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News Release

Target Corporation January Sales Up 13.5 Percent Excluding Extra Week in Prior Year; Reported Sales Down 9.0 Percent

MINNEAPOLIS, Feb 7, 2002 /PRNewswire-FirstCall via COMTEX/ -- Target Corporation (NYSE: TGT) today reported that its net retail sales for the four weeks ended February 2, 2002 declined 9.0 percent to $2.542 billion from $2.794 billion for the five-week period ended February 3, 2001. Excluding the extra week in last year's results, total sales for the four weeks ended February 2, 2002 increased 13.5 percent and comparable-store sales rose 5.8 percent from the four weeks ended January 27, 2001.

"Sales for the corporation were above plan in January, reflecting continuing strength at Target Stores," said Bob Ulrich, chairman and chief executive officer of Target Corporation. "As a result, we now expect to report earnings per share of at least $0.72 in this year's fourth quarter, compared with $0.61 a year ago."

                         Sales    Total Sales  Total Sales  Comparable Stores
                       (millions)  % Change     % Change(*)    % Change
    January
    Target              $2,175       16.8         (6.6)            7.6
    Mervyn's               196       (3.2)       (21.1)           (3.3)
    Marshall Field's       136       (4.7)       (24.8)           (4.7)
    Other                   35        9.3         (6.4)             na
    Total               $2,542       13.5         (9.0)            5.8


    Fourth Quarter
    Target             $10,786       15.2           9.8            6.2
    Mervyn's             1,224       (0.5)         (4.0)           0.1
    Marshall Field's       830       (5.6)         (9.6)          (5.6)
    Other                  155       18.5          13.9             na
    Total              $12,995       12.0           6.9            4.6


    Year-to-date
    Target             $32,168       12.7          10.9            4.1
    Mervyn's             3,869       (2.0)         (3.1)          (1.5)
    Marshall Field's     2,705       (5.7)         (6.9)          (5.7)
    Other                  425        0.6          (0.6)            na
    Total              $39,167        9.5           7.8            2.7


    *Comparison reflects extra week in prior-year period.

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 1,381 stores in 47 states. This included 1,053 Target stores, 264 Mervyn's stores and 64 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 2000 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 http://www.target.com or http://www.prnewswire.com

SOURCE Target Corporation

CONTACT:
Susan Kahn, investors, +1-612-761-6735,
or Cathy Wright, financial media, +1-612-761-6627,
both for Target Corporation

URL:
http://www.target.com
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