TJX Companies Inc (TJX) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the TJX Companies Second Quarter Fiscal 2024 Financial Results Conference Call. (Operator Instructions) Call is being recorded, August 16, 2023.

女士們先生們，感謝你們的支持。歡迎參加 TJX 公司 2024 財年第二季度財務業績電話會議。 （操作員說明）通話正在錄音，2023 年 8 月 16 日。

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

我想將電話會議轉交給 TJX Companies, Inc. 首席執行官兼總裁厄尼·赫爾曼 (Ernie Herman) 先生。請繼續，先生。

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

謝謝，希拉。在我們開始之前，黛布有一些開場白。

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 financial results (inaudible) materially. These risks are discussed in the company's SEC filings, including, without limitation, Form 10-K filed March 29, 2023. .

謝謝你，厄尼，早上好。我們今天做出的有關公司業績和計劃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會對實際結果和公司財務業績（聽不清）的實施產生重大影響。這些風險在該公司向 SEC 提交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。

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.

此外，這些評論和隨後的問答今天的版權歸TJX Companies, Inc. 所有。未經TJX 事先同意，禁止出於營利或其他目的而對這些評論和問答進行任何錄製、轉發、複製或其他使用，這違反了美國版權和其他法律。此外，雖然我們已批准第三方發布本次通話的文字記錄，但我們對該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.

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的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 指標的調節表也發佈在我們網站 tjx.com 的投資者部分。謝謝。

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

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 once again recognizing our global associates for their dedication to TJX. It is their hard work that brings our business to life every day for our customers. I want to extend a special thank you to our store, distribution and fulfillment center associates for their continued very hard work and commitment to our company.

早上好。加入我和黛布通話的是約翰·克林格 (John Klinger)。今天開始，我想再次表彰我們的全球員工對 TJX 的奉獻。正是他們的辛勤工作讓我們的業務每天都為客戶帶來活力。我要特別感謝我們的商店、配送和履行中心的員工，感謝他們持續的辛勤工作和對我們公司的承諾。

I want to comment on the wildfires in Maui. We are grateful that our associates in Maui and the rest of Hawaii are safe. and at the same time, are deeply saddened by the devastation and loss. To help with the relief efforts on the ground, we have made a donation to the Maui Food Bank and our local teams are donating essential supplies.

我想對毛伊島的野火發表評論。我們很高興毛伊島和夏威夷其他地區的員工都安全。與此同時，我們對所遭受的破壞和損失深感悲痛。為了幫助當地的救援工作，我們向毛伊島食品銀行捐款，我們的當地團隊正在捐贈必需品。

Now to our business update and second quarter results. I am extremely pleased with our second quarter performance as sales, profitability and earnings per share were all well above our plans. I want to highlight that customer traffic drove our 6% overall comp sales increase, and it increased at all of our divisions. As a reminder, for us, customer traffic represents the number of customer transactions.

現在介紹我們的業務更新和第二季度業績。我對我們第二季度的業績非常滿意，因為銷售額、盈利能力和每股收益都遠高於我們的計劃。我想強調的是，客戶流量推動我們的整體銷售額增長了 6%，而且我們所有部門的銷售額都有所增長。提醒一下，對我們來說，客戶流量代表客戶交易的數量。

I am particularly pleased with the performance of our largest division, Marmaxx, which delivered high single-digit increases in both comp sales and customer traffic. Our overall apparel and accessories sales were very strong. and our overall home sales significantly improved and returned to positive comp sales growth. Clearly, our terrific mix of branded, fashionable merchandise and great values resonated with shoppers when they visited our stores.

我對我們最大的部門 Marmaxx 的業績感到特別滿意，該部門的銷售額和客戶流量均實現了個位數的高增長。我們的整體服裝和配飾銷售非常強勁。我們的整體房屋銷售顯著改善，並恢復正銷售增長。顯然，我們的品牌、時尚商品和超值價值的完美組合在購物者參觀我們商店時引起了他們的共鳴。

In terms of profitability, both pretax profit margin and earnings per share increased significantly versus last year. Importantly, merchandise margin continues to be very healthy with our above-plan sales and profitability performance in the second quarter, we are raising our full year outlook for comp sales, pretax profit margin and earnings per share. 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大幅增長。重要的是，商品利潤率仍然非常健康，第二季度的銷售和盈利表現超出了計劃，我們正在提高對公司銷售、稅前利潤率和每股收益的全年預期。約翰稍後會談到這一點。

We are very pleased with the continued momentum of our business and the excellent execution of our teams across the company. They have been laser-focused on driving sales and traffic and improving profitability. The third quarter is off to a very strong start, and we feel great about our plans for the remainder of the year.

我們對我們業務的持續發展勢頭以及整個公司團隊的出色執行力感到非常滿意。他們一直專注於推動銷售和流量以及提高盈利能力。第三季度有一個非常強勁的開局，我們對今年剩餘時間的計劃感到非常滿意。

The marketplace is loaded with outstanding buying opportunities and we are confident that we will continue to offer a terrific mix of brands and an outstanding assortment of gifts to our shoppers during the fall and holiday selling seasons. We are convinced that our differentiated treasure hunt shopping experience and excellent values will continue to serve us well and allow us to capture additional market share across our geographies for many years to come.

市場充滿了絕佳的購買機會，我們有信心在秋季和假日銷售季節繼續為購物者提供精彩的品牌組合和精美的禮品。我們相信，我們差異化的尋寶購物體驗和卓越的價值將繼續為我們提供良好的服務，並使我們能夠在未來的許多年裡在我們的地區獲得更多的市場份額。

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

在繼續之前，我將把電話轉給約翰，更詳細地介紹我們第二季度的財務業績。

Thanks, Ernie, and good morning, everyone. I also want to add my gratitude to all of our global associates for their continued hard work. I'll start with some additional details on the second quarter. As Ernie mentioned, our overall comp store sales well above the high end of our plan and were entirely driven by an increase in customer traffic. We were very pleased to see that both comp store sales growth and customer traffic improved sequentially each month of the quarter.

謝謝，厄尼，大家早上好。我還要對我們所有全球員工的持續辛勤工作表示感謝。我將從第二季度的一些額外細節開始。正如厄尼提到的，我們的整體比較店銷售額遠遠高於我們計劃的高端，並且完全是由客戶流量的增加推動的。我們非常高興地看到本季度每個月的比較商店銷售增長和客戶流量都在連續改善。

As we expected, average ticket was down due to merchandise mix, the impact of the lower ticket on sales was largely offset by an increase in units with shoppers putting more items into their cart. This is in line with what we have seen in our business historically. Our overall apparel business, including accessories, continued its momentum with high single-digit comp increase. Overall, home comp sales were up mid-single digits.

正如我們預期的那樣，平均票價因商品組合而下降，但票價較低對銷售的影響在很大程度上被購物者將更多商品放入購物車的單位數量增加所抵消。這與我們在業務歷史上所看到的情況一致。我們的整體服裝業務（包括配飾）繼續保持增長勢頭，實現了高個位數的複合增長率。總體而言，家庭用品銷售額增長了中個位數。

TJX net sales grew to $12.8 billion, an 8% increase versus the second quarter of fiscal '23. Second quarter consolidated pretax margin of 10.4% was up 120 basis points versus last year. This was well above our plan due to a bigger benefit than we expected from lower freight costs as well as expense leverage on our above-plan sales.

TJX 淨銷售額增長至 128 億美元，比 23 財年第二季度增長 8%。第二季度綜合稅前利潤率為 10.4%，比去年同期上升 120 個基點。這遠遠超出了我們的計劃，因為較低的貨運成本以及對我們高於計劃的銷售的費用槓桿帶來的好處比我們預期的要大。

Gross margin was up 260 basis points. This increase was driven by a higher merchandise margin due to the significant benefit from lower freight costs. This year-over-year freight benefit was primarily driven by lower rates as well as a benefit from our freight initiatives and the remainder of our year -- in the remainder of our year-end accrual adjustment. Gross margin also benefited from our inventory and fuel hedges in expense leverage on a 6% comp increase. Our year-over-year shrink accrual and supply chain investments were headwinds to gross margin in the second quarter.

毛利率上升 260 個基點。這一增長是由於貨運成本降低帶來的顯著效益導致商品利潤率提高所致。這一同比貨運收益主要是由較低的費率以及我們的貨運計劃和今年剩餘時間（年末應計調整的剩餘時間）帶來的收益推動的。毛利率還受益於我們的庫存和燃料對沖費用槓桿，同比增長 6%。我們的應計費用和供應鏈投資的同比萎縮對第二季度的毛利率構成了不利影響。

Second quarter SG&A increased 170 basis points due to a combination of factors. These include higher incentive accruals and due to above planned results, a reserve related to a German government COVID program receivable, incremental store wage and payroll costs and a contribution to the TJX Foundation. Net interest income benefited pretax profit margin by 40 basis points versus last year. Lastly, we were very pleased that earnings per share of $0.85 were up 23% versus last year and also well above our expectations.

