Target Warns of Poor Sales

A poor start to April leads the retailer to lower expectations for the month.
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Target

(TGT) - Get Report

on Monday warned of slow April sales, leading the company to lower revenue projections for the month.

The retailer said it expected same-store sales for the March-April time period to increase 3% to 4%, compared with the company's earlier 4%-to-6% expectations.

"Based on actual sales for the first two weeks of April combined with our outlook for the remaining two weeks of the month, we now expect comparable store sales for the full month to be much weaker than our initial plan of -2 to -4 percent," the company said in an 8-K filing.

Target said that it remained comfortable that first-quarter earnings-per-share growth would be consistent with its earlier full-year guidance of a mid- to high-teen percentage increase.

Shares recently were trading down $1.91, or 3.11%, to $59.52 in after-hours trading.

Target said it would report actual April sales numbers on May 10. The company is expected to report first-quarter earnings May 23.