TJX Companies Inc (TJX) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the TJX Companies First Quarter Fiscal 2025 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded, May 22, 2024. I would like to turn the conference call over to Mr. Ernie Herrman, Chief Executive Officer and President of TJX Companies, Inc. Please go ahead, sir.

女士們先生們，謝謝你們的支持。歡迎參加 TJX 公司 2025 財年第一季財務業績電話會議。 （操作員說明）謹此提醒，本次電話會議將於 2024 年 5 月 22 日進行錄音。

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

謝謝，考特尼。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。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 by thanking all of our global associates for their ongoing commitment to TJX and for delivering great value to our customers. I especially want to recognize the hard work of our store, distribution and fulfillment center associates across the company.

早安.加入我和黛布通話的是約翰。首先，我要感謝我們所有的全球員工對 TJX 的持續承諾以及為我們的客戶提供巨大價值。我特別想表彰全公司商店、配送和履行中心員工的辛勤工作。

Now to our business update and first quarter results. I am very pleased with our first quarter performance. Overall, comp store sales were up 3%, which was at the high end of our plan. Again, this quarter, the comp increase was entirely driven by customer transactions. We see this as an excellent indicator of the strength of our business. As to first quarter profitability, both pretax profit margin and earnings per share came in well above our plans, which was terrific to see. John will talk to the drivers of this profit outperformance in a moment.

現在介紹我們的業務更新和第一季業績。 我對我們第一季的表現非常滿意。總體而言，Comp Store 銷售額成長了 3%，這是我們計劃的上限。同樣，本季的薪資成長完全是由客戶交易推動的。我們認為這是我們業務實力的一個很好的指標。至於第一季的獲利能力，稅前利潤率和每股盈餘都遠高於我們的計劃，這真是太棒了。 約翰稍後將討論利潤表現出色的驅動因素。

Our first quarter results are a testament to the sharp execution of our teams who focused on offering our shoppers excellent value on every item, every day. Our results also highlight the benefits of our flexible business model. Throughout the quarter, we flexed our store assortments and leaned into categories that many consumers were looking for.

我們第一季的業績證明了我們團隊的敏銳執行力，他們專注於每天為購物者提供每件商品的卓越價值。我們的結果也凸顯了我們靈活的商業模式的好處。在整個季度中，我們靈活調整了商店的品種，並專注於許多消費者正在尋找的類別。

Further, we remain disciplined in managing our buying, inventory and expenses and remain focused on driving profitability. Looking ahead, our value leadership in retail gives us great confidence in TJX. The second quarter is off to a good start and we are excited about the opportunities we see for our business. We are very happy with our inventory levels and are in great position to capitalize on the outstanding buying opportunities that we see in the marketplace.

此外，我們仍然嚴格管理採購、庫存和費用，並繼續專注於提高獲利能力。展望未來，我們在零售領域的價值領先地位讓我們對 TJX 充滿信心。第二季有一個好的開端，我們對看到的業務機會感到興奮。我們對我們的庫存水準非常滿意，並且處於有利地位，可以利用我們在市場上看到的出色購買機會。

We plan to flow fresh assortments to our stores and online, this spring and summer and throughout the year. Longer term, we remain convinced that we are well positioned to grow our global footprint, gain market share in our geographies around the world and increase the profitability of TJX. Before I continue, I'll turn the call over to John to cover our first quarter results in more detail.

我們計劃在今年春夏以及全年向我們的商店和網上供應新鮮品種。從長遠來看，我們仍然相信，我們有能力擴大我們的全球足跡，在全球各地獲得市場份額，並提高 TJX 的獲利能力。在繼續之前，我將把電話轉給約翰，以更詳細地介紹我們第一季的業績。

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 first quarter versus last year. As Ernie mentioned, our consolidated comp was at the high end of our plan and entirely driven by customer transactions. Comps in both our apparel and home categories increased with home outperforming apparel. Pretax profit margin was 11.1%, was up 80 basis points.

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。現在我將分享第一季與去年相比的一些額外細節。正如厄尼所提到的，我們的綜合薪酬處於我們計劃的高端，完全由客戶交易驅動。我們的服裝和家居類別的比較均有所增長，家居表現優於服裝。稅前利潤率為11.1%，較上季上升80個基點。

This was 50 basis points above our plan, primarily due to a larger-than-expected benefit from lower freight costs, a reserve release and higher net interest income. Gross margin was up 110 basis points. This was driven by a benefit from lower freight costs and favorable mark-on, partially offset by the timing of capitalized inventory cost and supply chain investments. SG&A increased 20 basis points due to incremental store wage and payroll costs, partially offset by the reserve release.

這比我們的計畫高出 50 個基點，主要是因為貨運成本降低、準備金釋放和淨利息收入增加所帶來的效益超出預期。毛利率上升 110 個基點。這是由於較低的貨運成本和有利的加價帶來的好處，部分被資本化庫存成本和供應鏈投資的時機所抵消。由於商店工資和工資成本增加，SG&A 增加了 20 個基點，但部分被準備金釋放所抵消。

Net interest income benefited pretax profit margin by 10 basis points. Lastly, we were very pleased that diluted earnings per share were up 22%. This was well above our plan due to our pretax profitability outperformance and a lower-than-expected tax rate that benefited first quarter diluted earnings per share by $0.03. Now to our first quarter divisional performance. Across all our divisions, our comp increases were entirely driven by customer transactions, which again is such a great indicator of the strength of our value proposition.

淨利息收入使稅前利潤率提高10個基點。最後，我們非常高興稀釋後每股收益成長了 22%。這遠高於我們的計劃，因為我們的稅前獲利能力表現出色，而且稅率低於預期，使第一季稀釋後每股收益增加了 0.03 美元。現在來看看我們第一季的部門業績。在我們所有部門中，我們的薪酬成長完全是由客戶交易驅動的，這再次很好地表明了我們價值主張的強度。

At Marmaxx, comp store sales increased 2% and segment profit margin was 14.2%, up 20 basis points. Despite some periods of unfavorable weather, both Marmaxx's apparel and home categories saw positive comp store sales with home outperforming apparel. Further, we were very pleased to see comp sales increases at stores in demographic areas with average household incomes above and below $100,000.

在 Marmaxx，Comp Store 銷售額成長了 2%，部門利潤率為 14.2%，成長了 20 個基點。儘管有一段時期天氣不利，Marmaxx 的服裝和家居品類均實現了積極的對比店銷售，其中家居品類的表現優於服裝。此外，我們非常高興地看到平均家庭收入高於或低於 100,000 美元的人口統計區域的商店的贈品銷售額有所增長。

At our U.S. e-commerce sites and at Sierra, which we report as part of this division, we were happy with their strong sales performance. HomeGoods comp store sales increased 4% and segment profit margin grew significantly to 9.5%. This was a 220-basis point improvement versus last year. HomeGoods and HomeSense offer customers a differentiated shopping experience for home fashions.

在我們的美國電子商務網站和 Sierra（我們將其報告為該部門的一部分）中，我們對其強勁的銷售業績感到滿意。 HomeGoods 比較店銷售額成長 4%，部門利潤率大幅成長至 9.5%。與去年相比，這一數字提高了 220 個基點。 HomeGoods 和 HomeSense 為顧客提供差異化的家居時尚購物體驗。

Our buyers source products from around the world to bring customers eclectic selections and affordable ways to upgrade their home decor. Moving to our international divisions. At TJX Canada, comp store sales were up 4% and segment profit margin on a constant currency basis was 12.4%, up 110 basis points. At TJX International, comp store sales increased 2% and were up in both Europe and Australia. Segment profit margin on a constant currency basis improved significantly to 3.9%, up 120 basis points.

我們的買家從世界各地採購產品，為客戶帶來不拘一格的選擇和實惠的方式來升級他們的家居裝飾。轉向我們的國際部門。在 TJX Canada，Comp Store 銷售額成長了 4%，以固定匯率計算的部門利潤率為 12.4%，成長了 110 個基點。 TJX International 的比較商店銷售額成長了 2%，歐洲和澳洲的銷售額均有所成長。以固定匯率計算的分部利潤率大幅提高至 3.9%，上升 120 個基點。

We believe we are performing better than most other major retailers in Canada and Europe. We are confident we will continue to be a leading shopping destination for value-seeking customers in Canada, Europe and Australia. Moving to inventory. Balance sheet inventory was down 3% versus the first quarter of last year. Inventory on a per-store basis was down 5% and driven by the lower inventory at our distribution centers.

我們相信我們的表現比加拿大和歐洲的大多數其他主要零售商都要好。我們相信，我們將繼續成為加拿大、歐洲和澳洲尋求價值的客戶的領先購物目的地。轉向庫存。資產負債表庫存較去年第一季下降 3%。由於配送中心庫存減少，每家商店的庫存下降了 5%。

Importantly, in-store inventory was in line with last year's levels. We feel great about our inventory levels and are in a great position to take advantage of the outstanding availability we are seeing in the marketplace. As to our capital allocation, we were very pleased to start another year generating strong cash flow, reinvesting in the growth of our business and returning cash to shareholders through our buyback and dividend programs.

