羅斯百貨 (ROST) 2025 Q1 法說會逐字稿

Good afternoon and welcome to the Ross Stores' first-quarter 2025 earnings release conference call. The call will begin the prepared comments by management followed by a question-and-answer session. (Operator Instructions)

下午好，歡迎參加 Ross Stores 2025 年第一季財報發布電話會議。電話會議將首先由管理層發表準備好的評論，然後進行問答環節。（操作員指示）

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 2024 Form 10-K and fiscal 2025 Form 8-Ks on file with the SEC.

在我們開始之前，我謹代表 Ross Stores 指出，本次電話會議上的評論將包含有關未來成長和財務業績預期的前瞻性陳述，包括銷售和盈利預測、新店開業以及基於公司對其未來業務各方面的當前預測的其他事項。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表現或目前預期有重大差異。風險因素包含在今天的新聞稿以及公司向美國證券交易委員會提交的 2024 財年 10-K 表格和 2025 財年 8-K 表格中。

And now I'd like to turn the call over to Jim Conroy, Chief Executive Officer.

現在我想把電話轉給執行長吉姆康羅伊。

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. I would like to start the call by thanking all of our associates throughout the entire organization who have worked tirelessly over the last few months to help us navigate through a volatile and uncertain external environment. I sincerely appreciate the team's continued dedication and hard work.

午安.今天與我一起參加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。首先，我想感謝整個組織的所有同事，他們在過去幾個月裡不知疲倦地工作，幫助我們度過動盪和不確定的外部環境。我真誠感謝團隊的持續奉獻和努力。

Now let's turn to our first quarter results. As noted in today's press release, total sales grew 3% to $5 billion with comparable store sales flat versus last year. Earnings per share were $1.47 compared to $1.46 last year, while net income for the period was $479 million versus $488 million for the same period in 2024. Despite the slower start to the spring selling season in February, our monthly sales performance improved sharply month after month for the balance of the quarter.

現在讓我們來看看第一季的業績。如同今天的新聞稿所述，總銷售額成長 3%，達到 50 億美元，同店銷售額與去年持平。每股收益為 1.47 美元，去年同期為 1.46 美元；當期淨收入為 4.79 億美元，去年同期為 4.88 億美元。儘管二月份春季銷售旺季開局較慢，但本季剩餘時間我們的月銷售業績逐月大幅提高。

For the period, sales and earnings performed at the high end of our expectations, while operating margin of 12.2% was flat year over year. Cosmetics was the strongest merchandise area during the quarter, while geographic trends were broad-based with the Southeast performing the best. Our dd's DISCOUNT brand continued its strong momentum from 2024 with another quarter of solid sales and operating profits as the chain's value and fashion offerings again resonated with shoppers.

該期間的銷售額和收益達到了我們預期的高位，而 12.2% 的營業利潤率與去年同期持平。化妝品是本季表現最強勁的商品領域，而地理趨勢則呈現廣泛性，其中東南部表現最佳。我們的 dd's DISCOUNT 品牌自 2024 年以來延續了強勁勢頭，又一個季度實現了穩健的銷售額和營業利潤，因為該連鎖店的價值和時尚產品再次引起了購物者的共鳴。

At quarter end, total consolidated inventories were up 8% versus last year mainly due to opportunistic buys during the period. Average store inventories were up 4%, in line with our plan, and packaway merchandise represented 41% of total inventory similar to last year. We believe our inventory is well-positioned as we enter the second quarter.

截至本季末，合併總庫存較去年同期成長了 8%，這主要歸因於本期間的投機性購買。平均商店庫存增加了 4%，符合我們的計劃，包裝商品佔總庫存的 41%，與去年持平。我們相信，進入第二季度，我們的庫存已處於良好狀態。

Turning to store growth. We opened 16 new Ross and 3 dd's DISCOUNT locations in the first quarter. We continue to plan for approximately 90 new stores this year, comprised of about 80 Ross and 10 dd's. As usual, these numbers do not reflect our plans to close or relocate about 10 to 15 older stores.

轉向商店增長。我們在第一季開設了 16 家新的 Ross 店和 3 家 dd's DISCOUNT 店。我們今年繼續計劃開設約 90 家新店，其中包括約 80 家 Ross 店和 10 家 dd 店。像往常一樣，這些數字並不反映我們關閉或搬遷大約 10 到 15 家老店的計劃。

Before I turn the call over to Adam to provide further details on our financial performance and guidance, I wanted to briefly discuss tariffs and the potential impact they will have on our business. While we directly import only a small portion of our merchandise, more than half of the total merchandise that we sell originate in China. If tariffs remained at elevated levels, we will be working to find the right combination of pricing versus merchandise margin compression. We believe we have a number of levers available to minimize the overall impact, but it is possible that we will see short-term pressure on our profitability.

在我將電話轉給亞當以提供有關我們的財務業績和指導的更多細節之前，我想簡要討論一下關稅及其對我們業務的潛在影響。雖然我們直接進口的商品只有一小部分，但我們銷售的商品總量中有一半以上都產自中國。如果關稅保持在高位，我們將努力找到定價與商品利潤壓縮的正確組合。我們相信，我們可以使用多種手段來最大限度地減少整體影響，但我們的獲利能力可能會在短期內面臨壓力。

That said, our focus has been and will continue to be to provide our customers high-quality branded merchandise at a great value. From a pricing standpoint, we expect modest but broad-based inflationary pressure across the retail industry and we will remain focused on maintaining a substantial pricing umbrella below traditional retailers in order to deliver the bargains our customers have come to expect from us.

話雖如此，我們的重點一直是並將繼續是為我們的客戶提供物超所值的高品質品牌商品。從定價的角度來看，我們預計整個零售業將面臨溫和但廣泛的通膨壓力，我們將繼續致力於維持低於傳統零售商的大幅定價保護傘，以便為客戶提供他們所期望的優惠。

Overall, trade policy remains unpredictable, and we will continue to make the necessary adjustments to best position the company to navigate through this uncertain environment. We are pleased with the momentum of the business given the sequential improvement in comp sales in the quarter. In addition, we believe our inventory is well-positioned to maximize the availability of closeouts and we have multiple strategies in place to gain market share while minimizing the margin impact from the tariffs.

總體而言，貿易政策仍然難以預測，我們將繼續做出必要的調整，以使公司能夠更好地應對這個不確定的環境。鑑於本季同店銷售額連續成長，我們對業務發展動能感到滿意。此外，我們相信我們的庫存能夠最大限度地提高清倉供應，並且我們制定了多種策略來獲得市場份額，同時最大限度地減少關稅對利潤的影響。

With that said, in our view, there are simply too many unknown variables that are limiting our visibility into the second half of the fiscal year, and we believe it is prudent to withdraw our previously provided annual guidance at this time. Ross Stores and the off-price sector in general have historically benefited from significant disruptions to the supply chain with more opportunistic buys available to us, and we believe it will be no different this time.

