目標百貨 (TGT) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Target Corporation second quarter earnings release conference call. (Operator Instructions) As a reminder, this conference is being recorded Wednesday, August 20, 2025.

女士們、先生們，感謝你們的支持。歡迎參加塔吉特公司第二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 8 月 20 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 second quarter 2025 earnings conference call. On the line with me today are Brian Cornell, Chair and Chief Executive Officer; Michael Fiddelke, Chief Operating Officer; Rick Gomez, Chief Commercial Officer; and Jim Lee, Chief Financial Officer.

大家早安，感謝您參加我們的 2025 年第二季財報電話會議。今天與我通話的有董事長兼執行長 Brian Cornell、營運長 Michael Fiddelke、首席商務長 Rick Gomez 和財務長 Jim Lee。

In a few moments, Brian, Michael, Rick, and Jim will provide their insights on our second quarter performance and outlook for the rest of the year and also share their perspective on today's announcement regarding CEO succession. Following the remarks, we'll open the phone lines for a question-and-answer session. This morning, we're joined on this conference call by investors and others who are listening to our comments via webcast. Following the call, Jim and I will be available to answer your follow-up questions.

稍後，布萊恩、邁克爾、里克和吉姆將就我們第二季度的業績和今年剩餘時間的展望提供見解，並分享他們對今天宣布的首席執行官繼任的看法。發言結束後，我們將開通電話熱線進行問答環節。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. 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 earnings press release, which is posted on our Investor Relations website.

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。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。今天早上的收益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 to kick things off. Brian?

有了這個，我將把時間交給 Brian 開始。布賴恩？

Thanks, John. While today's call was scheduled to discuss our second quarter earnings. I want to start with a bigger headline. The announcement that the Board of Directors has unanimously elected Michael Fiddelke to become Target's next CEO and to join the Board at the start of our 2026 fiscal year.

謝謝，約翰。今天的電話會議原定討論我們的第二季財報。我想從一個更大的標題開始。董事會宣布一致選舉邁克爾·菲德爾克 (Michael Fiddelke) 為塔吉特 (Target) 的下一任首席執行官，並將於 2026 財年開始加入董事會。

The Board chose Michael through a deliberate and thoughtful succession planning process, which took place over the last few years. As part of this process, the Board conducted a rigorous search which Michael skills, experience, and qualifications were thoroughly evaluated alongside a strong list of both external and internal candidates.

董事會經過深思熟慮的繼任計劃流程選擇了邁克爾，該流程在過去幾年內完成。作為這一過程的一部分，董事會進行了嚴格的搜索，對邁克爾的技能、經驗和資格進行了全面評估，同時對內部和外部候選人名單進行了強有力的評估。

Today's announcement is an important milestone in the history of our company. And I'm confident that Michael is the right candidate to lead our business back to growth. Since I arrived at Target, I have consistently relied on Michael's strategic insights and sound judgment when making decisions. And he has played a critical role in advancing the key initiatives that have grown and sustained our business.

今天的公告是我們公司歷史上的一個重要里程碑。我相信邁克爾是帶領我們的業務恢復成長的合適人選。自從我來到塔吉特以來，我在做決策時一直依賴邁克爾的戰略洞察力和合理判斷。他在推動我們業務成長和維持的關鍵舉措方面發揮了關鍵作用。

Michael knows how our business can perform and what our team can deliver when we're at our best and he'll bring that confidence along with an aggressive mindset for change into the CEO role. Through a wide range of career experiences, Michael has developed a deeper knowledge of our business and greater insight into our organization than anyone I know. Importantly, through these experiences, Michael has forged deep relationships and built strong trust across the organization and I'm confident the Target team will enthusiastically embrace his leadership.

麥可知道我們的業務表現如何，也知道我們的團隊在最佳狀態下能夠取得什麼成果，他將把這種信心以及積極的變革心態帶到執行長的職位上。透過豐富的職業經歷，邁克爾比我認識的任何人都更了解我們的業務，並對我們的組織有更深入的了解。重要的是，透過這些經歷，麥可在整個組織內建立了深厚的關係並建立了強大的信任，我相信塔吉特團隊會熱情地接受他的領導。

As I look back on my time at Target, I'm proud of what our team has accomplished as we’ve worked to evolve and grow our business in countless ways. By making significant investments in our team and our physical and digital assets, we built the right foundation on which Michael and the rest of our leadership team can deliver strong performance in the years to come.

當我回顧我在塔吉特的時光時，我為我們團隊在無數方面努力發展和壯大業務所取得的成就感到自豪。透過對我們的團隊以及我們的實體和數位資產進行大量投資，我們建立了正確的基礎，邁克爾和我們領導團隊的其他成員可以在未來幾年取得強勁的業績。

At the same time, I share Michael's passion and urgency to accelerate our performance and build new momentum in our business. Results over the last few years have fallen short of our expectations and our potential. That's why Michael has been engaging the entire leadership team in an effort to refocus our strategy and assess how we're functioning as an organization and provide the launch pad to reestablish Target as a premier leader in retail.

同時，我和麥可一樣，對加快我們的業績、為我們的業務注入新的動力抱持熱情和緊迫感。過去幾年的業績未能達到我們的預期和潛力。這就是為什麼麥可一直與整個領導團隊合作，努力重新調整我們的策略，評估我們作為一個組織的運作方式，並為重建塔吉特作為零售業領先者的地位提供平台。

Included in this work is the Enterprise Acceleration Office that we launched last quarter and which Michael will continue to lead. The team is building out specific plans to address the attributes of our working model that slow us down in an environment that demands more speed and agility than ever before.

這項工作包括我們上個季度啟動的企業加速辦公室，麥可將繼續領導該辦公室。團隊正在製定具體計劃來解決我們的工作模式的特性，這些特性使我們在比以往任何時候都需要更高的速度和靈活性的環境中放慢了速度。

In particular, we know that process and technology opportunities at headquarters can get in the way of a great guest and team member experience. And that's where we're focused first. Michael will share more of these initial insights in a few minutes, but I want to stress that this is a longer-term effort that's focused on finding new and sustainable ways of working that can serve us for years to come.

特別是，我們知道總部的流程和技術機會可能會妨礙客人和團隊成員獲得良好的體驗。這就是我們首先關注的重點。麥可將在幾分鐘後分享更多初步見解，但我想強調的是，這是一項長期努力，重點是尋找能夠為我們服務多年的新的、可持續的工作方式。

And the way our team has worked together this year to navigate through a volatile and uncertain tariff environment provides a vivid example of how our team can perform when we remove barriers and coordinate our efforts across the business.

今年，我們的團隊齊心協力，共同應對動盪和不確定的關稅環境，生動地展示了當我們消除障礙、協調整個業務的努力時，我們的團隊能夠如何發揮作用。

As one of the largest importers in the country, the prospect of higher tariffs meant we were facing some major financial and operational hurdles as we entered the year. This was further complicated by the multiple changes in tarriff policy that have been announced and implemented as the year has progressed.

作為國內最大的進口商之一，關稅上調的前景意味著我們在進入新的一年時將面臨一些重大的財務和營運障礙。隨著時間的推移，關稅政策的多次變化已宣布並實施，這使得情況變得更加複雜。

Addressing these challenges has required close coordination between our merchandising, supply chain, stores, and finance teams. This broad cross-functual group has developed and rapidly implemented countless revisions to our product and inventory plans involving our assortment, product development, sourcing, receipt timing, supply chain flow, order quantities and pricing.

應對這些挑戰需要我們的商品銷售、供應鏈、商店和財務團隊之間的密切協調。這個廣泛的跨職能小組對我們的產品和庫存計劃進行了無數次修訂，涉及我們的分類、產品開發、採購、收貨時間、供應鏈流程、訂單數量和定價，並迅速實施了無數次修訂。

While the tariff environment remains challenging and highly uncertain -- the team has made significant progress in mitigating their impact on the P&L, while maintaining our focus on value by limiting the impact on our pricing. And while we expect this year's P&L will reflect some short-term pressure from tariffs, we expect to end the year in a healthy position and move beyond this period of uncertainty in 2026.

儘管關稅環境仍然充滿挑戰且高度不確定，但團隊在減輕其對損益表的影響方面取得了重大進展，同時透過限制對定價的影響來保持對價值的關注。雖然我們預計今年的損益表將反映出關稅帶來的一些短期壓力，但我們預計今年年底將保持健康狀態，並在 2026 年度過這段不確定時期。

And as you'll hear from the team over the next few minutes, we saw clear indications of progress in our business in the second quarter, as traffic and comp trends improved meaningfully from Q1, particularly in our stores.

正如您將在接下來的幾分鐘內聽到團隊所說，我們在第二季度看到了業務進步的明顯跡象，因為客流量和銷售趨勢與第一季相比有顯著改善，尤其是在我們的商店。

In addition, we're continuing to see improvements in quality measures surrounding the store experience, including on-shelf availability. And we continue to see particular strength in our business when guests find newness and innovation in our assortment, most notably in gaming, toys and trading cards this quarter.

此外，我們還看到圍繞商店體驗的品質指標不斷改善，包括貨架供應情況。當客人在我們的產品系列中發現新穎性和創新性時，我們繼續看到我們業務的特殊優勢，最明顯的是本季的遊戲、玩具和交易卡。

I want to pause and thank our team for their efforts to deliver these encouraging results, while simultaneously working to minimize the impact of tariffs on our guests and our business. As I've traveled and visited stores and distribution facilities in recent months, I've been inspired by the positive energy I've seen throughout our team, and they're hungry to build on this momentum in the back half of the year and beyond.

我想停下來感謝我們的團隊為實現這些令人鼓舞的成果所做的努力，同時努力將關稅對我們的客人和業務的影響降至最低。近幾個月來，當我出差並參觀商店和分銷設施時，我被我們團隊中看到的積極能量所鼓舞，他們渴望在今年下半年及以後繼續保持這種勢頭。

And to be clear, while we were happy to see improvement in Q2, we are far from satisfied with where our business is performing today. We need to do better, and our entire team is focused on consistent execution, building further momentum, and getting back to profitable long-term growth. And we're confident that we have the right foundation for this effort. Nearly 2,000 well-located, well-maintained stores located in all 50 states, a $31 billion owned brand portfolio, supported by best-in-class product design, development, and sourcing capabilities, an assortment that includes best loved national brands in every category and world-class brand partnerships, including Apple, Starbucks, Levi's, and Champion, a growing and profitable first-party digital business, which provides the fuel for rapidly growing high-margin businesses like Roundel and Target Plus.

需要明確的是，雖然我們很高興看到第二季的改善，但我們對目前的業務表現還遠遠不滿意。我們需要做得更好，我們整個團隊都專注於持續執行，進一步增強發展勢頭，並恢復長期獲利成長。我們相信，我們已經為這項努力奠定了良好的基礎。在美國所有 50 個州擁有近 2,000 家地理位置優越、維護良好的商店，擁有價值 310 億美元的自有品牌組合，並由一流的產品設計、開發和採購能力提供支持，產品種類包括各個類別中最受歡迎的全國性品牌以及世界一流的品牌合作夥伴關係，包括 Apple、星巴克、Levi's 和盈利，這是一個不斷發展的利潤

One of the biggest loyalty programs in the country in Target Circle, which offers a growing list of services, including personalized discounts, same-day delivery, and 5% off when using our credit and debit cards and of course, an outstanding global team united in supporting our guests and each other. Surrounding all these assets, capabilities and our team, we're fortunate to be part of an iconic brand that's developed a unique relationship with American consumers. It's a relationship we should never take for granted.

