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Target Corporation March Sales Up 13.2 Percent (2004)

From: ASAP


Target Corporation (NYSE: TGT) reported that its net retail sales for the five weeks ended April 3, 2004 increased 13.2 percent to $4.402 billion from $3.889 billion for the five-week period ended April 5, 2003. Comparable-store sales increased 7.3 percent from fiscal March 2003.

"Sales for the corporation continued to be above plan in March," said Bob Ulrich, chairman and chief executive officer of Target Corporation. "In light of our actual sales performance in February and March and our outlook for April, we expect to outperform the current First Call median EPS estimate of 45 cents in the first quarter."

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 1,577 stores in 47 states. This included 1,249 Target stores, 266 Mervyn's stores and 62 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 2003 Form 10-K.

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