TJX Companies Inc (TJX) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the TJX Company's third quarter fiscal 2026 financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded November 19, 2025.

女士們、先生們，感謝你們的耐心等待。歡迎參加 TJX 公司 2026 財年第三季財務業績電話會議。（操作員說明）提醒各位，本次電話會議將於 2025 年 11 月 19 日錄音。

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

現在我將會議交給TJX公司執行長兼總裁厄尼·赫爾曼先生。請您發言，先生。

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

謝謝你，考特尼。在正式開始之前，黛布有一些開場白。

Thank you, Ernie, and good morning. Today's call is being recorded and includes forward-looking statements about our results and plans. These statements are subject to risks and uncertainties that could cause the actual results to vary materially from these statements, including, among others, the factors identified in our filings with the SEC.

謝謝你，厄尼，早安。今天的電話會議正在錄音，其中包含有關我們業績和計劃的前瞻性聲明。這些聲明存在風險和不確定性，可能導致實際結果與這些聲明有重大差異，其中包括我們在提交給美國證券交易委員會的文件中列出的因素。

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.

請查閱我們的新聞稿，以了解有關前瞻性陳述的警示性聲明。除了我們網站 tjx.com 投資者關係部分包含的完整安全港聲明外，我們還在今天的新聞稿和 tjx.com 投資者關係部分詳細說明了外匯對我們合併業績和國際部門的影響，以及與我們討論的非 GAAP 指標的調節表。

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

謝謝，現在我把麥克風交還給厄尼。

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

早安.與我和黛布一起通話的還有約翰。

I'd like to start by thanking our global associates for working together to deliver our shoppers an exciting assortment of merchandise at excellent values every day. I truly appreciate their continued hard work and dedication to TJX.

首先，我要感謝我們全球的同事們齊心協力，每天為我們的顧客提供種類繁多、物美價廉的商品。我衷心感謝他們一直以來為TJX付出的辛勤努力和奉獻精神。

Moving to our third quarter performance. I am extremely pleased that comp sales, profitability and earnings per share were all well above our plan. Our overall comp sales increase of 5% was driven by strong comp sales growth across each of our divisions.

接下來是第三季業績。我非常高興地看到，同店銷售額、獲利能力和每股盈餘都遠超我們的計畫。我們整體同店銷售額成長了 5%，這得益於我們各部門強勁的同店銷售額成長。

Clearly, our value proposition continued to resonate with consumers in the United States, Canada, Europe and Australia, and we are confident that we gained market share across each of the geographies. With our above-plan results in the third quarter, we are raising our full year guidance for sales and profitability. John will detail our results and guidance in a few minutes.

顯然，我們的價值主張繼續引起美國、加拿大、歐洲和澳洲消費者的共鳴，我們有信心在每個地區都獲得了市場份額。由於第三季業績超出預期，我們提高了全年銷售額和獲利能力預期。約翰將在幾分鐘後詳細介紹我們的研究結果和指導。

As to the fourth quarter, we are off to a strong start, and as always, we'll strive to beat our plans. I am very excited about the initiatives we have underway for the holiday season, and we are convinced that we will keep attracting shoppers to our retail banners.

至於第四季度，我們開局強勁，我們將一如既往地努力超越計劃。我對我們為假日季正在進行的各項舉措感到非常興奮，我們相信我們將繼續吸引顧客光顧我們的零售門市。

Availability of quality branded merchandise has been exceptional, and we are in an excellent position to flow a fresh assortment of goods to our stores and online. We feel great about the strength of our business and are confident that our flexibility, wide customer demographic and focus on value will continue to be a tremendous advantage. I'll talk more about our fourth quarter opportunities in a moment.

優質品牌商品的供應情況非常好，我們完全有能力為我們的實體店和網店提供新鮮的商品種類。我們對公司的實力感到非常滿意，並相信我們的靈活性、廣泛的客戶群和對價值的關注將繼續成為巨大的優勢。稍後我會詳細談談我們第四季的機會。

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

但首先，我將把電話交給約翰，讓他更詳細地介紹我們第三季的業績。

Thanks, Ernie. I also add my gratitude to all of our associates for their continued hard work and commitment to TJX. Now I'll show some additional details on the third quarter. As Ernie mentioned, our consolidated comp sales growth of 5% came in well above our plan. This was driven by a combination of a higher average basket and an increase in customer transactions.

謝謝你，厄尼。我還要感謝我們所有的同事，感謝他們一直以來對 TJX 的辛勤工作和奉獻精神。現在我將展示第三季的更多細節。正如厄尼所提到的，我們綜合同店銷售額成長了 5%，遠超預期。這主要是由於平均客單價上漲和顧客交易量增加共同推動的。

Further, we saw strong comp increases in both our apparel and home categories. Third quarter pretax profit margin of 12.7% was up 40 basis points versus last year and well above our plan. Gross margin increased 100 basis points versus last year. This was due to an increase in merchandise margin, primarily driven by lower freight costs, expense efficiencies and expense leverage on sales. Importantly, we are very pleased with our mitigation strategies, which allowed us to offset all the tariff pressure we saw in the third quarter.

此外，我們的服裝和家居用品類別的同店銷售額均實現了強勁增長。第三季稅前利潤率為 12.7%，比去年同期成長 40 個基點，遠超我們的預期。毛利率較去年同期成長100個基點。這是由於商品毛利率上升所致，主要得益於運費降低、費用效率提高以及費用對銷售的槓桿作用。重要的是，我們對我們的緩解策略非常滿意，這些策略使我們能夠抵消第三季所面臨的所有關稅壓力。

SG&A increased 60 basis points versus last year. This was due to incremental store wage and payroll costs, a contribution to the TJX Foundation and higher incentive compensation accruals. Net interest income negatively impacted pretax profit margin by 10 basis points versus last year. Third quarter diluted earnings per share of $1.28 increased 12% versus last year and was also well above our expectations.

銷售、管理及行政費用較去年同期成長60個基點。這是由於門市薪資和薪資成本增加、對 TJX 基金會的捐款以及更高的激勵性薪資累積所致。淨利息收入使稅前利潤率較前一年下降了10個基點。第三季稀釋後每股收益為 1.28 美元，比去年同期成長 12%，也遠超我們的預期。

Lastly, we are extremely pleased with our third quarter pretax profit margin came in 60 basis points, above the high end of our plan. In the third quarter, merchandise margin was stronger than we expected, driven by lower freight costs, and we saw a benefit from expense leverage on the above-plan sales. Further, with our above-plan results, we had higher incentive compensation accruals and made a contribution to the TJX Foundation.

最後，我們對第三季稅前利潤率非常滿意，達到了 60 個基點，高於我們計劃的上限。第三季度，商品毛利率高於預期，這主要得益於較低的運費成本，而且高於計畫銷售額的費用槓桿效應也帶來了收益。此外，由於我們業績超出預期，我們獲得了更高的激勵性薪酬，並向 TJX 基金會做出了貢獻。

Now to the third quarter divisional performance. At Marmaxx, comp sales grew by an outstanding 6%, with strong increases in both our apparel and home businesses. It was also great to see strength in our store performance across all regions and income demographics, which speaks to the broad-based appeal of our values. The comp increase was driven by a higher average basket and growth in customer transactions. Marmaxx's segment profit margin was 14.9%, up 60 basis points versus last year.

現在來看第三季分區表現。Marmaxx 的同店銷售額實現了 6% 的顯著增長，其中服裝和家居用品業務均實現了強勁增長。令人欣喜的是，我們所有地區和收入群體的門市業績都表現強勁，這反映了我們價值觀的廣泛吸引力。同店銷售成長主要得益於平均客單價上漲和顧客交易量成長。Marmaxx 的部門利潤率為 14.9%，比去年增長了 60 個基點。

We were also pleased with the results at our Sierra stores and US e-commerce businesses, which we report as part of this division. We are extremely pleased with our -- with Marmaxx's momentum and continue to see terrific opportunities for our largest division to grow its footprint and capture additional market share.

我們對 Sierra 門市和美國電子商務業務的業績也感到滿意，這些業績將作為該部門的一部分進行報告。我們對 Marmaxx 的發展勢頭感到非常滿意，並繼續看到我們最大的部門有巨大的機會擴大其業務範圍並獲得更多市場份額。

At HomeGoods, we continue to see very strong sales momentum, with comp sales up 5%. Segment profit margin improved to 13.5%, up 120 basis points versus last year. With our highly differentiated mix of home fashions from around the world at our HomeGoods and HomeSense banners, we are confident that consumers will continue to be drawn to our stores. Further, we see a significant opportunity to further grow our store base and attract more customers, which we believe will allow us to capture a bigger piece of the US home market.

HomeGoods 的銷售動能依然強勁，同店銷售額成長了 5%。分部利潤率提高至 13.5%，比去年同期成長 120 個基點。憑藉我們旗下 HomeGoods 和 HomeSense 品牌提供的來自世界各地的家居時尚產品，我們相信消費者會繼續被我們的門市所吸引。此外，我們看到了進一步擴大門市規模、吸引更多顧客的巨大機遇，我們相信這將使我們能夠在美國本土市場佔據更大的份額。

TJX Canada's comp sales increased an outstanding 8%. Segment profit margin on a constant currency basis was 14.9%, down 20 basis points versus last year, which was driven by unfavorable transactional foreign exchange. As the leading off-price retailer in Canada, our Winners, HomeSense and Marshalls banners have excellent brand awareness and strong customer loyalty. We believe our position as a top retailer -- value retailer in Canada sets us up very well to continue our growth in this country for many years to come.

