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度收益發布電話會議。

(Operator Instructions)

（操作員說明）

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

提醒一下，本次會議將於 2021 年 11 月 17 日星期三錄製。

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

我現在想將會議轉交給投資者關係副總裁 John Hulbert 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.

大家早上好，感謝您加入我們的 2021 年第三季度收益電話會議。

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.

今天與我聯繫的是董事長兼首席執行官布萊恩康奈爾；克里斯蒂娜·亨寧頓，首席增長官；約翰·穆里根，首席運營官；和首席財務官 Michael Fiddelke。

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，Brian、Christina、John 和 Michael 將就我們第三季度的業績以及我們對第四季度及以後的展望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，我們將打開電話線進行問答環節。

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，投資者和其他通過網絡直播收聽我們評論的人參加了這次電話會議。

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

通話結束後，邁克爾和我將可以回答您的後續問題。

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存在風險和不確定性，其中最重要的在我們最近提交的 10-K 中有所描述。

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

同樣在這些評論中，我們提到了非公認會計準則財務指標，包括調整後的每股收益。

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 數字與最直接可比的 GAAP 數字的對賬都包含在今天上午的新聞稿中，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.

有了這個，我將把它交給布賴恩，了解他對本季度的看法以及他對我們前景的看法。

Brian?

布賴恩？

Thanks, John, and good morning, everyone.

謝謝，約翰，大家早上好。

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

我們第三季度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.

他們繼續展示我們從客人那裡看到的非凡的參與度，無論是與我們的品牌還是與我們的團隊。

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增長近 21% 的基礎上增長了 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.

與最近幾個季度一樣，流量是今年增長的主要驅動力，因為我們的客人越來越多地轉向 Target 來滿足他們的需求。

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

在我們的銷售渠道中，實體店銷售是本季度的主要增長動力，而當日服務推動了我們的數字化增長。

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 年第三季度以來，第三季度商店銷售額增長了 38 億美元，而數字銷售額又增加了 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運營模式的靈活性，無論他們選擇如何購物，都可以為客人提供服務。

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了客人的參與程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、供應鏈上進行巨額投資，更重要的是，我們的隊伍。

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

那時，Target 已經以我們的世界級團隊、差異化的購物體驗、獨特的商品種類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.

我們看到了一個明確的機會，可以在這個堅實的基礎上再接再厲，尋找新的方法來提高我們的能力，同時加強與我們的團隊和客人的聯繫。

And today, those bonds have never been stronger.

而今天，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，在我們的數字能力範圍內，越來越多的客人正在嘗試並接受我們行業領先的當日服務。

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

在過去 2 年中，通過這些服務實現的第三季度銷售額增長了近 400% 或 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 個季度，通過這些服務實現的銷售額增長了超過 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，我們平衡的多類別分類是我們業務模式中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.

我們的核心類別內部和跨類別的種類繁多，使我們的團隊能夠快速、無縫地為我們的客人提供服務，即使他們的需求和需求正在迅速變化。

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

在第三季度，我們看到整個商品組合的持續強勁增長。

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，我們所有 5 個核心商品類別在本季度均實現了兩位數的增長，從低兩位數到十幾歲不等，在 2020 年前所未有的份額增長基礎上，市場份額強勁增長。

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

我們在為客人服務方面並沒有放慢腳步。

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.

我們將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 Apple 在電子產品方面的增強體驗數量增加一倍。

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信息。

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 3 個月前的電話會議上，鑑於整個大流行期間出現的供應鏈挑戰，我們概述了我們為支持我們的庫存和庫存而採取的多項行動。

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

如您所知，這些壓力僅在第三季度加劇。

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，以保持庫存在我們的網絡中流動。

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推動了一些增量成本，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，我們的客人以強勁的第三季度客流量回應了這些努力，我們預計這將在第四季度及以後繼續。

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，該團隊在克服更廣泛的成本壓力方面做得很好，因為許多供應商已經提高了批發價格以適應其業務中更高的成本。

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，他們保持了客戶至上的方法，並在管理整體盈利能力的同時關注價值。

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，我們的業務實現了強勁的第三季度財務業績，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，我想停下來感謝我們整個公司的團隊，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公室，他們付出了巨大的努力。

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

由於您的敏捷、精力和無私的合作，Target 在第三季度為我們的客人和我們的股東提供了服務。

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.

隨著我們進入第四季度並為假期旺季做好準備，我們已經做好了繼續為所有利益相關者提供服務的準備，並結束了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，您將在今天的電話會議中聽到的主題是我們很興奮並為假期做好了準備。

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 年一年之後，我們的客人很高興慶祝，當時許多家庭因安全問題而分開。

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他們的假日購物，因為他們對我們的假日促銷、低價保證以及我們在每次購物體驗中提供輕鬆、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，我們已採取多項措施在假期期間及以後為我們的客人提供支持。

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，我們還宣布我們將招聘 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增長。

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，我們在這個假期為我們的團隊成員提供更多的薪酬、靈活性和可靠的工作時間，為我們現有的團隊提供超過 500 萬小時的額外工作時間，在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，我們將在全國范圍內再招聘 100,000 名季節性團隊成員，其中許多人將有機會在假期後繼續留在 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裡，我們的銷售和營銷團隊專注於消除混亂。

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營銷信息和促銷活動的簡單性和靈活的運營方式，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.

