目標百貨 (TGT) 2024 Q4 法說會逐字稿

The meeting is about to begin.

會議即將開始。

Good morning, everyone, and welcome to our 2025 financial community meeting.

大家早安，歡迎參加我們的 2025 年金融社區會議。

I want to start by thanking all of you for spending some time with us today.

首先，我要感謝大家今天抽出時間與我們在一起。

Brian will kick off in a minute, but first, I have a couple of important disclosures.

布萊恩馬上就要開始了，但首先，我有幾個重要的披露。

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

首先，我們今天早上所做的任何前瞻性陳述都存在風險和不確定性，其中最重要的風險和不確定性在我們提交給美國證券交易委員會的文件中有所描述。

And second, in today's remarks, we refer to non-GAAP financial measures, including adjusted earnings per share.

其次，在今天的演講中，我們提到了非公認會計準則財務指標，包括調整後的每股盈餘。

Reconciliations of all non-GAAP measures to the most directly comparable GAAP measure are included in our financial press releases, financial presentations, and SEC filings, which are posted on our Investor Relations website.

所有非 GAAP 指標與最直接可比較的 GAAP 指標的對帳均包含在我們的財務新聞稿、財務報告和 SEC 文件中，這些文件均發佈在我們的投資者關係網站上。

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

說完這些，我會把工作交給 Brian 來開始。

(video playing)

（影片播放）

Good morning, everyone, and thanks for being here today.

大家早安，感謝大家今天的到來。

As we put together this morning's presentation, we thought carefully about the themes we've been hearing from investors, so we can directly address what's on your mind.

在準備今天早上的演講時，我們仔細思考了從投資者那裡聽到的主題，因此我們可以直接解答大家所想的問題。

And as we walk through progress to date and plans to come, you'll hear us answer three important questions.

當我們回顧迄今為止的進展和未來的計劃時，您會聽到我們回答三個重要問題。

First, what is Target's unique place in retail?

首先，塔吉特在零售業中的獨特地位是什麼？

Second, how will Target build more engagement with even more consumers?

其次，塔吉特將如何與更多消費者建立更多的連結？

And finally, how will we translate that engagement to more traffic, sales, and profitability over the next five years?

最後，未來五年內我們如何將這種參與轉化為更多的流量、銷售和獲利能力？

We believe the answer to those questions lie in the distinct role Target plays in consumers' lives.

我們相信這些問題的答案在於塔吉特在消費者生活中扮演的獨特角色。

We're not like other retailers, which is precisely what consumers have told us they value about Target.

我們與其他零售商不同，這正是消費者告訴我們他們看重 Target 的地方。

We're the place they go to discover on-trend affordable products that they can't find anywhere else.

他們來這裡是為了尋找在其他地方找不到的時尚且價格實惠的產品。

And this year, that translated to 350 million more guest trips compared to 2019.

與 2019 年相比，今年的遊客出遊人數增加了 3.5 億人次。

We're the place they know will be a welcome break in their day, whether they're strolling the aisles or scrolling their feed.

他們知道，無論他們是在過道上漫步，還是在瀏覽訊息，我們都是他們一天中值得休息的地方。

This is now we've grown by nearly $30 billion in a span of five years.

現在我們在五年內成長了近 300 億美元。

And in a world where shopping has become less inspiring, consumers expect us to be the place they can recapture the joy of retail, which is why we expect to invest $4 billion to $5 billions of dollars in stores, supply chain and technology this year.

在這個購物熱情日漸消退的世界，消費者期望我們成為他們重新體驗零售樂趣的地方，這也是為什麼我們今年計劃在商店、供應鏈和技術方面投資 40 億至 50 億美元。

In a world where we operate today, our guests are looking for Tarzhay.

在我們今天運作的世界中，我們的客人正在尋找 Tarzhay。

Consumers coined that term decades ago to define how we elevate the everything, every day to something special, how we add unexpected fun into shopping that would otherwise routine.

幾十年前，消費者創造了這個術語來定義我們如何將每件事物、每一天提升到特別的境界，如何為原本例行的購物增添意想不到的樂趣。

And across categories and platforms, we stayed true to that Tarzhay spirit by helping guests check off the essentials while discovering what's new and exciting.

在各個類別和平台上，我們都秉承 Tarzhay 精神，幫助客人完成必需品檢查，同時探索新有趣的事物。

Target has always believed that shopping should be more than transactional.

塔吉特始終堅信購物不應只是一種交易。

It should be an inviting experience that encourages people to stay, browse, discover and buy while making it easy for those looking to quickly get what they want and get on with their day.

這應該是一種誘人的體驗，鼓勵人們停留、瀏覽、發現和購買，同時也讓那些希望快速獲得所需東西並繼續一天生活的人能夠輕鬆完成。

We remain anchored to that vision of what shopping should be, but we're not beholden to what we've achieved in that vision in the past.

我們依然堅守對購物的願景，但我們不會受制於過去在這願景中所取得的成就。

In fact, we're leveraging the strengths we've gained from decades of growth and making changes in how we operate to carry forward the magic of Tarzhay for today's consumer.

事實上，我們正​​在利用數十年發展所獲得的優勢，並改變我們的營運方式，為當今的消費者延續 Tarzhay 的魔力。

And in doing so, we're blazing a trail for long-term growth.

透過這樣做，我們正在為長期成長開闢一條道路。

Our expectation is to drive more than $15 billion in revenue growth over the next five years.

我們預計未來五年收入成長將超過 150 億美元。

To get there, we have to hold or grow share across the majority of our categories.

為了實現這一目標，我們必須維持或增加大多數產品類別的份額。

And with most of our categories, we've seen very positive momentum in this regard.

就我們的大多數類別而言，我們都看到了這方面的非常積極的動力。

We had an outstanding year in Beauty.

我們在美容領域度過了卓越的一年。

We saw nearly 7% sales growth and share gains.

我們的銷售額和市場佔有率成長了近7%。

Apparel, too, grew share over the last three quarters.

過去三個季度，服裝的份額也有所增長。

And over the holiday season, we gained share in Home and areas of Hardlines like books and toys.

在節日期間，我們在家居用品以及書籍和玩具等耐用品領域的份額有所增加。

Those tailwinds give us confidence in the year ahead and the overall long-term trajectory of our business.

這些順風讓我們對來年以及我們業務的整體長期發展充滿信心。

At the same time, we're keeping a close eye on near-term sales trends.

同時，我們也密切關注近期的銷售趨勢。

The sales decline in February we reported this morning reflects a mix of factors.

我們今天上午報告的二月份銷售額下降反映了多種因素。

Consumers continue to show a willingness to splurge on newness.

消費者繼續表現出花錢購買新事物的意願。

We saw this play out around Valentine's Day, where we saw record-high sales.

我們在情人節前後看到了這種現象，銷售額創下了歷史新高。

Yet, as we've discussed before, persistent economic uncertainty has consumers taking a cautious approach to spending, particularly in discretionary categories.

然而，正如我們之前討論過的，持續的經濟不確定性使得消費者對支出採取謹慎態度，特別是在可自由支配的支出類別方面。

Despite these near-term challenges, we are investing in multiple ways to hold and grow share across our merchandising portfolio and reach our goal of more than $15 billion of growth in the years to come.

儘管面臨這些短期挑戰，我們仍在透過多種方式進行投資，以維持和擴大我們商品組合的份額，並實現未來幾年將成長超過 150 億美元的目標。

New stores and remodels, supply chain enhancements, digital capabilities, newness across our assortment, partnerships with well-loved brands, momentum in loyalty, same-day delivery, our media business and more.

新店和改造、供應鏈增強、數位化能力、產品系列的新穎性、與深受喜愛的品牌的合作、忠誠度的勢頭、當日送達、我們的媒體業務等等。

Today, you'll hear about the investments we're making across the business to manage known environmental risks and lean into strengths in areas we can firmly control.

今天，您將了解我們在整個企業範圍內進行的投資，以管理已知的環境風險並發揮我們能夠牢牢控制的領域的優勢。

This road map for growth begins with today's Tarzhay, which lives at the intersection of product and experience and delivers everyday discovery and delight.

這一成長路線圖始於今天的 Tarzhay，它處於產品和體驗的交匯處，每天都帶來發現和快樂。

So let's start with product.

因此讓我們從產品開始。

From the staples that serve as affordable basket builders to those unexpected finds to keep guests coming back to see what's new, Target's standout blend of brands and categories is well known.

從價格實惠的購物籃必備品到吸引顧客回頭看新品的意外發現，塔吉特 (Target) 的品牌和品類的卓越融合是眾所周知的。

That strategic mix of products is what makes our assortment different.

這種策略性的產品組合使得我們的產品系列與眾不同。

It's a key factor in driving traffic in our stores and online.

這是推動我們商店和網路流量的關鍵因素。

That's why we continue to believe in the power of our discretionary categories to give consumers even more reasons to choose Target.

這就是為什麼我們繼續相信我們的可自由支配類別的力量，可以為消費者提供更多選擇塔吉特的理由。

You'll hear more from Rick on this today.

今天您將從 Rick 那裡聽到更多有關此事的消息。

But as merchants, we're focused on listening to consumers and keeping a pulse on what's relevant and trending.

但作為商家，我們專注於傾聽消費者的意見並關注相關趨勢。

And we not only adapt to trends, we make them our own.

我們不僅適應潮流，我們也創造自己的潮流。

Target's ties to fashion, entertainment, sports, culture, they run deep, enabling us to deliver an assortment and the experiences that raise the bar on what it means to delight consumers.

塔吉特與時尚、娛樂、運動和文化有著深厚的聯繫，這使我們能夠提供各種各樣的商品和體驗，從而提高取悅消費者的標準。

Now nothing better exemplifies this than our Taylor Swift Exclusives.

現在沒有什麼比我們的泰勒絲獨家產品更好地體現這一點了。

The record-breaking event made Black Friday buzzworthy again.

這起破紀錄的事件讓「黑色星期五」再次成為熱門話題。

Guests lined up outside our stores and drove huge online demand that made The Eras Tour Book the highest-selling music book of all time with nearly 1 million units sold in the first week alone.

客人們在我們的商店外排隊，並推動了巨大的線上需求，使《時代巡迴書》成為有史以來最暢銷的音樂書，僅第一周就售出近 100 萬冊。

And as much fun as it was to see the crowds and deliver this one-of-a-kind experience for our guests, we're not content with one big moment per year.

儘管看到如此眾多的人群並為我們的客人提供這種獨特的體驗很有趣，但我們並不滿足於每年只有一個重要時刻。

We have a steady stream of newness that flows into our assortment, so guests always have something to discover as they shop.

我們的商品種類不斷更新，因此顧客在購物時總是能發現新東西。

In January alone, when millions of guests were looking to jump start their 2025 routines, we introduced 2,000 new wellness products, 600 of which could be found only at Target, representing a mix of own brands, national brands, and emerging brands.

僅在 1 月份，當數百萬客人希望開啟他們的 2025 年日常活動時，我們就推出了 2,000 種新的健康產品，其中 600 種只能在 Target 找到，代表了自有品牌、國家品牌和新興品牌的組合。

Here are just a few examples.

這只是幾個例子。

Blogilates for Target, an exclusive activewear collection developed with social media influencer, Cassey Hope; or BERO, the new non-alcoholic beer brand cofounded by actor Tom Holland.

Blogilates for Target，由社群媒體影響者 Cassey Hope 共同開發的獨家運動服系列；或 BERO，由演員湯姆霍蘭德 (Tom Holland) 共同創立的全新無酒精啤酒品牌。

We added new items to our own brand, Auden, and introduced Peloton apparel to our Target Plus marketplace.

我們為自己的品牌 Auden 增加了新產品，並將 Peloton 服裝引入我們的 Target Plus 市場。

That last mention is important because it reflects the steady expansion of our Target Plus portfolio to include products from more than 1,500 trusted partners.

最後提到很重要，因為它反映了我們的 Target Plus 產品組合的穩定擴展，包括來自 1,500 多個值得信賴的合作夥伴的產品。

Target Plus is a great example of how we're taking a fresh look at areas of our business where we believe are ripe for growth.

Target Plus 是一個很好的例子，說明我們如何重新審視我們認為有成長潛力的業務領域。

By ramping up our investment last year, we have grown Target Plus to a $1 billion marketplace that's growing at a double-digit pace.

透過去年加大投資，我們已將 Target Plus 發展成為一個價值 10 億美元的市場，並且仍在以兩位數的速度成長。

We're doing it in a way that's true to Target: giving consumers more choice within the broader umbrella of the trusted Target brand, no compromise in quality or experience, just more Target guests to enjoy.

我們的做法符合 Target 的宗旨：在更廣闊的值得信賴的 Target 品牌範圍內為消費者提供更多選擇，不影響品質或體驗，只為讓 Target 客人享受更多樂趣。

The investment and stewardship we extend to Target Plus applies to the full scope of Target's guest experience.

我們對 Target Plus 的投資和管理涵蓋了 Target 的全部客戶體驗。

We have always been students of design and focus on the elements that make for a standout shopping experience: quality, selection, presentation, and service.

我們一直是設計的學生，專注於打造卓越購物體驗的元素：品質、選擇、展示和服務。

That's why you'll hear how we're investing in stores, supply chain and digital to elevate the total guest experience.

這就是為什麼您會聽到我們如何投資商店、供應鏈和數位技術以提升整體客戶體驗。

Our stores have always been a consistent investment priority for years because they serve a dual role: as shopping destinations and fulfillment hubs.

多年來，我們的商店一直是一致的投資重點，因為它們具有雙重角色：購物目的地和履行中心。

Those investments have contributed to traffic gains and double-digit growth in services like Drive Up and same-day delivery with Target Circle 360.

這些投資促進了流量的成長以及 Drive Up 和 Target Circle 360​​ 當日送達等服務的兩位數成長。

Now we're focused on making our stores-as-hub model work even harder in 2025.

現在，我們致力於讓我們的以商店為中心模式在 2025 年發揮更大的作用。

Our level of investment in stores will accelerate as we open more than 20 new stores and remodel many more across the chain.

隨著我們開設超過 20 家新店並改造整個連鎖店的更多門市，我們對門市的投資水準將會加快。

And behind the scenes, we'll continue to bring our supply chain and stores closer together, using our proximity to guests to move inventory with more speed, efficiency, and flexibility than ever before.

在幕後，我們將繼續拉近我們的供應鏈和商店之間的距離，利用我們與客人的距離，以比以往更快、更有效率、更靈活的方式轉移庫存。

In tandem with our investments in physical shopping spaces are the investments we're making in our digital experience.

我們對實體購物空間的投資與我們對數位體驗的投資同步進行。

Think socially inspired and AI-enhanced.

思考受到社會啟發和人工智慧增強的事物。

Target's digital ecosystem is all about anticipating consumer preferences and making the path to purchase easy and fun.

塔吉特的數位生態系統致力於預測消費者偏好並讓購買過程變得輕鬆有趣。

Our digital investment is always on.

我們對數字的投資始終處於進行狀態。

And you'll see us pushing even further into creating an immersive experience, using search, social and data-driven personalization.

您將看到我們透過搜尋、社交和數據驅動的個人化進一步打造沉浸式體驗。

This gives consumers even more ways to discover the magic of our assortment and engage with our brand.

這為消費者提供了更多方式來發現我們產品的魅力並與我們的品牌互動。

One of the very best representations of how we tailor our experience to the needs of our guests is Target Circle.

Target Circle 是我們如何根據客人的需求客製化體驗的最佳體現之一。

When we launched our reimagined loyalty program last year.

去年我們推出了重新設計的忠誠度計畫。

We started from a place of consumer feedback.

我們從消費者的回饋開始。

What do they love about shopping at Target?

他們喜歡在 Target 購物的哪些方面？

What could we do better?

我們可以做什麼更好？

What would build stronger connections with our brand?

什麼能與我們的品牌建立更緊密的連結？

The result was a refreshed free-to-join program, open to all, customized with benefits, net match how consumers like to shop.

最終的結果是一個全新的免費加入計劃，向所有人開放，提供客製化的福利，完全符合消費者的購物喜好。

We started 2024 with one of the nation's leading loyalty programs and added 13 million members over the course of the year.

我們在 2024 年開始實施全國領先的忠誠度計劃之一，並在這一年中增加了 1300 萬會員。

Many of those members layered on extra benefits, like our Target Circle Card, which offers an extra 5% savings every day; and Target Circle 360 that offer same-day delivery services as part an annual subscription.

許多會員也享有額外福利，例如我們的 Target Circle Card，每天可額外享有 5% 的折扣；以及 Target Circle 360​​，它們提供作為年度訂閱一部分的當日送達服務。

We're thrilled with the energy and engagement we've seen so far.

我們對迄今為止所看到的活力和參與度感到非常興奮。

And you'll hear from others, Target Circle is a critical lever for delivering a more personalized experience for our guests.

你也會聽到其他人說，Target Circle 是為我們的客人提供更個人化體驗的關鍵槓桿。

As membership grows, we gather more insights about how guests prefer to save and shop with us.

隨著會員人數的增加，我們收集了更多關於客人如何在我們這裡省錢和購物的見解。

We apply those learnings to everything from marketing and digital design to assortment decisions and operational improvements.

我們將這些經驗運用到從行銷和數位設計到產品分類決策和營運改善等各個領域。

It’s how we’ll drive relevance and even deeper loyalty.

這就是我們如何提高相關性以及更深層的忠誠度。

You’ll see this come to life with our in-house media company, Roundel.

您將會看到我們的內部媒體公司 Roundel 將這一目標變為現實。

Delivering nearly $2 billion in value last year, Roundel continues to deliver significant profitable growth.

Roundel 去年創造了近 20 億美元的價值，並繼續實現顯著的獲利成長。

Advertisers and vendors consistently cite the ease with which they’re able to deliver creative campaigns that provide a strong return on investment.

廣告商和供應商一致表示，他們能夠輕鬆進行創意活動並帶來豐厚的投資回報。

And with recent changes to bring our Roundel and social commerce teams closer together, we see the potential to double the size of our media business over the next five years.

隨著最近的變化，我們的 Roundel 和社群商務團隊之間的連結更加緊密，我們看到了未來五年內媒體業務規模翻倍的潛力。

Accompanying these investments is our teams commitment to deliver retail fundamentals that make or break how guests experience Target.

伴隨這些投資的是我們的團隊承諾提供零售基本原則，這將決定顧客對 Target 的體驗。

We know that when items are out of stock, or shipments are late, or lines are long, we disappoint shoppers and sacrifice sales.

我們知道，當商品缺貨、出貨延遲或排隊很長時，我們就會讓購物者失望，並影響銷售。

You’ll hear today how we’re making progress in these areas so we can reliably serve our guests.

今天您將聽到我們在這些領域取得的進展，以便我們能夠可靠地為我們的客人提供服務。

Reliability is a theme you’ll hear throughout today’s presentations.

可靠性是您在今天的演講中會聽到的一個主題。

Reliably in-stock so consumers can count on us for everything they need.

我們有可靠的庫存，因此消費者可以信賴我們，我們提供他們所需的一切。

Reliably easy so shopping is more fun and less of a burden.

可靠又簡單，因此購物更有趣且負擔更輕。

Reliably affordable so we’re fully embracing out “Expect More.

價格可靠實惠，所以我們全力擁抱「期待更多」。

Pay Less.” promise.

「少付錢。」的承諾。

And reliably Target with newness and a selection you can’t find anywhere else.

並且可靠地以新穎性和您在其他任何地方都找不到的選擇來瞄準目標。

In every aspect of our business, we are investing and evolving to deliver a reliably joyful experience to our guests.

在我們業務的各個方面，我們都在投入和發展，以便為我們的客人提供可靠而愉快的體驗。

Today’s Tarzhay is fueled by a differentiated strategy that leans into everyday discovery and delight and speaks directly to consumers preferences and areas of growth potential.

現今的 Tarzhay 秉持差異化策略，注重日常的發現和愉悅，直接針對消費者的喜好和成長潛力領域。

Our investments to execute with more speed, efficiency and reliability is why we’re confident in Target’s future growth and profitbility.

我們的投資旨在以更快的速度、更高的效率和更可靠的方式執行，這就是我們對 Target 未來的成長和獲利能力充滿信心的原因。

So, let me turn it over to the team to give you more details.

因此，讓我將其交給團隊，以便向您提供更多詳細資訊。

So Michael, over to you.

那麼邁克爾，交給你了。

Well thanks Brian.

好吧，謝謝 Brian。

I’m happy to take the baton and share a bit more about how we create the discovery and delight behind today’s Tarzhay.

我很高興接過接力棒，和大家分享更多關於我們如何創造今天的 Tarzhay 背後的發現和喜悅。

And make no mistake, at the heart of that magic is incredible, on-trend, affordable product.

毫無疑問，這種魔力的核心是令人難以置信、時尚且價格實惠的產品。

That combination of newness and on-trend style that we deliver through our assortment makes us who we are.

我們透過產品系列傳遞的新穎性與流行風格的結合，造就了我們的特色。

It’s our owned brands that you can only find at Target.

這是我們自有的品牌，您只能在 Target 找到。

It’s our well-loved assortment of national brand partners – both big, established brands and those smaller, emerging brands.

這是我們深受歡迎的全國品牌合作夥伴——既有大型成熟品牌，也有較小的新興品牌。

And it’s those key limited-time partnerships that you’ll find online and in our stores.

您可以在網路上和我們的商店中找到這些關鍵的限時合作夥伴關係。

There are some ‘forever truths’ in retail.

零售業中有一些「永恆的真理」。

One of them, Retail is about product and the best product at the best value wins.

其中之一，零售是關於產品的，最有價值的最佳產品獲勝。

And when you can find that fantastic combination of newness, style and value at Target, we win.

當你能在 Target 找到新穎、時尚和價值的完美結合時，我們就成功了。

And there’s a second retail truth, experience is critical.

還有第二個零售真相，經驗至關重要。

And so, in operations, we’re focused on how we bring those products to life, how we help our guests discover them in an elevated and easy way that's uniquely Target.

因此，在營運中，我們專注於如何讓這些產品煥發生機，如何幫助我們的客人以獨特的 Target 高級而輕鬆的方式發現這些產品。

We know that today, consumers increasingly shop digitally.

我們知道，如今的消費者越來越多地選擇數位化購物。

And that's why we've invested in a powerful digital experience to help them find product more often than not in the palm of their hand and social and on our app, positioning Target to win in a world where the consumer purchase funnel is changing.

這就是為什麼我們投資強大的數位體驗，以幫助他們在掌上、社交和我們的應用程式上更頻繁地找到產品，使 Target 在消費者購買管道不斷變化的世界中獲勝。

And it's working.

而且它正在發揮作用。

We have a $20 billion digital business that's hitting on all cylinders with nearly 9% growth in Q4.

我們擁有價值 200 億美元的數位業務，該業務全速發展，第四季成長近 9%。

But at Target, we couple digital strength with a strong belief that the brick-and-mortar experience matters.

但在 Target，我們將數位實力與實體店體驗至關重要的堅定信念結合在一起。

And a differentiated in-store experience that's powered by our incredible team is critical to bringing product and discovery to life for our guests.

我們出色的團隊所提供的差異化店內體驗對於為我們的客人帶來生動活潑的產品和探索至關重要。

It's that seamless combination of that elevated discovery experience across stores and digital that will power the more than $15 billion of growth that Brian shared we expect in the next five years.

正是這種跨商店和數位技術的高級發現體驗的無縫結合，將推動 Brian 所說的我們預計未來五年將超過 150 億美元的成長。

And so in the next 15 minutes, I'll explore some of the ways we're delighting consumers with an on-trend assortment, how we're making it even easier for them to discover those great products whenever and however they want; and then how we're delivering ease, speed and reliability for a consumer whose expectations continue to rise.

因此，在接下來的 15 分鐘內，我將探討我們如何透過時尚產品系列取悅消費者，如何讓他們隨時隨地以任何方式更輕鬆地發現這些優質產品；然後我們如何為期望不斷上升的消費者提供便利、快速且可靠的服務。

So let's start by taking a look at the retail landscape.

我們先來看看零售業格局。

What we see is an addressable market that's huge.

我們看到的是一個巨大的潛在市場。

Even as a $100 billion retailer, we make up less than 3% of a $4.2 trillion market.

即使作為一家價值 1000 億美元的零售商，我們在 4.2 兆美元的市場中所佔的份額也不到 3%。

In fact, together with the other nine biggest retailers, we make up less than 40% of that market.

事實上，我們與其他九家最大的零售商加起來佔據的市佔率還不到 40%。

So what does that tell us?

那麼這告訴我們什麼呢？

There's a lot of market share up for grabs, and we're well positioned to continue to grow our share of the pie on the strength of a strategy that's uniquely ours.

