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Target Q2 profit drops 61.7%; cuts full-year forecast
Minneapolis -- Target Corp. on Wednesday reported a 61.7% drop in Q2 earnings. The chain also lowered slashed its annual profit outlook as it continues to deal with weak results in Canada, sluggish U.S. sales and the lingering effects of its data breach.
Target earned $234 million in the quarter ended Aug. 2, down from $611 million in the year-ago period.
Revenue rose 1.7% to $17.4 billion, slightly above the $17.38 billion analysts had expected.