.

好的。假期分類，所以看，我們相信我們今年的假期分類，我們確實根據市場上的可用性以及特別是我們的禮品贈送提供了更好的品牌便宜貨，因為我們因供應鏈擁塞而造成的不平衡，正如邁克爾剛才提到的那樣。所以我們覺得在這兩者之間，我們能夠提供偉大的品牌、強大的價值和更廣泛的種類。

And our next question comes from the line of Alex Straton with Morgan Stanley.

我們的下一個問題來自 Alex Straton 與摩根士丹利的對話。

Great. Just as it relates to the updated guidance, perhaps could you kind of talk about what the key swing factors are there that could drive you either to the higher or the lower end of that new range?

偉大的。正如它與更新後的指南有關，也許你能談談有哪些關鍵的搖擺因素可以促使你達到新範圍的較高端或較低端？

Yes, sure. Alex, this is Adam. So given our guidance of flat to minus 2% comps, we'll have some deleverage impact from sales. Markdowns will be higher than last year in fourth quarter, but not as impactful as in third quarter. Domestic freight, we see as slightly neutral, seeing some benefit in rate, but offset by still elevated fuel prices. Ocean freight will probably be the most tangible tailwind for us.

是的，當然。亞歷克斯，這是亞當。因此，鑑於我們對持平至負 2% 補償的指導，我們將對銷售產生一些去槓桿化影響。第四季度的降價幅度將高於去年，但不如第三季度那麼大。國內運費，我們認為略微中性，運費有所上漲，但被燃油價格仍然上漲所抵消。對我們來說，海運可能是最明顯的推動力。

As you remember, last year, we were getting into the period where rates were escalating significantly, demand was high. So that will be a tailwind for us. And then given our outperformance last year and our underperformance this year, incentive costs will be lower in Q4 versus last year. And then finally, depending how the end of the year plays out, we'll likely see some pressure from packaway timing in fourth quarter also.

正如你記得的那樣，去年，我們進入了利率大幅上升、需求高漲的時期。所以這對我們來說將是順風。然後考慮到我們去年的出色表現和今年的表現不佳，第四季度的激勵成本將低於去年。最後，根據今年年底的表現，我們可能還會在第四季度看到打包時機帶來的一些壓力。

Great. That's super helpful. Maybe could I just follow up on your inventory levels? I think you said they were up low double digits year-over-year exiting the quarter, which seems like a pretty lean level. So maybe could you tell us, do you feel like you have enough heading into the fourth quarter? Or how are you feeling about the levels and then just the broader assortment?

偉大的。這非常有幫助。也許我可以跟進您的庫存水平嗎？我想你說過他們在本季度結束時同比增長了兩位數，這似乎是一個相當低的水平。所以也許你能告訴我們，你覺得你有足夠的時間進入第四季度嗎？或者您對級別以及更廣泛的分類有何看法？

Overall, we feel really good about where we are at the end of the third quarter. As we said in the prepared remarks, we ended up about 12%, which was a big improvement when we -- from the second quarter when we were up 55%. And the increase over the last year is really packaway inventory. So we were at 41% versus 31% last year. And last year was relatively low versus our historical levels because we used a substantial amount of our packaway to chase sales that were well above our plan.

總的來說，我們對第三季度末的處境感覺非常好。正如我們在準備好的評論中所說，我們最終增長了約 12%，這是一個很大的進步——與第二季度增長 55% 相比。而比去年增加的是真正的包裝庫存。因此，我們的比例為 41%，而去年為 31%。去年與我們的歷史水平相比相對較低，因為我們使用了大量的包裝來追逐遠高於我們計劃的銷售額。

And our next question comes from the line of Mark Altschwager with Robert W. Baird.

我們的下一個問題來自 Mark Altschwager 與 Robert W. Baird 的對話。

What do you view as the key drivers to the improving comp trends you saw this quarter? Are you seeing evidence that the trade-down is now occurring? Do you think this is a reflection of the AUR strategy you outlined last quarter? Just if you could expand on your overall assessments there, that would be great.

您認為本季度改善薪酬趨勢的主要驅動因素是什麼？您是否看到了現在正在發生折價交易的證據？您認為這反映了您上個季度概述的 AUR 戰略嗎？如果你能在那裡擴展你的整體評估，那就太好了。

Sure. From the second quarter to the third quarter, from an assortment perspective, we went in and reset our values and got them to where we believe they need to be in this very promotional environment. So we rightsized our values through some markdowns in some places. And in some places, we rightsized some of our inventory as we were watching shifts go on in the business.

