目標百貨 (TGT) 2021 Q4 法說會逐字稿

Well, good morning, everyone, and welcome to Target's 2022 Financial Community Meeting. I'd like to start by welcoming the investors and others who are attending this meeting remotely this morning. And for the first time in 3 years, it's great to welcome everyone who's here with us in person in New York.

大家早上好，歡迎參加 Target 的 2022 年金融社區會議。我想首先歡迎今天早上遠程參加本次會議的投資者和其他人。 3 年來第一次，很高興歡迎每一位親臨紐約的人。

Before I turn it over to Brian, 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 comparable -- directly comparable GAAP measure are included in our financial press releases and SEC filings, which are posted on our Investor Relations website.

在我把它交給布賴恩之前，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。所有非公認會計原則措施與最可比——直接可比公認會計原則措施的對賬包含在我們的財務新聞稿和美國證券交易委員會文件中，這些文件發佈在我們的投資者關係網站上。

With that, I'll turn it over to Brian to begin the meeting.

有了這個，我將把它交給布賴恩開始會議。

(presentation)

（介紹）

Good morning. It's great to be back here in New York for our first live event since the start of the pandemic. I can tell you, our entire team has been looking forward to seeing you in person. It's been a long couple of years.

早上好。很高興回到紐約參加我們自大流行開始以來的第一次現場活動。我可以告訴你，我們整個團隊一直期待著親自見到你。已經好幾年了。

But I also have to acknowledge the continued uncertainty that surrounds our world, which is only being magnified by the growing conflict between Russia and the citizens of Ukraine. It serves as another reminder of our continued need to support our teams, our guests, and our communities as we all navigate these very challenging times.

但我也必須承認，圍繞著我們世界的持續不確定性，只會被俄羅斯與烏克蘭公民之間日益加劇的衝突放大。它再次提醒我們，在我們度過這個充滿挑戰的時代時，我們仍然需要支持我們的團隊、我們的客人和我們的社區。

It's been 5 years since I stood in front of many of you, the head of then a $70 billion company. I was a little nervous as I laid out a bold new company strategy. Today, I stand in front of you as the head of a $106 billion growth company with a long list of proof points that our strategy is working.

五年前，我站在你們許多人面前，當時是一家價值 700 億美元的公司的負責人。當我制定一個大膽的新公司戰略時，我有點緊張。今天，我作為一家價值 1060 億美元的成長型公司的負責人站在你們面前，有很多證據表明我們的戰略正在奏效。

We've delivered 19 consecutive quarters of comp growth: 11 quarters of comp growth before the pandemic, 8 quarters of comp growth since the pandemic. We've grown because we've accelerated our investments in our team and in our strategy. We've accelerated our growth because our team stepped up in heroic ways, meeting the explosive demands that materialized with the pandemic.

我們已經實現了連續 19 個季度的薪酬增長：大流行前 11 個季度的薪酬增長，自大流行以來的 8 個季度的薪酬增長。我們之所以成長，是因為我們加快了對團隊和戰略的投資。我們加快了增長速度，因為我們的團隊以英勇的方式挺身而出，滿足了大流行帶來的爆炸性需求。

5 years ago, we had 1,800 stores. I announced the plan to add stores and upgrade the stores we had. And I saw jaws drop and our stock price dive for a while. At that time, retail was about closing stores, not opening them. Many of you questioned our approach. Now 5 years later, we have almost 2,000 stores, and we're still remodeling and building new stores.

5 年前，我們擁有 1,800 家門店。我宣布了增加商店和升級我們擁有的商店的計劃。我看到下巴掉了下來，我們的股價下跌了一段時間。那時，零售是關店，而不是開店。你們中的許多人質疑我們的方法。現在 5 年後，我們擁有近 2,000 家門店，而且我們仍在改造和建設新門店。

We also know the way we run our stores is the secret to growing digital sales. Yes, the way we run our stores is the secret to why digital is now 19% of sales. So as we look at the next 5 years, we're going to continue to build on our strengths. We have the culture, we have the connections, and we care. We care about delighting our guests. We care about delivering value to our stakeholders. And as you see in our fourth quarter results, we're accelerating our investment in what's next as we continue to deliver what's now.

我們也知道我們經營商店的方式是增加數字銷售的秘訣。是的，我們經營商店的方式是數字化現在佔銷售額 19% 的秘訣。因此，當我們展望未來 5 年時，我們將繼續加強我們的優勢。我們有文化，我們有聯繫，我們關心。我們關心取悅我們的客人。我們關心為利益相關者提供價值。正如您在我們的第四季度業績中看到的那樣，隨著我們繼續交付現在的產品，我們正在加快對下一步的投資。

For Q4, our comp sales were up nearly 9%. We achieved standout results relative to the market. We achieved growth on top of last year's all-time record growth. Our full year comp was up a remarkable 12.7%. In the last 2 years, we've grown by more than 35%. That's more than $27 billion. That figure alone would place the company in the top quarter of the Fortune 500.

第四季度，我們的複合銷售額增長了近 9%。我們取得了相對於市場的突出成績。我們在去年創紀錄的增長基礎上實現了增長。我們的全年薪酬增長了驚人的 12.7%。在過去的 2 年中，我們增長了 35% 以上。這超過 270 億美元。僅憑這一數字，該公司就位列財富 500 強的前四分之一。

And we're seeing the benefits of stores as hubs. Growth was split nearly 50-50 between stores and digital dollars. Over this time frame, we grew 2021 traffic by more than 12% on top of nearly 4% in 2020. And we posted 2021 after-tax return on invested capital of 33%. We achieved all this growth while protecting consumers from dramatic cost of goods inflation, delivering adjusted EPS that is 44% higher than last year and more than double where it was in 2019, and funding all of our ambitious strategic investments completely.

我們看到了商店作為樞紐的好處。商店和數字美元之間的增長接近 50-50。在這段時間內，我們在 2020 年的近 4% 的基礎上，2021 年的流量增長了 12% 以上。我們公佈的 2021 年投資資本稅後回報率為 33%。我們實現了所有這些增長，同時保護消費者免受商品成本急劇上漲的影響，調整後的每股收益比去年高出 44%，是 2019 年的兩倍多，並完全為我們所有雄心勃勃的戰略投資提供資金。

Our Q4 results show we're taking our strategy forward to the next level with speed, with efficiency and with relevance, with care. Over the next 75 minutes, we'll show you how we're investing in opportunities for big wins. We've added Ulta Beauty to our stores. So far, our sales per square foot are strong. Guest engagement is impressive. We see the scale of opportunities as being even more impressive. We'll show you how we translated a massive influx of insights from new guests and loyal guests who are engaging even more. You'll see how we're accelerating our capabilities in personalization, creating an always-on, inspiring guest experience and driving unparalleled value to our partners with a fast-growing revenue stream for our business through Roundel.

我們的第四季度業績表明，我們正在以速度、效率、相關性和謹慎將我們的戰略推進到一個新的水平。在接下來的 75 分鐘內，我們將向您展示我們如何投資於取得重大勝利的機會。我們已將 Ulta Beauty 添加到我們的商店。到目前為止，我們每平方英尺的銷售額很強勁。客人的參與令人印象深刻。我們認為機會的規模更加令人印象深刻。我們將向您展示我們如何將來自新客人和忠誠客人的大量見解轉化為更具吸引力的客戶。您將看到我們如何通過 Roundel 為我們的業務快速增長的收入流來提高我們在個性化方面的能力，創造始終在線、鼓舞人心的客戶體驗，並為我們的合作夥伴帶來無與倫比的價值。

We'll show you how we're adding capacity, efficiency and innovation across stores and supply chain operations, driving the next phase of stores as hubs. We'll show you how we're growing by increasing our multi-category assortment. We'll show you how we're making incredible progress in a category like Food & Beverage. And above all, we'll show you how we're growing by keeping investments in our team constant. We believe our constant investment creates that critical connection between social and environmental sustainability.

我們將向您展示我們如何在商店和供應鏈運營中增加容量、效率和創新，推動下一階段的商店成為樞紐。我們將通過增加我們的多類別分類向您展示我們是如何發展的。我們將向您展示我們如何在食品和飲料等類別中取得令人難以置信的進步。最重要的是，我們將通過保持對團隊的持續投資來向您展示我們是如何成長的。我們相信，我們的持續投資創造了社會和環境可持續性之間的關鍵聯繫。

ESG is a critical part of our Target Forward strategy. So yes, we're going to keep growing in 2022. And knowing this, we've upgraded our long-term financial algorithm. Michael will lay that out later this morning.

ESG 是我們的 Target Forward 戰略的重要組成部分。所以是的，我們將在 2022 年繼續增長。知道這一點，我們已經升級了我們的長期財務算法。邁克爾將在今天早上晚些時候列出這一點。

We are a bigger, stronger company now. We're growing on a bigger base than ever, and we recognize the power of 'and'. We have a slate of focused initiatives, and they work together in unison. We have a connection to our guests, and we have relevance to their lives. We have physical and digital experiences and the only at Target touches. We have a multi-category portfolio and a differentiated approach to curating owned and national brands. We have scale in same-day services and the pathway for more digital growth, thanks to the synchronized operation of stores, fulfillment centers, flow centers, sortation centers and Shipt.

我們現在是一家更大、更強大的公司。我們在比以往更大的基礎上成長，我們認識到“和”的力量。我們有一系列重點突出的舉措，它們齊心協力。我們與客人有聯繫，我們與他們的生活息息相關。我們擁有實體和數字體驗，並且只有 Target 接觸。我們擁有多類別的產品組合和差異化的方法來策劃自有品牌和民族品牌。由於商店、履行中心、流通中心、分揀中心和 Shipt 的同步運營，我們的當日服務規模和實現更多數字化增長的途徑。

We have the commitment for Target forward, and we can use our size and scale to benefit people and the planet. We'll serve our guests through challenging times, and we'll find terrific opportunities for growth. We definitely have the power of 'and'. We know today's consumers are facing a series of follow hardships from the pandemic. We see higher prices across the country. We see supply chain constraints that are steadily working themselves out but will likely take more time, both of which are made more uncertain by the crisis in Ukraine.

我們對 Target forward 有承諾，我們可以利用我們的規模和規模造福人類和地球。我們將在充滿挑戰的時期為我們的客人提供服務，我們將找到絕佳的發展機會。我們絕對有“和”的力量。我們知道今天的消費者正面臨著大流行帶來的一系列困難。我們看到全國各地的價格都在上漲。我們看到供應鏈限制正在穩步解決，但可能需要更多時間，烏克蘭危機使這兩者變得更加不確定。

And we see people reevaluating how they think about work. Millions of people are searching for careers that have meaning and purpose, and they are turning to companies like Target for opportunities. As you'll hear today, we're walking our stakeholders through these challenges. We have the global scale to keep the products people want and need moving through our pipeline. We have the value levers, multi-category assortment and multichannel shopping experience. And we allow our guests to consolidate trips, get more done in one store and experience a little bit of affordable luxury for their families, especially in this inflationary economy.

我們看到人們重新評估他們對工作的看法。數以百萬計的人正在尋找有意義和有目的的職業，他們正在轉向像 Target 這樣的公司尋找機會。正如您今天將聽到的，我們正在帶領我們的利益相關者應對這些挑戰。我們擁有全球規模，可以讓人們想要和需要的產品在我們的管道中流通。我們擁有價值槓桿、多品類和多渠道的購物體驗。我們允許我們的客人整合旅行，在一家商店完成更多工作，並為他們的家人體驗一點負擔得起的奢侈品，尤其是在這個通貨膨脹的經濟中。

Above all, we built a culture that cares. Our teams understand the way to grow and win together is to care. They care about each other. They care about our guests. They care about our communities. They care about the millions of families we touch each and every day. As I look at the future of Target, I increasingly see care separating us from the industry. So before we dive in our corporate strategy and operational details, I want to tie some of these things together. I want to show you how our potential, our culture, our connection and caring tie into a business model that will deliver even more personalized, even more equitable, even more sustainable growth in the future.

最重要的是，我們建立了一種關心的文化。我們的團隊明白共同成長和共贏的方式是關心。他們互相關心。他們關心我們的客人。他們關心我們的社區。他們關心我們每天接觸的數百萬個家庭。當我展望 Target 的未來時，我越來越看到將我們與行業分開的關懷。因此，在我們深入探討公司戰略和運營細節之前，我想將其中一些事情聯繫在一起。我想向您展示我們的潛力、我們的文化、我們的聯繫和關懷如何與一種商業模式聯繫在一起，這種商業模式將在未來提供更加個性化、更加公平、更加可持續的增長。

For a concrete example, look no further than the announcement we made yesterday to invest up to $300 million to set a new starting wage and to expand access to health care benefits to more team members and their families. 2 years ago, we raised our starting minimum wage to an industry-leading $15 per hour. Now we're setting new starting wage ranges of $15 to $24 per hour, positioning Target as a wage leader in every market where we operate.

舉個具體的例子，看看我們昨天宣布的投資高達 3 億美元的公告，以設定新的起薪，並擴大更多團隊成員及其家人獲得醫療保健福利的機會。 2 年前，我們將起始最低工資提高到行業領先的每小時 15 美元。現在，我們將新的起薪範圍設定為每小時 15 至 24 美元，將 Target 定位為我們經營的每個市場的工資領導者。

We'll also provide broader, faster access to health care for hourly team members, making nearly 20% of our team newly eligible for benefits and reducing the waiting period for all hourly store team members to enroll in Target medical plans. You can count on us to keep leading with investments like these. But to really appreciate where we're headed as a company, I want you to know not just what we're investing in, but whom.

我們還將為小時工團隊成員提供更廣泛、更快的醫療保健服務，使我們團隊中近 20% 的新員工有資格獲得福利，並縮短所有小時工店團隊成員加入 Target 醫療計劃的等待時間。您可以指望我們在此類投資方面保持領先地位。但要真正了解我們作為一家公司的發展方向，我希望您不僅知道我們在投資什麼，還知道誰。

I'm thinking of Jen Mayer, Store Director of T1235 in Hudson, Wisconsin. Jen started as an intern 26 years ago. Since then, she's gone on to lead stores for Target in Iowa, Missouri, Indiana and Minnesota. In the 2 years since she moved to Hudson, store sales have increased by 30%. You'll hear about chain-wide figures like that from John, and Jen's store is a proof point to that trend. Shortly after she started in Hudson, Jen oversaw the introduction of Drive Up right at the start of the pandemic. And in 2 short years, our stores rocketed up to the top 75 for Drive Up.

我想到了威斯康星州哈德遜市 T1235 店長 Jen Mayer。 Jen 26 年前開始實習。從那以後，她繼續在愛荷華州、密蘇里州、印第安納州和明尼蘇達州領導 Target 的門店。在她搬到哈德遜後的 2 年裡，商店銷售額增長了 30%。你會從 John 那裡聽說過像這樣的連鎖店形象，Jen 的商店就是這種趨勢的證明。 Jen 在哈德遜開始工作後不久，就在大流行開始時監督了 Drive Up 的引入。在短短的 2 年內，我們的門店就在 Drive Up 的排名中飆升至前 75 名。

So the store performance is strong, but that's not what caught my attention. Instead, it was a speech by one of Jen's team members, a 27-year-old named Lindsay, one of the thousands of team members who joined Target in the pandemic. In front of a Black Tie Gala last fall, Lindsay related how she was devastated after losing her previous job during the COVID lockdowns of 2020. Here's what she had to say.

所以商店的表現很強勁，但這不是引起我注意的地方。相反，這是 Jen 的一名團隊成員的演講，他 27 歲，名叫 Lindsay，他是在大流行中加入 Target 的數千名團隊成員之一。在去年秋天的黑色領帶晚會上，Lindsay 講述了她在 2020 年 COVID 封鎖期間失去以前的工作後是如何被摧毀的。這是她不得不說的。

It is a privilege and honor to tell you how I became a Target team member. My Target story is one of inclusion and acceptance. As we know, when the pandemic happened and businesses and people were affected everywhere, I sat home crying about being laid off from my job and needing a schedule. I wanted it and needed to work. I like to shop my Target, so I thought, you know, that would be a good place to work.

很榮幸能告訴您我是如何成為 Target 團隊成員的。我的目標故事是包容和接受之一。眾所周知，當大流行發生，各地的企業和人民都受到影響時，我坐在家裡哭著被解僱，需要一個時間表。我想要它並且需要工作。我喜歡在我的 Target 購物，所以我想，你知道，那將是一個工作的好地方。

That's when all on my own, I updated my resume and sent my application in. I didn't need my mom's help this time. She wasn't in my interview either like she was in the past. 45 minutes into the interview and telling them that I had to be honest, I have autism. They said, "Thank you for sharing. Welcome to Target."

就在那時，我一個人更新了我的簡歷並發送了我的申請。這次我不需要媽媽的幫助。她也不像過去那樣參加我的採訪。面試 45 分鐘後，告訴他們我必須說實話，我患有自閉症。他們說，“謝謝你的分享。歡迎來到Target。”

No one who knows Jen or her team would be the least bit surprised that they hired Lindsay on the spot or that Lindsay has had a great developmental experience in the store, is doing well and appreciates her extended Target family. Jen speaks for the company when she says, it's important to give everyone opportunities. In her 20 years as a store director, she's moved hundreds of team members from part-time to full-time. She's developed and promoted dozens of team members to leadership positions. She's helped them cope with trauma, overcome disparities, build skills and save for the future.

任何了解 Jen 或她的團隊的人都不會對他們當場聘用 Lindsay 或 Lindsay 在商店擁有豐富的發展經驗、表現良好並感謝她的 Target 大家庭感到驚訝。 Jen 為公司代言，她說，給每個人機會很重要。在她擔任商店主管的 20 年中，她將數百名團隊成員從兼職轉為全職。她培養並提拔了數十名團隊成員擔任領導職務。她幫助他們應對創傷、克服差距、培養技能並為未來儲蓄。

She speaks boldly for our culture when she says, "I ask myself, what would I want someone to do for me? And then I try to do that times 10." This is the kind of question we ask ourselves at the company all the time: what can we do with our resources, with our strategy and plans, with our team and culture to serve the world around us in a bigger, more beneficial way?

當她說：“我問自己，我希望別人為我做什麼？然後我試著做 10 次。”她大膽地為我們的文化說話。這是我們在公司一直問自己的問題：我們可以利用我們的資源、我們的戰略和計劃、我們的團隊和文化做些什麼，以更大、更有益的方式為我們周圍的世界服務？

So as I hand off to our team, I'll ask you to keep that story in mind. Jen Meyer will be the first to tell you, we're just getting started, that you can't equate accelerated returns with exhausted ones. Her store with those strong results hasn't even been touched by a remodel. Starting in April, T1235 will get an Ulta Beauty and a Disney store, we'll significantly increase the size of her grocery footprint and add a dedicated entrance for Drive Up and Order Pick Up given the volume of same-day services. And the growth from this remodel will spur Jen's store even higher. It will combine with thousands of comparable examples countrywide to bring more joy, more equity and opportunity and even more growth in both financial and societal terms to our stakeholders here and around the world.

因此，當我移交給我們的團隊時，我會要求您牢記這個故事。 Jen Meyer 將第一個告訴您，我們才剛剛開始，您不能將加速回報與疲憊的回報等同起來。她的商店取得瞭如此強勁的成績，甚至還沒有經過改造。從 4 月開始，T1235 將獲得一家 Ulta Beauty 和一家迪士尼商店，鑑於當天服務的數量，我們將顯著增加她的雜貨店足跡，並為 Drive Up 和 Order Pick Up 添加一個專用入口。而這次改造帶來的增長將刺激 Jen 的商店更高。它將與全國數千個可比較的例子相結合，為我們這里和世界各地的利益相關者帶來更多的快樂、更多的公平和機會，以及在財務和社會方面的更多增長。

Christina?

克里斯蒂娜？

Thanks, Brian. This morning, I'm eager to give you a peek behind the curtain to answer the question, what's next for Target? And the short answer is a lot. I'd like to share with you a deeper look into the growth framework we use to drive our strategies forward. With a fortified foundation and the deepening level of trust we've established with our guests, we're continuing to build on what's working strategically while making smart choices to launch new initiatives.

謝謝，布賴恩。今天早上，我很想帶你看看幕後，回答這個問題，Target 的下一步是什麼？簡短的回答是很多。我想與您分享對我們用來推動戰略發展的增長框架的更深入了解。憑藉我們與客人建立的穩固基礎和不斷加深的信任，我們將繼續在戰略性工作的基礎上開展工作，同時做出明智的選擇以推出新舉措。

While I plan to spend most of my time today sharing our specific strategies and the lens through which we view them. Let's first acknowledge what enables the execution of these strategies in the first place: our team, our operations and technology. The investments we've made in these areas will empower everything we'll share today. In fact, they're increasingly becoming differentiated growth drivers in their own rights, and they propel our purpose: to help all families discover the joy of everyday life. And at the center of that purpose, you see our guests. Everything we do should be rooted in a deep understanding of what our guests want, along with the empathy to understand what they need.

雖然我計劃今天花費大部分時間來分享我們的具體策略以及我們觀察它們的視角。讓我們首先承認是什麼使這些戰略得以執行：我們的團隊、我們的運營和技術。我們在這些領域所做的投資將為我們今天分享的一切提供支持。事實上，他們正日益成為差異化的增長動力，並推動我們的目標：幫助所有家庭發現日常生活的樂趣。在這個目的的中心，你會看到我們的客人。我們所做的一切都應該植根於對客人想要什麼的深刻理解，以及理解他們需要什麼的同理心。

Our culture to care, grow and win together, coupled with our core values of inclusivity, connection and drive, support our purpose. Without them, our purpose statement is just words on the page. It's only when we're aligned in who we are, what we care [most] (added by company after the call) about and how we drive forward together that our purpose comes to life.

我們共同關心、共同成長和共贏的文化，加上我們包容、聯繫和驅動的核心價值觀，支持我們的目標。沒有它們，我們的目的陳述只是頁面上的文字。只有當我們在我們是誰、我們最關心什麼（在電話會議後由公司添加）以及我們如何共同推動前進時，我們的目標才能實現。

Here's a recent example. One of our guests, Nicholas, recently lost his sister to cancer. One of his family's most prized possessions was a photo of his sister in an Opalhouse picture frame that she gave to him before she passed. One day, the frame fell and shattered. Unable to find a replacement, Nicholas reached out to us with a plea for help. The frame, unfortunately, was no longer in production. But the owned brand team tracked down 2 remaining frames, which they sent to Nicholas and his wife, complete with handwritten notes of sympathy and care from the Target team.

這是一個最近的例子。我們的一位客人尼古拉斯最近因癌症失去了他的妹妹。他的家人最珍貴的財產之一是他姐姐在 Opalhouse 相框中的照片，這是她在去世前送給他的。有一天，框架倒下，碎了。由於找不到替代品，尼古拉斯向我們尋求幫助。不幸的是，該框架已不再生產。但自有品牌團隊找到了剩下的 2 個框架，他們將這些框架發送給了 Nicholas 和他的妻子，並附有 Target 團隊手寫的同情和關懷記錄。

Nicholas shared with the team, "I know it's just a frame, but there's a lot of meaning behind it. What you did may seem small, but it represents so much more." This is just one example of how our team continuously shows up, living out our values and putting care first. I am so grateful for their unwavering commitment to our guests, the communities they serve and each other, all in service of our purpose.

尼古拉斯與團隊分享：“我知道這只是一個框架，但它背後有很多意義。你所做的可能看起來很小，但它代表了更多。”這只是我們團隊如何不斷出現、踐行我們的價值觀並將關懷放在首位的一個例子。我非常感謝他們對我們的客人、他們所服務的社區以及彼此的堅定承諾，所有這些都為我們的宗旨服務。

So now let's go deeper into each of our 6 strategic pillars, distinct but interwoven aspects of how we intend to grow. They represent core ideas to create forward motion for our business and help define the sum of the parts that is uniquely Target. Let's begin with one of the most iconic differentiators at Target, our brands. Through our careful balance of exclusive owned brands and industry-leading national brands, Target differentiates by curating a unique assortment, driving preference in a crowded retail landscape. We've built guest affinity through our flagship brands like Good & Gather, All in Motion, Cat & Jack and Threshold. We've also continued to innovate with new brands such as Brightroom, Target's first dedicated storage and home organization owned brand; and Kindful, our first pet food brand with premium ingredients and no artificial colors, flavors or preservatives.

