目標百貨 (TGT) 2020 Q4 法說會逐字稿

Good morning, everyone. Thanks for attending our 2021 Financial Community Meeting. This morning, we're being joined by investors and others who are listening into this webcast. Following today's meeting, Michael and I will be available to answer any follow-up questions.

大家，早安。感謝您參加我們的 2021 年金融社區會議。今天早上，投資者和其他正在收聽此網絡廣播的人加入了我們的行列。在今天的會議之後，邁克爾和我將可以回答任何後續問題。

Before I turn it over to Brian to kick off the meeting, I have a couple of important disclosures. First, any forward-looking statements that we make this morning are subject to risks and uncertainties, the most important of which are described in our SEC filings. And second, in today's remarks, we refer to non-GAAP financial measures, including adjusted earnings per share. Reconciliations of all non-GAAP measures to the most directly comparable GAAP measure are included in our financial press releases and SEC filings which are posted on our Investor Relations website. With that, let's begin the meeting.

在我把它交給布賴恩開始會議之前，我有幾個重要的披露。首先，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，其中最重要的風險和不確定性在我們提交給美國證券交易委員會的文件中有所描述。其次，在今天的評論中，我們指的是非公認會計準則財務指標，包括調整後的每股收益。所有非 GAAP 措施與最直接可比的 GAAP 措施的對賬都包含在我們的財務新聞稿和 SEC 文件中，這些文件發佈在我們的投資者關係網站上。有了這個，讓我們開始會議。

(presentation)

（介紹）

Good morning, and welcome to our 2021 Financial Community Meeting. We're eager to share our insights on the extraordinary year that just passed, as well as our vision for what's next. But I couldn't start today without reflecting on the fact that 1 year ago at this time, the pandemic was just beginning to unfold. And in an effort to keep everyone safe and limit travel, we decided to convert this meeting to a virtual format. While we miss hosting our in person gatherings, it's prudent to stick with virtual presentations once again this year. But we're looking forward to resuming our live events, including this one and our Annual Shareholders Meeting in 2022.

早上好，歡迎參加我們的 2021 年金融社區會議。我們渴望分享我們對剛剛過去的非凡一年的見解，以及我們對未來的願景。但我不能不回想一下，1 年前的這個時候，大流行才剛剛開始蔓延。為了確保每個人的安全並限制旅行，我們決定將這次會議轉換為虛擬形式。雖然我們錯過了舉辦面對面的聚會，但今年再次堅持虛擬演示是明智的。但我們期待恢復我們的現場活動，包括這次活動和 2022 年的年度股東大會。

As I look back over the past year, a year when so much care and compassion was called for, I see purpose, coupled with capabilities as the essential enabler of our response. And the story of Target in 2020 is the story of a team that wanted nothing more than to take care of those around us, drawing on capabilities that were equal to that ambition after years of building an investment.

回顧過去的一年，這一年需要如此多的關懷和同情，我看到了目標，加上能力是我們應對的重要推動力。 Target 在 2020 年的故事是一個團隊的故事，該團隊只想照顧我們周圍的人，在多年建立投資後利用與該雄心相當的能力。

So I want to start today by publicly recognizing and thanking our team. I'm incredibly proud of the resilience, empathy, care and concern they've shown for each other, our guests and communities through a very challenging 12 months and counting. None of what we'll share today would've happened without them. Even before the dramatic challenges of last year took hold, our team had been busy building the retail platform of tomorrow. But 2020 accelerated everything and, as such, our guests are already benefiting from and loving that platform today. At the heart of the platform was the belief that consumers would continue to flock to our stores for multicategory one-stop shopping; a friendly, well-trained and knowledgeable team; and joyful experiences.

所以我想從今天開始公開承認和感謝我們的團隊。在充滿挑戰的 12 個月裡，我為他們對彼此、我們的客人和社區表現出的韌性、同理心、關懷和關心感到無比自豪。如果沒有他們，我們今天要分享的一切都不會發生。甚至在去年的巨大挑戰出現之前，我們的團隊就一直在忙於構建明天的零售平台。但 2020 年加速了一切，因此，我們的客人今天已經從該平台中受益並喜愛它。該平台的核心是相信消費者將繼續湧向我們的商店進行多品類一站式購物；一個友好、訓練有素、知識淵博的團隊；和快樂的經歷。

As we designed our strategy and invested accordingly, we relentlessly asked ourselves what products and services those stores should offer, where they should be located, how their operations should be tailored to meet neighborhood needs and ultimately, how to make our stores work together with all of our other assets as one shopping platform that would keep guests turning to Target however they want to shop. In answering those questions, we did 2 things at once: We placed the physical store more firmly at the center of our omnichannel platform and we created a durable, sustainable and scalable business model that puts Target on a road of our own.

在製定戰略並進行相應投資時，我們不斷地問自己，這些商店應該提供哪些產品和服務，它們應該位於哪裡，它們的運營應該如何定制以滿足社區的需求，以及最終如何讓我們的商店與所有人合作。我們的其他資產作為一個購物平台，可以讓客人隨心所欲地轉向 Target。在回答這些問題時，我們同時做了兩件事：我們將實體店更牢固地置於我們全渠道平台的中心，我們創建了一個持久、可持續和可擴展的商業模式，讓 Target 走上我們自己的道路。

Our goal was to use our proximity, nearly 1,900 stores within 10 miles of the vast majority of the U.S. consumers to offer the fastest and easiest digital fulfillment in retail. And the capabilities we built to become America's easiest place to shop also cracked the essential question of how to grow our digital sales exponentially, while maintaining the overall profitability of our business. When we began this journey, we didn't know we would be facing a global pandemic, mass quarantines, rapid unemployment and the need to limit the number of people in public spaces. And yet, when those threats emerged in 2020, we were ready. And without hesitation, millions of American families turned to Target like never before. That happened because of decisions we made 4 and 5 years ago. And today, Christina Hennington, our recently named Chief Growth Officer, along with John Mulligan and Michael Fiddelke, will join me in mapping out how our team's efforts in recent years created a new baseline from which we'll continue to climb higher for our guests.

我們的目標是利用我們距離絕大多數美國消費者 10 英里範圍內的近 1,900 家商店，提供最快、最簡單的零售數字化履行。我們為成為美國最容易購物的地方而建立的能力也解決瞭如何以指數方式增長我們的數字銷售，同時保持我們業務的整體盈利能力的基本問題。當我們開始這段旅程時，我們並不知道我們將面臨全球大流行、大規模隔離、快速失業以及限制公共場所人數的需要。然而，當這些威脅在 2020 年出現時，我們已經做好了準備。數以百萬計的美國家庭毫不猶豫地以前所未有的方式轉向了 Target。這是因為我們在 4 和 5 年前做出的決定。今天，我們最近任命的首席增長官克里斯蒂娜·亨寧頓（Christina Hennington）以及約翰·穆里根（John Mulligan）和邁克爾·菲德爾克（Michael Fiddelke）將與我一起描繪我們團隊近年來的努力如何創造了一個新的基線，我們將以此為基礎繼續為我們的客人攀登更高.

And here's what I hope you'll take away from our story. First, that our team's ability to act and react in 2020 was years in the making. Without our multiyear roadmap to develop new capabilities and bring them to scale, 2020 could've exposed essential gaps in our business model. Instead, it proved beyond a doubt the durability of our model and it signaled our potential for continued growth in years ahead.

這就是我希望你能從我們的故事中學到的東西。首先，我們團隊在 2020 年採取行動和做出反應的能力是多年積累的。如果沒有我們開發新功能並將其擴大規模的多年路線圖，2020 年可能會暴露我們業務模式中的重大差距。相反，它毫無疑問地證明了我們模型的耐用性，並標誌著我們在未來幾年持續增長的潛力。

The second takeaway stems from a question I've heard frequently, especially in 2020, "Brian, what's the secret to Target's growth trajectory?" What you'll see in our presentation today is that the one thing that's driving our success is a focused commitment to several things: an integrated collection of strategies and capabilities that all work together, are very difficult to replicate and, ultimately, make Target unique.

第二點源於我經常聽到的一個問題，尤其是在 2020 年，“Brian，Target 增長軌蹟的秘訣是什麼？”您將在我們今天的演講中看到，推動我們成功的一件事是對幾件事的集中承諾：一個綜合的戰略和能力集合，它們一起工作，很難復制，最終使 Target 獨一無二.

I'll start today with a high level recap of our full year results. When we gathered virtually for this meeting last year, I shared how our revenue had grown by $5.4 billion since 2017, and that we were consistently gaining share in many of our core merchandising categories. In other words, we were already starting to see steady growth from our investments.

今天，我將從對全年業績的高層次回顧開始。去年，當我們為這次會議進行虛擬聚會時，我分享了自 2017 年以來我們的收入如何增長了 54 億美元，並且我們在許多核心商品類別中不斷獲得份額。換句話說，我們已經開始看到我們的投資穩步增長。

When we left that meeting, no one knew that COVID-19 would be declared a pandemic in the United States, only a couple of weeks later. In hindsight, it's hard to believe that we only receive one COVID-related question that day. But today, as we look back on 2020, the business highlights are clear: Our revenue during the year increased another $15 billion. We gained meaningful market share across all 5 of our merchandising categories, totaling about $9 billion. Our full year comparable sales were up more than 19%, with a store comp of more than 7% in a year when people were staying home to stay safe, and a digital comp of 145%. Standing at this meeting 3 or 4 years ago, it would have been hard for any of us, or any of you, to imagine digital penetration of 18% without a dramatic deterioration in our P&L. Yet today, we announced record high full year adjusted EPS of $9.42.

當我們離開那次會議時，沒有人知道僅僅幾週後 COVID-19 將在美國被宣佈為大流行病。事後看來，很難相信我們那天只收到了一個與 COVID 相關的問題。但是今天，當我們回顧 2020 年時，業務亮點很明顯：我們在這一年的收入又增加了 150 億美元。我們在所有 5 個商品類別中獲得了可觀的市場份額，總計約 90 億美元。我們全年的可比銷售額增長了 19% 以上，在人們待在家里以確保安全的一年中，商店銷售額增長了 7% 以上，數字銷售額增長了 145%。站在 3 或 4 年前的這次會議上，我們中的任何人或你們中的任何人都很難想像 18% 的數字化滲透率不會顯著惡化我們的損益表。然而今天，我們公佈了創紀錄的全年調整後每股收益 9.42 美元。

Importantly, we accomplished all of this while making huge incremental investments in our team's safety and well-being and completely re-outfitting our stores to keep our team and guests safe. Far for being a fluke, this performance is further proof that we've built a business model that is working as intended, one that puts Target in a category of its own.

重要的是，我們完成了所有這一切，同時對團隊的安全和福祉進行了巨大的增量投資，並徹底改造了我們的商店以確保我們的團隊和客人的安全。遠非僥倖，這一表現進一步證明了我們已經建立了一種按預期工作的商業模式，一種將 Target 置於自己的類別中的商業模式。

A few consistent pillars have been and will continue to be at the heart of our playbook. The enormous investments we made in supply chain, store operations and technology capabilities are already powering exponential growth in digital commerce. They've enabled us to use our stores as showrooms and service centers, but also as hubs for digital fulfillment. Without these investments, we simply wouldn't have been able to satisfy the exploding guest demand for same-day services, represented by more than 600% growth in Drive Up.

一些始終如一的支柱已經並將繼續成為我們劇本的核心。我們在供應鏈、商店運營和技術能力方面的巨額投資已經推動了數字商務的指數級增長。它們使我們能夠將我們的商店用作陳列室和服務中心，同時也用作數字化履行的中心。如果沒有這些投資，我們根本無法滿足客人對當日服務的爆炸式需求，即 Drive Up 增長超過 600%。

Likewise, Shipt is an extraordinary capability that grew by more than 300% last year and will continue to grow as more guests recognize the power of having their purchases brought to their doorstep in as little as 1 hour. We have consistently invested in our merchandising strength, like our differentiated owned brand portfolio, our curated national brands, inspired limited time offering and strategic relationships that run the gamut from web only start-ups looking for omnichannel scale to premier partners like Disney, Apple, Levi's and Ulta Beauty.

同樣，Shipt 是一項非凡的能力，去年增長了 300% 以上，並且隨著越來越多的客人認識到將購買的商品在短短 1 小時內送到家門口的力量，這一能力還將繼續增長。我們始終如一地投資於我們的銷售實力，例如我們差異化的自有品牌組合、我們精心策劃的民族品牌、激發限時供應和戰略關係，從尋求全渠道規模的純網絡初創企業到迪士尼、蘋果等主要合作夥伴， Levi's 和 Ulta Beauty。

We're continuously improving our physical and digital shopping experience, investing billions in store remodels, specialized store roles and service training for our teams, while continuing to open up new small formats in urban centers, major college campuses and iconic tourist destinations. Most importantly, we're continuing to invest in our team. Even before 2020's outsized incremental expenditures on team health and safety, Target was an employer of choice, an academy company for those looking for rewarding and purposeful careers. In addition to accelerating our $15 starting wage in 2020, we celebrated our team's exceptional efforts with 5 separate recognition bonuses, most recently in January when we invested another $200 million to reward each of our frontline team members $500.

我們不斷改善實體店和數字購物體驗，投資數十億美元用於店鋪改造、專業店面角色和團隊服務培訓，同時繼續在城市中心、主要大學校園和標誌性旅遊目的地開闢新的小業態。最重要的是，我們將繼續投資於我們的團隊。甚至在 2020 年在團隊健康和安全方面的巨額增量支出之前，Target 就已成為首選雇主，是一家為那些尋求有回報和有目標的職業的人提供的學院公司。除了在 2020 年加快 15 美元的起薪外，我們還通過 5 次單獨的表彰獎金來慶祝我們團隊的非凡努力，最近一次是在 1 月，當時我們又投資了 2 億美元，獎勵我們一線團隊的每位成員 500 美元。

As we develop capabilities, like Target Circle, or acquire them, like Shipt, we do so with a clear vision for how they'll work together in service to our guests. Ultimately, the value they create in our core business has to contribute to our retail offering that's greater than the sum of the parts. But when we look at these elements individually, it's strikingly clear how much value we've added in a very short time. In 2016, our digital transformation was only beginning, we weren't even a top 10 e-commerce provider, and we were just getting our same-day services off the ground. Today, we have the most complete suite of same-day fulfillment services in the industry. We're one of the leading e-commerce players. And for Click and Collect same-day services, we continue to deliver industry-leading growth and dollar volume as well as Net Promoter Scores over 80% despite record demand.

當我們開發像 Target Circle 這樣的能力，或者像 Shipt 那樣獲得能力時，我們對他們將如何合作為我們的客人提供服務有著清晰的願景。歸根結底，他們在我們的核心業務中創造的價值必須為我們的零售產品做出貢獻，該產品大於零件的總和。但是，當我們單獨查看這些元素時，我們會非常清楚地在很短的時間內增加了多少價值。 2016 年，我們的數字化轉型才剛剛開始，我們甚至還不是前 10 名的電子商務提供商，我們的當日服務剛剛起步。今天，我們擁有業內最完整的當日履行服務套件。我們是領先的電子商務參與者之一。對於 Click and Collect 當天服務，儘管需求創紀錄，我們仍繼續提供行業領先的增長和美元交易量以及超過 80% 的淨推薦值。

In 2016, we had about 30 small format stores. Today, we have 140 and we'll add another 30 to 40 per year over the next several years. If these stores were a standalone chain, their revenue would rival that of fast-growing chains with many more locations. In 2016, we launched Pillowfort and Cat & Jack, touching off an owned brand reinvention that has since resulted in more than 30 new brands, with more on the way this year. By the time we gathered for this meeting last year, Cat & Jack and 5 other owned brands were generating $1 billion or more apiece in annual sales, and that tally has continued to grow.

2016年，我們有大約30家小店。今天，我們有 140 個，我們將在接下來的幾年中每年增加 30 到 40 個。如果這些商店是一個獨立的連鎖店，他們的收入將與擁有更多地點的快速增長的連鎖店相媲美。 2016 年，我們推出了 Pillowfort 和 Cat & Jack，開啟了自有品牌的重塑，此後產生了 30 多個新品牌，今年還會有更多。到我們去年參加這次會議時，Cat & Jack 和其他 5 個自有品牌的年銷售額已達到 10 億美元或更多，而且這一數字還在繼續增長。

We cleared 2020 with 10 of our owned brands each generating $1 billion or more and 4 of those across the $2 billion per year threshold. Any one of these brands alone would be a sizable retailer and, as you know, their contribution to profits is outsized. Of course, owned and exclusive brands are just one component of our merchandising strategy, which has always drawn on curated national brands across our assortment.

到 2020 年，我們有 10 個自有品牌，每個品牌創造了 10 億美元或更多的收入，其中 4 個品牌超過了每年 20 億美元的門檻。僅這些品牌中的任何一個都將是一家規模龐大的零售商，而且如您所知，它們對利潤的貢獻是巨大的。當然，自有品牌和獨家品牌只是我們營銷戰略的一個組成部分，我們一直在利用我們產品系列中精心策劃的民族品牌。

As we've expanded capabilities in recent years, we've also steadily built our roster of strategic partners. Levi's is an excellent example of how we can build upon a longstanding collaboration and help strategic partners catapult into new product categories. We started partnering with Levi's years ago on the DENIZEN denim brand and that partnership grew to include Levi's Red Tab apparel and a build-out presence in hundreds of stores and on Target.com. Just this last Sunday, we launched the Levi's for Target collection, a limited time offering of home goods. This is the first foray by Levi's into this category and it's a great example of combining their strengths with ours, including our incredible sourcing and product design and development capabilities to forge new potential for both of our brands.

隨著近年來我們不斷擴大能力，我們也穩步建立了戰略合作夥伴名單。 Levi's 是一個很好的例子，說明我們如何在長期合作的基礎上幫助戰略合作夥伴快速進入新的產品類別。幾年前，我們開始與 Levi's 合作開發 DENIZEN 牛仔品牌，這種合作關係發展到包括 Levi's Red Tab 服裝，並在數百家商店和 Target.com 上建立了業務。就在上週日，我們推出了 Levi's for Target 系列，限時提供家居用品。這是 Levi's 首次涉足這一類別，這是將他們的優勢與我們的優勢相結合的一個很好的例子，包括我們令人難以置信的採購和產品設計和開發能力，為我們兩個品牌打造新的潛力。

Meanwhile, our team is also gearing up to introduce Ulta Beauty at Target to our stores and Target.com, starting with the first 100 stores later this year. From this initial batch, we'll test, we'll learn and we'll expand hundreds of additional locations over time. This partnership combines Ulta Beauty's unparalleled assortment, category expertise and guest loyalty with our large high-growth traffic-driving beauty business and the ease and convenience of our fulfillment services. Together, we'll be able to offer guests access to established, emerging and prestige beauty brands as well as expert beauty consultation in an industry leading omnichannel retail experience.

同時，我們的團隊也在加緊準備，從今年晚些時候的前 100 家門店開始，將 Target 的 Ulta Beauty 引入我們的門店和 Target.com。從最初的批次開始，我們將進行測試，我們將學習，隨著時間的推移，我們將擴展數百個額外的位置。這種合作夥伴關係將 Ulta Beauty 無與倫比的品種、品類專業知識和客戶忠誠度與我們龐大的高增長流量驅動美容業務以及我們履行服務的簡便性相結合。攜手合作，我們將能夠在行業領先的全渠道零售體驗中為客人提供成熟、新興和知名美容品牌以及專家美容諮詢服務。

As a standalone or isolated innovation, each of these elements I mentioned, has something in common with the other. Each was advanced based on how it would complement our other assets and capabilities and we tested each one with an eye towards scale. In fact, the ability to integrate and scale is a key component of our decision making. And to emphasize the critical importance of scalability, I simply think back to what we could've done in 2016 but didn't. At that time, conventional wisdom held that the only way forward was for retailers to build capacity, to send more packages to homes. Instead, we went our own way, built a fulfillment model with our guests' local store at the center and took the initiative on same-day. We could just as easily have constructed additional fulfillment centers and driven the shift to digital sales with more ship-to-home capacity. But as you know, the economics were terrible and we wouldn't have been differentiated.

作為一個獨立的或孤立的創新，我提到的這些元素中的每一個都有一些共同點。每一個都是基於它如何補充我們的其他資產和能力而進行的，我們對每一個都進行了測試，著眼於規模。事實上，整合和擴展的能力是我們決策的關鍵組成部分。為了強調可擴展性的重要性，我只是回想一下我們在 2016 年本可以做但沒有做的事情。當時，傳統觀點認為，零售商的唯一出路是建立產能，將更多包裹送到家中。相反，我們走自己的路，以客人的當地商店為中心建立了履行模式，並在當天採取了主動行動。我們可以輕鬆地建造額外的履行中心，並以更多的送貨到家能力推動向數字銷售的轉變。但如你所知，經濟狀況很糟糕，我們不會有差異化。

In short, we didn't see the textbook solution as scalable or as likely to do what we've done, namely set the groundwork for years of guest satisfaction and brand loyalty, as represented by comments like this, "Thank you for providing curbside pickup. It actually was the determining factor in me buying from Target instead of one of those online retailers." Or this [see quote on slide 68], or this [see additional quote on slide 69] or this note from a guest who simply said, "Please always continue to do curbside pick up. It is such a help even outside of COVID. This is a wonderful service and I'll continue to choose Target for this very reason."

簡而言之，我們不認為教科書解決方案具有可擴展性，也不可能像我們所做的那樣，即為多年的客戶滿意度和品牌忠誠度奠定基礎，如以下評論所示，“感謝您提供路邊服務提貨。這實際上是我從 Target 而不是那些在線零售商之一購買的決定性因素。或者這個 [參見幻燈片 68 上的引述]，或者這個 [參見幻燈片 69 上的附加引述]，或者來自一位客人的說明，他簡單地說：“請始終繼續在路邊取貨。即使在 COVID 之外，這也是一種幫助。這是一項很棒的服務，我將繼續選擇 Target。”

So where do we go from here? And how do we keep climbing from this strong new baseline? In the near term, we'll continue to generate incredible value by executing on our strategy. Throughout the pandemic, we've built deep trust and loyalty with our guests who clearly prefer the ease and everyday inspiration of shopping at Target, along with our relentless commitment to the safety and cleanliness of our shopping environment. This is a decades long commitment that was only emphasized by the pandemic, and it will continue to be a differentiator in the months and years ahead.

那麼，我們該何去何從？我們如何從這個強大的新基線繼續攀升？在短期內，我們將繼續通過執行我們的戰略來創造令人難以置信的價值。在整個大流行期間，我們與客人建立了深厚的信任和忠誠度，他們顯然更喜歡在 Target 購物的輕鬆和日常靈感，以及我們對購物環境安全和清潔的不懈承諾。這是一項長達數十年的承諾，僅在大流行病中才得到強調，並且在未來數月和數年內將繼續成為差異化因素。

Our multi-category merchandise portfolio is a huge advantage, particularly as shoppers continue to consolidate trips. And we're absolutely committed to delivering value and everyday affordability, which is important in any environment, but particularly as the economic consequences of COVID continue to play out. At the same time, we'll continue to listen closely to our stakeholders and to build upon our strategy. So in the years ahead, you'll see continuous iteration and improvement in the pillars I've mentioned already. But we'll also focus on better localizing our experience, applying learnings from our small format expansion. And we'll continue to build scale and personalizing the experience, leveraging capabilities like Target Circle to better understand our guests and find new ways to engage and reward the 90 million members who have joined so far.

