Shares of Target (TGT) are off 7 cents at $54.15 in early trading after the company this morning reported Q1 revenue well shy of estimates at $15.2 billion, up 6% and below the expected $15.6 billion, but still managed to deliver profit of 90 cents, 3 cents better than expected.
Sales at stores open a year or more rose 2.8%, but higher gross profit margins and reduced operating expenses as a percentage of revenue still managed to boost pre-tax profit (Ebit) by 15%, to $1.1 billion.
Profit in the company’s credit card unit nealry tripled as bad debt expense receded.
Target bought back $394 million worth of its stock in the quarter, at average prices of $52.27.
The company is hosting a conference call in about an hour, at 9:30 am, Central Time, which you can listen to here.
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