目標百貨 (TGT) 2021 Q3 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 Third Quarter Earnings Release Conference Call.

歡迎參加目標公司第三季財報發布電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded, Wednesday, November 17, 2021.

謹此提醒，本次會議將於 2021 年 11 月 17 日星期三進行錄製。

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 third quarter 2021 earnings conference call.

大家早安，感謝您參加我們的 2021 年第三季財報電話會議。

On the line with me today are Brian Cornell, Chairman and Chief Executive Officer; Christina Hennington, Chief Growth Officer; John Mulligan, Chief Operating Officer; and Michael Fiddelke, Chief Financial Officer.

今天和我一起在線的是董事長兼首席執行官布萊恩康奈爾 (Brian Cornell)；克里斯蒂娜‧亨寧頓 (Christina Hennington)，首席成長長；約翰‧穆里根，營運長；和首席財務官邁克爾菲德爾克。

In a few moments, Brian, Christina, John and Michael will provide their perspective on our third quarter performance and our outlook and priorities for the fourth quarter and beyond.

稍後，布萊恩、克里斯蒂娜、約翰和邁克爾將就我們第三季度的業績以及第四季度及以後的前景和優先事項發表他們的看法。

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

發言結束後，我們將開通電話進行問答環節。

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

今天早上，投資者和其他透過網路廣播收聽我們評論的人加入了我們的電話會議。

Following the call, Michael and I will be available to answer your follow-up questions.

通話結束後，麥可和我將回答您的後續問題。

And finally, 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 most recently filed 10-K.

最後，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在我們最近提交的 10-K 中進行了描述。

Also in these remarks, we refer to non-GAAP financial measures, including adjusted earnings per share.

在這些評論中，我們也提到了非公認會計準則財務指標，包括調整後每股盈餘。

Reconciliations of all non-GAAP numbers to the most directly comparable GAAP number are included in this morning's press release, which is posted on our Investor Relations website.

所有非 GAAP 數據與最直接可比較的 GAAP 數據的對帳均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。

With that, I'll turn it over to Brian for his thoughts on the quarter and his perspective on our outlook.

接下來，我將把它交給布萊恩，詢問他對本季的看法以及他對我們前景的看法。

Brian?

布萊恩？

Thanks, John, and good morning, everyone.

謝謝約翰，大家早安。

Our third quarter results are consistent with what our team has been delivering quarter after quarter for years now.

我們第三季的業績與我們團隊多年來逐季交付的業績一致。

And they continue to demonstrate the extraordinary level of engagement we're seeing from our guests, both with our brand and with our team.

他們繼續向我們展示了我們的客人對我們的品牌和我們的團隊的非凡參與。

In the third quarter, comparable sales expanded 12.7%, on top of a nearly 21% increase one year ago.

第三季度，可比銷售額在一年前成長近 21% 的基礎上成長了 12.7%。

Consistent with recent quarters, traffic was the primary driver of this year's growth as our guests increasingly turned to Target to serve their wants and needs.

與最近幾季一樣，隨著我們的客人越來越多地轉向 Target 來滿足他們的需求，流量是今年成長的主要推動力。

Across our sales channels, store sales were the primary growth driver this quarter, while same-day services propelled our digital growth.

在我們的銷售管道中，商店銷售是本季的主要成長動力，而當日服務推動了我們的數位成長。

Since the third quarter of 2019, prior to the pandemic, Q3 store sales have expanded by $3.8 billion, while digital sales have increased another $3.1 billion.

自大流行之前的 2019 年第三季以來，第三季商店銷售額成長了 38 億美元，而數位銷售額又成長了 31 億美元。

This provides a vivid demonstration of the flexibility of our operating model to serve our guests no matter how they choose to shop.

這生動地展示了我們營運模式的靈活性，無論客人選擇如何購物，都可以為他們提供服務。

All of these results reflect the level of guest engagement far beyond what many would have imagined a few years ago, when we started making huge investments throughout our business, in our stores, new brands, same-day services, supply chain, and importantly, our team.

所有這些結果都反映出客人參與度遠遠超出了幾年前許多人的想像，當時我們開始在整個業務、商店、新品牌、當日服務、供應鏈等方面進行巨額投資，更重要的是，我們的團隊。

Back then, Target was already known for our world-class team, a differentiated shopping experience, unique assortment and an iconic brand.

當時，塔吉特 (Target) 已因其世界一流的團隊、差異化的購物體驗、獨特的類別和標誌性品牌而聞名。

But we knew there was much more to do.

但我們知道還有很多事情要做。

We saw a clear opportunity to build on that solid foundation, finding new ways to enhance our capabilities, while strengthening the bond with both our team and our guests.

我們看到了一個明顯的機會，可以在此堅實的基礎上再接再厲，尋找新的方法來增強我們的能力，同時加強與我們的團隊和客人的聯繫。

And today, those bonds have never been stronger.

如今，這些紐帶從未如此牢固。

As I mentioned, within our digital capabilities, more and more of our guests are trying and embracing our industry-leading same-day services.

正如我所提到的，在我們的數位能力範圍內，越來越多的客人正在嘗試並接受我們領先業界的當日服務。

Third quarter sales through these services have expanded by nearly 400% or $2 billion over the last 2 years.

在過去兩年中，透過這些服務實現的第三季銷售額成長了近 400%，即 20 億美元。

Through the first 3 quarters of the year, sales through these services have grown by more than $6 billion since 2019, a number larger than the total sales of many prominent retailers.

自 2019 年以來，今年前 3 季度，透過這些服務實現的銷售額成長了超過 60 億美元，這一數字超過了許多知名零售商的總銷售額。

Beyond fulfillment capabilities, our balanced multi-category assortment is another key driver of flexibility and resiliency within our business model.

除了履行能力之外，我們均衡的多品類分類是我們業務模式靈活性和彈性的另一個關鍵驅動因素。

The breadth of our assortment, both within and across our core categories, allows our team to quickly and seamlessly serve our guests, even when their wants and needs are changing rapidly.

我們的產品種類豐富，無論是在我們的核心類別內還是跨核心類別，都使我們的團隊能夠快速、無縫地為我們的客人提供服務，即使他們的需求正在迅速變化。

In the third quarter, we saw consistent strong growth across our entire merchandising portfolio.

第三季度，我們的整個商品組合持續強勁成長。

More specifically, all 5 of our core merchandise categories saw a double-digit growth in the quarter, ranging from the low double-digits to the mid-teens, resulting in strong market share gains on top of unprecedented share growth in 2020.

更具體地說，我們的所有5 個核心商品類別在本季度都實現了兩位數增長，從低兩位數到中位數增長，導致在2020 年前所未有的份額增長之外，市場份額強勁增長。

And we're not slowing down in our efforts to serve our guests.

我們並沒有放慢為客人提供服務的努力。

We continue to invest in key partnerships that enhance our assortment and experience, including the opening of more than 100 Ulta Beauty shop-in-shops and our recent announcement that we're doubling the number of enhanced Apple experiences in electronics.

我們繼續投資於重要的合作夥伴關係，以增強我們的產品種類和體驗，包括開設 100 多家 Ulta Beauty 店中店，以及我們最近宣布將增強 Apple 電子產品體驗的數量增加一倍。

Christina will provide more details in a few minutes.

克里斯蒂娜將在幾分鐘內提供更多詳細資訊。

In our conference call 3 months ago, we outlined multiple actions we're taking to support our inventory and in-stocks, given the supply chain challenges that have emerged throughout the pandemic.

在三個月前的電話會議上，我們概述了鑑於整個大流行期間出現的供應鏈挑戰，我們正在採取多項行動來支援我們的庫存和庫存。

As you know, those pressures only intensified in the third quarter.

如您所知，這些壓力在第三季只會加劇。

And our team has done an outstanding job in the face of these challenges, identifying bottlenecks and finding solutions to keep inventory flowing throughout our network.

面對這些挑戰，我們的團隊做得非常出色，他們發現了瓶頸並找到了解決方案，以保持庫存在整個網路中流動。

Although those efforts drove some incremental costs in the quarter, we view them as a continuation of the many productive long-term investments we're making in our business in support of the trust we have built with our guests.

儘管這些努力在本季度增加了一些成本，但我們認為它們是我們在業務中進行的許多富有成效的長期投資的延續，以支持我們與客人建立的信任。

And obviously, our guests responded to these efforts with strong third quarter traffic, which we expect will continue in Q4 and beyond.

顯然，我們的客人對這些努力做出了第三季強勁客流量的回應，我們預計這種情況將在第四季及以後持續下去。

Beyond our supply chain, the team has done a great job navigating through broader cost pressures as many vendors have raised wholesale prices to accommodate higher costs within their businesses.

除了我們的供應鏈之外，團隊在應對更廣泛的成本壓力方面也做得很好，因為許多供應商提高了批發價格以適應其業務內更高的成本。

As our team faced these cost increases, they maintained a guest-first approach and a focus on value while managing overall profitability as well.

當我們的團隊面臨這些成本增加時，他們保持了賓客至上的態度並注重價值，同時管理整體獲利能力。

As a result, our business delivered strong third quarter financial results, from the top to the bottom of the P&L, while building on the trust we've established with our guests.

因此，我們的業務在第三季度取得了強勁的財務業績，從損益表的頂部到底部，同時建立了我們與客人建立的信任。

So I want to pause and acknowledge the incredible effort of our teams across the company, from headquarters to stores, from our merchandising, distribution and transportation teams to our sourcing offices around the world.

因此，我想停下來承認我們整個公司的團隊所付出的令人難以置信的努力，從總部到商店，從我們的銷售、分銷和運輸團隊到我們在世界各地的採購辦事處。

Because of your agility, energy and selfless collaboration, Target delivered for our guests and our shareholders in the third quarter.

由於你們的敏捷性、活力和無私的協作，塔吉特在第三季為我們的客人和股東帶來了成果。

And as we enter the fourth quarter and ramp up for the peak holiday season, we're really well positioned to continue delivering for all of our stakeholders and close out an already amazing year.

當我們進入第四季度並為假日旺季做好準備時，我們確實處於有利位置，可以繼續為所有利益相關者提供服務，並結束本已令人驚嘆的一年。

I want to thank you for everything you do.

我要感謝你所做的一切。

So the theme you'll hear in today's call is that we're excited and ready for the holiday season.

因此，您在今天的電話會議中聽到的主題是，我們對假期感到興奮並準備好了。

We know our guests are excited to celebrate, following a year in 2020 when many families stayed apart due to safety concerns.

我們知道，在 2020 年許多家庭出於安全考慮而分居之後，我們的客人們都非常興奮地慶祝。

This year, our guests have eagerly started their holiday shopping, as they respond to our holiday promotions, low price guarantees and our ongoing efforts to provide ease, reliability, safety and value across every shopping experience.

今年，我們的客人熱切地開始了假日購物，因為他們對我們的假期促銷、低價保證以及我們為每次購物體驗提供便捷、可靠、安全和價值的持續努力做出了回應。

And importantly, we have taken multiple actions to support our guests during the holiday season and beyond.

重要的是，我們已採取多項行動在假期期間及以後為我們的客人提供支援。

On top of the investments in inventory, in-stocks and value I outlined earlier, we've announced that we're hiring 30,000 new year-round supply chain team members to support our current and expected growth.

除了我之前概述的庫存、庫存和價值投資之外，我們還宣布將招募 30,000 名新的全年供應鏈團隊成員，以支持我們當前和預期的成長。

In our stores, we're providing our team members with more pay, flexibility and reliable hours this holiday season, offering more than 5 million additional hours to our existing team, an investment of more than $75 million over the holiday season.

在我們的商店，我們在這個假期期間為我們的團隊成員提供了更多的工資、靈活性和可靠的工作時間，為我們現有的團隊提供了超過500 萬的額外工作時間，假期期間的投資超過7500 萬美元。

To supplement the additional hours from our existing team, we're hiring another 100,000 seasonal team members throughout the country, many of whom will have an opportunity to stay on with Target after the holidays.

