Ivan Feinseth: Ivan Feinseth, Tigress Financial Partners. I have two questions. Could you go into some detail on how Roundel contributes to revenue growth? What percentage of your vendors are on it? And how you demonstrate your value proposition to them? And then my second question this morning on your interview on CNBC, you spoke about your strength in toys and your growth in home goods. What other category opportunities do you see that going forward you could lever and become a retailer of choice in those categories?
Brian Cornell: Right. Well, Christina, I’ll let you talk a bit about Roundel and just how important it’s been for our vendor partners and deepening engagement. But the second question is something we talk about all the time. And sitting here today, you and I both know, while we have built great momentum and added over $30 billion of growth, we know we still have category opportunities all around us.
Christine Leahy: Yes. So first, Roundel, like I mentioned in my prepared remarks, is an incredibly important part of our ecosystem. It gives our vendors an opportunity to target the guests that they see as most likely to be intrigued by their new products and the quality of merchandise that they’re bringing to market. It allows us to highlight those products and give them real-time insights about how it’s selling because of the closed loop reporting that we can offer. And so this has been a huge part of the demand generation for a lot of our businesses. We are very engaged with a broad spectrum of vendors across the entirety of the portfolio. and believe that Roundel is going to be an important part of the future, partly because of that guest centricity that we bring to the model, but also because our guests want to know what’s new and relevant both across owned brands and national brands and how it fits into their lives.
So maybe I can pivot to that second question and really talk about what opportunities we have. Well, we have a broad portfolio. And we think the strength of our multi-category portfolio is a differentiator in the market. We don’t build an assortment for a snapshot in time. So having a healthy business across every dimension, allows us to flex as market conditions change. Right now, we’re flexing into Essentials and Beauty and Food & Beverage. But a couple of years ago, it was home and hardlines that took the center stage. So having the ability to connect with consumers and having relevance and strong market share positions in many businesses is important to us. The way that we continue to build relevance is by saying super guest-centric working to make sure that we are a destination for seasonal businesses.
Seasonal businesses are kind of in our core DNA because it’s a great way for guests to do more in one store at one time. Everything you need for back-to-school, you can get your backpack. You can get your calculator. You can get your pens and paper, you can get your new outfit. So those are really important to us, but the other is the importance of newness. And you heard me talk a lot about that. They’re in an environment where consumers are making trade-offs. More of the same is not going to get it done. And so really investing in innovation and something that excites them like our apparel floor pad right now, if you haven’t been in our stores or on our site lately, don’t check it out. The colors, the styles, the aesthetics are right on and it’s absolutely grabbing the attention of our guests.
Yes.
