羅斯百貨 (ROST) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to the Ross Stores Third Quarter 2023 Earnings Release Conference Call. The call will begin with prepared comments by management followed by a question-and-answer session.

下午好，歡迎參加 Ross Stores 2023 年第三季財報發布電話會議。電話會議將首先由管理層準備好評論，然後進行問答環節。

(Operator Instructions)

（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. 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 2022 Form 10-K and fiscal 2023 Form 10-Qs and 8-Ks on file with the SEC.

在我們開始之前，我謹代表 Ross Stores 指出，在本次電話會議中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些數據基於公司目前對其未來業務各方面的預測。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與歷史績效或當前預期有重大差異。風險因素包含在今天的新聞稿以及公司向 SEC 備案的 2022 財年 10-K 表格以及 2023 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.

現在我想將電話轉給執行長芭芭拉·倫特勒 (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. 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.

午安.今天參加我們電話會議的還有集團總裁兼營運長 Michael Hartshorn； Adam Orvos，執行副總裁兼財務長；以及投資者關係集團副總裁 Connie Kao。我們今天的電話會議將首先回顧第三季的業績，然後更新第四季和財年的前景。之後，我們將很樂意回答您的任何問題。

As noted in today's press release, we are pleased that both sales and earnings outperformed our expectations for the quarter as customers responded favorably to the terrific values we offer throughout our stores. Operating margin for the period was 11.2%, up from 9.8% last year. Leverage from the same-store sales gain and lower freight costs were partially offset by higher incentives and store wages.

正如今天的新聞稿中所指出的，我們很高興本季的銷售額和收益都超出了我們的預期，因為客戶對我們在整個商店提供的卓越價值做出了積極的反應。該期間的營業利益率為 11.2%，高於去年的 9.8%。同店銷售成長和較低的貨運成本帶來的影響被較高的激勵措施和商店工資部分抵消。

Earnings per share for the 13 weeks ended October 28, 2023, were $1.33 compared to earnings per share of $1 last year. Net income for the period rose to $447 million versus $342 million in the prior year period. Total sales for the quarter were $4.9 billion, up from $4.6 billion last year, with the comparable store sales gain of 5%.

截至 2023 年 10 月 28 日的 13 週每股收益為 1.33 美元，而去年每股收益為 1 美元。該期間淨利潤增至 4.47 億美元，去年同期淨利為 3.42 億美元。本季總銷售額為 49 億美元，高於去年的 46 億美元，可比商店銷售額成長 5%。

For the first 9 months, earnings per share were $3.74 on net earnings of $1.3 billion compared to $3.08 per share on net income of $1.1 billion for the same period last year. Sales for the year-to-date period grew to $14.4 billion with comparable store sales up 4% over last year. For the third quarter at Ross, cosmetic, accessories and shoes were again the strongest performing businesses, while geographic results were broad-based.

前 9 個月，每股收益為 3.74 美元，淨利潤為 13 億美元，而去年同期為每股收益 3.08 美元，淨利潤為 11 億美元。今年迄今銷售額成長至 144 億美元，同店銷售額比去年成長 4%。羅斯第三季的化妝品、配件和鞋類業務再次成為表現最強勁的業務，而且地理業績基礎廣泛。

Like Ross, dd's DISCOUNTS shoppers also responded favorably to its strong value offerings, driving improved sales trends during the quarter. At quarter end, total consolidated inventories were up 5% versus last year, while average store inventories were up 2%. Packaway merchandise represented 39% of total inventories versus 41% in the same period of the prior year.

與 Ross 一樣，dd 的折扣購物者也對其強大的價值產品做出了積極的反應，推動了本季銷售趨勢的改善。截至季末，綜合庫存總額比去年同期增加了 5%，而平均商店庫存則增加了 2%。包裝商品佔總庫存的 39%，去年同期為 41%。

During the third quarter, we also completed our expansion program for 2023 with the addition of 43 new Ross and 8 dd's discounts. Over the year, we added a total of 97 locations comprised of 72 Ross and 25 dd's. We now expect to end the year with 1,764 Ross stores and 345 dd's DISCOUNTS for a net increase of 94 stores.

在第三季度，我們還完成了 2023 年的擴張計劃，增加了 43 輛新羅斯和 8 輛 dd 折扣。一年來，我們總共增加了 97 個地點，其中包括 72 個 Ross 地點和 25 個 dd 地點。現在，我們預計到今年年底，Ross 商店將達到 1,764 家，dd's 折扣店將達到 345 家，淨增 94 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資訊。

Thank you, Barbara. As previously stated, comparable store sales rose 5% in the quarter, primarily driven by higher traffic. Operating margin increased 135 basis points to 11.2%. Cost of goods sold improved by 260 basis points in the quarter. Merchandise margin was the main driver with a 235-basis point increase, primarily from lower ocean freight costs.

謝謝你，芭芭拉。如前所述，本季可比商店銷售額成長了 5%，這主要是由於客流量增加所致。營業利益率成長 135 個基點，達到 11.2%。本季銷售成本改善了 260 個基點。商品利潤率成長了 235 個基點，是主要推動力，主要是因為海運成本下降。

Distribution expenses improved by 45 basis points, mainly due to favorable timing of packaway-related costs. Domestic freight and occupancy levered by 40 and 25 basis points, respectively. Partially offsetting these benefits were higher buying costs that increased 85 basis points, mainly from higher incentives. SG&A costs for the period increased by 125 basis points, primarily driven by higher incentive costs and store wages.

分銷費用改善了 45 個基點，主要是由於包裝相關成本的有利時機。國內貨運和入住率分別上升 40 和 25 個基點。購買成本增加了 85 個基點，部分抵消了這些好處，這主要是由於更高的激勵措施。該期間的 SG&A 成本增加了 125 個基點，主要是由於激勵成本和商店工資上漲。

During the third quarter, we repurchased 2.1 million shares of common stock for an aggregate cost of $239 million. We remain on track to buy back a total of $950 million in stock for the year.

第三季度，我們回購了 210 萬股普通股，總成本為 2.39 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 face macroeconomic volatility, persistent inflation and more recently, geopolitical uncertainty. In addition, we are up against our most difficult quarterly sales comparisons versus 2022 in the fourth quarter. As a result and while we hope to do better, we believe it is prudent to maintain a cautious approach in forecasting our business and reiterating our prior sales guidance for the fourth quarter.

