TJX Companies Inc (TJX) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the TJX Companies Fourth Quarter Fiscal 2023 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded as of today, February 22, 2023.

女士們，先生們，謝謝你們的支持。歡迎參加 TJX 公司 2023 財年第四季度財務業績電話會議。 （操作員說明）提醒一下，本次電話會議的錄製截止日期為 2023 年 2 月 22 日。

I would now like to turn the conference over to Mr. Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc. Please go ahead, sir.

我現在想將會議轉交給 TJX Companies, Inc. 首席執行官兼總裁 Ernie Herrman 先生。請繼續，先生。

Thanks, Ivy. Before we begin, Deb has some opening comments.

謝謝，常春藤。在我們開始之前，Deb 有一些開場白。

Thank you, Ernie, and good morning.

謝謝你，厄尼，早上好。

The forward-looking statements we make today about the company's results and plans are subject to risks and uncertainties that could cause the actual results and the implementation of the company's plans to vary materially. These risks are discussed in the company's SEC filings, including, without limitation, the Form 10-K filed March 30, 2022. Further, these comments and the Q&A that follows are copyrighted today by The TJX Companies, Inc. Any recording, retransmission, reproduction or other use of the same for profit or otherwise without prior consent of TJX is prohibited and a violation of United States copyright and other laws.

我們今天就公司的業績和計劃所做的前瞻性陳述受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果和公司計劃的實施發生重大變化。這些風險在公司提交給 SEC 的文件中進行了討論，包括但不限於 2022 年 3 月 30 日提交的 10-K 表格。此外，這些評論和隨後的問答今天受 TJX Companies, Inc. 的版權保護。任何錄音、轉播、未經 TJX 事先同意，禁止以營利或其他方式複製或以其他方式使用這些內容，這違反了美國版權法和其他法律。

Additionally, while we have approved the publishing of a transcript of this call by a third party, we take no responsibility for inaccuracies that may appear in that transcript.

此外，雖然我們已批准第三方發布此次通話的文字記錄，但我們對文字記錄中可能出現的不准確之處不承擔任何責任。

We have detailed the impact of foreign exchange on our consolidated results and our international divisions in today's press release and the Investors section of our website tjx.com. Reconciliations of other non-GAAP measures we discuss today to GAAP measures are also posted on our website, tjx.com, in the Investors section.

我們在今天的新聞稿和我們網站 tjx.com 的投資者部分詳細介紹了外匯對我們綜合業績和國際部門的影響。我們今天討論的其他非 GAAP 指標與 GAAP 指標的對賬也發佈在我們網站 tjx.com 的投資者部分。

Thank you. And now I'll turn it back over to Ernie.

謝謝。現在我會把它轉回給厄尼。

Good morning. Joining me and Deb on the call is John Klinger. As we announced last quarter, John has been promoted to CFO. John will be covering the financials on the call and taking your financial questions today and going forward. Scott continues in the SVP role-- SVP of Finance role with more of a focus on corporate areas like business development and real estate. I'm very pleased that our company will continue to benefit from both of their financial expertise and decades of TJX experience and leadership.

早上好。與我和 Deb 一起通話的是 John Klinger。正如我們上個季度宣布的那樣，約翰已晉升為首席財務官。約翰將在電話會議上討論財務問題，並在今天和以後回答您的財務問題。 Scott 繼續擔任高級副總裁一職——財務高級副總裁，更多地關注業務發展和房地產等企業領域。我很高興我們公司將繼續受益於他們的金融專業知識和數十年的 TJX 經驗和領導能力。

I'd like to start today by thanking all of our global associates for their great work in 2022. I am truly appreciative of their continued commitment to both TJX and our customers. I want to give special recognition though to our store, distribution center and fulfillment center associates for their hard work and dedication every single day.

今天開始，我要感謝我們所有的全球員工在 2022 年所做的出色工作。我非常感謝他們對 TJX 和我們客戶的持續承諾。我想特別感謝我們的商店、配送中心和運營中心員工每一天的辛勤工作和奉獻精神。

Now to an overview of our results beginning with the fourth quarter. I am extremely pleased with our strong top line performance. Our better-than-expected U.S. comp store sales increase of 4% was driven by the excellent performance at our Marmaxx division, which delivered its strongest quarter of the year. We also saw positive U.S. customer traffic in the fourth quarter, which was also driven by Marmaxx.

現在概述我們從第四季度開始的結果。我對我們強勁的營收表現感到非常滿意。我們好於預期的美國商店銷售額增長 4%，這得益於我們 Marmaxx 部門的出色表現，該部門創造了今年最強勁的季度業績。我們在第四季度還看到了積極的美國客戶流量，這也是由 Marmaxx 推動的。

Our exciting assortment of gifts and great values resonated with shoppers this holiday season. I believe the freshness of our mix really sets us apart as we shipped ever-changing selections to our stores and online throughout the quarter.

我們令人興奮的禮品和超值商品在這個節日季引起了購物者的共鳴。我相信我們的組合的新鮮度確實讓我們與眾不同，因為我們在整個季度向我們的商店和網上運送了不斷變化的選擇。

In terms of profitability, pretax profit margin increased over last year. Our merchant organization continue to do a great job buying better and retailing strategically, which drove excellent mark on. Unfortunately, we had an outsized shrink charge in the fourth quarter that resulted in pretax profit margin coming in below our plan, which John will discuss in a moment.

盈利能力方面，稅前利潤率較去年有所上升。我們的商業組織繼續在更好地採購和戰略性零售方面做得很好，這推動了卓越的發展。不幸的是，我們在第四季度的縮水費用過高，導致稅前利潤率低於我們的計劃，John 稍後將討論這個問題。

For the full year, total sales were nearly $50 billion. Profitability improved over last year, and adjusted earnings per share grew 9%. I want to again recognize all of our talented associates around the world for the excellent execution of our flexible off-price business model throughout the year. Their collective efforts drove outstanding value on our assortment, excitement in our stores and the satisfaction of our customers.

全年總銷售額接近 500 億美元。盈利能力較去年有所改善，調整後每股收益增長 9%。我想再次表彰我們在世界各地的所有才華橫溢的員工，他們在全年出色地執行了我們靈活的折扣業務模式。他們的共同努力為我們的產品系列帶來了卓越的價值，讓我們的商店充滿活力，並讓我們的顧客感到滿意。

Moving to 2023, the first quarter is off to a strong start. We are excited about our plans to drive sales and customer traffic and are laser-focused on initiatives to drive profitability this year and beyond. Availability of quality branded merchandise is phenomenal. We are in a great position to take advantage of the opportunities we are seeing in the marketplace. Further, we are convinced that our commitment to value and our treasure hunt shopping experience will continue to serve us well in this environment. Importantly, we continue to see many opportunities to capture market share and improve profitability over both the short and long term.

展望 2023 年，第一季度開局良好。我們對推動銷售和客戶流量的計劃感到興奮，並專注於今年及以後提高盈利能力的舉措。優質品牌商品的可用性是驚人的。我們處於很好的位置，可以利用我們在市場上看到的機會。此外，我們相信，我們對價值的承諾和尋寶購物體驗將在這種環境下繼續為我們服務。重要的是，我們繼續看到許多在短期和長期內奪取市場份額和提高盈利能力的機會。

Now before I continue, I'll turn the call over to John to cover our fourth quarter and full year financial results in more detail.

現在，在我繼續之前，我會把電話轉給約翰，以更詳細地介紹我們的第四季度和全年財務業績。

Thanks, Ernie, and good morning, everyone. I'm pleased to be starting in this new role, and I want to add my sincere thanks to Scott for his guidance and mentorship over the years, and I look forward to continuing to work with them. I would also like to echo Ernie's comments and thank all of our global associates for their hard work and commitment throughout 2022.

謝謝，厄尼，大家早上好。我很高興開始擔任這個新角色，我想對 Scott 多年來的指導和指導表示衷心的感謝，我期待著繼續與他們合作。我還想附和 Ernie 的評論，並感謝我們所有的全球員工在整個 2022 年的辛勤工作和承諾。

I'll start with some additional details on the fourth quarter. As Ernie mentioned, U.S. comp store sales increased 4%, exceeding our expectations. Our U.S. comp growth was driven by a very strong 7% comp sales increase at Marmaxx. For the fourth quarter, average basket was up in the U.S., driven by a higher average ticket and U.S. customer traffic was up. TJX net sales grew to $14.5 billion, a 5% increase versus the fourth quarter of fiscal '22 and despite a significant impact from unfavorable foreign currency exchange.

我將從第四季度的一些額外細節開始。正如 Ernie 提到的，美國商店的銷售額增長了 4%，超出了我們的預期。我們在美國的薪酬增長是由 Marmaxx 7% 的強勁薪酬增長推動的。第四季度，受平均票價上漲和美國客流量增加的推動，美國的平均購物籃子有所上升。 TJX 淨銷售額增長至 145 億美元，與 22 財年第四季度相比增長 5%，儘管不利的外匯兌換產生了重大影響。

Fourth quarter consolidated pretax profit margin of 9.2% was up 20 basis points versus last year, and merchandise margin was down slightly. Within merchandise margin, strong mark-on was offset by higher markdowns, which were compared to exceptionally low markdowns last year. Freight was a benefit in the fourth quarter. Further, we had an unplanned shrink charge of 60 basis points versus last year. I want to note that our fourth quarter pretax profit margin guidance contemplated an expected 50 basis point benefit from shrink due to the elevated charge in the fourth quarter of last year. Therefore, the negative impact of shrink versus our pretax profit margin guidance was 110 basis points. Lastly, we're pleased that earnings per share were $0.89, up 14% at the high end of our plans.

