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Target Corporation January 2003 Sales

From: ASAP

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Target Corporation (NYSE: TGT) reported that its net retail sales for the four weeks ended February 1, 2003 increased 7.7 percent to $2.738 billion from $2.543 billion for the four-week period ended February 2, 2002. Comparable-store sales decreased 0.4 percent from January 2002.

"Sales for the corporation were below plan in January," said Bob Ulrich, chairman and chief executive officer of Target Corporation. "Although our sales momentum is relatively weak, our financial performance for 2002 remains on track due to continued strength in our gross margin rate performance and substantial growth in contribution from our credit card operations."

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 1,476 stores in 47 states. This included 1,148 Target stores, 264 Mervyn's stores and 64 Marshall Field's stores.

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