話雖如此，我們認為，有太多未知變數限制了我們對下半年財政年度的預測，我們認為此時撤回先前提供的年度指導是明智之舉。從歷史上看，羅斯商店和折扣行業總體上都受益於供應鏈的重大中斷，我們可以獲得更多的機會購買，我們相信這次也不會例外。

I will now turn the call over to Adam to provide further details on our first-quarter results and additional color on our second-quarter outlook.

現在我將把電話轉給亞當，讓他提供有關我們第一季業績的更多詳細資訊以及有關我們第二季度展望的更多說明。

Thank you, Jim. As previously mentioned, our comparable store sales were flat for the quarter. First quarter operating margin of 12.2% was similar to last year. Cost of goods sold was relatively unchanged from a year ago. Merchandise margin declined 45 basis points mainly due to higher ocean freight costs and the initial impact of tariffs. A portion of this tariff impact was caused by purchase orders for goods that were on the water when tariffs were increased.

謝謝你，吉姆。如前所述，本季我們的同店銷售額持平。第一季營業利益率為12.2%，與去年同期持平。銷售成本與去年同期相比基本沒有變化。商品利潤率下降了 45 個基點，主要原因是海運費成本上升以及關稅的初步影響。關稅影響的一部分是由於關稅上調時對水上貨物的採購訂單造成的。

Occupancy and distribution costs rose by 20 basis points and 5 basis points, respectively. Buying costs declined by 50 basis points from lower incentives and domestic freight leveraged by 20 basis points. SG&A for the period was flat year over year as the benefit from lower incentive compensation was offset by sales deleverage. During the first quarter, we repurchased 2 million shares of common stock for an aggregate cost of $263 million under the company's 2-year $2.1 billion authorization approved by our Board of Directors in March of 2024. We remain on track to buy back a total of $1.05 billion in stock during 2025 and complete the program as planned.

入住成本和分銷成本分別上漲了20個基點和5個基點。由於激勵措施降低，採購成本下降了 50 個基點，國內運費上漲了 20 個基點。本期間銷售、一般及行政開支與去年同期持平，因為較低的激勵薪酬帶來的好處被銷售去槓桿所抵銷。在第一季度，我們根據董事會於 2024 年 3 月批准的公司 2 年 21 億美元授權，回購了 200 萬股普通股，總成本為 2.63 億美元。我們仍有望在 2025 年回購總計 10.5 億美元的股票，並按計畫完成該計畫。

Now let's discuss our outlook. For the 13 weeks ending August 2, 2025, comparable store sales are projected to be flat to up 3%. Earnings per share for the second quarter are now projected to be in the range of $1.40 to $1.55 and includes a cost impact of $0.11 to $0.16 from the announced tariffs.

現在讓我們來討論一下我們的觀點。截至 2025 年 8 月 2 日的 13 週內，同店銷售額預計將持平或成長 3%。目前預計第二季每股收益將在 1.40 美元至 1.55 美元之間，其中包括宣布的關稅帶來的 0.11 美元至 0.16 美元的成本影響。

Our guidance assumptions for the second quarter of 2025 include the following. Total sales are forecast to increase 2% to 6% versus the prior year. If same-store sales perform in line with our forecast, operating margin for the second quarter is projected to be in the 10.7% to 11.4% range, which includes a 90 to 120 basis point negative impact from announced tariffs, mostly in merchandise margin. This estimate is based on the current level of tariffs, but we recognize there could be a wide range of outcomes given the uncertainty with varying trade policy announcements.

我們對 2025 年第二季的指導假設包括以下內容。預計總銷售額將比上年增長 2% 至 6%。如果同店銷售額符合我們的預測，預計第二季營業利潤率將在 10.7% 至 11.4% 之間，其中包括宣布的關稅帶來的 90 至 120 個基點的負面影響，主要體現在商品利潤率方面。這項估計是基於當前的關稅水平，但我們認識到，鑑於不同貿易政策公告的不確定性，可能會出現各種各樣的結果。

Excluding the tariff impact, we would expect merchandise margin to be similar to the prior year. We are also forecasting higher distribution costs as we opened our eighth distribution center earlier this month. Partially offsetting these higher costs are lower incentives. We expect to open 31 stores in the second quarter, including 28 Ross and 3 dd's locations. We expect net interest income to be approximately $29 million. The tax rate is projected to be 24% to 25%, and diluted shares outstanding are expected to be approximately $325 million.

排除關稅的影響，我們預期商品利潤率將與前一年相似。由於我們在本月初開設了第八個配送中心，因此我們也預測配送成本將會上升。部分抵銷這些較高成本的是較低的激勵措施。我們預計第二季將開設 31 家門市，其中包括 28 家 Ross 門市和 3 家 dd's 門市。我們預計淨利息收入約為 2,900 萬美元。預計稅率為 24% 至 25%，預計稀釋流通股數約為 3.25 億美元。

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

現在我將把電話轉回給吉姆，請他發表最後評論。

Thank you, Adam. To sum up, after a slow start in February, we saw broad-based improvement throughout the quarter and were able to meet the high end of our guidance in both sales and earnings. As mentioned earlier, despite the underlying health of the business, we have limited visibility on how customer demand may evolve over the balance of the year given prolonged inflation, deteriorating consumer sentiment, and still elevated and potentially fluctuating tariff levels.

謝謝你，亞當。總而言之，在經歷了 2 月的緩慢開局之後，我們在整個季度看到了廣泛的改善，並且在銷售額和收益方面都達到了預期的高端。如前所述，儘管業務基本上健康，但鑑於長期通膨、消費者情緒惡化以及電價水平仍然高企且可能波動，我們對今年剩餘時間客戶需求的變化趨勢預測有限。

That said, we have a seasoned executive team, a flexible off-price business model, and a strong financial foundation that should enable us to navigate through these uncertain times. I do want to specifically commend the entire buying and planning organization for managing through the tumultuous external environment, driving top line sales growth and working tirelessly to minimize the impact of tariffs on the performance of the business.

儘管如此，我們擁有經驗豐富的執行團隊、靈活的折扣業務模式和強大的財務基礎，這些應該可以幫助我們度過這些不確定的時期。我確實要特別讚揚整個採購和計劃組織，他們在動蕩的外部環境中進行了管理，推動了營收成長，並不懈努力地將關稅對業務績效的影響降至最低。

At this point, we would like to open up the call and respond to any questions you may have. John?

現在，我們想開始通話並回答您可能遇到的任何問題。約翰？

Thank you. We will now be conducting the question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯（Matthew Boss）。

Great thanks and thanks for all the color. So maybe, Jim, could you elaborate on the cadence of comps or drivers of the sharp improvement that you cited as the first quarter progressed, maybe what you've seen in May relative to the flat-to-3% comp outlook?

非常感謝，感謝所有的色彩。那麼，吉姆，您能否詳細說明一下第一季度進展中您提到的同店銷售額增長節奏或大幅改善的驅動因素，也許您在 5 月份看到的與持平至 3% 的同店銷售額前景相比的情況？

And for Michael, I guess, is there a way to walk us through strategies that you have in place to mitigate tariffs in the back half of the year? Or just maybe any range of scenarios to consider if tariffs were to remain at today's level for the remainder of the year?