有大量的市場份額等待我們爭奪，而我們完全有能力憑藉我們獨特的策略繼續擴大我們的份額。

And I'll go back to my opening remarks to highlight our first area of focus on our path to growth: delighting consumers with on-trend assortment packed with style newness and value.

我將回到我的開場白，強調我們在成長道路上關注的第一個領域：用充滿風格新穎性和價值的流行產品取悅消費者。

One of my favorite examples is our All In Motion line of activewear.

我最喜歡的例子之一是我們的All In Motion運動服系列。

It's become a staple for all five members of the Fiddelke household because it's comfortable, fashionable and performs well at a fraction of the cost of the other brands.

它已成為 Fiddelke 家五個成員的必需品，因為它舒適、時尚、性能良好，而價格只是其他品牌的一小部分。

Now maybe this is just the inherent finance guy in me, but before my two daughters fell in love with All In Motion, I winced at the cost of an athleisure outfit for them.

或許這只是我天生的理財傾向，但在我的兩個女兒愛上 All In Motion 之前，我對為她們購買運動休閒服的價格感到畏縮。

Those leggings cost how much and they're going to fit you for how long, but now they specifically ask for All In Motion over those more expensive brands, which I have to say is a proud dad moment for me.

那些緊身褲要花多少錢，它們能穿多久，但現在他們特別要求選擇 All In Motion，而不是那些更昂貴的品牌，我必須說，對我來說，這是一個值得驕傲的父親時刻。

And a lot of guests have responded to the quality and value with the same enthusiasm.

許多客人也對其品質和價值給出了同樣熱情的回應。

All In Motion is more than a $1 billion brand and grew over 10% in 2024.

All In Motion 是一個價值超過 10 億美元的品牌，2024 年的成長率超過 10%。

So only at Target, of course, part of a long list of exclusive brands that consumers love.

因此，當然只有在 Target 才有，它是消費者喜愛的眾多獨家品牌中的一部分。

Combined with our well-loved national brand and the way our team leans into seasonal moments and special partnerships, we have a team who makes moments memorable and turns products into must-haves.

結合我們深受喜愛的國家品牌以及我們的團隊對季節性時刻和特殊合作夥伴關係的關注方式，我們擁有一支能夠讓時刻令人難忘並將產品變成必需品的團隊。

And that's a winning formula for relevance and growth.

這是相關性和成長的成功秘訣。

You'll hear more from Rick on this shortly.

您很快就會從 Rick 那裡聽到更多有關此事的消息。

So regardless of how guests come across those got-to-have-it items as part of their discovery process, where they're browsing our store while sipping a Starbucks, scrolling our app over Saturday morning coffee or clicking to buy via social from their couch, camp chair or anywhere in between, we're making it easier for them to shop whenever and however they want through an elevated experience that only Target can deliver.

因此，無論客人在發現過程中如何遇到這些必備物品，他們是一邊喝星巴克一邊瀏覽我們的商店，還是在周六早晨喝咖啡時瀏覽我們的應用程序，或者坐在沙發、露營椅或任何地方通過社交媒體點擊購買，我們都通過只有 Target 才能提供的高級體驗讓他們能夠隨時隨地以任何方式更輕鬆地購物。

And that discovery experience is our second area of focus as we work to earn an even greater share of the market opportunity I laid out at the top.

當我們努力贏得我在上文中列出的更大市場份額時，這種發現體驗就是我們的第二個關注領域。

We're investing in stores to bring the best of Target closer to more consumers, making it even easier for them to fall in love with our products and experience and visit Target more frequently.

我們正在投資商店，以便將 Target 的最佳產品帶給更多消費者，讓他們更容易愛上我們的產品和體驗，並更頻繁地光顧 Target。

Three out of four Americans live within 10 miles of a Target store.

四分之三的美國人住在距離 Target 商店 10 英里以內的地方。

We call that a good base on which to build.

我們稱之為良好的發展基礎。

Last year, we shared plans to add 300 stores over 10 years, and we feel great about the fact that in 2024, we opened 23 of those new stores and plan to open another 20 this year while remodeling many more across the country.

去年，我們分享了 10 年內新增 300 家門市的計劃，我們很高興看到 2024 年我們開設了 23 家新店，併計劃今年再開設 20 家，同時在全國範圍內改造更多門市。

Increasingly, these new locations will be full-size Targets, giving us the space and flexibility to offer the very best Target experience.

這些新店將逐漸與 Target 規模相當，為我們提供空間和靈活性，以提供最佳的 Target 體驗。

Consumers are overjoyed to have these stores in their backyards as we see in our new store performance metrics.

正如我們在新的店鋪績效指標中看到的那樣，消費者們對於在自家後院擁有這些商店感到非常高興。

And we continue to gain traction with consumers as a destination for discovery.

我們將繼續作為探索目的地來吸引消費者。

You can see that traction in our 2%-plus traffic growth in Q4 and our 20% uptick in traffic since 2019, numbers that translate into 350 million more guest trips to Target in 2024 than 2019.

您可以看到，我們第四季度的客流量增加了 2% 以上，自 2019 年以來客流量增加了 20%，這意味著 2024 年塔吉特的遊客人次將比 2019 年增加 3.5 億人次。

Let me say that again, 350 million more guest trips.

我再說一遍，新增遊客人數 3.5 億人次。

And while we're not aside with our growth over the last two years, rising traffic clearly demonstrates the power of our strategy to drive continued relevance and growth over time.

雖然我們在過去兩年中並沒有放棄成長，但不斷增長的流量清楚地證明了我們的策略的力量，可以推動持續的相關性和成長。

And in adding stores, we're not just making it easier to discover and take advantage of the Target store experience.

透過增加商店，我們不只是讓發現和利用 Target 商店體驗變得更加容易。

We're adding horsepower to the engine for our digital business because our stores are the fulfillment power plant behind Drive Up, same-day delivery via Target Circle 360 and fast brown box shipping for those times when a guest shopping mission isn't an in-store trip.

我們正在為我們的數位業務引擎增添馬力，因為我們的商店是 Drive Up、透過 Target Circle 360​​ 進行當日送達以及在客人購物任務不是到店時進行快速棕色包裝箱運輸背後的履行動力源。

And that interplay between stores and digital is critically important to our strategy.

商店和數位之間的相互作用對於我們的策略至關重要。

As Cara will discuss in a bit, they aren't separate businesses, their the business.

正如卡拉稍後將要討論的那樣，它們不是獨立的企業，而是整體企業。

When we make it -- easy for guests to shop digitally to swing by our Drive Up lane on the way home from soccer practice or scheduled doorstep delivery via Target Circle 360, guests repay that ease and convenience by spending a lot more at Target, 20-plus percent more after they start using Drive Up or same-day delivery.

當我們讓客人在足球訓練回家的路上，方便地透過我們的 Drive Up 通道進行數位購物，或透過 Target Circle 360​​ 安排送貨上門時，客人會在 Target 花費更多來回報這種輕鬆和便捷，在他們開始使用 Drive Up 或當日送達服務後，他們的消費會多出 20% 以上。

And perhaps surprisingly to some, they spend more in store as well.

也許令一些人感到驚訝的是，他們在商店裡的消費也更多。

So our third area of focus on our road map for growth underpins the others.

因此，我們成長路線圖上的第三個重點領域是其他領域的基礎。

We have to deliver.

我們必須實現這一目標。

And we come at this challenge from an enviable position.

我們以令人羨慕的地位來應對這項挑戰。

Guests love our stores.

客人喜歡我們的商店。

An assortment, full of newness and value, an elevated shopping experience, that's a key reason why consumers pick Target.

品種齊全、充滿新鮮感和價值的商品以及高端的購物體驗，這是消費者選擇 Target 的關鍵原因。

And at the heart of it, the best team in retail.

其中，我們擁有零售業最好的團隊。

Our team is crushing it with real progress made in 2024.

我們的團隊正在努力實現這一目標，並在 2024 年取得真正的進步。

But as we assess where we're at, we know that two things can be true.

但當我們評估目前的狀況時，我們知道有兩件事可能是真的。

We start with a great guest experience.

我們從良好的賓客體驗開始。

And we aren't where we aspire to be.

我們還沒有達到我們所渴望的境界。

In a world where consumer expectations continue to rise, we have to deliver even higher levels on things like ease, speed and reliable in stocks.

在消費者期望不斷提高的世界裡，我們必須在庫存的便利性、速度和可靠性等方面提供更高水準的服務。

We know there's no Tarzhay magic if you can't find the item you were looking for because we were out of stock or we didn't delight you in store.

我們知道，如果您找不到您想要的商品（因為我們缺貨或我們在店內沒有讓您滿意），那麼 Tarzhay 魔法就毫無意義。

In-store reliability is an area where we've made considerable progress.

店內可靠性是我們已經取得長足進步的一個領域。

In fact, our out of stocks were lower in every quarter of last year than the year before and the year before that.

事實上，去年每季我們的缺貨量都低於前年和前年。

But we're not settling for progress.

但我們不會滿足於進步。

We're confident that we will continue to improve in 2025 and beyond.

我們有信心在 2025 年及以後繼續進步。

Along with Chief Supply Chain and Logistics Officer, Gretchen McCarthy and her team, we have a lot of work in flight to support this goal, and I'll highlight a few of the key elements.

我們與首席供應鏈和物流官 Graychen McCarthy 及其團隊一起，為實現這一目標開展了大量工作，我將重點介紹其中的一些關鍵要素。

First, we're changing how we measure success to give us an even better read on exactly how we're performing.

首先，我們正在改變衡量成功的方式，以便我們更了解我們的表現。

To illustrate what I mean, the graph I just showed highlights very real improvement for us on average for the enterprise.

為了說明我的意思，我剛剛展示的圖表突顯了我們企業平均水準上取得的真正進步。

But if you're a guest shopping on Sunday night who discovers that we're out of stock on the item you came to get, you don't care about the enterprise average.

但如果您是週日晚上購物的客人，發現您要買的商品已經缺貨，您就不會關心企業平均價格了。

You just want to know why we don't have your milk.

你只是想知道為什麼我們沒有你的牛奶。

And so we've rolled out a new suite of measures to help us get more granular in our assessment of our in-stock performance.

因此，我們推出了一套新的措施，幫助我們更細緻地評估庫存表現。

These metrics tell us with greater precision than ever by channel and by hour how we're actually showing up for our guests.

這些指標比以往更精確地告訴我們，我們按管道、按小時實際為客人提供的服務如何。

We're doubling down on this work with a focus on the items that matter most.

我們正在加倍努力，專注於最重要的項目。

Think the thousands of items that are most frequently purchased where it's most critical that we're at the top of our game in every store on every day, open to close.

想想那些購買頻率最高的數千種商品，最重要的是，我們每天在每家商店，從開門到關門，都保持最佳狀態。

We have the entire enterprise rallied around this work, including implementing changes like designing our merchandising displays, to have more capacity for those critical items.

我們讓整個企業團結起來進行這項工作，包括實施諸如設計我們的商品展示等變革，以便為這些關鍵商品提供更多的產能。

Now I want to pause here for a moment to offer a bit of context regarding our inventory levels at the end of the year.

現在我想在這裡暫停一下，提供一些有關我們年底庫存水準的背景資訊。

Q4 ending inventory at cost was up a little over 7% to last year due to several factors.

由於多種因素，第四季期末庫存成本比去年同期上漲了 7% 多一點。

First, we pulled forward receipts to introduce greater newness in key categories like Apparel and Hardlines.

首先，我們提前收貨，在服裝和耐用品等關鍵類別中推出更多新品。

Second, we added two new food distribution centers and made some intentional investments to improve product availability, as you just heard me share.

其次，正如大家剛才所分享的，我們增加了兩個新的食品配送中心，並進行了一些有針對性的投資以提高產品的供應量。

And third, we also saw some receipt timing volatility.

第三，我們也發現收貨時間有些波動。

We'll continue to monitor our inventory levels closely always with an eye on having the right assortment at the right time.

我們將繼續密切監控我們的庫存水平，並始終關注在正確的時間進行正確的分類。

And again, this is why we're focused on shorter lead times: because shorter lead times not only help us reduce inventory risk, they also help keep us in step with the latest trends, something I know Rick will talk more about.

再次強調，這就是我們專注於縮短交貨時間的原因：因為縮短交貨時間不僅可以幫助我們降低庫存風險，還可以幫助我們跟上最新趨勢，我知道 Rick 會更多地談論這一點。

As part of our work to improve our end-to-end replenishment execution, we're also midstream on a multiyear journey to modernize with tools powered by AI, our core inventory management systems.

作為我們改進端到端補貨執行工作的一部分，我們也正在進行為期多年的現代化之旅，利用人工智慧工具（我們的核心庫存管理系統）進行現代化改造。

These are the tools that enable more accurate forecasting, help us better position inventory to drive in-stock speed and reduce costs.

這些工具可以實現更準確的預測，幫助我們更好地定位庫存，以提高庫存速度並降低成本。

These new systems are now used by about 40% of the assortment.

目前約有 40% 的產品使用了這些新系統。

That's more than double the percentage that used them in 2023, progress we expect to continue in 2025 and beyond.

這一比例比 2023 年增加了一倍多，我們預計這一進展還將持續到 2025 年及以後。

Of course, that's only one ingredient in an exceptional guest experience.

當然，這只是卓越賓客體驗的一個因素。

Delivering an elevated store experience is another, and that's a place where we have momentum on which to build.

提供高級的商店體驗是另一回事，這也是我們有發展動力的地方。

Take our guests' experience at checkout.

了解我們客人結帳時的體驗。

We've invested in more staffing in our belted checkout lanes and made changes to speed up the self-checkout process.

我們在安全帶結帳通道中投入了更多人員，並做出了一些變更以加快自助結帳流程。

And our guests are telling us it's working.

我們的客人告訴我們它很有效。

I'll highlight one of many examples.

我將重點介紹眾多例子中的一個。

Our guest satisfaction for speed of checkout has risen to its highest level in more than three years.

我們客人對結帳速度的滿意度已升至三年多來的最高水準。

We know how hard it is to move those numbers and couldn't be prouder of our team's progress.

我們知道實現這些數字有多困難，我們對於團隊的進步感到無比自豪。

But, and I'll say it again, our aspirations don't end there.

但是，我再說一遍，我們的願望不止於此。

Let's take a closer look at that graph.

讓我們仔細看看該圖表。

Here again, these measures of progress represent averages.

再次強調，這些進展衡量指標代表的是平均值。

And that means in some stores on some days, we're truly delighting our guests.

這意味著在某些日子的某些商店裡，我們確實讓客人感到高興。

While with other stores, on other days, we can be falling short of expectations.

但在其他商店，在其他日子裡，我們可能達不到預期。

That's why in 2025, you'll see me and our new Chief Stores Officer, Adrienne Costanzo, focused on this progress to help our team deliver a more consistently excellent guest experience.

這就是為什麼在 2025 年，您會看到我和我們新任的首席商店長 Adrienne Costanzo 專注於這一進步，以幫助我們的團隊提供更始終如一的卓越客戶體驗。

Now we know we won't be perfect in every store at every hour of every day.

現在我們知道，我們不可能在每家商店、每天的每個小時都做到完美。

But I know I speak for Adrienne when I say we aspire to be.

但我知道，當我說我們渴望成為這樣的人時，我是代表艾德莉安說的。

And I'm confident we'll build on this momentum with another step forward in 2025.

我相信，我們將在此動能的基礎上，在 2025 年再邁進一步。

We're at our best when process improvements, like those we've seen at checkout, give our team time to add that extra personal touch through interactions with our guests.

當流程改善（例如我們在結帳時看到的改進）使我們的團隊有時間透過與客人的互動來增添額外的人性化​​服務時，我們就會處於最佳狀態。

After all, our team is the best expression of our brand.

畢竟，我們的團隊是我們品牌的最佳體現。

And when we make it easier for them to prioritize time with our guests, it leads to higher guest satisfaction and loyalty.

當我們讓他們更容易優先安排與客人相處的時間時，客人的滿意度和忠誠度就會更高。

And speaking of loyalty, our team members were instrumental in helping attract 13 million new Target Circle members in 2024.

說到忠誠度，我們的團隊成員在 2024 年吸引了 1300 萬名新的 Target Circle 會員方面發揮了重要作用。

In the words of California store Director, Andy Fung, whose store was a standout in signing up new Target Circle members, It's all about demonstrating care and making connections with guests.

用加州門市總監 Andy Fung 的話來說，一切都在於展現關懷並與顧客建立聯繫，他的門市在簽約新 Target Circle 會員方面表現突出。

I love that, Andy.

我喜歡這個，安迪。

And knowing a great guest experience starts with a great team member experience, we continue to make investments in our team that allow them to show up even better for our guests, including technology advancements aimed at improving the team member and guest experience, from the GenAI-powered store companion used to answer hundreds of thousands of questions last year to advancements that make our self-checkout lanes easier for visually impaired guests to navigate.

我們知道，良好的客戶體驗始於良好的團隊成員體驗，因此，我們將繼續對團隊進行投資，使他們能夠為我們的客人提供更好的服務，包括旨在改善團隊成員和客戶體驗的技術進步，從去年用於回答數十萬個問題的 GenAI 驅動的商店伴侶，到使我們的自助結帳通道更適合視障客人使用的進步。

And while we, of course, love that in-store trip and we'll continue to invest in elevating the store experience, sometimes a store trip isn't in the cards.

當然，我們很喜歡這種店內購物體驗，而且我們也會繼續投資提升店內購物體驗，但有時店內購物體驗並不在我們的計劃之內。

And for a busy family, the mission of the moment is all about speed and ease.

對一個忙碌的家庭來說，當務之急就是速度和輕鬆。

For us, speed starts with our same-day shopping options.

對我們來說，速度始於當日購物選擇。

There's nothing faster than Drive Up or same-day delivery powered by Circle 360, both of which meet guest needs within a few hours.

沒有什麼比 Drive Up 或 Circle 360​​ 提供的當日送達服務更快的了，這兩者都可以在幾個小時內滿足客人的需求。

Guests love these services, something that shows in their continued growth in sky-high Net Promoter Scores.

客人非常喜歡這些服務，這從他們持續增長的淨推薦值中可見一斑。

And if you need a box shipped to your home, we've got you covered, too.

如果您需要將箱子運送到您家，我們也可以為您服務。

Brown Box shipping is specifically a place within our supply chain, where we're making meaningful progress on speed and where we expect more to come.

Brown Box 運輸是我們供應鏈中的一個環節，我們在速度方面取得了有意義的進展，並且期待取得更多的進展。

We're over 11% faster in average delivery time in 2024, nearly doubling our packages delivered next day over last year, a key factor in driving the healthy growth in total shipped package volume, which has more than doubled since 2019.

2024 年，我們的平均遞送時間提高了 11% 以上，隔天遞送的包裹數量比去年增加了近一倍，這是推動總包裹運輸量健康增長的關鍵因素，自 2019 年以來，總包裹運輸量增長了一倍以上。

We know speed matters to our guests and that with increased speed comes more sales.

我們知道速度對我們的客人來說很重要，速度的提高會帶來更多的銷售。

We’ve shared how sortation centers have helped us drive speed and efficiency, and we expect them to continue to grow volume while making us faster and less expensive.

我們已經分享了分類中心如何幫助我們提高速度和效率，我們希望它們能繼續增加產量，同時讓我們的速度更快、成本更低。

But we also plan to speed up delivery to guests that don't happen to have a sortation center in their backyard.

但我們也計劃加快向那些家附近沒有分揀中心的客人提供送貨服務。

In 2024, we've been testing how to leverage our Shipt capabilities to enable store-to-guest Brown Box delivery in markets without sortation centers by allowing drivers with Shipt to work delivery routes handed off directly from stores.

2024 年，我們一直在測試如何利用我們的 Shipt 功能，透過允許使用 Shipt 的司機沿著直接從商店交接的送貨路線工作，在沒有分揀中心的市場中實現從商店到客戶的 Brown Box 送貨。

While we're in the early stages of expanding this test to more markets, we're very encouraged by the early results as it's making us faster and more cost-efficient.

雖然我們還處於將這項測試擴展到更多市場的早期階段，但我們對早期結果感到非常鼓舞，因為它使我們的速度更快、更具成本效益。

It's yet another example of the power of our stores-as-hubs strategy, coupled with the delivery powered by shoppers and drivers with Shipt.

這又是我們的「商店作為中心」策略威力的又一例證，再加上由購物者和司機透過 Shipt 提供的送貨服務。

And it's one of the many reasons we're excited about our work across our network to speed up package delivery in 2025 and beyond.

這也是我們對 2025 年及以後透過網路加快包裹遞送速度的工作感到興奮的眾多原因之一。

As you can see, we plan to accelerate this year in more ways than one.

正如您所看到的，我們計劃今年透過多種方式加速發展。

And I want to thank our more than 400,000 incredible team members who bring this experience to life every day for our guests and whose focus and dedication continues to raise the bar on guest experience.

我還要感謝我們超過 40 萬名優秀的團隊成員，他們每天都為我們的客人帶來這種體驗，他們的專注和奉獻精神不斷提高客人體驗的標準。

You've heard a lot from me today, so I'll leave you with what's most important.

今天你們已經聽我說了很多，所以我要講最重要的內容。

And I'll do that by going back to those 350 million guest trips.

我將透過回顧那 3.5 億次遊客行程來做到這一點。

What do those guest visits tell us?

這些客人的來訪告訴了我們什麼？

They demonstrate the power of our strategy.

它們彰顯了我們策略的力量。

The 350 million more guest trips last year than in 2019 show how our strategy continues to gain relevance and how it will power our next $15 billion in growth.

去年的遊客出行次數比 2019 年增加了 3.5 億人次，這表明我們的策略將繼續發揮重要作用，並將推動我們實現下一個 150 億美元的成長。

And we're clear-eyed about our strategy and what it will take to realize those expectations.

我們清楚自己的策略以及實現這些期望所需的條件。

It starts with delighting consumers with incredible product.

首先要用令人難以置信的產品取悅消費者。

We then bring -- that incredible product to life with an elevated discovery experience that for us is equal parts digital and store.

然後，我們透過高級的發現體驗將這令人難以置信的產品帶入生活，對我們來說，這種體驗既包括數位化，也包括商店化。

And as you might expect the COO to say, the fundamentals matter.

正如你可能預料到營運長會說的那樣，基本面很重要。

All that strategy is just words on a page if we aren't delivering a great shopping experience every day.

如果我們不能每天提供良好的購物體驗，那麼所有這些策略都只是紙上談兵而已。

And you're going to see us make progress in our inventory reliability and modernize our core supply chain while reducing lead times.

您將看到我們在庫存可靠性方面取得進步，並在縮短交貨時間的同時實現核心供應鏈的現代化。

You'll see us bring greater consistency to our store experience and continue to improve our package delivery speed.

您將看到我們為我們的商店體驗帶來更大的一致性，並繼續提高我們的包裹遞送速度。

I'm confident in our ability to deliver on that progress to be faster more reliable and more consistent than before in 2025 and in the years to come as we continue to elevate the discovery and delight behind today's Tarzhay.

我相信，在 2025 年及未來的幾年裡，我們有能力比以前更快、更可靠、更一致地實現這一進步，因為我們將繼續提升今天的 Tarzhay 背後的發現和喜悅。

And it's my pleasure now to introduce Rick, who will take you deeper into the product and merchandising piece of the strategy.

現在我很高興介紹 Rick，他將帶大家更深入地了解該策略的產品和行銷部分。

Rick?

瑞克？

Thanks, Michael.

謝謝，麥可。

I'm excited to be here and to share a glimpse into what's coming at Target.

我很高興來到這裡並與大家分享 Target 未來的發展前景。

It's all grounded in an idea you heard this morning: every day discovery and delight, which is at the heart of today's Tarzhay.

這一切都源自於您今天早上聽到的一個想法：每天都有發現和快樂，這也是當今 Tarzhay 的核心。

For consumers, Target is a term they created.

對消費者來說，「Target」是他們創造的術語。

A statement of love for this brand and the unique spin we put on the intersection of product and experience.

表達對這個品牌的熱愛以及我們在產品和體驗交匯處的獨特詮釋。

For our team, delivering today's Tarzhay is a responsibility in our discretionary categories, Home, Apparel, Hardlines; in our frequency categories, Food & Beverage and Essentials; and in Beauty, which sits at the intersection of frequency and discretionary.

對於我們的團隊來說，在我們可自由支配的類別（家居、服裝、耐用品）中提供今天的 Tarzhay 是一項責任；在我們的頻率類別中，食品和飲料以及必需品；而美則處於頻率與自由裁量的交會處。

Because there's not one entry point into the Target experience, there's six, and countless paths to reach them, which means our team is relentless in looking for ways to spur discovery and make every shopping trip special through a combination of creativity and being at the forefront of style and trend because ease, affordability and reliability are things we must achieve to stay relevant.

