Target Goes Back to the Basics

In Target's first-quarter, the discounter saw a 13% drop in profit, its seventh straight earnings drop. During the quarter, profit fell to $522 million, or 69 cents a share. Sales increased slightly to $14.36 billion from $14.3 billion last year, receiving a boost from food and commodity categories.

Shares of Target were up 4% to $40.30 in late-day trading.