目標百貨 (TGT) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Target Corporation second-quarter earnings release conference call. (Operator Instructions) As a reminder, this conference is being recorded Wednesday, August 19, 2026.

各位女士、先生，感謝您稍候。歡迎參加 Target Corporation 第二季財報發布電話會議。(接線員指示) 提醒各位，本次會議將於 2026 年 8 月 19 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 second-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. In a few moments, Michael, Cara, Lisa, and Jim will provide their insights on our second-quarter performance and outlook for the rest of the year.

各位早安，感謝各位參加我們 2026 年第二季財報電話會議。今天與我同線的有：執行長 Michael Fiddelke；首席商品長 Cara Sylvester；營運長 Lisa Roath；以及財務長 Jim Lee。稍後，Michael、Cara、Lisa 與 Jim 將分享對我們第二季表現以及今年剩餘期間展望的看法。

Following their remarks, we will open the phone lines for a question-and-answer session. This morning, we are 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.

在他們發言之後，我們將開放電話線進行問答環節。今天早上，參與本次電話會議的包括投資人及其他透過網路直播收聽我們評論的聽眾。會議結束後，Jim 和我將可回答各位的後續問題。

Also, 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 today's earnings materials, 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.

另外提醒各位，我們今天早上所做的任何前瞻性陳述皆可能受到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，在今天的財報資料中，我們提及非 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 SG&A（銷售、一般及行政）費用。所有非 GAAP 數字與最直接可比的 GAAP 數字之調節表，已收錄於今早發布並張貼於我們投資人關係網站的新聞稿中。

And finally, as many of you know, I am getting ready to retire after more than 26 years at Target, and today marks my final earnings call. Along with that news, I am really excited to let you know that Justin Madsen has accepted the role of Vice President, Investor Relations for the company. Going forward, Justin will be kicking off these quarterly calls, beginning with our Q3 call in November.

最後，如同許多人所知，我在 Target 服務超過 26 年後即將退休，而今天是我最後一次財報電話會議。同時，我也非常興奮地告訴各位，Justin Madsen 已接受擔任本公司投資人關係副總裁一職。未來將由 Justin 來開場這些季度電話會議，從 11 月的第三季電話會議開始。

With that, I will turn it over to Michael to kick things off. Michael.

接下來，我把時間交給 Michael 來為我們揭開序幕。Michael。

Thanks, John, and thank you to everyone joining the call today. Before we dive into our prepared remarks, I want to congratulate John on his upcoming retirement and thank him for his countless contributions to Target. Today marks his 76th earnings call leading our Investor Relations team.

謝謝你，John，也感謝今天加入電話會議的各位。在我們進入事先準備的發言之前，我想先恭喜 John 即將退休，並感謝他對 Target 的無數貢獻。今天是他帶領我們投資人關係團隊主持的第 76 次財報電話會議。

As many of you know, John has played an instrumental role in communicating the strength of our brand and sharing our story with the investment community. Personally, I'm grateful for his counsel, partnership, and friendship, and I wish him all the best in this next stage of life.

如同許多人所知，John 在向投資界傳達我們品牌的實力並分享我們的故事方面，扮演了關鍵角色。就我個人而言，我非常感謝他的建議、合作與友誼，也祝福他在人生下一階段一切順利。

Earlier this year, we shared how our refreshed strategy, all in service of returning to sustainable growth, is centered on serving busy families with a differentiated combination of style, design, quality, and value in a way that is uniquely Target. To deliver on this strategy, we've outlined four key priorities: leading with merchandising authority, elevating the guest experience, accelerating technology, and strengthening our team and communities. Across each of these four priorities, we're seeing encouraging momentum. Our results show that our strategic choices, combined with the hard work of our team, are delivering change that is resonating with guests.

今年稍早，我們分享了我們更新後的策略——一切都以回到可持續成長為目標——其核心是以 Target 獨有的方式，透過兼具風格、設計、品質與價值的差異化組合，服務忙碌的家庭。為了落實這項策略，我們提出四項關鍵優先事項：以商品力領先、提升顧客體驗、加速科技，以及強化我們的團隊與社區。在這四項優先事項上，我們都看見令人鼓舞的動能。我們的成果顯示，我們的策略選擇加上團隊的努力，正在帶來能引起顧客共鳴的改變。

To be clear, we're just getting started, and there's a lot of important work ahead. But importantly, these early results give us increasing confidence that the investments we continue to make, all in service of our strategy, will support continued growth on both our top and bottom line while making Target not just a place to shop, but a destination for busy families. As we continue to elevate what we sell and how we sell it, they're choosing us more often, reflected in another strong quarter of traffic growth, up 3.6% to last year, which is a slight acceleration on a two-year basis compared to Q1.

坦白說，我們才剛開始，前方仍有許多重要工作要做。但更重要的是，這些早期成果讓我們更有信心：我們持續投入、以策略為核心的各項投資，將在推動營收與獲利（上、下線）持續成長的同時，讓 Target 不只是購物的地方，更是忙碌家庭的目的地。隨著我們持續提升我們賣什麼以及如何銷售，顧客更常選擇我們，反映在又一個強勁的來客數成長季度：較去年成長 3.6%，以兩年基礎來看，相較第一季略有加速。

In a moment, Cara, Lisa, and Jim will unpack our second-quarter results and key investments we've made to elevate the business. But before they do, I'd like to highlight a few examples of the progress we're making and our work in flight. In light of our focus on merchandising authority and elevating the guest experience, Q2 saw the completion of the largest volume of in-store transitions of any quarter over the past decade. Those changes included layout changes encompassing nearly half of our center store grocery assortment, a complete reimagination of our Fun 101 floor pad, replacing nearly three quarters of our decorative accessories assortment in home, and continuing to deliver limited time partnerships that reinforce Target as the destination for what's new, on-trend, and culturally relevant.

稍後，Cara、Lisa 與 Jim 將深入說明我們第二季的成果，以及我們為提升業務所做的關鍵投資。但在他們開始之前，我想先強調幾個我們正在取得進展與進行中工作的例子。鑑於我們聚焦於商品力與提升顧客體驗，第二季完成了過去十年中任何一季最大量的店內轉換（in-store transitions）。這些變更包括：涵蓋我們中間店區（center store）近一半雜貨品類的陳列配置調整、對我們 Fun 101 陳列區（floor pad）的全面重新構想、在家居品類中汰換近四分之三的裝飾配件品項，以及持續推出限時合作夥伴關係，強化 Target 作為「最新、最潮、具文化相關性」商品目的地的定位。

And in a testament to the dedication of our team, even with this volume of change, we're seeing continued progress on inventory reliability and guest satisfaction metrics, which are now reaching levels we haven't seen in many years. And while we know there is still a lot of work to be done for every store to reach its full potential, we're very encouraged by this progress we're seeing and the momentum we're building.

同時，這也證明了我們團隊的投入：即便在如此大量的變動下，我們仍在庫存可靠度與顧客滿意度指標上持續進步，且目前已達到多年未見的水準。雖然我們知道，要讓每一家門市都發揮其全部潛力仍有許多工作要做，但我們對所見到的進展與正在累積的動能感到非常振奮。

Just as importantly, we're delivering an incredible amount of trend-right newness while also providing outstanding value across the entire portfolio. As we've said consistently for years now, all of our business decisions are grounded in a focus on the consumer and providing outstanding value on every trip to Target. Over the past year alone, we've lowered prices on more than 10,000 items, reinforcing our commitment to ensuring families can find a unique combination of style, quality, and affordability every time they shop with us. Cara and Lisa will expand on these efforts in a few minutes.

同樣重要的是，我們在提供大量符合趨勢的新品之際，也在整個產品組合中提供卓越的價值。正如我們多年來一再強調，我們所有的商業決策都以消費者為核心，並致力於在每一次到 Target 的購物旅程中提供出色的價值。僅在過去一年，我們就已下調超過 10,000 項商品的價格，強化我們的承諾：確保家庭每次向我們購物時，都能找到兼具風格、品質與可負擔性的獨特組合。Cara 與 Lisa 將在幾分鐘後進一步說明這些努力。

To support this year's ambitious agenda, we're accelerating our tech capabilities to make every part of the business stronger, from how we serve guests to how we equip our teams. We're continuing to modernize our tech foundation while investing in new industry-leading capabilities that allow us to personalize experiences across stores and digital channels, strengthen one of the nation's premier retail media businesses, help our merchants identify and respond to emerging trends faster than ever before, and connect with both new and existing guests in increasingly relevant ways.

為了支持今年雄心勃勃的議程，我們正在加速科技能力，讓業務各環節更強大，從我們如何服務顧客到如何賦能我們的團隊。我們持續現代化我們的技術基礎，同時投資新的、業界領先的能力，使我們能在門市與數位通路提供個人化體驗、強化全美首屈一指的零售媒體業務之一、協助商品團隊以前所未有的速度辨識並回應新興趨勢，並以更具相關性的方式連結新舊顧客。

Earlier this year, we became one of only a small number of retailers to partner initially with OpenAI, Google Gemini, and other leading platforms to shape the future of agentic commerce. While still small in total today, as more consumers begin to explore the benefits of agentic shopping, Target's digital traffic sourced from external AI platforms is growing more than 3.5 times the industry as compared to a year ago. I'm also excited to share that to help us build on that momentum, we recently announced our new Chief AI Officer, Chandhu Nair, who will accelerate how we harness the power of AI to create better guest experiences and unlock new capabilities across our business.

今年稍早，我們成為少數最初就與 OpenAI、Google Gemini 及其他領先平台合作的零售商之一，共同塑造代理式商務（agentic commerce）的未來。雖然目前總量仍小，但隨著更多消費者開始探索代理式購物的好處，Target 來自外部 AI 平台導流的數位流量，相較一年前的成長速度已超過產業平均的 3.5 倍以上。我也很高興分享，為了在此動能上再接再厲，我們近期宣布新任首席 AI 長（Chief AI Officer）Chandhu Nair，他將加速我們如何運用 AI 的力量，打造更好的顧客體驗，並在整個業務中解鎖新能力。

As we continue investing in products, the guest experience, and tech, at Target, it's our team that brings a great guest experience to life, and we're committed to continue investing in our team. We've expanded training to help them sharpen skills while deploying technology that simplifies work, reduces friction, and gives them more time to focus on what matters most: serving our guests. And core to our roots as a company, we've been investing in communities all across the country. Already this year, we've opened 24 new full-size stores, serving new neighborhoods and creating thousands of jobs in communities we hadn't previously served.

當我們持續投資於商品、顧客體驗與科技時，在 Target，真正讓卓越顧客體驗得以實現的是我們的團隊，而我們也承諾將持續投資於團隊。我們已擴大訓練，協助他們精進技能，同時部署能簡化工作、降低摩擦並讓他們有更多時間專注於最重要事情的科技：服務顧客。此外，作為公司根基的核心之一，我們一直在全國各地投資社區。截至今年目前為止，我們已開設 24 家新的全尺寸門市，服務新的社區，並在我們過去未曾服務的社區創造數千個工作機會。

Every new store allows us to become a trusted new neighbor for tens of thousands of additional busy families, delivering a joyful shopping experience, affordable everyday essentials and inspiring finds, and bringing the best of our brand closer to more and more families. Together with our new supply chain facilities, we're investing billions of dollars across the US, strengthening local communities while positioning us to serve even more guests for years to come.

每開設一家新門市，都讓我們能成為數以萬計更多忙碌家庭信賴的新鄰居，提供愉悅的購物體驗、價格實惠的日常必需品與令人驚喜的精選好物，並把我們品牌最好的部分帶到越來越多家庭的身邊。結合我們新的供應鏈設施，我們正在全美投資數十億美元，在強化在地社區的同時，也讓我們具備在未來多年服務更多顧客的能力。

I want to close by thanking our team members across the company. Every achievement this quarter, from executing major merchandising transitions to advancing our technology capabilities, opening new stores, and so much more, reflects their commitment, resilience, and care. Thank you for everything you've done so far this year and for the passion you bring every day. Because of you, we're building a stronger Target with tremendous opportunities still ahead.

