羅斯百貨 (ROST) 2022 Q1 法說會逐字稿

Good afternoon, and welcome to the Ross Stores First Quarter 2022 Earnings Release Conference Call. (Operator Instructions) Please be advised that today's call is being recorded.

下午好，歡迎參加 Ross Stores 2022 年第一季度收益發布電話會議。 （操作員說明）請注意，今天的通話正在錄音中。

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 2021 Form 10-K and fiscal 2022 8-Ks on file with the SEC.

在我們開始之前，我謹代表 Ross Stores 指出，在本次電話會議上發表的評論將包含有關對未來增長和財務結果的預期的前瞻性陳述，包括銷售和盈利預測、新店開業和其他事項這是基於公司當前對其未來業務方面的預測。這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與歷史業績或當前預期存在重大差異。風險因素包含在今天的新聞稿以及公司在 SEC 備案的 2021 財年 10-K 表和 2022 財年 8-K 文件中。

Now I would like to turn the call over to Barbara Rentler, Chief Executive Officer. Please go ahead, ma'am.

現在我想將電話轉給首席執行官 Barbara Rentler。請繼續，女士。

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

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

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

我們將在今天開始我們的電話會議，回顧我們 2022 年第一季度的業績，然後是我們對第二季度和財政年度的展望。之後，我們很樂意回答您的任何問題。

As noted in today's press release, we are disappointed with our lower-than-expected first quarter results. We knew 2022 would be a difficult year to predict, especially the first half when we were facing last year's record levels of government stimulus and significant customer pent-up demand as COVID restrictions eased. The external environment has also proven extremely challenging as the Russia-Ukraine conflict has exacerbated inflationary pressures on the consumer not seen in 40 years. As a result of these factors, our first quarter results underperformed our expectations.

正如今天的新聞稿所述，我們對低於預期的第一季度業績感到失望。我們知道 2022 年將是難以預測的一年，尤其是上半年，當我們面臨去年創紀錄的政府刺激水平以及隨著 COVID 限制放鬆而被壓抑的大量客戶需求時。事實證明，外部環境也極具挑戰性，因為俄羅斯與烏克蘭的衝突加劇了消費者 40 年來未見的通脹壓力。由於這些因素，我們的第一季度業績低於我們的預期。

Total sales for the first quarter were $4.3 billion with (inaudible) store sales down 7% on top of a robust 13% gain in the first quarter of 2021 that were versus 2019. Earnings per share for the 13 weeks ended April 30, 2022, were $0.97 on net income of $338 million.

第一季度的總銷售額為 43 億美元，在 2021 年第一季度與 2019 年相比強勁增長 13% 的基礎上，（聽不清）商店銷售額下降了 7%。截至 2022 年 4 月 30 日的 13 週每股收益，淨收入為 3.38 億美元，為 0.97 美元。

The quarter includes an approximate benefit of $0.06 per share from the favorable timing of expenses that are expected to reverse in subsequent quarters. These results compared to $1.34 per share on net earnings of $476 million for the 13 weeks ended May 1, 2021.

本季度包括從預計將在隨後幾個季度逆轉的有利開支時機帶來的每股約 0.06 美元的收益。相比之下，截至 2021 年 5 月 1 日的 13 週淨收益為每股 1.34 美元，淨收益為 4.76 億美元。

Men's was the strongest merchandise area during the quarter, while Florida was the top-performing region. dd's DISCOUNTS performance in the first quarter trailed that of Ross, as the significant benefit of last year's stimulus and escalating inflationary pressures had a larger impact on lower income households. At quarter end, total consolidated inventories were up 57% versus the same period in 2021, mainly from higher packaway inventory.

男裝是本季度表現最強勁的商品區域，而佛羅里達是表現最好的區域。 dd 在第一季度的 DISCOUNTS 表現落後於 Ross，因為去年的刺激措施和不斷升級的通脹壓力對低收入家庭的影響更大。季度末，綜合庫存總量較 2021 年同期增長 57%，主要是由於包裝庫存增加。

Packaway merchandise represented 43% of total inventories versus 34% last year when we used a substantial amount of packaway to meet robust consumer demand. Additionally, supply chain congestion eased somewhat during the first quarter, resulting in the early receipt of merchandise that we stored in packaway and will flow to stores later in the year. Average store inventories during the quarter were up, though we still operated with significantly less inventory in store than we did pre-pandemic.

打包商品佔總庫存的 43%，而去年我們使用大量打包商品來滿足強勁的消費者需求時，這一比例為 34%。此外，供應鏈擁堵在第一季度有所緩解，導致我們提前收到了我們儲存在包裝中的商品，並將在今年晚些時候流向商店。本季度的平均商店庫存增加了，儘管我們的商店庫存仍然比大流行前要少得多。

Turning to store growth. Our 2022 expansion program is on schedule with the addition of 22 new Ross and 8 dd's DISCOUNT locations in the first quarter. We remain on track to open a total of approximately 100 locations this year, comprised of about 75 Ross and 25 dd's. As usual, these numbers do not reflect our plans to close or relocate about 10 stores.

轉向商店增長。我們的 2022 年擴張計劃如期進行，第一季度新增了 22 個羅斯和 8 個 dd 的折扣地點。我們今年仍有望開設大約 100 家門店，其中包括約 75 家 Ross 和 25 家 dd。與往常一樣，這些數字並未反映我們關閉或搬遷約 10 家門店的計劃。

Now Adam will provide further details on our first quarter results and additional color on our outlook for the remainder of fiscal 2022.

現在，亞當將提供有關我們第一季度業績的更多詳細信息，以及我們對 2022 財年剩餘時間的展望的更多信息。

Thank you, Barbara. As previously mentioned, our comparable store sales were down 7% for the quarter as average basket growth was more than offset by the decline in transactions versus the prior year. First quarter operating margin of 10.8% was down from 14.2% in 2021, mainly due to the deleveraging effect of the same-store sales decline, along with ongoing cost pressures from higher freight and wages that began to escalate in the second half of 2021.

