Target Corp. (Minneapolis) reported an 18 percent dip in earnings during its recently completed third quarter. The company also reported $20 million in hurricane-related losses. And it announced that November sales would fall below previously forecast estimates of between 4 and 6 percent sales growth.
Quarterly earnings fell roughly 49 cents per share versus the same quarter a year ago, when the sale of its Mervyn’s chain gave earnings a $203 million injection.
President Gregg Steinhafel said this holiday season would be very promotional and highly competitive.
The Target news came a day after a leaked Wal-Mart memo indicated that the Bentonville, Ark.-based discount giant and Target rival planned to open or renovate 484 stores across the United States next year.