目標百貨 (TGT) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們，先生們，謝謝你們的支持。

Welcome to the Target Corporation third quarter earnings release conference call.

歡迎參加 Target Corporation 第三季度財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded, Wednesday, November 18, 2020.

（操作員說明）提醒一下，本次會議正在錄製，時間為 2020 年 11 月 18 日，星期三。

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

我現在想將會議轉交給投資者關係副總裁 John Hulbert 先生。

Please go ahead, sir.

請繼續，先生。

Good morning, everyone, and thank you for joining us on our third quarter 2020 earnings conference call.

大家早上好，感謝您參加我們的 2020 年第三季度收益電話會議。

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

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

In a few moments, Brian, John and Michael will provide their perspective on the third quarter and our priorities as we move into the holiday season.

稍後，Brian、John 和 Michael 將提供他們對第三季度的看法以及我們進入假日季節時的優先事項。

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

發言結束後，我們將打開電話線進行問答環節。

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

今天早上，投資者和其他通過網絡直播收聽我們評論的人參加了這次電話會議。

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

通話結束後，邁克爾和我將可以回答您的後續問題。

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

最後，提醒一下，我們今天早上做出的任何前瞻性陳述都存在風險和不確定性，其中最重要的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。

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

同樣在這些評論中，我們提到了非公認會計準則財務指標，包括調整後的每股收益。

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

所有非 GAAP 數字與最直接可比的 GAAP 數字的對賬都包含在今天上午的新聞稿中，該新聞稿發佈在我們的投資者關係網站上。

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

有了這個，我會把它交給布賴恩，看看他對本季度的看法和我們未來的重點。

Brian?

布賴恩？

Thanks, John, and good morning, everyone.

謝謝，約翰，大家早上好。

Before I move to our third quarter results, I want to acknowledge our team.

在談到我們的第三季度業績之前，我想感謝我們的團隊。

In an incredibly challenging environment, they have stayed focused on our guests, looked out for each other and built on the purpose and a clear set of priorities we've had in place for several years, making Target an even more relevant and responsive company for the millions of families we serve every week.

在一個極具挑戰性的環境中，他們一直專注於我們的客人，互相照顧，並建立在我們多年來製定的目標和明確的優先事項的基礎上，使 Target 成為一家更具相關性和響應能力更強的公司我們每週服務的數百萬家庭。

The pandemic has presented new challenges for all of us, and our team has successfully navigated every one of them.

大流行給我們所有人帶來了新的挑戰，我們的團隊已經成功地應對了每一個挑戰。

They've stayed laser-focused on safety, agility and reliability as they seamlessly adapted to abrupt changes in guest needs and shopping patterns.

他們一直專注於安全性、敏捷性和可靠性，因為他們無縫地適應了客人需求和購物模式的突然變化。

They've handled supply constraints in essential categories while chasing inventory in long lead time categories that are experiencing explosive growth.

他們已經處理了基本類別的供應限制，同時在經歷爆炸式增長的長交貨時間類別中追逐庫存。

They've been a calming presence and a friendly face to our guests, who are craving normalcy at a time when hardly anything feels that way.

對於我們的客人來說，他們一直是一個平靜的存在和友好的面孔，在幾乎沒有任何感覺的時候，他們渴望正常。

And our team members have passionately played an active, positive role in our communities during an incredibly turbulent year.

在異常動蕩的一年中，我們的團隊成員熱情地在我們的社區中發揮了積極、積極的作用。

With a deepening level of trust our guests are placing in our team and our brand, we've continued to see very strong business results.

隨著客人對我們團隊和品牌的信任程度不斷加深，我們繼續看到非常強勁的業務成果。

Third quarter sales grew nearly $4 billion over last year, bringing our year-to-date growth to more than $10 billion.

第三季度銷售額比去年增長了近 40 億美元，使我們今年迄今的增長超過 100 億美元。

This unprecedented growth, both in the quarter and the year, has been driven by meaningful share gains across every one of our core categories as guests increasingly rely on Target to reliably and safely serve their wants and needs.

這一季度和年度前所未有的增長是由我們每個核心類別的顯著份額增長推動的，因為客人越來越依賴 Target 來可靠、安全地滿足他們的需求。

Based on the cost leverage driven by steeply higher sales, our business continued to deliver impressive bottom line performance despite the outside investments we have been making in our team, safety and digital fulfillment.

儘管我們一直在團隊、安全和數字化實現方面進行外部投資，但基於銷售額大幅增長所帶來的成本槓桿，我們的業務繼續實現了令人印象深刻的底線業績。

Our third quarter adjusted EPS of $2.79 established another record high for company and was up more than 100% from last year.

我們第三季度調整後的每股收益為 2.79 美元，為公司創造了另一個歷史新高，比去年增長了 100% 以上。

Third quarter comparable sales increased 20.7%, reflecting a 4.5% traffic growth, combined with an increase in average ticket of more than 15%.

第三季度可比銷售額增長 20.7%，反映了 4.5% 的客流量增長，同時平均票價增長超過 15%。

Since the pandemic began in March, we've experienced a meaningful acceleration in basket growth, both in stores and online, as guests have consolidated their shopping into much larger trips.

自 3 月大流行開始以來，我們經歷了購物籃增長的顯著加速，無論是在商店還是在網上，因為客人已將他們的購物整合到更大的旅行中。

Across channels, our store comps grew nearly 10% while our digital comp sales grew 155%, contributing nearly 11 percentage points to the company comp.

在各個渠道中，我們的商店收入增長了近 10%，而我們的數字收入增長了 155%，為公司收入貢獻了近 11 個百分點。

Within digital, we continued to see the strongest growth in our same-day services, Pick Up, Drive Up and Shipt, which, together, grew more than 200% in the quarter.

在數字領域，我們的當日提貨服務、提貨服務和發貨服務繼續保持最強勁的增長，本季度這些服務的總和增長了 200% 以上。

These services are fast, convenient, reliable and contactless, which explains why they continue to generate very high levels of guest satisfaction.

這些服務快速、方便、可靠且非接觸式，這解釋了為什麼它們繼續產生非常高的客人滿意度。

All our financial reporting counts these same-day orders as digital.

我們所有的財務報告都將這些當日訂單視為數字訂單。

These services are entirely enabled by our stores.

這些服務完全由我們的商店提供。

Specifically, same-day orders are fulfilled by our store teams, along with Shipt shoppers, who rely on store inventory and systems to deliver to the front of our stores, our parking lots or guest front doors within a couple of hours of receiving an order.

具體來說，當日訂單由我們的商店團隊和 Shipt 購物者完成，他們依靠商店庫存和系統在收到訂單後的幾個小時內將貨物送到我們的商店、停車場或客人前門.

Beyond same-day services, well over half of our packages we ship to guest homes are also fulfilled from our stores, providing speed to our guests while reducing shipping costs on our P&L.

除了當日服務外，我們運送到賓館的包裹中有一半以上也是從我們的商店完成的，為我們的客人提供了速度，同時降低了損益表的運輸成本。

Altogether, between same-day services and packages shipped to our guests, about 75% of our third quarter digital sales were fulfilled by our stores.

總而言之，在當日服務和運送給我們的客人的包裹之間，我們第三季度約 75% 的數字銷售是由我們的商店完成的。

And of course, if you add that on to our conventional store sales of more than $18 billion, you can see that more than 95% of our total third quarter sales were fulfilled by our stores.

當然，如果您將其添加到我們超過 180 億美元的傳統商店銷售額中，您可以看到我們第三季度總銷售額的 95% 以上是由我們的商店完成的。

This store-as-hub model is the foundational element of our strategic plan we announced at the beginning of 2017, just over 3 years ago.

這種以商店為中心的模式是我們在 3 年多前於 2017 年初宣布的戰略計劃的基本要素。

Our performance for the first 3 quarters of 2020, which includes digital sales growth of nearly $6.5 billion and a store sales increase of more than $3.5 billion is the direct result of our stores-as-hub strategy combined with the tireless work of our team to bring it to life.

我們在 2020 年前三個季度的業績，包括近 65 億美元的數字銷售額增長和超過 35 億美元的門店銷售額增長，是我們以門店為中心的戰略以及我們團隊不懈努力的直接結果讓它栩栩如生。

In terms of the cadence of our business throughout the quarter, we began with mid-teen comp growth in August.

就我們整個季度的業務節奏而言，我們從 8 月份的中期業績增長開始。

This reflected a slow start to the back-to-school season as many school districts across the country began their year in distance learning mode.

這反映了開學季的緩慢開端，因為全國許多學區都以遠程學習模式開始了他們的學年。

However, sales trends in Back-to-School, Back-to-College and our overall business strengthened in September, driving comp growth in the mid-20% range for the month overall.

然而，返校、返校和我們整體業務的銷售趨勢在 9 月有所加強，推動整個月的薪酬增長在 20% 左右的範圍內。

In October, comp growth settled back to approximately 20%, consistent with our comp growth for the full quarter.

10 月，薪酬增長回落至約 20%，與我們整個季度的薪酬增長一致。

Across our core merchandise categories, third quarter growth was strongest in Hardlines, which saw comp growth in the mid-30% range.

在我們的核心商品類別中，Hardlines 第三季度的增長最為強勁，其複合增長率在 30% 左右。

Within Hardlines, result was strongest in electronics, which grew more than 50%, driven by particular strength in computer software, video games, portable electronic and office equipment.

在 Hardlines 中，電子產品的業績最為強勁，增長超過 50%，這得益於計算機軟件、視頻遊戲、便攜式電子產品和辦公設備的特別強勁。

Within our style categories, results were strongest in home.

在我們的風格類別中，結果在家庭中最強。

We saw comp growth in the mid-20% range, with the strongest growth in decor and kitchen.

我們看到了 20% 左右的複合增長，其中裝飾和廚房的增長最為強勁。

Comp sales in apparel grew by nearly 10%, led by results in intimates and sleepwear as well as men's apparel.

在內衣和睡衣以及男士服裝的業績帶動下，服裝的複合銷售額增長了近 10%。

Consistent with the second quarter, both our Essentials & Beauty and Food & Beverage categories saw third quarter comp growth in the high teens.

與第二季度一致，我們的必需品與美容和食品與飲料類別在第三季度的青少年中都有增長。

In Essentials & Beauty, we saw strength across the entire portfolio with the strongest results in paper and pet.

在 Essentials & Beauty 中，我們看到了整個產品組合的實力，其中紙張和寵物的表現最為強勁。

Similarly, in Food & Beverage, we saw broad-based growth with a particular strength in adult beverages and dry grocery.

同樣，在食品和飲料領域，我們看到了基礎廣泛的增長，在成人飲料和乾雜貨中表現尤為突出。

Following our announcement in the second quarter, this was the first full quarter in which our starting wage was $15 or higher across the country, up from $13 a year ago.

在我們在第二季度宣布之後，這是我們在全國范圍內的起薪為 15 美元或更高的第一個完整季度，高於一年前的 13 美元。

The attainment of this milestone was the culmination of a commitment we first announced in the fall of 2017 when our starting wage across the country was $10.

這一里程碑的實現是我們在 2017 年秋季首次宣布的承諾的高潮，當時我們在全國的起薪為 10 美元。

Our team has always been a key differentiator for our stores and our brand.

我們的團隊一直是我們商店和品牌的關鍵差異化因素。

And this $15 commitment was intended to attract, reward and retain top talent for what has long been the best team in retail.

這筆 15 美元的承諾旨在吸引、獎勵和留住長期以來一直是零售業最佳團隊的頂尖人才。

Beyond our longer-term goal to raise Target's starting wage, this year, we've also focused on recognizing our team's outsized efforts during these extraordinary times.

除了提高 Target 起薪的長期目標外，今年，我們還專注於表彰我們的團隊在這些非常時期所做的巨大努力。

Specifically, we have awarded 4 separate recognition bonuses so far in 2020.

具體而言，我們在 2020 年迄今已頒發 4 項單獨的表彰獎金。

Most recently, in October, we awarded $200 to each of our frontline team members in support of our plan to invest more than $1 billion in our team for the year.

最近，在 10 月，我們向每位一線團隊成員獎勵了 200 美元，以支持我們今年在團隊中投資超過 10 億美元的計劃。

As we build our plans for the fourth quarter, our team focused first on flexibility and agility, knowing how volatile and unpredictable the external environment continues to be.