為了補充現有團隊的額外工作時間，我們將在全國範圍內另外招募 100,000 名季節性團隊成員，其中許多人將有機會在假期後留在 Target。

And importantly, during a season in which our guests are busier than any other time of the year, our merchandising and marketing teams are focused on cutting through the clutter.

重要的是，在我們的客人比一年中任何其他時間都忙的季節，我們的銷售和行銷團隊專注於清理混亂。

That means we're keeping our marketing messages and promotions simple and our operations flexible to offer an easy and reliable experience for our guests no matter how they choose to shop.

這意味著我們將保持行銷訊息和促銷的簡單性和靈活的運營，以便為我們的客人提供輕鬆可靠的體驗，無論他們選擇如何購物。

And finally, while Target has already had an outstanding year, our team is looking ahead and not slowing down.

最後，雖然 Target 已經度過了出色的一年，但我們的團隊正在展望未來，並沒有放慢腳步。

We're continuing to invest in our future, in our new stores and existing stores, our supply chain and fulfillment capabilities, in our owned and national brands, and the safety and well-being of our team.

我們將繼續投資我們的未來、我們的新店和現有商店、我們的供應鏈和履行能力、我們的自有品牌和國家品牌，以及我們團隊的安全和福祉。

We're investing in Target Forward, an ambitious commitment to co-create an equitable and regenerative future.

我們正在投資 Target Forward，這是一項雄心勃勃的承諾，旨在共同創造一個公平和可再生的未來。

Together with our guests, partners and communities.

與我們的客人、合作夥伴和社區。

All of these efforts are focused on advancing Target's leadership position within retail, taking a guest-led approach to everything we do and supporting our company values to care, grow and win together.

所有這些努力都集中在提升塔吉特在零售業的領導地位，在我們所做的一切事情中採取以客人為主導的方法，並支持我們公司的價值觀，即共同關心、共同成長和共贏。

I have the privilege of working alongside this great team as they bring our values to life every day across every part of the company.

我很榮幸能與這個偉大的團隊一起工作，他們每天都將我們的價值觀融入公司的各個部門。

I'm endlessly grateful for their passion and support of our guests of our brand and for each other.

我對我們品牌的客人以及彼此之間的熱情和支持深表感激。

With that, I'll turn the call over to Christina.

這樣，我會將電話轉給克里斯蒂娜。

Thanks, Brian, and good morning, everyone.

謝謝布萊恩，大家早安。

Our third quarter results demonstrate what happens when our team lives out our purpose: to help all families discover the joy of everyday life.

我們第三季的業績展示了當我們的團隊實現我們的目標時會發生什麼：幫助所有家庭發現日常生活的樂趣。

When we lead with our guests first, we continue to build upon the trust that we have carefully earned with them over time.

當我們首先與客人一起領導時，我們將繼續建立我們隨著時間的推移精心贏得的信任。

And when our strategies are guest-led, we grow our business, which supports our team, our financial performance and our ability to give back to our communities and the planet.

當我們的策略以賓客為主導時，我們就能發展我們的業務，從而支持我們的團隊、我們的財務表現以及我們回饋社區和地球的能力。

As you heard from Brian, third quarter comparable sales grew 12.7%, reflecting double-digit growth in every one of our core merchandising categories.

正如您從 Brian 那裡聽到的，第三季可比銷售額成長了 12.7%，反映出我們每個核心商品類別都實現了兩位數的成長。

Even within those core categories, sales strength was broad-based, and virtually every area of the business grew over last year.

即使在這些核心類別中，銷售實力也是廣泛的，幾乎每個業務領域都比去年有所成長。

This shows the power of our multi-category assortment in driving guest relevance and affinity for Target.

這顯示了我們的多品類分類在提高賓客對 Target 的相關性和親和力方面的力量。

While growth came from all categories, third quarter performance was led by our Essentials, Beauty and Food & Beverage categories, all of which delivered comp growth in the mid-teens.

雖然成長來自所有類別，但第三季的表現由我們的必需品、美容以及食品和飲料類別引領，所有這些類別都實現了十幾歲左右的同比增長。

These businesses continue to deliver substantial share gains on top of last year's gains through both trip frequency and basket growth.

這些企業在去年的基礎上，透過旅行頻率和購物籃成長繼續實現可觀的份額成長。

In Essentials, growth was led by baby care, pets and over-the-counter health care categories.

在必需品領域，成長主要由嬰兒照護、寵物和非處方醫療保健類別帶動。

Strength in Food & Beverage was most notable in our fresh and frozen categories as well as in snacks and candy.

食品和飲料的優勢在我們的新鮮和冷凍類別以及零食和糖果中最為顯著。

Hardlines, which comped in the mid-teens on top of mid-30% comps last year, was fueled by incredible momentum in our toys and sporting goods businesses, which both saw comp growth north of 20%.

去年，Hardlines 的業績在30% 左右的基礎上實現了15% 左右的增長，這得益於我們的玩具和體育用品業務令人難以置信的增長勢頭，這兩個業務的業績增長均超過20% 。

Electronics delivered low single-digit comp growth on top of last year's comp of nearly 60%.

電子產品產業在去年近 60% 的複合成長率的基礎上實現了較低的個位數複合成長率。

In our Apparel business, comp sales grew in the low double-digits despite unseasonably warm weather across much of the country.

在我們的服裝業務中，儘管全國大部分地區天氣異常溫暖，但公司銷售額仍以兩位數的低點增長。

Performance was strongest in swim, young contemporary, intimates and hosiery.

游泳、年輕當代、內衣和襪類的表現最強勁。

In Home, low double-digit comp growth was led by seasonal and stationary categories, and reflected record-setting performance in the back-to-school, back-to-college and Halloween seasons.

在家居領域，季節性和固定品類引領了低兩位數的複合成長，反映了返校季、返校季和萬聖節季的創紀錄表現。

We have seen consistently strong results across seasonal categories, results that clearly signal that our guests are excited to celebrate the holidays with loved ones in new, old and reimagined ways.

我們在各個季節類別中都看到了持續強勁的結果，這些結果清楚地表明我們的客人很高興以新的、舊的和重新想像的方式與親人一起慶祝節日。

However they celebrate, our guests remain focused on meeting their wants and needs with ease, convenience and value.

無論他們如何慶祝，我們的客人仍然專注於輕鬆、方便和有價值地滿足他們的需求。

And as the holidays approach, they are turning to Target for these solutions.

隨著假期的臨近，他們開始向 Target 尋求這些解決方案。

This is about more than just checking items off the list.

這不僅僅是檢查清單上的項目。

Beyond working through the logistics of the holiday, our guests are looking to us to provide joy, and a joyous holiday is exactly what we plan to deliver.

除了完成假期的後勤工作外，我們的客人還希望我們為他們提供歡樂，而一個歡樂的假期正是我們計劃提供的。

We continuously evaluate our guests' mindset, which serves as a North Star for all our strategies and decisions.

我們不斷評估客人的心態，這是我們所有策略和決策的北極星。

We remain laser-focused on their experiences with us and expectations of us.

我們仍然高度關注他們與我們的經歷以及對我們的期望。

And we strive to build flexibility and agility into our plans to ensure we show up at our best for them during the holidays and all year round.

我們努力在我們的計劃中建立靈活性和敏捷性，以確保我們在假期和全年為他們提供最好的服務。

We are confident in our ability to navigate the broader retail landscape.

我們對自己駕馭更廣闊的零售格局的能力充滿信心。

And we're eager to share all that we've planned for the upcoming holidays.

我們渴望分享我們為即將到來的假期所計劃的一切。

Whether our guests are rekindling old holiday traditions or finding new ways to celebrate the season, we're focused on making Target the destination that makes it easy, safe, inspiring and affordable to celebrate what matters most, the magic of spending time with those we love.

無論我們的客人是要重燃古老的節日傳統，還是尋找新的方式來慶祝這個季節，我們都致力於將Target 打造成一個目的地，讓人們能夠輕鬆、安全、鼓舞人心且經濟實惠地慶祝最重要的事情，即與我們的家人共度美好時光的魔力。

As John will outline in more detail, our teams are working diligently to get the right inventory to the right place at the right time.

正如約翰將更詳細地概述的那樣，我們的團隊正在努力工作，以便在正確的時間將正確的庫存運送到正確的地點。

Doing so has driven some near-term gross margin pressure, an appropriate long-term investment in the relationship with our guests.

這樣做會帶來一些近期毛利率壓力，這是對與客人關係的適當長期投資。

Bottom line, based on the incredible efforts of our team, we feel good about our inventory levels heading into the holiday season.

最重要的是，基於我們團隊令人難以置信的努力，我們對進入假期季節的庫存水準感到滿意。

In addition to the investments in our inventory position, we remain committed to providing great value with every trip to Target.

除了對我們的庫存狀況進行投資外，我們仍然致力於為每次前往 Target 的旅行提供巨大的價值。

And that value goes far beyond delivering exceptional everyday pricing.

這種價值遠遠超出了提供卓越的日常定價。

It includes offering compelling holiday deals, great quality products and an array of options to support all budgets, including accessible payment options.

它包括提供引人注目的假期優惠、優質產品和一系列支援所有預算的選項，包括方便的付款選項。

Last year, we spread our promotions throughout the months of November and December to avoid crowding in stores, and we heard from our guests that they loved it.

去年，我們在 11 月和 12 月期間開展了促銷活動，以避免商店擁擠，我們從客人那裡聽說他們很喜歡這種活動。

As a result, we're spreading savings throughout the season again this year to give guests flexibility to get the best deals on their terms whenever and however they choose to shop.

因此，我們今年再次在整個購物季提供優惠，讓客人能夠靈活地在任何時間、以何種方式購物時獲得最優惠的價格。

We'll feature compelling offers throughout the season on top items, great weekly deals and surprise deals of the day, both in-store and online, as well as additional deals for Target Circle members.

我們將在整個季節推出引人注目的熱門商品優惠、每週超值優惠和當日驚喜優惠，無論是店內還是在線，以及針對 Target Circle 會員的額外優惠。

And to reinforce value throughout the season, we recently announced the launch of our Holiday Price Match Guarantee, our most robust price match ever.

為了增強整個季節的價值，我們最近宣布推出假期價格匹配保證，這是我們有史以來最強大的價格匹配。

When guests see Holiday Best deals at Target, they can shop confidently, knowing they are getting Black Friday sized savings with our best planned price of the season.

當客人看到 Target 的假期最佳優惠時，他們可以放心地購物，因為他們知道他們可以以我們當季最優惠的計劃價格獲得黑色星期五的折扣。

In essence, any time they see a deal at Target, our guests can be confident it's the right time to buy.

從本質上講，每當我們的客人在 Target 看到優惠時，他們都可以確信現在是購買的最佳時機。

We also know that our guests want flexibility, not just in what they want to buy and how they want to shop, but how to manage their budget as well.

我們也知道，我們的客人需要靈活性，不僅在他們想買什麼和如何購物方面，而且還包括如何管理他們的預算。

That's why with the help of 2 new partners, Sezzle and Affirm, we've added new payment solutions that allow our guests to buy what they need now, take advantage of our best deals and pay at a pace that works best for them.

因此，在Sezzle 和Affirm 這兩個新合作夥伴的幫助下，我們添加了新的支付解決方案，讓我們的客人可以購買他們現在需要的東西，利用我們的最佳優惠，並以最適合他們的速度付款。

With a strong inventory position and a great value proposition, we're able to lean into our uniquely Target assortment to build upon our traditional offering great gifting ideas and easy gathering solutions, like even more creative Gingerbread House making kits, Bullseye's top toys and gift sets for any budget.

憑藉強大的庫存地位和巨大的價值主張，我們能夠利用我們獨特的Target 產品系列，以我們傳統提供的精美禮品創意和輕鬆收集解決方案為基礎，例如更具創意的薑餅屋製作套件、Bullseye 的頂級玩具和禮品適合任何預算。

Spanning beauty, apparel, food and beverage and more, these gifting options will bring together the best of only our Target-owned brands with curated national brands.

