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Target Warns Sales Growth Will Be Nearly Flat

Reuters With CNBC.com
Tuesday, 16 Apr 2013 | 8:33 AM ET
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Retailer Target on Tuesday warned first-quarter earnings would miss expectations, after weaker-than-expected sales of seasonal and weather-sensitive items.

Target said adjusted earnings per share would come in below the low end of its prior outlook of $1.10 to $1.20, and comparable store sales growth will be about flat.

Following the announcement, the company's stock inched lower in premarket trade. (Click here to track the company's shares before the opening bell.)

Target stood by its full-year forecast for adjusted earnings per share of $4.85 to $5.05 per share.

The company expects to report earnings on May 22.

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