By  on November 17, 2008

Target Corp.’s third-quarter profits fell by 23.8 percent, but the company said it is still picking up market share in apparel despite declining sales in the category.

Bowing to the realities of the weakest consumer market in a generation, the discounter cut its capital expenditure plans next year by $1 billion, slowing store expansion, and hit the pause button on its share buyback program. The Minneapolis-based firm’s credit card division turned in significantly lower profits, due in part to higher expenses for bad debt as cardholders struggle to meet their financial obligations.

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