Shoppers enter a Target store in Arvada, Colorado February 24, 2009.
Credit: Reuters/Rick Wilking
(Reuters) – Target Corp posted lower quarterly profit on Wednesday, as sales of food and value-priced items only partially mitigated some weakness it saw when holiday shoppers held back from discretionary spending in an uncertain economy.
Target’s holiday season included a disappointing showing for its collection of gifts sold in collaboration with high-end department store Neiman Marcus. The line of designer dresses, dishes and other products launched on December 1, and Target sharply discounted the goods even before Christmas
Target earned $961 million, or $1.47 per share, in the fiscal fourth quarter, down from $981 million, or $1.45 per share, a year earlier. Target had fewer shares outstanding in the latest period.
(Reporting by Jessica Wohl in Chicago; Editing by Jeffrey Benkoe)
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