Management remarks
Call period: 2027 Q2 · 2026-08-19
Guidance: John Klinger: We expect full year consolidated sales to be in the range of $63.4 billion to $63.8 billion up 5% to 6% versus last year.Demand and orders: John Klinger: At Marmaxx, comp sales increased 1% and were entirely driven by a higher average basket, partially offset by a small decrease in customer transactions.Margins: John Klinger: Adjusted gross margin was 31.4%, up 70 basis points versus last year and driven by an increase in merchandise margin, mostly due to tariff favorability.Analyst Q&A
Analyst Lorraine Hutchinson asked: Good morning. Just wanted to get a little more insight on things. I was hoping to get a little more insight on what went wrong at Marmaxx. The steps you have taken to fix it. Yep. And then how quickly do you think you will be back to a more normal 2% to 3% comp cadence at Marmaxx specifically? Management Ernie L. Herrman answered: Everyone's involved. We have identified them. And I think we are well on our way to fixing the issues. I think, you know, from our past that when we focus on a missed execution issue, we are able to fix it pretty readily. I would say when and you started to hint that in your question, what type of timing gets us back to the 2% to 3%. I would say we are seeing a trend improvement already in August versus in Q2. I am most confident that we will be seeing what you are talking about by Q4.管理层陈述
电话会期间：2027 Q2 · 2026-08-19
指引：约翰·克林格：我们预计全年合并销售额区间为634亿至638亿美元，同比增长5%至6%。需求与订单：约翰·克林格：在Marmaxx，同店销售额增长1%，完全由平均客单价提升推动，仅被客户交易量小幅下降部分抵消。利润率：约翰·克林格：调整后毛利率为31.4%，较去年同期提升70个基点，主要受关税利好推动的商品毛利率增长驱动。分析师问答
分析师洛林·哈钦森提问，希望了解Marmaxx出现问题的原因、已采取的修复措施，以及该部门多久能恢复至2%至3%的正常同店销售额增长节奏。管理层厄尼·L·赫尔曼回应称，团队全员参与排查并找出了问题，目前正顺利推进修复工作；对比第二季度，8月已出现趋势改善，最有信心在第四季度达成目标增速。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。
