羅斯百貨 (ROST) 2025 Q2 法說會逐字稿

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

下午好，歡迎參加 Ross Stores 2025 年第二季財報發布電話會議。電話會議將以管理層準備好的評論開始，然後是問答環節。（操作員指示）

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.

在我們開始之前，我謹代表 Ross Stores 指出，本次電話會議中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目前對未來業務各方面的預測的其他事項。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。

Risk factors are included in today's press release and in the company's fiscal 2024 Form 10-K, and fiscal 2025, Form 10-Q, and 8-K on file with the SEC. And now I'd like to turn the call over to Jim Conroy, Chief Executive Officer.

風險因素已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、2025 財年 10-Q 表格和 8-K 表格中。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; Bill Sheehan, Group Senior Vice President and Deputy Chief Financial Officer, and Connie Kao, Group Vice President, Investor Relations.

午安.今天參加電話會議的還有集團總裁兼營運長 Michael Hartshorn、執行副總裁兼財務長 Adam Orvos、集團高級副總裁兼副財務長 Bill Sheehan 和集團投資者關係副總裁 Connie Kao。

I'd like to begin the call by recognizing the efforts of the entire Ross organization this past quarter. Despite ongoing uncertainty in the external environment, the team's dedication and hard work have been truly commendable. Their commitment has helped us to adapt quickly, execute on our ongoing initiatives, and deliver a solid quarter.

首先，我想對整個羅斯組織在過去一個季度所做的努力表示讚賞。儘管外部環境仍存在不確定性，但團隊的奉獻精神和努力確實值得稱讚。他們的承諾幫助我們快速適應、執行我們正在進行的計劃並實現了穩健的季度業績。

Now, let's turn to our second quarter results. As noted in today's press release, we are encouraged by the sequential improvement in sales trends relative to the first quarter. This improvement was broad-based, with a positive change in trend in nearly all major merchandise categories and most of the regions across the company.

現在，讓我們來看看第二季的業績。正如今天的新聞稿所述，我們對第一季銷售趨勢的連續改善感到鼓舞。這種改善是廣泛的，幾乎所有主要商品類別和公司大部分地區的趨勢都出現了積極變化。

During the second quarter, sales in May were strong and softened in June before rebounding sharply in July. We were pleased to see the improved trend at the end of the quarter, particularly with the early sales performance related to the back-to-school selling season, which bodes well for the third quarter.

第二季度，5月份銷售強勁，6月銷售疲軟，7月又大幅反彈。我們很高興看到本季末的銷售趨勢有所改善，特別是與返校銷售季節相關的早期銷售業績，這預示著第三季度的良好前景。

We ended the period with second quarter sales in line with our expectations, while earnings modestly exceeded the high end of our guidance range due to lower-than-expected tariff-related costs. Operating margin decreased 95 basis points to 11.5% compared to the prior year period, primarily reflecting tariff-related costs.

我們在本季結束時，第二季的銷售額符合我們的預期，而由於關稅相關成本低於預期，因此收益略微超過了我們指引範圍的高端。營業利潤率與去年同期相比下降 95 個基點至 11.5%，主要反映了與關稅相關的成本。

Total sales for the period grew 5% to $5.5 billion, up from $5.3 billion last year, with comparable store sales up 2%. Earnings per share for the 13 weeks ended August 2, 2025, were $1.56 on net income of $508 million. Included in this year's second quarter earnings is an approximate $0.11 per share negative impact from tariff-related costs. These results compare to the $1.59 on net earnings of $527 million in last year's second quarter.

當期總銷售額從去年的 53 億美元成長 5% 至 55 億美元，同店銷售額成長 2%。截至 2025 年 8 月 2 日的 13 週每股收益為 1.56 美元，淨收入為 5.08 億美元。今年第二季的收益包括與關稅相關的成本造成的每股約 0.11 美元的負面影響。這一結果與去年第二季 5.27 億美元的淨收益中的 1.59 美元相比有所下降。

For the first six months, earnings per share were $3.03 on net income of $987 million. These results compare to earnings per share of $3.05 on net earnings of $1 billion for the first half of 2024. Sales for the 2025 year-to-date period grew to $10.5 billion, up from $10.1 billion in the prior year. Comparable sales for the first half of 2025 were up 1%.

前六個月，每股收益為 3.03 美元，淨收入為 9.87 億美元。相比之下，2024 年上半年的每股盈餘為 3.05 美元，淨收益為 10 億美元。2025 年年初至今的銷售額將成長至 105 億美元，高於前一年的 101 億美元。2025 年上半年可比銷售額成長 1%。

In the second quarter, cosmetics was the best merchandise area. By geographic region, the strongest markets were the Southeast and the Midwest. Overall comp store sales at dd's DISCOUNTS were solid and ahead of Ross, while monthly trends were closely aligned between the two chains throughout the quarter. It was encouraging that both chains saw growth in both traffic and basket size, with strong momentum exiting the quarter.

第二季度，化妝品是表現最好的商品領域。按地理區域劃分，最強勁的市場是東南部和中西部。dd's DISCOUNTS 的整體同店銷售額穩健且領先於 Ross，而整個季度兩家連鎖店的月度趨勢非常一致。令人鼓舞的是，兩家連鎖店的客流量和購物量均有所增長，本季發展勢頭強勁。

At quarter end, both total consolidated inventories and average store inventories were up 5% versus last year. Packaway merchandise was 38% of total inventories at quarter end, compared to 39% last year. We feel good about our inventory levels and believe we are well positioned for the back half of the year.

截至季末，合併總庫存和平均門市庫存均比去年同期成長了 5%。本季末，Packaway 商品佔總庫存的 38%，而去年同期為 39%。我們對我們的庫存水準感到滿意，並相信我們已為下半年做好了準備。

Turning to store growth. In Q2, we opened 28 new Ross and three dd's DISCOUNTS locations. These openings reflect our expansion into new and existing markets. New market entries included several stores in the New York metro area, as well as our three inaugural stores in Puerto Rico. We remain on track to open a total of approximately 90 new locations 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。在第二季度，我們開設了 28 家新的 Ross 門市和 3 家 dd's DISCOUNTS 門市。這些開幕反映了我們向新市場和現有市場的擴張。新市場包括紐約大都會區的幾家商店，以及我們在波多黎各的三家第一家商店。我們今年仍計劃開設約 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 provide an update on tariffs. While tariffs remain at elevated levels, we feel good about the progress the merchants have made to mitigate the impact on margins. The team has worked tirelessly to execute a multi-pronged approach, including vendor negotiations, diversifying our sourcing mix, and adjusting prices strategically.

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，我想提供有關關稅的最新資訊。儘管關稅仍處於高位，但我們對商家在減輕利潤影響方面取得的進展感到滿意。團隊不懈努力地實施多管齊下的方法，包括供應商談判、多樣化我們的採購組合以及策略性地調整價格。

Additionally, we were able to expand the portion of our business driven by closeouts, which further mitigated the impact. Looking ahead, we are confident that we can continue to offset most of the impact of tariffs, but we do anticipate modest pressure in the third quarter, which we expect will be further mitigated in the fourth quarter.

此外，我們也能夠擴大由清倉推動的業務部分，從而進一步減輕影響。展望未來，我們有信心能夠繼續抵銷大部分關稅的影響，但我們預期第三季的壓力會比較小，並預期第四季的壓力會進一步減輕。

From a pricing perspective, we're beginning to see higher prices across the retail industry. With this backdrop, we are focused on maintaining our value proposition relative to traditional retailers, while balancing the opportunity to preserve our merchandise margins. Our top priority will always be providing high-quality branded merchandise at outstanding value.

從定價角度來看，我們開始看到整個零售業的價格上漲。在此背景下，我們專注於維持相對於傳統零售商的價值主張，同時平衡維持商品利潤的機會。我們的首要任務始終是提供物超所值的高品質品牌商品。

The off-price sector has historically benefited from disruptions within the supply chain and the retail industry. We believe this time will be no different. I will now turn the call over to Adam to provide further details on our second quarter results and additional color on our outlook for the remainder of fiscal 2025.