由於多種因素的綜合作用，第二季度 SG&A 增長了 170 個基點。其中包括更高的應計獎勵以及由於上述計劃的結果而產生的與德國政府新冠疫情計劃應收賬款相關的儲備金、增量商店工資和工資成本以及對 TJX 基金會的捐款。淨利息收入使稅前利潤率較去年提高了 40 個基點。最後，我們非常高興每股收益 0.85 美元，比去年增長 23%，也遠高於我們的預期。

Now moving to our second quarter divisional performance. At Marmaxx, second quarter comp store sales increased an outstanding 8%, entirely driven by customer traffic. Marmaxx's apparel and home categories both saw high single-digit comp increases. Further, it was great to see comp sales and traffic increases accelerate every month throughout the quarter. Comp sales were very strong across each of Marmaxx's region. We also saw consistent performance across low, mid- and high-income store demographics.

現在轉向我們第二季度的部門業績。在 Marmaxx，第二季度比較店銷售額顯著增長了 8%，這完全是由客流量推動的。 Marmaxx 的服裝和家居類別均實現了高個位數的同比增長。此外，很高興看到整個季度的公司銷售和流量增長每個月都在加速。 Marmaxx 各個地區的比較銷售都非常強勁。我們還看到低收入、中收入和高收入商店人群的表現一致。

Marmaxx's second quarter segment profit margin was 13.7%, up 80 basis points versus last year, primarily driven by a benefit from lower freight costs as well as expense leverage on the strong sales and strong mark on. We continue to be pleased with the momentum at Marmaxx and are excited about the initiatives we have planned to help us drive sales and traffic for the remainder of the year and beyond.

Marmaxx 第二季度分部利潤率為 13.7%，比去年同期增長 80 個基點，主要得益於貨運成本下降以及強勁銷售和強勁業績帶來的費用槓桿。我們仍然對 Marmaxx 的發展勢頭感到滿意，並對我們計劃幫助我們在今年剩餘時間及以後推動銷售和流量的舉措感到興奮。

At HomeGoods, we were very pleased to see second quarter comp store sales increased 4% and a significant increase in our end customer traffic. HomeGoods comp sales and traffic increases also accelerated every month throughout the quarter. I also want to note that our full year plans assume that HomeGoods will continue to comp positively for the second half of the year. HomeGoods second quarter segment profit margin was 8.7%, up 600 basis points and entirely due to benefit -- a benefit from lower freight costs. We remain confident in the long-term opportunities we see to grow both our HomeGoods and HomeSense banners and capture additional share of the U.S. home market.

在 HomeGoods，我們非常高興地看到第二季度比較商店銷售額增長了 4%，並且我們的最終客戶流量顯著增加。 HomeGoods 的銷售額和流量在整個季度每個月都在加速增長。我還想指出的是，我們的全年計劃假設 HomeGoods 將在今年下半年繼續實現積極的增長。 HomeGoods 第二季度分部利潤率為 8.7%，增長 600 個基點，完全歸功於貨運成本下降的好處。我們對發展 HomeGoods 和 HomeSense 品牌並佔領美國家庭市場額外份額的長期機會仍然充滿信心。

At Canada, Comp store sales were up 1% and customer traffic increased. Segment profit margin was 15%. As the only major brick-and-mortar off-price retailer in Canada, we have a very loyal shopper base in many value-conscious shop customers. We are confident that we are set up well to continue growing our footprint across Canada and attract more customers to our banners.

在加拿大，Comp 商店銷售額增長了 1%，客流量也有所增加。分部利潤率為15%。作為加拿大唯一的主要實體折扣零售商，我們在許多注重價值的商店客戶中擁有非常忠實的購物者基礎。我們相信，我們已經做好了充分準備，可以繼續擴大我們在加拿大的足跡，並吸引更多客戶使用我們的橫幅。

At TJX International, comp store sales increased 3% and customer traffic was also up. It was great to see comp sales and traffic increases at both our European and Australian businesses. During the quarter, we also launched online shopping in Germany and Austria. Segment profit margin for TJX International on a constant currency basis was 2.1%, which was negatively impacted by over 300 basis points due to the reserve related to the German receivable I spoke to earlier. We are very happy with our overall performance in this division and are confident we can continue to grow our banners in our existing countries and improve profitability.

在 TJX International，Comp 商店銷售額增長了 3%，客流量也有所增加。很高興看到我們的歐洲和澳大利亞業務的銷售量和流量都在增加。本季度，我們還在德國和奧地利推出了在線購物。 TJX International 按固定匯率計算的部門利潤率為 2.1%，由於我之前談到的與德國應收賬款相關的準備金，該利潤率受到超過 300 個基點的負面影響。我們對該部門的整體表現非常滿意，並且有信心能夠繼續在現有國家/地區發展我們的業務並提高盈利能力。

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

至於電子商務，總體而言，它在我們業務中所佔的比例仍然很小。我們不斷在網站上添加新商品，以便購物者每次訪問都能看到新的東西。

Moving to inventory. Balance sheet inventory was down 7% versus the second quarter of fiscal '23. Similar to the first quarter, the year-over-year decline was primarily due to the elevated levels we saw last year from the early arrival of merchandise and a larger in-transit balance as a result of supply chain delays at that time. We feel great about inventory levels in the outstanding buying environment. As Ernie said, the marketplace is loaded with merchandise, and we are well positioned to flow fresh assortments to our stores and online this fall and holiday season.

轉向庫存。與 2023 財年第二季度相比，資產負債表庫存下降了 7%。與第一季度類似，同比下降主要是由於去年商品提前到達而導致水平上升，以及當時供應鏈延誤導致在途餘額增加。在良好的購買環境下，我們對庫存水平感到滿意。正如厄尼所說，市場上商品琳瑯滿目，我們處於有利地位，可以在今年秋季和假日季節將新鮮品種輸送到我們的商店和網上。

I'll finish with our liquidity and shareholder distributions. For the second quarter, we generated $1.3 billion in operating cash flow and ended the quarter with $4.6 billion in cash. In the second quarter, we paid down $500 million of maturing debt and returned $932 million to shareholders through our buyback and dividend programs.

最後我將介紹我們的流動性和股東分配。第二季度，我們產生了 13 億美元的運營現金流，季度末現金為 46 億美元。第二季度，我們償還了 5 億美元的到期債務，並通過回購和股息計劃向股東返還了 9.32 億美元。

Now I'll turn it back to Ernie.

現在我會把它轉回給厄尼。

I'll start by highlighting the key strengths that have allowed TJX to grow successfully through many kinds of retail and economic cycles for nearly 5 decades. I'm convinced that these core strengths set us apart from many other retailers and will continue to be a tremendous advantage going forward. First is our value leadership. Our goal has always been to offer great value on every item, every day to every customer. At TJX, value is more than just offering consumers a great price. For us, value also means delivering desirable brands, fashionable merchandise and great quality to our shoppers. We believe our value proposition is 1 of the best in all of retail, and we'll continue to attract consumers to our retail banners all around the world.

首先，我將重點介紹使 TJX 在近 5 年來在多種零售和經濟周期中成功發展的關鍵優勢。我堅信，這些核心優勢使我們有別於許多其他零售商，並將繼續成為我們未來的巨大優勢。首先是我們的價值領導力。我們的目標始終是每天為每位客戶提供每件商品的巨大價值。在 TJX，價值不僅僅是為消費者提供優惠的價格。對我們來說，價值還意味著向購物者提供理想的品牌、時尚的商品和卓越的品質。我們相信，我們的價值主張是零售業中最好的價值主張之一，我們將繼續吸引世界各地的消費者關注我們的零售旗幟。

Second, we have developed 1 of the most flexible brick-and-mortar retail models in the world. The flexibility of our close to need opportunistic buying allows our merchants to quickly react to the hottest trends in the marketplace and adapt to changing consumer preferences. The flexibility of our supply chain and store formats allows us to ship to our stores multiple times a week, merchandise stores individually and flex our floor space to support our ever-changing assortment.

其次，我們開發了世界上最靈活的實體零售模式之一。我們的貼近需求機會主義購買的靈活性使我們的商家能夠快速對市場上最熱門的趨勢做出反應並適應不斷變化的消費者偏好。我們供應鍊和商店形式的靈活性使我們能夠每週多次向商店發貨，單獨向商店運送商品，並靈活調整佔地面積以支持我們不斷變化的品種。

Third, we successfully operate stores across a wide customer demographic. We want to sell to everyone, and we aim to appeal to all value-conscious shoppers and inspire and excite them every time they visit us. The flexibility of our business allows us to curate an assortment of good, better and best merchandise across our stores, and to appeal to shoppers across all income demographic areas.

