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Shopping Shifts Squeeze Target Profit in Q1

Goal claimed strong profits for the first quarter but its revenue was squeezed as customers shifted to online procuring and averted higher-margin items these types of as clothing.

Amid the coronavirus pandemic, Target’s income rose 11.3% to $19.sixty two billion, with very same-store profits expanding ten.eight% and digital profits jumping by 141%. Analysts’ experienced predicted $19.04 billion in income.

But first-quarter net cash flow fell to $284 million, or fifty six cents per share, from $795 million, or $one.53 per share, a year earlier. Excluding some items, Goal gained fifty nine cents per share.

The corporation mentioned its operating cash

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