目標百貨 (TGT) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Target Corporation first quarter earnings release conference call. (Operator Instructions) As a reminder, this conference is being recorded, Wednesday, May 21, 2025.

女士們、先生們，感謝你們的支持。歡迎參加塔吉特公司第一季財報發布電話會議。（操作員指示）提醒一下，本次會議將於 2025 年 5 月 21 日星期三進行錄製。

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

現在，我想將會議交給投資者關係副總裁約翰·赫爾伯特先生。先生，請繼續。

Good morning, everyone, and thank you for joining us on our first-quarter 2025 earnings conference call. On the line with me today are Brian Cornell, Chair and Chief Executive Officer; Rick Gomez, Chief Commercial Officer; Michael Fiddelke, Chief Operating Officer; and Jim Lee, Chief Financial Officer. In a few minutes, Brian, Rick, Michael, and Jim will provide their insights on our first quarter performance along with their outlook and priorities for the remainder of the year. Following their remarks, we'll open the phone lines for a question-and-answer session.

大家早安，感謝您參加我們的 2025 年第一季財報電話會議。今天與我通話的是董事長兼執行長 Brian Cornell；商務長 Rick Gomez； Michael Fiddelke，營運長；以及財務長 Jim Lee。幾分鐘後，Brian、Rick、Michael 和 Jim 將就我們第一季的業績提供見解，並展望今年剩餘時間的前景和重點。在他們發言之後，我們將開通電話熱線進行問答環節。

This morning, we're joined on this conference call by investors and others who are listening to our comments via webcast. Following the call, Jim and I will be available to answer your follow-up questions.

今天上午，投資者和其他人士參加了這次電話會議，他們透過網路廣播聆聽了我們的評論。通話結束後，吉姆和我將回答您的後續問題。

And finally, as a reminder, any forward-looking statements that we make this morning are subject to risks and uncertainties, including those described in this morning's earnings press release and in our most recently filed 10-K.

最後，提醒一下，我們今天早上所做的任何前瞻性陳述都存在風險和不確定性，包括今天早上的收益新聞稿和我們最近提交的 10-K 中描述的風險和不確定性。

Also in these remarks, we refer to non-GAAP financial measures, including adjusted earnings per share. Reconciliations of all non-GAAP numbers to the most directly comparable GAAP number are included in this morning's press release, which is posted on our Investor Relations website.

在這些評論中，我們也提到了非公認會計準則財務指標，包括調整後的每股盈餘。今天早上的新聞稿中包含了所有非 GAAP 數據與最直接可比較的 GAAP 數據的對賬，該新聞稿發佈在我們的投資者關係網站上。

With that, I'll turn it over to Brian for his thoughts on the quarter and his priorities for the remainder of the year. Brian?

接下來，我將向 Brian 詢問他對本季的看法以及今年剩餘時間的優先事項。布賴恩？

Thanks, John, and good morning, everyone. As I begin today, I want to pause and thank our team. Throughout the quarter, the Target team of more than 400,000 employees across the country stayed focused on what's most important, serving our guests, supporting each other and delivering trend, style, convenience and value. At Target, our road map for growth serves as a guide for bringing the best of our brand to life each day. This includes our assortment of on-trend affordable products and an experience that prioritizes ease, convenience and a personal touch with every interaction, all at an incredible value. These are the things that make Target, Target, and we remain confident that our strategy will allow us to continue bringing joy to millions of American families while, importantly, paving the way for long-term profitable growth.

謝謝，約翰，大家早安。今天開始之前，我想停下來感謝我們的團隊。整個季度，遍布全國的 40 多萬名員工組成的 Target 團隊始終專注於最重要的事情：服務我們的客人、互相支持並提供潮流、風格、便利性和價值。在 Target，我們的發展路線圖可以引導我們每天將品牌的最佳特色發揮到極致。這包括我們各種時尚且價格實惠的產品，以及優先考慮輕鬆、方便和個性化的每次互動的體驗，所有這些都具有令人難以置信的價值。這些都是塔吉特之所以成為塔吉特的原因，我們仍然相信，我們的策略將使我們能夠繼續為數百萬美國家庭帶來歡樂，同時，更重要的是，為長期盈利增長鋪平道路。

In the first quarter, our team and our business faced an exceptionally challenging environment that affected our performance with declines in both traffic and sales, most notably in our discretionary categories. For several years now, we've seen pressure in our discretionary businesses as spending adjusted down from elevated levels during the pandemic and then move further away in the face of historically high inflation and needs-based categories. On top of those ongoing challenges, we faced several additional headwinds this quarter, including five consecutive months of declining consumer confidence, uncertainty regarding the impact of potential tariffs and the reaction to the updates we shared on belonging in January.

在第一季度，我們的團隊和業務面臨著極具挑戰性的環境，這影響了我們的業績，導致流量和銷售額雙雙下滑，最明顯的是可自由支配的類別。幾年來，我們的非必需消費品業務一直面臨壓力，因為支出在疫情期間從高位回落，然後在歷史高位通膨和基於需求的類別面前進一步下滑。除了這些持續存在的挑戰之外，本季我們還面臨著一些額外的阻力，包括連續五個月的消費者信心下降、對潛在關稅影響的不確定性以及對我們在一月份分享的有關歸屬感的更新的反應。

While we believe each of these factors played a role in our first quarter performance, we can't reliably estimate the impact of each one separately. I want to be clear that we're not satisfied with this performance, and we're moving with urgency to navigate through this period of volatility. Throughout our operations, we're focused on consistency and reliability with an emphasis on retail fundamentals and delivering a superior guest experience that features newness, differentiation and value.

雖然我們相信這些因素都對我們的第一季業績產生了影響，但我們無法分別可靠地估計每個因素的影響。我想明確表示，我們對這樣的表現並不滿意，我們正在緊急採取行動，度過這段動盪時期。在整個營運過程中，我們注重一致性和可靠性，強調零售基礎，並提供具有新穎性、差異化和價值的卓越客戶體驗。

For the summer season, we're offering more than 10,000 new items, starting at just $1. In the popular Bullseye's Playground, we will continue offering items at $1, $3 and $5. And we're expanding this assortment to include beauty items as well as trending snacks and beverages. And by July, we'll shift to the critical back-to-school and college season, standing tall for value as we focus on supporting families during key life moments.

夏季，我們將提供超過 10,000 種新品，起價僅為 1 美元。在受歡迎的 Bullseye's Playground，我們將繼續提供 1 美元、3 美元和 5 美元的商品。我們正在擴大產品範圍，包括美容產品以及流行零食和飲料。到七月，我們將進入關鍵的返校和大學季節，我們將在關鍵的人生時刻專注於支持家庭，並彰顯價值。

We're also finding new ways to move faster and operate differently given that uncertainty and the pace of change are higher than ever. This morning, we announced the formation of an enterprise, acceleration office, which Michael will be leading, as well as several organizational changes to bring even more clarity and speed to how we operate and advance our strategy across the company.

鑑於不確定性和變化速度比以往任何時候都要高，我們也在尋找更快行動和以不同方式運作的新方法。今天上午，我們宣布成立企業加速辦公室，由邁克爾領導，同時也宣布進行多項組織變革，以使我們的營運方式更加清晰、更加快捷，並在整個公司推進我們的策略。

As I said in this morning's announcement, this effort goes beyond improving efficiency with a focus on greater adaptability, innovation, resilience and ultimately, growth. Based on his expertise and the insights he's gained for more than 20 years at this company, Michael is the perfect leader for this work.

正如我在今天早上的公告中所說，這項努力不僅限於提高效率，還注重提高適應性、創新性、韌性以及最終的成長。憑藉他的專業知識以及在該公司 20 多年來積累的見解，邁克爾是這項工作的完美領導者。

As you'll hear from Rick, the merchandising team has been working tirelessly to mitigate the impact of tariffs. And the difficulty level has been incredibly high, given the magnitude of the rates we're facing and a high degree of uncertainty on how these rates and impacted categories might evolve.

正如里克所說，商品銷售團隊一直在不懈地努力，以減輕關稅的影響。考慮到我們面臨的利率水準以及這些利率和受影響類別如何演變的高度不確定性，難度水準非常高。

As a company that's aimed to deliver great products and outstanding value, we're focused on supporting American families as they manage their budgets. We have many levers to use in mitigating the impact of tariffs and price is the very last resort. Our strategy is to remain price competitive by leveraging the capabilities, long-standing relationships and the scale that set us apart for many of our retail peers.

作為一家致力於提供優質產品和卓越價值的公司，我們專注於支持美國家庭管理預算。我們可以利用多種手段來減輕關稅的影響，而價格是最後手段。我們的策略是利用我們的能力、長期的關係和規模來保持價格競爭力，這些使我們在眾多零售同行中脫穎而出。

For example, we're fortunate to have a sourcing team with decades of experience and strong partnerships with our global suppliers. As we're engaging in contingency planning with those vendor partners, we're moving thoughtfully and contemplating a wide range of potential scenarios. And we're building our plans to preserve maximum flexibility while protecting our business in the face of massive potential costs.

例如，我們很幸運擁有一支擁有數十年經驗的採購團隊，並與我們的全球供應商建立了牢固的合作關係。當我們與這些供應商合作夥伴制定應急計劃時，我們會深思熟慮並考慮各種潛在情況。我們正在製定計劃，以在面臨巨大潛在成本的情況下保護我們的業務，同時保持最大的靈活性。

At the same time, we remain committed to supporting this year's investment plans in support of our long-term growth. These investments include an outstanding pipeline of new stores, ongoing remodels of existing locations and robust investments in technology and our supply chain. Because of this company's long history of disciplined financial management, we have a strong balance sheet and ample cash that will allow us to navigate through these near-term challenges as we continue to invest in making us even stronger over time.

同時，我們仍然致力於支持今年的投資計劃，以支持我們的長期成長。這些投資包括一批優秀的新店、現有門市的持續改造以及對科技和供應鏈的大力投資。由於該公司長期以來嚴格的財務管理，我們擁有強大的資產負債表和充足的現金，這將使我們能夠克服這些短期挑戰，同時我們將繼續投資，使我們隨著時間的推移變得更加強大。

In planning for the remainder of the year, we believe it's prudent to expect that current top line pressures will continue in the near term. However, the results in the quarter provided several key insights that reinforce our confidence in the underlying strength of our business, and Target's continued relevance with American consumers.

在規劃今年剩餘時間時，我們認為謹慎的做法是預計當前的營收壓力將在短期內持續下去。然而，本季的業績提供了幾個關鍵見解，增強了我們對業務潛在實力以及塔吉特與美國消費者持續相關性的信心。

Among those high points, we saw mid-single-digit growth in our first-party digital business this quarter, led by 36% growth in same-day delivery powered by Target Circle 360. We also saw continued healthy growth in Drive Up, which now accounts for nearly half of our total digital sales. And of course, beyond the direct benefits of rising digital sales, they also fuel the growth of profitable services like Roundel, our retail ad business; and Target Plus, our third-party digital marketplace, both of which saw double-digit growth in Q1.

