TJX Companies Inc (TJX) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the TJX Companies first quarter fiscal 2026 financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded May 21, 2025.

女士們、先生們，感謝你們的支持。歡迎參加 TJX 公司 2026 財年第一季財務業績電話會議。（操作員指示）提醒一下，本次電話會議將於 2025 年 5 月 21 日錄製。

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.

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

Thank you, Fran. Before we begin, Deb has some opening comments.

謝謝你，弗蘭。在我們開始之前，Deb 先說幾句開場白。

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。今天的電話會議已被記錄，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，其中包括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 Investors section of tjx.com along with reconciliations to non-GAAP measures we discuss.

請參閱我們的新聞稿，其中含有關於前瞻性陳述的警示性聲明，以及我們網站 tjx.com「投資者」版塊中包含的完整安全港聲明。我們也在今天的新聞稿和 tjx.com「投資者」版塊中詳細說明了外匯對我們合併業績和國際部門的影響，並附上了我們討論過的非公認會計準則 (GAAP) 指標的調節表。

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

謝謝，現在我將把發言權交還給 Ernie。

Good morning. Joining me in, Deb on the call is John. I want to start by thanking all of our global associates for their ongoing commitment to TJX and to our customers. Our talented associates work hard to bring our business to life and deliver great value to consumers every day.

早安.和我一起參加電話會議的還有約翰。首先，我要感謝我們所有的全球員工對 TJX 和客戶的​​持續承諾。我們才華橫溢的員工每天都努力工作，使我們的業務充滿活力，並為消費者提供巨大的價值。

Now to our first quarter results. I am very pleased with our performance in the quarter. Overall, comp sales grew 3% at the high end of our plan. Every division, both in the US and internationally drove increases in comp sales and customer transactions. Pre-tax profit margin and earnings per share both exceeded our expectations. John will talk about our first quarter results in more detail in a moment.

現在來看看我們的第一季業績。我對我們本季的表現非常滿意。總體而言，同店銷售額成長了 3%，達到了我們計劃的最高水準。美國和國際的每個部門都推動了同店銷售額和客戶交易量的成長。稅前利潤率和每股盈餘均超出我們的預期。約翰稍後將更詳細地介紹我們的第一季業績。

During the quarter, our teams delivered an exciting mix of good, better, and best brands across a broad range of categories and items to serve our very wide customer demographic. As always, we offered great value to our shoppers every day at each of our retail banners.

在本季度，我們的團隊在廣泛的類別和商品中推出了令人興奮的好、更好和最好的品牌組合，以服務我們非常廣泛的客戶群。像往常一樣，我們每天在每家零售店為購物者提供超值優惠。

Looking ahead, we're convinced that our value proposition and the flexibility of our business will continue to be a winning retail formula. The second quarter is off to a strong start, and we are excited about the initiatives we have planned which we believe will further drive sales in traffic.

展望未來，我們堅信我們的價值主張和業務靈活性將繼續成為成功的零售秘訣。第二季開局強勁，我們對所計劃的舉措感到非常興奮，相信這些舉措將進一步推動銷售成長。

The availability of merchandise we are seeing is outstanding, and we are in a great position to take advantage of the plentiful opportunities that the marketplace is offering. We are confident in our ability to navigate the current tariff and macro environment in the short term. Importantly, our vision for long term growth, profitability, and market share opportunities remains the same.

我們看到的商品供應非常充足，我們處於有利地位，可以利用市場提供的大量機會。我們有信心在短期內應對當前的關稅和宏觀環境。重要的是，我們對長期成長、獲利能力和市場份額機會的願景保持不變。

Now I'll turn the call over to John to cover our first quarter results in more detail.

現在我將把電話轉給約翰，讓他更詳細地介紹我們的第一季業績。

Thanks, Ernie. I also want to add my gratitude to all of our global associates for their hard work and dedication to TJX and our customers. Now show some additional details on our first quarter versus last year.

謝謝，厄尼。我也要對我們全球所有的同事表示感謝，感謝他們為 TJX 和我們的客戶所做的努力和奉獻。現在展示一些我們第一季與去年同期相比的更多細節。

As Ernie mentioned, our consolidated comp sales growth of 3% came in at the high end of our plan. Overall comp sales growth was almost entirely driven by an increase in customer transactions. Comps in both our apparel and home categories increased with home outperforming apparel.

正如 Ernie 所提到的，我們的綜合銷售額成長率為 3%，達到了計畫的最高水準。整體銷售額的成長幾乎完全是由客戶交易量的增加所推動的。我們的服飾和家居品類的銷售額均有所成長，其中家居品類的銷售額優於服飾品類。

Pre-tax margin of 10.3% was down 80 basis points and was above our plan. Gross margin was down 50 basis points, primarily due to unfavorable inventory hedges. SG&A increased 20 basis points due to a lapping of a benefit from a reserve released last year in incremental store wage and payroll costs. Net interest income negatively impacted pre-tax profit margin by 20 basis points versus last year due to a lower cash balance and lower interest rates. Lastly, diluted earnings per share of $0.92 were also above our expectations.

稅前利潤率為 10.3%，下降了 80 個基點，高於我們的計劃。毛利率下降了 50 個基點，主要原因是庫存對沖不利。由於去年釋放的儲備金收益被計入增量門市薪資和薪資成本，銷售、一般和行政費用增加了 20 個基點。由於現金餘額減少和利率下降，淨利息收入對稅前利潤率產生了負面影響，比去年同期減少了 20 個基點。最後，每股攤薄收益 0.92 美元也高於我們的預期。

Now to our first quarter divisional performance. Across all of our divisions, customer transactions increased once again. We see this as an excellent indicator of the strength of our value proposition across our retail banners.

現在來看看我們第一季的部門業績。在我們所有部門中，客戶交易量再次增加。我們認為這是我們零售品牌價值主張實力的絕佳指標。

At Marmaxx, comp sales increased 2% and segment profit margin was 13.7%, down 50 basis points. As we expected, Marmaxx sales accelerated in March and April as the weather improved. Comp sales in both apparel and home categories were up. Also, we were very pleased with the sales growth at our US e-commerce sites and Sierra stores which report as part of this division. We remain confident that Marmaxx, our largest division, can capitalize on the opportunities we see to continue gaining market share and further grow our store footprint across the US.

Marmaxx 的同店銷售額成長了 2%，而分部利潤率為 13.7%，下降了 50 個基點。正如我們預期的那樣，隨著天氣好轉，Marmaxx 的銷量在 3 月和 4 月加速增長。服裝和家居類別的同店銷售額均上升。此外，我們對作為該部門一部分的美國電子商務網站和 Sierra 商店的銷售成長感到非常滿意。我們仍然相信，我們最大的部門 Marmaxx 可以利用我們看到的機會繼續獲得市場份額並進一步擴大我們在美國的門市覆蓋範圍。

Our home goods division delivered comp sales growth of 4% with strength at both the home goods and HomeSense banners. Segment profit margin was 10.2%, up 70 basis points versus last year. We believe our US home banners offer consumers a highly differentiated mix of home fashions from around the world. We are convinced that we can continue to grow our share of the US home fashion market.

我們的家居用品部門銷售額成長了 4%，家居用品和 HomeSense 品牌均表現強勁。分部利潤率為10.2%，較去年同期上升70個基點。我們相信，我們的美國家居橫幅為消費者提供了來自世界各地的高度差異化的家居時尚組合。我們堅信，我們能夠繼續擴大美國家居時尚市場的份額。

At TJX Canada, comp sales were up 5%. Segment profit margin on a constant currency basis was 10.6%, down 170 basis points last year, primarily due to unfavorable transactional foreign exchange as we expected. TJX Canada is the leading off-price retailer of apparel and old fashions in Canada. With well-recognized retail banners, we see our Canadian business as well positioned for continued successful growth.

TJX 加拿大公司的同店銷售額成長了 5%。以固定匯率計算的分部利潤率為 10.6%，比去年下降 170 個基點，主要原因是正如我們預期的那樣，交易外匯不利。TJX Canada 是加拿大領先的服裝和舊時裝折扣零售商。憑藉廣受認可的零售品牌，我們認為我們的加拿大業務已做好準備，並繼續實現成功成長。

At TJX International, comp sales increased 5%. We were very pleased to see continued strength in Europe and outstanding sales in Australia. Segment profit margin on a constant currency basis was 4.2%, up 20 basis points versus last year. We continue to see plenty of opportunities to grow our TK Maxx banner across our existing European countries and in Australia and to bring TK Maxx to Spain next year.

TJX International 的同店銷售額成長了 5%。我們非常高興地看到歐洲市場持續保持強勁勢頭，澳洲市場的銷售業績也十分出色。以固定匯率計算的分部利潤率為 4.2%，較去年同期上升 20 個基點。我們繼續看到大量機會，將我們的 TK Maxx 品牌擴展到我們現有的歐洲國家和澳大利亞，並將明年將 TK Maxx 帶到西班牙。

I also want to reiterate our excitement for our joint venture with Grupo Axo in Mexico and our investment in Brands For Less in the Middle East. While still early, we're building great relationships with these teams, and we see this as a way to participate in the growth of off-price in these geographies.

