<p>Target has reported financial results for the first quarter, marked by a 29 percent drop in profits.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">The company has pointed to higher payroll taxes and other financial pressures as the culprit.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">“Target’s first quarter earnings were below expectations as a result of softer-than-expected sales, particularly in apparel and other seasonal and weather-sensitive categories,” said Gregg Steinhafel, Chairman, President, and Chief Executive Officer of Target Corporation.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">Net earnings decreased from $697 million, or $1.04 per share, to $498 million, or $0.77 per share, falling short of analysts’ expectations. Meanwhile, sales rose 1 percent to $16.71 billion.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><img class="small-cropped-image" src="https://cdn.andnowuknow.com/legacySmallCroppedImages/Target-CEO-Steinhafel-headhsot.jpg" alt="IMAGES - MAy 22 2013" />“While we are disappointed in our first quarter performance, we remain confident in our strategy, and we continue to invest in initiatives, including Canada, our digital channels and CityTarget, that will drive Target’s long-term growth,” concluded Steinhatel.</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href="http://www.target.com/" target="_new">Target</a></p><hr class="legacyRuler"><hr class="invisible minimal-padding">
