NEW YORK • Target Corp. muted its annual profit forecast Wednesday after reporting a 13 percent drop in second-quarter profits as the cheap-chic retailer deals with cautious shoppers.
Shares of the company fell in premarket trading.
Target is the latest in a string of companies, including rival Wal-Mart Stores Inc. , that have lowered their business expectations as they contend with an uncertain economy.
“For the balance of this year, our U.S. outlook envisions continued cautious spending by con...
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