Target’s November Comps Down 1 Percent

Target Corporation reported that its net retail sales for
the four weeks ended Nov. 24 were $6.18 million, a decrease of 0.1 percent from
$6.19 million for the four weeks ended Nov. 26, 2011. On this same basis,
November comparable-store sales decreased 1.0 percent.

“November sales were below our expectations, reflecting
weaker-than-planned sales performance in the first two weeks combined with
stronger sales growth across all channels later in the month,” said Gregg
Steinhafel, chairman, president and chief executive officer of Target
Corporation. “Profitability for the month remained on plan, reflecting our
efforts to balance thoughtful price investments in an intensely competitive
environment with our continued focus on driving sales. With the upcoming launch
of the Target/Neiman Marcus Holiday Collection, our unique assortment of
exclusive, affordable merchandise and the compelling benefits of 5 percent
REDcard Rewards and our Holiday Price Match, we believe Target has the right
plans in place to allow our guests to shop with confidence throughout the
holiday season.”

Minneapolis-based Target Corporation serves customers at
1,782 stores across the United States and at Target.com. The company plans to
open its first stores in Canada in 2013.