TJX Companies Inc (TJX) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the TJX Companies third-quarter fiscal 2025 financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded, November 20, 2024. I would like to turn the conference call over to Mr. Ernie Herrman, Chief Executive Officer and President of the TJX Companies, Inc. Please go ahead, sir.

女士們先生們，謝謝你們的支持。歡迎參加 TJX 公司 2025 財年第三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 11 月 20 日進行錄音。

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

謝謝，希拉。在我們開始之前，黛布有一些開場白。

Thank you, Ernie, and good morning. 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'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 the reconciliations to non-GAAP measures we discuss. Thank you.

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 的投資者部分詳細介紹了外匯對我們的綜合業績和國際部門的影響。我們也討論了對非公認會計原則措施的調節。謝謝。

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

現在我會把它轉回給厄尼。

Good morning. Joining me and Deb on the call is John I want to begin our call today by saying that our hearts go out to all of our associates, their families and everyone who has been affected by Hurricane Helene in Milton. To help with relief efforts, we made essential emergency supplies and resources available to our associates in the impacted areas.

早安.與我和黛布一起參加電話會議的是約翰，我想在今天的電話會議開始時說，我們的心與我們所有的同事、他們的家人以及所有在米爾頓受到颶風海倫影響的人同在。為了幫助救援工作，我們為受影響地區的員工提供了必要的緊急物資和資源。

We also made emergency donations to the World Central Kitchen and the American Red Cross through our TJX Foundation. We take our commitment to supporting communities seriously and try to help local communities during times of need through our long-standing relationships with organizations that provide critical support.

我們也透過 TJX 基金會向世界中央廚房和美國紅十字會提供緊急捐款。我們認真履行支持社區的承諾，並嘗試透過與提供關鍵支持的組織的長期合作關係，在需要時為當地社區提供幫助。

Now to our business update and third quarter results. I am very pleased with our third quarter performance. I want to personally thank all of our global associates for their continued hard work and commitment to TJX. Comp store sales growth of 3% came in at the high end of our plan.

現在介紹我們的業務更新和第三季業績。我對我們第三季的表現非常滿意。我想親自感謝我們所有的全球員工的持續辛勤工作和對 TJX 的承諾。比較店銷售成長 3% 是我們計畫的上限。

I am particularly pleased with the operational execution across all of our divisions as each delivered comp store sales increases entirely driven by customer transactions. I want to specifically highlight our European team for their efforts and strong results, which drove the 7% comp increase at our TJX International division.

我對我們所有部門的營運執行感到特別滿意，因為每個交付的贈品商店銷售額的成長完全是由客戶交易推動的。我想特別強調我們的歐洲團隊的努力和出色的成果，這推動了我們 TJX 國際部門 7% 的薪資成長。

Clearly, our terrific assortment and great values across our retail banners resonated with many of our shoppers when they visited our stores. In terms of profitability, pretax profit margin and earnings per share both well exceeded our plans. With our third quarter performance, we are once again raising our full year outlook for pretax profit margin and earnings per share. John will talk to our profitability performance and guidance in more detail in a moment. Looking ahead, the fourth quarter is off to a strong start.

顯然，我們零售橫幅上的精彩品種和巨大價值引起了許多購物者在參觀我們商店時的共鳴。從獲利能力來看，稅前利潤率和每股盈餘均遠超過我們的計畫。根據第三季的業績，我們再次上調全年稅前利潤率和每股盈餘的預期。約翰稍後將更詳細地討論我們的獲利表現和指導。展望未來，第四季將迎來一個強勁的開局。

We continue to see outstanding availability of goods across a wide range of brands, which gives us great confidence in flowing fresh, exciting assortments to our stores and online this holiday season and beyond. Longer term, we are excited about the opportunities we see to gain additional market share and continue our successful growth in the United States and internationally.

我們繼續看到各種品牌的商品供應充足，這讓我們對在這個假期及以後的商店和網上銷售新鮮、令人興奮的商品充滿信心。從長遠來看，我們對獲得更多市場份額並繼續在美國和國際上成功成長的機會感到興奮。

I'll talk more about our holiday plans and our opportunities for global growth in a moment. But first, I'll turn the call over to John to cover our third quarter results in more detail.

稍後我將詳細討論我們的假期計劃和我們的全球成長機會。但首先，我將把電話轉給約翰，更詳細地介紹我們第三季的業績。

Thanks, Ernie. I also want to add my gratitude to all of our global associates for their continued dedication to TJX. Now I'll share some additional details on the third quarter. As Ernie mentioned, our consolidated comp sales increased 3%, which is at the high end of our plan and entirely driven by customer transactions. Once again, both our apparel and home categories saw comp sales increases this quarter.

謝謝，厄尼。我還要感謝我們所有的全球員工對 TJX 的持續奉獻。現在我將分享第三季的一些其他細節。正如 Ernie 所提到的，我們的綜合銷售額成長了 3%，這是我們計劃的高端，完全由客戶交易驅動。本季我們的服裝和家居品類銷售額再次成長。

Pretax profit margin of 12.3% was up 30 basis points versus last year. Pretax profit margin was 40 basis points above the high end of our plan, primarily due to a benefit from the timing of certain expenses, most of which we expect will reverse out in the fourth quarter expense savings and higher net interest income.

稅前利潤率為 12.3%，較去年上升 30 個基點。稅前利潤率比我們計劃的上限高出40 個基點，這主要是由於某些費用的時間安排帶來的好處，我們預計其中大部分費用將在第四季度的費用節省和更高的淨利息收入中逆轉。

Gross margin was 50 basis points -- was up 50 basis points versus last year. This favorability was primarily due to an increase in merchandise margin. SG&A increased 10 basis points versus last year. This increase was due to incremental store wage and payroll costs, which largely offset the year-over-year benefit from closing HomeGoods e-commerce business last year and lower incentive compensation expense this year.

毛利率為 50 個基點——比去年增加 50 個基點。這種優惠主要是由於商品利潤率的增加。 SG&A 比去年增加了 10 個基點。這一增長是由於商店工資和工資成本增加，這在很大程度上抵消了去年關閉 HomeGoods 電子商務業務和今年激勵補償費用下降帶來的同比收益。

Lastly, we're very pleased that diluted earnings per share of $1.14 were up 11% versus last year and also well above plan. Now to our third quarter divisional performance again this quarter across all of our divisions, the comp increases were entirely driven by customer transactions. We see this as a great indicator of the strength of our value proposition.

最後，我們非常高興稀釋後每股收益為 1.14 美元，比去年增長 11%，也遠高於計劃。現在，我們所有部門的第三季部門業績再次出現，薪資成長完全是由客戶交易驅動的。我們認為這是我們價值主張強度的重要指標。

At Marmaxx, comp store sales increased 2% and segment profit margin was 14.3%, up 30 basis points versus last year. During the third quarter, Marmaxx's sales were negatively impacted by store closures due to the hurricanes. Marmaxx's apparel and home categories, both saw comp sales increases. We are excited about the initiatives we have plan to drive sales and customer transactions at TJ Maxx and Marshalls this holiday season.

在 Marmaxx，Comp Store 銷售額成長了 2%，部門利潤率為 14.3%，比去年成長了 30 個基點。第三季度，Marmaxx 的銷售額因颶風導致商店關閉而受到負面影響。 Marmaxx 的服飾和家居品類銷售額均出現成長。我們對今年假期期間計劃推動 TJ Maxx 和 Marshalls 銷售和客戶交易的舉措感到興奮。

Further, we have some great merchandise plans for our US e-commerce sites in our Sierra business. Long term, we remain confident that Marmaxx, our largest division, can further grow its customer base and increase its market share. HomeGoods comp store sales increased 3%. Segment profit margin grew to 12.3%, up 200 basis points versus last year. As a reminder, last year, we had a significant negative impact from the costs associated with the closing of our HomeGoods online business.

此外，我們在 Sierra 業務中為美國電子商務網站制定了一些很棒的商品計劃。從長遠來看，我們仍然相信我們最大的部門 Marmaxx 能夠進一步擴大其客戶群並提高其市場份額。 HomeGoods 比較店銷售額成長了 3%。部門利潤率成長至12.3%，比去年提高200個基點。提醒一下，去年我們因關閉 HomeGoods 線上業務而產生了重大負面影響。

During the third quarter, we were proud to open our 1,000 store in our HomeGoods division a terrific milestone. With a highly differentiated mix of eclectic merchandise from around the world, we believe that both HomeGoods and HomeSense are well positioned to capture additional share of the U.S. market over the long term. At TJX Canada, our comp store sales were up 2%. Segment profit margin on a constant currency basis was 15.2%, down 170 basis points versus last year.

第三季度，我們很自豪在家居用品部門開設了 1,000 家商店，這是一個了不起的里程碑。憑藉來自世界各地的高度差異化的不拘一格的商品組合，我們相信 HomeGoods 和 HomeSense 都處於有利地位，能夠在長期內佔領美國市場的額外份額。在 TJX Canada，我們的比較店銷售額成長了 2%。以固定匯率計算的分部利潤率為 15.2%，比去年下降 170 個基點。

I want to mention that most of the year-over-year decline in Canada's margin was due to some nonrecurring items last year and this year that impacted our year-over-year comparability. That, along with increased freight costs due to the rail shutdown. We are the only major off-price retailer in Canada. We have a very loyal customer base and our offering well-recognized retail brands across good, better and best categories.

