TJX Companies Inc (TJX) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to the TJX Companies second quarter fiscal 2025 financial results conference call.

歡迎參加 TJX 公司 2025 財年第二季財務業績電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded August 21, 2024.

（操作員說明）謹此提醒，本次電話會議的錄音時間為 2024 年 8 月 21 日。

I would like to turn the conference call over to Mr. Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Incorporated.

我想將電話會議轉交給 TJX Companies, Incorporated 執行長兼總裁 Ernie Herrman 先生。

Please go ahead, sir.

請繼續，先生。

Thanks, Amanda.

謝謝，阿曼達。

Before we begin, Deb has some opening comments.

在我們開始之前，黛布有一些開場白。

Thank you, Ernie, and good morning.

謝謝你，厄尼，早安。

Today's call is being recorded and includes forward-looking statements about our results and plans.

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。

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.

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've 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 a reconciliation 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.

謝謝。

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

現在，我將把它轉回給厄尼。

Good morning.

早安.

Joining me and Deb on the call is John.

加入我和黛布通話的是約翰。

I want to start by thanking all of our global associates for their ongoing commitment to TJX.

首先，我要感謝我們所有的全球員工對 TJX 的持續承諾。

Thanks to their hard work and collective efforts, we continue to deliver an excellent shopping experience and outstanding value to our shoppers every day.

感謝他們的辛勤工作和集體努力，我們每天繼續為購物者提供卓越的購物體驗和卓越的價值。

Now to our business update and second-quarter results.

現在介紹我們的業務更新和第二季業績。

I am extremely pleased with our second-quarter performance in the terrific execution of our flexible off-price business model by our teams.

我對我們第二季的表現非常滿意，因為我們的團隊出色地執行了靈活的折扣業務模式。

Sales, profitability, and earnings share all exceeded our plans.

銷售額、獲利能力和收益份額都超出了我們的計劃。

I am particularly pleased that our comp sales increases across all of our divisions were once again entirely driven by an increase in customer transactions.

我特別高興的是，我們所有部門的銷售成長再次完全由客戶交易的成長所推動。

We believe this is an excellent indicator of the strength of our business as our exciting merchandise assortment, great brands, and outstanding values continued to resonate with consumers across our geographies.

我們相信，這是我們業務實力的一個很好的指標，因為我們令人興奮的商品種類、偉大的品牌和卓越的價值繼續與我們各地的消費者產生共鳴。

I also want to highlight the strong performance of our largest division, Marmaxx, which drove mid-single-digit increases in both comp sales and customer transactions.

我還想強調我們最大的部門 Marmaxx 的強勁表​​現，該部門推動了公司銷售額和客戶交易的中個位數成長。

As to profitability, with our second-quarter outperformance, we are once again raising our full-year guidance for both pre-tax profit margin and earnings per share.

至於獲利能力，由於我們第二季表現出色，我們再次提高了稅前利潤率和每股盈餘的全年指引。

John will talk to our profitability performance and guidance in more detail in a moment.

約翰稍後將更詳細地討論我們的獲利表現和指導。

Also during the second quarter, we were thrilled to open our 5,000th store, making another milestone for our company.

同樣在第二季度，我們很高興開設了第 5,000 家商店，為我們公司創造了另一個里程碑。

This is a terrific achievement for TJX.

這對 TJX 來說是一項了不起的成就。

We see plenty of additional store growth opportunities for our current retail banners in our existing geographies over the long term.

從長遠來看，我們認為我們現有的零售品牌在現有地區還有大量額外的商店成長機會。

Additionally, with our recent announcements with Grupo Axo and Brands for Less, we expect to participate in the growth of off-price in several additional countries around the world.

此外，隨著我們最近與 Grupo Axo 和 Brands for Less 的合作，我們預計將參與全球其他幾個國家的折扣業務成長。

As we look at the remainder of the year, I am excited about the opportunities we see for this business.

當我們展望今年剩餘時間時，我對我們在這項業務中看到的機會感到興奮。

The third quarter is off to a strong start, and we have numerous plans underway to drive traffic and sales.

第三季有一個良好的開端，我們正在進行許多計劃來推動流量和銷售。

Availability of quality for branded merchandise is excellent, and we are confident we will have an exciting assortment of fresh goods across all of our stores and online throughout the fall and holiday selling seasons.

品牌商品的品質非常好，我們有信心在整個秋季和假日銷售季節，我們所有的商店和網路都會提供令人興奮的新鮮商品。

I'll talk more about our second-half opportunities in a moment, but first, I'll turn the call over to John to cover our second-quarter results in more detail.

稍後我將更多地討論我們下半年的機會，但首先，我將把電話轉給約翰，更詳細地介紹我們第二季度的業績。

John?

約翰？

Thanks, Ernie.

謝謝，厄尼。

I also want to add my gratitude to all of our global associates for their continued hard work.

我也要對我們所有全球員工的持續辛勤工作表示感謝。

I'll now share some additional details in the second quarter.

我現在將在第二季分享一些其他細節。

As Ernie mentioned, our consolidated comp sales increased 4%, which was above our plan, entirely driven by customer transactions.

正如 Ernie 所提到的，我們的綜合銷售額成長了 4%，超出了我們的計劃，完全由客戶交易推動。

Both our apparel and home categories saw comp sales increases.

我們的服裝和家居品類的銷售額均有所成長。

Pre-tax profit margin of 10.9% was up 50 basis points versus last year.

稅前利潤率為 10.9%，較去年上升 50 個基點。

Pre-tax profit margin was 40 basis points above our plan.

稅前利潤率比我們的計畫高出 40 個基點。

This is primarily due to lower freight costs, which includes a benefit from a true up of a freight accrual and lower operational freight costs, as well as stronger sales.

這主要是由於運費成本降低，其中包括運費應計額的真實增加和營運運費成本降低以及銷售強勁帶來的好處。

These benefits were partially offset by higher incentive compensation accruals and a contribution to the TGX foundations.

這些收益被較高的應計激勵薪酬和對 TGX 基金會的捐款部分抵銷。

Gross margin was up 20 basis points versus last year.

毛利率比去年增加了 20 個基點。

The increase was driven by strong mark-on and a benefit from freight, partially offset by higher supply chain costs.

這一增長是由強勁的加價和貨運收益推動的，但部分被供應鏈成本上升所抵消。

SG&A decreased 30 basis points versus last year.

SG&A 較去年下降 30 個基點。

This decrease was primarily due to a benefit this year from lapping a reserve related to a German government COVID program receivable last year as well as expense favorability.

這項減少主要是因為今年與德國政府去年應收新冠病毒計畫相關的準備金以及費用優惠所帶來的好處。

These benefits were partially offset by incremental store wage and payroll costs.

這些收益被增量的商店薪資和薪資成本部分抵銷。

Lastly, we were very pleased that diluted earnings per share of $0.96 were up 13% versus last year and also well above our plan.

最後，我們非常高興稀釋後每股收益為 0.96 美元，比去年增長 13%，也遠高於我們的計劃。

Now to our second-quarter divisional performance.

現在來看看我們第二季的部門業績。

Again, this quarter, across all of our divisions, the comp increases were entirely driven by customer transactions, which we see as a good indicator of the strength of the business.

同樣，本季我們所有部門的薪酬成長完全是由客戶交易推動的，我們認為這是業務實力的良好指標。

At Marmaxx, comp store sales increased 5%, and segment profit margin was 14.1%, up 40 basis points versus last year.

在 Marmaxx，Comp Store 銷售額成長了 5%，部門利潤率為 14.1%，比去年成長了 40 個基點。

Marmaxx's apparel and home categories both saw strong comp sales growth, and we saw comp strength across all regions.

Marmaxx 的服裝和家居類別均實現了強勁的同品銷售成長，而且我們在所有地區都看到了同品對比實力。

We were also happy with the strong sales performance of our US e-commerce sites in Sears stores, which were reported as part of this division.

我們也對西爾斯商店美國電子商務網站的強勁銷售業績感到滿意，據報道，西爾斯商店屬於該部門。

We're very pleased with the momentum at Marmaxx and continue to see numerous opportunities to keep growing our largest division.

我們對 Marmaxx 的發展勢頭感到非常滿意，並繼續看到無數機會來繼續發展我們最大的部門。

HomeGoods comp store sales increased 2%.

HomeGoods 比較商店銷售額成長了 2%。

Segment profit margin grew to 9.1%, up 40 basis points versus last year.

分部利潤率成長至 9.1%，較去年提高 40 個基點。

We see HomeGoods and Homesense as highly differentiated from other retailers in the home fashion space.

我們認為 HomeGoods 和 Homesense 與家居時尚領域的其他零售商有很大區別。

We focus every day on bringing customers eclectic assortment sourced around the world at exciting values.

我們每天致力於為客戶提供來自世界各地的不拘一格的產品，並具有令人興奮的價值。

We continue to see significant opportunity to open new stores and capture additional share additional share of the US home market.

我們繼續看到開設新店和佔領美國本土市場額外份額的重大機會。

Moving to our international divisions.

轉向我們的國際部門。

At TJX Canada, comp store sales were up 2%.

在 TJX Canada，比較店銷售額成長了 2%。

Segment profit margin on a constant currency basis was 15%, down 70 basis points versus last year.

以固定匯率計算的分部利潤率為 15%，比去年下降 70 個基點。

At TJX International, comp store sales increased 1% and were up in both Europe and Australia.

TJX International 的比較商店銷售額成長了 1%，歐洲和澳洲的銷售額均有所成長。

Segment profit margin on a constant currency basis was 4.3%, up 230 basis points versus last year.

以固定匯率計算的分部利潤率為 4.3%，較去年上升 230 個基點。

With our leadership position in decades of international operating experience, we are confident we will continue to be an attractive shopping destination for value-seeking customers around the world.

憑藉我們在數十年國際營運經驗中的領先地位，我們相信我們將繼續成為全球追求價值的客戶有吸引力的購物目的地。

Moving to inventory.

轉向庫存。

Balance sheet inventory and inventory on a per-store basis were both down 2% and driven by lower inventory at our distribution centers.