謝謝你，芭芭拉。如前所述，本季度我們的可比商店銷售額下降了 7%，因為平均購物籃增長被交易量與去年同期相比的下降所抵消。第一季度營業利潤率為 10.8%，低於 2021 年的 14.2%，主要是由於同店銷售額下降的去槓桿效應，以及 2021 年下半年開始上漲的運費和工資上漲帶來的持續成本壓力。

As Barbara commented earlier, the quarter benefited from the favorable timing of expenses, most of which were in gross margin. Cost of goods sold in the first quarter increased by 295 basis points due to a combination of factors. Merchandise margin declined 170 basis points, primarily due to higher ocean freight costs. Domestic freight rose 80 basis points, while occupancy delevered 40 basis points the same-store sales decline. Distribution costs increased 25 basis points, mainly due to wage actions taken last year. These unfavorable items were partially offset by buying expenses that improved by 20 basis points.

正如芭芭拉早些時候評論的那樣，本季度受益於有利的支出時機，其中大部分是毛利率。受多種因素影響，第一季度的商品銷售成本增加了 295 個基點。商品利潤率下降 170 個基點，主要是由於海運成本上升。國內運費上漲 80 個基點，而入住率下降 40 個基點，同店銷售額下降。分銷成本增加了 25 個基點，主要是由於去年採取的工資措施。這些不利的項目被提高了 20 個基點的購買費用部分抵消。

SG&A for the period rose 50 basis points due to higher wages and the deleveraging effect of lower comparable sales. During the first quarter, we repurchased 2.5 million shares of common stock for an aggregate cost of $240 million. We remain on track to buy back a total of $950 million in stock for the year.

由於工資上漲和可比銷售額下降的去槓桿效應，該期間的 SG&A 上升了 50 個基點。在第一季度，我們以 2.4 億美元的總成本回購了 250 萬股普通股。我們仍有望在今年回購總額為 9.5 億美元的股票。

Now let's discuss our outlook for the remainder of 2022. As Barbara noted in today's press release, given our first quarter results and today's increasingly uncertain macroeconomic and geopolitical environment, we believe it is prudent to adopt a more conservative outlook for the balance of the year.

現在讓我們討論一下我們對 2022 年剩餘時間的展望。正如芭芭拉在今天的新聞稿中指出的那樣，鑑於我們的第一季度業績以及當今日益不確定的宏觀經濟和地緣政治環境，我們認為對今年餘下時間採取更為保守的展望是謹慎的.

We are now forecasting comparable sales for the 13 weeks ending July 30, 2022, to decrease 4% to 6%, on top of a very strong 15% gain in the prior year period. Second quarter earnings per share are projected to be $0.99 to $1.07 versus $1.39 last year.

我們現在預測截至 2022 年 7 月 30 日的 13 週的可比銷售額將下降 4% 至 6%，而去年同期則增長了 15%。第二季度每股收益預計為 0.99 美元至 1.07 美元，而去年為 1.39 美元。

Our guidance assumptions for the second quarter of 2022 include the following: Total sales are forecast to decline 1% to 4% versus the prior year. We plan to open 29 locations in the second quarter, including 21 Ross and 8 dd's DISCOUNTS locations. Operating margin for the second quarter is planned to be in the 10.4% to 10.8% range, down from 2021 due to deleverage on lower same-store sales and ongoing expense headwinds that are expected to continue through the first half of 2022.

我們對 2022 年第二季度的指導假設包括以下內容：預計總銷售額將比上年下降 1% 至 4%。我們計劃在第二季度開設 29 個地點，包括 21 個 Ross 和 8 個 dd 的 DISCOUNTS 地點。第二季度的營業利潤率計劃在 10.4% 至 10.8% 的範圍內，低於 2021 年，原因是同店銷售額下降和預計將持續到 2022 年上半年的持續費用逆風的去槓桿化。

Net interest expense is expected to be approximately $15 million. The tax rate is projected to be about 25%, and diluted shares outstanding are expected to be approximately $348 million.

淨利息費用預計約為 1500 萬美元。稅率預計約為 25%，稀釋後的流通股預計約為 3.48 億美元。

For the full year, we are now planning comparable store sales to decline 2% to 4% and earnings per share in the range of $4.34 to $4.58. As Barbara mentioned, this reflects our continued expectation for sales and profitability to improve as we move through the balance of the year.

對於全年，我們現在計劃可比商店銷售額下降 2% 至 4%，每股收益在 4.34 美元至 4.58 美元之間。正如芭芭拉所提到的，這反映了我們對銷售和盈利能力的持續預期，因為我們在今年餘下的時間裡會有所改善。

Now I will turn the call back to Barbara Rentler for closing comments.

現在我將把電話轉回給 Barbara Rentler 以結束評論。

Thank you, Adam. Looking ahead, while the landscape in early 2022 has been tougher than expected, and the year may prove to be more difficult than initially anticipated, we remain confident in our ability to successfully navigate through this period.

謝謝你，亞當。展望未來，雖然 2022 年初的形勢比預期的要艱難，而且這一年可能會比最初預期的更加艱難，但我們仍然對成功度過這一時期的能力充滿信心。

We have shown in the past that our value-focused business model has served us well in both healthy and more uncertain external climates, and believe the current challenging conditions will be no different. Despite the slower-than-expected start to 2022, we operate in an attractive sector of retailing. Our mission continues to be delivering the best bargains possible to leverage our favorable market position.

我們過去已經表明，我們以價值為中心的商業模式在健康和更加不確定的外部環境中都為我們提供了良好的服務，並且相信當前的挑戰條件也不例外。儘管 2022 年的開局慢於預期，但我們在一個有吸引力的零售行業運營。我們的使命是繼續提供最優惠的價格，以利用我們有利的市場地位。

As demonstrated by our long successful track record, we believe our steadfast focus on the execution of this core strategy will be the key driver of our success.

正如我們長期成功的記錄所證明的那樣，我們相信我們堅定不移地專注於執行這一核心戰略將是我們成功的關鍵驅動力。

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

在這一點上，我們想打開電話並回答您可能遇到的任何問題。

(Operator Instructions) Your first question comes from the line of Kimberly Greenberger with Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Kimberly Greenberger。

Great. Barbara, I wanted to ask about product and merchandise execution. Could you just comment on how you feel the team is executing in merchandising? And how did merchandise margin perform here in the quarter, if you exclude, let's say, inbound freight and domestic transportation costs? Are there any pockets of inventory where you wish you had a little bit more and how in aggregate are you feeling about your overall inventory position?

