5/17/2023, 12:32 PM (Source: TeleTrader)
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Chart for: Target Corp

Target Q1 revenue mostly unchanged at $25.3B

Target Corporation revealed on Wednesday that its total revenue in the first quarter of fiscal 2023 went up 0.6% year over year to stand at $25.3 billion. In the same timeframe, the company reported its net earnings slid 5.8% to $950 million, while diluted earnings per share (EPS) plunged 4.8% to land at $2.05.

"As we look ahead, we now expect shrink will reduce this year's profitability by more than $500 million compared with last year," Target CEO Brian Cornell commented on the results, naming theft and organized retail crime as "increasingly important drivers of the issue."

He reassured the investors that steps are being taken to mitigate the negative effects and confirmed the retailer's full-year financial guidance. Target's shares went down 0.52% in the premarket session following the report.

Baha Breaking News (BBN) / MX