Target Circle 是全國最大的忠誠度計劃之一，它提供越來越多的服務，包括個人化折扣、當日送達、使用我們的信用卡和借記卡時享受 5% 的折扣，當然還有一支優秀的全球團隊團結一致，為我們的客人和彼此提供支持。憑藉這些資產、能力和團隊，我們很榮幸能成為與美國消費者建立了獨特關係的標誌性品牌的一部分。我們永遠不應該將這段關係視為理所當然。

We need to continually invest and evolve how we serve our guests. Just as their wants and needs will continue to evolve over time. I am confident that under Michael's leadership, the team can strengthen the Target brand and deliver profitable growth. And I'm firmly committed to supporting Michael and the entire Target team as we work together to improve our performance, finish the year strong, and enter 2026 with renewed momentum across our business.

我們需要不斷投資並改善我們為客人服務的方式。正如他們的需求和願望會隨著時間的推移而不斷演變。我相信，在麥可的領導下，團隊能夠加強 Target 品牌並實現獲利成長。我堅定地致力於支持邁克爾和整個 Target 團隊，我們將共同努力提高業績，強勢結束今年，並以新的業務勢頭進入 2026 年。

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

說完這些，我會把電話轉給麥可。

Thanks, Brian, and good morning, everyone. I'm honored and eager to step into the role of leading the company that I love and truly believe in. As Brian outlined earlier, I've been fortunate to serve in a broad range of roles and functions over my 20 years here. I've learned from every one of these experiences with each giving me a deeper appreciation for the specific ways that Target is special and strategically distinct in a crowded retail landscape.

謝謝，布萊恩，大家早安。我很榮幸並渴望擔任領導這家我熱愛並真正信任的公司的角色。正如布萊恩之前所概述的，我很幸運能夠在這裡的 20 年裡擔任過各種各樣的職位和職能。我從每一次經歷中都學到了很多東西，每一次經歷都讓我更加深刻地認識到塔吉特在擁擠的零售環境中的獨特之處和戰略優勢。

It means I've seen how our business can perform when we're at our best, and therefore, where we also have clear opportunities today to improve our performance, and we must improve. I know we're not realizing our full potential right now. And so I'm stepping into the role with a clear and urgent commitment to build new momentum in the business and get back to profitable growth.

這意味著我已經看到了我們的業務在最佳狀態下的表現，因此，我們今天也有明顯的機會來提高我們的業績，而且我們必須改進。我知道我們現在還沒有發揮出我們的全部潛力。因此，我帶著明確而緊迫的承諾擔任這一職務，以打造新的業務發展動能並恢復獲利成長。

In partnership with Brian, the Board and my colleagues on the leadership team we're taking a clear-eyed approach to the work in front of us to understand where we need to lean in and where we need to accelerate change.

我們與布萊恩、董事會和領導團隊的同事們合作，以清醒的頭腦對待眼前的工作，了解我們需要在哪些方面努力，以及我們需要在哪些方面加速改變。

My work over the past few months leading the Enterprise Acceleration Office has also provided a fresh opportunity to broadly assess where we're at and where we need to go across the enterprise. But even as this work is ongoing, I've established three key priorities to help us reinforce what will continue to set us apart for years to come. I strongly believe in our differentiated place in retail. At our core, we are a style and design-led company. We’re merchants at heart who love product and win through offering a unique assortment.

過去幾個月領導企業加速辦公室的工作也為我提供了一個新的機會，可以廣泛評估我們目前所處的位置以及我們需要在整個企業中走向何方。但即使這項工作仍在進行中，我還是確定了三個關鍵優先事項，以幫助我們鞏固未來幾年將繼續讓我們脫穎而出的因素。我堅信我們在零售業的差異化地位。從本質上講，我們是一家以風格和設計為主導的公司。我們本質上是商人，熱愛產品並透過提供獨特的產品組合來取勝。

So first, we must reestablish our merchandising authority in a way that is distinctly target. Second, we're a retailer that believes that an elevated experience is every bit as important as product. We want guests to find a sense of joy from every trip to target and we must do that more consistently and frequently. And third, we must more fully use technology to improve our speed, guest experience and efficiency throughout the business.

因此，首先，我們必須以明確目標的方式重建我們的商品銷售權威。其次，我們是一家零售商，我們相信優質的體驗與產品同樣重要。我們希望客人從每次旅行中找到快樂，我們必須更持續、更頻繁地做到這一點。第三，我們必須更充分地利用科技來提高整個業務的速度、客戶體驗和效率。

Let's unpack these in a bit more detail. Beginning with our assortment, industry-leading style and design has long been one of the most critical attributes that makes Target, Target, and we need to reclaim that merchandising authority. As you've seen over the last few years, even when overall results have fallen short of our aspirations, we've shown how strongly our guests respond when we offer the right blend of quality, value, and style not seeing anywhere else in the market. To reestablish our leadership here, we need to go beyond the occasional design partnership or new product launch and ensure we're bringing this authority across each category in our business throughout the year. That will require change, and that change is happening.

讓我們更詳細地解釋一下這些問題。從我們的產品系列開始，業界領先的風格和設計一直是 Target 之所以成為 Target 的最重要特徵之一，而我們需要重新奪回這項銷售權威。正如您在過去幾年中所看到的，即使整體業績未能達到我們的期望，我們也證明了，當我們提供市場上其他任何地方都無法企及的品質、價值和風格的正確組合時，我們的客人會做出多麼強烈的反應。為了重建我們的領導地位，我們需要超越偶爾的設計合作或新產品發布，確保全年將這種權威帶到我們業務的每個類別中。這需要改變，而這種改變正在發生。

As an example, we're already well underway in building Fun 101, our name for the transformation within our hardlines categories in which we're reshaping the assortment in an unmistakably Target way. I know Rick plans to share some specific examples shortly, but we're already seeing positive comps and traffic growth in these categories, all from leaning into style and culture in much the same way we're known for in our apparel assortment.

舉例來說，我們已經在順利建立「Fun 101」項目，這是我們對硬線產品類別進行轉型的名稱，我們正在以一種明顯的 Target 方式重塑產品組合。我知道 Rick 計劃很快分享一些具體的例子，但我們已經看到這些類別的積極增長和流量增長，所有這些都源於我們以與服裝系列相同的方式傾向於風格和文化。

Looking ahead, we need to push much harder in bringing this approach to our home category. And to be clear, even a category like food and beverage plays here and we have a fantastic opportunity to further build on the newness and differentiation our loved owned brands and national brand partners provide in food.

展望未來，我們需要更加努力地將這種方法推廣到我們的家庭類別。需要明確的是，即使是食品和飲料這樣的類別也在這裡發揮作用，我們有絕佳的機會進一步鞏固我們喜愛的自有品牌和國家品牌合作夥伴在食品領域提供的新穎性和差異化。

In addition, across the entire assortment, we have an opportunity to further leverage our merchandising authority through our more than $31 billion owned brand portfolio. where we've spent decades building and refining our industry-leading design and sourcing capabilities. The team behind these capabilities truly puts us in a category of one in our ability to read, shape, scale, and deliver emerging merchandising and style trends at incredible value.

此外，在整個產品系列中，我們有機會透過價值超過 310 億美元的自有品牌組合進一步發揮我們的行銷權威。我們花了數十年時間打造和完善我們行業領先的設計和採購能力。這些能力背後的團隊真正使我們成為能夠以令人難以置信的價值解讀、塑造、擴展和傳遞新興商品和風格趨勢的佼佼者。

Beyond the assortment we sell is how we sell it, through an elevated and joyful shopping experience, both in stores and online that powers love for the Target brand all day every day. We can never take for granted the love our guests show us when they affectionately refer to their local store as My Target. That's loyalty we need to consistently go out and earn from well stocked shelves and clean stores to a friendly and helpful team and an online experience that brings inspiration and discovery, we want to delight our guests who shop with us every time they shop. And as I've made clear, we have to do better here, especially in the consistency of our experience.

除了我們銷售的商品種類之外，我們還關注銷售方式，即透過店內和網上的優質、愉悅的購物體驗，激發人們對 Target 品牌的全天候熱愛。當顧客親切地將他們當地的商店稱為「我的目標」時，我們絕不能忽視他們對我們的喜愛。這就是我們需要不斷努力贏得的忠誠度，從庫存充足的貨架和乾淨的商店到友好而樂於助人的團隊以及帶來靈感和發現的在線體驗，我們希望每次購物時都能讓顧客感到滿意。正如我已經明確表示的，我們必須在這方面做得更好，特別是在經驗的一致性方面。

And while we certainly aren't done, that progress is happening. Across the entire assortment and in particular, key items that should never be out of stock, our on-shelf availability metrics in Q2 were the best we've seen in years. We're also seeing far greater consistency in our intra-day inventory reliability as well as between weekdays and key weekend shopping windows. We will continue to build on this momentum.

儘管我們還沒有完成，但進展正在發生。在整個商品組合中，特別是那些永遠不會缺貨的關鍵商品，我們第二季的貨架供應指標是多年來最好的。我們還發現，日內庫存可靠性以及工作日和週末主要購物時段之間的庫存可靠性更加一致。我們將繼續保持這股勢頭。

Finally, while technology is at the core of all our operations today, it will need to play an even stronger role going forward. As we continue investing in our future growth, we'll be making key technology investments throughout our stores, supply chain, headquarters and digital operations to power our team and our business.

最後，雖然科技是我們當今所有營運的核心，但它需要在未來發揮更強大的作用。隨著我們繼續投資未來的成長，我們將在整個商店、供應鏈、總部和數位營運中進行關鍵技術投資，以支持我們的團隊和業務。

Over my career, I've seen how critically important it is to continually reevaluate strategies and stay in step with the evolving consumer expectations and trends. And I've seen firsthand the impact as bold leaders like Brian have made strong decisive choices to not only meet the needs of today, but to tap into the potential of tomorrow.

在我的職業生涯中，我看到了不斷重新評估策略並與不斷變化的消費者期望和趨勢保持同步是多麼重要。我親眼目睹了像布萊恩這樣大膽的領導者所做的果斷選擇所產生的影響，他們不僅滿足了當今的需求，也挖掘了未來的潛力。

But despite the solid foundation that's been established, our performance over the last few years has not been acceptable. While we're proud of the many ways that Target is unique in American Retail, we have real work in front of us. And to be blunt, we need to move faster, much faster, and we are.

但儘管基礎已經牢固，但過去幾年我們的表現卻不盡人意。雖然我們為塔吉特在美國零售業中的獨特地位感到自豪，但我們面前還有許多真正的工作要做。坦白說，我們需要行動得更快，而且我們已經在行動了。

As Brian mentioned, over the past few months, we've been urgently adjusting our approach to assortment planning amidst a rapidly evolving external tariff and consumer landscape. This type of speed and agility is exactly how we need to lead across all aspects of our business, serving as a textbook model for our new enterprise acceleration office.

正如布萊恩所提到的，在過去的幾個月裡，我們一直在快速變化的外部關稅和消費者環境中緊急調整我們的產品組合規劃方法。這種速度和敏捷性正是我們在業務各個方面所需要的，也是我們新企業加速辦公室的教科書模型。

While the work of this office is just beginning, we've already identified areas of opportunity, and we're acting on them with a focus on leaning into and embracing the role of technology in greater ways across all of our operations. We've identified the biggest challenges that slow us down, legacy technology that doesn't meet today's needs, manual work that can be automated, unclear accountabilities, slow decision-making, siloed goals, and a lack of access to quality data. For example, it's clear that at our headquarters, team structures and processes have significant opportunities to improve.

雖然該辦公室的工作才剛開始，但我們已經發現了機會領域，並且正在採取行動，重點是在我們所有的營運中更多地依靠和接受技術的作用。我們已經確定了阻礙我們前進的最大挑戰，即無法滿足當今需求的遺留技術、可以自動化的手動工作、不明確的責任、緩慢的決策、孤立的目標以及缺乏對高品質數據的存取。例如，很明顯，在我們的總部，團隊結構和流程有很大的改善空間。

Everything we do should be in service of our guests, and we're evaluating how to best ensure our resources and talent better align with our strategy to drive speed, quality and consistency in support of the tens of millions of guests that shop us each week. This evaluation requires that we take a hard look at where, when and how we work.

