Brian Cornell, chairman and CEO of Target, released the annual financial report and letter to shareholders for 2021 explaining the high earnings and projected growth of the company.

Cornell began the report stating that in the two fiscal years Target has completed since the start of the pandemic, the company has grown by tens of billions of dollars. Cornell credited the growth to large investments that were made and stated that this measured growth is only the beginning for Target.

“We have locations that grew from $40 million in sales to $50 million or
$60 million in the last couple of years, not all of which have received our
key long-term growth drivers,” Cornell wrote.

Cornell also wrote that Target plans to open thirty new stores per year in an effort to serve a more diverse guest guest base. The CEO said that in the coming years ahead, approximately two hundred more stored per year will be remodeled and optimized for same day services and include popular brand additions including Ulta Beauty, Disney, Apple, or Levi’s.

He concluded his report by saying that he expects investments to keep Target growing for years to come. The company has also raised their expectations for “after-tax return on invested capital, to the high 20% to 30% range, a level that puts us in rare air among our retail peers.” Cornell stated that he is convinced that Target will continue to delivered high value for shareholders and all stakeholders for years to come.