第四季度綜合稅前利潤率為 9.2%，比去年同期上升 20 個基點，商品利潤率略有下降。在商品利潤率方面，與去年異常低的降價幅度相比，較高的降價幅度抵消了強勁的加價幅度。貨運在第四季度是一個好處。此外，與去年相比，我們有 60 個基點的計劃外收縮費用。我想指出的是，我們第四季度的稅前利潤率指導考慮了由於去年第四季度費用增加而收縮帶來的預期 50 個基點的收益。因此，與我們的稅前利潤率指導相比，收縮的負面影響為 110 個基點。最後，我們很高興每股收益為 0.89 美元，在我們計劃的高端增長了 14%。

Moving to our fourth quarter divisional performance. At Marmaxx, fourth quarter comp store sales increased a very strong 7% over a 10% open-only comp increase last year. Marmaxx's comp increase was driven by apparel and accessory categories, which had a high single-digit comp increase. Further, in the fourth quarter, customer traffic was the main driver of the comp increase and average basket also increased. Marmaxx's fourth quarter segment profit margin was 11.6%.

轉到我們第四季度的部門業績。在 Marmaxx，第四季度同店銷售額增長了 7%，高於去年 10% 的僅開放同店銷售額。 Marmaxx 的薪酬增長是由服裝和配飾類別推動的，這些類別的薪酬增幅很高。此外，在第四季度，客戶流量是收入增長的主要驅動力，平均購物籃也有所增加。 Marmaxx 第四季度的分部利潤率為 11.6%。

HomeGoods fourth quarter comp store sales decrease of 7% versus an outsized 22% open-only comp increase last year. HomeGoods fourth quarter segment profit margin was 7.3%. Internationally, we're pleased with the performance of both our TJX Canada and TJX International divisions in the fourth quarter. At our Canadian division, net sales were up 10% on a constant currency basis versus last year. Segment profit margin on a constant currency basis was up 12.5%, which exceeded their fiscal '20 margin. And at our International division, net sales on a constant currency basis were up 11% versus last year. Segment profit margin on a constant currency basis was up 7.2% -- excuse me, segment profit margin on a constant currency basis was 7.2%.

HomeGoods 第四季度同店銷售額下降了 7%，而去年只開放同店的同店銷售額增長了 22%。 HomeGoods 第四季度分部利潤率為 7.3%。在國際上，我們對第四季度 TJX 加拿大和 TJX 國際部門的表現感到滿意。在我們的加拿大分部，按固定匯率計算的淨銷售額與去年相比增長了 10%。按固定匯率計算的部門利潤率增長了 12.5%，超過了其 20 財年的利潤率。在我們的國際部門，按固定匯率計算的淨銷售額比去年增長了 11%。按固定匯率計算的分部利潤率增長了 7.2%——對不起，按固定匯率計算的分部利潤率為 7.2%。

Now to our full year consolidated fiscal 2023 results. U.S. comp sales were flat versus a 17% U.S. open-only comp sales increase last year. TJX net sales grew to $49.9 billion, up 3% compared to fiscal '22 despite a significant impact from unfavorable foreign currency exchange. Full year adjusted pretax profit margin was 9.7%, a 10 basis point increase versus last year's adjusted 9.6% and merchandise margin was down. Within merchandise margin, strong mark-on was more than offset by 120 basis points of incremental freight costs and higher markdowns, which, again, were up against exceptionally low markdowns last year. Shrink expense negatively impacted full year merchandise margin by approximately 30 basis points and was not contemplated in our most recent full year guidance. Full year adjusted earnings per share were $3.11 at the high end of our plan and up 9% versus last year's adjusted $2.85.

現在是我們 2023 財年的全年綜合業績。美國 comp 銷售額持平，而去年美國 open-only comp 銷售額增長了 17%。 TJX 淨銷售額增長至 499 億美元，與 22 財年相比增長 3%，儘管不利的外匯兌換產生了重大影響。全年調整後稅前利潤率為 9.7%，比去年調整後的 9.6% 提高 10 個基點，商品利潤率下降。在商品利潤率方面，強勁的加價幅度被 120 個基點的增量運費和更高的降價幅度所抵消，這再次與去年異常低的降價幅度形成鮮明對比。縮減費用對全年商品利潤率產生了大約 30 個基點的負面影響，並且在我們最近的全年指導中沒有考慮到。全年調整後每股收益在我們計劃的上限為 3.11 美元，比去年調整後的 2.85 美元增長 9%。

Moving to inventory. Balance sheet inventory was down 2% versus the fourth quarter of fiscal '22. We are confident that we are strongly positioned to both capitalize on the abundant merchandise in the marketplace and flow fresh assortments to our stores and online this spring.

移動到庫存。與 22 財年第四季度相比，資產負債表庫存下降了 2%。我們有信心，我們有能力利用市場上豐富的商品，並在今年春天將新鮮的商品送到我們的商店和網上。

I'll finish with our liquidity and shareholder distributions. For the fourth quarter, we generated $3 billion in operating cash flow. For the full year, we generated $4.1 billion in operating cash flow. We ended the year with $5.5 billion in cash. In fiscal '23, we returned $3.6 billion to shareholders through our buyback and dividend programs.

我將結束我們的流動性和股東分配。第四季度，我們產生了 30 億美元的運營現金流。全年，我們產生了 41 億美元的運營現金流。我們以 55 億美元的現金結束了這一年。在 23 財年，我們通過回購和分紅計劃向股東返還了 36 億美元。

Now I'll turn it back to Ernie.

現在我會把它轉回給厄尼。

Thanks, John. I'll pick it up with some full year divisional highlights. Before I begin to speak to them, however, individually, I want to highlight the outstanding performance of our teams across each of our divisions in 2022, while they navigated historic levels of inflation and an uncertain retail environment. All year long, each of our retail banners delivered shoppers an excellent assortment of apparel, accessories and home merchandise and offered great value every day.

謝謝，約翰。我會用一些全年的分區亮點來挑選它。然而，在我開始單獨與他們交談之前，我想強調我們每個部門的團隊在 2022 年的出色表現，同時他們應對了歷史性的通貨膨脹水平和不確定的零售環境。全年，我們的每條零售橫幅都為購物者提供了種類繁多的服裝、配飾和家居商品，並且每天都提供物超所值的商品。

Beginning with Marmaxx. Full year comp store sales increased 3% and total divisional sales reached $30 billion. Marmaxx's apparel and accessories businesses were very strong all year long with a mid-single-digit comp increase. For the year, average basket was up significantly and customer traffic increased slightly. Marmaxx's full year segment profit margin was 12.7%. During the year, we opened a combined 50 T.J. Maxx and Marshalls stores.

從 Marmaxx 開始。全年商店銷售額增長 3%，部門總銷售額達到 300 億美元。 Marmaxx 的服裝和配飾業務全年都非常強勁，實現了中個位數的增長。今年，平均購物籃顯著上升，客流量略有增加。 Marmaxx 的全年分部利潤率為 12.7%。在這一年中，我們共開設了 50 T.J. Maxx 和 Marshalls 商店。

Further, we remodeled approximately 225 stores, and the feedback from customers has been terrific. We are extremely pleased with the performance of our largest division and see a significant opportunity to continue growing the top and bottom lines.

此外，我們改造了大約 225 家商店，客戶的反饋非常好。我們對我們最大部門的表現感到非常滿意，並看到了繼續增加收入和利潤的重要機會。

At HomeGoods, full year comp store sales decreased 11%. It is important to remember that last year, HomeGoods had a remarkable 32% comp sales increase as we saw consumers spend an outsized amount in home-related categories. While HomeGoods customer traffic was down for the year, average basket increased. HomeGoods full year segment profit margin was 6.3%. In 2022, we surpassed 900 stores for this division with the opening of over 50 HomeGoods and HomeSense stores. Long term, we continue to see the potential for HomeGoods to open over 500 additional stores and for profitability to significantly improve.

在 HomeGoods，全年同店銷售額下降了 11%。重要的是要記住，去年 HomeGoods 的銷售額顯著增長了 32%，因為我們看到消費者在與家居相關的類別上花費了大量資金。雖然 HomeGoods 的客戶流量在這一年裡有所下降，但平均購物籃卻有所增加。 HomeGoods 全年分部利潤率為 6.3%。 2022 年，我們開設了 50 多家 HomeGoods 和 HomeSense 商店，該部門的商店數量超過 900 家。從長遠來看，我們繼續看到 HomeGoods 有潛力再開 500 多家門店，並且盈利能力會顯著提高。

At TJX Canada, net sales were nearly $5 billion and increased 18% on a constant currency basis. Segment profit margin increased to a very strong 14%. Our Canadian business operates more than 550 total stores and is very well penetrated throughout the country. TJX Canada is one of the top apparel, accessories and home retailers in that country and a sharper destination for several signature categories. We remain confident that TJX Canada is well positioned to capture additional market share over the short and long term.

在 TJX Canada，淨銷售額接近 50 億美元，按固定匯率計算增長 18%。分部利潤率增至非常強勁的 14%。我們在加拿大的業務總共經營著 550 多家商店，並且在全國范圍內的滲透率非常高。 TJX Canada 是該國頂級的服裝、配飾和家居零售商之一，也是幾個標誌性品類的更清晰的目的地。我們仍然相信 TJX Canada 有能力在短期和長期內佔據更多的市場份額。

At TJX International, net sales surpassed $6 billion and increased 22% on a constant currency basis. Segment profit margin improved to 5.7% on a constant currency basis. In Europe, we believe we significantly outperformed many other major brick-and-mortar retailers as our values resonated with consumers in a heightened inflationary environment. In Australia, sales were very strong, and we continued expanding our store footprint across the country.

TJX International 的淨銷售額超過 60 億美元，按固定匯率計算增長 22%。按固定匯率計算，分部利潤率提高至 5.7%。在歐洲，我們相信我們的表現明顯優於許多其他主要的實體零售商，因為我們的價值觀在通脹加劇的環境中引起了消費者的共鳴。在澳大利亞，銷售非常強勁，我們繼續擴大我們在全國的門店足跡。

Going forward, we believe that we can grow our market share in each country that we operate in and continue to improve this division's profitability.

