Target’s slide continues

Wesfarmers has downgraded its earnings forecast for Target as the troubled department store continues to drag down the conglomerate’s otherwise strong performance. Wesfarmers, which owns Target as well as grocery giant Coles and hardware chain Bunnings, says it now expects earnings before interest and tax (EBIT) for the 2013 financial year at between $140 million and $160 million. This compares to EBIT of $244 million in 2011/12 and analysts’ expectations for this year’s full y

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