Candidates must also complete a series
of written exercises that probe their subject-matter knowledge and
their understanding of how to best teach those subjects to their
students.
"National Board Certification is a tremendous achievement," said
Gov. Seeing the
need and interest of the districts science leaders to share ideas and
learn from each other , Medtronic offered to provide an opportunity for
them to work together."
Total revenues in the first quarter increased 12.

Miscellaneous
Target Corporation will webcast its first quarter earnings conference call
at 9:30am CDT today.

naturalists schoolmasters

26 roundtable of science specialists from Anoka-Hennepin,
Hopkins, Minneapolis, Osseo and Saint Paul school districts was
convened by the Medtronic Foundation to give curriculum leaders the
rare opportunity to collaborate on making their leading science
programs better.
These grants have supported district-wide programs to provide teacher
training in science that focuses on content and strategies to engage
all students in learning science.medtronic.8 percent in 2004.4

Earnings from continuing operations
before interest expense and
income taxes 907 773 17.4

Net interest expense 111 143 (22.

experiments successfully

total to 40,200.S. Specifically ,
the grant is:

-- Providing elementary teachers with intensive professional
development that will include collaboration with scientists in
and out of the classrooms, and summer institutes;

-- Developing school-based teacher study groups; and

-- Building ongoing support for teachers in classrooms through
Catalyst science associates who refurbish, inventory, prepare
and manage classroom science kits. The Internet address for the Medtronic Foundation is
www. Comparable -store sales are sales from stores
open longer than one year.7

Cost of sales 7,556 6,769 11.6 %


Basic earnings per share:
Continuing operations $0.56 $0.47 18.7% 9.


Three Months Ended
April 30, May 1,
2005 2004

Total revenues as a percent
of average receivables (annualized): 24.

stc spiders

Fewer than half of
National Board Certification candidates achieve certification on their
first attempt; nevertheless, most find it to be an invaluable
experience.

Target Corporation First Quarter Earnings Per Share From Continuing Operations $0.55

89, reflecting a total investment of approximately $1.43 30.9%

* Accounts with three or more payments past due.

spiders housewares

Business Editors/News Editors/Education Editors

LA JOLLA, Calif.m. "Also hearing from the business side of what we are doing
with students--what foundation of science skills they will need when
they leave our system--will help us as we plan the science program.0
Discontinued operations - 0.04 -
Basic earnings per share $0.

Number of
Stores Retail Square Feet
April May April May
30, 1, 30, 1, %
2005 2004 2005 2004 Change
Target General Merchandise Stores 1,189 1,130 143,288 134,626 6.5% 7.

catagory entomology

"Candidates tell us each year -- whether they achieve
certification or not -- that pursuing National Board Certification is
the best and most meaningful professional development of their
careers," said NBPTS President Joseph A. in a 2004
interview with Education World.

Business Editors/Education Editors

MINNEAPOLIS----Medtronic, Inc ."
At the end of the roundtable discussion, all agreed that this was
only the beginning of the collaboration. We found that we each have
pieces of the puzzle to share and that together we are able to address
very complex issues in science education more efficiently," said Liesl
Chatman , science innovation specialist in Saint Paul Public Schools."
In the last 11 years, the Medtronic Foundation has invested more
than $11 million into K-12 science education, with about 80 percent of
that funding going directly to schools in the seven-county metro area
and reaching more than one million students. Medtronic Foundation partnership grants
to MPS total $1. The most recent grant provides over
half a million dollars over the next four years to fund the 'Catalyst'
program, which is designed to build a foundation in science for all
students and teachers at the elementary level, contributing to greater
success and achievement at secondary levels and beyond. Its
grant making is focused in three specific areas: health, education and
community. MINNEAPOLIS, Target Corporation
(NYSE: TGT) today reported earnings from continuing operations for the first
quarter ended April 30, 2005 of $494 million, or 55 cents per share, compared
with $392 million, or 43 cents per share in the first quarter ended May 1,
2004. All earnings per share figures refer to diluted earnings per share. "Our performance reflects
our discipline in executing our strategy and our success in delighting our
guests with the right combination of innovation, design and value.2 million shares at an average
price of $49.37 per share.2%