從歷史上看，折扣業一直受益於供應鏈和零售業的中斷。我們相信這次也不會例外。現在，我將把電話轉給亞當，讓他提供有關我們第二季度業績的更多詳細信息，並對 2025 財年剩餘時間的前景進行進一步的展望。

Thank you, Jim. Second quarter operating margin decreased 95 basis points to 11.5% and included an approximate 90 basis point negative impact from tariff-related costs. Cost of goods sold during the period increased by 70 basis points. Distribution costs deleveraged by 55 basis points, primarily from the opening of a new distribution center in the second quarter and tariff-related processing costs.

謝謝你，吉姆。第二季營業利益率下降 95 個基點至 11.5%，其中包括關稅相關成本帶來的約 90 個基點的負面影響。本期間銷售成本增加了70個基點。分銷成本去槓桿化了55個基點，主要由於第二季新分銷中心的開設以及與關稅相關的處理成本。

Merchandise margin decreased 30 basis points, which included the impact of tariffs, and occupancy deleveraged 10 basis points. Partially offsetting these higher costs were lower domestic freight and buying costs of 15 and 10 basis points respectively. SG&A for the period deleveraged by 25 basis points, partly due to CEO transition costs.

商品利潤率下降了 30 個基點，其中包括關稅的影響，入住率下降了 10 個基點。國內運費和採購成本分別下降了 15 個基點和 10 個基點，部分抵銷了這些較高的成本。本期間銷售、一般及行政費用 (SG&A) 下降了 25 個基點，部分原因是執行長的過渡成本。

During the second quarter, we repurchased 1.9 million shares of common stock for an aggregate cost of $262 million. As a result, we remain on track to buy back a total of $1.05 billion in stock for the year.

第二季度，我們回購了 190 萬股普通股，總成本為 2.62 億美元。因此，我們今年仍有望回購總計 10.5 億美元的股票。

Now let's discuss our outlook for the remainder of 2025. As Jim noted in today's press release, given the uncertainty associated with the macroeconomic environment, we will maintain a somewhat cautious approach to planning our business for the balance of the year.

現在讓我們來討論一下對 2025 年剩餘時間的展望。正如吉姆在今天的新聞稿中指出的那樣，鑑於宏觀經濟環境的不確定性，我們將採取較為謹慎的態度來規劃今年剩餘時間的業務。

For both the third and fourth quarters, we are planning comparable store sales growth of up 2% to 3%. If sales perform in line with this guidance, third quarter earnings per share are expected to be in the range of $1.31 to $1.37 versus $1.48 last year and $1.74 to $1.81 for the fourth quarter compared to $1.79 in 2024.

我們計劃第三季和第四季同店銷售額成長 2% 至 3%。如果銷售表現符合該指引，預計第三季每股收益將在 1.74 美元至 1.81 美元之間，而去年為 1.48 美元，第四季每股收益將在 1.74 美元至 1.81 美元之間，而 2024 年為 1.79 美元。

These ranges include a negative tariff cost of approximately $0.07 to $0.08 and $0.04 to $0.06 per share in the third and fourth quarters respectively. These estimates are based on the current level of announced tariffs.

這些範圍包括第三季和第四季每股約 0.07 美元至 0.08 美元和 0.04 美元至 0.06 美元的負關稅成本。這些估計是基於目前公佈的關稅水準。

If the second half of 2025 performs in line with these projections, earnings per share for the full year are now forecast to be in the range of $6.08 to $6.21 versus $6.32 last year. For fiscal 2025, we anticipate an approximate $0.22 to $0.25 per share impact from announced trade policies. As a reminder, last year's fourth quarter and fiscal year results included a one-time benefit to earnings equivalent to approximately $0.14 per share related to the sale of a packaway facility.

如果 2025 年下半年的表現符合這些預測，那麼全年每股收益預計將在 6.08 美元至 6.21 美元之間，而去年為 6.32 美元。對於 2025 財年，我們預計宣布的貿易政策將對每股產生約 0.22 至 0.25 美元的影響。提醒一下，去年第四季和財政年度的業績包括與出售包裝設施相關的一次性收益，相當於每股約 0.14 美元。

Now let's turn to our guidance assumptions for the third quarter of 2025. Total sales are forecast to increase 5% to 7% versus the prior year. We expect to open 40 stores during the quarter, including 36 Ross and four dd's locations.

現在讓我們來看看 2025 年第三季的指導假設。預計總銷售額將比上年增長 5% 至 7%。我們預計本季將開設 40 家門市，其中包括 36 家 Ross 門市和 4 家 dd's 門市。

Operating margin for the third quarter is planned to be in the 10.1% to 10.5% range, which includes a 50 to 60 basis point negative impact from tariff-related costs. Our forecast also reflects unfavorable timing of packaway-related costs and continued deleverage from the opening of a new distribution center in the quarter.

第三季的營業利潤率計劃在 10.1% 至 10.5% 之間，其中包括關稅相關成本帶來的 50 至 60 個基點的負面影響。我們的預測也反映了包裝相關成本的不利時機以及本季新配送中心開幕帶來的持續去槓桿。

Net interest income is estimated to be approximately $27 million. The tax rate is projected to be about 25%, and diluted shares outstanding are expected to be approximately 323 million. Now, I will turn the call over to Jim for closing comments.

淨利息收入預計約2700萬美元。預計稅率約25%，預計稀釋流通股數約3.23億股。現在，我將把電話交給吉姆，請他發表最後評論。

Thank you, Adam. We are encouraged by the sequential improvement in sales trend relative to the first quarter, particularly the strength of our early back-to-school business in July. We believe pricing will move higher across the entire retail landscape, leading consumers to seek more value this fall season. As such, we are positioning our assortments to deliver high-quality branded merchandise at compelling price points to reinforce our value proposition. We strongly believe this strengthens our competitive position to capture market share over the balance of the year.

謝謝你，亞當。我們對第一季銷售趨勢的持續改善感到鼓舞，尤其是 7 月早期返校業務的強勁表現。我們相信整個零售業的價格將會走高，促使消費者在今年秋季尋求更高的價值。因此，我們將我們的產品定位為以極具吸引力的價格提供高品質的品牌商品，以強化我們的價值主張。我們堅信這將增強我們的競爭地位，從而在今年餘下的時間裡佔領市場份額。

Before we turn to your questions, I would like to take a moment to recognize and thank Adam Orvos for his contributions to Ross. As many of you know, Adam is retiring from Ross at the end of September. His leadership and financial expertise have been instrumental to our success, and we wish him well in this exciting new chapter. We also appreciate Adam working closely with Bill to ensure a smooth transition. At this point, we would like to open the call and respond to any questions that you may have. John?

在回答您的問題之前，我想花點時間感謝 Adam Orvos 對 Ross 的貢獻。你們很多人都知道，亞當將於九月底從羅斯退休。他的領導能力和財務專業知識對我們的成功至關重要，我們祝福他在這個令人興奮的新篇章中一切順利。我們也感謝亞當與比爾密切合作，確保順利過渡。現在，我們想開始通話並回答您可能提出的任何問題。約翰？

(Operator Instructions) Matthew Boss, JPMorgan.

（操作員指示）摩根大通的馬修·博斯。

Thanks and nice to see the improvement. So Jim, could you speak to notable areas of sequential top-line improvement that you saw and elaborate on the sharp rebound in July and early back-to-school trends that you're seeing, maybe relative to your 2% to 3% comp guide, which I think you said, embeds a somewhat cautious planning approach.

謝謝，很高興看到進步。那麼吉姆，您能否談談您所看到的連續收入增長的顯著領域，並詳細說明您所看到的 7 月份的強勁反彈和早期返校趨勢，也許是相對於您 2% 到 3% 的比較指南，我認為您說過，這體現了一種謹慎的規劃方法。

And then just for Adam, gross margin drivers in the third and fourth quarter, if you could just help break down relative to the 70 basis point decline in the second quarter, I think would be really helpful.

