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TARGET CORPORATION
NEWS RELEASE
FOR IMMEDIATE RELEASE
Contact: Susan Kahn
(612) 370-6735
TARGET CORPORATION AUGUST SALES UP 7.5 PERCENT
MINNEAPOLIS, August 31, 2000 -- Target Corporation today reported that
its net retail sales for the four weeks ended August 26, 2000 increased 7.5
percent to $2.742 billion from $2.550 billion a year ago. Comparable-store sales
increased 2.5 percent from the same period a year ago.
"Sales for the corporation were slightly below plan in the month of
August," said Bob Ulrich, chairman and chief executive officer of Target
Corporation. "In light of current business trends and the strength of last
year's results, we now expect earnings per share to decline somewhat in the
third quarter. We expect our growth in earnings per share to resume in the
fourth quarter and we remain confident in our ability to deliver average annual
earnings per share growth of 15 percent over time, despite our outlook for lower
double-digit growth in fiscal 2000."
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SALES TOTAL SALES COMPARABLE STORES
(MILLIONS) % CHANGE % CHANGE
<S> <C> <C> <C>
AUGUST
Target $ 2,163 9.5 3.2
Mervyn's 339 3.7 3.7
Department Stores 198 (4.3) (5.3)
Other 42 (0.1) na
------- ---- ----
Total $ 2,742 7.5 2.5
YEAR-TO-DATE
Target $14,687 10.5 3.8
Mervyn's 2,095 (0.7) (0.5)
Department Stores 1,473 (4.1) (5.0)
Other 225 8.2 na
------- ---- ----
Total $18,480 7.8 2.5
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Target Corporation operates large-store general merchandise formats,
including discount stores, moderate-priced promotional and traditional
department stores. The company currently operates 1,273 stores in 45 states.
This includes 942 Target stores, 267 Mervyn's stores and 64 Department Stores.
Forward-looking statements in this release should be read in
conjunction with the cautionary statements in Exhibit (99)C to the company's
1999 Form 10-K.
Target Corporation news releases are available through Company News on
Call by fax at 800-758-5804 extension 342677 or at www.targetcorp.com or
www.prnewswire.com.
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