TGT: Takeaways from Time with Management

研报英文原文证据摘录

TGT: Takeaways from Time with Management

2026 25.4A 26.1E 26.2E 31.5E

improvement was another source of confidence, noting that whichever 2027 26.3E 27.1E 27.4E 33.1E

way they sliced 1Q results (demographics, income cohorts, etc.), they saw EPS, Ops Diluted

2025 1.30A 2.05A 1.78A 2.45A a step-up across the board. Sustained traffic improvement (+4.4% in 1Q) 2026 1.71A 2.35E 1.90E 2.56E

showing up broadly rather than in isolated pockets is, in their view, the most 2027 1.99E 2.62E 2.13E 2.86E

reliable signal of durable recovery. In terms of share gains, TGT believes

that the share donor list is intentionally broad from both big players and AllPricedvaluesas ofin priorUSD unlesstradingotherwiseday's marketnoted.close, EST (unless otherwise noted).

specialty players as it's category-dependent.

In-stocks #1 priority - New Chief Global Supply Chain and Logistics Officer

Jeff England (as of 05/31) comes with a clear mandate to improve inventory

reliability. Mgmt acknowledged that for years, its in-stocks have not met

its pre-pandemic benchmark, and closing that gap will remain the #1

priority. The team delved deeper into root causes for these insufficiencies

including store-level safety stock not being set correctly for specific store/

day demand patterns, certain DC facilities experiencing process errors,

or training gaps for associates. Beyond inventory reliability, squeezing

efficiency out of the supply chain will be the next focus. So far, TGT is

deploying AI-powered logic for inventory allocation and determining best

inventory levels for each store. 1Q inventory turns up > 10% y/y serves as

an early proof point.

TGT addresses price investments from peers - With peers such as WMT

and KR making price investment announcements, TGT said it expects to