第三，我們成功地在廣泛的客戶群體中經營商店。我們希望向所有人銷售產品，我們的目標是吸引所有註重價值的購物者，並在他們每次光臨我們時激發和興奮他們。我們業務的靈活性使我們能夠在商店中策劃各種優質、更好和最好的商品，並吸引所有收入人群的購物者。

Next, we have built an expansive vendor universe over many decades and believe we have some of the best relationships in all of retail. This vast network of changing vendors, which numbered approximately 21,000 over the last year is the reason why we are so confident that there will always be more than enough inventory in the marketplace for us to buy. Our best-in-class buying organization of 1,200-plus merchants does a terrific job selecting the right mix of categories and brands for the right stores to create our fun treasure hunt shopping experience.

接下來，我們在數十年的時間裡建立了一個廣闊的供應商世界，並相信我們在所有零售業中擁有一些最好的關係。這個龐大的不斷變化的供應商網絡（去年約有 21,000 家）是我們如此有信心市場上永遠有足夠的庫存供我們購買的原因。我們由 1,200 多家商家組成的一流採購組織做得非常出色，為合適的商店選擇合適的品類和品牌組合，打造有趣的尋寶購物體驗。

We also see the globalness of our business as a tremendous strength. We have built a highly integrated global infrastructure, supply chain and buying organization that we believe would be difficult to replicate. This allows us to leverage our global presence to create a differentiated treasure hunt shopping experience in each country we operate in.

我們還認為我們業務的全球化是一種巨大的優勢。我們已經建立了高度一體化的全球基礎設施、供應鍊和採購組織，我們認為這是難以復制的。這使我們能夠利用我們的全球影響力，在我們開展業務的每個國家創造差異化的尋寶購物體驗。

Last, but certainly not least, is our talent. Teaching and talent development have always been priorities at TJX. Through our organization and management teams, we have deep decades-long off-price experience in the U.S. and internationally. I believe that our global talent base will continue to be a tremendous advantage as we continue our growth around the world. I truly believe that the combination of these key strengths and the execution of them, is why we are 1 of the strongest companies in all of retail and have a very long history of successful performance.

最後但同樣重要的一點是我們的人才。教學和人才發展一直是 TJX 的首要任務。通過我們的組織和管理團隊，我們在美國和國際上擁有數十年的深厚折扣經驗。我相信，隨著我們在全球範圍內的不斷發展，我們的全球人才基礎將繼續成為我們的巨大優勢。我堅信，這些關鍵優勢的結合以及它們的執行，是我們成為零售業最強大的公司之一併擁有悠久成功業績歷史的原因。

Now I'll briefly highlight the opportunities we see to keep driving sales and traffic in the second half of the year. First, as I said earlier, we are seeing phenomenal product availability across all categories and a wide range of brands. This gives us great confidence that we can bring consumers the right assortment at the right values throughout the fall and holiday season.

現在，我將簡要強調我們看到的在下半年繼續推動銷售和流量的機會。首先，正如我之前所說，我們看到所有類別和各種品牌的產品都具有驚人的可用性。這讓我們充滿信心，相信我們能夠在整個秋季和假日季節為消費者提供價格合適的正確品種。

Second, we feel great about our store merchandising initiatives that we have planned. We are particularly excited about our gifting initiatives as we continue to focus on being a destination for gifts throughout the year. With our rapidly changing assortment, we believe shoppers will be inspired to visit us frequently to see what's new.

其次，我們對我們計劃的商店營銷計劃感到非常滿意。我們對我們的禮品計劃感到特別興奮，因為我們全年繼續致力於成為禮品目的地。隨著我們產品種類的快速變化，我們相信購物者會受到啟發而經常光臨我們以了解新品。

And third, we have very strong marketing campaigns planned. Each of our brands will continue to reinforce our value leadership position through a combination of channels, including digital, television and social media. We believe our compelling campaigns will capture the attention of new consumers while keeping us top of mind with our existing customers.

第三，我們計劃了非常強大的營銷活動。我們的每個品牌將通過數字、電視和社交媒體等多種渠道繼續鞏固我們的價值領先地位。我們相信，我們引人注目的活動將吸引新消費者的注意力，同時讓我們成為現有客戶的首要關注點。

Moving to profitability. We are extremely pleased that the high end of our adjusted pretax profit margin plan for fiscal 2024 now exceeds our previously announced target of 10.6% for fiscal 2025. This is a testament to the hard work and commitment of the entire organization. I want to assure you that we did not be that we will not be complacent and we'll strive to continue improving our profitability over the long term.

轉向盈利。我們非常高興的是，我們調整後的 2024 財年稅前利潤率計劃的上限現已超過我們之前宣布的 2025 財年 10.6% 的目標。這證明了整個組織的辛勤工作和承諾。我想向您保證，我們不會自滿，我們將努力繼續提高長期盈利能力。

Before I close, I'd also like to reinforce our deep commitment to acting as a responsible corporate citizen, and I am proud of the work our teams across the globe continue to do. We expect to publish our annual global corporate responsibility report this fall. And I hope you'll take some time to look at our website to learn more about what we are doing.

在結束之前，我還想強調我們作為負責任的企業公民的堅定承諾，我為我們全球團隊繼續所做的工作感到自豪。我們預計將於今年秋季發布年度全球企業責任報告。我希望您花一些時間訪問我們的網站，以了解更多關於我們正在做的事情。

Summing up, we are very pleased with the momentum we are seeing across the business and the very strong start to the third quarter. We've had excellent performance in the first half of the year, and our teams have put us in a great position for continued success for the remainder of the year. I'm convinced that the characteristics of our flexible off-price business model and the operating expertise within our organization are unmatched.

總而言之，我們對整個業務的勢頭以及第三季度的強勁開局感到非常滿意。我們在今年上半年取得了出色的表現，我們的團隊為我們在今年剩餘時間裡繼續取得成功奠定了良好的基礎。我相信，我們靈活的折扣業務模式的特點和我們組織內的運營專業知識是無與倫比的。

I am so proud of our culture, which I believe is a major differentiator and a key component of our success. I am extremely confident about the future of TJX and I'm excited about the opportunities we see to capture additional market share and improve profitability in the long term.

我為我們的文化感到自豪，我相信這是我們成功的一個主要區別因素和關鍵組成部分。我對 TJX 的未來充滿信心，並且對我們看到的獲得額外市場份額和提高長期盈利能力的機會感到興奮。

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

現在我將把電話轉回給約翰，介紹我們的全年和第三季度指導，然後我們將開放提問。

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 have offered 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.

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，我們為尚未開始領取養老金福利的合格前 TJX 員工提供了一次性領取既得養老金福利的機會。我們預計，這項養老金支付方案的影響（主要是非現金結算費用）可能會對24 財年每股收益產生約0.01 美元至0.02 美元的負面影響，但可能會更高或更低，具體取決於參與率和其他因素。

To be clear, any 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.

需要明確的是，我們今天提供的任何指導都不包括這項養老金支付方案的潛在影響。我們預計將從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 are now planning an overall comp store sales increase of 3% to 4%. As a reminder, our comp guidance excludes our expected sales from the 53rd week. For the full year, we now expect consolidated sales to be in the range of $53.5 billion to $53.8 billion. This guidance includes approximately $800 million of additional revenue expected from the 53rd week.

現在是我們的全年指導。我們現在計劃將店內整體銷售額增長 3% 至 4%。提醒一下，我們的比較指導不包括第 53 週的預期銷售額。我們現在預計全年綜合銷售額將在 535 億美元至 538 億美元之間。該指引包括預計從第 53 週開始的約 8 億美元的額外收入。

As Ernie said, we're increasing our full year profitability guidance. We're now planning full year pretax profit margin to be in the range of 10.7% to 10.8%, 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 10.6% to 10.7%. On a 52-week basis, this would represent an increase of 90 to 100 basis points versus fiscal '23's adjusted pretax profit margin of 9.7%.

正如厄尼所說，我們正在提高全年盈利能力指導。我們目前計劃全年稅前利潤率在 10.7% 至 10.8% 範圍內，不包括從第 53 週起約 10 個基點的預期收益，我們現在預計調整後稅前利潤率在 10.6% 範圍內% 至10.7 %。以 52 週為基礎計算，這意味著與 23 財年 9.7% 的調整後稅前利潤率相比，增長了 90 至 100 個基點。

Regarding shrink, we continue to be laser-focused on our in-store initiatives while making sure we maintain an enjoyable shopping experience for our customers. At this time, our shrink indicators are leading us to believe that we can continue to plan shrink flat in fiscal '24. As a reminder, we will not know the full effect of our shrink initiatives or the accuracy of our indicators until we do a full annual inventory count at the end of the year.