資產負債表庫存和每家商店的庫存均下降了 2%，這是由於我們的配送中心庫存減少所致。

We feel great about our inventory levels and believe we are well positioned to take advantage of the outstanding availability we're seeing in the marketplace and flow fresh assortments to our stores and online this fall and holiday seasons.

我們對我們的庫存水平感到滿意，並相信我們處於有利位置，可以利用我們在市場上看到的出色供應，並在今年秋季和假期季節向我們的商店和網上供應新鮮品種。

As to our capital allocation, we were pleased to generate another quarter of strong cash flow while also reinvesting in the growth of our business and returning cash to shareholders through our buyback and dividend programs.

至於我們的資本配置，我們很高興又產生了一個季度強勁的現金流，同時也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.

謝謝，約翰。

Now I'll highlight the opportunities we see that give us confidence that we can continue to drive sales and customer transactions in the second half of the year.

現在，我將重點介紹我們看到的機會，這些機會讓我們有信心在下半年繼續推動銷售和客戶交易。

First, we are convinced that consumers will keep seeking value.

首先，我們相信消費者會不斷追求價值。

We believe our strategy of trading across a broad range of income and age demographics differentiates us from other retailers and remains a tremendous advantage.

我們相信，我們在廣泛的收入和年齡人口中進行交易的策略使我們有別於其他零售商，並且仍然是一個巨大的優勢。

I am confident that our value proposition will continue to resonate with shoppers when they visit any one of our retail banners.

我相信，當購物者造訪我們的任何一個零售橫幅時，我們的價值主張將繼續引起他們的共鳴。

Second, we feel great about our product category plans and have exciting initiatives planned for the fall and holiday selling seasons.

其次，我們對我們的產品類別計劃感到滿意，並為秋季和假日銷售季節計劃了令人興奮的舉措。

Further, we have made our stores a year-round shopping destination for guests and believe we are becoming more top of mind with shoppers with our consumable offerings.

此外，我們已將我們的商店打造成客人全年的購物目的地，並相信我們的消費品越來越受到購物者的青睞。

We believe that all of this will create an even more exciting shopping experience and encourage consumers to visit our stores more frequently.

我們相信，這一切將創造更令人興奮的購物體驗，並鼓勵消費者更頻繁地光臨我們的商店。

Third, as I said earlier, availability of quality branded merchandise is outstanding.

第三，正如我之前所說，優質品牌商品的供應非常出色。

I want to emphasize that we consistently have access to more goods than we could ever buy.

我想強調的是，我們始終可以獲得比我們所能購買的更多的商品。

Overall.

全面的。

I believe our vendor relationships are as good as ever.

我相信我們的供應商關係一如既往地好。

Some have been getting even stronger as vendor see us as an attractive way to grow their business.

由於供應商認為我們是發展其業務的一種有吸引力的方式，有些公司變得更加強大。

This gives me great confidence that we can bring shoppers the right assortment at the right values throughout the remainder of the year and for many years to come.

這讓我充滿信心，相信我們能夠在今年剩餘時間和未來的許多年裡為購物者提供價格合適的正確品種。

Next, the flexibility of our buying and planning and allocation teams allows us to go after the hottest categories and trends that drive customer excitement.

其次，我們的採購、規劃和分配團隊的靈活性使我們能夠追求最熱門的類別和趨勢，從而激發客戶的興趣。

With the flexibility of our supply chain, I am confident that we can merchandise each of our stores with a curated assortment of good, better, and best brands that will excite and inspire our shoppers.

憑藉我們供應鏈的靈活性，我相信我們可以在每家商店中推出一系列精選的優質、更好和最佳品牌，從而激發和激勵我們的購物者。

Lastly, we feel great about our marketing plans.

最後，我們對我們的行銷計劃感到非常滿意。

Our campaigns will reinforce our value leadership and focus on capturing additional visits from our existing customers, attracting new shoppers and encouraging cross-shopping of our retail banners.

我們的活動將加強我們的價值領先地位，並專注於吸引現有客戶的額外訪問，吸引新購物者並鼓勵我們零售橫幅的交叉購物。

Additionally, we plan to showcase a wide selection of products to highlight that there is something for everyone and demonstrate that our great values are available to every shopper every day.

此外，我們計劃展示多種產品，以強調每個人都能找到適合自己的產品，並證明我們的卓越價值每天都可供每位購物者使用。

Further, we plan to continue to represent a broad range of shoppers in our advertising and leverage a wide variety of media channels to target a wide customer base.

此外，我們計劃繼續在廣告中代表廣泛的購物者，並利用各種媒體管道瞄準廣泛的客戶群。

Also giving us confidence is that our customer surveys continue to tell us that our value perception and overall satisfaction scores remain strong.

同樣給我們信心的是，我們的客戶調查繼續告訴我們，我們的價值觀念和整體滿意度得分仍然很高。

Further, each of our divisions continue to attract an outsized number of younger customers to its stores, which we believe bodes well for the future.

此外，我們的每個部門都繼續吸引大量年輕顧客光臨其商店，我們相信這對未來來說是個好兆頭。

Beyond this year, I am confident that TJX has significant opportunities to capture additional market share over the long term.

今年之後，我相信從長遠來看，TJX 有很大機會獲得額外的市場份額。

Let me quickly reiterate why we believe we are so well positioned.

讓我快速重申為什麼我們相信我們處於如此有利的位置。

First is our reputation as a value leader in the United States, Canada, Europe, and Australia.

首先是我們在美國、加拿大、歐洲和澳洲作為價值領導者的聲譽。

Second, we believe we are the only global brick-and-mortar off-price retailer that's able to take brand, fashion, and quality and put it all together in a differentiated treasure-hunt shopping experience for consumers across a wide demographic.

其次，我們相信我們是全球唯一一家能夠將品牌、時尚和品質融為一體，為廣大消費者提供差異化尋寶購物體驗的全球實體折扣零售商。

We also offer a wide fashion assortment, which we believe will appeal to a broad range of shoppers.

我們也提供廣泛的時尚品類，我們相信這將吸引廣泛的購物者。

Third, all aspects of our business model are driven by flexibility, which allows us to constantly pivot to take advantage of market trends.

第三，我們業務模式的各個方面都是由靈活性驅動的，這使我們能夠不斷調整以利用市場趨勢。

Next, we see the opportunity to grow our store base to nearly 6,300 stores with our current retail banners and just our current geographies.

接下來，我們看到了將我們的商店數量擴大到近 6,300 家商店的機會，其中包括我們目前的零售橫幅和目前的地理位置。

Again, I'm extremely confident there will always be plenty of quality merchandise available to us to meet our store growth plans.

再次，我非常有信心我們將始終有充足的優質商品來滿足我們的商店成長計劃。

Lastly, I truly believe the depth of off-price knowledge and expertise within TJX is unmatched.

最後，我堅信 TJX 的折扣知識和專業知識的深度是無與倫比的。

We are laser-focused on teaching and training to develop the next generation of leaders.

我們專注於教學和培訓，以培養下一代領導者。

Finally, I am so proud of our company culture, which I believe is a strong contributor to our success and a major differentiator.

最後，我對我們的公司文化感到非常自豪，我相信這是我們成功的重要因素，也是我們主要的差異化因素。

Now, moving to our investment in Brands For Less, which we detailed in our press release.

現在，轉向我們對 Brands For Less 的投資，我們在新聞稿中詳細介紹了這一點。

As we continue to pursue our global growth vision, we are excited for our plans to have a minority ownership position in a profitable off-price retailer based in Dubai.

在我們繼續追求全球成長願景的同時，我們對計劃在杜拜一家盈利的折扣零售商中擁有少數股權感到興奮。

As with our planned joint venture in Mexico which we announced last quarter, this investment represents another opportunity for our company to expand our global reach with an established off-price retailer.

與我們上季度宣布的計劃在墨西哥建立合資企業一樣，這項投資為我們公司提供了另一個機會，可以透過一家成熟的折扣零售商擴大我們的全球影響力。

In addition to BFL's strong financial profile, I have personally met with the management team and feel really good about our investment and the strong business they have built to date.

除了 BFL 強勁的財務狀況外，我還親自會見了管理團隊，對我們的投資以及他們迄今為止建立的強大業務感到非常滿意。

We are always looking for ways to increase value for TJX's shareholders, and we see this transaction as a good use of cash that we expect to be slightly accretive to earnings per share beginning in fiscal '26.

我們一直在尋找為 TJX 股東增加價值的方法，我們認為這筆交易是對現金的良好利用，我們預計這將略微增加 26 財年開始的每股盈餘。

Moving to corporate responsibility.

轉向企業責任。

We are looking forward to the annual release of our Global Corporate Responsibility Report this fall.

我們期待今年秋季發布年度全球企業責任報告。

Our teams have been hard at work on our corporate responsibility initiatives.

我們的團隊一直致力於企業責任倡議。

For example, in fiscal 2024, we helped provide more than 2 million young people in our communities with access to educational opportunities.

例如，在 2024 財年，我們幫助為社區中超過 200 萬年輕人提供了接受教育的機會。

Additionally, in support of career development, we continue to create learning opportunities for our associates, including formal training classes online, in-person learning opportunities, and formal mentoring and direct training.

此外，為了支持職業發展，我們繼續為員工創造學習機會，包括正式的線上培訓課程、面對面的學習機會以及正式的指導和直接培訓。

We have also continued to make progress against our global environmental sustainability goals.

我們也持續在實現全球環境永續發展目標方面取得進展。

Further, we remain focused on our social compliance program and operating responsibly as a business.

此外，我們仍然專注於我們的社會責任計劃和負責任的企業運營。

You can read about our progress in our upcoming report.

您可以在我們即將發布的報告中了解我們的進展。

I am proud of the work our teams across the globe continue to do on corporate responsibility, and I hope you'll take some time to learn more about what we are doing in this area.

我為我們全球團隊在企業責任方面持續進行的工作感到自豪，我希望您花一些時間更多地了解我們在這一領域所做的工作。

Summing up, we are extremely pleased with our sales and profitability performance in the second quarter.