偉大的。芭芭拉，我想問一下關於產品和商品執行的問題。您能否評論一下您認為團隊在商品銷售方面的執行情況？如果排除入境運費和國內運輸成本，本季度商品利潤率的表現如何？是否有任何您希望擁有更多庫存的口袋，以及您對整體庫存狀況的總體感覺如何？

And Barbara, this is Adam. I can jump in on the merchandise margin question, and then throw it back to you.

還有芭芭拉，這是亞當。我可以跳到商品保證金問題上，然後把它扔給你。

So Kimberly merchandise margin, as stated in the comments, has dropped 170 basis points versus last year. But we would have been flat versus last year's significant gain without the impact of ocean freight.

因此，正如評論中所述，金佰利商品利潤率與去年相比下降了 170 個基點。但如果沒有海運的影響，我們將與去年的顯著增長持平。

In terms of -- let's start with the pockets of inventory in aggregate. At this stage, Kimberly, in the market, there's a lot of availability. And it's very broad based, whether it's in home or whether it's in apparel, there's a lot of supply out there. So I wouldn't really say that there are problems in any pockets of inventory that we have.

就 - 讓我們從總體庫存開始。在這個階段，金佰利，在市場上，有很多可用性。而且它的基礎非常廣泛，無論是在家中還是在服裝中，都有很多供應。因此，我不會真的說我們擁有的任何庫存口袋都存在問題。

In terms of execution and product and merchandise, here's what I would say. I would say that we didn't execute at the level that we're capable of. We're digging into the business now. and we feel that we can improve the assortments and we can improve our execution.

在執行以及產品和商品方面，這就是我要說的。我會說我們沒有達到我們能夠達到的水平。我們現在正在深入研究業務。我們認為我們可以改進分類，我們可以改進我們的執行。

So at this point, it's really about us. It's about us taking different actions in some of our assortments overall, I would say.

所以在這一點上，它真的是關於我們的。我想說，這是關於我們在某些分類中採取不同的行動。

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

您的下一個問題來自與 Baird 的 Mark Altschwager。

Obviously, a very tough environment out there, especially for lower-income consumers. We've heard from other retailers that the initial shock of inflation following Russia and Ukraine led to a pause. Curious if you've seen any notable change in trend, a positive change in trend as you move through April and into May?

顯然，那裡的環境非常艱難，尤其是對於低收入消費者而言。我們從其他零售商那裡聽說，繼俄羅斯和烏克蘭之後的最初通脹衝擊導致了暫停。好奇你是否看到了任何顯著的趨勢變化，在你從四月到五月的趨勢中發生了積極的變化？

And then bigger picture, Ross has navigated weaker economic environments in the past, benefited from the trade down to value. Just how do you view the potential for that as the year unfolds?

然後從更大的角度來看，羅斯過去曾經歷過較弱的經濟環境，並從貿易降價中受益。隨著時間的推移，您如何看待這種潛力？

Mark, it's Michael Hartshorn. On our trend during the quarter, ours was we -- following a fairly strong start to the period -- the start to the quarter, for us, sales underperformed over the balance of the quarter. And I think, most importantly, there was us anniversarying the government stimulus and customer pent-up demand last year. We also didn't see a pickup during Easter that we had planned into the business. And we wouldn't comment on inter-quarter trends at this point.

馬克，我是邁克爾·哈特肖恩。在本季度的趨勢中，我們的趨勢是——在本季度開局相當強勁之後——本季度的開始，對我們來說，銷售額在本季度的剩餘時間裡表現不佳。我認為，最重要的是，去年我們紀念了政府的刺激措施和客戶被壓抑的需求。我們也沒有在復活節期間看到我們計劃進入業務的皮卡。在這一點上，我們不會評論季度間的趨勢。

On the trade-down customer, it's hard to say. Obviously, with higher fuel and food prices, discretionary spending for the lower-end customer is being squeezed. We saw customers at both chains pull back on spending in the first quarter.

關於以舊換新的客戶，很難說。顯然，隨著燃料和食品價格上漲，低端客戶的可自由支配支出受到擠壓。我們看到兩家連鎖店的客戶在第一季度都縮減了支出。

In terms of trade down, the best proxy we would have, although every recession is different, would be 2008, when the fall of 2008 was very difficult and we started to see some improvement in the first half of 2009.

就貿易下降而言，儘管每次衰退都不同，但最好的替代指標是 2008 年，當時 2008 年秋季非常艱難，我們在 2009 年上半年開始看到一些改善。

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

您的下一個問題來自美國銀行的 Lorraine Hutchinson。

I wanted to follow up on your comment, Barbara, that sales and profitability -- within your guidance, sales and profitability will improve as the year progresses. Can you just provide us with just some context on what gets you comfortable, especially on the top line, that things will improve as the year goes on?

我想跟進你的評論，芭芭拉，銷售和盈利能力——在你的指導下，銷售和盈利能力將隨著時間的推移而提高。您能否向我們提供一些讓您感到舒適的背景信息，尤其是在頂線上，隨著時間的推移情況會有所改善？

Lorraine, on the top line, the guidance assumes a fairly steady pace. In the fourth quarter, we know -- for instance, we have opportunity because we're up against Omicron, and we had supply chain congestion that we know we lost business in the fourth quarter last year.

Lorraine，最重要的是，該指導假設一個相當穩定的步伐。在第四季度，我們知道——例如，我們有機會，因為我們要對抗 Omicron，而且我們知道我們在去年第四季度失去了業務的供應鏈擁堵。

In terms of profitability, as we said, when we started the year, we do have -- we did make wage increases in the back half of 2021. And we also -- that is also where we started to see the freight increases. So the guidance assumes that we lap those increases from last year. sales. We haven't changed our expense assumptions. When we came into the year, we thought we had a good grasp on freight, ocean freight wages. And the only thing that's slightly changed there is fuel, but we've been able to offset those in other costs in the business. So the updated guidance really is a sales flow through.

正如我們所說，就盈利能力而言，當我們年初時，我們確實 - 我們確實在 2021 年下半年增加了工資。而且我們 - 這也是我們開始看到運費增加的地方。因此，該指南假設我們與去年相比增加了這些增長。銷售量。我們沒有改變我們的費用假設。當我們進入這一年時，我們認為我們對運費，海運工資掌握得很好。唯一略有變化的是燃料，但我們已經能夠抵消業務中的其他成本。因此，更新後的指南確實是一個銷售流程。

And Lorraine, in terms of the assortment, what happened last year is that merchandise slid, as I'm sure it did for all retailers. Different product categories created real gaps in the assortment. So as you get into fall and the inventories catch up with where those gaps were, gives you the certain businesses that the performance should be better.

