目標百貨 (TGT) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

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

歡迎參加塔吉特公司第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded, Wednesday, November 20, 2024.

（操作員說明）謹此提醒，本次會議將於 2024 年 11 月 20 日星期三進行錄音。

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

現在我想將會議交給投資者關係副總裁約翰·赫爾伯特先生。

Please go ahead, sir.

請繼續，先生。

Good morning, everyone, and thank you for joining us on our third-quarter 2024 earnings conference call.

大家早安，感謝您參加我們的 2024 年第三季財報電話會議。

On the line with me today are Brian Cornell, Chair and Chief Executive Officer; Rick Gomez, Chief Commercial Officer; Michael Fiddelke, Chief Operating Officer; and Jim Lee, Chief Financial Officer.

今天和我一起在線的是董事長兼首席執行官布萊恩康奈爾 (Brian Cornell)；里克‧戈麥斯，首席商務官；麥可‧菲德爾克，營運長；吉姆李，財務長。

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.

稍後，布萊恩、里克、邁克爾和吉姆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.

在他們發表講話後，我們將開通電話線路進行問答。

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

今天早上，投資者和其他透過網路廣播收聽我們評論的人加入了我們的電話會議。

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

通話結束後，吉姆和我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.

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。

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

此外，在這些評論中，我們提到了非公認會計準則財務指標，包括調整後每股盈餘。

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

所有非 GAAP 數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。

With that, I'll turn it over to Brian for his thoughts on the quarter and his priorities for the fourth quarter and beyond.

這樣，我將把它轉交給布萊恩，詢問他對本季的想法以及他對第四季及以後的優先事項。

Brian?

布萊恩？

Thanks, John, and good morning, everyone.

謝謝約翰，大家早安。

I want to start my remarks today by welcoming Jim Lee, to his first conference call as Target CFO.

我今天首先要歡迎 Jim Lee 參加他作為 Target 財務長的第一次電話會議。

Jim recently joined our team from PepsiCo, where he gained a wealth of experience and numerous positions throughout their business.

Jim 最近從百事公司加入我們的團隊，在那裡他在整個業務中獲得了豐富的經驗和多個職位。

Since he arrived here in September, Jim has been learning our business, and I've been incredibly impressed with his ability to synthesize large amounts of data, drill into what's most important, generate innovative solutions when presented with problems, and then take quick action to address them.

自從9 月來到這裡以來，吉姆一直在學習我們的業務，他綜合大量數據、深入研究最重要的內容、在遇到問題時生成創新解決方案並迅速採取行動的能力給我留下了深刻的印象來解決他們的問題。

I'm confident you would enjoy getting to know Jim in the quarters and years ahead just as I have over the last several months.

我相信您會喜歡在未來的幾個季度和幾年裡認識吉姆，就像我過去幾個月一樣。

I also want to thank Michael for stepping up and occupying two important roles during the CFO search process.

我還要感謝麥可在財務長搜尋過程中挺身而出並擔任了兩個重要角色。

He did an incredible job leading both the finance and operations teams over the first half of the year.

今年上半年，他在領導財務和營運團隊方面做得非常出色。

And I know both of those teams are grateful for his leadership.

我知道這兩個團隊都感謝他的領導。

And of course, I want to thank the entire Target team for their leadership in successfully navigating through a difficult environment this quarter, a period that included a number of performance highlights and which also presented multiple challenges across our business.

當然，我要感謝整個 Target 團隊的領導，他們在本季成功度過了困難的環境，這段時期包括許多業績亮點，也為我們的業務帶來了多重挑戰。

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 caused our EPS to be lower than expected.

由於我們的團隊致力於為客人服務，並專注於提供新穎性和強大的價值，因此我們看到整個季度的流量健康增長，儘管我們遇到了一些宏觀阻力，導致我們的每股收益低於預期。

Despite these headwinds, we're encouraged that operating income has grown 6.7% through the first three quarters of the year.

儘管有這些不利因素，今年前三個季度的營業收入仍成長了 6.7%，這讓我們感到鼓舞。

We're highly confident in our proven long-term strategy and in our ability to move beyond this current volatility.

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。

And importantly, we're continuing to make the right investments in our business that will help us deliver profitable growth in the years ahead.

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。

Among the drivers of our comp sales, traffic grew a healthy 2.4% this quarter, representing well over 10 million incremental transactions compared with last year.

在我們的比較銷售的驅動因素中，本季流量健康成長了 2.4%，與去年相比，增量交易量遠遠超過 1,000 萬筆。

This growth in traffic was mostly offset by a decline in average ticket as consumers continue to spend cautiously, most notably in discretionary categories.

由於消費者繼續謹慎消費，特別是在非必需品類別上，因此客流量的增長大部分被平均票價的下降所抵消。

Overall, our third-quarter comp sales increased 0.3%, near the bottom of our expected range.

總體而言，我們第三季的比較銷售額成長了 0.3%，接近我們預期範圍的底部。

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-focused strategies and our team's commitment to delivering newness, value, and a differentiated experience.

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 thousands of price reductions we introduced earlier this year, which we're extending with another 2,000 more as we enter the holiday season.

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數千項降價措施的反響感到非常滿意，進入假期季節後，我們將再延長 2,000 項降價措施。

We've also seen strong results in the digital channel, which grew by nearly 11% this quarter.

我們也看到數位通路的強勁業績，本季成長了近 11%。

Among our digital services, we saw nearly 20% growth in our same-day delivery, powered by Target Circle 360, as more guests learned about it and respond to the value and convenience this service offers.

在我們的數位服務中，在Target Circle 360​​ 的支持下，隨著越來越多的客人了解該服務並對這項服務所提供的價值和便利做出回應，我們的當日送達量增長了近20%。

We also saw double-digit growth in Drive-Up this quarter, which accounted for more than $2 billion in our Q3 sales.

本季我們也看到了 Drive-Up 業務的兩位數成長，占我們第三季銷售額超過 20 億美元。

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.

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。

At the category level, we've seen persistent strength in beauty, which saw a comp increase of more than 6% in the quarter, while our frequency businesses delivered solid growth in both traffic and sales.

在品類層面，我們看到美妝業務持續強勁，本季同比增長超過 6%，而我們的頻率業務在流量和銷售額方面均實現了穩健增長。

And we're pleased with our relative performance versus the market in apparel even with a small sales decline in an environment where we saw slow sales of cold weather apparel across the industry.

我們對我們相對於服裝市場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.

我們的另外兩個非必需品業務——家居和硬線業務在第三季度持續疲軟，因為消費者在這些類別上繼續謹慎消費。

When we assess the consumer and macro environment, we're seeing many of the same themes that have defined the environment for some time.

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。

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.

消費者告訴我們，他們的預算仍然緊張，他們正在謹慎購物，努力克服多年價格通膨的累積影響。

They're becoming increasingly resourceful in their shopping behaviors, waiting to buy until last moment of need, focusing on deals, and then stocking up when they find them.

他們的購物行為變得越來越足智多謀，等到最後一刻需要才購買，專注於優惠，然後在找到商品時囤貨。

As a result, we're seeing a stronger response to promotions than we've seen in some time.

因此，我們看到對促銷的反應比以往任何時候都強烈。

Yet consumers are still willing to spend when they find the right combination of newness and value, and they're continuing to celebrate important seasonal moments throughout the year.

然而，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，並且他們會繼續慶祝全年重要的季節性時刻。

Because they worked hard to control their day-to-day spending, consumers sometimes allow themselves to splurge a little bit when they find the right item or the right seasonal moment arrives.

由於消費者努力控制日常支出，因此當他們找到合適的商品或合適的季節到來時，他們有時會允許自己稍微揮霍一下。

As Michael will highlight in more detail, our supply chain faced some unique challenges related to the East Coast and Gulf port strikes.

正如邁克爾將更詳細地強調的那樣，我們的供應鏈面臨著與東海岸和墨西哥灣港口罷工相關的一些獨特挑戰。

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 our receipts to other ports.

為了保護我們的庫存並確保我們為第四季度做好準備，我們的團隊更改了某些發貨時間，並將部分收貨定向到其他港口。

Receipt timing changes and the impact of softer-than-expected sales in discretionary categories resulted in elevated levels of inventory earlier than in a typical year, leading to higher-than-expected costs in our supply chain.

收貨時間的變化以及非必需品類銷售低於預期的影響導致庫存水準比典型年份提前升高，導致我們的供應鏈成本高於預期。

While we weren't pleased with this cost pressure, we are confident we took the right steps to safeguard our reliability, as our team's decisive actions protected Q3 in stocks while supporting our Q4 merchandising plans.

雖然我們對這種成本壓力並不滿意，但我們相信我們採取了正確的措施來保障我們的可靠性，因為我們團隊的果斷行動保護了第三季度的庫存，同時支持了我們第四季度的銷售計劃。

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.

除了供應鏈中的不利因素之外，本季我們還面臨著醫療保健和一般責任支出的一些意想不到的壓力，吉姆將在幾分鐘內概述這些壓力。

Another Q3 highlight was our most recent Target Circle week in early October.

第三季的另一個亮點是十月初我們最近的 Target Circle 週。

Guests are responding to the changes we've incorporated into this program, and they appreciate the value it provides at every level.

客人對我們納入此計劃的更改做出了回應，他們欣賞該計劃在各個層面提供的價值。

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.

本季我們招募了近 300 萬名新 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推動現有基礎的增量參與。

Beyond the profitable traffic and sales we see from Target Circle, this program also helps us learn more about our guests and their preferences, which in turn helps to fuel our Roundel ad business.

除了我們從 Target Circle 中看到的可獲利的流量和銷售之外，該計劃還幫助我們更多地了解我們的客人及其偏好，這反過來又有助於推動我們的 Roundel 廣告業務。

Roundel delivered mid-teen growth in Q3, benefiting both our total revenue and gross margin rate, while driving deeper connections among our guests, the Target brand, and our vendors.

Roundel 在第三季度實現了中位數的成長，使我們的總收入和毛利率都受益，同時推動了我們的客人、塔吉特品牌和我們的供應商之間更深層次的聯繫。

In a few minutes, Rick will highlight our merchandising and marketing plans for the holiday season.

幾分鐘後，里克將重點介紹我們的節日銷售和行銷計劃。

And while we're really excited about them, we're also focused on controlling what we can control and planning the business cautiously given the volatility we've been seeing.

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謹慎規劃業務。

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 stay agile and ready to respond if we see our business accelerate.

