Target to cut back on store openings

MINNEAPOLIS Target announced during an analyst and investor meeting that it will reduce its planned store openings for 2009. The retailer said it now expects to open about 70 net stores, instead of the 70 to 75 it had projected in August.

The news of the store openings reduction follows a recent announcement by Target touting its opening of 45 new stores on Oct. 12.

Target reported net earnings of $634 million for the second quarter ended Aug. 2, compared with $686 million in the second quarter ended Aug. 4, 2007. Earnings per share in the second quarter increased 2.4% to 82 cents per diluted share from 80 cents per diluted share in the same period a year ago.