Target (TGT) reported first-quarter results that exceeded analyst expectations.
Net sales increased 6.7% year-over-year, marking the first quarterly growth in over a year. Adjusted earnings per share reached $1.71, a 32% increase from the previous year. This figure surpassed the consensus estimate of $1.46.
Comparable traffic grew 4.4% with gains across all merchandise categories. Digital comparable sales rose 8.9%. Same-day delivery services increased by more than 27%.
Target raised its full-year guidance, forecasting a 4% increase in net sales.