目標百貨 (TGT) 2023 Q4 法說會逐字稿

Good morning, everyone, and welcome to our 2024 Financial Community Meeting. I'd like to start by welcoming the investors and others who are attending this meeting in person with us. And of course, we're happy that many, many more of you are attending the meeting remotely. Brian is going to kick off the meeting in a minute, but first, I have a couple of important disclosures.

大家早安，歡迎參加我們的 2024 年金融社區會議。首先，我對親自出席本次會議的投資者和其他人士表示歡迎。當然，我們很高興有很多人遠端參加會議。布賴恩將在一分鐘後開始會議，但首先，我有一些重要的披露。

First, any forward-looking statements that we make this morning are subject to risks and uncertainties, the most important of which are described in our SEC filings. And second, in today's remarks, we refer to non-GAAP financial measures, including adjusted earnings per share. Reconciliations of all non-GAAP measures to the most directly comparable GAAP measure are included in our financial press releases, financial presentations and SEC filings, which are posted on our Investor Relations website.

首先，我們今天早上所做的任何前瞻性陳述都受到風險和不確定性的影響，其中最重要的風險和不確定性已在我們向 SEC 提交的文件中進行了描述。其次，在今天的演講中，我們指的是非公認會計準則財務指標，包括調整後每股盈餘。所有非 GAAP 衡量標準與最直接可比較的 GAAP 衡量標準的對帳均包含在我們的財務新聞稿、財務簡報和 SEC 文件中，並發佈在我們的投資者關係網站上。

With that, I'll turn it over to Brian to get things started.

有了這個，我會把它交給布萊恩來開始工作。

(presentation)

（推介會）

Good morning, and thanks for joining us. We're looking forward to providing our perspective on the results we shared this morning, and I can't wait for you to hear from several of our top leaders, including Christina Hennington, Rick Gomez, Jill Sando, Cara Sylvester and Michael Fiddelke. While Michael still has his hands firmly on the wheel as CFO, this is his first FCM in his new role as our Chief Operating Officer. I can tell you, we're looking forward to discussing Target's growth horizon and how it transcends volatility over any particular quarter or year. Our preference is always to think long term.

早安，感謝您加入我們。我們期待著對今天早上分享的結果發表我們的看法，我迫不及待地想聽聽我們幾位高層領導人的意見，包括克里斯蒂娜·亨寧頓、里克·戈麥斯、吉爾·桑多、卡拉·西爾維斯特和邁克爾·菲德爾克。雖然 Michael 仍然牢牢掌握著財務長的職位，但這是他擔任營運長的新職位上的第一個 FCM。我可以告訴你，我們期待討論塔吉特的成長前景以及它如何超越任何特定季度或年度的波動性。我們的偏好始終是長遠考慮。

It's why for years now, we've emphasized the durability of our business model. And many of you have validated that orientation in the conversations we've had with you over the years. So our session today will focus squarely on the long-term thinking that has driven top and bottom line growth over the last decade and positions us for continued profitable growth in the years ahead. You might be asking, why focus on decades? In part because that feels like a long enough time frame to be meaningful. But it's also because we look at longer horizons when evaluating growth potential for investments like new stores, supply chain and other assets.

這就是為什麼多年來我們一直強調我們的商業模式的持久性。在我們多年來與你們的對話中，你們中的許多人已經證實了這個方向。因此，我們今天的會議將重點關注過去十年推動營收和利潤成長的長期思維，並使我們在未來幾年能夠持續獲利成長。您可能會問，為什麼要關注幾十年？部分原因是這感覺是一個足夠長的時間框架，這很有意義。但這也是因為我們在評估新店、供應鏈和其他資產等投資的成長潛力時著眼於更長遠的前景。

And it's good to ask what else would need to be true for those investments to succeed? So we'll analyze our 2023 performance in that context. We'll provide insights on how our '24 plans and guidance fit into that vision. And we'll spend time outlining our plan for sustained growth as well as our capacity to react to unforeseen realities. Both have been important over the last 10 years.

最好問問，這些投資要成功還需要什麼？因此，我們將在此背景下分析 2023 年的表現。我們將提供關於我們的 24 小時計劃和指導如何適應這一願景的見解。我們將花時間概述我們的持續成長計劃以及我們應對不可預見的現實的能力。兩者在過去十年中都很重要。

By designing for steady growth before 2020, we were positioned to absorb exponential growth during a demand boom that none of us could have anticipated. Even now the country and the retail industry, are in a prolonged, post-pandemic return to normal, which has been nearly as unpredictable as a pandemic itself from a consumer, social, political and economic perspective. By staying agile as a team and by continuously refining our approach and innovating, we've been able to navigate this time frame.

透過設計 2020 年之前的穩定成長，我們能夠在我們誰都無法預料到的需求繁榮期間吸收指數成長。即使現在，該國和零售業仍處於疫情後的長期恢復正常狀態，從消費者、社會、政治和經濟的角度來看，這幾乎與疫情本身一樣不可預測。透過保持團隊的敏捷性並不斷完善我們的方法和創新，我們已經能夠應對這個時間框架。

In fact, if you think back to our earlier algorithms and long-range plans, we're well ahead of where we believe we'd be just a few short years ago. At the same time, we recognize this is a unique moment to clarify our road map for growth. Let me be really clear. Our goal is to recapture profitable sales, traffic and market share gains by expanding what makes Target different and better for our guests, amplifying our appeal to consumers beyond our existing guest base, and reinforcing the innovation and investment that drive durable and consistent results for our business and shareholders. So I might start today with the elements of the overall strategy that have been staples all along and will continue to be staples going forward.

事實上，如果你回想一下我們早期的演算法和長期計劃，我們已經遠遠領先於我們幾年前所認為的水平。同時，我們認識到這是一個明確我們成長路線圖的獨特時刻。讓我說得非常清楚。我們的目企業和股東。因此，我今天可能會從整體策略的要素開始，這些要素一直是並將繼續成為未來的主要內容。

Starting with our stores. The most visible and tangible proof of our long-term planning and investment. When I arrived at Target, we had just over 1,800 stores that didn't quite cover all 50 states. Since then, we built more than 200 new stores. We've invested in more than 1,200 existing locations through remodels and partnerships, and our store footprint has expanded to cover the entire U.S. While retail is decades in the new digital era, on any given day, 2/3 or 3/4 of all U.S. shopping is still done in stores. And thanks to the stores-as-hub model, we invented in the last decade, nearly all Target shopping, including our significant digital penetration growth and our $30-plus billion in revenue growth was made possible by our stores.

從我們的商店開始。這是我們長期規劃和投資最明顯、最實質的證明。當我到達 Target 時，我們只有 1,800 多家商店，並沒有完全覆蓋所有 50 個州。從那時起，我們開設了 200 多家新店。我們透過改造和合作夥伴關係投資了1,200 多個現有門市，我們的門市足跡已擴大到覆蓋整個美國。雖然零售業在新數位時代已經有幾十年了，但在任何一天，零售業都佔到了總零售額的2/3 或3/4美國購物仍然在商店進行。由於我們在過去十年中發明的以商店為中心的模式，幾乎所有 Target 購物，包括我們顯著的數位滲透增長和超過 30 億美元的收入增長，都是由我們的商店實現的。

So if you think store shopping will wind down anytime in the next decade, we'll politely disagree on that point once again. Over the next decade, we expect to open more than 300 new mostly full-size stores and [make] billions of dollars in incremental growth, while continuing to remodel stores with plans to invest in the vast majority of our nearly 2,000 stores in the next 10 years. We'll also continue to invest in our supply chain and technology. In less than 10 years, we've created, acquired and constantly advanced sortation centers, upstreamed distribution centers, food distribution centers, and a steady stream of replenishment, technology and logistics innovation. At least 10 additional supply chain facilities are in the pipeline, and will be operating within the next decade.

因此，如果您認為商店購物將在未來十年內逐漸減少，我們將再次禮貌地反對這一點。未來十年，我們預計將開設 300 多家新開的全尺寸商店，並實現數十億美元的增量增長，同時繼續改造商店，計劃在未來投資近 2,000 家商店中的絕大多數。10 年。我們也將繼續投資於我們的供應鏈和技術。在不到10年的時間裡，我們創建、收購並持續推進分揀中心、上游配送中心、食品配送中心，以及源源不絕的補貨、技術和物流創新。至少有 10 個額外的供應鏈設施正在籌建中，並將在未來十年內投入營運。

Underpinning all of this is our long-standing and ongoing investment in technology. This includes a leading team of engineers, data scientists and product managers focused on further integrating AI and machine learning and driving early adoption of generative AI, all geared towards making it easier for our team to best serve our guests across both the digital and physical assets. Take same-day fulfillment. Our initial investments gave us an early lead in same-day. Today, same-day is much more competitive but continued innovation and better integration with our Target ecosystem means we're ready to expand same-day delivery for our guests while also building on our next-day capabilities. You'll hear more about this from Christina and Cara including big moves we're making with Target Circle, a program that didn't exist 10 years ago, but today has well over 100 million members.

所有這一切的基礎是我們對科技的長期持續投資。其中包括一支由工程師、資料科學家和產品經理組成的領先團隊，專注於進一步整合人工智慧和機器學習，並推動生成式人工智慧的早期採用，所有這些都是為了讓我們的團隊更輕鬆地在數位和實體資產方面為我們的客人提供最佳服務。以當日履行為例。我們最初的投資讓我們在當天就取得了領先優勢。如今，當日送達業務的競爭更加激烈，但持續創新以及與我們的 Target 生態系統更好的整合意味著我們已準備好為客人擴大當日送達服務，同時增強我們的隔天達服務能力。您將從 Christina 和 Cara 那裡聽到更多相關信息，包括我們在 Target Circle 方面採取的重大舉措，該計劃 10 年前還不存在，但如今已擁有超過 1 億會員。

Cara will talk about the incredible progress the team has made with Target Circle and where we're headed next. For now, I'll just emphasize the focus we're placing on unlimited same-day delivery through a new membership feature called Target Circle 360, which is launching next month. Here's the takeaway. Without huge investments in stores, supply chain and tech, there is no drive-up or order pickup, which were monumental growth drivers during COVID and today. And without stores, supply chain and tech and providers like UPS, FedEx and Shipt, there is no home delivery which is ready for a step change in guest acquisition, satisfaction and loyalty. As we move forward, we'll leverage our 2017 acquisition of Shipt to help us build unmistakable recognition for Target same-day delivery.

Cara 將談論球隊在 Target Circle 方面取得的令人難以置信的進展以及我們下一步的發展方向。現在，我只想強調我們將重點放在透過名為 Target Circle 360​​ 的新會員功能（將於下個月推出）實現無限當日送達。這是外賣。如果沒有對商店、供應鏈和技術的巨額投資，就不可能有汽車提貨或訂單提貨，而這些在新冠疫情期間和今天是巨大的成長動力。如果沒有商店、供應鏈、技術以及 UPS、FedEx 和 Shipt 等供應商，就沒有任何送貨上門服務可以在客戶獲取、滿意度和忠誠度方面取得重大進展。隨著我們的前進，我們將利用 2017 年對 Shipt 的收購來幫助我們建立對 Target 當天送達的明確認可。

Target's Roundel advertising business is another example of something that didn't exist 10 years ago. But today, it's the fastest-growing contributor to the other revenue line on our P&L. In a crowded field of similar offerings, we're punching way above our weight relative to the scale of our retail footprint. The unique relationship we have with our guests and the value our ad business unlocks for the brands that advertise with us are at the heart of Roundel's performance to date. And since our road map for growth focuses on strengthening our relationship with guests, and converting more consumers into guests, we see tremendous growth potential for Roundel for years to come.

Target 的 Roundel 廣告業務是 10 年前還不存在的業務的另一個例子。但如今，它是我們損益表中其他收入線成長最快的貢獻者。在類似產品的擁擠領域，相對於我們的零售足跡規模，我們的表現遠遠超出了我們的實力。我們與客人之間的獨特關係以及我們的廣告業務為與我們一起做廣告的品牌釋放的價值是 Roundel 迄今為止業績的核心。由於我們的成長路線圖專注於加強與客人的關係，並將更多的消費者轉變為客人，因此我們看到了 Roundel 在未來幾年的巨大成長潛力。

There are a number of other points of continuity and cohesion in our strategy. But for this intro, I'll focus on just one more. That's the strength of our multi-category portfolio and the balance and stability offered by our mix of frequency and discretionary categories. The way we bring those categories to consumers is a stand-out strength we'll continue to build on. The curation, the authority and trend in newness and the competitive advantage and assortment built around beloved national brands, world-class brand partnerships and a fleet of owned brands that drives about 1/3 of our business and puts us in a league of our own.

我們的策略還有許多其他的連續性和凝聚力。但對於本介紹，我將只專注於一個。這就是我們多類別投資組合的優勢，以及我們的頻率和酌情類別組合所提供的平衡和穩定性。我們將這些類別帶給消費者的方式是我們將繼續發展的突出優勢。圍繞著深受喜愛的民族品牌、世界一流的品牌合作夥伴關係和一系列自有品牌而建立的新穎性的策劃、權威和趨勢以及競爭優勢和品種，推動了我們約1/3 的業務並使我們躋身於自己的聯盟。

Ten years ago, our Starbucks and Disney collaborations were strong and growing, and we're building our partnership with Apple. Those 3 relationships continue to grow throughout this time frame, and we added and expanded outstanding partnerships with CVS, Levi's, Hearth & Hand with Magnolia and Ulta Beauty at Target that drive traffic, sales and loyalty. This element of our strategy has been a bright part of our future. It will continue to play a big role in the decade ahead. And our team's expertise and product design and development and brand creation and management, they're towering strengths that really fuel our own brand portfolio.

十年前，我們與星巴克和迪士尼的合作非常強大且不斷發展，我們正在與蘋果建立合作關係。在此期間，這 3 種關係繼續發展，我們在 Target 增加並擴大了與 CVS、Levi's、Hearth & Hand 以及 Magnolia 和 Ulta Beauty 的傑出合作夥伴關係，從而推動了流量、銷售和忠誠度。我們策略的這一要素是我們未來的光明組成部分。它將在未來十年繼續發揮重要作用。我們團隊的專業知識、產品設計和開發以及品牌創建和管理，它們是真正推動我們自己的品牌組合的強大優勢。

Brands like Cat & Jack, Threshold, Good & Gather, they bring millions of guests to Target. There are 3 of the 11 brands that generate $1 billion or more in sales each year, a lineup that looked much more modest a decade ago. And they lead a roster of Target brands that contribute to more than $30 billion in annual sales, plus outstanding margins for our bottom line. A steady cadence of brand launches like Figmint last year, and dealworthy last month, help keep our edges sharp on the newness, discovery and affordability consumers crave in the market and find at Target. I believe our own brand capabilities will only become more prominent in the decade ahead, which is why we'll spend time this morning taking you behind the scenes on where we're headed with our owned brands.

Cat & Jack、Threshold、Good & Gather 等品牌為 Target 帶來了數百萬客人。 11 個品牌中有 3 個每年的銷售額達到 10 億美元或以上，這一陣容在 10 年前看起來要溫和得多。他們在 Target 品牌中處於領先地位，為我們的年銷售額貢獻了超過 300 億美元，並為我們帶來了出色的利潤。去年 Figmint 等品牌的穩定推出以及上個月的 Dealworthy 品牌的推出，有助於我們在消費者渴望在市場上並在 Target 上找到的新穎性、發現性和可承受性方面保持敏銳的優勢。我相信我們自己的品牌能力在未來十年只會變得更加突出，這就是為什麼我們今天早上會花時間帶您了解我們自有品牌的幕後發展方向。

Another area where we'll continue to excel is our commitment to our team. In the last decade, we've taken a leadership position in both pay and benefits and learning and development and we'll continue to be a pacesetter as we ensure our team has all the support they need to take care of our guests, themselves and their families. So as we start to pull all this together, you might be saying, Brian, clearly, Target has some strong assets and advantages and cultivated a great team. But what does that mean for 2024 or 2034? I can tell you, our team has been humble enough as that and many other related questions. We're not taking anything for granted. There's no complacency about our past success. And while we recognize that a rebound in discretionary spending will favor our brand and our business. We're not waiting for economic changes or a different consumer outlook.

我們將繼續表現出色的另一個領域是我們對團隊的承諾。在過去的十年中，我們在薪酬和福利以及學習和發展方面都處於領先地位，我們將繼續成為領頭羊，因為我們確保我們的團隊獲得他們需要的所有支持來照顧我們的客人、他們自己和他們的家人。因此，當我們開始將所有這些整合在一起時，您可能會說，布萊恩，顯然，塔吉特擁有一些強大的資產和優勢，並培養了一支優秀的團隊。但這對 2024 年或 2034 年又意味著什麼？我可以告訴你，我們的團隊對於這個問題和許多其他相關問題都很謙虛。我們不會認為任何事情都是理所當然的。我們對過去的成功並不自滿。儘管我們認識到可自由支配支出的反彈將有利於我們的品牌和業務。我們不會等待經濟變化或不同的消費者前景。

I've been on the road nonstop since November, walking our stores, distribution floors. And I can tell you, the energy and initiative of our front-line team. What they're bringing to our business this year simply can't be conveyed on the slides behind me. This team has shifted to their front foot, and they're changing the momentum of our business, which is why we've seen sequential improvement from Q2 to Q3 to Q4. Discretionary declines moderated. Traffic trends rebounded. Our Q4 comps were the high end of our guidance. We drove major gains in efficiency and outperformed our guidance of $1 billion in full year profit growth. Recognizing that we needed to clear the volatility and the challenges in the last 2 years, our team buckled down and said, "Go time."

自從十一月以來，我一直在路上不停地走，走遍我們的商店、分銷樓層。我可以告訴你，我們一線團隊的活力和主動性。他們今年為我們業務帶來的成果根本無法在我身後的幻燈片上傳達。這個團隊已經轉向他們的前腳，他們正在改變我們業務的勢頭，這就是為什麼我們看到從第二季到第三季再到第四季的連續改善。可自由支配的跌幅放緩。客流量趨勢回升。我們的第四季比較是我們指導的高端。我們大幅提高了效率，全年利潤成長超出了 10 億美元的預期。認識到我們需要消除過去兩年的波動和挑戰，我們的團隊全力以赴，說：“走吧。”

But in recent weeks, I've seen the spelling expand by 2 letters. And I've seen the ambition, expand even more than that. What our team is talking about now is grow time. That's the mantra I hear bubbling up from the front line, all with the commitment to recapturing top line growth, traffic and share gains in the years immediately ahead. That starts with ensuring our team can deliver for our guests each and every day. A major step is coming soon with the upgrades we're launching in Target Circle. Upgrades that will make it even easier to unlock the best of Target. At the same time, a focused list of priorities, along with a continued concentration on retail fundamentals, like affordability and in-stock reliability, will make our guest experience easy and dependable in every interaction. We'll continue to focus on delighting our guests with the products, partnerships and value that make Target feel both elevated and accessible.

但最近幾週，我發現拼字擴大了 2 個字母。我已經看到了雄心壯志，甚至遠不止於此。我們團隊現在談論的是成長時間。這是我從一線聽到的口頭禪，他們都致力於在未來幾年重新奪回營收成長、流量和份額成長。首先要確保我們的團隊每天都能為客人提供服務。隨著我們在 Target Circle 中推出的升級，即將邁出重要一步。升級將使您更輕鬆地解鎖 Target 的最佳功能。同時，重點關注的優先事項清單，以及對零售基本面（如價格承受能力和庫存可靠性）的持續關注，將使我們的賓客在每次互動中獲得輕鬆可靠的體驗。我們將繼續專注於透過產品、合作夥伴關係和價值取悅我們的客人，讓塔吉特感覺既高貴又平易近人。

The hallmarks here are expert curation, style and trend authority, newness, great design and incredible value. We'll also accelerate our progress in omnichannel discovery. We've all seen how shopping is changing into an always-on activity that's integrated across several aspects of our lives, well beyond physical and digital stores. Discovery and inspiration has always been a hallmark of our shopping experience. We started by providing inspiration and easy access at our stores with no barriers between impulse and purchase. But we see an opportunity to do even more, to think differently about the intersection of physical, digital and social. So consumers can discover Target products wherever they're spending their time. So you'll hear from Christina and Cara this morning, we're going to keep building our capabilities in omnichannel discovery since we see this as an advantage that's ownable over our retail rivals.

這裡的特點是專家策劃、風格和潮流權威、新穎、出色的設計和令人難以置信的價值。我們也將加快全通路發現的進展。我們都已經看到購物如何轉變為永遠在線的活動，它融入了我們生活的多個方面，遠遠超出了實體店和數位商店的範圍。發現和靈感一直是我們購物體驗的標誌。我們首先在我們的商店中提供靈感和方便的訪問，在衝動和購買之間沒有障礙。但我們看到了做更多事情的機會，以不同的方式思考實體、數位和社交的交叉點。因此，消費者無論身在何處都可以發現 Target 產品。因此，今天早上您會聽到克里斯蒂娜和卡拉的聲音，我們將繼續增強全通路發現的能力，因為我們認為這是相對於我們的零售競爭對手而言的優勢。

So I've thrown a lot on the table, and there's more definition and detail to come. Having tackled both industry and in-house challenges over the last couple of years, I can tell you, I'm not satisfied. And our team is not satisfied with our recent top line results. We wanted to be even further along than we are today, but we're confident in our path forward, and we're eager to share what's next. Target is not just a bigger company than it was 10 years ago. It's stronger, healthier and more resilient, a company that's flipping the switch from go time to grow time.

因此，我已經提出了很多建議，並且還有更多的定義和細節。在過去幾年中解決了行業和內部挑戰之後，我可以告訴你，我並不滿意。我們的團隊對最近的營收結果並不滿意。我們希望比今天走得更遠，但我們對前進的道路充滿信心，並且渴望分享下一步的發展。與 10 年前相比，Target 不僅僅是一家規模更大的公司。它更強大、更健康、更有彈性，是一家正從起步階段轉向成長階段的公司。

Over the next hour or so, I'll ask Christina, Rick, Jill, Cara and Michael, to add some texture to those claims. Thanks again for being here. Christina, over to you.

在接下來的一個小時左右的時間裡，我將邀請克里斯蒂娜、里克、吉爾、卡拉和邁克爾為這些說法添加一些內容。再次感謝您來到這裡。克里斯蒂娜，交給你了。

Thanks, Brian, and good morning, everyone. Continuing on what you've heard so far this morning, I want to emphasize 2 key themes. First, we build the foundation for long-term growth with a strategy that is both unique to Target and durable. And second, we're committed to building on that foundation for years to come. So this morning, I'll walk through the ways we're leaning into our core strengths, capabilities and differentiators we've built and refined over time to meet consumers where they are and drive long-term market share gains, sales growth and profitability.