當然。從第二季度到第三季度，從分類的角度來看，我們進入並重新設定我們的價值觀，並將它們帶到我們認為在這個非常促銷的環境中需要的位置。因此，我們通過在某些地方進行降價來調整我們的價值觀。在某些地方，我們在觀察業務發生變化時調整了一些庫存。

And the other big shift is apparel and home for us in the quarter performed relatively the same, but our shoe business, which was our best performing business, was really, really fueled by strong values on branded products and availability in the market.

另一個重大轉變是我們本季度的服裝和家居表現相對相同，但我們表現最好的鞋類業務確實受到品牌產品的強大價值和市場可用性的推動。

And in terms of the trade-down customer, with so many moving parts in the economy, it's difficult to parse out the individual drivers of the improvement. We have not seen a material shift with spending trends across different income demographics, but delivering better bargains to our consumer likely played the most significant role as it typically does.

就折衷客戶而言，經濟中有如此多的變動因素，很難分析出改善的個別驅動因素。我們沒有看到不同收入人群的消費趨勢發生實質性轉變，但向我們的消費者提供更優惠的價格可能像往常一樣發揮了最重要的作用。

And our next question comes from the line of Lorraine Hutchinson with Bank of America.

我們的下一個問題來自美國銀行的 Lorraine Hutchinson。

I was just hoping you could square a couple of comments for us. You talked about resetting values and really focusing on the sharp price points, and your AUR was up. So can you talk about the drivers of AUR in the quarter and then your views on the pricing strategy on a go-forward basis?

我只是希望你能為我們提出一些意見。你談到了重置價值並真正關注尖銳的價格點，你的 AUR 上升了。那麼，您能否談談本季度 AUR 的驅動因素，以及您對未來定價策略的看法？

Sure. So Lorraine, value and price are 2 different things. So the merchants are out constantly assessing what's going on from pricing and competitive shopping and seeing what that is. So in some places, where we felt that our AUR was just too high, we went in and took markdowns. But in other places, based off of assortments and opportunities that we've gotten in the marketplace, the AUR might be higher, but the value is different.

當然。所以洛林，價值和價格是兩個不同的東西。因此，商家不斷評估定價和競爭性購物的情況，並了解情況。所以在某些我們覺得我們的 AUR 太高的地方，我們進入並進行了降價。但在其他地方，根據我們在市場上獲得的分類和機會，AUR 可能更高，但價值不同。

And then the last component would be some of the shift in the mix of some of the businesses themselves. So for example, our shoe business has been strong. And shoes, obviously, runs a much higher AUR. So there's a variety of things.

然後最後一個組成部分將是某些業務本身組合的一些轉變。例如，我們的製鞋業務一直很強勁。顯然，鞋子的 AUR 更高。所以有各種各樣的東西。

But what I would say in total is that, with back to being such a highly promotional environment that we're in, the merchants will be in the market, really assessing where the values are moving and what that looks like and trying to stay ahead of that. So with -- again, back to the AUR question, that could depend on mix, and that can depend on brand. So there's a variety of issues involved there.

但總的來說，我要說的是，回到我們所處的如此高度促銷的環境中，商家將進入市場，真正評估價值正在向何處移動以及看起來像什麼，並努力保持領先地位那個。因此，再次回到 AUR 問題，這可能取決於組合，也可能取決於品牌。所以這裡涉及到各種各樣的問題。

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 的對話。

You called out Florida and Texas as being strong regions, but you didn't call out California, which is a little bit surprising, given the checks that were sent out in the month of October. So I just wonder if you could just give us a little bit more color on geographic performance in the quarter.

你指出佛羅里達州和德克薩斯州是強勢地區，但你沒有指出加利福尼亞州，考慮到 10 月份寄出的支票，這有點令人驚訝。所以我只是想知道你是否可以給我們更多關於本季度地理表現的顏色。

Yes. This is Adam, Chuck. Yes, Florida and Texas clearly outperformed for us. We're seeing the benefit in border locations. We're seeing the benefit in tourism locations. And those were clearly the outperformers. On the flip side, California underperformed in the quarter.

是的。這是亞當，查克。是的，佛羅里達州和德克薩斯州的表現顯然優於我們。我們在邊境地區看到了好處。我們看到了旅遊地點的好處。這些顯然是表現出眾的。另一方面，加州在本季度表現不佳。

And on California, the checks didn't come out till the end of the quarter, so it didn't have a material impact on Q3. In California, fuel prices have remained significantly more elevated than the rest of the country. That is, we believe, squeezing the lower- to moderate-income customer.

