MINNEAPOLIS, March 9 /PRNewswire/ -- Target Corporation (NYSE: TGT) today
announced its plans to repurchase an additional $1 billion of its common
stock. The repurchase of the common stock will be made primarily in open
market transactions and through the sale of put options, subject to market
conditions. The company currently has repurchased nearly $700 million of
common stock from the $1 billion authorization it announced in January 1999.
"This additional share repurchase authorization reflects our continued
confidence in the company's future performance and our commitment to increase
shareholder value," said Bob Ulrich, chairman and chief executive officer of
Target Corporation.
Target Corporation also declared its regular quarterly dividend of
10 cents per common share. The dividend is payable June 10, 2000, to
shareholders of record May 20, 2000. The second-quarter dividend will be
Target Corporation's 129th consecutive dividend paid since October 1967, when
the corporation became publicly held.
Target Corporation operates large-store general merchandise formats,
including discount stores, moderate-priced promotional and traditional
department stores. The company currently operates 1,254 stores in 45 states.
This includes 923 Target stores, 267 Mervyn's stores and 64 Department Stores.
Target Corporation news releases are available through Company News on
Call by fax at 800-758-5804 extension 342677 or at http://www.targetcorp.com
or prnewswire.com.
SOURCE Target Corporation
CONTACT: Media, Susan Eich, 612-304-0700; Investors, Susan Kahn,
612-370-6735, both of Target Corporation/
