UPDATE: Target Posts Drop In Q4 Profit

Target

reported a decline in its fiscal fourth quarter profit. Target's quarterly profit slipped to $520 million, or $0.81 per share, versus $961 million, or $1.47 per share, in the year-ago period. Its total revenue dropped 5.3% to $21.52 billion. Its adjusted profit came in at $1.30 per share. The company had earlier expected earnings of $1.20 to $1.30 per share. Target's US comparable sales dropped 2.5%. Target expects Q1 adjusted profit of $0.60 to $0.75 per share and full-year profit of $4.38 per share. However, analysts were expecting a profit of $0.88 per share for the quarter and $4.21 per share for the full year. Target shares fell 0.02% to $56.50 in pre-market trading.