目標百貨 (TGT) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Target Corporation third-quarter earnings release conference call. (Operator Instructions) As a reminder, this conference is being recorded Wednesday, November 19, 2025.

女士們、先生們，感謝你們的耐心等待。歡迎參加塔吉特公司第三季財報電話會議。（操作員說明）提醒：本次會議將於 2025 年 11 月 19 日星期三進行錄音。

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

現在我將把會議交給投資者關係副總裁約翰·赫爾伯特先生。請繼續，先生。

Good morning, everyone, and thank you for joining us on our third-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.

各位早安，感謝各位參加我們2025年第三季財報電話會議。今天和我連線的是董事長兼執行長 Brian Cornell；營運長 Michael Fiddelke；商務長 Rick Gomez；以及財務長 Jim Lee。

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

幾分鐘後，Brian、Michael、Rick 和 Jim 將就我們第三季的業績以及今年剩餘時間的展望發表他們的見解。在他們的發言之後，我們將開通電話問答環節。今天上午，投資者和其他一些人透過網路直播參加了這次電話會議，聆聽我們的發言。通話結束後，我和吉姆將隨時回答您的後續問題。

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 press release, which is posted on our Investor Relations website.

最後，提醒大家，我們今天早上發表的任何前瞻性聲明都存在風險和不確定性，包括今天早上發布的盈利新聞稿和我們最近提交的 10-K 文件中描述的風險和不確定性。此外，在這些評論中，我們提到了非GAAP財務指標，包括調整後的每股盈餘。今天早上發布的新聞稿中包含了所有非GAAP數據與最直接可比較的GAAP數據的調節表，該新聞稿已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?

接下來，我將把發言權交給布萊恩，讓他開始吧。布萊恩？

Thanks, John, and good morning, everyone.

謝謝你，約翰，大家早安。

This is my final earnings call as Target's CEO, and I plan to keep my comments brief this morning. But I wanted to take a moment to thank all of you for your ongoing engagement and support over the last 11 years. It's been the highlight of my career to lead this great company, and our business has undergone many important changes since I arrived in 2014.

這是我擔任塔吉特執行長的最後一次財報電話會議，我計劃今天上午盡量簡短地發言。但我想藉此機會感謝大家在過去 11 年持續的參與和支持。領導這家偉大的公司是我職業生涯中的亮點，自從我 2014 年加入公司以來，我們的業務發生了許多重要的變化。

We entered into an innovative partnership with CVS to run our pharmacy business. We changed our operating model in Food & Beverage, paving the way for explosive growth in that part of the business. We invested in our product design, development, and sourcing capabilities, and launched several new billion-dollar-owned brands. We pioneered the stores-as-hubs model for digital fulfillment, remodeled well over 1,000 of our existing stores, and added nearly 200 net new locations in the US.

我們與 CVS 建立了創新合作關係，共同經營我們的藥局業務。我們改變了食品飲料行業的營運模式，為該業務板塊的爆炸性增長鋪平了道路。我們投資於產品設計、開發和採購能力，並推出了幾個價值數十億美元的新自有品牌。我們率先採用了以門市為樞紐的數位化履行模式，改造了 1,000 多家現有門市，並在美國新增了近 200 家淨門市。

All told, this year's top line is expected to be well over $30 billion higher than the year I arrived. In that 2014 fiscal year, GAAP and adjusted EPS both came in around $4 a share. And the upper end of this year's expected range for adjusted EPS is double that number. I am proud that our team could deliver this top and bottom-line growth while building a solid foundation of operating capabilities, including one of the nation's largest loyalty programs in Target Circle and a rapidly growing retail media business in Roundel.

總的來說，預計今年的總收入將比我到任那年高出 300 億美元以上。在 2014 財年，GAAP 和調整後的每股盈餘均約為 4 美元。今年調整後每股盈餘預期範圍的上限是該數字的兩倍。我為我們的團隊能夠實現營收和利潤的雙重成長而感到自豪，同時我們也建立了堅實的營運能力基礎，包括全國最大的會員忠誠度計劃之一 Target Circle 和快速成長的零售媒體業務 Roundel。

That said, our business has not been performing up to its potential over the last few years, and I am singularly focused on supporting Michael and the entire leadership team as they make changes to the way we work, enhancing our merchandising authority, our retail experience, and investing in technology to accelerate our business. In the call today, you'll hear how the team is working quickly to get the company back to profitable growth. And while we're not there yet, I'm confident we're on the right path and Michael is the right person to lead the next chapter of Target's growth.

儘管如此，過去幾年我們的業務表現並未達到應有的水平，我將全力支持邁克爾和整個領導團隊，幫助他們改變我們的工作方式，增強我們的商品銷售權、零售體驗，並投資技術以加速我們的業務發展。在今天的電話會議中，您將聽到團隊如何迅速採取行動，使公司恢復獲利成長。雖然我們還沒有達到目標，但我相信我們走在正確的道路上，而麥可是帶領 Target 開啟下一個發展篇章的合適人選。

So with that, I want to thank all of you for your participation today and for your thoughtful engagement over the years. And finally, I want to thank the entire Target team. It has been a privilege to work with you in support of this great brand.

最後，我要感謝各位今天的參與，以及多年來你們的認真參與。最後，我要感謝Target團隊的全體成員。能夠與您合作，共同支持這個偉大的品牌，我深感榮幸。

Now, I'll turn the call and today's Q&A over to Michael.

現在，我將把電話和今天的問答環節交給麥可。

Thanks, Brian, and good morning, everyone. We have high but achievable aspirations for Target's future, and we're acting with urgency to make the changes and investments to position Target for sustainable and profitable growth over time. While our third-quarter performance came in as expected, we're far from satisfied with our current results, and we won't be satisfied until we're operating at our full potential.

謝謝你，布萊恩，大家早安。我們對 Target 的未來抱有很高的期望，但這些期望是可以實現的。我們正在緊急採取行動，進行變革和投資，以使 Target 能夠隨著時間的推移實現可持續和盈利的成長。雖然我們第三季的業績符合預期，但我們對目前的成績並不滿意，只有當我們發揮出全部潛力時，我們才會感到滿意。

To get there, we've set three distinct but highly interrelated priorities for our team. First, we must solidify our design-led merchandising authority, leading with incredible product in a way that is distinctly Target. Second, as a retailer that believes that the shopping experience is every bit as important as the products we sell, we need to offer a more consistently elevated experience across our stores and digital platforms. And third, we need to more fully use technology to improve our speed, guest experience, and efficiency throughout the business. Together, these priorities are in service of one goal: getting back to sustainable growth as quickly as possible. They guide every decision we make, and I want to spend a few minutes to help clarify what these priorities are, why each matters, and share some of our progress to date.

為了實現這一目標，我們為團隊設定了三個既獨立又高度相關的優先事項。首先，我們必須鞏固以設計為主導的商品銷售權威，以極具 Target 特色的方式推出卓越的產品。其次，作為一家認為購物體驗與我們銷售的產品同樣重要的零售商，我們需要在我們的實體店和數位平台上提供更一致的優質體驗。第三，我們需要更充分地利用科技來提高整個業務的速度、顧客體驗和效率。這些優先事項共同服務於一個目標：盡快恢復永續成長。它們指導著我們所做的每一個決定，我想花幾分鐘幫助大家明確這些優先事項是什麼，為什麼每一項都很重要，並分享我們迄今為止的一些進展。

Before I expand on these priorities, I want to pause and acknowledge our recent restructuring at headquarters in which we eliminated approximately 1,800 roles or about 8% of our headquarters footprint, a difficult but necessary step forward. While Jim will walk through some financial aspects of this decision, I want to make it clear that this move wasn't about cutting costs. Instead, by removing layers that have added complexity to the way we work, we're aiming to work with greater agility, making it clear who owns decisions and empowering our team to operate with greater authority and speed in support of our strategy.

在詳細介紹這些優先事項之前，我想先停下來，說明一下我們最近在總部進行的重組，我們裁減了大約 1800 個職位，約佔總部規模的 8%，這是一個艱難但必要的進步。吉姆會詳細解釋這項決定的一些財務方面，但我想明確指出，此舉並非為了削減成本。相反，我們透過移除增加工作複雜性的層級，旨在提高工作效率，明確決策權歸屬，並賦予團隊更大的自主權和速度，以支持我們的策略。

So let's discuss how we're making progress in solidifying our merchandising authority and elevating our shopping experience. And you'll also see the critical role that enhanced technology is playing in support of both, helping us progress quickly, efficiently, and in industry-leading ways. We are a design-led company, and that starts with our authority in merchandising: our ability to build a unique assortment of the right, stylish, on-trend products at incredible value that's so central to who we are and key to our differentiation and future growth.

那麼，讓我們來探討一下我們在鞏固商品銷售權威和提升購物體驗方面所取得的進展。你還會看到，增強型技術在支援這兩方面發揮著至關重要的作用，幫助我們快速、有效率地以業界領先的方式取得進步。我們是一家以設計為主導的公司，這首先體現在我們強大的商品銷售能力上：我們能夠打造獨特、時尚、潮流且物超所值的產品系列，這對我們而言至關重要，也是我們實現差異化和未來發展的關鍵。

At Target, we believe that offering an assortment that's distinctly ours is essential to maintaining our merchandising authority with our guests. Not every category plays the same role towards these efforts, but together, they create an assortment and experience that feels unmistakably Target.

在塔吉特，我們相信，提供獨特特色的商品系列對於維護我們在顧客心中的商品權威至關重要。並非每個品類都對這些努力發揮相同的作用，但它們共同創造了一種具有鮮明 Target 特色的產品組合和體驗。

A great example is the transformation of our Hardlines business into Fun 101, an evolution in bringing greater cultural relevance, style authority, and trend-right energy to the assortment, reinforcing what makes shopping at Target so special. And while we have much more change in Fun 101 to come, it builds our confidence to see the categories that have seen the greatest change, driving some of the strongest sales performance already. Rick will have more details to share later.

一個很好的例子就是我們將硬線業務轉型為 Fun 101，這一演變為將更大的文化相關性、風格權威性和潮流活力帶入產品系列，從而強化了在 Target 購物的獨特之處。雖然 Fun 101 還有更多變化即將到來，但看到一些變化最大的類別已經帶來了最強勁的銷售業績，這增強了我們的信心。里克稍後會分享更多細節。

And within each category, merchandising authority means staying incredibly close to our guests by knowing what they'll want next, reacting to, predicting and even setting new trends. And tech will play a critical role in helping us get there.

在每個類別中，商品銷售權威意味著與顧客保持密切聯繫，了解他們接下來想要什麼，並對新趨勢做出反應、預測甚至引領新趨勢。科技將在幫助我們實現這一目標的過程中發揮關鍵作用。

We're enhancing our capabilities by equipping our teams with new tools that provide them with AI-enabled consumer insights at their fingertips. Our merchants now have real-time access to advanced data, from what is currently trending on social media to which products and styles are resonating with consumers at Target and across the industry today, to what future trends our guests are most likely to care about, helping our team forecast needs, anticipate trends, and buy both smarter and faster.

我們正在透過為團隊配備新工具來提升自身能力，使團隊能夠隨時獲得人工智慧驅動的消費者洞察。現在，我們的商家可以即時獲取高級數據，從社交媒體上的當前流行趨勢到 Target 和整個行業中哪些產品和款式最受消費者歡迎，再到我們的顧客最可能關注的未來趨勢，這有助於我們的團隊預測需求、預見趨勢，並更明智、更快速地進行採購。

New tools also include our recently developed Target Trend Brain, our new internal creative platform which uses GenAI technology to help our teams identify and react to emerging trends faster and predict future trends. By leveraging AI to capture color, material, style and product details and applying consumer research and our brand principles, we can deliver unique and on-trend products to our guests faster than ever before.

新工具還包括我們最近開發的 Target Trend Brain，這是我們新的內部創意平台，它利用 GenAI 技術來幫助我們的團隊更快地識別和應對新興趨勢並預測未來趨勢。透過利用人工智慧捕捉色彩、材質、款式和產品細節，並應用消費者研究和我們的品牌原則，我們可以比以往任何時候都更快地為顧客提供獨特且符合潮流的產品。

To further enhance our speed to market, we've also created synthetic audiences, AI-driven models that simulate real consumer populations to preview how different groups could respond to campaigns and products before they ever launch. This allows our marketing and design teams to test, learn, and refine products, promotions and messaging with incredible speed and efficiency.