這些禮品選擇涵蓋美容、服裝、食品和飲料等領域，將匯集我們 Target 自有品牌中最好的品牌和精選的全國品牌。

And for those seeking extra inspiration, our thoughtfully curated digital shopping lists will bring the joyful discovery our guests love, helping them find the perfect gifts for anyone on their list, whether they are shopping our stores or on our site.

對於那些尋求額外靈感的人來說，我們精心策劃的數位購物清單將為客人帶來他們喜愛的快樂發現，幫助他們為清單上的任何人找到完美的禮物，無論他們是在我們的商店還是在我們的網站上購物。

In addition to gifting, guests are focused on gathering with friends and family.

除了送禮之外，賓客也專注於與親朋好友的聚會。

And we have everything they need to create memorable moments, whether it's preparing a delicious meal, throwing a festive family party or hosting a game night with friends.

我們擁有他們創造難忘時刻所需的一切，無論是準備美味佳餚、舉辦節日家庭聚會還是與朋友一起舉辦遊戲之夜。

From Good & Gather cheeseboard starter kits and Favorite Day baked-goods, to Threshold fall collections, including festive baking dishes, serving platters in the colors of the season, and an array of plates, linens and other table toppers, all $15 and under.

從 Good & Gather 起司板入門套件和最喜愛的日烘焙食品，到 Threshold 秋季系列，包括節日烘焙菜餚、當季顏色的拼盤，以及一系列盤子、亞麻布和其他餐桌裝飾，全部 15 美元及以下。

We want to create joy for all of our guests this holiday season, and we are excited to do so with our most inclusive assortment to date.

我們希望在這個假期為所有客人創造歡樂，並且我們很高興能夠透過迄今為止最具包容性的產品組合來實現這一目標。

Throughout our digital and in-store shopping experience, our guests are sure to see themselves reflected in our culturally relevant gifting and gathering solutions.

在我們的數位和店內購物體驗中，我們的客人一定會看到自己在我們與文化相關的禮品和聚會解決方案中得到體現。

We'll highlight Black-owned businesses in Beauty, Hardlines, Food & Beverage and Home, including McBride Sisters wine pairings, Bipoc Author in our $10 book assortment and a limited time Black artist partnership in wrapping paper.

我們將重點介紹美容、耐用品、食品飲料和家居領域的黑人企業，包括 McBride Sisters 葡萄酒搭配、我們 10 美元圖書分類中的 Bipoc Author 以及包裝紙中的限時黑人藝術家合作夥伴關係。

And our guests will see themselves represented in inclusive gift card messaging and imagery, providing options that celebrate the many meaningful holidays of the season, including Kwanzaa and Hanukkah.

我們的客人將在包容性的禮品卡資訊和圖像中看到自己的身影，提供慶祝這個季節許多有意義的節日的選擇，包括寬扎節和光明節。

We're also delivering joy beyond our holiday assortment by building on our incredible legacy of creating differentiated shop-in-shop experiences that drive traffic and inspire our guests.

我們也透過創造差異化的店中店體驗來推動客流量並激發顧客的靈感，以此為基礎，提供假日以外的歡樂。

They continue to tell us how much they love our exciting and expanding partnerships, with brands like Disney, Ulta Beauty and Apple.

他們繼續告訴我們，他們非常喜歡我們與迪士尼、Ulta Beauty 和 Apple 等品牌的令人興奮且不斷擴大的合作夥伴關係。

With each partnership, we're adding excitement, convenience and newness for our guests, while unlocking incremental growth for each of the partners.

透過每一次合作，我們都為我們的客人帶來興奮、便利和新鮮感，同時為每個合作夥伴帶來增量成長。

So it's no surprise we're building on this momentum in time for the holiday season.

因此，我們在假期期間及時利用這一勢頭也就不足為奇了。

We are tripling the number of Disney stores at Target locations and doubling our Apple shop-in-shop experiences.

我們將 Target 地點的迪士尼專賣店數量增加了兩倍，並將 Apple 店中店體驗增加了一倍。

On top of that, of course, this will be our debut holiday season featuring Ulta Beauty at Target.

當然，最重要的是，這將是我們在 Target 推出 Ulta Beauty 的首個假期季節。

And on the subject of Ulta Beauty at Target, our guests are telling us it's clearly hitting the bullseye, with makeup, skincare, bath and body, hair care and fragrance from more than 50 top brands now available at Ulta Beauty at Target.

談到 Ulta Beauty at Target 的主題，我們的客人告訴我們，它顯然正中靶心，Ulta Beauty at Target 現有 50 多個頂級品牌的彩妝、護膚、沐浴和身體、護髮和香水。

Both in stores and online, there's plenty to love about this new partnership, and we are so excited for all that is yet to come.

無論是在商店還是在網路上，這種新的合作夥伴關係都有很多值得喜愛的地方，我們對即將到來的一切感到非常興奮。

And we'll build on our tradition of joy making partnerships this December when we will launch an exclusive lifestyle collection of products with one of the most beloved toy brands ever, Lego.

今年 12 月，我們將與有史以來最受歡迎的玩具品牌之一樂高 (Lego) 合作，推出獨家生活風格產品系列，以鞏固我們的歡樂合作夥伴關係傳統。

Think brick-inspired hooded sweatshirts, colorful Lego-shaped tumblers and of course, iconic Lego brick and mini figure sets.

想想積木風格的連帽運動衫、色彩繽紛的樂高形狀玻璃杯，當然還有標誌性的樂高積木和迷你人物套裝。

This collection builds on our long-standing partnership with the Lego Group and reflects our shared values of inclusivity, optimism and joy.

該系列建立在我們與樂高集團的長期合作夥伴關係的基礎上，體現了我們包容、樂觀和快樂的共同價值觀。

With nearly 300 must-haves for the family, pets and home, and most of the colorful brick inspired items under $30, our guests are sure to find something everyone will love on any budget.

我們有近 300 件家庭、寵物和居家必備品，其中大部分以彩色磚塊為靈感的物品均低於 30 美元，我們的客人一定會找到每個人都喜歡的東西，無論預算如何。

Joy, ease, value, inclusivity, the ingredients helping to deliver on our purpose to help all families discover the joy of everyday life, a recipe that we refine quarter after quarter by listening to our guests, learning from their choices and working across our talented team.

快樂、輕鬆、價值、包容性，這些要素有助於實現我們的目標，幫助所有家庭發現日常生活的樂趣，我們透過傾聽客人的意見、學習他們的選擇並與我們的才華橫溢的人合作，每季度不斷完善這項秘訣。

And these plans wouldn't come to life without the many talents and contributions of our dedicated team.

如果沒有我們敬業團隊的眾多才能和貢獻，這些計劃就不會實現。

So with deep gratitude and humility, I want to thank our team for serving the communities, for showing up every day for our guests and each other, and for bringing Target's values to life.

因此，我懷著深深的感激和謙遜之情，感謝我們的團隊為社區服務，每天為我們的客人和彼此服務，並將塔吉特的價值觀變為現實。

You inspire me with all that you do.

你所做的一切都激勵著我。

And because of you, I know we will win this holiday season.

因為你，我知道我們會贏得這個假期。

With that, I'll turn the call over to John.

這樣，我就把電話轉給約翰。

Thanks, Christina.

謝謝，克里斯蒂娜。

Every day, across the operations team, we focus on execution.

每天，我們整個營運團隊都專注於執行。

On our supply chain team, the focus is on moving the right amount of inventory to the right place at the right time.

在我們的供應鏈團隊中，重點是在正確的時間將正確數量的庫存轉移到正確的地點。

In our stores, which fulfill more than 95% of our total sales, the team focuses on delivering a great guest experience across hundreds of millions of guest transactions every quarter.

我們的門市佔總銷售額的 95% 以上，團隊致力於在每季為數億客戶交易提供卓越的客戶體驗。

And on our properties team, the team focuses on optimizing our physical footprint, including the planning and construction of new stores and distribution facilities, along with our investments to maintain and enhance the productivity of our existing buildings.

在我們的物業團隊中，該團隊專注於優化我們的實體足跡，包括規劃和建造新商店和分銷設施，以及我們用於維持和提高現有建築物生產力的投資。

Of course, all of these aspects of operations matter all year long.

當然，運營的所有這些方面全年都很重要。

But in the fourth quarter, when we handle the largest volumes of the year, everything moves faster, making the need for detailed planning and precise execution even greater.

但在第四季度，當我們處理全年最大的交易量時，一切都進展得更快，這使得對詳細規劃和精確執行的需求更加迫切。

That's why, every year, we construct our plans with the fourth quarter in mind so we can remove distractions and roadblocks in advance of the holiday peak.

這就是為什麼我們每年都會在製定計劃時考慮到第四季度，這樣我們就可以在假期高峰之前消除乾擾和障礙。

That means on the properties team, we plan our remodel and new store projects so they're completed before the holidays.

這意味著在物業團隊中，我們計劃改造和新店項目，以便在假期前完成。

And our technology team rolls out new systems and tools on the same time line.

我們的技術團隊同時推出了新的系統和工具。

In the supply chain and in our stores, we carefully plan the ramp-up of seasonal hiring and team member training in advance of the holidays so everyone is ready to handle the additional volume.

在供應鏈和商店中，我們在假期前仔細規劃季節性招募和團隊成員培訓的增加，以便每個人都準備好處理額外的數量。

That's what happens every year.

這就是每年都會發生的事情。

But as Brian and Christina have already mentioned, this year, our teams have been facing additional out-of-the-ordinary challenges as they plan for and deliver record-setting volumes while facing unprecedented bottlenecks in the global supply chain.

但正如布萊恩和克里斯蒂娜已經提到的，今年，我們的團隊在規劃和交付創紀錄的產量的同時，也面臨著全球供應鏈前所未有的瓶頸，因此面臨著額外的非同尋常的挑戰。

So while I'm lucky to work with our amazing team every day, it's at times like these that our team shines brightest.

因此，雖然我很幸運每天都能與我們出色的團隊一起工作，但也正是在這樣的時候，我們的團隊才最閃耀。

Beyond their skill and expertise, they face every challenge with good nature and a collaborative mindset.

除了他們的技能和專業知識之外，他們還以良好的本性和協作的心態面對每一個挑戰。

I can't describe how proud I am to represent everything they've accomplished this year, as they've delivered historically strong growth on top of record increases a year ago.

我無法形容我對代表他們今年所取得的一切感到多麼自豪，因為他們在一年前創紀錄的增長基礎上實現了歷史上的強勁增長。

Within our supply chain, the team has been methodically working around multiple obstacles and challenges throughout the network, prioritizing our holiday-sensitive categories within our import receipts, while thoughtfully planning domestic transportation to ensure products reach the shelf at the right time.

在我們的供應鏈中，該團隊一直在有條不紊地解決整個網路中的多重障礙和挑戰，優先考慮進口收據中的節日敏感類別，同時周密地規劃國內運輸，以確保產品在正確的時間到達貨架。

And while we continue to see some periodic outages across different items and categories, we're entering the holidays with a very healthy inventory position overall.

雖然我們繼續看到不同商品和類別的定期斷貨，但我們在進入假期時整體庫存狀況非常健康。

Specifically, at the end of the third quarter, inventory on the balance sheet was more than $2 billion higher than last year, representing growth of about 18% from a year ago.

具體來說，第三季末，資產負債表上的庫存比去年增加了20億美元以上，年增約18%。

Looking back to the pre-COVID period, our Q3 ending inventory has grown more than $3.5 billion since the end of Q3 2019, representing 31% growth over a 2-year period.

回顧新冠疫情之前的時期，自 2019 年第三季末以來，我們的第三季期末庫存已成長超過 35 億美元，兩年內成長了 31%。

A sizable amount of this inventory will continue to flow to our stores over the next few weeks.