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保持敏捷並準備好在我們看到我們的業務加速時做出反應。

And our Q4 plan is focused on ending this year with an inventory position that will best position our business going into 2025.

我們第四季的計劃重點是在今年結束時保持庫存狀況，以便在 2025 年之前為我們的業務提供最佳定位。

Importantly, we're still confident in our long-term strategy.

重要的是，我們對我們的長期策略仍然充滿信心。

Traffic growth shows that we're winning with our guests, and we're making the long-term investments that have delivered strong performance over decades.

客流量的成長表明我們正在贏得客人的青睞，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。

This includes capital investments in our existing stores, in full remodels, smaller refreshes, and layout changes to increase the efficiency of our same-day services.

這包括對我們現有商店的資本投資、全面改造、較小的更新和佈局改變，以提高我們當日服務的效率。

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.

我們正在網站、應用程式和完整的履行能力菜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。

We're investing in our new store program based on strong performance of this year's openings and a robust pipeline of new locations planned for 2025.

基於今年新店開幕的強勁表現以及計劃於 2025 年開設的大量新店，我們正在對新店計劃進行投資。

We're making smart investments in technology including AI to allow our team to do more for our guests more quickly.

我們正在對包括人工智慧在內的技術進行明智的投資，以便我們的團隊可以更快地為客人做更多的事情。

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.

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。

We're delivering value through our investments in lower every day prices and the deals we offer to our Target Circle members and the compelling promotions we'll deliver throughout the holiday season.

我們透過對每日較低價格的投資、向 Target Circle 會員提供的優惠以及我們將在整個假期期間提供的引人注目的促銷活動來創造價值。

And we're continuing to invest in our team to ensure they can deliver a differentiated, joyful Target guest experience across every channel, every day throughout the year.

我們將繼續對我們的團隊進行投資，以確保他們能夠全年每一天透過每個管道為 Target 賓客提供差異化、愉悅的體驗。

With Thanksgiving right around the corner, I want to pause and acknowledge the efforts of my fellow team members, most notably in our stores and supply chain facilities, who have been spending months preparing for our busiest season of the year.

感恩節即將來臨，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我們一年中最繁忙的季節做準備。

Throughout the company, our team members bring enormous energy to their work.

在整個公司，我們的團隊成員為他們的工作帶來了巨大的能量。

But in the fourth quarter, they shift into an even higher gear.

但在第四季度，他們的速度甚至更快。

I want to thank them for everything they do to make Target Target.

我要感謝他們為實現 Target Target 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.

謝謝布萊恩，大家早安。

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.

我很高興強調我們為這個假期計劃的一切，但首先，我想首先分享我們目前對消費者的看法以及對我們第三季業績的一些看法。

As Brian mentioned, our view of the consumer is largely consistent with what we've shared in prior quarters.

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.

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。

They continue to make difficult trade-offs, trying to save on everyday essentials to free up some of their budget for those new must-have items.

他們繼續做出艱難的權衡，試圖節省日常必需品，以便騰出一些預算來購買新的必備物品。

We've often described consumers as resilient despite the challenges they are facing, and that is still true.

我們經常形容消費者儘管面臨挑戰，但仍具有韌性，現在仍然如此。

However, I might add something to that description today.

不過，今天我可能會在這個描述中加入一些內容。

Beyond resilient, consumers have also become increasingly resourceful.

除了彈性之外，消費者也變得越來越足智多謀。

They know there are deals to be found.

他們知道可以找到一些優惠。

They're willing to wait for sales and willing to search across multiple retailers to find them.

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。

For example, our Target Circle week this quarter was one of our biggest yet.

例如，本季的 Target Circle 週是我們迄今為止規模最大的一周之一。

However, we saw a more pronounced sales dip both the week before and the week after the event, showing just how planful consumers are in seeking out promotions when they shop.

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尋找促銷活動是多麼有計劃。

Similarly, we saw consumers lean into everyday essential stock-up promotions throughout the quarter to further stretch their monthly budgets.

同樣，我們看到消費者在整個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。

Turning to the third quarter.

轉向第三季。

Comparable sales grew 0.3% reflecting strong performance on our digital platforms, where sales grew nearly 11%.

可比銷售額成長 0.3%，反映出我們數位平台的強勁表現，銷售額成長近 11%。

Throughout the quarter, we faced continued volatility across our business and broadly softer sales in discretionary categories as compared with Q2.

整個季度，我們的業務持續波動，與第二季度相比，非必需品類別的銷售普遍疲軟。

As I mentioned earlier, we saw a strong reaction to promotions throughout the quarter.

正如我之前提到的，我們看到整個季度對促銷活動的強烈反應。

While the depth of these promotions was similar to last year, our guest responses to these offers were much more pronounced.

雖然這些促銷活動的深度與去年相似，但我們的客人對這些優惠的反應更加明顯。

Compared to a year ago, promotional markdown rates have increased meaningfully, and year-to-date are up around 1 percentage point.

與一年前相比，促銷降價率大幅上升，今年迄今已上升約 1 個百分點。

In terms of the category performance, sales and market share gains were strongest in beauty again this quarter with comparable sales growth of more than 6%.

就品類表現而言，本季美容產品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%。

This strong performance was broad-based with growth in our core beauty business as well as our Ulta Beauty at Target offerings.

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。

Newness across the portfolio resonated with a wide array of consumers including growing affinity with younger Gen Z guests from Blake Lively's exclusive to Target hair care line, Blake Brown, to the continued success of mini sizes that offer those little indulgences, our beauty assortment continues to be a standout with our guests.

產品組合的新穎性引起了廣大消費者的共鳴，包括Blake Lively 獨家為Target 護髮系列Blake Brown 與年輕Z 世代客人的密切關係，以及提供小小享受的迷你尺寸的持續成功，我們的美容產品系列繼續在我們的客人中脫穎而出。

Our food & beverage and essentials categories both grew in the low single digits this quarter.

本季我們的食品和飲料以及必需品類別均以較低的個位數成長。

In food, strength spanned the portfolio.

在食品方面，整個產品組合均表現強勁。

Guests particularly love the season's Halloween candy and snacks as well as new seasonal flavors from Good & Gather and Favorite Day with new on-trend flavors helping to drive preference for our own brands, which continue to gain share.

客人特別喜歡當季的萬聖節糖果和小吃，以及來自 Good & Gather 和 Favourite Day 的新季節性口味，其中新的流行口味有助於提高對我們自有品牌的偏好，這些品牌不斷擴大市場份額。

In essentials, new items in nutrition categories like meal supplements and protein powders are performing very well.

從本質上講，膳食補充劑和蛋白粉等營養類別的新產品表現非常好。

Additionally, since the launch of our limited time offering, the Cuddle Collaboration, featuring fun and stylish products for pets and pet owners, we have seen a meaningful acceleration in comp trends in the pets category.

此外，自從我們推出限時產品 Cuddle Collaboration（為寵物和寵物主人提供有趣且時尚的產品）以來，我們已經看到寵物類別的競爭趨勢顯著加速。

And through the insights we gain from Target Circle, we can now issue personalized offers to guests that shop at Collaboration and help them engage with our broader pets assortment in bigger ways.

透過從 Target Circle 獲得的見解，我們現在可以向在 Collaboration 購物的客人提供個人化優惠，並幫助他們以更大的方式接觸我們更廣泛的寵物品種。

In apparel, despite our comparable sales being down a little less than 1%, we were pleased with our relative performance compared to the industry.

在服裝領域，儘管我們的可比銷售額下降了不到 1%，但我們對與行業相比的相對錶現感到滿意。

Unseasonably warm weather made for volatile weekly and regional trends, but in weeks when we saw cooler weather year over year, comp growth ranged from the low single digits to the high single digits in those regions.

異常的溫暖天氣導致每周和區域趨勢不穩定，但在天氣逐年涼爽的幾週內，這些地區的複合成長率從低個位數到高個位數不等。

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.

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 game day assortments, featuring mix-and-match apparel items in an array of team colors starting at $5 and everything under $30.

儘管天氣充滿挑戰，我們還是看到了女裝業務的實力，包括年輕的當代女裝，受到狂野寓言比賽日品種的推動，以一系列球隊顏色的混搭服裝為特色，起價5 美元，所有商品均低於30 美元。

Women's performance was also strong, especially with $25 all-in motion leggings featuring incredibly soft fabrication with a pop of glitter.

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。

We've also been very pleased with the relaunch of our intimates and sleepwear brand, Auden, which is outperforming our expectations.

我們對內衣和睡衣品牌 Auden 的重新推出也感到非常滿意，品牌的表現超出了我們的預期。

Consistent with industry trends, hardlines categories continue to be under pressure with comparable sales down in the low single digits.

與產業趨勢一致，硬派類別持續面臨壓力，可比銷售額下降至低個位數。

Despite this overall softness, we saw strong back-to-school performance with particular strength in backpacks.

儘管整體表現疲軟，我們還是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 resonating with guests, including the launch of Ms. Rachel Toys with characters and tie-ins to her wildly successful YouTube series.

我們也看到新的玩具產品引起了客人的共鳴，包括推出帶有角色的雷切爾女士玩具以及與她大獲成功的 YouTube 系列的搭配。

And finally, in home, our third-quarter comp sales were down mid-single digits.

最後，在國內，我們第三季的公司銷售額下降了中個位數。

Trends were relatively soft across the portfolio with bright spots in decorative accessories, led by fall newness, which grew comparable sales in the mid-teens and our affordable home refresh program with key partners like Hearth & Hand by Magnolia and Threshold by Studio McGee, both of which grew around 40% versus last year.

整個產品組合的趨勢相對疲軟，以裝飾配件為亮點，秋季新品引領了可比銷售額在十幾歲左右的增長，以及我們與Magnolia 的Hearth & Hand 和Studio McGee 的Threshold 等主要合作夥伴合作的經濟實惠的家居翻新計劃。

And finally, because of our unique well-balanced assortment, we can move beyond a focus on driving performance within our merchandising categories and create innovation and excitement between them as well in ways that others simply can't.

最後，由於我們獨特且均衡的產品組合，我們可以超越對銷售類別內驅動性能的關注，並以其他公司無法做到的方式在它們之間創造創新和興奮。

As a perfect example, in Q3, we introduced powerhouse brands, Elf Cosmetics and Stanley.

作為一個完美的例子，在第三季度，我們推出了實力品牌 Elf Cosmetics 和 Stanley。

So guests can now match their favorite lip gloss color to their trendy drinkware.

因此，客人現在可以將他們最喜歡的唇彩顏色與他們的時尚飲品相搭配。

This innovative program is selling incredibly well and shows how we not only act on current trends but help to create new ones as well.

