US retailer Target Corp. has admitted “soft” sales during the first quarter of the year hit earnings during the period.
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The company, which runs the SuperTarget discount stores, yesterday (20 May) posted first-quarter net income of US$602m – compared to $651m a year earlier.
Sales rose 5% to $14.3bn but, on a comparable-store basis, sales dipped 0.7%.
Nevertheless, president and CEO Gregg Steinhafel said the company’s first-quarter performance had “met expectations despite softer-than-expected sales”.
Steinhafel added: “Though the current economic environment remains challenging, we will continue to generate long-term value for our shareholders by remaining focused on the disciplined execution of our strategy.”
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By GlobalData
