Target Shares Decline as Sales Growth Slows
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Shares of discounter Target Corp. had their biggest drop this year after quarterly profit rose less than anticipated and sales growth at existing stores slowed by half amid competition with Wal-Mart Stores Inc.
Net income rose 4.1% in the second quarter to $358 million, or 39 cents a share, from $344 million, or 38 cents, a year earlier, the Minneapolis-based company said. Analysts surveyed by Thomson First Call on average expected profit of 40 cents. Sales at stores open at least a year rose 1.5%, half the pace of last year’s quarter.
Shares of Target fell $2.24, or 5.6%, to $37.70 on the NYSE.
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