當我們制定第四季度的計劃時，我們的團隊首先關注靈活性和敏捷性，因為他們知道外部環境仍然是多變和不可預測的。

We focused on leveraging Target's strengths, including the emotional connection between our brands and our guests and the convenience and speed of our stores-as-hub model.

我們專注於利用 Target 的優勢，包括我們的品牌與客人之間的情感聯繫，以及我們以商店為中心的模式的便利性和速度。

We're focused on listening to our guests to understand what they're experiencing, and they've told us that safety is one of their top concerns.

我們專注於傾聽客人的意見以了解他們的體驗，他們告訴我們安全是他們最關心的問題之一。

So on top of our goal to be the easiest place to shop, we're committed to being the safest place to shop as well.

因此，除了成為最容易購物的地方這一目標之外，我們還致力於成為最安全的購物場所。

In support of that goal, we've implemented a number of technology improvements to make shopping at Target more contact-free.

為了實現這一目標，我們實施了多項技術改進，以使在 Target 購物更加無接觸。

These include an enhancement to our self-service lanes, which means guests no longer need to use the hand scanner to pay with their wallet function in our app.

其中包括增強了我們的自助服務通道，這意味著客人不再需要使用手持掃描儀在我們的應用程序中使用他們的錢包功能進行支付。

We made changes to Drive Up that eliminate the need for a team member to scan a guest phone when they deliver an order.

我們對 Drive Up 進行了更改，消除了團隊成員在交付訂單時掃描訪客電話的需要。

We've rolled out a new capability on Target.com, allowing guests to check in, in advance to see whether we're currently metering traffic in their store and allow them to reserve a spot in line before leaving home.

我們在 Target.com 上推出了一項新功能，允許客人提前登記入住，以查看我們目前是否正在測量他們商店的客流量，並允許他們在離開家前預訂一個排隊的位置。

In addition, we have altered our promotional cadence to avoid events that typically cause crowd.

此外，我們改變了促銷節奏，以避免通常會引起人群的事件。

And we announced that we'll be closed on Thanksgiving and open at the regular time on Black Friday.

我們宣布我們將在感恩節關閉，並在黑色星期五的正常時間開放。

Rather than concentrating holiday deals around Thanksgiving and Black Friday, we've spread our Black Friday offers throughout the entire month of November with weekly promotions spread across different categories throughout the month.

我們沒有將假日優惠集中在感恩節和黑色星期五前後，而是將黑色星期五優惠推廣到整個 11 月，每週促銷活動分佈在整個月的不同類別中。

And in the spirit of transparency and trust, we've assured our guests that if they see any of our Black Friday items for a lower price later in this season, we'll happily make up the difference through our extended price match policy.

本著透明和信任的精神，我們向客人保證，如果他們在本季晚些時候以更低的價格看到我們的任何黑色星期五商品，我們將很樂意通過延長價格匹配政策來彌補差價。

To minimize lines, we've added more than 1,000 mobile checkout devices across the chain, allowing our team members to help guests check out anywhere in the store.

為了盡量減少排隊，我們在整個連鎖店增加了 1,000 多台移動結賬設備，讓我們的團隊成員可以幫助客人在商店的任何地方結賬。

We've also added thousands of gift items eligible for same-day fulfillment.

我們還添加了數以千計符合當日履行條件的禮品。

And we're entering the holiday season with more than double the number of Drive Up parking spaces compared with a year ago.

與一年前相比，我們正在進入假日季節，Drive Up 停車位的數量增加了一倍多。

In addition, we've added fresh, refrigerated and frozen items to our Pick Up and Drive Up assortment in more than 1,600 locations across the country, making this the first holiday season in which guests from coast-to-coast can use these convenient services to pick up everything they need for a holiday meal.

此外，我們在全國 1,600 多個地點為我們的自取和自駕分類增加了新鮮、冷藏和冷凍食品，這使這是第一個假日季節，來自東海岸的客人可以使用這些便利的服務拿起他們在節日大餐中需要的一切。

We're also continuing to expand the number of our merchandise categories available through our Shipt service, most recently adding kids and adult apparel.

我們還通過我們的 Shipt 服務繼續擴大我們提供的商品類別的數量，最近增加了兒童和成人服裝。

This change provides a new contactless option for guest to shop these categories and have them delivered to their front doors in as little as an hour.

這一變化為客人提供了一種新的非接觸式選擇，讓他們可以在短短一個小時內購買這些類別的商品並讓它們送貨上門。

While many things will be different this year, our guests have told us that they still plan to celebrate the holidays, and we know they'll be looking to Target for some holiday magic.

雖然今年很多事情會有所不同，但我們的客人告訴我們，他們仍然計劃慶祝假期，我們知道他們會在 Target 尋找一些節日魔法。

That's why we're so excited about our recently announced partnership with FAO Schwarz.

這就是為什麼我們對最近宣布與糧農組織施瓦茨建立合作夥伴關係感到如此興奮。

New for this holiday season, Target and FAO Schwarz have collaborated on an exclusive 70-piece toy collection with many items priced under $20.

Target 和FAO Schwarz 在這個假期推出了新品，合作推出了一個獨家的70 件玩具系列，其中許多商品的價格低於20 美元。

This collection will be available at Target stores nationwide, on Target.com and the flagship FAO Schwarz store in New York City.

該系列將在全國的 Target 門店、Target.com 和紐約市的糧農組織施瓦茨旗艦店發售。

Beyond this unique collection, this holiday, we've created our biggest ever list of Top Toys, including more than 600 exclusive items, which we'll feature at an incredible value all-season long.

除了這個獨特的系列之外，這個假期，我們還創建了有史以來最大的頂級玩具清單，其中包括 600 多件獨家商品，我們將在整個季節以令人難以置信的價值展示它們。

In decor, we're focused on bringing Target's brand promise to life by offering value and quality with hundreds of ornaments priced at $3, $5 and $10.

在裝飾方面，我們專注於通過提供價值和質量的數百種飾品來實現 Target 的品牌承諾，價格分別為 3 美元、5 美元和 10 美元。

On Target.com, more and more of our guests are shopping for decor using See It In Your Space technology, which makes our digital shopping experience more inspiring than ever.

在 Target.com 上，越來越多的客人使用 See It In Your Space 技術購買裝飾品，這使我們的數字購物體驗比以往任何時候都更具啟發性。

This feature allows guests to visualize what Christmas trees will look like in their homes as they prepare to decorate for the holiday.

此功能允許客人在準備為假期裝飾時想像他們家中的聖誕樹會是什麼樣子。

Guests who utilize this 3D rendering feature are 2x more likely to purchase a tree compared with an average digital guest.

使用此 3D 渲染功能的客人購買樹木的可能性是普通數字客人的 2 倍。

In speaking with our guests, we know that finding the right gift can be a source of stress during the holiday.

在與我們的客人交談時，我們知道找到合適的禮物可能是節日期間壓力的來源。

So this year, to make it easier than ever for our guests to share the joy, we've expanded our gifting assortment, including items for even the toughest individual on their list.

所以今年，為了讓我們的客人比以往更輕鬆地分享喜悅，我們擴大了我們的禮物種類，包括為他們名單上最堅強的人提供的物品。

With many items priced at $15 or less, we are offering incredible value, making it easier to celebrate the season with family and friends.

由於許多商品的價格在 15 美元或以下，我們提供了令人難以置信的價值，讓與家人和朋友一起慶祝這個季節變得更加容易。

And while the holiday season is top-of-mind right now, we shouldn't forget that the fourth quarter also includes a full month after the holiday.

雖然假日季節現在是最重要的，但我們不應該忘記第四季度還包括假期後的整整一個月。

We're planning to kick off the new year on a positive note with a focus on wellness and nutrition, new exclusives in Beauty and the introduction of seamless T-shirt, fleece and performance bottoms to celebrate the 1-year anniversary of our new activewear brand, All in Motion.

我們計劃以積極的態度開始新的一年，重點關注健康和營養、美容的新獨家產品以及無縫 T 卹、羊毛和性能褲的推出，以慶祝我們的新運動服一周年品牌，全在運動。

And speaking of Beauty, we couldn't be more excited about our new long-term strategic partnership with Ulta Beauty, which we announced last week.

說到美容，我們對上周宣布的與 Ulta Beauty 建立新的長期戰略合作夥伴關係感到非常興奮。

Because it embodies both style and frequency, the Beauty category is ideally suited to our strategy and it's one of our strongest growing categories over the last few years.

因為它體現了風格和頻率，所以美妝品類非常適合我們的戰略，它是我們過去幾年增長最強勁的品類之一。

This new partnership will help us to build on that success, providing our guests access to dozens of new beauty brands nationwide with elevated service and presentation in select store locations.

這種新的合作夥伴關係將幫助我們在這一成功的基礎上再接再厲，為我們的客人提供全國數十個新美容品牌的機會，並在選定的商店位置提供更高的服務和展示。

We plan to open the first 100 Ulta Beauty shop-in-shops later in 2021 with the potential to open hundreds more in the years beyond.

我們計劃在 2021 年晚些時候開設前 100 家 Ulta Beauty 店中店，並有可能在以後開設數百家。

So now before I close, I want to provide a brief update on our plans for Target's 2021 Financial Community Meeting.

所以現在在我結束之前，我想簡要介紹一下我們在 Target 2021 年金融社區會議上的計劃。

While no one can accurately predict the future of the coronavirus and the impact of potential vaccines, we have decided to host this meeting virtually in 2021.

雖然沒有人能準確預測冠狀病毒的未來以及潛在疫苗的影響，但我們決定在 2021 年以虛擬方式舉辦這次會議。

We made this decision out of an abundance of caution in keeping with our focus on the safety of our team and our investors.

出於對團隊和投資者安全的關注，我們非常謹慎地做出了這一決定。

We look forward to hosting it again in person beginning in 2022.

我們期待從 2022 年開始再次親自舉辦。

So now as I get ready to turn the call over to John, I want to come back where I started and acknowledge our amazing team.

所以現在當我準備把電話轉給約翰時，我想回到我開始的地方並感謝我們出色的團隊。

When I arrived at Target a little more than 6 years ago, I already knew that Target is an academy company, a place that attracts and develops the level of talent that's the envy of other companies.

當我在 6 年多前到達 Target 時，我就已經知道 Target 是一家學院型公司，一個吸引和培養其他公司羨慕的人才水平的地方。

That was already true before I arrived, and I couldn't be more proud of the team investments we've made in recent years, investments intended to cement Target's position as an inclusive home for top talent.

在我到達之前，這已經是事實，我為我們近年來所做的團隊投資感到無比自豪，這些投資旨在鞏固塔吉特作為包容性人才之家的地位。

What I didn't appreciate until I became and immersed with this team is the warmth of the culture and the team's sincere desire for Target to play a positive role in the world.

直到我成為並沉浸在這支球隊中，我才體會到的是文化的溫暖和球隊對塔吉特在世界上發揮積極作用的真誠願望。

This desire often shows through in our marketing and our assortment and you could certainly see it in our stores.

這種願望經常體現在我們的營銷和產品系列中，您當然可以在我們的商店中看到它。

But for those of us who have the privilege of working with every part of this team, we see it every day behind the scenes even when no one else is looking.

但是對於我們這些有幸與這個團隊的每個部分一起工作的人來說，我們每天都在幕後看到它，即使沒有其他人在看。

So I'll close with a simple thank you to this team for your passion to make Target a welcoming place for all families and a great place to work for everyone on the team.

最後，我將簡單地感謝這個團隊，感謝你們的熱情，讓 Target 成為所有家庭都歡迎的地方，也是團隊中每個人工作的好地方。

With that, I'll turn the call over to John for an update on our operations and plans for the holiday season.

有了這個，我將把電話轉給約翰，以了解我們的運營和假期計劃的最新情況。

John?

約翰？

Thanks, Brian.

謝謝，布賴恩。

When you pull back and consider what's happened in our business this year, it's clear that a couple of defining themes have emerged.

當你回過頭來想想今年我們的業務發生了什麼時，很明顯已經出現了幾個明確的主題。

The first is flexibility.

首先是靈活性。

You've seen that play out in our merchandising assortment, enabling us to satisfy our guests' rapidly changing wants and needs throughout the year.

您已經在我們的商品分類中看到了這一點，使我們能夠滿足客人全年快速變化的需求。

You've also seen it play out in our operations as our stores-as-hubs model allowed our team to pivot seamlessly when guests move their shopping between stores and our digital channels.

