TJX Companies Inc (TJX) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to The TJX Companies Fourth Quarter Fiscal 2024 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded as of today, February 28, 2024.

女士們先生們，謝謝你們的支持。歡迎參加 TJX 公司 2024 年第四季財務業績電話會議。 （操作員說明）謹此提醒，本次電話會議的錄音截止日期為 2024 年 2 月 28 日。

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

現在我想將電話會議轉交給 TJX Companies, Inc. 執行長兼總裁 Ernie Herrman 先生。請繼續，先生。

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

謝謝，艾維。在我們開始之前，黛布有一些開場白。

Thank you, Ernie, and good morning. Today's call is being recorded and includes forward-looking statements about our results and plans. These statements are subject to risks and uncertainties that could cause the actual results to vary materially from these statements including, among others, the factors identified in our filings with the SEC.

謝謝你，厄尼，早安。今天的電話會議正在錄音，其中包括有關我們的結果和計劃的前瞻性陳述。這些陳述存在風險和不確定性，可能導致實際結果與這些陳述有重大差異，其中包括我們向 SEC 提交的文件中確定的因素。

Please review our press release for a cautionary statement regarding forward-looking statements as well as the full safe harbor statements included in the Investors section of our website, tjx.com. We have also detailed the impact of foreign exchange on our consolidated results and our international divisions in today's press release and in the Investors section of tjx.com, along with reconciliations to non-GAAP measures we discuss.

請查看我們的新聞稿，以了解有關前瞻性陳述的警告聲明以及我們網站 tjx.com 投資者部分中包含的完整安全港聲明。我們也在今天的新聞稿和 tjx.com 的投資者部分中詳細介紹了外匯對我們的綜合業績和國際部門的影響，以及我們討論的非公認會計原則措施的調節。

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

謝謝你，現在我會把它轉回給厄尼。

Good morning. Joining me and Deb on the call is John. I want to start today by recognizing all of our global associates for their excellent work in 2023. I truly appreciate their continued commitment to TJX and their focus on our customers. I especially want to thank our store, distribution and fulfillment center associates for their hard work and dedication to our company every day.

早安.加入我和黛布通話的是約翰。今天開始，我想對我們所有的全球員工在 2023 年的出色工作表示認可。我衷心感謝他們對 TJX 的持續承諾以及對客戶的關注。我特別要感謝我們的商店、配送和履行中心的員工每天的辛勤工作和對我們公司的奉獻。

Now to an overview of our results beginning with the fourth quarter. I am extremely pleased with our very strong finish to 2023. Our fourth quarter sales profitability and earnings per share all exceeded our expectations. Overall comp sales were up a strong 5% and were entirely driven by growth in customer transactions. This is great to see as it underscores our ability to continue gaining market share in all of our geographies.

現在概述我們從第四季開始的業績。我對 2023 年的強勁表現感到非常滿意。我們第四季的銷售獲利能力和每股盈餘都超出了我們的預期。整體銷售額強勁成長 5%，這完全是由客戶交易成長所推動的。這是很高興看到的，因為它強調了我們在所有地區繼續獲得市場份額的能力。

I am particularly pleased that our U.S. businesses, Marmaxx and HomeGoods, continued their very strong sales momentum. Also, it was great to see comp sales growth accelerate versus the third quarter at our Canadian and international divisions. We are confident that our exciting assortments and excellent values resonated with shoppers across all of our retail banners this holiday season. We believe our gift-giving selections offer customers something for everyone on their list, and we see being a gift-giving destination as a year-round opportunity for our business.

我特別高興的是，我們的美國業務 Marmaxx 和 HomeGoods 繼續保持強勁的銷售勢頭。此外，很高興看到我們的加拿大和國際部門的銷售成長較第三季有所加快。我們相信，我們令人興奮的品種和卓越的價值會在這個假期期間引起我們所有零售品牌的購物者的共鳴。我們相信，我們的送禮選擇可以為顧客提供適合他們名單上的每個人的東西，我們認為成為送禮目的地對我們的業務來說是一個全年的機會。

For the full year, overall sales surpassed $50 billion, marking a milestone for our company. Even more exciting, we still see plenty of opportunities to continue our growth in our markets around the world. For the full year, consolidated comp sales increased 5%. Profitability increased significantly and earnings per share grew double digits, all well above our initial guidance for the year.

全年總銷售額超過 500 億美元，標誌著我們公司的里程碑。更令人興奮的是，我們仍然看到大量機會在全球市場上持續成長。全年綜合銷售額成長了 5%。獲利能力顯著成長，每股盈餘成長兩位數，均遠高於我們今年的初步預期。

Importantly, we saw comp sales growth across each of our divisions, again, all driven by increases in customer transactions. We are confident that we gain market share in every geography that we operate in. Our outstanding performance in 2023 is a testament to the sharp execution of our talented associates around the world and their relentless focus on delivering excellent value to our customers every day.

重要的是，我們看到每個部門的同銷量都在成長，這一切都是由客戶交易的增加所推動的。我們有信心在我們經營的每個地區獲得市場份額。我們 2023 年的出色業績證明了我們世界各地才華橫溢的員工的敏銳執行力，以及他們每天為客戶提供卓越價值的不懈專注。

Looking ahead, the first quarter is off to a good start. In 2024, we have many initiatives planned that we believe will keep driving sales and to attract more shoppers to our stores. Availability of quality branded merchandise in the marketplace continues to be outstanding. We are in a terrific position to continue flowing a fresh assortment of goods to our stores and online this spring and throughout the year.

展望未來，第一季開局良好。 2024 年，我們計劃了許多舉措，我們相信這些舉措將繼續推動銷售並吸引更多購物者來到我們的商店。市場上優質品牌商品的供應仍然非常出色。我們處於有利位置，可以在今年春季和全年繼續向我們的商店和網上供應各種新鮮商品。

Longer term, we see many opportunities to capture additional market share across our geographies, and we are laser focused on increasing the profitability of TJX. We are convinced that our flexibility and commitment to value will continue to be a winning retail formula for many years to come. Before I continue, I'll turn the call over to John to cover our fourth quarter and full year financial results in more detail.

從長遠來看，我們看到了許多在我們的地區奪取額外市場份額的機會，並且我們專注於提高 TJX 的獲利能力。我們相信，我們的靈活性和對價值的承諾將繼續成為未來許多年零售業的致勝法寶。在繼續之前，我將把電話轉給約翰，更詳細地介紹我們第四季和全年的財務表現。

Thanks, Ernie. I also want to add my gratitude to all of our global associates for their continued hard work. Now I'll share some additional details on the fourth quarter. As I recap the fourth quarter results, I'm going to speak to everything on a 13-week basis, which excludes the extra week in the quarter. Reconciliations detailing the impact of the extra week on our results and other adjustments can be found in today's press release and on the Investors section of our website.

謝謝，厄尼。我也要對我們所有全球員工的持續辛勤工作表示感謝。現在我將分享有關第四季度的一些其他細節。當我回顧第四季度的業績時，我將以 13 週為基礎討論所有內容，其中不包括該季度額外的一周。詳細說明額外一周對我們業績和其他調整的影響的調節可以在今天的新聞稿和我們網站的投資者部分找到。

Adjusted net sales grew to $15.5 billion, a 7% increase versus last year. As Ernie mentioned, consolidated comp store sales increased 5%, above the high end of our plan and were entirely driven by an increase in customer transactions. A quick note that on prior calls, we have referred to customer transactions as customer traffic. But for the sake of clarity, we'll use the term customer transactions going forward.

調整後淨銷售額增至 155 億美元，比去年增長 7%。正如 Ernie 所提到的，綜合比較商店銷售額成長了 5%，高於我們計劃的上限，這完全是由客戶交易增加所推動的。請注意，在先前的通話中，我們將客戶交易稱為客戶流量。但為了清楚起見，我們將使用術語「客戶交易」。

Back to the results. In the fourth quarter, our consolidated comp sales increased in both our apparel and home businesses. In terms of divisional sales performance for the fourth quarter, we were pleased to see strong comp sales increases at every division, all driven entirely by customer transactions. At Marmaxx, I also note that we saw comp increases in both our apparel and home categories.

回到結果。第四季度，我們的服裝和家居業務的綜合銷售額均有所成長。就第四季的部門銷售業績而言，我們很高興看到每個部門的銷售強勁成長，這一切完全由客戶交易推動。在 Marmaxx，我還注意到我們的服裝和家居類別的薪酬都在增加。

Fourth quarter adjusted pretax profit margin of 10.9% was up 170 basis points versus last year. Our adjusted pretax profit margin came in well above our plan primarily due to a higher merchandise margin. This includes a larger-than-expected benefit from shrink and freight, lower markdowns and better mark on. We also saw some expense leverage on our above-plan sales.

第四季調整後稅前利潤率為 10.9%，比去年同期成長 170 個基點。我們調整後的稅前利潤率遠高於我們的計劃，主要是因為商品利潤率較高。這包括來自收縮和運費、更低的降價和更好的標記帶來的超出預期的收益。我們還發現超出計劃的銷售存在一些費用槓桿。

Adjusted gross margin for the fourth quarter was up 340 basis points versus last year. This was driven by a higher merchandise margin, including a significant benefit from lower freight costs and shrink strong mark-on and lower markdowns. Fourth quarter adjusted SG&A increased 190 basis points versus last year, primarily due to higher incentive accruals and incremental store wage and payroll costs.

第四季調整後毛利率比去年同期成長了 340 個基點。這是由較高的商品利潤所推動的，包括較低的貨運成本帶來的顯著收益以及大幅加價和降價的減少。第四季調整後的 SG&A 比去年增加了 190 個基點，主要是由於應計獎勵增加以及商店工資和工資成本增加。

Adjusted net interest income benefited fourth quarter adjusted pretax profit margin by 10 basis points versus last year. Lastly, we were very pleased that adjusted diluted earnings per share of $1.12 were well above our expectations and up 26% versus last year.

