Target 2009 Annual Report Download - page 5

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• And, we thoughtfully managed our investment in credit card
receivables, delivering solid protability even as other issuers
continuedtoreportlosses.
Asaresult,ourrevenuesin2009rose0.6percentto$65.4billion,and
wewereabletotranslatethistop-lineperformanceintonetearnings
of$2.5billion,a12.4percentincrease.Dilutedearningspersharefor
theyeargrew15.2percentto$3.30.Theseresultsreectthestrongest
retailsegmentprotinourhistoryandsolidprotabilityinourcredit
cardportfolio. In addition, theyclearly demonstratethe resilienceof
ourstrategy,theeffectivenessofouroperatingmodel,andthepower
ofstrongexecutionbyourteam.
In 2010, we continue to bring a fresh approach to all aspects of our
business.We’reintensifyingourcommitmenttomakeTargettheplaceto
shop,theplacetoworkandtheplacetoinvest.Alignedwithacommon
purpose,we’reworkingwithpassion andspeedtodelightourguests
everydayandtakingthoughtfulriskstogenerateprotablegrowth.
To reinforce Target as a one-stop shopping destination, our plans
includefurtherexpandingour PFresh food layout intoapproximately
350 additional stores, as well as incorporating other merchandise
innovationsinHome,Beauty,VideoGames,ElectronicsandShoes.
We are exploring opportunities to make Target accessible to more
guestsbyevolvingourstoreformatfordenseurbanmarkets,continuing
toexpandinmetropolitantradeareasandexaminingpossibilitiesfor
internationalexpansion.
Wearealsoexpandingthemobilecapabilitiesandsolutionsavailable
toourguests,providinggreaterconveniencebyallowingthemtoshop
anywhere,anytime.
And,wearebuildingonourfoundationasahighlydesirableworkplace
with a heritage of strong community involvement by offering new
programsthathelpourteammembersandtheirfamiliesimprovetheir
overall well-being and by providing greater support for educational
opportunitiesthatbenetchildren.
Weareproudoftheinnovationandoperationalexcellencethroughout
Targetthatdeliveredoutstandingperformancein2009,evenintheface
ofsignicantchallenges.Asaresult,webelievethatTargetisstronger
andbetterpositionedtodeliverprotablemarketsharegrowthin2010
andgeneratesubstantialvalueforourshareholderswellintothefuture.
GreggSteinhafel|Chairman,PresidentandCEO|Target
Board of Directors Changes
Duringthepastyear,GeorgeTamke,Partner,Clayton,Dubilier&Rice,Inc.,retiredfrom
ourboardofdirectors.WethankGeorgeforhiscontributionsduringhis11yearsof
service.Alsoduringthepastyear,wewelcomedtoourboardJohnStumpf,Chairman,
PresidentandChiefExecutiveOfficer,WellsFargo&Company.
3
We support the communities
in which we do business by
donating 5% of our income toward
education, the arts, social services
and volunteerism.
Our store design allows us
exibility to meet our guests’ ever-
changing needs and expectations—
from our SuperTarget stores, to our
general merchandise stores with
expanded food assortments, to our
unique elevated single-level plan
for urban markets.
In July, we rolled out our Low
Price Promise nationwide, explicitly
communicating that Target
stores are committed to being
competitively priced on identical
items in local markets.
Our
Low Price
Promise