Retail giant Target Corp. (NYSE:TGT) has announced a better-than-expected set of first-quarter numbers in a challenging macroeconomic backdrop.
Revenue inched up marginally by 0.6% year-over-year to $25.32 billion and came in ahead of expectations by about $40 million. Additionally, EPS at $2.05 comfortably landed past estimates by $0.28. During the quarter, Target witnessed a 0.9% rise in traffic alongside a tepid 0.7% growth in comparable store sales.
The company expects to benefit from cost-saving measures with EPS seen landing between $1.30 to $1.70 for the second quarter and between $7.75 to $8.75 for the full year. Comparable sales for the year are expected to range between a decline in the low single digit to a rise in the low single digit.
Overall, the Street has a $180.92 consensus price target on TGT alongside a Moderate Buy consensus rating.
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