因此，現在讓我們更深入地了解我們的 6 個戰略支柱中的每一個，這些支柱是我們打算如何發展的不同但相互交織的方面。它們代表了為我們的業務創造前進動力的核心理念，並幫助定義了獨特的目標部分的總和。讓我們從我們的品牌 Target 最具標誌性的差異化因素之一開始。通過我們對獨家自有品牌和行業領先的民族品牌的謹慎平衡，Target 通過策劃獨特的品類、在擁擠的零售環境中推動偏好來實現差異化。我們通過 Good & Gather、All in Motion、Cat & Jack 和 Threshold 等旗艦品牌建立了客人的親和力。我們還繼續通過新品牌進行創新，例如 Target 的第一個專用存儲和家庭組織自有品牌 Brightroom； Kindful，我們的第一個寵物食品品牌，採用優質原料，不含人工色素、香料或防腐劑。

Through our world-class design and sourcing functions, we are able to develop and produce products at an incredible quality and value, always a focus for our guests, but never more so than in an inflationary environment. To illustrate the scale of our owned brands, in 2021 alone, Target sold more than 330 million units in Cat & Jack, equating to nearly 7 items for every child in the United States under the age of 11. And even though these brands are already big, they're still growing. In fact, Target's owned brands grew 18% in 2021. And at more than $30 billion, our owned brand sales alone now rival the size of some Fortune 100 companies.

通過我們世界一流的設計和採購功能，我們能夠以令人難以置信的質量和價值開發和生產產品，始終是我們客人關注的焦點，但在通貨膨脹的環境中更是如此。為了說明我們自有品牌的規模，僅在 2021 年，Target 在 Cat & Jack 的銷量就超過 3.3 億件，相當於美國每個 11 歲以下兒童購買了近 7 件商品。儘管這些品牌已經大，他們還在成長。事實上，Target 的自有品牌在 2021 年增長了 18%。僅我們自有品牌的銷售額就超過 300 億美元，現在可以與一些財富 100 強公司的規模相媲美。

But as we've said before, it isn't about owned or national brands. The harmony created between them is part of what makes Target unique. Our recent progress in denim serves as a perfect example. Years ago, we recognized a vast opportunity to elevate denim's role at Target, stemming from considerable guest and market research. So when Universal Thread and Goodfellow launched, both featured extensive new denim offerings, including a variety of styles and inclusive sizing, all at sharp price points. The guest reaction to the quality and value was fantastic.

但正如我們之前所說，這與自有品牌或國家品牌無關。它們之間創造的和諧是使 Target 與眾不同的部分原因。我們最近在牛仔布方面取得的進展就是一個很好的例子。多年前，我們通過大量的客戶和市場研究發現了提升牛仔佈在 Target 的作用的巨大機會。因此，當 Universal Thread 和 Goodfellow 推出時，它們都推出了廣泛的新牛仔產品，包括各種款式和包容性尺碼，而且價格都非常優惠。客人對質量和價值的反應非常棒。

We further rounded out the assortment by deepening our partnership with Levi's, which continues to grow. All told, the interplay between our owned and national brands has reinvigorated this category, bringing us from a retailer that sold denim to a denim destination, having grown sales in this category by more than $150 million since 2019.

我們通過深化與繼續增長的 Levi's 的合作夥伴關係，進一步完善了產品分類。總而言之，我們自有品牌和民族品牌之間的相互作用重振了這一類別，使我們從一家銷售牛仔布的零售商到牛仔布目的地，自 2019 年以來，該類別的銷售額增長了超過 1.5 億美元。

And Levi's isn't the only growing partnership at Target. We're also deepening our relationship with leading national brand partners like Disney, Apple and Ulta Beauty. Brian touched on the strong results we're seeing with our first 100 Ulta Beauty at Target stores. We entered this partnership knowing our guests were looking for prestige beauty brands and industry-leading expertise, and that's exactly what these new shops are delivering.

而李維斯並不是 Target 唯一不斷發展的合作夥伴。我們還在深化與迪斯尼、蘋果和 Ulta Beauty 等領先的國家品牌合作夥伴的關係。 Brian 談到了我們在 Target 商店的前 100 個 Ulta Beauty 所看到的強勁結果。我們加入這一合作夥伴關係時，知道我們的客人正在尋找著名的美容品牌和行業領先的專業知識，而這正是這些新店所提供的。

In stores where we've added an Ulta Beauty experience, guests are buying incremental items from the Ulta Beauty assortment while continuing to shop the beauty brands they've loved at Target for years. In fact, these new spaces average more than 2x the productivity of the rest of the store, and the growth is proving to be incremental. Specifically, in stores that have added an Ulta Beauty section, we're seeing a mid-teens lift across total Beauty and productivity lifts in complementary categories as well. With these incredible results, we remain committed to operating at least 800 Ulta Beauty at Target locations over time with plans to add more than 250 new locations in 2022.

在我們添加了 Ulta Beauty 體驗的商店中，客人可以從 Ulta Beauty 分類中購買增量商品，同時繼續在 Target 購買他們多年來喜愛的美容品牌。事實上，這些新空間的平均生產力是商店其餘部分的 2 倍以上，而且增長被證明是漸進的。具體來說，在增加了 Ulta Beauty 部分的商店中，我們看到整個美容產品和互補品類的生產力提升了十幾歲。憑藉這些令人難以置信的成果，我們仍然致力於隨著時間的推移在目標地點運營至少 800 家 Ulta Beauty，併計劃在 2022 年增加 250 多個新地點。

At Target, we pride ourselves on the level of service and shopping experience we provide. As John and Mark will share in more detail, we made meaningful investments and progress in the store shopping experience over the past several years. So I'll focus on our opportunity to grow our in-store services.

在 Target，我們為我們提供的服務水平和購物體驗感到自豪。正如約翰和馬克將更詳細地分享的那樣，我們在過去幾年中在商店購物體驗方面進行了有意義的投資和進步。因此，我將專注於發展店內服務的機會。

Target has long been a destination, an escape, largely because of the differentiated experience we provide. In-store services are one more way we can make life easier for our guests, helping them to accomplish more in a single trip to their local store. Years ago, we began our partnership with CVS Health to provide pharmacy services in our stores, and they continue to deliver exceptional care and expertise today. This not only benefits our guests who fulfill their prescriptions in our stores but also consolidates another trip, simplifying their lives.

長期以來，Target 一直是一個目的地，一個避風港，很大程度上是因為我們提供的差異化體驗。店內服務是我們讓客人的生活更輕鬆的另一種方式，幫助他們在前往當地商店的一次旅行中完成更多工作。多年前，我們開始與 CVS Health 合作，在我們的商店提供藥房服務，他們今天繼續提供卓越的護理和專業知識。這不僅有利於在我們的商店完成處方的客人，而且還鞏固了另一次旅行，簡化了他們的生活。

Similarly, we provide convenient, well-established optical services, which we have at more than 500 of our stores and growing. Yet we still have an opportunity to do more. Let me share an example of a recent pilot we plan to scale. In 2021, Target began testing ear piercing at several Minneapolis-based stores. Our research found that guests were looking for a reliable, safe and convenient place to get their families' ears pierced. So we created a joyful and differentiated experience, making us the first-and-only national retailer to offer ear piercings performed by a licensed nurse. This service helps us connect and celebrate a major milestone with often younger guests, creating lasting affinity for our brand.

同樣，我們提供便捷、完善的眼鏡服務，我們的 500 多家門店都提供這種服務，而且還在不斷增長。然而，我們仍有機會做得更多。讓我分享一個我們計劃擴大規模的近期試點的例子。 2021 年，Target 開始在明尼阿波利斯的幾家商店測試耳洞。我們的研究發現，客人正在尋找一個可靠、安全和方便的地方給家人打耳洞。因此，我們創造了一種快樂和差異化的體驗，使我們成為第一家也是唯一一家提供由持照護士執行的耳洞服務的全國零售商。這項服務幫助我們與年輕的客人建立聯繫並慶祝一個重要的里程碑，為我們的品牌創造持久的親和力。

Given the success of the pilot, we recently expanded the rollout to nearly 200 stores with plans to meaningfully increase that number by the end of 2022. This is a fantastic example of what happens when we listen to our guests, deeply research the market opportunities and create a differentiated solution.

鑑於試點的成功，我們最近將推廣範圍擴大到近 200 家門店，併計劃在 2022 年底之前顯著增加這一數量。這是一個很好的例子，說明當我們傾聽客人的意見、深入研究市場機會和打造差異化解決方案。

Another growth pillar is our focus on affordability as value remains among the biggest loyalty builders in retail. Our goal is to deliver unbeatable value by providing affordability across every category every day. After all, we established our Expect More, Pay Less promise decades ago, and we're continuously evolving what it means to deliver great value.

另一個增長支柱是我們關注可負擔性，因為價值仍然是零售業最大的忠誠度建設者之一。我們的目標是通過每天為每個類別提供可負擔性來提供無與倫比的價值。畢竟，我們在幾十年前就確立了“期待更多，支付更少”的承諾，並且我們正在不斷發展創造巨大價值的意義。

Given that the U.S. economy is experiencing the highest inflation rate in decades, the American consumer is becoming increasingly price-conscious. This is why we believe our comprehensive view of affordability, which focuses on price but encompasses so much more, sets Target apart from our competitors, driving deepened engagement and growing loyalty. Our guests tell us that affordability begins with price, but also includes proximity, accessibility and assortment choices that satisfy any budget.

鑑於美國經濟正在經歷幾十年來最高的通貨膨脹率，美國消費者的價格意識越來越強。這就是為什麼我們相信，我們對可負擔性的全面看法（側重於價格但包含更多內容）將 Target 與我們的競爭對手區分開來，從而推動加深的參與度和忠誠度的提高。我們的客人告訴我們，負擔能力始於價格，還包括滿足任何預算的鄰近性、可達性和分類選擇。

It also means receiving valuable benefits like those we offer through Target Circle, including exclusive promotions and deals, 1% earnings to redeem on future purchases and the ability to help direct Target's charitable-giving to the causes our guests care most about; and the industry-leading benefits we offer for our RedCard holders, including 5% of every transaction, free shipping on Target.com and no annual membership fees. Over the years, RedCard guests have saved more than $9 billion on their purchases, including more than $1 billion in 2021 alone.

這也意味著獲得像我們通過 Target Circle 提供的有價值的好處，包括獨家促銷和交易、1% 的收入用於兌換未來的購買以及幫助將 Target 的慈善捐贈引導到我們的客人最關心的事業的能力；以及我們為 RedCard 持有人提供的行業領先福利，包括每筆交易的 5%、Target.com 上的免費送貨和無年費。多年來，RedCard 客人在購物上節省了超過 90 億美元，其中僅 2021 年就節省了超過 10 億美元。

Now I'd like to share a bit more about 2 emerging growth pillars in our framework. While they represent more nascent opportunities, they are positioned to spur incremental growth on top of our existing strategies. The first is our focus on relevance, something we've long worked to maintain and grow with every guest interaction. Brian shared the compelling opportunity we have to better harness and apply the power of guest insights. Through this opportunity, we can optimize our assortment, more effectively make offers to our guests and, most importantly, personalize our interactions with them. We've long known the joint value we can create for our vendors, our guests and Target by connecting guests to the products they want and need.

現在我想更多地分享一下我們框架中的兩個新興增長支柱。雖然它們代表了更多新生的機會，但它們的定位是在我們現有戰略的基礎上刺激增量增長。首先是我們對相關性的關注，這是我們長期以來一直致力於在每次客人互動中保持和發展的東西。 Brian 分享了我們必須更好地利用和應用客戶洞察力的令人信服的機會。通過這個機會，我們可以優化我們的分類，更有效地向我們的客人提供優惠，最重要的是，我們與他們的互動個性化。我們早就知道，通過將客人與他們想要和需要的產品聯繫起來，我們可以為我們的供應商、客人和 Target 創造共同價值。

But as we continue to deepen our relationship with the guest, our ability to refine and elevate this value is extraordinary and will continue to drive outsized growth over the next several years through the likes of Target Circle, Roundel and Target Plus. Cara will provide more detail on these rapidly growing platforms in a moment.

但隨著我們不斷加深與客人的關係，我們提煉和提升這一價值的能力是非凡的，並將在未來幾年通過 Target Circle、Roundel 和 Target Plus 等公司繼續推動超額增長。 Cara 稍後將提供有關這些快速發展的平台的更多詳細信息。

Finally, I want to highlight Target Forward, the newest chapter in a long history of strong corporate responsibility at our company. At a time when the American consumer is becoming increasingly focused on not just what they buy but also where and how the product was made, how its production impacts the world and those who produced it, and how companies function as citizens of a global community, we are proud of our bold commitments to better people and the planet with every choice we make.

最後，我想強調一下 Target Forward，這是我們公司悠久的企業責任歷史上的最新篇章。當美國消費者越來越關注他們購買的東西，以及產品的製造地點和方式，產品的生產如何影響世界和生產者，以及公司如何作為全球社區的公民發揮作用時，我們為我們做出的每一個選擇對更好的人和地球做出的大膽承諾感到自豪。

As we grow and continue to develop our new owned brands, our Target Forward commitment is to design and elevate circular, sustainable brands. Of course, these brands will begin with a focus on our guests but also consider the impact to the world. We aspire for 100% of our owned brand products to be designed for a circular future by 2040.

隨著我們不斷成長並繼續開發我們的新自有品牌，我們的 Target Forward 承諾是設計和提升循環、可持續的品牌。當然，這些品牌將首先關注我們的客人，但也會考慮對世界的影響。我們渴望在 2040 年之前 100% 為我們的自有品牌產品設計循環未來。

Additionally, our teams will continue designing to eliminate waste, using materials that are regenerative, recycled or sourced sustainably to create products that are more durable, easily repaired or recyclable as well. Beyond our sustainability efforts, our aspirations to accelerate opportunity and equity are equally pivotal. While we still have far to go, Target's REACH Committee is encouraged to be leading the industry with progress against virtually every goal we have set forth. We'll continue to share specific progress over time, but I want to highlight a few examples with you today.

此外，我們的團隊將繼續設計以消除浪費，使用可再生、可回收或可持續採購的材料來製造更耐用、易於維修或可回收的產品。除了我們的可持續發展努力之外，我們加速機會和公平的願望同樣至關重要。雖然我們還有很長的路要走，但我們鼓勵 Target 的 REACH 委員會在實現我們設定的幾乎每一個目標的過程中引領行業。隨著時間的推移，我們將繼續分享具體的進展，但我今天想向大家強調一些例子。

The first is in our Beauty business, where we have increased our black-owned or founded brands by 65% since 2020, and are now leading the industry with more than 70 black-owned and founded brands. Some of these entrepreneurs launched through Target's Accelerator programs designed to quickly scale brands at Target.

首先是我們的美容業務，自 2020 年以來，我們的黑人擁有或創立的品牌增加了 65%，現在以 70 多個黑人擁有和創立的品牌引領行業。其中一些企業家是通過 Target 的加速器計劃啟動的，該計劃旨在快速擴展 Target 的品牌。

Entrepreneur Cora Miller of the Black-owned Hair Care business, Young King Hair Care, went through our 2020 Target Takeoff program and subsequently launched in 365 Target stores. Given the immediate success and reaction from our guests, we now have plans to expand this line into significantly more stores in 2022. Cora is among a group of fewer than 100 Black female entrepreneurs to raise more than $1 million in venture funds ever. We want Cora's story to become the rule, not the exception. We'll continue to elevate entrepreneurs like her through Accelerator programs, including the recently launched Forward Founders program, which equips historically under-resourced entrepreneurs to build their businesses and gain access to industry-leading retail resources and partnerships.

黑人擁有的護髮業務 Young King Hair Care 的企業家 Cora Miller 完成了我們的 2020 Target Takeoff 計劃，隨後在 365 家 Target 門店推出。鑑於我們客人的立竿見影的成功和反應，我們現在計劃在 2022 年將這條線擴展到更多的商店。科拉是一群不到 100 名黑人女性企業家之一，他們籌集了超過 100 萬美元的風險基金。我們希望 Cora 的故事成為規則，而不是例外。我們將繼續通過加速器計劃提升像她這樣的企業家，包括最近啟動的 Forward Founders 計劃，該計劃使歷來資源不足的企業家能夠建立自己的業務並獲得行業領先的零售資源和合作夥伴關係。

With more than half of our first cohort comprised of Black entrepreneurs, we aim to provide a launching point for many new and emerging Black-owned businesses. If we've proven anything over the last few years, it's that Target's a growth company. Even though we're now a more than a $100 billion business, the opportunities for growth are immense.

我們的第一批中有一半以上由黑人企業家組成，我們的目標是為許多新興的黑人擁有的企業提供一個起點。如果我們在過去幾年證明了什麼，那就是 Target 是一家成長型公司。儘管我們現在是一家價值超過 1000 億美元的企業，但增長機會是巨大的。

We have created momentum through unique and innovative strategies, many of which began long before the onset of the pandemic. And because of our durable, flexible business model, we have proven we can adapt to any environment. We'll continue to play offense and accelerate these strategies while listening to the ever-changing wants and needs of our guests to ensure our playbook is a direct reflection of what they have come to expect from Target.

我們通過獨特和創新的戰略創造了動力，其中許多戰略早在大流行爆發之前就開始了。由於我們持久、靈活的商業模式，我們已經證明我們可以適應任何環境。我們將繼續進攻並加快這些策略，同時傾聽客人不斷變化的需求，以確保我們的劇本直接反映他們對 Target 的期望。

With that, I'll turn it over to Cara, who will provide more color on some of our powerful growth strategies.

有了這個，我會把它交給 Cara，她將為我們的一些強大的增長戰略提供更多的色彩。

Hello, everyone. I'm excited to be here to share a view of Target's growth through our guests' eyes, because as Christina shared, everything we do should be rooted in a deep understanding of what our guests want, along with the empathy to understand what they need and how those needs continue to evolve. In the next few minutes, I want to show you how our commitment to relevance has positioned Target to deliver the most personalized omnichannel experience in retail.

大家好。我很高興能在這里通過客人的眼光分享塔吉特的成長，因為正如克里斯蒂娜所分享的，我們所做的一切都應該植根於對客人想要什麼的深刻理解，以及理解他們需要什麼的同理心以及這些需求如何繼續發展。在接下來的幾分鐘內，我想向您展示我們對相關性的承諾如何使 Target 能夠提供最個性化的零售全渠道體驗。

In my first year as Chief Marketing and Digital Officer, I've had the privilege of sharing Target's story in many virtual firesides, roundtables and interviews. And the common thread, when I think about all of those times, is that people always ask me how Target stays 3 steps ahead with our guests in these rapidly changing times. And while I am not a huge fan of giving away all the keys to success, I always point to our culture of care and our core value of inclusivity that have us listening and learning from our guests deeply and continuously.

在我擔任首席營銷和數字官的第一年，我有幸在許多虛擬爐邊、圓桌會議和採訪中分享了 Target 的故事。當我想到所有這些時代時，共同點是人們總是問我，在這個瞬息萬變的時代，Target 如何與我們的客人保持領先 3 步。雖然我不喜歡放棄所有成功的關鍵，但我總是指出我們的關懷文化和包容性的核心價值觀讓我們不斷地傾聽和學習客人的意見。

When our insights team talks with guests, we don't just ask them questions about Target and their experiences shopping with us. Guests share their hopes with us, their fears and their dreams. They share simply what's going on in their lives. Through these ongoing check-ins, every area of our enterprise has a view of the holistic human experience lived by our guests during the pandemic and what that might mean for Target in the future.

當我們的洞察團隊與客人交談時，我們不只是向他們詢問有關 Target 以及他們在我們這裡購物的經歷的問題。客人與我們分享他們的希望、恐懼和夢想。他們簡單地分享他們生活中發生的事情。通過這些持續的簽到，我們企業的每個領域都可以了解我們的客人在大流行期間所經歷的整體人類體驗，以及這對 Target 未來可能意味著什麼。

We also know from brand research what matters most to guests when they shop and connect with us. Ease and affordability are essential, but our guests are looking for more, too: quality and value, community and connection, inclusivity and feeling seen, what Brian calls the power of 'and'. And what gets me really excited is how we're delivering loud and proud on these personal guest values at scale.

我們還從品牌研究中了解到，當客人購物和與我們聯繫時，什麼對他們來說最重要。輕鬆和負擔得起是必不可少的，但我們的客人也在尋找更多：質量和價值、社區和聯繫、包容性和被看見的感覺，布賴恩稱之為“和”的力量。讓我真正感到興奮的是，我們如何在規模上為這些個人客戶價值觀提供響亮而自豪的體驗。

Target's digital experience, which we have been investing in for years, plays a key role here as a gateway to our guests and a huge growth driver for us. Our digital business has nearly tripled in the last 2 years and in 2021 delivered a 20% comp on top of a 145% comp the year prior. Then there's 45% comp growth in digitally enabled same-day services on top of 235% last year. And our flagship Target app has moved from 30% of digital demand a little over 2 years ago to closing in on 70% today.

我們多年來一直在投資的 Target 的數字體驗在這裡發揮著關鍵作用，它是我們通往客人的門戶，也是我們巨大的增長動力。在過去 2 年中，我們的數字業務增長了近兩倍，在 2021 年實現了 20% 的回報，而前一年的回報率為 145%。然後，在去年 235% 的基礎上，支持數字化的當日服務增長了 45%。我們的旗艦 Target 應用程序已從 2 年前的 30% 數字需求增長到今天接近 70%。

But the biggest differentiator when you look at Target's digital experience, it is designed with guests at the center. We take the friction out so that guests can experience Target on their own terms, which means we are guest-obsessing at every touch point to stay a step ahead of evolving guest behaviors. For example, we're leaning into the love our guests have for our digitally led same-day services because that's sticking. Routines developed early in the pandemic are now part of their lives, things they cannot live without. But they look a little bit different today.

但是，當您查看 Target 的數字體驗時，最大的區別在於它是以客人為中心的設計。我們消除了摩擦，以便客人可以按照自己的方式體驗 Target，這意味著我們在每個接觸點都對客人著迷，以領先於不斷變化的客人行為。例如，我們依靠我們的客人對我們的數字化當日服務的喜愛，因為這會持續下去。在大流行初期制定的常規現在已成為他們生活的一部分，是他們不能沒有的東西。但他們今天看起來有點不同。

So here's a guest who had a Drive Up order, our highest NPS service, but then she was drawn inside to discover something new. Then there's this guest who said, "Can we just talk about the fact that you can go through Target with Starbucks in hand and then go through Ulta?" These new kinds of Target runs and stock-ups reflect our guests' evolving needs and wants and a seamless omnichannel experience that delivers on them.

所以這裡有一位客人，他有一個 Drive Up 訂單，我們最高的 NPS 服務，但後來她被吸引到裡面去發現一些新的東西。然後有一位客人說，“我們可以談談你可以拿著星巴克通過Target然後通過Ulta的事實嗎？”這些新類型的 Target 運行和庫存反映了我們的客人不斷變化的需求和願望，以及為他們提供的無縫全渠道體驗。

Today, Target has 40 million guests and counting shopping across channels. And as you've heard us share before, omnichannel guests spend 4x as much as stores-only guests and even more compared to digital-only guests. Target can bring together insights across an omnichannel journey, from RedCard and registry, to digital and in-store, to our call centers and every step in between, which means we're getting a 360-degree view of the kind of guests that are driving so much growth.

如今，Target 擁有 4000 萬客人，並且還在不斷增加跨渠道購物。正如您之前聽到我們分享的那樣，全渠道客人的花費是僅限實體店的客人的 4 倍，甚至是僅限於數字渠道的客人。 Target 可以匯集從 RedCard 和註冊表到數字和店內，再到我們的呼叫中心以及介於兩者之間的每一步的全渠道旅程的洞察力，這意味著我們可以 360 度全方位了解客戶類型推動瞭如此多的增長。

With these meaningful insights, we can make sure that Target magic they love is even more relevant in their lives and the experience even more personalized. So you can imagine what this looks like. For one guest scrolling through the app, what she sees is curated especially for her. There's her favorite items and great deals on her go-to essentials for weeknight dinners. And because she told us she's a teacher, it really means something to her when she sees a Target Circle offer that makes her classroom supplies more affordable.

