Target Corp. (TGT) Stock Drops After Retailer Posts Higher Quarterly Profit, Sales That Missed Estimates

This story was updated at 8:45 a.m. EDT.

Shares of Target Corp. sank Wednesday after the retailer reported a higher-than-expected quarterly profit, but sales at established stores came in below analysts’ estimates.

Target’s share price was down 8 percent at $68 in early trading.

The sales slip came as consumers spent more on big-ticket purchases like homes and cars than on discretionary items like apparel, a major source of revenue for department stores.