Target 2002 Annual Report Download - page 7

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investments benefit our guests by
improving in-stock reliability, enabling
receipt-less returns, accelerating our
speed to market for new products
and trends, leveraging operational
efficiencies to offer lower prices
and increasing the functionality
and integration of our online efforts.
We believe that Target’s dedication
to driving change through technology
positions us as a leader in the industry
and we are firmly committed to
sustaining this advantage.
Our guests demand more
than differentiated merchandise,
compelling value, innovative
marketing and outstanding service.
They believe that the companies
with whom they do business should
embody unquestionable ethical
standards and demonstrate a sincere
commitment to the community.
Target Corporation has embraced
both of these values for many
decades, in large part due to the
leadership and legacy of the Dayton
family. As a result of their vision,
Target Corporation enjoys a strong
Board of Directors, comprised of
highly-respected, independent members
who are actively engaged in the
Corporation’s strategic direction
and governance. Similarly, we
have a long heritage of community
involvement that includes both
financial support and team member
volunteerism. For nearly 60 years,
we have contributed five percent
of our federally taxable income
to national and local non-profit
programs that make our guests’
communities safer and more
attractive places to live and work.
Today, we maintain this tradition of
giving with donations totaling more
than two million dollars each week
and hundreds of thousands of hours
in team member service. In 2002,
Forbes recognized Target Corporation
as America’s most philanthropic
company.
Our commitment to please our
guests is at the heart of our strategy.
And it permeates every aspect of
our business. We recognize that our
success in delivering value to our
guests ultimately affects our ability
to create value for our team members,
our communities and our shareholders.
For decades Target Corporation has
effectively surmounted the challenges
of an increasingly complex retail
business environment and produced
an impressive and consistent track
record of outstanding performance.
We are confident that our company
remains well-positioned to build on
this record and to generate profitable
growth and superior shareholder
value well into the future.
Sincerely,
Bob Ulrich, Chairman and Chief Executive Officer
Our job is about creating value. For our
shareholders. For our team members.
For the people in the communities
in which we do business. And, the key
to this effort starts with creating value
for our guests...one guest at a time.
Board of Directors Changes
During the past year, we welcomed to our board Roxanne Austin, Executive Vice
President of Hughes Electronics Corporation and President and Chief Operating Officer
of its subsidiary, DIRECTV, Inc. and Elizabeth Hoffman, President of The University of
Colorado System. More recently we also welcomed Calvin Darden, Senior Vice President
of U.S. Operations of United Parcel Service, Inc.
investments benefit our guests by