Target Corporation December Sales Increase 0.2 Percent

MINNEAPOLIS--(BUSINESS WIRE)--Target Corporation (NYSE:TGT) today reported that its net retail sales for the five weeks ended January 3, 2009 increased 0.2 percent to $9,280 million from $9,262 million for the five weeks ended January 5, 2008. On this same basis, December comparable-store sales declined 4.1 percent.

“The decline in our December comparable store sales was in line with our planned range, reflecting stronger results in the last two weeks of the month”

“The decline in our December comparable store sales was in line with our planned range, reflecting stronger results in the last two weeks of the month,” said Gregg Steinhafel, president and chief executive officer of Target Corporation. “During the month we reduced prices to gain market share and to end the year with very clean inventories. These markdowns, combined with additions to our accounts receivable allowance, will put additional pressure on our profitability in the fourth quarter. We continue to focus on appropriately balancing short-term tactics with long-term strategy in ways that will preserve our brand, deliver a superior guest experience and fuel Target’s continued success.”

	Sales	Total Sales	Comparable Stores % Change
	(millions)	% Change	This Year	Last Year
December	$9,280	0.2	(4.1)	(5.0)
Quarter-to-date	$14,885	(2.3)	(6.6)	0.6
Year-to-date	$58,746	2.4	(2.9)	3.3

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 5, 2009. These recordings may be accessed by calling 612-761-6500.

Target Corporation’s retail segment includes large general merchandise and food discount stores and Target.com, a fully integrated on-line business. In addition, the company operates a credit card segment that offers branded proprietary and Visa credit card products. The company currently operates 1,683 Target stores in 48 states.

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about markdowns, additions to the accounts receivable allowance, and profitability. These statements are current 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 Exhibit (99)A to the company’s third quarter 2008 Form 10-Q.

Target Corporation news releases are available at www.target.com.