在這些亮點中，本季我們的第一方數位業務實現了中等個位數成長，其中由 Target Circle 360​​ 提供支援的當日送達業務成長了 36%。我們也看到 Drive Up 持續健康成長，目前占我們數位銷售總額的近一半。當然，除了數位銷售額成長帶來的直接好處之外，它們還推動了獲利服務的成長，例如我們的零售廣告業務 Roundel；以及我們的第三方數位市場 Target Plus，這兩個平台在第一季都實現了兩位數的成長。

Target strength has been and will always be our products, partnerships and incredible value, especially today as consumers feel increased pressure, we aim to deliver everyday discovery and delight. This connection between Target and our guests came through during key seasonal moments in the first quarter, including both the Valentine's Day and Easter holidays. In addition, we were pleased with the guest response to our most recent Target Circle Week as we offer compelling promotions across multiple categories.

目標優勢一直是並將永遠是我們的產品、合作夥伴關係和令人難以置信的價值，特別是在消費者感受到越來越大的壓力的今天，我們的目標是提供日常的發現和快樂。塔吉特和我們的客人之間的這種聯繫在第一季的關鍵季節性時刻得以體現，包括情人節和復活節假期。此外，我們對客人對我們最近的 Target Circle Week 的反應感到滿意，因為我們在多個類別中提供了引人注目的促銷活動。

And of course, we were really pleased with the success of our limited time design partnership with Kate Spade. Target has long been famous for these programs and sales results from the Kate Spade partnership were the strongest we've seen in a decade. This highlights the power of the Target brand, our continued style authority and our best-in-class design and sourcing capabilities, which come together to deliver a singular combination of fashion, quality and price.

當然，我們對與 Kate Spade 的限時設計合作的成功感到非常高興。Target 長期以來一直因這些計劃而聞名，與 Kate Spade 合作帶來的銷售業績是我們十年來見過的最強勁的。這凸顯了 Target 品牌的實力、我們持續的風格權威以及我們一流的設計和採購能力，這些共同造就了時尚、品質和價格的獨特組合。

Progress on inventory shrink was another bright spot in the quarter as rates continue to moderate from extreme levels we encountered in 2022 and 2023. And as Michael will highlight later, we're pleased with the performance of the long-term investments we're making in our business, including the return on our investments from new locations and the boost in traffic and sales from our store remodeling projects. In a period of volatility and rapid change, we are absolutely focused on what we do best, providing the best retail experience for nearly 2,000 communities we're proud to serve.

庫存減少的進展是本季的另一個亮點，因為利率繼續從 2022 年和 2023 年遇到的極端水準回落。正如邁克爾稍後將強調的那樣，我們對我們在業務中進行的長期投資的表現感到滿意，包括新地點的投資回報以及商店改造項目帶來的客流量和銷售額的增長。在動盪和快速變化的時期，我們絕對專注於我們最擅長的領域，為我們自豪服務的近 2,000 個社區提供最佳的零售體驗。

We're a company that aims to bring joy to everyone every day, and we're proud to be one of the largest employers in the United States. We believe in creating opportunity for all in developing talent to fuel our business, which includes pathways for promotions, industry-leading pay and benefits and outstanding education and training. We provide tuition assistance through our Dream to Be program with more than 30,000 team members enrolling the program since its launch in 2023. Simply put, what we do wouldn't be possible without the incredible Target team.

我們是一家致力於每天為每個人帶來歡樂的公司，我們很自豪能夠成為美國最大的雇主之一。我們相信為所有人創造培養人才的機會來推動我們的業務，其中包括晉升途徑、行業領先的薪酬和福利以及優秀的教育和培訓。我們透過「夢想成為」計​​畫提供學費援助，自 2023 年啟動以來，已有超過 30,000 名團隊成員報名參加該計畫。簡而言之，如果沒有出色的 Target 團隊，我們的成就就不可能實現。

Making meaningful connections within our communities is also part of being a great retailer, and we take our commitment to serving the communities in which we operate seriously. Our team volunteers 1 million hours a year with local organizations, and we will continue, as we have for more than 60 years, to donate 5% and of our profits back to the community. And of course, we continue to work with a large and diverse base of vendors and suppliers, ranging from big national brands to a host of small emerging brands who help us to offer the one-of-a-kind assortment our guests expect from us.

在我們的社區內建立有意義的聯繫也是成為優秀零售商的一部分，我們認真履行服務我們經營所在社區的承諾。我們的團隊每年在當地組織志願服務 100 萬小時，我們將一如既往地將 5% 的利潤捐贈給社區。當然，我們繼續與大量不同類型的供應商和供貨商合作，從大型全國性品牌到眾多小型新興品牌，他們幫助我們提供客人所期望的獨一無二的產品。

Every day, in everything we do, we will continue to be anchored in the belief that creating an environment where people feel included, supported and respected makes us a stronger company. It helps us build and support our talented team, serve millions of guests in all 50 states and be a valued partner in the communities we serve.

在我們每天所做的每一件事中，我們都將繼續堅信，創造一個讓人們感到被包容、被支持和被尊重的環境，將使我們的公司變得更加強大。它幫助我們建立和支持我們優秀的團隊，為全美 50 個州的數百萬客人提供服務，並成為我們服務社區中的重要合作夥伴。

As I get ready to turn the call over to Rick, I want to pause and thank our team once again. I'm proud of their resilience and long-term focus. I'm confident we're taking the right steps to accelerate our progress, do more of what our guests love and to usher in the next chapter of Target's growth story.

當我準備將電話轉給里克時，我想停下來再次感謝我們的團隊。我為他們的堅韌和長遠關注感到自豪。我相信，我們正在採取正確的措施來加速我們的進步，做更多我們的客人喜歡的事情，並開啟塔吉特成長故事的下一篇章。

With that, I'll turn the call over to Rick.

說完這些，我會把電話轉給里克。

Thanks, Brian, and good morning, everyone. As Brian shared, our team had to navigate through multiple challenges in the first quarter. Despite these challenges, we saw some compelling proof points that our strategy continues to resonate with consumers. As we've shared for multiple quarters, consumers have been choiceful in their buying decisions and recent declines in consumer confidence have made them even more cautious. They are focused on finding ways to save as they manage their family's budget.

謝謝，布萊恩，大家早安。正如 Brian 所分享的，我們的團隊在第一季必須克服多重挑戰。儘管面臨這些挑戰，我們仍然看到了一些令人信服的證據，表明我們的策略繼續引起消費者的共鳴。正如我們多個季度以來所分享的那樣，消費者在購買決策時非常謹慎，而最近消費者信心的下降使他們變得更加謹慎。他們在管理家庭預算時專注於尋找節省的方法。

However, as we've noted before, consumers are still making discretionary purchases when they find products at the right intersection of style, quality and value. We saw these themes play out in our first quarter results, where guests focus their spending on seasonal assortments, newness and compelling promotions.

然而，正如我們先前所指出的，當消費者發現款式、品質和價值都合適的產品時，他們仍然會自由購買。我們在第一季的業績中看到了這些主題的體現，客人的消費重點是季節性商品、新品和引人注目的促銷活動。

Q1 net sales were down 2.8%, reflecting a decline in traffic as well as a lower average basket. Within our six core merchandising categories, there are 35 divisions for which we measure market share. We held or gained share in 15 of those 35 over the trailing three months with strong gains in apparel categories like women's swimwear, performance and toddler, as well as gains in seasonal merchandise, books and produce and floral.

第一季淨銷售額下降 2.8%，反映客流量下降以及平均購物籃減少。在我們的六個核心商品類別中，有 35 個部門需要我們衡量市場佔有率。在過去三個月中，我們在 35 個類別中的 15 個類別中保持或增加了份額，其中女士泳裝、運動服和幼兒服裝等服裝類別增長強勁，季節性商品、書籍、農產品和花卉等類別也取得了增長。

While we are pleased to see those positive results, our goal is to hold or grow share across the majority of our assortment. As such, we are not satisfied with our first quarter performance and we are laser-focused on improving these trends over time.

雖然我們很高興看到這些正面成果，但我們的目標是維持或增加大部分產品的份額。因此，我們對第一季的業績並不滿意，並且我們致力於隨著時間的推移改善這些趨勢。

Target has long been known as the go-to place for key moments, including holidays, the turning of the seasons and other celebrations. In the first quarter, top line trends got meaningfully stronger around Valentine's Day and Easter. In addition, as weather has warmed up across the country, we are seeing momentum in categories like outdoor toys, pool accessories and summer food and beverage items. And of course, beyond seasonal moments, we also create unique-to-Target collaborations like our latest design partnership, Kate Spade for Target. Target pioneered the idea of making fashion affordable for all. And though we've been doing this for decades, our guests still love and eagerly await these collaborations. As Brian shared, the Kate Spade collection was the most successful limited-time partnership we have had in more than a decade, reinforcing Target's style authority and our ability to work with the most sought-after designers.

塔吉特一直被認為是人們在假日、季節交替和其他慶祝活動等重要時刻的首選之地。第一季度，情人節和復活節期間的營收趨勢明顯強勁。此外，隨著全國天氣變暖，我們看到戶外玩具、泳池配件以及夏季食品和飲料等類別的銷售勢頭強勁。當然，除了季節性活動之外，我們還與 Target 進行獨特的合作，例如我們最新的設計合作夥伴 Kate Spade for Target。塔吉特率先提出了讓所有人都能負擔得起時尚產品的概念。儘管我們已經這樣做了幾十年，但我們的客人仍然熱愛並熱切期待這些合作。正如 Brian 所說，Kate Spade 系列是我們十多年來最成功的限時合作，增強了 Target 的風格權威以及我們與最受追捧的設計師合作的能力。

It also showed that newness and style at irresistible price points can drive demand in otherwise soft discretionary categories. This is something we'll continue to lean into going forward. But consumers aren't just seeking newness and value during seasonal moments. They want and expect it every day. For example, in toys and sporting goods, our expanded assortment of items priced under $20 is performing well as we look to help families find even more affordable joy at Target. And in apparel, we saw strength in categories like women's swim, where new owned brand offerings at competitive price points beginning at just $12 provide the style and affordability consumers are looking for.

調查還表明，新穎性和款式以及誘人的價格可以推動原本疲軟的非必需品類別的需求。這是我們今後將繼續努力的方向。但消費者並不是只在季節性時刻尋求新鮮感和價值。他們每天都想要並且期待它。例如，在玩具和體育用品方面，我們擴大了價格低於 20 美元的商品種類，表現良好，因為我們希望幫助家庭在 Target 找到更實惠的樂趣。在服裝方面，我們看到了女式泳衣等類別的強勁表現，這些產品以極具競爭力的價格（起價僅為 12 美元）提供了消費者所尋求的款式和實惠的價格。

Another way we deliver newness and value is through our Target Plus marketplace where we have set ambitious goals to grow GMV to $5 billion by 2030 by offering even more brands and products guests want and expect from Target. We're looking to achieve this across all our core categories with particular focus on home and apparel where breadth of assortment matters most to consumers. This quarter alone, we grew Target Plus GMV by more than 20%, adding hundreds of new partners to the platform, driving traffic and increasing conversion online.