我們將繼續投資於我們的未來、我們的新店和現有商店、我們的供應鍊和履行能力、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、合作夥伴和社區一起。

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 Target 在零售業的領導地位，對我們所做的一切採取以客人為主導的方法，並支持我們的公司價值觀，以共同關心、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.

我有幸與這個偉大的團隊一起工作，因為他們每天都在公司的各個部門將我們的價值觀變為現實。

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

我永遠感謝他們對我們品牌的客人和彼此的熱情和支持。

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

有了這個，我會把電話轉給克里斯蒂娜。

Thanks, Brian, and good morning, everyone.

謝謝，布賴恩，大家早上好。

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

我們第三季度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，我們將繼續建立在我們與他們一起精心贏得的信任之上。

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.

當我們的戰略以客人為主導時，我們就會發展我們的業務，從而支持我們的團隊、我們的財務業績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，第三季度可比銷售額增長了 12.7%，反映了我們每個核心商品類別的兩位數增長。

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，銷售實力也很廣泛，幾乎所有業務領域都比去年有所增長。

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

這顯示了我們的多類別分類在推動客戶相關性和對 Target 的親和力方面的力量。

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.

雖然增長來自所有類別，但第三季度的業績由我們的必需品、美容和食品和飲料類別引領，所有這些類別都在青少年中期實現了複合增長。

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

這些業務通過出行頻率和購物籃增長繼續在去年收益的基礎上實現可觀的份額收益。

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

在 Essentials 中，嬰兒護理、寵物和非處方醫療保健類別引領增長。

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%.

Hardlines 去年在 30% 左右的收入基礎上增長了 10 多歲，這得益於我們的玩具和體育用品業務令人難以置信的發展勢頭，這兩個業務的收入都增長了 20% 以上。

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

電子產品在去年接近 60% 的業績基礎上實現了低個位數的業績增長。

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，但服裝銷售額仍以兩位數的低位增長。

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

在游泳、當代青年、內衣和襪子方面表現最強。

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.

在家庭方面，季節性和固定類別引領了兩位數的低複合增長，並反映了返校、返校和萬聖節季節的創紀錄表現。

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.

我們在季節性類別中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能以新的、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.

無論他們慶祝什麼，我們的客人仍然專注於輕鬆、方便和物有所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，他們正在向 Target 尋求這些解決方案。

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

這不僅僅是檢查列表中的項目。

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.

除了通過假期的物流工作外，我們的客人還希望我們提供歡樂，而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，這是我們所有戰略和決策的北極星。

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

我們仍然專注於他們與我們的經歷和對我們的期望。

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泛零售環境的能力充滿信心。

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做的一切。

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.

無論我們的客人是在重燃舊的節日傳統還是尋找新的方式來慶祝這個季節，我們都專注於讓 Target 成為能夠輕鬆、安全、鼓舞人心和負擔得起的目的地，以慶祝最重要的事情，與我們的人共度時光的魔力愛。

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送到正確的地方。

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

這樣做帶來了一些短期毛利率壓力，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，我們對進入假日季節的庫存水平感到滿意。

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 提供巨大的價值。

And that value goes far beyond delivering exceptional everyday pricing.

而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持所有預算的選項，包括可訪問的付款選項。

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，我們在整個 11 月和 12 月都開展了促銷活動，以避免商店擁擠，我們從客人那裡得知他們很喜歡它。

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，我們今年將再次在整個購物季中節省開支，讓客人可以靈活地隨時隨地根據自己的條件選擇最優惠的購物方式。

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.

我們將在整個季節提供令人信服的頂級商品優惠、每週優惠和當天的驚喜優惠，包括店內和在線，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.

為了加強整個賽季的價值，我們最近宣布推出假日價格匹配保證，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.

當客人在 Target 看到 Holiday Best 優惠時，他們可以自信地購物，因為他們知道他們正在以我們本季最優惠的計劃價格獲得黑色星期五的優惠。

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，只要他們在 Target 看到交易，我們的客人就可以確信現在是購買的合適時機。

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.

我們還知道，我們的客人需要靈活性，不僅在他們想要購買的東西和他們想要購物的方式上，而且在如何管理他們的預算方面也是如此。

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.

這就是為什麼在 2 個新合作夥伴 Sezzle 和 Affirm 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，利用我們最優惠的價格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.