為了進一步加快產品上市速度，我們還創建了合成受眾，即人工智慧驅動的模型，模擬真實的消費者群體，以便在產品和行銷活動正式推出之前預覽不同群體可能做出的反應。這使得我們的行銷和設計團隊能夠以驚人的速度和效率測試、學習和改進產品、促銷活動和訊息傳遞。

And while you'll see us continue to accelerate our use of technology, it's our talented team that brings this work to life. And we are investing intentionally in our team and how we approach our work. We're redefining roles throughout the cross-functional team that supports our assortment planning and buying decisions, what we call our Merchant Roundtable, to better equip our teams to make bolder decisions even faster.

雖然你會看到我們不斷加快技術應用，但真正讓這項工作變成現實的是我們才華橫溢的團隊。我們正在有意識地投資我們的團隊以及我們對待工作的方式。我們正在重新定義支援我們商品組合規劃和採購決策的跨職能團隊（我們稱之為「商家圓桌會議」）中的角色，以便更好地幫助我們的團隊更快地做出更大膽的決策。

I'm also excited to share we've welcomed new leaders to the team in areas like our Home business to bring new ways of thinking and accelerate change in this signature category. These steps forward are examples of how we're solidifying our design-led merchandising authority by using people, process, and technology to drive greater levels of newness and differentiation across our entire assortment, more quickly reacting to emerging trends and amplifying these trends faster than ever before.

我也很高興地宣布，我們在家居業務等領域迎來了新的領導者加入團隊，他們將帶來新的思維方式，加速這一標誌性領域的變革。這些進步體現了我們如何透過運用人員、流程和技術來鞏固我們以設計為主導的商品銷售權威，從而推動我們整個產品系列的創新性和差異化，更快地對新興趨勢做出反應，並以前所未有的速度放大這些趨勢。

Let's turn now to our team's efforts to elevate the guest shopping experience, both in stores and digital. A great guest experience means a lot of things, but it starts with a warm, friendly, and helpful team. In stores, we're making changes to give our team members more time to focus on what matters most, spending time helping our guests. Through enhanced digital tools, we're reducing time devoted to backroom tasks through more efficient truck unloading and stocking. Every hour we save is being reinvested to allow more guest interaction, with a focus on friendliness and service that makes Target Target.

現在讓我們來看看我們的團隊為提升顧客在實體店和線上購物體驗所做的努力。良好的賓客體驗包含許多方面，但這一切都始於一支熱情友好、樂於助人的團隊。在門市方面，我們正在做出一些改變，以便讓我們的團隊成員有更多的時間專注於最重要的事情，那就是花時間幫助我們的顧客。透過增強數位化工具，我們提高了卡車卸貨和庫存效率，從而減少了後台工作所花費的時間。我們節省下來的每一小時都將重新投入，以增​​加與顧客的互動，並專注於友好和優質服務，這正是 Target 的魅力所在。

An elevated shopping experience also means consistently finding the products you want and need every time you shop. This holiday season, we're using our expertise and deep consumer knowledge in a new GenAI-powered Gift Finder available on our website and our app, allowing guests to ask questions in the app and help them find the perfect gift this holiday season. By simply asking something as generic as what is a good present for my mother-in-law; to something more specific like, I have a five-year-old son that loves dinosaurs, what gifts are available for under $20? Our app will provide recommendations or ask clarifying questions to quickly and easily help guests find the right present for every person on their holiday shopping list.

更優質的購物體驗也意味著每次購物都能找到您想要和需要的商品。今年假期季，我們將利用我們的專業知識和對消費者的深刻了解，在我們的網站和應用程式上推出由 GenAI 驅動的全新禮物查找器，讓顧客可以在應用程式中提問，幫助他們找到今年假期季節的完美禮物。從簡單的提問，例如「送給婆婆什麼禮物比較好」；到更具體的提問，例如「我有一個五歲的兒子，他很喜歡恐龍，20 美元以下有什麼恐龍禮物推薦」？我們的應用程式會提供推薦或提出澄清問題，以便快速輕鬆地幫助客人為節日購物清單上的每個人找到合適的禮物。

For guests shopping in our stores and online, we're also investing resources to ensure we have the right product in the right place at the right time all year long. This includes modernizing the technology that forecasts, orders, and positions our inventory, using machine learning to optimize flow from supplier to shelf. It's helping us move inventory more efficiently, improve our reliability for everyday frequently purchased items, and further improve in stocks.

對於在我們實體店和網上購物的顧客，我們也投入資源，以確保我們全年都能在合適的時間、合適的地點提供合適的產品。這包括對預測、訂購和定位庫存的技術進行現代化改造，利用機器學習來優化從供應商到貨架的流程。它幫助我們更有效地週轉庫存，提高日常常用商品的可靠性，並進一步改善庫存狀況。

We've coupled these tech enhancements with process improvements, some great root cause problem solving by the team, and clearer measurements that show where we have the most room to improve. All in, we've seen meaningful progress on this front. In fact, this past quarter, the on-shelf availability of our 5,000 top items, the ones for which being in stock is most important to our guests and which represent 30% of our total unit sales, saw a more than 150-basis-point improvement compared to this time last year. But even with this meaningful progress, I want to emphasize that we have much more room to improve and we're not slowing down.

我們將這些技術改進與流程改進、團隊出色的根本原因問題解決能力以及更清晰的衡量標準相結合，從而顯示了我們在哪些方面還有最大的改進空間。總而言之，我們在這方面已經取得了實質進展。事實上，上個季度，我們最暢銷的 5,000 種商品的貨架供應情況（這些商品的庫存情況對我們的顧客來說最為重要，並且占我們總銷量的 30%）與去年同期相比提高了 150 多個基點。但即便取得了這些意義重大的進展，我也要強調，我們還有很大的進步空間，我們不會放慢腳步。

An elevated store experience also means meeting our guests when, where, and how they want to shop. To do this, we're reconfiguring the role each of our stores plays within a market to optimize fulfillment speed and capabilities and, in the process, also better supporting the in-store shopping experience. Our pilot in the Chicago market has demonstrated the effectiveness of new operating models that govern each location's mix of in-store and digital fulfillment, helping to improve the guest experience and operational performance at each store at the same time.

提升門市體驗也意味著在顧客希望購物的時間、地點和方式滿足他們的需求。為此，我們正在重新配置每個門市在市場中扮演的角色，以優化履行速度和能力，並在此過程中更好地支援店內購物體驗。我們在芝加哥市場的試點計畫證明了新的營運模式的有效性，該模式管理著每個門市的店內和數位履行組合，從而幫助改善每家門市的顧客體驗和營運績效。

For those stores with high foot traffic volume, we're reducing their mix of brown box fulfillment, allowing those teams to spend more time interacting with in-store guests. For lower volume stores in the same market with big back rooms that are perfectly suited to ship product, we're pushing more digital fulfillment volume their way and, of course, more labor hours to support this work, creating economies of scale and a more optimized workload for each node within a market.

對於客流量高的門市，我們正在減少棕色紙箱配送的比例，讓這些團隊有更多時間與店內顧客互動。對於同一市場中銷量較小的商店，如果它們擁有適合發貨的大型倉庫，我們將向它們輸送更多的數位化履行量，當然，也會投入更多的人力來支持這項工作，從而創造規模經濟，並為市場中的每個節點優化工作流程。

With the changes we've made, we're getting guests the products they want faster than ever while reducing average fulfillment costs. As a reminder, we already reach around 80% of the US population with same-day delivery powered by Target Circle 360, where sales grew more than 35% again this past quarter. And around 99% of the US population is already eligible for two-day shipping. And now, with our evolving market fulfillment strategy that includes expanding these learnings to an additional 35 markets, more than half of the US is eligible for next-day shipping, and we expect to meaningfully expand that reach in the coming year.

透過我們所做的改變，我們能夠比以往任何時候都更快地為顧客提供他們想要的產品，同時降低平均訂單履行成本。提醒大家，我們已經透過 Target Circle 360​​ 提供的當日送達服務覆蓋了美國約 80% 的人口，上個季度銷售額再次增長超過 35%。美國約99%的人口已經符合兩日送達的條件。現在，隨著我們不斷完善市場履行策略，並將這些經驗推廣到另外 35 個市場，美國超過一半的地區已符合隔日送達的條件，我們預計在未來一年內將大幅擴大這一覆蓋範圍。

Elevating experience also means staying ahead of new ways our guests want to shop. We're leading in the next wave of digital engagement by partnering with the world's biggest GenAI platforms through an initiative we call conversational curation. Building on the apps for ChatGPT experience previewed in early October, we're curating the shopping experience directly from the guest's own conversation.

提升體驗也意味著要隨時走在顧客購物方式發展的前端。我們正透過與全球最大的 GenAI 平台合作，引領下一波數位互動浪潮，這項舉措我們稱之為對話式內容規劃。在 10 月初預覽的 ChatGPT 應用程式體驗的基礎上，我們將直接從顧客自己的對話中策劃購物體驗。

Guests tell us what they want or even what they're trying to solve for, and OpenAI will offer personalized recommendations. Through this partnership, we expect to be one of the first retailers on OpenAI platforms to offer the purchase of multiple items in a single transaction, offer fresh food products on the platform, and the ability to choose drive-up and pick-up fulfillment options in addition to the conventional shipping options offered by others.

用戶可以告訴我們他們想要什麼，甚至是他們想要解決什麼問題，OpenAI 將提供個人化推薦。透過此次合作，我們有望成為 OpenAI 平台上首批零售商之一，提供單筆交易購買多件商品、在平台上提供新鮮食品，以及除其他零售商提供的傳統配送方式外，還提供駕車取貨和自提等配送方式。

Finally, I'd like to touch on important investments that will drive both merchandising authority and an elevated experience. Our investments in new stores, store remodels, and chain-wide category changes aimed at providing greater inspiration and joy for our guests every time they shop. Our new larger format stores are outpacing our initial sales expectations and continue to be a strong source of growth. Given current real estate opportunities, we expect to continue opening these bigger boxes in more and more markets across the US.

最後，我想談談一些重要的投資，這些投資將提升商品銷售權威性和使用者體驗。我們投資新建門市、門市改造以及全連鎖店範圍內的品類調整，旨在為顧客每次購物帶來更大的靈感和快樂。我們新推出的大型門市的銷售業績超出了我們最初的預期，並將繼續成為強勁的成長動力。鑑於目前的房地產市場機遇，我們預計將在美國各地越來越多的市場繼續開設這些規模更大的門市。

Additionally, we're formulating plans for next year that will bring greater changes to key floor pads throughout the store, which will accelerate both our merchandising authority and our experience. To support this change, we'll be increasing our CapEx plans for next fiscal year, spending about $5 billion, about $1 billion more than this year, to bring the latest and greatest of Target to new and existing markets. Rick and Jim will have more to share on this in a moment.

此外，我們正在製定明年的計劃，這將對商店內的關鍵地面墊進行更大的改變，從而加快我們的商品陳列和經驗積累。為了支持這項變革，我們將增加下一財年的資本支出計劃，支出約 50 億美元，比今年多出約 10 億美元，以便將 Target 最新最好的產品和服務帶到新市場和現有市場。Rick 和 Jim 稍後會就此分享更多資訊。

So now, before I get ready to pass things over to Rick, I want to thank the Target team. You power our progress, and it is together as a team that will write Target's next chapter. While we're not yet where we want to be, we're making change to lay the foundation for a stronger, faster, and more innovative Target, one that's grounded in our purpose, fueled by our team, and focused on growth. I'm proud of the progress we've made and confident in the opportunities ahead.

所以現在，在我準備把事情交給里克之前，我想感謝塔吉特團隊。你們的付出推動著我們的進步，我們將攜手共創 Target 的下一個篇章。雖然我們還沒有達到我們想要的目標，但我們正在做出改變，為打造一個更強大、更快速、更具創新性的 Target 奠定基礎，一個以我們的宗旨為基礎、以我們的團隊為動力、以成長為重點的 Target。我為我們所取得的進步感到自豪，並對未來的機會充滿信心。

And to those of you listening this morning, if you leave having heard nothing else, I'd leave you with the following thoughts. We are not satisfied with our current results and are relentless in our pursuit of returning to growth. Our three priorities around merchandising, experience, and technology have us on the right path. And we know what needs to be done and are actively making progress towards being the best version of ourselves for our guests, our team, and our stakeholders.