我想提一下，加拿大利潤率較去年同期下降的主要原因是去年和今年的一些非經常性項目影響了我們的同比可比性。再加上鐵路關閉導致的貨運成本增加。我們是加拿大唯一的主要折扣零售商。我們擁有非常忠實的客戶群，並提供良好、更好和最好類別的知名零售品牌。

We believe that this sets us up well to attract even more customers to all three of our Canadian banners. At TJX International, comp store sales increased 7%, with strong increases in both Europe and Australia. Segment profit margin on a constant currency basis improved 7.2% up 180 basis points versus last year. As Ernie said, we are very pleased with our European results, which drove this division's overall performance.

我們相信，這有助於我們吸引更多客戶使用我們的所有三個加拿大橫幅。 TJX International 的比較店銷售額成長了 7%，其中歐洲和澳洲的成長強勁。以固定匯率計算，該部門的利潤率比去年提高了 7.2%，提高了 180 個基點。正如厄尼所說，我們對歐洲的成績感到非常滿意，這推動了該部門的整體表現。

Going forward, we are confident that we can gain additional share of both the European and Australian retail markets and increase this division's profitability. Ernie will have more to say on our international growth opportunities in a moment. Moving to inventory. Balance sheet inventory was up 1%, and inventory on a per store basis was down 2%, driven by lower holdings at our distribution centers. We feel great about our liquidity and the outstanding availability we're seeing in the marketplace.

展望未來，我們有信心在歐洲和澳洲零售市場獲得更多份額，並提高該部門的獲利能力。厄尼稍後將更多地談論我們的國際成長機會。轉向庫存。由於配送中心的庫存減少，資產負債表庫存增加了 1%，每家商店的庫存下降了 2%。我們對我們在市場上看到的流動性和出色的可用性感到非常滿意。

We are very well positioned to flow fresh assortments to our stores and online throughout the holiday season. I'll finish with our capital allocation. We were very 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.

我們處於非常有利的位置，可以在整個假期期間將新鮮品種輸送到我們的商店和網上。我將結束我們的資本配置。我們非常高興能夠再產生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. Now I'll highlight the opportunities we see that give us confidence that we can keep driving sales and customer transactions in the fourth quarter. First, and most importantly, we remain committed to delivering outstanding value to our shoppers every day. This holiday season, consumers can expect to see great value throughout our stores every time they shop us. We see this as a meaningful advantage as consumers can shop our excellent values every day and not have to wait for sales or promotional days elsewhere.

謝謝，約翰。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第四季度繼續推動銷售和客戶交易。首先，也是最重要的是，我們仍然致力於每天為購物者提供卓越的價值。在這個節日期間，消費者每次在我們的商店購物時都可以看到超值的商品。我們認為這是一個有意義的優勢，因為消費者可以每天購買我們的優質產品，而不必等待其他地方的銷售或促銷日。

Second, with the outstanding availability we have been seeing in the marketplace, we are well positioned as a destination for gifts this holiday season. Each of our banners are set up extremely well to offer shoppers across a broad range of income demographics and exciting selection of gifts at price points that can meet their budgets. With gift offerings in every department, we believe our stores are an appealing one-stop shopping destination for consumers to buy for everyone on their list.

其次，憑藉我們在市場上看到的出色供應，我們處於成為這個假期禮物目的地的有利位置。我們的每個橫幅都經過精心設計，可以為各種收入人群的購物者提供令人興奮的禮品選擇，價格可以滿足他們的預算。我們相信我們的商店是一個有吸引力的一站式購物目的地，每個部門都提供禮品，消費者可以為他們名單上的每個人購買。

Further, after the holiday season, we'll continue our focus on being a year-round gifting destination. Next, as we do all year long, we plan to flow fresh merchandise to our stores and online multiple times a week, which we believe is a key differentiator of our business. With our ever-changing assortment of merchandise, we are confident that shoppers can see something new every time they visit. In addition, we feel great about our plans to flex our stores after the holidays, to the categories and trends we believe consumers will be looking for to start the new year.

此外，假期結束後，我們將繼續致力於成為全年送禮目的地。接下來，正如我們全年所做的那樣，我們計劃每週多次將新鮮商品運送到我們的商店和網上，我們認為這是我們業務的關鍵差異化因素。隨著我們不斷變化的商品種類，我們相信購物者每次造訪都能看到新的東西。此外，我們對假期後調整商店的計劃感到非常高興，我們相信消費者將在新的一年開始時尋找類別和趨勢。

Lastly, we feel great about our holiday marketing campaigns, which launched earlier this month. Each of our brands are emphasizing gift giving and reinforcing our value leadership. We plan to showcase a wide selection of quality products to highlight that there is something for everyone and demonstrate that our great values are available to everyone, every day. Further, we plan to advertise through a variety of media channels with an emphasis on digital to reach consumers across a wide age and income demographic who are seeking gifting inspiration.

最後，我們對本月初啟動的假日行銷活動感到非常滿意。我們的每個品牌都強調送禮並強化我們的價值領先地位。我們計劃展示各種優質產品，以強調每個人都能找到適合自己的產品，並證明我們的偉大價值觀每天都可供每個人使用。此外，我們計劃透過各種媒體管道進行廣告，重點是數位媒體，以吸引各個年齡層和收入人群尋求送禮靈感的消費者。

Moving on, we believe we are in an excellent position to continue capitalizing on the growth of off-price around the world and further grow our leadership position. giving me confidence is our very long track record of executing our flexible business model and our value leadership. We strongly believe that our decades of off-price expertise and knowledge is a tremendous advantage and will allow us to continue delivering comp store sales growth, driving customer transactions and attracting new shoppers. Next, we continue to see a significant opportunity to follow -- to further grow our store base in our existing countries.

展望未來，我們相信我們處於有利位置，可以繼續利用全球折扣業務的成長，並進一步鞏固我們的領導地位。給我信心的是我們執行靈活的業務模式和價值領導力的長期記錄。我們堅信，我們數十年的折扣專業知識和知識是一個巨大的優勢，將使我們能夠繼續實現商店銷售成長，推動客戶交易並吸引新購物者。接下來，我們繼續看到一個重要的機會——進一步擴大我們在現有國家/地區的商店基礎。

With over 5,000 stores today, we continue to see the potential to open another 1,200-plus stores with just our current retail banners in our current countries. Beyond this, you've heard me say before that we believe our off-price model can work wherever consumers seek fashion and brands at great prices.

如今，我們擁有 5,000 多家商店，我們繼續看到在現有國家開設另外 1,200 多家商店的潛力，僅保留我們現有的零售橫幅。除此之外，您之前曾聽我說過，我們相信我們的折扣模式可以在消費者以優惠價格尋求時尚和品牌的地方發揮作用。

With that said, I'm excited to announce today that we are planning to expand our TK Maxx banner in Spain. We've been looking at the Spanish market for quite some time and are confident that the timing is right. And that we have a strong understanding of the marketplace and the consumer.

儘管如此，我今天很高興地宣布，我們計劃在西班牙擴大 TK Maxx 品牌。我們關注西班牙市場已經有一段時間了，並且相信時機是正確的。我們對市場和消費者有深入的了解。

Importantly, other than a small field office in Spain to effectively serve the local market, we plan to leverage our existing European infrastructure and organization. We expect our first stores to open in early 2026 and long term, we see the potential to open more than 100 stores in Spain.

重要的是，除了在西班牙設立一個小型現場辦事處來有效服務當地市場外，我們還計劃利用我們現有的歐洲基礎設施和組織。我們預計第一家商店將於 2026 年初開業，從長遠來看，我們認為有可能在西班牙開設 100 多家商店。

In addition to our current countries and our planned expansion in Spain, we are extremely pleased to gain off-price exposure in new markets as well. Through our JV with Grupo Axo and our investment in brands for less, we'll now be participating in the growth of off-price in Mexico the UAE, Saudi Arabia and beyond.

除了我們目前的國家和計劃在西班牙的擴張之外，我們非常高興能夠在新市場獲得折扣。透過我們與 Grupo Axo 的合資企業以及我們對品牌的投資，我們現在將參與墨西哥、阿聯酋、沙烏地阿拉伯及其他地區的折扣業務的成長。

We are always looking for ways to increase shareholder value, and we see these two investments as a good use of cash with an attractive growth and return profile over the long term. All of this gives me confidence that even as a $50 billion-plus global retailer, Significant opportunities remain to capture additional market share around the world going forward.

我們一直在尋找增加股東價值的方法，我們認為這兩項投資是現金的良好利用，具有有吸引力的長期成長和回報。所有這些都讓我相信，即使作為一家價值超過 500 億美元的全球零售商，未來仍然存在著奪取全球更多市場份額的重大機會。

Summing up, I am very pleased with our third quarter performance, and we feel great about our initiatives for the holiday selling season. I want to reiterate that we are always looking at ways to increase both our top line and our profitability. Longer term, we are confident that our value leadership treasure hunt shopping experience and flexibility will continue to be key advantages and allow us to increase our market share.

總而言之，我對我們第三季的業績感到非常滿意，並且我們對假期銷售季的舉措感到非常滿意。我想重申，我們一直在尋找提高營收和獲利能力的方法。從長遠來看，我們相信，我們價值領先的尋寶購物體驗和靈活性將繼續成為關鍵優勢，並使我們能夠增加市場份額。

Further, I'm convinced that our global talent is unmatched and that our focus on culture, teaching and training will continue to be major contributors to our success for many years to come. Finally, we have many initiatives underway in our corporate responsibility programs, and I encourage anyone to learn more about our efforts on our corporate website, tjx.com in the Responsibility section.

