TJX Companies Inc (TJX) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the TJX Companies First Quarter Fiscal 2024 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded as of today, May 17, 2023.

女士們，先生們，謝謝你們的支持。歡迎參加 TJX 公司 2024 財年第一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 5 月 17 日。

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

我現在想將電話會議轉交給 TJX Companies, Incorporated 首席執行官兼總裁 Ernie Herrman 先生。請繼續，先生。

Thank you, Ivy. Before we begin, Deb has some opening comments.

謝謝你，常春藤。在我們開始之前，Deb 有一些開場白。

Thank you, Ernie, and good morning. 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 29, 2023. 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. 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.

謝謝你，厄尼，早上好。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美國證券交易委員會的文件中進行了討論，包括但不限於 2023 年 3 月 29 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。任何記錄、轉播、複製未經 TJX 事先同意，禁止將其用於營利或其他目的，這違反了美國版權法和其他法律。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. Thank you. And now, I'll turn it back over to Ernie.

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。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. I'd like to begin today by recognizing our global associates for their continued hard work and dedication. It is our associates who bring our business to life every day for our customers, and I want to thank them for their strong commitment to our business especially our store, distribution and fulfillment center associates.

早上好。與我和 Deb 一起通話的是 John Klinger。今天開始，我要表彰我們全球的同事們一直以來的辛勤工作和奉獻精神。是我們的員工每天為我們的客戶帶來我們的業務，我要感謝他們對我們業務的堅定承諾，尤其是我們的商店、配送和履行中心的員工。

Now to our first quarter results. I am very pleased with our strong sales and our well-above-planned profitability. Our 3% overall comp sales growth was at the high end of our plan and driven by an increase in customer traffic. I am particularly pleased with the performance at Marmaxx, which delivered mid-single-digit increases in both comp store sales and customer traffic. Further, we saw comp sales and traffic increases at both of our international divisions. I also want to highlight the continued strength of our apparel and accessories businesses across the company.

現在來看我們的第一季度業績。我對我們強勁的銷售和超出計劃的盈利能力感到非常滿意。我們 3% 的整體 comp 銷售增長處於我們計劃的高端，並受到客戶流量增加的推動。我對 Marmaxx 的表現特別滿意，它在商店銷售額和客戶流量方面實現了中個位數的增長。此外，我們看到我們兩個國際部門的銷售額和流量都有所增加。我還想強調我們整個公司的服裝和配飾業務的持續實力。

In terms of profitability, both pretax profit margin and earnings per share increased versus last year and well exceeded our expectations. Importantly, merchandise margin was very healthy. With our strong profitability performance in the first quarter, we are raising both our full year pretax profit margin and earnings per share guidance. John will talk to this in a moment.

盈利能力方面，稅前利潤率和每股收益均較去年有所增長，遠超我們預期。重要的是，商品利潤率非常健康。憑藉我們在第一季度強勁的盈利表現，我們提高了全年稅前利潤率和每股收益指引。約翰稍後會談到這個。

Our first quarter results are a testament to the strength and resiliency of our flexible off-price business model. I am very pleased with the excellent execution of our teams across the company whose collective efforts brought our shoppers great values and a compelling treasure hunt shopping experience every day. Our buyers took advantage of amazing deals in the marketplace, and the organization flowed product to the right stores at the right time and did a great job of merchandising the product, delivering on customer satisfaction and marketing. We're happy with our good start to the second quarter and are in a great position to take advantage of the phenomenal buying environment and ship fresh selections to our stores and online. Going forward, we are excited about the opportunities we see to gain market share in the U.S. and internationally, and continue to improve the profitability of TJX.

我們第一季度的業績證明了我們靈活的低價業務模式的實力和彈性。我對整個公司團隊的出色執行感到非常滿意，他們的共同努力每天為我們的購物者帶來巨大的價值和引人入勝的尋寶購物體驗。我們的買家利用了市場上驚人的交易，該組織在正確的時間將產品運送到正確的商店，並在產品推銷、交付客戶滿意度和營銷方面做得很好。我們對第二季度的良好開局感到滿意，並且處於有利地位，可以利用非凡的購買環境，並將新鮮的選擇運送到我們的商店和網上。展望未來，我們對在美國和國際上獲得市場份額並繼續提高 TJX 盈利能力的機會感到興奮。

Before I continue, I'll turn the call over to John to cover our first quarter financial results in more detail.

在我繼續之前，我會把電話轉給約翰，以更詳細地介紹我們第一季度的財務業績。

Thanks, Ernie, and good morning, everyone. I also want to add my gratitude to all of our global associates for their continued hard work.

謝謝，厄尼，大家早上好。我還要感謝我們所有的全球員工一直以來的辛勤工作。

I'll start with some additional details on the first quarter. As Ernie mentioned, our overall comp store sales increased 3% at the high end of our plan. This comp sales increase was driven by customer traffic, with average ticket up for the quarter. Again, our overall apparel business, including accessories, continued its momentum with comp growth up mid-single digits. Overall, home sales were down as we continue to cycle the outsized sales we saw during the pandemic.

我將從第一季度的一些額外細節開始。正如 Ernie 所提到的，我們的整體 comp 商店銷售額在我們計劃的高端增長了 3%。這種補償銷售增長是由客戶流量推動的，本季度平均票價上漲。同樣，我們的整體服裝業務（包括配飾）繼續保持增長勢頭，收入增長達到中等個位數。總體而言，隨著我們繼續循環我們在大流行期間看到的超額銷售，房屋銷售下降了。

TJX net sales grew to $11.8 billion, a 3% increase versus the first quarter of fiscal '23. On a constant currency basis, first quarter sales were up 5%. First quarter consolidated pretax profit margin of 10.3% was up 90 basis points versus last year's adjusted 9.4% and well above our plan. Gross margin was up 100 basis points and driven by an increase in merchandise margin. The benefit from lower freight costs was significantly more than we expected. Once again, mark-on was strong due to better buying.

TJX 淨銷售額增長至 118 億美元，比 23 財年第一季度增長 3%。按固定匯率計算，第一季度銷售額增長了 5%。第一季度綜合稅前利潤率為 10.3%，比去年調整後的 9.4% 高出 90 個基點，遠高於我們的計劃。毛利率上升了 100 個基點，這主要受商品利潤率增長的推動。較低的運費帶來的好處遠遠超過我們的預期。由於更好的購買，加價再次強勁。

Unfavorable hedges, our year-over-year shrink accrual and supply chain investments were headwinds to the gross margin in the first quarter. As a reminder, we are planning to shrink flat in fiscal '24 versus fiscal '23. Our plans this year assume an expected headwind in the first, second and third quarters and an expected benefit in the fourth quarter.

不利的對沖、我們同比縮水的應計利潤和供應鏈投資對第一季度的毛利率造成了不利影響。提醒一下，我們計劃在 24 財年與 23 財年持平。我們今年的計劃假設第一、第二和第三季度將出現逆風，第四季度將出現預期收益。

SG&A increased 60 basis points. Less than half of this increase was due to incremental store wage costs. And net interest income benefited pretax profit margin by 50 basis points. I want to note that our above-plan pretax profit margin performance was primarily driven by an unanticipated benefit from a freight accrual adjustment, better-than-expected freight rates and our freight initiatives as well as the timing of some expenses.

SG&A 增加了 60 個基點。這一增長中不到一半是由於增加的商店工資成本。淨利息收入使稅前利潤率受益50個基點。我想指出，我們高於計劃的稅前利潤率表現主要是由於運費應計調整帶來的意外收益、好於預期的運費和我們的運費舉措以及一些費用的時間安排。

Lastly, we are very pleased that earnings per share of $0.76 were up 12% versus last year's adjusted $0.68 and also well above our expectations.

最後，我們非常高興每股收益為 0.76 美元，較去年調整後的 0.68 美元增長 12%，也遠高於我們的預期。

Moving to our first quarter divisional performance. At Marmaxx, first quarter comp store sales increased a very strong 5% over a 3% increase last year. We are very pleased to see a mid-single-digit increase in Marmaxx's customer traffic. Once again, Marmaxx's apparel business, including accessories, had a high single-digit comp increase. Marmaxx's first quarter segment profit margin was 14%, up 80 basis points versus last year. We are extremely pleased with the momentum of our largest division as sales and traffic were consistent across each of Marmaxx's regions. We continue to see an excellent opportunity for Marmaxx to capture additional market share across the U.S.

轉到我們第一季度的部門業績。在 Marmaxx，第一季度同店銷售額增長了 5%，高於去年 3% 的增幅。我們很高興看到 Marmaxx 的客戶流量實現了中個位數的增長。 Marmaxx 的服裝業務（包括配飾）再次實現了個位數的高增長。 Marmaxx 第一季度的分部利潤率為 14%，比去年同期增長 80 個基點。我們對我們最大部門的發展勢頭感到非常滿意，因為 Marmaxx 每個地區的銷售額和流量都保持一致。我們繼續看到 Marmaxx 在美國獲得更多市場份額的絕佳機會。

HomeGoods' first quarter comp store sales decreased 7% as it continues to cycle the outsized sales we saw during the pandemic, specifically fiscal 2022's first quarter 40% comp sales increase. HomeGoods' first quarter segment profit margin was 7.3%, up 130 basis points. We expect HomeGoods' year-over-year comp sales to improve for the remainder of fiscal '24. We continue to see a terrific opportunity to capture additional share of the U.S. home market. In the first quarter, we opened our 900th HomeGoods store and continue to see excellent opportunities to grow both our HomeGoods and Homesense banners.