總而言之，我們對第二季的銷售和獲利表現非常滿意。

The third quarter is off to a strong start, and we are excited about the initiatives we have planned during the second half of the year.

第三季有一個好的開局，我們對下半年計畫的舉措感到興奮。

As an off-price leader in every country we operate in, we believe we are in an excellent position to take advantage of the market share opportunities we see over the long term in those geographies.

作為我們開展業務的每個國家的折扣領導者，我們相信我們處於有利地位，可以利用我們在這些地區長期看到的市場份額機會。

Additionally, I want to reiterate that we will not be complacent and we remain laser-focused on increasing the overall profitability of TJX.

此外，我想重申，我們不會自滿，我們將繼續專注於提高 TJX 的整體獲利能力。

I truly believe we have one of the best retail models in the world, with the best associates in retail.

我堅信我們擁有世界上最好的零售模式之一，擁有最好的零售員工。

Going forward, I have confidence that the flexibility of our business, the talent of our associates, and our relentless focus on value will continue to serve us well and allow us to navigate through the ever-changing retail and economic landscapes.

展望未來，我相信，我們業務的靈活性、員工的才華以及對價值的不懈關注將繼續為我們提供良好服務，並使我們能夠應對不斷變化的零售和經濟格局。

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

現在我將把電話轉回給約翰，介紹我們的全年和第三季指導，然後我們將開放提問。

John?

約翰？

Thanks again, Ernie.

再次感謝，厄尼。

I'll start with our full year fiscal '25 guidance.

我將從我們的 25 財年全年指導開始。

We now expect overall comp store sales to increase approximately 3%.

我們現在預計整體商店銷售額將成長約 3%。

We are increasing our consolidated sales guidance to a range of $55.8 billion to $56.1 billion.

我們將綜合銷售指引提高至 558 億美元至 561 億美元。

This change reflects the flow-through of the stronger sales in Q2.

這項變化反映了第二季銷售強勁的影響。

We're increasing our pre-tax profit margin guidance to be approximately 11.2%.

我們將稅前利潤率指導提高至約 11.2%。

This would be up 30 basis points versus last year's adjusted 10.9%.

這將比去年​​調整後的 10.9% 上升 30 個基點。

We now expect gross margin to be approximately 30.2%, a 30 basis point increase versus last year's adjusted 29.9%.

我們目前預計毛利率約為 30.2%，比去年調整後的 29.9% 增加 30 個基點。

We expect this increase to be driven by a higher merchandise margin, which includes favorable mark-on; as well as a benefit from lower freight costs, partially offset by higher supply chain costs.

我們預計這一成長將由更高的商品利潤率推動，其中包括有利的加價；以及較低的貨運成本帶來的好處，但部分被較高的供應鏈成本所抵銷。

We continue to plan shrink to be flat versus last year.

我們繼續計劃收縮與去年持平。

We continue to expect SG&A to be approximately 19.3%, flat versus last year's 19.3%.

我們繼續預計 SG&A 約為 19.3%，與去年的 19.3% 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.

我們計劃增加商店工資和工資成本，以透過較低的激勵補償成本和去年對我們產生負面影響的項目帶來的好處來抵消。

We're now assuming net interest income of about $160 million, which would have a neutral impact on our year-over-year pre-tax profit margin.

我們現在假設淨利息收入約為 1.6 億美元，這將對我們的同比稅前利潤率產生中性影響。

Our full-year guidance assumes a tax rate of 25.2% and a weighted average share count of approximately 1.14 billion shares.

我們的全年指引假設稅率為 25.2%，加權平均股數約為 11.4 億股。

As a result of these assumptions, we now expect full-year diluted earnings per share to be in the range of $4.09 to $4.13. This would represent an increase of 9% to 10% versus last year's adjusted diluted earnings per share of $3.76.

基於這些假設，我們現在預計全年攤薄每股收益將在 4.09 美元至 4.13 美元之間。與去年調整後的稀釋每股收益 3.76 美元相比，這意味著成長 9% 至 10%。

It's important to note that we are not flowing through the entire second-quarter earnings per share beat of $0.06 to the full year because we're now planning higher incentive compensation accruals and higher freight expenses for the second half of the year versus our previous guidance.

值得注意的是，我們並沒有將整個第二季度每股收益超過0.06 美元的業績流向全年，因為與我們之前的指導相比，我們現在計劃下半年增加更高的應計激勵薪酬和更高的運費。

Moving to our third-quarter guidance.

轉向我們的第三季指引。

We're expecting overall comp store sales growth to be up 2% to 3%; consolidated sales to be in the range of $13.9 billion to $14 billion; pre-tax profit margin to be in the range of 11.8% to 11.9%, down 10 to 20 basis points versus last year's 12%; gross margin to be in the range of 31.1% to 31.2% -- this would be flat to up 10 basis points versus last year -- SG&A to be approximately 19.5%, an increase of 10 basis points versus last year; net interest income of about $34 million, which would delever third quarter fiscal 2025 pretax profit margin by approximately 10 basis points.

我們預期實體店整體銷售額將成長 2% 至 3%；綜合銷售額將在 139 億美元至 140 億美元之間；稅前利潤率介於11.8%至11.9%之間，較去年的12%下降10至20個基點；毛利率在 31.1% 至 31.2% 之間——與去年持平，但上升 10 個基點——SG&A 約為 19.5%，比去年上升 10 個基點；淨利息收入約為 3,400 萬美元，這將使 2025 財年第三季稅前利潤率下降約 10 個基點。

Our third-quarter guidance also assumes a tax rate of 26% and a weighted average share count of approximately 1.14 billion shares.

我們的第三季指引也假設稅率為 26%，加權平均股數約為 11.4 億股。

Based on these assumptions, we expect third-quarter diluted earnings per share to be in the range of $1.06 to $1.08, up 3% to 5% versus last year's $1.03.

基於這些假設，我們預計第三季攤薄每股收益將在 1.06 美元至 1.08 美元之間，比去年的 1.03 美元增加 3% 至 5%。

Lastly, our implied guidance for the fourth quarter assumes that overall comp store sales would be up 2% to 3%, pre-tax profit margin would be in the range of 11% to 11.1%, and earnings per share will be in the range of $1.14 to $1.16 per share.

最後，我們對第四季度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% 至 11.1% 範圍內，每股收益將在每股1.14 美元至1.16 美元。

When comparing this implied guidance to last year's results, it's important to remember that last year, we had an extra week in the fiscal fourth quarter that benefited pre-tax margin by 30 basis points and earnings per share by $0.10. We plan to provide more detailed guidance for the fourth quarter on our third quarter earnings call.

將這項隱含指引與去年的業績進行比較時，重要的是要記住，去年第四財季我們多了一周，稅前利潤率提高了 30 個基點，每股收益提高了 0.10 美元。我們計劃在第三季財報電話會議上提供更詳細的第四季指引。

In closing, we are confident in our full year plans and, as always, we will strive to beat them.

最後，我們對全年計劃充滿信心，並將一如既往地努力實現目標。

We have a very strong balance sheet that continues to allow us to invest in the growth of TJX while simultaneously returning significant cash to our shareholders.

我們擁有非常強大的資產負債表，使我們能夠繼續投資於 TJX 的成長，同時向股東返還大量現金。

Now we're happy to take your questions.

現在我們很高興回答您的問題。

As a reminder, please limit your questions to one per person so we can answer as many questions as we can.

提醒一下，請將您的問題限制為每人一個，以便我們能夠回答盡可能多的問題。

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

謝謝，現在我們將開放提問。

Thank you.

謝謝。

(Operator Instructions) Lorraine Hutchinson, Bank of America.

（操作員指示）Lorraine Hutchinson，美國銀行。

Thank you.

謝謝。

Good morning.

早安.

Can you talk about AUR in the quarter, the balance between category mix shifts and like-for-like price increases and then also, any changes you might be seeing in customer behavior around value?

您能否談談本季的 AUR、品類組合變化和同類價格上漲之間的平衡，以及您可能在圍繞價值的客戶行為中看到的任何變化？

Yeah.

是的。

So Lorraine, good talking to you.

洛林，很高興與你交談。

AUR has been pretty consistent, right, John, through the

AUR 一直都非常穩定，對吧，約翰，透過

--

--

It has been, yes.

確實如此。

It didn't move much.

它沒有動太多。

I think it went up a little, right?

我覺得還是漲了一點點吧？

Yeah.

是的。

It's slightly up.

是稍微漲了點

And obviously, the comp was driven mostly by transactions.

顯然，該公司的業績主要是由交易驅動的。

Right, because it's not up as much as the comp.

是的，因為它沒有像補償那麼高。

The balance in like-for-like goods were still continuing -- if, Lorraine, you're getting at what are we doing as far as pricing on goods, we still have been, selectively throughout the business, again, bottom up.

同類商品的平衡仍在繼續——洛林，如果您了解我們在商品定價方面所做的事情，那麼我們仍然有選擇地在整個業務中再次自下而上。

We do not manage this top down.

我們不進行自上而下的管理。

We have been bottom up, still adjusting retails where appropriate.

我們一直在自下而上，仍在適當調整零售。

I think if you look at our merchandise margin, though, the story is becoming more and more about the buying better and not just the retails.

不過，我認為，如果你看看我們的商品利潤率，你會發現，這個故事越來越多地涉及更好的購買，而不僅僅是零售。

And I think it's more of a combination of those things as well, even though I'm sure you've been seeing all the talk about, as inflation subsides, that we'll be -- and I'll get right to it.

我認為這更多的是這些事情的結合，儘管我相信你們已經看到了所有關於隨著通貨膨脹消退我們將會的討論——我會馬上開始討論。

I'm sure there'll be a question going with that in terms of the AUR and the balance on the like items.

我確信在 AUR 和類似項目的餘額方面會有一個問題。

What could happen in the market if retails come down on certain categories, et cetera.

如果某些類別的零售量下降等，市場會發生什麼。

We always -- and our merchants are excellent at this.

我們始終—而且我們的商家在這方面非常擅長。

Our retails are dictated by what's happening around us.

