TJX Companies Inc (TJX) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the TJX Company's fourth-quarter fiscal 2025 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded, February 26, 2025.

女士們、先生們，感謝你們的支持。歡迎參加TJX 公司2025財年第四季財務業績電話會議。(操作員指示) 提醒一下，本次會議將於 2025 年 2 月 26 日錄製。

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

我想將會議交給 TJX Companies Inc. 的執行長兼總裁 Ernie Herrman 先生。

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

謝謝，考特尼。在我們開始之前，Deb 先說一些開場白。

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進行錄音，其中包括有關我們的結果和計劃的前瞻性陳述。這些聲明受到風險和不確定性的影響，可能導致實際結果與這些聲明有重大差異，包括但不限於我們向美國證券交易委員會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 investor section of our website TJX.com. We have also detailed the impact of foreign exchange on our consolidated results and our international divisions in today's press release and in the investor section of TJX.com, along with reconciliation to non-GAAP measures we discuss.

請查看我們的新聞稿中有關前瞻性聲明的警示聲明，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中和 TJX.com 的投資者部分詳細介紹了外匯對我們的合併業績和國際部門的影響，以及我們討論的非 GAAP 指標的調節。

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

謝謝，現在我將把話題轉回給厄尼。

Good morning. Joining me and Deb on the call is John.

早安.與我和 Deb 一起參加通話的還有 John。

I want to first take a moment to share our care and concern for everyone affected by the wildfires in California. While many of our associates were affected, we are grateful that they are all safe. We have offered resources to our associates and also made emergency donations to World Central Kitchen and the Los Angeles Regional Food Bank to help provide support for people who most need it.

首先，我想花點時間表達我們對所有加州野火受害者的關心和擔憂。雖然我們的許多同事都受到了影響，但我們慶幸他們都很安全。我們向我們的同事提供了資源，並向世界中央廚房和洛杉磯地區食品銀行提供了緊急捐贈，以幫助為最需要幫助的人提供支持。

Now to our business update. I am very pleased with our outstanding fourth quarter. Our sales, profitability, and earnings per share were all well above our expectations. I am particularly pleased that our overall comp sales growth of 5% was driven by strong consistent comp increases of 4% or above at each of our divisions. Further, our comp sales growth across all of our divisions was once again driven by an increase in customer transactions.

現在來看看我們的業務更新。我對我們出色的第四季感到非常滿意。我們的銷售額、獲利能力和每股盈餘都遠遠超出我們的預期。我特別高興的是，我們整體同店銷售額成長 5%，這得益於我們各部門持續強勁的同店銷售額 4% 或以上的成長。此外，我們所有部門的同店銷售成長再次受到客戶交易量成長的推動。

Clearly our great values, gifting assortment, and freshness of our mix resonated with our shoppers during the holiday season. For the full year, overall sales surpassed $56 billion and we opened our 5,000th store, a milestone for our company. I want to recognize the excellent execution across our company which led to our above planned results.

顯然，在節日期間，我們的優質產品、豐富的禮品種類和新鮮的商品組合引起了購物者的共鳴。全年總銷售額超過 560 億美元，我們開設了第 5,000 家門市，對公司來說是一個里程碑。我要表揚整個公司的出色執行力，這使我們取得了超越計畫的成果。

Full year comp store sales growth of 4%, a significant increase in profitability, and a double digit increase in our earnings per share were all above our guidance for the year. We are confident that we continue to attract new shoppers in every country we operate in, and that there are plenty of opportunities to further grow our customer base going forward.

全年同店銷售額成長 4%，獲利能力大幅提升，每股盈餘達到兩位數成長，均高於我們對今年的預期。我們有信心繼續在我們經營的每個國家吸引新的購物者，並且未來有足夠的機會進一步擴大我們的客戶群。

I want to thank all of our global associates for their excellent work in 2024. I am extremely grateful for their continued dedication and commitment to TJX and to our customers every day. As we begin 2025, we are excited about the opportunities we see in our business and have many initiatives planned that we believe will further drive sales and traffic to our stores and online.

我要感謝我們所有全球同事在 2024 年的出色工作。我非常感謝他們每天對 TJX 和我們客戶的持續奉獻和承諾。隨著 2025 年的到來，我們對業務中看到的機會感到興奮，並計劃了許多舉措，我們相信這些舉措將進一步推動我們商店和線上的銷售和流量。

Availability of merchandise is fantastic, and we believe we are in a great position to execute on our merchandizing plans and keep delivering our shopper's outstanding values on great brands and fashions throughout the year.

商品供應非常充足，我們相信我們完全有能力執行我們的商品計劃，並在全年繼續為我們的購物者提供優質品牌和時尚的卓越價值。

I'll speak more about our full year performance and our confidence and our growth opportunities over the long term in a moment. But first, I'll turn the call over to John to cover our results in more detail.

稍後我將詳細介紹我們的全年業績、我們的信心以及我們的長期成長機會。但首先，我將把電話轉給約翰，以便更詳細地介紹我們的結果。

Thanks, Ernie. I also want to add my gratitude to all of our global associates for their hard work and commitment to TJX this year.

謝謝，厄尼。我還要對我們全球的所有員工今年對 TJX 的辛勤工作和承諾表示感謝。

Moving to our results, as a reminder, last year our fiscal calendar had an extra week in the fourth quarter. Therefore, where applicable, we'll be referencing adjusted numbers for last year's results which exclude the impact of that extra week. Now I'll share some additional details on the fourth quarter. Net sales grew to $16.4 billion, a 5% increase versus last year's adjusted sales.

回顧我們的業績，提醒一下，去年我們的財政日曆在第四季多了一週。因此，在適用的情況下，我們將參考去年結果的調整數字，以排除該額外一週的影響。現在我將分享一些有關第四季度的更多細節。淨銷售額成長至 164 億美元，較去年調整後的銷售額成長 5%。

As Ernie mentioned, our fourth quarter consolidated comp sales increased 5%, which was well above our plan and driven by an increase in customer transactions. We were very pleased to see strong comp sales increases in both our overall apparel and home categories. Pre-tax profit margin of 11.6% was up 70 basis points versus last year's adjusted 10.9%.

正如厄尼所提到的，我們第四季的綜合銷售額成長了 5%，遠高於我們的計劃，這得益於客戶交易量的增加。我們非常高興地看到，整體服飾和家居品類的銷售額均出現強勁成長。稅前利潤率為 11.6%，較去年調整後的 10.9% 上升了 70 個基點。

Our pre-tax profit margin was 70 basis points above the high end of our plan. This was primarily due to a benefit from lower shrink as well as expense leverage on our above plan sales, partially offset by higher incentive compensation accruals.

我們的稅前利潤率比計劃的最高值高出70個基點。這主要得益於我們高於計劃的銷售額的較低損耗和費用槓桿，但被更高的激勵薪酬應計額部分抵消。

Gross margin was up 100 basis points versus last year's adjusted 29.5%. This was primarily driven by a benefit from our year-end true up of shrink expense and strong mark on. SG&A was 19.2%, up 30 basis points versus last year due to incremental wage and payroll costs. Net interest income was neutral to pre-tax profit margin versus last year. All this led to diluted earnings per share of $1.23 up 10% versus last year's adjusted $1.12 and also well above our plan.

毛利率較去年調整後的 29.5% 上升了 100 個基點。這主要得益於我們年末對收縮費用的調整和強勁的標記所帶來的好處。銷售、一般及行政開支為 19.2%，較去年同期上升 30 個基點，原因是薪資成本增加。與去年同期相比，淨利息收入對稅前利潤率的影響並沒有太大影響。所有這些導致每股攤薄收益達到 1.23 美元，比去年調整後的 1.12 美元增長 10%，也遠高於我們的計劃。

As for our divisional performance in the fourth quarter, we saw strong comp store sales growth at every division, all driven by increases in customer transactions. We were particularly pleased with the outstanding sales performance at our international divisions with TJX Canada comp, with TGX Canada's comp sales increasing 10% and TJX International comp sales up 7%.

至於我們第四季的部門業績，我們看到每個部門的同店銷售額都實現強勁成長，這一切都得益於客戶交易量的增加。我們對 TJX 加拿大公司的國際部門的出色銷售業績感到特別滿意，其中 TGX 加拿大公司的銷售額增長了 10%，TJX 國際公司的銷售額增長了 7%。

Now to our full year fiscal '25 results. Net sales grew to $56.4 billion a 6% increase versus last year's adjusted sales. Consolidated comp store sales were up 4%, entirely driven by customer transactions. Pre-tax profit margin of 11.5% was up 60 basis points versus last year's adjusted 10.9%. Gross margin was 30.6%, up 70 basis points versus last year's adjusted 29.9%. This increase was driven by a strong mark on lower freight costs and 20 basis points from shrink favorability partially offset by higher supply chain investments.

現在來看看我們 25 財年全年業績。淨銷售額成長至 564 億美元，較去年調整後的銷售額成長 6%。綜合同店銷售額成長 4%，完全由顧客交易推動。稅前利潤率為 11.5%，較去年調整後的 10.9% 上升了 60 個基點。毛利率為 30.6%，較去年調整後的 29.9% 上升 70 個基點。這一增長主要得益於較低的運費和20個基點的收縮有利因素，但被較高的供應鏈投資部分抵消。

Regarding shrink, we saw favorability across all our divisions. I want to take a moment to acknowledge the great collaboration and tremendous efforts of our associates who worked extremely hard on our initiatives throughout the year. SG&A was 19.4%, up 10 basis points versus last year's 19.3%. This was due to incremental store wage and payroll costs. Net interest income was neutral to the full year pre-tax profit margin versus last year. All this led to a full year earnings per share of $4.26 up 13% versus last year's $3.76.

