Target Q1 EPS $2.03, revenue $24.5B; comparable sales down 3.7% in line with expectations

TARGET CORP

2024-Q1 EPS reported $2.03 revenue$24,531,000,000

Q1 GAAP and Adjusted EPS $2.03 vs $2.05 a year ago; revenue $24.5B down 3.1% YoY.
Comparable sales declined 3.7%, in line with guidance; digital comps +1.4%, same-day services +9%.
Gross margin rate improved 140 bps to 27.7%; SG&A expense rate rose to 21.1% from 19.8%.
Q2 EPS guidance $1.95-$2.35; full-year EPS reaffirmed $8.60-$9.60.
Inventory down 7% YoY; relaunched Target Circle loyalty program, added >1M new members.

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