Target quarterly profit drops 8 percent

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Target quarterly profit drops 8 percent,[link widoczny dla zalogowanych]
Earnings per share rose to 82 cents from 80 cents,[link widoczny dla zalogowanych], boosted by fewer shares outstanding in the quarter.
The second quarter marked the fourth straight quarterly profit decline for Target as its shoppers,[link widoczny dla zalogowanych], who once splurged on its cheap but chic cashmere sweaters or metallic handbags,[link widoczny dla zalogowanych], pulled back on spending.
Target's shares fell about 1,[link widoczny dla zalogowanych].8 percent in morning trading,[link widoczny dla zalogowanych].
Last week,[link widoczny dla zalogowanych], Wal-Mart reported a 17 percent jump in second-quarter profit as bargain-hunting consumers scoured its stores for food,[link widoczny dla zalogowanych], medicine and electronics.
"Wal-Mart has staked out the position with its 'Save Money. Live Better' tagline . that they are the king of low prices,[link widoczny dla zalogowanych]," said Craig Johnson,[link widoczny dla zalogowanych], president of retail consulting firm Customer Growth Partners.
To compete,[link widoczny dla zalogowanych], Target needs to go beyond advertising its stylish merchandise and incorporate the message that "we'll save you money and we'll help your family make it through these economic times,[link widoczny dla zalogowanych]," he said.
To improve results,[link widoczny dla zalogowanych], Target has focused more on items such as food or medicine that bring shoppers in more frequently. It is also putting a bigger emphasis on the "Pay Less" side of its "Expect More. Pay Less." tagline.
But Target has said it does not intend to significantly change its strategy due to the current economic climate,[link widoczny dla zalogowanych].
Target also said it saw soft sales trends in the quarter. Its retail sales,[link widoczny dla zalogowanych], excluding credit-card revenue,[link widoczny dla zalogowanych], rose almost 6 percent to $14.97 billion from $14.17 billion. Sales at stores open at least a year,[link widoczny dla zalogowanych], a key retail gauge known as same-store sales,[link widoczny dla zalogowanych], slipped 0.4 percent.
Its second-quarter gross margin rate declined from last year,[link widoczny dla zalogowanych], driven by faster sales growth in lower-margin merchandise,[link widoczny dla zalogowanych], the company said.
Quarterly credit card-revenue rose more than 10 percent to $501 million,[link widoczny dla zalogowanych].
It said the deal would allow it to fund its business plans,[link widoczny dla zalogowanych], including its share repurchase program,[link widoczny dla zalogowanych], without having to access debt markets again this year.
In its latest quarter,[link widoczny dla zalogowanych], Target repurchased 33.8 million shares of its common stock,[link widoczny dla zalogowanych], which it has been buying back as part of a $10 billion share repurchase plan announced last year.
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