Lorraine，就品種而言，去年發生的事情是商品下滑，我相信所有零售商都會出現這種情況。不同的產品類別在分類中造成了真正的差距。因此，當您進入秋季並且庫存趕上這些差距時，您會發現某些企業的表現應該會更好。

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

您的下一個問題來自摩根大通的 Matthew Boss。

So Barbara, on the magnitude of the comp slowdown as the quarter progressed, I guess, were there any notable changes by category or specific geographical call-outs as you dissect the first quarter? And then just looking back, if we take maybe a broader picture thought process, are there any time frames that you'd compare the magnitude of this sharp slowdown? How many quarters or how long did it take for your model to respond? Just kind of thinking about the duration in the past, and then the subsequent improvement that you're baking in as the year progresses?

所以芭芭拉，關於隨著季度進展的競爭放緩幅度，我猜，在您剖析第一季度時，按類別或特定地域分類是否有任何顯著變化？然後回顧一下，如果我們採取更廣泛的思維過程，是否有任何時間框架可以比較這種急劇放緩的幅度？您的模型需要多少個季度或多長時間才能做出響應？只是想想過去的持續時間，然後隨著時間的推移你正在烘焙的後續改進？

In terms of a slowdown, Michael, from one quarter to another, I can't really think of a period of time were we baked in that other than in 2016, where we had difficulty in the ladies business, where we had a slowdown...

就放緩而言，邁克爾，從一個季度到另一個季度，除了 2016 年，我們在女士業務上遇到困難，我們經歷了放緩，我真的想不出有一段時間我們在那個時期內陷入困境。 ..

Yes. I mean, Matthew, we knew there was going to be a slowdown, at least on a comp level with all the government stimulus that came out last year. So we had actually planned that in the business and also with the customer pent-up demand as COVID restrictions ease.

是的。我的意思是，馬修，我們知道會出現放緩，至少在與去年出台的所有政府刺激措施的比較水平上。因此，我們實際上已經在業務中計劃了這一點，並且隨著 COVID 限制的放鬆，客戶被壓抑的需求也是如此。

So even in our initial guidance, the low end of the range was a minus 4, so we missed that by about 3 points. In terms of where in the business has slowed down, it was pretty broad-based. We did see pockets of opportunity. If you look at our larger markets, Texas and Florida outperformed. We had expected, as the border opened up, that we'd see improvement there. We, in fact, did in Florida as tourism and travel started to increase. We had planned increases there, and we saw improvement.

因此，即使在我們最初的指導中，該範圍的下限也是負 4，所以我們錯過了大約 3 個點。就業務放緩的地方而言，它的基礎非常廣泛。我們確實看到了一些機會。如果您查看我們更大的市場，德克薩斯州和佛羅里達州的表現優於其他市場。我們曾預計，隨著邊境的開放，我們會看到那裡有所改善。事實上，隨著旅遊業和旅行開始增加，我們在佛羅里達州也是這樣做的。我們計劃在那裡增加，我們看到了改進。

And then in terms of the assortment, apparel outperformed home. We were up against very large comps in home in Q1. And so that's really where we saw a large difference in performance.

然後在分類方面，服裝的表現優於家庭。在第一季度，我們在國內遇到了非常大的比賽。所以這確實是我們看到性能差異很大的地方。

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

您的下一個問題來自瑞士信貸的 Michael Binetti。

So I guess as we look at the quarter on paper, this is -- it looks pretty far from where we were on the narrative in early April. I think there's been a pretty consistent narrative that you felt good on inventory. And I think you felt like it came in the spring with the right mix of goods for the categories. The consumer is clearly drawing the line between wanting back-office apparel dresses for women, those kinds of things. So it does sound like demand was the issue.

因此，我想當我們在紙上查看該季度時，這看起來與我們在 4 月初的敘述相去甚遠。我認為有一個相當一致的敘述，你對庫存感覺很好。而且我認為您覺得它是在春季為這些類別提供了正確的商品組合。消費者顯然是在想要為女性提供後台服裝服飾之類的東西之間劃清界限。所以聽起來需求確實是個問題。

I think you did, however, talk about, in the initial guidance, an acceleration through the year. And I think at the time, one of the inputs was, by 2Q last year, on stimulus kind of cleaned out some of the inventory, You were in chase mode on some real meat and potatoes items that were just stocked out. And I think that fueled a lot of your optimism baked into year.

但是，我認為您確實在最初的指導中談到了全年的加速。我認為當時，其中一個投入是，到去年第二季度，刺激措施清理了一些庫存，你在追逐一些剛剛缺貨的真正的肉類和土豆商品。我認為這助長了你對這一年的樂觀情緒。

So it seems like the demand line has changed quite a bit here, and that just having inventory may not be sufficient at this point. But how do you true that up and bring that forward and say, "Look, we were missing some categories a year ago in 2Q versus the expectation for sales to continue to be very, very slow here in the second quarter?"

因此，這裡的需求線似乎發生了很大變化，此時僅擁有庫存可能還不夠。但是您如何實現這一點並提出這一點並說：“看，我們在一年前的第二季度錯過了一些類別，而預期第二季度的銷售將繼續非常非常緩慢？”

Michael, I would just say overall, I mean, it serves us well to be given our underperformance in Q1 to be cautious with the rest of the year. And that's why you saw us bring down the guidance.

邁克爾，我只想說總體而言，我的意思是，鑑於我們在第一季度的表現不佳，對今年剩餘時間保持謹慎對我們很有幫助。這就是為什麼你看到我們降低了指導。

And that's true from buying inventory to running the company with lower expenses. So we'll see how it plays out. I mean it's very uncertain out there. The inflationary environment was much more than we expected when we entered the year, and we're going to put ourselves in a position to chase business and to chase trends, and we think that will allow us to maximize our potential in this environment.

從購買庫存到以較低的費用運營公司都是如此。所以我們將看看它是如何發揮作用的。我的意思是那裡非常不確定。進入這一年時，通脹環境比我們預期的要多得多，我們將把自己置於追逐業務和追逐趨勢的位置，我們認為這將使我們能夠在這種環境中最大限度地發揮我們的潛力。

And as we dig into the opportunities of the businesses that we did miss and that we didn't have last year, that would be part of what we're looking at to improve the business. So making the shift in your example into more address versus casual and making the appropriate move. So we're digging into that piece now.

