目標百貨 (TGT) 2024 Q3 法說會逐字稿

All right. It is. Ladies and gentlemen, thank you for standing by. Welcome to the Target Corporation third quarter earnings release conference call. During the presentation, all participants will be in a listen only mode. Afterwards, we will invite you to participate in a question and answer session. At the close the prepared remarks, we will open the queue for the Q&A session. At that time, if you have a question, you will need to press star one on your telephone. As a reminder, this conference is being recorded Wednesday, November 20th, 2024. Or I would now like to turn the conference over to Mr. John Hulbert, Vice President, Investor Relations. Please go ahead, sir.

好的。這是。女士們先生們，謝謝你們的支持。歡迎參加塔吉特公司第三季財報發布電話會議。在演示期間，所有參與者將處於僅聽模式。隨後，我們將邀請您參加問答環節。在準備好的發言結束後，我們將開始問答環節。屆時，如果您有疑問，您需要按電話上的星號一。謹此提醒，本次會議將於 2024 年 11 月 20 日星期三錄製 或我現在想將會議交給投資者關係副總裁 John Hulbert 先生。請繼續，先生。

Good morning, everyone, and thank you for joining us on our third quarter 2024 earnings conference call. Aligned with me today are Brian Cornell, Chairman and Chief Executive Officer, Rick Gomez, Chief Commercial Officer, Michael for the alky Chief Operating Officer, and Jim Lee, Chief Financial Officer. In a few moments. Brian, Rick, Michael and Jim will provide their insights on our third quarter performance, along with our outlook and priorities for the remainder of the year.

大家早安，感謝您參加我們的 2024 年第三季財報電話會議。今天與我站在一起的有董事長兼首席執行官布萊恩·康奈爾(Brian Cornell)、首席商務官里克·戈麥斯(Rick Gomez)、首席營運官邁克爾(Michael) 和首席財務官吉姆李(Jim Lee)。過一會兒。 Brian、Rick、Michael 和 Jim 將提供他們對我們第三季業績的見解，以及我們對今年剩餘時間的展望和優先事項。

Following their remarks, we'll open the phone lines for a question and answer session. This morning. We're joined on this conference call by investors and others who are listening to our comments via webcast. Following the call, Gemini will be available to answer your follow-up questions.

在他們發表講話後，我們將開通電話線路進行問答。今晨。投資者和其他透過網路廣播收聽我們評論的人也加入了本次電話會議。通話結束後，Gemini 將回答您的後續問題。

And finally, as a reminder, any forward-looking statements that we make this morning are subject to risks and uncertainties, including those described in this morning's earnings press release and in our most recently filed 10 K. Also in these remarks, we refer to non-GAAP financial measures, including adjusted earnings per share. Reconciliations of all non-GAAP numbers to the most direct comparable GAAP number are included in this morning's press release, which is posted on our Investor Relations website. With that, I'll turn it over to Brian for his thoughts on the quarter and as priorities for the fourth quarter and beyond. Brian?

最後，提醒一下，我們今天早上做出的任何前瞻性陳述都受到風險和不確定性的影響，包括今天早上的收益新聞稿和我們最近提交的10 K 中描述的風險和不確定性。在這些評論中，我們也提到非公認會計準則財務指標，包括調整後每股盈餘。所有非 GAAP 數據與最直接可比較的 GAAP 數據的對帳均包含在今天早上的新聞稿中，該新聞稿發佈在我們的投資者關係網站上。至此，我將把它轉交給布萊恩，詢問他對本季的想法以及第四季及以後的優先事項。布萊恩？

Thanks, John, and good morning, everyone. For to start my remarks today by welcoming Jim Lee to his first conference call as targets CFO. Jim recently joined our team from PepsiCo, regain a wealth of experience in numerous positions throughout their business. Since he arrived here in September and learning our business.

謝謝約翰，大家早安。今天我首先歡迎 Jim Lee 參加他作為 Target 財務長的第一次電話會議。 Jim 最近從百事可樂公司加入我們的團隊，在整個業務中的多個職位上重新獲得了豐富的經驗。自從他九月來到這裡並學習我們的業務以來。

And I've been incredibly impressed with his ability to synthesize large amounts of data drilling, what's most important, generate innovative solutions when presented with problems and then take quick action to address them. I'm confident you'll have enjoyed getting to know Jim, in the quarters and years ahead and occupying two important roles during the CFO. Search process did an incredible job leading both of finance and operations teams over the first half of the year, and I know both of those teams are grateful for his leadership. And of course, I want to thank the entire Target team for their leadership is successfully navigating through a difficult environment.

他綜合大量數據鑽探的能力給我留下了極其深刻的印象，最重要的是，在遇到問題時產生創新的解決方案，然後迅速採取行動解決這些問題。我相信，在未來的季度和幾年裡，您會很高興認識吉姆，並在擔任財務長期間擔任兩個重要職位。上半年，搜尋流程在領導財務和營運團隊方面做出了令人難以置信的工作，我知道這兩個團隊都對他的領導表示感謝。當然，我要感謝整個 Target 團隊的領導，他們成功地度過了困難的環境。

This quarter, a period that included a number of performance highlights and which also presented multiple challenges across our business because of our team's dedication to serving our guests and their focus on delivering newness and strong value. We saw healthy growth in traffic throughout the quarter, even as we encountered some macro headwinds that cause our EPS to be lower than expected. Despite these headwinds were encouraged that operating income has grown 6. 7% through the first three quarters of the year.

本季度，這段時期出現了許多業績亮點，同時也為我們的業務帶來了多重挑戰，因為我們的團隊致力於為客人服務，並專注於提供新穎和強大的價值。儘管我們遇到了一些宏觀阻力導致每股收益低於預期，但我們整個季度的流量都實現了健康成長。儘管有這些不利因素，但今年前三個季度的營業收入仍成長了 6. 7%。

We're highly confident in our proven long-term strategy and in our ability to move beyond this current volatility. And importantly, we're continuing to make the right investments in our business that will help us deliver profitable growth in the years ahead. Among the drivers are comp sales traffic grew a healthy 2. 4% this quarter, representing well over $10 million incremental transactions compared with last year.

我們對我們行之有效的長期策略以及擺脫當前波動的能力充滿信心。重要的是，我們將繼續對我們的業務進行正確的投資，這將有助於我們在未來幾年實現獲利成長。其中一個驅動因素是本季公司銷售流量健康成長了 2. 4%，與去年相比，交易增量遠遠超過 1,000 萬美元。

This growth and traffic was mostly offset by decline in average ticket as consumers continue to spend cautiously most notably in discretionary categories. Overall, our third quarter comp sales increased 0. 3% due to the bottom of our expected range. As you know, we focus on traffic as a key indicator of guest engagement and the growth we've been seeing is a validation of our guest focus strategies and our team's commitment to delivering newness, value and a differentiated experience.

這種成長和客流量主要被平均票價的下降所抵消，因為消費者繼續謹慎消費，尤其是在非必需品類別上。總體而言，由於我們的預期範圍底部，我們第三季的比較銷售額成長了 0. 3%。如您所知，我們將流量作為賓客參與度的關鍵指標，我們所看到的成長證明了我們以賓客為中心的策略以及我們團隊致力於提供新穎、價值和差異化體驗的承諾。

We continue to measure year-over-year increases in guest service scores, and we're really pleased with the response to 1,000 price reductions we introduced earlier this year, which were extending with another 2000 more as we enter the holiday season. We've also seen strong results in the digital channel, which grew by nearly 11% this quarter. Some other digital services. We saw nearly 20% growth in our same-day delivery, powered by Target Circle three 60 as more guests learn about it and respond to the value and convenience the service offers.

我們繼續衡量客戶服務評分的同比增長情況，我們對今年早些時候推出的 1,000 次降價的反應感到非常滿意，隨著進入假期季節，降價幅度又進一步擴大了 2000 次。我們也看到數位通路的強勁業績，本季成長了近 11%。其他一些數位服務。隨著越來越多的客人了解它並對服務提供的價值和便利性做出反應，在 Target Circle 3 60 的支持下，我們的當日送達量增加了近 20%。

We also saw double digit growth in drive up this quarter, which accounted for more than 2 billion in our Q3 sales. We also saw healthy growth in our ship to home business in Q3 as guests responded to the changes we made to streamline the shopping experience, increased speed and reliability and lower our costs by moving more of our shipments through sortation centers. At the category level, we see persistent strength in beauty, which on comp increase of more than 6% in the quarter. While our frequency businesses delivered solid growth in both traffic and sales, and we're pleased with our relative performance versus the market and apparel, even with a small sales decline in an environment where we saw slow sales of cold weather apparel across the industry.

本季我們也看到了兩位數的成長，占我們第三季銷售額超過 20 億美元。第三季度我們的送貨到家業務也實現了健康成長，因為客人對我們為簡化購物體驗、提高速度和可靠性以及透過分揀中心轉移更多貨物來降低成本而做出的改變做出了回應。在品類層面，我們看到美容類別持續強勁，本季的綜合成長率超過 6%。雖然我們的頻率業務在流量和銷售方面實現了穩健增長，但我們對我們相對於市場和服裝的相對錶現感到滿意，儘管我們看到整個行業的寒冷天氣服裝銷售緩慢，但銷售額略有下降。

Our other two discretionary businesses. Home and hardlines saw continued softness in Q3 as consumers continue to spend cautiously in these categories. When we assess the consumer and macro environment, we're seeing many of the same themes that have defined the environment for some time. Consumers tell us their budgets remain stretched and they're shopping carefully as they work to overcome the cumulative impact of multiple years of price inflation, they are becoming increasingly resourceful in their shopping behaviors.

我們的另外兩項全權委託業務。由於消費者在這些類別上的支出繼續謹慎，因此第三季家居和硬裝產品持續疲軟。當我們評估消費者和宏觀環境時，我們發現許多相同的主題已經定義了一段時間的環境。消費者告訴我們，他們的預算仍然捉襟見肘，他們在努力克服多年來價格通膨的累積影響的同時，正在謹慎購物，他們的購物行為變得越來越足智多謀。

We need to buy until the last moment of need and focusing on deals and then stocking up when they find them. As a result, we're seeing a strong response or promotions than we've seen in some time yet. Consumers are still willing to spend when they find the right combination of newness and value. And there continue to celebrate important seasonal moments throughout the year.

我們需要購買直到最後一刻需要，並專注於優惠，然後在發現優惠時進行備貨。因此，我們看到了前所未有的強烈反應或促銷活動。當消費者找到新穎性和價值的正確組合時，他們仍然願意花錢。全年都會持續慶祝重要的季節性時刻。

Because they work hard to control their day-to-day spending. Consumer sometimes less themselves to splurge a little bit when they find the right item or the right seasonal moment arrives. As Michael will highlight in more detail, our supply chain faced some unique challenges related to the East Coast and Gulf port strikes in order to protect our in-stocks and ensure we're ready for Q4, our team changed the timing of certain shipments and directed a portion of receipts to other ports, receipt timing changes and the impact of softer than expected sales and discretionary categories resulted in elevated levels of inventory earlier than a typical year, leading to higher than expected costs in our supply chain. While we weren't pleased with this cost pressure, our liability as our teams decisive actions protected Q3 in-stocks while supporting our Q4 merchandising plans beyond the headwinds in our supply chain, we also faced some unexpected pressure in healthcare and general liability expenses this quarter, which Jim will outline in a few minutes.

因為他們努力控制日常開支。當消費者找到合適的商品或合適的季節到來時，他們有時會減少自己的揮霍。正如邁克爾將更詳細地強調的那樣，我們的供應鏈面臨著一些與東海岸和墨西哥灣港口罷工相關的獨特挑戰，為了保護我們的庫存並確保我們為第四季度做好準備，我們的團隊改變了某些出貨的時間，將部分收貨轉移到其他港口、收貨時間變化以及銷售和非必需品類疲軟的影響導致庫存水準比典型年份提前增加，導致我們供應鏈的成本高於預期。雖然我們對這種成本壓力並不滿意，但我們的責任是，因為我們的團隊採取果斷行動保護了第三季度的庫存，同時支持我們第四季度的銷售計劃，超越了供應鏈的不利因素，我們在醫療保健和一般責任費用方面也面臨著一些意想不到的壓力。

Another Q3 highlight was our most recent target sort of a week in early October. Guests are responding to the changes we've incorporated into this program and they appreciate the value it provides at every level. We enrolled nearly 3 million new Target Circle members this quarter, and we'll continue making long-term investments in this loyalty program with a focus on reaching new members and driving incremental engagement among our existing base beyond the profitable traffic and sales we see from going to circle this program also helps us learn more about our guests and their preferences, which in turn helps the fuel or run they'll add business front, Dell delivered mid teen growth in Q three, benefiting both our total revenue and gross margin rate while driving deeper connections among our guests, the Target brand and our vendors. In a few minutes, Mike will highlight our merchandising and marketing plans for the holiday season.