我們提供新穎性和價值的另一種方式是透過我們的 Target Plus 市場，我們在該市場中設定了雄心勃勃的目標，即透過提供更多客人想要和期望從 Target 獲得的品牌和產品，到 2030 年將 GMV 增長到 50 億美元。我們希望在所有核心類別中實現這一目標，尤其關注家居和服裝，因為產品種類的廣度對消費者來說最重要。僅本季度，Target Plus GMV 就成長了 20% 以上，為平台增加了數百個新合作夥伴，推動了流量並提高了線上轉換率。

Another way we deliver value to our guests is through Target Circle, and they responded enthusiastically to our recent Target Circle Week, which offer compelling promotions on great products. Beyond the short-term traffic and sales benefit, these events help position Target as a value player at a time when that's more important than ever.

我們為客人提供價值的另一種方式是透過 Target Circle，他們對我們最近的 Target Circle Week 活動反應熱烈，該活動為優質產品提供了極具吸引力的促銷活動。除了短期的流量和銷售效益之外，這些活動還有助於將塔吉特定位為價值參與者，而這一點比以往任何時候都更為重要。

Before turning to our plans for Q2, I want to pause and reemphasize that while we are encouraged by these bright spots, our overall results are not delivering at the level we want. We have work to do and our teams are aligned and committed to improving our performance and returning this company to growth over time.

在談到我們第二季的計劃之前，我想停下來再次強調一下，雖然這些亮點讓我們感到鼓舞，但我們的整體業績並沒有達到我們想要的水平。我們有工作要做，我們的團隊齊心協力，致力於提高我們的業績，並讓公司隨著時間的推移恢復成長。

Looking ahead to the second quarter and beyond, a key focus will be navigating the ever-changing tariff landscape as we work to deliver on our business goals while doing what we do best, providing outstanding products at incredible prices.

展望第二季度及以後，我們的重點將是應對不斷變化的關稅形勢，同時努力實現我們的業務目標，做我們最擅長的事情，以令人難以置信的價格提供優質的產品。

Our teams have been hard at work to minimize tariff headwinds through multiple strategies, including negotiating with our vendor partners, reevaluating assortment decisions, changing country of production where we are able, adjusting order timing, and where necessary, adjusting prices. We're building these plans with a premium on flexibility, allowing our team to read and react to changing tariff impacts and consumer trends as we navigate through the uncertainty. All in, these efforts are expected to offset the vast majority of the incremental tariff exposure, thanks to the incredible work of our team.

我們的團隊一直在努力透過多種策略來盡量減少關稅阻力，包括與我們的供應商合作夥伴談判、重新評估產品組合決策、盡可能改變生產國家、調整訂單時間以及在必要時調整價格。我們在製定這些計劃時非常注重靈活性，以便我們的團隊能夠在應對不確定性的同時了解並應對不斷變化的關稅影響和消費者趨勢。總而言之，由於我們團隊的出色工作，這些努力預計將抵消絕大多數增量關稅風險。

But even as we plan for these current pressures to continue, we're also placing smart bets in key areas focused on the latest styles, trends and cultural moments. Given our strong affinity with the Nintendo brand, we're excited for this summer's arrival of the Nintendo Switch 2. We're one of the top retailers in the US for this launch and can't wait to bring joy to families with this highly anticipated release.

但即使我們計劃繼續應對這些當前的壓力，我們也會在關注最新風格、趨勢和文化時刻的關鍵領域做出明智的選擇。鑑於我們對任天堂品牌的強烈喜愛，我們對今年夏天推出的 Nintendo Switch 2 感到非常興奮。作為此次發布產品的美國頂級零售商之一，我們迫不及待地想透過這款備受期待的產品為家庭帶來歡樂。

Given our brand purpose to help all families discover the joy of everyday life, throughout the summer season, we'll be leaning in, offering style forward, mix and match, red, white and blue outfit options for the whole family and more than 10,000 new summer items starting at just $1, and most of the assortment under $20.

我們的品牌宗旨是幫助所有家庭發現日常生活的樂趣，因此，在整個夏季，我們將全力以赴，為全家人提供前衛風格、混搭、紅、白、藍三色服裝選擇，以及超過 10,000 種全新夏季商品，起價僅為 1 美元，大部分商品的價格低於 20 美元。

And by the end of the second quarter, the focus shifts to the return to school routines. With back-to-school and college representing the second biggest season of the year, we're planning to deliver our unique mix of style and affordability. In our back-to-school assortment, we're standing to all for value, ensuring every student gets the supplies they need for a successful school year. And for our college bound guests, we're creating an easy-to-shop assortment of on-trend affordable mix and match items to personalize their dorm rooms.

到第二季末，重點將轉移到恢復學校日常生活。返校和大學是一年中第二大旺季，我們計劃推出獨特的風格與實惠相結合的產品。在我們的返校商品系列中，我們堅持物有所值，確保每位學生都能獲得成功學年所需的用品。對於即將上大學的客人，我們正在打造一系列易於購買的時尚且價格實惠的混搭物品，以個性化他們的宿舍。

Finally, as we focus on building engagement with new and existing Target Circle 360 members, we're implementing changes to make same-day delivery even more affordable through an industry-leading offering. As you know, for items delivered same day from Target, we've never marked up prices. And now we're extending that policy for all other retailers on the platform. Beginning this week, we've introduced no price markups on same-day delivery for the more than 100 retailers available on Shipt's marketplace.

最後，當我們專注於與新舊 ​​Target Circle 360​​ 會員建立聯繫時，我們正在實施變革，透過業界領先的服務使當日送達服務更加實惠。如您所知，對於 Target 當天送達的商品，我們從未提高價格。現在我們將該政策擴展至平台上的所有其他零售商。從本週開始，我們為 Shipt 市場上的 100 多家零售商推出了當日送達的無價格加價服務。

Many membership programs provide access to only one retailer, and others offer deliveries from multiple retailers but charge additional fees. With Target Circle 360, members get unlimited same-day delivery with a personal shopper and access to Shipt's marketplace of more than 100 other retailers like Petco, CVS, Lowe's, popular grocers and more.

許多會員計劃僅提供對一家零售商的服務，而其他會員計劃則提供對多家零售商的送貨服務，但需收取額外費用。透過 Target Circle 360​​，會員可以享受私人購物者提供的無限制當日送達服務，並可以訪問 Shipt 的市場，其中包含 Petco、CVS、Lowe's、熱門雜貨店等 100 多家其他零售商。

Before I turn things over to Michael, I want to acknowledge just how hard the Target team works to serve our guests to care for each other and to bring the Target brand to life. You truly are the best team in retail. And I particularly want to say thank you for your tireless efforts to navigate the complexities and the challenges of the current environment. Thank you for all you do for Target and for the millions of families we are proud to serve.

在將任務交給邁克爾之前，我想先感謝 Target 團隊為服務我們的客人、互相關心以及為 Target 品牌注入活力所付出的努力。你們確實是零售業最好的團隊。我特別要感謝你們為應對當前環境的複雜性和挑戰所做的不懈努力。感謝您為 Target 以及我們自豪地服務的數百萬家庭所做的一切。

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

說完這些，我就把電話轉給麥可。

Thanks, Rick. I'd like to start this morning where Rick left off, with a huge thank you to our team. From our sourcing offices overseas to the teams in our stores and supply chain facilities and everyone at our headquarters. The current environment is incredibly challenging, and you all continue to navigate it with determination, agility and an unwavering focus on serving our guests. Thank you for all that you do every day.

謝謝，里克。今天早上，我想從 Rick 結束演講的地方開始，向我們的團隊表示衷心的感謝。從我們海外的採購辦事處到我們商店和供應鏈設施的團隊以及我們總部的每個人。當前的環境極具挑戰性，但你們都將繼續以決心、敏捷和堅定不移地專注於為我們的客人服務來應對。感謝您每天所做的一切。

Despite the challenges currently facing our business, our teams are making meaningful progress against the priorities we laid out at our recent financial community meeting, including improved in-stocks and inventory reliability, faster and more efficient digital fulfillment, continued investments in both the in-store and digital shopping experience and bringing the best of Target's to more communities.

儘管我們的業務目前面臨挑戰，但我們的團隊正在根據我們在最近的金融社群會議上提出的優先事項取得有意義的進展，包括改善庫存和庫存可靠性、更快、更有效率的數位化履行、繼續投資於店內和數位購物體驗，並將 Target 的最佳服務帶給更多社群。

First, regarding inventory reliability, we remain focused on improving overall in-stock levels with a particular focus on top-selling items and peak shopping periods. And while there's still work to do, we're making real progress in virtually every way we measure inventory availability, from the overall purchasability of our total assortment to the in-stock position on key items, we've seen improvement year-over-year, building on the increases we've delivered for well over a year now.

首先，關於庫存可靠性，我們仍然專注於提高整體庫存水平，特別關注暢銷商品和購物高峰期。雖然仍有工作要做，但我們在衡量庫存可用性的幾乎所有方面都取得了真正的進展，從整個產品組合的總體可購買性到關鍵商品的庫存情況，我們都看到了逐年改善，這是在我們一年多來不斷實現的增長的基礎上取得的。

And thanks to the many efforts of our team, we've continued to make very compelling progress on inventory shrink with far better results earlier in the year than we expected, helping to improve our inventory reliability as well as our profitability.

並且由於我們團隊的努力，我們在庫存縮減方面繼續取得了非常顯著的進展，今年年初的結果遠遠超出了我們的預期，有助於提高我們的庫存可靠性和盈利能力。

One additional note on inventory, which was up 11% over last year, given slower-than-expected sales, we are taking actions to right size inventory, which put some profit pressure on the business in Q1 and will likely lead to some incremental markdowns and receipt adjustment costs in the second quarter as well. We believe these actions in the first half of this year will rebalance inventory well heading into the back half. Jim will share more on this shortly.

關於庫存還有一點需要補充，庫存比去年增加了 11%，鑑於銷售速度低於預期，我們正在採取措施調整庫存規模，這給第一季的業務帶來了一些利潤壓力，並可能導致第二季度出現一些增量降價和收據調整成本。我們相信，今年上半年的這些措施將會在下半年很好地平衡庫存。吉姆很快就會分享更多相關資訊。

Beyond inventory reliability, we also want to ensure that when our guests place digital orders, they are fulfilled quickly and efficiently. So I'm pleased that in Q1, our average click to deliver speed was nearly 20% faster compared to last year, one of many factors contributing to our strong digital growth. And of course, when guests are focused on speed, our same-day services rise to the occasion. One of many reasons, they grew another 5% over last year in the first quarter.

除了庫存可靠性之外，我們還希望確保當我們的客人下達數位訂單時，能夠快速有效地完成訂單。因此，我很高興看到，在第一季度，我們的平均點擊交付速度比去年同期提高了近 20%，這是我們數位業務強勁成長的眾多因素之一。當然，當客人注重速度時，我們的當日服務就能滿足需求。原因有很多，其中一個就是，今年第一季他們的銷售額比去年同期又成長了 5%。

Altogether, with continued growth of our same-day services and the expansion of next-day shipping availability across the country, we fulfilled more than 70% of all Q1 digital orders within a day, a strong base for us to build upon. One of the ways we're increasing shipping speed is by utilizing Shipt's network of independent drivers to deliver packages from sortation centers and in some cases, directly from stores. In Q1, Shipt drivers fulfilled 24% more packages year-over-year, speeding up delivery and reducing costs at the same time.