當我們深入挖掘我們錯過的以及去年沒有的業務機會時，這將是我們正在尋求改善業務的一部分。因此，將您的示例轉變為更多的地址而不是隨意的，並做出適當的舉動。所以我們現在正在深入研究那部分。

Okay. And can I -- if I could follow that. Is it safe to say the AUR strategy you might have rolled it back a little bit, given some of the commentary we've heard across the space at this point? And it sounds like a sharper focus on value versus what you were thinking from the consumer?

好的。我可以 - 如果我能遵循這一點。考慮到我們在這一點上聽到的一些評論，可以肯定地說 AUR 策略你可能已經回滾了一點嗎？這聽起來像是更關注價值而不是你從消費者那裡想到的？

Sure. The AUR strategy, we strategically increased prices. So we didn't do it just straight across the board. So what we really did was make sure that the appropriate price separation from traditional retailers. And so we monitor that very, very closely.

當然。 AUR 策略，我們策略性地提高價格。因此，我們並沒有直接全面地做到這一點。所以我們真正做的是確保與傳統零售商進行適當的價格分離。所以我們非常非常密切地監控。

And so the merchants can see on the term line every single week, whether something is working or not. And so that piece will continue to do in both companies really with a high focus on value, right? So that a slightly higher AUR might be a very strong value based on what's going on in the rest of the world. So I think the value equation, to your point, is really what our customer looks for and comes to expect from us. And so we are highly focused on the value equation.

因此，商家可以每週在術語行上查看某項是否有效。所以這塊將繼續在兩家公司中繼續做，真正高度關注價值，對吧？因此，根據世界其他地區的情況，稍高的 AUR 可能是一個非常強的值。所以我認為，就你的觀點而言，價值等式確實是我們的客戶尋找並期望從我們這裡得到的。因此，我們高度關注價值等式。

But that doesn't mean that potentially an AUR could be higher. So they're not mutually exclusive. It could be both ways. You really have to know where and what.

但這並不意味著潛在的 AUR 可能會更高。所以它們不是相互排斥的。這可能是兩種方式。你真的必須知道在哪里和什麼。

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

您的下一個問題來自 Chuck Grom 與 Gordon Haskett 的對話。

It seems like the buying environment is about to turn from just okay to potentially extremely good, given where retail inventory levels are going to exit the first quarter, particularly in home. So I'm curious how quickly the merchant buying teams can take advantage of this? And have you baked any of that into the guide for 2Q and beyond?

鑑於零售庫存水平將在第一季度退出，尤其是在國內，採購環境似乎即將從還好轉為可能非常好。所以我很好奇商家購買團隊能多快利用這一點？您是否將其中的任何內容納入 2Q 及以後的指南？

Well, the merchants can take advantage of the closeout opportunities as they become available. And there are closeouts in home, and that's more unusual than it is in apparel. Supply lines right now are very broad-based based of all the things that you know. Goods coming in early. People bringing in fall early. So it's kind of all collided at the same time into the marketplace, But the merchants can take advantage of that as quickly as possible, if it's the right merchandise and right product. So there's nothing in their way to keep them from doing that.

好吧，商家可以利用平倉機會，因為它們變得可用。家裡有清倉，這比服裝更不尋常。現在的供應線非常廣泛，基於你所知道的所有事情。貨物早到。秋天來的人早。所以它有點同時進入市場，但商家可以盡快利用這一點，如果它是正確的商品和正確的產品。所以沒有什麼可以阻止他們這樣做。

And we -- on your question on the guidance, we have not built any upside on that into our guidance.

我們 - 關於你關於指導的問題，我們沒有在指導中建立任何好處。

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

您的下一個問題來自富國銀行的 Ike Boruchow。

Just 2 quick ones. Just on the merchandise margin in the quarter, so 170 was fully ocean freight. Can you -- based on the contracts and the visibility you have, what should that headwind kind of look like big picture or specific as you can get -- as we move into Q2 and beyond?

只有2個快速的。僅在本季度的商品利潤率上，所以 170 完全是海運。你能否——根據合同和你所擁有的知名度，當我們進入第二季度及以後，逆風應該是什麼樣子？

And then to Michael's question on AUR, can you kind of help us with the inventory? I mean, it looks heavy, but it's hard to kind of read between the lines sometimes. Are you guys comfortable with your inventory position? Do you see a need to maybe need to clear more product in Q2? Just trying to make -- trying to understand where exactly your comfort is on the inventory you guys right now?

然後是邁克爾關於 AUR 的問題，你能幫我們整理一下庫存嗎？我的意思是，它看起來很重，但有時很難在字裡行間讀懂。你們對自己的庫存狀況感到滿意嗎？您是否認為需要在第二季度清除更多產品？只是試圖製造——試圖了解你們現在在庫存中的舒適度到底在哪裡？

I'll start with the -- your last question first on inventory there. So overall, the growth in inventories was really packaway. We ended with 43% of the 34% last year. And if you can remember from last year, we used a substantial amount of that packaway to backstop the demand we saw at the end of the first quarter when the stimulus came out. So the 34% was lower than our historical levels.

我將從您的最後一個問題開始，首先是關於那裡的庫存。因此，總體而言，庫存的增長確實是一攬子計劃。我們以去年 34% 的 43% 結束。如果你還記得去年的情況，我們使用了大量的包裝來支持我們在第一季度末刺激措施出台時看到的需求。所以 34% 低於我們的歷史水平。

The second piece relates to supply chain congestion. When we came into the year, we planned longer lead times based on what we saw in the fourth quarter. So what that meant for us, for businesses where we directly import mainly in home, what happened in Q1 is the supply chain eased somewhat and we received early second quarter goods in home, and we stored them in packaway and will flow them later in the year.

第二部分與供應鏈擁塞有關。當我們進入這一年時，我們根據我們在第四季度看到的情況計劃了更長的交貨時間。那麼這對我們來說意味著什麼，對於我們主要在國內直接進口的企業來說，第一季度發生的情況是供應鏈有所緩解，我們在國內收到了第二季度初的貨物，我們將它們儲存在包裝箱中，稍後將在年。

As far as in-store inventories, we operated up from last year, but remember, again, they were lower than we had anticipated with the frenzy demand, but well below 2000 pre-pandemic levels. And so I would say, overall, we're happy with our overall inventory levels.