我們所做的一切都應為顧客服務，我們正在評估如何最好地確保我們的資源和人才更好地與我們的策略保持一致，以提高速度、品質和一致性，以支持每週在我們這裡購物的數千萬顧客。這項評估要求我們認真審視我們在哪裡、何時以及如何運作。

We started redesigning large cross-functional processes like how our teams build our merchandising and inventory plans to clarify roles and access the right data to make more effective decisions. And while we still believe in the flexibility of a hybrid workplace, we've set the expectation that our team should be working in person more often so they can collaborate more effectively across team lines and solve problems more quickly.

我們開始重新設計大型跨職能流程，例如我們的團隊如何制定商品銷售和庫存計劃，以明確角色並獲得正確的數據以做出更有效的決策。雖然我們仍然相信混合工作場所的靈活性，但我們期望我們的團隊應該更頻繁地親自工作，以便他們能夠跨團隊更有效地協作並更快地解決問題。

We're also improving and embedding more technology and data within our team to get that work done and moving quickly to evaluate every one of our tech initiatives determining which have the highest return and are most mission-critical so we can realign resources accordingly. For example, by leveraging AI and other tools, our team can build an update forecasts more accurately while spending less time creating them. So we're investing to deploy the power of AI more fully across our team, freeing them up to spend more time bringing joy to our guests.

我們也在團隊中改進和嵌入更多的技術和數據以完成這項工作，並快速評估我們的每項技術計劃，確定哪些計劃具有最高的回報和最關鍵的任務，以便我們能夠相應地重新調整資源。例如，透過利用人工智慧和其他工具，我們的團隊可以更準確地建立更新預測，同時花費更少的時間來創建它們。因此，我們正在投資在整個團隊中更充分地部署人工智慧的力量，讓他們有更多時間為我們的客人帶來歡樂。

Since our last earnings call, we've deployed more than 10,000 new AI licenses across our team, and there's more to come. These are just a few examples of the work we've done so far and the focus we'll have going forward. Solving these challenges will require changes, both big and small, across technology and data, process and structures and organizational behaviors and I'm committed to ensuring our teams clearly understand our priorities and are relentless in our pursuit back to growth.

自上次財報電話會議以來，我們已在整個團隊中部署了超過 10,000 個新的 AI 許可證，並且未來還會部署更多。這些只是我們迄今為止所做工作的幾個例子以及我們今後的工作重點。解決這些挑戰需要在技術和數據、流程和結構以及組織行為方面做出大大小小的改變，我致力於確保我們的團隊清楚地了解我們的優先事項，並堅持不懈地追求成長。

As I get ready to pass things over to Rick, I want to thank our team for continuing to show up for our guests, our stakeholders and each other and for the progress you delivered in Q2 that we'll build on going forward. I share your hunger to win, and I'm committed to helping us do just that.

當我準備將事情交給 Rick 時，我想感謝我們的團隊繼續為我們的客人、利益相關者和彼此服務，並感謝你們在第二季度取得的進展，我們將在此基礎上繼續前進。我和你們一樣渴望勝利，並且我致力於幫助我們實現這一目標。

Brian, thank you for your stellar leadership and mentorship over more than a decade. For the Board, thank you for the trust that you have placed in me to lead this company. And to our shareholders, thank you for your continued interest and support of our business. I'm eager to continue this conversation with you in the years to come. Each quarter, we will continue to provide meaningful updates, and I hope you'll feel the urgency that I see across this team to move this company forward, back to growth back to our style authority, and back to a shopping experience that helps all families discover the joy of everyday life.

布萊恩，感謝您十多年來出色的領導和指導。對於董事會，感謝你們對我領導公司的信任。對於我們的股東，感謝你們對我們業務的持續關注與支持。我渴望在未來的幾年裡繼續與您進行這次對話。每個季度，我們都會繼續提供有意義的更新，我希望您能感受到我在整個團隊中看到的緊迫感，推動公司向前發展，恢復增長，恢復我們的風格權威，恢復幫助所有家庭發現日常生活樂趣的購物體驗。

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

說完這些，我會把電話轉給里克。

Thanks, Michael, and I want to offer my congratulations to you as well. I'm excited about what this announcement means for Target, and I look forward to continuing to work with you as we collectively write the next chapter for Target.

謝謝，邁克爾，我也想向你表示祝賀。我很高興知道這個聲明對 Target 的意義，並期待繼續與你們合作，共同為 Target 譜寫新的篇章。

Brian, I also want to thank you for the opportunities you have provided me and the lessons I've learned under your leadership. Thank you for all you have done for me personally and for all of us at Target.

布萊恩，我也想感謝您為我提供的機會以及我在您的領導下學到的經驗教訓。感謝您為我個人以及 Target 所有人所做的一切。

Turning to our second quarter results, which demonstrated some tangible signs of progress on our path back to growth. While our current performance is far short of our aspirations, we are pleased with the sequential improvement we saw across each of our six core categories from the first to second quarter, led primarily by improvements in store traffic trends. In total, for the second quarter, comparable sales were down 1.9%, a nearly 2-percentage-point improvement to Q1.

談到我們的第二季業績，這表明我們在恢復成長的道路上取得了一些實際的進展。雖然我們目前的業績遠遠沒有達到我們的期望，但我們對第一季至第二季六大核心類別的連續改善感到滿意，這主要得益於門市客流量趨勢的改善。整體而言，第二季可比銷售額下降 1.9%，較第一季改善近 2 個百分點。

Sales trends were strongest in the digital channel, where comparable sales grew 4.3% with notable strength in same-day delivery powered by Target Circle 360, which grew more than 25%. In terms of category performance, you'll notice a familiar theme to what I've shared in prior quarters how newness and style forward product at an incredible value continues to be what resonates most with our guests.

數位通路的銷售趨勢最為強勁，可比銷售額增長了 4.3%，其中 Target Circle 360​​ 支持的當日送達服務表現尤為強勁，增幅超過 25%。就類別表現而言，您會注意到一個熟悉的主題，與我在前幾個季度分享過的內容相似，即新穎、時尚、具有令人難以置信的價值的產品繼續最能引起我們客人的共鳴。

In Q2, performance was led by Fun 101, our updated approach to bringing greater style and cultural relevance to our hardlines assortment. With this new approach, we saw growth of more than 5% in Q2, our strongest quarterly comp in this category since 2021.

在第二季度，業績表現領先的是 Fun 101，這是我們為硬線產品系列帶來更多風格和文化相關性的更新方法。透過這種新方法，我們在第二季度實現了 5% 以上的成長，這是自 2021 年以來該類別最強勁的季度增長。

One notable area of strength within Fun 101 was in trading cards where we've been leaning in, given the cultural relevance and wide appeal to young fans and adult collectors alike. As a result of doubling down on this assortment, trading card sales are up nearly 70% year-to-date, driving hundreds of millions of dollars of incremental sales, making us a top market share player in this category and putting trading cards on track to deliver more than $1 billion in sales this year.

Fun 101 的一個顯著優勢領域是交易卡，我們一直致力於此，因為它具有文化相關性，並且對年輕粉絲和成年收藏家都具有廣泛的吸引力。由於加倍投入這些產品，今年迄今交易卡銷售額增長了近 70%，推動了數億美元的增量銷售額，使我們成為這一類別中市場份額最大的參與者，並使交易卡今年的銷售額預計將超過 10 億美元。

Also in Fun 101, trend forward tech accessories like brightly colored headphones and phone cases and toys priced under $20 are leading to share growth in these categories, a trend we intend to build on in the coming quarters. And of course, within Electronics, we saw an incredible response to the launch of Nintendo Switch 2, in which we were among the top retailers in terms of overall sales and market share performance. The affinity between the Nintendo and Target brands has long been incredibly strong, and we are excited about the continued strength we expect to see in the back half of the year, both from hardware sales as well as the attachment of software and related apparel, toys and collectibles.

同樣在 Fun 101 中，色彩鮮豔的耳機和手機殼等潮流前沿的科技配件以及價格低於 20 美元的玩具正在推動這些類別的份額增長，我們打算在未來幾個季度繼續保持這一趨勢。當然，在電子產品領域，我們看到了 Nintendo Switch 2 推出後獲得的驚人反響，就整體銷售額和市場份額表現而言，我們是頂級零售商之一。任天堂和塔吉特品牌之間的密切關係一直非常密切，我們對今年下半年預計的持續強勁增長感到興奮，無論是硬體銷售還是軟體和相關服裝、玩具和收藏品的附加銷售。

Food and beverage categories grew slightly year-over-year driven by newness in floral offerings around key moments like Mother's Day, along with new trending flavors throughout the assortment, including beverages, ice cream, snacks and other backyard barbecue essentials.

食品和飲料類別較去年同期略有增長，這得益於母親節等關鍵時刻推出的新鮮花卉，以及飲料、冰淇淋、小吃和其他後院燒烤必需品等各種商品的新流行口味。

In Q2, beauty sales were down slightly though we did see many bright spots throughout the assortment. In our core beauty assortment, which represents more than 95% of our total beauty sales, we saw notable strength in skin, bath and hair care categories, which all grew low single digits.

在第二季度，儘管我們確實看到整個產品系列中有很多亮點，但美容產品的銷售額略有下降。在我們的核心美容產品系列中，占我們美容產品總銷售額的 95% 以上，我們看到皮膚、沐浴和頭髮護理類別表現顯著強勁，均實現了低個位數增長。

Before turning to our expectations for the balance of the year, I want to spend a little time sharing an update on our recent announcement in which we mutually agreed with Ulta Beauty not to renew our partnership when it concludes in August of 2026.

在談到我們對今年剩餘時間的期望之前，我想花一點時間分享我們最近宣布的最新情況，我們與 Ulta Beauty 達成一致，在 2026 年 8 月合作關係結束後不再續簽。

Trends and expectations can change rapidly across virtually every sector of retail, but this is particularly true in beauty. We're proud of what we were able to accomplish in our partnership with Ulta Beauty and we'll both continue to focus on providing an inspirational shopping experience for the remainder of our partnership.

幾乎零售業的每個領域的趨勢和期望都會迅速變化，但美容領域尤其如此。我們為與 Ulta Beauty 合作所取得的成就感到自豪，我們將在剩餘的合作期間繼續致力於提供鼓舞人心的購物體驗。

Over time, in light of shifting consumer trends, we believe we have a compelling opportunity to repurpose this space to meet those changing needs. As we turn the page to Q3 and beyond, we're already well into the back-to-school and college seasons, a particularly important time for our guests and Target's second largest seasonal moment of the year. While a lot of the season is still ahead of us, both back-to-school and back to college are off to encouraging starts.

隨著時間的推移，鑑於消費者趨勢的變化，我們相信我們有充分的機會重新利用這個空間來滿足不斷變化的需求。當我們翻到第三季度及以後的時候，我們已經進入了返校和大學季節，這對我們的客人來說是一個特別重要的時刻，也是 Target 一年中第二重要的季節性時刻。雖然這個季節還有很多事情要做，但返校和大學開學都已經有了令人鼓舞的開始。

Guests are responding to our value offerings, including essential school supplies, where we've maintained last year's prices. From $5 backpacks to $0.50 boxes of Crayola Crayons, we want to ensure students will have everything they need for a successful start to the school year. And we're showing up for the true classroom heroes as well by offering teachers exclusive discounts and support with school registries for everything they will need for the year. In fact, this year, we have seen hundreds of thousands of teachers take advantage of our registry program, up significantly from last year.

