21 Nov The writing assignment must be in proper APA format, which includes a title page, running headers, and a reference section
The writing assignment must be in proper APA format, which includes a title page, running headers, and a reference section. You do not need to include an abstract. A good resource for proper APA format is http://guides.osu.edu/citation.
You are required to include at least 8 sources. The textbook may be used as one of the sources. The sources have to be from peer-reviewed sources. Look for articles in accounting and finance journals. Wiki and other non-peer reviewed sources will not count toward the five source requirement. The body of the paper should not be less than 1400 words.
Complete all parts of the Target Corporation case in Appendix B (except for part C, part E, and F1-9). If you are using the ebook, enter "GAAP Comprehensive Case" in the search box at the top of the library menu bar. APPENDIX B GAAP Comprehensive Case will appear as the first link. Complete the case in a Word document indicating each question. For example, question A1 has parts a – e which should be listed in the Word document as A1.a Total Revenues = XXX.XX, etc. Please do not repeat the questions in your report (just mention the questions' numbers). Use APA format for all written responses. Be sure to cite references appropriately and use scholarly sources for references.
3303_Cvr.indd 1 4/9/19 1:09 PM
The cover was printed on French Paper Kraft-tone Cover. Responsibly produced using Hydro Electric power from 100% post-consumer waste.
3303_Cvr.indd 2 4/10/19 2:43 PM
To explore key stories of the past year and find out what’s ahead, visit Target.com/abullseyeview. You can view our Annual Report online at Target.com/annualreport.
(Note: Reflects amounts attributable to continuing operations. 2017 was a 53-week year.)
Welcome to our 2018 Annual Report
Total 2018 Sales: $74,433 Million
Total Revenue In Millions
’13 ’14 ’15 ’16 ’17 ’18
2018 Growth: 3.6% Five-year CAGR: 1.1%
$7 1 ,2
$7 2 ,6
$7 4 ,4
$7 0 ,2
$7 2 ,7
$7 5 ,3
Operating Income In Millions
’13 ’14 ’15 ’16 ’17 ’18
2018 Growth: -2.7% Five-year CAGR: -3.0%
$ 4 ,7
$ 4 ,5
$ 4 ,8
$ 4 ,8
$ 4 ,2
$ 4 ,1
Net Earnings In Millions
’13 ’14 ’15 ’16 ’17 ’18
2018 Growth: 0.8% Five-year CAGR: 1.7%
’13 ’14 ’15 ’16 ’17 ’18
2018 Growth: 4.0% Five-year CAGR: 5.5%
Home Furnishings & Décor
Apparel & Accessories
Food & Beverage
Beauty & Household Essentials
Brian Cornell, Chairman and CEO
Target 2018 Annual Report
Two years ago, we laid out an ambitious investment agenda to transform our company – by reimagining our stores, reinventing our supply chain and fulfillment capabilities, repositioning our owned brand portfolio and investing in our team. And as I look back on our performance in 2018, I could not be more proud of all that our team accomplished.
In 2018, comparable sales rose an industry-leading 5 percent, driven entirely by growth in traffic. We gained market share in every major category. And we established a record high for our earnings per share.
Today, I can say with great confidence that the strategy we laid out two years ago is working. Our guests love what they see. And in this intensely competitive landscape, Target is right where we want to be: among the top performers in the industry.
But, anyone who follows retail knows that we operate in an incredibly dynamic marketplace. So if we want to stay on top as a brand our guests love, shop and admire, we know we have more work to do. Rest assured, our team understands that better than anyone. Our goal isn’t to deliver only incremental gains or to string together a couple of strong quarters. Our goal is to build a better company, powered by a durable and defensible business model that delivers strong, profitable growth for years to come.
As we look to the future, that means you can expect Target to keep investing and growing.
Last year, we said we wanted to become America’s easiest place to shop. And our team delivered, as Target became the first retailer to offer same-day and Drive Up fulfillment capabilities coast-to-coast. In the year ahead, we’ll continue to invest and expand our network, focusing on elevating our service experience and driving greater adoption among our guests.