關於收縮，我們看到所有部門都對此持贊同態度。我想花點時間感謝我們的同事們的出色合作和巨大努力，他們全年都為我們的計劃付出了極其艱辛的努力。銷售、一般及行政開支為 19.4%，較去年的 19.3% 上升 10 個基點。這是由於商店工資和薪資成本增加所致。與去年同期相比，淨利息收入對全年稅前利潤率的影響並沒有太大影響。所有這些使得全年每股收益達到 4.26 美元，較去年的 3.76 美元增長 13%。

Ernie will talk about our full year divisional highlights in a moment. Moving to inventory, balance sheet inventory was up 8% and inventory on a per store basis was up 1%. We feel great about our inventory levels and the outstanding availability we're seeing in the marketplace. We are well positioned to flow fresh assortments to our stores and online this spring.

厄尼稍後會談論我們全年部門的亮點。至於庫存，資產負債表庫存增加了 8%，每家商店的庫存增加了 1%。我們對我們的庫存水準以及市場上出色的供應量感到非常滿意。今年春天，我們已做好準備，將新鮮的商品推向門市和網路。

I'll finish with our liquidity and shareholder distributions. For the full year, we generated $6.1 billion in operating cash flow and ended the year with $5.3 billion in cash. In fiscal '25, we returned $4.1 billion to shareholders through our buyback and dividend programs.

我將以我們的流動性和股東分配來結束演講。全年我們創造了 61 億美元的營運現金流，年底現金餘額為 53 億美元。在25財年，我們透過回購和股利計畫向股東返還了41億美元。

Now I'll turn it back to Ernie.

現在我將話題轉回給厄尼。

Thanks John. I will pick it up with some full year divisional highlights. I am extremely pleased with the consistency of our sales performance across our divisions. Each business delivered comp store sales growth of 4% or above, and importantly, the sales were entirely driven by an increase in customer transactions. We believe this highlights the strength of our value propositions. Our ability to gain market share and the power of our wide customer demographic.

謝謝約翰。我將介紹一些全年部門的亮點。我對我們各部門銷售業績的一致性感到非常滿意。每家企業的同店銷售額均實現了 4% 或以上的成長，而且重要的是，銷售額完全是由客戶交易量的增加所推動的。我們相信這凸顯了我們的價值主張的力量。我們獲得市場份額的能力和廣泛客戶群的力量。

At Marmaxx, overall sales for the full year exceeded $34 billion and comp store sales increased 4%. Marmaxx's apparel and home categories both saw comp sales increases. Additionally, comp store sales increased across all of Marmaxx's regions and income demographics. At Sierra, which is reported with Marmaxx, we were very pleased with their strong performance for the year.

Marmaxx 全年總銷售額超過 340 億美元，同店銷售額成長 4%。Marmaxx 的服裝和家居類別的銷售額均有所增長。此外，Marmaxx 所有地區和收入人群的同店銷售額均有所成長。根據 Marmaxx 報導，Sierra 去年表現強勁，我們對他們今年的表現非常滿意。

As to profitability, full year segment profit margin increased to a strong 14.1%. With more than 2,500 total TJ Maxx and Marshall stores today, we still see plenty of opportunities to open new stores, attract more shoppers, and further grow our sales.

獲利能力方面，全年分部利潤率強勁成長至14.1%。如今，TJ Maxx 和 Marshall 門市總數已超過 2,500 家，我們仍然看到大量機會來開設新店、吸引更多購物者並進一步增加銷售。

At HomeGoods, annual sales grew to $9.4 billion and comp store sales increased 4%. During the year, we opened our 1,000th store for this division, a great milestone. We were very pleased to see this division's segment profits surpass $1 billion and see its margin return to double digit levels at 10.9%. We are by far the largest off-price home fashion's retailer in the United States, and we continue to see plenty of opportunities to capture additional market share with both our HomeGoods and Homesense banners.

HomeGoods 的年銷售額成長至 94 億美元，同店銷售額成長了 4%。今年，我們為該部門開設了第 1,000 家門市，這是一個偉大的里程碑。我們非常高興地看到該部門的分部利潤超過 10 億美元，利潤率回升至 10.9% 的兩位數水準。我們是美國迄今為止最大的折扣家居時尚零售商，我們繼續看到大量機會利用 HomeGoods 和 Homesense 品牌來奪取額外的市場份額。

At TJX Canada, full year sales increased to $5.2 billion and comp store sales were up 5%. It was great to see consistent performance at all three of our Canadian retail banners, which each delivered similar comp store sales increases. Segment profit margin on a constant currency basis was 13.5%. As Canada's leading off price apparel and home fashion retailer, we believe our winners, Marshalls, and Homesense banners are all on track for continued successful growth.

TJX 加拿大公司全年銷售額成長至 52 億美元，同店銷售額成長 5%。很高興看到我們三家加拿大零售店均表現穩定，並且都實現了類似的店鋪銷售額成長。以固定匯率計算的分部利潤率為13.5%。作為加拿大領先的廉價服裝和家居時尚零售商，我們相信我們的獲獎者 Marshalls 和 Homesense 品牌都將繼續保持成功的成長。

At TJX International, full year sales exceeded $7 billion and comp store sales increased 4% with strength in both Europe and Australia. As to profitability, I am very pleased with this division's improvement in 2024. Segment profit margin on a constant currency basis was 5.8%.

TJX International 全年銷售額超過 70 億美元，同店銷售額成長 4%，歐洲和澳洲市場表現強勁。至於獲利能力，我對該部門在 2024 年的改善感到非常滿意。以固定匯率計算的分部利潤率為5.8%。

In Europe, we continue to grow our footprint in our existing countries and announced our plans to open our first stores in Spain in calendar 2026. In Australia, comp stores sales growth was outstanding, and we continue to expand the reach of our TK Maxx banner across the country. Long term, we are confident that we have opportunities to captured market share in each country that we operate in. At the e-commerce, overall sales increased and we added new categories and brands to our assortment across our sites to further enhance our online treasure hunt shopping experience.

在歐洲，我們繼續在現有國家擴大影響力，並宣布計劃於 2026 年在西班牙開設第一家門市。在澳大利亞，同店銷售額成長顯著，我們持續在全國擴大 TK Maxx 品牌的影響力。從長遠來看，我們有信心有機會在我們經營的每個國家佔領市場份額。在電子商務方面，整體銷售額有所增加，我們在各個網站的商品組合中添加了新的類別和品牌，以進一步增強我們的線上尋寶購物體驗。

Okay, moving on, I'd like to highlight the key differentiators of our business that give us great confidence in our continued successful growth around the world for many years to come.

好的，接下來，我想強調我們業務的關鍵差異因素，這些差異因素讓我們對未來許多年在全球範圍內持續成功成長充滿信心。

First is our value leadership in the United States, Canada, Europe, and Australia. We believe that our relentless focus on value every day through a combination of brand, fashion, price and quality will continue to resonate with shoppers.

首先是我們在美國、加拿大、歐洲和澳洲的價值領導地位。我們相信，透過品牌、時尚、價格和品質的結合，我們每天堅持不懈地專注於價值，將繼續引起購物者的共鳴。

Second is our very wide demographic. We want to sell everyone and believe our offerings across good, better, and best brands appeal to shoppers across most income and age demographics.

第二是我們的人口結構非常廣泛。我們希望將產品銷售給所有人，並相信我們提供的好、更好和最好的品牌能夠吸引大多數收入和年齡層的購物者。

Third, we believe we have one of the most flexible business models in retail. This allows us to buy close to need and adjust our selections as macro trends and consumer preferences change.

第三，我們相信我們的商業模式是零售業中最靈活的商業模式之一。這使得我們能夠根據需要進行購買，並隨著宏觀趨勢和消費者偏好的變化調整我們的選擇。

Next is our differentiated treasure hunt shopping experience driven by our rapidly changing assortment. Our stores receive multiple deliveries a week of fresh branded merchandise to surprise and excite our customers. We believe this can inspire shoppers to visit us more frequently to see what's new.

接下來是我們快速變化的商品組合所帶來的差異化的尋寶購物體驗。我們的商店每週都會收到多次新鮮品牌商品，為我們的客戶帶來驚喜和興奮。我們相信這可以激勵購物者更頻繁地拜訪我們，並了解新產品。

[Beth] is our world class buying organization. I believe the depth of experience among our 1,300-plus buyers around the world is unmatched and that we have the best vendor relationships in retail. Our merchants source from an average changing universe of over 21,000 vendors and from more than 100 countries.

[Beth] 是我們世界一流的採購組織。我相信我們遍布全球的 1,300 多名買家所擁有的豐富經驗是無與倫比的，而且我們擁有零售業中最好的供應商關係。我們的商家來自平均不斷變化的超過 21,000 個供應商和超過 100 個國家的貨源。

Further, we continue to see a significant opportunity to grow our global store base. We are increasing our long-term store potential to a total of 7,000 stores or over 1,900 more stores in just our existing and announced geographies. This now reflects the long-term potential for HomeGoods to expand to 1,800 stores. Sierra to expand to 325 stores, and our base in Spain to grow to 100 stores.

此外，我們繼續看到了擴大全球門市基礎的巨大機會。我們正在將我們的長期門市潛力擴大到總共 7,000 家門市，或僅在我們現有和已宣布的地區就增加 1,900 多家門市。這反映了 HomeGoods 擴展到 1,800 家門市的長期潛力。Sierra 將擴展到 325 家門市，我們在西班牙的基地將發展到 100 家門市。

In addition to our future store growth opportunities, I want to reiterate my excitement for our newly formed joint venture with Grupo Axo in Mexico and our recent investment in Brands For Less in the Middle East. We see both of these as a great way to participate in the growth of our price in different areas of the world.