重要的是，店內庫存與去年的水平一致。我們對我們的庫存水平感到滿意，並且處於有利地位，可以利用我們在市場上看到的出色的可用性。至於我們的資本配置，我們很高興在新的一年開始產生強勁的現金流，對我們的業務成長進行再投資，並透過我們的回購和股息計畫向股東返還現金。

Now I'll turn it back to Ernie.

現在我會把它轉回給厄尼。

Thanks, John. I'd like to highlight the reasons we have great confidence in the near- and long-term growth opportunities for TJX. We have a long track record of success through many kinds of retail and macro environments and our value proposition has always served us well. Our off-price business model is extremely flexible and resilient and I believe we are set up for a long runway of exciting growth in our geographies around the world.

謝謝，約翰。我想強調一下我們對 TJX 的近期和長期成長機會充滿信心的原因。我們在多種零售和宏觀環境中擁有長期的成功記錄，我們的價值主張始終為我們提供了良好的服務。我們的折扣業務模式極其靈活且富有彈性，我相信我們已做好準備，在全球各地實現令人興奮的成長。

First is our wide customer demographic reach. We want to sell everyone. With our flexibility and opportunistic buying, we offer expansive assortments of good, better and best merchandise for shoppers across a broad range of income and age groups. We continue to attract new Gen Z and millennial shoppers to our stores, which we believe bodes well for our future growth. It's really great when we see multiple generations shopping our stores together.

首先是我們廣泛的客戶群。我們想賣掉所有人。憑藉我們的靈活性和機會主義購買，我們為不同收入和年齡層的購物者提供種類繁多的優質、更好和最好的商品。我們繼續吸引新的 Z 世代和千禧世代購物者來到我們的商店，我們相信這對我們未來的成長來說是個好兆頭。當我們看到幾代人一起在我們的商店購物時，真是太棒了。

Second, we are convinced that significant market share opportunities remain across the U.S., Canada, Europe and Australia. Over the long term, we see potential to further expand our store footprint by at least another 1,300-plus stores with our current retail banners in our existing countries alone. Third, with our more than 1,300 global buyers, sourcing from a universe of more than 21,000 vendors and from over 100 countries, we are confident that there will be plenty of quality branded merchandise available to us to support our growth plans.

其次，我們相信美國、加拿大、歐洲和澳洲仍存在重要的市佔機會。從長遠來看，我們認為僅在現有國家/地區就可以進一步擴大我們的商店足跡，至少再開設 1,300 多家現有零售橫幅的商店。 第三，我們擁有 1,300 多名全球買家，從 100 多個國家/地區的 21,000 多家供應商進行採購，我們相信，我們將有大量優質品牌商品來支持我們的成長計畫。

Throughout our history, availability of inventory has never been an issue. In fact, in recent years, we have seen availability become even better as vendors look for additional ways to grow their businesses. We've opened thousands of new vendors, which keeps our store assortment fresh and fuels the differentiated treasure hunt shopping experience for our customers.

縱觀我們的歷史，庫存的可用性從來都不是問題。事實上，近年來，隨著供應商尋找其他方式來發展其業務，我們已經看到可用性變得更好。我們開設了數千家新供應商，這使我們的商店品種保持新鮮，並為我們的客戶提供差異化的尋寶購物體驗。

Our stores receive multiple deliveries each week of fresh branded merchandise to surprise and excite our customers. With our rapidly changing assortment, shoppers are inspired to visit us frequently to see what's new. Lastly and most importantly, are the talented associates who do an exceptional job executing on our initiatives. I truly believe the level of off-price knowledge and expertise within our organization is unmatched. We have a highly differentiated global business and we have developed a specialized talent and teams to support it. We have many leaders across TJX with decades of off-price experience. Additionally, we focus on developing newer associates and the next generation of leaders within our organization.

我們的商店每週都會收到多批新鮮品牌商品，讓我們的顧客感到驚喜和興奮。我們的產品種類日新月異，吸引了購物者經常光臨我們的網站，了解新品。最後也是最重要的是，才華橫溢的員工在執行我們的計劃方面表現出色。我堅信我們組織內的低價知識和專業知識水平是無與倫比的。我們擁有高度差異化的全球業務，並培養了專業人才和團隊來支持它。我們在 TJX 擁有許多擁有數十年折扣經驗的領導者。此外，我們也專注於在組織內培養新員工和下一代領導者。

We take great pride in our TJX University and other training programs. Our very deep bench gives us the ability to rotate talent between divisions and geographies and to deploy teams where needed. All of this strengthens our company as we pursue our goals for growth and is a tremendous advantage for TJX. I am also very proud of our culture, which I believe is another key differentiator and major component of our success.

我們對 TJX 大學和其他培訓課程感到非常自豪。我們的人員陣容非常強大，使我們能夠在部門和地區之間輪換人才，並在需要的地方部署團隊。所有這些都增強了我們公司的實力，幫助我們追求成長目標，這對 TJX 來說是一個巨大的優勢。我也為我們的文化感到非常自豪，我相信這是我們成功的另一個關鍵差異因素和主要組成部分。

For our corporate responsibility update, I'll share more about our culture, which includes supporting our associates and making TJX a terrific place to work. Our associates bring our business to life and we strive to foster workplace where they feel welcome, valued and engaged. A key priority is helping our associates grow and develop at TJX, which we support both through formal and informal training.

對於我們的企業責任更新，我將分享更多有關我們文化的信息，其中包括支持我們的員工以及使 TJX 成為一個絕佳的工作場所。我們的員工將我們的業務帶入生活，我們努力營造讓他們感到受歡迎、受到重視和參與的工作場所。首要任務是幫助我們的員工在 TJX 成長和發展，我們透過正式和非正式培訓提供支援。

Our associate resource groups, or ARGs and our inclusion and diversity committees have played an important role in creating an inclusive workplace. Within the last year, both the number of ARGs and the number of associates participating in them have continued to grow. As always, you can read more about our corporate responsibility work on tjx.com.

我們的關聯資源小組 (ARG) 以及包容性和多元化委員會在創建包容性工作場所方面發揮了重要作用。去年，ARG 的數量和參與其中的員工數量都在持續成長。像往常一樣，您可以在 tjx.com 上閱讀有關我們企業責任工作的更多資訊。

Summing up, we are very pleased with the overall performance of TJX in the first quarter and that the second quarter is off to a good start. We feel great about our positioning in today's consumer environment and we'll continue to emphasize our value proposition to consumers through our marketing initiatives. Longer term, I am confident that the characteristics of our business set us up extremely well to capitalize on the market share opportunities that we see out there.

總而言之，我們對TJX第一季的整體表現感到非常滿意，並且第二季有了一個很好的開始。我們對自己在當今消費者環境中的定位感到非常滿意，並將繼續透過行銷活動向消費者強調我們的價值主張。從長遠來看，我相信我們的業務特徵使我們能夠很好地利用我們看到的市場份額機會。

Lastly, I want to reiterate that we will not be complacent and are committed to looking at ways to further increase the profitability of TJX over the long term. Now I'll turn the call back to John to cover our full year and second quarter guidance and then we'll open it up for questions.

最後，我想重申，我們不會自滿，並致力於尋找進一步提高 TJX 長期獲利能力的方法。現在我將把電話轉回約翰，介紹我們的全年和第二季度指導，然後我們將開放提問。

Thanks again, Ernie. I'll start with our full year fiscal '25 guidance. We're now planning consolidated sales to be in the range of $55.5 billion to $55.9 billion. This is about $200 million lower than our previous guidance due to the impact of foreign exchange. We continue to expect overall comp store sales to increase 2% to 3%. We're increasing our pretax profit margin guidance to a range of 11% to 11.1%.

再次感謝，厄尼。我將從我們的 25 財年全年指導開始。我們現在計劃合併銷售額在 555 億美元至 559 億美元之間。 由於外匯的影響，這比我們先前的指導低了約 2 億美元。我們繼續預期實體店整體銷售額將成長 2% 至 3%。我們將稅前利潤率指引提高至 11% 至 11.1%。

This would be up 10 to 20 basis points versus last year's adjusted 10.9%. We continue to expect gross margin to be in the range of 30% to 30.1%, a 10- to 20-basis point increase versus last year's adjusted 29.9%. We expect this increase to be driven by a higher merchandise margin, which includes a small benefit from freight, partially offset by our supply chain investments, we continue to plan shrink to be flat versus last year.

這將比去年​​調整後的 10.9% 上升 10 至 20 個基點。我們繼續預期毛利率將在 30% 至 30.1% 之間，較去年調整後的 29.9% 成長 10 至 20 個基點。我們預計這一成長將由較高的商品利潤率推動，其中包括貨運帶來的小額收益，部分被我們的供應鏈投資所抵消，我們繼續計劃與去年持平。

We continue to expect SG&A to be approximately 19.3%, flat to last year's adjusted SG&A. 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 now assuming net interest income of about $156 million, which will have a neutral impact on our year-over-year pretax profit margin. Our full year guidance assumes a tax rate of 25.4% and a weighted average share count of approximately 1.14 billion shares. As a result of all these assumptions, we now expect full year diluted earnings per share to be in the range of $4.03 to $4.09. We would represent -- this would represent an increase of 7% to 9% versus last year's adjusted diluted earnings per share of $3.76.