In the last two years, we remodeled more than 400 stores, and we’re on track to deliver 600 additional remodels by the end of 2020. And, we’re still thoughtfully adding to our store footprint. In 2018, we opened more than two dozen small-format stores. This year, we’re planning to add nearly 30 more – zeroing in on high- traffic urban locations and college campuses.
Last year, we undertook an ambitious redesign of our stores- operating model – redefining thousands of roles to deliver better guest service. We raised our minimum wage for U.S. team members to $12 an hour. And we raised it again in early 2019 – to $13 – as we move toward our commitment to a minimum $15 an hour by the end of 2020.
Digital channels continue to play a key role in our overall sales growth. In 2018, comparable digital sales grew 36 percent, capping the fifth-straight year in which our digital growth has topped 25 percent. Today, Target’s digital performance is delivering more than $5 billion in annual sales – and driving additional growth across the business. In the year ahead, you can expect that we’ll keep investing in digital capabilities – from artificial intelligence to virtual reality – that will elevate the shopping experience and give our guests new reasons to choose Target.
Finally, when we introduced our investment agenda at the beginning of 2017, we said we’d deliver more than a dozen new brands in 18 months. As of today, we’ve more than doubled that number, and our team is still going strong. Recently, Fast Company named Target one of the world’s most innovative companies, specifically for our brand work. In 2019, Target will deliver a steady stream of newness and exclusives across our assortment as we continue to launch brands and introduce new partnerships.
Taken together, we expect these initiatives will power a financial model that is designed to consistently generate low-single digit sales growth, mid-single digit growth in operating income, and high-single digit growth in earnings per share. This financial model is also designed to generate strong cash flow and return on invested capital that will not only sustain, but fuel our performance in the years ahead.
So as we move into 2019, we aren’t slowing down our efforts to adapt, create, innovate and inspire. I want to thank our teams in stores and property management, in merchandising, in supply chain, in marketing and communications; our product designers and sourcing experts; our data scientists, digital and technology teams; our teams in finance, strategy, legal and HR – everyone across Target. This is the team that will continue serving our guests, creating value for our shareholders and leading this industry for many years to come.
Financial Summary 2018
2017 2016 2015 2014 (b)
FINANCIAL RESULTS (in millions)
Sales (c) $ 74,433 $ 71,786 $ 69,414 $ 73,717 $ 72,618
Other revenue 923 928 857 777 —
Total revenue 75,356 72,714 70,271 74,494 72,618
Cost of sales 53,299 51,125 49,145 52,241 51,506
Selling, general and administrative expenses (SG&A) 15,723 15,140 14,217 15,406 14,676
Depreciation and amortization (exclusive of depreciation included in cost of sales) 2,224 2,225 2,045 1,969 1,901
Operating income 4,110 4,224 4,864 4,878 4,535
Net interest expense (d) 461 653 991 607 882
Net other (income) / expense (e) (27) (59) (88) (652) —
Earnings from continuing operations before income taxes 3,676 3,630 3,961 4,923 3,653
Provision for income taxes (f) 746 722 1,295 1,602 1,204
Net earnings from continuing operations 2,930 2,908 2,666 3,321 2,449
Discontinued operations, net of tax 7 6 68 42 (4,085)