對於邁克爾，我想，您能否向我們介紹一下您為在今年下半年減輕關稅而製定的策略？或者，如果關稅在今年剩餘時間內維持在今天的水平，那麼需要考慮哪些情景？

Sure. I'll take the first part, Matt. The sequential improvement was really broad-based across the merchandise hierarchy. And as we look at the April business, most departments were performing pretty nicely. As you know, we don't give current quarter performance trends, but we did guide to a flat to a plus 3%. So that should give you some sense of how we feel about the health of the business.

當然。我將選擇第一部分，馬特。整個商品層次的連續改善確實十分廣泛。從四月的業務來看，大多數部門的表現都相當不錯。如您所知，我們沒有提供當前季度的業績趨勢，但我們確實預測了持平至成長 3%。這應該能讓你了解我們對業務健康狀況的看法。

Michael, do you want to take the tariffs question?

邁克爾，你想回答關稅問題嗎？

Sure. Matt, it's Michael Hartshorn. There's three very obvious ways to mitigate the cost. The first of which is to work with our vendors and get better cost in which we've done at this point, even in the second quarter. There is, you can pass along the price, but we want to be very careful with price increases. We don't want to be the first one to raise prices, and we want to make sure that we keep our value or pricing umbrella versus mainstream retail. And that's a substantial value gap to make sure we're delivering the values that customers come to expect.

當然。馬特，我是麥可‧哈茨霍恩。有三種非常明顯的方法可以降低成本。首先是與我們的供應商合作並獲得更好的成本，我們目前甚至在第二季都已經做到了這一點。是的，你可以轉嫁價格，但我們要非常小心地提高價格。我們不想成為第一個提高價格的人，我們希望確保與主流零售相比，我們的價值或定價保護傘保持不變。這是一個巨大的價值差距，以確保我們能夠提供客戶所期望的價值。

We also have the same toolkits other off-pricers have, and that includes taking advantage of closeouts already in the country. We did that in the second quarter. We also have our packaway. Again, much of that arrived prior to the tariffs. So those are unburdened by tariffs, and we'll use those as well. And in some cases, we'll be able to shift the country of origin.

我們也擁有與其他折扣商相同的工具包，其中包括利用該國現有的清倉促銷活動。我們在第二季度做到了這一點。我們還有自己的打包帶。再次，其中大部分是在關稅實施之前到達的。因此，這些產品不受關稅負擔，我們也會使用它們。在某些情況下，我們可以改變原產國。

Great, best of luck.

太好了，祝你好運。

Thanks, Matt.

謝謝，馬特。

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

Thank you. Good afternoon. The 2Q gross margin hit from tariffs, that 90 to 120, it seems that that would include tariffs at peak rates. Should we expect the impact to come down as we move through the year to current rates? And is that solely related to direct imports? Or were you already seeing brands pass-through costs for the second quarter product?

謝謝。午安.關稅對第二季毛利率的影響為 90% 至 120%，似乎包括了峰值稅率。隨著我們全年利率水準恢復到當前水平，我們是否應該預期其影響會逐漸下降？這僅僅與直接進口有關嗎？或者您已經看到品牌第二季產品的轉嫁成本？

The second quarter impact really includes two primarily costs. One -- the first of which is it did include costs -- or orders that were already in place when the tariffs were announced. So that includes both the original 30% and also the 145%. The other thing we've done in our supply chain is we paused ticketing until we understood what the tariff impact was. So that also includes additional ticketing efforts in the DC until we understand what the ongoing tariff will be across the board.

第二季的影響其實主要包括兩項成本。首先，它確實包括了成本，或者說在關稅宣佈時已經實施的訂單。因此，這既包括原來的 30%，也包括 145%。我們在供應鏈中所做的另一件事是暫停售票，直到我們了解關稅的影響。因此，這也包括在華盛頓特區進行額外的票務工作，直到我們了解全面實施的票價。

In terms of the back half, as Jim described in the commentary, there are too many variables to reliably predict the back half, and that includes both the consumer behavior on the revenue side and also retail sourcing market dynamics. I mentioned in Q2 that we did take the hit for goods already in transit. We use closeouts to take advantage of and we also used our own packaway. Those goods, again, were unburdened by tariffs. So that's a long-winded way of saying, we'll have to wait and see how the macro economy and retail environment evolves and what the outlook looks for inflation.

就後半部分而言，正如吉姆在評論中所描述的那樣，有太多變數無法可靠地預測後半部分，這既包括收入方面的消費者行為，也包括零售採購市場動態。我在第二季度提到過，我們確實因運輸途中的貨物而受到了打擊。我們利用清倉來獲得優勢，我們也使用了自己的打包帶。這些商品再次免了關稅。所以，這是冗長的說法，我們必須拭目以待，看看宏觀經濟和零售環境如何發展，以及通膨前景如何。

Thank you.

謝謝。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Good afternoon. Thank you for that question. Maybe just first a quick follow-up on the comment you just made there. I think you said one of the factors impacting the visibility in the back half relates to maybe less certainty on the product flows. I guess, do I have that right? Maybe unpack how you're thinking about inventory availability. Anything you're seeing right now that is leading to maybe some concern about what the back half might look like?

午安.謝謝你的提問。也許首先要快速跟進您剛才發表的評論。我認為您說影響後半部可見性的因素之一可能與產品流動的不確定性有關。我想，我說得對嗎？也許可以解釋一下您對庫存可用性的看法。現在您看到的任何東西是否讓您擔心後半部分會是什麼樣子？

And then separately, Jim, when you joined, you spoke to some opportunities with marketing, with store environment enhancements. I know those are longer-term initiatives as it is, but just curious how this disruption here with macro trade policy has affected kind of your near-term playbook there.

另外，吉姆，當您加入時，您談到了一些行銷、商店環境改善的機會。我知道這些都是長期舉措，但我只是好奇宏觀貿易政策的這種混亂對你們的近期政策有何影響。

Sure. On the first part, we certainly think there is availability of closeouts out there. If you think about what happened when the 145% passed, a lot of goods were sort of frozen in time in China. And when that 145% then came back down to 30% about a month later, all those goods are released. So that does provide an influx of closeouts. Not all of them are going to be seasonally appropriate, but there's a bit of a sort of pig in the python there, where that product will be coming through.

當然。對於第一部分，我們當然認為那裡有可用的清倉貨。如果您想想 145% 稅率過後發生的情況，您會發現很多商品在中國都被凍結了。大約一個月後，當 145% 回落至 30% 時，所有這些商品都被釋放。所以這確實帶來了大量清倉商品。雖然並非所有產品都適合季節，但產品會以這種方式體現。

That said, the other thing that happened when the tariffs were passed at 145% is a lot of production in China came to a halt. So there's a bit potentially of a gap right behind that. We believe we're extremely well-positioned to manage through that as we look at our receipt plans and our receipt flows over the next few months. We think we can get through that with no problem.

