Target beats Wall Street estimates, hikes sales outlook as shoppers start to return
Target is preparing to announce its fiscal first-quarter earnings, which will provide insights into consumer behavior. CEO Michael Fiddelke is implementing a turnaround strategy as the company faces challenges in sales and customer loyalty. Despite a recent uptick in stock performance, Target has struggled with stagnant annual sales over the past four years.
- ▪Target is expected to report earnings per share of $1.46 and revenue of $24.64 billion for the fiscal first quarter.
- ▪The company has appointed Jeff England as its chief supply chain officer to help revitalize its business.
- ▪Target's stock has decreased by over 40% in the past five years but has increased by approximately 30% this year.
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Target is set to report its fiscal first-quarter earnings and offer a read on the consumer Wednesday, as CEO Michael Fiddelke leads a turnaround plan for the retailer. The company has struggled to prove to investors that it can end its sales slump and win back brand loyalty from consumers. The earnings will come as Wall Street keeps a keen eye on a more selective consumer, hit by soaring gas prices and macroeconomic uncertainty. Here's what Wall Street is expecting for the retailer's fiscal first quarter, based on a survey of analysts by LSEG:Earnings per share: $1.46 expectedRevenue: $24.64 billion expectedTarget said last quarter it expects net sales to rise about 2% for the fiscal year compared with last year, and it said it's expecting revenue to climb during every quarter of the…
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