Target Reports December Sales Results

  Target Reports December Sales Results

Business Wire

MINNEAPOLIS -- January 3, 2013

Target Corporation (NYSE:TGT) today reported that its net retail sales for the
five weeks ended December 29, 2012 were $10,214 million, an increase of 0.8
percent from $10,138 million for the five weeks ended December 31, 2011. On
this same basis, December comparable-store sales were essentially flat.

“December sales were slightly below our expectations, as strong results late
in the month did not completely offset softness in the first three weeks,"
said Gregg Steinhafel, chairman, president and chief executive officer of
Target Corporation. "Similar to November, profitability for December benefited
from our continued focus on achieving an appropriate balance between price
investments and driving sales, combined with thoughtful inventory management.
As a result, we expect Target’s fourth quarter 2012 earnings per share will
meet or somewhat exceed the low end of our prior guidance. Looking ahead to
2013, we will continue to focus on profitably growing Target’s market share by
combining unique merchandise, convenience, value and an unbeatable guest
experience across our stores, online and mobile channels.”

As a reminder, in Target’s third quarter 2012 earnings release the company
indicated that it expected fourth quarter 2012 adjusted EPS of $1.64 to $1.74
and GAAP EPS of $1.45 to $1.55. The 19-cent difference between these ranges
reflected the expected EPS impact of expenses related to the company’s
Canadian market entry.


                  Sales        Total Sales   Comparable Stores % Change
                    (millions)     % Change        This Year      Last Year
December            $10,214        0.8             0.0              1.6
                                                                    
Quarter-to-date     $16,397        0.4             (0.4)            1.7
                                                                    
Year-to-date        $65,987        3.3             2.7              2.9


Miscellaneous
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, February 7, 2013, which, as previously announced, will be our
last monthly sales release. These recordings may be accessed by calling
866-526-7639. Text versions of our recordings are available on our Investor
Relations website, www.target.com/investors, by clicking on “Monthly Sales
Summaries.”

Statements in this release related to expected earnings performance are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements speak only as of the date they
are made and are subject to risks and uncertainties which could cause the
company's actual results to differ materially. The most important risks and
uncertainties are described in Item 1A of the company's Form 10-K for the
fiscal year ended January 28, 2012 and Form 10-Q for the fiscal quarter ended
July 28, 2012.

About Target
Minneapolis-based Target Corporation (NYSE:TGT) serves guests at 1,782 stores
across the United States and at Target.com. The company plans to open its
first stores in Canada in 2013. Since 1946, Target has given 5 percent of its
profit through community grants and programs; today, that giving equals more
than $4 million a week. For more information about Target’s commitment to
corporate responsibility, visit Target.com/hereforgood.

For more information, visit Target.com/Pressroom.

Contact:

Target Corporation
John Hulbert, 612-761-6627
Investors
or
Stacey Wempen, 612-761-6785
Financial Media
or
Target Media Hotline, 612-696-3400
 
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