<p>乍一看，零售商 <strong>塔吉特</strong>(TGT 0.44%) 和 <strong>科尔士百货</strong>(KSS -0.04%) 有很多共同点。</p>
<p>这两家连锁店在许多领域展开正面竞争，从宠物玩具和地毯到 T 恤和牛仔裤。塔吉特的美容部门与 <strong>Ulta Beauty</strong>(ULTA -0.16%) 进行店中店合作，而科尔士则与 Sephora 有类似的安排。它们都是盈利的分红支付者，拥有数十年的经验。</p>
<p>而且这两家公司也有一些痛苦的共同特征——近年来，两只股票的表现都不及大盘。我正在关注两项积极的转型努力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk5ODMvc3RhcmluZy1hdC1zaG9wcGluZy1iYWdzLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk5ODMvc3RhcmluZy1hdC1zaG9wcGluZy1iYWdzLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>但它们之间也存在显著差异。让我们看看科尔士和塔吉特的不同之处，以及在 2025 年 8 月哪一个更值得购买。剧透：塔吉特看起来是更稳定的赢家，而科尔士则是更高回报的转型赌注，如果你能承受风险的话。</p>
<h2>从数字上比较科尔士和塔吉特</h2>
<p>无论是按收入还是市值来衡量，塔吉特始终比科尔士更大。这并不是一场接近的比赛：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4aa02c7819c4a33e68639ade87afabb6.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4aa02c7819c4a33e68639ade87afabb6.png"/></p>
<p>TGT 市值数据来自 YCharts</p>
<p>我可以继续列举盈利指标显示同样的不平衡，但你已经明白了：如果你想要更大的公司，塔吉特是唯一的选择。</p>
<p>现在，科尔士并不是在与其更大的零售竞争对手的比较中完全落后。它的毛利率显著更高。但这一优势并没有在科尔士的财务报表中转化为持续的好处。塔吉特在营业利润率方面领先，而其底线净利润率为 4%，远远超过百货商店的 0.8%。</p>
<p>而且塔吉特在与运营效率相关的指标上显示出更强的优势。例如，塔吉特的股本回报率为 29.1%，而科尔士为 3.2%。</p>
<h2>两个转型主题</h2>
<p>当然，科尔士并没有坐以待毙。该公司在一个临时管理团队的领导下全力进行转型。它正在重新调整其自有品牌组合，优化整体产品线，并简化客户体验。</p>
<p>自有品牌是这一努力的重要组成部分，包括独家与 Sephora 的合作。科尔士还在改造其门店，以提供更直观的布局。具体来说，配饰和青少年部门正在靠近 Sephora 商店，因为公司发现这两个类别之间有很多交叉购物。</p>
<p>塔吉特的转型计划围绕着公司作为一个更愉快的日常必需品购物场所的声誉展开。管理层正在利用 “Tar-zhay” 这一富有幻想的品牌形象，暗示某种更高端、略带欧洲风格的品质。实际上，这是一个相当简单的策略。</p>
<p>“我们知道，当我们提供 Tar-zhay 的魔力时，消费者会做出反应，” 首席执行官布莱恩·康奈尔在 2026 年第一季度的财报电话会议上表示。“共同的主题是，当我们以极具价值的新产品提供时，我们会看到强劲的表现。”</p>
<p>因此，公司正在推出数千种新产品，涵盖多个自有品牌。塔吉特的重点不是在于低价，而是在于低成本与高质量之间的健康平衡。我会将塔吉特的策略与极为成功的 <strong>好市多</strong>(COST 0.10%) 模式进行比较，在这种模式下，注重质量的 Kirkland 品牌承担了大量的财务重担。如果你要从别人的剧本中撕下页面，最好是从一个世界级的竞争对手那里偷取。</p>
<h2>塔吉特是简单的选择，除非你喜欢冒险</h2>
<p>这让我回到了那个至关重要的问题：你现在应该购买塔吉特还是科尔士的股票？</p>
<p>如前所述，我可以想象不同的投资者在这里做出不同的选择。科尔士的股票在过去三年中下跌了 58%，目前的交易价格仅为过去销售额的 0.1 倍。业务一团糟，但如果科尔士能够回到更盈利的轨道上，可能会有巨大的上行空间。这是一个高风险、高回报的选择。</p>
<p>但大多数人应该再看看塔吉特。&#34;Tar-zhay&#34;策略已经奏效，而这本身就是一个更强大的连锁店。科尔士的转型可能是生死攸关的事情，但塔吉特只是在微调一个已经有效的商业模式。这是一个更安全的选择，而塔吉特的市销率为 0.5，仍然留有充足的空间以获得丰厚的投资回报。</p>

