Financial Data and Key Metrics Changes - In Q1 2024, Target Corporation generated over $24.5 billion in revenue, representing growth of just under $7 billion or 39% compared to Q1 2019 [17] - The company reported EPS of $2.03 in Q1, which is $0.50 or 33% higher than in 2019 [17] - Total sales declined by 3.2% in Q1, reflecting a 3.7% decline in comparable sales, partially offset by new store openings [42] - Traffic was down 1.9% in Q1, with the average transaction also down 1.9% as consumers spent cautiously [43] Business Line Data and Key Metrics Changes - Comparable sales were down 3.7%, driven largely by softness in Home and Hardlines categories, while beauty delivered low single-digit growth [21] - Apparel saw a nearly four percentage point improvement in comparable sales from Q4, with strong performance in young contemporary categories [21] - Digital sales grew 1.4% in Q1, driven by same-day services, with Drive Up sales being more than 30 times larger than in Q1 2019 [15][24] Market Data and Key Metrics Changes - The US consumer remains resilient despite challenges, with normalization in spending patterns observed [9][20] - Discretionary categories continue to face pressure, particularly in Home and Hardlines, while inflation rates have moderated significantly [10][20] - The company has seen a meaningful improvement in discretionary trends, especially in apparel, which improved by approximately four percentage points in Q1 compared to Q4 [10] Company Strategy and Development Direction - Target plans to open over 300 new stores over the next decade and is investing in supply chain modernization and technology [6][7] - The company is focused on enhancing its loyalty ecosystem and digital experience to improve guest engagement [7][13] - Target is committed to delivering value through price cuts on frequently shopped items and enhancing its advertising business, Roundel [12][8] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about near-term growth due to economic uncertainties but is optimistic about returning to growth in Q2 [20][50] - The company is focused on operational excellence and agility to respond to changes in the environment [11][18] - Management highlighted the importance of value and affordability in the current economic climate, with plans for further price reductions [12][66] Other Important Information - Target Circle loyalty program saw the addition of over 1 million new members in Q1, with strong engagement [14][25] - The company is exploring new wholesale collaborations, such as with Hudson's Bay, to expand its brand reach [30] - Capital expenditures in Q1 were just under $700 million, with plans to invest $3 billion to $4 billion for the full year [48] Q&A Session Summary Question: Can you discuss the balance of margin and top line growth for 2024? - Management indicated a balanced approach to performance in 2024, with a focus on operational efficiencies while driving top line growth [56][58] Question: How will the SG&A related to Target Circle be managed? - Management confirmed that the SG&A related to Target Circle is factored into the guidance for the year, with ongoing investments expected [59][60] Question: How is the price investment being funded? - Management emphasized that the commitment to investing in price is to pass savings back to guests, with vendor partnerships playing a role in this strategy [62][64] Question: Are sales trends outside of promotional events softer? - Management acknowledged that while promotional events drive sales, they are focused on improving everyday sales through price investments [67]

Target (TGT) reported $24.53 billion in revenue for the quarter ended April 2024, representing a year-over-year decline of 3.1%. EPS of $2.03 for the same period compares to $2.05 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $24.52 billion, representing a surprise of +0.06%. The company delivered an EPS surprise of -0.98%, with the consensus EPS estimate being $2.05.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street exp ...

The shares are also eyeing their fourth-straight daily lossTarget Corp (NYSE:TGT) stock was last seen down 8.7% to trade at $142.26, after the retailer reported a first-quarter earnings miss and a 3% sales drop due to lower consumer spending on discretionary items. The company also issued a dismal current-quarter outlook.The security is pacing for its fourth-straight daily loss and worst session since November 2022. Now carrying a 20.5% quarter-to-date deficit, shares could find support at the familiar $135 ...

Key TakeawaysTarget shares slipped ahead of markets opening Wednesday after the retailer reported first-quarter results, with revenue meeting expectations but declining 3% year-over-year.Despite posting a slight earnings beat for the quarter, Target's second-quarter and full-year profit guidance ranges were mostly below estimates.The retailer launched a new version of its Target Circle membership program in the quarter, adding a paid tier to compete with Amazon Prime and Walmart+. Target (TGT) shares tumble ...

ToplineTarget posted weaker-than-expected first-quarter earnings and a sales drop Wednesday, following a slowdown in spending as inflation-weary shoppers continued to keep their budgets in check, causing shares of the discount chain to fall in pre-market trading.DALY CITY, CALIFORNIA - DECEMBER 14: Customers wait in line to make purchases at a Target store on ... [+] December 14, 2023 in Daly City, California. According to a report by the Commerce Department, consumer retial sales increased by 0.3% percent ...

Key PointsTarget struggled in Q1 with revenue contracting versus gains for its largest competitor.Guidance is tepid and has the market resetting its outlook for the stock price.Analysts are on board with the turnaround but may cap stock gains for the foreseeable future with lowered price targets.5 stocks we like better than TargetTarget’s NYSE: TGT Q1 results highlight the growing bifurcation in retail. Its results include contracting revenue driven by weakened discretionary spending and loss of market shar ...

