<h3>深度简报：</h3>
<ul>
<li>根据周三公司发布的新闻稿，面对新的关税率和消费者对 DEI 倡议变化的负面反应，塔吉特第一季度的商品销售同比下降约 3.1%，降至 234 亿美元。净销售额下降 2.8%，降至 238 亿美元，营业收入增长 13.6%，达到 15 亿美元。</li>
<li>该零售商的同店销售在第一季度下降了 3.8%，可比门店销售下降 5.7%，数字销售增长 4.7%。塔吉特更新了全年指导，预计销售将出现低个位数的下降，而不是之前预测的约 1% 的增长。</li>
<li>塔吉特还宣布了高管团队的变动，并成立了 “多年度企业加速办公室”，旨在 “推动公司更大的速度和灵活性”。首席运营官迈克尔·菲德尔克将负责这一工作。首席战略与增长官克里斯蒂娜·亨宁顿曾被视为首席执行官布莱恩·康奈尔的潜在接班人，首席法律与合规官艾米·图将在未来几个月离开该零售商。</li>
</ul>
<h3>深度洞察：</h3>
<p>塔吉特在过去一个季度面临多种障碍，康奈尔在周三的财报电话会议上指出，很难可靠地估计每个因素的个别影响。</p>
<p>“这些年来，我们在可自由支配的业务上一直面临压力，” 康奈尔在电话会议上表示。“除了这些持续的挑战外，我们在本季度还面临了几个额外的逆风，包括连续五个月的消费者信心下降、对潜在关税影响的不确定性以及我们在一月份分享的关于归属感的更新反应。”</p>
<p>在特朗普总统就职几天后，塔吉特在一月份结束了一些多样性努力，包括不再参与第三方多样性调查，并将其 “供应商多样性” 团队名称更改为 “供应商参与”。消费者的反弹随之而来，包括抵制，且根据各种报道，进一步的公司抵制计划正在进行中。</p>
<p>但更大的宏观经济逆风是周三电话会议的重点。</p>
<p>在减轻美国关税率变化影响方面，康奈尔强调，涨价被视为 “最后的手段”。然而，首席商业官里克·戈麦斯表示，迄今为止的减轻措施包括与供应商合作伙伴谈判、在可能的情况下更改生产国以及在必要时调整价格。</p>
<p>塔吉特在今年早些时候报告 2024 年业绩时改变了收入的呈现方式，现在将销售、其他收入和总收入合并为一个单一指标，称为净销售。对其第一季度业绩的深入分析显示，除一个商品类别外，所有商品类别的销售均出现同比下降，食品和饮料的增长不足 1%。</p>
<p>总体而言，业绩让公司和分析师感到失望。</p>
<p>“这象征着一个犯了太多错误并在多个方面迷失方向的企业，” GlobalData 的董事总经理尼尔·桑德斯在电子邮件评论中表示。“它需要加强偶尔闪现的伟大时刻，例如与设计师的合作，尤其是在经济进入更不确定的时期。”</p>
<p>一些长期存在的问题包括其 “糟糕” 的库存系统、商品缺乏新意以及由于对自助结账等服务的新限制而导致的消费者体验恶化，桑德斯表示。</p>
<p>在新的企业加速办公室中，菲德尔克将负责推进公司优先事项并通过技术简化流程。</p>
<p>该零售商在三月份已宣布了一项为期五年的商品改造计划，重点是扩大数字能力并 “推动有意义的收入和利润增长”。在过去几个月，该零售商推出了新的或更新的自有品牌产品，并与较小品牌（如家用纺织公司 Parachute）建立了独家合作关系。</p>
<p>周一，塔吉特宣布，Target Circle 360 会员现在可以从 Shipt 网络中的 100 多家其他零售商和杂货店无限制地订购当天送达的商品，“没有价格加价”。</p>
<p>在周三宣布进一步的高管变动时，首席信息与产品官普拉特·维马纳将领导塔吉特在印度的全球能力中心，并直接向康奈尔汇报。此外，首席财务官吉姆·李将领导企业战略和合作伙伴关系，而戈麦斯将负责企业洞察团队。</p>
<p>在离开公司时，亨宁顿（曾被视为康奈尔的潜在首席执行官接班人）结束了在塔吉特超过 20 年的职业生涯。图自去年八月以来一直在该零售商工作，她的职位将由首席人力资源官梅丽莎·克雷默填补，同时进行外部招聘。</p>
<p>但所有这些战略变动能否迅速见效？</p>
<p>“今年的开局低于计划，但由于去年同期的比较更加困难以及关税压力的增加，我们不认为在令人失望的第一季度中会有短期改善的理由，” Roth 的董事总经理兼高级研究分析师比尔·柯克在一封电子邮件中表示。</p>

塔吉特

<p>塔吉特第一季度的收益未能达到预期，商品销售下降 3.1%，至 234 亿美元，净销售额下降 2.8%，至 238 亿美元。公司预计全年销售将出现低个位数的下降，修订了之前的增长预测。公司宣布了高管变动，包括成立企业加速办公室。塔吉特面临关税和消费者对多样性倡议的反弹带来的挑战，导致消费者信心下降。分析师对公司的业绩和战略方向表示担忧，强调了库存和消费者体验方面的问题</p>

<h3>Dive Brief:</h3>
<div class="lb-trans"><h3>深度简报：</h3>
</div><ul>
<li>Facing new tariff rates and negative consumer reaction to DEI initiative changes, Target’s first-quarter merchandise sales dropped about 3.1% year over year to $23.4 billion, according to a company press release Wednesday. Net sales decreased 2.8% to $23.8 billion and operating income increased 13.6% to $1.5 billion</li>
<li>The retailer’s comps dropped 3.8% in Q1, with comparable store sales down 5.7% and digital sales up 4.7%. Target updated its guidance for the full year, now expecting a low-single-digit decline in sales, instead of its previously predicted growth of around 1%.</li>
<li>Target also announced executive team changes and the creation of “a multi-year Enterprise Acceleration Office,” which is intended to “drive even greater speed and agility” at the company. Chief Operating Officer Michael Fiddelke will oversee the effort. Chief Strategy and Growth Officer Christina Hennington, once considered a potential successor to CEO Brian Cornell, and Chief Legal and Compliance Officer Amy Tu will depart the retailer over the coming months.</li>
</ul>
<div class="lb-trans"><ul>
