Target Profit Meets Analysts’ Estimates
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Target Corp., the second-largest U.S. discount retailer, said second-quarter profit fell 13 percent as consumers’ caution in the face of higher taxes and unsteady employment restrained sales.
Net income in the quarter ended Aug. 3 dropped to $611 million, or 95 cents a share, from $704 million, or $1.06, a year earlier, the Minneapolis-based company said today in a statement. Analysts projected 95 cents, the average of estimates compiled by Bloomberg. Revenue rose 2 percent to $17.1 billion, trailing analysts’ $17.3 billion projection.