The retailer reported rising quarterly sales, but it said that's not expected to last. It's the latest retailer to issue dismal results. Fred Katayama reports.
BROADCAST AND DIGITAL RESTRICTIONS~** Broadcasters: NONE Digital: *NONE*~ Target the latest retailer reporting dismal results. Quarterly profit fell. So did revenue. Sales at existing stores rose, but that's not expected to last. Target said it doesn't expect an increase in comparable store sales in the current quarter. The company said its view has been "tempered by the recent slowdown in consumer trends." But it is sticking to its forecast for the full year. Target shares, up 1 percent this year, dropped to negative territory in early trading. Department stores like Macy's and J.C. Penney and apparel retailers like Gap have been reporting disappointing results and negative outlooks. Analysts say consumers just aren't spending on full-priced apparel, choosing to buy their clothes online or at off-price retailers like T.J. Maxx and stocking up on home goods at home improvement chains such as Home Depot and Lowe's. Target sells a diverse assortment of products, including apparel and home goods.