Target Reports Mixed Q1 Earnings, Sees Digital Sales Increase 141%

Target TGT on Wednesday morning reported first-quarter earnings of 59 cents per share, which missed the analyst consensus estimate of 68 cents by 13.24%. This is a 61.44% decrease over earnings of $1.53 per share from the same period last year.

The company reported quarterly sales of $19.615 billion, which beat the analyst consensus estimate of $19 billion by 3.24%. This is a 11.28% increase over sales of $17.627 billion the same period last year.

Target reported first-quarter comparable sales grew 10.8% and digital comparable sales grew 141%.

"Throughout the first-quarter, our team and guests faced unprecedented challenges arising from the spread of COVID-19,” said Brian Cornell,CEO of Target in a statement.

“In the face of those challenges, our team showed extraordinary resilience as guests relied on Target as a trusted resource for their families. With our stores at the center of our strategy, and a significant investment in the safety of our team and guests, our operations had the agility and flexibility needed to meet the changing needs of our business," adds Cornell.

Target shares were trading down 1.38% at $121.47 in Wednesday’s pre-market session. The stock has a 52-week high of $130.24 and a 52-week low of $70.71.

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