Target reported first-quarter adjusted earnings per share of $1.30. Total revenue reached $23.8 billion for the period. These results fell below consensus estimates of $1.34 to $1.47 in EPS and $24.3 billion in revenue.
Comparable sales declined 3.8% during the quarter. A continued pullback in discretionary spending drove the performance miss. Modest growth in food and beverage categories failed to offset weakness in other departments.
The results mark the first earnings report under CEO Michael Fiddelke. Fiddelke assumed the leadership role in February. Target did not provide specific forward-looking guidance in its available financial documents.