- Target on Wednesday forecast current-quarter comparable sales and profit largely below Wall Street expectations after weak discretionary spending dented its first-quarter results, and said it continues to expect the consumer to be cautious.
Comparable sales for the first quarter ended May 4 declined 3.7%, in line with expectations, marking the fourth straight decline. Strong beauty sales partially offset a slowdown in discretionary items such as home furnishings, furniture and appliances. Apparel sales improved from the prior quarter, Target said.Walmart's results last week were in contrast to Target as its heft in grocery helped it attract shoppers who prioritized food and household items, like toilet paper and detergent.
For the second quarter, it expects comparable sales flat to up 2%, and adjusted earnings of $1.95 to $2.35 per share. Analysts on average had anticipated a comparable sales increase of 1.39% and a profit of $2.19 per share.
Discretionary Spending Comparable Sales Consumer Discretionary Wall Street Expectations
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