有了這些有意義的見解，我們可以確保他們喜愛的 Target 魔法在他們的生活中更加貼切，體驗更加個性化。所以你可以想像這是什麼樣子。對於一位滾動瀏覽應用程序的客人來說，她所看到的都是特別為她精心策劃的。有她最喜歡的物品和她週末晚餐必備品的超值優惠。因為她告訴我們她是一名教師，所以當她看到 Target Circle 提供的讓她的教室用品更實惠的優惠時，這對她來說真的很重要。

She's getting ideas for what to pack in lunchboxes for her kids this week, too, maybe a little something from Good & Gather. And what's more, her app experience helps make life easier as someone who might need a shopping partner once in a while. That's our name for a new service that allows her husband to do the Target run while she's working, a service that is near and dear to my family's heart. So she checks out and later that afternoon, he picks up what's for dinner.

她也在為這週為她的孩子們在午餐盒裡裝什麼東西提供一些想法，也許是來自 Good & Gather 的一些東西。更重要的是，她的應用體驗有助於讓那些偶爾需要購物夥伴的人生活更輕鬆。這是我們為一項新服務命名的名稱，該服務允許她的丈夫在她工作的時候進行 Target 跑步，這項服務對我家人來說非常重要。所以她退房了，那天下午晚些時候，他拿起了晚餐。

Here's another kind of personalized guest journey that we're obsessing over. A guest is shopping for essentials when he sees a message from a banner ad about Clorox' Glad bags. He's purchased them before, but other brands, too. The headline benefits really resonate with him. So this time, he adds Glad to his cart. He checks out and drives up. Purchases like this one contributed to a 40% higher return on ad spend for Clorox and a 25% increase in customer retention over the duration of the campaign.

這是我們痴迷的另一種個性化賓客旅程。一位客人在購買必需品時看到橫幅廣告中有關 Clorox 的 Glad 包的信息。他以前買過它們，但也買過其他品牌。標題的好處確實引起了他的共鳴。所以這一次，他將 Glad 添加到他的購物車中。他檢查並開車。像這樣的購買使 Clorox 的廣告支出回報率提高了 40%，並且在活動期間將客戶保留率提高了 25%。

Let me share the back story on this type of Target run. At the start of the pandemic, Clorox saw growth in guests buying their products for the first time, and they wanted to retain them. So they turn to our media company, Roundel, to measure guest values and behaviors. Using that research, Roundel developed a series of A/B tests, and Clorox used those key insights to optimize messaging and audience targeting.

讓我分享一下這種類型的 Target 跑步的背景故事。在大流行開始時，Clorox 看到首次購買其產品的客人有所增長，他們希望留住這些產品。因此，他們求助於我們的媒體公司 Roundel 來衡量客人的價值觀和行為。利用該研究，Roundel 開發了一系列 A/B 測試，Clorox 使用這些關鍵見解來優化消息傳遞和受眾定位。

How we're leveraging media to know our guests better and create a more relevant and personalized experience for them is incredibly exciting, and so is this. From its humble beginnings in 2007 with just 5 team members and known as online vendor marketing, Roundel is now a 500-plus person strong fully integrated Target team, already delivering more than $1 billion in value for Target, and we expect that to grow to $2 billion over the next several years.

我們如何利用媒體更好地了解我們的客人並為他們創造更相關和個性化的體驗，這非常令人興奮，這也是如此。從 2007 年只有 5 名團隊成員並被稱為在線供應商營銷的卑微開始，Roundel 現在是一個擁有 500 多人的強大的完全整合的 Target 團隊，已經為 Target 帶來了超過 10 億美元的價值，我們預計這一數字將增長到未來幾年將達到 20 億美元。

To sum up Roundel, it's positioned for continued success because it's delivering on relevance and value. That's a win-win-win for Target, for our partners and for our guests.

總結 Roundel，它的定位是持續成功，因為它提供了相關性和價值。這對塔吉特、我們的合作夥伴和我們的客人來說都是雙贏的。

Now I'd say the same thing about Target Plus. Target Plus is different than other marketplaces. It's invite-only with vetted partners we have relationships with who are extending our aisles digitally. And because of our trusted and curated assortment, our guests aren't sifting through thousands of pages of results for the one thing that's going to bring them joy. In fact, Target Plus is so seamless on the things that matter, the ease of the experience, a relevant assortment and the benefits of RedCard and in-store returns, the majority of guests don't know they're shopping with marketplace. It feels like Target. It feels personal, and the love for marketplace is only growing. In 2021, Target Plus grew 75%.

現在我會對 Target Plus 說同樣的話。 Target Plus 不同於其他市場。它僅限於經過審查的合作夥伴，我們與誰正在以數字方式擴展我們的過道有關係。由於我們值得信賴和精心策劃的分類，我們的客人不會篩選數千頁的結果來尋找能給他們帶來快樂的一件事。事實上，Target Plus 在重要的事情、體驗的便利性、相關的分類以及 RedCard 和店內退貨的好處方面是如此無縫，大多數客人不知道他們在使用 Marketplace 購物。感覺就像是目標。感覺很個人化，對市場的熱愛只會越來越大。 2021 年，Target Plus 增長了 75%。

So let's take a look through our guests' eyes. In Target stores, our assortment of sunglasses features a curated set of options designed to meet the wants and needs of a broad set of families. For this guest, though, who's purchased Goodfellow shades to keep at home, at work, in his car, he's thinking about splurging for his upcoming vacation. The RayBan aviator he's looking for our online, and he's over the moon about the RedCard savings as he makes the purchase from our partner, Luxottica. And when he decides on a pair -- different pair that will frame his face even better, it's easy enough to stop by the store and let us handle the returns.

那麼讓我們通過客人的眼睛來看看。在 Target 商店，我們的太陽鏡品種有一系列精選的選項，旨在滿足廣大家庭的需求。然而，對於這位購買了 Goodfellow 墨鏡以在家中、工作中、在他的車裡存放的客人來說，他正在考慮為即將到來的假期揮霍一下。這位 RayBan 飛行員他正在網上尋找我們的產品，當他從我們的合作夥伴 Luxottica 購買產品時，他對 RedCard 的儲蓄感到欣喜若狂。當他決定買一雙——不同的可以更好地修飾他的臉時，很容易在商店停下來讓我們處理退貨。

With rich insights from omnichannel experiences, we're able to serve up even more deals that guests want, more suggestions of services they've never thought of, more ways to support brands and nonprofits close to their hearts.

憑藉來自全渠道體驗的豐富見解，我們能夠提供更多客人想要的優惠、更多他們從未想過的服務建議、更多方式來支持他們心中的品牌和非營利組織。

And that brings me to Target Circle, which I'm really excited to talk about. So here's a lesser engaged guests who joined Circle through our partnership with Ulta Beauty. She's able to seamlessly link her ULTAmate Rewards account for Circle for all of the benefits. She's thrilled that she can now find her favorite skin care brand and her go-to mascara at her local Target store. And I want to pause here for just a second.

這把我帶到了目標圈，我很高興能談論它。所以這裡有一位參與度較低的客人通過我們與 Ulta Beauty 的合作加入了 Circle。她能夠無縫地將她的 ULTAmate Rewards 帳戶與 Circle 關聯起來，以獲得所有好處。她很高興現在可以在當地的 Target 商店找到她最喜歡的護膚品牌和她的首選睫毛膏。我想在這裡暫停一下。

Christina told us about how we're off to a great start with the Ulta Beauty shop-in-shops. But let's recognize how that partnership is translating to digital and loyalty with our guests. We're getting to know these guests in Circle, leading to more personalized experiences that are serving up the things they crave. And back to this guest, other things she may love, like Wild Fable. So in such a short time, someone who only shopped occasionally is now on the path to super fandom.

克里斯蒂娜告訴我們，我們如何在 Ulta Beauty 店中店開端良好。但讓我們認識到這種夥伴關係如何轉化為數字化和對客人的忠誠度。我們在 Circle 中越來越了解這些客人，從而帶來更加個性化的體驗，為他們提供他們渴望的東西。回到這位客人，她可能喜歡的其他東西，比如狂野寓言。所以在這麼短的時間內，一個只是偶爾購物的人現在走上了超級粉絲的道路。

Circle is a way for us to deeply understand our guests and have a 2-way connection with them. And in addition to the fact that in less than 3 years, it's become one of the biggest retail loyalty programs in the United States with 100 million members and growing. It's also one of the new ways we're creating relevance at scale with a strategic shift from mass promotional offers to personalized.

Circle是我們深入了解客人並與他們建立雙向聯繫的一種方式。此外，在不到 3 年的時間裡，它已成為美國最大的零售忠誠度計劃之一，擁有 1 億會員並且還在不斷增長。這也是我們通過從大規模促銷優惠到個性化的戰略轉變來大規模創建相關性的新方法之一。

During holiday, personalized offers showed an $8 to $10 lift in promotional basket size compared to mass offers and a conversion rate of 70% versus 40%. In addition to the personalized deals curated for them and the fact that they can vote and support local nonprofits important to them, I have to call out our guests' love for Target Circle Bonus. Our new gamification platform that personalizes missions and rewards members. And it's already delivering big for our business, resulting in nearly $200 million in incremental sales in 2021. And as you're hearing repeatedly today, we're just getting started.

在假期期間，與大眾優惠相比，個性化優惠的促銷籃子規模增加了 8 到 10 美元，轉化率分別為 70% 和 40%。除了為他們策劃的個性化交易以及他們可以投票和支持對他們很重要的當地非營利組織這一事實外，我還必須呼籲我們的客人對 Target Circle Bonus 的熱愛。我們新的遊戲化平台，個性化任務和獎勵成員。它已經為我們的業務帶來了巨大的收益，在 2021 年增加了近 2 億美元的銷售額。正如您今天反复聽到的那樣，我們才剛剛開始。

So I've shared lots of examples about how we're meeting our guests' needs and wants throughout their omnichannel journey, but this one stands out as a point of pride. In the past, we've run a Black History Month campaign for the month of February. But now through our digital platforms, we've grown towards an always-on, deeply relevant approach. So Target guests can shop and support Black-owned founders and entrepreneurs all year round through Black Beyond Measure and Latino-owned brands, and women-owned brands, and Asian-owned brands, and so many more personalized and inclusive experiences where guests feel seen and heard every day.

因此，我分享了很多例子，說明我們如何在他們的全渠道旅程中滿足客人的需求和願望，但這一點非常引以為豪。過去，我們在 2 月份開展了黑人歷史月活動。但現在通過我們的數字平台，我們已經朝著始終在線、密切相關的方法發展。因此，Target 客人可以全年通過 Black Beyond Measure 和拉丁裔擁有的品牌、女性擁有的品牌和亞洲擁有的品牌以及更多個性化和包容性的體驗來購物和支持黑人擁有的創始人和企業家，讓客人感到被關注並且每天都聽到。

Here's one more. Let's take a look at a new spot from our brand campaign, What We Value Most Shouldn't Cost More.

這裡還有一個。讓我們來看看我們品牌活動中的一個新點，我們最看重的不應該花費更多。

(presentation)

（介紹）

There's a lot of good to see here. But it's not just what the guest sees, it's also about what's happening behind the scenes that makes all guests feel seen. We're partnering with diverse content creators in new ways from production crews to on-site catering in front of and behind the camera. Every part of the marketing ecosystem reflects our forward values. And this is so important. We are walking the walk in terms of our investments. By the end of the year, we're committing 5% of our annual media spend to Black-owned media partners and another 5% to Hispanic-owned media partners. Because equity, opportunity and inclusivity are core to who we are, they show up authentically in our omnichannel experience, and our guests are responding to that.

這裡有很多好東西可以看。但這不僅僅是客人看到的東西，還有讓所有客人感到被看到的幕後發生的事情。我們正在以新的方式與不同的內容創作者合作，從製作人員到鏡頭前後的現場餐飲。營銷生態系統的每一部分都反映了我們的前瞻性價值觀。這非常重要。我們在投資方面走在路上。到今年年底，我們將 5% 的年度媒體支出用於黑人擁有的媒體合作夥伴，另外 5% 用於西班牙裔擁有的媒體合作夥伴。因為公平、機會和包容性是我們的核心，它們真實地出現在我們的全渠道體驗中，我們的客人正在對此做出回應。

This guest feels seen. In stationery, she feels a sense of belonging and inclusion when she holds a heartfelt message in Braille. And we brought him joy. Let's close with his journey.

這位客人感覺被看見了。在文具中，當她用盲文寫下發自內心的信息時，她會感到一種歸屬感和包容感。我們給他帶來了歡樂。讓我們結束他的旅程。

(presentation)

（介紹）

So no matter where you look in our omnichannel experience up at the Cat & Jack sign in store or online, the relevant connections we have with our guests are making a positive difference in their lives within our communities and for our business, and we're never going to stop.

因此，無論您在 Cat & Jack 商店或在線商店中查看我們的全渠道體驗，我們與客人的相關聯繫正在為他們在我們社區的生活和我們的業務帶來積極的影響，我們永遠不會停止。

Now I'm delighted to introduce my friend and team member, John Mulligan.

現在我很高興介紹我的朋友和團隊成員 John Mulligan。

Well, good morning, everybody. So I'm often asked how Target continues to operate within a challenging and volatile environment, putting growth on top of growth and building trust with our guests quarter after quarter. I could point to our agile supply chain, our hundreds of omnichannel stores, our industry-leading fulfillment capabilities and the operational algorithms that make it all work. But the real key to our continued growth is our global team and all the ways they're using our resources and operations to take care of our guests.

嗯，大家早上好。因此，我經常被問到 Target 如何在充滿挑戰和動蕩的環境中繼續運營，將增長置於增長之上，並逐季與我們的客人建立信任。我可以指出我們敏捷的供應鏈、數百家全渠道商店、我們行業領先的履行能力以及使這一切發揮作用的運營算法。但我們持續增長的真正關鍵是我們的全球團隊以及他們使用我們的資源和運營來照顧我們的客人的所有方式。

In just the last 2 years, they've picked and packed 4x more items for same-day fulfillment, supported double-digit store traffic gains with a safe inspiring environment, opened over 60 new stores, remodeled hundreds more, and moved record levels of inventory to support our growing needs of our guests. Brian touched on how our Target team is showing up for each other and how that spirit of care starts here with our team and then extends to our guests and our communities.

在過去的 2 年裡，他們挑選並包裝了 4 倍以上的商品以實現當日履行，通過安全鼓舞人心的環境支持兩位數的商店客流量增長，開設了 60 多家新店，改造了數百家門店，並將創紀錄水平的庫存，以支持我們客人不斷增長的需求。 Brian 談到了我們的 Target 團隊如何相互展示，以及這種關懷精神如何從我們的團隊開始，然後延伸到我們的客人和我們的社區。

Our team is the connection across our business and the pulse of our operation, and I want to acknowledge their impact on how Target shows up today and how we'll continue to deliver in the future.

我們的團隊是我們整個業務的紐帶，也是我們運營的脈搏，我想承認他們對 Target 今天的表現以及我們未來將如何繼續交付的影響。

The power of our team is always visible in our stores, nearly 2,000 of them in neighborhoods across the country, serving as inspiring shopping destinations and local fulfillment hubs. Although the idea of leveraging stores to fulfill online orders is widely embraced across retail today, we were on our own when we introduced the concept 5 years ago. As a result, we're years ahead of others who just started using physical stores to meet digital demand. We knew using stores as hubs would give guests more choice and convenience while giving our operations more flexibility and capacity for future growth. That was true prior to 2020 and could not have been more essential since that time.

我們團隊的力量在我們的商店中始終可見，其中近 2,000 家商店分佈在全國各地的社區中，作為鼓舞人心的購物目的地和當地履行中心。儘管利用商店來完成在線訂單的想法在今天的零售業中被廣泛接受，但當我們在 5 年前引入這個概念時，我們還是靠自己的。因此，我們比其他剛剛開始使用實體店來滿足數字需求的人領先數年。我們知道，將商店用作樞紐將為客人提供更多選擇和便利，同時為我們的運營提供更大的靈活性和未來增長的能力。這在 2020 年之前是正確的，並且從那時起就變得非常重要。

Today, when our guests turn to Target, no matter how they choose to shop, those stores answer the call. Located just miles from most American homes, our stores handled more than 95% of the $100 billion plus in sales we did in 2021, including 12% more in-store traffic and most of our digital demand. Notably, more than half of those online sales were filled through our same-day services: Drive Up; Order Pick Up; and same-day delivery with Shipt.

今天，當我們的客人轉向 Target 時，無論他們選擇如何購物，這些商店都會接聽電話。我們的商店距離大多數美國家庭僅數英里之遙，處理了我們 2021 年超過 1000 億美元的銷售額的 95% 以上，其中包括增加了 12% 的店內客流量和我們的大部分數字需求。值得注意的是，超過一半的在線銷售是通過我們的當日服務完成的：Drive Up；訂單取貨；和 Shipt 的當日交付。

Our Chief Stores Officer, Mark Schindele, will share more shortly about how we'll keep investing in those services. They not only offer the quickest fulfillment at the lowest cost, they're trip drivers that actually deepen guest engagement with Target. And on top of it all, they are the fastest-growing part of our business. This past year, they grew 45%, building on 235% growth in 2020, showing the continued guest appetite for fast and easy shopping.

我們的首席商店官 Mark Schindele 將很快分享更多關於我們將如何繼續投資於這些服務的信息。他們不僅以最低的成本提供最快的履行，而且他們是真正加深客人與 Target 互動的旅行司機。最重要的是，它們是我們業務中增長最快的部分。在過去的一年裡，它們在 2020 年增長 235% 的基礎上增長了 45%，表明客人對快速便捷購物的持續需求。

With digital fulfillment growing exponentially and in-store traffic continuing to rise, our stores are supporting more and more volume. In the last 5 years, the average store has added $15 million in sales, which means $40 million stores have become $55 million to $60 million stores and growing. And as our stores become more productive, they naturally gain efficiencies, including significant cost leverage and lower clearance markdown rates. So as they contribute more to our top line, they further protect the bottom line.

隨著數字化履行呈指數級增長，店內客流量不斷增加，我們的門店支持的銷量也越來越大。在過去的 5 年裡，平均每家商店增加了 1500 萬美元的銷售額，這意味著 4000 萬美元的商店已經變成了 5500 萬美元到 6000 萬美元的商店並且還在增長。隨著我們的商店變得更有效率，他們自然會提高效率，包括顯著的成本槓桿和更低的清倉降價率。因此，當他們為我們的收入做出更多貢獻時，他們會進一步保護我們的利潤。

We've said from the beginning that our stores have the capacity to support higher growth. That remains true today, even as average sales per store have risen 30% in just the last 2 years. But that enormous growth also means our operation is years ahead of where we had planned. So we're continuing to build upstream capacity we'll need over time. As we do, we're investing in ways that enable growth and move us toward our Target Forward sustainability commitments, from how we build and run our stores to the standards we hold for our vendor partners as well as how we will keep taking care of our team. We're continually strengthening an operation that supports a long future for Target and the world around us.

我們從一開始就說過，我們的門店有能力支持更高的增長。即使每家商店的平均銷售額在過去 2 年中增長了 30%，今天仍然如此。但這種巨大的增長也意味著我們的運營比我們計劃的要提前數年。因此，隨著時間的推移，我們將繼續建設我們需要的上游產能。正如我們所做的那樣，我們正在投資於促進增長並推動我們實現 Target Forward 可持續發展承諾的方式，從我們如何建立和經營我們的商店到我們為供應商合作夥伴制定的標準以及我們將如何繼續照顧我們的隊伍。我們正在不斷加強一項支持 Target 和我們周圍世界的長遠未來的運營。

Our investments in capacity start upstream and how we innovate within our supply chain to deliver on the growing need for inventory in our stores. Before last year, we hadn't added a new regional distribution center in over a decade, even as our total sales grew 40% over that same time period. Rather than add buildings, we grew by investing in automation, robotics and process design to improve the efficiency of our existing sites. Of course, we'll always keep investing to make our buildings more efficient. But with an additional $27 billion in sales over the last 2 years, we can't rely on that alone. It's time to expand our network.

我們對產能的投資始於上游，以及我們如何在供應鏈中進行創新，以滿足我們商店不斷增長的庫存需求。去年之前，我們已經有十多年沒有增加新的區域配送中心了，儘管我們的總銷售額在同一時期增長了 40%。我們沒有增加建築物，而是通過投資自動化、機器人技術和流程設計來提高現有站點的效率。當然，我們將始終不斷投資以提高我們的建築效率。但在過去 2 年增加了 270 億美元的銷售額，我們不能僅依靠這一點。是時候擴展我們的網絡了。

Last summer, we opened 2 new distribution facilities: 1 in New Jersey and 1 in Chicago. Today, we have 4 more currently in development that will open over the next few years with plans for several more to follow. Lighting up new buildings adds tremendous capacity to our supply chain network in support of our stores and will position Target to handle many more years of growth.

去年夏天，我們開設了 2 個新的配送中心：1 個在新澤西，1 個在芝加哥。今天，我們還有 4 個正在開發中，將在未來幾年內開放，併計劃再開幾個。點亮新建築為我們的供應鍊網絡增加了巨大的容量以支持我們的商店，並使 Target 能夠應對多年的增長。

As we continue investing upstream from our stores, we're also innovating downstream with sortation centers to accelerate our last-mile capabilities. These centers help us further scale our stores as hub strategy and create room for future growth. The first of these facilities, located not far from our headquarters in Minneapolis, has been up and running for just over a year. Before it opened, our store teams would fulfill online orders and palletize the packages in the backroom, waiting for 1 daily pickup from our carrier partners. Now Target trucks collect those packages at our 40-plus Twin City stores throughout the day, keeping orders moving, while giving stores more room to fill even more.

隨著我們繼續從商店向上游投資，我們也在通過分揀中心對下游進行創新，以加快我們的最後一英里能力。這些中心幫助我們進一步擴展我們的商店作為樞紐戰略，並為未來的增長創造空間。這些設施中的第一個位於離我們明尼阿波利斯總部不遠的地方，已經啟動並運行了一年多。在它開業之前，我們的商店團隊將完成在線訂單並在後台將包裹碼放在托盤上，等待我們的運營商合作夥伴的每日 1 次取貨。現在，Target 卡車全天在我們的 40 多家 Twin City 商店收集這些包裹，保持訂單順暢，同時為商店提供更多空間來填充更多物品。

The packages arrive at the sortation center, where they're organized by ZIP Code, and allocated to partners for direct delivery. Last spring, we integrated Shipt's last-mile delivery capabilities into the operation. Shipt drivers pick up a batch of orders sorted by neighborhood to make fast and efficient deliveries to our guests. Even during peak season, when most orders had a standard 2-day promise, these packages were delivered in just over a day on average. At the same time, the average unit fulfillment cost dropped by nearly 1/3, and that's before we've added automation that will make these buildings more productive in the future.

包裹到達分揀中心，按郵政編碼組織，並分配給合作夥伴直接交付。去年春天，我們將 Shipt 的最後一英里交付能力整合到了運營中。 Shipt 司機會根據社區分揀一批訂單，以便快速高效地向我們的客人交付。即使在旺季，當大多數訂單都有標準的 2 天承諾時，這些包裹平均在一天多一點的時間內交付。與此同時，平均單位履行成本下降了近 1/3，而這還沒有增加自動化，這將使這些建築物在未來更加高效。

Our Minneapolis pilot shows how sortation centers will make stores even more efficient as fulfillment hubs and allow us to roll out a next-day delivery capability at scale. We started to expand this concept into other densely populated markets. By the end of next month, we'll have 5 more centers up and running from Dallas to Philadelphia with another 5 planned in additional metro areas later this year.

我們的明尼阿波利斯試點展示了分揀中心將如何使商店作為履行中心更加高效，並使我們能夠大規模推出次日交付能力。我們開始將這一概念擴展到其他人口稠密的市場。到下個月底，我們將從達拉斯到費城再開設 5 個中心，併計劃在今年晚些時候在其他都會區再開設 5 個。

This capability isn't something we built overnight. It's the result of many strategic decisions we've made over time, working together in a model that's unique to Target. It works hand in glove with our stores-as-hub strategy. It leans on technology we acquired and further developed through Grand Junction and Deliv to optimize the most efficient route for every package. And it's unlocked by integrating Shipt's delivery capability into our last-mile operation.

