As consumer spending continues to decline, large retailer target posted a 41 percent drop in profits. The company stated that large losses in its credit card business and weak consumer spending for its clothing products led the losses.

Target has agreed to sell 47 percent of its credit card business to JPMorgan for $3.6 billion. Target stated they are planning to use the capital to for part of its stock buyback program. The deal is expected to be close by the end of the month.