As I've traveled and visited stores and distribution facilities in recent months, I've been inspired by the positive energy I've seen throughout our team and their hunger to build on this momentum in the back half of the year and beyond.

Aug 20, 2025 / CEO / receipt, needs a key / Brian Cornell, CEO | earnings call 2025-08-20 | transcript d079d86b-0d52-4497-a8da-082e8635fd9e | chars 7357-7594 | segment 7

In addition, consumers are choosing to increase spending on services like leisure travel, entertainment, and food away from home, putting near-term pressure on discretionary products.

Aug 16, 2023 / CEO / receipt, needs a key / Brian Cornell, CEO | earnings call 2023-08-16 | transcript d4401759-e72b-4606-b022-65e415ef1d50 | chars 6326-6509 | segment 6

Within Hardlines, guests have been refocusing their spending away from electronics like TVs and into experiences for both kids and adults, which led to strength in our toys, travel, and prepaid card categories.

May 18, 2022 / CEO / receipt, needs a key / Brian Cornell, CEO | earnings call 2022-05-18 | transcript 77011dae-2f1d-4645-a9d2-b279433c44d9 | chars 17556-17766 | segment 17