除了我們未來的門市成長機會之外，我還想重申我對我們與墨西哥 Grupo Axo 新成立的合資企業以及我們最近在中東對 Brands For Less 的投資感到興奮。我們認為這兩種方式都是參與世界不同地區價格成長的絕佳方式。

Lastly, I am so proud of our culture which I am convinced is a key component of our success. We continue to invest in teaching and training to develop the next generation of TJX leaders.

最後，我為我們的文化感到自豪，我堅信這是我們成功的關鍵因素。我們將繼續投資教學和培訓，以培養下一代 TJX 領導者。

Turning to corporate responsibility. We are excited about the progress we have made over many years and the work we have underway. On our conference calls over the past year, I've shared updates on how we support our associates and communities, our work to mitigate our impact on the environment, and our commitment to operating ethically.

談到企業責任。我們對多年來取得的進展和正在進行的工作感到非常興奮。在過去一年的電話會議上，我分享了我們如何支持我們的同事和社區、我們為減輕對環境的影響所做的工作以及我們對道德經營的承諾。

Today, I'd like to share more about some of the remarkable efforts our TJX foundations and associates made this past year to have an impact on the communities where we live and work. In addition to the support I mentioned earlier for people affected by the California wildfires in 2024, we also helped with the relief efforts for those affected by hurricanes in the southeastern United States and flooding in Austria and Poland.

今天，我想進一步分享 TJX 基金會和同事在過去一年中為影響我們生活和工作的社區所做的一些卓越努力。除了我之前提到的2024年加州山火受災群眾的支持之外，我們也協助美國東南部颶風以及奧地利、波蘭洪水受災群眾進行救災工作。

Further, we supported more than 2,500 non-profit organizations globally through our TJX foundations. Associates across the globe play an important part in this meaningful work by volunteering, running donation campaigns in our stores, participating in our Associate Nominated Grants program, and more. These are just some of the examples of work our teams are doing in our communities, and we invite you to visit TJX.com to learn more.

此外，我們也透過 TJX 基金會為全球 2,500 多個非營利組織提供支援。全球各地的員工透過志願服務、在我們的商店開展捐贈活動、參加我們的員工提名資助計劃等方式在這項有意義的工作中發揮著重要作用。這些只是我們團隊在社區中所做工作的一些例子，我們邀請您訪問 TJX.com 以了解更多資訊。

Before I close, I want to emphasize that our primary focus remains our value gap versus traditional retailers. I am very confident that the key strengths and flexibility of our business will allow us to navigate through the current China tariff environment, just as we have successfully navigated through many other types of retail environments in our nearly 50-year history.

最後，我想強調的是，我們的主要關注點仍然是與傳統零售商的價值差距。我非常有信心，我們業務的主要優勢和靈活性將使我們能夠應對當前的中國關稅環境，就像我們在近50年的歷史中成功應對許多其他類型的零售環境一樣。

In closing, we feel great about our strong performance in 2024. We are confident in our plans for the year and as always, we will strive to beat them. Longer term, we remain laser focused on growing our business and are convinced that we can continue to increase our market share in the United States and internationally.

最後，我們對 2024 年的強勁表現感到非常滿意。我們對今年的計劃充滿信心，並將一如既往地努力超越這些計劃。從長遠來看，我們仍將專注於業務成長，並堅信我們能夠繼續增加我們在美國和國際上的市場份額。

When I look at our growth opportunities ahead, the globalness of our business, our deep talent base, our wide customer base, and the consumers continued desire for value, I am very excited about the future of TJX.

當我展望我們未來的成長機會、我們業務的全球化、我們深厚的人才基礎、我們廣泛的客戶群以及消費者對價值的持續渴望時，我對 TJX 的未來感到非常興奮。

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

現在我將把電話轉回給約翰，讓他介紹全年和第一季的指引，然後我們將開始回答問題。約翰？

Thanks again, Ernie. I'll start with our full year fiscal '26 guidance. We're planning overall comp store sales growth of 2% to 3%. Starting in fiscal '26, our comp store sales will include e-commerce sales, which as a reminder are a small piece of our total business. We do not expect e-commerce to have a material impact in our comp sales growth.

再次感謝你，厄尼。我將從我們 26 財年全年指引開始。我們計劃整體同店銷售額成長 2% 至 3%。從 26 財年開始，我們的同店銷售額將包括電子商務銷售額，提醒一下，這只是我們整體業務的一小部分。我們預期電子商務不會對我們的同店銷售額成長產生重大影響。

For the full year we expect consolidated sales to be in the range of $58.1 billion to $58.6 billion, up 3% to 4%. We expect favorable foreign exchange rates to have a 1% negative -- I'm sorry, we expect unfavorable foreign exchange rates to have a 1% negative impact to consolidated sales growth. We're planning full year pre-tax profit margin to be in the range of 11.3% to 11.4%, down 10 basis points to 20 basis points versus last year's 11.5%. This guidance assumes a 20 basis points negative impact due to the unfavorable foreign exchange rates and transactional [FX].

我們預計全年綜合銷售額將在 581 億美元至 586 億美元之間，成長 3% 至 4%。我們預計有利的外匯匯率將對綜合銷售成長產生 1% 的負面影響——抱歉，我們預計不利的外匯匯率將對綜合銷售成長產生 1% 的負面影響。我們計劃全年稅前利潤率在 11.3％至 11.4％之間，比去年的 11.5％下降 10 個基點至 20 個基點。本指引假設不利的外匯匯率和交易成本將產生 20 個基點的負面影響。[特效]。

Moving to our full year gross margin, we expect it to be in the range of 30.4% to 30.5%. This would be down 10 basis points to 20 basis points versus last year's 30.6% due to unfavorable transactional foreign exchange and inventory hedge. We're also planning for a slight improvement in shrink.

對於全年毛利率，我們預計在 30.4% 至 30.5% 之間。由於交易外匯和庫存對沖不利，這一數字將比去年的 30.6% 下降 10 個基點至 20 個基點。我們也計劃對收縮進行輕微的改進。

We are expecting full year SGNA to be 19.3%, 10 basis points favorable to last year's 19.4%, driven by a benefit from the annualization of last year's higher incentive compensation accruals. We're planning net interest income of $98 million which we expect to deliver fiscal '26 pre-tax profit margin by 20 basis points. We're currently assuming a full year tax rate of 25.1% and a weighted average share count of approximately 1.13 billion shares.

我們預計全年 SGNA 將達到 19.3%，比去年的 19.4% 高出 10 個基點，這得益於去年更高的激勵薪酬應計額的年化。我們計劃淨利息收入為 9,800 萬美元，預計這將使 26 財年的稅前利潤率提高 20 個基點。我們目前假設全年稅率為 25.1%，加權平均股數約為 11.3 億股。

As a result of these assumptions, we're expecting full year diluted earnings per share to be in the range of $4.34 to $4.43, up 2% to 4% versus last year's $4.26. This EPS guidance assumes a 3% negative impact to EPS growth due to unfavorable translational and transactional foreign exchange.

根據這些假設，我們預計全年每股攤薄收益將在 4.34 美元至 4.43 美元之間，比去年的 4.26 美元增加 2% 至 4%。本每股盈餘指引假設不利的匯率和交易外匯將對每股盈餘成長產生 3% 的負面影響。

Lastly, our fiscal '26 guidance assumes a small negative impact in the first half of the year from the current China tariffs on merchandise that we were committed to when these tariffs went into place. We have a great team. We have seen tariffs before and we are confident we can navigate our way through the current China tariff environment on our future buys.

最後，我們的 26 財年指引假設，當前中國對商品徵收的關稅將對上半年產生小幅負面影響，而這些關稅是在關稅生效時我們承諾的。我們有一個優秀的團隊。我們以前就經歷過關稅，我們有信心在未來的採購中應對當前的中國關稅環境。

Moving to first quarter, we expect overall comp store sales to increase 2% to 3%. While weather was not favorable to the start of the quarter, we have been pleased with what we've seen recently as weather has normalized.

展望第一季度，我們預期整體同店銷售額將成長 2% 至 3%。雖然本季初的天氣不太好，但隨著天氣恢復正常，我們對最近看到的情況感到滿意。

We expect consolidated sales to be in the range of $12.8 billion to $12.9 billion. Pre-tax profit margin to be in the range of 10% to 10.1%, down 100 basis points to 110 basis points versus last year's 11.1%. Gross margin to be in the range of 29.8% to 29.9%, which would be down 10 basis points to 20 basis points versus last year's 30%. This is primarily due to unfavorable inventory hedges.

我們預計合併銷售額將在 128 億美元至 129 億美元之間。稅前利潤率預計在 10% 至 10.1% 之間，較去年的 11.1% 下降 100 個基點至 110 個基點。毛利率在 29.8% 至 29.9% 之間，較去年的 30% 下降 10 至 20 個基點。這主要是由於庫存對沖不利。

SG&A to be 20%, up 80 basis points versus last year's 19.2%. This is primarily due to incremental store wage and payroll costs and the lapping of a one-time benefit last year. Net interest income of $27 million which we expect will deliver our year over year pre-tax profit margin by 20 basis points. Tax rate of 23.2% and a weighted average share count of approximately 1.13 billion shares.

銷售、一般及行政開支為 20%，較去年的 19.2% 上漲 80 個基點。這主要是由於去年商店工資和薪資成本增加以及一次​​性福利的重疊。淨利息收入為 2,700 萬美元，我們預計這將使我們的稅前利潤率將比去年同期增加 20 個基點。稅率為23.2%，加權平均股數約為11.3億股。

As a result of these assumptions, we're expecting first quarter diluted earnings per share to be in the range of $0.87 to $0.89 versus last year's diluted earnings per share of $0.93.

