Target states fourth quarter loss

Target reports its profit fell in the fiscal fourth quarter, as sales slowed in the second half of the year overall.

Photo: Target states fourth quarter loss

Target Corporation is an American retailing company that was founded in Minneapolis , Minnesota , in 1902. In 1962, the first Target store was opened in Roseville , Minnesota . It is the fifth largest retailer by sales revenue in the United States behind Wal-Mart, The Home Depot, Kroger and Costco. The company is ranked 33rd on the 2007 Fortune 500. Target operates its retailing business exclusively in the United States . It is a rival and competitor of Kmart and Wal-Mart.

Target was listed in Internet Retailer's list of the top 500 retail web sites in 2007.

The discount-store operator reported Tuesday that earnings fell 8 percent to $1.03 billion, or $1.23 per share, from $1.12 billion, or $1.29 per share last year. Analysts predicted profit of $1.22 per share.

Revenue edged up nearly 1 percent to $19.87 billion, from $19.71 billion last year. Analysts expected revenue of $20 billion. Results were helped by new-store expansion and revenue from credit card operations. Sales in stores open at least one year, known as same-store sales, edged up 0.2 percent.

The company says the pace of sales and earnings dicreased greatly in the second half of the year.