ALLOWANCE FOR DOUBTFUL ACCOUNTS
Three Months Ended
April 30, May 1,
2005 2004
Allowance at beginning of period $387 $352
Bad debt provision 106 111
Net write-offs (99) (114)
Allowance at end of period $394 $349

As a percent of period-end receivables 7.

successfully microscopes

"
"It is thrilling to know that more than 20,000 of America's finest
teachers put their teaching accomplishments on the line this year to
seek the rigorous National Board for Professional Teaching Standards
certification," said U.
For more information regarding the National University Association
for National Board Certified Teachers, contact Hoyt J. Medtronic's Toby Markowitz, a
distinguished scientist in cardiac rhythm management, gave a
presentation on how to use practical , real life examples in the
science classroom; and Pat Ridgely, M.477 billion from $10.7

Total revenues 11,477 10,180 12.

scopes schoolmasters

Over the past decade, we've strengthened our relationships
with Anoka-Hennepin, Minneapolis and Saint Paul and focused our
education giving on impacting the way students experience science,"
said Penny Hunt, vice president of community affairs and executive
director of the Medtronic Foundation.2 percent increase
in comparable store sales combined with the contribution from new store
expansion and our credit card operations.6
Depreciation and amortization 340 292 16.04 -
Diluted earnings per share $0.6
Diluted 893.

stc successfully

National University to Host Statewide Event Honoring National Board Certified Teachers

6 million since 1996, with the most recent grant of
$550,000 in 2004 to support the district's work to revitalize science
education in the high schools.
In the first quarter, the company's gross margin rate improved from the
prior year, reflecting favorable markup and shortage performance, while the
company's expense rate was unfavorable to prior year.
Expense rate represents selling, general and administrative expenses expressed
as a percentage of sales.9 percent in 2005 compared with 37.8
Credit expense 179 174 2.8)

Earnings from continuing operations
before income taxes 796 630 26.

microscope microscopes

Graduates and credential completers from National University's
School of Education are recognized as some of the best educators in
California , according to independent assessments from the National
Blue Ribbon School competition, the California Distinguished School
Program, various Teacher of the Year competitions and NBCT
certification . Smith at (858)
642-8111. The grant provides:

-- Summer science academies that deepen science knowledge and
"inquiry instruction" for elementary, middle and 9th grade
teachers; and

-- Monthly sessions during the school year for lead teachers to
advance the science curriculum, plus voluntary Saturday
sessions for necessary ongoing support.

Established more than 25 years ago, the Medtronic Foundation is
committed to helping people live healthy and productive lives.
Forward-looking statements in this release should be read in conjunction
with the cautionary statements in Exhibit (99)C to the company's 2004 Form
10-K.com .

inservices experiments

It is a
voluntary process, requiring an extensive series of performance-based
assessments that includes teaching portfolios, student work samples,
videotapes and thorough analyses of each candidate's classroom
teaching and student learning . "In our individual conversations
with school science specialists, they raised common questions on the
best ways for students to learn science.D, senior training/education
manager, movement disorders , gave a presentation on what it takes to
bring an idea to reality in a workplace like Medtronic.

We are
optimistic about our ability to sustain our competitive advantage and remain
confident that we will continue to enjoy profitable market share growth
throughout 2005 and beyond.)
Net interest expense for the quarter decreased $32 million compared with
first quarter 2004 reflecting the benefit of lower average funded balances
resulting from the application of proceeds from the Mervyn's and Marshall
Field's sale transactions, partially offset by a higher average portfolio
interest rate. Investors and the media are invited to listen to the
call through the company's website at http://www.6
Selling, general and administrative
expense 2,495 2,172 14.4

Earnings from discontinued
operations, net of $25 tax - 40 -

Net earnings $494 $432 14.4% 9.

videotapes balances

----Joseph A."
As a prerequisite, National Board Certification candidates must
possess at least a bachelor's degree, three years of teaching
experience and state certification as required. Davis, who is slated to attend
the March 19 event.