客人對我們的超值優惠反應良好，其中包括學校必需用品，我們保持了去年的價格。從 5 美元的背包到 0.50 美元的繪兒樂蠟筆盒，我們希望確保學生擁有成功開始新學年所需的一切。我們也為真正的課堂英雄們獻上祝福，為教師們提供專屬折扣和學校註冊支持，滿足他們一年來的一切需求。事實上，今年我們已經看到數十萬教師利用了我們的註冊計劃，比去年有大幅增加。

On the back-to-college front, our style forward mix and match dorm sets at unbeatable prices are doing well and showcase yet again the importance of providing style, quality and affordability within our assortments. And as students and non students alike look to refresh their wardrobes, we're so excited about our latest collaboration, Champion for Target.

在返校季，我們時尚前衛的混搭宿舍套裝以無與倫比的價格暢銷，再次證明了在我們的產品系列中提供時尚、優質和實惠的重要性。由於學生和非學生都希望更新自己的衣櫃，我們對我們最新的合作專案 Champion for Target 感到非常興奮。

Having launched just over a week ago, early signs suggest this is going to be very popular with our guests and initial sales trends are better than we originally expected, including more than 500 stylish sports-inspired items across apparel, accessories, footwear and sporting goods for kids through adults, this collection is designed exclusively for Target and blends Champion's iconic heritage with the modern design and premium fabrics consumers expect from Target.

該系列產品剛剛推出一周，早期跡象表明它將受到顧客的熱烈歡迎，初期銷售趨勢也比我們最初預期的要好，其中包括 500 多件時尚運動風格的單品，涵蓋從兒童到成人的服裝、配飾、鞋類和體育用品，該系列專為 Target 設計，將 Champion 的標誌性傳統與消費者期望從 Target 獲得的現代設計和優質面料的現代設計和優質面料。

And as the seasons turn from warm summer days to cool fall nights, we are excited about our plans for all of the remaining seasonal moments that are just around the corner, including our plans for Halloween and the Q4 holiday from pumpkins to throw blankets and decor to Halloween candy and costumes, we are delivering incredible amounts of on-trend newness and value throughout this year's assortment.

隨著季節從溫暖的夏日轉向涼爽的秋夜，我們對即將到來的所有剩餘季節時刻的計劃感到興奮，包括萬聖節和第四季度假期的計劃，從南瓜到毯子和裝飾品，再到萬聖節糖果和服裝，我們在今年的系列中提供了大量符合潮流的新品和價值。

In fact, nearly one-third of this year's Halloween candy assortment is new and around 75% of our home assortment is new as well. While we are planning cautiously for the back half of the year, given continued uncertainty and volatility, that won't stop us from leaning into what consumers want, ways to amplify and celebrate the seasons affordably with family and friends without sacrificing on style or quality.

事實上，今年萬聖節糖果品種中近三分之一是新品，我們家居品種中約 75% 也是新品。雖然我們正在謹慎地規劃下半年的計劃，但考慮到持續的不確定性和波動性，這不會阻止我們傾向於消費者的需求，即在不犧牲風格或質量的情況下與家人和朋友一起以實惠的價格擴大和慶祝季節的方式。

For managing through a rapidly changing tariff landscape to developing assortments that match the wants and needs of the moment, I am constantly inspired and impressed by our team and the passion and care they show for each other and our guests in all that they do. Thank you, Team Target, for your unwavering dedication to bring joy to the lives of the tens of millions of guests we are fortunate to serve.

為了因應快速變化的資費環境，發展出符合當前需求的商品組合，我們的團隊以及他們在所做的一切事情中對彼此和我們的客人所表現出的熱情和關懷，不斷給我帶來啟發和印象。感謝 Target 團隊的不懈努力，為我們有幸服務的數千萬客人的生活帶來歡樂。

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

說完這些，我就把電話轉給吉姆。

Thanks, Rick. I also want to offer my congratulations to both Michael and Brian. One of the many reasons I chose to come to Target was the opportunity to serve on the leadership team with both of you, and I'm excited about the opportunities ahead of us to accelerate our performance in the quarters and years ahead. In the second quarter, net sales were down 0.9% from a year ago. This was nearly 2-percentage-points better than our Q1 performance, led by an even stronger improvement in our store sales trends. Both traffic and basket trends improved as well.

謝謝，里克。我還要向麥可和布萊恩表示祝賀。我選擇加入塔吉特的眾多原因之一就是有機會與你們兩位一起在領導團隊中任職，並且我對我們在未來幾個季度和幾年內加速業績的機會感到興奮。第二季度，淨銷售額較去年同期下降0.9%。這比我們第一季的業績高出近 2 個百分點，這主要得益於我們門市銷售趨勢的更強勁改善。客流量和購物籃趨勢均有所改善。

As Rick covered earlier, we continue to see healthy growth in digital. And within our non-merchandise sales, Roundel, Target Plus and membership all delivered double-digit growth compared with last year. Across the months of the quarter, sales trends were notably stronger in June and July than they were in May.

正如 Rick 之前提到的，我們繼續看到數位化的健康成長。在我們的非商品銷售中，Roundel、Target Plus 和會員資格與去年相比均實現了兩位數的成長。縱觀本季的幾個月，6 月和 7 月的銷售趨勢明顯強於 5 月。

And for the 35 subcategories for which we track market share, we've gained or held share in 14 so far this year. While we are far from satisfied with this performance, we were encouraged to see improvements in our share performance in the latter part of the quarter, giving us confidence that trends have stabilized and are positioned to move in the right direction.

在我們追蹤市場份額的 35 個子類別中，今年迄今為止我們已經在 14 個子類別中獲得或維持了份額。雖然我們對這一表現並不滿意，但我們很高興看到本季後半段我們的股價表現有所改善，這讓我們相信趨勢已經穩定下來，並朝著正確的方向發展。

Our second quarter gross margin rate was 1-percentage-point lower than a year ago. This decline was primarily the result of about 210 basis points of pressure within merchandising, reflecting inventory adjustment costs related to the slowdown in our first quarter sales combined with the tariff-related pressures including purchase order cancellation costs. These pressures were partially offset by improvements in inventory shrink worth about 130 basis points of benefit in the quarter.

我們第二季的毛利率比一年前下降了1個百分點。這一下降主要是由於商品銷售壓力約為 210 個基點造成的，反映了我們第一季銷售放緩導致的庫存調整成本以及包括採購訂單取消成本在內的關稅相關壓力。這些壓力被庫存減少的改善部分抵消，庫存減少為本季帶來了約 130 個基點的收益。

For the full year, we continue to expect about 80 basis points of operating margin rate benefit from lower shrink, which when combined with the 40 basis points of benefit last year, will bring this year's shrink rate down to pre-pandemic levels.

就全年而言，我們繼續預期較低的收縮將帶來約 80 個基點的營業利潤率收益，加上去年 40 個基點的收益，將使今年的收縮率降至疫情前的水平。

I also want to pause and comment on our Q2 ending inventory, which was about 2% higher than a year ago. This increase was driven by purposeful investments in our frequency categories to support in-stocks and other reliability measures.

我還想暫停一下並評論一下我們第二季的期末庫存，該庫存比一年前高出約 2%。這一增長是由我們對頻率類別進行有目的的投資推動的，以支持庫存和其他可靠性措施。

In addition, this year's inventory reflects higher product costs than a year ago, driven by tariffs and other pressures. As such, our Q2 ending inventory units saw a low single-digit decline versus last year. Bottom line, having completed the necessary inventory adjustments we had planned for the first two quarters of the year, we feel good about our inventory position as we enter Q3.

此外，受關稅和其他壓力的影響，今年的庫存反映出產品成本比一年前更高。因此，我們第二季的期末庫存單位與去年相比出現了個位數的低幅下降。總的來說，我們完成了今年前兩個季度計劃的必要庫存調整，進入第三季時，我們對庫存狀況感到滿意。

Moving down to expenses on the P&L. Our second quarter SG&A dollars were 0.1% lower than a year ago, driven by strong expense control across the organization. I want to thank the entire Target team for their continued cost discipline and focus on efficiency in an environment where we are facing challenges on the top line.

轉到損益表上的費用。由於整個組織強有力的費用控制，我們第二季的銷售、一般和行政費用比去年同期下降了 0.1%。我要感謝整個 Target 團隊，在我們面臨營收挑戰的環境中，他們仍然堅持成本控制並專注於效率。

At the bottom of the P&L, the business generated GAAP and adjusted EPS of $2.05 in the second quarter compared with $2.57 a year ago. It's notable that the vast majority of this decline was driven by the combined impact of inventory adjustment costs and tariff-related costs. Looking ahead, we expect more favorable comparisons in the back half of the year as we've already made all the necessary inventory adjustments and expect that the bulk of this year's onetime tariff costs are also behind us.

在損益表的底部，該業務第二季的 GAAP 和調整後每股收益為 2.05 美元，而去年同期為 2.57 美元。值得注意的是，這一下降絕大部分是由庫存調整成本和關稅相關成本的綜合影響所造成的。展望未來，我們預計下半年的業績將更加有利，因為我們已經完成了所有必要的庫存調整，並且預計今年的大部分一次性關稅成本也已經過去。

Before I turn to capital deployment, I want to briefly cover our after-tax return on invested capital, which measures the quality of our investment decisions over time. For the trailing 12 months through the second quarter, our business generated an after-tax ROIC of 14.3%, while this is a strong after-tax return on an absolute basis, it's one of the many financial measures we expect will improve over time.

在談到資本配置之前，我想先簡單介紹一下我們的稅後投資資本報酬率，它衡量了我們一段時間內投資決策的品質。截至第二季的過去 12 個月中，我們業務的稅後投資資本回報率為 14.3%，雖然從絕對值來看這是一個強勁的稅後回報率，但它是我們預計會隨著時間推移而改善的眾多財務指標之一。

Turning to capital deployment. I want to quickly reiterate our priorities, which have been consistent for decades. First, we fully invest in our business and projects that meet our strategic and financial criteria. Second, we support the dividend and look to build on our decades-long record of growing the per share dividend annually. And finally, once the first two goals have been satisfied, we look to deploy any remaining excess cash to repurchase shares over time within the limits of our middle A credit ratings.

談到資本部署。我想快速重申我們的優先事項，這些優先事項幾十年來始終如一。首先，我們全力投資符合我們策略和財務標準的業務和專案。其次，我們支持股息，並希望在數十年來每年增加每股股息的記錄基礎上再接再厲。最後，一旦前兩個目標得到滿足，我們將考慮在中等 A 信用評級的範圍內部署任何剩餘的現金來回購股票。

Regarding the first priority, we've invested approximately $1.9 billion in capital expenditures so far this year and continue to expect full year CapEx in the $4 billion range as we open new stores, remodel existing ones and invest in our supply chain and technology, all in support of our goal to deliver a fast, reliable and differentiated shopping experience for our guests.

關於首要任務，今年迄今為止，我們已經投資了大約 19 億美元的資本支出，並且預計全年資本支出將在 40 億美元左右，因為我們將開設新店、改造現有店並投資於我們的供應鏈和技術，所有這些都是為了支持我們為顧客提供快速、可靠和差異化購物體驗的目標。

Regarding the second priority, we returned just over $500 million in dividends to our shareholders in the second quarter and the upcoming Q3 per share dividend will reflect a 2% increase that was approved by the Board of Directors in June. Regarding the last priority, given the uncertainties we are facing most notably from tariffs, we did not repurchase any shares in the second quarter.

關於第二項優先事項，我們在第二季向股東返還了略高於 5 億美元的股息，即將到來的第三季每股股息將反映董事會 6 月批准的 2% 的成長。關於最後一個優先事項，鑑於我們面臨的不確定性，尤其是關稅，我們在第二季沒有回購任何股票。

However, given the performance of the business in Q2 and the agility our team has demonstrated in navigating the tariff environment, we should have the capacity to repurchase shares in the back half of the year. However, we'll approach this activity cautiously and remain steadfast in our goal to maintain our middle A credit ratings.