TJX加拿大公司的同店銷售額實現了驚人的8%的成長。以固定匯率計算，該部門的利潤率為 14.9%，比去年下降了 20 個基點，這是由於不利的交易外匯匯率造成的。作為加拿大領先的折扣零售商，我們的 Winners、HomeSense 和 Marshalls 品牌擁有極佳的品牌知名度和強大的客戶忠誠度。我們相信，我們作為加拿大頂級零售商——價值零售商的地位，將為我們未來多年在這個國家繼續發展奠定非常有利的基礎。

At TJX International, comp sales grew 3%, with increases in both Europe and Australia. Segment profit margin on a constant currency basis increased to 9.2%, up a very strong 190 basis points versus last year. We are convinced that we will continue to gain market share across both Europe and Australia. Looking ahead, we're excited about our growth plans in our existing countries and our planned entry into Spain in the spring of 2026.

TJX International 的同店銷售額成長了 3%，歐洲和澳洲的銷售額均有所成長。以固定匯率計算，分部利潤率增至 9.2%，較去年同期大幅成長 190 個基點。我們堅信，我們將繼續在歐洲和澳洲擴大市場份額。展望未來，我們對在現有國家的成長計畫以及計劃於 2026 年春季進入西班牙市場感到興奮。

Moving to inventory. Balance sheet inventory was up 12%, and inventory on a per store basis was up 8% versus last year as we've been buying into the excellent opportunities for quality branded merchandise we've been seeing in the marketplace. Availability of quality merchandise has been terrific, and we are strongly positioned to flow fresh assortments to our stores and online this holiday season.

移入庫存。資產負債表庫存增加了 12%，以門市計算的庫存比去年增長了 8%，因為我們一直在把握市場上優質品牌商品的絕佳機會進行採購。優質商品的供應情況非常好，我們已做好充分準備，在這個假期季節為我們的門市和線上商店提供新鮮的商品系列。

As to capital allocation, we continue to reinvest in the growth of the business while returning $1.1 billion to shareholders through our buyback and dividend programs in the third quarter.

在資本配置方面，我們繼續對業務成長進行再投資，同時在第三季透過股票回購和分紅計畫向股東返還 11 億美元。

Now I'll turn it back to Ernie.

現在我把麥克風交還給厄尼。

Thank you, John. Now I'd like to highlight some of the opportunities that we see to drive sales and transactions in the fourth quarter. First, I'm convinced that our retail banners will be a shopping destination for value-conscious shoppers this holiday season.

謝謝你，約翰。現在我想重點介紹一下我們認為可以在第四季度推動銷售和交易的一些機會。首先，我確信我們的零售品牌將成為今年假期季節注重性價比的購物者的首選目的地。

As always, we believe consumers will see compelling values throughout the store every time they visit us. We see this as a major differentiator as our customers can shop our excellent values every day and not have to wait for sales or promotional days like they do for many other retailers.

我們一如既往地相信，消費者每次光臨本店都能感受到我們產品的超值優惠。我們認為這是一個主要的優勢，因為我們的顧客每天都能購買到物美價廉的商品，而不必像其他許多零售商一樣等待促銷或折扣日。

Second, we believe we are strongly positioned to be a top destination for gifts. With the excellent availability of merchandise we have been seeing, we are confident that we will have a very exciting assortment of gifts this holiday season. Importantly, we plan to have gifting options across good, better and best brands so our shoppers can find something for everyone on their list at prices that fit their budget. Additionally, after the holidays, we will remain focused on being a gifting destination year round.

其次，我們相信我們擁有強大的市場地位，可以成為頂級禮品目的地。鑑於目前商品供應充足，我們有信心在今年的節慶季節為大家帶來琳瑯滿目的精美禮品。重要的是，我們計劃提供涵蓋優質、更好和最佳品牌的禮品選擇，以便我們的顧客能夠以符合預算的價格為清單上的每個人找到合適的禮物。此外，節後我們將繼續致力於成為全年皆宜的禮品購物目的地。

Next, we will be flowing fresh selections to our stores and online multiple times a week throughout the holiday season. We believe this differentiates us from many other major retailers as our ever-changing mix of merchandise allows shoppers to see a new assortment every time they visit.

接下來，在整個假期季節期間，我們將每週多次向我們的門市和線上商店上架新鮮精選商品。我們相信，這使我們與其他許多大型零售商區分開來，因為我們不斷變化的商品組合可以讓顧客每次光顧時都看到新的商品種類。

Further, we believe this may encourage shoppers to visit our stores more frequently to see what's new. I am also excited about our post-holiday initiatives to transition our stores to the categories and trends that we believe consumers want.

此外，我們相信這可能會鼓勵顧客更頻繁地光顧我們的門市，看看有什麼新品。我也很興奮，我們將在節後推出一系列舉措，使我們的門市轉型為我們認為消費者想要的品類和潮流。

Lastly, we are excited about our holiday marketing campaigns. We recently launched our campaigns across a variety of media channels, with an emphasis on digital. At every division, we believe our campaigns position us as a destination for holiday decor and inspiring gifts at terrific values.

最後，我們對即將開展的假日行銷活動感到非常興奮。我們最近在各種媒體管道上推出了宣傳活動，重點是數位管道。我們相信，在每個部門，我們的行銷活動都將我們定位為節日裝飾品和物美價廉禮品的首選目的地。

Further, we are targeting a wide consumer demographic to emphasize that our values are available to all shoppers -- to all our shoppers every day. We believe our campaigns will keep our retail brands top of mind and may encourage cross-shopping of our banners and attract new customers this holiday season.

此外，我們瞄準了廣泛的消費群體，以強調我們的價值觀適用於所有購物者——適用於我們每一位購物者，每一天。我們相信，我們的行銷活動將使我們的零售品牌保持在消費者的關注度之內，並可能促進消費者在我們旗下品牌之間的交叉購物，並在今年的假期季節吸引新客戶。

Now I'd like to quickly summarize the key reasons why I am so confident that we are in an excellent position to continue our global growth and increase market share over the short and long term. First, we are convinced that consumers will continue to seek out value. Our value proposition of brand, fashion, quality and price sets us apart from many other retailers and has served us extremely well through many kinds of retail and economic environments over the course of our nearly 50-year history.

現在我想快速總結我如此自信的原因，即我們處於非常有利的地位，能夠在短期和長期內繼續實現全球成長並提高市場份額。首先，我們堅信消費者會繼續追求價值。我們以品牌、時尚、品質和價格為核心的價值主張，使我們從眾多零售商中脫穎而出，並在我們近 50 年的發展歷程中，在各種零售和經濟環境下都為我們提供了極大的幫助。

Second, we successfully operate stores across a very wide customer demographic. We curate each of our stores individually to appeal to shoppers across various income and age demographics. Further, we continue to see our customer growth driven by both by attracting and retaining shoppers across age groups. Next, we are confident that the flexibility of our buying, planning and allocation, store formats, systems and supply chain will continue to be a key advantage.

其次，我們的門市成功涵蓋了非常廣泛的客戶群。我們精心策劃每家店，以吸引不同收入和年齡層的顧客。此外，我們看到客戶成長的持續動力來自於吸引和留住各個年齡層的購物者。其次，我們相信，我們在採購、規劃和分配、門市形式、系統和供應鏈方面的靈活性將繼續成為一項關鍵優勢。

Fourth, we still see significant store growth ahead, with a long-term store target of 7,000 stores just for our current countries and Spain. Additionally, with our joint venture in Mexico and investment in the Middle East, we have further expanded our off-price reach around the world. All of this gives us great confidence that we have a tremendous opportunity to capture additional market share globally.

第四，我們預計未來門市數量將大幅成長，長期目標是僅在我們目前所在的國家和西班牙就開設 7000 家門市。此外，透過我們在墨西哥的合資企業和在中東的投資，我們進一步擴大了我們在全球的折扣銷售範圍。所有這些都讓我們非常有信心，我們擁有在全球範圍內獲得更多市場份額的巨大機會。

Fifth, I am extremely confident that there will be more than enough quality branded inventory in the marketplace to support our growth plans. As a growing retailer around the world, vendors can use our nearly 5,200 stores as a way to clear excess inventory, grow their business and introduce their brands to new consumers.

第五，我非常有信心，市場上將有充足的優質品牌庫存來支持我們的成長計畫。作為一家在全球範圍內不斷發展的零售商，供應商可以利用我們近 5,200 家門市來清理過剩庫存、拓展業務並將品牌介紹給新的消費者。

Next, we are convinced that the appeal of in-store shopping is here to stay. We see our treasure hunt shopping experience as an important advantage and believe it will continue to resonate with consumers. Further, we make it very easy for our customers to shop our banners by locating our stores in convenient, easy-to-access locations and offering them the ability to shop multiple categories across our store very quickly.

其次，我們確信實體店購物的吸引力將會一直存在。我們認為尋寶式的購物體驗是一項重要的優勢，並相信它將繼續引起消費者的共鳴。此外，我們透過將店鋪選址在交通便利、易於到達的地點，並讓顧客能夠快速瀏覽我們店舖中的多個類別商品，從而讓顧客能夠非常輕鬆地購買我們的商品。

Most importantly, I truly believe the depth of off-price knowledge and expertise within TJX is unmatched. We have many leaders across the company with decades of off-price experience who are laser-focused on driving the current business at a very high level while also teaching and developing the next generation of TJX leaders.

最重要的是，我真誠地認為 TJX 在折扣商品領域的知識和專業技能是無與倫比的。公司裡有很多領導者擁有數十年的折扣零售經驗，他們全心全意地將當前業務推向高水平，同時培養下一代 TJX 領導者。

We also have a very deep bench, which gives us the ability to rotate talent between divisions and geographies. Finally, I am so proud of our culture, which I believe has been a major contributor to our long history of strong performance.

我們還有非常深厚的後備力量，這使我們能夠在不同部門和地區之間輪換人才。最後，我為我們的文化感到無比自豪，我相信這是我們長期以來取得優異成績的重要因素。

Summing up, we are extremely pleased with the overall performance of TJX in the third quarter and the momentum of the business entering the holiday season. I am so proud of the continued execution of our teams around the world and their relentless focus on our value commitment to our shoppers. We remain convinced that we have significant opportunities for growth and believe we can continue to capture market share around the world for many years to come.

