目標百貨 (TGT) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Target Corporation first quarter earnings release conference call. (Operator Instructions) As a reminder, this conference is being recorded Wednesday, May 20, 2026.

各位女士、先生，感謝您耐心等候。歡迎參加塔吉特公司（Target Corporation）第一季財報發布電話會議。（接線員指示）提醒您，本次會議將於 2026 年 5 月 20 日（星期三）錄音。

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

現在我想將會議交給投資人關係副總裁 John Hulbert 先生。先生，請開始。

Good morning, everyone, and thank you for joining us on our first quarter 2026 earnings conference call. On the line with me today are Michael Fiddelke, Chief Executive Officer; Cara Sylvester, Chief Merchandising Officer; Lisa Roath, Chief Operating Officer; and Jim Lee, Chief Financial Officer.

各位早安，感謝各位參加我們 2026 年第一季財報電話會議。今天與我一同在線上的有：執行長 Michael Fiddelke；商品長 Cara Sylvester；營運長 Lisa Roath；以及財務長 Jim Lee。

In a few moments, Michael, Cara, Lisa, and Jim will provide their insights on our first 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 will be listening to our comments via webcast. Following the call, Jim and I will be available to answer your follow-up questions.

再過幾分鐘，Michael、Cara、Lisa 與 Jim 將分享對我們第一季表現以及今年其餘期間展望的看法。在他們發言後，我們將開放電話線進行問答。今天早上，本次電話會議也有投資人及其他人士透過網路直播收聽我們的評論。會議結束後，Jim 和我也將可回答各位後續問題。

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, adjusted operating income and adjusted SG&A expenses. 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，今天早上我們所做的任何前瞻性陳述均受風險與不確定性影響，包括今早財報新聞稿以及我們最近提交的 10-K 中所述者。此外，在本次發言中，我們將提及非 GAAP 財務衡量指標，包括調整後每股盈餘、調整後營業利益以及調整後銷售、一般及行政（SG&A）費用。所有非 GAAP 數字與最直接可比的 GAAP 數字之調節表，均收錄於今早的新聞稿中，並已張貼於我們的投資人關係網站。

With that, I'll turn it over to Michael to kick things off. Michael?

接下來，我把時間交給 Michael 來開場。Michael？

Thanks, John, and good morning, everyone. Just a few months ago, we shared our refreshed strategy and vision for Target at our financial community meeting here in Minneapolis. We outlined the priorities driving every decision we make, all in service of returning to sustainable growth because as I've said many times before, that's the only winning path in retail. For Target, that means leading with merchandising authority, elevating the guest experience, accelerating technology and strengthening our team and communities.

謝謝你，John，各位早安。就在幾個月前，我們在明尼阿波利斯舉行的金融界會議上，分享了 Target 更新後的策略與願景。我們闡述了驅動每一項決策的優先事項，目的都是為了回到可持續的成長，因為如同我過去多次所說，這是零售業唯一的致勝之道。對 Target 而言，這意味著以商品力領先、提升顧客體驗、加速科技發展，並強化我們的團隊與社區。

Delivering on our aspiration to be the most delightful shopping experience in retail means executing this strategy clearly and consistently. And to bring this strategy to life, I'm excited to be joined by and to introduce some incredible leaders to new roles at this critical juncture for Target.

要實現我們「成為零售業最令人愉悅的購物體驗」的願景，就必須清楚且一致地執行這項策略。為了讓這項策略落地，在 Target 這個關鍵時刻，我很高興能與各位介紹幾位傑出的領導者，擔任新的職務。

I want to take a moment to welcome both Cara Sylvester, our Chief Merchandising Officer; and Lisa Roath, our Chief Operating Officer, to their first quarterly earnings call with nearly four decades of retail leadership between them and based on my experience and working closely with both Cara and Lisa for many of those years, I'm confident in the expertise and leadership they'll bring at a pivotal moment for Target.

我想花點時間歡迎我們的商品長 Cara Sylvester，以及營運長 Lisa Roath，首次參與季度財報電話會議。她們合計擁有近四十年的零售領導經驗；基於我多年與 Cara 與 Lisa 密切共事的經驗，我對她們在 Target 的關鍵時刻所能帶來的專業與領導力充滿信心。

Cara has led teams across digital, marketing, media, and loyalty and spent the bulk of her career in merchandising. As our sole Chief Merchandising Officer, she's bringing focus and a bias for action to strengthen the way we operate while aligning the team at the critical intersection of merchandising and experience.

Cara 曾領導數位、行銷、媒體與會員忠誠等團隊，且其職涯大部分時間投入於商品領域。作為我們唯一的商品長，她帶來更聚焦、偏向行動的作風，強化我們的營運方式，同時在商品與體驗這個關鍵交會點上凝聚團隊。

Lisa has led many functions across the organization from marketing to merchandising and most recently, our food business that spans merchandising and end-to-end operations. With this breadth of experience, she is driving clarity while connecting across business functions in support of our strategy. And in a few minutes, Lisa will be sharing more about new leadership in her organization as well where we've welcomed Jeff England to Team Target, serving as our Chief Global Supply Chain and Logistics Officer. I'm excited for you to hear from both Cara and Lisa today.

Lisa 曾在組織內領導多項職能，從行銷到商品皆有涉獵；最近則負責我們的食品業務，涵蓋商品與端到端營運。憑藉這樣廣泛的經驗，她在推動清晰方向的同時，也串聯各項業務職能以支持我們的策略。再過幾分鐘，Lisa 也將分享她所屬組織中的新領導安排；我們也歡迎 Jeff England 加入 Target 團隊，擔任全球供應鏈與物流長（Chief Global Supply Chain and Logistics Officer）。我很期待各位今天能聽到 Cara 與 Lisa 的分享。

Today, we're reporting first quarter results that are stronger than expected, early proof points that give us confidence we're on the right path. But to be clear, a single good quarter has never been our goal. Our goal is consistent long-term growth. So while we're very encouraged by our Q1 results, what you'll hear from me and the team today is our focus on continuing the work to reach our full potential as a company. That said, we know that long-term results are built one quarter at a time. So let's spend a minute unpacking our first quarter results and how they inform our thinking for the balance of the year.

今天我們公布的第一季業績優於預期，這些早期的驗證點讓我們更有信心正走在正確的道路上。但必須說清楚：單一個好的季度從來不是我們的目標。我們的目標是長期且一致的成長。因此，儘管我們對第一季結果感到非常振奮，今天你們將從我與團隊聽到的是：我們將持續專注於推進工作，發揮公司全部潛力。話雖如此，我們也知道長期成果是由一季一季累積而成。所以讓我們花點時間拆解第一季結果，以及它們如何影響我們對今年其餘期間的思考。

First quarter net sales grew by 6.7%, reflecting a 5.6% increase in comparable sales. We're encouraged that this top line growth was broad-based with growth across both stores and digital channels led by traffic, net sales increases in all six of our core merchandise categories, broad-based strength across guest demographics and cohorts, and momentum around both key seasonal events and everyday moments.

第一季淨銷售額成長 6.7%，反映可比銷售成長 5.6%。我們很受鼓舞，因為這項營收成長相當廣泛：實體門市與數位通路皆成長且由來客數帶動；六大核心商品類別的淨銷售皆增加；各類顧客族群與分群均呈現普遍強勁；同時在重要季節性檔期與日常消費情境上也展現動能。

Despite this early progress, we know our work is just beginning as we were lapping softer results in Q1 of 2025. And while we're pleased that this year's Q1 net sales were also 3.7% higher than in Q1 of 2024, that's well below the level of two-year growth we aspire to deliver over time.

儘管有這些早期進展，我們知道工作才剛開始，因為我們正面對 2025 年第一季較疲弱的比較基期。此外，雖然我們也很高興今年第一季淨銷售額較 2024 年第一季高出 3.7%，但這仍遠低於我們長期希望達成的兩年期成長水準。

In categories like Fun101, beauty and food and beverage, we're seeing mid-single-digit compound growth on a two-year basis, while sales in home and apparel were still below 2024. This is further evidence that while we're building momentum, we're also not yet where we aspire to be over time.

在 Fun101、美妝以及食品與飲料等品類，我們在兩年基礎上看到中個位數的複合成長；然而家居與服飾的銷售仍低於 2024 年。這進一步證明：雖然我們正在累積動能，但距離我們長期所追求的目標仍有差距。

We're focused on executing our plans and are encouraged by early guest response. As we look ahead, we also acknowledge that the broader operating environment remains uncertain. You'll hear more detail from Cara, Lisa, and Jim shortly on how we're managing through these considerations while continuing to make progress against our goals. But the punchline is, we're planning for the balance of the year, clear eyed on what is needed to execute our plans to continue to make progress against our strategy. Before I hand the call over to Cara, I want to stress a few points.

我們專注於執行既定計畫，並對顧客的早期回饋感到鼓舞。展望未來，我們也承認整體營運環境仍充滿不確定性。稍後你們將從 Cara、Lisa 與 Jim 那裡聽到更多細節，了解我們如何在考量這些因素的同時，持續朝目標推進。但重點是：在規劃今年其餘期間時，我們會以清醒的視角看待執行計畫所需的一切，持續推動策略進展。在我把電話交給 Cara 之前，我想強調幾點。

First, we're writing a new chapter for Target, defined by disciplined choices and a clear articulation of our unique role in retail. And on this front, we see encouraging early signs that our plans are resonating with our guests.

第一，我們正在為 Target 撰寫新的篇章，其特徵是有紀律的選擇，以及清楚闡述我們在零售業中的獨特角色。在這方面，我們看到令人鼓舞的早期跡象，顯示我們的計畫正在引起顧客共鳴。

Second, we will not confuse this progress with potential. Our focus is on delivering consistent growth, not just in 2026, but for decades to come. That means continuing to invest in our business, our team and the communities in which we operate, so we can deliver growth in 2027 and beyond.

第二，我們不會把這些進展與潛力混為一談。我們的重點是交付一致的成長，不僅是 2026 年，而是未來數十年。這意味著要持續投資於我們的業務、團隊以及我們營運所在的社區，才能在 2027 年及更長遠的未來實現成長。

Third, while we have momentum, we're also being cautious about the near-term operating environment, with consumers weighing multiple headwinds and tailwinds and recent dips in consumer sentiment, we continue to place a premium on flexibility not wanting to swing too hard too quickly despite the early signs of momentum we're seeing.

第三，雖然我們具備動能，但對短期營運環境仍保持審慎；在消費者同時權衡多重逆風與順風、且近期消費者信心下滑的情況下，我們持續高度重視彈性——即使看到早期動能跡象，也不希望過快、過猛地調整。

As we've shared before, we like our business model when we're needing to chase inventory in the face of stronger-than-planned sales much more than when we find ourselves needing to cancel purchase orders or markdown excess inventory.

如同我們先前分享的，相較於因銷售強於計畫而需要追趕補貨的情境，我們更喜歡那樣的商業模式；而不是落入必須取消採購訂單或對過剩庫存進行降價出清的局面。

And finally, this team is hungry. With a renewed focus on what is possible and the team of more than 400,000 strong that’s solidly aligned behind our priorities, we're confident in our ability to deliver on our strategy and business plans, both this year and over time.

最後，這個團隊充滿企圖心。在重新聚焦於「什麼是可能的」之下，並且有超過40萬名團隊成員堅定地與我們的優先事項保持一致，我們對於今年以及長期落實我們的策略與業務計畫充滿信心。

With that, I'll pass things over to Cara, who will share a bit more color on our Q1 performance and all that is ahead.

接下來，我把時間交給Cara，她將更進一步分享我們第一季的表現，以及未來的展望。

Thanks, Michael. I'm excited to be joining the call today not just to share insights on our Q1 performance, but to outline how we're evolving our merchandising plans in support of improved relevance, differentiation, and growth.

謝謝你，Michael。我很高興今天能加入這通電話會議，不僅分享我們第一季表現的洞見，也說明我們如何演進商品規劃，以支持提升相關性、差異化與成長。

But before I jump in, I want to thank the Target team. The progress that we're seeing, while still early, is a direct result of the focus, resilience, and care our teams are exhibiting every day. There's a lot more work ahead of us, and I'm grateful for how the team is leaning in. Thank you, team.

