Target Reports 1Q 2013 Revenue Lower Than Forecast

Target reported net earnings of $498 million in the first quarter of 2013, lower than forecasts, as a result of weak sales in seasonal and weather-related categories. Opening 24 stores in Canada during the quarter as part of the retailer's plan to open 124 stores in the country by end of 2013, Target returned $779 million to shareholders through dividends and share repurchase. Target reported losses related to early retirement of debt of 41 cents per share, and earnings per share dilution related to the Canadian segment of 24 cents. Net accounting gains of 36 cents from the sale of the retailer's consumer credit card receivables portfolio to TD Bank Group were reported by Target.