Earnings roundup: Saks, Imperial Tobacco

NEW YORK (AP) -- Saks Inc., the operator of luxury chain Saks Fifth Avenue, reported Tuesday a 66 percent increase in first-quarter earnings compared with weak year-ago results. It said increased discounting hurt profit margins as even wealthy customers were feeling squeezed.

LONDON (AP) -Imperial Tobacco Group PLC plans to raise $9.6 billion by selling shares to its own shareholders at a steep discount to help pay for its recent takeover of Spanish rival Altadis. The disclosure Tuesday came as the company reported a 45 percent drop in its profit for the first half of its fiscal year.

MINNEAPOLIS (AP) -With first-quarter profits down 8 percent and the economy in a funk, Target is emphasizing the "pay less" part its "Expect More, Pay Less" slogan.