總而言之，隨著我們當日服務的持續增長和隔日送達服務在全國範圍內的擴展，我們在一天內完成了第一季 70% 以上的數位訂單，為我們未來的發展奠定了堅實的基礎。我們提高運輸速度的方法之一是利用 Shipt 的獨立司機網路從分類中心運送包裹，有時直接從商店運送包裹。第一季度，Shipt 司機配送的包裹數量年增了 24%，加快了配送速度，同時降低了成本。

We see a lot of room to continue increasing the adoption of services like Drive Up and same-day delivery while we also expand next-day shipping to more and more guests over time. Among our same-day services, we're seeing the most rapid growth in same-day delivery powered by Target Circle 360, which increased by more than 35% this quarter. As guest engagement with this membership service continues to grow, we're continually looking for ways to deliver even greater differentiation and value.

我們看到，Drive Up 和當日送達等服務的採用率還有很大的提升空間，同時，隨著時間的推移，我們也會將隔天送達服務擴展到越來越多的客人。在我們的當日送達服務中，由 Target Circle 360​​ 提供支援的當日送達服務增長最快，本季度增長了 35% 以上。隨著客人對這項會員服務的參與度不斷提高，我們一直在尋找提供更大差異化和價值的方法。

So as Rick shared earlier, we're excited about our latest benefit for Target Circle 360 members, no markups on same-day delivery orders from Target, and now the more than 100 retailers included on Shipt's marketplace. And we know that the ability to get free deliveries for multiple retailers is valuable to our members.

正如 Rick 之前分享的那樣，我們對為 Target Circle 360​​ 會員提供的最新福利感到非常興奮，Target 當日送達訂單無需加價，而且現在 Shipt 市場上有超過 100 家零售商。我們知道，獲得多家零售商的免費送貨服務對我們的會員來說非常有價值。

Here's one way to think about it. When we choose where to open physical stores, we're intentional about selecting locations that are convenient for our guests and situated near other prominent retailers. This strategic placement not only increases visibility but also drives relevance and foot traffic by aligning our brand with familiar and complementary shopping destinations.

這是一種思考方式。當我們選擇在哪裡開設實體店時，我們會特意選擇方便客人且靠近其他知名零售商的地點。這種策略佈局不僅提高了知名度，而且透過將我們的品牌與熟悉且互補的購物目的地相結合，還提高了相關性和客流量。

We apply the same philosophy to Target Circle 360; by offering same-day delivery from a wide variety of retailers through Shipt's marketplace, we create a digital environment that mirrors the high traffic, high relevance experience of a bustling retail center. This proximity, whether physical or virtual, enhances discovery, encourages cross-shopping and builds affinity and relevance for the Target brand. And of course, we continue to invest in our physical stores, opening new locations and updating existing ones, not just to bring our latest strategies and ideas to life, but also to support the continued expansion of our digital business.

我們將同樣的理念應用於 Target Circle 360​​；透過 Shipt 的市場提供來自各種零售商的當日送達服務，我們創造了一個反映繁華零售中心高流量、高相關性體驗的數位環境。這種接近性，無論是物理的還是虛擬的，都增強了發現，鼓勵了交叉購物，並為 Target 品牌建立了親和力和相關性。當然，我們將繼續投資實體店，開設新店並更新現有店面，這不僅是為了將我們的最新策略和理念變為現實，也是為了支持我們數位業務的持續擴張。

Now, we often get questions about how we allocate investments between our stores and our supply chain facilities. And while we do invest in both types of assets separately, it's important to note that an investment in our stores is also an investment in our supply chain due to our unique stores as hubs model. This model works because of our differentiated assortment strategy and our proximity to consumers, allowing our stores to play a dual role, serving as an inspiring shopping destination and as the primary source for fulfilling online orders. As a result, in the first quarter, 96% of our net sales volume was fulfilled by our stores.

現在，我們經常被問到如何在我們的商店和供應鏈設施之間分配投資。雖然我們確實分別對這兩種類型的資產進行投資，但值得注意的是，由於我們獨特的以商店為中心模式，對我們商店的投資也是對我們供應鏈的投資。這種模式之所以有效，是因為我們採用了差異化的商品組合策略，並且貼近消費者，使我們的商店能夠發揮雙重作用，既可以作為激發靈感的購物目的地，又可以作為完成在線訂單的主要來源。因此，第一季度，我們 96% 的淨銷售額是由我們的門市實現的。

This past quarter, we added three new store locations around the country, and we're on track to open around 20 for the year. Additionally, given the strong returns on investment we see, we've launched another wave of store remodel projects this spring. In fact, for the store remodels we've completed in recent years, we've seen strong comp lifts following the completion of these projects of 2% to 4% in the year following a remodel and a nearly 3% incremental lift in year two as well, another indication that our guests love newness, including in the store shopping experience.

上個季度，我們在全國新增了 3 家門市，預計全年將新增約 20 家門市。此外，鑑於我們看到的強勁投資回報，我們今年春天啟動了另一波商店改造計畫。事實上，對於我們近年來完成的商店改造，我們看到這些項目完成後，改造後的第二年銷售額增長了 2% 至 4%，第二年銷售額也增長了近 3%，這再次表明我們的客人喜歡新鮮事物，包括商店購物體驗。

And in both our new and existing locations, our store teams want to provide a warm, friendly and helpful experience on every guest visit. It's why we're encouraged to see increasing Net Promoter Scores on top of already high ratings on metrics including the ability to find products, overall wait time at checkout and interactions with our team, both while shopping and at our check lanes.

無論是在新店或現有店面，我們的門市團隊都希望為每位顧客提供熱情、友善和樂於助人的體驗。這就是為什麼我們很高興看到淨推薦值在已經很高的指標評級之上不斷上升，包括查找產品的能力、結帳時的總等待時間以及與我們團隊的互動（無論是在購物時還是在結帳時）。

But as I said at our Financial Community Meeting, and I'll say again this morning, we won't confuse progress with potential. We have work to do. And as we announced earlier this morning, we're taking action to return our business to growth with greater speed and intention. As you heard from Brian, I'll be leading a newly created acceleration office for the enterprise aimed at removing friction and enabling the team to make faster decisions in support of our growth.

但正如我在金融界會議上所說的那樣，而我今天早上還要再說一遍，我們不會將進步與潛力混為一談。我們有工作要做。正如我們今天早上宣布的那樣，我們正在採取行動，以更快的速度和更強大的決心恢復業務成長。正如布萊恩所說，我將領導一個新成立的企業加速辦公室，旨在消除摩擦並使團隊能夠更快地做出決策以支持我們的發展。

To be clear, we still firmly believe in our differentiated strategy. But in today's environment, we need to become more agile and move with greater speed. Through this office, I'll partner with leaders across the organization to more boldly embrace and harness the power of technology and AI beyond what we are already deploying. As a natural extension of our road map for growth, our priority will be enabling more efficient and cost-effective ways to work.

需要明確的是，我們仍然堅信我們的差異化策略。但在當今環境下，我們需要變得更靈活，行動更加迅速。透過這個辦公室，我將與整個組織的領導人合作，更大膽地擁抱和利用我們已經部署的技術和人工智慧的力量。作為我們成長路線圖的自然延伸，我們的首要任務是實現更有效率、更具成本效益的工作方式。

But this work goes beyond improving efficiency and includes finding ways to use assets more effectively and more intentionally prioritizing the work of our team, allowing them to move faster than we have in the past. For example, we have some compelling technology projects in flight that will modernize and streamline core inventory management and allocation processes. Our aim is to move them forward with pace. I'll have far more details to share over time, but for now, I want to emphasize that our team is fully committed to this work so we can more quickly deliver on the long-term aspirations we have for our business.

但這項工作不僅僅是提高效率，還包括找到更有效地利用資產的方法，更有意識地優先考慮我們團隊的工作，使他們能夠比過去更快地採取行動。例如，我們正在進行一些引人注目的技術項目，這些項目將使核心庫存管理和分配流程現代化和簡化。我們的目標是推動他們快速前進。隨著時間的推移，我會分享更多細節，但現在，我想強調的是，我們的團隊全力致力於這項工作，以便我們能夠更快地實現我們對業務的長期願望。

So as I get ready to turn the call over to Jim, I want to reiterate a point I made a few months ago and again this morning. We are pleased with the progress we've made in support of the long-term growth we know we can achieve, but we know we can do more faster. And there's no shortage of urgency and passion from this team to return to growth and solidify our position as a leader in American retail.

因此，當我準備將電話轉給吉姆時，我想重申幾個月前和今天早上提出的觀點。我們對在支持我們知道能夠實現的長期成長方面所取得的進展感到滿意，但我們知道我們可以做得更多、更快。這個團隊對恢復成長和鞏固我們作為美國零售業領先者的地位有著迫切的願望和熱情。

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

說完這些，我就把電話轉給吉姆。

Thanks, Michael. As Brian mentioned earlier, we faced several sources of pressure on the top line this quarter. Sales declined 2.8% as a comparable sales decline of 3.8% was partially offset by the benefit of new store sales and double-digit growth in non-merchandise sales. Among the drivers of our comp sales, traffic declined 2.4%, while average ticket was down 1.4%.

謝謝，麥可。正如布萊恩之前提到的，本季我們在營收方面面臨多重壓力。銷售額下降 2.8%，因為可比銷售額下降 3.8%，但被新店銷售額和非商品銷售額的兩位數成長部分抵消。在我們的同店銷售額的驅動因素中，客流量下降了 2.4%，而平均票價下降了 1.4%。

First quarter GAAP EPS was $2.27 and included $0.97 of benefit from the favorable resolution of interchange fee litigation for which we were the plaintiff. Adjusted EPS, which excludes that $0.97 benefit, was $1.30 compared to $2.03 last year.

第一季 GAAP EPS 為 2.27 美元，其中包括我們作為原告的交換費訴訟的有利解決所帶來的 0.97 美元收益。調整後的每股收益（不包括 0.97 美元的收益）為 1.30 美元，而去年同期為 2.03 美元。

On the gross margin line, our Q1 rate of 28.2% was about 60 basis points lower than last year, reflecting about 1 point of pressure in merchandising driven primarily by higher markdowns, along with about 80 basis points of pressure from digital fulfillment and supply chain, partially offset by about 120 basis points of favorability from lower inventory shrink.

在毛利率方面，我們第一季的毛利率為 28.2%，比去年同期低了約 60 個基點，這反映了商品銷售方面約 1 個基點的壓力，主要原因是降價幅度較大，同時數字履行和供應鏈方面也帶來了約 80 個基點的壓力，但庫存減少帶來的約 120 個基點的有利因素部分抵消了這一壓力。

On the SG&A line, our reported rate of 19.3% was about 170 basis points lower than last year as the gains from the litigation settlements were recognized on this line. Excluding those gains, our underlying first quarter SG&A rate was 21.7%, about 70 basis points higher than last year as pressure from sales deleverage and continued team investments were partially offset by the benefit of our cost improvement efforts.

在銷售、一般及行政費用方面，我們的報告利率為 19.3%，比去年低約 170 個基點，因為訴訟和解的收益已在此項目中得到確認。除去這些收益，我們第一季的基本銷售、一般及行政費用率為 21.7%，比去年高出約 70 個基點，因為銷售去槓桿和持續的團隊投資帶來的壓力被我們成本改進努力帶來的好處部分抵消。

I want to pause and acknowledge the team's disciplined focus on productivity as underlying SG&A expenses, excluding the gains from litigation, grew less than 1% compared with last year, even as we continued investing in team member pay and benefits.