我還想重申我們對與墨西哥 Grupo Axo 的合資企業以及對中東 Brands For Less 的投資感到興奮。雖然還處於早期階段，但我們正在與這些團隊建立良好的關係，我們認為這是參與這些地區折扣業務成長的一種方式。

Moving to inventory. Balance sheet inventory was up 15% and inventory on a per store basis was up 7% versus last year. We feel great about our inventory levels and have been taking advantage of the excellent deals we have been seeing in the marketplace. Availability of merchandise remains outstanding, and we are set up very well to continue to flow fresh assortments to our stores and online. As to our capital allocation, we continue to reinvest in the growth of our business while returning significant cash to shareholders through our buyback and dividend programs.

轉入庫存。與去年相比，資產負債表庫存增加了 15%，每家商店的庫存增加了 7%。我們對我們的庫存水準感到非常滿意，並且一直在利用我們在市場上看到的優惠。商品供應仍然充足，我們已做好充分準備，繼續為商店和網上商店提供新鮮的商品。至於我們的資本配置，我們繼續對業務成長進行再投資，同時透過回購和股利計畫向股東返還大量現金。

Now I'll turn it back to Ernie.

現在我把話題轉回給厄尼。

Thanks, John. I'd like to start with a few comments on the current environment and the reasons for our continued confidence in our business. We have a very long track record of successfully navigating through many types of challenging economic and retail markets. Each time, we have emerged as an even stronger company with greater market share opportunities. We have a very experienced leadership team that has worked together for multiple decades.

謝謝，約翰。首先，我想就當前環境以及我們對業務持續充滿信心的原因發表一些評論。我們在成功應對多種充滿挑戰的經濟和零售市場方面有著悠久的歷史。每次，我們都成長為一家更強大的公司，擁有更大的市佔率機會。我們擁有一支經驗豐富的領導團隊，他們已經共同合作了數十年。

While we're not immune to tariff pressure, we are laser-focused on our initiatives to offset them by remaining flexible and executing our opportunistic buying approach. Long term, we remain as confident as ever in our strategic vision for future growth.

雖然我們無法免受關稅壓力的影響，但我們會專注於採取舉措，透過保持靈活性和執行機會主義的購買方式來抵消關稅壓力。從長遠來看，我們對未來成長的策略願景依然充滿信心。

Now I want to reiterate the key characteristics of our business that give us confidence that we can continue to execute on our growth initiatives through the current environment and for many years to come. First is the value proposition we offer to our customers. For us, value is a combination of brand, fashion, quality and price. Our customer surveys tell us that we have an excellent reputation as a value leader in each of our geographies.

現在我想重申我們業務的主要特點，這些特點讓我們有信心在當前環境下以及未來許多年繼續執行我們的成長計劃。首先是我們提供給客戶的價值主張。對我們來說，價值是品牌、時尚、品質和價格的結合。我們的客戶調查顯示，我們在每個地區都享有作為價值領導者的卓越聲譽。

As a trusted value retailer, we have historically attracted new shoppers to our stores in many different types of environments. Therefore, we are convinced that we will have an opportunity to gain market share if more consumers seek out value in the current environment. We are confident that our commitment to our shoppers, great value on every item, every day will continue to resonate with consumers and drive more shoppers to our stores.

作為一家值得信賴的價值零售商，我們歷來在多種不同類型的環境中吸引新購物者到我們的商店。因此，我們相信，如果在當前環境下有更多的消費者追求價值，我們將有機會獲得市場份額。我們相信，我們對購物者的承諾，即每件商品、每一天的巨大價值，將繼續引起消費者的共鳴，並吸引更多的購物者到我們的商店。

Next, our team of over 1,300 buyers source goods from an ever-changing universe of over 21,000 vendors from more than 100 countries around the world. We have a global buying infrastructure and supply chain that has been in place for multiple decades. Further, we have long-standing relationships with many of our vendors, and we can offer another avenue for them to grow their business. All of this gives us great confidence that we'll have plenty of merchandise available to support our long-term growth plans.

接下來，我們擁有超過 1,300 名採購員的團隊，從全球 100 多個國家不斷變化的超過 21,000 個供應商中採購商品。我們擁有已運行數十年的全球採購基礎設施和供應鏈。此外，我們與許多供應商建立了長期的合作關係，我們可以為他們提供另一條發展業務的途徑。所有這些都讓我們充滿信心，我們將有足夠的商品來支持我們的長期成長計劃。

Third, we successfully operate stores across a very wide customer demographic. We offer shoppers a wide breadth of good, better and best brands to appeal to shoppers across a broad range of income and age groups. We believe this is a tremendous advantage and will continue to allow us to attract a wider shopping audience than many other retailers.

第三，我們成功地經營了涵蓋非常廣泛的客戶群的商店。我們為購物者提供廣泛的好、更好和最好的品牌，以吸引不同收入和年齡的購物者。我們相信這是一個巨大的優勢，並將繼續使我們比許多其他零售商吸引更廣泛的購物受眾。

Next, all aspects of our business model are driven by flexibility. Our global buying, store operations, supply chain and systems are designed to support our flexible business model. This allows us to offer an exciting treasure hunt shopping experience with rapidly changing selections across all categories. We are confident that our flexibility will continue to help us to navigate through many types of environments and allow us to react to changing consumer preferences.

其次，我們商業模式的各個面向都是由靈活性驅動的。我們的全球採購、商店營運、供應鏈和系統旨在支援我們靈活的商業模式。這使我們能夠提供令人興奮的尋寶購物體驗，所有類別的選擇都在快速變化。我們相信，我們的靈活性將繼續幫助我們適應多種類型的環境，並使我們能夠對不斷變化的消費者偏好做出反應。

Lastly but most important is our talent. I truly believe that the depth of off-price knowledge and expertise and longevity of our management teams within TJX is unmatched. We take great pride in being a teaching organization, which is a high priority of our managers throughout the company. This is supported with our TJX University and other training programs.

最後但最重要的是我們的人才。我堅信，TJX 內部管理團隊的折扣知識和專業技能的深度以及長期經驗是無與倫比的。我們為自己是一個教學組織而感到自豪，這也是我們整個公司管理人員的高度重視。這得到了我們的 TJX 大學和其他培訓計劃的支持。

Further, our human resource teams are extremely focused on developing talent and succession planning to ensure we develop the next generation of leaders of TJX. Additionally, I am so proud of our culture, which I believe is a major differentiator. I am convinced that our constant focus on talent and culture have been significant keys to our success and will continue to be going forward. Again, we are confident that the combination of these characteristics is why we have delivered decades of sales and profit growth and gives us great confidence that we are set up very well for long-term success.

此外，我們的人力資源團隊非常注重人才培養和繼任計劃，以確保我們培養出 TJX 的下一代領導者。此外，我對我們的文化感到非常自豪，我相信這是一個主要的區別因素。我堅信，我們對人才和文化的持續關注是我們成功的重要關鍵，並將繼續發揮作用。我們再次確信，這些特點的結合是我們數十年來實現銷售和利潤成長的原因，並讓我們非常有信心，我們已經為長期成功做好了充分的準備。

Summing up, we are very pleased with the overall performance of TJX in the first quarter. I truly believe we are one of the best models in retail and that it will serve us well in today's environment. Longer term, we continue to see a long runway for growth. As an off-price leader in every country that we operate in, we see plenty of opportunities to further grow our market share in the US and internationally.

總而言之，我們對TJX第一季的整體表現非常滿意。我堅信我們是零售業最好的模式之一，並且它將在當今的環境中為我們帶來良好的服務。從長遠來看，我們仍然看到長期的成長空間。作為我們經營所在的每個國家的折扣市場領導者，我們看到了大量機會來進一步擴大我們在美國和國際上的市場份額。

Lastly, I have great confidence that the flexibility of our business, our relentless focus on value, and very importantly, our talented associates will continue to be major contributors to our success for many years to come.

最後，我堅信，我們業務的靈活性、我們對價值的不懈關注以及非常重要的我們優秀的員工將在未來許多年繼續為我們的成功做出重要貢獻。

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

現在我將把電話轉回給約翰，讓他介紹我們的全年和第二季度指導，然後我們將開始回答問題。

Thanks again, Ernie. I'll begin with some color on how we're thinking about tariffs. Let me start by saying that we believe we can navigate through the current tariff environment. While we're not immune to tariffs, we feel great about the components of our business that we can control and remain confident in our long-term growth and profitability plans.

再次感謝你，厄尼。我首先想談談我們對關稅的看法。首先我想說，我們相信我們能夠渡過目前的關稅環境。雖然我們無法免受關稅的影響，但我們對我們能夠控制的業務組成部分感到非常滿意，並且對我們的長期成長和獲利計劃充滿信心。

We're also realistic that in the short term, we are operating in a highly fluid macro environment. For simplicity purposes, we're making the assumption that the current level of tariffs on imports into the US from China and other countries will stay in place for the remainder of the year.

我們也意識到，短期內我們正處於高度不穩定的宏觀環境。為了簡單起見，我們假設美國對來自中國和其他國家進口產品的現行關稅水準將在今年剩餘時間內保持不變。

In terms of our guidance, as we noted in our press release this morning, we are maintaining our full year comp sales growth, pretax profit margin and diluted earnings per share outlook. This guidance assumes that we can offset the significant incremental pressures we have seen and expect to see from tariffs on both our direct and indirect imports this year.