現在讓我們討論第四季的指導。我們繼續面臨宏觀經濟波動、持續通膨以及最近的地緣政治不確定性。此外，我們也面臨著與 2022 年第四季相比最困難的季度銷售額比較。因此，雖然我們希望做得更好，但我們認為在預測我們的業務並重申我們之前對第四季度的銷售指導時保持謹慎的態度是謹慎的做法。

For the 13 weeks ending January 27, 2024, we continue to plan same-store sales to be up 1% to 2%. Earnings per share for the 14 weeks ending February 3, 2024, are projected to be in the range of $1.56 to $1.62 compared to $1.31 in the fourth quarter of 2022. This guidance range includes an approximate $0.02 per share unfavorable impact from the timing of expenses that benefited the third quarter.

截至 2024 年 1 月 27 日的 13 週，我們繼續計劃同店銷售額將成長 1% 至 2%。截至 2024 年 2 月 3 日的 14 週每股收益預計為 1.56 至 1.62 美元，而 2022 年第四季度為 1.31 美元。該指導範圍包括每股約 0.02 美元的費用時間表帶來的不利影響這有利於第三季。

Based on our year-to-date results and our fourth quarter forecast, earnings per share for the 53 weeks ending February 3, 2024, are now expected to be in the range of $5.30 to $5.36 versus $4.38 last year. Incorporated in this guidance for both the fourth quarter and full year is an estimated earnings per share benefit of $0.16 from the 53rd week in fiscal 2023.

根據我們今年迄今的業績和第四季度的預測，截至 2024 年 2 月 3 日的 53 週的每股收益目前預計在 5.30 美元至 5.36 美元之間，而去年為 4.38 美元。該第四季和全年指引中預計從 2023 財年第 53 週開始每股收益為 0.16 美元。

The operating statement assumptions that support our fourth quarter guidance include the following: Total sales are projected to grow 8% to 10%, including an estimated $260 million benefit from the 53rd week. We expect operating margin to be in the range of 11.3% to 11.5% versus 10.7% last year. This range includes a 65-basis point benefit from the extra week. We are planning for higher merchandise margins, given lower ocean freight cost, though moderating from the improvement earlier this year.

支持我們第四季度指引的營運報表假設包括以下內容： 總銷售額預計將成長 8% 至 10%，其中包括第 53 週的預期收益 2.6 億美元。我們預計營業利潤率將在 11.3% 至 11.5% 之間，而去年為 10.7%。此範圍包括額外一週帶來的 65 個基點的好處。鑑於海運成本較低，我們計劃提高商品利潤，儘管與今年稍早的改善相比有所放緩。

In addition, lower domestic freight and distribution costs, partially due to favorable packaway timing are expected to benefit margin. Partially offsetting these lower costs are forecast for higher incentive compensation. Net interest income is estimated to be about $45 million as we continue to benefit from higher interest rates on our cash balance. Our tax rate is expected to be approximately 23% to 24%, and weighted average diluted shares outstanding are projected to be about 335 million.

此外，國內貨運和分銷成本降低（部分原因是有利的打包時機）預計將有利於利潤率。預計更高的激勵補償將部分抵消這些較低的成本。由於我們繼續受益於現金餘額的較高利率，淨利息收入預計約為 4500 萬美元。我們的稅率預計約為 23% 至 24%，加權平均稀釋後流通股預計約為 3.35 億股。

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

現在我將把電話轉回芭芭拉以徵求結束意見。

Thank you, Adam. Looking ahead, despite all the challenges in the external environment, we are encouraged by our healthy above-plan results to date this year. We also remain confident in the resilience of the off-price sector and our ability to operate successfully within it, especially given consumers' heightened focus on value and convenience. As a result, we remain optimistic about the company's future prospects and our ability to expand market share and profitability over time.

謝謝你，亞當。展望未來，儘管外部環境面臨諸多挑戰，但我們對今年迄今超出計畫的健康表現感到鼓舞。我們也對折扣行業的彈性以及我們在該行業成功運營的能力充滿信心，特別是考慮到消費者對價值和便利性的高度關注。因此，我們對公司的未來前景以及隨著時間的推移擴大市場份額和盈利能力的能力保持樂觀。

At this point, we'd like to open up the call and respond to any questions you might have.

此時，我們想打開電話並回答您可能提出的任何問題。

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

（操作員說明）第一個問題來自摩根大通的 Matthew Boss。

Congrats on another nice quarter. So Barbara, could you elaborate on changes across categories that you've made to increase your value focus? It seems like that was a clear takeaway from your comments. Maybe also if you could speak to the cadence of traffic that you saw as the third quarter progressed? And just how you see your assortments positioned in the holiday to take share.

恭喜又一個美好的季度。那麼芭芭拉，您能否詳細說明一下您為提高價值焦點所做的跨類別變化？從您的評論中似乎可以清楚地看出這一點。也許您也可以談談您在第三季所看到的流量節奏？以及您如何看待您的產品在假期中的定位以分享。

Matthew, I'll start with the traffic. As we said in the commentary, traffic was the primary driver of comp for the quarter on a stack basis. The comps were fairly consistent across the quarter with a couple of fits and starts late in the quarter regionally with weather as it always is this time of year. That said, for the entire quarter, weather was neutral.

馬修，我先從交通狀況開始。正如我們在評論中所說，流量是本季基於堆疊的主要驅動因素。本季的業績表現相當一致，但由於天氣原因，在本季末出現了幾次調整，每年的這個時候都是如此。也就是說，整個季度天氣都是中性的。

And Matt, by change across categories, do you mean performance?

馬特，你所說的跨類別的變化是指表現嗎？

More the value -- I think you talked about a greater value focus starting in the second quarter. It sounds like it resonated further in the third quarter. So just maybe changes that you've made as it relates to that.