因為進入 Target 體驗的入口不止一個，而是有六個，而且有無數條路徑可以到達，這意味著我們的團隊堅持不懈地尋找方法來激發探索，並通過結合創造力和走在風格和潮流的前沿來讓每一次購物之旅都變得特別，因為便捷、實惠和可靠是我們保持相關性的必須條件。

But to truly win, we have to chart a course that is distinctly Target.

但為了真正取得勝利，我們必須制定一條明確的目標路線。

So across our business, 6 categories that don't necessarily have a lot in common actually serve the same purpose for us, creating the kind of everyday discovery and delight that sets Target apart.

因此，在我們的業務中，這 6 個類別並不一定有很多共同之處，但實際上對我們來說服務於同一個目的，即創造出讓 Target 與眾不同的日常發現和愉悅。

Our commitment to the consumer and to differentiation in a competitive environment comes through in each of the three components of our assortment strategy.

我們對消費者的承諾以及在競爭環境中的差異化承諾體現在我們的產品組合策略的三個組成部分中。

That includes national brands that consumers love and a $31 billion owned brand portfolio and more than 40 beloved brands you can only find at Target, roughly 1/4 of which are delivering at least $1 billion a year in sales, like Cat & Jack, one of the top kids apparel brands in America; Threshold, Good & Gather and up&up, all of which are approaching or exceeding $3 billion in annual sales.

其中包括消費者喜愛的全國性品牌和價值 310 億美元的自有品牌組合，以及 40 多個只能在 Target 找到的受人喜愛的品牌，其中約 1/4 每年的銷售額至少為 10 億美元，例如 Cat & Jack，美國頂級兒童服飾品牌之一； Threshold、Good & Gather 和 up&up 的年銷售額均接近或超過 30 億美元。

And then there's our special partnerships with national brands and world-famous designers as well as small independent brands that consumers love discovering at Target.

此外，我們還與國家品牌、世界知名設計師以及消費者喜歡在 Target 發現的小型獨立品牌建立了特殊的合作夥伴關係。

There's a lot of power for us in this mix, but we know we can't stand still.

這種組合對我們來說具有很大的力量，但我們知道我們不能停滯不前。

We have to earn every trip.

我們必須靠自己的努力才能每一次出行

We grew traffic in stores and digital last year, and we're committed to building on that.

去年，我們的實體店和數位通路的流量都有所成長，我們致力於在此基礎上進一步發展。

That means as we look across our business, we're having honest conversations about where we need to make investments. build capabilities and deliver improved performance and exciting conversations about how we can leverage our signature strengths to set Target apart.

這意味著，當我們審視整個業務時，我們會坦誠地討論需要在哪裡進行投資。建立能力、提供改進的性能以及關於如何利用我們獨特的優勢使 Target 脫穎而出的激動人心的對話。

Now we've grown our Food & Beverage, Essentials, and Beauty categories by nearly $20 billion since 2019, making Target the fifth largest frequency player in US retail.

現在，自 2019 年以來，我們的食品和飲料、必需品和美容類別的銷售額增長了近 200 億美元，使 Target 成為美國零售業第五大頻率參與者。

And as we look to drive these businesses forward, we're focused on two key priorities.

當我們尋求推動這些業務向前發展時，我們將重點放在兩個關鍵重點事項上。

The first is continued improvement in reliability, particularly within Food & Beverage.

首先是可靠性的持續提高，特別是在食品和飲料領域。

This is a business that's grown by almost $9 billion over the last five years.

過去五年來，該業務成長了近 90 億美元。

And during that time, Target has become the fifth biggest digital grocer in America.

在此期間，塔吉特已成為美國第五大數位雜貨商。

So to keep up with the surge in demand, we've opened three new food distribution centers over the last two years, expanding our network to eight facilities nationwide.

因此，為了滿足激增的需求，我們在過去兩年中開設了三個新的食品配送中心，將我們的網路擴展至全國八個設施。

And we have another one opening in 2026.

另外一家將於 2026 年開幕。

And while we've made big strides with in-stocks, we know that high in-stocks on average are only part of the equation.

雖然我們在庫存方面取得了巨大進步，但我們知道平均庫存量高只是整個方程式的一部分。

There is still an important opportunity for us during peak shopping periods, including Sunday afternoon and weekday evenings, because these are times where being out of stock on a key item can cost sales on related items or even the entire trip.

在購物高峰期（包括週日下午和工作日晚上），我們仍然面臨重要的機會，因為在這些時候，某種關鍵商品的缺貨可能會影響相關商品的銷售，甚至是整個行程的銷售。

And across our frequency businesses and Beauty, we're focused on delivering the kind of consistent newness that has helped transform these categories.

在我們的頻率業務和美容業務中，我們專注於提供有助於改變這些類別的一致的新鮮感。

That will be led by our flagship Food & Beverage owned brand, Good & Gather, which is one of the biggest and fastest-growing grocery owned brands in the US and on the brink of becoming Target's first $4 billion owned brand.

該業務將由我們的旗艦食品和飲料自有品牌 Good & Gather 主導，它是美國最大、增長最快的雜貨自有品牌之一，並且即將成為塔吉特首個價值 40 億美元的自有品牌。

This year, we'll add 600 new items across Good & Gather and our powerhouse snack and dessert brand, Favorite Day.

今年，我們將在 Good & Gather 和我們強大的零食和甜點品牌 Favorite Day 中添加 600 種新品。

To put that in perspective, for many CPG brands, a dozen new items represents a big year.

從這個角度來看，對於許多快速消費品品牌來說，推出十幾個新產品代表著一個重要的年份。

But for our Food & Beverage team, that's what we'll average in one week.

但對於我們的食品和飲料團隊來說，這就是我們一週的平均值。

And I am proud to share that today, we're bringing the design-style partnerships that Target is known for to Food & Beverage through a series of Good & Gather collaborations.

今天，我很自豪地與大家分享，我們透過一系列 Good & Gather 合作，將 Target 聞名的設計風格合作夥伴關係引入食品和飲料領域。

The first with James Beard, award-winning chef, Ann Kim.

第一場是與詹姆斯比爾德 (James Beard)，獲獎廚師安金 (Ann Kim) 一起舉辦的。

It sets at almost 1,800 stores nationwide next week, starting at just under $7.

下週它將在全國近 1,800 家商店上架，起價略低於 7 美元。

We'll have seven items from Chef Ann with flavors representing her Korean heritage, including four frozen pizzas in styles that she's made famous in her Minneapolis restaurant, Pizzeria Lola.

我們將提供 7 種安主廚烹製的具有韓國傳統風味的菜餚，其中包括 4 種冷凍比薩，其風味都是她在明尼阿波利斯餐廳 Pizzeria Lola 推崇的。

This is another example of delivering everyday discovery and delight in our grocery aisles, a big step forward in our journey to make Target a retailer that doesn't just sell food but celebrates food.

這是我們在食品雜貨店中為顧客提供日常發現和愉悅的另一個例子，也是我們在將 Target 打造為一家不僅銷售食品而且推崇食品的零售商的道路上邁出的一大步。

And within Essentials, we've seen how taking a fresh look at a legacy brand can make a big difference for consumers.

在 Essentials 中，我們看到了以全新的視角看待傳統品牌如何為消費者帶來巨大的改變。

Last year, we relaunched up&up, reformulating about 40% of the assortment to make it even better for consumers and adding hundreds of new items that we knew guests wanted.

去年，我們重新推出了 up&up，重新制定了約 40％ 的商品組合，使其更適合消費者，並添加了數百種我們知道客人想要的新商品。

Today, with more than 2,000 items, up&up is closing in on becoming a $3 billion brand, part of an everyday Essentials assortment, that also includes dealworthy, a lowest price brand we launched last year that spans several categories storewide; and Everspring, our elevated sustainable offering.

如今，up&up 擁有超過 2,000 種產品，即將成為價值 30 億美元的品牌，它是日常必需品系列的一部分，其中還包括 dealworthy，這是我們去年推出的涵蓋全店多個類別的最低價品牌；以及我們高端的永續產品Everspring。

New brands and brand refreshes are a key tool for helping us meet consumer needs, which is why our relaunch of Boots & Barkley, our pet accessories brand, is so exciting.

新品牌和品牌更新是幫助我們滿足消費者需求的關鍵工具，這就是我們重新推出寵物配件品牌 Boots & Barkley 如此令人興奮的原因。

Pet care is a big growth opportunity.

寵物護理是一個巨大的成長機會。

New product just set in stores on Sunday, and it's everything an animal lover could want.

新產品於週日在商店上架，它滿足了動物愛好者的所有需求。

And we'll continue delivering newness across Essentials, adding 14 new brands in nutrition this spring to build on consumers' interest in wellness and more than 2,200 new baby and toddler items, 50% of which will be exclusive to Target, including 200 new items from our baby owned brand, Cloud Island.

我們將繼續在 Essentials 中推出新品，今年春季將增加 14 個新的營養品牌，以滿足消費者對健康的興趣，並推出 2,200 多種新的嬰兒和幼兒用品，其中 50% 將是 Target 獨家銷售的，包括來自我們自有嬰兒品牌 Cloud Island 的 200 種新物品。

Now we've nearly doubled the size of our Beauty business since 2019.

自 2019 年以來，我們的美容業務規模幾乎擴大了一倍。

Amazing in-store presentation and a great digital experience, our partnership with Ulta Beauty and our assortment that includes some of the leading brands in the industry have combined to make Target an undisputed beauty destination.

令人驚嘆的店內展示、出色的數位體驗、與 Ulta Beauty 的合作以及包括行業內一些領先品牌在內的產品組合，使 Target 成為無可爭議的美容目的地。

And we are not resting on our laurels.

我們不會滿足於現狀。

That's why we just announced the addition of 2,000 new products to our assortment, 90% of which will be priced under $20.

這就是為什麼我們剛剛宣佈在我們的產品系列中增加 2,000 種新產品，其中 90% 的價格低於 20 美元。

That includes an expansion in our offering in brands like EOS, NYX, Native, Alodia, Camille Rose, and the addition of nearly 50 new brands like Bubble and Daise, plus more newness within Ulta Beauty at Target to further cement Target status as a go-to for all things beauty.

其中包括擴大我們提供的品牌範圍，如 EOS、NYX、Native、Alodia、Camille Rose，並增加近 50 個新品牌，如 Bubble 和 Daise，此外還在 Target 的 Ulta Beauty 中引入更多新品，以進一步鞏固 Target 作為美容產品的首選之地的地位。

Now when we consider our discretionary categories, Hardlines, Home and Apparel, these are the business that made Target famous.

現在，當我們考慮可自由支配的類別，即硬線、家居和服裝時，這些是讓塔吉特聞名的業務。

And while no denying after massive growth during the pandemic, they've been challenged in recent years, they're still generating more than $50 billion in sales.

無可否認，在疫情期間實現了大幅成長後，該公司近年來面臨挑戰，但仍創造了超過 500 億美元的銷售額。

They're a huge part of what differentiates Target.

它們是 Target 與眾不同之處的重要組成部分。

And we saw meaningful acceleration across our discretionary portfolio in Q4.

我們在第四季度看到了全權投資組合顯著加速的成長。

So to turn that acceleration into sustained growth, there are three big big opportunities in front of us.

因此，為了將這種加速轉化為持續成長，我們面前有三大機會。

First, we’re being bold in transforming our Hardlines and Home businesses based on consumer insights and changing trends.

首先，我們根據消費者洞察和不斷變化的趨勢，大膽轉型我們的耐用品和家居業務。

Second, we’re making changes to get faster – cutting the time it takes to move products from a sketchpad to a factory to a consumer’s basket.

其次，我們正在做出改變，以提高速度——縮短產品從草圖到工廠再到消費者籃子所需的時間。

And finally, we’re moving with a sense of urgency to deliver the kind of compelling newness that makes Target a place for discovery, delight, and joy.

最後，我們懷著緊迫感，不斷推出引人注目的新鮮事物，使 Target 成為一個探索、愉悅和歡樂的地方。

When it comes to being bold, I love how our Hardlines team is embracing the spirit of what they’re calling “Fun 101” as they reimagine what this business can do for consumers.

說到大膽，我喜歡我們的 Hardlines 團隊如何擁抱他們稱之為「Fun 101」的精神，重新想像這項業務能為消費者做些什麼。

Words matter and what Fun 101 is all about is realizing the untapped potential of a category that includes toys, video games, music and books, sporting goods, and technology.

文字很重要，而 Fun 101 的宗旨是挖掘玩具、電玩、音樂和書籍、體育用品和技術等類別的未開發潛力。

We have significant strengths in businesses like toys and video games.

我們在玩具和視頻遊戲等業務方面具有顯著優勢。

And nobody does pop culture better than Target.

在流行文化方面，沒有人比 Target 做得更好。

At the same time, we’re excited about the growing opportunity in sports, entertainment, and lifestyle tech.

同時，我們對體育、娛樂和生活科技領域日益增長的機會感到非常興奮。

And by putting all of this together, we will transform our Hardlines business, and make Target a year-round destination for everything you need to create fun moments for yourself and your loved ones.

透過將所有這些結合起來，我們將改變我們的硬線業務，並使 Target 成為您為自己和所愛之人創造歡樂時光所需的一切的全年目的地。

Ultimately, this will impact how we show up in store and online.

最終，這將影響我們在商店和網路上的展示方式。

And it’s already having an impact on our approach to product.

它已經對我們的產品方法產生了影響。

Just consider a few examples.

僅考慮幾個例子。

Like how we’re making Target a go-to for big moments in culture.

就像我們如何將 Target 打造成文化重大時刻的首選之地一樣。

You saw that on Black Friday with the huge Taylor Swift release that Brian mentioned.

您可以在「黑色星期五」看到布萊恩提到的泰勒絲 (Taylor Swift) 的巨幅發售。

We were one of the top retailers for Wicked, with 60% of our Wicked assortment exclusive to Target.

我們是 Wicked 的頂級零售商之一，其中 60% 的 Wicked 產品是 Target 獨家銷售。

And in January, Target was the place to be for the launch of Rebecca Yarros’ latest book, Onyx Storm.

今年 1 月，Rebecca Yarros 在 Target 推出了她的最新著作《Onyx Storm》。

Books are so important to the families we serve.

書籍對於我們服務的家庭來說非常重要。

And I love how our team has responded.

我很高興看到我們團隊的回應。

We’re gaining share because we’ve made Target a destination for top titles.

我們正在獲得市場份額，因為我們已將 Target 打造為熱門書籍的目的地。

And that work paid off with Onyx Storm.

這項工作透過 Onyx Storm 獲得了回報。

We were the number one retailer on its release date with 30% share en route to blowing past all of our goals for the launch.

在產品發布之日，我們以 30% 的市場份額成為最大的零售商，並超額完成了我們發佈時的所有目標。

We’re also betting big on emerging brands.

我們也對新興品牌投入了巨額資金。

Like the Nex gaming cube, a system that’s great for the entire family including children who aren’t ready for the more advanced controllers.

就像 Nex 遊戲立方體一樣，這個系統非常適合整個家庭，包括那些還沒有準備好使用更高級控制器的孩子。

By partnering early with Nex, before they really took off in the fall, we had the inventory needed to support a surge in demand in November and in December.

透過與 Nex 提前合作，在秋季他們真正開始銷售之前，我們就擁有了支持 11 月和 12 月需求激增所需的庫存。

And we’re also leaning into sports, particularly in getting children ready for their first sport, building on the role we play for families in other areas of our assortment.

我們也傾向於運動，特別是讓孩子們為他們的第一項運動做好準備，以鞏固我們在其他領域為家庭發揮的作用。

That's a small sample of what Fun 101 means.

這只是 Fun 101 意義的一個小例子。

And I love how it's distinctly Target.

我喜歡它獨特的 Target 風格。

It has so much potential to grow this entire business.

它具有極大的潛力來推動整個業務的成長。

In Home.

在家。

In Home, we have been on a journey.

在家裡，我們已經踏上了一段旅程。

And as you know, this is an industry that's been challenged over recent years.

正如你們所知，這個行業近年來一直面臨挑戰。

But we are not using that as an excuse.

但我們不會以此作為藉口。

We must do better.

我們必須做得更好。

And we believe Target can be the destination for great home style to help create spaces and moments families will love.

我們相信 Target 可以成為優質家居風格的聚集地，幫助打造家庭喜愛的空間和時刻。

So we're building a channel strategy for Home that gives consumers the range of choice they want, along with the joy that comes with shopping at Target.

因此，我們正在為 Home 建立一個通路策略，讓消費者能夠獲得他們想要的多種選擇，同時也能享受在 Target 購物的樂趣。

That starts with doubling down on Target's legacy when it comes to style, design and affordability.

首先，在風格、設計和價格方面，Target 將一如既往地秉承這一傳統。

So through our design capabilities, we are focusing on the brands and products where we have seen Target make the biggest difference for consumers, helping them layer in thoughtful, trend-forward updates over time, like Threshold and Hearth & Hand with Magnolia, beloved brands that are part of millions of homes across the US.

因此，透過我們的設計能力，我們將重點放在那些我們已經看到 Target 為消費者帶來最大改變的品牌和產品，幫助他們隨著時間的推移分層進行深思熟慮的、符合潮流的更新，例如 Threshold 和 Hearth & Hand with Magnolia，這些品牌深受美國數百萬家庭的喜愛。

We're also incredibly excited about what we've seen since relaunching our Casaluna bedding brand this year.

我們對今年重新推出 Casaluna 寢具品牌以來的成績感到非常興奮。

With new prints and patterns and bamboo materials, the product is beautiful.

採用新的印花圖案和竹子材料，產品非常漂亮。

And great design is also driving improved performance.

出色的設計也推動了性能的提升。

Over the last couple of months of the year, Casaluna sales were up nearly 6%.

今年最後幾個月，Casaluna 的銷售額成長了近 6%。

And over the last two years, our new kitchenware brand, Figmint, has become a guest favorite.

在過去的兩年裡，我們的新廚具品牌 Figmint 已成為客人的最愛。

Thanks to incredible style and can't-miss pricing, it is competing directly against some of the biggest players in the industry.

憑藉令人難以置信的風格和不容錯過的定價，它正在與業內一些最大的參與者直接競爭。

We're also committed to being first to mass like we've done with great brands like Stanley and Espresso and influential designers like Shea McGee.

我們也致力於率先將產品推向大眾，就像我們與 Stanley 和 Espresso 等知名品牌以及 Shea McGee 等有影響力的設計師合作一樣。

And we're going big on seasons and holidays in the role we play in major life moments like Back-to-College, where we'll deliver even more of the newness and elevated experiences that separate Target.

我們將在季節和假日方面大做文章，在諸如大學返校等重大生活時刻，我們將為顧客提供更多新穎和高級的體驗，讓 Target 與眾不同。

At the same time, we continue to expand our third-party marketplace, Target Plus, which is contributing to the acceleration of Home and represents a significant opportunity to grow this business.

同時，我們繼續擴大我們的第三方市場 Target Plus，這有助於加速 Home 的發展，並為業務成長帶來重要機會。

What sets Target Plus apart from other marketplaces is that it's consumer-led.

Target Plus 與其他市場的不同之處在於它以消費者為主導。

Rather than opening the doors to any seller, we're focused on building relevance and trust by working with partners that complement our assortment and also help us provide more of the breadth consumers are looking for, ensuring we're a strong option in categories where we wouldn't otherwise have a big presence.

我們不會向任何賣家敞開大門，而是專注於透過與合作夥伴合作來建立相關性和信任，這些合作夥伴可以補充我們的產品組合，並幫助我們提供消費者所尋求的更多產品，確保我們在那些我們原本不會有很大影響力的類別中有一個強有力的選擇。

That includes great brands like Dupray and ModernLuxe.

其中包括 Dupray 和 ModernLuxe 等知名品牌。

And there's a lot more potential for Target Plus to grow our Home business while freeing up our teams to focus on creating the kind of Tarzhay experience consumers can't find anywhere else.

Target Plus 還擁有更大的潛力來發展我們的家居業務，同時讓我們的團隊專注於創造消費者在其他任何地方都找不到的 Tarzhay 體驗。

Now I want to talk a little bit about our Apparel business.

現在我想談談我們的服裝業務。

Comp sales in apparel were up more than 3% in the fourth quarter and driving share gains across almost all demographic groups, including families and those making more than $100,000 a year.

第四季服裝同店銷售額成長逾 3%，推動幾乎所有人口群體（包括家庭和年收入超過 10 萬美元的人）的份額成長。

A lot has gone into this, but I'm especially proud of what our team is doing when it comes to increasing our speed to market.

我們為此付出了很多努力，但我對我們的團隊在提高產品上市速度方面所做的努力感到特別自豪。

This helps ensure consumers can find what they want, when they want it.

這有助於確保消費者能夠在需要的時候找到他們想要的東西。

We saw that last year when the mob wives leopard print aesthetic, took off on TikTok, loosely inspired by the 25th anniversary of The Sopranos.

我們看到，去年黑幫老婆豹紋美學在 TikTok 上流行起來，靈感大致來自《黑道家族》上映 25 週年。

Within days, we were able to work with our vendors to get product available online.

幾天之內，我們就能夠與供應商合作，將產品在線供應。

And within weeks, we had product in store.

幾週之內，我們就有產品上架了。

In today's environment, this kind of speed goes hand-in-hand with being a discovery destination and driving some of the experience enhancements you'll hear about from Cara.

在當今的環境下，這種速度與成為發現目的地並推動您將從 Cara 聽到的一些體驗增強相輔相成。

And in our owned brands, our team can get product from design to a shopper's basket in a little less than eight weeks on our fastest calendar.

在我們自己的品牌中，我們的團隊可以按照最快的時間表，在不到八週的時間內將產品從設計到放到購物籃中。

But speed is about more than just strengthening our ability to jump on the latest trend of what's going viral right now.

但速度不僅僅意味著增強我們跟上當前流行趨勢的能力。

By reducing our product development calendar by at least 20% across our entire assortment, particularly in Home and Apparel, we're adding in speed and flexibility that gives us more time to react to changes in the market and changes in consumer needs when it comes to newness, colors and sizes.

透過將我們整個產品系列（特別是家居和服裝系列）的產品開發時間縮短至少 20%，我們提高了速度和靈活性，使我們有更多時間對市場變化和消費者對新穎性、顏色和尺寸的需求變化做出反應。

Our owned brand sourcing and global supply planning teams do this by working closely with our vendor partners and strategically managing raw materials, production capacity and lead times so we're getting the right items to our guests at the right time while still upholding the high expectations consumers have for Target when it comes to quality, sustainability and responsible sourcing.

我們的自有品牌採購和全球供應計劃團隊透過與供應商夥伴密切合作並策略性地管理原材料、生產能力和交貨時間來做到這一點，以便我們在正確的時間為客人提供正確的商品，同時仍然滿足消費者對 Target 在品質、永續性和負責任採購方面的高期望。

Delivering on both speed and flexibility drives the kind of relevance that boosts top line.

同時實現速度和靈活性可以帶來提高營業額的相關性。

And that kind of rigor and discipline also drives bottom line performance.

這種嚴謹和紀律也能推動最終業績表現。

A great example of this is to work on All In Motion.

一個很好的例子就是開展「All In Motion」活動。

You already heard how Michael and his family love this brand, and they are not alone.

您已經聽說了邁克爾和他的家人是多麼熱愛這個品牌，而且他們並不是唯一的。

Consumers couldn't get enough of our everyday soft fabric and steady drumbeat of new silhouettes and styles in 2024.

2024 年，消費者對我們日常穿著的柔軟面料以及不斷推出的新款式和新風格愛不釋手。

So our team responded, chasing into an additional 8 million units, which helped All In Motion deliver a more than 10% comp sales increase last year.

因此我們的團隊做出了回應，又追加了 800 萬台銷量，這幫助 All In Motion 去年實現了超過 10% 的同店銷售額成長。

And when we think about flexibility, that includes our country of production strategy for the products we directly source and the multiyear effort we've made to diversify countries of origin.

當我們考慮靈活性時，這包括我們針對直接採購的產品的生產國策略，以及我們為實現原產國多元化所做的多年努力。

Our primary focus is on delivering the quality products at competitive prices that our guests deserve.

我們的主要重點是以有競爭力的價格提供客人應得的優質產品。

And it's important to know that around half of what we sell is made in the US.

重要的是要知道，我們銷售的產品約有一半是在美國製造的。

In terms of our owned brand production, we've reduced what we source from China from roughly 60% in 2017 to around 30% today and on our way to less than 25% by the end of next year, a goal we expect to achieve four years ahead of our schedule.

就我們自有品牌的生產而言，我們從中國的採購量已從 2017 年的約 60% 減少到目前的 30% 左右，併計劃到明年年底降至 25% 以下，我們預計這一目標將提前四年實現。

We've been especially effective in our apparel production and just 17% penetration in China, thanks to success in shifting production to countries across the globe.