HomeGoods 第一季度的同店銷售額下降了 7%，因為它繼續循環我們在大流行期間看到的超額銷售額，特別是 2022 財年第一季度的同店銷售額增長 40%。 HomeGoods 第一季度的分部利潤率為 7.3%，上升 130 個基點。我們預計 HomeGoods 的同比銷售額將在 24 財年的剩餘時間有所改善。我們繼續看到奪取美國國內市場額外份額的絕好機會。第一季度，我們開設了第 900 家 HomeGoods 商店，並繼續看到發展 HomeGoods 和 Homesense 橫幅廣告的絕佳機會。

At TJX Canada, comp store sales were up 1% and driven by customer traffic. Segment profit margin on a constant currency basis was 11.2%. As the only major brick-and-mortar off-price retailer in Canada, we benefit from excellent customer awareness of our brands. We continue -- we are confident that we are set up extremely well to continue our growth plans and attract even more shoppers to our banners.

在 TJX Canada，受客戶流量的推動，商店銷售額增長了 1%。按固定貨幣基準計算的分部利潤率為 11.2%。作為加拿大唯一一家大型實體折扣零售商，我們受益於客戶對我們品牌的出色認知。我們將繼續——我們相信我們的設置非常好，可以繼續我們的增長計劃，並吸引更多的購物者使用我們的橫幅廣告。

At TJX International, comp store sales increased 4% and customer traffic was also up. It was great to see strong sales in our European business especially in a challenging macroeconomic environment. In Australia, comp store sales were outstanding and continue to grow, and we continue to grow our footprint in that country. Segment profit margin for TJX International on a constant currency basis was 2.7%. Going forward, we continue to see a path to improve profitability for this division as we plan to grow our footprint in our existing countries and leverage our infrastructure.

在 TJX International，商店銷售額增長了 4%，客流量也有所增加。很高興看到我們歐洲業務的強勁銷售，尤其是在充滿挑戰的宏觀經濟環境中。在澳大利亞，comp 商店的銷售額非常出色，並且還在繼續增長，我們也在繼續擴大我們在該國的足跡。 TJX International 按固定匯率計算的分部利潤率為 2.7%。展望未來，隨著我們計劃擴大我們在現有國家/地區的足跡並利用我們的基礎設施，我們將繼續看到提高該部門盈利能力的途徑。

As to e-commerce, overall, it remains a very small percentage of our business. We continue to add new brands and categories to our sites so that shoppers can see something new every time they visit.

至於電子商務，總體而言，它在我們的業務中所佔的比例仍然很小。我們不斷在我們的網站上添加新的品牌和類別，以便購物者每次訪問時都能看到新的東西。

Moving to inventory. Balance sheet inventory was down 8% versus first quarter of fiscal '23. Importantly, this year-over-year decline is primarily due to the elevated levels we saw last year from a larger in-transit balance as a result of supply chain delays. We feel great about our balance sheet and store inventory levels. We are confident that we are strongly positioned to take advantage of the outstanding buying environment and flow fresh assortments to our stores and online this summer.

移動到庫存。與 23 財年第一季度相比，資產負債表庫存下降了 8%。重要的是，這種同比下降主要是由於我們去年看到供應鏈延誤導致在途餘額增加導致的水平升高。我們對我們的資產負債表和商店庫存水平感到滿意。我們相信，我們有能力利用出色的購買環境，並在今年夏天向我們的商店和網上銷售新鮮的商品。

I'll finish with our liquidity and shareholder distributions. For the first quarter, we generated $745 million in operating cash flow and ended the quarter with $5 billion in cash. After the quarter ended, we paid down $500 million of maturing debt. In the first quarter, we returned $841 million to shareholders through our buyback and dividend programs.

我將結束我們的流動性和股東分配。第一季度，我們產生了 7.45 億美元的運營現金流，並在本季度末擁有 50 億美元的現金。本季度結束後，我們償還了 5 億美元的到期債務。第一季度，我們通過回購和派息計劃向股東返還了 8.41 億美元。

Now I'll turn it back to Ernie.

現在我會把它轉回給厄尼。

Thanks John. Today, I'd like to highlight our confidence in our growth plans and why we are convinced that we are in a great position to capture additional market share in the U.S. and internationally.

謝謝約翰。今天，我想強調我們對我們的增長計劃的信心，以及為什麼我們相信我們有能力在美國和國際上奪取更多的市場份額。

First, we are confident that the appeal of our value proposition will continue to resonate with consumers. Over the past 46-plus years, our continued focus on value has served us extremely well through many kinds of economic environments, including periods of inflation and through recessionary times. In an ever-evolving retail landscape, we believe our commitment to offer great value every day will continue to attract shoppers to each of our retail banners.

首先，我們相信我們價值主張的吸引力將繼續引起消費者的共鳴。在過去的 46 多年裡，我們對價值的持續關注在各種經濟環境（包括通貨膨脹時期和衰退時期）中為我們提供了極大的幫助。在不斷發展的零售環境中，我們相信我們每天提供巨大價值的承諾將繼續吸引購物者到我們的每個零售橫幅。

Second, we see our differentiated treasure hunt shopping experience as a tremendous advantage. Our stores receive multiple deliveries each week of fresh, branded merchandise to surprise and excite our customers. With our rapidly changing assortment, shoppers are inspired to visit us frequently to see what's new.

其次，我們將差異化的尋寶購物體驗視為巨大優勢。我們的商店每週都會收到多批新鮮的品牌商品，為我們的顧客帶來驚喜和興奮。隨著我們快速變化的分類，購物者會經常光顧我們，看看有什麼新東西。

Third, we see ourselves as leaders in flexibility. The flexibility of our buying allows us to seek out the best opportunities and hottest trends in the marketplace. Our store formats and fixtures allow us to flex our floor space to support our opportunistic buying. Further, our systems and the flexibility of our supply chain allow us to merchandise stores individually with a curated mix of good, better and best brands with a wide span of price points.

第三，我們將自己視為靈活性的領導者。我們購買的靈活性使我們能夠在市場上尋找最好的機會和最熱門的趨勢。我們的商店格式和固定裝置使我們能夠靈活調整佔地面積以支持我們的機會主義購買。此外，我們的系統和供應鏈的靈活性使我們能夠通過精心策劃的優質、更好和最好的品牌組合來單獨銷售商店，這些品牌具有廣泛的價位。

All of this allows us to attract consumers across wide income and age demographics in each of the countries that we operate in. Our broad demographic reach across income levels can open up even more opportunities for us in the product marketplace. Further, we continue to attract an outsized number of younger customers to our stores including many Gen Z and millennial shoppers, which we believe bodes well for the future. We believe our ability to flex our product offerings across a vast array of category brands helps us attract a wider shopping audience than many other retailers.

所有這些使我們能夠在我們開展業務的每個國家/地區吸引不同收入和年齡人口的消費者。我們在不同收入水平的廣泛人口覆蓋可以為我們在產品市場上開闢更多機會。此外，我們繼續吸引大量年輕顧客光顧我們的商店，其中包括許多 Z 世代和千禧一代購物者，我們相信這預示著未來的發展。我們相信，我們能夠在眾多品類品牌中靈活地提供產品，這有助於我們比許多其他零售商吸引更廣泛的購物受眾。

Next, we see the potential to grow our global store base by more than 1,400 additional stores over the long term with just our current banners in our current countries. Giving us confidence are the opportunities we see for real estate and our disciplined approach to selecting locations.

接下來，我們看到有潛力在長期內通過我們當前國家/地區的現有橫幅增加 1,400 多家額外商店來擴大我們的全球商店基礎。給我們信心的是我們看到的房地產機會和我們選擇地點的嚴格方法。

Next, and I can't emphasize this enough, we are extremely confident that there will be more than enough inventory available in the marketplace to support our growth plans. Over the last year, our more than 1,200 global buyers have sourced merchandise from a universe of approximately 21,000 vendors, including many new ones. Overall availability of quality branded merchandise has never been an issue for us throughout our history as vendors and brands continue to produce goods from multiple channels, including in-store, online and direct-to-consumer. In fact, many vendors want to work with TJX due to our size, scale and buying power. As a growing global retailer with nearly 5,000 stores, we offer vendors a very attractive way to grow their business and clear their excess inventory quickly and discretely.

接下來，我怎麼強調都不為過，我們非常有信心市場上會有足夠多的庫存來支持我們的增長計劃。去年，我們的 1,200 多名全球買家從大約 21,000 家供應商（包括許多新供應商）那裡採購了商品。在我們的整個歷史中，優質品牌商品的總體可用性對我們來說從來都不是問題，因為供應商和品牌繼續通過多種渠道生產商品，包括店內、在線和直接面向消費者。事實上，由於我們的規模、規模和購買力，許多供應商希望與 TJX 合作。作為一家擁有近 5,000 家門店的成長型全球零售商，我們為供應商提供了一種非常有吸引力的方式來發展他們的業務并快速、謹慎地清理他們的過剩庫存。

Lastly, I truly believe that the depth of our off-price knowledge and expertise within TJX is unmatched. We have a highly differentiated global business and have developed a specialized talent and teams to support it. We have many leaders with decades of off-price experience and remain focused on developing newer associates and the next generation of leaders within our organization. We take great pride in our TJX University and other training programs. Our deep bench allows us to deploy teams where needed and rotate talent between divisions and geographies, all of which strengthens our company as we continue to pursue our goals for growth. As I look at the retail industry today, I believe our best-in-class organization is a major advantage.

