Target January sales rise nearly 30%

MINNEAPOLIS — Target Corp. reported net sales of nearly $6 billion in January, the company said Thursday.

The mass merchandise retailer reported sales of $5.97 billion, a 29.6% increase over the $4.6 billion reported in January 2012. Comps for the period, which ended Saturday, increased 3.1%.

"January comparable-store sales were in line with our expectations as guests responded to clearance prices on holiday inventory," Target chairman, president and CEO Gregg Steinhafel said. "Our guests continue to shop with discipline in the face of a slow economic recovery and new pressures, including recent payroll tax increases. As a result, we remain focused on providing unbeatable value combined with a superior guest experience in both our stores and digital channels."

Sales for the quarter to date were $22.37 billion, a 6.8% increase over last year, while year-to-date sales were $71.96 billion, a 5.1% increase over last year.