就我們的指導而言，正如我們在今天早上的新聞稿中指出的那樣，我們維持全年銷售成長、稅前利潤率和每股稀釋收益的預期。該指導假設我們可以抵消今年直接和間接進口關稅給我們帶來的以及預計將造成的顯著增量壓力。

We believe we can do this primarily through our buying process, our ability to adjust our ticket while maintaining our value gap and our ability to diversify our sourcing. Further, we are focused on cost efficiencies and productivity initiatives.

我們相信，我們主要可以透過我們的購買流程、我們在保持價值差距的同時調整票價的能力以及我們多樣化採購的能力來實現這一目標。此外，我們注重成本效率和生產力措施。

Now to our detailed full year fiscal '26 guidance, which remains unchanged versus the previous full year guidance we gave in February. We expect overall comp sales to increase 2% to 3%. We're planning full year consolidated sales to be in the range of $58.1 billion to $58.6 billion, up 3% to 4%. With the volatility we've been seeing with foreign exchange rates, we are holding rates at the same level as our previous guidance. We are planning full year pretax 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%.

現在來看看我們對 26 財年全年的詳細指引，與我們 2 月給出的全年指引相比，該指引保持不變。我們預計整體銷售額將成長 2% 至 3%。我們計劃全年綜合銷售額達到 581 億美元至 586 億美元，成長 3% 至 4%。由於我們看到外匯匯率波動，我們將利率維持在與先前的指導水準相同的水準。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 至 20 個基點。

Moving to gross margin. We expect it to be in the range of 30.4% to 30.5%, a 10 basis points to 20 basis points decrease versus last year's 30.6%. We expect full year SG&A to be 19.3% versus last year's 19.4%. We're assuming net interest income of about $98 million, which we expect to delever fiscal '26 pretax profit margin by 20 basis points. Our full year guidance assumes a tax rate of 25.1% and weighted average share count of approximately 1.13 billion shares. Lastly, we expect full year diluted earnings per share to be in the range of $4.34 to $4.43. This would represent a 2% to 4% increase versus last year's diluted earnings per share of $4.26.

轉向毛利率。我們預計該比率將在 30.4% 至 30.5% 之間，較去年的 30.6% 下降 10 至 20 個基點。我們預計全年銷售、一般及行政費用將為 19.3%，而去年為 19.4%。我們假設淨利息收入約為 9,800 萬美元，預計這將使 26 財年的稅前利潤率降低 20 個基點。我們的全年指引假設稅率為 25.1%，加權平均股數約為 11.3 億股。最後，我們預計全年稀釋每股盈餘將在4.34美元至4.43美元之間，較去年的4.26美元稀釋每股盈餘成長2%至4%。

Moving to the second quarter. We expect overall comp sales to increase 2% to 3%; consolidated sales to be in the range of $13.9 billion to $14 billion; pretax profit margin to be in the range of 10.4% to 10.5%, down 40 basis points to 50 basis points versus last year's 10.9%; gross margin to be 30%. This would be a decrease of 40 basis points versus our last year. This includes incremental tariff costs on the directly sourced merchandise that we were committed to when the additional tariffs went into place in March and April, mostly offset by our mitigation efforts. We are also lapping a benefit from a true-up of a freight accrual last year.

進入第二季。我們預期整體同店銷售額將成長 2% 至 3%；合併銷售額將在 139 億美元至 140 億美元之間；稅前利潤率將在 10.4% 至 10.5% 之間，較去年的 10.9% 下降 40 至 50 個基點；毛利率為 30%。與去年相比，這將下降 40 個基點。這包括我們在 3 月和 4 月實施額外關稅時承諾的直接購買商品的增量關稅成本，大部分已被我們的緩解措施所抵消。我們也從去年運費累積的調整中獲得了收益。

SG&A to be 19.7%, down 10 basis points versus last year. This is due to a benefit from lower incentive compensation accruals planned this year. We're also assuming net interest income of about $24 million, which we expect to delever second quarter pretax profit margin by 20 basis points. Our second quarter guidance also assumes a tax rate of 24% and a weighted average share count of approximately 1.13 billion shares. Based on these assumptions, we expect second quarter diluted earnings per share to be in the range of $0.97 to $1, up 1% to 4% versus last year's 96%.

銷售、一般及行政費用為 19.7%，較去年下降 10 個基點。這是由於今年計劃的激勵薪酬累積減少所帶來的利益。我們也假設淨利息收入約為 2,400 萬美元，我們預計這將使第二季稅前利潤率降低 20 個基點。我們第二季的指引也假設稅率為 24%，加權平均股數約為 11.3 億股。基於這些假設，我們預計第二季每股攤薄收益將在 0.97 美元至 1 美元之間，較去年的 96% 成長 1% 至 4%。

In closing, I want to emphasize that we are in an excellent position to continue to invest in the growth of our company while simultaneously returning significant cash to our shareholders. Now we are 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.

最後，我想強調的是，我們處於有利地位，可以繼續投資於公司的發展，同時向股東返還大量現金。現在我們很樂意回答大家的提問。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。

(Operator Instructions)

（操作員指示）

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

Thank you. Good morning.

謝謝。早安.

Good morning.

早安.

I wanted to ask about inventory availability, I think for two decades I've been asking about inventory availability, and you use great adjectives like outstanding. And that's always been the case. But we're in a little bit of a different environment right now. We're hearing about delayed ship sailings, uncertainty around tariff rates for holiday. There's a lot of question marks in the buying offices of the traditional retailers and brands.

我想問一下庫存可用性，我想二十年來我一直在問庫存可用性問題，而您使用了“傑出”這樣的形容詞。情況一直都是如此。但我們現在所處的環境有點不同。我們聽說船舶航行延誤，假期關稅稅率也不確定。傳統零售商和品牌的採購辦公室存在著許多疑問。

So can you just give a little bit more context on what's changed, how your conversations have gone? And what kind of pricing you think you may have to put in place in the back half to offset some of these tariffs?

那麼，您能否稍微介紹一下發生了什麼變化，以及您們的談話進展如何？您認為下半年可能需要什麼樣的定價來抵銷部分關稅？

Yeah, very good question, Lorraine. Yes, I remember many times you've asked about availability. This time, to your point, the environment is so different. Totally appropriate question. Shipments, yeah, I think we've heard from vendors, especially pre the adjustment in the tariffs, shipments were being delayed. But things change a little when the tariffs were moderated a bit.

是的，洛林，這個問題問得非常好。是的，我記得您多次詢問過可用性問題。這次，正如你所說，環境有很大不同。完全恰當的問題。發貨，是的，我想我們已經從供應商那裡聽說了，特別是在關稅調整之前，發貨被推遲了。但當關稅稍微降低時，情況就發生了一些變化。

I believe you have -- and I'm kind of talking globally here in the vendor community. You definitely have an uneasiness, I would say, uneasiness on what's going to be happening now and forward because it isn't still crystal clear. The way we approach it, though, I think you'll appreciate this, you look at our inventories, they're up a bit. That's reflecting some of the great buys that our teams have really been able to take advantage of in the market recently.

我相信你們已經——而且我在這裡是在供應商社群中進行全球性的演講。我想說，你肯定會感到不安，對現在和將來將要發生的事情感到不安，因為事情還不是很清楚。不過，我想你會欣賞我們處理這個問題的方式，你看看我們的庫存，它們增加。這反映了我們的團隊最近在市場上真正能夠利用的一些重大收購。

We only see that trend going up in terms of availability as we go to the back half. To your point, when some of the vendors are talking about cutting back or delaying, could we see a category here or there where there's less availability than we traditionally see, from the traditional retailers potentially cutting back in advance or the wholesaler cutting back? That could happen.

當我們進入後半部分時，我們只會看到可用性呈上升趨勢。正如您所說，當一些供應商談論削減或推遲供應時，我們是否會看到某個類別的供應量比傳統上要少，是傳統零售商可能提前削減供應還是批發商削減供應？這可能會發生。

The good thing with our flexibility is we will just take advantage of an adjacent category or something and we'll say, hey, we'll give up on the one category that might have a little less. And we'll just have a little less of it. We won't -- I shouldn't say give up. We'd have a little less inventory on that, and we'll go after the ones where we think there's more exciting value to put out there.

我們的靈活性的好處是，我們將利用相鄰的類別或其他東西，我們會說，嘿，我們將放棄可能少一點的類別。我們只會少一點。我們不會——我不該說放棄。我們的庫存會少一些，我們會去尋找那些我們認為有更多令人興奮的價值的產品。

Our only -- I always emphasize this, our only contract to the customer is that we will have great value on the goods that we put out there, and it will be below the out-the-door price of traditional retailers, specialty retailers, et cetera. So that is always -- you never have to worry about that. In our pricing, yes, do we think we are going to take advantage of the, I guess, the word would be chaos that's out there?

我們唯一的——我一直強調這一點，我們與客戶的唯一合約是，我們推出的商品將具有很高的價值，而且其價格將低於傳統零售商、專業零售商等的出廠價。所以，您永遠不必擔心這一點。在我們的定價中，是的，我們是否認為我們將利用那裡的混亂？

And Lorraine, I know you've heard us talk about that in the past. In this type of environment, albeit the tariff situation might make things obviously a little more complicated around the Board and as you saw on the numbers, we take a little bit of a hit in Q2. Over the back half, we believe there's going to be tremendous opportunity for our merchants to take advantage of it.

