Target Earnings Fall 62% as Retailer Sees Early Signs of Progress

Target cut its full-year earnings forecast and posted second-quarter earnings that fell 62% from a year ago. Target had recently warned of weak quarterly numbers. Excluding items, the company reported earnings of 78 cents a share on total sales that rose 1.7% to about $17.4 billion. Analysts expected earnings of 79 cents a share on revenue of about $17.3 billion, according to Thomson Reuters. Target executive vice president and chief financial officer John Mulligan said, 'We are seeing some early signs of progress while we work to improve results in the U.S. and Canada.' Goldman Sachs analysts expect a muted reaction to this report, as it was in line with pre-announced results.