目標百貨 (TGT) 2015 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to the Target Corporation fourth quarter and year-end earnings release conference call.

歡迎參加塔吉特公司第四季和年終收益發布電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded Wednesday, February 24, 2016.

謹此提醒，本次會議的錄音時間為 2016 年 2 月 24 日星期三。

I would now like to turn the conference over to Mr. John Hulbert, Vice President, Investor Relations.

現在我想將會議交給投資者關係副總裁約翰·赫爾伯特先生。

Please go ahead, sir.

請繼續，先生。

Good morning, everyone, and thank you for joining us on our fourth quarter 2015 earnings conference call.

大家早安，感謝您參加我們的 2015 年第四季財報電話會議。

We apologize for the delay.

對於延遲，我們深表歉意。

We were informed that some people were having trouble accessing our webcast and we delayed in order to make sure they could access this call along with everyone else.

我們被告知，有些人在訪問我們的網路廣播時遇到問題，我們推遲了，以確保他們可以與其他人一起訪問此通話。

On the line with me today are Brian Cornell, Chairman and Chief Executive Officer, John Mulligan, Chief Operating Officer, and Cathy Smith, Chief Financial Officer.

今天與我同在的有董事長兼執行長布萊恩康奈爾 (Brian Cornell)、營運長約翰穆里根 (John Mulligan) 和財務長凱西史密斯 (Cathy Smith)。

This morning, Brian will discuss our fourth quarter performance, including results across our merchandise categories; then John will provide an update on our efforts to improve in-stocks and build our supply chain capabilities; and finally, Cathy will offer more detail on our fourth quarter and full-year financial performance.

今天早上，布萊恩將討論我們第四季的業績，包括我們商品類別的業績；然後約翰將介紹我們為改善庫存和建立供應鏈能力所做的努力的最新情況；最後，Cathy 將提供有關我們第四季度和全年財務業績的更多詳細資訊。

Following the remarks, we will open the phone lines for a question-and-answer session.

發言結束後，我們將開通電話問答環節。

As a reminder, we're joined on this conference call by investors and others who are listening to our comments via webcast.

謹此提醒，投資人和其他透過網路廣播收聽我們評論的人也加入了本次電話會議。

Following the call, Cathy and I will be available to answer any follow-up questions you may have.

通話結束後，我和凱西將回答您可能提出的任何後續問題。

Also, as a reminder, any forward-looking statements that we make this morning are subject to risks and uncertainties, the most important of which are described in our SEC filings.

另外，提醒一下，我們今天早上做出的任何前瞻性陳述都受到風險和不確定性的影響，其中最重要的風險和不確定性已在我們向 SEC 提交的文件中進行了描述。

Also, in these remarks we refer to adjusted earnings per share, which is a non-GAAP financial measure, and return on invested capital, which is a ratio based on GAAP information with the exception of adjustments made to capitalized operating leases.

此外，在這些評論中，我們指的是調整後每股收益（一種非公認會計原則財務指標）和投資資本回報率（根據公認會計原則資訊得出的比率，但對資本化經營租賃進行的調整除外）。

Reconciliations to our GAAP EPS and our GAAP total rent expense are included in this morning's press release, which is posted on our Investor Relations website.

我們的 GAAP 每股盈餘和 GAAP 總租金費用的調整包含在今天早上的新聞稿中，該新聞稿發佈在我們的投資者關係網站上。

Finally, one note.

最後，請注意一點。

Given that we're hosting our financial community meeting next week, our remarks today will focus on Target's fourth quarter performance and our guidance for the first quarter and full-year 2016.

鑑於我們下週將舉辦金融界會議，我們今天的演講將重點關注塔吉特第四季度的業績以及我們對 2016 年第一季和全年的指導。

At next week's meeting, we will provide insights into our strategy and priorities and how they will drive our financial performance in 2016 and beyond.

在下週的會議上，我們將深入了解我們的策略和優先事項，以及它們將如何推動我們 2016 年及以後的財務表現。

As a result, we are shortening today's call to 45 minutes and will look forward to spending another couple hours with all of you, either online or in person, at next week's meeting in New York.

因此，我們將今天的通話時間縮短至 45 分鐘，並期待在下週於紐約舉行的會議上再花幾個小時與大家在線上或面對面交流。

With that, I'll turn it over to Brian for his comments on the fourth quarter and the holiday season.

這樣，我將把它交給布萊恩，請他對第四季和假期的評論。

Brian?

布萊恩？

Thanks, John, and good morning, everyone.

謝謝約翰，大家早安。

As we look back at both the fourth quarter and the year, we are very pleased with the progress we made throughout 2015.

回顧第四季和全年，我們對 2015 年的進展感到非常滿意。

Traffic increased in all four quarters and the team delivered on our comparable sales and operating margin rate goals by driving rapid growth in our signature categories; and our full-year adjusted earnings per share of $4.69 was above the top of the range we provided last March, keeping us on track to deliver our longer term financial goals.

四個季度的流量均有所增加，團隊透過推動我們標誌性類別的快速成長，實現了我們的可比較銷售額和營運利潤率目標；我們的全年調整後每股收益為 4.69 美元，高於我們去年 3 月提供的區間上限，這使我們有望實現長期財務目標。

In the fourth quarter, our business generated adjusted earnings per share of $1.52, up $0.03 from a very strong performance in the fourth quarter of 2014.

第四季度，我們的業務調整後每股收益為 1.52 美元，比 2014 年第四季的強勁表現成長了 0.03 美元。

Comp sales grew 1.9% in the fourth quarter, building on a 3.8% increase in last year's fourth quarter.

去年第四季同業銷售額成長 3.8%，第四季年增 1.9%。

Target's great store experience, unique items at an unbeatable value, and broad, simple promotions resonated with our guests and drove this growth.

Target 出色的商店體驗、無與倫比的價值的獨特商品以及廣泛、簡單的促銷活動引起了我們的客人的共鳴，並推動了這一增長。

Transactions, our measure of traffic, increased for the fifth quarter in a row, up 1.3% in the fourth quarter, reflecting growth in all of our selling channels.

我們衡量流量的交易量連續第五個季度成長，第四季成長 1.3%，反映了我們所有銷售管道的成長。

Digital sales increased an industry leading 34% in the fourth quarter, on top of 36% growth in the fourth quarter of last year.

去年第四季數位銷售額成長 36%，第四季數位銷售額成長 34%，領先業界。

Strong Black Friday and Cyber Monday weeks drove this increase.

黑色星期五和網路星期一的強勁推動了這一成長。

In fact, after setting a new digital daily sales record in the week of Black Friday, we shattered all previous records on Cyber Monday.

事實上，在黑色星期五這一周創造了新的數位日銷售記錄後，我們在網路星期一打破了之前的所有記錄。

Our offer was broad and simple, 15% off everything on our site, and the guest response was exceptionally strong.

我們的優惠範圍廣泛且簡單，網站上的所有商品均可享有 15% 的折扣，而且客人的反應異常強烈。

Our holiday season merchandising and marketing plans were focused on delivering broad, simple, and compelling offers, like our 10 Days of Deals, Black Friday door busters, and a site-wide offer on Cyber Monday, and the bounce back coupon we offered to guests in our stores on Black Friday, all supported by cohesive marketing plans featuring outstanding creative work.

我們的假日季促銷和行銷計劃專注於提供廣泛、簡單且引人注目的優惠，例如我們的 10 天優惠、黑色星期五門禁、網絡星期一全站優惠，以及我們向客人提供的反彈優惠券黑色星期五在我們的商店中，所有這些都得到了具有出色創意作品的有凝聚力的營銷計劃的支持。

This plan delivered record sales over the November and December period, driven by comp sales in our signature categories, Style, Baby, Kids and Wellness, which grew nearly 7% over that two-month period.

該計劃在11 月和12 月期間創造了創紀錄的銷售額，受到我們標誌性類別（時尚、嬰兒、兒童和健康）的贈品銷售額的推動，該品類在這兩個月期間增長了近7 %。

Sales in Kids were particularly strong, with the fastest growth in Toys and Kids Home products.

兒童產品的銷售尤其強勁，其中玩具和兒童家居產品成長最快。

In Style, we saw the fastest growth in Women's Apparel, led by double digit increases in Ready-To-Wear; and in Wellness, Wearable Electronics and Food led the way.

在風格方面，我們看到女裝成長最快，其中成衣成長兩位數；在健康領域，穿戴式電子產品和食品處於領先地位。

Across our traditional category designations, Apparel grew in the low single digit range.

在我們的傳統類別名稱中，服裝以較低的個位數成長。

In hard lines, Toys grew comp sales more than 10% in the quarter, marking the third quarter of double digit comp growth in Toys.

在硬派方面，玩具業務本季的同比銷售額增長超過 10%，標誌著玩具業務第三季度實現了兩季度的同比增長。

This strength helped offset a sales decline in Electronics, where sales benefited from robust growth in Wearables, but also reflected the impact of industry-wide softness in tablets.