話雖如此，145% 的關稅通過後發生的另一件事是，中國的許多生產陷入停滯。因此，這背後可能存在一些差距。我們相信，透過查看未來幾個月的收據計劃和收據流，我們完全有能力應對這一問題。我們認為我們可以毫無問題地解決這個問題。

So overall, in the short term, I think there'll be availability of closeouts. If there is a little bit of receipt risk, we think we've managed through that. And then once we get beyond this near term, given just this disruption in the economy and in mainstream retail, we believe that Ross Stores and the whole off-price sector will be benefactors to it.

所以總的來說，在短期內，我認為會有清倉的情況。如果存在一點收貨風險，我們認為我們已經設法解決了。一旦我們度過短期困難時期，考慮到經濟和主流零售業的這種混亂局面，我們相信羅斯商店和整個折扣行業將成為其受益者。

In terms of some of the things we had laid out on the last call and our -- any change in direction based on current environment, in the last call, we sort of laid out an early vision for some of the things that we think can improve the overall brand experience of Ross and the store experience to complement the great merchandise that the merchants bring and deliver to the stores. I also explained at that point that this is part of a transformational and evolutionary change and not sort of a revolutionary or significant step-function change.

就我們在上次電話會議上提出的一些事項以及基於當前環境的任何方向變化而言，在上次電話會議上，我們對一些我們認為可以改善 Ross 整體品牌體驗和商店體驗的事項提出了早期願景，以補充商家帶到商店的優質商品。我當時也解釋說，這是轉型和演化變化的一部分，而不是革命性或重大的階梯變化。

And so based on that, I see very little reason to drastically change our focus on our longer-term vision of trying to bring merchandising, marketing, and stores in concert to really contemporize the brand and drive more store traffic. We'll be doing that in an expense-neutral way. We don't plan to overly invest, certainly, this year given the macro environment, but nor do we want to put all of those plans on pause.

因此，基於此，我認為沒有理由徹底改變我們對長期願景的關注，即嘗試將商品銷售、行銷和商店協調起來，以真正實現品牌現代化並吸引更多的商店客流量。我們將以費用中性的方式來實現這一點。當然，考慮到宏觀環境，我們今年不打算過度投資，但我們也不想暫停所有這些計劃。

Thank you.

謝謝。

Of course.

當然。

Paul Lejuez, Citigroup.

花旗集團的保羅‧勒胡埃斯 (Paul Lejuez)。

Hi. It's Tracy Kogan filling in for Paul. I just had one quick follow-up and then another question. So we should think about the $0.11 to $0.16 in 2Q as including some mitigations. I think you said you were able to negotiate some costs with vendors. So I just wanted to check on that. And then, secondly, I wondered if you are seeing -- if you think you're seeing a trade-down customer and if that maybe contributed to the improvement in the quarter. Thanks.

你好。特蕾西·科根 (Tracy Kogan) 代替保羅 (Paul) 上場。我只是想快速跟進一下，然後問另一個問題。因此，我們應該將第二季的 0.11 美元到 0.16 美元視為包括一些緩解措施。我想您說過您可以與供應商協商一些費用。所以我只是想檢查一下。其次，我想知道您是否看到——您是否認為您看到了降級消費的客戶，以及這是否可能有助於本季度的改善。謝謝。

In the second quarter, it does include some mitigation, but it also includes product that was on order in transit when the tariff arrived. So there was no chance for mitigation. On the comp, if we look at comp by income band across the company, we saw the comps are fairly broad-based. So that's our only indicator, and it doesn't suggest a change across income band.

在第二季度，它確實包括一些緩解措施，但也包括關稅到達時正在運輸途中訂購的產品。因此，沒有減輕處罰的機會。在比較中，如果我們以整個公司的收入範圍來比較，我們會發現比較的基礎相當廣泛。這是我們唯一的指標，它並不表示收入水準發生了變化。

Great, thank you.

太好了，謝謝。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Hey, guys, thanks for taking our questions here. So I guess I just want to ask, maybe a jump ball, but maybe the different scenarios that you're looking at for 2Q, but that would land us between 0% and a 3% comp, since it certainly sounds like the exit rate was good from 1Q or maybe even just the difference between the wide spread 2% to 6% on total revenues. What are you leaving room for to decelerate if we entered the quarter at a better pace?

嘿，夥計們，感謝你們在這裡回答我們的問題。所以我想我只是想問一下，也許是一個跳躍球，但也許是你正在考慮的第二季度的不同情景，但這將使我們的利潤率介於 0% 和 3% 之間，因為這聽起來退出率與第一季度相比不錯，或者甚至可能只是總收入中 2% 到 6% 之間的差異。如果我們以更好的速度進入本季度，您會留下哪些減速空間？

And then I guess just backing up, looking at the inventory, I think we get a little lost in the narrative around off-price and the difference between direct sourcing being very small in China and your helpful comments today that it's up to half of the total goods sold. How much of that is the indirect portion that's coming from China is semi-permanent in recurring goods that are made up for you versus the ability to quickly move some of that exposure that's been recurring in China for a long time to other geographies?

然後我想回顧一下，看看庫存，我認為我們在折扣敘述中有點迷失了方向，而且在中國直接採購的規模非常小，而您今天的有益評論說，直接採購占到總銷售商品的一半。其中有多少是來自中國的間接部分，是半永久性的為您製造的重複性商品，還是能夠將長期在中國重複出現的部分風險迅速轉移到其他地區？

Is that muscle that the sourcing team in Asia has today or is it muscle that you have to build? Maybe you could give us just a few thoughts on that.

這是亞洲採購團隊目前擁有的力量嗎？還是你們必須增強的力量？也許您可以就此給我們一些想法。

Michael, I'll start with the guidance range. It was really just out of abundance of caution given the macroeconomic and geopolitical environment. We're cognizant that inflation has been going on a long time, and it's impacting our core customer. And the impact of tariffs, we expect to start hitting the customer in July, June -- late June, July time frame. So we want to see how we exit the quarter. So those are the really the two reasons that we're more cautious with the guidance and we have a bigger range.

邁克爾，我將從指導範圍開始。這其實只是出於對宏觀經濟和地緣政治環境的謹慎考量。我們意識到通膨已經持續了很長時間，並且正在影響我們的核心客戶。我們預計關稅的影響將在 7 月、6 月至 6 月底、7 月期間開始對客戶產生影響。因此，我們想看看我們如何結束本季。因此，這實際上是我們對指導更加謹慎並且範圍更大的兩個原因。

In terms of the sourcing, as we said in the commentary, about a small portion are directly sourced. And what that means for us, that's the piece that we're responsible for the tariff. There's some portion of our goods, remember, we're in the closeout business. So we're agnostic to where it's sourced. We're looking for value -- branded value to the customer. So when you look at -- even though we take possession when it's already in the country, it was originally sourced from China. The piece that we have -- the direct control over country of origin is the small portion that we directly import mainly in home and shoes.