更多價值——我認為您談到了從第二季度開始更加註重價值。聽起來第三季引起了進一步的共鳴。因此，也許您所做的與此相關的更改。

Well, the value changes that we made are across the entire box. So the merchants are out there really looking for great branded products where they can offer compelling values. So that's really -- it's not in any one area. It's across the box. Obviously, some businesses are further along than others as you would expect. But that's a company-wide focus now to offer the most compelling value to the customer at this time. And changes to the assortment of the fourth quarter or just share is really after gifting. We've expanded some of our products in gifting categories, which I wouldn't talk about on the call but it's really a focus on gifting.

好吧，我們所做的值更改是跨越整個盒子的。因此，商家確實在尋找能夠提供令人信服的價值的優質品牌產品。所以這確實是——它不屬於任何一個領域。它在盒子的另一邊。顯然，正如您所期望的那樣，有些企業比其他企業走得更遠。但這是目前全公司範圍內的重點，即為客戶提供最具吸引力的價值。第四季度的品種或只是份額的變化實際上是在贈送之後。我們已經擴大了一些產品的禮品類別，我不會在電話會議上談論這一點，但它確實是一個重點放在禮品上。

Great. And then maybe as a follow-up, Adam, how best to think about merchandise margin recapture opportunity in the fourth quarter just given the environment a year ago? And any change in terms of flow-through in the model on 3% to 4% same-store sales as we think more multiyear.

偉大的。然後，也許作為後續行動，亞當，考慮到一年前的環境，如何最好地考慮第四季度商品利潤率重新奪回的機會？我們認為，同店銷售額 3% 至 4% 的模型流通量的任何變化都將是多年的變化。

Yes. On the latter part, no change in the flow through in the model, right? We still expect to lever on the 3% to 4% comp. And your question on merchandise margin was fourth quarter specific?

是的。在後一部分中，模型中的流程沒有變化，對吧？我們仍然期望利用 3% 至 4% 的補償。您關於商品利潤率的問題是針對第四季的嗎？

Yes.

是的。

Yes. So ocean freight, which we benefited from all year, will still be a benefit in the fourth quarter. But as we said in the call comments, we'll moderate considerably. We started to see pretty significant rate reductions about this time last year. So there'll be further benefit in fourth quarter, but not like we have seen in the first 3 quarters of the year. I would expect that really to be the main driver on merchandise margin. All other components should be pretty consistent with last year.

是的。因此，我們全年受益的海運在第四季仍將受益。但正如我們在電話評論中所說，我們將大幅調整。去年這個時候我們開始看到利率大幅下降。因此，第四季將會有進一步的好處，但不會像我們在今年前三個季度看到的那樣。我預計這確實是商品利潤率的主要驅動力。所有其他組成部分應該與去年非常一致。

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

下一個問題來自 Mark Altschwager 和 Baird 的對話。

Great. I guess, first, your plan for the fourth quarter top line hasn't really changed despite comps exceeding the high end of your plan by a couple of hundred basis points in the third quarter. Curious, does that give you more confidence in the upside case? Or are there things you've seen in recent trends that would suggest a more material quarter-over-quarter deceleration is the right expectation?

偉大的。我想，首先，儘管第三季的業績比計劃的高端高出幾百個基點，但您對第四季度營收的計劃並沒有真正改變。好奇，這會讓您對上行更有信心嗎？或者您在最近的趨勢中看到的一些情況是否表明，季度環比減速更明顯是正確的預期？

It's Michael again. I would say, for the most part, it's -- there's a lot going on in the external environment, whether it's a macro economy. We expect it to be a very promotional retail environment and now you have geopolitics into the mix, and it is our toughest compare for the year. So given everything going on externally, we think it's prudent to remain very conservative in running the business in the fourth quarter.

又是麥可。我想說，在很大程度上，外部環境發生了很多事情，無論是宏觀經濟。我們預計這將是一個非常促銷的零售環境，現在又考慮到地緣政治因素，這是我們今年最艱難的比較。因此，考慮到外部發生的一切，我們認為在第四季度的業務運營上保持非常保守是謹慎的做法。

And maybe a follow-up for Barbara. The North American wholesale channel continues to be challenging for many vendors, given the dynamic macro. I'm curious what you're hearing with respect to product availability heading into calendar '24?

也許是芭芭拉的後續行動。鑑於宏觀情勢的動態，北美批發通路對許多供應商來說仍面臨挑戰。我很好奇您對 24 日曆年的產品可用性有何了解？

Well, currently, there's a lot of availability in the market, as I know you know that. Here's a look at availability at this point. Vendors -- in this environment, vendors are really looking for ways to increase their market share. And so they've shifted some of their business towards the growing retail channels. So if, in fact, they get less bookings, we talked about them having less bookings for fall and there's still availability. So bookings are one thing. Then how much they decide to bring in to drive market share or to shift channels is an other things.

嗯，目前市面上有許多可用的產品，我知道你也知道這一點。以下是此時的可用性情況。供應商－在這種環境下，供應商確實在尋找增加市場佔有率的方法。因此，他們將部分業務轉向不斷成長的零售通路。因此，如果事實上他們的預訂量減少了，我們就談到了他們秋季的預訂量減少了，但仍然有空房。所以預訂是一回事。那麼他們決定引入多少資金來提高市場份額或轉移管道則是另一回事了。

So I don't necessarily think they're the -- you can judge just by bookings what they say about their bookings. And therefore, frankly, there are some vendors that are really looking to gain market share in this period in time and are taking greater risk on bringing in more goods. So it's kind of a mixed bag but they're really looking to expand who they do business with and to shift channels. So I think that's the reason why goods continue to become available.

所以我不一定認為他們是——你可以僅通過預訂來判斷他們對預訂的評價。因此，坦白說，有些供應商確實希望在這段時間內獲得市場份額，並冒著更大的風險引進更多商品。因此，這是一個魚龍混雜的情況，但他們確實希望擴大合作對象並改變管道。所以我認為這就是商品持續供應的原因。

(Operator Instructions) The next question comes from the line of Paul Lejuez with Citigroup.

（操作員指示）下一個問題來自花旗集團的 Paul Lejuez。

Sorry if I missed it, but could you talk about performance in the home category? And then also I was curious about store performance based on income, demographic, locations. Any change in terms of how any specific income cohort behaved during the quarter?