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，而且還幫助創造新趨勢。

As we turn the page to Q4, those cross-merchandising opportunities only grow more compelling.

當我們翻到第四季時，這些交叉銷售機會只會變得更加引人注目。

In just two days, the most anticipated theatrical release of the year hits theaters.

短短兩天，年度最受期待的戲院上映。

Universal Studios' Wicked opens Friday, and we are so excited to be the ultimate fan destination for this film.

環球影城的《魔法壞女巫》週五開幕，我們很高興成為這部電影的終極粉絲目的地。

We're offering more than 150 movie-inspired items spanning apparel, toys, beauty, food, home and more.

我們提供 150 多種受電影啟發的商品，涵蓋服裝、玩具、美容、食物、家居等。

Nearly 70% of the items are available only at Target, including an apparel line created by the film's costume designer, Paul Tazewell.

近 70% 的商品僅在 Target 出售，其中包括由電影服裝設計師 Paul Tazewell 設計的服裝系列。

Our guests will be immersed in the magic of Oz through Wicked theme store displays, shop-in-shops, digital experiences, and other surprises throughout the season.

我們的客人將透過整個季節的 Wicked 主題商店展示、店中店、數位體驗和其他驚喜，沉浸在奧茲國的魔力中。

And beyond the wow factor of this exclusive assortment, we brought the magic to our marketing campaign, featuring the film's star, Cynthia Erivo, with a huge response from Target and Wicked fans alike on our social channels.

除了這個獨家系列的令人驚嘆的因素之外，我們還為我們的營銷活動帶來了魔力，以電影明星辛西婭·埃里沃(Cynthia Erivo) 為主角，在我們的社交渠道上獲得了Target 和Wicked 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 wonder and awe.

以第四季創造神奇時刻為主題，我們這個假期的計劃旨在激發驚奇和敬畏。

And throughout the holiday season, we want to make sure we offer the perfect balance of value, newness, ease, and inspiration.

在整個假期期間，我們希望確保提供價值、新穎、輕鬆和靈感的完美平衡。

Value will be on full display all season long from our everyday low prices to compelling promotions that help families celebrate the seasons.

從我們每天的低價到幫助家庭慶祝季節的引人注目的促銷活動，價值將在整個季節中充分展示。

After an incredible response to our price reductions on 5,000 everyday items earlier this year, we reduced prices on an additional 2,000 items to drive traffic and help celebrate the holidays.

今年早些時候，我們對 5,000 種日常用品的降價取得了令人難以置信的反響，之後我們又降低了另外 2,000 種用品的價格，以增加客流量並幫助慶祝節日。

We'll also be returning with some popular promotions like our Deal of the Day, which started on the first of this month and runs throughout the holiday season.

我們還將推出一些受歡迎的促銷活動，例如我們的每日特惠，該促銷活動於本月一號開始，並在整個假期期間持續進行。

And new this year, we recently held an early Black Friday sale just a couple of weeks ago.

今年的新舉措是，我們最近在幾週前提前舉辦了黑色星期五促銷活動。

It's hard to believe that Thanksgiving is next week, and from turkey to tabletop decor, we have everything families will need to gather together.

很難相信下週就是感恩節，從火雞到桌面裝飾，我們擁有家庭聚會所需的一切。

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.

今年，我們恢復了廣受歡迎的感恩節大餐優惠，現在四口之家只需 20 美元，比去年便宜 5 美元。

The meal includes turkey at just $0.79 per pound as well as stuffing and five additional side dishes.

這頓飯包括每磅僅 0.79 美元的火雞以及餡料和五道額外的配菜。

Plus, we're offering a wide variety of hosting and gift-giving options including fresh flowers, wine, Good & Gather charcuterie trays, and on-trend housewares from owned brands like Threshold and Figment.

此外，我們還提供多種招待和送禮選擇，包括鮮花、葡萄酒、Good & Gather 熟食托盤以及 Threshold 和 Figment 等自有品牌的流行家居用品。

And while our stores are closed on Thanksgiving Day, helping our team members to celebrate with loved ones, we'll be back at it on Black Friday to keep the holiday momentum going.

雖然我們的商店在感恩節關閉，以幫助我們的團隊成員與親人一起慶祝，但我們將在黑色星期五回來，以保持節日勢頭。

And when you don't feel like cooking on the day after Thanksgiving, well, we'll be helping out by offering a free frozen pizza for our Target Circle 360 members.

如果您在感恩節後的第二天不想做飯，那麼我們將為 Target Circle 360​​ 會員提供免費的冷凍披薩。

And speaking of the day after Thanksgiving, we recently announced two exclusive Taylor Swift releases available only at Target that we'll be launching only in stores on Black Friday before moving the assortment online the next day while supplies last.

說到感恩節後的第二天，我們最近宣布了兩款僅在Target 發售的泰勒·斯威夫特(Taylor Swift) 獨家產品，我們將僅在黑色星期五在商店推出，然後在第二天將產品轉移到網上，售完即止。

The official Taylor Swift: The Eras Tour book provides a comprehensive behind-the-scenes view into the cultural phenomenon of Taylor Swift: The Eras Tour, including never-before-seen photos and personal reflections written by Taylor.

《Taylor Swift: The Eras Tour》官方書籍全面介紹了《Taylor Swift: The Eras Tour》文化現象的幕後花絮，包括從未公開的照片和泰勒撰寫的個人感想。

In addition, we have exclusive versions of The Tortured Poets Department: The Anthology on both vinyl and CD, featuring 35 tracks, including 4 acoustic bonus songs.

此外，我們還有《The Tortured Poets Department: The Anthology》的獨家版本，包括黑膠唱片和 CD，包含 35 首曲目，其中包括 4 首原聲獎勵歌曲。

And while these exclusives are sure to be top on Swifties' wish lists, we have exciting gifting options for everyone in the family, all at unbeatable prices.

雖然這些獨家產品肯定會成為 Swifties 願望清單上的首選，但我們也為家庭中的每個人提供令人興奮的禮物選擇，而且價格無與倫比。

More than half of our holiday toys are under $20, and thousands of stocking stuffers are under $5.

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。

But we know that consumers don't want to choose between value and newness.

但我們知道消費者不想在價值和新穎性之間做出選擇。

They want both.

他們兩個都想要。

And at Target, they won't have to choose.

在塔吉特，他們不必做出選擇。

Our holiday assortment is our biggest ever with 50% more new items compared to last year.

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%。

These include exciting new toys from the biggest brands like Disney, LEGO, and FAO Schwarz as well as our Only at Target brand, GiggleScape.

其中包括來自迪士尼、樂高、FAO Schwarz 等最大品牌的令人興奮的新玩具，以及我們的 Only at Target 品牌 GiggleScape。

In beauty, we'll offer more than 100 new items, including incredible gift set options.

在美容方面，我們將提供 100 多種新商品，包括令人難以置信的禮品套裝選項。

This year's assortment is a great range of giftable items starting at just $5 with nearly 2/3 of this assortment priced under $10.

今年的產品系列涵蓋了一系列精美的禮品，起價僅為 5 美元，其中近 2/3 的產品價格低於 10 美元。

In food, we'll be offering more than 700 new items in on-trend seasonal flavors, featuring new cookie and ginger bread kits for the whole family to enjoy building and eating.

在食品方面，我們將提供 700 多種流行時令口味的新產品，其中包括新的餅乾和生薑麵包套件，供全家人享受拼搭和用餐的樂趣。

And again, this season, our partnership with British retailer, Marks & Spencer, will offer the best shortbread, candy, and Christmas treats from across the pond, and for the first time, new home items like London-themed ornaments and mugs all under $20.

本季，我們與英國零售商 Marks & Spencer 合作，將提供大洋彼岸最好的脆餅、糖果和聖誕美食，並且首次推出倫敦主題裝飾品和馬克杯等新家居用品。

We've also worked to make shopping easier than ever this season.

我們也努力讓本季的購物變得比以往任何時候都更容易。

Of course, guests can rely on our industry-leading same-day services like order pick-up, drive-up, and same-day delivery with Target Circle 360, but we're also making it easier to determine that perfect gift.

當然，客人可以依靠我們行業領先的當日服務，例如 Target Circle 360​​ 的訂單取貨、駕車取貨和當日送達，但我們也讓您更輕鬆地選擇完美的禮物。

With the new gift ideas page on our website and app, consumers can be inspired to find the perfect gift for that special someone, all on a set budget.

透過我們網站和應用程式上的新禮物創意頁面，消費者可以受到啟發，在設定的預算內為特別的人找到完美的禮物。

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 guess work for their loved ones.

對於那些想要明確今年希望在樹下找到什麼的人來說，我們的數位假期願望清單功能可以消除他們所愛之人的猜測工作。

Plus our price match guarantee assures guests that no matter when and how they choose to shop, they'll get the best prices we have planned for the season.

此外，我們的價格匹配保證可確保客人無論何時以何種方式購物，都將獲得我們為當季計劃的最優惠價格。

And like the bow on top of that perfect present, our marketing will tie it all together, immersing consumers in magic, imagination, and larger-than-life moments.

就像完美禮物上的蝴蝶結一樣，我們的行銷將把這一切聯繫在一起，讓消費者沉浸在魔法、想像和傳奇時刻中。

Target guests will be transported to a land of iconic peppermint swirls and fantastical forest landscapes from in-store pop-up experiences to holiday TV and social spots that will leave them feeling festive, we want all families to have happier holidays, courtesy of their friends at Target.

目標客人將被帶到一個充滿標誌性薄荷漩渦和夢幻森林景觀的土地，從店內快閃體驗到假日電視和社交場所，讓他們感受到節日氣氛，我們希望所有家庭在朋友的陪伴下度過更愉快的假期在目標。

As I 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.

當我準備將接力棒交給邁克爾時，我想停下來感謝我們的團隊為這個品牌、為我們的客人以及他們的社區所做的多種努力。

Every day, I am humbled by the talent and passion this team brings.

每一天，我都對這個團隊帶來的才華和熱情感到謙卑。

And I am reminded of how special it is to work among world-class colleagues, retail leaders, and friends.

我想起與世界一流的同事、零售領導者和朋友一起工作是多麼特別。

Thank you all for all you do to make Target Target.

感謝大家為實現 Target Target 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.

謝謝，瑞克。

The fourth quarter is here.

第四季來了。

And in short, we are ready.

簡而言之，我們已經準備好了。

While some consumers are already done with their holiday shopping, some are waiting for those major promotional events like Black Friday or Cyber Monday, and others won't start thinking about their Christmas list until the last minute.