這一強勁勢頭幫助抵消了電子產品銷售額的下降，該領域的銷售額受益於穿戴式裝置的強勁成長，但也反映出平板電腦全產業疲軟的影響。

Consistent with the third quarter, fourth quarter comp sales in food grew faster than our overall sales, outpacing trends in the first half of the year, validating the changes we're making to the assortment, presentation and freshness.

與第三季一致，第四季食品銷售額的成長速度快於我們的整體銷售額，超過了上半年的趨勢，驗證了我們在品種、外觀和新鮮度方面所做的改變。

And finally, Home grew about 4% in the fourth quarter.

最後，Home 在第四季度成長了約 4%。

With this performance, Home delivered a 4% comp sales increase for the full year, the strongest annual performance in this category in more than 10 years.

憑藉這一業績，Home 全年銷售額增長了 4%，這是該類別 10 多年來最強勁的年度業績。

Finally, prior to the holiday season, we reimagined the See Spot Save area in the front of our stores, which is large and a very profitable business and transformed it into Bullseye's Playground.

最後，在假期之前，我們重新設計了商店前面的 See Spot Save 區域，該區域面積很大，利潤很高，並將其改造成 Bullseye 的遊樂場。

We modernized the environment, making it easier to navigate, more appealing and fun, incorporating our much loved mascot into store displays.

我們對環境進行了現代化改造，使其更易於導航、更具吸引力和樂趣，並將我們深受喜愛的吉祥物融入商店展示​​中。

While we love the new look, our guest reaction is what really matters; and the fourth quarter results showed they loved it, too, as comp sales in Bullseye's Playground grew more than 25% compared to See Spot Save in the fourth quarter of last year.

雖然我們喜歡新的外觀，但真正重要的是我們客人的反應；第四季的結果顯示他們也很喜歡它，因為與去年第四季的 See Spot Save 相比，Bullseye's Playground 的同品銷售成長了 25% 以上。

December marked an important milestone for the Company, as we closed on the sale of our Pharmacy business to CVS Health.

12 月標誌著公司的一個重要里程碑，我們完成了將藥局業務出售給 CVS Health 的交易。

Our team has been working closely with our colleagues at CVS, both before and after the sale, to ensure this transition is seamless for our team members and our guests.

無論是在售前還是售後，我們的團隊一直與 CVS 的同事密切合作，以確保我們的團隊成員和客人能夠順利過渡。

And while the transition is not yet complete, we're very pleased with the progress we've made so far.

雖然過渡尚未完成，但我們對迄今為止所取得的進展感到非常滿意。

A small number of our store pharmacies have already been rebranded as CVS locations; and over the next six months, we'll complete the rebranding of all of our pharmacies and clinics in stores across the country.

我們的少數商店藥局已更名為 CVS 地點；在接下來的六個月中，我們將完成全國各地商店中所有藥房和診所的品牌重塑。

We believe this transaction will create value for our guests, providing them access to the capabilities of a best-in-class healthcare provider while they're shopping our stores; and we expect both Target and CVS to benefit from this transaction, allowing both companies to leverage their respective strengths.

我們相信這項交易將為我們的客人創造價值，讓他們在我們商店購物時獲得一流的醫療保健提供者的服務；我們預計 Target 和 CVS 都將從此次交易中受益，使兩家公司能夠發揮各自的優勢。

Importantly, we believe CVS will be able to grow traffic in our store pharmacies faster than we would have been able to do on our own, given our lack of scale when we ran this business.

重要的是，我們相信 CVS 將能夠比我們自己更快地增加我們商店藥局的流量，因為我們在經營這項業務時缺乏規模。

In addition to the ongoing value we would expect to realize from this arrangement, the sale has already provided more than $1 billion of net cash that we will use in support of our capital deployment priorities.

除了我們期望從這項安排中實現的持續價值之外，此次出售還提供了超過 10 億美元的淨現金，我們將用它們來支持我們的資本部署優先事項。

Turning to capital deployment, we generated very strong cash flow in 2015 which we deployed to the benefit of our shareholders.

談到資本配置，我們在 2015 年產生了非常強勁的現金流，我們將其配置用於造福股東。

Beyond funding capital investments in support of our strategic and financial goals, in 2015 we returned nearly $5 billion through dividends and share repurchases, well ahead of the goal we set at the beginning of the year.

除了為支持我們的策略和財務目標的資本投資提供資金外，2015 年我們還透過股息和股票回購獲得了近 50 億美元的回報，遠遠超出了我們年初設定的目標。

Even with this robust return of cash, we ended this year with a very healthy cash balance, positioning Target for another strong year in 2016.

即使現金回報如此強勁，我們今年年底仍擁有非常健康的現金餘額，為塔吉特在 2016 年又一個強勁的一年奠定了基礎。

Now before I turn the call over to John, I want to pause and thank the entire Target team for what they accomplished in 2015.

現在，在將電話轉給 John 之前，我想暫停一下，感謝整個 Target 團隊在 2015 年所取得的成就。

As I look back to a year ago, I believe we're operating on a much stronger foundation today.

回顧一年前，我相信我們今天的運作基礎更加牢固。

And while we've got much more to accomplish on this journey, the team today is agile and aligned around a small set of key enterprise priorities, allowing us to move much more quickly.

雖然我們在這過程中還有很多事情要做，但今天的團隊非常敏捷，並且圍繞著一小部分關鍵的企業優先事項進行協調，使我們能夠更快地採取行動。

Today, the team is taking an outside in approach to our work, understanding how Target fits into the consumer and retail environment, as we work to grow the Company on behalf of our guests.

如今，團隊正在以外部方式開展工作，了解塔吉特如何融入消費者和零售環境，同時努力代表我們的客人發展公司。

When Cathy began working with us last year, her first observation was how talented this team is and how passionate they are about both Target and our guests.

當 Cathy 去年開始與我們合作時，她的第一個觀察是這個團隊多麼有才華，以及他們對塔吉特和我們的客人有多熱情。

Not surprisingly, that was my first observation when I arrived at Target in 2014 and something I know John has experienced throughout his career with this great Company.

毫不奇怪，這是我 2014 年加入塔吉特時的第一個觀察結果，我知道約翰在這家偉大公司的整個職業生涯中都經歷過這一點。

With that, I'll turn the call over to John, who will discuss his team's progress in efforts to improve our operations.

接下來，我會將電話轉給約翰，他將討論他的團隊在改善我們營運方面所取得的進展。

John?

約翰？

Thanks, Brian, and good morning, everyone.

謝謝布萊恩，大家早安。

Today, I'm going to provide you with a brief update on our work to improve operations and I'll provide more detail about our strategy and future plans at the meeting next week.

今天，我將向您簡要介紹我們改善營運工作的最新情況，並將在下週的會議上提供有關我們的策略和未來計劃的更多詳細資訊。

Our work to reduce out-of-stocks is continuing to pay off, as metrics improved sequentially from the third quarter and even more dramatically when compared with the fourth quarter a year ago.

我們減少缺貨的工作正在繼續取得成效，指標從第三季開始連續改善，與去年第四季相比更加顯著。

Specifically for the fourth quarter in total, out-of-stock metrics were 20% better than last year; and notably, by the end of the quarter, Target's out-of-stock metrics were 40% better than a year ago, as the improvements we've implemented allowed for a faster post-holiday recovery this year.

具體來說，第四季的缺貨指標比去年好 20%；值得注意的是，到本季末，Target 的缺貨指標比一年前好 40%，因為我們實施的改進使今年節後恢復更快。

We saw out-of-stock improvements across every category in the fourth quarter.

我們在第四季看到每個類別的缺貨情況都有改善。

As I mentioned in the last conference call, our work has been focused primarily on essential items for which reliability is particularly important for our guest, and I'm really happy with our progress.

正如我在上次電話會議中提到的，我們的工作主要集中在重要項目上，可靠性對我們的客人尤其重要，我對我們的進展感到非常滿意。

For the set of focused items we've designated in Essentials, our out-of-stock metrics are better than we have ever measured.

對於我們在 Essentials 中指定的一組重點商品，我們的缺貨指標比我們以往測量的要好。

While this progress is exciting, I'm even move pleased that this improvement has been accomplished through systematic and, therefore, sustainable changes.

雖然這項進展令人興奮，但我甚至感到高興的是，這種改進是透過系統性的、可持續的變革來實現的。

In other words, this isn't an example of temporarily adding resources to work around systems and processes.

換句話說，這不是臨時添加資源來解決系統和流程問題的範例。

Rather, this is a case of making improvements to those systems and processes to support a sustainable improvement in performance.

相反，這是對這些系統和流程進行改進以支持績效的可持續改進的案例。

Because upstream variability in the supply chain hampers our ability to keep our stores in stock and provide tight shipping windows to our guests, a key pillar of the team's work is focused on improving freight flow through the supply chain.

由於供應鏈上游的可變性阻礙了我們保持商店庫存並為客人提供緊張的運輸窗口的能力，因此團隊工作的關鍵支柱是改善整個供應鏈的貨運流量。

As part of this effort, the team has created smart, systematic rules governing safety stock and distribution centers and they've optimized pick frequencies on priority items.