此外，我相信我們的全球人才是無與倫比的，我們對文化、教學和培訓的關注將繼續成為我們未來許多年成功的主要貢獻者。最後，我們在企業責任計劃中正在進行許多舉措，我鼓勵任何人在我們的企業網站 tjx.com 的「責任」部分了解更多有關我們的努力的資訊。

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

現在我將把電話轉回給約翰，介紹我們第四季和全年的指導，然後我們將開放提問。

Thanks again, Ernie. As a reminder, adjusted numbers for last year's fourth quarter and full year exclude the benefit from the extra week in our fiscal calendar last year. Now I'll start with the fourth quarter guidance where we are expecting overall comp store sales growth to be up 2% to 3%, consolidated sales to be in the range of $15.9 billion to $16.1 billion pretax profit margin to be in the range of 10.8% to 10.9%, down 10 basis points to flat versus last year's adjusted 10.9%. And gross margin to be in the range of 29.4% to 29.5%. This will be down 10 basis points to flat versus last year's adjusted 29.5%.

再次感謝，厄尼。提醒一下，去年第四季和全年的調整後數據不包括去年財政日曆中額外一週的收益。現在我將從第四季度的指導開始，我們預計整體商店銷售成長將成長 2% 至 3%，綜合銷售額將在 159 億美元至 161 億美元之間，稅前利潤率將在10.8%至10.9 %，與去年調整後的10.9%相比下降10個基點至持平。毛利率在29.4%至29.5%之間。與去年調整後的 29.5% 相比，這一數字將下降 10 個基點至持平。

As a reminder, this year's fourth quarter gross margin assumes a negative impact from our year-over-year shrink accrual. SG&A to be 18.8%, which would be 10 basis points favorable to last year's 18.9%, net interest income of $35 million, which we expect to deliver pretax profit margin by 10 basis points. Our fourth -- our fourth quarter guidance also assumes a tax rate of 26.0% and a weighted average share count of approximately 1.14 billion shares.

提醒一下，今年第四季的毛利率受到了我們應計年減的負面影響。 SG&A 為 18.8%，比去年的 18.9% 提高了 10 個基點，淨利息收入為 3500 萬美元，我們預計稅前利潤率將提高 10 個基點。我們的第四季指引也假設稅率為 26.0%，加權平均股數約為 11.4 億股。

Lastly, we're expecting fourth quarter diluted earnings per share to be in the range of $1.12 to $1.14 versus last year's $1.12 -- adjusted to $1.12. Moving to the full year. We continue to expect overall comp store sales to increase 3%. We expect consolidated sales to be in the range of $55.9 billion to $56.1 billion. We're increasing our pretax profit margin guidance by 10 basis points to 11.3%.

最後，我們預計第四季度攤薄後每股收益將在 1.12 美元至 1.14 美元之間，而去年為 1.12 美元，調整後為 1.12 美元。轉至全年。我們繼續預期實體店整體銷售額將成長 3%。我們預計綜合銷售額將在 559 億美元至 561 億美元之間。我們將稅前利潤率指導上調 10 個基點，達到 11.3%。

This would be up 40 basis points versus last year's adjusted 10.9%. We now expect gross margin to be 30.3%, a 40-basis point increase versus last year's adjusted 29.9%. We expect this increase to be driven by a higher merchandise margin, partially offset by higher supply chain costs.

這將比去年​​調整後的 10.9% 上升 40 個基點。我們目前預期毛利率為 30.3%，比去年調整後的 29.9% 增加 40 個基點。我們預計這一成長將由較高的商品利潤率推動，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. We continue to expect SG&A to be 19.3%, flat versus last year's 19.3%. 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.

我們繼續計劃收縮與去年持平。我們繼續預期 SG&A 為 19.3%，與去年的 19.3% 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。

We're now assuming net interest income of $174 million, which would have a neutral impact on our year-over-year pretax profit margin. Our full year guidance assumes a tax rate of 25% and a weighted average share count of approximately 1.14 billion shares. We now expect fully diluted earnings per share to be in the range of $4.15 to $4.17.

我們現在假設淨利息收入為 1.74 億美元，這將對我們的年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%，加權平均股數約為 11.4 億股。我們現在預計完全攤薄後每股收益將在 4.15 美元至 4.17 美元之間。

This would represent an increase of 10% to 11% versus last year's adjusted diluted earnings per share of $3.76. It's important to note that we are not flowing through the entire third quarter earnings per share beat of $0.06 to the full year as we expect $0.02 of timing expenses benefit in the third quarter to reverse out in the fourth quarter.

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 10% 至 11%。值得注意的是，我們並沒有看到整個第三季每股收益超過 0.06 美元，因為我們預計第三季 0.02 美元的計時費用收益將在第四季度逆轉。

In closing, I want to reiterate that we are very pleased with the execution of our teams across the company in the third quarter. We are confident in our plans for the fourth quarter and always will strive to beat them. We have a very strong balance sheet and are in an excellent position to continue investing in the growth of TJX while simultaneously returning significant cash to our shareholders.

最後，我想重申，我們對整個公司團隊在第三季的執行力感到非常滿意。我們對第四季度的計劃充滿信心，並將始終努力擊敗他們。我們擁有非常強大的資產負債表，並且處於有利地位，可以繼續投資於 TJX 的成長，同時向股東返還大量現金。

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

現在我們很高興回答您的問題。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。謝謝。現在我們將開放提問。

(Operator Instructions)

（操作員說明）

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great. Thanks and congrats on another nice quarter. So Ernie, could you speak to the cadence of comps at Marmaxx or maybe outside of hurricane and weather disruption any change in business or market share momentum in the holiday in 2025? And then, John, if you could just outline or elaborate on the drivers of the third quarter merchandise margin expansion. Maybe just walk through continued drivers of merchandise margin looking forward?

偉大的。感謝並祝賀又一個美好的季度。那麼，Ernie，您能否談談 Marmaxx 的比賽節奏，或者除了颶風和天氣幹擾之外，2025 年假期的業務或市場份額勢頭有何變化？然後，約翰，您能否概述或詳細說明第三季商品利潤率擴張的驅動因素。也許只是回顧未來商品利潤率的持續驅動因素？

Yeah. So good question, Matt. Yeah, so the -- we were actually starting off stronger than where we ended up in Marmaxx at the beginning of the quarter. And in addition to the hurricanes that hit us later, it was really some unseasonably warm weather in Marmaxx that kept pulling us down. In fact, we pretty much rounded down to the two, we were heading in a good place.

是的。問得好，馬特。是的，所以——我們實際上一開始就比本季度初 Marmaxx 的結果更強。除了後來襲擊我們的颶風之外，Marmaxx 反常的溫暖天氣也一直讓我們感到沮喪。事實上，我們幾乎四捨五入到這兩個，我們正朝著一個好的方向前進。

And I'll tell you this, I'm extremely happy with where Marmaxx is starting off starting off strong as we enter November here. And I know you're not asking about Europe, but this is where the weather and you've probably seen all the different reports of the unseasonably warm weather has affected other retailers and shopping patterns beyond just the hurricanes, our Europe business had a benefit weather.

我會告訴你，當我們進入 11 月時，我對 Marmaxx 的強勁起步感到非常高興。我知道你問的不是歐洲，但這就是天氣，你可能已經看到了所有關於反常溫暖天氣的不同報道，影響了其他零售商和購物模式，而不僅僅是颶風，我們的歐洲業務受益匪淺天氣。

So the seven comp that we have there, that team over there who did a great job on executing, I think, would tell you though that they were helped by some favorable cooler weather actually in Europe. So it's a tale of two cities. And again, the cadence was kind of like that, the way Marmaxx went. So we're feeling -- ultimately feeling very good about the Marmaxx business. and where we're headed for Q4.

因此，我認為我們在那裡的七個團隊，那個在執行方面做得很好的團隊，會告訴你，他們實際上受到了歐洲一些有利的涼爽天氣的幫助。所以這是兩個城市的故事。再說一次，節奏有點像 Marmaxx 的方式。所以我們最終對 Marmaxx 業務感覺非常好。以及我們第四季的發展方向。

Yeah. And as far as your question about the gross margin, most of it was in the merchandise margin line. We also had some expense savings in the DC line. And that's really from, as we said, that the inventories, I mean, they were on an average per store basis were down in the DCs and up in our stores. We're very comfortable with where the inventory is landed. So the DCs were processing closer to need, and that gives us savings in our DCs on the processing side.

是的。至於你關於毛利率的問題，大部分是在商品利潤線。我們在直流線路方面也節省了一些費用。正如我們所說，這實際上是因為每個商店的平均庫存量下降了，而我們的商店則增加了。我們對庫存的卸貨地點非常滿意。因此，資料中心的處理更接近需求，這使我們在資料中心的處理方面節省了成本。

Great. Best of luck.

偉大的。祝你好運。

Brooke Roach, Goldman Sachs.

布魯克·羅奇，高盛。

Good morning. Thank you for taking our questions. With tariffs and supply chain top of mind, I was hoping you could elaborate on how you're thinking about your current exposure to direct imports from certain countries such as China. And what impact a potential tariff scenario could have on your business, both in terms of inventory availability, but also costs to merchandise sourcing? Thank you.

早安.感謝您接受我們的提問。考慮到關稅和供應鏈，我希望您能詳細說明您如何看待目前從中國等某些國家直接進口的風險。潛在的關稅情況可能會對您的業務產生什麼影響，無論是在庫存可用性方面還是在商品採購成本方面？謝謝。

Sure, Brooke. Obviously, something we're aware of potential situations out there and all along we watch these things. We've also -- as you remember, we've dealt with this before a number of years ago. We are -- I would tell you this is one of the places where our model is such a benefit because our priority is maintaining our value gap, right, on our goods relative to the out-the-door retail that competition.