第三季的另一個亮點是我們最近的目標是十月初的一周。客人對我們納入該計劃的改變做出了回應，他們欣賞該計劃在各個層面提供的價值。本季我們招募了近300 萬新的Target Circle 會員，我們將繼續對該忠誠度計劃進行長期投資，重點是吸引新會員並在我們現有的基礎上推動增量參與，超越我們從利潤中看到的流量和銷售額。青年成長，使我們的總收入和毛利率都受益同時推動我們的客人、Target 品牌和我們的供應商之間建立更深入的聯繫。幾分鐘後，麥克將重點介紹我們的假期季節銷售和行銷計劃。

And while we're really excited about them, we're also focused on controlling what we can control and planning the business consciously given the volatility we've been seeing. While we aren't happy about the reduction in our outlook for the remainder of the year, we believe we're managing our business appropriately, and we're helping our teams the agile and ready to respond. If we see our business accelerate and our Q4 plan is focused on any of this year with an inventory position that will best position our business going into 2025. Importantly, we're still confident in our long-term strategy.

雖然我們對它們感到非常興奮，但考慮到我們所看到的波動性，我們也專注於控制我們可以控制的內容並有意識地規劃業務。雖然我們對今年剩餘時間的前景展望的下調並不滿意，但我們相信我們正在適當地管理我們的業務，並且我們正在幫助我們的團隊敏捷並做好應對準備。如果我們看到我們的業務加速成長，並且我們的第四季度計劃重點關註今年的任何一個庫存狀況，那麼這將使我們的業務在進入2025 年時處於最佳位置。我們的長期策略充滿信心。

Profit growth shows that we're winning with our guests, and we're making long-term investments that have delivered strong performance over decades. This includes capital investments in our existing stores in full remodels, smaller issues and layout changes to increase the efficiency of our same-day services. We're investing in our digital experience in our website app and our full menu of fulfillment capabilities to become even more reliable and convenient for our guests. We're investing in our new store program based on strong performance of this year's openings and our robust pipeline of new locations planned for 2025.

利潤成長表明我們正在與客人共贏，而且我們正在進行長期投資，這些投資在幾十年來取得了強勁的業績。這包括對我們現有商店進行全面改造、較小的問題和佈局變化的資本投資，以提高我們當日服務的效率。我們正在網站應用程式和完整的履行功能選單中投資我們的數位體驗，以便為我們的客人提供更可靠和方便的服務。基於今年新店開幕的強勁表現以及計劃於 2025 年開設的強勁新店管道，我們正在對新店計劃進行投資。

We're making smart investments in technology, including AI. to our team to do more for our guests more quickly. We're investing in our own brand portfolio, which delivers a unique combination of style and value that differentiates our assortment from everyone else in the marketplace. We're delivering value through our investments in lower average prices in the deals we offer to our Target Circle members and the compelling promotions will deliver throughout the holiday season.

我們正在對包括人工智慧在內的技術進行明智的投資。感謝我們的團隊更快地為我們的客人做更多的事情。我們正在投資我們自己的品牌組合，它提供了風格和價值的獨特組合，使我們的產品系列與市場上的其他產品區分開來。我們透過在向目標圈會員提供的交易中以較低的平均價格進行投資來創造價值，並將在整個假期期間提供引人注目的促銷活動。

And we'll continue to invest in our team to ensure they can deliver a differentiated joyful Target guest experience across every channel every day throughout the year. With Thanksgiving right around the quarter. I want to pause and acknowledge the efforts of my fellow team members, most notably in our stores and supply chain facilities have been spending months preparing for our busiest season of the year. Throughout the Company.

我們將繼續對我們的團隊進行投資，以確保他們全年每天都能在每個管道上為 Target 賓客提供差異化的歡樂體驗。感恩節接近季度。我想停下來感謝我的團隊成員所做的努力，尤其是在我們的商店和供應鏈設施中，他們花了幾個月的時間為一年中最繁忙的季節做準備。整個公司。

Our team members bring enormous energy to their work, but in the fourth quarter, they shift into an even higher gear. I want to thank them for everything they do make target target.

我們的團隊成員為工作注入了巨大的能量，但在第四季度，他們的工作效率更高。我要感謝他們為實現目標所做的一切。

Now I'll turn the call over to Rick.

現在我將把電話轉給里克。

Thanks, Brian, and good morning, everyone. I'm excited to highlight everything we have planned for this holiday season. But first, I'd like to start by sharing our current view of the consumer and some color around our third quarter results. As Brian mentioned, our view of the consumer is largely consistent with what we've shared in prior quarters.

謝謝布萊恩，大家早安。我很高興強調我們為這個假期計劃的一切。但首先，我想先分享我們目前對消費者的看法以及有關我們第三季業績的一些看法。正如布萊恩所提到的，我們對消費者的看法與我們在前幾季所分享的基本一致。

Consumers remain pressured, but are willing to spend when they find the right balance of on-trend newness at compelling price points. They continue to make difficult tradeoffs, trying to save on everyday essentials to free up some of their budget for those new must-have items. We've often described consumers as resilient despite the challenges they're facing, and that is still true. However, I might add something to that description today beyond Brazilian consumers have also become increasingly resourceful.

消費者仍然面臨壓力，但當他們在流行的新穎性和令人信服的價格點之間找到適當的平衡時，他們願意花錢。他們繼續做出艱難的權衡，試圖節省日常必需品，以騰出一些預算來購買新的必備物品。我們經常將消費者描述為儘管面臨挑戰但仍具有韌性，這仍然是事實。然而，除了巴西消費者也變得越來越足智多謀之外，我今天還可以在這項描述中添加一些內容。

They know there are deals to be found. They're willing to wait for sales and willing to search across multiple retailers to find them. For example, our Target Circle weak this quarter was one of our biggest yet. However, we saw a more pronounced sales dip both the week before and a week after the event showing just how planful consumers are seeking out promotions when they shop.

他們知道可以找到一些優惠。他們願意等待銷售並願意在多個零售商中搜尋以找到它們。例如，本季我們的目標圈疲軟是我們迄今為止最大的疲軟之一。然而，我們發現活動前一周和活動後一周的銷售額下降更為明顯，這表明消費者在購物時是多麼有計劃地尋求促銷活動。

Similarly, we saw consumers lean into everyday essential stock-up promotions throughout the call quarter to further stretch their monthly budgets. Turning to the third quarter, comparable sales grew 0. 3%, reflecting strong performance on our digital platforms, where sales grew nearly 11% throughout the quarter. We faced continued volatility across our business and broadly softer sales in discretionary categories.

同樣，我們看到消費者在整個通話季度都傾向於進行日常必需品庫存促銷活動，以進一步擴大每月預算。談到第三季度，可比銷售額成長了 0. 3%，反映出我們數位平台的強勁表現，整個季度銷售額成長了近 11%。我們的業務持續波動，非必需品類別的銷售普遍疲軟。

Is as compared with Q2. As I mentioned earlier, we saw strong reaction to promotions throughout the quarter. While the depth of these promotions was similar to last year, our guest responses to these offers were much more pronounced compared to a year ago. Promotional markdown rates have increased meaningfully and year to date are up around one percentage point.

與Q2相比。正如我之前提到的，我們在整個季度看到了對促銷活動的強烈反應。雖然這些促銷活動的深度與去年相似，但與一年前相比，我們的客人對這些優惠的反應要明顯得多。促銷降價率顯著增加，今年迄今已上升約一個百分點。

In terms of category performance, sales and market share gains were strongest in Beauty again this quarter with comparable sales growth of more than 6%. This strong performance was broad-based with growth in our core beauty business as well as our Ulta Beauty at Target offerings. Newness across the portfolio resonated with a wide array of consumer offers, including growing affinity with younger Gen Z guests from Blake. Lively is exclusive to Target hair care line, Blake Brown, to the continued success of many sizes that offer there's little indulgences.

就品類表現而言，本季美容類別的銷售額和市佔率成長再次最為強勁，可比銷售額成長超過 6%。這種強勁的業績得益於我們核心美容業務以及 Ulta Beauty at Target 產品的成長。該產品組合的新穎性與廣泛的消費者優惠產生了共鳴，包括與 Blake 的年輕 Z 世代客人日益增長的親和力。 Lively 是 Target 護髮系列 Blake Brown 的獨家產品，其多種尺寸的持續成功，提供了一點點的享受。

Our beauty assortment continues to be a standout with our guests. Our food and beverage and essentials categories both grew in the low single digits this quarter in food strength spanned the portfolio gas particularly love this season's Halloween, candy and snacks, as well as new seasonal flavors from Good & Gather in favor day with new on-trend flavors, helping to drive preference for our own brands, which continue to gain share in essentials. New items in Nutrition, categories like meals, supplements and protein powders are performing very well. Additionally, since the launch of our limited time offering, the cutover collaboration featuring fund and stylish products for pets and pet owners, we have seen a meaningful acceleration in comp trends in the pet category and through the insights we gain from Target Circle, we can now issue personalized offers to guess that shop the collaboration and help them engage with our broader pets assortment in bigger ways.

我們的美容產品系列繼續在客人中脫穎而出。我們的食品、飲料和必需品類別本季的食品實力均以低個位數增長，涵蓋了特別喜歡本季萬聖節、糖果和零食的組合氣體，以及來自Good & Gather 的新季節性口味，以及新的優惠日 -趨勢口味，有助於推動人們對我們自有品牌的偏好，這些品牌在必需品方面繼續獲得份額。營養品、膳食、補充劑和蛋白粉等類別的新產品表現非常好。此外，自從我們推出限時產品、針對寵物和寵物主人的基金和時尚產品的過渡合作以來，我們已經看到寵物類別的競爭趨勢顯著加速，並且透過我們從 Target Circle 獲得的見解，我們可以現在發布個人化優惠來猜測購買合作並幫助他們以更大的方式與我們更廣泛的寵物品種互動。

In apparel, despite our comparable sales being down a little less than 1%. We were pleased with our relative performance compared to the industry. Unseasonably warm weather made for volatile weekly and regional trends, but in weeks, and we saw cooler weather year over year comp growth range from the low single digits to the high single digits in those regions. This gives us confidence that our seasonal offerings are resonating with consumers and as weather turns colder more consistently, this should bode well for our apparel sales trends.

在服裝方面，儘管我們的可比銷售額下降了不到 1%。與業界相比，我們對我們的相對錶現感到滿意。異常的溫暖天氣導致了每周和區域趨勢的波動，但在幾週內，我們看到這些地區較涼爽的天氣逐年增長，從低個位數到高個位數。這讓我們相信，我們的季節性產品會引起消費者的共鳴，並且隨著天氣更加持續變冷，這對我們的服裝銷售趨勢來說應該是個好兆頭。

Despite challenging weather, we've seen strength in our women's apparel business, including young contemporary, driven by strength from wild Fable Gameday assortments featuring mix-and-match apparel items in an array of team and colors, starting at $5 and everything under $30. Women's performance was also strong, especially with $25 all in motion leggings, featuring incredibly soft fabrication with a pop of glitter. We've also been very pleased with the relaunch of our intimates and sleepwear brand audit, which is output forming our expectations. Consistent with industry trends.

儘管天氣充滿挑戰，我們還是看到了女裝業務的強勁勢頭，包括年輕的當代女裝業務，這得益於《寓言遊戲日》系列的強勁勢頭，這些產品包括各種團隊和顏色的混搭服裝單品，起價5 美元，所有商品均低於30 美元。女裝的表現也很強勁，尤其是售價 25 美元的全運動緊身褲，其面料極其柔軟，帶有閃亮的閃光。我們也對重新啟動內衣和睡衣品牌審核感到非常滿意，該審核結果符合我們的期望。符合行業趨勢。

Hardlines categories continued to be under pressure, with comparable sales down in the low single digits. Despite this overall softness, we saw strong back-to-school performance with particular strength in backpacks.

硬裝類別持續面臨壓力，可比銷售額下降至低個位數。儘管總體疲軟，但我們看到了返校後的強勁表現，尤其是背包的實力。

We've also seen new toy offerings are resonating with guests, including the launch of Ms. Rachel toys with care actors and tie-ins to her wildly successful YouTube series and filing in home. Our third quarter comp sales were down mid-single digits. Trends were relatively soft across the portfolio with bright spots in decorative accessories led by fall newness, which grew comparable sales in the mid 10s and are affordable home refresh program with key partners like hearth in hand by Magnolia and threshold by studio McGee, both of which grew around 40% versus last year.

我們也看到新的玩具產品引起了客人的共鳴，包括與護理演員合作推出的 Rachel 女士玩具，以及與她大獲成功的 YouTube 系列和在家歸檔的玩具。我們第三季的銷售額下降了中個位數。整個產品組合的趨勢相對疲軟，以秋季新品為主導的裝飾配件亮點，可比銷售額在10 多歲左右增長，並且是負擔得起的家居翻新計劃，主要合作夥伴包括Magnolia 的hearth in hand 和studio McGee的Threshold，這兩個項目都與去年相比成長了40%左右。

And finally, because of our unique well balanced assortment, we can move beyond a focus on driving performance was in our merchandising categories and create innovation and excitement between them as well in ways that others simply can't. As a perfect example, in Q3, we introduced powerhouse brands, Elfcosmetics and Stanley, so guests can now match their favorite lip gloss color to their trendy Drinkware. This innovative program is selling incredibly well and shows how we not only act on current trends for help to create new ones as well. As we turn the page to Q4, does cross merchandising opportunities only grow more compelling and just two days.

