TJX Companies Inc (TJX) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the TJX Companies second quarter fiscal 2026 financial results conference call. (Operator Instructions) This conference is being recorded, August 20, 2025. I would like to turn the conference over to Mr. Ernie Herrman, Chief Executive Officer and President of TJX Companies, Inc. Please go ahead, sir.

女士們、先生們，感謝你們的支持。歡迎參加 TJX 公司 2026 財年第二季財務業績電話會議。（操作員指示）本次會議正在錄音中，2025 年 8 月 20 日。我想將會議交給 TJX Companies, Inc. 執行長兼總裁 Ernie Herrman 先生。先生，請繼續。

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。今天的電話會議正在錄音，其中包括有關我們的結果和計劃的前瞻性陳述。這些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 Investors section of our website, tjx.com. We have also detailed the impact of foreign exchange on our consolidated results and our international divisions in today's press release and in the Investors section of tjx.com along with reconciliations to non-GAAP measures we discuss.

請參閱我們的新聞稿，以了解有關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厄尼。

Good morning. Joining me and Deb on the call is John. I'll start today with our second quarter results. I am extremely pleased with our outstanding second quarter performance and our above-plan sales, profit margin and earnings per share results. Overall, comp sales for the second quarter exceeded our expectations, increasing 4% and were strong across all of our divisions.

早安.和我以及 Deb 一起參加電話會議的還有 John。今天我將首先介紹我們的第二季業績。我對我們第二季度的出色表現以及超出計劃的銷售額、利潤率和每股收益感到非常滿意。總體而言，第二季的銷售額超出了我們的預期，成長了 4%，並且我們所有部門的銷售額都表現強勁。

Customer transactions were up at every division and drove our overall comp sales increase. As we have seen through so many retail and economic environments, consumers were drawn to our excellent values and brands. And going forward, we continue to see market share opportunities across each of our US and international divisions.

每個部門的客戶交易量都有增加，推動了我們整體銷售額的成長。正如我們在許多零售和經濟環境中所看到的那樣，消費者被我們卓越的價值觀和品牌所吸引。展望未來，我們將繼續看到美國和國際各部門的市場份額機會。

With our profit results in the second quarter also well exceeding our plan, we are raising our full year guidance for both pre-tax profit margin and earnings per share. John will talk about our results and guidance in more detail in a few minutes.

由於我們第二季度的利潤結果也遠遠超出了我們的計劃，我們提高了全年稅前利潤率和每股收益的預期。幾分鐘後，約翰將更詳細地討論我們的成果和指導。

I want to thank our global associates who drove these excellent results. Our teams across the company successfully executed our off-price business fundamentals to deliver an exciting assortment of merchandise at great value to our customers every day. This is a testament to the talent of our teams and the depth of their off-price expertise.

我要感謝全球的同事，是他們推動了這些優異的成果。我們公司的整個團隊成功地執行了折扣業務基本原則，每天向我們的客戶提供各種令人興奮的超值商品。這證明了我們團隊的才華和其折扣專業知識的深度。

Across our company, we saw our associates working together as one TJX to deliver on our value mission for consumers. As we look to the second half of the year, I am very confident in our position of strength in retail. Our teams are energized by the opportunities we see to keep attracting shoppers to our retail brands and to build upon our success of prior years and being a gifting destination for consumers. We see outstanding buying opportunities in the marketplace for quality branded merchandise, which also gives me great confidence in our plans for the fall and holiday selling seasons.

在整個公司，我們看到我們的員工齊心協力，以 TJX 為中心，為消費者實現我們的價值使命。展望下半年，我對我們在零售業的實力地位充滿信心。我們的團隊對我們所看到的機會充滿活力，繼續吸引購物者購買我們的零售品牌，並在過去幾年的成功基礎上再接再厲，成為消費者的送禮目的地。我們看到市場上優質品牌商品的絕佳購買機會，這也讓我對秋季和假期銷售季的計劃充滿信心。

The third quarter is off to a strong start. We are confident in our full year sales and profitability plans, and as always, we will strive to beat them. Longer term, we believe the strength and resiliency of our flexible off-price business model will continue to be a tremendous advantage. We feel great about our core businesses and the opportunities we see for growth with our newer vehicles. We are convinced we have a long runway ahead to capture additional market share worldwide and continue our successful global growth.

第三季開局強勁。我們對我們的全年銷售和盈利計劃充滿信心，並且一如既往地努力超越它們。從長遠來看，我們相信我們靈活的折扣商業模式的優勢和彈性將繼續成為一個巨大的優勢。我們對我們的核心業務以及新車型帶來的成長機會感到非常滿意。我們堅信，我們還有很長的路要走，可以在全球範圍內佔領更多的市場份額，並繼續實現成功的全球成長。

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

我稍後會詳細談談我們下半年的機會和主要優勢。但首先，我將把電話轉給約翰，讓他更詳細地介紹我們的第二季業績。

Thanks, Ernie. I also want to add my gratitude to all of our global associates for their continued hard work and commitment to delivering our customers great value every day. Now I'll share some additional details on the second quarter. As Ernie mentioned, our consolidated comp sales growth of 4% came in above our plan. Further, we saw comp increases in both our apparel and home categories with home outperforming apparel. Second quarter pre-tax profit margin of 11.4% was up 50 basis points versus last year and well above our plan.

謝謝，厄尼。我也要向我們全球的所有同事表示感謝，感謝他們每天的辛勤工作和致力於為客戶提供巨大價值。現在我將分享一些有關第二季度的更多細節。正如 Ernie 所提到的，我們的合併銷售額成長率為 4%，高於我們的計畫。此外，我們發現服裝和家居類別的銷售額均有所成長，其中家居產品的表現優於服裝。第二季稅前利潤率為 11.4%，比去年同期上升了 50 個基點，遠高於我們的計畫。

Gross margin increased 30 basis points versus last year, primarily due to favorable hedges. Merchandise margin was flat despite higher tariff costs versus last year. Importantly, we are very pleased with our mitigation strategies, which allowed us to offset the tariff pressure we saw in the second quarter. SG&A decreased 30 basis points versus last year. This was primarily due to operational efficiencies as well as a benefit from the timing of certain expenses, some of which we expect to reverse out in the third quarter.

毛利率較去年同期增加 30 個基點，主要由於有利的對沖。儘管關稅成本較去年同期有所上升，但商品利潤率仍保持穩定。重要的是，我們對我們的緩解策略非常滿意，這使我們能夠抵消第二季度看到的關稅壓力。銷售、一般及行政費用較去年同期下降了 30 個基點。這主要是由於營運效率以及某些費用的時間優勢，我們預計其中一些費用將在第三季逆轉。

Net interest income negatively impacted pre-tax profit margin by 10 basis points versus last year. Second quarter diluted earnings per share of $1.10 increased 15% versus last year and was also well above our expectations.

淨利息收入對稅前利潤率產生了負面影響，與去年相比下降了 10 個基點。第二季每股攤薄收益為 1.10 美元，較去年同期成長 15%，也遠高於我們的預期。

Lastly, we were extremely pleased that our second quarter pre-tax profit margin came in 90 basis points above the high end of our plan. This was due to a combination of items, including lower-than-expected tariff costs, expense leverage on above plant sales and the timing of certain expenses. This was also partially offset by higher incentive compensation accruals and contribution to TJX's charitable foundations.

最後，我們非常高興地看到，第二季的稅前利潤率比計劃的高端高出 90 個基點。這是由於多種因素造成的，包括低於預期的關稅成本、上述工廠銷售額的費用槓桿以及某些費用的時間安排。這也被更高的激勵薪酬應計額和對 TJX 慈善基金會的捐款部分抵消。

Now to our second quarter divisional performance. Again, this quarter, customer transactions increased at every division. We see this as an excellent indicator of the strength of our value proposition across our retail banners.

現在來看看我們第二季的部門業績。本季度，每個部門的客戶交易量均有所增加。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 grew a strong 3%, a combination of a higher average basket and an increase in customer transactions drove the comp increase. It was great to see strength in our store performance across all income demographics, which speaks to our broad-based appeal of our values. Marmaxx's segment profit margin was 14.2%, up 10 basis points versus last year.

在 Marmaxx，同店銷售額強勁成長 3%，平均購物籃增加和顧客交易量增加共同推動了同店銷售額的成長。我們很高興看到我們的商店在所有收入人群中都表現出色，這證明了我們的價值觀具有廣泛的吸引力。Marmaxx 的分部利潤率為 14.2%，比去年同期上升了 10 個基點。

Our Sierra stores and US e-commerce sites, which we report as part of this division also saw strong sales results. We feel great about Marmaxx's performance, the initiatives underway for the second half of the year and our long-term opportunities that we believe will allow us to drive sales and capture additional market share.

我們報告的作為該部門一部分的 Sierra 商店和美國電子商務網站也取得了強勁的銷售業績。我們對 Marmaxx 的業績、下半年正在實施的舉措以及我們的長期機會感到非常滿意，我們相信這些將使我們能夠推動銷售並獲得更多市場份額。

At HomeGoods, comp sales grew a very strong 5% with strength at both our HomeGoods and Homesense banners. Segment profit margin grew 10%, up 90 basis points versus last year. Our eclectic assortment of home fashions that we source from around the world are clearly resonating with customers. We are excited about what's in store for the back half of the year, and we're confident our customers will be, too. We remain confident that we can continue to capture additional share of the US home market.

在 HomeGoods，同店銷售額強勁成長 5%，這得益於 HomeGoods 和 Homesense 品牌的強勁表現。分部利潤率成長10%，較去年同期上升90個基點。我們從世界各地採購的各式各樣的家居時尚產品顯然引起了顧客的共鳴。我們對下半年的前景感到興奮，我們相信我們的客戶也會如此。我們仍然有信心能夠繼續佔領美國本土市場的更多份額。

TJX Canada's comp sales increased an outstanding 9%. Segment profit margin on a constant currency basis grew to a very strong 16%, up 100 basis points versus last year. Our retail banners in Canada, which consists of Winners, Marshalls and Homesense have extremely high brand awareness and customer loyalty. We see great potential for our Canadian banners for the rest of 2025 and long term and for their continued successful growth across the country.

