Target Q1 sales drop 3%
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Target shares dropped in premarket trading Wednesday as markets reacted to the company's first-quarter earnings report, which showed that inflation continues to negatively impact discretionary spending among its shoppers.
Target Corporation (NYSE: TGT) came up with first-quarter fiscal 2024 results, wherein the top line marginally came ahead of the Zacks Consensus Estimate, while the bottom line missed the same. However, both the metrics declined year over year.
TGT earnings call for the period ending March 31, 2024.
Target had a rare earnings miss in its first quarter as consumers pulled back spending not only on discretionary items but on groceries as well.