Headlines

Target’s Profits Tumble 26 Percent

Poor performance is blamed on cool spring weather

Published

11 years ago

May 22, 2013

steve kaufman

Target Corp. (Minneapolis) is reporting a 26 percent drop in profits for its first quarter ending May 4, 2013, despite a 1 percent gain sales.

Same-store sales fell 0.6 percent. The mass-merchandiser also cut its annual profit outlook.

The uncharacteristically poor performance by one of the country’s strongest retailers was blamed on lingering cool temperatures this spring in many parts of the country that kept shoppers from buying seasonal items, especially apparel.

With an eye on the weather forecasts, Target had warned investors as long as a month ago that its quarterly results would be disappointing.

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