Target (TGT) came out with quarterly earnings of $2.03 per share, missing the Zacks Consensus Estimate of $2.05 per share. This compares to earnings of $2.05 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -0.98%. A quarter ago, it was expected that this retailer would post earnings of $2.46 per share when it actually produced earnings of $2.98, delivering a surprise of 21.14%.Over the last four quarters, the company has surpa ...

It's Nvidia's (NVDA) earnings day, with the world's hottest AI tech firm expected to report surging sales after the bell, although overly bullish investors could mean volatile stock trading after the chipmaker's results come out; Target (TGT) shares are tanking in premarket trading following first-quarter results; minutes from the most recent Federal Open Market Committee (FOMC) meeting are due today, offering clues on the Fed's rate-cut path; TJX shares are rising on a profit beat; Urban Outfitters (URBN) ...

Nvidia is scheduled to report earnings tonight after the close. (Photo by Justin Sullivan/Getty ... [+] Images)Getty ImagesKey Takeaways Target Target Misses On Earnings Hopes For An Ethereum ETF Nvidia Earnings TonightIt's been an extremely uneventful week thus far. On Tuesday, the S&P 500 and Nasdaq Composite both ended the day higher by around 0.25% to close at record highs. For the month, both indices are up well over 5% following what's thus far been a stellar earnings cycle. But if there were one day ...

Financial Performance - First quarter total revenue was $24.5 billion, a decrease of 3.1% year-over-year, with comparable sales declining 3.7%[6] - The company reported first quarter GAAP and Adjusted EPS of $2.03, down from $2.05 in 2023[3] - Net earnings for the three months ended May 4, 2024, were $942 million, a decrease of 0.8% compared to $950 million for the same period in 2023[22] - EBIT for the three months ended May 4, 2024, was $1,325 million, a decrease of 1.9% from $1,351 million in the same period last year[32] - EBITDA for the same period increased by 1.3% to $2,043 million from $2,018 million year-over-year[32] - Cash provided by operating activities was $1,101 million, down from $1,265 million in the previous year[22] Sales and Revenue Trends - Digital comparable sales grew by 1.4%, while same-day services increased nearly 9%, driven by over 13% growth in Drive Up[2] - Comparable sales decreased by 3.7%, with a decline in the number of transactions by 1.9% and average transaction amount also down by 1.9%[25] - Digitally originated comparable sales increased by 1.4%, contrasting with a decline of 3.4% in the previous year[25] - For the second quarter, the company expects a 0 to 2% increase in comparable sales and GAAP and Adjusted EPS of $1.95 to $2.35[5] Margins and Expenses - First quarter operating income margin rate improved to 5.3%, reflecting a 140 basis point increase in gross margin compared to the prior year[2] - Gross margin rate increased to 27.7% from 26.3% year-over-year, while SG&A expense rate rose to 21.1% from 19.8%[24] - Selling, general and administrative (SG&A) expense rate increased to 21.1% in Q1 2024, compared to 19.8% in Q1 2023[8] Capital and Investments - After-tax return on invested capital (ROIC) for the trailing twelve months was 15.4%, up from 11.4% in the prior year[11] - Operating income for the trailing twelve months ended May 4, 2024, was $5,675 million, up from $3,830 million in the prior year, representing a growth of 48.2%[34] - Net operating profit after taxes increased to $4,593 million from $3,213 million, reflecting a year-over-year increase of 43.0%[34] - The average invested capital rose to $29,737 million, compared to $28,199 million in the previous year, indicating a growth of 5.5%[34] - Current portion of long-term debt and other borrowings significantly increased to $2,614 million from $200 million, showing a substantial rise[34] - Noncurrent portion of long-term debt decreased to $13,487 million from $16,010 million, indicating a reduction of 15.3%[34] - Shareholders' investment increased to $13,840 million from $11,605 million, reflecting a growth of 19.2%[34] - Operating lease liabilities rose to $3,723 million from $2,921 million, representing an increase of 27.5%[34] - Cash and cash equivalents increased to $3,604 million from $1,321 million, showing a significant growth of 172.5%[34] Customer Engagement and Loyalty - The company successfully relaunched its Target Circle loyalty program, gaining over 1 million new members in the first quarter[2] - Total Target Circle Card penetration decreased to 18.0% from 19.0% year-over-year[26] Store Growth - The total number of stores increased to 1,963 from 1,954 year-over-year, with retail square feet growing to 246,654 from 244,993[27] Guidance - Adjusted diluted earnings per share guidance for Q2 2024 is set at $1.95, with full-year guidance between $8.60 and $9.60[31] Other Considerations - The trailing twelve months ended May 4, 2024, consisted of 53 weeks compared to 52 weeks in the prior-year period, which may impact year-over-year comparisons[34]