最後，由於我們獨特且平衡的產品組合，我們可以超越我們的銷售類別中對驅動性能的關注，並以其他人無法做到的方式在它們之間創造創新和興奮。舉個完美的例子，在第三季度，我們推出了實力品牌 Elfcosmetics 和 Stanley，因此客人現在可以將他們最喜歡的唇彩顏色與其時尚的飲料相搭配。這個創新計劃的銷售量非常好，它顯示了我們如何不僅順應當前趨勢，還幫助創造新趨勢。當我們翻到第四季時，交叉行銷機會是否只會變得更加引人注目，而且只有兩天。

The most anticipated theatrical release of the year hits theaters. Universal Studios wicked opens Friday, and we are so excited to be the ultimate fan destination for this film were offering more than 150 movie inspired items spanning apparel, toys, beauty, food, home and more. Nearly 70% of the items are available only at Target, including apparel line created by the films Custom Designer part as well. Guests will be immersed in the magic of either through wicked theme, store displays, shop-in-shops, digital experiences and others have prices throughout the season and beyond the wow factor of its exclusive assortment, we brought the magic to our marketing campaign featuring the film Star, Cynthia Areva with a huge response from Target and wicked fans alike on our social channels.

年度最受期待的戲院上映。邪惡環球影城將於週五開業，我們很高興成為這部電影的終極粉絲目的地，我們提供超過 150 件受電影啟發的商品，涵蓋服裝、玩具、美容、食品、家居等。近 70% 的商品僅在 Target 出售，包括由電影《訂製設計師》部分打造的服裝系列。客人將透過邪惡的主題、商店陳列、店中店、數位體驗和其他產品的魔力沉浸在整個季節的價格中，除了其獨家品種的令人驚嘆的因素之外，我們還將魔力帶入了我們的行銷活動中，其中包括電影明星辛西婭·阿雷娃 (Cynthia Areva) 在我們的社交渠道上得到了塔吉特 (Target) 和邪惡粉絲的巨大反響。

Building on the theme of creating magical moments in the fourth quarter. Our plans for this holiday season are designed to inspire, I wonder and off and throughout the holiday season, we want to make sure we offer the perfect balance of value. Newness, ease and inspiration. Value will be on full display all season long from our everyday low prices to compelling promotions that helped family celebrate the seasons after an incredible response to our price reductions on 5,000 everyday items.

以第四季創造神奇時刻為主題。我想知道，我們這個假期的計劃旨在激發靈感，在整個假期期間，我們希望確保我們提供完美的價值平衡。新穎、輕鬆和靈感。從我們每天的低價到引人注目的促銷活動，在我們對 5,000 種日常用品的降價做出令人難以置信的反應後，整個季節的價值都將充分展示。

Earlier this year, we reduced prices on an additional 20 items to drive traffic and help celebrate the holidays will also be returning with some popular promotions like our Deal of the Day, which started on the 1st of this month and runs throughout the holiday season and new this year. We recently held an early Black Friday sale just a couple of weeks ago. It's hard to believe that Thanksgiving is next week and from Turkey to tabletop to core, we have everything families will need to gather together this year, we're bringing back our popular Thanksgiving meal deal now only $20 for a family of four, which is $5 lower than last year. The meal includes Turkey adjust $0.

今年早些時候，我們降低了另外20 種商品的價格，以增加流量並幫助慶祝節日，我們還將推出一些受歡迎的促銷活動，例如我們的“每日優惠”，該促銷活動於本月1日開始，並貫穿整個節日季，今年新的。就在幾週前，我們最近提前舉行了黑色星期五促銷活動。很難相信下週就是感恩節了，從火雞到桌面再到核心，我們擁有今年家庭聚會所需的一切，我們將恢復受歡迎的感恩節大餐優惠，現在四口之家只需20 美元，這是比去年低 5 美元。餐費含火雞調整$0。

79 per pound as well as staffing and five additional side dishes. Plus we're offering a wide variety of hosting and gift giving options, including fresh flowers, wine, Good & Gather security trays and household segment. And while our stores are closed on Thanksgiving Day, helping our team members to celebrate with loved ones will be back at it on Black Friday to keep the holiday momentum going. And when you don't feel like looking on the day after Thanksgiving well will be helping out by offering a free frozen pizza, our Target Circle three 60 members And speaking of the day after Thanksgiving, we recently announced two exclusive Taylor Swift releases available only at target that will be lodging only in stores on Black Friday for moving the assortment online the next day, while supplies last, the official Taylor Swift, the air as to our book, provide a comprehensive behind the scenes view into the cultural phenomenon of Taylor Swift, the areas tour, including never-before-seen photos and personal reflections written by Taylor.

每磅 79 美元，還有人員配備和五個額外的配菜。此外，我們還提供各種託管和禮品贈送選項，包括鮮花、葡萄酒、Good & Gather 安全托盤和家居部分。雖然我們的商店在感恩節關閉，但幫助我們的團隊成員與親人慶祝的活動將在黑色星期五重新開始，以保持節日勢頭。當您不想在感恩節後的第二天提供免費的冷凍披薩時，我們的Target Circle 的3 名60 名成員會提供幫助。斯威夫特(Taylor Swift) 獨家發售的版本目標公司將在黑色星期五期間僅在商店內提供住宿，以便第二天將產品轉移到網上，售完即止，官方泰勒·斯威夫特（Taylor Swift）的空氣，就我們的書而言，提供了對泰勒文化現象的全面幕後觀察斯威夫特進行了該地區的遊覽，包括泰勒從未見過的照片和個人感想。

In addition, we have excuse Lisa versions of the tortured police department, the ontology on both vinyl and CD. featuring 35 tracks, including for acoustic bonus zones. And while these exclusives are sure to be top on Swift, these wish lists, we have exciting gifting options for everyone in the family. All at unbeatable prices, more than half of our holiday toys are under $20 and thousands of stocking stuffers are under $5, but we know that consumers don't want to choose between value and newness.

此外，我們還有麗莎版本的受酷刑的警察局本體，黑膠唱片和CD。具有 35 條軌道，包括聲學獎勵區。雖然這些獨家產品肯定會成為 Swift 的首選，但在這些願望清單上，我們也為家庭中的每個人提供了令人興奮的禮物選擇。價格無與倫比，我們一半以上的節日玩具價格低於 20 美元，數千種聖誕禮物價格低於 5 美元，但我們知道消費者不想在價值和新穎之間做出選擇。

They want both and at Target they won't have to choose. Our holiday assortment is our biggest ever with 50% more new items compared to last year. These include exciting new toys from the biggest brands like Disney logo and FAO Schwarz, as well as our only a Target brand, giggle escape and Beauty will offer more than 100 new items, including incredible give set options. This year's assortment is a great range of giftable items starting at just $5, with nearly two thirds of this assortment priced under $10, and food will be offering more than 700 new items and on-trend seasonal flavors featuring new cookie and Gingerbread kits for the whole family to enjoy building and eating.

他們兩個都想要，而在 Target，他們不必做出選擇。我們的節日產品種類是有史以來最豐富的，新產品比去年增加了 50%。其中包括迪士尼標誌和FAO Schwarz等最大品牌的令人興奮的新玩具，以及我們唯一的Target品牌，giggle escape和Beauty將提供100多種新商品，包括令人難以置信的贈送套裝選項。今年的商品種類繁多，起價僅為5 美元，其中近三分之二的商品價格低於10 美元，而食品將提供700 多種新商品和流行的時令口味，其中包括新的餅乾和薑餅套件。

And again, this season, our partnership with British retailer Marks & Spencer will offer the best shorter bread, candy and Christmas treats from across upon and for the first time, new home items like London themed ornaments in mugs all under $20, we've also worked to make shopping easier than ever this season.

本季，我們與英國零售商 Marks & Spencer 的合作將提供有史以來最好的短麵包、糖果和聖誕美食，並且首次推出倫敦主題馬克杯裝飾品等新家居用品，價格均低於 20 美元。努力讓本季的購物變得比以往任何時候都更容易。

Of course, gas can rely on our industry-leading same-day services like or a pickup drive up in same-day delivery with Target Circle three, 60. But we're also making it easier, determine that perfect gift with a new gift ideas page on our website and app consumers can be inspired to find the perfect gift for that special someone on a set budget. And for those who want to make it clear what they're hoping to find under the tree this year, our digital holiday wish list feature removes the guesswork for their loved ones. Plus our price match guarantee shares guests that no matter when and how they choose to shop.

當然，天然氣可以依靠我們領先業界的當日服務，例如 Target Circle 3, 60 的當日送達服務。創意頁面可以激發消費者在有限的預算內為特別的人找到完美的禮物。對於那些想要明確今年希望在聖誕樹下找到什麼的人來說，我們的數位假期願望清單功能消除了對親人的猜測。此外，我們的價格匹配保證與客人分享，無論他們選擇何時以及如何購物。

They'll get the best prices we have planned for the season and like the bowl on top of that perfect present our marketing will tie it all together, immersing consumers and Magic imagination and larger than life moments. Target gas will be transported to a land of iconic peppermint swells and fantastic will force landscapes from in-store pop of experiences to holiday TV and social spots that will lead them feeling festive. We were all families to have happier holidays courtesy of their friends at Target as they get ready to pass the baton over to Michael, I want to pause and thank our teams for the many ways they show up for this brand for our guests and for their communities every day. I am humbled by the talent and passion.

他們將獲得我們為當季計劃的最優惠價格，就像完美禮物之上的碗一樣，我們的營銷將把這一切聯繫在一起，讓消費者沉浸在萬智牌的想像力和非凡的時刻。目標氣體將被輸送到一個充滿標誌性薄荷味的土地，夢幻般的景觀將迫使店內的流行體驗變成節日電視和社交場所，讓他們感到節日氣氛。我們都是一家人，當塔吉特的朋友們準備將接力棒交給邁克爾時，我們都希望能在塔吉特的朋友們的幫助下度過更愉快的假期，我想停下來感謝我們的團隊為我們的客人和他們的品牌展示的多種方式每天的社區。我對他們的才華和熱情感到謙卑。

This team brings, and I am reminded of how special it is to work among world-class colleagues, retail leaders and trends. Thank you all for all you do to make target target.

這個團隊讓我想起了與世界一流的同事、零售領導者和趨勢一起工作是多麼特別。感謝大家為實現目標所做的一切。

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

這樣，我會將電話轉給麥可。

Thanks, Rick. The fourth quarter is here and in short, we are ready while some consumers or offer those may Monday restoration team. We've been forming our plans, securing inventory, assessing the external environment and preparing for the season for months. Now, as you heard already from both Brian and Rick macro headwinds and increased volatility throughout the third quarter, both expected and unexpected resulted in financial and operational challenges for our business.

謝謝，瑞克。第四季已經到來，簡而言之，我們已經準備好，而一些消費者或提供那些可能週一恢復的團隊。幾個月來，我們一直在製定計劃、確保庫存、評估外部環境並為產季做準備。現在，正如您從 Brian 和 Rick 那裡聽到的那樣，整個第三季度的宏觀逆風和波動性加劇，預期和意外都為我們的業務帶來了財務和營運挑戰。

But despite these challenges, because of all the effort our team has put into the planning, we feel great about our ability to serve guests this holiday season. Beyond the normal considerations of running a large retail business, unusual weather patterns, port strikes and overseas port delays added to the complexities of the quarter. This year's hurricane season has been particularly devastating for so many communities flower grateful that our team members in affected areas are safe. We also know that the damage from hurricanes Helene in Milton has been vast and impacted communities are still recovering in advance of the storm.

儘管面臨這些挑戰，但由於我們團隊在規劃中付出的所有努力，我們對這個假期為客人提供服務的能力感到非常滿意。除了經營大型零售業務的正常考量之外，異常的天氣模式、港口罷工和海外港口延誤也增加了本季的複雜性。今年的颶風季節對許多社區來說尤其具有破壞性，感謝我們在受影響地區的團隊成員的安全。我們也知道，颶風海倫對米爾頓造成的損失是巨大的，受影響的社區在風暴來臨前仍在恢復中。

We closed the dozens of stores in a few supply chain facilities to keep our guests and team members safe. After the storms passed, we carefully assessed each location and we're able to reopen nearly all of our facilities within 24 hours. These storms as well as unseasonably warm weather throughout the quarter, created higher spikes and lower troughs than would otherwise be expected. Display playing the resilience of our supply chain in advance of peak holiday volume.

