Two years ago, we started a journey to transform our company.
Inspired by our purpose, we set in motion a multibillion-dollar investment agenda designed to reimagine our stores, supply chain and fulfillment capabilities; reposition our owned brands; and most importantly, invest in our team.
At the same time, we decided to reinvent our approach to corporate responsibility, moving from a portfolio of philanthropic priorities to a new philosophy that shifts corporate responsibility to the core of our overall business.
Last summer, we introduced this new framework and called it Future at Heart. Six months later, we closed out our fiscal year with our best financial performance in well over a decade. That was not a coincidence. We achieved these record results, in part because of the investments we made in corporate responsibility—not in spite of them. Future at Heart was designed to fuel growth and create lasting value for our guests, our team members, our stakeholders and our planet.
Every action outlined in this report ties back to our ultimate aspiration— helping all families discover the joy of everyday life—and building a company that strengthens the communities we serve for generations to come. And we have aligned our efforts around four key themes that connect to our company’s overall strategic priorities:
- Empower Our Teams: We believe the most important investment we can make at Target is an investment in our team. Our team members take care of our guests. They are our brand’s greatest ambassadors and advocates. So whether it is through our industryleading wage commitment, the meaningful investments we are making in training and career development or the enhancements we made to our benefits this spring, we are aggressively investing in our team members to ensure Target is a place where they can grow their skills and careers, take care of themselves and their families and make a difference for our communities.
- Serve Our Guests: During the last three years, we have introduced more than 30 new brands, offering guests outstanding value without ever asking them to compromise on quality, safety, raw materials or great design.
- Foster Communities: As we open dozens of new stores in cities and on college campuses around the country, it is important to let these communities know Target will be a good neighbor. We do that in a variety of ways, from the more than one million hours our Target team members volunteer each year, to the more than $200 million we give each year to community programs, including the in-kind donations and aid we provide in times of crisis.
- Design Tomorrow: In reimagining our nearly 1,900 stores and global supply chain, we built in aggressive climate and energy goals and set new policies to improve the way we operate, manage water consumption, recycle and reduce waste.
While I am proud of all that our team and our partners have accomplished in this past year, I am humbled by all the work that is still left to do. This is a journey, indeed. The challenges we face as a company and a society will continue to evolve, but we will keep moving. We will keep making progress. And we will get better every step of the way.
Brian C. Cornell
Chairman & CEO, Target