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Target Corp (NYSE:TGT) fell in line with other declining retailers, posting a 24 percent drop in the third quarter, reflecting thrifty shoppers in the midst of a sour economy.
Profit was $369 million, or 49 cents per share from $483 million, or 56 cents per share last year. The results just slightly beat analyst expectations of 48 cents per share according to Reuters estimates. Shares fell 63 cents, or 1.1 percent to $32.40 in afternoon trading on the New York Stock Exchange.
Other major retailers in the sector also showed declines today, including Kohl's Corp. (NYSE:KSS), Sears Holdings Corp. (NYSE:SHLD), and Macy's Inc (NYSE:M) which were lower after a profit drop in the third quarter. Sears Holdings Corp was down. A significant exception has been discounter Wal-Mart (NYSE:WMT), which has seen an increase in profit as shoppers look for cheaper deals.
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