關於收縮，我們繼續專注於店內活動，同時確保為顧客維持愉快的購物體驗。目前，我們的收縮指標使我們相信，我們可以繼續計劃在 24 財年保持平穩收縮。提醒一下，在年底進行完整的年度庫存盤點之前，我們不會知道縮減計劃的全部效果或指標的準確性。

Moving on, we're planning full year adjusted gross margin on a 52-week basis in the range of 29.4% to 29.5%, a 180 to 190 basis point increase versus last year. we expect virtually all of this increase to be driven by a benefit from lower freight costs. We are also planning a benefit from merchandise margin. This guidance also assumes a continuation of headwinds from our supply chain investments and incremental distribution center wages.

接下來，我們計劃將 52 週的全年調整後毛利率控制在 29.4% 至 29.5% 的範圍內，比去年增加 180 至 190 個基點。我們預計幾乎所有增長都將受到貨運成本下降的推動。我們還計劃從商品利潤中獲益。該指引還假設我們的供應鏈投資和配送中心工資增量將繼續帶來阻力。

We are very pleased with the level of freight recapture we are seeing given the significant pressure we saw over the prior 3 years. Our expected freight benefit this year includes a pull forward of most of the benefit we were expecting in fiscal '25. We remain laser-focused and looking at ways to reduce our freight costs. Moving on, we're expecting full year SG&A on a 52-week basis to be approximately 19.1%, a 120 basis point increase versus last year. This expected increase is primarily driven by incremental store wage and payroll costs and higher incentive accruals.

考慮到過去三年的巨大壓力，我們對貨運回收水平感到非常滿意。我們今年預期的貨運效益包括我們在 25 財年預期的大部分效益的提前。我們仍然專注於尋找降低貨運成本的方法。接下來，我們預計以 52 週為基礎的全年 SG&A 約為 19.1%，比去年增加 120 個基點。這一預期增長主要是由商店工資和工資成本增量以及應計獎勵增加推動的。

For modeling purposes, we're currently assuming a full year tax rate of 26% and Net interest income on a 52-week basis of about $157 million, and a weighted average share count of approximately 1.16 billion shares. As a result of these assumptions, we're increasing our full year earnings per share guidance to a range of $3.66 to $3.72. Excluding an expected benefit of approximately $0.10 from the 53rd week, we expect adjusted earnings per share to be in the range of $3.56 to $3.62. On a 52-week basis, this would represent an increase of 10 -- excuse me, 14% to 16% versus fiscal '23's adjusted earnings per share of $3.11. Lastly, we now expect to open about 125 net new stores in fiscal 2024, an increase of approximately 3%. This reflects a shift of some of our planned fall openings into next year.

出於建模目的，我們目前假設全年稅率為 26%，52 週淨利息收入約為 1.57 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提高至 3.66 美元至 3.72 美元的範圍。排除第 53 週約 0.10 美元的預期收益，我們預計調整後每股收益將在 3.56 美元至 3.62 美元之間。以 52 週為基礎，這意味著與 23 財年 3.11 美元的調整後每股收益相比，增長了 10%——對不起，是 14% 到 16%。最後，我們目前預計 2024 財年將淨開設約 125 家新店，增幅約為 3%。這反映出我們將一些計劃的秋季開學時間轉移到了明年。

Moving to the third quarter. We're planning overall comp store sales growth to be up 3% to 4%. Similar to the second quarter, we expect the comp increase to be driven by customer traffic. We're planning for average ticket to be down less than it was in the second quarter, again, due to merchandise mix. We're also expecting an increase in units sold. We expect third quarter consolidated sales to be in the range of $12.9 billion to $13.1 billion, a 6% to 7% increase over the prior year.

進入第三季度。我們計劃將店內整體銷售額增長 3% 至 4%。與第二季度類似，我們預計同比增長將由客戶流量推動。由於商品組合的原因，我們計劃再次將平均票價降幅低於第二季度。我們還預計銷售量將會增加。我們預計第三季度綜合銷售額將在 129 億美元至 131 億美元之間，比上年增長 6% 至 7%。

We're planning third quarter pretax profit margin to be in the range of 11.3% to 11.5%. We're expecting third quarter gross margin in the range of 30.3% to 30.5%, up 120 to 140 basis points versus last year. We're planning a significant benefit from lower freight costs partially offset by headwinds from supply chain investments, inventory cap and our year-over-year shrink accrual.

我們計劃第三季度稅前利潤率在 11.3% 至 11.5% 之間。我們預計第三季度毛利率將在 30.3% 至 30.5% 之間，比去年同期增長 120 至 140 個基點。我們計劃從較低的貨運成本中獲得顯著收益，但部分被供應鏈投資、庫存上限和同比應計萎縮帶來的不利因素所抵消。

We're planning third quarter SG&A of approximately 19.3%, up 130 basis points versus last year. This expected increase is driven by incremental store wage and payroll costs and higher incentive accruals. For modeling purposes, we're currently assuming a third quarter tax rate of 25.3% and net interest income of about $40 million and a weighted average share count of approximately 1.15 billion shares. We expect third quarter earnings per share to be in the range of $0.95 to $0.98, up 10% to 14% versus last year's adjusted $0.86. For the fourth quarter, on a 13-week basis, we're planning comp store sales to be up 3% to 4%, adjusted pretax margin in the range of 10.3% to 10.5% and adjusted earnings per share in the range of $1 to $1.03. We will provide more detailed guidance for the fourth quarter on our third quarter earnings call.

我們計劃第三季度的 SG&A 約為 19.3%，比去年增加 130 個基點。這一預期增長是由商店工資和工資成本增量以及應計獎勵增加推動的。出於建模目的，我們目前假設第三季度稅率為 25.3%，淨利息收入約為 4000 萬美元，加權平均股數約為 11.5 億股。我們預計第三季度每股收益將在 0.95 美元至 0.98 美元之間，較去年調整後的 0.86 美元增長 10% 至 14%。在第四季度，以 13 週為基礎，我們計劃同店銷售額增長 3% 至 4%，調整後稅前利潤率在 10.3% 至 10.5% 範圍內，調整後每股收益在 1 美元範圍內至1.03美元。我們將在第三季度財報電話會議上提供更詳細的第四季度指導。

Before I close, I want to echo Ernie's comments that we continue to see opportunities to further improve profitability over the long term. As always, the best way for us to drive profitability is with outsized sales. We continue to see opportunities to grow sales and traffic and capture additional market share. Further, we remain laser-focused on being even better on buying and retail and driving merchandise margin.

在結束之前，我想回應厄尼的評論，即我們繼續看到長期進一步提高盈利能力的機會。與往常一樣，我們提高盈利能力的最佳方式是擴大銷售。我們繼續看到增加銷售額和流量並佔領更多市場份額的機會。此外，我們仍然專注於更好地採購和零售並提高商品利潤。

At the same time, we're expecting continue to face headwinds from incremental wage costs and supply chain investments. As usual, we'll give you a detailed annual guidance beyond this year on our February -- on our call in February.

與此同時，我們預計將繼續面臨工資成本增加和供應鏈投資帶來的阻力。像往常一樣，我們將在二月份的電話會議上為您提供今年之後的詳細年度指導。

In closing, I want to reiterate that we are very pleased with our -- with the execution of our teams across the company and are confident in our sales and profitability plans. Further, we have a strong balance sheet and are in an excellent financial position to simultaneously invest in the growth of our business and return significant cash to our shareholders. Now we are happy to take your questions as we do every quarter. (Operator Instructions)

最後，我想重申，我們對整個公司團隊的執行力感到非常滿意，並對我們的銷售和盈利計劃充滿信心。此外，我們擁有強大的資產負債表和良好的財務狀況，可以同時投資於我們的業務增長，並向股東返還大量現金。現在，我們很高興像每個季度一樣回答您的問題。 （操作員說明）

Thanks, and now we'll open it up for questions.

謝謝，現在我們將開放提問。

(Operator Instructions) Our first question will come from Matthew Boss.

（操作員說明）我們的第一個問題將來自 Matthew Boss。

Congrats on a really nice quarter. So Ernie, you cited the third quarter off to a very strong start and tremendous off-price buying opportunities. Could you just elaborate on how traffic and demand progressed over the course of the second quarter, maybe what you've seen in August, across both apparel and home. And then, John, could you just elaborate on the improved bottom line full year outlook as we think about AUR and freight relative to shrink and wages?

