Target Corp. Predicts 'Flat' Profit Report for First Quarter

Target says its first-quarter adjusted profit will likely be "approximately flat," due to weaker-than-expected sales of seasonal and weather-sensitive items.

The discount retailer had predicted profit of $1.10 to $1.20 per share for the February-April period, excluding one-time items. Analysts expect earnings now of about 92 cents per share, according to a company release.

A key factor was a loss of approximately $445 million, or 41cents per share, related to the early retirement of debt.

Target also anticipates net accounting gains of approximately 29 cents from the sale of its entire consumer credit card receivables portfolio to TD Bank Group.

The retailer expects to release first quarter earnings on May 22, 2013. Details about the release will be available through the company's website, at Target.com/investors, under "events & presentations."

Additional information related to the closing of Target's credit card portfolio transaction with TD Bank or the debt tender offers can be found in various press releases, which are also located on Target's investor relations website.

Minneapolis-based Target Corporation operates 1,808 stores, including 1,784 in the United States and 24 in Canada, and also provide online retail service through Target.com.

Meanwhile, Target has also announced that this coming Sunday, Apr. 21, it will  give away 1.5 million reusable bags with sustainable product coupon books at stores across the country, in honor of Earth Day.

Then, 250,000 of the reusable bags contain additional sustainable product samples.

By giving guests free reusable bags and rewarding them with a five-cent discount each time they use the bags, Target hopes to reposition itself as a place consumers can find the best selection of products for their needs --- that will also make a difference in the environment and their immediate lives every time they shop, said a company release.  

Beyond Earth Day, Target encourages guests to lead more sustainable lifestyles by providing the right information, tools and incentives.