在採購方面，正如我們在評論中所說，大約一小部分是直接採購的。這對我們來說意味著我們要對關稅負責。請記住，我們的部分商品是清倉銷售的。所以我們不知道它的來源在哪裡。我們尋求的是價值－對客戶而言的品牌價值。所以當你看到——儘管我們在它進入該國時就擁有了它，但它最初來自中國。我們對原產國的直接控制只涉及一小部分直接進口的產品，主要是家居和鞋子。

And on that other portion, the market available piece, all the off-price players essentially shop from the same market. So we don't think we're going to be uniquely less competitive, at least in any significant way. It's just the market is still pretty heavily reliant on China imports.

而在另一部分，即市場可用部分，所有折扣參與者基本上都從同一市場購物。因此，我們認為我們的競爭力不會顯著下降，至少不會顯著下降。只是市場仍然嚴重依賴中國進口。

Understood. Okay. Thanks for all the clarifying comments. I appreciate it, guys.

明白了。好的。感謝所有澄清的評論。我很感激你們。

No problem.

沒問題。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

Perfect. Thanks so much. I wanted to touch on the branded strategy that you started enacting last year, just where that stands now, if the mix is where you want it to be and if it does still remain a margin drag and how you think about that for the rest of the year. And related to that, I just wanted to dig into women's apparel. I know that's been a focus for you all. So just curious how that particular category is doing for you, if the branded product is helping out there.

完美的。非常感謝。我想談談您去年開始實施的品牌策略，現在的情況如何，產品組合是否符合您的期望，以及它是否仍然是利潤率的拖累因素，以及您對今年剩餘時間的策略有何看法。與此相關，我只是想深入了解女裝。我知道這是大家關注的焦點。所以我很好奇，如果品牌產品有幫助的話，這個特定類別對你來說怎麼樣？

Sure. So we feel very good about the team's execution of the branded strategy. And I think at this point, we can say we're sort of hitting the guidelines or targets that we had hoped to. Those are a little bit fluid. They're not hard and fast rules. But we've gotten the entire assortment repositioned in a way where we are bringing true branded value to the consumer. So we feel great about that. There was a slight tail of an impact in margin in the beginning of this quarter, but now we fully anniversaried it. So I don't -- we don't expect margin headwinds going forward any longer from the brand strategy.

當然。因此，我們對團隊執行品牌策略的表現感到非常滿意。我認為目前我們可以說我們已經達到了我們所希望的指導方針或目標。這些有點不穩定。這些並不是硬性規定。但我們已經對整個產品系列進行了重新定位，以便為消費者帶來真正的品牌價值。因此我們對此感到非常高興。本季度初，利潤率出現了輕微影響，但現在我們已經完全擺脫了這一影響。因此，我們預期品牌策略不會再給利潤帶來不利影響。

And as you pointed out in your question, it was very astute, the branded strategy was really for the entire business. It tended to then take on a more heavy focus on the Ladies business. We generally keep our cards close to our vest in terms of how the business performs by category. That said, in this particular quarter, we were very encouraged that the Ladies business was in line, in fact, slightly better than the chain average. So I think we can -- it's early days, and we perhaps have some business owed to us in the Ladies category over the last few years, but it's now at least trending in line with the rest of the company.

正如您在問題中指出的那樣，這是非常精明的，品牌策略實際上針對的是整個業務。該公司隨後傾向於更加重視女士業務。對於業務類別的表現，我們一般會保密。儘管如此，在這個特定季度，我們非常高興地看到女士服裝業務表現良好，實際上略好於連鎖店平均水平。所以我認為我們可以——現在還為時過早，過去幾年我們在女士類別中可能還欠了一些業務，但現在至少它的趨勢與公司的其他業務一致。

Thanks so much. Good luck.

非常感謝。祝你好運。

Thank you.

謝謝。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

Hi, thanks. Good afternoon. Just on the tariff topic. Can you talk about your expectations for elasticity if you have to raise prices as we progress throughout the year, maybe what you've learned in the past, what categories your confidence is the most high? Thank you.

你好，謝謝。午安.僅討論關稅話題。您能否談談，如果隨著我們全年的發展，您必須提高價格，您對彈性的預期，也許您過去學到了什麼，您對哪些類別的信心最高？謝謝。

I don't have a great sort of knowledge base for past years here. I think the elasticity is, it's going to depend on the category of business and whether it's discretionary or functional in nature. So when we're looking at pricing, we're being very strategic in terms of sort of what's the end use of that item and how much leeway do we have to change prices. And we're also very cognizant of what's happening across mainstream retail, both their full-price goods and what they're clearing as well as the other players within our sector.

我對於過去幾年在這裡的知識基礎並不豐富。我認為彈性取決於業務類別以及其性質是自由裁量還是功能性。因此，當我們考慮定價時，我們會非常有策略地考慮該產品的最終用途以及我們有多少調整價格的餘地。我們也非常清楚主流零售業的動態，包括他們的全價商品和清倉商品，以及我們行業內的其他參與者。

So there's a lot of factors that go into it. And the elasticity, I think, will depend not only across categories but even within categories down to the specific item. I would circle back to a comment I made earlier. I think we're all in the same boat here as it relates to elasticity, right? So all retailers that are selling footwear and apparel and home goods are going to face into the same set of questions. And it will be interesting to see how it all plays out.

這其中涉及很多因素。我認為，彈性不僅取決於類別，還取決於類別內部的具體項目。我要回顧一下我之前發表的評論。我認為，就彈性而言，我們都處於同樣的境地，對嗎？因此，所有銷售鞋類、服裝和家居用品的零售商都將面臨相同的問題。看看這一切如何展開將會很有趣。

But we do expect broad-based inflationary pressure across all retailers, and that will create some disruptions. And we tend to come out on top and victorious being an off-pricer when that happens.

但我們確實預期所有零售商都會面臨廣泛的通膨壓力，這將造成一些混亂。當這種情況發生時，我們往往會以折扣價的優勢獲得勝利。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good afternoon and thank you for taking our question. I was hoping you could talk about your category plans for mitigating tariffs. Are there any opportunities for you to shift assortment either within categories or within subcategories to try and minimize the sourcing impact from China towards other countries? Over time, how much can that be shifted both for your direct sourcing and also for some of your vendor partners? Thank you.

下午好，感謝您回答我們的問題。我希望您能談談減輕關稅的類別計劃。您是否有機會在類別或子類別內轉移商品組合，以盡量減少中國對其他國家的採購影響？隨著時間的推移，對於您的直接採購和一些供應商合作夥伴來說，這種轉變能有多大？謝謝。

Sure. So there's a tremendous amount of flexibility. It does, again, kind of depend on the item specifically and the timing. So as we roll into back-to-school, if you need to have certain signature items like backpacks, you need to find a way to get backpacks into the assortment one way or another. As you get further into the fall, you might have the ability to amplify one part of the assortment and downplay another to mix out the margin or to mitigate the tariff a bit.