雖然有些消費者已經完成了假日購物，但有些消費者正在等待黑色星期五或網路星期一等重大促銷活動，而有些消費者直到最後一刻才開始考慮他們的聖誕清單。

And across the operations team, we've been forming our plans, securing inventory, assessing the external environment, and preparing for the season for months now.

在整個營運團隊中，我們幾個月來一直在製定計劃、確保庫存、評估外部環境並為季節做準備。

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.

正如您從 Brian 和 Rick 那裡聽到的那樣，整個第三季度的宏觀阻力和波動性的增加（無論是預期的還是意外的）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.

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。

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.

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。

This year's hurricane season has been particularly devastating for so many communities.

今年的颶風季節對許多社區來說尤其具有破壞性。

While we're grateful that our team members in affected areas are safe, we also know that the damage from Hurricanes Helene and Milton has been vast, and impacted communities are still recovering.

雖然我們很感激受影響地區的團隊成員都很安全，但我們也知道颶風海倫和米爾頓造成的損失是巨大的，受影響的社區仍在恢復中。

In advance of the storm, we closed dozens of stores and a few supply chain facilities to keep our guests and team members safe.

在風暴來臨之前，我們關閉了數十家商店和一些供應鏈設施，以確保客人和團隊成員的安全。

After the storms passed, we carefully assessed each location, and we're able to reopen nearly all of our facilities within 24 hours.

風暴過去後，我們仔細評估了每個地點，我們能夠在 24 小時內重新開放幾乎所有設施。

These storms as well as unseasonably warm weather throughout the quarter, created higher spikes and lower troughs than would otherwise be expected, displaying the resilience of our supply chain in advance of peak holiday volume this quarter.

這些風暴以及整個季度異常的溫暖天氣，造成了比預期更高的峰值和更低的低谷，這顯示了我們的供應鏈在本季假期高峰之前的彈性。

We also successfully navigated the challenges presented by the port disruptions on the East Coast and Gulf ports.

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。

We had been closely monitoring the situation for months.

幾個月來我們一直在密切監視局勢。

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.

考慮到可能發生的罷工，我們的團隊採取了果斷行動，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。

This came at a cost, but allowed us to be well positioned for our guests through the strike and into the holiday season.

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.

值得慶幸的是，罷工是短暫的。

We'll continue to watch the situation closely in the lead-up to continued negotiations in January.

我們將在 1 月繼續談判之前繼續密切關注局勢。

We also saw higher-than-expected volatility in receipt timing in some Asian ports early in the quarter.

本季初，我們也發現一些亞洲港口的收貨時間波動高於預期。

Collectively, the impacts from the port strikes and receipt timing volatility drove additional costs in the quarter.

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。

Fortunately, our teams were able to navigate this volatility incredibly well.

幸運的是，我們的團隊能夠很好地應對這種波動。

So our inventory position and operations are well prepared for the holiday season.

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.

關於庫存的最後一點快速說明。

Third-quarter ending inventory on our balance sheet was about 3% higher than a year ago.

我們資產負債表上的第三季期末庫存比一年前高出約 3%。

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.

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。

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.

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.

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團隊，感謝他們直面這些挑戰。

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 this season, with the type of amazing holiday experience you can only find at Target.

他們對彼此的關心和承諾，以及無論眼前的考驗如何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取悅我們的客人，令人驚嘆的假期體驗只有在 Target 才能找到。

Thank you, Team Target, for all you do to show up for this brand and for our communities day in and day out.

謝謝你，Target 團隊，感謝你日復一日地為這個品牌和我們的社群所做的一切。

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 consumers.

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消費者提供的服務水準。

High on that list is our focus on being consistently in stock for our guests, when, where, and how they want to shop.

其中最重要的是我們致力於為客人提供持續的庫存，無論他們何時、何地以及如何購物。

And once again this quarter, our in-stock position improved meaningfully from already strong results a year ago.

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。

But as I mentioned before, in stocks are only one way to measure inventory reliability.

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。

If we have inventory on the shelf, that product is considered in stock, but that might not be enough depth to support the combination of in-store and digital demand.

如果我們的貨架上有庫存，則該產品被視為有庫存，但這可能不足以支持店內和數位需求的結合。

As such, we also track a metric we call purchasability which helps us protect our guests in-store and digital shopping experiences.

因此，我們也追蹤一個稱為可購買性的指標，這有助於我們保護客人的店內和數位購物體驗。

Here's an example.

這是一個例子。

If stock in an item begins to run low, we may choose to make the item temporarily unpurchaseable for same-day fulfillment in order to protect the in-store shopping experience.

如果某件商品的庫存開始不足，我們可能會選擇暫時無法購買該商品以實現當天配送，以保護店內購物體驗。

The team has been working hard to reduce the number of times this happens, and we're encouraged that consistent with our in-stock trends, we've significantly improved our purchasability metrics year-over-year.

團隊一直在努力減少這種情況發生的次數，我們感到鼓舞的是，與我們的庫存趨勢一致，我們的可購買性指標逐年顯著提高。

But to be clear, for both in-stocks and purchasability, we won't mistake progress for potential and we're hard at work to continue improving inventory reliability for our guests.

但需要明確的是，對於庫存和可購買性，我們不會將進度誤認為潛力，我們正在努力繼續為客人提高庫存可靠性。

Beyond making sure our inventory is in the right place, we also want to make sure our new stores are ideally located as well.

除了確保我們的庫存位於正確的位置之外，我們還希望確保我們的新店位置理想。

Already, three out of four 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 might best serve a growing community.

目前，四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，以確定新地點最能服務於不斷發展的社區的位置。

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 Waukee in my home state of Iowa, thousands of consumers will newly experience the joy of having a Target in their own backyards.

今年，這項工作幫助我們確定了23 家新店的選址，其中13 家是上個季度剛開業的，從佛羅裡達州邁阿密到加利福尼亞州埃爾蒙特，再到我家鄉愛荷華州的沃基，成千上萬的消費者將新體驗到購物的樂趣。

And clearly, our guests in these neighborhoods are responding, as this portfolio of new stores is performing ahead of our expectations.

顯然，我們這些社區的客人正在做出回應，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.

除了新店之外，我們也投資現有的店群。

From the work we've done to enhance our front of store experience to the investments we've made to find the top talent in the markets where we operate, we're relentless in our pursuit of making sure that our stores provide a joyful, convenient, and efficient shopping experience.

從我們為增強店面體驗所做的工作，到我們為在我們經營的市場中尋找頂尖人才而進行的投資，我們堅持不懈地追求確保我們的商店提供令人愉悅、便捷、高效的購物體驗。

And while there is always room to improve, by nearly every measure we track, our extensive survey data indicates we are making meaningful progress.

雖然總是有改進的空間，但根據我們追蹤的幾乎每項指標，我們廣泛的調查數據表明我們正在取得有意義的進展。

More specifically, Net Promoter Scores for wait times at checkout lanes, satisfaction with team member interactions at both checkout and while shopping, ability to find products, and the cleanliness of our stores are all up year over year.

更具體地說，淨推薦值在結帳通道的等待時間、結帳和購物時團隊成員互動的滿意度、尋找產品的能力以及商店的清潔度方面均逐年上升。

And of course, we're making investments in our digital business as well.

當然，我們也在對數位業務進行投資。

And the name of the game here is speed across all types of digital fulfillment.

這裡的遊戲名稱是所有類型數字履行的速度。

In ship-to-home fulfillment with stores close to our guests and our sortation centers handling 25% more packages than last year, we're faster than ever, shipping packages to guest homes, helping power the healthy sales growth we're seeing in our ship to home business.

在送貨到家的履行過程中，靠近客人的商店和我們的分揀中心處理的包裹比去年增加了 25%，我們比以往任何時候都更快，將包裹運送到賓客家裡，幫助推動我們在我們的船到家業務。

In fact, as of the third quarter, average shipping times across our network are nearly a day faster than this time a year ago.

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。

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.

我們也實施了一些變革，以減少分批發貨，提高每個包裹的配送數量，消除客人的摩擦來源，並降低最後一哩的配送成本。

All together, 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.

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在最後一英里的配送成本中節省了數千萬美元。

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 loved services, making them even better.

就速度而言，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深受喜愛的服務，使它們變得更好。

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-based technologies.

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基於電話的技術導航到商店進行路邊訂單的零售商。

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.

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。

This not only allows us to better serve these guest preferences, it has also helped save the cost of millions of plastic bags.

這不僅使我們能夠更好地滿足這些客人的喜好，還幫助節省了數百萬個塑膠袋的成本。

And finally, beyond the investments we've made in drive-up and in-store pickup, we've also been investing heavily in our same-day delivery capabilities through Target Circle 360.

最後，除了在駕駛和店內取貨方面進行的投資之外，我們還透過 Target Circle 360​​ 大力投資於當日送達能力。

Since the relaunch of Target Circle in April, we've seen a meaningful increase in the number of Target Circle 360 memberships, and thanks to the incredible efforts of our partners at Shipt, we are not only able to meet the rapid growth in demand, we've maintained the already high Net Promoter Scores this offering consistently generates.

自 4 月重新推出 Target Circle 以來，我們看到 Target Circle 360​​ 會員數量顯著增加，並且得益於 Shipt 合作夥伴的巨大努力，我們不僅能夠滿足快速增長的需求，我們一直保持著該產品一貫產生的高淨推薦值。

And of course, beyond same-day shopping, our Shipt powered capabilities play a critical role in helping us deliver packages from sortation centers more quickly and less expensively than through alternative carriers.

當然，除了當日購物之外，我們的 Shipt 支援功能在幫助我們比透過其他承運商更快、更便宜地從分類中心交付包裹方面發揮著關鍵作用。

Before I pass things off to Jim, I'd like to echo Brian, and welcome him to his first earnings call.

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 his onboarding process, I've already seen what a curious, compassionate, and strategic leader he is, and I couldn't be happier to have him on the Target team.

在吉姆和我一起完成他入職流程的前幾個月中，我已經看到他是一位充滿好奇心、富有同情心和策略性的領導者，我很高興讓他加入 Target 團隊。

I'll continue to work closely with Jim as he ramps up in leading our finance function, and I'm excited to see what that team will accomplish under Jim's guidance and leadership.

隨著吉姆逐步領導我們的財務職能，我將繼續與他密切合作，我很高興看到該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.

謝謝，麥可。

I've long admired the Target brand and its differentiated positioning within American Retail.