最後，我堅信我們在 TJX 中的低價知識和專業知識的深度是無與倫比的。我們擁有高度差異化的全球業務，並培養了專門的人才和團隊來支持它。我們擁有許多擁有數十年折扣經驗的領導者，並且繼續專注於在我們的組織內培養新員工和下一代領導者。我們對我們的 TJX 大學和其他培訓項目感到非常自豪。我們的後備力量雄厚，使我們能夠在需要的地方部署團隊，並在部門和地區之間輪換人才，所有這些都在我們繼續追求增長目標的過程中加強了我們的公司。當我審視今天的零售業時，我相信我們一流的組織是一個主要優勢。

Moving to profitability. Again, we are extremely pleased with our well-above-planned first quarter performance and have increased our pretax profit margin expectations for fiscal 2024. We are confident about our ability to achieve our 10.6% pretax profit margin target by fiscal '25 and we'll continue to strive to exceed it over the long term.

轉向盈利。同樣，我們對我們超出計劃的第一季度業績感到非常滿意，並提高了我們對 2024 財年的稅前利潤率預期。我們有信心在“25 財年和我們”之前實現 10.6% 的稅前利潤率目標。從長遠來看，我會繼續努力超越它。

Turning to corporate responsibility. We continue to focus our global corporate responsibility reporting under 4 key pillars: Workplace, communities, environmental sustainability and responsible business. We recently updated our corporate website tjx.com, with our 2022 efforts across several of these areas. We encourage you to look more on our website, and we expect to release our updated global corporate responsibility report later this year.

轉向企業責任。我們繼續將我們的全球企業責任報告集中在 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。我們最近更新了公司網站 tjx.com，展示了我們 2022 年在其中幾個領域的努力。我們鼓勵您更多地瀏覽我們的網站，我們預計將在今年晚些時候發布更新的全球企業責任報告。

I'm also proud to share that TJX was recently named to Newsweek's list of America's Greatest Workplaces for Diversity for 2023 as well as Forbes Magazine's list of America's Best Employers for Diversity. As always, I'm grateful to our teams around the globe for the work they do to support our global corporate responsibility efforts.

我也很自豪地告訴大家，TJX 最近被《新聞周刊》評為 2023 年美國最佳多元化工作場所名單以及福布斯雜誌的美國最佳多元化雇主名單。一如既往，我感謝我們在全球的團隊為支持我們的全球企業責任努力所做的工作。

Summing up, our strong first quarter results highlight the continued appeal of our branded merchandise, terrific values and the excellent execution across the organization. I want to again recognize and thank all of our global associates whose collective efforts drove our strong performance. We feel great about our plans for the remainder of the year. While our business is not immune to macro factors, I am convinced that the characteristics and flexibility of our off-price business model and the depth of our organization's expertise will remain important advantages. Looking ahead, I am convinced that we have a long runway for growth and are set up well to capitalize on the opportunities we see to drive sales and traffic, improve profitability and capture market share going forward.

總而言之，我們強勁的第一季度業績凸顯了我們品牌商品的持續吸引力、卓越的價值以及整個組織的出色執行力。我想再次表彰並感謝我們所有的全球員工，他們的共同努力推動了我們的強勁表現。我們對今年剩餘時間的計劃感到滿意。雖然我們的業務不能免受宏觀因素的影響，但我相信我們的低價業務模式的特點和靈活性以及我們組織專業知識的深度將仍然是重要的優勢。展望未來，我相信我們有很長的增長跑道，並且已經準備好利用我們看到的機會來推動銷售和流量，提高盈利能力並佔領未來的市場份額。

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

現在，我將把電話轉回給約翰，討論我們全年和第二季度的指導，然後我們將公開提問。

Thanks again, Ernie. Before I start, I want to remind you that fiscal '24 calendar includes a 53rd week. Also, as we stated in our press release this morning, we will be offering eligible former TJX associates who have not yet commenced their pension benefit an opportunity to receive a lump sum payout of their vested pension benefit. We anticipate that the impact of this pension payout offer, primarily a noncash settlement charge, could negatively impact fiscal '24 EPS by approximately $0.01 to $0.02, but could be higher or lower depending on participation rates and other factors. To be clear, all of the guidance we are providing today does not include the potential impact of this pension payout offer. We expect to exclude the impact of this potential settlement charge from our adjusted pretax profit margin and EPS results in the third quarter.

再次感謝，厄尼。在開始之前，我想提醒您，24 財年日曆包括第 53 週。此外，正如我們在今天上午的新聞稿中所述，我們將為尚未開始領取養老金福利的符合條件的前 TJX 員工提供一次性領取既得養老金福利的機會。我們預計，這一養老金支付提議的影響（主要是非現金結算費用）可能會對 24 財年每股盈利產生約 0.01 美元至 0.02 美元的負面影響，但可能更高或更低，具體取決於參與率和其他因素。需要明確的是，我們今天提供的所有指導均不包括此養老金支付提議的潛在影響。我們預計將在第三季度調整後的稅前利潤率和每股收益結果中排除這一潛在結算費用的影響。

Now to our full year guidance. We continue to expect an overall comp store sales increase of 2% to 3%. As a reminder, our comp guidance will exclude expected sales from the 53rd week. For the full year, we expect consolidated sales to be in the range of $52.7 billion to $53.2 billion, a 6% to 7% increase over the prior year. This guidance assumes approximately $800 million of additional revenue expected from the 53rd week. As Ernie said, we are increasing our full year profitability guidance. We're now planning full year pretax profit margin to be in the range of 10.3% to 10.5%. Excluding an expected benefit of approximately 10 basis points from the 53rd week, we now expect adjusted pretax profit margin to be in the range of 10.2% to 10.4%. On a 52-week basis, this would represent an increase of 50 to 70 basis points versus fiscal '23's adjusted pretax profit margin of 9.7%.

現在是我們的全年指導。我們繼續預計整體商店銷售額將增長 2% 至 3%。提醒一下，我們的薪酬指南將排除第 53 週的預期銷售額。對於全年，我們預計綜合銷售額將在 527 億美元至 532 億美元之間，比上年增長 6% 至 7%。本指南假設從第 53 週開始預計將產生約 8 億美元的額外收入。正如厄尼所說，我們正在提高全年盈利能力指引。我們現在計劃全年稅前利潤率在 10.3% 至 10.5% 的範圍內。排除第 53 週約 10 個基點的預期收益，我們現在預計調整後的稅前利潤率將在 10.2% 至 10.4% 的範圍內。在 52 週的基礎上，這將比 23 財年調整後的稅前利潤率 9.7% 增加 50 至 70 個基點。

Our full year pretax profit margin guidance assumes that we will now see a benefit of more than 100 basis points from lower freight expenses. Our current freight assumption includes a pull forward of some of the benefit we had previously expected -- we expected in FY '25. This includes favorable freight rates and benefits from some of our freight initiatives. These, along with the freight accrual favorability in the first quarter that I mentioned earlier, is driving the increase in our full year freight benefit assumption. Our full year pretax profit margin guidance also assumes that we will see a continued benefit from better buying and that we continue to have -- and that we will continue to have headwinds from incremental store and distribution center wages and supply chain investments.

我們的全年稅前利潤率指引假設我們現在將從較低的運費中看到超過 100 個基點的好處。我們目前的運費假設包括我們之前預期的一些收益的提前——我們預計在 25 財年。這包括優惠的運費和我們的一些貨運計劃帶來的好處。這些，連同我前面提到的第一季度的運費應計優惠，正在推動我們全年運費收益假設的增加。我們的全年稅前利潤率指導還假設我們將看到更好的購買帶來持續的好處，並且我們將繼續擁有——並且我們將繼續受到商店和配送中心工資增長以及供應鏈投資的不利影響。

Further, this pretax profit margin guidance continues to assume that shrink will remain similar to last year. In the first quarter, we took actions to secure more of our store merchandise through tagging, tethering and casing. We also increased our loss prevention presence more broadly across our banners. We are laser-focused on our shrink initiatives and continue to look for additional ways to mitigate the impact. As a reminder, we won't know the full effect of these actions until we do a full annual inventory count at the end of the year.

此外，該稅前利潤率指引繼續假設收縮將與去年相似。在第一季度，我們採取行動通過標記、綁定和封裝來保護更多商店商品。我們還在我們的橫幅廣告中更廣泛地增加了我們的損失預防業務。我們非常專注於我們的收縮計劃，並繼續尋找其他方法來減輕影響。提醒一下，在年底進行完整的年度庫存盤點之前，我們不會知道這些行動的全部效果。

For modeling purposes, we're currently assuming a full year tax rate of 26%, net interest income of about $135 million and a weighted average share count of approximately 1.16 billion. As a result of these assumptions, we're increasing our full year earnings per share guidance to a range of $3.49 to $3.58. Excluding an expected benefit of approximately $0.10 from the 53rd week, we expect adjusted earnings per share to be in the range of $3.39 to $3.48. On a 52-week basis, this would represent an increase of 9% to 12% versus fiscal '23's adjusted earnings per share of $3.11.

