Shares of Target(TGT) were among the NYSE's losers Monday, falling 4% after the discount retailer posted first-quarter earnings that missed Wall Street's forecast by a penny.
The company earned $554 million, or 63 cents a share, on revenue of $12.86 billion. Analysts polled by Thomson First Call expected earnings of 64 cents a share on revenue of $12.85 billion. During the year-earlier quarter, Target earned $494 million, or 55 cents a share, on revenue of $11.48 billion. During the most recent period, the company recorded a 12.1% jump in cost of sales and a 15.3% increase in selling, general and administrative expenses. As a result, the company's gross margin was "slightly unfavorable" compared with a year ago, Target said.
Looking ahead, Target continues to see 2006 earnings growing in the mid-teen percentage range. Analysts project earnings of $3.12 a share, or earnings growth of about 16%. Shares were trading down $2.19 to $50.02. ...
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