今天早上收聽節目的各位，即使你們離開時什麼也沒聽到，我也想留給你們以下幾點思考。我們對目前的業績並不滿意，並將不懈努力，爭取重回成長軌道。我們在商品銷售、體驗和技術這三大優先事項上走對了路。我們知道需要做什麼，並且正在積極努力，力求成為對我們的客人、團隊和利害關係人來說最好的自己。

With that, I'll turn the call over to Rick to share more about our third-quarter performance and all we have planned for this holiday season.

接下來，我將把電話交給里克，讓他詳細介紹我們第三季的業績以及我們為這個假期季節制定的所有計劃。

Thanks, Michael, and good morning, everyone.

謝謝你，邁克爾，大家早安。

Our third-quarter results underscore that we still have work to do, but they also show us that the actions we're taking are the right ones for our guests and for our business. We're focused on improving performance, particularly in discretionary categories, listening closely to our guests, and moving with greater agility to bring them the newness and affordability they expect from Target.

第三季業績顯示我們仍有許多工作要做，但也顯示我們正在採取的行動對我們的顧客和我們的業務都是正確的。我們專注於提升業績，尤其是在非必需品類別方面，密切注意顧客的意見，並以更靈活的方式採取行動，為他們帶來他們期望從 Target 獲得的新穎性和實惠的價格。

In Q3, results were in line with expectations and similar to second-quarter performance, with the exception of Q2 benefiting from the Nintendo Switch 2 launch. Q3 comp sales were down 2.7%, reflecting continued softness in discretionary categories like Home and Apparel, partially offset by growth in Food & Beverage and Fun 101. Digital comparable sales grew 2.4%, fueled by more than 35% growth in same-day delivery, powered by Target Circle 360 and continued growth in drive-up. We saw the strongest sales around seasonal moments like Back to School, Back to College, and Halloween, highlighting once again the importance of these holidays to our business.

第三季業績符合預期，與第二季表現相似，但第二季受惠於任天堂Switch 2的發表。第三季同店銷售額下降 2.7%，反映出家居和服裝等非必需消費品類別的持續疲軟，但食品飲料和 Fun 101 的成長部分抵消了這一影響。數字可比銷售額增長了 2.4%，這主要得益於 Target Circle 360​​ 推動的當日送達業務增長超過 35%，以及免下車購物業務的持續增長。我們發現，在返校季、返校季和萬聖節等季節性節日期間，銷售額最為強勁，這再次凸顯了這些節日對我們業務的重要性。

Across categories, one theme is clear: our guests continue to respond to newness and style-forward assortments. Fun 101 delivered another quarter of growth, led by a nearly 10% comp in toys and double-digit growth in music, video games, and our expanded selection of sporting equipment, all categories where we've invested in unique-to-Target assortments that are clearly resonating.

從各個品類來看，一個主題很明確：我們的顧客持續對新穎時尚的產品系列做出正面回應。Fun 101 又實現了一個季度的成長，其中玩具類商品成長近 10%，音樂、電子遊戲和我們擴大的運動器材選擇也實現了兩位數的成長，所有這些類別中，我們都投資了 Target 獨有的產品組合，這些組合顯然引起了共鳴。

Food & Beverage also delivered another quarter of comp growth, with notable strength in beverages, which were up nearly 7% in Q3, as guests leaned into our trend-forward health and wellness assortment, from prebiotic sodas to better-for-you energy drinks. We also saw strength in candy categories, particularly as the Halloween holiday approached.

食品飲料業務也實現了另一個季度的同店銷售成長，其中飲料業務表現尤為強勁，第三季度增長近 7%，因為顧客們青睞我們引領潮流的健康保健產品系列，從益生元蘇打水到更健康的能量飲料。我們也看到糖果類產品表現強勁，尤其是在萬聖節臨近之際。

While Apparel comps were down 5%, we delivered meaningful growth in denim and sleepwear categories, driven by style-forward newness that helped to offset softness across the portfolio. This tells us that, while there is still plenty of work to do, where we have made our biggest bets in terms of on-trend, design-led newness, consumers are reacting positively, giving us confidence in our approach and the path ahead.

雖然服飾類產品銷售額下降了 5%，但我們在牛仔服和睡衣類別中實現了顯著增長，這得益於引領潮流的新品，從而抵消了整個產品組合的疲軟。這告訴我們，雖然還有很多工作要做，但在我們投入最多資源，追求潮流、設計新穎的領域，消費者的反應是積極的，這讓我們對自己的方法和未來的道路充滿信心。

Turning to the consumer, many of the themes remain largely consistent with what we shared in prior quarters. Guests are choiceful, stretching budgets, and prioritizing value. They're spending where it matters most, especially in Food, Essentials, and Beauty, while looking for trend-right deals in discretionary categories. They want quality and price to coexist, something we do particularly well through our balance of must-have national brands, our exclusive own-brand portfolio, and our curation of emerging brands.

從消費者角度來看，許多主題與我們前幾季分享的內容基本上一致。客人眼光挑剔，精打細算，注重性價比。他們將錢花在最重要的地方，尤其是食品、必需品和美容產品上，同時在非必需品類別中尋找符合潮流的優惠。他們希望品質和價格能夠兼得，而我們透過平衡必備的全國性品牌、我們獨有的自有品牌組合以及我們對新興品牌的甄選，在這方面做得尤為出色。

As part of our work to solidify our merchandising authority, we will continue to elevate our assortment to lead with trend while always considering affordability and value. As we approach the holidays, we know consumers remain cautious. Sentiment is at a three-year low amid concerns about jobs, affordability, and tariffs. Yet, they remain emotionally motivated. They want to celebrate with loved ones without overspending. Our job is to help them do just that.

為了鞏固我們的商品銷售權威，我們將繼續提升我們的商品種類，引領潮流，同時始終兼顧價格實惠和物有所值。隨著假期臨近，我們知道消費者仍然保持謹慎。由於對就業、生活成本和關稅的擔憂，市場情緒已跌至三年來的最低點。然而，他們仍然受到情感因素的驅動。他們想和親人一起慶祝，但又不想過度消費。我們的工作就是幫助他們做到這一點。

Given our focus on affordability, we recently lowered prices on thousands of everyday food and essential items to help families further manage their budgets. And for the next major holiday around the corner, our Thanksgiving meal deal this year is one of our most affordable yet, feeding a family of four for less than $20, with Good and Gather turkey at just $0.79 per pound, as well as potatoes, stuffing, and other seasonal sides for less than $5.

鑑於我們對價格可負擔的重視，我們最近降低了數千種日常食品和必需品的價格，以幫助家庭更好地管理預算。下一個重要的節日即將到來，我們今年的感恩節套餐是迄今為止最實惠的套餐之一，不到 20 美元即可供一家四口享用，Good and Gather 火雞每磅僅售 0.79 美元，土豆、餡料和其他時令配菜不到 5 美元。

And while we are, of course, standing tall for the traditional Thanksgiving fare, guests are also embracing new food trends, like Good and Gathere seasonal empanadas, gourmet host gifts from Marks & Spencer, Stonewall Kitchen, Sugarfina, and Hearth & Hand with Magnolia Table, and new-to-Target brands like Little Spoon, Everyday Dose, and Protein Pop. As a percentage of our total Food & Beverage sales, we are selling twice the volume of new products compared to the industry, a sign that our trend bets are paying off.

當然，我們仍然堅持傳統的感恩節美食，但客人們也開始接受新的食品潮流，例如 Good and Gathere 的季節性餡餅、Marks & Spencer、Stonewall Kitchen、Sugarfina 和 Hearth & Hand with Magnolia Table 的美食伴手禮，以及 Target 的新品牌，如 Little Spoon、Every Dose 和 Prote Pop Dose 和 Proteinday。就我們食品飲料總銷售額的百分比而言，我們的新產品銷售量是行業平均水平的兩倍，這表明我們對趨勢的押注正在取得成效。

We're also accelerating newness in women's apparel, leaning into luxe fabrics and trending athleisure at affordable prices. Inspired by our sourcing trip to the Swiss Alps, our latest cashmere-like sweaters start at just $30 and deliver the on-trend, casual yet chic après-ski look. For athleisure fans, JoyLab is launching new patterns and fabrications in mid-December, earlier than ever this year, perfect for gifting or those New Year fitness goals.

我們也在加速女裝的創新，採用奢華面料，並以實惠的價格推出流行的運動休閒服飾。受我們瑞士阿爾卑斯山採購之旅的啟發，我們最新推出的羊絨質感毛衣起價僅為 30 美元，可打造時尚休閒又不失別緻的滑雪後造型。對於運動休閒愛好者來說，JoyLab 將於 12 月中旬推出新的款式和布料，比今年任何時候都早，非常適合作為禮物或實現新年健身目標。

In holiday decor, we're offering upscale and festive design at unbeatable prices. From contemporary collections to nostalgic Christmas classics, we have styles for every home. Ornaments start at $1, $3, and $5 price points, with holiday throws at $10 and wreaths and faux greenery at $12, bringing incredible design and quality within reach.

在節日裝飾方面，我們以無與倫比的價格提供高檔且喜慶的設計。從現代系列到令人懷舊的聖誕經典款，我們擁有適合各種家居風格的產品。裝飾品的價格從 1 美元、3 美元和 5 美元起，節日毯子售價 10 美元，花環和人造綠植售價 12 美元，讓您輕鬆擁有令人難以置信的設計和品質。

And once the tree is trimmed, it's time to think about what goes under it. As I've shared before, trading cards have been a huge trend that we have been leaning into, and this holiday season, we will be offering new product drops nearly every week, including Pokémon, Magic: The Gathering, NFL, MLB, and WNBA cards. This includes highly anticipated exclusives already hitting shelves and continuing to be released throughout December as well.

樹修剪完畢後，就該考慮樹下放些什麼了。正如我之前分享過的，集換式卡牌一直是我們大力發展的趨勢，在這個假日季，我們將幾乎每週推出新產品，包括寶可夢、萬智牌、NFL、MLB 和 WNBA 卡牌。這其中包括一些備受期待的獨家商品，這些商品已經上架，並將於整個十二月繼續發售。

This year, we've also expanded our assortment of affordable and on-trend toys, including thousands under $20, with many starting at just $5. As the number one market share player for LEGO, we are partnering with this iconic brand to offer exclusive-to-Target sets starting at just $10. And for Barbie fans of all ages, we're offering two exclusive Barbie collaborations with Joanna Gaines, a collectible doll, and her perfectly designed townhouse to live in. All in, we are introducing 20,000 new items into this year's holiday assortment, twice as many as last year, with over half exclusive to Target.

今年，我們也擴大了價格實惠且符合潮流的玩具種類，其中包括數千種售價低於 20 美元的玩具，其中許多玩具的起價僅為 5 美元。作為樂高市佔率第一的零售商，我們與這個標誌性品牌合作，推出 Target 獨家銷售的樂高套裝，起價僅為 10 美元。對於所有年齡層的芭比娃娃粉絲，我們推出了兩款與喬安娜·蓋恩斯合作的獨家芭比娃娃產品：一款收藏娃娃和她精心設計的聯排別墅。今年，我們將在假日系列中推出 20,000 件新品，是去年的兩倍，其中超過一半是 Target 獨家銷售的。

Before turning it over to Jim, I want to share how Michael's new enterprise priorities are taking shape across our commercial organization. In partnership with the Enterprise Acceleration Office, we've been modernizing how our cross-functional teams support all buying decisions at Target, what we refer to as our Merchant Roundtable, to clarify roles, streamline accountability, and empower teams to make bold, data-driven decisions, allowing us to move faster and infuse newness into assortments more frequently.

在將發言權交給吉姆之前，我想分享一下邁克爾的新企業優先事項是如何在我們整個商業組織中逐步形成的。我們與企業加速辦公室合作，對 Target 的跨職能團隊支持所有採購決策的方式進行了現代化改造，我們稱之為“商家圓桌會議”，以明確角色、簡化責任，並賦予團隊權力，讓他們能夠做出大膽的、數據驅動的決策，從而使我們能夠更快地行動，並更頻繁地將新元素融入產品組合。

But not all newness is created equal. It isn't just about offering new products for the sake of newness. It's about leaning into the emerging trends and culturally relevant moments. When we do, this is when we see the strongest reaction from our guests. For the perfect example, look no further than our Stranger Things 5 assortment. We have the largest assortment of exclusive products in retail in the US, along with throwback marketing campaigns that transport guests back to the 1980s nostalgia. Plus, we're dropping new items into the assortment every week to align with the new episode releases.