作為這項工作的一部分，團隊創建了管理安全庫存和配送中心的智慧、系統規則，並優化了優先項目的揀選頻率。

In the fourth quarter, the team began an array of tests to reduce variability of inbound shipments at our DCs, with a goal of reducing inbound variability by 50%.

在第四季度，團隊開始了一系列測試，以減少我們配送中心的入庫發貨變化，目標是將入庫變化降低 50%。

Similarly, the team plans to engage in tests to optimize outbound volatility, which will further improve overall freight flow.

同樣，該團隊計劃進行測試以優化出境波動性，這將進一步改善整體貨運流量。

While we are still early in this journey, the team's work on flow was a key reason we saw a much faster recovery this holiday season and why we entered 2016 with a much better in-stock position than a year ago.

雖然我們仍處於這一旅程的早期階段，但團隊在流量方面的工作是我們在這個假期看到更快復甦的一個關鍵原因，也是我們進入2016 年時庫存狀況比一年前好得多的一個關鍵原因。

Beyond in-stocks, we are entering 2016 with very little clearance inventory, even compared to a strong position a year ago.

除了庫存之外，進入 2016 年時，即使與一年前的強勢地位相比，我們的清倉庫存也非常少。

As you'll recall, last year's fourth quarter sales were much stronger than expected, as we planned for a 2% comp and ended up with growth nearly twice as high.

您可能還記得，去年第四季的銷售額遠強於預期，因為我們計劃採用 2% 的複合成長率，最終實現了近兩倍的成長。

With last year's unexpectedly strong sales, we saw very high sell-through percentages on seasonal merchandise.

由於去年的銷售出乎意料地強勁，我們看到季節性商品的售罄率非常高。

However, as a result of great product and of the changes we've implemented this year, quarter-end sell-throughs on seasonal merchandise were slightly better than last year, putting us in a very clean inventory position at the beginning of the year.

然而，由於出色的產品和我們今年實施的變革，季節性商品的季度末銷售量略好於去年，使我們在年初的庫存狀況非常乾淨。

These are just a few examples of the team's work to implement quick solutions that are already having a tangible impact on our results.

這些只是團隊實施快速解決方案的工作的幾個例子，這些解決方案已經對我們的結果產生了實際的影響。

At the same time, we are working to build capabilities that will support our future growth.

同時，我們正在努力建立支持我們未來成長的能力。

I'll provide a lot more detail on these future focused efforts in my remarks at next week's meeting.

我將在下週的會議上發表講話，提供有關這些未來重點工作的更多細節。

As you know, we have been building our flexible fulfillment capabilities for several years, and this holiday season highlighted the power of these capabilities to serve our guests and drive business performance.

如您所知，我們多年來一直在建立靈活的履行能力，這個假期凸顯了這些能力在服務客人和推動業務績效方面的力量。

And while we've added capacity across our entire direct-to-guest network, our fourth quarter experience demonstrated the power of relying on our stores to fill digital demand.

雖然我們增加了整個直接面向客戶網路的容量，但我們第四季度的經驗證明了依靠我們的商店來滿足數位需求的力量。

This holiday season, our stores fulfilled 30% of our digital orders, through the combination of order pick-up and direct-to-guest shipments.

今年假期，我們的商店透過訂單取貨和直接向客人發貨相結合的方式完成了 30% 的數位訂單。

On Black Friday weekend alone, our stores fulfilled more than 1 million digital orders.

光是黑色星期五週末，我們的商店就完成了超過 100 萬份數位訂單。

And even though the traditional view of Cyber Monday doesn't even include brick-and-mortar, Target stores set an all-time record for order pick-up on that day, with more than four times the volume compared with last year.

儘管網路星期一的傳統觀點甚至不包括實體店，但 Target 商店當天的訂單提貨量創下了歷史記錄，數量是去年的四倍多。

And like last year, order pick-up became even more important in the days leading up to Christmas, growing to half our digital volume.

與去年一樣，聖誕節前幾天的訂單提貨變得更加重要，數字量增長到一半。

While our stores help us save meaningfully on shipping costs and allow us to fulfill guest demand faster, they also help us capture more sales.

雖然我們的商店幫助我們大幅節省運輸成本，讓我們更快地滿足客人的需求，但它們也幫助我們獲得更多銷售。

Because we now have a single view of inventory encompassing all of our distribution center and store locations, we can rely on our entire network when fulfilling digital orders, keeping us in stock on a greater percentage of digital orders.

由於我們現在擁有涵蓋所有配送中心和商店位置的單一庫存視圖，因此我們在履行數位訂單時可以依靠我們的整個網絡，從而在更大比例的數位訂單中保持庫存。

Specifically, during the holiday season, about 40% of our order pick-up and store shipped volume consisted of items that were out-of-stock in our web fulfillment centers.

具體來說，在假期期間，我們的訂單提貨和商店出貨量中約有 40% 是我們網路履行中心缺貨的商品。

This preserved sales on orders we would have otherwise missed had we only accessed inventory in our web fulfillment centers.

如果我們只造訪網路履行中心的庫存，這可以保留訂單的銷售量，否則我們可能會錯過訂單。

Before I turn the call over to Cathy, I also want to provide an update on our decision to bring visual merchandising talent into our stores.

在將電話轉給 Cathy 之前，我還想提供有關我們將視覺行銷人才引入商店的決定的最新資訊。

Last fall, we announced we were filling more than 1,400 new visual merchant positions in our store organization.

去年秋天，我們宣布將在商店組織中填補 1,400 多個新的視覺商家職位。

In scoping responsibilities for these roles, we benchmarked industry leaders to define the necessary capabilities and enhanced our interview process to better assess for these skills when interviewing potential candidates.

在確定這些職位的職責範圍時，我們對行業領導者進行了基準測試，以確定必要的能力，並改進了我們的面試流程，以便在面試潛在候選人時更好地評估這些技能。

The majority of these positions have been filled by external candidates with experience at other retailers, but we have also tapped into talent that we identified within the organization.

這些職位大部分是由具有其他零售商經驗的外部候選人填補的，但我們也利用了我們在組織內發現的人才。

Our visual merchants are focused on style categories in our Home, Apparel and Seasonal areas, and they are trained to rely on sales and inventory data while developing compelling visual presentations in our stores.

我們的視覺商人專注於家居、服裝和季節性領域的風格類別，他們接受過培訓，能夠依靠銷售和庫存數據，同時在我們的商店中開發引人注目的視覺演示。

As a result, their job requires that they balance art with science and productivity with creativity.

因此，他們的工作要求他們平衡藝術與科學、生產力與創造力。

And because of their unique qualifications, this team is responsible for training their store team colleagues to understand the latest product trends, so the entire store team can better assist our guest as they shop our stores.

由於他們獨特的資歷，團隊負責培訓商店團隊的同事了解最新的產品趨勢，以便整個商店團隊可以更好地協助我們的客人在我們的商店購物。

While the visual merchandising team is just ramping up its processes and tools, you can already see the early impact of their effort in our store displays; and we are very excited about the potential of this effort to elevate both signature categories and our store experience.

雖然視覺行銷團隊剛剛加強其流程和工具，但您已經可以在我們的商店展示中看到他們的努力的早期影響；我們對這項努力提升招牌品類和商店體驗的潛力感到非常興奮。

Thinking back to the year just ended, it's amazing for me to realize that we only formed our new operations team about six months ago.

回想剛結束的一年，我驚訝地發現我們大約六個月前才組建了新的營運團隊。

In that time, we have already seen meaningful improvement in our operations and we're entering the year with a much stronger in-stock position than a year ago.

那時，我們的營運已經有了顯著的改善，進入新的一年，我們的庫存狀況比一年前要強得多。

As we look ahead, we see multiple opportunities to improve end-to-end processes and build the foundation for our future growth, while improving the shopping experience for our guests and enhancing our business results.

展望未來，我們看到了多種機會來改善端到端流程並為我們未來的成長奠定基礎，同時改善客人的購物體驗並提高我們的業務成果。

I look forward to discussing these opportunities with you in New York next week.

我期待下週在紐約與您討論這些機會。

With that, I'll turn it over to Cathy, who will share her insights on our fourth quarter financial performance.

接下來，我將把它交給 Cathy，她將分享她對我們第四季度財務表現的見解。

Cathy?

凱茜？

Thanks, John, and hello, everyone.

謝謝約翰，大家好。

As Brian mentioned earlier, we are really pleased that our team delivered strong traffic and sales growth in the fourth quarter.

正如布萊恩之前提到的，我們非常高興我們的團隊在第四季度實現了強勁的流量和銷售成長。

Our financial results continue to validate the strategic changes we've made, confirming that we are focused on what's most important to our guests.

我們的財務表現持續驗證我們所做的策略變革，證實我們專注於對客人最重要的事情。

Our fourth quarter adjusted earnings per share of $1.52 was well within our guidance range and up $0.03 from last year's very strong performance.

我們在第四季度調整後每股收益為 1.52 美元，完全在我們的指導範圍內，比去年的強勁表現上漲了 0.03 美元。

fourth quarter GAAP EPS from continuing operations of $2.31 was $0.79 above adjusted EPS, reflecting the $620 million pretax gain on the sale of our Pharmacy business to CVS Health.