出於建模目的，我們目前假設全年稅率為 26%，淨利息收入約為 1.35 億美元，加權平均股數約為 11.6 億股。基於這些假設，我們將全年每股收益指引上調至 3.49 美元至 3.58 美元。不包括第 53 週約 0.10 美元的預期收益，我們預計調整後的每股收益將在 3.39 美元至 3.48 美元之間。在 52 週的基礎上，與 23 財年調整後的每股收益 3.11 美元相比，這將增加 9% 至 12%。

Moving to the second quarter. We are planning overall comp store sales growth to be up 2% to 3%. We expect second quarter consolidated sales to be in the range of $12.3 billion to $12.4 billion, a 4% to 5% increase over the prior year. We are planning second quarter pretax profit margin to be in the range of 9.3% to 9.5%. This guidance assumes a significant benefit from lower freight costs as well as a benefit from better buying. It also includes ongoing headwinds from incremental wage costs and supply chain investments.

轉到第二季度。我們計劃整體商店銷售額增長 2% 至 3%。我們預計第二季度的綜合銷售額將在 123 億美元至 124 億美元之間，比上年增長 4% 至 5%。我們計劃第二季度稅前利潤率在 9.3% 至 9.5% 的範圍內。本指南假設貨運成本降低以及更好的採購帶來顯著好處。它還包括來自增量工資成本和供應鏈投資的持續不利因素。

When looking at our second quarter pretax profit margin guidance sequentially versus the first quarter, I want to remind you that our first quarter pretax profit margin benefited from a favorable freight accrual adjustment that won't repeat in the second quarter. Further, in the second quarter, we are expecting a reversal of most of the first quarter timing of expense benefit that -- as well as a bigger impact from wage costs and supply chain investments.

在查看我們第二季度與第一季度的稅前利潤率指引時，我想提醒您，我們第一季度的稅前利潤率得益於有利的運費應計調整，這種調整不會在第二季度重複。此外，在第二季度，我們預計第一季度的大部分費用收益時間將會逆轉——以及工資成本和供應鏈投資的更大影響。

For modeling purposes, we are currently assuming a second quarter tax rate of 26.2%, net interest income of about $37 million and a weighted average share count of approximately 1.16 billion. We expect second quarter earnings per share to be in the range of $0.72 to $0.75, up 4% to 9% versus last year.

出於建模目的，我們目前假設第二季度的稅率為 26.2%，淨利息收入約為 3700 萬美元，加權平均股數約為 11.6 億股。我們預計第二季度每股收益將在 0.72 美元至 0.75 美元之間，比去年同期增長 4% 至 9%。

Lastly, on a 52-week basis, our implied guidance for the second half of the year assumes that pretax profit margin will be in the range of 10.6% to 10.8%. Our outlook also implies that overall comp store sales growth will be up 2% to 3%, and on a 52-week basis, earnings per share will be in the range of $1.91 to $1.97 for the second half of the year.

最後，在 52 週的基礎上，我們對下半年的隱含指引假設稅前利潤率將在 10.6% 至 10.8% 的範圍內。我們的展望還表明，整體商店銷售額增長將達到 2% 至 3%，並且在 52 週的基礎上，下半年每股收益將在 1.91 美元至 1.97 美元之間。

In closing, I want to emphasize that we are in a great position, both operationally and financially to take advantage of the opportunities we see to grow our business. We plan to continue making important investments in our business while simultaneously returning significant cash to our shareholders.

最後，我想強調的是，我們在運營和財務上都處於有利地位，可以利用我們看到的機會來發展我們的業務。我們計劃繼續對我們的業務進行重要投資，同時向我們的股東返還大量現金。

Now we are happy to take your questions. As we do every quarter, we 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 Lorraine Hutchinson.

（操作員說明）我們的第一個問題來自 Lorraine Hutchinson。

I was hoping you could walk through some of the specific pressures that you're seeing on SG&A this year? Any quantification would be helpful because the growth rate is a little bit higher than normal. And then if you could perhaps comment on which of these expenses will continue into next year versus some more onetime type of investment?

我希望你能克服今年在 SG&A 上看到的一些具體壓力？任何量化都會有所幫助，因為增長率略高於正常水平。然後，您是否可以評論這些費用中哪些將持續到明年，哪些是一次性投資？

Yes. Thanks, Lorraine. So we're not giving guidance, but I will walk you through some of the components. As I said in my prepared comments, we continue to have incremental store wage, but for the full year, we expect this incremental wage pressure to be less than half of our anticipated SG&A increase. The rest of the cost is in a number of smaller headwinds such as general cost inflation, return to normal cost that includes such things as increased travel, and investments in loss prevention.

是的。謝謝，洛林。因此，我們不會提供指導，但我會引導您完成一些組件。正如我在準備好的評論中所說，我們繼續增加商店工資，但對於全年，我們預計這種增加的工資壓力將不到我們預期的 SG&A 增長的一半。其餘成本來自一些較小的不利因素，例如一般成本通脹、恢復正常成本（包括增加旅行等）以及對損失預防的投資。

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

接下來，我們將轉到 Matthew Boss 的台詞。

And congrats on a really nice quarter. So Ernie, could you speak to traffic that you saw as the quarter progressed and trends that you've seen so far to start the second quarter? And then can you just elaborate larger picture on new customer acquisition? You cited it, what stood out was notably the broadening of the income demographic reach that you cited. It sounds like a younger customer, a new customer. So maybe just traffic, and then just elaborate on new customer acquisition that you're seeing.

祝賀一個非常好的季度。那麼 Ernie，您能否談談您在本季度進展中看到的流量以及到目前為止您看到的第二季度開始的趨勢？然後你能詳細說明一下新客戶獲取的大局嗎？你引用了它，突出的是你引用的收入人口範圍的擴大。這聽起來像是一個年輕的客戶，一個新客戶。因此，也許只是流量，然後只是詳細說明您所看到的新客戶獲取情況。

Yes. Traffic -- Matt, great questions. Traffic has been healthy overall. It was pretty consistent, and one of the things we're looking at, and this is a good opportunity for me to give you a heads up, is our ticket has started to moderate a little bit. And so we can -- we're doing this business off of our traffic, which we said in the release, and it's not being driven as much by ticket when we had our average ticket being up. It's also encouraging when we look at the way our HomeGoods business is starting to rebound a little bit, we're seeing relative to the trend we had before where traffic was down quite a bit, we're seeing the traffic kind of pick up there more recently as well. So these are healthy signs. We're very bullish on these signs.

是的。交通——馬特，很好的問題。總體交通狀況良好。這是非常一致的，我們正在關注的事情之一，這是我提醒你的好機會，我們的門票已經開始緩和一點。所以我們可以 - 我們正在根據我們的流量開展這項業務，正如我們在新聞稿中所說的那樣，當我們的平均票價上漲時，它並沒有像門票那樣受到驅動。當我們看到我們的 HomeGoods 業務開始略有反彈的方式時，這也令人鼓舞，我們看到相對於之前流量下降相當多的趨勢，我們看到那裡的流量有所回升最近也是如此。所以這些都是健康的跡象。我們非常看好這些跡象。

We do not manage average ticket by the way. Obviously, we've talked about that, Matt. I know we've talked in the past where we bottom up that in the company, and that we want to just drive it off of the exciting values that are in the store and the traffic, for what you were talking about.

順便說一句，我們不管理平均票。顯然，我們已經討論過了，馬特。我知道我們過去曾談過我們在公司中自下而上，我們只想將其從商店和交通中令人興奮的價值中剔除，就像你所說的那樣。

New customers, I think that was kind of part B of your question. New customer, talking to like new customer acquisition that we're getting in this environment. Is that what you're getting at? Or...

新客戶，我認為這是你問題的 B 部分。新客戶，就像我們在這種環境中獲得的新客戶一樣。那是你的意思嗎？或者...

Yes, exactly. If you could just elaborate on new customer acquisition, who you're seeing as new, I think you cited a younger customer, and a broader...

對，就是這樣。如果你能詳細說明新客戶的獲取，你認為誰是新客戶，我想你引用了一個更年輕的客戶，以及更廣泛的……

Yes. And then I think you were talking about the demos, how I had talked about the different good, better, best and income levels, right? So -- but we're getting a good amount of younger customers or a percent of our new customers are on the younger age group. That's been going on for a while now. We're also -- we don't want to be -- we really don't want to be pigeonholed into any group of income demographics or how this fashion looks, whether conservative, traditional. We want customers from all demographics, income and even fashion looks.

是的。然後我想你是在談論演示，我是如何談論不同的好、更好、最好和收入水平的，對吧？所以 - 但我們正在吸引大量年輕客戶，或者我們的新客戶中有 1% 屬於年輕群體。這種情況已經持續了一段時間。我們也——我們不想——我們真的不想被歸入任何收入人群或這種時尚的外觀，無論是保守的還是傳統的。我們需要來自所有人口統計特徵、收入甚至時尚外觀的客戶。

The one thing that's a constant denominator which all our merchants go after is quality. So we consistently talk about the quality level of the goods that our buyers buy and what we put on the floor that we never give up on that. What does fluctuate is the fashion and the income, good, better, best. Which I think has been a competitive advantage to us in gaining new younger customers, yes, but also customers across the board.