謝謝布萊恩，大家早安。繼續您今天早上所聽到的內容，我想強調兩個關鍵主題。首先，我們透過 Target 獨特且持久的策略為長期成長奠定基礎。其次，我們致力於在未來幾年內在此基礎上繼續發展。因此，今天早上，我將介紹我們如何利用我們多年來建立和完善的核心優勢、能力和差異化優勢，以滿足消費者的需求，並推動長期市場份額的成長、銷售成長和獲利能力。

I want to start with an outlook on the consumer, which remains mixed. While there are some encouraging signs in the economy, there are also stubborn pressures impacting families and retails. Consumers say they still feel stretched, they're balancing a lot and having to make trade-offs to meet their needs of their families while sprinkling in the occasional luxury.

我想先談談消費者的前景，目前消費者的前景仍然喜憂參半。儘管經濟出現一些令人鼓舞的跡象，但家庭和零售業也面臨頑固的壓力。消費者表示，他們仍然感到捉襟見肘，他們需要進行許多權衡，必須在滿足家庭需求的同時偶爾享受奢華享受。

And yet their affinity for style and newness plus early signs of disinflation contributed to a sequential uptick in discretionary category performance over the last 2 quarters, something we aim to build on and accelerate. At the same time, we expect consumers will remain highly value conscious, hunting for great promotions and seeking comprehensive value in their purchases. Consumers are also creating stability with small doses of everyday joy. After the volatility of the global pandemic, they're now coping with geopolitical tensions, social and political divisiveness and uncertainty around personal finances. This all demonstrates that our purpose to help all families discover the joy of everyday life remains incredibly relevant. And the assets and capabilities we've [culted] over time, like new and remodeled stores, investments in digital shopping, supply chain and loyalty, they've all increased consumers' view of us as an omnichannel powerhouse.

然而，他們對風格和新穎性的熱愛，加上通貨緊縮的早期跡象，促成了過去兩個季度非必需品類別表現的連續上升，我們的目標是在此基礎上繼續發展並加速。同時，我們預期消費者將保持高度的價值意識，尋求優質的促銷活動並在購買時尋求綜合價值。消費者也透過少量的日常歡樂來創造穩定性。在經歷了全球大流行的波動之後，他們現在正在應對地緣政治緊張局勢、社會和政治分歧以及個人財務的不確定性。這一切都表明，我們幫助所有家庭發現日常生活樂趣的目標仍然非常重要。隨著時間的推移，我們[崇拜]的資產和能力，例如新店和改建的商店、對數位購物、供應鏈和忠誠度的投資，都增強了消費者對我們作為全通路巨頭的看法。

Those enhanced strengths were built on long-established differentiators like design, curation, a well-balanced multi-category assortment and outstanding value. And those are just some of the elements we'll build upon and amplify through our strategy as we move through 2024 and beyond.

這些增強的優勢建立在設計、規劃、均衡的多品類分類和卓越價值等長期確立的差異化因素之上。這些只是我們在 2024 年及以後的策略中建立和擴大的一些要素。

Think about the opportunities around something like omnichannel discovery, designing experiences that support discovery has always been one of our strengths. Our stores are famous or perhaps infamous for inspiring guests to discover more than they expected. Millions of guests have experienced the joy of entering a Target store for a few items and end up leaving with extra treasures they didn't anticipate. This is a key aspect of how we set ourselves apart from our competitors and something we'll continue to build on, regardless of where or how the shopping trip begins. After all, shopping looks very different now than it did a few years ago. It's no longer a point-in-time transactional event. Consumers today are constantly taking in new information and seeking inspiration from influencers and trendsetters.

想想全通路發現等機會，設計支援發現的體驗一直是我們的優勢之一。我們的商店因激發顧客發現超出他們預期的東西而聞名，或者也許是臭名昭著。數以百萬計的客人都體驗過進入 Target 商店購買一些商品並最終帶著他們意想不到的額外寶藏離開的樂趣。這是我們如何從競爭對手中脫穎而出的關鍵方面，也是我們將繼續發展的基礎，無論購物之旅從何處或如何開始。畢竟，現在的購物看起來與幾年前有很大不同。它不再是時間點交易事件。當今的消費者不斷吸收新訊息，並從影響者和潮流引領者那裡尋求靈感。

Target is already a trend shaper, but there's an opportunity to accelerate this further on both the platforms we own and on external platforms like TikTok and Instagram. Cara will share more specifics later. So I'll just say that our team's energy and engagement in building these discovery-driven experiences are truly inspiring. It's indicative of an ambition to meet consumers where they are. So that wherever and however a shopping journey starts, the path leads back to Target as a destination.

Target 已經是趨勢塑造者，但我們有機會在我們擁有的平台以及 TikTok 和 Instagram 等外部平台上進一步加速這一趨勢。卡拉稍後將分享更多細節。所以我只想說，我們團隊在建立這些發現驅動的體驗方面的精力和參與確實令人鼓舞。這顯示了滿足消費者需求的雄心。因此，無論購物之旅以何種方式開始，路徑都會回到目的地 Target。

We have long been known for delighting guests through a carefully curated set of products and partnerships. We believe that a well-curated assortment isn't just good for managing inventory. It can be additive to the shopping experience, too. Here's an extreme example. Imagine a restaurant with a seemingly infinite menu with countless of -- pages of every type of cuisine and no cohesive point of view. Endless choice creates decision fatigue, taking away from an otherwise joyful outing. Sometimes less is truly more. We make choices that allow us to offer a menu of products, designing to serve a wide variety of guest needs, helping to guide their shopping journey while ensuring a joyful and productive trip. Now to be clear, this does take balance. We don't offer an endless aisle, but we do offer a compelling range of choices and price points throughout our assortment.

長期以來，我們以透過精心策劃的一系列產品和合作夥伴關係為賓客帶來愉悅而聞名。我們相信精心策劃的分類不僅有利於管理庫存。它也可以增加購物體驗。這是一個極端的例子。想像一下，一家餐廳的菜單看似無窮無盡，每種菜餚都有無數頁，而且沒有連貫的觀點。無止盡的選擇會造成決策疲勞，進而影響原本愉快的郊遊。有時，少確實是多。我們所做的選擇使我們能夠提供一系列產品，旨在滿足各種客人的需求，幫助指導他們的購物之旅，同時確保愉快而富有成效的旅行。現在要明確的是，這確實需要平衡。我們不提供無盡的通道，但我們確實在整個產品系列中提供一系列令人信服的選擇和價位。

We think of our assortment like a 3-legged stool. It works best when we develop owned brands that offer unmatched value and quality, provide the best industry-leading national brands and cultivate partnerships that enhance our assortment. So let's start with our owned brands. We've invested heavily over the past several years to continue to innovate and differentiate through our owned brands, and we're not slowing down. Across the portfolio, we're launching new brands and expanding upon those already loved by our guests. In fact, owned brands are so core to who we are, following my remarks, I've asked Jill Sando and Rick Gomez to join me and highlight how our unique skills and assets allow us to sustain and grow this massive owned brand portfolio. And it's because of these differentiated end-to-end capabilities that we're able to rapidly scale affordable owned brands without compromising quality.

我們認為我們的產品系列就像一個三腳凳。當我們開發提供無與倫比的價值和品質的自有品牌、提供最好的行業領先的國家品牌並培養合作夥伴關係以增強我們的產品種類時，效果最佳。讓我們從我們的自有品牌開始。過去幾年，我們投入巨資，透過我們的自有品牌繼續創新和差異化，而且我們並沒有放慢腳步。在整個產品組合中，我們正在推出新品牌，並在深受客人喜愛的品牌基礎上擴展。事實上，自有品牌對我們來說是如此核心，在我發表演講之後，我邀請吉爾·桑多和里克·戈麥斯和我一起強調我們獨特的技能和資產如何使我們能夠維持和發展這個龐大的自有品牌組合。正是由於這些差異化的端到端功能，我們才能夠在不影響品質的情況下快速擴展價格實惠的自有品牌。

These capabilities also make us an attractive partner to some of the greatest designers around. Recently, we announced an upcoming partnership with iconic fashion designer, Diane von Furstenberg. This collection will feature the signature patterns and colors that DVF is known for, along with her iconic wrap dresses. With a multigenerational appeal and offerings in extended sizes as well as options for kids, this collection features more than 200 items spanning apparel, accessories, beauty and home, combining timeless fashion with only at Target prices and value.

這些能力也使我們成為周圍一些最偉大設計師的有吸引力的合作夥伴。最近，我們宣布即將與標誌性時裝設計師黛安馮芙絲汀寶 (Diane von Furstenberg) 建立合作關係。該系列將採用 DVF 聞名的標誌性圖案和顏色，以及她標誌性的裹身連身裙。該系列擁有200 多件商品，涵蓋服裝、配件、美容和家居等領域，將永恆的時尚與僅以Target 的價格和價值結合在一起，吸引了多代人的青睞，提供多種尺碼以及兒童選擇。

Our second priority is to extend our assortment with the best national brand consumers want from Target. Stanley Drinkware is a timely example. Well before it became a cultural moment, we were early to recognize this brand's potential allowing us to get a big jump on this trend. We secured great allocations across the portfolio and partnered with Stanley to create exclusive colors for our guests, both in the core line and through our only at Target brand Hearth & Hand with Magnolia.

我們的第二個優先事項是擴大我們的產品範圍，提供消費者希望從 Target 獲得的最佳國家品牌。 Stanley Drinkware 就是一個及時的例子。早在它成為一個文化時刻之前，我們就很早就認識到這個品牌的潛力，使我們能夠在這一趨勢上取得巨大的進步。我們在整個產品組合中獲得了大量分配，並與 Stanley 合作，在核心產品系列中以及透過我們在 Target 的唯一品牌 Hearth & Hand with Magnolia 為我們的客人打造專屬色彩。

Similarly, celebrity-founded Beauty brands are taking over social media, and our guests say they want to find them at Target. That's why we partnered with Ashley Tisdale, on our exclusive to Target launch of Being Frenshe, a line of personal care products powered by mood boosting scents and self-care rituals. It's also why we've recently added Lemme, Kourtney Kardashian Barker's new line of vitamin and botanical supplements to our assortment. These trending brands add to the credibility we built in the Beauty space and will continue to support our leadership role in these categories.

同樣，名人創立的美容品牌正在佔領社交媒體，我們的客人表示他們想在塔吉特找到這些品牌。這就是為什麼我們與 Ashley Tisdale 合作，在 Target 獨家推出 Being Frenshe，這是一系列個人護理產品，以提振情緒的香味和自我照顧儀式為動力。這也是為什麼我們最近在我們的產品系列中添加了 Kourtney Kardashian Barker 的新維生素和植物補充劑系列 Lemme。這些流行品牌增加了我們在美容領域建立的信譽，並將繼續支持我們在這些類別中的領導地位。

Our third priority is to round out our assortment with a focus on partnerships, which provide deeper expertise and brand recognition for our guests. We've had tremendous success attracting and cultivating these unique collaborations and, in the years ahead we expect they'll play an even bigger role given the incrementality they've delivered. We continue to expand the presence of Ulta Beauty at Target, Levi's, Apple, Disney and more bringing industry-leading offerings and continued differentiation for Target. And last year, we launched a new partnership with Kendra Scott, and our guests couldn't get enough. These colorful jewelry and accessory pieces not only look good, but they do good too. With a shared vision for philanthropy, this collaboration shines bright on multiple levels. Expect plenty of new offerings in this partnership in 2024 and for years to come.

我們的第三個優先事項是完善我們的產品系列，專注於合作夥伴關係，為我們的客人提供更深入的專業知識和品牌認知。我們在吸引和培育這些獨特的合作方面取得了巨大的成功，並且在未來幾年，鑑於他們所提供的增量，我們預計他們將發揮更大的作用。我們繼續擴大 Ulta Beauty 在 Target、Levi's、Apple、Disney 等公司的業務，為 Target 帶來業界領先的產品和持續的差異化優勢。去年，我們與 Kendra Scott 建立了新的合作夥伴關係，我們的客人都樂此不疲。這些色彩繽紛的珠寶和配件不僅看起來不錯，而且性能也很好。憑藉對慈善事業的共同願景，此次合作在多個層面上熠熠生輝。預計這項合作關係將在 2024 年及未來幾年推出大量新產品。

Surrounding all our assortment choices is an unwavering focus on value, which starts with price but encompasses so much more. We continue to offer fantastic everyday low prices, and we're focused on clearly and effectively communicating our value proposition. One way we've done this is by simplifying our end caps to feature single price points and promotions. This allows us to clarify the incredible value we offer while helping our guests to effortlessly recognize the value. No games, no confusion.

我們所有的品種選擇都堅定不移地註重價值，首先是價格，但還包含更多內容。我們繼續提供超值的每日低價，並且我們專注於清晰有效地傳達我們的價值主張。我們實現這一目標的一種方法是簡化我們的最終上限，以提供單一價格點和促銷活動。這使我們能夠闡明我們提供的令人難以置信的價值，同時幫助我們的客人毫不費力地認識到這種價值。沒有遊戲，沒有混亂。

Additionally, our efficiency efforts and the greater size and scale we've achieved in the recent years have allowed us to further sharpen price points across our assortment. We continuously find ways to add quality and newness to our own brand portfolio without increasing prices. And of course, our focus on retail fundamentals serves as a through line supporting guests on their shopping journey before, during and after they make a purchase. These efforts are always on focus, and we continue to deliver a unique blend of physical and digital shopping, will further leverage our fleet of nearly 2,000 stores to serve as inspiring shopping destinations and as fulfillment hubs for digital orders. And in the same way we focus on our store and digital assets, we continually invest in our team.

此外，我們近年來在提高效率方面所做的努力以及規模和規模的擴大，使我們能夠進一步提高我們產品系列的價格點。我們不斷尋找方法在不提高價格的情況下為我們自己的品牌組合增加品質和新穎性。當然，我們對零售基礎知識的關注可以為客人在購買之前、期間和之後的購物之旅提供一條龍的支持。這些努力始終是我們關注的焦點，我們將繼續提供實體和數位購物的獨特融合，將進一步利用我們近 2,000 家商店組成的艦隊，作為鼓舞人心的購物目的地和數位訂單的履行中心。就像我們專注於我們的商店和數位資產一樣，我們不斷投資我們的團隊。

We take care of our team so they can take care of our guests. From providing world-class service to ensuring we're in stock, we want our guests to feel confident that they will be cared for and find what they seek on every Target run. In fact, it was a dedication of our team that allowed us to maintain leaner, healthier inventory levels last year, which positions us well as we enter a new year. This led to stronger profit outcomes, improved in-stocks and perhaps, most importantly, increased flexibility, allowing us to react quickly to changing trends.

我們照顧我們的團隊，以便他們能夠照顧我們的客人。從提供世界一流的服務到確保庫存充足，我們希望我們的客人確信他們會得到照顧，並在每次 Target 跑步中找到他們想要的東西。事實上，正是我們團隊的奉獻讓我們去年能夠保持更精簡、更健康的庫存水平，這使我們在進入新的一年時處於有利地位。這帶來了更強勁的利潤結果，改善了庫存，也許最重要的是，增加了靈活性，使我們能夠對不斷變化的趨勢做出快速反應。

We're also using technology to reduce costs, increase delivery speed and improve consistency in our operations. Years ago, we took a bold stance when we outlined our plans to invest in stores at a time when the role of brick-and-mortar was in question. Investing to automate upstream replenishment and optimize last-mile delivery, we develop new ways to increase our delivery speed and reduce operating costs. These technology investments, which increased through the throughput of our existing store locations helped to quiet the store-versus-digital debate. As we pioneered the stores-as-hub strategy in support of the omnichannel services we provide.

我們也利用科技來降低成本、提高交付速度並提高營運的一致性。多年前，當實體店的角色受到質疑時，我們在概述投資商店的計劃時採取了大膽的立場。我們投資自動化上游補貨並優化最後一哩交付，開發新方法來提高交付速度並降低營運成本。這些技術投資透過我們現有商店地點的吞吐量而增加，有助於平息商店與數位化的爭論。我們開創了以商店為中心的策略，以支持我們提供的全通路服務。

We're excited about the impact of continued advancements in technology like generative AI and the additive ways these tools will empower our teams. But we also want to make sure that human connection remains at the center of the Target experience. This is why we'll continue to invest in technology while never losing sight of what makes life rich. The relationships and interactions we have with one another. Just as we uniquely saw the importance of combining physical stores and digital capabilities, we want to make sure we lean into emerging technologies and focus on placing them in the hands of our incredible Target team.

我們對生成人工智慧等技術的持續進步所產生的影響以及這些工具為我們的團隊提供支援的附加方式感到興奮。但我們也希望確保人際關係仍是塔吉特體驗的核心。這就是為什麼我們將繼續投資技術，同時永遠不會忽視讓生活變得豐富的因素。我們彼此之間的關係和互動。正如我們獨特地看到了結合實體店和數位能力的重要性一樣，我們希望確保我們傾向於新興技術，並專注於將它們交到我們令人難以置信的 Target 團隊手中。

And finally, we'll continue to invest in technology to support segmentation and personalization. We love it when guests walk into one of our nearly 2,000 locations and says, "This is my Target." In the same way, we want to design an experience in which a guest places an item in their cart and says, "This was made just for me." This balance of scale and personalization is unique in retail, something we do well and can continue to build on. After all, we have an enviable consumer base that is highly engaged with our brand and they shop us frequently across our multi-category assortment, allowing us to gain invaluable insights across nearly all retail segments, not just 1 or 2.

最後，我們將繼續投資技術來支援細分和個人化。當客人走進我們近 2,000 個地點之一併說“這是我的目標”時，我們會很高興。同樣，我們希望設計一種體驗，讓客人將商品放入購物車並說：“這是專為我製作的。”這種規模和個人化的平衡在零售業中是獨一無二的，我們在這方面做得很好，並且可以繼續發展。畢竟，我們擁有令人羨慕的消費者基礎，他們對我們的品牌高度參與，他們經常在我們的多品類產品中購買我們的產品，這使我們能夠在幾乎所有零售領域（而不僅僅是一兩個領域）獲得寶貴的見解。

It's also why our Roundel advertising business is so powerful. We're constantly listening and learning from our guest base, allowing us to offer rich insights to our vendors, offer compelling and personalized advertisements to our guests and grow this aspect of the business in meaningful and lasting ways. You'll hear more from Cara on enhancements to our loyalty ecosystem, Roundel's growing reach and our digital experience aimed at enhancing digital discovery.

這也是我們的 Roundel 廣告業務如此強大的原因。我們不斷傾聽客戶的意見並從中學習，使我們能夠為供應商提供豐富的見解，為客戶提供引人注目的個人化廣告，並以有意義和持久的方式發展這方面的業務。您將從 Cara 那裡聽到更多關於我們的忠誠度生態系統的增強、Roundel 不斷擴大的影響力以及旨在增強數位發現的數位體驗的資訊。

It's one thing to hear about these strategic initiatives, and it's another thing to see them in action. I'm often on the road to witness firsthand how our guests are experiencing joy through our assortment, shopping experience and our teams' dedication in serving them every day. On a recent trip to Orlando, I visited one of our smaller stores near Disney World. Our segmentation and assortment planning work, let us focus on serving 2 very distinct segments in this market. One segment consists of the many Disney cast members who utilize this Target store to meet their everyday wants and needs on their way to and from work. The other segment is comprised of families who are visiting the area looking to get everything they need to support their family vacations. These guest segments have very different Target run missions, and yet we're able to provide a cohesive experience that satisfies both of them.

聽到這些策略舉措是一回事，看到它們付諸實行又是另一回事。我經常在路上親眼目睹我們的客人如何透過我們的商品分類、購物體驗以及我們的團隊每天為他們提供服務的奉獻精神來體驗快樂。在最近一次去奧蘭多的旅行中，我參觀了迪士尼世界附近的一家較小的商店。我們的細分和分類規劃工作讓我們專注於為這個市場中兩個截然不同的細分市場提供服務。其中一部分由許多迪士尼演員組成，他們利用這家 Target 商店來滿足他們上下班途中的日常需求。另一部分由前往該地區的家庭組成，他們希望獲得家庭度假所需的一切。這些客戶群具有截然不同的 Target 運行任務，但我們能夠提供滿足他們雙方需求的有凝聚力的體驗。

Similarly, a few weeks back, I traveled to Texas with members of my Beauty and Apparel teams. We heard directly from guests about the love of finding all their styling needs under one roof. From cosmetics and skin care items in Ulta Beauty, to apparel assortments only available at Target to bold jewelry pieces from Kendra Scott. These powerhouse brands have all come together to offer consumers at this store, a sum that is greater than the individual parts.

同樣，幾週前，我與美容和服裝團隊的成員一起前往德克薩斯州。我們直接從客人那裡聽到他們喜歡在同一屋簷下找到他們所有的造型需求。從 Ulta Beauty 的化妝品和護膚品，到 Target 獨家發售的服裝系列，再到 Kendra Scott 的大膽珠寶首飾。這些強大的品牌齊聚一堂，為這家商店的消費者提供比單一品牌更多的產品。

On another trip, I visited a store in Mississippi, where we had recently completed a wall-to-wall remodel. We elevated the shopping experience, refreshed the assortment and even added a Starbucks, the first one ever in this area. Our local team is incredibly proud that their Target store has become the social hub of this tight-knit community. These examples illustrate the interplay of our strategies, assortment, experience and capabilities. Showing how we're positioning Target to play a unique role in American retail.

在另一次旅行中，我參觀了密西西比州的一家商店，我們最近在那裡完成了全面的改造。我們提升了購物體驗，更新了商品種類，甚至新增了該地區第一家星巴克。我們的當地團隊非常自豪他們的 Target 商店已成為這個緊密聯繫的社區的社交中心。這些例子說明了我們的策略、品種、經驗和能力之間的相互作用。展示我們如何定位 Target，使其在美國零售業中發揮獨特的作用。

So now before I turn things over to Cara, I'm going to invite Jill and Rick to the stage for a discussion on the power of Target's owned brand capabilities, and how they help Target stand out in a crowded marketplace.

因此，現在在我將事情交給卡拉之前，我將邀請吉爾和里克上台討論塔吉特自有品牌能力的力量，以及它們如何幫助塔吉特在擁擠的市場中脫穎而出。

Okay. Well, thanks for joining me. Why don't we start Jill and Rick by telling us a little bit about yourselves and your careers.

好的。嗯，謝謝你加入我。為什麼我們不先向吉爾和瑞克介紹一下你們自己和你們的職業呢？

Good morning. I am Jill Sando and I lead the Apparel & Accessories, Home and Hardlines merchandising organization. I've been with Target for over 25 years. The majority of that time has been in merchandising, running different businesses across our discretionary portfolio. Also spent some time in planning and help stand up our product design and development capabilities for our non-apparel businesses.

