US discount retailer Target Corp posted a 41% drop in fourth-quarter net income today (24 February) as the company struggled amid the economic downturn.

Net income dropped to US$609m for the quarter ended 31 January, down from $1.03bn a year earlier.

Revenue in the quarter fell 1.6% to $19.02bn. Sales at stores open at least a year fell 5.9% the company said. Sales at new stores partially offset that.

The Minneapolis-based retailer posted total revenue of $64.95bn in 2008, up 2.5% from the previous year.

Full-year retail segment EBIT declined 6% to $4.1bn.

"Our financial results for both the fourth quarter and 2008 fiscal year reflect the impact of unprecedented economic conditions on both of our business segments," said Gregg Steinhafel, chairman, president and CEO.

"In 2009, we are focused on continuing to grow our market share profitably."