Sizzling Summer

Target Corp. (Minneapolis) reported net retail sales for the four weeks ended July 31, 2004, of just under $3.6 billion, an 8.8 percent increase over the same period a year earlier. Same-store sales for the period increased 3.8 percent.

The retailer also reported that total sales from continuing operations (principally Target Stores) increased 9.7 percent, to $3.2 billion, while comparable-store sales from continuing operations rose 4.1 percent.

“Sales at Target Stores were above plan for the month of July,” noted Bob Ulrich, chairman and ceo.

Discontinued operations include results from 62 Marshall Field's stores and 266 Mervyn's stores. In recent months, Target sold the Field's unit and nine Mervyn's stores in the Minneapolis-St. Paul area to May Department Stores Co. and entered into an agreement to sell the rest of the Hayward, Calif.-based Mervyn's division to an investment consortium.

Following the close of the Mervyn's transaction, Target's operations will consist of nearly 1300 general merchandise discount stores in 47 states.