您還看到它在我們的運營中發揮了作用，因為我們的以商店為中心的模式使我們的團隊能夠在客人在商店和我們的數字渠道之間移動購物時無縫地進行調整。

This flexibility will continue to serve us well in the fourth quarter and beyond, given that we continue to face an elevated level of uncertainty across multiple aspects of our business.

鑑於我們在業務的多個方面繼續面臨更高水平的不確定性，這種靈活性將在第四季度及以後繼續為我們提供良好的服務。

Our third quarter results continue to demonstrate the power of our same-day services to deliver speed and convenience for our guests while driving an impressive amount of the company's growth.

我們第三季度的業績繼續展示了我們的當日服務在為我們的客人提供速度和便利方面的力量，同時推動了公司令人印象深刻的增長。

In the third quarter, our same-day services grew well over 200% compared with last year, adding more than $1 billion of incremental sales.

第三季度，我們的當日服務與去年相比增長了 200% 以上，增加了超過 10 億美元的增量銷售額。

Nearly $700 million of this growth was from our Drive Up service alone, which increased more than 500% compared with last year.

這一增長中有近 7 億美元來自我們的 Drive Up 服務，與去年相比增長了 500% 以上。

Amazingly, this growth was not at the expense of in-store pickup, which increased more than 50%.

令人驚訝的是，這種增長並沒有以店內取貨為代價，後者增長了 50% 以上。

And while Shipt remains the smallest of our same-day services, it continues to grow rapidly as Target sales on Shipt increased nearly 280% in the quarter, accounting for more than $200 million of incremental sales.

雖然 Shipt 仍然是我們當日服務中最小的，但它繼續快速增長，因為 Shipt 上的 Target 銷售額在本季度增長了近 280%，增加了超過 2 億美元的銷售額。

I want to pause and give a shout out to our team at Shipt and congratulate them on an incredible year of growth and expansion, which has included a doubling of their shopper base.

我想停下來向我們在 Shipt 的團隊大喊一聲，祝賀他們在這一年取得了令人難以置信的增長和擴張，其中包括他們的購物者數量翻了一番。

Altogether, our third quarter digital sales grew more than $2 billion compared with last year.

總的來說，我們第三季度的數字銷售額與去年相比增長了超過 20 億美元。

For perspective, $2 billion is more than our company's total digital sales for the entire year in 2014.

從角度來看，20 億美元比我們公司 2014 年全年的數字銷售總額還要多。

Somehow, I think I should pause for a second and let that sink in.

不知何故，我想我應該暫停一下，讓它沉入其中。

But instead, maybe I'll pile on by making the same point a different way and point out that between the first 3 quarters of 2014 and the same period this year, the compound annual growth rate of our digital sales was 45% over that 6-year period.

但相反，也許我會以不同的方式強調同一點，並指出在 2014 年前 3 個季度和今年同期之間，我們數字銷售額的複合年增長率為 45%，超過 6 個-年期間。

Another area in which we've seen amazing flexibility is in the management of our inventory as we've adapted to huge swings in the pace of sales among individual categories and worked to support overall growth that's been well above expectation.

我們看到的另一個具有驚人靈活性的領域是我們的庫存管理，因為我們已經適應了各個類別銷售速度的巨大波動，並努力支持遠高於預期的整體增長。

As I mentioned last quarter, while we continue to make progress, we've seen some persistent inventory shortfalls for a couple of distinct reasons.

正如我上個季度提到的，雖然我們繼續取得進展，但由於幾個明顯的原因，我們已經看到一些持續的庫存短缺。

First, in several of our long lead categories, like electronics, home and apparel, our team has been playing catch-up given that we experienced an unexpected sharp and sustained explosion in demand for these categories.

首先，在我們的幾個長期領先類別中，例如電子產品、家居和服裝，我們的團隊一直在追趕，因為我們經歷了對這些類別的需求出乎意料的急劇和持續的爆炸式增長。

The team has done a great job of chasing and expediting inventory to support these categories, which enabled the unusually strong comps that Brian outlined earlier.

該團隊在追逐和加快庫存以支持這些類別方面做得非常出色，這使得 Brian 之前概述的異常強大的組合成為可能。

Even more encouraging, we ended the third quarter in a much better position than where we started, and we expect to see additional recovery in the fourth quarter.

更令人鼓舞的是，我們在第三季度結束時的狀況比開始時要好得多，我們預計第四季度會出現進一步的複蘇。

The other driver of inventory shortfalls in 2020 is related to industry dynamics as the producers of cleaning and paper products have been working to ramp up production in the face of a dramatically higher demand across all of U.S. retail.

2020 年庫存短缺的另一個驅動因素與行業動態有關，因為面對美國所有零售業的需求急劇增加，清潔和紙製品生產商一直在努力提高產量。

Happily, we're also making progress in these categories.

令人高興的是，我們也在這些類別中取得了進展。

While we're not yet back to pre-COVID levels, we saw supply improve during the quarter and we expect to make continued progress in the fourth quarter.

雖然我們還沒有回到 COVID 之前的水平，但我們看到本季度供應有所改善，我們預計第四季度將繼續取得進展。

Overall, our progress is reflected in the aggregate numbers.

總體而言，我們的進步反映在總數中。

Specifically, we started the third quarter with inventory down about 3% compared with the year ago and ended more than 11% higher than a year ago after a quarter in which our sales grew more than 20%.

具體來說，我們在第三季度開始時庫存與去年同期相比下降了約 3%，在我們的銷售額增長超過 20% 的一個季度之後，庫存比去年同期增加了 11% 以上。

This is a remarkable progress and puts us in a much better position as we move into the fourth quarter.

這是一個了不起的進步，讓我們在進入第四季度時處於更好的位置。

I also want to highlight the flexibility of our properties team who just opened 18 new stores in October.

我還想強調我們房地產團隊的靈活性，他們在 10 月份剛剛開設了 18 家新店。

For the year, our team successfully opened 30 new stores, of which 29 were small formats, making 2020 the biggest year of small format openings ever.

這一年，我們團隊成功開出30家新店，其中29家為小業態，使2020年成為有史以來小業態開店最多的一年。

In any year, setting records would be notable.

在任何一年，創造記錄都是值得注意的。

But in a year in which COVID caused us to delay our new store construction, it's been amazing to watch how quickly our team was able to restart such a large number of projects and successfully bring them to completion in advance of the holiday season.

但在 COVID 導致我們推遲新店建設的一年中，看到我們的團隊能夠以多快的速度重新啟動如此大量的項目並在假期前成功完成這些項目，真是令人驚訝。

Beyond flexibility, another key theme this year is capacity as we consider the physical resources we'll need to support our business over time.

除了靈活性之外，今年的另一個關鍵主題是容量，因為我們考慮了隨著時間的推移支持我們的業務所需的物理資源。

As Brian mentioned, we've already grown our sales by more than $10 billion through the first 3 quarters of 2020.

正如布賴恩所說，到 2020 年前三個季度，我們的銷售額已經增長了超過 100 億美元。

And again, for context, that $10 billion of incremental sales is more than our total sales growth between 2011 and 2019, an 8-year period.

同樣，就上下文而言，100 億美元的增量銷售額超過了我們在 2011 年至 2019 年 8 年期間的總銷售額增長。

You might well have wondered whether compressing 8 years of growth into less than a year was even possible.

您可能想知道是否有可能將 8 年的增長壓縮到不到一年的時間。

But clearly, the capacity was there.

但顯然，容量是存在的。

And while capacity is a function of replenishment as well as fulfillment, the question we hear most often is whether we'll continue to have enough capacity for our digital fulfillment.

雖然容量是補貨和履行的函數，但我們最常聽到的問題是我們是否將繼續擁有足夠的容量來實現我們的數字履行。

And in that regard, the primary factor is our strategic decision to place our stores as the center of fulfillment.

在這方面，主要因素是我們將商店作為履行中心的戰略決策。

By relying on the same asset to fulfill both our conventional and digital sales, the key to fulfillment capacity is the store asset itself and the speed with which we can move inventory through it.

通過依靠相同的資產來實現我們的傳統和數字銷售，實現能力的關鍵是商店資產本身以及我們通過它移動庫存的速度。

You might refer to that as our ability to increase turnover.

您可以將其稱為我們增加營業額的能力。

But sometimes you'll hear engineers like Michael and me refer to that metric as throughput just to sound smart.

但有時你會聽到像邁克爾和我這樣的工程師將這個指標稱為吞吐量，只是為了聽起來很聰明。

As we said in the past, sales per foot is a useful proxy for throughput.

正如我們過去所說，每英尺銷售額是吞吐量的有用指標。

So let's consider how that has progressed so far this year.

因此，讓我們考慮一下今年到目前為止的進展情況。

As a baseline, for the full year in 2019, average sales per foot at Target were about $320.

作為基線，2019 年全年，Target 每英尺的平均銷售額約為 320 美元。

And so far this year, that metric has grown about 19% compared with last year.

今年到目前為止，該指標與去年相比增長了約 19%。

So just as a thought exercise, if you assumed we were going to grow our sales productivity at that same pace for the full year, we'd end 2020 at about $380 per foot.

因此，作為一個思考練習，如果您假設我們將在全年以相同的速度提高我們的銷售生產力，那麼到 2020 年底，我們將以每英尺 380 美元左右的價格結束。

Now I need to pause quickly and reinforce.

現在我需要快速暫停並加強。

I'm using a hypothetical 19% number.

我使用了一個假設的 19% 的數字。

I'm not providing guidance for the quarter.

我不提供本季度的指導。

I'm just giving us something to anchor on.

我只是給了我們一些錨定的東西。

So the critical question is after growing sales per foot from the lower end of the $300 range into the upper 300s, do we have any more capacity in our stores?

所以關鍵的問題是，在每英尺的銷售額從 300 美元的低端增長到 300 美元的高端之後，我們的商店是否還有更多容量？

The answer is certainly yes.

答案當然是肯定的。

Last year, in our second quarter call, I mentioned that our top quartile stores averaged well over $400 a foot back in 2018 and that number has grown to nearly $500 since then.

去年，在我們第二季度的電話會議中，我提到我們的前四分之一商店在 2018 年平均每英尺超過 400 美元，從那時起這個數字已經增長到近 500 美元。

If we can average nearly $500 a foot on nearly 500 of our most productive stores, I think it's clear we have capacity to grow the chain average well beyond where it is today.

如果我們能夠在近 500 家生產力最高的商店中平均每英尺近 500 美元，我認為很明顯，我們有能力將連鎖店的平均水平提高到遠遠超過今天的水平。

And that capacity would be there even if we kept doing what we're doing today.

即使我們繼續做我們今天正在做的事情，這種能力也會存在。

But of course, we continue to find ways to improve throughput.

但當然，我們會繼續尋找提高吞吐量的方法。

And one of our newest options is to deploy sortation centers in markets where delivery density is high.

我們最新的選擇之一是在交付密度高的市場部署分揀中心。

To better assess this concept, we recently opened our first sortation center here in Minneapolis, which will allow our teams to test, learn and assess its ultimate potential before determining whether to roll out the concept further.

為了更好地評估這一概念，我們最近在明尼阿波利斯開設了我們的第一個分類中心，這將使我們的團隊能夠在決定是否進一步推廣該概念之前測試、學習和評估其最終潛力。

The business case for our sortation center is straightforward: by moving the sorting and staging prospects out of the stores, it frees up backroom space, enabling additional throughput.

我們的分揀中心的商業案例很簡單：通過將分揀和暫存潛在客戶移出商店，它可以釋放後台空間，從而提高吞吐量。

Stores can simply focus on packing the orders, which are then transferred multiple times per day to the sortation center where they can be sorted and staged at a larger scale, driving per-unit efficiencies and potentially reducing the number of split shipments.

商店可以簡單地專注於包裝訂單，然後每天多次將訂單轉移到分揀中心，在那裡可以對它們進行更大規模的分揀和分階段，從而提高單位效率並可能減少拆分發貨的數量。

In addition, we can reduce per-unit shipping cost by deploying technology from Grand Junction, which helps us to allocate packages across different providers and applying recently acquired technology from Deliv to help us to optimize sortation and injection into those provider networks.

此外，我們可以通過部署 Grand Junction 的技術來降低單位運輸成本，這有助於我們在不同的供應商之間分配包裹，並應用最近從 Deliv 獲得的技術來幫助我們優化分揀和注入這些供應商網絡。

But unit efficiencies are only part of the potential benefit.

