By Nicole Maestri 1 hour, 3 minutes ago NEW YORK (Reuters) - Target Corp (TGT.N) reported a nearly 8 percent drop in quarterly profit on Tuesday as shoppers passed over trendy clothes and home decor in favor of everyday necessities, hurting its margins.The No 2 U.S. discount chain behind Wal-Mart Stores Inc (WMT.N) said profit was $634 million for its second quarter that ended August 2, down from $686 million a year ago. Earnings per share rose to 82 cents from 80 cents, boosted by fewer shares outstanding in the quarter.
Analysts, on average, had been expecting it to earn 76 cents per share, according to Reuters Estimates.
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