但並非所有新事物都具有相同的價值。推出新產品並非僅為了追求新穎。關鍵在於順應新興趨勢和具有文化意義的時刻。每當我們這樣做的時候，就會看到客人最強烈的反應。最好的例子莫過於我們的《怪奇物語》第五季系列商品了。我們擁有美國零售業中最豐富的獨家產品系列，並開展復古行銷活動，讓顧客重溫 20 世紀 80 年代的懷舊情懷。此外，為了配合新劇集的播出，我們每週都會在產品系列中添加新商品。

This is yet another example of the incredible work we are doing to reimagine our Hardlines assortment into Fun 101, a year-round celebration of culture, trend, and style, served up in an only-at-Target way. And next year, we're planning to take these learnings and make bold investments to transform the in-store shopping experience and assortment. In fact, we already have plans to introduce more changes to our stores than we have in any year in the past decade. We will have far more details to share at our Financial Community Meeting this spring.

這再次體現了我們正在進行的出色工作，即重新構想我們的硬線產品系列，使其成為全年不間斷的文化、潮流和時尚盛宴，並以 Target 獨有的方式呈現。明年，我們計劃吸取這些經驗教訓，進行大膽投資，以改變店內購物體驗和商品種類。事實上，我們已經計劃對我們的門市進行比過去十年任何一年都多的改革。我們將在今年春季的金融界會議上分享更多細節。

With that, I'll turn the call over to Jim to walk through our third-quarter financial results and updated expectations for the balance of the year.

接下來，我將把電話交給吉姆，讓他來介紹我們第三季的財務表現以及今年剩餘時間的最新預期。

Thanks, Rick. Our financial results in Q3 were in line with our expectations, as our team continues to focus on what we can control and manage the business with discipline, despite continued softness on the top line, volatility in weekly and monthly trends, and uncertainty in external environment.

謝謝你，里克。第三季的財務表現符合預期，儘管營收持續疲軟，每周和每月的趨勢波動較大，外部環境也存在不確定性，但我們的團隊仍然專注於我們能夠控制的事情，並以嚴謹的態度管理業務。

Third-quarter net sales were 1.5% lower than a year ago, slightly better than our year-to-date performance, but about 60 basis points softer than in Q2. Category sales trends were relatively consistent between Q2 and Q3, with the exception of Hardlines, where we saw continued growth but at a slower pace, following an outsized boost from the launch of the Nintendo Switch 2 in the second quarter.

第三季淨銷售額比去年同期下降了 1.5%，略好於今年迄今的業績，但比第二季下降了約 60 個基點。除五金產品外，其他品類的銷售趨勢在第二季和第三季之間相對穩定。五金產品在第二季因 Nintendo Switch 2 的推出而大幅成長，但成長放緩。

Across our selling channels, comp sales in our stores were down about 4%, while comparable digital sales grew 2.4%, on top of nearly 11% a year ago. Within our first-party digital sales, we saw mid-single-digit growth in our same-day services, led by more than 35% growth in same-day delivery. Beyond our first-party digital platform, we saw a significant step-up to nearly 50% growth in GMV of our Target Plus marketplace and mid-teens growth in Roundel ad sales, demonstrating the breadth and growing relevance of our digital ecosystem.

在我們的銷售通路中，實體店的同店銷售額下降了約 4%，而數位同店銷售額增長了 2.4%，而去年同期則增長了近 11%。在我們的第一方數位銷售中，當日達服務實現了中等個位數的成長，其中當日達配送成長超過 35%。除了我們自己的數位平台之外，我們的 Target Plus 市場 GMV 也實現了近 50% 的顯著增長，Roundel 廣告銷售額也實現了兩位數的增長，這表明我們數位生態系統的廣度和日益增長的相關性。

Top-line results during the quarter were quite volatile, with net sales close to flat in August and October and down about 4% in September. This pattern reinforces many of the consumer themes we've been highlighting for some time, as guests shopped around Back to School and Back to College in August and around Halloween in October, but pulled back in September in between those key seasons. In addition, September Apparel sales were hampered by unusually warm weather across the country, while October benefited from the response to our most recent Target Circle week, as consumers continued to focus on value.

本季營收波動較大，8 月和 10 月淨銷售額基本持平，9 月下降約 4%。這個模式強化了我們一段時間以來一直強調的許多消費主題，因為顧客在 8 月份返校季和大學季購物，在 10 月份萬聖節前後購物，但在 9 月份這兩個關鍵季節之間減少了購物。此外，由於全國範圍內異常溫暖的天氣，9 月份的服裝銷售受到影響；而 10 月份則受益於我們最近一次 Target Circle 週活動的反響，因為消費者繼續關注性價比。

On the gross margin line, our Q3 rate of 28.2% was about 10 basis points lower than last year. Among the drivers, we saw about 1 percentage point of pressure in merchandising, reflecting the impact of higher markdowns. This pressure was offset by about 70 basis points of favorability from lower inventory shrink versus last year. In addition, we saw about 20 basis points of favorability from supply chain and digital fulfillment, as the benefit of higher productivity and the lapping of last year's supply chain challenges was partially offset by the deleveraging impact of lower sales.

在毛利率方面，我們第三季的毛利率為 28.2%，比去年同期下降了約 10 個基點。在各項驅動因素中，我們發現商品銷售方面承受了約 1 個百分點的壓力，這反映了更高降價幅度的影響。這一壓力被庫存縮減較去年同期下降帶來的約 70 個基點的利好因素所抵消。此外，供應鏈和數位化履行方面也出現了約 20 個基點的利好，因為更高的生產力和去年供應鏈挑戰的緩解帶來的好處被銷售額下降帶來的去槓桿化影響部分抵消。

Regarding our outlook for inventory shrink, consistent with our prior commentary, we expect that shrink improvements will account for approximately 80 to 90 basis points of gross margin rate favorability for the full year. This would bring it fully back down to pre-pandemic levels, marking a dramatic turnaround over the last two years. One other note, our Q3 ending inventory was about 2% lower than a year ago. This is in line with recent trends in our Q4 sales outlook and reflects growth in our frequency businesses that was more than offset by lower levels in our discretionary businesses.

關於我們對庫存縮減的展望，與我們先前的評論一致，我們預計縮減情況的改善將使全年毛利率提高約 80 至 90 個基點。這將使其完全恢復到疫情前的水平，標誌著過去兩年發生了巨大的轉變。另外要說明的是，我們第三季末的庫存比去年同期下降了約 2%。這與我們第四季度銷售展望的近期趨勢相符，反映了我們消費品業務的成長，但這種成長被非必需消費品業務的下滑所抵消。

Moving back to our third-quarter P&L, our SG&A expense rate of 21.9% was about 60 basis points higher than a year ago. However, this rate reflected about 60 basis points of impact from one-time business transformation costs. Excluding these costs, our third-quarter SG&A expense rate was approximately flat to last year.

回到我們第三季的損益表，我們的銷售、一般及行政費用率為 21.9%，比去年同期高出約 60 個基點。然而，這一比率反映了一次性業務轉型成本帶來的約 60 個基點的影響。剔除這些成本後，我們第三季的銷售、一般及行政費用率與去年同期大致持平。

On the bottom line, our business delivered third-quarter GAAP EPS of $1.51 compared with $1.85 a year ago. Adjusted EPS, which excluded business transformation costs, was $1.78 in the third quarter, about 4% lower than a year ago. While this is far short of where we aspire to be over time, it is solid profit performance in a quarter where our top line was down more than 1% and reflects stronger relative performance versus the first half of the year, consistent with our prior commentary.

總而言之，我們公司第三季GAAP每股收益為1.51美元，去年同期為1.85美元。經調整後的每股盈餘（不含業務轉型成本）第三季為 1.78 美元，比去年同期下降約 4%。雖然這遠未達到我們長期的目標，但在一個營收下降超過 1% 的季度裡，這樣的獲利表現已經相當穩健，並且與上半年相比，業績表現更加強勁，這與我們之前的評論一致。

I'll turn now to capital deployment and reiterate our priorities, which we've consistently followed for decades. First, we look to fully invest in our business in projects that meet our strategic and financial criteria. Second, we look to support the dividend and build on our record of more than 50 years of consecutive annual increases. And finally, we look to deploy any excess cash beyond those first two uses to repurchase shares over time, within the limits of our middle-A credit ratings.

現在我將談談資金部署，並重申我們幾十年來一直堅持的優先事項。首先，我們會全力投資於符合我們策略和財務標準的專案。其次，我們希望維持股息，並延續我們連續 50 多年每年增長的記錄。最後，我們計劃在中等 A 級信用評級的限制範圍內，將除前兩項用途之外的任何剩餘現金用於逐步回購股票。

Regarding our first priority, we've invested about $2.8 billion in capital expenditures so far this year and continue to expect full-year CapEx of around $4 billion. Regarding the second priority, we paid $518 million in dividends in Q3, which was $2 million higher than last year, as a 1.8% increase in the per share dividend was mostly offset by a lower average share count.

關於我們的首要任務，今年到目前為止，我們已經投入了約 28 億美元的資本支出，並繼續預計全年資本支出約為 40 億美元。關於第二項優先事項，我們在第三季支付了 5.18 億美元的股息，比去年同期增加了 200 萬美元，這是因為每股股息增加了 1.8%，但平均股份數量減少抵消了這一增長。

Regarding the last priority, we deployed just over $150 million to repurchase our shares in the third quarter, following a pause in Q2. While we ended the quarter with a healthy cash position and expect to have continued capacity within the limits of our middle-A ratings, we'll continue to exercise caution in our repurchase program in the face of continued uncertainty in the external environment.

關於最後一個優先事項，我們在第二季暫停回購股票之後，在第三季投入了略高於 1.5 億美元用於回購我們的股票。儘管本季度末我們擁有健康的現金狀況，並預計在中等 A 評級的限制範圍內繼續保持產能，但鑑於外部環境持續存在不確定性，我們將繼續在回購計劃中保持謹慎。

Now, I want to turn to our outlook for the fourth quarter and the full year. While our Q3 results were consistent with our expectations, we've continued to see a high degree of volatility in our business. In addition, we're mindful of the challenges facing consumers, as exemplified by recent declines in consumer confidence. As such, while our top-line expectations for Q4 are in line with our prior guidance and recent performance, we've narrowed our full-year EPS ranges and moved our adjusted EPS range to the bottom half of the prior range.

現在，我想談談我們對第四季和全年的展望。雖然我們第三季的業績符合預期，但我們的業務仍然呈現出高度波動性。此外，我們也意識到消費者面臨的挑戰，例如近期消費者信心的下降。因此，儘管我們對第四季度的營收預期與我們先前的指引和近期的業績一致，但我們縮小了全年每股收益預期範圍，並將調整後的每股收益預期範圍下移至先前預期範圍的下半部分。

With that as context, on the top line for the fourth quarter, we're continuing to expect a low-single-digit decline in our comparable sales, in line with our year-to-date performance. On the adjusted EPS line, our updated range is from $7 to $8 for the full year. The expected range for GAAP EPS is about $0.70 higher than for adjusted EPS, reflecting the benefit of the first-quarter litigation settlement, partially offset by business transformation costs.

基於上述背景，我們預期第四季同店銷售額將出現個位數百分比的下滑，與我們今年迄今的業績一致。根據調整後的每股盈餘 (EPS) 預測，我們更新後的全年預期範圍為 7 美元至 8 美元。GAAP EPS 的預期範圍比調整後 EPS 高出約 0.70 美元，這反映了第一季訴訟和解帶來的收益，但部分被業務轉型成本所抵銷。

Against the backdrop of a very difficult environment, I am proud of the team's hard work this year to navigate a very high level of complexity, including their work to mitigate the impact of tariffs and navigate challenging consumer conditions. Over the past several months, we've also been hard at work to drive prioritization and outline key investments to return Target back to sustainable growth.

