Target 1Q profit drops nearly 8 percent
Go Deeper.
Create an account or log in to save stories.
Like this?
Thanks for liking this story! We have added it to a list of your favorite stories.
Target said it first quarter profit dropped almost 8 percent due to higher costs and softer-than-expected sales. The company still beat Wall Street earnings estimates. The Minneapolis-based retailer said Tuesday its net income fell to $602 million, or 74 cents per share, in the three months ended May 3 from $651 million, or 75 cents per share, in the prior year.
Thomson Financial says analysts expected 71 cents per share. The estimates typically exclude one-time items.
Target says its revenue rose 5 percent to $14.80 billion from $14.04 billion. Analysts predicted $14.92 billion.
Sales at established stores have fallen 0.7 percent.
Turn Up Your Support
MPR News helps you turn down the noise and build shared understanding. Turn up your support for this public resource and keep trusted journalism accessible to all.
