Target TGT reported Q1 FY2013 earnings Wednesday for the quarter that ended May 4, 2013.
The company reported GAAP earnings of $498 million, or $0.77 per share, and adjusted GAAP earnings of $1.05 per share, down 5.0 percent from $1.11 in year-earlier adjusted EPS. Revenue came in at $16.71 billion, falling short of the $16.85 billion estimate.
The stock fell Wednesday due to decreased guidance. Guidance fell from $4.85-$5.05 to $4.70-$4.90 for FY2013. Q2 guidance is set at $1.00-$1.19.
Target closed at $71.26 on Tuesday and is currently trading down $3.48 or 4.88 percent.
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