這種能力不是我們一夜之間建立起來的。這是我們隨著時間的推移做出的許多戰略決策的結果，在 Target 獨有的模型中協同工作。它與我們的以商店為中心的戰略密切相關。它依靠我們通過 Grand Junction 和 Deliv 獲得併進一步開發的技術來優化每個包裹的最有效路線。它是通過將 Shipt 的交付能力整合到我們的最後一英里運營中來解鎖的。

Our sortation center expansion will add meaningful speed and efficiency to our fulfillment capabilities so we can field continued growth for the long term.

我們的分揀中心擴建將為我們的履行能力增加有意義的速度和效率，以便我們能夠實現長期的持續增長。

(presentation)

（介紹）

The ongoing investments in our supply chain are designed to keep our stores at the center of how we serve our guests. Just as important are the continued investments we make in the physical stores themselves. Since 2017, we've completed top-to-bottom remodels across nearly half our chain, bringing even more inspiration to the store environment while helping our team more effectively support online fulfillment.

我們對供應鏈的持續投資旨在讓我們的商店成為我們為客人服務的中心。同樣重要的是我們對實體店本身的持續投資。自 2017 年以來，我們已經完成了近一半連鎖店從上到下的改造，為商店環境帶來了更多靈感，同時幫助我們的團隊更有效地支持在線履行。

This year, we'll remodel around 200 stores and keep that pace in the years that follow. And these aren't the same remodels we are rolling out when we started. Each year, our architects and construction crews update our plans to keep raising the bar on retail design. And our guests continue to tell us they like what they see. Following a remodel, traffic gains across the store helped drive an average 2% to 4% sales lift in year 1 and another 1% to 2% lift in year 2.

今年，我們將改造大約 200 家商店，並在接下來的幾年中保持這一步伐。這些與我們開始時推出的改造不同。每年，我們的建築師和施工人員都會更新我們的計劃，以不斷提高零售設計的標準。我們的客人繼續告訴我們他們喜歡他們所看到的。改造後，整個商店的客流量增長幫助推動了第一年平均 2% 到 4% 的銷售額提升，並在第二年再提升了 1% 到 2%。

As our full store program continues, we'll also invest in hundreds of smaller projects to support growing in-store partnerships, including Ulta Beauty, Disney and Starbucks, and they make store fulfillment even easier for our team. As we invest in existing -- in our existing store portfolio, we'll continue to open around 30 new stores a year. For the better part of the last decade, our store growth has been driven by small formats. With a more flexible footprint, these stores have enabled us to enter new markets and reach more guests.

隨著我們全店計劃的繼續進行，我們還將投資數百個較小的項目，以支持不斷發展的店內合作夥伴關係，包括 Ulta Beauty、迪士尼和星巴克，它們使我們的團隊更容易完成商店。隨著我們對現有商店的投資，我們將繼續每年開設約 30 家新商店。在過去十年的大部分時間裡，我們的商店增長一直是由小格式推動的。憑藉更靈活的足跡，這些商店使我們能夠進入新市場並接觸更多客人。

This year, we'll keep going, opening doors in iconic sites, from the historic streets of Charleston, South Carolina to the buzzing energy of Times Square. At the same time, small isn't all we've got planned. With our stores now more productive than ever, there are benefits to a bigger box. And given the favorable real estate market, these sites are available at attractive deals. I'm not talking about our largest store formats, though they continue to do extremely well for us. I'm talking about midsized stores, 2 to 3x bigger than our small formats. These sites are built in dense neighborhoods with enough room for a traditional store experience and digital fulfillment, helping us bring Target closer to even more guests.

今年，我們將繼續前進，在標誌性景點敞開大門，從南卡羅來納州查爾斯頓歷史悠久的街道到時代廣場的熱鬧活力。同時，小並不是我們計劃的全部。隨著我們的商店現在比以往任何時候都更有效率，更大的盒子也有好處。鑑於有利的房地產市場，這些網站可以以有吸引力的價格獲得。我不是在談論我們最大的商店形式，儘管它們繼續為我們做得非常好。我說的是中型商店，比我們的小型商店大 2 到 3 倍。這些站點建在密集的社區，有足夠的空間提供傳統商店體驗和數字化履行，幫助我們拉近 Target 與更多客人的距離。

This versatility is another example of how we built a flexible operation to support our growth. Ten years ago, we designed and built 2 store formats: large and larger. Today, we have the opportunity to open and operate stores in spaces of any size so we can meet our guests wherever they are. This year, we'll open stores ranging from 14,000 square feet to 10x that size, using that flexibility to design shopping experiences that best meet the needs of each local community.

這種多功能性是我們如何建立靈活的運營來支持我們的增長的另一個例子。十年前，我們設計並建立了兩種商店形式：大的和更大的。今天，我們有機會在任何規模的空間開設和經營商店，這樣我們就可以在任何地方與客人見面。今年，我們將開設面積從 14,000 平方英尺到 10 倍不等的商店，利用這種靈活性來設計最能滿足每個當地社區需求的購物體驗。

And before I hand it over to Mark, I'll close with how I started with our team. You heard it from Brian and Jen, our store director in Wisconsin, "We're still in the early days of our growth strategy." And it's our team, continuing to accelerate capabilities and build trust with our guests that will keep Target growing well into the future. As we've invested in their growth, from wages and benefits that you heard about today, to education, skill training and career progression, internal surveys show our team's engagement, morale and confidence in Target's future remain strong. That stability has led to better guest service, more collaboration, and as Brian said, a finer ability to flex, adapt and navigate the new challenges of being a bigger, stronger Target.

在我把它交給 Mark 之前，我將結束我是如何開始與我們的團隊合作的。你從我們威斯康星州的商店總監 Brian 和 Jen 那裡聽到，“我們仍處於增長戰略的早期階段。”是我們的團隊，不斷提升能力並與我們的客人建立信任，這將使 Target 在未來保持良好的發展。隨著我們對他們的成長進行投資，從您今天聽說的工資和福利，到教育、技能培訓和職業發展，內部調查顯示我們團隊的敬業度、士氣和對 Target 未來的信心依然強勁。這種穩定性帶來了更好的客戶服務，更多的協作，正如布賴恩所說，成為更大、更強大的目標公司的新挑戰的靈活、適應和駕馭能力更加出色。

When we take care of our team, they take care of our guests, proof that Target's culture will power our strategy to deliver ease, inspiration and joy for our guests for years to come. Take a look.

當我們照顧我們的團隊時，他們也會照顧我們的客人，這證明 Target 的文化將推動我們的戰略，在未來幾年為我們的客人提供輕鬆、靈感和快樂。看一看。

(presentation)

（介紹）

Good morning, everyone. One of the best parts about my job is getting to spend time with our team every week in stores across the country. And I hear stories like those we just shared in the video, stories about what Target means to our team. And there's no doubt that our more than 300,000 store team members, who interact with our guests every day, are Target's biggest asset and our single-greatest differentiator. They inspire me as they bring our purpose to life every single day.

大家，早安。我工作中最好的部分之一就是每週與我們的團隊在全國各地的商店共度時光。我聽到了我們剛剛在視頻中分享的故事，關於 Target 對我們團隊意味著什麼的故事。毫無疑問，我們每天與客人互動的 300,000 多名門店團隊成員是 Target 最大的資產，也是我們最大的差異化因素。他們激勵著我，因為他們每天都將我們的目標變為現實。

And I'm excited to talk about them and what they do, including ways that may not show up on the balance sheet. Take Terence, for example. He's a team member in our Fairview Heights, Illinois store who stopped what he was doing to help change a guest's flat tire in our parking lot. Her response, "He's my hero. I'll be looking for him every time I go in that store just to tell him how special he is." Or [Manu], a leader in our Maui store, who helped the elderly community in the remote town of Hana. She partnered with a local nonprofit to help them get the essentials they needed when they couldn't make it to the store in person.

我很高興談論它們以及它們所做的事情，包括可能不會出現在資產負債表上的方式。以特倫斯為例。他是我們伊利諾伊州費爾維尤高地商店的一名團隊成員，他停止了他正在做的事情，以幫助我們停車場的客人更換爆胎。她的回答是：“他是我的英雄。我每次去那家商店都會找他，只是為了告訴他他有多特別。”或者[Manu]，我們毛伊島商店的負責人，他幫助了偏遠小鎮哈納的老年人社區。她與當地一家非營利組織合作，幫助他們在無法親自前往商店時獲得所需的必需品。

Our team is there to help our guests every day, handing them clean carts as they walk in our front doors, helping them find that perfect item on the shelf, dropping their bags into their car or shipping orders out the back to their homes. They show up for local communities and each other day in and day out. And that's why when we set out to put our stores at the heart of everything we do, it was clear that the most important investment we could make was in our team.

我們的團隊每天都在為我們的客人提供幫助，當他們走進我們的前門時，他們會遞給他們乾淨的手推車，幫助他們在貨架上找到完美的物品，將他們的包放入他們的汽車或將訂單運送到他們的家中。他們日復一日地出現在當地社區和彼此身上。這就是為什麼當我們著手將我們的商店作為我們所做的一切的核心時，很明顯，我們可以做出的最重要的投資是在我們的團隊中。

We know an engaged team is more productive and creates a better experience for our guests. And over the last year, we've invested in wages, debt-free education and made even more of our team eligible for health benefits. We've also focused on desired hours and more reliable schedules through one-on-one conversations with our team, and we have an ongoing commitment to develop our team to get to wherever they want to go.

我們知道一個敬業的團隊更有效率，並為我們的客人創造更好的體驗。在過去的一年裡，我們在工資、無債務教育方面進行了投資，並使我們更多的團隊有資格獲得健康福利。我們還通過與團隊的一對一對話，專注於期望的時間和更可靠的日程安排，並且我們一直致力於發展我們的團隊，以到達他們想去的任何地方。

We've also seen great growth in our new on-demand scheduling option we introduced this year, with more than 35,000 team members already signed up. It's a perfect opportunity for those team members who mainly want a couple of shifts a month or a college student who wants to work over the holiday season when she's back over winter break. Together, our investments and consistent hours for our team and the flexibility of on-demand models help us deliver for our guests while supporting the diverse needs of our team.

我們今年推出的新按需調度選項也有了很大的增長，已有超過 35,000 名團隊成員註冊。對於那些主要想要一個月輪班的團隊成員或想要在寒假回來的假期工作的大學生來說，這是一個絕佳的機會。我們的投資和團隊的持續工作時間以及按需模式的靈活性共同幫助我們為客人提供服務，同時支持我們團隊的多樣化需求。

Even as the U.S. labor market is seeing some of the highest turnover on record, our rate in Target stores remains below pre-pandemic levels. Our stores are fully staffed, and we've been able to leverage the training and the tenure of our team to easily shift against demand without missing a beat.

儘管美國勞動力市場的營業額創下歷史新高，但我們在 Target 商店的營業額仍低於大流行前的水平。我們的商店配備齊全，我們已經能夠利用我們團隊的培訓和任期來輕鬆應對需求而不會錯過任何一個節拍。

Let's talk about the experience we're delivering for our guests. Target is the easiest place for our guests to get everything they need, no matter how they choose to shop. Even in a year as unpredictable as 2021, we saw satisfaction rise with gains in many of our most important drivers of guest experience, like interacting with our team on the sales floor and wait time at checkout. In fact, over the past 2 years, our already impressive overall Net Promoter Score increased more than 10%, a true testament to our team's commitment to service.

讓我們談談我們為客人提供的體驗。 Target 是我們的客人最容易獲得所需一切的地方，無論他們選擇如何購物。即使在像 2021 年這樣不可預測的一年裡，我們也看到客戶體驗的許多最重要驅動因素都取得了提升，例如在銷售樓層與我們的團隊互動以及結賬時的等待時間。事實上，在過去的 2 年裡，我們已經令人印象深刻的整體淨推薦值增加了 10% 以上，這真實地證明了我們團隊對服務的承諾。

In every store from the register, the Drive Up lane, our team is building loyalty with guests, offering ease, convenience and incredible service that keeps them coming back. For example, more than 60% of our new Drive Up guests return to use it again that month. And when a guest tries a new same-day service for the first time, they spend more at Target going forward, including in our stores. And last year, more than half of our digital sales came from our same-day services.

在登記處的每一家商店，Drive Up 車道，我們的團隊都在與客人建立忠誠度，提供方便、便利和令人難以置信的服務，讓他們回頭客。例如，超過 60% 的 Drive Up 新客人在當月再次使用它。而且，當客人第一次嘗試新的當日服務時，他們會在 Target （包括我們的商店）中花費更多。去年，我們一半以上的數字銷售額來自我們的當日服務。

In the year ahead, we'll fuel that momentum, deepening our trust with our guests with an experience our competitors can't match. That means clean, bright and on-brand floors that invite discovery, inspire guests with the latest products, all brought to life by an incredible team, a team that's empowered and trained across the building so they can jump in wherever our guests need us.

來年，我們將推動這一勢頭，以競爭對手無法比擬的體驗加深我們對客人的信任。這意味著乾淨、明亮和品牌的地板可以邀請發現，用最新的產品激發客人的靈感，所有這些都由一個令人難以置信的團隊帶來生機，這個團隊在整個建築中得到授權和培訓，因此他們可以在客人需要我們的任何地方跳入。

And we've developed a flexible framework of service so every single team member can engage and connect and problem-solve with guests across the store. We'll continue to backup train every new team member on same-day services so we can easily adjust for peaks and in-store pickup. And we're offering continuous learning and development moments throughout the year in key categories and new brands.

我們開發了一個靈活的服務框架，因此每個團隊成員都可以與整個商店的客人互動、聯繫和解決問題。我們將繼續為每位新團隊成員提供當日服務的後備培訓，以便我們可以輕鬆調整高峰期和店內取貨。我們全年為關鍵類別和新品牌提供持續的學習和發展時刻。

We know operational excellence and service go hand in hand, so we're focused on nailing the fundamentals and making shopping at Target easy and special for our guests. Take a look.

我們深知卓越運營和服務是相輔相成的，因此我們專注於確定基本要素，讓在 Target 購物對我們的客人來說既簡單又特別。看一看。

(presentation)

（介紹）

In nearly 2,000 communities across the country, our Target team provides great in-store experience and easy fulfillment options. With same-day services already at scale from coast to coast, we are ready for when guest shopping behaviors change. And as we've seen demand grow, our team is able to support that growth and accelerate our progress to meet guests' needs along the way.

在全國近 2,000 個社區，我們的 Target 團隊提供出色的店內體驗和簡單的履行選項。憑藉從東海岸到西海岸的大規模當日服務，我們已為客人的購物行為發生變化做好了準備。隨著我們看到需求增長，我們的團隊能夠支持這種增長並加快我們的進度，以滿足客人的需求。

In the past year, we've added adult beverage and expanded our assortment for pickup. We built in more personalized features like sending a friend or a family member when plans change, choosing where you'd like your order placed in your car or selecting a backup option if something's out of stock. We even doubled the amount of Drive Up parking spaces in the holiday season so guests could get those last-minute gifts without leaving their cars.

在過去的一年裡，我們增加了成人飲料並擴大了我們的提貨品種。我們內置了更個性化的功能，例如在計劃更改時發送朋友或家人，選擇您希望將訂單放在車內的哪個位置，或者在缺貨時選擇備用選項。我們甚至在假日季節將 Drive Up 停車位的數量增加了一倍，這樣客人就可以在不離開汽車的情況下獲得這些最後一分鐘的禮物。

Our guests love our same-day services, and they provide great cost savings of nearly 90% per unit compared to shipping from an upstream warehouse. In the year ahead, we'll keep improving Order Pickup and Drive Up offerings with a focus on quality, speed and great service. We'll continue to expand the assortment available, and we'll add the Backup Item functionality to even more categories. In the months since we rolled out this option, our teams are able to substitute the Backup Items 98% of the time.

我們的客人喜歡我們的當日送達服務，與從上游倉庫發貨相比，每件商品可節省近 90% 的成本。來年，我們將繼續改進訂單取貨和提貨服務，重點關注質量、速度和優質服務。我們將繼續擴展可用的分類，並將備份項目功能添加到更多類別。在我們推出此選項後的幾個月裡，我們的團隊能夠在 98% 的時間內替換備份項目。

Everything we do at Target is grounded in making our guests' daily lives even easier. We want every Target run to be fast, convenient and rewarding, and that includes the return process. Our teams are building the capability to accept returns from the Drive Up lane with plans to test later this year. So guests will be able to check everything out their shopping list and return a product that wasn't quite right at the same time and without leaving the car.

我們在 Target 所做的一切都是為了讓客人的日常生活更加輕鬆。我們希望每次 Target 運行都快速、方便和有益，這包括返回過程。我們的團隊正在建立從 Drive Up 車道接受退貨的能力，併計劃在今年晚些時候進行測試。因此，客人將能夠在他們的購物清單中查看所有內容，並在不離開汽車的情況下同時退回不太正確的產品。

And lastly, I'm really excited we're going to pilot the ability to order Starbucks for Drive Up so guests can get everything on their list and request their morning latte when they're on the way while never even unbuckling their seatbelt. We'll take a test-and-learn approach in select markets throughout the summer and fall with a goal of eventually making this option available from coast to coast.

最後，我真的很高興我們將試行為 Drive Up 點星巴克的功能，這樣客人就可以在他們的清單上得到所有東西，並在他們在路上時要求他們的早晨拿鐵咖啡，而他們甚至不需要解開他們的安全帶。我們將在整個夏季和秋季在特定市場採取測試和學習的方法，目標是最終讓這個選項在美國東海岸到西海岸都可用。

To bring these enhancements to life and continue strengthening our operations, our team is working to streamline on the back end, even further integrating the omnichannel experience into how we run and staff our stores. Now, of course, nothing at Target happens in a vacuum, so we're working with partners from across the organization, from tech and digital to supply chain and properties, to support these capabilities. The ability of our store teams to ship local orders out our back doors continues to increase our speed to guests while delivering cost savings of more than 40% per unit versus upstream shipping.

為了將這些改進變為現實並繼續加強我們的運營，我們的團隊正在努力簡化後端，甚至進一步將全渠道體驗整合到我們運營和配備門店的方式中。現在，當然，Target 沒有任何事情是憑空發生的，因此我們正在與整個組織的合作夥伴合作，從技術和數字到供應鍊和財產，以支持這些能力。我們的商店團隊能夠將本地訂單從我們的後門運送出去，這繼續提高了我們為客人提供服務的速度，同時與上游運輸相比，每單位的成本節省了 40% 以上。

We're working closely with our supply chain partners as we roll out more sortation centers across the country. As you heard from John, we're excited about the efficiencies they'll continue adding to our ship-from-store operation. Frequent sweeps of our stores to a local sortation center frees up space in our backrooms, and centralizing the sorting process helps our team be more productive and saves valuable time.

隨著我們在全國范圍內推出更多分揀中心，我們正與供應鏈合作夥伴密切合作。正如您從 John 那裡聽到的那樣，我們對他們將繼續提高我們的門店發貨運營的效率感到興奮。經常將我們的商店清掃到當地的分揀中心可以騰出我們後台的空間，集中分揀過程有助於我們的團隊提高工作效率並節省寶貴的時間。

Our teams are focused on greater ease and efficiency with store staffing, especially when it comes to same-day options, so we can be ready to flex with guest demand. We're enhancing our technology to give store leaders an even clearer real-time picture of fulfillment needs and testing out new tools to help them better predict guest patterns in the future, helping us be even more efficient in staffing, the right teams at the right times, ready to do the work and deliver for our guests.

我們的團隊專注於提高門店人員配備的便利性和效率，尤其是在當日選擇方面，因此我們可以隨時根據客人的需求靈活調整。我們正在增強我們的技術，讓商店領導者能夠更清晰地實時了解履行需求，並測試新工具以幫助他們更好地預測未來的顧客模式，幫助我們在人員配備方面更加高效，合適的團隊在正確的時間，準備好為我們的客人工作和交付。

We're making upgrades to physical spaces that support these services, remodeling our stores with more hold capacity, adding dedicated doors with easy access to the exterior. We're adding more Drive Up spaces to our parking lots, and we're even adding some canopies in stores that get bad weather, all so our teams can get orders to guests quickly and safely every time.

我們正在對支持這些服務的物理空間進行升級，改造我們的商店以增加容納能力，增加專用門，方便進入外部。我們正在為我們的停車場增加更多的 Drive Up 空間，我們甚至在天氣不好的商店中增加了一些簷篷，這樣我們的團隊每次都能快速安全地為客人下訂單。

And inside our stores, we're making improvements to the process itself to make things even easier for our team and better for our guests, like finding the most efficient ways to pick orders from how we deploy the team members, to technology that helps reduce footsteps throughout the store, all with the goal of continuing to deliver the ease and convenience our guests expect.

在我們的商店內部，我們正在改進流程本身，以使我們的團隊更輕鬆，為我們的客人提供更好的服務，例如從我們如何部署團隊成員到幫助減少整個商店的腳步聲，所有這些都是為了繼續提供我們客人期望的輕鬆和便利。

Our solid operational foundation and stores-as-hub model has allowed Target to be there for our guests even when the world shifted around us, and they'll continue to be the engines of our growth. That foundation is made even stronger by the deep roots of empathy and care and everything our teams do to keep us moving forward together.

我們堅實的運營基礎和以商店為中心的模式使 Target 能夠在我們周圍發生變化的情況下為我們的客人服務，他們將繼續成為我們增長的引擎。同理心和關懷的深厚根基以及我們團隊為使我們共同前進所做的一切都使這一基礎更加牢固。

And before I turn it over to Rick, I can't miss the opportunity to say thank you to our team. With stores at the center of how we serve guests across the country, they've risen to every challenge with care, resilience and flexibility, not only meeting guest needs today but ensuring we'll be ready for them tomorrow. Thank you.

在我把它交給 Rick 之前，我不能錯過向我們的團隊表示感謝的機會。商店是我們為全國各地客人提供服務的中心，他們以細心、堅韌和靈活的態度迎接每一個挑戰，不僅滿足客人今天的需求，而且確保我們明天為他們做好準備。謝謝你。

Thank you, Mark. I am proud to be here today representing Target's Food & Beverage team because getting to $20 billion in sales last year, delivering double-digit growth on top of 2020's double-digit growth, achieving billions of dollars in market share gains and becoming America's fourth-biggest digital grocer and being named Retailer of the Year by Supermarket News, well, none of that happened by chance.

謝謝你，馬克。我很自豪今天能代表 Target 的食品和飲料團隊來到這裡，因為去年銷售額達到 200 億美元，在 2020 年兩位數增長的基礎上實現了兩位數增長，實現了數十億美元的市場份額增長，並成為美國第四-最大的數字雜貨店並被《超市新聞》評為年度零售商，這一切都不是偶然發生的。

As some of you know, we've been on a journey when it comes to groceries at Target. Food has always played an important role in driving trips and basket size, but we knew we could do so much more in this space. Today, Target is a company that doesn't just sell food. We are a company that celebrates food with a grocery business that's driving trips and basket size and, even more importantly, loyalty. It's become part of the differentiated experience that separates Target from the pack.

正如你們中的一些人所知，在 Target 的雜貨店方面，我們一直在經歷一段旅程。食物一直在推動旅行和購物籃大小方面發揮重要作用，但我們知道我們可以在這個領域做得更多。今天，Target 是一家不僅僅銷售食品的公司。我們是一家通過雜貨業務來慶祝食品的公司，該業務推動了旅行和購物籃的大小，更重要的是，忠誠度。它已成為將 Target 與其他產品區分開來的差異化體驗的一部分。

Now before joining Target's marketing team back in 2013, I spent my entire career working for iconic food and beverage brands. That experience taught me that food and beverage is a business that is deeply personal for consumers, and that's what our team is delivering at Target. Central to our success is the fact that what we're doing is 100% unapologetically Target. That means we're not copying competitors or trying to do something we're not. Instead, we're listening to our guests, and we're leaning into what's special about Target: to provide a better experience at a great value. That's led to amazing results, a deeper sense of loyalty from our guests and the opportunity to do even more.

