EX-99 3 a2067552zex-99.htm EXHIBIT 99 Prepared by MERRILL CORPORATION
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FOR IMMEDIATE RELEASE   Contact:   Susan Kahn (investor)
(612) 370-6735

 
 
 
 
Cathy Wright (financial media)
(612) 370-6627


TARGET CORPORATION DECEMBER SALES
UP 7.5 PERCENT

    MINNEAPOLIS, January 10, 2002 — Target Corporation today reported that its net retail sales for the five weeks ended January 5, 2002 increased 7.5 percent to $6.550 billion from $6.093 billion for the five-week period ended December 30, 2000. Comparable-store sales increased 0.6 percent from fiscal December 2000.

"Sales for the corporation were well above plan in December, primarily due to exceptional strength at Target Stores," said Bob Ulrich, chairman and chief executive officer of Target Corporation. "As a result of this sales performance, we now expect our fourth quarter EPS to be moderately higher than the current First Call median estimate of $0.65."

 
   Sales
(millions)

   Total Sales
% Change

   Comparable Stores
% Change

   Comparable Sales %
(adjusted calendar*)

  
December                    
Target   $ 5,399   10.3   1.8   10.1  
Mervyn's     639   (1.3 ) (0.6 ) 6.1  
Marshall Field's     442   (10.0 ) (10.0 ) (2.3 )
Other     70   14.9   na   na  
   
 
 
 
 
Total     6,550   7.5   0.6   8.6  

Year-to-date
 
 
 
 
 
 
 
 
 
 
Target   $ 29,992   12.4   3.9      
Mervyn's     3,673   (1.9 ) (1.4 )    
Marshall Field's     2,569   (5.7 ) (5.7 )    
Other     390   0.0   na      
   
 
 
     
Total   $ 36,624   9.2   2.5      

    *Compares five weeks ended January 5, 2002 to five weeks ended January 6, 2001.

    Target Corporation operates large-store general merchandise formats, including discount stores, moderate-priced promotional and traditional department stores, as well as a direct mail and on-line business called target.direct. At month-end, the company operated 1,383 stores in 47 states. This included 1,055 Target stores, 264 Mervyn's stores and 64 Marshall Field's stores.

    Forward-looking statements in this release should be read in conjunction with the cautionary statements in Exhibit (99)C to the company's 2000 Form 10-K.

    Comments regarding the company's sales results are available in a pre-recorded telephone message that may be accessed by calling 612-370-6500. Target Corporation news releases are available at www.target.com or www.prnewswire.com.

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TARGET CORPORATION DECEMBER SALES UP 7.5 PERCENT