我們繼續預期 SG&A 約為 19.3%，與去年調整後的 SG&A 持平。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。我們現在假設淨利息收入約為 1.56 億美元，這將對我們的同比稅前利潤率產生中性影響。 我們的全年指引假設稅率為 25.4%，加權平均股數約為 11.4 億股。由於所有這些假設，我們現在預計全年攤薄每股收益將在 4.03 美元至 4.09 美元之間。我們表示，與去年調整後的稀釋每股收益 3.76 美元相比，這將意味著成長 7% 至 9%。

Moving to our second quarter guidance. We're expecting overall comp store sales to be up 2% to 3%, consolidated sales to be in the range of $13.2 billion to $13.3 billion, pretax profit margin to be in the range of 10.4% to 10.5%, flat to up 10 basis points versus last year. Gross margin to be approximately 29.8%. This would be a decrease of 40 basis points versus last year. This is primarily due to the lapping of a significant freight accrual benefit last year in supply chain investments, partially offset by an increase in merchandise margin.

轉向我們的第二季指引。我們預計實體店整體銷售額將成長 2% 至 3%，綜合銷售額將在 132 億美元至 133 億美元之間，稅前利潤率將在 10.4% 至 10.5% 之間，持平至增長 10%與去年相比的基點。毛利率約29.8%。這將比去年​​下降 40 個基點。這主要是由於去年供應鏈投資帶來了顯著的貨運應計效益，但部分被商品利潤率的增加所抵消。

SG&A to be approximately 19.6%, a decrease of 50 basis points versus last year. This is primarily due to a benefit from lapping higher incentive accruals and a reserve related to the write-off of a German COVID program receivable last year, partially offset by incremental store wage and payroll costs. Our second quarter guidance also assumes net interest income of about $42 million, a tax rate of 26.3% and a weighted average share count of approximately 1.14 billion shares. Based on these assumptions, we're expecting second quarter diluted earnings per share to be in the range of $0.88 to $0.90, up 4% to 6% versus last year's $0.85.

SG&A 約 19.6%，比去年下降 50 個基點。這主要是由於去年德國新冠疫情計劃應收帳款沖銷帶來的更高的應計獎勵和準備金帶來的好處，部分被商店工資和工資成本的增加所抵消。 我們的第二季指引也假設淨利息收入約為 4,200 萬美元，稅率為 26.3%，加權平均股數約為 11.4 億股。基於這些假設，我們預計第二季攤薄後每股收益將在 0.88 美元至 0.90 美元之間，比去年的 0.85 美元增加 4% 至 6%。

Lastly, our implied guidance for the second half of the year assumes that overall comp store sales will be up 2% to 3%, pretax profit margin will be in the range of 11.3% to 11.5% and earnings per share will be in the range of $2.22 to $2.26. In closing, I want to emphasize that we are in an excellent financial position to continue to invest in the growth of our company, while simultaneously returning significant cash to our shareholders.

最後，我們對今年下半年的隱含指引假設整體商店銷售額將成長 2% 至 3%，稅前利潤率將在 11.3% 至 11.5% 範圍內，每股收益將在2.22 美元至 2.26 美元。最後，我想強調，我們的財務狀況良好，可以繼續投資於公司的發展，同時向股東返還大量現金。

Now we are happy to take your questions. As a reminder, please limit your questions to 1 per person so we can answer as many questions as we can. Thanks and now we'll open it up to questions.

現在我們很樂意回答您的問題。溫馨提示，請將您的問題限制為每人 1 個，以便我們可以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 Matthew Boss from JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Matthew Boss。

And congrats on another nice quarter. So Ernie, could you elaborate on drivers of the market share gains across both apparel and home that you cited? And just your confidence in the multiyear runway for continued gains, maybe near term, have you seen any change in business momentum here in May? And then, John, just speaking of runway, how best to think about merchandise margins multiyear, just given the structural changes on the buying front that you've discussed?

恭喜又一個美好的季度。那麼，Ernie，您能否詳細說明您提到的服裝和家居市場份額增長的驅動因素？您對多年持續成長（也許是近期）的持續成長充滿信心，您是否看到 5 月份的業務勢頭有任何變化？然後，約翰，剛才談到跑道，考慮到您所討論的購買方面的結構性變化，如何最好地考慮多年的商品利潤率？

So Matt, let me start. Well, obviously, we don't give category-specific information on which categories we're driving the comps. But one thing I can tell you it was pretty balanced across the board. It wasn't one -- any one area that was driving our total any more than we planned on it. We did feel a little bit of a weather pattern hit that during the quarter and it was kind of an on and off thing, which you probably read about and heard about from other retailers talking about it.

馬特，讓我開始吧。嗯，顯然，我們不會提供有關我們正在推動比較的類別的特定類別資訊。但我可以告訴你的一件事是，整體上非常平衡。沒有任何一個領域對我們的整體貢獻超過我們的計劃。我們確實感受到了本季天氣模式的影響，這是一種斷斷續續的事情，您可能從其他零售商那裡讀到或聽到這樣的情況。

So in our case, those type of patterns can impact us in areas just like it does anyone else in terms of foot traffic tends to impact our apparel layers but our apparel ended up healthy for the quarter. So whether it was home, apparel, accessories, everything kind of was in line with the way we thought it would have been for the quarter. The confidence -- and again, I think your second part of the question was about -- and again, I can't give you specifics on the categories, the second part of the question, I guess, is about what gives us confidence in the future, right, on how we're going to continue to drive this. And am I getting that right, Matt on the second?

因此，就我們而言，這些類型的模式可能會影響我們的領域，就像它對其他任何人一樣，人流往往會影響我們的服裝層，但我們的服裝最終在本季度保持健康。因此，無論是家居、服裝、配件，一切都符合我們對本季的預期。信心——再說一遍，我認為你問題的第二部分是關於——再說一次，我無法給你具體的類別，我想問題的第二部分是關於什麼給了我們信心未來，對，我們將如何繼續推動這一目標。我說得對嗎，馬特，第二個？

Yes. Continued drivers of market share gains and just business momentum. Have you seen any change?

是的。市場佔有率成長和業務動力的持續驅動力。你看到有什麼改變嗎？

Yes. No, the momentum is really consistent where it's been in the last few months. And the -- I think what gives us a lot of confidence is we are the only retailer right now that I see that is able to take brands and fashion and quality and put all of that together in this treasure hunt format, remember, I'm talking about having good, better, best, good, better, best, a range of all income and age groups, whereas all the other retailers, and I know, Matt, we've talked about this before, I really don't know of any other retailer brick-and-mortar oriented that is creating a treasure hunt of this excitement level and entertainment level because they're trading so broadly as we are.

是的。不，過去幾個月的勢頭確實是一致的。我認為給我們很大信心的是，我們是目前唯一一家能夠將品牌、時尚和品質融入到這種尋寶形式中的零售商，記住，我說的是擁有好、更好、最好、好、更好、最好的一系列所有收入和年齡組，而所有其他零售商，我知道，馬特，我們之前討論過這個，我真的不知道據我所知，還有其他實體零售商正在創造如此興奮和娛樂的尋寶活動，因為他們的交易範圍與我們一樣廣泛。

And so that is extremely differentiated in this environment, fortunately for us. We're able to take advantage of the excess inventories across the e-com business as those flex and some of those, as you know, some of the vertical players as well as the full-line players, they've had spill off of goods. That has been a supplier of extra inventory for us.

因此，這在這種環境下是非常不同的，這對我們來說是幸運的。我們能夠利用整個電子商務業務的過剩庫存，因為這些庫存靈活，其中一些，如你所知，一些垂直參與者以及全線參與者，他們已經溢出了商品。那是我們額外庫存的供應商。

As always, we see availability to continue to propel us because we are now becoming more and more important to our vendors which has -- we were important in the middle of COVID, pre-COVID. Now we're at a different level, I believe, of importance to our vendors. And the neat thing with that is the vendors have figured out ways to work with us even more consistently than in the past.

像往常一樣，我們認為可用性將繼續推動我們，因為我們現在對我們的供應商變得越來越重要，我們在新冠疫情期間、新冠疫情之前都很重要。我相信，現在我們處於一個不同的水平，對我們的供應商來說很重要。有趣的是，供應商已經找到了與我們合作的方法，比過去更一致。

So your question, by the way, as you can imagine, as I'm going on here, it's just -- it really encompasses all the reasons why we're so bullish. I mean we have the value leadership positioning right now. And another thing that's happened, as we become a cooler place to shop, so the other thing giving us confidence is, we are now more gift-giving-oriented all year long. So now we're starting to get a greater consumer traffic coming to us for gift giving, whether it's at holiday and we've delivered strong fourth quarters.

順便說一句，正如你可以想像的那樣，正如我在這裡所說的那樣，你的問題確實包含了我們如此樂觀的所有原因。我的意思是我們現在擁有價值領導地位。發生的另一件事是，隨著我們成為一個更涼爽的購物場所，因此給我們信心的另一件事是，我們現在全年都更加重視送禮。因此，現在我們開始吸引更多的消費者前來送禮，無論是在假期或假期，我們第四季的業績表現強勁。

But even in the other time periods, Mother's Day, Father's Day, Valentine's Day, whereas a handful -- I don't know, 10 years ago, maybe we weren't the place on X percent of gifts that people were comfortable with giving. So sorry for the long-winded answer. I could keep going but I think that's enough to give you the confidence of why I think we're going to continue on a healthy trajectory here.