現在，在 2013 年加入 Target 的營銷團隊之前，我的整個職業生涯都在為標誌性的食品和飲料品牌工作。這段經歷告訴我，食品和飲料是一項對消費者來說非常個人化的業務，而這正是我們團隊在 Target 所提供的。我們成功的核心是我們所做的是 100% 毫無歉意的 Target。這意味著我們不會復制競爭對手或嘗試做我們沒有做的事情。相反，我們正在傾聽我們的客人的意見，我們正在關注 Target 的特別之處：以物超所值的方式提供更好的體驗。這帶來了驚人的結果，讓我們的客人更加忠誠，並有機會做更多的事情。

A great example of this is our digital business. It's hard to believe, but just 2 years ago, fresh and frozen order pickup in-store and curbside was just a small test in a few markets. But when the pandemic hit, we knew we had to accelerate our plans to meet guests' fast-changing needs. So in a matter of just a few months, we installed refrigerators and freezers for order pickup in hundreds of stores nationwide. We trained thousands of team members to pick online grocery orders. And we rolled out new marketing to raise awareness that if you're looking for safe, quick, easy option for getting your groceries and essentials, that's, by the way, free with no order minimum requirement, well, then Target is your place.

我們的數字業務就是一個很好的例子。很難相信，但就在 2 年前，店內和路邊的新鮮和冷凍訂單取貨只是少數市場的一個小測試。但是，當大流行來襲時，我們知道我們必須加快我們的計劃，以滿足客人快速變化的需求。因此，在短短幾個月內，我們就在全國數百家商店安裝了冰箱和冰櫃，以便取貨。我們培訓了數千名團隊成員來挑選在線雜貨訂單。我們推出了新的營銷活動來提高人們的意識，即如果您正在尋找安全、快速、簡單的選擇來獲取您的雜貨和必需品，順便說一句，這是免費的，沒有最低訂單要求，那麼 Target 就是您的地方。

When you think about the power of team, there are few better examples than how in the middle of the pandemic and amidst of peak-level sales, we mobilized teams from across the company to undertake this monumental body of work because it was the right thing to do for our guests, and it was the right thing to do for our business. It really has been a game changer for so many families looking to limit trips outside their homes and into stores. And it has revolutionized our food and beverage experience, turning Target into an omnichannel grocery powerhouse.

當您考慮團隊的力量時，沒有比在大流行期間和銷售高峰期間更好的例子了，我們如何動員整個公司的團隊來承擔這項艱鉅的工作，因為這是正確的事情為我們的客人做這件事，這對我們的業務來說是正確的。對於許多希望限制外出和進入商店的家庭來說，這確實改變了遊戲規則。它徹底改變了我們的食品和飲料體驗，將 Target 變成了全渠道雜貨店。

And we'll continue to make our pickup service even better. For instance, since launching Fresh and Frozen Pickup, we've also added Adult Beverage Pickup to about 80% of our stores. And I am so excited about what Mark just shared with Starbucks as part of our Drive Up experience.

我們將繼續使我們的接送服務變得更好。例如，自推出新鮮和冷凍皮卡以來，我們還在大約 80% 的商店中增加了成人飲料皮卡。作為我們 Drive Up 體驗的一部分，我對 Mark 剛剛與星巴克分享的內容感到非常興奮。

But it's important to recognize that there's still a lot of potential in front of us. But even as guests have started reclaiming some of their routines, including making more trips into our target stores, our digital business, fueled by Shipt, and our Order Pickup services, continues to grow.

但重要的是要認識到我們面前仍有很多潛力。但即使客人已經開始恢復他們的一些日常活動，包括更多地前往我們的目標商店，我們的數字業務（由 Shipt 推動）和我們的訂單取貨服務仍在繼續增長。

Look at the numbers. At the end of 2019, our digital penetration in Food & Beverage was 2.3%. We ended 2020 at 9.6%. We closed 2021 at 13.2%. Our 2021 digital sales were up $900 million over 2020 and up by sixfold over 2019. Our Net Promoter Scores consistently show that guests love our digital services. So as we keep driving awareness and trial and adding new experiences, we anticipate continued growth.

看看數字。截至 2019 年底，我們在食品和飲料領域的數字化滲透率為 2.3%。我們在 2020 年結束時為 9.6%。我們在 2021 年以 13.2% 收盤。我們 2021 年的數字銷售額比 2020 年增長了 9 億美元，比 2019 年增長了六倍。我們的淨推薦值始終表明客人喜歡我們的數字服務。因此，隨著我們不斷提高意識和試驗並增加新體驗，我們預計會持續增長。

Another area we're driving awareness and trial has led to ongoing growth is in our owned brand assortment. Back in 2019, we rolled out our flagship-owned brand, Good & Gather. It was the largest owned brand launch ever. Today, it totals nearly 2,500 items across Food & Beverage and is helping change perceptions about the shopping experience at Target. It's affordable. It's delicious, and it's on trend. Whether you're looking for a quick easy Tuesday night dinner or something fun for entertaining during March Madness, Good & Gather is everything our guests have long expected from Target's owned brands. And today, its growth is outpacing the industry average for private-label brands.

我們正在提高認識和試用導致持續增長的另一個領域是我們的自有品牌分類。早在 2019 年，我們就推出了我們的旗艦品牌 Good & Gather。這是有史以來最大的自有品牌發布。如今，它在食品和飲料領域共有近 2,500 種商品，正在幫助改變人們對 Target 購物體驗的看法。這是負擔得起的。它很好吃，而且很流行。無論您是在尋找快速輕鬆的周二晚上晚餐，還是在瘋狂三月期間尋找有趣的娛樂活動，Good & Gather 都是我們的客人長期以來對 Target 自有品牌所期待的一切。如今，它的增長速度超過了自有品牌的行業平均水平。

And there's more. Favorite Day, a new brand of craveable baked goods and treats that draws guests into the food aisles. For instance, some of you might have come to Target because their kindergartner lost a sneaker and she has gym class tomorrow. But while dad's there, he might as well reward himself with a container of Peanut Butter Monster Trail Mix for the home office.

還有更多。最喜歡的一天，一個新品牌的令人渴望的烘焙食品和零食，將客人吸引到食品過道。例如，你們中的一些人可能因為他們的幼兒園失去了運動鞋而來到 Target，而她明天還要上體育課。但是，當爸爸在那裡時，他不妨獎勵自己一容器花生醬怪物小徑混合用於家庭辦公室。

Now Target-owned brands are only part of the story. We are also elevating our assortment by diversifying our assortment because we know that representation is critical to ensuring that we are -- that our offering is relevant to all our guests. Now when we decided at the beginning of last year to accelerate our commitment to adding more Black-owned brands, we had a dozen in our Food & Beverage assortment. But by changing the way we work, working hard to build new relationships and by using our size and scale to help brands grow for success in mass retail, we'll end 2022 with more than 50 Black-owned brands in our Food & Beverage assortment.

現在，Target 擁有的品牌只是故事的一部分。我們還通過多樣化我們的分類來提升我們的分類，因為我們知道代表性對於確保我們是至關重要的 - 我們的產品與我們的所有客人相關。現在，當我們在去年初決定加快增加更多黑人自有品牌的承諾時，我們的食品和飲料品種有十幾個。但是，通過改變我們的工作方式，努力建立新的關係，並利用我們的規模和規模來幫助品牌在大眾零售中取得成功，我們將在 2022 年結束時在我們的食品和飲料品類中擁有 50 多個黑人擁有的品牌.

And we won't stop there. Because these brands don't just make us more relevant, they make our assortment better. A great example is McBride Sisters wine, a Black female-owned business. We actually started working with them back in 2018 with a small partnership in about 100 stores in the South. Today, McBride Sisters is available in over 1,200 stores; or Everything Legendary, a company one of our buyers saw on television and couldn't wait to work with. So the next morning, he picked up the phone, sparking a relationship that led to Everything Legendary becoming Target's first Black-owned, plant-based meat supplier.

我們不會止步於此。因為這些品牌不僅使我們更具相關性，它們還使我們的產品種類更加豐富。一個很好的例子是麥克布萊德姐妹葡萄酒，這是一家黑人女性擁有的企業。實際上，我們早在 2018 年就開始與他們合作，在南方約 100 家商店建立了小型合作夥伴關係。今天，McBride Sisters 在 1,200 多家商店有售；或 Everything Legendary，我們的一位買家在電視上看到的一家公司，迫不及待地想與之合作。因此，第二天早上，他拿起電話，引發了一段關係，導致 Everything Legendary 成為 Target 的第一家黑人擁有的植物性肉類供應商。

And Target has taken a strong position in coffee, a category where our guests have especially high expectations. Black & Bold is a 3.5-year-old company founded by 2 childhood friends, and they have put social impact at the center of their business model, giving 5% of their profit to support kids and underserved communities. It's a company that we knew was a perfect fit for Target. They were our first Black-owned coffee brand. Today -- well, today, they're available in 1,300 stores and online. The response has been amazing. I love this tweet.

Target 在咖啡領域佔據強勢地位，我們的客人對這一類別有著特別高的期望。 Black & Bold 是一家擁有 3.5 年曆史的公司，由 2 位兒時的朋友創立，他們將社會影響作為其商業模式的核心，將 5% 的利潤用於支持兒童和服務欠缺的社區。我們知道這是一家非常適合 Target 的公司。他們是我們第一個黑人擁有的咖啡品牌。今天——嗯，今天，它們在 1,300 家商店和網上都有售。反應是驚人的。我喜歡這條推文。

"Now you got to go to Target and by a Keurig and the Black-owned coffee, Black and Bold." That tweet also brings me to another key differentiator in Target: the role we play as part of Target's multi-category assortment. That's something that sets Target apart on everyday trips and especially around holidays and key seasonal moments. Target dominates holiday seasons because guests love that they can get everything they need at Target: Halloween candy and costumes; the Thanksgiving turkey and games for the kids while the adults are gathering in the kitchen or watching football; and, of course, everything you need to make Hannukah, Christmas, Kwanza, 3 Kings Day special, including our robust selection of gingerbread houses.

“現在你得去塔吉特，坐 Keurig 和 Black 擁有的咖啡 Black and Bold。”這條推文還讓我想到了 Target 的另一個關鍵區別：我們作為 Target 多類別產品的一部分所扮演的角色。這就是讓 Target 在日常旅行中與眾不同的地方，尤其是在假期和關鍵的季節性時刻。 Target 在假日季節佔據主導地位，因為客人喜歡在 Target 獲得所需的一切：萬聖節糖果和服裝；大人們在廚房聚會或看足球時，孩子們的感恩節火雞和遊戲；當然，還有讓光明節、聖誕節、寬扎節、3 國王節變得特別所需的一切，包括我們精選的薑餅屋。

And this trend is continuing in 2022 as we saw during the first big seasonal moment of this year, Valentine's Day. Through the power of the total Target experience, the way we innovate, including our new Favorite Day, Valentine's Sugar Cookie kits, building on Target's cachet in the gingerbread space, and the platform we provide for our national brand partners to do amazing things to grow their brands, our team came through with the kind of Valentine's Day experience that makes Target special. In fact, we delivered our biggest Valentine's Candy sales ever, and we did it by the close of business on February 13. We did it with a day to spare. And we reached another milestone on February 13, finishing the week with record sales for snacks ahead of the Super Bowl.

正如我們在今年第一個重要的季節性時刻——情人節所看到的那樣，這種趨勢在 2022 年仍在繼續。通過整體 Target 體驗的力量，我們的創新方式，包括我們新的最喜歡的一天、情人節糖餅乾套件、建立在 Target 在薑餅空間中的聲望，以及我們為我們的國家品牌合作夥伴提供的平台，讓他們做出驚人的事情來成長他們的品牌，我們的團隊帶來了讓 Target 與眾不同的情人節體驗。事實上，我們在 2 月 13 日營業結束前完成了有史以來最大的情人節糖果促銷活動。我們用了一天的時間完成了它。我們在 2 月 13 日達到了另一個里程碑，在超級碗之前以創紀錄的零食銷量結束了這一周。

And despite all of this, what's so exciting to our team is that there's still a lot of room for us to improve, grow and gain even more market share in food for years to come. For instance, our research shows that even our best guests underestimate the breadth of our assortment, thinking they can only get some of their groceries at Target. As we continue to raise awareness of our full offering and we get credit for what we are already doing and the value that we provide, well, that is a huge opportunity.

儘管如此，令我們團隊感到非常興奮的是，在未來幾年，我們仍有很大的改進、發展和獲得更多食品市場份額的空間。例如，我們的研究表明，即使是我們最好的客人也低估了我們產品種類的廣度，認為他們只能在 Target 買到一些雜貨。隨著我們繼續提高對我們全部產品的認識，並且我們已經為我們已經在做的事情和我們提供的價值贏得了讚譽，這是一個巨大的機會。

You heard Christina talk earlier about accessibility and affordability. That's why the Digital Snap payment option we're rolling out this year is so important to Food & Beverage. It's going to make our entire experience, in-store and online, accessible to all families, allowing them to shop on their terms regardless of how they pay for their groceries. And as we move more product faster than ever through our distribution network, we are continuing to look for ways to move that product even faster. Some of our improvement will come from the way we work with our national brand suppliers, encouraging them to prioritize the growth opportunity that Target represents. We're also working to better utilize our food distribution centers to keep up with the fast-growing demand.

你之前聽過克里斯蒂娜談到可訪問性和可負擔性。這就是為什麼我們今年推出的 Digital Snap 支付選項對餐飲如此重要的原因。它將使我們的整個體驗，無論是店內還是在線，都可供所有家庭使用，無論他們如何支付雜貨費用，他們都可以按照自己的條件購物。隨著我們通過我們的分銷網絡以比以往更快的速度運輸更多產品，我們將繼續尋找更快地運輸該產品的方法。我們的一些改進將來自我們與國家品牌供應商合作的方式，鼓勵他們優先考慮 Target 所代表的增長機會。我們還在努力更好地利用我們的食品配送中心來滿足快速增長的需求。

We'll continue leveraging the power of our owned brands for everyday needs and big seasonal moments. And I'm excited that for the first time, we're going to have a holiday-themed Favorite Day assortment this year.

我們將繼續利用我們自有品牌的力量來滿足日常需求和重要的季節性時刻。我很高興今年我們將首次推出以節日為主題的“最愛日”系列。

And then there's Circle. It's especially crucial to what we're doing in food, raising awareness of our assortment and the value that we offer. As you heard from Cara, we are not done growing what's already one of America's biggest and most vibrant loyalty programs. And as our marketing team continues to build on the success of Circle, that's going to help our entire business, but especially Food & Beverage.

然後是圈子。這對於我們在食品方面所做的事情尤其重要，可以提高人們對我們的產品種類和我們提供的價值的認識。正如您從 Cara 那裡聽到的那樣，我們還沒有完成已經成為美國最大、最活躍的忠誠度計劃之一的發展。隨著我們的營銷團隊繼續鞏固 Circle 的成功，這將有助於我們的整個業務，尤其是食品和飲料業務。

We have a lot to be proud of. And there's a lot of opportunity, and yes, a lot of work in front of us. But when I think about the future, I'd say my optimism is rooted in our team. So before handing off to Michael, I'll close with one more thought on team. Over the last couple of years, we've hired scores of Food & Beverage directors and coordinators, people with immense expertise in the grocery industry who are helping us drive continuous improvement across our operations.

我們有很多值得驕傲的地方。有很多機會，是的，我們面前還有很多工作要做。但是當我想到未來時，我會說我的樂觀植根於我們的團隊。因此，在交給邁克爾之前，我將再談一談關於團隊的想法。在過去的幾年裡，我們聘請了許多食品和飲料總監和協調員，他們在食品雜貨行業擁有豐富的專業知識，他們正在幫助我們推動整個運營的持續改進。

A few weeks ago, I was visiting stores in Colorado, and I was talking to one of our coordinators, Bridget. I asked her why she joined Target. Now keep in mind, this is someone who joined us from another retailer, someone who already had a good job and was doing well in her career. But when I posed this question, the first thing she said goes to what Brian was talking about in his intro, she talked about culture. Bridget was willing to take a risk in her career to leave a situation that was pretty good and give Target a chance because of what she heard about being a part of this team.

幾週前，我參觀了科羅拉多州的商店，並與我們的一位協調員布里奇特交談。我問她為什麼加入 Target。現在請記住，這是從另一家零售商加入我們的人，她已經有了一份好工作並且在她的職業生涯中表現出色。但是當我提出這個問題時，她說的第一件事就是布萊恩在他的介紹中所說的，她談到了文化。布里奇特願意在她的職業生涯中冒險離開一個相當不錯的情況並給塔吉特一個機會，因為她聽說了成為這個團隊的一員。

She told me a lot about the people she works with, the support she has to make decisions that are right for the guest and the partnership she has with team members working in other categories. Bridget told me it was everything I hoped for and more. In this environment, the race for talent is just as intense as the race for sales. But every day, people are opting in to be a part of the Target team. Because of what we have already achieved? Absolutely, but even more so because of the possibility of what we can do going forward.

她告訴了我很多與她一起工作的人，她在做出適合客人的決定時所獲得的支持，以及她與在其他領域工作的團隊成員之間的合作關係。布里奇特告訴我，這是我所希望的一切，甚至更多。在這種環境下，人才的競爭與銷售的競爭一樣激烈。但每天，人們都選擇加入 Target 團隊。因為我們已經取得了什麼成就？絕對是，但更是如此，因為我們有可能在未來做些什麼。

I'm just as proud of that and inspired by that as I am of any of the numbers that we've shared today. Because when I think about everything in front of us, team members like Bridget and the human touch and the guest focus that our entire team brings to their work, well, that is what is going to ensure that our guests can always count on Target.

我為此感到自豪並為此感到鼓舞，就像我們今天分享的任何數字一樣。因為當我想到我們面前的一切時，像布里奇特這樣的團隊成員以及我們整個團隊為他們的工作帶來的人情味和客人的關注，嗯，這將確保我們的客人始終可以信賴 Target。

Thank you so much. And now I'll hand things over to Michael.

非常感謝。現在我將把事情交給邁克爾。

Thanks, Rick. At the top of the meeting, Brian shared some of the key milestones from the last 5 years. And I'd like to begin my remarks today by highlighting one more, which is the long-term financial algorithm we unveiled during that time. You'll recall that the prior algorithm anticipated low single-digit sales growth, mid-single-digit operating income growth, high single-digit adjusted EPS growth, after tax ROIC in the mid- to high teens.

謝謝，瑞克。在會議的最後，Brian 分享了過去 5 年的一些關鍵里程碑。我想在今天開始我的發言，再強調一個，這是我們在那段時間推出的長期金融算法。您會記得，之前的算法預計低個位數的銷售增長，中個位數的營業收入增長，高個位數的調整後每股收益增長，稅後 ROIC 處於中高水平。

In the 2 years leading up to the pandemic, our business was consistently generating top line performance in line with the algorithm as we saw average sales growth of 3.7% in 2018 and 2019. And on the bottom line during that period, our business grew somewhat ahead of the algorithm with average adjusted EPS growth of 16.7% over those 2 years and an average after-tax ROIC of 15.4%.

在大流行前的 2 年中，我們的業務一直按照算法產生頂線表現，因為我們看到 2018 年和 2019 年的平均銷售額增長 3.7%。在此期間，我們的底線有所增長在這 2 年中，平均調整後的每股收益增長 16.7%，平均稅後投資回報率為 15.4%。

Since the beginning of 2020, COVID has changed nearly every aspect of consumers' lives, and we've all seen its impact on the retail industry. At Target, our team and durable model navigated these changes incredibly well, advancing our business far ahead of expectations. Simply put, over the last 2 years, our financial performance blew away the prior algorithm from top to bottom. And today, we're a much larger retailer, generating industry-leading returns on capital.

自 2020 年初以來，COVID 幾乎改變了消費者生活的方方面面，我們都看到了它對零售業的影響。在 Target，我們的團隊和持久的模型非常好地駕馭了這些變化，使我們的業務遠遠超出預期。簡單地說，在過去的 2 年裡，我們的財務表現從上到下徹底顛覆了之前的算法。今天，我們是一家規模大得多的零售商，產生了行業領先的資本回報。

As we enter 2020, things remain far from ordinary, but a future beyond this volatile time is taking shape. And given the durable and sustainable model we've built and the ongoing investments we're making, we've updated our financial algorithm, which will define our long-term expectations beginning next year, in 2023, and beyond. This updated algorithm demonstrates our confidence in Target's ability to continue growing on top of the incredible expansion over the last couple of years.

進入 2020 年，事情遠非平常，但超越這個動盪時期的未來正在形成。鑑於我們建立的持久和可持續的模型以及我們正在進行的投資，我們更新了我們的財務算法，這將定義我們從明年開始、2023 年及以後的長期預期。這個更新的算法證明了我們對 Target 在過去幾年令人難以置信的擴張之上繼續增長的能力的信心。

Specifically, over time, our updated long-term algorithm anticipates mid-single-digit annual growth in both total revenue and operating income, high single-digit annual growth in adjusted EPS, annual CapEx of $4 billion to $5 billion, after-tax ROIC in the high 20% to 30% range. Compared with our prior algorithm, this new one leans more into growth driven primarily by comparable sales, combined with the benefit of new stores and continued growth from other revenue sources. Our confidence in Target's ability to continue growing is based on all of the initiatives you've heard about today, which are designed to drive engagement, traffic and market share gains, including: new stores; remodels; national brand partnerships and owned brand innovations; expansion of our same-day services; growth of new and emerging revenue sources; further rollout of sortation centers; continued investments in value and affordability; leveraging guest insights to enhance our assortment and promotions while personalizing the guest experience; elevating guest service through investments in the team, training and technology, all while investing in Target Forward, to enhance the long-term sustainability of the business and the planet.

具體來說，隨著時間的推移，我們更新後的長期算法預計總收入和營業收入的年均增長率為中個位數，調整後每股收益的年增長率為高個位數，年度資本支出為 40 億至 50 億美元，稅後投資回報率在高 20% 到 30% 的範圍內。與我們之前的算法相比，這個新算法更傾向於主要由可比銷售額驅動的增長，結合新店的好處和其他收入來源的持續增長。我們對 Target 持續增長能力的信心基於您今天聽到的所有舉措，這些舉措旨在推動參與度、客流量和市場份額增長，包括：新店；改造；國家品牌合作夥伴關係和自有品牌創新；擴大我們的當日服務；新興收入來源的增長；進一步推出分揀中心；繼續投資於價值和可負擔性；利用客戶洞察力來增強我們的分類和促銷，同時個性化客戶體驗；通過投資團隊、培訓和技術來提升客戶服務，同時投資於 Target Forward，以增強企業和地球的長期可持續性。

Since today is the first time we've included other revenue in our top line guidance, I want to pause and cover some of what's reflected in that line of the P&L and what's been driving its growth. And while there are many smaller items represented on this slide, profit sharing income on our credit card portfolio has historically accounted for more than half of it. But in recent years, Roundel has been the primary growth driver of this line, causing it to become its second largest component. I want to emphasize, however, that Roundel's impact extends well beyond the amount reflected on this line alone as a meaningful portion of Roundel's income reduces our cost of sales, benefiting our gross margin. Among other notable drivers, Shipt membership fees are included on this line, along with the fees we received from third-party vendors on Target Plus, which are expected to grow over time.

由於今天是我們第一次將其他收入納入我們的頂線指導，我想暫停並介紹該損益表中反映的一些內容以及推動其增長的內容。雖然這張幻燈片上有許多較小的項目，但我們信用卡組合的利潤分享收入歷來佔其中的一半以上。但近年來，Roundel 一直是這條線的主要增長動力，使其成為其第二大組成部分。然而，我想強調的是，Roundel 的影響遠遠超出了僅反映在這條線上的金額，因為 Roundel 收入的重要部分降低了我們的銷售成本，從而使我們的毛利率受益。在其他值得注意的驅動因素中，Shipt 會員費以及我們從 Target Plus 上的第三方供應商那裡收到的費用都包含在此行中，這些費用預計會隨著時間的推移而增長。

Moving to the operating income line. You'll note that our long-term growth expectations are consistent with the prior algorithm, but we don't rely on rate expansion to get there. Now I should quickly point out, we'll happily welcome rate expansion when it happens for the right reasons, including the massive scale benefits we've realized over the last 2 years. But as I've said many times, given that we're focused on maximizing profit dollar growth, our plans account for the inherent trade-off between profit rates and top line growth. Put another way, a durable business model anticipates the need for continual investments to deliver sustainable growth. As such, we've built an algorithm based on driving and harvesting continued efficiencies in our business and continually reinvesting those savings in growth that further differentiates Target through our team, our stores and the entire guest experience.