在如此艱難的環境下，我為團隊今年在應對高度複雜局面方面所付出的辛勤努力感到自豪，包括他們為減輕關稅影響和應對充滿挑戰的消費者狀況所做的工作。在過去的幾個月裡，我們也一直在努力推動優先事項的確定，並制定關鍵投資計劃，以使 Target 重回可持續成長軌道。

Looking ahead to next year, we expect to ramp up our capital spending meaningfully, in support of our store experience and remodel program, a step-up in technology and digital fulfillment capabilities, and investment in new stores. Our current plan envisions 2026 CapEx dollars increasing by approximately 25% or $1 billion versus 2025. In addition, we are planning to leverage a continuous pipeline of productivity initiatives and approximately $180 million of expected annualized savings from our recent business transformation efforts to invest in key areas in support of our three strategic priorities.

展望明年，我們預計將大幅增加資本支出，以支持我們的門市體驗和改造計畫、提陞技術和數位化履行能力，以及投資新店。我們目前的計畫預計，2026 年資本支出將比 2025 年增加約 25%，即 10 億美元。此外，我們計劃利用一系列持續的生產力提升舉措，以及近期業務轉型工作預計每年節省的約 1.8 億美元，投資於關鍵領域，以支持我們的三大戰略重點。

We will share more details on our plans for 2026 and beyond at our Financial Community Meeting in March. While we know there's much more work to do, I'm confident that we're rapidly moving in the right direction and positioning our business to get back to sustainable, profitable growth in the years ahead.

我們將在三月的金融界會議上分享更多關於我們 2026 年及以後計劃的細節。雖然我們知道還有很多工作要做，但我相信我們正朝著正確的方向快速前進，並使我們的業務在未來幾年恢復可持續的獲利成長。

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

這樣，我就把電話轉回給麥可了。

Thanks, Jim.

謝謝你，吉姆。

Before Rick, Jim, and I take your questions, I want to emphasize some of what you've heard from us today and to underscore where we're headed as a team. There's no question that this is a period of transformation for Target. The environment around us continues to evolve, whether it's shifting consumer demand, changing competitor dynamics, or broader macroeconomic pressures. But let me be clear, we are not waiting for conditions to improve. We are driving the change ourselves right now.

在瑞克、吉姆和我回答你們的問題之前，我想強調一下今天我們所說的一些內容，並強調我們作為一個團隊的發展方向。毫無疑問，這對Target來說是個轉型期。我們周遭的環境不斷變化，無論是消費者需求的變化、競爭格局的改變，或是更廣泛的宏觀經濟壓力。但我要明確一點，我們並非坐等情況好轉。我們現在主動推動改變。

We are taking bold, decisive steps to reshape how we work and reignite growth with urgency, focus, and confidence in who we are and who we can be. We know what makes Target special, an unmatched merchandising authority and the ability to create joy through an elevated and inspiring guest experience, all enabled by the power of technology to amplify both speed and connection across every part of our business. These are more than ideas on a page. They are the pillars of our strategy, shaping every decision we make, and they are coming to life right now across the company.

我們正在採取大膽果斷的措施，重塑我們的工作方式，並以緊迫感、專注力和對我們自身以及我們未來發展方向的信心，重新點燃成長的火焰。我們知道是什麼讓 Target 與眾不同：無與倫比的商品銷售權威，以及透過提升和鼓舞人心的顧客體驗來創造快樂的能力，所有這一切都得益於科技的力量，從而提升了我們業務各個環節的速度和聯繫。這不僅僅是紙上的想法。它們是我們策略的支柱，塑造著我們所做的每一個決定，而且它們現在正在公司的各個角落得到體現。

We're hard at work to simplify how we work to make faster, smarter decisions. We're laser-focused on strengthening our foundation and our supply chain, our stores, our digital experience, and our technology capabilities. We're relentlessly striving toward greater authority in merchandising by combining data-driven insight with a design leadership and creative spark that makes Target Target.

我們正在努力簡化工作流程，以便更快、更明智地做出決策。我們正全力加強我們的基礎和供應鏈、我們的門市、我們的數位體驗以及我們的技術能力。我們不斷努力，透過將數據驅動的洞察力與設計領導力和創造力相結合，在商品銷售領域取得更大的權威，這正是 Target 的獨特之處。

And together, these actions are paving the way for what comes next, a return to sustainable, profitable growth. While many out there have questions about where we'll go next, we are confident we're on the right path. That's because we're building from a strong foundation, a brand that guests love, a culture that's resilient, and a team that's united behind a shared mission to help all families discover the joy of everyday life.

這些舉措共同為下一步鋪平了道路，即回歸可持續的、獲利性的成長。雖然很多人對我們下一步的發展方向感到疑惑，但我們確信我們走在正確的道路上。這是因為我們擁有堅實的基礎，一個深受顧客喜愛的品牌，一種具有韌性的企業文化，以及一支團結一致、致力於幫助所有家庭發現日常生活樂趣的團隊。

As we look ahead, we're not just talking about getting back to growth. We're talking about building a stronger, more innovative Target that's ready to lead in the next era of retail, one that moves faster, connects deeper, and stands taller in the hearts and minds of our guests.

展望未來，我們不僅僅是在談論恢復成長。我們正在努力打造一個更強大、更具創新精神的 Target，引領零售業的下一個​​時代，一個行動更快、更深入、在顧客心中佔據更高地位的時代。

And to our investors, partners, and the financial community, thank you for your continued engagement. And if you're frustrated with our recent performance, we are too, and our entire team is working incredibly hard to return to growth and live up to our full potential.

感謝各位投資者、合作夥伴和金融界人士的持續支持。如果您對我們近期的表現感到失望，我們也是如此，我們整個團隊都在非常努力地工作，以期重回成長軌道，充分發揮我們的潛力。

Finally, in the spirit of thinking and working differently, I'm excited to share that this year's Financial Community Meeting will take place right here in Minneapolis on March 3. It will be a peek behind the curtain to help bring to life what we've talked about today in a more tangible way, providing a firsthand look at how we're evolving our assortment and technology, all in service of returning to growth. We look forward to seeing you all in Minneapolis this spring, and we'll be sending out more information very soon.

最後，本著創新思維和工作方式的精神，我很高興地宣布，今年的金融界會議將於 3 月 3 日在明尼阿波利斯舉行。這將揭開帷幕，幫助我們以更具體的方式將今天討論的內容生動地展現出來，讓大家親眼看看我們如何不斷發展產品系列和技術，這一切都是為了恢復增長。我們期待今年春天在明尼阿波利斯與大家見面，我們很快就會發出更多訊息。

And now, we'll move to Q&A. Rick, Jim, and I will be happy to take your questions.

接下來，我們將進入問答環節。Rick、Jim 和我將樂意回答你們的問題。

(Operator Instructions) Simeon Gutman, Morgan Stanley.

（操作說明）西蒙古特曼，摩根士丹利。

Good morning, everyone. And Brian, best of luck. My question, Michael, for you, I think in 2016 or '17, there was a reset of margin during a prior investment phase that helped reposition Target for the next several years. At this stage, I guess, can we rule that out? How have you thought about taking maybe a deeper investment in, I guess, margin in order to reinvest? Or should we now assume that this is the plan, it goes forward, and there doesn't need to be one? Thanks.

各位早安。布萊恩，祝你好運。邁克爾，我的問題是，我認為在 2016 年或 2017 年，在之前的投資階段，利潤率進行了一次重置，這有助於 Target 為未來幾年重新定位。現階段，我想我們可以排除這種可能性嗎？您有沒有考慮過加大對保證金的投資，以便進行再投資？或者我們現在應該假設這就是計劃，它會繼續推進，但其實並不需要計劃？謝謝。

Yeah. Thanks for the question, Simeon. We've got a pretty big Q4 holiday season that we'll get through before we unpack the specifics for next year. But what I can tell you is we're committed to making the right investments to get the outcomes we want when it comes to leading with merchandising authority and elevating the experience.

是的。謝謝你的提問，西蒙。我們第四季假期檔期非常繁忙，我們會先度過這個時期，然後再詳細討論明年的計畫。但我可以告訴你們的是，我們致力於進行正確的投資，以在商品銷售權威性和提升體驗方面取得我們想要的結果。

We also have a lot from which to draw on there. The team is doing a wonderful job of finding efficiency within the business and changing some of how we work to reinvest. I mean, an example of that is some of what we've found in elevating the store experience. We've taken a lot from our fulfillment market test in Chicago.

我們也可以藉鏡很多經驗。團隊在提高公司內部效率和改變我們的一些工作方式以進行再投資方面做得非常出色。我的意思是，一個例子就是我們在提升門市體驗方面所取得的一些成果。我們在芝加哥的物流市場測試中收穫豐富。

And as a reminder, that's about changing kind of how we organize stores against the work to be done. We've found that making some stores brown box shipping specialists, because they've got the capacity, they've got the big back room, they might be a little lower volume in general, let them ship that brown box product so that we can free up our busiest in-stores -- our busiest in-store guest experiences to focus on serving that in-store guest. And so changes like that, we've seen good results in.

再次提醒大家，這關係到改變我們組織商店的方式，以適應需要完成的工作。我們發現，讓一些門市成為棕色紙箱發貨專家，因為他們有產能，有大倉庫，雖然他們的整體業務量可能略低，但讓他們負責棕色紙箱產品的發貨，這樣我們就可以騰出最繁忙的店內空間——讓店內顧客體驗更加專注於服務店內顧客。因此，像這樣的改變，我們已經看到了良好的效果。

We're rolling out some of the learnings from that test to 35 more markets here before the year is out. And that's the type of change we believe can fuel the step-up in experience that we want. And so we're excited about doing the work to get better outcomes when it comes to leading with merchandising authority and elevating the guest experience. And we feel like we're on the right path.

在今年結束之前，我們將把從那次測試中獲得的一些經驗推廣到另外 35 個市場。我們相信，這種變革能夠推動我們想要的體驗提升。因此，我們很高興能夠透過開展工作，在商品銷售權威方面取得更好的成果，並提升顧客體驗。我們感覺自己走在正確的道路上。

The other thing I might add is you heard us describe our capital investments for next year. And that's putting capital to work and direct support to the priorities that we've laid out. And like we always have, we invest capital where we see strong return. And so we're excited to make the investments in technology, supply chain, but especially store experience next year. More remodels, a strong new store pipeline, more change to the broader store, and so I think that's an example of us seeing the opportunity to invest to get growth and leaning into it.

我還要補充一點，你們也聽到我們介紹明年的資本投資計畫了。這樣就能將資金投入使用，並直接支持我們所製定的優先事項。和以往一樣，我們會把資金投資到那些能帶來強勁回報的地方。因此，我們很高興明年能在科技、供應鏈，尤其是門市體驗方面進行投資。更多門市改造、強勁的新店籌備計劃、更廣泛的門市變革，我認為這就是我們看到投資成長的機會並抓住它的例子。

The quick follow-up -- and you partially addressed it -- I wanted to ask about the gaps in capabilities. You mentioned the different focuses, merchandising experience. What are the most urgent gaps in capabilities? And then what are you most excited about, meaning things that can get addressed in the near term?

後續問題——您也部分回答了這個問題——我想問一下能力方面的差距。您提到了不同的關注點和商品銷售經驗。目前最迫切的能力缺口是什麼？那麼，你最期待的是什麼呢？指的是近期可以解決的問題。

The things that I'm most excited about are some of the places where we're seeing momentum already. Take, for example, the work that we're doing in Fun 101. That's a perfect representation of us bringing real focus strategy to the categories that we used to call Hardlines to say, what categories are what we -- are the things that we do uniquely well, best positioned, how do we bring style and culture and design leadership to those categories. And so we've made more change in those categories, and we see response in those categories. It's good to see categories like toys running an almost 10% increase in Q3. It's good to see the places where we've applied focus moving in the right direction.

