<ul>
<li>塔吉特的新任首席执行官削减价格以提升销售，面对竞争</li>
</ul>
<ul>
<li>Fiddelke 的增长战略包括 60 亿美元的预算，聚焦人工智能</li>
</ul>
<ul>
<li>塔吉特的扭转努力面临挑战，预计将逐步见效</li>
</ul>
<p>作者：Savyata Mishra</p>
<p>3 月 13 日（路透社）- 自上个月接任塔吉特（TGT.N）首席执行官以来，迈克尔·Fiddelke 的首次重大举措是借鉴前任的做法来提振需求：对超过 3000 种产品进行降价。</p>
<p>这一策略在前任塔吉特首席执行官布莱恩·康奈尔（Brian Cornell）超过十年的任期内受到青睐，但降价的效果仅部分成功。而周三宣布的新一轮降价可能会提高投资者的期望，因为 Fiddelke 试图证明他今年的高额资本支出将带来更高的回报，并且他在 3 月 3 日首次投资者日上提出的一系列举措将扭转三年来销售的下滑。</p>
<p>最新的举措将使服装、家居用品和日常必需品的价格降低 5% 至 20%。</p>
<p>“降价是朝着正确方向迈出的一步，但仅靠降价不足以赢回顾客。成功的策略不仅仅是降低价格，” CFRA 分析师阿伦·桑达拉姆（Arun Sundaram）表示。</p>
<p>为了应对来自沃尔玛（WMT.N）和其他激进零售商如 Aldi 和亚马逊（AMZN.O）的竞争加剧，塔吉特在 2017 年至 2024 年间多次降价，通常与假期或战略重置相关联。</p>
<p>在塔吉特在 2024 年降价 5000 件商品后，该零售商暂时恢复了同店销售增长。但由于过度依赖可自由支配的消费，而人们在非必需品上的支出减少，销售再次受到挤压。</p>
<p>塔吉特的收入已连续五个季度下降，而营业收入在过去三个季度也有所下降，尽管同比下降的速度有所放缓。</p>
<p>对于塔吉特的股东而言，在过去五年中总回报缩水超过 20%，而沃尔玛和好市多（COST.O）的回报超过 200%，关键在于在竞争激烈和顾客寻求优惠的时刻迅速赢回顾客光临。</p>
<p>塔吉特未对此邮件请求作出回应。</p>
<h3>利用新投资推动增长</h3>
<p>“塔吉特的新篇章完全是关于推动增长，我们将通过自己的方式进行大变革，以取悦我们的顾客，” Fiddelke 上周表示。</p>
<p>分析师注意到他的急迫感。当天，投资者将塔吉特的股价推高了 6%。</p>
<p>Fiddelke 承诺将公司的预算提高到今年的 60 亿美元，承诺在商店货架上提供更时尚的服装、更快速的配送，并在大约 2000 家门店中聚焦人工智能。</p>
<p>Fiddelke 的改革计划包括 50 亿美元的资本支出，比去年增加三分之一。他已拨出 10 亿美元用于更快地补货、开设新店和改造现有店铺。杂货将获得超过 10 亿美元的投资，商店将为新鲜商品腾出更多空间。</p>
<p>塔吉特还将指定一些地点作为重配送中心，而其他地点则专注于顾客，这与其早期几乎所有商店都作为小型配送中心的模式有所不同。Fiddelke 还宣布了 10 亿美元的额外运营支出。</p>
<p>“Fiddelke 的步伐激进但现实，如果商店执行和供应链保持有序，” 财富管理咨询公司 Cerity Partners 的合伙人迈克尔·阿什利·舒尔曼（Michael Ashley Schulman）表示。“挑战在于在 2000 家商店中始终如一地做到这一点。零售业的扭转很少有第二次机会，而这是一项对一致性的重大赌注。”</p>
<h3>新举措需要时间才能见效</h3>
<p>在康奈尔的领导下，塔吉特花了十年时间试图重塑自己，结果喜忧参半。塔吉特在 2015 年退出了亏损的加拿大业务，在他的任期内进行了大规模的减记。与 Fiddelke 的新投资计划类似，康奈尔在 2017 年花费了 70 亿美元来刷新商店，但最终给利润带来了压力。</p>
<p>曾担任塔吉特运营和财务主管的 Fiddelke 表示，今年每个季度的销售都将增长。他还预测 2026 年的调整后营业收入利润率为 4.8%，比去年高出 20 个基点。</p>
<p>沃尔玛以低利润驱动大销售量，预计在同一时期的营业利润率可达 4.4%，收入也将有类似增长。</p>
<p>塔吉特的杠杆率也高于沃尔玛，这使其在增加支出时财务缓冲较小。对于塔吉特来说，获得市场份额可能也很困难，因为沃尔玛已经巩固了其在关键杂货领域的领导地位。</p>
<p>任何来自回归基础的零售策略的好处都将是渐进的，Freedom Capital Markets 的首席市场策略师杰伊·伍兹（Jay Woods）表示。</p>
<p>“问题不仅在于（Fiddelke）能否做到，而在于投资者是否有耐心等待。”</p>
<p>塔吉特的估值低于市场领导者沃尔玛</p>
<p><img src="https://imageproxy.pbkrs.com/https://fingfx.thomsonreuters.com/gfx/mkt/jnvwryqmlpw/Screenshot%202026-03-11%20152108.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="749" height="491" original-src="https://imageproxy.pbkrs.com/https://fingfx.thomsonreuters.com/gfx/mkt/jnvwryqmlpw/Screenshot%202026-03-11%20152108.png"/></p>
<p>净债务负担：塔吉特与大型零售竞争对手的比较</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/TARGET-RESULTS/jnpwrezrevw/chart.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1672" height="1234" original-src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/TARGET-RESULTS/jnpwrezrevw/chart.png"/></p>
<p>塔吉特的股票在过去五年中落后于沃尔玛和好市多</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/TARGET-RESULTS/movaonbbbva/chart.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1420" height="918" original-src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/TARGET-RESULTS/movaonbbbva/chart.png"/></p>
<p>塔吉特过去五年的资本支出</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/TARGET-INVESTMENTS/zdvxgdljqpx/chart.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1600" height="1134" original-src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/TARGET-INVESTMENTS/zdvxgdljqpx/chart.png"/></p>

