Target Corporation (NYSE:TGT) said its adjusted profit for its first quarter earnings will probably be just below the guidance it provided. In a statement released today, the retailer blamed sales of weather-related and seasonal items that were weaker than expected. It also said temperatures that were colder than usual kept shoppers at home.
Target guided for profits to be between $1.10 and $1.20 per share excluding one-time items, for the quarter ending in April. Analysts are predicting 96 cents earnings per share. Target Corporation (NYSE:TGT) is expecting revenue from stores open a year or more to be flat for the quarter. It’s also holding its adjusted earnings guidance of $4.85 to $5.05 per share for 2013, compared to the Wall Street consensus for the year of $4.55 per share.
The next earnings report from the big box retailer is due May 22. In its last earnings report, the company’s fiscal fourth quarter results slipped by 2 percent as Target reported increases in expenses and dealt with heavy competition during the holiday shopping season.
The retail industry as a whole has been struggling due to colder than usual temperatures this spring. The U.S. Census Bureau said last week that retail sales were down 0.4 percent in March. The agency said colder temperatures as winter dragged on into spring have likely been keeping shoppers at home. As a result, sales of spring and summer items are likely to be weaker than expected at most retailers.
As of the moment of this writing, shares of Target Corporation (NYSE:TGT) fell 0.5 percent since the markets opened.