展望未來，我們相信我們可以在我們經營的每個國家/地區增加我們的市場份額，並繼續提高該部門的盈利能力。

As to e-commerce, we added new categories and brands to each of our online banners in 2022. While e-commerce only represents a very small percentage of our overall net sales, it allows us to offer shoppers our great brands and values 24 hours a day.

在電子商務方面，我們在 2022 年為每個在線橫幅添加了新的類別和品牌。雖然電子商務只占我們整體淨銷售額的很小一部分，但它使我們能夠 24 小時為購物者提供我們偉大的品牌和價值一天。

As we look ahead, we are convinced that the characteristics of our business and the depth of talent in our organization will allow us to capitalize on the opportunities that we see to further grow our top and bottom lines. First, we are in an excellent position to continue offering consumers great value and freshness every day. We have a team of more than 1,200 buyers who source from a universe of approximately 21,000 vendors last year, including many new ones. Our ability to buy goods across good, better and best categories gives us tremendous flexibility in the vendor marketplace. Again, availability of merchandise is phenomenal, and we are confident that we'll have plenty of quality branded goods going forward.

展望未來，我們相信，我們的業務特點和我們組織中的人才深度將使我們能夠利用我們看到的機會進一步增加我們的收入和利潤。首先，我們處於一個極好的位置，可以繼續每天為消費者提供巨大的價值和新鮮感。我們有一個由 1,200 多名買家組成的團隊，他們去年從大約 21,000 家供應商中採購，其中包括許多新供應商。我們購買優質、更好和最佳類別商品的能力使我們在供應商市場上具有巨大的靈活性。同樣，商品的可用性非常好，我們相信未來我們將擁有大量優質品牌商品。

Second, we are convinced that the appeal of our touch and field treasure hunt shopping experience will continue to resonate with consumers. Giving us confidence is the continued strength of our customer satisfaction scores. Further, our leadership and flexibility allows us to take advantage of the best opportunities and the hottest trends in the marketplace. This allows us to offer our shoppers an assortment of merchandise to surprise and excite them every time they visit. We are also focused on being a gift-giving destination all year long.

其次，我們相信，我們的觸摸和現場尋寶購物體驗的吸引力將繼續引起消費者的共鳴。給我們信心是我們客戶滿意度得分的持續優勢。此外，我們的領導能力和靈活性使我們能夠利用市場上最好的機會和最熱門的趨勢。這使我們能夠為購物者提供各種各樣的商品，讓他們每次光顧時都感到驚喜和興奮。我們還專注於成為全年送禮的目的地。

Third, our convenient, easy-to-access store locations attract consumers across a wide income demographic. Our eclectic mix of good, better and best merchandise across categories allows us to offer a branded, fashionable mix across a wide span of price points. We see these as key advantages as we continue to expand our store footprint. Long term, we see the potential to open more than 1,400 additional stores across our current geographies, which we believe will attract even more shoppers to our great assortments and values.

第三，我們方便、易於訪問的商店位置吸引了廣泛收入人群的消費者。我們不拘一格地混合各種類別的好、更好和最好的商品，使我們能夠在廣泛的價位上提供品牌化、時尚的組合。隨著我們繼續擴大門店足跡，我們將這些視為關鍵優勢。從長遠來看，我們認為有可能在我們當前的地區開設 1,400 多家額外的商店，我們相信這將吸引更多的購物者來購買我們豐富的商品和價值。

Next, our marketing has been very effective in targeting consumers with broad reaching and compelling brand campaigns across different channels and platforms where consumers are currently spending their time. Our messaging is continuing to reinforce our value leadership and demonstrate that we are one of the best choices for consumers during the current economic environment. We are particularly pleased that we continue to attract an outsized number of younger customers to our stores, which we believe bodes well for the future.

接下來，我們的營銷非常有效地針對消費者，在消費者目前花費時間的不同渠道和平台上開展廣泛而引人注目的品牌活動。我們的信息正在繼續加強我們的價值領導地位，並證明我們是當前經濟環境下消費者的最佳選擇之一。我們特別高興的是，我們繼續吸引大量年輕顧客光顧我們的商店，我們相信這預示著未來的好兆頭。

As to our profitability outlook, we are planning an increase in our fiscal 2024 adjusted pretax profit margin to a range of 10.0% to 10.2%. Beyond this year, our target remains to return to our fiscal 2020 pretax profit margin level of 10.6% by fiscal 2025. Giving us confidence are the sales, better buying and strategic retailing opportunities we see going forward at each division. John will outline the other assumptions embedded in our plans in a moment.

至於我們的盈利前景，我們計劃將 2024 財年調整後的稅前利潤率提高到 10.0% 至 10.2% 的範圍。今年以後，我們的目標仍然是到 2025 財年恢復到 2020 財年 10.6% 的稅前利潤率水平。給我們信心的是我們在每個部門看到的銷售、更好的購買和戰略零售機會。約翰稍後將概述我們計劃中的其他假設。

Turning to corporate responsibility. We continue to focus our global corporate responsibility efforts under our 4 key pillars: workplace, communities, environmental sustainability and responsible business. Last quarter, I noted that TJX published its 2022 Global Corporate Responsibility Report which summarizes the company's ESG efforts and progress across these 4 reporting areas. And as a reminder, in fiscal 2023, we set expanded and accelerated global environmental goals, including a goal to achieve net zero GHG emissions in our operations by 2040. We are working hard to make progress toward our goals and help mitigate our impact on the environment.

轉向企業責任。我們繼續將我們的全球企業責任工作集中在我們的 4 個關鍵支柱下：工作場所、社區、環境可持續性和負責任的企業。上個季度，我注意到 TJX 發布了其 2022 年全球企業責任報告，該報告總結了該公司在這 4 個報告領域的 ESG 努力和進展。提醒一下，在 2023 財年，我們設定了擴大和加速的全球環境目標，包括到 2040 年在我們的運營中實現溫室氣體淨零排放的目標。我們正在努力朝著我們的目標取得進展，並幫助減輕我們對環境的影響環境。

I'd also like to take a moment to speak about the work our teams are doing in our communities. In fiscal 2023, we helped support more than 2,000 nonprofit organizations globally. We're very proud of the impact this has had, including helping to provide more than 25 million meals to individuals experiencing food insecurity and helping with access to educational opportunities for more than 1 million students from under-resourced communities. We also continue to support nonprofits working towards racial justice through new grants to several national organizations.

我還想花點時間談談我們的團隊在社區中所做的工作。在 2023 財年，我們幫助支持了全球 2,000 多家非營利組織。我們為這所產生的影響感到非常自豪，包括幫助為糧食不安全的個人提供超過 2500 萬份餐食，以及幫助來自資源貧乏社區的超過 100 萬學生獲得教育機會。我們還通過向幾個國家組織提供新的贈款，繼續支持非營利組織致力於實現種族正義。

Finally, for the first time since the beginning of the pandemic, we were able to restart our in-person community relations programs and have seen a resurgence in volunteering across our organization. In the past 6 months alone, our U.S. associates provided more than 2,400 hours of service to their communities. I'm grateful to our teams around the globe for the work they do to support our global corporate responsibility priorities and we are proud to continue to make progress across our many programs and initiatives. As always, we invite you to visit tjx.com to learn more.

最後，自大流行開始以來，我們第一次能夠重新啟動面對面的社區關係計劃，並看到整個組織的志願服務重新興起。僅在過去 6 個月裡，我們的美國員工就為他們的社區提供了 2,400 多個小時的服務。我感謝我們在全球的團隊為支持我們的全球企業責任優先事項所做的工作，我們很自豪能夠繼續在我們的許多計劃和倡議中取得進展。一如既往，我們邀請您訪問 tjx.com 了解更多信息。

Summing up, we feel great about our performance in 2022 and our momentum heading into 2023. I am confident that the strength and resiliency of our flexible off-price business model and the depth of expertise and knowledge of our teams, set us apart from many other major retailers and will continue to serve us well. I want to again recognize the exceptional talent we have across the organization. It is their collective efforts and execution of our off-price fundamentals that bring our business to life for our shoppers every day.

總而言之，我們對我們在 2022 年的表現和進入 2023 年的勢頭感到滿意。我相信，我們靈活的低價業務模式的實力和彈性以及我們團隊的專業知識和知識深度，使我們在許多公司中脫穎而出其他主要零售商，並將繼續為我們提供良好的服務。我想再次表彰我們在整個組織中擁有的傑出人才。正是他們的共同努力和對我們低價基本原則的執行，使我們的業務每天都為我們的購物者帶來活力。

As an off-price leader in every country we operate in, I'm excited about the market share opportunities we see ahead in both the U.S. and internationally. I am very confident in our plans to grow TJX into an increasingly profitable $60 billion-plus revenue company over the long term.

作為我們開展業務的每個國家/地區的低價領導者，我對我們在美國和國際上看到的市場份額機會感到興奮。從長遠來看，我對我們將 TJX 發展成為一家盈利能力超過 600 億美元的公司的計劃充滿信心。

Now I'll turn the call back to John to cover our full year and first quarter guidance and then we'll open it up for questions.

現在我將把電話轉回給約翰，以涵蓋我們全年和第一季度的指導，然後我們將公開提問。

Thanks again, Ernie. Before I start, I want to remind you that our guidance includes a 53rd week in the fiscal 2024 calendar. Additionally, in fiscal '24, we are returning to reporting overall comp store sales growth versus fiscal '23 as we now have a baseline for our TJX Canada and TJX International divisions.

再次感謝，厄尼。在開始之前，我想提醒您，我們的指南包括 2024 財年日曆中的第 53 週。此外，在 24 財年，我們將返回報告與 23 財年相比的整體商店銷售增長，因為我們現在有了 TJX 加拿大和 TJX 國際部門的基線。

Now to our full year guidance. We are planning overall comp store sales growth to be up 2% to 3%. As a reminder, our comp guidance will exclude sales from the 53rd week. We expect full year consolidated sales to be in the range of $52.5 billion to $53.2 billion, a 5% to 7% increase over the prior year. This guidance assumes approximately $800 million of additional revenue from the 53rd week.

