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Weighed down by decelerated consumer spending and rising delinquencies in its credit card business, national discount retailer Target Corp. this week posted a 41 percent decline in its fourth-quarter profit amid a 1.6 percent quarterly sales decrease and a 6 percent slide in same-store sales.
To counter the downward spiral, company officials said yesterday that Target’s merchandising plans for 2009 would “reflect our growing commitment to food” and in turn make “significant investments in support of our perishable food distribution capability,” with expanded assortments of dry, dairy and frozen foods, as well as the addition of perishable items in new and remodeled stores.
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