移動到營業收入線。您會注意到，我們的長期增長預期與之前的算法一致，但我們並不依賴利率擴張來實現這一目標。現在我應該很快指出，如果出於正確的原因，我們會很高興地歡迎利率擴張，包括我們在過去兩年中實現的巨大規模效益。但正如我多次說過的，鑑於我們專注於最大化利潤美元增長，我們的計劃考慮了利潤率和收入增長之間的內在權衡。換句話說，持久的商業模式預計需要持續投資以實現可持續增長。因此，我們建立了一種算法，該算法基於推動和收穫我們業務的持續效率，並不斷將節省的資金再投資於增長，從而通過我們的團隊、我們的商店和整個客戶體驗進一步區分 Target。

Among the factors that will drive our operating margin rate over time, we expect the headwinds and tailwinds will generally balance each other out. On the gross margin line, those factors include merchandise mix, channel mix and merchandising strategies. On the SG&A line, cost leverage, efficiency gains and team investments are most notable. On the D&A line, leverage and accelerated depreciation are the primary drivers. Also consistent with the prior algorithm, this updated one anticipates high single-digit growth in adjusted EPS driven by mid-single-digit growth in operating income combined with the benefit of continued share repurchases.

在隨著時間的推移將推動我們的營業利潤率的因素中，我們預計逆風和順風通常會相互平衡。在毛利率線上，這些因素包括商品組合、渠道組合和營銷策略。在 SG&A 方面，成本槓桿、效率提升和團隊投資最為顯著。在 D&A 線上，槓桿和加速折舊是主要驅動力。同樣與之前的算法一致，該更新後的算法預計調整後的每股收益將實現高個位數增長，這是由營業收入的中個位數增長以及持續的股票回購帶來的好處所推動的。

Moving on to capital deployment. I want to first reiterate our priorities, which have remained consistent for decades. Our top priority is to fully invest in our business and projects that meet our strategic and financial criteria. We then look to support the dividend and build on our 50-year record of consecutive annual dividend increases. And finally, when we have capacity beyond those first 2 uses, we repurchase shares within the limits of our middle A credit ratings.

繼續進行資本部署。我想首先重申我們的優先事項，這些優先事項幾十年來一直保持一致。我們的首要任務是充分投資符合我們戰略和財務標準的業務和項目。然後，我們希望支持股息，並在我們 50 年連續年度股息增長記錄的基礎上再接再厲。最後，當我們的產能超過前兩次用途時，我們會在中等 A 信用評級的範圍內回購股票。

Beginning with investments in our business. We expect ongoing CapEx will be in the $4 billion to $5 billion range annually, and we'll be focused first on our continued investments in our stores-as-hubs model, including new locations, full store remodels, fulfillment retrofits and projects to support key national brand partnerships. In addition, as John outlined, we'll continue to invest in our upstream supply chain, sortation centers and DC automation to further reduce store workload.

從對我們業務的投資開始。我們預計持續的資本支出每年將在 40 億至 50 億美元之間，我們將首先關注我們對以商店為中心的模式的持續投資，包括新地點、全店改造、履行改造和支持項目國家重點品牌合作夥伴。此外，正如約翰所概述的，我們將繼續投資於我們的上游供應鏈、分揀中心和 DC 自動化，以進一步減少商店的工作量。

Even after these sizable CapEx investments, we expect to have ample capacity for shareholder returns as well given the robust operating cash flow our business continues to generate, amounting to more than $8.5 billion in 2021. We'll maintain our focus on growing the annual dividend, something we've accomplished for 50 consecutive years and look to maintain a 40% payout ratio over time. In addition, given our expectation for continued strong cash generation by our business, we'll have the capacity to return capital through share repurchases, within the limits of our middle A credit ratings.

即使在進行了這些大規模的資本支出投資之後，鑑於我們的業務繼續產生強勁的運營現金流（到 2021 年將超過 85 億美元），我們預計也將有充足的股東回報能力。我們將繼續專注於增加年度股息，這是我們連續 50 年取得的成就，並希望隨著時間的推移保持 40% 的派息率。此外，鑑於我們預計我們的業務將繼續產生強勁的現金，我們將有能力在我們的中等 A 信用評級範圍內通過股票回購來返還資本。

Finally, the most dramatic change from our prior algorithm pertains to our after-tax ROIC, where our updated range of expectations is 10-plus percentage points higher than before. This change highlights the asset efficiency of our stores-as-hubs model, which has unlocked the full potential of our store locations to flexibly serve our guests. With this model, our business has generated revenue growth of more than 35% or nearly $28 billion over the last 2 years, largely on the existing asset base.

最後，與我們之前的算法相比，最顯著的變化與我們的稅後投資回報率有關，我們更新後的預期範圍比以前高出 10 多個百分點。這一變化突出了我們以門店為中心的模式的資產效率，它釋放了我們門店位置的全部潛力，為我們的客人提供靈活的服務。通過這種模式，我們的業務在過去 2 年中產生了超過 35% 的收入增長，即近 280 億美元，主要是基於現有的資產基礎。

Now I want to move on to expectations for this year. As I step back and think about where we are and where we've been, it's clear we're still in the midst of the pandemic, but we've entered a new phase. In this phase, we're still facing multiple challenges and uncertainties, including a tight labor market and persistent supply chain bottlenecks, which are contributing to higher inflation rates than we've seen in decades. And beyond those ongoing challenges, we'll soon get to see how the consumer and economy move beyond government stimulus as we compare over the large first quarter packages that benefited consumers both in 2020 and again, last year.

現在我想繼續對今年的期望。當我退後一步思考我們所處的位置和過去的位置時，很明顯我們仍處於大流行之中，但我們已經進入了一個新階段。在這個階段，我們仍然面臨著多重挑戰和不確定性，包括勞動力市場緊張和持續的供應鏈瓶頸，這導致通貨膨脹率比我們幾十年來看到的還要高。除了這些持續的挑戰之外，當我們比較 2020 年和去年再次使消費者受益的第一季度大型一攬子計劃時，我們很快就會看到消費者和經濟如何超越政府刺激措施。

However, the last couple of years have also proven the durability and flexibility of our business and financial model. Specifically, relying on stores as fulfillment hubs allows our team to conveniently and efficiently serve our guests no matter how they choose to shop. This includes our suite of same-day services, which differentiate Target and provide a reliable, fast and easy shopping experience. Our model features a unique brand and balanced merchandise -- broad and balanced merchandise assortment, allowing us to serve guests and drive trips to serve a wide variety of wants and needs. And our long history of investing in value and affordability, which has long been a key differentiator, becomes even more important in an inflationary environment.

然而，過去幾年也證明了我們業務和財務模式的持久性和靈活性。具體而言，依靠商店作為履行中心，我們的團隊可以方便、高效地為我們的客人提供服務，無論他們選擇如何購物。這包括我們的當日服務套件，這些服務使 Target 與眾不同，並提供可靠、快速和輕鬆的購物體驗。我們的模式以獨特的品牌和均衡的商品為特色——廣泛而均衡的商品分類，使我們能夠為客人提供服務並推動旅行，以滿足各種需求。我們長期以來一直投資於價值和負擔能力的歷史，長期以來一直是一個關鍵的差異化因素，在通貨膨脹的環境中變得更加重要。

As a result, with a proven model and the multiple growth investments we've highlighted today, we expect to continue growing the top line in 2022, generating a low to mid-single-digit increase in revenue, on top of historically strong growth over the last 2 years. On the operating margin line this year, we're planning to deliver a rate of 8% or higher, reflecting several deliberate rate investments to position our business for long-term profitable growth.

因此，憑藉經過驗證的模型和我們今天強調的多重增長投資，我們預計 2022 年的收入將繼續增長，收入將在 2020 年曆史強勁增長的基礎上實現低到中個位數增長最近 2 年。在今年的營業利潤率線上，我們計劃實現 8% 或更高的利率，這反映了為實現長期盈利增長而進行的幾項有意的利率投資。

First on that list are continued investments in pay and benefits to support our team as we build on the enormous progress we've made over the past few years. Beyond the team, this year's investments in growth capacity will drive some rate pressure. And we're planning for a small increase in markdown rates in 2022 as we move past the dramatically low rates we've seen over the last couple of years. Finally, and importantly, we'll continue to focus on value and affordability in this inflationary environment. That means taking a thoughtful long-term approach to pricing decisions, ensuring that we deliver unbeatable value for our guests.

首先是在薪酬和福利方面的持續投資，以支持我們的團隊，因為我們在過去幾年取得的巨大進步的基礎上再接再厲。除了團隊之外，今年對增長能力的投資將帶來一定的利率壓力。我們計劃在 2022 年小幅提高降價率，因為我們已經超越了過去幾年中看到的極低利率。最後，也是重要的一點，我們將繼續關注在這種通脹環境下的價值和可負擔性。這意味著對定價決策採取深思熟慮的長期方法，確保我們為客人提供無與倫比的價值。

We have many levers to combat costs, and price is the one we pull last, not first. As a result, product costs within our assortment have risen faster than retail in recent quarters, reflecting this intentional approach in deliberate pacing. We expect this trend to continue, particularly in the first half of this year as we maintain our focus on affordability for our guests. Altogether, given our expectations for revenue growth and purposeful operating margin rate investments, we're positioned to deliver low single-digit growth in operating income dollars this year.

我們有很多槓桿來對抗成本，價格是我們最後而不是第一個拉的。因此，最近幾個季度，我們分類中的產品成本上漲速度快於零售成本，這反映了這種有意安排的有意方法。我們預計這一趨勢將繼續下去，尤其是在今年上半年，因為我們將繼續關注客人的負擔能力。總而言之，鑑於我們對收入增長和有目的的營業利潤率投資的預期，我們有望在今年實現營業收入的低個位數增長。

Consistent with the longer term, we expect CapEx in the $4 billion to $5 billion range this year. This range is wider than we typically see at this point of the year given continued delays in receiving fixtures and equipment, along with permitting and inspection delays in local communities. Put another way, our hope is to be at the top end of this range in 2022, but it's possible that external factors will continue to affect certain projects.

與長期一致，我們預計今年資本支出在 40 億至 50 億美元之間。鑑於接收固定裝置和設備的持續延遲，以及當地社區的許可和檢查延遲，這一範圍比我們通常在今年這個時候看到的要寬。換句話說，我們希望在 2022 年達到這個範圍的頂端，但外部因素可能會繼續影響某些項目。

Regarding the dividend, later this year, we plan to recommend that our Board approve a per share dividend increase in the 20% to 30% range as we continue to move toward a 40% payout ratio over time. In addition, given our current cash position and expectations for strong cash flow, we believe our 2022 share repurchases will be at or above the $7 billion we accomplished in 2021.

關於股息，我們計劃在今年晚些時候建議我們的董事會批准將每股股息增加 20% 至 30%，因為隨著時間的推移，我們將繼續向 40% 的派息率邁進。此外，鑑於我們目前的現金狀況和對強勁現金流的預期，我們相信我們 2022 年的股票回購將達到或高於我們在 2021 年完成的 70 億美元。

Putting all of our expectations together, a low to mid-single-digit revenue increase, an operating margin rate of 8% or higher and continued robust share repurchase activity, we're positioned to generate high single-digit growth in adjusted earnings per share this year, on top of a 112% increase over the last 2 years.

綜合我們所有的預期，低至中個位數的收入增長，8% 或更高的營業利潤率以及持續強勁的股票回購活動，我們有能力在調整後的每股收益中實現高個位數增長今年，在過去兩年增長了 112% 的基礎上。

While I'm not going to provide detailed quarterly guidance today, I want to pause and talk about how our 2022 profit performance is expected to play out within the year given some of the unique factors involved. Specifically, in the front half of this year, we'll be annualizing last year's government stimulus while facing ongoing supply chain pressures and other cost increases. In contrast, as the year progresses, we'll begin comping over the period of higher costs that emerged in the back half of last year, while our supply chain and merchandising strategies have more time to adjust. As such, we expect our quarterly profit performance will be choppy during the year and generally improve as the year progresses.

雖然我今天不打算提供詳細的季度指引，但我想停下來談談鑑於所涉及的一些獨特因素，我們 2022 年的利潤表現預計將如何在年內發揮作用。具體來說，在今年上半年，我們將在面臨持續的供應鏈壓力和其他成本增加的同時，將去年的政府刺激計劃進行年度化。相比之下，隨著時間的推移，我們將開始彌補去年下半年出現的成本上升時期，而我們的供應鍊和銷售策略有更多時間進行調整。因此，我們預計我們的季度利潤表現將在年內波動，並隨著時間的推移普遍改善。

Q1 provides a timely example. This chart shows the variability of our Q1 profit rate over the last 3 years. Looking ahead, we expect our first quarter 2022 rate will move to something that's relatively high to our history but well below last year's 9.8% rate, which was unusually high due to some unique factors.

Q1 提供了一個及時的例子。這張圖表顯示了過去 3 年我們第一季度利潤率的變化情況。展望未來，我們預計 2022 年第一季度的利率將升至歷史上相對較高的水平，但遠低於去年的 9.8%，由於一些獨特的因素，該利率異常高。

As I get ready to close my remarks, I want to pause and spend a minute talking about the key role that efficiency and disciplined expense management have played in our recent success and how we're committed to maintaining that discipline going forward. And while I can provide many examples of our team's cost discipline, I want to focus on a couple of notable ones.

當我準備結束我的發言時，我想暫停一下，花一點時間談談效率和嚴格的費用管理在我們最近的成功中所發揮的關鍵作用，以及我們如何致力於保持這種紀律向前發展。雖然我可以提供我們團隊成本紀律的許多例子，但我想重點關注幾個值得注意的例子。

First on that list are meaningful efficiency gains we've realized in digital fulfillment. Across each of our digital fulfillment nodes, from package delivery to in-store pickup, Drive Up and Shipt, we've implemented multiple processes and process improvements and rolled out new technology to remove costs and increase speed to our guests. As a result, over the last 3 years, our average per unit digital fulfillment costs have declined by more than 50%, reflecting both efficiency gains and the benefit of mix as our most efficient same-day services have become a bigger and bigger portion of our digital sales.

首先是我們在數字化履行中實現的有意義的效率提升。在我們的每個數字履行節點，從包裹遞送到店內取貨、Drive Up 和 Shipt，我們已經實施了多個流程和流程改進，並推出了新技術來降低成本並提高客戶的速度。因此，在過去 3 年中，我們的平均每單位數字履行成本下降了 50% 以上，這反映了效率的提高和混合帶來的好處，因為我們最高效的當日服務已成為越來越大的一部分我們的數字銷售。

Looking ahead, the rollout of sortation centers presents a compelling opportunity to further reduce the unit cost of last-mile delivery. As John mentioned, in the Twin Cities market, where we've been piloting our first sortation center, we've seen our average per unit last-mile fulfillment costs go down by nearly 1/3.

展望未來，分揀中心的推出為進一步降低最後一英里交付的單位成本提供了一個令人信服的機會。正如約翰所提到的，在雙子城市場，我們一直在試行我們的第一個分揀中心，我們看到我們的平均每單位最後一英里履行成本下降了近 1/3。

The second example I want to highlight is the enormous benefit we've realized from the investments we've been making in our team. These investments have driven positive change to the lives of hundreds of thousands of team members, offering more steady income, pathways to career growth and education and access to benefits that meet their evolving needs. But these investments are delivering efficiency and growth in our business as well. A portion of these gains come directly from the fact that with high retention rates and improved training, our team can accomplish tasks more efficiently than in the past.

我想強調的第二個例子是我們從我們對團隊的投資中實現的巨大利益。這些投資推動了數十萬團隊成員的生活發生了積極變化，提供了更穩定的收入、職業發展和教育的途徑以及獲得滿足他們不斷變化的需求的福利的機會。但這些投資也為我們的業務帶來了效率和增長。這些收益的一部分直接來自這樣一個事實，即通過高保留率和改進的培訓，我們的團隊可以比過去更有效地完成任務。

But that's just the beginning. Because of our investments in the team, they're continually delivering higher levels of service, building on the trust we've established with our guests. This results in higher satisfaction scores, higher engagements and more return visits. And with higher service levels, Target becomes a more attractive partner for leading national brands, enabling partnerships like Ulta Beauty, Apple, Disney and Levi's.

但這僅僅是開始。由於我們對團隊的投資，他們不斷提供更高水平的服務，建立在我們與客人建立的信任之上。這會帶來更高的滿意度得分、更高的參與度和更多的回訪。隨著服務水平的提高，Target 成為領先的民族品牌更具吸引力的合作夥伴，促成了 Ulta Beauty、Apple、Disney 和 Levi's 等合作夥伴關係。

Once you've accounted for all of the efficiency and top line benefits that have come from our team investments, you can see why I reiterate time and time again that caring for and investing in our team is the best long-term investment we can make in our business. In fact, whether I'm looking at these investments as the CFO or through the lens of my earlier role supporting stores or leading pay and benefits for our HR team, the lessons are consistent. Whether you're talking about physical capital or human capital, underinvesting might lead to great-looking results over a very short period, but they're not sustainable over time.

一旦您考慮了我們團隊投資帶來的所有效率和頂線收益，您就會明白為什麼我一次又一次地重申，關心和投資於我們的團隊是我們可以做出的最佳長期投資在我們的業務中。事實上，無論我是作為首席財務官來看待這些投資，還是從我早期支持商店或領導人力資源團隊的薪酬和福利的角度來看，這些教訓都是一致的。無論您是在談論物質資本還是人力資本，投資不足可能會在很短的時間內帶來漂亮的結果，但隨著時間的推移它們是不可持續的。

So before I close, I want to pause and express my gratitude to our team, many of whom are listening into this meeting today. You have delivered industry-leading results over the last couple of years while taking care of our guests and each other. And importantly, during that time, you've made Target a much stronger company, positioning us to deliver sustainable, profitable growth from a significantly larger retail platform.

因此，在我結束之前，我想暫停一下，對我們的團隊表示感謝，他們中的許多人今天都在聽這次會議。在過去幾年中，您在照顧我們的客人和彼此的同時取得了行業領先的成果。重要的是，在那段時間裡，您使 Target 成為一家更強大的公司，使我們能夠從一個更大的零售平台實現可持續、盈利的增長。

I want to thank you all on behalf of all of our stakeholders. Now I'll turn it back over to Brian for some closing remarks.

我要代表我們所有的利益相關者向你們所有人表示感謝。現在，我將把它交給 Brian 做一些結束語。

We began this meeting talking about our path: 5 years, from $70 billion to $106 billion. We took you through our present, our strengths, our enablers and our culture of care. Now I'd like to talk about our future. We see a growth horizon for years to come. We will continue to invest in our strategies. We'll continue to invest in our capabilities. We'll continue to nurture a team that cares, cares about work that has purpose, cares about work that has meaning. We are growing teams that embrace our commitment to their career growth and development, our commitment to competitive pay and benefits, our commitment to being a premier American brand, our commitment to growing teams that care.

我們在會議開始時討論了我們的道路：5 年，從 700 億美元到 1060 億美元。我們帶您了解了我們的現狀、我們的優勢、我們的推動力和我們的關懷文化。現在我想談談我們的未來。我們看到了未來幾年的增長前景。我們將繼續投資於我們的戰略。我們將繼續投資於我們的能力。我們將繼續培養一支關心、關心有目的的工作、關心有意義的工作的團隊。我們正在成長的團隊信奉我們對其職業發展和發展的承諾，我們對有競爭力的薪酬和福利的承諾，我們對成為美國一流品牌的承諾，我們對發展有愛心的團隊的承諾。

Yes, we have the team and we have the strategy. We are 100% focused on the needs of American consumers. We have some of the most innovative and guest-centric capabilities in retail. We have a balance sheet that is the envy of the industry. And we have a record of cash generation you can count on, providing incredible value to our stakeholders.

是的，我們有團隊，我們有策略。我們 100% 專注於美國消費者的需求。我們在零售領域擁有一些最具創新性和以客戶為中心的能力。我們擁有令業界羨慕的資產負債表。我們擁有值得信賴的現金生成記錄，為我們的利益相關者提供了難以置信的價值。

Yes, as we look at the growth horizon in front of us, we see many opportunities. As we move forward, we'll stay focused on helping our guests navigate through continued uncertainty with what's happening in the world around us, the pandemic and the macroeconomic environment. This includes the highest inflation in decades and the gradual loosening of supply chain bottlenecks. We'll stay focused on delivering value and affordability to our guests. We know how to deliver exceptional value and manage profitability. We can protect prices whenever possible. We can offer an unbeatable range of owned and national brands across our portfolio categories. We can bake value into our assortment, and we'll work with our vendor partners from sourcing to production to shipping. We'll ensure that those prices we offer will always be among the best in American retail.

是的，當我們審視眼前的增長前景時，我們看到了很多機會。在我們前進的過程中，我們將繼續專注於幫助我們的客人應對我們周圍世界正在發生的事情、大流行病和宏觀經濟環境的持續不確定性。這包括幾十年來最高的通貨膨脹和供應鏈瓶頸的逐漸放鬆。我們將繼續專注於為客人提供價值和負擔得起的服務。我們知道如何提供卓越的價值和管理盈利能力。我們可以盡可能保護價格。我們可以在我們的投資組合類別中提供無與倫比的自有品牌和民族品牌。我們可以將價值融入我們的分類中，我們將與我們的供應商合作夥伴合作，從採購到生產再到運輸。我們將確保我們提供的這些價格始終是美國零售業中最好的。

We have a strong record of thoughtful investment in supply chain and innovation. We provide a competitive advantage by keeping our stores stocked and our digital orders filled. We have the flexibility we need to contain the constraints so we can keep growing and thriving in any environment. And above all, we have the team.

我們在供應鍊和創新方面的周到投資有著良好的記錄。我們通過保持我們的商店庫存和我們的數字訂單來提供競爭優勢。我們擁有控制限制所需的靈活性，因此我們可以在任何環境中保持增長和繁榮。最重要的是，我們有團隊。

A few days ago, I visited several Minnesota stores. I was impressed with the Ulta Beauty displays, with our Disney shops, with our Apple stores, but what impressed me most was a team member who came up to me and said, "Brian, I'm so proud to be working at Target. I'm proud of how you're handling the pandemic. I'm proud to be part of the Target team." We have a team that's committed to making Target of the future even better, the Target of the future even stronger and the Target of the future even more caring.

幾天前，我參觀了明尼蘇達州的幾家商店。 Ulta Beauty 的展示、我們的迪士尼商店和蘋果商店給我留下了深刻的印象，但最讓我印象深刻的是一位團隊成員走過來對我說：“布萊恩，我很自豪能在 Target 工作。我為你們處理這一流行病的方式感到自豪。我很自豪能成為 Target 團隊的一員。”我們有一個團隊，致力於讓未來的目標更美好，未來的目標更強大，未來的目標更貼心。

For everyone who's listening today, including our teams across the globe, know we're already working to determine the best way to support humanitarian efforts for the people of Ukraine. As we have throughout the last couple of years, we'll rally our team, put our resources to work to support families through these challenging times.

對於今天在聽的每個人，包括我們在全球的團隊，都知道我們已經在努力確定支持烏克蘭人民人道主義努力的最佳方式。正如我們在過去幾年中所做的那樣，我們將團結我們的團隊，投入我們的資源來支持家庭度過這些充滿挑戰的時期。

And with that, I'm going to ask all of our speakers to join me on stage, and we'll start taking your questions.

有了這個，我將請我們所有的演講者和我一起上台，我們將開始回答你的問題。

All right. As we get started, I would ask you to wait for a microphone. Please introduce yourself. While you can see us, however, it's a challenging time seeing you. So I'll look for a show of hands. We've got one right up front.

好的。當我們開始時，我會請您等待麥克風。請介紹一下你自己。然而，雖然您可以看到我們，但看到您是一個充滿挑戰的時期。所以我會尋求舉手。我們有一個就在前面。

Chris Horvers, JPMorgan. So my first question, I have 2, is in the long-term sales guide, it seems like you're baking in about a 3.5% to 4% comp. Is that fair? And how are you thinking about the share gains component of that? Because you've gained a lot of share in the past few years. 3.5% to 4% seems like a very sort of normal rate of consumption growth in the economy. So is that -- are you baking in any share gains?

摩根大通的克里斯·霍弗斯。所以我的第一個問題，我有 2 個，是在長期銷售指南中，看起來你正在烘焙大約 3.5% 到 4% 的補償。這公平嗎？您如何看待其中的股票收益部分？因為你在過去幾年中獲得了很多份額。 3.5% 到 4% 似乎是經濟中非常正常的消費增長率。那是不是-您是否正在獲得任何股票收益？

Michael, do you want to start? And then I'll come back and talk about our approach to share.

