Target's Q1 2024 earnings report shows flat to 2% increase in sales, with lower revenue

From CNBC: 2024-05-22 00:01:01

Target is set to release its first-quarter earnings after announcing price cuts on groceries and everyday items. The company anticipates flat to a 2% increase in sales, with earnings per share expected between $8.60 to $9.60 for the year. Analysts forecast earnings per share of $2.06 and revenue of $24.52 billion, a decline from the previous year.

Inflation remains a concern, with consumer prices up 3.4% year-over-year in April. Target struggles with price fatigue, as consumers spend less on non-essential items. With Walmart seeing success in grocery sales due to price-conscious shoppers, Target faces stiff competition in the retail landscape. Shares of Target closed at $TK on Tuesday.

Read more at CNBC:: Target (TGT) Q1 2024 earnings