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Target Q2 profit falls 13% but tops Street; sales fall short
Minneapolis -- Target Corp. reported that its second quarter profit dropped 13% to $611 million in the quarter ended Aug. 3, down from $704 million a year earlier, amid start-up costs related to its entry into Canada. Total company profits, excluding start-up costs related to Canada, increased 6.1%. Similar to other retailers, the chain issued a muted annual profit forecast as it deals with a still uncertain economy and cautious consumers.
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Bigger-than-expected Q2 results for Lowe's
Signs of a rebounding housing market were evident in Lowe's sales for the second quarter ended Aug. 2, which were $15.7 billion, up 10.3% from $14.2 billion in the same quarter last year.
Comp-store sales for the world's second-largest home improvement retailer were up 9.6%, as net earnings jumped 16.2% to $1.48 billion.