洛林，我知道你以前聽過我們談論這個話題。在這種環境下，儘管關稅情況可能會使董事會的情況明顯變得更加複雜，正如您在數據上看到的那樣，我們在第二季度受到了一些打擊。我們相信，下半年我們的商家將有巨大的機會來利用它。

And then as far as pricing goes -- it's kind of fun, your question there is a few parts. As far as the pricing goes, we will always ensure that we are below -- that we have a gap between us and the out-the-door price at the regular traditional retailers. Having said that, we believe there's opportunity for us to buy better. And if retails do move out there, we will adjust our retails to preserve that gap. That could mean they go up on certain items. If somebody actually adjusts -- this is always the case also, if they adjusted a retail down, we would do that as well.

至於定價——這很有趣，你的問題有幾個部分。就定價而言，我們將始終確保我們的價格低於——與普通傳統零售商的出廠價之間存在差距。話雖如此，我們相信我們還有機會購買更好的產品。如果零售商確實轉移到那裡，我們將調整零售以保持這一差距。這可能意味著某些商品的價格會上漲。如果有人真的進行調整——情況總是如此，如果他們下調了零售價，我們也會這樣做。

But that's kind of -- I think I touched on all the quite -- great question because it really encompasses a lot of what I think people are thinking right now, Lorraine, in terms of how we're going to approach the buying end of this business.

但我覺得我已經觸及了這個問題，因為它確實涵蓋了我認為人們現在正在思考的許多問題，洛林，就我們如何處理這項業務的購買端而言。

Great. Thank you.

偉大的。謝謝。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

Thanks and congrats on the continued consistency.

感謝並祝賀您持續的一致性。

Thank you, Matt.

謝謝你，馬特。

So Ernie, maybe first, could you speak to the progression of comp trends that you saw at Marmaxx in March and April maybe relative to the start of the quarter with some of the weather disruption? And maybe if you could elaborate on that strong start to the second quarter.

那麼 Ernie，首先，您能否談談您在 3 月和 4 月看到的 Marmaxx 的競爭趨勢的進展，相對於本季度初的一些天氣幹擾？也許您可以詳細說明第二季的強勁開局。

And then one for John. Just gross margin considerations, maybe the balance of the year relative to the contraction in the first quarter.

然後還有一篇是給約翰的。僅從毛利率考慮，也許今年的餘額相對於第一季的收縮而言。

Sure, yeah. Very good, Matt. Actually, John will start off here.

當然，是的。非常好，馬特。實際上，約翰將從這裡開始。

Yeah. So as far as the sales go, we did see weather early in the first quarter. And once the weather improved, we did see a comp -- our comps improve month-to-month as the quarter went on. And we saw that continue into the second quarter, and that's why we've highlighted a strong start in our prepared remarks.

是的。就銷售情況而言，我們確實在第一季初看到了好轉的跡象。一旦天氣好轉，我們確實看到了業績——隨著季度的推移，我們的業績逐月改善。我們看到這種情況一直持續到第二季​​度，這就是為什麼我們在準備好的發言中強調了強勁的開局。

Yeah. And Matt, good question. And first of all, I'm very encouraged by the strong start in Q2 as well. And one of the most encouraging things, going back to Q1, and again, happy with this in Q2, is that every division is participating in our comps. And as John said in Marmaxx, which got better as the quarter went on, I think we've been very happy when we saw the more recent Marmaxx comps come out of Q1.

是的。馬特，問得好。首先，我對第二季的強勁開局感到非常鼓舞。回顧第一季度，最令人鼓舞的事情之一是，第二季度我們也很高興看到每個部門都參與了我們的競爭。正如約翰在 Marmaxx 中所說的那樣，隨著本季度的進展，情況變得越來越好，當我們看到第一季最新的 Marmaxx 業績時，我想我們感到非常高興。

And I think we have not -- our business, obviously, for years, has been extremely strong. It's just nice to see right now where we have every division participating in that strength, every geography we're in and specifically internationally as well. And obviously, bucking a trend in the home industry right now is our home business, highlighted by HomeGoods. Very proud of those teams and what we're doing there versus the industry and proud of the way they're beginning Q2 as well.

我認為我們沒有——顯然，多年來我們的業務一直非常強勁。很高興看到現在我們每個部門、每個地區，特別是國際上，都參與這股力量。顯然，目前家居產業逆勢而上的是我們的家居業務，以 HomeGoods 為代表。我們對這些團隊以及我們在那裡所做的與行業相比所取得的成就感到非常自豪，並且也為他們開始第二季度的方式感到自豪。

Yeah. And then, Matt, to answer your second question, so for Q2, Q2 is really our most impacted quarter for tariff pressures as the tariffs were put in place after we had placed the orders for goods that we directly import. So we have significant mitigation efforts in place for Q2, and we expect those mitigation efforts to continue into the back half. But in addition to that, we've also experienced a negative impact on the mark-to-market of our inventory hedges in Q1, and some of that will reverse in the back half favorably.

是的。然後，馬特，回答你的第二個問題，對於第二季度來說，第二季度確實是我們受關稅壓力影響最大的一個季度，因為關稅是在我們下訂單直接進口的商品後徵收的。因此，我們針對第二季採取了重大緩解措施，我們預計這些緩解措施將持續到下半年。但除此之外，我們在第一季的庫存對沖的市價也受到了負面影響，但下半年這種影響將會有所改善。

In addition to that, the front half is negatively impacted versus last year from favorable freight accrual reversals last year. So all that adds up to why you're seeing a headwind in the first half and an improvement in the back half.

此外，由於去年有利的運費累積逆轉，上半年與去年相比受到了負面影響。所以，所有這些都解釋了為什麼你會看到上半年逆風而下半年有所改善。

Great color. Best of luck.

顏色很棒。祝你好運。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

Good morning and congrats on the success and continued success. Ernie, I wanted to go back to kind of the era of 2018, '19. Do you recall if vendors did try to pass price through to you and then you negotiated back against them? And then I see two different ways that as you described earlier, that you can react here.

早上好，恭喜您取得成功並繼續取得成功。厄尼，我想回到 2018 年、2019 年的時代。您是否記得供應商是否試圖將價格轉嫁給您，然後您與他們進行談判？然後我看到了兩種不同的方式，正如您之前描述的，您可以在這裡做出反應。

One, you can obviously -- if prices go up, you can maintain that 20% to 60% off. You can maintain your margin and then hope to get some comp or I think in another call, you said you also have the flexibility, if you chose to do so, take some of the margin hit, hold your pricing 30% to 70% and then go for comp. So it seems like you have so many different routes back to success. I'm just wondering if you can elaborate.

首先，你顯然可以——如果價格上漲，你可以維持 20% 到 60% 的折扣。您可以維持您的利潤率，然後希望獲得一些補償，或者我想在另一次通話中，您說您也有靈活性，如果您選擇這樣做，那就承擔一些利潤損失，將您的定價保持在 30% 到 70% 之間，然後再去獲得補償。因此看起來你有很多不同的途徑可以回到成功之路。我只是想知道您是否可以詳細說明。

Absolutely, Adrienne. Those are -- you touched on some of the levers that we had. In 2018, first of all, yes, we had a case where in that situation, we were able to, in most cases, negotiated out of it so the tariff just didn't mean as much in total. I would tell you, though, back then, yes, we would -- but I would say more rarely than today, we were -- we would grab a little bit of a retail and adjust where possible.

當然，艾德麗安。這些是——你觸及了我們的一些槓桿。首先，在 2018 年，是的，我們遇到過這種情況，大多數情況下，我們都能夠透過談判擺脫困境，因此關稅總體上並沒有那麼大的影響。不過，我想告訴你，在那個時候，是的，我們會——但我想說，與今天相比，我們這樣做的次數更少——我們會抓住一點零售機會，並在可能的情況下進行調整。

This time period we're in now, I think, is a little different, so more widespread in the pure numbers as well as since 2019, you know better than me, inflation overall had hit, started back a few years ago, which only adds into retails over the last few years. And then now you have tariffs on top of that.

我認為，我們現在所處的這個時期有些不同，因此從純數字來看，以及自 2019 年以來，通貨膨脹更為普遍，您比我更清楚，通貨膨脹總體上已經受到打擊，這始於幾年前，這只會在過去幾年中增加零售額。現在你還要額外繳關稅。

So a little different. In fact, when those other tariffs happened, you didn't have nearly as much inflation prior to that time period. So back to answering your question, yeah, prices -- retails, I'm sorry, retails can be part of the adjustment. But as we did talk about, and you just referred to it, we have other levers, which is the ability to buy in this environment with all the availability that's out there, buy, really, I would say, more profitably and advantageous.

所以有點不同。事實上，當其他關稅出台時，通貨膨脹率遠沒有那段時期之前那麼高。所以回到回答你的問題，是的，價格——零售，對不起，零售可以成為調整的一部分。但正如我們討論過的，以及您剛才提到的，我們還有其他槓桿，那就是在這種環境下利用所有可用資源進行購買的能力，實際上，我想說，購買更有利可圖、更有利。

The other thing that's happened is we're continuing to be more important to the vendors. And I think that is creating an ability for us to work with the vendors to ensure that we are getting to a price -- tariffs or no tariffs, to get to the price in the retail that is still the significant value. Because the TJX is probably one of the more consistent retail outlets. Our buyers are very straightforward with them, and we're very transparent with our vendors. And so I think an advantage that's taking place -- and this could continue to improve as other stores perhaps close.

