NEW YORK — Sales and profits slipped for Target during the crucial holiday quarter as customers held back on spending, and the company expects “meaningful pressure” on its profits to start 2025 because of tariffs on Mexico, Canada and China, and other costs.

Target also said that sales declined in February in part because of brutal weather that hurt apparel sales and declining consumer confidence.

Target reported net income of $1.1 billion, beating most Wall Street estimates, but down from the $1.38 billion profit the company reported in the same period last year, though the most recent quarter had one fewer week of sales.

Revenue fell to $30.91 billion, from $31.9 billion, but that also beat expectations. —Associated Press