Target 2004 Annual Report Download - page 3

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Highlights from 2004 included:
• The sale of both our Mervyn’s and our Marshall Field’s
business units for aggregate pretax cash proceeds
of approximately $4.9 billion,
• Our Board’s authorization of a $3 billion share repur-
chase program, which we expect to complete within
a 2 to 3 year time horizon,
• Our introduction of a new Target store prototype that
enhances our guests’ shopping experience and high-
lights our store’s design evolution and innovation,
• Disciplined execution and integration of Target’s strat-
egy within both our retail and credit card operations
that fostered greater merchandise differentiation, a
more compelling value offering, increased guest loyalty
and a growing frequency in guest visits, and
• Continued market share gains and an increase of more
than 17 percent, to $2.07, in earnings per share from
continuing operations.
As we move forward, our vision for Target remains clear
and unwavering. Our record of performance is strong and
our energy and resources are devoted to replicating the
unique Target-brand experience that is preferred by our
guests. We are optimistic that our efforts will enable us
to sustain our competitive advantage and yield additional
opportunities for profitable growth for many years.
To Our Shareholders,
2004 represented a year of strategic continuity and financial consistency for
Target Stores as well as a year of resolve and transformation for the overall
Corporation. Our decisions and actions during the year underscored our
commitment to be best for our guests, our team members, our communities
and our shareholders and they reflected our confidence in Target’s potential
for substantial future growth.