我想暫停一下並承認團隊對生產力的嚴格關注，因為即使我們繼續投資於團隊成員的薪酬和福利，基本的銷售、一般和行政費用（不包括訴訟收益）與去年相比增長不到 1％。

Our first quarter D&A rate of 2.7% was about 20 basis points higher than a year ago, reflecting a year-over-year increase in depreciation on capital projects as we ramp up activity from last year's pace. Altogether, our Q1 operating margin rate was 6.2%, including about 250 basis points of benefit from the legal settlements.

我們第一季的折舊和攤銷率為 2.7%，比去年同期高出約 20 個基點，這反映出隨著我們加快去年的活動速度，資本項目的折舊同比增長。總體而言，我們第一季的營業利潤率為 6.2%，其中包括來自法律和解的約 250 個基點的收益。

Turning now to capital deployment. Our priorities remain the same as they've been for decades. Our first priority is to invest fully in our business in projects that meet our strategic and financial criteria. Second, we look to support the dividend and increase it annually. And third, we deploy any excess cash for share repurchases within the limits of our middle A credit ratings.

現在談談資本部署。我們的優先事項與幾十年來一樣沒有改變。我們的首要任務是全力投資符合我們策略和財務標準的專案。其次，我們希望支持股利並每年增加股利。第三，我們將在中等 A 信用評等的範圍內使用多餘的現金來回購股票。

CapEx in the first quarter was $790 million, and based on updated estimates of project timing, we're now expecting our full year CapEx will be near the lower end of the $4 billion to $5 billion range we laid out for the year.

第一季的資本支出為 7.9 億美元，根據最新的專案時間估計，我們預計全年資本支出將接近我們為今年制定的 40 億至 50 億美元範圍的低端。

Regarding the second priority, we paid $510 million in dividends in the first quarter and we'll recommend that the Board authorize a small increase in the quarterly dividend later this year. And finally, we deployed about $250 million for share repurchase in the first quarter, retiring 2.2 million of our shares. However, with increasing uncertainty regarding the magnitude and timing of potential tariffs, we did not repurchase any shares in April.

關於第二項優先事項，我們在第一季支付了 5.1 億美元的股息，我們將建議董事會在今年稍後批准小幅增加季度股息。最後，我們在第一季投入了約 2.5 億美元用於股票回購，回購了 220 萬股股票。然而，由於對潛在關稅的規模和時間的不確定性越來越大，我們在四月沒有回購任何股票。

Recent news of moderating tariff rates has been very encouraging and may open the door for additional repurchase activity later in the year. Of course, the magnitude and timing of repurchases will be governed by our long-held capital priorities and ratings goals.

最近有關降低關稅的消息非常令人鼓舞，並可能為今年稍後的額外回購活動打開大門。當然，回購的規模和時機將取決於我們長期以來的資本優先事項和評級目標。

As we look ahead, we remain confident in the underlying health of our business and our strategy, and we have a clear plan for navigating through this challenging environment. When we provided our initial guidance back in March, we said that we expected disproportionate pressure in the first half of the year, most notably in the first quarter. More specifically, we said that we expected to see Q1 pressure from team member investments, health care, general liability and start-up costs from our capital investments. Together, these items accounted for about $0.50 of year-over-year pressure on our first quarter adjusted EPS.

展望未來，我們對我們的業務和策略的基本健康狀況仍然充滿信心，並且我們有一個明確的計劃來應對這個充滿挑戰的環境。當我們在三月提供初步指導時，我們表示預計今年上半年將面臨不成比例的壓力，最明顯的是第一季。更具體地說，我們預計第一季團隊成員投資、醫療保健、一般責任和資本投資的啟動成本將帶來壓力。加起來，這些項目對我們第一季調整後的每股收益造成了約 0.50 美元的同比壓力。

In addition, we faced pressure from lower-than-expected sales, which resulted in higher-than-expected markdowns. Offsetting these pressures were significant savings from lower inventory shrink and the benefit of cost efficiency and productivity efforts on the SG&A line. We expect many of those Q1 themes to persist in the second quarter with headwinds, including continued sales pressure, tariff impacts and some additional costs to adjust inventory and receipts with continued benefits from lower shrink and productivity gains. In the back half of the year, we will be lapping easier comparisons from 2024 and expect to have inventory and receipt adjustment costs behind us.

此外，我們還面臨銷售低於預期的壓力，導致降價幅度高於預期。抵銷這些壓力的是庫存減少帶來的大量節省以及銷售、一般及行政費用 (SG&A) 方面的成本效率和生產力努力帶來的好處。我們預計，第一季的許多主題將在第二季度持續存在，但面臨阻力，包括持續的銷售壓力、關稅影響以及調整庫存和收據的一些額外成本，同時繼續受益於較低的損耗和生產力的提高。在下半年，我們將與 2024 年進行比較，並預計庫存和收據調整成本將會過去。

For the full year, we believe it's prudent to plan for a low single-digit decline in our sales in line with our first quarter performance. Based on these lower expected sales, we anticipate downward pressure on profitability with meaningful offsets from lower shrink and cost initiatives. Altogether, we've updated our adjusted EPS guidance to an expected range of about $7 to $9 for the full year. This wider range reflects the expected impact of tariffs and heightened uncertainty regarding the economy and consumer spending.

對於全年而言，我們認為謹慎的做法是將銷售額的下降控制在與第一季業績相符的低個位數水準。基於這些較低的預期銷售額，我們預期獲利能力將面臨下行壓力，但降低損耗和降低成本的措施將帶來顯著的抵銷作用。總體而言，我們已將調整後的每股盈餘預期更新為全年約 7 至 9 美元。這一更廣泛的範圍反映了關稅的預期影響以及經濟和消費者支出不確定性的加劇。

In terms of GAAP EPS, our updated range is about $1 higher from $8 to $10 due to gains we recognized from the litigation settlements. Importantly, our updated full year adjusted EPS range includes a number of near-term costs that we don't expect to repeat in future years, including actions in response to tariff announcements and inventory and receipt adjustment costs on softer-than-expected sales. The expected impact of these headwinds is similar in magnitude to the offsetting GAAP EPS benefit from the litigation settlements. As such, we believe this year's expected GAAP EPS range is a better reflection of the ongoing profitability of our business.

就 GAAP EPS 而言，由於我們從訴訟和解中獲得收益，我們更新後的範圍從 8 美元上漲至 10 美元，約為 1 美元。重要的是，我們更新的全年調整後每股收益範圍包括一些我們預計在未來幾年不會重複的短期成本，包括針對關稅公告的行動以及因銷售低於預期而採取的庫存和收據調整成本。這些不利因素的預期影響在規模上與訴訟和解帶來的抵銷性 GAAP EPS 收益相似。因此，我們認為今年預期的 GAAP EPS 範圍更能反映了我們業務的持續獲利能力。

In the near term, given the challenges we're facing, we're managing the business with two overarching priorities for the year. The first is to ensure that we deliver solid performance in 2025 with shrink and productivity improvements offsetting the impact of softer-than-expected sales while best positioning our business for meaningfully better results in 2026 and beyond. We'll do this by focusing on the appropriate growth drivers, managing our cost to match the pace of sales and ensuring we exit 2025 in a healthy position in terms of profit margins and inventory levels.

就短期而言，考慮到我們面臨的挑戰，我們將以今年的兩個首要任務來管理業務。首先是確保我們在 2025 年取得穩健的業績，透過縮減和生產力改進來抵銷銷售疲軟的影響，同時為我們的業務在 2026 年及以後取得更好的業績做好最佳定位。我們將透過專注於適當的成長動力、管理成本以匹配銷售速度以及確保我們在 2025 年實現利潤率和庫存水平的健康狀態來實現這一目標。

The other priority is to continue investing in our business, including in our stores, distribution centers and in technology, including AI, to ensure we're positioned to deliver the long-term profitable growth we know our business can deliver over time.

另一個優先事項是繼續投資我們的業務，包括我們的商店、配送中心和人工智慧等技術，以確保我們能夠實現我們知道我們的業務能夠隨著時間推移而實現的長期盈利增長。

I want to join the other speakers this morning in thanking our team, both for their commitment to serving our guests and their disciplined focus on productivity and efficiency in a highly challenging environment. I also want to reiterate some of the bright spots you've heard about this morning, including digital growth of around 5% led by 36% growth in same-day delivery, encouraging performance during seasonal moments like Valentine's Day, Easter and most recently, Mother's Day, holding or gaining share in just under half of the categories we track, the best performance of a designer partnership in a decade and continued strong returns on our investments in new stores, remodels and technology.

我想與今天早上的其他演講者一起感謝我們的團隊，感謝他們致力於服務我們的客人，並在極具挑戰性的環境中嚴格注重生產力和效率。我還想重申大家今天早上聽到的一些亮點，包括約 5% 的數字增長，其中當日送達量增長了 36%；在情人節、復活節以及最近母親節等季節性節日期間，業績表現令人鼓舞；在我們追踪的近一半類別中保持或增加了份額；設計師合作夥伴關係的十年來表現最佳；以及我們在新店、獲得強勁的投資夥伴繼續獲得強勁的投資夥伴

We're looking to build on these bright spots in the quarters and years ahead while increasing our speed and agility under Michael's leadership of the acceleration office. And while a volatile trade environment will likely remain a challenge for a while longer, we're fortunate to have a strong and experienced global sourcing team and a healthy balance sheet that will allow us to weather significant volatility and continue to invest in our business, while others in a weaker position may struggle. We're confident that if we continue to focus on the long game, we will benefit from meaningful growth and market share opportunities in the years ahead.

我們希望在未來幾季和幾年中繼續鞏固這些亮點，同時在邁克爾領導的加速辦公室下提高我們的速度和敏捷性。儘管動盪的貿易環境可能仍將是一個挑戰，但我們很幸運擁有一支強大且經驗豐富的全球採購團隊和健康的資產負債表，這將使我們能夠抵禦重大波動並繼續投資於我們的業務，而其他處於較弱地位的公司可能會陷入困境。我們相信，如果我們繼續著眼於長遠發展，我們將在未來幾年受益於有意義的成長和市場份額機會。

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

現在，我將把電話轉回給布萊恩，請他發表一些結束語。

Thanks, Jim. Before we turn to your questions, I want to emphasize a few things you've heard from us today. First, while we're not satisfied with our current performance, we are confident in our strategy and our ability to deliver long-term profitable growth. By bringing together our cross-category mix of national brands, own brands and unique partnerships with an experience that prioritizes ease, value and a personal touch, we are delivering the everyday discovery and delight that makes Target, Target, while modernizing our approach for today's consumer.

