Target reports 4 percent drop in December sales

by Bill Catlin, Minnesota Public Radio

St. Paul, Minn. — 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.