然而，鑑於第二季的業務表現以及我們的團隊在應對關稅環境方面所表現出的靈活性，我們應該有能力在今年下半年回購股票。然而，我們將謹慎對待這項活動，並堅定不移地保持我們的中等 A 級信用評級。

Looking ahead, we're maintaining our full year guidance, which anticipates a low single-digit decline in our comparable sales, GAAP EPS of $8 to $10 and adjusted EPS of approximately $7 to $9. While our Q2 performance reinforced our confidence that we can deliver on that guidance, we're still facing a highly volatile and uncertain environment and believe it's prudent to maintain a cautious approach in the back half of the year.

展望未來，我們維持全年指引，預計可比銷售額將出現低個位數下降，GAAP EPS 為 8 至 10 美元，調整後 EPS 約為 7 至 9 美元。雖然我們第二季的業績增強了我們能夠實現這一預期的信心，但我們仍然面臨著高度動盪和不確定的環境，並認為在下半年保持謹慎的態度是明智之舉。

Before I turn the call back over to Brian, I want to make a brief comment on my new role in leading our strategy team. One of the primary functions of a strategy team is to help the company prioritize and deploy resources to maximize the long-term performance of the business. And while our work as a leadership team to refocus our strategy is ongoing, I'd like to build upon Michael's comments on areas that are clear themes.

在我將電話轉回給布萊恩之前，我想先簡單談談我在領導策略團隊方面的新角色。策略團隊的主要職能之一是幫助公司確定優先順序並部署資源，以最大限度地提高業務的長期績效。雖然我們領導團隊仍在不斷努力重新調整策略，但我想在麥可的評論基礎上對一些主題明確的領域進行進一步的闡述。

First, we will continue to leverage our stores as fulfillment hubs. It's an incredibly fast, efficient and capital-light approach to running an omnichannel business and to ensure our store teams can deliver an outstanding in-store shopping and digital experience, we're investing in technology and process improvements to further streamline the fulfillment process.

首先，我們將繼續利用我們的商店作為履行中心。這是一種極其快速、高效且輕資本的全通路業務營運方式，為了確保我們的門市團隊能夠提供出色的店內購物和數位體驗，我們正在投資技術和流程改進，以進一步簡化履行流程。

Second, as Michael covered, we need to make decisions and work more quickly in an increasingly dynamic and unpredictable environment. This involves changing how we work and make decisions and applying a continuous productivity mindset in order to fuel investments including the rapid deployment of technology solutions to operate more efficiently and win in the marketplace.

其次，正如邁克爾所說，我們需要在日益動態和不可預測的環境中做出決策並更快地開展工作。這涉及改變我們的工作和決策方式，並運用持續的生產力思維來推動投資，包括快速部署技術解決方案，以更有效率地運作並在市場中獲勝。

Third, we will lean further into the aspects of our business where we are already strong and differentiated, including style and design and the shopping experience. And within our merchandise assortment, we have an opportunity to further amplify areas of strength and market share leadership, areas that include baby and kids, swimwear, beauty, health and toys.

第三，我們將進一步發力我們業務中已經具備優勢和差異化的方面，包括風格、設計和購物體驗。在我們的商品種類中，我們有機會進一步擴大優勢領域和市場份額領導地位，這些領域包括嬰兒和兒童、泳裝、美容、健康和玩具。

And finally, you will see us lean further into our role as an accessible partner for other brands, vendors and retailers. We already benefit from strong partnerships with vendors, including Starbucks, Apple, CVS, Disney, EssilorLuxottica and Champion. We see an opportunity to lean further into those relationships while being open to new ones down the road.

最後，您將看到我們進一步傾向於成為其他品牌、供應商和零售商的可訪問合作夥伴的角色。我們已經從與星巴克、蘋果、CVS、迪士尼、EssilorLuxottica 和 Champion 等供應商的牢固合作中受益。我們看到了進一步鞏固現有關係的機會，同時也對未來建立新關係持開放態度。

Another example is our recent decision to invest in the more than 100 retail partners on our shipt to marketplace by eliminating markups on same-day deliveries from their stores. Target's desirability as a partner is a unique attribute of our brand and the way we go to market, and we'll be looking for more opportunities to leverage that strength in the years ahead.

另一個例子是，我們最近決定投資於我們送貨上門市場的 100 多家零售合作夥伴，取消他們商店當日送達的加價。塔吉特作為合作夥伴的吸引力是我們品牌的獨特屬性以及我們進入市場的方式，我們將在未來幾年尋找更多機會來利用這一優勢。

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

現在我將把電話轉回給布萊恩和邁克爾，請他們發表一些結束語。

Thanks, Jim. For the past 11 years, I've concluded each of our earnings calls before moving to your questions. Today, I'll pass the baton to Michael to share his closing thoughts. I want to thank each of you for your engagement over the past 11 years. And I’ll look forward to speaking with you one last time during our third quarter earnings call. Michael, over to you.

謝謝，吉姆。在過去的 11 年裡，我每次都會在結束財報電話會議後再回答你們的問題。今天，我將把接力棒交給麥可分享他的總結。我要感謝你們每個人過去11年來的奉獻。我期待在第三季收益電話會議期間最後一次與你們交談。邁克爾，交給你了。

Thanks, Brian. I'm truly grateful for everything I've learned from you and eager to bring those lessons to my work with you and the rest of the leadership team as we begin writing the next chapter in our company's history. Before taking your questions, I want to reinforce a few key points I've made this morning.

謝謝，布萊恩。我由衷地感謝從您那裡學到的一切，並渴望將這些經驗帶到我與您以及其他領導團隊的工作中，共同書寫公司歷史的新篇章。在回答你們的問題之前，我想先重申我今天早上提出的幾個要點。

First, while we're encouraged by the momentum we've been seeing in the business, we're far from satisfied with our current performance. The entire leadership team is bringing a sense of urgency to our work to return this company to growth.

首先，雖然我們對業務中看到的勢頭感到鼓舞，但我們對目前的表現還遠遠不滿意。整個領導團隊都對我們讓公司恢復成長的工作抱持緊迫感。

Next, the way we will get there is by being unapologetically and unmistakably target. That means we need to fully recapture our merchandising authority and signature style, elevate the guest experience consistently, both in stores and online and more fully leverage technology to help us move faster. And standing here today, I am more confident than ever in our future potential.

接下來，我們要實現這目標的方法就是毫無歉意地、明確地成為目標。這意味著我們需要完全重新掌握我們的商品銷售權威和標誌性風格，不斷提升顧客在商店和網路上的體驗，並更充分地利用科技來幫助我們更快地發展。今天就站在這裡，我對我們的未來潛力比以往任何時候都更有信心。

We have invested heavily over the past decade to position ourselves for long-term sustainable growth, and that is exactly where we're headed. I'd also like to take a moment to address our teams in our stores, our supply chain buildings and our headquarters locations around the world.

過去十年，我們投入大量資金，為長期永續成長做好準備，這正是我們的目標。我還想花點時間向我們在世界各地的商店、供應鏈大樓和總部的團隊致詞。

I'm incredibly proud of all you do day in and day out to bring joy to the tens of millions of guests that shop us every week. You're truly the best team in retail. And my aim is to move at pace, with accountability to improving performance and driving growth. Let's rally together for an outstanding finish to the year and show the world what we can accomplish together in the years ahead.

我為你們日復一日的努力感到無比自豪，你們為每週來我們店購物的數千萬顧客帶來了歡樂。你們確實是零售業最好的團隊。我的目標是加快步伐，負責提高績效和推動成長。讓我們團結一致，為今年畫下圓滿的句號，並向世界展示我們在未來幾年可以共同取得的成就。

With that, Brian, Rick, Jim and I will be happy to take your questions.

布萊恩、瑞克、吉姆和我很樂意回答你們的問題。

(Operator Instructions) Kate McShane, Goldman Sachs.

（操作員指示）高盛的凱特·麥克沙恩。

We wanted to -- and congratulations both Brian and Michael on the announcement today. We wanted to ask a question focused on price. Just what price increases were taken during the second quarter as a result of tariffs? And what your expectation is for the second half?

我們希望——並祝賀布萊恩和邁克爾今天宣布這一消息。我們想問一個有關價格的問題。第二季由於關稅導致價格上漲了多少？您對下半年有什麼期待？

Rick, do you want to spend some time talking about the pricing environment and our plans for the back half?

瑞克，你想花點時間談談定價環境和我們下半年的計畫嗎？

Sure. I can talk about both tariffs and pricing and the outlook for the back half. From a tariff perspective, TAMs are working really hard to mitigate the impact of tariffs and have done a terrific job of mitigating the vast majority. We feel that we are well positioned relative to other retailers given Target size and scale given the flexibility that we have with our multi-category business. And then the fact that we have a world-class global sourcing and design team puts us in a good position to navigate these tariffs.

當然。我可以談論關稅和定價以及下半年的前景。從關稅角度來看，TAM 正在努力減輕關稅的影響，並且在減輕絕大多數關稅方面做得非常出色。我們認為，考慮到 Target 的規模和我們多品類業務的靈活性，我們相對於其他零售商而言處於有利地位。而且，我們擁有世界一流的全球採購和設計團隊，這使得我們能夠很好地應對這些關稅。

We are employing several different strategies including diversifying country of production, in some cases, evolving our assortment. A good example of that is Bullseye's Playground, which we've committed to price points of $1, $3 and $5. So we've made some changes to the assortment to bring in Beauty Minis to hit those price points.

我們採用了幾種不同的策略，包括生產國多樣化，在某些情況下，也改進我們的產品種類。一個很好的例子就是 Bullseye's Playground，我們承諾其價格為 1 美元、3 美元和 5 美元。因此，我們對產品系列進行了一些調整，推出了 Beauty Minis 以達到這些價格點。

And then, of course, we're continuing to negotiate with our partners to ensure that we're offering everyday good value to the consumer. What we've said and it continues to be our position is that we'll take price as a last resort. But our commitment is to offer everyday good value and to have competitive pricing. As we think about going forward, what I would just say is value is very top of mind for consumers right now. They're looking to stretch their budget. They're looking to navigate inflation and uncertainty around tariffs.

當然，我們會繼續與合作夥伴進行談判，以確保我們為消費者提供日常的優質產品。我們已經說過並且我們的立場仍然是，我們將把價格作為最後的手段。但我們的承諾是提供日常的優質產品和具有競爭力的價格。當我們考慮未來時，我想說的是，價值現在是消費者最關心的問題。他們正在尋求擴大預算。他們正在尋求解決通貨膨脹和關稅不確定性的問題。

So value is very top of mind and we will continue to offer great value in the form of deals and promos and price, but also consumers are thinking about value much more broadly than that. They're thinking about it as quality and style and trend. And so we'll very much be leaning into our own brands, which deliver outstanding value, great pricing, great quality, great trend, great taste as a way to help consumers navigate the challenging macro environment.

因此，價值是最重要的，我們將繼續以優惠、促銷和價格的形式提供巨大的價值，但消費者對價值的考慮遠不止於此。他們將其視為品質、風格和潮流。因此，我們將非常依賴我們自己的品牌，這些品牌提供卓越的價值、優惠的價格、優良的品質、良好的潮流和良好的品味，以幫助消費者應對充滿挑戰的宏觀環境。

Kate, the only thing I'd build on there is just reiterating Rick's thank you to the team. The way the team has rallied to navigate what's admittedly been a volatile tariff environment, I think, just shows the way in which when we're at our best, we're working together, moving with pace and the work they've done to set up a back half of the year where we can sit here today and reiterate the $7 to $9 EPS guidance that we described a quarter ago is a testament to their work.