TJX Canada 的同店銷售額大幅成長了 9%。以固定匯率計算，分部利潤率成長至 16%，較去年同期上升 100 個基點。我們在加拿大的零售品牌包括 Winners、Marshalls 和 Homesense，擁有極高的品牌知名度和客戶忠誠度。我們認為，我們的加拿大橫幅在 2025 年剩餘時間及長期內具有巨大潛力，並且將在全國範圍內持續成功成長。

At TJX International, comp sales increased a very strong 5%. Once again, we're very pleased to see sales strength in Europe and outstanding sales in Australia. Segment profit margin on a constant currency basis grew to 5.2%, up 80 basis points versus last year. With our leadership position in decades of international operating experience, we are confident we can continue to be an attractive shopping destination for value-seeking customers across Europe and Australia.

TJX International 的同店銷售額強勁成長了 5%。我們再次非常高興地看到歐洲的銷售強勁以及澳洲出色的銷售。以固定匯率計算，分部利潤率成長至 5.2%，較去年同期上升 80 個基點。憑藉數十年國際營運經驗的領導地位，我們有信心繼續成為歐洲和澳洲追求價值的客戶的有吸引力的購物目的地。

Moving to inventory. Balance sheet inventory was up 14% and inventory on a per store basis was up 10% versus last year as we've been buying into the excellent opportunities for quality branded merchandise we've been seeing in the marketplace.

移至庫存。由於我們一直在市場上尋找購買優質品牌商品的絕佳機會，因此資產負債表庫存增加了 14%，每家商店的庫存比去年增加了 10%。

We are confident that availability of merchandise will continue to be outstanding and that we are well positioned to flow fresh assortments to our stores and online this fall and holiday season. As to capital allocation, we continue to reinvest in the growth of our business while returning $1 billion in the second quarter to shareholders through our buyback and dividend programs.

我們相信，商品供應將繼續保持旺盛，我們有能力在今年秋季和假期季節為我們的商店和網上商店提供新鮮的商品。至於資本配置，我們繼續對業務成長進行再投資，同時在第二季透過回購和股息計畫向股東返還 10 億美元。

Now I'll turn it back to Ernie.

現在我將話題轉回給厄尼。

Thank you, John. Now I'd like to take a moment and highlight the opportunities we see to keep driving sales and traffic in the second half of the year. First, I am convinced that the consumers will continue to seek our value and that we remain a very attractive option for consumers seeking great brands, fashions and quality merchandise at compelling prices.

謝謝你，約翰。現在，我想花點時間強調我們看到的在下半年繼續推動銷售和流量的機會。首先，我堅信消費者將繼續尋求我們的價值，對於尋求以極具吸引力的價格獲得優秀品牌、時尚和優質商品的消費者來說，我們仍然是一個非常有吸引力的選擇。

Our customer surveys tell us that our value perception remains strong and we are laser-focused on keeping it that way. Again, product availability has been outstanding. Our global world-class buying organization of over 1,300 buyers sourced from an ever-changing universe of over 21,000 vendors across more than 100 countries. I'm extremely confident that our buyers will bring consumers the right assortment at the right values throughout the fall and holiday season.

我們的客戶調查告訴我們，我們的價值觀念依然強勁，我們正全力以赴地保持這種狀態。再次，產品供應非常出色。我們的全球世界級採購組織由 1,300 多名買家組成，採購範圍涵蓋 100 多個國家/地區不斷變化的 21,000 多家供應商。我非常有信心，我們的買家將在整個秋季和假期季節為消費者帶來合適的商品和合適的價格。

Next, we feel great about the product category initiatives underway for the back-to-school and holiday shopping season. Further, we have made our stores a year-round shopping destination for gifts and believe we are becoming more top of mind with shoppers with our consumable offerings. We believe that shoppers will be inspired to visit us frequently to see what's new.

接下來，我們對返校和假日購物季正在進行的產品類別計劃感到非常滿意。此外，我們已將我們的商店打造成全年禮品購物目的地，並相信憑藉我們提供的消費品，我們將越來越受到購物者的青睞。我們相信，購物者會受到啟發，經常拜訪我們，看看有什麼新產品。

Lastly, we are planning exciting marketing campaigns that will continue to reinforce our value leadership. We plan to continue to represent a broad range of shoppers in our advertising and leverage a wide variety of media channels to target a wide customer base.

最後，我們正在計劃令人興奮的行銷活動，這將繼續鞏固我們的價值領導地位。我們計劃繼續在廣告中代表廣泛的購物者，並利用各種媒體管道來瞄準廣泛的客戶群。

We believe these campaigns will help us continue to attract new shoppers. Stay top of mind with our existing customers and encourage cross-shopping of our retail banners. Beyond this year, we have great confidence in our key success factors that have served us so well through our nearly 50-year history. We are convinced that these key characteristics of our business set us up extremely well for continued growth around the world over the long term.

我們相信這些活動將幫助我們繼續吸引新的購物者。讓現有客戶牢記在心，並鼓勵他們交叉購買我們的零售橫幅。展望今年，我們對近 50 年歷史中為我們帶來巨大成功的關鍵因素充滿信心。我們堅信，我們業務的這些關鍵特徵為我們在全球範圍內長期持續成長奠定了良好的基礎。

First, we are convinced that our position as a trusted value leader in the US, Canada, Europe and Australia, will continue to be a tremendous advantage. We believe our value proposition of brand, fashion, price and quality will continue to resonate with consumers. Our commitment to offer great value on every item, every day to every customer will always be a top priority.

首先，我們堅信，我們在美國、加拿大、歐洲和澳洲值得信賴的價值領導者地位將繼續成為一個巨大的優勢。我們相信，我們的品牌、時尚、價格和品質的價值主張將繼續引起消費者的共鳴。我們始終將每天為每位顧客提供每件商品的巨大價值作為首要任務。

Second, we aim to attract shoppers across a very wide customer demographic with our treasure hunt shopping experience. Our extensive assortments of good, better and best brands allow us to offer merchandise to a broad range of income and age groups. We believe our strategy of trading across a wide customer demographic differentiates us from many other retailers and is a tremendous advantage. Further, we continue to attract younger customers to our stores, which we believe bodes well for the future.

其次，我們旨在透過尋寶購物體驗吸引廣泛的客戶群。我們擁有種類繁多的優質、更好和最佳品牌，能夠為不同收入水平和年齡群體提供商品。我們相信，我們針對廣泛客戶群進行交易的策略使我們有別於許多其他零售商，並且具有巨大的優勢。此外，我們繼續吸引年輕顧客到我們的商店，我們相信這對未來來說是個好兆頭。

Third, we believe the flexibility of our business will continue to be a significant benefit as we operate through the ever-changing macro and retail environments. The flexibility of our buying, store formats, systems and supply chain allow us to merchandise stores individually with a rapidly changing curated mix of goods with a wide range of price points.

第三，我們相信，在不斷變化的宏觀和零售環境中，我們業務的靈活性將繼續成為一項顯著的優勢。我們的採購、商店形式、系統和供應鏈的靈活性使我們能夠為各個商店提供快速變化的精選商品組合和廣泛的價格點。

Next, we see the long-term potential to open an additional 1,800-plus stores in just our current countries in Spain. We also see great growth potential with our joint venture in Mexico and investment in the Middle East. Importantly, I am extremely confident that there will be plenty of quality merchandise available to support our store growth plans. We believe we can keep delivering the best merchandise values and shopping experience to our customers around the world.

接下來，我們看到僅在我們目前的西班牙國家就開設另外 1,800 多家商店的長期潛力。我們也看到了在墨西哥的合資企業和在中東的投資的巨大成長潛力。重要的是，我非常有信心，將有大量優質商品可供支持我們的商店成長計畫。我們相信，我們可以繼續為全球客戶提供最佳的商品價值和購物體驗。

Lastly and most importantly is the longevity and knowledge of our talent which I believe is unmatched. Throughout TJX, our management teams have deep decades-long off-price experience in the US and internationally. We take great pride in our TJX University and other teaching and training programs and are laser-focused on succession planning to ensure we develop the next generation of leaders for our company.

最後，也是最重要的一點是，我相信我們的人才的壽命和知識是無與倫比的。在整個 TJX，我們的管理團隊在美國和國際上擁有數十年的豐富折扣經驗。我們為我們的 TJX 大學和其他教學和培訓項目感到非常自豪，並專注於繼任計劃，以確保為公司培養下一代領導者。

Additionally, our deep bench gives us great flexibility to rotate talent throughout the company to further develop our future leaders. I am also very proud of our culture which I believe is a major differentiator and will continue to be another key component of our success.

此外，我們強大的人才儲備使我們能夠靈活地在公司範圍內輪換人才，進一步培養我們未來的領導者。我對我們的文化感到非常自豪，我相信這是我們的主要差異化因素，並將繼續成為我們成功的另一個關鍵因素。

Summing up, we are extremely pleased to deliver another quarter of strong sales and profitability. We believe our performance and momentum in the first half of the year puts us in an excellent position for continued success for the remainder of the year. We feel great about our value position in the current environment and are confident that we will have an appealing assortment of merchandise in our stores and online throughout the fall and winter seasons.

總而言之，我們非常高興能夠再次實現強勁的銷售和獲利。我們相信，今年上半年的業績和發展勢頭將使我們在剩餘時間內繼續取得成功。我們對當前環境下的價值地位感到非常滿意，並相信在整個秋冬季節，我們的商店和網上都會有吸引人的商品種類。

We have a strategic vision for long-term success, and I am convinced that we are set up well to capitalize on the opportunities we see to grow our company and capture market share around the world for many years to come.

我們擁有長期成功的戰略眼光，我堅信我們已經做好了充分的準備，能夠利用我們所看到的機會來發展我們的公司並在未來許多年內佔領全球市場份額。

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

現在我將把電話轉回給約翰，以介紹我們的全年和第三季度指導，然後我們將開始回答問題。

Thanks again, Ernie. I'll start with our full year fiscal '26 guidance. We now expect overall comp sales to increase by 3%. We are increasing our full year consolidated sales guidance to a range of $59.3 billion to $59.6 billion. This increase now reflects a significant benefit from favorable foreign exchange rates on the translation of our foreign sales to US dollars as well as the flow-through of our above-plan sales in the second quarter.