憑藉強大的庫存狀況和巨大的價值主張，我們能夠利用我們獨特的 Target 分類，在我們傳統的提供出色的送禮創意和簡單的收集解決方案的基礎上再接再厲，例如更具創意的 Gingerbread House 製作套件、Bullseye 的頂級玩具和禮物為任何預算設置。

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、食品和飲料等更多領域，將我們 Target 自有品牌中的佼佼者與精心策劃的民族品牌結合在一起。

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，我們精心策劃的數字購物清單將為我們的客人帶來喜愛的快樂發現，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，客人還專注於與朋友和家人聚會。

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 奶酪板入門套件和最喜歡的一天烘焙食品，到 Threshold 秋季系列，包括節日烘焙菜餚、當季顏色的盤子，以及一系列盤子、床單和其他桌面裝飾品，價格均在 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.

我們希望在這個假日季節為所有客人創造歡樂，我們很高興能夠通過迄今為止最具包容性的產品系列來實現這一目標。

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

在我們的數字和店內購物體驗中，我們的客人一定會在我們與文化相關的送禮和聚會解決方案中看到自己的影子。

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.

我們將在 10 美元的圖書分類中重點介紹黑人在美容、Hardlines、食品和飲料和家居領域擁有的企業，包括 McBride Sisters 葡萄酒搭配、Bipoc Author 以及限時黑人藝術家合作包裝紙。

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信息和圖像中看到自己的代表，提供慶祝本季許多有意義的假期的選擇，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.

我們還通過創造差異化的店中店體驗來推動客流量並激勵我們的客人，從而為我們的假日系列帶來歡樂。

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 等品牌的激動人心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.

通過每一次合作，我們都在為我們的客人增加興奮、便利和新鮮感，同時為每個合作夥伴解鎖增量增長。

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建立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.

我們將目標地點的迪士尼商店數量增加了兩倍，並將我們的 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 的首個假日季。

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.

而關於 Ulta Beauty at Target 的主題，我們的客人告訴我們，它顯然是擊中靶心，現在 Ulta Beauty at Target 有 50 多個頂級品牌的化妝品、護膚品、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.

無論是在實體店還是在網上，這種新的合作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.

我們將在今年 12 月繼續我們的歡樂合作傳統，屆時我們將與有史以來最受歡迎的玩具品牌之一樂高推出獨家生活方式系列產品。

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

想想以積木為靈感的連帽運動衫、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偶套裝。

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

該系列以我們與樂高集團的長期合作夥伴關係為基礎，體現了我們對包容、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.

有近 300 件家庭、寵物和家居必備品，以及大多數 30 美元以下的彩色磚啟發物品，我們的客人一定會在任何預算下找到每個人都會喜歡的東西。

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，這些成分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，我們通過傾聽客人的意見，從他們的選擇中學習，並與我們的才華橫溢的人一起工作，每季度改進一個食譜團隊。

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

如果沒有我們敬業的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出現，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.

有了這個，我會把電話轉給約翰。

Thanks, Christina.

謝謝，克里斯蒂娜。

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

每天，在整個運營團隊中，我們都專注於執行。

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適量的庫存轉移到正確的地方。

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.

我們的門店佔總銷售額的 95% 以上，我們的團隊專注於為每個季度的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，包括新商店和配送設施的規劃和建設，以及我們為維持和提高現有建築物的生產力而進行的投資。

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，當我們處理一年中最大的交易量時，一切都進展得更快，從而更加需要詳細的計劃和精確的執行。

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在製定第四季度的計劃時考慮到，這樣我們就可以在假期高峰期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，我們計劃我們的改造和新店項目，以便在假期前完成。

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

我們的技術團隊在同一時間線上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.

在供應鍊和我們的商店中，我們在假期前仔細計劃增加季節性招聘和團隊成員培訓，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.

但正如布賴恩和克里斯蒂娜已經提到的那樣，今年，我們的團隊在計劃和交付創紀錄的產量的同時面臨著全球供應鏈中前所未有的瓶頸，還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，但有時正是這樣，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，他們還以良好的性格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.

我無法形容我為代表他們今年所取得的一切而感到自豪，因為他們在一年前創紀錄的增長基礎上實現了歷史性的強勁增長。

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絡中的多重障礙和挑戰，在我們的進口收據中優先考慮我們對假期敏感的類別，同時精心規劃國內運輸，以確保產品在正確的時間上架。

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項目和類別的一些週期性中斷，但我們正在進入假期，總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.

具體而言，截至第三季度末，資產負債表上的庫存比去年同期增加超過20億美元，同比增長約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 COVID 之前的時期，自 2019 年第三季度末以來，我們的第三季度期末庫存已增長超過 35 億美元，在 2 年內增長了 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，相當數量的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，我們受益於延遲時間的顯著減少。

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，鑑於我們在幾個月前就已經預料到情況會很緊張，因此該團隊一直在比去年更早地編寫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.