抱歉，如果我錯過了，但是您能談談家庭類別的表現嗎？然後我也對基於收入、人口統計、地點的商店表現感到好奇。本季特定收入群體的表現有何變化？

Paul, on the income, as we said in the commentary, the comp performance was fairly broad-based across geographies, but also what I'd say is trade area demographics, including income. So your bigger question is, are you seeing a trade down? We saw very broad-based performance across income levels.

保羅，關於收入，正如我們在評論中所說，不同地區的比較表現相當廣泛，但我想說的是貿易區域的人口統計數據，包括收入。所以你更大的問題是，你看到交易下跌了嗎？我們看到了各個收入水準的表現非常廣泛。

And in terms of the home performance, home performed slightly below the chain average.

而從主場表現來看，主場表現略低於季減。

Got it. And then just a follow-up. On the merch margin, I think you mentioned freight is a big driver but can you talk about pure merch margin outside of freight? Just IMUs, markdowns, what the out-the-door merch margin was on a pure product basis?

知道了。然後只是後續行動。關於商品利潤，我認為您提到貨運是一個很大的推動因素，但您能談談貨運之外的純商品利潤嗎？只是 IMU、降價，純產品的戶外商品利潤是多少？

Yes, Paul. I won't go through a component by component but merch margin in addition to the ocean freight benefit, but if you back ocean freight out of it, we were better than last year as we anniversary the markdowns that we took last year. So third quarter last year was kind of our peak quarter for incremental markdowns last year.

是的，保羅。我不會逐一詳細介紹除了海運收益之外的商品利潤，但如果你從中扣除海運費用，我們會比去年更好，因為我們是去年降價的周年紀念日。因此，去年第三季是我們去年增量降價的高峰季度。

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

下一個問題來自洛林‧哈欽森 (Lorraine Hutchinson) 與美國銀行的對話。

What were the drivers of dd's improved sales trends during the quarter? And is that now running in line with Ross?

dd 本季銷售趨勢改善的驅動因素是什麼？現在這與羅斯一致嗎？

Sure, Lorraine. As -- dd's, as we said, also improved and were relatively in line with performance at Ross. We believe the improved performance here like it is at Ross is the customers responding to the broad assortment of values throughout the stores. And I'd also add easing inflation certainly doesn't hurt this customer.

當然，洛林。正如我們所說，DD 也有所改善，並且與羅斯的表現相對一致。我們相信，這裡的業績改善就像羅斯一樣，是顧客對整個商店的各種價值觀的反應。我還想補充一點，通膨放鬆當然不會傷害這個客戶。

And then any update on shrink from your recent physical inventory?

那麼您最近的實體庫存是否有縮減的最新情況？

Yes. Lorraine, in third quarter -- so we took our second physical inventory over the year in third quarter and trued up those results, the results were in line with our expectations and in line with last year.

是的。洛林，在第三季度——所以我們在第三季度進行了今年的第二次實體庫存併校正了這些結果，結果符合我們的預期，也與去年一致。

(Operator Instructions) The next question comes from the line of John Kernan with TD Cowen.

（操作員說明）下一個問題來自 John Kernan 和 TD Cowen 的對話。

Excellent. Nice job in 3Q. Barbara, your buyers are obviously doing a great job passing on value to the consumer. I'm wondering how initial markup trends are as we -- as you focus on value?

出色的。第三季幹得好。芭芭拉，您的買家顯然在向消費者傳遞價值方面做得很好。我想知道當我們關注價值時，最初的加價趨勢如何？

Well, obviously, we're not going to talk about but IMU. But I think as the merchants are in the market and they are really looking for compelling deals, they obviously have metrics that they should hit, and I would say that they do that. But if there's a really unbelievable deal, we're going to price it the way we think we need to price it. Our strategy now is really to continue to deliver value. And so again, they have metrics, everyone is hitting their metrics, but that's the focus. What is the right price, what is the right value to drive the customer into the store to gain market share. So that's the hit that everyone does.

嗯，顯然，我們不會談論 IMU。但我認為，由於商家在市場上並且他們確實在尋找有吸引力的交易，因此他們顯然有應該達到的指標，而且我想說他們確實這樣做了。但如果確實有令人難以置信的交易，我們將按照我們認為需要的方式定價。我們現在的策略其實是繼續創造價值。再說一次，他們有指標，每個人都在達到他們的指標，但這才是重點。什麼是合適的價格，什麼是合適的價值才能吸引顧客進店以獲得市場份額。這就是每個人都會做的打擊。

Understood. And Adam, when you look at the model, what do you think is the line item in either COGS or SG&A that has the most potential for improvement if you maintain the 3% to 4% same-store sales going forward?

明白了。 Adam，當您查看該模型時，您認為如果您未來保持 3% 至 4% 的同店銷售額，那麼 COGS 或 SG&A 中最有改進潛力的項目是什麼？

We're just getting into the -- we're working our way through the planning process. We'll come back and talk at the end of the year and kind of frame up how we see the go forward at that point in time. I think just to give you some generalities, I feel like we've recaptured most of the ocean freight at this point. When we look at container rates now are very similar to where they were in 2019. So we think by the end of the year, we'll capture all that benefit.

我們剛剛進入——我們正在努力完成規劃過程。我們將在年底回來討論，並製定我們如何看待當時的進展。我想只是給大家一些概括，我覺得我們現在已經重新獲得了大部分海運。當我們看到現在的貨櫃費率與 2019 年非常相似時。所以我們認為到今年年底，我們將獲得所有這些好處。

On the domestic side of freight, we've recaptured some but certainly not at 2019 levels, given the elevated fuel cost and elevated driver wages since 2019. So pushing very hard on the other components. We'll come back and tell you more about the puts and takes at the end of the year.

在國內貨運方面，我們已經恢復了一些，但肯定達不到 2019 年的水平，因為自 2019 年以來燃料成本上漲，司機工資上漲。因此，我們在其他方面大力推動。我們會在年底回來告訴您更多有關看跌期權和跌幅的信息。

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

下一個問題來自查克·格羅姆和戈登·哈斯克特的台詞。

Congratulation. Can you provide color on the trend of basket size and the composition between AUR and UPT this quarter and if you see that changing going forward over the next few quarters?