調整後淨利息收入使第四季度調整後稅前利潤率比去年同期提高了 10 個基點。最後，我們非常高興調整後的稀釋每股收益為 1.12 美元，遠高於我們的預期，比去年增長 26%。

Now to our fiscal '24 results. Once again, for the full -- for our full year financial results, I'm going to speak to everything on a 52-week basis, which excludes the extra week in the fiscal year. Adjusted net sales grew to $53.3 billion, a 7% increase versus last year. Full year consolidated comp store sales were up 5%, entirely driven by customer transactions. We were very pleased to see mid-single-digit comp sales increases in both our apparel and home businesses.

現在介紹我們的 24 財年業績。再次強調，對於我們全年的財務業績，我將在 52 週的基礎上討論所有內容，其中不包括本財年額外的一周。調整後淨銷售額增至 533 億美元，比去年增長 7%。全年綜合商店銷售額成長了 5%，完全由客戶交易推動。我們很高興看到我們的服裝和家居業務的銷售額實現中個位數成長。

Adjusted pretax profit margin of 10.9% was up 120 basis points versus last year's adjusted 9.7%. Adjusted gross margin for the full year was 29.9%, up 230 basis points versus last year's 27.6%, primarily driven by a significant benefit from lower freight costs as well as strong mark-on and 10 basis points of shrink favorability. Shrink was an area that we were laser focused on as an organization all year long. I want to recognize and thank all the associates who worked extremely hard on our initiatives throughout the year.

調整後稅前利潤率為 10.9%，較去年調整後的 9.7% 上升 120 個基點。全年調整後毛利率為 29.9%，較去年的 27.6% 增長 230 個基點，主要是由於貨運成本下降帶來的顯著效益以及強勁的加價和 10 個基點的收縮優惠。收縮是我們作為一個組織全年都高度關注的領域。我要表彰並感謝全年為我們的舉措付出巨大努力的所有員工。

Importantly, we managed our in-store initiatives while delivering a very strong top line and providing a pleasant shopping experience for our customers. We remain focused on shrink and continue to look for ways to improve this area going forward.

重要的是，我們在管理店內活動的同時，提供了非常強勁的營收，並為客戶提供了愉快的購物體驗。我們仍然專注於收縮，並繼續尋找未來改進這一領域的方法。

Full year adjusted SG&A was 19.3%, up 140 basis points versus last year's 17.9%. This was primarily due to incremental store wage and payroll costs and higher incentive accruals. Adjusted net interest income benefited full year adjusted pretax profit margin by 30 basis points versus last year. Lastly, full year adjusted earnings per share were $3.76, up 21% versus last year's adjusted $3.11.

全年調整後的 SG&A 率為 19.3%，比去年的 17.9% 上升 140 個基點。這主要是由於商店工資和工資成本的增加以及應計獎勵的增加。調整後淨利息收入使全年調整後稅前利潤率較去年提高了 30 個基點。最後，全年調整後每股收益為 3.76 美元，比去年調整後每股收益 3.11 美元成長 21%。

Moving to inventory. Balance sheet inventory was up 3% versus fiscal '23. We are happy with our inventory levels and the plentiful availability we see in the marketplace. We are well positioned to flow fresh assortments to our stores and online this spring. I'll finish with our liquidity and shareholder distributions. For the full 53-week year, we generated $6.1 billion in operating cash flow and ended the year with $5.6 billion in cash. In fiscal '24, we returned $4 billion to shareholders through our buyback and dividend programs.

轉向庫存。與 2023 財年相比，資產負債表庫存增加了 3%。我們對我們的庫存水準和市場上的充足供應感到滿意。我們已做好充分準備，可以在今年春天向我們的商店和網上供應新鮮品種。最後我將介紹我們的流動性和股東分配。在整個 53 週的一年中，我們產生了 61 億美元的營運現金流，年底現金為 56 億美元。在 24 財年，我們透過回購和股利計畫向股東返還了 40 億美元。

Now I'll turn it back to Ernie.

現在我會把它轉回給厄尼。

Thanks, John. I'll pick it up with some full year divisional highlights. As we saw with our strong fourth quarter sales, every division delivered comp increases for the full year, with customer transactions driving the increases across the businesses. Again, we believe this is a strong indicator of our ability to continue gaining market share and it underscores our wide customer demographic.

謝謝，約翰。我將介紹一些全年分區亮點。正如我們在第四季度強勁的銷售中看到的那樣，每個部門的全年業績均有所增長，客戶交易推動了整個業務的成長。我們再次相信，這是我們繼續獲得市場份額的能力的有力指標，並強調了我們廣泛的客戶群。

Beginning with Marmaxx. Overall sales well exceeded $30 billion. Comp store sales increased a very strong 6%. We also surpassed 2,500 total T.J. Maxx and Marshalls stores. Marmaxx's apparel and home categories, both comped up for the year. Further, we saw consistently strong comp sales increases across regions and income demographics. As to Marmaxx's profitability, we were extremely pleased to see full year adjusted segment profit margin improved significantly to 13.7%.

從 Marmaxx 開始。總銷售額遠遠超過 300 億美元。比較商店銷售額強勁成長 6%。我們的 T.J. 總數也超過了 2,500。 Maxx 和 Marshalls 商店。 Marmaxx 的服飾和家居類別今年均有所成長。此外，我們看到各個地區和收入人群的同品銷售持續強勁成長。至於Marmaxx的獲利能力，我們非常高興看到全年調整後的分部利潤率大幅提高至13.7%。

As we look ahead, we are very excited about the opportunities to see -- that we see to grow our customer base, drive sales, open new stores and increase the profitability of our largest division. At Sierra, which is reported with Marmaxx, we were pleased with the continued sales growth. At our online businesses, we added new categories and brands throughout the year to deliver the same freshness and excitement online as we do in our stores.

展望未來，我們對看到的機會感到非常興奮——我們看到這些機會可以擴大我們的客戶群、推動銷售、開設新店並提高我們最大部門的盈利能力。根據 Marmaxx 報道，Sierra 的銷售額持續成長，我們對此感到滿意。在我們的線上業務中，我們全年增加了新的類別和品牌，以在網路上提供與實體店相同的新鮮感和興奮感。

At HomeGoods, annual sales grew to nearly $9 billion and comps grew 3%. It was great to see the home business return to positive comp sales trends. We are particularly pleased with the acceleration we saw in the second half of the year, with comp sales increasing high single digits. Similar to Marmaxx, we saw consistent performance across regions and income demographics. HomeGoods adjusted profitability also improved significantly to 9.4% and getting closer to our goal of returning this division to a double-digit profit margin.

HomeGoods 的年銷售額成長至近 90 億美元，銷售額成長 3%。很高興看到家庭業務恢復到積極的銷售趨勢。我們對今年下半年的加速成長感到特別滿意，公司銷售額以高個位數成長。與 Marmaxx 類似，我們看到了跨地區和收入人口統計的一致表現。 HomeGoods 調整後的獲利能力也顯著提高至 9.4%，離我們將該部門恢復兩位數利潤率的目標越來越近。

During the year, we opened a combined 34 HomeGoods and HomeSense stores. Long term, we see exciting potential to bring our eclectic mix of home fashions to even more consumers across the United States.

年內，我們總共開設了 34 家 HomeGoods 和 HomeSense 商店。從長遠來看，我們看到了將我們不拘一格的家居時尚組合帶給美國更多消費者的令人興奮的潛力。

Moving to TJX Canada. Full year sales were $5 billion and comp store sales increased 3%. Adjusted segment profit margin on a constant currency basis was 14%. With more than 550 stores across Canada, we are one of the largest apparel and home retailers in the country. We are a top destination for consumers seeking branded merchandise at amazing value. We continue to see opportunities to expand our footprint across Canada and attract new shoppers to all 3 of our banners.

搬到加拿大 TJX。全年銷售額為 50 億美元，比較店銷售額成長 3%。以固定匯率計算的調整後分部利潤率為 14%。我們在加拿大各地擁有 550 多家商店，是加拿大最大的服裝和家居零售商之一。我們是尋求超值品牌商品的消費者的首選目的地。我們繼續尋找機會擴大我們在加拿大的足跡，並吸引新的購物者使用我們的所有 3 個橫幅。

At TJX International. Full year sales approached $7 billion and comp store sales were up 3%. Adjusted segment profit margin on a constant currency basis was 4.6%. As a reminder, in the second quarter, this division's profitability was significantly impacted by a reserve related to a German government COVID receivable. In Europe, we believe our sales growth outperformed many other major brick-and-mortar apparel retailers in a difficult economy. Australia delivered very strong sales growth, and we continue to open stores and new markets.

在 TJX 國際。全年銷售額接近 70 億美元，比較店銷售額成長 3%。以固定匯率計算的調整後分部利潤率為 4.6%。提醒一下，第二季度，該部門的獲利能力受到與德國政府新冠疫情應收帳款相關準備金的重大影響。在歐洲，我們相信在經濟困難的情況下，我們的銷售成長優於許多其他主要實體服裝零售商。澳洲的銷售成長非常強勁，我們繼續開設商店和新市場。

Going forward, we are confident that we can grow our retail banners in each country that we operate in and are highly focused on improving this division's profitability. Going forward, I am confident that we are well positioned to continue our growth around the world and in many kinds of economic and retail environments. Let me briefly remind you of the key characteristics of our business that we believe are tremendous advantage.

展望未來，我們有信心能夠在我們開展業務的每個國家發展我們的零售旗幟，並高度重視提高該部門的獲利能力。展望未來，我相信我們處於有利位置，可以在全球範圍內以及多種經濟和零售環境中繼續成長。讓我簡單提醒您我們業務的關鍵特徵，我們認為這些特徵是巨大的優勢。

First is our relentless focus on offering our shoppers great value on every item every day. For us, value means delivering consumers the right combination of brand, fashion, price and quality as always. Second is the flexibility of our business model that allows us to shift our buying, distribution and store mix to quickly react to the hottest trends in the marketplace and changing consumer preferences. Further, the globalness of our business allows us to create a differentiated treasure hunt shopping experience in every country that we operate in.