我們還受益於我們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容量，以適應整個第四季度的預期出貨量。

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，並在某些情況下依賴空運。

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 Target 的港口運營長期以來一直被認為是一流的，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，讓每個人的集裝箱更快地通過港口。

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

我們對最近發生的變化感到鼓舞。

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、營銷和營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靈活和靈活的促銷和營銷計劃，從而能夠在我們的假期計劃中納入有關庫存可用性和位置的實時數據，以最大限度地提高他們的影響力，以造福於我們的客人和運營。

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

在我們的門店，團隊全年都在為第四季度做準備。

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

他們精力充沛，準備在整個季節為我們的客人服務。

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.

這將是自我們推出新服務計劃以來的第一個假日季節，這一切都是為了增強我們的團隊能力並增強他們與客人建立真實聯繫的信心。

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.

今年也是一項新舉措，我們在超過 90% 的門店推出了新的銷售點系統，為結賬和服務櫃檯提供了更快、更高效的體驗。

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

為了繼續構建我們行業領先的店內取貨和提貨體驗，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存儲容量的資本項目，投資靈活的固定裝置以提供臨時存儲區域以支持季節性高峰，將數千種新商品添加到可供取貨和上車的清單中，使Drive Up 停車位與去年相比的數量，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.

即使我們添加了這些新功能，我們也支持我們長期以來的承諾，即提供安全的購物體驗，保持我們在整個大流行期間實施的增強的 COVID 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.

我們還一直在投資團隊成員的工作時間、流程和培訓，以使我們的團隊為今年處理創紀錄的貨運和履行量做好準備，同時加強安全信息傳遞和積極監控流程，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，正如布賴恩所說，我們的團隊專注於在整個假期期間在整個商店和供應鏈中配備齊全的人員。

Our stores have been hitting their seasonal hiring milestones.

我們的商店一直在達到他們的季節性招聘里程碑。

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，今年每位商店團隊成員的平均工作時間明顯增加。

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，與您從許多其他人那裡聽到的不同，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參與的關注，我們商店的小時周轉率與今年相比實際上更低2019 年，尤其是對於我們新聘用的團隊成員。

And we're continuing to invest in our team.

我們將繼續投資於我們的團隊。

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.

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

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 次改造，在第三季度末之前完成了 40 多項改造，另外 100 多個項目計劃在假期前完成。

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

該團隊還在第三季度又開設了 15 家新店，使年初至今的總數達到 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 到 160,000 平方英尺不等的新店，這展示了我們開發的靈活性，可以根據當地需求和市場上的可用房地產為個別社區設計最佳商店規模。

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

為了提高我們供應鏈的容量和效率，我們的團隊今年還開設了 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 個新的分揀中心將在第四季度開業，另外 2 個分揀中心有望在明年初開業。

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.

雖然我們的供應鏈不得不應對一系列獨特的挑戰，但我也要感謝我們的建設團隊的不懈努力，使他們能夠在今年成功完成大量的商店和分銷項目。

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，需要在大量區域建築供應商之間進行精確協調，以及不同的固定裝置和設備供應商群體，他們都面臨著我們在商品中面臨的同樣瓶頸供應鏈。

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和應變能力應對了所有這些挑戰，使我們能夠繼續接觸新社區的客人，並支持整個供應鏈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.

為了支持這些不斷增長的需求，我們最近宣布，我們將在我們的供應鍊網絡中增加 30,000 多個長期職位，以支持我們預計在第四季度及以後繼續實現的增長。

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

這些團隊成員將支持我們區域配送中心網絡中的新建築，增加補貨能力以支持日益高效的商店網絡。

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揀中心配備人員並提供支持，這些中心提供效率、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.

停下來回顧一下我們的網絡需求在短時間內增長了多少，真是令人驚訝。

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

在 2018 年整個財年，我們的業務產生了 740 億美元的銷售額。

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 年之後，我們的業務已經在第三季度實現了 740 億美元的銷售額，而今年最大的季度仍然在我們前面。

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增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.

鑑於我們預計它不會很快結束，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的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 年我剛開始在這里工作時，塔吉特為當時的代頓哈德遜公司帶來了不到 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.

雖然從那時起許多事情發生了變化，無論是在零售業還是在這家公司，我們成功地保持了近 60 年來讓 Target 成功和獨特的東西。

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.

我們一直專注於提供負擔得起的設計以支持獨特的商品分類，提供差異化和出色的購物體驗，投資於最好的零售團隊，並回饋支持我們的社區。

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.

數十年來，Target 一直保持相關性的原因是我們能夠忠於我們的價值觀，並在我們為客人服務的方式上不斷發展。

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

有了這個，我會把電話轉給邁克爾。

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，我們強調了對我們的業務進行適當投資的承諾，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.

雖然我們的工作是每天專注於提高績效，但我們致力於以長遠的眼光做出投資決策，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，而是考慮如何將 Target 定位為世代領先的零售商。

That's how I think about our third quarter.

