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Target Corporation:Creating Value Target Corporation: Creating value. ANNUAL RE PORT 2002 Financial Highlights ,654 1 $1.81 45,000 $43,917 $3,461 $ 3,500 1,600 $39,826 1.75 ,368 $2,965 1 $36,851 $ 37,500 3,000 $1.50 ,264 1 1.50 $33,657 $2,682 $ $1.38 ,144 $2,523 1 $30,635 2,500 1,200 $ 30,000 1.25 $1.23 $2,097 $935 2,000 $.99 1.00 22,500 800 1,500 .75 15,000 1,000 .50 400 7,500 500 .25 ’98 ’99 ’00 ’01 ’02 ’98 ’99 ’00 ’01 ’02 ’98 ’99 ’00 ’01 ’02 ’98 ’99 ’00 ’01 ’02 Revenues Pre-tax Segment Net Earnings * Diluted Earnings (millions) Profit (millions) (millions) per Share * Operating Results (millions) 2002 2001 Change Revenues $43,917 $39,826 10% Pre-tax segment profit $ 3,461 $ 2,965 17% Net earnings* $ 1,654 $ 1,368 21% Per Share Data Diluted earnings* $ 1.81 $ 1.50 21% Cash dividends $ .240 $ .225 7% At Year-end (thousands, except Number of stores) Common shares outstanding 909,802 905,165 Retail square feet 176,525 161,624 Number of stores 1,475 1,381 *Includes unusual items, resulting in net after-tax charges and impacts to earnings per share of $42 million and $.05 per share in 2001, $3 million and less than $.01 per share in 1999, $8 million and $.01 per share in 1998. 01 Report to Shareholders 17 Financial Re view 06 Strategy Discussion 40 Shareholder Information Creating value elicits excitement. Loyalty. Devotion. Passion. Fun. It means delighting our guests, respecting our team members, supporting our communities and delivering superior shareholder returns. So how is value created? Is value created by product design or price? Is it about a convenient store location or a convenient store layout? Is value about the payment options offered or the smile of the cashier who rings you up? Is it about a company’s brand or its commitment to communities? 1 yes. 2 To Our Shareholders, In 2002, Target Corporation delivered another year of outstanding performance and simultaneously laid the groundwork for our continued growth and profitability in 2003 and beyond. • To delight our guests on each and distribution infrastructure increase of 17 percent (excluding shopping trip, we maintained our to improve our guests’ shopping unusual items) and on this same basis, focus on merchandise differentiation experiences, expand our market annualized growth of between 16 and fashion excitement and intensified share, and sustain our competitive and 19 percent over the past five years, our focus on being in-stock and advantage. ten years and 15 years, respectively. priced right throughout the store. • We celebrated the 40th anniversary As we move into 2003, our vision • We leveraged our strategic of Target Stores, the 150th anniversary for Target Corporation is clear and positioning and financial services of Marshall Field’s and our 35th year unwavering. We are steadfastly expertise, strengthened our as a publicly traded company. engaged in creating greater value for relationships with existing guests • And, we produced another year our guests, for our team members, and enhanced our overall financial of record financial performance. for our shareholders and for the results through the disciplined Consistent with our objective to communities in which we operate. management and growth of achieve average annual growth in And we believe that our strategy and our credit card operations. earnings per share of 15 percent or the principles that have guided us for • We invested $3.2 billion of capital more over time, our EPS of $1.81 for decades will continue to provide the in new stores, remodels, technology the full year represented a one-year foundation for our success in the future. 3 Our commitment to please our store presentation, distinctive and convenience to our existing guests guests is at the heart of our strategy. entertaining in our marketing, and and expand our ability to reach It fuels our drive to be agile and deeply committed to the support new guests, we continue to open innovative and underlies our pursuit of community programs that are profitable Target discount and of opportunities that reinforce our meaningful to our guests, including SuperTarget locations, even in our differentiated brand. For instance, to education, social services and the arts. most highly penetrated markets. appeal to our guest’s sophisticated Our goal is to deliver even greater In 2002, our store opening program style and standards of quality, we value to our guests by understanding included 82 total (62 net) new infuse our assortment with fashion them better. Through our proprietary Target discount stores and 32 newness, trusted brands and credit cards at Target, Mervyn’s and new SuperTarget stores. In 2003, we exclusive designer names. To satisfy Marshall Field’s, we are able to learn plan to add approximately 100 total her demand for value, we match more about our guests’ shopping (80 net) new stores, resulting in a net Wal*Mart’s prices on identical and preferences, strengthen our affinity square footage increase in the range similar items