Target
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
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