MINNEAPOLIS, May 5 /PRNewswire-FirstCall/ -- Target Corporation
(NYSE: TGT) today reported that its net retail sales from continuing
operations (principally Target Stores) for the four weeks ended April 30, 2005
increased 7.7 percent to $3.390 billion from $3.148 billion for the four-week
period ended May 1, 2004. On this same basis, comparable-store sales
increased 1.3 percent from fiscal April 2004.
The sales plan for the month was a comparable-store increase in the range
of 2 to 4 percent, reflecting the impact of this year's earlier Easter
holiday.
"Our sales performance in the month of April was slightly below plan,
while sales for the quarter overall remained stronger than expected," said Bob
Ulrich, chairman and chief executive officer of Target Corporation. "These
sales results, combined with continued gross margin rate expansion, reinforce
our belief that Target will deliver very strong profit growth in the first
quarter of 2005."
Total
Sales Sales Comparable Stores % Change
Continuing Operations (millions) % Change This Year Last Year
April $3,390 7.7 1.3 6.2
First Quarter $11,174 12.8 6.2 7.3
Forward-looking statements in this release should be read in conjunction
with the cautionary statements in Exhibit (99)C to the company's 2004 Form
10-K.
Target Corporation operates Target Stores, a chain of large, general
merchandise discount stores consisting of 1,330 locations in 47 states, as
well as an on-line business called Target.com.
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 http://www.target.com or
http://www.prnewswire.com .
SOURCE Target Corporation
-0- 05/05/2005
/CONTACT: investors, Susan Kahn, +1-612-761-6735, or financial media,
Cathy Wright, +1-847-615-1538, both of Target Corporation/
/Web site: http://www.target.com /
(TGT)