<li>根据周三公司发布的新闻稿，面对新的关税率和消费者对 DEI 倡议变化的负面反应，塔吉特第一季度的商品销售同比下降约 3.1%，降至 234 亿美元。净销售额下降 2.8%，降至 238 亿美元，营业收入增长 13.6%，达到 15 亿美元。</li>
<li>该零售商的同店销售在第一季度下降了 3.8%，可比门店销售下降 5.7%，数字销售增长 4.7%。塔吉特更新了全年指导，预计销售将出现低个位数的下降，而不是之前预测的约 1% 的增长。</li>
<li>塔吉特还宣布了高管团队的变动，并成立了 “多年度企业加速办公室”，旨在 “推动公司更大的速度和灵活性”。首席运营官迈克尔·菲德尔克将负责这一工作。首席战略与增长官克里斯蒂娜·亨宁顿曾被视为首席执行官布莱恩·康奈尔的潜在接班人，首席法律与合规官艾米·图将在未来几个月离开该零售商。</li>
</ul>
</div><h3>Dive Insight:</h3>
<div class="lb-trans"><h3>深度洞察：</h3>
</div><p>Target has faced a variety of obstacles this past quarter, and it’s difficult to reliably estimate the individual impact of each factor, Cornell noted on a Wednesday earnings call.</p>
<div class="lb-trans"><p>塔吉特在过去一个季度面临多种障碍，康奈尔在周三的财报电话会议上指出，很难可靠地估计每个因素的个别影响。</p>
</div><p>“For several years now, we’ve seen pressure in our discretionary business,” Cornell said on the call. “On top of those ongoing challenges, we faced several additional headwinds this quarter, including five consecutive months of declining consumer confidence, uncertainty regarding the impact of potential tariffs and the reaction to the updates we shared on belonging in January.”</p>
<div class="lb-trans"><p>“这些年来，我们在可自由支配的业务上一直面临压力，” 康奈尔在电话会议上表示。“除了这些持续的挑战外，我们在本季度还面临了几个额外的逆风，包括连续五个月的消费者信心下降、对潜在关税影响的不确定性以及我们在一月份分享的关于归属感的更新反应。”</p>
</div><p>Announced just a few days after President Trump’s inauguration, Target in January ended some of its diversity efforts, including no longer participating in third-party diversity surveys and changing its “supplier diversity” team name to “supplier engagement.” Consumer backlash ensued, including boycotts, and further company boycotts are planned, according to various reports.</p>
<div class="lb-trans"><p>在特朗普总统就职几天后，塔吉特在一月份结束了一些多样性努力，包括不再参与第三方多样性调查，并将其 “供应商多样性” 团队名称更改为 “供应商参与”。消费者的反弹随之而来，包括抵制，且根据各种报道，进一步的公司抵制计划正在进行中。</p>
</div><p>But the larger macroeconomic headwinds at play were a focus of Wednesday's call.</p>
<div class="lb-trans"><p>但更大的宏观经济逆风是周三电话会议的重点。</p>
</div><p>In mitigating the impact of evolving tariff rates in the U.S., Cornell stressed that price hikes are seen as a “last resort.” However, Chief Commercial Officer Rick Gomez did say that mitigation efforts thus far have included negotiating with vendor partners, changing the country of production where able and adjusting prices where necessary.</p>
<div class="lb-trans"><p>在减轻美国关税率变化影响方面，康奈尔强调，涨价被视为 “最后的手段”。然而，首席商业官里克·戈麦斯表示，迄今为止的减轻措施包括与供应商合作伙伴谈判、在可能的情况下更改生产国以及在必要时调整价格。</p>
</div><p>Target changed its presentation of revenue earlier this year when reporting its 2024 results, now combining its sales, other revenue and total revenue lines into a singular metric, called net sales. A deeper look into its Q1 results shows a year-over-year decline in sales across all but one of its merchandise categories, with food and beverage seeing a sub-one percent increase.</p>
<div class="lb-trans"><p>塔吉特在今年早些时候报告 2024 年业绩时改变了收入的呈现方式，现在将销售、其他收入和总收入合并为一个单一指标，称为净销售。对其第一季度业绩的深入分析显示，除一个商品类别外，所有商品类别的销售均出现同比下降，食品和饮料的增长不足 1%。</p>
</div><p>Overall, the results were a disappointment to the company and analysts.</p>
<div class="lb-trans"><p>总体而言，业绩让公司和分析师感到失望。</p>
