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Tuesday, May 20, 2008
Target Posts 7.5% Decline in Profit
FOXBusiness
Discount retailer Target said its profit declined 7.5% from a year ago as the company saw less traffic in its stores during this difficult economic environment.
Target (TGT) said it earned $602 million, or 74 cents a share, down from $651 million, or 75 cents a share, from a year ago. That was slightly higher than the 71-cent estimate expected by Thomson Reuters.
Target shares fell 2 cents in recent pre-market trading, to $54.90, from Monday's close.
Chief Executive Gregg Steinhafel said “current economic environment remains challenging” for the discount retailer.
Unlike its chief discount competitor Wal-Mart (WMT), Target has not been somewhat immune to a slumping economy. The retailer focuses more on home décor and clothing than Wal-Mart, and those discretionary purchases have gone out the door with the economy.
The stock is down 6% from a year ago, compared to Wal-Mart, which is up 20% in the same time period.
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