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

Target has reported another quarterly profit decline and issued a cautious sales and profit outlook for the current period.

that Americans picked up their spending modestly last month, buoyed by a solid job market and a retreat in prices for some things. But it also revealed how Americans are barely keeping up with inflation.

Sales rose 0.6% to $25.32 billion in the quarter, up from $25.17 billion in the year-ago quarter. Analysts expected earnings of $1.77 per share on $25.26 billion in sales in the latest period, according to FactSet. Target earnings per share to be in a range from $1.30 to $1.70 in the current quarter. Analysts were expecting $1.95 per share, according to FactSet. For the full year, the company is maintaining its prior guidance of $7.75 per share to $8.75 per share. Analysts are expecting $8.36 per share, according to FactSet.

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