Target March Comps Climb 7.3%

Target Corporation net retail sales for the five weeks ended April 3, 2004 increased 13.2 percent to $4.402 billion from $3.889 billion for the five-week period ended April 5, 2003. Comparable-store sales increased 7.3 percent from fiscal March 2003.

“Sales for the corporation continued to be above 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 expect to outperform the current First Call median EPS estimate of 45 cents in the first quarter.”

                              Sales   Total Sales  Comparable Stores % Change
                           (millions)    % Change     This Year    Last Year
     March
     Target                  $3,797         14.5          7.8        (1.3)
     Mervyn's                   303          1.3          0.8        (8.0)
     Marshall Field's           244          8.6          9.9        (6.1)
     Other                       58         16.4           na          na
     Total                    4,402         13.2          7.3        (2.3)

     Year-to-date
     Target                  $6,671         14.5          7.9        (1.0)
     Mervyn's                   526          1.7          1.1        (8.5)
     Marshall Field's           419          6.4          8.5        (4.3)
     Other                       91         15.5           na          na
     Total                    7,707         13.1          7.4        (1.9)