邁克爾，你想開始嗎？然後我會回來談談我們的分享方法。

Yes. As we think about the long-term algorithm, comp growth will certainly be the biggest driver there. Where that lands in a given year, might be up or down. But I'll tell you, we expect to be a business that continues to grow and gain share year-over-year. The investments we're making are to drive outsized growth, and that should come with share gains.

是的。當我們考慮長期算法時，薪酬增長肯定是最大的驅動力。在給定的一年中，它的位置可能會上升或下降。但我會告訴你，我們希望成為一家繼續增長並逐年增加份額的企業。我們正在進行的投資是為了推動超額增長，而這應該伴隨著股票收益。

Yes. And Chris, I'll give you a sense for how we run the business each and every day. And I can tell you, this team spends hours each week looking at share by category across our markets to make sure that we have the plans in place to constantly be taking share as we go forward. So there's lots of different metrics we look at as a team. I would tell you this team spends a tremendous amount of time looking at share, share opportunities, building plans to make sure the over $10 billion of share we've gained in the last couple of years is something that we continue to move forward as the years go by. So we are very focused on share, and our guidance will certainly be a company that continues to take share across the entire multi-category portfolio both in stores and from a digital standpoint.

是的。還有克里斯，我會讓你了解我們每天如何經營業務。我可以告訴你，這個團隊每週花幾個小時按類別查看我們市場的份額，以確保我們制定了計劃，在我們前進的過程中不斷地獲得份額。所以我們作為一個團隊來看待很多不同的指標。我會告訴你，這個團隊花費了大量時間來尋找份額、分享機會，制定計劃以確保我們在過去幾年中獲得的超過 100 億美元的份額是我們繼續前進的目標歲月流逝。因此，我們非常關注份額，我們的指導肯定會是一家在商店和數字角度繼續在整個多品類產品組合中佔據份額的公司。

And so my follow-up question is on gross margin. It seems like there's going to be some pressure this year, more so in the first half on some of the price that you're absorbing. But if you look at the past few years since 2019, it looks like you've gained somewhere around 250 bps of promotional clearance efficiency. How do you think about the structural component of that over the long term, balancing higher levels of store productivity versus clearance and then normalized promotion?

所以我的後續問題是毛利率。今年似乎會有一些壓力，在上半年你正在吸收的一些價格上更是如此。但是，如果您查看自 2019 年以來的過去幾年，您似乎已經獲得了大約 250 個基點的促銷清關效率。從長遠來看，您如何看待這種結構的組成部分，平衡更高水平的商店生產力與清倉，然後是正常化促銷？

I think your question grabbed about all the different variables there, Chris. So I'll do my best to summarize. The shape of profit for the year will be like we described, where you could expect it to build over the course of the year. When it comes to markdowns specifically, there's some markdowns that we've been rooting for returning. To be better in stock with stronger inventory levels means a few more clearance markdowns, and we're planning for that outcome in the upcoming year.

克里斯，我認為您的問題涉及所有不同的變量。所以我會盡力總結。今年的利潤形狀將像我們所描述的那樣，您可以預期它會在一年中建立。特別是在降價促銷方面，我們一直在支持一些降價促銷。以更強的庫存水平更好地庫存意味著更多的清倉降價，我們計劃在來年實現這一結果。

When it comes to promotional markdowns, we should realize some sustained benefits in markdown efficiency as we've gotten bigger, and we'll stay close to the competitive environment to make sure that we're priced right every day and that we're competitive on promotion as well.

在促銷降價方面，隨著我們的規模越來越大，我們應該在降價效率方面實現一些持續的好處，並且我們將緊貼競爭環境，以確保我們每天的定價都是正確的，我們是有競爭力的在促銷上也是如此。

Great. It looks like we've got a question right over here.

偉大的。看起來我們在這裡有一個問題。

It's Michael Lasser from UBS. One of the key messages that you've delivered today is that Target is a growth company. You've raised your long-term guidance to reflect that. What's inspiring the view that growth is going to be higher moving forward than it's been in the past? Is it that really you've proven it out over the last couple of years? And if that's the case, what behaviors do you expect to be sustained moving forward that the consumers have been engaging in during the midst of a pandemic? And then I have a quick follow-up.

我是瑞銀的邁克爾·拉塞爾。您今天傳達的關鍵信息之一是 Target 是一家成長型公司。您已經提出了長期指導以反映這一點。是什麼激發了這樣一種觀點，即未來的增長將比過去更高？在過去的幾年裡，你真的證明了這一點嗎？如果是這樣的話，您預計消費者在大流行期間一直從事的哪些行為會持續向前發展？然後我有一個快速跟進。

Christina, do you want to spend a few minutes talking about some of the consumer dynamics we're looking at right now?

克里斯蒂娜，你想花幾分鐘談談我們現在正在研究的一些消費者動態嗎？

Yes, I'd be happy to. First of all, we have seen a sustained growth over a multiyear period. That's been led across the entirety of the portfolio. We've seen this past year alone double-digit growth in every single one of our key 5 merchandising areas.

是的，我很樂意。首先，我們看到了多年的持續增長。這是整個投資組合的主導。僅在過去的一年中，我們就在我們的 5 個關鍵銷售領域中的每一個領域都看到了兩位數的增長。

The other thing is, and Cara talked about this quite a bit, but the depth of engagement of the consumer leading to more trip frequency is what we believe will have continued sustainable growth, let alone all the initiatives we talked about. We're just in the beginning of our rollout of some of these national brand partnerships that are adding meaningful productivity, trip consolidation and opportunity for growth. So it's a paradigm that we've seen proven out over the last 2 years and is continuing to give us the confidence that that's going to drive growth going forward.

另一件事是，Cara 對此進行了相當多的討論，但消費者的深度參與導致更多的出行頻率是我們認為將持續可持續增長的原因，更不用說我們談到的所有舉措了。我們剛剛開始推出一些國家品牌合作夥伴關係，這些合作夥伴關係正在增加有意義的生產力、旅行整合和增長機會。因此，這是我們在過去 2 年中看到的一種範式，並且繼續讓我們相信這將推動未來的增長。

Yes. And Michael, I might focus on 4 areas as we sit here today. One, for those of you who have been attending these meetings over the last 3, 4 or 5 years, whether in person or from a virtual standpoint, one, I think the consistency of our strategy is critically important. And I think we've got great alignment across the organization. As Christina mentioned, from a capability standpoint, we're still in some of the early days. As much as we've been talking about remodeling stores, John Mulligan going all the way back to a meeting in 2015, we've touched about half the chain. We've got another thousand stores that we're going to touch going forward.

是的。邁克爾，今天我們坐在這裡，我可能會專注於 4 個領域。第一，對於過去 3 年、4 年或 5 年一直參加這些會議的人來說，無論是親自參加還是從虛擬的角度來看，第一，我認為我們戰略的一致性至關重要。而且我認為我們在整個組織中都有很好的一致性。正如克里斯蒂娜所說，從能力的角度來看，我們仍處於早期階段。儘管我們一直在談論改造商店，約翰穆里根一直追溯到 2015 年的一次會議，但我們已經觸及了大約一半的連鎖店。我們還有一千家商店，我們將在未來接觸。

We're very excited about the pipeline of new stores. And as John talked about, various size stores that allow us to maximize share opportunities in these catchments. From a same-day fulfillment standpoint, while we're very excited about the progress we made, Rick and Mark can talk about the potential upside as we think about temperature-controlled products going through Drive Up and pickup.

我們對新店的管道感到非常興奮。正如約翰所說，各種規模的商店使我們能夠最大限度地在這些集水區分享機會。從當天履行的角度來看，雖然我們對取得的進展感到非常興奮，但 Rick 和 Mark 可以談論潛在的上行空間，因為我們考慮了溫控產品通過 Drive Up 和取貨。

So in so many areas from a own brand standpoint, from a national brand standpoint, rolling out these partnerships that we talked about a lot today, but many of them are still in limited locations. There's tremendous upside there. We think as we continue to build out our circle and our connection with our guests, there's continued upsized opportunities there. So a consistent strategy, capabilities that are still maturing, but I'll come back to the importance of our team and culture and the investments we've been making. And those are only going to strengthen our business model over time.

因此，從自有品牌的角度，從國家品牌的角度來看，在這麼多領域，推出我們今天討論了很多的這些合作夥伴關係，但其中許多仍然在有限的地方。那裡有巨大的優勢。我們認為，隨著我們不斷擴大我們的圈子以及與客人的聯繫，那裡的機會不斷擴大。因此，一致的戰略和仍在成熟的能力，但我會回到我們團隊和文化的重要性以及我們一直在進行的投資。隨著時間的推移，這些只會加強我們的商業模式。

The one point that perhaps we didn't call out specifically that I think is really a hallmark of Target today is we combine that focus on strategy and building capabilities and investing in our team and culture with a team that's focused on execution. And if you look at the results, how we got from $70 billion to $106 billion, yes, the strategy was critically important. And listening to the guests as we formulate that strategy was incredibly valuable. The capability certainly allowed us to accelerate during the pandemic. Those investments in team and culture, they have supported us throughout the pandemic. But this is a team that's been executing every day from a store standpoint, from a digital standpoint, category by category.

也許我們沒有特別指出的一點，我認為這確實是 Target 今天的一個標誌，那就是我們將專注於戰略和建設能力以及投資於我們的團隊和文化與專注於執行的團隊結合起來。如果你看看結果，我們是如何從 700 億美元增加到 1060 億美元的，是的，該戰略至關重要。在我們制定戰略時傾聽客人的意見非常有價值。這種能力無疑使我們能夠在大流行期間加速。這些對團隊和文化的投資，在整個大流行期間都為我們提供了支持。但從商店的角度來看，這是一個每天都在執行的團隊，從數字的角度來看，一個類別一個類別。

And Michael, I think our execution will only improve in the out-years, which gives me tremendous confidence in the future growth and market share opportunities we will capture.

邁克爾，我認為我們的執行力只會在未來幾年內提高，這讓我對我們將抓住的未來增長和市場份額機會充滿信心。

Yes. The only thing I might tack on to that is the algorithm contemplates those investments. The CapEx we're putting to work, the way we've described operating margin and the fuel we can create to reinvest in the business. Growth doesn't just happen, you have to invest in it. The algorithm contemplates that.

是的。我唯一可能強調的是算法考慮了這些投資。我們正在投入使用的資本支出、我們描述營業利潤率的方式以及我們可以為業務再投資創造的燃料。增長不僅會發生，您還必須對其進行投資。該算法考慮到了這一點。

And my second question is Target's operating margin has gone from 6% to 8% over the last couple of years. Presumably, a lot of that's come from a 30% increase in your store productivity, which is pretty extraordinary, coupled with a reduction in your average unit cost to fulfill online orders. The expectation coming into the meeting was you'll give a little bit more of that 8% margin back. You're arguing, "No, we're going to keep that." So what is it about what's happened that you think is more sustainable moving forward that contrast that prior to the pandemic?

我的第二個問題是，在過去幾年中，Target 的營業利潤率從 6% 上升到 8%。據推測，其中很大一部分來自商店生產力提高了 30%，這非常了不起，同時降低了完成在線訂單的平均單位成本。參加會議的期望是，您將返還更多 8% 的保證金。你在爭辯說：“不，我們要保留它。”那麼，與大流行之前相比，您認為更可持續地向前發展的事情是什麼？

Michael, I might ask John Mulligan to just spend a few minutes just talking about the benefits of scale. And as we've added almost $28 billion to our system, we talked about -- John talked about some of the highlights of -- our average store has added $15 million of growth. And those scale benefits and efficiency help fuel our business going forward.

邁克爾，我可能會請約翰穆里根花幾分鐘時間談談規模的好處。當我們為我們的系統增加了近 280 億美元時，我們談到了——約翰談到了一些亮點——我們的平均商店增加了 1500 萬美元。這些規模效益和效率有助於推動我們的業務向前發展。

So John, you may want to highlight some of the benefits from an operational standpoint.

所以約翰，你可能想從運營的角度強調一些好處。

Yes, I think that's right there. I mean you hit on what the 2 big drivers are. One is scale. And as we get bigger, there's benefits that flow through the individual store P&L. First of all, they're leveraging all the fixed stuff. That's the easy-peasy part, but everything becomes more efficient. When we go from $40 million to $55 million, we may only add one truck a week to that store or 2 trucks a week. We don't double the number of trucks that a store has to work. So you gain efficiency there in the backroom as you're moving inventory to the front of the store. Things like that just create efficiency.

是的，我認為就在那裡。我的意思是你要知道兩大驅動因素是什麼。一是規模。隨著我們的規模越來越大，各個商店的損益表都會帶來好處。首先，他們正在利用所有固定的東西。這是最簡單的部分，但一切都變得更有效率。當我們從 4000 萬美元增加到 5500 萬美元時，我們可能每週只為該商店增加一輛卡車或每週 2 輛卡車。我們不會將商店必須工作的卡車數量增加一倍。因此，當您將庫存轉移到商店前面時，您可以在後台提高效率。這樣的事情只會創造效率。

Again, once you're out on the floor and stocking goods, if you're a $40 million or $55 million store, that doesn't change. You're out on the floor. If I put 2 on the shelf or 3 on the shelf, nothing really changes there. There's a marginal amount of incremental work, right? So those are the little things that create additional scale in our hourly payroll, which, of course, is the biggest expense we have. That flows down through the entire P&L.

再說一次，一旦你在地板上存貨，如果你是一家價值 4000 萬美元或 5500 萬美元的商店，這不會改變。你在地板上。如果我把 2 個放在架子上或 3 個放在架子上，那裡什麼都沒有改變。有少量的增量工作，對吧？因此，這些都是在我們的小時工資單中創造額外規模的小事，這當然是我們最大的開支。這貫穿整個損益表。

And then, of course, Michael talked about our same-day fulfillment and our ship-to-home fulfillment. We have improved individually each of those paths to the guests. Each one of those services, the cost structure and the mix helps us because the most -- the best NPS scores, the ones our guests like the best are same-day services, which are the most efficient as we've been talking about for a long time. And then you layer on sort centers where we said -- and look, we've had this open for 14 months, just 14 months, and we already said it's way cheaper than what we were already doing. So there's some -- I mean you've seen us do it over the last 5 years, continue to hone processes and improve them, Mark and his team, improving the pathing, improving the pick, improving the prep, improving the pack. That's a lot to say, improving all 3 of those. And we'll do that all over again with sort centers.

然後，當然，邁克爾談到了我們的當日履行和送貨上門的履行。我們已經單獨改進了通往客人的每一條路徑。這些服務中的每一項、成本結構和組合都對我們有幫助，因為最 - 最好的 NPS 分數，我們的客人最喜歡的是當日服務，這是我們一直在談論的最有效的服務很長時間。然後你在我們所說的分類中心分層 - 看，我們已經開放了 14 個月，只有 14 個月，我們已經說過它比我們已經在做的便宜得多。所以有一些——我的意思是你已經看到我們在過去 5 年裡這樣做了，繼續磨練和改進流程，馬克和他的團隊，改進路徑，改進選擇，改進準備，改進包裝。說了這麼多，改善所有這三個。我們將通過分揀中心再次做到這一點。

So so much runway for us to continue to drive efficiency and bring expense out and continue to invest in service on the floor at the store, just a huge opportunity for us.

如此多的跑道讓我們繼續提高效率並節省開支並繼續投資於商店的地板服務，這對我們來說是一個巨大的機會。

Michael, just to build on that. I might ask Mark Schindele to start, just talk about some of the benefits that he's seeing because of that scale and the growth in store operations. And then Rick, one of the areas where I think we've seen a significant change in scale is in Food & Beverage. It's a $20 billion company now. And because of that growth rate and the change in our turns, particularly in fresh foods, there's enormous benefits that we're deriving.

邁克爾，只是以此為基礎。我可能會請 Mark Schindele 開始，談談他看到的一些好處，因為這種規模和商店運營的增長。然後是 Rick，我認為我們已經看到規模發生重大變化的領域之一是食品和飲料。它現在是一家價值 200 億美元的公司。由於這種增長率和輪班的變化，特別是在新鮮食品方面，我們正在獲得巨大的好處。

So Mark, why don't you start from a store standpoint with a few examples? And then, Rick, I think you can walk through some of the benefits we're seeing because of the increased volume we're seeing in stores, the increased turns and just the productivity we're gaining today.

那麼馬克，你為什麼不從商店的角度來舉幾個例子呢？然後，Rick，我認為您可以了解我們所看到的一些好處，因為我們在商店看到的數量增加，轉彎次數增加以及我們今天獲得的生產力。

Yes. Thanks, Brian. John shared a bit about how we're adding scale in our stores. And a couple of things I'd like to add in, when we think about our same-day services, that business just continues to grow. And that example of putting an extra box on the shelf also plays out in same-day service where you can grab an extra bag. And as we see our baskets grow, our trip frequency grows, our productivity grows.

是的。謝謝，布賴恩。 John 分享了一些關於我們如何在商店中增加規模的信息。我想補充幾點，當我們考慮我們的當日服務時，該業務只會繼續增長。而在貨架上放一個額外的盒子的例子也在當日服務中發揮作用，你可以拿一個額外的袋子。當我們看到我們的購物籃增加時，我們的旅行頻率增加了，我們的生產力也在增加。

And we've said it often, but our most important investment we can make is in our team, and our team is doing an incredible job executing and delivering scale and efficiency every single day and creating that incredible experience for our guests.

我們經常這麼說，但我們可以做出的最重要的投資是在我們的團隊中，我們的團隊每天都在執行和提供規模和效率方面做得非常出色，並為我們的客人創造了令人難以置信的體驗。

Yes. I mean specific to Food & Beverage, we have had a tremendous positive momentum over the past couple of years. We've been able to deliver double-digit growth on top of double-digit growth. We've been able to gain billions of dollars in market share over the past 2 years. And part of those benefits have come with that bigger businesses. Quite frankly, we are more credible in the grocery business. And as a more credible grocer in the grocery business, we have more opportunities to partner with our national brand partners.

是的。我的意思是具體到食品和飲料，在過去的幾年裡，我們有一個巨大的積極勢頭。我們已經能夠在兩位數增長的基礎上實現兩位數的增長。在過去的兩年中，我們已經獲得了數十億美元的市場份額。這些好處的一部分來自更大的業務。坦率地說，我們在雜貨行業更可信。作為雜貨業務中更可靠的雜貨商，我們有更多機會與我們的國家品牌合作夥伴合作。

And so we are in negotiations when products are on allocation or they're limited due to supply chain constraints. Our national partners recognize that Target is a place to grow, and they're looking to us first. And I think that's a change of where we are today than where we've been in previous years.

因此，當產品正在分配或由於供應鏈限製而受到限制時，我們正在談判中。我們的國家合作夥伴認識到 Target 是一個成長的地方，他們首先期待我們。我認為這是我們今天所處位置的變化，而不是我們前幾年所處的位置。

The other thing I would just say when it comes to things like produce, the faster we're moving, the fresher the product, the less the waste. So it helps us not only from a financial perspective, but actually from a guest experience perspective as well.

另一件事我想說的是，當涉及到像農產品這樣的事情時，我們移動得越快，產品越新鮮，浪費就越少。因此，它不僅從財務角度為我們提供幫助，而且實際上從客戶體驗的角度來看也是如此。

Let's go to another question. I think we've got one right back here.

讓我們去另一個問題。我想我們這裡有一個。

Antonio Morales from Signum Research. You were talking about the national partners and national things. So do you have any plans on expanding to the international market like around the world in the short, mid or long term?

來自 Signum Research 的 Antonio Morales。你在談論國家合作夥伴和國家事務。那麼您有什麼計劃在短期、中期或長期內向世界各地的國際市場擴張？

Yes. I'll take this one. We get this question all the time. And certainly, I will never say never. But for today, as we look at the opportunities that we have right here in the United States, we're going to stay very focused on the foreseeable future, executing our plans, building on our momentum and investing in the United States before we start to think about any type of future international expansion.

是的。我要這個。我們一直都在問這個問題。當然，我永遠不會說永遠。但是今天，當我們看到我們在美國擁有的機會時，我們將非常專注於可預見的未來，執行我們的計劃，鞏固我們的勢頭並在開始之前在美國投資考慮任何類型的未來國際擴張。

All right. We got one right back here to the left.

好的。我們在左邊得到了一個。

Peter Benedict at Baird. First question, just on Roundel, I think you noted that it delivered $1 billion in value to Target. Can you define value? Is that revenue? Is that gross profit? Is that influenced sales? I just want a clarification on that. That's my first question.

貝爾德的彼得·本尼迪克特。第一個問題，就在 Roundel 上，我想你注意到它為 Target 帶來了 10 億美元的價值。你能定義價值嗎？那是收入嗎？是毛利嗎？會影響銷量嗎？我只是想澄清一下。這是我的第一個問題。

Cara, why don't I ask you to start with some highlights on Roundel. And Michael, maybe you can fill in the blanks from a financial standpoint.

Cara，我為什麼不請你從 Roundel 的一些亮點開始。邁克爾，也許你可以從財務的角度來填補空白。

Yes. It's incredibly exciting to talk about the Roundel story. And the Roundel business is not a new business for us. And we've actually been able to scale it quite quickly over the last several years by really being differentiated by focusing truly at the gas at the center. And what we find is that our vendor partners love partnering with us around Roundel given those guest insights. And they -- we've been able to actually keep the guests at the center and scale that to $1 billion. We're looking to scale that even quicker to $2 billion over the next couple of years by again being truly differentiated in partnering with our vendor partners. They find incredible value in partnering with us on those guest insights.

是的。談論 Roundel 的故事非常令人興奮。 Roundel 業務對我們來說並不是一項新業務。在過去的幾年裡，我們實際上已經能夠通過真正專注於中心氣體而真正與眾不同，從而迅速擴大規模。我們發現，鑑於這些客人的見解，我們的供應商合作夥伴喜歡圍繞 Roundel 與我們合作。他們——我們實際上已經能夠以客人為中心，並將其規模擴大到 10 億美元。我們希望通過與我們的供應商合作夥伴再次真正與眾不同，在未來幾年內將其規模擴大到 20 億美元。他們發現在這些客戶洞察方面與我們合作具有難以置信的價值。

Michael, do you want to talk a little bit about the financials, how they roll through?

邁克爾，你想談談財務，它們是如何發展的嗎？

Yes. I touched on this a little bit in my remarks. You can think about $1 billion as kind of the size of the total Roundel business. And there's a piece of that, that shows up in other revenue and there's a piece of that, that helps us out on the gross margin line, too.

是的。我在發言中稍微談到了這一點。您可以將 10 億美元視為 Roundel 總業務的規模。其中有一部分出現在其他收入中，其中一部分也有助於我們提高毛利率。

But you'll notice, we don't describe it as some separate other business. Cara's point on it starts first with our guests. When we can solve for a guest problem arm in arm with a business partner, that creates value in total. And part of that is captured in that $1 billion, part of that is captured in a better guest experience overall.

但是您會注意到，我們不會將其描述為一些單獨的其他業務。 Cara 的觀點首先從我們的客人開始。當我們能夠與業務合作夥伴攜手解決客人的問題時，這將創造總體價值。其中一部分體現在這 10 億美元中，一部分體現在更好的客戶體驗中。

Let's see, right up front.

讓我們看看，就在前面。

Robby Ohmes at BofA Securities. This might be a question for John Mulligan. The question is, you guys mentioned midsized stores and why not larger stores? And help me understand sortation centers and that's taking pressure off the stores. And so do you not need larger stores? And I think you mentioned that you can put a Target store kind of in any kind of real estate. And that's -- how does that work with the store-as-hub strategy? Because I would think you would need certain kind of real estate to do the stores as hubs. So just help me understand what you guys are doing.

美國銀行證券的 Robby Ohmes。這可能是 John Mulligan 的一個問題。問題是，你們提到了中型商店，為什麼不提到大型商店？並幫助我了解分揀中心，這可以減輕商店的壓力。所以你不需要更大的商店嗎？而且我認為您提到您可以將 Target 商店放在任何類型的房地產中。那就是 - 這如何與以商店為中心的策略一起工作？因為我認為您需要某種房地產來將商店作為樞紐。所以請幫助我了解你們在做什麼。

Yes. Well, first, let me be clear. We will open up big stores if we find opportunities to open up big stores. No question. We're going to open a 144,000-square-foot store this year. We're excited about that. So we'll keep doing that.