Net earnings / (loss) $ 2,937 $ 2,914 $ 2,734 $ 3,363 $ (1,636)
Basic earnings / (loss) per share
Continuing operations $ 5.54 $ 5.32 $ 4.61 $ 5.29 3.86
Discontinued operations 0.01 0.01 0.12 0.07 (6.44)
Net earnings / (loss) per share $ 5.55 $ 5.32 $ 4.73 $ 5.35 $ (2.58)
Diluted earnings / (loss) per share
Continuing operations $ 5.50 $ 5.29 $ 4.58 $ 5.25 $ 3.83
Discontinued operations 0.01 0.01 0.12 0.07 (6.38)
Net earnings / (loss) per share $ 5.51 $ 5.29 $ 4.69 $ 5.31 $ (2.56)
Cash dividends declared $ 2.54 $ 2.46 $ 2.36 $ 2.20 $ 1.99
FINANCIAL POSITION (in millions)
Total assets $ 41,290 $ 40,303 $ 38,724 $ 40,262 $ 41,172
Capital expenditures (g) $ 3,516 $ 2,533 $ 1,547 $ 1,438 $ 1,786
Long-term debt, including current portion (g) $ 11,275 $ 11,398 $ 12,591 $ 12,760 $ 12,725
Net debt (g)(h) $ 10,506 $ 10,267 $ 11,481 $ 9,752 $ 11,205
Shareholders’ investment $ 11,297 $ 11,651 $ 10,915 $ 12,957 $ 13,997
FINANCIAL RATIOS (g)
Comparable sales growth (i) 5.0% 1.3% (0.5 )% 2.1% 1.3%
Gross margin (% of sales) 28.4% 28.8% 29.2 % 29.1% 29.1%
SG&A (% of total revenue) 20.9% 20.8% 20.2 % 20.7% 20.0%
Operating income margin (% of total revenue) 5.5% 5.8% 6.9 % 6.5% 6.2%
Common shares outstanding (in millions) 517.8 541.7 556.2 602.2 640.2
Operating cash flow provided by continuing operations (in millions) $ 5,970 $ 6,861 $ 5,337 $ 5,254 $ 5,157
Revenue per square foot (g)(j) $ 314 $ 298 $ 293 $ 310 $ 302
Retail square feet (in thousands) (g) 239,581 239,355 239,502 239,539 239,963
Square footage growth (g) 0.1% (0.1)% — % (0.2)% — %
Total number of stores (g) 1,844 1,822 1,802 1,792 1,790
Total number of distribution centers (g) 40 41 40 40 38
(a) Consisted of 53 weeks. (b) The financial summary data for fiscal years 2017, 2016, and 2015 reflect the adoption of Accounting Standards Update (ASU) No. 2014-09—Revenue from Contracts with Customers (Topic
606). The financial summary data for fiscal years 2017 and 2016 reflect the adoption of Accounting Standards Update (ASU) No. 2016-02—Leases (Topic 842). The financial summary data for fiscal year 2015 does not reflect adoption of Topic 842 and the financial summary data for fiscal 2014 does not reflect adoption of Topic 606 and Topic 842. Note 2 to the Consolidated Financial Statements in Form 10-K, Item 8, provides additional information.
(c) The 2016 sales decline is primarily due to the December 2015 sale of our pharmacy and clinic businesses (Pharmacy Transaction) to CVS Pharmacy, Inc. 2015 and 2014 sales include $3,815 million and $4,148 million, respectively, related to our former pharmacy and clinic businesses.
(d) Includes losses on early retirement of debt of $123 million, $422 million, and $285 million for 2017, 2016, and 2014, respectively. (e) For 2015, includes the gain on the sale of our pharmacy and clinic businesses. (f) For 2018 and 2017, includes $36 million and $343 million, respectively, of discrete tax benefits related to the Tax Cuts and Jobs Act enacted in December 2017. (g) Represents amounts attributable to continuing operations. (h) Including current portion of long-term debt and other borrowings, net of short-term investments of $769 million, $1,131 million, $1,110 million, $3,008 million, and $1,520 million in 2018, 2017,
2016, 2015, and 2014, respectively. Management believes this measure is an indicator of our level of financial leverage because short-term investments are available to pay debt maturity obligations. For 2017 and earlier, only short-term investments held by U.S. entities were used to calculate net debt because amounts held by entities located outside the U.S. were restricted for use.