發生的另一件事是，我們對供應商來說仍然更加重要。我認為這為我們與供應商合作創造了一種能力，以確保我們能夠獲得一個價格——無論有關稅還是無關稅，都能獲得仍然具有重要價值的零售價格。因為 TJX 可能是最穩定的零售店之一。我們的買家對他們非常坦率，我們對我們的供應商也非常透明。所以我認為這是一種優勢——而且隨著其他商店的關閉，這種優勢可能會繼續改善。

We've had a number of closed prior, obviously, in the last couple of years. I only see those relationships becoming stronger. And those are not about adjusting retails. Those can be about, as you said, driving comps and having retails that create a wow in our mix. Because sometimes we want a customer to actually say that it almost feels too cheap, all right?

顯然，在過去的幾年裡，我們已經關閉了一些項目。我只看到這些關係變得更加牢固。這些與調整零售無關。正如您所說，這些可以是關於推動競爭並擁有在我們的組合中創造令人驚嘆的零售。因為有時我們希望顧客確實說它感覺太便宜了，好嗎？

So that's the art form that we try to bring to the table. Whereas a lot of the other retailers, I think, would never even go down that route. We want -- I don't know, 1 out of every 10 hangers, I want a customer saying, boy, that almost feels too inexpensive, strangely enough. And that's what creates the wow factor in our business, and that's the art form. So I hope I answered -- but that's, I think, what you were referring to where I've talked before about we'll put it -- sometimes we won't -- we'll just retail the goods at an extremely sharp price.

這就是我們試圖呈現的藝術形式。而我認為，許多其他零售商永遠不會走這條路。我們希望——我不知道，每 10 個衣架中就有 1 個，我希望顧客說，天哪，這感覺太便宜了，奇怪的是。這就是我們的業務令人驚嘆的因素，這就是藝術形式。所以我希望我回答了——但我想這就是你所指的，我之前說過我們會把它——有時我們不會——我們只會以極其優惠的價格零售商品。

Last thing that hits me is, remember, our buyers are trained to not -- they do not use a markup wheel, so meaning on what item they can pay X. Doesn't mean on that item, they're going to retail it at Y. The next time that's paying X gets retailed at the same Y, that doesn't happen. They're merchants where we go by what is the right value for the out-the-door of that item regardless of the cost. And that's what I think is a different thing where our buyers work retail-backwards and the Y retail-backwards, and don't start with the cost and focus on the cost as much as the other merchants do at other retailers. Probably a little more info than you needed, but it's a good topic. So thanks for asking.

最後讓我印象深刻的是，請記住，我們的買家受過培訓，不會——他們不使用加價輪，所以這意味著他們可以為哪件商品支付 X。並不意味著他們會以 Y 的價格零售該商品。下次支付 X 時，如果零售價是相同的 Y，則不會發生這種情況。他們是商人，我們根據商品的出廠價來決定是否值得，而不管其成本是多少。我認為這就是不同之處，我們的買家從零售業向後工作，Y 從零售業向後工作，而不是從成本開始，也不像其他零售商那樣關注成本。可能比您需要的資訊多一點，但這是一個很好的主題。謝謝你的提問。

John, just a real quick one. From China, are you seeing any redirected China make into the European market yet?

約翰，我只想快速回答一個問題。從中國來看，您是否看到中國製造的產品重新進入歐洲市場？

Sorry, are we seeing what? Any redirective of merchandise into the European market?

抱歉，我們看到了什麼？有沒有將商品重新導向到歐洲市場？

Yeah. So China that they don't want to come here from other retailers or vendors that are coming to you in Europe, right?

是的。所以中國不想從歐洲的其他零售商或供應商購買產品，對嗎？

Yeah. So nothing significant that we've seen. I think that the factories were kind of holding off and waiting for a tariff deal to be done or at least lower before shipping the goods. But no, we haven't seen a lot hitting Europe that were destined for the United States.

是的。因此我們並未發現任何重大事件。我認為工廠正在推遲發貨，等待關稅協議達成或至少降低關稅後再發貨。但我們並沒有看到很多原本要運往美國的垃圾攻擊歐洲。

Fantastic. Thank you. Best of luck.

極好的。謝謝。祝你好運。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Hey, thanks guys. What percent of your product currently is direct-sourced by you? And how might that change, if at all, in response to the current environment? And also curious if you do less upfront in anticipation of maybe better deals that you expect to come in the second half. And then just would also love to hear about anything you can share in terms of income demographics? Any signs that you're gaining share more so with any one specific income cohort?

嘿，謝謝大家。目前，你們的產品中有多少比例是直接採購的？那麼，為了因應當前的環境，這種情況將如何改變呢？而且我很好奇您是否會減少前期投入，以期在下半年獲得更好的交易。然後，我也很想聽聽您能分享一些有關收入人口統計的資訊嗎？有任何跡象表明您在某一特定收入群體中獲得了更多的份額嗎？

Yeah. Let's take that.

是的。我們就這麼做吧。

We'll have John jump in on the income there. But as far as direct source, it's really less than 10% of our business. And I would tell you that we don't purposely -- we keep that in a balance. We're all about having eclectic, well-balanced mixes and assortments.

我們會讓約翰參與那裡的收入。但就直接來源而言，它實際上只占我們業務的不到 10%。我想告訴你，我們不是故意的——我們保持平衡。我們追求的是兼收並蓄、均衡的混合和分類。

And so we don't swing the pendulum on those places. So that is not something you'd see us play with a lot because -- obviously, we can move sourcing countries on our direct imports around and we could have China, for example, be less of a percentage. But we tend to hover around that number of the 10% because we're very brand-driven. So we don't want to have that go out of context. Having said that, on those direct imports, they fill voids and give us great quality and fashion, and we do it differently than others.

所以我們不會在那些地方搖擺不定。所以你不會看到我們經常玩弄這種把戲，因為——顯然，我們可以轉移直接進口的採購國家，例如，我們可以減少中國所佔的比例。但我們傾向於徘徊在 10% 左右，因為我們非常注重品牌。所以我們不想讓這件事脫離背景。話雖如此，這些直接進口填補了空白，為我們帶來了優良的品質和時尚，而且我們的做法與其他人不同。

So on the upfront buying, Paul, that you're asking about, yeah, we are viewing this, you're really spot on, as a time to, I would say, buy more close -- hand to mouth, closer in the market and call back our upfront buying to a degree. Again, we're very strategic. That varies by category and that varies by department, literally, and by buyer item and SKU and -- but that would be the lean right now.

因此，保羅，關於您所問的前期購買，是的，我們正在考慮這個問題，您說得非常對，我想說，現在是時候購買更多近乎嘴巴的東西了，更接近市場，並在一定程度上收回我們的前期購買。再說一次，我們非常有策略眼光。這因類別、部門、買家商品和 SKU 而異——但這就是目前的精益狀況。

So you are on the right trend because we do forecast -- again, it's never not happened. Is this -- by the way, and I've heard in the past, going back 30 years, is there's always a reason why people think, well, this time is different. I don't believe this time is different to any large degree that we will come out stronger, and we will really take advantage of the situation as we move throughout the year here opportunistically both from a drive sales and a profitability standpoint.

所以你的預測是正確的，因為我們確實預測了——再說一次，它從未發生過。順便說一句，我聽說過去 30 年裡，人們總是會認為，這次有所不同，這是有原因的。我不相信這次會有很大不同，我們會變得更加強大，而且我們將真正利用這種情況，因為我們會在全年的活動中抓住機會，無論是從推動銷售還是盈利的角度來看。

John, do you want to talk about --

約翰，你想談談--

Yeah. So income down, so again, we are not measuring the actual customer income. We're looking at store performance in certain income demographic areas in lining that up. So what we saw during the first quarter is that across all our income demographic bands that we saw strong sales in all of those bands, leaning slightly towards the lower-income demographic.

是的。因此收入下降，所以我們沒有衡量實際的客戶收入。我們正在關注特定收入人口統計區域的商店表現。因此，我們在第一季看到的情況是，在我們所有的收入人口統計範圍內，我們看到所有這些收入人群的銷售都很強勁，並且略微傾向於低收入人群。

And again, that kind of speaks to -- when you look at our overall sales driven by -- mainly by transactions is that as there's -- customers are concerned about the economy, many of them are going to look for value. And TJX is one of the companies that -- we're one of the leaders in offering value to those customers. So yeah, that's it.

再說一次，這說明——當你看到我們的整體銷售額主要由交易驅動時，你會發現——客戶關心經濟，他們中的許多人都會尋求價值。TJX 就是其中一家——我們是向這些客戶提供價值的領先公司之一。是的，就是這樣。

Yeah. I'll also jump in and piggyback on John here a little on this, Paul, is one of the -- and I mentioned it in the script, again, one of our key, key advantages is the fact that we purposely try to appeal to all these demos, just like John said. So we are -- the whole good, better, best aspect of our business, which we believe is an advantage, we are conscious not only in our mixes that we put in the stores, but in the way we model the stores to continue to do balanced business with each income demographic, just like John said.

