That came after the company reported a 7.6 percent drop in second-quarter profit and gave a cautious outlook for the third quarter amid an erratic start to the back-to-school shopping season.

Target told investors that it plans to open 70 to 75 stores in 2009, down from a pace of 90 to 95 stores in the current fiscal year.

Chief Financial Officer Doug Scovanner said the slower pace reflects a soft economic environment as well as challenges among the company's outside real estate development partners who have experienced hurdles in obtaining funding or filling in space in some mall projects that were expected to open in 2009.

Target said its earnings slipped to $634 million, or 82 cents per share, for the three-month period ended Aug. 2. That compares with a profit of $686 million, or 81 cents per share, a year earlier. Sales grew 5.7 percent to $15 billion.

Analysts surveyed by Thomson Reuters had expected a profit of 76 cents per share on revenue of $15.46 billion.