News Summary: Target's 1Q profit falls 26 pct.

News Summary: Weak clothing sales send Target's 1Q profit down 26 percent

Associated Press

CHILLING: Target Corp. reported a 26 percent drop in its first-quarter profit and struggled with weak sales, particularly in clothing.

SPENDING RESTRAINT: Cool weather and economic pressures have limited spending among low- and middle-income shoppers in the first couple of months of the year.

LOWERED EXPECTATIONS: For the full year, Target now expects $4.70 per share to $4.90 per share. That's down from its original guidance of $4.85 per share to $5.05 per share. Analysts had forecast $4.63 per share for the year.

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