(i) See definition of comparable sales in Form 10-K, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations. (j) Represents revenue per square foot which is calculated using rolling four quarters average square feet. In 2017, revenue per square foot was calculated excluding the 53rd week in order to
provide a more useful comparison to other years. Using total reported revenue for 2017 (including the 53rd week) resulted in revenue per square foot of $303. The 2016 decrease is primarily due to the Pharmacy Transaction. Our former pharmacy and clinic businesses contributed approximately $16 to 2015 revenue per square foot. Revenue per square foot for 2014 does not include profit sharing under our credit card program agreement which was classified as a reduction of SG&A expenses prior to adoption of Topic 606.
Target 2018 Annual Report
as adjusted (a)(b) as adjusted (b) as adjusted (b)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 FORM 10-K
(Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended February 2, 2019 OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to
Commission file number 1-6049
TARGET CORPORATION (Exact name of registrant as specified in its charter)
Minnesota (State or other jurisdiction of incorporation or organization)
41-0215170 (I.R.S. Employer Identification No.)
1000 Nicollet Mall, Minneapolis, Minnesota (Address of principal executive offices)
55403 (Zip Code)
Registrant's telephone number, including area code: 612/304-6073 Securities Registered Pursuant To Section 12(B) Of The Act:
Title of Each Class Name of Each Exchange on Which Registered Common Stock, par value $0.0833 per share New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from their obligations under those Sections. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company (as defined in Rule 12b-2 of the Exchange Act).
Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No The aggregate market value of the voting stock held by non-affiliates of the registrant as of August 4, 2018, was $42,763,636,334 based on the closing price of $81.45 per share of Common Stock as reported on the New York Stock Exchange Composite Index. Indicate the number of shares outstanding of each of registrant's classes of Common Stock, as of the latest practicable date. Total shares of Common Stock, par value $0.0833, outstanding at March 7, 2019, were 516,333,213.
DOCUMENTS INCORPORATED BY REFERENCE Portions of Target's Proxy Statement for the Annual Meeting of Shareholders to be held on June 12, 2019, are incorporated into Part III.
TABLE OF CONTENTS
PART I Item 1 Business Item 1A Risk Factors Item 1B Unresolved Staff Comments Item 2 Properties Item 3 Legal Proceedings Item 4 Mine Safety Disclosures Item 4A Executive Officers
PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities Item 6 Selected Financial Data Item 7 Management's Discussion and Analysis of Financial Condition and Results of
Operations Item 7A Quantitative and Qualitative Disclosures About Market Risk Item 8 Financial Statements and Supplementary Data Item 9 Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure Item 9A Controls and Procedures Item 9B Other Information
PART III Item 10 Directors, Executive Officers and Corporate Governance Item 11 Executive Compensation Item 12 Security Ownership of Certain Beneficial Owners and Management and
Related Stockholder Matters Item 13 Certain Relationships and Related Transactions, and Director Independence Item 14 Principal Accountant Fees and Services
PART IV Item 15 Exhibits, Financial Statement Schedules
10 11 12 12 13
17 31 32
64 64 64
65 65 65
PART I Item 1. Business
Target Corporation (Target, the Corporation or the Company) was incorporated in Minnesota in 1902. We offer our customers, referred to as "guests," everyday essentials and fashionable, differentiated merchandise at discounted prices. Our ability to deliver a preferred shopping experience to our guests is supported by our supply chain and technology, our devotion to innovation, our loyalty offerings and suite of fulfillment options, and our disciplined approach to managing our business and investing in future growth. We operate as a single segment designed to enable guests to purchase products seamlessly in stores or through our digital channels. Since 1946, we have given 5 percent of our profit to communities.
For information on key financial highlights, see Item 6, Selected Financial Data, and Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A).
A larger share of annual revenues and earnings traditionally occurs in the fourth quarter because it includes the November and December holiday sales period.
We sell a wide assortment of general merchandise and food. The majority of our general merchandise stores offer an edited food assortment, including perishables, dry grocery, dairy, and frozen items. Nearly all of our stores larger than 170,000 square feet offer a full line of food items comparable to traditional supermarkets. Our small format stores, generally smaller than 50,000 square feet, offer curated general merchandise and food assortments. Our digital channels include a wide merchandise assortment, including many items found in our stores, along with a complementary assortment.
