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Target's 2Q profit declines 7.6 percent
posted 9:03 am Tue August 19, 2008 - NEW YORK
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Target Corp. is reporting a 7.6 percent decline in second-quarter profit but beat Wall Street expectations despite continued weak sales in a challenging economy.The Minneapolis-based discounter said Tuesday that earnings slipped to $634 million, or 82 cents per share, for the three-month period ended Aug. 2. That compares with profit of $686 million, or 81 cents per share, in the-year ago period.
Sales grew 5.7 percent in the second quarter to $15 billion from $14.2 billion in the year-ago period.
Thomson Reuters says it expected a profit of 76 cents per share on revenues of $15.46 billion.
Thomson Reuters says it expected a profit of 76 cents per share on revenues of $15.46 billion.
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