再次感謝你，厄尼。我將從我們 26 財年全年的指導開始。我們現在預計整體銷售額將成長 3%。我們將全年綜合銷售額預期上調至 593 億美元至 596 億美元。這一增長反映了有利的外匯匯率對我們海外銷售額轉換為美元所帶來的顯著好處，以及第二季度超出計劃的銷售額的流入。

We're increasing our full year profitability guidance to be in the range of 11.4% to 11.5%. This would be flat to down 10 basis points versus last year's 11.5%. Moving to gross margin. We now expect it to be in the range of 30.5% to 30.6%, flat to down 10 basis points versus last year's 30.6%. We now expect full year SG&A to be 19.4%, flat versus last year.

我們將全年獲利預期提高至 11.4% 至 11.5% 之間。與去年的 11.5% 相比，這一數字將持平或下降 10 個基點。轉向毛利率。我們現在預計將在 30.5% 至 30.6% 的範圍內，與去年的 30.6% 相比持平或下降 10 個基點。我們現在預計全年銷售、一般及行政費用為 19.4%，與去年持平。

We're now assuming net interest income of about $108 million, which we expect to de-lever fiscal '26 pre-tax profit margin by 10 basis points. Our full year guidance assumes a tax rate of 24.5% and a weighted average share count of approximately 1.13 billion shares.

我們現在假設淨利息收入約為 1.08 億美元，我們預計這將使 26 財年的稅前利潤率降低 10 個基點。我們的全年指引假設稅率為 24.5%，加權平均股數約為 11.3 億股。

As a result of these assumptions, we're increasing our full year diluted earnings per share to be in the range of $4.52 to $4.57, up 6% to 7% versus last year's diluted earnings per share of $4.26. This EPS guidance now includes our second quarter above plan sales and a negative 1% impact to EPS growth due to unfavorable foreign exchange versus a negative 3% impact on our previous guidance.

基於這些假設，我們將全年稀釋每股盈餘上調至4.52美元至4.57美元之間，較去年的4.26美元稀釋每股盈餘成長6%至7%。此每股盈餘指引現已包含第二季超出計畫的銷售額，以及外匯不利因素對每股盈餘成長造成的1%的負面影響，而先前的指引則為3%。

Moving to the third quarter. We expect overall comp sales to increase 2% to 3%, consolidated sales to be in the range of $14.7 billion to $14.8 billion. Pre-tax profit to be in the range of 12% to 12.1%, down 20 basis points to 30 basis points versus last year's 12.3%. Gross margin to be in the range of 31.6% to 31.7%. This would be flat to up 10 basis points versus last year. SG&A to be 19.8%, 30 basis points unfavorable to last year. We're also assuming net interest income of about $25 million, which we expect to de-lever third quarter pre-tax profit margin by 10 basis points.

進入第三季。我們預計整體銷售額將成長 2% 至 3%，合併銷售額將在 147 億美元至 148 億美元之間。稅前利潤預計在 12% 至 12.1% 之間，較去年的 12.3% 下降 20 至 30 個基點。毛利率在31.6%至31.7%之間。與去年相比，這一數字將持平至上升 10 個基點。銷售、一般及行政費用為 19.8%，比去年同期低 30 個基點。我們也假設淨利息收入約為 2,500 萬美元，預計這將使第三季稅前利潤率降低 10 個基點。

Our third quarter guidance also assumes a tax rate of 24.7% and weighted average share count of approximately 1.13 billion shares. Based on these assumptions, we expect third quarter diluted earnings per share to be in the range of $1.17 to $1.19, up 3% to 4% versus last year's $1.14.

我們的第三季指引也假設稅率為 24.7%，加權平均股數約為 11.3 億股。基於這些假設，我們預計第三季每股攤薄收益將在 1.17 美元至 1.19 美元之間，比去年的 1.14 美元增加 3% 至 4%。

Lastly, our implied guidance for the fourth quarter assumes that overall comp sales would be up 2% to 3% and pre-tax profit margin will be in the range of 11.7% to 11.8%, up 10 basis points to 20 basis points versus last year, and diluted earnings per share would be in the range of $1.33 to $1.36, up 8% to 11% versus last year.

最後，我們對第四季的隱含指引假設整體同店銷售額將成長 2% 至 3%，稅前利潤率將在 11.7% 至 11.8% 之間，比去年增長 10 至 20 個基點，每股攤薄收益將在 1.33 美元至 1.36 美元之間，比去年增長 8% 至 11%。

As for tariffs, our third quarter, fourth quarter and full year guidance assumes that we'll be able to offset the incremental tariff pressure on our business this year. We're making an assumption that the current level of tariffs on imports into the US will stay in place for the remainder of the year.

至於關稅，我們的第三季、第四季和全年指引假設我們能夠抵銷今年我們業務面臨的增量關稅壓力。我們假設美國進口商品的現行關稅水準將在今年剩餘時間內保持不變。

In closing, I want to reiterate earnings confidence in our plans for the second half of the year and our long-term opportunities. I also want to emphasize that we remain in an excellent position to continue to invest in the growth of the company while simultaneously returning significant cash to our shareholders.

最後，我想重申我們對下半年計畫和長期機會的獲利信心。我還想強調的是，我們仍然處於有利地位，可以繼續投資於公司的發展，同時向股東返還大量現金。

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

現在我們很高興回答您的問題。提醒一下，請將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。

Matthew Boss.

馬修·博斯。

Congrats on another nice quarter. Ernie, could you speak to the consistency of your comps despite the volatile macro backdrop and elaborate on strength that you've seen to start the third quarter and excitement around product availability. And then for John, just maybe puts and takes on merchandise margins in the back half of the year relative to flat performance in the second quarter despite the impact of tariffs that you saw.

恭喜您又度過了一個美好的季度。厄尼，儘管宏觀背景動盪，您能否談談您的同店銷售額的一致性，並詳細說明您在第三季度開始時看到的強勁勢頭以及對產品可用性的興奮。然後對於約翰來說，儘管受到關稅的影響，但相對於第二季度的持平表現，下半年的商品利潤率可能有所提高。

Okay. Sounds good, Matt. Yes, consistency, you know why, I give the teams a lot of credit. And again, we've talked about the broad range of the customer base that we go after. But what I really like to highlight, we mentioned it a little bit in the script, but our categories of business were healthy across all areas, meaning home, apparel, accessories, all of that was good. That combined with our flexible business model, I think, allows us to execute in a more consistent fashion on our comp sales because we're able to flex regardless of -- and you mentioned availability, yes, availability has continued to be fantastic out there.

好的。聽起來不錯，馬特。是的，一致性，你知道為什麼，我對團隊給予了很大的讚揚。我們再次討論了我們所追求的廣泛客戶群。但我真正想強調的是，我們在腳本中稍微提到了一點，但我們的業務類別在所有領域都很健康，這意味著家居、服裝、配件，所有這些都很好。我認為，結合我們靈活的商業模式，我們可以以更一致的方式執行我們的銷售，因為我們能夠靈活調整，無論 - 您提到可用性，是的，可用性一直非常好。

But again, in terms of demand by family of business, whether you're dealing with ladies or men's apparel or kids apparel or our accessories divisions, of which there are multiple families of business in there and our home business because we're so flexible in the way we buy hand-to-mouth, we are able to go after the opportunities across all the different families of business, which then results in I think a more consistent comp sales performance.

但是，就企業家族的需求而言，無論您經營的是女裝、男裝、童裝還是配件部門，其中都有多個企業家族和我們的家庭業務，因為我們在購買方式上非常靈活，所以我們能夠在所有不同的企業家族中尋找機會，我認為這會帶來更一致的銷售業績。

So I believe we're sometimes able to escape Matt, which I think is what you're getting at, is the volatility of having a quarter all of a sudden, your comps are 4 points off the prior quarter or whatever, which is not uncommon in retail. For us, it's less common. As you can see -- by the way, Marmaxx got a point better than Q1 as did a lot of our international division. So I think the flexibility of the business model and at the same time, we're taking advantage, I think, of a marketplace out there where you've had store closures and perhaps less exciting execution across the board in retail brick-and-mortar specifically.

所以我相信我們有時能夠擺脫馬特，我想這就是你的意思，那就是突然出現一個季度的波動，你的同店銷售額比上一季度下降了 4 個百分點或其他什麼的，這在零售業中並不罕見。對我們來說，這種情況並不常見。如您所見——順便說一句，Marmaxx 的得分比 Q1 高出一分，我們的許多國際部門也是如此。因此，我認為商業模式具有靈活性，同時，我們正在利用現有的市場，在現有市場中，商店已經關閉，而且在零售實體店的全面執行可能不那麼令人興奮。

And I think that helps us to bob and weave and take advantage of consistent and keep driving -- to keep driving consistency in our sales. By the way, your point of your first question, when you mentioned availability that and I did mention that back as you know, a few months ago, it continues to be super strong availability as we go into Q3. I guess I'll hand it over to John now.

我認為這有助於我們靈活變通，充分利用一致性的優勢，並持續推動銷售的一致性。順便說一句，您在第一個問題中提到了可用性，正如您所知，幾個月前我確實提到過，當我們進入第三季度時，它的可用性仍然非常強勁。我想我現在就把它交給約翰。

Yes. So Matt, on the merchandise margin, I mean not a tremendous amount to add from what our prepared remarks said. I mean, we still have foreign exchange that is negatively impacting us in the third quarter. And we do feel confident that we can continue to offset the tariff pressures. Again, like we said, in the third quarter, fourth quarter and back half of the year.

是的。因此，馬特，關於商品利潤，我的意思是，從我們準備好的評論中可以看出，不需要增加太多。我的意思是，外匯問題在第三季仍然對我們產生負面影響。我們確實有信心能夠繼續抵銷關稅壓力。再一次，就像我們所說的那樣，在第三季、第四季和下半年。

Brooke Roach.