總而言之，我們對 TJX 第三季的整體表現以及公司進入假期季節的良好發展勢頭感到非常滿意。我為我們全球團隊的持續高效執行以及他們始終堅持對顧客的價值承諾而感到無比自豪。我們仍然堅信我們擁有巨大的成長機會，並相信在未來許多年裡，我們能夠繼續在全球範圍內奪取市場份額。

Finally, I am pleased to share that during the third quarter, we published our 2025 Global Corporate Responsibility Report. The report covers our ongoing work across four key areas; workplace, communities, environmental sustainability and responsible sourcing. We invite you to learn more by visiting our website, tjx.com.

最後，我很高興地宣布，在第三季度，我們發布了《2025 年全球企業責任報告》。該報告涵蓋了我們在四個關鍵領域正在進行的工作：工作場所、社區、環境永續性和負責任的採購。歡迎造訪我們的網站 tjx.com 以了解更多資訊。

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

現在我將把電話轉回給約翰，讓他介紹我們第四季和全年的業績預期，然後我們將開放提問環節。約翰？

Thanks again, Ernie. I'll start with our fourth quarter guidance, where we are planning overall comp sales to increase 2% to 3%; consolidated sales to be in the range of $17.1 billion to $17.3 billion; pretax profit margin to be in the range of 11.7% to 11.8%, up 10 basis points to 20 basis points versus last year's 11.6%; gross margin to be in the range of 30.5% to 30.6%, flat to up 10 basis points versus last year.

再次感謝你，厄尼。首先，我將介紹我們第四季的業績指引。我們預期整體同店銷售額將成長 2% 至 3%；合併銷售額將在 171 億美元至 173 億美元之間；稅前利潤率將在 11.7% 至 11.8% 之間，比去年的 11.6% 提高 10 至 20 個基點；毛利率將在 30.5% 至 30.1 之間，去年基點或基點持平。

SG&A to be in the range of 18.9%, which would be 30 basis points favorable versus last year. We're assuming net interest income of $26 million, which we expect to delever fourth quarter pretax profit margin by 10 basis points. Our fourth quarter guidance also assumes a tax rate of 25.4% and a weighted average share count of approximately 1.12 billion shares. Based on these assumptions, we expect fourth quarter diluted earnings per share to be in the range of $1.33 to $1.36, up 8% to 11% versus last year's $1.23.

銷售、一般及行政費用率預計在 18.9% 左右，比去年低 30 個基點。我們假設淨利息收入為 2,600 萬美元，預計這將使第四季度稅前利潤率降低 10 個基點。我們的第四季業績指引也假設稅率為 25.4%，加權平均股數約為 11.2 億股。基於這些假設，我們預計第四季度稀釋後每股收益將在 1.33 美元至 1.36 美元之間，比去年的 1.23 美元增加 8% 至 11%。

Moving to the full year. We now expect overall comp sales to increase by 4%. We are increasing our full year consolidated sales guidance to a range of $59.7 billion to $59.9 billion. This increase reflects the flow-through of the above-plan sales in the third quarter. We are increasing our full year pretax profit margin guidance to 11.6%, up 10 basis points versus last year's 11.5%.

進入全年。我們現在預計整體同店銷售額將成長 4%。我們將全年合併銷售額預期上調至 597 億美元至 599 億美元之間。這一成長反映了第三季超額銷售額的持續成長。我們將全年稅前利潤率預期上調至 11.6%，比去年的 11.5% 提高 10 個基點。

Moving to gross margin. We now expect it to be 30.9%, up 30 basis points versus last year's 30.6%. We now expect full year SG&A to be 19.5%, a 10 basis points unfavorable versus last year. We're assuming net interest income of $111 million, which we expect to delever fiscal '26 pretax profit margin by 10 basis points. Our full year guidance assumes a tax rate of 24.5% and weighted average share count of approximately 1.13 billion shares.

接下來討論毛利率。我們現在預計該數值將為 30.9%，比去年的 30.6% 上升 30 個基點。我們現在預計全年銷售、一般及行政費用率為 19.5%，比去年下降 10 個基點。我們假設淨利息收入為 1.11 億美元，預計這將使 2026 財年的稅前利潤率降低 10 個基點。我們全年業績預期假設稅率為 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 $4.63 to $4.66, up 9% versus last year's diluted earnings per share of $4.26. In terms of tariffs, we're assuming that the current level of tariffs on imports into the US will stay in place for the remainder of the year. As such, our guidance assumes that we will be able to continue to offset the tariff pressure on our business in the fourth quarter.

基於上述假設，我們將全年稀釋後每股盈餘預期上調至 4.63 美元至 4.66 美元，較去年稀釋後每股盈餘 4.26 美元成長 9%。關於關稅，我們假設目前美國對進口商品徵收的關稅水準將在今年剩餘時間內保持不變。因此，我們的業績預期是，我們將能夠在第四季度繼續抵銷關稅對我們業務帶來的壓力。

In closing, I want to reiterate Ernie's confidence in our plans for the remainder of the year and our long-term opportunities going forward. I want to emphasize that we will remain in an excellent position to continue to invest in the growth of our company while simultaneously returning cash to our shareholders.

最後，我想重申厄尼對我們今年剩餘時間的計劃以及我們未來長期發展機會的信心。我想強調的是，我們將繼續處於有利地位，在持續投資公司發展的同時，也能向股東返還現金。

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 to questions.

現在我們很樂意回答您的問題。再次提醒，請每人限提一個問題，以便我們能回答盡可能多的問題。謝謝，現在我們開始提問。

(Operator Instructions)

（操作說明）

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

Good morning and thank you for taking our question. Ernie, I'd love to hear a little bit more about what gives you confidence in continuing to deliver the comp momentum as we come up into a tough compare for holiday season. And then can you also give a little bit of commentary on what the benefit was to comp in the quarter from AUR and pricing growth and what your plans are for pricing and price gaps as you deliver value into the holiday season?

早安，感謝您回答我們的問題。厄尼，我很想聽聽你對於在即將到來的假日季這個艱難的銷售旺季繼續保持增長勢頭有何信心。那麼，您能否也談談本季平均入住率和價格成長帶來的收益，以及您在假期季節提供價值時，在定價和價格差距方面有哪些計劃？

Thank you.

謝謝。

Sure, Brooke. Well, on the comp momentum, you can see we've been kind of building momentum for a bit now, right? It's going back a number of months. I think when you look around the board here at the opportunity to deliver a shopping experience and merchandise that is branded at tremendous value across good, better and best. And then you look at the lack of that customer mission being serviced really by anybody else around us.

當然可以，布魯克。從同業競爭的勢頭來看，我們現在已經累積了一段時間的勢頭，對吧？這事兒要追溯到幾個月前。我認為，當你環顧四周，你會發現這裡有機會提供極具價值的品牌購物體驗和商品，涵蓋好、更好、最好三個層次。然後你會發現，我們周圍的其他人都沒有真正滿足客戶的需求。

Nobody is really doing that. So -- and I'm talking good, better, best branded at tremendous value. And the shopping environment, which I think over the last decade has become more important to consumers in terms of not only the merchandise, but our shopping environment is very pleasant. Our associates are very accommodating, they're happy. We're providing, I think, an overall pleasant exciting treasure hunt shopping experience.

實際上沒有人這樣做。所以——我指的是物超所值的優質、更好、最好的品牌產品。購物環境，我認為在過去十年中，對消費者來說變得越來越重要，不僅體現在商品方面，而且體現在我們的購物環境非常舒適宜人方面。我們的員工非常熱情周到，他們也很開心。我認為，我們提供了一種整體上令人愉悅、令人興奮的尋寶式購物體驗。

Even if it's (inaudible) treasure hunt, our consumers that we have data on this really enjoy shopping us. It's a very positive experience. And contrast that with what's happening around us. And I think ultimately, that's why our formula just bodes well in terms of confidence in our comp momentum.

即使這是一場（聽不清楚的）尋寶遊戲，根據我們的數據，我們的消費者真的很喜歡在我們這裡購物。這是一次非常正面的體驗。並與我們周圍正在發生的事情進行對比。我認為歸根結底，這就是為什麼我們的公式預示著我們對同業成長勢頭的信心良好。

John, did you want to jump in?

約翰，你想跳進去嗎？

Yeah. I mean, just to give you some color on the cadence and the build of the comp. So the cadence in the quarter was very consistent by month, which was really nice to see. As to transactions in basket, both transactions and basket were up with basket driving a little bit more of the comp within -- and within basket ticket was the driver.

是的。我的意思是，只是想介紹一下比賽的節奏和結構給你。因此，本季各月的節奏都非常穩定，這真的很令人欣慰。至於購物籃內的交易量，交易量和購物籃內的交易量均有所上升，其中購物籃內的交易量略微超過了同店交易量——而購物籃內的交易額是主要驅動因素。

Does that help you, Brooke, with that part of that question?

布魯克，這樣對你解答這個問題有幫助嗎？

Yes, very helpful. Thank you.

是的，很有幫助。謝謝。

Yeah. But you had kind of a third part, which I believe was around the pricing gap, which it's touching on what John is getting at. But clearly, another component is our merchants are so driven by keeping a gap on our retail against the out the door. We've talked about that many times.

是的。但你還有第三部分，我認為這部分是關於價格差距的，這與約翰要表達的意思不謀而合。但很顯然，另一個因素是我們的商家非常注重維持零售價與出貨價之間的差距。我們已經多次討論過這個問題了。

And I think that's what speaks to the third question you were getting at is we will continue to shop aggressively our competition, which, by the way, is clearly all retail, whether it's online, whether it's brick-and-mortar, mass market, discount or department stores or specialty.

我認為這回答了你提出的第三個問題，那就是我們將繼續積極地與競爭對手競爭，順便說一句，很明顯，我們的競爭對手是所有零售商，無論是線上、線下、大眾市場、折扣店、百貨公司還是專賣店。

And then we will ensure, as we always do, that our out-the-door retail is below their promotional retail or promotional retails. And we'll continue to do that regard -- and that's where it gets down to item and SKU and our teams are so good at staying laser-focused on executing that. So that, by the way, I guess you could argue that's another component of being confident in our continued momentum.