凱特，我唯一想說的就是重申里克對團隊的感謝。我認為，團隊團結一致應對動蕩的關稅環境的方式表明了我們在最佳狀態下如何齊心協力、步調一致地前進，他們為今年下半年所做的工作，我們今天可以坐在這裡重申我們一個季度前描述的每股收益 7 至 9 美元的預期，這證明了他們的工作。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

The market has been looking from the outside and asking for a catalyst or an agent for change, how does the succession plan that has been put in place bring about the change that would improve the trajectory of the business? And how soon do you expect it will take to show substantial progress as part of that, does Target being to make any changes to its culture to realize the priorities that have been set forth?

市場一直在從外部尋找變革的催化劑或推動者，已經制定的繼任計畫將如何帶來改善業務發展軌跡的變化？您預計需要多久才能看到實質的進展，塔吉特是否會對其文化做出任何改變以實現已確定的優先事項？

Michael, I'm happy to start. I think it's an important question. And sitting here today, I think there's a couple of things that are certainly true for me as I look to step into the role. The first is -- there's real power in drawing on 20 years of knowing what makes Target, Target. Having seen us at our very best in different chapters gives me a clear focus on who we are in retail and what our unique path is that's going to lead to growth. And it centers on style and design.

邁克爾，我很高興開始。我認為這是一個重要的問題。今天坐在這裡，我想，當我考慮擔任這個角色時，有幾件事對我來說是肯定正確的。首先，憑藉 20 年來的對 Target 的了解，我們能夠發揮真正的力量。在看到我們在不同篇章中的最佳表現後，我清楚地了解了我們在零售業中的地位以及我們獨特的成長之路。它以風格和設計為中心。

You're going to hear me come back to that over and over. But let me spend just a second more on what that means. That means that we win through incredible product and setting an amplifying trend across all the businesses. Sure, the ones were style and design might jump first to mind like apparel, thrilled with things like our new Champion set and the guest response to that.

你會聽到我一遍又一遍地重複這一點。但請讓我再花一點時間來解釋一下這代表什麼。這意味著我們透過令人難以置信的產品和在所有業務中建立擴大趨勢來取得成功。當然，我們首先想到的可能是風格和設計，例如服裝，我們對我們的新冠軍套裝以及客人對此的反應感到興奮。

But I'd argue that it's true in a category like food and beverage, where our ability to bring newness with our national brand partners, our ability to grow that category on the back of two loved owned brands in Favorite Day in Good & Gather that are all about differentiation is the path forward for how we win across every single category. And so you're going to see me come back to that style and design North Star.

但我認為，在食品和飲料這樣的類別中確實如此，我們有能力與我們的全國品牌合作夥伴一起帶來新鮮事物，我們有能力在 Favorite Day 和 Good & Gather 這兩個深受喜愛的自有品牌的支持下發展這一類別，而這些品牌都注重差異化，這是我們在每個類別中取勝的前進之路。所以你會看到我回到那個風格和設計北極星。

And that -- like I said, that's informed on my time with the business and even reinforced by me stepping back over the past few months and looking through the lens of the Enterprise Acceleration office.

正如我所說的，這是我在公司工作期間了解到的情況，甚至在過去幾個月裡，我回顧過去，透過企業加速辦公室的視角，也進一步證實了這一點。

You'll see me pair that North Star with real candor and assessment on where we're at and where we need to do better. And you can hear that in the three priorities I've laid out. We need to make sure that merchandising authority is showing up across all of our categories, and there are some categories where we have some work to do and work that's not wait until February, but work the teams are on now to transform categories like Hardlines, now FUN 101, categories like home, where we're not satisfied with our performance over the past few years. And so you can expect me to operate with candor, urgency and pace and making the changes that we need to get the growth we expect.

您將看到我將北極星與真正的坦率和評估結合起來，評估我們目前所處的位置以及我們需要做得更好的地方。您可以從我列出的三個優先事項中看到這一點。我們需要確保商品銷售權威性在我們所有的品類中都得到體現，有些品類我們還有一些工作要做，這些工作不能等到二月份，但團隊現在正在進行的工作是改造諸如Hardlines（現在是FUN 101）之類的品類，以及諸如家居之類的品類，我們對過去幾年在這些品類的表現並不滿意。因此，你可以期待我以坦率、緊迫和快速的方式開展工作，並做出我們所需的改變，以實現我們期望的成長。

My follow-up question is, as the succession plan is set into motion, it is a fantastic opportunity to help properly calibrate expectations about the heavy lifting that will be set in motion. So can you put into context and quantify the investment either in margin and/or capital that will be necessary for Target to close the performance gap with its peers and realize its potential.

我的後續問題是，隨著繼任計畫的啟動，這是一個絕佳的機會，可以幫助正確調整即將啟動的繁重工作的預期。那麼，您能否將 Target 為縮小與同行的業績差距並發揮其潛力所需的利潤和/或資本投資納入背景並進行量化？

You've heard us be consistent and Jim be consistent on how we think about capital allocation. And that capital will follow any high-return projects that we see. We're fortunate to have a strong pipeline of those projects.

您已經聽說我們和吉姆在資本配置方面的看法始終一致。這些資本將會追隨我們所看到的任何高回報項目。我們很幸運擁有這些項目的強大儲備。

Strong pipeline of new stores. I've had the chance to visit some of those new store openings this year. And what we're seeing in terms of performance of the new stores when they open is we're really pleased with more often than not, those new stores are big box targets. And far more often than not, they're exceeding our expectations. And so we'll continue to put capital to work when we can bring a new store to a new market.

新店數量眾多。今年我有機會參觀了一些新開的商店。從新店開幕時的表現來看，我們感到非常滿意，這些新店往往都是大型商場的目標。而且很多時候，他們的表現都超出了我們的預期。因此，當我們能夠將新店推向新市場時，我們將繼續投入資金。

Important that we continue to remodel stores. We've talked about remodels for a while, but we've got several hundred stores that don't yet have our latest and greatest thinking. That's an important step forward for those stores where we can expand categories to meet the needs of the business, foods often a category that gets some extra love in terms of more space when we do a remodel, and we can modernize the way we merchandise across every single category when we do those remodels. That will be important. We'll continue to put capital behind tech. You heard me talk about that is the third of my three priorities. And I think we have a real opportunity to use technology more boldly to accelerate the business.

重要的是我們要繼續改造商店。我們討論改造已經有一段時間了，但是我們還有幾百家商店還沒有採用我們最新、最好的想法。對於那些可以擴大商品類別以滿足業務需求的商店來說，這是向前邁出的重要一步，食品類別通常是我們在改造時在更多空間方面得到額外關注的類別，並且我們可以在進行這些改造時使每個類別的商品銷售方式現代化。這很重要。我們將繼續為科技投入資金。您聽到我說這是我的三個優先事項中的第三個。我認為我們有真正的機會更大膽地利用科技來加速業務發展。

I could not be more excited in the conversations that I'm having with Pratt as he steps into the role leading our technology business this year. The work the teams did under Pratt's leadership in digital to set a high bar and move with pace to modernize that piece of the business, we get the chance to apply that thinking to our entire technology portfolio right now. And so we'll make the right investments that drive return, and we've done that in the past, and we'll continue to do so.

今年普拉特將接任我們科技業務的領導職務，與他交談時我感到非常興奮。在普拉特的領導下，團隊在數位領域所做的工作設定了高標準，並加快了業務現代化的步伐，我們現在有機會將這種想法應用到我們的整個技術組合中。因此，我們將進行正確的投資以獲得回報，我們過去已經這樣做了，我們將繼續這樣做。

Corey Tarlowe, Jefferies.

科里‧塔洛 (Corey Tarlowe)，傑富瑞 (Jefferies)。

I had a question just on the long-term growth framework that you've laid out. So you introduced the $15 billion of sales growth target over the next five years implies roughly low single-digit CAGR. Given the current headwinds, what are the key operational and strategic levers that you'll pull to achieve this target and how should we think about the trajectory towards this goal with the succession plan announced today.

我對您提出的長期成長框架有一個疑問。因此，您提出的未來五年 150 億美元的銷售成長目標意味著大約低個位數的複合年增長率。鑑於當前的不利因素，您將採取哪些關鍵的營運和策略手段來實現這一目標，以及我們應該如何根據今天宣布的繼任計畫來思考實現這一目標的軌跡。

Well, I appreciate the question that starts with growth because that is the only path for us going forward. It is my sole primary goal as I step into role. And we know that this is a business model that only works when we're growing, when we're taking share, and we're using that to drive the bottom line. That's the only path that works long term in retail is one that's built on the back of growth. And so that becomes -- me and my team's sole focus as I step into the job.

嗯，我很欣賞從成長開始的問題，因為這是我們前進的唯一道路。這是我開始這個角色的唯一主要目標。我們知道，這種商業模式只有在我們發展、佔據市場份額時才會有效，我們會利用它來推動獲利。在零售業中，唯一能夠長期奏效的道路就是建立在成長基礎上的道路。因此，當我上任時，這成為我和我的團隊唯一關注的焦點。

The path to get there is focused on the three priorities I laid out. We need to know who we are and we need to move with speed and urgency against the high bar for what product looks like on our shelves and what the experience looks like. And that's work that we're excited to have in flight across the business and moving with pace there will be important.

實現這一目標的途徑主要集中在我列出的三個優先事項上。我們需要知道我們是誰，我們需要迅速而緊急地採取行動，以滿足貨架上產品的外觀和體驗的高標準。我們很高興能夠在整個業務範圍內開展這項工作，並且步伐加快將非常重要。

And we need to take it a quarter at a time. It is good to see progress in the business in Q2 versus Q1. To be clear, you heard each of us say it in different ways. We are not pleased with a quarter that has a negative comp. But to take a step forward across all 6 of our key categories in Q2 versus Q1 is a step in the right direction. We need to build on that momentum as we look at the back half of the year and into next year.

我們需要一次完成四分之一。很高興看到第二季的業務相對於第一季有所進展。要清楚的是，你聽到我們每個人以不同的方式說這句話。我們對本季業績為負感到不滿。但與第一季相比，第二季所有 6 個關鍵類別均取得了進步，這是朝著正確方向邁出的一步。展望下半年和明年，我們需要繼續保持這股勢頭。

I appreciate the question that starts with growth because that is the only path for us going forward. It is my sole primary goal as I step into a role, and we know that this is a business model that only works when we're growing. When we're taking share, and when we're using that to drive the bottom line.

我欣賞以成長為切入點的問題，因為這是我們前進的唯一道路。這是我上任以來唯一的首要目標，我們知道，這種商業模式只有在我們持續成長時才會奏效。只有在我們不斷擴大市場份額，並利用它來提升利潤時，這種模式才會奏效。

That's the only path that works long term in retail is one that's built on the back of growth, and so that becomes me and my team's sole focus as I step into the job. The path to get there is focused on the three priorities I laid out. We need to know who we are and we need to move with speed and urgency against a high bar.

在零售業，唯一一條能夠長期奏效的道路是建立在成長之上的，因此，在我上任後，這成為了我和我的團隊的唯一關注點。實現這一目標的道路，主要集中在我列出的三個優先事項上。我們需要知道我們是誰，我們需要迅速而緊急地向高標準邁進。

Great. Just a follow-up on traffic and market share dynamics with traffic, obviously impacting comp and discretionary spending being pressured, what are specific merchandising or pricing strategies that you're implementing to drive frequency and basket size, particularly relative to key competition in today's environment where prices of increasing sensitivity among your key customers.

偉大的。只是關於流量和市場份額動態的後續問題，流量顯然會影響可比支出和可自由支配的支出，您正在實施哪些具體的商品推銷或定價策略來推動頻率和購物籃規模，特別是相對於當今環境下的關鍵競爭，其中價格在主要客戶中越來越敏感。

Rick, do you want to take that one?

