Target Corp. June Sales Disappointing

MINNEAPOLIS - Target Corp. has released figures showing that its net retail sales for the five weeks ended July 3 increased 8.1 percent to $4.471 billion, from $4.135 billion, for the five-week period ended July 5, 2003. On this same basis, comparable-store sales edged up 2.3 percent from fiscal June 2003. Total sales from continuing operations went up 8.2 percent to $4.228 billion, while comparable-store sales from continuing operations rose 2.0 percent from the same period last year.

"Sales for Target Corp. were well below plan for the month of June," said Target chairman and c.e.o. Bob Ulrich in a statement. "Despite our lower-than-expected sales for the month, we remain comfortable that we are likely to achieve second-quarter earnings per share in the range of 46 to 47 cents."

Consistent with Target's previous guidance, this outlook reflects earnings from both continuing and discontinued operations, excluding any transaction-related accounting that might occur during the quarter.
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