恭喜您度過了一個非常美好的季度。厄尼，您提到第三季度有一個非常強勁的開局和巨大的低價購買機會。您能否詳細說明一下第二季度的流量和需求進展情況，也許是您在 8 月份看到的服裝和家居行業的情況。然後，約翰，當我們考慮相對於損耗和工資的 AUR 和貨運時，您能否詳細說明一下全年盈利前景的改善？

Sure. Matt, good question. Obviously, looking at as the indicator I gave when I said very strong for the Q3 start, which is coming out of Q2 where each month got a little stronger. So we were sequentially stronger throughout Q2 as the quarter went on. and that momentum has now continued into Q3. And I think you were asking about any differentiator between apparel or home, I would tell you when it well. When you have comps like this and you have Marmaxx running such a high comp as they did, as you can imagine, we are we are experiencing health across just about every category in the store.

當然。馬特，好問題。顯然，當我說第三季度開始非常強勁時，看看我給出的指標，這是從第二季度開始的，每個月都變得更強一些。因此，隨著季度的繼續，我們在整個第二季度的表現都逐漸增強。這種勢頭現已持續到第三季度。我想你問的是服裝和家居之間的區別，我會在合適的時候告訴你。當你有這樣的競爭並且你有Marmaxx像他們一樣運行如此高的競爭時，正如你可以想像的那樣，我們正在商店中的幾乎每個類別中都體驗到健康。

And in fact, the parallel across the board has been very healthy as has the home area. And I'm talking within Marmaxx because you've seen that home goods from -- remember, Q1 in Home goods, we were down 7%, and now we were up for in home goods for Q2, which is really a terrific. We had signaled to all of you that we thought there'd be incremental improvement. Clearly, it was even exceeded our expectations. And we are feeling very good about that business also as we go into Q3. So I hope that answered your question.

事實上，與主場一樣，各方面的平行度都非常健康。我在 Marmaxx 內部談論，因為你已經看到家居用品——記住，家居用品第一季度我們下降了 7%，現在第二季度的家居用品我們上漲了，這真的很棒。我們已經向你們所有人發出信號，我們認為會有漸進式的改進。顯然，這甚至超出了我們的預期。當我們進入第三季度時，我們對該業務也感覺非常好。所以我希望這回答了你的問題。

And Matt, just to answer the question you had for me. I mean, as far as the back half and full year guidance. We continue to see freight opportunity in our initiatives, obviously, increasing our the confidence we have to increase our top line sales gives us the confidence to increase our back half guidance. As far as AUR look, as far as pricing and merchandise margin, they were in line with our expectations. In the buying environment, it's fantastic. As Ernie said, we continue to see opportunities to take price in certain areas and merchandise margin improvement. We're really pleased at how our strategies this quarter drove our top line and again, gave us the confidence to increase our full year comp.

馬特，我只是回答你向我提出的問題。我的意思是，就下半年和全年指導而言。顯然，我們繼續在我們的舉措中看到貨運機會，這增強了我們增加頂線銷售額的信心，使我們有信心增加後半段指導。就 AUR 來看，就定價和商品利潤而言，它們符合我們的預期。在購買環境中，這非常棒。正如厄尼所說，我們繼續看到某些領域價格上漲的機會以及商品利潤率的改善。我們對本季度的戰略如何推動我們的營收感到非常高興，並再次讓我們有信心增加全年收入。

John, as I was touching on it in your question, as we talked -- remember, there was a little bit confusion on the last call, and we talked about how our ticket might be down slightly and pretty much it was on our expectations. right in line. And as a result, we drove our top line as we had explained to you in some of our meetings about you can't judge the average ticket and its sales relationship because some of the categories that we were growing in the mix of departments create multiple purchases. And so we're pleased to see it all really went along the lines of what we had discussed back at the end of Q1.

約翰，正如我在你的問題中談到的那樣，當我們交談時 - 請記住，上次通話時有點混亂，我們討論了我們的機票可能會略有下降，而且幾乎符合我們的預期。就在隊伍裡。因此，我們推動了我們的營收增長，正如我們在一些會議中向您解釋的那樣，您無法判斷平均門票及其銷售關係，因為我們在部門組合中發展的某些類別創建了多個購買。因此，我們很高興看到這一切確實符合我們在第一季度末討論的內容。

Our next question comes from Lorraine Hutchinson.

我們的下一個問題來自洛林·哈欽森。

I just wanted to confirm what I think you just said, which was the like-for-like price increases are working and the ticket decline was just mix. And then my question is if you think you're seeing any signs of a trade-down customer coming into any of your banners?

我只是想確認一下你剛才所說的，即價格的同比上漲正在發揮作用，而票價下降只是混合因素。然後我的問題是，您是否認為您在您的任何橫幅廣告中看到了任何降價客戶的跡象？

Lorraine, so we got it. So yes, the like-for-like pricing continues to work. We continue to see opportunity there as we move forward. And again, we do that, as we said from the very beginning, we do that very selectively in certain areas and certain categories and certain items as witnessed by our performance as well as we have another data point, which we measure qualitatively where we measure customer perception of our values.

洛林，所以我們明白了。所以，是的，同類定價仍然有效。隨著我們的前進，我們繼續看到那裡的機會。再說一次，我們這樣做，正如我們從一開始就說過的，我們在某些領域、某些類別和某些項目上非常有選擇性地這樣做，正如我們的表現所證明的那樣，我們還有另一個數據點，我們在測量的地方進行定性測量客戶對我們價值觀的看法。

First of all, we can talk from our turns as well as our sales. But we have another perception point where consumers right now are actually seeing our value perception versus a year ago has actually ticked up a couple of notches. So we're viewed against ourselves as value perception has improved, which tells you it's working. And then a second thing ironically is against the category average, we have improved.

首先我們可以從我們的輪次以及我們的銷量來談。但我們還有另一個感知點，即消費者現在實際上看到我們的價值感知與一年前相比實際上上升了幾個檔次。因此，隨著價值觀念的改善，我們會被視為與自己為敵，這告訴你它正在發揮作用。具有諷刺意味的是，第二件事與類別平均水平相比，我們有所進步。

So those are good barometers. We can see it in the metrics though, Lorraine, when you look at our turns and our sales. And where, again, as we've also said, is where we have ever founded an item where it didn't work, we adjust and then we bring that item back to where we think if it needs to work. But our hit rate has been 90-plus percent. So the second part of your question, again, grain was on the...

所以這些都是很好的晴雨表。不過，洛林，當你看看我們的營業額和銷售額時，我們可以在指標中看到這一點。再次，正如我們也說過的，我們曾經創建過一個不起作用的項目，我們會進行調整，然後將該項目帶回我們認為它是否需要起作用的位置。但我們的命中率已經達到了百分之九十以上。所以你問題的第二部分，再一次，穀物是在......

Any signs of a trade down concerning...

任何有關交易下跌的跡象...

Trade down, which hard for us to measure trade down. What I think we would say is store closures as well as, I would say, because in some cases, it's not a trade down or it's a trade over based on the category. So hard for us to measure trade down. What we can feel is capturing market share from other retailers that have closed or downsized in some of their store counts. And I am sure we are getting increased market share because we can see it in some of the categories that we carry.

貿易下降，我們很難衡量貿易下降。我認為我們會說的是商店關閉，而且我會說，因為在某些情況下，這不是降價，或者是基於類別的降價。我們很難衡量貿易下降。我們能感覺到的是，正在從其他已經關閉或縮小部分門店數量的零售商那里奪取市場份額。我確信我們的市場份額正在增加，因為我們可以在我們經營的某些類別中看到它。

Yes. I mean there's been a lot of volatility in the retail environment for a while. And we think we've got strong execution. We feel that we continue to gain that market share.

是的。我的意思是，零售環境一段時間以來一直存在很大的波動。我們認為我們有很強的執行力。我們認為我們將繼續獲得這一市場份額。

Next, you will hear from Brooke Roach.

接下來，您將聽到布魯克·羅奇的講話。

With greater visibility to your previous long-term 10.6% FY '25 margin target, can you help contextualize the key drivers of future profit improvement? How are you thinking about the rate and pace of that potential improvement beyond some of these freight recapture opportunities that you've seen this year?

通過更清楚地了解之前 25 財年 10.6% 的長期利潤率目標，您能否幫助了解未來利潤改善的關鍵驅動因素？除了您今年看到的一些貨運重新奪回機會之外，您如何看待潛在改善的速度和步伐？

Yes. Brooke, we're not giving guidance long term right now. But I can say that, as always, we strive to improve all the time, whether it's better buying or expense control, we continue to strive to do better.

是的。布魯克，我們現在不會提供長期指導。但我可以說，一如既往，我們一直在努力改進，無論是更好的購買還是費用控制，我們都不斷努力做得更好。

Brooke, I would just also jump in what John said earlier in his notes, is that sales have been a driver in helping us to also leverage. And so as we are capturing the sales, we do believe because we've tried to make our store environment sticky for the customer in terms of here, she really having a great experience there as well as the merchandise. These are the 2 primary components of get customers while it captures new customers and get customers back. So we believe momentum doesn't just turn off overnight. So I think part of what we're all feeling internally here is as we've captured new and increased additional visits amidst the market share gain we're getting that, that will be also a margin driver for us as we move forward.

