Target 3Q Profit Falls 24 Percent

By: Associated Press
By: Associated Press

Target Corp. 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.

Target has more than 1,600 stores in 48 states, including 41 in Colorado.

Chief Executive Gregg Steinhafel says the results "reflect the significant macroeconomic challenges" facing the company's retail and credit-card segments.

Sales in stores open at least one year fell 3.3 percent.

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