是的。我也會在這裡稍微附和一下約翰的觀點，保羅是其中之一——我在腳本中提到過，我們的一個關鍵優勢是我們有意吸引所有這些演示者，就像約翰說的那樣。因此，我們認為，我們業務中好的、更好的、最好的方面是一種優勢，我們不僅在商店中投放的產品組合上有意識，而且在商店建模方式上也有意識，以便繼續與每個收入人群開展平衡的業務，就像約翰所說的那樣。

And we think that is one reason we deliver consistent results, whereas we don't tend to have these up and downs as some other retailers do. I think because we're more diversified from the income demographic standpoint. And so even if -- even to get off a little bit here off a tangent, even in our marketing, if you look, we think -- I think in this environment, indirectly, it's coming up in your questions, how do we take advantage of this environment.

我們認為這是我們能夠提供一致結果的原因之一，而我們並不像其他零售商那樣容易出現這些起伏。我認為這是因為從收入人口統計的角度來看我們更加多樣化。因此，即使 - 即使在這裡稍微偏離主題，即使在我們的行銷中，如果你看一下，我們會認為 - 我認為在這種環境下，間接地，它出現在你的問題中，我們如何利用這種環境。

Our marketing teams have really look at the different programs that we have. So if you look, we have the campaign in Maxx, which is called What Makes You You; in Marshalls, we have the Hustlers campaign, which actually shows you how the buyers work so hard at bringing the best value to the customers. And I think that shows you right now our mindset. And with that marketing, we're hoping to get some of the customers out there that have not engaged with us to get them to shop us because this is a perfect opportunity when some of our competitors have been -- I don't mean off-price, by the way, I mean just total retail competitors, are offering customers the desire to probably try other avenues.

我們的行銷團隊確實研究了我們擁有的不同計劃。如果你仔細觀察就會發現，我們在 Maxx 進行的活動名為「What Makes You You」；在 Marshalls，我們開展的則是「Hustlers」活動，該活動實際上向你展示了買家如何努力為客戶帶來最佳價值。我想這就能展現出我們的心態。透過這種行銷，我們希望吸引一些尚未與我們合作過的客戶來我們這裡購物，因為這是一個絕佳的機會，因為我們的一些競爭對手——順便說一下，我不是指折扣，而是指所有零售競爭對手，都在激發客戶嘗試其他途徑的慾望。

So I think our marketing teams are doing a great job with the campaigns of giving them a reason to -- why should I try shopping at Marshalls or at TK Maxx. So -- and again, across all income, we even our marketing is aimed at all different income demos and the way our creative is placed and as well as the spots that they're placed in digital or TV or radio, et cetera.

所以我認為我們的行銷團隊在行銷活動中做得很好，給了他們一個理由——為什麼我應該嘗試在 Marshalls 或 TK Maxx 購物。所以 — — 再說一次，在所有收入中，我們甚至我們的行銷都針對所有不同的收入演示以及我們的創意投放方式以及它們在數位或電視或廣播等方面的投放位置。

Thanks a lot, guys. I appreciate it. Good luck.

非常感謝大家。我很感激。祝你好運。

Thank you.

謝謝。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

Perfect. Congrats on a great quarter. I wanted to focus on HomeGoods, which had a nice comp and margin expansion. Can you just talk about how you think about the margin trajectory of that business for the rest of the year? I'm curious in the context of the low teens margin it's done in the past, if you think that's in reach.

完美的。恭喜本季取得優異成績。我想專注於 HomeGoods，它擁有不錯的競爭力和利潤擴張。您能否談談您對今年剩餘時間內該業務的利潤走勢有何看法？我很好奇，在過去低十幾歲的利潤率背景下，您是否認為這是可以實現的。

And then related to that, we know that home and toys tend to be more sourced out of China, super important for holiday. So with the incremental tariff there, can you just talk about how you're managing those categories both near term and then with respect to the holidays? Thanks so much.

與此相關，我們知道家居和玩具往往更多來自中國，這對假期來說非常重要。那麼，對於增量關稅，您能否談談您如何在短期內以及假期期間管理這些類別？非常感謝。

Sure, Alex. Yes, as I mentioned before, we're very happy with the HomeGoods comps because relative -- just as you're feeling, relative to the environment out there, we are certainly outpacing. And I can't be more proud of those teams and really all the merchants across the corporation, Home has performed strong for us overall. Well, we're looking at the margins, yeah, I can't -- I won't give you the number, but we are feeling very positive about continued improvement, right, John?

當然，亞歷克斯。是的，正如我之前提到的，我們對 HomeGoods 的業績非常滿意，因為相對而言——正如您所感受的，相對於外面的環境，我們肯定處於領先地位。我對這些團隊以及公司所有商家感到無比自豪，Home 整體而言為我們帶來了出色的表現。嗯，我們正在看利潤率，是的，我不能——我不會給你具體數字，但我們對持續的改善感到非常樂觀，對吧，約翰？

Yeah.

是的。

I think that would be the way that I think --

我認為這就是我的想法--

Yeah. One of the biggest levers we have to pull in order to improve our margins is through the top line sales. And we think there's a lot of opportunity going forward there as well as expense savings initiatives and productivity initiatives that we've got in place.

是的。為了提高利潤率，我們必須採取的最大手段之一就是提高銷售額。我們認為，未來還有很多機會，而且我們已經實施了費用節約計畫和生產力計畫。

Yeah. So no, feeling good about continued profitability improvement there. Home and toys, both, yes, very China-oriented sourcing, for sure. Home, in our case, even though there's a fair amount of home product there, we're dealing with third-party vendors for the most part in a lot of that in terms of proportion to our mix. So our merchants deal with negotiating with the vendor who's in negotiations really with their factories in China.

是的。所以，我對那裡盈利能力的持續改善感到滿意。是的，家居和玩具都是非常以中國為導向的採購。就我們的情況而言，儘管家居產品數量相當多，但就我們的產品組合比例而言，我們大部分時間都在與第三方供應商打交道。因此，我們的商家需要與供應商進行談判，而供應商實際上是在與他們在中國的工廠進行談判。

And again, I'd go back to on that piece, I think the availability will be fine. There's so many vendors that we deal within Home. So I don't really get concerned about empty shelf, so to speak, in any of those categories. And if they are, again, I would say we would just shift it to another deck category, for example. We're very fashion and deck-oriented and more of the categories that would be out of China.

再次，我會回到那篇文章，我認為可用性會很好。我們在 Home 內與許多供應商打交道。因此，我並不真正擔心任何類別的貨架空置問題。如果是的話，我想說我們只需將其轉移到另一個甲板類別。我們非常注重時尚和甲板，並涵蓋了更多中國以外的類別。

On the toy front, a little trickier, not as many branded toy vendors per se as there are home vendors and also, yes, China-based. I think we look at that, could there be a situation where some of those big brands and toys bring in less units because their retail -- their costs are going up? And so there might be a retail -- I think what would happen there is if retails went up around us, we would adjust appropriately, but there might be less units that go on the floor.

在玩具方面，情況有點棘手，品牌玩具供應商本身並不像國內供應商那麼多，而且，是的，都是中國供應商。我想我們看一下，是否會出現這樣的情況：一些大品牌和玩具的零售額減少，因為它們的零售成本上漲了？因此可能會有零售——我認為如果我們周圍的零售額上漲，我們就會進行適當的調整，但實際進入場內的單位可能會減少。

And we're okay with that because, again, we would have enough other hot hands, so to speak, within the mix that we could drive incremental business there. Because there's always a bit of a yin and yang in our world where we can flex to the other categories, even if one is not panning out is exactly as we would have hoped at the beginning.

我們對此沒有意見，因為，我們可以有足夠的其他熱門人才，可以推動那裡的業務成長。因為在我們的世界中總是存在一些陰陽，我們可以靈活地運用其他類別，即使其中一個類別沒有成功，也正如我們一開始所希望的那樣。

But I would say for us and the way our model is, those two category Home, really don't see any obstacles of substance. And in toys, we're cautiously watching what could happen there. But I think back to our relationships are so good, we will get more than our share of availability there.

但我想說，對於我們和我們的模式而言，這兩類家居確實沒有遇到任何實質的障礙。在玩具方面，我們正在謹慎觀察可能發生的情況。但我想，我們的關係非常好，我們得到的將會比我們應得的更多。

Thanks a lot. Good talk.

多謝。聊得好。

Thank you.

謝謝。

Simeon Siegel, BMO Capital Markets.

西蒙‧西格爾 (Simeon Siegel)，BMO 資本市場。

Morning, thanks. Hi everyone. Ernie, to an earlier point you brought up, and I'm not sure if I'm going to ask this cogently, but I'll try. Do you feel like you can buy backwards for all your product and be somewhat cost input-agnostic? Or is that -- is there a percentage of the business maybe you have the leverage and permission to pay the goods based on the planned out-the-door AUR, and there's another percentage of the buys where the price you pay actually would be impacted by input costs? I don't know if that's just the direct/indirect question. But I'm curious how you think about that.

早安，謝謝。大家好。厄尼，對於你之前提出的問題，我不確定我是否可以有說服力地提出這個問題，但我會嘗試。您是否覺得您可以反向購買所有產品，且不受成本投入的影響？或者是——在一定比例的業務中，您可能擁有槓桿和權限，可以根據計劃的出廠 AUR 支付貨款，而在另一比例的購買中，您支付的價格實際上會受到投入成本的影響？我不知道這是否只是直接/間接的問題。但我很好奇你對此有何看法。

And then, John, I don't know if I missed this. Can you just elaborate or quantify the mark-to-market inventory adjustment and how to think about that in the gross margin? Thank you.

