Target 2002 Annual Report Download - page 5

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To Our Shareholders,
In 2002, Target Corporation delivered
another year of outstanding performance
and simultaneously laid the groundwork
for our continued growth and profitability
in 2003 and beyond.
•To delight our guests on each
shopping trip, we maintained our
focus on merchandise differentiation
and fashion excitement and intensified
our focus on being in-stock and
priced right throughout the store.
•We leveraged our strategic
positioning and financial services
expertise, strengthened our
relationships with existing guests
and enhanced our overall financial
results through the disciplined
management and growth of
our credit card operations.
•We invested $3.2 billion of capital
in new stores, remodels, technology
and distribution infrastructure
to improve our guests’ shopping
experiences, expand our market
share, and sustain our competitive
advantage.
•We celebrated the 40th anniversary
of Target Stores, the 150th anniversary
of Marshall Field’s and our 35th year
as a publicly traded company.
•And, we produced another year
of record financial performance.
Consistent with our objective to
achieve average annual growth in
earnings per share of 15 percent or
more over time, our EPS of $1.81 for
the full year represented a one-year
increase of 17 percent (excluding
unusual items) and on this same basis,
annualized growth of between 16
and 19 percent over the past five years,
ten years and 15 years, respectively.
As we move into 2003, our vision
for Target Corporation is clear and
unwavering. We are steadfastly
engaged in creating greater value for
our guests, for our team members,
for our shareholders and for the
communities in which we operate.
And we believe that our strategy and
the principles that have guided us for
decades will continue to provide the
foundation for our success in the future.