Target blames weather for 29% drop in 1Q profit

Author:
Updated:
Original:

Target Corp. earned $498 million in the first-quarter, down 29 percent from a profit of $697 million a year earlier, the Washington Post reports.

CNBC says sales at Target stores open at least a year fell 0.6 percent during the three months that ended May 4.

Target's quarterly same-store sales have not slipped since the third-quarter of 2009, according to Reuters.

The Minneapolis-based discount giant blames the disappointing results on chilly spring weather that kept shoppers from buying seasonal and weather-related merchandise.

“Target’s first quarter earnings were below expectations as a result of softer-than-expected sales, particularly in apparel and other seasonal and weather-sensitive categories,” Gregg Steinhafel, chairman, president, and chief executive officer of Target, said in statement. “While we are disappointed in our first quarter performance, we remain confident in our strategy, and we continue to invest in initiatives, including Canada, our digital channels and CityTarget, that will drive Target’s long-term growth.”

Target opened its first 24 Canadian stores in March -- which generated sales of $86 million in the first-quarter, the company said in a news release.

The retailer warned investors last month its first-quarter earnings would be weaker than anticipated.

RTTNews.com notes Target cut its full-year outlook to the range of $4.70 to $4.90 per share.

Click here, to follow Target's stock performance.

Next Up

Alexus Norberg

Search for girl, 14, missing from St. Cloud

The teen left her home without her parents' permission.

coronavirus, covid-19

Here is Minnesota's COVID-19 update for Tuesday, January 26

The health departments provided new data daily at 11 a.m.

Sars-Cov-2

What health officials know, don't know about Brazil P.1 variant

Minnesota health officials confirmed the first case of the P.1 variant in the U.S.

christopher and banks

Christopher & Banks closing stores for good, laying off 361 people at Plymouth facility

The layoffs began earlier this month and will continue through March.

Screen Shot 2021-01-26 at 8.56.43 AM

Tributes, donations after death of popular South High School teacher

The fundraiser had raised more than $9,000 of its $15,000 as of Tuesday.

Target headquarters

2 men plead guilty to arson at Target headquarters in Minneapolis

The two men were charged in the Aug. 26, 2020, arson that happened following false rumors about a police shooting.

State Capitol.

MN House votes to condemn insurrection and false election claims, 8 GOPers vote against

The resolution condemned violence at the U.S. and state capitols and declared support for 2020 election results.

Michelle Young

Teacher from Edina steals Matt James' heart on 'The Bachelor'

She's also a former high school and college basketball star.

Related