恭喜。您能否提供有關本季度籃子規模趨勢以及 AUR 和 UPT 之間構成的信息，以及您是否認為未來幾個季度會發生變化？

Sure. And as we said, traffic was the primary driver of the 5% comp. Average basket was up just slightly as an increase in the units per transaction was partially offset by slightly lower average unit retails. And if we think about it going forward, we'd like to be driven by traffic but we don't plan our business around the components. We plan the business on offering the best value. And if we get traffic and a basket size increase, that's great for the business.

當然。正如我們所說，流量是 5% 的主要驅動力。平均購物籃數量略有上升，因為每筆交易數量的增加被平均零售數量略有下降所部分抵消。如果我們考慮未來，我們希望由流量驅動，但我們不會圍繞組件來規劃我們的業務。我們的業務規劃是提供最佳價值。如果我們獲得流量並且購物籃尺寸增加，這對業務來說是件好事。

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

下一個問題來自布魯克·羅奇（Brooke Roach）與高盛的對話。

I was hoping you could discuss the puts and takes behind your SG&A growth now that we've moved through the periods of elevated incentive comp investment this summer. How should we be thinking about the growth of that line item going forward? And in particular, can you elaborate on what you're seeing in terms of store wage rate inflation?

既然我們已經度過了今年夏天激勵補償投資增加的時期，我希望您能討論一下您的 SG&A 成長背後的看跌期權和支出。我們該如何考慮該訂單項未來的成長？特別是，您能否詳細說明您在商店工資率通膨方面所看到的情況？

Brooke, this is Adam. Yes. So store wage, as we said in the comments, they'll continue to put pressure on us. That's largely driven by minimum wage changes that we need to take in the marketplace. But I would say overall on SG&A, the biggest moving part this year has been incentive comp, right? So as you'll remember, very little incentive comp last year. And not only did we have to reset the bar this year but we're obviously outperforming our financial plan. So that's the biggest kind of volatility in the SG&A line.

布魯克，這是亞當。是的。因此，正如我們在評論中所說，商店工資，他們將繼續向我們施加壓力。這主要是由我們需要在市場上採取的最低工資變化所推動的。但我想說，總體而言，在銷售、管理和行政費用方面，今年最大的變動部分是激勵補償，對吧？所以你會記得，去年的激勵補償非常少。今年我們不僅必須重新設定標準，而且我們的財務計畫顯然超出了預期。所以這是SG&A 線中最大的波動。

I'll just add on the wage front. I mean, generally speaking, wages have stabilized throughout the stores and the DCs and any increases we're seeing are really driven by minimum wages. On SG&A going forward, I think we'd expect that we'd be able to lever between the 3 and 4 comp as we have in the past.

我只補充一下薪水。我的意思是，一般來說，整個商店和配送中心的工資已經穩定，我們看到的任何增長實際上都是由最低工資推動的。關於未來的SG&A，我認為我們希望能夠像過去一樣在 3 和 4 組合之間進行槓桿調整。

And the next question comes from the line of Michael Binetti with Evercore.

下一個問題來自 Michael Binetti 和 Evercore 的對話。

Congrats on a great quarter. I just want to ask, do you think -- Michael or Adam, jump ball, what do you think about -- what do you look at today to inform us whether there's some opportunity in the pure merch margin for next year, puts and takes that you're thinking about?

恭喜您度過了一個出色的季度。我只是想問，你認為 - 邁克爾還是亞當，跳球，你怎麼想 - 你今天看什麼來告訴我們明年的純商品利潤是否有一些機會，看跌和拿走你在想什麼？

Barbara, you mentioned seeing some -- you mentioned some great comments on some of the brand availability. Is there an opportunity for AUR as you guys get better access to quality brands? And then I noticed you opened a bunch of the handful stores in Michigan a few months ago and 1 single store in Minnesota. These are new markets, even though we've heard you guys talk so favorably about how the Midwest has gone since you launched it maybe 12 years ago. It Seems like you're starting to move into some new markets, some fairly big ones, maybe just some thoughts around the new market strategy.

芭芭拉，您提到看到了一些 - 您提到了對某些品牌可用性的一些很好的評論。當你們能夠更好地接觸優質品牌時，AUR 是否有機會？然後我注意到幾個月前您在密西根州開設了幾家商店，並在明尼蘇達州開設了一家商店。這些都是新市場，儘管我們聽到你們對中西部地區自 12 年前推出以來的發展讚不絕口。看起來你正開始進入一些新市場，一些相當大的市場，也許只是圍繞著新市場策略的一些想法。

Sure. On merchant margin for next year, we're in the middle of our planning process now. So I'd wait until our year-end call, and we can give you some more feedback on that. As you mentioned, we entered Michigan and Minnesota during the third quarter. It's very early on those. So hard to comment at this stage other than we're very optimistic about our new market growth..

當然。關於明年的商家利潤，我們現在正處於規劃過程中。所以我會等到我們的年終電話會議，我們可以就此向您提供更多回饋。正如您所提到的，我們在第三季度進入了密西根州和明尼蘇達州。這些還為時過早。除了我們對新市場的成長非常樂觀之外，現階段很難發表評論。

And in terms of brands and AUR increase. Really, I know it sounds like I'm going back to same thing. We really are looking at every deal based on the value we put out on the floor. And so obviously, if they're higher on brand, those goods would -- even at great values would have higher AUR. But it's really a mix of all brands, whether they're moderate, they're better, they're good, better, best, where they're best. That's how we're really approaching it in terms of just saying I'm going to raise the AUR because we increased we [debt] in total. That's not how we're thinking about it. We're thinking about it more holistically, and that's the piece that customers responding to.

並且在品牌和AUR方面有所增加。真的，我知道這聽起來像是我又回到了同樣的事情。我們實際上是根據我們在場上投入的價值來看待每筆交易的。很明顯，如果它們的品牌更高，那麼這些商品即使價值很高，也會有更高的 AUR。但這實際上是所有品牌的混合體，無論它們是中等的、更好的、好的、更好的、最好的、最好的。這就是我們真正處理這個問題的方式，只是說我將提高 AUR，因為我們的[債務]總額增加了。我們不是這麼想的。我們正在更全面地考慮這個問題，這也是客戶回應的部分。

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

下一個問題來自 Adrienne Yih 與巴克萊銀行的對話。

Great. And I'll add my congratulations. Barbara, I often -- I am on the topic of your packaway and your short stay. Historically, when we have sort of disruptive weather and kind of like the unseasonable weather in the early in the quarter, you're able to use your short-stay flexibility to kind of pace into that. I'm just wondering how advantageous has that been this season? Or is the macro -- kind of more challenging macro sort of overwhelming that?