根據這些假設，我們預計第一季每股攤薄收益將在 0.87 美元至 0.89 美元之間，而去年的每股攤薄收益為 0.93 美元。

I want to mention that there are several factors causing our first quarter pre-tax profit margin and earnings per share to be planned lower than the remainder of the year. This includes a benefit from lower incentive compensation accruals planned in the last nine months of fiscal '26, the lapping of a benefit from a reserve release in the first quarter of last year and the expected timing of certain expenses.

我想說的是，有幾個因素導致我們第一季的稅前利潤率和每股收益低於今年剩餘時間的計劃。這包括計劃在 26 財年最後九個月減少激勵性薪資支出帶來的收益、去年第一季釋放儲備金帶來的收益以及某些費用的預期時間。

Importantly, this first quarter guidance implies that the last nine months of the year we expect pre-tax profit margin to be flat to up 10 basis points and earnings per share to be up 4% to 6% versus last year.

重要的是，第一季的業績指引意味著，我們預計今年最後九個月的稅前利潤率將持平至上升 10 個基點，每股盈餘將較去年同期成長 4% 至 6%。

Moving to our fiscal '26 capital plans, we expect capital expenditures to be in the range of $2.1 billion to $2.2 billion. This includes opening new stores, remodels, relocations, as well as investments in our distribution network and infrastructure to support our growth. For new stores, we plan to add about 130 net new stores, which will bring our year-end total to over 5,200 stores. This would represent a store growth of about 3%.

關於我們的26財年資本計劃，我們預計資本支出將在21億美元至22億美元之間。這包括開設新店、改造、搬遷，以及投資我們的分銷網絡和基礎設施以支持我們的成長。對於新店，我們計劃淨增加約 130 家新店，這將使我們年底的門市總數超過 5,200 家。這意味著商店數量將增加約 3%。

In the US, our plans call for us to add about 40 net new stores at Marmaxx, 30 stores at HomeGoods, including 9 HomeSense stores. At Sierra, we plan to add about 20 stores. In Canada, we plan to add 12 stores, and at TJX International, we plan to add 22 net stores in Europe and six net stores in Australia.

在美國，我們的計畫是在 Marmaxx 新增約 40 家新店，在 HomeGoods 新增 30 家新店，其中包括 9 家 HomeSense 店。在 Sierra，我們計劃增加約 20 家商店。在加拿大，我們計劃增加 12 家門市，在 TJX International，我們計劃在歐洲增加 22 家淨門市，在澳洲增加 6 家淨門市。

Lastly, we also plan to remodel about 500 stores and relocate approximately 40 stores in fiscal '26. As to our fiscal '26 cash distribution plans, we remain committed to returning cash to shareholders. As we outlined in today's press release, we expect our Board will increase our quarterly dividend by 13% to $0.425 per share. Additionally, in fiscal '26, we currently expect to buy back $2 billion to $2.5 billion of TGX stock.

最後，我們還計劃在26財年改造約500家商店並遷移約40家商店。至於我們的 26 財年現金分配計劃，我們仍然致力於向股東返還現金。正如我們在今天的新聞稿中概述的那樣，我們預計董事會將把季度股息提高 13% 至每股 0.425 美元。此外，在26財年，我們目前預計將回購價值20億至25億美元的TGX股票。

In closing, I want to emphasize that we are in an excellent position both operationally and financially to take advantage of the opportunities we see to further grow our business while simultaneously returning significant cash to our shareholders.

最後，我想強調的是，無論從營運或財務角度看，我們都處於非常有利的地位，可以利用我們看到的機會進一步發展我們的業務，同時為股東帶來大量現金回報。

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 to questions.

現在我們很樂意回答您的問題。提醒一下，請將每個人的問題限制為一個，以便我們能夠回答盡可能多的問題。謝謝，現在我們開始提問。

Thank you, we will now begin the question-and-answer session.

謝謝，我們現在開始問答環節。

(Operator Instructions) Paul Lejuez.

（操作員指令）Paul Lejuez。

Hey, thanks guys. Curious if you could talk about what drove the stronger performance in Canada and international? If there's anything that changed in the macro that you think worked in your favor? Or was it simply better execution? And also curious if you expect those businesses to continue to outperform this year?

嘿，謝謝大家。好奇您能否談談是什麼推動了它在加拿大和國際上的更強勁的表現？您認為巨集中有哪些變化對您有利？或者僅僅是執行得更好？您是否預計這些企業今年的表現將持續出色？

Sure, Paul. Yeah, obviously, very pleased with both Europe and Canada. And common denominator with both of them was the way we flow -- first of all, you're in a gift-giving time period in Q4, and we've typically done well in Q2. These two divisions specifically executed a flow plan in terms of how late they shipped freshness in prior to Christmas.

當然，保羅。是的，顯然，我對歐洲和加拿大都非常滿意。兩者的共同點在於我們的流程方式——首先，第四季度是送禮期，而我們在第二季度的表現通常很好。這兩個部門具體執行了流程計劃，並規定了聖誕節前多久運送新鮮貨物。

That it was extremely beneficial to their pre-Christmas, the 10 days before Christmas time period, and this applies to both Europe and to Canada. And then even the post-Christmas business in both was exceptionally strong.

這對他們的聖誕節前十天的時間段非常有益，這對歐洲和加拿大都適用。甚至聖誕節後，兩家公司的業務都異常強勁。

So I give them a lot of credit on that as well as what they did in addition to going after specific gift categories, which I think was a big improvement in owning those in more depth versus the prior year. It was the balance of good, better, best across the board in Europe and in Canada as well.

因此，我對他們在這方面以及他們在追求特定禮品類別之外所做的工作給予了高度評價，我認為與前一年相比，他們在更深入地掌握這些類別方面取得了很大的進步。在歐洲和加拿大，這種平衡在各方面都是好的、更好的、最好的。

They also both had healthy home businesses, which helped their total because, as you know, home spikes in Q4. And we have certain categories there that are great gift-giving categories. So I think there was a bit of a tactical execution benefit from the way they flowed and then a mix advantage in both. By the way, it applies to both of them. Thanks for the -- we were very pleased with both of those divisions.

他們都擁有健康的家庭業務，這對他們的整體業務有幫助，因為如你所知，家庭業務在第四季度出現激增。我們有某些類別非常適合送禮。所以我認為他們的流動方式在戰術執行上有一定的優勢，而且兩者在混合方面都有優勢。順便說一句，這適用於他們兩人。謝謝——我們對這兩個部門都非常滿意。

Yeah. And Ernie, you expect them to continue to outperform? And then I guess on a related --

是的。厄尼，您預期他們會繼續表現出色嗎？然後我猜想在一個相關的--

Yeah, Paul. Yes, we've seen both of them continuing to -- very happy with the way they've been performing, and they both have really some seasoned management across those areas. That gives me a lot of faith between our -- over there, they call it merchandise, between our planning and allocation area as well as all our head merchants. We have a lot of seasoning there. And people that have gone to some of the new key roles, starting about two years ago that I think is going to set them up, I think, for strong execution over the next year.

是的，保羅。是的，我們看到他們兩人都對自己的表現感到非常滿意，而且他們在這些領域都擁有經驗豐富的管理經驗。這給了我很大的信心，我們之間——在那裡，他們稱之為商品，我們的計劃和分配區域之間，以及我們所有的主要商家之間。我們那裡有很多調味品。大約兩年前，有些人開始擔任一些新的關鍵職務，我認為這將為他們在明年的強勁執行力奠定基礎。

Thank you.

謝謝。

Yeah, thank you, Paul. Great question.

是的，謝謝你，保羅。好問題。

Lorraine Hutchinson.

洛琳‧哈欽森。

Thanks. Good morning. Ernie, I wanted to ask about customer behavior on both ends of the spectrum. Are you seeing trade down at the higher end? And then at the lower end of the assortment, how are customers reacting to some of the sharper price value offerings?

謝謝。早安.厄尼，我想問兩端的客戶行為。您是否看到高端貿易下滑？那麼在產品系列的低端，客戶對於一些價格較優惠的產品有何反應？

Yeah. So it's hard for us to really measure on that because part of our success -- and again, this was an extremely pleasing quarter for us to have. Every division running a 4% or better. When you have Canada -- by the way, the other thing to remember is we were up against a good quarter the year before in Q4. So it becomes tough to measure on the good, better, best, so to speak, or the demographics on income because we were pretty much performing at every level across every banner that we have.

是的。因此，我們很難真正衡量這一點，因為這是我們成功的部分原因——而且，這對我們來說是一個非常令人滿意的季度。每個部門的運作率都達到或超過4%。順便說一下，當你有加拿大時，另一件要記住的事情是，我們在去年第四季面臨著一個好的季度。因此，很難衡量收入的好、更好、最好，或人口統計數據，因為我們在每一個橫幅廣告中幾乎都在各個層面上表現良好。

We did see when we look at our -- and again, this is where stores are the store performance in different demographic areas. We saw nice increases in both our below 100 and above 100 income demographic areas.

當我們觀察時，我們確實看到了—再次，這是商店在不同人口統計區域的表現。我們的收入低於 100 美元和高於 100 美元的人口統計區域均出現了顯著增長。

And I think, Lorraine, part of the evening off that happens is with the -- and you've seen a lot of the write-ups. So I know consumer comp is down a little and we have store closures in different pockets of retailers across the US, Canada as well, by the way, Europe as well. And the reason it's tough of all that noise is because, obviously, in some of those cases, we're picking up the market share.

洛林，我認為晚上休息的部分原因是——你已經看到了很多報道。所以我知道消費者補償有所下降，我們在美國、加拿大、順便說一下，歐洲的不同零售商都關閉了商店。之所以這些噪音讓我們感到難以忍受，顯然是因為在某些情況下，我們正在搶佔市場份額。

Home would be one of the more obvious ones where either business that had a home business as part of it or home only have closed. And so there's almost not a demographic issue. They're more of a category market share gain, which has been more what John and I would see in the divisions, as we have gained market share, not where it's easier to measure is not by income demographic, just across all the income demographics, but in certain categories, we have outpaced.