首先，我們堅持不懈地致力於每天為購物者提供每件商品的超值服務。對我們來說，價值意味著一如既往地為消費者提供品牌、時尚、價格和品質的正確組合。其次是我們業務模式的靈活性，使我們能夠改變購買、分銷和商店組合，以快速應對市場最熱門的趨勢和不斷變化的消費者偏好。此外，我們業務的全球性使我們能夠在我們開展業務的每個國家創造差異化的尋寶購物體驗。

Third, we successfully operate stores across a wide customer demographic. Our ability to offer a differentiated mix of good, better and best merchandise at each of our stores allows us to appeal to value-conscious shoppers across a broad range of income demographics. Further, each of our divisions continue to affect an outsized number of younger customers to its stores, attract an outsized number of younger customers to our stores, which we believe bodes well for the future.

第三，我們成功地在廣泛的客戶群中經營商店。我們有能力在每家商店提供優質、更好和最好的商品的差異化組合，這使我們能夠吸引各種收入人群中註重價值的購物者。此外，我們的每個部門繼續影響大量年輕顧客到其商店，吸引大量年輕顧客到我們的商店，我們相信這對未來來說是個好兆頭。

Next, we are extremely confident that there is more than enough inventory available in the marketplace to support our growth plans. In 2023, our more than 1,300 buyers source goods from a universe of more than 21,000 vendors, including thousands of new ones. As we continue to grow our top line, we believe we become even more appealing to vendors as we offer them an attractive way to grow their business. Fifth, we continue to see opportunities for store growth around the world. We believe we can grow our global store base by at least another 1,300-plus stores over the long term with just our existing banners in our current countries.

接下來，我們非常有信心市場上有足夠的庫存來支持我們的成長計劃。到 2023 年，我們的 1,300 多名買家將從超過 21,000 家供應商（其中包括數千家新供應商）採購商品。隨著我們收入的不斷增長，我們相信我們對供應商更具吸引力，因為我們為他們提供了一種有吸引力的方式來發展他們的業務。第五，我們繼續看到全球商店成長的機會。我們相信，從長遠來看，僅憑我們在當前國家/地區的現有橫幅，我們就可以將我們的全球商店基礎增加至少 1,300 多家商店。

Last, but certainly not least, is our exceptional talent and strong culture. I truly believe the depth of off-price knowledge and expertise and the longevity of our talent within TJX is unmatched. We continue to invest in teaching and training our associates to develop the next generation of leaders within our company. Finally, I am so proud of our culture, which I believe is a major differentiator and another key component of our success.

最後但同樣重要的是我們卓越的人才和深厚的文化。我堅信 TJX 的折扣知識和專業知識的深度以及我們人才的壽命是無與倫比的。我們繼續投資員工的教學和培訓，以培養公司內的下一代領導者。最後，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差異因素和另一個關鍵組成部分。

Turning to corporate responsibility. Our teams across the company did great work on our initiatives in each of our 4 pillars: workplace, communities, environment and responsible business. Our 2023 global corporate responsibility report summarizes our efforts and progress within this work, as I shared last quarter. Our value mission extends to our corporate responsibility efforts, including supporting our associates, giving back in our communities, helping mitigate our impact on the environment and operating our business ethically.

轉向企業責任。我們整個公司的團隊在工作場所、社區、環境和負責任的企業這四大支柱的舉措方面都做出了出色的工作。正如我上季度分享的那樣，我們的 2023 年全球企業責任報告總結了我們在這項工作中的努力和進展。我們的價值使命延伸到我們的企業責任努力，包括支持我們的員工、回饋社區、幫助減輕我們對環境的影響以及道德地經營我們的業務。

I'm pleased to share that in fiscal 2024, we supported more than 2,000 nonprofit organizations globally through our TJX foundations including nonprofit partners in all 50 states within the United States. Through our grant funding and in partnership with our generous customers, we provided more than 30 million meals through our nonprofit partners that people experiencing food and security. And our associates across the globe continue to be engaged in this work, running give a dollar campaigns in our stores, participating in our associate nominated grants program, helping to build homes for those in need, serving his career coaches for students and more.

我很高興與大家分享，在 2024 財年，我們透過 TJX 基金會為全球 2,000 多個非營利組織提供了支持，其中包括美國所有 50 個州的非營利合作夥伴。透過我們的贈款資金並與慷慨的客戶合作，我們透過非營利合作夥伴為經歷糧食和安全的人們提供了超過 3000 萬份餐點。我們遍布全球的員工繼續從事這項工作，在我們的商店開展“捐贈一美元”活動，參與我們的員工提名贈款計劃，幫助有需要的人建造房屋，為學生提供職業教練服務等。

These are just some examples of work our teams are doing in our communities, and we invite you to visit tjx.com to learn more.

這些只是我們團隊在社區中所做工作的一些範例，我們邀請您訪問 tjx.com 以了解更多資訊。

Summing up, we are very proud of our team's performance in 2023 and are in a great position as we enter 2024. We are confident in our plans this year, and as always, we'll strive to beat them. We remain committed to investing in our business to support our future growth. Longer term, we believe that the combination of our key strengths and history of strong execution sets us up extremely well to continue our successful growth around the world. I am convinced that plenty of opportunities remain to drive sales increased profitability and capture additional market share going forward.

總而言之，我們對球隊在 2023 年的表現感到非常自豪，並且在進入 2024 年時處於有利位置。我們對今年的計劃充滿信心，並且一如既往，我們將努力擊敗他們。我們仍然致力於投資我們的業務以支持我們未來的成長。從長遠來看，我們相信，我們的關鍵優勢和強大執行力的歷史相結合，將使我們能夠在全球範圍內繼續成功成長。我相信，未來仍有大量機會推動銷售、提高獲利能力並佔領更多市場份額。

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

現在我將把電話轉回給約翰，以介紹我們的全年和第一季指導。然後我們將開放提問。

Thanks again, Ernie. Now to our fiscal '25 guidance beginning with the full year. We are planning overall comp store sales growth to be up 2% to 3% in fiscal '25 over a 5% comp increase in fiscal '24. For the full year, we expect consolidated sales to be in the range of $55.6 million to $56.1 billion. We're planning full year pretax profit margin to be in the range of 10.9% to 11%. This would be flat to up 10 basis points versus fiscal '24 adjusted pretax profit margin of 10.9%.

再次感謝，厄尼。現在介紹我們從全年開始的 25 財年指導。我們計劃 25 財年的整體同店銷售成長將比 24 財年的 5% 成長高出 2% 至 3%。我們預計全年綜合銷售額將在 5,560 萬美元至 561 億美元之間。我們計劃全年稅前利潤率在 10.9% 至 11% 之間。與 2024 財年調整後的 10.9% 稅前利潤率相比，這一數字將持平或上升 10 個基點。

Moving to full year gross margin. We expect it to be in the range of 30% to 30.1%, a 10 to 20 basis point increase versus fiscal '24 as adjusted gross margin of 29.9%. We expect this increase to be driven by a higher merchandise margin partially offset by our supply chain investments. We're planning for both freight and shrink to be flat versus fiscal '24. For full year SG&A, we're expecting it to be approximately 19.3% and flat to last year's adjusted SG&A.

轉向全年毛利率。我們預計該比率將在 30% 至 30.1% 之間，與 24 財年調整後毛利率 29.9% 相比增加 10 至 20 個基點。我們預計這一成長將由更高的商品利潤率推動，部分被我們的供應鏈投資所抵銷。我們計劃貨運和損耗與 24 財年持平。對於全年 SG&A，我們預計約為 19.3%，與去年調整後的 SG&A 持平。

We're planning incremental store wage and payroll costs to be offset by lower incentive compensation costs and a benefit from items that negatively impacted us last year. We're planning full year net interest income of about $118 million, which would delever fiscal '25 pretax profit by about 10 basis points. For modeling purposes, we're currently assuming a full year tax rate of 26.0% and a weighted average share count of approximately 1.14 billion shares.

我們計劃透過降低激勵補償成本以及去年對我們產生負面影響的項目帶來的好處來抵消商店工資和工資成本的增量。我們計劃全年淨利息收入約為 1.18 億美元，這將使 25 財年稅前利潤去槓桿化約 10 個基點。出於建模目的，我們目前假設全年稅率為 26.0%，加權平均股數約為 11.4 億股。

As a result of these assumptions, we're -- we expect full year earnings per share to be in the range of $3.94 to $4.02. This would represent an increase of 5% to 7% versus last year's adjusted earnings per share of $3.76.

基於這些假設，我們預計全年每股收益將在 3.94 美元至 4.02 美元之間。與去年 3.76 美元的調整後每股收益相比，這意味著成長 5% 至 7%。

Moving to our first quarter guidance. We are planning overall comp store sales growth to be up 2% to 3%. We expect first quarter consolidated sales to be in the range of $12.4 billion to $12.5 billion. We're planning first quarter pretax profit margin to be in the range of 10.5% to 10.6%, an increase of 20 to 30 basis points versus last year.

轉向我們的第一季指引。我們計劃店內整體銷售額成長 2% 至 3%。我們預計第一季綜合銷售額將在 124 億美元至 125 億美元之間。我們計劃第一季稅前利潤率在 10.5% 至 10.6% 之間，比去年增加 20 至 30 個基點。

Next, we expect first quarter gross margin to be approximately 29.8%. This would be an increase of 90 basis points versus last year's -- last year primarily due to a higher merchandise margin which includes the annualization of lower freight costs from last year and favorable mark-on, partially offset by supply chain investments. We're expecting first quarter SG&A to be approximately 19.5%, up 50 basis points versus last year. We expect this increase to be primarily driven by incremental store wage and payroll costs.