當然，布魯克。顯然，我們意識到了潛在的情況，我們一直在關注這些事情。正如您所記得的，我們幾年前也處理過這個問題。我想告訴你，這是我們的模式具有如此優勢的地方之一，因為我們的首要任務是保持我們的商品相對於戶外零售競爭的價值差距。

So while we won't speculate on exactly what will happen with certain items or certain categories, if it does happen, we are set up to ensure that we maintain our value gap between us and the out the door at no matter what those categories are that could get hit with tariffs. Everything is relative. We will make sure our values are proportionately below them as they always have been. Again, we have the flexibility that we're not buying so far so far early and out.

因此，雖然我們不會準確推測某些商品或某些類別會發生什麼，但如果確實發生，我們將確保無論這些類別是什麼，我們都保持與外界之間的價值差距這可能會受到關稅的打擊。一切都是相對的。我們將確保我們的價值觀一如既往地低於它們。再說一次，我們有彈性，到目前為止我們還沒有提前買入和賣出。

The other opportunity, ironically, that tends to surface in times like this is we could have other manufacturers or retailers that do more of their own direct imports. And I know you mentioned our direct imports that's a very small portion of our business. And so that is -- and we've already a number of years ago, started diversifying out of China. As an aside, by the way, on this topic, as you know, the bulk of our inventory is bought from brands. So we can't -- we don't even have visibility into where those goods are from, nor do we actually want to get involved in that.

諷刺的是，在這樣的時期往往會出現的另一個機會是，我們可以讓其他製造商或零售商進行更多自己的直接進口。我知道您提到了我們的直接進口，這只是我們業務的一小部分。所以，我們幾年前就開始在中國以外多元化。順便說一句，在這個主題上，如您所知，我們的大部分庫存都是從品牌購買的。所以我們不能——我們甚至不知道這些貨物來自哪裡，我們實際上也不想參與其中。

It's back to the -- it's back to the value gap that we retail those goods out relative to competition. So if a brand were to get hit with tariffs increased tariff on a category, and that brand had to raise their price and then that price gets carried on to another retailer.

這又回到了我們零售這些商品相對於競爭者的價值差距。因此，如果一個品牌受到關稅打擊，某個類別的關稅就會增加，那麼該品牌就必須提高價格，然後該價格就會轉嫁給另一家零售商。

Could that price on that one SKU for us be up a little? It might, but it will never be at any issue with the value gap that we have relative to the competition. On the direct back to the imports, we -- that's such a small number for us that we're really not concerned on that piece, same idea. I would say, what was the last part of your question there for?

我們的那個 SKU 的價格可以漲一點嗎？可能會，但我們相對於競爭對手的價值差距永遠不會有任何問題。直接回到進口方面，我們——這對我們來說是一個很小的數字，我們真的不關心那件事，同樣的想法。我想說，你問題的最後一部分是為了什麼？

Just whether or not there was any benefits or opportunities that tariffs could present to your buying (multiple speakers)

只是關稅是否會為您的購買帶來任何好處或機會（多位發言者）

Oh, yeah. I'm sorry. So with the vendors could bring in good manufacturers could bring in goods early -- and what that, and this is what happened last time, that could create actually even additional availability of goods at advantageous prices for us because we can take advantage of that opportunistically. And that's as likely a scenario as anything. So once again, this is where the novel -- the model when when there's chaos out there in the market a little, if that happens a little bit on certain categories, ultimately, usually, that's an opportunity for us.

哦，是的。對不起。因此，隨著供應商可以引進好的製造商可以儘早引進貨物，這就是上次發生的情況，這實際上可以為我們以優惠的價格創造更多的貨物供應，因為我們可以機會主義地利用這一點。這很可能是一種情況。所以，這又是小說的地方——當市場出現一點混亂時的模型，如果這種情況在某些類別上發生一點，最終，通常，這對我們來說是一個機會。

And then, Brooke, just to add on, you had questioned the supply chain. So we are anticipating a little bit of freight headwind in the fourth quarter, which we have reflected in our forecast.

然後，布魯克，補充一下，你對供應鏈提出了質疑。因此，我們預計第四季度貨運會出現一些逆風，這一點我們已在預測中反映出來。

Great. Thanks so much. I'll pass it on.

偉大的。非常感謝。我會把它傳遞下去。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

Good morning. Thank you. Ernie, the comp continues to be driven by transactions. Can you talk to the composition of the new customers that you're gaining by age and income level -- and any changes you've seen in recent quarters or signs of trade down in that customer cohort?

早安.謝謝。厄尼，公司繼續由交易驅動。您能談談您所獲得的新客戶的年齡和收入水平組成嗎？

Right. No, great question, Lorraine. We -- it's interesting, John, the team and marketing team, we look at this all of the time. We have, over the last few years, started to more of our customers are skewing a little bit younger as consistent as consistent we've talked about age 18 to 34 has been a growing segment for us. This is good based on where we have kind of skewed our business, but I would like to emphasize interestingly Lorraine.

正確的。不，很好的問題，洛林。約翰，我們的團隊和行銷團隊，這很有趣，我們一直在關注這個問題。在過去的幾年裡，我們開始越來越多的客戶變得更加年輕，正如我們所說的那樣，18 歲至 34 歲的客戶群對我們來說一直是一個不斷增長的群體。這很好，因為我們的業務有所傾斜，但我想有趣地強調洛林。

One thing I always talk about is how we trade broadly. That's in terms of income and age, all right? And we recently have looked at our breakdown by the age groups and the income groups. And again, it's a competitive advantage for us. We love the way we are balanced by age and income across every one of our banners.

我經常談論的一件事是我們如何進行廣泛的交易。這是就收入和年齡而言的，好嗎？我們最近查看了按年齡組和收入組劃分的細分情況。再說一次，這對我們來說是一個競爭優勢。我們喜歡我們在每一個橫幅上按年齡和收入平衡的方式。

And we've recently looked at the new data on it. And yes, on the on some of the younger that's moved that way a little bit, it's still extremely in proportion to the different age groups balance across -- against the general population. We love that because it allows us to continue to keep growing our customer base on all incomes and demographic as well as you know this, we're all about good, better, best in our product.

我們最近查看了有關它的新數據。是的，對於一些稍微發生了這種變化的年輕人來說，它仍然與不同年齡層的平衡相對於總人口的比例非常高。我們喜歡這一點，因為它使我們能夠繼續擴大所有收入和人口的客戶群，正如您所知，我們致力於提供更好、更好、最好的產品。

And so we continue to emphasize that with our merchants with the way we do our store formats, we want to appeal to all different incomes and age groups. And so I think I answered your first part about where the growth has been on the customer.

因此，我們繼續強調，我們希望透過我們的商家和我們的商店模式來吸引所有不同收入和年齡層的人。所以我想我回答了你關於客戶成長的第一部分。

But what I would tell you is our objective is to continue, yes, to get younger customers on the same time, unlike other retailers that kind of narrow in on their customer base from a demographics perspective. We are not doing that. We want to continue to trade broadly. So if we get more younger, I still don't want us to give up the older age customers or the in between.

但我要告訴你的是，我們的目標是繼續，是的，同時吸引更年輕的客戶，不像其他零售商從人口統計的角度縮小客戶群。我們不會那樣做。我們希望繼續進行廣泛的貿易。因此，如果我們變得更年輕，我仍然不希望我們放棄年齡較大的客戶或介於兩者之間的客戶。

And so John, anything else you want to add to that?

約翰，您還有什麼要補充的嗎？

Sure. With our good, better, best strategy, we trade across all income demographics. And last quarter, we saw positive performance across all the income demographics categories that we track.

當然。憑藉我們良好、更好、最好的策略，我們在所有收入人群中進行交易。上個季度，我們在追蹤的所有收入人口統計類別中都看到了積極的表現。

And you know what, I think neat and again, for the future, as we continue to expand, is there is a convenience benefit -- not only do we create more of a treasure hunt by going after this wide range of wider than our competition, and I don't mean just off price competition. I mean all competition that tends to trade -- now you and I have -- we've spoken about this many times.

你知道嗎，我想，對於未來，隨著我們繼續擴張，是否會帶來便利的好處——我們不僅透過追求比我們的競爭對手更廣泛的範圍來創造更多的尋寶活動，我的意思不僅僅是價格競爭。我的意思是所有傾向於交易的競爭——現在你和我——我們已經多次談論這一點。

I think for the future, it continues to allow us to differentiate ourselves from the other retailers and to when we enter our market, it creates convenience not creating treasure hunt entertainment type of shopping experience, it creates convenience because when somebody is shopping in their stores, especially for gifts even you're having different levels of gifts, not just not a one age group, one income group. It allows somebody to have a convenient shopping experience as well as an unexpected what are you going to find shopping experience.

我認為在未來，它繼續讓我們與其他零售商區分開來，當我們進入我們的市場時，它創造了便利，而不是創造尋寶娛樂類型的購物體驗，它創造了便利，因為當有人在他們的商店購物時，特別是對於禮物，即使你有不同級別的禮物，而不僅僅是一個年齡組、一個收入組。它讓人們擁有便利的購物體驗以及意想不到的購物體驗。

Thank you.

謝謝。

Paul Lejuez, Citi.

保羅‧勒胡埃斯，花旗銀行。

Hey, guys. Two quick ones. I'm curious if you can talk about whether your view of the consumer has changed versus the last time we heard from you, three months ago, just given there have been some things that have changed on the macro sense. Just curious if you're seeing anything on the consumer. And then second, if you can just talk at a high level, about how you're thinking on margin expansion opportunities or challenges in 2025, if you can give us an early peek into how you're thinking? Thanks.