但在我開始之前，我想先感謝Target團隊。我們目前看到的進展，雖然仍在早期階段，但直接來自於團隊每天展現的專注、韌性與關懷。我們前方還有很多工作要做，我很感謝團隊全力投入。謝謝你們，團隊。

While I'm only a few months into my role as Chief Merchandising Officer, I'm focused on driving greater clarity across my teams on how we need to work differently. First, merchandising has to lead, not follow what others are doing with a clear point of view on where we win, where we invest, and where we simplify. Second, strategy only matters if there's strong execution behind it. It's not enough to have the right assortment. We have to bring it to life consistently across stores and digital with product reliability our guests can trust.

雖然我擔任首席商品長才幾個月，我的重點是推動團隊更清楚了解我們需要如何以不同方式工作。第一，商品必須領先，而不是跟隨他人作法；我們要對「我們在哪裡取勝、在哪裡投資、在哪裡簡化」有清晰的觀點。第二，策略只有在強而有力的執行支撐下才有意義。光是擁有正確的商品組合還不夠。我們必須在門市與數位通路一致地把它落地，並提供顧客可以信賴的商品供應可靠性。

And third, we must work faster and be bolder. To do so, we've introduced clearer merchandising standards, strengthened accountability within our teams and are simplifying how work gets done. This framework is designed to help us deliver on the strategy we shared at our financial community meeting centered on serving busy families, guests who are managing a lot and are highly choiceful about where they spend their valuable time and money. We already have disproportionate wallet share from this consumer segment, but there's an opportunity to deepen that relationship further.

第三，我們必須更快行動、也要更大膽。為此，我們導入更清晰的商品標準、強化團隊內的責任歸屬，並簡化工作完成的方式。這套框架旨在協助我們落實在金融社群會議上分享的策略，核心是服務忙碌的家庭——這些顧客要處理很多事情，且在花費寶貴的時間與金錢時非常挑剔。我們在這個消費族群中已擁有不成比例的錢包占比，但仍有機會進一步深化這段關係。

So while maintaining a strong core assortment across our categories, we're intentionally leaning in more aggressively behind a set of prioritized assortments and guest needs, areas where we can lead the market by being bold, distinctive, and affordable. These focus areas represent about half of our sales today and are expected to drive roughly three quarters of our growth going forward.

因此，在維持各品類強健的核心商品組合之餘，我們也刻意更積極地聚焦於一組優先的商品組合與顧客需求——在這些領域，我們可以以大膽、獨特且可負擔的方式引領市場。這些聚焦領域目前約占我們銷售的一半，預期未來將帶動約四分之三的成長。

They include building a leading beauty destination, expanding our role in health and wellness, being food forward, celebrating baby and kids, leading in women's style, inspiring the love of home and building culture-driven categories, including toys and entertainment. I'd like to spend a minute or two on some early proof points evidencing this strategy is resonating with our guests.

這些領域包括：打造領先的美妝目的地、擴大我們在健康與保健的角色、以食品為先、慶祝嬰幼兒與兒童、引領女性風格、激發對居家生活的熱愛，以及打造文化驅動的品類（包含玩具與娛樂）。我想花一兩分鐘分享一些初步的佐證，說明這項策略正在引起顧客共鳴。

Starting with Baby and Kids, where we have an enormous opportunity to build long-term loyalty with busy families. We know the value we can deliver by helping busy new parents find the products they want and need to keep their baby happy, healthy, and safe. So we're investing to do just that with a thoughtfully curated assortment of trusted owned and national brand products, an elevated in-store experience and in select stores, new premium services we're testing, including a baby Concierge.

先從嬰幼兒與兒童開始，這是我們與忙碌家庭建立長期忠誠度的巨大機會。我們知道，透過協助忙碌的新手父母找到他們想要且需要的產品，讓寶寶快樂、健康且安全，我們能提供很高的價值。因此，我們投入資源來做到這一點：以精心策劃的商品組合提供值得信賴的自有品牌與全國性品牌產品、提升門市體驗，並在部分門市測試新的高端服務，包括嬰兒禮賓（baby Concierge）。

We're encouraged by what we're seeing including a more than 5 percentage point acceleration in baby comp trends in the back half of the quarter following the launch of these new offerings showing that when we reduce friction and build trust early in a family's journey, we foster an ongoing relationship that spans across categories.

我們對目前看到的結果感到鼓舞：在推出這些新方案後，本季後半段嬰幼兒品類的同店銷售趨勢加速超過5個百分點，顯示當我們在家庭旅程早期降低摩擦並建立信任，就能培養跨品類延伸的長期關係。

Busy families are also increasingly focused on health and wellness, an area shopped by more than 70% of our guests already. To deliver newness and drive greater distinction in the market, we recently added around 1,500 new items and have plans to refresh around 40% of our assortment this year. These changes drove double-digit sales growth in the first quarter, doubling comp growth rates in wellness-related categories compared with Q4 of last year.

忙碌家庭也愈來愈重視健康與保健，而這個領域目前已有超過70%的顧客在購買。為了帶來新鮮感並在市場上建立更強的差異化，我們近期新增約1,500個新品，並計畫今年更新約40%的商品組合。這些調整帶動第一季銷售雙位數成長，使保健相關品類的同店成長率相較去年第四季翻倍。

In food, guests tell us they're looking for inspiration, new products, trending flavors, and better-for-you options. Delivering on these priorities is the goal of our Food Forward strategy, evolving food from a category they shop while they're at target into a reason they choose to come to target. We introduced 3,000 new food items in Q1 alone, with sales from those items growing more than 50% over the prior assortment. We'll continue leaning further into high-growth areas like protein, functional beverages, and better-for-you snacking, where guests are actively seeking newness.

在食品方面，顧客告訴我們，他們在尋找靈感、新產品、流行口味，以及更健康的選擇。滿足這些優先事項，就是我們「Food Forward」策略的目標：讓食品從「顧客到Target時順便買的品類」，演進為「顧客選擇來Target的理由」。僅第一季我們就推出3,000項食品新品，這些新品的銷售較先前的商品組合成長超過50%。我們將持續更深入布局高成長領域，例如蛋白質、機能性飲料與更健康的零食，因為顧客正積極尋求新鮮感。

And finally, we're celebrating the trends that shape culture to create buzzworthy assortments and experiences exclusive to Target. So far this year, we've offered three such partnerships that far exceeded our aspirations. I'll start with our Q1 drops from Parke and Roller Rabbit. With social engagement significantly exceeding prior collaborations and some of the strongest launch week sales we've ever seen from our limited time offerings.

最後，我們也在慶祝塑造文化的趨勢，打造只在Target才有、能引發話題的商品組合與體驗。截至目前，今年我們推出了三項合作，成果遠超過我們的預期。我先從第一季與Parke及Roller Rabbit的限量上新開始。社群互動顯著超越以往合作案，且限時商品在上市首週的銷售表現也創下我們歷來最強之一。

These partnerships show that when we combine great product with cultural relevance, we create moments that drive traffic, engagement and excitement for our brand. And for fans of all ages, our only at target cross-category Pokemon collaboration helped to position Target at the center of one of the most powerful global franchises. The launch earlier this month set sales and social media engagement records for us, and we're excited about another drop taking place later this quarter.

這些合作顯示，當我們把優秀的產品與文化相關性結合，就能創造帶動來客、互動與品牌熱度的時刻。而對各年齡層的粉絲而言，我們「只在Target」的跨品類寶可夢（Pokemon）合作，協助Target站上全球最強勢IP之一的核心位置。本月稍早的上市為我們創下銷售與社群媒體互動的新紀錄，我們也期待本季稍晚的另一波上新。

These examples show how we're focusing on style, design, and culture to lead with merchandising authority. But just as important is our commitment to value because consumers shouldn't have to trade what they want for what they can afford. For example, in toys, we've seen tremendous growth from new offerings priced at $20 or less, including many priced at $5 and $10. The combination of on-trend toy assortments at prices busy families can afford helped to support double-digit comp growth for toys again this quarter.

這些例子展現我們如何聚焦於風格、設計與文化，以商品力的權威性領先。但同樣重要的是我們對「價值」的承諾，因為消費者不應該在「想要的」與「負擔得起的」之間做取捨。例如在玩具方面，我們看到定價20美元以下（其中許多為5美元與10美元）的新品帶來顯著成長。符合潮流的玩具商品組合，加上忙碌家庭可負擔的價格，支撐本季玩具同店銷售再次達到雙位數成長。

Across all these examples, the takeaway is clear. Guests respond when we're bold in our assortment, distinctive in our point of view and clear on value. While these are encouraging early signs of progress, the bulk of the work is still in front of us. As we look ahead to Q2, there's a lot of change ahead and Lisa and I are partnering to drive the right decisions to build further momentum.

綜觀這些例子，結論很清楚。當我們在商品組合上更大膽、觀點更具差異化，並且對價值主張更清晰時，顧客就會有回應。雖然這些都是令人鼓舞的早期進展訊號，但大部分的工作仍在前方。展望第二季，將有許多變革即將到來，我將與Lisa合作，做出正確決策以持續累積動能。

In food, we'll be executing our largest transition in over a decade, resetting nearly half of our center store grocery assortment, accelerating our pace of newness by nearly 50% and better aligning to wellness trends, including the elimination of all certified synthetic colors from our cereal assortment.

在食品方面，我們將執行十多年來最大規模的轉換：重整近一半的中島雜貨（center store grocery）商品組合，把新品導入速度提升近50%，並更貼近保健趨勢，包括從我們的穀片商品組合中全面移除所有經認證的合成色素。

In home, we're beginning a multiyear reinvention. We'll make significant edits to decorative accessories this quarter, changing out nearly three-fourths of this assortment. Later this year, we'll introduce that same level of change to kids home and bedding categories as we continue to clarify our offerings and value proposition in these ever-important style categories. We have plans to continue this journey with additional home categories like kitchen and storage in 2027.

在居家品類方面，我們正啟動一項為期多年的再造。本季我們將大幅調整裝飾配件，汰換近四分之三的商品組合。今年稍晚，我們也會在兒童居家與寢具品類導入同等幅度的變革，持續釐清我們在這些極其重要的風格品類中的商品供給與價值主張。我們計畫在2027年把這段旅程延伸到更多居家品類，例如廚房與收納。

And in beauty, we're preparing for this fall's launch of our Target beauty studio in more than 600 stores, building on the momentum we've been seeing in the beauty category. This includes working to minimize the disruption that these changes will cause cultivating an assortment of trending beauty products and building out robust plans to support an efficient transition.

在美妝方面，我們正為今年秋季在超過600家門市推出 Target 美妝工作室（beauty studio）做準備，延續我們在美妝品類所看到的成長動能。這包括在培育一系列潮流美妝商品、並制定完善計畫以支持高效率轉換的同時，努力將這些變更可能造成的干擾降到最低。

So as I get ready to pass things over to Lisa, I want to leave you with a summary of where we're at and where we're going. We have a clear strategy. We're investing behind that strategy, and we're seeing strong early proof points across our priority categories. But this is a multiyear journey.

在我準備把時間交給 Lisa 之前，我想先為各位總結我們目前的進展以及未來方向。我們有清晰的策略。我們正投入資源支持這項策略，並且在我們的優先品類上看到強勁的早期驗證成果。但這是一段為期多年的旅程。

With a ton of change still ahead of us, we're executing our plans with urgency, scaling what’s working, learning quickly and continuously raising the bar on how we show up for our guests. We're moving faster and with greater intention with the discipline required to build sustainable long-term growth.

在前方仍有大量變革的情況下，我們以緊迫感執行計畫，擴大有效作法的規模、快速學習，並持續提高我們為顧客提供服務的標準。我們以更快的速度、更明確的意圖推進，同時以建立可持續的長期成長所需的紀律來落實。

With that, I'll pass things over to Lisa.