在接下來的幾週內，大量庫存將繼續流入我們的商店。

And our team has clear visibility to where the inventory is located and when it will arrive in our stores.

我們的團隊可以清楚地了解庫存的位置以及庫存何時到達我們的商店。

In our overseas operations, we've benefited from a significant reduction in delay times.

在我們的海外業務中，我們受益於延誤時間的顯著減少。

And of course, given that we were already anticipating tight conditions many months ago, the team has been writing this year's holiday purchase orders much earlier than last year to proactively mitigate the risk of both known and unexpected delays.

當然，考慮到我們幾個月前就已經預計到了形勢緊張，該團隊比去年更早地編寫了今年的假期採購訂單，以主動降低已知和意外延誤的風險。

We're also benefiting from really strong performance across our domestic transportation network.

我們也受惠於國內運輸網絡的強勁表現。

And we've secured the necessary capacity across both rail and over-the-road trucking to accommodate anticipated shipments throughout the fourth quarter.

我們已經確保了鐵路和公路貨運的必要能力，以滿足整個第四季度的預期發貨量。

At the intersection of our overseas and domestic supply chains, the team continues to work around significant port delays, diverting shipments to less congested entry points and relying on air freight in certain cases.

在我們的海外和國內供應鏈的交匯處，該團隊繼續解決嚴重的港口延誤問題，將貨物轉移到不太擁擠的入境點，並在某些情況下依靠空運。

And while Target's port operations have long been considered best-in-class, our team has been actively collaborating with government and port officials to help find solutions that will allow everyone's containers to move through the ports more quickly.

雖然塔吉特的港口運營長期以來被認為是一流的，但我們的團隊一直在積極與政府和港口官員合作，幫助尋找解決方案，使每個人的貨櫃都能更快地通過港口。

And we're encouraged with the changes that have recently been put in place.

我們對最近實施的變更感到鼓舞。

I also want to pause and emphasize the ongoing collaboration that's been happening between our supply chain, merchandising and marketing teams.

我還想暫停並強調我們的供應鏈、銷售和行銷團隊之間正在進行的合作。

These teams have worked together to develop promotional and marketing plans that are much more fluid and nimble than in the past, enabling the incorporation of real-time data on inventory availability and location within our holiday plans in order to maximize their impact to the benefit of both our guests and operations.

這些團隊共同製定了比過去更加流暢和靈活的促銷和行銷計劃，從而能夠將庫存可用性和位置的即時數據納入我們的假期計劃中，以便最大限度地發揮其影響力我們的客人和營運部門。

In our stores, the team has been preparing for fourth quarter all year.

在我們的商店中，團隊一直在為全年第四季做準備。

And they're energized and ready to serve our guests throughout the season.

他們充滿活力，準備好在整個季節為我們的客人提供服務。

This will be the first holiday season since we launched our new service initiative, which is all about empowering our teams and increasing their confidence to build authentic connections with our guests.

這將是我們推出新服務計劃以來的第一個假期，該計劃旨在增強我們團隊的能力並增強他們與客人建立真誠聯繫的信心。

Also new this year, we've rolled out a new point-of-sale system across more than 90% of our stores, providing more speed, efficiency and enhanced experience at both the checkout and our service counter.

今年我們也推出了一項新舉措，在超過 90% 的商店中推出了新的銷售點系統，在結帳和服務櫃檯提供更快的速度、效率和增強的體驗。

To continue building on our industry-leading in-store Pickup and Drive Up experiences, we've been rolling out new capabilities all year.

為了持續打造業界領先的店內取貨和駕車體驗，我們全年都在推出新功能。

These efforts include capital projects to add permanent storage capacity in more than 200 high-volume stores, investing in flexible fixtures to provide temporary storage areas to support seasonal peak, adding thousands of new items to the list available for Pickup and Drive Up, doubling the number of Drive Up parking stalls compared with last year, and designating stall numbers to help our teams deliver Drive Up orders more efficiently.

這些努力包括在200 多家大容量商店增加永久儲存容量的資本項目、投資靈活的固定裝置以提供臨時儲存區域以支援季節性高峰、在可供取貨和駕車取貨的清單中添加數千種新商品、將與去年相比，Drive Up 停車位數量，並指定停車位編號，以幫助我們的團隊更有效地交付 Drive Up 訂單。

Even as we're adding these new capabilities, we're also supporting our long-standing commitment to providing a safe shopping experience, maintaining the enhanced COVID cleaning and safety routines that we implemented throughout the pandemic.

即使我們在添加這些新功能的同時，我們也支持我們長期以來的承諾，即提供安全的購物體驗，維持我們在整個大流行期間實施的增強的新冠清潔和安全程序。

We've also been investing in team member hours, processes and training to prepare our team to handle record freight and fulfillment volumes this year, all while enhancing safety messaging and actively monitoring processes to protect the safety of both our guests and our team.

我們也對團隊成員的工作時間、流程和培訓進行了投資，讓我們的團隊做好準備，應對今年創紀錄的貨運和履行量，同時加強安全訊息傳遞並積極監控流程，以保護我們的客人和團隊的安全。

And of course, as Brian mentioned, our team is focused on being fully staffed across the store and supply chain throughout the holiday season.

當然，正如布萊恩所提到的，我們的團隊致力於在整個假期期間為商店和供應鏈配備充足的人員。

Our stores have been hitting their seasonal hiring milestones.

我們的商店已經達到了季節性招募里程碑。

And because of the advancements we've made in scheduling this year, average hours per store team member are running significantly higher this year in comparison to past years.

由於我們今年在日程安排方面取得了進步，與往年相比，今年每個商店團隊成員的平均工作時間顯著增加。

In fact, unlike what you're hearing from many others, because of the investments we've made in pay and benefits and our focus on team member training and engagement, the hourly turnover rate in our stores is actually running lower this year compared with 2019, particularly for our newly hired team members.

事實上，與您從其他許多人那裡聽到的情況不同，由於我們在薪酬和福利方面的投資以及我們對團隊成員培訓和敬業度的關注，今年我們商店的每小時營業額實際上比去年同期有所下降。

And we're continuing to invest in our team.

我們將繼續投資我們的團隊。

Following the recent rollout of the most comprehensive debt-free education program in the industry, we announced that to sustain our momentum through the holidays, we're offering pay premiums during peak periods in our stores and distribution centers over the holiday season.

繼最近推出業內最全面的無債務教育計劃後，我們宣布，為了在假期期間保持我們的勢頭，我們將在假期期間的商店和配送中心的高峰期提供加薪。

As we've said many times, our investments in the team are the most productive ones we've made.

正如我們多次說過的，我們對團隊的投資是我們所做的最有成效的投資。

Turning to the work of the properties team.

轉向物業團隊的工作。

We expect to finish about 145 remodels in 2021, having completed more than 40 remodels prior to the end of Q3, with more than 100 additional projects slated to wrap up before the holiday.

我們預計 2021 年將完成約 145 項改造，在第三季末之前已完成 40 多項改造，另有 100 多個項目預計在假期前完成。

The team also opened another 15 new stores in the third quarter, bringing the year-to-date total up to 30.

該團隊還在第三季另外開設了 15 家新店，使年初至今的門市總數達到 30 家。

Among those projects, we've opened new stores ranging from 11,000 to 160,000 square feet, which demonstrates the flexibility we've developed to design the optimal store size for an individual neighborhood, based on their local needs and available real estate in the market.

在這些項目中，我們開設了面積從 11,000 平方英尺到 160,000 平方英尺不等的新商店，這表明我們能夠靈活地根據各個社區的當地需求和市場上的可用房地產來設計最佳商店規模。

To increase the capacity and efficiency of our supply chain, our team has also opened 2 new distribution centers this year.

為了提高供應鏈的容量和效率，我們的團隊今年也開設了 2 個新的配送中心。

In addition, we have 2 new sortation centers set to open in the fourth quarter, with 2 more on track to open early next year.

此外，我們還有 2 個新的分揀中心將於第四季度開業，另外 2 個分揀中心預計將於明年初開業。

While our supply chain has had to address a host of unique challenges, I also want to acknowledge the tireless work of our construction team, which enabled them to successfully bring a huge number of store and distribution projects to completion this year.

雖然我們的供應鏈必須應對許多獨特的挑戰，但我也要感謝我們的施工團隊的不懈工作，這使他們能夠在今年成功完成大量商店和分銷項目。

These are highly complex projects across multiple geographies, which require precise coordination across a large number of regional construction providers, along with a diverse group of fixture and equipment vendors, all of whom have been facing the same bottlenecks we've been facing in our merchandise supply chain.

這些是跨越多個地區的高度複雜的項目，需要大量區域建築供應商以及不同的固定裝置和設備供應商群體的精確協調，所有這些供應商都面臨著我們在產品中面臨的相同的瓶頸供應鏈。

Our construction team has handled all of these challenges with good humor and resilience, allowing us to continue reaching guests in new neighborhoods and support the growing supply chain needs of the entire chain.

我們的施工團隊以良好的幽默感和韌性應對了所有這些挑戰，使我們能夠繼續接觸新社區的客人，並支持整個鏈條不斷增長的供應鏈需求。

In support of those growing needs, we recently announced that we're adding more than 30,000 permanent positions across our supply chain network to support the growth we expect to continue delivering in the fourth quarter and beyond.

為了滿足這些不斷增長的需求，我們最近宣布，我們將在整個供應鏈網路中增加 30,000 多個永久職位，以支持我們預計在第四季度及以後繼續實現的成長。

These team members will support new buildings in our regional DC network, adding replenishment capacity to support an increasingly productive store network.

這些團隊成員將支援我們區域配送中心網路中的新建築，增加補貨能力，以支援日益高效的商店網路。

They'll also be staffing and supporting our new sortation centers, which deliver efficiency, speed and additional capacity in support of last-mile fulfillment.

他們還將為我們的新分類中心配備人員並提供支持，該分類中心可提供效率、速度和額外容量，以支持最後一英里的履行。

And it's amazing to pause and look back at how much our network needs have grown in a short time.

停下來回顧我們的網路需求在短時間內成長了多少，真是令人驚訝。

For the entire fiscal year in 2018, our business generated $74 billion in sales.

2018 年整個財年，我們的業務銷售額達 740 億美元。

Less than 3 years later, our business had already delivered $74 billion in sales through the third quarter, with the biggest quarter of the year still ahead of us.

不到 3 年後，我們的業務第三季銷售額已達 740 億美元，今年最大的季度即將到來。

Our team and supply chain infrastructure have done an outstanding job in supporting that growth.

我們的團隊和供應鏈基礎設施在支持這一成長方面做得非常出色。

And given that we don't expect it to end anytime soon, we are committed to growing our physical footprint and our team so they can continue to deliver on behalf of all of our stakeholders in Q4 and beyond.

鑑於我們預計這種情況不會很快結束，我們致力於擴大我們的實體足跡和我們的團隊，以便他們能夠在第四季度及以後繼續代表我們所有利益相關者提供服務。

When I first started working here in 1996, Target delivered just under $18 billion in revenue, for what was then called Dayton Hudson Corporation.

1996 年，當我第一次在這裡工作時，Target 為當時的代頓哈德遜公司 (Dayton Hudson Corporation) 創造了近 180 億美元的收入。

While many things have changed since then, both in retail and at this company, we successfully maintained what's made Target successful and unique for nearly 60 years.

儘管從那時起，零售業和這家公司的許多事情都發生了變化，但我們成功地保持了塔吉特近 60 年來的成功和獨特之處。

We've maintained our focus on offering affordable design in support of a unique merchandise assortment, providing a differentiated and outstanding shopping experience, investing in the best team in retail and giving back to the communities that sustain us.

我們始終致力於提供價格實惠的設計來支持獨特的商品分類，提供差異化且出色的購物體驗，投資於零售業的最佳團隊，並回饋維持我們生存的社區。

This is another example of what we call the power of 'and'.

這是我們所說的「和」的力量的另一個例子。

The reason Target has stayed relevant for so many decades is our ability to stay true to our values and continually evolve in the way we serve our guests.