然後對於亞當來說，第三季和第四季的毛利率驅動因素，如果你能幫助分解相對於第二季 70 個基點的下降，我認為這將非常有幫助。

Is that your one question, Matt?

這是你的一個問題嗎，馬特？

Trying my best for you, Jim.

我會盡力幫助你，吉姆。

On the first part of your question, I'll give you some color on the specifics. But the most encouraging thing was we've seen broad-based sequential improvement from the first quarter into the second quarter. It's -- nearly every merchandise category improved, and most were positive in the second quarter. And towards the tail end of the second quarter, particularly in July, nearly everything was turning positive or was positive. So we felt very good about that.

關於您問題的第一部分，我將向您提供一些具體細節。但最令人鼓舞的是，我們看到從第一季到第二季出現了廣泛的連續改善。幾乎所有商品類別都有所改善，而且大多數商品類別在第二季都呈現正態勢。到第二季末，特別是 7 月份，幾乎所有情況都變得積極或一直積極。所以我們對此感到非常高興。

And if you went back even to the end of the first quarter, we had called out that we had sequential improvement from February to March, March into April. Part of that was the Easter shift. We had a solid May. June was a little bit depressed, going up against the strongest month last year, but then July was very strong. So we felt very good or feel very good about the momentum coming out of the quarter.

如果你回顧第一季末，我們就已經指出，從二月到三月，從三月到四月，我們的業績都有了連續的改善。其中一部分原因是復活節的轉變。我們度過了充實的五月。六月表現略顯低迷，與去年最強勁的月份相比有所下滑，但七月卻表現強勁。因此，我們對本季的發展勢頭感到非常滿意或非常樂觀。

From a category perspective, cosmetics was very strong. It was nice to see the ladies' business comping nicely positive and better than the chain average. That's gotten a lot of attention over the last few years, so kudos to that merchandising team that has gotten that business up to the comps that they're achieving now. And with that, I'll turn it over to Adam for the balance of the question.

從類別角度來看，化妝品表現非常強勁。很高興看到女士們的生意表現良好，並且比連鎖店的平均水平要好。這在過去幾年裡引起了很多關注，因此值得稱讚的是，這個行銷團隊已經將該業務提升到了現在所實現的水平。說完這些，我將把這個問題的平衡點交給亞當。

Yeah, Matt. On the second half, so let me take tariff costs first. So I talked about the 90 basis point impact on operating margin in Q2. That was primarily in two components of cost of goods sold. The impact on product costs was the primary driver, and the other is DC processing costs as we had less merchandise pre-ticketed by our vendors, which impacted our profitability.

是的，馬特。關於下半部分，我先來談談關稅成本。因此我談到了第二季營業利潤率受到的 90 個基點的影響。這主要體現在銷售成本的兩個部分。對產品成本的影響是主要驅動因素，另一個是 DC 處理成本，因為我們的供應商預先標註的商品較少，這影響了我們的獲利能力。

So I do expect tariff pressure on merchandise margin the balance of the year, but expect it to be slightly lower than what we experienced in Q2. The remaining improvement quarter by quarter in tariff costs is primarily in distribution, as we expect to revert back closer to those historical pre-ticketing levels.

因此，我確實預計今年餘下的商品利潤將面臨關稅壓力，但預計它將略低於我們在第二季所經歷的水平。關稅成本逐季度的剩餘改善主要體現在分銷方面，我們預計將恢復到接近歷史售票前的水平。

Other moving parts in the back half, I mentioned in the call commentary. Packaway, just based on how we see the flow of goods in the back half, that'll put pressure on our Q3 earnings and then expect to recoup that in fourth quarter based on how we see year-end inventory.

後半部的其他活動部件，我在通話評論中提到。Packaway，僅根據我們對下半年貨物流動情況的觀察，這將給我們第三季度的盈利帶來壓力，然後根據我們對年終庫存情況的觀察，預計第四季度的盈利將有所回升。

The other big moving part is, I mentioned the new distribution center in Q2. As we ramp up the production in that facility, it'll put pressure on that portion of DC costs for the balance of the year.

另一個重大變化是，我提到了第二季的新配送中心。隨著我們提高該工廠的產量，它將對今年剩餘時間的 DC 成本部分造成壓力。

Matt, I want to circle back. There was a piece of your question I didn't address, which was the 2% to 3% comp guide. As we put in the press release, we are looking at the balance of the year with some cautious optimism, so we've embedded a little bit of that into the 2% to 3% guide.

馬特，我想再說一次。您的問題中有一個部分我沒有回答，即 2% 到 3% 的補償指南。正如我們在新聞稿中所說，我們對今年的平衡持謹慎樂觀的態度，因此我們將其中的一部分嵌入到 2% 到 3% 的指南中。

If you want to play at a bullish case, we are going up against a softer quarter last year in Q3 than Q2. But there's a lot going on in the macro environment. So we want to embed some conservative.

如果你想看漲的話，去年第三季的業績將比第二季更為疲軟。但宏觀環境中發生了很多事情。因此，我們希望嵌入一些保守的東西。

Great color. Best of luck.

顏色很棒。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. It sounds like your appetite for raising prices has increased as you see it's going up throughout the industry. How is the customer responding, and do you expect prices to fully offset the tariff pressures by next year?

謝謝。午安.聽起來，隨著​​您看到整個行業的價格都在上漲，您對提高價格的興趣也增加了。客戶的反應如何？您是否預計明年價格能夠完全抵銷關稅壓力？

So I wouldn't read too much into our -- we've had a very modest change in prices. Low, low single-digit change in AUR. We're going to be very cautious about our changes in AUR going forward. The Ross brand depends on being the best bargains in the market, and we're going to be looking at our direct competitors and sort of the broader retail landscape to see movement before we make any significant changes in AUR.

所以我不會過度解讀我們的價格——我們的價格變化非常小。AUR 的變化幅度很低，只有個位數。我們將對 AUR 的未來變化保持非常謹慎的態度。Ross 品牌依賴成為市場上最划算的商品，在對 AUR 做出任何重大改變之前，我們將專注於我們的直接競爭對手和更廣泛的零售格局，以觀察其動態。

On the last part of your question, I do think that going into next year, there'll be just a new equilibrium of prices. As you'll note in this particular year, the tariff-related impact will get smaller between Q2 and Q3 and Q3 and Q4. And we'd like to come out next year, and we're certainly not going to guide on this call and not be spiking out tariffs separately. But I think by then, there'll be just another set of retail price equilibrium, and we'll find our place with an umbrella underneath where everybody else's price.

關於你問題的最後一部分，我確實認為到明年，價格將達到新的平衡。正如您在今年所注意到的，關稅相關的影響在第二季和第三季之間以及第三季和第四季之間會變小。我們希望在明年推出這項政策，我們肯定不會根據這項政策提供指導，也不會單獨提高關稅。但我認為到那時，將會有另一套零售價格均衡，我們會在其他人的價格下找到自己的位置。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Hey guys, thanks for taking our questions. Congrats on the improvement in the quarter. Maybe just help me think through a couple of the guidance components. The original guidance you gave us for the year, the high end was $6.55. We -- good performance against what you were planning in the first half year, but then we had $0.22 to $0.25 of tariffs.

嘿夥計們，感謝你們回答我們的問題。恭喜本季取得的進步。也許只是幫助我思考幾個指導部分。您最初給出的年度指導價最高為6.55美元。我們上半年的業績表現比您計劃的要好，但當時的關稅為0.22美元到0.25美元。

I would have thought maybe $6.30 to $6.33 versus the new guidance at $6.21 at the high end. Is there anything you can point me to beyond tariffs that you guys embedded in this year? And then, can you -- I guess, Jim, can you just -- can we hear a little bit about some of the initiatives that you spoke to early on here? You outlined signage, marketing, store operations, queue line. Any positive proof points you can point to so far in the stores that have received the majority of those initiatives.