接下來，我把時間交給 Lisa。

Thanks, Cara, and good morning, everyone. I'm honored to join you today in my new role as Chief Operating Officer. I step into this role after more than 20 years at Target with experience across merchandising, stores and operations, supply chain and marketing. That breadth has given me a deep understanding of how strategy becomes real for our guests. From the products we choose to how they flow through our network to how our teams bring our product and an elevated experience to life every day.

謝謝你，Cara，各位早安。我很榮幸以新任營運長（Chief Operating Officer）的身分在今天與各位相聚。我在 Target 服務超過20年，累積了涵蓋商品採購與陳列（merchandising）、門市與營運、供應鏈以及行銷等領域的經驗，並在此基礎上接任此職。這樣的廣度讓我深刻理解策略如何在顧客端真正落地。從我們選擇的商品、商品如何在我們的網路中流動，到我們的團隊如何每天把商品與更高品質的體驗具體呈現。

That perspective matters because strategy only creates value when it shows up consistently for our guests. As COO, my focus is on strengthening execution across the enterprise, giving our teams the clarity, tools, and support they need to deliver our North Star, a consistent easy, inspiring and friendly experience at every interaction, and we're seeing encouraging momentum.

這樣的視角很重要，因為策略只有在能夠持續一致地呈現在顧客面前時，才會創造價值。作為營運長，我的重點是強化全企業的執行力，為團隊提供所需的清晰方向、工具與支持，以交付我們的北極星目標——在每一次互動中都提供一致、輕鬆、啟發人心且友善的體驗——而我們也看到令人鼓舞的動能。

In Q1, many of our store experience metrics reached three-year highs with improved Net Promoter Scores and overall satisfaction regarding wait times, product availability, store cleanliness, and interactions with our team. At the same time, we're clear-eyed about where we need to improve. Product findability and in-stock availability remain the biggest friction points for our guests, particularly in high-frequency categories like food and at critical times like evenings and weekends.

在第一季，我們多項門市體驗指標達到三年來新高，淨推薦值（Net Promoter Score）與整體滿意度均有所提升，涵蓋等候時間、商品可得性、門市整潔度，以及與我們團隊互動等面向。同時，我們也清楚知道仍需改善之處。商品易找性與現貨供應仍是顧客最大的摩擦點，尤其是在食品等高頻品類，以及晚間與週末等關鍵時段。

So our focus is simple: strengthen in the fundamentals while continuing to create moments of inspiration. To do this, we're engaged in a few key areas across our stores and supply chain facilities. Let's start with inventory availability.

因此，我們的重點很簡單：在持續創造令人驚喜的時刻之餘，先把基本功做強。為此，我們在門市與供應鏈設施的幾個關鍵領域同步推進。先從庫存可得性談起。

We cannot deliver a great experience if the right product isn't on the shelf, whenever, wherever and however our guests choose to shop with us. Despite stronger-than-expected sales, we made significant progress on improving in-stocks this quarter. Notably, top item availability improved meaningfully year over year, and we’re moving with urgency to chase into the additional inventory we need, given our elevated top line expectations for the balance of the year.

如果正確的商品無法在顧客選擇的任何時間、任何地點、以及任何購物方式下出現在貨架上，我們就無法提供卓越的體驗。儘管銷售表現優於預期，我們本季在提升現貨率方面仍取得顯著進展。尤其是，重點商品（top item）的可得性較去年同期明顯改善；鑑於我們對今年剩餘期間的營收預期上調，我們也正以緊迫感加速補進所需的額外庫存。

Beyond overall in-stock levels, we're focused on improving the connectivity between our upstream and downstream processes across the operating system. That means starting with optimized merchandising decisions that impact how product is received within our network and how that product flows through the system. This, in addition to the investments we're making to improve data and network visibility will help us to drive greater consistency and flow throughout our network. Another key focus is on our store workload and labor.

除了整體現貨水準之外，我們也聚焦於改善營運系統中上游與下游流程之間的連結性。這意味著從最佳化的商品規劃決策開始，因為這些決策會影響商品如何在我們的網路中被接收，以及商品如何在系統中流動。再加上我們為提升資料與網路可視性所做的投資，將有助於推動整個網路更高的一致性與更順暢的流動。另一個重點則是門市工作量與人力配置。

We've been making intentional investments in payroll and training to rebalance workloads, so our teams can spend more time with guests. We're putting the hours where the workload is, and we're measuring the impact these investments are having on the guest experience. At the same time, we're working to simplify fulfillment to manage growing digital demand without compromising the in-store experience.

我們一直有意識地增加薪資預算與訓練投資，以重新平衡工作量，讓團隊能把更多時間投入在顧客身上。我們把工時配置到工作量所在之處，並衡量這些投資對顧客體驗帶來的影響。同時，我們也在簡化履約流程，以在不犧牲店內體驗的前提下，管理持續成長的數位需求。

We've now provided more than 300,000 team members and leaders with our guest experience training, which reinforces our strategy by connecting daily behaviors to clear expectations and building accountability across the field. Early feedback has been strong with teams saying they appreciate the clarity on priorities.

目前我們已為超過30萬名團隊成員與主管提供顧客體驗訓練；該訓練透過把日常行為與明確期待連結起來，並在第一線建立問責機制，以強化我們的策略。早期回饋非常正向，團隊表示他們很欣賞優先事項更清楚明確。

Just as importantly, we're seeing early improvements in guest experience and satisfaction metrics in stores where we've increased support. There's more work ahead, but these early signals are encouraging. And beyond training, we want to make sure our teams have the physical and technological tools they need to complete their work as well. This is why we're enhancing tools like myDevice. The handheld devices that support our store teams through a variety of tasks and processes.

同樣重要的是，我們也在增加支援的門市中，看到顧客體驗與滿意度指標的早期改善。前方仍有更多工作要做，但這些早期訊號令人鼓舞。除了訓練之外，我們也希望確保團隊擁有完成工作所需的實體與科技工具。因此，我們正在強化像 myDevice 這類工具。這些手持裝置可支援門市團隊執行各種任務與流程。

And we're enhancing performance dashboards to simplify workflows and improve visibility. So teams can stay focused on our guests. And finally, we're focused on driving greater consistency across our more than 2,000 stores. We're approaching this with our store remodels, prioritizing projects where our guests will feel the greatest impact and where operational benefit and financial returns are the strongest. Alongside these foundational improvements, we're making changes to elevate how our assortment comes to life in stores.

我們也在強化績效儀表板，以簡化工作流程並提升可視性。讓團隊能持續把焦點放在顧客身上。最後，我們也聚焦於在超過2,000家門市之間推動更高的一致性。我們透過門市改裝（remodel）來推進，優先投入在顧客感受影響最大、且營運效益與財務報酬最強的專案。在這些基礎改善之外，我們也正調整做法，以提升我們的商品組合在門市中的呈現方式。

As an example, in beauty, we're testing new staffing and operating models to free up more time to focus on guests, especially during peak periods. And as Cara mentioned, we're excited about the upcoming launch of our beauty studio concept which will create a more immersive discovery-driven experience. Beyond our investments in talent and the presentation within our stores, I want to spend a few minutes talking about the investments we're making in the physical buildings themselves.

例如在美妝方面，我們正在測試新的排班與營運模式，以釋放更多時間專注於顧客，特別是在尖峰時段。正如 Cara 提到的，我們對即將推出的美妝工作室概念感到興奮，這將打造更沉浸式、以探索為導向的體驗。除了在人才與門市呈現上的投資之外，我也想花幾分鐘談談我們對實體建築本身所做的投資。

In Q1, we opened seven new stores, including our 2,000th location and we remain on track to open more than 30 this year. We're energized not only by the financial strength these openings bring but by the meaningful impact they have in the communities we serve, expanding access to our incredible value and assortment, creating jobs and bringing us closer to more guests, giving us additional opportunities to invest our time, resources, and support as the new neighbor in town.

在第一季，我們新開了7家門市，其中包括第2,000個據點；我們仍按計畫在今年開出超過30家新店。我們不僅因這些開店帶來的財務實力而振奮，也因其對我們所服務社區帶來的實質影響而備受鼓舞：擴大顧客取得我們卓越價值與商品組合的機會、創造就業，並讓我們更貼近更多顧客；同時，作為社區的新鄰居，也讓我們有更多機會投入時間、資源與支持。

Beyond new stores, we're also scaling our remodel program with over 100 projects already underway including an enhanced focus on food and frequency driving categories where we're seeing the strongest returns. Given our stores as hub fulfillment model, which allows us to fulfill more than 95% of our sales from our stores, any investment we make in stores is also an investment in our supply chain.

除了新店之外，我們也在擴大改裝計畫，目前已有超過100個專案在進行中，並加強聚焦於食品與帶動高頻購買的品類，因為我們在這些領域看到最強的回報。鑑於我們以門市作為樞紐的履約模式（stores as hub fulfillment），使我們能從門市完成超過95%的銷售履約，因此我們對門市的任何投資，同時也是對供應鏈的投資。

That said, we're also investing in supply chain specific facilities and technology. Our supply chain is one of the most complex yet capable networks in retail. Our go-forward strategy is focused on reliability, speed, and cost efficiency including continued improvement in product availability, ship to home speed and improved leverage on supply chain expenses.

話雖如此，我們也在投資供應鏈專用的設施與科技。我們的供應鏈是零售業中最複雜、同時也最具能力的網路之一。我們未來的策略聚焦於可靠性、速度與成本效率，包括持續改善商品可得性、提升宅配到府（ship to home）速度，以及更有效地控管供應鏈費用。

We're building from a strong foundation. In Q1, we saw higher inventory productivity with turns up more than 10% year over year. We also maintained consistent top item availability and improved key reliability metrics even amid higher-than-expected demand. At the same time, there are clear opportunities to improve, and that starts with our upstream facilities. And we're investing there.

我們是在堅實的基礎上持續建構。在第一季，我們看到更高的庫存生產力，庫存周轉率（turns）較去年同期提升超過10%。即使在需求高於預期的情況下，我們仍維持重點商品可得性的一致表現，並改善了關鍵的可靠性指標。同時，也存在明確的改善機會，而這要從我們的上游設施開始。我們正在那裡加大投資。

Adding network capacity with two recently opened facilities, a new receive center in Houston and a new food distribution center in Colorado. The Houston facility alone is expected to process around 25 million cartons annually, significantly expanding upstream network capacity.

透過兩座近期啟用的設施來提升網路產能，包括休士頓的新收貨中心以及科羅拉多的新食品配送中心。僅休士頓設施預計每年可處理約2,500萬箱，將大幅擴增上游網路產能。

To further drive the step function change we expect from our supply chain. I'm excited to announce that we recently hired Jeff England as our Chief Global Supply Chain and Logistics Officer. With decades of supply chain and logistics experience, Jeff is a transformational leader with a proven track record of improving inventory availability, reducing transportation costs, and strengthening operational excellence.

為了進一步推動我們預期供應鏈將帶來的階躍式變革。我很高興宣布，我們近期聘請Jeff England擔任全球供應鏈與物流長。Jeff擁有數十年的供應鏈與物流經驗，是一位具變革力的領導者，並有經驗證的卓越紀錄，能提升庫存可得性、降低運輸成本並強化營運卓越。

So now before I pass the baton to Jim, I'll end where I began. I'm excited to step into this role. I'm encouraged by the strength of our business foundation and even more energized by the opportunity ahead. We have the assets, the scale, and the team to reach our full potential.

在我把接力棒交給Jim之前，我將以我開始時的話作結。我很期待踏入這個職務。我對我們業務基礎的穩健感到振奮，也對前方的機會更加充滿能量。我們具備資產、規模與團隊，足以發揮全部潛力。

And well on the topic of team, I want to express my gratitude to each and every one of you. And in particular, our frontline team members in stores, distribution centers and service centers that bring our brand to life for our guests each and every day.

