Target revenue metric misses forecasts for May - KTTC Rochester, Austin, Mason City News, Weather and Sports

Target revenue metric misses forecasts for May

Updated:

MINNEAPOLIS (AP) -- Target Corp. reported higher May revenue at stores open at least a year climbed 2.8 percent than last year, but shoppers remained cautious and the figure fell short of analysts' average forecast for a 3.5 percent increase.

Minneapolis-based Target's stock fell 18 cents to $48.38 in premarket trading Thursday.

The comparison is key because it excludes results from stores that recently opened or closed.

Chairman, President and CEO Gregg Steinhafel said gas prices and other inflationary pressures pushed shoppers to spend at the low end of Target's forecast.

Target's total revenue for the four weeks ended May 28 rose 3.8 percent to $4.8 billion.

For the year so far, its revenue at stores open at least a year increased 2.2 percent and total revenue rose 3 percent.

Powered by Frankly