Target beat analyst profit expectations in the first quarter and maintained its full-year guidance.
Target’s first-quarter comparable sales were flat as revenues increased by 0.6 percent to $25.3 billion. While profits slipped 5.8 percent to $950 million, earnings per diluted share came in at $2.05, a solid 28 cents ahead of the $1.77 analysts projected, according to FactSet. But discretionary categories including, home and hardlines saw sales declines range from the midsingle digits to the low double digits.
Marmaxx’s apparel and accessories business saw a high-single digit comp increase during the quarter, with an 80 basis point improvement in profit margin. For the full year, the retailer continues to project “comparable sales in a wide range from a low-single digit decline to a low-single digit increase” and operating income growth of more than $1 billion with EPS of $7.75 to $8.75.Neil Saunders, managing director of GlobalData, said Target saw a long period of considerable growth, but that shoppers are now simply feeling constrained.
The retailer started seeing an increase in its inventory essentially disappearing last year and said the phenomenon is now expected to take an additional $500 million out of profits this year. crime are increasingly urgent issues, impacting the team and our guests and other retailers,” Cornell said. “The problem affects all of us, limiting product availability, creating a less convenient shopping experience and putting our team and guests in harm’s way.
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