謝謝，吉姆。在回答您的問題之前，我想強調一下您今天聽到的幾件事。首先，雖然我們對目前的表現並不滿意，但我們對我們的策略和實現長期獲利成長的能力充滿信心。透過將我們的跨類別國家品牌、自有品牌和獨特的合作夥伴關係與優先考慮便利、價值和個人化的體驗相結合，我們為 Target 帶來了日常的發現和愉悅，同時也為當今的消費者帶來了現代化的方法。

Just as we leaned into our competitive strengths to build the industry-leading fulfillment model we have today, one that continues to drive strong digital sales and growth in same-day services like Drive Up and same-day delivery powered by Target Circle 360. We are leaning into those same strengths to further differentiate our assortment and experiences with investments in Target Circle, Roundel, Target Plus and more, which leads me to my second point.

正如我們利用自身的競爭優勢建立瞭如今行業領先的履行模式一樣，該模式繼續推動強勁的數字銷售以及 Drive Up 和 Target Circle 360​​ 支持的當日送達等當日服務的增長。我們正利用這些優勢，透過對 Target Circle、Roundel、Target Plus 等的投資，進一步區分我們的產品組合和經驗，這引出了我的第二點。

We are committed to delivering on our strategic priorities faster. With the enterprise acceleration office, we're changing how we operate to create the conditions for our team to advance our priorities more quickly and remain adaptable to the changing landscape for our business. This will not only help us meet the demands of today's environment, but enhance our performance for years to come.

我們致力於更快地實現我們的戰略重點。透過企業加速辦公室，我們正在改變營運方式，為我們的團隊創造條件，使他們能夠更快地推進我們的優先事項，並適應不斷變化的業務格局。這不僅有助於我們滿足當今環境的需求，還能提高我們未來幾年的表現。

And finally, I want to emphasize the Target is well prepared to navigate the near-term challenges of today while continuing to invest in the future. We are in the fortunate position of having the scale, relationships and balance sheet to weather uncertainty with a focus on delivering value to our guests. At the same time, we'll keep investing in our stores, supply chain and technology so that we are well positioned to serve guests both today and over time. And our unwavering commitment to bring joy to everyone, every day will continue to guide everything we do. All of this is possible because of our team, and I appreciate all they've done and continue to do to support our guests and each other.

最後，我想強調的是，塔吉特已做好充分準備應對當前的短期挑戰，同時繼續投資未來。我們很幸運，擁有規模、關係和資產負債表來抵禦不確定性，並專注於為我們的客人提供價值。同時，我們將繼續投資於我們的商店、供應鏈和技術，以便我們能夠更好地為當前和未來的客人提供服務。我們始終堅定不移地致力於每天為每個人帶來歡樂，這項承諾將繼續指導我們所做的一切。所有這一切都歸功於我們的團隊，我感謝他們為支持我們的客人和彼此所做的一切以及將繼續做的一切。

So today, even as I'm not satisfied with our Q1 results, I'm confident in our strategy, the actions we're taking to accelerate that strategy and the ability of our team to move our business forward and emerge a stronger company than before.

因此，今天，儘管我對我們的第一季業績並不滿意，但我對我們的策略、我們為加速該策略而採取的行動以及我們團隊推動業務發展並成為比以前更強大的公司的能力充滿信心。

With that, we'll open up the line for Q&A. Now, Rick, Michael, Jim and I will be happy to take your questions.

接下來，我們將開放問答熱線。現在，瑞克、麥可、吉姆和我很樂意回答你們的問題。

(Operator Instructions) Christopher Horvers, JPMorgan.

（操作員指示）摩根大通的克里斯多福‧霍弗斯 (Christopher Horvers)。

So my first question is a little bit on the guidance. Is your expectation that comps turn positive in the back half or by the fourth quarter? And on the gross margin line, will the inventory adjustment cost essentially be behind you such that in the back half to shrink tailwinds and advertising and so forth will allow gross margin to be up?

我的第一個問題是關於指導的。您是否預計下半年或第四季的銷售額將轉為正值？在毛利率方面，庫存調整成本基本上是否落後於您，以至於在下半年減少順風和廣告等將使毛利率上升？

Jim, go ahead.

吉姆，說吧。

Yes, sure, Chris. On the comps, as I indicated, we expect to have low single-digit declines for the balance of the year, and that would include Q4. And as Michael mentioned on the call, the inventory and receipt adjustment costs, we expect to occur mostly in the first half of the year and then we'll get through that by the second half of the year.

是的，當然，克里斯。正如我所指出的，就可比較數據而言，我們預計今年餘下時間的銷售額將出現低個位數下降，其中包括第四季。正如邁克爾在電話中提到的那樣，我們預計庫存和收據調整成本將主要發生在上半年，然後我們將在下半年解決。

Got you. And then on the shrink line, that 120, it seems like that would suggest you're pretty close to getting back to 2019 in terms of recapturing all the shrink. Is that 120 a good number to think about for the rest of the year? Or was this some sort of -- was there a catch-up adjustment that happened in the first quarter that doesn't persist into the balance of the year?

明白了。然後在收縮線上，那 120，似乎表明在重新獲得所有收縮方面，你已經非常接近回到 2019 年了。120 這個數字對於今年剩餘的時間來說是一個值得考慮的數字嗎？或者這是某種——第一季發生的追趕調整是否不會持續到全年？

Chris, you got that right. I think there's an element of catch-up as we do the store counts. That gets to the 120 basis points of shrink upside. For the balance of the year, you can expect that we'll recover the vast majority of the shrink that we saw -- the headwinds we saw over the last couple of years.

克里斯，你說得對。我認為，當我們對商店數量進行統計時，存在著追趕的因素。這達到了 120 個基點的縮減上行空間。就今年的剩餘時間而言，你可以預期我們將恢復我們所看到的絕大部分萎縮——過去幾年我們所看到的逆風。

And I guess, any quantification of what that is?

我想，這到底是什麼，有沒有什麼量化的方法？

As you recall, we've tried to claw back 120 basis points of headwinds. We clawed back about 40 last year. And we look like we'll recover the vast majority of that -- of the balance.

大家還記得，我們​​曾試圖挽回 120 個基點的不利因素。去年我們挽回了大約 40 人。看起來我們將恢復絕大部分的餘額。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

I wanted to ask about tariffs. Rick mentioned that your efforts are expected to offset the vast majority of the incremental tariff exposure. But can you talk a little bit more about how you're going about that and what your view is on prices in the back half and any demand elasticity? And when it comes to what we see in the stores for holiday, would you expect it to look much different versus previous years?

我想問有關關稅的問題。瑞克提到，預計你們的努力將抵銷絕大部分增量關稅風險。但是，您能否再多談談您如何實現這一目標，以及您對下半年價格和需求彈性的看法？當我們在商店裡看到節日期間的商品時，您是否認為它與往年相比會有很大不同？

Rick, do you want to provide some color on tariffs?

里克，你想提供一些有關關稅的詳細資訊嗎？

Sure, I'd be happy to. And I think I'd start by saying as we think through and navigate tariffs, the first thing that we're committing to is to deliver high-quality product at affordable prices, and that really is our North Star. And our teams have been working very hard to offset the vast majority of the tariffs. And we're doing that because -- or are able to do that because of Target size and scale, our [mixed] category business, which gives us flexibility, the productive partnerships that we have built with our vendors and suppliers and then our best-in-class global sourcing team has put us in a good position to be able to navigate these tariffs.

當然，我很樂意。我想首先要說的是，當我們思考和處理關稅問題時，我們承諾的第一件事就是以實惠的價格提供高品質的產品，這確實是我們的北極星。我們的團隊一直在努力抵消絕大多數關稅。我們這樣做是因為——或者說我們能夠這樣做是因為 Target 的規模和規模，我們的[混合]類別業務給了我們靈活性，我們與供應商和供應商建立了富有成效的合作夥伴關係，然後我們一流的全球採購團隊使我們處於有利地位，能夠應對這些關稅。

Now, the strategies that the teams are employing as we speak include diversifying the country of production, half of what we sell comes from the US. But beyond that, we have the most control of where we produce when it comes to our own brands. And with our own brands, we have been on a multiyear journey to diversify countries of production. So going back to 2017, we were 60% coming out of China. We brought that down to 30%, and we are well on our way to be less than 25% by the end of next year. We are expanding into new countries, Asia as well as the Western Hemisphere, but I think it's important to note that we're also exploring opportunities here in the US.

現在，團隊正在採用的策略包括生產國家多元化，我們銷售的產品有一半來自美國。但除此之外，對於我們自己的品牌，我們對生產地點擁有最大的控制權。憑藉我們自己的品牌，我們經過多年的努力，實現了生產國家的多元化。回顧 2017 年，我們的 60% 來自中國。我們將這一比例降至 30%，並預計在明年年底前降至 25% 以下。我們正在向新的國家、亞洲以及西半球擴張，但我認為值得注意的是，我們也在美國探索機會。

The other strategy that the team is employing is evolving our assortment. We talked a little bit about this in the prepared comments. But Bullseye's Playground, I think, is a great example. It's at the front of the store. It's the section where guests come in and they look to discover, fun seasonal, low-priced items, and we have made a commitment to keep those at $1, $3 and $5. It's important to the brand, but it's important to the guest. So to do that, we've evolved the assortment and we brought in some new trending beauty items and we've also brought in some new seasonal food and beverage items.

團隊正在採用的另一個策略是改進我們的產品組合。我們在準備好的評論中對此進行了一點討論。但我認為《靶心遊樂場》就是一個很好的例子。它在商店前面。這是客人進來後想要發現的有趣的季節性低價商品的區域，我們承諾將這些商品的價格保持在 1 美元、3 美元和 5 美元。這對品牌很重要，但對客人也很重要。為此，我們改進了產品系列，引進了一些新的流行美容產品，也引進了一些新的季節性食品和飲料。

And the last point I would say is we are partnering very closely with our vendors and our suppliers to ensure that we are able to provide the best value that we can for the consumer. So through all those strategies, we feel that we can offset the vast majority of the tariff impact.

我想說的最後一點是，我們正在與我們的供應商和供貨商密切合作，以確保我們能夠為消費者提供最好的價值。因此，我們認為透過所有這些策略，我們可以抵消絕大部分關稅的影響。

Kate, I'd almost build on several of Rick's comments. I think we all know the tariff environment right now is still very uncertain. And we're certainly working and looking for greater clarity around trade agreements and what the long-term tariff rates will be.

凱特，我幾乎要對里克的幾條評論進行補充。我想我們都知道目前的關稅環境仍然非常不確定。我們確實正在努力尋求貿易協定和長期關稅稅率的更明確性。

But I want to recognize the work that Rick's team has done, Michael's team, Jim's team in an environment where you can imagine, lots of scenario planning but with a focus on delivering what's best for our consumer in this environment, making sure we leverage our multi-category portfolio, our own brands, the experience of our sourcing team and making sure that we're delivering newness and value and remaining price competitive in an environment that's rapidly changing.

但我想承認 Rick 的團隊、Michael 的團隊、Jim 的團隊在您可以想像的環境中所做的工作，他們進行了大量情景規劃，但重點是在這種環境下為我們的消費者提供最好的產品，確保我們利用我們的多類別產品組合、我們自己的品牌、我們採購團隊的經驗，並確保我們在快速變化的環境中提供新穎性和價值並保持價格競爭力。

So we'll continue to provide updates as we go forward as we mitigate through the tariff uncertainty. But I think the teams have done a tremendous job in making sure we start with the consumer, we continue to deliver great product, great value and remain price competitive in this environment.

