Target reported first-quarter net sales of $25.4 billion, a 6.7% increase. Comparable sales grew 5.6%, marking the first positive result after four quarters of declines. Customer traffic rose 4.4% during the period. Digital sales grew 8.9%, exceeding analyst expectations. Adjusted earnings per share reached $1.71, a 32% increase from the prior year.
Target doubled its full-year sales growth forecast to approximately 4%. The company expects full-year earnings near the high end of its $7.50 to $8.50 range. Management cited store remodels and new merchandise as primary drivers for the turnaround. Target stock showed a mixed reaction in pre-market trading despite the results.