偉大的。我還要表達我的祝賀。芭芭拉，我經常談論你的行李和短暫停留的話題。從歷史上看，當我們遇到一些破壞性的天氣，例如本季度初的不合時宜的天氣時，您可以利用短期停留的靈活性來應對這種情況。我只是想知道這個賽季有多大優勢？還是宏觀——一種更具挑戰性的宏觀壓倒性的？

I just want to make sure I understand what you're saying. You're saying that did we get seasonal products early and (inaudible) closing the fourth quarter?

我只是想確保我明白你在說什麼。您是說我們是否提前獲得了季節性產品並（聽不清楚）第四季結束？

Yes, yes. I think it's more that weather has not transitioned to cold for any long permanent period of time, so we're hearing frontline retailers talk about that lower their fourth quarters, and there's a disconnect between how much they've ordered and what things that they need to get rid of. So I'm wondering if that's been a benefit to you.

是的是的。我認為更多的是天氣在很長一段時間內都沒有轉冷，所以我們聽到一線零售商談論第四季度的情況，他們訂購的數量和他們購買的東西之間存在脫節。需要擺脫。所以我想知道這對你是否有好處。

At this point in time, there's -- the goods are obviously building because the weather has been warmer than people anticipated. But there is a moment in time when vendors decide to really move the goods and that really -- becomes really more longer-term packaway. So if you're thinking outerwears, whether its classifications like that, that really would be longer term versus shorter term deals.

此時此刻，貨物顯然正在增加，因為天氣比人們預期的要溫暖。但在某個時刻，供應商決定真正轉移貨物，而這實際上成為了更長期的包裝。因此，如果您正在考慮外套，無論其分類如何，那確實是長期交易而不是短期交易。

I could still get deals in front of us. But really, that's really more of a longer-term play that vendors at the end of the year decided what they want to do when they're figuring out what they're going to buy for the next year. So short term, I think people are just coming to -- having a reality check of where they are with some of those classifications of products. So the real answer, I guess, is more news to follow. But at this moment in time, it hasn't been -- they haven't had a big movement if that's what you're looking for, a big movement on the...

我仍然可以在我們面前獲得優惠。但實際上，這實際上更像是一個長期的遊戲，供應商在年底決定他們想要做什麼，當他們弄清楚明年要購買什麼時。從短期來看，我認為人們剛開始對某些產品分類進行現實檢驗。所以我想，真正的答案是更多的新聞。但在此時此刻，情況還沒有——如果你正在尋找的話，他們還沒有發生大的運動，關於…的大運動。

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

下一個問題來自 Alex Starton 與摩根士丹利的對話。

Great. Maybe for Barbara, some peers have highlighted opportunities in new or adjacent categories. So I'm just wondering, has Ross entered any newer categories recently? Or what kind of thoughts do you have on opportunities in general and then any changes in category mix shift that you guys have done?

偉大的。也許對芭芭拉來說，一些同行強調了新類別或相鄰類別的機會。所以我只是想知道，羅斯最近是否進入了任何新類別？或者你對整體機會有什麼想法，然後你們所做的品類組合變化有什麼變化？

Sure. Yes, we have entered into some new categories. Obviously, I'm not going to talk about it on the call. But yes, for the fourth quarter, we entered some different categories for gifting, which are going on the floor now and into December. And then just opportunities in general as we move into next year. I think we have some opportunities in expanding certain businesses and then also coming back into some businesses that we exited, I would say, sometime during COVID.

當然。是的，我們已經進入了一些新的類別。顯然，我不會在電話中談論它。但是，是的，在第四季度，我們輸入了一些不同的禮品類別，這些類別從現在開始一直持續到 12 月。然後，當我們進入明年時，總體上就是機會。我認為我們有一些機會擴大某些業務，然後回到我們退出的一些業務，我想說，在新冠疫情期間的某個時候。

So I think there is an opportunity for us to have more newness on the floor, which is really what the customer love plus value is really what the customers responding to. So every year, we go in and look and say, what else can we expand, what else can we do? But this year, we have, yes, we have our categories in mind if [we were] not in mind and where we are going to [spring].

因此，我認為我們有機會在地板上提供更多新奇的東西，這確實是客戶所喜歡的，而價值也正是客戶所回應的。所以每年，我們都會進去看看，然後說，我們還能擴充什麼，我們還能做什麼？但今年，是的，我們已經考慮了我們的類別，如果我們沒有考慮到我們要去哪裡，我們將在哪裡。

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

下一個問題來自 Marni Shapiro 與 Retail Tracker 的合作。

Congratulations. And if I forget, best of luck for the holiday season. But I'm curious, just on dd's, if we can dig in a little bit there. Are you -- with people looking to trade down with their wallets a little tighter, are you finding that you are attracting more new customers into that brand and the traffic trends that drove the comp in the quarter, whether this -- was that also true for dd's? And then I recall dd's tends to have more -- a little bit more family focused, you tended to have a little bit more kids and toy focus even. I'm curious how you feel about the lead-up to holiday with the assortments and values there? And is that still the case in dd's actually?

恭喜。如果我忘記了，祝假期好運。但我很好奇，就 dd 而言，我們是否可以深入研究一下。當人們希望錢包緊縮一點時，您是否發現您正在吸引更多新客戶進入該品牌以及推動本季度比較的流量趨勢，無論這是否也是如此對於dd？然後我記得 dd 往往有更多 - 更注重家庭，甚至更注重孩子和玩具。我很好奇您對假期前夕的商品種類和價值有何看法？ dd 中實際上仍然是這種情況嗎？

Marni, on traffic. So traffic like Ross, the comp for dd's was entirely driven by traffic.

瑪尼，交通堵塞。所以像 Ross 這樣的流量，DD 的補償完全是由流量驅動的。

And then in terms of assortment, yes, it is a family-focused box and the dd's customer does have more children. So businesses like toys in the fourth quarter becomes very important [for the toys].