質量是我們所有商家追求的不變標準。因此，我們一直在談論我們的買家購買的商品的質量水平，以及我們在地板上放置的我們從未放棄的東西。波動的是時尚和收入，好、更好、最好。我認為這對我們來說是贏得新的年輕客戶的競爭優勢，是的，但也是全面的客戶。

When you look at the competition around us, and I'm not talking just off-price, many of them don't trade broadly like us. So they're very narrow in the scope of what they go for either in the looks of the goods or in the price bracket that they're in. They either go after a lower, better demographic/price point range or they're more fashion-driven or more traditional. They're never all of it. And our strategy, and we believe, by the way, that this is linked with us driving more traffic, is to have good, better, best to capture more of the potential customers that are out there.

當你看看我們周圍的競爭對手時，我說的不僅僅是低價，他們中的許多人不像我們那樣廣泛交易。因此，無論是在商品外觀還是在價格範圍內，他們的追求範圍都非常狹窄。他們要么追求更低、更好的人口統計/價格點範圍，要么追求更多時尚驅動或更傳統。他們從來都不是全部。順便說一下，我們的戰略，我們相信，這與我們推動更多流量有關，是為了擁有更好、更好、最好的產品來吸引更多潛在客戶。

And then I would throw in one of the things you didn't ask about it, but our marketing teams, as you know, specifically and consciously do that in our marketing approach where, of course, we have upped our digital media to a much greater degree over the last handful of years which gets across many demographics. But they are actually going for different looks of customers, and the placement of the working media that we do is meant to go after different customers as well where some of the retailers purposely place their working media in segments that are going after a certain customer base. We are very strategic and conscious and purposeful about where we go with our media spend.

然後我會提出一個你沒有問過的事情，但正如你所知，我們的營銷團隊在我們的營銷方法中特別有意識地做到了這一點，當然，我們已經將我們的數字媒體提升了很多在過去的幾年中更大程度地跨越了許多人口統計數據。但他們實際上是針對不同外觀的客戶，我們所做的工作媒體的放置是為了迎合不同的客戶，以及一些零售商故意將他們的工作媒體放在針對特定客戶群的細分市場中.我們對媒體支出的去向非常有戰略性、意識和目的性。

So great question. Sorry, I've given you a lot of information there, but you were getting to some of the meat of why we have a lot of confidence in our top line going forward.

這麼好的問題。抱歉，我在那裡給了你很多信息，但你已經了解了為什麼我們對未來的收入充滿信心。

It's great color. Best of luck.

這是很棒的顏色。祝你好運。

Thank you, Matt.

謝謝你，馬特。

Next, we'll go to the line of Paul Lejuez.

接下來，我們將轉到 Paul Lejuez 的路線。

Just a follow-up on that last bit, Ernie. Can you talk about the performance of your higher-income demographic stores versus your lower-income demographic stores? And I'm curious if you would say that you are seeing a trade down customer at this point? And then just anything you could add on regional performance, any differences there.

只是對最後一點的跟進，厄尼。您能談談高收入人群商店與低收入人群商店的表現嗎？我很好奇你是否會說此時你看到的是降價客戶？然後是您可以在區域性能上添加的任何內容，以及那裡的任何差異。

Yes. Paul, what we're seeing in the first quarter is what we were seeing similar to the first quarter of last year. So through the first 3 quarters of last year, as we said, we were seeing stores in higher demographic areas being more of the driver of our comp. As we -- and that's what we're seeing in the first quarter as well. As far as by geography, Marmaxx by geography was pretty consistent, so it was really nice to see the consistency that we're seeing in the business.

是的。保羅，我們在第一季度看到的情況與去年第一季度相似。因此，正如我們所說，在去年的前 3 個季度，我們看到人口較高地區的商店更多地成為我們競爭的驅動力。正如我們——這也是我們在第一季度所看到的。就地理位置而言，Marmaxx 的地理位置非常一致，所以很高興看到我們在業務中看到的一致性。

Any more -- any detail you can give by state, like some of your larger states in terms of outperformers or underperformers?

任何更多 - 你可以按州提供任何細節，比如你的一些較大的州在表現優異者或表現不佳者方面？

By geography, it was pretty consistent. And again, it's hard for us to read into trade down and what we're seeing. There's just so many moving things that are going on right now that it's just tough to read. But like I said, we are seeing the higher demographic stores, stores in higher demographic areas performing -- being more of the driver of our comp in Marmaxx.

從地理位置上看，這是非常一致的。再說一次，我們很難理解降價交易和我們所看到的情況。現在發生了太多感人的事情，很難讀懂。但就像我說的那樣，我們看到人口較多的商店、人口較多地區的商店表現——更多地是我們在 Marmaxx 的競爭的驅動力。

Got it. Good luck.

知道了。祝你好運。

Thank you, Paul.

謝謝你，保羅。

Next, we'll go to the line of Alex Straton.

接下來，我們將轉到 Alex Straton 的路線。

Congrats on the quarter. I wanted to zoom in on Marmaxx here. It looks like the margin outpaced expectations. Also, looks like it was one of the highest you guys have delivered there for a first quarter in a number of years. So I'm just wondering, is that a function of some of the price increase strategy flowing through? Or what would you attribute that result to?

祝賀這個季度。我想在這裡放大 Marmaxx。看起來利潤率超出了預期。此外，看起來這是你們多年來第一季度交付的最高金額之一。所以我只是想知道，這是一些價格上漲策略的作用嗎？或者你會把這個結果歸因於什麼？

Well, I'll start off, and John will jump in as well. I think it's multipronged. We've had -- yes, a pricing strategy, sales being healthy, markdowns certainly are part of that margin. John, do you want to...

好吧，我要開始了，John 也會加入。我認為這是多方面的。我們已經 - 是的，定價策略，銷售健康，降價肯定是利潤率的一部分。約翰，你想...

Obviously, lower freight cost.

顯然，運費更低。

Lower freight favorability, yes, freight cost favorability.

降低運費好感度，對，運費好感度。

That's essentially...

這本質上是...

Yes, that's it.

對，就是那樣。

Honestly, and we'll reiterate, we feel good about the expected level of freight expense recapture and the continued opportunity we have in better buying.

老實說，我們會重申，我們對收回運費的預期水平以及我們在更好的購買方面的持續機會感到滿意。

Yes. Alex, I'll throw something else. And on Marmaxx is, as you could see by the strong performance, we -- on sales, we show it as a 5. It was a very strong 5. And we really like the positioning on open-to-buy. They're the big ships. We like the open-to-buy that we have there and the liquidity because the markets as we talked about, have been -- they're just really flooded with a lot of inventory across many brands. And so that, combined with the fact of the good, better, best advantage that we have and our teams are -- we have so much long-tenured merchants in that role, then planning and allocation teams that were really able to leverage the market, I think, better than a lot of other retailers to achieve some of these merchandise margins that are driving their profit performance.

是的。亞歷克斯，我會扔別的東西。在 Marmaxx 上，正如你從強勁的表現中看到的那樣，我們 - 在銷售方面，我們將其顯示為 5。這是一個非常強大的 5。我們真的很喜歡開放購買的定位。他們是大船。我們喜歡那裡的開放購買和流動性，因為正如我們所談到的那樣，市場已經——它們真的充斥著許多品牌的大量庫存。因此，結合我們和我們的團隊所擁有的良好、更好、最好的優勢這一事實——我們有這麼多長期擔任該角色的商人，然後是真正能夠利用市場的規劃和分配團隊，我認為，比許多其他零售商更好地實現其中一些推動其利潤表現的商品利潤率。

Again, a lot of the other retailers can't bob and weave as much because they're not as broad as we are. So it gives us more retailing play, I think, in surgically addressing the retails as we do.

同樣，許多其他零售商不能像我們那樣搖擺不定，因為它們不像我們那麼廣泛。因此，我認為，它為我們提供了更多的零售遊戲，就像我們所做的那樣通過外科手術解決零售問題。

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。

I was wondering if you could provide a bit more color on the drivers of the freight outperformance and what you're seeing between ocean and domestic freight as you enter the new contract year? How much of this better freight outlook for the fiscal year is a pull forward from FY '25? And how does this impact your view on the recapturability of the approximately 300 bps of freight pressure versus pre-COVID levels?

我想知道你是否可以提供更多關於貨運表現出色的驅動因素以及你在進入新合同年時在海運和國內貨運之間看到的情況？本財年更好的貨運前景有多少是從 25 財年開始的？這如何影響您對大約 300 個基點的運費壓力與 COVID 前水平的可恢復性的看法？

Yes. So we're not going to get into the detail of the pull forward other than to say that we did have some operational initiatives that gave us some benefit earlier than expected. But basically, where we're seeing the freight favorability versus last year is primarily in ocean rates. So the ocean rates have come down significantly. The freight initiatives that we've implemented such as more intermodal, more premier carriers on our roots, and we're seeing less port congestion as well. And we're seeing -- at the beginning of the year when we did our plans, we put something in our plans on the -- as I said in the fourth quarter, the domestic contracts.