塔吉特

零售业 ETF - VanEck Vectors

标普零售指数 ETF - SPDR

亚马逊每日 2 倍做多 ETF - Direxion

沃尔玛

在线零售 ETF - ProShares

电子商务 ETF - GlobalX

线上零售 ETF - Amplify

亚马逊

<ul>
<li>Target’s new CEO cuts prices to boost sales amid competition</li>
</ul>
<div class="lb-trans"><ul>
<li>塔吉特的新任首席执行官削减价格以提升销售，面对竞争</li>
</ul>
</div><ul>
<li>Fiddelke’s growth strategy includes $6 billion budget, AI focus</li>
</ul>
<div class="lb-trans"><ul>
<li>Fiddelke 的增长战略包括 60 亿美元的预算，聚焦人工智能</li>
</ul>
</div><ul>
<li>Target’s turnaround efforts face challenges, gradual results expected</li>
</ul>
<div class="lb-trans"><ul>
<li>塔吉特的扭转努力面临挑战，预计将逐步见效</li>
</ul>
</div><p>By Savyata Mishra</p>
<div class="lb-trans"><p>作者：Savyata Mishra</p>
</div><p>March 13 (Reuters) - In his first big move since taking over as Target’s (TGT.N) CEO last month, Michael Fiddelke took a page out of his predecessor’s playbook to shore up demand: slashing prices on more than 3,000 products.</p>
<div class="lb-trans"><p>3 月 13 日（路透社）- 自上个月接任塔吉特（TGT.N）首席执行官以来，迈克尔·Fiddelke 的首次重大举措是借鉴前任的做法来提振需求：对超过 3000 种产品进行降价。</p>
</div><p>A strategy favored by former Target boss Brian Cornell during his more-than-a-decade tenure, the cuts were only partially successful. And the fresh round announced Wednesday is likely to raise investor expectations as Fiddelke tries to prove that his costlier capital outlay for the year will yield higher returns, and that a flurry of initiatives he presented at his first-ever investor day on March 3 will reverse three years of declines in sales.</p>
<div class="lb-trans"><p>这一策略在前任塔吉特首席执行官布莱恩·康奈尔（Brian Cornell）超过十年的任期内受到青睐，但降价的效果仅部分成功。而周三宣布的新一轮降价可能会提高投资者的期望，因为 Fiddelke 试图证明他今年的高额资本支出将带来更高的回报，并且他在 3 月 3 日首次投资者日上提出的一系列举措将扭转三年来销售的下滑。</p>
</div><p>The latest move would cut prices on apparel, home goods and daily essentials by 5% to 20%.</p>
<div class="lb-trans"><p>最新的举措将使服装、家居用品和日常必需品的价格降低 5% 至 20%。</p>
</div><p>“The price cuts are a step in the right direction, but they alone are not enough to win back customers. The winning playbook is broader than simply lowering prices,” said CFRA analyst Arun Sundaram.</p>
<div class="lb-trans"><p>“降价是朝着正确方向迈出的一步，但仅靠降价不足以赢回顾客。成功的策略不仅仅是降低价格，” CFRA 分析师阿伦·桑达拉姆（Arun Sundaram）表示。</p>
</div><p>In response to intensifying competition from Walmart (WMT.N) , and other aggressive retailers such as Aldi and Amazon (AMZN.O) - that set off a price war - Target cut prices several times between 2017 and 2024, often tied to holidays or strategic resets.</p>
<div class="lb-trans"><p>为了应对来自沃尔玛（WMT.N）和其他激进零售商如 Aldi 和亚马逊（AMZN.O）的竞争加剧，塔吉特在 2017 年至 2024 年间多次降价，通常与假期或战略重置相关联。</p>
</div><p>After Target reduced prices of 5,000 items in 2024, the retailer temporarily returned to same-store sales growth. But that did not last long as its overreliance on discretionary spending at a time when people were pulling back on all but essentials squeezed sales again.</p>
<div class="lb-trans"><p>在塔吉特在 2024 年降价 5000 件商品后，该零售商暂时恢复了同店销售增长。但由于过度依赖可自由支配的消费，而人们在非必需品上的支出减少，销售再次受到挤压。</p>
</div><p>Target’s revenues have fallen for five straight quarters, while operating income has dropped for the past three even though the year-over-year pace of decline has slowed.</p>
