MINNEAPOLIS — Target said Monday it will aggressively cut prices to give consumers bargains during the holiday season, after weak sales of its apparel and home offerings led third-quarter earnings to fall 24 percent. The discount retailer also said sales in established stores have been weak so far in November, and if that persists it expects fourth-quarter earnings below analyst expectations.
“The increasing financial challenges and economic uncertainties facing American households continued to pressure our performance during the third quarter,” chief executive Gregg Steinhafel told analysts.
He also cited higher write-offs in the company’s credit-card business, where profit fell 83 percent. Target said profits for the three months ended Nov. 1 fell to $369 million from $483 million last year.
The Associated Press; AP photo