我們的零售是由周圍發生的事情決定的。

That's in the current and in the future what we predict.

這就是我們對當前和未來的預測。

So we're always retailing the goods based on the out-the-door retailer that we see at the competition.

因此，我們總是根據我們在比賽中看到的戶外零售商來零售商品。

So we feel as though we will have that covered.

所以我們覺得我們會解決這個問題。

Could that have retails come down?

這會導致零售業下降嗎？

Too soon to say on which categories.

現在說哪些類別還為時過早。

A lot of those discussions, by the way, have been grocery oriented and not necessarily marrying up with our business.

順便說一句，很多討論都是以食品雜貨為導向的，不一定與我們的業務結合。

So right now, we haven't been seeing anything significant like that at all, which is why our AUR is where John had just said, slightly up.

所以現在，我們還沒有看到任何類似的重大事件，這就是為什麼我們的 AUR 處於約翰剛才所說的位置，略有上升。

So I think there still exists opportunity as we move forward to address retails internally based on more of a significant gap between our retail and the out-the-door, which is still going to create opportunities there.

因此，我認為，當我們繼續解決內部零售問題時，仍然存在機會，因為我們的零售與戶外之間存在著更大的差距，這仍然會在那裡創造機會。

Having said that, we're always extremely aware of what's going on around us.

話雖如此，我們總是非常了解周圍發生的事情。

We don't know the timing of when that could start to moderate a little, but I think we're in a really healthy position, especially when you go to point number three is the availability of goods is creating an unusual ability to buy goods and retail goods extremely profitably, as you can see from this quarter.

我們不知道什麼時候這種情況會開始有所緩和，但我認為我們處於一個非常健康的位置，特別是當你談到第三點時，即商品的可用性正在創造一種不尋常的購買商品的能力如本季所見，零售商品利潤極為豐厚。

And then as far as the customer, we see positive results from all the income demographics we look at.

就客戶而言，我們從所有收入人口統計中看到了積極的結果。

And again, that speaks to the good, better, best product mix, buying close to need.

再說一次，這說明了好的、更好的、最好的產品組合，按需購買。

So if a certain customer category is driving the comp, we can easily go back and repurchase those goods and get them back into the store quickly.

因此，如果某個客戶類別正在推動競爭，我們可以輕鬆地返回並重新購買這些商品，並將它們快速放回商店。

So for us, it's about making sure that we're appealing to all customer demographics, which this quarter it appears we have.

因此，對我們來說，關鍵是要確保我們能夠吸引所有客戶群體，本季我們似乎已經做到了這一點。

One thing, Lorraine, and I know we have a lot of questions we need to get to, but you're asking one that touches on so much.

有一點，洛林，我知道我們有很多問題需要解決，但你問的問題涉及到很多問題。

The marketing, if you noticed in my script, I talked about our marketing, how, lining up with what John just said as far as how we treat the merchandise mix, which we've talked about for years, I don't think I've given as much airtime to the fact that we market so appropriately to the good, better, best spectrum, ensuring that, and I mentioned it in the script, is that we are -- if you look at who we use in our marketing, we're trying to test more channels to apply to all, again, all age groups.

行銷，如果你在我的劇本中註意到的話，我談到了我們的行銷，如何，與約翰剛才所說的關於我們如何對待商品組合的內容一致，我們已經討論了多年，我不認為我我們用盡可能多的時間來宣傳這樣一個事實，即我們的行銷如此恰當地針對好的、更好的、最好的範圍，確保，我在劇本中提到過，我們是——如果你看看我們在行銷中使用的人，我們正在嘗試測試更多管道以適用於所有年齡層。

We try to go to all the different channels to evolve with where the consumer is going.

我們嘗試透過所有不同的管道來隨著消費者的發展而發展。

We have different media channels.

我們有不同的媒體管道。

Each brand's campaign has a differentiated and broad invitational message really that expresses the benefits of our business model to every customer.

每個品牌的活動都有一個差異化且廣泛的邀請訊息，真正向每位客戶表達了我們的商業模式的好處。

So also in my script, you heard me saying, we want to sell everybody every day.

所以在我的劇本中，你也聽到我說，我們每天都想賣掉每個人。

And our marketing is lined up with that same, it's consistent with that strategy.

我們的行銷也與此一致，與此策略一致。

So just to say, we haven't talked about the marketing as much, but when you watch our spots, whether it's HomeGoods or Marshalls or Maxx or Sierra, it is aimed at not being narrow.

所以我想說的是，我們還沒有談太多行銷，但當你觀看我們的廣告時，無論是 HomeGoods、Marshalls、Maxx 或 Sierra，它的目標是不狹隘。

It is a wide audience that we're going after.

我們所追求的是廣大的受眾。

Thanks so much.

非常感謝。

Thank you.

謝謝。

Thank you.

謝謝。

Alex Stratton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

Perfect.

完美的。

Just a couple for me.

對我來說只是一對。

Just first on the Grupo Axo JV and then now there's investment in Brands For Less, can you just elaborate a little bit more on the strategic rationale between those two and what they uniquely add?

首先是 Grupo Axo 合資企業，然後是 Brands For Less 的投資，您能否詳細說明這兩家公司之間的戰略原理以及它們獨特的功能？

And then just honing in on the international business, came in a little bit weaker than consensus was expecting, even though Marmaxx was completely enough to offset it.

然後，只是專注於國際業務，儘管 Marmaxx 完全足以抵消它，但它的表現比共識預期要弱一些。

Just wondering if you can talk about what you're seeing in the international business.

只是想知道您是否可以談談您在國際業務中所看到的情況。

Any additional color there would be super helpful.

任何額外的顏色都會非常有幫助。

Yes, very much, Alex, again, good questions.

是的，非常好，亞歷克斯，再次，好問題。

Grupo Axo -- these two opportunities, here's the big strategic thing that we're trying to do here.

Grupo Axo——這兩個機會，這是我們正在努力做的重大策略。

So we have this great -- at a high level, you can picture this happening.

所以我們有一個偉大的——在高水平上，你可以想像這正在發生。

We have this great business model.

我們有這個偉大的商業模式。

And as I've also emphasized, and everyone on the team knows it here, we have a long tenured -- some of the best -- certainly, in off-price -- of course, I'm not objective, but I would say the best talent in retail and certainly in off-price.

正如我也強調過的，團隊中的每個人都知道，我們有很長的任期——其中一些是最好的——當然，價格低廉——當然，我並不客觀，但我會零售業最優秀的人才，當然還有折扣業最優秀的人才。

And what happens is we have a seasoned, very seasoned, management group that you get to a point where you have some bench strength, so we're able to now more readily than we would have a number of years ago, where I would have been reticent to pull from the core business, we are able to take advantage of expanding globally in a manner that has really no risk to the core and, at the same time, takes advantage of additional geographies.

所發生的情況是，我們有一個經驗豐富、非常經驗豐富的管理團隊，你可以達到一定的替補實力，所以我們現在比幾年前更容易做到這一點，我會由於我們一直不願退出核心業務，因此我們能夠以一種對核心業務真正沒有風險的方式利用全球擴張的優勢，同時利用其他地區的優勢。

So that's why you're seeing -- we really realized and we're able to orchestrate these from a couple of years ago.

所以這就是為什麼你會看到——我們真的意識到並且我們能夠從幾年前開始精心策劃這些。

We started to say this is a good mission for us to take advantage of a great business model.

我們開始說，這對我們來說是一個很好的使命，可以利用一個偉大的商業模式。

And now that we have the talent where -- and John does this in his world, in the finance world, we do it in every -- whether it's operations or merchandise.

現在我們擁有了人才——約翰在他的世界、金融界做到了這一點，我們在每個領域都做到了這一點——無論是營運還是商品。

We want to make sure if we're going to give up a few people, that we have the right replacement.

我們要確保，如果我們要放棄一些人，我們有合適的替代品。

So Mexico, obviously, is a market we've looked at for a while and we know there's business to be done there.

顯然，墨西哥是我們已經關注了一段時間的市場，我們知道那裡有業務要做。

We felt it was right to do it as a private -- I'm sorry, as a joint venture, and that we also now have the talent to have people get involved to do that.

我們認為作為一家私人企業來做這件事是正確的——對不起，作為一家合資企業，我們現在也有能力讓人們參與其中。

That's a very appropriate one.

這是非常合適的一個。

We own almost half the business.

我們擁有幾乎一半的業務。

BFL, a little different, but same idea where we can -- and they're terrific, by the way.

BFL，有點不同，但我們的想法是一樣的——順便說一句，他們非常棒。

We have really enjoyed our meetings with them.

我們非常享受與他們的會面。

They are culturally very similar.

他們在文化上非常相似。

They are also -- they have a lot of retail experience, a little younger on the off-price side.

他們也擁有豐富的零售經驗，但在折扣方面更年輕一些。

But we have that secret sauce merchandising talent that now, again, back to the original point, we can afford to have people be involved to help them, which helps them and it helps our investment.

但我們擁有秘密的銷售人才，現在，再次回到最初的點，我們有能力讓人們參與幫助他們，這對他們有幫助，也有助於我們的投資。

And so we're excited because in terms of going to new geographies and new markets with a model, we have the talent now to do that under the big picture of growing consumer and grow TJX.

因此，我們很興奮，因為就以模式進入新地區和新市場而言，我們現在擁有人才，可以在不斷增長的消費者和發展 TJX 的大背景下做到這一點。

Does that make sense or?

這樣有道理嗎？

Yes, that's great.

是的，那太好了。

Thank you.

謝謝。

And then the other question was on the international margin.

另一個問題是關於國際邊緣的。

Yes, the international -- do you want to say something, John, and then I'll jump in or you want me to

是的，國際賽－約翰，你想說什麼嗎？

--

--

Yes.

是的。

Let me explain what we're seeing here.

讓我解釋一下我們在這裡看到的情況。

So we obviously had a -- we're lapping the German write-off, the receivable write-off that we had last year.

