Target 4Q EPS down 34.4%

MINNEAPOLIS Target reported net earnings of $609 million for the fourth quarter ended Jan. 31, 2009, compared with $1 billion in the fourth quarter ended Feb. 2. Earnings per share in the fourth quarter decreased 34.4% to 81 cents from $1.23 in the same period a year ago.

“Our financial results for both the fourth quarter and 2008 fiscal year reflect the impact of unprecedented economic conditions on both of our business segments,” said Gregg Steinhafel, chairman, president and CEO. “In 2009, we are focused on continuing to grow our market share profitably - offering even more compelling prices on quality products in combination with a superior shopping experience. At the same time, we will continue to be thoughtful in our deployment of capital, ensuring that we preserve liquidity and make prudent investment decisions to create long-term shareholder value. We believe this will position Target to emerge as an even stronger retail leader when the consumer environment improves.”

Sales declined 1.6% in the fourth quarter 2008 to $19 billion from $19.3 billion in 2007, due to a 5.9% decline in comparable-store sales, partially offset by the contribution from new stores.