早安.我是吉爾桑多 (Jill Sando)，領導服裝及配件、家居和耐久財銷售組織。我在 Target 工作超過 25 年。大部分時間都在銷售，在我們的全權委託投資組合中經營不同的業務。也花了一些時間規劃並幫助我們提高非服裝業務的產品設計和開發能力。

Hello. Good morning. I'm Rick Gomez, I lead Target's Food, Essentials and Beauty businesses. I've had the opportunity to lead a variety of different disciplines at Target, including marketing, digital strategy. And then before Target, I spent over 20 years working in the CPG industry developing, launching and managing a bunch of different Food & Beverage brands.

你好。早安.我是 Rick Gomez，負責 Target 的食品、必需品和美容業務。我有機會在塔吉特領導各種不同的學科，包括行銷、數位策略。在加入 Target 之前，我在 CPG 行業工作了 20 多年，開發、推出和管理了許多不同的食品和飲料品牌。

We're happy to have you here. Okay. Our owned brand portfolio on its own would be a Fortune 100 company. More than $30 billion in sales and nearly 1/3 of our total revenue and even more of our gross margin. That's because we have amazing capabilities that allow us to produce brands our guests genuinely love. Jill, let's start with one I know you're particularly excited about a new brand in toys called Gigglescape.

我們很高興您來到這裡。好的。我們擁有的品牌組合本身就將成為財富 100 強公司。銷售額超過 300 億美元，占我們總收入的近 1/3，甚至更多的毛利率。這是因為我們擁有驚人的能力，使我們能夠生產出客人真正喜愛的品牌。吉爾，讓我們從一個開始吧，我知道您對一個名為 Gigglescape 的新玩具品牌特別感興趣。

Kids related categories are huge for Target and toys plays a key role in keeping Target relevant with families. National brands like LEGO and exclusive brands like Our Generation have made Target one of the biggest toy retailers in America. And the addition of Gigglescape gives consumers on more only-at-Target reason to shop toys. Gigglescape is important for a few reasons. It's consumer-centric. It's our first owned brand design specifically for generation alpha and their unique needs. It's filling white space in our owned brand assortment and it has us poised to drive growth in a high-margin category.

與兒童相關的類別對 Target 來說非常重要，而玩具在保持 Target 與家庭的相關性方面發揮關鍵作用。樂高 (LEGO) 等國家品牌和 Our Generation 等獨家品牌使塔吉特 (Target) 成為美國最大的玩具零售商之一。 Gigglescape 的加入讓消費者更有理由購買玩具。 Gigglescape 之所以重要有幾個原因。它以消費者為中心。這是我們第一個專為阿爾法世代及其獨特需求而設計的品牌。它填補了我們自有品牌品種的空白，使我們準備好推動高利潤類別的成長。

And Gigglescape is priced to be accessible to all families. Just a few weeks ago, we launched our stuffed animals. Most are priced under $10 and soon we'll launch books, puzzles and toys with all items in our spring assortment priced under $20. That kind of pricing makes it perfect for gifts and for the spur-of-the-moment purchases because your child is being good today. This is a brand that makes our toys destination -- our toys department a destination even when your Target run was inspired by something else and makes Target an even stronger destination for toys.

Gigglescape 的定價適合所有家庭。就在幾週前，我們推出了毛絨動物。大多數價格低於 10 美元，很快我們將推出書籍、拼圖和玩具，春季系列中的所有商品價格都低於 20 美元。這種定價使其非常適合作為禮物和即興購買，因為您的孩子今天表現得很好。這個品牌使我們的玩具成為目的地——即使您的 Target 跑步活動受到其他事物的啟發，我們的玩具部門也成為目的地，並使 Target 成為更強大的玩具目的地。

I love them. They're super cute. Okay. Rick, our frequency categories play such a crucial role in driving trips. And with up & up and dealworthy, we're giving our guests new reasons to choose Target. Can you tell us about that?

我愛他們。他們超可愛。好的。 Rick，我們的頻率類別在駕駛旅行中發揮著至關重要的作用。憑藉 up & up 和 dealworthy，我們為客人提供了選擇 Target 的新理由。能告訴我們一下嗎？

Yes. Well, as you know, Christina, we invest a lot of time listening to consumers to better understand their needs. And one of the themes that we are consistently hearing is the need for value and affordability. So to address this consumer need, we are relaunching up & up and introducing dealworthy. up & up is one of Target's most popular brands, delivering nearly $3 billion in sales, offering over 2,000 everyday items at affordable prices. And now we are making it even bigger and even better. We have developed product improvements across 40% of the line. We are also introducing hundreds of new items, and we are offering great prices with the average item priced under $7.

是的。嗯，正如你所知，克里斯蒂娜，我們投入了大量時間傾聽消費者的意見，以便更好地了解他們的需求。我們經常聽到的主題之一是對價值和負擔能力的需求。因此，為了滿足消費者的這項需求，我們正在重新推出 up & up 並推出 dealworthy。 up & up 是 Target 最受歡迎的品牌之一，銷售額近 30 億美元，以實惠的價格提供 2,000 多種日常用品。現在我們正在讓它變得更大、更好。我們對 40% 的產品線進行了產品改進。我們還推出了數百種新商品，價格優惠，平均商品價格低於 7 美元。

We're also launching dealworthy. It's our new low-priced brand with items across the store, ranging from socks, laundry detergent, phone chargers, and I can't stress enough what a great value dealworthy will be. The most items will be priced under $10. And some of those electronics items will be priced at 50% lower than what was previously offered at Target. dealworthy will be the lowest-priced item in each category offering absolutely incredible value.

我們還推出了 Dealworthy。這是我們新推出的低價品牌，店內販售各種商品，包括襪子、洗衣粉、手機充電器等，我無法再強調這是多麼物超所值。大多數商品的價格將低於 10 美元。其中一些電子產品的價格將比 Target 之前的報價低 50%。 dealworthy 將是每個類別中價格最低的商品，提供絕對令人難以置信的價值。

Indeed, our frequency businesses are an important part of driving trips to Target, meeting guest critical needs but our discretionaries have the -- categories have the opportunity to do that as well. Jill, can you tell us a little bit about Cat & Jack?

事實上，我們的頻率業務是推動塔吉特 (Target) 旅行、滿足客人關鍵需求的重要組成部分，但我們的自由裁量權類別也有機會做到這一點。吉爾，你能告訴我們一些關於貓和傑克的事嗎？

Yes. Kids apparel is another area where we have outsized market share and Cat & Jack is a big part of that. This is the kids brand that we launched in 2016. Today, it's a $3 billion brand, the biggest kids brand in America. To put that into perspective, consider this, we sell well over 300 million units of Cat & Jack a year, which comes out to about 8 Cat & Jack items for every child in America under the age of 12. This is part of a discretionary category, but Cat & Jack is a brand that drives repeat business for Target because of great prices and great quality, which parents love and great design that kids love.

是的。童裝是我們擁有龐大市場份額的另一個領域，Cat & Jack 是其中的重要組成部分。這是我們於 2016 年推出的兒童品牌。如今，它是一個價值 30 億美元的品牌，也是美國最大的兒童品牌。從這個角度來看，請考慮一下，我們每年銷售超過 3 億件 Cat & Jack，這為美國每個 12 歲以下的兒童提供了大約 8 件 Cat & Jack 商品。這是酌情決定的一部分但Cat & Jack 是為Target 帶來回頭客的品牌，因為價格實惠、品質上乘，深受家長喜愛，出色的設計深受孩子們的喜愛。

And when you think about kids style, the success of Cat & Jack pays dividends across our portfolio. It drives trips and sales across the store during key moments like back-to-school and throughout the year as kids grow into new sizes. Cat & Jack also complements brands like Wild Fable. That's our juniors brand, worn by millions of teens and tweens who started in Cat & Jack. It's one of the biggest juniors brands in the country and one we just extended into swim. Wild Fable is a great brand on its own, one fueled by our speed to trend in a very dynamic category, but it also has an important advantage since families are already in the habit of turning to Target for clothes for their kids.

當您考慮兒童風格時，Cat & Jack 的成功為我們的產品組合帶來了紅利。它在返校等關鍵時刻以及孩子們長到新尺寸的全年中，推動了整個商店的客流量和銷售。 Cat & Jack 也補充了 Wild Fable 等品牌。這是我們的青少年品牌，數百萬從 Cat & Jack 起家的青少年都穿著它。它是美國最大的青少年品牌之一，我們剛剛將其擴展到游泳領域。 《Wild Fable》本身就是一個偉大的品牌，我們在一個充滿活力的品類中迅速追趕潮流，推動了這個品牌的發展，但它還有一個重要的優勢，因為家庭已經習慣了在塔吉特(Target ) 為孩子購買衣服。

Thank you, Jill. Rick, let's switch gears a little bit and talk about Good & Gather because that's a brand that's helped us reimagine our grocery space and experience and really build our credibility in food.

謝謝你，吉爾。 Rick，讓我們換個話題來談談 Good & Gather，因為這個品牌幫助我們重新構想了我們的雜貨店空間和體驗，並真正建立了我們在食品方面的信譽。

Yes. Absolutely. I'd love to talk about Food & Beverage. Our Food & Beverage business delivers over $20 billion in sales, and that's up $8 billion in sales since 2019. That's because over the last few years, we've been making big strides in improving the Food & Beverage experience. I'd like to say that we have gone from being a retailer that just sells food to a retailer that truly celebrates food. And in doing that, we have made Target a destination for food. Now, Good & Gather has played a key role in that at nearly $4 billion in sales. Good & Gather delivers a great value proposition, delicious products that the whole family will enjoy, high-quality ingredients with no artificial colors, no artificial flavors, no high-fructose corn syrup. And importantly, great pricing with most items under $5.

是的。絕對地。我很想談談食品和飲料。我們的食品和飲料業務銷售額超過 200 億美元，自 2019 年以來銷售額增長了 80 億美元。這是因為在過去幾年中，我們在改善食品和飲料體驗方面取得了長足進步。我想說的是，我們從一家只賣食品的零售商變成了一家真正崇尚食品的零售商。透過這樣做，我們使塔吉特成為食品目的地。現在，Good & Gather 在這方面發揮了關鍵作用，銷售額近 40 億美元。 Good & Gather 提供了巨大的價值主張、全家人都會喜歡的美味產品、不含人工色素、人工香料、高果糖玉米糖漿的優質原料。重要的是，大多數商品的價格都低於 5 美元。

And we're not done growing the Good & Gather brand. Last fall, we expanded Good & Gather into new incremental spaces that are important to our guests like Good & Gather Baby and Toddler creating another go-to Target -- another go-to category for parents with young children at Target.

我們對 Good & Gather 品牌的發展還沒結束。去年秋天，我們將Good & Gather 擴展到新的增量空間，這些空間對我們的客人很重要，例如Good & Gather Baby 和Toddler，創建了另一個首選塔吉特(Target)，這是塔吉特(Target) 有小孩的父母的另一個首選類別。

Well, it's abundantly clear that our guests rely on our owned brands. Jill, you've been a part of these launches for so many years in your career. What makes us a leader in this space?

很明顯，我們的客人信賴我們的自有品牌。 Jill，在您的職業生涯中這麼多年，您一直參與這些發布活動。是什麼讓我們成為這個領域的領導者？

We have unrivaled design capabilities, amazing talent across our team, hundreds of patents, it is no exaggeration to say that Target pioneered cheap (inaudible). And what we're doing is so hard to replicate because we didn't decide to make a play in owned brands 5 or even 10 years ago. We've been doing this for decades. We've had an in-house sourcing capability for 25 years. Now today, it spans 20 offices across 14 countries. Because we own our end-to-end sourcing business, we control our own destiny. When you think about issues like country of production and raw material costs. We're more cost-effective with far fewer intermediaries in our network, which allows us to grow our bottom line even as we pass savings on to our guest.

我們擁有無與倫比的設計能力，團隊中令人驚嘆的人才，數百項專利，毫不誇張地說，塔吉特開創了廉價（聽不清楚）。我們所做的事情很難複製，因為我們在 5 年前甚至 10 年前並沒有決定涉足自有品牌。我們這樣做已經幾十年了。 25 年來，我們一直擁有內部採購能力。如今，該公司在 14 個國家設有 20 個辦事處。因為我們擁有端到端採購業務，所以我們掌控自己的命運。當您考慮生產國和原材料成本等問題時。我們網路中的中介機構數量少得多，因此更具成本效益，這使我們能夠在將節省的費用轉嫁給客人的同時提高利潤。

We can adapt quickly to emerging trends, which keeps us relevant and we're able to pursue bold sustainability goals, which is important to driving growth by delivering on something that matters so much to millions of consumers. And those sustainability goals will also help ensure both the resiliency of our business model through responsible stewardship of the resources that we rely on and our ability to deliver the quality that our guests rely on.

我們可以快速適應新興趨勢，這使我們保持相關性，並且我們能夠追求大膽的永續發展目標，這對於透過提供對數百萬消費者至關重要的東西來推動成長非常重要。這些永續發展目標也將透過負責任地管理我們所依賴的資源來幫助確保我們業務模式的彈性，以及我們提供客人所依賴的品質的能力。

And these capabilities, they really do set Target apart, especially considering the scale at which we operate, delivering a steady drumbeat of newness to consumers. In my previous role in the CPG industry, it was a big year if we launched a few dozen new products. But for our food scientists, that's a couple of weeks' worth of work. In Food & Beverage alone this year, we'll add hundreds of new items to Good & Gather and Favorite Day and that's on top of the hundreds of new items that we launched last year. We are delivering innovation at scale that is unmatched by others.

這些功能確實使 Target 脫穎而出，特別是考慮到我們的營運規模，為消費者帶來源源不絕的新鮮感。在我之前在 CPG 行業的工作中，如果我們推出了幾十種新產品，那麼這一年是重要的一年。但對我們的食品科學家來說，這只是幾週的工作量。僅在今年的食品和飲料方面，我們就會在 Good & Gather 和 Favourite Day 中添加數百種新商品，這是我們去年推出的數百種新商品的基礎上。我們正在以其他公​​司無法比擬的規模提供創新。

Well, our capabilities certainly are first rate. But that human touch, fueled by the power of insights, can't be stressed enough.

嗯，我們的能力當然是一流的。但這種由洞察力推動的人情味怎麼強調也不為過。

That's right. When we designed All In Motion, our performance brand, the first thing that we did was to engage with 15,000 consumers. We talked to fitness coaches, we attended dozens of workout classes because if you're designing for the consumer, it starts with listening to the consumer. And we're not just consumer-led when we're launching a product, we're consumer-led in how we continue to grow and develop our owned brands because you can't mistake performance for potential.

這是正確的。當我們設計我們的高效能品牌 All In Motion 時，我們做的第一件事就是與 15,000 名消費者互動。我們與健身教練交談，我們參加了數十個健身課程，因為如果你是為消費者設計，那就從傾聽消費者的聲音開始。我們不僅在推出產品時以消費者為主導，而且在如何繼續發展和發展我們的自有品牌方面也以消費者為主導，因為你不能將性能誤認為是潛力。

Cat & Jack has been a runaway success, but we also learned through listing that we had opportunities to make the brand more appealing to more guests. Among other things, that led to the adaptive items we created to help all kids look and feel their best and the expansions we made to our dressy and mid-dressy assortment, giving families more reasons to choose Cat & Jack and Target.

Cat & Jack 取得了巨大的成功，但我們也透過上市了解到，我們有機會讓品牌對更多客人更具吸引力。除此之外，這導致我們創造了適應性產品，以幫助所有孩子看起來和感覺最好，以及我們對正裝和中正裝品種的擴展，讓家庭有更多理由選擇 Cat & Jack 和 Target。

Consumer insight has also helped to continue to develop and grow Favorite Day. We launched the brand during the pandemic, and we've seen it drive trips, build baskets, delivering double-digit growth year after year. So as Food & Beverage has become a go-to category for Target during the holidays, we've expanded the role of Favorite Day to offer key seasonal items. You saw that in November and December with gingerbread kits, hot cocoa-bombs, a huge range of snack mixes. And just a few weeks ago, Favorite Day was front and center for Valentine's Day. And we'll continue to expand Favorite Day into those big seasonal moments that are so important to our guests and important to keeping Target relevant.

消費者洞察也有助於持續發展壯大Favorite Day。我們在疫情期間推出了該品牌，我們看到它推動了旅行，建立了購物籃，年復一年地實現了兩位數的成長。因此，隨著食品和飲料已成為塔吉特在假期期間的首選類別，我們擴大了「最愛日」的作用，以提供關鍵的季節性商品。你在 11 月和 12 月就看到了薑餅套裝、熱可可炸彈和各種各樣的零食混合物。就在幾週前，「最愛的一天」還成為情人節的焦點。我們將繼續將「最愛日」擴展到那些對我們的客人非常重要且對於保持 Target 相關性非常重要的重要季節性時刻。

Well, Jill, this leads the enhanced approach we take into brand management, including a team under your leadership.

好吧，吉爾，這引領了我們在品牌管理方面採取的強化方法，包括在你領導下的團隊。

We launched our brand management capability years ago and created an end-to-end process to successfully launch owned brands. And that has enabled an accelerated rollout of owned brands over the past 5 years. And we've been evolving our capabilities and are now operating more like a CPG company, the research, the market analysis, looking hard at the white space. That's shaped our decision making around existing brands, like prioritizing Threshold as our flagship home brand and then offering a range of styles within it. That's critical because Target is one of the biggest home retailers in the country, and this is making it easier for our consumers to navigate our assortment and our brand management work was critical to the success of our new kitchenware brand Figmint, which debuted last fall.

我們多年前就推出了品牌管理能力，並創建了一個端到端流程來成功推出自有品牌。這使得過去五年來加速推出自有品牌。我們一直在不斷發展我們的能力，現在的營運方式更像是一家消費品公司，我們進行研究、市場分析，並認真關注空白領域。這影響了我們圍繞現有品牌的決策，例如優先考慮 Threshold 作為我們的旗艦家居品牌，然後在其中提供一系列風格。這一點至關重要，因為Target 是美國最大的家居零售商之一，這讓我們的消費者更容易瀏覽我們的產品組合，而我們的品牌管理工作對於我們去年秋天推出的新廚具品牌Figmint 的成功至關重要。

This isn't the first time selling kitchenware as part of an owned brand, but it is our first owned brand devoted solely to Kitchenware and our guests love it. Baskets with Figmint items are 25% larger than our previous owned brand offering. And Figmint was one of several factors that helped us accelerate our Kitchenware business by more than 500 basis points between Q3 and Q4 taking us from a negative comp to a positive comp. Guests respond to newness and innovation and great design and Figmint is just one example of that.

這不是我們第一次將廚具作為自有品牌的一部分進行銷售，但這是我們第一個專門致力於廚具的自有品牌，我們的客人非常喜歡它。裝有 Figmint 商品的籃子比我們之前自有品牌的商品大 25%。 Figmint 是幫助我們在第三季和第四季之間將廚具業務加速超過 500 個基點的幾個因素之一，使我們從負競爭變為正競爭。客人對新穎、創新和出色的設計做出反應，Figmint 只是其中之一。

There's been a lot of work in Food & Beverage to sharpen the focus of our brand portfolio. The launch of a flagship brand, Good & Gather was the first step. We focused Market Pantry on family favorites at our most affordable prices and we've also retired our previous snack and dessert brand, Archer Farms and replaced with Favorite Day, a brand with a much stronger identity around indulgent treats for the whole family.

在食品和飲料領域我們做了很多工作來強化我們品牌組合的重點。旗艦品牌 Good & Gather 的推出是第一步。我們將Market Pantry 重點放在以最實惠的價格提供家庭最愛的產品上，我們還淘汰了之前的零食和甜點品牌Archer Farms，取而代之的是“Favorite Day”，該品牌在為全家人提供美味佳餚方面擁有更強大的品牌形象。

All of this helps Target make consumer-centric decisions about our assortment, like the addition of 50 new F&B items for Easter and dozens more that we're launching just in time for the summer season, including a Favorite Day soda. Now it sounds simple, but the thoughtful, deliberate, holistic approach to designing, launching and managing our brands, it's the difference between rolling out catchall brands and the difference between that and building brands that consumers love because we're meeting their needs in a really meaningful way.

所有這些都有助於塔吉特就我們的品類做出以消費者為中心的決策，例如為復活節添加50 種新的餐飲產品，以及我們在夏季推出的數十種產品，其中包括一款最愛的日間蘇打水。現在聽起來很簡單，但深思熟慮、深思熟慮、全面的方法來設計、推出和管理我們的品牌，這就是推出包羅萬象的品牌和打造消費者喜愛的品牌之間的區別，因為我們正在滿足他們的需求。真正有意義的方式。

Well, thank you both. I love that, and that's a perfect note to close on, consumer centricity. That's a theme running through everything we've covered today, new brands like Gigglescape, Figmint and dealworthy. Our relaunched up & up and powerhouses like Gather and Cat & Jack. So thank you, Rick and Jill for that look into our owned brand work, it really is incredible.

嗯，謝謝你們兩個。我喜歡這一點，這是一個完美的結束語，即以消費者為中心。這是貫穿我們今天所涵蓋的所有內容的主題，包括 Gigglescape、Figmint 和 dealworthy 等新品牌。我們重新推出了《Gather》和《Cat & Jack》等強大遊戲。所以謝謝里克和吉爾對我們自有品牌工作的關注，這真的令人難以置信。

When I think about Target's right to win in this environment and our ability to meet key consumer needs, our owned brand is foundational to so many of our plans. That's because the investments we made in our capabilities and our team over more than 2 decades, combined to form competitive advantage that few retailers anywhere can match. And it's not just a competitive moat we're talking about here because we're not hunkering down, playing defense. This work is our springboard into the future.

當我想到塔吉特在這種環境下獲勝的權利以及我們滿足關鍵消費者需求的能力時，我們的自有品牌是我們許多計劃的基礎。這是因為我們二十多年來對我們的能力和團隊的投資，結合起來形成了任何地方的零售商都無法比擬的競爭優勢。我們在這裡談論的不僅僅是一條競爭護城河，因為我們沒有蹲下來防守。這項工作是我們走向未來的跳板。

And through the incredible value we -- value our owned brands offer across each of our key categories, and the compelling newness they're adding to our entire assortment, we'll continue to deepen our relationships with our guests and will give all consumers compelling reasons to choose Target.

透過我們重視我們的自有品牌在每個關鍵類別中提供的令人難以置信的價值，以及它們為我們的整個產品系列添加的引人注目的新穎性，我們將繼續加深與客人的關係，並為所有消費者提供引人注目的服務選擇目標的理由。

Now I'll hand it off to Cara Sylvester, who will tell us more about how we're getting these products in front of consumers and engaging with our guests and potential guests more broadly. Thank you. Cara?