然後，我們將像往常一樣，確保我們的出店零售價低於他們的促銷零售價或促銷零售價。我們將繼續在這方面努力——而這最終取決於商品和 SKU，我們的團隊非常擅長專注於執行這一點。所以，順便說一句，我想你可以說這是我們持續保持發展勢頭的另一個重要因素。

Paul Lejuez, Citi.

Paul Lejuez，花旗銀行。

Hey, thanks guys. Just a follow-up on the traffic and ticket. I'm curious, is it the mix that drove the basket when you think about the higher --

嘿，謝謝大家。關於交通違規和罰單的事，我再補充一下。我很好奇，當你考慮到更高層次的因素時，是不是這種混合搭配推動了籃子的形成？--

Sorry, Paul, that didn't come -- could you repeat that first part?

抱歉，保羅，我沒聽清楚──你能再說一次第一部分嗎？

Sure. I was curious if it was mix that drove the basket in terms of higher AUR, higher ticket? Or are you seeing any true price increases based on what's happening in the competitive landscape? Are you seeing that opportunity to take prices higher across the assortment because others are doing the same? And then I'm also just curious if you could talk about the income demographic comment.

當然。我很好奇，是不是產品組合的多樣性推動了更高的平均售價和更高的客單價？或者，您是否根據競爭格局的變化看到了任何真正的價格上漲？您是否意識到，由於其他公司都在提高全線產品的價格，因此您也有機會提高全線產品的價格？另外，我還想請您談談關於收入人口統計的評論。

I think you said consistent performance. I was curious if you were referring to the United States specifically? Or if you can maybe talk about income demographics and other geographies as well? Any differences that you're seeing?

我想你指的是持續穩定的表現。我很好奇你指的是美國嗎？或者您能否也談談收入人口統計和其他地理因素？你觀察到什麼不同嗎？

Sure. Yeah. So when you break down the ticket, it was a bit more of the price versus the mix that drove that. I don't know if Ernie, do you want to expand on that?

當然。是的。所以，仔細分析這張票，你會發現價格和產品組合的差異才是造成這種情況的主要原因。我不知道厄尼是否願意就此展開討論？

Yeah, sure. Yeah. Paul, I think it was a combination, but I think a little bit more was due to some of the pricing that's gone up selectively throughout as other prices have gone up around us. I think you've seen many reports about other retailers talking about having made some price adjustments on certain items, categories. Again, we in some of those cases have followed suit based on what we've had to pay in retail.

當然可以。是的。保羅，我認為這是多種因素共同作用的結果，但我覺得更主要的原因是，隨著周圍其他商品價格的上漲，一些商品的價格也選擇性地上漲了。我想你已經看到很多報道，說其他零售商對某些商品或類別進行了價格調整。同樣，在某些情況下，我們也根據我們在零售業的支付情況採取了相應的措施。

But again, I go back to what I had said to Brooke at the end of that question, her question as we are extremely diligent on making sure we're providing it in some cases, at least as good a value as we were prior. In fact, our value perception scores, which we are always monitoring, are extremely strong. Of course, one would probably guess that when you look at our sales, you would say that the value perception wasn't strong, we probably wouldn't be doing these comp sales.

但是，我還是要回到我最後對布魯克說的話，也就是她提出的問題，因為我們非常認真地確保在某些情況下，我們提供的價值至少和以前一樣好。事實上，我們一直在監測的價值感知得分非常高。當然，人們可能會猜測，如果你看一下我們的銷售情況，你會說價值感知並不強，我們可能就不會進行這些同店銷售了。

So I think, as John said, that was probably the chunk, the reason. But merchandise mix does certainly impact. Again, I want to emphasize, we do not top down drive the retail ticket. We're insisting on the right value. And then our merchants down at the buyer and MM level are the ones that really determine where the retail should be.

所以我覺得，正如約翰所說，那可能就是關鍵所在，就是原因。但商品組合確實會產生影響。我再次強調，我們不會自上而下地控制零售價格。我們堅持的是正確的價值。然後，真正決定零售業發展方向的是我們的採購員和行銷人員。

Right.

正確的。

There is a good part of our mix that we're not buying the same thing over and over.

我們的商品組合中有很大一部分是我們不會反覆購買相同的東西。

Yeah.

是的。

But when we look at ticket, we're really looking at it within the department. So -- and so there -- it's -- sometimes it can be a little challenging to read. But --

但是，當我們查看工單時，我們實際上是在部門內部進行查看。所以——就是這樣——有時候讀起來可能會有點困難。但--

Income demo.

收入演示。

Getting back to your income demographic. The vast majority of our geographies, it was close. I mean it's both the -- both income demographics that we kind of break it down and how we look at it were very, very close, but it was the lower income demographic that was driving the comp in the majority of our geographies.

回到您的收入人口統計。在我們絕大多數地區，結果都很接近。我的意思是，我們劃分的兩種收入人口統計數據非常接近，但在我們大多數地區，是低收入人口統計數據推動了比較結果。

Which Paul brings up because you -- I'm sure all of you have heard many different reports on, in some cases, articles about the, I guess, the upper end or luxury retail driving some of the -- again, I always emphasize the strength in our business model is that we have a balanced approach where we have all -- we try to appeal to all ages and all income demographics, and we never veer off that mission really for times like this and times when things get better or at times where people have struggled, we want to appeal to all income demographics.

保羅之所以提起這一點，是因為——我相信你們都聽過很多不同的報道，在某些情況下，文章提到，高端或奢侈品零售推動了一些——再次強調，我們商業模式的優勢在於我們採取了平衡的方法，我們努力吸引所有年齡段和所有收入群體，我們從未偏離這一使命。無論是在當前情況下，還是在情況好轉或人們生活艱難的時候，我們都希望吸引所有收入群體。

Which is why we're seeing

這就是我們看到的情況。

Consistent across everyone.

對所有人來說都保持一致。

All the demographic fans we look at.

我們關注的所有粉絲群。

All right. Just a follow-up. Is that unusual that it would be the lower income demos that are outperforming at the same time that you're seeing ticket still higher?

好的。補充一下。低收入者表現優異，同時票價卻依然走高，這種情況是否不尋常？

No. It's been like that for the last number of quarters. And I mean, because really for quite a long time, we've been seeing strong across all income demographics that sometimes it will tip one way or the other. That's what we're seeing is just a tipping of it, rather than a trend.

不。過去幾季一直都是這樣。我的意思是，因為實際上，在相當長的一段時間裡，我們已經看到各個收入群體都出現了強勁的趨勢，有時情況會朝著某一邊傾斜。我們看到的只是冰山一角，而不是一個趨勢。

It's not a long-term trend. Yeah. So -- and Paul, we have -- and when John says the strength, all the income demos are healthy. It's just that one is nudging a little bit. In other words, a lot of -- we are happy with the -- all the different income groups.

這並非長期趨勢。是的。所以——保羅，我們有——當約翰說實力的時候，所有收入演示都很健康。只是其中一個稍微推了一下而已。換句話說，我們對所有不同收入群體都感到滿意。

That one just nudged up a bit in the recent past.

最近這個數字略有上升。

Alex Straton, Morgan Stanley

摩根士丹利的亞歷克斯·斯特拉頓

Great, thanks so much. I've got one for John and then maybe one for Ernie. So John, just on the gross margin guidance for the fourth quarter, can you talk about what changes to make that year-over-year expansion a little bit less than what we've seen in the last couple of quarters? And then for Ernie, a bigger picture question. There's been a lot of discussion around AI disintermediation in retail, especially with the use of personal digital shoppers.

太好了，非常感謝。我為約翰準備了一份，也許還會為厄尼準備一份。約翰，關於第四季的毛利率預期，你能談談為了讓年比成長略低於過去幾季的成長速度，需要做出哪些調整嗎？然後，對厄尼來說，還有一個更宏觀的問題。關於人工智慧在零售業的去中介化，尤其是個人數位購物者的使用，已經有許多討論。

So I'm just wondering how you think about what these developments mean for TJ and what your broader kind of AI strategy might be more generally?

所以我想知道您如何看待這些發展對TJ的意義，以及您更廣泛的人工智慧策略可能是什麼樣的？

So on the gross margin for the fourth quarter, the reason why is it's really how we are handling our shrink accrual for the year. Because we had a favorable shrink came in last year, so we're up against the adjustment in the fourth quarter that brought the shrink rate down from our plan. So we have favorable shrink comparison to last year for Q1, Q2, Q3. And in Q4, we're up against a negative comparison last year. Does that make sense?

所以，第四季的毛利率之所以如此，是因為我們如何處理今年的損耗提列。由於去年我們經歷了有利的損耗，我們在第四季度面臨調整，導致損耗率低於我們的計劃。因此，與去年同期相比，我們第一季、第二季和第三季的虧損情況都比較樂觀。第四季度，我們面臨去年同期下降的基數。這樣說得通嗎？

I'm sorry, we're up against a positive adjustment last year this year, which creates a negative compare.

抱歉，由於去年同期數據上調，今年的年比數據將出現負成長。

Is that good, Alex, on that?

這樣可以嗎，亞歷克斯？

Yes, it is. Thank you.

是的。謝謝。

Okay. So -- and on the -- yes, the bigger picture AI question, which, of course, no topic is highlighted more than AI in the world we're in today. Our teams are all over this from a couple of perspectives. But let me emphasize that we're doing it in a TJX approach manner in terms of where would it dovetail into helping us without us swinging a pendulum and doing some that could be kind of counter productive.

好的。所以——關於——是的，更宏觀的人工智慧問題，當然，在當今世界，沒有一個主題比人工智慧更受關注。我們的團隊正從多個角度深入研究此事。但我要強調的是，我們採用的是 TJX 的方法，在不搖擺不定、不做出可能適得其反的事情的情況下，找到能夠幫助我們的方法。

So we are pretty aggressively evaluating and testing and deploying AI really across our business to help us work more efficiently and enhance and augment really the work our associates are doing. So you had mentioned, I think, some example. But areas we would look at it right now, the testing is enhancing our fraud detection and security. There are aspects to that, that could work out well. In-store analytics, really helping with that process, enhancing customer service.

