Target sees year profit near low end of view on cautious shoppers
Aug 21 (Reuters) - Target Corp warned on Wednesday that its annual profit is likely to come in near the low end of its forecast as it anticipates continued cautious spending by U.S. shoppers.
Target, which competes against Wal-Mart Stores Inc and other discount retailers with a mix of basic goods and trendy apparel and accessories, said it earned $611 million, or 95 cents per share, in the fiscal second quarter ended Aug. 3, down from $704 million, or $1.06 per share, a year earlier.
In May, Target, noting that shoppers were planning their spending and sticking to shopping lists, trimmed its fiscal-year adjusted earnings forecast to a range of $4.70 to $4.90 per share from $4.85 to $5.05. It now expects adjusted earnings per share to be near the low end of the May forecast.
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