Management remarks
Call period: 2026 Q2 · 2026-08-19
Guidance: James Lee: Given our performance through the first half of the year, we are raising our guidance for full year net sales growth to range around 5%, 1 percentage point higher than our prior outlook. On the operating margin line, we now expect our full-year rate, excluding tariff refunds, will be in a range around 0.5 percentage point higher than last year's adjusted rate of 4.6%.Demand and orders: Michael Fiddelke: In light of our focus on merchandising authority and elevating the guest experience, Q2 saw the completion of the largest volume of in-store transitions of any quarter over the past decade.Margins: James Lee: Moving down the P&L, our second quarter gross margin rate of 33.7% was 4.7 percentage points higher than last year, including 3.7 percentage points of benefit from IEEPA tariff refunds. Excluding that impact, our gross margin rate was about 1 percentage point higher than last year as we lapped last year's elevated markdown and purchase order cancellation costs and benefited from continued growth in our higher-margin revenue streams.Analyst Q&A
Analyst Christopher Horvers asked: And then as we think about sort of the underlying earnings base into 2027, previously, you've talked about $9 to $10. How do you think about lapping these tariff refunds? Management James Lee answered: Yes, what I would say is the tariff refund we recorded in Q2 accounts for the significant majority of IEEPA tariff refunds we applied to date. We do expect some more to come. The way I would look at the underlying performance is we are trying to focus on adjusted EPS, excluding the tariff refunds. We think that's a better measurement, just especially given the timing of how the refunds are coming through our P&L. And then as you saw in Q2, our underlying -- our adjusted EPS, excluding tariff refunds were up 20% versus prior year.管理层陈述
电话会期间：2026 Q2 · 2026-08-19
指引：詹姆斯·李：鉴于我们今年上半年的业绩表现，我们将全年净销售额增长率指引上调至约5%的区间，较此前预期高出1个百分点。在营业利润率方面，我们预计扣除关税退税影响后，全年利润率将比去年调整后的4.6%高出约0.5个百分点。需求与订单：迈克尔·菲德尔克：鉴于我们专注于商品管理权限和提升顾客体验，第二季度完成了过去十年中所有季度里规模最大的店内转型交易量。利润率：詹姆斯·李：从利润表来看，我们第二季度毛利率为33.7%，较去年同期高出4.7个百分点，其中3.7个百分点的增长来自IEEPA关税退税的贡献。扣除该影响后，我们的毛利率较去年同期高出约1个百分点，这得益于摆脱去年高额降价和采购订单取消成本的拖累，以及高利润率收入来源的持续增长。分析师问答
分析师克里斯托弗·霍弗斯：接下来我们考量2027年的基础盈利基础，此前你们曾提及该盈利区间为9至10美元，请问你们如何看待这些关税退税的基数效应？ 管理层詹姆斯·李：我们第二季度记录的关税退税占迄今申请的IEEPA关税退税的绝大多数，预计还会有更多退税。我们倾向以排除关税退税后的调整后每股收益作为更好的衡量标准，尤其是考虑到退税计入损益表的时间节点，正如第二季度所见，我们该调整后每股收益同比增长20%。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