當然。因此具有極大的靈活性。這又確實取決於具體物品和時間。因此，當我們回到學校時，如果您需要某些標誌性物品（例如背包），您需要找到一種方法將背包納入商品分類中。隨著秋季的進一步臨近，您可能有能力擴大某一部分的產品種類，同時減少另一部分的產品種類，以混合利潤或稍微降低關稅。

There are certain signature items and signature categories that we want to have in the assortment regardless of the impact to mark up, so we're sort of thinking about it very strategically. All of the vendors, the entire marketplace, is trying to resource goods, right? So for a third-party product, all of our vendor partners are moving quite quickly to resource product but still a several month process.

無論加價會產生什麼影響，我們都希望在產品組合中保留某些標誌性商品和標誌性類別，因此我們正在非常有策略地考慮這個問題。所有的供應商、整個市場都在努力取得商品資源，對嗎？因此，對於第三方產品，我們所有的供應商合作夥伴都在快速轉向資源產品，但仍需要幾個月的時間。

And then similarly for the product that we direct import, on occasion, you can find another country that manufactures a very similar item, and hopefully, at the same quality level. Otherwise, we would sort of void it out. But that also, as we switch to new countries or try to re-source goods, there's a time line associated with that at all. So that's a 2026 sort of adjustment, not a 2025 adjustment.

同樣，對於我們直接進口的產品，有時您可以找到另一個國家生產非常相似的產品，並且希望具有相同的品質水平。否則，我們就會將其作廢。但是，當我們轉向新的國家或嘗試重新採購商品時，也存在與之相關的時間表。所以這是 2026 年的調整，而不是 2025 年的調整。

Ike Boruchow, Wells Fargo.

富國銀行的艾克·博魯喬（Ike Boruchow）。

Hi. This is Julianne Duque on for Ike. Thank you for taking my question. I just wanted to ask, when we're thinking about the impact that we're seeing by consumer and by income level, what you're seeing there and if there's anything that you could parse out between the traffic and spend trends there as well. Thank you.

你好。這是朱莉安·杜克 (Julianne Duque) 為艾克 (Ike) 所做的報導。感謝您回答我的問題。我只是想問一下，當我們考慮消費者和收入水平帶來的影響時，您看到了什麼，以及您是否可以分析那裡的流量和支出趨勢之間的差異。謝謝。

Sure. As I said earlier on the call, for us, we look at stores on the population around the store and the income levels to try to band performance by income level. And for us, it was fairly broad-based across income levels. As far as comp components for the quarter, comps were flat, as we said. Slightly higher basket was offset by a slight decline in traffic, particularly earlier in the quarter. The higher average basket was driven primarily by a number of units sold as average unit retails were flat.

當然。正如我之前在電話中所說的那樣，對於我們來說，我們會根據商店周圍的人口和收入水平來觀察商店，以嘗試根據收入水平來劃分業績。對我們來說，它涵蓋了各個收入水平的廣泛人群。正如我們所說，就本季的可比較成分而言，可比產品持平。略微上漲的購物籃數量被略微下降的客流量所抵消，尤其是在本季早些時候。平均購物籃數量增加主要是由於平均單位零售量持平，導致銷售單位數量增加。

Simeon Siegel, BMO Capital Markets.

西蒙‧西格爾 (Simeon Siegel)，BMO 資本市場。

Thanks. Hey, guys, good afternoon. Understanding that there are moving pieces like incentive comp that you mentioned, what's the best way for us to think about what comp you need to leverage overall SG&A at this point, just reflecting on, I think, the flat SG&A on a flat comp this quarter?

謝謝。嘿，大家下午好。了解到您提到的激勵性薪酬等變動因素，那麼我們該如何最好地思考您需要什麼樣的薪酬來利用目前的整體銷售、一般和行政費用，我認為，只是反映一下本季度銷售、一般和行政費用持平的情況？

And then just general thoughts on various category opportunities and challenges going forward, specifically wondering about Children's. I think this is the first quarter in over a year that you haven't -- you didn't call that out as the area of strength. So anything there would be helpful. Thank you.

然後只是對未來各類別機會和挑戰的一般性思考，特別是對兒童的思考。我認為這是一年多以來的第一個季度，你沒有——你沒有將其稱為優勢領域。所以那裡的任何東西都會有幫助。謝謝。

Excluding, on the first question, obviously, excluding the impact of tariffs, obviously, this can vary from quarter to quarter. In the first quarter, we were able to hold EBIT margins at the flat comp. But generally, over an annual period over a longer term, it's 3% to 4% to be able to lever.

關於第一個問題，顯然，排除關稅的影響，顯然，這可能會因季度而異。在第一季度，我們能夠維持息稅前利潤率與去年同期持平。但一般來說，從較長的年度來看，槓桿率可以達到 3% 到 4%。

And in terms of the category detail, I wouldn't read anything into it. We tend to try to provide a small amount of color on the categories that are overperforming. Occasionally, we call out those that are massively underperforming. There's nothing really notable about the kids business to call out.

就類別細節而言，我不會讀任何內容。我們傾向於嘗試為表現優異的類別提供少量的顏色。有時，我們會批評那些表現極度不佳的人。關於孩子們的事情，其實也沒有什麼值得特別指出的。

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團 (Telsey Advisory Group)。

Hi, good afternoon, everyone. As you think about the performance this quarter, was there a difference between the stores along the border versus the base? And also, any color on how dd's has done? And then lastly, as you're thinking about the merchandise margin go forward, how do you think about that margin puts and takes and how you're planning inventory? And then I just have a quick follow-up. Thank you.

大家好，下午好。當您考慮本季的表現時，邊境沿線的商店與基地的商店之間有什麼區別嗎？另外，有沒有關於 dd 表現如何的資訊？最後，當您考慮商品利潤率時，您如何看待利潤率的投入和產出以及如何規劃庫存？然後我再快速跟進。謝謝。

Dana, okay, let me get through all of those. First, let me talk through the geographies and border-store locations. We mentioned in the release that Southeast was the strongest region for us. Our largest markets, California, Florida, and Texas were relatively in line with the chain. Texas, specifically, the border stores were well below the chain average and had a slightly negative impact to the overall chain even with the low number of stores.

達娜，好的，讓我把這些都解決掉。首先，讓我談談地理位置和邊境商店的位置。我們在新聞稿中提到，東南是我們最強大的地區。我們最大的市場加州、佛羅裡達州和德克薩斯州與連鎖店的業績基本一致。具體來說，在德州，邊境商店的銷售額遠低於連鎖店的平均水平，即使商店數量不多，也對整個連鎖店產生了輕微的負面影響。

What we attribute the quarterly performance to was the long delays for cross-border traffic to get in and out of the country. We also saw a negative impact in our northern border stores, but we have very few stores there. So not a large impact to the chain.