家庭業務是最明顯的一個，其中要么包含家庭業務的企業倒閉了，要么只有家庭業務的企業倒閉了。因此幾乎不存在人口問題。他們更多的是某個類別的市場份額有所增長，這更像是約翰和我在各個部門所看到的，因為我們的市場份額有所增長，但不是按收入人口統計數據來衡量，而是按所有收入人口統計數據來衡量，但在某些類別中，我們已經超越了。

Thank you.

謝謝。

Welcome.

歡迎。

Matthew Boss.

馬修·博斯。

Great thanks and congrats on another nice quarter.

非常感謝，並祝賀您又度過了一個美好的季度。

So two-part question. First, on the continued strength in transactions across divisions that you saw in the fourth quarter, maybe could you elaborate on new customer acquisition trends? And just how, Ernie, would you rate the breadth of your product assortment and value proposition into the spring?

這個問題分為兩部分。首先，鑑於您在第四季度看到的各部門交易持續強勁，您能否詳細說明一下新客戶獲取趨勢？那麼，厄尼，您如何評價春季的產品組合廣度與價值主張？

And maybe with that, just near term, could you maybe elaborate on the more recent trends you've seen in the business? Or is it fair to say that you haven't really seen any change in underlying business momentum if we parse through the impact of weather?

也許就短期而言，您能否詳細說明您在業務中看到的最新趨勢？或者如果我們分析天氣的影響，可以說你並沒有真正看到潛在的業務動能有任何變化？

Okay. Yeah, Matt, great question. I was waiting for you to throw in the part about the weather. So John, do you want to talk the transactions and then I'll talk to the breadth of products?

好的。是的，馬特，這個問題問得很好。我正在等你加入有關天氣的部分。那麼約翰，你想談談交易，然後我再談談產品的廣度嗎？

Yeah. Again, we continue to see strong transaction growth, and we are seeing us attracting more customers to our stores. And when we look at the age demographic they tend to skew a little bit more towards that 18 to 34 age ranges what we've seen consistently. So we're quite pleased to see the sales growth based on, again, more customers coming to our stores.

是的。我們再次看到交易量繼續強勁增長，我們看到我們的商店吸引了更多的顧客。當我們觀察年齡人口統計時，我們一直看到他們傾向於 18 至 34 歲這個年齡層。因此，我們很高興看到銷售額再次成長，因為有更多的顧客來到我們的商店。

Which ties in, I think, Matt, with the other part of your question, the breadth of product because, obviously, we're conscious about continually expanding our vendor base, our category of items base, probably HomeGoods is one of the, I would say, would be the epitome of that in terms of how we are always opening new vendors and new categories. We do it in every division. They just jump out where it's a little more obvious when you walk the store because you'll find items and categories that are now expanded versus a week before in a very dramatic fashion.

馬特，我認為這與你問題的另一部分，即產品的廣度有關，因為顯然，我們有意識地不斷擴大我們的供應商基礎、我們的商品類別基礎，我想說 HomeGoods 就是其中之一，就我們總是在開拓新的供應商和新的類別而言，它是其中的典範。我們每個部門都這麼做。當你走進商店時，它們會變得更加顯眼，因為你會發現現在的商品和類別與一周前相比有了非常顯著的擴展。

So I would say our breadth of product as we go into spring is, I would say, kicked up a notch from even last year. Again, that's part of our success this past fourth quarter. And in the last couple of years is to continually try to bring in new vendors and new product categories while not alienating customers or category purchases on the other side of it, which is one reason we're always talking. I'm always talking about trying to sell as many people as possible. That was in our script. That's what we always talk to you about. I know we've talked many times about it.

因此我想說，進入春季，我們產品的廣度比去年有了很大的提升。再說一遍，這是我們去年第四季成功的部分原因。而在過去幾年裡，我們不斷嘗試引入新的供應商和新的產品類別，同時又不疏遠客戶或類別購買，這也是我們一直在談論的一個原因。我一直在談論如何盡可能地向更多人推銷。那是在我們的劇本裡面。這就是我們一直在和您談論的話題。我知道我們已經討論過很多次了。

So our breadth, we line up our plans for spring and a very wide product breadth, vendor breadth. Having said that, when you start to get other than the weather issue, which John mentioned, when the weather was -- in the areas where it was normal weather, we were pleased with how we were performing. It's just we had those pockets of weather that hit us on those spots. But again, we're feeling very good about the normal weather pattern areas and where we'll head in the future. So I don't know if I answer that about the product breadth?

因此，我們為春季制定了計劃，並且產品範圍和供應商範圍都非常廣泛。話雖如此，當你開始關注約翰提到的天氣問題時，當天氣正常時，我們對我們的表現感到滿意。只是我們遇到了一些天氣現象襲擊了這些地方。但是，我們對正常天氣模式區域以及未來的發展方向感到非常滿意。所以我不知道我是否能回答有關產品廣度的問題？

Yeah, you did. You did ticked up a notch relative to a year ago.

是的，你做到了。與一年前相比，你確實進步了一點。

Yes. Have a direct quote on that, that's very good.

是的。直接引用這一點，非常好。

Thank you. Best of luck.

謝謝。祝你好運。

Thank you, Matt.

謝謝你，馬特。

Brooke Roach.

布魯克·羅奇。

Good morning and thank you for taking our question. I was hoping we could elaborate on your expectations for continued expansion in merchandise margins. Can you contextualize what you're embedding in your outlook for merch margin expansion as you contemplate mark-on versus tariffs? And then, John, on gross margins, can you speak a little bit more about your expectations for shrink for the year? Thank you.

早安，感謝您回答我們的問題。我希望我們可以詳細說明您對商品利潤率持續擴大的期望。當您考慮加價與關稅時，能否闡述您對商品利潤率擴大的展望？然後，約翰，關於毛利率，您能否再談談您對今年收縮的預期？謝謝。

So Brooke, I'll start off with our approach on the mark-on and merchandise margin, touch on tariffs briefly and then John can pick up on the actual financial components. I thought we would talk about this to really try to keep it crystal clear on our approach, how this works. First of all, on the tariff situation, it's been a little gray. There's a short-term -- keep in mind that the direct imports for China for us is an extremely small percentage of our business. And so although there could be like in the short term, a little bit of a -- perhaps a little bit of a cost associated there. Over the medium and long term, that really doesn't become the issue because of the way we approach our buying.

因此，布魯克，我將首先介紹我們對加價和商品利潤的方法，簡單談談關稅，然後約翰可以談談實際的財務組成部分。我認為我們應該討論這個問題，以便真正清楚地了解我們的方法以及它是如何運作的。首先，就關稅情況而言，情況有些不明朗。短期內—請記住，對我們來說，中國直接進口僅占我們業務的極小部分。因此，儘管短期內可能會有一點點成本，或許也會有一點相關成本。從中期和長期來看，由於我們的購買方式，這實際上不會成為問題。

So to give you an example, I guess the silver lining is with consumer confidence down and a bit of a rocky environment out there and the way our buyers operate, which is the buyers go out and they really assess at the retail level, what we can retail product for and then they work it backwards to what the cost should be. And they really don't -- their strategy is not to factor in tariffs or any other costs that actually can play into the picture here.

舉個例子，我想一線希望就是消費者信心下降，外面的環境有點不穩定，我們的買家的運作方式是，買家出去在零售層面進行評估，我們可以以什麼價格零售產品，然後他們反向推算出成本應該是多少。但他們確實沒有——他們的策略是不考慮關稅或任何其他可能影響到的成本。

The way they approach is, they're going to look at what's the out-the-door retail on the liked item and we need the gap in retail between us and they're off the door, that's going to provide the amazing value for our consumer.

他們的做法是，他們會關注人們喜歡的商品的零售價是怎樣的，我們需要我們和他們的零售價之間的差距，這將為我們的消費者提供驚人的價值。

And from there, they work on the cost they can pay, and it's really not up to them to have to worry about what the vendor is getting caught up with in terms of tariff or inflation or other costs. Because remember, we've been to the movie before recently. A few years ago with extreme inflation and we navigated right through that, just as we will on this. It's a different headline. It's just the same approach. So whether there's tariffs, no tariffs, our buyers really their focus is on buying the goods, determining the cost based off the retail we can put the goods out at.

然後，他們開始計算自己能夠支付的成本，而實際上他們不需要擔心供應商在關稅、通貨膨脹或其他成本方面遇到什麼困難。因為記住，我們最近以前就去過這部電影。幾年前，我們經歷了極端通貨膨脹，但我們順利度過了這段時期，這次我們也會一樣。這是一個不同的標題。這只是同樣的方法。因此，無論有沒有關稅，我們的買家真正關注的是購買商品，並根據我們可以出售商品的零售價來確定成本。

So because of the environment we're in, where there's a lot of, I think, consumer confidence stores closing, et cetera, I'm thinking there's more availability out there over the next six months, even more than there's been, which is going to create more buying opportunities for our teams. So back to your margin that, that at a high level, I think, plays into our ability to look at margin opportunities. I'll give you another thing is we mentioned this briefly is the wide demographic, which I've talked about a couple of times, that also plays into our ability to be more flexible.

因此，由於我們所處的環境，我認為許多消費者信心商店都在關閉等等，我認為未來六個月內會有更多可用商品，甚至比以往更多，這將為我們的團隊創造更多的購買機會。所以回到你的利潤率，我認為這在高層次上發揮我們尋找利潤率機會的能力。我還要告訴你的另一件事是，我們簡要地提到了廣泛的人口統計，我已經談過幾次了，這也影響了我們更靈活的能力。

So with our buyers or merchants don't see something in one vendor or one good, better, best range, they can always be more flexible in terms of the way they handle the market. They can move from a good item to a better item if that's where the better buy is. And I think we have that advantage versus most of our competition doesn't have that flexibility. So again, great question. I'm excited about this. I'm excited about the sales and margin opportunity in this environment because this is pretty much textbook situation coming up here.