但即使在其他時間段，母親節、父親節、情人節，而少數人——我不知道，10 年前，也許我們並不是人們願意送出的 X% 的禮物。很抱歉這麼冗長的回答。我可以繼續前進，但我認為這足以讓你相信為什麼我認為我們將繼續沿著健康的軌道前進。

Yes.

是的。

John, did I leave anything for you?

約翰，我留了什麼給你嗎？

No. I think right now.

不，我現在想。

No, but I think you had. Did you?

不，但我想你有過。你是否？

What was the question for me, Matt? I think Ernie might have answered it.

馬特，我要問什麼問題？我想厄尼可能已經回答了。

Runway multiyear with merchandise margins, just given the structural changes that you made on the buying front.

考慮到您在購買方面所做的結構性變化，跑道多年的商品利潤率。

That's back to me probably.

這可能又回到了我身邊。

That's back to me probably. I just wanted you to know, Matt, John is looking back at me. So the -- wow, I'd say we just started to touch on that. So as you can see from the healthy merchandise margin, we just delivered and we believe there's still a opportunity in our pricing as we go forward to continue to selectively raise our prices as well as what's happened is, buy better.

這可能又回到了我身邊。我只是想讓你知道，馬特，約翰正在回頭看著我。所以——哇，我想說我們才剛開始觸及這個問題。因此，正如您從健康的商品利潤率中看到的那樣，我們剛剛交付，我們相信我們的定價仍然存在機會，因為我們將繼續有選擇地提高價格，而發生的情況是，買得更好。

It's kind of a 50-50 right now. We're winning on both fronts in terms of buying better and retailing goods. And I have to tell you, 1 team, our marketing teams measure our perception of value with the consumers regularly and what they would tell you is that -- our surveys tell us our customer perception on our values that we offer continues to show us as being stronger than the competition really overall through the business.

現在大概是50-50。我們在購買更好的商品和零售商品方面都取得了勝利。我必須告訴你，1個團隊，我們的行銷團隊定期衡量我們對消費者的價值認知，他們會告訴你的是——我們的調查告訴我們，客戶對我們提供的價值觀的認知繼續向我們展示：透過業務真正整體上比競爭對手更強。

So we're always monitoring that in addition to looking at the true numbers but our customers perceive our values as extremely strong relative to competition, which I believe gives us in merchandise margin, to your question, the ability to continue to leverage our pricing and our buying power. Always keeping a pulse on that, which our buyers are excellent at monitoring where our retails are versus the competition. Hopefully, that answers that.

因此，除了查看真實數字外，我們一直在監控這一點，但我們的客戶認為我們的價值觀相對於競爭而言非常強大，我相信這為我們提供了商品利潤，對於您的問題，我們有能力繼續利用我們的定價和我們的購買力。始終保持關注，我們的買家非常擅長監控我們的零售與競爭對手的對比情況。希望這能回答這個問題。

Great color. Best of luck.

顏色很棒。祝你好運。

Our next question comes from Lorraine Hutchinson from Bank of America.

我們的下一個問題來自美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

My question is around new customer acquisition. Are you still attracting a younger customer to all of the banners? And are you seeing any increased sign of trade down from a higher income demographic?

我的問題是關於新客戶的獲取。您還在用所有橫幅吸引年輕顧客嗎？您是否看到高收入人群貿易下降的跡象增加？

Yes, Lorraine, so we do continue to attract more new customers that are skewing to a younger age as well, as we've seen for the last number of quarters. And what was -- I'm sorry, what was the second part of your question?

是的，Lorraine，所以我們確實繼續吸引更多年輕化的新客戶，正如我們在過去幾季所看到的那樣。抱歉，你問題的第二部分是什麼？

Signs of trade down.

貿易下滑的跡象。

Oh, the trade down, trade down. So again, it's hard for us to see specific customer data because we don't -- our credit card isn't as penetrated as other retailers. But what we are seeing, when we look at our sales by stores that are in different demographics, like we said on the call, we're seeing above and below $100,000, they were both positive. Now this quarter, it skewed a little bit more towards the lower income customer. But again, it was strong on both sides of that point, that $100,000.

哦，交易下降，交易下降。再說一次，我們很難看到特定的客戶數據，因為我們看不到——我們的信用卡不像其他零售商那樣滲透。但我們所看到的是，當我們查看不同人口統計的商店的銷售額時，就像我們在電話中所說的那樣，我們看到高於和低於 100,000 美元，它們都是積極的。現在這個季度，它更多地向低收入客戶傾斜。但同樣，10 萬美元這一點的兩邊都很強勁。

Lorraine, I would just also jump in on one of the things that we believe is healthy for us, again, as we talked about in the beginning, the way we trade to good, better, best. On the age demos, where we have been appealing to more younger customers, it -- what's been great is, we also track the age group and the income groups like John is saying, and we are pretty balanced.

洛林，我也想談談我們認為對我們有益的事情之一，正如我們一開始談到的那樣，我們的交易方式是好的、更好的、最好的。在年齡演示中，我們一直在吸引更多年輕客戶，很棒的是，我們還追蹤年齡組和收入組，就像約翰所說的那樣，我們非常平衡。

So also, we have desired to not as much as appeal to younger customers. We don't want to swing a pendulum on any age group because we want the customer to vote and we try to drive across as many income and age demographics. At the same time, planting the seeds, as you know, our emphasis has been younger customers. So once you know that we're always keeping a pulse though on -- as best we can on measuring -- having a balance, I guess, you would call it, across age and income.

同樣，我們也希望不要那麼吸引年輕顧客。我們不想在任何年齡層上搖擺，因為我們希望客戶投票，我們試圖推動盡可能多的收入和年齡人口統計。同時，如你所知，我們的重點一直是年輕客戶。因此，一旦你知道我們總是保持脈搏——盡我們所能地衡量——在年齡和收入之間保持平衡，我想，你會稱之為平衡。

Our next question comes from Brooke Roach from Goldman Sachs.

我們的下一個問題來自高盛的布魯克·羅奇。

Can you speak to your outlook for further market share capture and momentum in the HomeGoods segment and the home segment in aggregate. As you begin to cycle the step-up in sales and profit trends from last year, do you think that you can continue the momentum? And where do you see the biggest opportunity for further gains in comp and margin improvement?

您能否談談您對家居用品細分市場和家居細分市場進一步佔領市場份額和發展勢頭的展望。當您開始循環去年的銷售和利潤趨勢時，您認為您可以繼續這種勢頭嗎？您認為進一步提高競爭力和利潤率的最大機會在哪裡？

Yes. I'll start with this question, Brooke. Yes. So when you look at our comps going forward, let's say, on a 2-year stack basis, we do have a large fourth quarter. But the one thing to note is that when we came out of COVID, first of all, if you look at the history, it's been somewhat choppy as we've guided towards more of a normalization.

是的。我將從這個問題開始，布魯克。是的。因此，當你看看我們未來的比較時，比方說，在兩年的基礎上，我們確實有一個很大的第四季。但要注意的一件事是，當我們走出新冠疫情後，首先，如果你回顧一下歷史，你會發現，隨著我們走向正常化，情況有些不穩定。

But when you look at our comps on a stack versus our last base year, which is FY'20 pre COVID, you'll see that they are very consistent quarter-to-quarter. The other thing is we're seeing our sales growth through transaction growth, which is very healthy. It's a healthy way to grow your top line. So that, again, gives us confidence that we're still appealing to a lot of customers, still picking up a lot of customers that are new to us. So that gives us the confidence to, again, be confident about the 2% to 3% comp we have going forward for the remainder of the year.

但是，當您將我們的比較與上一個基準年（即新冠疫情爆發前的 20 財年）進行比較時，您會發現它們的季度與季度非常一致。另一件事是我們看到我們的銷售透過交易成長而成長，這是非常健康的。這是增加收入的健康方式。因此，這再次給了我們信心，我們仍然吸引著許多客戶，仍然吸引了許多對我們來說是新的客戶。 因此，這讓我們有信心再次對今年剩餘時間的 2% 至 3% 的薪水充滿信心。

I think, Brooke, the industry, as you know, has had a lot of upheaval and inconsistent results and whether interest rates and big picture with housing slowdown, et cetera, reiterating what John said, I think there's this continued market share opportunity though. And when you look at the -- we look at where our volume was pre-COVID to now, that way you get rid of all the ups and downs and all the noise that happened in that time period. And we have averaged very healthy comps, which I think bodes well for the future.