in local markets and with our guests and offer them the of 9 percent. The allocation of this price our differentiated products at opportunity to earn money-saving space within our stores reflects deep discounts compared to other rewards. Similarly, the Target Visa our guests’ appreciation for the benchmark competitors. Because card enhances our relationship with convenience of one-stop shopping. we understand the importance of millions of our guests by providing We continue to expand our food time in our guests’ hectic lives, we broader utility, increased financial offering and pharmacy service within deliberately invest millions of dollars flexibility and improved loyalty our discount stores, and we expect in systems and training to speed programs. In 2003, Target Visa card SuperTarget to remain a key driver of up the checkout process in our holders will further benefit from the our future net square footage growth. stores. And, because we know that national launch of e-coupons and the To support this continued our guest makes her purchasing promise of customized promotional expansion and further enrich our decisions based on the total shopping offers using our smart chip technology. guests’ overall shopping experience, experience, not on product and Our focus on delighting our Target strategically invests hundreds service alone, we are uncompromising guests is also a key factor in driving of millions of dollars each year in in our housekeeping standards and our growth. To provide greater technology and distribution. These 4 Our job is about creating value. For our shareholders. For our team members. For the people in the communities in which we do business. And, the key to this effort starts with creating value for our guests...one guest at a time. investmentsinvestments benefit benefit our ourguests guests by by highly-respected, independent members Our commitment to please our improving in-stock reliability, enabling who are actively engaged in the guests is at the heart of our strategy. receipt-less returns, accelerating our Corporation’s strategic direction And it permeates every aspect of speed to market for new products and governance. Similarly, we our business. We recognize that our and trends, leveraging operational have a long heritage of community success in delivering value to our efficiencies to offer lower prices involvement that includes both guests ultimately affects our ability and increasing the functionality financial support and team member to create value for our team members, and integration of our online efforts. volunteerism. For nearly 60 years, our communities and our shareholders. We believe that Target’s dedication we have contributed five percent For decades Target Corporation has to driving change through technology of our federally taxable income effectively surmounted the challenges positions us as a leader in the industry to national and local non-profit of an increasingly complex retail and we are firmly committed to programs that make our guests’ business environment and produced sustaining this advantage. communities safer and more an impressive and consistent track Our guests demand more attractive places to live and work. record of outstanding performance. than differentiated merchandise, Today, we maintain this tradition of We are confident that our company compelling value, innovative giving with donations totaling more remains well-positioned to build on marketing and outstanding service. than two million dollars each week this record and to generate profitable They believe that the companies and hundreds of thousands of hours growth and superior shareholder with whom they do business should in team member service. In 2002, value well into the future. embody unquestionable ethical Forbes recognized Target Corporation Sincerely, standards and demonstrate a sincere as America’s most philanthropic commitment to the community. company. Target Corporation has embraced both of these values for many Bob Ulrich, Chairman and Chief Executive Officer decades, in large part due to the Board of Directors Changes leadership and legacy of the Dayton During the past year, we welcomed to our board Roxanne Austin, Executive Vice family. As a result of their vision, President of Hughes Electronics Corporation and President and Chief Operating Officer of its subsidiary, DIRECTV, Inc. and Elizabeth Hoffman, President of The University of Target Corporation enjoys a strong Colorado System. More recently we also welcomed Calvin Darden, Senior Vice President Board of Directors, comprised of of U.S. Operations of United Parcel Service, Inc. 5 6 Exceptional value. 7 The value of low prices on film and flip-flops, lozenges and lampshades, diapers and DVDs, all under one roof. The value of designers like Mossimo Gianulli, Michael Graves and Liz Lange at exceptional prices. The value of bright lights, wide aisles and quick check-outs.The value of a fast, fun and friendly shopping experience.
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