現在我將把它交給卡拉·西爾維斯特 (Cara Sylvester)，她將告訴我們更多有關如何將這些產品呈現在消費者面前並更廣泛地與我們的客人和潛在客人互動的信息。謝謝。卡拉？

Thanks, Christina, and hello, everyone. Today, I'm excited to talk about our guest experience. And you might ask Cara, how do we define guest experience at Target? Well, we think of it as the way we engage across America. From simply saying hello to consumers in a warm-Target way to deepening the relationships we have with existing Target guests, to how we create moments of discovery, connection and joy that invite people to choose Target again and again.

謝謝克里斯蒂娜，大家好。今天，我很高興談論我們的賓客體驗。您可能會問 Cara，我們如何定義 Target 的賓客體驗？嗯，我們認為這是我們在美國各地參與的方式。從簡單地以熱情的 Target 方式向消費者打招呼，到加深我們與現有 Target 顧客的關係，再到我們如何創造發現、聯繫和歡樂的時刻，邀請人們一次又一次選擇 Target。

But before we look back at the previous year and preview what's ahead, I want to ground us in a consumer point of view because to understand how Target designs its guest experience, we should start with how people are shopping today. As you heard from Christina gone are the days when people would follow a consistent and well-defined path from discovery to purchase. Today, shopping is nonlinear and simply a part of the general ecosystem of our lives.

但在我們回顧過去的一年並展望未來之前，我想讓我們從消費者的角度出發，因為要了解塔吉特如何設計其客戶體驗，我們應該從人們今天的購物方式開始。正如您從克里斯蒂娜那裡聽到的那樣，人們從發現到購買都遵循一致且明確的路徑的日子已經一去不復返了。如今，購物是非線性的，只是我們生活整體生態系統的一部分。

Instead of a stand-alone experience that feels planned or predictable, shopping has become immersive, always on and fully integrated into how we all go about our days. A large portion of U.S. consumers, about 40%, start their purchase online and 20% start on social platforms. And those are just the people who are actively looking to shop. Many more are enticed to shop by the inspiration they find scrolling their social feeds for hours every day. This is expansive retail, nontraditional entry points, seamless transition between stores, online and social and fully in tune with what shoppers want and need. To meet these shoppers where they are, we spend a lot of time getting to know what matters to them and seeing the Target experience through their eyes.

購物不再是一種感覺有計劃或可預測的獨立體驗，而是變得身臨其境、始終在線並完全融入我們所有人的日常生活中。很大一部分美國消費者（約 40%）從網路開始購物，20% 從社群平台開始。這些人正是積極尋求購物的人。更多的人被每天滾動社交訊息幾個小時所發現的靈感所吸引而購物。這是廣闊的零售、非傳統的切入點、商店、線上和社交之間的無縫過渡，並且完全符合購物者的需求。為了滿足這些購物者的需求，我們花了很多時間來了解他們重視什麼，並透過他們的眼睛了解 Target 體驗。

Our guest base is broad and diverse. In fact, 96% of U.S. adults have shopped Target at some point in their life. Yet we know that your shopping experience in mind are going to look and feel very different based on a variety of factors. Our families, our interest, our budgets, our schedule and simply what brings us joy. Expectations also differ by category. If you're on a grocery run, you're looking for reliability and value. And if I'm shopping for one of my daughter's birthdays, I'm looking for inspiration and fun. These nuances are especially important for Target given our diverse multi-category portfolio. Yet even though your shop -- even though shopping journeys vary, after gathering feedback from millions of guests about what they care about and how Target fits into their lives, there are a few important truths that unite our guests and shape how we design our experience.

我們的客戶群廣泛且多樣化。事實上，96% 的美國成年人在一生中的某個階段都曾在 Target 購物過。但我們知道，由於多種因素的影響，您心目中的購物體驗看起來和感覺都會大不相同。我們的家庭、我們的興趣、我們的預算、我們的日程安排以及帶給我們快樂的一切。不同類別的期望也不同。如果您經營雜貨店，您會尋找可靠性和價值。如果我要為女兒的生日購物，我會尋找靈感和樂趣。鑑於我們多樣化的多類別產品組合，這些細微差別對於塔吉特來說尤其重要。然而，即使您的商店- 儘管購物旅程各不相同，但在收集了數百萬顧客關於他們關心什麼以及Target 如何融入他們的生活的反饋後，有一些重要的事實可以團結我們的顧客並塑造我們設計體驗的方式。

First, Target guests love to shop. They consistently list shopping as one of their favorite activities, more so than your average consumer. 90% of guests tell us they're looking for quality products. They also want a meaningful connection with the brand, and they're ahead of the curve when it comes to keeping up with trends. Second, our guests are whenever-wherever-however shoppers, using multiple channels to create the experience that fits into their lives. They're in the driver's seat when it comes to creating the experience that works best for them. And we have to meet them where, when and how they need us.

首先，塔吉特的客人喜歡購物。他們始終將購物列為他們最喜歡的活動之一，比一般消費者更喜歡。 90% 的客人告訴我們他們正在尋找優質產品。他們還希望與品牌建立有意義的聯繫，並且在跟上潮流方面他們處於領先地位。其次，我們的客人是隨時隨地的購物者，他們利用多種管道創造適合他們生活的體驗。在創造最適合他們的體驗方面，他們處於主導地位。我們必須在他們需要我們的地點、時間和方式來滿足他們。

Finally, one more important factor that defines Target guests. They are loyal, really loyal. Our most engaged guest account for a greater share of sales than we see at other competitors. Showing that the connection we have with guests is sticky and drives growth and profitability. Quite simply, guests look to target for inspiration, to find on-trend, high-quality items at a great price and to have some fun. Are we affordable? Yes. Are we fast and convenient? Absolutely. Can you check off everything on your list no matter how you prefer to shop? You bet.

最後，還有一個決定 Target 客人的重要因素。他們很忠誠，非常忠誠。與其他競爭對手相比，我們最活躍的賓客所佔的銷售份額更大。顯示我們與客人之間的聯繫具有黏性，可以推動成長和獲利。很簡單，客人希望尋找靈感，以優惠的價格找到流行的高品質商品並享受樂趣。我們負擔得起嗎？是的。我們快速方便嗎？絕對地。無論您喜歡如何購物，您都能檢查清單上的所有內容嗎？你打賭。

But there are other retailers who can say the same. What makes Target different, what makes guests consistently choose us over any other retailer is how we make them feel when they interact with us. How we design our experience to elevate ordinary moments into extraordinary ones with a carefully curated assortment, bursts of discovery and delight and plenty of human connection along the way.

但其他零售商也可以這麼說。 Target 的與眾不同之處在於，顧客在與我們互動時帶給他們的感受，是他們始終選擇我們而不是其他零售商的原因。我們如何設計我們的體驗，透過精心策劃的分類、爆發性的發現和喜悅以及沿途的大量人際聯繫，將平凡的時刻提升為非凡的時刻。

There, of course, are the big splashes of the Target brand that grab headlines, generate buzz and make people smile. Like our Halloween Ghoul Lewis, who took the season by storm or the ugly squirrel sweater that we created in 48 hours to pay homage to the version worn by Taylor and Travis over the holidays or turning the Las Vegas Sphere into a huge holiday snow globe complete with Bullseye in resonance. But there are also millions of smaller everyday moments that strengthen the bonds we have with our guests making their lives a little bit easier and a little bit brighter.

當然，塔吉特品牌的巨大影響力佔據了頭條新聞，引起了轟動，讓人們微笑。例如我們的萬聖節食屍鬼劉易斯，他風靡整個季節；或者我們在48 小時內製作的醜陋的松鼠毛衣，以向泰勒和特拉維斯在假期中穿的版本致敬，或者將拉斯維加斯球變成一個巨大的假日雪球與靶心產生共鳴。但也有數百萬的日常小時刻可以加強我們與客人的聯繫，讓他們的生活變得更輕鬆、更美好。

So when visiting one of our stores in San Antonio, Texas last year, I kept hearing about a team member who I needed to meet. In fact, even some guests stopped me and said, "I absolutely needed to meet her." And they were right. She was somebody I absolutely needed to meet, and I wanted you to meet her too. Let me introduce you to Amelia.

因此，去年參觀我們位於德克薩斯州聖安東尼奧的一家商店時，我不斷聽說我需要見一位團隊成員。事實上，甚至有些客人攔住我說：“我絕對需要見見她。”他們是對的。她是我絕對需要見見的人，我也希望你也能見見她。讓我向您介紹阿米莉亞。

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So I love that video because it captures who we are as a brand and what we aim to deliver across our entire guest experience. Our team brings so much empathy to their work. And it's not just the face-to-face interactions at checkout or in the aisles. Empathy is infused into how we design every part of the guest experience.

所以我喜歡這個視頻，因為它體現了我們作為一個品牌的身份以及我們的目標是在整個客戶體驗中提供什麼。我們的團隊對他們的工作充滿同理心。這不僅僅是結帳處或過道上的面對面互動。我們在設計賓客體驗的每個部分時都融入了同理心。

Drive Up is a perfect example. The reason guests love Drive Up at Target because it's a -- service reflects what's most important to them. It's easy. Swing by, we'll bring out your order to you or even pick up your return. It's fast. Just tell us you're on your way. We'll be ready when you are, no pickup windows to worry about because we work on your schedule. It's fun at a Starbucks to make your trip that much more relaxing and it's all free. This is what we mean by designing an experience for our guests. Looking at a service through their eyes, using Target technology to rapidly iterate and introduce new capabilities and finding ways to not only meet their needs but add something extra to make their day. That's the Target experience.

Drive Up 就是一個完美的例子。客人之所以喜歡 Drive Up at Target，是因為它的服務反映了對他們來說最重要的事情。這很容易。順便來，我們會將您訂購的商品交給您，甚至領取您的退貨。它很快。只需告訴我們您正在路上。當您準備好時，我們隨時準備好，無需擔心接送窗口，因為我們按照您的時間表工作。星巴克很有趣，可以讓您的旅行更加輕鬆，而且都是免費的。這就是我們為客人設計體驗的意義。透過他們的眼睛看待服務，使用 Target 技術快速迭代和引入新功能，並找到不僅滿足他們的需求而且添加額外內容來讓他們開心的方法。這就是 Target 體驗。

You saw that from us in 2023 as we continued on our path to be America's favorite discovery destination. Our stores are known as a getaway spot. Somewhere you can go and enjoy a few minutes or a few hours, browsing the aisles with friendly team members to help you find just what you need. We're bringing that same sense of exploration and relaxation to guests who walk through our digital front door. Last year, shoppers visited us more than 6 billion times on our digital channels, looking for the same warmth, newness and discovery that greets them when they walk into one of our front doors. In fact, more than half of guests who make a purchase in our stores have visited our app or our site that very same day, reinforcing how shoppers move fluidly from physical to online and back again.

2023 年，當我們繼續努力成為美國最受歡迎的探索目的地時，您會從我們身上看到這一點。我們的商店被譽為度假勝地。您可以去某個地方享受幾分鐘或幾個小時，與友好的團隊成員一起瀏覽過道，以幫助您找到您需要的東西。我們為走進我們數位前門的客人帶來同樣的探索和放鬆感。去年，購物者透過我們的數位管道訪問了我們超過 60 億次，尋求與走進我們前門時一樣的溫暖、新鮮感和發現。事實上，在我們商店購物的顧客中有一半以上在同一天訪問了我們的應用程式或我們的網站，這強化了購物者如何流暢地從實體店轉移到網上並再次返回。

And Target is uniquely suited to be there for our guests when inspiration strikes because of our agile technology and the pathways we create between stores, digital, social, marketing and more. The experience we created this past holiday season is a great example. This year, there was clear connectivity across our experience to create a memorable and meaningful visit no matter how you choose to shop with us. Holiday gateways, in-store and online, digital gifting stations, product packaging to make you smile, in-store playlist to set the mood, festive TikTok content and Target Wonderland community pop-up events. These all work together to celebrate the holidays with our guests in a way that only Target can.

憑藉我們敏捷的技術以及我們在商店、數位、社交、行銷等領域之間創建的路徑，Target 非常適合在靈感來臨時為我們的客人提供幫助。我們在過去的假期所創造的體驗就是一個很好的例子。今年，無論您選擇如何在我們這裡購物，我們的體驗都具有明顯的聯繫，可以為您帶來難忘且有意義的訪問。節日網關、店內和線上、數位禮品站、讓您微笑的產品包裝、營造氣氛的店內播放清單、節日 TikTok 內容和 Target Wonderland 社區快閃活動。所有這些都共同努力，以只有塔吉特 (Target) 才能做到的方式與我們的客人一起慶祝節日。

Our ongoing investment in our digital capabilities enabled this year's fully connected holiday celebration. In 2023, we transformed our digital experience from a utilitarian shopping platform that was one-size-fits-all to one that is filled with warmth, greets you personally just like Amelia would and delivers a custom blend of newness, trend, value and ease just for you. And it's not just what the guests see but what's happening behind the scenes to power these personalized experiences. We're using generative AI to power our product detail pages to provide more friendly and relevant explanations of what guests want to know about our assortment.

我們對數位能力的持續投資促成了今年完全互聯的節日慶祝活動。 2023 年，我們將數位體驗從一刀切的實用購物平台轉變為充滿溫暖的平台，像 Amelia 一樣親自迎接您，並提供新穎、潮流、價值和輕鬆的客製化融合只為你。這不僅僅是客人所看到的，還有幕後發生的事情來推動這些個人化體驗。我們正在使用生成式人工智慧來支援我們的產品詳細資訊頁面，以便為客人想要了解我們的產品系列的內容提供更友善和相關的解釋。

AI also powers features like shop the look and our get it now assistant, which lets you know when items in your cart are available for pickup at a nearby store. It's also the engine behind the insights we use to give guests more personal experiences and rewards through our loyalty program, Target Circle. And it's a key element of how we create thoughtfully curated campaigns for consumers through our advertising business, Roundel.

人工智慧還支援購物外觀和立即獲取助手等功能，它可以讓您知道購物車中的商品何時可以在附近的商店取貨。它也是我們透過我們的忠誠度計劃 Target Circle 為客人提供更多個人體驗和獎勵的見解背後的引擎。這是我們如何透過我們的廣告業務 Roundel 為消費者精心策劃的行銷活動的關鍵要素。

This might be a good time to talk about how Roundel seamlessly integrates into the guest experience and continues to drive more than $1.5 billion in value for our business. Growing more than 20% in 2023, Roundel is the powerful bridge between our guests and the brands they love. Roundel works with more than 2,600 vendors to deliver creative that is resonant and wholly consistent with the Target experience. In return, our guests receive content that speaks directly to their interest and preferences. Take our holiday campaign with Apple.

現在可能是討論 Roundel 如何無縫融入賓客體驗並繼續為我們的業務創造超過 15 億美元價值的好時機。 Roundel 到 2023 年的成長率將超過 20%，是我們的客人和他們喜愛的品牌之間的強大橋樑。 Roundel 與 2,600 多家供應商合作，提供能引起共鳴且與 Target 體驗完全一致的創意。作為回報，我們的客人會收到直接符合他們興趣和偏好的內容。以我們與 Apple 的節日活動為例。

Tech products top many guests holiday gift list. So we worked with Apple on a comprehensive campaign to keep their products front and center for our guests this holiday season. With custom content designed to reach our guests across a number of platforms, including Connected TV, YouTube and social media. Our co-created holiday video ad made us the first Apple partner to highlight the new double tap feature on its Watch Series 9 in a spot. To add relevance, we used AI on our site to position the right products in the right moments. Think serving up promotions to RedCard holders, so they get the best deal plus extra 5% off by using their card or helping a guest find a perfect gift for their teenager, hint, go for the AirPods Pro.

科技產品位居許多客人節日禮物清單的首位。因此，我們與 Apple 合作進行了一場全面的活動，讓他們的產品在這個假期成為我們客人的焦點。客製化內容旨在透過多個平台（包括連網電視、YouTube 和社交媒體）吸引我們的客人。我們共同製作的節日影片廣告使我們成為第一個在某個地方突出顯示其 Watch Series 9 上的全新雙擊功能的 Apple 合作夥伴。為了增加相關性，我們在網站上使用人工智慧在正確的時刻定位正確的產品。考慮向 RedCard 持有者提供促銷活動，這樣他們就可以透過使用他們的卡獲得最優惠的價格以及額外 5% 的折扣，或者幫助客人為他們的青少年找到完美的禮物，提示，選擇 AirPods Pro。

This integrated campaign tapped into our powerful ecosystem of digital, social, marketing and merchandising and absolutely resonated with shoppers. We deepened relationships with existing fans and attracted new ones with a significantly higher new guest rate compared to prior Apple campaigns at Target. In addition to the way Roundel powers the guest experience when guests are browsing our app or website unique to Target is our media mix with 35% of revenue being generated outside of our owned properties. That means that we're able to connect with consumers wherever they are, like on social or streaming platforms, driving more than 250 million visits to Target properties in 2023.

這項綜合活動利用了我們強大的數位、社交、行銷和銷售生態系統，絕對引起了購物者的共鳴。與先前 Apple 在塔吉特開展的活動相比，我們加深了與現有粉絲的關係，並以顯著更高的新顧客率吸引了新粉絲。除了 Roundel 在客人瀏覽我們的應用程式或 Target 網站時增強客人體驗的方式之外，我們還採用了媒體組合，其中 35% 的收入來自我們自有物業之外。這意味著我們能夠與身在何處的消費者建立聯繫，例如透過社群或串流平台，從而在 2023 年推動 Target 飯店的訪問量超過 2.5 億人次。

And social is increasingly where our guests are. We have more followers than any other mass retailer on TikTok with incredibly high engagement, which underscores our opportunity to connect the love that guests have for us on social to a smooth path to purchase in stores and on our digital properties. Our guests use social to stay in touch with the latest trends in a way that feels specifically designed for them. So we're working across the spectrum of social, from user-generated content and Target creators to our talent partners and Target owned platforms to make it easier for guests to maintain that discovery mindset as they shop.

客人所在的地方社交活動也越來越多。我們在TikTok 上擁有比任何其他大型零售商都多的追蹤者，並且參與度極高，這突顯了我們有機會將客人在社交上對我們的喜愛與在商店和我們的數位資產上的順利購物聯繫起來。我們的客人使用社交媒體以一種專為他們設計的方式來了解最新趨勢。因此，我們正在跨社交領域開展工作，從用戶生成的內容和 Target 創作者到我們的人才合作夥伴和 Target 擁有的平台，讓客人在購物時更容易保持這種發現心態。

Over the coming year, you'll see us experimenting to bring off-platform content on to our digital properties, so guests can find inspiration right on their sight in our app. And we'll blend social and commerce to create an experience that taps into real-time trends and makes off-line inspiration to online purchase intuitive and easy. So imagine a guest looking for just the right things for a housewarming celebration. They open our app, which is personalized just for them and type in housewarming party ideas. Using generative AI search, they see the latest products that fit their style and preferences, including delicious snacks from Good & Gather, cheap party supplies, modern glassware and even some new party outfits.

在接下來的一年裡，您將看到我們嘗試將平台外內容引入我們的數位資產，以便客人可以在我們的應用程式中立即找到靈感。我們將融合社交和商業，打造融入即時趨勢的體驗，讓離線靈感轉化為線上購買變得直覺、輕鬆。想像一下，一位客人正在尋找適合喬遷慶典的物品。他們打開我們為他們量身定制的應用程序，然後輸入喬遷派對創意。透過生成式人工智慧搜索，他們可以看到符合自己風格和喜好的最新產品，包括 Good & Gather 的美味小吃、廉價的派對用品、現代玻璃器皿，甚至一些新的派對服裝。

We brought the fun of wandering the aisles of our stores alongside inspiration from lifestyle influencers to spark new finds, like beautiful living room decor. Our guest uses 3D visualization to see it in their space and AI-powered reviews to learn more. They love it and snap it up along with their must-have party supplies. Within a few hours, their haul arrives thanks to same-day delivery, they love the items so much. They share their finds on social media, inspiring other guests to shop Target.

我們帶來了在商店過道中漫步的樂趣，以及來自生活方式影響者的靈感，以激發新的發現，例如美麗的客廳裝飾。我們的客人使用 3D 視覺化在他們的空間中查看它，並使用人工智慧驅動的評論來了解更多資訊。他們喜歡它，並把它和必備的派對用品一起搶購一空。由於當日送達，他們的貨物在幾個小時內就到達了，他們非常喜歡這些物品。他們在社群媒體上分享自己的發現，激勵其他客人購買塔吉特 (Target) 商品。

This is the future our teams are working on today, a seamless fluid shopping experience across stores, digital and social, and centered on what our guests want and need. And knowing what our guests want and need, deepening our connection with them and making millions of guests feel that every visit is made just for them is at the heart of our loyalty program Target Circle. We introduced the program in 2019 as a way to say thank you to guests with deals, rewards and perks. Today, we have more than 100 million members who have earned $2 billion in rewards. Members have told us how much they value the program, and it shows.

這就是我們團隊今天正在努力的未來，跨越商店、數位和社交的無縫流暢購物體驗，並以客人的需求為中心。了解客人的需求，加深我們與他們的聯繫，讓數百萬客人感到每次光臨都是為了他們，這是我們忠誠度計劃 Target Circle 的核心。我們於 2019 年推出了該計劃，旨在透過優惠、獎勵和福利向賓客表示感謝。如今，我們擁有超過 1 億會員，他們賺了 20 億美元的獎勵。成員告訴我們他們對這個計劃有多重視，這也顯示了這一點。

Last year, they visited us 5x more often and spent 5x more than guests who aren't members of Target Circle, yet. And our personalized deals and bonus offers powered by our proprietary technology drove $1.5 billion in incremental sales last year. Yet members have also told us that it could be even easier to save and know how much they're saving. So we took this opportunity not just to improve our program but to reimagine how we think about loyalty across the entirety of our experience. So today, I am thrilled to introduce a new Target Circle, one that brings the best of Target together under one loyalty program. Here's a short video that we created to sum up with new and what's next.

去年，他們造訪我們的次數比非 Target Circle 會員的客人多 5 倍，花費也比非 Target Circle 會員多 5 倍。去年，由我們的專有技術提供支援的個人化交易和獎金優惠帶動了 15 億美元的增量銷售額。然而，成員們也告訴我們，儲蓄和了解自己節省了多少錢可能會更加容易。因此，我們藉此機會不僅改進了我們的計劃，而且重新構想了我們如何看待整個體驗中的忠誠度。因此，今天，我很高興向大家介紹一個新的 Target Circle，該圈將 Target 的精華匯聚到一個忠誠度計劃中。這是我們製作的一個簡短視頻，用於總結新內容和接下來的內容。

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So bringing together Target Circle, Target Circle Card and Target Circle 360 simplifies and expands how we deliver value to our guests. And as we've been talking about, we've designed the program to give guests flexibility and control in how they shop. There's the Target Circle our guests know and love today that gives every member access to the best deals and rewards at Target. There's absolutely no cost to join. What's new is they can now shop target without having to search for and add offers. Deals are automatically applied at checkout, plus they'll continue to receive partner perks with Ulta Beauty and Apple and even more rewards through personalized bonuses based on their shopping behavior. For those guests who want to save even more, Target Circle Card offers an extra 5% off each trip. This is on top of the automatic savings they receive as Target Circle members, plus free 2-day shipping, extended time for returns and no annual fee.