我原本預計價格可能為 6.30 美元至 6.33 美元，而新指導價格最高為 6.21 美元。除了今年你們嵌入的關稅之外，你還能告訴我什麼嗎？然後，你能否──我想，吉姆，你能不能──我們能否聽聽你之前談到的一些舉措？您概述了標誌、行銷、商店營運、排隊線。到目前為止，您能指出哪些商店已經採取了大多數此類舉措，並提供了積極的證明嗎？

Michael, I'll start with some of the initiatives. It's Michael Hartshorn. On some of the things we spoke about, first was the store refreshes. We expect to get through about half of our stores this year, and as a reminder, what we're doing in the existing stores is changing up the signage, which includes new perimeter and wayfinding signage, along with addressing cosmetic-type repairs in the stores.

邁克爾，我先談一些舉措。我是邁克爾·哈茨霍恩。我們談到的一些事情，首先是商店的更新。我們預計今年將關閉大約一半的門市，提醒一下，我們在現有門市中所做的工作是更換標牌，包括新的周邊和尋路標牌，以及解決門市的美觀型維修。

We expect to get through half of the stores this year. For the stores we completed, we think the stores look great, and then we expect to complete the chain in 2026. I think you also know we've been piloting self-checkout. We have that in about 80 stores today, and that's been very successful for us.

我們預計今年將完成一半的商店。對於我們已完成的商店，我們認為這些商店看起來很棒，然後我們預計將在 2026 年完成連鎖店。我想您也知道我們一直在試行自助結帳。目前，我們在大約 80 家商店中都推出了這項服務，這對我們來說非常成功。

We've been able to-- the customer has really enjoyed the experience. It's allowed us to reduce line lengths, and we've been able to control shortage. So we're planning to expand to a number of stores next year, mainly in our high-volume stores. That will help us improve customer throughput.

我們已經能夠－客戶確實享受了這種體驗。它使我們能夠減少排隊長度，並且能夠控制短缺。因此，我們計劃明年擴大門市數量，主要是銷售量較大的門市。這將有助於我們提高客戶吞吐量。

And Michael, this is Adam. If your question was back to how we guided at the beginning of the year, obviously the biggest driver is the tariff impact, right, which we're now kind of pegging at $0.22 to $0.25 for the year, and then secondarily have a little bit more conservative sales assumption for the full year than we did back in March based on first quarter.

邁克爾，這是亞當。如果您的問題是關於我們在年初的指導，那麼顯然最大的驅動因素是關稅的影響，對吧，我們現在將全年的關稅定為 0.22 美元到 0.25 美元，其次，我們對全年的銷售額假設比 3 月份基於第一季的假設更為保守。

Could I follow that by just asking, the SG&A dollar budget for the year, where it's at today versus what you initially set it at coming into the year in March? Any change there to be noted?

我能否接著問一下，今年的銷售、一般及行政費用預算，與您在三月最初設定的預算相比，現在是多少？有什麼變化需要注意嗎？

I think we're pretty consistent, but we have no -- there hasn't been significant changes in our SG&A.

我認為我們相當一致，但我們的銷售、一般及行政費用 (SG&A) 沒有重大變化。

Okay, thanks a lot guys. Appreciate it.

好的，非常感謝大家。非常感謝。

And Michael, I -- we never got to your question around initiatives, store environment, marketing. Michael Hartshorn addressed the store signage piece, which is a very nice upgrade to contemporizing the store look and feel. We are looking at a lot of things in terms of the store labor model, given the fact that we have more than 2,000 stores and it's a very complicated equation.

邁克爾，我們從未回答過你關於計劃、商店環境、行銷的問題。邁克爾·哈茨霍恩 (Michael Hartshorn) 談到了商店標牌，這對於使商店的外觀和感覺更具現代感來說是一個非常好的升級。考慮到我們擁有 2,000 多家門市，我們正在從門市勞動力模式的角度考慮很多事情，這是一個非常複雜的方程式。

We have deployed a number of tests that are out there right now, tweaking different things to see if we can get more throughput and try to drive sales by putting more labor into some stores. So it's much too early to comment on the results of that.

我們已經部署了許多測試，調整了不同的內容，看看我們是否可以獲得更高的吞吐量，並嘗試透過在一些商店投入更多勞動力來推動銷售。因此現在評論結果還為時過早。

From a marketing standpoint, we have launched a new campaign in both brands. So at Ross, it's a campaign called Work Your Magic. There's four just terrific spots that the team has put together. They harken back to brands at a great value, but maybe with a bit more of an emotional connection for a customer.

從行銷角度來看，我們在兩個品牌中都開展了新的活動。因此，在羅斯，有一項活動叫做「發揮你的魔力」。團隊製作了四個非常棒的廣告。它們讓人們回想起具有巨大價值的品牌，但也許能與顧客產生更多的情感連結。

And then dd's has its own campaign called Don't Sleep on dd's. That's entirely a digital campaign, so you have to be on one of the Meta platforms or on TikTok to see it, but a very cool and energetic campaign for dd's as well. So it's very early days, but I'm really pleased to see the organization respond so quickly and come up with some, what I believe, to be some really nice changes early on.

然後 dd 有自己的活動，名為「不要在 dd 上睡覺」。這完全是一個數位化活動，所以你必須在 Meta 平台或 TikTok 上才能看到它，但對於 dd 來說，這也是一個非常酷且充滿活力的活動。雖然現在還處於早期階段，但我很高興看到組織反應如此迅速，並提出了一些我認為是早期非常好的改變。

That's great to hear. Thanks.

聽到這個消息真是太好了。謝謝。

Paul Lejuez, Citigroup.

花旗集團的保羅‧勒胡埃斯 (Paul Lejuez)。

Hey, thanks guys. Curious if you could talk a little bit more about your transactions versus ticket, how that changed during the quarter when your (technical difficulty) acceleration in July. Curious what those metrics were the bigger driver. Any color you can give there. And just also how you're thinking about transactions versus ticket in the back half.

嘿，謝謝大家。我很好奇，您是否可以多談談您的交易與票務情況，以及在 7 月份（技術難度）加速的季度中，情況發生了怎樣的變化。好奇這些指標是什麼更大的驅動力。您可以在此處指定任何顏色。還有您如何看待後半部的交易與票務。

And then second, I'm sure you guys had an availability of merchandise -- in terms of like what merchandise would look like, availability of merchandise would look like before the quarter, coming into the quarter. Curious what you're seeing relative to your expectations, any surprises within certain categories? Do you anticipate having any holes, in the assortment [for holiday?](corrected by company after the call)

其次，我相信你們有商品供應情況──就商品的樣子而言，本季之前、進入本季時商品的供應情況是什麼樣的。好奇您看到的結果與您的預期有何關聯，某些類別中是否有任何驚喜？你預計產品系列會出現任何漏洞嗎？[休假？ ]（公司在通話後更正）

Paul, it's Michael Hartshorn. You're breaking up a bit, but I think your question was the composition of the comp in terms of transactions and what we saw during the quarter. As we said in the commentary, the two comp was driven by a slight increase in traffic and also an average -- increase in the average basket. The basket itself was driven by both slight increases in AUR and units per transaction. If you looked at that, where we were very strong in May, dipped in June, and then strong again in July, across the quarter, it was driven by a mix of traffic and also a higher basket.

保羅，我是麥可‧哈茨霍恩。你的問題有點混亂，但我認為你的問題是關於交易方面的公司組成以及我們在本季度看到的情況。正如我們在評論中所說，兩家公司的業績成長是由流量的輕微成長和平均購物籃數量的增加所推動的。籃子本身受到 AUR 和每筆交易單位的輕微增長的推動。如果你看一下，你會發現我們在五月表現非常強勁，六月有所下滑，然後七月份又強勁，整個季度，這是由客流量和更高的購物籃共同推動的。

In terms of availability, we feel very good about the availability of closeouts. In the second quarter, one of the things we called out in the script was that was one of the things that helped us get to the low end of the range of the tariff impact by leaning more into closeouts. So I'd say availability is super strong.