就店內庫存而言，我們比去年有所增加，但請記住，它們再次低於我們對狂熱需求的預期，但遠低於大流行前 2000 年的水平。所以我想說，總的來說，我們對我們的整體庫存水平感到滿意。

Yes. And touching on the ocean freight question, they will remain elevated throughout the balance of 2022. But as we anniversary that spike that we had in the second half last year, they remain elevated, but improve through the balance of the year.

是的。談到海運問題，它們將在整個 2022 年餘下時間保持高位。但當我們紀念去年下半年的峰值時，它們仍然處於高位，但在今年餘下時間有所改善。

And on the domestic freight side, as Michael commented, fuel costs are higher than our expectations at the beginning of the year, but we've offset that in the guidance that we've provided to you. And by the second half, we don't really -- we don't see any pressure on domestic freight.

正如邁克爾所說，在國內貨運方面，燃料成本高於我們年初的預期，但我們在提供給您的指導中已經抵消了這一點。到下半年，我們真的沒有 - 我們沒有看到國內貨運有任何壓力。

In terms of packaway, we're very comfortable with the content specifically also.

在打包方面，我們也對內容非常滿意。

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

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

A few quick ones, if possible. Do you know inventory growth in units versus dollars? And then what the freight costs generally are ocean versus domestic?

如果可能的話，一些快速的。您知道單位與美元的庫存增長嗎？然后海運成本一般是海運還是國內？

We wouldn't give you the unit growth. That's not something we disclose.

我們不會給你單位增長。這不是我們透露的。

Okay. And freight costs, just ocean versus domestic in general?

好的。和運費，一般來說只是海運還是國內？

Can you repeat the question?

你能重複一下這個問題嗎？

If you think about your total freight costs, just roughly, what is the ocean versus domestic breakdown? So what percentage of your freight costs tend to be ocean versus domestic?

如果您考慮一下您的總運費，粗略地說，海運與國內的細分是多少？那麼您的運費成本中海運成本與國內成本的百分比是多少？

We don't disclose that externally.

我們不會對外披露。

Okay. All right. And I'll try one last one then. I think you talked about deleverage. What do you -- can you -- what do you expect for SG&A dollar growth to look like for the year, built into that or embedded in the comments you gave?

好的。好的。然後我會嘗試最後一個。我想你談到了去槓桿化。您對今年的 SG&A 美元增長有什麼期望，或者嵌入在您給出的評論中嗎？

Could you repeat that question?

你能重複那個問題嗎？

Embedded -- yes, sure. So embedded in the full year guide, just how are you thinking about SG&A dollar growth?

嵌入式——是的，當然。如此嵌入全年指南，您如何看待 SG&A 美元的增長？

I don't know. Can we -- why don't we call you after the call and get specific modeling questions for you?

我不知道。我們可以——為什麼不在電話會議後給您打電話並為您解答具體的建模問題？

Sounds good.

聽起來不錯。

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

您的下一個問題來自 Barclays 的 Adrienne Yih。

Barbara, I wanted to dig into the comment on kind of redirecting or reallocating some of the penetration. What is or was home penetration during the quarter maybe versus ladies apparel? Because I'm assuming that, that apparel piece was the stronger piece of it. And then secondly, how are store traffic trends over the pacing over the quarter? If you can help us with those 2, that would be great.

芭芭拉，我想深入了解有關重定向或重新分配某些滲透的評論。與女士服裝相比，本季度的家居滲透率是多少？因為我假設那件衣服是其中更堅固的部分。其次，本季度的商店客流量趨勢如何？如果你能幫助我們解決這兩個問題，那就太好了。

In terms of overall home apparel, I think Barbara mentioned home was up against very strong comps last year. Adrienne, we also talked a little bit about the trend, and that was similar for traffic. And that we had a strong that dropped in later in the quarter as we started to anniversary the stimulus and also customer pent-up demand.

就整體家居服裝而言，我認為芭芭拉提到的家居在去年與非常強大的組合進行了對抗。 Adrienne，我們還談到了一些趨勢，流量也是類似的。當我們開始紀念刺激措施以及客戶被壓抑的需求時，我們的強勁勢頭在本季度晚些時候下降。

Okay.

好的。

And home penetration is around 25% of the company's stock.

家庭滲透率約占公司股票的 25%。

Similar to pre-pandemic in that range. And then I guess on packaway, so there's a portion of the packaway. So the number, I think, if I got it correctly, was 43% at the end of this quarter. Some of that is obviously the early receipts in Home Goods.

類似於該範圍內的大流行前。然後我猜是在打包，所以有一部分打包。因此，我認為，如果我計算正確的話，這個數字在本季度末是 43%。其中一些顯然是家居用品的早期收據。

Were you able to take advantage of any of the unfavorable kind of transition to spring? And I know you don't have a large exposure to the Northeast, but picking up some of those goods off of Northeast retailers. We've seen this happen in the past for you, where that short really does work to your benefit as you redeploy it in 2Q? Is that an opportunity?

您是否能夠利用任何不利的春天過渡？而且我知道您在東北地區的曝光率並不高，但會從東北零售商那裡購買其中一些商品。我們在過去已經看到這種情況發生在你身上，當你在第二季度重新部署它時，那個短片真的對你有利嗎？這是一個機會嗎？

I think that doesn't just come from Northeast retailers. I think there's a lot of spring goods that came into the country and spring -- last fall, plus early spring, kind of all collided and came into the country pretty much at the same time. So part of it, I'm sure, comes from Northeast retailers. And part of it just comes in from the supply that came into the country as the congestion eased all at the same time. And we've been able to buy appropriately the things we want in spring products. So yes, there will be spring products that we can use from Q1 into Q2.

我認為這不僅僅來自東北零售商。我認為有很多春季商品進入了這個國家和春天——去年秋天，加上早春，幾乎同時進入這個國家。我敢肯定，其中一部分來自東北零售商。其中一部分只是來自隨著交通擁堵同時緩解而進入該國的供應。我們已經能夠在春季產品中適當地購買我們想要的東西。所以是的，我們可以從第一季度到第二季度使用彈簧產品。

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

您的下一個問題來自帶有零售追踪器的 Marni Shapiro。

One clarification. I think someone on the call mentioned you did not see the lift around Easter that you normally do. And I was curious if that was related to traffic or assortment? I'm just trying to think it through to other holidays that are coming up and the more traditional cadence of retail business getting back to where it was.

