Brian Cornell: I want to go back to the heart of your question. Do we have opportunities to continue to grow share? And it’s something that Michael and I talked to many of you about all the time. Despite the growth we’ve seen over the last few years, adding well over $30 billion of top line growth. Sitting here today, we represent 3% of the retail market. So as a leadership team, we see opportunities to grow across our entire multi-category portfolio, continue to leverage growth in store and from a digital standpoint. So while we’ve seen tremendous progress and we’re proud of the way we’ve transformed the business, we still see a significant runway to take share across every one of our major categories going forward, leveraging that great in-store guest experience and the digital experience we offer, that great combination of inspiration and ease that makes Target such a great destination for guests across the country.
So we see tremendous opportunities for years to come to continue to bolster our share position. Let’s come back to the front row. I know your hands have been up for a while.
Unidentified Analyst: from Piper Sandler. It sounds like Beauty has been a real strong category for you. Can you click down a little bit more on Ulta, maybe the difference in performance there versus non-Ulta stores? And maybe why not move faster? And then just as a quick follow-up on the $2 billion to $3 billion in efficiency gains, do you have any of that baked into ’23?
Brian Cornell: Christina, do you want to start and talk about Beauty? And then Michael, we can talk about ’23.
Christine Leahy: Yes. First and foremost, Beauty at Target has been a success story for a number of years. We have an incredible assortment that’s been relevant for a while. But adding Ulta Beauty has completed our assortment, our ability to offer prestige products in our store with the servicing experience and expertise that Ulta has brought to the table has been the missing link. And so we’ve completed that picture. And so really excited about the performance, really excited about our partnership. And we’re looking to accelerate. We’re already at 350 stores, and we’ll add more, as John talked about, as part of our remodel program. So really bullish about the future there.
Brian Cornell: Ed, you and I actually walked a store recently. And I think you heard from our local team, the fact that very excited about the results we’re seeing with Ulta Beauty and it’s clearly driving even more traffic to target. But at the same time, that team talked to you about the fact that our core beauty assortment continues to grow. So they’re complementing each other, and we’re just becoming more and more destination for that beauty shopper.
Michael Fiddelke: On the $2 billion to $3 billion, there’s a piece of it that shows up in 2023. But a large chunk of that is multiyear in nature. And you think about the apparel example that Mike shared, I think that’s just a perfect example. That’s a business that grew so fast over the last few years. And our teams did an amazing job to protect a good guest experience as we grew. But when we step back and look end-to-end across a business like apparel, we just see how much opportunity to simplify, make things easier for the guests, make things easier for our team. And changing some of those core processes won’t happen overnight. That’s why the multiyear nature is important. But we expect those benefits to be significant.