我們將季度業績不佳歸咎於跨境交通進出該國的長時間延誤。我們的北部邊境商店也受到了負面影響，但我們在那裡的商店很少。因此對鏈條的影響並不大。

Want to take dd's? Both brands, both Ross and dd's, saw nice sequential improvement throughout the quarter from month-to-month. The acceleration, if I compare the February to April, was actually much stronger in Ross. But admittedly, it started at a lower point. So the dd's business continues to perform well. It was comp-enhancing for us for the quarter. And I think it's a testament to some of the strategies around the cold weather stores, the young customer, et cetera, that have proven out to be the right strategies and the team is executing very well against them.

想帶 dd 嗎？羅斯和 dd 這兩個品牌在整個季度中都實現了環比良好的成長。如果我將二月與四月進行比較，就會發現羅斯的加速度實際上要強勁得多。但不可否認的是，它的起點較低。因此 dd 的業務繼續表現良好。這對我們本季的業績起到了提升作用。我認為這證明了圍繞寒冷天氣商店、年輕顧客等的一些策略已被證明是正確的策略，而且團隊正在很好地執行這些策略。

And Dana, your question on merch margin going forward and puts and takes, outside of the tariff impact, we'd expect merchant margin to be neutral versus last year in the second quarter. And Jim mentioned earlier, our brand strategy, that's put pressure on merchandise margin over the last, call it, year. We're past that point of pressure.

達娜，您關於未來商品利潤率以及除關稅影響之外的收益和利弊的問題，我們預計第二季度商品利潤率與去年同期相比將保持中性。吉姆之前提到，我們的品牌策略在去年給商品利潤帶來了壓力。我們已經度過了那個壓力點。

Aneesha Sherman, Bernstein.

阿妮莎·謝爾曼，伯恩斯坦。

Thank you so much. I'm curious to hear some context around how you're thinking about pricing. Over the last few years, you've chosen at a couple of times not to pass on cost inflation at price, but rather you took a hit. And you did this in 2023 with freight costs. You did it again over the last year with the branded strategy and chose to absorb that. Why is your approach different now?

太感謝了。我很好奇想聽聽您對定價的看法。過去幾年裡，你們曾多次選擇不以價格轉嫁成本上漲，但卻因此遭受打擊。您在 2023 年透過運費實現了這一目標。去年，您再次採用了品牌策略並選擇吸收它。為什麼你現在的方法不一樣了？

I heard what you said around competitors raising prices, but that was also the case in recent years. What's driving a different approach? And do you still think that Ross can maintain the perception of value with your lower-income consumer whilst raising prices? Thank you.

我聽到您說競爭對手在提高價格，但近年來也確實存在這種情況。是什麼促使我們採取不同的方法？您是否仍然認為羅斯可以在提高價格的同時維持低收入消費者的價值認知？謝謝。

Aneesha, on the pricing, I would disaggregate the brand strategy from choosing not to raise prices. We were indeed shifting brands, but we were also maintaining our value proposition versus not only our direct competitors in off-price but also traditional retailers within department and specialty stores. In this case, we expect to see broad-based inflation, not category-specific, with the tariffs. And so we would expect to be able to maintain that value proposition against the whole retail set.

Aneesha，關於定價，我會將品牌策略分解為選擇不提高價格。我們確實在轉變品牌，但我們也保持著我們的價值主張，不僅針對折扣店的直接競爭對手，也針對百貨公司和專賣店內的傳統零售商。在這種情況下，我們預期關稅將引發廣泛的通膨，而不是特定類別的通膨。因此，我們希望能夠在整個零售領域中保持這一價值主張。

Marni Shapiro, Retail Tracker.

Marni Shapiro，零售追蹤者。

Hey, guys. One just clarification, did you -- how many dd’s stores did you say opened in the quarter? You sort of kind of quickly, and I missed that. And then if you could talk a little bit about your use of packaways and, specifically, you've been very effective using them for times when you really needed the goods on time. So polos for Father's Day, dresses for Mother's Day or Easter.

嘿，大家好。只是想澄清一下，您說本季開設了多少家 dd 商店？你有點太快了，我錯過了。然後，您可以稍微談談您對包裝運輸的使用情況，具體來說，當您真正需要按時收到貨物時，使用包裝運輸非常有效。因此，父親節穿 Polo 衫，母親節或復活節穿洋裝。

Were you able to packaway as much as possible, I guess, for back-to-school, back to your back pack analogy, your comment, or Christmas decorations and tchotchkes because all of that stuff is from China. What does that look like? What is the complexion of your packaway look like?

我想，你是否能夠盡可能多地打包東西，以便開學，回到你的背包類比，你的評論，或者聖誕裝飾品和小玩意兒，因為所有這些東西都來自中國。那是什麼樣子的？您的打包行李的膚色是什麼樣的呢？

Sure. On the first part of your question, apologies if I wasn't clear, three dd's were opened in the quarter. In terms of packaway, I don't think the complexion of packaway is -- all that different in past years, but for -- we are really focused on places where, if we thought there was any receipt risk, we could fill it in with products from the hotel. So I think we're extremely well-positioned to kind of maximize our business and continue to flow goods to the store and while at the same time, work through this tariff situation and minimize the impact as much as we can.

當然。關於你問題的第一部分，如果我沒有說清楚的話，請原諒，本季開設了三個 DD。就打包而言，我認為打包的情況與過去幾年並沒有什麼不同，但是——我們真正關注的是，如果我們認為存在任何收據風險，我們可以用酒店的產品來填補。因此，我認為我們處於非常有利的位置，可以最大限度地發展我們的業務，繼續向商店供應商品，同時解決關稅問題，盡可能地將影響降到最低。

And perhaps the last piece in it, circling back to the prior question, what we fully intend to continue to be quality-product branded values in the store. So the pricing piece, I don't think we will lose our reputation at all for being extremely well-branded at great values.

或許這是其中的最後一部分，回到先前的問題，我們完全打算在商店中繼續保持優質產品的品牌價值。因此，就定價而言，我認為我們不會因為擁有極高的品牌價值而失去聲譽。

Laura Champine, Loop Capital Markets.

Laura Champine，Loop Capital Markets。

Hi, thanks for taking my question. I know that we've talked about tariffs at nauseam, but I'm still not clear on what the strategy is. So if you're a more than 50% of goods from China today, assuming tariffs don't change from here, where would you expect to be at the end of the year?

你好，謝謝你回答我的問題。我知道我們已經多次討論過關稅問題，但我仍然不清楚我們的策略是什麼。因此，如果目前您所在國家/地區的商品有 50% 以上來自中國，假設關稅從現在起保持不變，您預計到今年年底的情況會如何？

So there's multiple things we can do to try to source product from other countries. But at the end of the day, there's a lot of products, particularly over the next six months, that is going to be imported from China for us and for every other retailer and every other off-price company. So there's -- the amount of flexibility that you have as you sit in the middle of the year for the next three to six months is somewhat limited. So I'm not prepared to give you an exact number for what our sourcing by country will look like six months from now.