Target 幾十年來一直保持影響力的原因在於我們能夠忠於我們的價值觀並不斷改進我們為客人服務的方式。

With that, I'll turn the call over to Michael.

這樣，我會將電話轉給麥可。

Thanks, John.

謝謝，約翰。

Over time, we've emphasized our commitment to making the appropriate investments in our business, ones that will deepen Target's relationship with our guests, driving engagement, which ultimately leads them to shop at Target more often.

隨著時間的推移，我們強調我們致力於對我們的業務進行適當的投資，這些投資將加深 Target 與客人的關係，提高參與度，最終導致他們更頻繁地在 Target 購物。

And while it's our job to focus on driving performance every day, we've committed to making investment decisions with a long-term perspective, not limiting our horizon to a month, a season, a quarter or even a year, but thinking about how to position Target as a leading retailer for generations.

雖然我們每天的工作就是專注於推動業績，但我們致力於從長遠角度做出投資決策，不將我們的視野限制在一個月、一個季節、一個季度甚至一年，而是思考如何將Target 定位為世代領先的零售商。

That's how I think about our third quarter.

這就是我對第三季的看法。

In the face of multiple challenges in the external environment, we maintained our focus on our guests and took specific actions to ensure we have a healthy inventory position going into the holidays, even though those actions involve some incremental cost.

面對外部環境的多重挑戰，我們繼續以客人為中心，並採取具體行動，確保我們在假期前擁有健康的庫存狀況，儘管這些行動涉及一些增量成本。

And importantly, as we face those decisions, we had the resources we needed, including the best team in retail, a sophisticated global supply chain and a durable model that could accommodate those guest-focused investments.

重要的是，當我們面臨這些決策時，我們擁有所需的資源，包括零售領域中最好的團隊、複雜的全球供應鏈以及可以適應這些以客戶為中心的投資的耐用模式。

And while we're making these decisions with a focus on the long term, we've already seen the benefit of this year's inventory investments, given that they helped to power third quarter traffic and sales growth that exceeded our expectations.

雖然我們在做出這些決策時著眼於長期，但我們已經看到了今年庫存投資的好處，因為它們幫助推動了第三季度的流量和銷售成長，超出了我們的預期。

In addition, given strong expense discipline across the organization, we benefited from a compelling amount of leverage on our SG&A and D&A expenses, resulting in solid EPS growth despite the sizable investments we were choosing to make.

此外，鑑於整個組織嚴格的費用紀律，我們受益於對 SG&A 和 D&A 費用的巨大槓桿作用，儘管我們選擇進行大規模投資，但每股收益仍能穩健成長。

As Brian mentioned, our 12.7% comp in the third quarter came on top of a nearly 21% increase a year ago.

正如 Brian 所提到的，我們第三季的複合成長率為 12.7%，而去年同期則成長了近 21%。

As expected, within the quarter, we saw a shift in a portion of our back-to-school sales back into August, given that most schools across the country began the school year with in-person learning.

正如預期的那樣，鑑於全國大多數學校以面對面學習方式開始新學年，我們看到本季返校銷售的一部分回到了 8 月。

As a result, our August comp was our strongest of the quarter, our September comp dipped down to about 10%, and we accelerated back into the low teens in October.

因此，我們 8 月的比較是本季最強的，我們 9 月的比較下降到 10% 左右，10 月我們又加速回到了十幾歲的水平。

Among the component drivers of our sales, growth continues to be driven by traffic, even as we retain nearly all of the basket growth that happened a year ago.

在我們銷售的組成驅動因素中，成長繼續由客流量推動，儘管我們幾乎保留了一年前發生的所有籃子成長。

Specifically, third quarter traffic increased 12.9% on top of a 4.5% increase last year, while average ticket declined only slightly, about 20 basis points, after growing more than 15% a year ago.

具體來說，第三季客流量在去年增長 4.5% 的基礎上增長了 12.9%，而平均票價在去年增長了 15% 以上之後僅略有下降，約為 20 個基點。

Among our sales channels, stores comparable sales grew 9.7% in the quarter, on top of 9.9% last year, while digital comp sales grew 29%, on top of 155% growth a year ago.

在我們的銷售通路中，本季商店可比銷售額成長 9.7%，高於去年的 9.9%，而數字可比銷售額成長 29%，高於去年同期的 155%。

Within our digital fulfillment, sales on orders shipped to home increased slightly over last year, while same-day services grew about 60%, on top of a more than 200% increase a year ago.

在我們的數位履行中，送貨上門訂單的銷售額比去年略有增長，而當日服務在去年增長超過 200% 的基礎上增長了約 60%。

Among those same-day options, both in-store Pickup and Shipt grew more than 30% in the quarter, while Drive Up grew more than 80%, on top of more than 500% a year ago.

在這些當日送達服務中，店內取貨和發貨在本季度增長了 30% 以上，而 Drive Up 增長了 80% 以上，而一年前則增長了 500% 以上。

Put another way, since 2019, sales through Drive Up have expanded more than 10x or about $1.4 billion in the third quarter alone.

換句話說，自 2019 年以來，Drive Up 的銷售額僅在第三季就成長了 10 倍以上，約 14 億美元。

Moving down the P&L.

損益表向下移動。

Our third quarter gross margin rate of 28% was 2.6 percentage points lower than a year ago.

我們第三季的毛利率為 28%，比去年同期下降了 2.6 個百分點。

Among the drivers, core merchandising accounted for 2 percentage points or more than 3/4 of the rate decline, driven primarily by incremental freight and other inventory costs.

在驅動因素中，核心商品佔降幅的​​ 2 個百分點或超過 3/4，這主要是由增量貨運和其他庫存成本推動的。

Among the other gross margin drivers, payroll growth in our supply chain accounted for about 70 basis points of pressure, while category sales mix contributed about 10 basis points of benefit.

在其他毛利率驅動因素中，我們供應鏈的薪資成長帶來了約 70 個基點的壓力，而品類銷售組合則帶來了約 10 個基點的收益。

Notably, digital fulfillment had an approximately neutral impact on gross margin rate in the quarter, as the costs associated with higher digital volume were offset by the benefit of a shift in fulfillment mix towards our same-day options, which have meaningfully lower average unit costs compared with traditional e-commerce.

值得注意的是，數位履行對本季毛利率的影響大致為中性，因為與較高的數字量相關的成本被履行組合轉向我們的當日選項的好處所抵消，這些選項的平均單位成本顯著降低與傳統電商相比。

On the SG&A expense line, we saw about 160 basis points of improvement in the third quarter, reflecting disciplined cost management, combined with the leverage benefit of unexpectedly strong sales.

在 SG&A 費用項目上，第三季我們看到了約 160 個基點的改善，反映出嚴格的成本管理，以及出乎意料的強勁銷售帶來的槓桿效益。

On the D&A line, we saw about 20 basis points of rate improvement, as sales growth more than offset the impact of higher accelerated depreciation, which reflects the continued ramp-up in our remodel program.

在 D&A 線上，我們看到利率提高了約 20 個基點，因為銷售成長遠遠抵消了加速折舊上升的影響，這反映了我們改造計畫的持續增加。

Altogether, our third quarter operating margin rate of 7.8% was about 70 basis points lower than a year ago, but more than 2 percentage points higher than 2 years ago.

總的來說，我們第三季的營業利潤率為 7.8%，比去年同期低約 70 個基點，但比兩年前高出 2 個百分點以上。

On a dollar basis, operating income was 3.9% higher than a year ago and double the number recorded in the third quarter of 2019.

以美元計算，營業收入比去年同期成長 3.9%，是 2019 年第三季營業收入的兩倍。

Moving to the bottom of the P&L.

移動到損益表的底部。

Our third quarter GAAP EPS of $3.04 was 52% higher than last year when we recorded more than $500 million of interest expense on early debt retirement.

我們第三季的 GAAP 每股收益為 3.04 美元，比去年高出 52%，當時我們因提前償還債務而產生了超過 5 億美元的利息支出。

On the adjusted EPS line, where we excluded early debt retirement expense, we earned $3.03 in the quarter, representing an 8.7% increase from a year ago.

在調整後的每股收益中，我們排除了提前債務清償費用，本季我們賺取了 3.03 美元，比去年同期增加了 8.7%。

Compared with 2 years ago, both GAAP and adjusted EPS have increased more than 120%.

與2年前相比，GAAP和調整後每股盈餘均成長超過120%。

Turning now to capital deployment.

現在轉向資本部署。

I'm going to start, as always, with our long-term priorities.

我將一如既往地從我們的長期優先事項開始。

First, we look to fully invest in our business and projects that meet our strategic and financial criteria.

首先，我們希望充分投資於符合我們策略和財務標準的業務和專案。

Next, we support the dividend and look to build on our long history of annual increases, which we maintained every year since 1971.

接下來，我們支持派息，並希望在我們自 1971 年以來每年都保持每年增長的悠久歷史的基礎上再接再厲。

And finally, we're returning the excess cash within the limits of our middle A credit ratings through share repurchases over time.

最後，我們將透過一段時間的股票回購，在中等 A 信用評級的範圍內返還多餘的現金。

On the CapEx line, we'd invested $2.5 billion through the first 3 quarters of 2021 and expect to reach about $3.3 billion for the full year.

在資本支出方面，我們在 2021 年前三個季度投資了 25 億美元，預計全年將達到約 33 億美元。

As I mentioned last quarter, this is somewhat lower than our expectation going into the year and reflects the retiming of project spending into next year, given that we've experienced delays on some projects relating to external factors like permitting and inspections in some communities.

正如我上季度提到的，這略低於我們對今年的預期，並反映了項目支出重新安排到明年，因為我們經歷了一些與外部因素有關的項目的延誤，例如一些社區的許可和檢查。

However, as John mentioned earlier, we're eager to invest in a long list of productive growth opportunities over the next few years: adding new stores, remodeling existing stores, building replenishment capacity in our supply chain, and rolling out additional sortation centers.

然而，正如約翰之前提到的，我們渴望在未來幾年內投資一長串生產性成長機會：增加新商店、改造現有商店、在我們的供應鏈中建立補貨能力以及推出更多分揀中心。

As of today, we continue to believe these investments will amount to CapEx in the $4 billion to $5 billion range in 2022, and we'll continue to refine our view in the months ahead.

截至今天，我們仍然相信這些投資在 2022 年的資本支出將達到 40 億至 50 億美元，並且我們將在未來幾個月繼續完善我們的觀點。

Turning now to dividends.

現在轉向股息。

We paid $440 million in dividends in the third quarter, up $100 million from last year.

第三季我們支付了 4.4 億美元的股息，比去年增加了 1 億美元。

This increase reflects a 32% increase in the per share dividend, partially offset by a decline in share count.

這一增長反映出每股股息增加了 32%，但部分被股票數量的減少所抵消。

I want to pause here and take note of the fact that, with the payment of our December dividend, we'll officially achieve our 50th consecutive year of annual increases in the per share dividend, something very few companies have achieved.

我想在這裡暫停一下，並指出這樣一個事實：隨著 12 月份股息的支付，我們將正式實現每股股息連續 50 年的年度增長，這是很少有公司能夠實現的。

And lastly, given our cash position and strong cash generation by our operations, we continue to have ample capacity for share repurchases within the limits of our middle A ratings, even after we've made robust investments in CapEx and dividends.

最後，鑑於我們的現金狀況和業務產生的強勁現金，即使我們在資本支出和股息方面進行了大量投資，我們仍然有足夠的能力在中等 A 評級的範圍內回購股票。

In the third quarter, we deployed $2.2 billion to repurchase 8.8 million of our shares, bringing our year-to-date total up to $4.9 billion.

第三季度，我們斥資 22 億美元回購了 880 萬股股票，使年初至今的總額達到 49 億美元。

As I've mentioned in prior quarters, given our continued strong financial performance, our debt leverage has been lower and cash on the balance sheet has been higher than we'd expect to maintain over the longer term.

