Earning Plays

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Target's profits slip in Q1
Target Corp.'s first-quarter profits dropped as consumers cut back on discretionary spending. But the retailer still beat Wall Street earnings estimates.

Minneapolis-based Target (NYSE: TGT), which has five stores in the Albuquerque/Rio Rancho metro area, reported a first-quarter profit of $602 million, or 74 cents per share, down from $651 million, or 75 cents per share, during the same period last year. Revenue was up 5.4 percent to $14.8 billion from $14 billion.

Analysts surveyed by Thomson Financial expected 71 cents per share, on revenue of $14.92 billion.

Target CEO Gregg Steinhafel commented, "Our first-quarter earnings per share met our expectations despite softer-than-expected sales performance" adding that the that "the current economic environment remains challenging."
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