接下來，我們預計第一季毛利率約為29.8%。與去年相比，這將增加 90 個基點，主要是由於去年商品利潤率較高，其中包括去年貨運成本下降的年度化和有利的加價，部分被供應鏈投資所抵消。我們預計第一季 SG&A 約為 19.5%，比去年上升 50 個基點。我們預計這一增長主要是由商店工資和工資成本的增量所推動的。

For modeling purposes, we're currently assuming a first quarter tax rate of 25.8%, net interest income of about $37 million and a weighted average share count of approximately 1.14 billion shares. As a result of these assumptions, we expect for our first quarter earnings to be -- earnings per share to be in the range of $0.84 to $0.86, up 11% to 13% versus last year's $0.76.

出於建模目的，我們目前假設第一季稅率為 25.8%，淨利息收入約為 3,700 萬美元，加權平均股數約為 11.4 億股。基於這些假設，我們預計第一季每股收益將在 0.84 美元至 0.86 美元之間，比去年的 0.76 美元增加 11% 至 13%。

Moving on to our fiscal '25 capital plans. We expect capital expenditures to be in the range of $2 billion to $2.1 billion. This includes opening new stores, remodels and relocations as well as investments in our distribution network and infrastructure to support our growth. For new stores, we plan to add about 141 net new stores, which would bring our year-end total to almost 5,100 stores. This would represent a store growth of about 3%.

繼續我們的 25 財年資本計畫。我們預計資本支出將在 20 億至 21 億美元之間。這包括開設新店、改造和搬遷以及投資我們的分銷網絡和基礎設施以支持我們的成長。對於新店，我們計劃淨增加約 141 家新店，這將使我們年底的門市總數達到近 5,100 家。這意味著商店增長約 3%。

In the U.S., our plans call for us to add about 45 net new stores in Marmaxx and 40 stores at HomeGoods, including 17 HomeSense stores. At Sierra, we plan to add 26 stores. In Canada, we plan to add 10 stores. And at TJX International, we plan to add 15 net stores, in Europe and 5 net stores in Australia.

在美國，我們計劃在 Marmaxx 淨增約 45 家新店，在 HomeGoods 淨增 40 家店，其中包括 17 家 HomeSense 店。在 Sierra，我們計劃增加 26 家商店。在加拿大，我們計劃增加 10 家商店。在 TJX International，我們計劃在歐洲增加 15 家網路商店，在澳洲增加 5 家網路商店。

Lastly, we also plan to remodel about 480 stores and relocate approximately 40 stores in fiscal '25. As to our fiscal '25 cash distribution plans, we remain committed to returning cash to our shareholders. As we outlined in today's press release, we expect our Board of Directors will increase our quarterly dividend by 13% to $0.375 per share. Additionally, in fiscal '25, we currently expect to buy back $2 billion to $2.5 billion of TJX stock.

最後，我們也計劃在 25 財年改造約 480 家商店，並搬遷約 40 家商店。至於我們的 25 財年現金分配計劃，我們仍然致力於向股東返還現金。正如我們在今天的新聞稿中所述，我們預計董事會將把季度股息提高 13% 至每股 0.375 美元。此外，在 25 財年，我們目前預計將回購 20 億至 25 億美元的 TJX 股票。

Looking beyond FY '25, we continue to believe that on a 3 to 4 comp increase, our pretax profit margin can be flat to up 10 basis points. As I've said before, this assumes no outsized expense headwinds. Also, our plans do not contemplate assumptions for macro factors such as geopolitical events, foreign exchange volatility or consumer behavior.

展望 25 財年之後，我們仍然相信，在 3 至 4 倍的增幅下，我們的稅前利潤率可能持平至上升 10 個基點。正如我之前所說，這假設沒有巨大的費用阻力。此外，我們的計劃不考慮地緣政治事件、外匯波動或消費者行為等宏觀因素的假設。

In closing, I want to emphasize that we are laser-focused on growing our top line, increasing profitability and will strive to exceed our plans. We are in an excellent position, both operationally and financially to take advantage of the opportunities we see to further grow our business while simultaneously returning significant cash to our shareholders.

最後，我想強調，我們專注於增加營收、提高獲利能力，並將努力超越我們的計畫。我們在營運和財務方面都處於有利地位，可以利用我們看到的機會進一步發展我們的業務，同時向股東返還大量現金。

Now we are happy to take your questions. As we do every quarter, we're going to ask that you please limit your questions to 1 per person so we can keep the call on schedule and answer as many questions as we can. Thanks, and now we'll open up for questions.

現在我們很樂意回答您的問題。正如我們每季所做的那樣，我們將要求您將問題限制為每人 1 個，以便我們能夠按計劃進行通話並回答盡可能多的問題。謝謝，現在我們將開放提問。

(Operator Instructions) Our first question comes from the line of Paul Lejuez from Citigroup.

（操作員說明）我們的第一個問題來自花旗集團的 Paul Lejuez。

You've got your margin guidance overall for the year, but I'm curious how you're thinking about profit margins at each of the segments this year? Where do you have the most opportunity? And what is assumed in your guidance, which segments are up, which are down? And then, Ernie, just having quick comments on the Macy's news yesterday, how you're thinking about the store closure opportunity, what that might mean for you guys?

您已經獲得了今年的整體利潤率指導，但我很好奇您如何考慮今年每個細分市場的利潤率？你在哪裡最有機會？您的指導中假設了什麼，哪些細分市場上漲，哪些細分市場下跌？然後，厄尼，昨天對梅西百貨的新聞做了快速評論，你如何看待商店關閉的機會，這對你們來說意味著什麼？

Yes. Paul, to start off, on this call, we're not going to get into the detail by division, just to say that we're very confident in the plans we have to execute them, and we're pleased to be increasing 10 basis points on a 2% to 3% comp.

是的。保羅，首先，在這次電話會議上，我們不會按部門詳細介紹，只是說我們對必須執行的計劃非常有信心，我們很高興增加 10 個2% 至 3% 的基點。

Yes. Yes. Paul, on the -- interesting, the Macy's store closure. This is a little similar to some of the other closures we've talked about over the last few years. Obviously, with the Macy's store closures, you do have a lot of overlap in categories that marry up, which marry up to the businesses that we run.

是的。是的。保羅，關於梅西百貨關閉這一有趣的事情。這與我們過去幾年討論過的其他一些關閉有點相似。顯然，隨著梅西百貨的關閉，與我們經營的業務結合的品類確實有很多重疊。

So we would think that would be an additional, and it's probably what you're getting at. I'm guessing an additional market share opportunity depending on the categories and the locations they're in. So not that we would -- not that we would get all of that, but we would get some of it is what we always figure. And again, we've looked at that with any of the other stores over the last 18, 24 months that have closed, and we look at it similarly.

所以我們認為這將是一個額外的，這可能是你所得到的。我猜測額外的市場份額機會取決於它們所在的類別和位置。所以不是我們會——不是我們會得到所有這些，但我們會得到其中的一些，這是我們一直認為的。我們再次對過去 18、24 個月內關閉的其他任何商店進行了調查，我們也以類似的方式進行了調查。

I also think where our teams, I like to give is -- I like to give our planning and allocation organization, a lot of credit because they look for trends and our system is sophisticated enough to look for the trends in nearby store closures and how they affect our store in a HomeGoods or a Marmaxx store, and then we're able to watch that trend and ship back and capitalize on the market share opportunity.

我還認為我們的團隊，我喜歡給予的是 - 我喜歡給我們的規劃和分配組織很大的信任，因為他們尋找趨勢，而我們的系統足夠複雜，可以尋找附近商店關閉的趨勢以及如何它們會影響我們在HomeGoods 或Marmaxx 商店中的商店，然後我們能夠觀察這一趨勢並發貨並利用市場份額機會。

One indirect byproduct and I know you're not asking this, but I would like to mention to everyone on the call, one of the things that's happening with all the store closures is the importance to the vendor community keeps rising for our merchants amidst less brick-and-mortar competition, so to speak. So one of the -- that hasn't been a question yet because we're not there in the order. But merchandise margin opportunities, I think one of the benefits as we look forward is the importance that our buyers have to the vendor community. And that is one of the things that probably will continue to allow us to buy a little bit better on an ongoing basis. So it's indirectly related to the store closure question. I thought I'd point that out.

這是一個間接副產品，我知道您不會問這個，但我想向通話中的每個人提及，所有商店關閉所發生的事情之一是，在疫情減少的情況下，供應商社區對我們的商家的重要性不斷上升。可以這麼說，實體競爭。所以其中之一——這還不是一個問題，因為我們不在訂單中。但是商品利潤機會，我認為我們期待的好處之一是我們的買家對供應商社群的重要性。這可能是讓我們能夠持續購買更好一點的東西之一。所以這跟關店問題有間接關係。我想我應該指出這一點。

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

接下來，我們將轉到高盛 (Goldman Sachs) 的布魯克·羅奇 (Brooke Roach)。

Ernie, you talked a little bit about this already about the opportunity for better buying which could help merch margin. But I was hoping if you could contextualize the drivers of merch margin expansion that you're forecasting this year as well as the drivers of expansion that you see on a multiyear basis, is this year a function of mark on markdown or further price increases, where do you see the most opportunity?

厄尼，您已經談到了更好的購買機會，這可以幫助提高商品利潤。但我希望，如果您能將您預測的今年商品利潤擴張的驅動因素以及您在多年基礎上看到的擴張驅動因素聯繫起來，那麼今年是降價還是進一步價格上漲的函數，您認為哪裡機會最多？

Yes. Great. question, Brooke. And John, are you going to...

是的。偉大的。問題，布魯克。約翰，你打算...

Yes. I mean we see a combination of both mark-on and markdown favorability in FY '25. So we're quite pleased to see that.

是的。我的意思是，我們在 25 財年看到了加價和降價優惠的組合。所以我們很高興看到這一點。

I would tell you, Brooke, getting even a little more specific for your question is where the mark on, I think, comes which is still your, I guess, most important component here because we can kind of control that is it's a combination. What I just started to touch on with Paul's question on the buying better. Also linked with that, I didn't get to mention is clearly availability, which I did mention in the script, is outstanding across the board, as always, it varies by category and vendor. But at the end of the day, there's more goods out there than we can handle, and we're still holding our merchants back.