我們關閉了一些供應鏈設施中的數十家商店，以確保客人和團隊成員的安全。風暴過後，我們仔細評估了每個地點，並能夠在 24 小時內重新開放幾乎所有設施。這些風暴以及整個季度反常的溫暖天氣，造成了比預期更高的峰值和更低的波谷。在假期高峰之前展示我們供應鏈的彈性。

This quarter, we also successfully navigated the challenges presented by the port disruptions on the East Coast and Gulf ports. We had been closely monitoring the situation for months in anticipation of a potential strike. Our team took decisive action to route select shipments to West Coast ports to protect key seasonal programs for the fourth quarter. This came at a cost but allowed us to be well positioned for our guests through the strike and into the holiday season.

本季度，我們也成功應對了東海岸和海灣港口港口中斷帶來的挑戰。幾個月來，我們一直在密切關注局勢，預計可能會發生罷工。我們的團隊採取果斷行動，將選定的貨物運往西海岸港口，以保護第四季度的關鍵季節性計劃。這是有代價的，但使我們能夠在罷工期間和假期期間為我們的客人做好準備。

Thankfully, the strike was short-lived will continue to watch the situation closely in the lead-up to continued negotiations in January, we also saw higher than expected volatility and receipt timing and some Asian ports early in the quarter. Collectively, the impacts from the port strikes and receipt timing volatility drove additional costs in the quarter. Fortunately, our teams were able to navigate this volatility incredibly well. So our inventory position and operations are well prepared for the holiday season.

值得慶幸的是，這次罷工是短暫的，在 1 月繼續談判之前，我們將繼續密切關注局勢，我們在本季度初還看到了高於預期的波動性和收貨時間以及一些亞洲港口。總的來說，港口罷工和收貨時間波動的影響導致了本季的額外成本。幸運的是，我們的團隊能夠很好地應對這種波動。因此，我們的庫存狀況和營運已為假期做好了充分準備。

one quick final note on inventory. Third quarter ending inventory on our balance sheet was about 3% higher than a year ago. That said, as we've done before, we often compare back to 2019 as a useful way to look beyond the volatility we've seen in our business over the last five years. And by that comparison, you'll see that our Q3 sales this year versus 2019 have grown slightly faster than ending inventory over the same period.

關於庫存的最後一點說明。我們資產負債表上的第三季期末庫存比一年前高出約 3%。也就是說，正如我們之前所做的那樣，我們經常將 2019 年進行比較，以此作為超越過去五年我們業務波動的有用方法。透過比較，您會發現我們今年第三季的銷售額與 2019 年相比，成長速度略快於同期期末庫存的成長速度。

I'd like to take a minute to thank those teams throughout our stores and supply chain at headquarters and around the world for managing through each of these challenges, head-on their care and commitment to each other and to serving our guests regardless of the trials at hand, makes me incredibly proud of this team, and it's the incredible work of this team that has us ready to delight our guests the season with the type of amazing holiday experience. You can only find at Target. Thank you, team target for all you do to show up for this brand and for our communities day in and day out. As you've heard me share on these calls for a while now, we remain laser focused on our retail fundamentals with the goal of continuing to improve our level of service for Congress and consistently in-stock for our guests when where and how they want to shop.

我想花一點時間感謝我們總部和世界各地的商店和供應鏈中的這些團隊，感謝他們應對每一項挑戰，直面關懷和相互承諾，無論情況如何，都為我們的客人提供服務。讓我為這個團隊感到無比自豪，正是這個團隊令人難以置信的工作讓我們準備好在這個季節為我們的客人帶來令人驚嘆的假期體驗。你只能在 Target 找到。謝謝你們，團隊的目標是你們日復一日地為這個品牌和我們的社區所做的一切。正如您已經聽到我在這些呼籲中分享的一段時間一樣，我們仍然專注於我們的零售基礎知識，目標是繼續提高我們為國會提供的服務水平，並在客人想要的時間和方式下持續為他們提供庫存購物。

And once again, this quarter, our in-stock position improved meaningfully from already strong results a year ago. But as I mentioned before, in stocks are only one way to measure inventory reliability. If we have inventory on the shelf, that product is considered and stock, but that might not be enough depth to support the combination of in-store and digital demand. As such, we also track a metric we call purchase ability, which helps us protect our guests in-store and digital shopping experiences.

本季度，我們的庫存狀況再次較一年前的強勁業績顯著改善。但正如我之前提到的，庫存只是衡量庫存可靠性的一種方法。如果我們的貨架上有庫存，那麼該產品就會被考慮並有庫存，但這可能不足以支持店內和數位需求的結合。因此，我們也追蹤一個稱為購買能力的指標，這有助於我們保護客人的店內和數位購物體驗。

Here's an example. If stock in an item begins to run low, we may choose to make the item temporarily on purchasable for same-day fulfillment in order to protect the in-store shopping experience. The team has been working hard to reduce the number of times that happens, and we're encouraged that consistent with our in-stock trends, we have significantly improved our purchase ability metrics year-over-year, but to be clear for both in-stocks and purchase ability. We won't mistake progress for potential, and we're hard at work to continue improving inventory reliability for our guests beyond making sure our inventory is in the right place.

這是一個例子。如果某件商品的庫存開始不足，我們可能會選擇暫時讓該商品可供購買以實現當日配送，以保護店內購物體驗。團隊一直在努力減少發生這種情況的次數，我們感到鼓舞的是，與我們的庫存趨勢一致，我們的購買能力指標逐年顯著提高，但要明確的是， -庫存和購買能力。我們不會將進展誤認為潛力，除了確保我們的庫存位於正確的位置之外，我們還將努力繼續為客人提高庫存可靠性。

We also want to make sure our new stores are ideally located as well already, three out of for Americans live within 10 miles of a Target store. And our properties team constantly monitors, population and migration trends to determine where a new location my best serve a growing community this year that work helped us secure locations for 23 new stores, 13 of which just opened this past quarter from Miami, Florida to El Monte California, to walk here at my home state of Iowa. Thousands of consumers will newly experience the joy of having a target in their own backyards. And clearly, our guests in these neighborhoods are responding as this portfolio of new stores is performing ahead of our expectations.

我們還希望確保我們的新店地理位置優越，三分之三的美國人居住在 Target 商店 10 英里範圍內。我們的房地產團隊不斷監控人口和移民趨勢，以確定今年最能服務不斷發展的社區的新店地點，這項工作幫助我們為23 家新店確保了選址，其中13 家上個季度剛剛開業，從佛羅裡達州邁阿密到埃爾加利福尼亞州蒙特，步行到我的家鄉愛荷華州。成千上萬的消費者將重新體驗在自家後院找到目標的樂趣。顯然，我們這些社區的客人正在做出反應，因為這些新商店的表現超出了我們的預期。

In addition to new stores, we're also investing in our existing store fleet from the work we've done to enhance our front store experience to the investments we've made defines the top talent in the markets where we operate. We're relentless pursuit of making sure that our stores provide a joyful, convenient and efficient shopping experience. And while there's always room to improve by nearly every measure we track, our extensive survey data indicates we are making meaningful progress. More specifically net promoter scores for wait times at checkout lanes, satisfaction with team member interactions at both checkout and wash, stopping ability to find products and the cleanliness of our stores are all up year over year.

除了新店之外，我們還對現有的店群進行投資，從我們為增強前台店體驗所做的工作到我們所做的投資，我們確定了我們經營所在市場的頂尖人才。我們不懈地追求確保我們的商店提供愉悅、方便、高效的購物體驗。雖然我們追蹤的幾乎每項指標都存在改進的空間，但我們廣泛的調查數據表明我們正在取得有意義的進展。更具體地說，淨推薦值在結帳通道的等待時間、對結帳和清洗時團隊成員互動的滿意度、停止尋找產品的能力以及我們商店的清潔度方面的得分均逐年上升。

And of course, we're making investments in our digital business as well. And the name of the game here is speed across all types of digital fulfillment and ship to home fulfillment with stores close to our guests and our sortation centers handling 25% more packages than last year were faster than ever shipping packages to guests homes, helping power the healthy sales growth we're seeing in our ship to home business. In fact, as of the third quarter average shipping times across our network or nearly a day faster than this time a year ago, we've also implemented changes to reduce split shipments, driving an increase in units fulfilled per package, eliminating a source of friction for our guests and reducing last-mile delivery costs as well. Altogether, our sortation centers have saved the Company tens of millions of dollars in last mile delivery costs so far this year when compared to other fulfillment options.

當然，我們也在對數位業務進行投資。這裡的遊戲名稱是所有類型的數位履行和送貨上門履行的速度，商店靠近我們的客人，我們的分揀中心處理的包裹比去年多25%，比以往任何時候都更快地將包裹運送到客人家中，幫助電力我們在送貨到家業務中看到了健康的銷售成長。事實上，截至第三季度我們網路的平均運輸時間比一年前的這個時間快了近一天，我們還實施了減少分批運輸的變革，推動了每個包裹的配送數量的增加，消除了一個來源為我們的客人帶來摩擦，並減少最後一英里的交付成本。總的來說，與其他履行選項相比，今年到目前為止，我們的分類中心已為公司節省了數千萬美元的最後一哩配送成本。

And when it comes to speed, there's nothing faster than our same-day services, which is why we continue to rely on guest feedback to build upon these already love services, making them even better. This year, our target app became available for use in Apple CarPlay and Android Auto, making us the first retailer to offer guests the ability to navigate to a store for a curbside order using these phone base technologies. In addition, based on feedback we've received from our guests, we recently rolled out the ability to opt out of plastic bags for drive up and in-store pickup orders. This not only allows us to better serve these guest preferences.

說到速度，沒有什麼比我們的當日服務更快的了，這就是為什麼我們繼續依靠客人的回饋來建立這些已經很受歡迎的服務，使它們變得更好。今年，我們的目標應用程式可在 Apple CarPlay 和 Android Auto 中使用，使我們成為第一家為客人提供使用這些電話基礎技術導航到商店進行路邊訂單的零售商。此外，根據我們從客人那裡收到的回饋，我們最近推出了在駕駛和店內取貨訂單中選擇不使用塑膠袋的功能。這不僅使我們能夠更好地滿足這些客人的喜好。

It has also helped save the cost of millions of plastic bags. And finally, beyond the investments we've made and drive up and in-store pickup, we've also been investing heavily in our same-day delivery capabilities through Target Circle threes, 60. Since the relaunch of Target Circle in April, we've seen a meaningful increase in a number of Target Circle three 60 memberships and thanks to the incredible efforts of our partners at shipped, we are not only able to meet the rapid growth in demand. We've maintained the already high Net Promoter Scores.

它還幫助節省了數百萬個塑膠袋的成本。最後，除了我們所做的投資、推動和店內取貨之外，我們還透過 Target Circle Threes, 60 大力投資於我們的當日送達能力。顯著增加，並且由於我們的合作夥伴在Shipping 方面做出了令人難以置信的努力，我們不僅能夠滿足快速增長的需求。我們保持了已經很高的淨推薦值。

This offering consistently generates. And of course, beyond same-day shopping are shipped. Powered capabilities play a critical role in helping us deliver packages from sortation centers more quickly and less expensively than through alternative carriers. Before I pass things off to Jim, I'd like to echo Brian and welcome him to his first earnings call.

該產品持續產生。當然，除了當日購物之外，還有出貨。與其他承運商相比，強大的功能在幫助我們更快、更便宜地從分類中心交付包裹方面發揮關鍵作用。在我把事情轉達給吉姆之前，我想回應布萊恩並歡迎他參加他的第一次財報電話會議。

As Jim and I have worked together through the first few months of as onboarding process. I've already seen what I'm curious, compassionate and strategic leader. Here's I couldn't be happier to have him on the targeting. I'll continue to work closely with Jim as it ramps up in leading our finance function, and I'm excited to see what that team will accomplish under Jim's guidance and leadership.

吉姆和我在入職流程的前幾個月一起工作。我已經看到了我好奇、富有同情心和策略眼光的領導者。我很高興能以他為目標。我將繼續與吉姆密切合作，因為它在領導我們的財務職能方面不斷加強，我很高興看到團隊在吉姆的指導和領導下將取得什麼成就。

With that, I'll pass the call over to Jim.

這樣，我就把電話轉給吉姆。

Thanks, Michael. I've long admired the Target brand and its differentiated positioning with American retail. And since I've arrived here, I've enjoyed getting to know targeting and gain a much deeper understanding of our business. We've also developed a greater appreciation for the company's long-term strategic advantages, including our unique sources hub model that target Pioneer nearly a decade ago, a large, profitable and growing own brand portfolio, coupled with an outstanding collection of national brands and unique partnerships, our robust business model that includes strong retail operations and a broad footprint of capabilities, including Target Circle, Round Hill and our third-party marketplace Target Plus and a strong culture behind a capable team that's passionate about our brand and committed to carrying growing and winning together having gain deeper insights into these assets, I'm even more excited about our potential to deliver sustainable and profitable growth in the years ahead.