但單位效率只是潛在收益的一部分。

While these centers require some capital investment, they are designed to increase both throughput and capital efficiency of our existing network, which should reduce the need for us to invest capital in upstream fulfillment centers.

雖然這些中心需要一些資本投資，但它們旨在提高我們現有網絡的吞吐量和資本效率，這應該會減少我們對上游履行中心的資本投資需求。

Net-net, our expectation is that investing in sortation centers will be a more capital-efficient way to add capacity, and we'll be assessing that potential through the test.

Net-net，我們的期望是投資分揀中心將是增加容量的一種更具資本效率的方式，我們將通過測試評估這種潛力。

Before I move on from this topic, I should quickly acknowledge, there are a number of other important considerations regarding capacity.

在我從這個話題繼續之前，我應該很快承認，關於容量還有許多其他重要的考慮因素。

Beyond overall capacity, within each store, we need to ensure we have allocated appropriate space to fulfill both our conventional store sales and our entire suite of store-fulfilled digital sales.

除了整體容量之外，在每家商店內，我們還需要確保我們分配了適當的空間來完成我們的傳統商店銷售和我們整套商店實現的數字銷售。

There are a number of ways we account for this in our plan.

在我們的計劃中，我們有多種方式來說明這一點。

First, we continue to find ways to optimize space within our stores, including options to free up front end space to accommodate growth in Pick Up and Drive Up and backroom space to accommodate peak demand for our ship-from-store capability.

首先，我們繼續尋找優化門店空間的方法，包括騰出前端空間以適應提貨和提貨業務的增長，以及騰出後台空間以適應對門店發貨能力的高峰需求。

We're planning for this expanded capacity in our new stores and remodels, and we developed robust processes across the rest of the chain to free up space outside of a full remodel.

我們正計劃在我們的新商店和改造中擴大產能，並且我們在整個連鎖店的其餘部分開發了強大的流程，以釋放全面改造之外的空間。

Second, within each market, we route the bulk of our ship-from-store orders to lower-volume stores, allowing the highest volume stores to devote most of their capacity to conventional sales.

其次，在每個市場中，我們將大部分門店發貨訂單發送到銷量較低的門店，從而使銷量最高的門店能夠將大部分產能用於傳統銷售。

And third, we've developed tools and processes to create temporary peak capacity in both the front end and the back room, which allows us to handle the fourth quarter surge in both same-day and ship-from-store volume without building a permanent solution that we wouldn't need for the rest of the year.

第三，我們開發了工具和流程來在前端和後台創建臨時高峰容量，這使我們能夠應對第四季度的當日和門店發貨量激增，而無需建立永久性在今年剩下的時間裡我們不需要的解決方案。

We've already deployed this additional temporary capacity across the chain in advance of this year's holiday peak, which we expect will be far larger than anything we've seen in the past.

在今年的假期高峰之前，我們已經在整個鏈條上部署了這個額外的臨時容量，我們預計這將遠遠大於我們過去看到的任何容量。

The other consideration in planning for future capacity is our upstream supply chain, which handles the bulk of the product we receive from vendors and then routes it to the stores across the country.

規劃未來產能的另一個考慮因素是我們的上游供應鏈，它處理我們從供應商處收到的大部分產品，然後將其運送到全國各地的商店。

Even going into this year, we told you that we would need to be adding to our upstream capacity to accommodate future volumes.

即使進入今年，我們也告訴過您，我們需要增加上游產能以適應未來的交易量。

And with this year's unprecedented growth, upstream capacity has become an even more important aspect of our plan.

而隨著今年空前的增長，上游產能已成為我們計劃中更加重要的方面。

So as I've said before, I hope these metrics and our demonstrated ability to grow well beyond expectations this year can help to address any of your concerns that we're going to run out of capacity.

因此，正如我之前所說，我希望這些指標和我們今年表現出的遠超預期增長的能力能夠幫助解決您對我們將用盡產能的任何擔憂。

But in the meantime, I want to cover our plans for the fourth quarter peak.

但與此同時，我想介紹一下我們對第四季度高峰的計劃。

The team is in place and ready, and while stores will be busy, both our promotions and operational plans are designed to minimize crowding to allow our guests to shop safely.

團隊已經到位並準備就緒，雖然商店會很忙，但我們的促銷和運營計劃都旨在最大限度地減少擁擠，讓我們的客人安全購物。

Digital penetration always peaks in the fourth quarter.

數字滲透率總是在第四季度達到頂峰。

And this year, our store central fulfillment model is well positioned to handle an unprecedented amount of digital volume.

今年，我們的商店中心履行模式已做好準備，可以處理前所未有的數字量。

And while all of our digital options will likely see huge volume, we're really excited about our capacity to satisfy guest demand through our same-day services.

雖然我們所有的數字選項都可能會出現巨大的銷量，但我們對我們通過當日服務滿足客人需求的能力感到非常興奮。

We're ending the fourth quarter with double the number of Drive Up spaces compared with a year ago.

與一年前相比，我們在第四季度末的 Drive Up 空間數量增加了一倍。

And as Brian mentioned, we've made technology changes to make it completely contactless.

正如布賴恩所提到的，我們已經對技術進行了更改，使其完全非接觸式。

We're also entering the fourth quarter with more than 1,600 stores able to fulfill fresh, refrigerated and frozen items through our Pick Up and Drive Up services, making shopping for holiday dinners incredibly easy.

我們也進入第四季度，超過 1,600 家商店能夠通過我們的取貨和上車服務配送新鮮、冷藏和冷凍商品，讓購買假日晚餐變得異常輕鬆。

Among guests who have been shopping this enhanced assortment using Drive Up, we've seen half of the orders picked up within 2 hours and 2/3 within 4 hours, demonstrating how guests are using this service to conveniently serve an urgent need.

在使用 Drive Up 購買這種增強型商品的客人中，我們看到一半的訂單在 2 小時內收到，2/3 在 4 小時內收到，這表明客人如何使用這項服務方便地滿足緊急需求。

And finally, as we plan for seasonal hiring this year, we prioritized additional hours for our existing team members first and then added seasonal help to provide the necessary capacity.

最後，當我們計劃今年進行季節性招聘時，我們首先優先考慮為現有團隊成員增加工作時間，然後增加季節性幫助以提供必要的能力。

In training our teams to ensure we could accommodate peak digital fulfillment needs, we rolled out a plan to ensure that at least 50% of each store's team is cross-trained and able to support fulfillment this year.

在培訓我們的團隊以確保我們能夠滿足最高的數字化履行需求時，我們推出了一項計劃，以確保每家商店的至少 50% 的團隊接受過交叉培訓，並能夠支持今年的履行。

So like Brian, I want to close with a simple and sincere thank you to the entire team.

所以和布萊恩一樣，我想以一個簡單而真誠的感謝來結束整個團隊。

While peak is still ahead of us, you've already made this a year to remember, and I can't wait to see what we can do together to deliver for our guests throughout this holiday season.

雖然高峰仍在我們前面，但您已經讓這一年成為值得紀念的一年，我迫不及待地想看看我們可以在整個假期期間為我們的客人做些什麼。

With that, I'll turn the call over to Michael who'll provide more detail on our third quarter financial performance and provide his initial thoughts as we plan for next year.

有了這個，我將把電話轉給邁克爾，他將提供更多關於我們第三季度財務業績的細節，並在我們計劃明年時提供他的初步想法。

Michael?

邁克爾?

Thanks, John.

謝謝，約翰。

Similar to each of our every day lives since the onset of the coronavirus, hardly anything in our P&L has felt the same as before.

與自冠狀病毒發作以來我們的日常生活類似，我們的損益表中幾乎沒有任何東西與以前一樣。

But a few factors are most important in understanding our business results so far this year.

但有幾個因素對於了解我們今年迄今為止的業務成果最為重要。

First off are the headwinds of which there have been several, including merchandising mix, digital fulfillment costs and an avalanche of first quarter apparel markdowns.

首先是一些不利因素，包括商品組合、數字履行成本和第一季度服裝降價的雪崩。

In addition, we've invested nearly $1 billion in additional pay and benefits for our team, along with safety measures to protect both our team and our guests.

此外，我們還為我們的團隊投入了近 10 億美元的額外薪酬和福利，以及保護我們團隊和客人的安全措施。

Yet in the face of those pressures, our business has delivered outstanding profit.

然而，面對這些壓力，我們的業務取得了可觀的利潤。

And while there are various places on the P&L where you can see the favorability, they all tie back to the $10 billion of incremental sales that John mentioned earlier.

雖然損益表上有很多地方可以看到好感度，但它們都與約翰之前提到的 100 億美元的增量銷售額有關。

On the expense line, this growth has resulted in an extraordinary amount of leverage, which has more than offset the pressure from additional costs.

在費用方面，這種增長導致了巨大的槓桿作用，這足以抵消額外成本帶來的壓力。

In addition, this year's unusually strong growth has resulted in exceptionally low markdown rates as I'll discuss in more detail in a few minutes.

此外，今年異常強勁的增長導致降價率異常低，我將在幾分鐘內詳細討論。

When you pull back from the detail, it's clear that our business has been able to deliver both incredible top line growth and strong bottom line results.

當您從細節中回過頭來時，很明顯我們的業務已經能夠實現令人難以置信的收入增長和強勁的利潤結果。

This is a hallmark of the durable model we've been building over the last few years.

這是我們在過去幾年中建立的耐用模型的一個標誌。

Our third quarter comparable sales increase of 20.7% reflects the continued pattern of trip consolidation by our guests as our average transaction size grew by more than 15% on top of very healthy traffic growth of 4.5%.

我們第三季度 20.7% 的可比銷售額增長反映了我們的客人持續整合旅行模式，因為我們的平均交易規模在非常健康的 4.5% 的客流量增長基礎上增長了 15% 以上。

Total sales grew 21.3%, about 60 basis points faster due to sales in new and nonmature stores.

由於新店和非成熟店的銷售，總銷售額增長了 21.3%，增長了約 60 個基點。

On the gross margin line, we recorded a rate increase of about 80 basis points in the third quarter, driven by the net impact of 3 separate factors.

在毛利率線上，在三個獨立因素的淨影響的推動下，我們在第三季度錄得約 80 個基點的利率增長。

The first is the benefit of our merchandising efforts, which contributed well over 2 percentage points to our gross margin rate in the quarter.

首先是我們的推銷努力的好處，它為本季度的毛利率貢獻了超過 2 個百分點。

While there are many individual factors within this larger bucket, the most notable is on the markdown line as we saw exceptionally low promotional and clearance markdown rates.

雖然在這個更大的桶中有許多單獨的因素，但最值得注意的是降價線上，因為我們看到促銷和清倉降價率極低。

On the promotional markdown line, we've seen a year-over-year benefit since the pandemic began.

在促銷降價線上，自大流行開始以來，我們已經看到了同比增長。

And the reason is simple: when unit volume in commodity categories is so high that production is struggling to keep up with demand, it makes sense to stick with our low everyday prices and reduce the number of stock-up and other volume-driving promotions, which would only increase the number of out-of-stocks faced by our guests.

原因很簡單：當商品類別的單位數量如此之高以至於生產難以跟上需求時，堅持我們的每日低價並減少庫存和其他促進銷量的促銷活動是有意義的，這只會增加我們的客人面臨的缺貨數量。

On the clearance markdown line, we've seen even more favorability, and the reason is somewhat different.

在清倉降價線上，我們看到了更多的好感度，原因有些不同。

As demand for our noncommodity categories has stayed persistently higher than expected, we've sold a higher-than-average mix of our units at regular price with fewer-than-expected units sold on clearance discounts at the end of the season.

由於對我們的非商品類別的需求持續高於預期，我們以正常價格出售了高於平均水平的單位，而在本季末以清倉折扣出售的單位低於預期。

Even more notable, favorability on the clearance line has been the primary driver of our overall markdown favorability on a year-to-date basis despite the exceptionally high apparel markdowns we recorded in the first quarter.

更值得注意的是，儘管我們在第一季度記錄了異常高的服裝降價，但清倉線上的受歡迎程度一直是我們年初至今整體降價促銷的主要驅動力。

Offsetting the benefit of our merchandising efforts, there were 2 distinct headwinds to gross margin in the third quarter.

第三季度毛利率面臨兩個明顯的不利因素，抵消了我們的銷售努力帶來的好處。

The first was from digital fulfillment and supply chain costs, which drove about 110 basis points of pressure, driven by rapid growth in digital fulfillment, along with incremental team member pay, benefits and safety costs for our supply chain team members.

