Target Stores July Comps Up 4.1%

Target Corporation reported that its net retail sales for the four weeks ended July 31, 2004 increased 8.8% to $3.59 billion from $3.30 billion for the four-week period ended August 2, 2003. On this same basis, comparable-store sales increased 3.8% from fiscal July 2003.

Total sales from continuing operations (principally Target Stores) increased 9.7% to $3.211 billion, while comparable-store sales from continuing operations rose 4.1% from the same period a year ago. Discontinued operations include sales from 62 Marshall Field's stores and 266 Mervyn's stores.

“Sales at Target Stores were above plan for the month of July,” said Bob Ulrich, chairman and chief executive officer of Target Corporation.

                            Sales    Total Sales  Comparable Stores % Change
                         (millions)   % Change       This Year   Last Year
  July
  Continuing Operations    $3,211       9.7            4.1          4.3
  Discontinued Operations     382       1.3            1.2         (4.5)
  Total Corporation         3,593       8.8            3.8          3.1

  Second Quarter
  Continuing Operations   $10,277      10.2            3.9          2.7
  Discontinued Operations   1,331       0.9            0.7         (5.7)
  Total Corporation        11,608       9.1            3.5          1.5

  Year-to-date
  Continuing Operations   $20,186      12.2            5.5          1.9
  Discontinued Operations   2,671       1.2            1.2         (6.0)
  Total Corporation        22,857      10.8            5.0          0.7