嘿，夥計們。兩個快的。我很好奇您能否談談您對消費者的看法與三個月前我們上次收到您的消息相比是否有所改變，因為宏觀意義上發生了一些變化。只是好奇您是否在消費者身上看到了任何東西。其次，您能否從高層次談談您對 2025 年利潤擴張機會或挑戰的看法，能否讓我們提前了解您的想法？謝謝。

I'll start, and then I'll let Ernie chime in on the merchandise margin question. As far as the consumer goes, there's really no change in how we're viewing the consumer either by income demographic or by age. We -- again, as Ernie just mentioned, we're attracting more customers that are in that 18 to 34 age range, which we think is a definite plus when you think of the long-term health of the business.

我先開始，然後讓厄尼插話一下商品利潤問題。就消費者而言，無論是按收入人口還是按年齡來看待消費者的方式實際上都沒有改變。正如厄尼剛才提到的，我們再次吸引了更多 18 至 34 歲年齡層的客戶，考慮到業務的長期健康發展，我們認為這絕對是一個優勢。

But again, the merchandising strategies that Ernie has talked about over and over again, we feel that, that, again, differentiates us from a lot of competitors and really gives a broad cross-section of the population and interest to shop us.

但同樣，厄尼一遍又一遍地談論的銷售策略，我們認為，這再次使我們與許多競爭對手區分開來，並真正吸引了廣泛的人群和購買我們的興趣。

Yeah. Paul, I'll throw in two other things. I think this might also be helpful based on your question is what's changed since last quarter per se and the view on a macro scale, I don't know if this is a one-quarter thing or over the last few quarters.

是的。保羅，我還要補充兩件事。我認為這也可能會有所幫助，因為你的問題是自上個季度以來發生了什麼變化以及宏觀層面的觀點，我不知道這是四分之一的事情還是過去幾個季度的事情。

But as you can see, the health of our home business makes me continue to be very bullish on where we're headed in home. And I don't know if that's a macro trend. I know it probably is inconsistent when you look at the results in the home industry. But I think on our end, we're seeing for our customer, obviously, you can see from the build. In fact, I am thrilled with what HomeGoods did this past quarter against a very big comp last year.

但正如您所看到的，我們家庭業務的健康發展使我繼續非常看好我們在家庭的發展方向。我不知道這是否是一個宏觀趨勢。我知道當你看看家居行業的結果時，這可能是不一致的。但我認為在我們這邊，我們正在為我們的客戶看到，顯然，你可以從構建中看到。事實上，我對 ​​HomeGoods 在上個季度與去年的大型競爭對手相比所取得的成績感到非常興奮。

I would say, for our customers, and by the way, we believe there we gain additional customers. There's a bit of a -- an open to look for fun, I would say, eclectic fashion home merchandise and an ever-changing home assortment that, that seems to be picking up over the last few quarters, I would say, not necessarily Q2 to Q3, but I would say our Q3 versus three quarters ago. And you can see, we talked about that a bit on the last call. But I'm feeling even more bullish quarter-by-quarter. We've been -- and I've been talking about it for a year now.

我想說的是，對於我們的客戶，順便說一句，我們相信我們會獲得更多客戶。我想說的是，一種尋找樂趣的開放，不拘一格的時尚家居商品和不斷變化的家居品種，我想說，這似乎在過去幾個季度有所回升，但不一定是第二季度到第三季度，但我想說的是我們的第三季度與四個季度前相比。你可以看到，我們在上次通話中對此進行了一些討論。但我對每季的情況更加樂觀。我們已經——而且我已經談論它一年了。

And that team, I'm very proud of our home teams across the corporation. I'm talking to stores the way they put out the goods, but also our merchants have been so collaborative in the way they've executed from HomeGoods to Marmaxx, to Europe, Canada, all the merchants at our home businesses have really been doing a nice job taking advantage of what I think is a bit of a shift.

我為整個公司的主隊感到非常自豪。我正在與商店談論他們擺放商品的方式，而且我們的商家在執行方式上也一直如此協作，從 HomeGoods 到 Marmaxx，再到歐洲、加拿大，我們本土企業的所有商家都在這樣做很好的工作，利用了我認為有點轉變的機會。

And then on the margin for next year, any thoughts?

然後關於明年的利潤，有什麼想法嗎？

We're not giving guidance today on the -- we're not prepared to give guidance for next year. I mean, we've been very consistent in saying that on a 3% to 4% comp, again, assuming no outsized expense increases and some merchandise margin improvement, we can be flat to up 10 basis points.

我們今天不提供有關 - 我們不准備提供明年的指導。我的意思是，我們一直非常一致地表示，在 3% 至 4% 的比較中，假設費用沒有大幅增加並且商品利潤率有所改善，我們可以持平至上升 10 個基點。

But the biggest lever we have is our top line growth. When customers are searching for value, we believe our execution and the value we offer will continue to resonate with those customers. So we think that driving that top line is something that we will continue to do. So again, we'll give guidance on the fourth quarter call for FY26.

但我們擁有的最大槓桿是我們的收入成長。當客戶尋求價值時，我們相信我們的執行力和我們提供的價值將繼續引起這些客戶的共鳴。因此，我們認為推動營收成長是我們將繼續做的事情。因此，我們將再次對 2026 財年第四季的電話會議提供指導。

Great. Good luck, guys.

偉大的。祝你好運，夥計們。

Michael Binetti, Evercore.

邁克爾·比內蒂，Evercore。

Hey, guys. Great quarter. Thanks for taking our question. Maybe just to double click on Paul's question a little bit. As we think about the typical algorithm you guys speak to, I think last year was two to three comps with flat to 10 basis points of pretax on PAT.

嘿，夥計們。很棒的季度。感謝您提出我們的問題。也許只需雙擊保羅的問題即可。當我們考慮你們所說的典型演算法時，我認為去年有兩到三個比較的 PAT 稅前持平到 10 個基點。

I know you don't want to get into guidance, but any items or puts and takes we should start thinking about a to consider with respect to what would be a normal year tariffs labor or just the mix of business. And John, you mentioned maybe there was a few thoughts that the international margins improvement you've been seeing lately could be more durable. I'm curious what you thought there.

我知道您不想接受指導，但我們應該開始考慮正常年份的關稅、勞動力或業務組合的任何項目或投入和支出。約翰，您提到也許有一些想法認為您最近看到的國際利潤率的改善可能會更加持久。我很好奇你在那裡想什麼。

And then, Ernie, glad to hear your confidence on Marmaxx here in November. If you would mind just just double-clicking on it for a minute. What do you think is working? Is that weather just getting out of the way and it always should have been better? Or are you seeing the weather-sensitive categories improved? Or are these early reads from the holiday categories?

然後，Ernie，很高興聽到您 11 月對 Marmaxx 的信心。如果你介意的話，只需雙擊它一分鐘即可。你認為什麼有效？天氣是不是已經過去了，本來應該會更好的？或者您看到對天氣敏感的類別有所改善？還是這些是假期類別的早期讀物？

Yeah. I will start. I know that's your last part there, Michael. But yes, I think more of that, again, we I think Marmaxx would have tracked better if the weather wasn't unseasonably warm. And so now I think we're getting that weather picture out of the way here a bit, and that's helping as well as I think I talked about in the script, we have so many of our gift giving categories that are now hitting the stores.

是的。我會開始。我知道這是你的最後一部分，邁克爾。但是，是的，我想更多的是，我認為如果天氣不是反常溫暖的話，Marmaxx 會追蹤得更好。所以現在我認為我們在這裡稍微擺脫了天氣圖片的影響，這很有幫助，我想我在劇本中談到過，我們有很多禮物贈送類別現在正在商店上架。

And if you look -- I think now is a place -- if you look typically in our Q4, where we gained market share pretty steadily over a number of years. And I think there's a combination of the weather getting out of the way as well as Marmaxx is looking particularly strong from a mix perspective with gift-giving and fresh goods that have been hitting. So I think it's both. But thanks for that. Thanks for -- we don't mind double clicking on that one.

如果你看一下——我認為現在是一個地方——如果你看一下我們的第四季度，我們在過去幾年裡相當穩定地獲得了市場份額。我認為，天氣好轉以及Marmaxx從綜合角度來看特別強勁，禮品和新鮮商品一直很受歡迎。所以我認為兩者都是。但謝謝你。謝謝——我們不介意雙擊那個。

Yeah. And then just to get back to the first part of your question, last year, we did have a number of onetime items that gave us a little bit of a tailwind this year. So that's why this year on a two to three comp. We've been able to be excuse me, on a three to four comp, we've been able to be higher or flow more there really isn't a lot this year that's impacted us.

是的。然後回到你問題的第一部分，去年，我們確實有一些曾經的項目為我們今年帶來了一些順風。這就是為什麼今年要舉辦兩到三場比賽。對不起，在三到四場比賽中，我們已經能夠變得更高或流動更多，今年對我們的影響確實沒有太多。

We don't see Spain next year as being a large headwind -- we're trying to be as cost-effective as we can going into that market, leveraging as much as we can that European business. So again, I'd just go back to my upfront comment of what we see until we have more detail for you on the fourth quarter.

我們認為明年的西班牙不會成為一個巨大的阻力——我們正在努力以盡可能具有成本效益的方式進入該市場，並盡可能多地利用歐洲業務。再說一次，我只想回到我對我們所看到的情況的預先評論，直到我們為您提供有關第四季度的更多細節。

Thanks a lot, guys.