第四季持續經營業務的 GAAP 每股收益為 2.31 美元，比調整後每股收益高出 0.79 美元，反映出我們將製藥業務出售給 CVS Health 的 6.2 億美元稅前收益。

Comparable sales grew 1.9% in the fourth quarter, on top of a 3.8% increase in 2014.

第四季可比銷售額在 2014 年成長 3.8% 的基礎上成長了 1.9%。

Traffic was the primary driver of our comp growth, up 1.3%, building on a really strong 3.2% increase last year.

流量是我們公司業績成長的主要推動力，在去年 3.2% 強勁成長的基礎上成長了 1.3%。

This quarter marked our fifth straight quarter of traffic growth and we are committed to driving continued traffic growth in 2016 and beyond.

本季是我們流量連續第五個季度成長，我們致力於推動 2016 年及以後的流量持續成長。

As I mentioned last quarter, results in our fourth quarter of 2014 reflected a bounce back from the impact of the breach in the fourth quarter of 2013.

正如我上個季度提到的，我們 2014 年第四季的業績反映了從 2013 年第四季違規事件的影響中恢復過來的情況。

However, even on a three-year stacked basis, our traffic was stronger in this year's fourth quarter than earlier in the year, demonstrating continued momentum from the strategic changes we've implemented.

然而，即使在三年的基礎上，我們今年第四季的流量也比今年稍早更強，這表明我們實施的策略變革帶來了持續的動力。

One note, fourth quarter reported sales were down a little less than 1% from last year, reflecting our comp sales increase offset by the impact of the sale of the Pharmacy business, which closed in mid-December.

值得注意的是，第四季度報告的銷售額比去年下降了不到 1%，這反映出我們的公司銷售額成長被 12 月中旬關閉的藥房業務出售的影響所抵消。

Digital sales grew 34% in the fourth quarter, and we saw the most dramatic increases in the Black Friday and Cyber Monday weeks.

第四季數位銷售額成長了 34%，其中黑色星期五和網路星期一的成長最為顯著。

These increases were driven by our simple, broad and compelling offers; and, as John mentioned, our flexible fulfillment capabilities played a key role in driving our fourth quarter digital sales growth.

這些成長是由我們簡單、廣泛且引人注目的優惠所推動的；正如約翰所提到的，我們靈活的履行能力在推動我們第四季數位銷售成長方面發揮了關鍵作用。

Red Card penetration was 23% in the fourth quarter, up about 190 basis points from 21.1% last year.

第四季紅卡滲透率為 23%，比去年的 21.1% 上升約 190 個基點。

This increase represents a moderate acceleration from the trends we were seeing earlier in the year, combined with the impact of the removal of our Pharmacy sales.

這一增長與我們今年早些時候看到的趨勢相比略有加速，再加上取消藥品銷售的影響。

Because a meaningful portion of our Pharmacy sales consisted of reimbursements from third parties, Red Card penetration on our total Pharmacy sales was very low.

由於我們的藥房銷售額的很大一部分由第三方報銷組成，因此紅卡在我們藥房總銷售額中的滲透率非常低。

As a result, the Pharmacy sale will increase Red Card penetration throughout 2016.

因此，藥局銷售將提高 2016 年紅卡的滲透率。

And to add clarity, we've provided an apples-to-apples comparison in our press release schedules.

為了增加清晰度，我們在新聞稿時間表中提供了同類比較。

For the fourth quarter, Red Card penetration would have been up about 160 basis points from last year, had Pharmacy sales been removed from both years.

如果從這兩年剔除藥局銷售，第四季紅卡滲透率將比去年上升約 160 個基點。

Our fourth quarter segment EBITDA margin rate of 9.8% was flat to last year's strong performance.

我們第四季的 EBITDA 利潤率為 9.8%，與去年的強勁表現持平。

Among the drivers, fourth quarter gross margin rate was down about 60 basis points from last year, reflecting a small benefit from sales mix, including the removal of Pharmacy sales, offset by investments in promotions.

在推動因素中，第四季毛利率較去年下降約 60 個基點，反映出銷售組合帶來的小幅收益，包括取消藥品銷售，但被促銷投資所抵銷。

As John mentioned earlier, last year's stronger than expected comparable sales growth drove very strong gross margin rate performance in fourth quarter 2014, as regular price selling on seasonal items was unusually high.

正如 John 先前所提到的，去年強於預期的可比銷售成長推動了 2014 年第四季非常強勁的毛利率表現，因為季節性商品的正常價格銷售異常高。

This year, with sales in line with our expectations, our gross margin rate reverted to a more normal level, given the competitive dynamics we faced in the fourth quarter.

今年，考慮到我們在第四季度面臨的競爭動態，隨著銷售符合我們的預期，我們的毛利率恢復到更正常的水平。

Every holiday season, we gain insights into the evolution of our guests' shopping behavior; and this year's results showed us that clear, compelling, broad based offers are appealing to our guests.

每個假期，我們都會深入了解客人購物行為的演變；今年的結果向我們表明，清晰、引人注目、基礎廣泛的優惠對我們的客人很有吸引力。

This insight will inform our strategy as we work to further refine our promotional effectiveness in 2016.

當我們努力進一步完善 2016 年的促銷效果時，這項見解將為我們的策略提供基礎。

Favorability in our selling, general and administrative expense rate offset the fourth quarter gross margin rate decline.

我們的銷售、一般和管理費用率的有利影響抵消了第四季度毛利率的下降。

This performance reflected an increase in our store payroll expense rate, driven by investments in our store team, including the visual merchants John mentioned earlier, partially offset by underlying improvement in unit productivity; however, the pressure from store labor expense was offset by favorability in our marketing and bonus expense rates and disciplined spending across the organization.

這一業績反映了我們商店工資費用率的增加，這是由對我們商店團隊（包括約翰之前提到的視覺商人）的投資推動的，但部分被單位生產力的潛在改善所抵消；然而，商店勞動費用的壓力被我們的行銷和獎金費用率以及整個組織的嚴格支出所抵消。

At the end of the year, our merchandise inventory was up about 4% from a year ago, a bit more than our current sales trend.

到年底，我們的商品庫存比去年同期成長了約 4%，略高於目前的銷售趨勢。

As John mentioned, we ended the year with a very clean inventory position, and the year-over-year increase reflects intentional inventory investments which are supporting record in-stock levels in our focus categories.

正如約翰所提到的，我們年底的庫存狀況非常乾淨，同比增長反映了有意的庫存投資，這支持了我們重點類別的創紀錄的庫存水平。

Turning now to capital deployment, we paid dividends of $345 million in the fourth quarter, up 4.4% from a year ago.

現在轉向資本配置，我們在第四季度支付了 3.45 億美元的股息，比去年同期成長 4.4%。

Our business results and cash position also enabled $1.3 billion in share repurchases in the fourth quarter, meaning we returned more than 110% of our net income through dividends and share repurchases.

我們的業績和現金狀況也促成了第四季 13 億美元的股票回購，這意味著我們透過股利和股票回購返還了超過 110% 的淨利潤。

And even though we returned about $4.8 billion to our shareholders in 2015, we ended the year with a healthy cash position, including cash from the CVS transaction which closed late in the year.

儘管我們在 2015 年向股東返還了約 48 億美元，但我們在年底仍擁有健康的現金狀況，其中包括來自於年底完成的 CVS 交易的現金。

Before I turn to our guidance for the first quarter and provide some insights of our financial plan for the year, I want to review last year's performance against the guidance we provided a year ago.

在我轉向第一季的指導並提供今年財務計劃的一些見解之前，我想根據我們一年前提供的指導回顧一下去年的業績。

Let's start with sales.

我們先從銷售開始。

A year ago, we laid out a plan to grow total sales 2% to 3% on comp sales growth of 1.5% to 2.5%, led by growth in our signature categories.

一年前，我們制定了一項計劃，在我們標誌性品類的成長帶動下，總銷售額成長 2% 至 3%，而同期銷售額成長 1.5% 至 2.5%。

We achieved our comp sales goal by generating very solid growth of 2.1%, and comp growth in signature categories was more than 2.5 times as high as our comparable sales growth overall.

我們實現了 2.1% 的穩健成長，實現了同品銷售目標，而且標誌性類別的同品成長是我們整體可比銷售成長的 2.5 倍以上。

Total sales grew slower than comps this year, due to the removal of the Pharmacy sales beginning in December.

由於從 12 月開始取消藥局銷售，今年總銷售額的成長速度低於同業。

Of course, the sale of the Pharmacy business was not reflected in our guidance a year ago, as we didn't enter into the deal until June.

當然，出售藥局業務並沒有反映在我們一年前的指引中，因為我們直到六月才達成交易。

However, while the sale of the Pharmacy business will continue to affect our total sales this year, we first articulated the expected benefits of the deal in June, which includes faster traffic growth, higher profit dollars and rates, and higher ROIC from the up front capital we received from CVS.