我想告訴你，布魯克，對你的問題更加具體一點，我認為，標記在哪裡，我想，這仍然是你最重要的組成部分，因為我們可以控制它是一個組合。我剛開始談到保羅關於購買更好的問題。與此相關的是，我沒有提到明顯的可用性，我在腳本中確實提到過，它是全面出色的，一如既往，它因類別和供應商而異。但歸根結底，外面的貨物超出了我們的處理能力，而我們仍然阻礙著我們的商人。

What I like that's happened, and it's been -- this is a new thing. It's been happening over a number of years now is the importance that our buyers are to the vendor community. And the way they handle the vendors in a very courteous manner, but straightforward is allowing them to continue to buy better season after season. And I think as we continue to gain market share and the vendors see that they're just being placed in our store and an eclectic mix with even more and more better brands has been an incentive for them to continue to want to work with our buyers even more so than in the past.

我喜歡的事情已經發生了，而且一直是——這是一件新事情。多年來，我們的買家對供應商社群的重要性已經發生了很多年。他們以非常有禮貌的方式對待供應商，但簡單明了，讓他們能夠繼續一季又一季地購買更好的產品。我認為，隨著我們繼續獲得市場份額，供應商看到他們只是被放置在我們的商店中，並且與越來越多更好的品牌的不拘一格的組合一直激勵他們繼續與我們的買家合作甚至比過去更是如此。

And obviously, this has been evolving over a number of years now. So we feel good about the mark on from the buying better perspective. And then I think you touched on this on the retailing of the goods, we still feel there's opportunity. Again, we've just started over the last few years on as we used to call it, selectively adjusting retails where it was appropriate, and we still think there's a lot of opportunity there. Our perception on value is at a very high level across all of our brands. And as you can see from our sales momentum, the customers are responding extremely well to the values that we have in the store.

顯然，這種情況已經發展了很多年了。因此，從購買更好的角度來看，我們對這個標誌感到滿意。然後我想你談到了商品零售方面的問題，我們仍然覺得有機會。再說一次，我們在過去幾年才開始，正如我們過去所說的那樣，有選擇地在適當的地方調整零售業，我們仍然認為那裡有很多機會。我們對所有品牌的價值認知都處於非常高的水平。正如您從我們的銷售勢頭中看到的那樣，顧客對我們店裡的價值觀反應非常好。

So I would tell you on the side -- John mentioned the markdowns, so that's one thing. I think the mark on opportunities still exist because of both buying better and retailing goods. And I think, again, continues to be midterm and longer-term opportunity. I hope that answers that.

所以我想順便告訴你——約翰提到了降價，所以這是一回事。我認為機會的標記仍然存在，因為購買更好的商品和零售商品。我再次認為，這仍然是中期和長期的機會。我希望這能回答這個問題。

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

接下來，我們將邀請摩根大通的 Matthew Boss。

And congrats on another great quarter. So Ernie, with holiday comps driven by transactions, could you elaborate on new customer acquisition and market share opportunity that you see. And just how do you think your apparel and home assortments are positioned in the spring, given the good start that you cited? And then maybe, John, on the margin side, just a follow-up. I mean, with margins now exceeding prepandemic is there any change to the historical margin flow-through on incremental of plan sales? It sounds like Ernie walked through a number of drivers, but just thinking about incremental sales and flow through in the model?

恭喜又一個偉大的季度。那麼厄尼，在假期補償由交易驅動的情況下，您能否詳細說明您看到的新客戶獲取和市場份額機會。鑑於您提到的良好開局，您認為您的服裝和家居產品在春季的定位如何？約翰，也許，在邊緣方面，只是一個後續行動。我的意思是，隨著利潤率現在超過大流行前，計劃銷售增量的歷史利潤率是否有任何變化？聽起來厄尼經歷了許多驅動因素，但只是考慮模型中的增量銷售和流量？

Yes, Matt, great question. Well, first, let's deal with the first one, which is the new customer acquisition. We've been very happy. We are skewing -- we continue to skew with new customers, we continue to skew a little younger, which is what we wanted. It bodes well for the future. I think I also mentioned that in the script.

是的，馬特，好問題。好吧，首先，讓我們處理第一個問題，即新客戶的獲取。我們過得很開心。我們正在傾斜——我們繼續向新客戶傾斜，我們繼續向年輕一點傾斜，這就是我們想要的。這對未來來說是個好兆頭。我想我在劇本中也提到過這一點。

One other focus, though, and I think we had this recently at the meeting up where we talked about is we also are trying to acquire new customers, but we're trying to, in our market and create additional visits out of our existing customers because that is still a huge driver of market share is if we could get one additional visit out of only 10% of our customers, that is a monster.

不過，我認為我們最近在會議上討論的另一個焦點是我們也在努力獲取新客戶，但我們正在努力在我們的市場中為現有客戶創造更多訪問量因為這仍然是市場份額的巨大推動力，如果我們能夠從10% 的客戶中獲得額外的訪問量，那就是一個怪物。

So yes, we are obviously looking for new customers and happy that they're skewing younger and where -- we've been happy with the acquisition of new customers. But just so we get equally. We are -- we have challenged the organization to try to increase visits. And our marketing team, we just had a bunch -- and I'm thrilled with what our marketing team has done on their creative for this coming year. We have some great creative and great messaging plans across each brand. I recently had marketing meetings for a couple of weeks with every division, and we love the messaging where we're going out.

所以，是的，我們顯然正在尋找新客戶，並很高興他們變得更年輕，而且我們對新客戶的獲取感到高興。但正是這樣我們才平等。我們已經向該組織提出挑戰，要求其努力增加訪問量。我們的行銷團隊，我們剛剛有一群人——我對我們的行銷團隊在來年的創意方面所做的工作感到非常興奮。我們在每個品牌上都有一些很棒的創意和很棒的訊息傳遞計劃。我最近與每個部門舉行了為期幾週的行銷會議，我們喜歡我們出去時傳達的訊息。

And in some cases, appealing to what you just mentioned, new customers, some of our messages are really geared at educating a customer what our price is in the messaging so that we can try to get those new customers. One other thing I'd like to point out on this, that's really encouraging. We always talk about how we trade broadly. And in the call here, we've talked about different income demographics. A really neat thing, I think, for everyone to remember is we are very balanced actually relative to the population of the United States we are balanced on age and income demographics in a very appropriate manner.

在某些情況下，為了吸引您剛才提到的新客戶，我們的一些消息實際上是為了向客戶介紹我們在訊息中的價格，以便我們可以嘗試吸引這些新客戶。我想指出的另一件事是，這確實令人鼓舞。我們總是談論我們如何進行廣泛的交易。在這次電話會議中，我們討論了不同的收入人口統計。我認為，一件非常巧妙的事情是，每個人都應該記住，相對於美國人口，我們實際上非常平衡，我們在年齡和收入人口統計方面以非常適當的方式保持平衡。

We're not -- as some retailers can skew towards different categories, we actually are at the point now where we over-index in the age 18 to 34. So we're slightly over the population average with those shopping our stores, which I think bodes really well for the future. And then on income demographics, we're very balanced by category under $50,000, $50,000 to $99,000 over a 100. We skew a little bit more to the -- over the $50,000 and above that. So great question. Obviously, we spent a lot of time on it. So the second part...

我們不是——因為一些零售商可能會偏向不同的類別，我們現在實際上正處於 18 至 34 歲年齡段的過度指數的階段。因此，我們的商店購物人數略高於平均人口，這我認為這對未來來說是個好兆頭。然後在收入人口統計方面，我們在 50,000 美元以下、50,000 美元至 99,000 美元以上 100 美元之間的類別非常平衡。我們偏向於 50,000 美元及以上的類別。很好的問題。顯然，我們在這上面花了很多時間。那麼第二部分...

Yes. I would just say on the income demographic, when you look at our sales performance in the fourth quarter was very consistent across our income demographic bands that we look at, particularly in the U.S. divisions. But yes, as far as the sales incremental flow through, I would say that we -- it's very consistent with what we've been saying all along.

是的。我只想說，關於收入人口，當你看看我們第四季的銷售業績時，我們所關注的收入人口群體，尤其是美國部門的銷售業績非常一致。但是，是的，就銷售增量而言，我想說我們——這與我們一直以來所說的非常一致。

We see our lever point somewhere between the 3 to 4 comp, as we said in the script. And I don't think anything has changed on that.

正如我們在腳本中所說，我們看到我們的槓桿點位於 3 到 4 之間的某個位置。我認為這方面沒有任何改變。

And Matt, what was the last part of your question? Was that about our go forward? Was it about the home business?

馬特，你問題的最後一部分是什麼？這與我們的前進有關嗎？是關於家庭生意嗎？

Yes, just opportunities. You mentioned spring off to a good start. Just any elaborating on your assortments in apparel and home into the spring.

是的，只是機會。你提到春天有一個好的開始。只是詳細說明您在春季的服裝和家居搭配。

Apparel at home, you had said right. So yes. I have to tell you, though, we did not -- we were not -- at the beginning of February, we were getting here with the weather that I think many of you know across the country. So we -- that was holding back our comps a little in the first couple of weeks of February even though we were -- it's in our guidance range.

居家服裝，你說得對。所以是的。不過，我必須告訴你，我們沒有——我們沒有——在二月初，我們來到這裡時遇到的天氣，我想你們很多人都知道全國各地的情況。因此，在二月的前幾週，我們的業績略有下降，儘管我們的業績在我們的指導範圍內。

And then over the last -- really the last couple of weeks, our business got stronger when the weather was more normalized. From week 3 on, we were -- we were much happier with our comps. So that's why we're off to a good start. And by the way, I would say that we when -- the weather is like that, it can affect your apparel, but we were still pretty pleased with where we were trending given the weather. And our home business, I would tell you, again, I don't want to take up too much more time on this section, but our home business as you could tell from Q4.