我最興奮的是，我們已經看到一些領域取得了進展。以我們在「樂趣 101」課程中所做的工作為例。這完美地體現了我們如何將真正的重點策略帶到我們過去稱之為「硬線產品」的類別中，即哪些類別是我們——哪些類別是我們獨特擅長、定位最明確的產品，我們如何將風格、文化和設計領導帶入這些類別。因此，我們在這些類別中做出了更多改變，並且我們看到了這些類別中的回饋。令人欣喜的是，像玩具這樣的類別在第三季實現了近 10% 的成長。很高興看到我們重點關注的領域正朝著正確的方向發展。

I think the same is true on experience. The work we're doing to create a consistently elevated experience, we like the trajectory there. That starts with the basics. Being in stock is part of a great guest experience, and we're seeing real meaningful progress from the team's incredible work to move the needle in the right direction there. And while -- on that front, we're not yet satisfied, we're not yet where we want to be. We like the direction of travel a lot. And so we'll continue to do the work and apply the focus to get improvement in the direction that we want there.

我認為經驗也是如此。我們正在努力打造始終如一的高品質體驗，我們對目前的發展方向感到滿意。一切都從基礎開始。充足的庫存是提升顧客體驗的重要組成部分，我們看到團隊在推動這一方面取得的顯著進展，這得益於他們出色的工作。雖然——在這方面，我們還沒有感到滿意，我們還沒有達到我們想要的目標。我們非常喜歡這個發展方向。因此，我們將繼續努力，集中精力，朝著我們想要的方向取得進步。

Rick, I don't know if you'd want to add anything on the product side for some of the places where we've got change and where we're seeing a strong guest response.

Rick，我不知道你是否想在產品方面添加一些內容，因為我們在一些地方進行了調整，並且我們看到了顧客的強烈反響。

Yeah. I mean, I can -- well, how about this? I'll talk a little bit about some of the capabilities that were -- the question addressed about which capabilities do we want to -- are a priority for us to evolve. And I want to highlight Merchant Roundtable evolution because it is so important to having those right products that are going to deliver the growth. And it is a cross-functional team that we've had in place.

是的。我的意思是，我可以──那麼，這樣如何？我將簡要地談談我們想要優先發展的一些能力——也就是我們提出的「我們想要發展哪些能力」這個問題。我想重點介紹商戶圓桌會議的發展歷程，因為它對於擁有能夠帶來成長的正確產品至關重要。我們組建了一支跨職能團隊。

But if you think about the decisions that we made a couple weeks ago to reduce the footprint in HQ, a big part of that was around simplifying the organization so we could make decisions faster. The next step in that is to outline how we're going to work differently, clarify roles, responsibilities, clarify decision-making. That's the work the team is doing now. And then what I'm really excited about is in adding in the automation and the technology so the team can spend less time doing the analysis and spend more time being creative, coming up with those new ideas that are going to meet consumer needs and fuel growth like what we're doing in Fun 101.

但如果你想想我們幾週前為了減少總部規模而做出的決定，你會發現其中很大一部分是為了簡化組織結構，以便我們可以更快地做出決策。下一步是概述我們將如何改變工作方式，明確角色、職責和決策流程。這就是團隊目前正在進行的工作。然後，我真正感到興奮的是，透過引入自動化和技術，團隊可以減少分析時間，增加創造力，提出能夠滿足消費者需求並推動成長的新想法，就像我們在 Fun 101 中所做的那樣。

To build on Rick's last point there, I think the role that technology plays -- that technology will play is going to be incredibly important across the enterprise. But a huge shout-out specifically to the pace at which Prat and team are moving. I like the acceleration of the path forward in technology. I think you can see that in some of the AI examples that we shared today, but you can also see that in some of the core foundation basics.

承接里克剛才的觀點，我認為科技的作用——或者說科技將要發揮的作用——將在整個企業中發揮極其重要的作用。但尤其要特別讚揚普拉特和他的團隊的工作進度。我喜歡科技發展道路的加速前進。我認為你可以從我們今天分享的一些人工智慧範例中看到這一點，也可以從一些核心基礎知識中看到這一點。

And we know we have work to do to make sure our teams have all the tools at their fingertips to build the right assortment, segmenting that assortment, to use technology more powerfully, to automate how product moves through our supply chain. And so that continues to be a key area of focus for us. But the urgency with which we're moving that work along gives me a lot of confidence.

我們知道，我們還有很多工作要做，以確保我們的團隊擁有所有必要的工具來建立正確的產品組合，對產品組合進行細分，更有效地利用技術，實現產品在我們供應鏈中的自動化流動。因此，這仍然是我們關注的重點領域。但我們推進這項工作的迫切性讓我信心倍增。

Okay. Thanks. Have a great holiday.

好的。謝謝。祝你假期愉快。

Corey Tarlowe, Jefferies.

科里·塔洛，傑富瑞。

Great. Thanks. Good morning. And I wanted to ask on the level of investment that you're stepping up in the business in terms of the $5 billion for next year in CapEx. How do you think about the key areas in which you will be investing? And then how do you think about whether or not that's the right level or if more may be needed to improve results to a greater magnitude across the business?

偉大的。謝謝。早安.我想問一下，你們正在加大對業務的投資力度，明年資本支出將達到 50 億美元。您認為應該重點投資哪些領域？那麼，您如何判斷這個水平是否合適，或者是否需要採取更多措施才能在整個業務範圍內更大幅度地提高業績？

Yeah. Great question, Corey. And I think about it in two ways. And this is a conversation that Jim and I have regularly with input across the team, obviously. But it's two things. One is it starts with a focus strategy. Investments need to follow the path that we think drives the most growth for Target. And that starts with clarity on the strategy. And the second is we chase returns. And so the places where we're excited to step up investment are places where we expect really strong returns.

是的。問得好，科里。我從兩個方面來考慮這個問題。當然，吉姆和我經常就此主題進行討論，團隊其他成員也會提出意見。但這包含兩層含義。第一，它始於一個聚焦策略。投資需要遵循我們認為最能推動 Target 成長的路徑。而這一切首先要從明確戰略開始。第二點是我們追求回報。因此，我們樂於加大投資的領域，是我們預期能獲得豐厚回報的領域。

That starts with investments in our stores, and those come in a couple of forms. You've heard us talk about the strength of our new store pipeline. That pipeline continues to be as strong as ever. It's been just a delight to watch the new store openings this year, especially those bigger boxes that continue to outperform our expectations.

首先要從我們門市的投資開始，而這些投資有兩種形式。您已經聽我們談到我們新店建設的實力。這條輸油管依然像以往一樣暢通無阻。今年看到新店開幕真是令人高興，尤其是那些大型門市，它們的業績持續超出我們的預期。

And there's nothing more fun than walking a brand-newly opened store in a market that maybe didn't have a Target or didn't have a Target close to that neighborhood and to see the response in the community when we open a store. And that response is great on the faces and voices of those guests, and it's also great in terms of the incremental sales it provides and the high returns we see in those new stores.

沒有什麼比走進一家新開的商店更有趣的了，這家商店可能位於以前沒有 Target 的市場，或者附近沒有 Target，然後看到社區對我們新店開業的反應。從顧客的表情和語氣可以看出，這種反應非常好；從帶來的增量銷售額和我們在新店看到的高回報來看，這種反響也非常好。

The second place where you'll see us continue to lean in is in-store remodels and refreshing the existing fleet of stores. And while we've been talking about that for several years, we've been hard at work, as Brian even touched on in his opening remarks of remodeling the chain, that work isn't yet finished. And we want to make sure that we're investing in some of the stores that, when we bring our latest and greatest store experience, we see a reliable, strong response from guests.

我們將繼續加大投入的第二個領域是店內改造和現有門市的翻新。雖然我們已經談論這件事好幾年了，我們也一直在努力，正如布萊恩在開場白中提到的對連鎖店進行改造一樣，但這項工作還沒有完成。我們希望確保我們投資的門市，在我們帶來最新、最好的門市體驗時，能夠獲得顧客可靠、強烈的迴響。

We continue to see strong sales lists that justify the investment in those remodels. And so for the stores that haven't yet seen a remodel, we think it's imperative that we bring our latest and greatest thinking. That's a direct investment in the store experience itself, back to the strategy, and the merchandising authority. Because when we do a remodel, we reallocate the space up to our latest and greatest thinking by strategy. And that helps the merchandising drive some of that sales list.

我們持續看到強勁的銷售業績，證明了對這些改造項目的投資是值得的。因此，對於尚未進行翻新的門市，我們認為必須引入我們最新、最好的理念。這是對門市體驗本身、策略和商品銷售權的直接投資。因為當我們進行改造時，我們會根據我們最新、最好的策略理念重新分配空間。這有助於商品銷售帶動部分銷售額的成長。

And then importantly, technology will continue to be an area of focus for investment. We know the power of technology to help the humans. And the humans that we focus on most there are obviously our guests and our team, and so wherever we can lean in and use technology. And again, it generates returns when we make things more delightful for our guests in the way technology can help with personalization on the app or help us get product to their doorstep faster. And then for our team, where we can allow the process-focused work for the team to get a boost from technology, that frees up our store team to better serve guests.

此外，科技領域仍將是投資的重點領域。我們深知科技對人類的巨大力量。我們最關注的人顯然是我們的客人和我們的團隊，因此我們會盡可能地利用科技。再次強調，當我們利用科技手段讓顧客的體驗更加愉悅，或是幫助我們更快地將產品送到顧客家門口時，科技就能帶來回報。對我們的團隊而言，如果能夠利用科技提升團隊的流程導向工作效率，就能解放門市團隊，讓他們更能服務顧客。

And so there's a lot of examples within that CapEx investment. But at its core are does it directly support the areas of focus within the strategy and do we like the returns. And when the answer to those two questions is yes, you're going to see us invest.

因此，這項資本支出投資中有很多這樣的例子。但其核心問題是：它是否直接支持策略中的重點領域，以及我們是否喜歡其回報。當這兩個問題的答案都是肯定的，你們就會看到我們進行投資。

Corey, if I can add just one more thing on top of that, when we had new stores, the added benefit for us is that we continue to build out our fulfillment footprint and capability and allows us to also expand our national digital reach as well. So there's an added benefit of new stores.

Corey，如果我還能補充一點的話，當我們開設新店時，對我們來說的額外好處是，我們可以不斷擴大我們的物流覆蓋範圍和能力，並使我們能夠擴大我們在全國範圍內的數字影響力。所以新店開幕還有額外的好處。

Great. Thanks. And then I just have a quick follow-up to Michael. On your comments on change, I just wanted to double-click on that word specifically and the quotient and the multitude of change that you're thinking about making as we head into 2026 and the benefits that you're seeing from lowering prices on key frequency categories and how you're thinking about the opportunity to cut further costs potentially because we did talk about investing in agility in terms of SG&A. So curious about how you think about the ability for the business to change today and how you're building for the future in that regard. Thanks so much.

偉大的。謝謝。然後我還要簡單跟麥可問個問題。關於您提到的變化，我想特別強調一下這個詞，以及您在邁向 2026 年之際正在考慮的諸多變化，包括降低關鍵頻率類別的價格所帶來的好處，以及您如何看待進一步削減成本的機會，因為我們確實討論過在銷售、一般及行政費用方面投資於靈活性。我很想知道您如何看待企業如今的變革能力，以及您在這方面如何為未來做好準備。非常感謝。

Corey, if I zoom out, change is going to be incredibly important. You've heard us say quite plainly we're not satisfied with our performance over the last few years. While the third quarter came in as expected, you're not going to get a tone of satisfaction for us until that's accompanied by the growth that comes with a positive comp. And so we've got to do the work. There's no shortcuts. That means driving change to get different outcomes.

科里，如果我從更宏觀的角度來看，改變將極為重要。你們已經聽我們明確表示過，我們對過去幾年的表現並不滿意。雖然第三季業績符合預期，但只有當同店銷售成長帶來正成長時，我們才會真正感到滿意。所以我們必須完成這項工作。沒有捷徑可走。這意味著要推動變革以獲得不同的結果。

We're starting all of that change with really clear priorities. We know how Target is best positioned to uniquely win. And when we lead with great product, when we're design-led and differentiated, and we pair that with an excellent experience, that's what's driven Target's strength in the best of times before. And we think the modern version of that can get the growth outcomes that we want.

我們啟動所有這些變革時，都制定了非常明確的優先事項。我們知道塔吉特百貨如何憑藉其獨特的優勢贏得市場。當我們以優秀的產品為先導，以設計為主導並實現差異化，並結合卓越的用戶體驗時，這就是 Target 在以往最好的時期所取得的成就。我們認為，現代版的這種模式可以帶來我們想要的成長成果。

And so that does mean doing the work. That means doing the work to make changes like we are in Fun 101 to get different outcomes on the merchandising side. That means making the right investments and driving the change so that that experience can be great in every store, every day, in stores and online.