因此，將 Target Circle、Target Circle Card 和 Target Circle 360​​ 結合在一起，可以簡化並擴展我們為客人提供價值的方式。正如我們一直在談論的，我們設計該計劃是為了讓客人能夠靈活地控制他們的購物方式。今天，我們的客人都知道並喜愛 Target Circle，它讓每位會員都能獲得 Target 的最佳優惠和獎勵。加入完全不需要任何費用。新功能是，他們現在可以購買目標商品，而無需搜尋和添加優惠。優惠會在結帳時自動套用，此外，他們將繼續獲得 Ulta Beauty 和 Apple 的合作夥伴福利，甚至可以根據他們的購物行為透過個人化獎金獲得更多獎勵。對於那些想要節省更多的客人，Target Circle Card 為每次旅行提供額外 5% 的折扣。除此之外，他們身為 Target Circle 會員還能自動節省費用，此外還享有免費 2 天送貨、延長退貨時間和免年費。

And with credit card, debit card or reloadable card options, consumers can find the product that's right for them. And finally, for those who want the magic of Target delivered to their door in as little as 1 hour, there's Target Circle 360, an extension of the same-day capabilities we've built since our acquisition of Shipt in 2017. Target Circle 360 members can order everything from groceries, to household essentials, to the newest must-have item with no additional fees, no markups and support from a preferred shopper. Members even have access to Shipt's multi-retailer marketplace, which gives them access to even more items from their favorite local stores. No waiting for days for boxes to arrive on your doorstep, just unlimited same-day delivery that we're rolling out to guests at the promotional price of $49, which will be the standard price for Target Circle cardholders.

透過信用卡、金融卡或可預付卡選項，消費者可以找到適合他們的產品。最後，對於那些希望在短短 1 小時內將 Target 的魔力送到家門口的人來說，Target Circle 360​​ 是我們自 2017 年收購 Shipt 以來構建的當日送達功能的延伸。Target Circle 360​​會員可以訂購從雜貨、家庭必需品到最新必備品的所有商品，無需額外費用，無需加價，並且可以獲得首選購物者的支持。會員甚至可以訪問 Shipt 的多零售商市場，這使他們可以從他們最喜歡的當地商店購買更多商品。無需等待幾天，盒子就能送到您家門口，只需無限次當天送貨，我們將以 49 美元的促銷價向客人推出，這將是 Target Circle 持卡人的標準價格。

Guests will have access to the new Target Circle starting April 7 and we can't wait for them to feel the difference. This is just the beginning for Target Circle. Our AI-powered models will continue to deepen our relationship with guests and enable us to deliver one-on-one personalization at scale. And with this new foundation in place, we'll continue adding benefits and perks based on what matters most to our guests, like exclusive partnerships, product offers and more so they can get the most out of shopping at Target. This goes back full circle, pun intended to how people are shopping today. Shopping is dynamic and so are we. The investments we're making reflect our focus on consumers' preferences and needs, so we continue to be their first choice for discovery, delight and experiences that make them smile.

從 4 月 7 日起，客人即可使用新的 Target Circle，我們迫不及待地想讓他們感受到與眾不同。這對 Target Circle 來說只是一個開始。我們的人工智慧模式將繼續加深我們與客人的關係，並使我們能夠大規模提供一對一的個人化服務。有了這個新的基礎，我們將繼續根據對客人最重要的事情增加福利和津貼，例如獨家合作夥伴關係、產品優惠等，以便他們能夠在 Target 購物中獲得最大收益。這又回到了原點，雙關語意指人們今天的購物方式。購物是動態的，我們也是。我們所做的投資反映了我們對消費者偏好和需求的關注，因此我們將繼續成為他們發現、愉悅和讓他們微笑的體驗的首選。

That's Target's guest experience at its best, building connection and celebrating everyday moments in meaningful and memorable ways. Moving with our guests through their lives. So we're able to bring joy whenever we can. That's the Target magic, and it's what fuels our future. Now I'd like to welcome a familiar face with an expanded title to the stage, Michael Fiddelke.

這就是 Target 的最佳賓客體驗，以有意義且難忘的方式建立聯繫並慶祝每一天。與我們的客人一起度過他們的一生。因此，只要有可能，我們就能帶來歡樂。這就是 Target 的魔力，也是我們未來的動力。現在我想歡迎一位熟悉的面孔，他的頭銜有所擴大，他是邁克爾·菲德爾克（Michael Fiddelke）。

Thanks, and good morning, everyone. As Cara just mentioned, I've recently taken on a new role. And while I'll be staying on as CFO for a little while longer, I'm honored and excited to be leading our incredible operations team as Chief Operating Officer. As an engineer by training, I've always had a passion and respect for the work of my new team. And I've learned a lot working with them and alongside them during my 20-plus years at Target. As John Hulbert would tell you, over the years, I've often added complexity to our investor travel. So we could squeeze in just one more store visit.

謝謝，大家早安。正如卡拉剛才提到的，我最近擔任了一個新角色。雖然我將繼續擔任財務長一段時間，但我很榮幸也很興奮能夠作為營運長領導我們令人難以置信的營運團隊。作為一名訓練有素的工程師，我一直對新團隊的工作充滿熱情和尊重。在塔吉特 (Target) 工作的 20 多年裡，我與他們一起工作並與他們並肩作戰，學到了很多東西。正如約翰·赫爾伯特（John Hulbert）告訴你的那樣，多年來，我經常增加投資者旅行的複雜性。這樣我們就可以再擠出一次去實體店的時間。

And throughout the recent holiday season and so far this new year, it's been great to have an opportunity to spend even more time with teams in both our stores and supply chain facilities. While our financial conversations often focus on the metrics we use to assess our performance, there's no substitute for seeing firsthand the strength of our operations, the benefits that come from well-managed inventory and newness and hearing our talented team is focused on building for the future.

在最近的假期期間以及今年新年到目前為止，很高興有機會與我們商店和供應鏈設施的團隊一起度過更多的時間。雖然我們的財務對話通常集中在我們用來評估績效的指標上，但無可取代的是，我們可以親眼目睹我們的營運實力、管理良好的庫存和新穎性所帶來的好處，以及聽到我們的才華橫溢的團隊致力於為未來的發展而努力。未來。

So before I move into the financial portion of my remarks, I'm going to spend a few minutes on my priorities as I move into this new role. And as I've mentioned to my new team, I'm coming into this job at a time when our operations are in a very strong position. As such, my top priority is to build on the foundation that John Mulligan and the team have already established, and I'm fortunate to have an outstanding group of leaders already in place. As you've heard from John over the years, the operations team is focused on advancing multiple long-term initiatives to expand our footprint, modernize how we support our business and advance our company strategy. These efforts begin with investments in our store network, developing new locations, remodeling existing ones, supporting key partnerships like Ulta Beauty, enhancing our same-day services and more.

因此，在我進入演講的財務部分之前，我將花幾分鐘時間討論我進入這個新角色時的優先事項。正如我向我的新團隊提到的，我是在我們的業務處於非常有利的地位時開始這份工作的。因此，我的首要任務是在 John Mulligan 和團隊已經建立的基礎上再接再厲，我很幸運擁有一支出色的領導團隊。正如您多年來從約翰那裡聽到的那樣，營運團隊致力於推進多項長期計劃，以擴大我們的足跡，實現我們支持業務的現代化方式並推進我們的公司策略。這些努力始於對我們的商店網絡的投資、開發新店、改造現有店、支持 Ulta Beauty 等重要合作夥伴、增強我們的當日服務等。

We're also transforming our supply chain. This includes our journey to automate upstream replenishment with a focus on reducing store workload and increasing reliability. It also includes the build-out of our sortation center network, which offers faster delivery times while meaningfully reducing the cost of last mile delivery. Beyond this investment in our infrastructure, we're partnering with teams across the company to enhance our inventory positioning and demand forecasting, leveraging AI and machine learning to enhance our speed, consistency and efficiency. And of course, we're focused on the support and development of our team, including their pay, benefits, training and well-being. As I've said consistently, during my time as CFO, our team is our most valuable asset, and I'm bringing that perspective into my new role.

我們也在改造我們的供應鏈。這包括我們的自動化上游補貨之旅，重點是減少商店工作量和提高可靠性。它還包括擴大我們的分類中心網絡，該網絡可提供更快的交貨時間，同時顯著降低最後一英里的交貨成本。除了對基礎設施的投資之外，我們還與整個公司的團隊合作，增強我們的庫存定位和需求預測，利用人工智慧和機器學習來提高我們的速度、一致性和效率。當然，我們專注於團隊的支持和發展，包括他們的薪酬、福利、培訓和福祉。正如我一直所說的那樣，在擔任財務長期間，我們的團隊是我們最寶貴的資產，我正在將這一觀點帶入我的新角色。

As Christina mentioned earlier, beginning last year, our team renewed their focus on retail fundamentals after several years of managing through unusually high volatility. These efforts focus first on in-stocks, but encompass a broad array of measures relating to guest experience. In total last year, our store teams rolled out new training on 25 separate best practices, and we've seen the benefit in our recent guest surveys. While those initial improvements are encouraging, we'll continue on that journey throughout this year to ensure we're setting the standard for the shopping experience in U.S. retail.

正如克里斯蒂娜早些時候提到的，從去年開始，我們的團隊在經歷了幾年異常高的波動性之後，重新關注零售基本面。這些努力首先關注庫存，但也涵蓋與賓客體驗相關的一系列廣泛措施。去年，我們的商店團隊總共針對 25 項不同的最佳實踐推出了新的培訓，我們在最近的顧客調查中看到了這些好處。雖然這些最初的改進令人鼓舞，但我們將在今年繼續這趟旅程，以確保我們為美國零售業的購物體驗設定標準。

So now let me turn to our financial results. And while our focus today is on the future, I'm also going to give a look back for perspective on our longer-term trajectory. I'll begin with a review of last year's financial performance and then compare and then examine how it compares with a decade ago. With that context, I'll look ahead to our aspirations over the next 10 years and conclude with our outlook for 2024. It's clear that last year was unusual as top line results came in below our guidance, but our bottom line performance came in well ahead of expectations. For the full year, we saw a 3.7% decline in our comparable sales, reflecting quarterly traffic trends that varied widely from the strongest performance in Q1 to the softest in Q2 and an improving trend in Q3 and Q4.

現在讓我談談我們的財務表現。雖然我們今天的重點是未來，但我也將回顧我們的長期發展軌跡。我將首先回顧去年的財務業績，然後比較並研究它與十年前的情況。在此背景下，我將展望未來10 年的願望，並以2024 年的展望作為總結。很明顯，去年是不尋常的一年，因為頂線業績低於我們的指導，但我們的底線業績表現良好超出預期。全年來看，我們的可比銷售額下降了3.7%，反映出季度流量趨勢差異很大，從第一季的最強表現到第二季度的最疲軟表現，以及第三季度和第四季度的改善趨勢。

As traffic improved, we saw a better comp sales trend, better digital sales and a dramatic improvement in discretionary categories. On the operating margin line, our business delivered dollar growth of nearly $2 billion last year, well beyond our initial guidance of $1 billion or more. This was driven by a rebound in our operating margin rate from historic lows in 2022, a year where we faced unusually high markdown rates, sky high freight and transportation costs and rising rates of inventory shrink.

隨著流量的改善，我們看到了更好的同品銷售趨勢、更好的數位銷售以及非必需品類的顯著改善。在營業利潤率方面，我們的業務去年實現了近 20 億美元的美元成長，遠遠超出了我們 10 億美元或更多的最初指引。這是由於我們的營業利潤率從 2022 年的歷史低點反彈，這一年我們面臨著異常高的降價率、極高的貨運和運輸成本以及不斷上升的庫存縮減率。

Last year, as the team managed inventory really well, markdown rates improved dramatically, and we saw a huge reduction in freight and transportation costs more than we expected as we entered the year. Healthy inventory levels also helped our operations, without the need to manage overfilled backrooms, store teams were able to flow product onto their sales floor more easily and increase their focus on guest-facing work.

去年，由於團隊管理庫存非常好，降價率顯著提高，我們看到貨運和運輸成本的大幅下降超出了我們進入這一年的預期。健康的庫存水準也有助於我們的運營，無需管理人滿為患的後台，商店團隊能夠更輕鬆地將產品運送到銷售樓層，並更加專注於面向顧客的工作。

Similarly, our supply chain facilities were able to operate more smoothly without the necessary labor hours and extra touch is required to manage overly full buildings. Last year, we also benefited meaningfully from the efficiency efforts we launched about a year ago. When we began this work, we said we expected to realize $2 billion to $3 billion in permanent efficiency gains over a 3-year period. And with the first of those 3 years behind us, we continue to feel very good about our progress. More specifically, we estimate that these efforts delivered savings of more than $0.5 billion last year helping to offset other profit pressures, including the deleveraging effect of a soft top line, continued investments and paying benefits for our team and higher inventory shrink. And finally, last year, we continued to benefit from our Roundel ad business, which grew more than 20% in a year when we were facing challenging trends on the top line.

同樣，我們的供應鏈設施無需必要的人工時間就能更順利地運行，並且需要額外的接觸來管理過於擁擠的建築物。去年，我們也從大約一年前發起的效率工作中受益匪淺。當我們開始這項工作時，我們表示預計將在 3 年內實現 20 億至 30 億美元的永久性效率收益。這三年的第一年已經過去，我們仍然對我們的進步感到非常滿意。更具體地說，我們估計這些努力去年節省了超過5 億美元，有助於抵消其他利潤壓力，包括軟頂線的去槓桿化效應、持續投資和為我們的團隊支付福利以及更高的庫存縮減。最後，去年，我們繼續受益於 Roundel 廣告業務，在我們面臨營收趨勢挑戰的一年內，該業務成長了 20% 以上。

Altogether, last year's profit performance led to growth in our GAAP and adjusted EPS of nearly $3 or just under 50% compared with the prior year. In addition, cash from operations more than doubled from $4 billion in 2022 to $8.6 billion last year. And finally, after-tax return on invested capital expanded by well over 3 percentage points from 12.6% in 2022 to 16.1% last year.

總的來說，去年的利潤表現導致我們的 GAAP 和調整後每股收益比前一年增長了近 3 美元，即略低於 50%。此外，營運現金增加了一倍多，從 2022 年的 40 億美元增加到去年的 86 億美元。最後，投資資本的稅後報酬率從 2022 年的 12.6% 擴大到去年的 16.1%，增加超過 3 個百分點。

Before I include my recap of 2023, I want to provide an update on inventory shrink, which includes the impact of retail theft. Last year, consistent with expectations, shrink cost increased more than $500 million compared with 2022, representing about 50 basis points of incremental rate pressure. Even more notable, compared with 2019, shrink costs have reduced our operating margin rate by a cumulative 1.2 percentage points over a 4-year period.

在對 2023 年進行回顧之前，我想先介紹一下庫存縮減的最新情況，其中包括零售竊盜的影響。去年，與預期一致，收縮成本較 2022 年增加了 5 億多美元，相當於增量利率壓力約 50 個基點。更值得注意的是，與 2019 年相比，縮減成本使我們的營業利潤率在 4 年期間累積下降了 1.2 個百分點。

Happily, we've seen some encouraging trends recently resulting from both the actions we've taken and the community efforts we're seeing across the country. I want to pause and give a quick shout out to our assets protection and information security teams who are working around the clock to protect the safety of our team and our guests. I'll add, however, that because it's a lagging metric, we're planning for shrink rates to remain approximately flat in 2024. So now with last year in the books, I want to briefly pull back the lens and look back over the last decade, which is a very long time in retail. This will help to highlight the journey we've been on and the capabilities we've developed serving as the foundation for the next decade of profitable growth. As you all know, the last 10 years were a time of rapid change in retail.

令人高興的是，最近我們看到了一些令人鼓舞的趨勢，這些趨勢是我們所採取的行動以及我們在全國各地看到的社區努力所產生的。我想暫停一下，向我們的資產保護和資訊安全團隊表示感謝，他們全天候工作，以保護我們團隊和客人的安全。不過，我要補充一點，因為這是一個滯後指標，我們計劃在 2024 年將收縮率保持大致持平。因此，現在考慮到去年的情況，我想簡單地拉回鏡頭並回顧一下過去十年，對於零售業來說是很長的一段時間。這將有助於突出我們所經歷的歷程以及我們所開發的能力，為未來十年的獲利成長奠定基礎。眾所周知，過去10年是零售業快速改變的時期。

This led to some sluggish results at Target in the early years as our business faced some significant challenges. Those periods were followed by rapid progress in later years based on the steps we took to address those challenges. Let's start with the top line. In 2013, our U.S. business generated about $71 billion in sales, while 2023 sales were about $34.5 billion higher, representing an average growth rate of about 4% per year, breaking down that growth by channel, about $16.5 billion occurred in our stores, while digital sales grew by another $18 billion becoming nearly 13x larger over that decade.

由於我們的業務面臨一些重大挑戰，這導致塔吉特早年業績不佳。基於我們為應對這些挑戰所採取的步驟，這些時期之後的幾年取得了快速進展。讓我們從頂行開始。 2013 年，我們美國業務的銷售額約為710 億美元，而2023 年銷售額將增加約345 億美元，平均每年增長率約為4%，按通路細分，我們的商店銷售額約為165 億美元，而十年間，數位銷售額又成長了 180 億美元，成長了近 13 倍。

Within our digital sales, same-day services, which didn't exist 10 years ago, accounted for $12.5 billion or 70% of our digital growth between 2013 and 2023. On the bottom line, our adjusted EPS in the U.S. grew by an average of about 7.6% per year from $4.29 in 2013 to $8.94 last year, while GAAP EPS from continuing operations grew slightly faster.

在我們的數位銷售中，10 年前還不存在的當日服務貢獻了 125 億美元，即 2013 年至 2023 年間我們數字增長的 70%。 總而言之，我們在美國的調整後每股收益平均增長每年增長約7.6%，從2013 年的4.29 美元增至去年的8.94 美元，而持續經營業務的GAAP 每股盈餘成長略快。

On top of those EPS gains, our per share dividend grew at an average rate of 10.7% per year from $1.58 in 2013 to $4.36 last year. I'd note that these bottom line returns were delivered during a decade in which our operating profitability experienced a meaningful amount of compression from a 6.7% operating margin rate in 2013 to 5.3% last year. As we experienced significant pressure from inventory shrink and higher digital penetration. Going forward, we expect to offset at least a portion of this decline over time as we work to achieve an optimal and sustainable operating margin rate.

除了每股收益成長之外，我們的每股股息以平均每年 10.7% 的速度成長，從 2013 年的 1.58 美元增至去年的 4.36 美元。我要指出的是，這些底線回報是在十年內實現的，在這十年中，我們的營業利潤率經歷了大幅壓縮，從 2013 年的 6.7% 營業利潤率降至去年的 5.3%。由於我們經歷了庫存縮減和數位化滲透率提高帶來的巨大壓力。展望未來，隨著我們努力實現最佳且可持續的營業利潤率，我們預計將隨著時間的推移至少抵消部分下降。

Turning to capital deployment. Our priorities have remained consistent for decades. So I'll briefly reiterate them here. We first look to reinvest capital in our business in projects that meet our strategic and financial criteria. Second, we look to support the dividend and build on our 52-year record of annual increases in the dividend per share. And finally, we deploy any excess cash after these first two uses to repurchase shares within the limits of our middle A credit ratings. Over the last decade, our operations generated just over $67 billion of cash. And during that time, the lowest level of any single year was still more than $4 billion. These cash returns demonstrate the durability of our business as we navigated through several challenging periods over those 10 years.

轉向資本配置。幾十年來，我們的優先事項始終如一。因此，我將在這裡簡要重申。我們首先希望將業務資本再投資於符合我們策略和財務標準的專案。其次，我們希望支持股息，並鞏固我們 52 年每股股息年度成長的記錄。最後，在前兩次使用之後，我們將多餘的現金用於在我們的中等 A 信用評級的範圍內回購股票。過去十年，我們的業務創造了超過 670 億美元的現金。在此期間，單年最低仍超過 40 億美元。這些現金回報證明了我們業務的持久性，我們在這十年中度過了幾個充滿挑戰的時期。

They also give us a lot of confidence in our prospects for making continued productive investments in the years ahead. Throughout that entire decade, deployment of cash was consistent with our long-term priorities. Just over $30 billion was devoted to CapEx, accounting for about 45% of the total. Another $14.5 billion was paid as dividends and cumulative share repurchases accounted for the remainder of just over $22 billion as we retired more than 206 million shares at an average price of about $108, all while maintaining our Middle A ratings over the entire period.

它們也讓我們對未來幾年持續進行生產性投資的前景充滿信心。在整個十年中，現金的部署與我們的長期優先事項是一致的。資本支出超過 300 億美元，約佔總額的 45%。另外也支付了145 億美元，因為我們以平均價格約108 美元的價格註銷了超過2.06 億股股票，同時在整個期間維持了中A 評級，因此股息和累積股票回購佔了剩餘的220 億美元多一點。

So now with that long-term look back as context, I want to turn to what we expect to achieve over the next 10 years, beginning with the top line, where we're focused on 3 separate growth drivers: comparable sales, new stores and other revenue. Comps are expected to be the primary source of growth with increases in the low to mid-single-digit range in a normal year, consistent with our average over the last decade. We'll support this comp growth with continued investments in our business in remodels, own brands, national brands, signature partnerships and value-added services across all channels.

因此，現在以長期回顧為背景，我想談談我們期望在未來 10 年實現的目標，從營收開始，我們專注於 3 個獨立的成長驅動因素：可比銷售額、新店和其他收入。預計比較將成為成長的主要來源，在正常年份中增幅將在低至中個位數範圍內，與我們過去十年的平均值一致。我們將透過對改造、自有品牌、國家品牌、標誌性合作夥伴關係和跨所有管道的增值服務等業務的持續投資來支持這一成長。

Turning to remodels. We plan to invest in the vast majority of our nearly 2,000 store fleet over the next 10 years. Each year, projects will range from full-scale remodels in which we touch the entire store to more surgical investments, including the addition of Ulta Beauty locations, fixture upgrades, support of our same-day services and more. On top of existing stores, we'll continue opening new locations based on the strong financial returns they generate.

轉向改造。我們計劃在未來 10 年內對近 2,000 家門市中的絕大多數進行投資。每年，我們的專案都會涵蓋從整個商店進行全面改造，到更多的外科手術投資，包括增加 Ulta Beauty 門市、設備升級、支援當日服務等。除了現有商店之外，我們將根據新店所產生的強勁財務回報繼續開設新店。

As Brian mentioned, most of these new stores will be larger on average than we've opened in recent years. Based on the opportunities we've already identified, we expect to open more than 300 additional stores over the next decade, meaningfully extending our reach into new neighborhoods. By the end of those 10 years, we expect those new stores will be generating incremental sales of around $15 billion annually.