布魯克，我也想插話約翰早些時候在他的筆記中所說的話，那就是銷售一直是幫助我們發揮槓桿作用的驅動力。因此，當我們捕獲銷售量時，我們確實相信，因為我們已經盡力使我們的商店環境對顧客而言具有粘性，所以她確實在那裡獲得了良好的體驗以及商品。這是吸引客戶、吸引新客戶和吸引回頭客的兩個主要組成部分。因此，我們相信勢頭不會在一夜之間消失。因此，我認為我們內部的部分感受是，在我們獲得的市場份額增加的過程中，我們獲得了新的和增加的額外訪問量，這也將成為我們前進過程中的利潤驅動因素。

Our next question will come from Mark Altschwager.

我們的下一個問題將來自馬克·阿爾特施瓦格。

Great. So maybe just first for John. With respect to the margin guide, if we look at the high end of the guide for Q3 and Q4, it does seem to imply a nice acceleration in Q4. Now I know you've got the benefit from the extra week, you're cycling the shrink accrual so those are some big factors. But I guess, beyond that, maybe what are some of the other factors that we should be mindful of there?

偉大的。所以也許約翰首先。關於利潤率指南，如果我們看一下第三季度和第四季度指南的高端，它似乎確實意味著第四季度出現了良好的加速。現在我知道你已經從額外的一周中受益，你正在循環減少應計費用，所以這些是一些重要因素。但我想，除此之外，也許我們還應該注意哪些其他因素？

Yes. So as you saw, we did increase the comp. We feel confident about continuing to drive that top line. The other thing that is benefiting us. So in the second quarter and third quarter, we comment on the shrink. So we have just in line with how we accrue, there's an unfavorable impact in the second and third -- first, second and third quarter, and then we have a favorable impact in the fourth quarter. That, along with -- we continue to work on our freight initiatives and continue to try to control those costs as much as we can.

是的。正如您所看到的，我們確實增加了補償。我們對繼續推動營收增長充滿信心。另一件對我們有利的事情。所以在第二季度和第三季度，我們對縮水進行了評論。因此，我們按照我們的累積方式，在第二和第三季度（第一、第二和第三季度）產生了不利的影響，然後我們在第四季度產生了有利的影響。與此同時，我們將繼續致力於我們的貨運計劃，並繼續盡力控制這些成本。

And maybe a follow-up for Ernie. This is the first quarter in a while where both Marmaxx and HomeGoods are contributing to the positive comps. I know there's some noise still with the comparisons in HomeGoods in the back half. But just bigger picture, how should we be thinking about the contribution from HomeGoods versus Marmaxx and a normalized comp algorithm moving forward?

也許是厄尼的後續行動。這是 Marmaxx 和 HomeGoods 長期以來都為積極業績做出貢獻的第一個季度。我知道後半部分 HomeGoods 中的比較仍然存在一些噪音。但從更大的角度來看，我們應該如何考慮 HomeGoods 與 Marmaxx 的貢獻以及未來的標準化補償算法？

Yes. So Mark, obviously, we won't give the exact comp we're thinking further out. However, we do feel we are really hitting pretty much an inflection point in the HomeGoods business, and we're pretty bullish on the back half here that home will continue to improve on the trend versus the trend that you just saw. We're feeling good about the opportunity to continue to improve in our home mix. And to your point, will continue to contribute to the TJX with a combination of -- with HomeGoods and Marmaxx.

是的。因此，馬克，顯然，我們不會給出我們正在進一步考慮的確切補償。然而，我們確實覺得我們確實遇到了家居用品業務的拐點，而且我們非常看好家居用品的後半部分，與您剛剛看到的趨勢相比，家居將繼續改善這一趨勢。我們對有機會繼續改進我們的主場組合感到很高興。就您而言，我們將繼續與 HomeGoods 和 Marmaxx 相結合，為 TJX 做出貢獻。

Also, just, again, we tend to talk about HomeGoods, specifically, but our home business within our full family stores -- so that's whether in Europe or in Canada and then clearly in T.J. Maxx and Marshalls, our home business there has also -- and those businesses has also improved, also good indicator because we used to talk a few years ago about the fact that home when you roll it all up is a key component of the TJX business. So again, another reason why John and I have talked about as we move forward, that home will continue to be a traffic and sales driver for us over the long term.

另外，再說一遍，我們傾向於具體談論家居用品，但我們的全家庭商店中的家居業務 - 所以無論是在歐洲還是在加拿大，然後顯然是在 T.J. Maxx 和Marshalls，我們在那裡的家居業務也有所改善，這也是一個很好的指標，因為幾年前我們曾經談論過這樣一個事實：當你把所有東西都捲起來時，家居是TJX 業務的關鍵組成部分。因此，約翰和我在前進過程中談到的另一個原因是，從長遠來看，該房屋將繼續成為我們的流量和銷售驅動力。

Our next question will come from Marni Shapiro.

我們的下一個問題將來自瑪尼·夏皮羅。

Congratulations on a great quarter. If you could just talk a little bit, traffic remains your biggest driver and your marketing has been very, very strong. Can you talk a little bit about has it changed the frequency of how often the shopper is coming to your stores? And are you seeing an increase in your shopper shopping across your different your different boxes. I know you continue to co-locate, but I'm curious if you're seeing that shopper really move from 1 concept to another.

祝賀您度過了一個美好的季度。如果您能簡單說一下，流量仍然是您最大的驅動力，並且您的營銷非常非常強大。您能否談談它是否改變了購物者光臨您商店的頻率？您是否發現購物者在不同盒子中購物的數量有所增加？我知道您會繼續同地辦公，但我很好奇您是否看到購物者真的從一個概念轉向另一個概念。

Yes. It's hard for us to read that in detail. Just generally looking at the transaction increases that we have, we believe that we are attracting more new customers to our brands. And when you look at how we're attracting those customers. They tend to be more younger customers, the more Gen Z customers that we're attracting, which we're really excited about because that speaks to the longevity that we see, so.

是的。我們很難詳細地閱讀它。只要從總體上看我們的交易增長，我們相信我們正在為我們的品牌吸引更多新客戶。當你看看我們如何吸引這些客戶時。他們往往是更年輕的客戶，我們吸引的 Z 世代客戶也越多，我們對此感到非常興奮，因為這說明了我們所看到的長壽。

Yes, Marni, the thing I can tell you, even though we can't get some of that in for -- the ones that are cross-shopping do spend more. So it is a goal of ours to go after that. As John said, we have been attracting a disproportionate number of new Gen Z and millennial shoppers, which is what we really look at in terms of future growth because that's the future higher spend. So when we look out on our strategies for 5 to 7 years, that -- and by the way, we purposely go after that.

是的，Marni，我可以告訴你的是，儘管我們無法得到其中的一些——那些交叉購物的人確實花費更多。因此，我們的目標就是追求這一目標。正如約翰所說，我們吸引了不成比例的新 Z 世代和千禧一代購物者，這才是我們真正關注未來增長的地方，因為那是未來更高的支出。因此，當我們關注 5 到 7 年的戰略時，順便說一下，我們有目的地追求這一目標。

We do compare -- what we do get at, we can compare our shoppers against some of the competition. There's some general data on that, that we look at. And we've been feeling really good about all gender and age groups to our stores and all the customers that are skewing younger, and that includes in Europe, Australia, domestically.

我們確實進行比較——我們可以將我們的購物者與一些競爭對手進行比較。我們查看了一些關於這方面的一般數據。我們對我們商店的所有性別和年齡組以及所有年輕顧客（包括歐洲、澳大利亞和國內）都感覺非常好。

And then just a quick follow-up, though I do John must be watching Alabama Rush on TikTok because you guys are all over it, and they all shop there, those Gen Zers. But could you just clarify the 53rd week revenue number? I think you said it pretty quickly. I want to make sure I got it down right.

然後快速跟進一下，不過我確實約翰肯定在 TikTok 上觀看《阿拉巴馬熱潮》，因為你們都在關注它，他們都在那裡購物，那些 Z 世代。但您能澄清一下第 53 週的收入數字嗎？我認為你說得很快。我想確保我把它記下來了。

Yes. So the 53rd week is worth 10 basis points to our pretax profit $0.10 to our earnings per share, and it's about $800 million on the top line.

是的。因此，第 53 週的稅前利潤相當於我們每股收益 0.10 美元的 10 個基點，營收約為 8 億美元。

Our next question will come from Alex Straton.

我們的下一個問題將來自亞歷克斯·斯特拉頓。

Great. Congrats on another great quarter, Ernie and John. I think just starting with the guidance from like zooming out here, it looks like you're improving the full year by more than what you guys just beat by. So it seems like you're more optimistic on the back half than maybe you were when we spoke a few months ago. So can you just talk about what the key drivers are their in increased optimism.

