NEW YORK — Target easily beat first-quarter profit expectations, but slowing sales at the Minneapolis retailer and across much of the retail sector is creating a lot of unease.
Target's weak store sales and its expectations for this quarter, released Wednesday, pushed shares down more than 9 percent, the biggest decliner on the Standard & Poor's index. Shares of almost every retailer followed suit in what is shaping up to be a miserable year.
Shares of Wal-Mart Stores Inc., which reports earnings Thursday, fell more 3 percent as investors got out of the way.
Target CEO Brian Cornell blamed the cold and wet spring for weakening sales. Shoppers also remained cautious about spending money, he said. They still came to Target to stock up on goods, but made fewer quick trips.
Read Thursday's Arkansas Democrat-Gazette for full details.