正如布萊恩所提到的，大多數新店的平均規模將比我們近年來開設的店還要大。根據我們已經發現的機會，我們預計在未來十年內再開設 300 多家商店，從而有意義地將我們的業務範圍擴展到新的社區。到這 10 年結束時，我們預計這些新店每年將產生約 150 億美元的增量銷售額。

Beyond our buildings, we'll continue to focus on the well-being of our team members who enable our growth and serve as the face of Target every day. As Christina and Cara highlighted earlier, the human element as exemplified by our team as a continued differentiator for Target in a world where commerce is becoming increasingly mechanized and impersonal. Finally, over the next decade, we expect to continue seeing outsized growth in other revenue. This has been driven in recent years by our Roundel ad business, which contributed more than $1.5 billion of value to Target last year to the benefit of both gross margin and other revenue. On top of Roundel, we also expect our digital marketplace, Target Plus, to make a more meaningful contribution over the next 10 years.

除了我們的建築之外，我們將繼續關注團隊成員的福祉，他們推動我們的發展，並每天充當塔吉特的形象。正如克里斯蒂娜和卡拉之前所強調的那樣，在商業日益機械化和非人性化的世界中，我們團隊所體現的人為因素是塔吉特持續的差異化因素。最後，在未來十年中，我們預計其他收入將繼續大幅成長。近年來，我們的 Roundel 廣告業務推動了這一趨勢，該業務去年為 Target 貢獻了超過 15 億美元的價值，毛利率和其他收入都受益。除了 Roundel 之外，我們還期望我們的數位市場 Target Plus 在未來 10 年內做出更有意義的貢獻。

Putting this all together, over the next decade, we expect our total revenue will grow by an average rate of roughly 4% per year over the next 10 years. If we attain that goal, our business will add more than $50 billion of revenue on top of the $107 billion we delivered in 2023. That growth will enable our business to further benefit from scale efficiencies as we continue to extend our reach in the U.S. market. On the operating margin line, our ambition is to reach the optimal rate to maximize profit dollar growth over time. While we don't yet know what that rate will be, we believe it will be at least the size our prepandemic rate of 6%. We made enormous progress and moving back towards 6% last year and expect to make continued progress in 2024 and beyond.

綜上所述，在接下來的十年裡，我們預計我們的總收入將以平均每年約 4% 的速度成長。如果我們實現這一目標，我們的業務將在2023 年交付的1,070 億美元收入的基礎上增加超過500 億美元的收入。隨著我們繼續擴大在美國市場的影響力，這種增長將使我們的業務進一步受益於規模效率。 。在營業利潤率方面，我們的目標是達到最佳利率，以隨著時間的推移實現利潤美元成長最大化。雖然我們還不知道這個比率是多少，但我們相信它至少會達到疫情前 6% 的水平。我們取得了巨大進步，去年已回升至 6%，並預計在 2024 年及以後繼續取得進展。

Once we reach that 6% milestone, we'd be happy to continue moving higher as long as we're seeing appropriate dollar growth. For example, if we're successful in reducing shrink over the next few years, that might support our ability to sustainably operate above 6% over time. Regarding CapEx, we don't apply a rule of thumb to determine annual spending. Rather, we maintain a bottom-up plan and allocate capital to all the projects that meet our strategic and financial criteria. As you've seen in recent years, annual CapEx will vary based on the external backdrop and individual project investments, which naturally follow the evolving needs of the business will vary as we snap this chalk line in a specific year.

一旦我們達到 6% 的里程碑，只要我們看到美元適度成長，我們就會很高興繼續走高。例如，如果我們在未來幾年成功減少損耗，這可能會支持我們隨著時間的推移可持續營運 6% 以上的能力。關於資本支出，我們不會應用經驗法則來決定年度支出。相反，我們維持自下而上的計劃，並將資金分配給所有符合我們策略和財務標準的項目。正如您近年來所看到的，年度資本支出將根據外部背景和單一專案投資而有所不同，這自然會隨著業務不斷變化的需求而變化，因為我們在特定年份打破了這條粉筆線。

For example, while in 2022, we needed to rapidly expand our upstream replenishment capacity. We're no longer feeling that same urgency today. Similarly, while we love what we're seeing in our sortation centers and expect to meaningfully grow their capacity over time, the pacing of sort center investments has slowed somewhat in the near term given the brown box last mile delivery volumes declined significantly last year. When we put together all of those considerations, along with our long-term growth ambitions, we believe annual CapEx will typically range between $3.5 billion and $5.5 billion in 2025 and beyond. Regarding our second capital priority, we expect to continue growing the per share dividend over the next decade and we'll manage the rate of annual increases with a goal of reaching a 40% payout ratio over time.

例如2022年，我們需要快速擴大上游補貨能力。今天我們不再感到同樣的迫切感。同樣，雖然我們喜歡我們在分類中心所看到的情況，並希望隨著時間的推移，其容量將得到有意義的增長，但鑑於去年棕色箱最後一英里的交付量大幅下降，分揀中心的投資步伐在短期內有所放緩。當我們將所有這些考慮因素以及我們的長期成長目標放在一起時，我們認為 2025 年及以後的年度資本支出通常將在 35 億美元至 55 億美元之間。關於我們的第二個資本優先事項，我們預計在未來十年內繼續增加每股股息，並且我們將管理年度成長率，目標是隨著時間的推移達到 40% 的派息率。

As for our third capital priority, we expect share repurchases will continue to play a meaningful role in our EPS growth in years ahead. Our strong balance sheet successfully absorbed a number of powerful shocks in 2022. And last year, we made significant progress in moving our debt metrics back to appropriate levels. This sets the stage for a potential resumption and repurchase activity later this year. Altogether, we believe we can deliver high single-digit growth in earnings per share in a typical year, at or above the average you've seen over the last 10 years. And lastly, we believe our after-tax ROIC can continue to move higher into the teens over the next decade -- into the high teens over the next decade.

至於我們的第三個資本優先事項，我們預計股票回購將繼續在未來幾年的每股盈餘成長中發揮有意義的作用。我們強勁的資產負債表成功地吸收了 2022 年的一系列強大衝擊。去年，我們在將債務指標恢復到適當水平方面取得了重大進展。這為今年稍後可能恢復和回購活動奠定了基礎。總而言之，我們相信我們可以在典型年份實現每股收益高個位數成長，達到或高於過去 10 年的平均水準。最後，我們相信我們的稅後投資回報率可以在未來十年繼續上升到十幾歲——在未來十年達到高十幾歲。

So now let me turn briefly to our expectations for 2024. On the top line, we're still planning cautiously, given the consumer spending patterns we've seen for 2 full years now. More specifically, on the discretionary side of our business, even as we've seen improving trends over the last 2 quarters, overall demand remains soft as spending patterns continue to normalize from pandemic peaks. In our frequency businesses, we're anticipating a further recovery in unit trends this year as inflation continues to moderate. Altogether, we're planning for a modest increase in comparable sales in the 0% to 2% range for the year. Within the year, our top line will face the highest hurdle in the first quarter, while over the remainder of the year, we'll be comparing over notably softer results. As a result, while we're looking to build on the momentum we've seen in recent quarters, our plans anticipate a comp decline in the first quarter.

現在讓我簡單談談我們對 2024 年的預期。總體而言，考慮到我們兩年來所看到的消費者支出模式，我們仍在謹慎規劃。更具體地說，在我們業務的可自由支配方面，儘管我們看到過去兩個季度的趨勢有所改善，但隨著支出模式繼續從大流行高峰恢復正常化，整體需求仍然疲軟。在我們的頻率業務中，隨著通膨持續緩和，我們預計今年單位數量趨勢將進一步復甦。總而言之，我們計劃今年可比銷售額小幅成長 0% 至 2%。年內，我們的營收將在第一季面臨最大的障礙，而在今年剩餘時間內，我們將比較明顯疲軟的業績。因此，雖然我們希望在最近幾季看到的勢頭基礎上再接再厲，但我們的計劃預計第一季的業績將會下降。

After that, we're planning for a resumption of top line growth over the remaining 3 quarters of the year. On the operating margin line, we expect the impact of inventory shrink will be roughly flat to last year. In addition, given our cautious top line expectations and continued investments in long-term growth, we'll likely see some deleveraging on the SG&A line. In terms of tailwinds, we're planning for modest improvement -- modest rate improvement in shipping and transportation as we annualize the benefit of the lower rate contracts negotiated throughout 2023. We're also planning for continued outsized growth in our Roundel ad business, contributing to both gross margin and other revenue. And of course, we expect our efficiency work will benefit both our gross margin and SG&A expense rates.

此後，我們計劃在今年剩餘的三個季度恢復收入成長。在營業利潤線上，我們預期庫存縮減的影響將與去年大致持平。此外，考慮到我們謹慎的營收預期以及對長期成長的持續投資，我們可能會看到SG&A線的去槓桿化。就順風而言，我們計劃適度改善——航運和運輸方面的費率適度提高，因為我們將 2023 年談判的較低費率合約的收益年化。我們還計劃我們的 Roundel 廣告業務繼續大幅增長，對毛利率和其他收入都有貢獻。當然，我們預期我們的效率工作將有利於我們的毛利率和銷售管理費用率。

Altogether, in 2024, we're planning for a modest increase from last year's 5.3% operating margin rate as we continue moving towards our 6% goal. On the bottom line, our 2024 expectations translate to a full year range for both GAAP and adjusted EPS of $8.60 to $9.60. On first glance, the midpoint of this range represents growth of just under 2% versus 2023. However, I'd note that it's equivalent to a mid- to high single-digit increase on a 52- to 52-week basis, given that last year had an extra week. Regarding the first quarter, our full year plans translate to a range of $1.70 to $2.10 for both GAAP and adjusted EPS on an expected 3% to 5% decline in comparable sales.

總而言之，到 2024 年，我們計劃在去年 5.3% 的基礎上小幅提高營業利潤率，繼續朝 6% 的目標邁進。總而言之，我們對 2024 年的預期是全年 GAAP 和調整後每股收益為 8.60 美元至 9.60 美元。乍一看，該範圍的中點表示與 2023 年相比增長略低於 2%。但是，我注意到，這相當於 52 至 52 週的中高個位數增長，因為去年多了一周。關於第一季度，我們的全年計劃按 GAAP 和調整後每股收益計算為 1.70 美元至 2.10 美元，預計可比銷售額下降 3% 至 5%。

Turning to our balance sheet and capital deployment. We continue to expect a CapEx range of $3 billion to $4 billion for the year and are planning for another strong year of cash generation. Later in the year, we'll recommend that our Board approved another increase in our per share dividend. And finally, while we don't expect to repurchase any shares in Q1, we may be able to resume that activity later in the year within the limits of our Middle A ratings. As I get ready to close, I want to pause and thank the entire Target team with a particular call out to my colleagues in finance. It's been an honor to serve as your Chief Financial Officer for the last 4.5 years. Just as I have been, I'm confident my successor will be incredibly grateful for the leadership, integrity, passion and discipline you bring to your work every day.

轉向我們的資產負債表和資本部署。我們仍然預計今年的資本支出範圍為 30 億至 40 億美元，併計劃迎來另一個強勁的現金生成年。今年晚些時候，我們將建議董事會批准再次增加每股股利。最後，雖然我們預計不會在第一季回購任何股票，但我們也許能夠在今年稍後在我們的中 A 評級範圍內恢復這項活動。當我準備結束時，我想暫停一下並感謝整個 Target 團隊，並特別感謝我的財務同事。在過去的 4.5 年裡，我很榮幸能擔任你們的財務長。就像我一樣，我相信我的繼任者將會非常感謝您每天為工作帶來的領導力、正直、熱情和紀律。

Until a successor is named, I'll continue to fully occupy the CFO role and partner with all of you on behalf of Target and our stakeholders. To my new team, I'm incredibly excited to be working with all of you. As I said earlier, our operations are already in great shape, and I'm fortunate to be working with a strong set of leaders. I can't wait to see what we can accomplish together as we build and sustain the foundation for another decade of profitable growth at Target. Thank you. Now I'll turn it over to Brian for some closing remarks.

在任命繼任者之前，我將繼續全面擔任財務長一職，並代表塔吉特和我們的利害關係人與大家合作。對於我的新團隊，我非常高興能與你們所有人一起工作。正如我之前所說，我們的營運已經處於良好狀態，我很幸運能夠與一群強大的領導者一起工作。我迫不及待地想看看我們在為 Target 下一個十年的獲利成長奠定和維持基礎的過程中能夠共同實現什麼目標。謝謝。現在我將把它交給布萊恩做一些結束語。

Michael, thank you. As we get ready to take your questions, I might get started with some of the questions I can imagine are on your mind this morning. First, are the updates we shared enough to get Target back to growth? The answer is absolutely. We're confident that the road map we've outlined today puts our core strengths, capabilities and points of difference to work in new ways with even greater value, relevance, ease for our current guests and U.S. consumers more broadly. This road map will help us meet consumers where they are to drive traffic, profitable sales growth, and long-term market share gains.

邁克爾，謝謝你。當我們準備好回答你的問題時，我可能會開始回答一些我能想像到的你今天早上想到的問題。首先，我們分享的更新是否足以讓 Target 恢復成長？答案是絕對的。我們相信，我們今天概述的路線圖將使我們的核心優勢、能力和差異點以新的方式發揮作用，為我們現有的客人和更廣泛的美國消費者帶來更大的價值、相關性和便利性。此路線圖將幫助我們滿足消費者的需求，從而推動流量、獲利性銷售成長和長期市場份額的成長。

Another question might be, can Target keep building on the profit improvement you put up last year. You just heard it for Michael, nearly $2 billion in 2023 of operating income growth, far outpacing our guidance. More than $0.5 billion in cost savings from our ongoing efficiency efforts, giving us a fast start on our multiyear efficiency goals and realistic expectations for additional improvement in our operating margin rate this year as we move towards our 6% goal. Ultimately, I'm sure you're asking, what does this mean for shareholders over time? And that brings us back to our emphasis on long-term horizons and the durability of our business model.

另一個問題可能是，塔吉特能否在去年利潤成長的基礎上繼續前進。您剛剛聽到麥可說，2023 年營業收入成長近 20 億美元，遠遠超過我們的指導。我們持續的效率提升工作節省了超過 5 億美元的成本，使我們能夠快速實現多年效率目標，並在朝著 6% 的目標邁進時，對今年營運利潤率進一步提高抱有現實的期望。最後，我確信您會問，隨著時間的推移，這對股東意味著什麼？這讓我們回到了對長期視野和商業模式持久性的重視。

Again, you heard it from Michael. From 2013 to 2023, revenue grew by almost 50%, while earnings per share and the annual dividend more than doubled. The progress we made last year in shifting the momentum of our business, defining our road map for growth and improving our profit performance has set us up to resume share repurchase, potentially later this year. We know that's been an important source of shareholder returns over time. But since most of you know our capital priorities as well as we do at this point, I'm guessing you noticed that I'm ending with the priority that's been on top of the list for decades. Simply put, investing in the right strategies and capabilities for our consumers and our business is a surest way to deliver outstanding shareholder returns over decades.

再說一遍，你是從麥可那裡聽到的。從2013年到2023年，營收成長了近50%，而每股盈餘和年度股利則增加了一倍多。去年我們在轉變業務動能、制定成長路線圖和改善利潤表現方面取得的進展，使我們有可能在今年稍後恢復股票回購。我們知道，隨著時間的推移，這一直是股東回報的重要來源。但由於你們中的大多數人都像我們現在一樣了解我們的資本優先事項，我猜你們注意到我以幾十年來一直位居榜首的優先事項結束。簡而言之，為我們的消費者和我們的業務投資正確的策略和能力是幾十年來為股東帶來豐厚回報的最可靠方法。

As you've seen in the last decade, there's a lot we can't control in the operating environment, but we are in charge of our financial decisions and the business plans and investments that drive our performance. We know that if we perform well for consumers, their market will reward investors who are fueling those efforts. That's why you've seen us highlight our road map this morning. It reflects our team's eagerness to grow, and more importantly, our plan to execute on that ambition. It's how we're putting the assets and capabilities we've built in the last decade to work in ways that are inspiring and in step with how consumers will be shopping in the next decade.

正如您在過去十年中所看到的，營運環境中有很多事情是我們無法控制的，但我們負責推動我們業績的財務決策以及業務計劃和投資。我們知道，如果我們為消費者提供良好的服務，他們的市場就會獎勵那些推動這些努力的投資者。這就是為什麼您今天早上看到我們強調了我們的路線圖。它反映了我們團隊對成長的渴望，更重要的是，我們計劃執行這項雄心壯志。這就是我們如何將我們在過去十年中建立的資產和能力以鼓舞人心的方式發揮作用，並與消費者在未來十年的購物方式保持一致。

Keep in mind strengths that are unique to us, a comprehensive competitive position, a position that's difficult to replicate because no one can put it all together like Target. We've said it before, it's the power of [brand], from our stores and digital experiences to our fulfillment options, our multi-category portfolio, our signature brand partnerships, our own brand (inaudible) and above all, our global team. Our 400,000 Target team members and a talented and dedicated and determined leadership team, who have led and will keep leading our team through go time. But make no mistakes, everyone at Target from the check lane to the C-suite is committed to the next era of grow time. Now we look forward to hearing from you. I'll ask Christina, Cara and Michael to join me back on stage so we can take your questions.

請記住我們獨特的優勢，即全面的競爭地位，這是一種難以複製的地位，因為沒有人可以像 Target 那樣將所有這些優勢整合在一起。我們之前說過，這是[品牌]的力量，從我們的商店和數位體驗到我們的履行選項、我們的多類別產品組合、我們的標誌性品牌合作夥伴關係、我們自己的品牌（聽不清），最重要的是我們的全球團隊。我們的 40 萬名 Target 團隊成員以及一支才華橫溢、敬業且堅定的領導團隊，他們已經並將繼續領導我們的團隊度過整個過程。但請不要犯錯，塔吉特的每個人，從支票通道到最高管理層，都致力於下一個成長時代。現在我們期待您的來信。我會邀請克里斯蒂娜、卡拉和麥可回到舞台上，以便我們可以回答你們的問題。

(Operator Instructions)

（操作員說明）

Hands are going up, why don't we start right here?

舉起手來，我們為什麼不從這裡開始呢？

Simeon Gutman from Morgan Stanley. My first question is on the buying discipline. So Target makes a lot of its profit on discretionary products. Do you think you've developed new muscle over the last year or so? Or you just reacted to the environment and we'll see some of this go back?

摩根士丹利的西蒙古特曼。我的第一個問題是關於購買紀律。因此，塔吉特透過非必需品產品賺取了大量利潤。你認為你在過去一年左右的時間裡長出了新的肌肉嗎？或者你只是對環境做出了反應，我們會看到其中一些恢復？

Christina, I think that's a great place to start. And you can talk about the work we've done with our global sourcing teams to make sure we are evolving the way we buy goods across the country.

克里斯蒂娜，我認為這是一個很好的起點。您可以談論我們與全球採購團隊所做的工作，以確保我們不斷改進在全國範圍內購買商品的方式。

Yes. Thank you for the question. We have evolved significantly over the last 1.5 years plus. What we've been living through over the last couple of years really has been quite unprecedented. And the opportunity has been to infuse more agility and flexibility into our model. So in 2023, we bought with an intention of [placing bets] on the things that we were most excited about, innovation, newness, our own brands, where we saw the business trends were. But we also wanted to make sure that we created flexibility in the model. And so overall, we certainly bought less in those down-trending categories to manage the inventory. But by buying less led to swifter operations, ease and just clarity in how to operate within this environment. We were also able to introduce levers through dual sourcing capabilities, a country of production diversification having more domestic backup.

是的。感謝你的提問。在過去 1.5 年多的時間裡，我們取得了顯著的進步。過去幾年我們所經歷的事情確實是前所未有的。我們有機會為我們的模型注入更多的敏捷性和靈活性。因此，在 2023 年，我們購買的目的是[押注]我們最興奮的事情，創新、新奇、我們自己的品牌，以及我們看到的商業趨勢。但我們也想確保模型具有彈性。因此，總的來說，我們肯定會減少購買那些下降趨勢類別的產品來管理庫存。但透過減少購買，可以加快營運速度，讓如何在這種環境下運作變得輕鬆且清晰。我們也能夠透過雙重採購能力引入槓桿，這是一個生產多元化的國家，擁有更多的國內備份。

So in categories like apparel, where it's really important that we're on trend and we're able to get things that we need quickly based on what we're seeing in the market. We have increased our flexibility levers manyfold and are using reserve open to buy basically receipts that we haven't spend as well as other flexibility levers to buy into the things that are working. And it is really paying off. Not only did we manage our inventory levels significantly lower and led to significantly increase in stocks, the best we've had in 4 years as well as being able to chase into the things that matter. Our apparel business is perhaps the best example of that, where we've seen green shoots of acceleration quarter-by-quarter. And not totally visible when you look at the aggregate comp, our discretionary comps were the best in the fourth quarter. They were better than in the first quarter. So we've seen that discretionary comp acceleration through the year. That's what we plan to build on in 2024.

因此，在服裝等類別中，我們緊跟潮流非常重要，我們能夠根據我們在市場上看到的情況快速獲得我們需要的東西。我們已經成倍地增加了我們的靈活性槓桿，並使用開放儲備來購買我們尚未花費的基本收據以及其他靈活性槓桿來購買正在發揮作用的東西。它確實得到了回報。我們不僅顯著降低了庫存水平，還大幅增加了庫存，這是我們 4 年來最好的成績，並且能夠專注於重要的事情。我們的服裝業務也許是最好的例子，我們已經看到了每季加速成長的萌芽。當您查看總體比較時，並不完全可見，我們的可自由支配比較是第四季度最好的。他們比第一季更好。因此，我們看到全年可自由支配的薪酬加速成長。這就是我們計劃在 2024 年繼續努力的目標。

I'd only add that even in 2023, as we took a more conservative approach in discretionary categories, Christina, Rick and Jill's teams certainly leaned into key seasonal moments to make sure that we had the right newness, the right affordability as guests continue to celebrate those key seasonal moments. We'll do more of that in 2024 as we continue to make sure we adjust our flexibility to meet the needs of guests as they continue to change their shopping patterns. Let's go over on the side. Michael.

我只想補充一點，即使在2023 年，由於我們在可自由支配的類別中採取了更保守的方法，克里斯蒂娜、里克和吉爾的團隊當然會抓住關鍵的季節性時刻，以確保我們擁有合適的新穎性和合適的承受能力，因為客人繼續慶祝那些關鍵的季節性時刻。我們將在 2024 年做更多這樣的事情，因為我們將繼續確保調整我們的靈活性，以滿足客人不斷改變購物模式的需求。我們到一邊去吧。麥可.