既然談到團隊，我想向在座每一位表達感謝。尤其要感謝我們在門市、配送中心與服務中心的一線團隊成員，他們每天都為顧客把我們的品牌具體呈現出來。

Our mission is clear: drive greater consistency, improve reliability, and leverage technology to enable our teams to continue to deliver the most delightful guest experience in retail. Because when we get that right, when every guest can count on target to be easy inspiring and friendly, that's how we unlock the full potential of our business.

我們的使命很清楚：提升一致性、改善可靠性，並運用科技賦能團隊，持續在零售業提供最令人愉悅的顧客體驗。因為當我們把這件事做好，當每位顧客都能指望Target是「容易、啟發人心且友善」時，我們就能釋放業務的全部潛力。

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

接下來，我把電話會議交給Jim。

Thanks, Lisa. When we last spoke with you at our Financial Community Meeting in early March, we shared that we were seeing a strong start to the quarter. Through the remainder of the quarter, top line trends remained strong and exceeded our expectations. And with this upside on the top line, we saw better-than-expected performance on the bottom line as well. For the quarter, net sales of $25.4 billion were 6.7% higher than last year and 3.7% higher than two years ago.

謝謝你，Lisa。在3月初的金融社群會議上，我們上次與各位交流時曾分享，我們看到本季有一個強勁的開局。在本季剩餘期間，營收端趨勢依然強勁，並超出我們的預期。在營收端優於預期的帶動下，我們也看到獲利端表現優於預期。本季淨銷售額為254億美元，較去年成長6.7%，較兩年前成長3.7%。

Comp growth of 5.6% was driven primarily by a 4.4% increase in traffic, which more than offset a 2.4% decline a year ago. Top line trends were strong across multiple dimensions of our business, including both our stores and digital channels, across our core merchandising categories, and across the quarter. And importantly, we gained or held share in the significant majority of our divisions in the quarter and across income brackets as well.

同店成長5.6%主要由來客數增加4.4%所帶動，且足以抵銷去年來客數下滑2.4%的影響。營收端趨勢在我們業務的多個面向都很強勁，包括門市與數位通路、核心商品類別，以及整個季度期間。更重要的是，本季我們在絕大多數事業部門以及各收入區間中，市占率不是提升就是持平。

In our stores channel, net sales were up nearly 6% from the first quarter a year ago, accounting for more than $1 billion of additional sales or about two-thirds of our net sales growth overall. Within the digital channel, first-party sales grew nearly 9%, led by growth in same-day delivery of more than 27%.

在門市通路方面，淨銷售額較去年第一季成長近6%，帶來超過10億美元的新增銷售額，約占整體淨銷售成長的三分之二。在數位通路方面，自營（first-party）銷售成長近9%，其中以當日配送成長超過27%為主要帶動。

On Target Plus, our third-party digital sales platform, we saw nearly 60% growth in first quarter GMV. On the gross margin line, our first quarter rate of 29% was about 80 basis points higher than a year ago. This improvement was the result of productivity initiatives and leverage in our supply chain, growth in high-margin revenue streams like Roundel and Target Plus and lower markdown rates, partially offset by higher product costs.

在第三方數位銷售平台Target Plus上，我們第一季的GMV成長近60%。在毛利率方面，我們第一季毛利率為29%，較去年提高約80個基點。這項改善來自生產力提升措施與供應鏈槓桿效益、高毛利收入來源（如Roundel與Target Plus）的成長，以及較低的折價率；但部分被較高的產品成本所抵銷。

On the SG&A expense line, our Q1 rate of 21.9% was more than 2 percentage points higher than last year's rate of 19.3%. However, as you'll recall, last year's SG&A expenses included the benefit of legal settlements totaling nearly $600 million. Last year's adjusted SG&A rate, which excluded the benefit of those settlements, was 21.7%, about 20 basis points lower than this year. This year's adjusted SG&A expense growth of around 7% reflected the impact of investments in additional hours and training for our field teams along with higher incentives, planned spending related to capital projects, higher marketing spend, and growth in general liability expense.

在SG&A費用方面，我們第一季費用率為21.9%，較去年19.3%高出逾2個百分點。不過，如各位所記得，去年SG&A費用包含法律和解帶來的利益，合計接近6億美元。去年調整後的SG&A費用率（排除上述和解利益）為21.7%，比今年低約20個基點。今年調整後SG&A費用約成長7%，反映我們對門市團隊增加工時與訓練的投資、較高的獎酬、與資本專案相關的計畫性支出、較高的行銷支出，以及一般責任保險費用的成長。

Our Q1 operating margin rate of 4.5% was lower than last year's rate of 6.2%, but about 80 basis points higher than last year's adjusted rate of 3.7%. Altogether, our business delivered first quarter GAAP and adjusted EPS of $1.71, 24% lower than prior year GAAP EPS and 32% higher than prior year adjusted EPS. Now I want to turn to capital deployment and begin where we always do with a reminder of our priorities, which have been consistent for decades.

我們第一季營業利益率為4.5%，低於去年的6.2%，但較去年調整後的3.7%高出約80個基點。整體而言，我們第一季GAAP與調整後EPS皆為1.71美元，較去年GAAP EPS低24%，但較去年調整後EPS高32%。接下來我想談資本配置，並一如往常先提醒各位我們的優先順序，且這些優先順序數十年來始終一致。

We first look to invest fully in our business in projects that meet our strategic and financial criteria. Next, we look to support the dividend and build on a more than 50-year record of raising the annual dividend. And finally, we look to deploy any excess cash beyond those first two uses to retire shares over time within the limits of our middle A credit ratings.

首先，我們會在符合策略與財務標準的專案上，充分投資於本業。其次，我們會支持股利，並延續超過50年逐年提高年度股利的紀錄。最後，我們會在前兩項用途之外，將多餘現金在符合我們中A級信用評等限制的前提下，隨時間逐步用於庫藏股（回購）以註銷股份。

Regarding the first priority, we deployed about $1 billion for capital expenditures in the first quarter and continue to expect about $5 billion of CapEx for the full year as we invest behind the growth priorities we outlined at our financial meeting in March.

就第一項優先順序而言，我們在第一季投入約10億美元資本支出，並仍預期全年CapEx約50億美元，以支持我們在3月財務會議中所概述的成長優先事項。

Regarding the second priority, we paid $516 million in dividends in the first quarter, up slightly from a year ago, driven by a 1.8% increase in the per share dividend, partially offset by a lower share count. We plan to request that our Board approve another small increase in the quarterly dividend later this year, allowing us to build on our record of annual increases while moving us closer to our long-term goal of a 40% payout ratio over time.

就第二項優先順序而言，我們第一季支付股利5.16億美元，較去年略增，主要由每股股利提高1.8%所帶動，但部分被較低的流通股數所抵銷。我們計畫在今年稍晚請董事會核准再次小幅調升季度股利，使我們在延續年度調升紀錄的同時，也逐步朝長期目標——隨時間達到40%的配息率——更進一步。

And finally, regarding the third priority, we did not engage in any share repurchase activity during the first quarter. Looking ahead and assuming our business continues to perform well, we should have some capacity to repurchase shares later in the year with the magnitude and pace governed by our outlook and our goal to maintain our current middle A credit ratings. Now I want to turn to our expectations for the remainder of the year.

最後，就第三項優先順序而言，我們在第一季未進行任何股票回購。展望未來，若我們的業務持續表現良好，我們在今年稍晚應有一些回購股份的空間；回購的規模與節奏將取決於我們的展望，以及維持目前中A級信用評等的目標。接下來我想談談我們對今年剩餘期間的預期。

As Michael said earlier, while we're very encouraged by our Q1 performance, we have a ton of work ahead of us, and we're maintaining a cautious outlook overall. Notably, in the quarter just ended, we faced the easiest prior year comparison of the year, and we'll be facing the hardest comparison in Q2, a nearly 2 percentage point difference as we begin lapping last year's launch of the Nintendo Switch 2. Furthermore, we believe this year's higher tax refunds were a source of upside to consumer spending in Q1 and that benefit will be feeding over the rest of the year. While consumers have proven to be resilient so far, sentiment has been declining recently, and we're keeping a close eye on their spending behavior.

如Michael先前所說，雖然我們對第一季表現深受鼓舞，但前方仍有大量工作要做，因此我們整體仍維持審慎的展望。值得注意的是，在剛結束的季度中，我們面對的是全年最容易的去年同期比較；而在第二季，我們將面對最困難的比較，差距接近2個百分點，因為我們開始與去年Nintendo Switch 2上市所帶來的高基期進行比較。此外，我們認為今年較高的退稅金額是第一季消費支出的上行因素之一，而該效益將在今年其餘期間逐步消退。雖然消費者迄今展現韌性，但近期信心正在下滑，我們也正密切關注其支出行為。

With that as context, I'll turn first to our annual guidance on the top line, where we've updated our expectations. For the full year, we are now planning for a net sales increase in a range centered around 4%. This outlook is 2 percentage points stronger than our prior range and reflects some moderation from our first quarter pace based on the reasons I outlined above.

在此背景下，我先談我們對全年營收端的指引，我們已更新相關預期。就全年而言，我們目前規劃淨銷售額成長區間以約4%為中心。此展望較先前區間強2個百分點，並基於我上述原因，反映相較第一季步調將有所降溫。

Turning to the bottom line. We previously provided an EPS range of $7.50 to $8.50. Given the profit upside we saw in the first quarter, we are now expecting to end the year near the high end of that range. That said, we still have most of the year ahead of us and continue to believe we're best served by maintaining a cautious outlook.

接著談到最終獲利。我們先前提供的每股盈餘（EPS）區間為 7.50 美元至 8.50 美元。鑑於我們在第一季看到的獲利上行空間，我們現在預期全年將接近該區間的高端收官。話雖如此，今年仍有大部分時間在前方，我們仍然相信維持審慎展望對我們最為有利。

Looking ahead, we will continue to focus on providing full year guidance. But as I mentioned earlier, we'll be facing more challenging prior year comparisons in Q2. In addition, we continue to expect more challenging cost headwinds in the first half of the year that are expected to moderate in the second half.

展望未來，我們將持續聚焦於提供全年指引。但如我先前提到的，我們在第二季將面臨更具挑戰性的去年同期比較基期。此外，我們仍預期上半年將面臨較具挑戰性的成本逆風，並預期在下半年趨於緩和。

So to close, I'll simply reinforce that we're making investments to win and drive long-term sustainable growth. And while it is early in our journey, we're pleased with our Q1 performance and encouraged that our strategic focus and priorities are showing clear progress.

最後作個總結，我只想再次強調：我們正在進行投資以取得勝利並推動長期、可持續的成長。雖然我們的旅程仍在早期階段，但我們對第一季表現感到滿意，也受到鼓舞，因為我們的策略聚焦與優先事項正展現明確進展。

With that, I'll turn it back over to Michael to close this out.

接下來我把時間交回給 Michael 來做結語。

Thanks, Jim. Before we open the call for questions, I want to emphasize some of the key themes I hope you've heard from us today. First, we're encouraged by the progress we saw in Q1. The quarter demonstrated that when we operate with clarity, focus, and discipline, our strategy resonates with guests. We saw strength across our categories, growth in both stores and digital, improving guest experience metrics and early proof points that our merchandising and operational priorities are beginning to gain traction, but we also want to be very clear.

謝謝，Jim。在我們開放提問之前，我想強調幾個我希望各位今天從我們這裡聽到的關鍵主題。第一，我們對第一季看到的進展感到振奮。本季顯示，當我們以清晰、專注與紀律來營運時，我們的策略能引起顧客共鳴。我們看到各品類表現強勁、門市與數位皆成長、顧客體驗指標改善，並且初步證據顯示我們的商品與營運優先事項開始取得進展，但我們也希望非常清楚地說明。

We are still early in this journey. One quarter does not define success. The majority of the work remains in front of us and we have significant opportunities ahead to further strengthen our relationship with busy families in service of becoming the most delightful shopping experience in retail.