因此，我們可以採取多種措施來嘗試從其他國家購買產品。但最終，特別是在接下來的六個月裡，我們、其他所有零售商和折扣公司都將從中國進口大量產品。因此，在年中期間，未來三到六個月的靈活性是相當有限的。因此，我還沒有準備好給出六個月後我們各國採購情況的確切數字。

I would tell you that what the merchants are looking at is, how do I deliver product to the store that is part of a compelling assortment at a great value? And in this environment, we expect a lot of that will come from a closeout part of our business, and some of it might come from resourcing merchandise overseas.

我想告訴你，商家們正在考慮的是，我如何將具有吸引力且價格實惠的產品送到商店？在這種環境下，我們預計其中很大一部分將來自我們業務的清倉部分，還有一些可能來自海外商品採購。

But they don't start with the country of origin in mind, right? In most cases, we're not the company importing the product. I hope that helps.

但他們一開始並沒有考慮原產國，對嗎？大多數情況下，我們不是進口該產品的公司。我希望這能有所幫助。

Corey Tarlowe, Jefferies.

科里‧塔洛 (Corey Tarlowe)，傑富瑞 (Jefferies)。

Great, thanks. Jim, I was wondering if you could just provide a little bit of color on traffic trends that you saw in the quarter. I think you implied that things got better, but it was down to end up. And then just on AUR, what have been the key drivers there beyond -- is it just bringing in good, better -- the better- and best-type products?

太好了，謝謝。吉姆，我想知道您是否可以提供一些關於本季度看到的流量趨勢的詳細資訊。我認為你暗示事情會變得更好，但最終還是會好轉。那麼就 AUR 而言，其主要驅動因素為何？它是否只是帶來好的、更好的——更好和最好的產品？

Sure. So the quarter started off slow. It seems like a lot of retailers started off slow in February. And then the business got better from between February and March, and they got better again between March and April, significantly so at Ross. A portion of that, not all of it, a portion of that was the shift in Easter.

當然。因此本季開局緩慢。看起來很多零售商二月的開局都比較緩慢。從二月到三月，業務開始好轉，三月到四月，業務再次好轉，羅斯的狀況尤其明顯。其中一部分（不是全部）是由於復活節的轉變。

In terms of traffic or transactions, if we look at just the April business, we had a pretty solid comp there and it was largely transactions-based, a little bit of help from AUR, but very small increase in AUR. And then we had a bigger basket driven by more units per transaction.

就流量或交易而言，如果我們只看 4 月的業務，我們在那裡有一個相當穩固的比較，這主要是基於交易，AUR 有一點幫助，但 AUR 的成長非常小。然後，我們透過增加每筆交易的單位數量來擴大購物籃的規模。

So if I were to look at the April business in a vacuum, I would be pretty pleased, right? We had growth across all three elements, transactions, AUR, and UPT, sort of a very healthy way to drive a comp. And our exit performance coming out of the quarter was pretty strong.

因此，如果我客觀地看待四月的業務，我會非常高興，對嗎？我們的交易、AUR 和 UPT 這三個要素都實現了成長，這是一種非常健康的推動公司發展的方式。我們本季的退出表現相當強勁。

Okay, great.

好的，太好了。

Krisztina Katai, Deutsche Bank.

克里斯蒂娜·卡泰，德意志銀行。

Hi. This is Jessica Taylor on for Krisztina. Thanks for taking our questions. I just wanted to follow up a little bit on the performance by income and the health of the customer. And just to follow up on Juliana's question a little, asked differently. Have you seen any changes in terms of the customer behavior in their spend, how they're approaching their buying from last quarter or the last six months? Thanks.

你好。這是克里斯蒂娜的傑西卡泰勒。感謝您回答我們的問題。我只是想稍微追蹤一下收入表現和顧客的健康狀況。只是想稍微跟進一下朱莉安娜的問題，以不同的方式提問。您是否發現客戶在支出行為方面有任何變化，以及他們上個季度或過去六個月的購買方式有何變化？謝謝。

I would say, not really. Michael commented a little bit about the income bands, and there's some very slight movements there. But, anticipating this question, we were looking to try to find and support or validate the logical hypothesis, but it just wasn't obvious within the data. In terms of customer behavior, perhaps you could say there's a little bit of a shift towards more functional item versus discretionary items. But it's -- I wouldn't say there's anything that's glaringly different.

我想說，並非如此。邁克爾對收入區間做了一些評論，其中有一些非常輕微的變動。但是，預料到這個問題，我們試圖找到並支持或驗證邏輯假設，但這在數據中並不明顯。就顧客行為而言，也許你可以說，消費者對功能性商品的購買慾望比對非必需商品的購買慾望有了一些轉變。但它——我不會說有什麼明顯的不同。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

Hi. This is Angus Kelleher on for Adrienne. You noted that cosmetics was the strongest merchandise area in Q1. Can you elaborate on what's driving that strength? Was it brand, mix, pricing, or something else? And do you expect this momentum to continue? Then also given the flat comp performance and cautious consumer backdrop, are you seeing any shifts in consumer behavior around basket size or frequency specifically? Thank you.

你好。我是 Adrienne 的 Angus Kelleher。您注意到化妝品是第一季最強的商品領域。您能詳細說明一下推動這種優勢的因素嗎？是品牌、組合、定價還是其他？您預計這種勢頭會持續下去嗎？那麼，考慮到平淡的業績和謹慎的消費者背景，您是否看到消費者行為在購物籃大小或頻率方面有任何變化？謝謝。

So on the cosmetics piece, I would give kudos to the team for some really strong execution and for putting together a great assortment there. But is -- cosmetics is a pretty broad category. But part of what's driving it is some of the better brands there and a little bit of a trend in that space for a particular type of cosmetics. And so we feel good about that.

因此，在化妝品方面，我要對團隊表示讚賞，因為他們執行力很強，並且匯集了豐富的產品種類。但化妝品是一個相當廣泛的類別。但推動這一趨勢的部分因素是一些較好的品牌，以及該領域對某種特定化妝品的某種趨勢。因此我們對此感到很高興。

In terms of frequency and basket size, et cetera, there's very small changes. Nothing to call out just yet in terms of consumer behavior in the quarter, certainly in the second half of the quarter, versus if you go back to our fourth quarter, where we had a nicely positive comp they feel relatively similar to us.

就頻率和籃子大小等而言，變化很小。就本季的消費者行為而言，目前還沒有什麼值得關注的，尤其是在下半季度，相比之下，如果你回顧一下我們的第四季度，我們當時的業績表現非常積極，他們的感覺與我們相對相似。

And there are no further questions at this time. I would like to turn the floor back over to Jim Conroy for any closing remarks.

目前沒有其他問題。我想把發言權交還給吉姆·康羅伊，請他做最後發言。

Very good. Well, thank you, everyone, for joining us on our call today. We look forward to speaking with you on our next earnings call. Take care.

非常好。好吧，謝謝大家今天參加我們的電話會議。我們期待在下次收益電話會議上與您交談。小心。

Ladies and gentlemen, that does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路。