而在加利福尼亞州，支票直到本季度末才出來，所以它對第三季度沒有產生實質性影響。在加利福尼亞州，燃油價格仍然比該國其他地區高得多。也就是說，我們認為，擠壓中低收入客戶。

And 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。

Curious on what's going on from a shrink perspective. We've had a couple of companies call out, I think, a drag from shrink. I think you guys usually do a physical count in 3Q. So curious what you're seeing on that front.

從縮小的角度對發生的事情感到好奇。我認為，我們已經有幾家公司呼籲縮水。我認為你們通常在 3Q 進行物理計數。很好奇你在那前面看到了什麼。

And then also just on inventory. Typically, third quarter inventory is a few hundred million bucks above 2Q. Now that's a few hundred million below. So I'm just kind of curious about what your thinking is in terms of quantity and quality and how you're thinking about inventory levels relative to sales going forward.

然後也只是在庫存上。通常，第三季度的庫存比第二季度高出幾億美元。現在是幾億以下。所以我只是有點好奇你在數量和質量方面的想法，以及你如何考慮相對於未來銷售的庫存水平。

Well, on physical inventory, we did take a physical inventory during the third quarter, and it was slightly higher than last year. And then on inventory levels in Q2, we were -- we believe we had too much inventory, which is why it's down versus the second quarter.

那麼，在實物庫存方面，我們確實在第三季度進行了實物庫存，並且略高於去年。然後在第二季度的庫存水平上，我們認為我們的庫存過多，這就是為什麼它低於第二季度的原因。

And then go forward, Michael?

然後繼續前進，邁克爾？

I wouldn't comment on the -- on year-end, but it's going to be dependent on packaway opportunities in the marketplace.

我不會對年底發表評論，但這將取決於市場上的打包機會。

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

我們的下一個問題來自布魯克·羅奇與高盛的合作。

Barbara, I was wondering if you could contemplate and reflect on -- based on the availability of branded goods in the market today, can you talk to the outlook that you see for merch margins for the next few quarters? How are you thinking about taking that mark on and passing that along through the P&L versus passing that value on to the consumer and competing for additional comp opportunity over the next few quarters?

芭芭拉，我想知道你是否可以根據當今市場上品牌商品的可用性來考慮和反思，你能談談你對未來幾個季度的商品利潤率的展望嗎？你是如何考慮在未來幾個季度中將這個標記傳遞給損益表，而不是將這個價值傳遞給消費者並爭奪額外的競爭機會？

Sure. As you know, there's a lot of availability in the market, and it's really broad-based. And all categories, all brands, it's really broad. In terms of margin, I think the way we think about it now is the customer, our customer, especially the moderate- to low-income customer, is really focused on value. So we'll look at every brand based off of how that brand sits in the world and the competitive nature of the pricing of that brand, and then we'll value it appropriately.

當然。如您所知，市場上有很多可用性，而且它的基礎非常廣泛。所有類別，所有品牌，範圍非常廣泛。在保證金方面，我認為我們現在考慮的方式是客戶，我們的客戶，尤其是中低收入客戶，真正關注的是價值。因此，我們將根據每個品牌在世界上的地位以及該品牌定價的競爭性來審視每個品牌，然後我們將對其進行適當的估值。

Because that's really what the customer told us when we went in and we rightsized some of our values that we weren't as competitive as we would have been historically. So I would look at it more from the opportunity of getting great brands on the floor, putting better values out there to make -- to please the customer and then, ultimately, to drive sales.

因為這確實是客戶在我們進入時告訴我們的，並且我們調整了一些我們沒有像過去那樣具有競爭力的價值觀。因此，我會更多地從讓偉大的品牌出現在地板上的機會來看待它，在那裡創造更好的價值——取悅客戶，然後最終推動銷售。

Great. And then just one quick follow-up. I think in the prepared remarks, you mentioned a sequential improvement at dd's. Can you talk to the drivers of that and any change that you're seeing in the behavior of your low-income customer versus maybe more of a middle- to high-income customer within your portfolio?

偉大的。然後只是一個快速跟進。我認為在準備好的評論中，您提到了 dd 的連續改進。您能否談談這方面的驅動因素以及您在低收入客戶的行為中看到的任何變化，而不是您投資組合中更多的中高收入客戶的行為？

Sure. On dd's, the improvement from Q2 to Q3 was similar than Ross, although it continued to trail. As a reminder, the dd's customers' average household income is $40,000 to $45,000 versus $60,000 to $65,000 for Ross. So very similar improvement between Q2 and Q3.

