Sep 29 2023
Target’s 2022 Annual Report
Target’s 2022 Annual Report begins with a message to shareholders, reminding them of Target’s past successes, current challenges, and future goals. CEO Brian Cornell also mentions the key metrics that Target has been doing well in, like consumer traffic and overall company evaluation.
In the next paragraph, Brian Cornell mentioned that while inflation rises and consumers turn to the basics, they are still choosing Target for their essential AND discretionary needs. Cornell also touches on the need to keep up with trends and changing needs:
“Regardless of era or environment, our team takes a lot of pride in being able to flex into the merchandise categories and channels that are most relevant to guests—and then being able to flex again when things change.”
Moving on from trust, Target now looks ahead to various projects. One of which is the increase in efficiency that is supposed to “result in $2 to $3 billion in savings.”
Cornell says, “…with the new scale of our business and the continuing maturation of capabilities that barely existed three years ago, we see tremendous opportunities to streamline and simplify how we run Target.”
The next section is similar to the last, highlighting things they have done well and will continue to do. Some examples listed are supporting workplace culture, investing in remodeling, and adding new national brands.
Finally, their closing statement voices Target’s commitment to resilience in 2023 and their appreciation to shareholders, consumers, and employees alike.