newar05 - Growing by design. TARGET CORPORATION ANNUAL...

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Growing by design. TARGET CORPORATION ANNUAL REPORT 2005
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02 Report to Shareholders 04 Business Review 16 Financial Review 42 Shareholder Information Financial Highlights – Continuing Operations ’01 ’02 ’03 ’04 ’05 $33,021 $37,410 $42,025 $46,839 $52,620 Total Revenue s (million s ) 2005 Growth %: 12.3% Five-year CAGR: 12.1% 2005 Growth %: 20.1% Five-year CAGR: 16.9% ’01 ’02 ’03 ’04 ’05 $2,246 $2,811 $3,159 $3,601 $4,323 Earning s Before Intere s t Expen s e and Income Taxe s (EBIT) (million s ) Earning s from Continuing Operation s (million s ) ’01 ’02 $1,101 $1,376 ’03 $1,619 ’04 $1,885 ’05 $2,408 ’01 ’02 ’04 ’05 $1.21 $1.51 ’03 $1.76 $2.07 $2.71 Diluted EP S 2005 Growth %: 27.7% Five-year CAGR: 2005 Growth %: 31.0% Five-year CAGR: 20.7% CAGR: Compound Annual Growth Rate
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Design for All. Great design inspires us—not just because of its purity and elegance—but because it combines form and function in creative ways to enhance the lives of our guests. We celebrate the genius of great design in things ordinary and extraordinary—from Post-it notes to ClearRx, which reflects our focus on innovation and embodies our “Expect More. Pay Less.” brand promise. By infusing design into every guest’s experience, we strive to strengthen our emotional tie with our guests and sustain our relevance in a highly competitive, fast-moving marketplace.
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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
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newar05 - Growing by design. TARGET CORPORATION ANNUAL...

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