當然。在 dd 上，從 Q2 到 Q3 的改進與 Ross 相似，儘管它繼續落後。提醒一下，dd 客戶的平均家庭收入為 40,000 至 45,000 美元，而 Ross 為 60,000 至 65,000 美元。因此，Q2 和 Q3 之間的改進非常相似。

(Operator Instructions) Our next question comes from the line of Michael Binetti with Credit Suisse.

（操作員說明）我們的下一個問題來自瑞士信貸的 Michael Binetti。

Congrats on a great quarter. You guys are typically really conservative when it comes to the forward guidance. And others today and yesterday have spoken to a softer start to fourth quarter. Michael, I know you won't speak specifically about intra-quarter, but you mentioned maybe that fuel is going to neutralize some of the stimulus benefit in your biggest market, [a few of your] macro thoughts there. But what gives you the confidence to raise in the fourth quarter, knowing what we know about the industry here, a little different than how you approached a couple of the most recent quarters?

祝賀一個偉大的季度。在前瞻性指導方面，你們通常非常保守。今天和昨天的其他人表示，第四季度開局較為疲軟。邁克爾，我知道你不會具體談論季度內，但你提到也許燃料會抵消你最大市場的一些刺激效益，[你的一些]宏觀想法。但是，是什麼讓你有信心在第四季度籌集資金，了解我們對這裡行業的了解，這與你最近幾個季度的處理方式略有不同？

And then, I guess, Michael, you've also saw spoken to us in the past about what your view is of a normal algorithm for this business, what flow-through looks like on your normal sales target. Any initial thoughts on how flow-through could look next year, if we're lucky enough to be back to a conducive market for a normal comp?

然後，我想，邁克爾，你過去也曾與我們談過你對這項業務的正常算法的看法，你的正常銷售目標的流量是什麼樣的。如果我們足夠幸運能夠回到一個有利於正常競爭的市場，那麼明年有什麼關於流通量的初步想法嗎？

Sure. On what gives us confidence on the guidance, so the multiyear stack in the Q4 is lower than what we actually achieved in the third quarter. We're confident about the assortment that we have for the holidays. And any conservatism would be based on the macroeconomic environment and what we think is going to be a very, very promotional holiday.

當然。是什麼讓我們對指導充滿信心，因此第四季度的多年堆棧低於我們在第三季度實際實現的目標。我們對假期的品種充滿信心。任何保守主義都將基於宏觀經濟環境以及我們認為將是一個非常非常促銷的假期。

In terms of the flow-through for next year, as you would expect, operating margin improvements will be highly dependent on sustained strong sales growth over time and then how quickly some of the inflationary cost pressures subside. But I'd say, over the longer term, we think we can achieve gradual improvement in profitability.

就明年的流通而言，正如您所預期的那樣，營業利潤率的提高將在很大程度上取決於隨著時間的推移持續強勁的銷售增長，以及一些通脹成本壓力消退的速度。但我想說，從長遠來看，我們認為我們可以逐步提高盈利能力。

As for 2023 specifically, we're in the midst of our budgeting process for next year currently. And we'll be able to provide an update on our year-end call when we'll have a better sense of the macro economy entering the year and to the opportunities we have in places like ocean and domestic freight.

具體到 2023 年，我們目前正在製定明年的預算。當我們對進入今年的宏觀經濟以及我們在海運和國內貨運等地方擁有的機會有更好的了解時，我們將能夠在年終電話會議上提供最新情況。

I would say also, keep in mind, with lower incentive costs that had benefited our profitability this year, will reset the baseline next year. And thus, incentives will be a headwind in SG&A.

我還要說的是，請記住，今年有利於我們盈利的較低激勵成本將在明年重置基線。因此，激勵措施將成為 SG&A 的不利因素。

And our next question comes from the line Adrienne Yih with Barclays.

我們的下一個問題來自巴克萊銀行的 Adrienne Yih。

Barbara, can you talk about the buying environment and how much better it has gotten perhaps in the past 60 to 90 days since last quarter? And then how long does it take from, say, a contract negotiation to being able to get that product ready and available for sale in your stores?

芭芭拉，你能談談購買環境，以及自上個季度以來過去 60 到 90 天內的購買環境改善了多少？然後，從合同談判到能夠準備好該產品並在您的商店中銷售需要多長時間？

Sure. Yes, the buying environment has gotten even better, broader, more brands, [more] classification. So it has -- absolutely, in the last 60 to 90 days, more vendors want to move more merchandise and also some new resources that perhaps we weren't doing business with before also want us to purchase the merchandise. So yes, there's a lot of supply out there. Adrienne, just say the second part of your question again.

