Target 2005 Annual Report Download - page 4

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2
Target produced another year of outstanding results in 2005.
By remaining focused on consistent execution of our strategy,
we delighted our guests, enhanced our brand, and achieved
record financial performance.
• We maintained our company-wide emphasis on creativity
and innovation and strengthened our commitment to deliver
great design at affordable prices.
• We expanded our food assortment within our general
merchandise and SuperTarget stores to provide greater
guest convenience and drive increased shopping frequency.
• We continued to add profitable new store locations at
a disciplined pace, and invested in technology and
infrastructure to improve our operating efficiency, speed
and reliability.
• We gained considerable market share through contributions
from new stores and strong growth in comparable-store
sales, and surpassed $50 billion in annual sales.
• And, we generated a 31 percent increase in earnings per
share from continuing operations, reflecting substantial
contributions from both our retail and credit card operations.
To Our Shareholders,
We are proud of what we achieved in 2005, and we are
dedicated to building on this performance by using our
accomplishments as inspiration for new ideas and innovations
that will improve the lives of our guests, team members, and
communities and reward our shareholders for years to come.
We believe this focus on newness and innovation is
essential for us to continue to grow and remain relevant to our
guests over time. Our commitment to offering great design
and exceptional value helps us delight our guests and deliver
on our “Expect More. Pay Less.” brand promise. We work
diligently to offer trusted national brands, exclusive designer
collections, premium owned and licensed brands, and product
innovations, and we are unwavering in our commitment to
deliver the convenience and low prices that are central to our
discount store heritage. We continue to invest in disciplined
processes, sophisticated systems and the internal expertise
necessary to design, develop and source high-quality, trend-
right fashion merchandise, while also increasing our mix of
competitively-priced consumables and commodities through