Target Earnings Fall 24% in Quarter

Minneapolis, MN, Nov. 18, 2008--Target Corp. reported a nearly 24% decline in third-quarter net income Monday as the weak economy continues to weigh on consumer spending.

Target reported net income for the quarter ended Nov. 1 of $369 million, down 23.6% from earnings of $483 million a year earlier.

Earnings per share fell nearly 14%.

Revenue in the quarter rose 1.7% to $14.59 billion as new-store expansion helped offset declining same-store sales.

"Our third-quarter financial results reflect the significant macroeconomic challenges facing our retail and credit card segments," said Gregg Steinhafel, Target's president and chief executive, in a press release.

Same-store sales, or sales at stores open at least a year, declined 3.3% in the quarter.

Profit from Target's credit card segment declined 83% to $35 million from $202 million last year.

Steinhafel said he expects holiday season competition to be "equally, if not more, aggressive" from previous years due to a "slightly higher sense of desperation by some of the other retailers."