NEW YORK (AP) — Sales and profits slipped for Target during the crucial holiday quarter as customers held back on spending and the company said there will be “meaningful pressure” on its profits to start the year because of tariffs and other costs.
The retailer beat most estimates however, and shares fell in morning trading.
Target reported net income of $1.1 billion, or $2.41 per share, far better than the $2.26 that Wall Street was expecting. That is down from the $1.38 billion profit the company reported in the same period last year, though the most recent quarter had one fewer week.
Sales fell to $30.91 billion from $31.9 billion in the year-ago period, but also beat expectations.
