Target Says Profit Trailed Forecast on Weaker Sales

Target Corp., the retailer that chose a new chief executive officer last week, said second-quarter profit trailed its forecast as U.S. sales remained weak and its Canadian operations continued to struggle.

Profit per share in the quarter ended Aug. 2 was 78 cents, excluding some items, less than the company’s projection of 85 cents to $1, Minneapolis-based Target said today in a preliminary earnings statement.