我們的多品類商品組合是一個巨大的優勢，尤其是在購物者繼續整合旅行的情況下。我們絕對致力於提供價值和日常負擔能力，這在任何環境中都很重要，尤其是在 COVID 的經濟後果繼續發揮作用的情況下。同時，我們將繼續密切聽取利益相關者的意見，並在我們的戰略基礎上再接再厲。所以在未來的幾年裡，你會看到我已經提到的支柱的不斷迭代和改進。但我們還將專注於更好地本地化我們的經驗，應用從我們的小格式擴展中學到的知識。我們將繼續擴大規模並提供個性化體驗，利用 Target Circle 等功能更好地了解我們的客人，並尋找新的方式來吸引和獎勵迄今為止加入的 9000 萬會員。

To ensure we're continuously delivering great value and emphasizing everyday affordability, we'll stay laser focused on being priced right daily, and on showcasing our value with clear messaging and relevant promotions. Importantly, we'll also double down on an approach to sustainability that builds on our rich legacy and company purpose. This includes decades of community relations, corporate responsibility and philanthropic leadership grounded in our 75-year track record of giving 5% of pre-tax profits in the support of vibrant and inclusive communities.

為確保我們不斷提供巨大的價值並強調日常可負擔性，我們將始終專注於每天正確定價，並通過清晰的信息和相關促銷來展示我們的價值。重要的是，我們還將在我們豐富的遺產和公司宗旨的基礎上加倍努力實現可持續發展。這包括數十年的社區關係、企業責任和慈善領導，這基於我們 75 年的業績記錄，即提供 5% 的稅前利潤來支持充滿活力和包容性的社區。

Our intent is to further use our size and scale to benefit people and the planet, building on the work we've done already to elevate our offering of sustainable brands, to create equity and opportunity in our communities and to help protect the environment. High stakeholder expectations for corporate responsibility only increased in the pandemic and the 2020 demonstrations for social justice. And as we've seen for years, sustainability builds resiliency in our operating model and fuels growth and innovation. So this is work that's important, not just to our guests, our team members, our investors and our communities but to ensuring our business model remains durable for years to come.

我們的目的是進一步利用我們的規模和規模造福人類和地球，在我們已經完成的工作的基礎上提升我們提供的可持續品牌，在我們的社區創造公平和機會，並幫助保護環境。僅在大流行和 2020 年社會正義示威活動中，利益相關者對企業責任的高期望值才有所增加。正如我們多年來所看到的，可持續性在我們的運營模式中建立了彈性，並推動了增長和創新。因此，這項工作很重要，不僅對我們的客人、我們的團隊成員、我們的投資者和我們的社區，而且對確保我們的商業模式在未來幾年保持持久性都很重要。

The best predictor of whether we can follow through on our aspiration is a track record of taking care of our team, serving our guests and communities and responsibly growing our business. And to give you a more detailed picture of how we'll continue to do that in the years ahead, I'll ask Christina, John and Michael to weigh in. Christina?

我們是否能夠實現我們的願望的最佳預測指標是照顧我們的團隊、服務我們的客人和社區以及負責任地發展我們的業務的記錄。為了讓您更詳細地了解我們將如何在未來幾年繼續這樣做，我會請克里斯蒂娜、約翰和邁克爾權衡一下。克里斯蒂娜？

Thanks, Brian. It's great to be joining all of you today, and I'm really excited to discuss how our teams have differentiated Target in the marketplace and some of the potential we see in front of us. Now I should mention upfront that I joined Target back in 2003. Since then, I've held a number of roles across merchandising. Over that time, I've seen a lot in our business, ups and downs, good years and rebuilding years, economic booms and a great recession. But I've never seen anything like last year. Of course, COVID-19 is an unprecedented event, challenging our team and our guests in ways we never could have imagined. But how we responded at Target, empowering our teams, moving quickly and leveraging the power of our multi-category assortment, that's Target at its best. In fact, that's Target better than I've ever seen us.

謝謝，布賴恩。很高興今天能加入你們所有人，我真的很高興討論我們的團隊如何在市場上區分 Target，以及我們在我們面前看到的一些潛力。現在我應該先提一下，我早在 2003 年就加入了 Target。從那時起，我在銷售部門擔任過多個角色。在那段時間裡，我在我們的業務中看到了很多，起起落落，好年景和重建年景，經濟繁榮和大蕭條。但我從來沒有見過像去年這樣的事情。當然，COVID-19 是一場史無前例的盛會，它以我們無法想像的方式挑戰我們的團隊和客人。但是我們如何在 Target 做出回應、授權我們的團隊、快速行動並利用我們多類別產品的力量，這就是 Target 的最佳狀態。事實上，Target 比我見過的要好。

So when I think about my new role in bringing together insight, strategy and innovation, plus planning, design, sourcing and buying functions, it's not about fixing anything, it's about improving on what worked so well last year. It's about keeping Target relevant by staying ahead of what our guests need and it's about positioning Target to drive growth in 2021 and for years to come. We were successful last year because we gave our guests a lot of reasons to be confident in shopping at Target. The work of our frontline teams to keep our stores safe and clean has made Target a destination, a happy place as our guests limit other trips out of their homes.

因此，當我想到我在整合洞察力、戰略和創新以及規劃、設計、採購和採購職能方面的新角色時，這不是要解決任何問題，而是要改進去年運作良好的東西。這是關於通過領先於我們的客人需求來保持 Target 的相關性，並且是關於定位 Target 以推動 2021 年和未來幾年的增長。去年我們取得了成功，因為我們給了客人很多理由讓他們對在 Target 購物充滿信心。我們的一線團隊為確保我們的商店安全和清潔所做的工作使 Target 成為了一個目的地，一個快樂的地方，因為我們的客人限制了其他外出旅行。

Our suite of same-day fulfillment options was a game changer, driving triple-digit growth in our digital sales. And regardless of whether our guests were strolling our aisles or scrolling on our app, we struck that balance between replenishment and discovery. Through the breadth of our assortment, along with a single view of inventory and teams leading across all channels, we were able to move with speed and agility, meeting guest needs despite the fastest changing environment we've ever faced.

我們的當日履行選項套件改變了遊戲規則，推動了我們數字銷售的三位數增長。無論我們的客人是在我們的過道上漫步還是在我們的應用程序上滾動，我們都在補貨和發現之間取得了平衡。通過我們種類繁多的產品，以及跨所有渠道領導的庫存和團隊的單一視圖，我們能夠快速靈活地移動，儘管我們面臨著最快速變化的環境，但仍能滿足客人的需求。

A lot of you probably saw this last spring in observing our business or in your own lives. In the space of just a few weeks at the outbreak of the pandemic, guests stocked up on food, beverages and essentials. Then they turned to us for help in converting kitchen tables into classroom space and spare bedrooms into home offices. And then they looked to Target for fitness gear, games and other entertainment as they settled in for the long haul. That kind of volatility continued throughout 2020. In fact, one of the only constants last year was that no matter what happened, our guests turned to Target for help to meet functional needs to get through the pandemic and for inspiration and joy, especially around those key seasonal moments that took on added importance for so many people last year.

你們中的很多人可能在去年春天觀察我們的業務或自己的生活時看到了這一點。在大流行爆發的短短幾週內，客人們就囤積了食物、飲料和必需品。然後他們向我們尋求幫助，將廚房桌子改造成教室空間，將備用臥室改造成家庭辦公室。然後他們在長期定居時向 Target 尋找健身裝備、遊戲和其他娛樂。這種波動在整個 2020 年都在持續。事實上，去年唯一不變的一個因素是，無論發生什麼，我們的客人都向 Target 尋求幫助，以滿足度過大流行的功能需求，並尋求靈感和快樂，尤其是在那些去年對這麼多人來說變得更加重要的關鍵季節性時刻。

So we never looked at our business from the perspective of a particular category. Instead, we shaped our business decisions around what was happening in the world. That's something that will continue to guide us. Because when we focus on what's happening in the lives of our guests, it's obvious what categories we need to flex to keep building on the trust they've placed in Target. Our multi-category assortment is a competitive advantage because it keeps Target relevant no matter what. But how we manage that assortment, the premium we place on curation, partnerships and product design and development, that's what differentiates Target.

因此，我們從未從特定類別的角度看待我們的業務。相反，我們圍繞世界上正在發生的事情制定我們的業務決策。這將繼續指導我們。因為當我們關注客人生活中正在發生的事情時，很明顯我們需要調整哪些類別來繼續建立他們對 Target 的信任。我們的多品類分類是一項競爭優勢，因為無論如何它都能保持 Target 的相關性。但是，我們如何管理該分類，我們對策展、合作夥伴關係以及產品設計和開發的重視，這就是 Target 的不同之處。

Brian touched briefly on our billion and multibillion-dollar owned brands. Our owned brand portfolio, which spans all categories, is vital to the success of our business. It represents about 1/3 of our total sales and even more of our gross margin, which helps to sustain key enterprise investments. And Target's owned brands continue to generate strong growth because of our approach to creating, designing and maintaining these brands. They're not just private labels, they're brands our guests trust, they're brands our guests love.

布賴恩簡要介紹了我們價值數十億美元的自有品牌。我們的自有品牌組合涵蓋所有類別，對我們業務的成功至關重要。它約占我們總銷售額的 1/3，甚至更多的毛利率，這有助於維持關鍵企業投資。由於我們創建、設計和維護這些品牌的方法，Target 的自有品牌繼續產生強勁增長。它們不僅僅是自有品牌，它們是我們客人信賴的品牌，也是我們客人喜愛的品牌。

A great example of this is in the athleisure space. Even before athleisure became work-from-home apparel, this was a hot category, and it was an area where we had room to raise our game. So early in 2020, we launched All in Motion. And last month, it became a $1 billion brand. That didn't happen by chance. We were able to respond to this trend quickly and build a beloved brand because we invested in co-creating this brand with our guests. Our team talked to 15,000 people, we consulted with 65 fitness pros and we had team members attend dozens of workout classes with our guests. That's the kind of work we put into owned brands across our assortment in every category. So whether it's sweating through a spin class or talking to parents and kids about how Cat & Jack can meet their needs or taste testing every recipe in our Good & Gather assortment before we launch, we go the extra mile, resulting in brands our guests don't just buy because we offer them at a good price, but instead, brands they love, brands that are the reason why they're shopping at Target in the first place.

運動休閒領域就是一個很好的例子。甚至在運動休閒成為在家工作的服裝之前，這就是一個熱門類別，這是我們有空間提升遊戲水平的領域。所以在 2020 年初，我們推出了 All in Motion。上個月，它成為了一個價值 10 億美元的品牌。那不是偶然發生的。我們能夠快速響應這一趨勢並建立一個深受喜愛的品牌，因為我們投資於與我們的客人共同創建這個品牌。我們的團隊與 15,000 人交談，我們諮詢了 65 位健身專家，我們讓團隊成員與我們的客人一起參加了數十個健身課程。這就是我們在每個類別的自有品牌中投入的工作。因此，無論是在旋轉課上揮汗如雨，還是與父母和孩子討論 Cat & Jack 如何滿足他們的需求，或在推出之前對 Good & Gather 分類中的每一個食譜進行品嚐測試，我們都會加倍努力，讓我們的客人使用品牌購買不僅僅是因為我們以優惠的價格提供給他們，而是他們喜歡的品牌，這些品牌是他們首先在 Target 購物的原因。

And that work continues. This year, we'll announce and launch several new owned brands in areas where we know Target can make a difference for our guests. This focus on making Target irresistible through our products and our experience also applies to how we work with our national brand partners. And it's an approach that has made Target a place where national brands thrive. You've heard about Levi's, including the limited time Home Collection that just set and the Ulta Beauty at Target shops we're adding to our stores and Target.com this year. Those are great examples of what Target represents for our partners. Levi's is an iconic brand that, for a long time, had thrived largely in department store environments. But as they began exploring new platforms, they turned to Target. And Ulta Beauty is an incredible leader in specialty beauty. Through our new partnership, we'll provide access to brands we know our guests love, but previously had to go elsewhere to get.

這項工作仍在繼續。今年，我們將在我們知道 Target 可以為我們的客人帶來改變的地區宣布並推出幾個新的自有品牌。這種專注於通過我們的產品和我們的經驗使 Target 不可抗拒也適用於我們如何與我們的國家品牌合作夥伴合作。正是這種方法使 Target 成為了民族品牌蓬勃發展的地方。您已經聽說過 Levi's，包括剛剛推出的限時 Home Collection，以及今年我們將在我們的商店和 Target.com 中添加的 Target 商店的 Ulta Beauty。這些都是 Target 為我們的合作夥伴所代表的很好的例子。 Levi's 是一個標誌性品牌，長期以來，它主要在百貨商店環境中蓬勃發展。但當他們開始探索新平台時，他們轉向了 Target。 Ulta Beauty 是專業美容領域令人難以置信的領導者。通過我們的新合作夥伴關係，我們將提供我們知道客人喜愛但以前不得不去其他地方才能獲得的品牌的訪問權限。

This kind of work is a big part of what makes Target special, and we're not stopping there. Just last week, in fact, we began rolling out a dedicated Apple experience, starting in 17 stores across the country and online. We're doubling the Apple footprint in these stores with new lighting fixtures and displays for Apple products, including an extended assortment of accessories. We have a new dedicated Apple landing page on our digital channels and we'll offer our guests more expertise with Apple trained team members in these stores and enhanced product videos on our app and website. This is really exciting because we're taking the work we've done with Apple over the last 15 years and making it even better.

這種工作是使 Target 與眾不同的重要組成部分，我們不會止步於此。事實上，就在上週，我們開始在全國 17 家商店和在線商店推出專門的 Apple 體驗。我們在這些商店中的 Apple 足跡增加了一倍，為 Apple 產品配備了新的照明設備和顯示器，包括更多種類的配件。我們在數字渠道上有一個新的專用 Apple 登錄頁面，我們將通過這些商店中受過 Apple 培訓的團隊成員為我們的客人提供更多專業知識，並在我們的應用程序和網站上增強產品視頻。這真的很令人興奮，因為我們正在利用過去 15 年來與 Apple 合作的成果，並使其變得更好。

Finally, I want to touch on a body of work that's incredibly important. The efforts underway to make Target more relevant and more welcoming for black guests. Over the last few years, we've listened carefully to our multicultural guests as a whole, and we recognized there was an opportunity to do more for black guests. So we've added more brands and products that we know they love. A great example is what we've done in the beauty space with 50 black-owned and black-founded brands now available in our industry-leading assortment. But we're committed to doing even more in key categories through our owned brands and partnerships, building on our progress to ensure that we're delivering on our purpose of helping all families discover the joy of everyday life.

最後，我想談談一個非常重要的工作。正在努力使 Target 對黑人客人更具相關性和更受歡迎。在過去的幾年裡，我們仔細聆聽了我們的多元文化客人作為一個整體，我們認識到有機會為黑人客人做更多的事情。因此，我們添加了更多我們知道他們喜歡的品牌和產品。一個很好的例子是我們在美容領域所做的工作，現在我們行業領先的產品系列中有 50 個黑人擁有和創立的品牌。但我們致力於通過我們的自有品牌和合作夥伴關係在關鍵類別中做更多的事情，在我們的進步基礎上，確保我們實現幫助所有家庭發現日常生活樂趣的目標。

The retail landscape is never static. So the retailers that will win are the ones that have a durable business model, something we've built at Target. But just as important, the retailers that will be best positioned for the future are the ones with the closest connection to their customers and the ability to flex to meet their changing needs. That was critical to Target's success last year. And that obsession with listening to our guests, understanding the things that are shaping their world and meeting their needs for convenience and ease, inspiration and discovery across all channels is what has Target poised for continued growth in the years ahead.

零售格局從來都不是一成不變的。因此，獲勝的零售商是那些擁有持久商業模式的零售商，這是我們在 Target 建立的。但同樣重要的是，最適合未來定位的零售商是那些與客戶關係最密切並且能夠靈活滿足他們不斷變化的需求的零售商。這對 Target 去年的成功至關重要。對傾聽客人的聲音、了解正在塑造他們的世界的事物以及滿足他們對所有渠道的便利和輕鬆、靈感和發現的需求的痴迷是 Target 在未來幾年保持持續增長的原因。

Thank you. And now I'll hand the meeting over to John.

謝謝你。現在我將把會議交給約翰。

Thanks, Christina, and good morning, everyone. While most people expect the operations guy to get right into the technical stuff, like capacity, throughput and automation, and don't worry, I will get there, I'm going to start with our people, the Target team. In a year when the flexibility and scalability of our operation was pressure tested, our team rose to the challenge, just like they always do. They were the connection between processes, technology and physical assets, that allow us to deliver safety, ease, reliability and even a bit of joy during a year of uncertainty for our guests. Of course, the team wasn't starting from scratch. As you heard already this morning, we've been investing in them for years and building capabilities that would set them up to better serve our guests in any time, let alone a global pandemic.

謝謝，克里斯蒂娜，大家早上好。雖然大多數人都希望運營人員能夠直接進入技術方面，比如容量、吞吐量和自動化，但別擔心，我會做到的，我將從我們的員工 Target 團隊開始。在我們運營的靈活性和可擴展性受到壓力測試的一年裡，我們的團隊像往常一樣迎接挑戰。它們是流程、技術和實物資產之間的聯繫，使我們能夠在一年的不確定性中為我們的客人提供安全、輕鬆、可靠甚至是一點快樂。當然，這支球隊並不是從零開始的。正如您今天早上已經聽到的那樣，我們多年來一直在對它們進行投資並建立能力，使它們能夠在任何時候更好地為我們的客人服務，更不用說全球大流行了。

Let me take you back for a minute to one of our favorite reference points. It was early 2016 and Target's strategy was coming into focus. After years of testing and listening to our guests, we knew that betting on our stores, an uncommon proposition at the time, would be at the heart of a durable and scalable model. And we needed an operation with the right capabilities to drive it. Getting there wouldn't be fast or easy. Quarter-after-quarter, we tested, iterated and learned how to modernize our supply chain, update our stores, use them as fulfillment hubs and train our team to bring every part to life. Then we had to learn how to do it at scale.

讓我帶你回到我們最喜歡的參考點之一。那是 2016 年初，Target 的戰略成為焦點。經過多年的測試和傾聽我們的客人的意見，我們知道，在我們的商店下注，在當時是一個不常見的提議，將成為耐用和可擴展模式的核心。我們需要一個具有正確能力的操作來驅動它。到達那裡不會很快或容易。一個季度又一個季度，我們測試、迭代並學習如何使我們的供應鏈現代化、更新我們的商店、將它們用作履行中心並培訓我們的團隊以使每個部分都栩栩如生。然後我們必須學習如何大規模地做到這一點。

In 2019, all these efforts started operating together, and we saw tangible proof through financial results, market share gains and guest satisfaction scores that our work was paying off. Fast forward to 2020, we were ready for the world to change. But only because of the years we'd spent laying the operational foundation. The story of how we navigated the twists and turns of 2020 starts with replenishment because the whole operation relies on getting the right product to the right place at the right time. This last quarter, 95% of all sales, online and in person were fulfilled by our stores, which is why it's critical they have enough of the inventory our guests want to buy. Without that piece, the operation simply stops. When the pandemic hit last spring, our guests' shopping behaviors changed nearly overnight. We saw heavy stock up trips, huge in-store surges and then a quick shift to online shopping. To meet the needs of the guests, our supply chain had to turn on a dime.

2019 年，所有這些努力開始協同運作，我們通過財務業績、市場份額增長和客戶滿意度得分看到了切實的證據，證明我們的工作正在取得成效。快進到 2020 年，我們已經為世界的變化做好了準備。但這僅僅是因為我們花了多年時間奠定運營基礎。我們如何度過 2020 年曲折的故事始於補貨，因為整個運營依賴於在正確的時間將正確的產品送到正確的地方。上個季度，95% 的在線銷售和線下銷售都是由我們的商店完成的，這就是為什麼他們有足夠的客戶想要購買的庫存至關重要。沒有那塊，操作就會停止。去年春天大流行爆發時，我們客人的購物行為幾乎在一夜之間發生了變化。我們看到大量的庫存旅行，大量的店內激增，然後迅速轉向在線購物。為了滿足客人的需求，我們的供應鏈不得不打開一毛錢。

We sent hundreds more deliveries than we planned every day to replenish stores fast and often. Flexibility we'd learned from opening dozens of small format stores. We prioritized the flow of essential inventory like paper towels and cleaning wipes, to quickly send stores more of what they needed, not just what was planned. As we sold every paper product we had last March, we expedited everything we could from our vendor partners and secured greater allocations of additional inventory as they ramped up to produce more.

我們每天發送的交貨量比我們計劃的要多，以快速、頻繁地補充商店。我們從開設數十家小型商店中學到了靈活性。我們優先考慮紙巾和清潔濕巾等基本庫存的流動，以便快速向商店發送更多他們需要的東西，而不僅僅是計劃的東西。當我們在去年 3 月售出所有紙製品時，我們加快了供應商合作夥伴提供的一切工作，並確保在他們增加生產量時分配更多的額外庫存。

In a normal year, we'd have spent months preparing for the traditional Q4 shopping spike. But in 2020, our peak season started in March. And after months of moving record volume, we had become increasingly efficient in how we managed high levels of demand. So when the holidays actually did arrive, we leaned into what was already working. We sent more inventory to stores than ever to prepare for an earlier holiday rush. We front-loaded those deliveries with the seasonal merchandise guests would expect so our stores would be stocked and ready, and we continued prioritizing essential products, like cleaning supplies and health care items, so we could keep meeting the pressing needs of our guests.

在正常的一年裡，我們會花幾個月的時間來為傳統的第四季度購物高峰做準備。但在 2020 年，我們的旺季從 3 月開始。經過數月的創紀錄銷量後，我們在管理高水平需求方面變得越來越高效。因此，當假期真的到來時，我們傾向於已經開始工作的東西。我們向商店發送的庫存比以往任何時候都多，為提前的假期高峰做準備。我們將客人期望的季節性商品預先裝載到這些貨物中，這樣我們的商店就會有庫存和準備就緒，我們繼續優先考慮基本產品，如清潔用品和保健用品，這樣我們就可以繼續滿足客人的緊迫需求。

The flexibility of our supply chain set up our stores to play an essential role in our communities. Because we could restock shelves quickly, guests could count on Target for what they needed, whether they came inside or shopped online. And when our digital business picked up last spring, our fulfillment operation went into high gear. Up to that point, our same-day fulfillment services had already been rolled out nationwide. Millions of guests were loving them because they're fast and easy. We always love them because they're incredibly efficient. Without the shipping expense, these orders look much more like a store sale than a traditional online transaction, costing on average 90% less than if we'd shipped it from a warehouse. And at the start of 2020, our same-day sales were growing at a healthy clip. Come spring, when consumers saw the need for more contactless ways to shop, those services exploded. And we had the infrastructure in place to grow alongside demand.