就可用性而言，我們對清倉的可用性感到非常滿意。在第二季度，我們在腳本中提到的一件事是，透過更多地傾向於清倉，這是幫助我們達到關稅影響範圍低端的因素之一。所以我想說可用性非常強。

Thanks guys, bye.

謝謝大家，再見。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

Perfect, thanks so much. Congrats on a nice quarter. Maybe just looking at profitability. I know that the second quarter makes for the second one where you're lapping that branded strategy from last year. So is higher branded make a permanent margin headwind to the business or do you see scope for it to eventually drive total profitability higher, which I think was the initial intent?

非常好，非常感謝。恭喜本季取得良好業績。也許只是看獲利能力。我知道第二季是你們第二次重複去年的品牌策略。那麼，更高的品牌利潤是否會對業務造成永久性的利潤阻力，還是您認為它最終會提高總獲利能力，我認為這是最初的意圖？

And maybe a bigger picture, can this business return to kind of low teens margin over time, or does that branded mix being higher keep you from getting there? Thanks a lot.

也許從更大的角度來看，隨著時間的推移，這項業務的利潤率能否恢復到較低的十幾個百分點，或者更高的品牌組合是否會阻礙您實現這一目標？多謝。

Alex, our initial idea with the branded strategy is that early on it would be a margin hit. But we'd be able to build on that over time as we sharpened our expertise but built better vendor relationships, had access to branded closeouts, and our thoughts on that have not changed. So we believe we can build on it over time.

亞歷克斯，我們對品牌策略的最初想法是，初期它會對利潤率造成影響。但隨著時間的推移，我們將能夠在此基礎上繼續發展，因為我們將提高我們的專業知識，但會建立更好的供應商關係，能夠獲得品牌清倉，我們對此的想法沒有改變。因此我們相信我們可以隨著時間的推移在此基礎上繼續發展。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good afternoon and thank you for taking our question. Are you seeing any increased signs of consumer trade-down activity or changes in the demographic mix of consumers in your store either by income or race as prices have increased across the ecosystem this holiday season? Thank you.

下午好，感謝您回答我們的問題。隨著今年假期季節整個生態系統的價格上漲，您是否發現消費者降價活動的跡象增加，或者您商店的消費者人口結構（無論是收入還是種族）發生了變化？謝謝。

On trade-down, we didn't see a change in income cohorts. It was pretty broad-based in the quarter. From an ethnic standpoint, as we said in the past, we do serve a broad customer base, but Hispanic customers are very important to us. They skew higher than the US Census.

在降級消費方面，我們沒有看到收入群體的變化。本季的情況相當廣泛。從種族角度來看，正如我們過去所說，我們確實服務於廣泛的客戶群，但西班牙裔客戶對我們來說非常重要。它們的偏差比美國人口普查的偏差要高。

During the quarter, stores that had a high concentration of the Hispanic population underperformed the chain. That was especially true in June and especially in Southern California. The good news is we did see a bounce back in July.

在本季度，西班牙裔人口高度集中的商店的業績不如連鎖店。六月尤其如此，尤其是在南加州。好消息是，我們確實看到了七月的反彈。

Great. Thanks so much. I'll pass it on.

偉大的。非常感謝。我會傳達的。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Good afternoon. Thank you for taking my question. Just on the tariff mitigation front, wanted to get a little bit more detail there. Just any update on the actions you're taking that are working here. Think about better buying, category, flexibility, price, what's moving the needle to offset the pressure on merchandise margin and what are the factors that could potentially drive greater than expected mitigation in the back half of the year? Thank you.

午安.感謝您回答我的問題。就關稅減免方面而言，我想了解更多細節。只是對您在此處採取的行動進行的任何更新。考慮更好的購買、類別、靈活性、價格，哪些因素可以抵消商品利潤的壓力，以及哪些因素可能在下半年帶來比預期更大的緩解？謝謝。

Sure. Well, the merchandising team has just been working tirelessly to mitigate the impact. If you were to take the tariff rates that are out there and just do simple back-of-the-envelope math and just flow through unmitigated, of course, the impact would be much greater than what we've seen.

當然。嗯，行銷團隊一直在不懈地努力減輕影響。如果你採用現有的關稅稅率，並進行簡單的粗略計算，然後不加限制地流通，那麼影響當然會比我們所看到的要大得多。

So that's thanks to a tremendous amount of hard work and shifting by negotiating with vendors. Very little increase in AUR, so that really hasn't been a factor, but also increasing the amount of closeout merchandise versus upfront than we initially had planned.

這要歸功於我們付出的大量努力以及透過與供應商談判而實現的轉變。AUR 的成長非常小，所以這實際上不是一個因素，但清倉商品的數量與預付款的數量也比我們最初計劃的要多。

So as we roll forward, as I said earlier, I do think we'll wind up with pricing equilibrium. We have no intentions of being the first ones to go out with higher prices. So we'll be watching sort of the rest of the retail industry. And as soon as that equilibrium starts to take effect, we'll have some room to grow into any inflated cost that we need to accept.

因此，正如我之前所說，隨著我們不斷前進，我確實認為我們最終會實現價格平衡。我們無意成為第一批以更高價格出售的公司。因此，我們將關注零售業的其他部分。一旦這種平衡開始生效，我們將有一定的空間來承受我們需要接受的任何膨脹成本。

The other change that Adam had mentioned is at the very beginning when China was at 145%, we stopped vendor pre-ticketing to give us the flexibility if we chose to change prices once the goods came into the country. We did have an impact in Q2. We have a lesser impact in Q3, and we expect that to completely wane in the back half of the year as we return to our historic levels of vendor pre-ticketing.

亞當提到的另一個變化是，一開始，當中國進口量達到 145% 時，我們就停止了供應商預售，以便在貨物進入該國後我們能夠靈活地改變價格。我們確實在第二季產生了影響。我們在第三季的影響較小，我們預計，隨著我們恢復到供應商預售票的歷史水平，這種影響將在下半年完全消退。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

Hey guys, this is Ryan Bulger on for Chuck here. I wanted to ask a related question on the restored guide. Obviously have a lot more confidence now in what business is going to look like for the second half of the year as compared to 1Q. And I was just wondering if you could unpack how much of that is more stability in the environment versus things you've learned as you've undertaken these efforts over the past few months. Thanks very much.

大家好，我是 Ryan Bulger，代替 Chuck 報告。我想問一個有關修復指南的問題。顯然，與第一季相比，現在對下半年的業務前景更有信心了。我只是想知道，您是否可以解釋一下，這在多大程度上提高了環境的穩定性，以及您在過去幾個月進行這些努力時所學到的東西。非常感謝。

Sure, Ryan, it's actually pretty simple. At the time, we had just come off the 145 and we hadn't purchased a significant majority of our merchandise for the back half of the year. So now that we're Q3 substantially bought, we have the majority bought, more than the majority bought in Q4, we have a good read on our fall purchasing. At the same time, although it still changes quite often and it's dynamic on the tariff front, it's more stable than it was at the beginning of May.

當然，瑞安，這實際上非常簡單。當時，我們剛完成 145 項，我們還沒有購買下半年的大部分商品。因此，現在我們在第三季進行了大量的購買，我們的購買量超過了第四季度的大部分購買量，我們對秋季的購買情況有了很好的了解。同時，雖然關稅方面仍變化頻繁且充滿活力，但比5月初更穩定。

Great, thanks. And then one other thing I wanted to ask, have you seen anything different on customer cohort trends by age? Are you mixing any younger, seeing any more millennials or Gen Z customers? Thanks.

太好了，謝謝。我還想問一件事，您是否發現不同年齡層的客戶群趨勢有什麼不同？你們是否混合了更年輕的客戶，看到更多的千禧世代或 Z 世代客戶？謝謝。

No, nothing to call out.

不，沒什麼好喊的。

Ike Boruchow, Wells Fargo.

