Target’s Chair and CEO Brian Cornell has released the 2022 Annual Report, here is what he has to say in the Letter to Shareholders.
Cornell appears to be hopeful for the future as he states how, “[Through] this discipline and alignment [we] have produced continuous growth through a wide range of business environments, with ample opportunity still ahead of us.” Target spiked in rates and limits during the pandemic, but Target still appears hopeful they will continue to grow.
Target thinks of themselves as consistently trusted. They believe that the longer they have been established as a reputable company, their trust and loyalty will continue to grow. Cornell also discusses how guests looked to Target for their input and discretionary choices while inflation was reaching an all time high.
Since the pandemic Target has increased their revenue and profit. They recognize that the plan they had between the years of 2019-2022 was the proper trajectory. With this current trajectory, Cornell expects profit to increase by $2-3 billion.
Cornell states that in 2023, Target will continue to:
“Support our team and lean into our culture, knowing they are the heart of our overall success.
Invest in our store-remodel and expansion plans, in our supply chain and in digital and same-day fulfillment through our stores-as-hubs model.
Deliver a steady cadence of newness in owned and national brands across our multi-category assortment.
Bring the magic of Tar-zhay to life, day in and day out, while delivering affordable joy for our guests.”
Cornell wants to make it clear that Target wants to be realistic about their possible outcomes. He wants to push their hopes to continue to be sustainable, resilient, responsive, and agile. He is optimistic about their future, but wants to stress that they can’t predict the consumer and economic landscapes.
Cornell ends the Letter to Shareholders with the statement, “I appreciate your continued support and look forward to the value we’ll create this year.”
Good on the three elements: Summary, paraphrase and quote.
I’m old fashioned. I still think of Target as an “it” or as “itself.”
The English Dept. would disagree.