然後在過去的幾周里，當天氣變得更加正常時，我們的業務變得更加強勁。從第三週開始，我們對我們的比賽感到更加滿意。這就是為什麼我們有一個好的開始。順便說一句，我想說，天氣就是這樣，它會影響你的服裝，但我們仍然對考慮到天氣的趨勢感到非常滿意。至於我們的家庭業務，我想再次告訴你，我不想在本節上花費太多時間，但你可以從第四季度看出我們的家庭業務。

And as we go into spring and this year, as I mentioned in the script, we just feel just a massive opportunity in market share because our home business, we do it so differently than really anybody else. We don't have competition the same way, whether it's all the fashion aspects of what we do in our home, some of the categories that are more replenishment, where we increasing our steady traffic in HomeGoods because we have items that customers replenish. And then you have utilitarian items that we sell.

當我們進入春季和今年時，正如我在劇本中提到的，我們感覺到市場份額有巨大的機會，因為我們的家庭業務，我們的做法與其他任何人都不同。我們沒有同樣的競爭方式，無論是我們在家中所做的所有時尚方面，還是一些補貨較多的類別，我們增加了家居用品的穩定流量，因為我們有客戶補貨的商品。然後你就有我們出售的實用物品。

So HomeGoods is such an eclectic treasure hunt that it's really a special place in terms of impulse buying and I think just a huge market share opportunity there. And we're positioned -- I love the way that team is positioned. And that isn't just -- I'm not talking just about HomeGoods. I'm talking about the home area in Marmaxx has been really strong home area over in T.K. Maxx and in winners, Marshalls in Canada, all the full family stores have been running a strong home business, and it's also continuing that way as we enter spring.

因此，HomeGoods 是一個不拘一格的尋寶活動，就衝動購買而言，它確實是一個特殊的地方，我認為那裡有巨大的市場份額機會。我們的定位－我喜歡這個團隊的定位方式。這不僅僅是——我談論的不僅僅是家居用品。我說的是 Marmaxx 的主場比 T.K. 的主場非常強大。 Maxx 和加拿大的 Marshalls 等獲獎者，所有的全家族商店都在經營強大的家居業務，而且隨著我們進入春天，這種情況將繼續下去。

Yes. And Matt, let me just add on to what I was talking about as far as the incremental sales flow-through. So as we said in the past, it's for every point in comp, 15 basis points. And again, unchanged from what we've been saying.

是的。馬特，讓我補充一下我剛才所說的增量銷售流程。正如我們過去所說，計算中的每個點都是 15 個基點。再說一遍，與我們所說的沒有變化。

Next, we'll go to the line of Lorraine Hutchinson from Bank of America. .

接下來，我們將前往美國銀行 (Bank of America) 的洛林‧哈欽森 (Lorraine Hutchinson) 專線。 。

Ernie, I was hoping to get your outlook for pricing for this year. Do you still see an opportunity for like-for-like price increases throughout the assortment? And then also, how will mix factor into your outlook for total AUR in fiscal '25?

厄尼，我希望了解您對今年定價的展望。您是否仍認為整個產品系列有類似價格上漲的機會？另外，您對 25 財年總 AUR 的展望將如何考慮？

Sure. No, both on point there, Lorraine. Yes. No, we feel there's still opportunity on the like-for-like pricing. As we look -- we comp shop so regularly, our buyers are so good at that. And we can see specific items here and there where we could be going up a price point. Again, it's -- you would never notice it because we're not -- we're doing it so sparingly throughout the assortment. It isn't -- it isn't a widespread thing, but there's enough that there's opportunity to be doing it surgically in different places throughout the store.

當然。不，洛林，這兩點都說到點上了。是的。不，我們認為同類定價仍然有機會。正如我們所見，我們定期購物，我們的買家非常擅長這一點。我們可以到處看到可以提高價格的特定商品。再說一次，你永遠不會注意到這一點，因為我們沒有——我們在整個產品系列中都非常謹慎地這樣做。這不是——這不是一個普遍的事情，但有足夠的機會在整個商店的不同地方進行外科手術。

We can just see because other retailers have had to go up, and they aren't coming down even though inflation has moderated. So much cost, John and I talk about all the time cost is embedded in all of the businesses out there. So I think that, Lorraine, is going to still continue for a while. This isn't just a season or this year thing. Yes. And then the -- I'm sorry, the second part was the mix.

我們只能看到，因為其他零售商不得不上漲，儘管通膨已經放緩，但它們並沒有下跌。成本如此之高，約翰和我談到所有的業務都包含著所有的時間成本。所以我認為，洛林，這種情況還會持續一段時間。這不僅僅是一個季節或今年的事情。是的。然後——對不起，第二部是混音。

Was it mix really? Yes. So the mix is always -- we are always going after the hottest trending mix. I don't -- in our plans right now on our AUR, we don't see the AUR changing that much. We've been kind of going after some of the hotter categories and taking down some of the ones that aren't. And as you know, you know us well. We move very fast to the trends. So we still see some of those categories that were looking good that we were trying to maximize last year continuing this year. And in our plans right now, we're looking at the AURs as not changing that much, actually. We can always go. We don't top -- that's one -- as we talk about this all the time, we do not top-down manage that. But for what we see, our visibility right now looks like they won't change much.

真的是混合的嗎？是的。所以混搭始終是——我們總是追求最熱門的流行混搭。我不認為——在我們目前的 AUR 計劃中，我們沒有看到 AUR 發生太大變化。我們一直在追求一些更熱門的類別，並取消一些不那麼熱門的類別。如您所知，您很了解我們。我們很快就順應了趨勢。因此，我們仍然看到一些看起來不錯的類別，我們去年試圖最大限度地發揮今年的作用。在我們目前的計劃中，我們認為 AUR 實際上並沒有太大變化。我們隨時都可以走。我們不會自上而下——這就是其中之一——正如我們一直在談論的那樣，我們不會自上而下地管理它。但就我們所見，我們現在的能見度看起來不會有太大變化。

Next, we'll go to the line of Jay Sole from UBS.

接下來，我們將轉到瑞銀集團 (UBS) 的傑伊·索爾 (Jay Sole) 的線路。

I'd like to ask about maybe some of the smaller banners. Just on HomeSense, there's a lot of talk in the market that some home categories broadly across the U.S. aren't doing that well. But I've said a couple of times, Home is doing really well. Can you just talk about HomeSense? How that's doing, what your store opening plans for next year are? And also just because you mentioned on the script, this Sierra Trading Post, do you plan to open more Sierra Trading Post? And can you give us a little bit more color on what you're seeing in that banner?

我想問一些較小的橫幅。就 HomeSense 而言，市場上有許多討論稱美國各地的一些家居類別表現不佳。但我已經說過幾次了，Home 做得非常好。能簡單談談 HomeSense 嗎？進展如何，明年的開店計畫是什麼？也正是因為你在劇本中提到了這個塞拉貿易站，你是否打算開設更多的塞拉貿易站？您能否為我們提供更多關於您在該橫幅中看到的內容的資訊？

Definitely. So John is looking at the stores. One thing I'll go -- I'm going to tell you one thing on the HomeSense mix. We make adjustments just -- it's interesting. Just similar to what I was just saying to Lorraine, we will go with where the customer is voting. Again, our model allows us to do this, and our teams are experienced. So we are in the process and actually they started in the fourth quarter.

確實。所以約翰正在看商店。我要講一件事——我要告訴你關於 HomeSense 混音的一件事。我們只是做出調整——這很有趣。就像我剛才對洛林說的那樣，我們將按照客戶投票的方式進行。同樣，我們的模型允許我們做到這一點，而且我們的團隊經驗豐富。所以我們正在這個過程中，實際上他們在第四季就開始了。

The HomeSense team has started modifying the mix to go to what's more happening than some of the other categories that have not been -- that are big in HomeSense but that haven't been trending as strongly, and we started shifting and shoring up our HomeSense trend now has picked up dramatically since we made those adjustments. So -- by the way, in our Sierra sales trend all last year was strong, and we've been thrilled with where we're heading there, which is why in both of these situations where pretty aggressive on store comp.

HomeSense 團隊已經開始修改組合，以適應比其他一些尚未出現的類別更多的內容——這些類別在 HomeSense 中佔很大比重，但趨勢並不那麼強勁，我們開始轉變和支持我們的 HomeSense自從我們做出這些調整以來，現在的趨勢已經急遽上升。因此，順便說一句，去年我們的 Sierra 銷售趨勢很強勁，我們對我們的發展方向感到非常興奮，這就是為什麼在這兩種情況下，我們對商店競爭都非常積極。

Yes. I mean we're really pleased with what we're seeing in our -- we'll call them their seed businesses that we're adding 17 HomeSense stores. We're adding 26 stores in Sierra. And we're also very pleased with what we're seeing in Australia as well, where we're adding 5 stores down there. So we're really quite pleased with what we're seeing with the performance of these businesses.

是的。我的意思是，我們對我們所看到的情況感到非常滿意——我們稱之為種子業務，我們正在增加 17 家 HomeSense 商店。我們將在 Sierra 增加 26 家商店。我們對在澳洲看到的情況也非常滿意，我們在那裡增加了 5 家商店。因此，我們對這些業務的表現感到非常滿意。

(inaudible) because we don't get to talk about the small businesses often, so that's good.

（聽不清楚）因為我們不常談論小企業，所以這很好。

Next, we'll go to the line of John Kernan from TD Cowen.

接下來，我們將轉到 TD Cowen 的 John Kernan。

Excellent. Congrats on a great [holiday]. John, you talked about unit growth within the guidance in fiscal '25. And just within the context of your long-term store targets and also some of the trends within new store productivity as you open new Marmaxx and HomeGoods stores. How should we think about real estate availability also the long-term outlook for stores?

