TJX
#Yes, let me give you what I can, <UNK>.
The loyalty program, domestically ---+ I think you're aware, we run ---+ and I think when you ask about the loyalty program, you're also asking about the credit card, which---+
The credit card part of it has been very successful.
We've talked many times ---+ <UNK> has actually given you some information on that a few times in the past.
We also run what's called an access program, which is ---+ you'd call it not a hard reward ---+ it's a soft reward loyalty program.
It's not tied in with a credit card but they get access to certain events and there's a constant flow of information.
It hooks you up more to be in the T.
J.
Maxx or HomeGoods or Marshalls customer.
Both have been growing.
And we are very, very happy with the growing of our credit card program, which we are adding more active, significantly more active, members, we can't give you the number, but significantly more every year, and obviously we get additional spending from those consumers.
When you go to Canada, they do not have a credit card loyalty program, but they do have a non-credit card loyalty program, which is also doing very, very well.
In the UK, we are testing a loyalty program as we speak.
So that's very early in the process.
And when you ask what is our ---+ our vision is to continue to do this in the model of our business because we don't want to do anything that gets, how would I put it, gimmicky or promotional, out of the loyalty program, which some retailers use it to every now and then do coupons, et cetera.
That is not a route we will take, but the way we do it, we feel like has brought tremendous communication between us and the consumer and loyalty and additional spending from those customers.
<UNK>, you want to add anything.
Again, we're talking we have millions on our credit-based program and we don't give the facts, but close to adding a seven-figure number almost every year.
These are our most loyal, as <UNK> said, most loyal customers.
They cross-shop more than our other customers.
<UNK> said it right, we will add ---+ we would love to add things to our other countries, but we have to do it within the confines of our business model and our partners, what's available for both ---+ works for both us and them.
One of the things we didn't ---+ we just mentioned earlier when <UNK> was talking about stores and our sales is that our customer satisfaction scores have been going up in all of our divisions.
Some of it obviously happens to do with they're pleased with what they find with their overall shopping experience in finding the goods.
But part has to do with the store presentation folks and doing a better job and our store standards, the friendliness of our store associates, hiring better folks, training better.
That's certainly highly correlated to our having positive sales.
Again, our customer satisfaction scores have been going up at all of our divisions.
One other thing failed to note, talking about loyalty, in Canada, we have a non-credit based loyalty program that is extremely very successful in terms of the penetration, more so there than in the US, the total penetration, and again, they are just highly engaged.
Obviously, as we've talked about, we're very well known in Canada, so that is a piece of our business and why we're doing, as well, better there in terms of our comp sales.
Thank you, <UNK>.
I'll start addressing a few of those points.
Again, we haven't been giving out the 10% to 13% because both last year and this year, the three things we've been talking about still exist and that's why we did portend some of them.
We're not saying they're going to be at the same---+
Exchange rate fluctuation.
Right.
We aren't going to say they are going to be at the same level but the three major pieces being, wage being the biggest one, which is similar.
We're not saying it's not going down in future years, which if nothing happens, it might moderate going past next year, but at the moment, we just called it out because it's approximately at the same rate at this year.
The second piece being foreign exchange and that's why we called out again.
At the moment, it would not be at the impact of this year's impact of 3%, but it still would be low single-digits, so we just wanted to call that out.
Again, hopefully that will moderate, and at some point will be a tailwind.
Right now, it's a headwind.
The third piece is the investment to support our growth, again, primarily the distribution centers, which has been a bit lumpy as we've tried to explain before, because we did not plan the high level of comps we've experienced in some of our businesses, forcing us to move forward, make sure we could continue to gain all of the market share we've gained.
So those will still impact us going forward but we think will moderate those systems and our distribution spend as we move forward in future years, but still going to impact us at least going forward for next year at a similar rate.
So there's those three big components.
I don't think anything has changed, hopefully, they will start to moderate going forward.
It's in and around 3%.
Thank you.
Okay.
I would like to thank you all for joining us today.
We look forward to updating you on our third-quarter earnings call in November.
Thank you, everybody.