布魯克·羅奇。

Ernie, as pricing in the industry has begun to increase, are you seeing an acceleration of market share gains as consumers look for value at TJX? What are your latest thoughts on pricing as you move into fall and holiday? Are you looking to maintain the percent gaps? Will you selectively raise prices in this inflationary environment?

厄尼，隨著行業價格開始上漲，隨著消費者尋求 TJX 的價值，您是否看到市場佔有率成長加速？隨著秋季和假期的到來，您對價格有什麼最新想法？您是否希望維持百分比差距？在這種通膨環境下，你們會選擇性地提高價格嗎？

Great questions, Brooke and obviously, your time is quite appropriate based on what's going on in the world around us. We have -- again, this is one of those funky situations where we don't top-down dictate prices. So we don't go in with the strategy that we're going to raise price per se. And in fact, and I think I've gone through this a few times, we kind of use other retailers around us about out-the-door pricing and our buyers work it backwards. So they look at what the out-the-door pricing is around.

布魯克，這個問題問得很好，顯然，根據我們周圍世界正在發生的事情，你的時間非常合適。我們有——再說一次，這是一種奇怪的情況，我們不會自上而下地規定價格。因此，我們不會採取提高價格的策略。事實上，我想我已經經歷過幾次了，我們利用周圍的其他零售商來制定出廠定價，然後我們的買家反過來定價。因此他們會關注外面的定價情況。

And then we say, yes, and by the way, this was part of your question, are we going to our pricing percentage gap? Is that going to change or not? So this is where the art form comes in and the secret sauce. So we don't go by an exact percentage because sometimes on a -- say you have a women's top, for example, that's -- that we think the right phenomenal value on that is 1999, and that top is being sold or that top retail went up in another store, and they're out the door sales price is $35 and oh, maybe we could go to $25. We may not know because -- and this is the art form because in our mix, we possibly have made so many other great buys with all of the availability that's out there that we have to know that buyer says I have to compete in my own mix now for the customer.

然後我們說，是的，順便說一句，這是你問題的一部分，我們會縮小定價百分比差距嗎？這會改變嗎？這就是藝術形式和秘訣所在。因此，我們不會按照確切的百分比來計算，因為有時 - 比如說，你有一件女式上衣，我們認為它的正確驚人價值是 1999 美元，而這件上衣正在出售，或者這件上衣在另一家商店的零售價上漲了，他們的出門銷售價是 35 美元，哦，也許我們可以降到 25 美元。我們可能不知道，因為——這是一種藝術形式，因為在我們的組合中，我們可能已經利用所有可用的資源進行了許多其他偉大的購買，我們必須知道買家說我現在必須在自己的組合中競爭客戶。

So then that's why it's absolutely a deal-by-deal, SKU-by-SKU, brand-by-brand situation. I don't know if that pricing -- in that case, the pricing percent gap might be higher or if we had to go up on that retail because of we can because the retails around us went up and maybe the percent gap is back to the same as where it was before. So I never brought brush that we have a strategy overall on that because I know our buyers are doing it deal by deal.

所以這就是為什麼這絕對是一個逐筆交易、逐個 SKU、逐個品牌的情況。我不知道這種定價——在這種情況下，定價百分比差距可能會更高，或者我們是否必須提高零售價，因為我們可以，因為我們周圍的零售價上漲了，也許百分比差距又回到了以前的水平。所以我從來沒有提到我們對此有一個總體戰略，因為我知道我們的買家正在逐筆交易中做到這一點。

One of the strengths of our buying teams is they are aggressively comp shopping, all of the competition, whether it's online, brick-and-mortar, vertical brands, department stores, specialty stores. And so I give them a lot of credit, by the way. We've been navigating in the tariff environment by just staying simple and pure to that model.

我們的採購團隊的優勢之一是他們積極地與所有競爭對手競爭，無論是在線上、實體、垂直品牌、百貨公司還是專賣店。順便說一句，我對他們非常讚賞。我們一直在關稅環境中保持簡單和純粹的模式。

The other thing I'd point out, it's easy to forget is that, remember, 90, give or take, we're dealing the bulk -- vast bulk of maybe 90% of what we buy is third parties and we're not the direct importer so that's why our buyers can really pretty much just negotiate off the retail and work it backwards because we're not starting with -- this is what we're paying in those goods aren't in other retailers. We have to just mark it up off of what we're paying.

我想指出的另一件事是，人們很容易忘記，記住，大約 90% 左右，我們處理的是大部分——我們購買的商品的絕大部分——大概 90% 都是第三方的，我們不是直接進口商，所以這就是為什麼我們的買家幾乎可以與零售方協商，然後再反過來做，因為我們不是從——這是我們支付的那些商品，其他零售商是沒有的。我們只需根據所支付的金額進行標記即可。

So does that make sense?

這有意義嗎？

And Brooke, the other thing I would add to that is that our customer surveys continue to show that we we're continuing to offering exceptional value to the customer.

布魯克，我想補充的另一件事是，我們的客戶調查繼續表明，我們將繼續為客戶提供卓越的價值。

Very strong percept. If anything, our perception on value of our customers has improved over the last couple of years. So I mean you're asking you are so on to the right question, though, because this is really a motherhood and apple pie to us in terms of what we concentrate on. Did we answer that, Brooke, or?

非常強烈的感知。無論如何，我們對客戶價值的認知在過去幾年有所提升。所以我的意思是，你問的問題非常正確，因為就我們所關注的而言，這對我們來說真的是一件母性和蘋果派的事情。我們回答了這個問題嗎，布魯克？

Yes. I'll pass it on.

是的。我會傳達的。

Lorraine Hutchinson.

洛琳‧哈欽森。

I wanted to build on Brooke's pricing question. Was pricing a key factor in your tariff mitigation in 2Q and a comp driver? And how has the customer reacted to some of these higher price points?

我想進一步探討布魯克的定價問題。定價是您第二季降低關稅的關鍵因素嗎？它是否是公司業績成長的一個驅動因素？那麼客戶對於這些較高的價格有何反應呢？

Sure. Lorraine, great questions also goes hand-in-hand with that.

當然。洛林，偉大的問題也與此密切相關。

I mean overall for TJX transactions continue to drive the comp. For Marmaxx, it was a basket and transactions.

我的意思是，總體而言，TJX 交易繼續推動公司的發展。對於 Marmaxx 來說，這是一個籃子和交易。

I think you're finding that our margins are healthy. A couple of things. One is please don't underestimate -- I want to emphasize that tariff costs were higher and they were a headwind for us in Q2 and year-over-year, just in the end, a little bit lower than we had expected. And so that -- we had a bit of a bit of savings there.

我認為您會發現我們的利潤率很健康。有幾件事。首先，請不要低估——我想強調的是，關稅成本較高，這對我們第二季和去年同期來說是一個阻力，但最終還是比我們預期的要低一點。這樣，我們就有了一點積蓄。

We also -- because of this environment, I would say the retail adjustments based on what the out-the-door happened in pockets, I don't think there was as much of that as there was our merchants taking advantage of the market opportunities, which allowed us to, in many cases, buy better to help offset the tariffs that way on the market goods, if that makes sense, Lorraine.

我們也——由於這種環境，我想說零售調整是基於各個地方出門情況的，我不認為這種情況會太多，因為我們的商家利用了市場機會，這讓我們在很多情況下能夠更好地購買，以幫助抵消市場商品的關稅，如果這說得通的話，洛林。

In other words, we were getting more hit on the tariffs directly on our own direct imports, but that's a small portion of our total. So our buyers did a very good job on taking advantage of the market -- in terms of market excess inventory by category back to the flexibility there. Where also we manage -- we were able to manage our markdowns efficiently, which also helps with our merchandise margin. And one team I'd like to give a lot of credit to is our planning and allocation teams. They are sometimes the unsung heroes because I'm always talking about rightfully so having the right goods.

換句話說，我們直接進口的商品受到的關稅打擊更大，但這只是我們總關稅的一小部分。因此，我們的買家在利用市場方面做得非常好——就按類別劃分的市場過剩庫存而言，恢復了靈活性。我們也能夠有效地管理降價，這也有助於提高我們的商品利潤。我要特別讚揚的一個團隊是我們的規劃和分配團隊。他們有時是無名英雄，因為我總是談論理所當然的事情，所以擁有正確的商品。

So we tend to talk -- I tend to talk about the buyers and the merchandise management who are doing a phenomenal job in this environment. But our planning and allocation division is amazing, and that applies to every division we're in, whether it's Canada, Marmaxx, HomeGoods, Sierra, Europe, Australia, every planning and allocation division is so good at balancing our mixes by category, family of business by -- literally by district, by store.

所以我們傾向於談論——我傾向於談論在這種環境下做出非凡貢獻的買家和商品管理。但我們的規劃和分配部門非常出色，這適用於我們所在的每個部門，無論是加拿大、Marmaxx、HomeGoods、Sierra、歐洲還是澳大利亞，每個規劃和分配部門都非常擅長按類別、按業務系列（實際上是按地區、按商店）平衡我們的組合。

And so what happens -- and we keep getting better and better at it. So what happens there, we're able to manage our -- drive our sales, that's back to answer on the consistency question that I think Matt had asked and at the same time, help our merchandise margin by saving on markdowns by flowing the right amount of goods to the right stores.

那麼接下來會發生什麼事——我們在這方面做得越來越好。那麼，那裡發生了什麼事呢？我們能夠管理我們的銷售，這又回到了我認為馬特提出的一致性問題的答案，同時，透過將適量的商品流向正確的商店來節省降價，從而幫助我們的商品利潤率。

So I think that's been a key component also. But taking advantage of market opportunities, I think, has allowed us to do the bulk of our dealing with the tariffs, which are still a headwind no matter what -- they're still there.

所以我認為這也是一個關鍵因素。但我認為，利用市場機會使我們能夠在很大程度上應對關稅問題，無論怎樣，關稅仍然是一個阻力——它們仍然存在。

John Kernan

約翰·克南

Congrats on a great quarter. So Ernie, some of the data we look at and other folks look at showed a nice acceleration in traffic. It's back-to-school picked up in mid to late July and then through August. How would you characterize the comp progression throughout the quarter? I got a quick follow-up.

