Quarterly profits are down again at Target -- not the kind of news directors want a week before a contentious board election.

The retailer reported this morning net earnings of $522 million for the three months ending May 2. That's down almost 7 percent compared to the $602 million the company made in the same period last year.

CEO Gregg Steinhafel chalked it up to the ongoing "difficult environment" for retailers -- a reasonable explanation, but you have to wonder how it will play with shareholders at the company's annual meeting next week.

A hedge-fund manager, William Ackman, who controls about a 7 percent stake in the company, is seeking to oust four board members and replace them with four or five of his own nominees.

The Financial Times reports that Ackman's effort received a boost on Tuesday, when an adviser group announced its support for the new slate. Target said it was "disappointed" with the endorsement.