Trending: Target 1Q Earnings Top Expectations
May 17 2023 - 10:59AM
Dow Jones News
10:28 ET -- Target is one of the most mentioned companies in the
U.S. across all news items in the last 12 hours, according to
Factiva data. Target said Wednesday it had first-quarter earnings
that topped Wall Street's expectations despite slowing sales growth
in a challenging retail environment. The retailer reported income
of $950 million, or $2.05 a share, for the quarter, 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 were expecting. Sales were 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, 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. Dow Jones & Co. owns Factiva.
(chris.wack@wsj.com)
(END) Dow Jones Newswires
May 17, 2023 10:44 ET (14:44 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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