非常感謝，夥計們。

Alex Straton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

Thanks all for taking the question. I wanted to focus in on HomeGoods, again, those initial comments were super helpful. Can you just talk about the profitability improvement there and how you guys have been able to drive that to such a nice level after a number of years of pressure? And then just on the international kind of announcements and a number of entries or changes this year. Has something changed in terms of strategy? Or how are you guys thinking about that? Thanks a lot.

感謝大家提出問題。我想再次關注家居用品，這些最初的評論非常有幫助。您能談談那裡的盈利能力的改善嗎？然後是今年的國際公告和一些條目或變更。戰略方面有什麼變化嗎？或者說你們對此有何看法？多謝。

All right, Alex. Let me start with and then John will probably jump out on the HomeGoods margin. But if I can get to you on what you're asking, which I would figure this would be a question. The international expansion is we're at a bit of a junction here of where we have talent, and you've heard me talk about this before. We've always have this great business model but have wanted to be very careful and strategic about when we roll it out to not dilute our core businesses.

好吧，亞歷克斯。讓我開始吧，然後約翰可能會跳出家居用品的利潤。但如果我能回答你所問的問題，我認為這將是一個問題。國際擴張是我們正處於人才匯聚的十字路口，你以前聽過我談論過這一點。我們一直擁有這種出色的商業模式，但在推出它時希望非常謹慎和具有策略性，以免稀釋我們的核心業務。

And so what's happened is the time -- so the timing of our model, along with entries into markets where nobody is doing a good job or even doing a job on off-price, has been surfacing at a time when we -- because of all of the tenure that we have in TJX, which I have to emphasize, again, our management team's experience at all different levels from managers all the way up to top executives, we have tenure and experience across this corporation, really like never before.

所以發生的事情是時間 - 所以我們的模式的時機，以及進入沒有人做得很好甚至沒有人以折扣價做工作的市場，已經在我們的時候出現了 - 因為我們在TJX 的所有任期，我必須再次強調，我們的管理團隊在各個層級（從經理一直到高階主管）的經驗，我們在整個公司擁有的任期和經驗，真的是前所未有的。

So that's allowed me to really work with the teams and identify opportunities and then have a handful of people that were either coming out of their jobs. They could have been nearing retirement or wanted to do something a little different. And we've been able to utilize them to actually help us make these, I guess, joint ventures or investments or new businesses like in Spain.

因此，這讓我能夠真正與團隊合作並發現機會，然後讓一些人要么失業。他們可能已經接近退休或想做一些不同的事情。我想，我們已經能夠利用它們來實際幫助我們建立合資企業或投資或新業務，例如在西班牙。

So what really Alex has happened is we have more talent where I don't have to risk the core businesses to allow us to entertain and then actually get involved with these opportunities than we've ever had before. And so that's why you're seeing us do three different things internationally without taking away any focus or execution risk in our core businesses.

所以亞歷克斯真正發生的事情是我們擁有更多的人才，我不必冒核心業務的風險，讓我們能夠娛樂，然後真正參與這些比我們以前擁有的機會。這就是為什麼你會看到我們在國際上做三件不同的事情，而沒有消除我們核心業務的任何重點或執行風險。

Does that make sense? So that's a conscious really a conscious point of where we're at today. And I go back to not just the benefit, obviously, for these new business ideas, there's the benefit for our core businesses that this corporation has so much talent across the board. I think that's a differentiator for us from other retailers is the longevity that we have.

這樣有道理嗎？所以這確實是我們今天所處的一個有意識的時刻。我回過頭來，顯然，對於這些新的商業理念來說，不僅僅是好處，這家公司擁有如此多的人才，這對我們的核心業務也有好處。我認為我們與其他零售商的區別在於我們的壽命很長。

And then getting back to getting to your -- the beginning of your question, which is on HomeGoods giving you a little more color on the 200 basis point improvement. So the biggest thing I said in my talking points was the closure of homegoods.com last year. That we weren't up against that we didn't have this year.

然後回到你問題的開頭，HomeGoods 為你提供了關於 200 個基點改進的更多資訊。所以我在談話要點中說的最重要的事情是去年 homegoods.com 的關閉。我們沒有遇到今年沒有遇到的情況。

But other pieces, we had some expense efficiencies that we saw in the division along with some freight favorability. And this was, again, partially offset by supply chain wage and some inventory cap expense in the inventory cap is one of the pieces that we're seeing as reversing next quarter.

但在其他方面，我們在該部門看到了一些費用效率以及一些貨運優惠。這再次被供應鏈工資部分抵消，庫存上限中的一些庫存上限費用是我們認為下個季度會逆轉的部分之一。

One other thing I would jump in with there also, Alex, as you're asking about that home margin. And as I talked before, we're bullish on home in total -- but our home margins are healthy across the board. So we're always feeling good and especially directionally, as you can see, where you and John just spoke about how the last quarter was a nice margin in HomeGoods.

亞歷克斯，當你詢問主場優勢時，我也想談另一件事。正如我之前所說，我們總體上看好主場——但我們的主場利潤率總體上是健康的。因此，我們總是感覺良好，尤其是方向性的，正如你所看到的，你和約翰剛剛談到了上個季度 HomeGoods 的利潤率如何。

We're feeling good about our home business margins in general. So just it's -- that's another positive, which is also in an industry where oftentimes margins are challenging at home, some of that has to do with those categories that other retailers do more of their business. And obviously, we're more fashion driven and eclectic. But thanks for the question.

總體而言，我們對家庭業務的利潤率感覺良好。所以，這就是另一個積極因素，這也是一個在國內利潤率經常面臨挑戰的行業，其中一些與其他零售商更多業務的類別有關。顯然，我們更加追求時尚，不拘一格。但謝謝你的提問。

Ike Boruchow, Wells Fargo.

艾克·博魯喬（Ike Boruchow），富國銀行。

Hey. Good morning, everyone. Just wanted to kind of dig in a little bit more on the overseas comp. One of the best performances you guys have put up in a few years, I think. Just -- maybe just -- could you talk to the macro in both of those key regions, Australia and Europe. Kind of curious if anything is changing for the better at a higher level when you look at it?

嘿。大家早安。只是想更多地了解海外比賽。我認為這是你們幾年來表現最好的之一。只是——也許只是——你能談談澳洲和歐洲這兩個關鍵地區的宏觀經濟嗎？有點好奇當你看到它時，是否有任何東西在更高層次上變得更好？

And then just a follow-up to that is should we expect a kind of similar dynamic with Marmaxx where you kind of talked about the weather was unfavorable, it shifted Marmaxx improved? Is it kind of the same thing with Europe, whether it was very favorable? I assume things have normalized, like kind of in terms of the comp should the comp be kind of normalizing as well after a really robust 3Q? Thanks.

然後，我們是否應該期待與 Marmaxx 類似的動態，您談到天氣不利，它使 Marmaxx 有所改善？歐洲是不是也有同樣的情況，是否非常有利？我認為事情已經正常化，就像在補償方面一樣，在一個真正強勁的第三季之後，補償也應該正常化嗎？謝謝。

I mean our international comp, I mean, we had a strong comp both in Europe and in Australia. And it's the international comp is -- it's a portion that excellent execution, but also whether that Ernie had called out. So nothing more to add on that. As far as the Marmaxx comp, again, we continue to execute well there, and we're confident in our plans for the fourth quarter.

我的意思是我們的國際競爭，我的意思是，我們在歐洲和澳洲都有強大的競爭。這是國際比賽的一部分——這是出色的執行力的一部分，也是厄尼是否喊出的一部分。所以沒什麼好補充的了。就 Marmaxx 比較而言，我們繼續在那裡執行良好，並且我們對第四季度的計劃充滿信心。

I guess what the question is, have you seen a normalization in the comp trend as the seasonal benefit, I assume it's kind of waned a bit just like with Marmaxx, the seasonal headwind has weighed trajectory-wise for that business?

我想問題是，您是否看到競爭趨勢正常化為季節性效益，我認為它有點減弱，就像 Marmaxx 一樣，季節性逆風對該業務的軌跡產生了影響？

Right. So I think what you're getting -- so you're getting at -- yeah, we would not plan to assume we're going to run at seven comps all the time because, again, part of that was a benefit from the weather change, and that goes away. Just by the way, yes, you're exactly right. Just as in Marmaxx that kind of went the other way and could go the other way.

正確的。所以我認為你得到的是 - 所以你得到的是 - 是的，我們不打算假設我們會一直運行七個比較，因為，這部分是受益於天氣變化，這種情況就會消失。順便說一句，是的，你說得完全正確。就像在《Marmaxx》中一樣，這種情況是相反的，也可能是相反的。

You also asked, I think, about the macro environment. I think the macro environment has not really changed much in Europe. That's still about the same. This is more about our own execution and the weather. And then obviously, here in the States, same thing. So --

我想你還問了宏觀環境。我認為歐洲的宏觀環境並沒有太大變化。那還是差不多的。這更多的是我們自己的執行力和天氣。顯然，在美國，同樣的事情。所以 -

That's helpful. Thank you, Ernie. Appreciate it.

這很有幫助。謝謝你，厄尼。欣賞它。

Bob Drbul, Guggenheim

鮑勃·德布爾，古根漢

Hi. Good morning. Following up on the home business, can you spend some time just on HomeSense sort of how you're doing in the various regions, US, Canada, Europe? Thanks.

你好。早安.跟進家居業務，您能否花一些時間來了解 HomeSense，就像您在美國、加拿大、歐洲等不同地區的情況一樣？謝謝。

Yeah. So HomeSense, we've been very happy with. And in fact, as I was really trying to hint at earlier is our home business across the board has really been healthy. we're liking what we're seeing for the most part, some exceptions every geographic area that we're in.