塔吉特

科尔士百货

<p>塔吉特和科尔士百货是竞争对手，各自具有不同的优势和劣势。塔吉特规模更大，盈利指标更佳，而科尔士则正在进行转型策略。科尔士的毛利率更高，但净利率表现不佳。塔吉特的策略侧重于提升客户体验和产品供应。投资者面临选择：塔吉特提供稳定性和经过验证的成功，而科尔士则呈现出高风险、高回报的机会。总体而言，由于塔吉特强大的商业模式和有效的策略，推荐其作为更安全的投资选择</p>

<p>At first glance, retailers <strong>Target</strong>(TGT 0.44%) and <strong>Kohl's</strong>(KSS -0.04%) have a lot in common.</p>
<div class="lb-trans"><p>乍一看，零售商 <strong>塔吉特</strong>(TGT 0.44%) 和 <strong>科尔士百货</strong>(KSS -0.04%) 有很多共同点。</p>
</div><p>The store chains compete head-to-head in many areas, from pet toys and rugs to T-shirts and jeans. Target's beauty department is a store-in-store partnership with <strong>Ulta Beauty</strong>(ULTA -0.16%), and Kohl's has a similar setup with Sephora. They are profitable dividend payers with decades of experience.</p>
<div class="lb-trans"><p>这两家连锁店在许多领域展开正面竞争，从宠物玩具和地毯到 T 恤和牛仔裤。塔吉特的美容部门与 <strong>Ulta Beauty</strong>(ULTA -0.16%) 进行店中店合作，而科尔士则与 Sephora 有类似的安排。它们都是盈利的分红支付者，拥有数十年的经验。</p>
</div><p>And the companies share some painful qualities, too -- both stocks have underperformed the broader market in recent years. I'm looking at two active turnaround efforts.</p>
<div class="lb-trans"><p>而且这两家公司也有一些痛苦的共同特征——近年来，两只股票的表现都不及大盘。我正在关注两项积极的转型努力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk5ODMvc3RhcmluZy1hdC1zaG9wcGluZy1iYWdzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829983%2Fstaring-at-shopping-bags.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>But there are significant differences, too. Let's see how Kohl's and Target differ, and which would be the better buy in August 2025. Spoiler alert: Target looks like the steadier winner, while Kohl's is the higher-upside turnaround bet if you can stomach the risk.</p>
<div class="lb-trans"><p>但它们之间也存在显著差异。让我们看看科尔士和塔吉特的不同之处，以及在 2025 年 8 月哪一个更值得购买。剧透：塔吉特看起来是更稳定的赢家，而科尔士则是更高回报的转型赌注，如果你能承受风险的话。</p>
</div><h2>Comparing Kohl's and Target by the numbers</h2>
<div class="lb-trans"><h2>从数字上比较科尔士和塔吉特</h2>
</div><p>Whether you measure them by revenue or market capitalization, Target has always been bigger than Kohl's. It's not a close race, either:</p>
<div class="lb-trans"><p>无论是按收入还是市值来衡量，塔吉特始终比科尔士更大。这并不是一场接近的比赛：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4aa02c7819c4a33e68639ade87afabb6.png" alt="" original-src="https://media.ycharts.com/charts/4aa02c7819c4a33e68639ade87afabb6.png"/></p>
<p>TGT Market Cap data by YCharts</p>
<div class="lb-trans"><p>TGT 市值数据来自 YCharts</p>
</div><p>I could go on with profitability metrics showing the same lopsided balance, but you get the point already: If you want the bigger company, Target is the only choice on the table.</p>
<div class="lb-trans"><p>我可以继续列举盈利指标显示同样的不平衡，但你已经明白了：如果你想要更大的公司，塔吉特是唯一的选择。</p>
</div><p>Now, Kohl's doesn't lose every comparison against its larger retail rival. Its gross profit margins are significantly wider. But that advantage doesn't translate into sustained benefits further down Kohl's financial statements. Target takes the lead at the operating margin level, and its bottom-line net profit margin of 4% runs circles around the department store's 0.8% figure.</p>
<div class="lb-trans"><p>现在，科尔士并不是在与其更大的零售竞争对手的比较中完全落后。它的毛利率显著更高。但这一优势并没有在科尔士的财务报表中转化为持续的好处。塔吉特在营业利润率方面领先，而其底线净利润率为 4%，远远超过百货商店的 0.8%。</p>
</div><p>And Target shows an even stronger advantage in metrics connected to operating efficiency. Target's return on equity is 29.1% versus Kohl's 3.2%, for example.</p>
<div class="lb-trans"><p>而且塔吉特在与运营效率相关的指标上显示出更强的优势。例如，塔吉特的股本回报率为 29.1%，而科尔士为 3.2%。</p>
</div><h2>The two turnaround themes</h2>
<div class="lb-trans"><h2>两个转型主题</h2>
</div><p>Kohl's isn't sitting on its cramped hands, of course. The company is running in full turnaround mode under an interim management team. It's reshuffling its private label portfolio, optimizing its overall product lineup, and simplifying the customer experience.</p>
