<ul>
<li>塔吉特的新任首席執行官削減價格以提升銷售，面對競爭</li>
</ul>
<ul>
<li>Fiddelke 的增長戰略包括 60 億美元的預算，聚焦人工智能</li>
</ul>
<ul>
<li>塔吉特的扭轉努力面臨挑戰，預計將逐步見效</li>
</ul>
<p>作者：Savyata Mishra</p>
<p>3 月 13 日（路透社）- 自上個月接任塔吉特（TGT.N）首席執行官以來，邁克爾·Fiddelke 的首次重大舉措是借鑑前任的做法來提振需求：對超過 3000 種產品進行降價。</p>
<p>這一策略在前任塔吉特首席執行官布萊恩·康奈爾（Brian Cornell）超過十年的任期內受到青睞，但降價的效果僅部分成功。而週三宣佈的新一輪降價可能會提高投資者的期望，因為 Fiddelke 試圖證明他今年的高額資本支出將帶來更高的回報，並且他在 3 月 3 日首次投資者日上提出的一系列舉措將扭轉三年來銷售的下滑。</p>
<p>最新的舉措將使服裝、家居用品和日常必需品的價格降低 5% 至 20%。</p>
<p>“降價是朝着正確方向邁出的一步，但僅靠降價不足以贏回顧客。成功的策略不僅僅是降低價格，” CFRA 分析師阿倫·桑達拉姆（Arun Sundaram）表示。</p>
<p>為了應對來自沃爾瑪（WMT.N）和其他激進零售商如 Aldi 和亞馬遜（AMZN.O）的競爭加劇，塔吉特在 2017 年至 2024 年間多次降價，通常與假期或戰略重置相關聯。</p>
<p>在塔吉特在 2024 年降價 5000 件商品後，該零售商暫時恢復了同店銷售增長。但由於過度依賴可自由支配的消費，而人們在非必需品上的支出減少，銷售再次受到擠壓。</p>
<p>塔吉特的收入已連續五個季度下降，而營業收入在過去三個季度也有所下降，儘管同比下降的速度有所放緩。</p>
<p>對於塔吉特的股東而言，在過去五年中總回報縮水超過 20%，而沃爾瑪和好市多（COST.O）的回報超過 200%，關鍵在於在競爭激烈和顧客尋求優惠的時刻迅速贏回顧客光臨。</p>
<p>塔吉特未對此郵件請求作出回應。</p>
<h3>利用新投資推動增長</h3>
<p>“塔吉特的新篇章完全是關於推動增長，我們將通過自己的方式進行大變革，以取悦我們的顧客，” Fiddelke 上週表示。</p>
<p>分析師注意到他的急迫感。當天，投資者將塔吉特的股價推高了 6%。</p>
<p>Fiddelke 承諾將公司的預算提高到今年的 60 億美元，承諾在商店貨架上提供更時尚的服裝、更快速的配送，並在大約 2000 家門店中聚焦人工智能。</p>
<p>Fiddelke 的改革計劃包括 50 億美元的資本支出，比去年增加三分之一。他已撥出 10 億美元用於更快地補貨、開設新店和改造現有店鋪。雜貨將獲得超過 10 億美元的投資，商店將為新鮮商品騰出更多空間。</p>
<p>塔吉特還將指定一些地點作為重配送中心，而其他地點則專注於顧客，這與其早期幾乎所有商店都作為小型配送中心的模式有所不同。Fiddelke 還宣佈了 10 億美元的額外運營支出。</p>
<p>“Fiddelke 的步伐激進但現實，如果商店執行和供應鏈保持有序，” 財富管理諮詢公司 Cerity Partners 的合夥人邁克爾·阿什利·舒爾曼（Michael Ashley Schulman）表示。“挑戰在於在 2000 家商店中始終如一地做到這一點。零售業的扭轉很少有第二次機會，而這是一項對一致性的重大賭注。”</p>
<h3>新舉措需要時間才能見效</h3>
<p>在康奈爾的領導下，塔吉特花了十年時間試圖重塑自己，結果喜憂參半。塔吉特在 2015 年退出了虧損的加拿大業務，在他的任期內進行了大規模的減記。與 Fiddelke 的新投資計劃類似，康奈爾在 2017 年花費了 70 億美元來刷新商店，但最終給利潤帶來了壓力。</p>
<p>曾擔任塔吉特運營和財務主管的 Fiddelke 表示，今年每個季度的銷售都將增長。他還預測 2026 年的調整後營業收入利潤率為 4.8%，比去年高出 20 個基點。</p>
<p>沃爾瑪以低利潤驅動大銷售量，預計在同一時期的營業利潤率可達 4.4%，收入也將有類似增長。</p>
<p>塔吉特的槓桿率也高於沃爾瑪，這使其在增加支出時財務緩衝較小。對於塔吉特來説，獲得市場份額可能也很困難，因為沃爾瑪已經鞏固了其在關鍵雜貨領域的領導地位。</p>
<p>任何來自迴歸基礎的零售策略的好處都將是漸進的，Freedom Capital Markets 的首席市場策略師傑伊·伍茲（Jay Woods）表示。</p>
<p>“問題不僅在於（Fiddelke）能否做到，而在於投資者是否有耐心等待。”</p>
<p>塔吉特的估值低於市場領導者沃爾瑪</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>淨債務負擔：塔吉特與大型零售競爭對手的比較</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>塔吉特的股票在過去五年中落後於沃爾瑪和好市多</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>塔吉特過去五年的資本支出</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

