Tuesday, February 26, 2008

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.
© The New York Times

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