Target Projects Flat Sales, Lower Earnings for First Quarter
Posted on April 16, 2013 by
MINNEAPOLIS-Target said it expects its first-quarter same-store sales to be about the same as in the first quarter of last year, and that its earnings per share will be at the low end of its prior guidance.
The retailer sales trends in the quarter have been softer than expected, especially in seasonal and "weather-sensitive" categories throughout the store. This will be a prime factor in pushing earnings per share down to about $1.10, the low end of its prediction of between $1.10 and $1.20.
Target attributed the reduced earnings-per-share expectation to losses from the early retirement of debt and reductions from the Canadian segment and from the sale of its credit-card portfolio to TD Bank Group.