艾克‧博魯喬 (Ike Boruchow)，富國銀行。

Hey everyone, thanks for taking the question. Adam, just a little bit more on the third quarter, trying to make sure I understand. So the margin degradation relative to 2Q is decently greater, but the revenue is pretty similar, 2% to 3% comp.

大家好，感謝你們提出這個問題。亞當，我再多講一點關於第三季的內容，確保我理解。因此，與第二季相比，利潤率下降幅度相當大，但營收卻非常相似，為 2% 至 3%。

The tariff headwind is a little bit less. I guess I'm just trying to make sure I understand what's the driving factor. If you can maybe just give us what the gross margin plan is for third quarter. Just trying to understand the moving pieces.

關稅逆風稍微小了一些。我想我只是想確保我理解驅動因素是什麼。如果您能告訴我們第三季的毛利率計劃是什麼的話。只是想了解移動的部分。

The biggest piece is the packaway impact. We're on -- the second quarter on a year-over-year basis was pretty flat. In Q3, based on how we see that inventory flowing, it'll be a significant headwind in Q2 or in Q3 and again would expect that to revert in Q4.

最大的影響是包裝的影響。與去年同期相比，第二季的業績相當穩定。在第三季度，根據我們對庫存流動的觀察，這將在第二季或第三季帶來重大阻力，並且預計第四季將出現回升。

Got it. Thanks. Adam.

知道了。謝謝。亞當。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

And nice to see the progress. My first question is the comment on pricing, you're starting to see it come through. And what type -- I know for you, you're at the low, low single-digit range. But across kind of frontline retail, how are you seeing kind of those prices come up? And are there categories, say, apparel or footwear, where you're seeing it more so.

很高興看到進展。我的第一個問題是關於定價的評論，您已經開始看到它了。至於什麼類型——我知道，您的收入處於低個位數範圍。但是在前線零售業中，您如何看待這些價格的上漲？您是否在服裝或鞋類等類別中看到更多這樣的情況？

And the clarification on the tariff impact. Is this just the portion that is direct to you? Or does it also encompass things that you're seeing from your upfront buys getting passed along to you?

並澄清關稅的影響。這只是直接針對您的部分嗎？或者它是否也包括您從預付購買中看到並傳遞給您的事物？

On your last question, it's across the merchandise categories. We had a small percentage we have direct impact because we're paying the tariff, but we -- the vendors we are seeing cost increases outside our direct imports. So it's across the universe of merchandise categories.

關於您的最後一個問題，它涉及整個商品類別。由於我們支付了關稅，因此我們受到的直接影響很小，但是我們看到供應商在直接進口之外的成本增加。因此它涵蓋了所有商品類別。

Okay. Then in terms of where we're seeing some inflation, if you go to some of the sort of more mainstream retailers, you can see some of their prices are going up in terms of apparel or home -- probably the center of the bull's eye are products made with metals. That's been one of the most obvious places where we've seen prices go up. And a lot of that falls, of course, into the home category.

好的。那麼就我們看到的通貨膨脹而言，如果你去一些更主流的零售商，你可以看到他們的一些服裝或家居產品的價格正在上漲——可能最受關注的是金屬製品。這是我們看到價格上漲最明顯的地方之一。當然，其中很多都屬於家庭類別。

So we have a very experienced team of merchants that are just constantly comp shopping. And we're going to ensure that we have the best bargains in the store. And at some point over time, this pressure that we're facing today will abate.

因此，我們擁有一支經驗豐富的商家團隊，他們不斷地進行商品購物。我們將確保店內有最優惠的商品。隨著時間的推移，我們今天面臨的壓力將會減輕。

Okay. And then just a final clarification. We're hearing from -- there's this grace period that if you shipped out before, I think it was August 9 or 7 and then you arrived here before October 5. It's still on the prior tariffs. So it would seem that a lot of the retail inventory for holiday will be under that prior tariff and that we've been told by some brands that they will be raising prices again in spring of next year under the second wave of tariffs.

好的。最後再做一點澄清。我們聽說——有一個寬限期，如果你之前發貨，我想那是 8 月 9 日或 7 日，然後你在 10 月 5 日之前到達這裡。仍按之前的關稅執行。因此，看起來很多假日零售庫存將受到先前關稅的影響，而且一些品牌告訴我們，他們將在明年春季第二波關稅下再次提高價格。

Do you believe that the tariff is kind of isolated or you will have had enough mitigation strategies put in place that you'll be able to offset this kind of next kind of kick it down the road into -- or do you even think that, that's actually happening into spring?

您是否認為關稅是孤立的，或者您已經採取了足夠的緩解策略，以便能夠抵消這種影響，或將其推遲到明年春季？或者您是否認為這實際上會在春季發生？

No. I think it will happen, to your point, some of the India tariffs, especially if the 25% goes to 50%. No, I think that you'll see this go into next year, and I think we would expect to see price increases. And -- but over time, as Jim mentioned it, we think it will reach equilibrium, and it will be business as usual.

不。我認為，正如你所說，印度的部分關稅將會發生，特別是當 25% 上升到 50% 時。不，我認為你會看到這種情況持續到明年，我認為我們預計會看到價格上漲。而且 — — 但隨著時間的推移，正如吉姆所提到的那樣，我們認為它將達到平衡，一切將照常進行。

Dana Telsey, the Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問小組。

Hi, good afternoon, everyone, and nice to see the progress. Jim, we heard about cosmetics continuing to be the best-performing category. Can you expand on apparel and what you've been seeing there with the initiatives that you've put in place and also on home.

大家下午好，很高興看到進展。吉姆，我們聽說化妝品繼續成為表現最好的類別。您能否詳細介紹一下服裝以及您在服裝領域以及國內所採取的舉措。

And then secondly, with the new store openings, what are you seeing in cost to open leasing costs and productivity of new stores as they're opening?

其次，隨著新店的開業，您認為新店的開業成本、租賃成本和生產力如何？

I'll take the merchandising pieces of it. Michael, you can take the new store's piece. I think we're pretty encouraged that the business has just improved between Q1 and Q2 and across the board. The exit velocity, so to speak, in July was very strong across nearly every major merchandise department.

我將接受它的商品部分。邁克爾，你可以拿走新店的部分。我認為我們非常高興看到第一季和第二季之間的業務全面改善。可以這麼說，七月幾乎所有主要商品部門的退出速度都非常強勁。

Within apparel, the ladies business, which is the kind of the driver of the branded strategy, not the only piece of the branded strategy, but the driver was really to get the ladie's business righted. And it's just been great to see that part of the business comping more positively than the chain.

在服裝領域，女裝事業是品牌策略的驅動力，雖然不是品牌策略的唯一部分，但其真正驅動力是讓女裝事業走上正軌。我很高興看到該部分業務的表現比連鎖店更為積極。

And then beneath Ladies, if you went sort of category by category, which being once again broad-based strength and broad-based improvement within each of the sort of subclassifications there. or at least most of them.

然後在女士下面，如果你逐一分類，你會發現每個子分類中都有廣泛的力量和廣泛的改進，或者至少是大多數子分類中都有廣泛的力量和改進。

So that's been great. From a home perspective, home has been a little bit more complicated. It was comp eroding in the quarter. It eked out a positive comp at the end of the quarter. I think part of that was we had probably a little bit of a foot fault in getting our product inbound when tariffs first came out, we had a little bit of a receipt hole, if you will, towards -- as we got through the June period.

這真是太棒了。從家庭的角度來看，家庭變得更複雜了。本季度，其營收正在下滑。截至本季末，該公司的業績勉強維持正成長。我認為部分原因是，當關稅首次出台時，我們在產品進口方面可能出現了一點失誤，如果你願意的話，我們在 6 月期間出現了一點收據漏洞。

We've shuffled that organization a little bit. We feel really good about the team that's in place there now. And I'm optimistic about the future of the home business for us. It's still very early days, but it's nice to see that business turned slightly positive in July.

