Target profit falls 41% as consumers cut back

MINNEAPOLIS -- The discount retailer earned $609 million, or 81 cents a share, in the quarter ended Jan. 31. That compares with $1.03 billion, or $1.23 a share, a year earlier.

Revenue in the quarter fell 1.6% to $19.02 billion.

Analysts polled by Thomson Reuters, who typically exclude one-time items, expected Target to earn 83 cents a share on revenue of $19.5 billion.

The company has also seen rising delinquencies in its company-owned credit cards.

In January, Target said it would cut about 600 jobs at its headquarters, leave another 400 positions unfilled and close a distribution center that employs 500 workers.