由於成功將生產轉移到全球各國，我們的服裝生產尤為高效，在中國的滲透率僅為 17%。

That includes a strong effort to move production to Western Hemisphere, countries like Guatemala and Honduras, which has added the benefit of keeping -- of helping us get product from factories to US consumers even faster.

其中包括大力將生產轉移到西半球，如危地馬拉和宏都拉斯等國家，這有助於我們更快地將產品從工廠運送到美國消費者手中。

So we're excited to continue pursuing opportunities in the Western Hemisphere across all owned brand categories and in the US where possible.

因此，我們很高興能夠繼續在西半球所有自有品牌類別以及在美國尋求機會。

Finally, there's so much newness across discretionary, like our new Pillowfort collections, featuring Disney and Marvel, setting in stores in the spring; or the way our Goodfellow menswear team is moving from rolling out new items in February and September to launching new on-trend items almost monthly; or the exciting Warby Parker partnership we just announced with shop-in-shops that will begin opening in the back half of the year.

最後，在可自由支配的物品方面也有很多新鮮事物，例如我們新的 Pillowfort 系列，以迪士尼和漫威為特色，將於春季在商店上架；或者我們的 Goodfellow 男裝團隊從每年 2 月和 9 月推出新品轉變為幾乎每月推出新的流行單品；或者我們剛剛宣布與 Warby Parker 建立令人興奮的合作夥伴關係，該合作夥伴關係將於今年下半年開始在店中店開幕。

And I can't underscore enough how just excited the entire Target team is about our upcoming partnership with Champion.

我無法充分錶達 Target 團隊對於即將與 Champion 建立的合作關係有多麼興奮。

Because when you combine Champion's legacy in sportswear with Target's style authority, the result is amazing.

因為當你將 Champion 在運動服飾領域的傳統與 Target 的風格權威結合時，其結果將是令人驚嘆的。

This multiyear partnership will begin setting in stores in August and will include a lifestyle collection featuring unique apparel, sporting goods, and bags.

此次多年合作將於八月開始在門市推出，並將包括以獨特服裝、體育用品和包包為特色的生活方式系列。

Ultimately, this will bolster our style authority and complement our existing assortment of national brands and own brands.

最終，這將增強我們的風格權威，並補充我們現有的國家品牌和自有品牌系列。

And most importantly, I know consumers will absolutely love it.

最重要的是，我知道消費者一定會喜歡它。

So I want to extend a special thank you to Jamie Salter and everyone at Authentic Brands Group and Champion for all of your hard work in making this one-of-a-kind partnership possible.

因此，我要特別感謝 Jamie Salter 以及 Authentic Brands Group 和 Champion 的所有員工，感謝你們的辛勤工作，使這獨一無二的合作關係成為可能。

Okay.

好的。

Before I hand off to Cara, I want to reiterate that everything we do starts with listening to consumers, learning from what works and what doesn't, and making improvements every day so no matter why, when, or how you're shopping, it's easy, inspiring and affordable.

在交給卡拉之前，我想重申一下，我們所做的一切都始於傾聽消費者的意見，從中學習什麼有效、什麼無效，並每天進行改進，這樣無論你為何、何時或如何購物，都可以輕鬆、鼓舞人心且價格實惠。

That's how we create everyday discovery and delight.

這就是我們創造日常發現和快樂的方式。

And that's the thinking behind the phrase today's Tarzhay because winning in this retail environment is not about what we've done.

這就是今天的 Tarzhay 背後的想法，因為在這種零售環境中取得成功並不取決於我們做了什麼。

It's about what we're creating every week, every quarter, every year to drive this business forward.

這與我們每週、每季、每年為推動業務發展所創造的一切有關。

So I'm proud of the resiliency, consumer-centricity, and creativity of our team and what they bring to everything that they're doing.

因此，我為我們團隊的韌性、以消費者為中心和創造力以及他們在所做的一切事情中所帶來的貢獻感到自豪。

And I can't wait to see what they're going to come up with next to give more consumers more reasons to choose Target every day.

我迫不及待想看看他們接下來會想出什麼新招，讓更多的消費者有更多理由每天選擇 Target。

Thank you.

謝謝。

Now over to Cara.

現在輪到卡拉了。

Thanks, Rick, and good morning, everyone.

謝謝，里克，大家早安。

It is great to be back with you again to share our plans to continue building momentum in our business.

很高興再次與您分享我們繼續推動業務發展的計劃。

As you heard earlier from Brian, we aspire to bring together the best of what consumers want in a shopping experience in a way that is uniquely Target.

正如您之前從 Brian 那裡聽到的，我們渴望以獨特的 Target 方式將消費者最想要的購物體驗結合在一起。

Many other retail experiences offer trade-offs.

許多其他零售體驗也提供了權衡。

You can have a good value, but not the best shopping experience.

您可以獲得良好的價值，但卻無法獲得最佳的購物體驗。

You can have unlimited choices, but difficulty searching and feeling inspired.

你可以有無限的選擇，但卻很難尋找和感受到靈感。

You can have quality but at steep prices.

你可以獲得高品質，但價格卻昂貴。

Not with us.

我們不這麼認為。

At Target, we don't believe in trade-offs.

在 Target，我們不相信權衡。

We believe in the power of and for our guests.

我們相信客人的力量。

You heard from Rick that consumers want on-trend, quality products and they want them at affordable prices.

您從 Rick 那裡聽說，消費者想要時尚、優質的產品，並且希望價格實惠。

That's been part of our Expect More, Pay Less DNA for decades.

幾十年來，這一直是我們「期望更多，支付更少」 DNA 的一部分。

Consumers want convenience and a great shopping experience.

消費者想要獲得便利和良好的購物體驗。

Whether you choose to shop in stores or online, we intentionally design an elevated experience to be Target filled with discovery, inspiration, and ease.

無論您選擇在商店還是在線購物，我們都刻意設計一種高級的體驗，讓 Target 充​​滿發現、靈感和輕鬆。

Consumers also want a compelling array of product choices, and they want to know that we stand behind each and every product that we sell.

消費者也希望擁有一系列引人注目的產品選擇，並且他們希望知道我們對所銷售的每一款產品提供保障。

But we know it isn't just about what we sell.

但我們知道這不僅僅與我們銷售的產品有關。

It's also so much about how we sell it.

這也與我們如何銷售它有很大關係。

From TV ads to how we show up on social platforms to the way we design our stores, our website and app, we know that experience is crucial, and we want to immerse consumers in a joyful and inspiring retail journey every time.

從電視廣告到我們在社群平台上的展示方式，再到我們設計商店、網站和應用程式的方式，我們知道體驗至關重要，我們希望消費者每次都能沉浸在快樂和鼓舞人心的零售之旅中。

After all, in addition to our on-trend, design-forward products, Target also became famous for our aspirational in-store experience.

畢竟，除了我們緊跟潮流、設計前衛的產品之外，塔吉特還因我們令人嚮往的店內體驗而聞名。

It's how we earned the moniker Tarzhay from our guests, and it's why they continue to hold us to the incredibly high standard that we also hold for ourselves.

這就是我們從客人那裡贏得“Tarzhay”綽號的原因，也是為什麼他們對我們一如既往地抱有極高的標準。

And those expectations, they aren't exclusive to our stores.

這些期望並不僅限於我們的商店。

Consumers not only want but expect Target to provide that same level of discovery and inspiration while scrolling our app as they get when strolling our physical aisles.

消費者不僅希望而且期待 Target 能夠在他們瀏覽我們的應用程式時提供與他們逛實體店時相同程度的發現和靈感。

So that's a key focus.

所以這是一個重點。

As we continue to take that Tarzhay feeling that guests have loved for decades and keep it fresh and relevant today by investing in capabilities to become America's favorite discovery destination.

我們將繼續傳承數十年來賓客所喜愛的 Tarzhay 風格，並透過投資能力建設，使其保持新鮮感和相關性，從而成為美國最受歡迎的探索目的地。

This approach uniquely blends physical and digital retail along with social in a way that only Target can.

這種方法以獨特的方式將實體零售、數位零售以及社交融為一體，只有 Target 才能做到這一點。

To us, it isn't just about a set of fulfillment options.

對我們來說，這不僅僅是一套履行選項。

Digital is the new front door to our experience, a way to come alongside our guests when they want and need us most.

數位化是我們體驗的新大門，是我們能夠在客人最需要我們的時候為他們提供幫助的方式。

Sometimes, that's providing mom the much-needed inspiration on how to pull off that perfect yet affordable kids birthday party.

有時，這會為媽媽提供急需的靈感，讓她們知道如何為孩子舉辦完美又實惠的生日派對。

Just a few clicks, and everything she needs is added to her cart for a Drive Up order ready in a few hours.

只需點擊幾下，她需要的所有物品就會添加到她的購物車中，並在幾個小時內準備好 Drive Up 訂單。

At other times, it's Target Circle 360 saving the day, helping dad with all he needs to make dinner tonight, brought straight to his front door from one of Shipt's 300,000 shoppers nationwide.

在其他時候，Target Circle 360​​ 會化解危機，幫助爸爸準備好做今晚晚餐所需的所有食材，這些食材由 Shipt 在全國範圍內的 30 萬個購物者之一直接送到他家門口。

So while others may view digital as if it's a separate business, a profit headwind to overcome or simply a way to sell ads, we view it first as another opportunity to do what we do best: bring that Target magic to consumers.

因此，儘管其他人可能將數位化視為一項獨立的業務、需要克服的利潤阻力或僅僅是一種銷售廣告的方式，但我們首先將其視為做我們最擅長的事情的另一個機會：將 Target 的魔力帶給消費者。

Now this experience actually starts before they ever step foot through our physical or digital front door.

現在，這種體驗實際上在他們踏入我們的實體或數位前門之前就開始了。

It starts from their couch as they enjoy ads that are distinctly Target and drive the awareness and brand love that we strive for.

一切從他們的沙發開始，他們享受著具有鮮明目標性的廣告，並提升了我們所追求的品牌知名度和品牌喜愛度。

From the iconic Target lady to our easy-on-the-eyes holiday team member Kris, who is lovingly referred to as hot Santa on social, these campaigns, they're more than entertaining.

從標誌性的 Target 女士到我們養眼的假日團隊成員 Kris（在社交媒體上被親切地稱為“熱辣聖誕老人”），這些活動不僅僅是娛樂。

They reinforce the love that consumers feel for our brand, helping keep Target top of mind long after the commercial ends.

它們增強了消費者對我們品牌的喜愛，幫助 Target 在廣告結束後仍能長期保持領先。

And it's working.

而且它正在發揮作用。

For example, Target Santa stole the show across media outlets this holiday season with more than 70 million social mentions, making it one of the top searches on TikTok the week of Black Friday.

例如，這個假期季節，「Target Santa」在各大媒體上搶盡了風頭，社交提及次數超過 7000 萬次，成為「黑色星期五」當週 TikTok 上的熱門搜尋之一。

Through cultural relevance and a style that is uniquely Target, we're creating an unmatched emotional bond with our guests that translates to traffic and sales growth.

透過文化相關性和獨特的 Target 風格，我們與客人建立了無與倫比的情感紐帶，從而帶來了客流量和銷售額的成長。

But these bonds, they only last if we consistently delight and inspire our guests.

但只有我們不斷取悅並激勵我們的客人，這些紐帶才能長久。

So over the last year, we've continued to invest in many enhancements and innovation with the spirit of continuing to do just that.

因此，在過去的一年裡，我們本著繼續這樣做的精神，繼續投資許多改進和創新。

First, we always want to get the fundamentals right.

首先，我們始終希望把基本原則做好。

For example, we've been improving our AI-powered algorithms to enhance the logic behind our online product recommendations, our search functionality, and substitutions.

例如，我們一直在改進我們的人工智慧演算法，以增強我們的線上產品推薦、搜尋功能和替代品背後的邏輯。

And while guests may not even realize that we've made these changes, A/B testing has shown that these have already led to hundreds of millions of dollars in incremental sales.

雖然客人可能沒有意識到我們做出了這些改變，但 A/B 測試表明，這些改變已經帶來了數億美元的增量銷售。

But beyond the fundamentals, we're also always innovating, leaning in with a test-and-learn approach to design our digital experience to be truly distinctive.

但除了基本原則之外，我們也一直在創新，採用測試和學習的方法來設計真正獨特的數位體驗。

For proof, look no further than our industry-leading Drive Up service.

如需證明，只需看看我們業界領先的 Drive Up 服務即可。

We were one of the first retailers to offer Drive Up, and it didn't take long before it became one of the most beloved services that we offer.

我們是首批提供 Drive Up 服務的零售商之一，不久之後，它就成為我們最受歡迎的服務之一。

And even though this service has delivered consistently high growth and high Net Promoter Scores, that hasn't stopped us from innovating to make it even better, adding features like Starbucks or returns right to your car.

儘管這項服務一直保持著高成長和高淨推薦值，但這並沒有阻止我們進行創新，使其變得更好，增加了星巴克或直接返回您的汽車等功能。

Recently, we became the first retailer to integrate our app into Apple Car Play.

最近，我們成為第一家將我們的應用程式整合到 Apple Car Play 的零售商。

And of course, the service is also available through Android Auto.

當然，該服務也可以透過 Android Auto 取得。

Using these car-based technologies, guests can now let their local Target team know they're on their way to pick up their Drive Up order.

使用這些基於汽車的技術，客人現在可以讓當地的 Target 團隊知道他們正在前往取走他們的 Drive Up 訂單。

They can navigate hands-free to the store and alert the team when they've arrived.

他們可以解放雙手導航至商店，並在到達時通知團隊。

The convenience, the ease and the reliability of our digital experience has supported tremendous growth with overall digital sales now representing about 20% of our total volume.

我們數位體驗的便利性、簡單性和可靠性支持了巨大的成長，目前整體數位銷售額約占我們總銷量的 20%。

And we're punching well above our weight in categories like Food & Beverage, helping with dinner tonight or even just stocking the pantry without ever having to get out of your car.

我們在食品和飲料等領域的表現遠超預期，可以幫助您準備今晚的晚餐，甚至只是為您儲備食品，而您甚至無需下車。

Drive Up and same-day delivery have been game changers for so many of our guests and have helped propel us to one of the nation's top five grocers, well ahead of many traditional grocery stores in the US.

開車送達和當日送達服務已經改變了許多客人的購物體驗，並幫助我們成為全美五大雜貨店之一，遠遠領先美國許多傳統雜貨店。

We're also innovating in support of product discovery and making changes that are more revolutionary, including how we're infusing GenAI technology and social media signals into our digital experience.

我們也在支援產品發現方面進行創新並做出更具革命性的改變，包括如何將 GenAI 技術和社交媒體訊號融入我們的數位體驗。

We've integrated the power of GenAI throughout our digital experience in many compelling ways, including summarizing guest product reviews to better help other guests make purchase decisions, enhancing content to make our product detail pages richer and more compelling, and building tools like our GenAI-powered gift finder that help guests find the perfect present for their loved ones over the holiday just by answering a few simple questions.

我們以多種引人注目的方式將 GenAI 的強大功能融入我們的數位體驗中，包括總結客人的產品評論以更好地幫助其他客人做出購買決策、增強內容以使我們的產品詳情頁面更加豐富和引人注目，以及構建像 GenAI 驅動的禮物查找器這樣的工具，幫助客人在節日期間只需回答幾個簡單的問題就能為他們所愛的人找到完美的禮物。

Before arriving at our digital or our physical front door, we know that social media plays an outsized role in today's shopping journey.

在到達我們的數位或實體門前之前，我們就知道社群媒體在當今的購物之旅中發揮著巨大的作用。

Consumers seamlessly shift between discovering trends and making purchases, which means shopping is no longer a distinct transaction.

消費者可以在發現潮流和進行購買之間無縫切換，這意味著購物不再是一項單獨的交易。

It's an always-on experience woven into every day browsing and social interactions.

這是一種始終在線的體驗，融入了日常瀏覽和社交互動中。

This provides countless opportunities to engage consumers in new ways and provides outsized potential for Target.

這為以新方式吸引消費者提供了無數機會，並為 Target 提供了巨大的潛力。

Why?

為什麼？

Because of all big-box retailers, Target is the most engaged with brand on TikTok, Instagram and Facebook, number one.

因為在所有大型零售商中，Target 是 TikTok、Instagram 和 Facebook 上品牌互動最多的，排名第一。

Social platforms are already among the fastest-growing drivers of traffic to our digital platforms.

社群平台已經成為我們數位平台流量成長最快的驅動因素之一。

And with far greater engagement compared to our peers, we know there are massive opportunities ahead of us.

與同行相比，我們的參與度更高，我們知道，我們面前有巨大的機會。

And because we know where consumers are starting their shopping journey, we can use AI to identify emerging trends from these social platforms to more quickly amplify relevant products we carry.

而且因為我們知道消費者從哪裡開始購物，我們可以使用人工智慧從這些社交平台識別新興趨勢，以更快地擴大我們所攜帶的相關產品。

You heard the example from Rick on the mob wives trend that we saw a few months ago.

您聽到了里克 (Rick) 舉的關於我們幾個月前看到的黑幫妻子趨勢的例子。

And as this trend began to go viral on social platforms, we were able to quickly amplify all things leopard print across our platforms right as it was trending, capitalizing on this cultural moment as it occurred rather than reading and reacting after the fact.

隨著這種趨勢在社交平台上迅速傳播，我們能夠在豹紋流行時迅速在我們的平台上擴大其影響力，利用這一文化機會，而不是事後再閱讀和做出反應。

And again, it isn't about stores or digital or social.

再說一次，這與商店、數位或社交無關。

It's all of them working together.

這是他們所有人共同的努力。

We're connecting our digital experiences with our already beloved store experience unlike anyone else.

我們以獨特的方式將我們的數位體驗與我們已經喜愛的商店體驗結合在一起。

So we know that consumers, they don't just set their phones down when they shop in a physical store.

所以我們知道，消費者在實體店購物時不會直接放下手機。

In fact, more than 1/3 of guests with the Target app use it while shopping in our stores.

事實上，超過 1/3 的 Target 應用程式客人在我們的商店購物時會使用該應用程式。

This not only gives us additional ways to merge our in-store and digital shopping experience.

這不僅為我們提供了融合店內和數位購物體驗的更多方式。

It also leads to more opportunities to drive sales through compelling product recommendations and promotions.

它還透過引人注目的產品推薦和促銷來創造更多推動銷售的機會。

It's why guests who use the Target app while in our stores already spend more per transaction, nearly 50% more, in fact, with room to grow this further.

這就是為什麼在我們的商店中使用 Target 應用程式的客人每筆交易的支出已經增加，實際上增加了近 50%，並且還有進一步增長的空間。

So recently, we rolled out new functionality that transforms your phone into a personal shopping assistant used to enhance the in-store experience.

因此最近，我們推出了新功能，將您的手機變成個人購物助理，以增強店內體驗。

This functionality helps guests navigate within the store and allows them to easily find everything they're looking for through guided virtual pathing.

此功能可幫助客人在商店內導航，並允許他們透過引導式虛擬路徑輕鬆找到他們想要的一切。

So no more guessing what aisle a product is in or even where that aisle is located.

因此，不用再猜測產品在哪個走道，甚至不知道走道位於何處。

We can also recommend products that complement what you're searching or buying for.

我們也可以推薦與您正在搜尋或購買的產品相符的產品。

And what makes me even more excited is not just what we are doing, but the endless possibilities of what we can do and soon.

而令我更加興奮的不僅是我們正在做的事情，而是我們很快就能做的事情的無限可能性。

We're currently developing ways to utilize the app to search current Target Circle offers, navigating bargain hunters to where in the store these deals can be found or imagine a situation where knowing where you're located in our store, we can customize your app experience to tailor the content based on what you're currently browsing.

我們目前正在開發利用應用程式搜尋當前 Target Circle 優惠的方法，引導廉價商品獵人找到商店中可以找到這些優惠的位置，或者想像一下這樣的情況：知道您在我們商店中的位置，我們可以定制您的應用程序體驗，根據您當前瀏覽的內容定制內容。

For example, if the guest is standing in one of our beauty aisles, we could show them trending and viral beauty brands as well as work with key vendor partners to offer real-time personalized promotions to drive trial, conversion and inspiration.

例如，如果客人站在我們的某個美容產品區，我們可以向他們展示流行的美容品牌，並與主要供應商合作夥伴合作，提供即時個人化促銷，以推動試用、轉換和靈感。

And of course, digital commerce is seeing rapid growth from online marketplaces, and we've been extending our assortment through our marketplace Target Plus.

當然，數位商務正從線上市場迅速成長，我們也一直在透過我們的市場 Target Plus 擴大我們的產品種類。

Based on continued guest feedback, testing and iterating, we've been on a journey to scale up our marketplace offerings with a wider array of brands, price points and products in a logistically feasible and cost-effective way.

根據持續的客戶回饋、測試和迭代，我們一直在努力以物流上可行且具有成本效益的方式，擴大我們的市場供應範圍，提供更廣泛的品牌、價格點和產品。

And with our partnership with Shopify, we're able to more quickly identify new and emerging brands for our marketplace as well as onboard partners and products faster and easier than ever before.

透過與 Shopify 的合作，我們能夠比以往更快、更輕鬆地為我們的市場識別新興品牌以及合作夥伴和產品。

This is contributing meaningfully to our digital traffic.

這對我們的數位流量做出了有意義的貢獻。

In the last year alone, Target Plus represented around 10% of our external search volume.

光是去年，Target Plus 就佔據了我們外部搜尋量的 10% 左右。

Now to be clear, we still believe our intentional invitation-only approach is the right strategy both now and in the long haul for Target.

現在需要明確的是，我們仍然相信，我們有意採取的僅限邀請的方式對於 Target 來說無論現在還是長遠而言都是正確的策略。

But that hasn't prevented us from massive growth.

但這並沒有阻礙我們的大規模成長。

Target Plus now generates over $1 billion in GMV, having grown more than 35% in the past year alone.

Target Plus 目前 GMV 已超過 10 億美元，光是去年就成長了 35% 以上。

This includes growth of nearly 40% in Home categories, more than 60% in Essentials and Beauty and more than 170% in Food.

其中家居類別成長近 40%，必需品和美容類別成長超過 60%，食品類別成長超過 170%。

And this momentum isn't slowing down.

而且這種勢頭還沒有減緩的跡象。

In fact, we expect Target Plus to deliver upwards of $5 billion in annual GMV within the next five years.

事實上，我們預計 Target Plus 未來五年內每年的 GMV 將達到 50 億美元以上。

Yes, our strategy is different, but we believe the trust consumers have for the Target brand is a real competitive advantage.

是的，我們的策略不同，但我們相信消費者對 Target 品牌的信任是真正的競爭優勢。

And that trust should extend to our marketplace offerings, too.

這種信任也應該延伸到我們的市場產品。

So I want to pause here for a moment and address another frequently asked question on if we would prefer to drive demand into our stores rather than online due to the incremental costs associated with digital fulfillment.

因此，我想在這裡暫停一下，回答另一個常見問題：由於數位化履行會產生增量成本，我們是否更願意將需求轉移到我們的商店而不是線上。

Now to be clear, we think consumers should get to decide where and how they shop, not a retailer.

現在需要明確的是，我們認為消費者應該決定在哪裡購物和如何購物，而不是零售商。

And while our in-store shopping is what made Target famous, and yes, it's the most profitable on average, our digital channel is profitable as well and continuing to get even more efficient over time.

雖然我們的店內購物使塔吉特聞名遐邇，而且它的平均利潤最高，但我們的數位管道同樣可以盈利，並且隨著時間的推移變得越來越高效。

And that's without adding the benefits of Roundel and Target Plus.

這還沒有加上 Roundel 和 Target Plus 的優勢。

Jim will share more on this a bit later.

吉姆稍後會分享更多有關此事的資訊。

But what's missing from the question is why we love seeing consumers engage with us online.

但問題中缺少的是，為什麼我們喜歡看到消費者在線上與我們互動。

Beyond the economics of an individual purchase is the power that each of those interactions has to deepen a consumer's connection to our brand, an opportunity that we don't take lightly.

除了單次購買的經濟效益之外，每一次互動都有可能加深消費者與我們品牌的聯繫，我們不會輕視這樣的機會。

With every positive experience, we increase the affinity a guest has with our brand.

每一次正面的體驗都會增加客人對我們品牌的親和力。

They become part of the total Target ecosystem.

它們成為整個 Target 生態系統的一部分。

It's why guests using our same-day services tend to spend more overall with Target, more than 20% more on average, including more in our stores.

這就是為什麼使用我們的當日服務的客人在 Target 的總體消費往往更多，平均多出 20% 以上，其中在我們商店的消費也更多。

So now let's spend some time talking about our loyalty platform, Target Circle.

現在讓我們花點時間談談我們的忠誠度平台 Target Circle。

Last year, we were sharing our relaunch plans for an already beloved program.

