Target’s growth grinds to a halt

Target Corp. cut its profit forecast and sales outlook as it saw fewer customers in its stores.

The Minneapolis-based discounter’s second-quarter net income fell nearly 10%. That was better than what most analysts had expected. Sales at stores open at least a year fell 1.1%, reversing seven straight quarters of gains.

Customer traffic fell for the first time in a year and a half as Target struggled to get its grocery offerings right and shoppers looking for deals on essentials such as detergent were turned off. Other issues included a lack of new electronics and lingering disruptions caused by the sale of Target’s pharmacy business to CVS.