MINNEAPOLIS--(BUSINESS WIRE)--May 10, 2007--Target Corporation
(NYSE:TGT) today reported that its net retail sales for the four weeks
ended May 5, 2007 decreased 1.8 percent to $3,903 million from $3,974
million for the four-week period ended April 29, 2006. On this same
basis, comparable-store sales decreased 6.1 percent.
"Our comparable store sales in April were weaker than expected,
resulting from a sales shortfall in the first two weeks of the month,"
said Bob Ulrich, chairman and chief executive officer of Target
Corporation. "However, the continued strength of our first quarter
financial results in both our core retail and credit card operations
gives us confidence that we remain on track to achieve our overall
financial expectations in 2007."
As previously disclosed, the Company expects 2007 earnings per
share to lie within a range which includes the current First Call
median estimate of $3.60.
Sales Total Sales Comparable Stores % Change
--------------------------
(millions) % Change This Year Last Year
---------- ----------- --------------------------
April $3,903 (1.8) (6.1) 10.4
March/April Combined $9,495 8.4 3.8 5.8
Year-to-date $13,623 9.0 4.3 5.1
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, May 21, 2007. 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 1,500 Target stores in 47 states. Target
Corporation news releases are available at www.target.com.
CONTACT:
Target Corporation
Susan Kahn (investor)
612-761-6735
SOURCE: Target Corporation
