By  on May 22, 2013

Target Corp. warned investors in April that its first-quarter performance would be weaker than expected, but the results reported Wednesday were even worse than the retailer projected.

The Minneapolis-based mass retailer’s net earnings fell 28.5 percent to $498 million from $697 million in the year-ago quarter. For the three months ended May 4, earnings per share were $1.05, down 5 percent from $1.11 in 2012. Target said first-quarter earnings were below expectations due to soft sales in seasonal and weather-related categories.

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