Target warns on sales and earnings
NEW YORK (CNNMoney) — Target is warning that sales and earnings for the first quarter will be below forecasts, as winter weather delayed spring shopping.
The company said in a release Tuesday that it now expects that same-store sales growth will be flat, because seasonal and weather-sensitive sales were softer than anticipated.
Target said it expects first quarter adjusted earnings per share to come in slightly below the low end of its previous guidance of $1.10 to $1.20 when it reports earnings on May 22.
The prolonged winter weather has held shoppers back from their usual spring purchases across the board so far this year. Last week, the Census Bureau reported that retail sales fell 0.4% in March, as much of the U.S. suffered through cooler-than-average temperatures.
Shares of the company were down slightly in premarket trading.