然而，雖然藥房業務的出售將繼續影響我們今年的總銷售額，但我們在6 月首次闡明了該交易的預期收益，其中包括更快的流量成長、更高的利潤和利率以及更高的投資回報率我們從 CVS 收到的資金。

Now let's turn to digital.

現在讓我們轉向數字。

A year ago, we laid out a goal to grow Target's digital sales an industry leading 40%.

一年前，我們設定了目標，將塔吉特的數位銷售額成長至業界領先水準 40%。

And while we didn't quite make this ambitious goal, we did lead the industry, with 31% digital sales growth in 2015.

雖然我們沒有完全實現這個雄心勃勃的目標，但我們確實引領了產業，2015 年數位銷售額成長了 31%。

With this growth, we delivered our financial goals and we gained deeper insights into how our guests want to interact with Target.

透過這種成長，我們實現了財務目標，並更深入地了解了客人希望如何與塔吉特互動。

Moving down the P&L, a year ago we said we expected to grow our segment EBITDA rate 20 to 30 basis points in 2015, driven by modest improvements in both our gross margin and our SG&A expense rate.

將損益表往下看，一年前我們表示，在毛利率和 SG&A 費用率適度改善的推動下，我們預計 2015 年我們的部門 EBITDA 率將增長 20 至 30 個基點。

We ended the year ahead of that goal, up about 50 basis points, reflecting favorability on both the gross margin and the SG&A expense lines.

我們在這一年結束時提前實現了這一目標，提高了約 50 個基點，反映出對毛利率和 SG&A 費用線的歡迎。

Turning to capital deployment.

轉向資本配置。

A year ago, we were expecting 2015 capital expenditures of $2.1 billion, planning for a 5% to 10% increase in the quarterly dividend in the middle of the year, and we expected $2 billion or more in share repurchases for the full year.

一年前，我們預計2015年資本支出為21億美元，計畫年中季度股利增加5%至10%，全年股票回購金額預計為20億美元或更多。

How did the year turn out?

這一年的結果如何？

We spent about $1.4 billion on capital expenditures in 2015.

2015 年，我們的資本支出約為 14 億美元。

We hit the middle of our guidance, with a Board approved 7.7% dividend increase in June; and we exceeded our share repurchase guidance, with about $3.4 billion in shares retired this year.

我們達到了指導方針的中間位置，董事會批准 6 月份股息增加 7.7%；我們超越了股票回購指導，今年回購了約 34 億美元的股票。

Our 2015 share repurchase capacity reflected robust cash generation by our business and, of course, additional capacity from the closing of the sale of our Pharmacy business in December.

我們 2015 年的股票回購能力反映了我們業務強勁的現金產生能力，當然還有 12 月結束出售我們的藥局業務所帶來的額外產能。

Regarding capital expenditures, our 2015 spending reflected the re-timing of certain projects resulting from prioritization efforts initiated by our new Chief Information Officer, Mike McNamara, and his team.

關於資本支出，我們 2015 年的支出反映了由於新任資訊長 Mike McNamara 及其團隊發起的優先排序工作而對某些項目進行了重新安排。

Following his arrival in the middle of the year, Mike dramatically reduced the number of non-infrastructure technology projects in order to refocus resources on the highest priority initiatives and make faster progress.

麥克在年中上任後，大幅減少了非基礎設施技術項目的數量，以便將資源重新集中在最優先的計劃上並取得更快的進展。

In addition, Mike's team began hiring hundreds of additional engineers, in order to reduce our reliance on contractors and vendors.

此外，麥克的團隊開始僱用數百名額外的工程師，以減少我們對承包商和供應商的依賴。

These changes reflect our commitment to prioritize spending, on both capital and expense, to best support our enterprise priorities.

這些變化反映了我們優先考慮資本和費用支出的承諾，以最好地支持我們的企業優先事項。

And in the current environment, our spending priorities are currently tilting towards expense, including investments in technology engineers, in our store team, including the hiring of visual merchants, and in our headquarters teams in the areas of data science and operational excellence.

在當前環境下，我們的支出重點目前傾向於支出，包括對技術工程師的投資、對我們商店團隊的投資（包括僱用視覺商人）以及對我們總部團隊在數據科學和卓越運營領域的投資。

So how did the elements of our 2015 P&L translate into adjusted EPS?

那我們 2015 年損益表的要素是如何轉化為調整後的每股盈餘呢？

By achieving our comp sales goal while exceeding our guidance for profit margin and share repurchase, we delivered $4.69 of adjusted EPS this year, above our guidance range of $4.45 to $4.65, and more than 11% higher than 2014.

透過實現我們的比較銷售目標，同時超越我們的利潤率和股票回購指導，我們今年調整後每股收益為4.69 美元，高於我們4.45 美元至4.65 美元的指導範圍，比2014 年高出11%以上。

And while we didn't provide specific guidance for return on invested capital in 2015, we reported after-tax ROIC of 16% this year.

雖然我們沒有提供 2015 年投資資本回報率的具體指導，但我們報告今年的稅後 ROIC 為 16%。

I'll quickly note, because the ROIC calculation doesn't adjust for non-recurring items, this year's performance included the gain on the sale of the Pharmacy business.

我很快就會注意到，由於投資回報率的計算不會針對非經常性項目進行調整，因此今年的業績包括出售製藥業務的收益。

Excluding this gain, our business generated a very healthy after-tax ROIC of 13.9% for the year, up well over 1 percentage point from 2014.

除去這項收益，我們的業務今年的稅後投資回報率為 13.9%，非常健康，比 2014 年增長了 1 個百分點以上。

So with full-year 2015 performance as context, let's turn to our detailed guidance for first quarter.

因此，以 2015 年全年業績為背景，讓我們來看看第一季的詳細指引。

I will also provide some high level details of our plan for the year and discuss those plans in more detail at our meeting next week.

我還將提供我們今年計劃的一些高級細節，並在下週的會議上更詳細地討論這些計劃。

I'll start with our view of comparable sales for the full year.

我將從我們對全年可比較銷售額的看法開始。

We are planning for comp growth in the 1.5% to 2.5% range in 2016, consistent with our performance throughout last year.

我們計劃 2016 年的複合成長率為 1.5% 至 2.5%，與我們去年全年的表現一致。

Given that we're one year into a multi-year journey, at next week's meeting, I'll discuss why we believe we have the capacity to grow comps a bit faster than this range over time; however, in the current environment, we believe this is a prudent range to plan for this next year.

鑑於我們已經進入多年旅程一年，在下週的會議上，我將討論為什麼我們相信我們有能力隨著時間的推移以比這個範圍更快的速度增長公司；然而，在當前環境下，我們認為這是明年計劃的謹慎範圍。

With that context on full year sales, I'll turn to the first quarter.

考慮到全年銷售情況，我將轉向第一季。

As we plan our first quarter comp in light of competitor inventory positions, we are anticipating growth in the lower end of the 1.5% to 2.5% range we're planning for the full year.

當我們根據競爭對手的庫存狀況來規劃第一季的業績時，我們預計全年的成長將在 1.5% 至 2.5% 範圍的下限。

First quarter reported total sales are expected to decline 4.5% to 5%, reflecting removal of Pharmacy sales from this year's results.

第一季報告的總銷售額預計將下降 4.5% 至 5%，反映出今年業績中剔除了藥品銷售。

One note on our sales guidance, we haven't specified a goal for digital sales growth.

關於我們的銷售指導，我們沒有指定數位銷售成長的目標。

I'll discuss our reasoning for this change in more detail next week; but for now, I'll simply stress that our commitment to digital is as strong as ever.

下週我將更詳細地討論我們進行此更改的原因；但現在，我只想強調，我們對數位化的承諾一如既往。

And while we will continue to include digital metrics in our financial reporting this year, we are going to gauge our success based on Target's overall traffic and sales growth, without making an arbitrary distinction between channels.

雖然我們今年將繼續在財務報告中納入數位指標，但我們將根據塔吉特的整體流量和銷售成長來衡量我們的成功，而不是對管道進行任意區分。

This change is consistent with how our guests think about shopping, as we've confirmed our guest research.

這項變更與我們的客人對購物的看法是一致的，因為我們已經證實了我們的客人研究。

Moving on to the first quarter P&L, on the EBITDA margin rate, we are expecting an improvement of 60 to 70 basis points in the first quarter, driven by an increase in our gross margin rate partially offset by a moderate increase in SG&A expense rate.

轉向第一季損益表，就 EBITDA 利潤率而言，我們預計第一季將改善 60 ​​至 70 個基點，這是由於毛利率的成長部分被 SG&A 費用率的適度增長所抵消。

The expected gross margin rate improvement primarily reflects the benefit of the removal of low margin Pharmacy sales from the mix, combined with a moderate improvement in the underlying business.

預期毛利率的改善主要反映了從組合中剔除低利潤藥局銷售的好處，以及基礎業務的適度改善。

On the SG&A line, our forecast anticipates some pressure from the investments we're making in our store team, along with incremental expense from the reissuance of Red Card debit and credit cards as we move guests to much more secure chip and pen technology.