因此，隨著我們逐步緩解關稅不確定性，我們將繼續提供最新資訊。但我認為團隊已經做了大量工作，確保我們從消費者開始，繼續提供優質的產品、巨大的價值，並在這種環境下保持價格競爭力。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

So I just wanted to go back to in-store comp trends. So as you look forward, what are some of the key efforts, tactics to help drive stronger traffic and in-store trends? And then as you look at your business outlook, how do you feel about your price gaps and price positioning?

所以我只是想回顧一下店內競爭趨勢。那麼展望未來，有哪些關鍵的努力和策略可以幫助推動更強勁的客流量和店內趨勢？然後，當您審視您的業務前景時，您對價格差距和價格定位有何看法？

I'm happy to start. And Rupesh, as we sit here today, you heard this from Michael, you heard this from Rick, we start with a focus on good retail fundamentals. We've got to make sure in this environment, we are consistent, we're reliable. That's code for making sure we're in stock every time you shop. And we've got to make sure we provide a great in-store experience. And that starts with great assortments, great newness and great value. And we got to be really laser-focused on providing a great in-store experience every time our guests shop.

我很高興開始。魯佩什，今天我們坐在這裡，你從邁克爾那裡聽到了這個，你從里克那裡聽到了這個，我們首先關注良好的零售基本面。我們必須確保在這種環境下我們是一致的、可靠的。這是確保您每次購物時我們都有庫存的代碼。我們必須確保提供良好的店內體驗。而這一切都始於豐富的品種、新穎的商品和龐大的價值。我們必須全心全意地為顧客每次購物提供優質的店內體驗。

So Michael, Rick, their entire teams, we are focused on this each and every day. But it starts with great retail fundamentals, making sure we're focused on managing inventory effectively, continue to provide the great service our guests are looking for. But it's that combination, as Rick talked about. We've got to make sure style, trend, fashion, that Tar-zhay magic is something we lead with, and we complement that with great essentials, great food and beverage and great execution each and every day.

所以邁克爾、里克以及他們的整個團隊每天都專注於此。但它始於良好的零售基礎，確保我們專注於有效地管理庫存，並繼續提供我們的客人所尋求的優質服務。但正如里克所說的，這就是這種組合。我們必須確保風格、潮流、時尚以及 Tar-zhay 魔力是我們引領的，並且我們每天都會透過優質的必需品、美味的食物和飲料以及出色的執行力來補充這一點。

Yes. I mean just to build on that a little bit, Brian. We have said that we weren't happy with our performance in the first quarter, but there were some bright spots. And when we saw that we brought style and trend and high-quality product at an affordable price, the consumer responded. And we saw that in -- with Kate Spade and delivering kind of -- delivering the biggest designer collaboration that we've had in over a decade.

是的。我的意思是在此基礎上再進一步，布萊恩。我們說過，我們對第一季的表現並不滿意，但也有一些亮點。當我們看到我們以實惠的價格帶來時尚、潮流和高品質的產品時，消費者做出了回應。我們與 Kate Spade 合作實現了這一點，這是我們十多年來最大的設計師合作。

We also saw that when it came to Valentine's Day, Easter and more recently, Mother's Day, that Target continues to be the go-to destination for seasons. So we're excited for our plans for Q2 because we're going to take those learnings and we're going to lean into that and drive traffic and sales in the second quarter. We are going to celebrate 100 days of summer for Memorial Day all the way to Labor Day. We're going to be launching 10,000 new items, starting at $1 with the majority under $20. We're going to be taking -- sharing our take on Americana, Americana done the Tar-zhay way, red white and blue for the whole apparel, for the whole family, that looks terrific.

我們也發現，每當情人節、復活節以及最近的母親節到來時，塔吉特仍然是消費者當季的首選目的地。因此，我們對第二季度的計劃感到非常興奮，因為我們將吸取這些經驗教訓，並依靠這些經驗來推動第二季度的流量和銷售。我們將慶祝從陣亡將士紀念日至勞動節的 100 天夏季。我們將推出 10,000 種新產品，起價為 1 美元，大部分價格低於 20 美元。我們將分享我們對美國風情的理解，以 Tar-zhay 的方式呈現美國風情，整個服裝、整個家庭都採用紅、白、藍三色，看起來棒極了。

We'll have in-store events every Saturday in June, and we're going to have increases in summer media to drive traffic to those events and to drive traffic to the store and to our site. And then, of course, we've got a couple of really big launches this summer that we're excited about. The first will be Nintendo Switch 2. And based on the preorders, there's a ton of excitement for this and we plan to be the retail destination for all things Nintendo Switch.

我們將在六月的每個星期六舉辦店內活動，並且我們將增加夏季媒體的宣傳力度，以吸引人們參加這些活動，並吸引人們造訪商店和我們的網站。當然，今年夏天我們會推出幾款讓我們興奮的大型新品。第一款將是 Nintendo Switch 2。根據預訂情況，大家對此感到非常興奮，我們計劃成為 Nintendo Switch 所有產品的零售目的地。

And then the other big launch that we have is Champion. And Champion is really the epitome of Tar-zhay. It's stylish sportswear for the whole family at really affordable prices. And we think that's going to be a big hit with the consumer as well.

我們推出的另一個重要產品是 Champion。而 Champion 確實是 Tar-zhay 的縮影。這是適合全家人的時尚運動服，而且價格非常實惠。我們認為這也會受到消費者的熱烈歡迎。

So we're taking the learnings from Q1, and we're leaning in big time in Q2 to drive traffic and to drive improved performance.

因此，我們吸取了第一季的經驗教訓，並將在第二季大力推動流量並提高效能。

I might just build on that a little bit as well to emphasize the point Brian started with. Those fundamentals matter. I mean we know some of what makes the Target experience special is a great in-store experience. And the team navigated a lot of challenges in the first quarter. But amidst that tough backdrop, we've made progress on some of the goals that we set out at our Financial Community Meeting. In virtually every way we measure in-stocks, were stronger this year than we were last year.

我可能也會在此基礎上稍微強調一下 Brian 一開始提出的觀點。這些基本原則很重要。我的意思是，我們知道 Target 體驗之所以如此特別，是因為其擁有出色的店內體驗。球隊在第一節克服了許多挑戰。但在艱難的背景下，我們在金融界會議上提出的一些目標上取得了進展。從我們衡量庫存的幾乎所有方面來看，今年的庫存都比去年強勁。

We looked really closely at what our guests are telling us, they're seeing in terms of experience. And we saw some nice steps forward in the measures we use from a Net Promoter Score perspective to see progress there. And then we're laying a good foundation that will serve us well in the balance of this year and beyond in places where we're getting faster with shipping, that 20% increase year-over-year in our click to deliver speed, that's going to be a benefit our guests are going to see for months and months to come.

我們非常仔細地觀察了客人告訴我們的情況以及他們所看到的體驗。從淨推薦值的角度來看，我們看到了我們所使用的衡量標準取得了一些進展。然後，我們正在打下良好的基礎，這將在今年及以後為我們在運輸速度加快的地方提供良好的服務，我們的點擊交付速度同比增長 20%，這將是我們客人在未來幾個月內看到的好處。

And so a huge thanks to the team for making that progress. We said at the start of the year, we had some work to do, that gets to a higher bar on some of those fundamentals. And we took a nice step forward in the first quarter, and we're not done.

因此，非常感謝團隊的進展。我們在年初就說過，我們有一些工作要做，這些工作要在某些基本方面達到更高的標準。我們在第一季取得了很大的進步，但我們還沒有完成。

And I think there was -- part of the question was also price gaps. There's a lot covered in the question, but we want to go back and cover that. And what I would say on price gaps is, first and foremost, we are very committed to delivering value to the guests and to deliver competitive pricing. And we watch competitive pricing very closely, and we watch price gaps. And for now, we are comfortable with where our price gaps are. But I do think it is important to think of value more broadly than just price. And we think about it in a lot of different ways. And one way in particular is with Target Circle 360 is how we deliver value with promotions. And one of the things we're really excited about right now is a new benefit that we're adding to Target Circle 360.

我認為問題的一部分也與價格差距有關。問題中涉及了很多內容，但我們想回頭討論一下。關於價格差距，我想說的是，首先，我們致力於為客人提供價值並提供有競爭力的價格。我們密切關注競爭性定價，並關注價格差距。目前，我們對於價格差距感到滿意。但我確實認為，考慮價值的廣度比考慮價格更重要。我們用很多不同的方式來思考這個問題。其中一種特別的方式就是透過 Target Circle 360​​ 來實現促銷的價值。目前讓我們真正興奮的事情之一是我們為 Target Circle 360​​ 添加了一項新福利。

Now, we have never had markups for same-day delivery of Target orders. But now we're going to offer no markups for hundreds of retailers on the Shipt platform. This is going to offer incredible value as well as ease and convenience for our members. So it's just important to think about value more broadly. We like to think of the Tar-zhay value as price plus style and ease and convenience.

現在，我們從未對當天送達的 Target 訂單進行過加價。但現在我們將對 Shipt 平台上的數百家零售商不提供加價。這將為我們的會員提供難以置信的價值以及輕鬆和便利。因此，更廣泛地思考價值非常重要。我們喜歡將 Tar-zhay 的價值視為價格加上風格、輕鬆和便利。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

In order to address some of the challenges, it's seems necessary in order to diagnose the problem. And is it right to characterize the challenge that Target has experienced in the last few years is that other retailers have caught up and addressed some of the differentiation and qualities that have made Target unique. And as Target has tried to catch up, its execution has become less consistent. And now to try and address these issues the focus is on improving execution. Is that right? And is it enough? And then I have a follow-up.

為了解決一些挑戰，似乎有必要對問題進行診斷。那麼，是否可以正確地描述塔吉特在過去幾年中遇到的挑戰，即其他零售商已經趕上並解決了一些使塔吉特與眾不同的差異化和品質問題。當塔吉特試圖追趕時，其執行力卻變得不那麼一致了。現在，解決這些問題的重點是提高執行力。是嗎？這夠了嗎？然後我有一個後續問題。

Michael, it's a great question. I think we've talked about that quite a bit this morning. You've heard Michael talk about it starts with retail fundamentals. We know we've got to be reliable. We've got to be consistent. We've got to make sure we are managing inventory effectively in this environment. We've got to continue to make progress with shrink. Those are fundamentals each and every day that are embedded in our business. Rick has talked about the importance of blending newness with great assortments, bring that style, that trend, that Tar-zhay magic forward each and every day. That's part of the value equation we've got to be delivering.

邁克爾，這是一個很好的問題。我想我們今天早上已經談論過這個問題很多了。您已經聽過麥可談論從零售基本面開始的事情。我們知道我們必須值得信賴。我們必須保持一致。我們必須確保在這種環境下有效地管理庫存。我們必須繼續在收縮方面取得進展。這些都是我們日常業務中不可或缺的基本原則。里克 (Rick) 談到了將新穎性與豐富多樣的商品相融合的重要性，每天都將這種風格、這種潮流、這種 Tar-zhay 魔力發揚光大。這是我們必須傳遞的價值方程式的一部分。

We know we've got to continue to invest and accelerate our digital performance. Michael has talked about the additional speed we've added. Rick's talked about the additional benefits we're having in the Target Circle 360, those are fundamental. We've got to continue to make sure we're investing in growing our retail media business, Target Plus, and embedding technology, Michael, in everything we do.

