“Altogether, given our expectations for revenue growth and purposeful operating margin rate investments, we're positioned to deliver low single-digit growth in operating income dollars this year.”

In context

“ill drive some rate pressure. And we're planning for a small increase in markdown rates in 2022 as we move past the dramatically low rates we've seen over the last couple of years. Finally, and importantly, we'll continue to focus on value and affordability in this inflationary environment. That means taking a thoughtful long-term approach to pricing decisions, ensuring that we deliver unbeatable value for our guests. We have many levers to combat costs, and price is the one we pull last, not first. As a result, product costs within our assortment have risen faster than retail in recent quarters, reflecting this intentional approach in deliberate pacing. We expect this trend to continue, particularly in the first half of this year as we maintain our focus on affordability for our guests. Altogether, given our expectations for revenue growth and purposeful operating margin rate investments, we're positioned to deliver low single-digit growth in operating income dollars this year. Consistent with the longer term, we expect CapEx in the $4 billion to $5 billion range this year. This range is wider than we typically see at this point of the year given continued delays in receiving fixtures and equipment, along with permitting and inspection delays in local communities. Put another way, our hope is to be at the top end of this range in 2022, but it's possible that external factors will continue to affect certain projects. Regarding the dividend, later this year, we plan to recommend that our Board approve a per share dividend increase in the 20% to 30% range as we continue to move toward a 40% payout ratio over time. In addition, given our current cash position and expectations for strong cash flow, we believe our 2022 share repurchases will be at or above the $7 bi”