瑞克，你想拿那個嗎？

Sure. Let me unpack our performance and give you a sense of what's driving some of the acceleration that we're seeing across all six of our major lines of business. And I'd start with discretionary. Our discretionary business saw a 400 basis improvement from Q1 to Q2, that's driven by what we're calling FUN 101, which was our Hardlines business as we're strategically moving that into more of a trend forward, culturally relevant business.

當然。讓我來分析一下我們的業績，並讓您了解一下是什麼推動了我們六大主要業務線的加速發展。我先從自由裁量權開始。我們的非必需品業務從第一季到第二季提高了 400 個基點，這得益於我們所謂的 FUN 101，也就是我們的硬線業務，因為我們正在策略性地將其轉變為更具趨勢性和文化相關性的業務。

The FUN 101 business delivered a 5% comp, and that's driven by trading cards and Nintendo Switch 2. Apparel, Apparel also saw an acceleration driven by several different things, but I would highlight women's ready-to-wear, in particular, women's denim, women's denim saw a 28% comp, driven by new styles, new silhouette, new washes.

FUN 101 業務實現了 5% 的同比增長，這得益於集換式卡牌和 Nintendo Switch 2 的推動。服裝，服裝也因多種不同因素而出現加速增長，但我要強調的是女裝成衣，特別是女裝牛仔布，受新款式、新輪廓、新水洗的推動，女裝牛仔布的銷量增長了 28%。

And then Home, Home also saw an acceleration driven by newness. Innovation in small appliances like Ninja Shark and then to frequency, I mentioned food and beverage, where our beverage business a 6.5 point comp driven by probiotic sodas, new energy drinks, new seasonal flavors. And then Beauty also saw growth in some key categories.

然後，Home, Home 也經歷了由新事物推動的加速。小型家電（如 Ninja Shark）的創新，以及頻率方面的創新，我提到了食品和飲料，其中我們的飲料業務增長了 6.5 個百分點，這得益於益生菌汽水、新型能量飲料和新的季節性口味。美容產品在一些關鍵類別中也出現了成長。

And I'm talking about our core beauty business, which is 95% of our business. We saw growth in skin care, hair care and bath. So really, the common theme through these categories, we're seeing -- when we deliver newness that's on trend. It's a stylish at an affordable price point. The consumer reacts and we drive sales. So that's really what our focus will be for the back half of the year is to continue to deliver that newness at an affordable price.

我說的是我們的核心美容業務，占我們業務的 95%。我們看到了皮膚護理、頭髮護理和沐浴產品的成長。因此，實際上，我們看到這些類別的共同主題是——當我們推出符合潮流的新品時。它是一款時尚且價格實惠的產品。消費者做出反應，我們就推動銷售。因此，我們下半年的重點就是繼續以實惠的價格提供新產品。

I think that there's something that's important for the long term and the theme you heard Rick amplify there. It is about product and assortment and getting that style and design leadership and newness across the categories. I mean that is the bright spots in the business that we see power in Q2. You can expect much more of that as we remake categories like Hardlines now FUN 101 in home. It starts with product and great product that leads with style and design is where we see strength as we remake some of those categories, that's where we're going to lead in.

我認為有些事情對於長遠而言是很重要的，而且你聽到 Rick 在那裡強調了這一點。它涉及產品和分類，以及在各個類別中獲得風格和設計的領導和新穎性。我的意思是，這是我們在第二季度看到的業務亮點。隨著我們重新製作諸如 Hardlines 等類別，現在在家中推出 FUN 101，您可以期待更多。一切都從產品開始，而引領風格和設計的優秀產品正是我們在重塑某些類別時看到的優勢，這也是我們要引領的。

Joe Feldman, Telsey Advisory Group.

喬‧費爾德曼 (Joe Feldman)，特爾西顧問集團 (Telsey Advisory Group)。

Congratulations, Michael on the CEO spot. So with merchandising, how do you guys change the mindset of the team that's in place now? Like how do you stimulate that change, I guess, given the existing teams in place. I don't know, maybe it's for Rick and Michael, but thanks.

祝賀邁克爾就任執行長。那麼，在商品銷售方面，你們該如何改變現有團隊的思考方式？我想，考慮到現有的團隊，你該如何刺激這種改變呢？我不知道，也許是給 Rick 和 Michael 的，但還是謝謝。

Joe, I think Rick would be happy to talk about that.

喬，我想里克會很樂意談論這個。

I'd be happy to talk about it. Style and design is not new to target. Style and design is core to our DNA, and that's kind of who we are and who we have been. We have built a design team and a sourcing team over decades that live and breathe trend and design. And the way we're going to build momentum is by building on the green shoots, leaning into where we see bright spots. And I'll use the home category as an example because we've talked a lot about that.

我很樂意談論它。風格和設計對於目標來說並不新鮮。風格和設計是我們 DNA 的核心，這也是我們現在和過去的特徵。幾十年來，我們建立了一支設計團隊和採購團隊，他們生活並呼吸著潮流和設計。我們要累積動力，就是抓住新的機遇，抓住我們看到的亮點。我將使用家庭類別作為範例，因為我們已經對此進行了很多討論。

The home business is not where we want it to be, but we do have some bright spots. And Kids home, as an example, Pillowfort. When we did Pillowfort in a collaboration with Disney and Marvel, we saw growth. On Casaluna, which is our premium bedding, we did new colors, new patterns, new fabrics, and we saw growth. Now what the team needs to do is say, okay, we need to do more of that more consistently, more frequently across bigger parts of the business.

家庭業務還沒有達到我們想要的水平，但我們確實有一些亮點。以兒童家居產品 Pillowfort 為例。當我們與迪士尼和漫威合作製作《Pillowfort》時，我們看到了成長。對於我們的高級寢具 Casaluna，我們採用了新的顏色、新的圖案、新的布料，並且看到了成長。現在團隊需要做的是說，好吧，我們需要在更大的業務範圍內更持續、更頻繁地做更多這樣的事。

So right now, the team is very focused on threshold. It's our largest home-owned brand, and they've been working on that, and you will see next year changes across the assortment across categories and what I'm really excited about is not just the product. We're also changing the experience in store that's going to facilitate more discovery and inspiration. So that is how we're building momentum, and we're going to keep pushing until we can get all six of our core major businesses back to growth.

所以現在，團隊非常重視門檻。這是我們最大的自有品牌，他們一直在努力，明年你會看到各個類別的商品組合都會發生變化，而我真正興奮的不僅僅是產品。我們也在改變店內體驗，以促進更多的發現和靈感。這就是我們累積動力的方式，我們將繼續努力，直到我們六大核心業務恢復成長。

That's very helpful. And then just a follow-up on the tariff comments. If I heard in the prepared remarks, I thought you guys said the bulk of the tariff cost is behind. Can you maybe clarify that? Or maybe it was a bulk of onetime tariff cost. Can you just --

這非常有幫助。然後只是對關稅評論的後續跟進。如果我在準備好的發言中聽到的話，我認為你們說大部分關稅成本已經落後了。您能澄清一下嗎？或者也許這是一次性關稅成本的大部分。你能不能--

Jim, why don't you just take that -- understand that.

吉姆，你為什麼不接受這一點——理解這一點。

Yeah, Joe, I'd be happy to take that. In Q1, as you might recall, I mentioned two primary headwinds facing us in the balance of the year, and that was related to inventory adjustment costs. All of those have been taken care of in the first half of this year. So we are clean from a second half perspective. And then we talked about tariff costs. The majority of the tariff-related costs that we had signaled was related to onetime costs, primarily driven by order cancellation costs except. The vast majority of that hit us in Q2. So you won't see significant portions of that going forward.

是的，喬，我很樂意接受。您可能還記得，在第一季度，我提到了我們在今年餘下時間面臨的兩個主要阻力，這與庫存調整成本有關。所有這些問題都在今年上半年解決了。所以從下半場的角度來看我們是乾淨的。然後我們討論了關稅成本。我們所表示的關稅相關成本大多與一次性成本有關，主要由訂單取消成本所驅動。其中絕大部分是在第二季對我們造成的影響。因此，您不會在未來看到其中很大一部分的進展。

And just to build on that, Joe, to Jim's point, it's the onetime things that we're focusing on there. Obviously, the straight cost impact of tariffs will be with us as long as the tariffs are with us. To build on our inventory position because I do think that's an important point.

喬，就此而言，正如吉姆所說，我們關注的是一次性的事情。顯然，只要關稅仍然存在，關稅的直接成本影響就會一直伴隨著我們。鞏固我們的庫存地位，因為我確實認為這是一個重要點。

We set out a goal to make sure we liked our inventory position as we exited Q2, and we achieved that goal. You'll see inventory up just a couple of percent on the balance sheet. It's up more than that, that growth is all coming from investments in our frequency categories. And you've heard me say consistently getting more in stock is a key goal of ours.

我們制定了一個目標，以確保我們在第二季結束時能夠維持庫存狀況，並且我們實現了這個目標。你會發現資產負債表上的庫存只增加了幾個百分點。不僅如此，這種成長全部來自於我們對頻率類別的投資。你們也聽我說過，持續增加庫存是我們的關鍵目標。

Some of that inventory investment is in direct support of that goal. We're actually down in total in units, and we feel well positioned in the discretionary categories with all the facts we have as of today. When we look ahead at our view for the back half of the year, our current understanding of tariffs. And so that positions us well as we step into the back half of the year.

部分庫存投資直接支持了這個目標。我們的單位總數實際上有所下降，但根據我們今天掌握的所有事實，我們在可自由支配類別中處於有利地位。當我們展望下半年時，我們目前對關稅的理解。因此，當我們進入下半年時，這將為我們帶來良好的定位。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

I guess to start off, just start going back to the full year guidance range. It's still a wide range on a low single-digit sales decline. So just curious the key factors that can drive results closer to the high end of that range.

我想首先，回到全年指導範圍。儘管銷售額下降幅度較低，但幅度仍然很大。所以我只是好奇那些可以推動結果更接近該範圍高端的關鍵因素。

Rupesh, it's Jim. Yes, as I mentioned in my remarks, Q2 performance certainly increased and reinforced our confidence of delivering within the $7 to $9 range, but given that there's still quite a bit of runway left for the year and a lot of heightened uncertainty on -- with consumers and tariff uncertainty, we thought it was more prudent just to take a cautious approach and maintain that guidance. And certainly, we'll be watching this closely.

魯佩什，我是吉姆。是的，正如我在發言中提到的那樣，第二季度的業績確實有所提高，並增強了我們在 7 美元至 9 美元範圍內實現目標的信心，但考慮到今年仍有相當長的一段時間，而且消費者和關稅方面存在很多不確定性，我們認為採取謹慎態度並維持這一指導是更明智的做法。當然，我們會密切關注此事。

Great. And then maybe my follow-up question. So Michael, just going back to the 3 key priorities that you laid out. Just curious whether you see a need to make additional labor investments to execute on those priorities.

偉大的。然後也許還有我的後續問題。所以邁克爾，我們回到你列出的 3 個關鍵優先事項。只是好奇您是否認為需要進行額外的勞動力投資來實現這些優先事項。

Yes, it's a good question, Rupesh. And one of the things that we're spending some time on is looking at how we leverage each store in support of the different parts of the business. And so I'm going to -- I'm going to zoom out here for a second to provide some context to what I mean by that. We've seen over the last half decade some incredibly good things happen in the business.

是的，這是個好問題，魯佩什。我們花費時間研究的事情之一就是如何利用每家商店來支援業務的不同部分。所以我要——我要在這裡縮小一秒鐘來提供一些背景資訊來解釋我的意思。在過去的五年裡，我們看到這個行業發生了一些令人難以置信的好事。

We built a profitable $20 billion digital business and what feels like it happened overnight in those first couple of years, the pandemic where we saw so much of that growth and there is no doubt in my mind that wouldn't have been possible without the incredible role that our stores played to support that growth.