最後，我想感謝公司各地的團隊成員。本季的每一項成果，從執行重大的商品轉換、推進我們的科技能力、開設新門市，以及更多其他工作，都反映了他們的承諾、韌性與關懷。感謝你們今年迄今所做的一切，以及你們每天帶來的熱情。因為有你們，我們正在打造更強大的 Target，而前方仍有龐大的機會。

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

接下來，我把電話會議交給 Cara。

Thanks, Michael. On our last earnings call, I outlined how our enterprise strategy is centered on serving busy families by becoming more relevant in the areas that matter most to them. This led us to identify seven priority areas where we're placing disproportionate investments, areas that we believe have an outsized importance with busy families.

謝謝你，Michael。在我們上一次的財報電話會議中，我概述了我們的企業策略如何以服務忙碌家庭為核心，透過在對他們最重要的領域變得更具相關性。這使我們辨識出七個優先領域，我們將在這些領域投入不成比例的資源；我們相信這些領域對忙碌家庭具有特別重大的重要性。

As a reminder, they include building a leading beauty destination, expanding our role in health and wellness, being food forward, celebrating baby and kid life, leading in women's style, inspiring the love of home, and building culture-driven categories, including toys and entertainment. Today, these areas represent about 50% of our sales, and we believe they will contribute even more to our growth going forward.

提醒一下，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、慶祝嬰幼兒與孩童生活、引領女性風格、啟發對居家生活的熱愛，以及打造文化驅動的品類，包括玩具與娛樂。目前，這些領域約占我們銷售額的 50%，我們相信未來它們將為我們的成長帶來更大的貢獻。

We're still early in this journey, but what we're seeing gives us confidence. Importantly, our growth disproportionately came from the areas where we're making some of our biggest changes, reinforcing that we're investing behind the right opportunities and beginning to see those choices translate into performance.

我們仍處於這段旅程的早期階段，但我們所看到的情況讓我們更有信心。重要的是，我們的成長不成比例地來自我們正在進行一些最大變革的領域，這再次印證我們把投資放在正確的機會上，並開始看到這些選擇轉化為績效表現。

You'll recall that in the first quarter, we invested meaningfully in baby, health and wellness, and beauty, and we've been pleased with the response from our guests. Importantly, the response has been durable. We're not simply driving a quarter of strong performance, we're building momentum. And that's an important part of strengthening Target's merchandising authority, having a clear point of view on what our guests want, making sharper assortment choices, and delivering newness, differentiation, and incredible value through an experience that feels distinctly Target.

你會記得在第一季，我們在嬰幼兒、健康與保健以及美妝方面進行了相當可觀的投資，我們對顧客的回應感到滿意。更重要的是，這樣的回應具有持續性。我們不只是推動單一季度的強勁表現，我們正在建立動能。而這是強化 Target 商品力權威的重要一環：清楚掌握顧客想要什麼、做出更精準的品類組合選擇，並透過一種明顯具有 Target 特色的體驗，提供新鮮感、差異化與驚人的價值。

In Q2, we brought that approach to life through significant transitions across food and beverage, Fun 101, decorative accessories in home, and other priority categories, creating more reasons for guests to choose Target. Let's start with food. Earlier this year, I talked about our ambition to make food a destination, not simply a category a guest shops while they're in our stores, but a reason they choose to come to Target. We recently completed our largest food transition in more than a decade, changing the presentation of nearly half of our center store grocery assortment, adding new and unique offerings, and reimagining end caps and in-aisle presentation to make discovery easier.

在第二季，我們把這種方法落實到食品與飲料、Fun 101、居家裝飾配件，以及其他優先品類的重大轉換上，創造更多讓顧客選擇 Target 的理由。先從食品開始。今年稍早我談到，我們的企圖是讓食品成為目的地，而不只是顧客在店內順便購買的一個品類，而是他們選擇來 Target 的理由。我們最近完成了十多年來最大規模的食品轉換，調整了近一半中間走道雜貨品類的陳列方式，新增全新且獨特的商品，並重新構想端架與走道內陳列，讓探索更容易。

But this wasn't just about resetting aisles. We also expanded fresh produce, created new focals for seasonal offerings; added space for fast-growing categories like snacks, global foods, and functional coffee; and continued introducing emerging brands and trending products. The response has been really encouraging. Snacks, beverages, and candy were already among our largest categories by sales, and these transitions are building on that strength.

但這不只是重新整理走道。我們也擴大了新鮮蔬果，為季節性商品打造新的焦點陳列；為零食、全球食品與機能咖啡等快速成長的品類增加空間；並持續引進新興品牌與熱門商品。回應非常令人鼓舞。零食、飲料與糖果原本就是我們按銷售額計算的最大品類之一，而這些轉換正在延續並強化這項優勢。

For example, post-transition, snack sales are running more than 15% ahead of last year, with outstanding momentum in protein bars, meat sticks, and better-for-you snacking options. Just as importantly, we're pairing that innovation with incredible value. That's merchandising authority in action, understanding where the guest is going and moving with speed to get there, bringing together trend, quality, differentiation, and affordability in a way that's uniquely Target.

例如，轉換後，零食銷售較去年同期成長超過 15%，蛋白棒、肉條以及更健康的零食選項展現出極佳動能。同樣重要的是，我們把這些創新與驚人的價值結合在一起。這就是商品力權威的具體展現：理解顧客的走向並以速度跟上，將趨勢、品質、差異化與可負擔性以獨具 Target 特色的方式整合在一起。

Also in the second quarter, our teams completed a massive reinvention within the Fun 101 category. It's a great example of the intentional choices we're making to differentiate our assortment and experience. That meant evolving legacy presentations within TVs and bikes, and dedicating more of that space to categories like wearable tech, Lego, trading cards, and collectibles.

同樣在第二季，我們的團隊也在 Fun 101 品類完成了一次大規模的再造。這是我們為了讓品類組合與體驗更具差異化而做出有意識選擇的絕佳例子。這意味著調整電視與自行車等既有的傳統陳列方式，並把更多空間投入到穿戴式科技、樂高、集換式卡牌與收藏品等品類。

These are the kinds of choices we need to make more consistently, staying close to the guest, moving at the speed of culture, and being disciplined about where we invest our space. One great example is our refreshed only at Target Heyday electronics assortment, where we're bringing even more compelling style, design, and value to the category. Sales of our style-forward $10 headphones are running more than 35% ahead of last year. And in toys, we added a plush wall, expanded our Lego assortment, and made the experience far more exciting and immersive.

這些正是我們需要更一致做出的選擇：貼近顧客、以文化的速度行動，並在空間投資上保持紀律。一個很好的例子是我們更新的「only at Target」Heyday 電子產品品類組合，我們為該品類帶來更具吸引力的風格、設計與價值。我們走時尚風格、售價 10 美元的耳機，銷售較去年同期成長超過 35%。在玩具方面，我們新增了絨毛玩具牆、擴大樂高品類組合，並讓體驗更令人興奮且更具沉浸感。

While these enhancements have only been live for a few weeks, our focus on culture-right toys at incredible value has been fueling this business for several quarters now and did so again in Q2. Lego sales are up more than 30% to last year, plush sales are up more than 20%, and guests are gravitating towards on-trend newness at compelling $5, $10, $15, and $20 price points.

雖然這些強化措施上線才幾週，我們以超值價格聚焦符合文化趨勢的玩具，已經連續幾個季度推動這項業務成長，第二季也再次如此。樂高銷售較去年同期成長超過 30%，絨毛玩具銷售成長超過 20%，顧客正被符合潮流的新商品所吸引，且價格帶具吸引力，落在 5、10、15 與 20 美元。

Finally, I'd like to spend a minute on one of the things that makes Target truly unique: our ability to create cultural moments. These moments do far more for us than creating short-term buzz. These moments attract new guests, deepen our relevance, and reinforce Target's role in culture. In the second quarter, exclusive collaborations continue to demonstrate the power of that strategy.

最後，我想花一點時間談談讓 Target 真正獨特的一件事：我們創造文化時刻的能力。這些時刻為我們帶來的價值遠不只是短期話題。它們能吸引新顧客、加深我們的相關性，並強化 Target 在文化中的角色。在第二季，獨家合作持續展現這項策略的力量。

Our Pokémon collaboration inspired joy for fans of all ages and became one of the biggest fan moments in our history. Beyond the incredible social engagement we saw across platforms, this exclusive collaboration also introduced thousands of new guests to Target and reinforced our leadership in fandom and collectibles.

我們的寶可夢（Pokémon）合作為各年齡層粉絲帶來喜悅，並成為我們歷史上最大的粉絲時刻之一。除了我們在各平台看到的驚人社群互動之外，這項獨家合作也讓數千名新顧客認識 Target，並強化我們在粉絲文化與收藏品領域的領導地位。

As we entered the back-to-school season, we built on that momentum with our exclusive partnership with LoveShackFancy. This offering ended up being the largest limited time collaboration in Target's history, and I think it's a great example of what only Target can do. We identified a brand with enormous cultural relevance and partnered with their incredible team to create something truly special.

進入返校季時，我們以與 LoveShackFancy 的獨家合作夥伴關係延續這股動能。這項商品最終成為 Target 歷史上規模最大的限時合作，我認為這是「只有 Target 做得到」的絕佳例子。我們辨識出一個具有極高文化相關性的品牌，並與他們出色的團隊合作，打造真正特別的內容。

Our merchants and designers worked to translate their aesthetic across multiple categories, including through partnerships with key national brands. We used the scale of Target to turn it into an immersive experience, and we made most of the assortment available for under $25. Style, culture, multi-category merchandising, incredible value, that combination is distinctly Target and very difficult to replicate.

我們的採購團隊與設計師努力將其美學風格延伸到多個品類，並包含與重要全國性品牌的合作。我們運用 Target 的規模把它打造成沉浸式體驗，並讓大多數品項的價格低於 25 美元。風格、文化、跨品類商品企劃與驚人的價值——這樣的組合非常具有 Target 特色，也非常難以複製。

Our focus on merchandising authority is also driving meaningful progress in another critical area: improving inventory reliability. Being reliably in stock isn't just an objective for Lisa and the operations team; it's a team sport and a merchandising imperative. We have to make sure our guests can find the product they want, when and where they want it. That requires our merchandising and operations teams to work differently together. And you'll hear more from Lisa shortly on how our teams are working together to do just that.

我們對商品力權威的聚焦，也正在另一個關鍵領域帶來實質進展：提升庫存可靠性。穩定有貨不只是 Lisa 與營運團隊的目標；這是一項團隊運動，也是商品企劃的必要條件。我們必須確保顧客能在他們想要的時間與地點，找到他們想要的商品。這需要我們的商品企劃與營運團隊以不同的方式共同合作。稍後你也會聽到 Lisa 更進一步說明我們的團隊如何攜手做到這一點。

Looking ahead, our team is focused on extending our Q2 momentum into the back half of the year. And later this quarter, we'll introduce Target Beauty Studio in more than 600 stores, creating a more elevated beauty destination and furthering our solid foundation as an industry leader in this space. Having just reset 75% of our decorative accessories assortment in Home, we'll continue our work to strengthen our home offerings with significant assortment changes ahead in kids home and bedding. And of course, we're still in the back-to-school and back-to-college season. This year, our combination of style, trend, and value is resonating with guests. In fact, 95% of our school supplies assortment is priced at or below last year's prices.

展望未來，我們的團隊專注於將第二季的動能延續到下半年。而在本季稍晚，我們將在超過600家門市推出 Target Beauty Studio，打造更升級的美妝目的地，並進一步鞏固我們作為此領域產業領導者的堅實基礎。我們剛完成居家品類中75%的裝飾配件商品組合重置，接下來也將持續強化居家商品供給，並在兒童居家與寢具等品類進行更大幅度的商品組合調整。當然，我們仍處於返校與返校園（大學）旺季。今年，我們在風格、趨勢與價值的組合正與顧客產生共鳴。事實上，我們的學校用品商品組合中，有95%的定價與去年持平或更低。

We've also enhanced the shopping experience with AI-powered teacher and college wish lists, and more personalized content on our app's home screen. Guests are responding with total wish list creations up more than 50% to last year. Items added to these lists more than doubling, and conversion across our key back-to-school pages up nearly 20%. With some important weeks still ahead, we're focused on delivering a strong finish in back-to-school and back-to-college.