然後就品種而言，是的，這是一個以家庭為中心的盒子，而且 dd 的顧客確實有更多的孩子。因此玩具等業務在第四季變得非常重要。

Also holiday dresses do you do that business as well in dd's ?

另外，你們在 dd 也做這項業務嗎？

We do all those businesses. All the traditional businesses you would expect, you would expect holiday dresses, you would expect toys, you expect anything, also family photo shoots and then toys or other little things that they give to kids but...

我們做所有這些業務。你所期望的所有傳統業務，你會期望節日服裝，你會期望玩具，你會期望任何東西，還有家庭照片拍攝，然後是他們給孩子們的玩具或其他小東西，但是..... .

And can I just ask a follow-up on that? Are you seeing at dd's that the customer is now coming to dd's for these big holiday events like for Halloween, for Christmas? Does that customer come to dd's more regularly? Is it part of their regular trip of stores to go to?

我可以詢問後續情況嗎？您是否在 dd's 看到客戶現在來 dd's 參加萬聖節、聖誕節等大型節日活動？該客戶來 dd 的頻率是否更高？這是他們定期去商店的一部分嗎？

I think it's part of the regular stores to go to. And do they like seasonal products, Halloween harvest, Christmas. Obviously, Christmas is very big. Yes. dd's, I don't think they'll get up in the morning and say, I need to go buy some Halloweens. I think there is always (inaudible) they're going to stores, they are seeing things that they like and I think it's simple purchases probably for everyone.

我認為這是常規商店的一部分。他們喜歡季節性產品、萬聖節收穫、聖誕節嗎？顯然，聖誕節非常重要。是的。 dd，我認為他們不會早上起床說，我需要去買一些萬聖節禮物。我認為他們總是（聽不清楚）去商店，他們看到他們喜歡的東西，我認為這可能對每個人來說都是簡單的購買。

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

下一個問題來自特爾西諮詢小組的達納·特爾西。

Congratulations on the nice results. Can you give some color on the regional performance and what you saw California, maybe Texas and any of the other areas? And then also on categories, I think last time -- on last quarter's call, you mentioned that apparel trailed but improved sequentially. What did you see this quarter?

恭喜取得的好成績。您能否介紹一下加州、德克薩斯州和其他地區的地區表現以及您所看到的情況？然後在類別上，我想上次在上個季度的電話會議上，您提到服裝落後但連續改善。本季您看到了什麼？

Regionally, Dana, our largest markets, California was above the chain average. Texas and Florida were in line. And as we mentioned on the call, it was very broad-based across the country.

從地區來看，我們最大的市場加州達納高於環比平均。德克薩斯州和佛羅裡達州也在排隊。正如我們在電話會議中提到的，它在全國範圍內都有廣泛的基礎。

And then in terms of apparel, it's slightly trailed the chain average and the comps were relatively similar between Q2 and Q3, but they did exceed plan.

然後在服裝方面，略有落後於環比平均水平，第二季度和第三季度的比較相對相似，但確實超出了計劃。

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

下一個問題來自阿尼莎謝爾曼和伯恩斯坦的對話。

So Barbara, as retailers and brands have been talking about clearing excess stock. Are you seeing any change in your inventory mix and your percent of closeout? Like through the year, are you seeing more importing and more upfront buying? And I have a quick follow-up for Adam. You mentioned labor costs and wages stabilizing. Can you talk about some of the new labor cost saving models you've been piloting like self-checkout and any updates you can share on the rollout of those?

所以芭芭拉作為零售商和品牌一直在談論清理多餘的庫存。您是否發現庫存組合和清倉百分比有任何變化？就像今年一樣，您是否看到更多的進口和更多的預購？我對亞當有一個快速的跟進。您提到勞動成本和工資穩定。您能否談談您一直在嘗試的一些新的勞動力成本節省模式，例如自助結帳，以及您可以分享的關於推出這些模式的任何更新？

On the self-checkout, we're in a very small number of stores. And as you can imagine, we're going very slowly to make sure we get it right. We're in about 100 stores right now, and we're going to continue to pilot the operating model that we have there, and we're very cognizant of the shrink environment, so we're going to go slow.

在自助結帳方面，我們的商店數量非常少。正如你可以想像的那樣，我們會非常緩慢地確保我們做對了。我們現在有大約 100 家商店，我們將繼續試行我們在那裡的營運模式，我們非常了解收縮環境，所以我們會放慢腳步。

And then in terms of upfront versus closeouts, as the year progressed, I mean it's pretty similar. It can peak up and down a little bit in the fourth quarter. You have more home business, some of that's more DI, so that gets bigger versus the rest of the year. But I would say it's similar. I think closeouts have come across all year pretty much in most businesses. And so I think -- yes, I don't see a bigger shift. It could have gone up or down 2 or 3 points, but nothing major.

然後，就預付款與清帳而言，隨著時間的推移，我的意思是它非常相似。它可能會在第四季出現小幅波動。你有更多的家庭業務，其中一些是更多的直接投資，所以與今年剩餘時間相比，它會變得更大。但我會說這是相似的。我認為大多數企業全年都會遇到清倉的情況。所以我認為——是的，我沒有看到更大的轉變。它可能會上升或下降 2 或 3 個點，但沒什麼大不了的。

And Aneesha, just building on those comments, within our CapEx, we're definitely investing in technology, more automation in our distribution centers. We're spending money in our stores just to automate. A lot of our noncustomer-facing tasks in more efficient ways to take markdowns and check inventory and also just investing in more analytics in the business.

Aneesha，基於這些評論，在我們的資本支出中，我們肯定會投資於技術以及配送中心的更多自動化。我們在商店裡花錢只是為了自動化。我們的許多非面向客戶的任務以更有效的方式進行降價和檢查庫存，並且只是投資於更多的業務分析。

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

下一個問題來自科里·塔洛和傑弗里斯的對話。

Great. I was wondering if you could talk a little bit about what you saw in footwear? I'm not sure if you did highlight it or if I missed it, but it would be great to get color there.