我們仍處於這段旅程的早期。單一季度並不能定義成功。大部分工作仍在前方，我們也有重大的機會，能進一步強化與忙碌家庭的關係，以實現成為零售業最令人愉悅的購物體驗。

What gives me confidence is that we have a clear strategy, a strong foundation and a global team that is aligned around where we're going and how we'll get there. We're making deliberate investments to deepen our merchandising authority, elevate the shopping experience, advance technology, and strengthen both the communities in which we operate and how we function as a team.

讓我有信心的是，我們有清晰的策略、穩固的基礎，以及一個全球團隊，對我們要去往何處以及如何到達那裡有一致的共識。我們正進行有計畫的投資，以深化我們在商品上的權威性、提升購物體驗、推進科技，並強化我們所營運的社區以及我們作為團隊的運作方式。

We believe the opportunity is substantial. We have a differentiated brand, a unique combination of design, style, convenience and value, and a business model that positions us to continue gaining relevance with guests over time.

我們相信機會相當可觀。我們擁有差異化的品牌、設計、風格、便利與價值的獨特組合，以及一個能讓我們隨時間持續提升對顧客相關性的商業模式。

And finally, I want to close by thanking the entire Target team across our stores, supply chain facilities, service centers and headquarters, both in the US and around the world, our team continues to show tremendous resilience, energy, and commitment to serving our guests every day. The progress we're seeing is a direct reflection of their work, and I'm grateful for everything they do to bring the target experience to life.

最後，我想以感謝作結，感謝全體 Target 團隊——遍及我們的門市、供應鏈設施、服務中心與總部，無論在美國或全球各地——我們的團隊每天持續展現極大的韌性、活力與服務顧客的承諾。我們所看到的進展，直接反映了他們的努力，我也感謝他們所做的一切，讓 Target 的體驗得以具體呈現。

With that, operator, we'll open the line for questions.

接下來，接線員，我們開放提問。

(Operator Instructions) Corey Tarlowe, Jefferies.

（接線員指示）Jefferies 的 Corey Tarlowe。

Congrats on the results today. Michael, I wanted to ask about the key changes that you've made that you feel that really have some sustainability or sticking power throughout this year. As you think about a lot of the organizational changes that you've made, you've also trimmed SG&A to a degree. I believe you highlighted cutting 8% of the workforce previously. So there's definitely a commitment to accelerating change while keeping costs controlled.

恭喜今天的業績表現。Michael，我想請教你們所做的關鍵變革中，你認為哪些在今年具有可持續性或黏著度。當你思考你們做了許多組織調整的同時，你們也在一定程度上削減了 SG&A（銷售、一般及行政費用）。我記得你們先前提到裁減了 8% 的人力。因此顯然你們致力於在控制成本的同時加速變革。

And I just wanted to hear a little bit more about your perspective there as we continue to build for more profitable growth going forward.

我也想再多聽一些你對此的看法，因為我們正持續為未來更具獲利性的成長做準備。

Yes. Thanks for the question, Corey. And I guess what I'd start is where you ended. It's all about growth. The strategy we've laid out with a clear focus on us winning in our unique lane.

是的。謝謝你的提問，Corey。我想我會從你最後提到的點開始。一切都關乎成長。我們所提出的策略，清楚聚焦於在我們獨特的賽道上取勝。

And we know that when we lead with style and design, while delivering incredible value in the products we sell, that's why the focus on elevating our merchandising authority and how we sell it, elevating our guest experience.

我們知道，當我們以風格與設計為先，同時在所販售的產品上提供驚人的價值，這也是為什麼我們聚焦於提升我們的商品權威性，以及我們如何銷售它、提升顧客體驗。

We're all aligned as a team around those priorities, and they're informing every decision that we make. And we know the P&L hangs together well when we get growth. You saw that in the first quarter where a strong first quarter top line outcome translated to better-than-expected bottom line outcome. And so all the decisions we're making are in support of that growth.

我們作為一個團隊在這些優先事項上高度一致，而這些也在引導我們所做的每一個決策。我們也知道，當我們取得成長時，損益表（P&L）就能良好地相互支撐。你在第一季看到了這一點：強勁的第一季營收表現轉化為優於預期的最終獲利表現。因此，我們所做的所有決策都是為了支持這樣的成長。

And we're encouraged by how we see consumers responding to the changes that we make. I might pass the baton to Cara here to unpack a little bit more of what we saw working well in the first quarter. But the thing that I get encouraged by is where we're making change in merchandising assortment and where we're making change to elevate the guest experience, we see a consumer that's responded. And a huge thanks to the entire Target team that's been working so hard for months now to put that change in place.

而且，看到消費者對我們所做的改變的反應，我們感到受到鼓舞。我可能會把接力棒交給 Cara，請她更進一步拆解第一季哪些做法運作良好。但讓我感到振奮的是，無論是我們在商品組合上的調整，或是我們為提升顧客體驗所做的改變，我們都看到消費者有所回應。也非常感謝整個 Target 團隊，過去幾個月來非常努力地把這些改變落實到位。

And we're only a quarter into the year. We've got a lot of change coming in Q2 and beyond.

而且我們今年才走過一個季度。第二季以及之後還會有很多變革推出。

And I would just layer on that really the merchandising team is laser-focused on serving busy families. And if we think about some of the changes that we put into place in Q1 really highlights from a newness standpoint as we think about really leaning into wellness-related categories.

我也想補充的是，商品團隊確實高度聚焦於服務忙碌家庭。如果我們回顧第一季所落實的一些改變，從「新品」的角度來看，特別凸顯了我們更深入投入健康相關品類。

I would highlight the 3,000 new items that we added in Food and Beverage, the 1,500 new items that we added in our wellness categories. as really areas that we're leaning in to listen to what our guests are searching for, what they're excited by and bringing sort of that mix of style, design and value to them. The other real standout is our focus on Baby in Q1.

我想特別指出：我們在食品與飲料新增了 3,000 項新品，在健康品類新增了 1,500 項新品。這些都是我們加大投入的領域，透過傾聽顧客在搜尋什麼、對什麼感到興奮，並把風格、設計與價值的組合帶給他們。另一個非常突出的重點，是我們第一季對嬰幼兒（Baby）品類的聚焦。

And I think that's a great example where we've started early on our journey, but a pretty significant overhaul to the category, listening to deep insights of what busy families we're looking for and bringing in the right assortment, 2,000 new items starting at $1, but also introducing premium offerings where they were looking to spend a little bit more on some of those big ticket purchases. It was also an area of the store that we had not updated in quite some time. And so we were able to actually bring the level of inspiration and the level of discovery to the baby area by introducing Baby Beacons.

我認為這是一個很好的例子：我們雖然才剛開始這段旅程，但已對該品類進行相當大幅度的改造，聆聽忙碌家庭的深度洞察，導入正確的商品組合——新增 2,000 項新品，起價 1 美元——同時也引進高端產品，以滿足他們在某些高單價採購上願意多花一些的需求。這也是店內一個我們相當長時間未更新的區域。因此，我們透過導入 Baby Beacons，實際把靈感與探索感帶到嬰幼兒區域。

And then in 200 stores, we are testing a baby concierge service as we think about really our role in elevating that guest experience. And so I think about those proof points in Q1 as really good early signals that are laser-focused on serving busy families with that combination of value, style and design is working. It's gaining traction. But again, we have much more work to do.

此外，在 200 家門市，我們正在測試嬰幼兒禮賓服務（baby concierge service），以思考我們在提升顧客體驗方面所扮演的角色。因此，我把第一季的這些驗證點視為非常好的早期訊號：以價值、風格與設計的組合、並高度聚焦服務忙碌家庭的做法正在奏效。它正在取得進展。但同樣地，我們還有更多工作要做。

And then just a quick follow-up for Jim. You mentioned in your prepared remarks that cost headwinds in the first half will moderate in the second half. Could you provide a little bit of color about what you meant there? And then specifically also discuss what to expect from a freight perspective this year.

接著我想對 Jim 追問一個問題。你在事先準備的發言中提到，上半年的成本逆風會在下半年趨於緩和。你能否補充一些背景說明你所指的是什麼？另外也請具體談談今年在運費（freight）方面可以預期的情況。

Corey, yes, as I mentioned in the financial community meeting, we assume some level of cost headwinds in the first half of the year relative to the second half. One of those examples was as we're opening new stores and remodeling, you will see much more accelerated depreciation and certain costs just hitting the first half of the year, and that's primarily timing related.

Corey，是的，正如我在金融社群會議上提到的，我們假設相較於下半年，上半年會面臨一定程度的成本逆風。其中一個例子是，隨著我們開設新店並進行改裝，你會看到折舊加速，以及某些成本更多地落在上半年，這主要是時點因素所致。

There's also a reference to shrink being slightly elevated through the P&L in the first half of the year versus the second half. It's just more timing related to how we book accruals for the year. Just a quick note on shortage, we expect -- we continue to expect us to be in line with last year, but it's just purely a timing thing versus from the first half to the second half of the year.

另外也提到，損耗（shrink）在上半年透過損益表（P&L）反映的水準會比下半年略高。這只是與我們如何在年度內入帳應計費用的時點更相關。關於短缺（shortage）再補充一句，我們預期——我們仍預期會與去年大致一致，但純粹是上半年到下半年之間的時點差異。

And from a freight standpoint, we're monitoring that closely. Our guidance reflects what we're seeing as scenarios on freight as well.

至於運費方面，我們正密切監控。我們的指引也反映了我們對運費情境的觀察。

Spencer Hanus, Wolfe Research.

Wolfe Research 的 Spencer Hanus。

I just was curious what you're seeing in terms of comp momentum and due to date? And then how are you thinking about reinvesting some of the upside from the comps going forward to keep up the momentum that you've seen in the first quarter so far?

我只是好奇，你們在同店銷售（comp）動能以及截至目前（to date）的表現上看到了什麼？另外，你們如何思考把同店銷售帶來的一些上行空間再投資到未來，以延續你們目前在第一季所看到的動能？

Yes. I'll maybe start with your second question. As you think about reinvestment we step back and think about it a little bit differently. We started the year with a clear view of where we needed to invest behind the strategy. We spent a lot of time in our financial community meeting outlining what that strategy is. That's only made real when we make decisions against that strategy and invest with conviction against what we know will work.

是的。我可能先從你的第二個問題開始。談到再投資時，我們會稍微用不同的方式退一步來看。我們在年初就很清楚知道，為了支撐策略，我們需要在哪些地方投資。我們在金融社群會議上花了很多時間闡述那個策略是什麼。而只有當我們依據該策略做出決策，並以堅定的信念投資在我們知道會奏效的事情上，這個策略才會真正落地。

And so that's what we've laid out in plans this year. I might ask Lisa to chime in about some of the investments that we're making in stores and in payroll, the hundreds of millions of dollars invested there directly to help improve the consistency of our experience. We're excited about the $5 billion of capital we'll put to work in the business this year, a really strong new store pipeline as a piece of that spend, the remodels that help bring our latest and greatest thinking to more and more target stores in community is a big part of that spend. And so you'll see us continue to invest behind the places we know will accelerate growth over time.

因此，這就是我們今年計畫中所規劃的內容。我可能請 Lisa 補充一下我們在門市與人事（payroll）方面的一些投資——我們在那裡直接投入了數億美元，以協助提升體驗的一致性。我們對今年將在業務中投入運作的 50 億美元資本感到振奮，其中一部分支出來自非常強勁的新店開發管線；而改裝（remodels）能把我們最新、最好的想法帶到越來越多的 Target 門市，並在社區中呈現，也是這筆支出的重要部分。因此，你會看到我們持續投資在那些我們知道能隨時間推動成長加速的領域。

But that's not a read and react by quarter thing for us. That's us being convicted on what we know will work because we've tested it and we've seen results and we lean into what's working. And the path forward is all about sustained long-term growth. We also know that one quarter doesn't make a trend yet. But that future is paved a quarter in time, and we're encouraged by what we're seeing in Q1.

但對我們而言，這不是按季度「看情況再反應」的做法。而是我們對自己知道會奏效的事情有信念，因為我們已經測試過、看到了成果，並且加碼投入在有效的項目上。前進的道路完全是關於可持續的長期成長。我們也知道，一個季度還不足以形成趨勢。但未來是由一季一季鋪成的，而我們對第一季（Q1）所看到的情況感到鼓舞。

Lisa, do you want to maybe share a little bit more about some of the investments that we're making?

