Target Corporation reported that its net retail sales for the four weeks ended January 31, 2004 increased 11.9% to $3.063 billion from $2.738 billion for the four-week period ended February 1, 2003. Comparable-store sales increased 5.1% from January 2003.

“Sales for the total corporation were in line with our expectations for
the month of January,” said Bob Ulrich, chairman and CEO of Target
Corporation.

                             Sales      Total Sales    Comparable   % Change
                           (millions)     % Change    Stores This   Last Year
                                                          Year
    January
    Target                  $2,683         12.4          5.8          0.3
    Mervyn's                   177         (3.1)        (3.5)        (6.6)
    Marshall Field's           134          2.4          4.3         (2.6)
    Other                       69         82.4           na           na

    Total                   $3,063         11.9          5.1         (0.4)

    Fourth Quarter
    Target                 $13,143         12.7          6.1         (1.1)
    Mervyn's                 1,065         (3.7)        (4.7)        (9.3)
    Marshall Field's           760         (0.9)         0.5         (6.2)
    Other                      246         36.1           na           na
    Total                  $15,214         11.0          4.9         (2.2)

    Year-to-date
    Target                 $40,248         11.7          4.4          2.2
    Mervyn's                 3,394         (6.9)        (7.6)        (5.3)
    Marshall Field's         2,459         (3.8)        (2.6)        (3.7)
    Other                      680         37.9           na           na
    Total                  $46,781          9.5          2.9          1.1