這就是我對第三季度的看法。

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，我們保持對客人的關注，並採取具體行動確保我們在假期前有一個健康的庫存狀況，即使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，當我們面臨這些決定時，我們擁有所需的資源，包括最好的零售團隊、完善的全球供應鍊和能夠適應這些以客戶為中心的投資的持久模式。

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定時著眼於長期，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超出我們預期的第三季度客流量和銷售增長。

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，我們受益於對我們的 SG&A 和 D&A 費用的巨大槓桿作用，儘管我們選擇進行大量投資，但仍實現了穩健的每股收益增長。

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

正如布賴恩所提到的，我們在第三季度的 12.7% 的薪酬高於一年前近 21% 的增長。

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，在本季度內，鑑於全國大多數學校以面對面學習的方式開始新學年，我們看到我們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.

結果，我們 8 月份的業績是本季度最強的，我們 9 月份的業績下滑至 10% 左右，我們在 10 月份加速回到低點。

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.

在我們銷售的組成部分驅動因素中，增長繼續由流量驅動，儘管我們幾乎保留了一年前發生的所有購物籃增長。

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.

具體而言，第三季度客流量在去年增長 4.5% 的基礎上增長了 12.9%，而平均票價在一年前增長超過 15% 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.

在我們的銷售渠道中，本季度門店可比銷售額在去年增長 9.9% 的基礎上增長了 9.7%，而數字產品銷售額在一年前增長 155% 的基礎上增長了 29%。

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.

在我們的數字化履行中，送貨到家的訂單銷售額比去年略有增長，而當日服務在一年前增長超過 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.

在這些當日選擇中，店內取貨和發貨在本季度均增長了 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，僅在第三季度，Drive Up 的銷售額就增長了 10 倍以上，即約 14 億美元。

Moving down the P&L.

向下移動損益表。

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

我們第三季度的毛利率為 28%，比一年前下降了 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，核心商品銷售佔降幅的 2 個百分點或超過 3/4，主要是由增加的運費和其他庫存成本驅動。

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，我們供應鏈的工資增長帶來了約 70 個基點的壓力，而類別銷售組合貢獻了約 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，數字化履行對本季度的毛利率產生了大致中性的影響，因為與更高的數字量相關的成本被履行組合向我們的當日選項轉變的好處所抵消，這些選項具有顯著降低的平均單位成本與傳統電子商務相比。

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 費用線上，我們看到第三季度大約 160 個基點的改善，反映了嚴格的成本管理，以及意外強勁銷售的槓桿效益。

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 方面，我們看到利率提高了約 20 個基點，因為銷售增長抵消了加速折舊的影響，這反映了我們改造計劃的持續增加。

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.

總體而言，我們第三季度的營業利潤率為 7.8%，比一年前下降了約 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.

按美元計算，營業收入比一年前增長 3.9%，是 2019 年第三季度記錄的兩倍。

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.

我們第三季度的 GAAP 每股收益為 3.04 美元，比去年高出 52%，當時我們記錄了超過 5 億美元的提前債務退休利息支出。

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線上，我們排除了提前債務退休費用，本季度我們賺了 3.03 美元，比一年前增長了 8.7%。

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

與兩年前相比，美國通用會計準則和調整後每股收益均增長了 120% 以上。

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，我們希望對符合我們戰略和財務標準的業務和項目進行全面投資。

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，我們支持股息，並希望在我們自 1971 年以來每年保持的長期年度增長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，隨著時間的推移，我們通過股票回購在我們的中等 A 信用評級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.

在資本支出線上，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.

正如我上個季度提到的，這比我們今年的預期要低一些，並且反映了明年項目支出的重新安排，因為我們在一些與某些社區的許可和檢查等外部因素有關的項目上遇到了延誤。

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投資一長串生產性增長機會：增加新店、改造現有商店、在我們的供應鏈中建立補貨能力，以及推出更多的分揀中心。

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將在 2022 年達到 40 億至 50 億美元的資本支出，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.

我們在第三季度支付了 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.

這一增長反映了每股股息增加了 32%，部分被股票數量的下降所抵消。

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，並註意這樣一個事實，隨著我們支付 12 月份的股息，我們將正式實現每股股息連續第 50 年年度增長，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運營產生的強勁現金，即使在我們對資本支出和股息進行了強勁投資之後，我們仍然有足夠的能力在我們的中等 A 評級範圍內進行股票回購。

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，我們部署了 22 億美元回購了 880 萬股股票，使我們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那樣，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長期預期的水平。

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，我們希望以符合我們的財務預期、信用評級目標和外部環境評估的速度增加我們的槓桿率並減少我們的現金頭寸。

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平的時間線可能是一個多年的旅程。

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

我們在過去 2 年中看到的快速變化的情況表明，為什麼保持謹慎的步伐是謹慎的。

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.

與往常一樣，我將以我們的投資資本稅後回報率結束對業績的審查，該回報率衡量了我們在長期投資背景下當前業績的質量。

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.

在截至第三季度末的過去 12 個月中，我們的業務產生了 31.3% 的稅後投資回報率，而一年前為 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，並說明了為什麼我們熱情地計劃繼續投資於我們的業務。

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度和全年的預期。

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，我們表示我們計劃在今年下半年實現可比銷售額的高個位數增長。

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

雖然我們仍然認為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，我們計劃在高個位數到低兩位數範圍內進行第四季度的比較，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.