然後，約翰，我不知道我是否錯過了這一點。您能否詳細說明或量化以市價計算的庫存調整以及如何在毛利率中考慮這一點？謝謝。

All right. So Simeon, let me -- I want to make sure I have the question right on this. But you're basically asking, is there a way that we can kind of go back on the price based on what happens? Is that what you're getting at?

好的。那麼西緬，讓我——我想確保我對這個問題的回答正確。但你基本上是想問，我們有沒有辦法根據發生的情況來調整價格？這就是你要表達的意思嗎？

I'm just trying to think through as we think about the cost inputs going up, how that does impact you given that you are able to generally -- again, the merchants buy backwards and think about the -- to your point about not focusing on the cost input, I'm curious if there's --

我只是在思考，當我們考慮成本投入上升時，這會對你產生什麼影響，因為你通常能夠——再說一次，商家會向後購買，然後考慮——至於你所說的不關注成本投入，我很好奇是否有--

Right, okay. All right. So yeah, so how does it impact? So if the costs go up again, I would go on this one -- I would go back to we start with looking at the retail on those items at the other retailers. And whatever they have done in terms of their adjustments, we then go to -- we have to still have a significant gap in our retail versus their retail. So if we had, say, bought at a certain time and those retails go up, but we were at a certain retail, we might go up on that item.

好的，好的。好的。是的，那麼它會產生什麼影響呢？因此，如果成本再次上漲，我會繼續這樣做——我會回到我們開始查看其他零售商對這些商品的零售情況。無論他們在調整方面做了什麼，我們都必須意識到，我們的零售額與他們的零售額之間仍然存在著顯著的差距。因此，如果我們在某個時間點購買了商品，而零售價上漲了，但我們當時處於某個零售價，那麼我們可能會提高該商品的價格。

If that's -- if you're saying those retailers don't move, and we were buying it at a slightly increased anticipating a move because we're close in, we would not raise the retail because where our contract to the customer is to stay at the appropriate gap between us and the out-the-door somewhere else. I hope I'm answering the question.

如果那是 - 如果您說那些零售商不動，而我們以略微增加的價格購買，預計會有所行動，因為我們已經接近，那麼我們就不會提高零售價，因為我們與客戶簽訂的合同是保持在我們和其他地方的出門之間的適當差距。我希望我回答了這個問題。

And if -- but our buyers are in such a better seat because they're doing it so hand-to-mouth, and we are able to follow what we're seeing around us at all of the different retail formats. And by the way, they're all trained and diligent about looking at all the different formats. And they're pretty educated on when they think some -- they know up from talking in advance to their vendors where the costs are potentially going on an item in a category. And that's -- I think that's a little bit of what you're asking about. That allows them with that information because they're buying so much hand to mouth. They're not buying six months in advance. That allows them to be educated when they retail the goods. And really, it does allow us to be more profitable, I think, on buying this type of environment.

而且如果——但我們的買家處於更好的位置，因為他們是勉強糊口的，我們能夠關注我們在所有不同的零售形式中看到的情況。順便說一句，他們都受過訓練並且勤於研究各種不同的格式。他們非常清楚何時會考慮某些問題——他們透過事先與供應商交談，了解某一類別中某一產品的潛在成本。這就是——我認為這就是你所問到的一點內容。這讓他們能夠獲得這些訊息，因為他們購買了大量的勉強糊口的物品。他們不會提前六個月購買。這使得他們在零售商品時能夠接受教育。我認為，購買這種環境確實能讓我們獲得更多的利潤。

Great. Thanks, Ernie.

偉大的。謝謝，厄尼。

And then Simeon, just to answer your question on the mark-to-market adjustment in the first quarter. So when we make -- when our divisions make purchases in currencies other than their local currency, we hedge that purchase to ensure that what we agreed to for the cost is what it comes at. So when we have a movement of exchange rates, we have to mark-to-market those at the end of a quarter.

然後西緬，我來回答您關於第一季度以市價調整的問題。因此，當我們的部門使用當地貨幣以外的貨幣進行採購時，我們會對採購進行對沖，以確保我們同意的成本是真實的。因此，當匯率變動時，我們必須在季度末進行市價調整。

So in this instance, the exchange rates improved for those currencies, and that caused the hedge to lose money. When we actually pay the invoice, that will be the offset. So when we pay the invoice in second, third quarter down the road, that's when you're going to see the offset to that come in. So it's just -- it's a timing between quarters.

因此在這種情況下，這些貨幣的匯率上升，導致避險虧損。當我們實際支付發票時，這將是抵消額。因此，當我們在第二季或第三季支付發票時，您就會看到抵銷額。所以這只是——這是季度之間的時間。

Perfect. Thanks a lot guys. Best of luck for the rest of the year.

完美的。非常感謝大家。祝您今年餘下的時間一切順利。

Thank you.

謝謝。

Michael Binetti, Evercore.

邁克爾·比內蒂 (Michael Binetti)，Evercore。

Hey guys, thanks for taking all our questions here. So gross margin guidance, John, versus 90 days ago, you came in a little lower on 1Q. Understandable, the press release. And today, you mentioned there's some incremental tariff in 2Q versus what thinking. But you're holding the year on gross margin. So is there -- I guess, is there any pricing that's already contemplated in 2H since you -- Ernie commented earlier that you're using this as an opportunity to buy inventory closer to market.

嘿夥計們，感謝你們在這裡回答我們的所有問題。因此，約翰，與 90 天前相比，您第一季的毛利率指引略低。可以理解，新聞稿。今天，您提到第二季度的關稅有所增加，這與預期不同。但你今年的毛利率是靠這個來衡量的。那麼 - 我想，自從您 - Ernie 之前評論說您正在利用這個機會購買更接近市場的庫存以來，是否已經考慮過下半年的定價了。

You may not know as much of your inventory buying picture yet for 2H as you normally would. I know from your comments, you're leaving some flexibility, but it seems like there's maybe a placeholder in the model for some pricing in 2H, just so we know what's baked in and what's not regardless of what materializes.

您可能還不像平常那​​樣了解下半年的庫存購買情況。我從您的評論中知道，您留下了一些靈活性，但似乎模型中可能有一個佔位符用於下半年的一些定價，這樣無論發生什麼，我們都知道什麼是已經納入的，什麼不是。

I mean I would say our mitigation efforts include a number of things, better buying, taking advantage of deals in the market, having the flexibility on our -- how we're buying the goods, but also expense initiatives and productivity strategies that we have in place. So there's a number of things that we have in place currently in the second quarter that we also anticipate to also benefit us in the back half of the year as well.

我的意思是，我們的緩解措施包括許多方面，例如更好的採購、利用市場交易、靈活地選擇我們的商品採購方式，以及我們現有的費用計劃和生產力策略。因此，我們目前在第二季實施的多項措施預計也將使我們在今年下半年受益。

Okay. And then if I can just follow up with one. On customer acquisition, obviously, the growth coming from transaction is always good to hear. I know it's hard to measure real-time share gains from other retailers on a traffic basis. But are there any signs of trade-down in the basket, UPT versus AUR, to be aware of that could maybe give us a little bit of a double-click on what's going on with trade-down or the customer inflows that you're seeing potentially from other retailers?

好的。然後我是否可以跟進一個。在客戶獲取方面，顯然，來自交易的成長總是令人高興的。我知道很難根據客流量來衡量其他零售商的即時份額成長。但是，在購物籃中，UPT 與 AUR 之間是否存在任何降價跡象，如果我們注意到這一點，也許可以讓我們稍微了解一下降價現象的進展情況，或者您可能從其他零售商那裡看到的客戶流入情況？

Yeah. No sign, Michael, of trade-down per se.

是的。邁克爾，從本質上來說，沒有任何降級的跡象。

Yeah.

是的。

Yeah, and it's interesting because across the board, selling -- our average retails are pretty balanced and we're selling the board.

是的，這很有趣，因為總體而言，我們的平均零售額相當平衡，而且我們正在銷售整個板塊。

Yeah. I mean it's really hard for us to read that. But I think the thing to just take away is that the sales are driven by our transactions, which means that we're getting foot traffic through the stores from our customers. So whether they are giving up a purchase at a different retailer for one for us, it's hard for us to read that.

是的。我的意思是我們真的很難讀懂這一點。但我認為，我們要記住的是，銷售是由我們的交易驅動的，這意味著我們透過商店獲得了顧客的客流量。因此，無論他們是否為了我們而放棄在其他零售商處購買商品，我們都很難理解這一點。

Got it. Okay, I appreciate it guys. Thanks for all the detail.

知道了。好的，我很感激你們。感謝您提供的所有詳細資訊。

Yeah. Michael, one thing I would go back to is that and I said it earlier, is the -- I mean common sense would tell, I think, all of us that as we look out, I believe some of what's happened is the you've had in the past number of -- couple of years, when you have store closures or traffic off in the other stores, we just can't read exactly, like John said, where it's coming from.

是的。邁克爾，我想回顧的一件事是，我之前說過，那就是——我的意思是，常識會告訴我們所有人，當我們觀察時，我相信過去幾年裡發生的一些事情，當你關閉商店或其他商店的客流量減少時，我們只是無法確切地讀出，就像約翰說的那樣，它來自哪裡。

But we do believe, judging by the nature, if you -- so for example, if you look at our home business and you look at how long -- again, we're a fashion home business. And now we have a fair amount of, I guess, you would call it, consumable product within our home business, which is creating repeat visits.