在SG&A方面，我們的預測預計，我們對商店團隊的投資會帶來一些壓力，隨著我們將客人轉向更安全的晶片和筆技術，重新發行紅卡借記卡和信用卡將增加費用。

On the depreciation and amortization expense line, we are expecting 20 to 30 basis points of pressure in the first quarter, reflecting the removal of Pharmacy sales and a slight increase in D&A dollars over last year.

在折舊和攤銷費用方面，我們預計第一季將面臨 20 至 30 個基點的壓力，反映出取消了藥品銷售以及 D&A 費用較去年略有增加。

We expect first quarter interest expense dollars to be flat to last year's.

我們預計第一季利息支出將與去年持平。

We're planning for a first quarter effective income tax rate of 35% to 36%, and we expect to continue to engage in meaningful share repurchase, given our cash position.

我們計劃第一季的有效所得稅率為 35% 至 36%，鑑於我們的現金狀況，我們預計將繼續進行有意義的股票回購。

Altogether, these expectations position us to deliver first quarter adjusted EPS of $1.15 to $1.25, compared with $1.10 a year ago.

總而言之，這些預期使我們能夠實現第一季調整後每股收益 1.15 美元至 1.25 美元，去年同期為 1.10 美元。

Turning back to full year, we expect to deliver full-year 2016 adjusted EPS of $5.20 to $5.40; and I'll provide more detail on the individual P&L items next week.

回到全年，我們預計 2016 年全年調整後每股收益為 5.20 美元至 5.40 美元；下週我將提供有關各個損益項目的更多詳細資訊。

For now, I would note that this performance would exceed our longer term financial algorithm to generate annual adjusted EPS growth of about 10%, as it reflects the expected share repurchase benefit of the incremental cash we will deploy from the sale of our Pharmacy business.

目前，我要指出的是，這一業績將超過我們的長期財務演算法，以產生約10% 的年度調整後每股收益增長，因為它反映了我們將從出售製藥業務中部署的增量現金的預期股票回購收益。

Now I'll turn the call back over to Brian, who is going to provide a quick preview of next week's financial community meeting.

現在我將把電話轉回給布萊恩，他將提供下週金融界會議的快速預覽。

Brian?

布萊恩？

Thank, Cathy.

謝謝，凱茜。

Before we take your questions, I thought it would be helpful to cover our agenda for next week.

在我們回答你們的問題之前，我認為介紹一下我們下週的議程會有所幫助。

In New York next Wednesday, I'll open the meeting with an update on our strategic priorities and the initiatives for 2016.

下週三在紐約，我將首先介紹我們 2016 年策略重點和舉措的最新情況。

Then John will provide deeper insights into the work his team's doing to transform supply chain and their efforts to drive operational excellence across the enterprise.

然後，約翰將更深入地了解他的團隊為轉變供應鏈所做的工作以及他們為推動整個企業卓越營運所做的努力。

And finally, Cathy will provide insight into how we expect to continue to deliver on the long-term financial algorithm we laid out last year.

最後，凱茜將深入了解我們期望如何繼續實現我們去年制定的長期財務演算法。

Following the presentations, we will have a Q&A session with all three speakers, along with several other members of our leadership team who will be attending this meeting.

演講結束後，我們將與所有三位演講者以及將參加本次會議的領導團隊的其他幾位成員舉行問答環節。

At last year's meeting, I outlined our enterprise priorities and told you that I hoped they would remain consistent for years.

在去年的會議上，我概述了我們的企業優先事項，並告訴大家我希望它們能夠多年來保持一致。

So here's the spoiler alert.

所以這是劇透警報。

Our priorities today remain consistent with a year ago.

我們今天的優先事項與一年前保持一致。

We made progress, but we have a lot more to do.

我們取得了進展，但我們還有很多工作要做。

And our tactics will always be evolving, but this year's results demonstrate we're focused on the right work.

我們的策略總是在不斷發展，但今年的結果顯示我們專注於正確的工作。

At this year's meeting, we plan to show you how we're getting even closer to our guests, gaining a deeper understanding of their wants and needs and how Target fits into their daily lives.

在今年的會議上，我們計劃向您展示我們如何進一步拉近與客人的距離，更深入地了解他們的需求，以及塔吉特如何融入他們的日常生活。

We also plan to show you why we're so excited about all the new products we've developed for this year.

我們還計劃向您展示為什麼我們對今年開發的所有新產品如此興奮。

And for those of you who will be with us in New York, you'll see vignettes showcasing newly developed products across multiple categories, including our incredible new Kids brand, Pillow Fort.

對於那些將在紐約與我們在一起的人，您將看到展示多個類別的新開發產品的小插圖，包括我們令人難以置信的新兒童品牌 Pillow Fort。

So whether you plan to be with us in New York next week or listening to our webcast, we hope you'll join us to gain a deeper understanding of our strategic and financial plans going forward and why we're so excited about the prospects in 2016.

因此，無論您計劃下週在紐約與我們在一起還是收聽我們的網絡廣播，我們都希望您能加入我們，更深入地了解我們未來的戰略和財務計劃，以及為什麼我們對未來的前景如此興奮2016年。

With that, we'll conclude our prepared remarks.

至此，我們將結束我們準備好的發言。

And now Cathy, John and I will be happy to respond to your questions.

現在，凱西、約翰和我將很樂意回答您的問題。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Kate McShane with Citi.

你的第一個問題來自花旗銀行的 Kate McShane。

Good morning.

早安.

Hello.

你好。

Can you hear me?

你聽得到我嗎？

We can now.

我們現在可以了。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝。

My first question is on CVS.

我的第一個問題是關於 CVS 的。

You had mentioned in your prepared comments that you've already converted some of the pharmacies.

您在準備好的評論中提到您已經轉換了一些藥房。

And I know it's early days, but wondered if you could provide any detail on if you've noticed any notable changes in traffic in those particular stores?

我知道現在還為時過早，但想知道您是否可以提供任何詳細信息，說明您是否注意到這些特定商店的客流量有任何顯著變化？

And just how disruptive is the rebranding across the chain over the next six months?

未來六個月整個連鎖店的品牌重塑到底會帶來多大的破壞性？

Well, it's still very early and we'll be tracking this carefully over the next few months.

嗯，現在還很早，我們將在接下來的幾個月仔細追蹤這一情況。

John Mulligan was actually down in the Charlotte market just a few weeks ago, where we've rebranded some of the very first CVS pharmacies inside of Target.

事實上，John Mulligan 幾週前就來到了夏洛特市場，我們在那裡對 Target 內的一些最早的 CVS 藥局進行了品牌重塑。

So John, why don't I let you share some of your impressions?

那麼約翰，我為什麼不讓你分享一些你的印象呢？

Yes, I think overall, I don't think the rebranding will be a significant disruption for the store or the technology changes that are going to go on.

是的，我認為總體而言，我認為品牌重塑不會對商店或即將發生的技術變革造成重大破壞。

As we walk the store, it looked fantastic.

當我們走在商店裡時，它看起來棒極了。

The CVS brand looks great.

CVS 品牌看起來很棒。

I think they've done a great job, between our team and theirs, tying it into the total Target store environment.

我認為他們在我們的團隊和他們的團隊之間做得很好，並將其融入整個 Target 商店環境中。

When we did this, we spoke a lot about the tools that CVS would bring, not only to our guests, but to our teams.

當我們這樣做時，我們談論了很多關於 CVS 不僅為我們的客人而且為我們的團隊帶來的工具。

The teams were certainly excited about the tools that CVS is bringing to them to help them do their job, so that they can focus more fully on guest service.

這些團隊當然對 CVS 為他們提供的幫助他們完成工作的工具感到興奮，這樣他們就可以更專注於賓客服務。

So we're very excited about that.

所以我們對此感到非常興奮。

And we're excited to see, like Brian said, as we go along later in the year, we'll see more marketing to talk about the relationship of the two companies and also see the reaction of our guests as those capabilities are made more front and center for them, as well.

正如布萊恩所說，我們很高興看到，隨著今年稍後的進展，我們將看到更多的行銷活動來討論兩家公司的關係，並且隨著這些功能的增強，我們的客人也會做出反應。對他們來說也是前面和中心。

I'd only add, we've been working for months and months now with our colleagues at CVS to make sure this is a very smooth transition.

我只想補充一點，我們已經與 CVS 的同事合作了數月，以確保這是一個非常順利的過渡。

And the plans we have in place will minimize the impact on the guest.

我們所製定的計劃將最大限度地減少對客人的影響。

So we're very excited about what this brings to Target, what it brings to our guests, and to our shareholders, and expect it to be a very seamless transition over the next six months.

因此，我們對這為塔吉特帶來的東西、為我們的客人和我們的股東帶來的東西感到非常興奮，並期望在接下來的六個月內實現非常無縫的過渡。

That's great.

那太棒了。

Thank you.

謝謝。

Thank you.

謝謝。

Your next question comes from the line of Michael Lasser with UBS.

您的下一個問題來自瑞銀集團的 Michael Lasser。

Good morning.

早安.

Thanks a lot for taking my question.

非常感謝您提出我的問題。

Two parter.