所以，這意味著要付出努力。這意味著要像我們在「樂趣101」課程中那樣努力做出改變，以便在商品銷售方面獲得不同的結果。這意味著要進行正確的投資並推動變革，以便在每家店、每一天、無論是在實體店還是在線上，都能提供良好的體驗。

But we're doing the work. And huge credits to the team that you can see the progress of that work in ways that get us excited about what's to come, even within those third-quarter results, because we can see where we've focused and made change. We're getting some of the outcomes that we want. And so next year will be about expanding upon that to bring more of those wins across the business at greater scale.

但我們正在努力。團隊功不可沒，我們可以看到這項工作的進展，這讓我們對未來充滿期待，即使在第三季的業績中也是如此，因為我們可以看到我們關注的重點和做出的改變。我們正在取得一些我們想要的結果。因此，明年我們將在此基礎上擴大規模，將更多這樣的成功經驗推廣到整個業務。

Great. Thank you so much, and best of luck.

偉大的。非常感謝，祝你好運。

Joe Feldman, Telsey Advisory Group.

Joe Feldman，Telsey顧問集團。

Great. Thanks for taking the question. I wanted to drill in a little bit more there on some of the changes. When you're talking about the in-store changes for next year, are there any examples you can give us? I know you mentioned there are key pads within the store maybe, I'm assuming, like the Fun 101. But broadening it out, maybe you could share a few examples?

偉大的。感謝您回答這個問題。我想就其中的一些變化再深入探討一下。說到明年店內的變化，您能舉出一些例子嗎？我知道你提到店內可能有鍵盤，我猜是像 Fun 101 那樣的人。但更廣泛地說，您能否分享一些例子？

I'd be happy to share a few examples. Let me start with Fun 101 because we talk about it as a success story and we are delivering growth, but it's just beginning. We still have more changes to make to Fun 101 to truly make that a family destination that's full of style, trend, design, pop culture. So you're going to see those changes come to life in '26.

我很樂意分享幾個例子。讓我先從「樂趣101」講起，因為我們把它當作一個成功案例來談論，而且我們正在實現成長，但這只是個開始。我們還需要對 Fun 101 進行更多改進，才能真正將其打造成為一個充滿時尚、潮流、設計和流行文化的家庭目的地。所以你將在 2026 年看到這些改變變成現實。

The other area that we're making some changes is in Home. Home has been a challenge business for us. We are making changes to the product to elevate the style of the product, but then we're also changing the store experience to facilitate more discovery, to facilitate more inspiration, and really stand tall for what will be a revamped, a reinvented Threshold brand.

我們正在進行一些改變的另一個領域是「首頁」。家庭經營對我們來說一直是一項充滿挑戰的事業。我們正在對產品進行改進，以提升產品的風格，同時我們也在改變門市體驗，以促進更多發現，激發更多靈感，真正展現一個煥然一新、重塑自我的 Threshold 品牌的風采。

So those are some of the -- we're making changes. Obviously, our contract with Ulta Beauty ends August '26. So teams are working really hard and coming up with some great ideas for how we'll expand our assortment and then how we'll also elevate the experience. We'll be able to share more specifics on that at the Financial Community Meeting.

所以，這些是我們正在進行的一些改變。顯然，我們與 Ulta Beauty 的合約將於 2026 年 8 月到期。因此，各個團隊都在努力工作，提出了許多好點子，以擴大我們的產品種類，並提升使用者體驗。我們將在金融界會議上分享更多細節。

And we're making some changes in baby. We think baby strategically is a really important category for us. We have historically done very well there. It's an acquisition kind of category. We bring people into Target and it starts kind of a long several years of loyalty as their children grow up. But we have an opportunity to make that space a little bit more inviting, a little more inspiration and also bring more gifting into it.

我們正在對寶寶做一些調整。我們認為，從策略角度來看，嬰兒用品對我們來說是一個非常重要的類別。我們過去在那裡一直做得很好。它屬於收購類產品。我們把人們帶到 Target，然後隨著他們的孩子長大，這種忠誠度就會持續好幾年。但我們有機會讓這個空間更具吸引力，更有靈感，也能融入更多禮物元素。

So those are just some headlines of what we're looking at. We'll be in a much better position at Financial Community Meeting to share more specifics on those plans. But I got to tell you, I am really excited about these changes. And I think as we said in the prepared marks, this is the most change we have made to the store floor pad in 10 years. So it's a lot of work, but we're really excited about it.

以上只是我們關注的一些主要新聞標題。在金融界聯席會議上，我們將更有能力分享這些計畫的更多細節。但我必須告訴你，我對這些變化感到非常興奮。正如我們在準備的評分中所說，這是我們 10 年來對商店地面墊進行的最大改變。所以這需要付出很多努力，但我們對此感到非常興奮。

That's great. Thanks for that, Rick. That was helpful. And then just a quick follow-up, with regard to your Target Circle Card, can you talk maybe about some opportunities there? It feels like it's been declining -- the penetration of Target Circle Card I guess has been declining a little bit. And I'm just curious if you have any reasons as to why that may be and what you can do to kind of recapture some of those customers, maybe where they've gone otherwise.

那太棒了。謝謝你，里克。那很有幫助。最後再補充一點，關於您的 Target Circle 會員卡，您能否談談這方面的一些機會？感覺它一直在下滑——我猜 Target Circle Card 的滲透率確實有所下降。我只是好奇您是否知道造成這種情況的原因，以及您可以採取哪些措施來重新吸引那些可能已經流失的客戶。

Sure. I'd be happy to talk about Target Circle. What we love about Target Circle is its huge size. It's one of the biggest loyalty programs in the country. And now, with Target Circle 360, we have a membership component to it. And what's really exciting about that is it's really helping to fuel our same-day delivery. Target Circle fueled a 35 comp growth in same-day delivery this past quarter, which is really encouraging.

當然。我很樂意談談 Target Circle。我們喜歡 Target Circle 的原因在於它規模龐大。它是全國最大的會員忠誠度計劃之一。現在，有了 Target Circle 360​​，我們又增加了會員制功能。真正令人興奮的是，這確實有助於推動我們的當日送達服務。Target Circle 上個季度推動了當日送達業務 35% 的同店成長，這非常令人鼓舞。

The conversations that we're having is now what? How do we continue to innovate and evolve on the platform? And things that we are looking at and trying are early access events with Target Circle 360. We did that this past October with Target Circle Week, and it was really well received. So we'll be doing a lot more of that this holiday season.

我們現在進行的對話到底是什麼？我們如何在平台上不斷創新和發展？我們正在研究和嘗試的事情是與 Target Circle 360​​ 合作舉辦早期體驗活動。我們去年十月舉辦了 Target Circle Week 活動，反應非常好。所以今年假期我們會做更多這樣的事。

And the last point I would make is we're really excited to have the first-party data that we get through Target Circle and be able to leverage that for personalization, particularly through this holiday season. So that will be one of the tools in the toolbox that we'll be using.

最後我想說的是，我們非常高興能夠透過 Target Circle 取得第一方數據，並利用這些數據進行個人化服務，尤其是在這個假期季節。所以這將是我們將要使用的工具之一。

And Joe, if I can just build on the question also specifically on Card, if you're referring to what you see in the results from profit sharing, we did see lower spend, a little bit lower penetration, and overall lower balances in the Card program. But what's important is what Rick just highlighted is that we think about our whole loyalty program holistically across Circle 360 and the Card program, and we're very pleased with the results we're seeing so far.

喬，如果我可以就信用卡問題再補充一點，如果你指的是利潤分成的結果，我們確實看到信用卡消費額下降、滲透率略有下降，以及信用卡計劃的整體餘額下降。但正如里克剛才強調的，重要的是我們要從整體上考慮我們的整個忠誠度計劃，包括 Circle 360​​ 和信用卡計劃，我們對目前為止看到的結果非常滿意。

Where we do have an opportunity, Joe, is to use where Rick started with that big base of Target Circle as a better on-ramp to folks for whom a Circle Card makes a lot of sense. So that's a place where we haven't yet achieved our potential, and so making sure that we -- because we can know a guest in Circle so well, that means we should be positioned to know which of them at the right point in time would most like a Circle Card too. And we've got work to do on that front. We haven't tapped into that to the degree that we would have hoped, and so you'll see that be an area of focus going forward for us.

喬，我們現在有機會利用瑞克最初建立的龐大 Target Circle 會員基礎，為那些覺得 Circle Card 有意義的人提供更好的入門途徑。所以，這是我們尚未發揮全部潛力的地方，因此，我們要確保——因為我們能夠非常了解 Circle 會員，這意味著我們應該能夠知道在合適的時間，他們中的哪一位最想要一張 Circle 會員卡。我們在這方面還有很多工作要做。我們還沒有充分挖掘這方面的潛力，因此，你會看到這將是我們未來關注的重點領域。

That's great. Thank you, guys, and good luck with the holiday season.

那太棒了。謝謝各位，祝你們假期愉快。

Mike Baker, D.A. Davidson.

麥克貝克，D.A.戴維森。

So I think you said -- correct me if I'm wrong, but October flat, yet you're guiding to down low-single digits to the fourth quarter. Is that indicative of a little bit of a slowdown post-Halloween? And I guess as a follow-up to that, pretty wide range in terms of EPS for the fourth quarter. Can you talk about what you're expecting in terms of margins within that fourth-quarter range and how you get to the low end versus the high end, et cetera? Thanks.

所以我想你說過——如果我沒記錯的話——10 月份持平，但你預計第四季度將下降個位數百分比。這是否預示著萬聖節後市場成長率會略有放緩？我想，作為後續，第四季每股收益的波動範圍相當大。您能否談談您對第四季度利潤率的預期，以及您如何計算出低端預期和高端預期等等？謝謝。

Yeah. I'm happy to start, Mike, and Jim, feel free to add on. If you look at while the quarter came in, where we expected it overall, we definitely did see volatility by month. You heard Jim describe that, on a net sales basis, the quarter started with a relatively flat August. We saw a decline in September, and then October was about flat.

是的。我樂意先開始，麥克，吉姆，請隨意補充。如果回顧一下本季的情況，雖然總體上符合我們的預期，但我們確實看到了每月的波動。你聽吉姆說過，以淨銷售額計算，本季開局8月相對穩定。9月份出現了下滑，10月份基本持平。

And so as we step back and think about the fourth quarter, we do it, knowing that we saw more volatility by month in Q3 than we would have expected. And so that factors in to how we're thinking about our expectations, but we feel good that we've got the business positioned well heading into fourth quarter. We feel like our top-line and bottom-line guidance is prudent based on the volatility that we saw in Q3. And we start the quarter in a really good place.

因此，當我們回顧並思考第四季時，我們知道第三季的月度波動性比我們預期的要大。因此，這影響了我們對預期情況的判斷，但我們感覺公司已經為進入第四季度做好了充分的準備。鑑於第三季出現的波動情況，我們認為目前的營收和利潤預期是審慎的。我們以非常好的狀態開始了新季度。

Something we haven't unpacked as much yet, so I'll touch on it briefly, is that inventory is in a great place as we step into the fourth quarter. On the balance sheet, it's down 2%. It's up in our frequency categories, which makes sense given the investments that we're making there and stronger inventory reliability in in-stocks. And it's appropriately down, I think, in an appropriately cautious position in the discretionary categories. And so we start the quarter where we would want to be positioned from an inventory perspective, and we feel like it's the prudent place to be.

我們還沒有詳細討論過這個問題，所以我會簡單提一下，那就是進入第四季之際，庫存狀況良好。從資產負債表上看，下降了 2%。它在我們頻率類別中的排名上升了，考慮到我們在該領域的投資以及庫存可靠性的提高，這是有道理的。我認為，在可自由支配的類別中，它的降幅是恰當的，處於一種恰當的謹慎狀態。因此，本季伊始，我們從庫存角度來看，希望將庫存定位在適當的位置，我們認為這是審慎的做法。

Jim, feel free to add as we're thinking about profit for the fourth quarter or how we've reflected Q3 trends into that view.