首先是數字化履行和供應鏈成本，這推動了大約 110 個基點的壓力，這是由於數字化履行的快速增長，以及我們供應鏈團隊成員的團隊成員薪酬、福利和安全成本的增加。

The other gross margin headwind came from category sales mix, which was worth about 60 basis points of pressure as lower-margin categories grew faster than higher-margin categories during the quarter.

另一個毛利率逆風來自類別銷售組合，由於本季度利潤率較低的類別增長速度快於利潤率較高的類別，這帶來了約 60 個基點的壓力。

On the SG&A expense line, we recorded about 180 basis points of favorability in the third quarter.

在 SG&A 費用線上，我們在第三季度錄得約 180 個基點的好感度。

As I mentioned earlier, the favorability on this line reflects exceptionally strong cost leverage due to sales growth of more than 20%.

正如我之前提到的，由於銷售增長超過 20%，這條線上的好感度反映了異常強大的成本槓桿。

This benefit was so strong, it was able to offset about $300 million of incremental investments in team member pay and benefit, along with safety measures to protect our team and our guests.

這種好處是如此強大，它能夠抵消大約 3 億美元的團隊成員薪酬和福利增量投資，以及保護我們團隊和客人的安全措施。

On the D&A line, dollars were down about 6% from a year ago worth about 70 basis points of rate improvement as we continued to annualize higher levels of accelerated depreciation on last year's larger remodel program.

在 D&A 線上，美元比一年前下降了約 6%，價值提高了約 70 個基點，因為我們繼續對去年更大的改造計劃的更高水平的加速折舊進行年化。

Altogether, the business delivered an exceptionally high operating margin rate of 8.5%, more than 3 percentage points higher than last year.

總體而言，該業務實現了 8.5% 的超高營業利潤率，比去年高出 3 個百分點以上。

On a dollar basis, operating income grew more than $900 million or more than 90% compared with last year.

按美元計算，營業收入與去年相比增長超過 9 億美元或超過 90%。

On the interest expense line, we recognized a $512 million loss on debt extinguishment related to a debt tender offer we executed in October.

在利息支出項目中，我們確認了與我們在 10 月份執行的債務要約收購相關的債務清償損失 5.12 億美元。

In light of our higher profitability, income taxes grew by about $90 million compared with last year.

鑑於我們較高的盈利能力，所得稅與去年相比增加了約 9,000 萬美元。

On the bottom line, despite the loss on debt extinguishment, which was equivalent to $0.75 of pressure, third quarter GAAP EPS from continuing operations established a new record high of $2.01, representing an increase of 46% compared with $1.37 last year.

歸根結底，儘管債務清償損失相當於 0.75 美元的壓力，但第三季度持續經營業務的 GAAP 每股收益創下 2.01 美元的歷史新高，與去年的 1.37 美元相比增長了 46%。

Adjusted EPS, which excluded the debt extinguishment loss and a couple of other small factors in both years, also established a new record high of $2.79, more than 100% higher than $1.36 last year.

剔除債務清償損失和其他一些小因素的調整後每股收益也創下 2.79 美元的歷史新高，比去年的 1.36 美元高出 100% 以上。

Our business continues to generate very strong cash flow.

我們的業務繼續產生非常強勁的現金流。

Specifically, through the first 3 quarters of the year, our operations have delivered just over $7 billion of cash, which is nearly $3 billion more than a year ago.

具體來說，今年前 3 個季度，我們的業務已經交付了超過 70 億美元的現金，比一年前增加了近 30 億美元。

Obviously, our profit performance is an important factor in this increase, but we also continued to benefit from unusually high payables leverage, which is running well over 100%.

顯然，我們的利潤表現是這一增長的一個重要因素，但我們也繼續受益於異常高的應付賬款槓桿，其運行率遠高於 100%。

Consistent with my comments last quarter and despite the inventory growth John mentioned earlier, we would have chosen to have less cash at the end of the quarter and more inventory if that option had been available.

與我上個季度的評論一致，儘管約翰早些時候提到了庫存增長，但如果可以選擇的話，我們會選擇在季度末減少現金並增加庫存。

In light of the continued strength of our cash generation and resulting cash position on our balance sheet, our treasury team recently elected to take a couple of actions.

鑑於我們現金產生的持續強勁以及我們資產負債表上的現金狀況，我們的財務團隊最近選擇採取一些行動。

The first was the execution of a debt tender offer in October, in which we invested $2.3 billion of cash to retire $1.8 billion of high coupon long-term debt.

首先是在 10 月份執行債務要約收購，我們在其中投資了 23 億美元現金以償還 18 億美元的高息長期債務。

This transaction created significant economic value and it will significantly reduce future interest costs.

該交易創造了可觀的經濟價值，並將顯著降低未來的利息成本。

In addition, it allowed us to deploy the bulk of the extra cash we added in the first quarter when, like many other well-capitalized companies, we chose to take on additional liquidity insurance at a time of extreme uncertainty following the onset of the pandemic.

此外，它使我們能夠部署第一季度增加的大部分額外現金，因為與許多其他資本充足的公司一樣，我們選擇在大流行爆發後極度不確定的時候承擔額外的流動性保險.

The other decision was made earlier this month when we terminated a supplementary 364-day credit facility, which was also added during the period of extremely high uncertainty during the first quarter.

另一個決定是本月早些時候我們終止了一項補充的 364 天信貸額度，該額度也是在第一季度極度不確定的時期增加的。

Beyond those actions, we also announced today that we have lifted the share repurchase suspension that we initially announced in the first quarter.

除了這些行動之外，我們今天還宣布，我們已經取消了我們最初在第一季度宣布的股票回購暫停。

We don't intend to engage in any repurchases before the end of the holiday season, but under appropriate conditions, we would look to reinitiate repurchases in 2021.

我們不打算在假期結束前進行任何回購，但在適當的條件下，我們希望在 2021 年重新啟動回購。

As a reminder, we currently have $4.5 billion of remaining capacity under the repurchase program approved by our Board of Directors in September of 2019.

提醒一下，根據董事會於 2019 年 9 月批准的回購計劃，我們目前有 45 億美元的剩餘產能。

As always, the timing and quantity of repurchase activity will be governed by our decades-long capital deployment goals: we first look to fully invest in projects that meet our strategic and financial criteria; second, we support our dividend and look to build on our nearly 50-year record of annual increases in our dividend per share; and finally, we deploy any excess cash beyond the first 2 uses to repurchase our shares within the limits of our middle A credit ratings.

與往常一樣，回購活動的時間和數量將取決於我們長達數十年的資本部署目標：我們首先尋求完全投資於符合我們戰略和財務標準的項目；其次，我們支持我們的股息，並希望在我們近 50 年的每股股息年度增長記錄的基礎上再接再厲；最後，我們在前兩次用途之外使用任何多餘的現金在我們的中等 A 信用評級範圍內回購我們的股票。

These capital priorities have served us well for decades and have played a critical role in supporting both strong operations and a strong balance sheet over time.

這些資本優先事項幾十年來一直為我們服務，並且隨著時間的推移在支持強大的運營和強大的資產負債表方面發揮了關鍵作用。

In terms of capital deployment, we made capital investments of about $600 million in the third quarter, bringing our total for the year to just over $2 billion.

在資本配置方面，我們在第三季度進行了約 6 億美元的資本投資，使我們全年的投資總額略高於 20 億美元。

We continue to expect full year CapEx in the $2.5 billion to $3 billion range, below our original expectation of about $3.5 billion, driven primarily by the reduction in remodel activity following the onset of COVID-19.

我們繼續預計全年資本支出在 25 億美元至 30 億美元之間，低於我們最初預期的約 35 億美元，這主要是由於 COVID-19 出現後改造活動減少。

We paid dividends of $340 million in the third quarter, reflecting a 3% increase in the dividend per share, partially offset by a decline in share count.

我們在第三季度支付了 3.4 億美元的股息，這反映了每股股息增長了 3%，部分被股票數量的下降所抵消。

And of course, we didn't repurchase any shares in the third quarter in light of the suspension I mentioned earlier.

當然，鑑於我之前提到的停牌，我們在第三季度沒有回購任何股票。

Turning now to our after-tax return on invested capital.

現在轉向我們的投資資本稅後回報。

Our business delivered an extraordinarily high 19.9% in the trailing 12 months through the third quarter, up nearly 5 percentage points from 15% a year ago.

在截至第三季度的過去 12 個月中，我們的業務實現了 19.9% 的超高增長率，比一年前的 15% 增長了近 5 個百分點。

While our longer-term plans have focused on delivering higher after-tax ROIC over time, the acceleration over the last 2 quarters has been well beyond anything we would have expected.

雖然我們的長期計劃側重於隨著時間的推移提供更高的稅後投資回報率，但過去兩個季度的加速遠遠超出了我們的預期。

And given that our inventories have been consistently lower than we'd prefer, we gladly would have traded some cash for more inventory over the last 2 quarters even though that would have driven this metric somewhat lower.

鑑於我們的庫存一直低於我們的預期，我們很樂意在過去兩個季度用一些現金換取更多庫存，儘管這會使該指標有所降低。

So now before I close, I want to comment a little bit about our outlook.

所以現在在我結束之前，我想對我們的前景發表一點評論。

While we stopped providing financial guidance back in the first quarter, I want to outline a number of important considerations as we move into the holiday season and the fourth quarter overall.

雖然我們在第一季度停止提供財務指導，但我想概述一些重要的考慮因素，因為我們進入假日季節和整個第四季度。

The first is the continued headwinds facing the consumer and the economy.

首先是消費者和經濟面臨的持續逆風。

In light of uncertainty around the path of the pandemic and continued elevated levels of unemployment.

鑑於大流行路徑的不確定性和失業率持續升高。

Offsetting this pressure, beginning with the onset of the pandemic, there has been a significant change in the mix of consumer spending as a meaningful portion has shifted away from travel and multiple forms of out-of-home entertainment and into many of the categories we sell.

為了抵消這種壓力，從大流行開始，消費者支出的組合發生了重大變化，因為有意義的部分已經從旅行和多種形式的戶外娛樂轉向我們的許多類別賣。

We also continue to benefit from trip consolidation as consumers have increasingly relied on our stores and digital services to satisfy a wide variety of their wants and needs in a single trip.

我們還繼續從旅行整合中受益，因為消費者越來越依賴我們的商店和數字服務來滿足他們在一次旅行中的各種需求。

Beyond these macro trends, there are a number of more specific considerations as we enter the holiday.

除了這些宏觀趨勢之外，當我們進入假期時，還有一些更具體的考慮因素。

The first is the expected change in the category mix of our fourth quarter business as typically both our electronics and toy categories generate half their annual sales in the fourth quarter.

首先是我們第四季度業務類別組合的預期變化，因為我們的電子產品和玩具類別通常在第四季度產生其年銷售額的一半。

Given that both of these categories have seen dramatically stronger sales since the pandemic began, it's more difficult than usual to predict how the pattern will play out in the fourth quarter.

鑑於自大流行開始以來這兩個類別的銷售額都顯著增長，因此預測這種模式在第四季度將如何發展比以往更加困難。

Similarly, the digital mix of our sales, an important factor in our overall profitability, typically reaches a seasonal peak in the fourth quarter.

同樣，我們銷售的數字組合是我們整體盈利能力的一個重要因素，通常在第四季度達到季節性高峰。

This year, it's difficult to predict how high our digital mix will become given that we've already seen dramatically higher levels of digital penetration all year.

今年，很難預測我們的數字組合將變得多高，因為我們已經看到全年的數字滲透水平顯著提高。

So the natural question is, once you quantify all the potential headwinds and tailwinds you've just outlined, what's your fourth quarter forecast?

所以自然的問題是，一旦你量化了你剛剛概述的所有潛在逆風和順風，你對第四季度的預測是什麼？

Well, I think that's a great question.

嗯，我認為這是一個很好的問題。

The reality is that none of us can accurately predict the future as all of us are facing a much higher level of uncertainty compared with a normal year.

現實情況是，我們都無法準確預測未來，因為與正常年份相比，我們所有人都面臨著更高水平的不確定性。

That's the reason why we've suspended financial guidance, but that doesn't mean we can't affect the outcome.

這就是我們暫停財務指導的原因，但這並不意味著我們不能影響結果。

As I've mentioned before, we continue to prioritize flexibility as we plan our business and focus on agility in our operations.

