Target 2009 Annual Report Download - page 5
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Please find page 5 of the 2009 Target annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.• And, we thoughtfully managed our investment in credit card
receivables, delivering solid protability even as other issuers
continuedtoreportlosses.
Asaresult,ourrevenuesin2009rose0.6percentto$65.4billion,and
wewereabletotranslatethistop-lineperformanceintonetearnings
of$2.5billion,a12.4percentincrease.Dilutedearningspersharefor
theyeargrew15.2percentto$3.30.Theseresultsreectthestrongest
retailsegmentprotinourhistoryandsolidprotabilityinourcredit
cardportfolio. In addition, theyclearly demonstratethe resilienceof
ourstrategy,theeffectivenessofouroperatingmodel,andthepower
ofstrongexecutionbyourteam.
In 2010, we continue to bring a fresh approach to all aspects of our
business.We’reintensifyingourcommitmenttomakeTargettheplaceto
shop,theplacetoworkandtheplacetoinvest.Alignedwithacommon
purpose,we’reworkingwithpassion andspeedtodelightourguests
everydayandtakingthoughtfulriskstogenerateprotablegrowth.
To reinforce Target as a one-stop shopping destination, our plans
includefurtherexpandingour PFresh food layout intoapproximately
350 additional stores, as well as incorporating other merchandise
innovationsinHome,Beauty,VideoGames,ElectronicsandShoes.
We are exploring opportunities to make Target accessible to more
guestsbyevolvingourstoreformatfordenseurbanmarkets,continuing
toexpandinmetropolitantradeareasandexaminingpossibilitiesfor
internationalexpansion.
Wearealsoexpandingthemobilecapabilitiesandsolutionsavailable
toourguests,providinggreaterconveniencebyallowingthemtoshop
anywhere,anytime.
And,wearebuildingonourfoundationasahighlydesirableworkplace
with a heritage of strong community involvement by offering new
programsthathelpourteammembersandtheirfamiliesimprovetheir
overall well-being and by providing greater support for educational
opportunitiesthatbenetchildren.
Weareproudoftheinnovationandoperationalexcellencethroughout
Targetthatdeliveredoutstandingperformancein2009,evenintheface
ofsignicantchallenges.Asaresult,webelievethatTargetisstronger
andbetterpositionedtodeliverprotablemarketsharegrowthin2010
andgeneratesubstantialvalueforourshareholderswellintothefuture.
GreggSteinhafel|Chairman,PresidentandCEO|Target
Board of Directors Changes
Duringthepastyear,GeorgeTamke,Partner,Clayton,Dubilier&Rice,Inc.,retiredfrom
ourboardofdirectors.WethankGeorgeforhiscontributionsduringhis11yearsof
service.Alsoduringthepastyear,wewelcomedtoourboardJohnStumpf,Chairman,
PresidentandChiefExecutiveOfficer,WellsFargo&Company.
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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