Target Corporation 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.”
Sales Total Sales Comparable Stores
(millions) % Change %Change
January
Target $2,386 9.8 0.3
Mervyn's 183 (6.6) (6.6)
Marshall Field's 131 (2.6) (2.6)
Other 38 (2.0) na
Total 2,738 7.7 (0.4)
Fourth Quarter
Target 11,657 8.1 (1.1)
Mervyn's 1,106 (9.3) (9.3)
Marshall Field's 766 (6.2) (6.2)
Other 182 12.5 na
Total 13,711 5.6 (2.2)
Year-to-date
Target $36,026 12.0 2.2
Mervyn's 3,647 (5.5) (5.3)
Marshall Field's 2,555 (3.7) (3.7)
Other 494 14.0 na
Total $42,722 9.2 1.1
