Crisis Legal NewsClick here to add this website to your favorites
  rss
Crisis News Search >>>



Discount retailer Target Corp. said Monday that a difficult retail environment and weak results from its credit-card segment led to a 24 percent decline in third-quarter earnings.

Profit for the three months ended Nov. 1 fell to $369 million, or 49 cents per share, from $483 million, or 56 cents per share, last year. That was just above the average of 48 cents per share predicted by analysts polled by Thomson Reuters.

Revenue rose 2 percent to $15.11 billion from $18.4 billion last year, falling short of the $15.24 billion analysts expected.

The retail sector has been hit hard as consumers pull back on spending amid a deteriorating economy and shaky job market. Discounters such as Target and its chief rival, Wal-Mart Stores Inc., have benefited somewhat as consumers trade down and hunt for bargains, but Target has been helped less by this trend since more than 40 percent of its revenue coming from nonessential such as trendy fashions and housewares.

Chief Executive Gregg Steinhafel said in a statement that the results "reflect the significant macroeconomic challenges facing our retail and credit-card segments."

Sales were helped by new-store expansion, but that was offset by sales in stores open at least one year, which fell 3.3 percent during the quarter.

Profit in its credit-card business fell 83 percent to $35 million from $202 million last year, because of Target's lower investment in the portfolio, a decline in the portfolio's overall performance because of higher bad-debt expenses and lower interest rates.


© Crisis Legal News - All Rights Reserved.

The content contained on the web site has been prepared by Legal Crisis News
as a service to the internet community and is not intended to constitute legal advice or
a substitute for consultation with a licensed legal professional in a particular case or circumstance.
 Law Firm Web Design Information
Law Promo can construct your law firm a brand new responsive website, or help you redesign your existing site to secure your place in the mobile world. We believe our work speaks for itself by showcasing quality design while reflecting our extensive experience in the online legal marketing industry. Law Firm Website Designs by Law Promo.| Law Firm Logo Design
   Latest Crisis Legal News
   Sponsored Links
Chicago Business Law Attorney
Corporate Litigation Attorneys
www.rothlawgroup.com
Fort Lauderdale Criminal Defense Lawyer
Miami Sex Crimes Lawyer
www.mishalilaw.com
Fort Washington Employment Law Firm
Attorney Marc E. Weinstein
www.meweinsteinlaw.com
Santa Ana Workers' Compensation Lawyers
www.gentryashtonlaw.com
Car Accidents Attorneys
New Rochelle Personal Injury
www.kboattorneys.com
Eugene Criminal Defense
Law Office of Max J Mizejewski
Family Law. Call 541.505.9872
www.mjmlawoffice.com
CPA Accounting Web Design
Finanace Office Web Designs
www.webpromo.com
Lorain Elyria Divorce Lawyer
www.loraindivorceattorney.com
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
www.lawrsm.com
Cobb County Criminal Attorney
Georgia Criminal Defense Lawyer
www.andrewschwartzlaw.com
San Francisco Trademark Lawyer
San Jose Trademark Lawyer
www.onulawfirm.com
Eugene Chapter 7 Bankruptcy Lawyer
Oregon Chapter 7 Bankruptcy Lawyer
www.willamettevalleybankruptcy.com