因此，我們正在積極地評估、測試和部署人工智慧，以幫助我們更有效率地工作，並增強和改進我們員工的工作。所以，我想你之前提到過一些例子。但就我們目前關注的領域而言，測試正在增強我們的詐欺偵測和安全保障。這其中有些方面可能會帶來好的結果。店內分析確實有助於此過程，提升顧客服務水準。

I'll give you another one, HR, where I think we're going to get some really big benefit is in some HR processes where there's a lot of information that could be somewhat cumbersome. As big as we are today, I think that's going to help streamline a lot of work for some of our HR associates there.

我再舉一個例子，人力資源部門，我認為我們會在一些人力資源流程中獲​​得真正的巨大好處，這些流程涉及大量信息，可能會有些繁瑣。儘管我們公司規模如此龐大，但我認為這將有助於簡化我們人力資源部門一些同事的大量工作。

Enhancing customer service, I think I mentioned. Marketing, a recent discussion we just had is marketing optimization. This is something going on around us, and we are taking a look. It's really at the beginning to see what processes there would benefit from us implementing AI. So we are -- I can't tell you details, but we are taking a hard look and we'll be testing some services there to see if we can move that further.

我想我之前提到過，要提升客戶服務水準。行銷方面，我們最近討論過的一個主題是行銷優化。這是我們身邊正在發生的事情，我們正在調查。現在還處於起步階段，需要觀察哪些流程可以透過應用人工智慧而受益。所以，我不能透露細節，但我們正在認真研究，並將在那裡測試一些服務，看看我們是否可以進一步推進。

Obviously, we -- it goes without saying we'd be looking at supporting, buying and planning in a way -- again, in a way that still allows our merchants to function with the secret sauce that we do not want to be impacted by AI, if that's not appropriate. So we're always very careful with that. But of course, we want to be aware of it and look at it.

顯然，我們——不言而喻——會考慮以某種方式提供支援、購買和規劃——同樣，以一種仍然允許我們的商家運用我們不想受到人工智慧影響的秘訣的方式，如果那樣不合適的話。所以我們在這方面一直非常謹慎。當然，我們希望了解它，並關注它。

And then helping IT teams deliver and operate more efficiently. That was one of the first places we were looking at this a number of years ago. The last thing here, Alex, I would say is we are also -- the teams are really terrific, and our -- I give our IT area credit that they're always looking at what are other people doing with AI so that we're always aware competitively speaking, so that we don't get blindsided on something we should have been looking at and somebody else is. So that's probably a little more info than you needed. But I think that kind of explains the -- we're on it.

然後幫助IT團隊更有效率地交付和運作。那是我們幾年前最早考察的地點之一。最後，Alex，我想說的是，我們的團隊也非常出色，而且——我得讚揚一下我們的IT部門，他們總是關注其他人在人工智能方面做了什麼，這樣我們才能始終保持競爭意識，避免在一些我們應該關注而其他人已經關注的事情上被蒙在鼓裡。所以，這些資訊可能比你需要的要多一些。但我認為這可以解釋——我們正在努力。

Part of that last comment that I already made, we have established cross-functional governance that -- a process that just ensures that we are thoughtfully proceeding on looking at AI.

我剛才提到的最後一個問題的一部分是，我們已經建立了跨職能治理機制——這個機制確保我們在研究人工智慧時能夠深思熟慮。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Thanks and congrats on a nice quarter.

謝謝，也恭喜你們本季業績出色。

Thanks, Matt.

謝謝你，馬特。

So Ernie, could you elaborate on just on the overall acceleration at Marmaxx, new customer acquisition relative to expanded basket from your existing core? And if you could elaborate on the strong start to the fourth quarter, have you seen any softening in business or just opportunities that you see for holiday this year?

Ernie，你能否詳細說明 Marmaxx 的整體加速發展情況，以及在現有核心客戶群的基礎上擴大產品組合，從而獲得新客戶的情況？如果您能詳細談談第四季度強勁的開局，您是否看到業務有任何疲軟跡象，或者您認為今年假期季節有哪些機會？

So you're laying it up for me here, Matt.

所以你是在給我鋪路，馬特。

It's a new point, Ernie.

這是個新觀點，厄尼。

Yeah. I appreciate it. Now the new customer acquisition, clearly, where -- it's funny, we just talked about this a week ago, I do with my marketing team and the analysis group there. We're clearly capturing new customers consistently at about the balance that we did before. We're getting equal momentum from that, as well as our infrequent and frequent customer spending.

是的。謝謝。現在，關於新客戶的獲取，很明顯——有趣的是，我們一周前才討論過這個問題，我和我的行銷團隊以及分析小組也討論過這個問題。我們顯然能夠持續穩定地獲取新客戶，並且與先前的比例基本持平。我們從中獲得的動力與客戶不頻繁和頻繁的消費一樣強勁。

I think we have -- I give the Marmaxx team credit on just really terrific execution. They have, right now, if you look at the store, a very balanced mix across all the families of business. And that's one reason I think we're capturing the market share we're capturing, which is apparel has kicked in. By the way, we sometimes talk when weather has been against us. I would tell you right now, weather has helped us recently.

我認為我們已經——我必須稱讚 Marmaxx 團隊，他們的執行力真的非常出色。現在，如果你看看他們的商店，你會發現各個業務類別之間的組合非常均衡。我認為，我們能夠獲得如此大的市場份額，其中一個原因就是服裝業已經蓬勃發展了。順便說一句，我們有時會在天氣不好的時候聊天。我現在就可以告訴你，最近的天氣對我們很有幫助。

So that certainly is a plus in Marmaxx in certain categories. But when you look at our apparel and non-apparel business there, it's healthy across the board. So yeah, I think you started to touch on this, Matt. There is no area that's really lagging too much. Otherwise, by the way, we wouldn't -- it's hard to have Marmaxx run a six comp if we did have a high liability department that wasn't performing. So that's been really strong.

所以，在某些方面，這無疑是 Marmaxx 的優勢。但如果你看一下我們在那裡的服裝和非服裝業務，你會發現它們整體發展狀況良好。是的，我想你已經開始談到這一點了，馬特。沒有哪個領域真的嚴重落後。否則，我們就不會——如果我們有一個高負債部門表現不佳，Marmaxx 就很難進行六項比較。所以這方面表現非常強勁。

Their inventory position -- now to kind of the root of what's going on and why I have the continued confidence, back a little bit back to Brooke's first question is the availability in the market is just -- I've used this before, the off the charts. I didn't use it in the script, but it's off the charts. So we have so much availability across the brands in many categories and some more availability in some of the categories that we haven't seen in a while. So I think that is going to bode well for our next quarter.

他們的庫存狀況——現在要回到事情的根源，以及我為何仍然充滿信心，稍微回到布魯克的第一個問題，那就是市場上的供應情況——我以前用過這個說法，簡直是爆表。雖然劇本裡沒用到它，但它的效果簡直好到爆表。因此，我們各個品牌在許多品類中都有充足的貨源，而且有些品類的貨源比我們之前一段時間看到的要多。所以我認為這對我們下一季來說是個好兆頭。

And when your consumer right now, given the lack of excitement at retail around us, that's making them very open to trying us, which is why we have really strong holiday marketing campaign set up that really talks to our value leadership over the next couple of months.

鑑於目前零售業缺乏活力，消費者現在非常願意嘗試我們的產品，因此我們制定了非常強有力的假日行銷活動計劃，在接下來的幾個月裡，我們將大力宣傳我們的價值領導地位。

And that's why I mentioned that in the script, we're so excited about the different marketing creatives, which are really aimed at keeping us top of mind with consumers are encouraging -- consumers that haven't tried us to try us for the first time. And that's why I think the new customer and infrequent customers and customers that may have shopped us a year ago and haven't been back, that's what our marketing is aimed at taking advantage in this environment.

這就是為什麼我在劇本中提到，我們對不同的行銷創意感到非常興奮，這些創意旨在讓我們在消費者心中保持領先地位，並鼓勵那些還沒有嘗試過我們產品的消費者第一次嘗試我們。所以我認為，在當前的市場環境下，我們的行銷目標就是吸引新客戶、不常光顧的客戶以及一年前在我們這裡購物但之後就沒再回來的客戶。

And then I'll just reiterate what Ernie has said upfront earlier in the call that we continue to fund payroll appropriately in the stores. We continue to invest in remodels in the stores. We've got fixtures that make it easier for customers to shop the stores. We're trying to -- again, we're trying to maintain that great shopping environment when the customers do come into the store.

然後，我只想重申一下 Ernie 在電話會議早些時候所說的，我們將繼續為門市提供適當的薪資資金。我們持續投資對門市進行改造。我們配備了一些設施，方便顧客在店內購物。我們正在努力——再次強調，我們正在努力保持良好的購物環境，讓顧客能夠享受購物的樂趣。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

Thanks, good morning. Ernie, are there any categories or customer demographics where raising prices has been less successful? And how quickly can you pivot if you see pushback to some of this price over the holidays?

謝謝，早安。厄尼，有沒有哪些品類或顧客群，漲價的效果不太理想？如果假期期間市場對這個價格有所抵觸，你能多快調整策略？

Yeah. Great question. We have -- we actually -- I won't say what it is. We had one category, only one -- and you know all the categories we have -- where we weren't happy. We pivoted back and brought the retailers right back to where they were pre the adjustment.

是的。問得好。我們有——實際上——我不會說是什麼。我們只有一個類別，只有這個類別——你知道我們所有的類別——讓我們不滿意。我們迅速調整策略，使零售商恢復到調整前的水準。

Other than that, I would say we're 95% successful on the pricing strategy. Again, we don't lead the pricing strategy. We wait for the market around us. So even on that one category, what must -- my guess is our competitors on that category probably had to address their retails too because we only went up when their retails were going up. And then we found out if it wasn't good for us, there's no way it was good for them.