兩人搭檔。

Number one is on the promotional activity.

第一個是促銷活動。

Can you give us a sense for how much you think that impacted the sales for the quarter and how is that going to influence your promotional posture moving forward?

您能否告訴我們您認為這對本季的銷售有多大影響以及這將如何影響您今後的促銷姿態？

And then the second part of my question is on some of the stats, very helpful stats that Mr. Mulligan provided on the in-stocks, how much do you think that the increase in in-stocks helped in the fourth quarter?

然後我的問題的第二部分是關於一些統計數據，穆里根先生提供的有關庫存的非常有用的統計數據，您認為庫存的增加對第四季度有多大幫助？

Thank you so much.

太感謝了。

Why don't I start by talking about the promotional environment?

我為什麼不先談談促銷環境呢？

And we approach every year recognizing that the fourth quarter, this holiday season, is a very important time of the year for us, and it's going to be a very promotional environment.

每年我們都認識到第四季度，即這個假期，對我們來說是一年中非常重要的時期，這將是一個非常促銷的環境。

And as we sit here today, we really believe our playbook that we rolled out during the holiday drove traffic to our stores, drove traffic to our site, allowed us to accelerate our comp performance.

當我們今天坐在這裡時，我們真的相信我們在假期期間推出的策略增加了商店的流量，增加了我們網站的流量，使我們能夠加快我們的競爭績效。

And remember, we were comping a very strong Q4 from 2014.

請記住，我們比較的是 2014 年第四季的強勁表現。

So we felt very good about the effectiveness of our promotions.

因此，我們對促銷活動的效果感到非常滿意。

They were broad, they were very simple, and they worked both in store and online.

它們範圍廣泛，非常簡單，並且在商店和網上都有效。

So we feel great about the performance during the holiday, where our signature categories performed well.

因此，我們對假期期間的表現感到非常滿意，我們的招牌類別表現出色。

We've worked with Nielsen and NPD to look at market share performance and clearly recognize that we gained market share as a by-product of our playbook in the fourth quarter.

我們與尼爾森和 NPD 合作研究了市場份額表現，並清楚地認識到我們在第四季度獲得了市場份額，這是我們策略的副產品。

So feel very good about our approach.

所以對我們的方法感覺非常好。

But to your question about the future, we're always stepping back and analyzing promotional effectiveness, looking back at our playbook.

但對於你關於未來的問題，我們總是退一步分析促銷效果，回顧我們的策略。

And as we plan for next year, we'll continue to enhance and refine and make sure that we have very broad, very simple and very effective offers that continue to drive traffic and profitably grow our sales.

正如我們明年的計劃一樣，我們將繼續增強和完善，並確保我們擁有非常廣泛、非常簡單和非常有效的優惠，以繼續推動流量並提高我們的銷售額。

John, do you want to talk about the impact of in-stocks?

約翰，你想談談庫存的影響嗎？

Yes, I think we certainly can analyze, triangulate around the sales impact of in-stocks, but that would be providing you very rough estimates.

是的，我認為我們當然可以分析、圍繞庫存對銷售的影響進行三角測量，但這將為您提供非常粗略的估計。

What I think is much more important when you talk about essential categories, ultimately this is about the guests trusting that you will have the merchandise they want when they come in our stores.

我認為，當您談論基本類別時，更重要的是，歸根結底，這是讓客人相信當他們來到我們的商店時，您將擁有他們想要的商品。

If a new mom takes her baby out in 10-degree weather for diapers and formula, you better have diapers and formula in your store.

如果新手媽媽在 10 度的天氣裡帶寶寶出去買尿布和配方奶粉，你最好在商店裡準備尿布和配方奶粉。

And so really, it's about the trust that they have in the Target brand to always deliver wherever and whenever they want.

事實上，這是他們對 Target 品牌的信任，無論何時何地，他們都能提供服務。

And over time, there is no doubt in our minds that will drive sales growth for the long term.

隨著時間的推移，我們毫無疑問這將推動長期銷售成長。

That's very helpful.

這非常有幫助。

Thank you so much.

太感謝了。

Thank you, Michael.

謝謝你，麥可。

Your next question comes from the line of Matthew Fassler with Goldman Sachs.

你的下一個問題來自高盛的馬修法斯勒。

Thank you so much and good morning.

非常感謝，早安。

Good morning.

早安.

I'd like to talk for a moment about the SG&A line and just to put in context the cost cuts that you announced at last year's meeting, about $1.5 billion annualized, talk about where we are in recognizing those and just thinking about the expense performance that you had against that.

我想談談 SG&A 項目，並結合您在去年會議上宣布的成本削減（年化成本削減約 15 億美元）來談談我們在認識這些成本方面的進展，並考慮一下費用績效你反對的。

And as part of that, if you could address whether there's any incipient wage pressure that you've noted in the market would be very helpful.

作為其中的一部分，如果您能夠解決您在市場上註意到的任何初期工資壓力，將會非常有幫助。

Thank you so much.

太感謝了。

I'll start out, and then I'll let Cathy and John also build on it.

我會開始，然後我會讓 Cathy 和 John 也在此基礎上繼續發展。

But as we talked about last year, we've had a very clear multi-year plan.

但正如我們去年談到的，我們有一個非常明確的多年計劃。

We targeted over $2 billion of savings.

我們的目標是節省超過 20 億美元。

And in 2015, we've made very good progress against that plan.

2015 年，我們在該計劃方面取得了很大進展。

We're on or ahead of all of the key metrics that we're tracking and we expect that to continue as we go forward.

我們正在追蹤或領先我們正在追蹤的所有關鍵指標，並且我們預計隨著我們的前進，這種情況將繼續下去。

So John and Cathy are working across the organization to make sure that those initiatives stay in place.

因此，約翰和凱西正在整個組織內開展工作，以確保這些措施得以實施。

And as John continues to build his team and we bring people like [Anu] Gupta on board to focus on operational excellence, we expect to find even greater opportunities for further improvement.

隨著約翰繼續組建他的團隊，並且我們聘請了像 [Anu] Gupta 這樣的人來專注於卓越運營，我們期望找到更大的進一步改進的機會。

So I think we're well positioned today.

所以我認為我們今天處於有利位置。

I feel very good about the progress we've made to drive productivity across the organization, and you should expect that to continue in 2016 and beyond.

我對我們在提高整個組織的生產力方面所取得的進展感到非常滿意，並且您應該期望這種情況在 2016 年及以後會繼續下去。

I'll just add on a little bit.

我就補充一點吧。

With regards to our performance with SG&A, the beauty of what we're seeing with the plan we laid out last year is we're delivering upon it, but we're also recognizing how we can reinvest back in the business on the priorities that matter to our guests.

就我們在 SG&A 方面的表現而言，我們去年制定的計劃的美妙之處在於我們正在兌現它，但我們也認識到我們如何能夠根據以下優先事項對業務進行再投資：對我們的客人很重要。

And so if you think about our investment in visual merchandise leaders, that's a great example.

因此，如果您考慮我們對視覺商品領導者的投資，那就是一個很好的例子。

1,400 stores now have someone who is an expert at helping to showcase the categories that matter most to our guests.

現在，1,400 家商店都有專家幫助展示對我們的客人最重要的類別。

And so we're seeing ability, as we save on one line, we can invest in other areas in our business.

因此，我們看到了能力，當我們在一條線上節省開支時，我們可以投資於我們業務的其他領域。

And you had asked about wage pressure.

你問過工資壓力。

I'm going to just put a plug in.

我只要插上一個插頭就可以了。

We believe in having the best team in retail.

我們相信擁有零售業最好的團隊。

And that has always been a differentiator for Target, and we believe more today than ever that is going to be a differentiator is our wonderful team member engagement with our guests every single day, any way they interact with them.

這一直是塔吉特的一個與眾不同之處，我們比以往任何時候都更相信，我們的團隊成員每天與客人的精彩互動，無論他們與他們互動的方式如何，都將成為一個與眾不同的地方。

So we're going to be competitive in wage.

因此，我們在薪資方面將具有競爭力。

We always assess it market by market, because we believe in fielding that best team in retail.

我們總是逐個市場地評估它，因為我們相信在零售業中部署最好的團隊。

Thank you.

謝謝。

Your next question comes from the line of Greg Melich with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Greg Melich。

Hello.

你好。

I just wanted ask a little more detail on the guidance, Cathy, that you outlined.

我只是想詢問有關您概述的指導的更多細節，Cathy。

If you think about all of 2016, how much buyback is there or isn't there in that guidance?

如果您考慮一下 2016 年全年，該指導中有多少回購或沒有回購？

And also, how should we think about CVS impacting the guidance, however you want to frame it, in terms of you mentioned sales, but also margin, should we expect a certain margin benefit, if it's 50 to 70 bips up in the first quarter, is that a good run rate for the year or how should we think of it?

另外，我們應該如何看待CVS 影響指導，無論你想如何建立它，就你提到的銷售額而言，還有利潤率，如果第一季成長50 到70 個基點，我們是否應該期望一定的利潤率收益，這是今年的良好運行率還是我們應該如何看待它？

Yes.

