Financial Report Summary

Target aims to continue outdoing themselves as it continues to see growth in revenue and build on company traffic as well as guest relations. 

Brian Cornell, CEO of Target, came out with a letter to shareholders in the company’s 2022 annual report. Since 2019, Target has been putting up increasing numbers in traffic and revenue that they themselves didn’t even have plans for. As a supermarket giant, they aim to keep up the pace, but only at a steady level this time. 

“In the core pandemic years of 2020 and 2021, we spiked to never-seen-before growth rates that stretched our model to new limits,” Cornell wrote shedding light on the fact that not all of their recent growth has been steady. Cornell then went on to say that they as a company were able to manage this due to fundamentals, conciseness, and keeping guest relations well while doing so. He also feels like more and more people are putting their trust into target when it comes to their everyday needs which speaks to the loyalty and trust that Target has been able to build with their customers. 

Still speaking on loyalty and trust between the company and customers, Cornell said, “this flexibility and focus on guests consistently delivers growth whether in the pre-pandemic years of 2017-2019, or in the peak of the pandemic…” 

Target plans to keep up the accelerated growth, only at a steady pace this time and Cornell believes that they are in the correct place to do so. New revenue gain goals for the company’s future are blasting the anticipated revenue gain goals from before by nearly more than $35 billion due to their unanticipated scale of growth. 

With that being said, Cornell sees an opportunity to be able to save money for the company and continue growing steadily in the future while still being able to deliver quality product and experiences for its customers.