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Target's 1Q profit falls short as it continues transition
MINNEAPOLIS (AP) — 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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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TGT at https://www.zacks.com/ap/TGT
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