Target Corporation reported that its net retail sales for the four weeks ended May 31, 2003 increased 7.5 percent to $3.203 billion from $2.980 billion for the four-week period ended June 1, 2002. Comparable-store sales increased 0.7 percent from fiscal May 2002.

“Sales for the corporation were on plan in May,” said Bob Ulrich, chairman and chief executive officer of Target Corporation. “While we are satisfied with the way this quarter has begun, June’s contribution to our second quarter earnings performance is typically more significant than either May or July.”

                           Sales       Total Sales Comparable Stores % Change
                        (millions)      % Change     This Year     Last Year
    May
    Target               $2,740           9.2           1.4           4.6
    Mervyn's                258          (3.5)         (3.8)        (10.0)
    Marshall Field's        174          (4.3)         (3.0)         (0.1)
    Other                    31          46.7            na            na
    Total                 3,203           7.5           0.7           2.6

    Year-to-date
    Target              $11,294           9.1           1.1           6.2
    Mervyn's              1,020          (6.2)         (6.4)         (3.7)
    Marshall Field's        732          (5.2)         (4.4)         (1.6)
    Other                   140          41.6            na            na
    Total                13,186           7.1           0.1           4.6