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Target slashes guidance as profit falls short

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Target (TGT) reported quarterly earnings that missed analysts' expectations on Wednesday, and slashed its outlook for the full year.

After the earnings announcement, the company's shares fell in premarket trading. (Click here to get the latest quote.) (TGT)

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The company posted second-quarter earnings excluding items of 78 cents per share, down from 97 cents cents a share in the year-earlier period.

Revenue increased/decreased to $17.41 billion from $17.12 billion a year ago.

Analysts had expected Target (TGT) to report earnings of 79 cents a share on $17.38 billion in revenue, according to a consensus estimate from Thomson Reuters.

The retailer cut its full-year earnings per share guidance to $3.10 to $3.30 from $3.60 to $3.90.

The retailer's faced a wave of headaches during the past year, including a massive credit-card breach and problems at its Canada stores.

-By CNBC