我們對這個組織做了一些調整。我們對目前在那裡的團隊感到非常滿意。我對我們的家居業務的未來充滿信心。雖然現在還為時過早，但很高興看到七月份的業務略有改善。

On real estate. So we feel good about the real estate landscape, Dana, and have a healthy pipeline. As you know, there's not a high volume of any new development, and we've been able to take advantage of store closures from bankruptcy filings or other retailers downsizing their fleets.

關於房地產。因此，我們對房地產前景感到滿意，達納，並且擁有健康的管道。如您所知，新開發案的數量並不多，而且我們能夠利用因破產申請或其他零售商縮減其門市規模而關閉的門市。

During the quarter, we did acquire a number of stores in the Rite Aid bankruptcy deal, mostly in our core West Coast markets. That strengthens our existing pipeline, especially for 2026 and also helps in reaccelerating dd's growth for us. In terms of new store openings, we noted a couple of these in our comments, but that we entered Puerto Rico in the quarter with three stores in July.

在本季度，我們確實在 Rite Aid 破產交易中收購了多家商店，主要位於我們的核心西海岸市場。這加強了我們現有的管道，特別是針對 2026 年的管道，也有助於我們重新加速 dd 的成長。在新店開幕方面，我們在評論中提到了幾家新店，但我們在本季 7 月進入了波多黎各，開設了三家新店。

And the initial response has, I would say, far exceeded our expectations. It's still early, but based on this, we're optimistic this will be a strong market for us. We also had a number of New York Metro stores that we opened, again, very good customer response. And so based on this, thus far, we're optimistic about expanding in the Northeast.

我想說，最初的反應遠遠超出了我們的預期。雖然現在還為時過早，但基於此，我們樂觀地認為這對我們來說將是一個強大的市場。我們也在紐約大都會區開設了多家商店，顧客反應也非常好。因此，基於此，到目前為止，我們對在東北地區的擴張持樂觀態度。

Aneesha Sherman, Bernstein Research

Aneesha Sherman，伯恩斯坦研究公司

I'm curious about your comments around pricing, Jim. Last quarter, you said you were planning to maintain the price umbrella versus full price retail. It sounds like you're now saying you're being a little bit more cautious, very low single-digit increases, and perhaps broadening the gap versus full price retail. And I think you said you will grow into those price points over time. Can you talk about what may have changed?

吉姆，我對你關於定價的評論很好奇。上個季度，您曾表示計劃維持價格保護傘，而不是全價零售。聽起來你現在說你要更加謹慎一些，個位數的增幅非常低，而且可能擴大與全價零售之間的差距。我認為您說過，隨著時間的推移，您會達到這些價格點。能談談可能發生了什麼變化嗎？

Are you seeing a consumer response that's maybe making you a little bit more cautious than perhaps a few months ago? And then a quick follow-up on the Ladies business. You talked about ladies comping better than chain average. It's a real clear acceleration there. Can you talk about what's driving that?

您是否看到了消費者的反應，這可能會讓您比幾個月前更加謹慎？然後快速跟進女士業務。您談到女士們的表現比連鎖平均好。那裡確實出現了明顯的加速現象。您能談談是什麼原因導致這現象的發生嗎？

Do you attribute that to the better brand strategy paying off? Or is it around availability of closeout or anything in particular that's driving that outperformance versus what we've seen in the last few quarters?

您是否將此歸因於更好的品牌策略取得成效？或者是清倉的可用性或任何特定因素推動了與過去幾季相比的優異表現？

Sure. I don't think we're being particularly more cautious. I think we'll continue to maintain the price umbrella against mainstream retail. And we're just hyperconscious of what's going on in the broader retail landscape now.

當然。我認為我們並沒有特別謹慎。我認為我們將繼續維持針對主流零售的價格保護傘。我們非常關注現在更廣泛的零售領域正在發生的事情。

What we're taking somewhat of a, a longer-term view that we want to impress a customer that comes in, looking to buy something and have them feel like we're still delivering the bargains that they've become accustomed to. And as we see prices start to move, we'll start to move as well.

我們從更長遠的角度來看待這個問題，我們希望給前來購買商品的顧客留下深刻印象，讓他們感覺我們仍在提供他們已經習慣的優惠。當我們看到價格開始變動時，我們也會開始改變。

Of course, there's always a lag for competitors and for us based on product that's come in pre-ticketed. We're not going to go throughout the chain in store and reticket things. So it will be on the next set of receipts anyway.

當然，對於競爭對手和我們來說，基於預先售出的產品，總是會出現滯後。我們不會去商店的各個連鎖店重新販售商品。所以無論如何它都會出現在下一組收據上。

On the ladies acceleration, again, I'd come back to giving credit to the team. The buying offices have really been steadfast in executing against the brand strategy. They've leaned into young contemporary, a bit more. We've seen a nice impact in our juniors business. The -- ladies business kind of across the board has been strong. The denim business has been strong. So we've seen a lot of strength in ladies.

關於女子加速賽，我再次讚揚了團隊。採購辦公室確實堅定地執行品牌策略。他們更傾向於年輕當代音樂。我們的青少年業務已收到良好效果。女士業務整體表現強勁。牛仔布生意一直很強勁。所以我們看到了女士們的強大力量。

John Kernan, TD Cowen.

約翰‧科南 (John Kernan)，TD Cowen。

Congrats on the momentum into -- or through back to school and into fall. Just on the expenses in COGS related to the distribution centers also the CapEx dollars, which are being -- a lot of which I think are being dedicated to DC's, what are the near and long-term returns on this? How can this lift the overall margin profile of the business long term?

恭喜你們在開學和秋季學期中取得了良好的開端。僅就與配送中心相關的 COGS 費用以及資本支出而言，我認為其中很大一部分都用於配送中心，這方面的近期和長期回報是多少？這如何能長期提升企業的整體利潤率？

Well, what typically happens with the DCs is it's a capacity play. So as sales grow, you need the excess capacity. And then what happens when you open it up, you are able to leverage the volume in that DC and you should get leverage over time.

嗯，DC 通常發生的情況是容量發揮。因此，隨著銷售額的成長，您需要過剩產能。然後，當您打開它時會發生什麼，您可以利用該 DC 中的捲，並且隨著時間的推移您應該獲得槓桿作用。

Right now, the DC that we opened is in Arizona, DC capital that we're devoting this year, it's about a little over 28% of our total capital. We are building our next DC, but it's 3 years -- 2.5 years away -- 2 to 3 years away would be the next opening. So over the next two years, we expect the leverage on DC.

目前，我們開設的 DC 位於亞利桑那州，我們今年投入的 DC 資本約占我們總資本的 28% 多一點。我們正在建造下一個 DC，但下一個 DC 將在 3 至 2.5 年後開放。因此，在未來兩年內，我們預計 DC 的槓桿率將會上升。

Understood. And then Jim, maybe a quick follow-up for you. ex tariffs the business at a 2% to 3% comp, we've seen about mid-single-digit earnings growth based on the new full year guidance. With Bill stepping into the CFO seat pretty soon, what do you see as like a long-term earnings algorithm? where is the opportunity on the margin profile of the business?

明白了。然後吉姆，也許我可以快速跟進你的情況。扣除關稅後，業務成長率為 2% 至 3%，根據新的全年指引，我們看到獲利成長約為中等個位數。比爾很快就要擔任財務長了，您認為長期獲利演算法是什麼樣的？企業的利潤狀況中存在哪些機會？

Well, I'll answer that for you. So the long-term algorithm is about 5% new store growth, you get, our new stores are in the 60% range, so that drives 2% of the EPS growth. If you comp at 3%, that gets you 3% EPS growth, that gets you to 5%.

好吧，我會回答你的。因此，長期演算法是新店成長約 5%，我們的新店在 60% 的範圍內，從而推動 EPS 成長 2%。如果您以 3% 的比例進行補償，那麼您的每股盈餘就會成長 3%，從而達到 5%。

There's EBIT upside in that 1% to 3%, and then you have your stock buyback at 2% to 3%, and that gets you to right around double-digit EPS growth on a 3 comp.