但我們確實相信，從性質來看，如果你——例如，如果你看看我們的家居業務，看看持續了多長時間——再說一次，我們是一家時尚家居業務。現在，我們的家庭業務中有相當數量的（我想，你會稱之為）消耗品，這正在創造重複訪問。

We have to believe, we can't measure it, but we have to believe that's coming from a variety of other retailers, only because some of these new categories that we've gone on and we're consistently in them now or our home business wouldn't be trending so differently than some of the others, I think. So a combination of other stores may be closing and the different way we're approaching certain categories like our Home business.

我們必須相信，雖然我們無法衡量，但我們必須相信這來自各種其他零售商，只是因為我們已經涉足的一些新類別，而且我們現在一直在其中，否則我們的家庭業務的趨勢不會與其他一些業務有太大不同，我想。因此，我們可能會關閉其他商店，並且我們會以不同的方式處理某些類別的業務，例如家庭業務。

Okay. That's what I was looking for. Thanks a lot, Ernie. I appreciate it.

好的。這正是我所尋找的。非常感謝，厄尼。我很感激。

Yeah, you've got it.

是的，你明白了。

Aneesha Sherman, Bernstein.

阿妮莎·謝爾曼，伯恩斯坦。

Thank you so much. So I want to focus on margins. I'm curious, John, on your gross margins for the quarter. You had already anticipated some of the inventory hedging headwind. You talked about it last quarter. Did that end up being a bigger effect than expected? And could you talk through some of the other moving parts in the margin, for example, product margin or supply chain investments and how they might have hit gross margin through the quarter?

太感謝了。所以我想關注利潤。約翰，我很好奇你本季的毛利率。您已經預見了一些庫存對沖逆風。您上個季度就談到這個。其最終效果是否比預期更大？您能否談談利潤率中的其他一些變動因素，例如產品利潤率或供應鏈投資，以及它們如何影響本季的毛利率？

And then a follow-up on your margin guide on Q2. If I can clarify, is the Q2 margin guide net of the mitigation efforts that you've described? Or is it more that those mitigation efforts are starting in Q2 and it will take some time for them to fully roll out into the back half? Thank you.

然後跟進您第二季的利潤指南。如果我可以澄清的話，第二季的利潤率指南是否包含了您所描述的緩解措施？或者這些緩解措施是從第二季開始的，需要一段時間才能在下半年全面實施？謝謝。

All right. So Q2 -- so our Q2 gross margin forecast includes mitigation efforts, as we said in our prepared remarks. As far as our Q1 gross margin, I mean, it was essentially the variance to last year was essentially the hedge and the impact of that, which again is timing between our Q1 to Q2, Q3 mostly as we pay -- again, when we pay the invoices, we'll see the offset to that in the favorability. But yeah, the Q1 gross margin is -- it's the hedge that is the variance to last year.

好的。因此，正如我們在準備好的評論中所說，我們的第二季毛利率預測包括緩解措施。就我們第一季的毛利率而言，我的意思是，它基本上是與去年的差異，基本上是對沖及其影響，這又是我們第一季度到第二季度、第三季度之間的時間，主要是在我們支付時 - 再次，當我們支付發票時，我們會看到有利性的抵消。但是是的，第一季的毛利率是 - 這是與去年的差異的對沖。

Okay. Sorry, if I can clarify just another way to rephrase my question around Q2 mitigation. So you talked about goods that were already committed to that are going to arrive in Q2 that will drive some headwind on cost. Is that going to go away in Q3? I mean, how -- are you committed to orders that are going to arrive beyond July in terms of second half? Or is that going to --

好的。抱歉，如果我能澄清一下，請用另一種方​​式重新表達我關於 Q2 緩解的問題。所以您談到了已經承諾的貨物將在第二季度到達，這將對成本造成一些阻力。這種情況會在第三季消失嗎？我的意思是，您如何承諾下半年 7 月以後到達的訂單？或者那將會--

The thing about after Q2 is that during Q2 or Q1 in the -- for goods in Q2, those were goods that were placed before we knew about the tariffs. So we didn't have an opportunity to negotiate. So moving forward, the deals will include the assumption that there is a tariff in place.

關於第二季之後的情況是，在第二季或第一季期間，對於第二季的商品，這些商品是在我們知道關稅之前放置的。所以我們沒有機會談判。因此，展望未來，這些協議將假設存在關稅。

That makes a lot of sense. Thank you.

這很有道理。謝謝。

So Aneesha, so combined with -- so what John is saying is, so you don't have that direct import, so to speak, that we were because we didn't know about it when we were doing it. And then added to the other, I guess, tailwind and positive things we have going on, we're able to also not deal with that per se in Q3 and Q4. We know what the tariffs are fundamentally right now. And then that's when the other things kick in -- not just kick in, those are kicking in now, but that's where we're taking advantage of the availability as we -- adjusting retailer selectively where appropriate, the vendor relationships and all the uneasiness that's out there that could create additional cancellations from different vendors, et cetera. So that's why -- that's another reason the Q2 looks -- Q3 looks very different than Q2.

所以 Aneesha，所以結合起來——所以 John 所說的是，所以你沒有那種直接的含義，可以這麼說，因為我們在做這件事的時候並不知道它。然後，我想，再加上我們正在進行的其他順風和積極的事情，我們也能夠在第三季和第四季不處理這個問題。我們現在基本上知道關稅是多少。然後其他事情就開始發揮作用了——不僅僅是發揮作用，那些事情現在就開始發揮作用了，但這就是我們利用可用性的地方——在適當的情況下有選擇地調整零售商、供應商關係以及所有可能導致不同供應商進一步取消訂單的不安情緒等等。這就是為什麼——這也是 Q2 看起來——Q3 與 Q2 非常不同的另一個原因。

Appreciate the color. Thank you.

欣賞色彩。謝謝。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

Great, thank you so much. John, you meant that part of the mediation efforts involves some expense initiatives, presumably in cost of goods sold. Can you talk about maybe a little bit more what those -- where the opportunities are, what line items within cost of goods sold might you be able to save some money? And then are you also contemplating some SG&A cost savings as you go through the rest of the year to just be able to maintain the EBIT margin guidance that you gave? Thank you.

太好了，非常感謝。約翰，你的意思是調解工作的一部分涉及一些費用舉措，大概是在銷售成本方面。您能否再多談一下這些——機會在哪裡，銷售成本中的哪些項目可以節省一些錢？那麼，您是否也考慮在今年剩餘時間內節省一些銷售、一般和行政費用，以便能夠維持您給出的息稅前利潤率指導？謝謝。

I mean, yeah, the -- in gross margin, they would essentially be centered around distribution center initiatives, and SG&A would be store initiatives.

我的意思是，是的，在毛利率方面，它們基本上以配送中心計劃為中心，而銷售、一般及行政費用 (SG&A) 則以商店計劃為中心。

Is there any way to quantify sort of like what the impact of the expense initiatives were you on.

有什麼方法可以量化費用計劃對您產生的影響嗎？

At this point now, we're not quantifying the impact by category.

目前，我們還沒有按類別量化影響。

Okay, thank you so much.

好的，非常感謝。

Ike Boruchow, Wells Fargo.

富國銀行的艾克·博魯喬（Ike Boruchow）。

Hey, thanks guys. Congrats. I guess, John, I was hoping you could elaborate a little bit more on freight. What exactly you kind of have been seeing in 1Q and then your forecast for 2Q? And then what's kind of embedded in the outlook, both domestic and ocean? Just kind of your bigger picture thoughts on how to think about the P&L. Thanks.

嘿，謝謝大家。恭喜。我想，約翰，我希望你能更詳細地說明貨運問題。您在第一季看到了什麼？您對第二季有何預測？那麼，國內和海洋前景中蘊含著什麼呢？這只是您對如何考慮損益表的更宏觀的看法。謝謝。

Yeah. So our freight rates are based on what we know today. And again, just to clarify, our ocean freight rates are approximately 20% to 25% of our overall freight. So we're not as impacted on the ocean freight. We have not seen to this point, costs go up. But again, it's early. The tariffs were just low -- we got excellent relationships with our shipping providers. And we believe that from what we know today our freight is accurately reflected in our forecast.

是的。因此，我們的運費是基於我們今天所了解的情況。再次澄清一下，我們的海運費約佔總運費的 20% 至 25%。因此，我們對海運的影響並不大。到目前為止，我們還沒有看到成本上升。但現在還為時過早。關稅很低——我們與航運供應商的關係非常好。我們相信，從今天所了解的情況來看，我們的貨運量準確地反映在我們的預測中。

Got it. Thanks.

知道了。謝謝。

Thank you very much. As time is restrictive right now, I would like to turn it back to management for closing remarks.

非常感謝。由於目前時間緊迫，我想將會議交還給管理階層，請他們做最後發言。

Okay. Thank you all for joining us today. We look forward to updating you again at our second quarter earnings call in August. Thank you, everybody.

好的。感謝大家今天的參與。我們期待在八月的第二季財報電話會議上再次向您通報最新情況。謝謝大家。

Ladies and gentlemen, that concludes your conference call for today. You may all disconnect. Thank you so much 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。非常感謝您的參與