因此，我們顯然已經完成了德國的沖銷，也就是我們去年的應收帳款沖銷。

But the other thing that's affecting us the other way is that, last year, we also had a transactional FX gain that we're up against.

但以另一種方式影響我們的另一件事是，去年我們還面臨交易性外匯收益。

So that's what's driving the margin.

這就是利潤率的推動因素。

It's up to 230 basis points versus last year, which we're pleased with given those two things.

與去年相比上升了 230 個基點，考慮到這兩點，我們對此感到滿意。

From a, Alex, from a sales perspective, we were a little disappointed in our Europe business specifically on the international piece.

亞歷克斯，從銷售的角度來看，我們對我們的歐洲業務有點失望，特別是在國際業務上。

And that was more from a combination of the environment, a little bit of weather.

這比較是環境因素和天氣因素的結合。

But I would tell you there is a -- a decent size of that's our own execution.

但我想告訴你，我們自己的執行規模相當大。

And what's good with this company, culturally in every division we're in, that team has really done a good job.

這家公司的優點是，從我們所在的每個部門的文化來看，這個團隊確實做得很好。

We started talking about this two or three months ago, and we are already seeing the benefit in the numbers over there over the last few weeks of the adjustments we've made and some of the merchandise mix and the way we have shipped the stores, specifically in the UK., I would tell you.

我們兩三個月前開始討論這個問題，我們已經看到了過去幾週我們所做的調整、一些商品組合以及我們運送商店的方式所帶來的好處，特別是在英國，我會告訴你。

It was not really a Germany issue.

這其實並不是德國的問題。

It was more of a UK issue.

這更多的是英國的問題。

And so we would tell you we were disappointed in the performance in Europe.

所以我們可以告訴你，我們對歐洲的表現感到失望。

And that's what was affecting that international number, and specifically the UK.

這就是影響國際數字的因素，特別是英國。

But we believe we're on the right path going forward.

但我們相信我們正走在正確的道路上。

Thanks and good luck.

謝謝，祝你好運。

Thank you.

謝謝。

Thank you.

謝謝。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Thanks and congrats on another nice quarter.

感謝並祝賀又一個美好的季度。

Thank you.

謝謝。

Thank you.

謝謝。

So Ernie, could you speak to the cadence of same-store sales that you saw during the second quarter?

那麼，厄尼，您能談談您在第二季度看到的同店銷售節奏嗎？

Maybe elaborate on recent trends supporting the strong start that you cited for the third quarter.

也許可以詳細說明支持您提到的第三季強勁開局的最新趨勢。

And just maybe what you're seeing across categories or divisions and if you see this as a positive lead indicator for holiday.

也許您在各個類別或部門中看到了什麼，以及您是否將其視為假期的積極領先指標。

Yes.

是的。

No, great

不，太好了

--

--

Well, I mean parts three -- well a, B and C. So we're good, Matt.

嗯，我的意思是第三部分——a、B 和 C。

Yes, Matt, I can start off.

是的，馬特，我可以開始了。

John will start with the cadence.

約翰將從節奏開始。

Obviously, we saw positive comps across all of our divisions.

顯然，我們在所有部門都看到了積極的競爭。

The other important thing to note is that, on a two-year stack basis, we did see an improvement each month of the quarter, which is also important to note.

另一件值得注意的重要事情是，在兩年堆疊的基礎上，我們確實看到該季度每個月都有所改善，這一點也很重要。

Yes.

是的。

And then dovetailing into that, you're asking about the strong start to Q2.

然後，與此相吻合的是，您問的是第二季的強勁開局。

What's been nice about that is we're happy with our strong start to Q2 on the sales line, and it seems to be healthy across the board.

令人高興的是，我們對第二季銷售線的強勁開局感到滿意，而且似乎全面健康。

So that is something that we're feeling good about.

所以這是我們感覺良好的事情。

And do we think that is a -- of course -- first of all, Q3 is for many retailers that have an apparel component to their business, can often be, with a transitionalizing coming out of spring summer goods and going into the fall goods, can be a little treacherous.

當然，我們是否認為這是一個——首先，第三季度對於許多擁有服裝業務的零售商來說，通常可以從春夏商品過渡到秋季商品，可能有點姦詐。

You have weather dependency, et cetera.

你有天氣依賴性等等。

We have strategies we try to mitigate that, as well as the way we plan and ship by regions within the United States.

我們制定了試圖緩解這種情況的策略，以及我們按美國境內各地區規劃和運輸的方式。

Not as much of an issue in Canada and Europe.

在加拿大和歐洲，這並不是什麼大問題。

But our team's planning and allocation and buying have done a great job, I think, on buying the right transitional goods.

但我認為，我們團隊的規劃、分配和購買在購買正確的過渡商品方面做得很好。

So we feel really -- this is another indicator I'm mentioning that makes us feel good about where we're heading in Marmaxx and the apparel ends of the business as we head into Q3, in addition to what we've been seeing in sales for the last couple of weeks as we started the quarter.

所以我們真的覺得——這是我提到的另一個指標，除了我們在本季開始時最後幾週的銷售額。

Yes.

是的。

And then the last thing I'll say, which I did mention in the script, also john and I talked about this all the time, is since we have year after year, our store experience, as you know, has gotten better and better.

然後我要說的最後一件事，我在劇本中確實提到過，約翰和我一直在談論這一點，那就是，自從我們年復一年以來，正如你所知，我們的商店體驗變得越來越好。

With that, our merchandise mix, good, better, best, but a lot of more giftable brands that we carry, I think, bodes well because we're always more gifty to a wider range of customers year after year.

有了這個，我們的商品組合，好，更好，最好，但我們攜帶的許多更有禮物的品牌，我認為，這是個好兆頭，因為我們總是年復一年地為更廣泛的客戶提供更多的禮物。

I feel as though we improve on that year after year.

我覺得我們年復一年都在進步。

And so I'm bullish on Q4 upside because my first comments were really oriented to Q3.

因此，我看好第四季的上漲，因為我的第一條評論確實是針對第三季的。

Q4, I believe, we're going to be well positioned for gift giving across many of the families of business in the store.

Q4，我相信，我們將處於有利地位，可以為商店中的許多企業家族提供禮物。

I mean I'd just add on to that, that our strategy with consumables in the stores definitely gives customers a reason to shop if the weather is not compliant.

我的意思是，我想補充一點，如果天氣不合規，我們在商店中的消耗品策略肯定會給顧客一個購物的理由。

And that goes both with the apparel businesses and the home businesses.

服裝企業和家居企業都是如此。

That's great color and best of luck.

那是很棒的顏色，祝你好運。

Thank you.

謝謝。

Thank you.

謝謝。

Paul Lejuez , Citigroup.

保羅‧勒胡埃斯，花旗集團。

If you could talk a little bit more about apparel versus home within the Marmaxx business.

您能否多談談 Marmaxx 業務中的服裝與家居。

I think you said both were up.

我想你說兩個都起來了。

But curious how the home business within Marmaxx performed relative to HomeGoods and the drivers of the home business in each, if they were different at all.

但令人好奇的是，Marmaxx 的家居業務相對於 HomeGoods 的表現如何，以及各自家居業務的驅動因素（如果它們有任何不同）。

And then just curious at a very high level, I'm curious what surprised you the most in the first half of the year and how that might have influenced how you're thinking about the second half.

然後只是在一個非常高的層面上好奇，我很好奇上半年最讓你驚訝的是什麼，以及這可能如何影響你對下半年的看法。

Okay.

好的。

Well, let's -- so on the part about the home versus the apparel, this won't be really a surprise when you think about it.

好吧，讓我們——關於家居與服裝的部分，當你仔細考慮時，這並不會讓人感到意外。

So the Marmaxx home really outpaced, I'm not going to give you the exact numbers, but outpaced the HomeGoods home.

所以 Marmaxx 家居確實超過了，我不會給你確切的數字，但超過了 HomeGoods 家居。

Large -- really, what you sum it up to, I would sum it up to like big ticket that we stand for at HomeGoods as an industry, as you know, furniture, and that business industry-wide is slower.

大型——實際上，你所總結的，我將其總結為我們在家居用品行業所代表的大門票，正如你所知，家具，整個行業的業務速度較慢。

And also that would apply in home goods.

這也適用於家居用品。

So their business, even though the Marmaxx slightly outpaced, it wasn't by a lot.

因此，儘管 Marmaxx 稍微超過了他們的業務，但也不是很多。

But that was the driver of the difference.

但這就是差異的驅動因素。

We're very happy with the way -- and I can specifically say very happy with the continued improvement in HomeGoods across the store and where we're seeing HomeGoods going for the start of Q3.

我們對這種方式非常滿意——我可以特別說，對整個商店的 HomeGoods 的持續改進以及我們看到 HomeGoods 在第三季度開始時的發展感到非常高興。

John, did you have

約翰，你有沒有

--

--

Yes.

是的。

I would just add that where we see departments that line up between Marmaxx and HomeGoods, we saw similar

我想補充一點，當我們看到 Marmaxx 和 HomeGoods 之間排列的部門時，我們看到了類似的情況

--

--

Very similar trends.

趨勢非常相似。

Yes.

是的。

It's a good point.

這是一個好點。

It was really when you get to the big ticket, that made the difference.

當你拿到大票時，情況才真正改變了。

Your other question, Paul, is about -- I want to make sure I got this right.

保羅，你的另一個問題是──我想確保我做對了。

Was it on the -- any surprises in the first half?

上半場有什麼驚喜嗎？

Is that what you -- how does that impact the way we look at the back half?

這對我們看待後半場的方式有何影響？

Yes.

是的。

What surprised -- and how did that influence the back half thinking?

是什麼讓我們感到驚訝──這對後半部的思維有何影響？

Yes.

是的。

I guess the only -- the surprise -- a little bit of a surprise to us is we know there's always going to be a lot of availability of goods, and the amount of tough environment surprised us even a little, and I think I alluded to this.

我想唯一讓我們感到驚訝的是，我們知道總是會有大量的商品供應，而且惡劣的環境甚至讓我們感到有點驚訝，我想我提到過對此。

There's even more -- we're a little surprised by the amount of goods that is off the charts, even a little bit more than we would have thought.