現在是我們的全年指導。我們計劃整體商店銷售額增長 2% 至 3%。提醒一下，我們的薪酬指南將排除第 53 週的銷售額。我們預計全年綜合銷售額將在 525 億美元至 532 億美元之間，比上年增長 5% 至 7%。本指南假設第 53 週的額外收入約為 8 億美元。

We're planning full year pretax profit margin to be in the range of 10.1% to 10.3%, excluding an expected benefit of approximately 10 basis points from the 53rd week, we expect adjusted pretax profit margin to be in the range of 10.0% to 10.2%. This would represent an increase of 30 to 50 basis points versus fiscal '23's adjusted pretax profit margin of 9.7%. Our pretax profit margin guidance assumes that we will see a benefit of about 80 to 100 basis points from lower freight expenses as well as a continued benefit from better buying and strategic retailing. We're planning these benefits to more than offset continuing headwinds from incremental wage and supply chain costs. Also contemplated in our guidance is that shrink will be similar to last year.

我們計劃全年稅前利潤率在 10.1% 至 10.3% 之間，不包括從第 53 週起約 10 個基點的預期收益，我們預計調整後的稅前利潤率在 10.0% 至 10.3% 之間10.2%。與 23 財年調整後的稅前利潤率 9.7% 相比，這將增加 30 至 50 個基點。我們的稅前利潤率指導假設我們將從較低的運費中看到大約 80 到 100 個基點的好處，以及更好的購買和戰略零售的持續好處。我們正在計劃這些好處，以抵消增量工資和供應鏈成本帶來的持續不利因素。我們的指導中還考慮到收縮將與去年相似。

For modeling purposes, we're currently anticipating a full year tax rate of 26.1%, net interest income of about $116 million and a weighted average share count of approximately $1.16 billion. We expect full year earnings per share to be in the range of $3.39 to $3.51, excluding an expected benefit of approximately $0.10 from the 53rd week, we expect adjusted earnings per share to be in the range of $3.29 to $3.41. This would represent an increase of 6% to 10% versus fiscal '23 adjusted earnings per share of $3.11.

出於建模目的，我們目前預計全年稅率為 26.1%，淨利息收入約為 1.16 億美元，加權平均股數約為 11.6 億美元。我們預計全年每股收益在 3.39 美元至 3.51 美元之間，不包括第 53 週約 0.10 美元的預期收益，我們預計調整後每股收益在 3.29 美元至 3.41 美元之間。與 23 財年調整後的每股收益 3.11 美元相比，這將增加 6% 至 10%。

Moving to the first quarter. We are planning overall comp store sales growth to be up 2% to 3%. We expect first quarter consolidated sales to be in the range of $11.7 billion to $11.8 billion, a 3% to 4% increase over the prior year. We're planning first quarter pretax profit margin to be in the range of 9.2% to 9.5%. This guidance includes an expected benefit from freight of 130 basis points in headwinds from a combination of incremental wage and supply chain and the timing of some expenses.

轉到第一季度。我們計劃整體商店銷售額增長 2% 至 3%。我們預計第一季度的綜合銷售額將在 117 億美元至 118 億美元之間，比上年增長 3% 至 4%。我們計劃第一季度稅前利潤率在 9.2% 至 9.5% 之間。該指南包括預期的運費收益 130 個基點的逆風來自增量工資和供應鏈的組合以及一些費用的時間安排。

For modeling purposes, we're currently anticipating a first quarter tax rate of 26.4%, net interest income of about $29 million a weighted average share count of approximately 1.17 billion. Lastly, we expect first quarter earnings per share to be in the range of $0.68 to $0.71.

出於建模目的，我們目前預計第一季度的稅率為 26.4%，淨利息收入約為 2900 萬美元，加權平均股數約為 11.7 億股。最後，我們預計第一季度每股收益將在 0.68 美元至 0.71 美元之間。

Moving on to our fiscal '23 capital plans. We expect capital expenditures to be in the range of $1.7 billion to $1.9 billion. This includes opening new stores, remodels and relocations and investments in our distribution network and infrastructure to support our growth. For new stores, we plan to add about 150 net new stores which would bring our year-end total to nearly 5,000 stores. This would represent a store growth of about 3%.

繼續我們的 23 財年資本計劃。我們預計資本支出將在 17 億美元至 19 億美元之間。這包括開設新店、改造和搬遷以及投資我們的分銷網絡和基礎設施以支持我們的增長。對於新店，我們計劃淨增約 150 家新店，這將使我們年底的門店總數達到近 5,000 家。這意味著商店增長約 3%。

In the U.S., our plans call for us to add about 45 net stores at Marmaxx, 50 stores at HomeGoods, including 18 at HomeSense including 18 HomeSense stores. At Sierra, we're planning to open 18 stores. In Canada, we plan to add 11 new stores. And at TJX International, we plan to open 18 net stores in Europe and 6 net stores in Australia. Lastly, we also plan to remodel 400 stores and relocate approximately 55 stores in fiscal '24.

在美國，我們的計劃要求我們在 Marmaxx 增加約 45 家網店，在 HomeGoods 增加 50 家，其中包括 18 家 HomeSense 和 18 家 HomeSense 商店。在 Sierra，我們計劃開設 18 家商店。在加拿大，我們計劃增加 11 家新店。在 TJX International，我們計劃在歐洲開設 18 家網店，在澳大利亞開設 6 家網店。最後，我們還計劃在 24 財年改造 400 家商店並搬遷大約 55 家商店。

As to our fiscal '24 cash distribution plans, we remain committed to returning cash to shareholders. As we outlined in today's press release, we expect that our Board of Directors will increase our quarterly dividend by 13% to $0.3325 per share. Additionally, in fiscal '24, we currently expect to buy back 2 billion to 2.5 billion of TJX stock.

至於我們的 24 財年現金分配計劃，我們仍然致力於向股東返還現金。正如我們在今天的新聞稿中概述的那樣，我們預計董事會將把季度股息提高 13% 至每股 0.3325 美元。此外，在 24 財年，我們目前預計將回購 20 億至 25 億美元的 TJX 股票。

I'll finish by highlighting the assumptions we've included in our fiscal '25 pretax profit margin target of 10.6%. First, our outlook assumes that overall comp store sales will increase 3% to 4%. Secondly, as I just highlighted, we're expecting freight to be a significant tailwind in fiscal '24, with a smaller benefit expected in fiscal '25. Third, we expect that incremental wage and supply chain cost will continue to be headwinds in both fiscal '24 and fiscal '25. Further, our plans assume that shrink will remain similar to fiscal '23 over the next 2 years.

最後，我將強調我們在 25 財年稅前利潤率目標 10.6% 中包含的假設。首先，我們的前景假設整體商店銷售額將增長 3% 至 4%。其次，正如我剛剛強調的那樣，我們預計貨運將成為 24 財年的重要推動力，而 25 財年的收益預計會較小。第三，我們預計增量工資和供應鏈成本將繼續成為 24 財年和 25 財年的不利因素。此外，我們的計劃假設未來 2 年的收縮將與 23 財年保持相似。

Next, as Ernie highlighted, our plans assume additional merchandise margin opportunities across all our divisions.

接下來，正如厄尼強調的那樣，我們的計劃假設我們所有部門都有額外的商品利潤機會。

Lastly, I'll mention that certain macro factors we haven't made assumptions for could change our plans such as geopolitical events, foreign exchange volatility, consumer behavior or a worsening shrink environment.

最後，我要提一下，我們沒有做出假設的某些宏觀因素可能會改變我們的計劃，例如地緣政治事件、外匯波動、消費者行為或不斷惡化的收縮環境。

In closing, I want to emphasize that we have a very strong balance sheet and continue to generate a tremendous amount of cash. We are in an excellent financial position to invest in the growth in our business while simultaneously returning cash to our shareholders.

最後，我想強調的是，我們擁有非常強大的資產負債表，並繼續產生大量現金。我們的財務狀況非常好，可以投資於業務增長，同時向股東返還現金。

Now we are happy to take your questions. As we do every quarter, we're going to ask that you please limit your questions to one per person so we can keep the call on schedule and answer as many questions as we can. Thanks, and now we'll open it up for questions.

現在我們很樂意回答您的問題。正如我們每個季度所做的那樣，我們將要求您將您的問題限制為每人一個，以便我們可以按時召開電話會議並儘可能多地回答問題。謝謝，現在我們將公開提問。

(Operator Instructions) Our first question comes from Michael Binetti from Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Michael Binetti。

So I guess just on a modeling cleanup. Would you mind helping us quantify the swing in incentive comp dollars in 2022? And how much that we should anticipate that coming back in 2023? I guess on a bigger picture on the margin as we look out to the North Star getting back to the 2019 pretax margin of 10.6%. This year, it was 9.7%, you mentioned. But you probably have -- I think we do the math right, about 300 basis points or more of cumulative freight embedded in 2022. And I think shrink was only about a 30 basis point headwind versus 2019. You have -- obviously, you know your leverage pricing is a new lever since then. So maybe you can help us think about what are the other incremental headwinds we should consider that would cap the endpoint of the recovery at 10.6% next year?

所以我想只是在建模清理上。您介意幫助我們量化 2022 年激勵補償金額的波動嗎？我們應該預計 2023 年會回來多少？我想在我們期待北極星回到 2019 年 10.6% 的稅前利潤率時，利潤率會更大。你提到，今年是 9.7%。但你可能有 - 我認為我們做的數學是正確的，2022 年的累計運費約為 300 個基點或更多。而且我認為與 2019 年相比，收縮只是大約 30 個基點的逆風。你有 - 顯然，你知道從那時起，您的槓桿定價就是一個新的槓桿。因此，也許您可以幫助我們思考我們應該考慮的其他增量逆風是什麼，這些逆風會將明年的複蘇終點限制在 10.6%？

So Michael, you're asking about -- you're going to the 10.6% and what would be the challenges of getting there?

