MINNEAPOLIS--(BUSINESS WIRE)--Aug. 3, 2006--Target Corporation
(NYSE:TGT) today reported that its net retail sales for the four weeks
ended July 29, 2006 increased 9.6 percent to $3.937 billion from
$3.593 billion for the four-week period ended July 30, 2005. On this
same basis, comparable-store sales increased 3.1 percent from fiscal
July 2005.
"We met our sales plan in the second quarter despite experiencing
slower sales growth in July than we had enjoyed in May or June," said
Bob Ulrich, chairman and chief executive officer of Target
Corporation. "We remain confident that our second quarter earnings per
share will meet or exceed the current First Call median estimate of 69
cents." Last year Target Corporation earned 61 cents per share in the
second quarter.
Comparable Stores % Change
Sales Total Sales --------------------------
(millions) % Change This Year Last Year
---------- ----------- --------- ---------
July $3,937 9.6 3.1 5.5
Second Quarter $12,959 11.1 4.6 6.7
Year-to-Date $25,453 11.4 4.9 6.5
As a reminder, our current sales disclosure practice includes a
sales recording on the day of our monthly sales release and one
mid-month sales update. Consistent with this practice, a new message
was recorded earlier today. Our next sales recording is expected to be
issued after the market closes on Monday, August 14, 2006. These
recordings may be accessed by calling 612-761-6500.
Target Corporation's operations include large, general merchandise
discount stores and a fully integrated on-line business through which
we offer a fun and convenient shopping experience with thousands of
highly differentiated and affordably priced items. The company
currently operates 1,444 Target stores in 47 states. Forward-looking
statements in this release should be read in conjunction with the
cautionary statements in Exhibit (99)C to the company's 2005 Form
10-K. Target Corporation news releases are available at
www.target.com.
CONTACT: Target Corporation, Minneapolis
Investor:
Susan Kahn, 612-761-6735
or
Financial Media:
Cathy Wright, 847-615-1538
SOURCE: Target Corporation