<div class="lb-trans"><p>当然，科尔士并没有坐以待毙。该公司在一个临时管理团队的领导下全力进行转型。它正在重新调整其自有品牌组合，优化整体产品线，并简化客户体验。</p>
</div><p>In-house brands are an important part of this effort, including the exclusive Sephora partnership. Kohl's is also remodeling its stores to offer a more intuitive layout. Specifically, the accessories and juniors departments are moving closer to the Sephora shops, as the company has found lots of cross-shopping between these categories.</p>
<div class="lb-trans"><p>自有品牌是这一努力的重要组成部分，包括独家与 Sephora 的合作。科尔士还在改造其门店，以提供更直观的布局。具体来说，配饰和青少年部门正在靠近 Sephora 商店，因为公司发现这两个类别之间有很多交叉购物。</p>
</div><p>Target's turnaround plan is built around the company's reputation as a more pleasant place to shop for everyday essentials. Management is leaning into the whimsical &#34;Tar-zhay&#34; branding that suggests some kind of higher-end, slightly European quality. It's a pretty simple strategy, actually.</p>
<div class="lb-trans"><p>塔吉特的转型计划围绕着公司作为一个更愉快的日常必需品购物场所的声誉展开。管理层正在利用 “Tar-zhay” 这一富有幻想的品牌形象，暗示某种更高端、略带欧洲风格的品质。实际上，这是一个相当简单的策略。</p>
</div><p>&#34;We know that when we deliver the Tar-zhay magic, the consumer responds,&#34; CEO Brian Cornell said in May's first-quarter 2026 earnings call. &#34;And the common theme is, when we deliver newness at a great value, we see strong performance.&#34;</p>
<div class="lb-trans"><p>“我们知道，当我们提供 Tar-zhay 的魔力时，消费者会做出反应，” 首席执行官布莱恩·康奈尔在 2026 年第一季度的财报电话会议上表示。“共同的主题是，当我们以极具价值的新产品提供时，我们会看到强劲的表现。”</p>
</div><p>So the company is rolling out thousands of new items across a range of store brands. Target's focus isn't on bargain-bin pricing, but on a healthy balance between low cost and high quality. I would compare Target's strategy with the extremely successful <strong>Costco Wholesale</strong>(COST 0.10%) model, where the quality-obsessed Kirkland brand does a lot of heavy financial lifting. If you're ripping pages out of someone else's playbook, you might as well steal them from a world-class competitor.</p>
<div class="lb-trans"><p>因此，公司正在推出数千种新产品，涵盖多个自有品牌。塔吉特的重点不是在于低价，而是在于低成本与高质量之间的健康平衡。我会将塔吉特的策略与极为成功的 <strong>好市多</strong>(COST 0.10%) 模式进行比较，在这种模式下，注重质量的 Kirkland 品牌承担了大量的财务重担。如果你要从别人的剧本中撕下页面，最好是从一个世界级的竞争对手那里偷取。</p>
</div><h2>Target is the easy choice, unless you love risky bets</h2>
<div class="lb-trans"><h2>塔吉特是简单的选择，除非你喜欢冒险</h2>
</div><p>That brings me back to that all-important question: Should you buy Target or Kohl's stock these days?</p>
<div class="lb-trans"><p>这让我回到了那个至关重要的问题：你现在应该购买塔吉特还是科尔士的股票？</p>
</div><p>As noted, I can imagine different investors making different choices here. Kohl's stock is down by 58% in the last three years, and it trades at just 0.1 times trailing sales. The business is a mess, but there could be a fantastic upside if Kohl's can get back on a more profitable track. It's a high-risk, high-reward option.</p>
<div class="lb-trans"><p>如前所述，我可以想象不同的投资者在这里做出不同的选择。科尔士的股票在过去三年中下跌了 58%，目前的交易价格仅为过去销售额的 0.1 倍。业务一团糟，但如果科尔士能够回到更盈利的轨道上，可能会有巨大的上行空间。这是一个高风险、高回报的选择。</p>
</div><p>But most people should take a second look at Target instead. The &#34;Tar-zhay&#34; tactics are already working, and this is a more robust store chain to begin with. Kohl's turnaround may be a make-or-break affair, but Target is just fine-tuning a business model that already works. That's a safer option, and Target's price-to-sales ratio of 0.5 still leaves plenty of room for robust investment returns.</p>
<div class="lb-trans"><p>但大多数人应该再看看塔吉特。&#34;Tar-zhay&#34;策略已经奏效，而这本身就是一个更强大的连锁店。科尔士的转型可能是生死攸关的事情，但塔吉特只是在微调一个已经有效的商业模式。这是一个更安全的选择，而塔吉特的市销率为 0.5，仍然留有充足的空间以获得丰厚的投资回报。</p>
</div>

当前最佳买入股票：塔吉特与科尔士百货