我們供應鏈的靈活性使我們的商店能夠在我們的社區中發揮重要作用。因為我們可以快速補充貨架，所以客人可以依靠 Target 來滿足他們的需求，無論他們是進來還是在網上購物。去年春天，當我們的數字業務回暖時，我們的履約業務進入高速運轉狀態。至此，我們的當日履行服務已經在全國推廣。數以百萬計的客人喜歡它們，因為它們既快速又簡單。我們總是喜歡它們，因為它們非常高效。如果沒有運費，這些訂單看起來更像是商店銷售，而不是傳統的在線交易，平均成本比我們從倉庫發貨時低 90%。在 2020 年初，我們的當日銷售額以健康的速度增長。春天來了，當消費者看到對更多非接觸式購物方式的需求時，這些服務爆發了。而且我們有適當的基礎設施來隨著需求的增長而增長。

Brian gave you the full year highlights on Drive Up, up more than 600%, and even Order Pick Up, which has been around for years, still grew more than 70%. Beyond our pickup options, the delivery capability we have in Shipt became even more important. It filled the need for guests who wanted an online order, especially for perishable items, but also for so many other essentials across Target, brought right to their front doors. It offered more personalization, reliability and speed than they could get from a packaged shipment. And as a result Shipt's target sales grew more than 300%. Of course, we continue to ship online orders from the back of our local stores, saving 40% of the cost of shipping from a warehouse, an economic advantage for us as digital sales now account for even more of our total revenue.

Brian 為您提供了 Drive Up 的全年亮點，增長了 600% 以上，甚至已經存在多年的 Order Pick Up 仍然增長了 70% 以上。除了我們的取貨選項之外，我們在 Shipt 的交付能力變得更加重要。它滿足了想要在線訂購的客人的需求，特別是對於易腐爛的物品，以及塔吉特的許多其他必需品，直接送到他們的前門。它提供了比包裝貨物更多的個性化、可靠性和速度。因此，Shipt 的目標銷售額增長了 300% 以上。當然，我們繼續從本地商店後面運送在線訂單，節省了 40% 的倉庫運送成本，這對我們來說是一個經濟優勢，因為數字銷售現在占我們總收入的更多。

With third-party carriers fielding historic levels of volume, we worked closely with our partners to plan for capacity constraints and send millions and millions of packages to guests' doorsteps. But the popularity of our same-day services gave guests another option to shop from home, yet receive their orders faster, reliably and on their own time. Guests had Shipt deliver when it matched their schedule instead of guessing when a shipment would arrive. They drove through our pickup lanes when they were already out and about. No appointment required. This gave guests a flexibility they couldn't find anywhere else. The extraordinary growth of those services has shown just how much guests value that convenience, speed and peace of mind and the comfort they find in having a contactless option.

隨著第三方承運人的貨運量達到歷史最高水平，我們與合作夥伴密切合作，規劃運力限制，並將數以百萬計的包裹送到客人家門口。但我們當日服務的普及為客人提供了另一種在家購物的選擇，同時又能更快、更可靠地按時收到訂單。客人讓 Shipt 在符合他們的日程安排時交付，而不是猜測貨物何時到達。當他們已經外出時，他們開車穿過我們的接送車道。無需預約。這為客人提供了他們在其他任何地方都找不到的靈活性。這些服務的驚人增長表明，客人非常重視這種便利、速度和安心，以及他們在非接觸式選擇中找到的舒適感。

In fact, we found that what we built to make Target the easiest place to shop had also set us up to be one of the safest. I've said countless times that a benefit of using our stores as hubs is our ability to ramp-up in peak times and ramp back down based on demand. This last year, the stores ramped up and stayed there. In early spring, our stores were fulfilling more in a single day than they had in an entire week the year before, day after day after day. At the same time, they were also continuing to support a safe and easy in-store experience, which also drove strong comps. As our digital business continued to pick up steam, our stores sustained that pace for months on end. Records were set and then broken again and again and again.

事實上，我們發現我們為使 Target 成為最容易購物的地方而構建的東西也使我們成為最安全的地方之一。我已經無數次說過，使用我們的商店作為樞紐的一個好處是我們能夠在高峰時間增加並根據需求減少。去年，商店增加並留在那裡。早春時節，我們的商店在一天內完成的訂單比一年前一整週的訂單量還要多，日復一日。同時，他們還繼續支持安全、輕鬆的店內體驗，這也推動了強大的競爭。隨著我們的數字業務持續增長，我們的商店連續數月保持這種速度。記錄被設置，然後一次又一次地被打破。

But the years we spent building a rock-solid fulfillment capability in our stores prepared us to handle waves of volume without sacrificing the guest experience. Stores knew how to staff for peaks, train other store team members to pitch in when things got busy and adjust storage space to hold more orders. Despite wild growth, our Net Promoter Scores that represent guest satisfaction stayed incredibly high. It's one thing for our teams to adjust to record volume, but it's even more impressive to do it while we enhance the services themselves. As digital demand surged, we simultaneously broadened the assortment to make even more of the store available for same-day fulfillment. We added apparel to Shipt's delivery offerings and tested adult beverage pickup in a handful of markets. Most notably, we added fresh and frozen grocery to Drive Up and Order Pick Up. Although this expansion was already in the plan, we accelerated the rollout to go nationwide this summer, offering even more guests essential groceries through our contactless services.

但多年來，我們在商店中建立了堅如磐石的履行能力，使我們能夠在不犧牲客戶體驗的情況下處理大量的訂單。商店知道如何為高峰期配備人員，培訓其他商店團隊成員在事情繁忙時投入，並調整存儲空間以容納更多訂單。儘管增長迅猛，但我們代表客人滿意度的淨推薦值仍然非常高。我們的團隊調整以適應創紀錄的數量是一回事，但在我們增強服務本身的同時做到這一點更令人印象深刻。隨著數字需求的激增，我們同時擴大了產品種類，以使更多的商店可用於當日履行。我們在 Shipt 的送貨服務中添加了服裝，並在少數幾個市場測試了成人飲料提取。最值得注意的是，我們在 Drive Up and Order Pick Up 中添加了新鮮和冷凍雜貨。雖然這次擴張已經在計劃中，但我們在今年夏天加快了在全國范圍內的推廣，通過我們的非接觸式服務為更多的客人提供必需的雜貨。

Importantly, we also adjusted the process to make our services even safer and more efficient. With Drive Up and Order Pick Up, guests now display a PIN on their phones from a distance or through a car window so teams can securely deliver the right order while staying farther apart. We gave additional store team members back up training in fulfillment. For example, when we temporarily closed our Starbucks cafés, we taught hundreds of baristas how to efficiently pick and pack an order. That allowed us to keep those team members on the schedule and build their skills, while also helping us manage high volumes during peak times. And we added thousands of Drive Up parking spots, so guests could get in and out even faster.

重要的是，我們還調整了流程，使我們的服務更加安全和高效。借助 Drive Up 和 Order Pick Up，客人現在可以從遠處或通過車窗在手機上顯示 PIN，以便團隊可以安全地交付正確的訂單，同時保持更遠的距離。我們為額外的商店團隊成員提供了履約培訓。例如，當我們暫時關閉星巴克咖啡館時，我們教了數百名咖啡師如何有效地挑选和打包訂單。這使我們能夠讓這些團隊成員按時完成任務並培養他們的技能，同時還幫助我們在高峰時段管理大量業務。我們還增加了數千個 Drive Up 停車位，因此客人可以更快地進出。

At the same time, Shipt more than doubled its shopper network to increase the number of delivery windows it could offer to keep up with soaring demand. It's worth taking a minute to emphasize that using our stores to support digital demand is only possible because of trust and collaboration across many teams at Target. It's not just a stores operation or a supply chain effort, it's the product of many teams strategizing around a common purpose to deliver for our guests. That one team mindset is what built the capabilities we have today and is what allowed us to adjust swiftly when the business accelerated unexpectedly.

與此同時，Shipt 將其購物者網絡擴大了一倍以上，以增加其可以提供的送貨窗口數量，以滿足飆升的需求。值得花一點時間強調，使用我們的商店來支持數字需求是可能的，因為 Target 的許多團隊之間存在信任和協作。這不僅僅是商店運營或供應鏈工作，它是許多團隊圍繞共同目標制定戰略為我們的客人提供服務的產物。正是這種團隊思維構建了我們今天所擁有的能力，並且使我們能夠在業務意外加速時迅速調整。

We built an operation to handle the healthy digital growth we expected through the middle of this decade. The only surprise was that we got there last year much sooner than planned. Although we designed for that kind of flexibility and scale in the long run, our team hadn't planned for it to come all at once, and that's what makes their outstanding execution with no advanced warning, all the more remarkable. Advancing the business several years in a matter of months proves that our model is scalable and also prove we have the capacity to grow.

我們建立了一個運營來處理我們預期到本世紀中期的健康數字增長。唯一的驚喜是我們去年比計劃的要早得多。儘管從長遠來看，我們為這種靈活性和規模而設計，但我們的團隊並沒有計劃一下子就做到這一點，這就是他們在沒有預先警告的情況下出色執行的原因，更加引人注目。在幾個月內推進業務幾年證明我們的模型是可擴展的，也證明我們有能力增長。

I'd remind you of what I've shared in several of our past earnings calls. A reliable way to assess our stores throughput capacity is to look at the sales we do per square foot. And you can see that productivity has grown a lot over the last couple of years for our average stores, but also for our top quartile. The fact that we continue to see more throughput in our highest-performing stores shows the capacity we have across the rest of the chain for even more growth in the future.

我會提醒你我在過去幾次財報電話會議中分享的內容。評估我們商店吞吐能力的可靠方法是查看我們每平方英尺的銷售額。你可以看到在過去的幾年裡，我們的普通商店的生產力有了很大的提高，我們的前四分之一也是如此。我們繼續在表現最好的商店看到更多的吞吐量這一事實表明，我們在整個鏈條的其餘部分擁有未來更多增長的能力。

With all the expectations we have for our stores, the physical buildings themselves play a huge role in our strategy. We're as committed as ever to our years long initiative to remodel stores with an inspirational specialty store feel that makes shopping easy and convenient. At the beginning of last year, we'd started about 130 full store remodels. In mid-March, to reduce distractions in our stores, we decided to complete the projects we'd started. Then we pivoted to more targeted improvements that emphasize safety, like installing plexiglass dividers and reformatting our sales floor for greater distancing.

鑑於我們對商店的所有期望，實體建築本身在我們的戰略中發揮著巨大的作用。我們一如既往地致力於我們多年來的計劃，以鼓舞人心的專賣店感覺改造商店，讓購物變得輕鬆方便。去年年初，我們開始了大約 130 家門店的全面改造。 3 月中旬，為了減少我們商店的干擾，我們決定完成我們已經開始的項目。然後，我們轉向更有針對性的強調安全性的改進，例如安裝有機玻璃隔板和重新格式化我們的銷售樓層以擴大距離。

The timing for our small-format stores also shifted. After pausing construction in the spring, our teams accelerated the work through the summer and fall to finalize more than 2 dozen stores for new local guests. Despite stopping the work for part of the year, we still opened 29 small format stores, the most completed in 1 year-to-date. From the Las Vegas Strip to UC San Diego, our first store right on campus property, we tapped into new communities. And we continued expanding across markets like New York and L.A. With each one, Target brought a safe and essential shopping experience to even more guests, while positioning us to serve those neighborhoods for years to come.

我們的小型商店的時機也發生了變化。在春季暫停建設後，我們的團隊加快了整個夏季和秋季的工作，為當地新客人敲定了2打以上的門店。儘管停工了部分時間，但我們仍開設了 29 家小型店，是 1 年來完成的最多的。從拉斯維加斯大道到加州大學聖地亞哥分校，我們在校園內的第一家商店，我們進入了新的社區。我們繼續在紐約和洛杉磯等市場擴張。Target 為更多的客人帶來了安全和基本的購物體驗，同時讓我們在未來幾年為這些社區提供服務。

Our construction and store design teams also adjusted following the demonstrations for racial justice this summer. One of our Minneapolis stores required an entire rebuild. Without it, the local community had nowhere nearby to get essentials like baby formula and fresh food. So we partnered with local nonprofits to distribute needed supplies while putting plans in motion to reopen fast. We leaned on the expertise we developed remodeling stores and opening small formats to meet the community's needs. We listened to nearby residents, worked with local contractors, personalized the in-store experience and reopened months later as a convenient shopping destination, but also as a better partner to the neighborhood. Take a look.

在今年夏天的種族正義示威活動之後，我們的建築和商店設計團隊也進行了調整。我們在明尼阿波利斯的一家商店需要進行全面改造。沒有它，當地社區就沒有地方可以買到嬰兒配方奶粉和新鮮食品等必需品。因此，我們與當地的非營利組織合作分發所需的物資，同時制定快速重新開放的計劃。我們依靠我們開發的改造商店和開設小格式的專業知識來滿足社區的需求。我們聽取了附近居民的意見，與當地承包商合作，個性化了店內體驗，並在幾個月後重新開業，作為一個方便的購物目的地，同時也作為鄰里更好的合作夥伴。看一看。

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From that video alone, it's clear that our team is dedicated, tireless and incredibly compassionate when it comes to serving our communities. You saw it in the opening video and you've heard it throughout this morning. Our team is the heartbeat of Target. And even when faced with challenges, they bring their A game.

僅從那段視頻就可以清楚地看出，我們的團隊在為我們的社區服務方面是敬業的、不知疲倦的，而且非常富有同情心。您在開場視頻中看到了它，並且整個早上都聽到了它。我們的團隊是 Target 的心跳。即使面臨挑戰，他們也會帶來他們的 A 遊戲。

Several years ago, we implemented a new operating model in our stores to lift up that drive. It was a shift towards specialized roles to give our teams expertise, empowerment and a sense of ownership in how they serve our guests. With that model in place, our team could quickly adapt to the ups and downs in 2020, execute well and play an essential role in our communities. Now like anything in life, balance is good, and we found opportunities to train our specialists in other areas like teaching a hardlines expert how to fulfill an online order. So they gain skills beyond their specialized position. Those investments in their development also add flexibility to our operation.

幾年前，我們在門店實施了一種新的運營模式來提升這種動力。這是向專業角色的轉變，為我們的團隊提供專業知識、授權和主人翁意識，讓他們為客人提供服務。有了這種模式，我們的團隊可以迅速適應 2020 年的風風雨雨，執行良好並在我們的社區中發揮重要作用。現在就像生活中的任何事情一樣，平衡是好的，我們找到了在其他領域培訓我們的專家的機會，比如教強硬派專家如何完成在線訂單。因此，他們獲得了超出其專業職位的技能。這些對其開發的投資也為我們的運營增加了靈活性。

We've always known that supporting our team would have great returns and it has. In addition to the bonuses, time off options, wellbeing benefits and expanded nationwide starting wage that Brian mentioned, we also gave our team even more hours. With a greater investment in our trained and expert workforce, we saw turnover drop and guest satisfaction rise. It's a strong testament to what can be done when we empower our teams to use their skills and passions to serve our guests. The bottom line is that as our business grew exponentially, our operation flexed alongside it. And as we delivered for our guests, we built on the trust they put in us to meet their needs and make it easy.

我們一直都知道，支持我們的團隊會帶來豐厚的回報，而且確實如此。除了布萊恩提到的獎金、休假選項、福利和擴大的全國起薪之外，我們還為我們的團隊提供了更多的工作時間。隨著對我們訓練有素和專業的員工隊伍的更大投資，我們看到營業額下降，客人滿意度提高。這有力地證明了當我們授權我們的團隊利用他們的技能和熱情為我們的客人服務時可以做些什麼。最重要的是，隨著我們的業務呈指數級增長，我們的運營也隨之發生變化。當我們為客人提供服務時，我們建立在他們對我們的信任之上，以滿足他們的需求並使其變得容易。

Going forward, we're taking the capabilities that drove Target in 2020 and accelerating them to continue making Target, the safest and easiest place to shop. As we do, we'll invest in more capacity and greater efficiencies. So we're positioned to continue growing for the long term.

展望未來，我們將利用在 2020 年推動 Target 發展的能力並加速它們，以繼續使 Target 成為最安全、最容易購物的地方。正如我們所做的那樣，我們將投資於更多的容量和更高的效率。因此，我們有能力繼續長期增長。

In our supply chain, that starts with expanding our network so we continue to have replenishment capacity that can support our future growth. In recent years, we accommodated steady sales growth through our existing supply chain network by increasing the productivity of our buildings. In fact, the average sales per foot supported by our distribution centers rose nearly 30% between 2016 and 2020, thanks to a series of process and technology improvements. During those years, we didn't open any new DCs to support replenishment. But after our business grew nearly 20% last year, with 95% of sales driven by our stores, it's time to expand our supply chain so we can support a much higher base of sales and continue growing.

在我們的供應鏈中，首先要擴大我們的網絡，這樣我們才能繼續擁有能夠支持我們未來增長的補貨能力。近年來，我們通過提高建築物的生產力，通過現有的供應鍊網絡實現了穩定的銷售增長。事實上，得益於一系列流程和技術改進，我們配送中心支持的每英尺平均銷售額在 2016 年至 2020 年期間增長了近 30%。在那些年裡，我們沒有開設任何新的配送中心來支持補貨。但在去年我們的業務增長了近 20%，其中 95% 的銷售額來自我們的門店之後，是時候擴展我們的供應鏈，以便我們能夠支持更高的銷售基礎並繼續增長。

This year, we'll open 2 distribution centers to support replenishment, 1 close to the New Jersey/Delaware state line and another in the Little Village neighborhood of Chicago. And we currently have plans for one on each coast in 2022. We're also continuing to simplify the unload process once product reaches the stores. In a nutshell, it all comes down to how we sort and organize millions of items before they arrive at the stores' loading dock.

今年，我們將開設 2 個配送中心以支持補貨，其中 1 個靠近新澤西/特拉華州線，另一個位於芝加哥小村附近。我們目前計劃在 2022 年在每個海岸推出一個。一旦產品到達商店，我們還將繼續簡化卸載流程。簡而言之，這一切都取決於我們如何在數百萬件物品到達商店的裝卸台之前對其進行分類和組織。

We've shown you the robotics capabilities we're building to help us sort inventory to the precise amount a store needs and organize it by store aisle. When we do, replenishment in stores is fast. Team members grab a tote, walk to the aisle and stock the shelf. No sorting in the back room or finding places to stash cases of excess product. We have 2 solutions that help us do that. We showed you both of these independently last year: 1 called auto-rebin sorts individual items. This is most useful for slower moving inventory, when stores only need a handful of items to put back on the shelf. Auto-rebin started in one of our local Minnesota warehouses, rolled out to 2 more and we'll expand to another 2 this year.

我們向您展示了我們正在構建的機器人技術功能，以幫助我們根據商店需要的精確數量對庫存進行分類，並按商店過道進行整理。當我們這樣做時，商店的補貨很快。團隊成員抓起一個手提包，走到過道並儲存貨架。沒有在後面的房間進行分類或尋找存放多餘產品的地方。我們有 2 個解決方案可以幫助我們做到這一點。去年我們分別向您展示了這兩個： 1 稱為 auto-rebin 對單個項目進行排序。這對於移動速度較慢的庫存最有用，因為商店只需要將少量物品放回貨架上。 Auto-rebin 始於我們在明尼蘇達州當地的一個倉庫，又推出了 2 個，今年我們將擴大到另外 2 個。

The second is the robotic ship sorter we've been building at our Perth Amboy facility. This sorts everything, from boxes of individual items to entire cases of product. After the sort, robots sequence inventory so our team can load pallets in an order that saves stores even more time. Individually, these capabilities are hugely valuable, but they're designed to work together. This spring, we'll put both solutions in 1 warehouse to test how they bring more precision and speed to store replenishment. In Q4, we'll run them together at a small scale, doing what we always do to learn and iterate before we go bigger. Opening new warehouses and expanding our robotics capabilities are both about moving product more easily to stores.

第二個是我們在珀斯安博伊工廠建造的機器人船舶分揀機。這對所有物品進行分類，從單個物品的盒子到整個產品箱。分揀後，機器人對庫存進行排序，這樣我們的團隊就可以按順序裝載托盤，從而為商店節省更多時間。單獨來看，這些功能非常有價值，但它們旨在協同工作。今年春天，我們將把這兩種解決方案放在一個倉庫中，以測試它們如何為商店補貨帶來更高的精度和速度。在第四季度，我們將在小規模上將它們一起運行，做我們一直在做的事情，在我們做大之前學習和迭代。開設新倉庫和擴展我們的機器人技術能力都是為了更輕鬆地將產品運送到商店。

But just as important is being ready to send what stores need before they even know it. This year, we'll continue expanding the rollout of our predictive inventory positioning capability across our assortment. This helps us more precisely order and position product close to where we anticipate guests will want it so we can react quickly when there's demand. In turn, it improves out of stocks and lowers backroom inventory levels. In 2020, when sales spiked, this capability allowed us to order and restock products 25% faster than using our old systems. This year, we'll use it to order and position even more items in our assortment, so we can replenish the majority of the store faster for our guests.

但同樣重要的是，在他們知道之前準備好發送商店需要的東西。今年，我們將繼續在我們的產品系列中推廣我們的預測性庫存定位能力。這有助於我們更準確地訂購和定位產品，靠近我們預計客人需要的位置，以便我們可以在有需求時迅速做出反應。反過來，它改善了庫存並降低了後台庫存水平。 2020 年，當銷售額飆升時，與使用舊系統相比，此功能使我們能夠以 25% 的速度訂購和補充產品。今年，我們將使用它來訂購和定位更多商品，以便我們可以更快地為我們的客人補充商店的大部分商品。

We've talked about how store replenishment feeds store fulfillment. This past year, our team was able to keep filling online orders because our supply chain was replenishing that inventory with speed and precision. While we continue refining our replenishment operation, we'll also build on our fulfillment capabilities to enhance the guest experience and make way for future growth. Today, the majority of our store assortment is available through our same-day services, but we're continually working to give guests even more choices. In coming months, we'll expand our pickup options further into categories like apparel and fresh food and roll adult beverage pickup to 800 more stores.