I have 2 questions. One, seems like if we were to characterize the strategy today, it would be remodel the stores, introduce new products, leverage some of the relationships that you have with your customers through a reintroduced Circle program. You have a lot of experience with those strategies. Is it right for us to think that each one of those could contribute 100 basis points to your comp, and that's how you build to getting low to mid-single-digit comp over the long term?

我有 2 個問題。第一，如果我們今天要描述這個策略，那就是改造商店、推出新產品、透過重新推出的 Circle 計畫來利用你與客戶之間的一些關係。您對這些策略有豐富的經驗。我們是否認為其中每一項都可以為您的薪酬貢獻 100 個基點，而這就是您如何在長期內獲得低至中個位數的薪酬？

And then a more near-term question. You're guiding to 3% to 5% comp decline for the first quarter, flat to up 2%. How do you go from point A to point B? And how have you factored in some of the uncertainties like changes in credit card fees and the overall uncertain environment, given that there's an election year in the year ahead.

然後是一個更近期的問題。您預計第一季的複合成長率將下降 3% 至 5%，持平至上升 2%。如何從 A 點到 B 點？考慮到明年是選舉年，您如何考慮一些不確定因素，例如信用卡費用的變化和整體不確定的環境。

I'm happy to start, Michael. And we're not going to provide you the waterfall today that breaks all those components apart, but everything you've talked about is baked into our plans. We certainly expect new stores to be a major contributor as we go forward. Michael talked about, over a decade, we expect those 300 new stores to generate about $15 billion of incremental revenue. We'll continue to invest in remodels. And we've got a long track record of seeing those remodels deliver really good returns.

我很高興開始，邁克爾。今天我們不會向您提供將所有這些組件分開的瀑布，但您所討論的所有內容都已納入我們的計劃中。我們當然希望新商店成為我們前進的主要貢獻者。麥可談到，十多年來，我們預計這 300 家新店將產生約 150 億美元的增量收入。我們將繼續投資改造。長期以來，我們都看到這些改造帶來了非常好的回報。

We'll continue to lean into our own brands, our national brands and those great brand partnerships to make sure we're providing our guests with the newness and inspiration they're looking for. We're very excited. As you heard from Cara about the new Target Circle program, the benefits of that base program, circle card and the excitement around Target 360 and how that will extend our same-day offering to guests, bring it right to their home within an hour.

我們將繼續依靠我們自己的品牌、我們的國家品牌和那些偉大的品牌合作夥伴，以確保我們為客人提供他們正在尋找的新鮮感和靈感。我們非常興奮。正如您從Cara 那裡了解到的新Target Circle 計劃、基礎計劃的優勢、Circle 卡以及Target 360 的精彩之處，以及這將如何將我們的當日服務擴展到客人，您可以在一小時內將其直接送到他們家中。

So each one of those elements play a key role. We're very excited about the enhancements we've made from an overall digital standpoint to provide more ease and inspiration and discovery for our guests. And both Michael and Cara talked about the upward potential we see in Roundel. So they'll all play a key role as we go forward. But I think it fundamentally starts with us understanding consumer trends, how consumers are shopping today and we'll shop differently going forward and continue to meet their needs, no matter how they want to shop with Target. Either in a physical store, in a digital environment, whether it starts with social or they're just walking into a great neighborhood Target store. So each element is going to contribute to our road map for growth.

因此，這些元素中的每一個都發揮著關鍵作用。我們對從整體數位角度所做的增強感到非常興奮，以為我們的客人提供更多輕鬆、靈感和發現。麥可和卡拉都談到了我們在朗德爾身上看到的上升潛力。因此，他們都將在我們前進的過程中發揮關鍵作用。但我認為，這從根本上講是從我們了解消費者趨勢、消費者今天如何購物開始的，無論他們想如何在塔吉特購物，我們都會以不同的方式購物並繼續滿足他們的需求。無論是在實體商店，還是在數位環境中，無論是從社交開始還是只是走進一家很棒的社區 Target 商店。因此，每個要素都將為我們的成長路線圖做出貢獻。

And underneath all of that is that continued focus on retail fundamentals, the blocking and tackling that makes sure we provide our guests a great physical and digital experience, making sure we're always in stock that we leverage our crux, that we provide great affordability and we're there to provide a great guest experience no matter how you shop with our brand.

所有這一切的背後是持續專注於零售基礎知識、阻止和解決問題，以確保我們為客人提供良好的實體和數位體驗，確保我們始終有庫存，我們利用我們的關鍵，我們提供巨大的負擔能力無論您如何使用我們的品牌購物，我們都會為您提供出色的賓客體驗。

Yes. And maybe just add on that by kind of reinforcing a point Brian made. I love the fact you can't decompose our strategy and to discrete things. It's how they work together, a guest engaging with circle that finds discretionary category discovery within that experience. And so it's never 1 plus 1 equals 2. We're hoping 1 plus 1 plus 1 equals 10. And it's how all of it comes together. You asked a question specifically on the cadence as we move through the year. I touched on it a little bit in my remarks, we anniversaried some of the strongest business last year in Q1, and so we would expect to see a build as we move through 2024.

是的。也許只是透過強化布萊恩提出的觀點來補充這一點。我喜歡這樣一個事實：你不能將我們的策略分解為離散的事物。這就是他們合作的方式，一個與圈子互動的客人，在這種體驗中找到可自由支配的類別發現。因此，1 加 1 永遠不會等於 2。我們希望 1 加 1 加 1 等於 10。這就是所有這些加在一起的方式。您專門針對我們這一年的節奏提出了一個問題。我在演講中談到了這一點，去年第一季我們迎來了一些最強勁業務的周年紀念日，因此我們預計在 2024 年我們會看到成長。

How about right back here.

回到這裡怎麼樣？

Scot Ciccarelli with the Truist. Can you guys provide any more color on your most recent shrink results? And can you help us understand what happens with the sales velocity of products when you put them behind lock and key?

斯科特·西卡雷利與真理論者。你們能提供一下你們最近的收縮結果的更多資訊嗎？您能否幫助我們了解當您將產品鎖在鑰匙後面時，產品的銷售速度會發生什麼變化？

Yes. Michael, I'm happy to start because I know it's a topic on everyone's mind. And when I think about shortage, when I think about shrink, I'll start with the word progress. I think we're seeing really solid progress and greater awareness at the national, state and local level. And certainly, our teams have been working to ensure we provide a great guest experience and provide an experience that's safe for our team and safe for our guests. And Michael, I think our teams have made significant progress, but a lot more to come.

是的。邁克爾，我很高興開始，因為我知道這是每個人都關心的話題。當我想到短缺時，當我想到收縮時，我會從進步這個詞開始。我認為我們在國家、州和地方層面看到了真正紮實的進展和更高的意識。當然，我們的團隊一直在努力確保我們提供出色的賓客體驗，並為我們的團隊和賓客提供安全的體驗。邁克爾，我認為我們的團隊已經取得了重大進展，但未來還會有更多進步。

Yes. I mean I can't say enough about the hard work of the teams that have led to that ton of progress that Brian hit on. And the way that rolls into our (inaudible) is we're expecting shrink to be flat year-over-year. We learned a lot in the first quarter. We inventory a lot of stores in Q1, and so it will be smarter a quarter from now. But that progress has us expecting for a lagging metric flat, and we'll see what we've learned as we go through the year.

是的。我的意思是，我無法對團隊的辛勤工作說得太多，正是這些辛勤工作才導致了布萊恩所取得的巨大進步。我們（聽不清楚）的方式是，我們預計收縮率將同比持平。我們在第一季學到了很多。我們在第一季庫存了很多商店，因此從現在起一個季度後就會變得更加聰明。但這一進展讓我們期待指標會出現滯後，我們將在這一年中看到我們學到的東西。

All right. Just roll it back here.

好的。只需將其滾回此處即可。

Mike Baker from D.A. Davidson. I wanted to talk about your efficiency efforts in the $500 million that you achieved this year. How do we think about that over the next few years? Is that linear? Does it sort of get sort of roll down hill and get better? What is assumed in your 2024 outlook.

來自 D.A. 的 Mike Baker戴維森。我想談談你們今年為實現 5 億美元的效率所做的努力。未來幾年我們如何看待這個問題？這是線性的嗎？它是否會像滾下山坡並變得更好？您對 2024 年展望有何假設。

Yes. Well, I'm happy to start. The teams work against a tough top line to deliver that efficiency progress this year. It's a great start, and I can view that as a down payment toward that $2 billion to $3 billion that we expect to get over time. The things are a little closer in that were highlights of that this year. I'd call out the continued benefits of something like our sortation centers. We have a sortation center in a market ,we're faster and we're cheaper than other forms of delivery.

是的。嗯，我很高興開始。這些團隊在艱難的頂線下努力工作，以實現今年的效率進步。這是一個很好的開始，我可以將其視為我們預計隨著時間的推移將獲得的 20 億至 30 億美元的首付。事情變得更加接近了，這是今年的亮點。我想強調像我們的分類中心這樣的設施所帶來的持續好處。我們在市場上有一個分類中心，比其他形式的送貨更快、更便宜。

I also -- I mean we touched on a little bit in the conversation already, but it warrants another shout out. The benefit of exceptionally well-managed inventory just shows up everywhere. We're so much more productive in-store and in our DCs when inventory is well managed. And so I feel really good about the team's work there in 2023. I feel great about our inventory position as we step into 2024. And I would expect our teams to continue taking the growth we've seen and the growth we expect and to translate that more into more efficiencies over time.

我也——我的意思是我們已經在談話中觸及了一些內容，但它值得再次大聲疾呼。庫存管理得當的好處隨處可見。當庫存管理得當時，我們店內和配送中心的生產力就會大大提高。因此，我對團隊在2023 年的工作感到非常滿意。當我們邁入2024 年時，我對我們的庫存狀況感到非常滿意。我希望我們的團隊能夠繼續實現我們所看到的成長和我們期望的成長，並將其轉化為隨著時間的推移，效率會更高。

Yes. Michael, I'd only add that taking a very measured approach to setting priorities year-by-year. We see opportunities in stores, in supply chain, opportunities to better leverage technology to continue to build on that efficiency road map. So year after year, we'll reset priorities to make sure we're laser-focused on delivering those results, and they'll build over time. All right. Back over here.

是的。邁克爾，我只想補充一點，每年都會採取非常謹慎的方法來確定優先事項。我們在商店、供應鏈中看到了機會，以及更好地利用科技繼續建立效率路線圖的機會。因此，年復一年，我們將重新調整優先事項，以確保我們專注於交付這些成果，而這些成果將隨著時間的推移而不斷取得進展。好的。回到這裡。

Danny Bretthauer with HSBC. Question to Cara on the new Target Circle program. I mean, is $49, obviously, like an introductory price? How long are you willing to sustain at the price level? Because I think it's hard to make the math with same day 1 hour delivery at $49 and how do you plan to compete with the other programs, loyalty programs out there? What would be some of the key differentiators other than this entry $49 price point.

匯豐銀行的丹尼·布雷托爾。向卡拉詢問有關新目標圈計畫的問題。我的意思是，49 美元顯然是入門價格嗎？您願意在這個物價水準上維持多久？因為我認為很難以 49 美元的價格計算當天 1 小時送達的費用，並且您打算如何與其他計劃、忠誠度計劃競爭？除了 49 美元的入門價格點之外，還有哪些關鍵的差異化因素呢？

Cara, I'll let you take it away.

卡拉，我會讓你把它拿走。

Take it away. We're really excited to talk about it. And I think it's really important that we really anchor on the entire Target Circle ecosystem. That was really important to us. And the notion of accessibility and for all is really, really important. That's why we first are reimagining how we're thinking about delivering value. Our guests are really clear. They want value, affordability and they want ease and so we're making it even easier for our 100 million members to actually be able to get the deals and rewards that they want with automatic savings applied at checkout. I'll hit on your question around pricing in just a minute, but I think it's really important to talk about our cardholders as well. Today, the cardholders, that program doesn't work with Target Circle. And so what we're doing is we're actually bringing these 2 things together.

把它拿開。我們真的很高興談論它。我認為我們真正立基於整個 Target Circle 生態系統非常重要。這對我們來說非常重要。對於所有人來說，可訪問性的概念確實非常重要。這就是為什麼我們首先要重新思考如何提供價值。我們的客人真的很清楚。他們想要價值、負擔能力並且想要輕鬆，因此我們正在讓我們的 1 億會員更輕鬆地真正能夠透過結帳時自動節省來獲得他們想要的交易和獎勵。我將立即回答您有關定價的問題，但我認為談論我們的持卡人也非常重要。今天，持卡人，該計劃不適用於 Target Circle。所以我們正在做的實際上是將這兩件事結合在一起。

So that not only do you get 5% off every trip, and extended returns and free shipping, you also get all the benefits of the base Target Circle program, which are those deals that our guests love and those personalized rewards that are based specifically on your shopping behavior. The other thing that we're adding for our cardholders is an evergreen price of $49 for Target Circle 360. So if you are a cardholder for us, always on price will be $49, which is an amazing price, and it's less than $1 a week of the magic of Target delivered to your door.

因此，您不僅可以在每次旅行中享受5% 的折扣、延期退貨和免費送貨，還可以享受基本Target Circle 計劃的所有好處，即我們的客人喜愛的折扣以及專門基於以下內容的個性化獎勵：您的購物行為。我們為持卡人添加的另一件事是Target Circle 360​​ 的常青價格為49 美元。因此，如果您是我們的持卡人，永遠優惠價格將為49 美元，這是一個驚人的價格，而且每張不到1 美元Target 一週的魔力送貨上門。

For Target Circle 360, we're really excited to build on our strength in same-day delivery since our acquisition of Shipt in 2017, you will get the magic of Target delivered to your door in less than an hour. You'll also have access to the Shipt marketplace of benefits. You will also have access to all of those deals and rewards and personalized perks as part of the base Circle program. It's just the beginning for us, that $49 is an introductory promotional price for Target Circle 360.

對於 Target Circle 360​​ 來說，自 2017 年收購 Shipt 以來，我們非常高興能進一步鞏固當日送達的優勢，您將在不到一小時的時間內獲得 Target 的神奇送貨上門服務。您也可以存取 Shipt 市場的福利。作為基本 Circle 計劃的一部分，您還可以享受所有這些優惠、獎勵和個人化福利。對我們來說，這只是一個開始，49 美元是 Target Circle 360​​ 的介紹性促銷價。

I just want to take this moment and I hope many of our leaders back home are listening and just thank the Circle team, the teams have been working on this program for months and months. Our tech teams have been supporting them and the entire effort that the organization has put behind bringing this forward today. As you can doubt, we are really excited about the future Target Circle and think it's going to be a major growth driver and deepen guest relevance and bring new consumers into the target franchise. All right. Back up front.

我只是想藉此機會，希望我們國內的許多領導人都能傾聽並感謝 Circle 團隊，這些團隊已經為這個項目工作了數月之久。我們的技術團隊一直在支持他們，以及該組織為實現這一目標所做的全部努力。正如您可能懷疑的那樣，我們對未來的 Target Circle 感到非常興奮，並認為它將成為主要的成長動力，加深賓客的相關性，並將新消費者帶入目標特許經營店。好的。回到前面。

It's Greg Melich with Evercore ISI. I had 2 questions. One was, Michael, could you just -- you said Roundel will be up again. I think it was 20% last year. For guidance this year, are you thinking that offsets any pressure on credit and just tell us how credit is going?

我是 Evercore ISI 的 Greg Melich。我有兩個問題。一是，邁克爾，你能不能──你說朗德爾會再次站起來。我認為去年是20%。對於今年的指導，您是否認為可以抵消信貸壓力並告訴我們信貸的進展？

And then my other question goes back to traffic, great to hear all the initiatives in the Target Circle. In the guidance, what are we thinking about with AUR and average ticket, given that it is a value-focused consumer. We heard all the products that are under $10 and all this. So in that 0 to 2 comp, how much would traffic be up 3 while AUR is down, something like that?

然後我的另一個問題回到交通，很高興聽到目標圈中的所有舉措。在指南中，考慮到消費者是注重價值的消費者，我們對 AUR 和平均票價有何考慮。我們聽說過所有 10 美元以下的產品等等。那麼，在 0 到 2 的比較中，當 AUR 下降時，流量會上升多少，類似的情況？

So if I start with the questions on the credit side of things, we've seen -- I think we've characterized it throughout the year, kind of an expected return to normal in a lot of those underlying credit metrics. And so you've seen a little bit of softness year-over-year there. Then in 2023, was offset nicely and then some by the incredible growth we've seen in the Roundel business. And as a reminder, I think I said this twice in remarks, Roundel is both a little other revenue and a lot of gross margin. And so it benefits 2 places to get to that $1.5 billion of value in total. But we've seen outsized growth there, and we would expect that to continue this year. We're really confident about our prospects to continue growing our Roundel business to the benefit of the guest that get strong engagement with all of those offers.

因此，如果我從信貸方面的問題開始，我們已經看到 - 我認為我們已經在這一年中對其進行了描述，許多基本信貸指標預計將恢復正常。所以你會看到年復一年的疲軟。然後在 2023 年，我們在 Roundel 業務中看到的令人難以置信的成長很好地抵消了這一影響。提醒一下，我想我在評論中說了兩次，Roundel 既是一點其他收入，也是很多毛利率。因此，總計 15 億美元的價值將有利於 2 個地方。但我們已經看到了那裡的巨大增長，我們預計今年這種情況將繼續下去。我們對繼續發展 Roundel 業務的前景充滿信心，讓那些對所有這些優惠都有強烈參與的客人受益。

Another example of how the strategy fits together, the more engagement we have with Circle, the better we know our guests. The better we know our guests, the better we can serve them through Roundel. And so we're excited about what growth looks like there. Your second question, Greg, refresh my memory?

另一個說明該策略如何整合的例子是，我們與 Circle 的互動越多，我們就越了解我們的客人。我們越了解客人，就越能透過 Roundel 為他們提供更好的服務。因此，我們對那裡的成長感到興奮。你的第二個問題，格雷格，刷新我的記憶了嗎？

Traffic.

交通。

Yes, we won't break out ticket versus traffic. But the theme I'll talk about that we've seen this year is a moderation of inflation, I think, but disinflation is the word of the quarter in retail. That's a good thing for the consumer. You've heard it for the consumer. You've heard us talk about that being one of the inputs, some share of wallet recovery on the discretionary side of things. And so we're pleased to see that ticket pressure because we think it's a good thing for the U.S. consumer.

是的，我們不會將門票與交通分開。但我認為今年我們看到的主題是通膨放緩，但通貨緊縮是本季零售業的熱門話題。這對消費者來說是件好事。您已經為消費者聽過。你已經聽我們談論過這是輸入之一，是錢包恢復的一部分。因此，我們很高興看到門票壓力，因為我們認為這對美國消費者來說是一件好事。

Ed Yruma, Piper Sandler. You spent much of the last decade kind of opening 8 typical stores, small boxes, urban locations, and it sounds like you're pivoting back to kind of traditional large boxes and ostensibly suburban areas. Would love to understand kind of what that small box portfolio looks like? Have you been pleased with the returns, given some of the changes in the urban dynamic? And then as you look to these larger stores, how should we think about the role of food in some of these bigger boxes?

艾德·尤魯瑪，派珀·桑德勒。在過去十年的大部分時間裡，你在城市地點開設了 8 家典型的小盒子商店，聽起來你正在回歸傳統的大盒子和表面上的郊區。想了解這個小盒子組合是什麼樣子的嗎？鑑於城市動態的一些變化，您對回報感到滿意嗎？然後，當您觀察這些較大的商店時，我們應該如何考慮食物在這些較大盒子中的作用？

Ed, it's a great question. I'm happy to start. And actually, over the last couple of years, you've seen us move from a focus on small stores, and we can talk about the performance there to more larger-sized stores as we see new opportunities and catchments where we haven't competed in the past. And we've been very pleased with the performance of these new full-size stores as well as the continued performance in urban centers and on college campuses.

艾德，這是一個很好的問題。我很高興開始。事實上，在過去的幾年裡，你已經看到我們從關注小型商店轉向更大型的商店，因為我們看到了我們尚未競爭的新機會和領域在過去。我們對這些新的全尺寸商店的表現以及在城市中心和大學校園的持續表現感到非常滿意。

So as we look at our pipeline going forward, we recognize there's opportunities for more full-size stores, extend our proximity, bring the best of Target into some new trading areas. And as part of that, you will see us continue to expand our food and beverage offering. Rick talked about the progress we've seen in food and beverage and adding over $8 billion in the last couple of years and the strength of a brand like Good & Gather and for many of you who are tracking the consumer packaged goods industry, there aren't a lot of $4 billion brands out there.

因此，當我們審視未來的管道時，我們認識到有機會開設更多全尺寸商店，擴大我們的鄰近範圍，將塔吉特的最佳優勢帶入一些新的貿易領域。作為其中的一部分，您將看到我們繼續擴大我們的食品和飲料產品。 Rick 談到了我們在食品和飲料領域所取得的進步，以及過去幾年增加了超過 80 億美元的收入，以及像 Good & Gather 這樣的品牌的實力，對於許多關註消費品行業的人來說，價值40億美元的品牌並不多。

And we launched that brand just prior to the pandemic. And we just continue to see the steady growth and how our guests react to the quality and value we bring with Good & Gather. So we're excited about the pipeline. It will be more larger-sized stores. There will be a broader food offering. And we're going to be moving into trade areas where we can pick up incremental volume and market share because we, in many cases, just haven't competed in these trade areas in the past. Michael, do you want to talk about some of the returns we're seeing with some of our smaller stores.

我們在大流行之前推出了該品牌。我們只是繼續看到穩定的成長以及我們的客人對我們透過 Good & Gather 帶來的品質和價值的反應。所以我們對管道感到興奮。這將是更多更大規模的商店。將會有更廣泛的食品供應。我們將進入可以增加數量和市場份額的貿易領域，因為在許多情況下，我們過去沒有在這些貿易領域競爭。邁克爾，您想談談我們在一些小型商店中看到的一些回報嗎？

Yes, we feel really good about the returns of those small stores. And it's great to have that flexibility in kind of our toolbox of what's the right thing to build for the opportunity in a specific market. And to be clear, going forward, if the right opportunity can be fit with a 25,000 square foot box that brings us closer to a college campus or an urban center. We know how to do that. We like the returns, and we'll lean in there. But as we step back, and look at what that pipeline looks like in total. It's actually the big box stores where we're able to bring the best of Target that are bubbling to the top in terms of where we expect returns to be strongest. And so we'll lean in to that shift over time. And if our properties team was here on the stage with us, they could roll out a map of the U.S. and show a bunch of main and main locations where we'd love to bring Targets to new communities, and we feel good about what that pipeline looks like.

