Target 1Q Profit Tops Views, But Sales Fall A Bit Shy
May 17 2023 - 07:10AM
Dow Jones News
By Colin Kellaher
Target on Wednesday posted fiscal first-quarter earnings that
topped Wall Street's expectations despite slowing sales growth in a
challenging retail environment.
The Minneapolis retailer reported net income of $950 million, or
$2.05 a share, for the quarter ended April 29, down from $1.01
billion, or $2.16 a share, a year earlier, but ahead of the $1.77 a
share that analysts polled by FactSet, on average, were
expecting.
Sales edged up 0.5% to $24.95 billion, missing the $25.26
billion Wall Street was looking for, while comparable sales were
flat.
Citing softening sales trends in the first quarter, Target said
it is planning for a wide range of sales outcomes in the second
quarter, centered around a low-single-digit decline in comparable
sales. The company said it expects earnings of $1.30 to $1.70 a
share for the quarter, well below the $1.95 analysts had penciled
in.
However, Target maintained its full fiscal-year guidance of
earnings of $7.75 to $8.75 a share, with comparable sales ranging
from up or down in low-single digits.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
May 17, 2023 06:55 ET (10:55 GMT)
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