除此之外，我認為我們的定價策略取得了95%的成功。再次聲明，我們不主導定價策略。我們等待周遭的市場動向。所以即使在那一個類別上，我猜想我們在該類別上的競爭對手可能也不得不調整他們的零售價格，因為我們只有在他們的零售價格上漲時才上漲。然後我們發現，如果這對我們不好，那對他們一定也不好。

So no, there -- other than the one I'm thinking about, we have been successful across the board. Having said that, just on some -- we've had a couple of items. I'll hear it from a couple of the merchants where we tried this one and this one SKU, even though it was in a category where it's worked across the board, we might have a SKU that didn't work because it might just not -- it might be bumping up against something or whatever in our own mix because sometimes they have to compete in our own mix.

所以，除了我正在考慮的那件事之外，其他方面我們都取得了成功。話雖如此，只是在某些方面——我們已經有一些產品了。我會從一些商家那裡聽到這樣的回饋：我們嘗試過這款產品和這個 SKU，即使在它所屬的類別中一直都很成功，我們也可能遇到一些 SKU 效果不佳的情況，原因可能是——它可能與我們自己的產品組合中的某些產品衝突，因為有時它們必須與我們自己的產品組合競爭。

And even the pricing, if it went up around us, and we try to take it up because it went up around us, it's still hanging with our other goods, and sometimes, it doesn't work. So -- but absolutely, Lorraine, 95% successful and very few. We're very careful on it, which is why not only do we judge it off the actual hard data where we watch selling by SKU every week, but we also use our value perception scores. We keep a constant pulse on that.

即使價格上漲，如果周圍的物價上漲，我們也試圖跟進，但價格仍然會和其他商品的價格掛鉤，有時這樣做行不通。所以——但絕對沒錯，洛林，95% 的人成功，而且人數很少。我們對此非常謹慎，因此我們不僅根據每週按 SKU 統計的銷售情況的實際硬數據進行判斷，而且還使用我們的價值感知評分。我們會持續關注此事。

And the speed at which we turn our inventory gives us the flexibility to react quickly --

我們快速週轉庫存的能力使我們能夠靈活地迅速做出反應。--

Great point, John. Yeah. Yeah. Good question, Lorraine.

約翰，你說得對。是的。是的。問得好，洛琳。

Ike Boruchow, Wells Fargo.

艾克·博魯喬夫，富國銀行。

Hey, good morning guys. Congrats, two for me. Similar to Lorraine's question, Ernie, are there categories that you've intentionally deemphasized or pushed harder because of tariffs just because you look at the economics of each category? I'm just kind of curious, how you think about that? And then look, clearly, your business is not seeing any issues. But very high level, I'm sure you guys have tons of KPIs or markers you look at to kind of judge the US.

嘿，各位早安。恭喜，我也有兩張。與 Lorraine 的問題類似，Ernie，你是否因為關稅問題而有意弱化或加大對某些類別的投入，僅僅因為你從每個類別的經濟角度考慮了這些類別？我只是有點好奇，你對此有什麼看法？然後你看，很明顯，你的企業沒有遇到任何問題。但從宏觀層面來說，我相信你們有很多關鍵績效指標或衡量標準來評斷美國。

consumer. Is there anything that you've seen over the past couple of months kind of going into holiday that it all shows you that the US consumer is under some level of pressure? I think it's still a debate at this point. Just kind of curious how you guys view that at a high level.

消費者。在過去幾個月臨近假期之際，您是否觀察到任何跡象表明美國消費者面臨一定程度的壓力？我認為目前這仍然是一個有爭議的問題。我只是有點好奇你們從宏觀層面是如何看待這個問題的。

Sure, Ike. On the first one, deemphasizing category, so to speak, if we were running into a tariff. We have done that to a little degree. What's happened though, the cycle tends to come back because when they're imported like that, eventually, their other accounts kind of back up. And so if people back off enough, we're -- again, we're not the importer.

當然，艾克。第一種情況是，如果我們遇到關稅問題，就應該淡化類別因素。我們已經在某種程度上做到了這一點。但實際情況是，這種循環往往會再次出現，因為當他們像這樣被導入時，最終，他們的其他帳戶也會恢復正常。所以，如果人們退縮到足夠遠的程度，我們——再說一遍，我們不是進口商。

So we are able to negotiate with a third party. And we just might have a lag. We don't consciously deemphasize over the long term. We just might take what's called our internal sales and inventory plans they're called, ladder plans. We might take those down for a couple of months, but then the market cycles back. We seen that happen in numerous times because we're not ready to take a big price increase if the vendors are coming to on a category if we can show the great value. So it kind of works its way through the system.

因此，我們可以與第三方進行談判。我們可能確實存在延遲。我們並非有意忽視長期發展。我們或許會採用所謂的內部銷售和庫存計劃，也就是所謂的階梯式計劃。我們可能會把這些商品下架幾個月，但之後市場就會恢復正常週期。我們已經多次看到這種情況發生，因為如果供應商要對某個類別進行大幅漲價，而我們又能證明產品具有巨大的價值，那麼我們就不願意接受這樣的漲價。所以它就這樣一步步地在系統中發揮作用。

So a great question. that's -- in those cases, and yes, we have done it in a couple of cases, we just wait for the cycle to come back to us in a couple of months. Tariffs overall, I mean we -- we don't really get different data than what all of you get. We can see that prices have been going up across many retailers in many categories, and it's been talked about as either it's been done or they're looking at doing it.

這是一個很好的問題。在那種情況下——是的，我們確實在幾個案例中這樣做過——我們只需等待幾個月後週期再次循環即可。總的來說，關稅方面，我的意思是，我們——我們得到的數據和你們得到的數據並沒有什麼不同。我們可以看到，許多零售商在許多類別中都提高了價格，而且人們一直在討論漲價的事情，有的說已經漲價了，有的說正在考慮漲價。

And I would -- my barometer for our other retailers struggling a little is just the fact that the availability of merchandise across the board is so high across good, better and best. That would lead us to believe that other retailers are struggling with some of the impact of the tariffs, I guess. So -- but again, we don't get any outright. That's just a pulse from what we see in the market.

而且，我認為──其他零售商是否經營困難的一個晴雨表就是，從好、更好到最好的所有商品，其供應量都非常高。我想，這或許可以解釋為什麼其他零售商也受到了關稅的影響。所以——但是再說一遍，我們沒有直接得到任何好處。這只是我們從市場中觀察到的趨勢。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Hey guys, great quarter. Thanks for taking our questions here. Had a couple on the margin. First, on the gross margin. So in third quarter, you -- I think you had started the guidance at about 5 basis points to 15 basis points of improvement on a 2% to 3% comp. You obviously beat it by a lot. Sounds like freight was a key upside driver.

嘿，夥計們，這季度很棒。感謝您回答我們的問題。有幾個在邊緣。首先，我們來看毛利率。所以，在第三季度，我認為你最初的預期是在 2% 到 3% 的同業成長率基礎上，提高 5 個基點到 15 個基點。你顯然贏了很多。看來貨運是推動股價上漲的關鍵因素。

So a couple of questions on that. Just since the shrink dynamic should be kind of contained to fourth quarter, was that freight benefit roll off in fourth quarter? Could you talk a little bit about what's driving freight, if that's something that could contribute after fourth quarter?

關於這一點，我有幾個問題。鑑於縮水趨勢應該主要集中在第四季度，那麼貨運收益是否在第四季就結束了？您能否談談推動貨運成長的因素，以及這是否會對第四季之後的業績產生影響？

Secondly, I'm also curious if there was a mismatch of any kind in the quarter between tariff costs and pricing? Also, what that dynamic looks like in fourth quarter? It sounds like you expect to offset tariffs. But I'm wondering if that -- if the tariff headwind does get tougher in fourth quarter? And then finally, just on, I guess, the pretax margins more broadly.

其次，我還想知道本季關稅成本和定價之間是否存在任何不匹配的情況？另外，這種動態在第四季會呈現什麼樣的變化？聽起來你打算抵銷關稅。但我懷疑──如果第四季關稅阻力真的加大的話？最後，我想更廣泛地談談稅前利潤率。

Are there any early signals of margin headwinds we should keep in mind as we look at our models for next year, either across the company or at the Marmaxx or HomeGoods division?

在展望明年公司整體或 Marmaxx 或 HomeGoods 部門的業績模型時，我們是否應該關注到任何可能對利潤率構成不利影響的早期跡象？

Yeah. So Michael, just on the freight piece. So for freight, it was a combination of favorable ocean rates and efficiencies that we implemented as far as movement of our merchandise. And that's really what drove that freight piece. And then as far as tariffs go, I mean, look, Q2, Q3, Q4, I mean, the tariffs are pretty consistent as far as what we're seeing.

是的。所以邁克爾，就說說貨運部分吧。因此，在貨運方面，我們結合了有利的海運費率和我們在貨物運輸方面實施的效率提升措施。而這正是推動貨運業務發展的關鍵所在。至於關稅方面，我的意思是，你看，第二季、第三季、第四季，我們看到的關稅相當穩定。

And we have every confidence that we can do exactly what we did in the second and third quarter and the fourth. So as I said in my closing comments, we are very confident in our ability to continue to navigate the tariff environment.

我們完全有信心能夠像第二、第三和第四季一樣，再次取得同樣的成績。正如我在總結演講中所說，我們非常有信心繼續應對關稅環境的變化。

And is that freight dynamic something that you think continues after fourth quarter? Or is that something that's just contained?

您認為這種貨運動態在第四季之後還會持續嗎？或者說，那隻是被限制住了？

No, it's really up to the freight -- the ocean freight providers. I mean, if they start taking ships offline and try to decrease the surplus or availability, I mean, it's hard for me to answer that. It's asking me to look into the future. I can say that what we've been seeing in the third quarter is that we did see a savings in the ocean freight container rate.