是的。因此，除了說我們確實有一些運營計劃比預期更早地給我們帶來一些好處之外，我們不會深入了解推進的細節。但基本上，與去年相比，我們看到的貨運優惠主要是海運費率。因此，海運費率大幅下降。我們已經實施的貨運計劃，例如更多的多式聯運，更多的主要承運人在我們的根基上，我們也看到港口擁堵情況有所減少。我們看到 - 在今年年初我們制定計劃時，我們在計劃中加入了一些內容 - 正如我在第四季度所說的那樣，國內合同。

But honestly, the majority is coming from the ocean. The domestic, the costs are a little stickier. The wage rates that have been implemented particularly in rail and truck, those aren't going to come back out. So we don't anticipate, at this time, huge domestic freight favorability. But again, the initiatives that we're putting in place to mitigate our freight expenses, we're very happy with. So as far as the recapture, we don't expect to recapture the full 300 basis points of incremental faith that we saw over the last 3 years.

但老實說，大部分來自海洋。國內的，成本有點粘。已經實施的工資率，特別是在鐵路和卡車領域，不會再出現了。因此，我們目前預計不會有巨大的國內貨運優惠。但同樣，我們為減輕運費而採取的舉措，我們非常滿意。因此，就奪回而言，我們預計不會奪回我們在過去 3 年中看到的全部 300 個基點的增量信心。

Next, we'll go to the line of Laura Champine.

接下來，我們將前往 Laura Champine 的路線。

I wanted to get a little bit of clarity on the expense shift given that Q1 margins were better, but the Q2 guide is a little bit lighter. So can you help quantify the drivers that are just timing-related?

鑑於第一季度的利潤率更高，但第二季度的指南稍微輕鬆一些，我想稍微清楚地了解費用變化。那麼，您能否幫助量化僅與時序相關的驅動因素？

Yes. So as far as Q2, so we did have a favorable timing of costs in the first quarter. And those -- the majority of those will reverse out in the second quarter. We are planning 30 basis points improvement over last year, and again, the lower freight -- we anticipate lower freight benefit in the second quarter because the first quarter, we had the accrual reversal that benefited us in the first quarter. And then of course, higher wage and supply chain investment costs start in the second quarter. So those are the main reasons for the -- when you look at Q1 versus Q2.

是的。就第二季度而言，我們在第一季度確實有一個有利的成本時機。而那些 - 其中大部分將在第二季度逆轉。我們計劃比去年提高 30 個基點，再次降低運費——我們預計第二季度的運費收益較低，因為第一季度，我們的應計逆轉使我們在第一季度受益。當然，更高的工資和供應鏈投資成本從第二季度開始。因此，當您查看第一季度與第二季度時，這些就是主要原因。

And did you quantify what the Q1 impact was from the freight accrual reversal?

您是否量化了運費應計逆轉對第一季度的影響？

No, we did not.

我們沒有。

Next, we'll go to the line of Aneesha Sherman.

接下來，我們將前往 Aneesha Sherman 的路線。

I want to ask a little bit more about your traffic patterns through the quarter. I know you talked about overall seeing an increase and not seeing differences by geography. What about through the quarter and your exit rate at the end of the quarter? Did you see it pick up throughout the quarter? And last Q2, you talked about traffic being down and basket being up. It sounds like now, you're seeing those trends reverse where your traffic is up and your basket is coming down a little bit where ticket is starting to moderate. Is that consistent into Q2 as well?

我想多問一點關於你們整個季度的流量模式。我知道您談到總體上看到了增長，但沒有看到地域差異。整個季度和季度末的退出率如何？你看到它在整個季度都在回升嗎？上個第二季度，你談到了流量下降和籃子上升。聽起來現在，您看到這些趨勢發生逆轉，即您的流量上升，而您的購物籃略有下降，而門票開始減少。這也與第二季度一致嗎？

Yes. We haven't given any guidance on Q2 as far as what we're seeing other than we've got a good start. And we've said that the sales in Marmaxx were pretty consistent by month. Does that answer your question?

是的。就我們所看到的情況而言，除了我們有一個良好的開端之外，我們還沒有對第二季度給出任何指導。我們已經說過，Marmaxx 的月銷售額非常穩定。這是否回答你的問題？

Yes. But could you give a bit more color on the components of that? The traffic and the basket through, are those all consistent by month as well?

是的。但是你能給它的組成部分多一點顏色嗎？流量和籃子通過，這些都是按月一致的嗎？

No, we're not giving that detail other than to say, on the quarter, the transactions drove the comp.

不，我們沒有提供細節，只是說，在本季度，交易推動了競爭。

I think, Aneesha, maybe part of this question is related to one before I talked about we could have -- I guess I'm giving you a little preview that we could have our ticket coming down a notch from where it's been a point or 2, but that's related -- that's going forward, and that's just a bit of a heads up for everybody. The ticket could come down, I don't know, a couple of points, and that's really more based on a merchandise mix variance within the store. So when our mix is certain mixes, we get more growth in a lower ticket area, which is happening. And again, that's what I was trying to say before, we don't drive the bus. We don't determine that. We want to do whatever drives our top line sales the most. That's our priority. And the pricing throughout the store is a bottom-up pricing strategy where our buyers, literally, they make the deals at the right -- and they assign the right value there. .

我想，Aneesha，也許這個問題的一部分與我之前談到的一個問題有關我們可以 - 我想我給你一個小預覽，我們可以讓我們的票從它已經達到的位置下降一個檔次或者2，但這是相關的——這是向前發展的，這只是對每個人的一點提醒。票可能會下降，我不知道，幾個點，這實際上更多是基於商店內的商品組合差異。因此，當我們的組合是某些組合時，我們會在低票價區域獲得更多增長，這正在發生。再一次，這就是我之前想說的，我們不開公共汽車。我們不確定。我們想做任何最能推動我們的收入增長的事情。這是我們的首要任務。整個商店的定價是一種自下而上的定價策略，我們的買家，從字面上看，他們在正確的地方進行交易——他們在那里分配正確的價值。 .

But I understand the question because we were talking about the traffic and then the ticket. The ticket is really just me giving you a heads up that it could come down a couple of points. Based on what we're seeing in some of our hotter businesses are tending to be our lower ticket, and that mix just could bring our ticket down a little over the next quarter or 2.

但我理解這個問題，因為我們在談論交通，然後是門票。這張票真的只是我提醒你它可能會下降幾個點。根據我們在一些較熱門的業務中看到的情況，我們的票價往往較低，這種組合可能會使我們的票價在下一季度或第二季度略有下降。

Next, we'll go to the line of Chuck Grom.

接下來，我們將轉到 Chuck Grom 的路線。

Thanks on the great quarter. Just wanted to focus on HomeGoods a little bit. You talked about a recovery throughout the quarter there, so I just wanted to if we could dive into that a little bit? And then given the pending closing of some of these Bed Bath stores, wondering if you decide to reposition the business to pursue that market share opportunity in greater quantity going forward?

感謝偉大的季度。只是想稍微關註一下 HomeGoods。你在那裡談到了整個季度的複蘇，所以我只是想我們能否深入探討一下？然後考慮到其中一些 Bed Bath 商店即將關閉，想知道您是否決定重新定位業務以尋求更大數量的市場份額機會？

Okay. So yes, so the -- Chuck, what's happening is we're seeing an improvement in the business here as we were coming out of Q1 and going into Q2 on a year-over-year comp basis. And if you look, we actually commented on seeing that -- seeing continuous improvement there as the year goes on over the next 3 quarters, and so we do feel that opportunity based on what we're actually experiencing with our sales more recently. Again, we don't give out exactly what we did by month in the quarter, but I can only say that as we got to the end of the quarter and as we started off this quarter, it was improving the trend.

好的。所以是的，所以 - Chuck，發生的事情是我們看到這裡的業務有所改善，因為我們從第一季度出來並進入第二季度，同比增長。而且，如果您看的話，我們實際上對看到這一點發表了評論——隨著今年在接下來的 3 個季度中看到持續改進，因此我們確實根據我們最近實際經歷的銷售情況感受到了這個機會。同樣，我們沒有給出本季度每個月的具體情況，但我只能說，在本季度末和本季度開始時，趨勢正在改善。

In the Bed Bath & Beyond situation, what's interesting is a lot of articles, many of you have probably seen them, that have come out that are referring directly to us has been in HomeGoods as being beneficiaries. We believe, and we always talked we never like to name the other retailers where it's happening. But we do strongly believe that, that creates market share opportunities and market grab for us. And I think what you're talking about is are we -- you're asking about are we doing anything in our stores to capitalize?

在 Bed Bath & Beyond 的情況下，有趣的是很多文章，你們中的許多人可能已經看過，這些文章直接提到我們在 HomeGoods 中是受益者。我們相信，而且我們一直在談論我們從不喜歡說出發生這種情況的其他零售商的名字。但我們堅信，這會為我們創造市場份額機會和市場搶奪機會。而且我認為你在說的是我們 - 你在問我們是否在我們的商店中做任何事情來利用？

What we do within our own systems here, and HomeGoods is very diligent on this. Strategically, we'll go in and we're able to do this with our planning and allocation system where we can look at which categories in Bed Bath & Beyond store, obviously, we know what they did for category business, and we can go in and re-rank our HomeGoods stores and inventory at the nearby location where they have just vacated. And that's how -- we don't artificially change proactively without knowing. We don't just go in and say, oh, we should do more of this category of business because that's what Bed Bath & Beyond did. We did it by location and by the category of businesses we think they stood for. And we say, yes, there's more market share opportunity for us in those categories.