我們已經討論了商店補貨如何為商店履行提供服務。在過去的一年裡，我們的團隊能夠繼續填寫在線訂單，因為我們的供應鏈正在快速準確地補充庫存。在我們繼續完善補貨業務的同時，我們還將利用我們的履行能力來增強客戶體驗並為未來的增長讓路。今天，我們的大部分商店品種都可以通過我們的當日服務獲得，但我們一直在努力為客人提供更多選擇。在接下來的幾個月中，我們將把取貨選項進一步擴展到服裝和新鮮食品等類別，並將成人飲料取貨服務擴展到 800 多家商店。

We're also continuing to improve the Target Run so it's even easier for our guests and faster for our team. For example, Drive Up guests will be able to share more preferences in the app, like telling the team where to place the order in their vehicle or assigning an alternate pickup person so it's easier for a spouse or family member to pick it up. We're numbering our Drive Up spaces so our teams can find guests sooner for those times when a guest pulls up in a black SUV next to 8 other black SUVs. And we're updating the team member app, so they can more easily see what orders are in progress and where they can help.

我們還在繼續改進 Target Run，讓我們的客人更輕鬆，讓我們的團隊更快。例如，Drive Up 的客人將能夠在應用程序中分享更多偏好，例如告訴團隊在他們的車輛中的何處下訂單或指定替代的取貨人，以便配偶或家人更容易取貨。我們正在為我們的 Drive Up 空間編號，以便我們的團隊可以在客人停在黑色 SUV 旁邊的其他 8 輛黑色 SUV 的時候更快地找到客人。我們正在更新團隊成員應用程序，因此他們可以更輕鬆地查看正在進行的訂單以及他們可以提供幫助的地方。

Our same-day services have grown faster than any other fulfillment method. But when we do ship online orders, we'll continue sending the majority of those packages out the back of our stores. Since 2016, we scaled our ship-from-store capability from a low tech test in a few hundred stores to a sophisticated fulfillment operation in most Target backrooms. Now before anyone gets too worked up, I don't mean we have robots hiding in the back. Instead, we've got efficient tools, technology and process design working together, continually increasing the number of orders a store can fulfill.

我們的當日服務增長速度比任何其他履行方式都快。但是，當我們確實運送在線訂單時，我們將繼續將大部分包裹從我們的商店後面發送出去。自 2016 年以來，我們將我們的門店發貨能力從數百家門店的低技術測試擴展到大多數 Target 後台的複雜履行操作。現在，在任何人過於激動之前，我並不是說我們有機器人躲在後面。相反，我們有高效的工具、技術和流程設計協同工作，不斷增加商店可以完成的訂單數量。

Next, we'll take it a step further, developing last mile capabilities that help us continue scaling this operation so we can ship more orders from stores on even lower cost. To do it, we're testing a new type of facility here in Minneapolis called a sortation center. The idea is to make our stores as hub model even more efficient, while also reducing our load on external carriers. Take a look.

接下來，我們將更進一步，開發最後一英里的功能，幫助我們繼續擴展這項業務，以便我們能夠以更低的成本從商店運送更多訂單。為此，我們正在明尼阿波利斯測試一種稱為分揀中心的新型設施。我們的想法是讓我們的商店作為樞紐模式更加高效，同時也減少我們對外部運營商的負擔。看一看。

(presentation)

（介紹）

This capability frees up time and space in our stores, which we can redirect into fulfilling more orders. In the end, it allows us to get orders to guests faster and at a lower cost. While we're still ramping up production at this first test facility, we're very confident in this concept and plan to open 5 additional sites in other urban markets later this year.

此功能為我們的商店騰出時間和空間，我們可以將其重定向到履行更多訂單。最後，它使我們能夠以更低的成本更快地向客人下訂單。雖然我們仍在增加第一個測試設施的生產，但我們對這個概念非常有信心，併計劃在今年晚些時候在其他城市市場開設 5 個額外的站點。

In 2021, we'll also open more stores, accelerating our growth with 30 to 40 new locations a year, a pace we'll keep up for the foreseeable future. With our small format strategy, we'll expand in urban markets like Portland, L.A. and New York City, where there are still opportunities to serve new guests. And we'll continue our focus on college stores with the University of Georgia and the University of Michigan planned for later this year. We remain extremely bullish on our college sites. Even as the pandemic sent students to online classrooms and sales softened at many of those stores, we see them as a long-term play to serve the college guests, many of whom are on the brink of adulthood and building lifelong shopping habits.

2021 年，我們還將開設更多門店，以每年 30 到 40 家新店的速度加速增長，在可預見的未來，我們將保持這一步伐。憑藉我們的小規模戰略，我們將在波特蘭、洛杉磯和紐約市等城市市場擴張，這些市場仍有機會為新客人提供服務。我們將繼續關注大學商店，喬治亞大學和密歇根大學計劃在今年晚些時候推出。我們仍然非常看好我們的大學網站。即使大流行將學生送到在線教室，並且許多商店的銷售疲軟，我們仍將其視為為大學客人服務的長期遊戲，其中許多人正處於成年邊緣並建立了終生的購物習慣。

We'll also open a number of midsized stores to serve dense suburban neighborhoods from Denver to Brooklyn. As hundreds of retail vacancies have left holes in communities across the country, we've committed to sites where we can fill a need for the local guests. And as retail real estate prices have declined this year, we found these opportunities to serve new communities to be even more affordable. Along with opening new stores, we'll get back to remodeling our existing fleet. After stopping our full store remodels last spring, we'll pick back up later this year and complete about 150 stores in time for holiday, and we'll plan to ramp up to more than 200 stores a year in 2022 and beyond.

我們還將開設一些中型商店，服務於從丹佛到布魯克林的密集郊區社區。由於數百個零售空缺在全國各地的社區中留下了空缺，我們已致力於在可以滿足當地客人需求的地點。隨著今年零售房地產價格的下降，我們發現這些為新社區服務的機會更加實惠。除了開設新店外，我們還將重新改造我們現有的車隊。在去年春天停止全面的門店改造後，我們將在今年晚些時候恢復，並在假期前完成約 150 家門店，併計劃在 2022 年及以後將門店數量增加到 200 多家。

Safety and ease have become the heart of Target's shopping experience, and we'll incorporate what we learned during 2020 into our future store design. That includes implementing more contactless features, from our restrooms to our checkouts and adding distance between merchandise and at the check lanes. And as you heard from Christina, we'll also bring brand partnerships to life in our stores throughout 2021. A great example is the work we'll do to add Ulta Beauty to our sales floor, creating a specialty environment that's seamlessly integrated into the Target experience. Similarly, we'll use store design elements to highlight additional brands like Disney and Apple for our guests.

安全和輕鬆已成為 Target 購物體驗的核心，我們將在 2020 年將我們學到的東西融入我們未來的商店設計中。這包括實施更多的非接觸式功能，從我們的洗手間到我們的收銀台，以及增加商品之間和檢查通道之間的距離。正如您從克里斯蒂娜那裡聽到的那樣，我們還將在 2021 年將品牌合作夥伴關係帶入我們的商店。一個很好的例子是我們將把 Ulta Beauty 添加到我們的銷售區，創造一個無縫集成到目標經驗。同樣，我們將使用商店設計元素為我們的客人突出迪士尼和蘋果等其他品牌。

We're investing in a lot of really exciting developments to fuel Target's growth. But what do they all have in common? They're giving our team the tools or the backdrop to take better care of our guests and each other. That shows up most in our stores where the vast majority of our 350,000 team members bring our brand to life for guests across the country. A huge priority for our stores this year is adjusting our staffing strategies to create more predictability for our team. That's a challenge in any retail job, where ours are based on dynamic factors like consumer shopping patterns and changing team needs. But we know having an engaged team with more consistent hours leads to higher productivity, greater efficiency and lower turnover. It creates a place where people join to learn a job and stay to build a career and better serve our guests in the long run. So we'll train team members to take on other roles across the store and offer the option for longer shifts.

我們正在投資許多真正令人興奮的開發項目，以推動 Target 的增長。但它們有什麼共同點？他們為我們的團隊提供了工具或背景，以更好地照顧我們的客人和彼此。這在我們的商店中最為常見，我們 350,000 名團隊成員中的絕大多數都將我們的品牌帶到了全國各地的客人面前。今年我們商店的一個重中之重是調整我們的人員配置策略，為我們的團隊創造更多的可預測性。這在任何零售工作中都是一個挑戰，我們的工作基於消費者購物模式和不斷變化的團隊需求等動態因素。但我們知道，擁有一個工作時間更穩定的敬業團隊會帶來更高的生產力、更高的效率和更低的人員流動率。它創造了一個人們加入學習工作並留下來建立事業並更好地為我們的客人提供長期服務的地方。因此，我們將培訓團隊成員在整個商店中擔任其他角色，並提供更長輪班的選項。

We'll also build on our stores' operating model by introducing a new standard of service to our teams. It's not a checklist, but a set of principles that define great service, like welcoming a guest and paying attention to what they need, which might be as simple as finding an item or as big as building an outfit. It's meant to give our team flexibility and empower them to do what's right for the guests in the moment. Without our team, everything else you heard today comes to a standstill. The Target team continues to be the most important part of our operation, and I want to say an enormous thank you to all our team members for all they do to serve our guests and our communities.

我們還將通過向我們的團隊引入新的服務標準來建立我們商店的運營模式。這不是一份清單，而是一套定義優質服務的原則，比如歡迎客人並關注他們的需求，這可能像尋找物品一樣簡單，也可能像製作服裝一樣大。這旨在為我們的團隊提供靈活性，讓他們能夠在當下為客人做正確的事情。沒有我們的團隊，您今天聽到的其他一切都會停滯不前。 Target 團隊仍然是我們運營中最重要的部分，我要非常感謝我們所有的團隊成員，感謝他們為服務我們的客人和社區所做的一切。

You've seen us make a lot of operational investments over the last few years, in our team, in our stores and in our capacity for long-term growth. In the most recent quarter, those returns were clear. We've created an operation unlike anyone else with our physical assets working together, centered on our stores and fueled by our team to serve our guests and grow for the long term. The capabilities we built not only allowed us to navigate the most volatile time in retail history but show that they can flex and grow to serve the ever-changing needs of the consumer. The work isn't done. We're constantly refining an operation that is efficient, fast and supportive of Target's durable and scalable business model. From an engineer by training and a finance guy at heart, I can attest that you can't get too efficient or relevant enough. There's no finish line for continuous improvement and innovation. We'll keep making bets on the capabilities that give us the flexibility to serve guests well into the future.

您已經看到我們在過去幾年中對我們的團隊、我們的商店以及我們的長期增長能力進行了大量的運營投資。在最近一個季度，這些回報是顯而易見的。我們創建了一個不同於其他任何人的運營，我們的有形資產協同工作，以我們的商店為中心，並由我們的團隊推動，為我們的客人提供服務並實現長期發展。我們建立的能力不僅使我們能夠度過零售歷史上最動蕩的時期，而且表明它們可以靈活發展以滿足消費者不斷變化的需求。工作沒有完成。我們不斷完善高效、快速並支持 Target 持久且可擴展的業務模式的運營。從一個受過培訓的工程師和一個內心深處的財務專家，我可以證明你不能變得太高效或足夠相關。持續改進和創新沒有終點線。我們將繼續押注讓我們能夠靈活地在未來為客人提供服務的能力。

We have a lot of strength heading into 2021 and a lot of work still in front of us. But with a sound operational foundation and the talent and resilience of the Target team driving us ahead, I look forward to sharing our progress in the quarters and years to come.

進入 2021 年，我們有很大的力量，還有很多工作擺在我們面前。但憑藉良好的運營基礎以及 Target 團隊的才能和韌性推動我們前進，我期待在未來幾個季度和幾年內分享我們的進展。

With that, Michael, I'll hand it over to you.

有了這個，邁克爾，我會把它交給你。

(presentation)

（介紹）

All I can say is wow. Those news clips paint a vivid picture of the roller coaster our team and our business experienced throughout 2020. All in all, it was a standout year in which everything we've spent years developing and building came together to serve our guests like never before.

我只能說哇。這些新聞片段生動地描繪了我們的團隊和我們的業務在 2020 年經歷的過山車。總而言之，這是一個傑出的一年，我們多年來開發和建設的一切都匯集在一起，以前所未有的方式為我們的客人提供服務。

So today, after a year of record growth, I want to start my remarks by expanding on a point Brian mentioned earlier because investors often want to know, how much of Target's growth is being driven by specific strategies or specific assets. For example, they want to know if we can isolate how much of our growth is coming from Drive Up, from digital in total, our owned brand work, remodel program and any other way we can slice and dice the data. And I understand the impulse. Our internal team often wants to do the same thing. And of course, as a self described data geek, I'm inclined to think the same way.

所以今天，在經歷了一年創紀錄的增長之後，我想通過擴展佈賴恩之前提到的一點來開始我的發言，因為投資者經常想知道，Target 的增長有多少是由特定戰略或特定資產驅動的。例如，他們想知道我們是否可以將我們的增長中有多少來自 Drive Up、數字化、我們自有的品牌工作、改造計劃以及我們可以對數據進行切片和切塊的任何其他方式。我理解這種衝動。我們的內部團隊經常想做同樣的事情。當然，作為一個自我描述的數據極客，我傾向於以同樣的方式思考。

But then I see data like we first shared with you last year. Guests who try Drive Up for the first time spend about 30% more on average compared with before, including an increase in conventional store shopping. And we see a similar change in behavior among guests who try Shipt for the first time. These findings demonstrate that the benefits of Drive Up and Shipt go far beyond the value of an individual trip. They're both capabilities that drive guest affinity, creating value that extends well beyond the services themselves.

但後來我看到了我們去年首次與您分享的數據。第一次嘗試 Drive Up 的客人平均比以前多花費約 30%，其中包括傳統商店購物的增加。我們在第一次嘗試 Shipt 的客人中看到了類似的行為變化。這些發現表明 Drive Up 和 Shipt 的好處遠遠超出了個人旅行的價值。它們都是推動客人親和力的能力，創造遠遠超出服務本身的價值。

That same thinking applies to our merchandise categories. If you focus only on the amount of sales or growth by category, you can miss how they all work together to drive guest affinity. I see how this plays out with my own family. Over the next few months, the cold weather in Minnesota will finally end, and my kids will need warm weather clothes. On the next Saturday morning Target run, we'll shop for those clothes, and we'll also pick up some food, a few office supplies, laundry detergent and maybe a prescription from CVS. We might wander over and purchase some spring decor. And we'll probably need some more earbuds since the kids seem to be inventing new ways to lose or destroy them. And on our way out, we'll probably stop at the Starbucks near the entrance so my wife and I can enjoy a coffee on the way home.

同樣的想法也適用於我們的商品類別。如果您只關注按類別劃分的銷售額或增長量，您可能會錯過它們如何協同工作以提高客人的親和力。我看到這對我自己的家人來說是如何發生的。在接下來的幾個月裡，明尼蘇達州的寒冷天氣終於結束了，我的孩子們需要保暖的衣服。在下週六早上的 Target run，我們將購買這些衣服，我們還將購買一些食物、一些辦公用品、洗衣粉，也許還有 CVS 的處方。我們可能會閒逛併購買一些春季裝飾品。而且我們可能需要更多的耳塞，因為孩子們似乎正在發明新的方法來丟失或摧毀它們。在我們出去的路上，我們可能會在入口附近的星巴克停下來，這樣我和我的妻子就可以在回家的路上享用一杯咖啡。

So now if you're going to analyze that basket, is there a way to know which category drove the trip? And beyond the basket itself, shouldn't we broaden the analysis even further since that trip depended on a conveniently located store that's clean, safe and fun to shop, featuring low everyday prices and a friendly and engaged team?

所以現在如果你要分析那個購物籃，有沒有辦法知道哪個類別推動了這次旅行？除了購物籃本身，我們是否應該進一步擴大分析範圍，因為那次旅行取決於位置便利的商店，該商店乾淨、安全且購物有趣，每日價格低廉，團隊友好而敬業？

Over time, I've come to understand that guest engagement and financial performance are driven by everything we're doing at the same time, not any factor in isolation. Among the critical factors, of course, there are the tangible assets that show up on our balance sheet, including our stores, distribution centers and technology, but the list goes way beyond the balance sheet and includes our team, our reputation and the trust we've established with multiple stakeholders, which only deepened in 2020. Then there's the Target brand itself. Our owned and exclusive brands, capabilities like marketing, merchandising, product design and development, sourcing and so much more. And of course, there's our culture, our mission and our values, which helped to unify a diverse and widely dispersed team in support of a common purpose.

隨著時間的推移，我逐漸明白，客人的參與度和財務業績是由我們同時做的所有事情驅動的，而不是任何孤立的因素。當然，在關鍵因素中，有形資產出現在我們的資產負債表上，包括我們的商店、配送中心和技術，但這份清單遠遠超出了資產負債表，還包括我們的團隊、我們的聲譽和我們對我們的信任。 '已經與多個利益相關者建立了關係，直到 2020 年才加深。然後是目標品牌本身。我們擁有和獨家品牌、營銷、推銷、產品設計和開發、採購等能力。當然，還有我們的文化、我們的使命和我們的價值觀，它們幫助統一了一個多元化且廣泛分散的團隊，以支持一個共同的目標。

So what's the key to our future performance? It's our continued investments in the assets and capabilities, both tangible and intangible, that we can build and integrate to drive guest engagement and growth. And how should we determine what to focus on? The answer comes from continually listening carefully to our guests. The better we know them, the more effectively we can invest in what they want and develop new ways to deliver joy and inspiration while making their lives easier. If we invest the right way, guests will reward us with more engagement and growth, which in turn will create additional opportunities to invest.

那麼我們未來表現的關鍵是什麼？這是我們對有形和無形資產和能力的持續投資，我們可以建立和整合這些資產和能力，以推動客人的參與和增長。以及我們應該如何確定要關注什麼？答案來自不斷仔細聆聽我們的客人。我們越了解他們，我們就越能有效地投資於他們想要的東西，並開發新的方式來傳遞快樂和靈感，同時讓他們的生活更輕鬆。如果我們以正確的方式進行投資，客人將獎勵我們更多的參與和增長，這反過來又會創造更多的投資機會。

Our success in 2020, which was years in the making, is a perfect example. It started many years ago as we engaged in a comprehensive evaluation of our business, our strategy and took a deep dive into the wants and needs of our guests. That work led to a new strategic focus, followed by years of investment of both capital and expense to roll out new fulfillment capabilities, rejuvenated stores and brands, a modern store operating model and more. Through that work, we built the foundation that allowed our team to deliver unprecedented results in the face of a rapidly changing landscape in 2020.

我們在 2020 年取得的成功，這是一個很好的例子，這是一個很好的例子。它始於多年前，當時我們對我們的業務、戰略進行了全面評估，並深入了解了客人的需求。這項工作導致了新的戰略重點，隨後多年的資本和費用投資以推出新的履行能力、煥發活力的商店和品牌、現代商店運營模式等等。通過這項工作，我們奠定了基礎，使我們的團隊能夠在 2020 年瞬息萬變的環境中取得前所未有的成果。

So this year, our focus is to lock in last year's gains, build on that foundation, continue to deepen guest engagement and drive long-term growth. And following last year's growth of $15 billion, more than we grew over the prior 11 years combined, we're entering 2021 as a much larger company with a host of opportunities to build on last year's success.

所以今年，我們的重點是鎖定去年的收益，在此基礎上再接再厲，繼續深化賓客參與度並推動長期增長。繼去年增長 150 億美元之後，我們的增長超過了前 11 年的總和，我們將進入 2021 年，成為一家規模更大的公司，在去年的成功基礎上擁有大量機會。

Digital is one of those opportunities. As John mentioned, in 2020, the penetration of digital sales advanced many years in a single year. With COVID as the catalyst, guests who had never tried our digital services quickly changed their habits and tried them sooner than they would have otherwise. We've long told you that, on average, a multichannel guest spends nearly 4x as much as a store-only guest and nearly 10x more than a digital-only guest. Now just in case there are any stats majors listening, that's a statement about correlation, not causation. So I'm not saying that a guest's spending immediately changes that much after they move into a new channel.

數字化就是這些機會之一。正如約翰所說，在 2020 年，數字銷售的滲透率在一年內增長了很多年。在 COVID 作為催化劑的情況下，從未嘗試過我們的數字服務的客人很快就改變了他們的習慣，並且比其他情況下更早地嘗試了這些服務。我們早就告訴過您，平均而言，多渠道客人的花費是實體店客人的近 4 倍，是數字客人的近 10 倍。現在以防萬一有任何統計專業人士在聽，這是關於相關性的陳述，而不是因果關係。因此，我並不是說客人進入新渠道後，他們的消費會立即發生如此大的變化。

Even so, these averages help us to understand how deepening engagement translates to a more valuable guest relationship. And last year, Target gained an additional 12 million multichannel guests. Of course, a portion of those guests were completely new to Target, but the vast majority had previously shopped with us, but only in a single channel. The opportunity this year is to build on our now deeper relationship with these guests as we engage with them more frequently and help them migrate toward the much higher average spend we see from our multichannel guests over time.

即便如此，這些平均值有助於我們了解加深參與如何轉化為更有價值的客人關係。去年，Target 又增加了 1200 萬多渠道訪客。當然，其中一部分客人對 Target 來說是全新的，但絕大多數以前曾在我們這裡購物，但只在一個渠道上購物。今年的機會是與這些客人建立更深層次的關係，因為我們更頻繁地與他們互動，並幫助他們隨著時間的推移向我們從多渠道客人那裡看到的更高的平均支出遷移。

And today, even though we already have an unmatched suite of digital fulfillment options, there's more we can do for our guests. One way is to continue expanding the assortment of fresh, refrigerated and frozen food items available for Pick Up and Drive Up. When we study the behavior of guests who first shopped for these items through one of these services last year, we saw an average increase in shopping frequency of about 1 visit per month compared with the control group. On average, these guests increase their food and beverage spending between 20% and 30%. And importantly, spend about 20% more in other categories.

今天，即使我們已經擁有一套無與倫比的數字履行選項，我們還可以為客人做更多的事情。一種方法是繼續擴大可供取貨和開車取貨的新鮮、冷藏和冷凍食品的種類。當我們研究去年首次通過其中一項服務購買這些商品的客人的行為時，我們發現與對照組相比，購物頻率平均每月增加約 1 次。平均而言，這些客人的餐飲支出增加了 20% 到 30%。重要的是，在其他類別上的支出增加了約 20%。

As you heard from Christina, we also have an opportunity to continue developing and launching new owned brands while we become an increasingly attractive partner for leading national brands. In the years ahead, we'll likely have many more partnership opportunities. And given our strong performance and financial position, can be very thoughtful in approaching every one of them. This begins by ensuring the partnership is right for our guests and that the partner and financial arrangement are appropriate long-term choices for our business.

正如您從 Christina 那裡聽到的那樣，我們還有機會繼續開發和推出新的自有品牌，同時我們將成為領先的民族品牌越來越有吸引力的合作夥伴。未來幾年，我們可能會有更多的合作機會。鑑於我們強勁的業績和財務狀況，我們可以非常周到地接近他們中的每一個。首先要確保合作夥伴關係適合我們的客人，並且合作夥伴和財務安排是我們業務的適當長期選擇。

And of course, there's a huge opportunity to create value through Target Circle, which has grown in less than 2 years to include more than 90 million members. Circle is easy and free to join and members enjoy rewards that drive engagement directly, which we can measure by the increase in spending among guests who joined. But the value of Circle only begins there because it also helps us to gain an ongoing, deeper understanding of our guests and their changing preferences, helping us to connect them with the services, brands and categories that address those wants and needs.

