i need help with this.Take a moment to scroll through the first seven pages of Target's Annual Report. What is something that stands out to you about the $$

Annual Report

$2022$

$171819202122$

$2022$ Growth: $2\mathrm{.}9\%$

Five$-$year CAGR: $8\mathrm{.}5\%$

$171819202122$

$2022$ Growth: $57\mathrm{.}0\%$

Five$-$year CAGR: $1\mathrm{.}8\%$

$171819202122$

$2022$ Growth: $60\mathrm{.}0\%$

Five$-$year CAGR: $0\mathrm{.}9\%$

$171819202122$

$2022$ Growth: $57\mathrm{.}6\%$

Five$-$year CAGR: $2\mathrm{.}5\%$

$$72,714$

$$75,356$

$$78,112$

$$93,561$

$$106,005$

$$109,120$

$$4,224$

$$4,110$

$$4,658$

$$6,539$

$$8,946$

$$3,848$

$$2,908$

$$2,930$

$$3,269$

$$4,368$

$$6,946$

$$2,780$

$$5\mathrm{.}29$

$$5\mathrm{.}50$

$$6\mathrm{.}34$

$$8\mathrm{.}64$

$$14\mathrm{.}10$

$$5\mathrm{.}98$

To explore key stories of the past

year and find out what$$s ahead,

visit corporate.target.com. You can

view our Annual Report online at

target.com$/$annualreport$.$

Total $2022$ Sales: $$107,588$ Million

Financial Highlights

$($Note: Reflects amounts attributable to continuing operations. $2017$ was a $53-$week year.$)$

Total Revenue

In Millions

Operating Income

In Millions

Net Earnings

In Millions

Diluted EPS

Welcome to our

$2022$ Annual Report

Hardlines Apparel &

Accessories

$17\%16\%$

Beauty & Household

Essentials

Food & Beverage Home Furnishings

& D$$cor

$28\%21\%18\%$

Dear shareholders,

Steady stewardship has always been a hallmark of our growth

philosophy. Deliver what guests want and need today while anticipating

where they$$re headed tomorrow. Invest vigorously in the team, strategy

and capabilities to stay in step with guests. Grow steadily. Grow

profitably. And harvest the benefits of increasing scale to build on

these efforts perpetually.

This discipline and alignment have produced continuous growth

through a wide range of business environments, with ample

opportunity still ahead of us$.$

But not all of our recent growth has been steady. In the core pandemic

years of $2020$ and $2021,$ we spiked to never$-$before$-$seen growth rates

that stretched our model to new limits$.$ Our team was able to support

that unexpected growth because the fundamentals were in place,

and we carefully stewarded capital, capabilities and above all our

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 $2019.$

Consistently trusted

A significant part of this growth has been driven by traffic. Last year$$s

traffic gain of $2\mathrm{.}1\%$ marked the sixth straight year of growth in this

key metric. It demonstrates that even as guests$$ day$-$to$-$day needs

fluctuate$$often rapidly and dramatically$$they$$re turning to Target

more and more for everything they want and need.

That speaks to the trust and loyalty we$$re continuously building with

our guests. Regardless of era or environment, our team takes a lot

of pride in being able to flex into the merchandise categories and

channels that are most relevant to guests$$and then being able to

flex again when things change.

For instance, last year, comp sales in frequency categories like

food & beverage, essentials and beauty grew quickly as guests on

tighter budgets prioritized basics. But while navigating high inflation

and rapidly rising interest rates, guests still looked to us for their

discretionary choices, purchasing nearly $$55$ billion in apparel,

home and hardlines in $2022.$

This flexibility and focus on guests consistently delivers growth$$

whether in the pre$-$pandemic years of $20172019,$ or in the peak

of the pandemic, or in this still$-$unfolding transitional timeframe that

we$$re living and leading through.

Anchoring to new excellence

The model we laid out in $2019,$ before the pandemic, was to grow

total revenue steadily in the mid$-$single digits, and to translate that into

accelerated growth in operating income and earnings per share.

In broad strokes, after we recover from the unique and significant profit

headwinds we faced in $2022,$ we believe that this remains the right

trajectory for Target in the long term.

However, a couple of variables in the model have changed significantly

for the better.

First, the revenue gains we anticipate in the years ahead will be built

on a base of nearly $$110$ billion, not the $$78$ billion that served as our

starting mark in $2019.$

Second, with the new scale of our business and the continuing

maturation of capabilities that barely existed three years ago, we see

tremendous opportunities to streamline and simplify how we run Target.

We expect these advances in efficiency to result in $$2$ to $$3$ billion in

savings in the years ahead, providing additional fuel for future growth.

But more importantly, they$$ll make it easier for our team to focus on the

fundamentals of delivering a great experience for more guests across

more trips as we continue to grow.

More of what works

Our team moved into this year with a lot of energy, a unified

commitment to guests and growth and a companywide focus on

retail fundamentals and efficiency. In $2023,$ we$$ll continue to:

$$ Support our team and lean into our culture, knowing they$$re at