Sales From Continuing Operations Up 9.7 Percent

MINNEAPOLIS, Aug. 5 /PRNewswire-FirstCall/ -- Target Corporation (NYSE: TGT) today reported that its net retail sales for the four weeks ended July 31, 2004 increased 8.8 percent to $3.593 billion from $3.303 billion for the four-week period ended August 2, 2003. On this same basis, comparable-store sales increased 3.8 percent from fiscal July 2003. Total sales from continuing operations (principally Target Stores) increased 9.7 percent to $3.211 billion, while comparable-store sales from continuing operations rose 4.1 percent from the same period a year ago. Discontinued operations include sales from 62 Marshall Field's stores and 266 Mervyn's stores.

"Sales at Target Stores were above plan for the month of July," said Bob Ulrich, chairman and chief executive officer of Target Corporation.

                              Sales    Total Sales  Comparable Stores % Change
                           (millions)   % Change       This Year   Last Year
    July
    Continuing Operations    $3,211       9.7            4.1          4.3
    Discontinued Operations     382       1.3            1.2         (4.5)
    Total Corporation         3,593       8.8            3.8          3.1

    Second Quarter
    Continuing Operations   $10,277      10.2            3.9          2.7
    Discontinued Operations   1,331       0.9            0.7         (5.7)
    Total Corporation        11,608       9.1            3.5          1.5

    Year-to-date
    Continuing Operations   $20,186      12.2            5.5          1.9
    Discontinued Operations   2,671       1.2            1.2         (6.0)
    Total Corporation        22,857      10.8            5.0          0.7

Following the close of the Mervyn's transaction, Target Corporation will continue to operate Target Stores, a chain of large, general merchandise discount stores, as well as an on-line business called Target.com. At month-end, this included 1,272 Target stores in 47 states.

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
-0- 08/05/2004
/CONTACT: Investor, Susan Kahn, +1-612-761-6735, or Financial Media,
Cathy Wright, +1-312-781-2979, both of Target Corporation/
/Web site: http://www.target.com /
(TGT)