我們也透過AI驅動的教師與大學願望清單，以及在App首頁提供更個人化的內容，來提升購物體驗。顧客的回應很明顯：願望清單建立總數較去年成長超過50%。加入這些清單的商品數量增加逾一倍，而我們主要返校頁面的轉換率提升近20%。在接下來仍有幾個重要週期之際，我們將專注於在返校與返校園季節交出強勁的收尾表現。

And throughout the third quarter, we'll continue giving our guests reasons to choose Target through differentiated own brands, exclusive partnerships, and compelling value. We've already lowered prices on more than 10,000 items over the last 12 months and are planning for additional price reductions yet this year.

而在第三季期間，我們將持續透過差異化的自有品牌、獨家合作夥伴關係，以及具吸引力的價值主張，給顧客選擇Target的理由。在過去12個月中，我們已對超過10,000項商品降價，並規劃在今年內進一步追加降價。

As we've said before, this transformation won't happen all at once. In some categories, we're pleased with our progress, and we're seeing meaningful momentum. In others, including home and apparel, our performance is not where it needs to be, and the work will continue into 2027 and beyond.

正如我們先前所說，這項轉型不會一蹴可幾。在某些品類，我們對進展感到滿意，也看到顯著的動能。但在其他品類（包括居家與服飾），我們的表現仍未達到應有水準，相關工作將持續到2027年及更久之後。

But compared with where we were at the beginning of this year, we have greater clarity. We're moving faster, and we're seeing more evidence that the choices we're making are resonating with our guests. We know where we want to focus and what it will take to win. We know where we need to get better, and our teams are executing against those priorities with urgency.

但相較於今年年初的狀態，我們現在更清楚方向。我們推進得更快，也看到更多證據顯示我們所做的選擇正與顧客產生共鳴。我們知道要把重點放在哪裡，也知道要如何才能勝出。我們也知道哪些地方需要做得更好，而我們的團隊正以緊迫感依照這些優先事項落實執行。

There's a lot of work still ahead of us, but I'm confident in the direction we're heading and in a team that is hungry to win. Team, I want to thank you for the tremendous amount of change you've taken on this year. I'm incredibly grateful for the energy, the creativity, and commitment you bring to our guests, our brand, and our business every day. Thank you.

前方仍有大量工作要做，但我對我們前進的方向，以及這支渴望勝利的團隊充滿信心。團隊各位，我想感謝你們今年承擔了如此巨大的變革。我非常感激你們每天為顧客、品牌與業務帶來的能量、創意與承諾。謝謝。

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

接下來，我把電話會議交給Lisa。

Thanks, Cara. In my role as Chief Operating Officer, I am focusing my team on creating an easy, inspiring, and friendly experience for our guests by strengthening execution across our enterprise. That focus for our team will always be key, but one theme within this ambition has become increasingly clear: the importance of consistency. As we have accelerated the pace of change across the business this year, consistency matters more than ever. It means being clear and disciplined about our priorities, translating our plans into execution, and delivering against our expectations every day.

謝謝你，Cara。在我擔任營運長（Chief Operating Officer）的角色中，我正帶領團隊透過強化全企業的執行力，為顧客打造更輕鬆、啟發人心且友善的體驗。這個聚焦對我們團隊而言始終關鍵，但在這項抱負之中，有一個主題愈來愈清楚：一致性的重要性。當我們今年加速推動全業務的變革步伐時，一致性比以往任何時候都更重要。這代表我們要對優先事項保持清晰與紀律，把計畫轉化為執行，並每天都能達成我們的期望。

It also means consistency in how we lead, engaging our teams, listening to their feedback, and providing clarity about what matters most. With so much changing around us, that clarity and consistency from us are more important than ever. Ultimately, that consistency needs to show up in the experience we create for our guests. We want every store to deliver on our promise; every interaction with a guest to feel welcoming and helpful; and every product we sell to bring delight. A consistently great experience every time -- that is what we are striving toward.

這也意味著我們在領導方式上的一致性：凝聚團隊、傾聽回饋，並清楚說明最重要的是什麼。在周遭變化如此之多的情況下，我們所提供的清晰度與一致性比以往任何時候都更重要。最終，這份一致性必須體現在我們為顧客創造的體驗上。我們希望每一家門市都能兌現我們的承諾；每一次與顧客的互動都讓人感到受歡迎且獲得協助；我們販售的每一項商品都能帶來愉悅。每一次都能提供一致且卓越的體驗——這就是我們努力的方向。

And while we are not there yet, we are encouraged by the progress we have made so far this year. And if you look back at the second quarter, the amount of change our teams delivered was truly remarkable. As you heard from Cara, we completed the largest amount of space transformations in more than a decade. Our teams reinvented food spaces, transformed Fun 101, prepared more than 600 stores for the launch of Target Beauty Studio, opened 17 new stores, advanced more than 100 remodels across the country, and prepared for and kicked off one of our biggest seasonal moments, back-to-school and back-to-college.

雖然我們還沒完全達到目標，但我們對今年迄今所取得的進展感到鼓舞。如果回顧第二季，我們團隊所交付的變革量確實令人驚嘆。如同Cara所提到的，我們完成了十多年來最大規模的空間改造。我們的團隊重新打造食品區域、改造 Fun 101、為超過600家門市的 Target Beauty Studio 上線做準備、開設17家新店、在全國推進超過100項門市翻新工程，並為返校與返校園這個最重要的季節性檔期之一做好準備並正式啟動。

And while we are excited about the results these changes are driving, none of this work was simple. From evolving legacy bike and TV walls to create more relevant shopping experiences, to executing our largest center store grocery reset in years, to changing how products flowed through our network for back-to-school -- thousands of decisions and countless overnight shifts brought these changes to life.

雖然我們對這些變革帶來的成果感到振奮，但這些工作沒有一項是簡單的。從調整既有的自行車與電視牆面以打造更貼近需求的購物體驗，到執行我們多年來最大規模的中區（center store）雜貨重置，再到改變返校季商品在我們網路中的流轉方式——成千上萬個決策與無數次夜間輪班，才讓這些改變得以落地。

And because so much of this work was completed only recently, guests are just beginning to experience the impact. That gives us growing confidence in what these changes, and the investments still ahead, can deliver for our guests and our business. And with each activation, we learn how to improve future transitions, helping us move closer to our aspiration to be the most delightful shopping experience in retail.

而由於這些工作多是在近期才完成，顧客才剛開始感受到其影響。這讓我們對這些變革以及後續仍將投入的投資，能為顧客與我們的業務帶來的成果更有信心。並且在每一次啟動（activation）中，我們都學習如何改善未來的轉換，幫助我們更接近成為零售業中最令人愉悅的購物體驗這一願景。

Improvements in our planning tools are enabling stronger store execution, while closer coordination across merchandising, supply chain, and store operations help ensure our teams can stay focused on serving guests, even while delivering an extraordinary amount of change. That same end-to-end thinking guided our preparation for back-to-college and back-to-school. By pre-positioning inventory and dedicating trailer capacity to key seasonal assortments, we improved product availability in our highest volume stores and helped create a more reliable and inspiring guest experience during these important seasons.

我們在規劃工具上的改善，正促成更強的門市端執行；同時，商品（merchandising）、供應鏈與門市營運之間更緊密的協同，確保即使在推動大量變革的同時，我們的團隊仍能專注於服務顧客。同樣的端到端思維也指引了我們對返校園與返校季的準備。透過預先配置庫存並將拖車運能專門配置給關鍵季節性商品組合，我們提升了高銷量門市的商品可得性，並在這些重要季節中協助打造更可靠且更具啟發性的顧客體驗。

At the same time, our teams are hard at work preparing for the launch of Target Beauty Studio. From routing fixtures to training dedicated beauty advisors, all to help our team deliver an elevated guest experience in beauty. The new spaces are under construction as we speak, and we are excited to unveil these new offerings at more than 600 stores beginning next month.

同時，我們的團隊也正全力準備 Target Beauty Studio 的上線。從配送陳列設備到訓練專職美妝顧問，都是為了協助團隊在美妝品類提供更升級的顧客體驗。新的空間正在施工中，我們很期待自下個月起在超過600家門市揭幕這些新供給。

And while our transformation work has added disruption to the store experience for our guests, and that work is far from over, we are encouraged by the progress we are seeing. That progress also shows in our inventory reliability metrics, which continue to improve.

雖然我們的轉型工作為顧客的門市體驗帶來了一些干擾，而且這項工作遠未結束，但我們對所看到的進展感到鼓舞。這些進展也反映在我們的庫存可靠度指標上，該指標持續改善。

On our most important items, those that are most frequently purchased, we have attained the strongest item availability in recent years, while overall reliability metrics have reached multi-year highs. That means more guests are ending their shopping trips with all the products they came to Target to buy, one of the most important ways we are looking to build trust.

在我們最重要、也就是最常被購買的商品上，我們已達到近年來最強的商品可得性，而整體可靠度指標也來到多年新高。這意味著有更多顧客在結帳離店時，能買到他們來Target想買的所有商品——這是我們建立信任最重要的方式之一。

But to be clear, even with this progress, we still are not where we want to be. We will continue to dedicate an outsized focus on the continued improvement of our inventory reliability metrics, striving towards greater consistency across all stores and all categories. To do that, we are investing in tools like Proxima, a digital twin of our middle mile inventory positioning system, which allows our team to test and iterate on inventory flow plans before going live. Proxima helps us more efficiently evaluate inventory processes between our buildings and stores, giving our teams a way to quickly understand potential downstream impacts, learn faster, and make inventory decisions with greater confidence.

但必須說清楚，即使有這些進展，我們仍未達到想要的水準。我們將持續投入更高強度的關注，致力於進一步改善庫存可靠度指標，並努力在所有門市與所有品類達到更高的一致性。為此，我們正投資於像 Proxima 這樣的工具——它是我們中段運輸（middle mile）庫存配置系統的數位分身（digital twin），讓團隊能在正式上線前先測試並反覆迭代庫存流動計畫。Proxima 協助我們更有效率地評估我們的建築設施與門市之間的庫存流程，讓團隊能快速理解可能的下游影響、更快學習，並以更高的信心做出庫存決策。

We also saw meaningful gains in delivery speed. This past quarter, we fulfilled nearly 30% more same-day and next-day units than last year, and we will continue investing to get even faster. When we combine the impact of our in-store transitions, assortment changes, tech enhancements, and improvements in inventory reliability, it all adds up to an elevated experience that is being noticed by our guests. Overall satisfaction scores continue to improve across multiple measures of the guest experience, extending the momentum we shared with you last quarter and reinforcing that our continued investments in our teams, training, and our team's tireless execution are making a difference.

我們也看到配送速度出現顯著提升。在剛結束的這一季，我們完成的當日與隔日到貨件數較去年增加了近30%，而我們將持續投資以進一步加快速度。當我們把門市轉型、商品組合調整、技術強化，以及庫存可靠度改善的影響結合起來，整體累積成為更升級的體驗，並正被我們的顧客所注意到。整體滿意度分數在多項顧客體驗衡量指標上持續改善，延續我們上季與各位分享的動能，也再次印證我們持續投資於團隊、人員訓練，以及團隊不懈的執行力，正在帶來實質差異。

Beyond work that is helping our business today, we are also investing in the future of our operating network, from our stores to our supply chain, with these investments dedicated to making Target more reliable, more productive, and better positioned for long-term growth. This quarter, we opened 17 new stores, 24 new full-size stores so far this year, and now, we have more than 100 full store remodels underway, on our way to around 130 this year. These investments allow us to better serve guests and strengthen our business for the long term.

除了目前正在幫助我們業務的工作之外，我們也在投資於營運網路的未來，從門市到供應鏈；這些投資旨在讓Target更可靠、更具生產力，並為長期成長奠定更佳定位。本季我們新開了17家門市，今年迄今已新開24家全尺寸門市；目前我們也有超過100家門市正在進行全面翻新，朝今年約130家的目標邁進。這些投資讓我們能更好地服務顧客，並在長期強化我們的業務。

And because our stores serve as fulfillment hubs for more than 95% of our sales, their impact extends well beyond the in-store experience, bringing inventory closer to guests and enabling faster, more reliable, and more cost-effective fulfillment. That same end-to-end mindset is shaping how we are continuing to strengthen our global supply chain.

