Exhibit 99.1
FOR IMMEDIATE RELEASE | Contact: | Susan Kahn (investor) |
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| (612) 761-6735 |
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| Cathy Wright (financial media) |
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| (312) 781-2979 |
TARGET CORPORATION AUGUST SALES
UP 12.4 PERCENT
MINNEAPOLIS, September 4, 2003—Target Corporation today reported that its net retail sales for the four weeks ended August 30, 2003 increased 12.4 percent to $3.632 billion from $3.231 billion for the four-week period ended August 31, 2002. Comparable-store sales increased 5.7 percent from fiscal August 2002.
“Sales at Target Corporation were above plan in August, driven by well-above-plan sales at Target Stores,” said Bob Ulrich, chairman and chief executive officer of Target Corporation. “We are encouraged by this recent strength in sales at our Target division, and we remain comfortable with our previous guidance for third quarter earnings.”
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| Sales |
| Total Sales |
| Comparable Stores% Change |
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| (millions) |
| % Change |
| This Year |
| Last Year |
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August |
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Target |
| $ | 3,116 |
| 15.9 |
| 8.3 |
| 0.5 |
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Mervyn’s |
| 292 |
| (8.2 | ) | (8.9 | ) | (2.5 | ) | |
Marshall Field’s |
| 165 |
| (8.5 | ) | (7.3 | ) | (3.5 | ) | |
Other |
| 59 |
| 32.9 |
| na |
| na |
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Total |
| 3,632 |
| 12.4 |
| 5.7 |
| (0.1 | ) | |
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Year-to-date |
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Target |
| $ | 20,858 |
| 10.7 |
| 2.8 |
| 4.8 |
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Mervyn’s |
| 1,835 |
| (7.4 | ) | (7.8 | ) | (3.2 | ) | |
Marshall Field’s |
| 1,260 |
| (5.2 | ) | (4.2 | ) | (2.5 | ) | |
Other |
| 304 |
| 41.2 |
| na |
| na |
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Total |
| 24,257 |
| 8.5 |
| 1.4 |
| 3.5 |
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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 1,519 stores in 47 states. This included 1,191 Target stores, 266 Mervyn’s stores and 62 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 2002 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.
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