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Target warns 1st-quarter profit will miss forecasts

A vendor pushes a shopping cart through the new CityTarget store as it is getting stocked for the opening in downtown Chicago July 18, 2012.
A vendor pushes a shopping cart through the new CityTarget store as it is getting stocked for the opening in downtown Chicago July 18, 2012.

(Reuters) - Retailer Target Corp on Tuesday warned first-quarter earnings would miss expectations, after weaker-than-expected sales of seasonal and weather-sensitive items, sending shares down 1 percent.

Target said adjusted earnings per share would come in slightly below the low end of its prior outlook of $1.10 to $1.20, and same-store sales would be about flat.

Target stood by its full-year forecast for adjusted earnings per share of $4.85 to $5.05 per share.

The company expects to report earnings on May 22.

Shares fell 1.1 percent to $67.70 in premarket trading.

(Reporting By Ben Berkowitz and Martinne Geller; Editing by Gerald E. McCormick)

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