Target Sales Tracking Below July Forecast Jul 29, 2003

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Discount retailer Target Corp. said sales at its stores open at least a year were slightly below its expectations last month and for the month so far, hurt by slow sales of men's apparel, home decor, and intimate hosiery.

Target said it had expected July same-store sales growth of between 1 and 4 percent at its namesake discount locations, and was tracking in line with that range as of the week ended July 26, it said.
The entire company, which includes its Mervyn's and Marshall Field's department stores, was expected to post same-store sales about 1 percent below Target stores for the month, but was slightly lagging that forecast. Target said its best-selling items for the month-to-date included pharmacy items, consumable and perishable goods, shoes and ladies' apparel.

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