當然，通過 Target Circle 創造價值是一個巨大的機會，它在不到 2 年的時間裡增長到包括超過 9000 萬會員。 Circle 的加入簡單且免費，會員享受直接推動參與的獎勵，我們可以通過加入的客人的消費增加來衡量這一點。但 Circle 的價值僅從這裡開始，因為它還幫助我們持續、更深入地了解我們的客人及其不斷變化的偏好，幫助我們將他們與滿足這些需求的服務、品牌和類別聯繫起來。

So it's clear that we're entering 2021 with a lot of momentum and a really strong foundation with a lot more room to grow. As you heard from John, we still have a long runway to expand the available assortment for our same-day services, while we invest to broaden Shipt's reach by entering new markets while expanding in existing ones. When we acquired Shipt in late 2017, we were confident that same-day delivery was a capability every successful retailer would need to have, and we've spent the last 3 years integrating Shipt into our strategy and operations. At the same time, the acquisition has made it easier for Shipt to grow and achieve scale in new markets, given the volume that Target immediately brings to the platform.

所以很明顯，我們正在進入 2021 年，勢頭強勁，基礎非常牢固，還有更多的增長空間。正如您從 John 那裡聽到的那樣，我們仍然有很長的路要走，以擴大我們的當日服務的可用分類，同時我們通過進入新市場同時擴大現有市場來投資以擴大 Shipt 的覆蓋範圍。當我們在 2017 年底收購 Shipt 時，我們相信當日送達是每個成功的零售商都需要具備的能力，並且在過去的 3 年中，我們一直在將 Shipt 整合到我們的戰略和運營中。與此同時，鑑於 Target 立即為平台帶來的數量，此次收購使 Shipt 更容易在新市場中成長並實現規模化。

And as John covered, we're investing to modernize our network and add replenishment capacity to support future growth. Obviously, we came into last year with a great deal of capacity, but we used up a lot more of it than expected. Here's one way to think about it. At our current average sales per store, last year's growth of $15 billion was equivalent to the addition of more than 300 new Target stores. If we had actually opened that many new locations, we'd have needed some additional upstream capacity, and that need is the same, whether growth is coming from a bigger store footprint or higher productivity in our existing footage.

正如約翰所說，我們正在投資以實現我們的網絡現代化並增加補貨能力以支持未來的增長。很明顯，我們去年的產能很大，但我們用掉的產能比預期的要多得多。這是思考它的一種方法。按照我們目前每家門店的平均銷售額，去年 150 億美元的增長相當於增加了 300 多家新的 Target 門店。如果我們真的開設了這麼多新地點，我們就需要一些額外的上游產能，而且這種需求是一樣的，無論增長是來自更大的商店足跡還是來自我們現有鏡頭的更高生產力。

While I'm on the topic, I want to pause and address the question of whether our stores are going to run out of capacity to grow digital sales. And I'd start with what John mentioned earlier, how our top quartile of stores demonstrate the continued potential for our average stores to handle more throughput. But I want to drill down into a really specific example to provide another view of our untapped capacity. And what we can do when an individual location reaches its limit. To do that, I'm going to go way back in history and talk about our experience at the Target store in Colma, California, part of the San Francisco market.

當我談到這個話題時，我想暫停一下並解決我們的商店是否會耗盡容量來增加數字銷售的問題。我要從約翰之前提到的開始，我們排名前四分之一的商店如何展示我們的普通商店處理更多吞吐量的持續潛力。但我想深入研究一個非常具體的例子，以提供我們未開發能力的另一種觀點。以及當單個位置達到其極限時我們可以做什麼。為此，我將回顧歷史，談談我們在加利福尼亞州科爾馬的 Target 商店的經歷，該商店是舊金山市場的一部分。

20 years ago, Colma had grown to be our second highest volume store in the chain, generating more than $90 million in annual sales, nearly 3x our chain average at the time. Given its extreme volume, we suspected the store was running out of capacity, which was limiting its ability to grow. So when the site of a former Montgomery Ward's became available just across the highway in Daly City, we decided to buy it and build a new Target. This was unheard of in our history, building a new store less than a mile away from an existing one, and it was a calculated risk because the new store would only make sense if it drove incremental volume. And that's exactly what happened. The combined sales of the 2 stores quickly grew far beyond what the single store was able to generate. And today, each of those locations is in the top 5% of our stores based on sales volume.

20 年前，Colma 已經發展成為我們連鎖店中銷量第二高的商店，年銷售額超過 9000 萬美元，幾乎是我們當時連鎖店平均水平的 3 倍。鑑於其龐大的數量，我們懷疑這家商店的容量已經不足，這限制了它的增長能力。因此，當前蒙哥馬利病房的場地就在戴利城的高速公路對面可用時，我們決定購買它並建造一個新的目標。這在我們的歷史上是聞所未聞的，在距離現有商店不到一英里的地方建造一家新店，這是一個經過計算的風險，因為新店只有在增加銷量的情況下才有意義。這正是發生的事情。兩家商店的合併銷售額迅速增長，遠遠超過了一家商店的銷售額。而今天，根據銷售額，這些地點中的每一個都位於我們商店的前 5%。

So let's come back to today. Last year, our stores fulfilled more than 95% of our total sales, which works out to an average of about $47 million in fulfilled sales per store. That means our average store today is fulfilling about half of what the Colma store was already supporting 20 years ago. This offers another clear window into the growth potential of our average store today. But will there sometimes be extreme examples of stores that hit their capacity? I hope so because we know what to do when that happens. If we have a viable real estate opportunity nearby, we can invest in another one of these modern multichannel assets we happen to call a Target store. To be clear, based on what we see today, we don't expect a lot of these opportunities over the next few years, but I'd love to be wrong about that since we'd likely generate strong returns on the new stores we could open in those markets. In the meantime, we continue to make productive investments in new small format stores, and we're eager to begin ramping up our remodel program in 2021 and beyond.

那麼讓我們回到今天。去年，我們的門店完成了總銷售額的 95% 以上，平均每家門店的已完成銷售額約為 4700 萬美元。這意味著我們今天的平均商店正在履行 20 年前 Colma 商店已經支持的大約一半。這為我們今天的普通商店的增長潛力提供了另一個清晰的窗口。但有時會不會出現商店容量達到極限的極端例子？我希望如此，因為我們知道發生這種情況時該怎麼做。如果我們附近有一個可行的房地產機會，我們可以投資另一種現代多渠道資產，我們碰巧稱之為目標商店。需要明確的是，根據我們今天所看到的情況，我們預計未來幾年不會有很多這樣的機會，但我很想錯了，因為我們可能會為我們的新店帶來豐厚的回報可以在這些市場開放。與此同時，我們繼續對新的小型商店進行富有成效的投資，我們渴望在 2021 年及以後開始加強我們的改造計劃。

So with all these options to generate profitable growth, we're in a position to play offense and lean into the opportunity to build on last year's momentum. As such, we're planning for annual CapEx in the $4 billion range in each of the next few years to support remodels, new stores and supply chain projects to add replenishment capacity and modernize the network, including sortation centers. Beyond full store remodels, we'll also invest in Ulta Beauty shop in shops, while optimizing front end space in our highest volume locations, increasing the efficiency of our Pick Up and Drive Up services.

因此，有了所有這些實現盈利增長的選擇，我們就可以進攻並抓住機會在去年的勢頭上再接再厲。因此，我們計劃在未來幾年每年的資本支出在 40 億美元範圍內，以支持改造、新商店和供應鏈項目，以增加補貨能力並實現網絡現代化，包括分揀中心。除了全面改造門店外，我們還將在門店中投資 Ulta 美容店，同時優化我們最高銷量地點的前端空間，提高提貨和提貨服務的效率。

So now this is the section of my remarks in which you typically expect me to cover our P&L expectations for the year. But today, given the high level of uncertainty we continue to face, providing a lot of guidance would be an exercise in false precision. Instead, I'm going to spend a few minutes talking about the most important factors affecting our near-term plans as we maintain our laser focus on investing for the long term.

所以現在這是我的評論部分，你通常希望我涵蓋我們對今年的損益預期。但今天，鑑於我們繼續面臨高度的不確定性，提供大量指導將是一種錯誤精確的練習。相反，我將花幾分鐘時間討論影響我們近期計劃的最重要因素，因為我們保持對長期投資的高度關注。

So first, as I think about implications for Target's top line in the months and years ahead, I think about the drivers at 3 levels of a funnel. At the widest part of the funnel are macro factors, including uncertainty about the path of COVID-19 and the speed and effectiveness of the vaccine campaign. How consumer attitudes and behaviors will evolve as we emerge from the pandemic. For example, there's an emerging consensus that the nature of work will permanently change as employers move to a more flexible model and allow for more work from home. This will likely have long-lasting implications for consumer spending. And finally, beyond changes in the consumer mindset, macro considerations include the health of the economy, the near-term impact of stimulus and how quickly various industries and communities will recover from the pandemic.

因此，首先，當我考慮對 Target 在未來幾個月和幾年的收入的影響時，我會考慮漏斗中 3 個級別的驅動因素。漏斗最廣泛的部分是宏觀因素，包括關於 COVID-19 路徑的不確定性以及疫苗運動的速度和有效性。隨著我們擺脫大流行，消費者的態度和行為將如何演變。例如，隨著雇主轉向更靈活的模式並允許更多在家工作，工作性質將永久改變，這一點正在形成共識。這可能會對消費者支出產生長期影響。最後，除了消費者心態的變化之外，宏觀考慮還包括經濟的健康狀況、刺激措施的近期影響以及各個行業和社區從大流行中恢復的速度。

The middle stage of the funnel involves questions around potential industry trends in each of the categories we sell and every industry has its own story. And categories consumed mostly at home, including food and beverage, essentials, home and hardlines, industry trends have accelerated over the last year and could see some softness as we emerge from the crisis. However, the timing and extent is hard to predict and could be offset by permanent changes in consumer habits, including a higher percentage of work time spent at home and an elevated focus on cleanliness and health resulting from the pandemic.

漏斗的中間階段涉及關於我們銷售的每個類別的潛在行業趨勢的問題，每個行業都有自己的故事。並且主要在家庭消費的類別，包括食品和飲料、必需品、家庭和硬線，行業趨勢在過去一年中加速，隨著我們擺脫危機，可能會出現一些疲軟。然而，時間和程度難以預測，並且可能被消費者習慣的永久性變化所抵消，包括在家中工作時間的比例增加，以及大流行導致對清潔和健康的高度關注。

In the beauty and apparel industries, which experienced softness in 2020, trends are expected to improve over time. Specifically, as people resume working in offices, attending concerts, movies and sporting events, traveling and eating out, they're likely to focus more on their appearance and spend more on these categories than they did in 2020. But let's be clear. These are just quick high-level thoughts on potential industry trends and they're far from ironclad predictions.

在 2020 年經歷疲軟的美容和服裝行業中，預計趨勢會隨著時間的推移而改善。具體來說，隨著人們恢復在辦公室工作、參加音樂會、電影和體育賽事、旅行和外出就餐，他們可能會比 2020 年更關注自己的外表，並在這些類別上花費更多。但讓我們明確一點。這些只是對潛在行業趨勢的快速高級思考，與鐵定的預測相去甚遠。

So as we move to the bottom of the funnel and think about how those trends are likely to play out at Target, we first need to think about market share within those industries and on the topic of share, we have a lot of confidence as we look ahead. In 2020, Target saw unprecedented share gains across all 5 of our core merchandise categories. Importantly, these gains were not limited to the categories in which others were forced to close, and they stayed remarkably consistent throughout the year and across the country. Based on this experience and our investment focus going forward, we're optimistic about our opportunity to lock in recent share gains and deliver long-term growth on top of the foundation we've already established.

因此，當我們移動到漏斗的底部並考慮這些趨勢可能在 Target 中如何發揮作用時，我們首先需要考慮這些行業中的市場份額以及份額的主題，我們有很大的信心，因為我們展望。 2020 年，Target 在我們所有 5 個核心商品類別中實現了前所未有的份額增長。重要的是，這些收益不僅限於其他人被迫關閉的類別，而且在全年和全國范圍內都保持非常一致。基於這一經驗和我們未來的投資重點，我們對鎖定近期股票收益並在我們已經建立的基礎上實現長期增長的機會持樂觀態度。

So now I want to move beyond the top line and illustrate how we're thinking about other lines on the P&L for the year. And in this discussion, beyond prior year comparisons, I will often be looking back to 2019, since that year provides a more stable baseline compared with the extreme volatility we encountered in 2020. Let's start with our gross margin line, where in 2020, we experienced large but offsetting variances related to specific factors. The first was supply chain and digital fulfillment costs, which drove about 110 basis points of pressure last year. While that headwind was notable, it was less than I believe most of us would have expected, given that we saw $10 billion of digital sales growth, accounting for 2/3 of our total growth. As we look ahead to this year and beyond, we expect to see a smaller amount of pressure from supply chain and digital fulfillment, given that digital growth is likely to moderate, and we continue to make progress in reducing average unit fulfillment costs.

所以現在我想超越頂線並說明我們如何考慮今年損益表的其他線。在這次討論中，除了上一年的比較，我經常回顧 2019 年，因為與我們在 2020 年遇到的極端波動相比，那一年提供了更穩定的基線。讓我們從毛利率線開始，在 2020 年，我們經歷了與特定因素相關的巨大但抵消的差異。首先是供應鍊和數字履行成本，去年推動了約 110 個基點的壓力。雖然這種逆風很明顯，但它比我相信我們大多數人的預期要少，因為我們看到了 100 億美元的數字銷售增長，占我們總增長的 2/3。展望今年及以後，鑑於數字增長可能會放緩，我們預計供應鍊和數字履行的壓力會較小，並且我們在降低平均單位履行成本方面繼續取得進展。

A second headwind to last year's gross margin rate was category mix as lower margin categories grew faster than our higher-margin categories, accounting for about 90 basis points of rate pressure. At a minimum this year, we expect category mix to exert less pressure than last year. And notably, it could easily become a tailwind like it was in prior years. However, our crystal ball is not nearly clear enough today to predict this year's category mix with any precision.

去年毛利率的第二個不利因素是類別組合，因為利潤率較低的類別增長速度快於我們的利潤率較高的類別，占利率壓力約 90 個基點。至少今年，我們預計品類組合所施加的壓力將小於去年。值得注意的是，它很容易像往年一樣順風順水。然而，我們今天的水晶球還不夠清晰，無法準確預測今年的類別組合。

The third factor in last year's gross margin performance was our merchandising decisions, which include our pricing, mix of owned and national brands and the magnitude of our promotional and clearance markdowns. In 2020, the combination of these factors provided a significant tailwind of about 150 basis points, driven primarily by favorability in markdowns. A portion of this favorability was related to promotions, but the biggest single factor was a significant decline in clearance markdown rates as demand in seasonal and other clearance sensitive categories far outpaced our expectations. In 2021, we expect our markdown rates will increase somewhat from these abnormally low levels, which will create some gross margin pressure compared with 2020. So how do these expectations come together in 2021? As we consider the range of expectations for the combined impact of these 3 drivers, we believe that our 2021 gross margin rate will remain somewhat lower than our 2019 gross margin rate of 28.9%.

去年毛利率表現的第三個因素是我們的銷售決策，其中包括我們的定價、自有品牌和國家品牌的組合以及我們的促銷和清倉降價幅度。 2020 年，這些因素的結合提供了約 150 個基點的顯著順風，主要受降價優惠的推動。這種好感部分與促銷有關，但最大的單一因素是清倉降價率顯著下降，因為季節性和其他清倉敏感類別的需求遠遠超過我們的預期。在 2021 年，我們預計我們的降價率將從這些異常低的水平有所增加，這將與 2020 年相比產生一些毛利率壓力。那麼這些預期如何在 2021 年結合在一起？當我們考慮對這三個驅動因素綜合影響的預期範圍時，我們認為我們 2021 年的毛利率仍將略低於 28.9% 的 2019 年毛利率。

On the SG&A expense line this year, we'll be annualizing last year's significant investments in safety measures and team member pay and benefits. We'll also be annualizing the fixed cost and other scale benefits we realized throughout the year. Looking ahead, given that we're focused on locking in last year's gains, we expect to retain significant scale benefits compared with 2019. In addition, we expect to deliver continued efficiency improvements, driven by investments in our supply chain, technology and operating model, which will help to offset continued investments in our team. Altogether, we expect that our 2021 SG&A expense rate will also be lower than our 2019 rate of 20.8%.

在今年的 SG&A 費用項目中，我們將對去年在安全措施以及團隊成員薪酬和福利方面的重大投資進行年度化。我們還將對全年實現的固定成本和其他規模效益進行年度化。展望未來，鑑於我們專注於鎖定去年的收益，與 2019 年相比，我們預計將保持顯著的規模效益。此外，在對供應鏈、技術和運營模式的投資的推動下，我們預計將持續提高效率，這將有助於抵消對我們團隊的持續投資。總而言之，我們預計 2021 年的 SG&A 費用率也將低於 2019 年的 20.8%。

On the D&A expense line, we expect to see moderate dollar growth in 2021 as we ramp up remodels and accelerate depreciation on the assets we replace. Of course, rate performance will depend on the total sales we deliver this year.

在 D&A 費用線上，隨著我們加大改造力度並加速我們替換的資產的折舊，我們預計 2021 年美元將出現溫和增長。當然，利率表現將取決於我們今年交付的總銷售額。

So as we consider how all of these rates come together on the operating margin line, we're facing a wide range of possibilities as we enter the year. I've already talked about the unpredictability of sales and how category and channel mix alone can impact our margin. But even with that uncertainty, we should continue to benefit from the leverage we gained in 2020. Altogether, our expectation is that this year's operating margin rate will move down from the 7% we recorded in 2020 but remain above our 2019 operating margin rate of 6%, with the most likely outcome in the lower half of that range.

因此，當我們考慮所有這些費率如何在營業利潤率線上結合在一起時，我們在進入這一年時面臨著廣泛的可能性。我已經談到了銷售的不可預測性以及單獨的類別和渠道組合如何影響我們的利潤率。但即使存在這種不確定性，我們仍應繼續從 2020 年獲得的槓桿中受益。總而言之，我們預計今年的營業利潤率將從 2020 年的 7% 下降，但仍高於 2019 年的營業利潤率6%，最有可能的結果在該範圍的下半部分。

So now for those of you hoping we'd provide a more precise view of our expectations today, I want you to know that I feel the same way. I know that it's difficult to model our business right now. Our team is facing the same challenge. In the face of this uncertainty, we continue to put a huge premium on flexibility and agility, which served us extremely well throughout 2020. After all, flexibility is a cornerstone of our business model, which features a uniquely diverse category mix and a store-based fulfillment model that can quickly adapt to changes in guest shopping patterns. With the benefit of this model, an outstanding team and a strong balance sheet, we're perfectly positioned to navigate any near term uncertainty, while we continue to invest in long-term growth. And while it may sound counterintuitive, our expectations for the next few quarters feel cloudier than our view of the longer term, when we're highly confident in our ability to grow profitably and build on recent share gains.

所以現在，對於那些希望我們今天能夠更準確地了解我們的期望的人，我想讓你們知道我也有同樣的感覺。我知道現在很難為我們的業務建模。我們的團隊也面臨著同樣的挑戰。面對這種不確定性，我們繼續高度重視靈活性和敏捷性，這在整個 2020 年為我們提供了非常好的服務。畢竟，靈活性是我們商業模式的基石，它具有獨特的多樣化品類組合和商店-基於履行模式，可以快速適應客人購物模式的變化。憑藉這種模式、優秀的團隊和強大的資產負債表，我們完全有能力應對任何近期的不確定性，同時我們繼續投資於長期增長。雖然這聽起來可能有悖常理，但我們對未來幾個季度的預期比我們對長期的看法更加模糊，因為我們對我們實現盈利增長並在近期股票收益的基礎上發展的能力充滿信心。

So now before I move beyond the P&L, I want to spend a minute talking about the prior year comparisons we're facing in the first 2 quarters of this year. As you'll recall, in the first quarter last year, sales accelerated meaningfully after the onset of COVID, but our gross margin rate for the quarter declined an astounding amount, more than 4 percentage points in light of the cost to rightsize our apparel inventory.

所以現在在我超越損益表之前，我想花一點時間談談我們在今年前兩個季度面臨的上一年比較。您還記得，在去年第一季度，在 COVID 爆發後銷售顯著加速，但我們本季度的毛利率下降了驚人的數量，考慮到調整服裝庫存的成本超過 4 個百分點.

Also in the first quarter, we began making meaningful investments in the health and safety of our team and guests, which we'd maintained throughout the year. Altogether, our first quarter earnings per share were down more than 60% compared with 2019. Contrast that with the second quarter last year when our comp sales grew more than 24%, our gross margin rate also increased and we saw a jaw dropping amount of leverage on the SG&A and D&A expense lines, which more than offset investments in team and guest safety. As a result, last year's second quarter EPS grew more than 80% compared with 2019. That's a swing of more than 140 percentage points in our EPS growth rates between Q1 and Q2 last year.

同樣在第一季度，我們開始對我們團隊和客人的健康和安全進行有意義的投資，我們全年都在維護這些投資。總的來說，我們第一季度的每股收益與 2019 年相比下降了 60% 以上。與去年第二季度我們的複合銷售額增長超過 24% 相比，我們的毛利率也有所提高，我們看到了令人瞠目結舌的金額利用 SG&A 和 D&A 費用項目，這足以抵消對團隊和客人安全的投資。因此，去年第二季度每股收益與 2019 年相比增長了 80% 以上。這是我們去年第一季度和第二季度每股收益增長率的 140 多個百分點的波動。

So as we plan and analyze our performance in the first 2 quarters of 2021, we're going to lean heavily on comparisons to the much more stable environment we experienced in 2019. This will help all of us to look through the extreme volatility in year-over-year comparisons we'll be seeing throughout the first half of this year.

因此，在我們計劃和分析 2021 年前兩個季度的業績時，我們將在很大程度上依賴與 2019 年所經歷的更加穩定的環境進行比較。這將幫助我們所有人應對一年中的極端波動- 我們將在今年上半年看到的同比比較。

So now let's move beyond the P&L and turn to cash and capital deployment, and I want to reiterate that our priorities remain the same as they have been for decades. First, we look to invest in the business in all of the projects that meet our strategic and financial criteria. Second, we look to support the dividend and build on our record of annual increases, which we've maintained every year since 1971. One note, if we attain that goal in 2021, it will mark our 50th consecutive year of uninterrupted dividend increases, putting us in a very small group of companies who can make that statement. And finally, we look to deploy excess cash through share repurchases only after we fully supported the first 2 goals within the capacity of our middle A credit ratings.