因此，當我們的買家或商家不會只在一個供應商或一個範圍內看到好、更好、最好的產品時，他們總是可以更靈活地處理市場。如果有更好的商品值得購買，他們就會從好商品轉向更好的商品。我認為我們有這個優勢，因為我們的大多數競爭對手都不具備這種彈性。再次強調，這是個好問題。我對此感到很興奮。我對這種環境下的銷售和利潤機會感到興奮，因為這幾乎是教科書式的情況。

Right. And then, Brooke, to answer your question on the shrink, we're very pleased with where our shrink rates came in this year. We still have our shrink committee. We're still staying very focused on this. So we do have a small improvement baked into our plan this year, and it's really centered around the annualization of the initiatives from last year. But we're also, at this point, analyzing data on the shrink results, and we will use that data to lean into some of the things that worked last year.

正確的。然後，布魯克，回答你關於收縮的問題，我們對今年的收縮率感到非常滿意。我們仍然有心理諮詢委員會。我們仍然高度關注這一點。因此，我們今年的計劃確實有一些小的改進，這實際上圍繞著去年計劃的年度化。但此時，我們也在分析收縮結果的數據，並將利用這些數據來研究去年有效的一些措施。

So we're doing a number of things. Again, the overarching strategy is to continue to maintain a great shopping environment for the customers, a safe shopping environment for our associates and customers as well.

因此我們正在做很多事情。再次強調，整體策略是持續為顧客維持良好的購物環境，為我們的員工和顧客維持安全的購物環境。

Great, thanks so much.

太好了，非常感謝。

Michael Binetti.

邁克爾·比內蒂。

Hey guys, Congrats on an awesome quarter. Very happy to see it. I don't ask you a lot, but flow-through for the year on a [2% to 3%] comp is 10 basis points, if we exclude the currency. I'm guessing that with less of the lingering contribution from some of the snapback COVID areas like freight and shrink and even your market a little bit for tariff this year. Is 4% still the long-term leverage point? Is there anything changing there?

嘿夥計們，恭喜你們度過了一個美好的季度。看到很開心。我對你的要求不多，但如果排除貨幣因素，今年 [2% 到 3%] 的流通量為 10 個基點。我猜測，今年由於一些 COVID 疫情反彈領域（如貨運和萎縮）的持續影響減少，甚至您所在市場的關稅也會有所下降。4%仍是長期槓桿點嗎？那裡有什麼變化嗎？

And then I just wanted -- I'm just curious on real estate availability in the US. When we speak to some real estate brokers recently, they said new development is almost nothing. So there's a lot of competition for boxes from the retailers that go bankrupt. I'm curious if you see any tightness in the availability of real estate in the US, either for getting your boxes in? Or any reason to think that there could be some rent inflation in the years ahead if those dynamics hold? Thanks.

然後我只是想要——我只是好奇美國的房地產供應情況。當我們最近與一些房地產經紀人交談時，他們表示新開發項目幾乎沒有。因此，破產零售商對盒子的競爭非常激烈。我很好奇，您是否覺得美國房地產供應緊張，無法承運您的箱子？或者有什麼理由認為如果這種動態持續下去，未來幾年可能會出現租金上漲？謝謝。

Yeah. So on the flow through, yeah, the model still stands where on a 3% to 4% comp with no outsized expense increases, we would expect to be flat to up 10 basis points. But again, that's an overarching model. If we see years where we have an opportunity to do better than that, we certainly will bake that into our plans.

是的。因此，從流程上看，是的，該模型仍然有效，在 3％ 到 4％ 的同比增速下，如果沒有超額的費用增加，我們預計將持平到上漲 10 個基點。但再次強調，這是一個總體模型。如果我們發現某幾年有機會做得更好，我們肯定會將其納入我們的計劃中。

As far as the real estate availability, so we do see a lot of availability going forward. As we've talked about in the past, we do see an opportunity to expand into some more rural areas where the department store of the area closes, and we can fill that void in those areas.

就房地產供應而言，我們確實看到未來有大量供應。正如我們過去所談到的，我們確實看到了向一些農村地區擴張的機會，這些地區的百貨公司已經關閉，我們可以填補這些地區的空白。

Also, you're still seeing large box closures that we have the opportunity to either go into a new area or to relocate a store to a better shopping area. So again, we still see opportunities, and that's kind of reflected in the increase to our store potential.

此外，您仍然會看到大型商場關閉，這意味著我們有機會進入新的區域或將商店搬遷到更好的購物區。所以，我們仍然看到機會，這也反映在我們商店潛力的成長。

Thanks a lot guys. appreciate it.

非常感謝大家。感謝。

Thanks.

謝謝。

Chuck Grom.

查克·格羅姆。

Great quarter. Ernie, can you talk about the 5% comp in the context of category performance across apparel, home, footwear, accessories and gifting? And then when we look ahead to 2026, how you're planning those businesses across those categories?

非常棒的一個季度。厄尼，您能從服裝、家居、鞋類、配件和禮品等品類的表現來談談 5% 的同比增幅嗎？那麼，當我們展望 2026 年時，您如何規劃這些類別的業務？

And then for John, on the shrink rate improvement, can you just remind us where your shrink accrual levels actually are today relative to 2019, so we can get a sense for how much is left to continue to improve on that front? Thanks.

然後對於約翰，關於收縮率的改善，您能否提醒我們，相對於 2019 年，您今天的收縮應計水平實際上處於什麼水平，這樣我們就能了解在這方面還有多少可以繼續改進的地方？謝謝。

Yeah. Chuck, obviously, I can't give specifics on some of these categories, but directionally, I can talk to -- well, with that strong comp, we were up in apparel and home. But I would say the home and some of our accessory businesses were stronger than apparel, and that would be a similar way that we're looking for those businesses to perform in FY26. If you start getting into some of the smaller category breakout information, we just don't give those specifics out there.

是的。查克，顯然，我無法具體說明這些類別中的具體情況，但從方向上講，我可以談談——嗯，憑藉強大的競爭力，我們在服裝和家居方面取得了增長。但我想說的是，家居和一些配件業務比服裝業務表現更強，這與我們對這些業務在 2026 財年表現的期望類似。如果您開始了解一些較小類別的細分信息，我們不會提供那些具體信息。

But directionally, obviously, when you run a 5%, you have to have pretty decent apparel business also. Otherwise, you can't offset it because it's still a significant percentage of our business. The business, I continue to be even more bullish on is our home business in total. As you know, it's kind of third plus of TJX and if you look at the domestically here in the United States and you look at how HomeGoods has performed versus the industry, I think that's a great sign. And some of the other new housing starts and interest rates change to be more favorable.

但從方向上看，顯然，當你經營 5% 時，你也必須擁有相當不錯的服裝業務。否則，你就無法抵消它，因為它仍然占我們業務的很大一部分。我繼續更加看好我們的整個家庭業務。如你所知，它是 TJX 的第三加分項，如果你看看美國國內的情況，看看 HomeGoods 與行業相比的表現，我認為這是一個很好的跡象。另一些新屋開工和利率則變得更為有利。

I look at how our teams there are performing now and think that could even be more potential upside for us. So that's why we're very bullish on home. We're the only ones that do it the way we do it. And that team, specifically, what's neat on the way our home business is done, which how many people think about this. There's been discussion on tariffs at China, et cetera.

我觀察了我們在那裡的團隊現在的表現，並認為這對我們來說可能具有更多的潛在優勢。這就是我們非常看好國內市場的原因。我們是唯一按照我們的方式去做事的人。而那個團隊，具體來說，我們的家庭業務開展的方式有什麼巧妙之處，有多少人考慮過這一點。中國已經討論過關稅等問題。

Well, we actually -- our priority on our home business is to do goods out of Europe because that is a differentiator for us. And it creates an umbrella of fashion and brand and quality that other home retailers don't do.

嗯，實際上——我們在國內業務的重點是將產品銷往歐洲以外，因為這對我們來說是一個差異化因素。它創造了其他家居零售商所沒有的時尚、品牌和品質的保護傘。

So one reason it performed extremely well in Q4 in our home business and that Europe piece of differentiation, I think, is going to help propel us going forward. And by the way, Europe and some of our other accessories categories that I was talking about, where we performed better than the store. I think we utilize it there also as an offensive sales driver and customers love that piece of our mix. So that is a highlight I can talk about, and we have that plan to be big going forward. John?

因此，我認為，我們的本土業務和歐洲業務在第四季度表現非常出色的一個原因，是這將有助於推動我們向前發展。順便說一句，在歐洲以及我剛才談到的其他一些配件類別中，我們的表現比商店更好。我認為我們也利用它來作為一種進攻性銷售的驅動力，而且客戶也很喜歡我們的這個產品組合。這是我可以談論的亮點，我們計劃在未來取得更大進展。約翰？

Yeah. So Chuck, on your question about the shrink rate, we don't publicly disclose our shrink rate. But going forward, we still think we have some opportunity to continue to improve our shrink rates.

是的。所以查克，關於你關於收縮率的問題，我們不會公開揭露我們的收縮率。但展望未來，我們仍然認為我們有機會繼續改善我們的收縮率。

Great, thank you.

太好了，謝謝。

Thank you.

謝謝。

Alex Straton.

亞歷克斯·斯特拉頓。

Thanks. This is [Chad Britnell] on for Alex. My question is on segment margins. You closed the margin gap between HomeGoods and Marmaxx quite a bit in the back half of 2024. So with this recent move lower in ocean freight rates and HomeGoods higher exposure there. It seems like the setup to close that gap even further in 2025 is pretty favorable.