謝謝，麥可。我長期以來一直很欣賞 Target 品牌及其與美國零售業的差異化定位。自從我來到這裡，我很高興了解目標定位並對我們的業務有了更深入的了解。我們也更加重視公司的長期策略優勢，包括近十年前以先鋒為目標的獨特資源中心模式、龐大、盈利且不斷增長的自有品牌組合，以及優秀的民族品牌和品牌組合。關係、我們穩健的業務模式（包括強大的零售業務和廣泛的業務能力，包括Target Circle、Round Hill 和我們的第三方市場Target Plus），以及一支能力強的團隊背後的強大文化，他們對我們的品牌充滿熱情，並致力於將共同成長、共贏 在對這些資產有了更深入的了解後，我對我們在未來幾年實現可持續和盈利增長的潛力感到更加興奮。

Turning to our third quarter financial results. Our comparable sales increase of 0. 3% was near the low end of our expected range, while EPS came in below expectations due to softer discretionary trends and multiple cost headwinds, some of which are unique to the quarter among the drivers of our comparable sales, healthy guest traffic growth of 2. 4% was largely offset by a 2% decline in average ticket.

轉向我們第三季的財務業績。我們的可比銷售額成長了0. 3%，接近我們預期範圍的低端，而每股盈餘則低於預期，原因是可自由支配趨勢疲軟和多重成本逆風，其中一些因素是本季可比銷售額的獨特推動因素，2. 4% 的健康客流量成長在很大程度上被平均門票下降 2% 所抵消。

This decline was driven primarily by softness in our discretionary categories where consumers are shopping cautiously as they manage their household budgets. Within the quarter, monthly comps were strongest in October as guests responded to our Target Circle week promotions, and we saw sequential improvement in discretionary categories, while store comparable sales were down 1. 9%. We were pleased with our digital comp growth of 10.

這種下降主要是由於我們的非必需品類別疲軟所致，消費者在管理家庭預算時謹慎購物。在本季度內，由於客人對我們的 Target Circle 週促銷活動做出了反應，10 月份的月度比較最為強勁，我們看到非必需類別的連續改善，而商店可比銷售額下降了 1. 9%。我們對數位複合成長率達到 10 倍感到滿意。

8% within digital same-day delivery, powered by Target Circle through 60 increased nearly 20%. We also saw double digit growth and drive up and a healthy increase and ship to home volume. On the other revenue line, we saw growth of 11. 5% in the quarter, driven primarily by continued rapid growth in around our ad business.

8% 的數字當日送達，由 Target Circle 提供支持，透過 60 增加了近 20%。我們還看到了兩位數的增長和推動以及送貨到家數量的健康增長。在其他收入方面，本季我們實現了 11. 5% 的成長，這主要是由我們的廣告業務持續快速成長所推動的。

Our operating margin rate of 4. 6% was down about 60 basis points from a year ago, reflecting the combined impact of softer than expected sales in our highest margin categories and cost pressure offers on both the gross margin and SG&A expense lines. Overall, our gross margin rate was about 20 basis points lower than last year. Among the drivers, we saw about 90 basis points of pressure from digital fulfillment and supply chain costs resulting from multiple factors, including the incremental supply chain costs that Michael outlined earlier and the impact of double digit growth in digital sales.

我們的營業利潤率為 4. 6%，比一年前下降了約 60 個基點，反映出我們最高利潤類別的銷售低於預期以及毛利率和 SG&A 費用線面臨的成本壓力的綜合影響。整體而言，我們的毛利率比去年下降了約20個基點。在這些驅動因素中，我們看到了約90 個基點的來自數位履行和供應鏈成本的壓力，這些壓力是由多種因素造成的，包括邁克爾之前概述的增量供應鏈成本以及數位銷售兩位數增長的影響。

Offsetting this pressure, we saw about 50 basis points of financial benefit related to M&A sorry, shrink and about 20 basis points of benefit and merchandising. one note, the gross margin rate impact of merchandise mix was approximately flat in Q three, down from a 40 basis point benefit in Q2. This change was driven primarily by a slowdown in our highest margin discretionary categories, apparel and home, whose comp trends both decelerated about four percentage points when compared with Q2. Our SG&A expense rate increased about 50 basis points in the third quarter, reflecting multiple cost pressures, some of which were unexpected combined with top line sales near the low end of our expected range.

為了抵​​消這種壓力，我們看到與併購（對不起，收縮）相關的財務收益增加了約 50 個基點，而收益和銷售則增加了約 20 個基點。值得注意的是，第三季商品組合對毛利率的影響大致持平，低於第二季 40 個基點的收益。這項變化主要是由於我們利潤率最高的非必需品類別——服裝和家居——的放緩所致，與第二季度相比，其比較趨勢均下降了約四個百分點。第三季我們的 SG&A 費用率增加了約 50 個基點，反映出多重成本壓力，其中一些壓力是出乎意料的，而且營收接近我們預期範圍的低端。

Among the most notable drivers, we saw higher than expected general liability costs, a trend that's occurring more broadly and higher than expected health care costs as well. Altogether, our Q3 GAAP and adjusted EPS was $1. 85 percent compared with $2. 10 a year ago.

在最顯著的驅動因素中，我們看到了高於預期的一般責任成本，這一趨勢正在更廣泛地發生，並且也高於預期的醫療保健成本。總而言之，我們第三季的 GAAP 和調整後每股收益為 1 美元。與 2 美元相比，節省了 85%。 10年前。

Year to date, both GAAP and adjusted EPS have increased 8. 3% compared with last year. As I turn now to cash flow and capital deployment, I want to reiterate our priorities which have been consistent for decades and remain firmly in place today. We first look to invest fully in the business and projects that meet our strategic and financial criteria.

年初至今，GAAP 和調整後每股盈餘均較去年成長了 8. 3%。當我現在談到現金流和資本部署時，我想重申我們的優先事項，這些優先事項幾十年來一直一致，並且今天仍然堅定不移。我們首先尋求充分投資於符合我們策略和財務標準的業務和專案。

Second, we look to support the dividend and build on our record of growing the dividend annually, something we've done since 1971. Finally, we look to return any excess cash beyond those first two uses by repurchasing shares over time within the constraints of our middle A. credit ratings. Regarding the first party, we've invested just under 2 billion in CapEx year to date and with updated project timing, we expect our full year CapEx will be near the low end of our guidance range for the year at 3 billion or slightly lower.

其次，我們希望支持股息，並以每年增加股息的記錄為基礎，這是我們自1971 年以來一直在做的事情。兩種用途的任何多餘現金。關於第一方，我們今年迄今已在資本支出上投資了近20 億美元，隨著專案時間的更新，我們預計全年資本支出將接近我們今年指導範圍的下限，即30 億美元或略低。

As Brian mentioned, we have a robust pipeline of new stores and remodels, along with supply chain and technology projects that we expect will generate strong returns over time. Based on expected project timing, we're anticipating 2025 CapEx or range between four and 5 billion near the middle of a long-run expectation. Michael outlined earlier this year. Regarding the second priority, we paid dividends of $516 million in Q3, up from 500 to 7 million a year ago.

正如布萊恩所提到的，我們擁有強大的新店和改造管道，以及供應鏈和技術項目，我們預計隨著時間的推移，這些項目將產生強勁的回報。根據預期的專案時間安排，我們預計 2025 年的資本支出將在 4 至 50 億美元之間，接近長期預期的中間值。邁克爾在今年早些時候概述了這一點。關於第二個優先事項，我們在第三季支付了 5.16 億美元的股息，從一年前的 500 美元增加到 700 萬美元。

And finally, we deployed 354 million to retire about 2.4 million of our shares in Q3. Given our cash position and our expectations going forward, we expect to continue repurchasing shares in Q4 as well.

最後，我們在第三季部署了 3.54 億美元，註銷了約 240 萬股。考慮到我們的現金狀況和未來的預期，我們預計將在第四季度繼續回購股票。

Following my commentary on the quarter with some comments on after-tax ROIC, which measures the quality of our capital investments over time. In the third quarter, our trailing 12 month after tax ROIC was 15. 9%, while and teams after-tax return is quite strong. Our long-term plans anticipate further expansion of this metric into the high 10s over time.

在我對本季的評論之後，我對稅後投資回報率進行了一些評論，該投資回報率衡量了我們一段時間內資本投資的品質。第三季度，我們過去 12 個月的稅後 ROIC 為 15. 9%，而我們團隊的稅後回報率相當強勁。我們的長期計劃預計隨著時間的推移，該指標將進一步擴大到 10 左右。

Now I want to move to our expectations for Q4. As Brian mentioned, we're focused on planning the business cautiously based on the volatility we've encountered so far this year. Our expectations also reflects some unique attributes of this year's calendar, including the loss of five shopping days between Thanksgiving and Christmas and a shift in this year's fiscal calendar after last year's 53rd week. While these calendar impacts are difficult to isolate, we estimate they could amount to nearly one percentage point headwind to our fourth quarter comps.

現在我想談談我們對第四季的預期。正如布萊恩所提到的，我們專注於根據今年迄今為止遇到的波動謹慎規劃業務。我們的預期也反映了今年日曆的一些獨特屬性，包括感恩節和聖誕節之間失去了五個購物日，以及今年的財政日曆在去年的第 53 週之後發生了變化。雖然這些日曆影響很難隔離，但我們估計它們可能對我們第四季的業績產生近一個百分點的阻力。

In addition, as we outlined a year ago, last year's 53rd week contributed about 1. 7 billion to our total sales and an estimated 200 million to our operating income. Note that the extra week did not affect last year's reported comp sales there based on periods of equally with all that as context, I'll turn to our updated guidance on the top line. We're anticipating fourth quarter comparable sales in a range around flat, reflecting continued softness in discretionary categories and the calendar headwinds I mentioned earlier.

此外，正如我們一年前概述的那樣，去年的第 53 週為我們的總銷售額貢獻了約 1. 7 億美元，預計為我們的營業收入貢獻了 2 億美元。請注意，額外的一周並沒有影響去年報告的公司銷售額，基於同樣的時間段作為背景，我將轉向我們最新的頂線指導。我們預計第四季度的可比銷售額將持平，反映出非必需品類別的持續疲軟以及我之前提到的日曆逆風。

If we end up near the middle of that Q4 range, it would translate to a slightly negative comp for the full year. On the bottom line. Our expectations reflect this updated view of comparable sales, updated SG&A expectations, including ongoing cost pressures and our commitment to ending the quarter in an appropriate inventory position for the new fiscal year, consistent with our prior guidance, we believe the P & L impact of inventory shrink will be approximately flat in Q4, and we expect to continue to benefit from our ongoing efficiency work. Altogether, our updated range for the fourth quarter GAAP and adjusted EPS is $1.85 to $2.45, translating to an update weighted full year range of $8.30 to $8.90 a share.

如果我們最終接近第四季度範圍的中間位置，那麼全年的業績將略有下降。在底線上。我們的預期反映了對可比較銷售額的最新看法、更新的銷售及管理費用預期，包括持續的成本壓力以及我們在新財年以適當的庫存狀況結束本季度的承諾，與我們之前的指導一致，我們相信對損益的影響第四季度庫存縮減量將基本持平，我們預計將繼續受益於我們正在進行的效率工作。總而言之，我們第四季度 GAAP 和調整後每股收益的更新範圍為 1.85 美元至 2.45 美元，相當於全年加權更新範圍為每股 8.30 美元至 8.90 美元。

This new full year range brackets the lower end of our initial guidance back in March in light of the sales and profit headwinds that have emerged in the back end of this year. Having outperformed our profit expectations through Q2. It's disappointing that a deceleration in discretionary demand, combined with multiple cost pressures have caused us to take down our guidance after raising it last quarter. Given ongoing consumer uncertainty, we believe it's prudent to take this conservative approach while taking swift and disciplined action to position ourselves to win during the holidays.

鑑於今年年底出現的銷售和利潤逆風，這個新的全年範圍涵蓋了我們 3 月份初步指引的下限。第二季的利潤超出了我們的預期。令人失望的是，可自由支配需求的減速，加上多重成本壓力，導致我們在上個季度提高指導值後又下調了指導值。鑑於消費者持續存在的不確定性，我們認為採取這種保守的做法是謹慎的做法，同時採取迅速而有紀律的行動，以確保自己在假期期間獲勝。

And in 2025. Looking ahead, we remain confident in the long-term trajectory of our business, given the strength of our strategy, the assets we have in place and the investment projects in our pipeline. While current conditions are quite challenging, we're confident that demand and discretionary categories will normalize and our team has shown they can find efficiencies to help offset the cost pressures we're facing. As Michael shared earlier this year, this company generated strong financial performance over the last decade, and I believe we can generate compelling top and bottom line growth in the decade ahead.

展望 2025 年，鑑於我們策略的優勢、現有的資產以及管道中的投資項目，我們對業務的長期發展軌跡仍然充滿信心。雖然目前的情況相當具有挑戰性，但我們相信需求和可自由支配的類別將會正常化，而且我們的團隊已經表明他們可以找到效率來幫助抵消我們面臨的成本壓力。正如邁克爾今年早些時候分享的那樣，該公司在過去十年中取得了強勁的財務業績，我相信我們可以在未來十年中實現令人矚目的收入和利潤成長。

As I said earlier, since I joined the team, I've become even more excited about our prospects, and I look forward to sharing our progress in the years ahead.