當然。是的，購買環境變得更好、更廣泛、更多品牌、[更多]分類。所以它 - 絕對地，在過去的 60 到 90 天裡，更多的供應商想要移動更多的商品以及一些我們之前可能沒有做生意的新資源也希望我們購買商品。所以是的，那裡有很多供應。 Adrienne，再說一遍你問題的第二部分。

Yes. I was wondering from the time that you actually negotiated...

是的。從你們真正談判的那一刻起我就在想...

Well, it depends how quickly a vendor can ship, right? So assuming I buy the goods on Monday and the vendor could ship in a week, probably takes about 3 to 4 weeks, depending upon what -- there's a lot of variables here, Adrienne, where they're shipping from, what DC, but basically as a general rule, I would say, somewhere between 3 to 4 weeks.

好吧，這取決於供應商發貨的速度，對吧？因此，假設我在星期一購買貨物，供應商可以在一周內發貨，可能需要大約 3 到 4 週，具體取決於什麼 - Adrienne，這裡有很多變數，他們從哪裡發貨，哪個 DC，但是基本上作為一般規則，我會說，大約在 3 到 4 週之間。

Okay. Fantastic. Best of luck for holiday. Congrats.

好的。極好的。祝你假期好運。恭喜。

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

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

I'm interested in the contrast between what looks like more promotional department stores this year versus last and the off-price kind of effort to raise the ring a bit. How is your pricing umbrella holding up versus those mall-based stores this year?

我感興趣的是今年看起來更多的促銷百貨商店與去年相比，以及為了提高價格而採取的降價措施之間的對比。與今年那些以購物中心為基礎的商店相比，您的定價保護傘如何？

Well, Laura, we went in and actually went in and rightsized some of our values, and we'll continue to do that in the fourth quarter, which is why we're saying, built into our guidance, we have some additional markdowns in there. The promotional calendar, I mean, you know what's going on out there, you can see it as everyone is trying to move through inventory.

好吧，勞拉，我們進入並實際進入並調整了我們的一些價值觀，我們將在第四季度繼續這樣做，這就是為什麼我們說，在我們的指導中，我們有一些額外的降價那裡。促銷日曆，我的意思是，你知道那裡發生了什麼，你可以看到它，因為每個人都在試圖通過庫存。

And some places, that -- the promotional calendar looks as sharp as '19, as deep as '19. A couple of businesses, you say to yourself, it's a little deeper than '19. But -- so the merchants are out there assessing that. And then we're either buying to the values that we think we need to be based off of all the supply that's out there, or we are going in and revaluing some of the things that we have that we think we need to get to the right price value.

在某些地方，促銷日曆看起來像 19 年一樣銳利，像 19 年一樣深刻。一些企業，你對自己說，它比 19 年更深入一點。但是 - 所以商人在那裡評估。然後我們要么購買我們認為我們需要基於所有現有供應的價值，要么我們進入並重新評估我們認為我們需要達到的一些我們擁有的東西正確的價格價值。

But it is just as promotional as it's been historically. And so that's kind of the heads-up the merchants have as they're out there now making purchases in the outside world. And then, of course, the logic of every value is dependent upon the brand and how that fits in the outside world.

但它與歷史上一樣具有促銷性。因此，這就是商人在外面購買商品時的注意事項。然後，當然，每種價值的邏輯都取決於品牌及其與外部世界的契合度。

And the next question comes from the line of Marni Shapiro with Retail Tracker.

下一個問題來自 Marni Shapiro 的 Retail Tracker 系列。

Congratulations on a great quarter, and best of luck for holiday. If you could just -- I know you're not giving guidance yet for '23, but is it fair to assume that store openings will be about the same for next year? Or is there any change to your thinking on dd's, given the environment?

祝賀一個偉大的季度，祝你假期好運。如果你能——我知道你還沒有為 23 年提供指導，但是假設明年的商店開張情況將大致相同是否公平？還是在給定環境的情況下，您對 dd 的想法有任何改變？

And then I think, Barbara, just wanted to chase a little bit more into the improved mix you said for the holiday season. Clearly, there's a lot of product out there. But were you referring to improved mix versus '21, versus the first half, versus the third quarter or just in general, there's so much inventory and we're having a good time?

然後我想，芭芭拉，只是想更多地追求你所說的假日季節的改進組合。顯然，那裡有很多產品。但是你指的是與 21 年相比改進的組合，與上半年相比，與第三季度相比，還是一般來說，庫存如此之多，我們玩得很開心？

Marni, on the real estate front, we remain very confident in both chains and currently have no changes to our expansion plans. Certainly, we'll provide more details for '23 when we report year-end earnings.