恭喜本季取得優異成績。所以，厄尼，我們和其他人看到的一些數據顯示交通量有了明顯的加速。開學季從七月中下旬開始，一直持續到八月。您如何描述整個季度的業績進展？我得到了快速的跟進。

Yes. I can take you through that. We started the quarter strong, as we said in our opening remarks last quarter. June, there was a little bit of weather that negatively impacted us, but we came through -- out of June even stronger in July. And like we said in the remarks today, we entered this quarter with strong sales.

是的。我可以帶你了解一下。正如我們在上個季度的開場白中所說的那樣，我們本季開局強勁。六月，天氣對我們產生了一些負面影響，但我們挺過來了——七月我們變得更加強大了。正如我們今天的演講中所說的那樣，我們以強勁的銷售勢頭進入了本季。

Yes. So John, to your question, we had a little bit of, I guess, you'd call it a little bit of a lull in the middle of the quarter, but other than that remarkable, strong. If I leave everyone with nothing else after this call, it's our balance and consistency seems to be the hallmark of this quarter and again, the way we try to manage the business as we try to avoid any major ups to (technical difficulty) and importantly, this quarter represented that.

是的。所以約翰，對於你的問題，我想，你會說我們在本季中期有一點平靜，但除此之外，我們的表現非常強勁。如果這次電話會議後我沒有給大家留下任何其他信息，那麼我們的平衡和一致性似乎是本季度的標誌，而且我們試圖管理業務的方式是我們試圖避免任何重大的技術困難，重要的是，本季度體現了這一點。

And then John, just a quick follow-up. Obviously, nice upside to the pre-tax margin this quarter on a 4 comp. Is there any change to the rule of every 100 basis points upside of same-store sales can give you 10 or so basis points flow through to the bottom line. It seems like over the last few years, you've generally outperformed that. Curious if that (multiple speakers)

然後是約翰，只是一個快速的跟進。顯然，本季稅前利潤率較 4 月大幅上漲。同店銷售額每上升 100 個基點，就會為利潤帶來 10 個左右基點的流入，這項規則有沒有改變？看起來過去幾年裡，你的表現總體上已經超越了這一點。好奇（多位發言者）

Generally, what it is for every point in comp, we would expect to get 10 basis points to 20 basis points on the bottom line. And that's -- we feel that going forward, that's what you should model.

一般來說，我們預期公司獲利每上升一個點，底線利潤就會上升 10 到 20 個基點。這就是——我們認為，展望未來，這就是你應該效仿的。

John, I want you to know that John Klinger says that to me all the time, just so you know. When I asked similar questions, I get the same answer.

約翰，我想讓你知道，約翰‧克林格總是對我這麼說，你知道的。當我問類似的問題時，我得到了相同的答案。

Listen up, consistency.

聽著，一致性。

Yeah. There you go.

是的。就這樣。

Paul Lejuez.

保羅·勒胡埃斯。

Ernie, I think you mentioned consistently a couple of times, I think, related to your income demographic performance. Anything else that you can give any more detail you could share higher income demos versus or lower income? And maybe just to build on that also, just regional differences. There's also a lot of question marks around the border stores. Any comments you can make about how those stores are performing.

厄尼，我想你已經多次提到過，這與你的收入人口統計表現有關。還能提供更多細節嗎？可以分享一下高收入和低收入的對比情況嗎？或許只是為了在此基礎上建立地區差異。邊境商店周圍也存在著許多問號。您可以對這些商店的經營狀況發表任何評論。

Yes, sure. John and I both talk to this. But Paul, I mean, great question. I'll start off with talking about we're very -- we look at this all of the time consistently because of, a, yes, consistency and balance really here the word is balanced across all the different age groups and income demographic groups. So our marketing team and other team that has really equipped us, I think, to take a strategic approach. Even our creative, by the way, on the marketing commitments we have going right now is aimed at a wide age and income demographic group, which not all marketing is -- does for the different retailers.

是的，當然。約翰和我都談論過這個問題。但是保羅，我的意思是，這個問題問得好。我首先要說的是，我們一直都在關注這個問題，因為，是的，一致性和平衡性在這裡實際上是在所有不同年齡層和收入人口群體中保持平衡。因此，我認為我們的行銷團隊和其他團隊確實為我們採取策略方針做好了準備。順便說一句，即使我們目前正在進行的營銷承諾中的創意也針對廣泛的年齡和收入人口群體，但並非所有營銷都是針對不同的零售商的。

So we have -- and as we also remember, we do always talk about in our merchandise mix, going after good, better, best. Our marketing, we are very good at being balanced across the different age and income groups relative to -- we won't give you the exact numbers, but relative to the US general population, we are very balanced in that respect.

所以我們有——我們也記得，我們​​總是在談論我們的商品組合，追求好、更好、最好。我們的行銷非常擅長在不同年齡和收入群體之間保持平衡——我們不會給出確切的數字，但相對於美國總人口，我們在這方面非常平衡。

And if anything, our focus has been, and you've heard this before from us, we have had a focus -- I think this is one of your questions, on acquiring the younger age group as we go forward here. And we have been doing that for the last number of years.

如果有什麼不同的話，那就是我們的重點一直是，而且您之前也聽說過我們，我們一直有一個重點——我認為這是您的疑問之一，即在我們前進的過程中吸引更年輕的年齡群體。過去幾年我們一直在這樣做。

And even if I look at across our divisions, in the new customer base, which again tends to be a smaller number, but our new customer base skews younger than the current customer base, which is good. And our current customer base also skews a little bit younger than the general population. So this has been --

即使我縱觀我們各個部門，新客戶群的數量往往較少，但我們的新客戶群比現有客戶群更年輕，這是好事。我們目前的客戶群也比整體人群稍微年輕。所以這是--

Yes. I mean, it's -- the other thing is, I mean, we're giving the customers more reasons to come into our stores. The consumables that we offer that give a customer a reason to come in and likely find something else in the store that they like. And as Ernie talks about all the time, is the good, better, best mix and appealing really the reason why we appeal to such a broad customer demographic.

是的。我的意思是，另一件事是，我們給顧客更多理由來我們的商店。我們提供的消耗品讓顧客有理由進店並可能在商店中找到他們喜歡的其他東西。正如厄尼一直所說的那樣，好的、更好的、最好的組合和吸引力真的是我們吸引如此廣泛的客戶群的原因嗎？

As far as the border stores, so we look at our Canadian border. The nice thing is we've got stores on both sides. We have seen and again, we're not talking about a lot of stores that we have on our borders. So it's really hardly any impact to the total but we did see a little less cross-border shopping. So more of the Canadians were staying home and shopping winners versus coming over and shopping T.J. Maxx. But again, very, very small impact.

至於邊境商店，我們就看看加拿大邊境。令人高興的是，我們兩邊都有商店。我們已經看到，我們談論的並不是我們邊境上的許多商店。因此，這對總體而言幾乎沒有任何影響，但我們確實看到跨境購物有所減少。因此，更多的加拿大人選擇待在家裡購買暢銷商品，而不是前往 T.J. Maxx 購物。但同樣，影響非常非常小。

We do also see a little lift on the same side of our Canada stores, as you can imagine, right?

正如您所想的，我們也看到加拿大門市同一側的銷售額略有上升，對嗎？

Yes. Those sales they just transferred.

是的。他們剛剛轉移了那些銷售額。

They transfer over.

他們轉過來了。

Got it. And then on the Southern border?

知道了。那麼在南部邊境呢？

Again, we're not seeing a large impact. If you look at our sales across the different geographies, it was pretty consistent across all the geographies in the country. So again, we're not seeing a large impact.

再次，我們沒有看到很大的影響。如果你看一下我們在不同地區的銷售情況，你會發現全國所有地區的銷售情況都相當一致。所以，我們並沒有看到很大的影響。

We see an impact when if there's some natural disasters, for example, and in the news media gets more viewership in a region. And so for example, in California, we'd see a little dip when that was going on. And that's what John and I typically are seeing. We're not seeing anything really radical along the Mexico border at all.

例如，當發生一些自然災害時，我們會看到影響，新聞媒體在某個地區會獲得更多的觀眾。例如，在加州，當這種情況發生時，我們會看到略有下降。這就是約翰和我通常看到的。我們在墨西哥邊境根本沒有看到任何真正激進的舉動。

And usually, the weather like we saw in June, I mean when the weather subsides, we see things bounce back. Yes.

通常，就像我們在六月看到的那樣，當天氣變涼時，我們會看到情況回升。是的。

Yes. And also, Paul, to that regional -- I know you're kind of on the regional question is we back to the planning -- and our planning and allocation division was they're also good at this. If we end up in a district, an area of, say, a dozen stores or a region or in a certain geography where there's something going on, our planning allocation with our store ops division, they're fantastic at reacting very quickly, our field organization. If there's something -- this happens, so John and I are talking at a high level, but there is a lot of work that our teams in the field and planning allocation do to compensate any -- for any strain regional or local market.

是的。而且，保羅，對於那個區域——我知道你有點關心區域問題，我們回到規劃——我們的規劃和分配部門也擅長這一點。如果我們最終進入一個區域，一個有十幾家商店的區域，或者一個地區，或者在某個特定的地理位置發生了一些事情，我們與商店運營部門的計劃分配，他們能夠非常迅速地做出反應，我們的現場組織。如果發生什麼事——這種情況發生，約翰和我會進行高層對話，但我們的現場和規劃分配團隊會做大量工作來彌補任何區域或本地市場的壓力。

We turn our stores roughly once a month. We do have the ability to react quickly.

我們的商店大約每月更新一次。我們確實有能力快速做出反應。

Which I think goes back to the consistent that all of these things help our consistency because we're able to then take goods and say, oh, I'll ship it to these other areas that are doing better. It helps offset the area. That's a little weak. But we've been very happy with the balance of healthy business across the entire country and internationally, as you can see, very pleased with Canada and Europe.