我們建立了一個盈利 200 億美元的數位業務，感覺就像在頭幾年一夜之間發生的一樣，在疫情期間我們看到瞭如此大的增長，我毫不懷疑，如果沒有我們的商店在支持這一增長方面發揮的巨大作用，這一切都不可能實現。

They let us support all of that digital business with great speed to our guests. Great, cost, like I said, that profitable business is a result of the economics that come with store fulfillment and in a capital-light way. And so I wouldn't trade any of those outcomes at all.

他們讓我們能夠以極快的速度為我們的客人提供所有數位業務支援。太好了，成本，就像我說的，獲利業務是商店履行和輕資本方式帶來的經濟效益的結果。所以我根本不會交易任何這些結果。

And we know if you're a store director today or a team member in stores, the world has gotten more complex in our buildings than it was five years ago. You're juggling that digital business growth and working every day to maintain a great in-store experience. And you've heard me say from the start of the year, bringing more consistency to that in-store experience is a key priority of ours.

我們知道，如果您今天是商店主管或商店團隊成員，那麼您就會發現，與五年前相比，我們大樓裡的事物變得更加複雜。您正在努力實現數位業務成長，並每天努力保持良好的店內體驗。從今年年初起，您就聽我說過，為店內體驗帶來更多一致性是我們的首要任務。

So some of how we unlock that is stepping back and saying, what roles are best suited to do what thing. We've had a test in Chicago running this year where we've made some pivots and said some stores are built to fulfill. They've got a big back room. We can put a lot of pack stations in the back.

因此，我們解決這個問題的方法就是退一步思考，什麼角色最適合做什麼事情。我們今年在芝加哥進行了一次測試，我們做了一些調整，並表示一些商店的建立是為了滿足需求。他們有一個很大的後屋。我們可以在後面放置很多包裝站。

They've got a manageable level of an in-store business, and they can support that digital demand in a market super well. Some other stores -- on the digital fulfillment side, we might say, actually shut your pack station down and sit this one out because that allows you to focus exclusively on the drive-up business and importantly, the order pickup -- or importantly, the in-store experience in a store.

他們的店內業務處於可控水平，並且可以很好地支援市場中的數位需求。我們可能會說，在數位履行方面，其他一些商店實際上關閉了您的包裝站並將其擱置，因為這樣您就可以專注於免下車業務，重要的是訂單提貨，或者重要的是商店的店內體驗。

We've been pleased with what we've seen in that test, both on the digital fulfillment side and especially on the store experience side. And so you'll see us take those learnings and apply them to somewhere between 30 and 40 more markets before the year is out. So I just offer that as one example of changing how we use our assets, changing how we focus our store teams can help us make progress on a bunch of fronts.

我們對測試中看到的結果感到滿意，無論是在數位實現方面，還是在商店體驗方面。因此，您會看到，我們將這些經驗應用到今年年底之前另外 30 到 40 個市場。因此，我只是舉一個例子來說明改變我們使用資產的方式、改變我們關注商店團隊的方式可以幫助我們在許多方面取得進展。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

Congratulations, Michael, and Brian, good working with you over the years. My first question, Michael, at one point, the Target turnaround was talked about more discretionary categories rebounding more external factors. This call sounds a lot more internal. So can you give us a sense, what percentage do you think external versus internal? And then I have one follow-up.

恭喜邁克爾和布萊恩，很高興多年來與你們合作。我的第一個問題，邁克爾，塔吉特的扭轉局面一度被談論為更多可自由支配類別的反彈受到更多外部因素的影響。這通電話聽起來更像是內心的呼喚。那麼您能否告訴我們，您認為外部和內部的比例是多少？然後我還有一個後續問題。

So I'll stop shy of slapping a percentage on each of those, but I think it's worth acknowledging both. We've seen a consumer that had to be choiceful with their spend, we've seen inflationary pressure across their household spending.

因此，我不會對每個因素給出一個百分比，但我認為兩者都值得承認。我們看到消費者在支出方面必須有所選擇，我們看到他們的家庭支出面臨通膨壓力。

And we know that, that can lead to a pullback in some of the discretionary categories and their discretionary spending. I think, as an industry, we've seen a lot of that pressure over the last few years. And so that's why you'll hear us talk about staying so close to the consumer and making sure we've got that style and newness that cut through and prompt purchase even in a tough environment.

我們知道，這可能會導致一些可自由支配的類別及其可自由支配的支出減少。我認為，作為一個行業，我們在過去幾年中已經看到了很大的壓力。這就是為什麼你會聽到我們談論與消費者保持密切聯繫，並確保即使在艱難的環境中，我們也能擁有能夠吸引消費者並促使他們購買的風格和新穎性。

It's why we're focused on providing value, yes, inclusive of price. And so those things from a macro perspective continue to be important. And to be clear, we've got work to do. We need to make sure we're leading on our front foot across every single category in our portfolio. The pockets of green shoots you heard Rick talk about, we need to turn those into a field of green shoots.

這就是為什麼我們專注於提供價值，是的，包括價格。因此，從宏觀角度來看，這些事情仍然很重要。需要明確的是，我們還有很多工作要做。我們需要確保我們投資組合中的每個類別都處於領先地位。您需要將 Rick 提到的那些綠芽變成一片綠芽田。

And that's where the teams are focused. We need to make sure the experience pays off the expectations that our guests have. Some of you have heard me talk about this before. But we know too many of our guests, even with a growing digital business that I expect to grow further, to them, Target is a place. It's a place that they love. They actually refer to it in pretty unique language because they'll use the possessive, they'll say, my Target.

這正是團隊關注的重點。我們需要確保體驗能滿足客人的期望。你們中的一些人以前聽過我談論這個話題。但我們知道，即使我們的數位業務正在不斷成長，我預計還會進一步成長，但對於太多的客人來說，Target 只是一個地方。這是他們喜愛的地方。他們實際上用非常獨特的語言來指稱它，因為他們會使用所有格，他們會說，我的目標。

That's a complement that we take really seriously, and we know we have to go out and earn by delivering a great guest experience, and that's where you'll see us focused.

這是我們非常重視的補充，我們知道我們必須透過提供出色的客戶體驗來贏得客戶，而這正是我們關注的重點。

And then with regard to the financial plan, you were part of this year and setting the plan, are you reserving the right to reevaluate? Or are you saying you accept the current run rate? And then if you make investments, you can do so by process engineering, taking cost out on one side to be able to maintain the current run rate of the business.

那麼關於財務計劃，您參與了今年的計劃制定，您是否保留重新評估的權利？或者您是說您接受當前的運行率？然後，如果您進行投資，您可以透過流程工程來實現，一方面降低成本，以便能夠維持當前的業務運作率。

Well, feel free to pile on to this one, Jim. But we're always evaluating. I think the goal of a retailer should be nimble. And so if we find new opportunity, you can expect us to talk about it and chase it. We feel good sitting here today that the guidance we laid out a quarter ago, we still see great line of sight to as we look at the back half of the year.

好吧，吉姆，請隨意加入這個話題。但我們始終在評估。我認為零售商的目標應該是靈活。因此，如果我們發現新的機會，您可以期待我們談論它並追逐它。今天，我們很高興坐在這裡，因為我們一個季度前製定的指導方針，當我們展望下半年時，我們仍然看到了很好的前景。

You heard Jim say, there's a lot we monitor there with respect to the consumer, with respect to tariffs. But we were pleased with the progress we made in Q2, even if we weren't pleased with the absolute outcome, and we feel good sitting here as we look at the back half of the year.

你聽到吉姆說了，我們在消費者和關稅方面有很多監控。儘管我們對絕對結果並不滿意，但我們對第二季度的進展感到滿意，而且回顧下半年，我們感覺很好。

But I'll reiterate, retail is about being flexible, retail is about being nimble in response to opportunities we find what we see in the consumer, how we can remake our business to better meet those needs. And so that's a journey that I expect will be on for quarters and years to come. And it's our job to bring you along when we see opportunity and describe it in the right way. But sitting here today, our outlook for at least the balance of this year is included within the guidance.

但我要重申，零售業就是要靈活，零售業就是要靈活應對我們在消費者身上發現的機會，我們如何重塑我們的業務以更好地滿足這些需求。因此，我預計這將是未來幾季和幾年的旅程。當我們發現機會時，我們的工作就是帶您一起前進，並以正確的方式描述它。但今天坐在這裡，我們對至少今年剩餘時間的展望都包含在指導範圍內。

Operator, we have time for one last question.

接線員，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。

Michael, congratulations. I wanted to ask you about comp momentum. Maybe could you provide a little bit more color on what you've seen in back-to-school? And then as we think about the back half, how are you thinking about the puts and takes? Traffic compares are a touch easier. You probably have some tariff pricing. When are you thinking about when you can get back to positive comps?

邁克爾，恭喜你。我想問您有關公司動量的問題。也許您能提供更多關於開學期間所見的情況的資訊嗎？然後，當我們考慮後半部分時，您如何考慮投入和產出？交通比較更容易。您可能有一些關稅定價。您認為什麼時候可以恢復正面的業績？

Yeah. I'm happy to start. We do sit here right in the middle of back-to-school and back-to-college season. And in fact, I got to experience back to college for the first time taking the kids to college. So I was not only a Target leader but a guest in the middle of that season this year. I will say there is perhaps nothing more energizing than getting out in stores during the back-to-college season.

是的。我很高興開始。我們正處於開學季和大學開學季的中間。事實上，這是我第一次重返大學，帶孩子們上大學。因此，今年中期我不僅是 Target 的領導者，而且還是該季節的嘉賓。我想說，也許沒有什麼比在返校季逛商店更能讓人充滿活力的了。

And so a huge thank you to all of the store teams, all of the merchandising teams that have stocked us with incredible product for back-to-school and back to college and the way in which that experience is coming through in store right now has just been really a giver of energy and the trips that I've been on out in the market over the last couple of weeks.

因此，非常感謝所有的商店團隊、所有的銷售團隊，他們為我們提供了令人難以置信的返校和大學返校產品，而這種體驗現在在商店中呈現的方式真的給了我能量，也讓我在過去幾周里一直在市場上奔波。

We're encouraged by where we sit so far in both of those seasons. And neither of them are done. And so we've got a lot of these seasons and important seasons in front of us, but it's been good to see the guest response.

我們對這兩個賽季目前取得的成績感到鼓舞。但兩者都還沒完成。因此，我們面前有很多這樣的季節和重要的季節，但看到客人的反應真是太好了。

And then back to college specifically, what we see the guests responding to is the trend in style and design leadership. Frankly, we had some opportunities last year with not leading with enough front-footed fashion in our back-to-college assortment, we've addressed to that this year, and it's been great to see the consumer lean in.

然後具體回到大學，我們看到客人對風格和設計領導的趨勢做出反應。坦白說，去年我們有一些機會，但在返校季的時尚新品中沒有引領足夠的前沿，今年我們已經解決了這個問題，很高興看到消費者的青睞。

Operator, that concludes our second quarter call. I want to wrap up by congratulating Michael once again. Hopefully, for all of you who are with us today, you realize Michael is day one ready to move into this role and I'm really excited to see Michael step into the chair as the new CEO of Target. So thanks for joining us today, and we'll look forward to seeing you soon.

接線員，我們的第二季電話會議到此結束。最後，我想再次祝賀邁克爾。希望今天在座的各位都能意識到麥可第一天就準備好擔任這個職務，我很高興看到麥可擔任塔吉特的新任執行長。感謝您今天加入我們，我們期待很快見到您。

Goodbye.

再見。