而且，由於我們的門市同時作為超過95%銷售的履約樞紐，其影響遠不止於店內體驗，能把庫存更靠近顧客，並實現更快速、更可靠且更具成本效益的履約。同樣的端到端思維，也正在形塑我們持續強化全球供應鏈的方式。

Since joining us earlier this year, Jeff England, our Chief Supply Chain Officer, has been focused on building on the strong foundation already in place and ensuring our teams work together to get the right product to the right place at the right time. We're encouraged by the opportunities we see to further simplify how we work and drive greater efficiency and productivity over time.

自今年稍早加入我們以來，我們的供應鏈長Jeff England一直專注於在既有的堅實基礎上再接再厲，並確保各團隊協同合作，在正確的時間把正確的商品送到正確的地點。我們對於進一步簡化工作方式、並隨時間推進更高效率與生產力的機會感到振奮。

I'll close where I began. The progress we are seeing is encouraging, but consistency is not something you achieve in one or two successful quarters. It is something you earn every day and over time. We have a lot of work ahead to simplify execution, strengthen connectivity, and improve reliability, all in service of delivering sustainable, profitable growth.

我將以我開場時的話作結。我們所看到的進展令人鼓舞，但一致性不是靠一兩個成功的季度就能達成。它是你每天、並隨時間累積所贏得的成果。我們前方仍有大量工作要做，以簡化執行、強化連結性並提升可靠度，所有努力都是為了實現可持續且具獲利性的成長。

And there is no easy button to make this happen. All of this work is just that: hard work. And none of this would be possible without the incredible commitment of our team members across our stores, supply chain facilities, service centers, and headquarters locations.

而且沒有任何「一鍵搞定」的捷徑。所有這些工作就是：辛苦的工作。若沒有我們遍布門市、供應鏈設施、服務中心與總部據點的團隊成員所展現的非凡投入，這一切都不可能實現。

This has already been an extraordinary year of change, and our teams have met every challenge with resilience, flexibility, and an unwavering commitment to our guests and to each other. To every team member listening today, thank you. Your dedication is what brings our strategy to life, and it is what gives me confidence in our ability to meet our full potential as a company.

今年至今已是變革非凡的一年，而我們的團隊以韌性、彈性，以及對顧客與彼此堅定不移的承諾，迎接每一項挑戰。對於今天正在收聽的每一位團隊成員，謝謝你們。你們的投入讓我們的策略得以落地，也讓我對公司發揮全部潛力的能力充滿信心。

With that, I will turn the call over to Jim.

接下來，我把電話會議交給Jim。

Thanks, Lisa. As you heard from Michael, Cara, and Lisa, our second-quarter results provide another encouraging proof point that our strategy is gaining traction. We saw broad-based growth across multiple dimensions of our business, and importantly, the strength on the top line translated into strong underlying profit performance as well.

謝謝你，Lisa。正如各位從Michael、Cara與Lisa所聽到的，我們第二季的結果再次提供令人鼓舞的佐證，顯示我們的策略正在取得進展。我們在業務的多個面向都看到廣泛的成長；更重要的是，營收端的強勁表現也轉化為扎實的基礎獲利表現。

For the quarter, net sales of $26.5 billion were 5.3% higher than last year. Comparable sales increased 3.8%, driven by a 3.6% increase in traffic, with average ticket about flat. Store comparable sales grew 2.7%, while digital comparable sales increased 8.7%, led by growth of more than 25% in same-day delivery. As Cara shared, we saw particular top-line strength in Fun 101, food and beverage, and beauty categories, growing our confidence that when we invest in differentiating what we sell and how we sell it; our guests respond favorably.

本季淨銷售額為265億美元，較去年成長5.3%。同店銷售成長3.8%，主要由來客數成長3.6%所帶動，平均客單價大致持平。門市同店銷售成長2.7%，數位同店銷售成長8.7%，其中以當日配送成長超過25%領先。如Cara所分享，我們在Fun 101、食品飲料與美妝品類的營收表現尤為強勁，進一步提升我們的信心：當我們投資於差異化的商品與銷售方式時，顧客會給予正向回應。

On a two-year basis, Q2 net sales compounded annual growth rate was 2.1%, 30 basis points higher than in Q1. We also continue to see strong growth beyond our first-party business. Specifically, gross billings from Roundel grew nearly 20%, Target Plus marketplace GMV grew more than 40%, and Target Circle 360 membership revenue increased by over 40% as compared to last year. These areas continue to drive outsized top and bottom-line growth for us, driving greater relevance, loyalty, and choice for our guests.

以兩年為基礎計算，第二季淨銷售的複合年成長率為2.1%，較第一季高出30個基點。我們也持續看到第一方業務以外的強勁成長。具體而言，Roundel的總開票金額（gross billings）成長近20%，Target Plus市集GMV成長超過40%，而Target Circle 360會員收入較去年增加逾40%。這些領域持續為我們帶來超出平均的營收與獲利成長，提升我們對顧客的相關性、忠誠度與選擇性。

Moving down the P&L, our second-quarter gross margin rate of 33.7% was 4.7 percentage points higher than last year, including 3.7 percentage points of benefit from IEEPA tariff refunds. Excluding that impact, our gross margin rate was about 1 percentage point higher than last year as we lapped last year's elevated markdown and purchase order cancellation costs, and benefited from continued growth in our higher-margin revenue streams. In addition, we saw strong merchandising performance that was partially offset by continued intentional investments in value.

往下看損益表（P&L），我們第二季毛利率為33.7%，較去年高出4.7個百分點，其中包含IEEPA關稅退稅帶來的3.7個百分點貢獻。若排除該影響，毛利率約較去年高出1個百分點，主要因我們已度過去年較高的折價促銷（markdown）與採購訂單取消成本，並受惠於高毛利收入來源的持續成長。此外，我們看到強勁的商品經營表現，但部分被我們持續且有意識的價值投資所抵銷。

Our Q2 P&L included a $994 million pretax benefit from tariff refunds, which was recorded as a reduction of cost of sales. As we discussed throughout last year, our teams have been working incredibly hard to manage the tariff environment with a continual focus on protecting value for our guests. Our 4.6% full-year adjusted operating margin rate in 2025, which represented a significant step back versus historical rates reflected our investment in value in the face of meaningfully higher tariff costs we faced.

我們第二季損益表包含9.94億美元的稅前關稅退稅利益，並以銷貨成本減項入帳。正如我們在去年多次討論的，我們的團隊一直非常努力地管理關稅環境，並持續聚焦於為顧客守住價值。我們2025年全年調整後營業利益率為4.6%，相較歷史水準明顯回落，反映出在我們面臨顯著更高的關稅成本之際，仍選擇投資於價值。

And that commitment to providing value for our guests has not changed. We continue to look first to find other means to reduce the impact of tariffs, including changes to the country of origin, collaborating with vendors to find offsets, and adjusting our assortment. Those tactics have helped us to reduce tariff pressure while continuing to deliver the combination of style, design, and value consumers expect from Target. And as you heard from both Cara and Michael earlier, we have reduced prices in over 10,000 items in the last year, have held or lowered prices on 95% of our school supply assortment this back-to-school season, and plan to continue lowering prices to drive incremental value for our guests on every trip to target.

而我們為顧客提供價值的承諾並未改變。我們仍優先尋找其他方式來降低關稅影響，包括調整原產國、與供應商合作尋找抵銷方案，以及調整商品組合。這些策略幫助我們在持續提供消費者對Target所期待的風格、設計與價值組合的同時，降低關稅壓力。此外，正如各位稍早從Cara與Michael所聽到的，我們在過去一年已針對超過10,000項商品降價；在本次返校季，我們對95%的學校用品商品組合維持或下調價格；並計畫持續降價，讓顧客每次到Target購物都能獲得更多的增量價值。

Moving back to the P&L, SG&A expense grew 7% versus last year, in line with our Q1 trends and with the guidance I provided during our financial community meeting in March. This reflected higher compensation costs, including our investments in additional hours and training for our field teams, along with higher incentive compensation and planned spending related to capital projects. Our Q2 SG&A rate of 21.6% was about 30 basis points higher than last year.

回到損益表，SG&A費用較去年成長7%，與我們第一季的趨勢一致，也符合我在3月金融社群會議中提供的指引。這反映了較高的人事薪酬成本，包括我們對第一線團隊增加工時與訓練的投資，以及較高的獎酬費用與資本專案相關的計畫性支出。我們第二季SG&A費用率為21.6%，較去年高約30個基點。

Overall, our second-quarter operating margin rate was 9.6% compared with 5.2% last year. Tariff refunds accounted for 3.7 percentage points of benefit to this year's rate. Excluding that impact, our operating margin rate was approximately 70 basis points higher than last year. Altogether, we delivered second-quarter GAAP and adjusted EPS of $4.11 compared with $2.05 last year. Tariff refunds contributed $1.65 to EPS. Excluding these refunds, both GAAP and adjusted earnings per share were approximately 20% higher than a year ago.

整體而言，我們第二季營業利益率為9.6%，去年同期為5.2%。關稅退稅為今年的比率貢獻了3.7個百分點。若排除該影響，我們的營業利益率約較去年高出70個基點。綜合來看，我們第二季GAAP與調整後EPS為4.11美元，去年為2.05美元。關稅退稅對EPS貢獻1.65美元。若排除這些退稅，GAAP與調整後每股盈餘皆較一年前約成長20%。

Now, I want to turn to capital deployment and begin where we always do with our priorities, which have been consistent for decades. 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 our more than 50-year record of annual increases. 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.

現在，我想轉到資本配置，並從我們一貫的優先順序談起，這些優先順序數十年來始終如一。我們首先會在符合我們策略與財務標準的專案上，充分投資於本業。接著，我們會支持股利，並延續我們超過50年連續年度調升股利的紀錄。最後，我們會在前兩項用途之外，將任何多餘現金在符合我們中A級信用評等限制的前提下，隨時間逐步用於回購並註銷股份。

Regarding our first priority, we have deployed approximately $2.4 billion in capital expenditures so far this year, up nearly 30% from a year ago, reflecting intentional incremental investments in new stores, full store remodels, in our supply chain and technology capabilities. We continue to expect approximately $5 billion of CapEx for the full year as we invest behind the strategic growth priorities we outlined in March.

就我們的第一項優先順序而言，今年迄今我們已投入約24億美元的資本支出，較去年同期增加近30%，反映我們有意識地加碼投資於新店開設、全店翻新、供應鏈以及科技能力。我們仍預期全年資本支出約為50億美元，以支持我們在3月所提出的策略性成長優先事項。

Regarding our second priority, we paid $518 million in dividends in the second quarter and just over $1 billion through the first half of the year as we balance our long-standing commitment to the dividend with our goal of moving towards a 40% payout ratio over time. And finally, regarding our third priority, we continue to expect to have capacity within our long-standing capital deployment goals to resume share repurchases in the back half of the year.

就第二項優先順序而言，我們在第二季支付了5.18億美元股利，上半年合計略高於10億美元；我們在長期承諾股利政策的同時，也以逐步朝40%配息率為目標取得平衡。最後，就第三項優先順序而言，我們仍預期在既有的資本配置目標範圍內，於下半年具備恢復股票回購的能力。

As always, the magnitude and pace of future repurchases will be governed by our operating outlook, cash generation, capital expenditure plans, and our commitment to maintaining our middle A credit ratings. Inventory was $13.2 billion, up approximately 3% from last year, supporting our plans to continue growing the business and our focus on continuing to further improve in-stock levels, particularly in our faster turning frequency categories. Finally, our trailing 12-month after-tax ROIC was 15.4% compared with 14.3% a year ago, reflecting the strong operating profit growth we've seen this year.

一如既往，未來回購的規模與節奏將取決於我們的營運展望、現金創造能力、資本支出計畫，以及我們維持中A級信用評等的承諾。存貨為132億美元，較去年增加約3%，以支撐我們持續擴大業務的計畫，並聚焦進一步改善缺貨率，特別是在周轉更快的高頻品類。最後，我們過去12個月的稅後投入資本報酬率（ROIC）為15.4%，高於去年同期的14.3%，反映今年我們看到的強勁營業利益成長。

Before I turn to our outlook, I want to recognize our incredible team. We've asked a lot of them this year as we've moved quickly to bring our clarified strategy to life, and I'm incredibly grateful for their energy, focus, and commitment. We've accomplished a tremendous amount in a relatively short period, and that work is increasingly visible in our financial performance and improving guest satisfaction metrics. That progress is a direct result of our team's execution and commitment to serving the millions of families who shop Target every day. I want to thank them for everything they've done and for the continued urgency they're bringing to the work ahead.