正如我在前幾個季度提到的，鑑於我們持續強勁的財務業績，我們的債務槓桿率較低，資產負債表上的現金高於我們預期的長期維持水準。

As a result, going forward, we expect to increase our leverage and reduce our cash position at a pace that's consistent with our financial expectations, credit rating goals and assessment of the external environment.

因此，展望未來，我們預計將按照與我們的財務預期、信用評級目標和外部環境評估一致的速度增加槓桿並減少現金部位。

I've mentioned before that the time line to move those metrics fully back to historical levels will likely be a multiyear journey.

我之前提到過，將這些指標完全恢復到歷史水準的時間線可能需要多年的時間。

And the rapidly changing conditions we've seen over the last 2 years demonstrate why it's prudent to maintain a thoughtful pace.

過去兩年我們所看到的快速變化的情況證明了為什麼保持深思熟慮的步伐是謹慎的。

As always, I'll end my review of performance with our after-tax return on invested capital, which measures the quality of our current performance in the context of the investments we've made over time.

像往常一樣，我將以我們的投資資本稅後回報來結束對績效的審查，該回報衡量我們在一段時間內進行的投資背景下當前業績的品質。

For the trailing 12 months through the end of Q3, our business generated an after-tax ROIC of 31.3% compared with 19.9% a year ago.

截至第三季末的過去 12 個月，我們的業務產生了 31.3% 的稅後投資報酬率，而去年同期為 19.9%。

This is incredibly robust performance and demonstrates why we are enthusiastically planning to continue investing in our business.

這是令人難以置信的強勁表現，也說明了我們為何熱情計劃繼續投資我們的業務。

Now let me turn to our expectations for the fourth quarter and full year.

現在讓我談談我們對第四季和全年的預期。

90 days ago, we said we were planning for high single-digit growth in our comparable sales over the back half of the year.

90 天前，我們表示計劃在今年下半年實現可比較銷售額的高個位數成長。

While we still believe that's in the range of possible outcomes for the fourth quarter, we just exceeded that expectation in Q3.

雖然我們仍然相信這在第四季度可能出現的結果範圍內，但我們在第三季度剛剛超出了這一預期。

As such, we're planning for a Q4 comp in the high single-digit to low double-digit range, consistent with the range we've seen over the last 2 quarters.

因此，我們計劃第四季度的比較在高個位數到低兩位數範圍內，與我們在過去兩個季度看到的範圍一致。

In terms of profitability, we continue to expect that our business will deliver a full year operating margin rate of 8% or higher, up significantly from 7% in 2020.

在獲利能力方面，我們繼續預期我們的業務全年營業利潤率將達到 8% 或更高，較 2020 年的 7% 大幅提高。

This rate favorability, combined with the full year sales growth we're positioned to deliver, would translate into another incredibly strong year of profit growth, following a record year in 2020.

這種優惠利率，加上我們準備實現的全年銷售成長，將轉化為繼 2020 年創紀錄的一年之後又一個令人難以置信的強勁利潤增長年。

So now as I get ready to turn the call back over to Brian, I want to pause and address a question that I'm certain you'll be asking, which is, how much of the current cost pressures will turn out to be temporary and how much will turn out to be structural?

因此，現在當我準備將電話轉回給布萊恩時，我想暫停並解決一個我確定您會問的問題，即當前的成本壓力有多少將是暫時的有多少是結構性的？

And I'll give you the honest answer, which is that it's almost certainly some of both.

我會給你誠​​實的答案，那就是幾乎可以肯定兩者兼具。

And no one knows the precise answer.

沒有人知道確切的答案。

That said, there's no doubt that supply chain bottlenecks should ease over time.

也就是說，毫無疑問，供應鏈瓶頸應該隨著時間的推移而緩解。

However, beyond the supply chain, we're also facing product cost increases from some vendors, driven by higher costs in their businesses.

然而，除了供應鏈之外，我們還面臨一些供應商因業務成本上升而導致產品成本增加的問題。

And while you heard from John that we're extremely well positioned given our team investments over the last few years, the labor market remains very tight across the country.

雖然您從約翰那裡聽說，考慮到我們過去幾年的團隊投資，我們處於非常有利的位置，但全國各地的勞動力市場仍然非常緊張。

So how do we think about the future?

那我們該如何思考未來呢？

From a financial standpoint, we focus first on serving our guests and translating that focus into further growth, an area where we see a lot of runway.

從財務角度來看，我們首先專注於為客人提供服務，並將這一重點轉化為進一步的成長，這是我們看到許多跑道的領域。

As you've seen with the investments we've made and continue to make, we're earning deeper trust and engagement from our guests.

正如您所看到的，我們已經進行並繼續進行投資，我們正在贏得客人更深的信任和參與。

This trust leads to more trips and broader shopping across our merchandise assortment and fulfillment services.

這種信任帶來了更多的旅行和更廣泛的購物，包括我們的商品分類和履行服務。

With a skilled and agile team focused on driving guest engagement, further growth and market share gains, we're confident that our durable model can continue to offer compelling value for our guests, accommodate continued investments in our team and deliver outstanding financial performance, even in the face of a challenging external environment like we're facing today.

憑藉一支技術精湛、敏捷的團隊，專注於推動賓客參與度、進一步成長和市場份額成長，我們相信我們的耐用模式能夠繼續為賓客提供令人信服的價值，適應對我們團隊的持續投資，並提供出色的財務業績，即使面對像我們今天這樣充滿挑戰的外部環境。

This is one more example of the power of 'and'.

這是「和」力量的另一個例子。

So now I want to pause and thank our entire team for delivering a great Q3, which came on top of years of already strong performance.

因此，現在我想暫停一下，感謝我們整個團隊在多年來已經表現強勁的基礎上交付了出色的第三季。

The financial results I have the privilege of sharing quarter after quarter wouldn't be possible if Target didn't have the best team in retail.

如果塔吉特沒有零售業最好的團隊，我有幸逐季分享的財務表現是不可能實現的。

With that, I'll turn the call back over to Brian.

這樣，我會將電話轉回布萊恩。

Thanks, Michael.

謝謝，麥可。

Before we turn to your questions, I want to pick up on something Michael just mentioned, which is the growing agility of our team.

在我們回答你的問題之前，我想先談談麥可剛才提到的事情，那就是我們團隊不斷成長的敏捷性。

This comes in part from a heightened focus on prioritization in which we ask our team to focus on a small list of key enterprise-wide priorities, with a goal of making much more rapid progress towards the goals that matter most.

這在一定程度上來自於對優先順序的高度關注，我們要求我們的團隊專注於一小部分關鍵的企業範圍優先級，目標是在實現最重要的目標方面取得更快的進展。

With prioritization, we've also seen more alignment across the organization.

透過優先順序劃分，我們也看到整個組織更加協調一致。

Regardless of where specific team members might work, our enterprise priorities guide their decision-making, allowing them to take action and change course faster when facing rapidly changing external conditions.

無論特定團隊成員在哪裡工作，我們的企業優先事項都會指導他們的決策，使他們能夠在面對快速變化的外部條件時更快地採取行動並改變方向。

Beyond prioritization and alignment, we've also achieved a higher degree of collaboration.

除了優先事項和協調之外，我們還實現了更高程度的協作。

When tackling business problems, it becomes easier for everyone to communicate and partner cross-functionally to achieve our common goals together.

在解決業務問題時，每個人都可以更輕鬆地跨職能溝通和合作，共同實現我們的共同目標。

Prioritization, alignment, collaboration, 3 important concepts that deliver compelling outcomes in a large organization like ours.

優先、協調、協作，這三個重要概念可以在像我們這樣的大型組織中提供引人注目的成果。

And in our remarks today, you've heard us highlight some of those benefits, which helped drive strong Q3 performance despite challenging macro conditions: a unified focus on serving our guests; collaboration between merchandising, marketing and operations teams as they optimize holiday promotions; joint efforts between our stores, supply chain, merchants and vendors to address supply chain bottlenecks and find solutions in support of our inventory.

在我們今天的演講中，您已經聽到我們強調了其中一些好處，儘管宏觀條件充滿挑戰，但這些好處仍有助於推動第三季度的強勁業績：統一專注於為客人服務；行銷、行銷和營運團隊之間的協作，優化節慶促銷活動；我們的商店、供應鏈、商家和供應商共同努力解決供應鏈瓶頸並找到支援我們庫存的解決方案。

To say we're feeling the impact of those benefits already this holiday season would be an understatement.

如果說我們在這個假期已經感受到了這些好處的影響，那是輕描淡寫的。

In fact, I place them alongside our multi-category portfolio, our unmatched same-day services and the skill of our extraordinary team as keys to our holiday readiness.

事實上，我將它們與我們的多品類產品組合、無與倫比的當日服務以及我們卓越團隊的技能一起視為我們為假期做好準備的關鍵。

So once again, I want to thank our team.

所以，我要再次感謝我們的團隊。

There is no question that because of their dedication and connection to our guests, we stand ready for an exceptionally strong holiday season.

毫無疑問，由於他們的奉獻精神以及與客人的聯繫，我們已準備好迎接一個異常強勁的假期。

Throughout the team, across every function, I've seen the energy and passion as they prepare for the busiest season of the year.

在整個團隊中，在每個職能部門，我都看到了他們為一年中最繁忙的季節做準備時的活力和熱情。

And I'm confident that same energy and passion will ensure Target's consistent and sustainable growth over the longer term as well.

我相信，同樣的活力和熱情也將確保塔吉特在長期內持續持續成長。

Now Christina, John, Michael and I would be happy to take your questions.

現在克里斯蒂娜、約翰、麥可和我很樂意回答你們的問題。

(Operator Instructions) Our first question is from Michael Lasser with UBS.

（操作員說明）我們的第一個問題來自瑞銀集團的 Michael Lasser。

Michael, you began the question already by suggesting you're not sure how long the gross margin is going to last.

邁克爾，您在問題一開始就表示您不確定毛利率會持續多久。

Can you at least help us understand if the third quarter was the peak gross margin degradation that you expect to realize over the next few quarters?

您至少可以幫助我們了解第三季是否是您預計在接下來的幾個季度中實現的毛利率下降的峰值嗎？

And what are you doing to mitigate this gross margin pressure in terms of passing along price increases to the consumer?

您正在採取哪些措施來減輕毛利率壓力，將價格上漲轉嫁給消費者？

Thanks for the question, Michael.

謝謝你的提問，麥可。

As you know, we don't guide margins specifically out into future quarters.

如您所知，我們不會專門指導未來幾季的利潤率。

But I will say and reiterate what I said in my remarks.

但我會說並重申我在發言中所說的話。

I think you're seeing in the third quarter, the result of some very specific investments we made.

我認為您會在第三季看到我們進行的一些非常具體的投資的結果。

And the biggest of those investments is an investment to make sure we've got a great inventory position heading into the fourth quarter.

其中最大的投資是確保我們在進入第四季度時擁有良好的庫存狀況的投資。

And pulling all the levers within the system to ensure we're there for the guest has been our priority.

拉動系統內的所有槓桿以確保我們為客人服務是我們的首要任務。

And some of those levers, think of expediting product to come at a cost, and you saw some of that in the third quarter.

其中一些槓桿，認為加快產品的推出是有代價的，你在第三季看到了其中的一些。

But I feel really good about the payoff from an investment decision like that.

但我對這樣的投資決策的回報感到非常滿意。

We've got inventory of $2 billion north of last year, up almost 20% on a year-over-year basis.

與去年相比，我們的庫存已達 20 億美元，年增近 20%。

And that's fueling the continued top line growth that we see.

這推動了我們看到的收入持續成長。

So I feel really good about the set of investments that we're making and how they have us positioned for the back part of the year.

因此，我對我們正在進行的一系列投資以及它們如何為我們今年下半年的定位感到非常滿意。

My follow-up question is, even without providing any context on the gross margin for at least the fourth quarter, can you give us a sense for how much you're able to offset or continue to offset this gross margin pressure with further SG&A reductions?