還有更多——我們對超出圖表的商品數量感到有點驚訝，甚至比我們想像的還要多一點。

So that caught us.

所以這抓住了我們。

So how does that affect your back half?

那麼這對你的後半身有何影響呢？

So what we do is we look at what categories is there even beyond the normal phenomena about whatever the word, we always use different words, about availability.

因此，我們所做的就是看看有哪些類別，甚至超越了關於任何字詞的正常現象，我們總是使用不同的字詞來描述可用性。

And we actually -- what that affects is how much we leave open in those categories for -- hence, more of the closeout hand-to-mouth buying in the back half.

實際上，這影響的是我們在這些類別中留下多少空缺，因此，後半段有更多的平倉購買。

And so as you can imagine, it had us, for the back half and even through Q1, to leave more liquidity because clearly there's no lack of availability.

正如你可以想像的那樣，它讓我們在下半年甚至整個第一季留下更多的流動性，因為顯然不缺乏可用性。

If anything, it surprised us on the amount of increased availability.

如果有什麼不同的話，那就是可用性的增加讓我們感到驚訝。

So that's probably the biggest surprise.

所以這可能是最大的驚喜。

Thank you.

謝謝。

Good luck.

祝你好運。

Thank you.

謝謝。

Thank you.

謝謝。

Brooke Roach, Goldman Sachs.

布魯克·羅奇，高盛。

Hi, good morning.

嗨，早安。

Thanks for taking my question.

感謝您提出我的問題。

My question is on margin.

我的問題是關於邊際的。

Can you elaborate on your view for further margin expansion opportunity on a multiyear basis?

能否詳細說明您對多年基礎上進一步利潤擴張機會的看法？

And then on near-term trends, can you speak to what's changed in your freight forecast versus your prior thinking?

關於近期趨勢，您能談談您的貨運預測與您先前的想法相比有何變化嗎？

And any other puts and takes that we should be thinking through on supply chain and merchandise margin into the back half of the year?

還有其他我們應該在下半年考慮的供應鏈和商品利潤的看法嗎？

Do you want to start or do you want me to start with -- I can start with the freight forecast if you want.

你想開始還是想讓我開始——如果你願意的話，我可以從貨運預測開始。

Yes.

是的。

Yes, the freight forecast that we're seeing, so we did add some expense to our forecast in the back half of the year to take care of some additional ocean freight increases that we're seeing.

是的，我們看到的是貨運預測，因此我們確實在今年下半年的預測中增加了一些費用，以應對我們看到的一些額外的海運增長。

We're seeing ocean freights per container rise.

我們看到每個貨櫃的海運運費上漲。

So we did take that step to add something in our forecast there.

因此，我們確實採取了這一步驟，在我們的預測中添加了一些內容。

Brooke, on looking forward, I think you're asking about -- do we see margin opportunities, is that it, as we look out?

布魯克，關於展望未來，我想你是在問——我們是否看到了利潤機會，是這樣嗎？

Yes.

是的。

That's right.

這是正確的。

Yes.

是的。

Okay.

好的。

Well, that's a very -- when you say -- are you talking merchandise margin?

嗯，當你說的時候，你指的是商品利潤率嗎？

Sure.

當然。

We can talk merchandise margin, but also net of FX --

我們可以談論商品保證金，但也可以談論扣除外匯後的利潤——

I mean the bottom line margin is consistent with what we've said in the past.

我的意思是底線利潤率與我們過去所說的一致。

On a 3% to 4% comp, we could be flat to up 10 basis points, again, assuming no outsized expense headwinds.

以 3% 至 4% 的比較，假設沒有巨大的支出阻力，我們可能會再次持平至上漲 10 個基點。

That message is still consistent.

該資訊仍然一致。

Yes.

是的。

Obviously, this year, we have raised that now where our margin for the year is going up from where we planned, for a lot of reasons.

顯然，今年我們已經提出了這一點，由於很多原因，我們今年的利潤率比我們的計劃有所上升。

But one of the reasons I think about the merchandise margin, which we were starting to talk about, is the situation of all these -- the stars keep aligning with our opportunities and gaining market share.

但我認為我們開始討論的商品利潤率的原因之一是所有這些的情況——明星們不斷與我們的機會保持一致並獲得市場份額。

We mean more to vendors than ever before.

我們對供應商的意義比以往任何時候都更重要。

Our relationships should continue to bode well in terms of us continuing to buy goods more favorably as we move forward.

我們的關係應該繼續是一個好的兆頭，隨著我們的前進，我們將繼續更優惠地購買商品。

Another place where I think our merchandise margins have upside is where -- the way we manage our flow, every division has gotten -- continues to get even better.

我認為我們的商品利潤還有上升空間的另一個地方是——我們每個部門管理流程的方式——繼續變得更好。

This is why in the last couple of -- which helps our markdowns and our merchandise margin directly -- when you put the right goods into the right clusters of stores, you obviously end up with a reduced markdown rate in an increased sales, because our planning systems over the last couple of years and our planning associates are getting better and better at this.

這就是為什麼在過去的幾年中——這直接有助於我們的降價和我們的商品利潤——當你將正確的商品放入正確的商店群時，你顯然最終會在銷量增加的情況下降低降價率，因為我們的過去幾年的規劃系統和我們的規劃人員在這方面做得越來越好。

Another place in Marmaxx specifically, and in HomeGoods domestically, we are able to now tailor the mix, and we've done a better job at putting together Sunbelt strategies and different region strategies across the different climate zones in the United States, which also is a huge benefit to our merchandise margin.

特別是在 Marmaxx 的另一個地方，以及國內的 HomeGoods，我們現在能夠定制組合，並且我們在將陽光帶戰略和美國不同氣候帶的不同區域戰略結合在一起方面做得更好，這也是對我們的商品利潤有巨大的好處。

I think what we're going to also see is when you look at total margin, we've talked about this before, is our Europe business, John and I have talked about this for a few years now, we're seeing that -- our goal there is to get to an 8% bottom line versus where we were.

我想我們還會看到的是，當你看總利潤率時，我們之前已經討論過這個問題，是我們的歐洲業務，約翰和我已經討論這個問題好幾年了，我們看到 - - 我們的目標是比原來的水平實現8% 的利潤。

And we're doing that in pretty short order over a few years.

我們在短短幾年內就做到了這一點。

And I think that is also going to bode well for the -- obviously, that's going to help our total TJX margin.

我認為這對我們來說也是個好兆頭——顯然，這將有助於我們的 TJX 總利潤率。

And then we still see in different markets, Canada is obviously -- continue to be very profitable.

然後我們仍然看到在不同的市場，加拿大顯然仍然非常有利可圖。

But I think we're going to see our home business specifically, which is big throughout TJX, we're feeling good about the margin opportunities there beyond just the freight savings, because of our fashion component where we are able to still provide great value, our sourcing is excellent, and we can still value and make good margins at a -- so as that business continues to grow, just feeling big upside and excited about the opportunities for year after year on the margin side.

但我認為我們將特別關注我們的家居業務，這在整個 TJX 都很重要，我們對那裡的利潤機會感到滿意，而不僅僅是節省運費，因為我們的時尚組件仍然能夠提供巨大的價值，我們的採購非常好，我們仍然可以重視並賺取良好的利潤——因此，隨著業務的不斷增長，我們只是感到巨大的上升空間，並對年復一年的利潤方面的機會感到興奮。

Great question.

很好的問題。

Adrienne Yih, Barclays.

艾德麗安‧易 (Adrienne Yih)，巴克萊銀行。

Great.

偉大的。

Thank you very much.

非常感謝。

And let me add my congratulations, people well done on Pony.

讓我祝賀大家在 Pony 上做得很好。

Thank you.

謝謝。

Adrienne.

艾德麗安.

The first question is, can you talk about for the macro consumer health backdrop today versus when we were at the last quarterly call in both the US, Canada and then Europe, obviously, the overall sentiment as the consumer backdrop has worsened, but your -- obviously, your model is prepared for that.

第一個問題是，您能否談談今天的宏觀消費者健康背景與我們在美國、加拿大和歐洲舉行上一季度電話會議時的情況，顯然，隨著消費者背景的惡化，整體情緒有所惡化，但您的 - - 顯然，你的模型已經為此做好了準備。

So that's number one.

所以這是第一。

And then, John, can you just talk about where are those store payroll investments going?

然後，約翰，您能談談那些商店薪資投資的去向嗎？

What do you expect to get in terms of the return?

您期望獲得什麼回報？

Is it hours?

是幾個小時嗎？

Is it employees?

是員工嗎？

Adrienne, great question on the landscape and what's happening to get at where the trends could be going.

艾德麗安娜（Adrienne），關於景觀的好問題以及正在發生的事情以了解趨勢的發展方向。

The macro health situation does vary I think by country also a little bit.

我認為各國的宏觀健康狀況確實有所不同。

We see, I would say, the US versus in the first quarter is similar macro, at least for our experience.

我想說，我們看到，美國與第一季的宏觀情況相似，至少就我們的經驗而言。

I know everything you read is -- we always wait, we have some of the same information that you have, so we wait for a lot of reports to come out to adjust.

我知道你讀到的所有內容都是——我們總是在等待，我們擁有一些與你相同的信息，所以我們等待大量報告出來進行調整。

All I know is the availability seems to keep growing, which makes me wonder if -- certainly at our -- the brands that we deal with, are they running into a little tougher situation.

我所知道的是，可用性似乎不斷增長，這讓我想知道——當然是我們——我們所處理的品牌，他們是否遇到了更困難的處境。

So that could be, again, tough for me to answer that versus just a quarter ago.

因此，與四分之一前相比，我再次很難回答這個問題。

We also don't tend to see the movement by quarter.

我們也不傾向於看到按季度的變化。

It seems to be over six months or 12 months.

好像已經超過六個月或十二個月了。

Canada, pretty challenging up there.

加拿大，那裡相當具有挑戰性。

Europe, more challenging.

歐洲，更具挑戰性。

I would say both are challenging environments from maybe six months ago.

