MINNEAPOLIS, April 10 /PRNewswire-FirstCall/ -- Target Corporation today
reported that its net retail sales for the five weeks ended April 5, 2003
increased 4.6 percent to $3.889 billion from $3.717 billion for the five-week
period ended April 6, 2002. Comparable-store sales declined 2.3 percent from
fiscal March 2002.
"Sales for the corporation continued to be somewhat below plan in March,"
said Bob Ulrich, chairman and chief executive officer of Target Corporation.
"In light of our actual sales performance in February and March, and our
outlook for April, we are unlikely to fully achieve our profit plan in the
first quarter."
Comparable
Sales Total Sales Stores % Change
(millions) % Change This Year Last Year
March
Target $3,316 6.1 (1.3) 9.4
Mervyn's 298 (7.6) (8.0) (2.0)
Marshall Field's 225 (6.5) (6.1) (6.7)
Other 50 74.6 na na
Total $3,889 4.6 (2.3) 6.8
Year-to-date
Target $5,825 7.3 (1.0) 9.7
Mervyn's 517 (8.3) (8.5) (0.1)
Marshall Field's 394 (4.6) (4.3) (4.0)
Other 79 33.4 na na
Total $6,815 5.4 (1.9) 7.5
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 1,494 stores in 47 states.
This included 1,167 Target stores, 265 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 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 .
SOURCE Target Corporation
/CONTACT: Susan Kahn, investor, +1-612-761-6735, or Cathy Wright,
financial media, +1-612-761-6627, both of Target Corporation/
/Web site: http://www.target.com /
(TGT)
CO: Target Corporation
ST: Minnesota
IN: REA HOU
SU: SLS
