QuickLinks -- Click here to rapidly navigate through this document
| FOR IMMEDIATE RELEASE | Contact: | Susan Kahn (investor) (612) 761-6735 | ||
Cathy Wright (financial media) (612) 761-6627 |
TARGET CORPORATION JULY SALES
UP 8.7 PERCENT
MINNEAPOLIS, August 8, 2002—Target Corporation today reported that its net retail sales for the four weeks ended August 3, 2002 increased 8.7 percent to $2.980 billion from $2.741 billion for the four-week period ended August 4, 2001. Comparable-store sales increased 1.0 percent from fiscal July 2001.
"Sales for the corporation were below plan for the month of July," said Bob Ulrich, chairman and chief executive officer of Target Corporation. "However, consistent with our previous guidance, we continue to expect very strong earnings growth in the second quarter despite our recent sales softness."
| | Sales (millions) | Total Sales % Change | Comparable Stores %Change | |||||
|---|---|---|---|---|---|---|---|---|
| July | ||||||||
| Target | $ | 2,548 | 11.8 | 2.2 | ||||
| Mervyn's | 247 | (6.3 | ) | (5.9 | ) | |||
| Marshall Field's | 148 | (4.9 | ) | (4.9 | ) | |||
| Other | 37 | (14.3 | ) | na | ||||
| Total | 2,980 | 8.7 | 1.0 | |||||
Second Quarter | ||||||||
| Target | $ | 8,297 | 14.8 | 4.4 | ||||
| Mervyn's | 845 | (5.5 | ) | (5.1 | ) | |||
| Marshall Field's | 556 | (2.5 | ) | (2.5 | ) | |||
| Other | 93 | (7.8 | ) | na | ||||
| Total | 9,791 | 11.3 | 3.0 | |||||
Year-to-date | ||||||||
| Target | $ | 16,145 | 16.0 | 5.6 | ||||
| Mervyn's | 1,664 | (3.5 | ) | (3.3 | ) | |||
| Marshall Field's | 1,146 | (2.3 | ) | (2.3 | ) | |||
| Other | 171 | 5.3 | na | |||||
| Total | 19,126 | 12.7 | 4.1 | |||||
Target Corporation operates large-store general merchandise formats, including discount stores, moderate-priced promotional and traditional department stores, as well as a direct mail and on-line business called target.direct. At month-end, the company operated 1,435 stores in 47 states. This included 1,107 Target stores, 264 Mervyn's stores and 64 Marshall Field's stores.
Forward-looking statements in this release should be read in conjunction with the cautionary statements in Exhibit (99)C to the company's 2001 Form 10-K.
Comments regarding the company's sales results are available in a pre-recorded telephone message that may be accessed by calling 612-761-6500. Target Corporation news releases are available at www.target.com or www.prnewswire.com.
# # #
TARGET CORPORATION JULY SALES UP 8.7 PERCENT