---
schema_version: "secwatch.filing_event.v1"
accession: "0000027419-23-000023"
form_type: "8-K"
ticker: "TGT"
cik: "0000027419"
company_name: "TARGET CORP"
filed_at: "2023-05-17T23:59:59+00:00"
generated_at: "2026-06-14T22:42:02.667243+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Target Q1 adjusted EPS $2.05 (down 6%) on flat comps; guides Q2 EPS $1.30-$1.70

## Summary
- GAAP/Adjusted EPS $2.05 (down 4.8%/6.2% YoY); revenue $25.3B (+0.6%) with flat comparable sales.
- Operating income $1.3B (down 1.4%); operating margin 5.2% vs 5.3% last year; gross margin improved to 26.3%.
- Inventory down 16% YoY; expects shrink to reduce profitability by >$500M vs last year due to theft.
- Q2 guidance: GAAP/Adjusted EPS $1.30-$1.70, centered on low-single-digit decline in comparable sales.
- Full-year guidance maintained: EPS $7.75-$8.75; dividend raised 20% per share; no stock buybacks in Q1.

## SEC filing metadata
- accession: 0000027419-23-000023
- form_type: 8-K
- ticker: TGT
- cik: 0000027419
- company_name: TARGET CORP
- filed_at: 2023-05-17T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/27419/000002741923000023/0000027419-23-000023-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/27419/000002741923000023/tgt-20230517.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000027419-23-000023
- JSON: https://secwatch.observer/filing/0000027419-23-000023.json
- Plain text: https://secwatch.observer/filing/0000027419-23-000023.txt

## Key facts
- Earnings Releases
  TARGET CORP reported first quarter 2023 (three months ended April 29, 2023) results: revenue $25.3 billion, EPS $2.05. Guidance reaffirmed.
  - Period: first quarter 2023 (three months ended April 29, 2023)
  - Revenue: $25.3 billion
  - EPS: $2.05
  - Guidance: reaffirmed
  - Result: reported results
  source text: sales were flat to last year in the first quarter, reflecting comparable store sales growth of 0.7 percent and comparable digital sales down (3.4) percent. Total revenue of $25.3 billion grew 0.6 percent compared with last year, reflecting total sales growth of 0.5 percent and a 10.2 percent increase in other revenue. Operating income of $1.3 billion in first
  evidence_url: https://www.sec.gov/Archives/edgar/data/27419/000002741923000023/0000027419-23-000023-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.