Target Profit Plunges
Target on Tuesday reported another comparatively weak quarter, as its profit dropped 41 percent, worse than Wall Street expectations. This marked Target's sixth consecutive drop in profit.
According to Reuters, the Minneapolis-based retailer posted a net income of $609 million, down from just over $1 billion the same period the year before. This was largely due to a 5.9 drop in same-store sales for the quarter, and came despite a campaign of price cuts.
The chain also reported that many customers have fallen behind on their Target credit cards.