所以邁克爾，你問的是——你要達到 10.6%，到達那裡會有什麼挑戰？

Well, yes, with starting at 9.7% and you have 300 basis points of freight, you'll recapture some of that and then shrinks only a 30 basis point headwind. I think it just seems like -- it seems like there's opportunity to go above 10.6%, but I would love to hear what you should think about for our models to that?

好吧，是的，從 9.7% 開始，你有 300 個基點的運費，你會奪回其中的一些，然後只減少 30 個基點的逆風。我認為這似乎 - 似乎有機會超過 10.6%，但我很想听聽你應該為我們的模型考慮什麼？

I like your attitude. Yes. I mean part of this comes down to -- as always, we're going to plan -- as witnessed by this year, right, we did not plan on the shrink impact. On the flip side, to your point, our sales certainly in Q4, showing that we have some really strong momentum and perhaps we're planning conservatively on that line. It's just a little early to call based on the environment that's around us.

我喜歡你的態度。是的。我的意思是，這部分歸結為——一如既往，我們將計劃——正如今年所見證的那樣，對，我們沒有計劃縮減影響。另一方面，就你的觀點而言，我們的銷售肯定在第四季度，這表明我們有一些非常強勁的勢頭，也許我們在這條線上進行了保守的計劃。根據我們周圍的環境，現在打電話還為時過早。

Yes, we had Marmaxx have a 7 comp in the quarter. So we are feeling very bullish as well as all the divisions and all the different metrics throughout all the performance metrics throughout TJX are extremely healthy other than the shrink surprise.

是的，我們讓 Marmaxx 在本季度有 7 個補償。因此，我們感到非常樂觀，而且所有部門和所有不同指標在整個 TJX 的所有性能指標中都非常健康，除了收縮驚喜。

To your point, and I'm just going to try to explain why we are where we are in the plan. To your point, shrink was the only component of our operational performance that wasn't very strong. Everything else, sales, merchandise margin, the way we're retailing and buying goods, the way we operate and manage expenses and distribution in stores, all of those metrics are extremely healthy.

就你的觀點而言，我將嘗試解釋為什麼我們處於計劃中的位置。就您的觀點而言，收縮是我們運營績效中唯一不太強勁的組成部分。其他一切，銷售額、商品利潤率、我們零售和購買商品的方式、我們運營和管理費用以及商店分銷的方式，所有這些指標都非常健康。

So now we have a situation where we're looking at and John will touch on it, we're essentially planning our shrink flat okay, for this coming year. So when we're putting in tactics and strategies to try to ensure that we get there, I do think we're being judicious, I think, on that plan and not trying to go to either extreme either way and expect too much or too little in terms of how we manage that. We do think we -- how do we put this -- we're feeling very good about the where position going in because I feel on the retailing of goods and the buying of goods, we're probably in a little better position where there might be some upside there to your point. The strengthening that's happening in the dynamic of this is -- this is part of the art form is the vendor community right now because of a lot of store closures as well as the slowdown in the e-com business across the board, is obviously creating an influx of inventory and better brands than we've seen even versus our last call.

所以現在我們有一個情況，我們正在考慮，John 會談到它，我們基本上是在為來年計劃我們的收縮公寓。因此，當我們制定戰術和戰略以確保我們實現目標時，我確實認為我們在該計劃上是明智的，而不是試圖以任何一種方式走向極端並期望太多或太多就我們如何管理它而言幾乎沒有。我們確實認為我們 - 我們怎麼說 - 我們對所處的位置感覺非常好，因為我覺得在商品零售和商品購買方面，我們可能處於更好的位置對你來說可能有一些好處。在這方面正在發生的加強是——這是藝術形式的一部分，現在是供應商社區，因為很多商店關閉以及電子商務業務全面放緩，顯然正在創造大量庫存和比我們上次電話看到的更好的品牌。

Every call we're talking about, you could see we purposely said phenomenal in terms of availability because the environment right now is more phenomenal availability -- I would say, in terms of branded content across good, better and best. So again, I'm giving you the merchandising side and the top line side. We just feel as though we don't want to go out with too aggressive sales plan when it's very difficult to forecast on the volatility as witnessed by last year, we still early on, didn't do the sales were figuring on.

我們談論的每一個電話，你都可以看到我們故意在可用性方面說驚人的，因為現在的環境是更驚人的可用性——我會說，就品牌內容而言，好的、更好的和最好的。所以，我再一次給你推銷方面和頂線方面。我們只是覺得，當很難預測去年所見的波動時，我們不想制定過於激進的銷售計劃，我們還處於早期階段，沒有考慮到銷售情況。

We have HomeGoods, which -- we're still trying to figure out the home trend nationally. We might have another couple of quarters across our home businesses, which just aren't in HomeGoods that could keep our top line down a little. So Q4, right, we ran on minus 7% in home goods. We still had a 4% in TJX driven by Marmaxx in Canada and Europe. And so bottom line is we're being conservative in our plans, but I think judicious given the environment.

我們有 HomeGoods，我們仍在努力了解全國的家居趨勢。我們的家庭業務可能還有幾個季度，但這些業務不在 HomeGoods 中，這可能會使我們的收入有所下降。所以第 4 季度，對，我們的家居用品銷量下降了 7%。在加拿大和歐洲，我們仍然有 4% 的 TJX 由 Marmaxx 驅動。所以底線是我們在我們的計劃中是保守的，但我認為考慮到環境是明智的。

I'll let John get into some of the financial modeling margin question.

我將讓 John 討論一些財務建模保證金問題。

Yes. So Michael, just on the -- getting to that 10.6%, I mean, in FY '25, again, it does assume a 3% to 4% comp and continued benefit from better buying an average retail. Now we do anticipate a benefit in freight in FY '25, albeit lower than what we're seeing in FY '24. And that's really a function of the -- when our domestic contracts renew and so there would be a little bit of year-over-year benefit as we cycle a full year of that freight savings along with things we're doing internally to reduce our shrink rate, wage and supply chain costs, we expect those to moderate in FY '25. So we're adding a distribution center in all of our brands this year. So there will be some, again, year-over-year, the annualization of those costs in FY '25, but we do expect those costs to moderate. And again, shrink flat over the next 2 years.

是的。所以邁克爾，就在 - 達到 10.6%，我的意思是，在 25 財年，它再次假設 3% 到 4% 的補償，並繼續受益於更好地購買平均零售。現在我們確實預計 25 財年的運費會有所提高，儘管低於我們在 24 財年看到的情況。這真的是一個功能 - 當我們的國內合同續籤時，我們會循環一整年的運費節省以及我們正在做的內部工作以減少我們的費用，因此會有一點同比收益收縮率、工資和供應鏈成本，我們預計這些將在 25 財年放緩。所以今年我們在所有品牌中都增加了一個配送中心。因此，在 25 財年，這些成本將再次逐年增長，但我們確實預計這些成本會有所緩和。再一次，在接下來的兩年裡收縮持平。

Beyond FY '25, we do expect to be able to hold or slightly increased pretax margin on a 3% to 4% comp. And again, it assumes a slight improvement from better buying in average retail with no outsized expense headwinds and some favorability from shrink going forward. But we still feel very good about the fundamentals of the business.

在 25 財年之後，我們確實希望能夠以 3% 至 4% 的比例保持或略微提高稅前利潤率。再一次，它假設平均零售的購買量略有改善，沒有過大的支出逆風，並且未來會因收縮而受到一些青睞。但我們仍然對業務的基本面感到非常滿意。

Next, we'll go to the line of Omar Saad.

接下來，我們將前往奧馬爾·薩阿德 (Omar Saad) 的路線。

A couple of follow-ups. Maybe Ernie, you could talk a little bit about the comment you just made about e-com, that as a source of that channel slowing down across the board as a source of inventory. And then maybe also talk about the fact, at least on a multiyear basis, it seems like you're HomeGoods business is stabilizing, and you're seeing a little bit maybe more of a predictable pattern at home. At the same time, as apparel and accessories accelerate, we talk about that dynamic. And you have kind of both the pandemic winner and the post-pandemic winner working at the same time, both those kind of 2 sets of categories.

一些後續行動。也許厄尼，你可以談談你剛才對電子商務的評論，作為該渠道的來源，作為庫存來源全面放緩。然後也許還要談談這個事實，至少在多年的基礎上，你的 HomeGoods 業務似乎正在穩定下來，而且你在家裡看到的可能更多是一種可預測的模式。與此同時，隨著服裝和配飾的加速發展，我們談到了這種動態。大流行病贏家和大流行病後贏家同時工作，這兩種類別。

Omar, great questions. Let me -- I'll go with the e-comm one first. Yes. So I agree, and I think you were starting to hint at that. So it creates a sales opportunity for us certainly as e-com business has slowed across the board. By the way, in our e-com business is very complementary and additive to us, but it's such a small 2%. We're not a player there per se in terms of the key component. However, it does help our branding and our current feel for our younger customer base as well as the older customer base for our brick-and-mortar. So we are high on our e-comm business. It's just the external businesses that are so big have been running into you, as you know, and some of them are home related, some of them are apparel related and they're running into, I think, given the inflation, they're running into, obviously, top line slowdowns, they might have hit saturation points within certain market -- within certain merchandise categories. And that does create, and I think you were getting an additional inventory supply for us ironically that we have been taking advantage of.

