Target’s 1Q profit falls short amid transition
Minneapolis – Target, which is pushing through a year of transition, is posting weaker-than-expected profits for the first quarter.
The Minneapolis retailer on Wednesday reported a profit of $718 million, or $1.33 per share. Earnings, adjusted for pretax gains and to account for discontinued operations, were $1.32 per share, far short of the $1.38 expected on Wall Street, according to a poll by Zacks Investment Research.
Revenue jumped to $16.78 billion, edging out analyst projections for $16.53 billion.
For the current quarter, Target expects per-share earnings of between $1.30 and $1.50, about in line with expectations.
The company expects full-year earnings in the range of $5.15 to $5.45 per share, compared with the $5.29 analysts expect.
Shares of Target Corp. are down about 3 percent before the opening bell.
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