在我談展望之前，我想先表揚我們出色的團隊。今年我們要求他們做了很多，因為我們迅速推動更清晰的策略落地，我非常感謝他們的活力、專注與投入。我們在相對短的時間內完成了大量工作，而這些成果也愈來愈清楚地反映在我們的財務表現與改善中的顧客滿意度指標上。這些進展直接來自團隊的執行力，以及服務每天在Target購物的數百萬家庭的承諾。我要感謝他們所做的一切，也感謝他們對接下來工作的持續緊迫感。

So now, let's turn to guidance. Given our performance through the first half of the year, we are raising our guidance for full-year net sales growth to a range around 5%, 1 percentage point higher than our prior outlook. On the operating margin line, we now expect our full-year rate, excluding tariff refunds will be in a range around 0.5 percentage point higher than last year's adjusted rate of 4.6%.

接下來，我們來談財測指引。鑑於我們上半年表現，我們將全年淨銷售成長指引上調至約5%的區間，較先前展望提高1個百分點。在營業利益率方面，我們目前預期全年比率（不含關稅退稅）將較去年調整後的4.6%高出約0.5個百分點。

On the bottom line, we are raising our EPS range from $7.50 to $8.50 up to a range of $9.90 to $10.90. This updated range includes $1.65 benefit from tariff refunds recognized in the second quarter but does not include the impact of any potential additional refunds through the balance of the year. As such, excluding the impact of tariff refunds, the midpoint of our guidance range represents a $0.75 increase versus the prior range.

在每股盈餘方面，我們將EPS區間由7.50至8.50美元上調至9.90至10.90美元。此更新後的區間包含第二季認列的關稅退稅帶來的1.65美元利益，但不包含今年剩餘期間任何可能額外退稅的影響。因此，若排除關稅退稅影響，我們指引區間的中位數較先前區間提高0.75美元。

So to close, we're encouraged by another quarter of healthy top-line growth and improving underlying profitability. At the same time, we have a lot more work ahead of us to realize the long-run potential of our business. We'll continue investing to drive sustainable growth, maintaining discipline across our P&L and balance sheet, and staying focused on delivering the style, quality, and value our guests expect from target.

最後總結，我們對本季再度呈現健康的營收成長與基礎獲利能力改善感到鼓舞。同時，為了實現我們業務的長期潛力，前方仍有許多工作要做。我們將持續投資以推動可持續的成長，在損益表與資產負債表上維持紀律，並專注於提供顧客對Target所期待的風格、品質與價值。

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

接下來，我把時間交回給Michael。

Thanks, Jim. Before we move to Q&A, I want to bring together all that you've heard from our team today. We entered the year with a refreshed strategy to put us on a new trajectory, one of sustainable growth. That means serving the busy families that shop us with that Only-at-Target blend of style, design, quality and of course, incredible value. We aspire to be the place families can count on for what they need while also helping them discover what's new, what's next, and what will bring a little more joy to their everyday lives.

謝謝，Jim。在進入問答之前，我想把各位今天從我們團隊聽到的內容做個整合。我們以更新後的策略進入今年，讓我們走上新的軌道——也就是可持續的成長。這代表以「Only-at-Target」獨有的風格、設計、品質，當然還有令人驚豔的價值，來服務在我們這裡購物的忙碌家庭。我們希望成為家庭可以信賴、能買到所需商品的地方，同時也幫助他們發現最新、下一步，以及能為日常生活帶來更多喜悅的事物。

The team has been executing with urgency and discipline against that strategy. And as you've heard today, we can see that coming to life across our business in exciting ways. To be crystal clear, we have much more work to do, and we're early in our journey. And we're encouraged to see proof points that are compounding with each investment building on the last to create a whole that is greater than the sum of its parts. Our job now is to execute consistently and keep earning every trip from every guest we have the privilege to serve.

團隊正以緊迫感與紀律執行這項策略。正如各位今天所聽到的，我們看到這些策略正以令人振奮的方式在整個業務中落地。坦白說，我們還有很多工作要做，而我們也仍在旅程的早期階段。但我們很受鼓舞，因為我們看到一些驗證點：每一筆投資都在前一筆的基礎上累積，形成大於各部分總和的整體效益。我們現在的工作，就是持續穩定地執行，並在每一次顧客到店（或到站）時，持續贏得他們的選擇——能服務每一位顧客是我們的榮幸。

So now, before I close, I want to pause and thank our team. We've already asked a lot of them this year. And as we turn our focus to the balance of the year, we continue to ask a lot. So to the team, a heartfelt thank you. I'm incredibly grateful for all you've done and all that you continue to do to shape this new chapter of growth for Target.

在我結束之前，我想先停下來感謝我們的團隊。今年我們已經要求他們做了很多。而當我們把焦點轉向今年剩餘時間時，我們仍會要求很多。所以，對團隊而言，我由衷地說聲謝謝。我非常感激你們所做的一切，以及你們持續投入，為Target塑造這個全新成長篇章。

With that, we'll turn to your questions.

接下來，我們開始回答各位的問題。

(Operator Instructions) Rupesh Parikh, Oppenheimer.

（接線員指示）Rupesh Parikh，Oppenheimer。

Good morning and thanks for taking my question. Also, congrats on a nice quarter. So just going back to the traffic momentum, I know one and two-year basis, we saw a really good momentum. Just curious how you guys feel about the sustainability of that momentum. And then just given you're seeing really healthy top again stores, are you surprised that home and Parel, maybe you didn't see better performance, just given the natural traffic gains. Thank you.

早安，謝謝讓我提問。也恭喜你們交出不錯的一季。我想回到客流動能這個話題，我知道以一年與兩年的比較基期來看，我們看到非常好的動能。想請教你們如何看待這股動能的可持續性。另外，既然你們看到同店表現再次非常健康，你們是否對家居與服飾（Apparel）沒有更好的表現感到意外？畢竟自然客流是增加的。謝謝。

Thanks for the question, Rupesh. I think traffic is actually a great place to start because when we see the strong traffic response like we did in Q2, and we've seen so far this year, it's just a reinforcement to us. The guests are responding to the change that we're making and that we're earning more and more trust that's translating to more and more trips to target.

謝謝你的問題，Rupesh。我認為客流其實是很好的切入點，因為當我們看到像第二季那樣強勁的客流反應，以及今年迄今的表現，這對我們而言是一種再次印證。顧客正在回應我們所做的改變，而我們也正在贏得愈來愈多的信任，這轉化為愈來愈多次到Target的購物行程。

And when I think about healthy indicators of sustainable long-term growth, traffic is at the top of that list. And to see the pre- and post-response from guests of where we've activated within the store is one of the things, I think, is most encouraging for us as we look at all the change to come.

當我思考可持續的長期成長有哪些健康指標時，客流會排在最前面。而看到我們在店內啟動各項措施前後，顧客反應的差異，是我認為最令我們振奮的事情之一，因為這讓我們在展望接下來所有變革時更有信心。

Cara, do you want to maybe walk through some of the things we saw in the second quarter that we're pleased to see the guest response to.

Cara，你要不要帶大家回顧一下第二季我們看到、也很高興看到顧客有所回應的一些事項。

Absolutely. And I think what's really encouraging is start with some of the changes that we actually highlighted in Q1, so baby, wellness, beauty, we saw sustained growth from those businesses and sustained traffic growth. Then you layer on the changes that we made in Q2 with really big changes in the food and beverage business, seeing an acceleration in that business as well from both a growth -- a guest engagement and a traffic standpoint. And then we also have talked a lot about Fun 101 and the impact that that's having on our business.

當然。我認為真正令人振奮的是，先從我們在第一季實際強調過的一些變化談起：像是嬰幼兒、健康保健、美妝，我們看到這些業務持續成長，來客數（traffic）也持續成長。接著再疊加我們在第二季所做的改變，尤其是在食品與飲料業務上做了非常大的調整，也看到該業務加速成長——不論從成長、顧客互動（guest engagement）以及來客數的角度都是如此。另外，我們也談了很多 Fun 101，以及它對我們業務帶來的影響。

So I think, Rupesh, what we're looking at is sustained growth for each of the categories. If I turn to home and apparel, just to be clear, we are not satisfied with the performance in either of those businesses, and there's more work ahead in 2027 and beyond. But you'll see us continue to drive focus and clarity on what needs to evolve there.

所以我想，Rupesh，我們看到的是各個品類都呈現持續成長。如果我轉到家居與服飾，先說清楚，我們對這兩個業務的表現都不滿意，而且在 2027 年及之後仍有更多工作要做。但你會看到我們持續推動聚焦與更清晰的方向，釐清那裡需要如何演進。

And what's encouraging is the places that we have evolved and made changes. In both businesses, we are seeing the guests respond as well as the traffic follow there. So apparel in Q2, we focused on our kids assortment. We relaid our kids floor pad, and we're actually seeing our kids basics running double digits, our tween art class brand up 50%. And so we're seeing the guests respond. In home, we've talked about decorative accessories, the change there, as well as enhancing the in-store experience, and we're seeing the performance follow.

令人鼓舞的是，我們已經演進並做出改變的地方。在這兩個業務中，我們都看到顧客有所回應，來客數也隨之跟上。因此在第二季的服飾方面，我們聚焦在兒童商品組合。我們重新規劃了兒童區的賣場配置，實際上看到兒童基本款呈現雙位數成長，我們的青少年（tween）Art Class 品牌成長 50%。因此我們看到顧客正在回應。在家居方面，我們談過裝飾配件的調整，以及提升店內體驗，而我們也看到表現隨之改善。

So those proof points give us confidence that we're on the right path. We're going to continue to execute with discipline and work through our plans in those businesses for the balance of this year and into next year.

所以這些驗證點讓我們有信心，我們走在正確的道路上。我們將持續以紀律執行，並在今年剩餘時間以及進入明年，推進這些業務的計畫。

Yeah, to Cara's point, I mean, we're eager to build on some of the momentum we've seen where we've made change in the categories that still need some work. And it was good to see growth across all of our key merchandising categories, but flattish growth in apparel and home isn't what we strive for over time. And the earnings power potential of those two high-margin categories returning to a place of more sustained growth is I think something we look forward to.

是的，呼應 Cara 的觀點，我們很期待在那些仍需要加強的品類上，延續我們已經做出改變後所看到的一些動能。看到我們所有關鍵商品品類都成長是件好事，但服飾與家居接近持平的成長並不是我們長期追求的目標。而這兩個高毛利品類若能回到更持續的成長軌道，其獲利能力（earnings power）的潛力，我想是我們非常期待的。

Great. And a quick follow-up question, just on back-to-school, some positive commentary in the prepared comments, but is there anything else you can share in terms of expectations or addition to what you're seeing currently?

很好。再快速追問一下，關於返校季（back-to-school），在事先準備的發言中有一些正面評論，但就你們目前看到的情況而言，還能分享更多對於預期或觀察到的補充嗎？

We will probably fill up the rest of the time talking about back-to-school, back-to-college. I think it might be a favorite season of some of those on the call here. I'd headline by saying we're encouraged with what we see in back-to-school and back-to-college so far. And we have the benefit of being out in stores a lot this time of year and to hear our guests play back what they're excited about, gives us confidence that what we're offering for back-to-school and back-to-college is really resonating.

我們可能可以把剩下的時間都拿來談返校季、返校／返大學季（back-to-college）。我想這可能是這通電話裡某些人最喜歡的季節。我先用一句話總結：到目前為止，我們對返校與返大學的表現感到鼓舞。而且每年這個時候我們有很多機會到店裡走訪，聽到顧客回饋他們對哪些東西感到興奮，讓我們更有信心：我們為返校與返大學所提供的商品確實很能引起共鳴。

Cara, do you maybe want to provide a little more color on what we have in back-to-school and back-to-college right now? In many ways, it's a perfect example of that meeting with style and design and punctuating with incredible value.