不，這實際上取決於貨運公司——海運供應商。我的意思是，如果他們開始讓船下線，並試圖減少剩餘船或船的可用性，那我就很難回答這個問題了。它要求我展望未來。我可以肯定地說，我們在第三季看到海運貨櫃運費確實有所下降。

Okay. So it sounds like it's more related to spot than contracts, so a little lower visibility? And then any other new headwinds to think about as we look at the models next year?

好的。聽起來它與現貨交易而非合約交易關係更大，所以可見度略低？那麼，在展望明年的模型時，還有哪些新的不利因素需要考慮呢？

No. Yeah, I'm not prepared to talk about next year right now. We're still in the process of pulling our plans together.

不。是的，我現在還不方便談論明年的事情。我們仍在製定計劃的過程中。

Corey Tarlowe, Jefferies.

科里·塔洛，傑富瑞。

Great thanks and good morning Ernie, you commented on the value perception scores. Curious, how you think about your value gaps today versus historically within the context of what you've seen from competitors and then also kind of the shape of the comp throughout the year given your comp was initially driven very much by traffic to start the year?

非常感謝，早上好，厄尼，您對價值感知評分發表了評論。我很好奇，您如何看待您目前與歷史相比的價值差距？考慮到您觀察到的競爭對手的情況，以及考慮到年初您的競爭對手主要受流量驅動，您又如何看待全年競爭對手格局的變化？

And sort of the commentary has felt in a way that it's evolved to be a little bit more driven by price, but not so much so that it's eroded your value gap is what I think is the point. But curious to get your perspective on that?

某種程度上，評論界似乎已經發展得更受價格驅動，但並沒有因此而縮小價值差距，我認為這才是重點。很想聽聽你的看法？

Thanks so much.

非常感謝。

Yeah, Corey, spot on, that you sum that up very balanced is the way we would look at it. The value gap today, by the way, I would tell you has improved from where it was even a couple of years ago in terms of a couple of things.

是的，Corey，你說得對，你總結得非常全面，我們也正是這樣看待這個問題的。順便說一句，如今的價值差距在某些方面比幾年前有所改善。

I still believe part of the value equation which is kind of evolved over the last number of years is the shopping environment that we provide to go along with the merchandise is creating, I think, an even larger value gap between us and the other retailers.

我仍然認為，過去幾年逐漸演變的價值等式的一部分，是我們為配合商品而提供的購物環境，我認為這造成了我們與其他零售商之間更大的價值差距。

And I think if you look at our shopping in our store versus other off-pricers or other specialty stores or department stores or larger discount stores, I think you would find a very efficient, clean, organized and then treasure hunt all at the same time, combined with -- I believe the perceptions are spot on where our values have even approved out the door retail versus others, the gap has improved. So across the board, I would say we have improved there versus historic comparisons in terms of total value.

我認為，如果你把我們店裡的購物體驗與其他折扣店、專賣店、百貨公司或大型折扣店進行比較，你會發現我們店裡的購物體驗非常高效、乾淨、井然有序，同時又能讓你體驗到尋寶的樂趣。而且——我相信人們的看法是正確的，我們的價值觀甚至認可了我們店外的零售模式，與其他零售模式相比，差距已經縮小了。總的來說，我認為就總價值而言，與歷史數據相比，我們已經有所進步。

The shape of the -- I think you were asking about the shape of the comp and that being driven -- it would have been a little bit more transactions you were feeling, but part of this is the retail -- it was only -- I think it was only HomeGoods were the right --

我想你問的是同業競爭格局以及它所受到的驅動——你感覺到的交易量可能會更多一些，但這其中一部分原因在於零售——我認為只有HomeGoods是合適的。--

HomeGoods was essentially flat.

HomeGoods 的面積基本上為零。

Right? And the others were still up. So that's why I said your comment was spot on where it's kind of in between, and we're feeling really good about it. Because, again, I think there is a major value gap between us and everybody else. And as John said, we've had these pricing things, but clearly, it does not impact any value perception at all.

正確的？其他人都還沒睡。所以這就是為什麼我說你的評論非常中肯，它介於兩者之間，我們對此感覺非常好。因為，我再次認為我們和其他人之間存在著巨大的價值觀差距。正如約翰所說，我們一直都有定價方面的問題，但顯然，這根本不會影響任何價值認知。

Exactly. And again, driving a five comp and being strong across every -- our division, it was really positive to see.

確切地。再次強調，我們部門實現了五項全面競爭，並且在每個方面都表現出色，這真的令人鼓舞。

I would throw in our big it. Now you can appreciate this hasn't come up yet, but my biggest challenge for this organization is when you have such strong sales momentum, which keeps getting better is for us to not get over our skis and buy too much too soon.

我會把我們的大事也考慮進去。現在你們可能明白這個問題還沒有出現，但我認為這個組織面臨的最大挑戰是，當銷售勢頭如此強勁，而且還在不斷好轉時，我們不要得意忘形，過早地購買太多東西。

So I think we've talked about that before. Even a year ago, one reason we are delivering the year we're having is keeping a lot of liquidity and our merchants are able to be very entrepreneurial and very opportunistic on their buying. And that's where we provide the most exciting value branded off-price closeout goods to the consumer.

所以我想我們之前已經討論過這個問題了。即使在一年前，我們今年取得成績的原因之一是保持了充足的流動性，我們的商家能夠在採購方面展現出很強的創業精神和把握機會的能力。在這裡，我們為消費者提供最令人興奮的超值品牌折扣清倉商品。

And so that continues to be a focus, is to make sure with all this availability that's out there and combined with our strong sales, we just need to fight the urge to buy too much too soon. You know what I mean, Corey? That would probably be our biggest challenge right now because that's the number 1, way we still can continue to drive our sales and profitable sales.

因此，我們仍然要重點關注這一點，那就是在現有充足的貨源和強勁的銷售業績的雙重作用下，我們必須克制住過快購買過多商品的衝動。科里，你明白我的意思嗎？這可能是我們目前面臨的最大挑戰，因為這是我們繼續推動銷售和獲利銷售的首要途徑。

Yeah, certainly. Makes a lot of sense. And then I just had a quick follow-up for John. You mentioned in Q4 that SG&A was 30 basis points, I believe, favorable or expected to be. Could you just unpack that for us a little bit? Thanks so much and best of luck.

當然可以。很有道理。然後我又快速地問了約翰一個後續問題。您在第四季度提到銷售、一般及行政費用為 30 個基點，我認為，這是有利的，或者說是預期的。能稍微解釋一下嗎？非常感謝，祝你好運。

Yeah, sure. So it's going to be a combination of incentive accrual favorability versus last year in expense savings. So last year, we adjusted our incentive accruals in the fourth quarter. So we're just -- we're comparing to that. So we have a year-over-year favorability there.

當然可以。所以最終結果將取決於激勵性獎金累積的有利因素與去年費用節省的對比。因此，去年第四季我們調整了激勵性薪酬的提列。所以我們只是──我們拿它跟那個做比較。所以，我們這方面出現了同比利好。

Okay great.

好的，太好了。

Jay Sole, UBS.

Jay Sole，瑞銀集團。

Great, thank you so much. Ernie, my question is, if you just take a step back and think about this has been a year with an unprecedented level of tariffs. And you're talking about availability of inventory. I think you said it was off the charts. Does it surprise you at all in the year when you would think people would be making less product, importing less product, but you have seen so much availability? And if it does, how do you explain it?

太好了，非常感謝。厄尼，我的問題是，如果你退後一步想想，你會發現今年的關稅水準是前所未有的。你指的是庫存狀況。我想你說過它超出了預期。在這一年裡，人們通常會減少產品生產和進口，但你卻看到產品供應如此充足，這是否讓你感到驚訝？如果真是這樣，你該如何解釋？

Yeah. No, great question, Jay. I have to tell you, yes, a little surprised on the degree to which the availability is there. Because to your point, back when -- I go back in the spring when all of this was just starting to evolve, and we get -- there were some categories where -- by the way, some categories back then, we wouldn't have worried about availability, only because the -- they wouldn't have been impacted as much by the tariff, it would have been a more moderate tariff.

是的。不，傑伊，問得好。我必須告訴你，是的，我對這種供應充足程度感到有點驚訝。因為正如你所說，回想當年——我回到春天，那時這一切才剛開始發展，我們——有些類別——順便說一句，當時有些類別，我們不會擔心供應問題，僅僅是因為——它們不會受到關稅的太大影響，關稅會比較溫和。

And then there are others where we might have expected a little less availability. And so yeah, a little bit. We always thought there would be good availability. Remember, you're never going to hear from me, a concern about not having enough goods across the board. Maybe in a category, a department, but you're never going to hear a concern, even with tariffs, about us not having enough goods the way the model works.

還有一些地方，我們可能預期供應量會少一些。是的，有點兒。我們一直認為貨源會很充足。記住，你永遠不會聽到我抱怨物資供應不足的問題。或許在某個類別或部門會有這種情況，但即使徵收關稅，你也永遠不會聽到有人擔心我們沒有足夠的商品，因為按照這種模式運作。

And the way -- by the way, and the way we have seasoned pros in all of these areas in merchandising and planning that can bob and weave to the dynamics out there. But yes, to your point, I think the degree to this, how do I explain it? I think you -- part of the reason you explained is you have public companies that are retailers that still have to bring in -- whether it's the e-com players that still have to bring in goods. They're not shutting down their websites.

順便一提，我們在商品銷售和規劃等各個領域都有經驗豐富的專業人士，能夠靈活應對各種變化。但是，是的，你說得對，我認為這件事的程度，我該怎麼解釋呢？我認為你——你解釋的部分原因是，有些上市公司是零售商，他們仍然需要引進商品——無論是電子商務公司，他們仍然需要引進商品。他們並沒有關閉網站。

So they're having to buy goods eventually, maybe they massaged it and moved from 1 category or less with one brand or more with another because of the tariffs, but still creates excess inventories. It's still a down the supply chain -- when things slow up at retail, again, they're public.