Partnership with Saint Paul Public Schools (SPPS)

Since 1999, partnership grants to SPPS total nearly $1 million.
"We are pleased with our first quarter results," said Bob Ulrich, chairman
and chief executive officer of Target Corporation.)
For the quarter, earnings before interest and income taxes (EBIT)
increased 17.9

Earnings from continuing operations 494 392 26.

catagory balances

"Their willingness to submit their classroom
skills to videotaping, self-reflective evaluation , and real situation
testing truly proves that they are 'highly qualified teachers. While implementation of the new state academic
science standards was a hot topic, the leaders were most animated when
discussing how they are transforming the way students connect with
science through hands-on experiments and teacher training.
"For Medtronic, understanding science extends far beyond our
workforce.

Grants from the
National Science Foundation aided in these changes, but it was the
additional support and leadership from the Medtronic Foundation that
helped ensure systemic reform. The project is
designed to increase student achievement in science, especially
closing the learning gap for students of color and students in
poverty.180 billion in 2004, driven by a 6.target.56 $0.3 %

CREDIT CARD CONTRIBUTION
OF CONTINUING OPERATIONS
Three Months Ended
April 30, May 1,
2005 2004
Revenues
Finance charges, late fees and other
revenues $279 $251
Merchant fees
Intracompany 15 14
Third-party 27 20
Total revenues 321 285
Expenses
Bad debt provision 106 111
Operations and marketing 73 63
Total expenses 179 174

Pre-tax credit card contribution $142 $111

As a percent of average receivables
(annualized ) 10.

inservices naturalists

to 8 p. "We
organized this event to provide them with the recognition they
deserve, and to encourage and support other teachers who endeavor to
undertake the rigorous process.
Last November NBPTS announced that 443 California teachers had
achieved National Board Certification in 2004, bringing the statewide
total to 3,081 - the most of any state in the union.,
(NYSE:MDT) recently hosted an unusual roundtable of science
specialists at their world headquarters in Fridley.
"I had the opportunity to sit down with my peers who are
responsible for science in urban districts and talk about the
challenges and the successes we face. During this time, the
STAR (Science and Technology Are Rewarding) program has developed
partnerships with Minneapolis, Saint Paul and Anoka-Hennepin school
districts and has led to more rigorous, hands-on science for students.

Partnership with Minneapolis Public Schools (MPS)

For almost a decade , MPS has been focused on revitalizing science
facilities and curriculum at all grade levels.
In June 2004, the company announced a $3 billion share repurchase program.
Under this program , the company repurchased $453 million of its common stock
during the first quarter of 2005, acquiring 9.prnewswire.4%


SUPPLEMENTAL DATA
April 30, May 1,
2005 2004
Period-end receivables $5,251 $4,689

Total past due as a percent of
period-end receivables * 3.0% 3.

This catagory is for sites that are primarily concerned with the supply, manufacture or repair of equipment specifically intended to be used in the provision of education in any of the fields of science.

foss schoolers

"
Dave Chittenden, vice president of education for the Science
Museum of Minnesota facilitated the daylong discussion and several
representatives from the Minnesota Department of Education were
on-hand to help answer questions. The additional funds are:

Ensuring all students experiment with and experience hands-on
science by providing all high school science teachers with
updated laboratory equipment and materials;

Giving high school science teachers access to appropriate
standards-based curricula;

Enhancing the professional development of science teachers;
and

Creating an ongoing program for maintenance of secondary
laboratory equipment.medtronic.com

