Target Corporation reported that its net retail sales for the five weeks ended April 5, 2003 increased 4.6 percent to $3.889 billion from $3.717 billion for the five-week period ended April 6, 2002. Comparable-store sales declined 2.3 percent from fiscal March 2002.
“Sales for the corporation continued to be somewhat below 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 are unlikely to fully achieve our profit plan in the first quarter.”
Comparable
Sales Total Sales Stores % Change
(millions) % Change This Year Last Year
March
Target $3,316 6.1 (1.3) 9.4
Mervyn's 298 (7.6) (8.0) (2.0)
Marshall Field's 225 (6.5) (6.1) (6.7)
Other 50 74.6 na na
Total $3,889 4.6 (2.3) 6.8
Year-to-date
Target $5,825 7.3 (1.0) 9.7
Mervyn's 517 (8.3) (8.5) (0.1)
Marshall Field's 394 (4.6) (4.3) (4.0)
Other 79 33.4 na na
Total $6,815 5.4 (1.9) 7.5