謝謝。我是 [Chad Britnell]，為 Alex 報道。我的問題是關於段邊距。2024 年下半年，您大幅縮小了 HomeGoods 和 Marmaxx 之間的利潤差距。因此，隨著近期海運費率的下降和 HomeGoods 在那裡的曝光率的提高。看起來 2025 年進一步縮小差距的安排非常有利。

Is there anything structural keeping HomeGoods from running at or closer to Marmaxx levels over the long term? And then any color you can provide around the moving pieces of margin in both segments in 2025 would be helpful? Thank you.

是否存在什麼結構性因素阻礙 HomeGoods 長期維持或接近 Marmaxx 的水平？那麼，您能提供有關 2025 年兩個細分市場利潤變動情況的任何資訊嗎？謝謝。

I mean if you look at one of the major moves as was obviously the homegoods.com closure. I mean that was something that was significant, but Ernie?

我的意思是，如果你看一下其中一個重大舉措，顯然就是 homegoods.com 的關閉。我的意思是那是一件重要的事情，但是厄尼？

Yeah, I think we can, Alex, directionally keep moving closing the gap. Our expectations aren't that it would never necessarily get there because you have some categories that are innately higher margin in a Marmaxx versus a home business. On the flip side, I think our home business, the way we're track is probably one of the most profitable home business in the country or the world with the margins we're at. If we didn't own TJ Maxx and Marshalls, we'd probably be saying, wow, look, how high this is.

是的，亞歷克斯，我認為我們可以繼續朝著縮小差距的方向努力。我們的預期並不是永遠無法實現這一目標，因為 Marmaxx 的一些類別的利潤率天生就高於家庭企業。另一方面，我認為，就我們的家庭業務而言，就利潤率而言，我們所經營的家庭業務可能是全國乃至全世界最賺錢的家庭業務之一。如果我們不擁有 TJ Maxx 和 Marshalls，我們可能會說，哇，看看，這有多高。

But we do, we have the higher bar to your point. So we think part of that is the nature of some of the apparel closeout business that are in a Marmaxx are very profitable margins. But our goal is to obviously to keep pushing the needle there and trying to close the gap between the two. So I mean, it's a good callout. It's hard for us to kind of look and be that firm or specific in the future on it, but good call out.

但我們確實如此，我們對你的觀點有更高的標準。因此，我們認為部分原因是 Marmaxx 的一些服裝清倉業務的性質，其利潤率非常高。但我們的目標顯然是繼續努力並努力縮小兩者之間的差距。所以我的意思是，這是一個很好的呼籲。我們很難在未來對此做出如此堅定或具體的審視，但這是一個很好的呼籲。

Thanks, I'll pass it on.

謝謝，我會傳達的。

Thank you.

謝謝。

Adrienne Yih.

艾德里安娜葉 (Adrienne Yih)。

Great, thank you very much. Okay, great. So to music to my ears, it's setting up to be textbook off-price environment. So with that, my focus is really on kind of long-term store growth that you talked about kind of this incremental 1,900. That's probably about 1,800, 1,700 for each of the divisions at Marmaxx. When you're going into these kind of next 800 stores, how are you selecting locations differentiated between TJX and Marmaxx? And is there an opportunity even in the US to do smaller footprint stores beyond that?

太好了，非常感謝。好的，太好了。在我看來，這是個值得欣喜的消息，它正在形成一個典型的折扣環境。因此，我的重點實際上是您談到的 1,900 家增量的長期門市成長。Marmaxx 每個部門大概有 1,800 到 1,700 名員工。當您進入接下來的 800 家商店時，您如何選擇區分 TJX 和 Marmaxx 的位置？那麼，在美國是否還有機會開設規模較小的商店呢？

The follow-up would be for Grupo Axo and Brands For Less. They're both joint ventures. I remember you doing Trade Secret and buying that outright. What's the revenue sharing model there? And what's the plan for both of those? Thank you.

後續將針對 Grupo Axo 和 Brands For Less。它們都是合資企業。我記得你做商業秘密並直接購買了它。那裡的收入分享模式是怎麼樣的？這兩者的計劃是什麼？謝謝。

Adrienne, so let me talk to -- John and I will both jump in here. So first of all, when it comes to the stores, we take every deal separately and John's involved here as well. So when we look at a potential site --

艾德麗安，讓我和約翰談談——我和他們都將加入進來。首先，當談到商店時，我們會單獨處理每筆交易，約翰也參與其中。因此，當我們查看一個潛在站點時--

We're opportunistic.

我們是機會主義者。

We're opportunistic. We look at what other brands we see in which vicinity, we measure potential transfer sales. However, to your point, what we're seeing is some smaller markets and smaller footprint store, which I think you brought up when you're asking your question. We do see that. So a good call out, we do see that as an opportunity because there are other areas in the country where we can put in a smaller format store, which won't create too much transfer. And as you know, we've had stores -- we have a store -- a group of stores where we have all five brands down the street here, [Naris], and they all work extremely profitably.

我們是機會主義者。我們會觀察在哪個區域可以看到哪些其他品牌，然後衡量潛在的轉移銷售。然而，就您的觀點而言，我們看到的是一些規模較小的市場和規模較小的商店，我想您在提問時就提到了這一點。我們確實看到了這一點。因此，這是一個很好的呼籲，我們確實將此視為一個機會，因為在該國的其他地區，我們可以開設規模較小的商店，而不會產生太多的轉移。如你所知，我們在這條街上有商店——我們有一家商店——一組商店，裡面有我們所有五個品牌 [Naris]，它們都非常賺錢。

As you know, we've put in home sensors in their HomeGoods, with minimal transfer sales and in some cases, have actually increased our sales. So we're bullish on being able to add those stores in different areas something like Sierra or HomeGoods. We were probably -- again, as we grow in HomeGoods, we were pretty conservative in our 1,500 number, which was the more recent number. And so the teams have looked at different locations, different demographics, population density and feel it's very realistic to go the other 300 stores, which is a bigger, probably the biggest change that you're seeing incrementally.

如您所知，我們在他們的 HomeGoods 中安裝了家用感測器，以最少的轉移銷售，在某些情況下，實際上提高了我們的銷售額。因此，我們看好能夠在不同地區增加類似 Sierra 或 HomeGoods 的商店。我們可能 — — 再次，隨著 HomeGoods 業務的成長，我們對 1,500 這個最新的數字相當保守。因此，團隊研究了不同的地點、不同的人口統計和人口密度，並認為關閉另外 300 家商店是非常現實的，這是一個更大的變化，可能是您所看到的逐步最大的變化。

Right. We added Sierra and then Spain as well to the store opportunity list. Just to talk about your question about Brands For Less and Axo. So Brands For Less is an investment. That's not a joint venture. Axo is a joint venture. And I'd say it's early days to be talking about the long-term opportunities other than to say that we are very optimistic about what that promoter brand can do down in Mexico in the long term.

正確的。我們將 Sierra 和西班牙也添加到了商店機會清單中。只是想談談您關於 Brands For Less 和 Axo 的問題。因此，Brands For Less 是一項投資。那不是合資企業。Axo 是一家合資企業。我想說，現在談論長期機會還為時過早，但我們對該推廣品牌在墨西哥的長期發展非常樂觀。

Fantastic. Great job, best of luck.

極好的。做得好，祝你好運。

Thank you.

謝謝。

Thanks, Adrienne.

謝謝，艾德麗安。

Marni Shapiro.

瑪尼·夏皮羅。

Hey guys, congrats on a great year, and congrats on being part of what I thought was one of the best social media trends during the holiday season.

嘿夥計們，祝賀你們度過了美好的一年，也祝賀你們成為我認為的節日期間最好的社交媒體趨勢之一的一部分。

Thank you, Marni. I'm glad you enjoyed. The social media was very beneficial even though, again, we weren't behind a lot of it.

謝謝你，瑪尼。我很高興你玩得開心。儘管我們並沒有完全落後於社交媒體，但它仍然非常有益。

I know you weren't, but it was stunning and then I was actively seeking it out when the algorithm wasn't feeding it to me on a regular basis. It was brilliant. Two quick ones, one big one, one smaller. Just can you repeat because you walk through them pretty quickly the store openings for fiscal year '26 across the globe?

我知道你不是，但它確實令人震驚，當演算法沒有定期向我提供它時，我就積極尋找它。太棒了。兩個快的，一個大，一個小。您能快速介紹一下 26 財年全球各地的門市開幕情況嗎？

Yeah, certainly. So we've got a total of 130 net new stores. The plan calls for 40 net new stores in Marmaxx, 30 stores in HomeGoods, which includes 9 at HomeSense. At Sierra, we're adding 20 stores. In Canada, we're adding 12 stores. In Europe, we're adding 22 net new stores and Australia, six net store openings.

是的，當然。因此，我們總共新增了 130 家門市。該計劃要求在 Marmaxx 開設 40 家新店，在 HomeGoods 開設 30 家新店，其中包括在 HomeSense 開設 9 家新店。在 Sierra，我們正在增加 20 家商店。在加拿大，我們增加了 12 家門市。在歐洲，我們淨增 22 家新店，在澳洲淨增 6 家新店。

Perfect. And then, Ernie, this is kind of a bigger picture question, but I'm curious what your thoughts are here. There's been a lot of consolidation on the brand side, some companies that have taken the IP or have just a lot of brands within the one big company. So on that side, it's kind of the bulk of the business. And I'm curious of the bulkiness of the business, I'm curious if this is benefiting you guys as a company because you could match their size.