我想說，大約六個月前，這兩個環境都是充滿挑戰的。

The difference in our comps there, I think, is we've had weather in both those areas.

我認為我們的比賽的不同之處在於我們在這兩個地區都遇到了天氣問題。

Canada was hit with some weather situations.

加拿大受到一些天氣狀況的影響。

Canada did a little better than Europe and is up against tougher numbers.

加拿大的表現比歐洲好一點，面臨更嚴峻的數字。

Europe, I would say, again, our performance probably had half of it was due to our own execution, which, not that we like it, but we like it because we can adjust that and we know what to do.

歐洲，我想說，我們的表現可能有一半是由於我們自己的執行力，這並不是說我們喜歡它，而是我們喜歡它，因為我們可以調整它並且我們知道該怎麼做。

And you've followed us for years.

你已經跟隨我們很多年了。

You know that whenever we identify execution issues, we address it.

您知道，每當我們發現執行問題時，我們都會解決它。

And that team has been great.

那支球隊非常棒。

And they already have really addressed a lot of the things that we think we could improve on, which is why we're already seeing that improvement as we start Q3.

他們已經真正解決了我們認為可以改進的許多問題，這就是為什麼我們在第三季開始時就已經看到了這種改進。

I'd say the environment there is challenging though, economically, in Europe.

我想說的是，歐洲的經濟環境充滿挑戰。

So I can understand what you would ask the question, and probably a little bit more so than, again, six months ago.

所以我能理解你會問這個問題，而且可能比六個月前更能理解。

John, did you want to talk about

約翰，你想談談嗎

--

--

Yes.

是的。

So on the wage, we continue to see wage increases across all of our geographies.

因此，在工資方面，我們繼續看到所有地區的工資上漲。

You'll remember, we talked, I think, on the first quarter call, about Europe announced a -- or excuse me, the UK announced a 10% increase in wage.

你會記得，我想，我們在第一季的電話會議上談到了歐洲宣布的——或者對不起，英國宣布薪水增加 10%。

We've seen some of the provinces, I think most recently Ontario announced a minimum wage increase.

我們已經看到了一些省份，我想最近安大略省宣布了最低工資上漲。

And of course, we've seen that as well in the US.

當然，我們在美國也看到了這一點。

Our strategy still holds that we are increasing, obviously, where the legislative increases have gone.

我們的策略仍然是，顯然，立法增加已經消失的地方，我們正在增加。

But also where we have competitive reasons to increase our wage, we also keep something in our budget for that as well.

但如果我們有競爭性理由需要增加薪資，我們也會為此在預算中保留一些內容。

So if we see either higher attrition rates or some challenges hiring, we have the ability to go in pointedly and increase wages.

因此，如果我們看到人員流失率上升或招募遇到一些挑戰，我們有能力有針對性地提高薪資。

Very helpful.

非常有幫助。

And best of luck for that to come on it.

祝你好運。

Thank you, Adrienne.

謝謝你，艾德麗安。

Thank you.

謝謝。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Congrats on a great quarter.

恭喜您度過了一個出色的季度。

Thank you.

謝謝。

You mentioned earlier the two-year stacks accelerating through 2Q.

您之前提到了兩年期堆疊在第二季加速成長。

Kind of wondering looking at the model here, HomeGoods has very tough compares coming up in the third quarter and the back half, I guess.

有點想知道這裡的模型，HomeGoods 在第三季和後半段有非常艱難的比較，我猜。

Is there a scenario where the 2% to 3% total company comp for third quarter allows for a negative comp in HomeGoods like the stacks might imply just against that big plus nine a year ago?

是否存在這樣的情況：第三季公司總薪酬為 2% 至 3%，導致 HomeGoods 的薪酬為負，例如堆疊可能意味著與一年前的 9% 相比？

And then on the margins, since you spoke a little bit about flow-through in the normal framework a 3% to 4% comp and flat to 10 basis points of leverage.

然後在邊際上，由於您談到了正常框架中的流動性，即 3% 至 4% 的補償率和 10 個基點的槓桿率。

You've been outpacing that for a while.

你已經超過了一段時間了。

Is there anything on the horizon that would cause that to slow back down to the normal framework that we should think about?

是否有什麼即將發生的事情會導致我們應該考慮放慢速度回到正常框架？

Well, so two things.

嗯，有兩件事。

I'll jump on the HomeGoods.

我會跳上家居用品。

So yes, we don't feel HomeGoods would run a negative.

所以，是的，我們不認為 HomeGoods 會出現負面影響。

We're not anticipating that.

我們沒有預料到這一點。

So good question.

好問題。

That is not what we would be planning.

這不是我們的計劃。

On the margin, so, obviously, we've been pretty consistent about the 3% to 4% comp being flat to up 10 basis points.

顯然，就邊際而言，我們對於 3% 至 4% 的比較持平至上漲 10 個基點的看法相當一致。

But what we saw at this year is that we had a number of onetime items that allowed us this year to leverage on a 2% to 3% versus that 3% to 4%, and that's really the reason.

但我們今年看到的是，我們有許多一次性項目，讓我們今年能夠利用 2% 至 3% 的槓桿，而不是 3% 至 4%，這就是真正的原因。

Okay.

好的。

Does that change as you look out next year?

當您展望明年時，情況會改變嗎？

Or is it -- think about the same framework?

還是——考慮相同的框架？

Like I said, next year, I would place it that, again, that model of a 3% to 4% comp flat to up 10 basis points at this point is what we'd be consistent with.

就像我說的，明年，我會再次強調，目前我們將堅持 3% 至 4% 的複合率持平至上漲 10 個基點的模式。

We're not giving FY26 guidance just yet.

我們尚未給出 2026 財政年度指導。

But that's what that's what we've said and that's what still holds.

但這就是我們所說的，而且仍然如此。

Okay, guys, best of luck into the holidays.

好吧，夥計們，祝假期好運。

Thank you.

謝謝。

Thanks.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Mark, Baird.

馬克，貝爾德。

Good morning.

早安.

Thank you for taking my question.

感謝您回答我的問題。

Just maybe first for Ernie.

對厄尼來說也許是第一個。

I was hoping to get some perspective on the market share gains.

我希望對市場份額的成長有一些了解。

Marmaxx comps obviously compare very nicely to what we've seen out of the department store channel and others thus far.

顯然，Marmaxx 的產品與我們迄今為止從百貨公司通路和其他通路看到的產品相比非常好。

But at the same time, we are seeing some of the mass retailers report some better results in general merchandise and including some more positive commentary on apparel.

但同時，我們看到一些大型零售商報告了一般商品的一些更好的業績，包括對服裝的一些更積極的評論。

So can you just speak to how you're protecting your flank when it comes to some of the mass discounters that are also competing for that trade-down consumer?

那麼，您能否談談，當涉及到一些也在爭奪低價消費者的大型折扣店時，您是如何保護自己的呢？

Yes.

是的。

Great question, Mark.

好問題，馬克。

We -- by the way, to your point, we've been looking at the same numbers.

順便說一句，就您而言，我們一直在研究相同的數字。

We track all of this as we continue to monitor our market share gains.

我們在繼續監控市場份額成長的同時追蹤所有這一切。

And by the way, we, as best we can, some countries that we're in don't have, but in the US, as you just stated, there's a lot of good information out there.

順便說一句，我們盡我們所能，我們所在的一些國家沒有，但在美國，正如您剛才所說，那裡有很多好的資訊。

So we track -- well, when you look at the total, so first thing we do is we look at the Marmaxx total with new stores.

所以我們追蹤——好吧，當你查看總數時，我們做的第一件事就是查看新店的 Marmaxx 總數。

And you can see clearly we're gaining market share in total.

您可以清楚地看到我們總體上正在獲得市場份額。

Now as to where it is, we have some information that shows in the apparel and in home.

現在至於它在哪裡，我們有一些在服裝和家居中顯示的資訊。

I would say we're picking up market share in both.

我想說我們正在擴大這兩個領域的市場份額。

It depends on how you slice out some of the discounters that have home in it.

這取決於你如何剔除一些擁有自己業務的折扣店。

Because if they're not -- if they have general home and you throw all the families of business in there, it can look at one number, but if it's more home furnishings driven, which is what we are, with some other things that make it a little fuzzy.

因為如果他們不是——如果他們有普通住宅，你把所有的企業家族都放進去，它可以看一個數字，但如果更多的是家居裝飾驅動，這就是我們的情況，還有其他一些東西，讓它變得有點模糊。

For example, we have a pet business in our home area.

例如，我們在家裡有一家寵物店。

We have a lot of consumables that John talked about, like the gourmet food that we carry, where does that -- that's in our home business.

約翰談到我們有很多消耗品，例如我們攜帶的美食，那是在哪裡——那是在我們的家庭生意中。

Greeting cards, wrapping paper.

賀卡、包裝紙。

Greeting cards.

賀卡。

Yes, wrap.

是的，包裹。

Where is that in those business?

這些業務在哪裡？

So that's where it gets really funky.

這就是它變得非常有趣的地方。

So as best we can, and some of the reports that are written in your industry on the sell side will show us that -- will show that we're picking our home business clearly against the direct competition.

因此，我們將盡最大努力，在您的行業中賣方撰寫的一些報告將向我們表明——將表明我們正在選擇我們的本土業務，以明顯反對直接競爭。

But I do like your wording on protecting your flank because what we look for is any sign of, in total on those groups that we look at for competition, are they getting close?

但我確實喜歡你關於保護側翼的措辭，因為我們正在尋找的是，在我們關注的競爭群體中，他們是否正在接近？

Are there promotional retails?

有促銷零售嗎？

Are we feeling that their sales -- comp sales are any healthier than ours were?

我們是否覺得他們的銷售－比較銷售比我們的銷售更健康？

Right now, we haven't seen it, and we're clearly gaining market share in home as well.

目前，我們還沒有看到這一點，而且我們顯然也在國內獲得市場份額。

But to your point, we're always trying to protect our flank by being aware of where they are.