是的，我們對這些小商店的回報感到非常滿意。我們的工具箱能夠靈活地為特定市場的機會建立正確的東西，這真是太棒了。需要明確的是，展望未來，如果有合適的機會可以容納一個 25,000 平方英尺的盒子，讓我們更接近大學校園或城市中心。我們知道該怎麼做。我們喜歡回報，我們會依靠那裡。但當我們退後一步，看看整個管道是什麼樣子的。實際上，我們能夠將塔吉特最好的商品帶到大型賣場，而這些賣場在我們預期回報率最高的領域中名列前茅。因此，隨著時間的推移，我們將傾向於這種轉變。如果我們的房地產團隊與我們一起站在舞台上，他們可以推出一張美國地圖，並顯示我們希望將 Targets 引入新社區的一系列主要地點，我們對此感到滿意管道看起來像。

And I'd add 3 more points as we think about small formats. And we're here in Manhattan. 10 years ago, we really didn't have a brand presence in Manhattan. Today, we have over a dozen locations, and we're in many of the different neighborhoods across the city. We've now been connecting with a consumer that we couldn't reach in the past. And we're going to build a long-term relationship there. We're on many college campuses across the country. We know the value of building a connection with college students while they're on campus and the lifelong benefits that's going to provide for our brand as they move into their first apartment or have their first child and start their families. And one of the other things like Christina build on it is the work we've done with smaller formats has allowed us to understand a lot more about segmentation and getting the assortment right geography by geography.

當我們考慮小格式時，我想再補充 3 點。我們現在在曼哈頓。 10 年前，我們在曼哈頓還沒有品牌存在。如今，我們已擁有十多個分支機構，分佈在城市的許多不同社區。我們現在已經與過去無法聯繫的消費者建立了聯繫。我們將在那裡建立長期合作關係。我們在全國許多大學校園都有服務。我們知道在校園裡與大學生建立聯繫的價值，以及當他們搬進他們的第一套公寓或生下他們的第一個孩子並組建家庭時，這將為我們的品牌帶來終生的好處。像克里斯蒂娜一樣在此基礎上進行的其他事情之一是我們對較小格式所做的工作使我們能夠更多地了解細分並根據地理位置進行正確的分類。

So as we move into new markets, we're going to get much better at segmentation, having the right assortment that reflects the demand in those local markets. So there have been 3 really important benefits of our small format journey. We're touching new cities where we didn't have our presence in the past. We'll build a lifelong connection with college students, and we've learned a lot more about segmenting our assortment.

因此，當我們進入新市場時，我們將在細分方面做得更好，並擁有反映當地市場需求的正確產品組合。因此，我們的小幅面之旅有 3 個非常重要的好處。我們正在接觸我們過去沒有涉足過的新城市。我們將與大學生建立終生的聯繫，並且我們學到了更多關於細分產品種類的知識。

Yes. The only thing I'd add, even the lifelong relationship with college students, you heard Jill be very intentional. We actually seek to make sure that we are really relevant at certain life stages, especially early on in our consumers' lives. Think about the strength that we have in a business like baby, then we migrate them to toys, then we migrate them into video games and/or into juniors. And then having then presence, we do very well at back-to-school and back-to-college time frames. It's very intentional in making sure that our brand stays in touch with families through every life stage. College is the natural next step in that phase and then, of course, back to childbirth. So afterwards. And so that's been very intentional, but then to build back on segmentation opportunities yes, we've learned a lot. I mean, these boxes are small. They're difficult to operate.

是的。我唯一要補充的是，即使是與大學生的終身關係，你聽說吉爾也非常有意。實際上，我們力求確保我們在某些​​生命階段確實具有相關性，尤其是在消費者生命的早期。想想我們在嬰兒這樣的行業中擁有的優勢，然後我們將它們遷移到玩具，然後我們將它們遷移到視頻遊戲和/或青少年。然後，有了存在，我們在返校和返校時間範圍內表現得非常好。這是非常有意確保我們的品牌在每個人生階段都與家庭保持聯繫。大學是這個階段自然的下一步，然後當然是回到分娩階段。所以後來。所以這是非常有意的，但是為了重新利用細分機會，是的，我們學到了很多。我的意思是，這些盒子很小。它們很難操作。

We certainly have to cut the SKU count intensively, and we have to study the macro -- or the micro environment of competitors. And so this ability to formulate the right assortment strategy for that community has taught us a lot about the potential to expand that further into our larger size boxes. And we see tons of upside and potential in more sophisticated segmentation and allocation strategies that allow us to optimize the local potential.

我們當然必須大力削減SKU數量，並且必須研究競爭對手的宏觀或微觀環境。因此，這種為該社區制定正確分類策略的能力讓我們了解了將其進一步擴展到更大尺寸盒子的潛力。我們看到了更複雜的細分和分配策略的巨大優勢和潛力，這些策略使我們能夠優化當地潛力。

Cara, one of the things you and I talked a lot is as we open up new stores, there's certainly a physical store component. We drive a lot of new revenue. But there's also benefits from a digital standpoint as we introduce the brand to new communities, you want to expand on some of the things we've learned.

卡拉，你和我經常談論的一件事是，當我們開設新店時，肯定會有實體店的組成部分。我們帶來了大量新收入。但從數位角度來看，當我們將品牌介紹給新社群時，您也想擴展我們學到的一些東西，這也有好處。

Absolutely. We see -- we talk a lot about digital influence sales. We know how consumers are shopping today. And so many of us, right, are starting, even if you love shopping and only purchase in stores, you're using our app to check out what's new, to see if something is in stock, et cetera. So we understand the power of digitally influenced store sales. What we also see, though, is the power of store influenced digital sales because we know some guests are browsing in stores and actually are pulling up their app right while they're in the store and having impact digitally.

絕對地。我們看到——我們談論了很多關於數位影響力銷售的問題。我們知道當今消費者如何購物。我們中的許多人開始使用我們的應用程序，即使您喜歡購物並且只在商店購買，您也會使用我們的應用程式來查看新品、查看是否有庫存等等。因此，我們了解數位化影響商店銷售的力量。不過，我們也看到商店影響數位銷售的力量，因為我們知道一些客人在商店裡瀏覽，實際上在商店裡就打開了他們的應用程式並產生了數位影響。

We certainly also see as we enter new markets, the power of our same-day services. That has been a shining star for us across the entire digital portfolio. I talked in my remarks about why that is in terms of the relationship that we have. And once guests try our same-day services, they love it. It is sticky in their lives. We are literally making their lives better. So we'll continue to build on that. But that's another great example.

當我們進入新市場時，我們當然也看到了當日服務的力量。這對我們整個數位產品組合來說是一顆閃亮的明星。我在發言中談到了我們之間關係的原因。一旦客人嘗試了我們的當日送達服務，他們就會愛上它。它粘在他們的生活中。我們確實正在讓他們的生活變得更好。因此，我們將在此基礎上繼續發展。但這是另一個很好的例子。

All right. We've got time for a couple more questions. Let's go up here.

好的。我們還有時間再問幾個問題。我們到這裡上去吧。

It's Bob Drbul, Guggenheim Securities. I just wondered if we could spend a few minutes on gross margin, maybe Q4 buckets and the performance detail around that, your assumptions in '24 for the full year. And then curious if you could share the financial implications, especially around gross margin on Target 360 your assumptions for the rollout for this year?

我是古根漢證券公司的鮑伯‧德布爾。我只是想知道我們是否可以花幾分鐘討論一下毛利率，也許是第四季度的情況以及與之相關的業績細節，以及您對 24 年全年的假設。然後，您是否可以分享您對今年推出目標 360 的財務影響，特別是圍繞 Target 360 毛利率的假設？

Well, Michael, this is a surprise. We've made it all the way to the last few minutes of our conference today, and this is the first time we've had a question about gross margin.

好吧，邁克爾，這真是一個驚喜。我們一直堅持到今天會議的最後幾分鐘，這是我們第一次提出有關毛利率的問題。

Excited to get the question as always. We'll, I can start by unpacking a little bit what we saw in Q4, and there's some consistent themes to what we saw in the broader part of the year because the theme of gross margin recovery this year. And I think Q4 and the year, we were just shy of 3 percentage points of improvement in gross margin. Better inventory management, we saved a lot of markdowns and costs that were associated with some of the inventory challenges that we had a couple of years ago.

一如既往地很高興收到這個問題。首先，我可以稍微分析一下我們在第四季度看到的情況，因為今年毛利率復甦的主題，所以我們在今年更廣泛的時期看到的情況有一些一致的主題。我認為第四季和今年，我們的毛利率只提高了 3 個百分點。更好的庫存管理，我們節省了大量與幾年前遇到的一些庫存挑戰相關的降價和成本。

So on a year-over-year basis, that's a big source of improvement. Within there too, freight and transportation is in a much better place today from a cost perspective, not all the way back to 2019 levels, but on a year-over-year basis, another significant source of improvement. In addition, we also see benefit from digital and supply chain to the tune of, I think, 50 basis points in the right direction for the quarter and the year.

因此，與去年同期相比，這是一個很大的改進來源。從成本角度來看，其中的貨運和運輸現在也處於更好的狀態，雖然沒有完全回到 2019 年的水平，但與去年同期相比，這是另一個重要的改進來源。此外，我們還看到數位化和供應鏈帶來的好處，我認為，本季和全年的正確方向將有 50 個基點。

And that's a combination of being more productive as inventory levels have been better managed and a little bit of tailwind from fewer brown boxes shipped with our brown box business being down on a year-over-year basis. As we look ahead to next year, all of our best assumptions are wrapped into the EPS guidance we've given. And a little bit of deleveraging, given a cautious view on the top line with some continued improvement in gross margin, we think is going to be the right recipe going forward.

這是由於庫存水準得到更好的管理而提高了生產力，以及由於我們的棕箱業務同比下降而運輸的棕箱減少帶來了一點推動力。當我們展望明年時，我們所有的最佳假設都包含在我們給出的每股盈餘指引中。考慮到對營收的謹慎態度以及毛利率的持續改善，進行一點去槓桿化，我們認為這將是未來的正確秘訣。

When it comes to a Target Circle instead of speaking to any specific assumption within that business case, I think of Target Circle is about growth. When we meet our guests with the right value proposition in a free loyalty program and the right value proposition and Target delivered to your doorstep through Target 360 and if you're looking for 5% more every day, we've got to Target Circle card for you. All of that is about stronger relevancy in growth.

當談到目標圈時，我認為目標圈是關於成長的，而不是談論該業務案例中的任何具體假設。當我們透過免費忠誠度計畫向客人提供正確的價值主張，並透過Target 360 將正確的價值主張和Target 送到您家門口時，如果您每天都在尋求5% 的額外收益，我們就需要Target Circle卡為你。所有這些都是為了增強成長的相關性。

And so the line of the P&L, I'm most excited about from a Target Circle standpoint is growth. And time and time again, if we think about the P&L through the lens of the guests, we get to the right decisions. It costs us a little bit more to serve a Drive Up order than it does an in-store trip. But when guests start using Drive Up, we've described it before, it continues to be true. They spend 20% to 30% more at Target thereafter. And so we're making decisions with what we think drives the most value and growth in total.

因此，從目標圈的角度來看，我最興奮的損益表是成長。一次又一次，如果我們從客人的角度思考損益，我們就會做出正確的決定。服務「Drive Up」訂單的成本比店內訂單的成本更高。但當客人開始使用 Drive Up 時（我們之前已經描述過），情況仍然如此。此後，他們在 Target 的支出增加了 20% 至 30%。因此，我們正在根據我們認為能夠帶來最大價值和整體成長的決策來做出決策。

Okay. Go back here.

好的。回到這裡吧。

Ivan Feinseth, Tigress Financial Partners. Congratulations on the great results out this morning. I have 3 questions. First, Cara, in thinking about like store layout and remodel, like, for example, in my local Target, food is on like the left side, but yet cookware is all the way on the other side of the store. And sometimes when I'm purchasing food, I find the need, I may need some cookware to do the dish I'm looking to cook. As an example.

Ivan Feinseth，Tigress Financial Partners。恭喜今天早上取得的優異成績。我有 3 個問題。首先，卡拉在考慮商店佈局和改造時，例如在我當地的 Target，食物位於左側，但炊具卻一直位於商店的另一側。有時，當我購買食物時，我發現有必要，我可能需要一些炊具來做我想做的菜。舉個例子。

Second is information that you get from using Shipt where a Shipt customer will go outside to other retailers? How much do you take on that information to decide what you're going to carry in the stores? And then if they're using, let's say, buying premium brand, how high of a premium product point do you see yourself going because there are some of your competitors that are using value priced food to bring in customers, but those customers are buying premium priced products.

其次是您透過使用 Shipt 獲得的信息，其中 Shipt 客戶將前往其他零售商處？您根據這些資訊來決定在商店中出售什麼商品？然後，如果他們正在使用，比方說，購買優質品牌，您認為自己的優質產品點有多高，因為您的一些競爭對手正在使用物有所值的食品來吸引客戶，但這些客戶正在購買優質產品。

And then third, on the partnership, what other areas do you see? And how far of a premium level would you go in adding partnerships within your store?

第三，關於合作關係，您認為還有哪些領域？您願意在商店內增加合作關係到什麼程度？

There's a lot there.

那裡有很多東西。

So Cara, why don't you start with partnerships? And Christina, why don't you talk about some of the learning that we have around how we build assortments?

那麼卡拉，為什麼不從合作關係開始呢？克里斯蒂娜，你為什麼不談談我們在如何建立產品組合方面所學到的一些知識呢？

Absolutely. And so as I think about the introduction of Target Circle 360, we are absolutely looking at a wide range of what partnerships could look like to add benefits. Importantly, though, we are always going to be listening to our guests. That is how we actually struck up our conversation and partnership with Ulta Beauty as well as what we offer in our base program today with Apple. And so we'll be guests led, not Target led as we think about the types of partnerships that will add value to our guest lives. I do want to hit on specifically your question around Shipt. We do not leverage any data of Shipt on their marketplace internally at Target as we think about our assortment.

絕對地。因此，當我考慮推出 Target Circle 360​​ 時，我們絕對會考慮各種合作夥伴關係，以增加收益。但重要的是，我們總是會傾聽客人的意見。這就是我們實際上與 Ulta Beauty 進行對話和合作的方式，以及我們今天與 Apple 的基礎計劃中提供的內容。因此，我們將由客人主導，而不是塔吉特主導，因為我們會考慮能夠為客人生活增加價值的合作夥伴類型。我確實想專門談談你關於 Shipt 的問題。在考慮我們的產品類別時，我們不會在 Target 內部利用 Shipt 市場上的任何數據。

More specifically on how we build assortment and premium prices to answer some of your questions. Our goal is to make sure that we are meeting our guests' needs across a wide range of shopping occasions. And so we look at -- you heard us describe this especially when we talk about [own brands], right? We look for unmet need spaces and white spaces to innovate against.

更具體地說，我們如何建立品種和溢價來回答您的一些問題。我們的目標是確保滿足客人在各種購物場合的需求。所以我們看看——你聽到我們描述這一點，特別是當我們談論[自有品牌]時，對吧？我們尋找未滿足的需求空間和空白空間來進行創新。

Over the last year, we've spent a lot of time making sure that we have our value equation shored up. And the introduction of dealworthy is a big deal for us. It is an opening price point brand across the entirety of the portfolio outside of food and beverage, where we already have Market Pantry. So just make sure we really have value options for all consumers so that they can meet their budgets. On the flip side, we do really well with Ulta Beauty, which is premium beauty.

在過去的一年裡，我們花了很多時間來確保我們的價值方程式得到支撐。 Dealworthy 的推出對我們來說意義重大。這是一個開放價位品牌，涵蓋食品和飲料以外的整個產品組合，我們已經在食品和飲料領域擁有 Market Pantry。因此，只要確保我們確實為所有消費者提供有價值的選擇，以便他們可以滿足他們的預算。另一方面，我們在 Ulta Beauty 方面做得非常好，這是一種高級美容。

And it's based on the insight that we've known for years in beauty, almost all beauty shoppers shop both. They shop mass and they start to shop premium. And for us to be able to service the guests and service all the trips in that category, we needed a solution [for growth], which allowed us to build this partnership with Ulta, which we're really, really happy about. And we do that across the -- we do that across the portfolio to say where is the opportunity for Target to serve a unique need and where are the unmet needs in the category. And our guest has given us a lot of freedom to say, I'll spend $600 on this item. And by the way, I don't want to spend more than $2 on my body wash. And that's fine, whatever works for them.

它基於我們多年來在美容領​​域所了解的洞察力，幾乎所有美容品購物者都會購買這兩種產品。他們大量購物，並開始購買高檔商品。為了能夠為客人提供服務並為該類別的所有旅行提供服務，我們需要一個[促進成長]的解決方案，這使我們能夠與 Ulta 建立這種合作夥伴關係，我們對此感到非常非常高興。我們在整個產品組合中這樣做是為了說明 Target 滿足獨特需求的機會在哪裡，以及該類別中未滿足的需求在哪裡。我們的客人給了我們很大的自由度，讓我們可以說，我願意花 600 美元買這個東西。順便說一句，我不想​​在沐浴露上花費超過 2 美元。沒關係，只要對他們有用就好。

I'll just finished up that discussion by saying, I think we've learned time and time again. We make really good decisions when we listen to the guests and listen to the broader consumer trends. Some of the things we rolled out recently. Starbucks for our Drive Up guest. We didn't come up with that. They was the guest saying, "Well, if Target could only provide me with my favorite Starbucks product, I'd enjoy this drive experience even more." If you could take my returns, I would really be pleased. So we respond to what the guests and the consumer tells us, and that's going to guide us for years to come. All right. We've got time for one final question. So I guess we're going right over here.

在結束討論時我會說，我想我們已經一次又一次地學到了東西。當我們傾聽客人的意見並聽取更廣泛的消費趨勢時，我們會做出非常好的決定。我們最近推出的一些東西。為我們的 Drive Up 客人提供星巴克。我們沒有想到這一點。這位客人說：“好吧，如果塔吉特能為我提供我最喜歡的星巴克產品，我會更加享受這種駕駛體驗。”如果您能接受我的退貨，我真的很高興。因此，我們對客人和消費者告訴我們的訊息做出回應，這將在未來幾年內指導我們。好的。我們還有時間回答最後一個問題。所以我想我們就到這裡吧。

Chris Horvers, JPMorgan. So I have 2 questions. The first question, as you think about the performance in the fourth quarter, how do you think about share. Do you think it's more give back from the COVID pump? Do you think it's the consumers just so focused on food and value and you're just not getting the trip, so it's not resonating to the power of the target box. And how do you think about recapturing that share going forward?

克里斯霍弗斯，摩根大通。所以我有兩個問題。第一個問題，當您考慮第四季度的業績時，您如何看待份額。您認為新冠病毒幫浦的回饋更多嗎？您是否認為這是消費者如此關注食物和價值而您只是沒有得到旅行，所以它沒有與目標盒子的力量產生共鳴。您如何看待未來重新奪回這項份額？

And then my second question is for Michael, as you look at like just the seasonality of your business, it seemed to imply -- you're implying a step down in operating margin in the first quarter relative to the fourth quarter, was there anything unique either in the fourth quarter or the first quarter that making that the case?

然後我的第二個問題是問麥可的，當你看到你的業務的季節性時，這似乎意味著——你暗示第一季的營業利潤率相對於第四季度有所下降，有什麼變化嗎？在第四季或第一季是否獨一無二？

Michael, why don't you start with the second half, and I'll wrap up with Chris' first question.

邁克爾，為什麼不從下半場開始，我將用克里斯的第一個問題來結束。

Yes. So as we look at the first quarter, I think the key thing there is our cautious approach on the top line, and there's some differences year-over-year in what we anniversary, but that's a source of pressure in the first quarter. As we get back to growth, deeper in the year, we'll see some of that pressure subsides. So that's the headline on that one, Chris.

是的。因此，當我們審視第一季時，我認為關鍵是我們對營收採取謹慎態度，而且我們的周年紀念日與去年同期相比存在一些差異，但這是第一季的壓力來源。隨著今年晚些時候我們恢復成長，我們會看到壓力減輕。這就是那個的標題，克里斯。

And Chris, from a market share standpoint, I can assure everyone here, we look at market share in a very granular way every single week across our entire portfolio. And we're going to be very focused on taking market share as we go forward. I'll step back, not just look at the last year, but the last several years. And if I go all the way back to the prepandemic, we've added billions and billions of dollars of revenue growth. I think, Michael, over $30 billion.

克里斯，從市場佔有率的角度來看，我可以向在場的所有人保證，我們每週都會以非常細緻的方式審視整個投資組合的市場佔有率。在我們前進的過程中，我們將非常專注於佔領市場份額。我會退後一步，不僅回顧去年，還回顧過去幾年。如果我一直追溯到大流行前，我們已經增加了數十億美元的收入成長。邁克爾，我認為超過 300 億美元。

And we've deepened our relationship with guests along the way. We've added more capabilities and features. We've deepened partnerships. And those are going to guide us to be even a more relevant retailer and partner for consumers and guests for years to come. So we are very focused right now over not just the next year, but the next 10 years, to continue to drive even more traffic to our stores and visit store site to make sure we are a company that's driving top line growth because we know that's the best way to reward our shareholders.

一路走來，我們加深了與客人的關係。我們添加了更多功能和特性。我們加深了夥伴關係。這些將指導我們在未來幾年成為消費者和客人更相關的零售商和合作夥伴。因此，我們現在不僅關註明年，而且關注未來 10 年，繼續為我們的商店帶來更多流量並訪問商店網站，以確保我們是一家推動營收成長的公司，因為我們知道這是回報股東的最佳方式。

And we are absolutely going to be razor-focused on taking market share as we go forward. And sitting here today, we know there are significant opportunities across virtually every aspect of our portfolio, whether it's the work that Jill is leading and apparel and home or the work Rick is doing from a food and beverage standpoint and a beauty and essential standpoint, whether it's physical stores or digital, we see a pathway for continued market share growth, and we'll look at that every single week and talk about it every quarter because we know that's critically important to our road map for growth.

在我們前進的過程中，我們絕對會集中精力搶佔市場份額。今天坐在這裡，我們知道我們的投資組合的幾乎每個方面都存在重大機會，無論是吉爾領導的服裝和家居工作，還是里克從食品和飲料的角度以及美容和基本的角度所做的工作，無論是實體店還是數位店，我們都看到了市場份額持續增長的途徑，我們每週都會關注這一點，每個季度都會討論它，因為我們知道這對我們的成長路線圖至關重要。

So I appreciate everyone who joined us in person today. Those of you who have joined us through the video and the conference. Thanks so much. We look forward to seeing you and hearing from you during our first quarter earnings report. So thank you so much.

因此，我感謝今天親自加入我們的所有人。透過視訊和會議加入我們的人。非常感謝。我們期待在第一季財報中見到您並收到您的訊息。非常感謝。

Thank you for joining us.

感謝您加入我們。