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