Customers shop at a Target store on May 20, 2024 in Miami, Florida.
Joe Radle | Getty Images
the goal is scheduled to report first-quarter results on Wednesday, days after announcing price cuts on thousands of groceries and household goods.
The Minneapolis-based retailer is setting low expectations for the year ahead. The company said in early March that it expects full-year comparative sales to be flat to 2% higher and adjusted earnings per share in the range of $8.60 to $9.60.
Here’s what Wall Street expects from the company, based on a survey of analysts by LSEG.
Earnings per share: $2.06 Revenue: $24.52 billion
This represents a decrease in sales from $25.32 billion in the same period last year.
Like other retailers, Target must contend with price fatigue that is still causing shoppers to spend less on clothing, home goods and other discretionary items. The trend has particularly hurt the low-cost, trendy retailer because it sells less food than rival Walmart Inc., where groceries make up about 60% of U.S. sales, compared with about 20% at Target.
Inflation slowed slightly in April, but the consumer price index still rose 3.4% year-on-year. The primary measure measures the price of goods and services at the register.
walmart The company last week reported double-digit growth in e-commerce, said it was gaining market share from high-income shoppers, and beat Wall Street’s profit and sales expectations. John David Rainey, the company’s chief financial officer, also said that because fast food prices are so high, customers are turning to grocery stores for cheaper meals.
Some of Walmart’s new customers and frequent shoppers may come from Target.
Target cut prices earlier this week, acknowledging consumers’ fatigue with inflation and competition from discounters such as Walmart Inc. and Aldi Inc. Target said it was focusing most of its discounts on staple grocery items such as milk, meat, bread, fruits, vegetables, paper towels and diapers.
Need to update: Target’s shares closed at TK$ on Tuesday, with a market value of TK$. As of Tuesday’s close, Target stock is up/down TK% and lagging/leading the S&P 500.
