Target First-Quarter Profit Trails Estimates
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Target Corp., the second-largest U.S. discount retailer, said first-quarter earnings fell 29 percent and cut its forecast for profit this year as higher taxes and cooler temperatures hampered sales.
Net income in the quarter ended May 4 dropped to $498 million, or 77 cents a share, from $697 million, or $1.04, a year earlier, the Minneapolis-based company said today in a statement. Analysts projected 84 cents, the average of 17 estimates compiled by Bloomberg. Sales rose 1 percent to $16.7 billion, trailing the $16.8 billion average estimate.