Marni，在房地產方面，我們對兩家連鎖店都非常有信心，目前我們的擴張計劃沒有改變。當然，我們會在報告年終收益時提供更多關於 23 年的詳細信息。

Okay. And in terms of the mix, Marni, I would say, going back to Q4, we missed a lot of gifting opportunity last year because of the whole supply chain carrier issues. So specifically to Q4, that's one piece of it. In terms of versus the entire year, there's just a lot more brands out there. So I think it's a combination of both, being able to get really great closeouts and better pricing and better brands and the other piece of where there are just holes -- literally holes in our assortment. So it's both.

好的。就組合而言，Marni，我想說，回到第四季度，由於整個供應鏈運營商問題，我們去年錯過了很多送禮機會。所以特別是第四季度，這是其中的一部分。與全年相比，那裡的品牌要多得多。所以我認為這是兩者的結合，能夠獲得非常好的清倉和更好的價格和更好的品牌，以及其他只有漏洞的地方 - 我們的分類中確實存在漏洞。所以兩者都是。

And our next question comes from the line of John Kernan with Cowen.

我們的下一個問題來自 John Kernan 和 Cowen 的對話。

Congrats on the momentum into holiday. So Michael, if we look at your sales productivity just simply through sales per square foot, sales per store, it's above pre-COVID levels. The operating margin obviously is below, but it seems like there's momentum into the fourth quarter and next year, and you might have line of sight in terms of how to get back to pre-COVID levels of operating margin.

祝賀假期的勢頭。因此，邁克爾，如果我們僅通過每平方英尺的銷售額、每家商店的銷售額來查看您的銷售效率，就會發現它高於 COVID 之前的水平。營業利潤率顯然低於這個水平，但似乎在第四季度和明年出現了增長勢頭，你可能對如何恢復到 COVID 前的營業利潤率水平有所了解。

What do you think is -- where do you have the clearest line of sight in terms of -- is it freight? Is it merchandise margin? Is it SG&A leverage? What do you think creates the clearest path back to pre-COVID levels of profitability?

你認為什麼是 - 你在哪裡有最清晰的視線 - 是貨運嗎？是商品保證金嗎？是 SG&A 槓桿嗎？您認為什麼創造了回到 COVID 前盈利水平的最清晰路徑？

Well, sales, number one. There are structural changes in wages across the U.S., but I don't think you're going to get that back to the labor that you had pre-COVID. Certainly, ocean freight is going to be a tailwind for us going into 2023. I would say domestic freight should be a tailwind as well, but that will be partly dependent on diesel fuel prices that are above $5 now. And so it will be partly dependent on what happens with fuel. But most importantly, it will depend on top line sales.

嗯，銷售，第一。美國各地的工資都發生了結構性變化，但我認為你不會把它恢復到 COVID 之前的勞動力水平。當然，到 2023 年，海運將成為我們的順風車。我想說國內貨運也應該是順風車，但這在一定程度上取決於現在高於 5 美元的柴油價格。因此，這將部分取決於燃料的情況。但最重要的是，這將取決於營收。

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

我們的下一個問題來自瑞銀集團的 Jay Sole。

My question is just, with all the inventory out there, not just in terms of apparel and footwear, but many categories, are you seeing any opportunities to expand the business into some new areas and new categories that maybe you have it before just because the buys are so good?

我的問題是，所有庫存都在那裡，不僅是服裝和鞋類，還有許多類別，您是否看到任何機會將業務擴展到一些新領域和新類別，也許您之前擁有它只是因為團購這麼好？

Look, I would say, the merchants are out there looking for all kinds of buys. And yes, that does happen. Often you wind up opening up some new resources, which we have, as there's availability and the vendors are looking to partner with people. So it's both. I mean we're absolutely doing that, and that's a piece of it.

看，我會說，商人正在外面尋找各種購買。是的，這確實發生了。通常你最終會開放一些我們擁有的新資源，因為有可用性並且供應商正在尋求與人們合作。所以兩者都是。我的意思是我們絕對在這樣做，這就是其中的一部分。

And Barbara, do you think that can continue?

芭芭拉，你認為這可以繼續嗎？

Well, I think once you open up a resource or even start shopping a resource, even if the resource doesn't have merchandise that minute, usually, things over time, if you keep going back, you'll open the resource up. I think after this supply double really, really died down, and we do expect it to go into next year because there is so much merchandise, then I think there's a lot of -- we don't really have full line of sight to what will be full product set that's in front of us since this November.