是的。嗯，首先，讓我說清楚。找機會開大店就開大店。沒有問題。今年我們將開設一家 144,000 平方英尺的商店。我們對此感到興奮。所以我們會繼續這樣做。

We went from big to small, almost exclusively small, 15,000, 20,000, 25,000, maybe 30,000. Those are great sites. We'll continue to do that. We love those, one just a few blocks from here soon.

我們從大到小，幾乎完全是小，15,000、20,000、25,000，也許是 30,000。這些都是很棒的網站。我們將繼續這樣做。我們喜歡那些，離這裡只有幾個街區。

What we're saying there's this middle ground that we haven't really built in the past. And Brian and I have walked in those. We built some 60,000, 70,000, 80,000, even 90,000-square-foot stores, a lot of old Kmarts. Love them. They're big enough that you get the entire Target experience, but the backroom is big enough so that we can do all of our digital fulfillment as well. So we get this great middle ground between the 2. And I think our message today is we can do all of that.

我們所說的是我們過去沒有真正建立的中間地帶。布賴恩和我已經走進了那些。我們建造了大約 60,000、70,000、80,000 甚至 90,000 平方英尺的商店，還有很多舊的 Kmarts。愛他們。它們足夠大，您可以獲得整個 Target 體驗，但後台也足夠大，因此我們也可以完成所有數字化實現。所以我們在兩者之間找到了一個很好的中間地帶。我認為我們今天的信息是我們可以做到所有這些。

Over the past few years, between our properties team, store design, construction, Christina's merchant team because assorting these stores is critical, getting the right assortment for the neighborhood to serve that community is incredibly important. We can do all of that. And so there are these opportunities now out there where you can get into a dense urban neighborhood, a dense suburban neighborhood with a 90,000-square-foot store, great. We'll do that all day long.

在過去的幾年裡，在我們的物業團隊、商店設計、施工和克里斯蒂娜的商人團隊之間，因為對這些商店進行分類至關重要，因此為社區提供合適的分類以服務該社區非常重要。我們可以做到這一切。所以現在有這些機會在那裡你可以進入一個密集的城市社區，一個擁有 90,000 平方英尺商店的密集郊區社區，很棒。我們會整天這樣做。

I think the sort center, the great thing about that is it gets stuff out of the backroom faster. Much like we want to get the inventory on to the front of the store, which Mark's team has done an outstanding job over the last 2 years, we want the boxes out of the backroom. All of that creates capacity in the backroom, more pack stations, more volume, keep it moving, just keep things moving. And that's why the sort centers are so important to that strategy. But we'll do whatever from an opening perspective.

我認為分類中心的好處是它可以更快地將東西從後台移出。就像我們希望將庫存放到商店前面一樣，Mark 的團隊在過去 2 年中做得非常出色，我們希望將箱子從後面的房間裡拿出來。所有這些都在後台創造了容量，更多的包裝站，更多的體積，讓它保持移動，只是讓事情保持移動。這就是為什麼分類中心對於該策略如此重要的原因。但我們會從開放的角度做任何事情。

It's Steph Wissink from Jefferies. I have a question for the panel more broadly, but it's really about headroom. I think you mentioned on a productivity basis, and one of the most impressive slides is the sales increase versus the number of stores. Talk about how much headroom you have from a productivity per box basis. And how does that factor into your growth algo? And then, Cara, I have a question for you. This is a fun one. But most searched-for brand or category that you don't currently carry that you would love to have.

是 Jefferies 的 Steph Wissink。我有一個更廣泛的小組問題，但它實際上是關於淨空的。我認為你提到了生產力，最令人印象深刻的幻燈片之一是銷售額增長與商店數量的關係。談談您從每箱生產力中獲得多少淨空。該因素如何影響您的增長算法？然後，卡拉，我有一個問題要問你。這是一個有趣的。但大多數搜索過的品牌或類別是您目前沒有攜帶的，但您希望擁有。

Michael?

邁克爾?

Yes. So John has talked in the past about the capacity we have to continue growing in stores. And the thing I'd come back to there is we've seen over the last couple of years how well stores and stores as hubs scale. I mean we've got productivity gains and productivity per foot gains across the chain. It's actually true that the biggest stores generated the biggest productivity gains over the last few years. And so that speaks to the headroom we're creating.

是的。所以約翰過去曾談到我們必須在商店中繼續增長的能力。我要回到那裡的是，在過去的幾年裡，我們已經看到商店和商店作為樞紐的規模如何。我的意思是，我們在整個鏈條中都獲得了生產力提升和每英尺生產力提升。事實上，最大的商店在過去幾年中產生了最大的生產力提升。這說明了我們正在創造的淨空。

We know the throughput we can get in stores. And if you kind of go through quartile by quartile in our stores, that implies we've got a lot of stores that could get a lot bigger before they tap out. And so we feel really good about the opportunity to keep growing the business. But stores as hubs is the thing that enables so much of that capacity.

我們知道我們可以在商店中獲得的吞吐量。而且，如果您在我們的商店中逐個四分之一地瀏覽，這意味著我們有很多商店可以在他們挖掘出來之前變得更大。因此，我們對有機會繼續發展業務感到非常高興。但是，作為樞紐的商店能夠實現如此多的容量。

I think the other thing I'd add on is as inventory turns increase with scale, you just push things through faster. Speed and flow of inventory is the key to the whole game, like we were just talking about with Robby. And as that happens, we see it in our largest stores, they just move inventory. It's constantly moving through. It shows up at night. It's out the store the next day. That's capacity. You're just moving inventory. So a lot of headroom for growth from that perspective.

我認為我要補充的另一件事是，隨著庫存隨著規模的增加而增加，您只需更快地完成任務。庫存的速度和流量是整個遊戲的關鍵，就像我們剛剛和 Robby 討論的一樣。當這種情況發生時，我們在最大的商店中看到它，他們只是移動庫存。它不斷地通過。它在晚上出現。第二天就出店了。那就是能力。你只是在移動庫存。所以從這個角度來看，增長空間很大。

Cara, you want to tackle search, most popular item?

Cara，你想解決搜索，最受歡迎的項目嗎？

So that's a fun one, too, Steph. Thanks for the question. I think our search terms and what the guest is looking for changes seasonally all the time, always seasonal products, always newness and always the hot items that are out there. And so we see a really close look at our search really on a weekly basis and work with our merchant partners to share back those insights.

所以這也很有趣，斯蒂芬。謝謝你的問題。我認為我們的搜索詞和客人正在尋找的東西總是隨著季節而變化，總是季節性的產品，總是新鮮的，總是流行的。因此，我們每週都會仔細查看我們的搜索，並與我們的商家合作夥伴一起分享這些見解。

What I would tell you is over the years, the search insights, of course, are going to impact. And we're going to feed those over to the merchandising team for them as they're constantly looking for the right mix of our owned brand products and our national brand products. And so we'll continue to make sure we're feeding those over.

我要告訴你的是，多年來，搜索洞察力當然會產生影響。我們將為他們將這些內容提供給營銷團隊，因為他們一直在尋找我們自有品牌產品和我們國家品牌產品的正確組合。因此，我們將繼續確保我們能夠滿足這些需求。

Christina, is there anything you would add?

克里斯蒂娜，你有什麼要補充的嗎？

I think that's really well said. And you'd be surprised at how quickly those ebb and flow week by week as the consumer went through so much change over the year. And I think that's where the breadth of our multi-category portfolio has played to our advantage that, whether it's a mask they're looking for or Xbox or it's a new spring dress, we've been able to be there for them in all those moments.

我覺得這話說得真好。當消費者在一年中經歷如此多的變化時，你會驚訝於這些潮起潮落的速度之快。我認為這就是我們多類別產品組合的廣度發揮我們的優勢的地方，無論是他們正在尋找的面具還是 Xbox 或新的春季連衣裙，我們都能為他們提供一切那些時刻。

We've got a question towards the back.

我們有一個問題在後面。

This is Ed Yruma from KeyBanc. Two quick ones from me. I guess, first, on the food assortment. You've done a very impressive job adding more food over the past couple of years. I guess as you think about the incremental share opportunity, are there more foods you can add? Do you think you can become that weekly grocery destination? And then as a follow-up, sometimes when you head into kind of a sticky consumer environment, we see trade down, focus on value. Are you seeing any of the leading indicators that the consumer is feeling pressured?

這是來自 KeyBanc 的 Ed Yruma。我的兩個快速的。我想，首先，關於食物的分類。在過去的幾年裡，你添加了更多的食物，做得非常令人印象深刻。我想當您考慮增量分享機會時，您可以添加更多食物嗎？你認為你可以成為每週一次的雜貨店目的地嗎？然後作為後續行動，有時當您進入一種粘性消費環境時，我們會看到貿易下降，專注於價值。您是否看到消費者感到壓力的任何領先指標？

Rick, why don't you start from a food standpoint, and then we'll come back to some of the consumer trends we're seeing right now.

里克，你為什麼不從食品的角度開始，然後我們將回到我們現在看到的一些消費趨勢。

Sure. To talk about food, we, as I said before, have a lot of positive momentum on what we're seeing in the food business. We continue to see opportunity to continue to grow as we think about our assortment, and I would say that the real 3 key drivers of the growth that we see in the future.

當然。談到食品，正如我之前所說，我們在食品行業看到了很多積極的勢頭。當我們考慮我們的分類時，我們繼續看到繼續增長的機會，我想說的是我們在未來看到的真正增長的 3 個關鍵驅動因素。

The first is the digital business, which is our same-day services. Industry-leading in general, but particularly relative to our competitive -- our grocery competitive set. It's a real step up, not only from an experience standpoint, from a convenience and ease perspective. I think John mentioned the NPS scores. It's a differentiator relative to other particularly grocers.

首先是數字業務，也就是我們的當日服務。總體上處於行業領先地位，但特別是相對於我們的競爭對手——我們的雜貨競爭組合。這是一個真正的進步，不僅從體驗的角度來看，從方便和輕鬆的角度來看。我認為約翰提到了 NPS 分數。這是相對於其他特別雜貨店的差異化因素。

The second thing that I would say is different about our assortment, which you mentioned and the competition is our owned brands. Good & Gather, only 2 years in and is already over $2 billion in sales. Favorite Day is brand new. It developed during the pandemic and is already off to a really strong start. And then we have Market Pantry, which is a little bit lower price point, but we think will be very relevant during these inflationary times. So we think that assortment of owned brands, when we stack it up to our competitors, they're growing faster than grocery industry private-label brands. We think that's the third -- the second key driver.

我要說的第二件事是我們的分類不同，你提到的競爭是我們的自有品牌。 Good & Gather 成立僅 2 年，銷售額已超過 20 億美元。最喜歡的一天是全新的。它是在大流行期間發展起來的，並且已經有了一個非常強勁的開端。然後我們有 Market Pantry，它的價格略低一些，但我們認為在這些通貨膨脹時期將非常重要。因此，我們認為自有品牌的分類，當我們將其與競爭對手疊加時，它們的增長速度超過了雜貨行業的自有品牌品牌。我們認為這是第三個——第二個關鍵驅動因素。

And then the third, I think, will be seasons, and we talk about that a lot. But we -- whether it's Easter or Valentine's Day, Halloween, Mother's Day or upcoming Easter, that's where we do really, really well. And Easter is coming up, and I think Target's one of the few places where you can get everything you need for the holiday. You can get the eggs for Easter. You can get the candy for Easter. You can get the basket. You can get home decor and you can get the Easter dress. And I think that's a real competitive advantage for us, particularly versus a lot of our grocery competitors.

然後第三個，我認為，將是季節，我們談論了很多。但我們——無論是複活節還是情人節、萬聖節、母親節還是即將到來的複活節，這都是我們做得非常非常好的地方。復活節快到了，我認為塔吉特是少數幾個可以買到假期所需物品的地方之一。你可以得到復活節的彩蛋。你可以得到復活節的糖果。你可以得到籃子。你可以得到家居裝飾，你可以得到復活節禮服。我認為這對我們來說是一個真正的競爭優勢，特別是與我們的許多雜貨競爭對手相比。

And from a consumer standpoint, I'll start and I'll let Christina jump in. Let's go back to what we saw in the fourth quarter. And obviously, we saw comps up 9%, but it was driven by great traffic. And we saw a pretty balanced growth between both physical stores and digital. So we're clearly seeing a guest than a consumer who's shopping in both channels.

從消費者的角度來看，我將開始，讓克里斯蒂娜加入。讓我們回到我們在第四季度看到的情況。顯然，我們看到了 9% 的補償，但它是由巨大的流量驅動的。我們看到實體店和數字商店之間的增長相當平衡。因此，我們清楚地看到的是客人而不是同時在兩個渠道購物的消費者。

As we sit here today, we're listening very closely to the consumer. And if there's anything, I think, we've learned over the last 2 years, it's just the resiliency we're seeing in the U.S. consumer environment. But specifically, we know consumers are still worried about COVID, yet they're looking for that touch of normal in their lives. And we saw that play out during the Super Bowl. Rick talked about some of the results we delivered. But that consumer and the Target guests, they wanted to be together with friends and family for the first time in a couple of years to enjoy the Super Bowl.

當我們今天坐在這裡時，我們正在非常密切地傾聽消費者的聲音。如果有什麼的話，我認為，我們在過去兩年中學到了，這只是我們在美國消費者環境中看到的彈性。但具體來說，我們知道消費者仍然擔心新冠病毒，但他們正在尋找生活中的那種常態。我們在超級碗期間看到了這種情況。 Rick 談到了我們交付的一些結果。但是那個消費者和目標客人，他們希望幾年來第一次與朋友和家人一起享受超級碗。

We know we've got a consumer who is looking for value. But as Christina noted, they're looking for newness as well. And anything new is exciting and showing up in that basket. There's clearly inflationary concerns that are starting to pop up in the conversation. But it's still a U.S. consumer with a pretty healthy balance sheet.

我們知道我們有一個正在尋找價值的消費者。但正如克里斯蒂娜所說，他們也在尋找新鮮感。任何新事物都令人興奮並出現在那個籃子裡。談話中顯然開始出現通脹擔憂。但它仍然是資產負債表相當健康的美國消費者。

So we're going to have to watch this carefully. We know March, April are going to be important time frames as the consumer overlaps, some stimulus checks and child care. So we're taking a cautious approach to the first quarter. But we continue to see a very resilient consumer who has a solid balance sheet and is balancing that desire for value and concerns with inflation with a desire to find something new and just go back out and experience everyday life.

因此，我們將不得不仔細觀察這一點。我們知道，隨著消費者重疊、一些刺激檢查和兒童保育，3 月、4 月將是重要的時間框架。因此，我們對第一季度持謹慎態度。但我們繼續看到一個非常有彈性的消費者，他們擁有穩健的資產負債表，並且正在平衡對價值的渴望和對通脹的擔憂，以及尋找新事物並回歸體驗日常生活的渴望。

Joe Feldman, Telsey Advisory Group. Wanted to go back to the sortation centers. I may have missed, but how many do you plan for this year and then beyond? Like it seems like you may only need one per major market based on the map that you put up. But -- and then maybe the -- I don't know if you want to share the cost with us but to build it, to hire people, all of that would be great.

Telsey 諮詢集團的喬·費爾德曼。想回到分揀中心。我可能錯過了，但你今年及以後計劃有多少？根據您發布的地圖，每個主要市場似乎只需要一個。但是 - 然後也許 - 我不知道您是否想與我們分擔成本，但建造它，僱用人員，所有這些都會很棒。

Joe, you know us better than that. We will -- by the end of next week or next month, we will have 6 of them open. We're thinking probably 5 more later this year. And of course, part of this little unknown, same supply chain problems that have impacted our ability to remodel and open new stores, things are slower, permits are slower, everything slower. We'll see. But that's where we're headed. And we think there's an opportunity over the next 4 or 5 years to continue to build at least that pace, perhaps a little bit faster. But when you look at the major or urban areas across the country, lots of opportunity.

喬，你比那更了解我們。我們將 - 到下週末或下個月，我們將開放其中的 6 個。我們正在考慮今年晚些時候可能還有 5 個。當然，這個鮮為人知的供應鏈問題的一部分影響了我們改造和開設新店的能力，事情變慢了，許可變慢了，一切都變慢了。我們拭目以待。但這就是我們要去的地方。我們認為，在接下來的 4 或 5 年裡，至少有機會繼續以這種速度發展，也許會快一點。但是，當您查看全國的主要或城市地區時，會有很多機會。

And I wouldn't say, in the case of many cities, it will not be just one per city. Just the way you navigate some cities and the way they're carved up makes that harder to do. And so the opportunity for us to do several in the city is there for us. But that's all down the road. So you'll see us continue to build into it.

而且我不會說，在許多城市的情況下，不會每個城市只有一個。只是你在一些城市的導航方式以及它們被分割的方式使得這更難做到。所以我們有機會在這個城市做幾個。但這一切都在路上。所以你會看到我們繼續構建它。

We probably have time for 2 more questions, so let me make sure we get some new hands.

我們可能還有時間再回答 2 個問題，所以讓我確保我們得到一些新人。

Kelly Bania from BMO Capital. Question about the longer-term operating income outlook. I think, Michael, you mentioned you'll welcome the rate growth when it happens for the right reasons. So maybe just help us understand what are those right reasons.

來自 BMO Capital 的 Kelly Bania。關於長期營業收入前景的問題。我想，邁克爾，你提到當它出於正確的原因發生時，你會歡迎增長率。所以也許只是幫助我們理解那些正確的原因。

Yes. I think the last 2 years are pretty instructive. The rate growth we saw over the last 2 years came from scale benefits. That's a more sustainable version of rate growth. But to be clear, that's not the number in the P&L we're optimizing for. It's profit dollar growth over time. We'd expect to find the fuel to fund the investments to power the top line, and that's kind of the thing that's at the heart of the algorithm. But when we see sustainable rate growth, we'll welcome it just like you saw over the last couple of years.

是的。我認為過去 2 年很有啟發性。我們在過去 2 年看到的增長率來自規模效益。這是一個更可持續的利率增長版本。但需要明確的是，這不是我們正在優化的損益表中的數字。隨著時間的推移，它的利潤美元增長。我們希望找到燃料來為投資提供資金以推動收入增長，而這正是算法的核心。但是，當我們看到可持續的利率增長時，我們會像您在過去幾年中看到的那樣歡迎它。

Greg Melich with Evercore ISI. A follow-up and then my question. The follow-up is AUR. This year, if we think with inflation out there, how do you think AUR plays out this year in that guide in terms of traffic and ticket or units?

與 Evercore ISI 合作的 Greg Melich。跟進，然後是我的問題。後續是 AUR。今年，如果我們考慮到通貨膨脹，您認為今年 AUR 在該指南中的交通、門票或單位方面的表現如何？

Yes. I don't know if my crystal ball is that clear, Greg. But the story that we've really seen most recent quarter to start with is the incredible growth in traffic. There's some puts and takes in basket, but virtually all of our growth in Q4 came from traffic. So we'll -- as you heard today, we'll continue to be focused on protecting value and making sure that our price position is strong, and that's working. It's leading to deepening engagements, it's leading to more trips to Target.

是的。我不知道我的水晶球是不是那麼清楚，格雷格。但我們真正看到的最近一個季度開始的故事是流量的驚人增長。有一些看跌期權，但我們第四季度的幾乎所有增長都來自流量。因此，我們將 - 正如您今天所聽到的那樣，我們將繼續專注於保護價值並確保我們的價格地位強勁，這是有效的。它導致了加深的參與，它導致了更多的目標旅行。

And so where exactly AUR lands over the course of the year, I think, is going to be a journey we'll all take together, and we'll see. But traffic has been the story for us.

因此，我認為，AUR 在這一年中的確切位置將是我們將共同經歷的旅程，我們將拭目以待。但交通一直是我們的故事。

Still the traffic. And then maybe a 3P fulfillment. You've mentioned a little bit about extending the aisle with some vendors, with Roundel doing well. I guess I'd like to understand, what is the right assortment for Target both in-store and online? Do we want to get to 10 million SKUs? Do we need to? Is it curated? Are we selling Roundel services to trusted vendors as opposed to United Airlines? How do we think about that?

還是流量。然後可能是 3P 實現。你已經提到了一些關於與一些供應商擴大通道的問題，Roundel 做得很好。我想我想了解一下，Target 在店內和在線上的正確分類是什麼？我們想要達到 1000 萬個 SKU 嗎？我們需要嗎？它是策劃的嗎？我們是否將 Roundel 服務賣給值得信賴的供應商，而不是聯合航空公司？我們怎麼看？

Christina, I might ask you to start. And Cara, I know you've got a point of view on this topic.

克里斯蒂娜，我可能會請你開始。卡拉，我知道你對這個話題有自己的看法。

Yes. First and foremost, our point of view on assortment is all about curation. It's making sure that we understand the consumer and that we can craft an assortment that starts with a balance of really well-designed, high-quality and value owned brands, coupled with the leading national brands that consumers would expect to find. By having a curated assortment, it fuels the stores-as-hubs model because there isn't this long extension that we have to fulfill from other parts of the network. We're using the inventory base of the stores, which creates efficiencies, which creates speed, which creates lower costs.

是的。首先，我們對分類的觀點是關於策展的。它確保我們了解消費者，並確保我們可以從設計精良、質量上乘、超值的自有品牌與消費者期望找到的領先民族品牌的平衡入手打造一個產品組合。通過精心挑選的分類，它推動了以商店為中心的模式，因為我們不必從網絡的其他部分完成這麼長的擴展。我們正在使用商店的庫存基礎，從而提高效率，提高速度，降低成本。

Additionally, we think it's a guest benefit. The ability to navigate the assortment and navigate the paradox of choice is real. And so creating options that are much more relevant in a more tight environment is important to us, and that extends to our marketplace.

此外，我們認為這是一項客人福利。駕馭分類和駕馭選擇悖論的能力是真實的。因此，在更緊張的環境中創造更相關的選擇對我們來說很重要，並且延伸到我們的市場。

And so Cara can talk a little bit more about how we think about that, but it's really a complement hand in glove.

所以 Cara 可以多談談我們對此的看法，但這確實是一個互補的手。

Absolutely. And it's in lockstep with our merchant partners. And our marketplace is truly differentiated because it is invite-only, and it will remain invite-only as we think through who are the right trusted partners that we are looking to actually complement our assortment with.

絕對地。它與我們的商家合作夥伴步調一致。我們的市場真正與眾不同，因為它是僅限邀請的，並且在我們考慮誰是我們正在尋求實際補充我們的產品組合的正確可信合作夥伴時，它將保持僅限邀請。

And then just a comment on your Roundel question, similar story there. That growth that I talked about of getting to $1 billion is largely with our vendor partners who are finding incredible value within the guest data and insights that we have. And we see a lot of headroom to grow with those trusted vendor partners as we think through the coming years ahead.

然後只是對您的 Roundel 問題發表評論，那裡有類似的故事。我談到達到 10 億美元的增長主要歸功於我們的供應商合作夥伴，他們在我們擁有的客戶數據和洞察力中發現了令人難以置信的價值。隨著我們對未來幾年的思考，我們看到與這些值得信賴的供應商合作夥伴一起成長的空間很大。

So I'll wrap up from here. And I want to start by thanking all of you for joining us in person. We've really been looking forward to this. It's been a long couple of years. I hope you walk away with a clear sense of our direction as a company, the strategies that will guide us going forward, the capabilities we'll continue to invest in, the important role that our team will play and the unique culture that I believe really defines and separates us from many of our peers. So I hope you leave recognizing we are committed to being a growth company, one that is a profitable growth company for years to come, great stewards of capital and will provide great returns for shareholders. But I really appreciate your time, your engagement today. And we look forward to seeing you again in person next year. So thanks for joining us. Stay well. Stay safe. We hope to see you again soon.

所以我將從這裡結束。首先，我要感謝大家親自加入我們。我們真的很期待這個。已經好幾年了。我希望您能清楚地了解我們作為一家公司的方向、指導我們前進的戰略、我們將繼續投資的能力、我們團隊將發揮的重要作用以及我相信的獨特文化真正定義了我們並將我們與許多同行區分開來。因此，我希望您在離開時認識到我們致力於成為一家成長型公司，一家在未來幾年內盈利的成長型公司，偉大的資本管理者，並將為股東提供豐厚的回報。但我真的很感謝你的時間，你今天的參與。我們期待明年再次見到您。所以感謝您加入我們。保持良好。注意安全。我們希望很快再見到你。