去年，我們分享了重新啟動這個深受喜愛的計畫的計畫。

And today, I can tell you the relaunch worked as planned, growing the love for Target Circle with new and existing members.

今天，我可以告訴你們，重新發布工作一切順利，新舊會員對 Target Circle 的熱愛與日俱增。

But we aren't standing still.

但我們並沒有停滯不前。

In fact, we have plans to make Target Circle bigger and better than ever, bigger being the operative word.

事實上，我們計劃讓 Target Circle 變得比以往更大、更好，更大是關鍵字。

Here's a sneak peak of a spot that will air later this month.

以下是將於本月晚些時候播出的廣告的預告。

(video playing)

（影片播放）

So the marketer me cannot help but smile watching that ad.

所以，身為行銷人員的我在看到那則廣告時不禁笑了。

We are going bigger because we're relentlessly focused on growing engagement with our brand and rewarding consumers for choosing Target.

我們之所以會做大，是因為我們總是專注於提升品牌參與度，並獎勵選擇 Target 的消費者。

And our members say they love it, both with their words and with their actions.

我們的成員透過言語和行動表達了他們對它的喜愛。

Last year, active Target Circle members spent 3 times more on average compared with nonmembers.

去年，Target Circle 活躍會員的平均消費是非會員的 3 倍。

Target Circle cardholders spent around 6 times more, and Target Circle 360 members spent an average of 8x more, shopping us 6x more often than nonmembers.

Target Circle 持卡人的消費金額大約是非會員的 6 倍，而 Target Circle 360​​ 會員的平均消費金額是非會員的 8 倍，購物頻率是非會員的 6 倍。

But a common question I get goes something like this, Cara, there's so many loyalty programs out there.

但我常被問到的一個問題是這樣的，卡拉，現在有這麼多的忠誠度計畫。

Why should consumers sign up for another with Target Circle?

消費者為什麼應該與 Target Circle 再簽約？

So let me unpack this a bit.

讓我來稍微解釋一下這個問題。

The base program is completely free, providing access to automatic deals and personalized offers just for you.

基礎程式完全免費，可為您提供自動交易和個人化優惠。

Simply put, you save more money just by signing up.

簡而言之，您只需註冊即可節省更多錢。

And a reminder that if you're a Target Circle cardholder, you save an extra 5% every day.

提醒一下，如果您是 Target Circle 持卡人，您每天可額外節省 5%。

Target Circle 360 members get all the benefits of our base program plus same-day delivery from Target and other retailers.

Target Circle 360​​ 會員可享有我們基本方案的所有優惠，此外還可享有 Target 和其他零售商的當日送達服務。

And clearly, consumers see the value of a membership in Target Circle 360 given that our membership count is more than 4 times greater compared to a year ago.

顯然，消費者看到了 Target Circle 360​​ 會員資格的價值，因為我們的會員數量比一年前增加了 4 倍多。

So now I want to focus on all the ways we've differentiated our membership program, both in how it exists today and how we'll continue to make it better going forward.

所以現在我想集中談談我們會員計劃的所有差異化方式，包括目前的現狀以及我們將如何繼續使其變得更好。

And as with everything we do, it starts by listening to what guests tell us they want.

正如我們所做的一切一樣，一切始於傾聽客人的需求。

First, we know that our guests love to shop across many of their favorite stores.

首先，我們知道我們的客人喜歡在他們最喜歡的多家商店購物。

Other membership programs only provide access to one retailer.

其他會員計劃僅提供一家零售商的存取權限。

With Target Circle 360, you already get unlimited same-day delivery with a personal shopper at Target and more than 100 other retailers powered by Shipt for just $99 per year and only $49 per year if you're a Target Circle cardholder.

透過 Target Circle 360​​，您只需每年 99 美元即可享受 Target 個人購物者以及由 Shipt 提供支援的 100 多家其他零售商的無限制當日送達服務；如果您是 Target Circle 持卡人，則每年只需 49 美元。

Our guests are also early adopters and love trying new things.

我們的客人也是早期採用者，喜歡嘗試新事物。

So new this year, Target Circle 360 members will receive exciting gifts and offerings that they can choose from every month, adding an element of exclusivity and surprise for our most loyal guests.

今年的新舉措是，Target Circle 360​​ 會員每月將收到可供選擇的精彩禮物和優惠，為我們最忠實的客人增添獨家和驚喜。

Target Circle 360 members will also get the VIP red carpet treatment with early access to exciting deals and limited-time offerings and partnerships ahead of other guests.

Target Circle 360​​ 會員還將享受 VIP 紅毯待遇，可以先於其他客人享受令人興奮的優惠、限時優惠和合作夥伴關係。

Finally, our data shows how often guests are using same-day delivery powered by Target Circle 360 while traveling.

最後，我們的數據顯示了客人在旅行期間使用 Target Circle 360​​ 提供的當日送達服務的頻率。

So whether stocking the hotel room with snacks or quickly getting those items they forgot to pack, we know our guests love to travel, and we want to help take the stress out of it.

因此，無論是在飯店房間裡儲備零食還是快速拿走他們忘記打包的物品，我們都知道我們的客人喜歡旅行，我們希望幫助他們減輕旅行壓力。

So we are incredibly excited to announce a partnership with Marriott Bonvoy coming later this spring to make traveling even easier and more rewarding for Target Circle 360 members.

因此，我們非常高興地宣布，我們將於今年春季晚些時候與萬豪旅享家 (Marriott Bonvoy) 建立合作夥伴關係，讓 Target Circle 360​​ 會員的旅行變得更加輕鬆，並獲得更多回報。

More details to come very soon.

更多詳細資訊即將公佈。

These are just a few of the continued investments that we're making to elevate our loyalty offering, and it shows the importance of how we're thinking about differentiating our same-day delivery service, too.

這些只是我們為提升忠誠度而持續進行的投資的一部分，同時也顯示了我們如何思考差異化我們的當日送達服務的重要性。

In the same way that we first became famous for our in-store experience and later led the industry with Drive Up as well, we aspire to grow same-day delivery to be another unmistakably Target offering that becomes synonymous with the elevated joy, the value and experience that we're known for.

就像我們最初因店內體驗而聞名，後來又憑藉 Drive Up 引領行業一樣，我們希望將當日送達服務發展成為另一項獨特的 Target 產品，成為我們賴以聞名的更高快樂、價值和體驗的代名詞。

With the signature service as a core benefit, over the next three years, we believe our Target Circle 360 membership count has the potential to more than triple with opportunities to grow even further over time.

以標誌性服務作為核心福利，我們相信未來三年內，Target Circle 360​​ 的會員數量有可能增長兩倍以上，並且隨著時間的推移還有機會進一步增長。

And as you've heard me share before, the insights that we gain from our Target Circle members help power our media business, Roundel.

正如您之前聽我分享的那樣，我們從 Target Circle 成員那裡獲得的見解有助於推動我們的媒體業務 Roundel。

These insights allow us to introduce the right brand partners and products to the right guests, creating connections that are beneficial for all involved.

這些見解使我們能夠向合適的客人介紹合適的品牌合作夥伴和產品，從而建立對所有參與者的有益聯繫。

And we're doing it in unique ways both on platforms that we own and those that we don't.

我們正在以獨特的方式在我們擁有的平台上和我們不擁有的平台上做到這一點。

Our approach is built for long-term success by creating value-driven placements that enhance, not disrupt, the overall experience for consumers.

我們的方法是透過創建價值驅動的展示位置來增強而不是破壞消費者的整體體驗，從而實現長期成功。

If our aim is to put the guest at the center of every investment that we make, then our approach to digital advertising should be no different.

如果我們的目標是將客人置於每項投資的中心，那麼我們對待數位廣告的方法也應該如此。

For example, with Target product ads by Roundel, think sponsored ads on our website and app, we help partners place ads where guests are already browsing and with shoppers who are likely to purchase based on our rich data and insights.

例如，借助 Roundel 的 Target 產品廣告，想想我們網站和應用程式上的贊助廣告，我們幫助合作夥伴根據我們豐富的數據和見解，將廣告投放在訪客已經瀏覽的地方以及可能購買的購物者身上。

This leads to very high conversion rates and return on ad spend.

這會帶來非常高的轉換率和廣告支出回報率。

The result: these ad sales alone have grown more than 35% last year.

結果是：光是這些廣告的銷售額去年就成長了 35% 以上。

And another key source of Roundel's power lies in the qualities of our audiences, Target guests who are trend-forward, deeply engaged and enjoy shopping.

Roundel 的另一個主要力量來源在於我們的受眾品質，即那些引領潮流、深度參與並享受購物的 Target 客人。

The richness of our guest base and the trust they have for our brand, this is why we're seeing outsized growth.

我們擁有豐富的客戶基礎，並且信任我們的品牌，這就是我們看到超額成長的原因。

It's also why we have so much confidence in Roundel's ability to scale for years to come.

這也是為什麼我們對 Roundel 未來幾年的擴展能力如此有信心。

We continue to innovate and prove our value to existing partners who spend more with us every year.

我們不斷創新，向每年在我們這裡花費更多資金的現有合作夥伴證明我們的價值。

We're also making it easier for smaller emerging brands to utilize the power of Roundel's reach.

我們也讓較小的新興品牌能夠更輕鬆地利用 Roundel 的影響力。

And in the last year, we've grown this partner segment by more than 40%.

去年，我們的合作夥伴數量增加了 40% 以上。

At nearly $2 billion in value for Target, we see the potential for Roundel to double its size over the next five years.

由於 Target 的價值接近 20 億美元，我們認為 Roundel 的規模有可能在未來五年內翻倍。

I want to pause here to address the notion that these digital offerings are alternative revenue streams or ancillary businesses.

我想在這裡停下來談談這個觀點：這些數位產品是替代收入來源或輔助業務。

Others may talk about them this way, but at Target, they're part of our holistic ecosystem.

其他人可能會這樣談論它們，但在 Target，它們是我們整體生態系統的一部分。

And one only provides value because of how it works with the rest of the portfolio.

並且，它只能透過與投資組合的其他部分協作來提供價值。

The reason why Target Circle is a beloved loyalty platform is because it's attached to a brand that consumers love.

Target Circle 之所以受到消費者的喜愛，是因為它與消費者喜愛的品牌緊密相連。

Roundel is powered by the robust insights that come from Target Circle.

Roundel 依靠 Target Circle 提供的強大洞察力。

And as we grow our offerings on Target Plus, well, that allows Roundel to onboard new advertising partners more quickly, too.

隨著我們在 Target Plus 上提供的服務不斷增加，Roundel 也能夠更快地吸收新的廣告合作夥伴。

Our ecosystem is not a collection of individual capabilities or offerings but parts of a hole that interact harmoniously to serve our guests each and every day.

我們的生態系統不是單一功能或產品的集合，而是一個整體的各個部分，它們和諧地相互作用，每天為我們的客人提供服務。

So over the past year, we've continued to invest in opportunities to be the best version of ourselves for our guests today and tomorrow, and that isn't slowing down.

因此，在過去的一年裡，我們繼續投資，尋找機會，為現在和未來的客人提供最好的服務，而且這一步伐從未減緩。

We'll continue to find ways to unapologetically set ourselves apart, to offer an experience that is uniquely Target and to continue to provide more than consumers even knew they could expect from us.

我們將繼續尋找方法，堅定地讓自己脫穎而出，為消費者提供獨一無二的 Target 體驗，並繼續提供超越消費者預期的服務。

With that, I'll welcome Jim to the stage for his first Financial Community Meeting.

現在，我歡迎吉姆上台參加他的第一次金融社區會議。

Thanks, Cara.

謝謝，卡拉。

I've been at Target for about six months now.

我已經在 Target 工作大約六個月了。

And while I’ve already had the chance to meet some of you, I'm looking forward to spending many more times with you in the year ahead.

雖然我已經有機會與你們中的一些人見面，但我期待在新的一年裡能與你們有更多的相處時間。

Since I arrived, I developed a much deeper appreciation for the strength of Target business model and the team that supports it.

自從我來到這裡，我對塔吉特商業模式的實力以及支持它的團隊有了更深刻的認識。

In particular, I want to thank my members of my talented finance team who focus on being outstanding business partners while ensuring we make the right long-term financial decisions.

我特別要感謝我才華洋溢的財務團隊成員，他們致力於成為優秀的業務合作夥伴，同時確保我們做出正確的長期財務決策。

I was excited to come to Target because of the amazing brand backed by assets and scale that we can apply throughout our business, including nearly 2,000 stores served by more than 60 supply chain facilities and an experienced global sourcing organization with offices around the world; a large and diversified owned brand portfolio generating more than $31 billion in annual sales; a unique and balanced mix of six core merchandise categories, spanning both wants and daily needs.

我很高興來到塔吉特，因為這個令人驚嘆的品牌擁有可應用於整個業務的資產和規模，包括由 60 多個供應鏈設施提供服務的近 2,000 家商店以及在世界各地設有辦事處的經驗豐富的全球採購組織；龐大且多樣化的自有品牌組合，年銷售額超過 310 億美元；六個核心商品類別的獨特且均衡的組合，涵蓋了想要的和日常需要的。

Each of which generates well over $10 billion in annual sales; a full suite of digital fulfillment capabilities that together account for more than $20 billion in annual sales with one of the fastest-growing marketplaces in Target Plus; and one of the biggest loyalty programs in the country, Target Circle, which helps to fuel Roundel, one of the largest retail advertising businesses in the US

每家公司的年銷售額都超過 100 億美元；一整套數位化履行功能，其年銷售額總計超過 200 億美元，是 Target Plus 中成長最快的市場之一；以及美國最大的忠誠度計劃之一 Target Circle，該計劃為美國最大的零售廣告公司之一 Roundel 提供了支持

With all these assets supporting our differentiated strategy, Target has a compelling growth opportunity in the years ahead, and I'm looking forward to sharing our progress with you over time.

憑藉這些資產對我們差異化策略的支持，塔吉特在未來幾年將擁有引人注目的成長機會，我期待與您分享我們的進步。

As you know, we faced some unexpected challenges in 2024, and we're encouraged that we ended the year with stronger-than-expected Q4 performance.

如你所知，我們在 2024 年面臨一些意想不到的挑戰，我們很高興以強於預期的第四季度業績結束了這一年。

When we first provided fourth quarter top line guidance last November, we expected comparable sales in a range around flat.

當我們去年 11 月首次提供第四季度營收預期時，我們預計可比銷售額將維持在持平水平。

This morning, we reported a 1.5% increase in Q4 comp sales, consistent with our January update.

今天上午，我們報告第四季度同店銷售額成長了 1.5%，與 1 月的更新結果一致。

When we guided Q4 EPS back in November, we specified a range of $1.85 to $2.45. And this morning, we reported Q4 GAAP and adjusted EPS of $2.41, near the very high end of that range.

當我們在 11 月預測第四季度每股收益時，我們指定的範圍是 1.85 美元至 2.45 美元。今天上午，我們報告了第四季度 GAAP 和調整後每股收益為 2.41 美元，接近該範圍的最高端。

It's also notable that despite the volatility we saw on a quarterly basis, our full year results ended up within the top and bottom line ranges that Michael provided at the beginning of the year.

值得注意的是，儘管我們看到季度波動，但我們的全年業績最終仍在邁克爾年初提供的最高和最低範圍內。

And while last year's EPS was slightly lower than in 2023, that year also included a 53rd week.

雖然去年的每股盈餘略低於 2023 年，但那一年也包括第 53 週。

When we adjust for our estimate of the benefit of that extra week on an apples-to-apples basis, 2024 net sales grew by about 1% over 2023 and full year EPS grew by about 3%.

當我們根據同類基礎調整對額外一周收益的估計時，2024 年的淨銷售額將比 2023 年增長約 1%，全年每股收益將增長約 3%。

Among other highlights in 2024 was the healthy increase in guest traffic in both our stores and our digital channels.

2024 年的其他亮點包括我們商店和數位管道的客流量健康成長。

Within digital, we saw double-digit growth in both Drive Up and same-day delivery powered by Target Circle 360.

在數位領域，我們看到由 Target Circle 360​​ 提供支援的 Drive Up 和當日送達服務都實現了兩位數的成長。

We also saw more than 35% growth in third-party GMV on Target Plus last year with more than 40% growth in Q4.

去年，我們也看到 Target Plus 上的第三方 GMV 成長了 35% 以上，第四季的成長更是超過了 40%。

Roundel also had another strong year with growth in the mid-teens.

Roundel 也度過了另一個強勁的一年，成長率達到了十幾歲。

Beyond getting to know the Target team, I've also gained a deeper appreciation for the ways that Target is unique within the US market.

除了了解 Target 團隊之外，我對 Target 在美國市場的獨特之處有了更深的認識。

For example, and as Cara highlighted earlier, our approach to digital commerce is distinctly different from other retailers.

例如，正如卡拉之前所強調的那樣，我們對數位商務的態度與其他零售商截然不同。

And I want to dig into that because things might look similar on the surface.

我想深入研究這一點，因為事情表面上看起來可能很相似。

For instance, when you look across the top of this slide, you see a complete omnichannel retailer, offering in-store shopping and a full suite of digital fulfillment options.

例如，當您查看此投影片的頂部時，您會看到一個完整的全通路零售商，提供店內購物和全套數位化履行選項。

But what makes Target unique is the way those fulfillment options work together to increase guest engagement more broadly.

但 Target 的獨特之處在於，這些履行選項可以協同工作，更廣泛地提高客戶參與度。

As Michael mentioned earlier, when guests try our Drive Up and same-day delivery services, they increase their overall spending by an average of more than 20%, including more spending in our stores.

正如邁克爾之前提到的，當客人嘗試我們的 Drive Up 和當日送達服務時，他們的總體支出平均會增加 20% 以上，其中包括在我們的商店中的更多支出。

You don't hear that from others, and it's a tangible example of the power of and that Cara described earlier.

您不會從其他人那裡聽到這一點，這是卡拉之前描述的“和”力量的具體例子。

Another important aspect of our digital strategy is the way we choose our assortment and how that plays into our supply chain strategy.

我們的數位策略的另一個重要方面是我們選擇產品組合的方式以及其如何融入我們的供應鏈策略。

In managing our assortment, we focus first on selecting the right set of items in the categories our guests expect from us, then we determine the appropriate channel by item and category.

在管理我們的商品組合時，我們首先專注於在客人期望的類別中選擇正確的商品，然後根據商品和類別確定適當的管道。

Because of this selective approach, most of our first-party digital sales come from items we offer both online and in our stores.

由於這種選擇性方法，我們的第一方數位銷售大多來自我們在網路和商店提供的商品。

This fits perfectly with our stores-as-hubs model, allowing us to leverage our stores assets, inventory, and team to fulfill a very high percentage of our first-party demand, more than 97% in 2024.

這與我們的以商店為中心模式完美契合，使我們能夠利用商店資產、庫存和團隊來滿足很大一部分第一方需求，到 2024 年將超過 97%。

It's a model that delivers speed and efficiency in a capital-light manner.

這是一種以輕資本方式實現速度和效率的模式。

And importantly, it's scalable as our digital sales have more than tripled over the last five years on largely the same asset base.

而且重要的是，它具有可擴展性，因為過去五年來，在基本相同的資產基礎上，我們的數位銷售額增長了兩倍多。

Of course, beyond the direct impact and benefit of first-party sales, the digital channel also powers our Roundel ad business and our Target Plus marketplace.

當然，除了第一方銷售的直接影響和好處之外，數位管道還為我們的 Roundel 廣告業務和 Target Plus 市場提供支援。

Target Plus is an agile capital-light option for selling a wide range of products from distinctive brands without the need to buy, store and move the inventory ourselves.

Target Plus 是一種靈活的輕資本選擇，用於銷售來自不同品牌的多種產品，而無需我們自己購買、儲存和行動庫存。

As a result, Target Plus is especially well suited for items that turn slowly, items that occupy a lot of physical space and ones for which demand tends to be variable and less predictable.

因此，Target Plus 尤其適合週轉緩慢的物品、佔用大量實體空間的物品以及需求變化較大且難以預測的物品。

While Target Plus is a relatively small contributor to our P&L today, there's a compelling opportunity to rapidly expand our Target Plus assortment, benefiting both our top line and bottom line in 2025 and beyond.

儘管 Target Plus 目前對我們的損益貢獻相對較小，但仍有一個極具吸引力的機會來迅速擴大我們的 Target Plus 產品組合，從而使我們在 2025 年及以後的營收和利潤均受益。

So now I want to touch on the profitability of our digital business because the answer is different from what many people believe.

所以現在我想談談我們的數位業務的獲利能力，因為答案與許多人認為的不同。

Last year, even if we narrowly focus on the direct impact of digital sales, the digital channel at Target delivered incremental profit dollars to our business.

去年，即使我們只專注於數位銷售的直接影響，塔吉特的數位管道也為我們的業務帶來了增量利潤。

Now to be clear, the profit rate in the digital channel is lower than our stores.

現在要明確的是，數位管道的利潤率低於我們的商店。

But digital growth is good for our bottom line, and we have clear plans in place to further improve our digital profitability over time.

但數位化成長對我們的底線有利，而且我們制定了明確的計劃，以進一步提高我們的數位化獲利能力。

I also want to note, this analysis of digital profitability doesn't rely on the sizable indirect benefits we gain from our digital platform, including revenue from Roundel and Target Plus, and importantly, the growth in store sales we see when a guest tries one of our digital services.

我還想指出的是，這種數位獲利能力的分析並不依賴我們從數位平台獲得的大量間接收益，包括來自 Roundel 和 Target Plus 的收入，以及更重要的是，當客人嘗試我們的某項數位服務時我們看到的商店銷售額的增長。

To emphasize that point, our first-party digital business delivers incremental profit to our bottom line, even if we exclude the indirect benefits from Roundel and Target Plus.

為了強調這一點，即使排除 Roundel 和 Target Plus 帶來的間接利益，我們的第一方數位業務也會為我們的底線帶來增量利潤。

Beyond digital profitability, I want to also unpack a few of our financial metrics behind our six core merchandising categories because understanding these dynamics is critical to understanding our business.

除了數位獲利能力之外，我還想解析我們六大核心商品類別背後的一些財務指標，因為了解這些動態對於了解我們的業務至關重要。

At the top of this slide, you can see the percentage of our sales in each of our six core categories, a balanced mix you don't see anywhere else in retail.

在這張投影片的頂部，您可以看到我們六個核心類別的銷售額百分比，這種均衡的組合在零售業的其他任何地方都是看不到的。

The next slide compares the gross margin rates in each of these categories, ranging from the lowest rate in Hardlines to more than double that rate in Apparel.

下一張投影片比較了每個類別的毛利率，從耐用品中的最低利率到服裝中的兩倍以上。

This wide range is an important part of understanding our financial results because variability in category growth rates can have a very meaningful impact on our gross margin rate.

這個廣泛的範圍是理解我們的財務結果的一個重要部分，因為類別成長率的變化會對我們的毛利率產生非常重大的影響。

And over the last five years, the range of margin mix impact has been quite wide from as much as a 160 basis points headwind in the first quarter of 2020 to 150 basis points tailwind a year later.

在過去五年中，利潤率組合影響的範圍相當廣，從 2020 年第一季高達 160 個基點的逆風到一年後的 150 個基點的順風。

Next on the slide, you can see our own brand mix, which runs from more than 75% in apparel to the low single digits in Beauty and Hardlines.

接下來在投影片上，您可以看到我們自己的品牌組合，從服裝的 75% 以上到美容和耐用品的低個位數。

Obviously, this metric is important strategically, but it also has implications for our financial results.

顯然，這個指標在策略上很重要，但它也會對我們的財務結果產生影響。

Owned brands are a key part of our differentiation, and they typically earn higher gross margin rates than our national brands.

自有品牌是我們差異化的關鍵部分，它們的毛利率通常比我們的國家品牌更高。

They also involve longer lead times, giving us less flexibility to react to changes in sales trends.

它們還涉及更長的交貨時間，使我們對銷售趨勢變化的反應缺乏靈活性。

That last point relates to the next row on the table, showing the relative space occupied by these categories in the supply chain.

最後一點與表格的下一行相關，顯示了這些類別在供應鏈中佔據的相對空間。

Together, these two metrics help to illustrate a challenge that we encountered in Q3 of last year, when a meaningful slowdown in Home put extra pressure on our supply chain in stores at the same time they were handling peak volume in advance of the holidays.

這兩個指標共同說明了我們在去年第三季遇到的一個挑戰，當時家居市場的明顯放緩給我們門市的供應鏈帶來了額外的壓力，同時他們還在處理假期前的高峰銷售量。

As a result and as Rick covered earlier, the team has been working to reduce lead times in our longest lead Apparel and Home categories.

因此，正如 Rick 之前提到的，團隊一直致力於縮短我們最長的服裝和家居類別的交貨時間。

This effort will be an ongoing journey, but we've already made progress, most notably in Apparel.