我長期以來一直欽佩 Target 品牌及其在美國零售業的差異化定位。

And since I've arrived here, I've enjoyed getting to know the Target team and gain a much deeper understanding of our business.

自從我來到這裡，我很高興能夠了解 Target 團隊並對我們的業務有了更深入的了解。

I've also developed a greater appreciation for the company's long-term strategic advantages, including our unique stores as hub model that Target pioneered nearly a decade ago, a large, profitable and growing owned brand portfolio coupled with an outstanding collection of national brands and unique partnerships.

我還更欣賞公司的長期策略優勢，包括塔吉特在近十年前開創的獨特的商店作為樞紐模式、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產品組合。獨特的合作關係。

A robust business model that includes strong retail operations and a broad footprint of capabilities, including Target Circle, Roundel, and our third-party marketplace, Target Plus, and a strong culture behind a capable team that's passionate about our brand and committed to caring, growing, and winning together.

強大的商業模式，包括強大的零售業務和廣泛的能力，包括 Target Circle、Roundel 和我們的第三方市場 Target Plus，以及一支對我們的品牌充滿熱情並致力於關懷、共同成長，共同勝利。

Having gained deeper insights into these assets, I'm even more excited about our potential to deliver sustainable and profitable growth in the years ahead.

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永續和獲利成長的潛力感到更加興奮。

Turning to our third-quarter financial results.

轉向我們第三季的財務業績。

Our comparable sales increase of 0.3% was near the low end of our expected range, while EPS came in below expectations due to soft discretionary trends and multiple cost headwinds, some of which were unique to the quarter.

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，原因是疲軟的可自由支配趨勢和多重成本阻力（其中一些是本季特有的）。

Among the drivers of our comparable sales, healthy guest traffic growth of 2.4% was largely offset by a 2% decline in average ticket.

在我們可比較銷售的推動因素中，客流量 2.4% 的健康成長在很大程度上被平均票價下降 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.

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。

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.

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，十月份的月度比較最為強勁，並且我們看到了可自由支配類別的連續改善。

While store comparable sales were down 1.9%, we were pleased with our digital comp growth of 10.8%.

雖然實體店可比銷售額下降 1.9%，但我們對數位銷售額 10.8% 的成長感到滿意。

Within digital, same-day delivery powered by Target Circle 360 increased nearly 20%.

在數位領域，由 Target Circle 360​​ 提供支援的當日送達量增加了近 20%。

We also saw double-digit growth in drive-up and a healthy increase in ship to home volume.

我們還看到了免下車數量的兩位數增長以及船到家數量的健康增長。

On the other revenue line, we saw growth of 11.5% in the quarter, driven primarily by continued rapid growth in our Roundel ad business.

在其他收入方面，本季我們的營收成長了 11.5%，這主要是由我們的 Roundel 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 pressures on both the gross margin and SG&A expense lines.

我們的營業利潤率為 4.6%，比一年前下降了約 60 個基點，反映了我們最高利潤類別的銷售低於預期以及毛利率和銷售管理費用線的成本壓力的綜合影響。

Overall, our gross margin rate was about 20 basis points lower than last year.

整體而言，我們的毛利率比去年下降了約20個基點。

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.

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 inventory shrink and about 20 basis points of benefit in merchandising.

為了抵​​銷這種壓力，我們看到與庫存縮減相關的財務收益約 50 個基點，以及商品銷售的約 20 個基點的收益。

One note, the gross margin rate impact of merchandise mix was approximately flat in Q3, down from a 40-basis-point benefit in Q2.

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。

This change was driven primarily by a slowdown in our highest-margin discretionary categories, apparel and home, whose comp trends both decelerated about 4 percentage points when compared with Q2.

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 4 個百分點。

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 topline sales near the low end of our expected range.

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（其中一些是意料之外的），加上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 healthcare costs as well.

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），以及高於預期的醫療成本。

All together, our Q3 GAAP and adjusted EPS was $1.85 compared with $2.10 a year ago.

總而言之，我們第三季的 GAAP 和調整後每股收益為 1.85 美元，去年同期為 2.10 美元。

Year to date, both GAAP and adjusted EPS have increased 8.3% compared with last year.

今年迄今為止，GAAP 和調整後每股盈餘均較去年成長 8.3%。

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.

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始終如一，今天仍然堅定不移。

We first look to invest fully in the business in projects that meet our strategic and financial criteria.

我們首先希望對符合我們策略和財務標準的項目進行全面投資。

Second, we look to support the dividend and build on our record of growing the dividend annually, something we've done since 1971.

其次，我們希望支持股息，並建立我們自 1971 年以來每年增加股息的記錄。

And 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.

最後，我們希望透過在我們的中等 A 信用評級的限制內回購股票來返還超出前兩種用途的任何多餘現金。

Regarding the first priority, 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.

關於第一要務，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今年指導範圍的下限，即 30 億美元或略低降低。

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.

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。

Based on expected project timing, we're anticipating 2025 CapEx will range between $4 billion and $5 billion, near the middle of the long-run expectation Michael outlined earlier this year.

根據預期的專案時間安排，我們預計 2025 年資本支出將在 40 億至 50 億美元之間，接近邁克爾今年稍早概述的長期預期的中間值。

Regarding the second priority, we paid dividends of $516 million in the third quarter, up from $507 million a year ago.

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，高於一年前的 5.07 億美元。

And finally, we deployed $354 million to retire about 2.4 million of our shares in Q3.

最後，我們在第三季部署了 3.54 億美元，註銷了約 240 萬股股票。

Given our cash position and our expectations going forward, we expect to continue repurchasing shares in Q4 as well.

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。

I'll end my commentary on the quarter with some comments on after-tax ROIC, which measures the quality of our capital investments over time.

我將透過對稅後投資回報率的一些評論來結束對本季度的評論，該投資回報率衡量我們隨著時間的推移資本投資的品質。

In the third quarter, our trailing 12-month after-tax ROIC was 15.9%, 2 percentage points higher than a year ago.

第三季度，我們過去 12 個月的稅後投資資本報酬率 (ROIC) 為 15.9%，比去年同期高 2 個百分點。

While our mid-teens after-tax return is quite strong, our long-term plans anticipate further expansion of this metric into the high teens over time.

雖然我們的稅後回報率相當強勁，但我們的長期計劃預計隨著時間的推移，這一指標將進一步擴大到十幾歲。

Now I want to move to our expectations for Q4.

現在我想談談我們對第四季的預期。

As Brian mentioned, we're focused on planning the business cautiously based on the volatility we've encountered so far this year.

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。

Our expectations also reflect some unique attributes of this year's calendar including the loss of five shopping days between Thanksgiving and Christmas and the shift in this year's fiscal calendar after last year's 53rd week.

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，以及今年財政日曆在去年第 53 週之後的轉變。

While these calendar impacts are difficult to isolate, we estimate they could amount to nearly 1 percentage point headwind to our fourth-quarter comps.

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造成近 1 個百分點的影響。

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.

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 17 億美元，為我們的營業收入貢獻了約 2 億美元。

Note that the extra week did not affect last year's reported comp sales as they're based on periods of equal length.

請注意，額外的一周不會影響去年報告的比較銷售額，因為它們是基於相同長度的期間。

With all that as context, I'll turn to our updated guidance.

以此為背景，我將轉向我們更新的指南。

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.

在營收方面，我們預計第四季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.

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。

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.

歸根結底，我們的預期反映了對可比銷售額的更新看法、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。

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.

與我們先前的指導一致，我們認為第四季度庫存縮減對損益的影響將大致持平，我們預計將繼續受益於我們正在進行的效率工作。

All together, our updated range for the fourth quarter, GAAP and adjusted EPS is $1.85 to $2.45, translating to an updated full year range of $8.30 to $8.90 a share.

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.

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。

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.

第二季的利潤超出了我們的預期，但令人失望的是，可自由支配需求的減速，加上多重成本壓力，導致我們在上季上調後下調了預期。

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 and in 2025.

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，以使自己在假期和 2025 年取得勝利。

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 investment projects in our pipeline.

展望未來，鑑於我們的策略實力、現有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。

While current conditions are quite challenging, we're confident that demand in discretionary categories will normalize, and our team has shown they can find efficiencies to help offset the cost pressures we're facing.

雖然目前的情況相當具有挑戰性，但我們相信非必需品類別的需求將會正常化，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。

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.

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.

現在我將把電話轉回給布萊恩，讓他做一些結束語。

Brian?

布萊恩？

Thanks, Jim.

謝謝，吉姆。

Before we move to your questions, I want to pick up on a couple of thoughts Jim provided in his remarks, namely, I want to highlight the assets and the strategy underlying our business model, and how we can leverage those assets to deliver on the long-term financial goals Michael shared at our Financial Community Meeting back in March.

在我們回答你的問題之前，我想談談吉姆在他的演講中提出的一些想法，即我想強調我們業務模式背後的資產和策略，以及我們如何利用這些資產來實現邁克爾在三月份的金融社區會議上分享了長期財務目標。

We often highlight how we work to differentiate our merchandising offering and shopping experience from others in the marketplace.

我們經常強調我們如何努力使我們的商品產品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.

為了實現這一目標，我們投資於整個業務的差異化資產。

These include the locations where we build our stores, our unparalleled design and sourcing capabilities, our huge owned brand portfolio, best-in-class national brands and partnerships, an advertising business that far outpunches its weight, and a rapidly growing online marketplace in Target Plus.

其中包括我們開設商店的地點、我們無與倫比的設計和採購能力、我們龐大的自有品牌組合、一流的全國品牌和合作夥伴關係、遠遠超出其規模的廣告業務，以及塔吉特快速增長的在線市場加。

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.

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 have 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.

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零售領域最好的團隊，所有這些團隊都在支持我們的品牌。

We put these assets to work through a differentiated strategy that includes our unique stores as hubs model, a curated merchandising approach that spans both wants and needs and a fulfillment offering that highlights speed and convenience, while leaning into the power of genuine human interaction.

我們透過差異化策略運用這些資產，其中包括以我們獨特的商店為中心的模式、涵蓋需求和需求的精心策劃的銷售方法，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。

Those are combined with a singular focus on value that includes low prices and compelling deals, combined with an elevated assortment and experience.

這些與對價值的獨特關注相結合，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。

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.

因此，即使我們遇到短期阻力，就像我們最近看到的那樣，我們也會立即集中精力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 topline pressures, just as we have over the last couple of years.

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收入壓力，就像我們過去幾年所做的那樣。

And when we begin to see unexpected cost pressures like we've encountered recently, we look for ways to leverage growth in Roundel and our ongoing efficiency work to help offset those pressures.

