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Bill Catlin

St. Paul, Minn.

January 8, 2009 8:19 AM

Target reports 4 percent drop in December sales

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SuperTarget in Roseville — The National Retail Federation predicted sales for the holiday season would be the slowest since 2002, something that will affect retailers like Minneapolis-based Target Corp.
MPR Photo/Martin Moylan

Minneapolis based Target Corporation today reported a 4 percent decline in December sales based on stores open at least a year, a key barometer for retailers.

CEO Gregg Steinhafel says the drop was in line with the company's expectations.

Steinhafel says Target saw stronger results in the last two weeks of the month, but he says price cuts will hurt the company's fourth quarter profits.

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