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2011 Annual Report

TARGET 2011 ANNUAL REPORT

Financial Highlights
Total Revenues $69.87B
$67,390 $69,865 $64,948 $65,357 $63,367

EBIT $5.32B
$5,272 $4,402

( Earnings before Interest Expense and Income Taxes )

Net Earnings $2.93B
$2,849 $2,920 $2,929 $2,214 $2,488

Diluted EPS $4.28
$3.33 $3.30 $4.00
’10

$5,252

$5,322

$4,673

IN MILLIONS

IN MILLIONS

’07

’08

’09

’10

’11

’07

’08

’09

’10

’11

’07

’08

’09

’10

’11

IN MILLIONS

’07

’08

$2.86

’09

’11

2011 Growth: 3.7% Five-year CAGR: 3.3%

2011 Growth: 1.3% Five-year CAGR: 1.0%

2011 Growth: 0.3% Five-year CAGR: 1.0%

2011 Growth: 7.0% Five-year CAGR: 5.9%

Sales Mix
$68.5 Billion

25%

Household Essentials

19%

19%

Hardlines

Apparel & Accessories

19%

18%

Food & Pet Supplies

Home Furnishings & Décor

Retail sales, does not include credit card revenues.

$4.28

TARGET 2011 ANNUAL REPORT | 1

To Our Shareholders
Target turns 50 this year, and, while our 2011 financial results represent a single-year’s achievement, it’s an achievement based on our nearly five decades in business. Sales reached a new high of $68.5 billion, we set a new record for earnings per share, and our shopping experience clearly resonated with consumers across the country. All year long, our team executed with spirit, discipline and the thoughtful approach to innovation that comes with a half-century’s perspective. As a result, Target is well positioned to deliver continued profitable growth and meaningful shareholder reward. In 1962, discount retailing as we know it didn’t exist. Then, Target and our bestknown discount-store peers opened for business, responding to growing consumer demand for value and convenience— demands that are still paramount today. When Target opened, we set out not only to meet these demands, but to create a different kind of experience. We believed we could offer our guests high-quality, welldesigned merchandise at low prices. We believed we could create a comfortable, fun shopping environment that offered the convenience of self service and a friendly team available to help. We believed we could save guests time by selling a well-curated assortment of groceries and commodities alongside fashions for their families and homes. And we believed it was our responsibility to help create strong, healthy, safe communities. These beliefs continue to guide our business and were evident throughout 2011 in our: •Differentiatedproductassortment—at exceptional values—of trusted national brands, quality owned brands and exclusive offerings, including our design collaborations with Missoni and Calypso St. Barth and celebrity partnerships with Shaun White and Gwen Stefani; •Ambitiousstore-remodelprogram, which, combined with new store openings, brought freshfood assortments and our latest merchandising reinventions to more than 400 additional stores in 2011; •Increasedinvestmentindeliveringa superior brand experience that allows guests to shop where, when and how they like – and will attract more urban guests in 2012, as we open our new CityTarget stores, and more Canadian guests in 2013; •Evenstrongerguestloyalty,evidenced by more frequent visits and increased spending across categories by guests who saved an additional 5% when they usedtheirTargetREDcard; •Funandaspirationalmarketingapproach that reflects guests as they are—and as they want to be; •Continuinglegacyofgivingandservice, including our School Library Makeover program, through which team members revitalized 42 elementary-school libraries around the country; •Andoursteadfastcommitmenttohigh standards for the way we conduct business and support our team members’ personal, career and financial goals. Looking ahead, we’ve set ambitious goals of increasing annual sales to $100 billion or more and growing our earnings per share to at least $8 by 2017. As we...
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