Cara，你要不要再多補充一些我們目前返校與返大學的內容？在很多方面，這正是把風格與設計結合，並以驚人的價值感作為亮點的完美例子。

I think, yeah, in the middle of really critical weeks here, but we are encouraged, and we're seeing the busy families are responding when we bring them that combination of newness, great product at compelling prices. Back-to-school, we are seeing broad-based strength in everything from school supplies, to kids apparel, to our beauty assortment and beyond. It was exciting to kick off the season with that LoveShackFancy collaboration, which was -- it turned out to be our largest design collaboration in our history, which we were thrilled about. It's an example of how we're evolving our collaborations to really bring newness across categories, but also school supplies, pastel notebooks, $5 Cat & Jack Basics, that combination of style design and value is really resonating.

我想，是的，現在正處於非常關鍵的幾週，但我們感到鼓舞；我們也看到忙碌的家庭在我們帶來「新鮮感＋優質商品＋具吸引力的價格」這種組合時，確實會有回應。返校季方面，我們看到從文具用品、兒童服飾到美妝商品組合等各方面都呈現廣泛的強勁表現。以 LoveShackFancy 的聯名合作作為本季開端很令人興奮——結果它成為我們史上規模最大的設計聯名合作，我們對此非常高興。這也展現我們如何讓聯名合作持續演進，真正把新鮮感帶到跨品類；同時像是文具、粉彩筆記本、5 美元的 Cat & Jack 基本款，這種「風格設計＋價值」的組合確實很能引起共鳴。

And then in back-to-college also seeing strength, a highlight for us. We hit on the Heyday assortment. But that's a great example. We took a category, and we brought the target magic of style, design, and value, $5 gadgets, $10 headphones and on-trend colors and stylish patterns, and we're seeing a really strong response to that as well as dorm essentials. So encouraged, we've got a few big weeks ahead of us, and so -- but we're encouraged by what we're seeing so far.

另外在返大學季也看到強勁表現，這對我們來說是一個亮點。我們在 Heyday 商品組合上抓得很準。這是一個很好的例子。我們選定一個品類，帶入 Target 的魔法：風格、設計與價值——5 美元的小配件、10 美元的耳機，再加上流行色與有型圖案；我們看到顧客對此反應非常熱烈，宿舍必需品也是如此。所以我們感到鼓舞，接下來還有幾個重要的週期——但就目前所見，我們是受到鼓舞的。

Back-to-school as a topic, it's a place we're executing the fundamentals so well matters so much. We know we don't win in a season where every school peaks at a different time, if we don't have inventory at the right place at the right time, and if we aren't providing a great guest experience. I couldn't be prouder of how I see our teams show up in stores right now in all the stores I've been in.

把返校季當作一個主題來看，基本功執行得好到位與否非常關鍵。我們知道，在每所學校開學高峰時間都不同的季節裡，如果我們無法在正確的時間把庫存放在正確的地點，並且無法提供良好的顧客體驗，我們就不可能勝出。我對目前看到我們團隊在門市的投入表現感到無比自豪——我走訪過的每一家店都是如此。

Lisa, do you maybe want to provide a bit more color on how we thought about showing up in the right way for the guests from an experience standpoint?

Lisa，你要不要從體驗的角度，再多補充一些我們如何思考以正確方式呈現、服務顧客？

Yeah, I think it's really important to call out that the fundamentals that Michael mentioned played a role in delivering that consistently elevated experience and it came to both back-to-school and back-to-college. If I look at back-to-school specifically, one area of improvement that we're really proud of is our in-stock position. We know that's the time of the year where if you're a guest coming in, you want to be able to find every item on your child's list. And this year, we were able to deliver meaningful improvements in inventory availability on all of the top items across that list. And so we'll continue to bring that same level of disciplined execution to how we're thinking about those important moments and the everyday moments for the balance of the year.

好的，我認為很重要的一點是要指出，Michael 提到的那些基本功，確實在提供一致且更高水準的體驗上扮演了角色，而這同時適用於返校與返大學。如果我特別看返校季，我們非常自豪的一個改善領域是現貨供應（in-stock）狀況。我們知道，每年這個時候，顧客進店就是希望能把孩子清單上的每一樣東西都買齊。而今年，我們在清單上所有主要品項的庫存可得性方面，做到了有意義的改善。因此，我們也會在今年剩餘時間，持續以同樣有紀律的執行力，來思考並把握那些重要時刻以及日常時刻。

Christopher Horvers, JPMorgan.

Christopher Horvers，摩根大通（JPMorgan）。

Thanks. Good morning and thank you for taking my questions. So my first question is just following up on the apparel and the home decor side, can you maybe talk about what you've seen in terms of what just happened with the reset there? And as you diagnose the turn in those business because those categories are so important to the target merchandising experience, is it simply a function of the longer lead time and that's making the changes just happen more slowly where maybe in some of these other categories, you're able to affect them faster because it's more third-party brands?

謝謝。早安，也謝謝你們回答我的問題。我第一個問題是延續服飾與家居裝飾這一塊，你們能否談談這次重置（reset）後剛剛發生了什麼、你們看到了什麼？另外，當你們診斷這些業務的轉折時——因為這些品類對 Target 的商品體驗非常重要——這是否單純是因為前置期（lead time）較長，導致改變發生得比較慢；而在其他一些品類，你們能更快產生影響，因為那些更多是第三方品牌？

Yeah, you're spot on in many ways, Chris. Those are longer lead time businesses, and so change doesn't come as quickly there as it might in a category like food and beverage. As we embarked on the year. We said home would be a multiyear journey. Cara talked a little bit about some of what we're seeing in apparel.

是的，Chris，你在很多方面都說得很到位。那些確實是前置期較長的業務，因此改變不會像食品與飲料這類品類那樣來得快。當我們展開今年的工作時，我們就說過家居會是一段多年期的旅程。Cara 也稍微談到我們在服飾方面看到的一些情況。

But let's spend a second on home. I get really excited about the plans that Mar and team have to get that business to a better place over time. And it will take some time. And where we're making the beginnings of change, we're seeing the green shoots of a good guest response.

不過我們先花點時間談家居。我對 Mar 和團隊為了讓這項業務隨時間推進到更好狀態所制定的計畫感到非常興奮。這需要一些時間。而在我們開始做出改變的地方，我們也看到顧客良好回應的初步跡象（green shoots）。

Absolutely. I think in Q2, decorative accessories, as we mentioned, which is sort of the center of home, really focal point that elevates the home experience is where we improved our assortment but also evolved the experience. and those stores are outperforming. In Q3, just in front of us, we've got major change coming in betting, in kids home and in our bath assortment.

當然。我認為在第二季，正如我們提到的，裝飾配件某種程度上是家的核心，是能提升居家體驗的真正焦點；我們在那裡改善了商品組合，也同步升級了體驗。而那些門市的表現正在優於其他門市。第三季就在眼前，我們在寢具、兒童家居以及浴室商品組合方面，將有重大變革。

As we head into 2027, we've got big changes coming in our kitchen and dining. And so, themes, I would say, sharper curation, really compelling value. But again, leading with that style design and value across the board, as well as elevating the experience.

展望2027年，我們的廚房與餐飲用品也將迎來重大變化。所以我會說，主題是更精準的策展式選品、真正具吸引力的價值。但同樣地，仍是以風格設計與全面的價值作為領先，同時也提升體驗。

And so, your point is those are longer time -- longer lead time businesses. And so it does take us time to work category by category, but we're encouraged by the places that we've made change, and we've got our plans laid out in the quarters to come.

所以，你的觀點是，這些是需要更長時間——更長前置期的業務。因此，我們確實需要時間逐一按品類推進，但我們對已經做出改變的地方感到鼓舞，而且我們也已把接下來幾季的計畫排定好了。

The only thing I might add, Chris, is not specific to apparel and home, but across the chain that we get excited about driving not just this year, but next year and the year to follow and the year to follow that. is there's healthy tension between the urgency of how much change to drive and our ability to execute that change well across 2,000 stores and a 400,000-person team. And I view that as a real high-grade opportunity. It means that we've got years of ideas of what we want to get done. And it's on us to sequence and prioritize those with clarity.

Chris，我唯一想補充的是，這不僅限於服飾與家居，而是整個鏈條上我們對於不只是今年、還有明年、再下一年、再下一年都能推動的事情感到興奮：在推動變革的急迫性與我們在2,000家門市、40萬人團隊中把變革執行到位的能力之間，存在一種健康的張力。我把這視為一個非常高品質的機會。這代表我們有多年累積的想法，知道自己想完成什麼。而我們要做的是清楚地安排順序並設定優先級。

Just yesterday, we were talking about a lot of the plans in place for '27 and even '28 in some of the places where lead times matter most. And we get a ton of energy by thinking about what's possible. But it's on us to pace that change in a way we can execute well. If I had to pick something that I think is a truly remarkable outcome the team delivered so far this year is elevating the guest experience alongside driving so much change in stores. that's a tricky one to punch.

就在昨天，我們還在討論許多為2027年、甚至在某些前置期最重要的領域延伸到2028年的計畫。思考「有哪些可能性」會帶給我們大量能量。但我們必須以能夠良好執行的方式來掌握變革節奏。如果要我選一件我認為團隊今年迄今交出的真正卓越成果，那就是在門市推動大量變革的同時，還能提升顧客體驗——這很難做到。

And the progress the team has made in our inventory reliability, the progress we're seeing and the guest satisfaction scores played back to us at a time when we're changing a lot within the store, it's just truly a testament to the work the team has done so far this year.

而團隊在庫存可靠性上的進展、我們看到的改善，以及在門市內部變動很大的同時回饋給我們的顧客滿意度分數，這些都確實證明了團隊今年迄今所做的工作。

Understood. And then my follow-up for Jim is, are there more refunds potentially coming later this year? And then as we think about sort of the underlying earnings base into 2027 -- previously, you've talked about $9 to $10, how do you think about lapping these tariff refunds? Like what's the proper jumping off point for 2027?

了解。那我對Jim的追問是，今年稍晚是否可能還會有更多退款進來？另外，當我們思考到2027年的基礎獲利能力——你先前談過每股盈餘9到10美元——你如何看待這些關稅退款的比較基期影響？也就是說，2027年適當的起跳點應該是什麼？

Yes. What I would say is the tariff refund we recorded in Q2 accounts for the significant majority of IEEPA tariff refunds we applied for to date, and we do expect some more to come. The way I would look at the underlying performance is we are trying to focus on adjusted EPS, excluding the tariff refunds. We think that's a better measurement, just especially given the timing of how the refunds are coming through our P&L. And then as you saw in Q2, our underlying -- our adjusted EPS, excluding tariff refunds were up 20% versus prior year. And year-to-date, that's up 24%. So that's the number we probably want everyone to anchor on to grow office going forward.

是的。我會說，我們在第二季認列的關稅退款，占我們迄今申請的IEEPA關稅退款的絕大部分，而我們也預期還會有一些進來。至於如何看待基礎表現，我們會試著聚焦在調整後EPS，並排除關稅退款。我們認為這是更好的衡量方式，特別是考量退款進入損益表的時間點。另外，如你在第二季看到的，我們的基礎——也就是排除關稅退款後的調整後EPS——較去年同期成長20%。而年初至今則成長24%。所以，這大概是我們希望大家用來作為未來成長錨點的數字。

Kate McShane, Goldman Sachs.

Kate McShane，高盛。

We wanted to ask about your philosophy on price investments. I know in the prepared comments, you spoke to the 10,000 items with lower prices so far this year, and you're looking to do more, but at the same time, you've also stated you're pleased with your price gaps, especially in food and beverage. So I just wondered if you could reconcile that and also just tell us a little bit more about how you think about it into the end of the year.

我們想請教你們對價格投資的理念。我知道在事先準備的發言中，你提到今年迄今已有10,000項商品降價，而且還想做更多；但同時你們也表示對你們的價差（price gaps）感到滿意，尤其是在食品與飲料。所以我想知道你能否把這兩點串起來說明，並也請多談一些你們如何看待今年年底前的做法。

Yes. Thanks for the question, Kate. We feel really good about our price position, and that's what our team does every day to make sure that consumers are finding incredible value on our shelves. And you should hear us always talk about value as and expect more and pay less as the brand promise for a reason. We want to lead with style and design and differentiation.