出色的。恭喜你度過了一個愉快的[假期]。約翰，您談到了 25 財年指導中的單位成長。就在您開設新的 Marmaxx 和 HomeGoods 商店時，您的長期商店目標以及新商店生產力的一些趨勢的背景下。我們應該如何考慮房地產供應情況以及商店的長期前景？

Yes. I mean -- so right now, the what we see in total is unchanged. It's just almost just under 6,300 stores we see as the potential. And as far as store availability, we play -- we want to make sure that the stores that we're opening across all our banners are the right stores for what we -- for us. So we're not necessarily going to pick a number and then shoot for that number. We make sure that the stores we're looking at fit right within our store mix. And we're quite pleased with the performance when they do open.

是的。我的意思是——所以現在，我們所看到的整體情況並沒有改變。我們認為有潛力的商店不到 6,300 家。就商店可用性而言，我們希望確保我們在所有橫幅上開設的商店都是適合我們的商店。所以我們不一定要選一個數字然後爭取這個數字。我們確保我們正在尋找的商店適合我們的商店組合。我們對它們開業後的表現非常滿意。

So when we see these store openings performance, we're quite pleased with that as well. The other thing that gives us that really works well with us are the relocations that we do. So this year, we're planning 40 relocations. And here, we're actually finding better locations in the store trading areas that we're in for stores that are coming due as far as leases. So we're able to relocate those stores to the better shopping pitch in the area. So we see a definite improvement in the performance as we do move those stores.

因此，當我們看到這些新店開幕的表現時，我們也對此感到非常滿意。另一件對我們來說真正有效的事情是我們所做的搬遷。今年，我們計劃進行 40 次搬遷。在這裡，我們實際上正在商店交易區尋找更好的位置，以容納即將到期的商店。因此，我們能夠將這些商店搬遷到該地區更好的購物場所。因此，當我們搬遷這些商店時，我們看到業績有了明顯的改善。

In Europe, we see more opportunity in Germany to open up stores and in the U.K. for more of our relocations. And in the U.S. and Canada, we're also -- as we see more department stores close we see the opportunity to -- if we don't have stores in those areas to put stores in some of those areas to be the department stores of that. So we're seeing opportunities there for new store growth. So that's kind of what we're seeing for the strategy.

在歐洲，我們在德國看到了更多開設商店的機會，在英國看到了更多搬遷的機會。在美國和加拿大，當我們看到更多的百貨公司關閉時，我們也看到了機會，如果我們在這些地區沒有商店，我們可以在其中一些地區開設商店作為百貨公司的。因此，我們看到了新店成長的機會。這就是我們所看到的策略。

Understood. I guess one quick follow-up would be just on other categories outside of apparel, home, you spoke about quite a bit on the prior question. Just what about beauty. It feels like it's much more elevated in-store than has been in the past. What's the opportunity within beauty and the elevation of that category?

明白了。我想一個快速的後續行動將是服裝、家居之外的其他類別，您在上一個問題上談到了很多。只是美麗又如何呢。感覺店裡比以前高很多了。美容領域的機會和該類別的提升是什麼？

Yes, I'll jump in here, John. Yes, the beauty business is obviously, you can see from the presentation in the store that's been very healthy for us. And I would tell you, we see big upside there, obviously. And we're continuing to go after that. We have done something with the presentation, but you've seen the assortments expand as well. So as you can imagine, that's one of the businesses we feel has a lot more upside.

是的，我會跳到這裡，約翰。是的，美容業務顯然是，你可以從商店的展示中看到這對我們來說非常健康。我想告訴你，顯然我們看到了巨大的上升空間。我們將繼續努力。我們在演示方面做了一些工作，但您也看到了產品種類的擴展。正如您可以想像的那樣，這是我們認為具有更多優勢的業務之一。

If you look at things that go along with that health and wellness and beauty thing, some of those other categories in the store, obviously kind of go along with that, if you know what I mean. So beauty is the more noticeable one you're calling out, but that trend kind of spills over, I would say, to some other categories in the store that we're going after. And I think we've talked about this before. We don't just do it we love that our stores are very flexible. So you're bringing out beauty.

如果你看看與健康、保健和美麗相關的東西，商店裡的一些其他類別，顯然是與之相關的，如果你明白我的意思的話。因此，美麗是您所呼籲的更引人注目的一個，但我想說，這種趨勢有點溢出到我們正在追求的商店中的其他一些類別。我想我們之前已經討論過這個問題。我們不僅這樣做，我們還喜歡我們的商店非常靈活。所以你正在展現美麗。

One thing you probably noticed is the way we've done the beauty thing we still can flex the departments around it. And so that is an advantage. Again, as always, I'd like to point that out, when our buyers are able to -- in our planning organization, we're able to go after the [HUD] business and flex it in the store very quickly, and it doesn't take as much labor or capital to redo the stores because there aren't any walls, et cetera. So great question now.

您可能注意到的一件事是，我們完成美麗的事情的方式仍然可以圍繞它調整部門。所以這是一個優勢。像往常一樣，我想再次指出，當我們的買家能夠在我們的規劃組織中，我們能夠追求 [HUD] 業務並很快在商店中展示它，並且它不需要太多的勞動力或資本來重做商店，因為沒有任何牆壁等等。現在是一個很好的問題。

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

接下來，我們將轉到摩根士丹利的亞歷克斯·斯特拉頓 (Alex Straton) 的線路。

Perfect. I wanted to focus on the HomeGoods real quick here. So ended the year at just under a 10% margin. I was wondering if you could speak to kind of what's constraining that business below your long-term goal of low double digits and when you think it gets there. And then secondly, just on the ability to take market share over time. Just wondering if there's any color you could provide on particular categories or changes in the market landscape that are going to enable that going forward?

完美的。我想在這裡快速關注家居用品。因此，年底利潤率略低於 10%。我想知道您是否可以談談是什麼限制了該業務低於低兩位數的長期目標以及您認為何時能夠實現這一目標。其次，只是隨著時間的推移佔據市場份額的能力。只是想知道您是否可以就特定類別或市場格局的變化提供任何顏色，以實現這一目標？

Yes. So I mean I'll start off. Yes. So with Home Goods, I mean it's a couple of things. I mean HomeGoods was impacted by freight more than some of the other divisions. But for HomeGoods, it's about continuing to drive that top line sales growth, while well, looking at the cost structure of that freight and continuing to try to be as efficient as possible on that freight line. The HomeGoods team executes very, very well, and it's just about continuing to focus on execution, drive that top line and be as efficient as we can.

是的。所以我的意思是我要開始了。是的。對於家居用品，我的意思是有幾件事。我的意思是，與其他一些部門相比，家居用品受到貨運的影響更大。但對 HomeGoods 來說，重點是繼續推動營收成長，同時專注於貨運的成本結構，並持續努力提高貨運線路的效率。 HomeGoods 團隊的執行力非常非常好，我們只需繼續專注於執行力、推動營收並盡可能提高效率。

And Alex, if you look when you're asking about one of the things that's going to also help with the margin is the market share and sales growth opportunity that we strongly believe that we have there. If you look at -- if you look at the year that we had there in HomeGoods, dramatic first half to second half. And then even as you went to Q4, you could see how powerful the HomeGoods sales trend is relative to competition.

亞歷克斯，如果你問的是，當你詢問對利潤率也有幫助的事情之一時，那就是我們堅信我們擁有的市場份額和銷售成長機會。如果你看一下——如果你看一下我們在 HomeGoods 的這一年，你會發現上半年到下半年都是戲劇性的。然後，即使您進入第四季度，您也可以看到家居用品銷售趨勢相對於競爭有多強大。

And so it's an unusual thing when the home business years ago, we've had really strong HomeGoods and home trends for years. Typically, yes, we'd be outpacing competition, but not as dramatically as recently. And so that just shows you that the market share, which is, I think, like a third part of your question, the market share is really up for grabs. And fortunately, what's going on, I think, in the landscape is you have the e-comm players on home as well as the brick-and-mortar are creating additional opportunity for our home business because of their execution and their lack of excitement.

因此，在多年前的家居業務中，我們多年來一直擁有非常強勁的家居用品和家居趨勢，這是一件不尋常的事情。通常，我們會超越競爭對手，但不會像最近那麼顯著。所以這只是向你表明市場份額，我認為，就像你問題的第三部分一樣，市場份額確實是有待爭奪的。幸運的是，我認為，目前的情況是，國內的電子商務參與者以及實體店正在為我們的家庭業務創造更多機會，因為他們的執行力和缺乏興奮感。

We do believe -- like our Marmaxx, we believe HomeGoods is one of the most exciting store shopping experiences on the planet, really. And you've seen whether you look on TikTok or any of the -- with third-party endorsements that come out on different talk shows had segments on HomeGoods lately. It's become a -- it's become a bit of a cult because people know that you can't go in there and spend less than a couple of hundred dollars, even though you're planning on doing it just for a bed pillow.

我們確實相信——就像我們的 Marmaxx 一樣，我們相信 HomeGoods 確實是地球上最令人興奮的商店購物體驗之一。你已經看到，無論你看 TikTok 或任何其他脫口秀節目，最近都有第三方認可的節目在 HomeGoods 上播出。它已經成為一種狂熱，因為人們知道你不可能花不到幾百美元就進去那裡，即使你打算只是為了一個枕頭而這樣做。

So it's -- that's why we're so bullish. We also corporately, it's one of our most collaborative arenas. Our home merchants are so linked up across all the organizations, which is why we're bullish on total TJX Home business which, as you know, we've talked in the past, over 1/3 of our business will be home business in TJX this year, heading to a higher percentage over the next few years, that's what we believe. So you're touching on it, what I think is a competitive advantage and future continuing to be traffic driver for TJX.

所以這就是我們如此樂觀的原因。從公司角度來看，它也是我們協作性最強的領域之一。我們的家庭商家在所有組織中都有如此緊密的聯繫，這就是為什麼我們看好整個 TJX Home 業務，正如您所知，我們過去說過，我們超過 1/3 的業務將是家庭業務我們相信TJX 今年將在未來幾年達到更高的百分比。所以你談到了它，我認為這是一個競爭優勢，並且未來將繼續成為 TJX 的流量驅動因素。

Next, we'll go to the line of [Michael Binetti] from Evercore ISI.