我認為，布魯克，正如你所知，這個行業經歷了很多動盪和不一致的結果，無論是利率還是房地產市場放緩的大局等等，重申約翰所說的，我認為儘管如此，仍然存在持續的市場份額機會。當你看時，我們會看看我們的交易量在新冠疫情之前到現在的情況，這樣你就可以擺脫那段時間發生的所有起伏和所有噪音。我們的平均得分非常健康，我認為這對未來來說是個好兆頭。

Obviously, the industry -- you can see it out there. The furniture business in the industry, that has been rather soft across the board everywhere. But what we're happy, the reason we don't take a hit as hard as others is we're able to flex, this is where our flexible business model comes into place. And whether it's in HomeGoods or in HomeSense, we were able to flex the categories to where the action is more and the demand is more happening. As well as the other thing we've been doing there is going after consumables, things where they are driving repeat traffic in the HomeGoods. So that's another place we think we'll continue and I won't get into those specific categories. But it's in that place, I think we're going to continue to gain market share.

顯然，這個行業——你可以在那裡看到它。該行業的家具業務，到處都相當疲軟。但令我們高興的是，我們不像其他人那樣受到那麼大的打擊，因為我們能夠靈活應變，這就是我們靈活的商業模式發揮作用的地方。無論是在 HomeGoods 或 HomeSense 中，我們都能夠將品類靈活調整到活動較多、需求較多的地方。除了我們一直在做的另一件事之外，我們還關註消費品，這些消費品正在推動家居用品的重複流量。 所以這是我們認為我們會繼續的另一個地方，我不會進入這些特定類別。但正是在這個地方，我認為我們將繼續獲得市場份額。

Our next question comes from Ike Boruchow from Wells Fargo.

我們的下一個問題來自富國銀行的 Ike Boruchow。

I guess I wanted to talk about the HomeGoods business. And I assume you're not going to give us specifics on the outlook on either comp or margin. But I guess if I'll kind of frame it as a high-level question, how are you thinking about the business as you balance the solid recovery in margin against what seems like it's becoming a little bit more competitive or tougher in the furnishings and furniture space, just as you kind of like look out to the rest of the year. If you want to give specifics on guidance, that's also okay.

我想我想談談家居用品業務。我認為您不會向我們提供有關補償或利潤前景的具體資訊。但我想，如果我將其視為一個高層問題，當你在利潤率的穩健復甦與家具和家具方面似乎變得更具競爭力或更強硬之間取得平衡時，你如何看待業務？ ，就像你喜歡關註今年剩下的時間一樣。如果您想提供具體的指導，也可以。

It's very nice of you, Ike.

你真是太好了，艾克。

Look, I think we're confident in HomeGoods as we are in our other divisions. Ernie talked about the replenishment business that we've increased in our home, both in home and Marmaxx -- in home -- in HomeGoods, that gives the customer a reason to come to HomeGoods that's outside of maybe decor and big-ticket items. And when they're in the store, a lot of times, they will find things else -- things other -- that they can put in their cart. So giving the customers more reasons to shop all of our stores is a key to us driving that top line.

看，我認為我們對家居用品充滿信心，就像我們對其他部門一樣。厄尼談到了我們在家居用品和 Marmaxx 家居用品中增加的補貨業務，這給了顧客一個來到 HomeGoods 的理由，而不僅僅是裝飾和大件商品。當他們在商店裡時，很多時候，他們會發現其他東西——其他東西——可以放入購物車。因此，讓顧客有更多的理由在我們所有的商店購物是我們推動營收成長的關鍵。

Yes. And I think even given what's going on in the environment, you can see these ups and downs where they don't go picture perfect. But you remember, not long ago, I think it was 3 quarters ago, we were talking about making incremental improvement and we've exceeded it at times and then we come in now a little bit more kind of in line with where we might have thought we've been and we're not exceeding at the moment.

是的。我認為，即使考慮到環境中正在發生的事情，你也可以看到這些起伏，但它們並不完美。但你還記得，不久前，我想那是三個季度前，我們正在談論進行漸進式改進，我們有時已經超過了它，然後我們現在更加符合我們可能的情況我認為我們已經做到了，而且目前還沒有超過。

But we always have faith that the model is so different than everybody else and where fashion and utilitarian driven and the impulse nature of HomeGoods, I'm just not concerned about where we're going to be as we move forward over the next 9 months.

但我們始終相信，這種模式與其他人有很大不同，而且時尚和功利主義驅動以及家居用品的衝動本質，我只是不關心我們在未來 9 個月中前進的方向。

Our next question comes from Paul Lejuez from Citigroup.

我們的下一個問題來自花旗集團的 Paul Lejuez。

Can you talk about the competition for deals and whether you've seen any changes within the good, better and best opportunities and maybe where you're seeing better deals in IMUs within that good, better, best? And then second, just curious how you characterize the promotional landscape that you're playing in now.

您能否談談交易競爭，以及您是否看到了良好、更好和最佳機會方面的任何變化，也許您在 IMU 方面看到了更好、更好、最好的更好交易？其次，只是好奇你如何描述你現在所處的促銷環境。

Sure, Paul. So on the competition for deals, you're talking about kind of at the market vendor level, could be other retailers competing with us. Is that?

當然，保羅。因此，關於交易競爭，您談論的是市場供應商層面的競爭，可能是其他零售商與我們競爭。就是它？

Correct. Yes. Overall with those looking for the same deals.

正確的。是的。總的來說，對於那些尋求相同交易的人來說。

Yes, yes, ironically, of course, there's competition. The only thing that's happened is, first of all, our buyers that are extremely well trained. And I don't know if I say this enough. Our buyers -- part of their training is to be easy to deal with and be courteous and respectful, yet be demanding on price, to get to the right value, which is what they do. Now you take that training and where they are with the fact that the market has, as you know, has consolidated a bit in terms of all the amount of brick-and-mortar stores.

是的，是的，諷刺的是，當然存在競爭。首先，唯一發生的事情是我們訓練有素的買家。我不知道我說得夠不夠。我們的買家——他們接受的培訓的一部分是要易於相處、彬彬有禮、尊重他人，但對價格要求很高，以獲得正確的價值，這就是他們所做的。現在，您接受了培訓，了解了他們的情況，正如您所知，就實體店的數量而言，市場已經有所整合。

And we have continued to grow our brick-and-mortar stores, so more and more vendors, they have even more reasons to want to sell us versus others because their goods in our store now hang with the best. They hang even more assorted than ever before. They're part of a very eclectic mix even more so than ever before. They're dealing with a buying team that's very straightforward and a company that has cash and will be paying. So the competition is there, like competition has always been there.

我們繼續發展我們的實體店，所以越來越多的供應商，他們有更多的理由想要賣給我們而不是其他人，因為他們在我們店裡的商品現在都是最好的。它們的懸掛方式比以往任何時候都更加多樣化。它們是一個非常不拘一格的組合的一部分，甚至比以往任何時候都更加如此。他們正在與一個非常直接的採購團隊打交道，並且公司擁有現金並且願意付款。所以競爭是存在的，就像競爭一直存在一樣。

But I would say, like I said earlier on the call, we're more important today to the vendors. And probably the vendor relationships are even better than they've ever been due to that. I'm sure you can always find an exception here or there because we sell thousands -- we deal with thousands of vendors. But overall, the relationships are just fantastic.

但我想說，就像我之前在電話會議上所說的那樣，我們今天對供應商來說更為重要。因此，供應商關係可能比以往任何時候都更好。我確信您總是可以在這裡或那裡找到例外，因為我們銷售數千個產品 - 我們與數千個供應商打交道。但總的來說，雙方的關係非常棒。

And so our competition, some vendors want to split up goods. And no matter who they are, they're going to allocate goods to certain retailers. Most, I would say, want to deal with us because they -- it's the best thing for them to know where the goods are going and they're getting spread out dramatically. The promotional environment that you're asking about, I would say is, to me, very similar to what -- I don't see any noticeable difference.

所以在我們的競爭中，有些供應商想要分割貨物。無論他們是誰，他們都會將商品分配給某些零售商。我想說，大多數人想與我們打交道，因為他們知道貨物的去向以及貨物正在急劇分散，這對他們來說是最好的事情。我想說，你所問的促銷環境對我來說非常相似，我沒有看到任何明顯的差異。

The only thing as you probably read -- there's more word in the media more describing of pricing being adjusted more than necessarily promotions and we've taken a look at that, in most of those situations and the retail is talking about -- it tends to not be in the categories that we're dealing with where our emphasis is in.

您可能讀到的唯一一件事是——媒體上有更多的文字更多地描述了價格調整，而不是促銷，我們已經研究過這一點，在大多數情況下，零售業正在談論— —它傾向於不屬於我們正在處理的重點類別。

So I think that's a form of if -- and many retailers have been soft on traffic and transactions. I think we're going to see more -- my prediction would be, we're going to see more of that, talk about lowering prices on certain commodity items for them to try to get customers back. Fortunately, for us, it tends to not be in the -- with the vendors or the categories that we actually do business in.

所以我認為這是一種假設——許多零售商在客流量和交易方面一直表現得很軟弱。我認為我們會看到更多 - 我的預測是，我們會看到更多這樣的事情，談論降低某些商品的價格，以試圖重新贏得客戶。幸運的是，對我們來說，它往往不屬於我們實際開展業務的供應商或類別。

And just to add on to what Ernie was saying, in promotional environments, the fact that we buy so close to need, our buyers oftentimes are able to react to those promotional times and price the goods competitively.