在盈利能力方面，我們繼續預計我們的業務將實現 8% 或更高的全年營業利潤率，遠高於 2020 年的 7%。

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.

在 2020 年創紀錄的一年之後，這種利率優勢，加上我們有能力實現的全年銷售增長，將轉化為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?

所以現在當我準備將電話轉回給布賴恩時，我想暫停一下並解決一個我確定你會問的問題，即當前的成本壓力有多少是暫時的有多少會變成結構性的？

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

我會給你一個誠實的答案，幾乎可以肯定兩者兼而有之。

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，供應鏈瓶頸應該會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，在供應鏈之外，我們還面臨著一些供應商的產品成本增加，這是由於他們的業務成本增加所致。

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，鑑於過去幾年我們的團隊投資，我們處於非常有利的位置，但全國的勞動力市場仍然非常緊張。

So how do we think about the future?

那麼我們如何看待未來呢？

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.

從財務的角度來看，我們首先專注於為我們的客人提供服務，並將這一重點轉化為進一步的增長，這是我們看到很多跑道的領域。

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，我們已經做出並將繼續做出的投資，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.

這種信任為我們的商品分類和履行服務帶來了更多的旅行和更廣泛的購物。

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.

憑藉一支專注於推動客人參與、進一步增長和市場份額增加的熟練而敏捷的團隊，我們相信我們的耐用模式可以繼續為我們的客人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，甚至面對我們今天所面臨的充滿挑戰的外部環境。

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

這是“和”力量的又一個例子。

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.

所以現在我想停下來感謝我們整個團隊在第三季度的出色表現，這是多年來本已強勁的表現。

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.

如果塔吉特沒有最好的零售團隊，那麼我有幸一個季度一個季度地分享財務結果是不可能的。

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

有了這個，我會把電話轉回給布賴恩。

Thanks, Michael.

謝謝，邁克爾。

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

在我們轉向您的問題之前，我想先談談邁克爾剛才提到的一些事情，那就是我們團隊的敏捷性不斷提高。

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.

這部分來自對優先級的高度關注，我們要求我們的團隊專注於一小部分企業範圍內的關鍵優先級，目標是朝著最重要的目標更快地取得進展。

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

通過優先級劃分，我們還看到整個組織更加一致。

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里工作，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路線。

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

除了優先級和一致性之外，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進行跨職能溝通和合作，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.

在像我們這樣的大型組織中，優先級、一致性、協作這 3 個重要概念可提供令人信服的結果。

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.

在我們今天的講話中，您已經聽到我們強調了其中的一些好處，這些好處有助於推動第三季度的強勁表現，儘管宏觀環境充滿挑戰：統一專注於為我們的客人提供服務；營銷、營銷和運營團隊在優化假日促銷活動時進行協作；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持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.

要說我們已經在這個假期裡感受到了這些好處的影響，那就太輕描淡寫了。

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類別產品組合、無與倫比的當日服務以及我們非凡團隊的技能放在一起，作為我們假期準備的關鍵。

So once again, I want to thank our team.

因此，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和與客人的聯繫，我們已準備好迎接異常強勁的假期。

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，在每個職能部門中，我都看到了他們為一年中最繁忙的賽季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.

而且我相信，同樣的精力和熱情也將確保 Target 在長期內實現持續和可持續的增長。

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

現在克里斯蒂娜、約翰、邁克爾和我很樂意回答你的問題。

(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，你已經通過暗示你不確定毛利率會持續多久來開始這個問題。

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?

您能否至少幫助我們了解第三季度是否是您預計在未來幾個季度實現的毛利率下降峰值？

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

在將價格上漲轉嫁給消費者方面，您正在採取什麼措施來減輕這種毛利率壓力？

Thanks for the question, Michael.

謝謝你的問題，邁克爾。

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

如您所知，我們不會專門將利潤率引導到未來幾個季度。

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.

我認為您在第三季度看到了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.

這些投資中最大的一項是一項投資，以確保我們在進入第四季度時擁有良好的庫存狀況。

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，考慮加速產品以付出代價，你在第三季度看到了其中的一些。

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

但我對這樣的投資決定的回報感覺非常好。

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

去年以北，我們有 20 億美元的庫存，同比增長近 20%。

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

這推動了我們看到的持續收入增長。

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讓我們在今年下半年進行定位感到非常滿意。

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，您能否讓我們了解您能夠通過進一步減少 SG&A 來抵消或繼續抵消這種毛利率壓力的程度?

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

我們是否應該期望您在第四季度的 SG&A 美元以與第三季度相似的速度增長？

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 SG&A 方面，我認為您在第三季度看到的主題只是一個例子，說明增長帶來的生產力提高對我們的業務有多麼強大。

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

當頂線強行朝著正確的方向運行時，我們會產生驚人的槓桿作用，而且肯定是在第三季度。

That's one of the reasons.