所以現在讓我們超越損益表，轉向現金和資本部署，我想重申，我們的優先事項與幾十年來一樣。首先，我們希望在符合我們戰略和財務標準的所有項目中投資業務。其次，我們希望支持股息，並在我們自 1971 年以來每年保持的年度增長記錄的基礎上再接再厲。值得注意的是，如果我們在 2021 年實現這一目標，這將標誌著我們連續 50 年不間斷地增加股息，把我們放在能夠發表這種聲明的極少數公司中。最後，只有在我們在中等 A 信用評級的能力範圍內完全支持前 2 個目標之後，我們才會通過股票回購來配置多餘的現金。

As you know, last year turned out to be a very strong year for cash flow in light of our sales growth and strong operational performance. As a result, we ended the year with about $8.5 billion of cash, well beyond the amount we'd maintain in ordinary times. But as strong as our year turned out to be, we can't forget the volatility we just encountered and the environment today remains far from ordinary. It's in that context that we evaluate our 2021 capital deployment expectations.

如您所知，鑑於我們的銷售增長和強勁的運營業績，去年是現金流非常強勁的一年。結果，我們在今年結束時擁有約 85 億美元的現金，遠遠超過我們平時維持的金額。但是，儘管我們這一年表現強勁，但我們不能忘記我們剛剛遇到的波動，今天的環境仍然遠非正常。正是在這種背景下，我們評估了 2021 年的資本部署預期。

Regarding CapEx, I already outlined our plan to invest about $4 billion this year. Regarding the dividend, later this year, we expect to recommend that our Board approve a robust increase in the per share dividend. But as always, this recommendation will depend on how our business is performing. Beyond those priorities, we've resumed share repurchases this year. And depending on how the virus, the economy and our performance progresses, could have ample capacity within the limits of our middle A credit ratings.

關於資本支出，我已經概述了我們今年投資約 40 億美元的計劃。關於股息，今年晚些時候，我們預計建議董事會批准大幅增加每股股息。但與往常一樣，此建議將取決於我們的業務表現如何。除了這些優先事項之外，我們今年還恢復了股票回購。取決於病毒、經濟和我們的表現如何發展，在我們的中等 A 信用評級範圍內，可能有足夠的能力。

But I will quickly say, we'll continue to be cautious and maintain an ample amount of liquidity to carry us through a wide range of near-term scenarios. As such, it may be a multiyear journey before our credit metrics move fully back to historical levels, depending on the speed with which we see more normal volatility across the economy and our business.

但我很快會說，我們將繼續保持謹慎並保持充足的流動性，以幫助我們應對各種近期情景。因此，我們的信用指標完全回到歷史水平可能需要多年的時間，這取決於我們看到整個經濟和我們的業務出現更正常波動的速度。

So now I want to turn to our after-tax ROIC. As we've long emphasized, we rely on this metric to assess the health of our business and the effectiveness of our capital deployment over time. However, as is often the case, we sometimes need to look past near-term volatility and 2020 presents a great example. That's because last year, we delivered an astounding aftertax ROIC of 23.5%, up more than 7 percentage points from already strong performance in 2019. While this outcome is remarkable and a testament to our team and operating model, I'm going to quickly say that it's artificially high and likely to come back down over time. That might sound like a strange thing to say, but it's based on a number of factors that are clear today.

所以現在我想談談我們的稅後ROIC。正如我們長期以來一直強調的那樣，我們依靠這個指標來評估我們業務的健康狀況以及隨著時間的推移我們的資本部署的有效性。但是，通常情況下，我們有時需要回顧近期的波動性，而 2020 年就是一個很好的例子。這是因為去年，我們實現了驚人的 23.5% 的稅後投資回報率，比 2019 年已經強勁的表現高出 7 個百分點以上。雖然這一結果非常顯著，並且證明了我們的團隊和運營模式，但我要快速說它是人為的高，並且可能會隨著時間的推移而回落。這聽起來可能是一件奇怪的事情，但它基於今天已經明確的許多因素。

First, with unexpectedly strong sales, our inventory turns shot up last year, and we saw abnormally high payables leverage. While that had a positive near-term impact on working capital, we also saw really choppy in stocks, which isn't how we want to operate under normal conditions. In 2021, we're planning for full shelves and better in stocks, which will bring inventory turns and payables leverage back down to more sustainable levels. This will require a net investment of working capital for the year.

首先，由於銷售出人意料地強勁，去年我們的庫存猛增，應付賬款槓桿異常高。雖然這對營運資本產生了積極的近期影響，但我們也看到股票真的很不穩定，這不是我們在正常情況下想要的運作方式。 2021 年，我們計劃全面上架並增加庫存，這將使庫存周轉率和應付賬款槓桿率回落到更可持續的水平。這將需要對該年度的營運資金進行淨投資。

Similarly, as I mentioned earlier, we're leaning in to support a strong set of growth opportunities over the next few years. As we accelerate investment in stores, supply chain modernization and replenishment capacity in support of those growth prospects, we'll likely see an increase in the invested capital portion of this metric over the next few years. Bottom line, while I believe this metric will stay very healthy and compare favorably to other retailers, I expect it will move back down into the 20% range over time. This would represent very strong absolute and relative performance on a larger asset base than we've maintained in the past.

同樣，正如我之前提到的，我們正在努力支持未來幾年的一系列強勁增長機會。隨著我們加快對商店、供應鏈現代化和補充能力的投資以支持這些增長前景，我們可能會看到未來幾年該指標的投資資本部分有所增加。最重要的是，雖然我相信這個指標將保持非常健康並與其他零售商相比具有優勢，但我預計隨著時間的推移它將回落到 20% 的範圍內。這將代表在比我們過去維持的更大資產基礎上非常強勁的絕對和相對錶現。

So as I get ready to turn things back over to Brian. I want to take you back to this meeting 4 years ago, when I was listening from our headquarters in Minneapolis. During my career at Target, I've been lucky to spend time working with our stores, and I've developed a deep appreciation for the value they can deliver. So when Brian and John stood up and said we'd be investing to put our stores at the center of everything we do, including both digital and physical shopping, I had a ton of confidence in that plan. It was a plan based on carefully listening to our guests, it was differentiated and we were fortunate to have the necessary resources to get there.

所以當我準備把事情交給布賴恩時。我想帶你回到 4 年前的這次會議，當時我在明尼阿波利斯的總部聆聽。在 Target 的職業生涯中，我很幸運能花時間與我們的商店合作，我對他們可以提供的價值產生了深刻的欣賞。因此，當布賴恩和約翰站出來表示我們將投資以將我們的商店置於我們所做的一切（包括數字購物和實體購物）的中心時，我對該計劃充滿信心。這是一個基於仔細聽取客人意見的計劃，它與眾不同，我們很幸運能夠擁有必要的資源來實現這一目標。

In the years following that meeting, our team worked hard, and we encountered many doubters but we continued to invest with a long view and last year's results showed the value of that focus. And as we sit here today, we remain committed to making future investments with that same long view. Rather than sitting back, taking a break and waiting for the virus to subside, we are focused on playing offense and investing in continued growth.

在那次會議之後的幾年裡，我們的團隊努力工作，遇到了很多質疑者，但我們繼續以長遠的眼光進行投資，去年的結果顯示了這種關注的價值。當我們今天坐在這裡時，我們仍然致力於以同樣的長遠眼光進行未來投資。我們沒有坐下來休息，等待病毒消退，而是專注於進攻並投資於持續增長。

And just like 4 years ago, my confidence in the future starts with the team. So I want to acknowledge everyone on the Target team, from headquarters to our distribution centers, to our stores in all 50 states and our offices around the world for their dedication to our guests and passion for taking care of each other. Without you, we couldn't have delivered such an amazing amount of value on behalf of our stakeholders in 2020. And with your help, I'm confident we'll continue to deliver long-term value for all of our stakeholders in the years ahead. I can't say it enough. Thank you. Thank you. Thank you.

就像 4 年前一樣，我對未來的信心始於團隊。因此，我要感謝 Target 團隊中的每個人，從總部到我們的配送中心，再到我們在所有 50 個州的商店和我們在世界各地的辦事處，他們對我們的客人的奉獻和對彼此照顧的熱情。沒有您，我們無法在 2020 年代表利益相關者交付如此驚人的價值。在您的幫助下，我相信我們將在這些年繼續為所有利益相關者創造長期價值先。我說的還不夠。謝謝你。謝謝你。謝謝你。

Now I'll turn it back over to Brian for some closing remarks.

現在，我將把它交給 Brian 做一些結束語。

Thanks, Michael. As we wind down today's event, I'll leave you with a couple of thoughts. 5 years ago, we envisioned a future for ourselves, in which the key to guest preference and breakout growth lay in an unappreciated omnichannel asset called the store. Many were skeptical, which is why we said from the beginning that we were playing our own game and creating a category of one. Many thought the inevitable drift was for our store guests to become digital guests, and that the current only ran in 1 direction.

謝謝，邁克爾。當我們結束今天的活動時，我會給你一些想法。 5 年前，我們為自己設想了一個未來，其中客戶偏好和突破性增長的關鍵在於一種未被重視的全渠道資產，稱為商店。許多人持懷疑態度，這就是為什麼我們從一開始就說我們正在玩自己的遊戲並創建一個類別。許多人認為不可避免的漂移是我們的商店客人成為數字客人，而目前只向一個方向發展。

We saw something different. We saw a future in which even the most committed digital-only guests would find the best and easiest shopping experience at Target because of how we connect that experience to our stores. We knew that to make our stores function for the future that we envisioned, we'd have to build, acquire and bundle a unique set of capabilities. The technology, the supply chain inventiveness, the physical assets and operations and the team of trusted neighbors that millions turn to for friendly service and a bit of everyday joy.

我們看到了不同的東西。我們看到了這樣一個未來，即使是最忠誠的純數字客戶也能在 Target 找到最好、最簡單的購物體驗，因為我們如何將這種體驗與我們的商店聯繫起來。我們知道，為了讓我們的商店在我們設想的未來中發揮作用，我們必須構建、獲取和捆綁一組獨特的功能。技術、供應鏈的創造力、實物資產和運營以及值得信賴的鄰居團隊，數以百萬計的人求助於友好的服務和一點日常樂趣。

We began to put all those pieces together like no one else had. And the experience was taking hold, on the timetable we expected. Then 2020 accelerated everything. And today, Target is as synonymous with same-day and safety as it is with style and swagger. That is a very strong position to be in.

我們開始以前所未有的方式將所有這些部分組合在一起。在我們預期的時間表上，這種體驗正在佔據一席之地。然後 2020 年加速了一切。而今天，Target 已成為時尚和自信的代名詞。這是一個非常有利的位置。

And here's where we intend to go with it. First, we'll continue to focus on market share over the long term. We believe our experience, including our fulfillment options, inspiring assortment, ease, safety and personal service will convert more and more consumers into guests. And we'll also work tirelessly to engage established guests across more of our channels and offerings. With new guests choosing Target and established guests engaging with more of our platform, we'll be able to listen to them even more closely. And capabilities like Drive Up, Shipt and Circle will give us a wider window than ever into their preferences. Meaning, we can further improve the experience we provide in the near term, while continuously anticipating where we should go next.

這就是我們打算使用它的地方。首先，我們將繼續關注長期的市場份額。我們相信我們的體驗，包括我們的履行選項、鼓舞人心的分類、輕鬆、安全和個性化的服務，將使越來越多的消費者轉變為客人。我們還將不懈努力，通過我們更多的渠道和產品吸引老客戶。隨著新客人選擇 Target 和老客人與我們平台的更多互動，我們將能夠更密切地傾聽他們的聲音。 Drive Up、Shipt 和 Circle 等功能將為我們提供比以往任何時候都更廣泛的了解他們偏好的窗口。這意味著，我們可以在短期內進一步改善我們提供的體驗，同時不斷預測下一步的發展方向。

Staying closely connected to our guests always points us in the right direction. That's what helped us see a future 5 years ago, that today is a reality. And it's why we're stepping up our investments to drive additional profitable growth. Unlike in recent years, when we needed to shore up our foundation or create new capabilities, today's investments will build on an omnichannel Target platform that is already working incredibly well. A platform that has raised expectations, not just among Target guests, but for consumers across U.S. retail. Few can meet those expectations like we can because what we've created is based on a unique combination of differentiated assets.

與客人保持密切聯繫始終為我們指明正確的方向。這就是幫助我們在 5 年前看到未來的原因，即今天已成為現實。這就是為什麼我們要加大投資以推動額外的盈利增長。與近年來，當我們需要鞏固基礎或創造新能力時，今天的投資將建立在已經運行良好的全渠道 Target 平台上。這個平台不僅提高了 Target 客人的期望，而且提高了美國零售業消費者的期望。很少有人能像我們一樣滿足這些期望，因為我們所創造的是基於差異化資產的獨特組合。

But this is just the beginning of our story on which we'll continue to iterate, innovate and continuously improve for our guests. So in closing, I want to express my complete confidence in this company's future. I'm confident in our strategy and in our capabilities. And above all, I'm confident in our team. They know that no platform succeeds without purpose. And that our ambitions are always informed by the millions of families we serve. The results we're sharing today and what we envision for the future simply wouldn't be possible without the best team in the business. And I want to thank them once again for all they do for Target, our guests and communities.

但這只是我們故事的開始，我們將繼續迭代、創新並為我們的客人不斷改進。所以最後，我想表達我對這家公司未來的完全信心。我對我們的戰略和能力充滿信心。最重要的是，我對我們的團隊充滿信心。他們知道，沒有任何平台可以毫無目的地成功。我們所服務的數百萬家庭始終體現了我們的雄心壯志。如果沒有業內最好的團隊，我們今天分享的成果以及我們對未來的設想根本不可能實現。我要再次感謝他們為 Target、我們的客人和社區所做的一切。

Finally, I want to thank you for joining our Financial Community Meeting. We appreciate your interest in Target, your engagement in our journey and your long-term investment in a growth horizon that we believe will remain bright for years to come. We look forward to hearing from you in the Q&A portion of our program.

最後，我要感謝您參加我們的金融社區會議。我們感謝您對 Target 的興趣、您對我們旅程的參與以及您對增長視野的長期投資，我們相信該增長視野將在未來幾年保持光明。我們期待在我們計劃的問答部分收到您的來信。

And I'll turn it back to John Hulbert to move us into that discussion. John?

我將把它轉回給約翰赫伯特，讓我們進入討論。約翰？

Thanks, Brian. Before we take a short break, I want to pause and review logistics for the upcoming Q&A session. For those of you planning to listen in, but not ask a question during Q&A, you should simply stay on this webcast, and you'll hear this session in a few minutes. However, if you received our conference call invitation and you plan to ask a question today, you'll need to exit this webcast and dial into the conference line provided on your invitation. Once you're on the conference line, the operator will provide further instructions. But again, if you're planning to access the Q&A session in listen-only mode, your best option is to stay on this webcast even if you received an invitation.

謝謝，布賴恩。在我們稍作休息之前，我想暫停一下，回顧一下即將到來的問答環節的後勤工作。對於那些打算收聽但在問答期間不提問的人，您應該繼續觀看此網絡廣播，幾分鐘後您將聽到此會話。但是，如果您收到了我們的電話會議邀請併計劃今天提出問題，則需要退出此網絡廣播並撥入邀請中提供的電話會議線路。一旦您進入會議線路，接線員將提供進一步的說明。但同樣，如果您打算在只聽模式下訪問問答環節，即使您收到邀請，您最好的選擇是繼續觀看此網絡廣播。

With that, we'll pause for a few minutes to provide ample time for conference call participants to dial in and begin the Q&A session shortly. Thank you.

有了這個，我們將暫停幾分鐘，為電話會議參與者提供充足的時間撥入並很快開始問答環節。謝謝你。

(Break)

（休息）

Ladies and gentlemen, thank you for standing by. Welcome to the Target Corporation 2021 Financial Community Meeting Q&A Session Conference Call. (Operator Instructions) As a reminder, this conference is being recorded Tuesday, March 2, 2021. We are now ready for our first question from Chris Horvers with JPMorgan.

女士們，先生們，謝謝你們的支持。歡迎參加 Target Corporation 2021 年金融界會議問答環節電話會議。 （操作員說明）提醒一下，本次會議將於 2021 年 3 月 2 日星期二錄製。我們現在準備好回答摩根大通的 Chris Horvers 提出的第一個問題。

A near - a '21 question, and then I have a follow-up on a longer-term question. Okay, in the SG&A outlook, on our math, you have about $1 billion related to COVID costs, such as special bonuses and cleaning, while you raised to $15 an hour midyear. To what extent are you assuming these costs come -- are tailwinds in '21? And can you quantify how significant the operating expense related -- is related to investment that's pressuring SG&A dollars?

一個近乎 - '21 的問題，然後我對一個長期問題進行了跟進。好的，在 SG&A 展望中，根據我們的數學計算，您有大約 10 億美元與 COVID 成本相關，例如特別獎金和清潔費，而您在年中提高到每小時 15 美元。你在多大程度上假設這些成本來了——21 年是順風嗎？您能否量化與運營費用相關的重要程度 - 與對 SG&A 美元施壓的投資相關？

Sure. I can take that one first, Chris. When you think about [SG&A] through the year, we'll be annualizing the move to $15, and there'll be some onetime things that don't repeat. You think about buying plexiglass dividers, you only do that once. The final story in SG&A will be written by what our sales outcome looks like too. But we've got a lot of levers within the model to continue to bend the cost curves in a direction we like throughout SG&A, the benefit of the volume growth that we've seen is that, that helps us get more and more efficient on how we fulfill that volume.

當然。我可以先拿那個，克里斯。當您考慮全年的 [SG&A] 時，我們將年度化為 15 美元，並且會有一些一次性的事情不會重複。您考慮購買有機玻璃隔板，您只需要這樣做一次。 SG&A 的最終故事也將由我們的銷售結果來寫。但是我們在模型中有很多槓桿可以繼續將成本曲線向我們喜歡的整個 SG&A 方向彎曲，我們看到的銷量增長的好處是，這有助於我們在我們如何完成這個數量。

So then does it mean that sort of the SG&A rate coming back up is more of an embedded sort of negative top line outlook?

那麼，這是否意味著 SG&A 利率的回升更像是一種嵌入的負面頂線前景？

No, I wouldn't think about it that way necessarily. With the SG&A, we expect that our SG&A rate will be lower than 2019's rate, and that's a benefit of the significant scale that we've gained since then. If you zoom out, I think there's going to be a lot of movement between the different levers within margin and SG&A. And so that's why we've tried to give some of our best thinking on operating rate in total. And so a wide range. Not every meeting I would sit here and be describing a 1 point gap in operating margin between the incredibly strong 6 that we had in 2019 and the 7 we just put up. And that whole range is in play. I think it's slightly more likely we're in the bottom half of that range when all the dust settles in the top half, but we're going to have a lot to learn throughout the year based on where we ultimately land.

不，我不一定會那樣想。有了 SG&A，我們預計我們的 SG&A 費率將低於 2019 年的費率，這是我們從那時起獲得的巨大規模的好處。如果你縮小，我認為保證金和 SG&A 內的不同槓桿之間會有很多變動。這就是為什麼我們試圖給出我們對總體開工率的最佳思考的原因。所以範圍很廣。並非每次會議我都會坐在這裡並描述我們在 2019 年令人難以置信的強勁 6 和我們剛剛提出的 7 之間的營業利潤率差距 1 個百分點。整個範圍都在發揮作用。我認為，當所有塵埃落定在上半部分時，我們更有可能處於該範圍的下半部分，但根據我們最終的著陸點，我們全年將有很多東西要學習。

Understood. And then longer-term and bigger picture, we used to talk about showrooming with Best Buy. I was wondering what the organizational's thought change is on showrooming is versus national brands? You launched Apple and now you have Ulta. What's the thought change here? And what does it say about the willingness to take on more national brands in the apparel space where maybe the brands need to replace volumes from the mall? And is the bar higher here in terms of what those brands will need to bring to get into the Target store?

明白了。然後是長期和更大的圖景，我們曾經談論過百思買的陳列室。我想知道該組織在陳列室與民族品牌方面的思想變化是什麼？你推出了 Apple，現在你有了 Ulta。這裡有什麼想法變化？對於在服裝領域接受更多民族品牌的意願，這些品牌可能需要取代商場的銷量，這說明了什麼？就這些品牌進入 Target 商店需要帶來的東西而言，這裡的標準是否更高？

Yes. Chris, it's Brian. I think one of the things that we underscored throughout the pandemic has been the strength of our stores. And despite many of Americans really avoiding public places, we've seen very strong store comps, obviously, in excess of 7%. And we saw very solid store traffic. So I think we've continued to build trust. And I think coming out of the pandemic, our stores are going to be -- continue to be very relevant, very important. I think they go far beyond showcasing. We know our guests are inspired by shopping in our stores. They enjoy browsing. They enjoy seeing the combination of our owned brands and national brands.

是的。克里斯，是布賴恩。我認為我們在整個大流行期間強調的一件事就是我們商店的實力。儘管許多美國人確實避開了公共場所，但我們已經看到非常強大的商店組合，顯然超過了 7%。我們看到了非常穩定的商店流量。所以我認為我們一直在建立信任。而且我認為從大流行中走出來，我們的商店將 - 繼續非常相關，非常重要。我認為它們遠遠超出了展示範圍。我們知道我們的客人受到在我們商店購物的啟發。他們喜歡瀏覽。他們喜歡看到我們的自有品牌和民族品牌的結合。

And now I think we just punctuate that further with the addition of brands like Ulta Beauty, Levi's, the expansion of Apple. The work that we've done throughout the year to create a showcase of owned brands and national brands and continue to invest in building a trusted and safe shopping experience. So as we think to the future, stores are going to play a very important role. It's going to be a place where our guests enjoy shopping each and every day. And I think they're going to continue to enjoy our multi-category portfolio for years to come. So we are -- continue to be very bullish on the role stores play. And I think these new national brand partnerships will only accentuate the importance of stores and drive future traffic to our stores.

而現在我認為我們只是通過增加 Ulta Beauty、Levi's 等品牌以及蘋果的擴張來進一步強調這一點。我們全年所做的工作是創建一個展示自有品牌和民族品牌的展示櫃，並繼續投資於建立一個值得信賴和安全的購物體驗。因此，當我們展望未來時，商店將扮演非常重要的角色。這將是我們的客人每天都喜歡購物的地方。而且我認為他們將在未來幾年繼續享受我們的多類別產品組合。所以我們 - 繼續非常看好商店所扮演的角色。而且我認為這些新的國家品牌合作夥伴關係只會強調商店的重要性，並推動我們商店的未來客流量。

Our next question is from Karen Short with Barclays.