是的。所以我們對 HomeSense 非常滿意。事實上，正如我之前試圖暗示的那樣，我們的家庭業務整體上確實非常健康。我們對所看到的大部分內容都很滿意，但我們所在的每個地理區域也有一些例外。

Yeah, we are positive across all the geographic areas that we have in these home businesses. And again, that includes the apparel stores where we have home as well.

是的，我們對這些家庭企業的所有地理區域都持正面態度。再說一次，這也包括我們家的服飾店。

That's right, the full family stores, right? And by the way, in Europe, that was part of our strong performance, right, John, last quarter. So HomeSense there as well. We're also -- we've had a pickup recently in our HomeSense in the US business as we've been playing with some execution issues there.

沒錯，全家庭商店，對吧？順便說一句，在歐洲，這是我們上個季度強勁表現的一部分，對吧，約翰。 HomeSense 也在那裡。我們的 HomeSense 美國業務最近也有所回升，因為我們一直在解決那裡的一些執行問題。

not trouble per se, but ability to, we think, do more business going forward by tweaking the mix. So we don't say what that is, but we've done some good things in the teams. I give them a lot of credit that HomeSense business, but no feeling really good across the.

我們認為，這本身並不是麻煩，而是透過調整組合來開展更多業務的能力。所以我們不會說那是什麼，但我們在團隊中做了一些好事。我對他們的 HomeSense 業務給予了很多信任，但沒有真正感覺良好。

Obviously, in Australia, we do home in our -- within our -- there is no separate home business versus in the other geographies. Having said that, that has also been healthy. So yeah, again, all the indicators are in, I go back to we do our home business differently. Our merchants there collaborate and are creative, and I think all of you have seen this, what we give to the consumer in our home area is very different than what any other retailer does.

顯然，在澳大利亞，我們的家鄉——我們的家鄉——與其他地區相比，沒有單獨的家鄉業務。話雖如此，這也是健康的。所以，是的，所有指標都在，我回到我們以不同的方式做我們的家庭業務。我們在那裡的商家合作且富有創造力，我想你們都已經看到了這一點，我們為我們家鄉的消費者提供的東西與任何其他零售商所做的東西非常不同。

Even though in some categories, we're overlapping, the approach is so much more eclectic. And by the way, good better best throughout the entire home area just as in the rest of our stores. So couldn't be happier where we're headed there.

儘管在某些類別上我們有重疊，但方法卻更加折衷。順便說一句，就像我們其他商店一樣，整個家居區域都提供更好的服務。所以我們對要去的地方感到非常高興。

Great. And just within the Marmaxx business, the runway piece of the business, are you seeing sort of better availability in some of the luxury goods areas for some of your stores?

偉大的。就在 Marmaxx 業務（該業務的秀場部分）內，您是否發現您的某些商店的某些奢侈品區域有更好的供應？

We usually don't comment on anything like that specific, but I mean availability has been okay there. That's -- it's such a limited -- we don't really use that as a bellwether for availability for us because it's only a limited store base. And that kind of moves because of the smaller resource structure there, it's a bit more up and down, and it could literally change week to week.

我們通常不會對任何具體的事情發表評論，但我的意思是那裡的可用性一直很好。那是——它是如此有限——我們並沒有真正用它作為我們可用性的領頭羊，因為它只是一個有限的商店基礎。這種變化是因為那裡的資源結構較小，上下波動更大，而且可能每週都會發生變化。

So that's why we don't comment on availability in that business. But -- as you can see, the nature of the product that we have there is really what sets us apart and helps us with our mission of good, better, best. And in that case, it's probably best plus, I guess, you would call it.

因此，我們不對該業務的可用性發表評論。但是，正如您所看到的，我們所擁有的產品的本質確實使我們與眾不同，並幫助我們實現「好、更好、最好」的使命。在這種情況下，我想，你會稱它為「最好的加號」。

All right. Thanks.

好的。謝謝。

John Kernan, TD Cowen.

約翰·克南，TD·考恩。

Good morning, everybody. Thanks for taking our question. A lot of questions on home here. I would also like to focus in on a few of the other categories like beauty, consumables, footwear, accessories you go into stores, it looks like these categories continue to be elevated and some of them seem like they're getting floor space. So maybe just any commentary on some of the categories outside of home and then (inaudible)

大家早安。感謝您提出我們的問題。這裡有很多關於家的問題。我還想專注於其他一些類別，例如美容、消費品、鞋類、商店裡的配件，看起來這些類別繼續提升，其中一些類別似乎正在獲得佔地面積。所以也許只是對家庭以外的某些類別的任何評論，然後（聽不清楚）

Yeah. No, John, great observation and a great question. Obviously, yeah, you can see some of the other businesses. I guess you would -- you're calling them consumables. Obviously, you can see we're doing a great job and things like that or beauty or there's many categories throughout the store that you would call consumables.

是的。不，約翰，偉大的觀察和一個偉大的問題。顯然，是的，您可以看到其他一些業務。我想你會——你稱它們為消耗品。顯然，你可以看到我們做得很好，例如美容，或者整個商店有很多類別，你可以稱之為消耗品。

I believe that those businesses are part of -- every one of our brands right now is doing a lot in that because we do agood consistent flow of freshness there. And we talk about an area we kind of crush competition on value, our value and whether you look at the beauty business you looked at or if you look at our pet business, which is a consumable, really, for the most part, or many of the other areas, some of them are in home. Some of them are not there by our line up at the front of the store. You know many of those, even though you wouldn't think of them, everyone needs to replenish their ear pods very often are the phone cases, or -- right?

我相信這些業務是我們的每個品牌的一部分，現在我們在這方面做了很多工作，因為我們在那裡保持了良好的一致的新鮮度。我們談論的是一個我們在價值方面壓制競爭的領域，我們的價值，無論你看看你所關注的美容業務，還是我們的寵物業務，實際上，在很大程度上，或者很多情況下，這是一種消耗品。其中一些人不在我們在商店前面排隊的地方。你知道其中很多，即使你不會想到它們，每個人都需要經常補充他們的耳機是手機殼，或者 - 對嗎？

And so all of the things that you just called out very strong, and we continue to have it be there. We believe their traffic -- I believe they're traffic builders and frequency of visit builders. As well as they are a form of extreme value because most of those categories, when you go to buy them and other retail or online, I believe the initial markups on those in the retails are pretty high.

因此，您剛才提出的所有事情都非常強烈，我們將繼續堅持下去。我們相信他們的流量——我相信他們是流量的建造者和訪問頻率的建造者。它們也是一種極端價值的形式，因為大多數這些類別，當你去其他零售店或網上購買它們時，我相信零售店的初始加價相當高。

And so we show exceptional value in those consumable areas, which, obviously, the customer appreciates because the customer is getting something that they know they're buying often and they're saving money every time in a great way. So I'm glad you actually called that out because we don't really talk about that as much. Wasn't there -- there was another piece where you're asking about apparel or something?

因此，我們在這些消耗品領域表現出了非凡的價值，顯然，客戶很欣賞這一點，因為客戶得到了他們知道自己經常購買的東西，而且每次都以一種很好的方式省錢。所以我很高興你真的指出了這一點，因為我們並沒有真正談論這一點。不是嗎──還有另一篇文章你問的是服裝之類的嗎？

Yeah. Just -- I wanted to talk on the categories outside of core ladies inventories (multiple speakers)

是的。只是——我想談談核心女士清單之外的類別（多個發言者）

Yeah. Outside of home (multiple speakers)

是的。戶外（多個揚聲器）

I think follow-up to John might be just on the gross margin question you got asked a few different ways. What would be the long-term driver of further merchandise margin expansion? Is it as simple as full price sell-through, markup, mark on? Like how do we think about the long-term merchandise margin opportunity outside? The leverage on three to four comps?

我認為約翰的後續行動可能只是關於毛利率問題，您以幾種不同的方式被問到。商品利潤率進一步擴大的長期驅動因素是什麼？是像全價銷售、加價、加價那麼簡單嗎？例如我們如何看待外部的長期商品利潤機會？三到四個比較的槓桿作用？

Yeah. Obviously, if there was a change in expense base, I mean, if -- because as we say, no outsized expense increases, if we started to see some expense decreases in certain areas, I mean, that could change the model. But the number one lever that we have to pull is the top line growth. And that's really where we see the opportunity going forward of just continuing to grab market share and continuing to grab that top line.

是的。顯然，如果費用基礎發生變化，我的意思是，如果——因為正如我們所說，費用不會大幅增加，如果我們開始看到某些領域的費用減少，我的意思是，這可能會改變模型。但我們必須拉動的第一個槓桿是營收成長。這確實是我們看到繼續搶佔市場份額並繼續搶佔營收的機會的地方。

That's great. Thanks, guys. Best of luck on the holidays.

那太棒了。謝謝，夥計們。祝假期好運。

Adrienne Yih, Barclays.

艾德麗安‧易 (Adrienne Yih)，巴克萊銀行。

Great. Thank you very much. Let me add my congratulations. So Ernie, we always say all very lead to off-price. So here's a little bit of a conundrum for you. Would you rather be in a backdrop that is pressured where you are taking share and getting trade down? Or would you rather be in a healthier environment stimulated maybe by demand in the back half of next year where you can raise prices relative to the market, but maybe inventory is a little bit cleaner. I think the latter. (multiple speakers)

偉大的。非常感謝。讓我補充一下我的祝賀。所以厄尼，我們總是說一切都會導致折扣。所以這裡有一個小難題給你。您是否願意處於一個壓力重重的背景下，您正在爭奪份額並減少交易？或者你寧願處於一個更健康的環境中，也許是在明年下半年的需求刺激下，你可以相對於市場提高價格，但庫存可能會更乾淨一些。我認為是後者。 （多個發言者）

I think in any kind of economic time. I mean we've consistently shown that that if times are good, we trade well, if times are troubled, people are looking for value, we tend to be a retailer that customers look for. I don't know if you have anything to add Ernie.