這項工作將是一個持續的過程，但我們已經取得了進展，尤其是在服裝領域。

And over time, this work will benefit our business in many ways, especially when volatility is high.

隨著時間的推移，這項工作將在許多方面使我們的業務受益，尤其是在波動性較高的情況下。

More specifically, with shorter lead times, we can react more quickly when consumer demand rises to replenish more quickly and maximize sales.

更具體地說，交貨時間越短，當消費者需求上升時，我們可以做出更快的反應，從而更快地補貨並最大化銷售額。

Conversely, when demand softens unexpectedly, shorter lead times allow us to adjust inventories more quickly and reduce markdown exposure.

相反，當需求意外疲軟時，較短的交貨時間使我們能夠更快地調整庫存並減少降價風險。

In addition, this work can help our supply chain by reducing peaks and valleys and storage needs when there's a volatility in demand.

此外，當需求波動時，這項工作可以幫助我們的供應鏈減少高峰和低谷以及儲存需求。

Beyond our work on lead times, the team is leaning into Target Plus as a way to augment our assortment without taking on the inventory risk and capacity needs of our first-party business.

除了交貨時間的工作之外，團隊還傾向於使用 Target Plus 來擴充我們的產品組合，而無需承擔第一方業務的庫存風險和產能需求。

While there's potential across our entire assortment, we see a big opportunity in Home, where an extended assortment on Target Plus can enhance the relevance of our assortment, especially for items that are bulky and not well suited for guests to bring home in their car.

雖然我們的整個商品組合都有潛力，但我們在家庭方面看到了巨大的機會，Target Plus 上擴展的商品組合可以增強我們商品組合的相關性，特別是對於那些體積較大、不適合客人用車帶回家的物品。

Finally, as you see at the bottom of the slide, you can see the relative variability in sales trends in each of these core categories over time.

最後，正如您在幻燈片底部看到的，您可以看到隨著時間的推移，每個核心類別的銷售趨勢的相對變化。

Not surprisingly, variability is highest on the discretionary side of our assortment, where guests can rapidly adjust their short-term spending as conditions change.

毫不奇怪，我們產品組合中可自由支配的方面變化性最高，客人可以隨著情況的變化迅速調整他們的短期支出。

With about half of our sales in these categories, we naturally have more variability in our business than if we only sold our frequency categories.

由於我們的銷售額大約有一半屬於這些類別，因此與僅銷售頻率類別相比，我們的業務自然具有更大的可變性。

But importantly, we're also compensated for that variability as our highest-margin categories are also on the discretionary side of our business.

但重要的是，我們也得到了這種變化的補償，因為我們利潤最高的類別也屬於我們業務的可自由支配方面。

With that as context, I want to move to our longer-term financial aspirations, which remain largely consistent with what we shared before.

在此背景下，我想談談我們的長期財務目標，這與我們之前所分享的大致一致。

Michael outlined the addressable market opportunity earlier.

邁克爾之前曾概述過潛在的市場機會。

And with our scale, assets and strategy, we're looking to address that opportunity by maintaining or growing share in categories that we sell, resulting in an average of low to mid-single-digit top line growth over time.

憑藉我們的規模、資產和策略，我們希望透過維持或增加我們銷售類別的份額來抓住這一機遇，從而隨著時間的推移實現平均低至中等個位數的營收成長。

And notably, over the last five years, Target's average top line growth has exceeded that pace, resulting in total growth of about 36%, a number that compares favorably to the retail sector and consumer spending over that period.

值得注意的是，在過去五年中，塔吉特的平均營業額成長率超過了這一速度，總成長率達到了約 36%，這一數字與同期零售業和消費者支出相比表現良好。

But growth rates varied widely over that period with nearly half of that -- nearly all of that growth in the first two years and flattish trends since then.

但該時期的成長率差異很大，其中近一半——幾乎全部的成長都出現在前兩年，此後一直呈現平緩趨勢。

This reflects our strong mix of discretionary categories and the dramatic swings in consumer spending that happened during the pandemic and the period of high inflation that followed.

這反映了我們可自由支配的商品類別的強大組合，以及大流行期間和隨後的高通膨時期消費者支出的劇烈波動。

And today, while consumer spending trends are not yet back to normal, we're seeing some encouraging trends in our discretionary business, including three consecutive quarters of share gains in Apparel, improving share trends in our Home business and holiday season share gains in both sporting goods and toys within Hardlines.

如今，雖然消費者支出趨勢尚未恢復正常，但我們看到非必需品業務中出現了一些令人鼓舞的趨勢，包括服裝業務份額連續三個季度增長、家居業務份額趨勢改善以及耐用品業務中體育用品和玩具在假日季的份額增長。

When combined with steady growth in our frequency categories and ongoing share gains in Beauty, we feel well positioned to deliver long-term top line growth.

結合我們頻率類別的穩定成長和美容領域份額的持續成長，我們感到有能力實現長期的營收成長。

Turning to profitability.

轉向盈利能力。

We expect to grow our operating margin rate over time based on multiple profit-enhancing opportunities ahead of us.

我們預計，基於我們面臨的多種提高利潤的機會，我們的營業利潤率將隨著時間的推移而提高。

Among those tailwinds, we expect continued outsized growth from Roundel and Target Plus, both of which are accretive to our operating margin rate.

在這些順風因素中，我們預計 Roundel 和 Target Plus 將繼續實現超高速成長，這兩家公司都將提高我們的營業利潤率。

We're expecting more good news from shrink in 2025 and beyond.

我們期待在 2025 年及以後帶來更多有關收縮的好消息。

As you recall from 2019 through 2023, our operating margin absorbed about 120 basis points of pressure from higher inventory shrink.

您還記得，從 2019 年到 2023 年，我們的營業利潤率吸收了庫存減少帶來的約 120 個基點的壓力。

Last year, we recovered about 1/3 of that pressure as a lower financial impact from shrink was an approximate 40 basis points tailwind to our full year operating margin rate.

去年，我們恢復了大約 1/3 的壓力，因為收縮帶來的財務影響較低，對我們的全年營業利潤率產生了約 40 個基點的順風。

Given recent trends and the increased focus on retail crime we've seen at the federal state and local level, we expect to benefit from further shrink improvement in 2025 and beyond.

鑑於最近的趨勢以及聯邦、州和地方層級對零售犯罪的日益關注，我們預計 2025 年及以後零售犯罪將進一步減少。

Beyond shrink, we expect to benefit from ongoing efficiency efforts throughout our business.

除了縮減之外，我們還期望從整個業務的持續效率努力中受益。

In the last two years since we launched the work, we've already attained the initial goal of more than $2 billion in savings.

我們啟動這項工作的兩年來，已經實現了節省20多億美元的初步目標。

But that doesn't mean we're going to stop.

但這並不意味著我們會停止。

Rather, it will become an ongoing mindset across our business to find savings opportunities we can take to the bottom line or reinvest in support of our guest experience, lower prices, and our team.

相反，它將成為我們整個業務的一種持續思維方式，即尋找可以節省成本的機會，或進行再投資以支持我們的客戶體驗、更低的價格和我們的團隊。

Altogether with these margin opportunities, we believe we're positioned to deliver mid- to high single-digit annual EPS growth over the next several years.

總而言之，憑藉這些利潤機會，我們相信我們有能力在未來幾年內實現中高個位數的年度每股收益成長。

And with our scale, if we hold or gain share in each across our merchandise categories, we can expand the size of our business by more than $15 billion over five years, an amount that's larger than many of our retail peers.

憑藉我們的規模，如果我們在各個商品類別中保持或增加份額，我們可以在五年內將業務規模擴大 150 億美元以上，這個數字比我們的許多零售同行都要大。

Now I want to turn to our outlook for 2025.

現在我想談談我們對 2025 年的展望。

On the top line this year, we're continuing to plan cautiously and are looking to grow our net sales in the range of around 1% with expected comparable sales around flat.

就今年的營收而言，我們將繼續謹慎規劃，並希望淨銷售額成長 1% 左右，預計可比銷售額將持平。

We're planning to deliver a modest increase in our operating margin rate this year as profit tailwinds offset continued investments in long-term profitable growth.

由於利潤順風抵消了對長期獲利成長的持續投資，我們計劃今年適度提高營業利潤率。

For the year, we're expecting an effective tax rate of 23% to 24%, which includes the implementation of new global minimum tax rules.

我們預計今年的實際稅率為 23% 至 24%，其中包括實施新的全球最低稅規則。

Altogether, we're expecting 2025 an adjusted EPS of $880 to $980.

總體而言，我們預計 2025 年調整後每股收益為 880 美元至 980 美元。

Regarding capital deployment, I'll first reiterate our long-standing priorities.

關於資本部署，我首先重申我們的長期優先事項。

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

我們首先考慮對符合我們的策略和財務標準的產品進行充分投資。

Second, we look to support the dividend and build on our record of more than 50 years of annual increase.

其次，我們希望支持股息，並鞏固我們 50 多年來年度成長的記錄。

And finally, we look to return any excess cash beyond those first two uses through share repurchases over time within the constraints of our middle Acredit ratings.

最後，我們希望在我們的中等 A 信用評級的限制下，透過一段時間內的股票回購返還除前兩種用途之外的任何多餘現金。

Regarding the first priority, we continue to expect CapEx of $4 billion to $5 billion this year.

對於第一要務，我們繼續預期今年的資本支出為 40 億至 50 億美元。

The bulk of these investments will be focused on stores, including both new locations and existing ones.

這些投資大部分將集中在商店上，包括新店和現有商店。

In addition, we're making robust investments in both supply chain and technology to support the initiatives our team highlighted earlier.

此外，我們正在供應鏈和技術方面進行大力投資，以支持我們團隊先前強調的舉措。

Regarding the dividend, we plan to recommend that the Board approve a low single-digit increase in the quarterly dividend later this year.

關於股息，我們計劃建議董事會在今年稍後批准將季度股息提高一個較低的個位數。

And finally, beyond those first two uses, we expect to have capacity for share repurchases within the limits of our credit ratings.

最後，除了前兩種用途之外，我們還預期有能力在信用評等範圍內回購股票。

As always, the timing and magnitude will depend on business results and our assessment of the external environment.

與往常一樣，時間和規模將取決於業務成果和我們對外部環境的評估。

In particular, we plan to make some extra flexibility in the near term to help us navigate uncertainty regarding tariffs.

特別是，我們計劃在短期內做出一些額外的靈活性，以幫助我們應對關稅方面的不確定性。

With a sourcing organization that's decades old, our team has a lot of experience in navigating this type of volatility.

我們的團隊擁有數十年歷史的採購組織，在應對此類波動方面擁有豐富的經驗。

They're monitoring the situation carefully, and we expect to successfully navigate through any changes, just like we have in the past.

他們正在密切關注局勢，我們期望能夠成功應對任何變化，就像我們過去所做的那樣。

However, given near-term uncertainty, we'll be looking to maintain a larger-than-normal cushion on the balance sheet.

然而，考慮到近期的不確定性，我們將尋求在資產負債表上維持比正常更大的緩衝。

As always, our team will focus first on minimizing any impact on our guests as we manage our business to deliver on our financial goals.

與往常一樣，在管理業務以實現財務目標的過程中，我們的團隊將首先致力於盡量減少對客人的影響。

Finally, I want to spend a minute on our guidance practices and our decision to move away from quarterly guidance.

最後，我想花一點時間談談我們的指導實踐以及我們放棄季度指導的決定。

This change reflects our expectation of continued elevated volatility, which limits the effectiveness of quarterly forecasts.

這項變化反映了我們對波動性持續上升的預期，這限制了季度預測的有效性。

As an example, consider the impact of warm weather on Apparel sales in last year's third quarter. namely, our apparel Comp moved from more than 3% growth in Q2 to down nearly 1% in Q3, back up to a 3.5% growth in Q4.

舉個例子，想想溫暖天氣對去年第三季服裝銷售的影響。具體來說，我們的服飾同店銷售額從第二季的3%以上成長，到第三季下降近1%，再到第四季回升至3.5%的成長。

Even as we move to annual guidance, we'll have the opportunity to revisit our full year outlook after every quarter and assess whether any changes might be appropriate.

即使我們轉向年度指導，我們也將有機會在每個季度之後重新審視我們的全年展望，並評估是否需要進行任何適當的更改。

And of course, we can comment on timing considerations and prior year comparisons.

當然，我們可以對時間考慮和前幾年的比較進行評論。

And I’d like to comment on our top line results so far this quarter as sales have become more volatile since the recent holiday season.

我想對本季迄今為止的營業業績進行評論，因為自最近的假期以來，銷售情況變得更加不穩定。

More specifically, in February, we saw record sales performance on Valentine's Day.

更具體地說，二月，情人節的銷售業績創下了歷史新高。

But overall top line performance for the month was soft as cold weather affected Apparel sales and consumer confidence declines impacting our discretionary assortment more broadly.

但由於寒冷天氣影響了服裝銷售，且消費者信心下降，從而更廣泛地影響了我們的可自由支配的商品種類，因此本月整體營收表現疲軟。

Looking ahead, we expect to see a moderation in this trend as Apparel sales respond to warmer weather around the country.

展望未來，隨著服裝銷售受到全國各地天氣變暖的影響，我們預計這一趨勢將有所緩和。

And given our performance around Valentine's Day, we're looking forward to the Easter holiday, where we'll feature a seasonal assortment ranging from candy to toys, home decor and apparel, and of course, everything needed for Easter dinner.

考慮到我們在情人節期間的表現，我們非常期待復活節假期，屆時我們將推出一系列季節性商品，包括糖果、玩具、家居裝飾和服裝，當然還有復活節晚餐所需的一切。

Beyond the impact of these early top line trends, we're expecting some outsized profit pressures in this year's first quarter compared with the rest of the year.

除了這些早期營收趨勢的影響之外，我們預計今年第一季的利潤壓力將比今年其他時間更大。

These include tariff uncertainty, expected start-up costs from a ramp-up in new stores and remodel projects, and the timing of certain SG&A and tax expenses within the year.

其中包括關稅的不確定性、新店擴張和改造項目預期產生的啟動成本，以及年內某些銷售、一般及行政費用 (SG&A) 和稅費的時間安排。

In contrast, we'll face easier profit comparisons to the back half of the year, including the Q3 benefit from lapping last year's unexpected supply chain costs, which we don't expect to repeat in 2025.

相較之下，我們將更容易與今年下半年進行利潤比較，包括第三季因去年意外的供應鏈成本而獲得的收益，我們預計這種情況在 2025 年不會重演。

As I get ready to hand things back to Brian, I want to start by thanking the entire Target team for their tireless efforts to support our guests, our business and each other.

當我準備將東西交還給布萊恩時，我首先要感謝整個 Target 團隊為支持我們的客人、我們的業務以及彼此所做的不懈努力。

Our teams have managed through several years of elevated volatility, and they've never lost their focus on serving our guests.

我們的團隊度過了數年的動盪時期，但始終沒有忘記為客人提供優質的服務。

I also want to thank everyone who's here today for your continued interest in Target.

我還要感謝今天在座的各位對 Target 的持續關注。

The same way that volatility presents a challenge for our team, we know it's challenging for investors.

我們知道，波動性對我們的團隊來說是一個挑戰，同樣，它也給投資者帶來了挑戰。

Today, we are laser-focused on reducing volatility in our business as we focus on controlling what we can control.

今天，我們全心全意地致力於減少業務波動，因為我們專注於控制我們能夠控制的事情。

And with the potential for reduced volatility, combined with growth prospects ahead of us, there's a compelling opportunity to reward shareholders over time.

而且，隨著波動性降低的潛力，加上我們未來的成長前景，我們將有一個極具吸引力的機會來隨著時間的推移回報股東。

With that, I'll turn things back over to Brian.

說完這些，我將把事情交還給 Brian。

Well, thank you, Jim.

好吧，謝謝你，吉姆。

In a minute, I'll invite the team back to the stage to answer your questions.

一會兒，我將邀請團隊回到台上回答你們的問題。

But before I do, let me recap a few key points, starting with the three questions I posed at the beginning of the meeting.

但在此之前，讓我先回顧幾個要點，首先是我在會議開始時提出的三個問題。

What is Target's unique place in retail?

塔吉特在零售業中的獨特地位是什麼？

How will Target build more engagement with even more consumers?

塔吉特將如何與更多消費者建立更多連結？

And how will that engagement translate to traffic, sales, and profitability over the next five years?

那麼，未來五年內，這種參與將如何轉化為流量、銷售額和獲利能力呢？

As we shared with you today, we are very confident in our path forward because we have the scale, the strategy, and the capabilities to make Target a long-term winner in retail.

正如我們今天與大家分享的，我們對未來的道路充滿信心，因為我們擁有規模、策略和能力，可以讓塔吉特成為零售業的長期贏家。

It always starts with product.

它總是從產品開始。

We've grown sales across all six categories of our assortment, resulting in overall growth of nearly $30 billion over the last five years.

我們所有六個類別的銷售額都有所成長，過去五年整體成長近 300 億美元。

We're the fifth largest frequency player in US retail.

我們是美國零售業第五大頻率參與者。

We're accelerating investments in our discretionary categories to build on the more than $50 billion in annual sales in Hardlines, Home and Apparel.

我們正在加快對非必需品類別的投資，以鞏固耐用品、家居和服裝領域超過 500 億美元的年銷售額。

We're giving guests access to thousands of trusted products and brands through our billion marketplace, Target Plus, a marketplace we expect to reach $5 billion in GMV over the next five years.

我們透過價值十億美元的市場 Target Plus 為客人提供數以千計的值得信賴的產品和品牌，我們預計該市場的 GMV 將在未來五年內達到 50 億美元。

We pair this newness with relevance and value in our assortment and an experience that makes it easy and fun for consumers to shop in a way that works best for them.

我們將這種新穎性與相關性和價值相結合，並為消費者提供體驗，讓他們能夠以最適合自己方式輕鬆有趣地購物。

As a result, guests made 350 million more trips to Target last year than they did in 2019.

因此，去年前往塔吉特的遊客數量比 2019 年增加了 3.5 億人次。

Those trips are part of our ecosystem of marketing advertising, loyalty benefits and digital and in-store experiences that make every trip tailored to the needs and preferences of our guests.

這些旅行是我們行銷廣告、忠誠度福利以及數位和店內體驗生態系統的一部分，旨在使每一次旅行都根據客人的需求和喜好進行量身定制。

That level of personalization and flexibility is a win-win for our guests and our business.

這種程度的個人化和靈活性對於我們的客人和我們的業務來說是雙贏的。

Our industry-leading same-day services are growing at a double-digit pace and even more growth potential ahead.

我們行業領先的當日服務正以兩位數的速度成長，並且未來將有更大的成長潛力。

Target Circle 360 membership quadrupled since launch.

Target Circle 360​​ 的會員人數自推出以來增加了四倍。

And we've added benefits like a partnership with Marriott to maintain that momentum.

並且我們還增加了與萬豪合作等福利以保持這一勢頭。

In our media business, Roundel continues to generate nearly $2 billion of value for Target while creating connections with consumers and brands that we believe will double in size in the next five years.

在我們的媒體業務中，Roundel 繼續為 Target 創造近 20 億美元的價值，同時與消費者和品牌建立聯繫，我們相信這種聯繫的規模將在未來五年內翻倍。

All this comes together in a road map for growth that we expect to deliver more than $15 billion in sales growth over the next five years.

所有這些都構成了我們制定的成長路線圖，預計未來五年將實現超過 150 億美元的銷售額成長。

Today’s Tarzhay , it’s here.

今天的 Tarzhay 就在這裡。

That consistent drumbeat of everyday discovery and delight we offer to consumers.

我們每天都會為消費者帶來發現和愉悅。

It stays true to who we've always been, keeps pace with consumer trends and leverages our connection to culture, great trends on our own while always thinking long term about the unique role Target plays in retail and in the lives of millions of consumers we serve each and every day.

它始終忠於我們的初衷，緊跟消費者趨勢，利用我們與文化的聯繫，把握我們自身的偉大潮流，同時始終從長遠角度考慮塔吉特在零售業以及我們每天服務的數百萬消費者的生活中所扮演的獨特角色。

So thank you once again for being here today.

再次感謝大家今天的到來。

And now I'll invite Michael, Rick, Cara, and Jim to join me on the stage to take your questions.

現在我邀請麥可、瑞克、卡拉和吉姆上台與我一起回答大家的問題。

Alright.

好吧。

Absolutely love the show of hands as we started to walk back to the stage.

當我們開始走回舞台時，非常喜歡舉手的動作。

And Michael Lasser, I think I saw your hand go up very first.

麥可拉瑟，我想我看到你第一個舉起手。

So I'll give you the first question today.

所以今天我先問大家第一個問題。

Thank you very much, Brian.

非常感謝，布萊恩。

Michael Lasser from UBS.

瑞銀的麥可拉瑟（Michael Lasser）。

It seemed like one of the messages today that Target offered is we can still generate growth, but also increase the predictability and lower the volatility of the business based on some of the investments that we're making in systems, team members and infrastructure.

塔吉特今天傳達的訊息之一似乎是，我們仍然可以實現成長，但基於我們在系統、團隊成員和基礎設施方面進行的一些投資，我們也可以提高可預測性並降低業務的波動性。

So A, is that?

那麼 A，是嗎？

And B, when are we going to -- when is it realistic for outsiders to start to see that play out in the P&L?

B，我們什麼時候才能－什麼時候外部人士才能現實地開始看到損益表中的這個變化？

Because it has been quite volatile over the last few years.

因為過去幾年它一直非常不穩定。

And I'll add my second question.

我還要補充第二個問題。

Speaking of volatility, the tariff situation remains quite fluid.

說到波動性，關稅情況仍然相當不穩定。

Based on what you know today, how did you factor that into your guidance for 2025?

根據您今天所了解的情況，您是如何將其納入 2025 年指導範圍的？

Thank you very much.

非常感謝。

Michael, it's a great place to start.

邁克爾，這是一個很好的起點。

And those are two powerful takeaways that focus on consistency and reliability.

這兩個強而有力的要點在於注重一致性和可靠性。

You've heard it from Michael, you heard it throughout our discussion today.

您已經從邁克爾那裡聽到了這一點，您也在我們今天的討論中聽到了這一點。

And certainly, Jim and I have spent a lot of time talking about consistency going forward.

當然，吉姆和我花了很多時間討論未來的一致性。

Michael, I'm going to let you start and talk about the focus on reliability.

邁克爾，我讓你開始談談對可靠性的關注。

And Jim, what's kind of share your thoughts on the importance of consistency as we go forward.

吉姆，在我們前進的過程中，您如何看待一致性的重要性？

Yes.

是的。

It's a good question, Michael, and think about it and we think about it as consistent progress over time.

這是個好問題，邁克爾，想想吧，我們認為這是一個隨著時間的推移而不斷取得的進步。

You could hear us building on momentum, in some cases, where we talked about -- we've had reliability -- inventory reliability improvements for eight quarters in a row now.

在某些情況下，你可以聽到我們正在建立勢頭，我們談論的是——我們已經連續八個季度提高了可靠性——庫存可靠性得到了改善。

And we want to build on that with more progress as we move through the quarters of 2025.

我們希望在 2025 年取得更多進展。

Rick share is we're shortening lead times.

Rick 分享的是，我們正在縮短交貨時間。

Discretionary categories are going to come inherently with more volatility than food staples.

可自由支配的商品類別本質上比主食商品具有更大的波動性。

But when we can pull 20% of our lead times out of a category like Apparel, and that's some of the thinking that's gone into our lead times that are powering the receipts that we take in through 2025 in that category, we'd expect that to help us reduce that volatility over time.

但是，當我們可以將 20% 的交貨時間從服裝等類別中抽出時，這就是我們在交貨時間方面考慮的一些因素，這些因素將推動我們在 2025 年之前從該類別中獲得的收入，我們希望這能幫助我們隨著時間的推移減少這種波動。

Yes, if I add, I think clearly, it's important for us to be focused on delivering value for the long term, but we clearly understand the value of consistency as well.

是的，如果我補充的話，我清楚地認為，專注於實現長期價值對我們來說很重要，但我們也清楚地了解一致性的價值。

I think you'll see an ongoing journey as we're trying to reduce volatility.

我認為，在我們努力減少波動的過程中，您會看到一段持續不斷的旅程。

It will take some time, and there's certainly stepping stones along the way.

這需要一些時間，而且一路上肯定有一些墊腳石。

But it will take some time to get to the end goal.

但要達到最終目標還需要一些時間。

But that's our focus.

但這正是我們的重點。

And also our focus is giving on controlling what we can control.

而我們的重點是控制我們能夠控制的事情。

There's elements out there that are uncontrollable, but we're going to focus on what we can do the best and be as efficient as we can be.

有些因素是無法控制的，但我們會專注於做好我們能做的最好事情，並盡可能提高效率。

Michael, turning to your question about tariffs.