我認為這又回到了一致性上，所有這些事情都有助於我們的一致性，因為我們能夠拿起貨物並說，哦，我會把它運送到其他做得更好的地區。它有助於抵消該區域。這有點弱。但我們對全國和國際上健康的業務平衡感到非常滿意，正如您所見，我們對加拿大和歐洲的業務非常滿意。

Dana Telsey.

達娜·特爾西。

Congratulations on the results. As you think about the merchandise -- can you hear me, okay?

恭喜你取得這樣的成績。當您考慮商品時—您能聽到我說話嗎，好嗎？

Yes, we can.

是的，我們可以。

Congratulations on the terrific results. Delivering a flat merchandise margin with tariffs is very impressive. And Ernie, as you mentioned the pricing mechanism of not only comparing it against competitors, but even within the mix, how are you thinking about the merch margin going forward given the planning of tariff and just lastly, on store openings, closings, relocations, what are you seeing out there, given the continued influx of available boxes?

恭喜您取得如此優異的成績。在徵收關稅的情況下實現商品利潤率持平是非常令人印象深刻的。厄尼，正如您所提到的，定價機制不僅要與競爭對手進行比較，還要在組合中進行比較，考慮到關稅規劃，您如何看待未來的商品利潤率？最後，關於商店的開業、關閉和搬遷，考慮到可用盒子的持續湧入，您看到了什麼？

So on -- John, do you want to?

那麼——約翰，你想嗎？

Yes. I mean as far as merchandise margin goes, yes, we were pleased that in the [second quarter](corrected by company after the call) we were flat given the tariff pressures. Markdowns did come in favorable, which we were happy to see. And going forward, again, we feel confident that we can continue to offset the tariffs that we have out there based on what Ernie said earlier in the call of how our buyers are executing and just continue to execute just the overall margin, the pre-tax profit. Just by executing the cost efficiency that we saw in the second quarter continuing to go after those in the back half of the year as well.

是的。我的意思是，就商品利潤率而言，是的，我們很高興在[第二季度]（公司在電話會議後進行了修正）考慮到關稅壓力，我們的利潤率持平。降價確實有利，我們很高興看到這一點。展望未來，我們再次充滿信心，根據 Ernie 早些時候在電話會議上所說的，我們的買家如何執行，我們可以繼續抵消現有的關稅，並繼續執行整體利潤率，即稅前利潤。只要執行我們在第二季看到的成本效率，我們就能繼續追求下半年的成本效率。

Yes. Dana, I think a couple of highlights why we're feeling bullish on being able to deal with the tariffs as we go forward is the way we buy with and combined with the amount of availability out there right now and right, which is really going to create more buying opportunities for our teams to even if the retail wasn't changing, they can buy better than we did before because of the amount of availability.

是的。達娜，我認為，我們之所以對未來能夠應對關稅問題感到樂觀，有幾個重要原因，那就是我們的購買方式，再加上目前的供應量，這確實會為我們的團隊創造更多的購買機會，即使零售沒有變化，由於供應量充足，他們也可以比以前買得更好。

And yes, of course, the ability to adjust our ticket while maintaining though, our value gap, again, back to -- we look at what the out-the-door is on the like-for-like item and then we say, if that has gone up, we will preserve the gap and maybe will go up and adjust it accordingly. Again, we don't lead the charge on that though.

是的，當然，我們有能力調整票價，同時保持我們的價值差距，再次回到——我們看看同類商品的出廠價是多少，然後我們說，如果價格上漲了，我們將保持差距，也許會相應上漲並進行調整。再次強調，我們並沒有在這方面發揮主導作用。

And then our flexibility, by the way, gives us the ability to diversify our sourcing, which I think is another -- we are fortunate that we don't have a contract with the customer saying we have to have X amount of -- people know that when they come to us, we may not have a category in inventory as much as we did the time before or we might have more of something else versus that time.

順便說一下，我們的靈活性使我們能夠實現採購多樣化，我認為這是另一個原因——我們很幸運，我們沒有與客戶簽訂合同，說我們必須擁有 X 數量——人們知道，當他們來找我們時，我們的庫存類別可能不像以前那麼多，或者我們可能比那時有更多的其他東西。

So that flexibility to diversify in our store just by where the best values are that we opportunistically go after really helps our merchandise margin deal with any tariffs because if we run into a -- say this is a category that's highly tariff driven, and we're not happy with the values we'd be on that, we can just downplay that category, whereas maybe other retailers, they're living off of it.

因此，我們商店的這種多樣化靈活性，只需透過我們機會主義追求的最佳價值，就真的有助於我們的商品利潤率應對任何關稅，因為如果我們遇到 - 比如說這是一個高度受關稅驅動的類別，我們對該類別的價值不滿意，我們可以淡化該類別，而其他零售商可能正靠它生存。

We're so diverse in our families of business that we're able to do that. And we can also -- the last thing I'd leave you with is how we talk about the 1,300 buyers. So we have buyers. We have all these global buying offices in different locations over in Europe and the far East looking for excess inventories that nobody else has that. Nobody else has the satellite buying offices like we have in all of these different locations that can source, easier flex and faster sourcing in different countries, which can also allow us to flex against the tariff situation.

我們的家族企業非常多元化，因此我們能夠做到這一點。我們還可以——最後我想告訴你們的是我們如何談論這 1,300 名買家。所以我們有買家。我們在歐洲和遠東的不同地區設有全球採購辦事處，尋找其他地方沒有的過剩庫存。沒有其他公司像我們一樣，在所有這些不同地點都設有衛星採購辦公室，可以在不同國家進行採購，更輕鬆、更快速地進行採購，這也可以讓我們靈活應對關稅情況。

So good question. I think that's why we're feeling okay. And I'll leave you with it's still a challenge, but we feel like we have strategies to kind of deal with the challenge.

這個問題問得好。我想這就是我們感覺良好的原因。我想告訴你們，這仍然是一個挑戰，但我們覺得我們有策略來應對這項挑戰。

And then getting to your store question. So we're still on track to hit our plan of just over 130 net new stores -- and so we're seeing a lot of great locations available to us going forward that gives us optimism to continue roughly a 3% net unit opening over the next couple of years. The other thing we're seeing a lot of success, and again, we continue to see relocations as being a great opportunity for us to relocate stores that there's a better shopping environment in the area that we can move to, and we're seeing improvement there.

然後回答您的商店問題。因此，我們仍有望實現新增 130 多家門市的計劃，我們看到未來有很多絕佳的地點可供我們選擇，這讓我們有信心在未來幾年繼續保持約 3​​% 的淨增店率。另一件事是我們看到了巨大的成功，而且，我們繼續將搬遷視為我們搬遷商店的絕佳機會，我們可以搬遷到該地區更好的購物環境，而且我們看到那裡的改善。

And then, of course, close to 500 remodels that we're planning on doing this year. And again, that makes our stores, the older stores be able to compete similar to our younger stores because when the customer comes in, they're seeing a consistent shopping experience no matter what store they go into. And that's one of the things that kind of separates us from some of our competition, where the product mix just looks better when we maintain our store fit and finish. And so it all kind of walks hand-in-hand with the merchandise.

當然，我們今年也計劃進行近 500 項改造。再次，這使得我們的商店，舊商店能夠與我們的新商店進行類似的競爭，因為當顧客進來時，無論他們進入哪家商店，他們都會看到一致的購物體驗。這是我們與一些競爭對手的區別之一，當我們保持商店的整潔和完善時，產品組合看起來會更好。所以一切都與商品密切相關。

Alex Straton.

亞歷克斯·斯特拉頓。

Perfect. Congrats on another great quarter. Ernie, I had a question on Marmaxx specifically. I know you spoke to categories being super healthy across the business. But I'm wondering if you could kind of break that down for us at Marmaxx and how you think exterior can change over time? It seems like that's been a part of the margin story there.

完美的。恭喜您又一個出色的季度。厄尼，我有一個關於 Marmaxx 的具體問題。我知道您談到了整個業務領域都非常健康。但我想知道您是否可以為 Marmaxx 詳細解釋這一點，以及您認為外觀會如何隨著時間而改變？這似乎是利潤故事的一部分。

And then maybe just one quick one for John. It seems like that you're embedding more particular gross margin degradation in the fourth quarter. I'm wondering if there's something specific happening in that quarter or why that's the case.

然後也許只對約翰說一個簡短的問題。看起來，第四季的毛利率下降更為明顯。我想知道那個季度是否發生了一些具體的事情或為什麼會發生這種情況。

Yes, Alex. So on Marmaxx, in terms of the families a bit, I think as I mentioned, our home business was good there, which is nice to see. And also, I'm proud of, again, our HomeGoods and Homesense, the businesses across the corporation and the home business within our full family stores across the corporation of all good, so I don't want to leave that out.

是的，亞歷克斯。因此，就 Marmaxx 而言，就家庭而言，我認為正如我所提到的，我們的家庭業務在那裡做得很好，這很高興看到。而且，我再次為我們的 HomeGoods 和 Homesense、整個公司的業務以及整個公司全系列商店內的家庭業務感到自豪，所以我不想忽略這一點。

But apparel has been very healthy. And I think relative to the market, specifically in Marmaxx, relative to the market, my guess is we're gaining market share. They're just looking at the results of the other apparel players the way they've been trending over the last six months. And so I'm very proud of in the pure apparel areas.

但服裝業一直非常健康。我認為相對於市場，特別是 Marmaxx，相對於市場，我猜我們正在獲得市場份額。他們只是在觀察其他服裝企業過去六個月的發展趨勢。因此，我對純服裝領域感到非常自豪。

And then, as you know, we have -- and I can't give you the details by actual department, but I would tell you throughout our accessory areas, which we're an open book. If you walk in the store, we have many different areas and accessories that I believe we are outperforming the market in as well.

然後，正如你所知，我們有——我無法按實際部門向你提供詳細信息，但我可以告訴你我們整個配件領域的詳細信息，我們是公開的。如果你走進商店，你會看到我們有許多不同的區域和配件，我相信我們的表現也優於市場。

So Alex, what I like about that is we're not just it's not just one story why our business is so healthy. It's kind of widespread and that always allows us, I think, to feel good about where we're heading in the future because if something slowed up, I can still fuel one of the other areas to take advantage of the market opportunities that are out there.