偉大的。我想知道您能否談談您對鞋類的看法？我不確定你是否突出顯示了它，或者我是否錯過了它，但在那裡獲得顏色會很棒。

Sure. Shoes, again, was one of our best-performing businesses. And that was pretty -- that was broad-based across all the shoes.

當然。鞋子再次成為我們表現最好的業務之一。這很漂亮——所有鞋子都有廣泛的基礎。

Got it. And then just as it relates to higher buying costs, I believe you highlighted. Could you discuss what drove that?

知道了。然後，正如您所強調的那樣，這與更高的購買成本有關。您能討論一下是什麼推動了這一點嗎？

The higher buying was all incentive cost related.

較高的購買量與激勵成本有關。

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

下一個問題來自 Loop Capital Markets 的 Laura Champine。

It's really about California wage rates, not just with the minimum wage increase but also the fast-food wage increase slated for the new year. How much of that -- how much of a material impact do you think that might have on your expense lines for next year?

這實際上與加州的工資水平有關，不僅包括最低工資的上漲，還包括新年快餐店工資的上漲。您認為這會對您明年的支出產生多大的實質影響？

Laura, obviously, we've been tracking up in California for some time with their minimum increases there. It's been a competitive market for us for a long time. I think in regards to the fast-food workers, we'll have to see how that spills over, but we believe we recruit from a different pool than the fast-food industry.

勞拉，顯然，我們一段時間以來一直在追蹤加州的情況，那裡的增幅最小。長期以來，這對我們來說一直是一個競爭激烈的市場。我認為對於快餐工人來說，我們必須看看這種情況如何蔓延，但我們相信我們從與快餐業不同的人才庫中招募。

That's helpful. If I could get a clarification of a general sense of what percentage of your employees -- of your store-level employees are in California? Will that line up with your store count?

這很有幫助。我能否大致了解一下您的員工（商店級別的員工）在加州的比例是多少？這與您的商店數量相符嗎？

It will be a little higher than our store count because those tend to be higher-volume stores but slightly above our store count, I would say.

我想說，它會比我們的商店數量略高，因為這些商店往往是銷量較大的商店，但略高於我們的商店數量。

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

最後一個問題來自古根漢證券公司的鮑伯‧德布爾 (Bob Drbul)。

This is Arian Razai on for Bob. It looks like inventories are up 5 -- on a 5% comp increase. Could you please expand on packaways, given the great brand availability, the reason of packaways have been trending down a couple of percentage points below last year and every quarter this year? Any changes in approach, a factor of higher deployment of product? Is it like better inventory productivity at stores? Any additional color would be super helpful.

這是鮑伯的阿里安‧拉扎伊 (Arian Razai)。看起來庫存增加了 5，即成本上漲了 5%。您能否詳細介紹包裝，考慮到品牌的可用性，包裝的原因一直比去年和今年每季下降幾個百分點？方法有什麼變化，是產品部署更高的因素嗎？是商店的庫存效率更高了？任何額外的顏色都會非常有幫助。

Really no change to how we're running packaway. Sometimes when your business is very good, and we've been chasing a lot of business this year (inaudible). So we've been in a constant chase. And the thing about packaways, when you're buying goods that you're going to hold, you have to be absolutely sure that the values are correct. So the merchants are very discerning in what they buy when they put in packaway because when you're bringing it back out, we want to make sure that the value is right.

我們的打包方式確實沒有改變。有時，當您的業務非常好時，我們今年一直在爭取很多業務（聽不清楚）。所以我們一直在不斷地追逐。關於包裝的事情，當您購買要持有的商品時，您必須絕對確定其價值是正確的。因此，商家在放入包裝袋時對購買的商品非常挑剔，因為當您將其帶回來時，我們希望確保其價值是正確的。

So I don't think there's any way to look at packaway, there's a lot of goods out there. It could be packaway, just put more goods into our packaway we could. I think it's a merchant's job to really put the best product in there at the best possible values, and we're focused -- very focused on value. And so I don't think there's anything to read into it. But We feel -- actually, we feel very good about our content in the packaway that we own this shift because there's been a lot of very good deals and a lot of good products out there.

所以我不認為有辦法看包裝，那裡有很多商品。它可以是打包的，只需將更多的貨物放入我們的打包中即可。我認為商人的工作就是真正以盡可能高的價值將最好的產品放在那裡，我們非常專注於價值。所以我認為沒有什麼值得解讀的。但我們覺得——實際上，我們對包裝盒中的內容感到非常滿意，因為我們擁有這種轉變，因為那裡有很多非常好的交易和很多好的產品。

So we have plenty of money to buy packaway if we'd like to buy some, but that is really comes to the merchant team. It's their call on what they believe is the right value. And then that's why, therefore, can fluctuate that plus the chase that we had in sales in the quarter.

因此，如果我們想買一些，我們有足夠的錢來購買包裝，但這實際上取決於商人團隊。這是他們對他們認為正確的價值觀的呼籲。這就是為什麼，因此，加上我們在本季的銷售追逐，可能會波動。

Got it. Got it. So would you say that the product this year resonates better with the consumer like from the value perspective?

知道了。知道了。那麼您認為今年的產品從價值角度來說更能引起消費者的共鳴嗎？

You mean the packaway product or just products in general?

您指的是包裝產品還是一般產品？

Just products in general.

只是一般產品。

I think the customer is really responding to the better values. Clearly, she's financially pressed. And even though inflation is easing, she's still under pressure. And so whenever you can give the customer a better branded bargain at an unbelievable value, she's going to respond, which is why we're highly focused on that, and that would therefore take us through stronger market share.

我認為客戶確實對更好的價值觀做出了反應。顯然，她的經濟壓力很大。儘管通膨正在緩解，但她仍然面臨壓力。因此，只要你能夠以令人難以置信的價值為客戶提供更好的品牌優惠，她就會做出回應，這就是我們高度關注這一點的原因，這將使我們獲得更強大的市場份額。

And ladies and gentlemen, there are no further questions at this time. I'd like to pass the call back over to Barbara Rentler for any closing comments.

女士們、先生們，目前沒有其他問題了。我想將電話轉給芭芭拉·倫特勒 (Barbara Rentler)，以徵求結束意見。

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

感謝您今天加入我們以及您對羅斯商店的興趣。節日快樂。

And this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

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。