Target 2006 Annual Report Download - page 4

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2
Specifically, during the past year:
• We introduced new merchandise initiatives, such as GO
International, and transformed existing categories, such as
Bath and Beauty, to surprise and delight our guests with
unexpected quality, freshness and affordability;
• We expanded our selection of food in Target general
merchandise stores and increased our assortment of owned
brand items, natural and organic products and meal solutions
throughout the chain to provide greater convenience;
• We continued to build profitable new stores, constructing
113 in 36 states, to create more opportunities for our guests
to enjoy a Target brand shopping experience;
• We continued to invest strategically in technology and
infrastructure, including new distribution facilities, enhanced
global sourcing capabilities, and our growing overseas
technology and business services operation, to support our
disciplined pace of growth and increase our productivity;
• We remained focused on leveraging the benefits of our highly
integrated, multichannel strategy, which combines our retail
stores, our online business and our credit card operations, to
give our guests more reasons to shop at Target more often
and spend more on each visit;
• We continued to embrace a workplace that recognizes and
rewards team members for their contributions, and continued
to strengthen our partnerships with our communities and
our vendors;
• And, we created substantial value for our shareholders by
generating earnings per share of $3.21, representing an
annual increase of 18.5 percent and perpetuating our
consistent record of profitable growth.
We are proud of our achievements and pleased with our
performance in the past year, yet as we look forward to 2007
and beyond, we know that our continued success depends on
our ability to demand more of ourselves. As a result, we are
committed to continuous improvement— to being faster and
more reliable, being more innovative and efficient, and being more
focused on consistently delivering a shopping experience that
delights and surprises our guests. We understand the magnitude
of this challenge and believe that we are well positioned to
continue fulfilling our promise to our guests, our team, our
communities and our shareholders for many years to come.
To Our Shareholders,
As it has for more than a decade, “Expect More. Pay Less.”
continues to define our promise to Target guests and serve as
the cornerstone of our brand. In 2006, it remained a central tenet
of our strategy, underscoring our commitment to offer innovative
design and everyday essentials at exceptional value, sustaining
our advantage in a highly competitive environment, and providing
the compass for our continued profitable growth.