7 percent to
$11.target.com.3 913 .4

TARGET
CONSOLIDATED STATEMENTS OF CASH FLOWS

SUBJECT TO RECLASSIFICATION Three Months Ended
(Millions) April 30, May 1,
(Unaudited) 2005 2004

OPERATING ACTIVITIES
Net earnings $494 $432
Earnings from and gain on disposal of
discontinued operations, net of tax - 40
Earnings from continuing operations 494 392
Reconciliation to cash flow:
Depreciation and amortization 340 292
Bad debt provision 106 111
Loss on disposal of fixed assets, net 6 7
Other non-cash items affecting earnings 60 21
Changes in operating accounts
providing/(requiring) cash:
Accounts receivable originated at Target 90 82
Inventory (23) 58
Other current assets 151 124
Other non-current assets (2) 10
Accounts payable (669) (601)
Accrued liabilities (59) (97)
Income taxes payable 163 33
Other (6) -
Cash Flow Provided by Operations 651 432

INVESTING ACTIVITIES
Expenditures for property and equipment (768) (632)
Proceeds from the disposal of fixed assets 4 1
Change in accounts receivable
originated at third parties 16 89
Cash Flow Required by Investing Activities (748) (542)

FINANCING ACTIVITIES
Reductions of long term debt (511) (108)
Dividends paid (71) (64)
Repurchase of stock (450) (15)
Stock option exercises 36 48
Cash Flow Required for Financing Activities (996) (139)

Net Cash Provided by Discontinued Operations - 155
Net Decrease in Cash and Cash Equivalents (1,093) (94)

Cash and Cash Equivalents at Beginning
of Period 2,245 708
Cash and Cash Equivalents at End of Period $1,152 $614

Target Corporation
(Millions)
(Unaudited)

NUMBER OF STORES, RETAIL SQUARE FEET and COMPARABLE STORE SALES
Retail square feet in thousands; reflects total square feet less office,
warehouse and vacant space.

housewares balances

NBPTS is the independent, nonprofit
organization which administers the National Board Certification
program."
"The collaboration between all the different science specialists
was sorely needed," said Jim Bickel, math, science and technology
curriculum specialist for Minneapolis Public Schools.

Partnership with Anoka-Hennepin Schools

The Medtronic Foundation's most recent school science partnership
has been with the Anoka-Hennepin School District with a grant in 2004
for $256,000.4 percent to $907 million, compared with $773 million in the
first quarter 2004 .com (scroll down to
the bottom of the Home page and click on "Investors", then click on
"webcasts ").
Target Corporation news releases are available at http://www.47 17.4

TARGET
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

SUBJECT TO RECLASSIFICATION
(Millions) April 30, May 1,
(Unaudited) 2005 2004

ASSETS
Cash and cash equivalents $1,152 $614
Accounts receivable, net 4,857 4,340
Inventory 5,407 4,473
Other current assets 1,039 889
Current assets of discontinued operations - 2 ,083
Total current assets 12,455 12,399

Property and equipment, net 17,328 15,507
Other non-current assets 1,512 1,331
Non-current assets of discontinued
operations - 1,910
Total assets $31,295 $31,147

LIABILITIES AND SHAREHOLDERS'
INVESTMENT
Accounts payable $5,110 $4,355
Current portion of long-term debt and
notes payable 4 1,359
Other current liabilities 2,059 1,610
Current liabilities of discontinued
operations - 907
Total current liabilities 7,173 8,231

Long-term debt 9,005 9,529
Deferred income taxes 973 632
Other non-current liabilities 1,097 964
Non-current liabilities of
discontinued operations - 257
Shareholders' investment 13,047 11,534
Total liabilities and shareholders'
investment $31,295 $31,147

Common shares outstanding 883.

geppert fieldwork

, president of the National Board for Professional
Teaching Standards (NBPTS), will join National University in hosting
its second annual reception to honor California's National Board
Certified Teachers on Saturday, March 19 from 5 p.m. (Gross margin rate
represents sales less cost of sales expressed as a percentage of sales.7 %
Net credit revenues 306 271 12.5 921.2
Total 1,330 1,249 168,224 155,726 8.5%

