Target Corp. topped first quarter estimates, but warned shrink would take a $500 million bite out of its annual earnings.
Net earnings for the first quarter fell 5.8 percent to $950 million, or $2.05 a diluted share, from $1 billion, or $2.16, a year earlier.
Earnings per share easily topped estimates, coming in 28 cents ahead of the $1.77 analysts projected, according to FactSet. Revenues for the three months ended April 29 increased 0.6 percent to $25.3 billion and fractionally better than analyst estimates. Strength in what the company calls “frequency businesses,” which includes beauty, food & beverage and household essentials offset weakness in discretionary categories. ’s worked to establish trust with its customers, clearly not all of them are trustworthy given the company’s continued trouble with shrink—an industry-wide problem.
“We now expect shrink will reduce this year’s profitability by more than $500 million compared with last year,” Cornell said. “While there are many potential sources of inventory shrink, theft andare increasingly important drivers of the issue. We are making significant investments in strategies to prevent this from happening in our stores and protect our guests and our team.
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