Target's Q1 Earnings: Falling Revenues and Comp Sales Weigh On Retailer, But Inventories Fall By 80%

Target shares fell as first-quarter FY24 adjusted EPS missed estimates. Despite a 3.1% year-on-year sales decline to $24.531 billion, exceeding expectations, comparable sales dropped 3.7%. Target forecasts FY24 adjusted EPS of $8.60 - $9.60 with a 0%-2% rise in comparable sales.