一澄清。我想有人在電話中提到你沒有看到你通常看到的複活節前後的電梯。我很好奇這是否與流量或分類有關？我只是想把它考慮到即將到來的其他假期，以及更傳統的零售業務節奏回到原來的位置。

And then if you could just talk a little bit about any excess you have going into the second quarter? Will it be liquidated in the second quarter? Or is it current enough that it doesn't have to be marked down? And is this contemplated in the operating margin guidance?

然後，如果你能談談你進入第二季度的任何過剩情況？會在第二季度清算嗎？或者它是否足夠最新以至於不必降價？營業利潤率指南是否考慮到了這一點？

Marni, on the inventory, we actually ended with store inventory where we wanted them. So there isn't any liquidation past the first quarter.

Marni，在庫存上，我們實際上以我們想要的商店庫存結束。因此，第一季度之後沒有任何清算。

And then on Easter -- I commented earlier on Easter, and that was versus our expectations. Typically, when there's a later Easter, you have less weather. So we missed our own expectations there in our plan.

然後在復活節——我早些時候評論了復活節，這與我們的預期相反。通常，當複活節較晚時，天氣會變少。所以我們在計劃中錯過了自己的期望。

Well, I'm just curious, do you think -- was that -- because overall traffic was lower? Or was it the assortments? Do you think it was more specific to just traffic in general and the late Easter or the assortments that you had in place for Easter?

好吧，我只是好奇，你認為 - 是不是 - 因為整體流量較低？或者是品種？你認為它更具體地只針對一般交通和復活節後期，還是你為複活節準備的分類？

What you would define...

你會定義什麼...

I think -- go ahead.

我想——繼續。

.As the Easter assortments, Marni, dresses, dress shoes, children, children's dresses, that's just -- we're fine.

.作為複活節的分類，Marni，連衣裙，正裝鞋，兒童，兒童連衣裙，這只是 - 我們很好。

So that -- we're just fine.

所以——我們很好。

So that was fine. So you had the lift for that, but the overall traffic lift, as people kind of have a little bit of time off or holidays coming up, that you didn't see?

所以那很好。所以你有電梯，但整體交通電梯，因為人們有點休息或假期即將到來，你沒有看到？

I would say, overall, the traffic is probably a large function of the consumer being squeezed with inflation.

我想說，總的來說，流量可能是消費者受到通貨膨脹擠壓的一個重要原因。

Your next question comes from the line of Anisha Sherman with Bernstein.

您的下一個問題來自與 Bernstein 的 Anisha Sherman。

I have two, please. So I'm trying to square the model of your FY guide versus the Q2 guide, implies that you're modeling about flat comps in the second half of the year. And I'm trying to square that with your view of you're lapping, I mean, gaps last year, so you should be able to pick up more in the back half of the year.

我有兩個，請。因此，我試圖將您的 FY 指南與 Q2 指南的模型平方，這意味著您正在為下半年的扁平化建模。我正試圖將這一點與你對你的看法保持一致，我的意思是，去年的差距，所以你應該能夠在今年下半年獲得更多。

So how does that square with the view of flat comps? And then my next question is around packaway. So you picked up a lot of packaway in Q4. When does that start to flow through? Is that fall/winter assortment that we should start to see that margin benefit from that flowing through in the second half?

那麼從平面組合的角度來看，它是如何形成的呢？然後我的下一個問題是關於打包的。因此，您在第四季度獲得了很多打包服務。那什麼時候開始流過？是不是我們應該開始看到下半年的利潤會從秋冬系列中受益？

On the back half, that it does include our easiest compare in the fourth quarter. So fourth quarter would be the stronger comp. On packaway, on average, packaway, we hold it for about 4 months. So that's the way you should think about the timing in when we typically flow goods.

在後半部分，它確實包括我們在第四季度最簡單的比較。所以第四季度將是更強的競爭。在packaway，平均而言，packaway，我們持有它大約4個月。所以這就是你應該考慮我們通常流動貨物的時間的方式。

But just to follow up on the packaway. So if you -- the packaway that you're picking up in Q4, most of that will have already flowed through. Is that right?

但只是為了跟進打包。因此，如果您 - 您在第四季度收到的包裹，其中大部分將已經流過。是對的嗎？

It depends on the product. So the packaway that we picked up in Q4, so you're thinking it's like outerwear. So we feel with outwear...

這取決於產品。所以我們在第四季度拿起的包裝，所以你認為它就像外套。所以我們覺得外套...

Yes. Seasonal,

是的。季節性，

Is seasonal. That packaway would obviously ship from the vendor when -- at the end of December, let's say, and would release in the fall season. But if you get -- there are other classifications of products like denim, like fleece, like knits or parts of home that are seasonless, that can flow all along. So that can flow in Q1, can flow in Q2. A lot of packaway products are seasonless. So depending on the product itself.

是季節性的。那個包裝顯然會在 12 月底從供應商處發貨，比方說，並會在秋季發布。但如果你知道——還有其他分類的產品，如牛仔布、羊毛、針織品或無季節的家居用品，可以一直流動。這樣可以在 Q1 中流動，可以在 Q2 中流動。很多打包產品是無季節的。所以要看產品本身。

Your next comes from the line of Dana Tesley with Tesley Advisory.

您的下一個來自與 Tesley Advisory 的 Dana Tesley。

Last quarter, we had talked about taking price. Where are we in that journey given the slowdown? Is that being adjusted at all? What are you seeing? And how does it differ for dd's versus the Ross brand?

上個季度，我們談到了價格。鑑於經濟放緩，我們在這段旅程中處於什麼位置？是不是完全在調整？你在看什麼？ dd's 與 Ross 品牌有何不同？

Sure. So as we've talked about before, we started to increase some of our AURs. Keeping in mind that it has to be the appropriate value separation from traditional retailers -- and in both companies. And we're strategically doing it. It's not just straight across the board and obviously examining that very closely, does it make sense or not? And you can do that simply by how quickly the goods turn and the markdown rate.