正如我之前提到的，我們在規劃業務時繼續優先考慮靈活性，並專注於運營中的敏捷性。

That way, when the unexpected happens, our team can respond quickly and effectively as you've seen so far this year.

這樣，當意外發生時，我們的團隊可以快速有效地做出反應，正如您今年迄今為止所看到的那樣。

Looking ahead to next year, the crystal ball doesn't get any clearer.

展望明年，水晶球並沒有變得更清晰。

Not only is it uncertain when the coronavirus will be fully behind us, it's also unclear how the consumer will behave in a post-COVID world.

不僅不確定冠狀病毒何時會完全消失，而且還不清楚消費者在後 COVID 世界中的行為方式。

That creates uncertainty about the path of multiple categories as you consider how the mix of consumer spending will evolve and what the competitive landscape will look like.

當您考慮消費者支出的組合將如何演變以及競爭格局將如何時，這會給多個類別的路徑帶來不確定性。

In adapting to that new world, we'll need to understand what that will mean for our business and how the financial metrics that have been dramatically changed this year will settle down over time.

為了適應這個新世界，我們需要了解這對我們的業務意味著什麼，以及今年發生巨大變化的財務指標將如何隨著時間的推移而穩定下來。

And today, while we can't answer these questions any more accurately than you can, it's clear that flexibility and agility will continue to be vitally important.

今天，雖然我們無法比您更準確地回答這些問題，但很明顯，靈活性和敏捷性將繼續至關重要。

So while specific metrics will continue to be difficult to predict, we continue to have a high degree of confidence in our business and our ability to outperform.

因此，雖然具體指標將繼續難以預測，但我們仍然對我們的業務和我們超越業績的能力充滿信心。

That's because based on the hard work of our team over the last few years, we now have a business model that's demonstrated its ability to deliver market share growth and profitability across a range of environments that's been far wider than any of us would have expected.

這是因為基於我們團隊過去幾年的辛勤工作，我們現在擁有一種商業模式，證明了它能夠在各種環境中實現市場份額增長和盈利能力，遠遠超出我們任何人的預期。

And importantly, in a time where virtually nothing has stayed consistent, the one reliable through line across weeks and product categories has been consistent share gains throughout the year.

重要的是，在幾乎沒有任何東西保持一致的時代，跨周和產品類別的可靠直通線是全年一致的份額增長。

In addition, we've seen a massive increase in guest engagement this year as they ventured into new categories and services at Target.

此外，隨著他們在 Target 涉足新的類別和服務，我們發現今年的賓客參與度大幅增加。

And as I mentioned in our first quarter call, we've long known that engagement with guests at a time when their habits are changing is an incredibly important factor in deepening long-term loyalty.

正如我在第一季度電話會議中提到的那樣，我們早就知道，在客人的習慣發生變化時與客人互動是加深長期忠誠度的一個非常重要的因素。

It's the reason we prioritize the Back-to-College season when many consumers are moving away from home for the first time.

當許多消費者第一次離開家時，這就是我們優先考慮返校季的原因。

It's also the reason we're there for young couples when they get married and when they have children because our relationship with young families has long been a foundational aspect of our strategy.

這也是我們在年輕夫婦結婚和生孩子時為他們服務的原因，因為我們與年輕家庭的關係長期以來一直是我們戰略的基礎方面。

But most importantly, our team is a huge reason why we're confident in our future.

但最重要的是，我們的團隊是我們對未來充滿信心的重要原因。

We've long told you that we have the best team in retail, and this year's experience has demonstrated why we feel that way.

我們早就告訴過你，我們擁有最好的零售團隊，今年的經驗證明了我們為什麼會有這種感覺。

Throughout the year, our team has stayed optimistic, they've taken care of each other, they've offered friendly service to our guests and they've successfully overcome a host of unforeseen challenges.

一年來，我們的團隊保持樂觀，他們互相照顧，他們為我們的客人提供友好的服務，他們成功地克服了許多不可預見的挑戰。

The longer I've been at Target, the more I've seen how our team is Target's secret sauce, and I want to express my sincere gratitude to all of them for everything they've accomplished so far this year.

我在塔吉特工作的時間越長，我就越能看到我們的團隊是塔吉特的秘訣，我想對他們所有人今年迄今為止所取得的一切表示衷心的感謝。

With that, I'll turn it back over to Brian for some final thoughts.

有了這個，我會把它交還給布賴恩做一些最後的想法。

Brian?

布賴恩？

Thank you.

謝謝你。

I want to reinforce Michael's commentary on our connection to families, which is so fundamental to our strategy.

我想加強邁克爾關於我們與家庭的聯繫的評論，這對我們的戰略至關重要。

It's right at the center of our corporate purpose: to help all families discover the joy of everyday life.

這正是我們企業宗旨的核心：幫助所有家庭發現日常生活的樂趣。

As we enter the holiday season at the end of a truly remarkable year, we're humbled and gratified at the number of families who have turned to Target to help them stay connected this year.

當我們在真正非凡的一年結束時進入假期時，我們對今年轉向 Target 幫助他們保持聯繫的家庭數量感到謙卑和欣慰。

We've helped them to find everything they need for a birthday party, including the decor, the food, the presents and a card.

我們幫助他們找到了生日派對所需的一切，包括裝飾、食物、禮物和卡片。

We created registries for couples getting married and for parents excited to celebrate the birth of a new child.

我們為即將結婚的夫婦和為慶祝新生兒出生而興奮的父母創建了登記處。

We've helped our guests to stay connected from a distance with a new mobile phone or tablet.

我們幫助客人使用新的手機或平板電腦遠程保持聯繫。

And we've helped them enjoy the additional time they're spending at home, whether that was new decor, office equipment, toys, video games or even activewear now that it's become work appropriate in a world in which all meetings are virtual.

我們幫助他們享受在家中度過的額外時間，無論是新的裝飾、辦公設備、玩具、電子遊戲還是運動服，現在在所有會議都是虛擬的世界中，這已成為適合工作的地方。

Even though the holidays will be different this year, we know our guests still want to discover the joy and connect with those closest to them.

儘管今年的假期會有所不同，但我們知道我們的客人仍然希望發現快樂並與最親近的人聯繫。

So our team is focused on helping to make that happen while providing helpful and friendly service in a safe environment during the busiest time of the year.

因此，我們的團隊專注於幫助實現這一目標，同時在一年中最繁忙的時間在安全的環境中提供有用和友好的服務。

So with that, we'll move to Q&A.

因此，我們將進入問答環節。

John, Michael and I will be happy to take your questions.

約翰、邁克爾和我很樂意回答您的問題。

(Operator Instructions) And our first question comes from Chris Horvers from JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Chris Horvers。

So I have a near-term question and a long-term question, starting with the near term.

所以我有一個近期問題和一個長期問題，從近期開始。

I guess curious what your thoughts are on how this holiday plays out.

我想很好奇你對這個假期的表現有何看法。

What's the mood of the consumers that you've seen as you head into holiday?

您在假期前看到的消費者情緒如何？

You've had some events already that could probably test where you're seeing strength and where you're not seeing strength.

你已經有一些事件可能會測試你看到力量的地方和你沒有看到力量的地方。

So how are you thinking about -- what's the outlook here for the holiday and the timing and so forth?

那麼您如何考慮 - 假期和時間安排等的前景如何？

Well, Chris, it's Brian.

好吧，克里斯，是布賴恩。

Why don't I start out, give everyone a sense for how we're viewing the holiday season.

我為什麼不開始，讓每個人都了解我們如何看待假期。

And we've spent a lot of time talking to guests throughout the year.

全年我們都花了很多時間與客人交談。

And as it pertains to the holiday, they're clearly telling us that they want to celebrate this holiday season, but they know it's going to be very different: smaller gatherings, those trips that we used to take will be postponed.

由於它與假期有關，他們明確告訴我們他們想慶祝這個假期，但他們知道這將是非常不同的：較小的聚會，我們過去的那些旅行將被推遲。

But we certainly expect that the guests that we serve is going to look for ways to find that little bit of joy during the holiday season.

但我們當然希望我們所服務的客人會在節日期間尋找找到一點快樂的方法。

They've reacted very positively to our new promotional plan to start early and actually make those deals available throughout the holiday season.

他們對我們提早開始的新促銷計劃反應非常積極，並在整個假期期間實際提供這些優惠。

We've heard very positive responses to closing on Thanksgiving and really minimizing those big traffic-driving occasions that we've seen in the past.

我們聽到了對感恩節關閉的非常積極的回應，並真正減少了我們過去看到的那些大型交通駕駛場合。

So we expect this to be a season that's going to be very different, unlike any other we've ever seen.

因此，我們預計這將是一個非常不同的賽季，不同於我們所見過的任何其他賽季。

But we expect that guests will decorate their home, and there'll be gifts under the tree and they'll find special ways to celebrate the holiday season.

但我們希望客人會裝飾他們的家，樹下會有禮物，他們會找到特殊的方式來慶祝節日。

And they'll turn to Target and our multi-category portfolio and our suite of fulfillment services as a way to make that happen.

他們將求助於 Target 和我們的多品類產品組合以及我們的履行服務套件，以此作為實現這一目標的一種方式。

Understood.

明白了。

And then on the long term, so you've seen the likes of Levi's, Disney shop-in-shops, Ulta last week.

然後從長遠來看，上週你已經看到了李維斯、迪士尼店中店和 Ulta 之類的品牌。

Today, WWD has an article that Journelle is coming to Target.

今天，WWD 有一篇文章，Journelle 即將來到 Target。

It's clear the level of fashion is on the rise at Target.

很明顯，Target 的時尚水平正在上升。

There are plenty of well-known brands that sell into likes of Penneys and Kohl's and Macy's that now seem like a natural fit from Under Armour, Chaps, CK.

有許多知名品牌向 Penneys、Kohl's 和 Macy's 等公司銷售產品，這些品牌現在看起來像是 Under Armour、Chaps、CK 的天作之合。

Is this an active strategy that you are pursuing on the apparel side?

這是您在服裝方面追求的積極策略嗎？

What's been the dialogue there?

那裡的對話是什麼？

And is there any pushback that you've heard from these types of brands?

您是否從這些類型的品牌中聽到過任何反對意見？

First, to be really clear, our focus will always be on curation and making sure we balance the right mix of our own brand and select national brand partners.

首先，要明確一點，我們的重點將始終放在策展上，並確保我們平衡自有品牌的正確組合和選擇國家品牌合作夥伴。

And that will be an approach we'll take for years to come.

這將是我們未來幾年將採取的方法。

So we're very excited about some of our new partnerships and working now with Levi's.

所以我們對我們的一些新合作夥伴關係以及現在與李維斯的合作感到非常興奮。

And next year, in 2021, welcoming Ulta Beauty to our stores and to Target.com.

明年，也就是 2021 年，歡迎 Ulta Beauty 來到我們的商店和 Target.com。

But we'll always be curators and finding the right mix for our guests between our own brands and iconic national brands.

但我們將始終擔任策展人，並在我們自己的品牌和標誌性的民族品牌之間為我們的客人找到合適的組合。

Our next question comes from Stephanie Wissink from Jefferies.

我們的下一個問題來自 Jefferies 的 Stephanie Wissink。

I have a follow-up question to Chris' question just on brand expansion, but I'm curious if we can look through the lens of your guest profile.

對於 Chris 關於品牌擴張的問題，我有一個後續問題，但我很好奇我們是否可以通過您的客人資料的鏡頭進行查看。

Any insights into new to file guests, where they might be coming from and how those baskets may look relative to your historic average guest?

對新提交的客人有什麼見解，他們可能來自哪裡，以及這些籃子相對於您的歷史平均客人的外觀如何？

Stephanie, we've talked about the number of new guests that have turned to Target during the pandemic.

斯蒂芬妮，我們已經談到了在大流行期間轉向 Target 的新客人的數量。

As John and Michael and I referred to in our opening comments, we're seeing a guest shop multiple categories, take advantage of our vast multi-category portfolio.

正如約翰、邁克爾和我在開場評論中提到的那樣，我們看到一家客店有多個類別，利用我們龐大的多類別產品組合。

Some days, they're shopping our stores.

有些日子，他們在我們的商店購物。

Some days, they're taking advantage of our same-day fulfillment services.

有時，他們會利用我們的當日履行服務。

And we expect that to continue.

我們預計這種情況會繼續下去。

So the guests that are shopping our stores right now are taking advantage of the multiple categories that we sell.