Lisa，你要不要再多分享一些我們正在進行的投資？

Yes. We're excited about the investments that we have underway. And as we talked about, all of those are in line with the strategy that we've put forward. We shared the news that we recently opened our 2,000th store, we have 100 remodels underway this year. We'll have 30 new stores this year on our way to 300 by 2035.

好的。我們對目前正在推進的投資感到很興奮。如同我們所談到的，這些投資都與我們提出的策略一致。我們也分享了近期開出第 2,000 家門市的消息，今年我們正在進行 100 項改裝。今年我們將新增 30 家門市，朝著 2035 年達到 300 家的目標前進。

I think what's important to remember about those stores is that they're larger. So you're looking at 125,000 to 150,000 square feet and there's the best expression of our strategy. And so you see us leaning into food and fulfillment in new ways. We're also investing across the chain in transitions as we move throughout the year. And so that's another lever that we have to make sure that we're bringing newness at scale across the portfolio, which we're carefully managing as we move throughout the year.

我認為關於這些門市重要的一點是，它們的規模更大。也就是說，面積約 125,000 到 150,000 平方英尺，並且是我們策略的最佳呈現。因此你會看到我們以新的方式加碼食品（food）與履約（fulfillment）。我們也在整個供應鏈上投資於轉換（transitions），以配合我們在年度中逐步推進。因此，這也是我們的一個槓桿，確保能在整個門市組合中以規模化方式帶來「新鮮感」，而我們也會在年度推進過程中謹慎管理。

And then Michael talked about our investments in stores. We started off the year talking about investing hundreds of millions of dollars in payroll for our stores. Our store team members are at the heart of Target and making sure that we put that payroll where the workload is, is critical to us being able to elevate that guest experience. So that means lining that up on nights and weekends, making sure that we're staffing to provide a great experience, and we're seeing that pay off. We were excited to share three-year highs in key fundamental guest metrics like cleanliness, interaction with our team members, checkout experience.

接著 Michael 談到了我們在門市的投資。我們在年初就提到，將在門市的人事成本（payroll）上投入數億美元。門市團隊成員是 Target 的核心，而確保把人事配置放在工作量所在之處，對我們提升顧客（guest）體驗至關重要。這意味著要在夜間與週末對齊配置，確保人力足以提供很棒的體驗，而我們也看到這正在帶來回報。我們很高興分享，在清潔度、與團隊成員互動、結帳體驗等關鍵基礎顧客指標上，達到了三年來的新高。

And so we'll carry that forward as we continue to invest in the parts of our portfolio and our strategy that really lead to that elevated guest experience.

因此，隨著我們持續投資於門市組合與策略中真正能帶來更高層次顧客體驗的部分，我們也會把這些成果延續下去。

Then on your other question about kind of what we're seeing so far to date in Q2, I think Jim hit in his prepared remarks, well, the things on our mind as we look at the second quarter. There's some unique things from last year like the Nintendo Switch launch that we know or are added some momentum in Q2 of last year. It was the strongest quarter of last year. And so we'll anniversary that in Q2, that's on our mind.

至於你另一個問題，關於我們目前在第二季（Q2）截至目前所看到的情況，我想 Jim 在事先準備的發言中已提到，當我們看第二季時，有幾件事是我們關注的。去年有一些獨特因素，例如 Nintendo Switch 的上市，我們知道那為去年第二季帶來了一些動能。那是去年最強的一季。因此我們會在第二季面臨這個比較基期（anniversary），這是我們關注的點。

But we're excited about how we've seen the consumer responds to what we're doing in the first quarter. We've got a lot more change coming in the second quarter and beyond. And so the response we've seen so far, gets us pretty excited about what we'll see as we make more change over the balance of the year.

但我們對第一季消費者對我們所做事情的反應感到振奮。第二季以及之後還會有更多變革到來。因此，到目前為止所看到的反應，讓我們對今年剩餘期間在推動更多變革後將看到的表現感到相當興奮。

Great. And then just to follow up, in terms of the shelf resets that you've done to date, how have the sales been trending relative to your expectations? And how has that informed how you're going to be resetting categories as we look through the summer and then into back-to-school later this year?

很好。接著追問一下，就你們截至目前所做的貨架重置（shelf resets）而言，銷售趨勢相對於你們的預期如何？而這又如何影響你們在今年夏季、以及稍晚的返校季（back-to-school）期間，將如何重置各品類？

I'll maybe have Cara add some of what we're excited about to come. But the punchline, I would say so far is where we're making change, we're seeing the guest response. And we've got a lot of change plans this year. You heard me say at the Financial Community Meeting, we'll make more change to what we sell and how we sell it in 2026 than we've seen in a decade. And we're not going to get it all right.

我可能請 Cara 補充一些我們對接下來內容感到興奮的地方。但我想先講結論：到目前為止，在我們做出改變的地方，我們看到了顧客的回應。而我們今年有很多變革計畫。你也聽我在金融社群會議上說過，2026 年我們在「賣什麼」以及「怎麼賣」上的變革，將比過去十年任何一年都更多。而我們不可能每一件事都做對。

We'll have lessons learned as we go through the year. We know managing that amount of change, it's an incredible amount of work for the team. they've shown up to do that so far has just been really encouraging to see in the first quarter. But by and large, where we're investing in product newness, we're investing in elevating the guest experience. We're seeing the consumer response.

我們會在年度推進過程中累積經驗教訓。我們知道要管理這麼大量的變革，對團隊而言是非常龐大的工作量；而他們到目前為止的投入，在第一季看到真的非常令人鼓舞。但整體而言，在我們投資於商品新鮮度、投資於提升顧客體驗的地方，我們看到了消費者的回應。

So that just gets me really excited about the change to come. Cara, do you want to share some of what you're excited about in Q2 and the balance of the year?

因此，這讓我對接下來的變革更加興奮。Cara，你要不要分享一些你對第二季以及今年剩餘期間感到興奮的事情？

Yes. And I might just layer on as we think about the areas that we've touched so far, we've continued to see momentum in our Fund101 business, which we've talked about, which really started last year as we think about a business like toys. The resets that we've done so far this year, adding in newness to food and beverage, adding space and new items to our wellness and health categories. adding newness to Beauty as well as the changes that I talked about baby, we're really pleased with what we're seeing.

是的。我想在我們目前已觸及的幾個面向上再補充一下：我們在 Fund101 業務上持續看到動能，我們之前也談過；回想像玩具這類業務，這股動能其實是從去年開始的。今年到目前為止我們所做的各項重整（reset），包括在食品與飲料加入更多新品、在健康與保健品類增加陳列空間與新品、在美妝加入更多新品，以及我提到的嬰幼兒品類調整，我們對目前看到的成果感到非常滿意。

As we think about the quarter ahead, we are focusing on continuing to execute well and driving some of the bigger changes. So right now, as we speak, we are resetting our dry grocery area. It's our largest reset that we've had in this area in over a decade. We're pleased with what we're seeing, but we're really right in the middle of it.

展望接下來的一季，我們的重點是持續把執行做好，並推動一些更大的變革。所以此刻我們正在重整乾貨雜貨（dry grocery）區域。這是我們在該區域十多年來規模最大的一次重整。我們對目前看到的情況感到滿意，但我們確實還在進行的正中間。

And then we are in the beginning of our transformation in home. And so later this quarter, we're going to add in really our threshold shop-in-shops in about 200 stores and start to really the beginning of that transformation when we think about our decorative accessories category.

另外，我們也正處於家居（home）轉型的起步階段。因此在本季稍晚，我們將在約 200 家門市新增 Threshold 的店中店（shop-in-shop），並在我們的裝飾配件（decorative accessories）品類上，真正啟動這波轉型的開端。

And then I would just have to also highlight really excited for the launch of the Target Beauty Studio. So the team is a multi-month process to get ready for that reset, but we are heads down and really excited about what's to come.

此外我也必須特別強調：我們對 Target Beauty Studio 的推出感到非常興奮。團隊為了這次重整已準備了好幾個月；目前我們全力以赴，也非常期待接下來的成果。

Kate McShane, Goldman Sachs.

Kate McShane，高盛。

We wanted to ask a few questions around inventory. Thanks for the commentary so far. But we were wondering if you could speak specifically about in-stocks and product availability on the shelf how this is being addressed, what improvements have been made, and how it's being measured.

我們想就庫存提出幾個問題。謝謝你們目前為止的說明。不過我們想請你們具體談談：貨架上的到貨率（in-stocks）與商品可得性是如何被改善的、已做了哪些改進，以及你們如何衡量這些改善。

Yes. Thanks for the question, Kate. I'll maybe ask Lisa to chime in about the journey that we're on there. But the punchline, and you're probably going to hear this punchline repeated over and over from us if we're successful, is we continue to make real progress in improving inventory reliability. And we know the bar is high there.

是的。謝謝你的提問，Kate。我可能會請 Lisa 也補充一下我們在這方面的進程。但結論是——如果我們做得成功，你們會一再從我們口中聽到這句話——我們在提升庫存可靠性方面持續取得實質進展。而我們也知道這方面的標準很高。

And so you're not going to hear a hint of real satisfaction from us until we continue that progress in the quarters and years to come. But we're encouraged by the progress that we've made. Maybe just speaking to what you see on the balance sheet briefly.

因此，在未來幾季與未來幾年我們持續推進之前，你不會從我們這裡聽到任何真正的滿足感。但我們對目前取得的進展感到鼓舞。我也許先簡短談一下你在資產負債表上看到的情況。

We're anniversarying some higher in-transit levels in inventory last year. If you step away from that, I think our inventory position we'd estimate is up just slightly, and it's meaningfully up in some of the higher turning frequently purchased item categories where we're making real investments in product availability.

我們正在與去年較高的在途庫存（in-transit）水位做同比。如果先把這個因素抽離，我們估計整體庫存水位僅小幅上升；而在一些周轉更快、屬於高頻購買的品類上，庫存則明顯增加，因為我們正在對商品可得性做出實質投資。

But Lisa, you want to share a little bit more about the work that continues to make sure that we're reliably in stock for guests.

不過 Lisa，你要不要再多分享一些我們持續推動的工作，以確保能穩定地為顧客提供有貨可買的體驗？

Yes. So as you mentioned, impacts are absolutely critical to our guest experience, and we have not been where we need to be but we are making solid progress. We talked about how our in-stocks improved year over year. One thing we're excited about is that the fastest improvement that we saw were in our most important items, the top items that our guests are shopping most frequently with Target. So I think categories like food, essentials and beauty.

好的。如你所提到的，到貨率（in-stocks）對顧客體驗至關重要；我們過去確實沒有達到應有水準，但我們正在取得扎實的進展。我們也談到到貨率已較去年同期改善。有一點讓我們很振奮：改善最快的是我們最重要的商品，也就是顧客在 Target 最常購買的那些核心商品。例如食品、民生必需品（essentials）與美妝等品類。

And then we continue to invest to improve that further. And that investment spans how we're approaching intelligence, our team, our facilities and data. And so we're working to use AI to improve our demand forecasting, which helps reduce some of the volatility that can lead to some of those in-stock issues. We talked about the team investment. We're really excited to have Jeff be joining the team with his breadth of experience across the industry.

同時我們也持續投資，進一步提升表現。這些投資涵蓋我們在智慧化（intelligence）、團隊、設施與數據方面的做法。因此我們正運用 AI 改善需求預測，這有助於降低可能導致缺貨問題的波動。我們也提到團隊方面的投資。我們非常期待 Jeff 加入團隊，他在整個產業累積了廣泛的經驗。

And then facilities. We shared a couple of new facility openings. One is our Colorado food distribution center. And so when you think about that investment in fresh food, again, that leads to better in-stocks, better freshness in some of those most important, most frequently shopped categories. We also recently announced the opening of a new receive center in Houston.