所以亞歷克斯，我喜歡這一點，因為我們的業務如此健康，這不僅僅是一個故事。它是一種普遍的做法，我認為這總是讓我們對未來的發展方向感到滿意，因為如果某個領域發展放緩，我仍然可以為其他領域注入動力，以利用現有的市場機會。

Again, once again, our planning and allocation teams work hand-in-hand with the buyers in developing these plans by family of business, whether it's ladies apparel or kids apparel or men's apparel, which families of business in those apparel areas, which in our -- whether it's in footwear or beauty area or handbags, we are very strategic and balanced about the way we plan it, but we can turn on a dime based on what happens in the market. So hopefully, that gives you some color there.

再次強調，我們的規劃和分配團隊與買家攜手合作，根據業務類別制定這些計劃，無論是女裝、童裝還是男裝，這些服裝領域的業務類別，無論是鞋類、美容領域還是手袋，我們的規劃方式都非常具有戰略性和平衡性，但我們可以根據市場情況隨時調整。希望這能帶給你一些啟發。

Yes. And as far as Q4 margins, so we are improving by 20 basis points versus last year. But is your question more comparison to Q3 to Q4?

是的。就第四季的利潤率而言，我們比去年提高了 20 個基點。但是您的問題是否與 Q3 和 Q4 進行比較？

Yes. Exactly.

是的。確切地。

Yes. So there's two things that are happening on the Q3 to Q4 comparison. The first one is that in Q3, our inventory levels are probably at their highest during the year. So we've got inventory cap favorability, and then we bring the inventories back down in the fourth quarter.

是的。因此，第三季與第四季的比較中發生了兩件事。第一個是，在第三季度，我們的庫存水準可能是全年最高的。因此，我們獲得了庫存上限的青睞，然後我們在第四季度將庫存降至最低。

The other piece of it is this year with our shrink accrual, so this year, we've got a favorable comparison in Q1, Q2 and Q3 that reverses out in Q4. And it's just a function of how we accrue versus last year where last year, we had a favorable impact in Q4.

另一部分原因是今年我們的應計項目有所縮減，因此今年第一季、第二季和第三季的對比情況良好，但第四季的情況卻出現了逆轉。這只是我們與去年相比累積的結果，去年我們在第四季產生了有利的影響。

So when you're planning it, we're planning shrink slightly favorable this year. So naturally, Q1, Q2, Q3, there's a favorable variance in Q4, it flips the other way to be slightly up on the full year. Is that clear?

因此，當您進行計劃時，我們計劃今年稍微縮小規模。因此，自然而然地，第一季、第二季、第三季和第四季都出現了有利的變化，而全年則略有上升。清楚了嗎？

Yes, super clear.

是的，非常清楚。

Adrienne Yih.

艾德里安葉。

Congratulations. The stores both concepts look fabulous. Ernie, so the last time that we had sort of a pass-through at front line of a real significant kind of price inflation was back kind of 2011 for the apparel retailers. And what we're seeing kind of since July, since these apparel retailers have thematically started to raise initial retailers or retailers, we don't see a lot of pricing power.

恭喜。這兩個商店的概念看起來都很棒。厄尼，上一次我們經歷真正嚴重的物價通膨是在 2011 年左右，當時服裝零售商受到了影響。自 7 月以來，我們看到，由於這些服裝零售商已開始主題性地提高初始零售商或零售商的數量，因此我們並沒有看到太多的定價權。

I got to tell you, like we see hard pricing that looks really similar hard price is similar to last year. And so I guess kind of if you can give us some perspective. I know what happened in 2011, you got the sales and you didn't get the margins and then you guys cleaned up, right after that, you guys cleaned up and picked up a lot of the disruption. So like I said, we don't see -- we see promos out there on fall goods on apparel specifically. Can you talk about category pricing power, maybe footwear is better than apparel or something like that?

我得告訴你，我們看到的硬定價看起來真的很相似，硬價與去年的硬價相似。所以我想你能否給我們一些看法。我知道 2011 年發生了什麼，你們獲得了銷售額，但沒有獲得利潤，然後你們清理了局面，緊接著，你們清理了局面並解決了很多混亂局面。所以就像我說的，我們沒有看到——我們看到的是針對秋季商品特別是服裝的促銷活動。您能談談品類定價權嗎，也許鞋類比服裝或類似的東西更好？

Right. Yes. So without telling you, again, for competitive reasons, we don't like to give what our strategy is, but let me give you the philosophy of it, which is that we -- and I think apparel in general has been deflationary for years. So when I go back to your spot on when you talk about that, it's been promotional for years.

正確的。是的。因此，出於競爭原因，我們不想告訴您我們的策略是什麼，但讓我告訴您我們的理念，那就是我們 - 我認為服裝總體上多年來一直處於通貨緊縮狀態。所以當我回到你談論這個問題的地方時，我發現它已經宣傳了好幾年了。

And the newness in the world of apparel, if you look at it, it's been very spotty. You have some pockets and ladies businesses across the industry that have been good. I think men's has been very inconsistent, not great. So long story short, what we do is we look at the -- our pricing, I guess, you'd call it the pricing power, the likelihood of where things might go up around us.

如果你看一下，你會發現服裝界的新事物非常不穩定。整個行業中有一些小企業和女士企業表現良好。我認為男隊的表現一直很不穩定，不太好。長話短說，我們所做的就是觀察我們的定價，我想，你會稱之為定價權，我們周遭事物上漲的可能性。

Again, it's not us driving the bus on that would probably be in other areas. We just won't talk about what those areas are. And so and it will vary by items within apparel, that might go. But in general, what you're hearing and feeling would kind of be in sync with what I would guess. Again, I just cannot give you any specifics on that front other than to tell you that we will manage it as I described earlier, on case by case.

再說一遍，我們不會駕駛這輛巴士，因為巴士可能在其他地區行駛。我們只是不會談論這些區域是什麼。因此，它會根據服裝中的物品而有所不同，這可能會有所不同。但總的來說，您所聽到和感受到的與我的猜測是同步的。再說一次，我無法向您提供這方面的任何具體細節，只能告訴您，我們將按照我之前描述的方式逐一處理。

This is what's great about our model. Our buyers don't have to be ahead of everybody in terms of deciding what the retail is. We just follow and then we say we're going to follow, but we're going to have the best value out there.

這就是我們的模型的優點。在決定零售是什麼方面，我們的買家不必領先所有人。我們只是跟隨，然後我們說我們會跟隨，但我們會擁有最好的價值。

And then, John, a quick one for you on the horizon of kind of the flow-through of tariffs. There's this kind of grace period, right? If you ship it before August 9 and get it in before October 5, that it's on the old tariff. So how should we think about -- and I know you're not giving guidance, but how should we think about kind of impact, probably not to you because of what Ernie just said, but impact to the sector kind of on the spring horizon prices go up again, right?

然後，約翰，我想向您簡單介紹一下關稅流通的情況。有這種寬限期，對吧？如果您在 8 月 9 日之前發貨並在 10 月 5 日之前收到，則適用舊費率。那麼我們應該如何考慮——我知道你沒有給出指導，但是我們應該如何考慮這種影響，可能對你來說不是因為厄尼剛才所說的，而是對春季價格再次上漲對該行業的影響，對嗎？

I'll jump in on that. I think, Adrienne, I think -- so what's the thing I've been seeing across the board on anything where tariffs are hitting even if they're changing is there's a gradual I can -- some of the retailers seem to be not moving the price directly with the first landing of the tariff, and it's going up at steps. So I think you're going to see more of a little bit of a gradual increase in pricing as the tariffs come in. I don't know if that's answering the question.

我會參與其中。我認為，艾德麗安，我認為——所以我所看到的情況是，任何受到關稅影響的商品，即使關稅在變化，其價格也是逐步上漲的——一些零售商似乎並沒有在關稅首次落地時直接調整價格，而是逐步上漲。因此我認為，隨著關稅的實施，你會看到價格逐漸上漲。我不知道這是否回答了這個問題。

I don't think you'll see the step all of a sudden with the tariff set because they don't want to, I think, turn off customers immediately by seeing a dramatic price shift. So I think they might absorb it initially for a little bit. And eventually, they'll get there. But again, that varies by retailer.

我認為你不會突然看到關稅的調整，因為他們不想因為價格的急劇變化而立即讓客戶失去興趣。所以我認為他們最初可能會吸收一點。最終，他們會到達那裡。但同樣，這因零售商而異。

And again, the vendors could be negotiating with factories to also share some of the pressure.

而且，供應商可以與工廠協商，以分擔部分壓力。

Great. Fabulous, best of luck. Impressive as always.

偉大的。太棒了，祝你好運。一如既往的令人印象深刻。

Michael Binetti.

邁克爾·比內蒂。

I'll add my congrats on the quarter.

我要對本季表示祝賀。

Michael, by the way, we like your headline. You had a great headline.

邁克爾，順便說一句，我們喜歡你的標題。你的標題很棒。

We spent a lot of time being creative with the title. When I -- maybe a few quick ones for the model. When I look at the 4% comp in the quarter slightly accelerating from the 3 in the first quarter. Did overall traffic accelerate? Or is it the same as 1Q? And then on the merch margin, you said it was flat. With the inventory -- sorry, with the inventory hedge, would merchant margins have been down excluding that benefit? Or how should I think about the inventory hedge impact the rest of the year?

我們花了很多時間構思這個標題。當我——也許為模型快速地做了一些。當我看到本季度 4% 的同比增長時，我發現它比第一季的 3% 略有加快。整體交通量是否加快了？或和1Q一樣？然後關於商品利潤，您說它是持平的。有了庫存——抱歉，有了庫存對沖，如果不考慮這項好處，商家的利潤率會下降嗎？或者我該如何看待庫存對沖對今年剩餘時間的影響？

So as far as the 4% comp and what we saw for transactions, yes, transactions, again, were up across the board. I would say compared to Q1, probably the basket is maybe a little bit more particularly in Marmaxx. But then as far as your merchandise margin question, can you just ask that one more time, sorry.