息稅前利潤 (EBIT) 上漲 1% 至 3%，然後股票回購率達到 2% 至 3%，這能讓 3 家公司每股盈餘 (EPS) 達到兩位數成長。

Corey Tarlowe, Jefferies.

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

Great. I had a bigger picture question for Jim and then just a follow-up. On the big picture question on growth, as you come into the business and you've assessed sort of where Ross is at and where the competition is in terms of growth and you think about the scalability of Ross from a unit perspective, what are some key attributes that stand out to you? And where do you think kind of longer term and what the advantage could be of kind of accelerating -- potentially accelerating unit growth? Could that be a possibility? And how do you think about the ability of the business to potentially do something like that if it even was feasible.

偉大的。我向吉姆提出了一個更宏觀的問題，然後只是一個後續問題。關於成長這個大問題，當您進入這個行業並評估了 Ross 的現狀以及成長方面的競爭對手，並且您從單位角度考慮了 Ross 的可擴展性，您認為 Ross 最突出的關鍵屬性是什麼？您認為長期來看加速單位成長的優勢是什麼？潛在的加速單位成長有哪些優點？有可能嗎？如果可行的話，您認為企業是否有能力做這樣的事情？

Sure. Great question, Corey. I guess a couple of things. I was fortunate enough to be recruited into a company that was already extremely well run and already growing. So I have a good fortune of spending the first six months and intend to spend the balance of this year really learning about the business.

當然。很好的問題，科里。我猜有幾件事。我很幸運能夠被一家運作良好且不斷發展的公司聘用。因此，我很幸運能夠度過前六個月，並打算在今年剩餘的時間裡真正學習這項業務。

That said, and answering your question maybe a little bit more specifically, the -- there's a tremendous amount of organizational muscle here. And we've been adding 90-ish stores. I think that's the plan for this year. We're certainly not going to guide future years, but you know me well. I do think there's an opportunity for us to accelerate.

話雖如此，也許更具體地回答你的問題，這裡有大量的組織力量。我們已經增加了 90 多家商店。我認為這就是今年的計劃。我們當然不會指導未來幾年，但你很了解我。我確實認為我們有機會加速發展。

And I certainly don't think we have any capability shortfall. I think we have the resources to do that. We would have to grow the supply chain capability at the same time we grow the store footprint. But we have capability to do that as well.

我當然不認為我們有任何能力缺陷。我認為我們有足夠的資源來做到這一點。我們必須在擴大門市規模的同時提高供應鏈能力。但我們也有能力做到這一點。

And we also have -- we've been experiencing some really nice openings in our existing markets. But what Michael covered is very encouraging, right? We've been opening up stores in brand-new market sites that are well established to our competitors and seeing some really nice returns. So if I'm just thinking about what our white space opportunities just for unit growth and unit acceleration, I think it's pretty optimistic.

而且我們在現有市場上也經歷了一些非常好的機會。但邁克爾所報導的內容非常令人鼓舞，對吧？我們一直在競爭對手已經成熟的全新市場開設商店，並獲得了非常好的回報。因此，如果我只是考慮我們的空白機會是否有利於單位成長和單位加速，我認為這是相當樂觀的。

That's great. And then just as a follow-up on the renovation plan, can you just remind us what the comp lift is and what some of the benefits are that you're seeing from the initiative?

那太棒了。然後作為對改造計劃的後續跟進，您能否提醒我們一下補償提升是什麼，以及您從該計劃中看到了哪些好處？

We haven't disclosed it's still early innings. We're doing the first half of the stores this year, so we'll finish up the first half and then complete the chain next year. Customer response has been good. It's too early to measure the sales impact.

我們尚未透露比賽仍處於初期階段。我們今年正在做前半部分的門店，所以我們將完成前半部分的門市建設，然後在明年完成整個連鎖店的建設。顧客反應良好。現在衡量銷售影響還為時過早。

Marni Shapiro, The Retail Tracker.

Marni Shapiro，零售追蹤者。

Congrats on all the improvement. I had two quick questions. One, I just want to clarify on the AUR conversation from earlier. Today the AUR is up very minimally low single digits, I believe you said --

恭喜你所取得的所有進步。我有兩個簡單的問題。首先，我只想澄清一下之前的 AUR 對話。我相信您說過，今天的 AUR 漲幅很小，只有個位數--

And mix-related mining versus prior (multiple speakers)

混合相關挖掘與先前（多位發言者）

So as we get into the back half of the year, and we've all heard this from retailers, I've heard it from so many friends where suppliers' prices are going up. will you move up in line with the industry? So could we -- should we expect to see in the back half of the year, AUR increases.

因此，當我們進入下半年時，我們都從零售商那裡聽說了這一點，我從許多朋友那裡聽說了供應商的價格正在上漲。您會隨著行業的同步上漲嗎？那麼，我們是否可以預期在今年下半年看到 AUR 增加？

And I guess, the kind of adjacent question is, how does your packaway strategy impact that? Because could you have had some really great holiday items packed away from last year that could kind of mitigate some of this as well?

我想，與之相關的問題是，你的打包策略對此有何影響？因為您是否從去年就打包了一些非常棒的節日物品，以減輕這種影響？

Marni, on how we move into it, I think we used the word cautious, but we won't be the first to raise retails if retails go up, it will certainly give us flexibility to follow. In some places, we'll move along and raise prices, test it, see how the customer impacts. In other places, we may give more value. So it really is area-by-area decision by the merchant. But if prices go up, it gives us the flexibility to follow for sure.

Marni，關於我們如何進入這個領域，我想我們使用了謹慎這個詞，但如果零售額上升，我們不會第一個提高零售額，這肯定會給我們靈活性來跟隨。在某些地方，我們會繼續提高價格，進行測試，看看對客戶有何影響。在其他地方，我們可能會賦予更多的價值。因此這確實是商家根據特定區域所做的決定。但如果價格上漲，我們肯定會有彈性來跟進。

Right. And then just one following question. Are you seeing a reversal or less pressure on wages at the stores and the DCs? I know retail has a lot of turnover, but I'm also wondering if you're finding less turnover as more broadly, people are staying in their jobs and kind of, it shifted from the worker to the employer in general out there. Curious what you guys are seeing?

正確的。接下來還有一個問題。您是否看到商店和配送中心的工資壓力出現逆轉或減輕？我知道零售業的人員流動率很高，但我也想知道，您是否發現人員流動率較低，因為從更廣泛的角度來看，人們仍然保有自己的工作崗位，而且這種流動從工人轉移到了雇主身上。好奇你們看到了什麼嗎？

Yeah. The workforce has been -- it's nothing new, but the workforce has been stable for the last couple of years. So I don't think anything has changed. We've had -- with all the ticketing efforts, for instance, related to the tariffs, we had no problem filling jobs to be able to do that. So I think the overall environment is fairly stable.

是的。勞動力一直——這並不是什麼新鮮事，但過去幾年勞動力一直保持穩定。所以我認為一切都沒有改變。我們已經做好了一切準備——例如，透過與關稅相關的售票工作，我們可以毫無問題地填補空缺。所以我認為整體環境是比較穩定的。

And fairly favorable, I'm assuming, for you guys.

我認為，這對你們來說相當有利。

I would say stable. It hasn't changed a lot for us. The number has been stable for a while.

我想說的是穩定。對我們來說，它並沒有太大的改變。這個數字已經穩定了一段時間。

There are no further questions at this time. I'd now like to turn the floor back over to Jim Conroy for any closing remarks.

目前沒有其他問題。現在我想把發言權交還給吉姆·康羅伊，請他做最後發言。

Thank you, everyone, for joining us on the call today, and we look forward to speaking with you on our next earnings call. Take care.

感謝大家今天參加我們的電話會議，我們期待在下次財報電話會議上與您交談。小心。

And thank you, everyone. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝大家。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。