我的後續問題是，即使沒有提供至少第四季度毛利率的任何背景信息，您能否讓我們了解您能夠通過進一步削減銷售管理費用來抵消或繼續抵消毛利率壓力？

Should we expect your SG&A dollars in the fourth quarter to grow at a similar rate that they grew in the third quarter?

我們是否應該預期第四季的銷售、管理及行政費用 (SG&A) 美元將以與第三季類似的速度成長？

Yes.

是的。

On the SG&A side, I think the theme you see in Q3 is just an example of how powerful productivity improvements that come with growth are for our business.

在銷售、管理和行政費用方面，我認為您在第三季度看到的主題只是一個例子，說明成長帶來的生產力提高對我們的業務有多強大。

We generate astounding leverage when the top line is running forcibly in the right direction, and it certainly was in the third quarter.

當營收強行朝著正確的方向運行時，我們會產生驚人的槓桿作用，當然在第三季。

That's one of the reasons.

這是原因之一。

We want to make sure we're so well positioned to support continued growth because the P&L works great when we're generating that SG&A leverage, just like you saw in Q3.

我們希望確保我們處於支持持續成長的有利位置，因為當我們產生SG＆A槓桿時，損益表效果很好，就像您在第三季度看到的那樣。

The next question is from Chris Horvers with JPMorgan.

下一個問題來自摩根大通的克里斯霍弗斯。

So 2 question.

所以2個問題。

My first question is, you raised the outlook for the fourth quarter, can you talk about what you're seeing from the consumer so far this holiday season?

我的第一個問題是，您提出了第四季度的前景，您能談談您在這個假期到目前為止從消費者那裡看到的情況嗎？

Are you seeing any indication of that holiday sales could be pulled forward?

您是否看到任何跡象表明假日銷售可能會提前？

And does the guidance reflect any risk on stock-outs as we progress toward Christmas and then, obviously, stimulus slap in January?

隨著聖誕節的臨近，以及一月份的刺激措施，該指引是否反映出了缺貨的風險？

Chris, as we sit here today, we see continued momentum in the marketplace, and our guests to shopping, all of our categories, utilizing both our stores and our digital channels, and we think that's going to continue throughout the holiday season.

克里斯，當我們今天坐在這裡時，我們看到市場的持續成長勢頭，我們的客人利用我們的商店和數位管道購物，我們所有的類別，我們認為這將在整個假期期間持續下去。

All indications are that the U.S. consumers looking to celebrate the holiday season, they are anxious to get together with family and friends.

所有跡像都表明，美國消費者希望慶祝節日，他們渴望與家人和朋友團聚。

We've seen a great response to seasonal activity as we look at the first 3 quarters of the year.

回顧今年前三個季度，我們看到了對季節性活動的巨大反響。

Record Halloween season, very strong back-to-school, back-to-college, a guest that we believe is going to enjoy Thanksgiving with family and friends and is really looking forward to the holiday season, which means robust gifting throughout the season.

創紀錄的萬聖節季節，非常強勁的返校、返校活動，我們相信這位客人將與家人和朋友一起享受感恩節，並且非常期待假期，這意味著整個季節都會有大量的禮物。

So we're off to a very good start.

所以我們有了一個很好的開始。

We think that's going to continue throughout the holiday season.

我們認為這種情況將持續整個假期。

And we think we made the appropriate investments in inventory.

我們認為我們對庫存進行了適當的投資。

Our inventory levels are up $2 billion, almost 20%.

我們的庫存水準增加了 20 億美元，幾乎增加了 20%。

And we think we're well positioned with those key items.

我們認為我們在這些關鍵項目上處於有利位置。

The gifting items, the toys, those items the guest is going to turn to celebrate the season to make sure we build on our third quarter momentum and continue to take market share as we go through the holiday season.

禮品、玩具、客人將用來慶祝這個季節的那些物品，以確保我們在第三季度的勢頭基礎上繼續發展，並在假期期間繼續佔據市場份額。

Got it.

知道了。

And then I'll take a second cut probably of many on the gross margin and the gross margin outlook.

然後我可能會對毛利率和毛利率前景進行第二次削減。

Seasonally, usually, gross margin does sort of go down 200, 300 basis points just relative to the third quarter rate.

從季節性來看，毛利率通常會比第三季毛利率下降 200、300 個基點。

However, you talked about a lot of -- I think there's like 2 components here to think about.

然而，你談到了很多——我認為這裡有兩個部分需要考慮。

One, you talked a lot about expediting product in during the third quarter.

第一，您在第三季談論了很多關於加快產品交付的問題。

So there are some sort of periodic costs there.

因此，存在某種週期性成本。

But then you have a lot of the product that comes in overseas, has all that ocean freight.

但很多產品都是從海外進口的，需要海運。

And I think that product is hung up -- that cost is hung up in the inventory.

我認為產品被懸置了——成本被懸置在庫存中。

So I guess as you sort of roll those 2 pieces together, and ignoring mix for a second, how are you thinking about those 2 relative costs?

所以我想當你把這兩部分放在一起並暫時忽略混合時，你是如何考慮這兩個相對成本的？

As sort of the freight component that's hung up in inventory get worse, but the periodic cost of bringing in 3Q comes down and those 2 things sort of net to neutral, or in which direction?

隨著庫存中掛起的貨運部分變得更糟，但引入第三季度的定期成本下降了，這兩件事有點淨中性，或者朝哪個方向？

Yes.

是的。

Chris, we -- you're thinking about it conceptually, I'd say, in the right way, in that the third quarter and fourth quarter kind of straddle the big inventory build and relief that happens for us in advance of the holiday season every year.

克里斯，我們 - 你正在從概念上思考它，我想說，以正確的方式，因為第三季度和第四季度有點跨越假期前我們發生的大量庫存增加和緩解每年。

And so those will be the factors at play, while I won't begin to get into the specifics of that level of gross margin for what that means in Q4.

因此，這些將是起作用的因素，而我不會開始詳細討論毛利率水準對第四季的意義。

But I just zoom out and I feel really good about our ability to manage all of the levers and to see EPS growth of almost 9% in the third quarter, and yes, some investment in gross margin, but also a ton of leverage on the SG&A line.

但我只是縮小範圍，我對我們管理所有槓桿的能力感到非常滿意，並看到第三季度每股收益增長近 9%，是的，對毛利率進行了一些投資，但也對SG&A 線。

And we feel really good about how that positions us for the fourth quarter and the investments in inventory.

我們對第四季度的定位以及庫存投資感到非常滿意。

And importantly, the investments in value for our guests, I think, will be investments that continue to pay off.

重要的是，我認為，為我們的客人帶來的價值投資將持續獲得回報。

The next question is from Karen Short with Barclays.

下一個問題來自巴克萊銀行的凱倫·肖特（Karen Short）。

Sorry to try this a little bit differently.

很抱歉嘗試稍微不同一點。

So when you look at your top line growth in 3Q relative to your EBIT growth, and then -- so we look at the gap on those 2 in 3Q, and then back into 4Q, it looks like you will have much stronger -- a much wider -- or sorry, a much narrower gap on top line relative to EBIT growth in 4Q.

因此，當你看看第三季度的營收成長相對於息稅前利潤的成長，然後——所以我們看看第三季度這兩個季度的差距，然後再回到第四季度，看起來你會有更強的——與第四季度息稅前利潤增長相比，營收差距要大得多——或者抱歉，收入差距要小得多。

So is that a function of the fact that a lot of the supply chain costs and inventory costs were pulled into 3Q?

那麼這是不是因為很多供應鏈成本和庫存成本都被拉到第三季了呢？

And then I guess what I want to ask bigger picture is, looking at '22, how should we think about that algorithm generally, top line growth relative to EBIT growth?

然後我想我想問的更大的問題是，看看 22 年，我們一般應該如何考慮該演算法，相對於息稅前利潤增長的頂線增長？

Well, thanks for the question, Karen.

嗯，謝謝你的提問，凱倫。

It's -- I guess I'd start by saying it's wrapped into the guidance we've given for the balance of the year.

我想我首先要說的是，它已包含在我們為今年剩餘時間提供的指導中。

We would expect op income rate of 8% or higher.

我們預計營運收入率為 8% 或更高。

And that's inclusive of a lot of moving pieces and puts and takes throughout the P&L.

這包括整個損益表中的許多移動部分以及看跌期權和索取。

But I'll tell you the place that starts is growth, and that's why high single-digit to low double-digit expectations for the fourth quarter are kind of where the short-term algorithm starts.

但我會告訴你，起點是成長，這就是為什麼第四季的高個位數到低兩位數的預期是短期演算法的起點。

And with that kind of growth, we feel confident in our ability to put together a P&L that works.

隨著這種成長，我們對自己制定有效損益表的能力充滿信心。

The time will be right in the future to unpack the future year algorithm.

將來是時候解開未來一年的演算法了。

But I will say, over time, we expect to be a growth company.

但我想說，隨著時間的推移，我們期望成為一家成長型公司。

We expect to be a company that's growing the top line and gaining share over time.

我們期望成為一家隨著時間的推移不斷增長收入並擴大份額的公司。

And that's where that algorithm will start.

這就是演算法開始的地方。

Okay.

好的。

And then just a follow-up.

然後只是後續行動。

You didn't mention markdowns or what your thoughts are on overall markdowns.

您沒有提到降價或您對整體降價的看法。

I know originally, you'd hope that you would have enough excess inventory to be able to have a healthier markdown season.

我知道最初，您希望自己有足夠的過剩庫存，以便能夠有一個更健康的降價季節。

Just wondering where you stand on that.

只是想知道你對此的立場。

Yes.

是的。

I describe us as still chasing.

我形容我們仍在追逐。

The strength in the top line means that we're still not seeing those clearance markdowns return in force, like you've heard me talk about quarter-over-quarter.

營收的強勁意味著我們仍然沒有看到那些清倉降價的有效回歸，就像你聽到我談論的季度環比一樣。

And so that said, we feel really good about how inventory is positioned for the fourth quarter.

話雖如此，我們對第四季的庫存狀況非常滿意。

And so that $2 billion higher than last year, up almost 20%, it means we'll be ready to serve our guests for the important holiday season.

比去年增加 20 億美元，成長近 20%，這意味著我們將準備好在重要的假期季節為客人提供服務。

The next question is from Kelly Bania with BMO Capital.

下一個問題來自 BMO Capital 的 Kelly Bania。

Just wanted to ask really about the competitive environment.

只是想真正詢問競爭環境。

And clearly, you're maybe not passing on all the cost pressures that maybe you could.

顯然，您可能沒有轉嫁所有可能的成本壓力。

And my understanding is you're kind of investing here in that relationship with your guests.

我的理解是，您在某種程度上投資於與客人的關係。

But do you see this as an investment to sustain these share gains?

但您是否認為這是一項維持這些股票收益的投資？

Or are you already seeing any signs of consumer price sensitivity?

或者您已經看到消費者價格敏感的跡象？

Or is it just an anticipation of that as we move forward and this is maybe more of a proactive absorption of those costs here?

或者這只是我們前進過程中的一種預期，而這可能更多的是主動吸收這些成本？

Kelly, you've heard us say a number of times already today, we're investing in growth.

凱利，您今天已經多次聽到我們說過，我們正在投資成長。

We're investing to maintain and continue to build market share positions and build on the extraordinary results that we delivered last year, where we added $9 billion of market share and continue to see that momentum grow in 2021.

我們正在進行投資，以維持並繼續建立市場份額地位，並以我們去年取得的非凡業績為基礎，去年我們增加了 90 億美元的市場份額，並且這一勢頭將在 2021 年繼續增長。

So we're a company that's going to continue to invest in growth, do the right thing for our team, the right thing for the guest, and utilize all of our assets to continue to build on the momentum that we have today and build market share across all of our key categories.

因此，我們是一家將繼續投資於成長的公司，為我們的團隊做正確的事情，為客人做正確的事情，並利用我們所有的資產繼續鞏固我們今天擁有的勢頭並建立市場分享我們所有的關鍵類別。

That's helpful.