奧馬爾，很好的問題。讓我——我先談談電子通訊。是的。所以我同意，我認為你已經開始暗示這一點了。因此，隨著電子商務業務全面放緩，這無疑為我們創造了一個銷售機會。順便說一句，在我們的電子商務業務中，對我們來說是非常互補和加分的，但它只是那麼小的 2%。就關鍵組件而言，我們本身不是那裡的玩家。然而，它確實有助於我們的品牌塑造和我們目前對我們的年輕客戶群以及我們實體店的年長客戶群的感覺。因此，我們在電子商務業務方面處於領先地位。正如你所知，只是如此大的外部業務已經遇到了你，其中一些與家居相關，其中一些與服裝相關，我認為，考慮到通貨膨脹，他們正在遇到很明顯，他們遇到了營收放緩的情況，他們可能已經在某些市場——某些商品類別中達到了飽和點。這確實創造了，我認為你正在為我們獲得額外的庫存供應，而我們一直在利用這一點。

And when I was referring earlier when Michael had asked the question about our positioning, et cetera, and I was mentioning in the script, the phenomenal availability, we know that a chunk of that availability is actually e-com spill off availability from many of the other e-com players.

當我早些時候提到邁克爾問過關於我們的定位等問題時，我在腳本中提到了驚人的可用性，我們知道其中很大一部分可用性實際上是電子商務溢出的可用性。其他電子商務玩家。

So it's a tremendous source and also some good brands in there as well because some of the vertical e-com players, as you can imagine, tough to forecast with their sales -- that their sales were going to be that hit that hard that they were going to yield this much goods, which is why we are very bullish on the branded content of our mix, specifically even on the better and best levels. We have lulls every now and there but key to our success, we believe, is carrying ranges of good, better and best merchandise across all the categories consistently as much as possible and e-com has been a great supplier of that.

所以這是一個巨大的來源，其中也有一些好品牌，因為一些垂直電子商務玩家，正如你可以想像的那樣，很難預測他們的銷售額——他們的銷售額將受到如此嚴重的打擊，以至於他們我們將生產這麼多商品，這就是為什麼我們非常看好我們組合的品牌內容，特別是在更好和最好的水平上。我們時不時會有停滯，但我們相信，我們成功的關鍵是盡可能始終如一地在所有類別中提供一系列優質、更好和最好的商品，而電子商務一直是這方面的重要供應商。

Yes. So HomeGoods, Michael, is it's very interesting. So you could see our decrease there in Q4, it's getting a little better. And I think Omar, I mean, the way you were referring to it, I think, Omar, as we look out, we're kind of watching the next couple of quarters and seeing where we're going to go with that business. What I would say here is talk about store closures and e-com declines in that arena, that is going to create -- all we have to do there is weather the storm and keep HomeGoods and home in our Marmaxx business going. And we think we come out the other side here and even a bigger player in a fashion home business than anybody thought we would be.

是的。 Michael，HomeGoods 非常有趣。所以你可以看到我們在第四季度的減少，情況有所好轉。我認為奧馬爾，我的意思是，你提到它的方式，我想，奧馬爾，當我們看出來的時候，我們正在觀察接下來的幾個季度，看看我們將如何開展這項業務。我在這裡要說的是關於該領域的商店關閉和電子商務衰退的討論，這將造成——我們在那裡要做的就是度過難關，讓我們的 Marmaxx 業務中的 HomeGoods 和家居繼續發展。而且我們認為我們已經走到了另一邊，甚至比任何人想像的都更能成為時尚家居行業的參與者。

The key is we have to -- everyone has to go to this lull in the demand. But I think that creates a shakeout that actually, to your point, we see light at the end of the tunnel. It's just -- we're not seeing it right now. HomeGoods still down 11% for the year, down 7% in the quarter. The interesting thing is if you look at total TJX we still ran a 4% with HomeGoods down 7% because we have everything else clicking, which is one of the best parts about our portfolio is we're so diverse that we're able to flex and we talk about our flexible business model all the time. This is the time when that flexible business model really shines. And I think when you have a category like home, which is a roller coaster ride, we're able to mitigate the ups and downs by the rest of our business. So Great question.

關鍵是我們必須——每個人都必須應對需求的平靜。但我認為這造成了一場震盪，實際上，就你的觀點而言，我們看到了隧道盡頭的曙光。只是 - 我們現在沒有看到它。 HomeGoods 全年仍下跌 11%，本季度下跌 7%。有趣的是，如果你看看總的 TJX，我們仍然跑了 4%，HomeGoods 下降了 7%，因為我們有其他一切點擊，這是我們投資組合中最好的部分之一，因為我們是如此多樣化，以至於我們能夠flex，我們一直在談論我們靈活的商業模式。這是靈活的商業模式真正大放異彩的時候。而且我認為當你有一個像家這樣的類別時，就像過山車一樣，我們能夠減輕我們其他業務的起伏。很好的問題。

I'll just add on that. So it feels like sales are getting close to stabilizing. Q1, as Ernie mentioned, is up against really strong sales from previous years. It's actually the highest 3-year stack of the year that we're going into. So we feel like Q2 we'll probably start to see more clearly where we are with that. But we feel really good about the value proposition, which is still strong. We're attracting new customers. We're opening new stores, and we're likely to benefit from other home store closures. So we still feel very positive about the HomeGoods business.

我會補充一點。因此，感覺銷售正在接近穩定。正如 Ernie 提到的那樣，第一季度的銷售額與前幾年非常強勁。這實際上是我們即將進入的一年中最高的 3 年籌碼。所以我們覺得第二季度我們可能會開始更清楚地看到我們在哪裡。但我們對價值主張感覺非常好，它仍然很強大。我們正在吸引新客戶。我們正在開設新店，我們可能會從其他家庭商店的關閉中受益。所以我們仍然對 HomeGoods 業務感到非常樂觀。

Our next question comes from Lorraine Hutchinson.

我們的下一個問題來自 Lorraine Hutchinson。

I wanted to get your updated thoughts on pricing. Was there any change to the customer reaction to your price increases in 4Q? And then what are your plans for prices this year?

我想了解您對定價的最新想法。第四季度客戶對你們漲價的反應有什麼變化嗎？那麼你今年的價格計劃是什麼？

Lorraine, okay, great touch base on that. Yes, no. So the pricing strategy has continued to work extremely, extremely well. And in fact, very few situations. And again, our buyers are all over it. When it doesn't work, we have repriced. The good news is we turn so fast, as all of you know, that it doesn't last long in any SKU. And it's been -- I'm saying we're 95% successful on it.

Lorraine，好吧，很好的接觸基礎。是的，不。因此，定價策略一直非常有效。而事實上，很少有這種情況。再一次，我們的買家無處不在。當它不起作用時，我們會重新定價。好消息是，眾所周知，我們的發展速度如此之快，任何 SKU 都不會持續太久。它一直 - 我是說我們在這方面取得了 95% 的成功。

And so going forward, as I mentioned in the script, that is a key component of our way to continue to raise our margins because -- and it's a combination, by the way, of buying better and the strategic retailing of the goods.

因此，正如我在腳本中提到的那樣，展望未來，這是我們繼續提高利潤率的關鍵組成部分，因為 - 順便說一句，它是更好地購買和商品戰略零售的結合。

And Lorraine, one of the big advantages we have, we've been looking at this a lot in depth recently. And this goes -- well, it goes to a couple of things. It goes to the fact that we do good, better, best. Many other retailers, as you know, are fairly narrow. And I don't want to say the names of them, but some of them, they're good, maybe they'll dabbling a bit better, but they certainly don't do good, better, best. And that's in terms of quality, the level of brands, good, better, but there are good brands, meaning they're household names, but they're at a moderate price per se. Better brains and then there's higher-end designer/best brands.

而洛林，我們擁有的一大優勢，我們最近一直在深入研究這個問題。這就是 - 好吧，它涉及幾件事。事實上，我們做得很好，更好，最好。如您所知，許多其他零售商的範圍相當狹窄。我不想說出他們的名字，但他們中的一些人，他們很好，也許他們會涉獵得更好一些，但他們肯定不會做得很好，更好，最好。這就是質量，品牌水平，好，更好，但是有好品牌，這意味著它們是家喻戶曉的品牌，但它們本身的價格適中。更好的大腦，然後是更高端的設計師/最好的品牌。

And we -- because we tend to want to have a balance of all of that in every category throughout the store, we're able to execute the strategic retailing of the goods more effectively than I think retailers that are really kind of boxed in and more of just a good and slow better only situation. So once again, that's -- and we have this team.

而且我們 - 因為我們傾向於在整個商店的每個類別中平衡所有這些，所以我們能夠比我認為真正裝箱的零售商更有效地執行商品的戰略零售更多的只是一個好的和緩慢的更好的唯一情況。所以再一次，那是——我們有這個團隊。

The other thing we keep talking about the business model, other retailers have strong business models, but they don't have the tenure that we have across TJX and the experience in the teaching, the university, the -- I always look for all the different areas within TJX that allows us to do some of these pricing things without the risk where you're swinging a pendulum because you don't have the talent, the experienced merchants that we have here.

我們一直在談論商業模式的另一件事是，其他零售商擁有強大的商業模式，但他們沒有我們在 TJX 的任期以及在教學、大學方面的經驗——我一直在尋找所有的TJX 內的不同領域允許我們做一些這樣的定價事情，而不會因為你沒有人才，我們這裡有經驗豐富的商人而擺動鐘擺的風險。

So we have such a long tenure in buying and planning and storage distribution, marketing, logistics, IT, finance, HR, legal, administrative. i mean we just have such tenure that helps us execute some things that I think some other companies run into where they're not as experienced at it.

因此，我們在採購、規劃和存儲分銷、營銷、物流、IT、財務、人力資源、法律和行政方面擁有如此長的任期。我的意思是我們只是有這樣的任期可以幫助我們執行一些我認為其他公司遇到的他們沒有經驗的事情。

And to your point about the customers, we've had no issues. In fact, given our sales, you can see it's -- we do -- by the way, our perception of value, and I think I mentioned that there somewhere in the script is -- continues to go up on our surveys on our perception of value by our customers.

