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Target Corporation June 2004 Sales Up 8.1 Percent

From: ASAP


Target Corporation (NYSE: TGT) today reported that its net retail sales for the five weeks ended July 3, 2004 increased 8.1 percent to $4.471 billion from $4.135 billion for the five-week period ended July 5, 2003. On this same basis, comparable-store sales increased 2.3 percent from fiscal June 2003. Total sales from continuing operations increased 8.2 percent to $4.228 billion, while comparable-store sales from continuing operations rose 2.0 percent from the same period a year ago.

"Sales for Target Corporation were well below plan for the month of June," said Bob Ulrich, chairman and chief executive officer of Target Corporation. "Despite our lower-than-expected sales for the month, we remain comfortable that we are likely to achieve second quarter EPS in the range of 46 to 47 cents." Consistent with our previous guidance, this outlook reflects earnings from both continuing and discontinued operations, and excludes any transaction-related accounting that might occur during the quarter.

July 2004

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