Target Corp Shakes Off Mervyn’s Drag to Post 5.4% Spet. Comp Increase

Target Corporation reported that its net retail sales for the five weeks ended October 4, 2003 increased 12.3 percent to $3.937 billion from $3.507 billion for the five-week period ended October 5, 2002. Comparable-store sales increased 5.4 percent from fiscal September 2002.

“Sales at Target Corporation were above plan in September, driven by above-plan sales performance at both Target Stores and Marshall Fields, somewhat offset by below-plan sales results at Mervyn's,” said Bob Ulrich, chairman and chief executive officer of Target Corporation.

                            Sales      Total SalesComparable Stores % Change
                           (millions)   % Change       This Year    Last Year
     September
     Target                 $3,362          14.8          7.2           0.4
     Mervyn's                  266          (9.3)       (10.0)         (3.5)
     Marshall Field's          235           1.1          2.4         (10.1)
     Other                      74          36.5           na            na

     Total                   3,937          12.3          5.4          (0.8)

     Year-to-date
     Target                $24,220          11.3          3.4           4.2
     Mervyn's                2,101          (7.7)        (8.1)         (3.2)
     Marshall Field's        1,495          (4.2)        (3.2)         (3.7)
     Other                     378          40.2           na            na
     Total                  28,194           9.0          1.9           2.8