Target Reports Big Earnings Drop

November 18, 2008 By Stephen Silver

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In another indication of weak retail this season, Target Monday posted a huge loss, as earnings at the discount retailer dropped 24 percent from the same time last year.

According to the Associated Press, the company nevertheless plans to "aggressively" cut prices this holiday season in order to compete with Wal-Mart and other rivals. Wal-Mart posted a quarterly profit last week, one of the only major retail outlets in the U.S. to do so.