是的。謝謝你的問題，Kate。我們對自己的價格定位感到非常好，而我們的團隊每天都在做這件事，確保消費者在我們的貨架上能找到驚人的價值。你也應該會一直聽到我們談「價值」，以及「Expect More. Pay Less.（期待更多、付得更少）」作為品牌承諾，這是有原因的。我們希望以風格、設計與差異化來領先。

A lot of the changes that we've made across the store are doing exactly that in more and more categories. But we want that smile you see when you see a great sweater on the apparel floor bed to get bigger when you flip over the price tag and see the price of it.

我們在門市各處所做的許多改變，正是在越來越多的品類中做到這一點。但我們也希望：當你在服飾區看到一件很棒的毛衣時那個微笑，在你翻到價籤看到價格時能變得更大。

And so it needs to be both for us every single day. And I think the evidence of that is true and the actions you've seen us take so far even just this year. We have lowered prices on over 10,000 items over the course of the last year. We're proud of that price investment. We think it matters to consumers right now. And we want that to be coupled with more and more differentiation across the floor pad.

所以對我們而言，每一天都必須兩者兼具。我認為證據就在於你看到我們即使僅在今年所採取的行動。在過去一年裡，我們已經對超過10,000項商品降價。我們為這項價格投資感到自豪。我們認為這在當下對消費者很重要。而我們也希望這能與賣場中越來越多的差異化相結合。

Cara, feel free to add if there's anything else you'd want to pushout there.

Cara，如果你還有其他想補充或想再延伸說明的，請隨時補充。

I think you said it. It's always looking at both sides of the equation. And I think we have a long history of being competitive on price. We've demonstrated that this year. We'll continue to do that across the board. And we're looking to bring new affordable options throughout our assortment. And so a business like toys, we talked about that in Q1, we did more in Q2. We changed the experience. We added a $5 Barbie statement and guests are responding to those affordable prices at $5, $10, $15 and $20. So to Michael's point, this is a huge part of what defines target value in our unique rain in retail. It's what our teams are focused on each and every day.

我想你已經說到了。這一直都是在看等式的兩端。而且我認為我們在價格競爭力方面有很長的歷史。我們今年已經證明了這一點。我們會持續在各方面這麼做。我們也在尋求在整體商品組合中帶來新的平價選項。例如玩具這個業務，我們在第一季談過，第二季做得更多。我們改變了體驗。我們新增了一個5美元的芭比陳列主題（statement），而顧客對5、10、15與20美元這些可負擔的價格有很好的反應。所以呼應Michael的觀點，這是定義Target價值、也是我們在零售領域獨特定位的重要部分。這也是我們團隊每天專注的事情。

And as a quick follow-up, I wondered if you could speak to the cadence of comp throughout the quarter.

另外快速追問一下，我想知道你能否談談本季同店銷售（comp）的節奏走勢。

Yes, I'm happy to start, Jim, feel free to add, but we saw strength across the quarter. And I think broad-based strength is the headline I would leave with on a bunch of fronts. We saw that across guest demographics. We saw that across categories, and we saw strength throughout the quarter. as you heard us talk about, we're really encouraged by how back-to-school, back-to-college is going so far as well.

可以，我很樂意先回答，Jim也請隨時補充；我們看到整個季度都有強勁表現。我想我會用「多面向的廣泛強勁」作為我想留下的重點。我們在不同顧客族群中都看到了這點。我們在各品類中也看到了這點，而且整個季度都維持強勢。正如你們聽到我們提到的，我們也對目前返校、返校園季的進展感到非常鼓舞。

Yes. And, Kate, if I can add, yes, we did see consistent strong top line growth across the months and across income brackets as well.

是的。Kate，如果我可以補充，是的，我們確實看到各月份、以及不同收入區間都呈現一致且強勁的營收成長。

David Bellinger, Mizuho.

David Bellinger，瑞穗。

Two questions for us. Strong comps again this quarter. Can you give us some more insight into the performance across the store cohorts or quartiles. Is there a good subsegment in the store base that's still underperforming the company average and can be lifted with remodels or some other factors?

我們有兩個問題。本季同店銷售再次強勁。你能否提供更多關於不同門市群組或四分位（quartiles）之間表現的洞見？門市基礎中是否有某個仍低於公司平均、但可透過改裝或其他因素而被拉升的良好子區隔？

Yes. I'd go back to broad-based being the theme that we saw in the quarter. With the strength of our top line driven by traffic, I mean, we really saw that happen across the chain. And your question is a fair one, and that we know we haven't brought the very best of our thinking to every single store. That's why those investments in remodels are so important.

是的。我會回到「廣泛帶動」這個主題，也就是我們在本季看到的情況。我們營收表現強勁主要是由客流帶動，我的意思是，這種情況確實在整個連鎖體系中都發生了。你的問題很合理，我們也知道，我們並沒有把最好的想法帶到每一家門市。這就是為什麼對門市翻新（remodel）的投資如此重要。

That's why the change we're doing that touches the whole chain when we make the changes to half of our center store grocery presentation like we did in matter so much to bringing the latest and greatest thinking across the chain, but the investments and the step-up investments that's come with some capital and expense costs this year, is investment, we're really excited about. We know we see a reliable strong guest response to when we remodel a store and the lifts we see in those stores are so important. Another place where you'll see us continue to invest in stores. is in new stores. At least I think it might be worth walking through a little bit of kind of the response we're seeing and the 24 new stores that we've opened so far.

這也是為什麼我們正在推動、會影響整個連鎖體系的變革如此重要——例如我們對一半的中區雜貨陳列（center store grocery presentation）所做的調整——因為這能把最新、最好的想法帶到全體門市；但這些投資，以及今年伴隨部分資本支出與費用成本而增加的投資力度，都是我們非常興奮的投資。我們知道，當我們翻新門市時，顧客的回應一向可靠且強勁，而我們在這些門市看到的業績提升非常重要。另一個你會看到我們持續投資門市的地方，是新店。我想也許值得稍微說明一下我們目前看到的回應，以及我們迄今已開出的24家新店。

Yes. I mean you're entering back to one of our most important priorities, which is delivering that consistently elevated experience. Some of that happens through new stores and remodels and then some of that also happens through investments that we make in our team. I think on the new store and remodel side, we announced -- we opened 17 new stores in the quarter, which is a huge quarter for us, 24 so far this year. We've advanced more than 100 remodels we get excited about those investments because our guests and our communities get excited about those investments.

是的。我的意思是，你又回到我們最重要的優先事項之一：提供一致且更高水準的體驗。其中一部分是透過新店與翻新來實現，另一部分也來自我們對團隊所做的投資。在新店與翻新方面，我們宣布——本季開了17家新店，對我們來說是非常大的季度；今年迄今已開24家。我們也推進了超過100個翻新案；我們對這些投資感到興奮，因為我們的顧客與社區也對這些投資感到興奮。

They bring the best of Target closer to more guests, which is one of the best ways that we can get our story out there in the world. I think when it comes to consistently elevating the experience that our guests have in our existing stores, one of the best ways that we do that is through investing in our team. We've talked about our targeted investments in payroll this year. We've talked about training, all of that helps elevate the experience that our team is ready to get out there and bring to our guests. And so we'll continue to make sure that we're investing both in the fleet from a property standpoint, but then also in the experience that we're delivering through our team.

這讓更多顧客能更近距離接觸到 Target 最好的部分，而這也是我們把品牌故事帶向世界的最佳方式之一。我認為，當談到在既有門市中持續提升顧客體驗時，我們最有效的方法之一就是投資在團隊上。我們談過今年在工資（payroll）上的定向投資。我們也談過訓練；這些都能提升體驗，讓我們的團隊準備好走到第一線，把更好的服務帶給顧客。因此，我們會持續確保同時在門市資產（property）層面的店群投資，以及透過團隊所交付的體驗上進行投資。

Great. I also wanted to follow up on the Fun 101 category, up double digits again this quarter. Can you provide some more context of the components of that, particularly around the trading card category? Is that an area of the store that's accelerating further and getting better product allocation from some of the larger trading card producers? And just what's the next step for building out this category.

很好。我也想追問 Fun 101 類別，本季再次呈現雙位數成長。你能否提供更多背景，說明其中的組成，特別是交易卡（trading card）類別？那是否是店內正在進一步加速的區域，並且從一些較大型的交易卡製造商那裡獲得更好的產品配額（allocation）？以及接下來擴建這個類別的下一步是什麼？

Yes. We're excited about the guest response, the changes we've made in Fun 101. And as all of you know, that's a category where we're a little farther down the path of bringing the change to life because we got started at the end of last year. We've continued to make change. and there'll be more change to come.

是的。我們對顧客對 Fun 101 變革的回應感到很興奮。而各位都知道，這是一個我們在把變革落地方面走得比較前面的類別，因為我們在去年年底就開始了。我們持續推動改變，未來也還會有更多改變。

Cara, do you want to zoom out and kind of talk about the journey we're on in Fun 101.

Cara，你要不要拉高一點視角，談談我們在 Fun 101 這段旅程的進展？

Yes. I think it's a perfect example of making really sharper choices around where we invest our space. As we thought about last year, we got really clear on the categories where Target had a right to lead. And we also, this year, we're clear about where was our space not working harder for us. And so we acted on that, and we completed the largest space move in our company's history this past quarter.

好的。我認為這是「在我們如何投放空間上做出更精準選擇」的一個完美例子。回顧去年，我們非常清楚哪些品類是 Target 有資格領先（right to lead）的。而今年，我們也清楚哪些空間沒有為我們更努力地創造價值。因此我們採取行動，並在本季完成了公司史上最大規模的一次空間調整。

And that allowed us to bring in and create truly unique destinations and sells you think about a category like toys, where we simplified the shopping experience, it allows us to actually lean into brands like LEGO and that pushback wall and some of the other items I talked about.

這讓我們得以引進並打造真正獨特的目的地式體驗與銷售區域。你想想像玩具這樣的品類，我們簡化了購物體驗，讓我們能更聚焦在像 LEGO 這樣的品牌、那面端架牆（pushback wall），以及我提到的其他一些項目。

In pop culture, we have introduced an entirely new fandom experience and destination that leans into things like trading cards and collectibles, but also exclusive collaborations into one cohesive experience. We talked about our Pokémon collab in Q1. Well, in Q2, we actually had our second drop. We brought that to life together. And so we are thrilled to celebrate fandom with our guests with busy families.

在流行文化（pop culture）方面，我們導入了全新的粉絲文化（fandom）體驗與目的地，聚焦在交易卡與收藏品（collectibles），同時也把獨家合作整合成一個一致的體驗。我們在第一季談過與寶可夢（Pokémon）的合作。而在第二季，我們其實推出了第二波上新（drop）。我們一起把它落地呈現。因此，我們非常高興能與忙碌家庭的顧客一起慶祝粉絲文化。

trading cards is certainly a part of that, but really, it's all those top culture and fandom categories that we're thrilled about. Guests are responding and we've got more to come.

交易卡當然是其中一部分，但更重要的是，我們對所有這些流行文化與粉絲文化相關品類都感到非常振奮。顧客反應很好，而且後面還有更多內容。

Corey Tarlowe, Jefferies.

Corey Tarlowe，Jefferies。

I guess the sales recovery has been very impressive. And I think that what strikes us is that it feels like many of the underlying financial building blocks are all improving simultaneously. So that's inventory productivity, traffic, higher-margin revenue streams. I guess the bigger strategic question that I have is as you look out over the next three to five years, where do you see the greatest opportunity to further enhance the earnings power of the business that investors may not be fully appreciating today.

我想銷售復甦非常令人印象深刻。而我覺得讓我們特別注意的是，很多底層的財務基石似乎正在同時改善。例如庫存生產力、客流，以及更高毛利的收入來源。我更大的策略性問題是：當你展望未來三到五年，你認為在哪些方面有最大的機會，能進一步提升公司獲利能力（earnings power），而投資人今天可能還沒有完全理解？

Yes. Thanks for the question, Corey. I'll go back to some of what you heard us talk about in our prepared remarks. As we started the year, we laid out year one of a plan and we're only two quarters into that work. There's a lot in front of us to continue taking the momentum we have in some areas like a consistently elevated guest experience, like inventory liability, like transforming categories for a sharper point of view on where we're uniquely differentiated and have a right to win. But there's way more of that in front of us than is behind us at this point.