這很有幫助。

And maybe just a follow-up on the supply chain.

也許只是供應鏈的後續行動。

Obviously, you've been ahead of that year -- ahead of it this year and pulling inventory ahead of schedule.

顯然，你已經提前了那一年——今年也提前了，並且提前了庫存。

What is your expectation on when that resolves?

當這個問題解決時，你的期望是什麼？

And are you still pulling inventory ahead of schedule for early next year?

明年初你們還在提前抽庫存嗎？

Kelly, I'll start, and then I'll ask John to provide any additional comments.

凱利，我先開始，然後我會請約翰提供任何其他意見。

But we've certainly seen supply chain challenges going all the way to the start of the pandemic as demand across the U.S. continued to build.

但隨著美國各地的需求持續成長，我們確實看到了供應鏈的挑戰一直持續到疫情開始。

So we've done a terrific job.

所以我們做得非常好。

And I think our teams have shown great agility.

我認為我們的團隊表現出了極大的敏捷性。

They've adjusted to the marketplace to make sure that we've been able to meet the demand in our system.

他們已經適應市場，以確保我們能夠滿足系統的需求。

But we don't expect those supply chain challenges to go away as we go into the start of next year.

但我們預計這些供應鏈挑戰不會在明年初消失。

And I think they'll dissipate over time.

我認為它們會隨著時間的推移而消散。

So we're doing our fair share to make sure that we're alleviating some of the congestion in the ports and making sure that we're unpacking containers and off-peak hours.

因此，我們正在盡自己的一份力量，以確保緩解港口的一些擁堵，並確保我們在非高峰時段拆箱。

We've utilized other ports across the country to try to relieve some of the congestion in L.A. Long Beach.

我們利用了全國其他港口來嘗試緩解洛杉磯長灘的擁擠情況。

But as John can attest, we know that we're going to still face some supply chain challenges as we go into 2022.

但正如約翰所證明的那樣，我們知道進入 2022 年我們仍將面臨一些供應鏈挑戰。

There's still uncertainty as we think about supply from Asia as different factories from time to time are closed.

由於不同的工廠不時關閉，我們考慮來自亞洲的供應仍然存在不確定性。

And we're just going to have to show great flexibility and agility to provide the products that our guests are looking for and our system requires as we plan for the next fiscal year.

我們必須表現出極大的靈活性和敏捷性，以提供我們的客人正在尋找的產品以及我們的系統在我們計劃下一財年時所需的產品。

The next question is from Kate McShane with Goldman Sachs.

下一個問題來自高盛的 Kate McShane。

I wanted to ask a quick question on labor.

我想問一個關於勞工的簡單問題。

It sounds from the prepared comments, that from a staffing level, you might be in a good place right now.

從準備好的評論來看，從人員配備水平來看，您現在可能處於一個不錯的位置。

Could you maybe comment on how you're feeling about your labor in the stores versus the DCs, and what you're seeing in the competitive environment when it comes to wages?

您能否評論一下您對商店和配送中心的勞動力的感受，以及您在工資方面的競爭環境中看到的情況？

Yes.

是的。

Kate, I think we feel really good about where we're at.

凱特，我認為我們對目前的處境感覺非常好。

And this really goes back a little bit like the supply chain thing.

這確實有點像是供應鏈的事情。

This is something we've been on top of for a very long time.

這是我們長期以來一直關注的事情。

We've made investing in our team an absolute priority.

我們把對團隊的投資當作絕對優先事項。

You've seen us do that for years now, investments in wage, investments in training, investments in benefits and investments in their safety over the past couple of years.

你已經看到我們多年來這樣做了，在過去的幾年裡，我們對工資、培訓、福利和安全進行了投資。

And so that all starts and leads to retaining our current team.

這樣一切就開始並導致保留我們現有的團隊。

And from our perspective, that's the way we achieve our staffing goals, is retain the team we have.

從我們的角度來看，這就是我們實現人員配置目標的方式，就是保留我們現有的團隊。

This year, particularly in our stores, we spent a lot of time, individual conversations with every team member about what's the hours they want and what can we do to cross-train you to get you the hours you need.

今年，特別是在我們的商店裡，我們花了很多時間與每個團隊成員進行單獨對話，了解他們想要的工作時間，以及我們可以採取哪些措施來對您進行交叉培訓，以獲得您需要的工作時間。

And so that's been a huge success for our team and for us as we've looked at staffing.

因此，當我們考慮人員配置時，這對我們的團隊和我們來說都是巨大的成功。

More recently, we've said we're investing in our DC team, our supply chain teams to grow the staffing, and we feel great about applicant flow.

最近，我們表示正在投資我們的 DC 團隊和供應鏈團隊，以擴大人員配備，我們對申請人流感到滿意。

We feel great about the turnover of our team.

我們對團隊的流動性感到滿意。

It's below 2019 right now.

現在還低於2019年。

So overall, we feel we're really well positioned for the fourth quarter, and more importantly, for beyond the fourth quarter, because labor is going to continue to be tight, and we'll continue to focus on retaining our existing team.

因此，總的來說，我們認為我們在第四季度確實處於有利位置，更重要的是，在第四季度之後，因為勞動力將繼續緊張，我們將繼續專注於保留現有團隊。

The next question is from Paul Lejuez with Citigroup.

下一個問題來自花旗集團的 Paul Lejuez。

I know you don't give guidance.

我知道你不給指導。

Obviously, you didn't for third quarter gross margin.

顯然，你沒有考慮第三季的毛利率。

I'm sure you had some view on where it would shake out.

我相信你對它會在哪裡發生變化有一些看法。

So I'm kind of curious just how much of what we saw in the third quarter was unexpected to you and maybe tied to decisions that you made during the quarter, intra-quarter and how much was tied to higher-than-expected sales.

因此，我有點好奇我們在第三季度看到的情況有多少是出乎您意料的，並且可能與您在本季度、季度內做出的決策有關，以及有多少與高於預期的銷售額有關。

And I just want to make sure I'm clear.

我只是想確保我說清楚了。

I don't know if you'd answered the question earlier, was there an aspect of some costs getting pulled forward into 3Q out of 4Q?

我不知道您之前是否回答過這個問題，是否有一些成本從第四季提前到第三季？

I'll start.

我開始吧。

I think one of the positive surprises for us in Q3 was just the continued strength in traffic.

我認為第三季帶給我們的正面驚喜之一就是流量的持續強勁。

To see our traffic grow by almost 13% was something that we actually didn't anticipate.

我們的流量增加了近 13%，這是我們實際上沒有預料到的。

We certainly were planning for a very strong quarter and continued market share gains.

我們當然正在計劃一個非常強勁的季度和持續的市場份額成長。

But to see the type of performance across our business, the strength of stores, comping up almost 10%, in a period when we were comping over a 9.9% growth rate in the prior year, to see our digital business grow by almost 30%, comping over 155% growth the year before, those numbers are actually stronger than we might have expected.

但看看我們整個業務的表現類型、商店的實力，在我們去年增長率超過 9.9% 的時期，我們的數位業務增長了近 30%，而增長了近 10%。的成長相比，這些數字實際上比我們預期的要強。

To see the consistent growth across every one of our major merchandising categories, double-digit growth, just the way the guest was responding to our assortment, the value we were delivering, the great in-store experience, those were all really positive results in the quarter and actually exceeded our expectations when we were planning for Q3.

看到我們每一個主要商品類別的持續增長，兩位數的增長，顧客對我們品種的反應方式，我們提供的價值，出色的店內體驗，這些都是真正積極的結果實際上超出了我們計劃第三季時的預期。

Operator, we have time for 1 more question today.

接線生，今天我們還有時間回答 1 個問題。

Our last question is from Robbie Ohmes with Bank of America.

我們的最後一個問題來自美國銀行的 Robbie Ohmes。

Brian, I -- kind of a follow-up to what you were just talking about.

布萊恩，我──有點像你剛才所說的後續。

I wanted to ask you about grocery.

我想問你關於雜貨的事。

I know that Target historically has said, we're not a full grocery shop.

我知道塔吉特曾經說過，我們不是一家完整的雜貨店。

But I'm looking at the numbers you guys have been putting up in grocery, Food & Beverage, Beauty and Essentials.

但我正在研究你們在雜貨、食品和飲料、美容和必需品方面的數據。

And can you maybe just speak to longer-term opportunity given the momentum you have there?

鑑於您在那裡擁有的勢頭，您能否談談長期機會？

And could you do more there?

你能在那裡做更多嗎？

And maybe also, does it tie into -- does it drive general merchandise?

也許還有，它是否與──它是否推動了一般商品的發展有關？

Is it key to driving these digital numbers on very strong digital numbers?

將這些數字驅動到非常強的數字上是關鍵嗎？

Any help to think about that would be great.

任何幫助思考這一點都會很棒。

Robbie, why don't I start and let Christina add to my comments.

羅比，我為什麼不開始讓克里斯蒂娜添加我的評論呢？

But I think you've highlighted one of the real success stories within our business over the last few years.

但我認為您強調了過去幾年我們業務中真正成功的故事之一。

And the progress we've made from a Food & Beverage standpoint, the changes we've made in assortment, the market share gains that we've seen quarter after quarter now for multiple years, and the great response we're seeing to our own brands, and the strength and response we're seeing to Good & Gather is a real highlight for us.

從食品和飲料的角度來看，我們取得了進展，我們在品種方面做出了改變，多年來我們逐季看到的市場份額增長，以及我們看到的巨大反響我們看到Good & Gather 的實力和反響對我們來說是一個真正的亮點。

But as Christina can build in more detail, we're also seeing tremendous growth in our Beauty business, and ongoing strength in Household Essentials.

但隨著克里斯蒂娜可以更詳細地構建，我們也看到我們的美容業務的巨大增長，以及家居必需品的持續增長。

And that's helping drive trips and leads to cross shopping across our multi-category portfolio.

這有助於推動旅行並促進我們多品類產品組合的交叉購物。

So the position we're in today in Food & Beverage is dramatically different from where we were 5 years ago.

因此，我們今天在食品和飲料領域的處境與 5 年前截然不同。

We're connecting with the guest.

我們正在與客人聯繫。

The quality, the assortment, the value we deliver is being really well received from the guest who shops our stores.

我們提供的品質、品種和價值受到了在我們商店購物的客人的好評。

And we're seeing accelerated growth with our Food & Beverage business from a digital standpoint.

從數位角度來看，我們的食品和飲料業務正在加速成長。

I was just going to add a little bit of commentary to Brian's point about how Food & Beverage fits into the broad portfolio.

我只是想對布萊恩關於食品和飲料如何融入廣泛的投資組合的觀點添加一些評論。

The multi-category portfolio and the strength across the entirety is part of Target's sweet spot.

多品類產品組合和整體實力是塔吉特的最佳優勢的一部分。

So Food & Beverage is certainly an incredible proof point that's grown and driven share acceleration and traffic, but we rely on all of our categories to play that role at different times of year.

因此，食品和飲料無疑是一個令人難以置信的證據，它不斷增長並推動份額加速和流量，但我們依靠所有類別在一年中的不同時間發揮這一作用。

And it's that combination that makes it so compelling whether it's back-to-school whether it's Halloween, whether it's Memorial Day or whether it's just your everyday trip when you need to pick up milk and bread.

正是這種結合使得它如此引人注目，無論是返校、萬聖節、陣亡將士紀念日，還是只是你需要買牛奶和麵包的日常旅行。

So this is part of the strategy that's accelerating the relevance for the consumer across the board.

因此，這是全面加速與消費者相關性的策略的一部分。

Robbie, thank you.

羅比，謝謝你。

And that, operator, concludes our third quarter conference call.

操作員，我們的第三季電話會議到此結束。

We look forward to talking to all of you as we go into 2022.

進入 2022 年，我們期待與大家交談。

So thank you.

所以謝謝你。