Target Corporation Reports July Sales Results

MINNEAPOLIS--()--Target Corporation (NYSE:TGT) today reported that its net retail sales for the four weeks ended August 1, 2009 were $4,418 million, a decrease of 3.2 percent from $4,566 million for the four weeks ended August 2, 2008. On this same basis, July comparable-store sales decreased 6.5 percent.

“July comparable-store sales performance was in line with our expectation for the month,” said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. “While our sales remain challenging, we continue to experience favorable gross margin performance within categories and disciplined expense control in our retail segment, as well as modestly improving risk trends in our credit card segment.”

                       
Sales Total Sales

Comparable Stores % Change

(millions)

% Change

This Year

     

Last Year

July $4,418 (3.2) (6.5) (1.2)
 
Quarter-to-date $14,567 (2.7) (6.2) (0.4)
 
Year-to-date $28,928 (1.2) (5.0) (0.6)
 

Target’s current sales disclosure practice includes a sales recording on the day of the monthly sales release. Consistent with this practice, a new message was recorded earlier today. The next sales recording is expected to be issued on Thursday, September 3, 2009. These recordings may be accessed by calling 612-761-6500.

Target Corporation's retail segment includes large general merchandise and food discount stores and Target.com, a fully integrated on-line business. In addition, the company operates a credit card segment that offers branded proprietary and Visa credit card products. The company currently operates 1,719 Target stores in 49 states.

Target Corporation news releases are available at www.target.com.

Contacts

Target Corporation
John Hulbert, 612-761-6627
or
Eric Hausman, 612-761-2054
(Financial Media)

Contacts

Target Corporation
John Hulbert, 612-761-6627
or
Eric Hausman, 612-761-2054
(Financial Media)