In 2003, Target Corporation delivered $2.01 in earn- ings per share, reflecting another year of double-digit growth, primarily due to contributions from TargetGLYPH<213>s merchandise operations and the Target Visa portfolio. These contributions reflect continued strategic invest- ments in our business that reinforce and enhance our brand and increase our guestsGLYPH<213> satisfaction. For example: As we move into 2004 and beyond, we continue to challenge ourselves to seize new opportunities to delight our guestsGLYPH<209>to offer more fashion and differentiation, ¥ We implemented hundreds of new technology appli- cations and installed thousands of pieces of hardware throughout our organization to make our guestsGLYPH<213> experience more rewarding and to make our team membersGLYPH<213> work environment more productive and more fun. ¥ We invested hundreds of millions of dollars in the growth of the Target Visa portfolio, delivering more value to our guests and producing a substantial increase in revenues and receivables balances that accounted for more than 100 percent of our overall credit card operationGLYPH<213>s annual growth. ¥ And we remained steadfast in our commitment to support programs that improve the quality of life in the communities where we operate, to embrace the diversity of our guests and team members and to perpetuate our heritage of strong corporate gover- nance and integrity. ¥ We added more new distribution capacity than we have ever added in a single yearGLYPH<209>four new regional distribution centers and two new import warehouses GLYPH<209>to improve the efficiency, consistency and speed of flowing products to our stores. ¥ To provide greater guest convenience, Target con- structed 101 total new stores during 2003. Net of relocations and closings, this store opening program included 54 net new discount locations and 24 new SuperTarget stores, amounting to 12.3 million net new square feet, an increase of 8.8 percent. ¥ We refined our emphasis on GLYPH<210>Wants and NeedsGLYPH<211> within our merchandise assortment and our market- ing campaigns in order to give our guests more reasons to shop at Target more often and to generate higher sales. 2 GLYPH<210>As we move into 2004 and beyond, we continue to challenge ourselves to seize new oppor- tunities to delight our guests GLYPH<209>to offer more fashion and differentiation, greater value, reliability and convenience, quicker delivery of new product and faster, friendlier serviceGLYPH<209> in short, to do what we have always done, but better.GLYPH<211> GLYPH<210>In addition, we are optimistic about the potential future bene- fits provided by other programs we are pursuing, such as our global sourcing and guest relationship management efforts. Many of these initiatives increas- ingly reflect the integration  of cross-functional disciplines, allowing us to leverage our resources, improve our efficiency and increase our overall agility and speed.GLYPH<211>