當我們開始看到像最近遇到的意想不到的成本壓力時，我們會尋找方法來利用 Roundel 的成長和我們正在進行的效率工作來幫助抵消這些壓力。

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.

但這一切都始於消費者，專注於我們的客人並與他們建立更深入的互動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提供服務的基礎。

I'd point out our Q3 traffic growth of 2.4%, representing more than 10 million additional transactions compared with last year as evidence of that focus.

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 1,000 萬筆交易，作為這項重點的證據。

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.

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。

As always, we appreciate your engagement and your participation in this call and look forward to sharing our progress with you over time.

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。

With that, we'll turn to your questions.

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.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Simeon Gutman, Morgan Stanley.

西蒙古特曼，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?

我的第一個問題是關於您提到的獨特成本，您能否告訴我們或量化其規模是多少？

How it was split among gross and SG&A?

它是如何在總收入和SG&A 之間分配的？

And if you can, what level of unique costs are embedded into the fourth quarter guidance?

如果可以的話，第四季指導中包含什麼程度的獨特成本？

Michael, do you want to start?

邁克爾，你想開始嗎？

Yes, I'd be happy to.

是的，我很樂意。

Thanks for the question, Simeon.

謝謝你的提問，西蒙。

If you step back and look at the profit outcomes in Q3 and what's on our mind as we guide for Q4, and Jim summarized a lot of it in his remarks.

如果您退後一步，請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，吉姆在他的演講中總結了很多內容。

I'd start with, we saw a deceleration in a couple of our highest margin categories.

首先，我們看到幾個利潤率最高的類別出現了減速。

So home and apparel, both decelerated about 4 percentage points from Q2.

因此，家居和服裝的銷售量均比第二季下降了約 4 個百分點。

And so the profit impact of the softer-than-expected sales.

因此，銷售疲軟對利潤的影響也是如此。

We certainly felt in Q3, and we believe we've got the business guided appropriately cautiously in those categories as we think to Q4, and we're committed to ending the year clean from an inventory perspective.

我們在第三季度確實感受到了這一點，我們相信，正如我們對第四季度的看法一樣，我們在這些類別中對業務進行了適當的謹慎指導，並且我們致力於從庫存角度來看，在今年結束時保持乾淨。

.

。

You click further down the list.

您點選清單的下方。

I mentioned in my remarks, we had some additional costs as we prepositioned some inventory in advance of preparing for the port strike, that's obviously unique to this year thing.

我在演講中提到，我們有一些額外的成本，因為我們在為港口罷工做準備之前預先儲備了一些庫存，這顯然是今年獨有的。

We feel like it was the right decision, ensure we're in stock in a situation that we were monitoring closely, and we were pleased with how that played out from a guest experience perspective.

我們覺得這是正確的決定，確保我們在密切監控的情況下有庫存，並且從賓客體驗的角度來看，我們對這一結果感到滿意。

And then Jim also mentioned a few unique things on the SG&A side.

然後 Jim 也提到了 SG&A 方面的一些獨特之處。

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.

雖然我對團隊有能力提高效率來抵消隨著時間的推移而產生的一些不利因素充滿信心，但在一個月或一個季度內這樣做並不總是合適或謹慎的。

You can do some shortsighted things.

你可以做一些短視的事情。

If you pull the wrong levers too quickly there.

如果你太快地拉錯了控制桿。

But given this team's track record of building back profitability over time, I have a lot of confidence we'll find the right efficiencies for us.

但考慮到該團隊隨著時間的推移恢復盈利能力的記錄，我非常有信心我們會找到適合我們的效率。

Jim, anything else you want to add?

吉姆，你還有什麼要補充的嗎？

Yeah.

是的。

I mean, specifically on the SG&A line, we mentioned general liability and healthcare costs.

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。

You can dimensionalize that as approximately 1% of the increase in SG&A that you saw in the quarter.

您可以將其衡量為您在本季度看到的 SG&A 成長的大約 1%。

Okay.

好的。

Can I ask a follow-up maybe for Brian or Rick?

我可以詢問布萊恩或瑞克的後續情況嗎？

This year was about reinvigorating top line, and you've introduced newness and innovation to try to push through this backdrop.

今年是重振營收的一年，你們引進了新事物和創新，試圖突破這個背景。

The consumer is not showing up.

消費者沒有出現。

And I know you're not discouraged by it, but does your approach or the risk appetite and what you're doing change, especially as you holiday and you're going to try to end the year clean, do you step back?

我知道你並沒有因此而氣餒，但是你的方法或風險偏好以及你正在做的事情是否會發生變化，特別是當你度假並且你將嘗試以乾淨的方式結束這一年時，你會退後一步嗎？

Or do you keep pushing through and taking a little more risk?

或者你會繼續努力並承擔更多的風險嗎？

Yeah.

是的。

Simeon, well, we certainly have to embrace some of the short-term macro challenges.

西蒙，我們當然必須接受一些短期宏觀挑戰。

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, and even in a difficult Q3 environment, one of the things we've highlighted is the strength in traffic, up 2.4%.

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，即使在困難的第三季度環境下，我們強調的重點之一是流量的強勁成長，成長了2.4%。

That equated to 10 million incremental transactions during the quarter.

這相當於本季新增 1,000 萬筆交易。

So we feel really good about the fact that consumers are choosing Target whether it's in-store or online.

因此，我們對消費者選擇塔吉特（無論是在店內還是在網上）這一事實感到非常高興。

We feel really good about the expansion of our digital performance, and that bodes well for the short term.

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。

But certainly, long term, we're going to continue to lean into our digital assets.

但可以肯定的是，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.

因此，看到數字成長近 11% 確實令人鼓舞。

We've talked about the importance of our Target Circle 360 delivery to home program, and that grew at almost 20%, and we'll continue to make sure we're investing in building awareness around that unique capability.

我們已經討論了 Target Circle 360​​ 送貨上門計劃的重要性，該計劃增長了近 20%，我們將繼續確保我們投資於建立圍繞這一獨特功能的意識。

Drive-up continues to be a point that differentiates for us and again saw double-digit growth, and it's a really important part of our digital offering.

免下車服務仍然是我們的差異化點，並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。

So while there's some unique short-term headwinds we're facing, we're going to play the long game, continue to invest in value and newness.

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。

And we saw some bright spots even in discretionary categories.

即使在可自由支配的類別中，我們也看到了一些亮點。

Michael and Rick have both talked about the deceleration we saw in apparel.

邁克爾和里克都談到了我們在服裝領域看到的減速。

But we continue to take share in those categories.

但我們繼續在這些類別中佔據份額。

And even within apparel, there's some real bright spots.

即使在服裝領域，也有一些真正的亮點。

We think about how we're performing with all-in motion in the apparel performance category, growing double digits, taking share in that very important category, both short term and long term.

我們思考我們如何在服裝性能類別中全力以赴，以兩位數的速度增長，並在這個非常重要的類別中獲得短期和長期的份額。

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.

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 in the 2025 and 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，但肯定會在 2025 年及以後利用它們。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

So just going back to the lingering disruption and category weakness, what's your team's latest thoughts on the recovery in discretionary, do you expect a better outlook in 2025?

那麼，回到揮之不去的混亂和類別疲軟，您的團隊對非必需品復甦的最新想法是什麼，您預計 2025 年會有更好的前景嗎？

Rick, you want to spend some time talking about what we're seeing in some of our big discretionary categories?

里克，您想花一些時間談談我們在一些大的可自由支配類別中看到的情況嗎？

Sure.

當然。

I'd be happy to.

我很樂意。

And I'd start with apparel.

我會從服裝開始。

We are pleased with our apparel performance.

我們對我們的服裝表現感到滿意。

While it was slightly down in the third quarter, there are lots of bright spots.

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, our all-in motion brands delivering double-digit growth.

特別是，我們對所看到的表現感到非常興奮，我們的全運動品牌實現了兩位數的成長。

We're excited about that.

我們對此感到興奮。

It's based on new fabrication, new colors, an outstanding price point at leggings at $25, broad at $16.

它基於新的面料、新的顏色，緊身褲的價格為 25 美元，普通款為 16 美元。

And we're also seeing bright spot in women's apparel, both a new day in Wild Fable, our young contemporary brand, both of which are bringing new styles, new fashion, new colors, and we're seeing the consumer respond to that.

我們也看到女裝的亮點，這都是我們年輕的當代品牌Wild Fable 的新一天，這兩個品牌都帶來了新款式、新時尚、新顏色，我們看到消費者對此做出了反應。

And we expect that to continue.

我們預計這種情況會持續下去。

It's also worth noting, when we saw the weather break in select markets, we saw a 600-basis-point improvement.

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。

And that really bodes well for our apparel assortment as the weather gets colder consistently.

隨著天氣持續變冷，這對我們的服裝品種來說確實是個好兆頭。

And then if you think about some of our other discretionary categories, both and hardlines, they're challenged from an industry perspective, and we're not happy with where we are.

然後，如果你考慮我們的其他一些可自由支配的類別，無論是強硬派還是強硬派，它們都從行業角度面臨挑戰，我們對自己的現狀並不滿意。

We want to get these businesses to growth.

我們希望讓這些業務成長。

But what we would say is there are some bright spots.

但我們想說的是，有一些亮點。

In particular, I would focus on home.

特別是，我會專注於家庭。

When we deliver newness in home, we see the consumer respond.

當我們把新鮮事物帶回家時，我們會看到消費者的反應。

We're seeing that right now with some of our key partnerships, whether it's Hearth & Hand with Magnolia or its Threshold with Studio McGee, when we launched that fall newness, the consumer is responding.

我們現在看到，在我們的一些重要合作夥伴中，無論是 Hearth & Hand 與 Magnolia 的合作，還是 Threshold 與 Studio McGee 的合作，當我們推出秋季新品時，消費者都做出了回應。

And so that is very encouraging for us.

這對我們來說非常令人鼓舞。

And then within hardlines, that, like I said, is a challenge from an industry perspective.

然後，在強硬派內部，正如我所說，從行業角度來看，這是一個挑戰。

We don't see consumers buying big-ticket items like TVs.

我們沒有看到消費者購買電視等大件商品。

However, they are looking for affordable ways to freshen up their home.

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 to core.

他們正在尋找在核心中添加一點季節性的方法。

So we see decorative accessories.

所以我們看到了裝飾配件。

Things like frames, 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 in their home with the new holiday decor.