A significant portion of our sales is from national brand merchandise. Approximately one-third of 2018 sales is related to our owned and exclusive brands, including but not limited to the following:
Owned Brands A New Day™ JoyLab™ Smartly™ Archer Farms® Knox Rose™ Smith & Hawken® Art Class™ Kona Sol™ Sonia Kashuk® Ava & Viv® Made By Design™ Spritz™ Boots & Barkley® Market Pantry® Sutton & Dodge® Bullseye's Playground™ Opalhouse™ Threshold™ Cat & Jack™ Original Use™ Universal Thread™ Cloud Island™ Pillowfort™ up & up® Embark® Prologue™ Who What Wear™ Gilligan & O'Malley® Project 62™ Wild Fable™ Goodfellow & Co.™ Room Essentials® Wine Cube® heyday™ Shade & Shore™ Wondershop™ Hyde & Eek! Boutique™ Simply Balanced™ Xhilaration®
Exclusive Brands C9 by Champion® Hand Made Modern® Kid Made Modern® DENIZEN® from Levi's® Hearth & Hand™ with Magnolia Nate Berkus™ for Target Fieldcrest® Isabel Maternity™ by Ingrid & Isabel® Oh Joy!® for Target Genuine Kids® from OshKosh® Just One You® made by carter's® Umbro™ for Target
We also sell merchandise through periodic exclusive design and creative partnerships and generate revenue from in- store amenities such as Target Café and leased or licensed departments such as Target Optical, Starbucks, and other food service offerings. CVS Pharmacy, Inc. (CVS) operates pharmacies and clinics in our stores under a perpetual operating agreement from which we generate annual occupancy income.
The vast majority of merchandise is distributed to our stores through our network of 40 distribution centers. Common carriers ship general merchandise to and from our distribution centers. Vendors or third party distributors ship certain food items and other merchandise directly to our stores. Merchandise sold through our digital channels is distributed to our guests via common carriers (from stores, distribution centers, vendors, and third party distributors), delivery via our wholly-owned subsidiary, Shipt, Inc. (Shipt), and through guest pick-up at our stores. Using our stores as fulfillment points allows improved product availability and delivery times and also reduces shipping costs.
At February 2, 2019, we employed approximately 360,000 full-time, part-time and seasonal employees, referred to as "team members." Because of the seasonal nature of the retail business, employment levels peak in the holiday season. We offer a broad range of company-paid benefits to our team members. Eligibility for and the level of benefits vary depending on team members' full-time or part-time status, compensation level, date of hire, and/or length of service. Company-paid benefits include a 401(k) plan, medical and dental plans, disability insurance, paid vacation, tuition reimbursement, various team member assistance programs, life insurance, a pension plan (closed to new participants, with limited exceptions), and merchandise and other discounts. We believe our team member relations are good.
Effective inventory management is key to our ongoing success, and we use various techniques including demand forecasting and planning and various forms of replenishment management. We achieve effective inventory management by staying in-stock in core product offerings, maintaining positive vendor relationships, and carefully planning inventory levels for seasonal and apparel items to minimize markdowns.
The Liquidity and Capital Resources section in MD&A provides additional details.
We compete with traditional and internet retailers, including off-price general merchandise retailers, apparel retailers, wholesale clubs, category specific retailers, drug stores, supermarkets, and other forms of retail commerce. Our ability to positively differentiate ourselves from other retailers and provide compelling value to our guests largely determines our competitive position within the retail industry.
Our brand image is a critical element of our business strategy. Our principal trademarks, including Target, SuperTarget and our "Bullseye Design," have been registered with the United States (U.S.) Patent and Trademark Office. We also seek to obtain and preserve intellectual property protection for our owned brands.
Nearly all of our revenues are generated within the U.S. The vast majority of our property and equipment is located within the U.S.
Our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available free of charge at investors.target.com as soon as reasonably practicable after we file such material with, or furnish it to, the U.S. Securities and Exchange Commission (SEC). Our Corporate Governance Guidelines, Code of Ethics, Corporate Responsibility Report, and the charters for the committees of our Board of Directors are also available free of charge in print upon request or at investors.target.com.