Average receivables $5,322 $4,798

videotapes microsurgical

Nationwide , 8,056
teachers earned National Board certification last year, bringing the
U.S.
"The authentic assessment example was great--to hear about how we
can introduce real science problems in the classroom and then ways to
assess how well students understand the content was very beneficial,"
said Randy Smasal, science specialist for Anoka-Hennepin School
District. The contribution from the company 's credit card
operations to EBIT was $142 million, an increase of $31 million, or
27.com or
http: //www.1% 23.

catagory inservices

Its
Internet address is www. (Total revenues include retail
sales and net credit revenues. The
company continues to expect that this share repurchase program will be
completed within two to three years of its inception. A telephone replay of the call will be available beginning at
approximately 11:30am CDT today through the end of business on May 13, 2005.
The replay number is (402) 998-1599.

chymist inservices

National Board Certification is accepted throughout the United
States as a mark of professional teaching excellence and is the
highest certificate offered in the teaching profession. "It is not an easy process, which is why
we should be proud of the teachers who received this important
distinction.'"
National University prepares more candidates for single subject ,
multiple subject and special education teaching credentials than any
other single institution of higher education in California, according
to the most recent figures released by the California Commission on
Teacher Credentialing (CCTC). Bringing them together to
share ideas and learn from each other was a logical next step.9 percent.73 billion.0 912.

inservices catagory

at
National University's administrative headquarters in La Jolla.

Other Factors
The company's effective income tax rate for continuing operations for the
first quarter was 37.7 million shares of its common stock at an average price per share of
$45.
Target Corporation's continuing operations include large, general
merchandise discount stores, as well as an on-line business called Target.

(Tables Follow )


TARGET
CONSOLIDATED RESULTS OF OPERATIONS

Three Months Ended
(Millions , except per share data) April 30, May 1, %
(Unaudited) 2005 2004 Change

Sales $11,171 $9,909 12.

spiders chymist

Arnold Schwarzenegger. Rep.
"The Medtronic Foundation has provided us a forum that would have
never been possible without their organizing it. This grant focuses on extensive training of science
teachers in the elementary and middle school levels. is the world's leading medical technology company,
providing lifelong solutions for people with chronic disease.55 $0.2 %

Weighted average common shares
outstanding:
Basic 887.

housewares balances

The process can take from one to three years to complete. Aguerrebere Jr. Susan A.com/foundation

Medtronic , Inc. Program to-date, the company has acquired
37.
At quarter-end, the company operated 1,330 Target stores in 47 states.6

Provision for income taxes 302 238 26.55 $0.4
SuperTarget Stores 141 119 24,936 21,100 18.7 %

Net write-offs as a percent
of average receivables (annualized): 7.

microsurgical stc

Aguerrebere Jr.
"National Board Certified Teachers are leaders in every sense,"
said Rae Adams, Director of NBCT Programs at National University.

Medtronic Foundation Goes Beyond Grants to Support K-12 Science Education; Partnership with State's Three Largest School Districts Revitalizes Science Programs

The Jan. It has been
invaluable and its power is expressed in the consensus that we
continue the discussion into the future.9 %

Diluted earnings per share:
Continuing operations $0.0 %

Three Months Ended
April May
30, 1,
2005 2004
Continuing Operations Comparable
Store Sales 6.

entomology experiments

It wasn't to talk
about the latest medical device; it was to talk about best-in-class
education of future scientists and how to ignite and sustain students'
interest in science.
The Medtronic Foundation currently partners with the three largest
school districts in Minnesota to improve science education. "I'm always
looking for things that work when it comes to teaching and assessing
science, and this gathering provided a rich and varied discussion on
the issues that we, as school leaders, identified as being important.43 30.3
Discontinued operations - 0.2% 7.

schoolmasters microscope

---

- - kjjkjk

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