再來是設施。我們分享了幾個新設施的啟用。其中之一是我們在科羅拉多州的食品配送中心。因此當你想到我們對生鮮食品的投資，這同樣會帶來更好的到貨率、更好的新鮮度，尤其是在那些最重要、購買頻率最高的品類。我們最近也宣布在休士頓啟用一座新的收貨中心（receive center）。

And what we like about that is that it gives us the flexibility to hold more long lead time import, seasonal inventory upstream and then distribute that closer to the time when the guest needs it, which just is just one more lever that gives us the opportunity to have products where our guest needs it when they are looking for it. And so we've been able to couple that with the strong inventory position that Michael mentioned, we feel really good about being healthy and investing where we need to be investing for in-stock.

我們喜歡這項投資的原因在於：它讓我們更有彈性，能在上游保留更多交期較長的進口與季節性庫存，並在顧客需要的時間點更接近地進行配送；這又多了一個槓桿，讓我們有機會在顧客尋找商品時，商品就在顧客需要的地方。再加上 Michael 提到的強勁庫存狀況，我們對於目前庫存健康、並在需要的地方投入以提升到貨率，感覺非常良好。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，摩根士丹利。

I think if I heard right, Cara mentioned 40% of merchandise will be revamped or is it reset or changed. Can you talk about what percentage of the overall merchandising overhaul is underway in Q1? What percentage will be by the end of the year? And then if there's any into 2027.

如果我沒聽錯，Cara 提到有 40% 的商品將被翻新——是指重整（reset）或更換嗎？你能談談在第一季（Q1）整體商品改造（merchandising overhaul）中，有多少比例正在進行嗎？到今年年底會達到多少比例？以及是否有延伸到 2027 年的部分？

Yes. I'll start there, Simeon. And it looks different by category. I think some of what you heard Cara describe was specific to some upcoming change in food where we've got a lot of new assortments coming in the second quarter. But every category is on a little bit of a different time frame.

是的。Simeon，我先從這裡開始回答。而且不同品類看起來會不太一樣。我想你聽到 Cara 描述的部分，較偏向食品領域即將到來的一些變化——我們在第二季會引進大量新的商品組合（assortments）。但每個品類的時間表都略有不同。

And for us to bring the right newness over time, you can expect us to continue to invest in the future and bringing what's new and relevant, leading with style and design, what's relevant and culture that's been so important about driving the continued success we've seen in a category like Fund101, we're a little farther down the path some of that reinvention.

而為了在時間推移中帶來恰到好處的「新鮮感」，你可以預期我們會持續投資未來，導入最新且更貼近需求的商品，並以風格與設計為先，帶來與顧客文化脈動相關的內容；這一直是推動我們在 Fund101 這類品類持續成功的重要因素，而在這些再造（reinvention）工作上，我們已經走得更前面一些。

But there's other categories where we're just getting started. I mean home is going to be multiyear work for us to get that category back to where we expect it to be over time. But we're not waiting to start that work. The deck accessories transition -- the decorative accessories transition that we'll have in Q2 changes out 75% of the assortment in that subcategory of home.

但也有其他品類我們才剛開始。例如家居對我們而言將是一項多年期的工作，才能讓該品類隨時間回到我們期望的水準。但我們不會等到以後才開始。我們在第二季（Q2）進行的裝飾配件（decorative accessories）轉換，會更換家居中該子品類 75% 的商品組合。

That will be a good step forward for us. but there'll be parts of the home business that we tackle later in '26 and '27 and beyond. Just came out of some planning meetings in the last couple of weeks about what some of that multiyear plan looks like.

這會是我們向前邁出的一大步；但家居業務中仍有一些部分，我們會在 2026 年、2027 年以及更往後再陸續推進。過去幾週我剛參加了一些規劃會議，討論這個多年期計畫的樣貌。

And so I think you can expect us to keep the foot on the gas to make sure we're always bringing the freshest and latest assortment and not every category moves at the same time line. But I'll just underscore, we're encouraged by the response we're seeing.

因此我認為你可以預期我們會持續加速，確保我們總是帶來最新、最具新鮮感的商品組合；而且不是每個品類都會在同一時間線上同步推進。但我也要再次強調，我們對目前看到的回饋感到鼓舞。

We know when we cement Target is a place for newness, we cement Target as a place for style and design relevance for guests, that leads to them picking target more often as I decompose the strength we saw in the first quarter, one of the things that's most encouraging to me is a little traffic play, to see comp growth driven by traffic means more guests picking target more often, and that's an incredibly healthy sign for us right now.

我們知道，當我們鞏固 Target 是「新品首選」的定位、鞏固 Target 對顧客而言是具備風格與設計相關性的地方時，顧客就會更常選擇 Target。當我拆解第一季看到的強勁表現時，最讓我振奮的一點是流量的帶動：看到同店成長（comp growth）由來客數（traffic）驅動，代表有更多顧客更常選擇 Target，這對我們目前而言是一個非常健康的訊號。

And Michael, just to -- I want to ask a separate follow-up but to your response, it seems to me that you're just getting started, so that what we saw in the first quarter may not have even reflected the newness yet? Or is that unfair?

Michael，另外我想—我有一個獨立的追問，但就你剛才的回應來看，我的感覺是你們其實才剛開始，所以我們在第一季看到的表現，可能甚至還沒有真正反映這些新措施的「新鮮感」？還是這樣說不公平？

And then my follow-up question was more for Jim, respecting that it's all about sustainable top line growth, and that is the goal. I do want to focus on margins for a second. The incrementals were pretty good in the first quarter, maybe SG& a little high, and it looks like a similar level of flow-through implied for the back half, even though the top line may slow a little.

然後我的追問比較是問Jim：我理解一切都圍繞在可持續的營收成長，而那就是目標。我想先把焦點放在毛利率/利潤率上談一下。第一季的增量利潤表現相當不錯，可能SG&A稍微高了一點，而且看起來下半年隱含的流入（flow-through）也大致是類似水準，即便營收可能會稍微放緩。

So can you talk about the complexion the ability also to see higher flow through over time. And I think some of this goes into self-funding these investments that you've laid out for the year.

所以你能談談其結構面、以及隨時間推進是否也有能力看到更高的流入率嗎？我想其中一部分也關係到你們今年所提出這些投資如何做到自我挹注（self-funding）。

Yes. Sure, Simeon. On your first question, the obvious answer is both. Teams have been hard at work for months, building the plans that we executed in the first quarter. And we have a lot more in front of us.

是的。當然可以，Simeon。就你的第一個問題，顯而易見的答案是兩者皆是。團隊已經努力了好幾個月，建立我們在第一季所執行的計畫。而我們前面還有很多工作要做。

I would say, in many ways, we're just getting started with the change that we contemplate against the focused strategy that we laid out at the Financial Community Meeting. But that's changed that we're approaching with urgency.

我會說，從很多面向來看，針對我們在金融社群會議（Financial Community Meeting）所提出的聚焦策略，我們所構想的變革其實才剛開始。但這些變革我們正以緊迫感來推進。

That's changed that we've been working towards for many months to be in a place where we could put change the guests responded too well in Q1 in place. And we've got a lot of work in front of us given the ambitious plans that we've laid out for the year. So both things are certainly true in answer to your first question.

這些變革是我們已經努力了好幾個月、為了走到能把變革落地的位置；而第一季顧客對這些變革的反應非常好。而鑑於我們為今年擬定的雄心計畫，我們前面還有大量工作要做。所以就你的第一個問題而言，兩者確實都成立。

I'll pass to Jim to decompose margins, but I'll be shocked if the headline isn't top line growth translates to margin opportunity over time. But Jim, you want to unpack some of what we're seeing in the details there.

我把利潤率的拆解交給Jim，但如果最後的主軸不是「營收成長會隨時間轉化為利潤率的機會」，我會很意外。不過Jim，你可以把我們在細節上看到的情況再拆解一下。

Sure. And Simeon, to your point, yes, SG&A was higher, it's up 7% in Q1. And that's indicative of the investments that we had outlined during the financial community meeting. So there's no surprises. We're making the right investments to drive sustainable long-term growth.

好的。Simeon，正如你所說，SG&A確實更高，第一季年增7%。這反映了我們在金融社群會議上所概述的投資。所以沒有意外。我們正在做正確的投資，以推動可持續的長期成長。

And I'll emphasize, it's early in the year. We're one quarter down. There's still a lot of work ahead of us. So we've guided and flowed through the upside you saw in Q1 EPS to sort of the high end of the range that we provided earlier and we'll continue to update as we go along. But it's early in the quarter.

我也要強調，現在還在年初。我們才走完一個季度。前面還有很多工作。因此，我們把你在第一季看到的EPS上行，導入到先前提供區間的高端；我們也會在推進過程中持續更新。但現在還很早。

I mean, our recognition is we have more work to do through the balance of the year. And to Michael's point, driving sustainable growth is so critical for us, getting productivity on a continuous basis and then having top line growth that drives leverage will fuel our margin expansion over time.

我的意思是，我們認知到今年剩餘期間還有更多工作要做。而如同Michael所說，推動可持續成長對我們至關重要；持續取得生產力提升，並且讓營收成長帶來營運槓桿，將在時間推移中驅動我們的利潤率擴張。

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，Oppenheimer。

So just going back to the partnership, a lot of success during Q1. Just curious how you feel about the lineup of partnerships as the year progresses? And then any sense of whether these partnerships have led to a new customer acquisition.

我想回到合作夥伴關係這塊，第一季有很多成功案例。想請教你們如何看待今年接下來合作夥伴的排程/陣容？另外，這些合作是否帶來新客取得（new customer acquisition）方面的跡象？

Yes. I'm happy to start and Cara, feel free to share some of the important role that partnerships have played and will continue to play for us. One of the I think perhaps for us, most enjoyable parts of the first quarter as you think about what we've done so far this year with some of those limited time-only partnerships.

是的。我很樂意先回答，Cara也請隨時補充合作夥伴關係對我們的重要角色，以及未來將持續扮演的角色。我想，第一季最令人愉快的部分之一，是回頭看我們今年到目前為止做的一些限時合作。

I mean, I think I've had the pleasure of waking up to lines outside of Target stores before we open three times so far this year. And they were around the unique drops that we had with Roller Rabbits and Parke and Pokémon most recently.

我的意思是，今年到目前為止，我已經有三次很開心地在Target門市開門前醒來就看到門外排隊人潮。那是因為我們與Roller Rabbit、Parke，以及最近的Pokémon所推出的獨家限量上架（drop）。

That's just an A1 example in Targets that are best, we're bringing style and design and a value that you can only find a Target around brands our guests love. And so -- now that was a fun highlight in the first quarter that I think shows the strength of the pipeline of partnerships that we have. I'd probably get in trouble with the team if we got too far over our skis and sharing what's coming for the balance of the year, but you can expect partnerships to continue to play an important role.

這就是Target最強狀態的A1範例：我們把風格、設計，以及只有在Target才能找到的價值，帶到顧客喜愛的品牌周邊。所以—第一季這是個很有趣的亮點，我認為也展現了我們合作夥伴管線的強度。如果我在分享今年剩餘期間會推出什麼時講得太多，團隊可能會找我麻煩；但你可以預期合作夥伴關係將持續扮演重要角色。

Cara, anything you'd add?

Cara，你要補充什麼嗎？

Yes. I would just layer on, as we talked about at Financial cementing, we've had a ton of success over decades with our partnerships, and we're working on increasing the cadence and not all of them have to be large and some can be small and drops.

好的。我補充一下：正如我們在金融社群會議上談到的，我們在過去數十年透過合作夥伴關係取得了大量成功；我們也在努力提高推出的頻率，而且不一定都要做很大型的合作，有些可以是小型、以「drop」形式推出。

And so as you think about what we did in Q1, really leaning into a couple of really fun socially driven brands like Parke and like Roller Rabbit, we're really exciting. When you think about Pokemon and what we did there. No other retailer is thinking about multi-category and Pop-Tarts to starter jackets to Caboodle's, really thinking about the power of fandom.