我們在這裡在我們自己的系統內所做的事情，HomeGoods 對此非常勤奮。從戰略上講，我們將進入並能夠通過我們的計劃和分配系統來做到這一點，我們可以在其中查看 Bed Bath & Beyond 商店中的哪些類別，顯然，我們知道他們為類別業務做了什麼，我們可以去在他們剛剛騰出的附近位置重新排列我們的 HomeGoods 商店和庫存。這就是 - 我們不會在不知情的情況下人為地主動改變。我們不只是進去說，哦，我們應該做更多這類業務，因為這就是 Bed Bath & Beyond 所做的。我們根據地點和我們認為他們代表的企業類別來做到這一點。我們說，是的，我們在這些類別中有更多的市場份額機會。

So we are taking advantage of that situation, to your point. So great question. We -- but we do it very select -- we do it very strategically like that. We don't just broad brush it across the HomeGoods store, so to speak.

所以我們正在利用這種情況，就你的觀點而言。這麼好的問題。我們 - 但我們非常有選擇地這樣做 - 我們非常有策略地這樣做。可以這麼說，我們不只是在 HomeGoods 商店中廣泛刷它。

Next, we'll go to the line of Dana Telsey.

接下來，我們將轉到 Dana Telsey 的路線。

Congratulations on the nice results. As you think of the international business where you talked about strong sales in Europe and very good sales in Australia, how does that business compare to the U.S. and what you're seeing? Anything by category to note? And just lastly, on the shrink side, keeping it flat for the year. How much of a benefit are you seeing -- do you expect to see in Q4 versus the first 3 quarters?

祝賀你取得了不錯的成績。當你想到國際業務時，你談到了歐洲的強勁銷售和澳大利亞的非常好的銷售，該業務與美國以及你所看到的相比如何？按類別有什麼要注意的嗎？最後，在收縮方面，全年保持平穩。您看到了多少好處——與前三個季度相比，您希望在第四季度看到什麼？

All right, Dana. So I'll start off with the merchandise category thing, and then John and I will get into the shrink after that a little bit. So the -- clearly, what we've been seeing is Marmaxx has been the most consistent sales performer. But internationally, we are seeing strong -- and by the way, we get data on market share. We are picking up major market share across the board in actually, all 3 of those geographies. If you mention Europe or Australia or Canada, we are outperforming by my guess, on average, hundreds of basis points.

好的，達娜。所以我將從商品類別開始，然後約翰和我會在那之後進入縮水。所以 - 很明顯，我們一直看到的是 Marmaxx 一直是最穩定的銷售業績。但在國際上，我們看到了強大的力量——順便說一句，我們得到了市場份額的數據。實際上，我們在所有這三個地區都獲得了主要的市場份額。如果你提到歐洲、澳大利亞或加拿大，我猜我們的表現平均要好幾百個基點。

So it's not just a little outperformance. There's also -- helping that a little is the store closure -- all those geographies, I don't know as much about Australia, but Canada and Europe have a fair amount of store closures going on. So that will play -- they're not necessarily like a Bed Bath & Beyond, but they have other store closures that will create ongoing tailwind, I think, for market share grab.

所以這不僅僅是一點點的表現。還有——幫助一點點是商店關閉——所有這些地區，我對澳大利亞不太了解，但加拿大和歐洲有相當數量的商店關閉。所以這將發揮作用——他們不一定像 Bed Bath & Beyond，但他們有其他商店關閉，我認為這將創造持續的順風，以搶占市場份額。

A little tough to read on the ups and downs because of those areas having -- our compare ads are a little funky as to when they were opening, right, John? Opening up, coming out and then there were some shutdowns. And so when we look at our 1 or 2-year stacks, it gets a little funky when we look at it.

有點難以閱讀起伏，因為這些區域有——我們的比較廣告在開放時間方面有點古怪，對吧，約翰？打開，出來然後有一些關閉。因此，當我們查看 1 年或 2 年的堆棧時，它會變得有點古怪。

Correct. The timing of the openings and closings were not consistent by geography.

正確的。開放和關閉的時間因地理位置而異。

Yes, to your point, the pure rod numbers aren't -- well, aren't as good as Marmaxx. Obviously, HomeGoods is a whole different animal. But Europe in the first quarter was -- well, it was very close.

是的，就您的觀點而言，純桿數並不——好吧，不如 Marmaxx。顯然，HomeGoods 是一種完全不同的動物。但第一季度的歐洲——嗯，非常接近。

Yes. It was a strong, strong quarter.

是的。這是一個非常非常強勁的季度。

Strong quarter, yes. And so we're excited about the -- and by the way, the way they are positioned in terms of liquidity and the branded market availability in both those regions is also going to bode well, I think, for the balance of the year. Shrink.

強勁的季度，是的。因此，我們對 - 順便說一下，他們在這兩個地區的流動性和品牌市場可用性方面的定位方式也將預示著今年餘下時間的好兆頭。收縮。

As far as shrink goes, we didn't give guidance on shrink for the full year. But just to remind, we are laser-focused on our shrink initiatives which are the increasing tagging, tethering, the using -- uses of hard cases and increased loss prevention presence. We're continuing to look for newer ways to protect our merchandise. And then, of course, we are also very focused on the employee and customer safety in our stores, that along with the customer satisfaction. So anything we do, we want to make sure that our customers and employees are protected and that the customers, it's an easy experience for them to shop in the store.

就收縮而言，我們沒有給出全年收縮的指導。但提醒一下，我們非常專注於我們的收縮計劃，即增加標籤、系留、使用硬殼和增加防損存在。我們將繼續尋找更新的方法來保護我們的商品。然後，當然，我們也非常關注我們商店的員工和客戶安全，以及客戶滿意度。因此，無論我們做什麼，我們都希望確保我們的客戶和員工受到保護，並確保客戶在商店購物是一種輕鬆的體驗。

And I'm going to just jump back in also as we're talking about the international and we've been talking about ticket, et cetera. I want to make sure everybody is clear that we have -- we're still extremely bullish on our ability to do our pricing strategy. The ticket -- the whole ticket discussion, which is going to have a slight amount of (inaudible) but has nothing to do with our pricing strategy, that is really just based on a mix of categories within the store that could affect that. Our pricing strategy where we have been selectively addressing prices and retails on certain items here or there is continuing in full force, and one is not connected with the other actually. They're 2 different things. So I just want to make sure that's clear there.

當我們談論國際比賽並且我們一直在談論門票等時，我也會跳回來。我想確保每個人都清楚我們有——我們仍然非常看好我們制定定價策略的能力。門票 - 整個門票討論，這將有少量（聽不清）但與我們的定價策略無關，這實際上只是基於商店內可能影響它的類別組合。我們的定價策略一直在有選擇地解決這里或那裡某些商品的價格和零售問題，這種策略將繼續全面發揮作用，並且實際上與另一個沒有聯繫。它們是兩種不同的東西。所以我只想確保那裡很清楚。

And by the way, internationally, which you were talking about, they have been having terrific success on the pricing strategy in Canada and in Europe. And domestically, we continue it from our e-comm business through our Marmaxx to our HomeGoods businesses. So I wanted to make sure that was clear.

順便說一下，在國際上，正如你所說，他們在加拿大和歐洲的定價策略上取得了巨大的成功。在國內，我們繼續從我們的電子商務業務通過我們的 Marmaxx 到我們的 HomeGoods 業務。所以我想確保這一點很清楚。

Next, we'll go to the line of Adrienne Yih.

接下來，我們將轉到 Adrienne Yih 的台詞。

Congratulations. Tremendous execution. Ernie, on the last call, you had mentioned that sort of the chase capacity of the model is sort of now fully functional and really allowing the off-price model to shine. So can you just go into kind of some more detail about how much better kind of this year is from an open-to-buy, and how that gives you tremendous visibility for the buyers? And then kind of just a follow-on to that. We get a lot of questions about availability, which you addressed. But as the inventory at frontline cleans up, can you then explain the next phase, right, the longevity of the off-price comparative advantage as AURs at front line move up and then the value shines through on off-price?

恭喜。巨大的執行力。 Ernie，在上次通話中，您曾提到該模型的那種追逐能力現在已經完全發揮作用，並且真正讓低價模型大放異彩。那麼，您能否更詳細地介紹一下今年的公開購買情況有多少，以及這如何為買家帶來巨大的知名度？然後有點像那個的後續。我們收到了很多關於可用性的問題，您已經解決了這些問題。但是隨著前線庫存的清理，您能否解釋下一個階段，對吧，隨著前線 AUR 上升，然後價值在折價上閃耀，折價比較優勢的持續時間？

Okay. Very good, Adrienne. You're going right to -- well, you're hitting right on the crux of what we do here. So the chase, the first thing you were talking about is the chase culture, so to speak, of what we have going here versus a year ago. Well, we are coming, as witnessed by some of these inventories. You can see -- and last year -- part of what was happening last year is it was a bigger challenge for the merchants to kind of guesstimate our sales trends and the timing of availability that was going to be in the market.

好的。很好，艾德麗安。您將要 - 好吧，您正擊中我們在這裡所做工作的癥結所在。所以追逐，你說的第一件事就是追逐文化，可以說，我們在這裡與一年前相比。好吧，我們來了，正如這些庫存中的一些所見證的那樣。你可以看到 - 去年 - 去年發生的部分事情是，對商家來說，猜測我們的銷售趨勢和上市時間是一個更大的挑戰。

And we were finding that the transportation, inbound transportation was moving faster than we thought it would be. So all of those dynamics were intersecting, which for a period of time,had us chasing a little bit less. Whereas this year, we are in, I would call it, a textbook situation to take advantage of the "phenomenal availability" that's out there. So I think that's what -- that's why we feel great about it. And I do feel we are in more of the chase mode in, actually, every division.