完美的。然後，厄尼，這是一個更大的問題，但我很好奇你的想法是什麼。品牌方面已經出現了許多整合，有些公司已經獲得了智慧財產權，或是在一家大公司內擁有許多品牌。因此從這方面來看，這算是業務的主要部分。我很好奇這個業務的規模，我很好奇這是否會為你們公司帶來好處，因為你們可以匹敵他們的規模。

And then conversely, on the flip side is you have so many of these much, much smaller brands that are really popping up, doing well, making some noise. Is your team having success breaking into these smaller brands as well? Because obviously, it's hard to know which one of those smaller brands is going to be the next big thing, so developing those relationships early. I'm curious if you could talk about that in the market.

相反地​​，另一方面，有很多小品牌如雨後春筍般湧現，表現良好，引起了一些轟動。您的團隊是否也成功打入了這些小品牌？因為很明顯，很難知道哪一個小品牌會成為下一個大品牌，所以要儘早發展這些關係。我很好奇您是否可以在市場上談論這個問題。

Absolutely, Marni. Well, first of all, both of those situations are priorities for us and the teams. The buyers and the merchandise managers, even top to top management with some of the brands that have consolidated under one house, even though they want to keep as many brands as possible because they know brands are important for them, so that they don't lose their business to the private label retailers per se. They're good at wanting to consolidate that way. We're always trying to nurture those relationships. And they know that we're probably their best outlet to have goods in an eclectic mix, nonvisible manner.

當然，瑪尼。嗯，首先，這兩種情況對我們和團隊來說都是優先事項。買家和商品經理，甚至一些品牌的高層管理人員，即使他們希望保留盡可能多的品牌，因為他們知道品牌對他們來說很重要，這樣他們就不會將業務輸給自有品牌零售商。他們很擅長用這種方式來鞏固。我們一直在努力培養這些關係。而且他們知道我們可能是他們最好的銷售管道，可以以不顯眼的方式混合銷售各種商品。

So those relationships are actually extremely desired on both sides of the equation for all of those obvious reasons. What you're talking about on the second one is the more interesting because we salivate over that because we like a lot of new niche, but we call them little niche brands that keep popping up year after year, which is really what generates our -- when we give you that 21,000 vendor list, it's not a stagnant list.

因此，由於所有這些顯而易見的原因，等式兩邊實際上都非常渴望建立這樣的關係。您談到的第二個問題更有趣，因為我們對此垂涎三尺，因為我們喜歡很多新的利基市場，但我們稱它們為年復一年不斷湧現的小眾品牌，這才是我們真正的動力——當我們給您 21,000 個供應商名單時，它並不是一個停滯不前的名單。

Meaning, we have vendors a couple of thousand that fall off every year, and then we're adding a couple of thousand new every year. And because we want all these new vendors typically, oh my gosh, 90%-plus of them are anxious to have us in their back pocket because they know they're relying on say, a specialty store business, and they know they're going to have X amount of leftover inventory and they need to have a home for even though they're not big, to your point, Marni.

這意味著，我們每年會流失數千家供應商，而每年又會增加數千家新供應商。而且因為我們通常需要所有這些新供應商，哦天哪，其中 90％ 以上都急切地希望我們成為他們的後盾，因為他們知道他們依賴於專業商店業務，並且他們知道他們將擁有 X 數量的剩餘庫存，他們需要有一個家，即使他們的規模不大，正如你所說，Marni。

So, and our buyers are trained on. We want to look at all desirable product, whether it's with a little vendor or a big vendor, and that's what makes our treasure hunt shopping experience more exciting. We don't want narrow vendor, narrow big vendor assortments, we want eclectic mixes. So that's why I love your question and that we see that as more and more happening to your point. We often start these little niche vendors online because they'll start -- some of them just start online strangely enough without a store.

所以，我們的買家也接受過訓練。我們希望看到所有令人嚮往的產品，無論是小供應商還是大供應商，這都會讓我們的尋寶購物體驗更加令人興奮。我們不想要狹窄的供應商，狹窄的大供應商分類，我們要的是折衷的混合。這就是為什麼我喜歡你的問題，我們看到越來越多的人認同你的觀點。我們經常在網路上啟動這些小眾供應商，因為他們會啟動——其中一些很奇怪地在網路上啟動，沒有商店。

Great, that's fantastic. I'll leave it to somebody else. Thanks guys.

太好了，太棒了。我將把它留給別人。謝謝大家。

All right, thank you, Marni.

好的，謝謝你，瑪尼。

Laura Champine.

勞拉‧尚皮恩 (Laura Champine)。

Thanks for taking my question. A follow-up on the Q1 guide. Just trying to get to the underlying profitability. How much -- I think you mentioned that the timing of expenses. I'm not sure what you said there, but if I look at the timing of the expenses and the reversal of the reserve release a year ago, what would kind of apples-to-apples pretax profit margin be?

感謝您回答我的問題。Q1 指南的後續內容。只是想獲得潛在的獲利能力。多少——我想您提到了費用的時間。我不確定您說的是什麼，但是如果我看一下費用的時間安排以及一年前儲備釋放的逆轉，那麼同類的稅前利潤率會是什麼樣的？

So I mean the way to look at it is that I mean -- and these are pretty equal. We had a onetime item, which is we had a Cares Act benefit last year that benefited us. So we're up against that year-over-year. Interest is negatively impacting us by 20 basis points, as we said in the call. We've got timing of hedge, inventory hedge. So we had a benefit in Q4 that reversed in Q1 and then wage and payroll. So I mean, that kind of explains why we have 100 basis points of deleverage.

所以我的意思是，看待它的方式是——它們是相當平等的。我們有一次性項目，那就是去年我們獲得了《關懷法案》福利，這項福利使我們受益。因此，我們年復一年地面臨這項挑戰。正如我們在電話會議中所說，利息對我們產生了 20 個基點的負面影響。我們有對沖的時機、庫存對沖。因此，我們第四季的福利在第一季出現逆轉，然後是薪資和薪水。所以我的意思是，這解釋了為什麼我們有 100 個基點的去槓桿率。

Okay. Can you quantify the wage and payroll piece or talk to us about inflation you're seeing year-on-year just on that one line?

好的。您能否量化薪資和薪資部分，或僅從這一方面與我們談談您所看到的同比通貨膨脹情況？

No. We don't get into the details of our specific wage. But again, we see legislative increases come pretty much every January.

不。我們不會談論我們的具體工資。但我們再次看到，幾乎每年一月立法都會增加。

Understood. And then a small one. So the TK Maxx business adding 22 stores, pretty significant step-up. Any markets to call out or better real estate available there? Sort of what's driving that?

明白了。然後還有一個小的。因此，TK Maxx 業務增加了 22 家門市，這是一個相當顯著的進步。有哪些市場值得關注或有更好的房地產？那麼，是什麼原因導致的呢？

Yeah. So the opportunities in Europe are largely in Germany, although we have opportunities in Austria and the Netherlands, Poland and the UK, but in Ireland as well. But the large majority of them opportunity is in the UK -- excuse me, in Germany.

是的。因此，歐洲的機會主要在德國，儘管我們在奧地利、荷蘭、波蘭和英國也有機會，但在愛爾蘭也有機會。但絕大多數機會都在英國——對不起，在德國。

Got it. Thank you.

知道了。謝謝。

Mark Altschwager.

馬克·阿爾特施瓦格。

Good morning. Thank you. I don't think I heard this, but how are you thinking about AUR in 2026? And the strong mark on performance, what's driving that? How should we think about the further opportunity on mark-on?

早安.謝謝。我認為我沒有聽說過這個，但是您如何看待 2026 年的 AUR？業績表現優異，其推動力為何？我們該如何看待加價的進一步機會？

Well, again, I think when we talk about the opportunity, it's a combination of what the -- there are a number of things that go into the benefit that we see in our gross profit, whether it comes from higher price or a better buy. So we haven't been parsing that out.

嗯，我再說一次，當我們談論機會時，它是多種因素的結合——有很多因素會影響我們在毛利中看到的好處，無論是來自更高的價格還是更好的購買。所以我們還沒有分析過這個問題。

And then, Mark, on the -- I think you're asking about the mark-on as we look forward on the buying. So the way we're looking at it is, again, this environment which as you can see, we've made healthy progress in the last couple of years on that front. I feel as though some of those situations slow up a little bit, obviously.

然後，馬克，我想你問的是關於我們期待購買時的加價。因此，我們看待這個問題的方式是，再次強調，正如您所看到的，過去幾年我們在這方面取得了健康進展。我覺得有些情況顯然會慢下來一些。

I think the environment right now, however, is a bit of, as I said earlier, it is textbook with more availability, I think, heading to almost every one of the divisions that we have because of the environment. And I believe a consumer confidence slowdown, as well as you have, again, a lot of public companies are aggressive on cutting merchandise in advance because they have to grow their earnings.

我認為，目前的環境就像我之前所說的那樣，更像是教科書，具有更多的可用性，我認為，由於環境的原因，幾乎我們所有的部門都適用這種環境。而且我認為，由於消費者信心放緩，許多上市公司都在積極提前削減商品，因為他們必須增加收益。

So no reason to believe that our buyers aren't going to have additional opportunities to bit by bit, get more meta nice margin as we move forward here. The environment is just kind of set up for that, fortunately. So although a challenging environment overall, but those tend to work pretty well for TJX.

因此，沒有理由相信我們的買家不會有更多的機會隨著我們不斷前進而一點一點地獲得更多的元利潤。幸運的是，環境已經為此做好了準備。因此，儘管總體而言是一個充滿挑戰的環境，但這些對於 TJX 來說往往效果很好。

Great, thank you. Best of luck.

太好了，謝謝。祝你好運。

Thank you, Mark. And thank you all for joining us today. We look forward to updating you again on our first quarter earnings call, which will be in May. Thank you.

謝謝你，馬克。感謝大家今天的出席。我們期待在五月的第一季財報電話會議上再次向您報告最新情況。謝謝。

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。