我們的下一個問題來自 Barclays 的 Karen Short。

I also had kind of '21 question and then a bigger picture question. So trying the SG&A question a little bit differently. If I look at what I think your COVID costs were and expenses were in 2020, it was north of $1 billion. And I think I calculate around $750 million in wages for the 2 quarters in the back half of 2020. So in theory, that would imply you lose about $1 billion in SG&A dollars in 2021. Is that the right way to think about it? Because it definitely gets me closer kind of to 7% on the operating margins, obviously, depending on sales.

我也有 '21 的問題，然後是一個更大的問題。所以嘗試 SG&A 問題有點不同。如果我看一下我認為您在 2020 年的 COVID 成本和支出，它超過了 10 億美元。而且我認為我計算出 2020 年下半年兩個季度的工資約為 7.5 億美元。所以理論上，這意味著你在 2021 年損失了約 10 億美元的 SG&A 美元。這是正確的思考方式嗎？因為它肯定讓我的營業利潤率接近 7%，顯然，這取決於銷售額。

Karen, like similar to the answer I gave, Chris, I think there's going to be a lot of moving variables through the gross margin and SG&A lines. And to get overly precise today about where any one of them comes in, I think, would be a bit of an exercise in false precision. The biggest factor versus a couple of years ago on the SG&A line is going to be the benefit of scale, and we can put that to use in so many ways across the business. And we've got a long history of investing in our team. That was a big part of the journey we embarked on in 2017 and attracting and retaining the best team in retail has been a center of our strategy for the last several years. And we continue to put the team at the forefront this year, and that will continue as well.

凱倫，就像我給出的答案一樣，克里斯，我認為在毛利率和 SG&A 線上會有很多變動的變量。我認為，今天要過於精確地了解其中任何一個的來源，這將是一種虛假精確度的練習。與幾年前相比，SG&A 線最大的因素將是規模優勢，我們可以在整個業務中以多種方式使用它。我們在投資團隊方面有著悠久的歷史。這是我們在 2017 年踏上旅程的重要組成部分，吸引和留住零售業最優秀的團隊一直是我們過去幾年戰略的核心。今年我們繼續把團隊放在最前沿，這也將繼續下去。

Karen, I might as well take the guidance question upfront and kind of remove the bull's eye from Michael's chest, again, no pun intended. But as we sit here today, I think we all recognize this is a very uncertain environment. We're still speculating around what's going to happen with the economy, how employment rates start to recover. While the trends are encouraging right now with the virus, we're all battling COVID each and every day. And while vaccine distribution is accelerating, millions and millions of Americans are still waiting for their turn to get that vaccine. We're still wondering when children go back to school. And when we'll return to the workplace.

凱倫，我不妨先提出指導問題，然後再一次從邁克爾的胸口移開靶心，這不是雙關語。但是當我們今天坐在這裡時，我想我們都認識到這是一個非常不確定的環境。我們仍在猜測經濟會發生什麼，就業率如何開始復蘇。儘管目前該病毒的趨勢令人鼓舞，但我們每天都在與 COVID 作鬥爭。雖然疫苗分發正在加速，但數以百萬計的美國人仍在等待輪到他們接種疫苗。我們仍然想知道孩子們什麼時候回學校。以及我們何時返回工作場所。

So we approach guidance, recognizing there's lots of uncertainty. But I'll go back to the fact that for most of the last year, we haven't provided guidance, but we have focused on execution. And I think our team has proven to be very flexible, very agile. We responded to the environment and we've been focused on delivering a trusted and safe experience for our guests, whether they're shopping in our stores or online. That focus on execution will continue in 2021. And I wouldn't confuse guidance or the lack thereof with our confidence to continue to take market share and outperform in the coming months and years.

所以我們接近指導，認識到有很多不確定性。但我要回到過去一年的大部分時間裡，我們沒有提供指導，但我們專注於執行。而且我認為我們的團隊已經被證明非常靈活，非常敏捷。我們對環境做出了回應，我們一直專注於為我們的客人提供值得信賴和安全的體驗，無論他們是在我們的商店還是在網上購物。對執行的關注將在 2021 年繼續。我不會將指導或缺乏指導與我們在未來幾個月和幾年繼續佔據市場份額並表現出色的信心混淆。

So I recognize the frustration of not being more precise, particularly on the top line as we think about sales, but I can guarantee you, our entire leadership team and every part of this organization is focused on retaining and growing market share no matter what the variables are we have to face. So I recognize, and we certainly like to be in a different position today, providing more precision. But what I can tell you is we're going to continue to execute our strategy, leverage our capabilities, our owned brands and national brands, our multi-category assortment and our team to continue to build on the momentum we gained in 2020, leverage the additional $15 billion of revenue we now have inside of our P&L and continue to build on the market share we gained in 2020 and make sure that's very sticky for years to come.

因此，我認識到沒有更精確的挫敗感，尤其是在我們考慮銷售時的頂線，但我可以向您保證，我們的整個領導團隊和該組織的每個部分都專注於保持和增加市場份額，無論發生什麼變數是我們必鬚麵對的。所以我承認，我們今天當然喜歡處於不同的位置，提供更高的精確度。但我可以告訴你的是，我們將繼續執行我們的戰略，利用我們的能力、我們的自有品牌和民族品牌、我們的多品類產品和我們的團隊，繼續鞏固我們在 2020 年獲得的勢頭，利用我們現在在損益表中額外增加了 150 億美元的收入，並繼續鞏固我們在 2020 年獲得的市場份額，並確保在未來幾年保持粘性。

But I recognize for all of you, you'd love more precision around market share. You'd love some more top line insights. I can tell you, we're off to a very strong start in February. In fact, our comps in February started with a 2 handle, and that's a 20 comp in the first part of the year.

但我承認你們所有人，你們會喜歡更精確的市場份額。您會喜歡更多的頂級見解。我可以告訴你，我們在二月份的開局非常強勁。事實上，我們 2 月份的比賽開始時是 2 把柄，而今年上半年是 20 次比賽。

So we'll see how that plays out in March and April, but we're off to a strong start. We took significant market share in the fourth quarter. If you recall our comments in earlier meetings, we talked about the fact that in the first 3 quarters of the year, we had picked up approximately $6 billion of market share. So we added another $3 billion of market share during the holiday season, where all of our competitors were operating. So I think the vibrancy of our model, our ability to execute is something that I would ask all of you to focus in on. And I recognize you've got to do that in light of the fact that we haven't provided the precision that we normally do at this time.

因此，我們將在 3 月和 4 月看到情況如何，但我們已經有了一個良好的開端。我們在第四季度佔據了重要的市場份額。如果您還記得我們在之前會議上的評論，我們談到了這樣一個事實，即在今年前 3 個季度，我們獲得了大約 60 億美元的市場份額。因此，我們在所有競爭對手都在經營的假日季節又增加了 30 億美元的市場份額。所以我認為我們模型的活力，我們的執行能力是我要求你們所有人關注的事情。我承認你必須這樣做，因為我們目前還沒有提供我們通常所做的精確度。

No, I appreciate that. And I just wanted to ask a bigger picture question. With respect to the partnerships that you've announced, what is the gating factor on accelerating or not accelerating some of these partnerships at a faster rate? I mean you've obviously given us the number of remodels that you've done, and I'm sure they're not all a primary target for some of these partnerships, but it seems like you could move a little faster on those. So a little color on that would be great.

不，我很感激。我只是想問一個更大的問題。關於您宣布的合作夥伴關係，加速或不加速其中一些合作夥伴關係的關鍵因素是什麼？我的意思是，您顯然已經向我們提供了您進行的改造的數量，而且我敢肯定，它們並不是其中一些合作夥伴關係的主要目標，但您似乎可以在這些方面更快地採取行動。所以在上面塗一點顏色會很棒。

Yes. I'll go back over time and think about the work we've been doing for the last 5 or 6 years. We always start by testing and learning. Listening to the guest, listening to our team, iterating along the way, validating our assumptions, both from a sales standpoint and a financial standpoint, before we accelerate. It's the same approach we've taken with remodels over the years and new small formats. It's the same approach we took to Pick Up and Drive Up. And we're doing the same thing as we think about partnerships with great partners like Apple and Ulta Beauty. We want to test and learn, make sure we get the model right. And then as we've demonstrated in the past, we'll hit the accelerator and make sure we expand and leverage scale as quickly as possible.

是的。我會隨著時間的推移回過頭來想想過去 5 或 6 年我們所做的工作。我們總是從測試和學習開始。在我們加速之前，傾聽客人的意見，傾聽我們團隊的意見，沿途迭代，從銷售角度和財務角度驗證我們的假設。這與我們多年來對改造和新的小格式所採取的方法相同。這與我們在上車和上車時採用的方法相同。在考慮與 Apple 和 Ulta Beauty 等優秀合作夥伴建立合作夥伴關係時，我們也在做同樣的事情。我們想要測試和學習，確保我們得到正確的模型。然後正如我們過去所展示的那樣，我們將加速並確保我們盡快擴大和利用規模。

Great. And congratulations on a great year.

偉大的。並祝賀偉大的一年。

The next question is from Edward Kelly from Wells Fargo.

下一個問題來自富國銀行的 Edward Kelly。

Maybe just one on '21 and then also a bigger picture for you. So on the gross margin, can you just provide a bit more color on the '21 gross margin settling in a little bit below '19. Is that just simply a function of digital growth getting ahead of sort of potential offsets and merchandising? And then how are you thinking about the gross margin outlook beyond '21?

也許只是 21 年的一個，然後對你來說也是一個更大的圖景。因此，在毛利率方面，您能否在 21 年毛利率稍微低於 19 年時提供更多顏色。這僅僅是數字增長領先於潛在抵消和商品推銷的一種功能嗎？那麼您如何看待 21 年後的毛利率前景？

Sure. The biggest factor in '21 was the supply chain and digital pressure, about 110 basis points of pressure on the year from that. But I think that's actually a good place to illustrate somewhat how we think about rate. Because to me, it's all about the dollar impact, not the rate impact. And digital is a perfect example. If you would have told us we could double the digital business and only see 110 basis points of pressure last year, I think we all would have taken that outcome. But more important than that, when we're growing digital, we're deepening our relationship with guests. And great things happen in aggregate to us when that occurs.

當然。 21 年最大的因素是供應鍊和數字壓力，從那時起，一年的壓力約為 110 個基點。但我認為這實際上是說明我們如何看待利率的好地方。因為對我來說，這都是關於美元的影響，而不是利率的影響。數字就是一個很好的例子。如果您告訴我們，我們可以將數字業務翻一番，並且去年只看到 110 個基點的壓力，我想我們都會接受這個結果。但更重要的是，當我們發展數字化時，我們正在加深與客人的關係。當這種情況發生時，偉大的事情就會發生在我們身上。

And so sign me up for more digital growth going forward. We know that's a behavior that will be sticky. Because what comes with that, in addition to a little bit of rate pressure on the margin line, is hugely accretive sales benefits in total. And so biggest driver in 2021 for sure and I would welcome more digital growth going forward and we expect that's a place where we'll continue to excel.

因此，請為我報名參加更多的數字化增長。我們知道這是一種很粘人的行為。因為隨之而來的是，除了邊際線上的一點點利率壓力外，總體上還有巨大的銷售收益。因此，2021 年肯定是最大的驅動力，我歡迎更多的數字增長向前發展，我們預計這是我們將繼續表現出色的地方。

Okay. And then I just wanted to follow-up with a question on Shipt. Can you provide just a bit more color on what you've seen this year from -- or this past year from like a membership trend standpoint, retail partnership growth? And then taking a step back, what's the competitive synergy of owning this business versus utilizing it as if it was a third party provider? And if there was potential to amount value in something like Shipt, would that be something that would interest you?

好的。然後我只想跟進一個關於 Shipt 的問題。你能否提供更多關於你今年所看到的 - 或者從會員趨勢的角度來看過去一年，零售合作夥伴關係的增長？然後退後一步，擁有該業務與將其作為第三方提供商一樣使用它的競爭協同作用是什麼？如果像 Shipt 這樣的東西有可能增加價值，你會感興趣嗎？

John, you want to talk about, Shipt?

約翰，你想談談嗎，希普特？

Yes, sure. So we were incredibly pleased with Shipt's performance over the past year. They gained market share, very strong results for the business serving our retail partners. And just as important, and I'll come back to this, is Shipt has become an integral part of Target and our fulfillment on same-day operations. So incredibly important there. But I think the team down in Birmingham did an outstanding job this year, just scaling the business, right? They doubled the number of shoppers. We talked about how the Target sales on Shipt grew by 300%. Memberships grew by 130%. We continue to add great retail partners like Best Buy and Bed Bath & Beyond and several local and regional grocers. And so they've done just a really great job continuing to scale that business.

是的，當然。因此，我們對 Shipt 在過去一年中的表現非常滿意。他們獲得了市場份額，為我們的零售合作夥伴服務的業務取得了非常強勁的成果。同樣重要的是，我會回到這一點，Shipt 已成為 Target 的一個組成部分，也是我們在當日運營中實現的一部分。那裡非常重要。但我認為伯明翰的團隊今年做得非常出色，只是擴大了業務規模，對嗎？他們使購物者的數量增加了一倍。我們談到了 Shipt 上的 Target 銷售額如何增長了 300%。會員人數增長了 130%。我們繼續增加優秀的零售合作夥伴，例如 Best Buy 和 Bed Bath & Beyond 以及多家本地和區域雜貨店。因此，他們在繼續擴大業務方面做得非常出色。

I think when it comes to Shipt and obviously, the relationship with Target, incredibly important part about our same-day options. And you heard us talk all morning today about the key lever that having that suite of fulfillment, same-day fulfillment options for our Target guest has been over the past year and really over the past several years and will continue to be in the future. Not only is that the preferred way our guest continues to grow with us, but they're also economically advantaged. And so we see -- we continue to see huge opportunities for Shipt to continue to work directly with Target to continue to fulfill our guest's needs.

我認為當談到 Shipt 以及與 Target 的關係時，顯然是我們當天選擇的非常重要的部分。您今天整個上午都聽到了我們談論的關鍵槓桿，即為我們的 Target 客人提供一套履行、當日履行選項的關鍵槓桿在過去的一年中，實際上在過去的幾年中，並將在未來繼續存在。這不僅是我們的客人繼續與我們一起成長的首選方式，而且他們在經濟上也具有優勢。所以我們看到 - 我們繼續看到 Shipt 繼續直接與 Target 合作以繼續滿足我們客人的需求的巨大機會。

The other thing I would say, is we see when a -- very similar to Drive Up, when a guest engages with Shipt through Target, again, we see growth in our sales in-store and online on the Target platform as well. So they get more engaged with Target. That is hugely valuable for us. So we bought that capability 3 years ago thinking this is what it would be. It would be incredibly important for us from a same-day perspective. It has only become more so has that accelerated through 2020.

我要說的另一件事是，我們看到與 Drive Up 非常相似，當客人通過 Target 與 Shipt 互動時，我們再次看到 Target 平台上的店內和在線銷售增長。因此，他們與 Target 有更多的互動。這對我們來說非常有價值。因此，我們在 3 年前購買了該功能，並認為這就是它的樣子。從同一天的角度來看，這對我們來說非常重要。到 2020 年，這種情況只會變得越來越快。

And I'd just go back to a point that we've made a number of times. Our most valuable guest is a guest that uses -- utilizes all of our assets, shops in our stores, leverages Order Pick Up, uses Drive Up when it's convenient for them. And also, more and more, leverages the benefits of a personal shopper through Shipt. So we think that continues to be the easiest place to shop in America. Having all of those assets available for our guests is critically important. And we think those are going to be very sticky over time. Those guests who utilize Drive Up and Shipt during the pandemic, we think there's going to be a lasting connection to those fulfillment options as we go forward in 2021 and beyond.

我想回到我們已經多次提出的觀點。我們最有價值的客人是使用我們所有資產、我們商店中的商店、利用訂單取貨、在方便時使用 Drive Up 的客人。此外，Shipt 越來越多地利用個人購物者的優勢。所以我們認為這仍然是在美國最容易購物的地方。為我們的客人提供所有這些資產至關重要。我們認為隨著時間的推移這些會變得非常棘手。那些在大流行期間使用 Drive Up 和 Shipt 的客人，我們認為隨著我們在 2021 年及以後的發展，這些履行選項將建立持久的聯繫。

The next question is from Ed Yruma with KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Ed Yruma。

I guess, first, you were pretty early on in raising wages. Do you think that having a premium relative to some of your competitors is important to kind of keep the customer service level high? I guess I'm just asking that because it does seem like industry wages are moving up. And it's kind of a longer-term question, you guys have done a great job of differentiating your soft goods and your hard lines based on design. I guess as you think about food, particularly fresh food, how do you think you can differentiate and grab share?

我想，首先，你很早就開始加薪了。您認為相對於您的一些競爭對手而言，擁有溢價對於保持較高的客戶服務水平很重要嗎？我想我只是問這個問題，因為看起來行業工資確實在上漲。這是一個長期的問題，你們在根據設計區分軟商品和硬線方面做得很好。我想當你想到食物，尤其是新鮮食物時，你認為你如何能夠區分和搶占份額？

Ed, I'll go back to the commitment we made at this meeting in 2017, when John Mulligan and I laid out our strategy for the company and talked about the billions of dollars of capital we'd invest in stores, in remodeling stores, in building new stores and building out our digital and fulfillment capabilities. At that time, we said the most important investment we were making was in our team. And I think the results we've seen in 2017 and 2018 and 2019 and 2020, is a by-product of that commitment to our team. Investing in wages and benefits, investing in training and career opportunities. And I think it's allowed us to build the best team in retail that's incredibly engaged, that's focused on taking care of our guests, but also taking care of each other. And our team was really the star of 2020. They stepped up during the pandemic and made sure we created a safe shopping environment.

Ed，我將回到我們在 2017 年會議上做出的承諾，當時我和 John Mulligan 制定了我們的公司戰略，並談到了我們將投資數十億美元的資金用於商店、改造商店，建立新商店並建立我們的數字和履行能力。當時，我們說我們所做的最重要的投資是在我們的團隊中。我認為我們在 2017 年和 2018 年以及 2019 年和 2020 年看到的結果是對我們團隊承諾的副產品。投資於工資和福利，投資於培訓和職業機會。我認為這讓我們能夠建立起最優秀的零售團隊，他們非常敬業，專注於照顧我們的客人，同時也互相照顧。我們的團隊真的是 2020 年的明星。他們在大流行期間挺身而出，確保我們創造了一個安全的購物環境。

As we scale Drive Up and saw growth rates of 500% or 600%, they flexed and we're able to meet the needs of the guests. So I think the fact that we've taken a leadership position with wages, invested in our team, provided them the opportunities to grow their careers, that's a hallmark of the commitment we've made at Target to creating the best team in retail. And I think it's provided great returns on investments for shareholders. So we'll continue to make sure we invest in our team.

當我們擴大 Drive Up 並看到 500% 或 600% 的增長率時，他們靈活了，我們能夠滿足客人的需求。因此，我認為我們在工資方面處於領先地位，投資於我們的團隊，為他們提供了發展事業的機會，這是我們在 Target 致力於打造零售業最佳團隊的一個標誌。而且我認為它為股東提供了巨大的投資回報。因此，我們將繼續確保我們投資於我們的團隊。

To your question around design, the investments we've made in food and beverage, Good & Gather is off to a tremendous start, a multibillion-dollar brand in a short period of time. It's been well received by our guests, great quality, had a great value. And I think it typifies the things we do with our owned brands. And we're very excited about the momentum we had in food and beverage. We took significant market share throughout the year. And the guest has certainly recognized and appreciates the Good & Gather brand. So we think that's a way for us to continue to differentiate our offerings. And as John mentioned, we'll continue to add fresh products to our Drive Up assortment and Pick Up assortment throughout the year, providing our guests access to more of those products that they're looking for each and every day.

關於你關於設計的問題，我們在食品和飲料方面的投資，Good & Gather 有了一個巨大的開端，在短時間內成為一個價值數十億美元的品牌。它受到我們客人的好評，質量上乘，物超所值。我認為它代表了我們對自有品牌所做的事情。我們對我們在食品和飲料領域的發展勢頭感到非常興奮。我們全年佔據了重要的市場份額。客人肯定認可並欣賞Good & Gather 品牌。因此，我們認為這是我們繼續區分我們的產品的一種方式。正如約翰所提到的，我們將在全年繼續為我們的 Drive Up 分類和 Pick Up 分類添加新鮮產品，為我們的客人提供他們每天都在尋找的更多產品。

The next question is from Scott Mushkin with R5 Capital.

下一個問題來自 R5 Capital 的 Scott Mushkin。

So I think the first question I have is really more of, I guess, strategic, structural. Just looking at the growth rate of your fulfillment cost just generally, is that going to be able to go below the growth rate of sales conceivably or conceptually?

所以我認為我的第一個問題實際上更多是戰略性的、結構性的。僅從總體上看您的履行成本的增長率，是否可以想像或在概念上低於銷售增長率？

Scott, I think on fulfillment costs, we continue to make progress on our fulfillment costs through 2 paths. First is each individual fulfillment service, we continue to lower the absolute cost of providing it. So Order Pick Up today, Drive Up today, Shipt today, ship-from-store, all of those are cheaper than they were 2 years ago. So we continue to see our costs come down there.

斯科特，我認為在履行成本方面，我們繼續通過兩條路徑在履行成本方面取得進展。首先是每個單獨的履行服務，我們繼續降低提供它的絕對成本。所以今天訂購，今天提貨，今天發貨，從商店發貨，所有這些都比 2 年前便宜。所以我們繼續看到我們的成本在那裡下降。

The second way we see our costs come down is through mix. Drive Up, Order Pick Up and Shipt all have much better economics, as we've said for years than shipping from the back of our stores, which also has better economics than shipping from our fulfillment centers. So we -- and they are the fastest-growing portion of our portfolio. In addition to that, ship-from-store grows much faster than fulfillment. So we see favorable mix as well. So we continue to be really pleased with the progress we're making on the unit economics of shipping or delivering goods, fulfilling goods to our guests.

我們看到成本下降的第二種方式是通過混合。 Drive Up、Order Pick Up 和 Shipt 都具有更好的經濟性，正如我們多年來所說的那樣，比從我們的商店後面發貨，這也比從我們的履行中心發貨具有更好的經濟性。所以我們——它們是我們投資組合中增長最快的部分。除此之外，從商店發貨的增長速度遠快於履行。因此，我們也看到了有利的組合。因此，我們繼續對我們在運輸或交付貨物的單位經濟性方面取得的進展感到非常滿意，為我們的客人提供貨物。

The only thing I might add to that is, I mean, John talked about the power of having stores hit the hub of that fulfillment equation, and that helps all those marginal economics. But also important not to forget is the thing that matters most economically with digital is the growth in guest spend in total as they become those omnichannel guests that have a deeper relationship with Target overall.

我唯一可以補充的是，我的意思是，約翰談到了讓商店成為履行方程式的中心的力量，這有助於所有這些邊際經濟學。但同樣重要的是，不要忘記數字化最經濟的事情是客人總支出的增長，因為他們成為與 Target 整體關係更深的全渠道客人。

And so any time we're looking at the slice and dicing of the P&L by channel, which we do a lot of, and we've made a lot of progress getting more efficient over time, that always has to be stapled to the greater impact of that greater guest spend in total as they use more and more of our digital fulfillment services.

