Paraphrase:

Dear shareholders,
Steady stewardship has always been part of our growth
philosophy. Deliver what guests want and need . Invest in the team, strategy
and capabilities to Grow steadily, and harvest the benefits.
The discipline has produced continuous growth
through many business environments, with plenty
opportunity ahead. But not all of our recent growth has been steady. In the pandemic years of 2020 and 2021, we spiked to never seen rates
that stretched our limits. Our team was able to support
that growth because the fundamentals were in place,
as well as the connection to guests in an extraordinary moment for our company.
Even in 2022, with constrained consumer demand and massive shifts
in buying behaviors, we grew by more than $3 billion. Today, Target is
more than $30 billion bigger than it was in 2019.

Summary: In this letter to the shareholders we can observe how there is an active explanation to the shareholders about the growth of the company. How even during the pandemic years the company was able to grow to massive levels as Brian Cornell mentions “A significant part of this growth has been driven by traffic. Last year’s traffic gain of 2.1% marked the sixth straight year of growth in this
key metric” showing the growth in percentages which can be worth even more billions. We also see how they like to mention that the costumers which they call guests in this letter are very important as they mention their “connection” as a fundamental factor and Brian mentions “Support our team and lean into our culture, knowing they’re at the
heart of our overall success”, this shows how they care about the team inside which can provide this experiences to the costumers.

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