Target reported first-quarter adjusted earnings of $1.71 per share. Revenue reached $25.4 billion. This figure exceeded the $24.51 billion expected by analysts. Earnings surpassed the consensus estimate of $1.41 per share.
Overall comparable sales grew 5.6% during the period. In-store sales increased 4.7%. Digital sales rose 8.9%.
Target raised its full-year net sales growth forecast to approximately 4%. This outlook represents a two-percentage-point increase from previous projections. Full-year earnings per share are expected near the high end of the $7.50 to $8.50 range.
CEO Michael Fiddelke stated the strategy is driving broad-based growth. All six core merchandising categories reported growth. The company introduced 3,000 new food and beverage items. Sales from these new items increased by more than 50%.
The performance offers insight into consumer spending for the broader staples sector. This sector includes major competitors such as Walmart and Costco.