偉大的。祝賀厄尼和約翰又一個偉大的季度。我認為，從這裡縮小的指導開始，看起來你全年的進步比你們剛剛擊敗的要多。所以看起來你對後半部分的看法比我們幾個月前談話時更加樂觀。那麼您能否談談他們樂觀情緒增強的關鍵驅動因素是什麼？

We beat Q2 by $0.10, and we're beating -- we're increasing the back half by $0.04. -- and that's on increasing the comp from a 2% to 3% to 3% to 4%, given the strength we see in our sales -- and then as far as our freight initiatives, we feel we -- the opportunities that we took in Q2, we're assuming that we continue in back half of the year. And again, we're pulling forward a lot of what we -- within FY '25, but we're really happy to be gaining that benefit this year.

我們比第二季度高了 0.10 美元，而且我們正在將後半部分增加 0.04 美元。 - 考慮到我們在銷售中看到的實力，我們將競爭從 2% 提高到 3%，再到 3% 到 4% - 然後就我們的貨運計劃而言，我們認為 - 我們的機會考慮到第二季度，我們假設我們會在今年下半年繼續。再說一遍，我們在 25 財年內推進了很多工作，但我們很高興今年能夠獲得這種好處。

Our next question comes from Bob Drbul.

我們的下一個問題來自鮑勃·德布爾。

Just a couple of questions. On apparel and accessories, in terms of what you're seeing and sort of what the consumer is responding to, is there a big change instead of good better best mix that is sort of helping you throughout this quarter and then be the rest of the year?

只是幾個問題。在服裝和配飾方面，就您所看到的以及消費者的反應而言，是否存在重大變化，而不是更好的最佳組合，這對您整個季度都有幫助，然後成為其餘的產品年？

Great question, Bob. Not really a big change again, there has been an amazing -- what I used to script phenomenal availability across really all the areas. I would tell you there are pockets sometimes in categories where we don't get good, better, best as proportionate, but that's our business. So we always know that we're not going to be exact because we're opportunistic in our buying -- our buyers are great on -- in terms of strategically and knowing that they want their mix to be a certain balance depending on the category, by the way.

好問題，鮑勃。這並不是什麼大的變化，但有一個令人驚奇的變化——我用它來編寫跨所有領域的驚人可用性的腳本。我想告訴你，有時在某些類別中，我們沒有做到好、更好、最好，但這就是我們的事。所以我們總是知道，我們不會做到精確，因為我們在購買時是機會主義的——我們的買家很擅長——在戰略上，並且知道他們希望他們的組合根據類別達到一定的平衡。 ， 順便一提。

So for example, our buyer and handbags doesn't necessarily want the same ratio of good, better, best, determined by brands, et cetera, the buyer and women's tops, okay? So that varies, but we have been pretty healthy, I would say, other than in certain pockets of certain areas and accessories. It's been a little bit more of an up and down and an imbalance.

例如，我們的買家和手袋不一定想要相同的好、更好、最好的比例，由品牌等決定，買家和女式上衣，好嗎？所以這各不相同，但我想說，除了某些區域和配件的某些口袋之外，我們一直相當健康。這是更多的上下波動和不平衡。

So we always look at that as an opportunity for the following year because when we have those pockets, as you can see, we just ran a 6 comp. And we still have those pockets of opportunity where we don't have the mix balanced exactly the way we want it to be. and even in some apparel areas. We ran into that in the second quarter that they weren't as strong as they could be if the mix was more balanced and good, better, best, the way that we want it to be.

因此，我們總是將其視為下一年的機會，因為當我們有這些口袋時，正如您所看到的，我們剛剛進行了 6 次比賽。我們仍然有一些機會，但我們沒有完全按照我們想要的方式平衡組合。甚至在一些服裝領域。我們在第二季度遇到了這樣的情況：如果混合更加平衡、更好、更好、最好，就像我們希望的那樣，他們就不會那麼強大。

So it's funny, your question brings we could spend a couple of hours on it because we -- and the merchants, we love to talk about how we go about doing that. And we also know that certain quarters, we look better than other quarters. But as you can see in the total picture, we look really strong and the merchants have done across a vast array, and you could never find a quarter where there isn't 1 area that doesn't have a little imbalance. For the most part, really strong balance of good, better, best. Nothing's really changed strategically on that front just a great question you asked.

所以這很有趣，你的問題讓我們可以花幾個小時來解決這個問題，因為我們——以及商家，我們喜歡談論我們如何做到這一點。我們也知道，在某些方面，我們看起來比其他方面更好。但正如你在總體情況中看到的那樣，我們看起來非常強大，商家的業務範圍廣泛，你永遠找不到一個季度沒有一個區域沒有一點不平衡。在大多數情況下，良好、更好、最好的平衡非常好。在這方面沒有什麼真正的戰略改變，只是你問了一個很好的問題。

And by the way, I'll just add to what Ernie said. Our ability to offer good, better and best, I mean, really differentiates us from our competition, and we feel it's a real competitive advantage.

順便說一句，我將補充厄尼所說的內容。我的意思是，我們提供優質、更好和最好服務的能力確實使我們在競爭中脫穎而出，我們認為這是真正的競爭優勢。

That's a great point. I didn't get into that as much on the script. And I know it sometimes in our different investor meetings, we get to talk more about it. But it is I think 1 of the most key strategic advantages we have. A, the fact that our organization is set up to deliver a good, better, best scenario. And if you look, most retailers around us, very few do that. They're not -- they're zeroing in on certain demographic segments or certain, which could include age or fashion looks or different price levels. And we don't do that. And I think that will continue to be a benefit to us over the next 5 to 10 years, huge.

這是一個很好的觀點。我在劇本上並沒有過多涉及這一點。我知道有時在我們不同的投資者會議上，我們會更多地談論它。但我認為這是我們擁有的最關鍵的戰略優勢之一。答，事實上我們的組織是為了提供一個好的、更好的、最好的場景而設立的。如果你觀察一下，我們周圍的大多數零售商很少這樣做。他們不是——他們專注於某些特定的人口群體，其中可能包括年齡或時尚外觀或不同的價格水平。我們不這樣做。我認為，在未來 5 到 10 年裡，這將繼續為我們帶來巨大的好處。

Next, you will hear from Dana Telsey.

接下來，您將聽到達納·特爾西的講話。

Congratulations on the terrific results. As you think about the real estate as you think about the real estate profile of the store, have you been a beneficiary of any of the Bed Bath & Beyond locations? And is there at all a difference in performance of the stores, suburban or urban? And then lastly, with the improving trend in home goods, how much of that? Or is anything you can green from the elimination of the departure of Bed Bath & Beyond, that's also an additive and share enhancement for your home results?

祝賀取得了出色的成果。當您考慮房地產以及商店的房地產概況時，您是否是 Bed Bath & Beyond 任何一家門店的受益者？郊區或城市的商店的業績是否有差異？最後，隨著家居用品趨勢的改善，其中有多少？或者，您可以通過消除 Bed Bath & Beyond 的退出來實現綠色環保，這也是您家庭業績的添加劑和分享增強嗎？

Yes, Dana, thanks for the question. As far as the real estate opportunity, we've been -- we've been on this from the beginning of when retailers start to close stores, and we take the best locations that fit our profile. And we'll continue to do that as we see stores close. As far as the sales and what we've seen, particularly for Marmaxx, we saw very consistent sales performance across income demographic, across geography.

是的，達納，謝謝你的提問。就房地產機會而言，我們從零售商開始關閉商店之初就一直在做這件事，我們選擇了適合我們形象的最佳地點。當我們看到商店關閉時，我們將繼續這樣做。就銷售情況和我們所看到的情況而言，尤其是 Marmaxx，我們看到跨收入人群、跨地域的銷售業績非常一致。

And we see ourselves, especially in some of these markets that are more rural is the -- as you see more and more closures as the department store of those areas and see opportunity. So as far as the Bed Bath and Beyond, gaining market share. They've been losing market share for quite a while, and we think we've gained it along the way. So it's sometimes a little bit hard to read that, but we feel that our execution in home has been outstanding, and we've been able to take that market share as it comes up.

我們看到自己，特別是在一些農村市場，你會看到這些地區越來越多的百貨商店關門，並看到了機會。就床浴及其他產品而言，正在贏得市場份額。他們失去市場份額已經有一段時間了，但我們認為我們已經贏得了市場份額。因此，有時讀起來有點困難，但我們認為我們在國內的執行非常出色，而且我們已經能夠在市場份額上升時佔據市場份額。

Yes. So Dana, we think, to John's point, tough to measure, but we feel as though, yes, we are getting from a bed Bath & Beyond or -- but not just those guys, even some of the I believe we're getting some business from the online home retailers as well that have been a little inconsistent in their execution. I think that just creates other opportunities.

