MINNEAPOLIS, Apr 11, 2002 /PRNewswire-FirstCall via COMTEX/ -- Target
Corporation (NYSE: TGT) today reported that its net retail sales for the five
weeks ended April 6, 2002 increased 16.2 percent to $3.721 billion from $3.203
billion for the five-week period ended April 7, 2001. Comparable-store sales
increased 6.8 percent from fiscal March 2001.
"Sales for the corporation were above plan in March, due to continued strong
sales momentum at Target Stores," said Bob Ulrich, chairman and chief executive
officer of Target Corporation. "While our plans for 2002 had envisioned strong
earnings growth in the first quarter, the exceptional sales results we are
enjoying at Target Stores through nine weeks gives us confidence that we will
meaningfully outperform prior EPS expectations in the quarter."
Sales Total Sales Comparable Stores
(millions) % Change % Change
Target $3,125 20.8 9.4
Mervyn's 323 (1.9) (2.0)
Marshall Field's 244 (6.7) (6.7)
Other 29 13.6 na
Total 3,721 16.2 6.8
Target $5,432 20.3 9.7
Mervyn's 564 (0.0) (0.1)
Marshall Field's 420 (4.0) (4.0)
Other 58 28.2 na
Total 6,474 16.4 7.5
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 1,409 stores in 47 states. This included 1,081
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
SOURCE Target Corporation
Investors, Susan Kahn, +1-612-761-6735, or Financial Media,
Cathy Wright, +1-612-761-6627, both for Target Corporation
Copyright (C) 2002 PR Newswire. All rights reserved.