Minneapolis Target Corp. is cutting back on its 2009 store-opening plans amid the economic slowdown, the company said on Thursday.
"We are not happy with the current pace of our sales, and we are working diligently to drive our top-line performance," said CEO Gregg Steinhafel, speaking at an analyst and investor meeting broadcast over the Internet.
In August, Target reported its fourth straight quarterly profit decline even as Wal-Mart Stores saw profits rise from consumers seeking out bargains.
Target said on Thursday it has reduced its 2009 store-opening plans, canceling some projects that no longer make financial sense.
"We'll now open about 70 net new stores in 2009, and we know we will open fewer still in 2010, although it's a bit premature to speculate just how many," said CFO Doug Scovanner.
In August, Target said that for 2009, it was projecting adding about 70 to 75 net new stores.
Target also told analysts it is working to improve results in its credit-card business.