MINNEAPOLIS, Oct. 6 /PRNewswire-FirstCall/ -- Target Corporation
(NYSE: TGT) today reported that its net retail sales from continuing
operations (principally Target Stores) for the five weeks ended October 1,
2005 increased 11.4 percent to $4.306 billion from $3.866 billion for the
five-week period ended October 2, 2004. On this same basis, comparable-store
sales increased 5.6 percent from fiscal September 2004.
The sales plan for the month was a comparable-store increase in the range
of 4 to 6 percent.
"Our same-store sales growth in September was in line with our planned
range for the month," said Bob Ulrich, chairman and chief executive officer of
Target Corporation. "Importantly, we have continued to enjoy robust gross
margin rate performance in the third quarter to-date similar to our strong
first half trends. This exceptional third quarter momentum, combined with our
outlook for more modest earnings growth in the fourth quarter, reinforces our
confidence in our ability to deliver $1.50, or more, in diluted earnings per
share in this year's second half."
Sales Total Sales % Change
Continuing Operations (millions) % Change This Year Last Year
September $4,306 11.4 5.6 5.6
Year-to-Date $31,007 12.8 6.3 5.1
Forward-looking statements in this release should be read in conjunction
with the cautionary statements in Exhibit (99)C to the company's Second
Quarter 2005 Form 10-Q.
Target Corporation operates Target Stores, a chain of large, general
merchandise discount stores consisting of 1,400 locations in 47 states, as
well as an on-line business called Target.com.
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
/CONTACT: investors, Susan Kahn, +1-612-761-6735, or financial media,
Cathy Wright, +1-847-615-1538, both of Target Corporation/
/Web site: http://www.target.com /