邁克爾，回到你關於關稅的問題。

And obviously, we've spent a lot of time as a team talking about tariffs.

顯然，我們團隊花了很多時間討論關稅問題。

We've got a very experienced team in place.

我們擁有一支經驗豐富的團隊。

We've been here before.

我們以前來過這裡。

We've managed through tariffs in the past.

我們過去曾透過關稅來應對。

But Rick, you talked on stage today about some of the changes we've been making.

但是里克，你今天在台上談到了我們所做的一些改變。

Obviously, speed and flexibility is important in this environment.

顯然，在這種環境下速度和靈活性非常重要。

Why don't I let you start?

我為何不讓你開始呢？

And Michael, why don't you build on some of the changes and the thoughts we have around tariffs right now.

邁克爾，你為什麼不基於我們現在對關稅的一些變化和想法來進一步討論？

Yes.

是的。

And I think I'd start with the team.

我想我應當從團隊開始。

We have a really incredible team, both in global sourcing as well as design, decades of experience.

我們擁有一支非常出色的團隊，在全球採購和設計方面都擁有數十年的經驗。

And under their leadership, they've been very proactive and been thinking about this for years now and have been working to diversify our country of production.

在他們的領導下，他們非常積極主動，多年來一直在思考這個問題，並一直致力於實現我們國家的生產多元化。

And so we have been pulling -- moving things out of China to other places around the world, looking at going across Asia as well as Western Hemisphere, Guatemala, Honduras.

因此，我們一直在將貨物從中國運往世界其他地方，考慮運往亞洲以及西半球、瓜地馬拉、宏都拉斯。

So we have a much more diverse set of countries from which we produce.

因此，我們的生產來源國更加多樣化。

And I think that's just going to give us more flexibility and help us be more agile.

我認為這只會給予我們更多的靈活性並幫助我們變得更加敏捷。

You used the word -- I think you used the word dynamic or fluid to describe tariffs, and we see it very much the same way.

您使用了這個詞——我認為您使用了動態或流動這個詞來描述關稅，我們對此的看法非常相同。

And so we just need to make sure that we have options and that we're being flexible.

因此，我們只需要確保我們有選擇並且具有靈活性。

And as we're going through this and navigating sort of the changes that we continue to put the consumer first and that we're thinking through how are we going to navigate this while delivering the value that we've committed to deliver to the consumer.

當我們經歷這些並應對這些變化時，我們仍然把消費者放在第一位，我們正在思考如何應對這些變化，同時向消費者提供我們承諾的價值。

Michael, before I turn it over to you to be really clear for everyone that's here today, when we think about tariff and tariff implications, we only start with the impact on consumers and the families we serve and how in an environment like this, we continue to make sure we're providing the affordability and value they're looking for.

邁克爾，在我將問題轉交給您之前，為了讓今天在座的每個人都清楚，當我們考慮關稅和關稅影響時，我們只從對消費者和我們所服務的家庭的影響開始，以及在這樣的環境下，我們如何繼續確保提供他們所尋求的可負擔性和價值。

And Michael, I know that's been part of our conversation for a long time now as we think about the impact of tariffs.

邁克爾，我知道當我們考慮關稅的影響時，這已經成為我們長期談話的一部分。

Yes.

是的。

Absolutely.

絕對地。

And I think Rick said it well.

我認為 Rick 說得很好。

I mean it starts with a great team and a huge test of the team that works through what we expect to kind of navigate as we move through 2025.

我的意思是，一切都從一支偉大的團隊開始，然後對這支團隊進行一次巨大的考驗，以解決我們預計在 2025 年要解決的問題。

But to connect that question to the one we just had before, you also heard Rick describe, we diversify our countries of production, especially in the Western Hemisphere, we actually get the benefit of speed, too.

但是，為了將這個問題與我們剛才提出的問題聯繫起來，您也聽到了里克的描述，我們實現了生產國家的多樣化，特別是在西半球，我們實際上也獲得了速度帶來的好處。

And so that helps us read trend.

這有助於我們了解趨勢。

It helps us reduce volatility from an inventory perspective in those businesses.

它幫助我們從庫存角度降低這些業務的波動性。

Let me start over here.

讓我從這裡開始。

Simeon?

西緬？

Hi, everyone.

大家好。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西緬古特曼 (Simeon Gutman)。

I want to point it to Jim and then bring everyone back in.

我想把這一點指出給吉姆，然後讓大家回來。

There was a 6% margin target -- EBIT margin target at 1 point.

利潤率目標為 6%——息稅前利潤率目標為 1 點。

We didn't hear about that today.

我們今天沒有聽說這件事。

And there was maybe a mid-single digit to long-term EPS growth.

且長期每股收益成長率可能在個位數中段。

Can you talk about the either reinvestment rate of the business or providing you more flexibility?

您能談談業務的再投資率或為您提供的更多靈活性嗎？

And then Brian, more broadly, is there a greater reinvestment as you look at this business given the factors that retailers are facing?

那麼布萊恩，從更廣泛的角度來看，考慮到零售商面臨的因素，您是否需要更大的再投資？

Thanks.

謝謝。

Jim, I'll let you start.

吉姆，我讓你開始。

Yes.

是的。

I mean in terms of referencing, one, is continuous productivity and think about continually fueling our investments for our business.

我的意思是，從參考角度來說，一是持續的生產力，並考慮持續為我們的業務提供投資動力。

As Michael stated last year, I mean, our -- we look for what's the optimal rate of which we can maximize our profit dollar growth over time.

正如麥可去年所說，我的意思是，我們尋找的是能夠隨著時間的推移最大化利潤成長的最佳速度。

And we certainly think we have tailwinds and continued operating profit margin that we expect to maintain this year and years going forward.

我們確實認為我們擁有順風優勢並且預計今年以及未來幾年我們的營業利潤率將持續保持。

So we expect to make that progress with -- in addition to newness, affordability and merchandising and lots we do in our core.

因此，我們希望在新穎性、可負擔性和商品推銷方面取得進展，我們也在核心領域做了很多工作。

Digital growth and high-growth platforms like Roundel and Target Plus are going to be accretive.

數位成長和 Roundel 和 Target Plus 等高成長平台將會帶來增值。

And we also have the continued tailwinds from shrink as well.

而我們也持續受到收縮帶來的順風。

Simeon, on the investment side, I'll go all the way back to the tax rate adjustments back in 2017.

西緬，在投資方面，我將回顧 2017 年的稅率調整。

And since that time, we've invested well over $50 billion of capital in our business, in our stores, in supply chain, in technology.

自那時起，我們已經在我們的業務、商店、供應鏈和技術上投資了超過 500 億美元的資金。

We've been investing in building new capabilities, and Cara can talk about the capabilities that we've built from a marketing standpoint, investing in new initiatives, Rick investing in tools to make sure were better merchants.

我們一直在投資打造新的能力，卡拉可以從行銷的角度談談我們所打造的能力，投資新的舉措，里克則投資工具以確保我們能成為更好的商家。

So we've been investing in our business for a number of years.

所以我們多年來一直在投資我們的業務。

And it's that combination of strategy and scale and capabilities that for me is so important as we sit here today and gives us so much confidence in the future.

對我來說，策略、規模和能力的結合對我們今天坐在這裡非常重要，並讓我們對未來充滿信心。

But Cara, why don't you talk about some of the investments we've made in marketing?

但是卡拉，為什麼不談談我們在行銷方面所做的一些投資呢？

Because I know, Michael, we talk a lot about stores, and I know you've been tracking the investments we've made in stores and the new stores -- new full-size stores we're building and the work on supply chain and remote.

因為我知道，邁克爾，我們談論了很多關於商店的事情，我知道你一直在關注我們在商店和新店方面的投資——我們正在建造的新的全尺寸商店以及供應鏈和遠端工作。

But why don't you give a group an example of some of the investments we've been making from a marketing and loyalty and capability standpoint.

但為什麼不給團隊舉個例子，說明一下我們從行銷、忠誠度和能力的角度所做的一些投資呢？

I was going to say, and just piggybacking off of the conversation around how we think through -- you mentioned digital is an always-on investment.

我本來想說，只是順便提一下關於我們如何思考的討論——您提到數位化是一項永遠在線的投資。

As we think through the power of what investing in stores has done for us to be able to propel to our digital business to where it is today and we think through this intersection of digital, stores and social as being really the sweet spot for how we connect with consumers.

當我們思考投資商店對我們推動數位業務發展到今天水準的作用時，我們認為數位、商店和社交的交匯是我們與消費者建立聯繫的最佳方式。

And so our investments in marketing have come alongside that.

因此，我們在行銷方面的投資也隨之增加。

There's no better example of today's Target than if you look at how we show up on social, as an example.

如果你看一下我們在社群媒體上的表現，就會明白當今 Target 的最佳例證。

I mentioned the power of the Target brand being the number 1 engaged-with brand.

我提到了 Target 品牌作為第一大參與度品牌的力量。

That's both based on how we put things out into the world, newness content.

這都基於我們如何將事物呈現給世界，以及新穎的內容。

It's also how consumers talk about us and the power of how they talk through that.

這也是消費者談論我們的方式，以及他們談論的力量。

So if I think about where we're then leveraging that power of those marketing investments to make our digital experiences smarter, to make those more Target, if I think through modern retailer today, physical, no one has a better store experience for us; social, we have the power of the brand.

所以，如果我思考我們如何利用這些行銷投資的力量，使我們的數位體驗更加智能，使這些體驗更具針對性，如果我思考今天的現代零售商，實體的，沒有人能為我們提供更好的購物體驗；社交，我們擁有品牌的力量。

You have the investments that we've made consistently in digital.

我們一直在數位領域進行持續的投資。

I think that really sets us up for success go forward.

我認為這確實為我們未來的成功奠定了基礎。

Rick, one of the things that we know we've been investing in, and you talked about it today from the stage, is our owned brand portfolio.

里克，我們知道我們一直在投資的事情之一，正如您今天在台上談論的那樣，就是我們的自有品牌組合。

And we talked about a $31 billion owned brand portfolio, close to a dozen billion-dollar brands, four that are on their way to be $3 billion or $4 billion brand.

我們談到了價值 310 億美元的自有品牌組合，其中近十幾個價值 10 億美元的品牌，其中四個即將成為價值 30 億美元或 40 億美元的品牌。

We've been making big investments in our own brand portfolio and those capabilities.

我們一直在對自己的品牌組合和這些能力進行大量投資。

And I know you and your team run it like a consumer packaged goods company.

我知道你和你的團隊把它當成消費品公司來經營。

Why don't you give the group a sense for the way we're investing in our own brands and the capabilities behind those brands.

為什麼不讓集團了解我們對自有品牌的投資方式以及這些品牌背後的能力呢？

Sure, I would love to.

當然，我很樂意。

I mean, first of all, the fact that we refer to them as owned brands says something.

我的意思是，首先，我們將它們稱為自有品牌這一事實說明了一些問題。

We don't think of them as private label.

我們不認為它們是自有品牌。

We don't think of them as labels.

我們不認為它們是標籤。

They are brands that have positioning, that have meaning, that have a clear consumer target and bring differentiation to the marketplace.

它們是有定位的、有意義的、有明確的消費者目標並為市場帶來差異化的品牌。

And so to do that, we have to continue to not just launch brands, but we have to manage brands and make sure that we're bringing innovation and news to those brands.

為了做到這一點，我們不僅要繼續推出品牌，還要管理品牌並確保為這些品牌帶來創新和新聞。

And I think the couple of examples I would highlight is up and up.

我想我要強調的幾個例子都是不斷上升的。

It's a brand that's been around for a long time, has lots and lots of items, but it needed a refresh.

這個品牌已經存在很長時間了，擁有很多很多的產品，但它需要更新。

And so we went in and invested in the brand, redesigned all the packaging graphics, took about 40% of the line and did product improvements, new fragrances, more sustainable packaging.

因此，我們對該品牌進行了投資，重新設計了所有包裝圖形，佔用了約 40% 的產品線並進行了產品改進、推出了新香水和更永續的包裝。

And we're really excited about that.

我們對此感到非常興奮。

And that's what we think you need to do to keep brands contemporary and relevant.

我們認為您需要這樣做才能保持品牌的現代性和相關性。

The other example I would just give you really quickly is All In Motion.

我想快速給你舉的另一個例子是All In Motion。

All In Motion, as you know, is our performance brand for the whole family.

如您所知，All In Motion 是我們針對全家人打造的性能品牌。

And we continue to invest in that brand with new fabrications, new colors, new silhouettes.

我們將繼續投資品牌，推出新布料、新色彩、新款式。

And that news and that investment in the brand is paying off, and we are seeing double-digit growth on All In Motion in the fourth quarter.

這一消息和對品牌的投資正在獲得回報，我們看到 All In Motion 在第四季度實現了兩位數的成長。

And it's actually been growing for quite some time now.

事實上它已經增長了相當長一段時間了。

And so those are just two examples across frequency and discretionary.

這只是頻率和自由裁量權的兩個例子。

But when you think about the brand portfolio that we have, we are investing in all of those brands to keep them relevant and to keep them growing.

但當你考慮到我們擁有的品牌組合時，我們會對所有這些品牌進行投資，以保持它們的相關性並保持其成長。

I think we've been investing in stores and obviously supply chain.

我認為我們一直在投資商店和供應鏈。

Maybe expand on some of the investments, including the capabilities that we've been enhancing to run our stores and our DCs even more efficiently.

也許會擴大一些投資，包括我們一直在增強的、以更有效率地經營我們的商店和配送中心的能力。

Yes.

是的。

You heard me refer today to some of the technology investments we continue to make.

今天你們聽到我提到了我們將繼續進行的一些技術投資。

I mean some of that system modernization and supply chain is at the core how we buy and replenish product.

我的意思是，系統現代化和供應鏈是我們如何購買和補充產品的核心。

And we've been on a multiyear journey that I'm excited about what the progress in 2025 will be to bring more of those capabilities to more of the assortment.

我們已經經歷了多年的歷程，我很高興看到 2025 年將取得進展，將更多的功能帶給更多的產品。

And then another place where I get excited, you can probably pick it up in today's presentation of where we're innovating, is when it comes to the speed that we can drive in our stores-as-hubs model.

然後讓我感到興奮的另一個地方，您可能在今天的演示中了解到我們的創新之處，那就是我們在「以商店為中心」模式中可以提高的速度。

And some of you have had the chance to visit a sortation center, and you can see what those facilities have done for us.

你們中的一些人有機會參觀分類中心，你們可以看到這些設施為我們做了什麼。

But what we think we can pull off in some of the markets that don't have a sortation center that can make us even faster with package delivery and make us more efficient, another great example of kind of a sustained focus on how we get more efficient over time, I get excited about what 2025 will hold that.

但我們認為，我們可以在一些沒有分揀中心的市場中實現這一目標，這可以讓我們更快地遞送包裹，提高我們的效率，這也是持續關注如何隨著時間的推移提高效率的另一個很好的例子，我對 2025 年將實現這一點感到很興奮。

Simeon, I'll end with one other area that we've made big investments in the last few years.

西緬，最後我想談談我們過去幾年來進行大筆投資的另一個領域。

And we couldn't cover everything today.

我們今天無法涵蓋所有內容。

I know we covered a lot of ground.

我知道我們已經討論了很多內容。

But Rick talked about the dramatic growth we've seen in Food & Beverage over the last few years.

但里克談到了過去幾年我們在食品和飲料領域看到的顯著增長。

That is a byproduct of consistent investments in our food supply chain, in our sourcing capabilities, in our in-store experience, in our team at-store level that's managing food each and every day.

這是我們對食品供應鏈、採購能力、店內體驗以及每天管理食品的店內團隊持續投資的副產品。

Those have been a big part of the acceleration we've seen in food.

這些都是我們在食品領域看到的加速發展的重要原因。

And Cara, you talked about the fact that we're now one of the biggest digital food retailers in the United States.

卡拉，您剛才談到我們現在是美國最大的數位食品零售商之一。

It's a byproduct of consistent investments behind those key drivers in our business.

這是我們業務中那些關鍵驅動因素背後持續投資的副產品。

Go right up here in the middle.

就從中間這裡往上走。

Thanks.

謝謝。

Chris Horvers, JPMorgan.

摩根大通的克里斯霍弗斯 (Chris Horvers)。

Good morning.

早安.

Thanks for the presentation.

感謝您的演講。

So my -- well, I'll give both questions like Michael did.

所以我的 — — 好吧，我會像麥可一樣提出這兩個問題。

So my first question is longer term.

所以我的第一個問題是長期的。

Target Plus going from $1 billion to $5 billion, it's a big number, that's big growth.

Target Plus 從 10 億美元成長到 50 億美元，這是一個很大的數字，是巨大的成長。

Is that -- what's driving that?

這是──是什麼原因導致的？

Is that a way to think about how the assortment is going to expand over time?

這是一種思考品種將如何隨著時間的推移而擴大的方式嗎？

Obviously, there's a marketing push there as well.

顯然，這裡也存在著行銷推動力。

And would you ever consider sort of a Fulfilled by Target kind of model?

您是否考慮過「按目標完成」類型的模型？

And then more in the near term, as you think about the pressures that you're talking about in the first quarter, inventory is up 7%.

然後從短期來看，當你想到第一季談到的壓力時，庫存增加了 7%。

I know you talked about it a little bit.

我知道你談論過一點這個事情。

To what extent are you baking in some excess clearance and promotional pressure?

您在多大程度上承受了過度的清倉和促銷壓力？

Thank you.

謝謝。

Cara, why don't you start?

卡拉，為什麼不開始呢？

Sure.

當然。

I think on the Target Plus front, I think it's always important to start with why we have a differentiated strategy.

我認為在 Target Plus 方面，首先要明白我們為什麼制定差異化策略，這一點很重要。

Consumers don't expect Target to carry every single item that's out there.

消費者並不期望 Target 會提供市面上所有的商品。

They do expect us to carry on-trend, affordable, high-quality products, and they expect us to stand behind each and every one.

他們確實期望我們提供時尚、實惠、高品質的產品，並且期望我們支持每一款產品。

That being said, that strategy does not prohibit us from growth.

話雖如此，該策略並不妨礙我們的成長。

We grew Target Plus by 35% in this past year, accelerated in the fourth quarter by complementing the assortment strategy that Rick talked about.

去年，我們讓 Target Plus 成長了 35%，並透過補充 Rick 談到的分類策略在第四季度加速成長。

In Apparel, you saw from Jim, 75% owned brand.

在服裝方面，你從吉姆那裡看到，75% 的股份由自有品牌持有。

Target Plus allows us to add key national brands like the Peloton fitness apparel or Crackle wear.

Target Plus 讓我們可以添加主要的國家品牌，例如 Peloton 健身服裝或 Crackle 服裝。

In Home, breadth of style is critically important.

在家裡，風格的廣度至關重要。

We are a style authority.

我們是風格權威。

So Target Plus allows us to actually capitalize on all of those trends.

因此，Target Plus 讓我們能夠真正利用所有這些趨勢。

So we hit the $1 billion mark.

因此我們達到了10億美元大關。

We have our eyes set on the next milestone, which is $5 billion in five years.

我們著眼於下一個里程碑，即五年內達到 50 億美元。

It is a big number.

這是一個很大的數字。

That's just the milestone.

這只是一個里程碑。

That's not the endgame.

這並不是最終結果。

We see consistent growth because we've continued to lean in, be consumer-led.

我們看到了持續的成長，因為我們一直向前邁進，以消費者為主導。

We've tested and iterated to get to this point.

我們已經測試並迭代以達到這一點。

We see great growth ahead.

我們預見到未來將會有巨大的成長。

Chris, we talked a lot about February, and there are a number of different factors.

克里斯，我們談了很多關於二月的事情，有很多不同的因素。

We talked about extreme cold.

我們談論了極度寒冷。

I was reminded this morning there were floods and fires across the country in February.

今天早上我想起二月全國各地都發生了洪水和火災。

Consumer confidence has dipped.

消費者信心已經下降。

We've all seen those numbers.

我們都看到了這些數字。

There are some other factors as consumers think about the potential impact on tariffs and what it will mean for them.

消費者在考慮關稅的潛在影響及其對他們的意義時，也考慮了一些其他因素。

But Rick, you had some real important highlights as we think about February.

但是里克，當我們回顧二月時，你有一些真正重要的亮點。

And importantly, we've got spring and Easter in front of us.

重要的是，春天和復活節就在我們面前。

So why don't you talk about kind of where we are and kind of the next step forward as we go into March and April.

那麼為什麼不談談我們現在的情況以及在進入三月和四月時下一步的計劃呢？

And then Jim, you can talk about how we factored these tariff components into our guidance.

然後吉姆，你可以談談我們如何將這些關稅成分納入我們的指導範圍。

Sure, I'd be happy to.

當然，我很樂意。

I mean -- and I think, Jim, you mentioned this, February was volatile and there was a lot of things going on out in the macro environment.

我的意思是——我認為，吉姆，你提到了這一點，二月很動盪，宏觀環境中發生了很多事情。

But there were some things that give us encouragement, some proof points that give us some optimism going into the spring.

但有些事情給我們鼓勵，有些證據讓我們對春天充滿樂觀。

The first one that I would highlight is, although consumers are strapped, they're on a budget, they're under financial pressure, they still are prioritizing and leaning in to those special holiday moments.

我要強調的第一點是，儘管消費者資金緊張、預算有限、面臨財務壓力，但他們仍然優先考慮並珍惜那些特殊的節日時刻。

We saw that in Valentine's Day.

我們在情人節看到了這一點。

We had record sales in Valentine's Day.

我們在情人節的銷售額創下了紀錄。

That bodes really well for Easter.

這對復活節來說是一個好兆頭。

So we are encouraged by that and looking forward to Easter.

因此，我們受到鼓舞並期待復活節。

The second thing I would say is we talked about the consumer being very resourceful.

我想說的第二件事是，我們談到了消費者的資源非常豐富。

Looking for lowest prices, the best deals, we saw that play out with Circle Week in the fall.

尋找最低價格、最優惠的交易，我們在秋季的“Circle Week”活動中看到了這一點。

It was our biggest fall promotion that we have ever had.

這是我們迄今規模最大的秋季促銷活動。

We're coming up on Circle Week in a few weeks.

幾週後，我們將迎來「圓圈週」。

So there's a lot of reason to believe that from a consumer perspective that, that will be really relevant and that they will lean in there.

因此，我們有很多理由相信，從消費者的角度來看，這將非常相關，而且他們會傾向於使用它。

The third thing that gives us confidence going into spring is the weather has been very volatile.

讓我們對春季充滿信心的第三件事是天氣變化無常。

But in certain markets where we've seen the weather, at least for a week or so, what we've seen is our Apparel, particularly our most weather-impacted Apparel categories, see an acceleration in trend up to almost 600 basis points.

但在某些市場，我們已經看到了天氣的影響，至少持續了一周左右，我們看到的是我們的服裝，特別是受天氣影響最大的服裝類別，趨勢加速上升至近 600 個基點。

And we're seeing that across swim, kids, and men's, which tend to be the most weather-impacted Apparel categories.

我們發現，泳裝、兒童裝和男裝是受天氣影響最大的服裝類別。

And that gives us confidence that we've got the right styles, we've got the right colors, we have the right content for spring.

這讓我們有信心，我們有正確的風格，正確的顏色，我們有適合春天的正確內容。

So the weather will change, it will change.

所以天氣會變化，它會改變。

And when it does, we feel like we're going to be really prepared to have great style, great design at affordable prices, which has really been the equation for success in the Apparel business.

當它真的出現時，我們感覺我們真的準備好以實惠的價格推出出色的款式和設計，這實際上是服裝行業成功的公式。

Jim?

吉姆？

Yes.

是的。

In terms of all of the things that are happening in the market, so our full year guidance will reflect sort of a wide range of potential scenarios and uncertainty that we see in the marketplace right now.

就市場上發生的所有事情而言，我們的全年指引將反映我們目前在市場上看到的各種潛在情景和不確定性。

So that certainly covers tariffs and certain things.

所以這肯定包括關稅和某些事項。

As I mentioned, we're going to be focusing on what -- controlling what we can control.

正如我所提到的，我們將重點放在——控制我們能夠控制的事情。

What we don't know is potential consumer demand that's across the board, across -- based on how tariffs ripple across the economy, for instance.

我們不知道的是全面的潛在消費需求——例如基於關稅對整個經濟的影響。

But we have that wide range for the reason.

但我們擁有如此廣泛的範圍是有原因的。

As I mentioned earlier, like moving off of quarterly guidance to annual guidance just reflects the fact that we are in a position of elevated volatility.

正如我之前提到的，從季度指引轉向年度指引只是反映了我們正處於波動性加劇的境地。

So there's going to be swings up and down across the quarters, and we think that's the prudent play.

因此，各季度的情況都會出現上下波動，我們認為這是明智之舉。

Right.