這也是原因之一。

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.

我們希望確保我們能夠很好地支持持續增長，因為當我們產生 SG&A 槓桿時，損益表效果很好，就像你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 Chris Horvers。

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，你提出了第四季度的展望，你能談談這個假期到目前為止你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?

隨著我們臨近聖誕節，然後顯然是一月份的刺激措施，該指導是否反映了缺貨的任何風險？

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勢頭，以及我們的客人購物，我們所有的類別，利用我們的商店和我們的數字渠道，我們認為這將在整個假日季節繼續下去。

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

種種跡象表明，希望慶祝節日的美國消費者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強烈反應。

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，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有強大的禮物。

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.

我們認為這將在整個假期繼續。

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%.

我們的庫存水平增加了 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地位。

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、客人將轉向慶祝季節的那些物品，以確保我們在第三季度的勢頭基礎上，並在我們度過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.

然後我可能會在毛利率和毛利率前景上進行第二次削減。

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

季節性地，通常，毛利率確實相對於第三季度的利率下降了 200 到 300 個基點。

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

但是，您談到了很多——我認為這裡有兩個組件需要考慮。

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

一，您在第三季度談了很多關於加速產品的問題。

So there are some sort of periodic costs there.

所以那裡有某種週期性的成本。

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

但是你有很多來自海外的產品，有所有的海運。

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

而且我認為該產品已掛起-該成本已掛在庫存中。

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個部分放在一起，暫時忽略混合，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?

由於掛在庫存中的貨運部分變得更糟，但引入第三季度的周期性成本下降，而這兩個東西有點淨到中性，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 - 你在概念上考慮它，我會說，以正確的方式，因為第三季度和第四季度跨越了假日季節之前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，而我不會開始詳細說明該毛利率水平在第四季度意味著什麼。

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，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，但也有大量的槓桿作用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，對我們客人的價值投資將是持續獲得回報的投資。

The next question is from Karen Short with Barclays.

下一個問題來自 Barclays 的 Karen Short。

Sorry to try this a little bit differently.

很抱歉嘗試了一些不同的方法。

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，當您查看第三季度相對於息稅前利潤增長的收入增長時，然後 - 所以我們查看第三季度中這兩個的差距，然後回到第四季度，看起來你會變得更強大 -更大——或者抱歉，與第四季度息稅前利潤增長相比，頂線的差距要小得多。

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，這是因為很多供應鏈成本和庫存成本都被拖到了第三季度嗎？

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?

然後我想我想問更大的圖景是，看看 22 年，我們應該如何看待這個算法，相對於 EBIT 增長的頂線增長？

Well, thanks for the question, Karen.

好吧，謝謝你的問題，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.

這是 - 我想我首先要說它包含在我們為今年餘下時間提供的指導中。

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

我們預計營業收入率為 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和看跌期權。

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，開始的地方是增長，這就是為什麼對第四季度的高個位數到低兩位數的預期是短期算法開始的地方。

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

有了這樣的增長，我們對我們整理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年份算法了。

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

但我會說，隨著時間的推移，我們希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.

我們希望成為一家隨著時間的推移不斷增長收入並獲得份額的公司。

And that's where that algorithm will start.

這就是該算法將開始的地方。

Okay.

好的。

And then just a follow-up.

然後只是跟進。

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

你沒有提到降價或你對整體降價的想法。

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

我一開始就知道，你希望你有足夠的多餘庫存來度過一個更健康的降價季。

Just wondering where you stand on that.

只是想知道你的立場。

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.

頂線的實力意味著我們仍然沒有看到這些清倉降價回歸生效，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，我們對第四季度的庫存定位感到非常滿意。

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.

因此，比去年增加了 20 億美元，增長了近 20%，這意味著我們將準備好在重要的假日季節為我們的客人提供服務。

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.

只是想真正詢問一下競爭環境。

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

很明顯，您可能沒有傳遞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，你在這裡投資於與客人的關係。

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

但是你認為這是維持這些股票收益的投資嗎？

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

或者您是否已經看到任何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的一種預期，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，你今天已經多次聽到我們說，我們正在投資增長。

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.

我們正在投資以維持並繼續建立市場份額地位，並在去年取得的非凡成果的基礎上再接再厲，我們增加了 90 億美元的市場份額，並在 2021 年繼續看到這一勢頭增長。

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增長的公司，為我們的團隊做正確的事，為客人做正確的事，並利用我們所有的資產繼續鞏固我們今天的勢頭並建立市場在我們所有的關鍵類別中共享。

That's helpful.

這很有幫助。

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

也許只是對供應鏈的跟進。

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

顯然，你已經領先於那一年 - 今年領先於它並提前拉動庫存。

What is your expectation on when that resolves?

您對何時解決的期望是什麼？

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

你還在為明年初提前拉庫存嗎？

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

凱利，我會開始，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.