吉姆，在考慮第四季度利潤或我們如何將第三季度的趨勢反映到這一觀點中時，請隨時補充。

Yeah. Mike, and if I build upon that, I mean, if you take a step back and look at Q3, obviously, we faced a pretty dynamic environment. And as our gross margins and percentage-wise was broadly flat, we're pleased with the performance, and that's in line with expectations. And a big thank you to the team, who's managed to navigate and move quickly with agility to meet the needs of consumers and understand where things are heading.

是的。麥克，如果我在此基礎上繼續說，我的意思是，如果你回顧一下第三季度，很明顯，我們面臨著一個相當動態的環境。由於我們的毛利率和百分比基本上持平，我們對業績感到滿意，這符合預期。也要特別感謝團隊，他們靈活應變，迅速行動，滿足消費者的需求，並了解未來的發展方向。

We expect that dynamic to continue in Q4. We do expect a continued volatile environment, which is why there's a little bit still, I guess, a wider range in place because we want to make sure we are being able -- we have the ability to react quickly to changes in the environment. That will represent the range that we're looking at.

我們預計這種趨勢將在第四季度繼續。我們預計市場環境將持續動盪，因此我們仍然保持著一定的波動範圍，因為我們希望確保我們能夠——我們有能力對環境變化做出快速反應。這將代表我們所關注的範圍。

The only build I might have, and Rick, feel free to chime in here, is we don't have a perfect crystal ball for exactly how it's going to play out by day or by week in Q4. But the thing we feel really good about is how we'll show up for the guests. We've touched a little bit in some of the questions on making sure that we meet the guests where they're at.

我唯一能確定的，Rick，你也隨時可以補充，就是我們無法準確地預測第四季每天或每週的具體情況。但我們最有信心的是我們將如何款待客人。在一些問題中，我們已經稍微談到了確保我們能夠滿足客人的需求。

And for us, that's always a couple of things because there's a couple of ingredients of how guests view value. It's the combination of great prices, and you've heard us invest in 3,000 price cuts across Food & Beverage and Essentials. We're really excited about a Thanksgiving meal for four under $20 as we step into Thanksgiving here right around the corner. And for Target, it's also pairing that great price with incredible product.

對我們來說，這總是取決於兩方面因素，因為客人對價值的看法包含幾個要素。優惠的價格是我們的優勢所在，您也聽說我們已經對食品飲料和生活必需品進行了 3000 次降價。感恩節馬上就要到了，我們非常興奮能找到一份價格低於 20 美元的四人份感恩節大餐。對 Target 來說，它還能將優惠的價格與優質的產品結合。

And so I'm just as excited about the 20,000 new items that we'll have this coming fourth quarter, twice as many as last year, as I am about the great pricing guests will find on those items. And so it's that combination for us that matters so much. And on that front, we feel really good about what guests are going to find as they travel the site and the store in the holiday season.

因此，我對即將到來的第四季將推出的 20,000 件新品感到無比興奮，是去年的兩倍，同時我也對這些新品的優惠價格感到興奮。所以對我們來說，正是這種組合才如此重要。在這方面，我們對顧客在假期瀏覽網站和商店時將會發現的內容感到非常滿意。

Great. Thank you. Appreciate the color.

偉大的。謝謝。欣賞這種顏色。

Kate McShane, Goldman Sachs.

Kate McShane，高盛集團。

Hi. Good morning. Thanks for taking our question. We want to drill down a little bit more on your commentary around inventory and in-stocks. Is there any way you can kind of talk to how you feel about the inventory position going into holiday, how it looks versus last year, and just how you see the cadence of in-stocks improving over time?

你好。早安.感謝您回答我們的問題。我們想更深入探討您對庫存和現貨供應的評論。您能否談談您對假期前的庫存狀況有何看法，與去年相比情況如何，以及您認為庫存狀況會如何隨著時間的推移而改善？

Yeah. Kate, as I think about inventory broadly, we touched on a little bit of that in Mike's question a second ago. But I do think it's important to spend a moment on in-stocks. And I would expect, because being in-stock matters so much to our guests, that's a topic you see us come back to over and over and over again in all of these earnings calls to come because it matters so much.

是的。凱特，從廣義上講，庫存問題我們剛才在麥克的問題中稍微談到了一點。但我認為花點時間關註一下股票市場很重要。而且我預計，由於庫存充足對我們的顧客來說非常重要，所以在接下來的所有財報電話會議上，你會看到我們反覆談到這個話題，因為它真的非常重要。

If you've trusted us with a trip to the store, we can't let you down by being out of stock. And we haven't been good enough over the last several years on that front. And so we're laser focused on improving that. And a huge credit to the team for the progress that we've seen so far. I can dimensionalize that just a little bit more here in a second. But I also want to emphasize that work's not done. The bar for the consumer, for our guests, is higher than ever before on that front. And so you're going to see us continue to lean in to make progress over time.

如果您信任我們並委託我們到店購物，我們絕對不會因為缺貨而讓您失望。過去幾年，我們在這一方面做得還不夠好。因此，我們正全力以赴地改進這一點。團隊迄今為止的進步值得高度讚揚。我稍後可以再詳細解釋一下。但我還想強調，工作還沒完成。在這方面，對消費者和顧客的要求比以往任何時候都高。因此，你會看到我們繼續努力，隨著時間的推移取得進步。

Where we've started is with a really acute focus on those most frequently purchased items, where if we're out of stock, it hurts more if you're a guest and we've let you down. And so you heard in my remarks the focus on our top items. So think of those as the 5,000 most frequently purchased items. They account for about 30% of our unit sales, and so a big piece of what guests are finding and buying every day at Target.

我們首先非常重視那些最常購買的商品，因為如果缺貨，對於客人來說，我們讓他們失望了，這會讓他們更加難過。所以你們從我的演講中也聽到了，我們重點關注的是我們的主打產品。所以，你可以把它們看作是購買頻率最高的 5000 種商品。它們約占我們單位銷售額的 30%，因此也是顧客每天在 Target 找到和購買的商品的重要組成部分。

And as the team has leaned in to make progress on that subset of items, it comes in a whole bunch of ways. It comes with embracing the use of technology to help us forecast better and be more in stock that way. It comes with us having a better view of how we're really performing. We've described before, we've changed some of the measures we use for in-stocks that give us a clearer mirror than ever before of where we're doing great and where we're falling down.

團隊投入大量精力，力求在這些專案上取得進展，而這體現在各方面。這得益於我們積極運用科技來幫助我們更好地進行預測，從而提高庫存水準。這樣我們就能更清楚地了解自己的真實表現。我們之前已經描述過，我們改變了一些用於衡量庫存的指標，這些指標比以往任何時候都更清晰地反映了我們哪些方面做得好，哪些方面做得不好。

And that's been really helpful because it's told us, okay, we might be okay on average in some places, but we're not good enough at the end of the day, or we have a shortfall on weekends that we need to address. And so teams have been hard at work in moving the needle there.

這真的很有幫助，因為它告訴我們，好吧，我們在某些​​方面平均來說可能還可以，但最終我們做得還不夠好，或者我們在周末存在需要解決的不足。因此，各團隊一直在努力推動這方面的進展。

And on the measures that we move, you heard me describe 150-basis-point improvement in Q3. If you're not close to the work, it's maybe tough to appreciate how big that progress is. But what I like is that's better year-over-year improvement in Q3 performance versus last year than we saw in Q2, which was better than we saw in Q1. And that trajectory gets me really excited that we're doing the right work to get a different outcome. And if we can keep that progress up, and I have a ton of confidence that that's exactly what we'll do, we'll be more and more in stock as we move through 2026 than we were in 2025.

至於我們採取的措施，你們都聽到我描述了第三季150個基點的改善。如果你不親身參與這項工作，可能很難體會這項進展有多巨大。但我喜歡的是，第三季業績與去年同期相比有了比第二季更好的年成長，而第二季的業績又比第一季好。而這個發展軌跡讓我感到非常興奮，因為我們正在做正確的工作，以獲得不同的結果。如果我們能保持這種發展勢頭，而且我非常有信心我們一定能做到，那麼到 2026 年，我們的庫存將會比 2025 年時更多。

Operator, I think we have time for one more question.

接線員，我想我們還有時間再回答一個問題。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

Good morning. Thank you so much for taking my question. You just outlined a lot of the progress that you're making on key operational metrics, such as in-stocks and speed to market, yet we really haven't seen it translate to an overall improvement in the performance of the business. So the obvious question is, why not? And what, as outsiders, is a reasonable timeframe for holding the team accountable for showing that progress? Thank you.

早安.非常感謝您回答我的問題。您剛剛概述了您在關鍵營運指標（如庫存和上市速度）方面取得的許多進展，但我們還沒有真正看到這些進展轉化為業務整體績效的改善。所以顯而易見的問題是，為什麼不呢？作為局外人，我們認為合理的期限是多久才能讓球隊展現進步？謝謝。

Yeah. Thanks for the question, Michael. Here's what I'd say. We're not satisfied with the top-line performance of the business, even as it's come in as we expected in Q3. And so we're doing the work with urgency.

是的。謝謝你的提問，麥可。我的看法是這樣的。雖然第三季的業績符合我們的預期，但我們對公司的營收表現並不滿意。因此，我們正在抓緊時間進行這項工作。

As a team, our focus is to get it back to growth. And we know that won't happen overnight, but we know what the path is. We're focused on making progress. We see momentum where we're making that investment. A huge credit to the team to do the work that's going to get that outcome over time.

作為一個團隊，我們的目標是讓它恢復成長。我們知道這不會一蹴而就，但我們知道前進的方向是什麼。我們專注於取得進展。我們看到，在我們進行投資的領域，發展勢頭良好。團隊付出了巨大的努力，最終才能取得這樣的成果，這值得高度讚揚。

And so we'll unpack more what our expectations for next year look like when we get to the Financial Community Meeting in March. But I feel really good that we've got a team focused on doing the work now that will lead to growth over time. And rest assured, we are tackling that work with urgency.

因此，我們將在三月的金融界會議上詳細闡述我們對明年的預期。但我感到非常欣慰的是，我們擁有一支專注於當前工作的團隊，這將隨著時間的推移帶來成長。請放心，我們正在緊急處理這項工作。

Okay. My follow-up question is -- if I could just ask one more -- thank you very much, Michael. I appreciate it. And I will add my best wishes to Brian. Thank you very much for this. You've already outlined the billion dollars of incremental CapEx for next year, perhaps there might be some incremental operating investments that could take down the profitability a bit next year. How amongst those guardrails are you thinking about the commitment to the dividend and the importance of that to your certain shareholders moving forward?

好的。我的後續問題是——如果我可以再問一個問題的話——非常感謝你，邁克爾。謝謝。我也會向布萊恩致以最美好的祝福。非常感謝。您已經列出了明年新增的十億美元資本支出，或許還有一些新增的營運投資，這可能會稍微降低明年的獲利能力。在這些保障措施中，您如何看待對股利的承諾以及這對某些股東未來發展的重要性？

Well -- and Jim, feel free to pile onto this one if you'd like -- you've heard us describe our support and strong support over time of the dividend, Michael. You shouldn't expect anything to change there. We've been consistent in our capital priorities for as far back as I can remember in my 23 years here.

嗯——吉姆，如果你願意，可以繼續發表意見——邁克爾，你已經聽我們描述過我們對分紅的支持和長期以來的堅定支持。你不應該指望那裡會有任何改變。在我在這裡工作的23年裡，我們的資本優先事項一直保持不變。

And it starts with making the right investments in the business. The $5 billion we'll put to work next year, we're really excited. We'll generate the returns and the growth that warrants that level of investment. The dividend is always the second priority. And I think our track record speaks for itself in terms of our support of the dividend. And share repurchase is the with what's left piece that we'll always adjust as appropriate. But the dividend sits second in that priority list for a reason.

而這一切都始於對企業進行正確的投資。明年我們將投入50億美元，我們對此感到非常興奮。我們將創造足以配合該投資水準的回報和成長。分紅永遠是第二要務。我認為，就我們對分紅的支持而言，我們的過往記錄足以說明一切。股票回購是剩餘資產的一部分，我們會根據情況隨時進行調整。但股息之所以排在第二位是有原因的。

Good luck at the holiday. Thank you.

祝你假期愉快。謝謝。

All right. Thanks, Michael. That brings us to the end of today's call. Thanks, everyone, for your questions and engagement.

好的。謝謝你，麥可。今天的電話會議到此結束。感謝大家的提問與參與。