是的。所以，達納，我們認為，就約翰的觀點而言，很難衡量，但我們感覺好像，是的，我們正在從巴斯和超越或——但不僅僅是那些人，甚至是我相信我們正在得到的一些人身上得到在線家居零售商的一些業務在執行上也有些不一致。我認為這只會創造其他機會。

And then everyone -- that's at the store end for demand, we're talking. The other great not great. The other good thing is it creates additional supply of buying opportunities. We've been talking today about at the retail level, customers we need another place to shop. But for our merchants, they get to take advantage of additional supply and we mean even more now to certain vendors because now they have less places for them to sell their goods. So that's been equally I guess, beneficial.

然後每個人——我們正在談論的是商店末端的需求。其他的偉大並不偉大。另一個好處是它創造了額外的購買機會。我們今天一直在零售層面談論客戶，我們需要另一個購物場所。但對於我們的商人來說，他們可以利用額外的供應，我們現在對某些供應商來說意味著更多，因為現在他們出售商品的地方更少了。所以我想這同樣是有益的。

Our next question comes from Corey Tarlowe.

我們的下一個問題來自科里·塔洛。

I had a follow-up on the AUR commentary or ticket I know that it moderated a little bit this quarter. Is the expectation in the guide that it should moderate throughout the rest of the year or perhaps inflect positively as we head into the fourth quarter? And then just as a follow-up on wages. How are you thinking about wages, John, in the outlook throughout the remainder of this year?

我對 AUR 評論或票證進行了跟進，我知道它在本季度有所緩和。指南中的預期是否應該在今年剩餘時間內有所緩和，或者在進入第四季度時可能會出現積極變化？然後作為工資的後續行動。約翰，你對今年剩餘時間的工資前景有何看法？

Do you want to take -- I'll start with actually wages. I'll start with wage. Wages, we continue to see that as a headwind in our wages. We're going to be competitive in our wages in every market that we're in. And when we look at our attrition rates, our attrition rates are in line or improving with where they were last year. So we feel really good at where our wage is right now and our ability to attract associates to our company.

你想接受嗎——我將從實際工資開始。我先從工資說起。工資，我們仍然認為這是我們工資的一個阻力。我們的工資在我們所在的每個市場都將具有競爭力。當我們觀察我們的員工流失率時，我們的員工流失率與去年持平或有所改善。因此，我們對目前的工資水平以及吸引員工加入公司的能力感到非常滿意。

On the ticket, quarry. So yes, in Q2, we actually didn't moderate. It kind of came in pretty much where we expected. It's as we move to the back half, the ticket, we think, is going to moderate, which is to be down a little less than we were in Q2. However, I always like to qualify this that we do not -- and again, I've talked this way for years, we do not top down, drive our average ticket.

票上有採石場。所以，是的，在第二季度，我們實際上沒有進行調節。它幾乎符合我們的預期。當我們進入後半部分時，我們認為票價將會放緩，比第二季度的下降幅度要小一些。然而，我總是喜歡限定這一點，但我們沒有——再說一次，我多年來一直這樣談論，我們不會自上而下，推動我們的平均票價。

So the average ticket, which is really ultimately voted on by the customers, who determine which categories we need to drive hard in the store by supplying them. And we can tell by the way they're selling. And by the way, the market looks so that we'll go after them. It's driven by down at the buyer and merchandise manager level, which is where we really generate.

因此，平均票最終實際上是由顧客投票決定的，他們決定我們需要通過供應哪些類別在商店中大力推動。我們可以從他們的銷售方式看出。順便說一句，市場看起來我們會追隨他們。它是由買家和商品經理層面的下降驅動的，這才是我們真正產生的地方。

We don't dictate to those teams which categories to have more or less of. That's really driven by consumer demand, which then drives our ticket sometimes because of the mix of the apartments. So right now, we look like we're moderating based on the on order. But if certain opportunities or certain categories get hotter, that could be lower or higher ticket, that could move a little on us. Obviously, Q3, we can project a little better than Q4.

我們不會向這些團隊規定要增加或減少哪些類別。這實際上是由消費者需求驅動的，有時由於公寓的混合，消費者需求也會推動我們的門票。所以現在，我們看起來正在根據訂單進行調整。但如果某些機會或某些類別變得更熱門，那麼票價可能會更低或更高，這可能會對我們產生一些影響。顯然，第三季度，我們可以預測比第四季度好一點。

So it's always a bit of a touchy one where we don't want to overcommit how firm we are and where the AUR is heading because it's so bottom up by customer demand and buyer driven. Does that make sense?

因此，這總是有點敏感，我們不想過度承諾我們的堅定程度以及 AUR 的發展方向，因為它是由客戶需求和買家驅動的自下而上的。那有意義嗎？

Yes. That's very helpful.

是的。這非常有幫助。

Yes. But we -- right now, it looks like it is moderating for certainly Q3. .

是的。但我們現在看來，第三季度的情況肯定會放緩。 。

And what we mean by moderating, down less. And you can see the impact of our top line on the strategy that we've had. I mean, we're offering the customers what they want, and they're coming back.

我們所說的節制、減少降幅是什麼意思。您可以看到我們的營收對我們現有戰略的影響。我的意思是，我們為客戶提供了他們想要的東西，他們就會回來。

And our final question of the day comes from Adrienne Yih.

今天的最後一個問題來自 Adrienne Yih。

Great. And it's great to see the acceleration in all divisions actually -- you're welcome. Obviously, my question is probably going to be in inventory. So I actually want to ask not so much about the composition of it, but the buying strategy, off-price buys little bit upfront. We've got great visibility on the open to buy forward looking and then you do a lot of buying sort of intra-season. And so just can you contextualize sort of how that is so different from last year and the advantageous position that is putting you in as you headed to holiday?

偉大的。很高興看到所有部門實際上都在加速 - 不客氣。顯然，我的問題可能是在庫存中。所以我實際上想問的不是它的成分，而是購買策略，提前購買一點點折扣。我們在公開購買前瞻性方面有很大的知名度，然後你會在季節內進行大量購買。那麼，您能具體說明一下這與去年有何不同，以及在您前往度假時您所處的有利地位嗎？

Sure, Adrienne. I like the way you framed it all up. So we do not -- obviously, we won't give the percentages by those types of buying pours the way we buy by each one, however, we do buy all those different ways. Right now, we are mission as always, is to pace ourselves on the buying of the in-season closeouts because the market is so loaded.

當然，艾德麗安。我喜歡你構建這一切的方式。因此，我們不會——顯然，我們不會按照每種購買方式給出這些購買類型的百分比，但是，我們確實會購買所有這些不同的方式。現在，我們的使命一如既往，就是調整購買當季清倉產品的速度，因為市場負載如此之大。

So as we move forward, right now, what we're thinking, Adrienne, is we will pull back even a little bit more on any of the buys that we tend to buy earlier or upfront because all indicators are there will be a continued additional supply, at least over the next 6 to 12 months of what you were just referring to as the in-season closeout type of situation.

因此，當我們向前邁進時，艾德麗安，我們現在的想法是，我們將進一步撤回我們傾向於提前或預先購買的任何購買，因為所有指標都將持續增加供應，至少在接下來的6到12 個月內，您剛才提到的旺季清倉類型的情況。

The packaways is kind of varied. That has become a smaller percent of our business only because, in many cases, the fashion there, if it isn't right, we don't tend to pack it away. But the pattern of what we're seeing right now would tell us we're going to be even a little bit -- and now I'm talking massaging these by just a couple of points. We don't do pendulum swings on our open to buy or how much we do upfront versus leaf for closeouts. Again, the closeouts and the opportunistic side of our business, that's the bulk of our business, and that's what we prioritize. And we see that, I would think, kicking up a notch over the next 6 to 12 months. I hope that answers your question.

包裝盒種類繁多。這在我們業務中所佔的比例越來越小，只是因為，在很多情況下，那裡的時尚，如果不合適，我們就不會把它收起來。但我們現在所看到的模式告訴我們，我們甚至會稍微改變一點點——現在我正在談論將這些調整為幾個點。我們不會在開倉買入時進行擺動，也不會在平倉時提前進行多少操作。同樣，我們業務的清倉和機會主義方面，這是我們業務的大部分，也是我們優先考慮的。我認為，我們會看到這一點在未來 6 到 12 個月內更上一層樓。我希望這能回答你的問題。

That was our final question of the day.

這是我們今天的最後一個問題。

Okay. Thank you. I would like to thank everybody for joining us today. We look forward to updating you all again on our third quarter earnings call in November. Take care, everybody.

好的。謝謝。我要感謝大家今天加入我們。我們期待在 11 月份的第三季度財報電話會議上再次向大家通報最新情況。大家保重。

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。