但是，隨著美國各地的需求持續增長，我們當然已經看到供應鏈挑戰一直持續到大流行開始。

So we've done a terrific job.

所以我們做了很棒的工作。

And I think our teams have shown great agility.

而且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.

他們已經根據市場進行了調整，以確保我們能夠滿足我們系統中的需求。

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，隨著我們進入明年年初，這些供應鏈挑戰不會消失。

And I think they'll dissipate over time.

而且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，我們正在盡我們的一份力，以確保我們正在緩解港口的一些擁堵，並確保我們正在拆箱和在非高峰時段。

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

我們已經利用全國其他港口來緩解洛杉磯長灘的一些擁堵情況。

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

但正如約翰可以證明的那樣，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.

我們將不得不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個財政年度時需要的產品。

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.

我想問一個關於勞動的簡單問題。

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

從準備好的評論中可以看出，從人員配備水平來看，您現在可能處於一個好位置。

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在商店與配送中心的勞動的感受，以及您在競爭環境中看到的工資方面的情況？

Yes.

是的。

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

凱特，我認為我們對自己所處的位置感覺非常好。

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

這真的有點像供應鏈的事情。

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

這是我們很長時間以來一直關注的事情。

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

我們已將投資於我們的團隊作為絕對優先事項。

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.

多年來，您已經看到我們這樣做了，在過去幾年中投資於工資、投資於培訓、投資於福利和投資於他們的安全。

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

所以這一切都開始並導致保留我們當前的團隊。

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，就是留住我們擁有的團隊。

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，我們花了很多時間與每個團隊成員進行個別對話，討論他們想要的時間是什麼，以及我們可以做些什麼來交叉培訓你，讓你得到你需要的時間。

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

因此，這對我們的團隊和我們在人員配備方面取得了巨大的成功。

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，我們說我們正在投資我們的 DC 團隊、我們的供應鏈團隊以增加人員配置，我們對申請人流感覺很好。

We feel great about the turnover of our team.

我們對團隊的人員流動感覺很好。

It's below 2019 right now.

現在低於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.

所以總的來說，我們覺得我們在第四季度的定位非常好，更重要的是，在第四季度之後，因為勞動力將繼續緊張，我們將繼續專注於留住現有團隊。

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，您沒有考慮第三季度的毛利率。

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

我相信你對它會在哪裡動搖有一些看法。

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.

所以我有點好奇，我們在第三季度看到的有多少出乎你的意料，可能與你在本季度、季度內做出的決定有關，還有多少與高於預期的銷售額有關。

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

我只是想確保我清楚。

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?

我不知道你之前是否回答過這個問題，是否有一些成本從第四季度提前到第三季度？

I'll start.

我會開始的。

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

我認為第三季度給我們帶來的積極驚喜之一就是流量的持續增長。

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

看到我們的流量增長了近 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.

我們當然在計劃一個非常強勁的季度和持續的市場份額增長。

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.

但要看到我們業務的表現類型，商店的實力，在去年我們的增長率超過 9.9% 的時期內增長了近 10%，看到我們的數字業務增長了近 30% ，比前一年增長超過 155%，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、客人對我們產品的反應方式、我們提供的價值、出色的店內體驗，這些都是非常積極的結果季度，實際上超出了我們在計劃第三季度時的預期。

Operator, we have time for 1 more question today.

接線員，我們今天有時間再回答 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.

布賴恩，我——有點像你剛才所說的後續行動。

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 Target 曾說過，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.

但我正在查看你們在雜貨、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?

鑑於您在那裡的勢頭，您是否可以只談談長期機會？

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？

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

在非常強大的數字上驅動這些數字是否是關鍵？

Any help to think about that would be great.

考慮到這一點的任何幫助都會很棒。

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到我的評論中。

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

但我認為您已經強調了過去幾年我們業務中真正的成功案例之一。

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，我們所取得的進步、我們在品類方面所做的改變、多年來我們看到的一個季度一個季度的市場份額增長，以及我們看到的對我們的巨大反應自有品牌，我們看到 Good & Gather 的實力和反應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 Christina 可以更詳細地構建，我們也看到了美容業務的巨大增長，以及家居必需品的持續實力。

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

這有助於推動旅行，並在我們的多品類產品組合中促成交叉購物。

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行業所處的位置與 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.

我們提供的質量、種類和價值得到了購買我們商店的客人的好評。

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

從數字的角度來看，我們的食品和飲料業務正在加速增長。

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

我只是想對布賴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點評論。

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 Target 的最佳選擇。

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明點，它的增長和推動了份額加速和流量，但我們依靠我們所有的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.

正是這種組合讓它變得如此引人注目，無論是萬聖節、陣亡將士紀念日，還是你需要拿起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，這是加速全面提升消費者相關性的戰略的一部分。

Robbie, thank you.

羅比，謝謝。

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

接線員，我們第三季度的電話會議結束了。

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

我們期待在進入 2022 年時與大家交談。

So thank you.

所以謝謝。