Target cuts forecast as same-store sales drop

Posted online August 17, 2016 | 11:29 am

Target slashed its full-year profit forecast after quarterly same-store sales fell more than expected.

Sales at stores open at least a year dropped by 1.1 percent in second quarter. Analysts expected a 1 percent dip.

The company decreased its full-year adjusted profit forecast to $4.80-$5.20 per share from $5.20-$5.40.

Read more from Reuters.

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