</div><p>“They are emblematic of a business that has made too many mistakes and has lost its way on several fronts,” GlobalData Managing Director Neil Saunders said in emailed comments. “It needs to intensify the occasional flashes of greatness, such as its designer collaborations, especially so as the economy enters a more uncertain period.”</p>
<div class="lb-trans"><p>“这象征着一个犯了太多错误并在多个方面迷失方向的企业，” GlobalData 的董事总经理尼尔·桑德斯在电子邮件评论中表示。“它需要加强偶尔闪现的伟大时刻，例如与设计师的合作，尤其是在经济进入更不确定的时期。”</p>
</div><p>Some long-standing issues include its “poor” inventory systems, a lack of newness in its merchandise and a worsening consumer experience with new restrictions to services like self-checkout, per Saunders.</p>
<div class="lb-trans"><p>一些长期存在的问题包括其 “糟糕” 的库存系统、商品缺乏新意以及由于对自助结账等服务的新限制而导致的消费者体验恶化，桑德斯表示。</p>
</div><p>For its new Enterprise Acceleration Office, Fiddelke will oversee efforts to advance company priorities and simplify processes via technology.</p>
<div class="lb-trans"><p>在新的企业加速办公室中，菲德尔克将负责推进公司优先事项并通过技术简化流程。</p>
</div><p>The retailer had already announced a five-year merchandise revamp plan in March, which also included a focus on initiatives to scale digital capabilities and “drive meaningful top-line and bottom-line growth.” In the past few months, the retailer launched new or refreshed private label offerings and exclusive partnerships with smaller brands, such as home textile company Parachute.</p>
<div class="lb-trans"><p>该零售商在三月份已宣布了一项为期五年的商品改造计划，重点是扩大数字能力并 “推动有意义的收入和利润增长”。在过去几个月，该零售商推出了新的或更新的自有品牌产品，并与较小品牌（如家用纺织公司 Parachute）建立了独家合作关系。</p>
</div><p>On Monday, Target announced Target Circle 360 members can now order unlimited same-day delivery “without price markups” from over 100 other retailers and grocers in Shipt’s network.</p>
<div class="lb-trans"><p>周一，塔吉特宣布，Target Circle 360 会员现在可以从 Shipt 网络中的 100 多家其他零售商和杂货店无限制地订购当天送达的商品，“没有价格加价”。</p>
</div><p>Announcing further executive shifts on Wednesday, Chief Information and Product Officer Prat Vemana will lead Target’s global capability center in India and report directly to Cornell. Additionally, Chief Financial Officer Jim Lee will now lead enterprise strategy and partnerships, while Gomez will oversee the enterprise insights team.</p>
<div class="lb-trans"><p>在周三宣布进一步的高管变动时，首席信息与产品官普拉特·维马纳将领导塔吉特在印度的全球能力中心，并直接向康奈尔汇报。此外，首席财务官吉姆·李将领导企业战略和合作伙伴关系，而戈麦斯将负责企业洞察团队。</p>
</div><p>In departing the company, Hennington (once considered a potential CEO successor to Cornell, per Saunders) ends a more than 20-year career at Target. Tu had only been at the retailer since August of last year, and her role will be filled by Chief Human Resources Officer Melissa Kremer while an external search is conducted.</p>
<div class="lb-trans"><p>在离开公司时，亨宁顿（曾被视为康奈尔的潜在首席执行官接班人）结束了在塔吉特超过 20 年的职业生涯。图自去年八月以来一直在该零售商工作，她的职位将由首席人力资源官梅丽莎·克雷默填补，同时进行外部招聘。</p>
</div><p>But can all the strategic changes yield quick results?</p>
<div class="lb-trans"><p>但所有这些战略变动能否迅速见效？</p>
</div><p>“The year has started below plan, but with more difficult prior year comparisons and increased tariff pressure, we do not see a reason for near-term improvement from a disappointing 1Q,” Managing Director and Senior Research Analyst Bill Kirk at Roth said in an emailed note.</p>
<div class="lb-trans"><p>“今年的开局低于计划，但由于去年同期的比较更加困难以及关税压力的增加，我们不认为在令人失望的第一季度中会有短期改善的理由，” Roth 的董事总经理兼高级研究分析师比尔·柯克在一封电子邮件中表示。</p>
</div>

塔吉特在与关税和消费者反弹的斗争中，第一季度收益令人失望