Target Earnings Drops 8 Percent for Quarter

In a slowing economy, the more upscale the retailer, it seems, the more they are struggling. Department store operator Macy's needed a one-time tax benefit to rescue the fourth quarter results it released. Cheap-chic Target did better, with an 8 percent drop in quarterly earnings that was still a little higher than analysts expected. And Wal-Mart, with its strong emphasis on low prices, reported a solid fourth quarter last week. Other examples were Nordstrom whose profits declined 8.6 percent, while discounter TJX Company said last week that its fourth quarter earning rose almost 47 percent.