正確的。

Why don't we come back to this side.

我們何不回到這邊呢？

Hi.

你好。

Karen Short from Melius Research.

Melius Research 的 Karen Short。

So my question is -- or two, how much are you expecting in savings?

所以我的問題是——或者兩個問題，您預計節省多少錢？

And how much will that benefit the actual full year guidance?

這對實際全年業績指引有多大幫助？

And then the second question is, when you look at 2Q to 4Q, can you just talk about the puts and takes in terms of gross margin and SG&A?

第二個問題是，當您回顧第二季至第四季時，能否談談毛利率和銷售、一般及行政費用的損益？

And how do you think about the cadence of EPS 2Q to 4Q?

您如何看待第二季至第四季的 EPS 節奏？

Okay.

好的。

Michael, I might ask you to start with the plans we've had in place for a number of years now around efficiency, driving effectiveness throughout the organization and how we've embedded that in kind of everything we do.

邁克爾，我可能要請您先介紹一下我們多年來一直實施的計劃，這些計劃主要圍繞效率、推動整個組織的效能以及我們如何將其融入到我們所做的每一件事中。

Yes.

是的。

Jim said it well.

吉姆說得很好。

I mean you can think of that as always on going forward.

我的意思是你可以認為這一直在向前發展。

And I think you can see even in our guidance for the year to be expanding operating margin rate on a flat comp implies some healthy efficiency gains from within the business.

而且我認為，您甚至可以看到，在我們今年的指引中，在保持同店銷售額不變的情況下擴大營業利潤率，意味著企業內部將獲得一些健康的效率提升。

And so we expect the team to lean in and deliver those just like we laid out with our guidance.

因此，我們希望團隊能夠全力投入並實現我們所製定的指導方針。

But it shows up all over the place.

但它卻隨處可見。

It shows up in the fulfillment example.

它出現在履行示例中。

And if you go back on what's been driving some of those efficiency gains going before, reducing number of split package shipments has made us more profitable when we ship product.

如果回顧先前推動效率提高的因素，就會發現減少拆分包裹的運輸數量使得我們在運輸產品時獲得了更高的利潤。

The sortation centers, we saw our sortation center packages delivered by drivers using the Shipt capability, up over 30% last year.

在分類中心，我們看到司機使用 Shipt 功能運送的分類中心包裹去年增加了 30% 以上。

And so that just means a lot more packages delivered in a more cost-efficient manner.

這意味著可以以更具成本效益的方式遞送更多的包裹。

And so those are the types of efficiencies among many and others.

這些就是許多人和其他人的效率類型。

I mean I get the pleasure every week of seeing a scorecard that lets us know operationally, how are you performing in our stores.

我的意思是，我很高興每週都能看到記分卡，它讓我們從營運角度了解我們商店的表現如何。

And that scorecard was screaming green, greener as we moved through last year.

隨著去年的過去，記分卡變得越來越綠。

And when we're on our best practices, it sets us up to achieve the consistency.

當我們遵循最佳實踐時，它可以幫助我們實現一致性。

You heard me talk about we want to drive in 2025, but it also drives efficiency within the business.

您聽到我說過我們希望在 2025 年成長，但這也會提高業務效率。

When we're executing well, we're making it most efficient for our teams.

當我們執行得很好時，我們就能讓團隊發揮最大的效率。

Rick, I know your teams are focused on efficiency and everything to do from assortment planning to pricing and promotion, how you're running the business.

里克，我知道你的團隊注重效率以及從品種規劃到定價和促銷等所有事項，以及你如何經營業務。

I think if you shared a few examples.

我認為如果你分享幾個例子。

And then Cara, it's so important, the work you've been leading and really infusing GenAI and how we're handling marketing and building loyalty.

然後 Cara，這非常重要，你所領導的工作真正融入了 GenAI 以及我們如何處理行銷和建立忠誠度。

I think sharing some of those examples would be really helpful for the group.

我認為分享一些這樣的例子對小組來說會非常有幫助。

Yes.

是的。

I mean where we are focused on in merchandising is how do we modernize merchandising and what we call the roundtable, the cross-functional team that comes together.

我的意思是，我們在商品銷售方面關注的重點是如何使商品銷售現代化，以及我們所謂的圓桌會議，即跨職能團隊的協作。

What we've recognized is the world has changed.

我們認識到世界已經改變。

Speed is critical.

速度至關重要。

Trends happen really fast.

趨勢變化得非常快。

Something goes viral on TikTok, and it could be the leopard print or it could be something else, and we have to be on top of that, and we have to be able to move quickly.

TikTok 上有些東西流行起來，可能是豹紋，也可能是其他東西，我們必須掌握它，並且能夠迅速採取行動。

And that's going to require a new way of doing work in a new way of doing business.

而這需要一種新的工作方式和新的經營方式。

So that we've initiated that process now.

因此我們現在就啟動了這項進程。

And our hope is through this calendar year to kind of really redefine how merchants show up, how they spend their time.

我們希望透過這一年真正重新定義商家出現的方式和他們如何度過時間。

And the goal of it really is trying to take some of that non-value-added work off of the plate so that merchants can lean in externally and be more creative and looking for new opportunities.

它的目標實際上是試圖減少一些不增值的工作，以便商家可以依靠外部力量，更有創造力，尋找新的機會。

So that's really what we're focused on.

這確實是我們關注的重點。

And I would just comment on how we leverage, again, the consistent investments in technology and AI to really power our digital platform to power loyalty as well and our ad business as well.

我只想評論一下我們如何再次利用對技術和人工智慧的持續投資來真正增強我們的數位平台的忠誠度以及廣告業務。

If I talk through sort of traditional AI, I mentioned we made a ton of investments and improvements in our algorithms this year.

如果我談論傳統的人工智慧，我會提到我們今年在演算法方面進行了大量投資和改進。

We're seeing really great results from that.

我們看到了非常好的結果。

It's also important to point out that AI powers Target Circle.

同樣值得指出的是，人工智慧為 Target Circle 提供支援。

And so as we think through our ability to have our large multimillion dollar -- or multimillion member base, we now are able to actually give personalized promotions, which leverage science so that we're more efficient and more profitable as we think through our ability to drive a better guest experience but also make it more efficient for Target.

因此，當我們考慮到我們擁有數百萬美元的龐大會員基礎的能力時，我們現在實際上能夠提供個人化的促銷，利用科學讓我們更有效率、更有利可圖，因為我們考慮到我們能夠提供更好的客戶體驗，同時也讓 Target 更有效率。

And then I hit on some of the places where we're then layering on with GenAI.

然後我談到了我們將要使用 GenAI 進行分層的一些地方。

And GenAI is exciting because it's human-based technology.

GenAI 令人興奮，因為它是基於人類的技術。

It can make the experience richer.

它可以使體驗更加豐富。

It also can just be more efficient for us as humans to be able to consume information and make purchase decisions.

它還可以使我們人類更有效地獲取資訊並做出購買決策。

So Jim, if you think about kind of start of year, balance of the year, maybe we'll just give it an EPS level.

所以吉姆，如果你考慮一下年初、年末的情況，也許我們就會給它一個每股盈餘水準。

How are we feeling about the business?

我們對這項業務的感覺如何？

And what kind of shape do you want to provide?

您想要提供什麼樣的形狀？

Yes.

是的。

And I think part of my commentary was about also we'll have easier profit comparisons in the second half of the year for lapping the Q3 supply chain challenges.

我認為我的評論的一部分是關於我們將在下半年更容易進行利潤比較，以應對第三季的供應鏈挑戰。

And there's also a timing aspect.

另外還有一個時間方面的問題。

I think, Cara, you mentioned there's a timing aspect of SG&A when that will hit our P&L this year.

卡拉，我認為，你提到了銷售、一般和行政費用的時間方面，它將在今年影響我們的損益表。

So it will be much more front-loaded in the first half versus the second half.

因此，與下半年相比，上半年的前期投入會更多。

Great.

偉大的。

All right.

好的。

Why don't we go back a couple of rows.

我們何不往後退幾排？

And I'm sorry, we're staring into the lights now.

很抱歉，我們現在正盯著燈光。

So I'm just going to let them -- but right there, that sounds great.

所以我只是讓他們——但這聽起來很棒。

Thank you.

謝謝。

Hi.

你好。

Thank you.

謝謝。

This is Christina Morales from Signum Research.

我是 Signum Research 的 Christina Morales。

My question is regarding growth.

我的問題是關於成長的。

How do you expect to gain more market share?

您期望如何獲得更多的市場佔有率？

Is it installed base, Drive Up more digitally?

它是已安裝的基礎嗎？

How do you expect to gain that share?

您期望如何獲得該份額？

Rick, I might ask you to start, but I know Cara has a point of view on this as well.

瑞克，我可能會請你開始，但我知道卡拉對此也有自己的看法。

And we've spent a lot of time thinking about share opportunities across our entire portfolio, the changes that are taking place in retail physical opportunities, digital opportunities, how we leverage some of the capabilities we've been investing in for years.

我們花了很多時間思考我們整個投資組合的分享機會、零售實體機會和數位機會的變化，以及如何利用我們多年來一直在投資的一些能力。

Why don't you start, Rick?

為什麼你不開始呢，瑞克？

Yes.

是的。

And I would start with a comment that Cara made in her presentation, we're starting with the consumer, and we're starting with where the consumer wants to shop, and that's where we'll be.

首先，我想引用卡拉在演講中提到的一句話：我們從消費者開始，從消費者想要購物的地方開始，這就是我們要去的地方。

When we get the consumer to be more of an omnichannel consumer, shopping multiple different fulfillment nodes, multiple fulfillment types, we see them spend a whole lot more.

當我們讓消費者成為全通路消費者，在多個不同的履行節點、多種履行類型購物時，我們發現他們花費更多。

So you'll see us actually try to facilitate more of that for people who are shopping in store, getting them to shop digital, people who are shopping digital to try to do a Drive Up or to try to come into store to a degree that we can bring people into the Target ecosystem and have them use different services and participate in different programs Target Circle, they become stickier and stickier and they become more loyal and loyal.

因此，你會看到我們實際上試圖為在商店購物的人們提供更多便利，讓他們進行數位購物，讓進行數位購物的人們嘗試開車到店或嘗試進入商店，以便我們可以將人們帶入 Target 生態系統，讓他們使用不同的服務並參與不同的 Target Circle 計劃，他們的忠誠度會越來越高，忠誠度也會越來越高。

So we don't really think about it as like let's prioritize different options as much as let's get the consumer in and have them use multiple different types so they ultimately become more loyal.

因此，我們實際上並沒有考慮讓我們優先考慮不同的選擇，而是讓我們吸引消費者並讓他們使用多種不同類型的產品，這樣他們最終就會變得更加忠誠。

I would just add on, and I think Rick said it really well, shopping has evolved quite significantly.

我想補充一點，我認為里克說得很好，購物方式已經發生了相當大的變化。

And so how consumers are actually interacting with our different fulfillment services is very different today than it was even just a few years ago.

因此，今天消費者與我們的不同履行服務的互動方式與幾年前相比有很大不同。

And I think as we think about how we design our experience, we want to create and continue to invest in that signature in-store experience.

我認為，當我們思考如何設計我們的體驗時，我們希望創造並繼續投資於標誌性的店內體驗。

Physical retail, we -- you heard this from all of us.

實體零售，我們──大家都已經聽過這個了。

We really believe in the power.

我們確實相信力量。

When people think Target, they think, let me grab that Starbucks and roam the aisle and see what's new.

當人們想到塔吉特時，他們會想，讓我拿著那杯星巴克咖啡，在走道上逛逛，看看有什麼新鮮事。

We love that.

我們喜歡這個。

That's evolved though in terms of how -- what they're putting in their cart when they're in stores versus maybe what they did in their Drive Up order.

然而，就人們在商店中將某些東西放入購物車以及他們在 Drive Up 訂購時做了什麼而言，這已經發生了變化。

So in-store experience, truly signature Drive Up experience, truly signature same-day delivery experience, and I would also truly signature social experience.

因此，店內體驗、真正標誌性的 Drive Up 體驗、真正標誌性的當日送達體驗，以及真正標誌性的社交體驗。

As we think through those four areas, the intersection of them, we really want to ensure that those are the places that we're doubling down and investing in to connect with consumers go forward.

當我們思考這四個領域及其交集時，我們真正希望確保這些是我們加倍投入並投資與消費者建立聯繫的地方。

Yes.

是的。

I'll back to a slide that Michael had in his presentation, $4.2 trillion of US retail dollars.

我回顧一下邁克爾演講時的一張幻燈片，美國零售總額為 4.2 兆美元。

And of the top 10 players, they represent under 40%.

而在排名前十的球員中，他們的佔比不到40%。

We're a three share today.

今天我們一共三人。

But over years and years, we've been investing in this amazing product assortment, this unique combination of amazing national brand partners, this robust $31 billion owned brand portfolio and all the great emerging brands that want to do business with Target and start on our shelves and be part of our digital ecosystem.

但多年來，我們一直在投資這個令人驚嘆的產品組合、這個令人驚嘆的全國性品牌合作夥伴的獨特組合、這個強大的 310 億美元自有品牌組合以及所有希望與 Target 做生意、在我們的貨架上開店並成為我們數位生態系統一部分的偉大新興品牌。

The work we've been doing from a digital standpoint, think about physical, digital and the component of social and making it really easy for our guests to shop with us.

我們從數位化角度所做的工作，考慮了實體、數位和社交元素，讓我們的客人能夠輕鬆地在我們這裡購物。

And Michael, we never lose focus on those retail fundamentals, making sure that we're more reliable every time you shop.

邁克爾，我們永遠不會忽視零售基本原則，確保您每次購物時都能獲得更可靠的服務。

We think in a world where there is going to be further out in retail.

我們認為，在未來的世界裡，零售業將會發展得更遠。

It seems like almost every couple of weeks, we see one of our competitors saying they're closing stores, they're rationalizing their portfolio.

似乎每隔幾週，我們就會看到我們的競爭對手說他們要關閉商店，要合理化他們的投資組合。

Those are all share opportunities for us.

這些對我們來說都是分享的機會。

And we've got 2,000 amazing stores today.

如今我們已經擁有 2,000 家令人驚嘆的商店。

We'll be sitting on the stage in a few years' time how we have 2,300, and we're in different captions.

幾年後，我們仍會像現在這樣坐在舞台上，有 2,300 個人，而且有不同的標題。

We'll have a bigger and more robust digital business with services like Target Circle 360 that just make it really easy for you to engage in the brand.

透過 Target Circle 360​​ 等服務，我們將擁有更大、更強大的數位業務，讓您能夠非常輕鬆地參與品牌活動。

So we see significant opportunities.

因此我們看到了重大機會。

We talked about more than $15 billion today.

我們今天談論的金額超過150億美元。

But when we look at the entire retail universe and where we sit today, we think we have some amazing assets and capabilities to leverage and a terrific team.

但當我們審視整個零售業以及我們目前所處的位置時，我們認為我們擁有一些令人驚嘆的資產和能力，以及一支出色的團隊。

We keep moving down the line.

我們繼續沿著這條線前進。

Thanks.

謝謝。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Curious around that flat comp that you talked about for F '25.

對您談到的 F'25 的平面補償感到好奇。

Which categories do you expect to be above?

您預計哪些類別會高於這個水平？

Which ones you expect to be below?

您期望下面是哪些？

Also curious about how you're thinking on food inflation.

也很好奇您對食品通膨的看法。

And what are we going to do about eggs?

那我們該如何處理雞蛋呢？

Rick, do you want to start with eggs or do you want to start with some opportunities growth?

里克，你想從雞蛋開始，還是想從一些機會增長開始？

Yes.

是的。

I think as we looked to 2025 and what we decided to do is to take a conservative posture given all of the volatility, particularly in some of the discretionary businesses.

我認為，當我們展望2025年時，考慮到所有的波動性，特別是在一些非必需業務方面，我們決定採取保守的立場。

And what we said is, let's plan conservatively, and then let's see how things fold with the consumer, their mindset, their behaviors.

我們所說的是，讓我們保守地制定計劃，然後看看事情如何隨著消費者、他們的心態和行為而改變。

And then to the degree that we need to chase into volume, we can do that.

然後，只要我們需要追逐數量，我們就可以做到這一點。

We think on our frequency businesses, it's a little bit more predictable with tariffs aside.

我們認為，就我們的頻率業務而言，除了關稅之外，它會更可預測一些。

And they've been giving -- like delivering single-digit growth.

他們一直保持著——例如實現個位數的成長。

And so we anticipate that, that will continue going forward.

因此我們預計這種情況將會持續下去。

So it's a little bit of a posturing on trying to be conservative given the volatility that we see.

因此，考慮到我們所看到的波動性，這有點像是試圖採取保守的姿態。

Maggie, I want to make sure if you have a question, I've seen you sit there patiently.

瑪吉，我想確認一下，如果你有問題，我看到你耐心地坐在那裡。

I don't want to put you on the spot, but I give you a chance to answer it, no?

我不想讓你為難，但我給你一個回答的機會，不是嗎？

Then I see a handle along the aisle right here in white, if we could hand her the mic.

然後我看到走道旁邊有一個白色的把手，問我們可以把麥克風遞給她嗎？

Thank you very much.

非常感謝。

Zhihan Ma from Bernstein.

伯恩斯坦的馬志涵。

A quick follow-up question on e-commerce.

關於電子商務的一個快速後續問題。

I think, Jim, you mentioned that it's already profitable, excluding Roundel and Target Circle 360 and all of the memberships as well.

吉姆，我想你提到它已經獲利了，不包括 Roundel 和 Target Circle 360​​ 以及所有會員資格。

What are the levers you can pull to improve the core e-commerce profitability from here?

您可以採取哪些措施來提高核心電子商務的獲利能力？

And on top of that, on the Circle 360 program, what makes you differentiated given that people are only going to have maybe a few paid memberships a year?

除此之外，在 Circle 360​​ 計畫中，考慮到人們每年可能只會擁有幾個付費會員資格，你們有何與眾不同之處？

Thank you.

謝謝。

I'm happy to start on the profit journey we've been on.

我很高興開始我們的盈利之旅。

It was fun to hear Jim unpack some of what we see today.

聽吉姆解釋我們今天看到的一些事情很有趣。

And we think we're just getting started there.

我們認為我們才剛開始。

We see opportunity to get more efficient in all those paths of fulfillment over time.

我們看到，隨著時間的推移，所有這些實現途徑都有機會變得更有效率。

The most expensive thing to do always to be to ship a package or ship a brown box.

最昂貴的事情始終是運送包裹或運送棕色盒子。

You've heard us describe a couple of times today some of what we're excited about that we think can add speed and reduce cost in package fulfillment.

今天您已經聽我們描述了幾次我們感到興奮的一些事情，我們認為這些事情可以提高速度並降低包裹配送的成本。

But we're also hard at work on how we make the other parts of the experience more efficient.

但我們也在努力使其他部分的體驗更有效率。

Some of the tools and technology that we built in a hurry as Drive Up exploded in the early days of the pandemic, we're going back to now with an eye to how can we take footsteps out for our store team to allow those processes to function even faster.

在疫情初期 Drive Up 蓬勃發展之際，我們匆忙打造了一些工具和技術，現在我們要回顧一下，著眼於如何為我們的門市團隊邁出步伐，讓這些流程更快地運轉。

That will be work that we continue to make progress on in 2025.

這將是我們在 2025 年繼續取得進展的工作。

And so I get excited about our starting point, sure, but even more excited about the efficiency that we think with our scale we can drive all those different modes of fulfillment.

因此，我對我們的起點感到興奮，當然，但更讓我興奮的是，我們認為憑藉我們的規模，我們可以推動所有不同的履行模式的效率。

I'm happy to hit on the Target Circle 360 question.

我很高興回答有關 Target Circle 360​​ 的問題。

And I think it's also important to start with Target Circle because we've seen incredible response.

我認為從 Target Circle 開始也很重要，因為我們已經看到了令人難以置信的反響。

We've been able to attract 13 million new members.

我們已吸引1300萬名新會員。

We see some of our highest-traffic weeks of the year, upcoming really excited about Target Circle Week.

我們經歷了一年中流量最高的幾週，對即將到來的目標圈週感到非常興奮。

But importantly, we're making it really easy.

但重要的是，我們讓這一切變得非常簡單。

It's free to join and it's easy to save more money, really compelling to consumers right now.

加入是免費的，而且很容易節省更多錢，這對消費者來說確實很有吸引力。

Beyond that, we've been really pleased with what's been happening with Target Circle 360.

除此之外，我們對 Target Circle 360​​ 的進展感到非常滿意。

As I shared in my remarks, we know that guests shop a lot of rent in retail.

正如我在演講中分享的那樣，我們知道客人在零售店中購買了很多租金。

You saw that $4.2 trillion market share.

您看到了 4.2 兆美元的市場份額。

People shop a lot of different places.

人們去很多不同的地方購物。

And so for us, Target Circle 360, the ability to get same-day delivery from Target but also 100 other retailers with our partners at Shipt is differentiated today in the marketplace.

因此對我們來說，Target Circle 360​​ 能夠從 Target 以及與 Shipt 合作的其他 100 家零售商處獲得當日送達服務，這在當今市場上具有差異化。

We're also going to continue to be really consumer-focused and focused on what Target guests want from Target.

我們也將繼續真正以消費者為中心，關注 Target 顧客對 Target 的需求。

So I mentioned a few of the things that we're going to continue to add.

我提到了一些我們將繼續添加的內容。

We're going to compare ourselves.

我們要進行比較。

We're actually looking to look to our member base to say, what can we do to actually make it easier for them to get the best of Target every time they interact with us?

我們實際上希望向我們的會員群體詢問，我們能做些什麼才能讓他們每次與我們互動時都能更輕鬆地獲得 Target 的最佳服務？

So I see the clock has run out.

所以我看到時鐘已經用完了。

I do want to thank everyone for joining us.

我確實要感謝大家的加入我們。

As we wrap up today, I'd share with you personally, I've been sitting in this chair for 11 years now.

今天結束時，我想親自與你們分享，我已經坐在這張椅子上 11 年了。

And we've gone through different cycles.

我們經歷了不同的週期。

We've lived through pandemics.

我們經歷過流行病。

We've seen record-high, 30-year-high inflation, no changes in the consumer environment.

我們看到了創紀錄的30年來最高的通貨膨脹，但消費環境卻沒有改變。

But sitting here today, I would tell all of you, I don't think I've ever been more excited or more confident about the direction we're headed.

但今天坐在這裡，我想告訴大家，我從未像現在這樣對我們前進的方向感到如此興奮和自信。

And we shared a lot of that with you today.

今天我們與大家分享了許多這方面的內容。

But I always start, Rick, with product.

但是里克，我總是從產品開始。

And I think we have this very unique assortment of amazing national brand partners, our owned brands, emerging brands; and then those partnerships that we announced just this week, what we do with Disney and Marvel, what we're going to do with Champion going forward.

我認為我們擁有非常獨特的、令人驚嘆的全國品牌合作夥伴、我們自有的品牌和新興品牌；然後是我們本週剛宣布的合作夥伴關係，我們與迪士尼和漫威的合作，以及我們未來將與 Champion 合作的計劃。

We're a destination for partners, we're a place people who want to do business.

我們是合作夥伴的目的地，我們是人們想要做生意的地方。

Cara, you've talked a lot today about the work we've done from a digital standpoint, how we're integrating social in everything we do, the excitement we have about the future of Roundel, Target Plus, what we can do with Target Circle 360.

卡拉，今天你談了很多我們從數字角度所做的工作，我們如何將社交融入到我們所做的每一件事中，我們對 Roundel、Target Plus 的未來感到興奮，以及我們能用 Target Circle 360​​ 做什麼。

And then, Michael, just the fundamentals we constantly come back to and running 2,000 great stores with more to come, making sure that we continue to become more reliable, more consistent, we see tremendous upside as a team.

然後，邁克爾，我們不斷回歸基本面，經營著 2,000 家優秀的商店，並且未來還會開設更多商店，確保我們繼續變得更加可靠、更加一致，我們作為一個團隊看到了巨大的上升空間。

And I can't tell you how much pride I have in the team that's here and the 400,000 team members that wake up every day, thinking about how they serve our guests throughout the country.

我無法告訴你們我對這裡的團隊和 40 萬名團隊成員有多自豪，他們每天醒來都會想著如何為全國各地的客人提供服務。

So thanks so much for joining us.

非常感謝您加入我們。

We look forward to seeing you throughout the year.

我們期待全年都能見到您。

And I appreciate your attention today.

我非常感謝大家今天的關注。

So thank you.

所以謝謝你。

Portions of this transcript marked (technical difficulty) indicate audio problems.

本記錄中標示「技術難題」的部分錶示音訊問題。

The missing text will be supplied if a replay becomes available.

如果有重播的話，將會補充缺少的文字。