Target reports Q1 adjusted EPS $1.30, consensus $1.65

Reports Q1 revenue $23.85B, consensus $24.35B. Comparable sales decreased 3.8% in the first quarter, reflecting a comparable store sales decline of 5.7% and comparable digital sales growth of 4.7%. “In the first quarter, our team navigated a highly challenging environment and focused on delivering the outstanding assortment, experience and value guests expect from Target (TGT),” said Brian Cornell, chair and chief executive officer of Target Corporation. “While our sales fell short of our expectations, we saw several bright spots in the quarter, including healthy digital growth, led by a 36 percent increase in same-day delivery through Target Circle 360, and our strongest designer collaboration in more than a decade, kate spade for Target. While these highlights reinforce our confidence in the underlying health of our business, we’re not satisfied with current performance and know we have opportunities to deliver faster progress on our roadmap for growth. This morning, we announced the establishment of a multi-year acceleration office, led by Michael Fiddelke, along with several leadership changes. These steps forward are intended to build more speed and agility into how we operate, and position key capabilities to drive long-term profitable growth. With these changes and the financial strength to continue investing in our business, I’m confident we can emerge an even stronger company over time.”