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Target Net Drops 29% on Soft Sales, Lowers Year View

Target Corp.'s (TGT) fiscal first-quarter earnings fell 29% as the retailer reported lower sales amid softness in seasonal and weather-related categories.Target lowered its earnings outlook for the year to $4.70 to $4.90 a share, from $4.85 to $5.05. But pointing to the current quarter, Target predicted earnings of $1.09 to $1.19 a share, above the $1.06 that analysts polled by Thomson Reuters were looking for."Target's first quarter earnings were below expectations as a result of softer-than-expected sales, particularly in apparel and other seasonal and weather-sensitive categories," Chief Executive Gregg Steinhafel said, adding the company is disappointed by the quarter's results.Target, like other retailers, has been contending with unseasonably cold weather in the past few months, making it hard to sell spring and summer merchandise. The company has also been searching for ways to boost sales as many of its core lower-income shoppers remain extremely cautious with spending amid the...

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