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Target fiscal Q1 profit falls 48.3% YOY

Target Corp. said its normalized net income for the fiscal first quarter ended May 3 amounted to 62 cents per share, compared with the S&P Capital IQ consensus estimate of 71 cents per share.

EPS declined 47.4% year over year from $1.18.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $395.6 million, a decrease of 48.3% from $765.0 million in the year-earlier period.

The normalized profit margin declined to 3.2% from 4.6% in the year-earlier period.

Total revenue grew on an annual basis to $17.05 billion from $16.71 billion, and total operating expenses increased 6.2% on an annual basis to $16.25 billion from $15.30 billion.

Reported net income fell 15.8% year over year to $421.2 million, or 66 cents per share, from $500.1 million, or 77 cents per share.