接下來，我們將轉到 Evercore ISI 的 [Michael Binetti] 系列。

Congrats on a great quarter. I just want to ask a little bit on the margins. I know you've talked about it a little bit today, but it's remarkable to see the profitability you guys are putting up, particularly when competitors are looking at stores and saying, look, the economics are going the other way, and we're going to close a few stores.

恭喜您度過了一個出色的季度。我只是想問一些邊緣問題。我知道你們今天已經談過一些了，但是看到你們所提供的盈利能力是很了不起的，特別是當競爭對手看著商店並說，看，經濟正在走向相反的方向，而我們正在打算關閉幾家商店。

So as we think about Marmaxx, that was a 14% to 15% margin business at its peak with labor and supply chain stabilizing a bit now and you have -- you have this pricing lever that you didn't really have or flex before COVID or are there any reasons why Marmaxx is in a structurally higher business in the long term, given it's now above 2019 levels? And then I guess as a follow-up, John, you did mention earlier that the long-term 3% to 4% same-store sales growth is flat to 10% -- or sorry, flat to 10 basis point leverage [algo]. But this year is flat to 10 basis points on a 2% to 3% comp, something is a little better this year and then it normalizes next year.

因此，當我們想到Marmaxx 時，這是一家利潤率高達14% 到15% 的業務，勞動力和供應鏈現在已經穩定下來，你擁有了這種定價槓桿，而在新冠疫情之前，你並沒有真正擁有或靈活的定價槓桿。或者考慮到 Marmaxx 目前的水平高於 2019 年的水平，從長遠來看，有什麼原因可以解釋為什麼 Marmaxx 的業務結構性較高？然後我想作為後續行動，約翰，您之前確實提到過，長期 3% 到 4% 的同店銷售增長率持平於 10%——或者抱歉，持平於 10 個基點槓桿 [演算法] 。但今年的成長率持平至 10 個基點，成長率為 2% 至 3%，今年情況會好一點，然後明年就會恢復正常。

And if we get out to the middle of the year and you're running above the 2% to 3% again any reason it wouldn't flow through at a better rate on a point of comp than the 15 basis points that you mentioned?

如果我們到了年中，你的利率再次高於 2% 到 3%，那麼有什麼原因它不會以比你提到的 15 個基點更好的利率流動呢？

Yes. I mean -- so I'll pick up the last part of your question first. Yes, we had some onetime headwind. So whether it's the incentive accruals or homegoods.com that negatively impacted us last year that helped us to offset what we see as continued wage pressure. So we were able to be at flat to up 10% on a 2% to 3% versus a 3% to 4%. Does that make sense?

是的。我的意思是——所以我先回答你問題的最後一部分。是的，我們曾經遇到一些逆風。因此，無論是應計獎勵還是 homegoods.com 去年對我們產生的負面影響，都幫助我們抵消了我們認為持續的薪資壓力。因此，我們能夠將 2% 至 3% 的漲幅與 3% 至 4% 的漲幅持平至 10%。那有意義嗎？

Yes, it does, yes. In this year, does it -- in this year, is the flow-through still the same though on a point of upside? Or is it also different margin profile on a better...

是的，確實如此，是的。今年，流量是否仍然相同，但有一定的上升趨勢？或者它是否也是更好的不同的利潤概況......

That's 15 basis points holds true in FY '25 as well for every point of comp opportunity. And then as far as Marmaxx goes, a 13.7% pretax profit. Yes. I mean, obviously, we had a huge improvement during the year, up 100 basis points. And a lot of that has to do with, again, the lower freight rates. Even though freight is not back to where it was in FY '20, we're still 100 basis points off where we were.

這 15 個基點在 25 財年也適用，對於每個補償機會點也是如此。就 Marmaxx 而言，稅前利潤為 13.7%。是的。我的意思是，很明顯，我們在這一年裡取得了巨大的進步，上升了 100 個基點。這在很大程度上又與較低的運費有關。儘管運費沒有回到 20 財年的水平，但仍比原來水平低 100 個基點。

So we've had to -- through the merchandise margin has been able to offset some of that headwind. And again, we've talked about this in the past, we don't anticipate freight to come back all the way just because of the wage increases that we've seen in particularly domestic freight, whether it's people that work on the rail or in trucks. But we are looking for -- we continue to look for ways to be more efficient on how we move our freight, and that's really where we see the opportunity moving forward.

因此，我們必須透過商品利潤來抵銷部分不利因素。再說一次，我們過去已經討論過這個問題，我們預計貨運不會僅僅因為我們看到特別是國內貨運的工資上漲而一路回升，無論是在鐵路上工作的人還是在鐵路上工作的人。在卡車上。但我們正在尋找——我們繼續尋找更有效地運輸貨物的方法，這確實是我們看到未來機會的地方。

But again, similar to when we talk about HomeGoods, with Marmaxx, it's -- again, it's about that strong execution, driving that top line and continuing to improve the merchandise margin through better buying.

但同樣，與我們談論 HomeGoods 時的 Marmaxx 類似，它是關於強大的執行力，推動營收並透過更好的購買繼續提高商品利潤。

And for our final question, we'll go to the line of Marni Shapiro from Retail Tracker.

對於我們的最後一個問題，我們將轉到 Retail Tracker 的 Marni Shapiro 系列。

Congrats on a fantastic year. And a lot of my questions have been asked. I do want to dig into 1 smaller part of your business. Can we talk a little bit about your credit card business lately as I've been in your stores, I've had some associates asking me if I want a credit card, I'm curious what percentage of your business is done on your own store credit cards? Is there an opportunity there? Is there a data capture that has been helpful to you? Is there an opportunity or a loyalty? Or does that just not really matter because everyone's so addicted, they don't need to actually -- you don't need to do loyalty because it's a physical addiction? Could you just dig into this part of the business a little bit? It's not something you guys usually talk about.

恭喜您度過了美好的一年。我的很多問題都被問到了。我確實想深入了解您業務的一小部分。我們可以談談您的信用卡業務嗎？最近我去過你們的商店，有一些同事問我是否需要信用卡，我很好奇你們的業務中有多少比例是您自己完成的商店信用卡？那裡有機會嗎？有沒有對您有幫助的資料擷取？是有機會還是有忠誠度？或者這並不重要，因為每個人都如此上癮，他們實際上不需要 - 你不需要忠誠，因為這是一種身體上癮？您能稍微深入一下這部分業務嗎？這不是你們平常談論的話題。

Yes. As far as our credit card goes, we don't get into the amount that goes through on our credit card. But I will say this that it's our penetration is not as high as some of the other retailers that offer incentives to use the card, our everyday value is our everyday value, and we don't want to train the customers into waiting on a discount day to use the credit card. So we're highly focused on making sure that the messaging for our -- the model itself is not affected.

是的。就我們的信用卡而言，我們不會計算信用卡上的金額。但我要說的是，我們的滲透率不如其他一些提供使用該卡獎勵的零售商那麼高，我們的日常價值就是我們的日常價值，我們不想訓練顧客等待折扣使用信用卡的日子。因此，我們高度關注確保模型本身的訊息傳遞不受影響。

That being said, the -- it is the one way that customers can get. When they use the credit card, they get coupons back and that drives volume back into our stores. So we definitely see it as a positive for our driving customers back to our stores. And let's face it. It pleases with the customers when they get that coupon, they -- so -- but everybody's read the reports about whether it's delinquencies or the potential for having the late fees reduced that will impact us, but not as much as some of the other retailers that rely much more heavily on the credit card.

話雖這麼說，這是客戶可以獲得的一種方式。當他們使用信用卡時，他們會得到優惠券，這會增加我們商店的銷售量。因此，我們肯定認為這對於吸引顧客回到我們的商店來說是積極的。讓我們面對現實吧。當顧客拿到優惠券時，他們會很高興，所以，但每個人都讀過有關拖欠費用或滯納金減少的可能性的報告，這將對我們產生影響，但影響程度不如其他一些零售商更加依賴信用卡。

Is there an opportunity to grow that penetration? Is that something you guys would look to do? Because I would think there's probably some level of loyalty and increased visitation with those customers.

是否有機會提高滲透率？這是你們想做的事嗎？因為我認為這些客戶可能有一定程度的忠誠度並且訪問量有所增加。

So, Marni, just -- we have been growing that penetration over a number of years or so. So as much as -- yes. As much as John pointed out, we're not at what other retailers doing their -- almost their credit card programs, but we are -- their amount higher than we were a handful of years ago. So, yes. Rightfully so. And those shoppers, right, John tend to also cross shop our different brands more and retain more.

所以，Marni，我們在過去幾年左右的時間裡一直在提高滲透率。就這樣——是的。正如約翰指出的那樣，我們並沒有關注其他零售商所做的——幾乎是他們的信用卡計劃，但我們——他們的金額比幾年前要高。所以，是的。理所當然。那些購物者，對吧，約翰也傾向於更多地交叉購買我們的不同品牌並保留更多。

And so there's a lot of benefits in our sales, and as John said, when they do, it is the only way to get any type of a rebate from us, and it does create that extra visit. So yes, you're right. And we still -- by the way, that's why you get asked in the store. We're trying to still grow that percentage.

因此，我們的銷售有很多好處，正如約翰所說，當他們這樣做時，這是從我們那裡獲得任何類型回扣的唯一途徑，而且它確實創造了額外的訪問量。所以是的，你是對的。順便說一句，這就是為什麼你在商店裡被問到的原因。我們仍在努力提高這一比例。

All right. Well, I think that was our last question. Thank you all for joining us today. We look forward to updating you again on our first quarter earnings call in May. Thank you, everybody. .

好的。嗯，我想這是我們的最後一個問題。感謝大家今天加入我們。我們期待在五月的第一季財報電話會議上再次向您通報最新情況。謝謝大家。 。

Ladies and gentlemen, that concludes your conference call for today. You may disconnect at this time, and thank you for participating.

女士們、先生們，今天的電話會議到此結束。此時您可以斷開連接，感謝您的參與。