因此，現在在我們商店購物的客人正在利用我們銷售的多個類別。

They are shopping in apparel and home.

他們在服裝和家居中購物。

They're coming into Hardlines and Food & Beverage.

他們正在進入 Hardlines 和食品和飲料行業。

They're taking advantage of our Beauty offerings as well as Household Essentials.

他們正在利用我們的美容產品和家居必需品。

And again, some days, we see them taking advantage of the investments we've made to create a safe shopping experience in-store.

再一次，有些日子，我們看到他們利用我們所做的投資來創造安全的店內購物體驗。

And other days, they're taking advantage of the ease and convenience of our same-day fulfillment services.

在其他日子裡，他們正在利用我們當日履行服務的便捷性。

And our next question comes from Edward Kelly from Wells Fargo.

我們的下一個問題來自富國銀行的 Edward Kelly。

Your gross margin performance this quarter was excellent obviously.

您本季度的毛利率表現顯然非常出色。

But can you provide a bit more color just on the markdown situation?

但是你能在降價情況下提供更多的顏色嗎？

So of the 200 basis points that you mentioned, was that all markdowns?

那麼在你提到的 200 個基點中，都是降價嗎？

How much of that was just less promos versus clearance?

其中有多少只是更少的促銷與清除？

And then how do we think about Q4 as it relates to these line items?

然後我們如何看待與這些訂單項相關的第四季度？

It's obviously pretty hard for us to predict at this point.

在這一點上，我們顯然很難預測。

I'm sure for you as well.

我也相信你。

But any color there, I think, would be helpful.

但我認為那裡的任何顏色都會有所幫助。

Sure.

當然。

I can take that one.

我可以拿那個。

When you think about the drivers in Q3, the north of 200 basis points of good news from a bucket of levers within merchandising.

當您考慮第三季度的驅動因素時，商品銷售中的一桶槓桿帶來了 200 個基點以上的好消息。

The single biggest of those, for certain, was markdown efficiency.

當然，其中最大的一個就是降價效率。

And we've seen continued efficiency on the promo markdown line throughout the year.

我們已經看到全年促銷降價線上的持續效率。

And then clearance, and so much of that is a function of our sales -- our higher-than-expected sales in some of the seasonal categories.

然後是清倉，其中很大一部分是我們銷售的函數——我們在某些季節性類別中的銷售額高於預期。

As you guys well know, a big part of our recipe for assortment in stores is bringing seasonal relevance and newness.

眾所周知，我們在商店的分類方法的很大一部分是帶來季節性相關性和新穎性。

In Q3, we changed over a lot of the store heading into the fall.

在第三季度，我們改變了很多商店進入秋季。

And we had sold through a greater degree of that assortment this year than we typically see, and that provided some real tailwind on the margin line in Q3.

而且我們今年的銷售量比我們通常看到的要多，這為第三季度的利潤線提供了一些真正的順風。

When it comes to Q4, as we've said, Q4 is always its own animal.

正如我們所說，談到第四季度，第四季度始終是它自己的動物。

So we build Q4 bottom-up with a clean sheet of paper and that's the way we've done it this year with admittedly a few more uncertainties in that equation than we might have typically.

因此，我們用一張白紙自下而上地構建第四季度，這就是我們今年所做的方式，不可否認，這個等式中的不確定性比我們通常可能有的更多。

But we feel really good about, importantly, how our inventory is positioned heading into the holiday season.

但重要的是，我們對進入假日季節的庫存狀況感到非常滿意。

And we expect and feel good about our prospects for the quarter looking forward and the strength of the multi-category assortment and the strength of our fulfillment options and the ease and convenience that we'll be able to bring the guests should bode well for the fourth quarter as well.

我們對本季度的前景以及多類別分類的實力和履行選項的實力以及我們能夠為客人帶來的輕鬆和便利的預期和感覺良好應該預示著第四季度也是如此。

Yes.

是的。

It's Brian.

是布賴恩。

I'd only add and really recognize the great work our merchants teams have done throughout the pandemic and certainly in the third quarter, making sure that we quickly adjust assortment to make sure it's relevant for the guests in today's environment.

我只想補充並真正認可我們的商家團隊在整個大流行期間以及第三季度所做的出色工作，確保我們快速調整分類以確保它在當今環境中與客人相關。

And I think you'll expect to see that in the fourth quarter as well.

而且我認為您也希望在第四季度看到這一點。

But our merchants have worked very closely with our key vendor partners to make sure we're making the adjustments and we've got the relevant items in our stores and online that guests are looking for today.

但是我們的商家與我們的主要供應商合作夥伴密切合作，以確保我們正在做出調整，並且我們的商店和網上都有客人今天正在尋找的相關商品。

And that's certainly been a big part of our success throughout 2020.

這無疑是我們在 2020 年取得成功的重要組成部分。

(Operator Instructions) Our next question comes from Edward Yruma from KeyBanc Capital Markets.

（操作員說明）我們的下一個問題來自 KeyBanc Capital Markets 的 Edward Yruma。

You guys have been very successful in operating and opening stores in some of these more densely populated urban areas.

你們在其中一些人口稠密的城市地區經營和開設商店非常成功。

Wonder if you could give us some sense to how they performed, maybe as some folks have left these cities.

想知道您是否可以讓我們了解他們的表現，也許因為有些人已經離開了這些城市。

And I guess the flip side it, if real estate becomes more accessible, is this a strategy you could continue to lean into longer term?

而且我猜它的另一面是，如果房地產變得更容易獲得，這是一個你可以繼續傾向於長期的策略嗎？

John, you want to talk about small formats in 2020 and some of the outlook that we have for 2021?

約翰，你想談談 2020 年的小型格式以及我們對 2021 年的一些展望嗎？

Sure.

當然。

Yes, we remain really bullish on the small-format stores and the opportunity in front of us there.

是的，我們仍然非常看好小型商店和擺在我們面前的機會。

We have many different types of trade areas that we have opened small formats in over the years, and by and large, they are all performing well.

多年來，我們開設了許多不同類型的貿易領域，以小形式開放，總的來說，它們都表現良好。

There's a couple that I would say are probably not quite where we'd like to be given the year.

我會說有一對夫婦可能不是我們想要的那一年。

One is college campuses.

一是大學校園。

Those stores that are heavily dependent on just students have lagged the company a little bit.

那些嚴重依賴學生的商店有點落後於公司。

And the other one is really on employment centers, not really around dense urban neighborhoods.

另一個是真正的就業中心，而不是密集的城市社區。

Dense urban neighborhoods have continued to perform very, very well.

密集的城市社區繼續表現非常非常好。

Employment centers where people have been working from home, those have also lagged a little bit the rest of the chain.

人們一直在家工作的就業中心，也落後於鏈條的其他部分。

But as we look forward, we continue to see great opportunities across all the different trade areas.

但展望未來，我們繼續看到所有不同貿易領域的巨大機遇。

We believe college campuses, we're very bullish on those for the future.

我們相信大學校園，我們非常看好未來的校園。

And so you'll continue to see us look to open small formats in many of the same areas that we've opened them in historically.

因此，您將繼續看到我們希望在許多我們在歷史上打開它們的相同領域中打開小格式。

And you'll see us begin to accelerate a little bit next year, potentially 30 to 35, perhaps over time get to 40 stores a year as we continue to think about opening those smaller stores to address trade areas where guests are seeking the Target experience, but today can't get that store experience.

您會看到我們明年開始加速發展，可能從 30 到 35 家，隨著時間的推移，我們可能會達到每年 40 家門店，因為我們會繼續考慮開設那些較小的門店，以解決客人尋求 Target 體驗的貿易區域，但今天無法獲得那種商店體驗。

So like I said, we remain very bullish on that whole concept.

所以就像我說的，我們仍然非常看好整個概念。

And our next question comes from Karen Short from Barclays.

我們的下一個問題來自巴克萊的 Karen Short。

I'm just wondering, with respect -- a short-term question and then longer term.

我只是想知道，尊重 - 一個短期問題，然後是長期問題。

You gave a lot of color in terms of the things that you're doing near term and also for January to the extent that January slows down.

你在近期和一月份做的事情方面給出了很多顏色，以至於一月份的速度放慢了。

But I guess I'm wondering how you're thinking about December from the perspective of there's been so much pull-forward of shopping.

但我想我想知道你是如何看待 12 月的，從購物的角度來看。

Do you think there's some risk from a December perspective that December kind of fizzles a little bit?

你認為從 12 月的角度來看，12 月會有點失敗嗎？

And how are you planning for that?

你打算怎麼做？

And then I just had one other bigger picture.

然後我有了另一幅更大的圖景。

Karen, why don't I start?

凱倫，我為什麼不開始？

I think as we've looked at the holiday season, we expected the guests to start shopping earlier but continue to shop throughout the holiday season right up to Christmas eve.

我認為當我們看到假日季節時，我們預計客人會更早開始購物，但會在整個假日季節一直到聖誕節前夕繼續購物。

So we think it's going to be a prolonged shopping season.

所以我們認為這將是一個漫長的購物季。

I think we're going to see very different shopping patterns.

我認為我們將看到非常不同的購物模式。

We don't expect to see those big spikes during Black Friday and on weekends.

我們不希望在黑色星期五和周末看到那些大幅飆升。

I think it's going to be spread across the holiday season.

我認為它將在整個假期期間傳播。

And we think December is going to be a very important gifting season for our guests.

我們認為 12 月對於我們的客人來說將是一個非常重要的送禮季節。

So we're watching it carefully.

所以我們正在仔細觀察。

And again, we'll put a premium on flexibility and agility as we work through the months of November and December.

同樣，在 11 月和 12 月的工作中，我們將重視靈活性和敏捷性。

But all indications, as we've talked to the consumer and talked to the guests is they're going to look to celebrate this holiday season.

但所有跡象表明，正如我們與消費者和客人交談過的那樣，他們將期待慶祝這個假期。

They're going to be focused on gifting and celebrating with their family and close friends.

他們將專注於與家人和親密朋友一起送禮和慶祝。

And we expect them to be in our stores and shopping online right till the very end of the holiday season.

我們希望他們能在我們的商店和網上購物，直到假期結束。

Okay.

好的。

And then my second question is just for -- as we look to 2021, obviously, there are some tough comparisons on the top line and maybe some tougher comparisons on the promotional from a lack of promotions this year.

然後我的第二個問題是——當我們展望 2021 年時，顯然，在頂線上有一些艱難的比較，也許由於今年缺乏促銷活動而對促銷進行了一些更艱難的比較。

How are you thinking about the environment in 2021 as some retailers have to lap some of the tough comparisons?

由於一些零售商不得不進行一些艱難的比較，您如何看待 2021 年的環境？

Or is it a function of the fact that there are many retailers that really can't be promotional because they don't have the balance sheet and capability to do that?

還是因為有很多零售商因為沒有資產負債表和能力而無法進行促銷？

Karen, right now, we're very focused on the first half of 2021.

凱倫，現在，我們非常關注 2021 年上半年。

And this is going to be a familiar theme: really taking some of the lessons learned from 2020, putting a premium on flexibility and agility because as Michael and I have both said, we, unfortunately, don't have that crystal ball as we look to the future.

這將是一個熟悉的主題：真正吸取 2020 年的一些經驗教訓，重視靈活性和敏捷性，因為正如邁克爾和我都說過的那樣，不幸的是，我們沒有我們看起來的那個水晶球到未來。

We're all looking for greater certainty.

我們都在尋找更大的確定性。

But we know we're going to go into the first half of 2021 facing the continued pandemic, waiting for vaccines, looking for greater clarity around the condition of the economy and unemployment.

但我們知道，我們將進入 2021 年上半年，面對持續的大流行，等待疫苗，尋找更清晰的經濟狀況和失業狀況。

And I think we're going to just have to make sure that we remain flexible and provide the assortment and the services and the safety that the guest is looking for from Target.

我認為我們只需要確保我們保持靈活性，並提供客人從 Target 那裡尋找的品種、服務和安全。

We certainly expect certain trends will continue.

我們當然預計某些趨勢將繼續下去。

We think guests will continue to consolidate the number of locations where they shop.

我們認為客人將繼續整合他們購物的地點數量。

We think our multi-category portfolio will continue to be very important as we serve the needs of families.

我們認為我們的多類別產品組合將繼續非常重要，因為我們服務於家庭的需求。

We think ease and convenience, combined with safety, will continue to be important.