像是框架、蠟燭、花瓶這樣的東西，表現非常好，帶來了增長，我們認為，這也是我們進入假期的好兆頭，我們預計消費者希望繼續用新的節日裝飾來刷新他們的家。

So as we look at the discretionary business, what we see is the consumer is willing to shop as long as it's new, it's on trend at affordable price.

因此，當我們審視非必需品業務時，我們看到消費者願意以實惠的價格購買新的、流行的商品。

Rupesh, I'll only add a couple of points.

Rupesh，我只補充幾點。

As we think about 2025, those discretionary categories will continue to represent upwards of 50% of our business.

展望 2025 年，這些非必要類別將繼續占我們業務的 50% 以上。

As Rich just discussed, we'll continue to lean into innovation and newness and value, and we've got to make sure we don't get ahead of the consumer and ahead of the macro trends.

正如里奇剛剛討論的那樣，我們將繼續致力於創新、新穎和價值，我們必須確保我們不會領先於消費者和宏觀趨勢。

So we'll plan appropriately.

所以我們會適當地計劃。

We'll plan cautiously.

我們會謹慎計劃。

We'll look for green shoots, and we'll follow trends, but we've got to make sure we're staying in step with the consumer.

我們將尋找新芽，我們將追隨趨勢，但我們必須確保與消費者保持同步。

Kate McShane, Goldman Sachs.

凱特麥克肖恩，高盛。

You made a pointed comment about how consumers are waiting for sales and leaning into promotions more so than they did previously, it sounds like even compared to last quarter.

您尖銳地評論了消費者如何比以前更加等待銷售和促銷，聽起來甚至與上季相比也是如此。

I was just curious on why do you think this is happening now as I think the consumer has been choiceful and making decisions for a while now.

我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做出選擇並做出決定有一段時間了。

And has this caused you to alter how you're approaching Q4 when it comes to pricing and promotions?

這是否導致您改變了第四季度的定價和促銷方式？

Kate, it is a trend we've seen for quite some time now.

凱特，我們已經看到這種趨勢已經有一段時間了。

And I think over the last couple of years, we've talked about a very resilient consumer I think sitting here today, we'll change it to a resourceful consumer.

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，我想今天坐在這裡，我們將把它變成一個足智多謀的消費者。

And I think as we look at shopping behavior and certainly behavior we've seen in Q3, and we expect to see going into Q4, we know that consumers are looking for value.

我認為，當我們觀察購物行為，當然我們在第三季度看到的行為以及我們預期進入第四季度的行為時，我們知道消費者正在尋找價值。

They are looking for promos and deals when they're shopping for those everyday essentials.

他們在購買日常必需品時會尋找促銷和優惠。

And they're shopping carefully and taking some of those savings to find those unique items in discretionary categories that they really want.

他們會仔細購物，並用其中的一些積蓄來尋找他們真正想要的可自由支配的類別中的獨特商品。

We think that's going to continue.

我們認為這種情況將會持續下去。

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 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.

因此，我們將確保我們在整個假期期間傾向於正確的價值，將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，提供價值，他們在Target 購物時尋求的獨特性。

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.

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 their spend amongst a very few number of retailers, does Target need to do anything different or invest anymore 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，在一個消費者將支出集中在極少數零售商的世界裡，塔吉特是否需要做一些不同的事情或繼續投資，以越來越多地融入這個考慮範圍，並以更好的方式定位自己，以產生更多的收入一致的表現？

Michael, I'm happy to start and then invite Michael and Jim and Rick to add their perspective.

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。

But I think we've got to continue to make sure Target is being Target.

但我認為我們必須繼續確保塔吉特是塔吉特。

And we're using our unique mix of great national brands, our strength in own brands, those unique partnerships.

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關係。

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.

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。

But we're going to continue to invest in our stores, Michael talked about, we're really encouraged with some of the new stores we've opened in 2024.

但我們將繼續投資我們的商店，邁克爾談到，我們對 2024 年開設的一些新商店感到非常鼓舞。

We've had a big pipeline over the next 10 years.

未來 10 年我們已經擁有了一條龐大的管道。

We know expanding our footprint is going to be important.

我們知道擴大我們的足跡非常重要。

We'll continue to lean into our digital assets, and we saw some great proof points in Q3.

我們將繼續專注於我們的數位資產，我們在第三季度看到了一些很好的證據。

We've got to continue to build out our digital assets, whether it's pick-up or drive-up or delivery to home, we'll continue to lean into those spaces.

我們必須繼續建立我們的數位資產，無論是提貨、開車或送貨上門，我們將繼續向這些領域傾斜。

So we're going to continue to make sure we're delivering the delight and the joy consumers are looking for, they expect from us, whether they're shopping our stores, visiting our sites.

因此，我們將繼續確保我們為消費者提供他們所尋求的、期望從我們這裡得到的愉悅和快樂，無論他們是在我們的商店購物還是訪問我們的網站。

We'll continue to deepen our partnerships with national brand partners, accelerate our own brand portfolio, and constantly look for those new partnerships that drive traffic and engagement in our brand.

我們將繼續深化與國內品牌合作夥伴的合作關係，加速我們自己的品牌組合，並不斷尋找新的合作關係來推動我們品牌的流量和參與度。

We'll continue to lean into our Circle program, and we talked about in Q3 alone, we had another 3 million members, that's an important way for us to continue to deepen our engagement.

我們將繼續致力於我們的 Circle 計劃，僅在第三季度我們就談到過，我們又擁有了 300 萬會員，這是我們繼續加深參與度的重要方式。

We're very pleased with the work we're doing on the retail media side, and Roundel has become a critical asset for us.

我們對零售媒體所做的工作非常滿意，Roundel 已成為我們的重要資產。

And we saw again mid-teen growth in the third quarter.

我們在第三季再次看到了中位數的成長。

We'll continue to deliver in that space for years to come.

未來幾年我們將繼續在該領域提供服務。

So we'll continue on our current strategy, stay in step with the consumer, and make sure Target is 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，並確保 Target 所做的事情符合美國消費者對我們的期望。

Yeah, I'm happy to build just a little bit on that.

是的，我很高興能在此基礎上再做一點貢獻。

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.

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，我會提醒大家，我們在我們競爭的類別中可能會佔據三分。

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.

因此，隨著時間的推移，我們看到了許多成長的空間，我們對現在正在建立的支持這一點的基礎感到興奮。

Brian touched on a few of the things, but maybe just to double-click into the strength of the digital business that we saw in the quarter.

布萊恩談到了一些事情，但也許只是為了雙擊我們在本季看到的數位業務的實力。

Digital up almost 11%, real strength around some intentional work the team did to relaunch Circle with the Circle 360 program to see same-day delivery growing by 20%.

數位化成長了近 11%，真正的力量在於團隊透過 Circle 360​​ 計畫重新啟動 Circle 所做的一些有意的工作，以實現當日送達成長 20%。

And I remind everyone that that's a really important investment in the long term.

我提醒大家，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 in all those different ways, guests reward us with more spend at Target over time.

我們知道，當我們以各種不同的方式輕鬆在 Target 購物時，隨著時間的推移，客人會在 Target 上花費更多的錢來獎勵我們。

And so that increased spend in total, that increase spend even in store that comes when a guest becomes a Circle 360 member that uses the same-day delivery.

因此，當客人成為使用當日送達服務的 Circle 360​​ 會員時，總支出就會增加，甚至在商店內的支出也會增加。

We're really excited about some of the foundation that we're building for the long term.

我們對我們正在建立的一些長期基礎感到非常興奮。

You can see it in the digital growth and the way that will pay off over time, you can see it in the traffic numbers, and so we're managing the short term appropriately but making the right investments for the long term.

你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這一點，你可以從流量數據中看到這一點，因此我們在適當管理短期的同時，也做出了正確的長期投資。

I do think what differentiates Target is our multi-category business.

我確實認為塔吉特的與眾不同之處在於我們的多品類業務。

And so as we go into the holiday season, you can get the turkey meal for $20 for a family of four, but you can also get the tabletop decor.

因此，當我們進入假期時，您可以花 20 美元為四口之家購買火雞大餐，但您也可以購買桌面裝飾。

You can get the home decorations.

您可以獲得家居裝飾品。

And with our party shop, you can now get all of the apparel for those festivications through the season.

透過我們的派對商店，您現在可以購買整個季節的所有慶祝活動服裝。

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.

因此，我確實認為，Target 的真正與眾不同之處在於，我們為您提供節日期間所需的一切商品的一站式商店。

And while I know Jim is still new to Target, I'd love to get his early perspective.

雖然我知道吉姆對塔吉特來說還是個新手，但我很想了解他的早期觀點。

Yeah.

是的。

I mean, Michael, it's a great question.

我的意思是，邁克爾，這是一個很好的問題。

I mean, I think just two months in, it's clear to me that making sure that we are unique, and we are targeting Target.

我的意思是，我認為僅僅兩個月後，我就清楚地確保我們是獨一無二的，並且我們的目標是塔吉特。

That's important for how we think about our business and even just to extend it to our third-party marketplace Target Plus.

這對於我們如何看待我們的業務，甚至只是將其擴展到我們的第三方市場 Target Plus 都很重要。

We carefully carried our partners to make sure that we're on brand as we think about growth in that category and that business model.

我們小心翼翼地帶領我們的合作夥伴，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。

So it's important for us to ensure we stay on brand.

因此，確保我們的品牌形象對我們來說非常重要。

Michael, I thought you did a terrific job on CNBC this morning, kind of 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 in discretionary categories.

邁克爾，我認為你今天早上在 CNBC 上表現得非常出色，有點談論國家的狀況，今天我們已經花了很多時間談論我們在自由裁量類別中面臨的一些宏觀阻力。

We know over time, those trends will reverse.

我們知道，隨著時間的推移，這些趨勢將會逆轉。

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.

我們作為服裝目的地並提供出色的設計和風格以及流行服裝仍然非常重要。

We know the home category will rebound over time.

我們知道家居類別會隨著時間的推移而反彈。

We know America is going to buy sporting goods and toys.

我們知道美國人將購買體育用品和玩具。

So there's some macro short-term headwinds that we've got to embrace and understand.

因此，我們必須接受並理解一些宏觀短期阻力。

But long term, we think the strength of our business model, our multi-category portfolio, that unique blend of national brands and own brands, the strength we have in both a great physical experience and a digital experience, those are going to be the hallmarks of Target going forward, 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.

