Skip to main content

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

UgstadRoadJunction

Charges: Teen speeding before crash that killed mother, injured her son

The teenager was driving at speeds between 72-89 mph at the time of the crash.

Northland Vapor in Moorhead, Minn.

Northland Vapor calls St. Paul regulators 'overzealous' in lawsuit over THC sales

The small Minnesota business said the lawsuit was "misleading" and "shameful."

image

Excelsior chocolate shop ransacked by thieves to reopen

Truffle Hill will reopen to the public on Friday.

https://www.dol.gov/sites/dolgov/files/OPA/newsreleases/2022/11/SOLWHDPSSI%20FILINGS.pdf

Company agrees to changes after child workers found in MN meat plants

An investigation found children ages 13-17 working hazardous jobs at the plants.

soda-g7792ca8e9_1280

Drinks can company to lay off almost 100 workers, close St. Paul plant

State authorities were informed of the impending closure.

MinceyMug

Suspect in Minneapolis bar killing charged with weapons crime

The suspect has not been charged with murder in the case as of Wednesday.

snow, blowing snow

A monster storm is coming next week: What will happen?

What we know with high confidence at this point is that there will be a monster storm in the central U.S. by the early and middle part of next week.

police lights

Boy safe after kidnapping by non-custodial parent in Mankato

The search prompted the temporary shutdown of I-35 Tuesday night.

Mugshots

11 face charges after being found 'exploring' Fridley sewer system

A 911 caller reported seeing a group removing a manhole cover Monday night.

Related