我們認為，簡單和方便，再加上安全，將繼續很重要。

And we'll continue to deliver great value.

我們將繼續提供巨大的價值。

So Michael talked about our continued focus on market share and the market share opportunities that are in front of us, and I think we'll be very focused on continuing to build off of the market share gains that we achieved in 2020 and further share opportunities in 2021.

所以邁克爾談到了我們繼續關注市場份額和擺在我們面前的市場份額機會，我認為我們將非常專注於繼續鞏固我們在 2020 年取得的市場份額增長和進一步的分享機會2021 年。

And our next question comes from Paul Lejuez from Citi.

我們的下一個問題來自花旗的 Paul Lejuez。

A couple of quick ones.

幾個快速的。

Just I'm curious if you can quantify the percent of your sales increase that's being driven by new customers versus existing customers?

只是我很好奇您是否可以量化由新客戶與現有客戶推動的銷售額增長的百分比？

Curious about the store comp, if you can talk traffic versus ticket.

如果您可以談論流量與票務，則對商店補償感到好奇。

And then, Brian, you mentioned, I think the top quartile of your stores are doing $500 a foot.

然後，布賴恩，你提到過，我認為你的前四分之一的商店每英尺賣 500 美元。

Curious if you looked at that top quartile, let's say, as of 2019 versus the bottom quartile, how are each of those performing this year in 2020?

好奇您是否查看了前四分之一，比如說，截至 2019 年與最低四分位數相比，這些人在 2020 年的表現如何？

Yes.

是的。

Why don't I start and then I'll ask for both John and Michael to provide a perspective.

我為什麼不開始，然後我會要求 John 和 Michael 提供一個觀點。

But I'll start with the recognition that on an average week, we see well over 30 million guests shopping our stores.

但我首先要認識到，平均每週，我們看到超過 3000 萬顧客在我們的商店購物。

And as you've seen in our third quarter results, we've seen traffic continue to grow at a rate of 4.5%, basket expand over 15%, and certainly, there are a mix of new guests to Target.

正如您在第三季度業績中看到的那樣，我們看到流量繼續以 4.5% 的速度增長，購物籃擴大超過 15%，當然，Target 有很多新客人。

But the Target guests and the families that shop us each and every week are visiting us more frequently.

但是，每週都為我們購物的 Target 客人和家庭越來越頻繁地訪問我們。

They're certainly shopping more categories.

他們肯定會購買更多類別的商品。

And that's creating greater trips either to our stores or to our fulfillment channels, and they're shopping a wider array of categories to take advantage of our multi-category portfolio.

這為我們的商店或我們的履行渠道創造了更多的旅行，他們正在購買更廣泛的類別以利用我們的多類別產品組合。

So we're seeing both growth with our existing guests and new guests to Target and to Target.com.

因此，我們看到現有客人和 Target 和 Target.com 的新客人都在增長。

Michael, can you give perspective on top-tier versus lower-tier store performance?

邁克爾，您能否就頂級與低級商店的表現給出看法？

Yes.

是的。

I'll take that really quickly.

我會很快接受的。

As you'd imagine, given just the magnitude of the number of stores, those tiers tend to move in unison.

正如您想像的那樣，僅考慮到商店數量的數量，這些層級往往會齊頭並進。

So we talked about the top tier being up, the bottom tier move the same amount.

所以我們談到了頂層上升，底層移動相同的數量。

And any individual store will have its own story.

任何一家商店都會有自己的故事。

But in quartile, they tend to move pretty consistently.

但在四分位數中，它們往往會非常一致地移動。

So I think the only thing I'd add is we look at our performance, our comps by geography each and every week.

所以我認為我唯一要補充的是我們每週都會查看我們的表現，我們的地理位置。

And we're seeing very consistent results literally across the country.

我們在全國范圍內看到了非常一致的結果。

From both coasts and the heartland of America and in the Southern market, really consistent comp and growth performance.

從海岸和美國的心臟地帶以及南部市場，真正一致的競爭和增長表現。

So certainly, it's not 1 or 2 markets that are driving it.

因此，當然，推動它的不是 1 或 2 個市場。

It's not our top-tier stores versus some of our lower-volume stores.

這不是我們的頂級商店與我們的一些低銷量商店。

We're seeing a consistent lift across the entire fleet of stores and obviously very strong growth in our digital channels.

我們看到整個商店隊伍的持續提升，以及我們的數字渠道顯然非常強勁的增長。

And our next question comes from Paul Trussell from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Paul Trussell。

Very strong quarter.

非常強勁的季度。

The question I'm not going to ask is to John on whether there's enough capacity for the holiday season.

我不會問約翰的問題是假期是否有足夠的容量。

I think the point is very well made there.

我認為這一點在這裡說得很好。

But I do want to ask about -- I do want to ask about the evolution of the same-day services.

但我確實想問一下——我確實想問一下當日服務的演變。

And just curious on what you're learning given the robust growth, how you're improving efficiency, your ability to add additional items of merchandise in categories to be included in those services?

並且只是好奇你在強勁增長的情況下學到了什麼，你如何提高效率，你在類別中添加額外商品以包含在這些服務中的能力？

Yes.

是的。

Well, first, thank you, God bless you for not asking about capacity.

好吧，首先，謝謝你，上帝保佑你不問容量。

I would tell you, our store teams and the Shipt team continue to execute our same-day services at a very, very high level.

我會告訴你，我們的商店團隊和 Shipt 團隊繼續以非常非常高的水平執行我們的當日服務。

And I think you hit on one of the things we've been very focused on this year, which is really assortment expansion.

我認為你提到了我們今年非常關注的一件事，那就是真正的品類擴張。

For Drive Up and for Pick Up, that has meant adding frozen, refrigerated and fresh foods.

對於 Drive Up 和 Pick Up，這意味著添加冷凍、冷藏和新鮮食品。

We are on a trajectory when we started the year to add it to about 300 stores.

當我們年初將其添加到大約 300 家商店時，我們正處於發展軌道上。

We obviously paused in the early spring.

我們顯然在早春停了下來。

And then as things started to open up, really proud of the way our store teams responded and decided we could execute that across our properties team, supply chain and stores to get that in close to 1,600 of our stores today.

然後隨著事情開始開放，我們為我們的商店團隊的回應方式感到非常自豪，並決定我們可以在我們的物業團隊、供應鍊和商店中執行它，以便在我們今天的近 1,600 家商店中實現這一目標。

And so that's available and that's been a huge win for our guests.

所以這是可用的，這對我們的客人來說是一個巨大的勝利。

We see the unit increases -- the number of units in the basket increase as guests start shopping that.

我們看到單位增加 - 隨著客人開始購物，籃子中的單位數量增加。

It was the #1 guest satisfier.

這是排名第一的客人滿意度。

If I can come and get diapers and a couple of other things, why can't I get a gallon of milk and some eggs.

如果我能來拿尿布和其他一些東西，為什麼我不能拿一加侖牛奶和一些雞蛋。

And so now we're able to fulfill that.

所以現在我們能夠實現這一點。

Right along with that, in OPU and Drive Up -- with Order Pick Up and Drive Up, we've added adult beverage, another key category for us where, again, it just tops off the basket.

與此同時，在 OPU 和 Drive Up 中——通過 Order Pick Up 和 Drive Up，我們添加了成人飲料，這是我們的另一個關鍵類別，它再次成為購物籃中的佼佼者。

So a real guest satisfier and we'll continue to work to add other categories at Shipt.

因此，真正的客人更滿意，我們將繼續努力在 Shipt 添加其他類別。

The opportunity there was to get some more of our discretionary categories available for our guests as they use our same-day service.

當我們的客人使用我們的當日服務時，我們有機會為他們提供更多我們的可自由支配類別。

And so as Brian mentioned earlier in the call, we added children's and adult apparel to that right here before the holiday.

正如布賴恩早些時候在電話會議中提到的那樣，我們在假期前在這裡添加了兒童和成人服裝。

We think that will do very well.

我們認為這會做得很好。

So the teams continue to execute, continue to build efficiencies into what we're doing.

因此，團隊繼續執行，繼續為我們正在做的事情提高效率。

But importantly -- I think the most important thing is they continue to ask the guests what it is they want and what we can fulfill for them and you'll see us continue to work toward that.

但重要的是——我認為最重要的是他們繼續詢問客人他們想要什麼以及我們可以為他們實現什麼，你會看到我們繼續朝著這個目標努力。

And that will guide really how we continue to improve those services.

這將真正指導我們如何繼續改進這些服務。

Our final question comes from Robby Ohmes from Bank of America.

我們的最後一個問題來自美國銀行的 Robby Ohmes。

First, Brian and team, I just want to say congrats on the execution of your strategy.

首先，Brian 和團隊，我只想對你們戰略的執行表示祝賀。

It's been plain remarkable.

這是非常了不起的。

My question, I'm sorry, I'm going to ask two.

我的問題，對不起，我要問兩個。

Brian, you mentioned Shipt.

布賴恩，你提到了希普特。

I was wondering if you could give us a little more on Shipt and profitability and maybe growth outside of Target, maybe a little more color on what Shipt is becoming.

我想知道你是否可以給我們更多關於 Shipt 和盈利能力的信息，也許還有 Target 之外的增長，也許對 Shipt 的發展有更多的了解。

And then the second, maybe a shorter question, just a Target Plus, your marketplace.

然後是第二個，也許是一個更簡短的問題，只是一個 Target Plus，你的市場。

Anything changing with your strategy there that you can share with us, given your momentum online?

鑑於您的在線勢頭，您可以與我們分享您的策略有什麼變化嗎？

John, you want to start with Shipt and then we'll wrap up with Target Plus.

約翰，你想從 Shipt 開始，然後我們將用 Target Plus 結束。

Yes.

是的。

We continue to be really, really pleased with the performance of Shipt and the execution of the team.

我們繼續對 Shipt 的表現和團隊的執行感到非常非常滿意。

As we said, Shipt at Target has grown 280% this quarter, $200 million of incremental sales.

正如我們所說，Target 的 Shipt 本季度增長了 280%，增加了 2 億美元的銷售額。

So -- and it's a key part of what we're going to do here in the fourth quarter, we think you'll see us throughout the fourth quarter really lean into our same-day service as Order Pick Up, Drive Up and Shipt as a way -- as our way to fulfill our guest needs, and Shipt will be a big part of that.

所以——這是我們在第四季度要做的事情的關鍵部分，我們認為你會在整個第四季度看到我們真正傾向於我們的當日服務，如訂單取貨、提貨和發貨作為一種方式——作為我們滿足客人需求的方式，Shipt 將是其中的重要組成部分。

I think beyond that, Shipt continues to experience very strong growth.

我認為除此之外，希普特繼續經歷非常強勁的增長。

They continue to add retailers.

他們繼續增加零售商。

There are over 100 national and regional retailers.

有超過 100 家國家和地區零售商。

They added Bed Bath & Beyond this quarter in addition to a few others.

除了其他一些之外，他們還增加了本季度的 Bed Bath & Beyond。

They've doubled the number of shoppers since the spring and are planning to add another 100,000 shoppers here for the fourth quarter.

自春季以來，他們的購物者人數翻了一番，併計劃在第四季度再增加 100,000 名購物者。

So we continue to see really strong growth, and we're very pleased with Shipt's performance overall.

因此，我們繼續看到真正強勁的增長，我們對 Shipt 的整體表現感到非常滿意。

And Robby, on Target Plus, our approach continues to be the same.

Robby 在 Target Plus 上，我們的方法仍然是相同的。

We're very selectively curating some vendor partners.

我們非常有選擇地策劃一些供應商合作夥伴。

I think we're up to about 175 right now.

我想我們現在大約有 175 人。

We probably have now close to 400,000 SKUs available through Target Plus.

我們現在可能通過 Target Plus 擁有近 400,000 個 SKU。

But we'll continue to make sure we curate very carefully and complement our store and online assortment.

但我們將繼續確保我們非常仔細地策劃並補充我們的商店和在線分類。

So with that, I do want to thank everyone for joining us today.

因此，我要感謝大家今天加入我們。

I wish everyone a safe and happy holiday season.

祝大家度過一個安全快樂的假期。

We look forward to the day when we can all be back together in person.

我們期待著有一天我們都可以親自重聚。

But thanks for joining us.

但是感謝您加入我們。

Thanks for your support, and have a safe and happy holiday season.

感謝您的支持，祝您度過一個安全快樂的假期。