Target warns 1st-quarter profit will miss forecasts

MINNEAPOLIS, Minn., Tue Apr 16, 2013 — Retailer Target Corp. on Tuesday warned first-quarter earnings would miss expectations, after weaker-than-expected sales of seasonal and weather-sensitive items, sending shares down 1 percent.

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

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.

Shares fell 1.1 percent to $67.70 in premarket trading.