Target Corp. November Comps Up 6.2%; Mervyn’s Off 1.5%

Target Corporation reported that its net retail sales for the four weeks ended November 29, 2003 increased 12.1 percent to $4.414 billion from $3.937 billion for the four-week period ended November 30, 2002. Comparable-store sales increased 6.2 percent from fiscal November 2002.

“Sales at Target Corporation were above plan in November, reflecting
stronger-than-expected sales growth at Target Stores,” said Bob Ulrich,
chairman and chief executive officer of Target Corporation. “While we are
pleased with these early holiday results, December is typically a much more
significant contributor to our fourth quarter financial performance.”

                          Sales     Total Sales    Comparable Stores % Change
                        (millions)   % Change        This Year      Last Year

    November
    Target                $3,781       14.1             7.4            (5.7)
    Mervyn's                 339       (0.3)           (1.5)          (12.5)
    Marshall Field's         218       (1.4)           (0.1)          (10.5)
    Other                     76       20.5              na              na
    Total                  4,414       12.1             6.2            (6.7)

    Year-to-date
    Target               $30,886       11.6             4.0             2.7
    Mervyn's               2,669       (7.4)           (7.9)           (4.6)
    Marshall Field's       1,917       (4.8)           (3.7)           (3.6)
    Other                    510       35.9              na              na
    Total                 35,982        9.2             2.4             1.5