TARGET DEADLINE ALERT: Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Target To Contact Him Directly To Discuss Their Options

NEW YORK, May 13, 2023

If you suffered losses exceeding $100,000 investing in Target stock or options between August 18, 2021, and May 17, 2022 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/TGT.

There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.

As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Target's strategy for mitigating supply-chain constraints by over-ordering inventory had severely limited the Company's ability to timely respond to evolving consumer behavior; (2) as a result, the purported "massive influx of insights" gained from the extraordinary heightened demand during the pandemic could not be leveraged by Target to react to rapidly changing trends; and (3) as a result of Target's inability to timely react to changes in consumer trends, Target's sales declined and the Company was left with an overabundance of inventory, forcing Target to take large markdowns, and severely impacting the Company's financial results. As a result of the foregoing, Target's public statements were materially false and misleading at all relevant times.

Before market opened on May 18, 2022, Target announced results for the first fiscal quarter ended April 30, 2022, including that Fiscal 2022 second quarter gross margin for the quarter was 26.75%, down 426 basis points from the prior year. Target announced gross margins were primarily affected by unanticipated changes in consumer spending, as well as higher supply chain costs. Additionally, Target announced inventory was $15.08 billion, up approximately $1.1 billion compared to fourth fiscal quarter of 2021. Target explained inventories remained elevated versus expectations due to changing consumer spending habits. Target also announced that it was revising its fiscal year 2022 outlook, such that fiscal 2022 guidance concerning operating margin was lower to range centered around 6% from a margin rate of 8% or higher. Target attributed the guidance reduction, in part, to unexpected cost headwinds.