Target lowers profit expectations

Job candidates waited outside a Target in Los Angeles in January. The retailer lowered its profit forecast.

Damian Dovarganes/Associated Press/File

Job candidates waited outside a Target in Los Angeles in January. The retailer lowered its profit forecast.

MINNEAPOLIS — Target says its first-quarter adjusted profit is likely to come in slightly below its forecast because of weaker-than-expected sales of seasonal and weather-sensitive items.

The discounter also said Tuesday that it expects revenue at stores open at least a year, a key retail metric, to be about flat for the period.


Target’s warning is the latest indication that spring selling so far has been challenging for retailers. Last week, a group of 15 merchants, including TJX Cos. and Costco Wholesale Corp., reported that the key revenue figure rose 1.4 percent, or 2.2 percent excluding drugstores, in March. That was less than analysts expected, as cold weather and continued fears about the economy dampened enthusiasm for shopping.

Target, like many other big retailers, no longer reports sales on a monthly basis.

Get Talking Points in your inbox:
An afternoon recap of the day’s most important business news, delivered weekdays.
Thank you for signing up! Sign up for more newsletters here

But analysts often combine sales from March and April to get a clearer picture of shoppers’ spring spending. They expect sales to pick up this month as warmer weather heats up demand for shorts and sleeveless tops.

Target had predicted profit of $1.10 to $1.20 per share for the February-April period, excluding one-time items. Analysts expect earnings of 96 cents per share.

Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.
We hope you've enjoyed your free articles.
Continue reading by subscribing to for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of
Marketing image of