補充一下厄尼所說的，在促銷環境中，事實上，我們購買的產品非常接近需求，我們的買家通常能夠對促銷時間做出反應，並對商品進行有競爭力的定價。

Our next question comes from Michael Binetti from Evercore.

我們的下一個問題來自 Evercore 的 Michael Binetti。

Congrats on an nice quarter. I have a few. I guess, John, I know you guide on pretax margin but the implied EBIT margin you expect for the year is up about 10 to 20 basis points. It's a little better than it was 90 days ago, plus 10. So it's moving up but you said a few times you need 4% comp to lever the business. You've held the 2% to 3% here but the margins keep getting better.

恭喜您度過了一個美好的季度。我有幾個。約翰，我想，我知道您對稅前利潤率的指導，但您預計今年的隱含息稅前利潤率將上漲約 10 到 20 個基點。比 90 天前好一點，再加上 10 天。你在這裡持有 2% 到 3% 的利潤，但利潤率不斷提高。

Any reason to think you're having some successes in moving the leverage point down into this comp range, if this is the new normal for a while. And then I'm curious, California has had some very big changes fairly recently in the hourly wages over on the restaurant side. I mean I assume your teams there are thinking about that and how it will radiate out to your hiring and retention and hopefully, comps. Any thoughts you have early days on the changes in California?

如果這是一段時間內的新常態，有任何理由認為您在將槓桿點降低到此補償範圍方面取得了一些成功。然後我很好奇，加州最近在餐廳方面的時薪方面發生了一些非常大的變化。我的意思是，我假設你們的團隊正在考慮這一點，以及它將如何影響你們的招募和保留，並希望影響薪酬。您對加州早期的變化有什麼想法嗎？

Yes. So I'll start with the 2% to 3%, the fact that we're levering on a 2% to 3%. So our leverage point continues to be flat to up 10 basis points on a 3% to 4% comp with no outsized expenses. What you're seeing in our guidance is that we had a number of onetime items last year that are benefiting us. So we had incentive accruals, the German reserve accrual that we wrote off. And on a full year basis, there's homegoods.com that we shut last year.

是的。所以我將從 2% 到 3% 開始，事實上我們正在利用 2% 到 3% 的槓桿。因此，我們的槓桿點繼續持平，以 3% 至 4% 的比率上升 10 個基點，且沒有巨額費用。您在我們的指導中看到的是，去年我們有許多一次性項目使我們受益。因此，我們有應計獎勵，即我們註銷的德國應計儲備。從全年來看，我們去年關閉了 homegoods.com。

So when you look at that, that gives us the ability to leverage the business. Now one of the other things, if you look at our, let's say, our Q1 versus our guidance that we had, one of the areas that we did outperform was in freight. So our freight was -- we were more efficient on how we were moving our goods in the first quarter. So we benefited there.

因此，當你看到這一點時，你會發現這使我們有能力利用業務。現在，另一件事是，如果你看看我們的第一季與我們的指導，我們表現出色的領域之一是貨運。因此，我們的貨運在第一季的貨物運輸方式上更有效率。所以我們在那裡受益匪淺。

And then, of course, the mark-on was also favorable in the first quarter. So both of those things also support our ability to leverage on a comp that's lower than that 3% to 4%. And then wage, sorry, wage in California, we see wages going up in different geographies. And one of the things that we've talked about is that -- we're not looking to do across-the-board wage increase, rather, in our plans, we have funds available to be able to adjust on a market-by-market basis where we need to.

當然，第一季的加價也很有利。因此，這兩件事也支持我們利用低於 3% 至 4% 的比較的能力。然後是工資，對不起，加州的工資，我們看到不同地區的工資都在上漲。我們討論過的一件事是——我們不打算全面提高工資，相反，在我們的計劃中，我們有可用的資金來根據市場進行調整—— -我們需要的市場基礎。

So we track very closely our attrition rates, our ability to hire and where we see the need, we have the ability to increase wages pointedly, which we have in -- as part of our guidance.

因此，我們非常密切地追蹤我們的員工流失率、我們的招募能力，以及我們認為有需要的地方，我們有能力有針對性地提高薪資，這是我們指導的一部分。

Our next question comes from Adrienne Yih from Barclays.

我們的下一個問題來自巴克萊銀行的 Adrienne Yih。

Great. Ernie, this is a follow-on something you said earlier. So last year, you had some strategic pricing very specific to particular categories you were looking at. It sounds like the environment is maybe not meaningfully more promotional but we've seen a definite uptick in April and May and then the target announcement yesterday about sharpening those price points.

偉大的。厄尼，這是你之前所說的後續內容。所以去年，你有一些針對你所關注的特定類別的策略定價。聽起來環境可能沒有更多有意義的促銷，但我們看到四月和五月的價格明顯上升，然後昨天宣布了關於提高這些價格點的目標。

So I guess my question is, how do you think about taking -- how do you think about your pricing strategy in light of kind of new information and sort of the dynamic environment? And then for John, my question for you is, can you continue to run sort of negative low to mid-single-digit per store inventory and drive a positive comp?

所以我想我的問題是，您如何考慮採取—根據新資訊和動態環境，您如何考慮您的定價策略？然後，對於約翰，我想問你的問題是，你能否繼續維持每家商店低至中個位數的負庫存並推動積極的競爭？

All right, Adrienne. So yes, on the first one, here is the crux of the -- most important thing to always remember is -- and you mentioned the right word, which is a dynamic environment in terms of the pricing, which is I think how you said it, which is spot on to what can happen here. And our buyers comp shop weekly of what the out-the-door retail is on the exact SKUs or the like SKUs that we carry to ensure that we always maintain a gap between our out-the-door retail and any retailers retail.

好吧，艾德麗安。所以，是的，在第一個方面，這是關鍵 - 最重要的是要永遠記住 - 你提到了正確的詞，這是定價方面的動態環境，我認為這就是你所說的它恰好說明了這裡可能發生的事情。我們的買家每週都會對我們攜帶的確切 SKU 或類似 SKU 上的戶外零售情況進行比較，以確保我們的戶外零售與任何零售商零售之間始終保持差距。

In fact, I think we've talked about this before, we will not be undersold. So that's the first thing to always know is that is a foundational key point that all our merchants live off and we will not be undersold by any retailer. Sometimes we could be at the same price if it's another off-price retailer or another format, nobody is ever below us knowingly and then we adjust if that was the case. Then we always look at our gap between the out-the-door what we're selling for.

事實上，我想我們之前已經討論過這個問題，我們不會被拋售。因此，首先要知道的是，這是我們所有商家賴以生存的基本關鍵點，我們不會被任何零售商低價銷售。有時，如果是另一家折扣零售商或其他格式，我們可能會處於相同的價格，沒有人故意低於我們，然後如果是這種情況，我們會進行調整。然後我們總是關注我們所銷售的產品與室外產品之間的差距。

And this is embedded in the way our merchants are trained and the way they operate all the time. So we would react if there were categories that, that started to happen and we would react quickly to those. I still believe from what the categories I know that the retailers are talking about adjusting, it would not be in the categories for the most part that we're in.

這已經融入我們商家的培訓方式和他們一直以來的運作方式。因此，如果有某些類別開始發生，我們會做出反應，並且我們會迅速做出反應。我仍然相信，從我所知道的類別來看，零售商正在談論調整，但它不會出現在我們所處的大多數類別中。

So I believe we're going to be fine in terms of overall, I would say, in all of our families of business. However, if we run into items or specific SKUs, we will adjust. I don't see and that -- which is different than when we talk promotion, sometimes that sale promotions at department stores are percentage off on a website, an e-com player, those are really never a concern because we're always below those out-the-door promotional prices.

所以我相信我們所有的企業家族整體來說都會很好。但是，如果我們遇到商品或特定 SKU，我們會進行調整。我不明白這一點——這與我們談論促銷時不同，有時百貨公司的促銷活動在網站上、電子商務播放器上有一定的折扣，這些實際上從來都不是一個問題，因為我們總是低於那些戶外促銷價格。

So even though there might be more of that activity, it doesn't take away from our value difference. And at the same time, we measure -- just so you know, we measure statistically our turns by area to make sure we are spinning in the stores appropriately, which would be a sign of if we weren't the value equation as well as the survey, which I talked about in the beginning. So again, we take this all extremely seriously. But right now, no signs of impact but we'll adjust if there ever were.

因此，即使此類活動可能會更多，但這並不會消除我們的價值差異。同時，我們進行測量——正如您所知，我們按區域統計地測量我們的旋轉，以確保我們在商店中適當旋轉，這將是一個標誌，如果我們不是價值方程式以及我在開始時談到的調查。 再次強調，我們非常嚴肅地對待這一切。但目前還沒有影響的跡象，但如果有的話我們會進行調整。

So the inventory, so as we said in our release, on an average per-store basis, inventories are down 5%. However, store inventories are in line with last year. And that's the important point to note. When you look at our inventory, as far as our distribution center inventory, in FY '22, excuse me, FY '23, our inventory levels were higher than what we wanted as the logistics networks sped up and the outsized comps from FY -- we were coming down from the outsized comps in FY '22.