<div class="lb-trans"><p>塔吉特的收入已连续五个季度下降，而营业收入在过去三个季度也有所下降，尽管同比下降的速度有所放缓。</p>
</div><p>For Target’s shareholders, who have seen total returns shrink more than 20% over the past five years against gains of more than 200% at rivals Walmart and Costco (COST.O) , the key, however, will be to win back customer visits quickly at a time of stiff competition and bargain hunting.</p>
<div class="lb-trans"><p>对于塔吉特的股东而言，在过去五年中总回报缩水超过 20%，而沃尔玛和好市多（COST.O）的回报超过 200%，关键在于在竞争激烈和顾客寻求优惠的时刻迅速赢回顾客光临。</p>
</div><p>Target did not respond to an email seeking comment.</p>
<div class="lb-trans"><p>塔吉特未对此邮件请求作出回应。</p>
</div><h3>USING NEW INVESTMENTS TO FUEL GROWTH</h3>
<div class="lb-trans"><h3>利用新投资推动增长</h3>
</div><p>“Target’s new chapter is all about fueling growth, and we’ll do so by playing our own game and making big changes to delight our guests,” Fiddelke said last week.</p>
<div class="lb-trans"><p>“塔吉特的新篇章完全是关于推动增长，我们将通过自己的方式进行大变革，以取悦我们的顾客，” Fiddelke 上周表示。</p>
</div><p>Analysts noted his sense of haste. Investors that day pushed Target’s stock up 6%.</p>
<div class="lb-trans"><p>分析师注意到他的急迫感。当天，投资者将塔吉特的股价推高了 6%。</p>
</div><p>Boosting the company’s budget to $6 billion this year, Fiddelke promised trendier apparel on store shelves, speedier deliveries, and a focus on artificial intelligence across its roughly 2,000 stores.</p>
<div class="lb-trans"><p>Fiddelke 承诺将公司的预算提高到今年的 60 亿美元，承诺在商店货架上提供更时尚的服装、更快速的配送，并在大约 2000 家门店中聚焦人工智能。</p>
</div><p>Fiddelke’s revamp plan includes $5 billion in capital expenditures, a third more than last year. He has earmarked $1 billion to restock products faster, open new stores and remodel existing ones. Groceries will get over $1  billion, with stores dedicating more space to fresh items.</p>
<div class="lb-trans"><p>Fiddelke 的改革计划包括 50 亿美元的资本支出，比去年增加三分之一。他已拨出 10 亿美元用于更快地补货、开设新店和改造现有店铺。杂货将获得超过 10 亿美元的投资，商店将为新鲜商品腾出更多空间。</p>
</div><p>Target will also designate some locations as fulfillment-heavy hubs while others focus on shoppers, a shift from its earlier model of using nearly all stores as small fulfillment centers. Fiddelke also announced $1 billion in additional operating expenses.</p>
<div class="lb-trans"><p>塔吉特还将指定一些地点作为重配送中心，而其他地点则专注于顾客，这与其早期几乎所有商店都作为小型配送中心的模式有所不同。Fiddelke 还宣布了 10 亿美元的额外运营支出。</p>
</div><p>“Fiddelke’s pace is aggressive but realistic if store execution and supply chain stay disciplined,” said Michael Ashley Schulman, a partner at wealth management advisory firm Cerity Partners. “The challenge is to do this consistently across 2,000 stores. Retail turnarounds rarely get a second shot, and this is a big bet on consistency.”</p>
<div class="lb-trans"><p>“Fiddelke 的步伐激进但现实，如果商店执行和供应链保持有序，” 财富管理咨询公司 Cerity Partners 的合伙人迈克尔·阿什利·舒尔曼（Michael Ashley Schulman）表示。“挑战在于在 2000 家商店中始终如一地做到这一点。零售业的扭转很少有第二次机会，而这是一项对一致性的重大赌注。”</p>
</div><h3>NEW INITIATIVES WILL TAKE TIME TO YIELD RESULTS</h3>
<div class="lb-trans"><h3>新举措需要时间才能见效</h3>
</div><p>Under Cornell, Target spent a decade trying to reinvent itself, with mixed results. Target exited loss-making Canada operations in 2015, taking a massive writedown during his tenure. In a step similar to Fiddelke’s new investment plans, Cornell spent $7  billion in 2017 to refresh stores, but ended up pressuring margins.</p>