零售業 ETF - VanEck Vectors

標普零售指數 ETF - SPDR

亞馬遜每日 2 倍做多 ETF - Direxion

沃爾瑪

在線零售 ETF - ProShares

電子商務 ETF - GlobalX

線上零售 ETF - Amplify

亞馬遜

<ul>
<li>Target’s new CEO cuts prices to boost sales amid competition</li>
</ul>
<div class="lb-trans"><ul>
<li>塔吉特的新任首席執行官削減價格以提升銷售，面對競爭</li>
</ul>
</div><ul>
<li>Fiddelke’s growth strategy includes $6 billion budget, AI focus</li>
</ul>
<div class="lb-trans"><ul>
<li>Fiddelke 的增長戰略包括 60 億美元的預算，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>塔吉特的扭轉努力面臨挑戰，預計將逐步見效</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）- 自上個月接任塔吉特（TGT.N）首席執行官以來，邁克爾·Fiddelke 的首次重大舉措是借鑑前任的做法來提振需求：對超過 3000 種產品進行降價。</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>這一策略在前任塔吉特首席執行官布萊恩·康奈爾（Brian Cornell）超過十年的任期內受到青睞，但降價的效果僅部分成功。而週三宣佈的新一輪降價可能會提高投資者的期望，因為 Fiddelke 試圖證明他今年的高額資本支出將帶來更高的回報，並且他在 3 月 3 日首次投資者日上提出的一系列舉措將扭轉三年來銷售的下滑。</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>最新的舉措將使服裝、家居用品和日常必需品的價格降低 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>“降價是朝着正確方向邁出的一步，但僅靠降價不足以贏回顧客。成功的策略不僅僅是降低價格，” CFRA 分析師阿倫·桑達拉姆（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>為了應對來自沃爾瑪（WMT.N）和其他激進零售商如 Aldi 和亞馬遜（AMZN.O）的競爭加劇，塔吉特在 2017 年至 2024 年間多次降價，通常與假期或戰略重置相關聯。</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 年降價 5000 件商品後，該零售商暫時恢復了同店銷售增長。但由於過度依賴可自由支配的消費，而人們在非必需品上的支出減少，銷售再次受到擠壓。</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>塔吉特的收入已連續五個季度下降，而營業收入在過去三個季度也有所下降，儘管同比下降的速度有所放緩。</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>對於塔吉特的股東而言，在過去五年中總回報縮水超過 20%，而沃爾瑪和好市多（COST.O）的回報超過 200%，關鍵在於在競爭激烈和顧客尋求優惠的時刻迅速贏回顧客光臨。</p>
</div><p>Target did not respond to an email seeking comment.</p>
<div class="lb-trans"><p>塔吉特未對此郵件請求作出回應。</p>
</div><h3>USING NEW INVESTMENTS TO FUEL GROWTH</h3>
<div class="lb-trans"><h3>利用新投資推動增長</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關於推動增長，我們將通過自己的方式進行大變革，以取悦我們的顧客，” Fiddelke 上週表示。</p>
</div><p>Analysts noted his sense of haste. Investors that day pushed Target’s stock up 6%.</p>