至於你關於客戶的觀點，我們沒有遇到任何問題。事實上，鑑於我們的銷售額，你可以看到它 - 我們確實 - 順便說一下，我們對價值的看法，我想我提到過劇本中的某個地方 - 在我們對我們看法的調查中繼續上升我們的客戶的價值。

Our next question comes from Paul Lejuez from...

我們的下一個問題來自 Paul Lejuez，來自……

I think you mentioned higher markdowns within the fourth quarter, the drag on merch margins. Can you just talk about what drove that? And maybe you think that was unique to 4Q? Or might that linger into the first quarter? And also, I was curious, inventory, if you could talk about the inventory units, how that breaks down by segment?

我想你提到了第四季度更高的降價，這對商品利潤率造成了拖累。你能談談是什麼推動了那件事嗎？也許您認為這是 4Q 的獨特之處？或者這可能會持續到第一季度？而且，我很好奇，庫存，如果你能談談庫存單位，它是如何按細分市場細分的？

Yes. Thanks, Paul. So yes, markdowns were higher versus FY '22. But again, FY '22 was up against an exceptionally low year. When you look at our markdowns compared to FY '20, they're actually favorable. So the markdown is -- most of it is due to the comparison to just an exceptionally low year.

是的。謝謝，保羅。所以是的，與 FY '22 相比，降價幅度更高。但是，22 財年再次遭遇異常低迷的一年。當您查看我們與 20 財年相比的降價時，它們實際上是有利的。所以降價是——大部分是由於與異常低的年份進行比較。

In inventory?

在庫存中？

I'm sorry, what was your question on inventory?

抱歉，您關於庫存的問題是什麼？

Just curious what it was in units and how that breaks down by segment? But then -- and just a follow-up on the last piece. Is that markdown issue expected to linger into the first quarter? Do you have really difficult comparisons would you say in the first quarter of '23?

只是好奇它的單位是什麼以及如何按細分細分？但是然後 - 只是對最後一篇文章的跟進。降價問題預計會持續到第一季度嗎？在 23 年的第一季度，您是否真的很難進行比較？

As far as the first quarter versus -- so markdowns, we expect them to be in the first quarter, roughly flat to the previous year. Now as far as our inventory levels for Q4, we ended the year essentially 1% up on a per store basis. We do anticipate the inventory levels to increase a little bit into Q1. So part of it is that the inventory levels, we had forecasted bringing our inventory levels down and Scott had talked about it in previous quarters. So we did bring the inventory levels down.

至於第一季度與 - 所以降價，我們預計他們將在第一季度，與上一年大致持平。現在就我們第四季度的庫存水平而言，我們在年底時每家商店基本上增長了 1%。我們確實預計庫存水平會在第一季度略有增加。所以部分原因是庫存水平，我們曾預測我們的庫存水平會下降，斯科特在前幾個季度也談到過。所以我們確實降低了庫存水平。

We probably came in a little bit lower due to the shrink impact that we had in the first quarter, which we are correcting -- excuse me, in the fourth quarter, which we are correcting into the first quarter but we feel very comfortable with where the inventory levels are in our stores.

由於我們在第一季度的收縮影響，我們可能會稍微降低一點，我們正在糾正 - 對不起，在第四季度，我們正在糾正到第一季度，但我們對在哪裡感到非常滿意庫存水平在我們的商店。

Yes. By the way, Paul, I'll just jump in on that. On the inventory levels, as John said, and maybe a notch lighter than we expect. The other thing is sales, obviously, we had outperformed in sales, which added to the slightly less inventory. And then we love our position right now, and by the way, this could end up helping with our markdown rate because we're so fresh going into the first quarter and our start to the year on sales is a strong start. It will allow us to chase and potentially do even better than the sales plan.

是的。順便說一句，保羅，我會直接參與進來。正如約翰所說，在庫存水平上，可能比我們預期的要低一個檔次。另一件事是銷售，顯然，我們在銷售方面表現出色，這增加了略微減少的庫存。然後我們喜歡我們現在的位置，順便說一下，這最終可能會幫助我們降低降價率，因為我們進入第一季度是如此新鮮，而我們今年的銷售開局是一個良好的開端。它將使我們能夠追逐並有可能比銷售計劃做得更好。

You guys have witnessed, for example, we didn't plan to run a 7% in Marmaxx in the fourth quarter. We were able to chase it and achieve it or do we plan a 4% overall in TJX or in 2021, when we ran -- we had like a 3% comp plan that we ran, I don't know, 15% or something like that. We did not plan that. We just -- we were able to chase because the market has those goods, and there's more goods today than there was then. So I like our inventory position because I think it's just textbook for us to -- and I like our sales momentum. So it's a good combination going in this way into the new year.

你們已經見證了，例如，我們不打算在第四季度在 Marmaxx 中運行 7%。我們能夠追逐它並實現它，或者我們是否計劃在 TJX 或 2021 年整體計劃 4%，當我們運行時——我們有一個 3% 的補償計劃，我不知道，15% 或什麼像那樣。我們沒有那樣計劃。我們只是 - 我們能夠追逐，因為市場上有那些商品，而且今天的商品比那時多。所以我喜歡我們的庫存狀況，因為我認為這只是我們的教科書——而且我喜歡我們的銷售勢頭。因此，以這種方式進入新的一年是一個很好的組合。

Next, we'll go to the line of Brooke Roach.

接下來，我們將轉到布魯克·羅奇（Brooke Roach）的路線。

Ernie, you framed the opportunity from strategic retailing buying better and your pricing initiative and driving margin improvement as you track towards 10.6% pretax profit margins. Can you talk to the sustainability of this better buying environment and the key levers for continuing to expand that buy-in margin even if industry inventory overhangs begin to ease or the consumer continues to shift towards value?

Ernie，在您追踪 10.6% 的稅前利潤率時，您更好地把握了戰略零售採購的機會，以及您的定價計劃和推動利潤率的提高。你能談談這種更好的購買環境的可持續性，以及即使行業庫存過剩開始緩解或消費者繼續轉向價值的情況下繼續擴大購買利潤率的關鍵槓桿嗎？

Sure. Well, yes, let me mention that last thing first. Well, the consumer does continue to shift towards value, and that's one of the reasons our top line is so healthy, and we don't think that's going to change for a number of years, especially in an inflationary environment where there's a pressure on the average consumer with all costs in their household going up. So we -- this is really a textbook situation for us.

當然。好吧，是的，讓我先提一下最後一件事。好吧，消費者確實繼續轉向價值，這是我們的收入如此健康的原因之一，我們認為這在未來幾年內不會改變，尤其是在通貨膨脹的環境中家庭所有成本都在上升的普通消費者。所以我們 - 這對我們來說真的是教科書般的情況。

In terms of the buying better. The buying better, it's all in a few pieces here. So part of it is the strategic retailing of the goods is actually a little different than the buying better. So the buying better is and what you're getting at is how sustainable is that? One reason I think there's a long sustainability to it is because you're running into a lot of closures and slowdowns with other retailers permanent store closures. And we are becoming even more important to vendors today than we were even as recently as a year ago, certainly, as we were 3 years ago, and we're just seeing the beginning -- the tip of the iceberg, I would say, on our ability to leverage that with our -- all of our vendors.

在購買方面更好。買的比較好，這裡都是幾件的。所以部分原因是商品的戰略零售實際上與更好地購買略有不同。所以買得更好是什麼，你得到的是它的可持續性如何？我認為它具有長期可持續性的一個原因是因為你遇到了很多其他零售商永久關閉商店的關閉和放緩。我們對今天的供應商來說變得比一年前更重要，當然，就像我們 3 年前一樣，我們只是看到了開始——冰山一角，我想說，關於我們與我們所有的供應商一起利用它的能力。

Yes, we have 21,000 vendors, but the reality is we have a lot of really key relationships with the biggest brands in the industry. And I would think most of them, and I was on the phone recently with 2 of our biggest vendors. And I think they would all say that we are more important to them today than ever before. So that will help in terms of our buying better for a long period of time, that's not just an availability of goods today. That's a long term, more important to the key brands, and we're so brand driven.

是的，我們有 21,000 家供應商，但事實是我們與業內最大的品牌建立了很多非常重要的關係。我會想到他們中的大多數，最近我和我們最大的兩家供應商通了電話。我想他們都會說，我們今天對他們來說比以往任何時候都更重要。因此，這將有助於我們在很長一段時間內更好地購買，而不僅僅是今天的商品供應。這是一個長期的，對主要品牌來說更重要，我們是如此的品牌驅動。

Unlike other retailers that -- and by the way, good, better, best plays into that as well. We're also not -- we're not private label driven where many other retailers are relying on that so much, and that doesn't yield this type of benefit for them because they're their own importers and they're up against their own dealing directly that way.

與其他零售商不同——順便說一下，好的、更好的、最好的也參與其中。我們也不是 - 我們不是自有品牌驅動的，許多其他零售商非常依賴自有品牌，這不會為他們帶來這種好處，因為他們是自己的進口商，他們面臨著挑戰自己直接交易呀。

In terms of the retailing of the goods, that we have many years to go because the inflation -- so we do shopping reports about how many of our SKUs, we look at our SKUs, how they -- our buyers comp-shop our SKUs, how are they at the other retailers and there is still so much more room for us to continue to move along those lines to surgically raise retails because the other retailers around us are having to do it because of inflation, that also a long tail. So very sustainable, not a 1-year thing, a multiyear opportunity. And our -- we're probably one of the only retailers set up to be able to capitalize on this the way we can. But we really are excited about this not being a short-term window because of those 2 dynamics.

