New York (CNN) — Target’s problems are intensifying.

In the latest signal of trouble, the company reported sales dropped during its latest quarter, and Target cut its full-year profit guidance Wednesday. The company’s sales have stagnated for about four years, and Target said last month that it would cut 1,000 corporate employees, roughly 8% of its global workforce.

Target is betting that a new CEO and investments can spark a turnaround at the company. But Wednesday’s quarterly financial report showed there’s no quick fix to Target’s challenges.

Target has proven over and over that it is poorly positioned to succeed in this uneven economy, selling the wrong mix of items for an increasingly frugal customer. Target specializes in cheap chic clothing and home decorations, but fewer custom

See Full Page