<div class="lb-trans"><p>在康奈尔的领导下，塔吉特花了十年时间试图重塑自己，结果喜忧参半。塔吉特在 2015 年退出了亏损的加拿大业务，在他的任期内进行了大规模的减记。与 Fiddelke 的新投资计划类似，康奈尔在 2017 年花费了 70 亿美元来刷新商店，但最终给利润带来了压力。</p>
</div><p>Fiddelke, who previously served as both operating and finance chief at Target, said sales would grow in every quarter this year. He also predicted an adjusted operating income margin of 4.8% for 2026, 20 basis points higher than last year.</p>
<div class="lb-trans"><p>曾担任塔吉特运营和财务主管的 Fiddelke 表示，今年每个季度的销售都将增长。他还预测 2026 年的调整后营业收入利润率为 4.8%，比去年高出 20 个基点。</p>
</div><p>Walmart, which famously drives big sales volumes through low margins, expects an operating margin of up to 4.4% for the same period, with a similar growth in revenue.</p>
<div class="lb-trans"><p>沃尔玛以低利润驱动大销售量，预计在同一时期的营业利润率可达 4.4%，收入也将有类似增长。</p>
</div><p>Target is also more leveraged than Walmart, leaving it with a smaller financial cushion as it ramps spending. Gaining market share may be tough for Target too, as Walmart has already cemented its place as the leader in the key groceries segment.</p>
<div class="lb-trans"><p>塔吉特的杠杆率也高于沃尔玛，这使其在增加支出时财务缓冲较小。对于塔吉特来说，获得市场份额可能也很困难，因为沃尔玛已经巩固了其在关键杂货领域的领导地位。</p>
</div><p>Any benefits from back-to-basics retail strategy will be gradual, said Jay Woods, chief market strategist at Freedom Capital Markets.</p>
<div class="lb-trans"><p>任何来自回归基础的零售策略的好处都将是渐进的，Freedom Capital Markets 的首席市场策略师杰伊·伍兹（Jay Woods）表示。</p>
</div><p>“The question is not only can (Fiddelke) do it, but will investors have the patience to wait.”</p>
<div class="lb-trans"><p>“问题不仅在于（Fiddelke）能否做到，而在于投资者是否有耐心等待。”</p>
</div><p>Target valued lower than market leader Walmart</p>
<div class="lb-trans"><p>塔吉特的估值低于市场领导者沃尔玛</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://fingfx.thomsonreuters.com/gfx/mkt/jnvwryqmlpw/Screenshot%202026-03-11%20152108.png" alt="" original-src="https://fingfx.thomsonreuters.com/gfx/mkt/jnvwryqmlpw/Screenshot%202026-03-11%20152108.png"/></p>
<p>Net Debt Burden: Target compared with big-box rivals</p>
<div class="lb-trans"><p>净债务负担：塔吉特与大型零售竞争对手的比较</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/TARGET-RESULTS/jnpwrezrevw/chart.png" alt="" original-src="https://www.reuters.com/graphics/TARGET-RESULTS/jnpwrezrevw/chart.png"/></p>
<p>Target shares lag rivals Walmart, Costco over the last five years</p>
<div class="lb-trans"><p>塔吉特的股票在过去五年中落后于沃尔玛和好市多</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/TARGET-RESULTS/movaonbbbva/chart.png" alt="" original-src="https://www.reuters.com/graphics/TARGET-RESULTS/movaonbbbva/chart.png"/></p>
<p>Target’s capital spending over last five years</p>
<div class="lb-trans"><p>塔吉特过去五年的资本支出</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/TARGET-INVESTMENTS/zdvxgdljqpx/chart.png" alt="" original-src="https://www.reuters.com/graphics/TARGET-INVESTMENTS/zdvxgdljqpx/chart.png"/></p>

ANALYSIS-New Target CEO slashes prices. Previous cuts offered short-lived sales boost.

- Target CEO Fiddelke 削减 3,000 种产品价格以提升销售。  
- 提升预算至 60 亿美元，专注于时尚服装和人工智能。  
- 销售增长需时间，投资者需耐心等待结果。

Reuters

分析 - 塔吉特的新任 CEO 大幅降价。之前的降价仅带来了短暂的销售增长