我們發現運輸，入境運輸的移動速度比我們想像的要快。所以所有這些動態都是交叉的，在一段時間內，我們的追逐減少了一點。而今年，我們處於，我稱之為教科書的情況，以利用那裡的“驚人的可用性”。所以我認為這就是 - 這就是我們對此感覺良好的原因。而且我確實覺得我們實際上在每個部門都處於更多的追逐模式。

And that combined -- it's not tricky to picture why that combined will help our profits, by the way. And we mean the other dynamic going on with -- in terms of our buyers who are so talented and so experienced, again, we have very little turnover in that group. As we mean more to -- and I think I've talked about this before, we mean more to vendors today than we did a few years ago. And we meant a lot of them a few years ago. It's just since COVID has gone this way, and as you can imagine, the decrease in branded retail out there, whether it's online or at brick-and-mortar, has created more of a reliance on a partnership on the key brands in the market to want to do more business with us.

順便說一句，這結合起來——不難想像為什麼這種結合會有助於我們的利潤。我們指的是另一種動態 - 就我們如此有才華和經驗豐富的買家而言，我們在該群體中的營業額很少。正如我們對 - 我想我之前已經談過這個，我們對今天的供應商比幾年前更重要。幾年前我們的意思是很多。只是因為 COVID 已經走了這條路，而且正如您可以想像的那樣，品牌零售的減少，無論是在線還是實體店，都更加依賴於市場上主要品牌的合作夥伴關係想和我們做更多的生意。

So add that into the chase and it has allowed us to make sure we have a lot of open-to-buy, and we have a vendor community that is loaded with merchandise that also knows we're more important to them today than we've ever been. So that's why excited about where we are currently, excited about the potential future increase in profitability as we move forward and continued top line market share grab, I hope. So I think that answers that first part. Then I think are you asking on availability where there -- where the vendor community talks about maybe cleaning up their inventories?

因此，將其添加到追逐中，它使我們能夠確保我們有很多可供購買的商品，並且我們有一個供應商社區，裡面裝滿了商品，他們也知道我們今天對他們來說比我們更重要。曾經去過。因此，這就是為什麼對我們目前所處的位置感到興奮，對未來盈利能力的潛在增長感到興奮，因為我們向前邁進並繼續搶占頂級市場份額，我希望如此。所以我認為這回答了第一部分。那麼我想你是在詢問供應商社區談論可能清理庫存的地方的可用性嗎？

Yes. exactly. And I think you mentioned that (inaudible).

是的。確切地。我想你提到過（聽不清）。

That has been said for years and years and years, decades. And what happens now is, again, no matter who they are, we're dealing with 21,000 vendors. But even if you look at our top couple of thousand vendors, think about that. Yes, one vendor, one year could have less. But most of them are public companies that certainly and rightfully still need to grow their earnings and show growth. So they are almost -- no matter what they do, they have to still chase inventory or drive an inventory situation a little to try to get reorders to maximize their business. So that's always going to be there. I see no signs of that changing.

這已經說了很多年，很多年，幾十年了。現在發生的情況是，無論他們是誰，我們都在與 21,000 家供應商打交道。但即使您查看我們排名前幾千的供應商，也要考慮一下。是的，一個供應商，一年可能會更少。但他們中的大多數是上市公司，當然也理所當然地仍然需要增加收入並顯示增長。所以他們幾乎 - 無論他們做什麼，他們仍然必須追逐庫存或稍微推動庫存情況以嘗試獲得重新訂單以最大化他們的業務。所以它會一直存在。我看不到這種變化的跡象。

To your point, I know certain vendors will come out and say they're going to clean up their inventory, but it -- what typically happens is they're clean for a season or 2 and that the other vendor in a similar category just happens to have more at that time, and it all dovetails rather nicely. So again, I see 0 issue and a constant availability of desirable merchandise.

就你的觀點而言，我知道某些供應商會出來說他們要清理庫存，但通常發生的情況是他們會清理一兩個季節，而其他類似類別的供應商只是碰巧當時有更多，這一切都非常吻合。因此，我再次看到 0 個問題，並且不斷提供理想的商品。

Super helpful and great to get your insights and best of luck.

超級有幫助，很高興獲得您的見解和好運。

Thank you.

謝謝。

And our final question comes from Ike Boruchow.

我們的最後一個問題來自 Ike Boruchow。

Just 2 modeling questions. I'm sorry if I missed this. Can you give us the freight benefit you got in the first quarter? I know you said -- you're saying 100 bps for the year -- 100 bps plus for the year, but what was it in Q1?

只有 2 個建模問題。如果我錯過了這個，我很抱歉。你能給我們你在第一季度獲得的運費收益嗎？我知道你說過 - 你說的是今年 100 個基點 - 今年超過 100 個基點，但第一季度是多少？

And then, Ernie, you're taking the pretax margin up 20 basis points. I think on the last call, you said gross margin's up 140. Should we assume that, that now means gross margin is up 160? Is that where that upside comes from? Just kind of curious on the gross margins for the year, what the thought, the plan is.

然後，厄尼，你將稅前利潤率提高了 20 個基點。我想在上次電話會議上，你說毛利率上升了 140。我們是否應該假設，這意味著毛利率上升了 160？那是好處的來源嗎？只是對當年的毛利率有點好奇，想法是什麼，計劃是什麼。

Okay. We will answer both. So on the gross margin, Ike -- and John, I'll let John jump in here as well. On the gross margin, you're talking about where we guided for the year. Now we're raising it, I said the operating margin's at 10.4%. Is that...

好的。我們都會回答。所以關於毛利率，艾克 - 和約翰，我也會讓約翰跳在這裡。關於毛利率，你說的是我們今年的指導。現在我們正在提高它，我說營業利潤率為 10.4%。就是它...

Yes. I was trying to understand, is that upside to the gross margin you gave prior? Like, what is that new annual plan on gross margin?

是的。我想知道，這是你之前給出的毛利率的上升空間嗎？比如，新的年度毛利率計劃是什麼？

Yes, we did give guidance on a full year gross margin just to say that we had a significant benefit, right?

是的，我們確實給出了全年毛利率的指導，只是為了說我們有顯著的收益，對吧？

Okay.

好的。

Does that make sense, Ike?

這有意義嗎，艾克？

I guess. I thought on the prior call, you guys had said 140 basis points of gross margin for the year.

我猜。我想在之前的電話會議上，你們說今年的毛利率為 140 個基點。

Yes, we're not giving freight or gross margin other than to say that we feel good about the freight benefit that we've gotten and the better buying that we're seeing as well.

是的，我們不提供運費或毛利率，只是說我們對我們獲得的運費收益以及我們看到的更好的購買感到滿意。

And then what was the other question? The other question, Shrink?

那麼另一個問題是什麼？另一個問題，收縮？

Freight tailwind.

貨運順風。

We doing shrink in the first quarter?

我們在第一季度做收縮？

Freight tailwind.

貨運順風。

Oh, freight. We talked about that, right? So -- but you had a 2-part question. One was on the gross margin. I think one was on something else.

哦，運費。我們談過這個，對吧？所以 - 但你有一個由兩部分組成的問題。一是毛利率。我認為一個是在別的事情上。

Yes. I was just asking if you could tell us the freight tailwind to margin in the first quarter, and then if you could give us a gross margin guide for the year. But it sounds like we're not going to do the second part of it. Is the first part possible? .

是的。我只是問你是否可以告訴我們第一季度的運費順風，然後你是否可以給我們今年的毛利率指南。但聽起來我們不會做它的第二部分。第一部分可以嗎？ .

Yes. I mean as far as the first quarter goes, I mean we had a benefit from unanticipated freight accrual. And then we had -- some of our freight initiatives were coming -- we were getting a benefit earlier than we anticipated, and those are the real 2 items.

是的。我的意思是就第一季度而言，我的意思是我們從意外的運費增加中受益。然後我們有了——我們的一些貨運計劃即將到來——我們比預期更早地獲得了收益，而這些是真正的 2 項。

And we are -- Ike, so the one thing we'd like to leave you with on that is we're feeling very confident about the 10.4% for the year though, which I think was the original catalyst of why you're asking. So we are feeling good about where we're heading on achieving that for the bottom line pretax profit margin.

我們是——艾克，所以我們想留給你的一件事是，我們對今年的 10.4% 非常有信心，我認為這是你為什麼要問的最初催化劑.因此，我們對實現稅前利潤率底線的目標感到滿意。

Okay. That was our last question, and I'd like to thank you all for joining us today. We will be updating you again on our second quarter earnings call in August. Everybody, take care.

好的。這是我們的最後一個問題，我要感謝大家今天加入我們。我們將在 8 月份的第二季度財報電話會議上再次向您通報最新情況。大家保重

Thank you.

謝謝。

Ladies and gentlemen, that concludes your conference call for today. You may all disconnect. Thank you for participating.

女士們，先生們，今天的電話會議到此結束。你們都可以斷開連接。感謝您的參與。