U.S. retailer Target Corp. (Minneapolis) reported first quarter net earnings of $498 million.
"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," said Gregg Steinhafel, chairman, president, and CEO. "While we are disappointed in our first quarter performance, we remain confident in our strategy."
First-quarter 2013 sales were up 0.5% to $16.6 billion from $16.5 billion in FY 2012 - a 0.6% decline in comparable-store sales combined with the contribution from new stores. Segment earnings in 1Q 2013 before interest expense and income taxes (EBIT) were $1,239 million, down 7.5% from $1,340 million in 1Q 2012.
Target opened its first 24 Canadian stores in March 2013.
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