<div class="lb-trans"><p>分析師注意到他的急迫感。當天，投資者將塔吉特的股價推高了 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 承諾將公司的預算提高到今年的 60 億美元，承諾在商店貨架上提供更時尚的服裝、更快速的配送，並在大約 2000 家門店中聚焦人工智能。</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 的改革計劃包括 50 億美元的資本支出，比去年增加三分之一。他已撥出 10 億美元用於更快地補貨、開設新店和改造現有店鋪。雜貨將獲得超過 10 億美元的投資，商店將為新鮮商品騰出更多空間。</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>塔吉特還將指定一些地點作為重配送中心，而其他地點則專注於顧客，這與其早期幾乎所有商店都作為小型配送中心的模式有所不同。Fiddelke 還宣佈了 10 億美元的額外運營支出。</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 的步伐激進但現實，如果商店執行和供應鏈保持有序，” 財富管理諮詢公司 Cerity Partners 的合夥人邁克爾·阿什利·舒爾曼（Michael Ashley Schulman）表示。“挑戰在於在 2000 家商店中始終如一地做到這一點。零售業的扭轉很少有第二次機會，而這是一項對一致性的重大賭注。”</p>
</div><h3>NEW INITIATIVES WILL TAKE TIME TO YIELD RESULTS</h3>
<div class="lb-trans"><h3>新舉措需要時間才能見效</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>在康奈爾的領導下，塔吉特花了十年時間試圖重塑自己，結果喜憂參半。塔吉特在 2015 年退出了虧損的加拿大業務，在他的任期內進行了大規模的減記。與 Fiddelke 的新投資計劃類似，康奈爾在 2017 年花費了 70 億美元來刷新商店，但最終給利潤帶來了壓力。</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>曾擔任塔吉特運營和財務主管的 Fiddelke 表示，今年每個季度的銷售都將增長。他還預測 2026 年的調整後營業收入利潤率為 4.8%，比去年高出 20 個基點。</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>沃爾瑪以低利潤驅動大銷售量，預計在同一時期的營業利潤率可達 4.4%，收入也將有類似增長。</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>塔吉特的槓桿率也高於沃爾瑪，這使其在增加支出時財務緩衝較小。對於塔吉特來説，獲得市場份額可能也很困難，因為沃爾瑪已經鞏固了其在關鍵雜貨領域的領導地位。</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>任何來自迴歸基礎的零售策略的好處都將是漸進的，Freedom Capital Markets 的首席市場策略師傑伊·伍茲（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>“問題不僅在於（Fiddelke）能否做到，而在於投資者是否有耐心等待。”</p>
</div><p>Target valued lower than market leader Walmart</p>
<div class="lb-trans"><p>塔吉特的估值低於市場領導者沃爾瑪</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>淨債務負擔：塔吉特與大型零售競爭對手的比較</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>塔吉特的股票在過去五年中落後於沃爾瑪和好市多</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>塔吉特過去五年的資本支出</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 削減 3,000 種產品價格以提升銷售。  
- 提升預算至 60 億美元，專注於時尚服裝和人工智能。  
- 銷售增長需時間，投資者需耐心等待結果。

Reuters

分析 - 塔吉特的新任 CEO 大幅降價。之前的降價僅帶來了短暫的銷售增長