Target Reports Loss

Target, another big chain, has reported first quarter profits down 8 percent and feels it is due to the economy. They are emphasizing the "Pay Less" part of its "Expect more, Pay Less" slogan. They are the nation's second largest discount retailer. They also said softer than expected sales and higher costs caused the profit decline for the quarter that ended May 3. Consumers are spending less and the company is responding by stressing sale prices more in its advertising. Target reported a profit of $602 million, or 74 cents per share in the latest quarter. This is down from $651 million or 75 cents per share during the same period last year.