正如我之前所說，自從我加入團隊以來，我對我們的前景更加興奮，我期待分享我們在未來幾年的進步。

Now I'll turn the call back over to Brian for some closing remarks. Brian?

現在我將把電話轉回給布萊恩，讓他做一些結束語。布萊恩？

Thanks, Jim. Before we move to your questions, I want to pick up on a couple of thoughts and provided in his remarks. Namely want to highlight the assets and the strategy underlying our business model and how we can leverage those assets to deliver the long-term financial goals. Michael shared at our financial community meeting back in March, we often highlight how we work to differentiate our merchandise offering and shopping experience from others in the marketplace.

謝謝，吉姆。在我們回答你的問題之前，我想先談談他在演講中提出的一些想法。即想要強調我們業務模式的資產和策略，以及我們如何利用這些資產來實現長期財務目標。麥可在三月的金融界會議上分享道，我們經常強調我們如何努力使我們的商品供應和購物體驗與市場上的其他產品區分開來。

In pursuit of that goal. We invest in differentiated assets across our business. These include locations where we build our stores are unparalleled design and sourcing capabilities are you'd own brand portfolio, best-in-class national brands and partnerships and advertising business that far out punches its weight in a rapidly growing online marketplace and Target Plus. We also have one of the largest loyalty programs in America, which includes a large and valuable payment card program and a nationwide same-day delivery service.

為了追求這個目標。我們投資於整個業務的差異化資產。其中包括我們開設商店的地點，無與倫比的設計和採購能力，您擁有自己的品牌組合、一流的全國品牌和合作夥伴關係以及廣告業務，這些業務在快速增長的在線市場和Target Plus 中發揮著重要作用。我們還擁有美國最大的忠誠度計劃之一，其中包括大型且有價值的支付卡計劃和全國範圍內的當日送貨服務。

In support of these capabilities, we've made significant investments to build the best team in retail across our stores, supply chain and headquarters, all of whom are aligned behind our brand. We put these assets to work through a differentiated strategy that includes our unique stores and sell model, a curated merchandising approach that spans both wants and needs and fulfillment offering that highlight speed and convenience while leaning into the power of genuine human interaction. Those are combined with a singular focus on value that includes low prices and compelling deals combined with an elevated assortment and experience. So even as we encounter short-term headwinds like we've seen recently, we immediately focus on leveraging our assets and strategy to move beyond those challenges.

為了支持這些能力，我們進行了大量投資，在我們的商店、供應鏈和總部建立了最好的零售團隊，所有這些團隊都為我們的品牌提供支援。我們透過差異化策略運用這些資產，其中包括我們獨特的商店和銷售模式、涵蓋需求和需求的策劃銷售方法，以及強調速度和便利性的履行服務，同時依靠真正的人際互動的力量。這些與對價值的單一關注相結合，包括低廉的價格和引人注目的交易，以及豐富的品種和體驗。因此，即使我們遇到最近遇到的短期阻力，我們也會立即專注於利用我們的資產和策略來克服這些挑戰。

For example, while we're confident that discretionary demand will normalize over time, we can continue to lean on our beauty and frequency categories to help offset those top line pressures. Just as we have over the last couple of years and when we begin to see unexpected cost pressures like we've encountered recently, we look for ways to leverage growth in rundown and our ongoing efficiency work don't offset those pressures, but it all starts with the consumer, focusing on our guests and building deeper engagement with them serves as the underlying foundation of our work to build a profitable and sustainable business and deliver for our shareholders over time. I'd point out our Q3 traffic growth of 2. 4%, representing more than 10 million additional transactions compared with last year.

例如，雖然我們相信隨著時間的推移，可自由支配的需求將正常化，但我們可以繼續依靠我們的美容和頻率類別來幫助抵消這些頂線壓力。正如我們在過去幾年中所做的那樣，當我們開始看到像最近遇到的意想不到的成本壓力時，我們尋找利用縮減增長的方法，而我們正在進行的效率工作並不能抵消這些壓力，但這一切從消費者開始，專注於我們的客人並與他們建立更深入的互動，這是我們建立盈利和可持續業務並隨著時間的推移為我們的股東帶來回報的工作的基礎。我想指出的是，我們第三季的流量成長了 2. 4%，與去年相比增加了超過 1000 萬筆交易。

As evidence of that focus. As we sit here today, we're confident we have the right assets, the right strategy and the right team in place to attain our strategic and financial goals. As always, we appreciate your engagement and your participation in this call and look forward to sharing our progress with you over time. With that, we'll turn to your questions.

作為這種關注的證據。當我們今天坐在這裡時，我們相信我們擁有正確的資產、正確的策略和正確的團隊來實現我們的策略和財務目標。一如既往，我們感謝您對本次電話會議的參與，並期待與您分享我們的進展。接下來，我們將回答您的問題。

Now, Rick, Michael, Jim and I will be happy to take your questions.

現在，瑞克、麥可、吉姆和我很樂意回答你們的問題。

Thank you. We will now begin the question and answer session. (Operator Instructions) Simeon Gutman, Morgan Stanley.

謝謝。我們現在開始問答環節。 （操作員指令）Simeon Gutman，摩根士丹利。

My first question is on the unique costs that you mentioned. Can you tell us or quantify what the magnitude was, how it was split among gross and SG&A? And if you can, what level of unit costs are embedded into the fourth quarter guidance likely one started?

我的第一個問題是關於你提到的獨特成本。您能否告訴我們或量化其規模是多少，它是如何在總收入和銷售、一般管理費用之間分配的？如果可以的話，第四季的指導可能會包含什麼水準的單位成本？

Yes, I'd be happy to say thanks for the question, Simeon. If you step back and look at the profit outcomes in Q three and what's on our mind as we guide for Q4, and Jim Zemlyak summarized a lot of it in his remarks, I'd start with we saw a deceleration in a couple of our highest margin category. So home and apparel both decelerated about four percentage points from Q2. And so the profit impact of the softer than expected sales, we certainly felt in Q2 three, and we believe we've got the business guided appropriately cautiously of those categories as we think Q4, and we're committed to ending the year clean from an inventory perspective. You flick further down the list. I mentioned in my remarks with some additional costs as we prepay addition, some inventory in advance and so appropriate preparing for the port strike on. That's obviously a unique to this year saying we feel like was the right decision, ensure we were in stock in a situation that we are monitoring closely, and we were pleased with how that played out from a guest expect guest experience perspective.

是的，我很高興對你提出的問題表示感謝，西蒙。如果你退後一步，看看第三季度的利潤結果，以及我們在第四季度指導時的想法，吉姆·澤姆利亞克在他的演講中總結了很多內容，我首先會看到我們的一些業務出現了減速。因此，家居和服裝均較第二季下降約四個百分點。因此，我們在第二季和第三季確實感受到了銷售疲軟對利潤的影響，我們相信，正如我們認為的第四季度那樣，我們已經對這些類別的業務進行了適當謹慎的指導，並且我們致力於從庫存角度。您在清單中進一步向下滑動。我在演講中提到了一些額外費用，因為我們預付了額外費用，提前了一些庫存，因此為港口罷工做好了適當的準備。這顯然是今年的一個獨特之處，我們覺得這是正確的決定，確保我們有庫存，我們正在密切監控，我們對從客人期望客人體驗的角度來看這一結果感到滿意。

And then Jim also mentioned a few unique things on the SG&A side. And while I have a ton of confidence in the team's ability to find efficiencies to offset some of those headwinds over time, that's not always appropriate or prudent to do within a month or a quarter, you condition short-sighted things if you pull their own levers to quickly there. But given this team's track record of building that profitability over time have a lot of confidence we'll find right efficiencies for us. Jim, anything else you want to it?

然後 Jim 也提到了 SG&A 方面的一些獨特之處。雖然我對團隊有能力找到效率來抵消隨著時間的推移而產生的一些不利因素，但在一個月或一個季度內這樣做並不總是合適或謹慎的，但如果你自己做事，你就會目光短淺。但鑑於團隊在長期建立獲利能力方面的記錄，我們有很大信心，我們會找到適合我們的效率。吉姆，你還有什麼想要的嗎？

Yes. I mean, specifically on the SG&A line, we mentioned general liability and health care costs. You can dimensionalize that is approximately 1% of the increase in SG&A that you saw in the quarter.

是的。我的意思是，特別是在 SG&A 方面，我們提到了一般責任和醫療保健費用。您可以將本季 SG&A 增量的大約 1% 進行維度化。

Okay. Can I ask a follow-up maybe for Brian or Rick? This year was about reinvigorating top line and you've introduced newness and innovation to credit push through this backdrop, the consumer is not showing up on I know you're not discouraged by, but does your approach or the risk appetite in what you're doing change, especially as you know, how today and you can have tried to end the year clean, do you step back or do you keep pushing through in taking a little more risk?

好的。我可以詢問布萊恩或瑞克的後續情況嗎？今年是重振營收的一年，在這種背景下，您為信貸推動引入了新穎性和創新，消費者沒有出現在我知道您並沒有灰心喪氣，但您的方法或風險偏好是否有所改變？

Thank you. If should be? Well, we certainly have to embrace some of those short-term macro challenges. You've heard us say this for years, we're going to play the long game and make sure we're doing the right thing for the long-term interest of our company and shareholders, even in a difficult Q3 environment, one of the things we've highlighted is the strength in traffic up 2.

謝謝。如果應該是？嗯，我們當然必須接受其中一些短期宏觀挑戰。您多年來一直聽到我們這麼說，我們將打持久戰，確保我們為公司和股東的長期利益做正確的事情，即使是在困難的第三季度環境中，我們強調的是流量增長2 的強度。

4%. That equated to $10 million incremental transactions during the quarter. So we feel really good about the fact that consumers are choosing target, whether it's in-store or online, we feel really good about the expansion of our digital performance and that bodes well for the short term. But certainly the long term, we're going to continue to lean into our digital assets.

4%。這相當於本季新增交易額達 1,000 萬美元。因此，我們對消費者選擇目標這一事實感到非常滿意，無論是店內還是在線，我們對數位效能的擴展感到非常滿意，這對短期來說是個好兆頭。但從長遠來看，我們將繼續依賴我們的數位資產。

So seeing digital grow by almost 11%, really encouraging. We've talked about the importance of our Target Circle three, 60 delivery to home program, and that grew at almost 20% and will continue to make sure we're investing it drive up, continues to be a point of differentiation for us and again, saw double digit growth, and it's a really important part of our digital offering. So while there are some unique short-term headwinds we're facing, we're going to play the long game, continue to invest in value and newness. And we saw some bright spots even in discretionary categories.

因此，看到數字成長近 11%，確實令人鼓舞。我們已經討論了 Target Circle 3、60 送貨上門計劃的重要性，該計劃增長了近 20%，並將繼續確保我們對其進行投資，推動這一計劃繼續成為我們的差異化點，再次實現了兩位數的成長，這是我們數位產品中非常重要的一部分。因此，儘管我們面臨一些獨特的短期阻力，但我們將打持久戰，繼續投資價值和新穎性。即使在可自由支配的類別中，我們也看到了一些亮點。

Michael and renewable talked about the deceleration we saw in apparel, but we continue to take share in those categories. And even within apparel, there's a real bright spots. We think about how we're performing with all in motion and the apparel performance category, growing double digits, taking share in that very important category, both short term and long term. So we'll continue to make sure we're investing in newness, investing in value, investing in our stores and digital channel and playing the long game.

麥可和再生能源談到了我們在服裝領域看到的減速，但我們繼續在這些類別中佔據份額。即使在服裝領域，也有真正的亮點。我們思考我們在運動和服裝性能類別方面的表現如何，以兩位數的速度增長，在這個非常重要的類別中佔據份額，無論是短期還是長期。因此，我們將繼續確保我們投資於新穎性、投資價值、投資我們的商店和數位管道，並進行長期的投資。

And I think there's a number of green shoots in front of us that we're going to continue to leverage in the fourth quarter, but certainly into 2020 by the beyond.

我認為我們面前有許多萌芽，我們將在第四季度繼續利用它們，但肯定會持續到 2020 年以後。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Just going back to a lingering discretionary category weakness, what's your latest thoughts on the recovering discretionary? Do you expect a better outlook in 2025 even with you?

回到揮之不去的全權委託類別的疲軟，您對復甦的全權委託的最新想法是什麼？即使和你一起，你也期待 2025 年會有更好的前景嗎？

I spent time talking about what we're seeing in some of our big discretionary categories.

我花了一些時間談論我們在一些大的可自由支配類別中所看到的情況。

Sure. I'd be happy to have and I'd start with apparel. We are pleased with our apparel performance. While it was slightly down in the third quarter, there are lots of bright spots.