所以他們最後還是得進貨，也許他們調整了一下策略，因為關稅的原因，把商品種類從單一品牌增加到單一品牌，但這仍然造成了庫存過剩。這仍然是供應鏈下游的問題——當零售環節出現問題時，這些問題也會公諸於世。

They just -- they can't afford to have a 20% decrease in their sales. So they're not cutting their spending. Do you know what I mean there, Jay? They can't cut their ordering as extreme as the tariffs would maybe tell them they do.

他們根本承受不起20%的銷售額下降。所以他們並沒有削減開支。傑伊，你明白我的意思嗎？他們的訂購量無法像關稅可能要求的那樣大幅削減。

So I think what happens is there might be less -- bringing less units but they're going to bring in the dollars that equate given the tariff. And then if those sales don't materialize, we still don't to put the extra supply of closeouts. And that's what I think as well as I think retail across the board has been a little choppy, and that's creating the excess inventory.

所以我認為，最終的結果可能是進口量會減少，但考慮到關稅，它們帶來的美元收入將會隨之減少。即使這些銷售最終沒有實現，我們也不需要額外進貨清倉商品。我也這麼認為，而且我認為整個零售業都有些波動，這就造成了庫存過剩。

So yeah, interesting dynamic. Again, this is why I'd like to give credit to our teams because bottom up the teams assess in each area, how much -- because we buy in a few different ways. So they know how to -- where their core flow is coming from with certain vendors and yet all the opportunistic side we wouldn't be in this really good inventory position with still being liquidity if our teams weren't so good at executing at that level. So that's where, again, very proud of what they've done in this environment, as you said, very challenging year.

是的，這很有意思。再次強調，這就是我想表揚我們團隊的原因，因為團隊自下而上地評估每個領域的投入程度——因為我們的採購方式有好幾種。所以他們知道如何——他們的核心業務流來自哪些供應商，然而，如果我們的團隊在執行層面不夠出色，我們就不會處於如此良好的庫存狀況並保持流動性。所以，再次強調，我為他們在這種環境下所取得的成就感到非常自豪，正如你所說，這是充滿挑戰的一年。

Adrienne Yih, Barclays.

艾德琳伊，巴克萊銀行。

Good morning. Let me add my congratulations. Ernie, we've been in the stores throughout the quarter. And I was wondering, I mean, there are extraordinarily long lines. So I was wondering if you had been seeing sort of an earlier cadence to the holiday shopping behavior and/or promotionality? Obviously, Walmart pulled forward their Black Friday.

早安.我也要向你表示祝賀。厄尼，我們整個季度都在店裡。我當時就在想，這裡排起了長隊。所以我想知道你是否注意到假日購物行為和/或促銷活動似乎提前出現了某種規律？顯然，沃爾瑪提前開始了他們的「黑色星期五」促銷活動。

So just wondering what you're seeing there and if you expect a shift in the holiday season? And then, John, for you on -- you've done a ton of work on supply chain and transportation logistics over the past couple of years. Outside of the freight tailwind, are you expecting to see sort of a longer-term go-forward positive impact? And does that change the leverage point on gross margin?

所以我想知道你那邊的情況，以及你是否預計假期期間情況會有所變化？還有，約翰，我想跟你談談——過去幾年你在供應鏈和運輸物流方面做了很多工作。除了貨運利好因素之外，您是否預期會看到某種更長期的正面影響？這是否會改變毛利率的槓桿點？

Thank you.

謝謝。

Good questions, Adrienne. Yeah. No, we haven't -- we don't believe there's necessarily -- on our part, there's no purposeful shift to thinking we're doing earlier. Again, as we've said, we're off to a strong start. We like the way we're positioned in November already, which obviously indicated we were happy with our traffic and you've been witnessing it evidently.

問得好，艾德琳。是的。不，我們沒有──我們認為沒有必要──就我們而言，並沒有刻意地改變思維方式，我們以前的做法並沒有改變。正如我們之前所說，我們開局強勁。我們對11月份的排名非常滿意，這顯然表明我們對流量感到滿意，而你們也顯然已經看到了這一點。

I think what's also happening is -- I didn't get to talk about this earlier, but -- we -- every year, our Q4, as you've seen, has been one of our steadiest performing quarters where we have become more of a gift-giving destination. And I think that's at the root of it. I think all of the -- we've also talked about this, the social media, the coolness of shopping at TJX store, whether it's Marshalls or Sierra or HomeGoods or TJ Maxx.

我認為還有一點是——我之前來不及談到這一點，但是——正如你所看到的，我們每年的第四季度都是我們業績最穩定的季度之一，我們已經成為人們送禮的首選目的地。我認為這才是問題的根源。我認為所有這些——我們也討論過這一點，社交媒體，在 TJX 商店購物的酷炫之處，無論是 Marshalls、Sierra、HomeGoods 還是 TJ Maxx。

You probably -- I don't know if you see them, a lot of our reusable bags show up with shoppers that bring them to their supermarkets because we've made such an impact on consumers and they find us to be a desirable place to show their brand.

你可能——我不知道你是否注意到，許多顧客會帶著我們的可重複使用購物袋去超市購物，因為我們對消費者產生了很大的影響，他們認為我們是展示品牌的理想場所。

So I think as they've gotten acclimated and more desirable to shop our brand, I think that makes them think of us more for gift giving than ever before, which is also a reason I think you're seeing that. It's nothing that we purposely did for an event per se or a timing thing. I think it's the nature of the brand equity and the coolness factor that we've developed over the last handful of years. That's yielding a little bit of an earlier shop of us in November.

所以我覺得，隨著他們逐漸適應並越來越喜歡購買我們的品牌，我認為這讓他們比以往任何時候都更傾向於選擇我們作為送禮對象，這也是我認為你看到這種情況的原因之一。這並不是我們為了某個事件或時機而特意做的。我認為這與我們過去幾年建立的品牌資產和酷炫因素有關。這樣一來，我們11月就能提早一些時間去商店逛逛了。

Yeah. And so getting to the second part of your question. I mean, first of all, the leverage point, we still see, again, just repeating on a 3 to 4 comp with no outsized expense increases. We still anticipate being flat to up 10 basis points. And that's not changing. We don't see that changing right now.

是的。現在來回答你問題的第二部分。我的意思是，首先，槓桿點，我們仍然看到，同樣地，只是在 3 到 4 倍的比較基礎上重複，而沒有出現大幅的費用增長。我們仍然預計利率將持平或上漲 10 個基點。這一點並沒有改變。我們目前看不到這種情況會有任何改變。

As far as the supply chain goes, I mean, certainly, with a higher ticket, we just have to -- we were more efficient in our operational areas. There's less units to move to hit the same top line. But -- in addition to that, we're always looking for ways to increase the efficiency of our facilities. And looking to -- rather than open up a new facility as sales go up, which we still have to do. But where we can, if we can expand the facility to increase the capacity, that certainly is something we always look to do as well.

就供應鏈而言，我的意思是，當然，隨著商品價格的上漲，我們必須——我們在營運方面更有效率。要達到同樣的營收目標，需要銷售的銷售量就減少了。但是——除此之外，我們一直在尋找提高我們設施效率的方法。而且，我們考慮的是——而不是隨著銷售額的成長而開設新工廠，儘管我們仍然需要這樣做。但是，如果條件允許，我們可以擴大設施以提高產能，這當然也是我們一直努力的方向。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Great, good morning. Thanks for taking my question. First, on segment margins, the delta between HomeGoods and Marmaxx is the narrowest we've seen in some time. Just talk about the key drivers to narrowing that gap and whether you expect that convergence to continue? Thank you.

太好了，早安。謝謝您回答我的問題。首先，就細分市場利潤率而言，HomeGoods 和 Marmaxx 之間的差距是近一段時間以來我們所見到的最小的。請談談縮小這一差距的關鍵驅動因素，以及您是否預期這種趨同趨勢會持續下去？謝謝。

I mean -- so I mean, both divisions are performing -- do an outstanding job at driving both the top and bottom line. Certainly, some of the freight benefits that we've seen over time, I mean, because of the size and nature of the product have benefited HomeGoods a little bit more.

我的意思是——我的意思是，這兩個部門都表現出色——在推動營收和利潤成長方面都做得非常出色。當然，隨著時間的推移，我們看到的一些貨運優勢，我的意思是，由於產品的尺寸和性質，對 HomeGoods 來說確實更有利一些。

But look, we're very pleased with both of our US divisions, both our US segments. But -- nothing more to add. It's just driving the top line. I mean, HomeGoods has been very consistent at driving that top line. And that's one of the biggest levers we have to increase the pretax profit.

但是，我們對我們在美國的兩個部門、兩個業務板塊都非常滿意。但是——沒什麼要補充的了。它只是在推動營收成長。我的意思是，HomeGoods在推動營收成長方面一直非常穩定。這是我們提高稅前利潤的最大槓桿之一。

Yeah, Mark, I think -- Mark, just adding a little flavor to the merchandising to what John was saying is they've also -- they're constantly creating newness of vendors there and always super fast turning business, as you know.

是的，馬克，我想——馬克，我只是想在約翰剛才說的商品銷售方面補充一點，他們也——他們一直在創造新的供應商，而且業務週轉速度總是非常快，你知道的。

And so I think they've been -- they're very flexible in terms of the merchandise vendor content, which I think has been able to help them on their merchandise margins, which probably is also a big benefit on terms of the operating income getting a little closer to Marmaxx.

所以我認為他們在商品供應商方面非常靈活，我認為這有助於提高他們的商品利潤率，這也可能是營業收入更接近 Marmaxx 的一個重要原因。

Excellent. Best of luck this holiday.

出色的。祝您假期愉快。

Thanks. I'd like to, at this point, thank you all for joining us today. We look forward to updating you again on our fourth quarter earnings call in February. Thank you, everybody.

謝謝。在此，我要感謝各位今天蒞臨現場。我們期待在二月的第四季財報電話會議上再次向您報告最新情況。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了。