好吧，我認為一旦你打開資源甚至開始購買資源，即使那一刻資源沒有商品，通常情況下，隨著時間的推移，如果你繼續返回，你就會打開資源。我認為在這次供應翻倍之後真的、真的平息了，我們確實預計它會進入明年，因為有太多的商品，然後我認為有很多——我們真的沒有完全了解什麼將是自今年 11 月以來擺在我們面前的完整產品集。

Yes. I just -- I think there's just -- yes, I don't know if -- I think there's opportunities and there are some businesses we could go into in some different categories, not whole businesses, but categories within businesses that we could expand upon.

是的。我只是 - 我認為只是 - 是的，我不知道是否 - 我認為有機會，我們可以進入一些不同類別的業務，不是整個業務，而是我們可以擴展的業務類別之上。

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

我們的下一個問題來自 Ike Boruchow 與 Wells Fargo 的對話。

This is Jesse Sobelson on for Ike. We were just wondering, as we look to pre-COVID margins, I think it was mentioned a little bit earlier in the Q&A, you're hovering around 13% pre-COVID. But you mentioned some higher structural costs such as wages. This pre-COVID margin is still attainable sometime over the next few years? Or should we be thinking about a recovery, but maybe landing somewhere below those pre-COVID levels? How are you guys thinking about it?

這是 Ike 的 Jesse Sobelson。我們只是想知道，當我們關注 COVID 之前的利潤率時，我認為在問答中早些時候提到過，你在 COVID 之前徘徊在 13% 左右。但是你提到了一些更高的結構性成本，比如工資。在未來幾年的某個時候，這種 COVID 之前的利潤率仍然可以實現嗎？或者我們應該考慮復甦，但可能會低於 COVID 之前的水平？你們是怎麼想的？

Sure, Jesse. I wouldn't predict where it's going to land other than any return would happen over a number of years and wouldn't happen overnight. We would expect it to have improved profitability over time is the way I'd answer that question.

當然，傑西。我不會預測它會在哪裡著陸，除非任何回報都會在多年後發生，而且不會在一夜之間發生。我們希望它隨著時間的推移提高盈利能力，這是我回答這個問題的方式。

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

我們的下一個問題來自 Aneesha Sherman 與 Bernstein 的對話。

Barbara, on your point about resetting the value proposition, have you seen turns pick up sequentially through the quarter? And is that what drove the in-store inventories to be so lean as you continued to lean in on markdowns?

芭芭拉，關於重置價值主張的觀點，您是否看到輪流在本季度依次增加？當您繼續依賴降價促銷時，這是否會導致店內庫存如此之少？

And then, Adam, you mentioned earlier on an expectation of an easing of markdowns in Q4. Should we interpret that you're now reaching the level of turns that continue to be strong through the quarter and now you're happy with where your value proposition is? Have you seen the turns stay strong kind of exiting the quarter and into Q4?

然後，亞當，你之前提到過對第四季度降價幅度的預期。我們是否應該解釋為您現在達到了整個季度持續強勁的轉變水平，現在您對自己的價值主張感到滿意？你有沒有看到從本季度進入第四季度的轉折保持強勁？

Aneesha, on absolute inventory levels, these are the inventory levels we've been running throughout the year. We always prefer to be in the chase. And this is the way we'll -- we typically run the model and will continue to do so going forward. But the inventory levels, again, in-store, in front of the customer were up over last year, but down versus pre-pandemic level.

Aneesha，在絕對庫存水平上，這些是我們全年運行的庫存水平。我們總是喜歡追逐。這就是我們的方式——我們通常會運行模型，並將繼續這樣做。但是，在顧客面前的店內庫存水平再次高於去年，但低於大流行前的水平。

Yes. And, Aneesha, building on that a little bit. Your question about the markdowns, we've layered some additional markdowns versus last year into our fourth quarter guidance. And that's really largely driven. We know this is going to be a highly promotional environment, and we'll see how highly promotional it is, but just want to be prepared for that.

是的。而且，Aneesha，在此基礎上做一點。你關於降價的問題，我們在第四季度的指導中增加了一些與去年相比的額外降價。這在很大程度上是受驅動的。我們知道這將是一個高度宣傳的環境，我們會看到它的宣傳程度如何，但只是想為此做好準備。

But can I clarify, Adam, so it's up versus last year, but is it right to say that it's easing sequentially versus where you were this quarter?