但從長遠來看，我們認為我們的商業模式的優勢、我們的多品類產品組合、國家品牌和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，這些都將成為我們的優勢。

Brian, if I could just follow up on that one last one which is the message that investors are interpreting from some of the discussion today is that Target is going to have a lot of upside when the discretionary categories improve, it's focused on newness, and the innovation that Target is known for in the marketplace.

布萊恩，如果我能跟進最後一個問題，即投資者從今天的一些討論中解讀的信息，那就是，當可自由支配的類別改善時，塔吉特將有很大的上漲空間，它專注於新穎性，並且塔吉特 (Target) 以其創新而聞名於市場。

So is the message that investors should interpret that maybe some of the consistency that others are reporting is not present with 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 trade some of the upside in those areas for even more consistency from quarter to quarter?

因此，投資者應該解讀的訊息是，塔吉特目前可能不存在其他人報告的某些一致性，但塔吉特將會有更多的上行空間，因為其中一些領域正在復蘇，您願意嗎？願意犧牲這些領域的一些優勢來換取季度與季度之間更一致的結果嗎？

Michael, we certainly see upside in the future and some of the macro trends change.

邁克爾，我們當然看到了未來的上升空間，並且一些宏觀趨勢發生了變化。

But sitting here today, we're leaning into the things that consumers want.

但今天坐在這裡，我們正在研究消費者想要的東西。

And Rick talked about some of the strength in our food and beverage business, the strength in essentials, the strength in beauty.

里克談到了我們食品和飲料業務的一些優勢，必需品方面的優勢，美容方面的優勢。

We want to make sure we're continuing to lean into those trends and consistently growing the top line, improving our share position.

我們希望確保我們繼續順應這些趨勢，不斷提高收入，提高我們的市場份額。

We're going to make sure that we're ready for these big seasonal moments.

我們將確保為這些重要的季節性時刻做好準備。

And despite some of the macro headwinds we've seen really for eight or nine quarters in discretionary categories, we continue to see a consumer who's shopping for those seasonal moments and whether it's celebrating Mother's Day or Fourth of July, getting ready for Halloween, that Thanksgiving meal, and the Christmas season, we know those are still really important moments for consumers.

儘管我們在八個或九個季度中確實在非必需品類別中看到了一些宏觀阻力，但我們仍然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七月四日，為萬聖節做準備，我們知道感恩節大餐和聖誕節對消費者來說仍然是非常重要的時刻。

Those are Target moments, and we're going to make sure we lean in and win.

這些都是塔吉特的時刻，我們將確保我們全力以赴並取得勝利。

So we're certainly looking for an improvement in our performance over time.

因此，我們當然希望隨著時間的推移提高我們的績效。

We're not pleased where we are today, but we see a lot of green shoots and a lot of long-term opportunities to continue to advance our business, a destination for consumers who are shopping our stores or visiting our online assets, and continue to be that place where consumers come for that magical Target experience where we bring those great national brands, our great own brands, and those unique partnerships that you can only find at Target.

我們對今天的處境並不滿意，但我們看到了許多萌芽和許多長期機會，可以繼續推進我們的業務，成為在我們商店購物或訪問我們在線資產的消費者的目的地，並繼續成為消費者前來享受神奇塔吉特體驗的地方，我們帶來那些偉大的國家品牌、我們偉大的自有品牌以及只有在塔吉特才能找到的獨特合作夥伴關係。

Karen Short, Melius Research.

凱倫·肖特，Melius 研究公司。

So I have three questions that are a little unrelated.

所以我有三個有點無關的問題。

The first is, as it relates to apparel, what is fashion as a percent of sales versus basics?

第一個問題是，就服裝而言，時尚與基本款的銷售百分比是多少？

And would you look to pivot a little more into basics versus fashion.

您是否希望更專注於基本款而非時尚？

The second question is, how to think about inventory risk if there is any in 4Q, and then the third is just CapEx at 4% of sales.

第二個問題是，如果第四季有庫存風險，如何考慮庫存風險，第三個問題是佔銷售額4%的資本支出。

Is that now a steady state?

現在是穩定狀態嗎？

Karen, I'll let Rick talk about apparel, let Michael talk about inventory.

凱倫，我讓瑞克談談服裝，讓麥可談談庫存。

And we'll let Jim talk about our CapEx and think about the coming year.

我們將讓吉姆談論我們的資本支出並思考來年。

Rick, do you want to start with apparel?

瑞克，你想從服裝開始嗎？

Sure.

當然。

I'll start with apparel.

我將從服裝開始。

And kind of in short, how we think about apparel and how we think about the trends is really listening to the consumer, putting the consumer first.

簡而言之，我們如何看待服裝以及我們如何看待趨勢，就是真正傾聽消費者的聲音，將消費者放在第一位。

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 guests.

我們擁有一支非常非常有才華的設計團隊，他們總是專注於正在出現的內容、相關的內容以及能引起客人共鳴的內容。

And right now, what we're seeing is newness, fashion, style, trend at a really compelling price.

現在，我們看到的是新穎、時尚、風格、趨勢，而且價格非常有吸引力。

And it's that combination that is really working.

正是這種組合才真正發揮作用。

WildTable is a perfect example of that.

WildTable 就是一個完美的例子。

When we get those both right, the fashion plus the right price point, the right fabrication and colors, we see the consumer respond.

當我們把兩者都做好時，時尚加上合適的價格點、合適的布料和顏色，我們就會看到消費者的反應。

On the inventory side, Karen, we've touched a little bit on this already.

在庫存方面，凱倫，我們已經對此進行了一些討論。

But if you look at the balance sheet, we're up about 3% year over year as we closed the quarter.

但如果你看一下資產負債表，我們在本季結束時年增了約 3%。

And we feel good that we're well positioned to be in stock across the balance of the holiday season.

我們感覺很好，因為我們在整個假期期間都有充足的庫存。

If you walk through the front doors of a Target store right now or see us online, it's great to see an excellent trim set.

如果您現在走進 Target 商店的前門或在網路上看到我們，很高興看到精美的裝飾套裝。

It's great to see the newness in apparel.

很高興看到服裝的新穎性。

And so we think we're well positioned for the holidays.

因此，我們認為我們已經為假期做好了準備。

It's also important that we finish the year clean from an inventory perspective, and we feel really good that we've got the fourth quarter guided in a position that allows us to accomplish that goal.

同樣重要的是，我們從庫存的角度來看，今年的業績是乾淨的，我們感覺非常好，因為我們在第四季度的指導下，我們能夠實現這一目標。

Jim?

吉姆？

And then on CapEx, as I mentioned in my remarks, we'll close this year at about $3 billion or slightly lower than that.

然後在資本支出方面，正如我在演講中提到的，我們今年的收盤價將約為 30 億美元或略低於此水平。

And then looking out to 2025, as we look at our pipeline of new stores and remodels and technology and supply chain investments, we're anchoring at about $4 billion to $5 billion of CapEx for 2025.

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 2025 年的資本支出固定在 40 億至 50 億美元左右。

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

接線員，我知道我們的討論時間有點長，但我們今天為什麼不回答最後一個問題呢？

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?

我認為一件事會有所幫助，我們是否應該如何思考供應鏈效率低下和收貨時間的一次性影響是什麼？

And is there any way to quantify the pressures that were sort of one-time in the third quarter and maybe in the fourth quarter as well that you could get back next year?

有沒有什麼方法可以量化第三季甚至第四季一次性的壓力，並在明年恢復？

And then I also just wanted to clarify were there any sales impacts related to supply chain or receipt of goods that impacted 3Q that are also going to impact sales in the fourth quarter?

然後我還想澄清是否有任何與供應鏈或影響第三季度的貨物接收相關的銷售影響也會影響第四季度的銷售？

And then the last question is Target Circle relaunch.

最後一個問題是 Target Circle 重新啟動。

Is Target Circle impacting costs on a negative way more than you would have expected following that launch?

Target Circle 推出後對成本的負面影響是否超出您的預期？

Yeah.

是的。

Thanks for the question, Robbie.

謝謝你的提問，羅比。

I'll kind of go back a little bit to my answer to Simeon's question.

我會稍微回顧一下我對西蒙問題的回答。

If you think about the big factors in Q3 and the things that are on our mind as we guide for the fourth quarter, it's being appropriately cautious based on the trends we've seen in the discretionary categories.

如果您考慮第三季的重大因素以及我們在第四季度指導時所考慮的事情，那麼根據我們在可自由支配類別中看到的趨勢，我們會採取適當的謹慎態度。

And some of that deceleration shows up the profit outcomes in Q3 and factors into our guide for Q4.

其中一些減速顯示了第三季的利潤結果，並將其納入我們第四季的指南中。

Apparel and home are high-margin category, and to see them decelerate like they did, that factors into our profit outcomes and our guidance.

服裝和家居是高利潤類別，看到它們像以前一樣減速，這會影響我們的利潤結果和我們的指導。

And important, we want to end the year clean in both of those categories.

重要的是，我們希望在這兩個類別中都能乾淨利落地結束這一年。

As you click further down the P&L, there were some things that were certainly more unique due to factors this year like moving inventory around the port strike, and we feel good that we're on the other side of that now.

當你進一步點擊損益表時，由於今年的因素，有些事情肯定更加獨特，例如圍繞港口罷工轉移庫存，我們感覺很好，我們現在處於這一點的另一邊。

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 we've seen earlier in the year, and we'll work to manage through those over time.

然後，從費用方面的損益表來看，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，我們將努力管理這些費用。

And like I said, progress the team has made in efficiency work over time gives me a lot of confidence that we'll be able to work to build back against that.

正如我所說，隨著時間的推移，團隊在效率工作方面的進展讓我充滿信心，我們將能夠努力扭轉這一局面。

But it all starts with the top line, the investments we're making in the top line.

但這一切都始於營收，也就是我們在營收所做的投資。

And even your last question on the Circle 360 launch, I think, is a great may be place to bridge to because we're really excited with the guest response we've seen in Circle 360.

我認為，即使是您關於 Circle 360​​ 發布的最後一個問題，也是一個很好的橋樑，因為我們對在 Circle 360​​ 中看到的賓客反應感到非常興奮。

It's great to see us add 3 million new members to Circle in total.

很高興看到我們總共為 Circle 增加了 300 萬新會員。

And it's great to see same-day delivery growing at almost 20% in the quarter.

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 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產生相當大的影響。

Operator, that concludes our third-quarter call.

接線員，我們的第三季電話會議到此結束。

I appreciate everyone joining us, and wish you a happy holiday.

我感謝大家加入我們，祝您假期愉快。

We'll see you in 2025.

我們 2025 年再見。

.

。

Goodbye.

再見。