Target — Mar 4, 2025 release

Consumers continue to be drawn to the everyday discovery and delight that only Target can deliver, and we’re committed to leveraging our strategy, scale and unique position in retail to build on this distinct competitive advantage and drive long-term profitable growth.” Guidance The Company has the following expectations for full-year 2025: • Net Sales growth in a range around 1 percent, reflecting comparable sales growth in a range around flat • A modest increase in the Company’s operating margin rate compared to full-year 2024 • An effective tax rate of 23 to 24 percent • GAAP and Adjusted EPS of $8.80 to $9.80 In light of ongoing consumer uncertainty and a small decline in February Net Sales, combined with tariff uncertainty and the expected timing of certain costs within the fiscal year, the Company expects to see meaningful year-over-year profit pressure in its first quarter relative to the remainder of the year. “During February, we saw record performance around Valentines Day. However, our topline performance for the month was soft, as uncharacteristically cold weather across the U.S. affected apparel sales, and declining consumer confidence impacted our discretionary assortment overall,” said Jim Lee, chief financial officer. “Looking ahead, we expect to see a moderation in this trend as apparel sales respond to warmer weather around the country, and consumers turn to Target for upcoming seasonal moments such as the Easter holiday. We will continue to monitor these trends and will remain appropriately cautious with our expectations for the year ahead.” - more - Target Corporation Reports Fourth Quarter and Full-Year 2024 Earnings — Page 3 of 12 Operating Results The Company’s total comparable sales increased 1.5 percent in the fourth quarter, reflecting a comparable store sales decline of 0.5 percent and a comparable digital sales increase of 8.7 percent. Net Sales of $30.9 billion were 3.1 percent lower in the fourth quarter compared with 2023, which included an additional week. Operating income was $1.5 billion in fourth quarter 2024, a decrease of 21.3 percent from $1.9 billion in 2