是的。

So Greg, thank you.

格雷格，謝謝你。

First off, I'm going to put a plug in to say we look forward to seeing you next week, because we'll obviously unpack a little bit more of it then.

首先，我要插一句，表示我們期待下週見到您，因為我們顯然會在那時解開更多內容。

But with regards to the share repurchase comment, in our guidance we did assume a consistent level of share repurchases, like we've been talking.

但關於股票回購評論，在我們的指導中，我們確實假設股票回購水準保持一致，就像我們一直在談論的那樣。

However, we're also ending the year with a pretty heavy cash position, because we closed the transaction late in December.

然而，我們在年底時也擁有相當大量的現金頭寸，因為我們在 12 月底結束了交易。

And so you'll see us provide additional color into that.

所以你會看到我們為此提供了額外的色彩。

But suffice it to say, it will be at the level of this year or higher, and we've included that in our EPS guidance of $5.20 to $5.40.

但可以說，它將達到今年的水平或更高，我們已將其納入 5.20 美元至 5.40 美元的 EPS 指導中。

And on the margins?

那麼在邊緣呢？

Yes, so as we've said, it obviously was an impact on sales, but very little on the aggregate EBITDA line, which is what we've said longer term.

是的，正如我們所說，這顯然對銷售產生了影響，但對總 EBITDA 線影響很小，這就是我們所說的長期影響。

So your full-year guidance assumes some slight EBITDA margin increase, it seems?

因此，您的全年指引似乎是假設 EBITDA 利潤率略有增加？

Yes.

是的。

Thanks.

謝謝。

Look forward to seeing you next week.

期待下週見到您。

Thanks, Greg.

謝謝，格雷格。

Your next question comes from the line of Sean Naughton with Piper Jaffray.

你的下一個問題來自 Sean Naughton 和 Piper Jaffray 的對話。

Hello.

你好。

Good morning and thanks for taking the question.

早上好，感謝您提出問題。

Just on Q4, the gross margin was just a little bit lighter than I think consensus and we modeled that.

就在第四季度，毛利率僅比我認為的共識低一點，我們對此進行了建模。

Could you provide just a little more detail on the variances or puts and takes in gross margin versus the internal plan that you had, or was that 50 basis point decline in line with your expectations?

您能否提供更多關於毛利率與內部計劃之間的差異或看跌期權和接受金額的詳細信息，或者 50 個基點的下降是否符合您的預期？

Sean, as we think about our performance in the fourth quarter, it played out pretty much as expected.

肖恩，當我們思考第四季的表現時，它的表現與預期基本一致。

We know the fourth quarter is going to be very promotional, very competitive.

我們知道第四季的促銷活動將會非常激烈，競爭也非常激烈。

We certainly saw the guests respond very positively to our offers and that drove great traffic.

我們當然看到客人對我們的優惠反應非常積極，這帶來了巨大的流量。

It allowed us to build market share in our signature categories, and I think it positioned us well for 2016.

它使我們能夠在我們的標誌性類別中建立市場份額，我認為這為我們在 2016 年奠定了良好的地位。

So as we sit here, there's a lot of variables that go into building our plans for a quarter like the fourth quarter, but we're very pleased with the way our plans drove traffic to our stores, visits to our site, allowed us to accelerate comps on top of a very strong quarter last year.

因此，當我們坐在這裡時，在製定第四季度這樣的季度計劃時存在很多變數，但我們對我們的計劃推動商店流量、網站訪問量的方式感到非常滿意，這使我們能夠在去年非常強勁的季度基礎上加速比較。

And we saw very broad increases across many of our signature categories, as we reported.

正如我們所報導的那樣，我們的許多簽名類別都出現了非常廣泛的增長。

So I think our plans were in line with our expectation for the quarter.

所以我認為我們的計劃符合我們對本季的預期。

Okay.

好的。

Great.

偉大的。

And real quick, a follow-up on how you're thinking about 2016.

快速跟進您對 2016 年的看法。

Just from getting a number of questions about how you feel about cost of goods sold, where are you seeing any inflation or deflation potentially in those categories, and specifically in Food, how is that playing through on the P&L right now?

透過詢問一些有關您對銷售商品成本的看法的問題，您在這些類別中，特別是在食品中，在哪裡看到了潛在的通貨膨脹或通貨緊縮，目前在損益表上的表現如何？

Thanks.

謝謝。

Sean, again, a number of puts and takes as we look at the impact of changes in currency and cost of goods, but it's all baked into our outlook for next year.

肖恩，當我們研究貨幣和商品成本變化的影響時，再次提出了一些看跌期權和看跌期權，但這一切都融入了我們對明年的展望。

And I think we approach 2016 with a lot of confidence that we've got great plans in place, terrific momentum.

我認為我們對 2016 年充滿信心，我們已經制定了宏偉的計劃，勢頭強勁。

And as you'll see next week at the conference, the team's done a terrific job in building some exciting new brands that we'll showcase next week and we're already seeing some really positive responses from our guests to our new Kids line, Pillow Fort.

正如您將在下週的會議上看到的那樣，該團隊在打造一些令人興奮的新品牌方面做得非常出色，我們將在下週展示這些品牌，並且我們已經看到我們的客人對我們的新兒童系列做出了一些非常積極的反應，枕頭堡。

So we're excited about 2016 and we look forward to seeing you next week.

我們對 2016 年感到興奮，並期待下週見到您。

With that, Operator, we've got time for one last call today.

話雖如此，接線員，今天我們還有時間進行最後一次通話。

Your last question comes from the line of Simeon Gutman with Morgan Stanley.

你的最後一個問題來自西蒙·古特曼與摩根士丹利的對話。

Thanks.

謝謝。

Good morning.

早安.

Thanks, Brian.

謝謝，布萊恩。

Quick question that was follow-up on something, the top line versus gross margin tradeoff.

快速提問是關於某件事的後續問題，即營收與毛利率的權衡。

First, I take it you're pleased with the outcome.

首先，我認為您對結果感到滿意。

I recognize it's very difficult to optimize, but can you tell us maybe at least the growth you saw in digital, was that existing customers versus new?

我意識到優化非常困難，但您能否至少告訴我們您在數位領域看到的成長，是現有客戶還是新客戶？

I'm trying to gauge the stickiness of some of the customers that came to you in the fourth quarter.

我正在嘗試評估第四季度來找您的一些客戶的黏性。

We're going to spend a lot more time unpacking this next week, but we recognize that today, our Target guests interfaces with the brand in a number of different ways.

下週我們將花費更多時間來拆開包裝，但我們認識到，今天，我們的 Target 客人以多種不同的方式與該品牌互動。

Sometimes they are in our stores, sometimes they're shopping online.

有時他們在我們的商店裡，有時他們在網上購物。

We certainly heard many times, because of some of the proprietary items that we offered during the fourth quarter, they were shopping online, but as John referenced, quickly coming to our stores to pick up those items.

我們當然多次聽到，由於我們在第四季度提供的一些專有商品，他們在網上購物，但正如約翰所提到的，很快就來到我們的商店購買這些商品。

So we felt really good about the way the guests responded to our offers during the fourth quarter.

因此，我們對第四季度客人對我們報價的反應感到非常滿意。

And a great combination of in-store traffic, more guests than ever before clicking and collecting items in our store, and then the fact that we were able to leverage our stores, this year over 460, where we were shipping from stores to our guests' homes, that overall package came together really effectively throughout the holiday.

店內客流量、比以往任何時候都多的客人在我們店裡點擊和領取商品，以及我們能夠利用我們的商店（今年超過 460 家）的事實，我們從商店運送給客人' 整個假期期間，整個計劃非常有效地結合在一起。

So we feel as if we had a winning strategy in the holidays.

所以我們覺得我們在假期裡有一個獲勝的策略。

It drove great comps on top of a very strong performance last year.

除了去年非常強勁的表現之外，它還帶來了出色的業績。

And you and many of the others that are on the call have asked me repeatedly throughout 2015, would we be able to comp the 3.8% increase in 2014?

您和許多其他參加電話會議的人在 2015 年反覆問我，我們能否彌補 2014 年 3.8% 的成長？

Well, hopefully, we answered that question.

好吧，希望我們回答了這個問題。

We answered it with strong momentum, and we were able to see both strong performance in our stores and we delivered industry leading performance online.

我們以強勁的勢頭回應了這個問題，我們不僅在我們的商店中看到了強勁的業績，而且在網上也實現了行業領先的業績。

So we feel really good about the way we're exiting Q4 and well positioned for 2016 and beyond.

因此，我們對第四季度的退出方式感到非常滿意，並為 2016 年及以後做好了準備。

So we're looking forward to seeing all of you next week in New York and thanks for your patience this morning.

因此，我們期待下週在紐約見到你們所有人，並感謝你們今天早上的耐心等待。

I know we started a few minutes late, but hopefully it was worth your time, and we look forward to seeing you again next Wednesday.

我知道我們遲到了幾分鐘，但希望您的時間值得，我們期待下週三再次見到您。

So thank you.

所以謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。