我們知道我們必須繼續投資並加速我們的數位化表現。麥可談到了我們增加的額外速度。里克談到了我們在 Target Circle 360​​ 中獲得的額外好處，這些都是根本性的。我們必須繼續確保我們投資於發展我們的零售媒體業務 Target Plus，並將技術嵌入到我們所做的每一件事中，邁克爾。

So you know, as I do, retail is a world of fast followers. We're going to continue to set the pace. [MOs,] key seasonal moments, those limited time offers, the newness we can bring to our assortment, that's what separates Target from our competition. But each and every day, we've got to be reliable. We've got to be consistent. We've got to make it easy and exciting for our guests to shop. And those are the things we wake up every day focused on.

所以你知道，如我所知，零售業是一個快速跟隨者的世界。我們將繼續保持領先。 [MO]、關鍵的季節性時刻、限時優惠、我們可以為產品系列帶來的新鮮感，這就是 Target 與競爭對手的不同之處。但每一天，我們都必須值得信賴。我們必須保持一致。我們必須讓客人的購物體驗變得輕鬆有趣。這些就是我們每天醒來所關注的事情。

We know that when we deliver the Tar-zhay magic, the consumer responds. And if you think about this past quarter, we compete in 35 categories. Of those 35 categories, we gained or held share in 15. So we would have -- we aim -- our goal is to do better than that, it's to hold or gain share in the majority, but we did it, hold and gained 15 categories that cut across both everyday categories like beverages, produce, floral, but also discretionary categories like women's swim, performance, toddler apparel. And the common theme is when we deliver newness at a great value, we see strong performance.

我們知道，當我們展現 Tar-zhay 魔力時，消費者會做出回應。如果你回想一下上個季度，我們參加了 35 個類別的比賽。在這 35 個類別中，我們在 15 個類別中增加或維持了份額。因此，我們的目標是做得更好，保持或獲得大多數市場份額，但我們做到了，保持並獲得了 15 個類別的市場份額，這些類別既涵蓋飲料、農產品、花卉等日常類別，也涵蓋女士泳裝、表演服裝、幼兒服裝等非必需類別。共同的主題是，當我們以巨大的價值提供新產品時，我們就會看到強勁的表現。

So I'll give you some examples that we're really excited about. In our home business, we launched Parachute, which is a DTC brand, a more premium brand. It is doing really well. We just launched a new fabric, new colors, new prints in Parachute. It's also doing well. We launched Disney and Marvel collections for [Pillar 4], and again, very positive response from the consumer.

所以我給你舉一些讓我們非常興奮的例子。在我們的家庭業務中，我們推出了 Parachute，這是一個 DTC 品牌，一個更高端的品牌。它確實做得很好。我們剛剛在 Parachute 中推出了一種新面料、新顏色、新印花。它也做得很好。我們為[Pillar 4]推出了迪士尼和漫威系列，並且再次獲得了消費者的正面回應。

So when we can continue to deliver that on-trend style forward product at an affordable price, we see the consumer respond, even in some of these discretionary categories, which are challenged. So that's what we're going to be leaning into and doing more.

因此，當我們能夠繼續以實惠的價格提供引領潮流的產品時，我們就會看到消費者的反應，即使在一些面臨挑戰的非必需品類別中也是如此。所以這就是我們要傾向並做更多的事情。

And I'll give you one more example because it's a favorite one of mine. Just in time for Mother's Day, we launched Good Little Garden, which is a floral brand. And the business took off, double-digit growth, $6 bouquets, and we're seeing double-digit growth and it's continuing well beyond Mother's Day. And that's what we just have to continue to do more of, is bring that Tar-zhay magic.

我再舉一個例子，因為這是我最喜歡的例子。適逢母親節，我們推出了花卉品牌Good Little Garden。業務開始起飛，實現了兩位數的成長，每束花束售價 6 美元，我們還看到兩位數的成長，而且這種成長勢頭在母親節之後仍將繼續。這就是我們要繼續做的事情，那就是帶來 Tar-zhay 的魔力。

Maybe just to add one more thought there. You heard Brian use the word pace. And just to connect to the acceleration office that we're standing up, the word acceleration is quite intentionally picked. You can hear what powers the strategy. The newness Rick talked about, the fundamentals that Brian and I have talked about. We've got a strategy that's built for growth. We need to move down that path faster and with more pace. And so the work that we'll be doing with the acceleration office and more to come as we get into that work will be about streamlining how we operate and fast tracking critical work in areas like technology that will help us accelerate with pace down that strategy.

也許只是想再補充一點想法。您聽到布萊恩使用了“節奏”這個詞。為了與我們所處的加速辦公室聯繫起來，我們特意選擇了「加速」這個詞。您可以聽聽該策略的推動力。瑞克談到的新穎之處，就是布萊恩和我談到的基本內容。我們有一個為成長而製定的策略。我們需要以更快的速度和更快的步伐沿著這條道路前進。因此，我們將與加速辦公室合作的工作以及未來進行的更多工作將致力於簡化我們的營運方式并快速跟踪技術等領域的關鍵工作，這將有助於我們加快這一戰略的實施步伐。

Michael, I'll finish with a point that you've heard Rick talked about before. You've heard Cara Sylvester also talked about. And I do think it's one of the things that drives differentiation of Target and always has. And it is that magic mix of great national brands, our very unique own brand portfolio that now exceeds $31 billion, and the fact that we're a destination for those emerging brands that are -- guests love to discover at Target. Those are areas we'll always lean into. But that magic mix of our national brands, our unique own brands with many billion-dollar brands in our portfolio and the fact that we're a destination for those new discovery brands, those are things we've got to constantly be focusing on because what separates Target from so many of our competitors.

麥可，最後我想說你之前聽里克談到的一個觀點。您也聽過卡拉·西爾維斯特 (Cara Sylvester) 的談論。我確實認為這是推動 Target 差異化的因素之一，而且一直都是如此。正是這種神奇的組合，包括偉大的全國性品牌、我們獨特的自有品牌組合（現在超過 310 億美元），以及我們是新興品牌的聚集地——顧客們喜歡在 Target 發現這些品牌。這些都是我們始終關注的領域。但是，我們的國家品牌、我們獨特的自有品牌與我們的投資組合中眾多價值數十億美元的品牌的神奇組合，以及我們是這些新發現品牌的目的地這一事實，這些都是我們必須不斷關注的事情，因為這正是塔吉特與眾多競爭對手的區別所在。

Understood. If I could just add one quick follow-up question. The big debate on the heels of your results this morning, is whether Target properly derisked the outlook for the remainder of the year? It seems like the message is we just [straight-lined] what happened in the first quarter to the rest of the year, but the environment may not be as favorable as it was in the rest of the year. And there may be more investment necessary over the next couple of quarters. So how would you frame the downside or at least the potential that the guidance has sufficiently been derisked?

明白了。如果我可以添加一個簡單的後續問題。今天早上公佈業績後，最大的爭論是塔吉特是否適當地降低了今年剩餘時間的前景風險？看起來我們只是將第一季發生的事情與今年剩餘時間的情況進行了對比，但環境可能不如今年剩餘時間那麼有利。未來幾季可能需要更多的投資。那麼，您如何看待不利因素，或至少如何看待該指導意見已充分降低風險的可能性？

Michael, it's Jim here. Yes, I think you framed it up correct. Despite -- as we look at the balance of the year, we have taken a cautious outlook for our sales outlook as we look at low single-digit declines for the balance of the year. But the headwind -- or sorry, the tailwinds we're seeing from shrink and productivity and what we'll expect to see from the enterprise acceleration office and just moving faster is going to give us the oxygen to ensure that we continue to invest behind our brands and invest in our capital priorities as well.

麥可，我是吉姆。是的，我認為你的表達是正確的。儘管如此，當我們回顧今年的餘額時，我們對銷售前景持謹慎態度，因為我們預計今年餘額的降幅將低於個位數。但是逆風——或者抱歉，是我們從收縮和生產力中看到的順風，以及我們期望從企業加速辦公室看到的順風，以及更快的行動將為我們提供動力，確保我們繼續投資於我們的品牌並投資於我們的資本優先事項。

Operator, we have time for one last question this morning.

接線員，今天早上我們還有時間回答最後一個問題。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

I wanted to follow up on guidance and tariffs. And I just want to make sure that we're clear on what's in the guidance. Are you saying that $7 to $9 includes the 30% tariff on China that most of the offset can take place without pricing and that your confidence in hitting that target, that guidance is very high? I think what we're trying to do is just make sure we properly understand and assess the risk related to pricing and elasticities and any potential markdowns if you need to take greater pricing action.

我想跟進指導和關稅。我只是想確保我們清楚指南中的內容。您是說 7 到 9 美元的價格中包含了對中國的 30% 的關稅，而大部分抵消可以在沒有定價的情況​​下進行，並且您對實現這一目標、這一指導方針非常有信心嗎？我認為我們要做的是確保我們正確理解和評估與定價和彈性相關的風險以及如果需要採取更大的定價行動時的任何潛在降價。

Ed, it's a broad-based question, but I'll start and then Jim can certainly add some additional color. As we sit here today, we have been certainly contemplating the impact of tariffs on our business and the current tariff rates are built into the scenarios we have been working with. We've been working about inventory management over the balance of the year, how we'll play pricing and promotion. That's all bundled into our current guidance.

艾德，這是一個廣泛的問題，但我先開始，然後吉姆當然可以補充一些內容。今天我們坐在這裡，我們當然一直在考慮關稅對我們業務的影響，目前的關稅稅率已經融入我們一直在研究的情景中。我們一直在研究今年剩下的庫存管理，以及如何定價和促銷。這些都包含在我們目前的指導中。

And I think we've taken a very conservative approach as we think about inventory management, how we're going to price and promote in this environment. But obviously, there's still lots of uncertainty, but the wide range of our guidance for the full year, I think, gives us the flexibility to make sure that we can take the actions that are built into our plan.

我認為我們在考慮庫存管理以及如何在這種環境下定價和促銷時採取了非常保守的方法。但顯然，仍然存在許多不確定性，但我認為，我們對全年的廣泛指導為我們提供了靈活性，以確保我們能夠採取計劃中的行動。

And to build on that, the range of $7 to $9 includes both uncertainty around consumer confidence and on discretionary in particular and potential impacts from tariffs. We have been playing, as Rick mentioned in detail is, we did ensure that we're really agile and flexible across a range of scenarios and tariffs, and we feel pretty comfortable that we can mitigate the vast majority of those impacts across sort of a wide range of those outcomes.

在此基礎上，7 至 9 美元的範圍既包括消費者信心的不確定性，也包括可自由支配支出的不確定性，以及關稅的潛在影響。正如里克詳細提到的那樣，我們一直在努力確保我們在各種情景和關稅中真正保持敏捷和靈活，並且我們感到非常舒服，我們可以減輕各種結果中的絕大多數影響。

Operator, that concludes our first quarter call. I appreciate everyone joining us today, and we look forward to talking to you in the coming weeks.

接線員，我們的第一季電話會議到此結束。我感謝今天與我們一起的各位，我們期待在接下來的幾週內與你們交談。