Item 1A. Risk Factors Our business is subject to many risks. Set forth below are the material risks we face. Risks are listed in the categories where they primarily apply, but other categories may also apply.
Competitive and Reputational Risks
Our continued success is dependent on positive perceptions of Target which, if eroded, could adversely affect our business and our relationships with our guests and team members.
We believe that one of the reasons our guests prefer to shop at Target, our team members choose Target as a place of employment, and our vendors choose to do business with us is the reputation we have built over many years for serving our four primary constituencies: guests, team members, shareholders, and the communities in which we operate. To be successful in the future, we must continue to preserve Target's reputation. Reputational value is based in large part on perceptions, and broad access to social media makes it easy for anyone to provide public feedback that can influence perceptions of Target. It may be difficult to control negative publicity, regardless of whether it is accurate. Target’s position or perceived lack of position on social, environmental, public policy or other sensitive issues, and any perceived lack of transparency about those matters, could harm our reputation with certain groups or guests. While reputations may take decades to build, negative incidents can quickly erode trust and confidence and can result in consumer boycotts, governmental investigations, or litigation. In addition, vendors and others with whom we do business may affect our reputation. For example, CVS operates clinics and pharmacies within our stores, and our guests’ perceptions of and experiences with CVS may affect our reputation. Negative reputational incidents could adversely affect our business through lost sales, loss of new store and development opportunities, or team member retention and recruiting difficulties.
If we are unable to positively differentiate ourselves from other retailers, our results of operations could be adversely affected.
In the past, we have been able to compete successfully by differentiating our guests’ shopping experience through a careful combination of price, merchandise assortment, store environment, convenience, guest service, loyalty programs, and marketing efforts. Guest perceptions regarding the cleanliness and safety of our stores, the functionality, reliability, and speed of our digital channels and fulfillment options, our in-stock levels, and the value of our promotions are among the factors that affect our ability to compete. In addition, our ability to create a personalized guest experience through the collection and use of accurate and relevant guest data is important to our ability to differentiate from other retailers. No single competitive factor is dominant, and actions by our competitors on any of these factors or the failure of our strategies could adversely affect our sales, gross margins, and expenses.
Our owned and exclusive brand products help differentiate us from other retailers, generally carry higher margins than equivalent national brand products and represent a significant portion of our overall sales. If we are unable to successfully develop, support, and evolve our owned and exclusive brands, if one or more of these brands experiences a loss of consumer acceptance or confidence, or if we are unable to successfully protect our intellectual property rights, our sales and gross margins could be adversely affected.
The retail industry's continuing migration to digital channels has affected the ways we differentiate ourselves from other retailers. In particular, consumers are able to quickly and conveniently comparison shop and determine real-time product availability using digital tools, which can lead to decisions based solely on price or the functionality of the digital tools. Consumers may also use third-party channels or devices, such as voice assistants and smart home devices, to initiate shopping searches and place orders, which could sometimes make us dependent on the capabilities and search algorithms of those third parties to reach those consumers. Any difficulties in executing our differentiation efforts, actions by our competitors in response to these efforts, or failures by vendors in managing their own channels, content and technology systems to support these efforts could adversely affect our sales, gross margins, and expenses.
If we are unable to successfully provide a relevant and reliable experience for our guests across multiple channels, our sales, results of operations and reputation could be adversely affected.
Our business has evolved from an in-store experience to interaction with guests across multiple channels (in-store, online, mobile, social media, voice assistants, and smart home devices, among others). Our guests are using those channels to shop with us and provide feedback and public commentary about our business. We must anticipate and meet changing guest expectations and counteract developments and investments by our competitors. Our evolving retailing efforts include implementing technology, software and processes to be able to conveniently and cost-effectively fulfill guest orders directly from any point within our system of stores and distribution centers and from our vendors. We also need to collect accurate, relevant, and usable guest data to …
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.