Target’s First-Quarter Sales Up 6.7% to $23.4B, EPS Tops Estimates
Target’s first-quarter sales jumped 6.7% to $23.4 billion with comparable sales up 5.6%, while EPS reached $1.71 versus $1.46 forecast. The company raised its annual revenue outlook and noted growth across all six core categories under CEO Michael Fiddelke’s $6 billion turnaround plan.
1. Q1 Financial Performance
Target recorded first-quarter sales of $23.4 billion, a 6.7% increase over last year, with comparable sales rising 5.6%. Net income declined 24.6% to $781 million, but earnings per share of $1.71 exceeded the $1.46 consensus estimate.
2. Turnaround Plan Progress
Under CEO Michael Fiddelke’s leadership, Target advanced its $6 billion turnaround with more than 100 store remodels underway, new partnerships with brands like Roller Rabbit, expanded low-price toy selections and significant investments in store staffing and supply chain capacity.
3. Outlook Revision
Buoyed by broad-based sales gains across all six merchandising categories, Target raised its full-year revenue outlook and signaled confidence that momentum will continue through the remainder of the year.