Note: The following is an excerpt from this week’s Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>>Here are the key points: What we saw in the Q1 earnings season was a resilient and steadily improving profitability picture, both in terms of the growth rate and the evolving revisions trend. Positive revenue surprises were a bit less commonplace relative to other recent periods, but margins ...

Key TakeawaysThe S&P 500 fell 0.3% on Wednesday, May 22, 2024, as the minutes from the latest Federal Reserve meeting elevated concerns about inflation.Target missed quarterly estimates and guided below expectations for the current period, citing restrained consumer spending, and shares of the retailer dropped.First Solar shares posted the S&P 500's strongest gains for the second straight day after a pair of analysts highlighted the firm's growth potential. After hovering near flat levels for much of the se ...

As consumers look to balance their desire to treat themselves with ongoing economic concerns, Target is seeing shoppers’ shift to discretionary spending on experiences negatively impact their budgets for nonessential retail products.On a call with analysts Wednesday (May 22) discussing the retailer’s first-quarter 2024 earnings results, Target Chairman and CEO Brian Cornell said shoppers are continuing to “look for ways they can stretch their budgets” amid inflation, often prioritizing springing for leisure ...

Target executives issued a weak forecast Wednesday in recognizing that elevated prices continue to have a "meaningful impact" on family budgets and savings.   Target Chief Growth Officer Christina Hennington told analysts on an earnings call that one in three Americans "maxed out or is nearing the limit on at least one of their credit cards." "For these reasons and more, we remain cautious in our near-term growth outlook," Hennington said. She projected that discretionary spending "will continue to remain p ...

Target's weak quarterly earnings underscored why it cut prices on thousands of household staples: it's struggling to win over bargain hunters.The discounter is not alone.Target's first-quarter results on Wednesday not only show American consumers are more selective about spending after sustained inflation squeezed their budgets for nearly three years. The company's declining sales also illustrate how the battle for shoppers' wallets has heated up as retailers — and even some restaurants — race to outmatch e ...

Inflation is taking a bite out of Target’s bottom line as the “cheap chic” discount retailer revealed customers were buying fewer groceries and discretionary goods, sending its shares tumbling as much as 10%.The Minneapolis-based retailer fell short of Wall Street estimates for the quarter on Wednesday — another blow for the company that has seen its stock price decline by more than 40% since it reached an all-time high in November 2021.Earlier this week, Target announced a plan to gradually slash prices on ...

Pre-market futures are slightly into the red at this hour. Although we’ve seen nice gains on all major indices month-to-date — the Dow +5%, S&P 500 +5.3%, the small-cap Russell 2000 +5.7% and the Nasdaq +7% — we look to have flattened off somewhat over the past week. The Nasdaq and S&P appear to be separating slightly high than the others from a week ago, but those big market up-days look to have cooled off of late.It’s unlikely we’ll see a big market impact before today’s close. True, the Fed minutes from ...

Target Corporation (TGT) came up with first-quarter fiscal 2024 results, wherein the top line marginally came ahead of the Zacks Consensus Estimate, while the bottom line missed the same. However, both the metrics declined year over year. Soft sales in discretionary categories hurt the company’s performance, with comparable sales continuing with its dismal run. However, strength was seen in the beauty category.Despite challenges, Target is poised to capture market share over time, driven by its compelling v ...

A low-price sign at a Target store in Miami, Florida signals a drive to pull in hard-pressed ... [+] shoppers. (Photo by Joe Raedle/Getty Images)Getty ImagesTarget Corporation’s first-quarter comparable sales fell by 3.7% following a full-year decline in 2023. This has put the near-2,000-door retailer on high alert with actions in place designed to rebuild customer traction as the company approaches the summer season. Net income was also slightly down to $942 million and markets reacted in morning trading b ...

Target (TGT) stock took a nosedive Wednesday after the discount retailer's first-quarter earnings came up short of expectations amid a tough consumer spending environment. In the three months ended May 4, Target's sales decreased 3.2% year-over-year to $24.5 billion, driven by weak sales in its discretionary categories. Its earnings per share (EPS) declined 1% from the year prior to $2.03."Our first-quarter financial performance was in line with our expectations on both the top and bottom line, tracking the ...