我認為在任何經濟時期。我的意思是，我們一直在表明，如果經濟狀況好，我們的交易就會很好；如果經濟狀況不好，人們就會尋找價值，我們往往會成為客戶尋找的零售商。我不知道厄尼你還有什麼要補充的嗎？

I do. Adrienne, I favor the -- I like them both scenarios for different reasons. The only thing is on the second one, and I think your guess for me is I would slightly favor the -- a little healthier environment. But you said a little cleaner, the only thing we have -- I haven't witnessed that.

我願意。艾德麗安，我喜歡──出於不同的原因，我喜歡這兩種場景。唯一的事情是第二個，我想你對我的猜測是我會稍微傾向於——更健康一點的環境。但你說得更清楚一點，我們唯一擁有的東西——我還沒有親眼目睹。

So meaning when the environment is healthier strangely enough, what ends up happening is you have this initial lag, but when retailers get healthier, the wholesalers and those retailers tend to cut, meaning place more -- a little bit more goods more aggressively to chase what they believe is going to be a healthier trend, which ultimately doesn't lead to cleaner it might be cleaner for like a quarter or something. Do you know what I mean?

因此，奇怪的是，當環境變得更健康時，最終會發生的情況是，你會出現最初的滯後，但是當零售商變得更健康時，批發商和零售商往往會削減開支，這意味著放置更多的商品，更積極地追逐更多的商品他們認為這將是一種更健康的趨勢，這最終不會導致更清潔，它可能會在大約四分之一的時間內變得更清潔。你知道我的意思嗎？

So I like the healthier because it generally also even though innately first blush, you would think it would lead to leaner excess inventories, our experience has been that hasn't happened. So -- but then for the original reasons you were saying, I think it's good, where prices are up and then everyone can just -- we can maintain our gap. And meanwhile, you have to John's point, we do well in the other environment to so. So I just personally like what you were saying on the second one.

所以我喜歡更健康的產品，因為它通常也是即使乍一看，你會認為它會導致更精簡的過剩庫存，但我們的經驗是這種情況還沒有發生。所以——但出於你所說的最初原因，我認為這很好，價格上漲，然後每個人都可以——我們可以保持我們的差距。同時，你必須指出約翰的觀點，我們在其他環境中做得很好。所以我個人喜歡你在第二個所說的話。

And then my second follow-up is you're comping a really heroic home comp. Are you seeing a little bit of kind of movement, housing has started to move a tiny bit with rates coming down a bit? How does that work sort of in a Fed cutting cycle? I would imagine the horizon for the next year looks pretty good for HomeGoods and you're already starting to see that come through. So comment on that, Ernie? Or John?

然後我的第二個後續行動是你正在準備一場真正英雄般的主場比賽。您是否看到了一點點的變動，房屋已經開始略有變動，利率也有所下降？這在聯準會的降息週期中是如何運作的？我想 HomeGoods 明年的前景看起來相當不錯，而且你已經開始看到這一點了。那麼對此發表評論吧，厄尼？還是約翰？

Yeah. I think, Adrienne, right, no, I know what you're getting at. We think there might be a little bit of that starting. I think that would be more next year where we believe there's a tailwind a little bit to your point, to help because home starts. If interest -- if mortgage rates did come down a notch, maybe you get more of that, even if it's not home starts, people are more willing to now go by fresh accessories or the core for their homes.

是的。我想，艾德麗安，是的，不，我知道你的意思。我們認為可能會有一些這樣的開始。我認為明年會更多，我們相信對你的觀點來說會有一點順風，因為主場開始了，會有所幫助。如果利息——如果抵押貸款利率確實下降了一個檔次，也許你會得到更多，即使這不是新房開工，人們現在更願意購買新的配件或房屋的核心。

And I think that's probably the play. Right now, I believe this is more of our own internal strong execution by the team that drove more of that comp against the big comp. And I believe it's also the environment where a lot of the competition has really looked stale. And so I think it's allowing us to even more shine.

我認為這可能就是戲劇。現在，我相信這更多的是我們團隊內部的強大執行力，推動了更多的競爭與大競爭。我相信這也是許多競爭看起來確實乏味的環境。所以我認為這讓我們更加閃耀。

And so some of the things that -- if you walk in a HomeGoods right now, if you look at our holiday from our holiday signing package to all of the giftables to the different food categories that we have that are extremely gift oriented.

因此，如果您現在走進 HomeGoods，看看我們的假期，從我們的假期簽名套餐到所有禮品，再到我們擁有的不同食品類別，這些都是非常注重禮品的。

I think the biggest thing right now is setting HomeGoods apart from all the other competition out there right now is, I believe, the biggest thing -- and then I think to your point in the spring, I believe we might get a little bit of a tailwind help by what could potentially be more of what you are talking about, new home or new purchases for your current on, given the economics.

我認為現在最重要的事情是讓 HomeGoods 與目前所有其他競爭對手區分開來，我相信，這是最重要的事情 - 然後我認為到你在春天的觀點，我相信我們可能會得到一些考慮到經濟狀況，你所談論的可能是新房或目前購買的新房，這可能會帶來順風的幫助。

Thank you so much. Well done to the team.

太感謝了。團隊做得很好。

Dana Telsey, Telsey Group.

達納‧特爾西，特爾西集團。

Hi, good afternoon, everyone and congratulations on the nice results. I would say that your marketing journey of HomeGoods, what you had in Madison Square Park with the HomeGoods house look terrific in New York a couple of weeks ago.

大家下午好，恭喜取得的好成績。我想說的是，你們的 HomeGoods 行銷之旅，幾週前在紐約麥迪遜廣場公園的 HomeGoods 之家看起來棒極了。

You saw that? Yeah, that's great.

你看到了嗎？是的，那太好了。

Not only, I have pictures too. It looks terrific. And it was a traffic driver. Yeah. So the other thing, just as you think about marketing, how do you think of marketing as a percent of sales going forward? How is it different this holiday season from last -- and on the other note of real estate, what are you seeing in terms of new store performance of relocations and remodels, any shifts in store size? Thank you.

不僅如此，我還有照片。看起來棒極了。這是一名交通司機。是的。那麼另一件事，就像您思考行銷一樣，您如何看待行銷佔未來銷售額的百分比？這個假期與去年有何不同？謝謝。

Yeah. Well, first of all, on our marketing, our attitude is to play a little bit of offense. So we're spending a little bit more and our creative, which I would love to we have groups coming up, but we'd love you guys to see the marketing campaigns. If you haven't seen some of the TV spots that have already been playing, we think they're just terrific. And I think also they're geared educating consumers that haven't shopped us to understand the value and what it is to shop us. And that's going to be playing out really strong, I think.

是的。那麼首先在我們的行銷上，我們的態度是要進攻一點。因此，我們在創意上花了更多的錢，我希望我們能有小組，但我們也希望你們能看到行銷活動。如果你還沒有看過一些已經播放的電視節目，我們認為它們非常棒。我認為他們也致力於教育那些沒有購買我們產品的消費者，讓他們了解我們的價值以及購買我們產品意味著什麼。我認為這將會非常強勁。

The teams have -- so we always look at marketing in terms of the -- what we're spending, obviously, to your first part of your question, but what is the creative one we're spending it on and because you need that to be breakthrough and then to -- you're trying to get an additional visit from either your infrequent shoppers or grab new customers. And the campaigns we're running really are geared at really going after a lot of consumers that have even entertain coming to us. So really feeling good about that. John, do you want to --

顯然，對於你問題的第一部分，我們的團隊已經——所以我們總是從——我們正在花費什麼來看待行銷，但是我們正在花在哪些創意上，因為你需要它取得突破，然後——您正試圖吸引不常購物的顧客再次光臨或吸引新客戶。我們正在進行的活動確實是為了真正吸引許多甚至樂於來到我們這裡的消費者。所以真的感覺很好。約翰，你想——

Yeah. So your question around the relocations and remodels -- as far as the remodels go, we're ensuring that we're staying -- keeping the estate fresh. And so that when a customer comes in, no matter what store they come into they get the same shopping experience and maintaining that just means that we're not going to start to lose sales due to a poor shopping environment. And then the relocations, where we can where we see the opportunity to move into a better retail area, we see definite positives in the relocations that we've done over the last number of years.

是的。所以你關於搬遷和改造的問題——就改造而言，我們確保我們留下來——保持莊園的新鮮感。這樣，當顧客進來時，無論他們進入哪家商店，他們都會獲得相同的購物體驗，而保持這種體驗就意味著我們不會因為購物環境不佳而開始損失銷售。然後是搬遷，我們看到有機會進入更好的零售區，我們在過去幾年所做的搬遷中看到了明確的積極作用。

Thank you.

謝謝。

Thank you, Dana. And I would like to thank, everyone, for joining us today. We look forward to updating all of you again on our fourth quarter earnings call in February. And again, thanks for your time. And everyone have a safe holiday.

謝謝你，達納。我要感謝大家今天加入我們。我們期待在二月的第四季財報電話會議上再次向大家通報最新情況。再次感謝您抽出時間。每個人都度過了一個安全的假期。

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。