是的。謝謝你的問題，Corey。我會回到你在我們事先準備的發言中聽到的一些內容。在年初，我們提出了一個計畫的第一年，而我們現在也才進行到第二個季度。我們前方還有很多工作，要把我們在一些領域的動能延續下去，例如一致且更高水準的顧客體驗、庫存健康度（inventory liability）、以及透過品類轉型來形成更鮮明的觀點，聚焦在我們具備獨特差異化並且有勝出資格（right to win）的地方。但就目前而言，前方要做的遠比已完成的多。

And -- so we sit in, I think, the appropriately healthy place of pouring gas on what's working and making sure we're taking the learnings from the things that guests are responding to so positively, while being clear eyed about the work still in front of us. You heard us talk about the opportunities ahead in apparel and home. I think those are some good category examples where we've got work to do. But our goal isn't 1 or 2 quarters of good results. Our goal is sustained profitable top line growth over time, and we're confident we've got the clarity of strategy to give us a long runway of work in support of that goal.

因此，我們處在一個我認為相當健康的位置：對有效的做法加大投入，同時確保把顧客高度正向回應的經驗教訓擴大應用；也要保持清醒，看到仍在前方的工作。你也聽到我們談到服飾與家居的機會。我認為那是一些很好的品類例子，顯示我們還有工作要做。但我們的目標不是一到兩個季度的好成績。我們的目標是長期、可持續的獲利性營收成長（sustained profitable top line growth），而我們有信心，我們的策略方向足夠清晰，能支持我們在很長的跑道上持續推進，以達成這個目標。

Understood. And then just as a follow-up, I think looking at the progress that you've made over the last year, as you mentioned, clearly, a lot of it has been merchandising led. What I'm really wondering is, are there any aspects of the merchandising strategy that surprised you the most? And are there any areas where you continue to see substantial runway for improvement that you think you haven't really touched enough yet to this time?

了解。那再追問一下：就你提到的過去一年進展來看，很明顯其中很多是由商品策略（merchandising）所帶動。我真正想知道的是：在商品策略的哪些面向，最讓你感到意外？以及是否有任何你認為仍有很大改善空間、但到目前為止你們還沒有真正充分著墨的領域？

Cara, maybe let you expand on kind of some of where you're most excited and where you see the most opportunity. But, Corey, I might recharacterize even how you framed your question. Yes, we talk a lot about the product we sell. We know that seeing the lens through the categories that we talk about is important. But there is no bigger team sport than retail.

Cara，也許讓你延伸談談你最興奮的地方，以及你看到最大機會的所在。不過，Corey，我可能會重新詮釋一下你提問的框架。是的，我們確實常談我們賣的商品。我們知道，透過我們所談的品類來看待這件事很重要。但沒有任何一個產業比零售更需要團隊合作。

And so, so much of what we're focused on as we activate as a team is making sure we're doing it as one team for guests to respond well to some of the changes we're making. It requires a true understanding of the guest that comes from insights and analytics capabilities across so many teams.

因此，當我們以團隊方式推動各項行動時，我們關注的很大一部分，是確保我們以「同一個團隊」來執行，讓顧客能對我們正在進行的一些變革有良好的回應。這需要對顧客有真正的理解，而這種理解來自於跨越眾多團隊的洞察與分析能力。

It comes from, yes, strong merchandising leadership to make sure we're picking our curated point of view where we uniquely serve those guests well. But then it's an entire 400,000-person team that brings that to life from supply chain team that flows the product that if it's not there at the right time, all the best merchandising plans don't mean anything to the store team that brings that to life in such a uniquely target human way at the store level. to the digital teams that more and more often create the front door where people go before they come to the store. And so I could go on and on about all the teams it takes to bring it to life.

這當然也來自強而有力的商品策略領導，確保我們選擇的精選觀點，能在我們獨特擅長的領域把顧客服務好。但接著，還需要一支40萬人的整體團隊把它落地：從供應鏈團隊讓商品順利流動——如果商品沒有在對的時間到位，再好的商品策略也毫無意義——到門市團隊以非常獨特、符合Target人味的方式在門市端把它呈現出來；再到數位團隊，愈來愈常成為人們在進店前先接觸的「前門」。所以我可以一直講下去，因為要把它真正做出來，需要很多團隊共同完成。

And so -- you hear us talk the category a lot in a setting like this, but just to pause for a second. Yes, it's merchandising, but it's everything. And one of the things I get excited about your first question touched on this, is we're making progress across all of that. And I think we see that as a recipe to add up to something greater than the sum of its parts over time.

所以——你們在這樣的場合常聽到我們談「品類」，但我想先停一下。是的，這是商品策略，但其實是所有面向。而我感到興奮的一點——你第一個問題也提到——是我們在所有這些面向都在取得進展。我認為，隨著時間推移，這會成為一個配方，讓整體成果大於各部分之和。

Cara, if you zoom back into the merchandising specific part of that question, what would you like to add?

Cara，如果把焦點拉回到你問題中更偏商品策略的部分，你想補充什麼？

Yes. And I would just maybe anchor where I started my remarks today talking about the seven priority areas that we've laid out. Those aren't just merchandising priorities. Those are target priorities. And so we think about -- they are at different stages of their transformation and their journey for us to really truly achieve a bold ambition.

好的。我想先回到我今天開場時提到的、我們列出的七個優先領域。那些不只是商品策略的優先事項。那是Target的優先事項。因此我們在思考時——它們各自處於不同的轉型階段與旅程中，讓我們能真正實現一個大膽的企圖。

And I think beauty is a great example. This is a category where we've had really strong performance over years. We've got a new ambition. And so, while we're embarking upon the next month is our BD Studio that isn't just bringing new assortment in, that's actually bringing an entirely new immersive experience.

我認為美妝就是一個很好的例子。這是一個多年來表現非常強勁的品類。我們也有新的企圖。因此，接下來我們在下個月要推出的BD Studio，不只是引進新的商品組合，而是帶來一個全新的沉浸式體驗。

Lisa talked about how we're going to have dedicated beauty advisers. We're incredibly excited about this next chapter for us. And so I think that's one example where, yes, we brought in new beauty products in Q1, we'll bring them in, in Q2. We'll continue to bring those in. And our ambitions are much greater for each of these seven areas. And so you're going to continue to hear us talk about them. and how we're going to evolve in the years to come.

Lisa提到我們將配置專屬的美妝顧問。我們對於這個新篇章感到非常興奮。所以我認為這是一個例子：是的，我們在第一季引進了新的美妝商品，第二季也會引進，而且會持續引進。但我們對這七個領域中每一個的企圖都更大。因此你們會持續聽到我們談論它們，以及我們將在未來幾年如何演進。

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

接線員，我想我們還有時間再問一題。

Simeon Gutman, Morgan Stanley.

Morgan Stanley的Simeon Gutman。

Hey, good morning, everyone. Thanks for taking the question. Actually, putting together, Michael, what you said and Cara said, if you take the merchandising reset as a whole, take the entire store as an entity, and relative to Investor Day targets of how much of the store and product and planograms you can touch, can you give us a sense, are you -- have you touched 30%, 40%? Have you touched 50%, 60%? Where are you in that journey? And if you agree that product and fashion cycles will be a little shorter and quicker, how are you prepared to continue evolving?

嗨，各位早安。謝謝讓我提問。其實把Michael你說的和Cara說的放在一起，如果把商品策略重置視為整體、把整個門市當作一個單位，並且相對於投資人日所設定的目標——也就是你們能觸及多少門市、商品與陳列圖（planograms）——你們能否給我們一個概念：你們——已經觸及了30%、40%嗎？還是已經觸及了50%、60%？你們在這段旅程中走到哪裡了？另外，如果你們同意商品與時尚週期會變得更短、更快，你們如何準備持續演進？

We think about where we're at two quarters into the year, we laid out a plan with clarity on the change we wanted to drive this year. And I think you heard Lisa say there's no easy button but to do the work. And so the team has been hard at the work, and we're pleased with all the change we've driven so far. We're extremely pleased with some of the guest response we see to that change. We know we aren't going to bat 1,000. We're not going to get it all right or should that be our goal. We're not driving enough change if our expectations that everything works with perfection. We really like the betting beverage we've seen so far this year, and those changes being met with a strong positive response from guests.

我們看待目前進度的方式是：在今年進行到第二個季度時，我們已清楚地提出今年想推動的變革計畫。我想你也聽到Lisa說，沒有什麼捷徑，只能把工作做扎實。因此團隊一直在努力推進，我們對目前所推動的所有變革感到滿意。我們也對顧客對這些變革的部分回應感到非常滿意。我們知道不可能每次都全壘打。我們不可能每件事都做對，也不應該把那當成目標。如果我們期待每件事都完美奏效，那代表我們推動的變革還不夠。我們很喜歡今年迄今看到的「下注組合」（betting beverage），而且這些變革獲得顧客強烈正向的回應。

In terms of the percentage way through change, I actually might reframe that, too, because as we think about our ambition in some of the places where you heard Cara describe where we want Target to truly be loved and famous for over time with our guests. We're going to be at that work for years. And so yes, we might be a certain percentage of the way through this year. And that's one way to measure progress. But our time horizon is way longer than just this year's plans. And so you can expect us to continue to innovate and lead into change in support of the priorities that we've talked about, not just Q3, Q4 of this year, but in '27 and '28 and beyond.

至於變革進度的百分比，我可能也會重新框架一下，因為當我們思考我們的企圖——在一些地方，你們也聽到Cara描述我們希望Target長期能在顧客心中真正被喜愛、並以此聞名——我們會在這項工作上投入多年。因此，是的，我們可能在今年的進度上走到某個百分比。這是一種衡量進展的方式。但我們的時間視野遠不只今年的計畫。因此你們可以期待我們持續創新、持續引領變革，以支持我們談到的優先事項——不只是今年的第三季、第四季，也包括2027、2028以及更往後。

And then a quick follow-up on the all-important the home and apparel, is that a -- the amount of newness that's coming and we haven't gone to introduction? Or are there some batting average, meaning some product just hasn't hit and there needs to be more change? Like how would you describe the evolution in those two categories?

另外再快速追問一下，關於同樣非常重要的家居與服飾：這是——因為即將到來的新鮮度（新品）很多，但我們還沒到導入（introduction）階段？還是說有些「打擊率」問題，也就是某些商品就是沒有打中，需要更多變革？你會如何描述這兩個品類的演進？

Cara, I'll let you decide if there's more to add there. But the thing I'll come back to, Simeon, is that where we are making change within those categories, we're encouraged by what we see. We just have a lot more work to do. Now, the beauty of a category like apparel is pretty soon the seasons change and a whole new assortment flows in for the fall. We're excited for what we expect guests will find as we get into the back half of the year here. And we've said all along, we expect home to be a multiyear journey. And the team is hard at work on that journey, and we get excited for what that will deliver over time.

Cara，我讓你決定是否要再補充。但我想回到的一點是，Simeon，在這些品類中我們正在推動變革的地方，我們對看到的結果感到鼓舞。只是我們還有很多工作要做。現在，像服飾這樣的品類有個好處是：很快季節就會更替，秋季會有一整套全新的商品組合進來。我們對於顧客在今年下半年將會看到的內容感到期待。而我們一直以來也說過，我們預期家居會是一段跨多年的旅程。團隊正努力推進這段旅程，我們也對它隨時間帶來的成果感到興奮。

That's just what I would add to. There's different cycles in both home and apparel. We talked about kids, really important cycle for what we're at the moment that we're in right now for back-to-school and back-to-college. As we head into the fall, we're excited about what we're doing to simplify the experience and bring in really exciting products into the women's space, and you'll continue to see us lean in with Q4 with a different apparel cycle into Q1. And so, there's many cycles in the apparel. And so as we work through those cycles, you're going to continue to see us bring that combination of style, design, and values to life.

我補充的就是這些。家居與服飾各自有不同的週期。我們談到兒童——就我們目前所處的時點而言，這是非常重要的週期，因為正值返校與返校園（back-to-school、back-to-college）。進入秋季時，我們對於如何簡化體驗、並在女裝領域引進非常令人興奮的商品感到期待；你們也會持續看到我們在第四季加大投入，並在進入第一季時迎來不同的服飾週期。因此，服飾有許多週期。而當我們走過這些週期時，你們會持續看到我們把風格、設計與價值觀的組合具體呈現出來。

Thanks, everyone, for joining today. I really appreciate your questions and support.

謝謝大家今天的參與。我非常感謝你們的提問與支持。