Target's profit falls 41 percent amid downturn

Target Corp. says its fourth-quarter profit fell 41 percent as consumer spending suffered amid high unemployment and other economic woes.

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

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

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

The company has also seen rising delinquencies in its company-owned credit cards, another source of trouble.