Target 2010 Annual Report Download - page 4

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2 TARGET 2010 ANNUAL REPORT
In 2010, Target embraced innovation to drive strong nancial
performance and create new opportunities for protable
growth. Our enduring “Expect More. Pay Less.” brand
promise helped us deliver greater convenience, increased
savings and a more personalized shopping experience. As
a result, we further strengthened our relationship with our
guests and generated $67.4 billion in revenue, even in a slow
and uneven economic recovery.
Through disciplined execution across the company, net
earnings grew to $2.9 billion, 17.3 percent above 2009.
Diluted earnings per share rose even more quickly, growing
21.4 percent to $4.00, as we reduced our outstanding
shares by 40.6 million during the year. And, we sustained
our decades-long record of annual dividend increases, with
a 47 percent increase of our quarterly dividend to 25 cents
per share. Combining dividends with share repurchase, we
returned $3.1 billion to our shareholders in 2010.
By listening to our guests, we’re making the Target brand
experience more personal, relevant and rewarding than ever.
For example:
• Tocreateashoppingexperienceguestscan’tnd
anywhere else, we remodeled 341 general merchandise
stores in 2010, far more than any other year in our history.
These remodels added a broader grocery assortment,
along with our latest merchandising innovations across
the store, including home, beauty, electronics, video
games and shoes. By year-end, we were operating
462 general merchandise locations with our expanded
fresh food assortment, and we have plans to complete
approximately 380 remodels in 2011.
• OurREDcardRewardsprogramnowoffersanadditional5
percent discount nearly every time guests use their Target
debit and credit cards at our stores and their Target credit
card at Target.com, attracting our most loyal guests to
shop at Target even more often.
• Tounderscoreourcommitmenttovalueandappealto
our guests’ new frugality, we reinvented or expanded
severalofourownedbrandassortments,includingRoom
To Our
Shareholders
To help guests find new
ways to save, we
enhanced
REDCARD REWARDS.
Cardholders now save 5
percent off
nearly every
item, which is driving
sales through higher card
issuance and usage.
We are rapidly expanding
MOBILE AND WEB
SOLUTIONS for our
guests, giving them greater
convenience by allowing
them to shop from just about
anywhere in
the world.
Mobile Commerce Daily
named Target “2010 Mobile
Retailer of the Year.”