Target wrestles with pullback in spending and theft that may cost retailer more than $1B this year

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Target has reported another quarterly profit decline and issued a cautious sales and profit outlook for the current period. The discounter is dealing with rising costs and consumers who are more cautious about their spending. Still, Target’s fiscal first-quarter results Wednesday beat Wall Street expectations and the company reiterated its annual sales and profit forecasts. Target is among the first major U.S. retailers to report first-quarter earnings. Retail industry analysts will be looking to see how stubbornly high inflation and tightening credit are impacting shoppers.