在商品零售方面，我們還有很多年要走，因為通貨膨脹——所以我們做關於我們有多少 SKU 的購物報告，我們查看我們的 SKU，他們如何——我們的買家購買我們的 SKU ，他們在其他零售商處的情況如何，我們仍然有很大的空間繼續沿著這些路線移動以通過外科手術提高零售量，因為我們周圍的其他零售商由於通貨膨脹而不得不這樣做，這也是一條長尾巴。非常可持續，不是一年的事情，而是多年的機會。而我們的 - 我們可能是唯一能夠以我們可以的方式利用這一點的零售商之一。但我們真的很高興這不是一個短期窗口，因為這兩個動態。

It's a great question and one we talk about in depth here. So thank you, Brooke, for asking that.

這是一個很好的問題，我們將在這裡深入討論。布魯克，謝謝你提出這個問題。

Next, we'll go to the line of Matthew Boss.

接下來，我們將轉到 Matthew Boss 的台詞。

Congrats on a nice quarter. So a couple of things, Ernie, a key inflection this quarter, I think, was U.S. traffic turning positive for the first time in over a year. Could you speak to the traffic inflection and drivers behind the material acceleration that you saw at Marmaxx? And then, John, just to summarize on gross margin. So I think you cited freight up 80 to 100 basis points, shrink flat in the AUR strategy accretive. So is gross margin for the year up 100 basis points or so? Is that fair? Or how best to quantify the components? And then just multiyear to Ernie's comments, is there any ceiling on gross margins relative to the 29% that we saw in 2017?

祝賀一個不錯的季度。所以有兩件事，厄尼，我認為本季度的一個關鍵轉折點是美國交通一年多來首次轉正。您能否談談您在 Marmaxx 看到的材料加速背後的交通變化和驅動因素？然後，約翰，只是總結一下毛利率。所以我認為你引用運費上漲 80 到 100 個基點，在 AUR 策略中收縮持平。那麼今年的毛利率是否上升了 100 個基點左右？這公平嗎？或者如何最好地量化組件？然後就在 Ernie 的評論多年之後，相對於我們在 2017 年看到的 29% 的毛利率是否有上限？

Go ahead. You can go on the margin on that.

前進。你可以繼續這樣做。

Yes. So gross margin, we are planning it up to 140 basis points. So freight is a major component of that. Also, mark on an average retail is another piece of it. So those are the drivers for why we are expecting gross profit margin to be up.

是的。所以毛利率，我們計劃高達 140 個基點。所以運費是其中的一個主要組成部分。此外，平均零售價上的標記也是其中的一部分。因此，這些是我們預期毛利率上升的驅動因素。

Now on the other side of it, obviously, we have minimum wage and other things that are in SG&A going the other way. That's on a full year basis.

現在，在它的另一邊，顯然，我們有最低工資和 SG&A 中的其他東西。這是按全年計算的。

Does that answer that, Matt? Or yes?

這能回答那個問題嗎，馬特？或者是？

Yes. And then just maybe, Ernie, on the traffic and...

是的。然後也許，厄尼，在交通和...

Yes. Well, the traffic we're -- you're right, it is a bit of an inflection point. I like the way you described it. So we're looking -- we would like to see that continue here as we move into the new year. Again, we're feeling good on the start.

是的。好吧，我們的交通——你是對的，這是一個拐點。我喜歡你描述的方式。所以我們正在尋找 - 我們希望看到在我們進入新的一年時繼續在這裡。同樣，我們一開始感覺很好。

Going back to the way we're planning our sales though, we'd like to see a longer-term trend there to start planning it a little more aggressively. I mean -- we're in a good position here based on the inflection. Again, the average -- the average basket was up significantly, customer traffic increased slightly, which is good. We'd like to see just a little bit longer trend there. We do like across the board where our average baskets look healthy, right, John? In terms of the total. So that's feeling really good.

回到我們計劃銷售的方式，我們希望看到一個長期趨勢，開始更積極地計劃。我的意思是 - 根據拐點，我們在這里處於有利位置。同樣，平均 - 平均籃子顯著上升，客戶流量略有增加，這是好的。我們希望在那裡看到稍微長一點的趨勢。我們確實喜歡整體籃板，我們的平均籃子看起來很健康，對吧，約翰？從總量上來說。所以那感覺真的很好。

If we can start to get a traffic increase on a regular basis will kind of be really off to the races on the sales, although we're feeling already that there's -- that we have some upside.

如果我們能夠開始定期增加流量，那將是真正的銷售競賽，儘管我們已經感覺到 - 我們有一些優勢。

Our final question comes from Marni Shapiro.

我們的最後一個問題來自 Marni Shapiro。

Congratulations on the quarter and a great year and I guess, a good start to this year. I just have one quick question. You've talked a lot about -- you've seen a little bit of an increase in traffic, up a little bit in the basket, but are you seeing a change in the way people are shopping your stores? Are they buying more units or just spending more of some of the price increases? Are you still seeing new people come into your customer file? I mean, from my vantage point, every person in the U.S. is already in your file, but I know that's not actually true. Can you just talk a little bit about what that looks like for us?

祝賀本季度和一個偉大的一年，我想，這是今年的一個良好開端。我只有一個簡單的問題。你已經談了很多——你看到客流量有點增加，購物籃裡有一點點增加，但你是否看到人們在你的商店購物的方式發生了變化？他們是購買更多單位還是只是花費更多的價格上漲？您是否仍然看到新人進入您的客戶檔案？我的意思是，從我的角度來看，美國的每個人都已經在你的檔案中，但我知道事實並非如此。你能談談這對我們來說是什麼樣的嗎？

Well, you know, Marni, yes, we'd like to thank every person that they're now. We still have so much of the population that is not shopping us strangely enough which is why we're bullish on continuing to take -- here's what I think that happens in this environment, by the way, and it's going to help traffic even more is the store -- back to the store closures that are happening around us.

嗯，你知道的，Marni，是的，我們要感謝他們現在的每一個人。我們仍然有很多人沒有足夠奇怪地購買我們，這就是為什麼我們看好繼續採取 - 順便說一下，這就是我認為在這種環境中發生的事情，它將進一步幫助交通是商店——回到我們周圍發生的商店關閉。

Marni, even if you factor in that half of those stores, only half of the categories marry up and create a visit to us. That's still a big number when you take in account the hundreds that are now slowing down or closing hundreds of stores. And I think that's going to play into us because we -- unfortunately, we wish we did. We don't have everyone shopping us, and we still have a lot.

Marni，即使你將這些商店的一半考慮在內，也只有一半的類別結合在一起並創造了對我們的訪問。考慮到現在有數百家門店放緩或關閉，這仍然是一個很大的數字。我認為這會對我們產生影響，因為我們——不幸的是，我們希望我們這樣做了。我們沒有每個人都在我們這裡購物，但我們仍然有很多。

We -- our market share continues to go up every year, however. And as you can tell by our performance, we are gaining percent of our sales is new customers without a doubt, and we track that. But it's a mix of new customers, up spend of existing as well as -- and some of the up spend is driven by an additional visit. Not necessarily on the basket, John.

然而，我們——我們的市場份額每年都在繼續上升。正如您從我們的表現中可以看出的那樣，毫無疑問，我們的銷售額中有一部分來自新客戶，我們對此進行了跟踪。但它是新客戶的混合體，現有客戶的增加支出以及 - 一些增加的支出是由額外訪問驅動的。不一定在籃下，約翰。

Yes, I mean I would say we break down the fourth quarter is probably half transactions and half basket, probably leaning a little bit more towards transactions.

是的，我的意思是我會說我們將第四季度細分為交易和籃子的一半，可能更傾向於交易。

That's fantastic. Best of luck with the...

這太妙了。祝你好運...

We do think, Marni, to what you're getting at is the -- we're starting to differentiate ourselves even more because of all the brands that we have and you and average shopper, we across the different brands and the different fashion looks and the different quality levels, we're covering it across a wide band of pricing throughout all of those and trying to appeal to wider customer range than your typical retailer, which I think is working.

我們確實認為，Marni，你所得到的是——我們開始更加與眾不同，因為我們擁有所有品牌，你和普通購物者，我們跨越不同的品牌和不同的時尚外觀以及不同的質量水平，我們在所有這些範圍內涵蓋了廣泛的定價範圍，並試圖吸引比典型零售商更廣泛的客戶範圍，我認為這是有效的。

I think it's happening automatically on TikTok, you guys are cool, which is really hard to do when you're this bigger retailer. And for this generation, you're a cool place to shop. I can't believe I'm saying that, but it feels like something has changed.

我認為它在 TikTok 上自動發生，你們很酷，當你們是這個更大的零售商時，這真的很難做到。對於這一代人來說，您是購物的好去處。我不敢相信我會這麼說，但感覺好像有些東西變了。

What you're saying is, so we look at the -- we have some marketing studies. But when you look at TikTok or you look at the average age of our new customers, and I'll give you one other metric, which I mentioned in the script is we're becoming a gifting destination all year long, which is an indication that we're cool because typically like gifts, they don't do it from uncool retailers. And years ago, I don't think we were a big candidate for gifting, and now we are throughout the year, which says we're cooler to your part.

你的意思是，所以我們看看 - 我們有一些營銷研究。但是當你看看 TikTok 或者你看看我們新客戶的平均年齡時，我會給你另一個指標，我在腳本中提到的是我們全年都在成為送禮目的地，這表明我們很酷，因為通常喜歡禮物，他們不會從不酷的零售商處購買。幾年前，我不認為我們是送禮的主要候選人，而現在我們全年都是，這說明我們對您來說更酷。

Best of luck with spring you guys.

祝你們春天好運。

I appreciate all the time with everybody. And I think that's the end of our call. And thank you for joining us. We will be updating you again on our first quarter earnings call in May. So thank you all for your time.

我很感激和大家在一起的所有時間。我認為我們的通話到此結束。感謝您加入我們。我們將在 5 月份的第一季度財報電話會議上再次向您通報最新情況。謝謝大家的寶貴時間。

Ladies and gentlemen, that concludes our conference call for today. You may all disconnect, and thank you for your participation.

女士們，先生們，我們今天的電話會議到此結束。你們都可以斷開連接，感謝你們的參與。