Target's (NYSE:TGT) shares fell over 8% in pre-market today after the company released its latest quarterly earnings, which did not meet profit expectations. Th

Target Shares Plunge 8% Following Q1 Profit Miss


blog post cover photo

Image credit: FMP

Target's (NYSE:TGT) shares fell over 8% in pre-market today after the company released its latest quarterly earnings, which did not meet profit expectations.

The retailer reported Q1 earnings per share (EPS) of $2.03, falling short of the $2.06 analyst estimate. The quarter's revenue was $24.53 billion, slightly above the $24.51 billion Street estimate.

Compared to the same quarter last year, Target's revenue dropped by 3.1%, and comparable sales decreased by 3.7%. However, digital comparable sales increased by 1.4%, and same-day services grew by nearly 9%, mainly due to a 13% increase in Drive Up.

Brian Cornell, Target Corporation's chair and CEO, noted that the first-quarter financial performance met expectations for both revenue and profit, aligning with the company's projections for the year and setting the stage for growth in the second quarter. He also mentioned the successful relaunch of the Target Circle loyalty program, which gained over 1 million new members during the quarter.

Looking forward, Target predicts a 0 to 2 percent increase in comparable sales for the second quarter, with adjusted EPS expected to be between $1.95 and $2.35. For the full year, the company anticipates a similar rise in comparable sales and an adjusted EPS range of $8.60 to $9.60.

Other Blogs

Nov 25, 2023 6:39 AM - Parth Sanghvi

DCF Valuation vs. Comparable Companies Analysis: Choosing the Right Valuation Method

Choosing the Right Valuation Method: DCF vs. Comparable Companies Analysis Introduction: Valuation methods play a pivotal role in determining the fair value of a company, aiding investors in making informed investment decisions. Two commonly used methods, DCF Valuation and Comparable Companies A...

blog post title

Dec 23, 2023 2:19 AM - Parth Sanghvi

Understanding the Limitations of DCF Analysis: A Guide to Overcoming Challenges

Introduction: Discounted Cash Flow (DCF) analysis stands as a cornerstone in valuing investments, yet its efficacy is contingent upon various assumptions and methodologies. While a powerful tool, DCF analysis comes with inherent limitations and challenges that investors must acknowledge to make i...

blog post title

Dec 25, 2023 2:28 AM - Parth Sanghvi

Integrating Sustainability into Valuations: Navigating ESG Factors within the Discounted Cash Flow (DCF) Model

Introduction: The investment landscape is undergoing a profound shift with a heightened emphasis on sustainability and responsible investing. In this blog post, we explore the intersection of Environmental, Social, and Governance (ESG) considerations within the Discounted Cash Flow (DCF) model, h...

blog post title


Financial Modeling Prep API provides real time stock price, company financial statements, major index prices, stock historical data, forex real time rate and cryptocurrencies. Financial Modeling Prep stock price API is in real time, the company reports can be found in quarter or annual format, and goes back 30 years in history.
2017-2024 © Financial Modeling Prep