當然。因此，正如我們之前談到的，我們開始增加一些 AUR。請記住，它必須是與傳統零售商以及兩家公司的適當價值分離。我們正在戰略性地這樣做。這不僅是全面的，而且顯然非常仔細地檢查，這是否有意義？你可以簡單地通過貨物周轉速度和降價率來做到這一點。

So the merchants are managing that every week, while they're going through their selling. And then we're reviewing it, obviously, at a higher level to make sure that, that hasn't been an issue. But in both companies, and particularly in dd's, where the customer is very price sensitive, we really look at that at a pretty low level.

因此，商家每週都會在進行銷售時進行管理。然後我們顯然會在更高級別對其進行審查，以確保這不是問題。但在這兩家公司，尤其是 dd's，客戶對價格非常敏感，我們真的把它看得很低。

Got it. And then just the health of your consumer, what are you seeing there? And how do you define the household income of dd's and Ross customers?

知道了。然後只是消費者的健康，你在那裡看到了什麼？您如何定義 dd 和 Ross 客戶的家庭收入？

Sure. On the -- first of all, our overall customer is very broad, age-wise, ethnicity, and income-wise. On average, the Ross customer makes between 60. Household income, 60 to 65, and the dd's customer is south of that in the $40,000, $45,000 range.

當然。首先，我們的整體客戶非常廣泛，年齡，種族和收入方面。平均而言，Ross 客戶的收入在 60 到 65 歲之間。家庭收入在 60 到 65 歲之間，而 dd 的客戶則在 40,000 美元到 45,000 美元之間。

But I would say the health of our customer, they're being food and fuel prices with inflation there, means they have less to spend on discretionary items.

但我想說的是，我們客戶的健康狀況是食品和燃料價格以及通貨膨脹，這意味著他們在可自由支配的物品上花費的錢更少。

And then just lastly, as you think about the real estate portfolio, so then keep maintaining the same level of new store openings. Is there anything that would make you adjust your rate of new store openings? Or given that's a glide path for the future, no adjustment in the strong balance sheet that you have? How do you think of that real estate portfolio?

最後，當您考慮房地產投資組合時，請繼續保持新店開張的相同水平。有什麼可以讓你調整新店開張率的嗎？或者考慮到這是未來的一條滑道，你擁有的強勁資產負債表沒有調整？您如何看待該房地產投資組合？

Yes. At this point, Dana, we wouldn't change our glide path. We're planning to open 100 this year, and we will execute to that. And then we'll revisit our long-term plans. But we think there's market share available. We think there's market share opportunities.

是的。在這一點上，達娜，我們不會改變我們的滑翔路線。我們計劃今年開 100 家，我們會執行的。然後我們將重新審視我們的長期計劃。但我們認為有可用的市場份額。我們認為有市場份額機會。

We think value will becoming increasingly important for the customer as it has over the last number of years. And we think we have a great opportunity ahead of us. So we would continue with our store opening plan.

我們認為價值對客戶來說將變得越來越重要，就像過去幾年一樣。我們認為我們面前有一個很好的機會。所以我們將繼續我們的開店計劃。

(Operator Instructions) Your next question comes from the line of Laura Champine with Loop Capital.

（操作員說明）您的下一個問題來自於 Loop Capital 的 Laura Champine。

I'm wondering if weather had an impact on your comp this quarter? The strength of Florida would seem to point to that, but the comment that the comp decelerated as the quarter progressed sort of fights against that theory.

我想知道本季度天氣是否對您的比賽有影響？佛羅里達州的實力似乎表明了這一點，但是隨著季度的進展，比賽減速的評論有點反對這一理論。

Laura, the weather did not have a material impact on the business in the quarter.

勞拉，天氣並沒有對本季度的業務產生重大影響。

How are your more mature markets, like some of the California markets holding up relative to the whole?

你的更成熟的市場，比如加州的一些市場，相對於整體而言如何？

California was relatively in line with the chain. And then of our bigger markets, which you mentioned, Texas improved

加州相對符合這條鏈條。然後在你提到的我們更大的市場中，德克薩斯州有所改善

Your next question comes from the line of Mauricio Serna with UBS.

您的下一個問題來自瑞銀集團的毛里西奧·塞爾納 (Mauricio Serna)。

I was wondering if you could comment on the diversion and performance between Ross stores and the dd's DISCOUNTS? Curious one-on-one began slowing down earlier than the other? And then maybe about a question on the second half. If I'm looking into the numbers, it implies roughly second think it also implies double-digit EPS growth. So I'm wondering like what are the puts and takes there to drive the EPS growth in the second half of the year?

我想知道你是否可以評論一下羅斯商店和dd's DISCOUNTS之間的轉移和表現？好奇的一對一比其他人更早開始減速？然後也許是關於下半場的一個問題。如果我正在研究這些數字，這意味著大致第二個認為它也意味著兩位數的每股收益增長。所以我想知道在下半年推動每股收益增長的看跌期權是什麼？

On dd's, dd's did trail Ross, but they were up against stronger gains last year, especially with the government stimulus that has an outsized impact on that consumer and also last year's stimulus, with -- at their income levels, they were also more impacted by inflation than the Ross customer.

在 dd's 上，dd's 確實落後於羅斯，但他們去年的漲幅更大，尤其是在政府刺激措施對該消費者產生巨大影響的情況下，以及去年的刺激措施，在他們的收入水平上，他們也受到了更大的影響通過通貨膨脹比羅斯客戶。

Yes. And later in the year, profitability improvement really on that flattish sales. We're going to go up against the anniversary of not only the wage side of it, but also domestic and ocean freight costs. So we'll anniversary those significant increases versus last year. So that's really providing the lift that you're seeing in the model.

是的。而在今年晚些時候，這種平淡的銷售額確實提高了盈利能力。我們不僅要面對工資方面的周年紀念，還要面對國內和海運成本的周年紀念。因此，我們將紀念這些與去年相比的顯著增長。所以這確實提供了您在模型中看到的提升。

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

您的下一個問題來自 Corey Tarlowe 與 Jefferies 的對話。

I believe in the prepared remarks, you talked about supply chain congestion easing somewhat. I was wondering if you could provide some incremental details about what you meant by that? What you witnessed in the quarter, and then--- 0

我相信在準備好的評論中，您談到供應鏈擁堵有所緩解。我想知道你是否可以提供一些關於你的意思的增量細節？你在這個季度目睹了什麼，然後—— 0