庫存方面，正如我們在新聞稿中所說，平均每家商店的庫存下降了 5%。不過，商店庫存與去年持平。這是需要注意的重點。當你看到我們的庫存時，就我們的配送中心庫存而言，在22 財年，對不起，在23 財年，我們的庫存水平高於我們想要的水平，因為物流網絡加速，而且財年的規模龐大——我們從 22 財年的超大規模競爭中走出來。

So in FY '24, we packed away or FY '23, we packed away a lot of inventory that we start -- that we bled through in FY '24. So in the first quarter, you have that packaway inventory that was much higher than we would normally want to carry and packaway in the first quarter. So when you back out that packaway difference, our inventories are in line in total on an average per store basis with last year. So it's just really the timing of the packaway from the previous year.

因此，在 24 財年，我們打包了 23 財年，我們打包了很多我們開始的庫存——我們在 24 財年耗盡了這些庫存。因此，在第一季度，包裝庫存遠高於我們通常希望在第一季攜帶和包裝的庫存。因此，當您取消包裝差異時，我們的平均每家商店的庫存總額與去年一致。所以這確實是去年打包的時間。

Our next question comes from Jay Sole from UBS.

我們的下一個問題來自瑞銀集團 (UBS) 的傑伊·索爾 (Jay Sole)。

Great. Ernie, I heard you mentioned in the prepared remarks that you see a lot of store growth potential just in your existing banners, in existing countries. I was just wondering if that was sort of a (inaudible) and maybe there's even potential to grow outside of your existing countries. I'm just wondering if there's anything, any new developments over the last 90 days that you see in terms of TJX's potential to grow beyond maybe where you are today?

偉大的。厄尼，我聽到您在準備好的發言中提到，您在現有國家/地區的現有橫幅中看到了很大的商店成長潛力。我只是想知道這是否是一種（聽不清楚），也許甚至有可能在現有國家之外發展。我只是想知道在過去 90 天內，您是否看到 TJX 的發展潛力超越您今天的水平？

So Jay, the -- first of all, great question. Unfortunately, this is one of those things we just -- we don't talk externally about it until we're at a point where we think we could announce. We're always looking, by the way. And I think what you're getting at is other markets, correct? Potentially? Yes.

傑伊，首先，這是一個很好的問題。不幸的是，這是我們只是——我們不會對外談論它，直到我們認為我們可以宣布這一點。順便說一句，我們一直在尋找。我認為您所了解的是其他市場，對嗎？有潛力嗎？是的。

And we're always looking. But at this point, we can't really say which has typically been our posture, when we're at this.

我們一直在尋找。但此時此刻，我們還不能真正說出我們此時的典型姿勢是什麼。

And we're confident in our store plans -- or store growth plans that we have in our existing markets. We still see ability to grow our store base in the U.S. and Canada. And in Europe, also in -- particularly on the continent, particularly in Germany, we still see opportunity to grow our store base.

我們對我們的商店計劃或我們在現有市場上的商店成長計劃充滿信心。我們仍然認為有能力擴大我們在美國和加拿大的商店基礎。在歐洲，特別是在歐洲大陸，特別是在德國，我們仍然看到了擴大商店數量的機會。

Got it. And maybe can you give us an update then on HomeSense and Sierra how those performed in the quarter?

知道了。或許您可以為我們介紹一下 HomeSense 和 Sierra 在本季的表現如何？

We're pleased with how -- we don't break them out but we're pleased with how they performed.

我們對他們的表現感到滿意——我們不會對他們進行分解，但我們對他們的表現感到滿意。

Our next question comes from Aneesha Sherman from Bernstein.

我們的下一個問題來自伯恩斯坦的 Aneesha Sherman。

My question is a follow-up on the comments on international. International has been growing slightly in the mix the last 2 years but the margins remain pretty low. It was 4% this quarter. I know a couple of years ago, you talked about high single digits as being the kind of long-term target for margins. Is that still the case? Or has that view evolved?

我的問題是對國際評論的後續。過去兩年，國際業務略有成長，但利潤率仍然很低。本季為 4%。我知道幾年前，您談到高個位數是利潤率的長期目標。現在還是這樣嗎？或者這種觀點已經演變？

And then a quick follow-up, John, on the gross margin comments you made earlier. You talked about freight becoming more efficient, which sounds different from kind of recapturing the headwinds that you've had the last 2 years and you also talked about mark-on. So would you say it's fair that you think there's going to be a structural improvement in gross margins beyond the kind of recapture of headwinds for the last 2 years? Is the business actually becoming more efficient?

約翰，然後快速跟進您之前發表的毛利率評論。您談到貨運變得更加高效，這聽起來與重新經歷過去兩年的逆風有所不同，您也談到了加價。那麼，您認為毛利率將出現結構性改善，超越過去兩年的逆風，這是公平的嗎？企業真的變得更有效率了嗎？

Well, I'll start with that question there. Yes, the freight itself, so we -- when the freight rate was going against us, we dropped 300 basis points and we -- last year, we clawed back 200 basis points. In my comments then, we said that going forward, it's about -- so we don't see -- we see a stickiness in the freight where driver salaries, there was a train strike that caused higher wages, higher benefits. So those kind of increases to the cost structure of freight are sticky.

好吧，我將從這個問題開始。是的，是運費本身，所以當運費對我們不利時，我們下降了 300 個基點，而去年我們又收回了 200 個基點。在我當時的評論中，我們說，展望未來，這是關於——所以我們沒有看到——我們看到貨運中司機工資的粘性，火車罷工導致了更高的工資和更高的福利。因此，貨運成本結構的這種增加是黏性的。

And we don't see that those are necessarily going to go away. For the first quarter, we were able to shift some of our inbound product a little bit more towards the intermodal versus truck, which is more cost effective. So that's kind of what we're looking to do going forward, which is, try to be as efficient as possible as both inbound and outbound of how we move the goods. And as far as the international segment, yes, we are still very confident in our ability to approach the 8% that we've said. And we are -- that division is working very hard on that as well.

我們認為這些不一定會消失。在第一季度，我們能夠將一些入境產品更多地轉向聯運而不是卡車，這更具成本效益。這就是我們未來希望做的事情，也就是盡量提高貨物進出的效率。 就國際市場而言，是的，我們仍然對達到我們所說的 8% 的目標充滿信心。我們——該部門也在這方面非常努力。

Yes, Aneesha, I think you had pointed out that the first quarter was a 4%.

是的，Aneesha，我想你已經指出第一季的成長率是 4%。

Yes and that was up from last year.

是的，這比去年有所增加。

So we continue to, I just saw your -- right. Traditionally, that first quarter internationally is always a low quarter. This first half is low -- and then -- so -- but you could see it's incrementally up from 1 year ago. So directionally, we're heading in the right place as we look out for the back half.

所以我們繼續，我剛剛看到你的——對了。傳統上，國際上第一季總是低迷的季度。上半年很低——然後——所以——但你可以看到它比一年前逐漸上升。所以從方向上來說，當我們留意後半場時，我們正朝著正確的方向前進。

Our next question comes from Laura Champine from Loop Capital.

我們的下一個問題來自 Loop Capital 的 Laura Champine。

We thought the execution was so strong that you might comp up better than 2% in Marmaxx in this quarter. So I'm wondering if you could comment on what you think the macro backdrop is that you face now. And whether or not you actually do see any pressure on market share from the Chinese discounters like Temu and Shein.

我們認為 Marmaxx 的執行力非常強勁，您可能會在本季獲得超過 2% 的回報。所以我想知道你是否可以評論一下你認為你現在面臨的宏觀背景是什麼。無論你是否真的看到 Temu 和 Shein 等中國折扣店對市場份額造成的壓力。

Yes, I'll start with this one. So in Marmaxx, we did round down to a 2% comp. But when we look at the business itself, the departments that aren't weather dependent performed much better. And the regions that didn't experience as much unfavorable weather also performed better. So that tells us that where we saw the regions in the departments that were strong, that tells us that, okay, that's leaning more towards weather. And we're very confident on our comps for Marmaxx going forward.

是的，我將從這個開始。因此，在 Marmaxx 中，我們會四捨五入至 2% 的補償。但當我們審視業務本身時，不依賴天氣的部門表現會好得多。那些沒有經歷太多不利天氣的地區也表現得更好。因此，這告訴我們，我們看到部門中表現強勁的區域，這告訴我們，好吧，這更傾向於天氣。我們對 Marmaxx 未來的表現非常有信心。

And the teams there, we do -- John's team does a bit of analysis to kind of, right, to look at control groups as such to figure that out. So yes, it feels like weather did hit us and resulted in us rounding down to 2%, right? Laura, on the question about some of those online players you were talking about, we feel just as similar -- they're so commodity-driven and so not the brands that we would carry, very much not the good, better, best type of branded mix that we would go after.

我們那裡的團隊 - 約翰的團隊做了一些分析，對吧，看看對照組本身，找出答案。所以，是的，感覺天氣確實襲擊了我們，導致我們四捨五入到 2%，對嗎？勞拉，關於你所談論的一些線上玩家的問題，我們感覺很相似——他們都是商品驅動的，所以不是我們要攜帶的品牌，非常不是好的、更好的、最好的類型我們追求的品牌組合。

We see very little issue with them taking market share from us. I could see that their business model could overlap with some other brick-and-mortar guys or some other online guys for sure. But we just don't see that as bumping up with our customer base or end use.

