Target Corporation (NYSE: TGT) announced Q1 financial results before the market open in the US today.

The company posted solid results beating revenue and earnings per share (EPS) estimates.

Company overview

• Founded: June 24, 1902
• Headquarters: Target Plaza Minneapolis, Minnesota, United States
• Number of employees: 440,000 (2023)
• Industry: Retail
• Key people: Brian Cornell (Chairman & CEO)

The results

Revenue reported at $25.322 billion vs. $25.262 billion expected.

EPS reported at $2.05 per share (down by 4.8% year-over-year) vs. $1.766 per share estimate.

CEO commentary

“We came into the year clear-eyed about the challenges consumers are facing, and we were determined to build on the trust we’ve established with our guests. It’s required agility and the ability to flex across our multi-category portfolio as we lean into value and the product categories our guests need most right now. Thanks to the team’s dedication, we saw an increase in guest traffic in Q1, with total sales increasing and profitability ahead of expectations,” CEO of Target, Brian Cornell said in a statement.

“As we look ahead, we now expect shrink will reduce this year’s profitability by more than $500 million compared with last year. While there are many potential sources of inventory shrink, theft and organized retail crime are increasingly important drivers of the issue. We are making significant investments in strategies to prevent this from happening in our stores and protect our guests and our team. We’re also focused on managing the financial impact on our business so we can continue to keep our stores open, knowing they create local jobs and offer convenient access to essentials.”

“For the full year, we are maintaining our full-year financial guidance, based on the expected benefit from efficiency and cost-savings efforts and our team’s continued focus on agility, flexibility and retail fundamentals in the face of continued challenges including inventory shrink. At the same time, we will continue making long-term investments in our stores, supply chain and our team, positioning Target for profitable growth and market-share gains in the years ahead,” Cornell concluded.

The stock was up by around 2% on Wednesday at $160.17 per share.

Stock performance

• 1 month: -0.76%
• 3 months: -8.37%
• Year-to-date: +8.21%
• 1 year: -0.20%

Target price targets

• Telsey Advisory Group: $185
• Raymond James: $190
• JP Morgan: $175
• Morgan Stanley: $170
• Credit Suisse: $170
• Baird: $195
• Cowen & Co.: $200
• Piper Sandler: $220
• Barclays: $163
• Oppenheimer: $190
• Wells Fargo: $142

Target is the 193^rd largest company in the world with a market cap of $74.95 billion, according to CompaniesMarketCap.

You can trade Target Corporation (NYSE: TGT) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with CPT Markets as a Share CFD.

Sources: Target Corporation, TradingView, MarketWatch, MetaTrader5, CompaniesMarketCap, Wikipedia