當然。我很樂意擁有，並且我會從服裝開始。我們對我們的服裝表現感到滿意。雖然第三季略有下降，但亮點不少。

In particular, we are very excited about what we're seeing with performance are all and most brands delivering double digit growth. We are excited about that. It's based on new fabrication, new colors and outstanding price point at leggings at $25 bras at $16. And we're also staying bright spot in women's apparel, both at all in a new day at Wild stable or young contemporary brand, both of which are bringing new styles, new fashion, new colors, and we're seeing the consumer respond to that.

特別是，我們對所看到的所有品牌和大多數品牌實現兩位數成長的業績感到非常興奮。我們對此感到興奮。它基於新的面料、新的顏色和出色的價格點，緊身褲售價 25 美元，胸罩售價 16 美元。我們在女裝方面也保持亮點，無論是Wild stable還是年輕的當代品牌的新一天，這兩個品牌都帶來了新款式、新時尚、新顏色，我們看到消費者對那。

We expect that to continue its. It's also worth noting when we saw the weather break in select markets, we saw a 600 basis point improvement in that, and that really bodes well for our apparel assortment as the weather gets colder consistently. And then if you think about some of our other discretionary categories, both home and hardlines, they're challenged from an industry perspective, and we're not we're not happy with where we are. We want to get these businesses to growth.

我們預計這種情況將持續下去。另外值得注意的是，當我們看到特定市場的天氣變化時，我們看到了 600 個基點的改善，這對我們的服裝品種來說確實是個好兆頭，因為天氣持續變冷。然後，如果你考慮我們的其他一些可自由支配的類別，包括家庭和強硬產品，它們從行業角度來看面臨挑戰，我們並不是對自己的現狀不滿意。我們希望讓這些業務成長。

But what we would say is there are some bright spots. In particular, I would focus on home. What do we deliver newness in home? We see the consumer response that we're seeing that right now with some of our key partnerships, whether it's hearth in hand with Magnolia or it's threshold with Studio McGee, when we launched that fall newness, the consumer is responding.

但我們想說的是，有一些亮點。特別是，我會專注於家庭。我們為家裡帶來什麼新鮮感？我們看到了消費者的反應，我們現在在我們的一些主要合作夥伴中看到了這一點，無論是與 Magnolia 合作還是與 Studio McGee 合作，當我們推出秋季新品時，消費者都在做出反應。

And so that is very encouraging for us. And then within hard lines that, like I said, is a challenge from an industry perspective. We don't see consumers buying big ticket items like TVs. However, they are looking for affordable ways to freshen up their home.

這對我們來說非常令人鼓舞。然後，正如我所說，從行業角度來看，強硬路線是一個挑戰。我們沒有看到消費者購買電視等大件商品。然而，他們正在尋找負擔得起的方法來讓他們的家煥然一新。

They're looking for ways to add a little bit of seasonal decor. So we see a decorative accessories, things like freight, James candles, vases performing really well delivering growth and that we think also bodes well as we go into the holidays. And we expect consumers to want to continue to refresh their home with the new holiday, the core. So as we look at the discretionary business, what we see is the consumer as well willing to shop as long as it's new, it's on trend at affordable price for fish.

他們正在尋找添加一點季節性裝飾的方法。因此，我們看到裝飾配件，例如貨運、詹姆斯蠟燭、花瓶等，表現非常好，帶來了增長，我們認為這也是假期到來的好兆頭。我們預期消費者希望繼續用新的假期來刷新他們的家，核心。因此，當我們審視非必需品業務時，我們看到消費者也願意購買只要是新的、流行的、價格實惠的魚。

I'd only add a couple of points as we think about 2025, those discretionary categories will continue to represent upwards of 50% of our business, as Rick just discussed, will continue to lean into innovation and newness in value, and we've got to make sure we don't get ahead of the consumer it ahead of the macro trends. So we'll plan appropriately for plan. Cautiously will look for a green shoots and we'll follow trends, but we've got to make sure we're staying in step with the consumer.

在我們考慮 2025 年時，我只想補充幾點，正如里克剛才討論的那樣，這些可自由支配的類別將繼續占我們業務的 50% 以上，將繼續傾向於創新和新的價值，我們已經必須確保我們不會領先消費者，而不是領先宏觀趨勢。所以我們會適當地制定計劃。我們將謹慎地尋找新芽，並跟隨趨勢，但我們必須確保與消費者保持同步。

Kate McShane, Goldman Sachs.

凱特·麥克沙恩，高盛。

And you made at pointed comments about how consumers are waiting for sales and leaning into promotions. Marcel shared last quarter. Just curious why you think this is happening now as I think that consumer has been choice falling and at at making decisions for a while now, and has this and QLogic to alter how you're approaching Q4 when it comes to pricing and promotions?

您還尖銳地評論了消費者如何等待銷售並傾向於促銷活動。馬塞爾分享了上個季度的情況。只是好奇為什麼你認為現在會發生這種情況，因為我認為消費者已經選擇下降並做出決定已經有一段時間了，並且這和 QLogic 是否會改變你在定價和促銷方面對待第四季度的方式？

Yes, it is a trend we've seen for quite some time now. And I think over the last couple of years, we've talked about a very resilient consumer. I think sitting here today will change that who are resourceful consumer. And I think as we look at shopping behavior and certainly behavior we've seen in Q three and we expect to see going into Q4, we know that consumers are low looking for value that are looking for promos in deals when they're shopping for those everyday essentials, and they're shopping carefully and taking some of those savings, define those unique items in discretionary categories that they really want. We think that's going to continue. So we're going to make sure that we're leaning into the right value throughout the holiday season. Bundling that newness with great value and recognizing that we've got to make sure we're staying again in step with that consumer, providing the value, the uniqueness that they're looking for when they shop Target. That's a trend that I think we are going to see in the fourth quarter, and we'll certainly see some of that continue in 2025.

是的，這是我們已經看到很長一段時間的趨勢。我認為在過去的幾年裡，我們談論了一個非常有彈性的消費者。我認為今天坐在這裡將會改變那些足智多謀的消費者。我認為，當我們觀察購物行為以及我們在第三季度看到的行為以及我們預計進入第四季度的行為時，我們知道消費者在購物時對價值的追求較低，他們在交易中尋找促銷活動那些日常必需品，他們會仔細購物並節省一些錢，在他們真正想要的可自由支配的類別中定義那些獨特的物品。我們認為這種情況將會持續下去。因此，我們將確保在整個假期期間我們都傾向於正確的價值。將這種新鮮感與巨大的價值捆綁在一起，並認識到我們必須確保我們再次與消費者保持同步，提供他們在塔吉特購物時所尋求的價值和獨特性。我認為我們將在第四季度看到這一趨勢，我們肯定會看到其中一些趨勢在 2025 年繼續下去。

Michael Lasser, UBS.

麥可拉瑟，瑞銀集團。

My first question is in a world where consumers are concentrating. There's been a month of very few number of retailers target need to do anything different? Or is there any more to increasingly be amongst that consideration set and position itself in an even better way to generate more consistent performance?

我的第一個問題是在一個消費者集中的世界。一個月以來，很少有零售商的目標需要做任何不同的事情？或者是否還有更多的內容可以越來越多地納入考慮範圍並以更好的方式定位自己以產生更一致的績效？

Michael, I'm happy to start and then invite Michael and Jim and Rick to add their perspective. But I think we've added continuing Sure target being target, and we're using our unique mix of great national brands, our strength in own brands, those unique partnerships. Rick talked about an exciting partnership that will come to life on Black Friday, partnering with Taylor Swift, which will be a traffic driver for our business during an important holiday period. But we're going to continue to invest in our stores.

邁克爾，我很高興開始，然後邀請邁克爾、吉姆和里克補充他們的觀點。但我認為我們已經添加了持續的確定目標，我們正在利用我們獨特的偉大民族品牌組合、我們在自有品牌方面的優勢以及那些獨特的合作夥伴關係。里克（Rick）談到了與泰勒·斯威夫特（Taylor Swift）的令人興奮的合作關係，該合作關係將在黑色星期五實現，這將成為我們在重要假期期間業務的流量驅動力。但我們將繼續投資我們的商店。

Michael talked about, we're really encouraged with some of the new stores we've opened in 2024, leave it up it pipeline over the next 10 years. We know expanding our footprint is going to be important, will continue to lean into our digital assets, and we saw some great proof points in Q three. We've added continue to build out our digital assets, whether it pickup or drive up or delivery to home will continue that lean into those spaces. So we're going to continue to make sure we're delivering that delight and the Joy consumers are looking for.

Michael 談到，我們對 2024 年開設的一些新店感到非常鼓舞，並在未來 10 年內繼續籌備。我們知道擴大我們的足跡非常重要，並將繼續依靠我們的數位資產，我們在第三季看到了一些很好的證據。我們補充說，我們將繼續建立我們的數位資產，無論是提貨、開車還是送貨上門，都將繼續向這些領域傾斜。因此，我們將繼續確保我們能夠提供消費者所尋求的愉悅和快樂。

They expect from us, whether they're shopping, our stores, visiting our sites will continue to deepen our partnerships with national brand partners, accelerate our own brand portfolio and constantly look for those new partnerships to drive traffic and engagement in our brand will continue to lean into our Circle program. And we talked about in Q3 alone, we had another 3 million members as an important way for us to continue to deepen our engagement. We're very pleased with the work we're doing on the retail media side and Ron Deltacom, a critical asset for us. And we saw again, mid teen growth in the third quarter will continue to deliver in that space for years to come.

他們期望我們，無論是購物、我們的商店、訪問我們的網站，都將繼續深化我們與全國品牌合作夥伴的合作夥伴關係，加速我們自己的品牌組合，並不斷尋找新的合作夥伴關係，以增加我們品牌的流量和參與度。我們談到，光是第三季度，我們就擁有了另外 300 萬會員，這是我們繼續深化參與的重要方式。我們對零售媒體所做的工作以及 Ron Deltacom 所做的工作感到非常滿意，Ron Deltacom 對我們來說是一項重要資產。我們再次看到，第三季的青少年成長將在未來幾年繼續在該領域實現。

So we'll continue on our current strategy, stay in step with the consumer and makes your targets doing the things that consumers across America expect from us.

因此，我們將繼續執行當前的策略，與消費者保持同步，讓您的目標實現美國消費者對我們的期望。

I'm happy to build just a little bit on that. oh, yes. You've heard us say before, Michael, we've got a consumer, our guests who likes to shop. And I'll remind everyone that we round to maybe a three share in the categories in which we compete.

我很高興能在此基礎上再做一點貢獻。哦是的。你以前聽我們說​​過，邁克爾，我們有一個消費者，我們的客人喜歡購物。我要提醒大家，我們在競爭的類別中可能會獲得三分。

So we see a lot of runway for growth over time, and we're excited about the foundation we're building. Now in support of that, Brian touched on a few of the things that maybe just to double-click into the strength of the digital business that we saw in the in the quarter in digital, up almost 11% real strength around some intentional work. The team did to relaunch circle with the circle three 60 program to see same-day delivery growing by 20%. I'll remind everyone that that's a really important investment in the long term.

因此，隨著時間的推移，我們看到了許多增長的空間，我們對我們正在建立的基礎感到興奮。現在，為了支持這一點，布萊恩談到了一些事情，這些事情可能只是雙擊我們在本季度看到的數位業務的實力，圍繞著一些有意的工作，實際實力增長了近 11%。該團隊確實重新推出了 Circle 3 60 計劃，以實現當日送達成長 20%。我要提醒大家，從長遠來看，這是一項非常重要的投資。

We know when we make it easy to shop Target and all those different ways, guests reward us with more spend at target over time. And so that increased spend in total that increased spend even in store that comes when a guest becomes a circle three, 60 member that uses same-day delivery. We're really excited about some of the foundation that we're building for the long term. You can see in the digital growth and the way that will pay off over time, you can see it in the traffic numbers.

我們知道，當我們讓 Target 購物變得更加容易以及所有這些不同的方式時，隨著時間的推移，客人會在 Target 上花費更多的錢來獎勵我們。因此，當客人成為使用當日送貨的三圈、60 名會員時，即使在商店內，總支出也會增加。我們對我們正在建立的一些長期基礎感到非常興奮。您可以從數位成長以及隨著時間的推移獲得回報的方式中看到，您可以從流量數字中看到它。

And so now we're managing the short term appropriately, but making the right investments for the long term. I do think what differentiates target is our multi-category business. And so as we go into the holiday season, you can get the Turkey mail for $20 for a family of four. But you can also get the tabletop to car.

因此，現在我們正在適當地管理短期，但為長期做出正確的投資。我確實認為目標的差異化在於我們的多品類業務。因此，當我們進入假期時，四口之家只需 20 美元即可收到土耳其郵件。但您也可以將桌面帶到汽車上。

You can get the home decorations. And with our party shot, you can now get all of the apparel for those specifications through the same. And so I do think that is something that really differentiates target is our one-stop shop for everything that you need for the holiday season. And while I know Jim still due to target, I'd love to get is really perspective.

