Sales Slowdown Hurts Target Results

Target says its profit fell in the fiscal fourth quarter, as sales slowed in the second half of the year overall.
The discount-store operator reported Tuesday that earnings fell 8 percent to $1.03 billion, or $1.23 per share, from $1.12 billion, or $1.29 per share last year. Analysts polled by Thomson Financial predicted profit of $1.22 per share.
Revenue edged up nearly 1 percent to $19.87 billion, from $19.71 billion last year. Analysts expected revenue of $20 billion. Results were helped by new-store expansion and revenue from credit card operations. Sales in stores open at least one year, known as same-store sales, edged up 0.2 percent.
The Minneapolis-based company says the pace of sales and earnings slowed considerably in the second half of the year.
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