但就你而言，我們總是透過了解他們的位置來保護我們的側翼。

And then one of the things our merchants do is whoever is doing better business, when their business -- we shop them very aggressively to look at our values in the categories from a fashion perspective that they carry that, A, should we have more of it?

然後我們的商家做的一件事就是誰做得更好，當他們的生意時，我們非常積極地向他們購買，從他們所攜帶的時尚角度審視我們在類別中的價值觀，A，我們應該有更多它？

Are we selling it -- should we be retailing it differently?

我們是否在銷售它——我們是否應該以不同的方式零售它？

Because again, our first priority is to offer value that's better than everyone else around us.

因為，我們的首要任務是提供比周遭其他人更好的價值。

So that's all that goes into protecting the flank, so to speak.

可以這麼說，這就是保護側翼的全部。

I love the terminology you used.

我喜歡你使用的術語。

It's just being on top of it every day.

只是每天都在上面。

Thank you.

謝謝。

Yes, thank you.

是的，謝謝。

Thank you.

謝謝。

Corey Tarlowe, Jefferies.

科里·塔洛，杰弗里斯。

Great, thanks and good morning.

太好了，謝謝，早安。

Ernie, I was wondering if I could gain a perspective on opening price points.

厄尼，我想知道我是否可以獲得對開盤價點的看法。

So other retailers have talked about cutting prices.

因此其他零售商也開始討論降價。

They've also highlighted more promotions.

他們也強調了更多促銷活動。

And you also, I think, mentioned in your prepared remarks that you're seeing, I think, flattish ticket.

我認為，您在準備好的發言中也提到，我認為您看到的是平淡的門票。

Maybe it has a little bit of a plus sign on it.

也許它上面有一個加號。

How do you think about the trajectory for AUR and opening price points going forward within the context of the broader environment?

您如何看待大環境下 AUR 和開盤價的走勢？

Yes.

是的。

Great question, Corey.

好問題，科里。

So start with that we won't top-down manage it, so which is why we're always reluctant on a top-down average ticket, average unit retail, giving a projection too far out because we -- sometimes the market moves fast.

因此，首先我們不會自上而下地管理它，這就是為什麼我們總是不願意自上而下的平均門票、平均單位零售，給出太遠的預測，因為我們——有時市場變化很快。

We go after -- oftentimes, and John often talks about this, it's the mix of our departments.

我們經常追求——約翰經常談到這一點，這是我們部門的混合。

So we could have an accessories area or a gourmet food area that's at a low ticket, but we're driving, sales are hot there.

所以我們可以設立一個配件區或美食區，價格低廉，但我們正在開車，那裡的銷售很火爆。

Just by the fact that we're going to drive that a little disproportionately than something else, that could lower our ticket temporarily.

事實上，我們將比其他東西稍微不成比例地駕駛它，這可能會暫時降低我們的票價。

But we normally see units go up when we see

但當我們看到時，我們通常會看到單位上漲

--

--

Right.

正確的。

We see the units in the basket go up.

我們看到籃子裡的單位漲了。

Right.

正確的。

But on opening price point specifically, which is at the beginning, we -- so -- and if you look at what we've talked about really more in depth the last few calls and meetings we've had, is we believe strongly in having opening price point goods, ensuring they're at the right value.

但具體來說，在開盤價格點上，也就是一開始，我們——所以——如果你仔細看看我們在最近幾次電話會議和會議上更深入地討論過的內容，我們是否堅信擁有開盤價商品，確保它們具有正確的價值。

But this is why we are all over having a balanced good, better, best mix throughout all of our brands and banners in all of our markets.

但這就是為什麼我們在所有市場上的所有品牌和橫幅中都擁有平衡的好、更好、最好的組合。

So we are always passionate about opening price point goods in balance though.

因此，我們始終熱衷於平衡開放價格點的商品。

And we're always up against it being balanced, which is why you're not seeing our ticket move around that much, because as much as we're passionate about it, we have it in ratio to our better brands and better retails and our best brands.

我們總是反對它保持平衡，這就是為什麼你看不到我們的門票波動那麼大，因為儘管我們對此充滿熱情，但我們將它與我們更好的品牌和更好的零售相比，我們最好的品牌。

And that hasn't moved a lot.

這並沒有發生太大變化。

Again, we don't top down tell the merchants that -- we let nature take its course a little.

再說一次，我們不會自上而下地告訴商人——我們讓自然順其自然。

The only thing we insist on is that every merchant have a balanced mix of good, better, best.

我們唯一堅持的是每個商家都平衡好、更好、最好的組合。

And we let that fluctuate a little bit, but we never get away from it.

我們讓它稍微波動，但我們永遠不會擺脫它。

So I hope that answers that opening price point question.

所以我希望這能回答開盤價問題。

And on the cutting prices, again, that back to the original thing at the beginning of this call, is we don't cut -- we do cut prices when we see the price on an item is coming down around us, because we're going to ensure that our value is proportionately significantly better going out the door than they're out the door.

關於降價，再次回到本次電話會議開始時的最初內容，我們不降價——當我們看到我們周圍的商品價格下降時，我們確實降價，因為我們“我們將確保我們走出去的價值比他們走出去的價值要高得多。

But that's when we would cut the price.

但那時我們就會降價。

Or we cut the price if we're not selling something as well, regardless of what's happening around it, because that happens as well.

或者，如果我們賣得不好，我們就會降價，無論周圍發生什麼，因為這種情況也會發生。

And we do that through the markdown process.

我們透過降價流程來做到這一點。

Which is very automated and the merchants initiate and we continue to slash -- we can take a markdown, we can take a price adjustment where we just adjust it to what we think is the new right retail.

這是非常自動化的，商家發起，我們繼續大幅削減——我們可以降價，我們可以進行價格調整，我們只需將其調整到我們認為正確的新零售水平。

Again, remember, we will never ever be undersold.

再次請記住，我們永遠不會低價銷售。

But that's what drives us cutting prices when we do cut prices.

但這就是促使我們在降價時降價的原因。

Hope that answers it.

希望能回答這個問題。

Yes, welcome.

是的，歡迎。

Thank you.

謝謝。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

Great.

偉大的。

Thank you so much.

太感謝了。

I just want to ask another -- one more question about Brands For Less.

我只是想再問一個關於 Brands For Less 的問題。

Ernie, you talked about the strategic rationale.

厄尼，你談到了戰略原理。

Can you just help us understand the financial rationale, why take a 35% stake, why not more, why not less?

您能否幫助我們理解財務原理，為什麼要持有 35% 的股份，為什麼不能更多，為什麼不能更少？

And how do you see that

你怎麼看？

--

--

That's very good, Jay.

這非常好，傑伊。

Well, some of that -- John and I will jump in on this, but so these -- I won't get into the specifics.

嗯，其中一些——約翰和我會參與其中，但這些——我不會詳細說明。

But sometimes when you start with these negotiations, one site could be looking for a couple of investors and they actually might be looking for us to be less of an investor than 35%.

但有時當你開始這些談判時，一個網站可能會尋找幾個投資者，而他們實際上可能會尋找我們的投資者比例低於 35%。

Sometimes after you start exploring, you see a good number.

有時在你開始探索之後，你會看到一個不錯的數字。

Sometimes I would say it's a meeting of the minds, to sum it up, that we don't always you have to come out with the proportional amount that the founders, the owners, that are great, and us, where we all feel we're at the right level.

有時我會說這是一次思想的碰撞，總而言之，我們並不總是必須拿出創始人、所有者，以及我們，我們都覺得我們很棒的比例金額。

And there isn't as much -- I mean there's some science, but then there's a bit of the qualitative discussion about how much we think they want us to own, how much we think we should own.

沒有那麼多——我的意思是有一些科學，但是還有一些定性討論，關於我們認為他們希望我們擁有多少，我們認為我們應該擁有多少。

And we ended up in what we thought was a sweet spot given their feelings and our feelings.

考慮到他們的感受和我們的感受，我們最終達到了我們認為的最佳位置。

They weren't looking for a complete buyout.

他們並不尋求完全收購。

They were looking for a minority investor.

他們正在尋找少數投資者。

They weren't looking for a 50% buy either.

他們也不尋求 50% 的收購。

And at 35%, it gives us enough skin in the game that it makes it worthwhile.

35% 的比例讓我們在遊戲中獲得了足夠的利益，這讓我們覺得值得。

And Jay, what is neat about it though, at the same time, the 35%, the way it works with us, it stays a very -- it's a healthy investment, as you can see based on the number that we put in.

傑伊，它的妙處在於，同時，35%，它與我們合作的方式，它仍然是一項非常健康的投資，正如你根據我們投入的數字所看到的那樣。

We believe it's accretive in a couple of years, next year.

我們相信，明年的幾年內，它會增加。

And if we plan to add the value that we think we can, we still have a -- we own 35%.

如果我們計劃增加我們認為可以做到的價值，我們仍然擁有 35% 的股份。

So if it grows like we think it can.

因此，如果它像我們想像的那樣增長。

And we, add our secret sauce, so to speak, in terms of the buying and -- and they're excellent at they really want to collaborate, and we're very impressed with what they've done.

可以說，我們在購買方面添加了我們的秘密武器——他們非常擅長真正想要合作，我們對他們所做的事情印象深刻。

I think it's a great marriage.

我認為這是一個偉大的婚姻。

Yet they didn't want to buy out, and we wanted to own a decent chunk, so you end up in that middle zone.

然而他們不想買斷，而我們想擁有相當大的一塊，所以你最終會處於中間區域。

Makes sense.

有道理。

Thank you so much.

太感謝了。

You're welcome.

不客氣。

That was our last call.

那是我們最後一次通話。

I would like to thank you all for joining us today.

我要感謝大家今天加入我們。

We look forward to updating you again on our third quarter earnings call in November.

我們期待在 11 月的第三季財報電話會議上再次向您通報最新情況。

Take care, everybody.

大家保重。

Thank you.

謝謝。

Ladies and gentlemen, that concludes your conference call for today.

女士們、先生們，今天的電話會議到此結束。

You may all disconnect.

你們都可以斷開連線。

Thank you for participating.

感謝您的參與。