您可以獲得家居裝飾品。透過我們的派對照片，您現在可以透過相同的方式獲得這些規格的所有服裝。因此，我確實認為，真正讓 Target 與眾不同的是，我們為您提供假期所需的一切一站式服務。雖然我知道吉姆仍將達到目標，但我很想得到真正的視角。

Yes, Michael, it's a great question. I mean, I think just two months, and it's clear to me that making sure that we are unique and we are a reality target being target. That's important for how we think about our business and even just extended to our third party marketplace Target Plus we carefully curated our partners to make sure that we're on brand as we as we think about growth in that category and that business model. So it's important for us ensure we stay on brand.

是的，邁克爾，這是一個很好的問題。我的意思是，我想只要兩個月，我就很清楚，要確保我們是獨一無二的，並且我們是一個現實目標。這對我們如何看待我們的業務非常重要，甚至只是擴展到我們的第三方市場 Target Plus，我們精心策劃了我們的合作夥伴，以確保我們在考慮該類別和商業模式的成長時保持品牌優勢。因此，確保我們的品牌形象對我們來說非常重要。

But you did a terrific job on CNBC this morning talking about the state of the state. And we've already spent a lot of time today talking about some of the macro headwinds we're facing into discretionary categories. We know over time, those trends will reverse and it's still going to be really important that we're a destination for apparel and provide great design and style and on-trend apparel. We know the home category will rebound over time.

但你今天早上在 CNBC 上談論了該州的狀況，做得非常出色。今天我們已經花了很多時間討論我們在可自由支配類別中面臨的一些宏觀阻力。我們知道，隨著時間的推移，這些趨勢將會逆轉，但我們作為服裝目的地並提供出色的設計、風格和流行服裝仍然非常重要。我們知道家居類別會隨著時間的推移而反彈。

We know Americas is going to buy sporting goods and toys. So there's some macro short-term headwinds that we that have embraced and understand. But long term, we think the strength of our business model, our multi-category portfolio, that unique blend of now national brands in own brands, the strength we have in both a great physical experience and a digital experience. Those are going to be the hallmark to target going forward.

我們知道美國人會購買運動用品和玩具。因此，我們已經接受並理解了一些宏觀短期阻力。但從長遠來看，我們認為我們的業務模式的優勢，我們的多類別產品組合，現在民族品牌與自有品牌的獨特融合，我們在出色的實體體驗和數位體驗方面的優勢。這些將成為未來目標的象徵。

And we've got to make sure we're focused on the long term and leaning into the things that American consumers expect from target.

我們必須確保我們著眼於長期，並傾向於美國消費者對目標的期望。

Brian, if I could just follow up on that one. I wonder if you meet we see is what the message that investors are interpreting from some of the discussion today is that targets going to have a lot of upside when the discretionary categories improve it focused on newness and the innovation that target known for in the marketplace, who is the message that investors should interpret that maybe some of the consistency that others are reporting is not present, it would target right now, but there's going to be more upside with Target as there is a recovery in some of these areas. And would you be willing to treat some of the upside in those areas for even more consistency from quarter to quarter?

布萊恩，如果我能跟進那件事就好了。我想知道您是否會見，我們看到投資者從今天的一些討論中解讀的信息是，當可自由支配的類別改善目標時，目標將有很大的上漲空間，重點關注市場上眾所周知的目標的新穎性和創新投資者應該解讀的訊息是，也許其他人報告的某些一致性並不存在，它現在會瞄準目標，但隨著其中一些領域的複蘇，塔吉特將有更多的上行空間。您是否願意考慮這些領域的一些優勢，以實現每個季度的一致性？

Thank you very much. Deal flow cycle. We certainly see upside in the future. Some of the macro trends change, but sitting here today relating to the things that consumers want and know Rick talked about similar strength in our food and beverage business, strengthen essentials. The strength in these traveling at the moment, seeing really for eight or nine quarters and discretionary categories, we continue to see a consumer who's shopping for those seasonal moments. And whether it's celebrating Mother's Day or 4th of July, getting ready for Halloween, that Thanksgiving meal and the Christmas season. We know there's those are still really important moments for consumers is your target moments and we're going to make sure we didn't win. So we're certainly looking for an improvement in our performance over time. We're not pleased where we are today, but we see a lot of green shoots in a lot of long-term opportunities to continue to advance our business. A destination for consumers are shopping. Our stores are visiting our online ad assets and continue to be that place where consumers come for that magical Target experience when we bring those great national brands our target. Thank you very much and have a good.

非常感謝。交易流程週期。我們當然看到了未來的好處。一些宏觀趨勢發生了變化，但今天坐在這裡，與消費者想要和了解的事情有關，里克談到了我們食品和飲料業務中的類似優勢，加強了必需品。目前這些旅行的實力，從八到九個季度和可自由支配的類別來看，我們繼續看到消費者在那些季節性時刻購物。無論是慶祝母親節還是 7 月 4 日，為萬聖節、感恩節大餐和聖誕節做好準備。我們知道，對消費者來說，這些時刻仍然是非常重要的時刻，也是您的目標時刻，我們將確保我們不會獲勝。因此，我們當然希望隨著時間的推移提高我們的績效。我們對今天的處境並不滿意，但我們在許多長期機會中看到了許多繼續發展我們業務的新芽。消費者的目的地是購物。我們的商店正在訪問我們的線上廣告資產，當我們將這些偉大的國家品牌作為我們的目標時，我們的商店將繼續成為消費者前來獲得神奇塔吉特體驗的地方。非常感謝您，祝您一切順利。

Karen Short, Melius Research.

凱倫·肖特，Melius 研究中心。

So I have three questions that are a little and related on. The first is as it relates to apparel on what a fashion as a percent of sales versus basics, a would you look to pivot a little more into beta versus fashion? And the second question is how to think about inventory risk of there is any endpoint scale? And then third is the CapEx at 4% of sales, is that while the steady state?

所以我有三個有點相關的問題。第一個是因為它與服裝有關，時尚與基本款相比，在銷售額中所佔的百分比是多少，您是否希望更多地轉向測試版而不是時尚？第二個問題是如何考慮有終點規模的庫存風險？第三是資本支出佔銷售額的 4%，這是穩定狀態嗎？

But Karen, I'll let Rick talk about apparel. Let Michael talk about inventory and bullet. Jim, talk about our CapEx and think about the coming year or do you want to start with zero share? I'll start with apparel and kind of insured how we think about apparel and how we think about the trends is really listening to the consumer, putting the consumer first, we have a really, really talented design team who are always looking at what is emerging, what's going to be relevant and what's going to resonate with the guest.

但是凱倫，我會讓瑞克談談服裝。讓麥可談談庫存和子彈。吉姆，談談我們的資本支出並考慮來年，或者您想從零份額開始嗎？我將從服裝開始，確保我們如何看待服裝以及我們如何看待趨勢，真正傾聽消費者的意見，把消費者放在第一位，我們擁有一支非常非常有才華的設計團隊，他們總是在關注什麼正在出現的內容，什麼是相關的，什麼是會引起客人共鳴的。

And right now, what we're seeing is newness, fashion style and trend at a really compelling price. And it's that combination that is really working up WildFire. It was a perfect example of that when we get those both right, the fashion plus the right price point, right, fabrication and colors. We see the consumer response on the inventory side care, and we've touched a little bit on this already.

現在，我們看到的是新穎、時尚的風格和趨勢，而且價格非常有吸引力。正是這種組合真正發揮了野火的作用。這是一個完美的例子，當我們把時尚加上合適的價格、合適的布料和顏色都做好了。我們看到消費者對庫存方面的反應，我們已經對此進行了一些討論。

But if you look at the balance sheet were up about 3% year over year as we closed the quarter from. And we feel good that we're well positioned to be in stock or walk through the front doors have a Target store right now. I see us online. It's great to see an exit interim said, it's great to see the newness in apparel.

但如果你看看本季結束時的資產負債表，年增了約 3%。我們感覺很好，因為我們現在有充足的庫存，或者走進 Target 商店的前門。我在網路上看到我們。很高興看到臨時退出，很高興看到服裝的新穎性。

And so we think we're well positioned for the holidays. It's also important that we finished the year clean from an inventory perspective, and we feel really good that we've got the fourth quarter guidance in a position that allows us to accomplish that goal. Jim, and then on CapEx, as I mentioned in my remarks, will close this year at about 3 billion or slightly lower than that. And then looking out to 2025, as we look at our pipeline of new stores and remodels and technology and supply chain investments, we are entering into about 4 to 5 billion of CapEx for 2025.

因此，我們認為我們已經為假期做好了準備。同樣重要的是，從庫存角度來看，我們今年的表現是乾淨的，我們感覺非常好，我們已經獲得了第四季度的指導，使我們能夠實現這一目標。吉姆，然後是資本支出，正如我在演講中提到的，今年的收盤價將約為 30 億美元或略低於此數字。然後展望 2025 年，當我們審視新店、改造以及技術和供應鏈投資的管道時，我們將為 2025 年投入約 4 至 50 億美元的資本支出。

Operator, I know we're running a little long, but why don't we take one last question today? Thank you.

接線員，我知道我們的時間有點長，但是我們今天為什麼不回答最後一個問題呢？謝謝。

Robbie Ohmes, Bank of America.

羅比·歐姆斯，美國銀行。

I think one thing that would be helpful is there any sort of how should we think of what the one-time impacts are from supply chain inefficiencies and receipt timing? And is there any sort of one-time in the third quarter and maybe in the fourth quarter as well that you could get back next year? And then I also just wanted to clarify, was, were there any sales impacts related to supply chain or receipt of goods that impacted sales in the fourth quarter? And then the last question is, is target the Target Circle relaunch? Is Target Circle impacting costs on a negative way more than you would have expected following that, that launch that?

我認為有用的一件事是我們應該如何考慮供應鏈效率低下和收貨時間的一次性影響是什麼？明年是否有可能在第三季甚至第四季一次性恢復？然後我也想澄清一下，是否有任何與供應鏈或收貨相關的銷售影響影響了第四季的銷售？那麼最後一個問題是，Target是Target Circle重新啟動的嗎？ Target Circle 推出後對成本的負面影響是否超出您的預期？

Yes, thanks for your questions. Raveel of kind of back a little bit of my answer to assume Ian's question. If you think about the big factors in Q3 and the things that are on our mind as we guide for the fourth quarter on, it's being appropriately cautious based on the trends we've seen in the discretionary categories and some of that deceleration, it shows up on the profit outcomes in Q three factors into our guide for Q4 on apparel and home are high-margin categories and to see them decelerate like they did that factors into our profit outcomes and our guidance and important that we want to end the year clean in both of those categories. As you click further down the P&L, there were some things that we're certainly more unique due to factors this year, like moving inventory around the port strike.

是的，謝謝您的提問。拉維爾（Raveel）稍微回覆了我的回答來假設伊恩（Ian）的問題。如果你考慮一下第三季度的重大因素以及我們在第四季度的指導時所考慮的事情，就會發現，根據我們在非必需品類別中看到的趨勢以及其中一些減速，這是適當謹慎的，它表明我們第四季度服裝和家居指南中的三個因素是高利潤類別，看到它們像以前那樣減速，這會影響我們的利潤結果和我們的指導，重要的是我們希望在今年結束時乾淨利落在這兩個類別。當你進一步點擊損益表時，由於今年的因素，我們肯定有一些更獨特的事情，例如圍繞港口罷工轉移庫存。

And we feel good that we're on the other side of that now and then further down the P&L on the expense side, we saw some expenses creep up versus the trends that they had had prior to that we've seen earlier in the year, and we'll work to manage through those over time. And like I said, the progress the team has made in efficiency work overtime gives me a lot of confidence that we'll be able to to work to build back and get them stab at it all starts with the top line, the investments we're making in the top line. And even your last question on the circle three, 60 launch, I think there's a great maybe place to bridge to because we're really excited with the guest response we've seen in circle three, 60, it's great to see us add 3 million new members to Circle in total. And it's great to see same-day delivery growing at almost 20% in the quarter.

我們感覺很好，我們現在處於另一邊，然後在費用方面進一步降低損益表，我們看到一些費用與我們今年早些時候看到的趨勢相比有所上升，隨著時間的推移，我們將努力解決這些問題。就像我說的，團隊在加班加點工作效率方面取得的進展給了我很大的信心，我們將能夠努力重建並讓他們從我們的投資開始。甚至你關於第三圈 60 發布的最後一個問題，我認為可能有一個很好的地方可以橋接，因為我們對在第三圈 60 中看到的客人反應感到非常興奮，很高興看到我們添加 3 Circle 總共新增100 萬名會員。很高興看到本季當日送達量增加了近 20%。

And we think those are all things that are quite accretive to the top line and to the bottom line over time.

我們認為，隨著時間的推移，這些都會對營收和利潤帶來相當大的成長。

That concludes our third-quarter call. Appreciate everyone joining us, and I wish you a happy holiday. We'll see you in 2025. Goodbye.

我們的第三季電話會議到此結束。感謝大家加入我們，祝您假期愉快。我們 2025 年再見。