因此，每當我們通過渠道查看損益表的切片和切塊時，我們都會做很多事情，並且隨著時間的推移，我們已經取得了很大的進步，變得更有效率，這總是必須與更大的隨著客戶越來越多地使用我們的數字履行服務，客戶總支出增加的影響。

Scott, one of the examples we've shared over the last year is the Target guest that is now using Drive Up, actually spends more money in store. It just deepens that relationship. So we can look at the economics, fulfillment node by fulfillment node, but it's really how it all comes together and how we deepen relationship with our guests, get them to use all of our assets and utilize both stores and digital fulfillment channels over time. So as John said, we're going to continue to improve the economics of each one of those capabilities but it's really the sum of the parts and that deeper relationship we build as our guests use more of our fulfillment nodes over time.

斯科特，我們去年分享的一個例子是現在使用 Drive Up 的 Target 客人，實際上在商店里花了更多的錢。它只是加深了這種關係。因此，我們可以逐個履行節點來查看經濟性，但這實際上是這一切如何結合在一起，以及我們如何加深與客人的關係，讓他們使用我們所有的資產，並隨著時間的推移利用商店和數字履行渠道。因此，正如約翰所說，我們將繼續提高每一項功能的經濟性，但這實際上是各個部分的總和，隨著時間的推移，隨著客人使用我們更多的履行節點，我們建立了更深層次的關係。

I appreciate that answer. I mean as a follow-up to what you guys are saying. I mean, obviously, Amazon has struggled with this, too, right? Their fulfillment costs grow faster than their sales. So if we're -- and I think, looking at it, as in kind of just as one kind of fulfillment cost, I mean, do you guys see a path ever for -- because I know Amazon struggled here too, like to getting fulfillment costs to grow on a slower basis than your sales? Because that's obviously where the leverage would be able to come in if you can make that happen.

我很欣賞這個答案。我的意思是作為你們所說的後續行動。我的意思是，很明顯，亞馬遜也在為此苦苦掙扎，對吧？他們的履行成本增長速度超過了銷售額。所以如果我們——我認為，看看它，就像一種履行成本，我的意思是，你們是否看到了一條永遠的道路——因為我知道亞馬遜也在這裡苦苦掙扎，喜歡讓履行成本的增長速度低於您的銷售額？因為如果你能做到這一點，這顯然是可以發揮槓桿作用的地方。

Scott, the place I'd start is the power that the store gives us to fulfill because everything is cheaper when it comes to the store. And that helps us on the cost question that you asked. It's cheaper to ship a box a shorter distance from a local store after it's ridden our supply chain rails all the way to that store. Same-day fulfillment economics look a lot like store economics to us. And that's the piece to John's point that's growing fastest. And so the stores give us an incredible advantage to have advantaged cost profile as we fulfill.

斯科特，我要開始的地方是商店賦予我們實現的力量，因為商店裡的一切都更便宜。這有助於我們解決您提出的成本問題。將一個箱子從我們的供應鍊軌道一路運送到當地商店後，從當地商店運送一個較短距離的箱子會更便宜。對我們來說，當日履行經濟學看起來很像商店經濟學。這就是約翰所說的增長最快的部分。因此，這些商店為我們提供了令人難以置信的優勢，讓我們在履行時擁有優勢的成本狀況。

The other thing that the stores give us that has been incredibly valuable this year is great flexibility. We've seen the ability for stores to scale to meet guests' need in a way that I think probably would have surprised us if we can go back a year in time and see it all coming. But stores are so flexible. There's real power in being able to say, it's that same piece of inventories sitting on a shelf, and we can put it in a box and ship it out the back. We can drop it in a guest's trunk via a Drive Up. They can place it in their cart on a store trip and not having to be able to see perfectly exactly how that demand is going to come, but knowing the inventory can fulfill it and our great store team can make it happen however the guest chooses to shop gives us a huge flexibility advantage as well.

今年商店給我們的另一件非常有價值的事情是極大的靈活性。我們已經看到商店能夠以某種方式擴大規模以滿足客人的需求，如果我們能及時回到一年前看到這一切的到來，我認為這可能會讓我們感到驚訝。但是商店是如此靈活。有真正的力量可以說，同樣的庫存放在架子上，我們可以把它放在一個盒子裡，然後從後面運出去。我們可以通過 Drive Up 將它放在客人的後備箱中。他們可以在去商店旅行時將其放入購物車，而不必完全準確地看到需求將如何到來，但知道庫存可以滿足需求，我們出色的商店團隊可以實現它，無論客人選擇如何shop 也為我們提供了巨大的靈活性優勢。

Yes. And just piling on now. The other thing, I go back to what Michael and Brian both said, it's the sum of the parts. And I don't think we need any more than to look at last year to see that when the sum of the parts operate together, we grew digital at an astronomical rate. We grew the store at a great rate. And together, we generated significant profits. So it is the sum of the parts working together that is the real power for us. And then Michael, I think, talked about this today that when you start to disaggregate them, you start picking at things that don't make a whole lot of sense because of the way we package the whole thing together to deliver that for our guests and the economic returns that provides for us in total.

是的。現在只是堆積起來。另一件事，我回到邁克爾和布賴恩都說過的話，這是各部分的總和。而且我認為我們只需要看看去年就可以看到，當各個部分的總和一起運行時，我們以天文數字的速度增長。我們以極快的速度發展了這家商店。我們一起創造了可觀的利潤。因此，對我們來說，真正的力量是協同工作的各個部分的總和。然後邁克爾，我想，今天談到了這一點，當你開始分解它們時，你開始挑選那些沒有多大意義的東西，因為我們將整個東西打包在一起為我們的客人提供以及為我們提供的總體經濟回報。

Perfect, guys. And hats off to you guys in the stores and everything else for doing what you did this year. It's just amazing, you could do so much more volume and perform so well. So congratulations on that.

完美，伙計們。並向商店裡的你們以及今年所做的一切致敬。這真是太棒了，你可以做更多的音量並且表現得如此出色。恭喜你。

The next question is from Simeon Gutman with Morgan Stanley.

下一個問題來自摩根士丹利的西蒙·古特曼。

My first question, I want to ask, I guess, longer-term question on margins. It's sort of outside of '21 so I know '21, there's not a lot of visibility. But I know the conversations we've had about margins is more about there an outcome and you're not managing to a particular margin. Beyond '21, is there anything that could hold margin back in terms of some of the investments that you have planned for the out years?

我的第一個問題，我想是關於利潤的長期問題。它有點在 21 年之外，所以我知道 21 年，知名度並不高。但我知道我們關於利潤的對話更多地是關於結果，而你並沒有達到特定的利潤。在 21 年之後，就您計劃在未來幾年進行的一些投資而言，是否有任何東西可以阻止利潤率？

Thanks for the question, Simeon. When I think about margins in the long run, the straw that will stir that drink is sales growth. And we're incredibly confident in the way we're positioned to build on the deepening guest trust the beginning of this year with long-term sales growth. You can see the power of leverage in our model in an exaggerated way in 2020, no doubt. But that's the focus of where we're investing going forward is to continue to gain share and grow the top line because that gives us a lot of levers to pull below there on the margin line. Yes.

謝謝你的問題，西蒙。從長遠來看，當我考慮利潤率時，推動這種飲料的稻草是銷售增長。我們對我們在今年年初建立在不斷加深的客戶信任和長期銷售增長基礎上的方式充滿信心。毫無疑問，您可以在 2020 年以誇張的方式在我們的模型中看到槓桿的力量。但這就是我們未來投資的重點是繼續獲得份額並增加收入，因為這給了我們很多槓桿來拉低邊際線。是的。

So the other thing that we've talked about periodically is the importance of mix in our business. And over time, our multi-category portfolio is a huge asset. Christina has been obviously in a merchant chair for a number of years and understands the importance of balancing our multi-category portfolio, the balance between our owned brands and national brands. And as John and Michael have talked about periodically, as we think about the future from a digital standpoint, we think that's going to continue to move more and more towards same-day, which from a mix standpoint is very advantageous to us. So I think our outlook for margin over the long-term is very bullish.

所以我們定期討論的另一件事是混合在我們的業務中的重要性。隨著時間的推移，我們的多類別產品組合是一筆巨大的資產。克里斯蒂娜顯然已經擔任了多年的商人主席，並且了解平衡我們的多類別產品組合、我們的自有品牌和民族品牌之間的平衡的重要性。正如約翰和邁克爾定期談到的那樣，當我們從數字的角度考慮未來時，我們認為這將繼續越來越接近同一天，從混合的角度來看，這對我們非常有利。因此，我認為我們的長期利潤率前景非常樂觀。

As we leverage our multi-category portfolio, we continue to build our owned brands as well as great national brand partners. But as we continue to see guests take advantage of the speed and convenience of same-day digital fulfillment, all those things add up to a very healthy mix management and margin control.

隨著我們利用我們的多品類產品組合，我們將繼續打造我們的自有品牌以及優秀的國家品牌合作夥伴。但隨著我們繼續看到客人利用當日數字履行的速度和便利性，所有這些加起來形成了非常健康的組合管理和利潤控制。

Great. Okay. And my follow-up is on the $9 billion of share that you gained in 2020. I saw it was one of the pillars in that pyramid debt foundation. Can you talk about how you're thinking about retaining it? Anything more in terms of -- you're hoping to keep 100% of it and build from it. Can you share a range of outcomes in terms of share retention? And then anything on the categories that you think you can make the most headway with in 2021?

偉大的。好的。我的後續行動是你在 2020 年獲得的 90 億美元份額。我看到它是金字塔債務基礎的支柱之一。你能談談你是如何考慮保留它的嗎？更多的是——你希望保留 100% 的內容並以此為基礎進行構建。您能否分享在份額保留方面的一系列成果？然後你認為你可以在 2021 年取得最大進展的類別有什麼？

Simeon, I'll come back to -- we saw a really strong share performance against our entire portfolio in 2020. And that continued in the fourth quarter, and we expect to continue to be in a strong share position in 2021. Obviously, we're still sorting through what the overall industry performance will look like, category by category as we think about 2021. But I'll let Christina comment on some of the early observations that we have as we think about the strength in our owned brands, some of the newness that we're bringing to market, the new national brand partnerships and the great investments we have with both our owned brand and national brand vendor partners. So I think we're well positioned to continue to grow share. And I think the investments we're making in our stores and the store experience and in digital positions us well to continue to grow share for years to come.

西蒙，我會回到 - 我們在 2020 年看到我們整個投資組合的股票表現非常強勁。這種情況在第四季度繼續，我們預計在 2021 年將繼續保持強勁的股票地位。顯然，我們“我們仍在對 2021 年的整體行業表現進行分類，按類別分類。但我會讓克里斯蒂娜評論我們在考慮自有品牌實力時的一些早期觀察，我們為市場帶來的一些新鮮感、新的國家品牌合作夥伴關係以及我們與自有品牌和國家品牌供應商合作夥伴的大量投資。所以我認為我們有能力繼續增加份額。而且我認為我們在商店和商店體驗以及數字位置上的投資很好地在未來幾年繼續增長份額。

Yes. I might add a few points there, but to really punctuate what Brian said is the multi-category portfolio that we have gives us so much flexibility. And if we follow the guest, we will deliver. We -- when the guests chose not to really change their order very much and more yield pass all year, it had an impact on the apparel industry, yet we significantly outpaced the performance in that industry. This year, people are going to buy new clothes because people don't want to wear the same thing over and over. They'll do their makeup. They might even buy a piece of luggage if they're venturing out of the trip. And that ability to flex with the needs of the guests through the breadth of our portfolio is what's going to keep us growing share and gaining against the industry for years to come.

是的。我可能會在那裡補充幾點，但要真正強調布賴恩所說的是我們擁有的多類別投資組合給了我們很大的靈活性。如果我們跟隨客人，我們將交付。我們——當客人選擇不真正改變他們的訂單並且全年更多的收益傳遞時，它對服裝行業產生了影響，但我們明顯超過了該行業的表現。今年，人們會買新衣服，因為人們不想一遍又一遍地穿同樣的衣服。他們會化妝。如果他們冒險離開旅行，他們甚至可能會買一件行李。通過我們廣泛的產品組合來滿足客人需求的能力將使我們在未來幾年保持增長份額並在行業中脫穎而出。

Great, and congratulations.

太好了，恭喜。

The next question is from Stephanie Wissink with Jefferies.

下一個問題來自 Jefferies 的 Stephanie Wissink。

This is Corey Grady on for Steph Wissink. I wanted to follow-up on the February comp comment. How much of that strength would you attribute to stimulus? And can you compare the impact of this round on what you saw last summer?

這是斯蒂芬·威辛克的科里·格雷迪。我想跟進二月份的比賽評論。您會將這種力量在多大程度上歸因於刺激？你能比較一下這一輪對你去年夏天所見的影響嗎？

Yes. We've spent a lot of time trying to sort through some of the factors behind that. Again, I think so much of it has been the investments we've made in safety and the shopping experience throughout the last year. We certainly have seen guests shop all of our categories in the month of February. So broad-based strength. And I think, again, the guest is responding to some of the newness in our assortment. And to Christina's point, they're looking for the opportunity to shop our stores and find new items. They're tired of the yoga pants and really appreciate some of the new assortment we have in apparel. They're still shopping for their homes as they refresh the core. They're still heating at home so kitchen and food-related items are still really important.

是的。我們花了很多時間試圖梳理這背後的一些因素。再一次，我認為我們在過去一年中在安全和購物體驗方面所做的投資有很大一部分。我們當然已經看到客人在二月份購買了我們所有的類別。如此廣泛的實力。而且我認為，再次，客人正在對我們品種中的一些新事物做出回應。就克里斯蒂娜而言，他們正在尋找機會在我們的商店購物並尋找新商品。他們厭倦了瑜伽褲，真的很欣賞我們在服裝方面的一些新品種。當他們刷新核心時，他們仍在為自己的房屋購物。他們仍在家裡取暖，因此廚房和與食物相關的物品仍然非常重要。

So we see a guest shopping all of our categories, taking advantage of both stores and our digital channels. And I think it's a byproduct of the investments we've made throughout the pandemic to build trust to make sure they know we've got a safe shopping environment and the great work that our teams have done to make sure that they're focused every day on meeting the needs to our guests. So very encouraged with the month of February. And we'll continue to make sure we stay agile and flexible to meet the needs of the guests throughout the next 11 months.

因此，我們看到一位客人利用商店和我們的數字渠道購買了我們所有的類別。我認為這是我們在整個大流行期間進行投資以建立信任以確保他們知道我們有一個安全的購物環境以及我們的團隊為確保他們專注於每一個滿足客人需求的一天。所以對二月份非常鼓舞。在接下來的 11 個月裡，我們將繼續確保我們保持敏捷和靈活，以滿足客人的需求。

As a follow-up, I wanted to ask about your inventory position. Where do you stand on in-stock positions today? Are you seeing any gaps that you feel you need to remediate in the near term?

作為後續，我想詢問您的庫存狀況。您今天在庫存頭寸上的立場是什麼？您是否看到任何您認為需要在短期內補救的差距？

Christina?

克里斯蒂娜？

We're very pleased with our inventory position. We continue to build in support of sales. And the reality is that we are -- we're looking to fill in the gaps where we have a few selectively, but it's been a marked improvement throughout the year and the responsiveness of our team is incredible. We have not only a very responsible supply chain team here in the United States, but across the whole world. That intel and insight allows us to manage a very complex supply chain with efficiency and always been focused on getting our out of stocks in the best position possible.

我們對我們的庫存狀況感到非常滿意。我們將繼續為銷售提供支持。現實情況是，我們正在尋求填補我們有選擇的一些空白，但全年都有顯著改善，我們團隊的響應能力令人難以置信。我們不僅在美國這裡有一個非常負責任的供應鏈團隊，而且在全世界都有。這種情報和洞察力使我們能夠高效地管理一個非常複雜的供應鏈，並始終專注於讓我們的庫存盡可能處於最佳狀態。

And Corey, an opportunity to really thank our vendor partners who have been very responsive to meeting our needs. Obviously, no one anticipated the kind of comps we were driving in 2020. I talked about the almost historic number we delivered in January, and our vendor partners have been very responsive, working with our merchants and supply chain teams to ensure that we fill in some of those gaps and have the inventory we need as we go forward.

還有 Corey，這是一個真正感謝我們的供應商合作夥伴的機會，他們一直非常積極地滿足我們的需求。顯然，沒有人預料到我們在 2020 年推出的那種補償。我談到了我們在 1 月份交付的幾乎歷史性的數字，我們的供應商合作夥伴反應非常迅速，與我們的商家和供應鏈團隊合作以確保我們填補其中一些差距，並在我們前進的過程中擁有我們需要的庫存。

Our next question is from Paul Lejuez with Citigroup.

我們的下一個問題來自花旗集團的 Paul Lejuez。

Curious when you look back on 2020, how many new customers were new to Target? And how did that break down versus when you acquired them first half or second half? And is there anything you can share in terms of the patterns that you saw in terms of those gained in the first half? How did they spend in the second half? Maybe talk about the frequency and spend in their purchases.

當您回顧 2020 年時感到好奇，有多少新客戶是 Target 的新客戶？與您在上半年或下半年獲得它們時相比，這種情況如何分解？關於上半年獲得的模式，你有什麼可以分享的嗎？他們下半場過得如何？也許談談他們購買的頻率和支出。

Sure. I can start. Thanks for the question, Paul. As we think about new customers, no doubt, there are some new customers to Target this year. We've shared some of the digital guests that we've gained in past calls. The thing that we're most focused on is deepening the relationship of those guests that have really stepped up their trust and their spend and their share of wallet with Target over the last year. And so we talked about the 12 million new omnichannel guests this year. That's the place where we focused a lot of that kind of deepening of the guest relationship and the things that we're tracking. We're encouraged to see the stickiness of a lot of the new behaviors that were tried in 2020.

當然。我可以開始了。謝謝你的問題，保羅。當我們考慮新客戶時，毫無疑問，今年有一些新客戶要進入 Target。我們已經分享了我們在過去的電話會議中獲得的一些數字客人。我們最關注的事情是加深那些在去年真正加強了他們的信任、他們的消費和他們與 Target 的錢包份額的客人之間的關係。因此，我們談到了今年新增的 1200 萬全渠道訪客。這就是我們專注於深化客人關係和我們正在跟踪的事情的地方。我們很高興看到 2020 年嘗試的許多新行為的粘性。

So things like Drive Up, thanks to the incredible experience our store teams provide. Once guests try a service like that, they come back and we've seen higher rates of stickiness this year than historically for some of those digital fulfillment services. And that bodes well for the stickiness of those guests and those behaviors going forward. And so while we do watch new guests, and it's great to get a new guest and convert them to a deeper Target guests over time, a lot of America shops Target and it's the deepening of those existing guests as they shop us in new and different ways and more often, that's our focus.

多虧了我們的商店團隊提供的令人難以置信的體驗，諸如 Drive Up 之類的東西。一旦客人嘗試了這樣的服務，他們就會回來，我們發現今年的一些數字履行服務的粘性比以往更高。這對這些客人的粘性和未來的行為來說是個好兆頭。因此，雖然我們確實會關注新客人，而且隨著時間的推移，很高興能得到一位新客人並將他們轉變為更深入的 Target 客人，但很多美國商店 Target 和這些現有客人的加深，因為他們以新的和不同的方式向我們購物方式和更多時候，這是我們的重點。

Yes. Paul, the only other point I would add is, as we've looked at the guests during the pandemic, we know they're consolidating where they shop. And we may have had a Target guest that was shopping for home or beauty, but they're now shopping for apparel, picking up food and beverage, exploring new categories. They may be coming to us for electronics and toys. So to Michael's point, while most of America shops with Target, during the pandemic, we've seen consumers consolidate the number of places where they shop. They're now experiencing and are active in more categories, and we think that provides lasting benefits for us for years to come.

是的。保羅，我要補充的唯一一點是，當我們在大流行期間觀察客人時，我們知道他們正在整合他們購物的地方。我們可能有一位 Target 客人正在購買家居用品或美容產品，但他們現在正在購買服裝、購買食品和飲料、探索新品類。他們可能會來找我們購買電子產品和玩具。因此，就邁克爾而言，儘管美國大多數人都在 Target 購物，但在大流行期間，我們已經看到消費者合併了他們購物的地方的數量。他們現在正在體驗並活躍在更多類別中，我們認為這為我們提供了未來幾年的持久利益。

Operator, it looks like we've got time for one final question today.

接線員，看來我們今天有時間回答最後一個問題。

Our last question is from Joe Feldman with Telsey Advisory Group.

我們的最後一個問題來自 Telsey 諮詢集團的 Joe Feldman。

I wanted to kind of continue on that train of thought, Brian, with regard to customers come in for one thing, they shop for others, what are you guys doing from a data analytics standpoint and to really stimulate the customer to buy more items beyond what they normally buy? And I was just curious where we're at in terms of the data analytics and leveraging the data to really harness it and make it more useful.

我想繼續這種思路，Brian，關於客戶進來是為了一件事，他們為其他人購物，從數據分析的角度來看，你們在做什麼，並真正刺激客戶購買更多商品他們通常買什麼？我只是好奇我們在數據分析和利用數據來真正利用它並使其更有用方面處於什麼位置。

Joe, obviously, it's been a big area of focus for us for many years. And I'll come back to something we haven't talked about a lot today, which is the membership within Target Circle. The fact that we now have 90 million members in Target Circle, which gives us an understanding of their needs, their wants, how they're shopping, new categories and new items we can introduce them to. So we're going to continue to make sure we leverage Target Circle to build deeper relationships, introduce that guest to new categories, new fulfillment options. And over time, we think that's a very valuable asset that will continue to drive growth, help us build market share and continue the momentum that we established in 2020.

喬，很明顯，多年來，這一直是我們關注的一大領域。我會回到我們今天沒有經常討論的話題，那就是 Target Circle 內的成員資格。我們現在在 Target Circle 擁有 9000 萬會員，這讓我們了解他們的需求、需求、他們的購物方式、我們可以向他們介紹的新類別和新商品。因此，我們將繼續確保我們利用 Target Circle 來建立更深層次的關係，向客人介紹新的類別、新的履行選項。隨著時間的推移，我們認為這是一項非常寶貴的資產，將繼續推動增長，幫助我們建立市場份額並延續我們在 2020 年建立的勢頭。

So with that, I want to thank everyone for joining us today. We look forward to seeing all of you in person in 2022. And obviously, John and Michael will be available for any follow-up questions today or over the balance of the week.

因此，我要感謝大家今天加入我們。我們期待在 2022 年與大家見面。顯然，John 和 Michael 將在今天或本週剩餘時間提供任何後續問題。

So thank you for joining us, and stay well.

因此，感謝您加入我們，並保持健康。