所以當你回想第一季，我們確實很用力地投入幾個非常有趣、以社群帶動的品牌，像是Parke和Roller Rabbit，真的很令人興奮。再想想Pokémon那一檔我們做的事情。沒有其他零售商會用多品類的方式來思考：從Pop-Tarts到starter jackets再到Caboodle's，真正去思考粉絲文化（fandom）的力量。

We actually had one other line drop, which was our K-Pop-BTS launch as well. So we actually had four launches in Q1 where we drew lines out of our stores. So what we're working on is consistency. It goes always on traffic-driving buzzworthy moment. And I think Q1 is a great indication of what you can expect from us moving forward.

我們其實還有另一個排隊上架活動，就是我們的K-Pop—BTS上市。所以第一季我們其實有四次上市活動，讓門市外出現排隊人潮。我們正在努力的是一致性。讓它成為一個常態化、能帶動來客的、具話題性的時刻。我認為第一季很好地顯示了你們未來可以期待我們帶來的表現。

Great. And then my follow-up question is just on Beauty. A lot of momentum in the quarter. It looks like the spring resets are going well. As you launched that beauty studio, what are you seeing so far from vendor interest? Like how is that progressing versus expectations?

很好。那我的追問是關於美妝（Beauty）。本季動能很強。看起來春季的品類重整（resets）進展順利。你們推出那個beauty studio之後，目前看到供應商的興趣如何？相較於預期，進展如何？

Yes. We're super excited about the change that will unfold as we get to the back half of the year. And so a lot of work leading up to that transition moment later this summer. I think more to come on some of the details as we get closer there. But as you know, Rupesh, the Beauty business has been a source of strength for us for a long, long time.

是的。我們對於下半年將逐步展開的變革感到非常興奮。因此，在今年夏末那個轉換時點之前，我們做了大量準備工作。我想等更接近時點，我們會再分享更多細節。但如你所知，Rupesh，美妝業務長期以來一直是我們的強項。

I mean we've got 10 years running of growth in beauty. Our ambition is to just truly be an incredible beauty destination for our guests and our working beauty studio play an important role there. That's another place where you'll see us do the right work on assortments to have loved brands. And you'll see us invest in experience. We know in a category like beauty, making sure that our service levels are equal to the rare air that some of our brands are is incredibly important.

我的意思是，我們美妝已經連續10年成長。我們的企圖心是，真正成為顧客心目中非常出色的美妝目的地，而我們正在打造的beauty studio在其中扮演重要角色。那也是你會看到我們在商品組合（assortments）上做對的工作、引進受喜愛品牌的地方。你也會看到我們投資在體驗上。我們知道在美妝這樣的品類，確保服務水準能匹配某些品牌所處的高端定位，是極其重要的。

And so that's part of the plan as we as we have that launch later this year.

因此，這也是我們今年稍晚推出時整體計畫的一部分。

Michael Lasser, UBS.

Michael Lasser，瑞銀（UBS）。

I think we're all trying to figure out how much of the first quarter performance was due to the actions that Target has taken versus exogenous variables like tax refunds. So if we look at your first quarter performance at a 5.6% comp versus what your guidance implies for the rest of the year it suggests around a 1% comp, admittedly, you just flowed through the first quarter outperformance, but still, should we take the difference between those two, 5.6% versus 1%, is what you think with maybe some unique factors to the first quarter?

我想我們都在試著釐清，第一季的表現有多少是Target採取的行動所帶來的，又有多少是像退稅這類外生變數所致。所以如果我們看你們第一季同店銷售成長（comp）為5.6%，相較於你們對今年其餘期間的指引所暗示大約1%的同店成長，坦白說，你們只是把第一季的超預期表現反映進去，但即便如此，我們是否應該把這兩者之間的差距——5.6%對1%——視為你們認為第一季可能存在一些獨特因素所造成的？

And alternatively, maybe another way to get at this is you have great data. How much are you seeing longer loss guests come back and that would be a sign that maybe some of the boycotts are diminishing and guests are giving you another shot.

另外，或許換個方式問：你們有很好的數據。你們看到有多少長期流失的顧客回流？這會是抵制行動可能正在減弱、顧客願意再給你們一次機會的跡象。

So Michael, it's a fair question. I'd probably stop shy of the precision implied in the math that you were doing there. because I think a few things are true. As we look at the consumer, we see a consumer that continues to be resilient. And they had some headwinds and tailwinds they were managing in the first quarter.

Michael，這是個合理的問題。我可能不會把你剛才那套數學推導所暗示的精準度看得那麼高，因為我認為有幾件事同時為真。當我們觀察消費者時，我們看到消費者仍然具有韌性。而他們在第一季同時在應對一些逆風與順風。

And so we'll continue to watch those closely. We saw strength coming from traffic. We saw strength that was broad-based across categories and guest demographics. So those are all positive signs for us as we look ahead for sure. But importantly, we saw real change on the heels of where we may change to what we were offering and how we were selling it.

因此我們會持續密切觀察這些因素。我們看到客流帶來的強勁表現。我們看到這股強勁是跨品類、跨顧客族群的廣泛性成長。所以就我們展望未來而言，這些都是非常正面的訊號。但更重要的是，我們在調整我們提供什麼、以及如何銷售之後，確實看到了實質的改變。

And so some of the examples you've heard already from Cara are when we're making change, we see the consumer response. And so there's things that will be out of our control with respect to the path to the consumer in the quarters and years to come. What is in our control is clarity of strategy and how we execute against it. And on that front, we're encouraged by what we saw in the first quarter.

所以你已經從Cara那裡聽到的一些例子是，當我們做出改變時，我們會看到消費者的回應。因此，未來幾季、甚至未來幾年，在觸達消費者的路徑上，會有一些事情不在我們控制之內。但在我們控制之內的是策略的清晰度，以及我們如何落實執行。而在這方面，第一季的表現讓我們感到鼓舞。

Okay. Going back to -- just as a quick follow-up, coming back to your guidance. You raised your top line expectation and again, probably just flowing through the first quarter outperformance, you simply pointed to the high end of your EPS range. So are there some incremental costs that you had to factor in from areas like freight and other energy-related prices that are acting as an incremental headwind and to what degree are the changes in the tariff situation is going to provide a bit of an offset.

好的。回到——作為一個簡短追問，回到你們的指引。你們上調了營收端的預期，而同樣地，可能只是把第一季的超預期表現反映進去；但你們在EPS區間上只是指向區間上緣。所以是否有一些額外成本需要納入考量，例如運費以及其他與能源相關的價格，正在形成額外的逆風？另外，關稅情勢的變化在多大程度上會帶來一些抵銷？

Yes. Thanks for the question, Michael. Jim, feel free to add any more color. But our best view of some of the elevated costs that we've certainly seen is included in that guidance. And the thing I'd probably just reiterate is we're a quarter into the year.

是的。謝謝你的問題，Michael。Jim，如果你想補充更多細節也請隨時。但我們對於近期確實看到的一些偏高成本的最佳判斷，已經包含在這份指引之中。我可能要再強調的是，我們今年才走過一個季度。

And so we know we're at our best when we position the business slightly cautiously. And we've -- I've been on these calls with many of you long enough that we've seen the impacts and we haven't taken that posture in the business as well. And so we think that's a prudent way to be planning the business.

因此我們知道，當我們以稍微保守的方式來定位業務時，我們的表現通常最好。而且——我跟你們很多人一起參加這些電話會議已經夠久了，我們也看過一些影響；而我們過去也曾在業務上沒有採取這樣的姿態。所以我們認為，用這種方式來規劃業務是審慎的。

You heard us say we'd rather be chasing inventory a little bit than canceling inventory. And so that's on our mind as well as we think about making sure that we're a quarter in to a quarter we really -- to a start of the year that we're really pleased with, and we still got three quarters of the year in front of us.

你們也聽到我們說過，我們寧可稍微追著補貨，也不願意去取消訂單、砍掉庫存。因此，當我們思考確保——我們才剛走過四分之一，對於這個我們非常滿意的年度開局——同時我們前面還有三個季度要走，這點也一直在我們心上。

And I can add just more, Michael, on the top line. The way I would think about the top line guidance is approximately half of that increase of the full year guidance was driven by what we saw in Q1 and call it the balance for the rest of the year.

Michael，我也可以就營收端再補充一些。我看待營收指引的方式是：全年指引上調幅度大約有一半是由我們在第一季看到的表現所驅動，其餘則可視為對今年剩餘期間的調整。

As Michael mentioned, I won't get too precise about the numbers, but we did have the easiest comp in overlap from Q1 of last year. So we're facing a little more difficult comps balance of the year. But I wouldn't read too much into that. I mean we're one quarter in. So we'll update that accordingly as we go.

如Michael提到的，我不會把數字講得太精準，但我們確實在去年第一季的基期重疊上，面對的是最容易的同店比較。因此，今年剩餘期間我們面對的同店比較會稍微更具挑戰。但我不會對此做過度解讀。畢竟我們才走過一個季度。所以我們會在後續進展中再相應更新。

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

接線員，我想我們還有時間再接一個問題。

Chris Horvers, JPMorgan.

Chris Horvers，摩根大通（JPMorgan）。

So I wanted to touch on the guidance as well. Do you -- what gives you the confidence to raise to the upper end of the range at this point in the year? I know Jim, last year, talked about a baseline of $8 to $10 in earnings that you could eventually grow off of. So as you sit here today, is the message simply like we have visibility on the cost side. We have that line of sight in our inventories clean.

我也想談一下指引。在今年這個時間點，你們有什麼信心把指引提高到區間上緣？我知道Jim去年談過，你們最終可以在每股盈餘8到10美元的基礎上再成長。所以以你們今天的狀態來看，訊息是否只是：我們對成本端有能見度，我們的庫存也很乾淨、看得很清楚。

So we're just getting back into the range and then there would be maybe some variability around sales. So -- or is it that you're making, I guess, a greater bet in terms of the gross margin outlook, whether that's keeping inventory clean and having full price sell-through?

所以我們只是回到那個區間，然後銷售端可能會有一些波動？或者說，你們其實是在毛利率展望上做了更大的押注——不論是維持庫存乾淨、以及以正價售罄（full price sell-through）？

Yes. I don't think -- the way you characterized it, I think, is probably fair. We entered the year with a pretty clear eye view of where we wanted to make investments. And the thing we have with one quarter under our belt is to see how the early path of those investments is starting to play out. And the response we're seeing to where we've made change gives us encouragement as we look at the balance of the year.

是的。我認為——你這樣描述，大致上是合理的。我們在年初就很清楚地知道我們想在哪些地方進行投資。而在我們已經走過一個季度之後，我們也看到了這些投資在早期的進展開始如何展現。我們看到對於我們做出改變之處的回應，讓我們在展望今年剩餘期間時更受鼓舞。

And we've got a lot of work in front of us. We laid out a really ambitious plan for this year. It will be the first of a series of years of ambitious plans would be my guess. And we're one quarter into that. And so maybe we'll wrap with just a huge thanks to the team that's doing the work.

而且我們前面還有很多工作要做。我們為今年提出了一個非常有企圖心的計畫。我猜這會是連續多年一系列有企圖心計畫的第一年。而我們才剛走過其中一個季度。所以最後也許我們要以對團隊的衷心感謝作結，感謝他們正在做的工作。

We know in retail, there's no shortcut it's real hard work against the clear strategy that's going to get the long-term growth that we want over time. And I couldn't be prouder of the team's work in the first quarter to take a big step down that path in the early parts of 2026. I'm really excited to do the work over the balance of the year to keep that momentum going.

我們知道在零售業，沒有捷徑；唯有依循清晰的策略、踏實地努力，才能在長期帶來我們想要的成長。我對團隊在第一季的工作感到無比自豪，他們在2026年初期就沿著這條路邁出了重要的一步。我也非常期待在今年剩餘期間持續推進這些工作，讓這股動能延續下去。

So with that, I think we'll wrap this quarter's earnings call. A big thanks to everyone for joining, and we'll circle back in 90 days.

那麼，我想我們就結束本季的法說會。非常感謝各位參與，我們90天後再見。