但我能澄清一下嗎，亞當，所以它比去年有所上升，但是說它比你本季度的位置連續放鬆是正確的嗎？

Yes, absolutely.

是的，一點沒錯。

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

我們的下一個問題來自 Corey Tarlowe 與 Jefferies 的合作。

Congrats on the quarter. So on new stores, I was wondering if you -- I know you talked about completing your 2022 store growth plans. I was wondering if you could discuss a little bit about new store productivity, how that's looking versus what your benchmarks are and any additional color that you can add specifically on just the new store performance.

祝賀這個季度。因此，在新店方面，我想知道您是否 - 我知道您談到了完成 2022 年商店增長計劃。我想知道你是否可以討論一下新店的生產力，它看起來如何與你的基準以及你可以專門添加的任何額外的顏色，專門用於新店的性能。

Sure. So for us, a new store overall in the fleet of stores will typically come out of the box at 60% to 65% of the chain average. And that continues to be the case, even on the new store openings over the last couple of years.

當然。因此，對我們來說，整個門店中的一家新店通常會以連鎖店平均水平的 60% 到 65% 開箱即用。情況仍然如此，即使在過去幾年的新店開業中也是如此。

And our next question comes from the line of Bob Drbul with Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的 Bob Drbul。

Just 2 quick questions. On, I guess, dd's versus Ross, are the state performances, Texas, Florida versus California, what you said, is that holding true for both formats in terms of the sales performance? And then just on the other side of it, in terms of your mix or your opportunity in categories, what do you think in terms of where you outperformed your expectation in the third quarter, like which categories surprised you the most, I would say? Could you share that with us?

只需 2 個快速問題。我想，dd's vs Ross，是州的表現，德克薩斯州、佛羅里達州和加利福尼亞州，你說的，就銷售業績而言，這對兩種格式都適用嗎？然後在另一方面，就你的組合或你在類別中的機會而言，你如何看待你在第三季度超出預期的地方，比如哪些類別最讓你感到驚訝，我會說？你能和我們分享一下嗎？

Sure. On the dd's question, we typically -- the state performance is really on a consolidated basis, which is what we discussed. We don't get into the dd's -- again, I would just reiterate that overall, dd's improvement, I would say, across the board was very similar to Ross, but continued to trail.

當然。關於 dd 的問題，我們通常 - 狀態性能實際上是在合併的基礎上，這就是我們討論的內容。我們不談 dd 的問題——再次重申，我想說的是，dd 的總體改進與 Ross 非常相似，但繼續落後。

And in terms of merchandise mix of performance, it outperformed -- I mean shoes really outperformed. The other businesses that outperformed would be some of the standard core businesses. From a term perspective, [that would be] the plan.

就商品組合的表現而言，它表現出色——我的意思是鞋子真的表現出色。其他表現出色的業務將是一些標準的核心業務。從術語的角度來看，[that would be] the plan。

And our final question comes from the line of Simeon Siegel with BMO Capital Markets.

我們的最後一個問題來自 BMO Capital Markets 的 Simeon Siegel。

This is Dan Stroller on for Simeon. On the topic of margin recapture, I think in the past, you've talked about leveraging added technology in-store or at the DCs for efficiency and cost reductions. Just wondering where you stand in that regard, or if there's more to come, basically what inning you're in, in that chapter.

這是西蒙的丹·斯特羅勒。關於利潤回收的話題，我認為過去您曾談到在店內或配送中心利用附加技術來提高效率和降低成本。只是想知道你在這方面的立場，或者是否還有更多內容，基本上你在那一章中處於什麼局。

I would answer that by saying we're constantly in the third or fourth inning. So we always have new investments we're making. Those include automation in the DCs, in stores. They're ranging from automated robotics in the DCs. We're piloting self-checkout in the stores, and also in the stores, more efficient ways to check inventory and take markdowns for our store associates. And we constantly have investments where we're trying to be more productive and efficient in the business.

我會回答說我們一直在第三局或第四局。所以我們總是有新的投資。其中包括配送中心和商店的自動化。它們包括 DC 中的自動化機器人技術。我們正在商店和商店中試行自助結賬，這是一種更有效的方式來檢查庫存並為我們的店員減價。我們不斷地在我們試圖提高業務生產力和效率的地方進行投資。

There are no further questions at this time. And now I would like to turn the floor back over to Barbara Rentler for any closing comments.

目前沒有其他問題。現在，我想將發言權轉回給 Barbara Rentler，聽取任何結束評論。

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

感謝您今天加入我們並對 Ross Stores 感興趣。

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

謝謝你。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。