我們認為他們從我們手中奪走市場份額沒有什麼問題。我可以看到他們的商業模式肯定會與其他一些實體公司或其他線上公司重疊。但我們只是不認為這會增加我們的客戶群或最終用途。

Our next question comes from Dana Telsey from Telsey Group.

我們的下一個問題來自 Telsey Group 的 Dana Telsey。

As you think about the pace of remodels, I think you mentioned 450 remodels this year on the last call. How are they going? What are you seeing? And any details on any of the banners and how the performance is different? And then also on shrink, are you still looking at shrink being flat this year? Or any changes to what you're seeing in shrink?

當您考慮改造的速度時，我想您在上次電話會議中提到了今年的 450 次改造。他們怎麼樣了？你看到什麼了？任何橫幅的詳細資訊以及性能有何不同？ 還有關於收縮，您是否仍然認為今年收縮持平？或者你在收縮中看到的有什麼改變嗎？

Yes. On the remodels, again, remodels are more about making sure that our stores maintain an excellent fit and finish. And so when we do the remodels, what we see is that stores that are much older are able to compete or I should say, comp as good as, let's say, a store that's 10 years old. And so it's about maintaining the base and making sure that you don't get into a situation where now your sales start to falter and you have to start to really invest in them and catch up.

是的。在改造方面，改造更多的是為了確保我們的商店保持良好的配合和外觀。因此，當我們進行改造時，我們看到的是，歷史悠久的商店能夠競爭，或者我應該說，與擁有 10 年歷史的商店一樣好。因此，關鍵在於維持基礎並確保您不會陷入銷售開始下滑的情況，並且您必須開始真正投資並迎頭趕上。

So for us, it's about maintaining and making sure that when the customer comes in, that it's a pleasant shopping experience no matter what store they come into. Now on the remodels, we always try to make sure that we're putting fixtures in that make it easier for the customers to shop. When you look at our remodels, as far as the beauty department, it's better lighting, it's a cleaner look. And all those things, we think, do add to the top line.

因此，對我們來說，關鍵是要保持並確保顧客進來時，無論他們進入哪家商店，這都是一次愉快的購物體驗。現在，在改造過程中，我們總是盡力確保安裝固定裝置，讓顧客更容易購物。當你看到我們的改造時，就美容部門而言，燈光更好，外觀更乾淨。我們認為，所有這些事情確實會增加收入。

As far as shrink goes, we're still highly focused on shrink. As I said in my comments, we're planning shrink to be flat year-over-year. But we still have a high focus on making sure that we balance protecting the goods with making sure that the customers can shop easily and get -- and be able to buy the goods while also maintaining safety in our stores.

就收縮而言，我們仍然高度關注收縮。正如我在評論中所說，我們計劃縮減同比持平。但我們仍然高度重視確保在保護商品與確保顧客能夠輕鬆購物和獲得商品之間取得平衡，同時能夠在維護商店安全的同時確保商品安全。

So one of the things that we've added, we started to do last year, late towards the year, were body cameras on our LP associates. And when somebody comes in, it's sort of -- it's almost like a de-escalation where people are less likely to do something when they're being videotaped. So we definitely feel that that's playing a role. Also, during the end of the year, when we look at our shrink results, we're able to then set our plans for the following year and seeing what worked, what didn't and so it's about continuing to lean into the strategies that worked last year. But again, we count our inventory at the end of the year and that's when we would be in a position to give guidance.

因此，我們從去年年底開始做的一件事就是為我們的 LP 同事配備隨身攝影機。當有人進來時，這幾乎就像是一種降級，人們在被錄影時不太可能做某事。所以我們確實覺得這正在發揮作用。 此外，在年底，當我們查看縮減結果時，我們可以製定下一年的計劃，看看哪些有效，哪些無效，因此需要繼續採用以下策略：去年工作過。但同樣，我們會在年底計算庫存，那時我們才能提供指導。

Our final question of the day comes from Marni Shapiro from Retail Tracker.

今天的最後一個問題來自 Retail Tracker 的 Marni Shapiro。

Love closing out the call. Congratulations on a nice quarter. The stores look great. Can we talk about your shopper just a little bit? It's been a couple of years now, you've been talking about getting the younger shopper in, they've been coming in, traffic has been up. I guess a couple of things. Does this younger shopper open credit cards? Is it something that is -- that you guys are pushing them to do?

喜歡結束通話。恭喜您度過了一個美好的季度。商店看起來很棒。我們可以簡單談談您的購物者嗎？已經有幾年了，你一直在談論讓年輕的購物者進來，他們一直在進來，客流量一直在上升。我想有幾件事。這位年輕的購物者會開信用卡嗎？這是你們敦促他們做的事情嗎？

And are you finding that they shop across the different brands? And are you marketing to them to shop across the different brands? Because arguably a shopper that shops both TJX or T.J. Maxx and HomeGoods is going to be a more loyal shopper to the company in total. Can you just talk a little bit about what that younger shopper looks like internally for you guys?

您是否發現他們購買不同品牌的商品？您是否向他們推銷不同品牌的商品？因為可以說，同時購買 TJX 或 T.J. 的購物者。總的來說，Maxx 和 HomeGoods 將成為該公司更忠誠的購物者。能簡單談談年輕購物者對你們來說是什麼樣的嗎？

Yes. So Marni, let me start and John will jump in as well, he's very -- also we're both kind of involved in all of the opening credit cards and loyalty, you're touching on a whole loyalty cross shopping. And by the way, you're spot on when you do get the customer that you build loyalty, if they open a TJX Rewards, even a younger customer, ideally, we'd like them to open the credit card and then they cross-shop more. John, right?

是的。 Marni，讓我開始吧，John 也會加入進來，他非常——而且我們都參與了所有的開放信用卡和忠誠度，你正在觸及整個忠誠度交叉購物。順便說一句，當您確實獲得了建立忠誠度的客戶時，如果他們開通了 TJX 獎勵，即使是年輕的客戶，理想情況下，我們希望他們開通信用卡，然後他們交叉-多購物。約翰，對吧？

Yes. It's -- but again, the credit card is not as penetrated as it is with a lot of our competitors. So a lot of our read that we get on the customers comes from customer surveys and we do get credit card information that is available to us that we partner with organizations that pull that information together.

是的。但同樣，信用卡的普及程度並不像我們的許多競爭對手那樣。因此，我們從客戶那裡獲得的許多資訊都來自客戶調查，並且我們確實獲得了可用的信用卡信息，這些資訊是我們與將這些資訊整合在一起的組織合作的。

And that's where we're getting the large majority of the comments that we make as far as being able to -- that we're attracting these younger shoppers. So that has been a pretty much a steady increase over the last handful of years, attracting a larger percent of our new customers in the lower age -- in the younger age demographic. So we are looking at a large data pool when we're making those comments. That's beyond just our credit card.

這就是我們盡可能得到的大部分評論的地方——我們正在吸引這些年輕的購物者。因此，在過去的幾年裡，這一數字一直在穩步增長，吸引了更大比例的低年齡層新客戶——年輕群體。因此，當我們發表這些評論時，我們正在查看一個大型資料池。這不僅僅是我們的信用卡。

And are they -- do you see the data that they are already cross-shopping the departments? And I guess, what are you guys doing on the marketing side to really push that? Because it feels like a real opportunity as these people come into your brand. It's different for somebody like me who is old and has been shopping there forever versus somebody who's new, who came in with mom and maybe is now buying their first house or buying their new apartment.

他們－你看到他們已經在部門間交叉採購的數據了嗎？我想，你們在行銷方面正在做什麼來真正推動這一目標？因為當這些人進入你的品牌時，感覺就像是一個真正的機會。對於像我這樣一直在那裡購物的老人來說，與和媽媽一起進來、也許現在正在購買他們的第一套房子或新公寓的新人來說，這是不同的。

So we tried to use our -- our digital marketing is really aimed at trying to go out -- when we get e-mails, okay, we are able to drive the other brands with the customer. We have also done things in store as well. I think the measuring of it is where, I think, John and I would say it's -- we can't measure a lot of this as well as we would like.

因此，我們嘗試使用我們的——我們的數位行銷實際上是為了走出去——當我們收到電子郵件時，好吧，我們能夠與客戶一起推動其他品牌。我們也在商店裡做了一些事情。我認為約翰和我會說，對它的測量是——我們無法像我們希望的那樣測量很多東西。

All right. In closing, I want to emphasize that we are really in an excellent financial position to continue to invest in the growth of our company, while simultaneously returning significant cash to our shareholders. Now we will thank you for joining us today and we look forward to updating you again on our second quarter earnings call in August. Thank you, everybody.

好的。最後，我想強調，我們確實處於良好的財務狀況，可以繼續投資於公司的發展，同時向股東返還大量現金。現在，我們感謝您今天加入我們，我們期待在八月的第二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 all disconnect. Thank you for participating.

女士們、先生們，今天的電話會議到此結束。你們都可以斷開連線。感謝您的參與。