因此，就 4% 的同比增長以及我們所看到的交易情況而言，是的，交易量再次全面上升。我想說與第一季相比，這個籃子可能在 Marmaxx 中更加特別。但是關於您的商品利潤問題，抱歉，您能再問一次嗎？

Yes, you said it was flat. I know the inventory hedge was a component on the gross margin. I didn't know if merch margin would have been down, excluding that benefit. Just to help me think about the merchant margin in the rest of the year.

是的，你說它是平的。我知道庫存對沖是毛利率的一個組成部分。我不知道如果排除該福利，商品利潤是否會下降。只是為了幫助我思考今年剩餘時間的商家利潤。

Yes. So the inventory hedge. Yes, it was a tailwind that we did see. Going forward, I think the way you look at it is that there probably is a little bit of a headwind in the back half, but not significant.

是的。因此進行庫存對沖。是的，我們確實看到了順風。展望未來，我認為你的看法是，後半段可能會有一點逆風，但並不明顯。

Okay. And then can I just ask a little bit of a follow-up to another question, a little bit about the margin bridge on pre-tax expanded 50 basis points in second quarter guidance is for a little bit of compression, 25 basis points, 35 basis points in third quarter and then reaccelerate to expansion, 10 to 20 basis points in fourth quarter. Can you maybe just help me connect those -- any unusual items to be aware of the rest of the year, either this year or in the base?

好的。然後我能否稍微跟進一下另一個問題，關於第二季度稅前利潤率擴大 50 個基點的指導意見，第三季度將稍微壓縮 25 個基點、35 個基點，然後重新加速擴張，第四季度將擴大 10 到 20 個基點。您能否幫我將這些連結起來——今年剩餘時間（無論是今年還是在基地）有哪些不尋常的事情需要注意？

So as far as the bottom-line pretax profit, so Q3, there -- [we obviously have some headwinds, the reversal of expenses from the second quarter, mainly into the third quarter is another headwind there](corrected by company after the call). And then in the fourth quarter, again, we have the benefit from the higher sales volume that between Q3 and Q4. But again, what we talked about before about Q3 and Q4, Q3 has the benefit from the inventory cap and Q4 has the headwind from the shrink accrual. Does that make sense?

就第三季度的稅前利潤而言——[我們顯然遇到了一些阻力，第二季度的費用逆轉，主要是在第三季度，這是另一個阻力]（公司在電話會議後進行了更正）。然後在第四季度，我們再次受益於第三季和第四季之間更高的銷售量。但是，我們之前討論過的第三季度和第四季度，第三季度受益於庫存上限，而第四季度則面臨庫存縮減帶來的阻力。這樣有道理嗎？

Yes, a couple of things to work through. Okay. I appreciate it. We'll talk to you guys later on.

是的，有幾件事需要解決。好的。我很感激。我們稍後會和你們討論。

Marni Shapiro.

瑪尼·夏皮羅。

Congratulations. Great quarter and stores look beautiful, HomeGoods perfect (inaudible) honestly, stunning. I have a quick question. You've mentioned gifting, I think, more than once in your prepared remarks, which is not always usual for you. So I'm assuming that you feel good about any buys that you made in advance and holiday and you were able to pack away some of that, given how heavily tariff holiday decor is. But are you seeing a change in consumer behavior in your stores that is kind of shifting your focus a little even more so to gifting.

恭喜。很棒的街區，商店看起來很漂亮，HomeGoods 很完美（聽不清楚）說實話，令人驚嘆。我有一個簡單的問題。我認為，您在準備好的演講中不只一次提到了送禮，這對您來說並不常見。因此，我假設您對提前購買的任何物品以及假期購買的物品都感到滿意，並且考慮到節日裝飾的關稅很高，您可以打包一些物品。但是，您是否發現商店中的消費者行為發生了變化，從而將您的焦點轉移到送禮上？

I mean, you guys have done an improved job year after year. But has something changed because you don't usually mention it this early in the year in your prepared comments.

我的意思是，你們的工作一年比一年做得更好。但是是否發生了一些變化，因為您通常不會在年初準備好的評論中提及它。

No, great question, Marni. Well, part of what's happened over the last couple of years, we've evolved in terms of actually going after gifting for not just holiday. So we've started going after the gifting seasons, whether it's Mother's Day, Father's Day, and what's happened is more -- a lot of our merchants, our merchandise managers and their families of business have figured out product to go after that's more appropriate to be gifted.

不，這個問題問得好，瑪尼。嗯，過去幾年發生的事情之一是，我們在送禮方面已經發生了變化，不僅僅是在節日送禮。因此，我們開始追逐送禮季節，無論是母親節還是父親節，而且發生的事情是——我們的許多商家、商品經理和他們的商業家族都已經找到了更適合贈送的產品。

I think you combine that with -- there's been momentum. If you look at, Marni, you shop our stores aggressively. I know you're right commenting on what you see there. If you go to holiday and if you look at our results in Q4, they've been super consistent year-after-year. And I think what's been building here, what we're showing everybody is that we're very fresh as you go into holiday, as you get nearer to Christmas and back again to our -- a combination of our merchants and our planning areas, given the right product that's very giftable where we think where some retailers have vacated some of those items in certain categories, even in apparel.

我認為你將其與——已經形成的勢頭結合起來。如果你看一下 Marni，你會發現，你經常在我們的商店購物。我知道你對所見所聞的評論是正確的。如果你去度假並查看我們第四季度的業績，你會發現它們年復一年地保持著高度的一致性。我認為我們在這裡所做的、向所有人展示的是，隨著假期的到來、聖誕節的臨近，我們又回到了我們——我們的商家和規劃區域的結合，提供非常適合送禮的合適產品，而我們認為一些零售商已經清空了某些類別中的一些商品，甚至是服裝。

And I think we tend to go after some of the I guess, market share opportunity categories where we feel like other retailers have walked away and we can go after those gifting categories more aggressively. And for this back half and holiday that's what I'm seeing our teams do. And that's across home and apparel and accessories. They're going strongly after the categories that tend to spike during the gifting category.

我認為我們傾向於追求一些市場份額機會類別，我們覺得其他零售商已經放棄了這些類別，我們可以更積極地追求那些禮品類別。而對於這個後半段和假期來說，這就是我看到我們的球隊所做的。涉及家居、服裝和配件。他們大力追捧那些在送禮類別中銷售激增的類別。

Combine that with -- and you know this as well, I think you've commented on it, as we've talked about, is we are cool today to be a gifting destination, right? And I think I know you and I have joked about that at a time, but it's true. We are -- people like giving a home goods or a T.J. Maxx or every place we're in, our brands have become very desirable to be gifting destination brands, and I give credit -- that's the whole team.

結合這一點——你也知道這一點，我想你已經對此發表了評論，正如我們所討論的，今天我們很酷地成為一個送禮目的地，對嗎？我想我知道你和我曾經開玩笑過，但這是真的。人們喜歡贈送家居用品或 T.J. Maxx 或我們去過的每個地方，我們的品牌已經成為非常受歡迎的禮品目的地品牌，我對此表示讚賞——這就是整個團隊。

That's -- whether you're up at Winners or in Europe, every division, marketing-wise, store execution-wise in terms of treating the customers well and most importantly, the product I think the whole thing is working right now in terms of more consumers wanting to buy gifts from TJX brands.

那就是——無論你是在 Winners 還是在歐洲，每個部門，從行銷角度、商店執行角度，在善待顧客方面，最重要的是產品方面，我認為現在整個事情都在發揮作用，因為更多的消費者想要購買 TJX 品牌的禮物。

And just a follow up on that with the home goods. Your home goods back to college was really next level. I've never seen you guys look that cohesive in your storytelling. So I'm listening to you talk about gifting. I'm thinking about what I saw in HomeGoods for back to college and thinking that you guys, from a merchant standpoint are really doing a better job storytelling and merchandising in store, that the buying was always there, but now combining it with the storytelling in-store, is that kind of been where the unlock is around all of these holidays and events?

接下來是關於家居用品的後續事宜。您的家居用品重返大學確實達到了一個新的水平。我從未見過你們講故事時如此有凝聚力。我正在聽你談論送禮。我在想我在 HomeGoods 看到大學時的情況，並且認為你們從商家的角度來看，在店內的故事講述和商品推銷方面確實做得更好，購買一直都在那裡，但現在將其與店內的故事講述結合起來，這是否就是所有這些假期和活動的解鎖之處？

Yes, Marni. Yes. And I should have mentioned that. Our store teams in conjunction again with the merchants executing for the seasonal time periods like a back to college. They're doing a great job in buying the product for those time periods. And then the store is excellent. The HomeGoods store teams are doing an excellent job on pulling that together to make it really easy to shop. And you know what that does, right, somebody like you or me. It creates an impulse to purchase two or three items instead of just on when you see it all put together that way.

是的，瑪尼。是的。我應該要提到這一點。我們的商店團隊再次與商家合作，執行季節性活動，例如返校活動。他們在那些時間段購買產品方面做得很好。這家商店非常棒。HomeGoods 商店團隊正在出色地完成這項工作，使購物變得非常容易。你知道那會造成什麼後果嗎，對吧，像你我這樣的人。當你看到所有東西都擺放在一起時，它會讓你產生購買兩三件物品的衝動，而不僅僅是購買一件。

I'm going broker anyhow. Congratulations to you guys. This is a great quarter.

無論如何我都會去做經紀人。恭喜你們。這是一個偉大的季度。

Thank you very much, Marni. Really appreciate it. And that was our last question. I would like to thank you all for joining us today. We look forward to updating you again on our third quarter earnings call in November. Thank you, everybody.

非常感謝，瑪尼。真的很感激。這是我們的最後一個問題。我要感謝大家今天的出席。我們期待在 11 月的第三季財報電話會議上再次向您通報最新情況。謝謝大家。

That concludes today's conference. Thank you for participating. You may disconnect at this time.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。