Target third quarter profit falls 24 percent
MINNEAPOLIS. - Target says a weak retail environment and lower sales at established stores caused third-quarter profit to fall 24 percent.
The discount retailer says profit for the three months ended Nov. 1 fell to $369 million, or 49 cents per share, from $483 million, or 56 cents per share, last year.
Revenue rose 2 percent to $15.11 billion. Analysts polled by Thomson Reuters predicted a profit of 48 cents per share on revenue of $15.24 billion.
Chief Executive Gregg Steinhafel says results "reflect the significant macroeconomic challenges facing our retail and credit-card segments."
Sales were helped by new-store expansion, but that was offset by sales in stores open at least one year, which fell 3.3 percent during the quarter.
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